d - NYCEDC.com

NYCEDC
New York City Economic
Development
Corporation
MINUTES OF THE REGULAR MEETING
OF THE BOARD OF DIRECTORS
OF
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
June 17, 2015
A regular meeting of the Directors of New York City Economic Development
Corporation ("NYCEDC") was held, pursuant to notice by an Assistant Secretary, on
Wednesday, June 17, 2015, at NYCEDC's offices at 110 William Street, in Conference
Rooms 4A and 4B, New York, New York.
The following Directors of NYCEDC were present:
Tony Barsamian (by conference telephone)
Marlene Cintron (by conference telephone)
Hector Cordero-Guzman
Carolee Fink (as alternate for Alicia Glen)
Alan B. Friedberg
James McSpiritt (by conference telephone)
Haeda B. Mihaltses
Chima Obichere
Shaifali Puri (by conference telephone)
Frank C. Randazzo
Mark E. Russo
Michael Schlein
Robert J. Strang
Also present were members of NYCEDC staff and members of the public.
The meeting was chaired by Michael Schlein, Chairperson of NYCEDC, and
called to order at 8:37 a.m. Meredith Jones, Executive Vice President, General Counsel
and Secretary of NYCEDC, served as secretary of the duly constituted meeting, at
which a quorum was present. (Attached hereto as Attachment 1 is a definition sheet
that contains the definitions of certain frequently used terms contained in the Exhibits
attached hereto.)
1.
Approval of the Minutes of the April 30, 2015 Regular Meeting of the
Board of Directors
There being no questions or comments with respect to the minutes of the April
30,2015 Board of Directors regular meeting, as submitted, a motion was made to
approve such minutes, as submitted. Such motion was seconded and unanimously
approved.
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2.
Election of Interim President
Kyle Kimball's last day as President of NYCEDC was June 1, 2015 and
NYCEDC's Chairperson, Michael Schlein, designated Kim Vaccari, on an interim basis,
to perform the duties and exercise the functions of the President of NYCEDC. Mr.
Schlein proposed that Kim Vaccari, in addition to retaining her title, duties and powers
as an Executive Vice President, be elected by the Board as Interim President of
NYCEDC, with all the powers and duties of the President. Once Ms. Vaccari ceased to
be Interim President, she would continue to be an Executive Vice President. The
position of Ms. Vaccari as an officer would be conditioned upon the continuance of her
employment by NYCEDC.
A motion was then made to elect Kim Vaccari as Interim President of NYCEDC.
Such motion was seconded and unanimously approved.
3.
Election of Officers
Under NYCEDC's Bylaws, the Board shall elect such Senior Vice Presidents as it
may from time to time determine. At this time, Ms. Vacarri proposed that each of Cecilia
Kushner, Rory Melvin and Carrie Weaver be elected as a Senior Vice President. A
description of the major responsibilities of Senior Vice Presidents may be found in
Article IV of the Bylaws. Ms. Kushner, Mr. Melvin and Ms. Weaver would perform such
duties as may be assigned to them by NYCEDC's President or Interim President. The
position of each of Cecilia Kushner, Rory Melvin and Carrie Weaver as an officer would
be conditioned upon the continuance of her/his employment by NYCEDC.
A motion was made to elect each of Cecilia Kushner, Rory Melvin and Carrie
Weaver as a Senior Vice President of NYCEDC. Such motion was seconded and
unanimously approved.
Ms. Mihaltses joined the meeting at this time.
4.
Budget Information
Elizabeth Verostek, a Vice President of NYCEDC, presented the proposed
approval of budget information about NYCEDC in the form set forth in Attachment A to
Exhibit A hereto, which budget information would be submitted to certain governmental
officials and a governmental office.
Ms. Verostek then summarized NYCEDC's operating and capital budgets. Mr.
Schlein stated that the capital budget included in Attachment A was subject to the
approval of the City Council and included funds covering a number of years. The large
amount of funds being provided by the City was strong evidence of the Mayor's
confidence in NYCEDC.
The Public Authorities Accountability Act of 2005 as amended requires NYCEDC
to submit to the Mayor, the City's Comptroller, the City Council Speaker and New York
State's Authorities Budget Office ("ABO") budget information on operations and capital
construction setting forth the estimated receipts and expenditures for the next fiscal year
and the current fiscal year, and the actual receipts and expenditures for the last
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LDCMT·26-6152
completed fiscal year. ABO has designated the form in which the budget information is
to be submitted and such form requires the inclusion of estimated information for
additional years. The submission is for information purposes and the submission must
be in the form submitted to NYCEDC's Directors.
