Requirements of the Trust

The Trust generally requires that borrowers have a credit ratings of at least “A” or obtain credit enhancement and/or liquidity support, although the Trust will consider special cases or private placements.

The Trust is not required to have an interest in real estate owned by the cultural institutions that issue debt through the Trust. For purposes of environmental review, the Trust is a state agency and required to comply with the State Environmental Quality Review Act, or SEQRA.

The Trust must also comply with all state and federal law requirements to ensure that the bonds are tax-exempt.