WWW.DISSERTATION.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Dissertations, online materials
 
<< HOME
CONTACTS



Pages:   || 2 |

«OPEN SESSION Call to Order and Roll Call (Agenda Item 1) Treasurer Bill Lockyer, Chairperson, called the California Debt Limit Allocation Committee ...»

-- [ Page 1 ] --

MINUTES

December 5, 2007

(Agenda Item 2)

California Debt Limit Allocation Committee

Jesse Unruh Building

915 Capitol Mall, Room 587

Sacramento, CA 95814

OPEN SESSION

Call to Order and Roll Call (Agenda Item 1)

Treasurer Bill Lockyer, Chairperson, called the California Debt Limit Allocation Committee (Committee)

meeting to order at 1:35 p.m.

Members Present: Bill Lockyer, State Treasurer Anne Sheehan for Arnold Schwarzenegger, Governor Rick Chivaro for John Chiang, State Controller Advisory Members Present: Theresa Parker, California Housing Finance Agency (CalHFA) Chris Westlake, representing Lynn Jacobs, Department of Housing and Community Development (HCD) Quorum: The Chairperson declared a quorum Approval of the Minutes of the November 14, 2007 Meeting (Agenda Item 2) (Action Item) Anne Sheehan moved approval of the minutes from the November 14, 2007 meeting. Upon a second, the

minutes passed with the following vote: Anne Sheehan; Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer:

Aye.

Executive Director’s Report (Agenda Item 3) (Informational Item)

Joanie Jones Kelly reported the following:

I would like to bring everyone up-to-date on the Universal application form.

CDLAC has been using the Universal Application on an abbreviated basis with projects that have originated at either CalHFA or HCD and beginning in March CDLAC will be using the Universal Application for all projects. Actually, we will have a dual application process for those of you who would like to continue using our existing applications may choose to do so and we will also have the Universal Application available for those projects that are bond only and for the Tax Credit Allocation Committee.

• There are six Exempt Facility applications. One project is a First Tier (Small Business) under regulatory mandate. The six projects are requesting a total allocation of $461,135,000.

Staff is recommending an Exempt Facility award of allocation $165,660,000.

• In the Single Family Housing Pool there are four applications requesting Mortgage Credit Certificate (MCC) authority. Staff is recommending a MCC Fair Share allocation of $20,438,662. There are four applications requesting Mortgage Revenue Bond (MRB) allocation. Staff is recommending a MRB Fair Share allocation of $333,656,621. A total for Single-Family (MCC & MRB) Fair Share allocation of $354,095,283.

• In the Qualified Residential Rental Pool there are a total of nineteen applications requesting allocation. There are two applications in the rural pool requesting an allocation of $6,587,000, three applications in the mixed-income pool requesting an allocation of $167,690,000 and fourteen applications in the general pool requesting an allocation of $197,039,159.

• On the December Agenda there are a total of thirty-three applications, for all CDLAC Pools requesting $1,285,302,523 in tax-exempt bond allocation.

Consideration of Staff’s Proposed Revisions to the Procedures of the California Debt Limit Allocation Committee (the Procedures) and Approval to Disseminate Proposed Revisions for a Public Comment Period (Agenda Item 4) (Action Item)

Joanie Jones Kelly stated the following:

The California Debt Limit Allocation Committee (CDLAC) staff has drafted technical changes and cleanup language to the existing CDLAC Procedures. Attached is a copy of those proposed changes. The Draft Procedures were posted on the CDLAC website after the November meeting.

To date, CDLAC has received two formal comments regarding the proposed procedure changes. Sue Horne, Chair of the Regional Council of Rural Counties, wrote to express her concern regarding the Joint Powers Authority (JPA) clarification language and Andrew Rose, Attorney at Law, wrote to express his concern regarding the Exempt Facility Program Small Business definition.

CDLAC has scheduled a public comment hearing on the revised Procedures for January 10th, 2008 in Sacramento.

If the Committee agrees to release the Procedures for the official public comment period, which normally lasts 30 days, at the January meeting, we would present the Committee with a copy of all the comments with staff’s recommendations, pro or con, the Committee would have the opportunity to either approve the Procedures at the January 23rd meeting, or if there are any open issues, the Committee has the discretion to implement another 30day public comment period if one is needed.

Staff is recommending approval to release the CDLAC Procedures for the official 30-day public comment period.

Greg Norton, Executive Director, CRHMFA, stated that he does not support the change in language

regarding the JPA participating jurisdictions, noting:

With combined resources, as a JPA, they are furthering the purpose of making homes affordable and financially sustainable for low/moderate income Californians.

