Christine Reynolds is a partner in the Public Finance Department. She has broad experience as bond counsel, disclosure counsel, underwriter’s counsel and borrower’s counsel across a wide range of public finance sectors. Christine has more than two decades of experience in public infrastructure finance, advising on both traditional bond financings and innovative funding structures. She serves as a Vice-Chair of the Public Finance Group and on the leadership team for the Impact Finance Group. Christine’s experience includes various general obligation and revenue bond financings, including those relating to transportation, education, healthcare, water and wastewater, economic development, urban renewal, public power and other complex and innovative social and infrastructure financings sometimes involving public-private partnerships (P3) for large transportation and utility issuers, state and local municipalities, and other for-profit and nonprofit corporations. She has extensive knowledge and experience with disclosure requirements for municipal issuers under federal securities laws, including both initial and continuing disclosure issues, material events disclosure, public offerings, private placements and other municipal securities regulatory matters. Christine is a frequent speaker at conferences and seminars given by trade and professional organizations within the municipal finance industry, including serving as Chair for The Bond Buyer’s 2022 Infrastructure Conference and Board of Directors to Women in Public Finance.

Phil is the Executive Director of the New York City Municipal Water Finance Authority. The Authority works with the New York City Department of Environmental Protection, financing a water and sewer system that serves 9.5 million people. The system’s $36B 11-year Capital Improvement Plan funds maintenance and improvements to a water and sewer system which delivers 1,000mgd of clean water and treats 1,230mgd of wastewater. Phil started his public finance career in 2000 working for the Authority, and has since worked as an investment banker, municipal financial advisor and for Nassau County and New York City. In July 2023, Phil returned to the Authority to serve as its Executive Director. Prior to his career in finance, Phil worked as an environmental engineer, designing and building nuclear waste treatment facilities. He holds an MPA from Columbia University, an MS from the University of Texas, and a BS from Cornell University.

Mark Teden oversees the origination, underwriting and servicing of MassHousing’s multifamily loans, leads the development of new loan products and business opportunities, and serves as the primary liaison for the Agency’s multifamily development and management business lines. Immediately prior to joining MassHousing, Mark served as the Managing Principal and Chief Operating Officer for Bruner/Cott & Associates, Inc., and prior to that as Executive Vice President at Cambridge Savings Bank. In addition, Mark served as a Board member at Homeowner’s Rehab, Inc., for over 20 years. He earned an undergraduate degree in Finance from the University of Massachusetts at Amherst and a Master’s in Business Administration from Northeastern University.

John P. Sullivan has been the Commission’s Chief Engineer since March 1989. Mr. Sullivan has over 53 years of water and wastewater engineering experience with the Boston Public Works Department and the Commission. Mr. Sullivan received his Bachelor of Science Degree in Civil Engineering from the University of Massachusetts, Amherst, Massachusetts in 1972 and his Masters in Business Administration from Northeastern University, Boston, Massachusetts in 1992. In 2010, he received a Masters of Science degree in Emergency Management from Massachusetts Maritime Academy. He is a registered professional engineer in Massachusetts and a Massachusetts Certified Operator of Drinking Water Supplies. He is a member of the American Society of Civil Engineers, and recipient of that Society’s “Young Civil Engineer in Government” award and received the Massachusetts Society of Professional Engineers “Young Engineer of the Year Award”. Mr. Sullivan received the “Associate Member of the Year Award for Utility Contractor Association of New England.” and the “Collection System Award” from New England Water Environment Association. In 2016, he was inducted into the “Academy of Distinguished Engineering Alumni” at the University of Massachusetts and awarded the “Outstanding Senior Alumni Award” from the UMASS College of Engineering. He is past president of the National Association of Clean Water Agencies as well as a past president of the Association of Metropolitan Water Agencies; having received the President’s Award from both Associations for his integral work in assisting with the water crises in Flint, Michigan. Sullivan continues to serve as the Chairman of the Water Information Sharing and Analysis Center (WaterISAC) a position held since 2002. He is a Board-Certified Environmental Engineer of the American Academy of Environmental Engineers as well as an Honorary member of the Boston Society of Civil Engineers Section, ASCE, the American Water Works Association and the New England Water Works Association. He serves as a Commissioner on the Boston Conservation Commission as well as a Commissioner representing Massachusetts on the New England Interstate Water Pollution Control Commission. Mr. Sullivan received the “Henry L. Shattuck Public Service Award” in 2018 from the Boston Municipal Research Bureau and the Engineering Center Education Trust “Leadership Award” in 2022.

