VMBB & VEHBFA Named a Executive Director

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

Link

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.

 

Bond Market News and Analysis as of July 10, 2017

Bond Market News and Analysis December 2016

Bond Market News and Analysis as of December 12, 2016

Bond Market News and Analysis as of December 05, 2016

Bond Market News and Analysis as of November 21, 2016

Bond Market News and Analysis as of November 14, 2016

Bond Market News and Analysis as of November 07, 2016

Bond Market News And Analysis as of October 31, 2016

Bond Market News And Analysis as of October 17, 2016

Bond Market News And Analysis as of October 03, 2016

Bond Market News And Analysis as of September 26, 2016

Bond Market News And Analysis as of September 12, 2016

Bond Market News And Analysis as of August 22, 2016

Bond Market News And Analysis as Of August 15, 2016

Bond Market News and Analysis as of January 19, 2016

Bond Market News and Analysis as of January 11, 2016

Moody’s Investors Services Report ~ Monitization of University Property Can Benefit Both Town and Gown

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 Report on Non-profit Charitable Educational and Healthcare Organizations

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.

IHS Study on the Economic Impact of Proposed Restrictions on the Tax Exempt Bonds for Nonprofit Organizations

VEHBFA closed on the Rutland Regional Medical Center’s Series A bonds on 9/3/13

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.