An overview of the tax-exempt financing products offered by MassDevelopment, presented by Benny Wong, MassDevelopment. Part of Current Topics in Tax-Exempt Finance 10/29/2010
In recent years, the financial services industry has experienced a surge in unclaimed property audits and enforcement efforts. As a result, new questions and concerns have emerged in order to maintain compliance in an already complex regulatory environment. This panel discussion, moderated by Keane’s Debbie Zumoff, will address three of the most prevalent concerns that have surfaced in the auditors’ wake: (1) utilization and implementation of date of last contact (DOLC), (2) consolidated escheat reporting at the Fund and Transfer Agent levels, and (3) date of death and IRAs. The panel will outline compliance challenges and best practices for success.
May 13, 2015 Webinar
Presented by EDR & EBA
“The Dodd-Frank Act” is all over the news. It’s reportedly killing community banks, and will impact all of the banking members in this distribution in some capacity. In continuation of a February Environmental Bankers Association - Risk Management Call (EBA-RMC) John Rybak and Greg Lampe of BB&T Bank, and attorney Brad Merrill of Snell-Wilmer, will provide an explanation of what’s going on, notably with respect to Banking Vendor Management (“vetting the vendors”).
Since its passage in 2010, implementation and interpretation of the 2,323 page long Dodd-Frank Act has touched most every part of banking including how banks use vendors, particularly in the area of mortgages and consumer compliance. Five years later there remains substantial uncertainty as new rule making continues. During our call we will provide a summary of key regulatory areas every banker should be aware of in vendor management as well as some of the general results of Dodd-Frank and exposure for non-compliance.
Session 5 Presentation - Includes content related to Project Finance deals, in particular, Advising & Arranging Activities, Fee Structures, International Financial Institutions, Multilateral Banks and Bilateral Agencies (ECA\'s).
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
A shadow banking system is a group of financial intermediaries facilitating the creation of credit across the global financial system but whose members are not subject to regulatory oversight. The shadow banking system also refers to unregulated activities by regulated institutions.
In recent years, the financial services industry has experienced a surge in unclaimed property audits and enforcement efforts. As a result, new questions and concerns have emerged in order to maintain compliance in an already complex regulatory environment. This panel discussion, moderated by Keane’s Debbie Zumoff, will address three of the most prevalent concerns that have surfaced in the auditors’ wake: (1) utilization and implementation of date of last contact (DOLC), (2) consolidated escheat reporting at the Fund and Transfer Agent levels, and (3) date of death and IRAs. The panel will outline compliance challenges and best practices for success.
May 13, 2015 Webinar
Presented by EDR & EBA
“The Dodd-Frank Act” is all over the news. It’s reportedly killing community banks, and will impact all of the banking members in this distribution in some capacity. In continuation of a February Environmental Bankers Association - Risk Management Call (EBA-RMC) John Rybak and Greg Lampe of BB&T Bank, and attorney Brad Merrill of Snell-Wilmer, will provide an explanation of what’s going on, notably with respect to Banking Vendor Management (“vetting the vendors”).
Since its passage in 2010, implementation and interpretation of the 2,323 page long Dodd-Frank Act has touched most every part of banking including how banks use vendors, particularly in the area of mortgages and consumer compliance. Five years later there remains substantial uncertainty as new rule making continues. During our call we will provide a summary of key regulatory areas every banker should be aware of in vendor management as well as some of the general results of Dodd-Frank and exposure for non-compliance.
Session 5 Presentation - Includes content related to Project Finance deals, in particular, Advising & Arranging Activities, Fee Structures, International Financial Institutions, Multilateral Banks and Bilateral Agencies (ECA\'s).
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
A shadow banking system is a group of financial intermediaries facilitating the creation of credit across the global financial system but whose members are not subject to regulatory oversight. The shadow banking system also refers to unregulated activities by regulated institutions.
