Revenue Anticipation Note (RAN) Program


The Revenue Anticipation Note (RAN) Program is designed to provide not-for-profit institutions, primarily educational institutions such as private colleges and universities as well as secondary schools, with a source of low-cost funds less expensive than a line of credit to alleviate the temporary cash flow shortfalls that result each fiscal year from the imbalance between regular monthly expenditures and irregular receipts such as tuition, grants, and other special revenue.

Who Can Participate?:

Any institution that is qualified to borrow from the Authority under RSA 195-D or 195-E is eligible to be a borrower under this Program.


Due to a pooled financing or bank financing, fees and expenses will be substantially less than a standard bond issue.

Size of Borrowing:

Contact the Authority for limits .


An institution should have a Standard & Poor's rating of SP-1 on its own credit or it must obtain a letter of credit which is rated SP-1.

The RAN Program may be a pooled financing or a bank financing. An annual pool may be done each Spring. The expense of Note issuance is shared among pool participants. Each institution is only liable for its debt and not for the debt of any other institution in the pool.

Revenue Anticipation Notes are usually short-term notes that will mature within 12 months.

When RAN proceeds are not needed to cover cash-flow imbalances, they can be invested in higher yielding taxable securities to generate additional revenue for the institution. The disclosure required from each institution will be substantially less than required for a standard bond issue.

For an application or additional information, contact:
Bonnie S. Payette, Executive Director
New Hampshire Health and Education Facilities Authority
One Capitol Street, Suite 200
Concord, NH 03301

Phone: 603-224-0696
Fax: 603-224-3058