Finance Committee Materials
4/26/2017 9:25:10 AM
4/26/2017 9:25:09 AM
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TO:Board of Directors <br />FROM:Bill D. Carnahan <br />SUBJECT:Finance Committee Report <br />DATE:September 9, 2013 <br />A meeting of the Finance Committee was held on September 9, 2013, at the SCPPA office in Glendora. <br />Committee members present were:Ed Zacherl (Anaheim); Bob Liu (Burbank); Rebecca Gallegos <br />(Colton);Shari Thomas (Pasadena-via teleconference); Laura Nomura (Riverside); Mario Ignacio <br />(LADWP); Bill Fox (Vernon), Steve Lins (Glendale) and Sondra Ainsworth (IID). <br />Others present were:Stephen Cole (Norton Rose Fulbright); Mike Berwanger (via teleconference), Dan <br />Hartman and Will Frymann (Public Financial Management);Therese Savery (LADWP/SCPPA); <br />Vernon Oates, Rick Morillo, Daniel Hashimi and Steve Homer (SCPPA). <br />The following matters are the business to be transacted by the Committee. <br />1.Investment Report <br />The Committee reviewed the Investment Reports for the month and quarter ended June 30, 2013 and <br />for the month ended July 31, 2013. The Committee recommended forwarding the reports to the Board <br />for receipt and filing. <br />2.Gas Prepay Project Restructuring <br />PFM (Public Financial Management) updated the Committee on the progress of the debt restructuring <br />as proposed by Goldman Sachs. The Consent Solicitation has been extended to September 13th. The <br />extension of the consent process as well as incentives to both investors and brokers are intended to <br />increase support and get to the necessary 50%+ consent level. <br />3.Market and VRDO Update <br />The Committee received a market and VRDO status report from PFM. All variable resets are at all-time <br />low levels. <br />4.Unsolicited Proposals <br />The Committee reviewed unsolicited proposals from Morgan Stanley and Citi. The Committee took no <br />action with respect to such proposals. <br />5.Hoover Visitor Center <br />The Committee discussed the status of the Hoover Visitor Center and Air Slots debt payoff. A working <br />group comprised of the Hoover Dam participants has completed drafts of Memorandum of <br />Understanding (MOU) relating the proposed actions to be taken by the respective participants and a <br />payoff letter to be forwarded to the Bureau of Reclamation. Both documents are under review by
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