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New York State Environmental Facilities Corporation

New York State Environmental Facilities Corporation. The Nuts & Bolts of SRF Program Administration Presented By David Sterman, Executive Vice President NYS Environmental Facilities Corporation November 2003. Administering the SRF Program.

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New York State Environmental Facilities Corporation

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  1. New York State Environmental Facilities Corporation The Nuts & Bolts of SRF Program Administration Presented By David Sterman, Executive Vice President NYS Environmental Facilities Corporation November 2003

  2. Administeringthe SRF Program Administration may vary from state to state Loans: Long & Short-term Direct, Leveraged, Principal Forgiveness Relationship to other organizations: Single agency responsible for project review and financing Functions split between two or more agencies Program vs Project Related Functions

  3. The Five Functions The administrative team coordinates: Program Development Project Review and Eligibility Financing Services Legal Services Loan Servicing

  4. Program Development • Prepare SRF capitalization grant application • Prepare and maintain operating agreement with EPA • Prepare Annual Intended Use Plan (IUP) • Prepare various reports (needs survey, NIMS, annual report) • Prepare program guidance documents • Identify and score projects for IUP • Maintain project and program files

  5. Project Review and Eligibility • First contact with communities • Provide assistance to small communities • Determine project eligibility • Review and approve engineering reports/plans and specs • Review application continued

  6. Project Review and Eligibility • Ensure compliance with M/WBE and EEO • Ensure compliance with environmental review requirements • Review disbursement requests • Perform project inspections • Coordinate with co-funders

  7. Financing Services • Invest SRF monies • Develop cash flow model • Develop default tolerance analysis (DTA) for rating services • Assess recipient’s credit for ability to repay loan • Structure loans according to state/federal requirements • Work with various consultants (financial advisor, underwriter, bond counsel, etc.) to issue bonds

  8. Legal Services • Prepare project financing/loan agreements • Insure recipients comply with legal requirements (title, bond resolution, etc.) • Work with bond & underwriter or disclosure counsel to prepare Official Statements (POS/OS) • Post closing issues (investment contracts)

  9. Loan Servicing • Prepare billings • Collect payments • Liaison with the Trustee • Enforce bond covenants to collect loan repayment obligations

  10. Critical Support Functions • Accounting: prepare financials, administer funds • Information Management: develop & maintain database • Corporate Communications: press releases, regional/legislative affairs • Human Resources

  11. Financing Program Administration • Capitalization grant (up to 4 % or up to 31% for DWSRF) • Fees (bond issuance fees, annual fees, direct expenses)

  12. Where EPA Fits In • Assists with program development • Reviews IUP & capitalization grant application • Periodic program reviews • General oversight

  13. Partnering with EPA EPA can be valuable partner in administering SRF Program: sounding board for unique projects research assistance advocate for issues needing headquarters approval

  14. Others Involved • Financial Advisor • Bond Counsel, other legal services • Underwriter • Investment Advisor • Trustee Bank • Rating Agencies • Arbitrage Rebate Consultant

  15. Information Management Needs • EPA Reports (NIMS, Needs Survey, Annual Report) • Loan servicing/billing • Subsidy calculations • Annual audit • Public relations • DTA for rating services • M/WBE Reporting Requirements • Official Statements/Annual Information Statement • Arbitrage Rebate

  16. Reporting Requirements • Not likely to decrease • The older and larger the SRF programs get, the more important the need for a comprehensive database

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