California Debt and Investment Advisory Commission

Alphabetical List of All Publications

The following publications are provided free of charge upon request, unless otherwise noted (please limit your request to information that will actually be used). For questions regarding publication content or ordering, please contact CDIAC.

• Analyses of California Public Debt
  August 1983
  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.
  • 2006 [CDIAC #07-05]
  • 2005 [CDIAC #06-06]
  • 2004 [CDIAC #05-07]
  • 2003 [CDIAC #04-09]
  • 2002 [CDIAC #03-7]
  • 2001 [CDIAC #02-6]
  • 2000 [CDIAC #01-7]
  • 1999 [CDIAC #01-2]
  • 1998 [CDIAC #99-6]
  • 1997 [CDIAC #98-4]
  • 1996 [CDIAC #97-5]
  • 1995 [CDAC #96-4]
  • 1994 [CDAC #95-2]
  • 1993 [CDAC #94-3]
  • 1992 [CDAC #93-1]
  • 1991 [CDAC #92-3]
  • 1982
• 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.
• 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 Brief
  August 2004 [CDIAC #04-8]
  This Issue Brief provides an overview of the market, mechanics, cost, benefits, and risk associated with Auction Rate Securities.
• 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.
• 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).
  • 2006 [CDIAC #07-07]
  • 2005 [CDIAC #06-08]
  • 2004 [CDIAC #05-09]
  • 2003 [CDIAC #04-11]
  • 2002 [CDIAC #03-9]
  • 2001 [CDIAC #02-8]
  • 2000 [CDIAC #01-9]
  • 1999 [CDIAC #01-4]
  • 1998 [CDIAC #99-4]
  • 1997 [CDIAC #98-3]
  • 1996 [CDIAC #97-6]
  • 1995 [CDAC #96-3]
  • 1994 [CDAC #95-8]
  • 1993 [CDAC #94-5]
  • 1992 [CDAC #93-6]
  • 1991 [CDAC #92-5]
  • 1990 - June 1, 1990
  • 1989 - February 15, 1990
  • 1988 - February 15, 1989
  • 1987 - February 1, 1988
  • 1986 - May 15, 1987
  • 1985 - March 31, 1986
• California Debt Issuance Primer
  Revised March 2006 [CDIAC #06-4]
  A comprehensive Primer on the bond issuance process in California.
  • Mail/Fax in Order Form
  • Purchase Online
• 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 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
  March 2005 [CDIAC #05-02]
  A comprehensive Primer on the public investment process in California.
  • Mail/Fax in Order Form
  • Purchase Online
• 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.
• Debt Indicators and Criteria for the Assessment of California's Total Outstanding Public Debt
  January 1990
  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 electronic format.
• 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 land-based securities.
• 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.
• 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.
• 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.
• Glossary of Leasing Terms
  November 1997 [CDIAC #97-09]
  The purpose of this glossary is to provide a helpful reference tool to public officials responsible for leasing decisions.
• Guidelines For Leases and Certificates of Participation
  November 1993 [CDAC #93-8]
  The Guidelines are to help public officials understand tax exempt leasing and to apply this tool judiciously.
• Guidelines for Mello-Roos Financing
  October 1991
  This report is a reprint of the guidelines included in Mello-Roos Financing in California.
• 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 Informational Guide
  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 responsibilities.
• 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 Agency Investment Guidelines: Update for 2008
  January 2008 [CDIAC #08-01]
  These Guidelines provide local agencies and other interested parties with information on recent state law changes that affect the investment of public funds. The 2008 Update reflects statutory changes effective January 1, 2008. The 2008 Update should be used to replace all previous versions of the document.
• 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 between January 1, 1996 and June 30, 2002. It provides information on the fiscal status of debt issued after 1996 and on defaults and draws on reserves reported to CDIAC in calendar year 2002.
  • 2002 - June 2003 [CDIAC #03-05]
  • 1998 - April 1999 [CDIAC #99-3]
  • 1997 - January 1998 [CDIAC #98-1]
  • 1996 - February 1997 [CDIAC #97-4]
• Mello-Roos Community Facilities Districts Yearly Fiscal Status Report
  This publication uses reports 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, 2002. It provides information on the fiscal status of bonds sold after 1993 and on defaults and draws on reserves reported to CDIAC in calendar year 2002.
  • 2002 - November 2003 [CDIAC #03-06]
  • 1999-2000 - September 2001 [CDIAC #01-6]
  • 1998 - April 1999 [CDIAC #99-1]
  • 1997 - March 1998 [CDIAC #98-2]
  • 1996 - January 1997 [CDIAC #97-1]
  • 1995 - January 1996 [CDAC #96-1]
  • 1994 - December 1994 [CDAC #94-8]
  • 1993 - December 1993 [CDAC #93-9]
• Mello-Roos Financing In California
  September 1991
  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.
• 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.
• 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.
• 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.
• 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.
  • QZAB Program Filing Changes for 2007 (Amends Information Found in Issue Brief)
• Quick Reference Guide to Debt Issuance and Public Fund Investment Seminars
  August 2007
  This Guide contains information on the various bond issuance and public fund investment seminars as well as workshops offered through CDIAC's Continuing Education and Outreach Program. CDIAC's seminars are described and the Guide includes information on the subject matter contained in each program, the duration of the program, who should attend, and how often the program is offered.
• 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 infrastructure finance.
• Recommended Changes to the Mello-Roos Act of 1982: Oral and Written Testimony
  March 1992
  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
  March 1992
  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
  October 2003
  This report seeks to provide information on reimbursement bonds that may guide issuers in the appropriate use of such bonds.
• 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)
  January 2003
  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.
• 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 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 Public Debt."
  • 2006 [CDIAC #07-06]
  • 2005 [CDIAC #06-07]
  • 2004 [CDIAC #05-08]
  • 2003 [CDIAC #04-10]
  • 2002 [CDIAC #03-8]
  • 2001 [CDIAC #02-7]
  • 2000 [CDIAC #01-8]
  • 1999 [CDIAC #01-3]
  • 1998 [CDIAC #99-5]
  • 1997 [CDIAC #98-5]
  • 1996 [CDIAC #97-7]
  • 1995 [CDAC #96-2]
  • 1994 [CDAC #95-7]
  • 1993 [CDAC #94-4]
  • 1992 [CDAC #93-5]
  • 1991 [CDAC #92-4]
  • 1990 - June 1991
  • 1989 - February 15, 1990
  • 1988 - February 15, 1989
  • 1987 - February 1, 1988
  • 1986 - May 15, 1987
  • 1985 - March 31, 1986
• 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 their communities.
• 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.
• 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
  October 1984
  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.