California Debt and Investment Advisory Commission

2014 Debt Issuance and Public Investment Webinars, Seminars and Conferences

Steps for Reporting Debt Issuance to CDIAC: Report of Proposed Debt Issuance & Report of Final Sale
December 10, 2014
10:00 AM � 11:15 AM Pacific Time

The California Debt and Investment Advisory Commission (CDIAC), created to collect, maintain and provide comprehensive information of all state and local debt authorization and issuance, has routinely made updates to its reporting forms in response to market and legislative changes.  This webinar will discuss the most recent updates to the Report of Proposed Debt Issuance and Report of Final Sale and guide submitters through the reporting process.

Principles and Practices of Debt Management: Employing a Debt Policy
Wednesday, October 22, 2014
10:00 AM - 11:45 AM Pacific Time

Register for Replay Through Education Portal

Note: The complete program including, replays, transcripts, and slides are available in the CDIAC Education Portal. Registration required but materials are free.

A local agency's debt management policy can assist the agency to make decisions and support efforts to identify conflicts, inconsistencies, and gaps in the agency's approach to project finance and debt management. Policies are also instrumental in setting a proper balance between limits on the use of debt financing and providing sufficient flexibility to respond to unforeseen circumstances and opportunities. This webinar addresses the importance of establishing a debt policy and highlights best practices for developing and maintaining a debt management policy.

Alternative Financing in the Municipal Market: Financial and Policy Considerations
Pre-Conference at The Bond Buyer�s 24th Annual California Public Finance Conference
October 8, 2014
Manchester Grand Hyatt San Diego, San Diego, CA

Years ago, the practice of public agencies borrowing directly from commercial banks to finance public purposes, including facilities, was commonplace. Over time, the volume of these transactions as well as the economics of borrowing led to a greater reliance on loans underwritten and distributed by investment banks. Several recent trends, including the decline in liquidity products and other credit supports along with regulatory and tax reforms, have led to the reemergence of bank lending and the entry of other capital providers in the municipal market. This program is designed to explore the changing practices of municipal borrowers and lenders and the implications of alternative financing on municipal finance. The program also highlights the confluence of economic, market, and policy trends that may introduce yet unperceived risks that require new forms of analysis and reporting. You must be registered for the main conference to attend the pre-conference.

Special Assessment Districts: Approaches for Achieving Successful Outcomes
September 18, 2014 with University of California, Davis Extension
Sutter Square Galleria, 2901 K St, Sacramento, 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.

Intermediate Bond Math
Part 2: Economics and Structures
Wednesday, August 20, 2014
2:00 PM � 3:30 PM Pacific Time

Economics and Structures will introduce alternative bond structures, such as different call features and bullets, and their impact on long-term borrowing costs and bond pricing. This webinar will include:

  • Callable bonds and effect on bond pricing (premium, par, discount)
  • Mechanics and math of refundings
  • Comparison of non-callable and callable bonds
  • Differences between current interest, capital appreciation, and convertible capital appreciation bonds
  • Evaluation of call options for refunding savings


Intermediate Bond Math
Part 1: Bond Cash Flows Literacy
Thursday, August 7, 2014
2:00 PM � 3:30 PM Pacific Time

Bond Cash Flows Literacy will cover the analytics of pricing and builds on the fundamental concepts presented in CDIAC�s Debt Essentials seminar, including concepts that form the basis of bond structuring considerations and decisions. This webinar will include:

  • Understanding yield curves
  • Calculation of debt service
  • Bond pricing formula and pricing conventions
  • Cash flow and amortization schedules
  • Bond pricing with MS Excel


Regulatory Update: The Municipal Advisory Rules and Their Effect on Public Investments
June 23, 2014
10:00 AM � 11:00 AM Pacific Time
Cost: Free

With the effective date of the Municipal Advisory (MA) Rules approaching, the municipal market has been directed principally to the role and responsibilities of those persons providing advice with respect to the issuance of municipal securities. However, the rules have important implications for those providing advice to governmental entities on the investment of bond proceeds or the brokerage of municipal escrow investments. Treasury officials at the local level are already receiving letters from underwriting firms, who are informing clients that the MA Rules may prohibit them from continuing to sell and trade on behalf of the governmental entity. This webinar considers the Rules and their implications for treasury management. It will address:

  • When is a broker-dealer providing investment advice that would result in the broker-dealer being considered a municipal advisor?
  • What exemptions and exclusions do the MA Rules provide broker-dealers selling and managing public investments? What role does the governmental entity have, if any?
  • What alternatives, exemptions, and exclusions can apply for the investment of bond proceeds? Can government entities rely upon an independent registered municipal advisor (IRMA) or registered investment advisor (RIA) for advice and exempt broker-dealers who sell securities to an issuer for the investment of bond proceeds from the Municipal Advisor Rules?  What form of notice/acknowledgment can be provided to broker-dealers to invoke this exemption?
  • What should agencies do with the letters from brokerage firms? Why do letters vary among firms? Are all brokerage firms required to submit letters to governmental entities?
  • How do the MA Rules apply to pooled investments? What does the MA need to know to provide advice on pooled funds? How will pooled structures handle the investment of bond proceeds?
  • What are the different rules and assumptions that apply depending on whether the bond proceeds relate to municipal securities issued before or after July 1, 2014 (the effective date of the Rules)?


