2019 Debt Issuance and Public Investment Webinars, Seminars and Conferences
Socially Responsible Investing: Integration in the Local Agency Portfolio
December 10, 2019
The board members and constituents of local agencies are increasingly asking that the investment of public funds take into account socially responsible investing (SRI) objectives. SRI and environmental, social, and governance (ESG) considerations may affect a local agency’s investment policy, credit analysis and investment portfolio decision process. This webinar aims to equip local investment officers with tools to help them carefully navigate the exploration and potential adoption of SRI strategies and ESG criteria. Participants will gain a better understanding of fundamental SRI and ESG concepts from CDIAC’s publication, Socially Responsible Investing – What Does It Mean and What’s the Risk?, hear how other California local agencies are integrating SRI objectives and ESG criteria, and learn about available resources that can help with SRI analysis.
Public Funds Investing Workshop
November 19, 20, 2019
This one-day workshop allows participants to engage in interactive learning to further their understanding of key investment terms and concepts. Participants will use Excel on their own laptops to explore concepts such as the relationship between yield, duration and convexity. The workshop will conclude with an exercise on benchmarking and participants will leave this workshop with tools - Excel spreadsheets - to utilize back in the office.
CDIAC's 18th Annual Pre-conference at The Bond Buyer's 28th Annual California Public Finance Conference
Administering Disclosure Obligations Under Amended SEC Rule 15c2-12
September 23, 2019
Amendments to Securities and Exchange Commission (SEC) Rule 15c2-12, which became effective February 27, 2019, added two new events that issuers of public debt must disclose to investors and other market participants. Issuers must disclose material financial obligations, as defined, and events connected to financial obligations that “reflect financial difficulties.” These two events, while defined in the context of the Rule, manifest themselves in countless forms within different public agencies. As a result, the obligation of issuers, underwriters, and legal counsel to identify, assess, and report disclosable events is more nuanced and, thus, more complex than the other event disclosures required under Rule 15c2-12. This program addresses the policy, legal, administrative, and transactional implications of Rule 15c2-12, as amended.
- PowerPoint Slides
- Recommended Readings
- Municipal Securities Rulemaking Board
SEC Rule 15c2-12 Webinar Transcript
- GFOA New Amendments to SEC Rule 15c2-12, Best Practice: Debt Management Policy, and Best Practice: Post-Issuance Policies and Procedures
- NABL Federal Securities Law: Amendments to Rule 15c2-12
- Hawkins Advisory
Rule 15c2-12 Amendments Compliance Alert, and Rule 15c2-12 Amendments - Implementation
Public Finance Alert: SEC Adopts Amendments to Rule 15c2-12
- Nixon Peabody
Public Finance Alert: SEC Adopts Amendments to Rule 15c2-12 to Add Events For Which Notice Must Be Provided
- Norton Rose Fulbright
Living With SEC Rule 15c2-12 Municipal Securities Disclosure Amendments
Developing and Administering Internal Controls for Bond Accountability
September 5, 2019
This one-day seminar addresses a framework for developing and administering an internal control system to account for and report on the expenditure of bond proceeds. The seminar focuses on the principles of a control system to provide for the prudent management and disbursement of public funds and applies these to bond administration. The program will incorporate tools developed by the Task Force on Bond Accountability convened by the State Treasurer’s Office.
- Presentation Materials
- Recommended Readings
Ongoing Debt Administration
September 4, 2019
This seminar is designed to provide government officers with the knowledge needed to manage their responsibilities for continuing disclosure, post-issuance filing and reporting, and compliance with federal arbitrage rules. Complying with both national and state-level reporting will be discussed. This seminar differs from CDIAC’s bond accountability and transparency program as this curriculum focuses on the larger practices of living with an issue over the life of the bond.
