Revenue Obligations Securities Program

The Revenue Obligations Securities Program provides manufacturing and 501(c)(3) borrowers with state access to tax-exempt bond financing. This program is ideally suited for a borrower who plans to arrange their own credit enhancement. Borrowers may also use FAME commercial loan insurance up to the applicable insurance limit (currently $5,250,000).


Any borrower proposing to use bond proceeds for the acquisition or construction of eligible assets or, with respect to 501(c)(3) borrowers, other uses allowed by tax code.

Bond Issuer


Loan Amount/Exposure

Determined by the provider of credit enhancement and tax code. Generally up to $10,000,000 for for-profit enterprises and larger amounts for 501(c)(3) organizations and certain specialized projects, including solid waste.

Interest Rate

Market tax-exempt rates determined by the market or credit provider at the time of bond sale.

Loan Term

Structured with provider of credit enhancement and limited by tax code.


Assets being financed.


  • Contact FAME for current fee schedule.
  • Other fees may be charged to the transaction by parties other than FAME.

Additional Information

Borrowers seeking tax exempt financing must have a project that qualifies under the Internal Revenue Code.


Borrowers considering financing should contact FAME.

Application Downloads

For best results, please download .pdf forms locally, then open and complete them with Adobe Acrobat. If you don’t have Acrobat, you can download a free version of Adobe Acrobat Reader here. Save and print your completed forms, then mail to FAME.