3. VOICE VOTE Approval of Additional Executive Session Minutes (November 30, – 2017) Noting that the matters in this set of November 30, 2017 Executive Session Minutes are not completed matters and, therefore, any comments regarding these Minutes must be made in Executive Session, the Chair asked if there were any questions or comments on these Executive Session Minutes, and there were none. He asked for a vote to approve these Executive Session Minutes and, upon motion duly made and seconded, by the directors present, it was, unanimously VOICE VOTED: That the Board of Directors of MassDevelopment approves the Executive Session Minutes of its November 30, 2017 Special Board meeting, attached and part of the minutes of this meeting. 4. VOICE VOTE Approval of Additional Executive Session Minutes (November 9, – 2017) Noting that the matters in this set of November 9, 2017 Executive Session Minutes are not completed matters and, therefore, any comments regarding these Minutes must be made in Executive Session, the Chair asked if there were any questions or comments on these Executive Session Minutes, and there were none. He asked for a vote to approve these Executive Session Minutes and, upon motion duly made and seconded, by the directors present, it was, unanimously VOICE VOTED: That the Board of Directors of MassDevelopment approves the Executive Session Minutes of its November 9, 2017 Board meeting, attached and part of the minutes of this meeting. PRESIDENT / CEO REPORT In connection with tax reforms recently enacted at the federal level, Ms. Liss reported that private activity bonds were included therein, but advanced refundings were not. This necessitated the need for Board meeting, which, Board MassDevelopment’s Special members will recall, took place on November 30, 2017, to accommodate refundings for eight bond transactions, for which the borrowers on these eight projects are grateful. Additionally, Ms. Liss advised that the Agency closed thirty bond transactions in December, representing a total investment of $2.1 billion in Massachusetts, and generating $3.6 million in issuing fees for MassDevelopment, which can be reinvested into the Commonwealth. She stated there are some concerns regarding potential impacts that may result from reduced corporate tax rates and anticipated rising interest rates, and staff is closely monitoring the situation. Mr. Chilton confirmed there is a focus on the indices. He advised the Agency is fifty basis points above where it was in the prior six months. While it appears to be a volatile market, interest rates are still attractive.
3. VOICE VOTE – Approval of Additional Executive Session Minutes (November 30, 2017) Noting that the matters in this set of November 30, 2017 Executive Session Minutes are not completed matters and, therefore, any comments regarding these Minutes must be made in Executive Session, the Chair asked if there were any questions or comments on these Executive Session Minutes, and there were none. He asked for a vote to approve these Executive Session Minutes and, upon motion duly made and seconded, by the directors present, it was, unanimously VOICE VOTED: That the Board of Directors of MassDevelopment approves the Executive Session Minutes of its November 30, 2017 Special Board meeting, attached and part of the minutes of this meeting. 4. VOICE VOTE – Approval of Additional Executive Session Minutes (November 9, 2017) Noting that the matters in this set of November 9, 2017 Executive Session Minutes are not completed matters and, therefore, any comments regarding these Minutes must be made in Executive Session, the Chair asked if there were any questions or comments on these Executive Session Minutes, and there were none. He asked for a vote to approve these Executive Session Minutes and, upon motion duly made and seconded, by the directors present, it was, unanimously VOICE VOTED: That the Board of Directors of MassDevelopment approves the Executive Session Minutes of its November 9, 2017 Board meeting, attached and part of the minutes of this meeting. PRESIDENT / CEO REPORT In connection with tax reforms recently enacted at the federal level, Ms. Liss reported that private activity bonds were included therein, but advanced refundings were not. This necessitated the need for MassDevelopment’s Special Board meeting, which, Board members will recall, took place on November 30, 2017, to accommodate refundings for eight bond transactions, for which the borrowers on these eight projects are grateful. Additionally, Ms. Liss advised that the Agency closed thirty bond transactions in December, representing a total investment of $2.1 billion in Massachusetts, and generating $3.6 million in issuing fees for MassDevelopment, which can be reinvested into the Commonwealth. She stated there are some concerns regarding potential impacts that may result from reduced corporate tax rates and anticipated rising interest rates, and staff is closely monitoring the situation. Mr. Chilton confirmed there is a focus on the indices. He advised the Agency is fifty basis points above where it was in the prior six months. While it appears to be a volatile market, interest rates are still attractive.
02082018_BoardMinutes.docx