->> Alphabetical List of All Publications
Alphabetical List of All Publications
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- The American Recovery and Reinvestment Act of 2009
June 2009 [CDIAC #09-05]
Want to know about the debt instruments authorized by the federal stimulus package? This resource guide explains the types of instruments available, and provides references for additional information.
- Analyses of California Public Debt
This report looks at: historical patterns of California debt issuance, use, and retirement;
market-relevant patterns of debt use by other state and local governments; existing
public policies and regulatory processes; and research and analysis of California public debt.
- Annual Report
This report provides the history of the Commission, a profile of its members, a
discussion of topical events in California public finance, a review of debt issuance
statistics and Commission activities, and a preview of the Commission's planned programs
for the following year.
- Appraisal Standards for Land-Secured Financings
Revised July 2004 [CDIAC #04-07]
This report recommends appraisal standards undertaken to establish value-to-lien ratios for
Mello-Roos special tax bond issues.
- Assessing Muncipal Bond Default Probabilities
Researchers propose several approaches to explain municipal default and to estimating default likelihood for bonds issued by cities in California. The first approach relies on a logistic regression analysis of major city financial statistics and socioeconomic variables from the Great Depression—the last time a large number of cities defaulted. The second approach relies on detailed case study evidence for recent historical defaults in California and other states. Both models are tested against the two defaults that have occurred in California in 2012.
- Assessment of Local Government Investment Pools: A Survey of
California County Pools
January 2000 [CDIAC #00-1]
This report highlights the techniques that county pools use to achieve safety,
liquidity and yield; the variation in policy and investment choices among pools; and the
tradeoffs associated with these investment choices.
Auction Rate Securities Issue
August 2004 [CDIAC #04-8]
This Issue Brief provides an overview of the market, mechanics, cost, benefits, and risk associated with Auction
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- Bond Insurance as a Form of Credit Enhancement in
California's Municipal Bond Market
January 2002 [CDIAC #02-1]
This report provides a useful resource for first-time or infrequent users of bond insurance by
summarizing the players, process, costs, and benefits of this form of credit
enhancement. The report also represents a working framework for the
bond insurance decision-making process and provides statistics on the
bond insurance market.
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- Calendar of California Public Debt Issuance (Prior to 1991, this report was known as the
Calendar of Issues)
This report shows all of the public debt issued in California reported to
the California Debt and Investment Advisory Commission. Each bond issue shows the name of the issuer, the county, the
type and purpose of the issue, the date of the sale, the principal amount of the bond, and whether or not the issue
is a refunding. Each issue also shows the interest rate, the rating, credit enhancement information, the final
maturity date, and major participants in the financing (i.e., bond counsel, financial advisor, underwriter, trustee,
and credit enhancement provider).
- California Debt
Revised March 2006 [CDIAC #06-4]
A comprehensive Primer on the bond issuance process in California.
- California Debt Issuance Primer Handbook
October 2005 [CDIAC #05-06]
This Handbook is an accompanying document to the California Debt Issuance Primer. It provides a general
overview of each major section in the Primer and provides links to these sections.
- California Local Agency General Obligation Bond Cost of Issuance 2009-2011
October 2012 [CDIAC #12-08]
As an aid to local agency issuers wanting to gauge and plan bond issuance costs, CDIAC’s Policy Research Unit has compiled data on the underwriter, financial advisor, and legal counsel costs associated with general obligation bond issues from 2009-2011. The report describes the expenses and provides median cost of issuance figures for selected principal ranges.
California Public Debt by Issuing Agencies (1985)
August 15, 1986*
*Please note that 1985 was the only year that this report was published separately; beginning in 1986
this information was incorporated into the "Summary of California Public Debt", which eventually became
the "Summary of California Debt Issuance."
- California Public Fund Investment Primer
Revised December 2009 [CDIAC # 09-02]
A comprehensive primer to help public agencies understand and evaluate investment options when managing the public fund investment portfolio.
- Competitive vs. Negotiated Sale of Debt
September 1992 [Issue Brief # 1]
This Issue Brief helps issuers conduct a systemic evaluation of their proposed bond issues and provides general
guidelines for public issuers, particularly those who are infrequent participants in the bond market.
