January 13, 2020 – BFA Board Meeting

BUSINESS FINANCE AUTHORITY NOTICE AND AGENDA

The regular meeting of the Board of Directors is scheduled for Monday, January 13^th, 2020 at 2:00PM, Pillsbury Meeting Room, 2 Pillsbury Street, Concord, New Hampshire.

1. Introduction of Board Members.
2. Approval of Minutes for the Board Meeting of October and November 2019.
3. Election of Officers for the Board in accordance with the BFA By-Laws (Clerk, Senior Credit Officer, and Chief Financial Officer).
4. Public Hearing for Assignment of $160,887,500 Tax-exempt Bond Capacity under RSA 162-M.
5. To establish categories for the 2020 Private Activity Bond Limit.
6. To consider approving transferring $153,947,500 in Private Activity Bond Volume Cap for the calendar year 2019 to New Hampshire Housing Finance Authority and adopting the resolution hereto.
7. Public Hearing for use and allocation of available $115,000,000 Contingent Credit Limit among uses authorized by RSA 162-A.
8. To establish category limits in accordance with RSA 162-A:22, Unified Contingent Credit Limit.
9. To approve the Resolution authorizing the issuance of up to $20,000,000 of Bonds under RSA 162-A:15 and requesting the award of a state guarantee of the principal of and interest on the bonds under RSA 162-A:17, for the purposes of redeeming the existing $20,000,000 in Bonds issued in 2002.
10. Month End Financial Reports – Chris Kreidermacher.
11. Lending Reports – Jeremy Stanizzi.
    •   CAP Loan Report.
    •   Available Capacity by Program.
12. Executive Director’s Report.
13. Nonpublic Session.
14. Other Business.

Minutes

Business Finance Authority
January 13, 2020
Concord, New Hampshire

The meeting of the Board of Directors of the Business Finance Authority (“BFA”) was called to order at 2:00 p.m. at 2 Pillsbury Street, Pillsbury Meeting Room, Concord, New Hampshire. The following Directors were present:  Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, and Catherine Provencher.  Absent were Directors Nancy Merrill and Daniel Henderson.  Also present were:  James Key-Wallace, Executive Director and Clerk; Chris Kreidermacher, Chief Financial Officer; Meagen Kerris, Administrative Assistant; John Stoecker, NFA, and Kris Moussette, Hinckley Allen & Snyder.

Director Anagnost announced the meeting was open to the public and welcomed all present.

The Director asked for approval of the minutes for October 21, 2019 Board Meeting.

Upon motion made by Director Withee and seconded by Director Provencher, the following action was unanimously approved:

VOTED:  To accept the minutes of the October 21, 2019 Board Meeting.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon the Director declared said motion adopted.

The Director asked for approval of the minutes for November 18, 2019 Board Meeting.

Upon motion made by Director Benson and seconded by Director Provencher, the following action was unanimously approved:

VOTED:  To accept the minutes of the November 18, 2019 Board Meeting.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  Charles Withee.

Whereupon the Director declared said motion adopted.

The Director then asked the Board to consider the appointment of James Key-Wallace as Clerk, Chris Kreidermacher as Chief Financial Officer, and Jeremey Stanizzi as Senior Credit Officer.

Upon motion made by Director Duprey and seconded by Director Provencher, the following action was unanimously approved:

VOTED:  To appoint James Key-Wallace as Clerk, Chris Kreidermacher as Chief Financial Officer, and Jeremy Stanizzi as Senior Credit Officer.

The following named directors voted:

• Aye: Stephen Duprey, Bill Dwyer, Dick Anagnost, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon the Director declared said motion adopted.

The Director then opened the public hearing for the assignment of $160,887,500 for the 2020 tax-exempt bond capacity under RSA 162-M. No one from the public spoke and the public hearing was closed.

The Director asked the Board to approve the assignment of the $160,887,500 Tax-exempt Bond Capacity authorized by RSA 162-M.  Mr. Key-Wallace stated that a public hearing must be held at the first Board Meeting of each year to establish the uses and allocation of the $160,887,500 Tax-exempt Bond Capacity authorization.  He suggested;

• $30,000,000 for Industrial.
• $50,000,000 for Solid Waste.
• $25,000,000 for Water.
• $50,000,000 for Sewer.
• $5,887,500 for Reserve.

