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For 20 years and across multiple economic cycles, The Bond Buyer California Public Finance Conference has been the one place where all market participants could meet and exchange ideas and best practices for meeting the state's fiscal and infrastructure needs.

Across that period, one theme has remained constant — interest rates on a long-term downward trend, which made market access easier and debt-service more affordable. But more than three years after the first signs of stress in the financial markets began to emerge, the aftershocks are still shaking municipal issuers, who need to confront the possibility that that trendline is shifting ... and devise their strategy to react.

Those fundamental questions will be on the agenda when we convene this year's "Cal Pub" conference in San Francisco on October 6th. In the midst of the deepest national recession since the 1930s, how are issuers managing their budgets and debt policies to provide the services their constituents need while still satisfying a skittish investor base? How can issuers take full advantage of Build America Bonds and other tools that have emerged in the wake of the credit crisis?

We know times are tough, but in this challenging and fast-changing market environment, attending this year's conference isn't a luxury -- the education is too valuable. To help make it accessible to the widest possible audience, we're pleased to announce that we've frozen or reduced all of our rates for issuers, and kept it affordable for all other professionals as well.

Like the state it serves, the California municipal bond market has changed dramatically in the past two decades. We look forward to seeing you in San Francisco this Fall to assess those changes and chart the course forward for the next two decades and more.

Sincerely,

Michael Stanton, Publisher
The Bond Buyer