Agenda
Agenda
Here's what's scheduled for the event
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Wednesday, October 14, 2026
8:30 am
CDIAC Pre-Conference Registration Opens
30 min
9:00 am
CDIAC Pre-Conference Welcome and Opening Remarks: Learning to Critically Examine Refunding Opportunities
10 min
Managing the cost of financing is one of the highest priority responsibilities for agency finance professionals. Refunding is one of the most impactful financial management tools issuers can use to mitigate risk and reduce the cost of debt, or is it? The preconference sessions will explore refunding strategies, the financial justifications, the call option itself, and the circumstances when refundings may not be as efficient as issuers would like them to be. This program is intended to help issuers to understand and challenge conventions, and more fully consider the factors that can drive the success of future refunding transactions.
9:10 am
CDIAC Pre-Conference Market Perspective Meets Issuer Objectives
1 hr
Tony Hughes
Managing Director
Barclays
Safdar Mirza
Executive Director
J.P. Morgan Securities LLC
Simon Wirecki
Managing Director, Head of Western Region for Public Finance
Jefferies
How have market preferences and the needs of issuers shaped the structure of municipal bonds? Why are municipal bonds refunded before maturity or the call date? This session will examine structural conventions of municipal bonds and the inevitability of refunding. Presenters will explore latest refunding strategies, practices, and evaluation methods for achieving the highest value in a refunding transaction.
10:10 am
CDIAC Pre-Conference Refunding Efficiency: It’s What You Bargained For
1 hr
Most municipal bonds have been structured with a 5% coupon, callable at par in Year 10. Issuers pay for the considerable cost of the par call by accepting a lower sale price. Subsequent refunding, by calling or another means prior to the call date, generates cashflow savings but forfeits valuable call options. This session will explain how to factor the forfeited option value into the refunding decision using the refunding efficiency approach. Five percent bonds callable at par are virtually certain to be refunded by Year 10, even if interest rates increase. To reduce the cost of recurring transactions, the presenter will also explore alternative call structures.
11:10 am
CDIAC Pre-Conference Morning Break
10 min
11:20 am
CDIAC Pre-Conference Evaluation of Refunding Strategy
1 hr
Robert Hannay
Treasury Manager
East Bay Municipal Utility District
David Leifer
Senior Managing Director
KNN Public Finance, LLC
Nathaniel Singer
Senior Director
PFM
Nikolai Sklaroff
Capital Finance Director
San Francisco Public Utilities Commission
In this session, experienced issuers and municipal advisors will discuss past refundings, their strategy, and how they measured the success of their refunding transactions. In light of the points made in prior sessions, panelists will explore the evaluation of refundings generally, the need to re-examine conventions, and the potential outcomes for altering strategy and practices in the future.
12:30 pm
1:00 pm
California Public Finance Registration Opens
50 min
1:50 pm
Opening Remarks
10 min
Michael Ballinger
Publisher
The Bond Buyer
Steffi Chan
Senior Associate
Orrick
Andy Nakahata
Executive Director
California IBank
Introductory remarks will be provided by the Bond Buyer and conference chairs.
2:00 pm
2:30 pm
State of the Industry: Navigating California Public Finance in a New Era
55 min
CPE Eligible
Doug Kilcommons
Head of Public Finance
KBRA
Robert Larkins
Managing Director
Loop Capital Markets
Cameron Parks
Managing Director
Truist Securities
A high-level look at the trends, challenges, and opportunities shaping California public finance, from infrastructure and credit to policy, investment, and market dynamics.
3:25 pm
Networking Break
15 min
3:40 pm
K-14 Amid Major Headwinds
50 min
CPE Eligible
Moderator
California is facing a dramatic demographic shift: a steadily declining school-age population is putting unprecedented financial and operational pressure on educational portfolios across the state. Compounded by fierce competition between traditional districts, charter schools, higher education institutions, and community colleges vying for enrollment, school closures are becoming an unavoidable reality. When schools close, districts and communities are left with a critical question: What happens to the footprint left behind?
4:30 pm
Powering the AI Economy: Data Centers, Energy Demand, and Infrastructure Finance
1 hr
CPE Eligible
Jonathan Guz
Partner
Stradling
Chris Jumper
Director
Assured Guaranty
Chris Karwick
Chief Operating Officer
Silicon Valley Power
Vien Le
Managing Director
Oppenheimer & Co.
