debt line, vol. 39, no. 7, 7/2020compliance commercial paper 446 437 98.0% limited tax obligation...

2020 2019

State Local Total$0

$4,500

$4,000

$3,500

$3,000

$2,500

$1,000

$500

$1,500

$2,000

$253

$2,436

$432

$4,080

$2,689

$3,649

2020 2019

Short-Term Long-TermRefundings

Long-TermNew Money

Total$0

$4,500

$4,000

$3,000

$1,000

$500

$1,500

$2,000

$2,500

$3,500

$390

$1,130

$2,689

$402

$1,240

$2,439

$1,170

$4,080

$0

$10

$20

$30

$40

$50

$60

$90

$80

$70

TOTA

L D

EB

T IS

SU

ED

2020 2019

$3

$4

Jan

$9

$9

Feb

$16

$14

$22

$22

Mar Apr

$26

$24

$34

May Jun

$42

Jul Aug Sep Oct Nov

$47

$56$64

$69$76

Dec

More detailed debt issuance information is available in the monthly Debt Line Calendar.

MORE

CUMULATIVE CALIFORNIA PUBLIC DEBT ISSUANCE (IN BILLIONS)1

INSIDE THIS ISSUE

CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION FIONA MA , CPA , CHAIR 915 CAPITOL MALL, ROOM 400 SACRAMENTO, CA 95814 (916) 653-3269 WWW.TREASURER.CA.GOV/CDIAC

California Public Debt Issuance Monthly Data

Data Corner 2

Legislation Affecting State and Local Governments 5

Mello-Roos and Marks-Roos Reporting Requirements 25

Voluntary Disclosure of COVID-19 in the Municipal Market 26

Regulatory Activity Calendar 29

Save the Date 30

Vol. 39, No.7, JULY 2020

DL

CALIFORNIA PUBLIC DEBT ISSUANCE, MAY (IN MILLIONS)1

MORE

STATE* VERSUS LOCAL DEBT ISSUANCE, MAY (IN MILLIONS)1

* State issuers include the State of California, its agencies, commissions, authorities, departments and The Student Loan Corporation.

1 Data may not include issuances reported after the 22nd day of the following month.

TOTAL REPORTS OF FINAL SALE RECEIVED 5-16-2020 THROUGH 6-15-2020, BY PURPOSE (IN MILLIONS)

REPORTS OF PROPOSED DEBT ISSUANCE RECEIVED 5-16-2020 THROUGH 6-15-2020, BY PURPOSE (IN MILLIONS)

MORE

MORE

MORE

DEBT LINE

$0

$3,500

Was

tewate

r Colle

ction,

Treatm

ent

Insur

ance

and P

ensio

n Fun

ds

Wate

r Sup

ply, S

torage,

Dist

ributi

onOthe

r

$2,500

$1,500

$500

$3,000

$2,000

$1,000

Total ProposedDebt Issuance:

$6,120,159,717

$3,245

$564 $539 $365 $332 $303 $230 $161 $71$310

Projec

t, Int

erim

Financ

ing

College

, Univ

ersit

y Fac

ility

Cash F

low,

Cash F

low, In

terim

Financ

ing

K-12 S

chool F

acilit

y

Multifa

mily H

ousing

Public

Tran

sit

$0

$1,000$900$800

$400

$700$600

$200$300

$500

$100

Total Debt Issued:$4,555,976,353

College

, Univ

ersit

y Fac

ility

K-12 S

chool F

acilit

y

Projec

t, Int

erim

Financ

ingOthe

r

$989

$574$477 $419

$350 $346 $321$264 $253

$563

Multiple

Capita

l Impro

vemen

ts,

Public

Works

Wate

r Sup

ply, S

torage,

Dist

ributi

on

Health

Care

Facil

ities

Power

Gen

erati

on/Tra

nsmiss

ion

Multifa

mily H

ousing

Other P

urpose

http://www.treasurer.ca.gov/cdiac/debtpubs/2020/calendar/202007.pdf

http://www.treasurer.ca.gov/cdiac/graphs/index.asp

http://www.treasurer.ca.gov/cdiac





2

Chair:FIONA MA, CPA California State Treasurer

Members:GAVIN NEWSOM Governor

BETTY T. YEE State Controller

SABRINA CERVANTES Assemblymember

ASH KALRA Assemblymember

STEVEN BRADFORD Senator

JOHN M.W. MOORLACH Senator

SANDIE ARNOTT Treasurer-Tax Collector County of San Mateo

NADIA SESAY Executive Director San Francisco Office of Community Investment and Infrastructure

Executive Director: ROBERT BERRY

Debt Line is published monthly by the Cal-ifornia Debt and Investment Advisory Com-mission (CDIAC).

915 Capitol Mall, Room 400 Sacramento, CA 95814 P (916) 653-3269 F (916) 654-7440 [email protected] www.treasurer.ca.gov/cdiac

Debt Line publishes articles on debt financ-ing and public fund investment that may be of interest to our readers; however, these articles do not necessarily reflect the views of the Commission.

Business correspondence and editorial com-ments are welcome.

All rights reserved. No part of this document may be reproduced without written credit giv-en to CDIAC. Permission to reprint with writ-ten credit given to CDIAC is hereby granted.

DEBT LINE

D A T A – C O R N E R

Annual Debt Transparency Report Summary for Reporting Year 2018-19Jeff Field, Data Collection and Analysis Unit

Government Code section 8855(k)(1) states that a public agency, whether state or local, shall submit an annual report for any issue of debt for which they have sub-mitted a report of final sale (RFS) on or after January 21, 2017 to the California Debt and Investment Advisory Commis-sion (CDIAC).1 To facilitate receipt of this data, CDIAC developed the Annual Debt Transparency Report (ADTR). The deadline for the annual filings of ADTRs is January 31st – seven months after the close of a reporting period defined as July 1st through June 30th. For reporting year (RY) 2018-19, all reports were due on January 31, 2020.

There are three main categories of infor-mation that are the subject of the report-ing requirements.

1. DEBT AUTHORIZATION. debt autho-rized at the beginning of the reporting period, debt authorized and issued during the reporting period and debt authorized but unissued at the end of the reporting period;

2. DEBT OUTSTANDING. principal bal-ance at the beginning of the report-ing period, principal paid during the reporting period, and principal out-

standing at the end of the report-ing period; and

3. USE OF PROCEEDS. proceeds available at the beginning of the reporting period, the amount of proceeds spent during the re-porting period and the purpose for which they were spent, and proceeds remaining at the end of the reporting period.

Since the initial reporting period was truncated due to the date that the statute took effect, the RY 2018-19 (7/1/2018 through 6/30/2019) reporting period was the second full-year of reporting.

DETERMINATION OF REQUIREMENT TO FILE

In order to determine which issu-ers were required to file an ADTR, the issue must meet the following two criteria:

1. SUBMITTAL OF THE RFS. The RFS was submitted to CDIAC on or after January 21, 2017 and2;

2. ACTUAL SALE DATE. The debt for which the RFS was submit-ted was outstanding in the re-porting period.3

CDIAC uses the settlement date as reported by the issuer on the RFS to determine the first report-ing period in which the issue is outstanding. An ADTR is due to CDIAC seven months after the close of the reporting period in which the issued settled.

1 Senate Bill 1029 (Chapter 307, Statutes of 2016).2 Government Code section 8855(k)(1).3 Government Code section 8855(k)(2).

mailto:[email protected]

http://www.treasurer.ca.gov/cdiac

3JULY 2020

Using this criteria, CDIAC identified 7,639 issues as “ADTR reportable” for the RY 2018-19 and due by January 31, 2020. As of June 15, 2020, 3,704 ADTRs, 49 percent of the reportable issues have been filed for the RY 2018-19. Of those filed reports, 98 percent were received on time, while the re-maining 2 percent (78 reports) were filed after the deadline.4

COMPLIANCE

For the RY 2018-19 reporting peri-od, Joint Powers Agencies/Authorities (JPAs), county government, and K-12 school districts had the largest number of reportable issues. The State of Cal-ifornia (99.6%), city/county govern-ment (98%), and community facilities districts (97.4%) had the highest per-centages of compliance. (Figure 1)

Examining ADTR filing data by type of debt issued provides additional insight. Compliance was highest for commercial paper – most of which was issued by the State of California. The ADTR compliance percentage for general obligation bonds and lim-ited tax obligation bonds (issued by Mello-Roos districts) was also high. (Figure 2)

RY 2018-19 ADTR DATA (AS REPORTED TO CDIAC)

Debt Authorization

The ADTR reporting form was ex-panded in RY 2017-18 to more com-prehensively capture data about an agency’s authorization to issue debt. The CDIAC database was augmented with additional tables to track autho-rized-but-unissued debt from year to year. The data continues to show the large role non-voter-authorized debt

4 CDIAC’s online ADTR submittal system will accept filings at any time.

FIGURE 1ADTR FILING COMPLIANCE - RY 2018-19

ISSUING AGENCY TYPE

TOTAL ISSUES REPORTABLE

ADTRS FILED

PERCENT OF COMPLIANCE

State of California 536 534 99.6%

City / County Government 98 96 98.0

Community Facilities District 306 298 97.4

Nonprofit Public Benefit Corporation 83 80 96.4

State Departments/Agencies 313 295 94.2

K-12 School District 1,011 932 92.2

Community College District 100 88 88.0

Water/Irrigation District 140 117 83.6

City Government 467 383 82.0

Transit Authorities/District 49 39 79.6

Successor Agency 146 116 79.5

Utility District 26 19 73.1

Other Special District 109 79 72.5

Housing Authority 50 31 62.0

Joint Powers Agency 3,158 521 16.5

County Government 1,047 76 7.3

TOTAL ALL ISSUING AGENCY TYPES 7,639 3,704 48.5%

contributes to the overall picture of California public finance.

For long-term debt sold by local agencies during the RY 2018-19, 1,758 issues were authorized by a resolution or similar action of the issuing agency’s governing body, and 848 issues were authorized by vot-er-approved ballot measure or prop-osition. (Figures 3 & 4)

Resolutions of governing bodies that authorize debt are often single-purpose with a not-to-exceed amount, which is at or close to the expected cost for a single project or purpose. Once the project is completed, any amount re-maining on its authorization lapses and any future issuance for a similar purpose requires a subsequent separate

resolution. Conversely, voter-approved bond measures often set much higher not-to-exceed amounts, with the ex-pectation that the agency will issue sev-eral times across several years pursuant to the same authorizing measure.

Principal Debt Outstanding

The ADTR is designed to track issuers’ outstanding principal debt from year to year in a “running total” configuration. This year’s round of ADTR reporting contained issues sold in RYs 2016-17 and 2017-18 as well as 2018-19. Since deals are often structured such that there are no principal payments due for the first year or two of the life of the is-sue, much of the principal payment re-ported was for debt sold in RY 2016-17.