- COPs In California: Current
Issues In Municipal Leasing
June 1992 [CDAC #92-6]
A report on the public hearing on lease financing in California held by the Commission
on June 18, 1992. This report includes the background staff report prepared for the
hearing and testimony provided to the Commission.
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- Debt Burdens of California State and Local Governments: Past, Present, and Future
Robert W. Wassmer, Ph.D. and Ronald C. Fisher, Ph.D., July 2011
CDIAC commissioned this report by Robert W. Wassmer, Ph.D. and Ronald C. Fisher, Ph.D. to better understand past and present trends of the debt loads of California’s state and local governments, and to analyze how these debt loads compare with government debt loads in other states.
- Debt Indicators
and Criteria for the Assessment of California's Total Outstanding Public Debt
This report reviews literature surrounding the issue of fiscal indicators for financial and
credit analysis, describes a theoretical framework and recommended set of indicators for
potential use by the State in assessing the level of total outstanding debt of California
state and local governments, and provides a set of recommendations.
- DEBT LINE
Monthly Newsletter (1982 to present)
The legislatively-mandated newsletter provides a calendar listing of
all proposed and sold bond issues reported to CDIAC, as required by law, as well as
summary tables and articles related to public issuance and the investment of public funds.
- DEBT LINE Offprints
Selected articles from CDIAC's monthly newsletter, DEBT LINE, relating to
public financing and investment issues. These Offprints were discontinued in 2005, when DEBT LINE went to an
- Disclosure Guidelines For Land-Based Securities
September 12, 1996 [CDAC #96-6]
The Guidelines present the disclosure practices recommended for compliance with the
Securities and Exchange Commission's amendments to Rule 15c2-12 (adopted in November 1994 by the SEC)
for land-based financings. It provides background on land-based financings in California,
municipal securities regulation, primary market disclosure and continuing disclosure for
- Duration Basics
January 2007 [CDIAC #06-10]
This Issue Brief provides information on the use of duration as a measure of risk in fixed-income
portfolios. It provides an overview of the different types of duration measures and how they are calculated,
why duration is an important measure when comparing individual bonds and constructing a
portfolio, and the use of convexity in conjunction with duration to provide a more accurate
measure of price volatility.
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- Electronic Disclosure Issue Brief
February 2002 [CDIAC #02-2]
This Issue Brief summarizes Securities and Exchange Commission disclosure requirements and gives a number of
recommendations to consider when implementing electronic disclosure programs.
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- Financing Solar Energy: Public Financing Options for California’s Local Governments
October 23, 2009 [CDIAC #09-07]
As local governments seek ways to finance renewable energy projects, they are using a variety of financing techniques. This resource guide is intended to help governments identify their more robust options for installing solar energy capital.
- The Fundamentals of Interest Rate Swaps Issue Brief
October 2004 [CDIAC #04-12]
This Issue Brief provides basic information regarding the use of interest rate swaps in municipal
finance. It reviews data a financial manager would need to know when considering the use of interest
rate swaps in the organization's borrowing program.
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- An Historical Review of Local Public Enterprise Revenue Bond Issuance
December 2012 [CDIAC #12-10]
This report provides an overview of the sources and uses of public enterprise revenue bond (PERB) issuance in California during a 26-year period (1985-2010). The report presents a history of PERB issuance and examines the issuance by project, region, and municipality.
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- Investing in Callable Securities Issue Brief
May 2002 [CDIAC #02-3]
This Issue Brief provides public investment officials with information to assist in the evaluation of callable
securities, provides information on the key characteristics of this security, and concludes with recommendations
to consider when considering whether or not to invest in callable securities.
- Investing with a Certificate of Deposit Placement Service
December 2007 [CDIAC #07-09]
AB 2011(Chapter 459, Statutes of 2006) authorizes local agencies to use a certificate of deposit (CD) placement service for large deposits. This issue brief outlines provisions of the legislation, provides a description of the existing program, and presents issues to be considered before investing with a CD placement service.
- Investment Policy Reporting Practices: An Informational Guide
October 2006 [CDIAC #06-03]
This Guide provides examples of common investment policy reporting practices from local agencies surveyed,
assists in assessing the benefits and risks of an agency’s investment goals and priorities, identifies
alternative investment policy reporting practices, and recommends a California local agency model investment
policy. The Guide includes an Appendix that gives definitions and recommendations on various investment policy
terms and concepts.