- Presentation Materials
- Recommended Readings
- California Debt Financing Guide, CDIAC, 2019
- Guidance on Complying with SB 1029, CDIAC, December 28, 2016
- Issuance Authorization: Enhancements and Data Submission Guidance, CDIAC, September 28, 2018
- Webinar: Creating SB 1029-Compliant Local Debt Policies, CDIAC, March 16, 2017
- Disclosing Information to Investors, Municipal Securities Rulemaking Board (MSRB) Education Center
- Getting to Know EMMA, MSRB, January 2018
- Debt Management Policy, Government Finance Officers Association (GFOA), October 2012
- Understanding Your Continuing Disclosure Responsibilities, GFOA, September 2015
- Post Issuance Policies and Procedures, GFOA, September 2017
- Developing and Implementing Procedures for Post-Issuance Tax Compliance for Issuers of Governmental Bonds, GFOA
- Considerations For Developing Post-Issuance Tax Compliance Procedures, National Association of Bond Lawyers, September 2016
- Post-Issuance Compliance Checklist, NABL/GFOA
Green Bonds in the Golden State: A Practical Path for Issuers
In collaboration with Goldman School of Public Policy
August 14 2019 | September 18, 2019 | October 2, 2019
The market demand for investment opportunities that advance environmental and socially responsible goals has grown dramatically. Increasingly aware of the growing market, elected leaders and their constituents across the country have begun to demand policy that matches the climate friendly attributes of infrastructure projects with complementary financing structures. Resultantly, green bonds have emerged in the past few years as a viable financing strategy for issuers investing in low-carbon and environmentally friendly infrastructure. Join us in this free three-part webinar series, which has been designed to provide public finance officials with the practical guidance needed to meet the green financing demands of their constituency. Participants will gain a clearer understanding of the risks and benefits of a green bond issuance and how to strike the proper balance between financial and environmental stewardship.
- Green Bonds Series Page
Includes replays, transcripts, slides, and series resources.
February 28, 2019
This webinar is designed to allow participants the opportunity to develop a benchmark using Excel and evaluate their investments against the derived benchmark. This is a webinar version of a group exercise on benchmarking done at the CMTA and CDIAC Fundamentals of Public Funds Investing program. Both those who attended the program, as well as those who did not, will benefit from working through the exercise individually and using their own computer.
Understanding Cash Flow and Cash Flow Forecasting
February 21, 2019
This webinar is designed to allow participants the opportunity to conduct a case study analyzing cash flows. This is a webinar version of a group exercise on cash flow done at the CMTA and CDIAC Fundamentals of Public Funds Investing program. Both those who attended the program, as well as those who did not, will benefit from working through the case study individually and using their own computer.
Municipal Debt Essentials
February 12-14, 2019
This three-day seminar is designed to provide municipal financing principles through lecture, short examples, and classroom interaction. Day 1, Debt Basics, covers the fundamental elements of debt financing, from the core concepts of bond math to the types of debt state and local governments can issue. Day 2, Planning a Bond Sale, is focused on the preparation, planning, and processes involved in issuing municipal debt, including, but not limited to, the development of a written debt policy and plan of finance, structuring debt service payments, managing cost of issuance, and credit analysis. Day 3, Marketing and Pricing a Municipal Bond, covers the concepts and processes involved in accessing the capital markets. The topics include a discussion of the offering document used to sell the bonds and how underwriters and issuers seek to market and price the bond.
- Agenda Day 1: Debt Basics
- Agenda Day 2: Planning a Bond Sale
- Agenda Day 3: Marketing and Pricing a Municipal Bond
- Presentation Materials
- Recommended Readings:
- California Debt Issuance Primer, California Debt and Investment Advisory Commission (CDIAC), 2006
- Glossary of Municipal Securities Terms, Municipal Securities Rulemaking Board (MSRB), August 2013
- Issuing Municipal Securities, MSRB Education Center
- Issuer Resource Library, MSRB, May 2016
- Roles and Responsibilities: The Financing Team in an Initial Municipal Bond Offering, MSRB, 2018
- Best Practice: Debt Management Policy, Government Finance Officers Association (GFOA), October 2012
- Best Practice: Primary Market Disclosure, GFOA, September 2017
- Disclosure Obligations of Issuers of Municipal Securities, Orrick, 2018
- White Paper on Best Municipal Bond Issuance Practices, National Federation of Municipal Analysts, June 2014
- Preparing Requests for Proposals, CDIAC, October 1994
- 10 Things to Know: New SEC Rule 15c2-12 Requirements, MSRB
- SEC Rule 15c2-12: Navigating the New Continuing Disclosure Requirements, Stifel, October 2018
Fundamentals of Public Funds Investing
In collaboration with CMTA
January 23-24, 2019
This seminar provides the fundamental concepts, tools, and strategies necessary to manage and oversee public investment portfolios. Panelists will address the components of portfolio management, including roles and responsibilities of practitioners, understanding permitted investments, establishing policy objectives, fixed income economics and managing cash flow. In addition, panelists will address structuring and diversifying an investment portfolio, benchmarking, and best practices in portfolio accounting, disclosure and reporting.