General Policies

Economic Development / Public Benefit

The project to be financed or applicant requesting financing must promote economic development and demonstrate tangible public benefits to the community in which it resides.

Local Approval Requirement

The proposed financing shall be subject to a public hearing and must receive approval by the political subdivision in the jurisdiction in which the project resides in accordance with the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and Section 4 of PFA’s Joint Exercise of Powers Agreement.

Bond Counsel

The Public Finance Authority (“PFA”) will consider an applicant’s recommendation of bond counsel for the financing; however, PFA shall reserve the right to select bond counsel for any particular financing.

Issuer Counsel

PFA will engage legal counsel to review each proposed financing transaction on its behalf. Please note the applicant shall be responsible for the Issuer Counsel’s fee which may vary depending on the complexity of the transaction.

Program Manager Review

PFA shall direct its Program Manager to review the proposed bond financing in order to ensure that it meets all applicable Authority policies and procedures. The Program Manager may also conduct a site visit and/or meet with the Borrower prior to PFA’s consideration of approval of the financing. No additional fee beyond PFA’s issuance fee is charged for this review.

Finance Team Approval/Independent Study

PFA shall approve each finance team member proposed by the Borrower and reserves the right to require an independent study of the project.


The bond documents will contain provisions requiring the Borrower to defend and indemnify PFA, the Members, the Sponsors and their respective affiliated persons and organizations for all costs, expenses and attorney fees, as well as any claim, judgment or settlement costs arising out of or involved in the financing, or in any documentation related thereto.

Minority And Women Owned Participation

PFA encourages minority and women-owned business participation in all aspects of a financing including legal, trustee and underwriting services. PFA encourages all senior underwriters to provide the opportunity for minority and women-owned underwriting firms to sell a portion of the bonds. Selection of minority and women-owned underwriting firms shall be left to the senior managing underwriter.

Post-Issuance Compliance Written Policies