Why Industrial Revenue Bonds are an Attractive Financing OptionQuarles & Brady
IRB's are designed as an economic development tool that fuels economic growth. They provide access to lower interest rates and extended repayment schedules. Join us to learn when Industrial Revenue Bonds are the right financing solution for real estate, construction, and equipment for a new or expanded business location. The presenters addressed the business case for IRB financing, available transaction structures, and what's happening in Washington, D.C.
HVCRE (high volatility commercial real estate): A PrimerLibby Bierman
In this webinar from Sageworks we cover the definition of High Volatility Commercial Real Estate (HVCRE) and best practices for mitigating concentration risk at banks and credit unions. Access this and other webinars at https://www.sageworks.com/banking/resources/bank-webinars/
In a recent poll, 42% of bankers indicated that commercial real estate is the primary focus for growth in the loan portfolio. At the same time, regulators are concerned that CRE may be overheating as lending standards have eased and CRE portfolios have experienced significant growth.
This PowerPoint is a discussion of options for financing clean energy. It describes financing processes, and outlines specific options related to on-bill financing structures, 3rd party structures and commercial lending structures. It was originally presented to RE-AMP, an organization of environmental advocates operating primarily in the Midwest.
Similar to 10- Tax-Exempt Products Overview: Just the Facts- Benny Wong (20)
A description of the impact the recession has had on investment decisions, disclosure and macro ecnomic factors, by Stephen Whalen, Liberty Mutual Group. Part of Current Topics in Tax-Exempt Finance 10/29/2010.
6- What's Old is New: Fixed-Rate Bonds are Back in Style- Catherine CrewsMassDevelopment
An overview of what the bond market is today, how it got hwere, and where it's headed in the future by Catehrine Crews of Bankof America Merrill Lynch.
4- Communicating with Debt Stakeholders- Matt Pearson & Jason PottsMassDevelopment
An overview of the current strategies for higher education institutions to communicate with investors and approach financing, by Matt Pearson of Morgan Stanley and Jason Potts of Suffolk University. part of Current Topics in Tax-Exempt Finance 10/29/2010
3- Tax-Exempt Financing: The "New Normal" or Another Cycle?- Daniel ShimkusMassDevelopment
Daniel Shimkus of TD Bank gives an overview of the current climate and cycles in the world of tax-exempt financing. Part of Current Topics in Tax-Exempt Finance 10/29/2010
Growing Massachusetts in Challenging Times: Macro and Micro Perspectives on Economic Development in the Commonwealth
A presentation to the Harvard Business School Association of Boston.
MassDevelopment has raised a fund of over $15 million from its own resources, the U.S.
Department of Education and private sources to provide loan guarantees for charter
schools in Massachusetts.1 In partnership with the Massachusetts Department of Education
Charter School Office, the Massachusetts Charter School Association, Local Initiatives
Support Corporation, and The Boston Foundation, MassDevelopment has created a
program that guarantees loans for acquiring, constructing or renovating both owned and
leased charter school facilities.
Capital Financing 501 is a tax-exempt commercial paper program that provides
Massachusetts 501 (c)(3) institutions with a low-cost source of capital that can be
borrowed and repaid efficiently.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
10- Tax-Exempt Products Overview: Just the Facts- Benny Wong
1. Current Topics in Tax-Exempt Finance
Tax-Exempt Products Overview: Just the Facts
2. 2
MassDevelopment
• Quasi-public finance and development authority for
Massachusetts
• Serving nonprofits, businesses, and municipalities
• Primary tools for nonprofits:
• Loans, grants and guarantees
• New Market Tax Credits
• Tax-exempt bonds
3. 3
Who Can Borrow Tax-Exempt?
• Governmental entities: states, cities, towns,
school districts, authorities for water, highway
public transportation, etc.
Nonprofits are not governmental entities
…enter the conduit issuer
4. 4
What is a Conduit Issuer?
MassDevelopment’s Role
• A conduit is a governmental entity which issues tax-
exempt bonds and then lends the proceeds to a
nonprofit organization
• Most conduits such as MassDevelopment are:
– “Instrumentalities of the state” with the right to issue debt on
a tax-exempt basis and loan proceeds to nonprofits
– Truly “conduit” entities – no legal obligation to repay debt
– Educational resource to borrowers
5. 5
Who can borrow?
