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<br />8A <br />Page 13 <br /> <br />California city offidals to speak with their representatives about what the federal government is <br />doing to support GHG reduction. <br /> <br />Representatives David Dreier (R-26th), Lois Capps (D-23rd), Jane Harman (D-36th), Ken Calvert <br />(R-44th), Elton Gallegly (R-24th) and Mary Bono Mack (R45th) participated in the roundtable. The <br />event closed with briefings by Greg Dotson, chief environmental council of the House Oversight <br />and Reform Committee and Steven Chalk, deputy assistant secretary for renewable energy in the <br />Office of Technology Developmenf Energy Efficiency and Renewable Energy. <br /> <br />Next Step <br /> <br />The League will continue to work with NLC and through the efforts of its Washington. D.C. office to <br />continue to advance these and other legislative priorities as well as respond to federal legislation <br />impacting cities. <br /> <br />Visit www.cacities.ora/federalresources for more information about the League's federal work. <br /> <br />More Cities Receive Prop. 18 Local Street and Road Funds <br /> <br />The Department of Finance (DOF) announced this week that an additionaf 104 cities wilt receive <br />their FY 2007-08 Proposition 1 B Local Street and Road funds on Friday, March 14. The first 46 <br />cities received their Prop. 18 funds on Feb. 15. A total of 150 of California's 478 cities have now <br />received their allocation for this fiscal year for a total of $154 million of the $550 million <br />appropriated for cities in FY 2007-08. <br /> <br />A city-by-city list of released funds can be found on the League's Web site at <br />WNW .cacities.oralinfrastructure. <br /> <br />Relief for Cities Affected by the Spike in Variable Rate Interest Costs <br /> <br />Many cities have recently seen interest on their variable rate debt jump signifICantly from the recent <br />turmoil in the- credit market. California Communities- offers- immediate relief through its new Liquidity <br />Notes program for auction rate securities and variable rate demand obligations (ARSNRDO). <br /> <br />California Communities is the fil"Iancing authority co-sponsored by the League and the California <br />State Association of Counties (CSAC). The Liquidity Notes program provides assistance to issuers <br />affected by the current volatile markets for ARSNRDOs and the resulting rate increases. This <br />program is exclusively for cities, counties, and special districts in California. <br /> <br />Goals of the Liquidity Notes Program <br /> <br />. Speed - liquidity notes can be issued within a matter of weeks <br />. Availabtlity - open to a wide variety of issuers and types of issues <br />. Simplicity - minimal time and effort on the part of issuers to participate <br />. Low cost - provides substantiar reduction in interest costs for at least one year <br /> <br />What is the liquidity Notes Program? <br /> <br />. A financing program developed by Orrick. Herrington & Sutcliffe LLP and sponsored by <br />California Communities to provide immediate relief to local agency budgets caused by <br />bond insurer downgrades and the resulting failures in the ARSNRDOs markets; <br /> <br />. Provides a temporary solution affording time for local agencies to undertake refundings, <br />restructurings and/or remarketings of their OtItstandlng ARSNRDOs in a more reasonable <br />time frame and a more orderly fashion; <br /> <br />. Does not displace the local agency's existing team of underwriters, financial advisors or <br />bond counsel; <br /> <br />7 <br />