VERMONT EDUCATIONAL AND HEALTH BUILDINGS

FINANCING AGENCY NOTICE OF PUBLIC HEARING

Vermont Educational and Health Buildings Financing Agency, Winooski, Vermont (the “Agency”), a body corporate and politic constituting a public instrumentality of the State of Vermont, intends to issue its Vermont Educational and Health Buildings Financing Agency Revenue Bonds (Middlebury College Project) Refunding Series 2019 (the “Bonds”), in an amount not to exceed $65,000,000, to make a loan to The President and Fellows of Middlebury College (the “College”) for purposes of (i) currently refunding the Agency’s outstanding Revenue Bonds (Middlebury College Project) Series 2009 issued on behalf of the College (the “2009 Bonds”), and (ii) paying certain costs incurred in connection with the issuance of the Bonds.

The proceeds of the 2009 Bonds were used for the purposes of (i) refunding the Agency’s Revenue Bonds (Middlebury College Project) Series 1999 (the “1999 Bonds”); and (ii) paying certain costs incurred in connection with the issuance of the 2009 Bonds.

The proceeds of the 1999 Bonds were used for the purposes of (i) paying, or reimbursing the College for paying, a portion of the costs of a major capital improvement program for the College, consisting of purchases, new construction, and renovations of the College’s existing facilities, including the completion of Bicentennial Hall, a facility for the sciences, the expansion of and renovation to the Starr Library, construction of new student residences and renovations to existing student residences, renovations to dining facilities, and construction of a community center housing such functions as the student mailroom, student meeting rooms, student radio station, and other student activity space, construction and renovation of athletic facilities, including the completion of a new hockey rink and lobby, construction of a new field house, and renovation of Nelson Arena, Pepin Gymnasium and Squash Courts, and renovations to the campus infrastructure, including underground utilities, support facilities for athletic fields, relocation of facilities management and recycling functions, and new campus entrance ways to support the concept of a pedestrian campus (collectively, the “1999 Project”) and (ii) paying certain costs in incurred in connection with the issuance of the 1999 Bonds.

The 1999 Project is owned and operated by the College and is located on its main campus in Middlebury, Vermont.

Please Take Notice that the Agency will hold a public hearing at 12:00 noon on June 18, 2019 at its office at 20 Winooski Falls Way, Winooski, Vermont 05404, at which time any person may be heard regarding the issuance of the proposed Bonds and refinancing of the 1999 Project described above.  Documents regarding the proposed Bonds and other public records regarding the 1999 Project described above are in the possession of the Agency and may be examined during regular business hours at the above referenced office of the Agency.

Any person who decides to appeal any decision made by the Agency with respect to any matter considered at its hearing will need a record of the proceedings.  Such person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.

/s/ Michael Gaughan
Executive Director
Vermont Educational and Health Buildings Financing Agency

 

Contact: Michael Gaughan

Phone: 802-654-7377

Email: michael@vtbondagency.org

Vermont Municipal Bond Bank & Vermont Educational and Health Buildings Financing Agency

name a new Executive Director

Winooski, VT (January 4, 2018) – Two of Vermont’s oldest infrastructure financing organizations

have hired a new executive director, Michael Gaughan, to lead both agencies.

The Vermont Municipal Bond Bank (“VMBB”) and Vermont Educational and Health Buildings

Financing Agency (“VEHBFA”) are both instrumentalities of the state with missions to facilitate

social and physical infrastructure within Vermont. This is carried about by the Bond Bank

primarily through its pooled loan program and by VEHBFA through conduit tax-exempt bond

issuance for related 501(c)(3) borrowers.

Search committee member and VEHBFA Board Chair, Jim Potvin, commented, “The joint search

committee found that Michael had the unique mix of technical skills and commitment to

community that is needed to help lead the agencies forward.”

Michael comes to the agencies with a background in public finance and economic development.

He was previously a Director and a Public-Private Partnerships Manager for the nonprofit

National Development Council (“NDC”). Prior to NDC, Michael was a public finance banker

focused on governmental, housing, and community facilities transactions. Michael earned a

Bachelor of Arts from Middlebury College and a Master of City Planning from the University of

Pennsylvania.

“While the national dialogue about the need for innovative infrastructure finance has grown

louder recently,” said Michael Gaughan, “Vermont has been humbly doing it right for 40 plus

years. I’m honored to contribute to this great legacy.”

Michael will replace long-time Executive Director Bob Giroux who retired after nearly 13 years

at both agencies. Bob led the agencies through significant change and modernization while

facilitating nearly $3 billion in financing between both agencies.

On Bob’s departure, VMBB Board Chair David Kimel stated, “Bob has been a true asset to the

communities of Vermont over the last 13 years. He will be missed.”

Michael’s appointment as Executive Director became effective January 2nd.

About VMBB

Vermont Municipal Bond Bank (“VMBB”) an instrumentality of the State of Vermont with a

mission to support both access and low-cost capital for Vermont’s governmental units pursuing

critical infrastructure programs. This is undertaken through VMBB’s tax-exempt bond issuance

authority as well as financial administration of the State of Vermont’s Clean and Drinking Water

State Revolving Loan Funds. Created by an Act of the legislature in 1969, the VMBB has

provided over $2.5 billion in loans for local infrastructure projects across Vermont through its

pooled loan program.

Please visit www.vmbb.org for more information.

About VEHBFA

The Vermont Educational and Health Buildings Financing Agency (“VEHBFA”) is an

instrumentality of the State of Vermont created in 1966 by an Act of the legislature. As a

conduit issuer, the Agency issues tax-exempt and taxable bonds on behalf of 501(c)(3) nonprofit

healthcare and educational institutions around the state. From inception to present,

VEHBFA has facilitated over $3.2 billion in social infrastructure financing.

Please visit www.vehbfa.org for more information.

For a copy of this announcement click on the following link.

Michael Gaughan Named New Executive Director

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