Business Finance Authority
January 22, 2018
Concord, New Hampshire

 
 

The meeting of the Board of Directors of the Business Finance Authority ("BFA") was called to order at 2:30 p.m. at 2 Pillsbury Street, Suite 500, Concord, New Hampshire. The Following Directors were present: Dick Anagnost, Bill Dwyer, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee and Representative Kermit Williams. Present via telephone were Directors Catherine Provencher and Jeremy Hitchcock. Absent were Directors Guy Santagate, Jeffrey Hayes, Senator Gary Daniels, Senator Bob Giuda and Representative Laurie Sanborn. Also present were: James Key-Wallace, Executive Director and Clerk and Michael Donahue, Senior Credit Officer.

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

The chariman asked for approval of the minutes for December 18, 2017 Board Meeting.

Director Dwyer recommended changes to his votes on items as he was not present at the December 18, 2017 meeting.

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

VOTED: To accept the minutes of the December 18, 2017 Board Meeting with the recommended  changes omitting Director Dwyer from the votes.

The following named directors voted:
Aye: Dick Anagnost, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: Bill Dwyer.

Whereupon the Chairman declared said resolution adopted.

The Chairman asked the Board to consider the appointment of Steve Duprey as Vice Chairman.

The following named directors voted and the appointment was unanimously approved.

Aye: Dick Anagnost, Daniel Henderson, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: Steve Duprey.

Whereupon the Chairman declared said appointment adopted.

The Chairman asked the Board to consider appointment of Daniel Henderson as Treasurer.

The following named directors voted and the appointment was unanimously approved.

Aye: Dick Anagnost, Steve Duprey, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcok. Nay: None. Abstain: Daniel Henderson.

Whereupon the Chairman declared said appointment adopted.

The Chairman then asked the Board to consider the appointment of James Key-Wallace as Executive Director and Clerk, Michael B. Donahue as Senior Credit Officer, and William Rushforth as Chief Financial Officer.

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

VOTED: To appoint James Key-Wallace as Executive Director and Clerk, Michael B. Donaue as Senior Credit Officer, and William Rushforth as Chief Financial Officer.

The following named directors voted:

Aye: Dick Anagnost, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: None.

Whereupon the Chairman declared said resolution adopted.

The Chairman then opened the public hearing for the assignment of the 2018 tax-exempt bond capacity.

The Chairman asked the Board to consider assigning the 2018 Tax-Exempt Bond Capacity under RSA 162-M. Mr. Key-Wallace explained that state statute requires the BFA to allocate $155,687,500 of 2018 capacity and a Carry Forward amount of $249,739,000 to various categories. Mr. Key-Wallace recommended that $10,000,000 be allocated for industrial and small manufacturers; $125,687,500 for Reserve; $20,000,000 for Water and Sewer; and a Carry Forward amount of $249,739,000 for Solid Waste and Water & Sewer.

There being no public input regarding the proposed allocations and upon motion made by Director Duprey and seconded by Director Benson, the following action was unanimously approved:

VOTED: To allocate $155,687,500 2018 Private Activity Bond Limit as follows: Industrial - $10,000,000; Reserve - $125,687,500; $20,000,000 for Water & Sewer; and to reallocate categories as needed.

The following named directors voted:

Aye: Dick Anagnost, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: None.

Whereupon the Chairman declared said resolution adopted.

Chairman Anagnost then asked the members of the Board to consider approving the carry forward of $249,739,000 for Solid Waste and Water & Sewer in 2017 Private Activity Bond Limit per Mr. Key-Wallace’s recommendation.

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

VOTED: To approve the carry forward of $249,739,000 for Solid Waste and Water & Sewer in 2017 Private Activity Bond Limit.

The following named directors voted:

Aye: Dick Anagnost, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: None.

Whereupon the Chairman declared said resolution adopted.

The Chairman asked the Board to assign the $115 million 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 Credit Limit authorization. He suggested that $36.5 million of 2018 capacity be allocated to the Guarantee Asset Program; $2 million for the Secondary Market for Loans Program; $15 million for the Capital Access Program; $15 million for the Aid to Local Development Organizations; $5 million for the Guarantee of Industrial Development Revenue Bonds; $6 million for the Working Capital Loan Guarantee Program; $5 million for the Temporary Loans to Businesses; $500,000 to the Business Loan Enhancement Program and $30 million to the Guarantee of Redevelopment Bonds.

There being no public input regarding the proposed allocation, upon motion made by Director Duprey and seconded by Director Withee, the following action was unanimously approved:

VOTED: To accept the guaranty limits for the $115,000,000 as follows: $36,500,000 for the Guarantee Asset Program; $2,000,000 for the Secondary Market for Loans Program; $15,000,000 for the Capital Access Program; $15,000,000 for the Aid to Local Development Organizations; $5,000,000 for the Guarantee of Industrial Development Revenue Bonds, $6,000,000 for the Working Capital Loan Guarantee Program; $5,000,000 for the Temporary Loans to Businesses; $500,000 for the Business Loan Enhancement Program and $30,000,000 to the Guarantee of Redevelopment Bonds; and to reallocate categories as needed.

The following named directors voted:

Aye: Dick Anagnost, Steve Duprey, Daniel Henderson, Matthew Benson, Charles Withee, Bill Dwyer, Catherine Provencher and Jeremy Hitchcock. Nay: None. Abstain: None.

Whereupon the Chairman declared said resolution adopted.

The Chairman asked Mr. Key-Wallace to present the month end financial report and review the scorecard.

The Chairman asked Mr. Donahue to review the Lending Reports.

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

The bond for Lonza Biologics closed during December.

The loan to facilitate Eric Chinburg’s purchase and renovation of a mill in Franklin also closed on schedule.

At 3:10 p.m., the Chairman asked the Board to consider a nonpublic session.

