HomeMy WebLinkAbout01 JULY 1995, Y
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AGENDA
INVESTMENT & FINANCE COMMITTEE
3:30 P.M. - JULY 6, 1995
NORTH WING CONFERENCE ROOM
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I . CALL TO ORDER
II . MEMBERS PRESENT
III . APPROVAL OF MINUTES - Minutes of June 1, 1995
action:
IV. ORAL COMMUNICATION
Any person wishing to discuss any item not otherwise on
the agenda may address the Committee at this point.
V. OLD BUSINESS
A. Status of Public and Private Partnerships
Backqround Checks
1 . Sports Park
2 . Section Four
3 . U. S. Filter
4 . Housing Program
action:
VI . NEW BUSINESS
A. Request for Approval to Invest in Collaterlized
Deposits with the Best Bid Submitted on Investments
Maturinq in the Month of July 1995 .
Rec: Authorize the City Treasurer to Approve the
Best Bid upon Receipt of Bids.
action:
B. Citv and Redevelopment Aqency Investment Schedule
Rec : Review and Submit to Next City Council Agenda.
action:
AGENDA
INVE5TMENT & FINANCE COMMITTEE
JULY 6, 1995
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C. Finance Authority Bond Issuance on June 14, 1995 .
Review of Investments .
action•
D. Review and File County Investment Documents
Received From County Treasurer.
VII . REPORTS AND REMARKS
A. Committee Members Reports and Remarks
o Status of Investment Manager Position
B. Items to be Placed on Next Agenda
VIII . ADJOURNMENT
Next regularly scheduled meetinq Auqust 3, 1995, 3 : 30 p.m.
lr
�-T--� •
� � Minutes
� . .
Finance Committee
CONVENE On June 1, 1995, the Investment & Finanee Committee was called
to order at 3:38 p.m.
ROLL CALL P. Gibson, C. Ortega, B. Veazie, W. Snyder, M.
Rudolph(representing City Attorney) , R. Folkers(Aeting City
Manager), L. Armenta
APPROVAL OF MINUTES Upon motion by Snyder, second by Gibson, the Minutes of May
4, 1995, were APPROVED by 4-0-2 vote with Ortegs and Marshall
abstwinina.
ORAL COMMUNICATIONS NONE
OLD BUSINESS A. Status of Public and Private Partnership Back¢round
Checks for Sports Park, Section 4, US �Iter and the
Housin=,Q pro�ram
NONE
B. Status of Audit of Various City and RDA Projects •
Are proceeding ahead with the audit of Civic Center
Barrio Housing to see what expenditures they have.
Gibson reported he will meet with Oecar Armijo, and will
give a report and a recommendation on how sudits will be
handled on projects.
C. Status of 8 Million Loan to Redevelopment A�ency
Gibson reported a seheduled payment needs to be done,
anfl how the usage of the funds will be used for
Redevelopment Agency.
Snyder stated the Committee hes �t to diseuss how the
funds will be used, and if the City needed money to use
for projects, Redevelopment Agency would have the funds
available for the City.
Minutes
Finance Committee
Upon motion by Folkers, second by Gibson, that this
matter hae been RESOLVED to the satisfaction of those
people involved, and the construction cash fund schedule
will be taken care of. Carried unanimously.
NEW BUSINESS A. Request for Approval to Invest in Collateralized Deposits
with the Best Bid Submitted on Investments Maturing in
the Month of June 1995.
None, due to investments not maturing until July.
B. Citv and Redevelopment A�encg Investment Schedule
The Committee reviewed the City and Redevelopment
Agency investment schedule statement.
Gibson stated the Bank of America has made a mistake on
the trustee statement and will submit a report next month
with corrections to review.
C. Finance Authority Bond Issuance on dune 14, 1995
Ortega suggested that some of the money be taken tLat is
owed to the City that will be ia excess from the tax
exempt, to re-loan the same money back to Redevelopment
Agency.
