Maine Municipal Bond BankX(1)S(tocrjzqobuodyg4ftdg3loif...$10,345,677 $7,988,215 $10,490,434...

Measures of Performance

September 20, 2017 Annual Meeting Portland, Maine

Maine Municipal Bond Bank

Maine Municipal Bond Bank Measures Of Performance

Page 1 I Lending Activity

The General Resolution program saw a rise in sales due to several large school construction bonds. In 2015 and 2016, the CWSRF program funded unusually large capital improvement projects. The Bank sells Garvee bonds usually every two years and TransCap bonds were sold in 2015.

DOLLARS LOANED BY PROGRAM

DOLLARS LOANED

In 2017 the General Resolution program

processed three sales which produced a higher

sales volume due to a large school construction loan for

the City of Sanford. Two more large school

construction projects are being financed in the 2017

fall sale. The SRRF program has been very active for the past two

years with the processing of 33 loans. Additional

dollars were loaned in 2015 for TransCap and in 2016

for Garvee.

$0 $100,000,000 $200,000,000 $300,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$305,060,880

$345,829,478

$215,317,057

$339,417,221

$61,381,021

$315,097,391

$112,140,805

$170,537,904

$182,853,841

$148,037,374 $138,819,164

Principal LoanedBy Calendar Year

Principal Loaned Estimated To Year End

$0

$25,000,000

$50,000,000

$75,000,000

$100,000,000

$125,000,000

$150,000,000

$175,000,000

$200,000,000

$225,000,000

$250,000,000

CW/DW Garvee GenRes TransCap SRRF

Dollars LoanedBy Program & Calendar Year

2014 2015 2016 2017 *

* Includes year to date and estimated to year end figures.


Page 2 Lending Activity - continued

NUMBER OF LOANS WITH PRINCIPAL BALANCE

NUMBER OF LOANS

The General Resolution program sees a steady

number of loans each year, averaging 30 loans

annually, with another 30 loans through the DWSRF

and CWSRF programs. Prior to 2012 the Bank

saw an increase in loans processed largely due to the QSCB program, the SRRF program, both in addition to the General

Resolution program.

Since 2008, the Bank has seen an increase in the number of loans outstanding, due to increases in the types of loans offered, such as the QSCBs, Garvee, TransCap as well as new loan approvals coming through the SRRF program.

0

20

40

60

80

100

120

140

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

93

129

106111

78

66

74

63

110

46

31

Number of Loans ClosedBy Calendar Year

Loans Closed Estimated To Year End

600

700

800

900

1,000

1,100

1,200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1,1311,155

1,177

1,211 1,206 1,207 1,211 1,1931,211 1,222

Number Loans With Principal BalanceBy Calendar Year



The dollar amount of bonds issued over the last four years has been inline with historic averages. The Liquor bonds were issued in 2013. ARRA funds, as well as the addition of QSCBs causing the spike in issuance from 2009-2011.

BONDS ISSUED

The dollar amount of loans outstanding has

remained steady since the addition of new

programs over the past 10 years.

PRINCIPAL BALANCE OF LOANS OUTSTANDING

$500,000,000 $1,000,000,000 $1,500,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$1,363,288,465

$1,564,622,115

$1,641,791,944

$1,825,277,331

$1,725,947,576

$1,880,106,120

$1,831,185,203

$1,829,563,673

$1,823,920,663

$1,919,185,869

Outstanding Principal Balance By Calendar Year

$25,000,000 $100,000,000 $175,000,000 $250,000,000 $325,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$199,070,000

$297,405,000

$288,355,000

$293,300,000

$155,696,142

$251,240,238

$173,810,000

$195,070,000

$172,230,000

$113,750,000 $198,935,000

Bonds IssuedBy Calendar Year

Bonds Issued Estimated To Year End



Borrowers benefit when the Bank refunds their outstanding bonds. The Bank passes along these savings to the borrowers who make up the refunded series. Over the past 10 years, the Bank has provided savings to 232 borrowers and 550 loans through the General Resolution, CWSRF, DWSRF and TransCap programs.

