Our mission as an instrumentality of the state is to finance social and physical infrastructure for municipalities, school districts, and public bodies with affordable, innovative, and appropriate capital.
Staff
Michael Gaughan
Michael Gaughan
Michael became the Executive Director and Secretary of the Bond Bank in 2018 where he oversees $900 in municipal and school districts loans that support $700 million in municipal bonds. He is also the Executive Director of the Vermont Educational and Health Buildings Financing Agency, which provides conduit bond issuance for related 501c3 institutions. He is the Bond Bank’s representative to the State of Vermont’s Capital Debt Affordability Advisory Committee.
Michael was previously a Director for the National Development Council (NDC)—a national community development finance nonprofit and PNC where he served as a public finance banker focused on governmental, housing, and community facilities transactions.
Michael is on the Executive Committee of the City of Burlington's Planning Commission and a member of the GFOA’s Standing Committee on Economic Development and Capital Planning. He earned a Bachelor of Arts degree from Middlebury College and a Master of City Planning degree from the University of Pennsylvania.
Phone: 802-861-0073
Elizabeth King
Elizabeth King
Elizabeth King joined Vermont Bond Bank in 2020 bringing her many years of accounting and financial reporting experience along with a can-do attitude.
She is a graduate of Lyndon State College with a bachelor’s of art in Accounting and Business Administration and a minor in Marketing. After spending four years in the North East Kingdom, she moved to Central Vermont where she worked at National Life Group in their Investment Accounting Department. After five years in Central Vermont, Elizabeth moved to the Greater Burlington Area, where she worked for the University of Vermont Medical Center in the Corporate Accounting Department.
Elizabeth enjoys spending time with her husband, two daughters, and yellow lab on their hobby homestead.
Ken Linge
Ken Linge
Ken joined the Bond Bank team as the loan officer in 2022. Since graduating from Hamilton College and landing in Vermont in the 90’s, Ken has lived and worked in Addison, Washington, Orange, and Chittenden Counties. During his eight-year tenure as the director of the Blake Memorial Library (a public library serving Corinth, Topsham, and neighboring towns) he became deeply interested in innovative approaches to fostering community vitality and resiliency.
After getting his MBA through UVM’s Sustainable Innovation MBA program in 2017, Ken served as the Executive Director of the National Coalition for Community Capital where he worked with and learned from national leaders in innovative community-centered finance.
He lives in South Burlington with his wife and two young daughters and serves on the South Burlington Economic Development Committee. He continues to serve on the board of the National Coalition for Community Capital as well.
Phone: 802-861-0074
Nicole Lee
Nicole Lee
Nicole Lee is a graduate of St. Lawrence University with a bachelor’s degree in Mathematics. In 2022, she completed her Master’s of Business Administration at Champlain College. Nicole has completed professional certifications in healthcare finance and from the Georgetown Edunomics department, a certificate in education finance.
She brings with her experience in healthcare and education finance managing complex financial operations and securing critical funding. Throughout her career, Nicole has successfully completed complex regulatory filings including Medicare and Medicaid cost reports ensuring compliance and financial integrity. In response to the challenges posed by the COVID-19 Pandemic, Nicole collaborated with HRSA, the state of Vermont, and FEMA to secure relief funding, demonstrating exceptional problem solving skills and a commitment to supporting institutions during a time of crisis and financial vulnerability.
More recently, Nicole has managed the $2.3 billion education fund in the state of Vermont, showcasing her ability to oversee large-scale financial management practices.
With a strong foundation in health care and education, Nicole brings a unique blend of technical expertise and dedication to her work.
Board of Directors
Debbie Winters
Debbie Winters
Ms. Winters is a resident of Swanton, Vermont and an owner of Firetech Sprinkler Corp. She is a member of the board of Directors of the Champlain Valley Exposition. She holds a Bachelor of Science degree in Civil Engineering and Operations Research from Princeton University and a Master of Business Administration from Boston University.
Mary Alice McKenzie
Mary Alice McKenzie
Ms. McKenzie is a resident of Colchester, Vermont and is a consultant. She was formerly the Executive Director of the Boys and Girls Club of Burlington, General Counsel to the Vermont State Colleges, and CEO of McKenzie of Vermont. Ms. McKenzie holds a Bachelor of Arts degree in Business Administration from St. Mary’s College and a Juris Doctor degree from Valparaiso University School of Law.
Mark Foley
Mark Foley
Mr. Foley is a resident of the Town of Rutland. He is the fourth-generation owner of Foley Services, the leading linen, uniform and mat rental company in Vermont. He is also the owner of MKF Properties, a real estate management company that owns and manages commercial properties, primarily in Rutland’s Historic Downtown. He serves on several boards in addition to the Bond Bank, including the Rutland Regional Medical Center, Paramount Theater, Vermont Arts Council, and Vermont Community Foundation.
John McSoley
John McSoley
Mr. McSoley is a resident of Essex Junction, Vermont and a retired partner at McSoley McCoy & Co., a South Burlington, Vermont, full-service tax, accounting, and business consulting firm. He is also a current board member of the Vermont Student Assistance Corporation, where he serves on the audit committee, and the Howard Center.
Treasurer Mike Pieciak
Treasurer Mike Pieciak
Mr. Pieciak previously served six years as the commissioner of the Vermont Department of Financial Regulation (DFR) where he was first appointed by Governor Peter Shumlin in 2016 and reappointed by Governor Phil Scott in 2017.
Mr. Pieciak also served as deputy commissioner of DFR’s Securities Division, where he led the division’s investigation into the Jay Peak EB-5 projects. While at DFR, Mr. Pieciak served as the president of the North American Securities Administrators Association, a member of the SEC Advisory Committee on Small and Emerging Companies and member of the National Association of Insurance Commissioners.
Prior to his public service, Mr. Pieciak practiced law in New York City at Skadden, Arps, Slate, Meagher and Flom LLP in the Mergers and Acquisitions Group, gaining experience in commercial transactions, corporate governance and investment and financing transactions. Mr. Pieciak also previously practiced at Downs Rachlin Martin in Burlington in the Business Law Group.
Mr. Pieciak grew up in Brattleboro and graduated cum laude from Union College with a degree in political science. He received his law degree summa cum laude from the University of Miami School of Law where he served as editor-in-chief of the Miami Law Review. Mr. Pieciak currently resides in Winooski, Vermont.