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Alphabetical List of All Publications

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A

Alternative Financing in the Municipal Market: Financial and Policy Considerations
July 2015 [CDIAC #15-04]
The expanded availability and demand for alternative debt structures in the municipal market provides unique opportunities and risks to both issuers and investors. This issue brief explains the benefits and drawbacks, the pertinent disclosure issues, and the policies and procedures municipal issuers should consider before issuing alternative debt.
Alternative Trading Systems: Solving the Liquidity and Pricing Transparency Problems in the Municipal Market
June 2016 [CDIAC #16-07]
Electronic trading through alternative trading systems (ATS) presents opportunities for municipal market participants, including issuers to improve liquidity, trade efficiently, and increase market transparency to improve pricing.
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
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.
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 Municipal 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 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.

B

The Bay Delta Conveyance Facility: Affordability and Financing Considerations
A study of affordability for the water facility construction proposed in the Public Review Draft Bay Delta Conservation Plan
Benefits and Limitations of Option-Adjusted Spread Analysis
December 2020 [CDIAC #20-10]
This issue brief provides an introduction to what option-adjusted spread (OAS) is, how it is used as well as assumptions and limitations of OAS analysis.
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.

C

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 Financing Guide
April 2019 [CDIAC #19-05]
The California Debt Financing Guide is a comprehensive explanation of how public agencies use debt financing in California to provide public facilities and manage short-term financial needs. It offers a user-friendly review of the statutory and regulatory framework guiding the issuance and administration of debt by cities, counties, special districts, school and community college districts and the State. The Introduction provides a framework for issuers, elected officials, policy makers, and taxpayers to understand the obligations public agencies assume when they choose to pay for facilities with debt.
California Debt Issuance Primer
Revised March 2006 [CDIAC #06-4]
The Debt Issuance Primer, a landmark achievement when it was originally published in 1986, served as a compendium of tools, concepts, and processes used by public agencies to finance capital facilities in California. The public finance market in California and the U.S. has substantially changed since it was last updated in 2006, but it remains a useful resource for understanding the origins of many essential financial tools still used today. The Debt Issuance Primer is available in electronic form only.
- Debt Primer Overview
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 their public fund investment portfolio.
Paper copies of the Investment Primer are complimentary. You pay shipping and handling cost only.
- Mail Order Form
- Purchase
California School Finance: The Practice of Borrowing from Bond Proceeds
April 2019 [CDAC #19-06]
California school districts are authorized without restriction to transfer monies held in a district fund to pay recognized obligations in another fund. The practice of transferring bond proceeds, however, presents significant risk to the district as well as to investors and taxpayers. As a result, CDIAC strongly recommends that school districts do not transfer bond proceeds to fund general operating expenses. Districts have other alternatives available to meet cash shortfalls in these funds, including tax and revenue anticipation notes or inter-governmental loans.
Climate Change Disclosure Among California Enterprise Issuers
October 2020 [CDIAC #20-08]
This report features an original CDIAC study of initial disclosure practices of risks of climate change for enterprise revenue issuers in California. Disclosure practices of more than 170 unique issuers were examined over a three-year period. CDIAC found that the majority of issuers did not mention climate change in the official statement, and that climate risk disclosure practices varied significantly based on several factors, including issuance size, issuance frequency, geography, year, etc.
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.

D

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
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.

E

Electronic Disclosure: 2017 Update
February 2017 [CDIAC #17-03]
Provides updated information on electronic disclosure filing and addresses recent trends in electronic disclosure
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.
Employing a Debt Management Policy – Practices Among California Local Agencies
March 2014 [CDIAC #14-02]
The Government Finance Officers Association (GFOA) recommends that a formal debt management policy, guiding debt issuance, should be a part of local government’s public debt administration. CDIAC conducted an examination of the debt management policies of cities, counties, and school districts and assessed the degree to which the debt policies of the these local issuers conform to GFOA best practices. The report also highlights several well-developed policies through which local agency issuers may gain an understanding of how best practices translate into actual debt policy construction.

F

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.
Foothill/Eastern Transportation Corridor Agency - Foothill/Eastern Toll Road Project - Proposed 2013 Restructuring
Fiscal analysis of the proposed refunding of the Foothill/Eastern Transportation Corridor Agency’s Foothill/Eastern Toll Road Project.
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.

G

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.

H

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.