4 DEBT LINEDEBT LINE

FIGURE 3TOTAL REPORTED LONG TERM DEBT AUTHORIZED / ISSUED BY GOVERNING BOARD RESOLUTION LOCAL AGENCIES, RY 2018-19 ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTALRY 2018-19 DEBT

AUTHORIZED

TOTAL DEBT

ISSUED

TOTAL LAPSED

AUTHORIZATION

TOTAL REMAINING AUTHORIZATION

City Government $17,745,435 $7,738,545 $399,963 $9,606,927

Joint Powers Agency 8,812,464 6,167,724 299,836 2,344,905

City / County Government 8,699,338 2,831,763 137,315 5,790,720

K-12 School District 3,086,793 1,433,542 1,213,960 439,290

County Government 2,515,083 1,708,357 299,118 514,459

Successor Agency 985,557 722,238 158,810 104,509

Community Facilities District 699,811 269,264 19,580 410,967

Housing Authority 685,555 65,860 0 619,695

Nonprofit Public Benefit Corporation

661,490 485,200 47,620 128,670

Community College District 165,735 121,293 8,642 35,800

Other Districts 6,668,128 3,359,657 345,618 2,962,853

TOTALS $50,725,389 $24,903,442 $2,930,462 $22,958,796

FIGURE 2ADTR FILING COMPLIANCE - RY 2018-19 BY TYPE OF DEBT

TYPE OF DEBTTOTAL REPORTABLE

ISSUESADTRS FILED

FOR RY 2018-19PERCENT OF COMPLIANCE

Commercial paper 446 437 98.0%

Limited tax obligation bond (Mello-Roos/CFD) 304 296 97.4

General obligation bond 1,273 1,217 95.6

State Agency Loan 45 42 93.3

Public enterprise revenue bond 295 269 91.2

Public lease revenue bond 139 117 84.2

Revenue bond (Marks-Roos) 119 98 82.4

Tax allocation bond 149 121 81.2

Capital Lease 132 106 80.3

Certificates of participation/leases 412 317 76.9

Sales tax revenue bond 44 33 75.0

Bond & Tax Revenue Anticipation Notes 103 75 72.8

Conduit bonds/loans (PABs) 748 484 64.7

Other bonds/notes 34 22 64.7

Marks-Roos Authority Loan 40 2 5.0

Special assessment bond (incl. PACE loans) 3,356 68 2.0

TOTALS 7,639 3,704 48.5%

5JULY 2020

K-12 school districts reported the most principal debt outstanding as of the close of the reporting period, fol-lowed by the State of California and its associated departments and issuing authorities. (Figure 5)

USE OF DEBT PROCEEDS AND TYPES OF EXPENDITURE

ADTR filers reported $100.8 billion in total available debt proceeds as of July 1, 2018. Unlike the prior fiscal year, local, and not state, issuers ac-counted for the largest share of these proceeds – almost 76 percent of the total. Of the $100.8 billion in avail-able proceeds, $54.8 billion was re-ported as spent. (Figure 6)

A further breakdown of proceeds ex-penditure for local agencies shows K-12 school districts accounted for the larg-est share among agency types, followed by city governments and joint powers authorities. (Figure 7)

SB 1029 not only requires issuers to report on an annual basis the amount of available proceeds they have on hand, but also the purposes to which those proceeds are applied. The expense descriptions provided

FIGURE 4TOTAL REPORTED LONG TERM VOTER-AUTHORIZED / ISSUED LOCAL AGENCY DEBT, RY 2018-19 ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTALRY 2018-19 DEBT

AUTHORIZED

TOTAL DEBT ISSUED

TOTAL LAPSED

AUTHORIZATION

TOTAL REMAINING

AUTHORIZATION

K-12 School District $36,346,164 $6,907,046 $61,502 $29,377,616

Community College District 11,932,396 1,254,849 0 10,677,547

Community Facilities District 4,122,548 935,685 105,346 3,081,517

City Government 1,429,535 0 0 1,429,535

County Government 700,000 0 0 700,000

City / County Government 549,960 72,420 0 477,540

Special District 4,892,623 819,640 127,255 3,945,728

TOTALS $59,973,227 $9,989,640 $294,103 $49,689,483

FIGURE 5TOTAL OUTSTANDING DEBT PRINCIPAL/PAYMENTS FOR RY 2018-19 ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTAL PRINCIPAL OUSTANDING

RY 2018-19 BEGIN

TOTAL PRINCIPAL PAYMENTS RY 2018-19

TOTAL PRINCIPAL OUSTANDING

RY 2018-19 END

K-12 School District $24,532,085 $1,198,261 $23,333,824

State of California 22,262,290 1,446,380 20,815,910

State Departments/Agencies 19,140,009 863,539 18,276,470

Joint Powers Agency 17,301,813 551,583 16,750,230

City Government 18,167,415 2,118,199 16,049,216

City / County Government 8,983,859 664,697 8,319,162

Transit Authorities/District 7,851,502 160,478 7,691,024

Community College District 5,310,892 358,848 4,952,044

Successor Agency 4,806,264 237,425 4,568,839

Water/Irrigation District 4,881,131 558,652 4,322,479

Nonprofit Public Benefit Corporation 4,835,763 610,865 4,224,898

County Government 5,822,269 1,769,891 4,052,378

Community Facilities District 3,434,856 45,049 3,389,807

Other Special District 1,977,908 70,301 1,907,607

Utility District 1,015,557 10,953 1,004,603

Housing Authority 625,394 7,897 617,496

TOTALS $150,949,006 $10,673,019 $140,275,987

6 DEBT LINE

FIGURE 7TOTAL PROCEEDS AVAILABLE AND SPENT, LOCAL ISSUERS BY AGENCY TYPE RY 2018-19 ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTAL PROCEEDS AVAILABLE AS OF

JULY 1, 2018

TOTAL PROCEEDS SPENT DURING

RY 18-19

TOTAL PROCEEDS REMAINING AS OF

JUNE 30, 2019


City Government 13,214,196 9,377,193 3,837,003

Joint Powers Agency 11,228,570 4,923,698 6,304,872

City / County Government

6,955,743 3,603,018 3,352,725

Transit Authorities/District

5,450,743 1,919,306 3,531,437

County Government 4,595,138 2,704,988 1,890,149

Community College District

4,572,763 1,171,186 3,401,576

Water/Irrigation District

2,539,510 1,552,875 986,635

Community Facilities District

2,108,588 1,011,342 1,097,246

Successor Agency 1,695,375 1,022,234 673,141

Other Special District

1,371,783 530,818 840,965

Nonprofit Public Benefit Corporation

1,034,600 709,013 325,586

Utility District 618,102 214,378 403,723


TOTALS $76,530,561 $36,021,276 $40,509,285

FIGURE 6TOTAL DEBT PROCEEDS SPENT RY 2018-19 (STATE & LOCAL)

Num

ber o

f Rec

ords

$120B

$100B

$80B

$60B

$40B

$20B

$0BLocal Issuers State Issuers Total All Issuers

AvailableProceeds7/1/2018

Proceeds SpentFY 18-19

ProceedsRemaining6/30/2019

by filers are often unique to their expenditures and projects and there-fore difficult to categorize. However, filers are also required to report the allocation of bond proceeds to spe-cific fund categories from which they report specific expenses. CDIAC is able to analyze reported expendi-tures from this fund category level. Filers reported the vast majority of proceeds as allocated to fund con-struction projects and capital im-provements, or deposited into re-funding escrow accounts.

Roughly 35 percent of ADTR-report-able issuance (by principal amount) is considered “refunding” issuance, in which the proceeds are primarily applied to defease, redeem, pay off or otherwise refinance prior debt. In many cases, these issues are of the “advance refunding” type, in which proceeds are deposited into an escrow fund to accrue interest, or are other-wise invested, until such time as they are applied to the redemption of the prior bonds or other debt. Sometimes the date upon which the redemption occurs is as many as five years after the date of the refunding issue.

7JULY 2020

Refunding proceeds are reported as spent the date they are applied to the redeem the prior debt. Therefore, un-spent refunding proceeds usually in-dicates advance refunding. A review of proceeds available versus those spent revealed that the State of Cal-ifornia and its affiliated issuing de-partments, agencies, and authorities spent the most available proceeds – in terms of volume and percentage of available – on refunding. (Figure 8)

Public agencies issue debt to finance capital projects such as road construc-tion and maintenance, utilities and

other infrastructure, water and sewer facilities, schools, and housing and residential projects. K-12 school dis-tricts had by far the greatest amount of proceeds available to spend on capital expenditures for RY 2018-19. School districts allocated almost 25% more for capital project expenditure than did the State of California and its affiliated agencies combined. (Figure 9)

Apart from proceeds allocated for fi-nancing capital projects and refund-ing prior debt, issuers used funds to pay issuance costs and for other purposes common to debt structure,

such as the establishment of debt ser-vice reserve funds and to fund capi-talized interest.

Most filers reported issuance costs which include fees that are paid to le-gal counsel, financial consultants, in-surers, placement and escrow agents, and other service providers. These pay-ments are made upon the closing of the sale of the debt. With this in mind, when the use of proceeds for purposes other than refunding or construction is examined, those proceeds reported as spent can be understood as applied to issuance costs. Conversely, proceeds assigned to capitalized interest and debt service reserve are deposited into “set-aside” accounts, where they gen-erally remain for a period of years, if not the life of the issue. Again, K-12 school districts reported the most pro-ceeds allocated to these other purpos-es, as well as the most proceeds spent for such. (Figure 10)

While issuance costs accounted for a small percentage of overall proceeds expended, Community Facilities (Mello-Roos) Districts, reported pay-ing a much higher share of their total proceeds – almost 5 percent – than any other agency type. Other agency types reporting issuance costs aver-aged 1.5 percent of proceeds spent for that purpose.

CDIAC relies on the accuracy of the information submitted on its reports to analyze issuance trends for Califor-nia public issuers. During receipt and processing of the ADTRs, CDIAC staff logged feedback from report fil-ers regarding the online filing form’s reliability and ease of use, as well as questions and concerns related to ter-minology and concepts raised by the report. This information will be used going forward in the continuing re-finement of the ADTR’s design and

FIGURE 8RY 2018-19 TOTAL REFUNDING PROCEEDS/EXPENDITURES BY ISSUING AGENCY TYPE ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTAL PROCEEDS

AVAILABLE AS OF JULY 1, 2018

TOTAL PROCEEDS

SPENT DURINGRY 2018-19

TOTAL PROCEEDS REMAINING AS OF

JUNE 30, 2019

State of California $6,307,854 $6,307,854 $0

State Departments/Agencies

5,056,926 3,621,291 1,435,635

Transit Authorities/Districts

3,315,090 1,067,050 2,248,040

City Government 3,212,584 2,581,910 630,674

K-12 School District 3,061,600 1,452,051 1,609,549


County Government 1,825,355 839,155 986,201

Water/Irrigation District 1,648,415 1,317,715 330,700

Successor Agency 1,533,924 1,009,244 524,680

City / County Government

984,423 984,423 0

Community College District

585,346 289,113 296,233

Other Special District 565,612 217,321 348,291

Community Facilities District

370,442 317,479 52,963

Utility District 348,267 477 347,790

Nonprofit Public Benefit Corporation (Local)

71,068 71,068 0

Housing Authority 4,344 0 4,344

TOTALS $31,509,803 $21,370,348 $10,139,455

8 DEBT LINE

FIGURE 9RFY 18-19 TOTAL CAPITAL PROJECT/CONSTRUCTION PROCEEDS & EXPENDITURES BY ISSUING AGENCY TYPE ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTAL PROCEEDS AVAILABLE AS OF JULY 1, 2018

TOTAL PROCEEDS SPENT DURING RY 2018-19

TOTAL PROCEEDS REMAINING AS OF JUNE 30, 2019


City Government 9,636,171 6,494,316 3,141,854


State Departments/Agencies 7,188,571 5,036,729 2,151,842

State of California 5,355,816 3,548,387 1,807,429

City / County Government 5,346,664 2,466,333 2,880,330

Community College District 3,720,960 785,687 2,935,273

County Government 2,649,184 1,819,592 829,592

Transit Authorities/District 2,040,433 832,665 1,207,768

Community Facilities District 1,448,668 589,919 858,749


910,204 623,336 286,867

Water/Irrigation District 824,610 227,005 597,605



Utility District 269,100 213,901 55,199

Successor Agency 133,325 1,500 131,825

TOTALS $65,566,643 $31,838,355 $33,728,288

FIGURE 10RY 2018-19 TOTAL ISSUANCE COSTS & OTHER EXPENDITURES, BY ISSUING AGENCY TYPE ($ IN THOUSANDS)

ISSUING AGENCY TYPE

TOTAL PROCEEDS AVAILABLE AS OF JULY 1, 2018

TOTAL PROCEEDS SPENT DURING RY 2018-19

TOTAL PROCEEDS REMAINING AS OF JUNE 30, 2019

K-12 School District $871,222 $364,359 $506,863

City / County Government 624,657 152,262 472,395

Joint Powers Agency 534,599 175,802 358,796

State Departments/Agencies 370,674 235,755 134,918

City Government 365,442 300,967 64,475

Community Facilities District 289,478 103,944 185,534

Community College District 266,456 96,386 170,070

County Government 120,598 46,242 74,356

Transit Authorities/District 95,220 19,591 75,629

Water/Irrigation District 66,485 8,155 58,330


53,329 14,609 38,719


Successor Agency 28,126 11,489 16,636

State of California 23,245 22,224 1,021


Utility District 735 0 735

TOTALS $3,757,200 $1,584,813 $2,172,387

9JULY 2020

REPORTS OF PROPOSED DEBT ISSUANCE (RPDI)1 RECEIVED MAY 2020

REPORTS OF FINAL SALE (RFS)2 RECEIVED MAY 2020

TIMELINESS OF SUBMITTAL OF REPORTS

1 California Government Code Section 8855(i) states that the issuer of any proposed debt issue of state and local government shall, no later than 30 days prior to the sale of any debt issue, submit a report of proposed issuance to the commission by any method approved by the commission.

