Organization
We operate as a cooperative municipal bank for BC’s local governments. We were formed in 1970 under our own legislative Act but stand independently of the Province of BC.
Our Act empowers us with province wide taxing authority.
Credit Ratings and REPorts
We currently hold the highest credit rating possible from three rating agencies.
|
|
Commercial Paper |
Debenture Debt |
Reports |
|---|---|---|---|
|
Moody's Investors Service |
P-1 |
Aaa (Stable) |
2013 |
|
Standard & Poor's |
A-1+ |
AAA (Stable) |
2013 |
|
Fitch Ratings |
not rated |
AAA (Stable) |
2013 |
Who and what we finance
We are responsible for financing infrastructure in the province (water & sewer projects, roads & highways, municipal equipment & facilities, and hospital equipment & facilities). Our clients consist of all cities, towns and villages in the province along with their associated regional districts and regional hospital districts.
Our clients support each other’s loan obligations through joint and several liability provisions.
Why buy our Bonds?
- High credit rating
- Province wide taxing authority
- Joint & several loans obligations of clients
- Substantial debt reserve fund
- Benchmark municipal credit in Canada
- Proxy Province credit available at Municipal spreads
Management
Key management personnel (Robin Stringer; Chief Administrative Officer, Graham Egan; Director of Finance; and Shelley Hahn, Director of Business Services) have over 30 years of experience within the organization and bring an array of financial and legislative skills to the table. All three individuals are available for investor presentations. Please email us for further details.
Operations are audited by KPMG LLP and legal opinions on debenture issuances are provided by Lawson Lundell LLP.
Investor Brochure Investor Presentation
Governance
In addition to Member representation from all 28 regional districts in the province, a smaller Board of ten Trustees is elected annually from the 39 members to exercise executive and administrative powers including policy, strategy, and business plans. The 2013 Board of Trustees is as follows:
| Regional District | Trustees |
|---|---|
| Capital | F. Leonard, Chair |
| Metro Vancouver | M. Brodie, Acting-Chair |
| Okanagan-Similkameen | D. Ashton |
| Metro Vancouver | D. Corrigan |
| Mount Waddington | G. Furney |
| Central Okanagan | R. Hobson |
| Metro Vancouver | G. Moore |
| Cariboo | A. Richmond |
| Nanaimo | J. Stanhope |
| Metro Vancouver | R. Walton |
For the complete list of MFABC's members click here.