- Investment Portfolio Reporting Practices: An
October 2004 [CDIAC #04-5]
This Guide describes the purpose behind local government investment portfolio reporting and the
information cities and counties should report to their legislative bodies. It also
provides visual and written examples from actual city and county
portfolios that summarize agency investment activities. These examples
are given to provide local agencies with illustrations of additional
information they may wish to include in their reports, to the extent
that it assists their legislative bodies in meeting their fiduciary
- Investments Under Government Code 53601(k) – Focus on Foreign Issuers
October 2013 [CDIAC #13-08]
This Issue Brief examines the permissibility of investment by local agencies in foreign issuer medium-term notes under California Government Code 53601(k) with particular emphasis on making a determination whether the issuer is organized, operating, and licensed in the United States.
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- K-14 Voter Approved General Obligation Bonds: Authorized, but Unissued
January 2014 [CDIAC #14-10]
Since 2002, California voters have authorized school and community college districts to issue billions of dollars of general obligation bonds to build and improve school facilities. CDIAC undertook reaserch to cross reference K-14 general obligation bond issuance with the underlying voter approved authority to determine amounts authorized, but unissued.
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- Leases In California: Their Form and Function
March 1, 1991
This informational study explains how and why State and local governments in
California use tax-exempt leases.
- Local Agencies Ability to Buy Their Own Debt — A Digest
May 2013 [CDIAC #13-03]
This brief reviews state and federal regulations related to local agencies repurchasing or acquiring their own debt as well as outlining several factors local agencies should consider before taking such action.
- Local Agency Investment Guidelines: Update for 2013
June 2013 [CDIAC #13-02]
This document provides references and recommendations (developed by public and private sector professionals) for interpreting and applying California statute to common public fund investment topics related to local agencies. It also provides information on recent state law changes. The 2013 Update reflects statutory changes effective January 1, 2013.
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- Making Sense of Public Pensions
December 2011 [CDAIC #11-05]
This Issue Brief provides an overview of public defined benefit plans with emphasis on plan funding, the discount rate, and the measurement of plan liabilities, as well as discusses the pension accounting changes proposed by the Government Accounting Standards Board.
- Managing Interest Rate Risk in a Fixed Income Portfolio
September 2008 [CDIAC #08-11]
The Issue Brief describes key concepts and components of interest rate risk, in particular, the inverse relationship between price and yield of a fixed income security. Using this information, it then provides background on the components and types of interest rate risk, methods of measuring it, and an overview of common investment strategies and portfolio structures available to manage it. The Brief concludes with an administrative checklist for assessing and managing interest rate risk exposure.
- Marks-Roos Yearly Fiscal Status Report
This publication uses reports on the financial status of Marks-Roos Local Bond Pooling Act public financing authorities and local obligors who sold debt in California. The information in the publication is cumulative and reflects debt sold after January 1, 1996. It provides information on the fiscal status of debt issued after 1996 and on defaults and draws on reserves reported to CDIAC during the reporting period (fiscal year) covered by each report.
- Mello-Roos Community Facilities Districts Yearly Fiscal Status Report
The Yearly Fiscal Status Report is based on information filed with CDIAC on the financial status of Mello-Roos Community Facilities District (CFD) bonds sold in California. The information in the publication is cumulative and reflects CFD bonds sold between January 1, 1993 and June 30, 2012. It provides information on the fiscal status of bonds sold after 1993 and on defaults and draws on reserves reported to CDIAC.
The most recent report emphasizes Mello-Roos Community Facilities Districts bond activity in fiscal year 2011-2012 as reported to CDIAC.
- Mello-Roos Financing In California
This report examines the public policy issues and credit quality concerns surrounding
the use of Mello-Roos bonds. The report includes guidelines for local government issuers.
- Municipal Market Disclosure: Comprehensive Annual Financial Report (CAFR) Filings – A Test of Compliance Among California Issuers
November 2011 [CDIAC #11-04]
This research study was conducted by CDIAC to review California state and local government issuer performance in meeting the Securities and Exchange Commission Rule 15c2-12 disclosure requirement to file annual financial information.
