{"id":2165,"date":"2020-10-27T18:42:51","date_gmt":"2020-10-27T18:42:51","guid":{"rendered":"https:\/\/business.sbceo.org\/memos\/?p=2165"},"modified":"2024-10-29T11:32:12","modified_gmt":"2024-10-29T18:32:12","slug":"deadline-extended-csfa-asap-program-deadline-extension-and-program-faqs-2","status":"publish","type":"post","link":"https:\/\/business.sbceo.org\/memos\/?p=2165","title":{"rendered":"DEADLINE EXTENDED: CSFA ASAP Program – Deadline Extension and Program FAQ’s"},"content":{"rendered":"
Dear School business Professionals,
\nPlease see information below related to Charter School Advances that you may find useful.
\nRegards,
\nSchool Business Advisory Services Team Santa Barbara County Education Office
\n__________________________________________________________________________ Please do not reply to this email. This is an unattended mailbox.<\/p>\n

From: ASAP <asap@treasurer.ca.gov<\/a><mailto:asap@treasurer.ca.gov<\/a><\/a>>> Sent: Thursday, October 22, 2020 3:52 PM Cc: Johantgen, Katrina <Katrina.Johantgen@treasurer.ca.gov<\/a><mailto:Katrina.Johantgen@treasurer.ca.gov<\/a><\/a>>>; Dear, Thomas <Thomas.Dear@treasurer.ca.gov<\/a><mailto:Thomas.Dear@treasurer.ca.gov<\/a><\/a>>> Subject: CSFA ASAP Program – Deadline Extension and Program FAQ’s
\nDue to the overwhelming response to the Charter School Advances on State Aid Payments Program (“ASAP Program”), the California School Finance Authority (CSFA) is extending the ASAP Program application deadline for the March 2021 issuance from October 23, 2020 to October 30, 2020.
\nPlease click on the following link for the ASAP Program website and to apply to participate: www.treasurer.ca.gov\/csfa\/charter-trans\/index.asp<\/a>
\nThere is no cost to apply nor any commitment to proceed with the TRAN.
\nWe have added Frequently Asked Questions below for your consideration. Should you have additional questions regarding the ASAP Program, financing team contact information can be found on the program website.
\nWe look forward to hearing from you.
\nThank you,
\n Katrina M. Johantgen, Executive Director California School Finance Authority 300 South Spring Street, Suite 8500 Los Angeles, CA 90013 213-620-2305 Direct Line 213-620-6309 Fax kjohantgen@treasurer.ca.gov<\/a><mailto:kjohantgen@treasurer.ca.gov<\/a><\/a>> www.treasurer.ca.gov\/csfa<\/a><www.treasurer.ca.gov\/csfa<\/a>>
\n Frequently Asked Questions
\n * Is it true that I can only borrow the lesser of my school’s deferral amount or its facility costs?
\nNo; each charter school that qualifies can borrow 100% of its deferral amount, less fees and costs. Facility costs will be reviewed to help determine how much of each school’s need can be financed in the lowest cost pool, which will be credit enhanced.
\n* The State Intercept seems like a very important credit feature – can it be utilized with other short-term financing programs?
\nThe use of the State Intercept for short-term borrowing is only available to participants that borrow through the ASAP Program. We expect that the presence of the State Intercept will be a critical factor in bringing down the interest rate for charter schools.
\n* We have multiple charter schools which need financing. If we participate with multiple schools, how closely will we need to track the spending of the funds received for each school?
\nEach charter school (by CDS code) is eligible to finance its deferral. The State Intercept will be utilized to repay the notes from the deferral payments to be made by the State from July 2021 through November 2021. Schools will NOT be required to track the spending of funds received under the ASAP Program; as such, those borrowers with multiple charter schools can spend the proceeds of the TRAN as they would their normal State Aid payments (i.e. they can spend the proceeds at the schools that need the funds).
\n* We’d like to borrow at the CMO or network level, but the application is done by school. Is this possible?
\nYes; there will be some additional legal documentation, but the CMO can be the borrower under the Program. The Notes would still be payable from the State Intercept by CDE code.
\n* We already have a State Intercept in place. Can we still use the program?
\nGenerally; yes. We will work with you to review your existing financing covenants to ensure that your participation in the ASAP Program is permitted.
\n* Is there any flexibility in the repayment schedule of the TRANs?
\nEach school will repay the Notes in the same manner; their deferred payments will be intercepted each month in the amount due (up to 100%). Those funds will be held in escrow by the Trustee until the maturity date of the Notes, which is expected to be in January 2022.
\n* How does the cost of this program compare with other short-term borrowing options?
\nThe cost of the ASAP program is likely lower because of CSFA’s work to economize fees, bring together a large pool of borrowers, and apply credit enhancement to a significant part of the pool.
\n* Does my school need to meet the Credit Enhancement Grant Eligibility to apply?
\nYour school does not need to meet the credit enhancement grant eligibility to apply. If your school does, it may be able to access that enhanced portion of the financing which may result in lower borrowing costs.<\/div>\n","protected":false},"excerpt":{"rendered":"

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