The Bank is always looking for refunding opportunities

when market conditions are favorable. This allows the

Bank to take advantage of lowering the costs to our borrowers. In 2015, the

Bank processed two refunding sales. In 2012, the

Bank processed four refunding sales which

involved tax-exempt and taxable bonds. The Bank is currently reviewing a 2017

sale to refund four separate series with a par amount estimated at $88 million.

REFUNDINGS PAR AMOUNT

$0 $50,000,000 $100,000,000 $150,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$43,360,000

$99,425,000

$26,145,000

$120,410,000

$92,295,000

$135,340,000

$62,815,000

RefundingsBy Calendar Year

$0 $2,500,000 $5,000,000 $7,500,000 $10,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$4,167,884

$8,103,658

$2,090,368

$10,345,677

$7,988,215

$10,490,434

$8,098,179

SavingsBy Calendar Year

PRESENT VALUE SAVINGS FROM REFUNDINGS



DISTINCT BORROWERS SERVED

The General Resolution program has issued loans to

11 new borrowers in the past two years. By adding

new borrowers to the portfolio, we are further

diversifying the pool, reinforcing the effectiveness of our marketing efforts, and

reflecting the strong reputation the Bank has with eligible borrowers.

Repeat customers show the Bond Bank has a good

working relationship with its clientele and strives to

continue that relationship for the future.

300

325

350

375

400

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

393 394 390

400 399395

392

380 378

385

1

Distinct Borrowers ServedBy Calendar Year

Distinct Borrowers

Estimated To Year End


Page 6 II Activities In Support Of Lending

The Bank processes a large number of draws annually. The number of draws varies depending on the type of loans issued.

DRAWS PROCESSED

Custodial assets under management have

increased or decreased depending on the

timing of contributions from the State for the TransCap and Liquor funds and new loans

versus loan repayments in the

CWSRF and DWSRF programs.

CUSTODIAL ASSETS UNDER MANAGEMENT

100

200

300

400

500

600

700

800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

539

753

684644

614

475

550

617642

368

176

Draws ProcessedBy Calendar Year

Draws Processed

Estimated To Year End

$0 $100,000,000 $200,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$106,402,271

$126,054,387

$142,154,012

$161,776,147

$169,854,245

$168,910,673

$193,451,427

$223,143,415

$244,932,632

$230,907,908

Custodial Assets Under Management By Fiscal Year


Page 7 Activities In Support Of Lending - continued

Semi annual debt service invoicing for the equity loan programs is

processed in-house. Increases in the

number of invoices over the past several years reflects an increase in

loan activity in these programs. The Bank

provides in-house billing for the following

programs: DWSRF, CWSRF, School SRF,

Garvee, and TransCap.

INVOICES PROCESSED

0

200

400

600

800

1,000

1,200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

600

706

793

865 887

916 932 978

1,034

949

120

Invoices Processed By Calendar Year

Invoices Processed Estimated To Year End


Page 8 III Accompanying Services

MPO membership is open to all MHHEFA

and MMBB borrowers and not-for-profit

institutions in Maine. The highest percentage

of membership is from the municipal sector,

although in recent years there has been

more interest from not-for-profit institutions.

There remains a high level of interest in our

energy consortium and new members are

joining to take advantage of the

program.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

268 264 273 277 304 280 262 246 248 246

1,874 1,685

3,126

3,867

6,2225,850

4,961

2,761

3,752 3,700

MPO Contracted ElectricityMembers & Accounts

Members Accounts

MPO ELECTRICITY PROGRAM - CONTRACTED MEMBERS & ACCOUNTS

The number of participants in the MPO electricity program remains strong with many loyal members. Participant levels have increased by expanding the program to serve more rate classes and adding load response programs. The small rate class participation will continue to fluctuate with short-term market opportunities. MPO’s continued efforts to explain a complex electricity market has maintained interest in the program.

