David Hull

CA Maritime Infrastructure Bank/Authority teleconference

On July 14, 2014 I was notified by a member of the press about a CMIB/A board meeting scheduled for the following day.  On Tuesday, July 15 at 11:00am I phoned into the teleconference and entered a code to join the meeting. David Hull asked who was joining the meeting and I gave him my name.

David Hull, Executive Director, Jeff Wingfield, Treasurer, Brian Foss, Vice President and Doug Charchenko, Financial Advisor were already on the line waiting for a quorum of the board to join the call.  A member of the public asked a couple questions while we waited for Peter Grenell, President and Chairman of the Bank/Authority to call.  

Rick Toft, Port Business Manager at the Port of West Sacramento did not participate in the meeting. The Port of West Sacramento does not have a loan with the CMIB/A. They do however have a loan with the California Infrastructure and Economic Development Bank, based in Sacramento.

Lisa Ekers, Port Director at Santa Cruz Harbor did not participate in the meeting. Santa Cruz Harbor refinanced a past CMIB/A loan in 2008 and refinanced again in 2014. They haven't had an active loan with CMIB/A since refinancing in 2008.

David Hull said that Kevin Michele was busy and could not join the meeting.

Andrew Palomares, CFO & Chief Administrative Officer of the Port of Hueneme, Oxnard Harbor District did not participate in the meeting. The Oxnard Harbor District is a non-taxing authority, tax money is not used to operate the special district. The District's service area includes a population of 222,000. Oxnard Harbor District is allowed to issue bonds without a public vote because it's a non-taxing authority. Oxnard Harbor District recently joined CMIB/A to access financial advice only, they don't need a Joint Powers Agreement to issue bonds without a vote.

The San Mateo County Harbor District receives over half its funds from property taxes. For this reason the SMC Harbor District would be required to obtain a vote of the people to move forward with bonds without the CMIB/A Joint Powers Agreement. The CMIB/A Joint Powers Agreement allows the SMC Harbor District a way to access bond funding without a vote.

What I learned during the teleconference:

  • CMIB/A is not required by State law to produce a budget and they hold one "public" meeting per year.
  • Peter Grenell said that CMIB/A is an important component of the SMC Harbor District Strategic Business Plan. He indicated that CMIB/A would potentially fund capital projects recommended by Lisa Wise Consulting. 
  • CMIB/A funds capital projects they don't fund operational needs.
  • Doug Charchenko and others receive a "fee for service" for acting as "financial advisors" if a bond deal goes through.
  • Doug Charchenko said, "The executive director (David Hull) receives a modest stipend."
  • CMIB/A has given sales presentation at the following conferences and seminars: 
  • Peter Grenell recently had the same web designer that works for the SMC Harbor District change CMIB/A's physical address, from the SMC Harbor District's headquarters in South San Francisco, to David Hull's home address on the CMIB/A website
    • 4330 Cedar Street
      Eureka, CA 95503


Board meeting Agenda posted on the CMIB/A website:

CMIB/A July 15, 2014 Board Packet →

The CMIB/A address listed on the website has changed since the Half Moon Bay Review editorial was published on July 2, 2014.

Why is a bank located at the Harbor District headquarters?

On June 24, 2014, I received an email with a link to a bank website. When I visited the site I noticed that the address of the bank matched the address at the Harbor District administrative office in South San Francisco. It's peculiar that Peter Grenell, Harbor District General Manager is the President and Chairman of a bank/authority operating from the Harbor District's office space.

Checkout the PDF presentation below, JPA, resolution, Half Moon Bay Review editorial, and screen shots from the banks website. I'm doing research to learn more…

California Maritime Infrastructure Bank/Authority presentation →

Joint Powers Agreement →

Resolution 04-00 (Why is the year not included on this resolution?) →

Half Moon Bay Review editorial by Clay Lambert, July 2, 2014

July 3, 2014 screen shots from the banks website: