BNY Mellon Corporate Trust has been appointed trustee and paying agent for the West Virginia School Building Authority’s USD30 million Qualified School Construction Bond Issue.
The second issuance of Tax Credit Bonds under the American Recovery and Reinvestment Act of 2009 (ARRA), this is the first issuance by a state authority.
In its role, BNY Mellon Corporate Trust will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.
“The ARRA can play an important role in helping state and local governmental entities rebuild our country’s educational infrastructure,” says Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group within BNY Mellon Corporate Trust. “As the corporate trustee services provider for the first two successful Build America Bond (BAB) issuances in the school construction space, we’re committed to making the benefits of the BAB program work for our municipal finance clients.”
L.D.