• MassDevelopment can issue tax-exempt debt
on behalf of the following nonprofits:
– Hospitals, health centers, nursing homes, CCRCs,
HMOs
– Higher education
– Cultural institutions
– Research institutions
– Human service providers
– Charter schools
– Private/independent schools
6. 6 6
Finance Programs
• Tax-exempt Bonds
– Fixed or variable rate
– Public offering or direct placement
• Cultural Facilities Fund
• Commercial Paper and Pool Loan Programs
• Direct Loans and Guarantees
– Community Service 501(c)3 Loan Fund
– Green Loan Program
• Equipment leases
• New Markets Tax Credits
7. 7
What can be financed?
• Finance new capital project
• Reimburse for prior capital expenditures
• Finance routine capital costs
• Refund existing debt
– To reduce debt service
– To gain covenant relief
8. 8
Bank Direct Purchase
• 60+ banks buy MassDevelopment tax-exempt
bonds as direct purchases
• Used in lieu of making taxable loans
• Fixed and floating rates
• Bank does credit underwriting and sets terms
• Lower up–front costs makes financings as
small as $1,000,000 feasible
9. 9
Bond Financing Structure
• MassDevelopment acts as a “conduit”, capitalizing
loans with proceeds from bond purchases
• Loans are pledged to repay bonds
• The bank underwrites, sets terms and manages the
relationship the same as for a loan
Bond Purchaser
(Bank)
BorrowerMassDevelopment
MDFA Issues bonds Borrower repays loan
10. 10
Enhanced Bank Purchasing
• Banks can deduct interest expense associated with tax-
exempt bonds
• Only for bonds issued in 2009 and 2010
• Up to 2% of bank assets
• only non-bank corporations had this benefit previously
• MA banks may still prefer “separate entity” securities
corporations
• Expanded eligibility for “Bank Qualified” bond status
• Not subject to disallowance of interest expense
• Issuer limit raised to $30,000,000
• For 501(c)3 nonprofits, limit applies to borrower, not
conduit issuer
11. 11
Fixed Rate Bonds
• Lock in interest rate until maturity – borrower pays
interest and principal according to predetermined
amortization schedule, usually 20 to 30 years
• For public sale, an “investment grade” credit rating
will provide best price, i.e. lowest interest cost
– Underwriter determines interest rates based on market
conditions and investor demand
• For direct placement, fixed rate is negotiated
between investor and borrower
– Local banks recently active in this market
12. 12
Variable Rate Bonds
• Interest rate adjusted periodically (daily, weekly,
monthly, yearly, etc.)
• Borrower pays principal according to pre-determined
amortization schedule
• Principal may be prepaid at any time with 30-day
notice to investors; bonds may be converted to fixed
rate or other variable rate mode
• Credit enhancement from a highly rated bank will
offer best market access for public issue
• Swaps – Synthetic fixed rate
13. 13
The Financing Team
• Agency (MassDevelopment)
– Issues the bonds and loans the proceeds to the Borrower
• Borrower
– Eligible nonprofit institution
• Investment Banker
– Helps to structure the transaction and is responsible for selling/underwriting
the bonds
• Bond Counsel
– Assures that the bonds are a binding obligation of an institution and are tax-
exempt; prepares the various agreements and financing documents
• Agency’s Counsel (often the same as the Bond Counsel)
– Assures compliance with statutory requirements
• Financial Advisor to Institution
– Institutions may choose to engage a financial advisor
14. 14
The Financing Team (cont’d)
• Underwriter’s Counsel
– Provides legal advice to the Investment Banker as to the issuance and
structure of the bonds and full disclosure of risks
• Borrower’s Counsel
– Assists the Institution in preparing full disclosure (“Appendix A”) and in the
review of financing documents
• Trustee
– Represents and protects the interests of bondholders
• Trustee’s Counsel
– Reviews financing documents to assure the trustee’s ability to perform its
functions
(In a direct placement, the Underwriter & Underwriter’s Counsel are replaced
by the Purchaser & Purchaser’s Counsel)
15. 15
Cultural Facilities Fund
• Since 2007, $37MM
investment in 224 capital
projects for nonprofit
institutions that attract
visitors to and create jobs
in Mass.