Upon motion by Folkers, second by V�zie, to have
Orte�a contact the underwriter and attorneys to cancel on
Series B and close the de.al on Series A (Project 2).
Carried unanimously.
The Committee recommended on the bond issuance to have
the Redevelopment Agency cover its own interest with
strips or treasury bond. Then the following step would
be out to bid with various local brokers.
D. Handout Documents Received from County Tr�surer
Bob Spiegel belongs on the County's Investment
Oversight Committee and asked Gibson to review. This is
for information only.
2
Minutes
Finance Committee
E. Review of Documentation for Application to Joint the
Southern California Joint Powers Insurance Authority
SCdPIA
Gibson reported the City has concerns over the current
City's joint power insurance due to disputes and higher
premiums. Gibson has contacted SCJPIA and organized a
report describing what their oompany has to offer.
Gibson distributed the report for the Committee to review.
Gibson asked the Committee to aotify him of any concerns
they might have on the report.
F. Receive and �le Documentation From the State L.A.I.F.
Inveatment Fux►d
This report was distributed to the Committee for
information only. This is to show to the Committee how
and where the investment funds are being used since
there is 20 million dollars from Redevelopment Agency and
20 million dollars from the City invested.
REPORTS AND REMARKS A. Any Committee Members Report and Remarks
NONE
B. Items to be Placed on Next A�enda
Place on the next agenda, the results of the bid on the
bond proceeds.
Place on the next agenda, the financing suthority.
NEXT MEETING DATE The nea�t Investment & FYnance Committee will be July 6, 1995.
ADJOURNMIIQT The Investment & Finance Committee adjourned at 5:05 p.m.
Respectfully submitted,
�.LL�IILt� �/,/A�/w�G
LORENA G. ARMEN A
3
�. Pslm Desert Redevelopm^at Agency Date: 7/6/95
� Investment Portfolio Det, lovestments � '
6/3w95 �
Purchase �Book IFace Market Stated Maturity Fund :Total
Description Date Value �Value Value Rate Date Invested Invest-US
IJ^R�.'�f�85'k7Y19$"::: : ' �
...................._....;: � �
US T�easury-Strip 700 Mil 0.00 0'I 0 i �
Acct#301-6019000 '�, 5,424,083.61 5390000 5482654.1 6.88% 3/31/971Escrow FDS
' 148,225.25 205000 185,976.001 6.00% 2/15/97�Proj#1 ��.
' 393,627.48 400000 396,252.00 5.60°h 12/31/95::
�� � 392,065.00 4000001 395,724.00 5.67%i 1/31/96'�. I
'� 1,359,305.94 14970WI 1,437,808.62 5.46%! 2/15/96� I
� 393,752.48 400000i 396,624.00 5.58%� 2/15/96,
�� 394,757.48 400000� 397,624.00 5.58%I 3/31/96'��, I
'�. 296,818.11 300000 298,968.00 5.60% 4/30/96i �'�
' 396,762.48 400000 � 400,000.00 5.60% 5/31/96
Fed Natl Mtg Assn 111,080,997.15 11700000 11,103,330.00! 6.10°h 11/9/95 ��
� �� 1,173,869.40 1254000 1,239,955.20'��. 5.40% 8/15/95
�; 1,429,462.44 1554000 1,514,479.62� 5J0% 11/15/95 I,
688,055.28 748000 728,948.44� SJO% 11/15/95 i,
9,988.22 11000 10,565.06� 5.80% 2/15/96 �'
246,257.55 250000 247,657.50i 4.30% 12l31/95 '
� � 245,079.68 250000 246,952.50 4.00% 7/31/96 '� �
��� 246,173.43 250000 247,890.00�. 4J0% 2/15/96 '
'� 246,134.38 250000 247,735.00 4J0% 2/29/96 �
246,879.68 250000 248,515.00 5.20% 3/31/96
247,5E2.80; 250000 249,140.00 5.50% 4/30/96
'� 243,796.88 250000 246,250.00 4.30% 5/15/96
248,523.42 250000 250,000.00 5.90% 5/37/96
' ' 248,562.50 � 2500001 250,312.50 6.00%! 6/30/96
'�� �� 248,796.88 250000'��. 250,702.50 6.10%I. 7/31/96 �
' � 249,023.43 250000 251,015.00 6.20% 8/31/96
' 249,682.80 250000 252,032.50 6.40% 9/30/96 '
' 241,057.80 250000 244,845.00� 4.50% 11/15/96 '�
'��� 249,651.55 250000 252,265.00�� 6.40% 11/30/96
'� 248,128.13'��. 250000 251,095.001 6.10% 12/31l96
�� 248,368.75� 250000'i 251,485.00 6.20°k. 1/31/97��
_ _ '' 248,837.50��. 250000�� 252,812.50 6.40% 5/15/97.