Whereupon Director Dwyer made a motion for nonpublic session and Director Henderson seconded.

At 3:45 p.m., Director Duprey made a motion to come out of nonpublic session and Director Dwyer seconded.

There being no further business and upon motion made and seconded, the meeting was adjourned at 3:45 p.m.

Respectfully submitted:
James Key-Wallace
Clerk

 

 

Business Finance Authority
February 12, 2018
Concord, New Hampshire

The meeting of the Board of Directors of the Business Finance Authority ("BFA") was called to order at 2:10 p.m. at 2 Pillsbury Street, Pillsbury Meeting Room, Concord, New Hampshire. The following Directors were present: Dick Anagnost, Bill Dwyer, Daniel Henderson, Matthew Benson, Catherine Provencher, Jeffrey Hayes, Senator Bob Giuda and Senator Gary Daniels. Present via telephone were Directors Stephen Duprey and Charles Withee. Absent were Directors Guy Santagate, Jeremy Hitchcock, Representative Kermit Williams and Representative Laurie Sanborn. Also present were: James Key-Wallace, Executive Director and Clerk; William Rushforth, Chief Financial Officer; Michael Donahue, Senior Credit Officer; Barry Normandeau, Robert Chapman Sr., Alex Ritchie, Benoit Lamontagne, Scott Montagne and Jim Monahan.

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

The Chairman asked for approval of the minutes for January 22, 2018 Board Meeting.

Upon motion made by Director Henderson and seconded by Director Hayes, the following action was unanimously approved:

VOTED: To accept the minutes of the January 22, 2018 Board Meeting.

The following named directors voted:

Aye: Dick Anagnost, Daniel Henderson, Matthew Benson, Catherine Provencher, Jeffrey Hayes, and Stephen Duprey. Nay: None. Abstain: Bill Dwyer.

Whereupon the Chairman declared said resolution adopted.

The Chairman asked the Board to consider approving the issue of up to $32,500,000 in tax-exempt financing under RSA 162-I to finance a project for Pennichuck Water Works, 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.

Whereupon Director Henderson introduced and caused to be read:

A RESOLUTION AUTHORIZING UP TO $32,500,000 BONDS FOR A PROJECT FOR PENNICHUCK WATER WORKS, INC. IN AMHERST, BEDFORD, DERRY, EPPING, HOLLIS, MERRIMACK, MILFORD, NASHUA, NEWMARKET, PITTSFIELD, PLAISTOW AND SALEM, NEW HAMPSHIRE (see attached exhibit 1-a).

and moved its adoption, seconded by Director Dwyer. After due consideration of said resolution by the Board, Chairman Anagnost put the question on the motion and upon the roll being called, the following named Directors voted:

Aye: Dick Anagnost, Daniel Henderson, Matthew Benson, Catherine Provencher, Jeffrey Hayes, Bill Dwyer and Stephen Duprey. Nay: None. Abstain: None.

Whereupon the Chairman declared said resolution adopted.

Jim Monahan discussed the status of the multi-state bond legislation.

The Chairman asked Mr. Rushforth to review the score card and the monthly financial report.

The Chairman asked Mr. Donahue to review the lending reports.

At 2:45 p.m., the Chairman asked the Board to consider a nonpublic session. The purpose of the nonpublic session was for the following reason:

Consideration of applications by the Business Finance Authority under RSA 162-A:7- 10 and RSA 162-A:13, where consideration of confidential, commercial, or financial information that is exempt from public disclosure; and matters which if discussed in public, would likely affect adversely the reputation of any person, other than a member of the public body itself.

Director Withee joined the board meeting via telephone.

Whereupon Director Dwyer made a motion for nonpublic session and Director Henderson seconded.

The following roll call vote was taken to enter into the nonpublic session:

Director Anagnost       yes
Director Henderson    yes
Director Dwyer            yes
Director Benson          yes
Director Hayes            yes
Director Provencher   yes
Director Duprey          yes
Director Withee           yes

Following a vote of the Board to enter into a nonpublic session, the minutes of the nonpublic session are hereby recorded.

Barry Normandeau, Robert Chapman Sr., Alex Ritchie, Benoit Lamontagne, Scott Montagne and Jim Monahan departed the board meeting.

At 3:53 p.m., Director Dwyer made a motion to come out of nonpublic session, seconded by Director Benson.

Director Dwyer made a motion to seal the minutes of the nonpublic session because it is determined that divulgence of the information likely would affect adversely the reputation of any person other than a member of the public body itself, or render the proposed action ineffective.

Upon second made by Director Benson, the following named directors voted:

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

Whereupon the Chairman declared said resolution adopted.

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

There is legislation proposed to allow the BFA to create and administer a pilot student loan forgiveness program. We are intrigued to learn more about how it might function, how it will be funded, and if the BFA is the right organization to run the initiative.

The bonds for Scott Electronics and Pennichuck Waterworks are both scheduled to close in March.

The Chairman asked the Board to consider a request from Eastern Bank and Bio-Concept Laboratories for a 75% guarantee of a $2,000,000 term loan under the Guarantee Asset Program (GAP).

Mr. Donahue explained that the proposed loan will be used for two new production lines.

Upon motion made by Director Hayes and seconded by Director Henderson, the following action was voted on:

VOTE: To approve the request Eastern Bank and Bio-Concept Laboratories for a 75% guarantee of an $2,000,000 term loan under the Guarantee Asset Program (GAP).

After due consideration of said resolution by the Board, the Chairman put the question on the motion and upon the roll being called, the following named Directors voted:

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

Whereupon the Chairman declared said resolution adopted.

There being no further business and upon motion made and seconded, the meeting was adjourned at 4:00 p.m.

Respectfully submitted:
James Key-Wallace
Clerk