The Vermont Municipal Bond Bank and Vermont Educational and Health Buildings Financing Agency have tapped public finance veteran Michael Gaughan to lead both entities.
The two infrastructure financing organizations hired Gaughan, a former public finance director at PNC Capital Markets, as executive director to help with both of their missions advancing capital projects throughout the Green Mountain State. The bond bank boosts infrastructure primarily through its pooled loan program while the VEHBFA is a conduit issuer of tax-exempt bonds for healthcare and educational institutions.
“The joint search committee found that Michael had the unique mix of technical skills and commitment to community that is needed to help lead the agencies forward,” said Jim Potvin, VEHBFA Board Chair and a member of the search committee.
Gaughan’s appointment as executive director became effective Jan. 2. He replaces Bob Giroux, who retired after nearly 13 years at both agencies in which he facilitated nearly $3 billion in financing.
“Bob has been a true asset to the communities of Vermont over the last 13 years,” VMBB Board Chair David Kimel said in a statement. “He will be missed.”
Gaughan’s arrival at the two Vermont agencies follows two years working as director and a public-private partnerships manager for the nonprofit National Development Council. Gaughan previously spent five years at PNC as a public finance banker focused on governmental, housing, and community facilities transactions. He earned a Bachelor of Arts from Middlebury College and a Master of City Planning from the University of Pennsylvania.
“While the national dialogue about the need for innovative infrastructure finance has grown louder recently, Vermont has been humbly doing it right for 40 plus years,” said Gaughan in a statement. “I’m honored to contribute to this great legacy.”