Center for Environmental Finance (CEF)

Introduction: The Environmental Financial Advisory Board (EFAB) of the Environmental Protection Agency (EPA) is chartered under the Federal Advisory Committee Act tprovide advice and recommendations tthe Environmental Protection Agency on environmental finance issues, options, ideas, and trends. Created in 1989, EFAB is part of EPA's Center for Environmental Finance dedicated tassisting the regulated community in identifying practical ways of lowering costs and increasing investments in public purpose environmental facilities and services. EFAB is located in the Office of the Chief Financial Officer headed by Sallyanne Harper. The Chair is Robert . Lenna, Executive Director of the Maine Municipal Bond Bank. EFAB's Executive Director and Designated Federal Official is John C. Wise of EPA, Region 9 in San Francisc, California.

Background: At the beginning of each fiscal year, EFAB updates its Strategic Action Agenda, outlining projects that have been completed in the past year and those projects that are either tbe continued or initiated in the coming twyears.

Each citation gives the project title, timeline, and the lead committee. Given the number, scope, and nature of the issues the Board is considering this year, three kinds of committees will dthe work.

Several issues will be handled by the Board acting as a "committee of the whole."

Stewardship. John Wise

Corporate Environmental Performance. Linda Descan, Salomon Smith Barney

Sustainable Economic Development on Tribal lands. Joe Young, Forest County Potawatomi Tribe.

International Environmental Finance. Michael Curley, General Trade Assistance

Financial Tools Guidebook. Timothy McProuty, EFAB staff

Additionally, EFAB will have four Standing Workgroups:

Brownfields. Chaired by Evan Henry, Bank of America

State Revolving Funds. Chaired by Sonia Toled, Lehman Brothers

Cost-Effective Environmental Management. Chaired by George Raftelis, Raftelis Environmental Consultant Group

Emerging Issues. Chaired by Michael Finnegan, J.P. Morgan Securities

And thirdly, there are three Targeted Workgroups:

Environmental State Revolving Funds. Chaired by Stephen Mahfood, Missouri Department of Natural Resources

Total Maximum Daily Loads Finance Issues. Chaired by Langdon Marsh, Oregon Department of Environmental Quality

Capital Access for Small Businesses. Chaired by Sarah Diefendorf, Environmental Finance Center, Region 9

The strategic action agenda is a flexible planning tool, and occasionally during the fiscal year, it is revised and updated. Any revisions will be shown on the Board's home page at: http://www.epa.gov/efinpage/efabstra.htm.

Projects Completed in FY 1998:

Applications of the Cross-Collateralization Language tVarious State Revolving fund Structures. Case Studies, November 1997. SRF Workgroup.

Expediting the Clean-up and Redevelopment of Brownfields: Addressing the major Barriers tPrivate Sector Involvement -- Real or Perceived. Advisory Report, December 1997. Brownfields Workgroup.

Why Longer Terms are Prudent for the SRFs. Report, December 1997. SRF Workgroup.

Cost-Effective Environmental Management Case Studies. Report, January 1998

State Revolving Fund: a Decade of Successful SRF Performance, 1987-1997. Publication with the Council of Infrastructure Financing Authorities, March 1998. SRF Workgroup.

Funding Privately Owned Water Providers Through the Safe Drinking Water Act State Revolving Funds. Report, July 1998. SRF Workgroup.

Review of the Draft Proposal for an Environmental Bond Guaranty Program in the Newly Independent States Created from the Former Soviet Union. Letter Report, August 1998. Ad Hoc Workgroup.

Review of Transfer/Cross-Collateralization Guidance for SRF Programs. Written Comments, August 1998. SRF Workgroup

Review of the SRF/Brownfields Fact sheet. Written Comments, September 1998. Brownfields and SRF Workgroups.

Brownfields Tax Incentives. Letter Report, October 1998. Brownfields Workgroup.

