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8A Page 2 'Prop.1A' Continued from Page 1... The California Communities announcement is posted on the League's Web site. htto:/Iwww.cacitles.ora/resource files/28241.Securitization Proaram Letter.odf Following the passage of the July 2009 state budget amendments, the League, CSAC and the California Special Districts Association began working with the state Department of Finance on cleanup amendments to the securitization blIl, ABX4 15. California Communities' intent Is to sell the bonds with the proceeds of the sale going to the local governments by the end of November. In return, California Communities will have the authority to collect the participating local governments' future receivable from the state. The goal is that local governments are not harmed by the loss of this portion of property tax. It's important for city officials to understand the choices being offered to local government through this mandatory state loan. Cities can receive 100 percent of their loss paid through the securitization process and receive payment at approximately the normal payment schedule. Because the state Is paying the interest on the bonds plus the costs of issuing. the full amount of the funds will be available to cities. Thus the city will not suffer any loss of funds. Cities that do not choose to participate in the securitization will forego the FY 2009-10 payments until the state repays the loan in 2013. These funds will be paid back with interest at that time. The state is determining the amount of interest that will be paid to local governments that are not securitizing their receivable. The state's approved interest rate must be announced by Sept. 28 and must be greater than the current Pooled Money Investment Account rate. but no more than 6 percent. This information will help city officials to determine whether their city wants to hold the receivable as an investment or participate in the pool to sell their receivable at 100 percent of Its value. City officials will have approximately 30 days following the announcement on Sept. 28 to decide whether to participate in the securitization. The League will continue to provide city officials with information on the securitization process, including the progress of cleanup legislation to ABX 4 15, as it develops. California Communities is also available as a resource and will be distributing information via www.cacommunitles.ora. Please contact James Hamill at (800) 635-3993 ext 216, Richard Watson at (800) 635-3993 ext 217 or Michael Chin at 635-3993 ext 224 with further questions. 'Training' Continued from Page 1... The 45-minute training will feature a short interview focused on a vital Issue to your city. a video playback/critique, and a follow-up interview. Participants will receive a DVD copy of their training session. The trainers are public Information officers and media experts from cities throughout California. The session is designed to give participants greater ease in delivering your city's important messages on camera and will improve newspaper and radio interviewing skills. There Is a high demand for these one-on-one sessions, and we're limited to three sessions on Wednesday, and six sessions per day on Thursday and three sessions on Friday, some of which have already been filled. The timeslots are listed below. The training will be held In the League Press Room at the San Jose Convention Center. You must return the registration form and provide payment to reserve one of the training spots. Please be sure to include details about an important issue facing your city so that we can prepare interview questions that are tailored to your community. The form has been posted on the League's Web site at www.cacities.ora/resource files/28225.Media Trainlna flver2009.odf. 2