California State Treasurer’s Office

The meeting included updates on contract delegations of power, including an interagency agreement with the State Treasurer's Office Public Finance Division and an agreement with the California School Finance Authority (CSFA) to develop and implement the California Student Housing Revolving Loan Program. An update was provided on the California Student Housing Revolving Loan Program, which is on hold due to the Governor's Proposed Budget. The College Access Tax Credit Fund for taxable year 2023 was discussed, noting an increase in contributions and changes to the target population benefiting from the Fund.

The California Educational Facilities Authority (CEFA) meeting included discussions and actions on several key items. The Authority approved Resolution No. 2009-01, which delegates certain functions related to bond financings to the Executive Director and Deputy Executive Director, with a one-year sunset provision. Additionally, the Authority approved amended Resolution Nos. 244 and 256, authorizing any Deputy Treasurer and the Deputy Executive Director to take actions and execute documents in connection with the issuance and sale of bonds for the University of Southern California (USC). Several members recused themselves from participation in the USC item due to potential conflicts of interest.

The agenda item discusses the post-issuance tax compliance procedures for tax-exempt bonds issued by the California Educational Facilities Authority (CEFA). It addresses the need for a comprehensive policy and procedures to ensure compliance with IRS regulations, particularly in light of recent revisions to Form 8038. The procedures cover arbitrage rebate and yield, use of bond proceeds and bond-financed assets, and record-keeping requirements. Staff recommends the Authority approve Resolution No. 2011-02, authorizing the adoption of the written procedures for post-bond issuance tax compliance.

The California Educational Facilities Authority (CEFA) meeting addressed several key items. The Executive Director's report as of December 31, 2016, and January 31, 2017, was presented, reflecting total and outstanding debt and program balances. A delegation of powers report regarding Loma Linda University was discussed, noting the use of CEFA Series 2017A Bonds to pay capitalized interest for upgrades and expansion to Loma Linda's Central Utilities Plant. The University of San Francisco sought and received authority approval to refund outstanding CEFA Series 2000, CEFA Series 2003, and CEFA Series 2005B Bonds. Updates were provided on the College Access Tax Credit Program, with revisions to forms and regulations to incorporate information for insurers.

The meeting included an Executive Director's report covering CEFA fund balances, a monthly update on the Tax-Exempt Bond Delegation of Powers regarding Charles R. Drew University of Medicine and Science, and a Contract Delegation of Powers Monthly Update. The Authority approved Resolution No. 324 for Loyola Marymount University, allowing them to issue tax-exempt bonds. There was also an election of the Vice Chairperson. Updates were provided on the College Access Tax Credit Fund for Taxable Years 2017 and 2018, and the Bond Financing Program Annual Report was presented.