A motion was made to approve the budget information about NYCEDC in the
form set forth in Attachment A to Exhibit A hereto. Such motion was seconded and
unanimously approved.
5.
Mission Statement and Measurements
The 2009 Public Authorities Reform Act requires NYCEDC to annually review its
mission statement and measurements by which the performance of NYCEDC and the
achievement of its goals may be evaluated. Benjamin Branham, an Executive Vice
President of NYCEDC, stated that, at this time, NYCEDC proposed to adopt a modified
mission statement, and for Fiscal Years 2015 and 2016 to use measurements modified
from those approved by NYCEDC's Board for use for Fiscal Year 2014, as set forth in
Attachment A to Exhibit B hereto.
Mr. Branham noted that the performance measures set forth as the last four
bullets in Attachment A to Exhibit B hereto were new performance measurements and
related to: average monthly ferry ridership; the number of businesses served by
industry-focused programmatic initiatives; MWBE participation rate (Local Law 1); and
the percentage of project employees that were reported to be earning a Living Wage or
more in the previous fiscal year. Mr. Branham further stated that the only prior
measurement that would no longer be used was the total value of funding disbursed in
the applicable fiscal year pursuant to funding agreements.
In answer to a question from Mr. Friedberg, Mr. Branham stated that the current
ferry ridership was approximately 1.2 million riders per year. In answer to an additional
question from Mr. Friedberg, Mr. Branham stated that the occupancy rate at NYCEDC
managed properties was included in the Mayor's Management Report. Mr. Branham
said that he would have to get back to him to provide him with the number.
In answer to a question from Mr. Schlein, Mr. Branham stated that there are
some metrics pertaining to tracking created jobs in the Mayor's Management Report.
Mr. Branham further stated that NYCEDC already tracked some jobs pursuant to local
laws and NYCEDC was continuing to look at ways to track jobs.
Mr. Branham stated that there was a greater level of detail with regard to specific
indicators reflected in the Mayor's Management Report.
A motion was made to adopt the resolution set forth in Exhibit B hereto. Such
motion was seconded and unanimously approved.
Ms. Cintron joined the meeting at this time.
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6.
Master Lease for Approximately 72 Acres of South Brooklyn Marine
Terminal
Patrick Thrasher, an Assistant Vice President of NYCEDC, presented a proposed
master lease by the City to NYCEDC of approximately 72 acres of South Brooklyn
Marine Terminal ("SBMT") (the approximately 72 acres, the "Premises"), in Sunset Park,
Brooklyn, and the taking of any other actions and the execution of any other documents
necessary to implement the lease and to oversee a reserve fund for local improvement
projects in the neighborhood of the Premises, on substantially the terms set forth in
Exhibit C hereto.
Mr. Thrasher stated that, with the exception of two changes, as indicated in
Exhibit C, the proposed master lease was substantially similar to the one that the Board
of Directors had authorized at its November 12, 2014 meeting.
In answer to questions from Mr. Russo, Mr. Thrasher stated that approximately
twenty firms had expressed interest in the site and that the site currently was useable as
is. Mr. Thrasher added that over the longer term there would be dredging and berth
maintenance responsibilities that would be undertaken either by NYCEDC or the
tenant(s) of the site, with the hope that the tenant(s) would pay for such responsibilities.
In answer to a question from Mr. Schlein, Mr. Thrasher stated that NYCEDC expected
to release a request for proposals ("RFP") in the Fall of 2015, to procure one or more
long term tenant(s). Mr. Thrasher further noted that NYCEDC was working with the
local community to ensure that the goals of the RFP are satisfactory to it.
A motion was made to authorize the matters set forth for authorization in the
Proposed Resolution section of Exhibit C hereto. Such motion was seconded and
unanimously approved.
7.
Approval
With respect to the approved items set forth above, it was understood that
authorization and approval of such matters included authorization for the President and
other empowered officers to execute the necessary legal instruments, and for the
President and other empowered officers to take such further actions as are or were
necessary, desirable or required, to implement such matters substantially on the terms
described above.
