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California Debt and Investment Advisory Commission


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Municipalities have been using debt financing as a tool to build their communities for over a century and throughout this history debt issuance has grown and changed to facilitate the provision of a variety of public benefits. Issuers and investors of municipal debt must consider market conditions, the amount and purpose of the debt, an agency’s credit, as well as many other variables. This variability coupled with so many people involved in the process, creates an environment where members of the issuance team understand their role, but may not understand the process as a whole. Join CDIAC and expert faculty during this three-day seminar on the most essential information needed to understand municipal debt in California.

Debt Basics | 8:00am – 5:00pm | September 27, 2022 | Agenda
Day one of this three-day seminar covers fundamental elements of debt financing, from the core terminology and roles and responsibilities of issuers and their financing team, to the types of debt state and local governments can issue. It is designed to provide municipal financing principles through lecture and short examples and exercises.

Mechanics of a Bond Sale | 8:00am – 5:00pm | September 28, 2022 | Agenda
Day two of this three-day seminar is focused on the preparation, planning, and processes involved in issuing municipal debt. Topics include, but are not limited to, the development of a debt policy and plan of finance, structuring debt service payments, managing the costs of issuance, and the development of legal documents.

Ongoing Administration | 8:00am – 3:45pm | September 29, 2022 | Agenda
Day three of this three-day seminar is designed to provide government officers with the knowledge needed to manage continuing disclosure responsibilities, post-issuance filing and reporting, and compliance with federal arbitrage rules.

Seminar Presentation Materials

Printed versions of the session presentations are not provided. PDFs of the combined presentations can be accessed below and printed.

PDFs for individual sessions are listed below.

  • Session 1 | The Issuer’s Role in Planning a Debt Issuance
    Sarah Hollenbeck, Managing Director, PFM Financial Advisors LLC
    Nikolai Sklaroff, Capital Finance Director, San Francisco Public Utilities Commission

  • Session 2 | Debt Structuring & Method of Sale
    Jeff Land, Executive Director, Public Finance Investment Banking, Brandis Tallman, a Division of Oppenheimer & Co. Inc.
    Brad Rockabrand, Partner, Government Advisory Services, Eide Bailly LLP
    Dmitry Semenov, Principal, Ridgeline Municipal Strategies, LLC

  • Session 3 | Marketing & Pricing
    Raul Amezcua, Senior Managing Director, Ramirez & Co., Inc.
    Kim Nakahara, Senior Research Analyst and Portfolio Manager, Municipal Fixed Income, Allspring Global Investments
    Scott Smith, Principal, CSG Advisors

  • Session 4 | Group Exercise: Bond Pricing
    Anna Sarabian, Principal, Fieldman Rolapp & Associates Inc.
    Holly Vocal, Managing Director, Public Finance Investment Banking, BofA Securities

Recommended Readings

Seminar Information

  • COVID Requirements: CDIAC is following all health and safety rules of Monterey County. Attendees are expected to follow the County rules while participating in this event. Please see the Monterey County COVID Orders and Guidance for the current county guidelines.
  • Cancelation/Transfer Policy: Contact CDIACEducation@treasurer.ca.gov if you need to cancel or transfer your registration. Refund/cancelation requests must be received September 1, however substitution of officials or staff from the same entity is permitted.
  • Agenda Information: CDIAC reserves the right to replace or cancel speakers or make any other changes to the agenda without notice. All information is subject to change.
  • Attire & What to Bring: This seminar is business casual. Please bring a light sweater in case the meeting space runs cold. Laptops are recommended for this program. Please see the CDIAC webpage for additional recommendations closer to the seminar date.
  • Certificate of Attendance: CDIAC will issue a Certificate of Attendance for each day of the program to those who sign in at the registration desk. Certificates will be issued within 2 weeks after the program. Participants can submit their Certificate of Attendance to their governing entity to request credits, such as CPE credits. CDIAC’s education programs are accepted by many governing entities as certifiable.
  • County Treasurers/Tax Collectors: Under California Government Code Section 27000.8, CDIAC’s educational programs are a source for California county treasurers, tax collectors, or treasurer/tax collectors to obtain continuing education credits.
  • Accountants: CDIAC is not an approved provider of CPE credits, however certificates of attendance can be submitted to your governing entity to request credits.
  • Attorneys | MCLE Credits: CDIAC is an approved provider of Minimum Continuing Legal Education (MCLE) General Credits. Each day of the program is approved for the following General Credits:
    • Day 1, Debt Basics: 6.50 Credits
    • Day 2, Mechanics of a Bond Sale: 7.00 Credits
    • Day 3, Ongoing Debt Administration: 5.75 Credits

Municipal Debt Essentials courses are built from educational programs CDIAC has offered since 1996. Archival resources back to 2009 are summarized below, all available program details are posted in CDIAC’s Archives By Year.