Upon motion made by Director Dwyer and seconded by Director Withee, the following action was unanimously approved:

VOTED:  To accept the allocation of Tax Exempt Bond Capacity for 2020 for the $160,887,500 as follows:

• $30,000,000 for Industrial.
• $50,000,000 for Solid Waste.
• $25,000,000 for Water.
• $50,000,000 for Sewer.
• $5,887,500 for Reserve.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon Director Anagnost declared said motion adopted.

The Director asked the Board to consider approving the transfer of the unused portion of the BFA’s 2019 Tax Exempt Bond Volume Cap. Mr. Key-Wallace recommended the amount of $153,947,500 be transferred to New Hampshire Housing Authority, who will in turn make the required carry forward election.

Upon motion made by Director Provencher and seconded by Director Withee, the following action was unanimously approved:

VOTED: To transfer $153,947,500 of calendar year 2019 Tax Exempt Volume Cap to New Hampshire Housing Authority and adopt the resolution hereof.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon the Director declared said resolution adopted.

The Director asked the Board to consider approving the assignment of the $115 million Contingent Credit Limit authorized by RSA 162-A.  Mr. Key-Wallace stated that a public hearing must be held at the first Board Meeting of each year to establish the uses and allocation of the $115 million Contingent Credit Limit authorization. The Director then opened the public hearing for the consideration of approving the assignment of the $115 million Contingent Credit Limit authorized by RSA 162-A. No one from the public spoke and the public hearing was closed. He suggested that;

• $37,500,000 for the Guarantee Asset Program.
• $2,000,000 for the Secondary Market for Loans Program.
• $2,500,000 for the Guarantee of Loans to Local Development
• $45,000,000 for the Guarantee of Industrial Development Bonds.
• $20,000,000 for the State Guarantee of BFA Bonds.
• $7,500,000 for the Working Capital Loan Guarantee.
• $500,000 for the Business Loan Enhancement Program.

Upon motion made by Director Provencher and seconded by Director Withee, the following action was unanimously approved:

VOTED:  To accept the recommended Contingent Credit Limit categorization for the $115 million as follows:

• $37,500,00 for the Guarantee Asset Program.
• $2,000,000 for the Secondary Market for Loans Program.
• $2,500,00 for the Guarantee of Loans to Local Development
• $45,000,000 for the Guarantee of Industrial Development Bonds.
• $20,000,000 for the State Guarantee of BFA Bonds.
• $7,500,000 for the Working Capital Loan Guarantee.
• $500,000 for the Business Loan Enhancement Program.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon Director Anagnost declared said motion adopted.

Director Anagnost then asked the members of the Board to consider approving the Resolution authorizing the issuance of up to $20 million of Bonds under RSA 162-A:15 and requesting the award of a state guarantee of the principal of and interest on the Bonds under RSA 162-A:17, for the purposes of redeeming the existing $20 million in Bonds issued in 2002.

Upon motion made by Director Withee and seconded by Director Provencher, the following action was unanimously approved:

VOTED:  To approve the Resolution authorizing the issuance of up to $20 million of Bonds under RSA 162-A:15 and requesting the award of a state guarantee of the principal of and interest on the Bonds under RSA 162-A:17, for the purposes of redeeming the existing $20 million in Bonds issued in 2002.

The following named directors voted:

• Aye: Dick Anagnost, Stephen Duprey, Bill Dwyer, Matthew Benson, Charles Withee, Jeffrey Hayes, Catherine Provencher.
• Nay:  None.
• Abstain:  None.

Whereupon Director Anagnost declared said resolution adopted.

The Director asked Mr. Kreidermacher to present the month end financial report.

The Director asked Mr. Stanizzi to review the Lending Reports.

The Director asked Mr. Key-Wallace to review the Director’s Report.

Director Duprey and Director Hayes exited the meeting at 2:48 p.m.

There being no further business and upon motion made by Director Benson and seconded by Director Dwyer, the meeting was adjourned at 3:00 p.m.

Respectfully submitted:
James Key-Wallace
Clerk