• Run in partnership with
Mass. Cultural Council
EcoTarium in Worcester
16. 16
Charter School Loan Guarantee Fund
• Loan guarantees for charter schools in Massachusetts
• Funds may be used for acquiring, constructing or renovating
both owned and leased charter schools
• For facilities to be owned
– Guarantee can cover up to the lesser of 50% of the first mortgage loan
or $3MM
– Up to 100% loan to value
• For facilities to be leased
– Guarantee can cover up to the lesser of $1MM or 90% of the cost of the
improvements
• Up-front Annual Fee
17. 17
TechDollars
• 501(c)(3) nonprofit organizations with annual revenues
$5MM or less
• Funds may be used for 100% of the cost of purchases
of new or used telecommunications and information
technology equipment and related installation costs
• Loans of $25,000-$250,000
• Flexible financing terms and competitive interest rates
18. 18
Community Service 501(c)3 Loan Fund
• 501(c)(3) nonprofit social, youth or family service
provider with annual operating budget of less than
$5MM
• Funds may be used for owned or leased facilities to
repair, renovate, construct or acquire real property
• Loans of $100,000-$500,000
• Flexible financing terms and competitive interest rates
19. 19
New Markets Tax Credits
• Tax credit subsidizes private investments in low-
income census tracts
• Credits can create equity in real estate projects and
can combine with tax-exempt bonds
• Annual competition by U.S. Department of Treasury
• ARRA created additional $3 billion capacity
• Total $5 billion awarded in October 2009
• MassDevelopment is an allocator of NMTC and
received $55MM for use in MA in October 2009
20. 20
Commercial Paper & Pool Loans
• MassDevelopment issues bonds for multiple borrowers, instead of a
single borrower
• Security for the bonds is a bank letter of credit negotiated by
MassDevelopment
– Currently active programs have credit enhancement from Bank of America,
TD Bank, Citizens Bank, JPMorgan/Chase, AIB
• Loans are made from the proceeds of these bonds
• Transaction costs are shared among borrowers
• Loan size is typically $3-$10MM
• Variable interest rate on loans
• Recycling
• Access to loans depends on
– Borrower’s creditworthiness as determined by the credit provider (letter of
credit bank)
– Availability of funds
21. 21
Commercial Paper & Pool Loan Advantages
• Low up-front costs – Economies of scale achieved
through pooling spreads fixed costs of issuance
among several borrowers
• Flexibility – Amortization is customized to match
useful life of assets financed
• Ease of Borrowing – Standardized legal documents
facilitate process
• Quick Turn-Around Time – Loans can be closed in as
little as 6-8 weeks
• Great financing mechanism for smaller amounts
(generally $3-10MM)
22. 22
Value Lease Program
• Tax-exempt financing for equipment and related renovations or
energy conservation projects
• Similar to installment loan: fixed rate, fixed payments
• Security generally limited to first lien on equipment financed
• Leases can be negotiated or competitively bid
• Term matches life of equipment (practical maximum is 10-12
years)
• Minimum recommended transaction size is $500,000
• Simple and streamlined process; simple application;
standardized documents; low closing costs
• Significant savings of 2-3% over commercial lease
• $242MM in leases from 2007 to date, with rates ranging from
2.65% to 4.95%, for terms of 5 to 15 years
23. 23
Green Loan Program
• Purpose is to help nonprofits leverage programs and
initiatives of the state and public utilities by providing
funding for energy efficiency projects – making up the
difference between project costs and subsidies or
rebates
• Project must qualify for a utility-sponsored Energy
Efficiency program; solar energy projects must qualify
for MA or federally sponsored economic incentives
• Amount: $50K-$500K (net of any project-related
rebates or subsidies)
• Fixed, below-market interest rates
• Term up to 7 years