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Download PDF
September 2019
Dear friends,
The State Treasurer’s Office (STO) and the California Debt & Investment Advisory Commission (CDIAC), whose board I chair, have sponsored the Bond Buyer’s Annual California Public Finance Conference for 19 years. It is just one way that we fulfill CDIAC’s statutory purpose of furthering the education of the public and financial officers on public financing.
This year’s pre-conference will be held on September 23 in San Francisco and I will be giving the luncheon address.
The pre-conference will focus on the disclosure responsibilities of public debt issuers under federal securities law. It offers finance officers, who must be good stewards of taxpayer dollars, access to workshops that offer a single-minded, gritty focus on the ramifications of issuing public debt. This debt pays for everything from airports to recreational parks.
Click to Read the Full Letter
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Meet Anne Osbourne, September’s Employee of the Month. She has worked for the California School Financing Authority (CSFA) for more than five years and her contributions to her team are invaluable.
Ms. Osbourne’s unwavering diligence and positive attitude extends to all of her work, from the schools the authority serves to the internal projects she works on with coworkers. She takes on each new role with dedication and grace.
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California Debt & Investment Advisory Commission (CDIAC)
As every family knows, debt is the way most of us finance the big purchases in life, including homes, cars, and a college education. Similarly, California’s state and local governments often use debt to finance needed facilities.
The state and communities assume this debt, often acquired through the issuance of bonds, in order to fund the building, improvement or maintenance of such community assets as schools, hospitals, bridges, ports, roads, water systems, libraries, parks, courts, jails, airports, and more.
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Dear Fiona,
I serve as a city council member, but I have limited experience with public finance and would like to learn more about the administration of bonds. Does your office offer any training on debt administration?
– Christopher
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A monthly update on key legislation for Treasurer Ma
California Recycling Market Development Act
Assembly Bill 1583, Susan Talamantes Eggman (D-Stockton) https://a13.asmdc.org/
Eliminates the sunset date for reauthorization to certificate and bifurcate state Low-Income Housing Tax Credits, and would require the allocation of credits among partners in accordance with the partnership agreement and authorizing the sale of a credit, as described by the bill indefinitely. (Included in Governor’s budget.)
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The DMV Speakers Bureau Offers REAL ID Presentations
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The DMV Speakers Bureau offers in-person presentations on how to obtain a REAL ID driver license and identification card to groups of 40 or larger.
Beginning October 1, 2020, you will need a REAL ID driver license or identification card, or another federally compliant document to fly within the United States and enter secure federal facilities and military bases.
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Welcome Judith Blackwell – CTCAC’s New Executive Director
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Judith Blackwell has been named Executive Director of the California Tax Credit Allocation Committee (CTCAC). Ms. Blackwell previously served as the Chief Financial Officer (CFO) of the Port of Oakland, the CFO of the City of Atlanta, and as Purchaser and Director of Contract Administration for the City and County of San Francisco.
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Welcome Larry Flood – CDLAC’s New Executive Director
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Treasurer Fiona Ma announced in August the hiring of Larry Flood as the new Executive Director of the California Debt Limit Allocation Committee (CDLAC). Mr. Flood was the California Housing Finance Agency (CalHFA) Director of Finance. He previously served as senior policy advisor for financial markets in the U.S. Department of the Treasury for four years. There he oversaw the U.S. Treasury’s risk-sharing program as it closed more than $800 million in loans with 14 different state housing finance agencies. He also managed all internal reporting for the Treasury’s $5.3 billion HFA bond portfolio.
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Calendar of recent and upcoming public finance activities and bond sales
September 5
Various Purpose General Obligation Bonds and Various Purpose General Obligation Refunding Bonds (Approx. $2.3 billion)
Proceeds will provide funding for Prop 51 (the Kindergarten through Community College Public Education Facilities Bond Act of 2016) and refinance previously issued bonds.
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Calendar of Upcoming BCA Events
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Boards, Commissions and Authorities (BCAs) within the State Treasurer’s Office
September 19 – ScholarShare Investment Board Meeting
9:30 AM | 915 Capitol Mall, Room 587
Details: Public Participation Via Phone: (877) 810-9415 | Participant Code: 6535126
https://www.treasurer.ca.gov/scholarshare/meeting/index.asp
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The Ma Squad
Photos of Treasurer Fiona Ma on the Road
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Treasurer Ma visiting the Merlin Plastics materials recovery facility in Canada during an educational study trip sponsored by the California Foundation on the Environment and Economy. The facility handles garbage, containers, and paper/cardboard.
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Treasurer Ma getting familiar with a privately operated high-speed rail system serving South Florida. California and Nevada are considering a high-speed rail system that would link Los Angeles and Las Vegas. Some of the funding would come through the sale of tax-exempt private activity bonds approved by the California Debt Limit Allocation Committee under the aegis of the State Treasurer’s Office.
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Treasurer Ma with Noah Starr of her External Affairs team (far right) and student interns who worked with the External Affairs team over the summer. The students ranged in age from 16 to 26 and hailed from such schools as St. Ignatius Prep School, UC Santa Barbara, Santa Clara University, Columbia University and Brandeis University, among others. Over the course of the eight week internship program each intern did a presentation on one of the boards, commissions, and authorities chaired by the Treasurer and analyzed a policy or legislation that was being monitored, co-sponsored, or supported by the Treasurer.
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Treasurer Ma, with Dr. Tom Shimotake, Associate Director of Clinical Programs in Neonatology, and Jamie Phillips, Chief Operating Officer, viewing the infant care and resuscitation area at UCSF Benioff Children’s Hospital in San Francisco. Treasurer Ma visited the hospital to deliver a resolution commending it on the compassionate care it provides Californians. She also saw first-hand the results of the $69 million allocation made through the California Health Facilities Financing Authority under the oversight of the State Treasurer’s office, which followed voter approval of the Children’s Hospital Programs of 2004 (Prop 61) and 2008 (Prop 3). The money helped cover the pediatric costs associated with the construction of UCSF Medical Center at Mission Bay, which includes 183 pediatric beds and a pediatric emergency department.
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Public tours of your state Capitol are conducted each week,
every hour during business hours.
Just show up at Room B-27! For more details, call (916) 324-0333.
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