2016 Debt Issuance and Public Investment Webinars, Seminars and Conferences
Municipal Debt Essentials
October 26-28, 2016
Lions Gate Hotel - Sacramento (McClellan), CA
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:
- Roles and Responsibilities: The Financing Team in an Initial Municipal Bond Offering, MSRB, 2016
- California Debt Issuance Primer, California Debt and Investment Advisory Commission (CDIAC), 2006
- Glossary of Municipal Securities Terms, Municipal Securities Rulemaking Board (MSRB), August 2013
- Report on the Municipal Securities Market, U.S. Securities and Exchange Commission (SEC), July 2012
- Best Practice: Debt Management Policy, Government Finance Officers Association, October 2012
- White Paper on Best Municipal Bond Issuance Practices, National Federation of Municipal Analysts, June 2014
- An Overview of Local Government General Obligation Bond Issuance Trends (1985-2005), CDIAC, April 2008
- Statement on Making the Municipal Securities Market More Transparent, Liquid, and Fair, SEC, February 2015
- Bond Insurance as a Form of Credit Enhancement in California's Municipal Bond Market, CDIAC, June 2003
- Issuer Resource Library, MSRB, May 2016
- Preparing Requests for Proposals, CDIAC, October 1994
15th Annual CDIAC Pre-conference at The Bond Buyer California Public Finance Conference:
The Relationship Between Issuers and Their Consultants in the Post-Dodd-Frank Era
Tuesday, September 20, 2016
JW Marriott-Los Angeles, CA
This pre-conference program examines the changing obligations of market participants as a result of regulatory reform and market practices and how these have affected public agencies. Specific attention will be paid to the roles and obligations of financing team members, the impact of enforcement actions against issuers and public officials, and new and developing rules and regulations.
- Agenda
- Presentation
- Recommended Readings:
- SEC Municipal Enforcement to Increase Coordination with Justice, FBI, The Bond Buyer, April 18, 2016
- Strengthening Practices for Underwriters of Municipal Securities- National Examination Risk Alert, SEC Volume II, Issue 3, March 2012
- SEC Charges Municipal Issuer in Washington’s Wenatchee Valley Region for Misleading Investors, SEC 2013-235
- Underwriters: Understanding Duties of Municipal Advisors (G-42), MSRB, April 2016
- Selecting and Managing Underwriters for Negotiated Bond Sales. GFOA Best Practice, February 2014
- GFOA Releases Primer on Municipal Advisor Rules on Impact on Issuers, Bond Buyer, June 9, 2016
- The Municipal Advisor Rule, Municipal Regulatory Activity, CDIAC 2016
- Municipal Advisors: Understanding Standards of Conduct, MSRB- April 2016
- Selecting and Managing Municipal Advisors, GFOA Best Practice, February 2014
- No Negotiation Necessary- IRS Releases Model Closing Agreements for Tax-Exempt Bonds, The National Law Review, March 24, 2016
- GFOA Primer: Municipal Advisor Rulemaking and Issuers
- Issuer Application of the Municipal Advisor Rule's IRMA Exemption, CDIAC, July 2016
- Rule G-37
- Defending the Integrity of Public Finance, The Bond Buyer, August 4, 2016
Municipal Market Disclosure: The Development and Administration of Debt Disclosure Policies
September 8, 2016
City of Irvine Civic Center, Irvine, CA
Since 2010, the United States Securities and Exchange Commission (SEC) has predicated several enforcement actions at least in part on the failure of issuers to maintain sound disclosure policies. In addition, the SEC's Enforcement Division has repeatedly placed heavy emphasis on issuers maintaining sound disclosure policies. In August 2015, the National Association of Bond Lawyers published guidelines to assist issuers in the development and administration of disclosure policies. This seminar intends to continue that dialogue by providing participants with an understanding of the purpose, structure, and content of disclosure policies, as well as practices that help issuers implement and maintain them. The seminar goes beyond the basis of the CDIAC 2015 webinar release, Disclosure Policies: What Every Issuer Should Know. This seminar qualifies for 7.0 hours of MCLE credit and is considered certifiable by most approving bodies.
