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<br />8A <br />Page 15 <br /> <br />Thursday, April 17 <br /> <br />General session: 8:45-10:30 a.m. at the Sheraton Grand Sacramento, Sheraton Ballrooms <br /> <br />The confirmed speakers below will address a variety of issues. <br /> <br />. Cynthia Bryant, deputy chief of staff and director of the Office of Planning and Research, <br />will discuss new developments related to implementing the Global Warming Solutions Act <br />(AB 32) and the potential for achieving better planning through regional blueprints, <br />regional transportation plans and the regional housing needs allocation process; and <br /> <br />. James Tilton, secretary, California Department of Corrections and Rehabilitation, will <br />speak about the Governor's public safety prisoner release and summary parole proposals <br />as well as any response they have to the Legislative Analysts Office alternative proposal <br />that would shift local funds. <br /> <br />Additional information <br /> <br />Additional information about the 2008 Legislative Action Days is available on the League's Web <br />site at www.cacities.orq/events. <br /> <br />'Municipal Bond Rating Reform' Continued from Page 1... <br /> <br />The downgrades of several bond insurers, and the higher costs that imposed on many <br />municipalities with variable rate bonds backed by those insurers, has led to calls for rating agency <br />reform. Standard & Poor's objects to those calls, claiming they have one consistent rating scale, <br />despite the evidence of their own default studies to the contrary. <br /> <br />Fitch acknowledges the existence of two scales and has announced it is undertaking a review of <br />whether they should continue using two scales or move to a single scale. Moody's has taken the <br />greatest strides. The firm announced that it will assign a corporate-equivalency rating (what it <br />calls a global scale rating or GSR) alongside the traditional municipal rating to any municipal <br />bond at the issuer's request. Moody's has also requested comments on this policy change from <br />issuers, investors and other interested parties. <br /> <br />The League's Revenue and Taxation Policy Committee recently recommended when it met April <br />2 in Ontario that the League board of directors endorse Treasurer Bill Lockyer's call for reform <br />and urge cities to contact the rating agencies and urge prompt action. The League board will <br />consider this recommendation at its upcoming April 17 -18 meeting in Sacramento. Lockyer has <br />taken a leading role nationwide in seeking reform. <br /> <br />In the meantime, city leaders who agree that the rating agencies ShbUfd assign ratings based on <br />the risk of default and on a scale consistent with that applied to corporate and other debt, can <br />take action to let the rating agencies know. <br /> <br />The linked documents below can help equip your city take action: <br /> <br />. Moody's announcement of its policy change and its request for comments. <br />http://www . caeities. orq/resou ree fi les/267 05. GenericMoodv's reSDo nse. doc <br /> <br />. This is a sample comment you can send to Moody's. <br />htto: Ilwww.eacities.orq/resouree files/26706 .samplerati nqaqencyletter. d oc <br /> <br />E~mail comments by April 15 to cpc@:lmoodv's.com. <br /> <br />. This is a sample letter you can send to the rating agencies to indicate your general <br />support for reforming the way municipal bonds are rated. <br />http://www. cacities. oral resource files/26704. Moody'srea uestforcomment. pdf <br /> <br />4 <br />