Team approach fueled water-finance agency’s growth

For the first time in almost 20 years, the Rhode Island Clean Water Finance Agency is undergoing a change in leadership.
Former East Greenwich Town Manager William Sequino Jr. will take over as executive director of the agency effective July 8, following the retirement of Anthony Simeone after 19 years in the role.
During Simeone’s tenure, the agency earned and maintained a top-tier credit rating and used it to help secure more than $1.5 billion in financing for water-treatment and drinking-water projects.
Citing the success of the agency and its lean structure – it has just six employees – lawmakers have approved expanding the agency’s role to include financing for municipal road and bridge projects.

PBN: How did you first come to the agency?
SIMEONE: I saw the job in the newspaper and because I had been on the Smithfield Town Council and was town administrator and had experience with bonds, it gave me the opportunity to say, “I think I can do this.” There were something like 125 applicants and I was a little surprised that I made the cut in the end. I remember one of the interviewers asked me what strengths I could bring to the agency and my answer was I know what my weaknesses are. I know enough when to call for help. It must have been the right answer.

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PBN: During your tenure the agency grew from assets of $102 million to $1.3 billion. What’s behind that growth?
SIMEONE: When I got the job 19 years ago, there was just an administrative assistant, a part-time accountant and me. The board said to me, “Build a staff, do what you need to do to make this a credible agency.” … I kept my nose to the grindstone, worked hard, ate my lunch at my desk every day, as does everyone else here. I was given an opportunity and I wanted to make the most of it by demonstrating that an agency could come from an unknown to an agency that is well known and respected throughout the state and nationally.

PBN: Despite that growth, the agency has remained lean. Is that by design?
SIMEONE: Yes. I knew coming from municipal government that you need to pay attention to expenses and revenue and I never wanted to see revenue [generated from fees on loans] lower than expenses. We now run a $1.3 billion corporation with six people. And what people sometimes forget is that when we do a bond issue, that’s only the beginning for us, we have to play custodian, through a trustee, for the 20-year life of the bond. We have to make sure that every April and October our bondholders get their checks. I’m proud to say we’ve never had a default, ever.

PBN: What else are you proud of from your time at the agency?
SIMEONE: The first goal I set out to achieve was to get us a Triple-A rating from all three major ratings agencies. We did that and, maybe more impressively, we kept it through a lot of speed bumps that hit the markets and the investment community. We also established wonderful relationships with all of our borrowers. We’ve had success because we know what our role and responsibilities are and we stick to them and don’t overstep or overreach. But anything good that has happened here during my time is a result of the entire team. No one does anything alone. The greatest compliments we receive, the ones that really speak to the success of the agency, are the relationships we have with our borrowers.

PBN: Is there a project that you feel exemplifies the work the agency does? SIMEONE: There are many. Pawtucket did a project that the EPA later praised. It was an entire new water system, from treatment plants to new water lines to pump stations. We were able to help finance all of that and I count that as a singular achievement because the city really took the bull by the horns and did what it needed to do. The project was a big chunk [$135 million total price tag] for the city to bite off, but they made a tremendous commitment.

PBN: What do you think of the proposal recently approved by lawmakers to add road and bridge financing to the agency’s role?
SIMEONE: It shows the confidence people have in the agency. There are some advantages to it because we are part of state government but not part of the state budget, so it might be a way for the state to keep some debt off its books but still finance some projects. The other advantage is for communities that may have road jobs they need to get accomplished but may not have all the money up front. This would allow them to spread the cost out over time and because of our Triple-A credit rating, they can borrow that money more cheaply. The agency would need a regulatory partner … to work with on the roads aspect of it, because our expertise is in the financing itself.

PBN: How do you plan to spend your retirement?
SIMEONE: My attitude is that you need to have something to retire to, not retire from. I wish I could work until I was 100 – I enjoy it – but I also want to enjoy my remaining years and my wife is retired and waiting for me. … I also have a great sense of curiosity about things, so I’ll be doing a lot of tinkering and puttering. •

INTERVIEW
Anthony Simeone
Position: Retired executive director of the Rhode Island Clean Water Finance Agency
Background: Simeone worked for 30 years in North Providence schools, teaching English and Spanish and working as a guidance counselor. He also served 18 years in elected office in Smithfield, including 16 years as a member of the Town Council and eight years as council president. Later, he became Smithfield’s first elected town administrator.
Education: Bachelor of Arts, education, Providence College, 1960; master’s degree, guidance and counseling, Rhode Island College, 1965
First Job: Social worker with the Rhode Island Department of Social Welfare
RESIDENCE: Jamestown
AGE: 75