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


“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.


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