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- OPEBs and GASB 45: A Question and Answer Guide
December 2006 [CDIAC #06-09]
This Guide addresses basic questions regarding the fiscal challenges facing many state and local
governments in funding and accounting for other post employment benefits (OPEBs). It provides general
implementation information on Government Accounting Standards Board Rule 45 (GASB 45) and options
for addressing OPEB liabilities. It also contains a list of resources for further information.
- An Overview of Local Government General Obligation Bond Issuance Trends (1985-2005)
April 2008 [CDIAC #08-03]
This issue brief provides an overview of changes in the volume of long-term local government debt issuance from 1985 to 2005 (focusing on GO bonds), discusses the variation in issuance by issuer and purpose, and identifies where the greatest changes have occurred.
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- Preparing Requests for Proposals Issue Brief
October 1994 [Issue Brief # 3]
This Issue Brief acquaints public debt issuers with the request for proposal (RFP) process and assists them in
developing quality RFPs to procure outside municipal finance services.
- Principal Protected Notes
November 2013 [CDIAC #13-10]
Principal Protected Notes (PPNs) do not meet the requirements of California Government Code, but have been promoted to local agencies as a legal investment alternative providing safety and liquidity with better returns than other medium term notes. This brief provides a description of PPNs, their basic structures, how they work, and why their structures are not allowed under state investment regulations. In addition, the brief offers a discussion of the regulations pertaining to the brokering of PPNs.
- Privatization vs. Public-Private Partnerships: A Comparative Analysis
August 2007 [CDIAC #07-04]
This Issue Brief provides basic information on privatization and public private partnerships to assist public agencies in understanding and evaluating these two financing mechanisms that could be used in the delivery of public projects and/or services. This brief contains examples of both concepts as well as highlights the associated risks and rewards.
- Public Private Partnerships: A Guide to Selecting a Private Partner
March 2008 [CDIAC #08-02]
In a public-private partnership (P3) arrangement, government and private entities share responsibility for project or service delivery. This guide provides suggestions for the type of information that could prove useful to a public agency during the partner selection process including defining potential partners, the selection process, partner selection criteria, and the review of potential partner submissions.
- Public Works Borrowing by Local Agencies 2001-2011
August 2012 [CDIAC #12-04]
Local governments fund a diverse array of public projects used to deliver a wide range of essential public services. This paper provides a general view of public works infrastructure financing used by cities, counties, agencies and special districts in California from 2001 through 2011.
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- Qualified Zone Academy Bonds (QZABs)
January 2007 [CDIAC #06-12]
This Issue Brief provides information on Qualified Zone Academy Bonds (QZABs). It defines QZABs, provides
eligibility and qualification information, explains how QZABs work via an example, discusses
administrative considerations and financing requirements, and lists allocation
results and additional resources available for further information.
- Questions for Public Agencies Considering Public-Private Partnerships
August 2008 [CDIAC #08-08]
This question and answer guide is intended to help local officials evaluate the conditions and structures under which a P3 may be the best choice for project delivery. The guide addresses basic questions a governing board may have regarding the use of a P3, including an agency’s statutory discretion to enter into a partnership, project characteristics that enhance the likelihood of success with a P3, and public policy issues to be considered before approving the use of a P3.
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- Recommended Changes to the Marks-Roos Local
Bond Pooling Act of 1985: Report to the Legislature and Governor
September 1995 [CDAC #95-1]
The recommendations put forth in this report are intended to curb the potential for
abusive Marks-Roos financings in the future, protect the public from unwarranted and
unnecessary taxes and assessments, and restore the confidence of investors in this form of
- Recommended Changes to the
Mello-Roos Act of 1982: Oral and Written Testimony
A companion report, Recommended Changes to the Mello-Roos Act of 1982: A Report to the
Legislature and Governor, provides background on the Commission’s involvement with the
issue of Mello-Roos financing, reviews the testimony presented at a public hearing on the
issue conducted in 1992, and gives recommendations on improving the Mello-Roos Act. The
report also provides a transcript of the hearing as well as written testimony.
- Recommended Changes to the
Mello-Roos Act of 1982: Report to the Legislature and Governor
This report provides background on the Commission’s involvement with the issue of Mello-Roos
financing, reviews the testimony presented at a public hearing on the issue
conducted in 1992, and gives recommendations on improving the Mello-Roos Act.
The report also provides a transcript of the hearing as well as written testimony.