William Oh
Vice President
Moody's Ratings
The explosive growth of artificial intelligence is creating unprecedented demand for power, transmission, water, and digital infrastructure. As California competes for technology investment while pursuing ambitious climate goals, public and private stakeholders face critical questions about how to finance and deliver the infrastructure needed to support the AI economy. This panel explores the intersection of technology growth, utility investment, transmission expansion, and public finance.
5:30 pm
Cocktail Reception
1 hr
Sponsored by
6:30 pm
Private Dinner (By Invitation Only)
3 hr
Sponsored by
Thursday, October 15, 2026
7:45 am
Breakfast Briefing Insight into the 2026 Fall Elections
45 min
Registration and Breakfast
45 min
Sponsored by
8:30 am
8:55 am
The California Credit Picture
50 min
CPE Eligible
California’s fiscal outlook: structural deficits, volatile revenues, and shifting costs. How is the state faring as it continues to face a structural imbalance between ongoing revenues and spending? To what extent do recent efforts to close that gap rely on spending reductions that have yet to be fully realized? How exposed is the state’s fiscal position to stock market volatility and other unusually strong revenue sources? And as federal policies shift more costs and responsibilities to the state, what does that mean for California’s budget and its ability to fund other priorities?
9:45 am
The View from Washington: Policy and Regulatory Update
50 min
CPE Eligible
Emily Brock
Federal Liaison
GFOA
Mark Kim
President and Chief Executive Officer
Municipal Securities Rulemaking Board (MSRB)
Leslie Norwood
Managing Director
Securities Industry and Financial Markets Association (SIFMA)
Dave Sanchez
Director, Office of Municipal Securities
U.S. Securities and Exchange Commission (SEC)
What’s at stake in Washington as the midterm elections loom? Are there threats to municipal tax policy? After an increased scrutiny of Joint Powers Authorities, public-private partnership structures, and disclosure practices, what are the regulators looking to accomplish now?
10:35 am
Networking Break
15 min
Sponsored by
10:50 am
How Issuers & Deal Teams Are Using AI
50 min
CPE Eligible
Lisa Marie Harris
Director of Finance
San Diego County Water Authority
Rudy Salo
Partner
Nixon Peabody
Dan Silva
CEO & Co-Founder
Adaje
Tyler Traudt
Co-Founder, CEO
DebtBook
Artificial intelligence and other emerging technologies promise increased efficiency and productivity for all market participants. However, automation without rigorous oversight creates significant risks. This panel will look beyond the “AI hype” and discuss implementing anticipatory governance to harness the power of technology without sacrificing the integrity of the balance sheet.
11:40 am
Airports of the Future, Now
50 min
CPE Eligible
Scott Monroe
Senior Director
Fitch Ratings
Guy Nagahama
Managing Director
Ramirez & Co., Inc.
Mookie Patel
Director of Aviation
San Jose Mineta International Airport
How are airports budgeting and managing cost escalation risk on CIPs given the tariffs and supply-chain impacts? How are credits doing in light of inflation and the many very large capital programs? How has the shift in air travel demand toward higher-end passengers affected airports of all sizes? Is airport public parking becoming obsolete given the growth of driverless cars? If so, how should airports balance near-term capacity with long-term decline risk?
12:30 pm
1:25 pm
Dessert in the Exhibit Hall
15 min
1:40 pm
Cybersecurity Threats to Public Utilities
45 min
After several high-profile cyberattacks on water infrastructure in the U.S., concerns over the industry’s preparedness for and security against cyber threats are plentiful.
Land-Secured Development Growth
45 min
Ryan Kaplan
Director
PFM Financial Advisors LLC
Josh Lentz
Senior Vice President
Hilltop Securities
Bree Mawhorter
Chief Financial Officer
SF Municipal Transportation Agency
How are developers engaging in the California Public Finance community? As the federal government pulls back funding generally, is there growth and opportunity here for state and local governments to work with these newer players?
2:30 pm
Healthcare Outlook
45 min
As the impacts of the One Big Beautiful Bill Act begin to emerge, how is the sector preparing for less federal support and growing patient demand? What’s at stake in California and beyond for the non-for-profit healthcare industry?