- Agenda
- Presentations
- Recommended Readings
- U.S. Securities and Exchange Commission, Report on the Municipal Securities Market, July 31, 2012
- Understanding Your Continuing Disclosure Responsibilities, Government Finance Officers Association, September 2015
- Recommended Best Practices in Disclosure for State Government General Obligation and Appropriation Debt, National Federation of Municipal Analysts, September 2015
- Video Disclosure Policies: What Every Issuer Should Consider, October 14, 2015
- White Paper on Best Municipal Bond Issuance Practices, National Federation of Municipal Analysts (NFMA), June 2014
- Disclosure Obligations of Issuers of Municipal Securities, Orrick, Herrington & Sutcliffe, 2011
- City of Thousand Oaks Debt Policy, 2015
Fundamentals of Land-Secured Financing
April 28, 2016
California State Lottery, Sacramento, CA
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.
- Agenda
- Presentation
- Recommended Readings
- Opportunities to Use Assessment Districts to Finance Facilities and Services in California Today, CDIAC, No. 15.07
- Disclosure Guidelines for Land-Based Securities, California Debt Advisory Commission (CDAC), September 1996
- Guidelines for Mello-Roos Financing, CDAC, October 1991
- Mello-Roos Community Facilities Districts Yearly Fiscal Status Report (2012), CDIAC No. 13.07
- Mello-Roos Financing in California, CDAC, September 1991
- Special Financing Districts: An Introduction to Special Assessments and Special Taxes, NBS, January 2011
- Proposition 218 Omnibus Implementation Act
- California Government Code Sections 53750-53756
- California Elections Code Section 4000
- CA Constitution Article XIII C
- CA Constitution Article XIII D
- Proposition 218 Implementation Guide, League of California Cities
Municipal Market Disclosure: The Development and Administration of Debt Disclosure Policies
April 7, 2016
Franklin Templeton Investments Headquarters, San Mateo, CA
Since 2010, the United States Securities and Exchange Commission (SEC) has predicated several enforcement actions at least in part on the failure of issuers to maintain sound disclosure policies. In addition, the SEC's Enforcement Division has repeatedly placed heavy emphasis on issuers maintaining sound disclosure policies. In August 2015, the National Association of Bond Lawyers published guidelines to assist issuers in the development and administration of disclosure policies. This seminar intends to continue that dialogue by providing participants with an understanding of the purpose, structure, and content of disclosure policies, as well as practices that help issuers implement and maintain them. The seminar goes beyond the basis of the CDIAC 2015 webinar release, Disclosure Policies: What Every Issuer Should Know. This seminar qualifies for 7.0 hours of MCLE credit and is considered certifiable by most approving bodies.
- Agenda
- Presentations
- Recommended Readings
- U.S. Securities and Exchange Commission, Report on the Municipal Securities Market, July 31, 2012
- Understanding Your Continuing Disclosure Responsibilities, Government Finance Officers Association, September 2015
- Recommended Best Practices in Disclosure for State Government General Obligation and Appropriation Debt, National Federation of Municipal Analysts, September 2015
- Video Disclosure Policies: What Every Issuer Should Consider, October 14, 2015
- White Paper on Best Municipal Bond Issuance Practices, National Federation of Municipal Analysts (NFMA), June 2014
- Disclosure Obligations of Issuers of Municipal Securities, Orrick, Herrington & Sutcliffe, 2011
Advanced Public Funds Investing: The Analytics of Investment Selection and Portfolio Decision-Making
In Collaboration with California Municipal Treasurers Association (CMTA)
January 27-28, 2016
The Mission Inn, Riverside, CA
In the summer of 2015, CDIAC produced a series of webinars called The Public Fund Investment Portfolio. The series provided a thorough examination of the types of instruments that are permitted for local government investment under California Government Code 53601. This two-day seminar is designed to build on the webinar series by providing a more advanced analysis of each instrument’s features and risks in the context of a portfolio structure. The seminar will cover the more advanced concepts underlying sound public portfolio decision-making and include a practicum allowing seminar participants to put concepts into practice through an investment portfolio case-study simulation.