KANSAS INDEPENDENT COLLEGE FINANCE AUTHORITY (KICFA)
The Kansas Independent College Finance Authority is a separate legal entity created by cities where KICA institutions are located for the purpose of assisting those institutions with financing working capital, and the construction, acquisition, and renovation of educational facilities and structures. KICFA was formed in 2000 as an entity which could issue bonds or revenue anticipation notes without having to request the assistance of the city, county, or state to issue. Prior to 2000, the City of Olathe issued bonds on behalf of KICA. In the 1986 Federal Tax Act, the City of Olathe was given the authority to issue up to $80 million in bonds to be used by KICA member schools.
Between 2004 and 2014, KICFA issued over $140,000,000 in bonds or notes and 15 of 20 KICA member institutions have participated in KICFA financings.
Private Education Short-Term Loan Program – KICFA helps KICA institutions alleviate cash flow difficulties that are typically experienced during part of each fiscal year due to tuition revenue timing.KICFA issues tax-exempt working capital revenue anticipation notes and loans the note proceeds to participating institutions.
Educational Facilities Finance – KICFA issues bonds, notes and other obligations, including federal and state income tax-exempt bonds, to help KICA institutions access capital markets and borrow low-cost funds to finance costs of educational facilities.
KICFA has a Revenue Anticipation Program each year.
KICFA is created through an inter-local cooperation agreement, allowed by Kansas Constitutional “home rule” authority, by those member cities where KICA schools are located. The only exceptions are Manhattan and the Unified Government of Wyandotte County; hence, Manhattan Christian and Donnelly College are not KICFA members. Read the full Interlocal Cooperation Agreement that governs KICFA HERE.
KICFA presently has fourteen member cities located in the State of Kansas including the cities of Atchison, Baldwin City, Hesston, Hillsboro, Leavenworth,
Lindsborg, McPherson, North Newton, Olathe, Ottawa, Salina, Sterling, Wichita and Winfield.
The inter-local cooperation agreement authorizes the president of each college located within a city to be the city’s delegate to KICFA. The delegates elect a five (5) member KICFA Board who serve staggered three (3) year terms, and in turn the Board elects its officers to serve one-year terms. Current governing representatives are listed here.
For more information regarding KICFA and its financing programs, please contact KICA President, and ex officio KICFA representative, Matthew E. Lindsey or KICA Director of Office Operations Mark A. Millikan
NOTICE OF PUBLIC HEARING
The Kansas Independent College Finance Authority (the “Authority”) will hold a public hearing at its office at 700 S. Kansas Avenue, Suite 622, Topeka, Kansas 66603, at 10:00 a.m. on Friday, May 7, 2021 regarding the proposed plan of finance by the Authority to issue separate series of tax-exempt qualified 501(c)(3) working capital notes (the “Notes”) in the following maximum principal amounts, plus original issue premium (up to approximately 10%), for the purpose of making working capital loans to the following Kansas nonprofit corporations in connection with the operation of their educational facilities at the following campus locations:
North Newton, Kansas 67117
|$500,000 Central Christian College of Kansas 1200
McPherson, Kansas 67460
|$6,000,000 Ottawa University 1001 South Cedar
Ottawa, Kansas 66067
The hearing will be open to the public in person and by telephone (toll-free) by dialing: 1-800-749-9945; and using passcode 7532343.All interested persons may attend the hearing in person but are encouraged to participate by telephone and will have an opportunity to express their views with respect to the plan of finance to issue the Notes to finance working capital loans for each of the nonprofit educational institutions described above, including, the nature of the expected working capital expenditures to be financed.
Posted: April 27, 2021 by the KANSAS INDEPENDENT COLLEGE FINANCE AUTHORITY