- Recommended Practices for California Redevelopment Agencies
April 1995 [CDIAC #95-5]
This report assists redevelopment agencies by providing recommended practices and
examples of innovation culled from redevelopment activities throughout California.
- Recommended Practices in the Appraisal of Real
Estate for Land-Secured Financings
July 2004 [CDIAC #04-06]
This report makes various recommendations regarding specific practices in the field of appraising real properties
securing Mello-Roos or assessment bonds.
- Reimbursements and Bond Proceeds
This report seeks to provide information on reimbursement bonds that may guide issuers in the appropriate use of
- Report of the Interagency Municipal Securities Task Force
June 1998 [CDIAC #98-6]
This Report reviews the State's approach to the enforcement of its municipal bond laws.
- Response to Senate Local Government Committee Request for
Information Related to Senate Bill 465 (Soto)
This report summarizes research completed at the request of the Senate Local Government Committee
regarding Senate Bill 465 (Soto), a bill that would create a new category of redevelopment project
area, among other things. The report responds to a series of questions asked
by the Committee related to mixed-use redevelopment projects near
transit stations, including details regarding the project area (for
example, size, distance from the transit station, debt incurred) and
broader questions regarding the impact of current redevelopment law
and SB 465 (Soto).
- A Review of California State and Local Outstanding General
Obligation Debt: 1992-93 through 1998-99
October 2002 [CDIAC #02-5]
This report reviews state and local general obligation (GO) bonds issued in California from 1992-93 through
1998-99. It also explores the relationship between outstanding GO bonds and prevailing economic and demographic
conditions statewide and within various regions of the State.
- A Review of the Marks-Roos Local Bond
Pooling Act of 1985
September 1998 [CDIAC #98-8]
This report demystifies the "black box" of Marks-Roos financing by providing
a factual basis for understanding the historical development of the Marks-Roos Act, and
serving as a reference guide on its practical applications.
- Rule 144A Securities
July 2013 [CDIAC #13-05]
The current low interest rate environment has prompted many local agencies to look for higher investment returns and some have expressed interest in purchasing Rule 144A restricted securities. This brief provides a summary of Rule 144A securities and the rationale for CDIAC’s recommendation to local agencies that they not hold these securities in their investment portfolios.
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- Securities Lending Agreements Issue Brief
May 2005 [CDIAC #05-5]
This Issue Brief explains the process of investing in securities lending agreements, discusses the different
types of collateral used, and explains the benefits and risks associated with participating in these instruments.
- State and Local Bond and Tax Ballot Measures
The report presents the results of state and local tax and bond measures that appeared on Primary, Special, and General Election Ballots for the years listed.
- Results of the 2012 General Election [CDIAC #13-01]
- Results of the 2010 General Election [CDIAC #11-01]
- Results of the 2010 Primary Election [CDIAC #10-02]
- Results of the May 19, 2009 Special Election [CDIAC #09-08]
- Results of the November 2008 General Election, March 2009 [CDIAC #09-01]
- Results of the June 2008 Primary Election, March 2009 [CDIAC #08-10]
- Results of the February 2008 Primary Election, June 2008 [CDIAC #08-05]
- Results of the November 2006 General Election, March 2007 [CDIAC#07-01]
- Results of the June 2006 Primary Election, September 2006, [CDIAC #06-05]
- Results of the November 2005 Special Election, February 2006, [CDIAC #06-01]
- Results of the November 2004 General Election, February 2005, [CDIAC #05-01]
- Results of the March 2004 Primary Election, June 2004, [CDIAC #04-02]
- Results of the November 2002 General Election, March 2003, [CDIAC #03-1]
- Results of the March 2002 Primary Election, June 2002, [CDIAC #02-4]
- Results of the November 2000 General Election, February 2001, [CDIAC #01-5]
- Results of the March 7, 2000 Primary Election, June 2000, [CDIAC #00-3]
- Results of the November 1998 General Election, March 1999, [CDIAC #99-2]
- Results of the June 1998 Primary Election, September 1998, [CDIAC #98-7]
- Results of the November 1996 General Election, March 1997 [CDIAC #97-2]
- Results of the 1996 Primary Election - June 1996 [CDAC #96-5]
- Results of the 1994 Primary and General Elections, December 1994, [CDAC #94-9]
- Results of the 1992 Primary and General Elections, March 1993, [CDAC #93-1]
- Summary of General Election Results, November 6, 1990, February 1991
- Summary of Primary Election, June 5, 1990, September 1990
- Summary of General Election, November 8, 1988, February 1989
- Summary of General Election, November
4, 1986, February 1987
- State and Local Government Debt Data Resources
September 2007 [CDIAC #07-08]
This guide provides information on the available on-line databases and reports that contain detailed state and local government debt information. It includes a description of the type of municipal debt information maintained by each state as well as the web addresses to access the information.
