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Sample Financing Timeline

Retain Counsel (undertake preliminary tax and environmental diligence)Month 1
Board Reimbursement Resolution (may allow reimbursement of costs incurred 18 months prior to issuance)Month 1
CHEFA Application Month 2
Conduct RFP with CHEFA forMonth 2
     A. Investment Banker/Private Placement Agent  
     B. Letter of Credit Provider  
Draft Appendix A (Borrower's disclosure section for the public offering statement)Month 3
Complete Tax Questionnaire (relates to project eligibility for tax-exempt financing)Month 4
Prepare Legal Documents and Official StatementMonth 4
CHEFA Board Preliminary ReviewMonth 4
CHEFA Board Approval Month 5
Mail Official Statement and Pre-Market Bond Issue Month 5
PricingMonth 6
Closing Month 6