Agenda
The regular meeting of the Board of Directors is scheduled for Monday, January 25, 2021 at 2:00 p.m., 2 Pillsbury Street, Concord, New Hampshire.
- Introduction of Board Members.
- Approval of Minutes for the Board Meeting of December 22, 2020.
- 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 $162,497,500 Tax-exempt Bond Capacity under RSA 162-M.
- To establish categories for the 2021 Private Activity Bond Limit.
- To consider approving the carryforward of $130,000,000 in Solid Waste and $30,887,500 for Water and Sewer for the calendar year 2020.
- 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.
- 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 2:04 p.m. at 2 Pillsbury Street, Suite 201, Concord, New Hampshire. The following Directors were present: Dick Anagnost, Jeffrey Hayes, Stephen Duprey, Catherine Provencher, Daniel Henderson, Monica Mezzapelle, Matthew Benson, and Nancy Merrill. Also present were: James Key-Wallace, Executive Director and Clerk; Chris Kreidermacher, Chief Financial Officer; Jeremy Stanizzi, Senior Credit Officer; Jeff Cook, Credit Analyst; Meagen Kerris, Administrative Assistant; John Stoecker, National Finance Authority; Kris Moussette and Tony Martini, Hinckley Allen & Snyder. Absent were: Director Charles Withee, 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 22, 2020 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 22, 2020 Board Meeting.
The following named directors voted:
- Aye: Dick Anagnost, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
Whereupon the Chairman declared said resolution adopted.
The Chairman asked for approval of the minutes for December 22, 2020 Credit Committee 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 22, 2020 Credit Committee Meeting.
The following named directors voted:
- Aye: Dick Anagnost, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
Whereupon the Chairman declared said resolution 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 Merrill and seconded by Director Hayes, 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, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
Where upon the Chairman declared said resolution adopted.
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 2021’s $162,497,500 Tax-exempt Bond Capacity. He suggested;
- $30,000,000 for Industrial.
- $50,000,000 for Solid Waste.
- $30,000,000 for Water.
- $50,000,000 for Sewer.
- $2,497,500 for Reserve.
The Chairman then opened the public hearing for the assignment of $162,497,500 for the 2021 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 Henderson, the following action was unanimously approved:
VOTED: To accept the allocation of Tax-Exempt Bond Capacity for 2021 for the $162,497,500 as follows:
- $30,000,000 for Industrial.
- $50,000,000 for Solid Waste.
- $30,000,000 for Water.
- $50,000,000 for Sewer.
- $2,497,500 for Reserve.
The following named directors voted:
- Aye: Dick Anagnost, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
Whereupon Director Anagnost declared said motion adopted.
The Chairman asked the Board to consider approving the Carry Forward of $160,887,500 of calendar year 2020 Private Activity Bond Limit per Mr. Key-Wallace’s recommendation of:
- $130,000,000 for Solid Waste.
- $30,887,500 for Sewer.
Upon motion made by Director Duprey and seconded by Director Henderson, the following action was unanimously approved:
VOTED: To accept the Carry Forward of $160,887,500 of calendar year 2020 Private Activity Bond Limit as follows:
- $130,000,000 for Solid Waste.
- $30,887,500 for Sewer.
The following named directors voted:
- Aye: Dick Anagnost, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
The Chairman 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. The Chairman then opened the public hearing for the consideration of approving the assignment of the $115 million Contingent Credit Limit authorized by RSA 162-A. Mr. Key-Wallace suggested that:
- $27,000,000 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 Organizations.
- $55,500,000 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 million as follows:
- $27,000,00 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 Organizations.
- $55,500,000 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, Daniel Henderson, Stephen Duprey, Jeffrey Hayes, Nancy Merrill, Monica Mezzapelle, and Matthew Benson.
- Nay: None.
- Abstain: None.
Director Catherine Provencher entered the meeting at 2:21 p.m.
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 2:33 p.m.
Respectfully submitted:
James Key-Wallace
Clerk