8.
Adjournment
There being no further business to come before the meeting, pursuant to a
motion made, seconded and unanimously approved the meeting of the Board of
Directors was adjourned at 9:00 a.m.
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Assistant Secretary
Dated:
-J'II\. VUL
2&') 20 I 5
New York, New York
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Attachment 1
DEFINITIONS
Apple
.
BAT
.
Bovis
CDBG
Apple Industrial Development Corp.
Brooklyn Army Terminal
.
Bovis Lend Lease LMB, Inc.
.
Federal Community Development Block Grant
CDBG-DR Funds
.
Federal Community Development Block Grant-Disaster
funds
CEQR
.
City Environmental Quality Review process
Recovery Program
City DEP
.
New York City Department of Environmental Protection
City DOT
.
New York City Department of Transportation
City Parks
.
New York City Department of Parks and Recreation
City Planning
.
New York City Department of City Planning or City Planning Commission
CM
.
A construction manager
CM Contract
.
A construction management contract
DCAS
.
New York City Department of Citywide Administrative
Services
EIS
.
Environmental Impact Statement
ESDC
.
New York State Urban Development Corporation d/b/a Empire State
Development Corporation
FEMA.
.
Federal Emergency Management Agency
FM
.
A facilities manager
FM/CM Contract
.
A facilities management/construction
Funding Source
Agreement.
.
Any agreement necessary to obtain funds for the Project, including IDA
Agreements
HPD
.
New York City Department of Housing Preservation and Development
management contract
Hudson Meridian
.
Hudson Meridian Construction Group LLC
Hunter Roberts
.
Hunter Roberts Construction Group, L.L.C.
IDA
.
New York City Industrial Development Agency
IDA Agreement..
.
Agreement with IDA pursuant to which IDA retains NYCEDC to accomplish all
or part of the Project and reimburses NYCEDC for the costs of the work
LiRo
.
LiRo Program and Construction Management, PE P.C.
LMDC
.
Lower Manhattan Development Corporation
MOU
.
A memorandum of understanding
NYCEDC
.
New York City Economic Development Corporation, survivor of a November
1, 2012 merger of a local development corporation (the "LDC") named New
York Economic Development Corporation with and into New York City
Economic Growth Corporation. References to NYCEDC prior to such merger
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are references to the LDC.
NYCHA.
.
New York City Housing Authority
NYCLDC
.
New York City Land Development Corporation
OMB
.
New York City Office of Management and Budget
Port Authority
.
The Port Authority of New York and New Jersey
RFP
.
Request for Proposals
Sanitation
.
New York City Department of Sanitation
SBS
.
New York City Department of Small Business Services
SEMO
.
New York State Emergency Management Office
SEQR
.
State Environmental Quality Review process
Skanska
.
Skanska USA Building Inc.
State DEC
.
New York State Department of Environmental Conservation
State DOS
.
New York State Department of State
State DOT
.
New York State Department of Transportation
State Parks
.
New York State Office of Parks, Recreation and Historic Preservation
Tishman
.
Tishman Construction Corporation of New York
Turner
.
Turner Construction Company
ULURP
.
Uniform Land Use Review Procedure
LDCMT-26-1619
Exhibit A
BUDGET INFORMATION
Board of Directors Meeting
June 17, 2015
SUBJECT: The approval and submission of budget information about NYCEDC
PROPOSED RESOLUTION: To approve budget information about NYCEDC in the
form attached hereto as Attachment A
BACKGROUND: The Public Authorities Accountability Act of 2005 (the "Act") as
amended requires NYCEDC to submit to the Mayor, the City's Comptroller, the City
Council Speaker and New York State's Authorities Budget Office ("ABa"), budget
information on operations and capital construction setting forth the estimated receipts
. and expenditures for the next fiscal year and the current fiscal year, and the actual
receipts and expenditures for the last completed fiscal year. ABa has designated the
form in which the budget information is to be submitted and such form requires the
inclusion of estimated information for additional years. The submission is for
information purposes and the submission must be in the form submitted to NYCEDC's
Directors.
Attached hereto is Attachment A, which sets forth the budget information in the form in
which it will be submitted pursuant to the Act. Attached hereto as Attachment B is a
copy of NYCEDC's budget information set forth in its standard format.