2 California Government Code Section 8855(j) states that the issuer of any debt issue of state or local government, not later than 21 days after the sale of the debt, shall submit a report of final sale to the commission by any method approved by the commission.

* As of 6/22/2020, a total 3,704 Annual Debt Transparency Reports had been filed for the FY 18-19 reporting period.

DATA UNIT ACTIVIT Y MAY 2020

RECEIVED AND PROCESSED

184 RPDI

RECEIVED AND PROCESSED

178 RFS

RECEIVED 0 MARKS-ROOS

YEARLY FISCAL STATUS

REPORTS FOR FY 2018-19

RECEIVED 0 MELLO-ROOS

YEARLY FISCAL STATUS


*RECEIVED 0 ANNUAL

DEBT TRANSPARENCY


0

80

70

10

40

20

60

On-time 29-15 DaysPre-issue

14-0 DaysPre-issue

1-15 DaysPost-issue

16-29 DaysPost-issue

30+ DaysPost-issue

80

38

51

1 2

12

50

30

0

100

30

60

20

8090

50

70

10

40

On-time 1-15Days Late

16-30Days Late

31-45Days Late

46 or MoreDays Late

102

30

177

22

DL

scope. The goal is to develop an active dataset which provides the municipal finance community and the public with a timely picture of California’s debt burden.

Complete ADTR data for all report-ing years is available through the California State Treasurer’s online data portal DebtWatch, at www.

debtwatch.treasurer.ca.gov. The data available through DebtWatch includes raw data as well as a format-ted report for every issue of debt for which an ADTR has been submit-ted. The formatted report, available in any tabular view of data within DebtWatch, provides a year-to-year balance of debt authorization, prin-cipal, and expenditures, including the specific descriptions of how bond proceeds were spent. DL

http://www.debtwatch.treasurer.ca.gov

http://www.debtwatch.treasurer.ca.gov

10 DEBT LINE

State Legislation Affecting State and Local GovernmentsLEG TYPE BILL NO.* AUTHOR TITLE INTRODUCED

LAST AMENDED

LAST ACTION

LAST COMMITTEE

STATUS

Income Tax AB 10 ChiuIncome Taxes: Credits Low-income Housing: Farmworker Housing

12/3/2018 8/12/2019 8/30/2019

Senate Appropriations Held Under Submission

Active - In Committee

Other AB 15 NazarianStudent financial aid: Children’s Savings Account Program

12/3/2018 6/27/2019Senate Education

Failed Deadline pursuant to Rule 61(a)(10)

Other AB 56 Garcia

Electricity: Procurement by the California Alternative Energy and Advanced Transportation Financing Authority

12/3/2018 7/3/2019 8/28/2019Senate Energy, Utilities and Communications


Other AB 85**Committee on Budget

State taxes and charges

12/3/2018 6/10/2020 6/29/2020Senate Budget and Fiscal Review

Chaptered

Parcel Tax AB 213 Reyes

Local Government Finance: Property Tax Revenue Allocations: Vehicle License Fee Adjustments

1/15/2019 _ 8/30/2019

Senate Appropriations Held Under Submission


Other AB 235** MayesEndangered species: candidate species: petitions: takings

1/18/2019 6/29/2020 6/30/2020 Senate RulesActive - In Committee

Public Finance

AB 310 Santiago

California Infrastructure and Economic Development Bank

7/2/2019 6/26/2020 7/2/2020Senate Governance and Finance


GO Bonds AB 352 Garcia

Wildfire Prevention, Safe Drinking Water, Drought Preparation, and Flood Protection Bond Act of 2020

2/4/2019 8/14/2019Senate Environmental Quality


Other AB 434** DalyHousing financing programs: uniform procedures

2/11/2019 6/24/2020 6/24/2020 Senate HousingActive - In Committee

Other AB 570** Aguiar-Curry

Communications: broadband services: California Advanced Services Fund

2/14/2019 6/29/2020 7/1/2020 SenateActive - In Committee

Bonds AB 610 ObernolteElections: Local Bond Measures: Tax Rate Statement

2/14/2019 5/7/2019 6/26/2019

Senate Governance and Finance; Elections and Constitutional Amendments


GO Bonds AB 694** IrwinVeterans Housing and Homeless Prevention Bond Act of 2022

2/19/2019 6/24/2020 6/24/2020Senate Appropriations


Other AB 1248** Garcia

Institutional purchasers: purchase of California-grown agricultural products

2/21/2019 6/29/2020 6/30/2020 SenateActive - In Committee

Other AB 1270 Stone False Claims Act 2/21/2019 8/13/2019 8/30/2019

Senate Appropriations Suspense File (Held Under Submission)


http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB10

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB15













11JULY 2020


LAST AMENDED

LAST ACTION

LAST COMMITTEE

STATUS

Other AB 1276** Bonta Local redistricting 2/21/2019 1/6/2020 6/23/2020

Senate Elections and Constitutional Amendments


Other AB 1484 GraysonMitigation Fee Act: housing developments

2/22/2019 9/9/2019 Senate RulesActive - In Committee

Other AB 1917 Ting Budget Act of 2020 1/10/2020 1/17/2020 Senate BudgetActive - In Committee

Other AB 2028 Aguiar-CurryState agencies: meetings

1/30/2020 6/4/2020 6/23/2020Senate Governmental Organization


Other AB 2058 GabrielIncome taxes: credits: low-income housing

2/4/2020 5/12/2020 6/3/2020Assembly Held under submission


Other Tax AB 2063 MullinProperty taxation: welfare exemption: low-income housing

2/4/2020 3/9/2020Assembly Revenue and Taxation


Public Finance

AB 2138 ChauCalifornia Public Records Act

2/10/2020 5/4/2020 6/5/2020Assembly Judiciary

Dead - Failed Deadline pursuant to Rule 61(b)(6)

Other AB 2289 NazarianMental Health Services Fund

2/14/2020 6/5/2020 Assembly


Investments AB 2473 CooperPublic investment funds

2/19/2020 6/3/2020 6/23/2020

Senate Labor, Public Employment and Retirement


Other AB 2484 LowEducational facilities: California Educational Facilities Authority

2/19/2020 5/4/2020 6/5/2020Assembly Appropriations


Other AB 2570 Stone False Claims Act 2/20/2020 5/4/2020 7/1/2020 Senate JudiciaryActive - In Committee

Other AB 2589 MaienscheinNo Place Like Home Program: permanent supportive housing

2/20/2020 3/12/2020

Assembly Housing and Community Development


Other AB 2707 HoldenLocal government finance: COVID-19 Credit Facility

2/20/2020 5/6/2020 5/7/2020

Assembly Housing and Community Development


Other Debt AB 2765 O’DonnellPublic works: prevailing wages

2/20/2020 6/4/2020 7/1/2020

Senate Labor, Public Employment and Retirement


Investments AB 2815 ChenWorkforce development: findings and declarations

2/20/2020 6/5/2020 Assembly


Other Tax AB 2829 Ting and Chiu

Property taxation: welfare exemption: rental housing: moderate-income housing





http://leginfo.legislature.ca.gov/faces/billHistoryClient.xhtml?bill_id=201920200AB1917






http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB2473&search_keywords=%22Investment%22

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB2484&search_keywords=%22California+Educational+Facilities+Authority%22



https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB2707

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB2765&search_keywords=%22Revenue+Bonds%22



12 DEBT LINE


LAST AMENDED

LAST ACTION

LAST COMMITTEE

STATUS

Other AB 2922 Gray

Community Development Tax Credit Program: community development corporations: allocations: income taxation: credits



Bonds AB 2938 Arambula

Horse racing: satellite wagering: use of license fees: earthquake and animal welfare projects

2/21/2020 6/5/2020Assembly Governmental Organization


Other AB 3101 RubioIncome taxes: credits: California New Markets Tax Credit

2/21/2020 3/16/2020 6/3/2020Assembly Held under submission


Investments AB 3205 SalasRegions Rise Grant Program

2/21/2020 5/19/2020 7/1/2020

Sen Business, Professions and Economic Development


Investments AB 3233 ObernolteIncome taxes: exclusion



Bonds AB 3245 Santiago

Bergeson-Peace Infrastructure and Economic Development Bank Act

2/21/2020 6/5/2020 Assembly


Bonds AB 3256 Garcia

Economic Recovery, Wildfire Prevention, Safe Drinking Water, Drought Preparation, and Flood Protection Bond Act of 2020

2/21/2020 6/4/2020 6/8/2020 Assembly RulesActive - In Committee

Investments AB 3307 Garcia

California Manufacturing Emergency Preparedness Act of 2020

2/21/2020 5/19/2020 7/1/2020

Senate Business, Professions and Economic Development


GO Bonds AB 3333 O’Donnell

Community colleges: construction and rehabilitation of facilities

2/21/2020 6/5/2020 Assembly


Parcel Tax ACA 1 Aguiar-Curry

Local Government Financing: Affordable Housing and Public infrastructure: Voter Approval.

12/3/2018 3/18/2019 8/19/2019Assembly Appropriations Suspense File

Inactive File

GO Bonds ACA 3 Mathis Clean Water for All Act 1/16/2019 3/20/2019 4/30/2019Assembly Water, Parks, and Wildlife


Other Tax ACA 13 ObernolteLocal sales taxes: online sales

3/26/2019 3/28/2019 AssemblyActive - In Committee

Other AJR 7 Gloria Green New Deal 2/11/2019 7/1/2019 9/4/2019 Senate RulesActive - In Committee

Income Tax SB 9** Durazo

Surplus residential property: sale procedures: generally and El Sereno neighborhood

12/3/2018 7/13/2020 7/1/2020

Assembly Housing and Community Development, Revenue and Taxation





http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201920200AB3205






http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200ACA1

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200ACA3

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200ACA13

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AJR7

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SB9

13JULY 2020


LAST AMENDED

LAST ACTION

LAST COMMITTEE

STATUS

GO Bonds SB 14 Glazer

Education finance: Higher Education Facilities Bond Act of 2020

12/3/2018 4/22/2019 8/30/2019 Assembly RulesActive - In Committee

GO Bonds SB 45 Allen

Wildfire Prevention, Safe Drinking Water, Drought Preparation, and Flood Protection Bond Act of 2020

12/3/2018 1/23/2020 1/30/2020Assembly Held at Desk


Cannabis Banking

SB 51 HertzbergFinancial Institutions: Cannabis

12/4/2018 9/5/2019 9/9/2019Assembly Appropriations

Inactive File

Other SB 162** GalgianiPulmonary hypertension task force

1/24/2019 7/13/2020 6/30/2020Assembly Revenue and Taxation


Bonds SB 254** HertzbergPersonal income taxes: corporation taxes: transfer of tax losses

2/11/2019 7/13/2020 6/29/2020Assembly Revenue and Taxation


Other SB 662** ArchuletaEnergy: transportation sector: hydrogen

2/22/2019 6/25/2020 6/25/2020Assembly Utilities and Energy


Parcel Tax SB 663 JonesProperty Taxation: Exemptions: Veterans’ Organizations



Other SB 667 HuesoGreenhouse Gases: Recycling Infrastructure and Facilities



Other SB 736 UmbergCreative Economy Incentive Act



Other SB 808 Mitchell Budget Act of 2020 1/10/2020 6/10/2020 6/10/2020Senate Budget and Fiscal Review


