Finance Committee Materials
4/26/2017 9:25:07 AM
4/26/2017 9:25:06 AM
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TO:Board of Directors <br />FROM:Bill D. Carnahan <br />SUBJECT:Finance Committee Report <br />DATE:April 1, 2013 <br />A meeting of the Finance Committee was held on April 1, 2013, at the SCPPA office in Glendora. <br />Committee members present were:Ed Zacherl (Anaheim);Bob Liu (Burbank);Eric Campbell <br />(Glendale); Shari Thomas (Pasadena); Laura Nomura (Riverside); Rebecca Gallegos (Colton); Sondra <br />Ainsworth (IID). <br />Others present were:Stephen Cole (Fulbright & Jaworski); Mike Berwanger, Dan Hartman, and Will <br />Frymann (Public Financial Management);Therese Savery (LADWP/SCPPA); Vernon Oates, Steve Homer, <br />Daniel Hashimi and Rick Morillo (SCPPA). <br />1.Investment Report <br />The Committee reviewed the Investment Report for the month ended February 28, 2013. The <br />Committee recommended forwarding the report to the Board for receipt and filing. <br />2.Project Budget Comparison Reports <br />The Committee reviewed the Project Budget Comparison Reports for the quarter ended December 31, <br />2012. The Committee recommended forwarding the reports to the Board for receipt and filing. <br />3.Multiple Project Revenue Bonds <br />SCPPA Bond Counsel discussed the transfer of the moneys in the Multiple Project Proceeds Account <br />upon payment of the final maturity of the Multiple Project Revenue Bonds (i.e., July 1, 2013), to the <br />Projects’ Stabilization Fund for the benefit of the Mead-Adelanto Participants and the Mead-Phoenix <br />Participants. The Committee recommended forwarding a Resolution to the Board approving such <br />transfer and any related matters. <br />4.Gas Prepay Project Unsolicited Proposal <br />PFM (Public Financial Management) updated the Committee on the progress of the debt restructuring <br />as proposed by Goldman Sachs. Goldman Sachs continues to work on the tax aspects and comments <br />raised by Moody’s for the restructuring.
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