How Technology is Improving the Market
45 min
William Kim
Founder & CEO
MuniPro, Inc
Nick Peters
Sr. Product Director – Municipal Bonds
ICE Data Services
As the secondary market navigates the explosion of AI, panelists explore what tech and AI solutions are possible/being developed for issuers, the buy- and sell-sides, and other market participants. Perspective on what AI is — and is not — and how it is expected to impact the muni market? How does technology aid in pricing and disclosure? How can technology help the industry do more with less?
3:15 pm
Networking Break
20 min
3:35 pm
Water & Wastewater Innovations
50 min
CPE Eligible
Mike Downey
Assistant Deputy Director
California State Water Resources Control Board
Michael Engelbrecht
Managing Director
Wells Fargo
Joseph Giordano
Managing Director
TD Cowen
Rob Hillman
Managing Director
Siebert Williams Shank
Nikolai Sklaroff
Capital Finance Director
San Francisco Public Utilities Commission
Water and wastewater programs face consistent challenges, from droughts and flooding to critical lead pipe remediation and quality control mandates, how are issuers finding ways to finance these evolving infrastructure requirements? What can California issuers teach others dealing with these challenges?
4:25 pm
A Look Inside the Investor Playbook
50 min
CPE Eligible
Ronald Banaszek
Executive Director
Blaylock Van
Phil Moos
Vice President, Capital Markets
Build America Mutual (BAM)
Shannon Rinehart
Co-Head of Municipal Investments, Senior Portfolio Manager
Columbia Threadneedle Investments
From the shift to SMAs and ETFs and what that means for deal structures and the yield curve, to how the buy-side is looking at municipal credit as the proliferation of AI explodes, our panelists will give their take on the status of the municipal investor base.
5:15 pm
Cocktail Reception
1 hr
Sponsored by
6:30 pm
Private Dinner (By Invitation Only)
3 hr
Sponsored by
Friday, October 16, 2026
7:30 am
Asian Americans in Public Finance Breakfast (By Invitation Only)
1 hr
8:00 am
Continental Breakfast and Registration
35 min
Sponsored by
8:35 am
Resilient Infrastructure: Preparing and Rebuilding
50 min
CPE Eligible
Shawn Dralle
Assistant Treasurer & Tax Collector
Los Angeles County
Nathaniel Johnson
Director, Public Finance Investment Banking
Bank of America
Alexander Meeks
Director
Milken Institute Finance
Giles Nicholson
Senior Managing Director
Siebert Williams Shank
Moderator
In a state with constantly shifting weather-related challenges – from wildfires to droughts, flooding to earthquakes – how are we ensuring the infrastructure we build, and rebuild, can withstand these growing shocks to the system? Can issuers keep up with the rising costs? Do they have an alternative if they can’t?
9:25 am
Financing the Future of California Housing
50 min
CPE Eligible
Marc Bauer
Partner
Orrick
Lori Ann Farrell
Chief Executive Officer
Los Angeles County Affordable Housing Solutions Agency
Monika Suarez
Managing Director, Western Region Manager
PNC Bank
Erwin Tam
Director of Financing
California Housing Finance Agency
California’s housing crunch remains one of the state’s most pressing economic and public policy challenges. With the passage of the 21st Century ROAD to Housing Act incentivizing more housing, public finance leaders are exploring innovative ways to expand housing production.
10:15 am
Surface Transportation in Flux: Preparing L.A.’s Transit Network for LA28
50 min
CPE Eligible
Esther Berg
Director
Barclays
Adam Christian
Managing Director
Baker Tilly
Scott Shad
Associate Director, Americas Public Finance
S&P Global Ratings
Stephanie Wiggins
CEO
LA County Metropolitan Transit Authority
Moderator
With the 2028 Los Angeles Olympic and Paralympic Games fast approaching, Southern California faces an unprecedented deadline to deliver a seamless, “transit-first” mobility plan. Set against a complex backdrop of evolving local funding initiatives, uncertain federal capital grants, and post-pandemic transit recovery, transportation leaders find themselves at a crucial turning point.
11:30 am
Women in Public Finance California Luncheon (By Invitation Only)
2 hr