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from Rush B. Deacon, President
Direct Line: 501-682-3339
e-mail : rdeacon@adfa.state.ar.us

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September 2000

ADFA Forms New Partnership with
Federal Home Loan Bank of Dallas

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ADFA was recently granted non-member borrower status by the Federal Home Loan Bank of Dallas (FHLB), a member owned financial intermediary chartered to support home ownership and economic development. The new relationship gives ADFA a line of credit of $5 million to use as an alternative source of funding for ADFA’s development finance activities.

FHLB does not lend directly to the public; it is a provider of low cost funds to member financial institutions in the five-state area of Arkansas, Louisiana, Mississippi, New Mexico and Texas. These institutions include commercial banks, savings and loans, credit unions and insurance companies. Being granted non-member borrower status means ADFA can utilize most of the same financing options granted to member financial institutions.

Making ADFA’s non-member borrower status even more important is the FHLB’s ability and willingness to purchase ADFA taxable bonds, which are difficult for ADFA to sell in a more limited market compared to tax-exempt bonds.

This new arrangement with FHLB provides another option to ADFA to meet the financial needs of its programs and better serve the people of Arkansas.

Board actions
(July/August meetings)

 

ADFA Board of Directors approved the following actions during its July and August board meetings:

 

ADFA Employee Spotlight

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Derrick Rose, ADFA’s communications director, was the recent beneficiary of the title "President for the Day" at ADFA, but, at the same time, was the target of a surprise delivered personally by Governor Mike Huckabee.

The Set-Up: Over the last few years, Derrick has had a running joke with our receptionist, asking each day as he walks by, "Has the Governor called for me yet?" to which the receptionist invariably replies, "No, but I’ll let you know when he does, Derrick." At ADFA’s most recent United Way silent auction, Derrick was the high bidder for one of the items that I donate each year, the right to serve as ADFA’s President, with me as your personal assistant, for one day. On the day before Derrick’s 8-hour reign as President, I contacted Rex Nelson to let him know of Derrick’s special day the next day.

The Sting: The next morning, Derrick was barking orders to his temporary minions in the front reception area when the receptionist said, "Derrick, it’s the Governor on the phone for you." Derrick, recognizing the obvious play on his daily joke, grabs the phone and bellows a loud, authoritative "Hello" into the phone. "Hello, this is Governor Mike Huckabee," the caller replied. Immediately recognizing the voice but apparently losing his sanity, Derrick loudly exclaims for all to here (including the Gov), "Oh [not what you normally say in front of a Baptist preacher], it really is the Governor!!" Huckabee replied, "Who did you think it was, Craig O’Neil?"

The Aftermath: The rest of the day was less eventful. Derrick was fired as President at 5:00 that day, but was rehired as Communications Director the next day. Derrick is now more careful when he asks if the Governor is on the phone.

 

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