Longtime bond attorney Jeremy A. Spector has retired as executive director for the New Jersey Educational Facilities Authority after nearly two years leading the higher education conduit issuer.
The NJEFA announced Tuesday that Spector stepped down effective Aug. 31 and that Deputy Executive Director Sheryl Stitt has assumed the authority’s management responsibilities until a permanent successor is named. Stitt has spent 17 years as a NJEFA senior member, including three previous stints as executive director.
“We appreciate Jerry’s commitment and dedicated service to the state’s higher education institutions and to the citizens of New Jersey,” NEFA chair Joshua Hodes said in a statement. “We all wish Jerry well in his future endeavors.”
Spector began his tenure with the NJEFA in November 2015 following 28 years as a public finance tax attorney. His extensive career has included chairing the American Bar Association's Tax Exempt Financing Committee and getting honored as Best Lawyers' 2014 New York City Public Finance Law "Lawyer of the Year” when he was at Mintz Levin. He is also on the board of directors for the National Association of Health and Educational Facilities Finance Authorities.
Spector’s one full year leading the NJEFA in 2016 featured record bond volume for the conduit issuer with an aggregated total of $1.35 billion of debt sold and an average transaction size exceeding $100 million. The authority was the nation's third largest higher education conduit issuer in 2016, according to Thomson Reuters, and topped all New Jersey issuers with 12 financings. The active year featured the NJEFA executing more than $130 million in combined net present value savings for eight colleges and universities using revenue refunding bonds in a near-record low interest rate environment.
The NJEFA is on pace for another busy year in 2017 after finishing the first half with $774.1 million in volume to top all New Jersey issuers, according to Thomson Reuters data. A $338.4 million revenue refunding bond transaction for Princeton University on March 7 yielded $52.9 million in net present value savings, according to the authority.