I

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 in Callable Securities Issue Brief – September 2020 Update
September 2020 [CDIAC #20-07]
An update of a 2002 CDIAC Issue Brief that discusses the important considerations of investing 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.
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.
Issue Brief: Green Bonds
September 2014 [CDIAC #14-09]
Green Bonds are an emerging class of securities local agencies may be interested in issuing or investing in. This brief provides a short summary of Green Bonds, how they are structured, how they differ from traditional bonds, and whether they are viable debt structures or investment instruments for local governments in California.
Issue Brief: Securitized Investments - December 2023 Update
May 2016 [CDIAC #16-05]
CDIAC offers this issue brief to provide an updated overview of securitized investments, the authorizing statute applicable to different types of securitized investments and the current status of federal regulation affecting the securitized markets.
Issuer Application of the Municipal Advisor Rule’s IRMA Exemption
July 2016 [CDIAC #16-10]
The Municipal Advisor (MA) Rule regulates how municipal issuers receive advice about debt and investments. Issuers retaining an independent registered municipal advisor (IRMA) and noticing the fact allow for an exemption from the MA Rule’s terms. This issue brief contemplates issuer application of the IRMA exemption by reviewing publicly posted exemption letters.

K

K-14 Voter Approved General Obligation Bonds: Authorized, But Unissued – 2024 Update
May 2024 [CDIAC #24-09]
An update of CDIAC research that cross references K-14 general obligation bond issuance with the underlying voter-approved authority to determine authority amounts that have been authorized but remain unissued through 2024.
K-14 Voter Approved General Obligation Bonds: Authorized, But Unissued – Extended 2023 Update
May 2023 [CDIAC #23-04]
An extended update of CDIAC research that cross references K-14 general obligation bond issuance with the underlying voter-approved authority to determine authority amounts that have been authorized but remain unissued through 2022. This year’s extended update also includes a deeper discussion about the factors that have led to large amounts of unissued authority from 2008.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2022 Update
March 2022 [CDIAC #22-04]
An update of CDIAC research that cross references K-14 general obligation bond elections approved from 2001 through 2021, with general obligation bond issuance to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2021 Update
March 2021 [CDIAC #21-04]
An update of CDIAC research that cross references K-14 general obligation bond elections approved from 2001 through 2020, with general obligation bond issuance to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2020 Update
March 2020 [CDIAC #20-03]
An update of CDIAC research that cross references K-14 general obligation bond elections approved from 2001 through 2019, with general obligation bond issuance to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2019 Update
March 2019 [CDIAC #19-04]
An update of CDIAC research that cross references K-14 general obligation bond elections approved from 2001 through 2018, with general obligation bond issuance to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2018 Update
February 2018 [CDIAC #18-03]
An update of CDIAC research that cross references K-14 general obligation bonds issuance with the underlying voter approved authority between 2002-2017 to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized but Unissued – 2017 Update
April 2017 [CDIAC #16-04]
An update of CDIAC research that cross references K-14 general obligation bonds issuance with the underlying voter approved authority between 2002-2016 to determine amounts authorized, but unissued.
K-14 Voter Approved General Obligation Bonds: Authorized, but Unissued – 2016 Update
February 2016 [CDIAC #16-01]
An update of CDIAC research that cross references K-14 general obligation bond issuance with the underlying voter approved authority between 2002-2015 to determine amounts authorized, but unissued.
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 research to cross reference K-14 general obligation bond issuance with the underlying voter approved authority to determine amounts authorized, but unissued.

L

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.
Legal Foundations of Lease Financing in California
August 2022 [CDIAC #22-06]
This report provides the foundational context for the development and evolution of lease financing in California as well as how the legal precedent applies to the structuring of lease financings in the state.
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
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. The guidelines also provide information on state law changes in effect as of the year of the update. Statutory changes are usually effective on January 1 of the year referenced in the guidelines. This document is only available online.

M

Making Sense of Public Pensions
December 2011 [CDIAC #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
The Yearly Fiscal Status Report is based on information filed with CDIAC on the financial status of Marks-Roos Local Bond Pooling Act (Marks-Roos) public financing authorities and local obligors who sold debt in California. The information posted below link to either publications or data sets for Marks-Roos debt sold after January 1, 1996. All data that has been submitted to CDIAC on the fiscal status of CFD bonds sold after 1996, including defaults and draws on reserves is available by choosing the applicable filter (Marks-Roos Authority, Marks-Roos Local Obligor or Default-Draw) in the Details section of DebtWatch.
The most recent report on Marks-Roos bond pooling activity was published in CDIAC’s April 2024 Debt Line newsletter and summarizes the data submitted in fiscal year 2022-2023.
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 posted below link to either publications or data sets for CFD bonds sold after January 1, 1993. All data that has been submitted to CDIAC on the fiscal status of CFD bonds sold after 1993, including defaults and draws on reserves is available by choosing the applicable filter (Mello-Roos or Default-Draw) in the Details section of DebtWatch.

The most recent report includes a summary of Mello-Roos Community Facilities Districts bond activity in fiscal year 2022-2023 as reported to CDIAC.
Measuring K-14 Property Tax Rates Against Proposition 39 Limits
June 2017 [CDIAC #17-06]
Using information from CDIAC’s debt issuance database and county tax assessors, CDIAC reviewed tax rates for general obligation bonds issued under Proposition 39 and performed a detailed review to explain why some school districts have tax rates that exceed the tax rate limits established in statute.
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.
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.