Other SB 928 McGuire Validations 2/5/2020 6/18/2020Assembly Local Government






Investments SB 998 MoorlachLocal government: investments

2/13/2020 6/18/2020Assembly Local Government


Other SB 1224 DahleProperty Assessed Clean Energy program


Bonds SB 1293 Allen

California Infrastructure and Economic Development Bank: Sea Level Rise Revolving Loan Program


Bonds SB 1317 Archuleta Surplus state property 2/21/2020 3/5/2020 Senate RulesActive - In Committee

GO Bonds SB 1400 UmbergAccessory Dwelling Unit Construction Bond Act of 2020


Parcel Tax SCA 5 HillTaxation: School Districts: Parcel Tax

2/27/2019 4/22/2019 5/21/2019 Senate Inactive File

* Amended - May No Longer Be Applicable

** Click through to link to the legislation. Once connected, refresh screen (F5) to view the latest amendments, votes, and status.


http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201920200SB45








http://leginfo.legislature.ca.gov/faces/billHistoryClient.xhtml?bill_id=201920200SB808


http://leginfo.legislature.ca.gov/faces/billHistoryClient.xhtml?bill_id=201920200SB929

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB930



http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB1293&search_keywords=%22Bonds%22



http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SCA5

14 DEBT LINE

Federal Legislation Affecting State and Local GovernmentsLEG TYPE BILL NO.* AUTHOR TITLE INTRODUCED

LAST ACTION

LAST COMMITTEE

STATUS

Bonds HR 2 DeFazioINVEST in America Act / The Moving Forward Act

6/11/2020 7/1/2020House - Transportation and Infrastructure


Federal Reserve

HR 24 MassieFederal Reserve Transparency Act of 2019

1/3/2019 1/3/2019House Oversight and Reform


Taxes HR 25 Woodall FairTax Act of 2019 1/3/2019 1/3/2019House Ways and Means


Federal Reserve

HR 41 RushRESCUE Act for Black and Community Banks

1/3/2019 1/3/2019House Financial Services; Ways and Means


Municipal Finance

HR 132 CuellarNorth American Development Bank Improvement Act of 2019

1/3/2019 9/20/2019House Financial Services


Infrastructure HR 180 Hastings Build America Act of 2019 1/3/2019 2/7/2019House Transportation and Infrastructure; Ways and Means


Bonds HR 219 Smith No Abortion Bonds Act 1/3/2019 1/3/2019House Ways and Means


Banks HR 241 WilliamsBank Service Company Examination Coordination Act of 2019

1/4/2019 9/11/2019

House - Financial Services | Senate - Banking, Housing, and Urban Affairs


Municipal Finance

HR 267 PriceTransportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2019

1/8/2019 1/11/2019House and Senate Appropriations


Other HR 376 CookCalifornia Desert Protection and Recreation Act of 2019

1/9/2019 2/5/2019House Natural Resources


Other HR 397 NealRehabilitation for Multiemployer Pensions Act

1/9/2019 12/19/2019

Senate - Read the second time. Placed on Senate Legislative Calendar under General Orders


Infrastructure HR 510 BlumenauerBuilding Rail Access for Customers and the Economy Act of 2019

1/11/2019 1/11/2019House Ways and Means


Bonds HR 546 PalazzoBorder Bonds for America Act of 2019

1/15/2019 2/4/2019House Ways and Means; Homeland Security


Regulations HR 575 MeadowsLessening Regulatory Costs and Establishing a Federal Regulatory Budget Act of 2019

1/15/2019 2/25/2019

House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law


Securities HR 624 WatersPromoting Transparent Standards for Corporate Insiders Act

1/16/2019 1/29/2019Senate - Banking, Housing, and Urban Affairs


Municipal Finance

HR 658 DeLauroNational Infrastructure Development Bank Act of 2019

1/17/2019 2/7/2019

House Energy and Commerce; Transportation and Infrastructure; Financial Services; Ways and Means


Infrastructure HR 680 Ruppersberger Securing Energy Infrastructure Act 1/17/2019 2/12/2019House Science, Space, and Technology


Bonds HR 865 ScottRebuild America’s Schools Act of 2019

1/30/2019 2/26/2019House Education and Labor; Ways and Means


Other HR 922 SotoVirtual Currency Consumer Protection Act of 2019

1/30/2019 2/25/2019House Financial Services; Agriculture


https://www.congress.gov/bill/116th-congress/house-bill/2?q=%7B%22search%22%3A%5B%22hr+2%22%5D%7D&s=1&r=1

https://www.congress.gov/bill/116th-congress/house-bill/24?






https://www.congress.gov/bill/116th-congress/house-bill/241?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&s=3&r=754







https://www.congress.gov/bill/116th-congress/house-bill/624?q=%7B%22search%22%3A%22Securities%22%7D&s=1&r=183





15JULY 2020


LAST ACTION

LAST COMMITTEE

STATUS

Other HR 923 SotoU.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019



Municipal Finance

HR 1120 BlumenauerMarijuana Revenue and Regulation Act

2/8/2019 3/22/2019

House Ways and Means; Judiciary; Energy and Commerce; Natural Resources; Agriculture


Infrastructure HR 1159 CicillineInnovative Materials for America’s Growth and Infrastructure Newly Expanded (IMAGINE) Act of 2019

2/13/2019 2/14/2019

House Transportation and Infrastructure; Science, Space, and Technology; Energy and Commerce


Banks HR 1167 Higgins

To create a zero interest loan program for Federal and District of Columbia employees furloughed or excepted from such furlough during a lapse in Federal appropriations, and for other purposes

2/13/2019 2/13/2019House - Financial Services


Municipal Finance

HR 1251 BlumenauerPublic Buildings Renewal Act of 2019



Infrastructure HR 1417 LawrenceWater Affordability, Transparency, Equity, and Reliability Act of 2019

2/28/2019 3/27/2019

House Transportation and Infrastructure; Energy and Commerce; Ways and Means; Agriculture


Infrastructure HR 1428 WatersTransportation Infrastructure for Job Creation Act

2/28/2019 2/28/2019House Appropriations; Budget


Infrastructure HR 1429 WatersDrinking Water Infrastructure for Job Creation Act

2/28/2019 2/28/2019House Appropriations; Budget


Infrastructure HR 1508 Blumenauer

Move America Act of 2019 - To Amend the Internal Revenue Code of 1986 to Provide for Move America Bonds and Move America Credits



Taxes HR 1516 DeFazio Wall Street Tax Act of 2019 3/5/2019 3/5/2019House Ways and Means


Banks HR 1595 Perlmutter

SAFE Banking Act of 2019 - To create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes.

3/7/2019 9/26/2019

House Financial Services; Judiciary Senate Banking, Housing, and Urban Affairs


Municipal Finance

HR 1815 CastenSEC Disclosure Effectiveness Testing Act

3/18/2019 10/21/2019

House - Financial Services | Senate - Banking, Housing, and Urban Affairs Senate -Committee on Banking, Housing, and Urban Affairs


Municipal Finance

HR 1862 MooneyFederal Insurance Office Abolishment Act of 2019



Taxes HR 2032 Hastings

To amend the Internal Revenue Code of 1986 to allow individuals to designate overpayments of income tax for disaster relief.

4/2/2019 4/2/2019House Ways and Means; Transportation and Infrastructure





https://www.congress.gov/bill/116th-congress/house-bill/1167/actions?q=%7b%22search%22:%5b%22\%22Banks\%22%22%5d%7d&r=634&s=2&KWICView=false








https://www.congress.gov/bill/116th-congress/house-bill/1815?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&r=125&s=2



16 DEBT LINE


LAST ACTION

LAST COMMITTEE

STATUS

Banks HR 2079 Williams Freedom Financing Act 4/4/2019 4/4/2019House - Financial Services


Federal Reserve

HR 2126 BabinState and Local Pensions Accountability and Security Act

4/8/2019 4/8/2019House - Education and Labor; Financial Services


Infrastructure HR 2206 StantonEnvironmental Infrastructure Assistance Act

4/10/2019 4/11/2019House Transportation and Infrastructure


Bonds HR 2238 Espaillat

To amend the Internal Revenue Code of 1986 to extend certain tax benefits related to empowerment zones

4/10/2019 4/10/2019House - Ways and Means


Other HR 2290 WextonShutdown Guidance for Financial Institutions Act



Bonds HR 2446 BlumenauerNo Tax Subsidies for Stadiums Act of 2019



Infrastructure HR 2541 Blumenauer BUILD Act 5/7/2019 5/8/2019House - Ways and Means; Transportation and Infrastructure


Bonds HR 2718 Kilmer

P3 Act: To amend the Internal Revenue Code of 1986 to include green infrastructure bonds in the definition of qualified private activity bonds.



Infrastructure HR 2741 KilmerLeading Infrastructure for Tomorrow’s America Act

5/15/2019 6/4/2019

House - Energy and Commerce; Natural Resources; Science, Space, and Technology; Ways and Means; Transportation and Infrastructure; Education and Labor


Municipal Finance

HR 2743 BuddTo repeal the Office of Financial Research, and for other purposes.



Infrastructure HR 2755 Boyle Buy America 2.0 Act 5/15/2019 5/16/2019House Transportation and Infrastructure; Energy and Commerce


Bonds HR 2772 RuppersbergerTo amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds.



Securities HR 2919 HuizengaImproving Investment Research for Small and Emerging Issuers Act

5/22/2019 7/10/2019

House - Financial Services | Senate - Banking, Housing, and Urban Affairs


Infrastructure HR 2923 Lee Inclusive Prosperity Act of 2019 5/22/2019 5/22/2019House Ways and Means


Other HR 3242 Velazquez Office of Territorial Exporting Act 6/12/2019 6/12/2019House Financial Services


Bonds HR 3423 Himes National Green Bank Act of 2019 6/21/2019 6/24/2019House Ways and Means; Energy and Commerce


Other HR 3546 Blumenauer State Cannabis Commerce Act 6/27/2019 7/30/2019House Energy and Commerce; Judiciary


Other HR 3561 FosterFinancial Stability Oversight Council Improvement Act of 2019



https://www.congress.gov/bill/116th-congress/house-bill/2079?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&s=2&r=115



https://www.congress.gov/bill/116th-congress/house-bill/2238/all-actions?q=%7B%22search%22%3A%5B%22Bonds%22%5D%7D&s=1&r=117














https://www.congress.gov/bill/116th-congress/house-bill/3561/all-actions-without-amendments?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&s=8&r=77

17JULY 2020


LAST ACTION

LAST COMMITTEE

STATUS

Other HR 3623 CastenClimate Risk Disclosure Act of 2019

7/5/2019 7/16/2019House Financial Services; Energy and Commerce


Securities HR 3701 GonzalezStrengthening Fraud Protection Provisions for SEC Enforcement Act of 2019



Bonds HR 3861 BurchettCarbon Capture Improvement Act of 2019



Banks HR 3895 VargasNorth American Development Bank’s Pollution Solution Act



Federal Reserve

HR 3928 RigglemanFederal Reserve Accountability and Justification Act



Federal Reserve

HR 3939 Budd

To require the Board of Governors of the Federal Reserve System to carry out a quantitative impact study of any proposed real-time payment system under the Faster Payments Initiative before implementing such system



Bonds HR 3967 SewellMunicipal Bond Market Support Act of 2019



Other HR 3979 Meuser

BASIC Act - To amend the Congressional Budget Act of 1974 to provide that any estimate prepared by the Congressional Budget Office or the Joint Committee on Taxation shall include costs relating to servicing the public debt, and for other purposes.

7/25/2019 7/25/2019 House Rules; BudgetActive - In Committee

Other HR 3987 Loudermilk

Alleviating Stress Test Burdens to Help Investors Act - To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide relief to nonbanks from certain stress test requirements under such Act.



Banks HR 4067 ScottFinancial Inclusion in Banking Act of 2019

7/25/2019 10/29/2019

House - Financial Services | Senate - Banking, Housing, and Urban Affairs Senate - Committee on Banking, Housing, and Urban Affairs


Other HR 4074 Velazquez

CLAIM Act - To create a safe harbor for insurers engaging in the business of insurance in connection with a cannabis-related business, and for other purposes.