Comments regarding: new bond allocations to CHF (as well as other single-family issuers) are typically blended with prepayments from prior bond issues as well as potential blending with taxable resources. This 2 blending of resources helps assure the maximum use of all old and new bond authority for California. It is our understanding that the proposed rules require an amount of loan origination collectively at least equal to the total new allocation to CHF used in a specific bond within the assigning jurisdictions do not apply to the jurisdictional use of recycled or taxable proceeds blended into the bond in regard to written assignment of rights to secure allocation, you have confirmed this requirement can continue to be met by letters from housing department directors and other appropriate staff of counties and cities as has been the case in prior years. We understand the letters are required from all jurisdictions assigning allocation.





Theresa Parker spoke on behalf of the fair-share allocation.

Theresa Parker and Greg Norton talked at length regarding the JPA’s use of allocation Mark Louder, CRHMFA, also spoke.

Joanie Jones Kelly stated that basically it has always been CDLAC’s intent that a JPA acts on behalf of a local Government and we clarified that CDLAC doesn’t have a problem as long as the local entity gives them their fair share and CDLAC knows that it makes sense for the smaller cities and counties because their fair share is so small for them to issue as a pooled resource through CRHMFA. CDLAC’s concern, as far as the fairness issue, is for Cities like Los Angeles, where they apply to CDLAC for their own fair share allocation. It is not the intent of CDLAC for them to participate in CRHMFA and use another locality’s fair share allocation because we have a limited amount of allocation and this is the issue that we are trying to clarify. As long as any local gives their fair share allocation to CRHMFA that is fine. Treasurer Lockyer stated that he believed Theresa Parker’s question was if there was any use of this pool externally for some city or county outside of that pool.

Mark Louder stated that the pool is used throughout the members and the associate members wherever the origination would occur.

Anne Sheehan moved approval of staff’s recommendation. Upon a second, the motion 3-0 with the following vote: Anne Sheehan: Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer: Aye.

Consideration of Appeals and Applications for an Allocation of the State Ceiling on Qualified Private Activity Bonds for Exempt Facility Projects and Awards of Allocation (Agenda Item 5) (Action Item) Staff – Walter Akiyama a. Consideration of Appeals There is one appeal for this agenda item, Pacific Ethanol, Inc. Application #07-210. An application was submitted from the California Statewide Communities Development Authority (CSCDA) on behalf of Pacific Ethanol. Pacific Ethanol submitted an appeal letter to CDLAC on November 28, 2007. The written response to the appeal was provided to all Committee members with a copy of the appeal prior to the December 5, 2007 allocation meeting. Based on the clarification provided by Pacific Ethanol in the appeal and in discussions with the Company, staff is recommending that the project receive an award of allocation for $35,000,000.

Joanie Jones Kelly stated that Pacific Ethanol, Inc. would be presented as a separate item to the Committee pending approval of Agenda Item 8.

–  –  –

Joanie Jones Kelly stated that the following Agenda Item would be presented as a separate item to the Committee. Rick Chivaro has not rejoined the meeting.

Program Analyst Walter Akiyama stated the following:

The Committee received one first tier (small business) Exempt Facility application under regulatory mandate from the California Pollution Control Financing Authority (CPCFA) for EDCO Disposal Corporation. Staff is recommending an allocation award for EDCO Disposal of $31,960,000.

–  –  –

Anne Sheehan moved approval of staff’s recommendation. Upon a second, the item passed with the

following 2-0 with the following vote: Anne Sheehan: Aye; Treasurer Bill Lockyer: Aye; Rick Chivaro:

abstained.

Rick Chivaro rejoined the meeting.

Walter Akiyama continued his presentation of the following projects.

A second application was received from CPCFA for Air Products which is a second tier (large business).

Staff is recommending an allocation award of $33,900,000. Three second tier applications were received from the California Municipal Financing Authority (CMFA). Staff is recommending an award of allocation for the three projects; Allied Waste of North America $33,900,000, Republic Services, Inc.

$32,000,000, and Waste Management, Inc. $33,900,000.

–  –  –

Anne Sheehan moved approval of staff’s recommendation. Upon a second, the item passed 3-0 with the following vote: Anne Sheehan: Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer: Aye.

Consideration of Appeals and Applications for an Allocation of the State Ceiling on Qualified Private Activity Bonds for Single Family Housing Programs and Awards of Allocation (Agenda Item 6) (Action Item) Staff – Sarah Lester a. Consideration of appeals There were no appeals.

b. Consideration of applications

Program Analyst Sarah Lester stated the following:

The Committee received four applications requesting Mortgage Credit Certificates (MCC) authority. The Housing Authority of the County of Marin requested their Fair Share allocation of $952,550; the Housing Authority of the County of Tulare requested their fair share allocation of $1,591,267; the City of Los Angeles requested their Fair Share allocation of $14,893,831, and the City and County of San Francisco requested their Fair Share allocation of $3,001,014.

