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Approved Minutes
CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION MEETING
June 27, 2006
2:00 P.M.

Jesse M. Unruh State Office Building
915 Capitol Mall, Room 587
Sacramento, CA 95814

1. ROLL CALL
   
   Deputy Treasurer Laurie Weir for Treasurer Phil Angelides called the meeting to order at approximately 2:05 p.m. Members present included: Laurie Weir for Treasurer Phil Angelides, Anne Sheehan for Governor Arnold Schwarzenegger, Windie Scott for State Controller Steve Westly, Assemblymember Judy Chu, and José Cisneros. A quorum was present.
2. APPROVAL OF THE MINUTES (from December 8, 2005 meeting)
   
   A motion was made by Ms. Sheehan to approve the minutes of the December 8, 2005. Mr. Cisneros seconded the motion and the minutes were approved (4-0).
3. EXECUTIVE DIRECTOR'S REPORT
   
   Ms. Jane Thompson presented a summary of CDIAC's data collection activities, seminars, and publications since the December 8, 2005 Commission Meeting.
   
   Ms. Thompson updated the Commission on completion of test results and future implementation of the electronic version of CDIAC's debt issuance data collection forms. Ms. Thompson informed the Commission that under current law, collection of information in an electronic format is not authorized for certain forms. As a result, CDIAC submitted language to be amended into Senate Bill 1196 (Local Government Omnibus Act of 2006) authorizing collection of information in an electronic format. Ms. Thompson informed the Commission of the status of the bill and potential outcome.
   
   Ms. Thompson also reported on the seminars and workshops held since December. Debt issuance-related programs included The ABCs of School Debt Financing, the Mechanics of a Bond Sale, Current Practices in Accessing and Using Developer Fees, Living with an Issue: On-going Debt Administration Seminar, and Dynamics of Marketing and Pricing Bonds. CDIAC held a public fund investment-related session at the California Society of Municipal Finance Officers annual conference entitled, Understanding Callable Securities. CDIAC also held a Tools to Revitalizing California Communities symposium on private capital and state funding for emerging and innovative technology companies.
   
   Ms. Thompson also presented information regarding the completion of several CDIAC publications. These included the newly updated California Debt Issuance Primer, Local Agency Investment Guideline: Update for 2006, and Summary of Local Bond and Tax Measures for the November 2005 Special Election report. Ms. Thompson provided an update on the implementation of an electronic interface to allow external users the ability to query certain fields in CDIAC's debt issuance database.
4. ACTION ITEMS
   
   Item 4.a. Approval of Resolution 06-01: Deferral of Increase in CDIAC Reporting Fee and Approval of Reporting Fee Schedule for 2006-07 Trough 2007-08.
   
   Ms. Thompson presented Resolution 06-01 to the Commission for approval. This resolution would defer an increase in CDIAC reporting fees, which would occur automatically on July 1, 2006, and extend the current fee schedule through 2007-08 fiscal year. Given CDIAC's current fund balance, projected revenues, and proposed expenditures, CDIAC staff believes it has sufficient funds to operate through 2007-08 under the current fee schedule and recommends deferring the scheduled fee increase. A motion was made by Ms. Sheehan to approve CDIAC's 2006-07 through 2007-08 reporting fee schedule. Mr. Cisneros seconded the motion and the resolution was approved (4-0).
5. INFORMATIONAL ITEMS
   
   Item 5.a. Update on Contracting Activities
   
   Frank Moore updated the Commission on contracts and interagency agreements entered into on behalf of the Commission since the December 8, 2005 Commission Meeting. These included contracts for the printing of CDIAC's Debt Line publication, collection of payments via a credit card service for seminars and primer orders, and conference space at several different venues for seminars and workshops.
   
   Item 5.b. Seminar Activities for 2006
   
   Mr. Moore outlined the seminar and workshop schedule for the second half of 2006. Upcoming seminars and workshops will include Cash Flow Forecasting, CDIAC Pre-Conference at the Bond Buyer's 16th Annual California Public Finance Conference, Fundamentals of Debt Financing, and Advanced Concepts and Practices in Public Fund Investment Portfolios.
   
   Item 5.c. Reports/Publications Work Plan for 2006
   
   Kristin Szakaly-Moore briefed the Commission on CDIAC's research work plan for 2006. Ms. Szakaly-Moore informed the Commission that CDIAC's Debt Issuance Handbook is now linked electronically to the California Debt Issuance Primer, so that individuals can find more in-depth explanations of debt issuance topics. Upcoming research reports include: Investment Policy Reporting Practices: An Informational Guide; an issue brief on how swaps are priced, a guide to GASB 45, a summary of tax and bond-related measures from the June Primary Election, and an in-depth historical data analysis of general obligation bonds which includes and analysis of data collected over a 20-year period.
6. PUBLIC COMMENT
   
   There was no public comment.
7. ADJOURNMENT
   There being no further business, the meeting was adjourned by acclamation at 2:55 pm.