Contact: Michael Gaughan
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.
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.