Washington Administrative Code Title 253 - Higher Education Facilities Authority
Washington Administrative Code (WAC) Title 253 governs the:
Washington Higher Education Facilities Authority (WHEFA)
🔷 Overview:
WAC Title 253 sets the rules and procedures for the Washington Higher Education Facilities Authority (WHEFA), which helps private nonprofit higher education institutions in Washington State finance or refinance capital projects—typically through the issuance of tax-exempt revenue bonds.
🔹 Purpose of the Authority:
The goal of WHEFA is to provide access to low-cost capital financing for private colleges and universities, allowing them to:
Build or renovate campus facilities
Purchase equipment
Refinance existing debt
Expand capacity to serve students
This enables institutions to save money and pass those savings on through improved services or stabilized tuition.
🔹 Key Provisions in WAC Title 253:
Organization and Structure
Defines the composition and powers of the Authority
Establishes meeting procedures, records management, and governance rules
Project Eligibility and Application Procedures
Criteria for determining if a project qualifies for bond financing
How institutions apply for bond issuance assistance
Bond Issuance Process
Detailed steps for preparing, approving, and issuing bonds
Requirements for public hearings (TEFRA hearings) under IRS rules
Financial and Legal Requirements
Includes disclosure, reporting, and audit requirements
Responsibilities of borrowers and bond trustees
Fee Schedules
Lists application, issuance, and administrative fees charged by the Authority
🔸 Institutions Typically Served by WHEFA:
Gonzaga University
Pacific Lutheran University
Seattle University
Whitworth University
Other independent nonprofit higher education institutions in Washington
✅ Summary:
WAC Title 253 is crucial for ensuring that nonprofit colleges in Washington can access affordable financing for infrastructure and capital improvements, helping maintain a strong private higher education sector in the state.
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