About

Learn about Puerto Rico Sales Tax Financing Corporation (COFINA), including Featured News, Management Team, Board of Directors, PR Department of Treasury SUT Collections Report, and 5.5% SUT Collections Transferred to the Bond Trustee.

Founded

Source

12/26/2006

About Puerto Rico Sales Tax Financing Corporation (COFINA)

The Puerto Rico Sales Tax Financing Corporation (by its Spanish acronym, “COFINA”) is a public corporation and instrumentality of the Commonwealth of Puerto Rico (the “Commonwealth”). COFINA was originally created in 2007 to finance or fund certain appropriation-backed debt payable to Government Development Bank for Puerto Rico and the Puerto Rico Public Finance Corporation and certain Commonwealth expenses. In February 2019, COFINA restructured its debts in a proceeding under Title III of the Puerto Rico, Oversight, Management and Economic Stability Act, Public Law 114-187 (2016), through the issuance of approximately $12 billion in new bonds.

Management Team

Carlos Yamín

Executive Director

(787) 722-2525

carlos.yamin@cofina.pr.gov

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Board of Directors

Alexandre Zyngier

Acting Chairman

Mr. Zyngier has over twenty years of investment, strategy, and operating experience. In 2013, Mr. Zyngier founded Batuta Advisors to pursue investment and advisory opportunities in both the public and private markets. Mr. Zyngier has extensive experience serving on boards of directors. He is currently a director of Atari SA, Torchlight Energy Resources, Inc., AudioEye Inc., Applied Minerals, Inc., and certain other private entities. He was previously the chairman of the board of Vertis Inc., a director of Island One LLC and executive chairman of DTV America Corporation. Mr. Zyngier holds an MBA in Finance and Accounting from the University of Chicago and a BSc in Chemical Engineering from UNICAMP in Brazil.


Daniel Heimowitz

Director

Mr. Heimowitz is the founder and chief executive officer of Verify Financial, a start-up firm that uses credit views, peer sourced from institutional investors, to enhance traditional credit grading. Mr. Heimowitz’s forty-plus-year Public Finance career has been in credit ratings and investment banking, having held senior positions at Moody’s Investors Service, Lehman Brothers, and RBC Capital Markets. Throughout his career, he has been an active municipal market participant as a member of The Municipal Analyst Group of New York, The National Federation of Municipal Analysts, and The Society of Municipal Analysts, and as a past member of the Government Accounting Standards Advisory Council and President of the Municipal Forum of New York. Mr. Heimowitz served on the Municipal Securities Rulemaking Board (MSRB) from 2012 to 2014 and was MSRB’s Chairman in 2014. He holds a BA from Clark University and an MA in Public Policy from Harvard University.


Richard Kolman

Director

Mr. Kolman presently serves as the head of the municipal group and member of the firm-wide operating committee for Academy Securities, a military and disabled veteran-owned investment bank. Following a twenty-five year career with Goldman Sachs, Mr. Kolman left his position in 2007 as co-head of the municipal department at Goldman Sachs to serve as vice chairman of the Municipal and Infrastructure Assurance Corporation until 2010, when Mr. Kolman became a managing director and head of the municipal securities group at US Bank. Mr. Kolman left his position at US Bank in 2016 for his current role at Academy Securities. Mr. Kolman has served on the executive committee of the Securities Industry and Financial Markets Association (SIFMA) and received the SIFMA Lifetime Achievement Award in 2007. He also was a member of the Municipal Securities Rulemaking Board from 1996 to 1999 and is presently a member of the municipal executive committee for SIFMA. For over fifteen years, Mr. Kolman has served on the board of managers for the East Side House Settlement, a community-based organization serving the Mott Haven district of the South Bronx. He presently serves as treasurer and chair of the Finance Community.

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PR Department of Treasury SUT Collections Report

5.5% SUT Collections Transferred to the Bond Trustee