Agenda
The regular meeting of the Board of Directors is scheduled for Monday, January 24, 2022 at 2:00 p.m., 135 N. State Street, Concord, New Hampshire.
- Introduction of Board Members.
- Approval of Minutes for the Board Meeting of December 20, 2021.
- Approval of items from Credit Committee, as applicable.
- Election of Officers for the Board in accordance with the BFA By-Laws (Clerk, Senior Credit Officer, and Chief Financial Officer).
- Public Hearing for Assignment of $167,557,500 in 2022 Tax-exempt Bond Capacity under RSA 162-M.
- To establish categories for the 2022 Tax-exempt Bond Capacity.
- To consider approving the tax-exempt bond volume cap carryforward of $65,000,000 in Solid Waste and $65,000,000 for Water and $32,497,500 for Sewer for the calendar year 2021.
- Public Hearing for use and allocation of available $115,000,000 Contingent Credit Limit among uses authorized by RSA 162-A.
- To establish category limits in accordance with RSA 162-A:22, Unified Contingent Credit Limit.
- To consider providing preliminary official intent, with no reservation, to issue a tax-exempt revenue bond for Rudarpa, Inc of up to $30,000,000
- To consider approving the issue of up to $200,000,000 in tax-exempt financing under RSA 162-I to finance a project by Baldwin Senior Living, Inc and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162 I:9.
- Month End Financial Reports
- Lending Reports
- CAP Monthly Loan Report.
- CAP Statistics & Demographics.
- Capacity Report.
- Executive Director’s Report.
- Nonpublic Session.
- Other Business.
Minutes
The meeting of the Board of Directors of the Business Finance Authority (“BFA”) was called to order at 2:02 p.m. at 135 N. State Street, Concord, New Hampshire. The following Directors were present: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen. Also present were: Representative Michael Edgar, James Key-Wallace, Executive Director and Clerk; Chris Kreidermacher, Chief Financial Officer; Meagen Kerris, Administrative Assistant; John Stoecker, National Finance Authority; Kris Mousette, Hinckley Allen & Snyder; and Antonio Martini, Hinckley Allen & Snyder. Absent were: Director Matthew Benson, Director Charles Withee, Jeremy Stanizzi, Senior Credit Officer; Jeff Cook, Credit Analyst; Senator Gary Daniels, Senator Bob Giuda, and Representative Laurie Sanborn.
Chairman Anagnost announced the meeting was open to the public and welcomed all present.
The Chairman asked for approval of the minutes for December 20, 2021 Board Meeting.
Upon motion made by Director Duprey and seconded by Director Henderson, the following action was approved:
VOTED: To accept the minutes of the December 20, 2021 Board Meeting.
The following named Directors voted:
- Aye: Dick Anagnost, Stephen Duprey, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: Jeffrey Hayes.
Where upon the Chairman declared said motion adopted.
The Chairman asked the Board to consider the appointment of James Key-Wallace as Clerk, Chris Kreidermacher as Chief Financial Officer, and Jeremy Stanizzi as Senior Credit Officer.
Upon motion made by Director Henderson and seconded by Director Merrill, the following action was voted on:
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: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon the Chairman declared said motion adopted.
Mr. Key-Wallace stated that a public hearing must be held at the first Board Meeting of the year to establish the uses and allocation of 2022’s $167,557,500 Tax-Exempt Bond Capacity. He suggested:
- $30,000,000 for Industrial.
- $50,000,000 for Solid Waste.
- $45,000,000 for Water.
- $35,000,000 for Sewer.
- $7,557,500 for Reserve.
The Chairman then opened the public hearing for the assignment of $167,557,500 for the 2022 tax-exempt bond capacity under RSA 162-M. No one from the public spoke and the public hearing was closed.
Upon motion made by Director Duprey and seconded by Director Mezzapelle, the following action was unanimously approved:
VOTED: To accept the allocation of Tax-Exempt Bond Capacity for 2022 for the $167,557,500 as follows:
- $30,000,000 for Industrial.
- $50,000,000 for Solid Waste.
- $45,000,000 for Water.
- $35,000,000 for Sewer.
- $7,557,500 for Reserve.
The following named directors voted:
- Aye: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said motion adopted.
The Chairman asked the Board to consider approving the Carry Forward of $162,497,500 of calendar year 2021 Private Activity Bond Limit per Mr. Key-Wallace’s recommendation of:
- $65,000,000 for Solid Waste
- $65,000,000 for Water
- $32,497,500 for Sewer
Upon motion made by Director Duprey and seconded by Director Mezzapelle, the following action was unanimously approved:
VOTED: To accept the Carry Forward of $162,497,500 of calendar year 2021 Private Activity Bond Limit as follows:
- $65,000,000 for Solid Waste
- $65,000,000 for Water
- $32,497,500 for Sewer
The following named Directors voted:
- Aye: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said motion adopted.
The Chairman asked the Board to consider approving the assignment of the $115,000,000 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 the year to establish the uses and allocation of the $115,000,000 Contingent Credit Limit. The Chairman then opened the public hearing for the consideration of approving the assignment of the $115,000,000 Contingent Credit Limit authorized by RSA 162-A. Mr. Key-Wallace suggested that:
- $22,000,000 for the Guarantee Asset Program.
- $65,000,000 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.
No one from the public spoke and the public hearing was closed.
Upon motion made by Director Duprey and seconded by Director Henderson, the following action was unanimously approved:
VOTED: To accept the recommended Contingent Credit Limit categorization for the $115,000,000 as follows:
- $22,000,000 for the Guarantee Asset Program.
- $65,000,000 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, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said motion adopted.
The Chairman asked the Board to consider providing preliminary official intent, with no reservation, to issue a tax-exempt revenue bond for Rudarpa, Inc of up to $30,000,000.
Upon motion made by Director Duprey and seconded by Director Henderson, the following action was unanimously approved:
VOTED: To consider providing preliminary official intent, with no reservation, to issue a tax-exempt revenue bond for Rudarpa, Inc of up to $30,000,000.
The following named Directors voted:
- Aye: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said resolution adopted.
The Chairman asked the Board to consider approving the issue of up to $200,000,000 in tax-exempt financing under RSA 162-I to finance a project by Baldwin Senior Living, Inc and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162 I:9.
Upon motion made by Director Duprey and seconded by Director Hayes, the following action was unanimously approved:
VOTED: To consider approving the issue of up to $200,000,000 in tax-exempt financing under RSA 162-I to finance a project by Baldwin Senior Living, Inc and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162 I:9.
The following named Directors voted:
- Aye: Dick Anagnost, Stephen Duprey, Jeffrey Hayes, Daniel Henderson, Nancy Merrill, Monica Mezzapelle, Catherine Provencher and Jason Syversen.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said resolution adopted.
The Chairman asked Mr. Kreidermacher to review the Month End Financial Report.
The Chairman asked Mr. Stanizzi to review Lending Reports.
The Chairman asked Mr. Key-Wallace to present the Executive Director’s Report.
There being no further business and upon motion made by Director Duprey and seconded by Director Henderson, the meeting was adjourned at 2:28 p.m.
Respectfully submitted:
James Key-Wallace
Clerk