Securities HR 4076 WagnerModernizing Disclosures for Investors Act



Federal Reserve

HR 4233 GoodenOptions Market Stability Act of 2019



Banks HR 4254 Maloney Overdraft Protection Act of 2019 9/9/2019 9/9/2019House - Financial Services


Banks HR 4267 WatkinsIndependent and Community Bank Shareholders Protection Act



Securities HR 4329 VargasESG Disclosure Simplification Act of 2019




https://www.congress.gov/bill/116th-congress/house-bill/3701/text?q=%7B%22search%22%3A%5B%22Securities%22%5D%7D&r=84&s=2


https://www.congress.gov/bill/116th-congress/house-bill/3895/all-actions?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&s=3&r=283

https://www.congress.gov/bill/116th-congress/house-bill/3928/text?q=%7B%22search%22%3A%22Securities%22%7D&r=71&s=2












18 DEBT LINE


LAST ACTION

LAST COMMITTEE

STATUS

Commodities HR 4333 Spanberger

To amend the Commodity Exchange Act to provide certainty for futures customers and market participants, and for other purposes

9/13/2019 9/25/2019 House - AgricultureActive - In Committee

Banks HR 4384 CristCommunity Bank Deposit Access Act of 2019



Banks HR 4476 Maloney Financial Transparency Act of 2019 9/24/2019 10/11/2019House - Financial Services; Agriculture


Other HR 4485 PencePublic-Private Partnerships for Prosperity (P4) Act

9/25/2019 9/26/2019House Transportation and Infrastructure


Commodities HR 4535 ScottCommodity Futures Trading Commission Research and Development Modernization Act

9/26/2019 10/11/2019 House - AgricultureActive - In Committee

Municipal Finance

HR 4572 Rooney Government Bailout Prevention Act 9/27/2019 9/27/2019House - Oversight and Reform; Financial Services


Banks HR 4805 Kim ABC Act of 2019 10/23/2019 10/23/2019House - Ways and Means


Other HR 5059 Dunn

To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments for interest expenses, and for other purposes

11/13/2019 11/14/2019House - Transportation and Infrastructure


Bonds HR 5082 Collins Gigabit Opportunity Act 11/14/2019 11/15/2019House - Ways and Means; Energy and Commerce


Bonds HR 5083 Schweikert Debt Ceiling Alternative Act 11/14/2019 11/14/2019

House - Ways and Means; Financial Services; Budget; Rules


Other HR 5194 CastenClimate Change Financial Risk Act of 2019

11/20/2019 11/21/2019House - Financial Services; Energy and Commerce


Bonds HR 5269 EstesUnclaimed Savings Bond Act of 2019



Banks HR 5318 GarciaBank Merger Review Modernization Act of 2019



Banks HR 5322 MeeksEnsuring Diversity in Community Banking Act of 2019116th Congress (2019-2020) | Get alerts

12/5/2019 12/11/2019House - Financial Services; Small Business


Securities HR 5336 Foster Investor Choice Act of 2019 12/6/2019 12/6/2019House - Financial Services


Banks HR 5416 Dingell National Climate Bank Act 12/12/2019 12/13/2019

House - Energy and Commerce; Financial Services; Ways and Means; Agriculture; Transportation and Infrastructure


Bonds HR 5422 MurphyModernizing Agricultural and Manufacturing Bonds Act



Banks HR 5612 GabbardSmall Business and Community Investments Expansion Act of 2020



Securities HR 5844 Riggleman ACCESS Rural America Act 2/11/2020 2/11/2020House - Financial Services



https://www.congress.gov/bill/116th-congress/house-bill/4384/text?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&r=225&s=3




https://www.congress.gov/bill/116th-congress/house-bill/4572/text?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&r=47&s=8



https://www.congress.gov/bill/116th-congress/house-bill/5082?q=%7B%22search%22%3A%5B%22Bonds%22%5D%7D&s=9&r=26


https://www.congress.gov/bill/116th-congress/house-bill/5194/text?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&r=27&s=8

https://www.congress.gov/bill/116th-congress/house-bill/5269/text?q=%7B%22search%22%3A%5B%22Bonds%22%5D%7D&r=20&s=9





https://www.congress.gov/bill/116th-congress/house-bill/5422/all-actions-without-amendments?q=%7B%22search%22%3A%5B%22Bonds%22%5D%7D&s=9&r=17



19JULY 2020


LAST ACTION

LAST COMMITTEE

STATUS

Other HR 6139 ScottCOVID-19 Health Care Worker Protection Act of 2020

3/9/2020 3/10/2020

House - Education and Labor; Energy and Commerce; Ways and Means


Other HR 6150 DeLauroPaid Sick Days for Public Health Emergencies and Personal and Family Care Act

3/9/2020 3/9/2020

House - Education and Labor; House Administration; Oversight and Reform; Judiciary


Other HR 6187 Omar MEALS Act 3/11/2020 3/11/2020House - Education and Labor


Other HR 6198 Murphy Emergency Paid Leave Act of 2020 3/11/2020 3/11/2020House - Ways and Means


Other HR 6199 Horsford Emergency Unemployment Insurance Stabilization and Access Act of 2020



Other HR 6200 Fudge Pandemic EBT Act of 2020 3/11/2020 3/11/2020House - Agriculture; Education and Labor


Other HR 6203 BonamiciCOVID-19 Child Nutrition Response Act

3/11/2020 3/11/2020House - Education and Labor


Other HR 6213 Wilson No Cost for COVID-19 Testing Act 3/11/2020 3/11/2020

House - Energy and Commerce; Ways and Means; Education and Labor


Other HR 6214 Kind

To amend title XVIII of the Social Security Act to provide for coverage of testing for COVID-19 at no cost sharing under the Medicare Advantage program.

3/11/2020 3/12/2020House - Ways and Means; Energy and Commerce


Other HR 6220 ScottEmergency Family and Medical Leave Expansion Act

3/12/2020 3/12/2020

House - Education and Labor; Oversight and Reform; House Administration


Securities HR 6242 HuizengaSEC Relief to Slow the Spread of Coronavirus Act of 2020



Federal Reserve

HR 6249 Luetkemeyer Coronavirus Accounting Relief Act 3/12/2020 3/12/2020House - Financial Services; Agriculture


Securities HR 6253 McHenryCrowdfunding to Combat the Coronavirus Act

3/12/2020 3/12/2020House - Financial Services; Energy and Commerce


Securities HR 6254 McHenry Gig Economy Infrastructure Act 3/12/2020 3/12/2020House - Financial Services; Education and Labor


Federal Reserve

HR 6265 StiversCoronavirus Guidance for Financial Institutions Act



Federal Reserve

HR 6290 Omar RELIEF Act of 2020 3/19/2020 3/19/2020House - Ways and Means


Banks HR 6306 HillImmediate Funds Availability Act of 2020



Federal Reserve

HR 6328 TlaibEmergency Relief for State, Territorial and Local Governments Act of 2020



https://www.congress.gov/bill/116th-congress/house-bill/6139













https://www.congress.gov/bill/116th-congress/house-bill/6254/all-actions?q=%7B%22search%22%3A%22Securities%22%7D&s=1&r=2





20 DEBT LINE


LAST ACTION

LAST COMMITTEE

STATUS

Federal Reserve

HR 6331 Beatty

To require the Board of Governors of the Federal Reserve System to establish a credit facility to provide loans to small businesses, including small family farms, during the COVID-19 emergency



Securities HR 6339 Casten

To temporarily ban stock buybacks until the impact of COVID-19 on the American financial system has ended



Securities HR 6371 Sherman

To amend the Securities Exchange Act of 1934 to require issuers to disclose risks related to global pandemics, and for other purposes



Securities HR 6375 Velazquez

To amend the Securities Exchange Act of 1934 to require issuers to make disclosures related to supply chain disruption risk, and for other purposes



Other HR 6379 LoweyTake Responsibility for Workers and Families Act

3/23/2020 3/23/2020

House - Appropriations; Budget; Ways and Means


Federal Reserve

HR 6381 Green

To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes



Infrastructure HR 6422 DavisNational Infrastructure Bank Act of 2020

3/31/2020 3/31/2020

House - Energy and Commerce; Transportation and Infrastructure; Financial Services; Education and Labor; Natural Resources; Budget


Other HR 6754 FletcherProtecting the Paycheck Protection Program Act of 2020



Other HR 6800 Lowey The Heroes Act 5/12/2020 6/1/2020Senate Legislative Calendar under Read the Second Time


Other HR 6886 RoyPaycheck Protection Program Flexibility Act of 2020

5/15/2020 5/15/2020House - Small Business; Ways and Means


Federal Reserve

HR 6891 Beatty

To amend the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to establish goals for the use of diverse investment advisers, brokers, and dealers in investment management agreements related to the Board of Governor’s unusual and exigent circumstances authority, and for other purposes



Other HR 6954 Sherrill SMART Act 5/19/2020 5/19/2020House - Oversight and Reform


https://www.congress.gov/bill/116th-congress/house-bill/6331/actions?q=%7b%22search%22:%5b%22\%22Federal+Reserve\%22%22%5d%7d&r=3&s=7&KWICView=false

https://www.congress.gov/bill/116th-congress/house-bill/6339/actions?q=%7b%22search%22:%5b%22\%22Securities\%22%22%5d%7d&r=128&s=5&KWICView=false


https://www.congress.gov/bill/116th-congress/house-bill/6375?q=%7B%22search%22%3A%5B%22%5C%22Securities%5C%22%22%5D%7D&r=122&s=2

https://www.congress.gov/bill/116th-congress/house-bill/6379?q=%7B%22search%22%3A%5B%22HR+6379%22%5D%7D&r=1&s=8

https://www.congress.gov/bill/116th-congress/house-bill/6381/all-actions-without-amendments?q=%7B%22search%22%3A%5B%22Federal+Reserve%22%5D%7D&s=3&r=2


https://www.congress.gov/bill/116th-congress/house-bill/6754/all-actions?q=%7B%22search%22%3A%5B%22%5C%22Securities%5C%22%22%5D%7D&s=1&r=44


https://www.congress.gov/bill/116th-congress/house-bill/6886/text



21JULY 2020


LAST ACTION

LAST COMMITTEE

STATUS

Securities HR 6994 PhillipsRegistration for Index-Linked Annuities Act



Securities HR 6996 RoudaFiscal Responsibility and Long-Term Economic Security Act

5/22/2020 5/22/2020House - Rules, Budget


Other HR 7010 PhillipsPaycheck Protection Program Flexibility Act of 2020

5/26/2020 6/5/2020House - Small Business; Ways and Means

Became Public Law

Bonds HR 7318 Schneider

To amend the Internal Revenue Code of 1986 to provide exempt facility bonds for zero-emission vehicle infrastructure



Banks HR 7231 Webster

To establish the Infrastructure Bank for America as a corporation to serve as a lender for and investor in infrastructure projects, and for other purposes

6/16/2020 6/16/2020

House - Transportation and Infrastructure; Financial Services; Ways and Means


Bonds HR 7261 Meeks

To amend the Securities Exchange Act of 1934 to require issuers to disclose services performed for State and local governments in connection with the issuance of bonds that may be used to pay for settlements or judgments in connection with police violence or civil rights abuses, and for other purposes



Taxes S 4 HarrisLIFT (Livable Incomes for Families Today) the Middle Class Act

1/3/2019 1/3/2019 Senate FinanceActive - In Committee

Other S 67 FeinsteinCalifornia Desert Protection and Recreation Act of 2019

1/9/2019 1/9/2019Senate Energy and Natural Resources


Bonds S 146 Hoeven Move America Act of 2019 1/16/2019 1/16/2019 Senate FinanceActive - In Committee

Federal Reserve

S 148 PaulFederal Reserve Transparency Act of 2019

1/16/2019 1/16/2019Senate Banking, Housing, and Urban Affairs


Infrastructure S 174 King Securing Energy Infrastructure Act 1/17/2019 8/16/2019Senate Energy and Natural Resources


Infrastructure S 203 CrapoBuilding Rail Access for Customers and the Economy (BRACE) Act of 2019


Bonds S 266 ReedRebuild America’s Schools Act of 2019


Municipal Finance

S 267 CornynNorth American Development Bank Improvement Act of 2020

1/29/2019 1/29/2019Senate Foreign Relations


Bonds S 293 CassidySecuring the Border and Making Drug Cartels Pay for it Act


Bonds S 352 CornynBuilding United States Infrastructure and Leveraging Development (BUILD) Act


Infrastructure S 384 Capito

A bill to require the Secretary of Commerce, acting through the Director of the National Institute of Standards and Technology, to help facilitate the adoption of composite technology in infrastructure in the United States, and for other purposes.