Ongoing Projects:

Revisions tthe Guidebook of Financial Tools, done in partnership with the Environmental Finance Center Network. Hardcopy and compact disc. November 1998. Full Board.

Review Financial Implications of Title VI for Brownfields. Letter Report, December 1998. Brownfields Workgroup.

Research Open Space Financing Opportunities for Brownfields. Letter Report, December 1998. Brownfields Workgroup.

Cost-Effective Environmental Management - Phase II - a Handbook for Local Officials. Outline, January 1999. Cost-Effective Management Workgroup.

Pace of Lending in the Clean Water Act SRF Program. Letter Report, February 1999. SRF Workgroup.

Review of Financing Opportunities for the Clean Water Action Plan. Report (coordinated with the Environmental SRF White Paper), February 1999. Full Board.

Stewardship of Environmental Resources. White Paper, March 1999. Full Board.

Review of Coordination Between EPA and the Agency for Toxic Substances Disease and Registry Risk Assessment Programs. Letter Report, March 1999. Brownfields Workgroup.

Assistance tthe Capital Markets Committee of the National Advisory Council on Environmental Policy and Technology on the role of the financial services industry in accounting for corporate environmental performance. An EFAB member, Linda Descan, is serving as a liaison between the twgroups. Ongoing. Full Board.

Analysis of Potential Superfund/Brownfields Federal Legislation. Letter Report, Ongoing. Brownfields Workgroup.

Assistance tthe Office of International Activities on the proposed Partnership Fund and related technical assistance program in the newly independent states of the former Soviet Union. Ongoing. Full Board.

Technical assistance tthe SBA Metal Finisher's Loan Program in Southern California. Ongoing, coordinated through the Environmental Finance Center in Region 9. Capital Access Workgroup.

New Projects (other projects may be added during the year):

Generic Applications of the Bond Guaranty Fund Concept tInternational Environmental Infrastructure Financing. Report, December 1998. Full Board.

An Environmental State Revolving Fund Program. White Paper, March 1999. ESRF Workgroup.

Review of Tax Provisions and Recommendations Affecting Pollution Prevention and Environmental Infrastructure Financing. First Report, March 1999. Emerging Issues Workgroup.

How Financial Structures and Assistance Can Help Meet Federal Clean Air Objectives. First Report, August 1999. Emerging Issues Workgroup.

Financing Issues and Options tMeet the Challenge of Total Maximum Daily Loads. Advisory Report (coordinated with the Environmental SRF White Paper), 1999. TMDL Workgroup.

Review of Options and Recommendations for Clean Water Act Reauthorization. Advisory Report, 1999-2000. SRF Workgroup.

Capacity Development Under the Safe Drinking Water Act. Report, 1999-2000. SRF Workgroup.

Capital Financing Access Program for Small Environmental Businesses. Advisory Report, 1999-2000. Capital Access Workgroup.

Encouraging Environmentally and Economically Sustainable Businesses on Tribal Lands. Report, 1999-2000. Full Board.

Notes:

The next full board meeting is March 2-3, 1999 at the National Press Club, 13th Floor in the Holeman Lounge, 14th and F Streets, NW, Washington DC.

The primary purpose of the winter meeting is tassess progress with the strategic action agenda and make any necessary revisions theret. This meeting is open tthe public, but seating is limited. For further information, please contact Alecia Crichlow, U.S. EPA on 202-564-5188 or Joanne Lynch, U.S. EPA on 202-564-4999.

In addition tthe above projects, EFAB members contribute their time tassisting other EPA initiatives, most notably the Environmental Finance Center (EFC) Network. The EFC Executive Directors serve as expert witnesses tthe Board, and along with other experts, they provide key assistance tEFAB. The Board gratefully acknowledges the valuable contribution of its expert witnesses. The home page for the EFC Network is: www.epa.gov/efinpage/efc.htm.

Your comments are important and welcome. Please call or e-mail Vanessa Bowie, EFAB Coordinator, at (202) 564-5186 or Bowie.Vanessa@epa.gov.