PUBLIC WORKS BOARD (PWB) ITEMS FOR INTERIM FINANCING AND BOND SALE - 6860

Interim financing: For projects funded from PWB lease-revenue bonds, departments may need financing for expenses incurred in the interim period before a bond sale is conducted. The PWB must approve the use of interim financing, and simultaneously authorize a future bond sale to provide assurance that the interim financing will be repaid. The PWB action includes the approval of various supporting documents (indenture, site agreements, facility agreements, etc.). This is all presented in a single PWB item, with several sub-items.

1. Agenda requirements for interim financing. Provide the following information for the PWB:
   1. Standard fiscal reporting requirements specified in Section 6845. Also submit the agenda briefing package. However, PWB staff will format the agenda item itself;
   2. A completed PMIB loan application;
   3. Anticipated project schedule;
   4. The date planned to go to PMIB; and
   5. The anticipated amount and duration of the loan.
2. When ready for the actual sale: The actual bond sale will require a subsequent bond item. This request is initiated by STO rather than the department, and PWB prepares the agenda item. The department may be asked to provide a briefing document, however. See Section 6878 for additional information on interim finance.