The Committee received four applications requesting Mortgage Revenue Bond (MRB) allocation. The California Housing Finance Agency requested their annual allocation of $310,000,000 for 2007. The CRHMFA Homebuyers Fund requested their Fair Share allocation for San Bernardino & Stanislaus Counties of $9,480,124. In addition, CRHMFA Homebuyers Fund requested a Fair Share allocation from the CDLAC Bonus Pool of $14,176,497 on behalf of 45 local jurisdictions.

CRHMFA is a Joint Power’s Authority (JPA) and is also requesting $50,000,000 in 2007 carryforward allocation. However, CRHMFA’s request was not on behalf of any local jurisdictions. Based on Section

6.I.B. of the CDLAC Procedures, Applicants, such as a JPA, administering a local Single-Family Housing Program must submit on behalf of one or more local jurisdictions. Staff is not recommending approval of the $50,000,000 in carryforward request based on non-compliance with CDLAC Procedures.

Staff recommends award of allocation sufficient to fund the MCC Program for $20,438,662 and the MRB Program for $333,656,621 for a combined Single-Family allocation of $354,095,283.

–  –  –

Anne Sheehan moved approval of staff’s recommendation. Upon a second, the item passed 3-0 with the following vote: Anne Sheehan: Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer: Aye.

Consideration of Appeals and Applications for an Allocation of the State Ceiling on Qualifed Private Bonds for Qualified Residential Rental Projects and Awards of Allocation (Agenda Item 7) (Action Item) Staff – Joanie Jones Kelly a. Consideration of appeals There are no appeals.

b. Consideration of applications

Joanie Jones Kelly stated the following:

The Rural Pool The Rural Pool received two (2) applications a total of $6,587,000.

Staff recommends approval of $6,587,000 in bond allocation to fund both applications as requested.

The Mixed Income Pool The Mixed Income Pool received three applications for a total of $119,690,000.

One project in the Mixed Income Pool exceeds the $30 million project cap per project imposed by Section

17.IV of the CDLAC Procedures. The project is 07-159 Montague Residence Apts. Located in Santa Clara County for $97,500,000.

Staff recommends the award of allocation sufficient to fund all demand for allocation in the Mixed Income Pool a total of $119,690,000.

The Committee voted on 07-040 Holly Ranch Village Apartments; 07-208 Woodlake Manor Apartments;

07-183 Broadway Plaza Apartments, and 07-199 Essex Moorpark Apartments.

Anne Sheehan moved approval of staff’s recommendations. Upon a second the items passed 3-0 with the following vote: Anne Sheehan: Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer: Aye.

6 Staff is recommending the Committee waive the maximum allocation amount for application 07-159 Montague Residence Apartments, based on the demand for rental projects is such that the maximum allocation amount is not warranted due to the lack of competition and there will be excess allocation for the current round.

Anne Sheehan moved approval to waive the current cap of $30,000,000 and to approve $97,000,000 in allocation for 07-159 Montague Residence Apartments. Upon a second, the item passed 3-0 with the following vote: Anne Sheehan: Aye; Rick Chivaro: Aye; Treasurer Bill Lockyer: Aye

–  –  –

General Pool The General Pool received fourteen applications requesting $197,039,159 in allocation.



Pages:   || 2 |


Similar works:

«Secondary breast cancer in the lung This booklet is for people who have been diagnosed with secondary breast cancer in the lung. It describes what secondary breast cancer in the lung is, what the symptoms are and the treatments used. Lorem ipsum dolore estes Secondary breast cancer 2 Call our Helpline on 0808 800 6000 We hope this booklet answers some of your questions about secondary breast cancer in the lung and helps you to discuss your options with your specialist team. We suggest you read...»

«UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA TODD STANAFORD a/k/a JERALD TODD STANAFORD, on behalf of himself and all Case No. 9:13-cv-80923 (KLR) others similarly situated, Plaintiffs, vs.ROBERT DONALD BRUCE GENOVESE, WILLIAM TAFURI, GEOFFREY BROWNE, BG CAPITAL GROUP LTD, LOOK BACK INVESTMENTS, INC., OUTLOOK INVESTMENTS, INC., AND LIBERTY SILVER CORPORATION, Defendants. STIPULATION OF SETTLEMENT Subject to the approval of the Court, this Stipulation of Settlement (“...»

«Casey I Children of Divorce III Ministering to Children of Divorce: Helping Children of Divorce Patrick J. Casey Local churches, pastors, and individual Christians must ask themselves some important questions concerning this growing group of people in our communities and churches. Do they have special needs? Do they and their families face distinct problems in our local churches? Who is responsible to meet their needs? How can their needs be met? The Needs of Children of Divorce Children of...»

