For informational purposes only and as a courtesy to the State of Vermont borrowers the VMBB has posted weekly the Bond Market News and Analysis reports.
Click on the link(s) below to review the most current Bond Market News and Analysis Report.
Click Here to view Moody’s Investors Services’ report on how the sale of non-essential real estate can increase endowments and financial reserves; generate additional income to advance its mission; and reduce operating costs for the asset. For a local government, the addition of previously tax-exempt property to the tax rolls can bolster its budget…
NAHEFFA recently released a report on how non-profit charitable educational and healthcare organizations would be harmed if Congress alters or removes the tax-exemption for municipal bonds.
Click on the link below to review NAHEFFA’s report.
VEHBFA issued $31.350M in 2013 Series A (tax-exempt) bonds on behalf of the Rutland Regional Medical Center (RRMC) to refund previously issued VEHBFA/RRMC debt and to cover the cost of issuance of the 2013-A bonds. RRMC expects to save approximately $542,000 in year one and an annual median savings of $400,000 from the refunding due to the lower credit spread of the new bonds.
“The weakening of some FY2013 year-to-date financial and operating metrics hint at the sector’s growing challenges ahead…” Click here for the full report.
According to Standard & Poor’s, “…the 2012 median ratios for stand-alone hospitals remained generally stable compared with the prior year. However, some measures of financial operating performance are beginning to weaken despite revenue growth across most rating
categories.” Click Here for the full report.
The VEHBFA Board met on August 5, 2013 and approved bond financings for the Rutland Regional Medical Center and Norwich University. Rutland and Norwich expect to close on the financings in September.
“Revenue pressure on all fronts intensifies need to grapple with traditional cost structure.” Click here for the full report.
For organizations that access the capital markets on a limited basis, undertaking a bond issue can be a daunting challenge. We are fortunate to have an organization such as the Vermont Education and Health Buildings Financing Agency available to assist in the many facets of financing transactions.
Saint Michael’s College has issued debt periodically and our experience with VEHBFA has been exceptional. The team assembled by VEHBFA, including Bob Giroux as Executive Director, bond counsel and financial advisors, has been an exceptionally well qualified, knowledgeable and professional asset for borrowers such as Saint Michael’s. This group gives you confidence that your transaction will be professionally managed, performed in a timely manner and done in compliance with IRS regulations when applicable. They’re also great people to work with making the process from start to finish an enjoyable experience.
Vice President for Finance and Treasurer
Saint Michael’s College