Public Meeting Notice  State Finance and Governance Board Meeting April 9, 2026

Notice of Public Meeting

In accordance with Section 20 of Chapter 20 of the Acts of 2021, as most recently extended by Chapter 2 of the Acts of 2025, this meeting will be conducted, and open to the public, via Zoom and Teleconference.

Passcode: 721193

Meeting ID: 990 0062 8548

Teleconference line: 1-305-224-1968

The meeting was called to order at approximately 11:00 a.m.

Board members comprising a quorum:

• Brent Andersen, Pilgrim Bay Insurance
• Kaitlyn Connors, Executive Office for Administration and Finance, Board Interim Chair
• John Durgin, Office of the State Treasurer
• Sue Perez, Office of the State Treasurer

Others in attendance

• Farokh Bhada, University of Massachusetts Building Authority (UMBA)
• Christopher Dunn, University of Massachusetts Building Authority (UMBA)
• Meghan Burke, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C

1. Administrative Matters

Ms. Connors called the meeting to order and conducted call. On a motion made by Mr. Andersen and duly seconded by Mr. Durgin, the Board voted unanimously to approve the February 26, 2026, meeting minutes. 

2. Discussion

No discussion matters scheduled.

3. Waiver Requests

University of Massachusetts Building Authority (UMBA)

Mr. Farokh N. Bhada, the Chief Financial Officer & Treasurer of UMBA, presented the authority’s waiver request. 

Mr. Farokh explained UMBA was established under Chapter 773 of the Acts of 1960

to aid the University of Massachusetts (UMass). UMBA bonds are issued under a Trust Agreement dated November 1, 2000, and supported by a contract with UMass. Under the contract, UMass is obligated to pay debt service on UMBA bonds from all available funds of the University. UMBA issues bonds for new projects at the request of UMBA and approval of the projects by the Secretary of Administration and Finance. UMBA issues refunding bonds with the approval of UMass. UMBA has approximately $3.24 million of bonds outstanding as of June 30, 2025.

Mr. Farokh reported UMBA is seeking a waiver from the presumption of a competitively bid financing for its upcoming bond transaction given the size of the deal, complexities of the refunding and market conditions.  He explained UMBA is planning on issuing refunding bonds to refund outstanding Project Revenue Bonds, Senior Series 2010-2 (Federally Taxable-Build America Bonds-Direct Pay to Issuer). Subject to market conditions, UMBA will refund other outstanding bonds under the Project Trust Agreement and in accordance with UMBA’s debt policy. 

Mr. Farokh noted that UMBA selected Morgan Stanley to serve as the lead underwriter for the transaction, Jefferies as co-manager, and additional syndicate members after a robust procurement process. UMBA expects to sell the refunding bonds in early May, 2026 and settle mid-May. 

There were no questions from the Board. 

On a motion made by Mr. Andersen and seconded by Ms. Perez, the Board unanimously approved the following resolution:

RESOLVED: That the Board hereby grants a waiver from the presumption of a competitively bid financing to the University of Massachusetts Building Authority with respect to the issuance of refunding bonds in a par amount not to exceed $750,000,000 and that the Authority be authorized to sell such bonds, in one or more series, on a negotiated basis not later than September 30, 2026. 

4. Derivative Reviews

No derivative reviews scheduled.

5. Closed Transactions/Bond Sale Reviews:

No transaction reviews scheduled

6. Discussion on Board Activities 

No matters scheduled. 

7. Adjournment

On a motion made by Mr. Andersen and duly seconded by Mr. Durgin, Board members unanimously voted to adjourn the meeting at approximately 11:15 AM.

___________________________________________________

Kaitlyn Connors, Acting Chair

1. Administrative Matters
   • Adoption of meeting minutes from February 26, 2026 (Vote)
2. Discussion: No matters formally scheduled
3. Waiver Requests:
   • University of Massachusetts Building Authority (Vote)  
4. Derivative Reviews: No matters formally scheduled
5. Closed Transactions/Bond Sale Review & Updates: No matters formally scheduled
6. Discussion on Board Activities: No matters formally scheduled
7. Adjournment