«WP/15/285 Corporate Investment in Emerging Markets: Financing vs. Real Options Channel by Delong Li, Nicolas E. Magud, and Fabian Valencia WP/15/285 © 2015 International Monetary Fund IMF Working Paper Western Hemisphere Department Corporate Investment in Emerging Markets: Financing vs. Real Options Channel Prepared by Delong Li, Nicolas E. Magud, and Fabian Valencia1 Authorized for distribution by Dora Iakova December 2015 IMF Working Papers describe research in progress by the author(s) and...»

«SESSION 1.1 Integrated urban water balance of an eco-building Etude du cycle de l’eau à l’échelle d’un bâtiment écologique Sam Trowsdale, Robyn Simcock, Jeremy Gabe and Robert Vale Manaaki Whenua Landcare Research Private Bag 92 170, Auckland 1142, New Zealand (TrowsdaleS@LandcareResearch.co.nz) RESUME Le bâtiment écologique de Landcare Research à Auckland, Nouvelle-Zélande a été conçu de façon à minimiser l’utilisation d’eau du service publique, en favorisant...»

«Tredimensioni 10(2013) 292-301 Liberta di scegliere Scegliere nella libertà Vincenzo Percassi* U n episodio della serie televisiva dei Simpsons descrive la vita di una cittadina dove, improvvisamente, gli altoparlanti annunciano l’avvicinarsi della fine del mondo. All’annuncio, la folla di coloro che riempivano bar e discoteche si riversa in chiesa, mentre la folla di coloro che riempivano le chiese si riversa nei luoghi di divertimento, dimostrando così che, al momento della resa dei...»

«April 11, 1989 NARRATIVE FOR THE OIL AND GAS DEVELOPMENT POTENTIAL OF THE BIG COULEE ELK BASIN MAP MONTANA Introduction The Miles City District includes the southern 86 percent of this map (all but the northernmost 18 to 22 miles). The south boundary is the Wyoming State line. The north boundary is the Big Snowy Uplift. The east boundary is a line through Billings and Roundup. The west boundary is a line passing 4 miles west of Big Timber. The area covered in this narrative is 72-78 miles east...»

«The de tu ni le P Design and Engineering in the era of Ubiquitous Computing Rich Gold © Rich Gold 1993 – 2002 Silicon Valley, California rich@richgold.org www.richgold.org draft version 0.9 Dedicated to Marina LaPalma and Henry Goldstein The Present Press Note: You must change the following preferences in Adobe Acrobat Reader 5.0 to view this book correctly: Under Edit (or under Right Arrow above slide bar) go to Preferences.In Preferences Check all of the following: [x]Smooth Text [x]Smooth...»

«TABLE OF CONTENTS Chapter 1: Dumbledore’s Army: Reborn.page 4 Chapter 2: Growing Up..page 19 Chapter 3: Cat and Mouse..page 40 Chapter 4: Taking Sides..page 51 Chapter 5 The Sword of Gryffindor.page 65 Chapter 6: The Forbidden Forest.page 88 Chapter 7: The Noble Thing To Do.page 103 Chapter 8: Dreams and Realities..page 117 Chapter 9: A Different World..page 131 Chapter 10: Blood Brothers..page 145 Chapter 11: The Room of Hidden Things.page 160 Chapter 12: Stricken..page 178 -2Chapter 13:...»

«Venerable Robina Courtin The Bird Needs Two Wings (Unedited) Osel Shen Phen Ling, Missoula, MT 21 July 2011 Well, listen. I really have my doubts whether we’ll do this text that Bob wants us to do tonight, I’ve got my second thoughts, alright? We might do something completely different. Will you throw me out, Bob? Sack me? Send me back? It just feels we’ve talked enough about karma, this is just more karma, you know? I think I’d rather talk about the compassion wing and maybe some other...»

«Inaugural Dissertation submitted to the Combined Faculties for the Natural Sciences and for Mathematics of the Ruperto-Carola University of Heidelberg, Germany for the degree of Doctor of Natural Sciences Presented by BSc, BSc (Hons), MSc Reinhard Kai Liebers Born in: Cologne, Germany Oral-examination: December 11th, 2015 Dnmt2 in RNA methylation, RNA inheritance, and environmental responses in the mouse Referees: Prof. Dr. Frank Lyko Dr. Brian Luke Abstract Dnmt2 is a highly conserved RNA...»

«     A University of Sussex DPhil thesis  Available online via Sussex Research Online:  http://sro.sussex.ac.uk/    This thesis is protected by copyright which belongs to the author.    This thesis cannot be reproduced or quoted extensively from without first  obtaining permission in writing from the Author    The content must not be changed in any way or sold commercially in any ...»





 
<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.