3.3.9.4 Education

3.3.9.4 Education

TYPES OF FACILITIES FINANCED – Educational facilities for 501(c)(3) organizations may be financed with qualified 501(c)(3) bonds. Conduit borrowers include private colleges and universities, private secondary schools, and charter schools.

ISSUERS – Education conduit financing issuers include JPAs, the California Educational Facilities Authority (for private colleges and universities), and the California School Finance Authority (for charter schools).

SPECIAL CONSIDERATIONS – The First Amendment to the United States Constitution and Article I, Section 4 and Article XVI, Section 5 of the California Constitution preclude public agencies from issuing bonds to finance facilities that will be used for religious purposes.