U.S. Department of Education: Promoting Educational Excellence for all Americans

Table 3. Features of Selected State-authorized Conduit-issuer Financing for Charter School Facilities

Conduit Issuer Year Conduit Began Issuing on Behalf of Charter Schools Approximate Amount Issued to Date (in millions) Number of Bond Issuances/Number of Schools
Colorado Educational and Cultural Facilities Authority (CECFA) 1999 $701 78 transactions/ 50 schools
Massachusetts Development Finance Agency (MassDevelopment) 1999 $168 19 transactions/ 14 schools
Michigan Public Educational Facilities Authority (MPEFA) 2003 $92 14 transactions/ 13 schools
Texas Public Finance Authority (TPFA) Charter School Finance Corporation 2004 $130 6 transactions/ 6 schools
District of Columbia City Government 2001 $197.7 19 transactions/ 13 schools

Note: A conduit issuer is a public entity, such as a state bonding agency or a city, that may issue a tax-exempt bond on behalf of a third party, such as a hospital or a charter school.

Source: Phone interviews conducted for this guide with staff from the state-authorized conduit issuers listed in the table.

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Last Modified: 01/27/2009