Finance Committee Materials
4/26/2017 9:25:11 AM
4/26/2017 9:25:10 AM
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TO:Board of Directors <br />FROM:Bill D. Carnahan <br />SUBJECT:Finance Committee Report <br />DATE:October 7, 2013 <br />A meeting of the Finance Committee was held on October 7, 2013, at the SCPPA office in Glendora. <br />Committee members present were:Russell Dowell (Anaheim); Bob Liu (Burbank); Rebecca Gallegos <br />(Colton);Shari Thomas (Pasadena); Laura Nomura (Riverside); Mario Ignacio (LADWP); Bill Fox (Vernon), <br />Steve Lins (Glendale) and Sondra Ainsworth (IID-via teleconference). <br />Others present were:Stephen Cole (Norton Rose Fulbright); Mike Berwanger, Dan Hartman (via <br />teleconference) and Will Frymann (Public Financial Management);Therese Savery (LADWP/SCPPA); <br />Vernon Oates, Daniel Hashimi and Steve Homer (SCPPA). <br />The following matters are the business transacted by the Committee: <br />1.Investment Report <br />The Committee reviewed the Investment Report for the month ended August 30, 2013. The Committee <br />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 June 30, 2013. <br />The Committee recommended forwarding the reports to the Board for receipt and filing. <br />3.Gas Prepay Project Restructuring <br />PFM (Public Financial Management) updated the Committee on the closing of the debt restructuring. <br />The Consent Solicitation that ended on September 13th achieved a 57.74% approval from the <br />bondholders. As expected, the bonds are now rated A3/A-/A. SCPPA participants will be receiving a <br />payment of $3.4MM. A decision on revising the 2013-2014 Budget for the Project will be made at a <br />later date. <br />4.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 />5.Unsolicited Proposals <br />The Committee reviewed an unsolicited proposal from Morgan Stanley. The Committee took no action <br />with respect to such proposal.
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