LDCMT-26-5913
ATTACHMENT
A
NYC ECONOMIC DEVELOPMENT CORPORATION
BUDGETED REVENUES, EXPENDITURES, AND CHANGES IN CURRENT NET ASSETS
Current Year
(Estimated)
2015
Last Year
(Actual)
2014
REVENUE & FINANCIAL SOURCES
Operating Revenues
Charges for services
Rental & financing income
Other operating revenues
Nonoperating Revenues
Investment earnings
MuniCipalsubsidies/grants
Insurance Proceeds
Reimbursable Grants- Superstorm Sandy
Next Year
(Adopted)
2016
Proposed
2017
Proposed
2018
Proposed
2019
18,694,143
189,578,483
84,980,014
14,989,523
185,000,000
47,841,923
10,745,567
181 ,356,553
47,571,081
10,719,503
169,567,261
26,672,390
10,722,963
176,295,816
27,186,267
10,514,863
196,971,796
28,202,436
1,116,686
595,237,188
732,422
632,276,841
754,395
646,277,886
777,027
660,699,691
800,337
675,554,907
2,940,230
1,423,220
374,029,938
202,745
4,367,367
Total Revenues & Financing Sources
892,546,744
627,854,715
872,682,465
853,991,436
875,681,764
912,044,340
EXPENDITURES
Operating Expenditures
Salaries and wages
Professional services contracts
Other operating expenditures
Nonoperating Expenditures
Emergency repairs- Superstorm Sandy
46,341,827
666,132,303
145,016,240
48,953,923
472,728,381
118,778,553
60,557,107
725,233,039
122,842,769
63,630,856
725,533,599
106,668,844
66,885,214
734,686,094
103,556,909
70,332,421
754,874,067
109,757,076
8,042,901
1,891,736
Total Expenditures
865,533,271
642,352,593
908,632,915
895,833,299
905,128,216
934,963,564
27,013,473
(14,497,878)
(35,950,450)
(41 ,841 ,863)
(29,446,452)
(22,919,225)
Excess (deficiency) of revenues and capital
contributions over expenditures
-
ATTACHMENT B
NYC ECONOMIC DEVELOPMENT CORPORATION
FISCAL YEAR 2016 BUDGET
FY 2014 Actual
FY 2015 Budget
FY 2015 Estimated
Year-End
Projected
FY 2016 Budget
Projected
FY 2017 Budget
Projected
FY 2018 Budget
Projected
FY 2019 Budget
REVENUES:
Real Estate Sales, net
Property Rentals
Grants from City, State, Federal, Private
Fee Income
Other Income
TOTAL OPERATING REVENUES
61,457,619
189,578,483
595,237,188
18,694,143
23,522,395
888,489,828
15,800,000
172,997,208
588,749,790
10,146,189
10,574,082
798,267,269
2,841,923
185,000,000
374,029,938
14,989,523
45,000,000
621,861,384
37,333,000
181,356,553
632,276,841
10,745,567
10,238,081
871,950,043
16,800,000
169,567,261
646,277,886
10,719,503
9,872,390
853,237,041
16,800,000
176,295,816
660,699,691
10,722,963
10,386,267
874,904,737
16,800,000
196,971,796
675,554,907
10,514,863
11,402,436
911,244,002
EXPENSES:
Project Costs
Program Costs
Property Rentals & Related Operating Expenses
Personnel Services
Office Rent
Contract and Other Expenses
Other General & Admin. Exeenses
TOTAL OPERATING EXPENSES
139,227,670
473,814,333
53,090,300
46,341,827
8,091,292
125,872,455
11,052,493
857,490,370
65,959,399
547,425,638
62,215,549
54,059,350
7,732,891
84,647,480
13,218,209
835,258,517
103,645,375
302,532,015
66,550,991
48,953,923
7,583,417
97,476,927
13,718,209
640,460,857
197,556,282
463,500,000
64,176,757
60,557,107
7,886,709
96,627,412
18,328,648
908,632,915
192,657,354
477,405,000
55,471,245
63,630,856
8,520,000
82,692,177
15,456,668
895,833,299
188,209,403
491,727,150
54,749,541
66,885,214
8,520,000
78,761,386
16,275,522
905,128,216
188,410,513
506,478,965
59,984,589
70,332,421
7,886,709
84,684,741
17,185,626
934,963,564
30,999,458
(36,991,247)
(18,599,473)
(36,682,872)
(42,596,258)
(30,223,479)
(23,719,562)
1,116,686
707,573
1,423,220
202,745
4,367,367
(1,891,736)
732,422
754,395
777,027
800,337
OPERATING INCOME
NON-OPERATING REVENUES
Income from Investments
Insurance Proceeds
Reimbursable Grants- Superstorm Sandy
Emergency repairs- Superstorm Sandy
TQTAL CHAN~E IN NET ASSETS
Beginning Net Assets
NET ASSETS AS OF 06/30
2,940,230
(8,042,901)
---cs--------
.-
-
27,Pl3;473
324,003,160
351,016,633
ft-
~"
(36,283,674) .
