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California Debt and Investment Advisory Commission

2013 Debt Issuance and Public Investment Webinars, Seminars and Conferences

Discussion of Public Investment Products Current and Future: What Are They and Are They Risky?
November 6, 2013
10:00 AM to 11:45AM Pacific Time
Cost: Free

Historically low interest rates and the decline of certain familiar investment products, including debt issued by government sponsored enterprises such as FannieMae and FreddieMac, present new challenges for public fund managers who must prioritize the safety of their investments over liquidity and yield. Recognizing the complex choices investors must make in this environment, this webinar considers the opportunities to use several alternative investment products, including covered bonds, 144A securities, Yankee bonds, certificates of deposit (CDs), supranationals, and index notes.

Municipal Debt Essentials
October 22-24, 2013
Oakland Marriott City Center, Oakland CA

Municipal Debt Essentials is a seminar series delivered over three days: Debt 1: Debt Basics (October 22nd), will supply the foundational concepts for issuing debt; Debt 2: Accessing the Market (October 23rd), will provide an understanding of the strategic planning that occurs prior to debt issuance; Debt 3: Debt Administration (October 24th), will explain the fundamental responsibilities of debt administration after bond issuance. The seminar series is designed to build upon concepts from each day; however, participants may choose to take individual courses or the entire series based upon their educational needs.

Municipal Securities Rulemaking Board (MSRB) Rule G-17 and Other Market Disclosures: A Pathway to Clarity or Not?
Pre-Conference at The Bond Buyer’s 23rd Annual California Public Finance Conference
September 25, 2013
JW Marriott Los Angeles L.A. Live, Los Angeles, CA

This pre-conference is aimed to help issuers understand what questions they need to ask and what forms of disclosure they should expect or require from underwriters, financial advisors, investment advisors, bond counsel, and other consultants and to better identify and manage the conflicts and risks inherent to the business relationships that support the issuance of bonds. You must be registered for the main conference to attend the pre-conference.

Refunding Redevelopment Debt: New Challenges
September 12, 2013
10:00am-11:45am (Pacific Time)

Following the dissolution of redevelopment agencies in California, Assembly Bill (AB) X1 26 (Chapter 5, 2011) transferred to successor agencies the obligation imposed by debt issued by redevelopment agencies — an amount approaching $30 billion. Assembly Bill 1484 (Chapter 26, 2012) provided some opportunities for successor agencies to benefit from lower interest rates or to restructure these obligations by refunding outstanding bonds. AB 1484 did not address all of the challenges presented by a refunding. This webinar considers the complexities that remain as successor agencies consider refunding outstanding redevelopment debt.

Materials:

Funding and Financing of Maintenance and Public Infrastructure
Using Special Assessments: New Approaches for Achieving Successful Outcomes

8:30am to 4:00pm
April 11, 2013 with University of California (UC), Davis Extension Programs
Sutter Galleria, Sacramento CA
2901 K Street
Sacramento, CA

8:30am to 4:00pm
April 25, 2013 with UC Los Angeles (UCLA) Extension Programs
Figueroa Courtyard
261 South Figueroa Street
Los Angeles, CA

The state of uncertainty that now surrounds special assessment districts in California has led to a decline in the use of this tool to pay for public maintenance and capital improvement projects. This seminar considers the implications of the court’s actions, how practicing assessment engineers and other public finance professionals have responded, and the opportunities to use assessment districts in the future.

Market Update: The Future of Credit Enhancement
Wednesday, March 6, 2013
10am – 11:30am (Pacific Time)

The issuance of credit enhanced municipal bonds has dramatically decreased since 2007. Approximately sixty percent of all bonds sold by California issuers in 2007 had underlying credit enhancements. In 2012, that number is closer to seven percent. The fall-off in credit enhanced bonds can be attributed to market dynamics including an increased focus on underlying credit ratings and the limited availability of AAA credit providers. This webinar will explore the use of credit enhancement including when to issue enhanced debt, currently available credit enhancement, and the potential impact of municipal reforms on credit enhancement.

Materials:

CDIAC Public Investing Workshop in Collaboration with California Municipal Treasurers Association (CMTA) Division 6
Public Funds Investing: Yesterday and Today
9:00am to 3:45pm
February 28, 2013
Sacramento City Hall Council Chambers
915 I Street
Sacramento, CA

This seminar delves into the framework for public funds investing in California by considering cases in which fund managers deviated from these objectives. It also addresses resources local investment officers may access to assist them, including the Local Agency Investment Guidelines. The limits of practice are then explored by considering the importance of credit quality in securities selection, recent changes in investment authority, and investment reporting.