The Commission began issuing tax exempt bonds in 1968. Since that time, the Commission has facilitated the issuance of tax exempt bonds to benefitting institutions across Ohio. 

Summary of College, University, and Healthcare Financings

As issued through the OHEFC:

The Process

This flowchart represents the process to request a bond.

  1. Institution Contacts Bond Counsel - At an early stage in the planning process, the institution should communicate with the Commission, through the office of the Program Administrator and Bond Counsel. After the institution officials confer with Bond Counsel they should draft an application letter. The application is then submitted to the Bond Counsel for review. The Bond Counsel reviews the application to assess the compliance of the project within statutory requirements.
  2. Institution Presents Bond Project to Commission - Once the Bond Counsel pre-qualifies the bond project, Bond Counsel sends a letter to the eligible institution along with four copies of a Preliminary Agreement, relating to the Commission’s bonds for the capital project. The letter establishes a meeting between the qualifying institution and the Commission.  On the pre-established date, the qualifying institution will meet with the Commission and present their bond proposal.
  3. Commission Votes - After the institution’s presentation, the Commission reviews the proposal with Bond Counsel and asks questions, as needed. The OHEFC members will then vote on a preliminary resolution to approve or deny the project’s financing.
  4. Institution Requests Final Approval for the Bond Project - Once a project financing receives approval, a second meeting with the Commission is established. The second meeting between the qualifying institution and the Commission allows the Commission members to vote on final approval for the eligible bond project. Prior to that meeting, Bond Counsel will prepare any Trust Agreement, Base Lease, Lease and other bond documents in connection with the financing. Bond Counsel will work with the institution, its lawyers, any Trustee Bank and the Underwriters or purchaser and their respective counsel. The institution with assistance from Bond Counsel and other members of the financing team will prepare any offering/disclosure document needed for the sale of the bonds. The Bond Counsel’s office will also coordinate all applicable Tax and Equity Fiscal Responsibility Act (TEFRA) hearings with the Program Administrator, as required by federal law.
  5. Commission Votes - During the second meeting between the qualifying institution and the Commission, the OHEFC members will vote on a final resolution to approve or deny the project’s financing.
  6. Bond Closing - Following final approval by the Commission, the institution and any underwriters, if aplicable, will proceed to market the Bonds. Once the Bonds are sold and the issue is closed, the bond proceeds are held for disbursement to pay the costs of financing and the project costs.

Sample Form Letter

See the documents below to download a PDF copy of the Sample Form Letters of Application to the Ohio Higher Educational Facility Commission.