Ms. Stephens is the Head of the Northeast Region for Oppenheimer’s Public Finance division. Ms. Stephens joined Oppenheimer in 2024, following 15 years of service at UBS, most recently leading the Credit Strategy team in the Public Finance department for five years. The group was well-known for the quality of service provided to high profile issuers across the country, covering all sectors and regions. Prior to joining the then newly-formed Public Finance unit at UBS, Ms. Stephens was Head of Municipal Credit for UBS’ Chief Investment Office for roughly a decade. Previously, Ms. Stephens was part of the Public Finance divisions of both JP Morgan in New York City and ABN Amro/LaSalle Capital Markets in Chicago, where she contributed to all facets of the investment banking process in each instance. Kristin is a regularly featured speaker at industry events and an inaugural 2016 Bond Buyer Rising Star. She is a former chair of the Municipal Analysts Group of New York (MAGNY), served as a member of the Board of Governors of the National Federation of Municipal Analysts (NFMA) and holds FINRA Series 7, 53, and 63 securities licenses. Ms. Stephens earned her Bachelor of Arts degree from Northwestern University in Evanston, Illinois, with a double major in Economics and Political Science.

Dr. Erika Smull is an investor and civil engineer with specific expertise at the intersection of municipal finance and water infrastructure. She is a senior research analyst at Breckinridge Capital Advisors in Boston, Massachusetts, where she leads data science integration efforts for the municipal credit team. She also serves as a subject matter expert to guide the team’s sustainable and impact investment process and product offerings. She routinely provides external thought leadership on public finance, climate risk, and community development for both public sector and private sector initiatives. Her academic and professional work includes risk pricing in the municipal bond market, the affordability of water services in the US, racial disparities in access to capital, and the role of bond markets in combatting the climate crisis. Prior to her time in the municipal finance sphere, Erika was a water resources engineer in Colorado, where she worked on flood and drought modeling and resiliency design projects. Erika holds a PhD in Environmental Policy from Duke University, a M.S. in Civil & Environmental Engineering from Colorado State University, and a B.S. in Civil Engineering from Penn State University.

Nikolai J. Sklaroff joined the San Francisco Public Utilities Commission (SFPUC) as its Capital Finance Director in May 2022. As Capital Finance Director, he is responsible for developing, implementing and administering the SFPUC Capital Financing activities across the agency. He leads a team of professionals supporting the agency’s capital project funding activities including financing transactions, banking agreements, commercial paper program activities, credit rating activities and debt administration, among others. The role serves in a key leadership function at the SFPUC. The Capital Finance Director manages the day-to-day operations of the SFPUC’s $6+ billion outstanding debt portfolio and the daily operations of the SFPUC’s $1.5 billion Commercial Paper Program across three enterprises, Water, Wastewater and Power. Nikolai has spent more than three decades in the public finance industry and most recently served as the Deputy Director of Finance responsible for the Debt & Treasury Management division in the City of San José. In that role he oversaw teams managing the City’s $4.6 billion debt portfolio across all enterprises, managing the City’s $2.4 billion investment portfolio and managing the City’s banking operations. He also spent 22 years as a senior public finance investment banker in San Francisco with Citigroup Global Markets, J. P. Morgan – where he was national Head of Cultural Institutions investment banking – and Wells Fargo. Prior to becoming an investment banker in 1997, Nikolai was a senior Moody’s Investors Service rating agency analyst and member of Moody’s rating committee. Nikolai began his career as a financial advisor with Public Financial Management, Inc. in his hometown of Philadelphia, where he received his degrees from the Wharton School and the College of Arts and Sciences of the University of Pennsylvania, prior to moving to England to pursue his graduate degree. He pursued further graduate studies at Columbia University’s School of International and Public Affairs. A frequent speaker at industry conferences and author on public finance topics, Nikolai has also served on multiple boards of directors and advisory committees. Nikolai is currently serving on the Government Finance Officers Association (GFOA) Debt Committee. As a former California Debt and Investment Advisory Commission (CDIAC) Technical Advisory Committee (TAC) member, Nikolai continues to enjoy assisting CDIAC with policy publications and seminars.