Securities and Exchange Commission (SEC) Municipalities Continuing Disclosure Cooperation Initiative, Part 2: Issuer Considerations and Actions
June 2, 2014
10:00 AM to 11:30 AM Pacific Time
Cost: Free

On April 28, 2014, the California Debt and Investment Advisory Commission broadcast a webinar highlighting the Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”). This initiative allows underwriters and issuers to self-report no later than September 10, 2014, material inaccuracies in a final official statement regarding prior compliance with continuing disclosure obligations under Rule 15c2-12. To take advantage of this program, issuers will have to undertake a rigorous analysis of their exposure as well as fully consider the consequences of self-reporting or not reporting. This follow-up webinar will consider some of the key steps that issuers should initiate now and the decision points that issuers should recognize in their deliberations. These include:

  • What steps should issuers take to determine their status?
  • How should issuers address the standard of “materiality” contained within the MCDC Initiative?
  • Who needs to be involved in the decision process?
  • What are the implications of participating in the MCDC Initiative? What are the implications of not participating? What is the consequence of a consent decree between the issuer and the SEC?
  • What is the timeline for compliance?


Securities and Exchange Commission (SEC) Municipalities Continuing Disclosure Cooperation Initiative: A Call to All Municipal Issuers
April 28, 2014
10:00 AM to 11:00 AM Pacific Time
Cost: Free

On March 10, 2014, the SEC announced a new cooperative enforcement initiative designed to encourage any issuers and underwriters of municipal securities to self-report certain violations of the federal securities laws. Issuers and underwriters have up until September 10, 2014, under the Municipalities Continuing Disclosure Cooperation Initiative (the �MCDC Initiative�) to self-report materially inaccurate statements in a final official statement regarding the issuer�s prior compliance with its continuing obligations as described in Rule 15c2-12. The SEC offers no assurances to issuer and underwriters who do not take advantage of the MCDC Initiative. The webinar will provide information on the MCDC Initiative, including:

  • The origins of the MCDC Initiative and why it is advantageous for issuers and underwriters to participate.
  • Issuers and underwriters who should consider self-reporting under the MCDC Initiative.
  • The process of self-reporting under the MCDC Initiative.


Fundamentals of Land-Secured Financing
April 25, 2014
California Department of Transportation District 11 Training Center, San Diego, CA
Cost: $150.00 for public officials / $250.00 for private officials

This seminar will detail the land-secured financing process from district pre-formation through project implementation to on-going administration. Both Mello-Roos Community Facilities District and Assessment District financings will be covered in-depth.

Municipal Market Disclosure: Current Topics and Practices
March 18-19, 2014
Sheraton Fairplex Hotel & Conference Center, Pomona, CA
Cost: $175.00 for public officials / $275.00 for private officials

Both the Securities and Exchange Commission (SEC) and the Government Accountability Office noted in their evaluation of the municipal market the need to improve market transparency through better disclosure. Efforts to do so, however, have stirred as much controversy as they have resulted in improved practices. This one and a half day program is devoted to a discussion of where we are and how much further we have to go. Day One of this seminar will focus on the current rules and proposed reform initiatives for primary and secondary disclosure practices by public agencies. Day Two will focus on recommended disclosure practices for direct loans and general obligation debt.

Tools and Strategies for Today’s Public Investment Portfolio Manager
March 12-13, 2014
Hilton Concord, Concord, CA
Cost: $225.00 for public officials / $325.00 for private professionals

This seminar provides public agency investment officers and other public officials with an introduction to the concepts, tools, and strategies necessary to manage and oversee public investment portfolios. Panelists will address the components of portfolio management, including establishing policy objectives, managing cash flow, understanding permitted investments, assessing and mitigating risk, and structuring portfolios.

An Update on Swaps: What�s Different and What to Disclose?
January 9, 2014
10:00 AM to 11:30 AM Pacific Time
Cost: Free

As a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act derivatives, including interest rate swaps, are subject to the regulation by the Commodity Futures Trading Commission and the Securities and Exchange Commission. This webinar discusses what this means for the municipal market, including the rules and regulations that pertain to �Special Entities� and the disclosure and reporting requirements under Governmental Accounting Standards Board 53.