2/7/2019 9/26/2019Senate Commerce, Science, and Transportation




https://www.congress.gov/bill/116th-congress/house-bill/7010/actions?KWICView=false

https://www.congress.gov/bill/116th-congress/house-bill/7318?q=%7B%22search%22%3A%5B%22%5C%22bonds%5C%22%22%5D%7D&s=6&r=2

https://www.congress.gov/bill/116th-congress/house-bill/7231?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&r=1&s=10

https://www.congress.gov/bill/116th-congress/house-bill/7261?q=%7B%22search%22%3A%5B%22%5C%22bonds%5C%22%22%5D%7D&s=5&r=3

https://www.congress.gov/bill/116th-congress/senate-bill/4?











22 DEBT LINE


LAST ACTION

LAST COMMITTEE

STATUS

Infrastructure S 403 Whitehouse IMAGINE Act 2/7/2019 2/7/2019Senate Environment and Public Works


Municipal Finance

S 420 WydenMarijuana Revenue and Regulation Act


Infrastructure S 487 SheldonEnergy Infrastructure Demand Response Act of 2019

2/14/2019 2/14/2019Senate Energy and Natural Resources


Infrastructure S 563 DuckworthTransportation Infrastructure Finance and Innovation Act for Airports

2/26/2019 2/26/2019Senate Environment and Public Works


Federal Reserve

S 603 RoundsFinancial Stability Oversight Council Improvement Act of 2019



Taxes S 617 GrassleyTax Extender and Disaster Relief Act of 2019

2/28/2019 3/4/2019 Senate FloorActive - In Committee

Taxes S 647 Schatz Wall Street Tax Act of 2019 3/5/2019 3/5/2019 Senate FinanceActive - In Committee

Securities S 799 WarnerSecurities Fraud Enforcement and Investor Compensation Act of 2019



Municipal Finance

S 932 YoungPublic Buildings Renewal Act of 2019


Infrastructure S 1038 Fischer Build USA Infrastructure Act 4/4/2019 4/4/2019Senate Homeland Security and Governmental Affairs


Banks S 1200 MerkleySecure And Fair Enforcement Banking Act of 2019



Banks S 1223 RoundsCommunity Bank Access to Capital Act of 2019



Securities S 1236 KennedyMunicipal Securities Rulemaking Board Reform Act of 2019



Bonds S 1242 Booker

A bill to amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.


Bonds S 1288 Wyden Clean Energy for America Act 5/2/2019 5/2/2019 Senate - FinanceActive - In Committee

Banks S 1297 MoranIndependent and Community Bank Shareholders Protection Act



Municipal Finance

S 1478 CruzA bill to repeal the Office of Financial Research, and for other purposes.



Bonds S 1528 Murphy

A bill to amend title 31, United States Code, to provide for the issuance of Green Bonds and to establish the United States Green Bank, and for other purposes.


Infrastructure S 1535 WarnerReinventing Economic Partnerships And Infrastructure Redevelopment Act









https://www.congress.gov/bill/116th-congress/senate-bill/799?q=%7B%22search%22%3A%22Securities%22%7D&s=1&r=150




https://www.congress.gov/bill/116th-congress/senate-bill/1233/text?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&r=460&s=5



https://www.congress.gov/bill/116th-congress/senate-bill/1288?q=%7B%22search%22%3A%5B%22Bonds%22%5D%7D&s=1&r=108

https://www.congress.gov/bill/116th-congress/senate-bill/1297?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&s=5&r=451




23JULY 2020


LAST ACTION

LAST COMMITTEE

STATUS

Municipal Finance

S 1586 CruzFederal Insurance Office Abolishment Act of 2019



Infrastructure S 1587 Sanders Inclusive Prosperity Act of 2019 5/22/2019 5/22/2019 Senate FinanceActive - In Committee

Bonds S 1763 BennetCarbon Capture Improvement Act of 2019


Securities S 1854 ReedStronger Enforcement of Civil Penalties Act of 2019



Other S 2030 Wyden State Cannabis Commerce Act 6/27/2019 6/27/2019 Senate JudiciaryActive - In Committee

Bonds S 2039 MastoGreener Transportation for Communities Act


Banks S 2057 Markey National Climate Bank Act 7/8/2019 7/8/2019Senate Environment and Public Works


Federal Reserve

S 2120 Young Government Bailout Prevention Act 7/15/2019 7/15/2019Senate - Banking, Housing, and Urban Affairs


Other S 2201 Menendez CLAIM Act 7/22/2019 7/22/2019Senate Banking, Housing, and Urban Affairs


Banks S 2222 Braun

A bill to prohibit the Export-Import Bank of the United States from providing financing to persons with seriously delinquent tax debt



Banks S 2243 Van HollenPayments Modernization Act of 2019



Bonds S 2261 UdallClean Energy Victory Bond Act of 2019

7/25/2019 7/25/2019 Senate - FinanceActive - In Committee

Bonds S 2417 KennedyUnclaimed Savings Bond Act of 2019


Banks S 2598 Baldwin Pension Stability Act 10/15/2019 10/15/2019Senate - Health, Education, Labor, and Pensions


Federal Budget

S 2765 EnziBipartisan Congressional Budget Reform Act

10/31/2019 11/13/2019 Senate - BudgetActive - In Committee

Banks S2839 KennedyEliminating Corporate Shadow Banking Act of 2019



Other S 2903 SchatzClimate Change Financial Risk Act of 2019



Securities S 3003 CruzFinancial Institution Customer Protection Act of 2019



Banks S 3136 GardnerSmall Business Start-up Savings Accounts Act of 2019


Banks S 3213 WarrenBank Merger Review Modernization Act of 2019



Municipal Finance

S 3407 Rubio Fairness in Disaster Relief Act 3/5/2020 3/5/2020Senate - Homeland Security and Governmental Affairs









https://www.congress.gov/bill/116th-congress/senate-bill/2120/actions?q=%7b%22search%22:%5b%22\%22Federal+Reserve\%22%22%5d%7d&r=72&s=8&KWICView=false



https://www.congress.gov/bill/116th-congress/senate-bill/2243/text?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&r=68&s=8

https://www.congress.gov/bill/116th-congress/senate-bill/2261/actions?q=%7b%22search%22:%5b%22Bonds%22%5d%7d&r=60&s=9&KWICView=false

https://www.congress.gov/bill/116th-congress/senate-bill/2417/actions?q=%7b%22search%22:%5b%22S+2417%22%5d%7d&r=1&s=2&KWICView=false

https://www.congress.gov/bill/116th-congress/senate-bill/2598?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&s=2&r=190



https://www.congress.gov/bill/116th-congress/senate-bill/2903/actions?q=%7b%22search%22:%5b%22\%22Federal+Reserve\%22%22%5d%7d&r=29&s=8&KWICView=false

https://www.congress.gov/bill/116th-congress/senate-bill/3003/text?q=%7B%22search%22%3A%22Securities%22%7D&r=20&s=2

https://www.congress.gov/bill/116th-congress/senate-bill/3136?q=%7B%22search%22%3A%5B%22%5C%22Banks%5C%22%22%5D%7D&r=84&s=6


https://www.congress.gov/bill/116th-congress/senate-bill/3407/text?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&r=13&s=8

24 DEBT LINE


LAST ACTION

LAST COMMITTEE

STATUS

Other S 3415 MurrayPaid Sick Days for Public Health Emergencies and Personal and Family Care Act

3/5/2020 3/5/2020Senate - Health, Education, Labor, and Pensions


Other S 3475 DuckworthCOVID-19 Health Care Worker Protection Act of 2020

3/12/2020 3/12/2020Senate - Health, Education, Labor, and Pensions


Other S 3548 McConnell CARES Act 3/19/2020 6/3/2020 Senate - FinanceActive - In Committee

Federal Reserve

S 3550 MenendezMunicipal Bonds Emergency Relief Act



Securities S 3558 Paul

A bill to require the Securities and Exchange Commission to prevent the Financial Industry Regulatory Authority from enforcing a certain rule of that Authority



Banks S 3571 Brown Banking for All Act 3/23/2020 6/30/2020Senate - Banking, Housing, and Urban Affairs


Other S 3608 KennedyCoronavirus Relief Fund Flexibility for State and Local Government Act

5/5/2020 5/7/2020Senate - Appropriations


Other S 3671 ReedState & Local Emergency Stabilization Fund Act of 2020

5/7/2020 5/7/2020Senate - Appropriations


Other S 3752 Menendez SMART Act 5/18/2020 6/2/2020Senate - Banking, Housing, and Urban Affairs


Securities S 3795 SmithRegistration for Index Linked Annuities Act of 2020



Bonds S 3830 SullivanUnited States Pandemic Relief Bonds Act of 2020


Bonds S 4129 WickerA bill to amend the Internal Revenue Code of 1986 to reinstate advance refunding bonds


* Click through to link to the legislation. Once connected, refresh screen (F5) to view the latest amendments, votes, and status. DL

https://www.congress.gov/bill/116th-congress/senate-bill/3415

https://www.congress.gov/bill/116th-congress/senate-bill/3475

https://www.congress.gov/bill/116th-congress/senate-bill/3548?q=%7B%22search%22%3A%5B%22Securities%22%5D%7D&r=2&s=6

https://www.congress.gov/bill/116th-congress/senate-bill/3550?q=%7B%22search%22%3A%5B%22%5C%22Federal+Reserve%5C%22%22%5D%7D&s=8&r=5

https://www.congress.gov/bill/116th-congress/senate-bill/3558/text?q=%7B%22search%22%3A%5B%22%5C%22Securities%5C%22%22%5D%7D&r=134&s=5


https://www.congress.gov/bill/116th-congress/senate-bill/3608/all-actions?q=%7B%22search%22%3A%5B%22%5C%22Securities%5C%22%22%5D%7D&s=1&r=63

https://www.congress.gov/bill/116th-congress/senate-bill/3671/actions?q=%7b%22search%22:%5b%22\%22Securities\%22%22%5d%7d&r=48&s=1&KWICView=false

https://www.congress.gov/bill/116th-congress/senate-bill/3752?q=%7B%22search%22%3A%5B%22s+3752%22%5D%7D&s=4&r=1

https://www.congress.gov/bill/116th-congress/senate-bill/3795?q=%7B%22search%22%3A%5B%22%5C%22Securities%5C%22%22%5D%7D&s=1&r=15

https://www.congress.gov/bill/116th-congress/senate-bill/3830?q=%7B%22search%22%3A%5B%22%5C%22Bonds%5C%22%22%5D%7D&s=7&r=1

https://www.congress.gov/bill/116th-congress/senate-bill/4129?q=%7B%22search%22%3A%5B%22s+4129%22%5D%7D&s=3&r=1

25JULY 2020

Mello-Roos and Marks-Roos Reporting Requirements

Issuers of Mello-Roos and Marks-Roos bonds with debt outstanding are required by statute to report certain information to the California Debt and Investment Ad-visory Commission (CDIAC). Described in this article are the annual and periodic reporting requirements for issuers of these types of bonds.