MMBB County, 15

MMBB Religious, 28

MHHEFA Higher Ed, 31

MMBB Sewer, 34

MMBB Cultural, 60

MMBB Water, 71

MHHEFA Healthcare, 77

MMBB Non-Profit, 132

MMBB Education, 148

MMBB Municipality, 248

Membership By Category

MAINE POWEROPTIONS (MPO) MEMBERSHIP


Page 9 Accompanying Services - continued

The fuel program participation continues to fluctuate. Higher prices reduce participation, lower pricing increases participation. The conversion from fuel oil to propane or natural gas has also decreased participation levels. Many larger communities in Southern Maine have converted to natural gas and many in Kennebec Valley have converted to natural gas in the past couple of years. As larger numbers of participants use natural gas, MPO is hopeful about offering a purchasing program for this product.

MPO ELECTRICITY PROGRAM - ACCOUNTS

BY UTILITY

MPO FUEL PROGRAM - CONTRACTED MEMBERS & ACCOUNTS

0

50

100

150

200

250

300

350

400

450

500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

8664

54 53 49 43 43 42 33 36

470

274254

321295 283

271 272

173203

MPO Contracted FuelMembers & Accounts

Members Accounts

The bulk of MPO electricity members are in the Emera-Maine

and CMP territory. A strong competitive supply market exists

in these regions and easy access to account information allows the

programs to flourish. For those accounts not in the New England

electricity grid but located in Northern Maine and connected to

the New Brunswick (Canada) grid, there are few opportunities. Access to account information in this region is costly and potential

suppliers must own generation assets in this area.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2,029

8,213

155 55 26 67 19

Number of Electricity Accounts By Utility Company


Page 10 IV Budget Detail

BUDGETED VS. ACTUAL EXPENDITURES

Time allocated for all of the employees to all of the Bond Bank programs has remained constant over the last several years. Full time employee equivalent increased in FY11 and FY12 as a result of adding the Garvee, TransCap, and QSCB programs.

FULL TIME EMPLOYEE EQUIVALENTS

The Liquor Bond program was added in FY14, which increased

the approved budget and actual expenditures in FY14 and FY15. The

approved budget and actual expenditures

have remained stable since FY14.

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

$2,200,000

$2,400,000

$2,600,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Budgeted vs. Actual ExpendituresBy Fiscal Year

Approved Budget

Actual Expenditures

8.00

9.00

10.00

11.00

12.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

10.80

10.10 10.20

11.0011.20 11.20 11.24 11.22 11.16 11.05

Full Time Employee EquivalentsBy Fiscal Year


Page 11 Budget Detail - continued

Gross assets include all loans as well as all other

assets.

TOTAL ASSETS

$1,000,000,000 $1,500,000,000 $2,000,000,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

$1,604,467,470

$1,885,154,500

$2,028,683,670

$2,281,702,462

$2,308,394,405

$2,218,135,335

$2,362,028,990

$2,364,502,682

$2,321,245,558

$2,375,501,185

Total Assets By Fiscal Year


Page 12 V Year To Date Estimates & Footnotes

Year To Date (YTD) Estimates are calculated as follows:

Distinct Borrowers Served = Based on anticipated applications from the General Resolution, SRRF, CWSRF and DWSRF programs. Dollars Loaned = Based on anticipated applications from the General Resolution, SRRF, CWSRF and

DWSRF programs. Draws Processed = ((YTD Amount / # of Days YTD) x 365) - YTD Amount Invoices Processed = Based on the existing portfolio’s unbilled payments for 2017. Loans Processed = Based on anticipated applications from the General Resolution, SRRF, CWSRF and DWSRF programs. YTD figures are as of 9/5/2017. Maine PowerOptions YTD figures as of 9/8/2017.

Acronyms & Abbreviations:

ARRA = American Recovery Reinvestment Act CWSRF or CW = Clean Water State Revolving Fund DOE = Department of Education DWSRF or DW = Drinking Water State Revolving Fund Garvee = Grant Anticipated Revenue Vehicle (debt financing for state highways) Liquor Bond = Liquor Operation Revenue Bond QSCB = Qualified School Construction Bond SRF = State Revolving Fund (CWSRF/DWSRF) SRRF = School Revolving Renovation Fund TransCap = Transportation Infrastructure Revenue Bond

Maine Municipal Bond BankX(1)S(tocrjzqobuodyg4ftdg3loif...$10,345,677 $7,988,215 $10,490,434...

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