300,054,501
263,770,827
~
(14,497,878)
351,016,633
336,518,755
_
=-","(35,9~Q;~50F'
336,518,755
300,568,305
}"(41 ,841 ,863)
300,568,305
258,726,442
~ ,w(2.9,446,4,52f. - '(22,919,225)~
258,726,442
229,279,990
229,279,990
206,360,766
Exhibit B
MISSION STATEMENT AND MEASUREMENTS
Board of Directors Meeting
June 17, 2015
WHEREAS, the 2009 Public Authorities Reform Act requires NYCEDC to
annually review its mission statement and measurements by which the performance of
NYCEDC and the achievement of its goals may be evaluated; and
WHEREAS, NYCEDC proposes that it adopt a modified mission statement, and
for Fiscal Years 2015 and 2016 use measurements modified from those approved by
NYCEDC's Board for use for Fiscal Year 2014;
NOW, THEREFORE, RESOLVED that the Board approves the mission
statement and Fiscal Year 2015 and Fiscal Year 2016 performance measures, set forth
in Attachment A
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ATTACHMENT A
Authority
Mission Statement and Performance
Measurements
Name of Public Authority:
New York City Economic Development Corporation ("NYCEDC")
Public Authority's Mission Statement:
The mission of NYCEDC is to realize New York City as the global model for inclusive
innovation and economic growth, fueled by the diversity of its people and businesses,
by strengthening the City's competitive position and facilitating investments that grow
quality jobs and cultivate dynamic, resilient, livable communities throughout the five
boroughs.
Date Adopted: June 17, 2015
List of Performance Measurements for Fiscal Years 2015 and 2016:
• Occupancy rate of NYCEDC-managed property
• Total capital expenditures (other than funds provided under funding agreements)
• Square footage of assets actively managed by NYCEDC
• Revenue generated by NYCEDC asset portfolio
• Projected new private investment related to sale/long-term lease of City-owned
property
• Average monthly ferry ridership
• Number of businesses served by industry-focused programmatic intitiatives
• MWBE Participation Rate (Local Law 1)
• Percentage of project employees that were reported to be earning a Living Wage
or more in the previous fiscal year
LDCMT-26-5914
Exhibit C
MASTER LEASE FOR APPROXIMATELY
72 ACRES OF SOUTH BROOKLYN MARINE TERMINAL
Board of Directors Meeting
June 17, 2015
PROJECT
OVERVIEW:
At its November 12, 2014 meeting, the NYCEDC Board of Directors
authorized NYCEDC to enter into a master lease (the "Master
Lease") with the City of New York for approximately 72 acres of the
City-owned South Brooklyn Marine Terminal ("SBMT") (the
approximately 72 acres, the "Premises"), in Sunset Park, Brooklyn.
The Premises include three covered sheds totaling approximately
337,000 square feet, approximately 2,580,000 square feet of paved
open space and a small abandoned building and approximately
1,250 linear feet of berth. The Premises are served by New York
New Jersey Rail, LLC. It or another rail operator will continue to
have the right to operate on the Premises.
Subsequent to the November 12 approval, and after further
negotiations with the City Council, it is proposed to reduce the term
of the Master Lease from 49 years to a term not to exceed 39
years. In addition, a portion of revenues from the Premises will
now be used for a reserve fund for local improvement projects in
the neighborhood of the Premises. The other terms previously
approved by the Board will remain substantially the same, and are
further described below.
In 2007, the City entered into a lease, as landlord, for
approximately 67.25 acres of SBMT with Axis Group, Inc. ("Axis")
as tenant. Axis also operated approximately 4.4 acres of adjacent
public berthing area (the leased and operated area,together
constitute the Premises). The lease was terminated effective June
30,2014.