YEARLY FISCAL STATUS REPORTS (YFSRs)

MELLO-ROOS. Community Facilities Dis-tricts (CFDs) issuing under the Mello-Roos Community Facilities Districts Act on or af-ter January 1, 1993 are required to annually file with CDIAC no later than October 30th a Yearly Fiscal Status Report (YFSR).1

The 2019-20 YSFR report covers Mel-lo-Roos bonds that were issued on or after January 1, 1993 through June 30, 2020 and contains specific information on each financing, including fund balances, as-sessed values, tax collection and reported delinquencies which includes the number of parcels that are delinquent with respect to their special tax payments, the amount that each parcel is delinquent, the total amount of special taxes due on the de-linquent parcels, the length of time that each has been delinquent as of the latest equalized tax roll within the reporting year. The online submittal system will be modified to accept an uploaded. Issuers are required to file the annual Mello-Roos YFSR until the bonds have matured or been redeemed

MARKS-ROOS. Bonds which were issued under the Marks-Roos Local Bond Pooling Act on or after January 1, 1996, and which used the bonds proceeds to acquire local ob-ligations or transferred to a Local Obligor under the terms of a debt contract between the Authority and Local Obligor, are re-quired to annually file an Marks-Roos YFSR with CDIAC no later than October 30th.2

The 2019-20 report covers bonds issued on or after January 1, 1996 through June 30, 2020. Information contained in the report includes the principal amount of bonds outstanding for the authority bonds, and local obligations purchased with Marks-Roos bond proceeds, reserve fund balance, and administrative fees paid and collected. Annual Marks-Roos re-porting is also required until the bonds have matured or been redeemed.

To facilitate this mandatory reporting, CDIAC has developed a YFSR for each type of bond. These reports may be sub-mitted electronically using CDIAC’s online reports. The Data Collection and Analysis Unit (Data Unit) sends e-mails as courtesy reminders annually by August 31st to all is-suers of Mello-Roos and Marks-Roos bonds identified in the CDIAC debt issuance da-tabase. This reminder contains the CDIAC Number and password needed to access online filing. Guidelines for completing the reports are available on CDIAC’s website.3

DRAW-ON-RESERVE AND DEFAULTS

Issuers of both Mello-Roos and Marks-Roos bonds are also required to report any defaults or draws on reserve to CDIAC.4 Notification to CDIAC must occur within ten days of the default or draw on reserve. Unlike the YFSR, reporting of a default or draw on reserve applies to all Mello-Roos and Marks-Roos bonds regardless of issuance date.

MELLO-ROOS issuers are required to report either:

• A failure to pay principal and interest on a scheduled payment date, or

• A withdrawal from a reserve fund to pay principal and interest on the bond, if the withdrawal reduces the reserve fund be-low the required reserve amount.

MARKS-ROOS authorities are required to report either:

• A failure to pay principal and interest on a scheduled payment date, or

• A withdrawal from a reserve fund to pay principal and interest on bonds issued by the authority or any bonds acquired by the authority, if the withdrawal reduces the reserve fund below the required re-serve amount.

Although not statutorily required, CDIAC issuers may voluntarily report to CDIAC the replenishment of reserve funds, as well.

CDIAC developed the Mello-Roos/Marks-Roos Draw on Reserve/Default Filing Form to facilitate reporting. All draws on reserve and/or defaults and replenishments may be filed using our online form, which can be accessed using the issue’s CDIAC ber and password.

Access to the online reporting portal and all reporting forms, instructions and reporting requirements, are available on the CDIAC website under “Reporting Debt Issuance” at www.treasurer.ca.gov/cdiac/reporting.asp.

Requests for filing assistance or additional information can be made by email to the Data Unit at [email protected] or by contacting the Data Unit at (916) 653-3269. DL

1 Government Code Section 53359.5(b)2 Government Code Section 6599.1(b)3 www.treasurer.ca.gov/cdiac/reporting.asp4 Government Code Section 53359.5(c) and 6599.1(c)

http://www.treasurer.ca.gov/cdiac/reporting.asp



http://www.treasurer.ca.gov/cdiac/reporting.asp

26 DEBT LINE

Voluntary Disclosure of COVID-19 in the Municipal MarketKelly Joy, Policy Research Unit

The fiscal uncertainty of the COVID-19 pandemic has issuers in the municipal mar-ket reviewing their continuing disclosure obligations to determine what they need to disclose. In May, the U.S. Securities and Exchange Commission (SEC) released new guidance, The Importance of Disclosure for our Municipal Markets, which encouraged issuers of municipal securities to provide investors with as much information as prac-ticable regarding their current financial and operating status.1 In addition, the Govern-ment Finance Officers Association (GFOA) has also encouraged issuers to voluntarily disclose effects of COVID-19 and plans to release additional guidance on voluntary disclosure for its members.2

Since the beginning of the pandemic, many issuers have opted to publish vol-untary disclosures about the projected ef-fects of COVID-19 on their entities to the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Ac-cess (EMMA) system. In April, the MSRB began publishing weekly summaries of state and local disclosures submitted to EMMA about the impacts of COVID-19.3 Through June 28, over 5,700 continuing disclosure documents related to COVID-19 have been posted to EMMA, over 1,800 of which have been voluntary disclosures. Figure 1 reflects the geographic breakdown of the COVID-19 related continuing disclosures made to EMMA.

CDIAC research staff reviewed the COVID-19 related disclosures made by California public agencies to EMMA to explore trends for voluntary disclosure of effects of COVID-19 in the municipal mar-ket.4 In addition, this article also discusses takeaways from recent guidance on strate-gies for issuers when disclosing the impacts of COVID-19 on their agencies.5

TRENDS IN VOLUNTARY DISCLOSURE OF EFFECTS RELATED TO COVID-19

California currently has one of the highest number of continuing disclosure filings re-lated to COVID-19. (Figure 1) In February, there was one rating change and zero vol-untary disclosures from California issuers

related to COVID-19. As of June 28, there were 67 rating or outlook change and more than 120 voluntary disclosures related to COVID-19 from public agencies in Cali-fornia. (See Figure 2.)

CDIAC’s review of these disclosures found that content and format varied widely. Some disclosures are tailored as a statement to the investor community, while others are postings of publicly-available information such as public presentations or official com-munications on the financial condition of the agency. The voluntary disclosure docu-ments posted on EMMA often list risks to the agency due to fallout from COVID-19. Risks vary by sector, but some of the most common risks listed include a loss of reve-nue, an expected decrease in state funding,

Source: Municipal Securities Rulemaking Board

*Alaska (12) and Hawaii (24) not pictured.

1 Jay Clayton and Rebecca Olsen, “The Importance of Disclosure for our Municipal Markets,” U.S. Securities and Exchange Commission, Published May 4, 2020, Accessed June 9, 2020, www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.

2 Sarah Wynn, “GFOA Members Urge Issuers to Disclose Coronavirus Impacts,” The Bond Buyer, Published June 5, 2020, Accessed June 10, 2020, www.bondbuyer.com/news/gfoa-members-urge-issuers-to-disclose-coronavirus-impacts.

3 MSRB Weekly COVID-19 Detail Report dataset, (June 29, 2020), distributed by the Municipal Securities Rulemaking Board, Accessed June 30, 2020, www.msrb.org/msrb1/pdfs/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf.

4 MSRB Weekly COVID-19 Detail Report dataset, (June 29, 2020), distributed by the Municipal Securities Rulemaking Board, Accessed June 30, 2020, www.msrb.org/msrb1/pdfs/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf, and COVID-19 Disclosure Filings dataset, (June 29, 2020), distributed by Lumesis, Accessed June 29, 2020, https://lumesis.com/

5 Although recent guidance regarding voluntary disclosure is summarized in this article, this information is for general informational purposes only, and does not constitute financial or legal advice. Reach out to your financial advisor and/or disclosure counsel for any advice specific to your agency.

FIGURE 1CONTINUING DISCLOSURES RELATED TO COVID-19 FILED ON EMMA, BY STATE* THROUGH JUNE 28, 2020

http://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04

http://www.bondbuyer.com/news/gfoa-members-urge-issuers-to-disclose-coronavirus-impacts

http://www.bondbuyer.com/news/gfoa-members-urge-issuers-to-disclose-coronavirus-impacts

http://www.msrb.org/msrb1/pdfs/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf




https://lumesis.com/

27JULY 2020

Num

ber o

f Rec

ords

Mar 22 Apr 5 Apr 19 May 3 May 17 May 31 Jun 14

25

20

15

10

5

0

4

1

6

25

8

2

7

5

8

17

11

3

9

5

10

general economic uncertainty, and un-known effects to the entity that are difficult to forecast.

Issuers have not exclusively used these postings to EMMA to disclose risks. Many agencies have included discussions of response strategies that the agencies have employed to mitigate the ramifi-cations of COVID-19. Some agencies have used voluntarily disclosure through EMMA as a way to communicate how they expect their agencies to remain fi-nancially resilient despite concerns related to COVID-19. For example, some issuers have posted voluntary disclosures assuring the investor community that repayment of bond proceeds is from revenue sources that are not expected to be significantly affected by consequences of COVID-19. Some agencies that rely on unit occupan-cy for revenue have posted voluntary dis-closures that occupancy rates and/or the collection of rental payments remain high in spite of the pandemic.

Most of the voluntary disclosures posted to EMMA are labelled as “Other Event Volun-tary Information.” This category is now the largest sub-category for all event-based con-tinuing disclosure filings on EMMA related to COVID-19. (See Figure 3.)

Over 90 percent of these event-based filings have been made since April. Thus far, only a small percentage of issuers have filed a con-tinuing disclosure with EMMA in response to the pandemic,6 so the number of filings may continue to increase.

KEY TAKEAWAYS FROM RECENT GUIDANCE

Although voluntary disclosure has become a more common practice in the wake of COVID-19, many issuers are grappling with a “paralysis” about what and how to disclose relevant effects on their agencies’ operations.7 For example, disclosure during the pandemic has called for a more forward-looking fore-

FIGURE 2NUMBER OF VOLUNTARY DISCLOSURES RELATED TO COVID-19 FILED BY CALIFORNIA STATE AGENCIES, BY WEEK, THROUGH JUNE 28, 2020

Source: Lumesis

FIGURE 3EVENT-BASED CONTINUING DISCLOSURES RELATED TO COVID-19 FROM CALIFORNIA PUBLIC AGENCIES BY DISCLOSURE SUB-CATEGORY, THROUGH JUNE 28, 2020

6 Sarah Wynn, “Less than 2.5% of Municipalities Have Filed Coronavirus-related Continuing Disclosures,” The Bond Buyer, Published June 2, 2020, Accessed June 10, 2020, www.bondbuyer.com/news/less-than-2-5-of-municipalities-have-filed-coronavirus-related-continuing-disclosures.

7 Brooke Abola, Daniel Deaton, and Robert Berry, “Navigating Investor Disclosures During the COVID-19 Crisis,” Webinar from the California Debt and Investment Advisory Commission, May 1, 2020, Accessed May 1, 2020, www.treasurer.ca.gov/cdiac/webinars/2020/20200501/description.asp.

Source: Municipal Securities Rulemaking Board

Num

ber o

f Rec

ords

Other Event-based Disclosures

RatingChange

Financial Obligation

Incurrence or Agreement

Notice to Investor Pursuant to Bond

Documents

Modification to the Rights of

Security Holders

Capital of Other Financing Plan

120

100

80

60

40

20

0

105

67

10 10

1 1

http://www.bondbuyer.com/news/less-than-2-5-of-municipalities-have-filed-coronavirus-related-continuing-dis

http://www.treasurer.ca.gov/cdiac/webinars/2020/20200501/description.asp

28 DEBT LINE

cast of the agency as opposed to a more tradi-tional approach to disclosure that is based on past events and trends.

