Economic Recovery Financing Committee

May 24, 2004
3:00 pm, Redwood Room
Department of Finance, 915 L Street
Minutes

Present:

Mr. Peter Siggins, Legal Affairs Secretary, for the Governor of the State of California
Mr. Juan Fernandez, Division Director, State Treasurer's Office
Mr. Rick Chivaro, Chief Counsel, State Controller's Office
Mr. Mike Genest, Chief Deputy Director, Department of Finance (Chairperson)
Mr. Ron Joseph, Interim Director, Department of General Services
Mr. Bob Garcia, Chief Financial Officer, Department of Transportation

Staff Present:

Greg Rogers, Assistant Program Budget Manager
Madelynn McClain, Budget Analyst

Call to Order and Roll Call:

Mr. Genest, Chairperson, Chief Deputy Director, Department of Finance called the meeting to order at 3:00 pm. Ms. McClain, Budget Analyst, Department of Finance, called the roll. A quorum was established.

Mr. Genest stated that the first item of business was Agenda Item #3, Consideration of Minutes of the Meeting of April 20, 2004.

Mr. Rogers stated that staff had reviewed the minutes from the April 20, 2004, meeting and believe they accurately reflect the actions taken. Staff recommended approval of Agenda Item #3.

Mr. Genest asked if there was any public comment on this item. Hearing none, Mr. Genest called for a motion and second on Agenda Item #3.

A motion was made by Mr. Garcia and seconded by Mr. Chivaro, to approve Agenda Item #3.

Agenda Item #3 was passed with a 6-0 vote.

AYES

Mr. Peter Siggins, Legal Affairs Secretary, for the Governor of the State of California
Mr. Juan Fernandez, Division Director, State Treasurer's Office
Mr. Rick Chivaro, Chief Counsel, State Controller's Office
Mr. Mike Genest, Chief Deputy Director, Department of Finance (Chairperson)
Mr. Ron Joseph, Interim Director, Department of General Services
Mr. Bob Garcia, Chief Financial Officer, Department of Transportation

NOS

None

ABSTAIN

None

Mr. Genest noted that the second item of business was Resolution 2004-03. Mr. Genest then stated, "I would like to bring to the members' attention a copy of the letter to the members dated May 13, 2004, from the Director of the Department of Finance revising her request to the Committee, dated April 12, 2004, to issue Economic Recovery Bonds. The new request asks the Committee to provide net proceeds of $11.254 billion. An increase in state revenues combined with policy changes included in the Governor's Budget May Revision provides a unique opportunity to reduce the amount of net bond proceeds needed as part of the 2004-05 budget package by $1,000,000,000 from the amount of the first request. If and when additional bond proceeds are needed, the Director will make an additional request to the Committee."

Mr. Rogers stated that Resolution 2004-03 amended Resolution 2004-02 to reduce the aggregate par amount of State of California Economic Recovery Bonds, Series 2004, authorized to be issued to an amount not to exceed $11,254,000,000; to delegate to the Director of Finance, the authority to execute and deliver certain amendments to the Economic Recovery Implementation Agreement, the original execution of which was authorized pursuant to Resolution 2004-01; and to ratify certain actions heretofore taken on behalf of the committee. Staff recommended approval of Resolution 2004-03.

Mr. Genest asked of the members or public had any comments on this item. Hearing none, Mr. Genest called for a motion and second on Resolution 2004-03.

A motion was made by Mr. Siggins and seconded by Mr. Chivaro to approve Resolution 2004-03.

Resolution 2004-03 passed with a 6-0 vote.

AYES

Mr. Peter Siggins, Legal Affairs Secretary, for the Governor of the State of California
Mr. Juan Fernandez, Division Director, State Treasurer's Office
Mr. Rick Chivaro, Chief Counsel, State Controller's Office
Mr. Mike Genest, Chief Deputy Director, Department of Finance (Chairperson)
Mr. Ron Joseph, Interim Director, Department of General Services
Mr. Bob Garcia, Chief Financial Officer, Department of Transportation

NOS

None

ABSTAIN

None

Mr. Genest asked for any other public comment. Hearing none, he stated that the meeting was adjourned.

Having no further business, the meeting was adjourned at 3:05 pm.

Meeting Notice and Agenda

Members of the Economic Recovery Financing Committee under Economic Recovery Bond Act Government Code Section 99050 et seq. Approved Pursuant to Proposition 57

915 L Street
Redwood Room
Sacramento, California 95814
May 24, 2004; 3:00 p.m.

  1. Call to Order
  2. Roll Call:
    Arnold Schwarzenegger, Governor of California
    Philip Angelides, State Treasurer
    Steve Westly, State Controller
    Donna Arduin, Director of Finance
    Sunne Wright McPeak, Secretary of Business, Transportation and Housing Agency
    Ron Joseph, Interim Director of General Services
    Tony Harris, Director of Transportation

    The Governor may be represented by his designee, and any of the other members may be represented by his or her deputy.
  3. Consideration of Minutes of the Meeting of April 20, 2004 - APPROVED
  4. Consideration of Resolution 2004-03, entitled: A Resolution Under The Economic Recovery Bond Act, Amending Resolution 2004-03 To Reduce The Aggregate Par Amount Of State Of California Economic Recovery Bonds, Series 2004, Authorized To Be Issued To An Amount Not To Exceed $11,254,000,000; Delegating To The Director of Finance The Authority to Execute and Deliver Certain Amendments to the Economic Recovery Bonds Implementation Agreement The Original Execution of Which Was Authorized Pursuant to Resolution 2004-01; And Ratifying Certain Actions Heretofore Taken On Behalf Of The Committee. - APPROVED
  5. Public comment.
  6. Adjournment.

There will be an opportunity for public comment at the end of each action item, prior to any action thereon.

Note: Any item designated as an "Information Item" is appropriate for Committee action if the Committee chooses to take action. Agenda items may be taken out of order.

The Economic Recovery Financing Committee complies with the Americans with Disabilities Act (ADA) by ensuring that the meeting facilities are accessible to persons with disabilities, and providing this notice and information given to the Members of the Economic Recovery Financing Committee in appropriate alternative formats when requested. If you need further assistance, including disability-related modifications or accommodations, you may contact the Committee no later than the day prior to the meeting at (916) 445-5332, and Telecommunications Device for the Deaf (TDD) services at (916) 324-6547.

Questions or requests for additional information prior to the Committee meeting may be referred to Madelynn McClain, California Department of Finance, 915 L Street, Sacramento, California 95814, telephone: (916) 445-5332. This meeting agenda is also available on the Department of Finance website.