CMFA Issues Tax-Exempt Financing for California Institute of Integral Studies
The CMFA issued $20,000,000 for the California Institute of Integral Studies. The proceeds of the loan will be used to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, improvement, equipping and furnishing of educational facilities located at 1453 Mission Street, within the City and County of San Francisco (the “City”), owned and managed by the California Institute of Integral Studies, in connection with the provision of educational and other services in the City, including the instruction of students enrolled in its undergraduate and graduate degree programs, (ii) finance additional improvements to and equipping and maintenance of such facilities, including but not limited to building waterproofing, seismic upgrades and other campus improvements and maintenance, (iii) finance improvements to and equipping and maintenance of certain other facilities leased, occupied and operated by the Borrower for the provision of counseling services to residents of the City, which facilities are located at 312 Sutter Street, San Francisco, California 94108, (iv) pay capitalized interest on the Loan, and (v) pay certain expenses incurred in connection with the issuance of the Loan.