NYCEDC proposes to now enter into the Master Lease with the
City for the Premises, which will enable NYCEDC to sublease and
manage the Premises primarily for purposes of water front
commerce or in furtherance of navigation ("maritime uses").
APPRAISAL:
A 2014 appraisal determined that fair market rent for the Premises
at its highest and best use under zoning (M3-1) is $5.51 per square
foot for open space, and $7.00 per square foot for covered space.
Restricting the use to maritime-dependent uses reduces the
number of potential users and reduces the appraised values to
$4.41 per square foot for open space and $5.60 per square foot for
covered space. These appraised values include rent and dockage,
wharfage and other charges.
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LDCMT-26-5915
PURPOSE OF
TRANSACTION
IBENEFIT TO
PUBLIC:
NYCEDC's leasing of the Premises is expected to enable NYCEDC
to quickly return the Premises to active maritime uses, which will
help create and retain local jobs. Active use of the Premises will
also enable the efficient movement of cargo at scale, resulting in
reduced transportation costs to New York companies and
consumers.
PROPOSED REVISED
TERMS AND
CONDITIONS OF
THE MASTER
LEASE:
Lessor:
Lessee:
The City
NYCEDC
Term: Not to exceed 39 years (49 years was the term previously
approved)
Base Rent: Base rent will equal NYCEDC's revenues from the
Premises in excess of (i) all costs and expenses, other than such
costs and expenses paid for using other funds provided or made
available by the City, incurred by NYCEDC with regard to the
operation, management, maintenance and restoration of the
Premises, and (ii) five percent (5%) of the revenues remaining after
payments described in (i). The amount described in (ii) will be used
to fund a reserve fund for local improvement projects in the
neighborhood of the Premises that it is anticipated may be
overseen by NYCEDC or another entity approved by the City. This
reserve fund was not mentioned at the time of the previous Board
approval. Under NYCEDC's annual Amended and Restated
Maritime Contract with the City (the "Maritime Contract"), NYCEDC
may retain base rent to pay for certain activities and expenses
related to the Maritime Contract.
Real Estate Taxes and PILOT: Real estate taxes and payments
in-lieu-of real estate taxes ("PILOT") will not be required to be paid
by NYCEDC under the Master Lease. NYCEDC may require one
or more subtenants to make PILOT payments or pay real estate
taxes to the City.
Use Restrictions:
Under the Master Lease, the Premises will be
subject to the requirements for a lease entered into by the City
pursuant to Section 1301 (2)(f) of the City Charter, which limits the
use of the Premises to be primarily for purposes of water front
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LDCMT-26-5915
commerce or in furtherance of navigation. The Premises will also
be subject to local zoning ordinances.
Public Approvals:
Pursuant to Section 1301 (2)(f) of the City
Charter, the City Council approved the proposed transaction on
May 27,2015.
Subleases: NYCEDC plans to eventually sublease the Premises
to one or more subtenants primarily for maritime uses pursuant to
one or more RFPs. The subleases or pre-approved terms for
subleases will be submitted to the Board of Directors for approval at
a later date. NYCEDC may also grant licenses to use all or part of
the Premises to temporary users for maritime or other uses
including three private businesses that had sublet space from Axis
and remain on their respective portions of the Premises. They had
entered into licenses with the City that expired December 31,2014.
In addition, a portion of the Premises most likely will continue to
temporarily be used by the City DOT under an MOU among SBS,
City DOT and NYCEDC.
Maintenance of the Premises: It is anticipated that under the
Master Lease, NYCEDC will be responsible for the maintenance
(including rehabilitation work), management, operation and
restoration of the Premises and placing funds in the above
described reserve fund, in which event NYCEDC's monetary
obligations with regard thereto will be limited to the amount of
revenue received by NYCEDC from the Premises and other funds
obtained from the City or retained under the Maritime Contract for
the maintenance, management, operation and restoration of the
Premises.
PROPOSED
RESOLUTION:
NYCEDC
PROJECT CODE:
Authorization for NYCEDC to enter into a lease of the Premises
from the City and to take any other actions and execute any other
documents necessary to implement the lease and to oversee the
reserve fund, substantially as described above
440
3
LDCMT-26-5915