In CDIAC’s webinar, “Navigating Investor Disclosures During the COVID-19 Crisis,” Daniel Deaton from Nixon Peabody LLP and Brooke Abola from the Office of the San Francisco City Attorney provided sev-eral examples of information that, in many cases, issuers already know that are also of interest to the investor community.8 Cur-rent information such as liquidity levels, amounts in reserve accounts, “burn rates” of cash on hand, and revenue projections are examples of financial indicators that in-vestors would find useful. An agency may also have entity-specific indicators, such as ridership levels that are comparable to data from a period prior to the pandemic. Differ-ences in these indicators can give investors insight about expected changes in revenue and/or consumer behavior. Investors are also interested in qualitative information regarding management decisions and re-sponse strategies employed by an agency, which can inform investors of an agency’s governance. Many of these suggestions are also endorsed in a recent research brief from Kroll Bond Rating Agency which noted: “At this point in the crisis, market partic-ipants are clamoring for specific, factual information including contingency plans, liquidity levels, cost-saving measures, efforts to sustain operational readiness, the timing and amount of federal, state and local aid (if known), and the availability of other re-source options to address the economic and fiscal impacts of the pandemic.” Guidance from the SEC released in May recommends

similar examples to include in voluntary (or supplementary) disclosures: sources of li-quidity, availability of aid from governmen-tal sources, the impact of COVID-19 on the financial condition of the issuer, and rel-evant reports prepared for other purposes.10

IMPORTANT CONSIDERATIONS FOR VOLUNTARY DISCLOSURE

In addition to expenses in staff time and fi-nancial resources, one of the most fundamen-tal considerations when making a voluntary disclosure is legal liability. The recent SEC statement from May 2020 explicitly endors-es voluntary disclosures of “forward-looking information regarding the potential future impact of COVID-19 on [issuers’] financial and operating conditions.” The new empha-sis on disclosing forward-looking forecasts as opposed to information based on past trends can be daunting for issuers worried about po-tential liability in the case where those fore-casts are incorrect. In its recent statement, the SEC assured issuers that they would not be subject to enforcement actions if their fore-casts proved to be inaccurate: “We would not expect good-faith attempts to provide appro-priately framed current and/or forward-look-ing information to be second guessed by the SEC.” Issuers also do not need to be con-cerned about investor expectations to update the voluntary disclosure they provide as long as there is a legal disclaimer in the disclosure that makes that clear.13

Although additional disclosure can come at an expense to the issuer, there can also be sev-eral benefits. For example, strong disclosure practices can lower an issuer’s future borrow-

ing costs through lower interest rates.14 At minimum, voluntary disclosure is a signal to the investor community that the issuer is being responsive and that there is an open channel of communication about relevant updates. Voluntary disclosure is also a strategy that issuers can use to control the messaging about their agency’s financial condition to the investor community.15 As was shown in 2013 with the City of Harrisburg, the SEC can take enforcement action against an issuer for misleading public statements in the ab-sence of timely disclosure made to investors.16 Statements made in public documents or by agency officials are technically subject to the same anti-fraud regulations as disclosure doc-uments; however, regulators are less likely to hold those sources to that same standard if the issuer has appropriate channels of communi-cation with the investor community.17 Other-wise, there is legal precedent for enforcement actions against issuers for material misstate-ments made in public documents, even if the agency intended to use those communica-tions for a separate purpose.18

Issuers intending to publish a voluntary dis-closure should work with disclosure counsel and ensure that the content of all disclosures comply fully with SEC Rule 10b-5 of the Securities Exchange Act of 1934. For addi-tional resources related to COVID-19, issu-ers can refer to the COVID-19 Municipal Debt

Resources webpage on CDIAC’s website. CDIAC has also created a COVID-19 Dis-

closure Dashboard that tracks COVID-19 related continuing disclosures made by Cal-ifornia public agencies to EMMA and is up-dated as new data is made available.

8 Ibid9 “Coronavirus (COVID-19): Municipal Issuers’ Virus-Related Voluntary Disclosures Trend Up,” Kroll Bond Rating Agency, Published April 27, 2020, Accessed June 11, 2020,

www.krollbondratings.com/documents/report/33288/public-finance-coronavirus-covid-19-municipal-issuers-virus-related-voluntary-disclosures-trend-up.10 Clayton and Olsen, “The Importance of Disclosure for our Municipal Markets.”11 Ibid12 Ibid13 Abola, Deaton, and Berry, “Navigating Investor Disclosures During the COVID-19 Crisis.”14 Wynn, “GFOA Members Urge Issuers to Disclose Coronavirus Impacts.”15 Abola, Deaton, and Berry, “Navigating Investor Disclosures During the COVID-19 Crisis.”16 “SEC Charges City of Harrisburg for Fraudulent Public Statements,” U.S. Securities and Exchange Commission, Published May 6, 2013, Accessed June 11, 2020, www.sec.gov/

news/press-release/2013-2013-82htm.17 Abola, Deaton, and Berry, “Navigating Investor Disclosures During the COVID-19 Crisis.”18 “SEC Charges City of Harrisburg for Fraudulent Public Statements.”

DL

https://www.treasurer.ca.gov/cdiac/covid-19.asp

https://www.treasurer.ca.gov/cdiac/covid-19.asp

https://www.treasurer.ca.gov/cdiac/covid-dash.asp

https://www.treasurer.ca.gov/cdiac/covid-dash.asp

http://www.krollbondratings.com/documents/report/33288/public-finance-coronavirus-covid-19-municipal-issuer

http://www.sec.gov/news/press-release/2013-2013-82htm

http://www.sec.gov/news/press-release/2013-2013-82htm

29JULY 2020

JUNE 2020

1 IRS resumed operations for the processing of Form 8038-CP Return for Credit Payments to Issuers of Qualified Bonds. IRS previously suspended processing of paper returns on March 27, 2020 in an effort to protect the public and IRS employees during the COVID-19 pandemic. IRS Update

16 The SEC announced an emergency order that allows mu-nicipal advisors to temporarily be allowed to arrange cer-tain private placement deals without needing to register as a broker-dealer. This emergency order will remain in effect through December 31, 2020. Emergency Order

30 Deadline to submit comment on Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements an amend-ment of GASB Concepts Statement No. 3, has been extended to June 30, 2020. GASB Exposure Draft

30 The Municipal Securities Rulemaking Board (MSRB) re-ceived approval from the U.S. Securities and Exchange Com-mission on June 25, 2020 of amendments to MSRB rules that align MSRB rules to the Commission’s recently adopted Rule 15l-1 under the Exchange Act (“Regulation Best Inter-est”). MSRB Notice

JULY 2020

1 Operative date of enhancements made to the MSRB’s EMMA system approved by the SEC on February 18, 2020. The en-hancements will improve transparency in the municipal se-curities market, including providing information regarding the timing of annual financial information for a municipal security. MSRB Notice

2 GASB Releases Accounting and Financial Reporting Guid-ance Related to the Cares Act and Coronavirus Diseases. GASB News Brief

10 Responses due for GASB’s survey of preparers of govern-mental financial information regarding the investment fees paid by state and local governments including public pension plans. The survey is part of a GASB research effort that, in part, will evaluate the need for specific guidance related to investment fee disclosures. The survey generally should take less than 15 minutes and can be accessed by clicking here. Questions, contact Jialan Su ([email protected]) at the GASB. Ad-

ditional Information

28 Virtual public hearing to be held by GASB on its Exposure Draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, would enhance the guidance the Board follows when it establishes note disclosure require-ments for state and local governments. Exposure Draft

31 Fees billed by the MSRB during the period of March 1, 2020 through July 31, 2020 that are not paid on time will not incur late charges. To provide regulatory relief during the Covid-19 pandemic, the MSRB proposed this rule change to suspend charging of late fees for the regulatory fees assessed by the MSRB under rules A-11, A-12 and A-13. Any un-paid balances as of August 1, 2020 will begin to incur late fee charges. MSRB Notice

DECEMBER 2020

31 End date of the SEC’s emergency order that allowed mu-nicipal advisors to temporarily be allowed to arrange certain private placement deals without needing to register as a bro-ker-dealer. Emergency Order

FEBRUARY 2020

26 Deadline to submit comments on Recognition of Elements of Financial Statements. GASB Exposure Draft

MARCH 2021

31 Extended date for firms and individuals to complete cer-tain professional qualification standards. Due to closure of the test center locations during the Covid-19 pandemic, the MSRB proposed a rule change to provide additional time to allow firms and individuals to fulfill certain pro-fessional qualification standards established under MSRB Rule G-3, on professional qualification requirements, con-sistent with MSRB Rule G-2, on standards of professional qualification. MSRB Notice

31 Updated compliance date for collecting new data from un-derwriters submitting an amended Form G-32 for primary offerings of municipal securities through the MSRB’s EMMA system. MSRB Notice DL

Regulatory Activity Calendar

https://www.irs.gov/tax-exempt-bonds/tax-exempt-bonds-community-updates

https://www.sec.gov/rules/exorders/2020/34-89074.pdf

https://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174242984&acceptedDisclaimer=true

http://www.msrb.org/~/media/Files/Regulatory-Notices/Announcements/2020-13.ashx?

http://www.msrb.org/~/media/Files/Regulatory-Notices/Announcements/2020-12.ashx??n=1

https://www.gasb.org/cs/ContentServer?c=GASBContent_C&cid=1176174834564&d=&pagename=GASB%2FGASBContent_C%2FGASBNewsPage

https://www.fafsurveys.org/se/4CA36E922EDBCA54

mailto:jsu%40gasb.org?subject=

https://www.gasb.org/cs/ContentServer?c=GASBContent_C&cid=1176173272859&d=&pagename=GASB%2FGASBContent_C%2FProjectPage

https://www.gasb.org/cs/ContentServer?c=GASBContent_C&cid=1176173272859&d=&pagename=GASB%2FGASBContent_C%2FProjectPage

https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=86bd8242a4&e=7b908d7374

http://msrb.org/~/media/Files/Regulatory-Notices/Announcements/2020-09.ashx??n=1

https://www.sec.gov/rules/exorders/2020/34-89074.pdf

https://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174822546&acceptedDisclaimer=true



30 DEBT LINE

SAVE THE DATECDIAC Webinars, Seminars, and Conferences

OCTOBER

OCTOBER 5, 2020

19th Annual Pre-conference at The Bond Buyer's 30th Annual California Public Finance Conferenc Los Angeles, CA

To get the latest information about CDIAC education programs, visit www.treasurer.ca.gov/cdiac/seminars/.

Other Seminars and Conferences

JULY

JULY 28, 2020

California School Financing Authority Weathering the K-12 State Apportionment Deferrals- State Budget, Cash Flow Management, and TRANs Online Virtual Event www.treasurer.ca.gov/csfa/

webinar-information.asp

JULY 29-30, 2020

Association of California Water Agencies Summer Virtual Conference Online Virtual Event www.acwa.com

AUGUST

AUGUST 12-13, 2020

2020 65th California Association of Sanitation Agencies Annual Conference Online Virtual Event www.casaweb.org

AUGUST 24-28, 2020

National Association of State Auditors Comptrollers and Treasurers Annual Conference Online Virtual Event www.nasact.org

SEPTEMBER

SEPTEMBER 13-16, 2020

National Association of State Treasurers Annual Conference San Diego, CA www.nast.org

VIRTUAL - SEPTEMBER 15, 2020

NAST Online Annual Business & Member-ship Meeting

www.nast.org

SEPTEMBER 23-26, 2020

International City/County Management Association Annual Conference Online Virtual Event www.icma.org

OCTOBER

OCTOBER 5-7, 2020

The Bond Buyer 30th Annual California Public Finance Conference Los Angeles, CA www.bondbuyer.com

OCTOBER 6-9, 2020

California Association of County Treasurers and Tax Collectors Education Conference Burlingame, CA www.cacttc.org

OCTOBER 7-9, 2020

League of California Cities Annual Conference & Expo Long Beach, CA www.cacities.org

OCTOBER 26-29, 2020

Municipal Management Association of Southern California Annual Conference Online Virtual Event www.mmasc.org

DECEMBER

DECEMBER 1-4, 2020

Association of California Water Agencies Fall Conference & Exhibition Indian Wells, CA www.acwa.com

DECEMBER 3-5, 2020

California School Boards Association Annual Education Conference and Trade Show Anaheim, CA www.csba.org

DECEMBER 9-10, 2020

League of California Cities Municipal Finance Institute Monterey, CA www.cacities.org

Organizations may submit information on future ed-ucational seminars, meetings, or conferences by email-ing [email protected]. Publication of announcements is subject to space limitations. DL

https://www.treasurer.ca.gov/cdiac/seminars/

http://www.treasurer.ca.gov/csfa/webinar-information.asp

http://www.treasurer.ca.gov/csfa/webinar-information.asp

https://www.acwa.com/

http://www.casaweb.org

https://www.nasact.org/

https://nast.org/

https://icma.org/

http://www.bondbuyer.com

http://www.cacttc.org

http://www.cacities.org

http://www.mmasc.org

http://www.acwa.com

http://www.csba.org

http://www.cacities.org