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"We selected U.S. Bank because their team is extremely competent, diligent and detail oriented. More importantly, U.S. Bank makes us feel like a valued client," said Anthony Simeone, executive director for the Rhode Island Clean Water Finance Agency.
The funding sources are a combination of Federal Act Capitalization grants as well as grants that are in agreement with the American Recovery and Reinvestment Act of 2009 under the Federal Stimulus Act.
U.S. Bank National Association has been the bond trustee for the Agency's Water Pollution Control and Drinking Water bond issues since 1992. Through the Water Pollution Control and Drinking Water programs, U.S. Bank is the trustee for more than $648 million of bonds outstanding.
Rhode Island Clean Water Finance Agency, established in 1989 by the Rhode Island General Assembly, was created as a body politic and corporate; a public instrumentality for the State of Rhode Island to administer certain federal and state programs relating to municipal or community wastewater and drinking water financial assistance. The Agency administers the Water Pollution Control revolving loan fund.
U.S. Bank has 46 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.
U.S. Bancorp (NYSE: USB), with $265 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,851 banking offices and 5,175 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations Amy Frantti, 612-303-0733
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