Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fiscal Policy topic
No spam. Unsubscribe anytime.
OCII updates debt and investment policies and formalizes MOU with Comptroller for debt assistance
Summary
OCII amended its debt and investment policies to reflect post-dissolution legal requirements and authorized an MOU with the City Comptroller's Office to assist with debt issuance and administration; all measures passed unanimously.
The Commission on Community Investment and Infrastructure approved several fiscal housekeeping items Aug. 19, adopting an amended debt policy, updating the investment policy to recognize use of the City Treasurer’s investment pool, and authorizing a memorandum of understanding with the City Comptroller’s Office for assistance with debt issuance and administration.
John Daigle, OCII senior financial analyst, summarized the debt policy amendments, which add compliance with redevelopment dissolution laws, include Community Facilities District (CFD) language, require Oversight Board and Department of Finance approval in issuance steps, simplify permitted investments, and delete an unused swap derivative appendix. Daigle said the revisions formalize current practice such as preparing secondary market disclosure tables via a fiscal consultant.
Leo Levinson, Deputy Executive Director for Finance and Administration, presented proposed investment policy changes recognizing OCII’s use of the City and County of San Francisco Treasurer’s Office investment pool. "Our first objective is safety. Second is liquidity... we're not in the business of playing the markets," Levinson said, describing the Treasurer's pool as historically producing higher yields than the state's Local Agency Investment Fund.
Levinson and other staff answered commissioners’ questions about funds on hand (described generally as "tens of millions" with some bond reserves in trustee accounts), the Treasurer's oversight committee, check and wire procedures, and potential future financing options should OCII be unable to sell bonds. The commission approved the debt-policy amendment (item 5I), the investment-policy update (item 5J), and the MOU with the Comptroller’s Office (item 5K) by recorded 3-0 votes.
Staff noted that payments for Comptroller staff assistance on debt offerings are typically made from cost-of-issuance proceeds (example cited: ~$12,500 in a recent issuance) and that any special requested paid support would be budgeted and approved in advance.
