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Board approves financing plan for Green Jobs Green New York program
Summary
The Audit & Finance Committee recommended and the board approved bond financing for the Green Jobs Green New York program; bonds will be secured by loan repayments, Ramirez and Co. were selected as underwriters, and external approvals are required from the Public Authorities Control Board, Comptroller and Taxation & Finance.
Audit & Finance Committee Chair Jay Coe reported the committee reviewed a proposed bond issuance to support Green Jobs Green New York financing and unanimously recommended approval. "The bonds will be secured by a pledge of loan repayments," Coe said, and he noted Ramirez and Co. were selected as underwriters through a competitive process.
Coe explained certain elements of the transaction require additional approvals from state oversight bodies: the Public Authorities Control Board, the Office of the State Comptroller, and the New York State Department of Taxation and Finance. The committee met in executive session to discuss cybersecurity controls but took no formal action there. The board moved, seconded and approved the financing authorization by voice vote (resolution 1790).
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