ENVIRONMENTAL INFRASTRUCTURE TRUST APPROVES NEW EXECUTIVE DIRECTOR
(10/P123) TRENTON - The board of trustees for the New Jersey Environmental Infrastructure Trust today unanimously approved David E. Zimmer, managing partner of a Princeton-based financial-management consulting firm, as its new executive director.
The Environmental Infrastructure Trust is an independent state financing authority that works closely with the Department of Environmental Protection to help local government agencies develop and finance a host of environmentally beneficial projects, including sewerage and water infrastructure improvement projects.
"David Zimmer has many years of private-sector financing experience and a keen business sense that will help the Environmental Infrastructure Trust do an even better job assisting New Jersey's municipalities in moving forward with important infrastructure improvement projects," said Commissioner Bob Martin, who is also a member of the Trust's board. "The DEP is looking forward to working with David Zimmer and the Environmental Infrastructure Trust to help local government agencies develop projects that protect our environment and create jobs."
Zimmer has extensive background in asset finance, risk management, investment banking, capital markets and fixed-income trading, most recently serving as managing partner of Princeton Structured Finance Analytics Group LLC.
Before this, Zimmer served as executive vice president of marketing for Exigen Mortgage Asset Management in Dallas, Texas; executive vice president for asset and risk management for People's Choice Loan Inc. in Princeton; managing director for structured finance for American Capital Access Holdings in New York City; and senior vice president with Prudential Securities Inc. in New York and Philadelphia.
"I certainly appreciate the confidence Governor Chris Christie, the Board of Trustees and Commissioner Martin are placing in me and look forward to taking the reins of one of the most efficient financing vehicles in the state," Zimmer said. "I will work to identify and finance projects that provide maximum benefit to New Jersey's environment and, at the same time, make a positive contribution to our state's economy."
Created in 1986, the New Jersey Environmental Infrastructure Trust combines interest-free loans from state revolving funds with market-rate loans from the sale of AAA-rated Trust bonds, providing borrowers with loans of one-half the prevailing market rate. Projects that promote smart growth and incorporate green design are eligible for loans at one-quarter of the market rate. This structure provides substantial cost savings to municipalities and authorities, to date saving New Jersey taxpayers and ratepayers more than $1.9 billion in financing costs.
Over the years, the Trust has focused much of its work on financing wastewater treatment collection and treatment system upgrades, water treatment and distribution improvements, and stormwater collection system improvements. These types of projects benefit the environment and public health by improving the quality of New Jersey's surface water bodies and drinking water supplies.