- Summary of California Public Debt Issuance
This summary provides information on the major components of debt issued by public agencies
in California. The tables included in the report contain statistics on both state and local agencies
broken out by type of issuer, type of debt, purpose of financing, federal taxability, and whether the
issue is a refunding or not. Prior to 1993, this report was known as the "Summary of California
- A Survey of the County Treasurer’s Role in School District General Obligation Bond Financing
June 2012 [CDIAC# 12-02]
This issue brief surveys the relationship between school districts and the County Treasurer’s Office in the authority and processes underlying the approval, sale and administration of school district general obligation bonds.
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- Tobacco Securitization Bond Issuance in California.
State and local governments receive payments from tobacco companies pursuant to a settlement on tobacco-related health issues. Some California governments have pledged the annual stream of settlement payments to service a bond, a procedure which reduces revenue uncertainty for them. This issue brief summarizes the amount of settlement-secured debt issued in California since 2001.
- Tools to Revitalize California Communities
January 2006 [CDIAC #05-10]
This guide gives local government officials and private parties
who are seeking to revitalize their communities the tools that they
need to find the appropriate state financing program to assist their
situations. It describes select state agency programs that provide
community revitalization financing, illustrates real-life examples of
how some of these programs have been used, and lists contact
information for those interested in pursuing the programs for use in
- Twenty Questions for Municipal Interest
Rate Swap Issuers
April 2005 [CDIAC #05-04]
This report suggests ten questions for bond issuers to ask of other transaction participants, their swap advisors or financial advisors, and the swap counterparty. In addition, the report suggests ten questions for
bond issuers to ask themselves before transacting an interest rate swap.
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- Understanding Interest Rate Swap Math and Pricing
January 2007 [CDIAC #06-11]
This report provides an overview of interest rate swap math and pricing conventions,
including information on the interest rate swap market, the swap dealer’s pricing and
sales conventions, relevant indices needed to determine pricing, formulas and examples of
pricing, and a review of the variables that have an effect on market and termination pricing
of an existing swap.
- Understanding Public Investment Reporting: A Handbook for
Local Elected Officials
November 2003 [CDIAC #03-02]
This "quick-reference" Handbook is designed to help elected and appointed local government officials,
investment oversight committee members, and the agency's legislative body review and interpret investment reports.
- Understanding the Underwriting Spread Issue Brief
March 1993 [Issue Brief # 2]
This Issue Brief defines, illustrates, and describes how to negotiate an underwriting spread.
- The Use of General Obligation Bonds by the State of California
September 9, 1987
This report examines the use of general obligation bonds by the State of California.
- The Use of Pool Financing Techniques in California: A Look at Joint Issuance Techniques by Public Agencies
September 1, 1988
This report presents an historical summary of local pool financings in the State, a glossary of pool terminology, and a description of the different types of pool financing techniques. In addition, several pool programs that illustrate typical pool structures are profiled.
- The Use of Redevelopment and Tax Increment Financing by Cities and Counties
This report summarizes findings and conclusions on the use of redevelopment and tax increment financing by cities and counties. Specifically, it provides information on the total amount of tax allocation bond indebtedness and tax increment revenue outstanding for redevelopment agencies; the amount of tax increment revenue received by California redevelopment agencies for the fiscal year; whether or not the State would assume any liability in the event of a redevelopment agency bond default; and the total number of housing units eliminated and provided as a result of redevelopment activity.
- The Use of Sweep Accounts by California Local Governments
July 2008 [CDIAC #08-07]
A sweep account provides a means for earning interest income on unused cash that otherwise might sit idle in a zero-interest checking account. The decision to use a sweep account comes with many choices. This issue brief addresses: determining the appropriate type of investment, necessary account services, and acceptable operational costs or fees. The issue brief also includes the results of an informal survey of local government sweep account usage.
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