O

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.
Opportunities to Use Assessment Districts to Finance Facilities and Services in California Today
July 2015 [CDIAC #2015-07]
A series of recent court decisions challenging the methods of apportioning general and special benefits used for certain assessments in California has led local agencies to question the viability of assessment financing, which in turn has limited the use of this important financing tool. This report seeks to inform local agencies as well as others in the public finance community about the opportunities for using assessments within the constraints imposed by these decisions.
An Overview of Local Government General Obligation Bond Issuance Trends - 2016 Update
August 2016 [CDIAC #16-14]
CDIAC conducted a review of local public agency General Obligation (GO) bond issuance activity in California from 2006-2015. As some of the most turbulent years in the municipal market, this report addresses the major influences on local public agency GO issuance activity during this time period. The report updates an earlier report which covered local public agency GO bond issuance trends from 1985 through 2005.
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.

P

A Preliminary Review of the Initial Disclosure Practices of California’s Conduit Borrowers
September 2015 [CDIAC #15-08]
This issue brief reviews the initial disclosure documents of conduit borrowers in the state of California, including a content analysis of those documents to determine the similarities and differences between and among the different sectors of conduit issuance.
Practical Considerations and Decision Points for Municipal Lease Financing in California
June 2023 [CDIAC #23-05]
This report expands beyond the foundational legal context for lease financing to practical considerations and decision points for municipal lease financing for California public agencies. Topics included in this report include the structure for the lease financing, the organization that acts as lessor for the transaction, selection of the leased asset, setting the amortization schedule, optional remedies and provisions as well as deciding whether it is in the public agency’s best interest to use lease financing in the first place.
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.
Proposition 218 and Special Assessments
September 2019 [CDIAC #19-13]
In a guest article, author Dean Misczynski exposes the “unintended” consequences of Proposition 218 on the use of assessment financing in California. For more than 150 years local governments have turned to this tool as an efficient and fair means of allocating the cost of paying for improvements ranging from sewer and water systems to roadways. Mr. Misczynski notes that the uncertain construction of Proposition 218 has resulted in recent court decisions that have led to a notable decline in the use of assessment financing.
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.

Q

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 Update for Federal Fiscal Years 2009-2010
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.

R

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.
Reducing Risk to Payment of State and Local Government Debt Obligations, Statutory Liens from Rhode Island to California SB222
Guest Article: Reducing Risk to Payment of State and Local Government Debt Obligations, Statutory Liens from Rhode Island to California SB222 by Jim Spiotto
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.
Review of Cannabis-Related Tax Measures in California
January 2022 [CDIAC #22-01]
This article includes a review of cannabis-related tax measures and legislative milestones in California and discusses cannabis-related election results at the state and local level.
Review of Local Debt Policy Compliance for 2017-2018
2019 [CDIAC #19-02]
CDIAC provides a review of the Local Debt Policy certifications submitted on reports of proposed debt issuance from January 2017 through December 2018. Issuers of public debt in California are required to certify that they have adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with those policies.
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.
Socially Responsible Investing – What Does it Mean and What's the Risk?
October 2019 [CDIAC #19-14]
This issue brief provides an overview of SRI for local agencies, in the context of the statutory requirements for the investment of public funds.
State and Local Bond and Tax Ballot Measures
The report presents the results of fiscal measures that appeared on Primary, Special, General and Local Election Ballots for the years listed.
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."
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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Task Force on Bond Accountability Final Report
December 2015 [CDIAC #15-09]
This Report includes numerous observations based upon public hearings and presentations made to the Task Force on Bond Accountability. It also includes a set of Best Practice Guidelines on the management of bond funds that should serve as a model for public agencies throughout the State as well as the nation.
Tobacco Securitization Bond Issuance in California.
June 2009
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 their communities.
Top COVID-19 Disclosure “Hacks” Issue Brief
November 2020 [CDIAC #20-09]
A common concern arising from municipal issuers relates to disclosure responsibilities to investors, and many issuers have expressed an “analysis paralysis” of whether – and how – to disclose the effects of COVID-19. This issue brief features the results of interviews with several experts in the field about best practices for issuers that are considering disclosure of the effects of COVID-19 on their agencies.
Towards a New Understanding of Debt Management: Adopting practices and technologies that meet the expanding obligations of debt issuers
June 2018 [CDIAC #18-06]
A special report on the roles and responsibilities of public debt issuers and the benefits of enhanced debt management practices to offset risk and increase the economic and programmatic outcomes of debt financing.
Towards a New Understanding of Debt Management: Adopting practices and technologies that meet the expanding obligations of debt issuers
June 2018 [CDIAC #18-06]
A special report on the roles and responsibilities of public debt issuers and the benefits of enhanced debt management practices to offset risk and increase the economic and programmatic outcomes of debt financing.
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
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.
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.