�� 248,095.50 250000��. 252,500.00��, 6.30% 6/30/97
Fed Natl Mtg Assn �� 4,376,437.02 4390000'i 4,391,317.00� 6.10% 11/9/95 �
304,780.23'�� 359000 320,070.04I 6.20�— 5/15/97 '�
special e5crow � '
5�DtiGTat U&'i're8surses 3Z,Th':3,H7A�23 33,Z4$. Q,,4b 3��1:��,SA1.0& -:: ::S�,T13.874.23:
l(�:<Prsssvrtes ' i I '
Project Area #2 � '.. � IProj #2
Acct#301-6023000's 24,178.70 26,000.00� 25,699.181 5.60%� 8/15/95��
u.... —.�..^ -- 13,000.00�� 248,188.80��
� � 5.40%�� S/15/95�-- I
_.--_.__ _.__ ..
234,961.t0�1 251,000.00�.
11,804.26 12,485.98� 5.80% 2l15/96
'� 908.02''� 1,000.00 960.46 5.80%. 2/15/96����.
� ��� 12,712.28, 14,000.00' 13,446.44.. 5.80%' 2l15/96' '
��� 361,964 J5 397,000.00 381,477.30' 5J0% 2/15/96 '
40,359.15'��� 45,000.00 42,595.20 5.90%. 5/15/96�
� 885.47' 1,000.001 934.37 5.80% S/15/96 �
�� '� 61,982.90 70,000.00 65,405.90 5.80% 8/15/96
� - � � 68,781.79 77,000.00 71,946.49 5.80% 8/15/96
'�� �� 190,376.05 215,000.00'•, 201,069.50� 5J0% 8/15/96
�� 243,562.50 250,000.00 246,250.00� 4.30°h 5/15/96
��248,210.93� 250,000.00 250,312.50 6.00% 6/30/96i
� '� 248,367.16�. 250,000.00 250,702.50 6.10%' 7/31/96
�- —� ''� 248,554.681 250,000.00 251,015.00'� 6.20% 8/31/96 '
' ' 299,250.00 300,000.00 302,439.00 6.40°k 9/30/96
� � � � 0.00
$F1�FY8tal1�.'t�k��181NE8S .`�s'�,��i`��iS� '��t i:..r�v��fir��d4T �i��i.����� ':; .: r�i,�.��`.r��.�''�!�
� .... ..... .. .: :: ..
I
Bank of America-Savings '� O.00I�i i, � 0.00
_, �
�� Palm Desert Redevelopowt Agmcy ! Date: � 7/6/95
IInvestment Portfolio Del �Inves[ments ' I
'�� 6/3uA5 ; � ;
Purchase IBook Face Market iStated Maturity IFund ��Total
Description Date iValue !Value Value Rate Date Invested Ilnvest-US
State LAIF I 23,932,848.07'• 23,932,848.OTi 23,932,648.07I 5.98%I I I 23,932,848.07
Dasei��ivsa Bcind Issus '
US Treasuries Note Whnt '� � '�Housing
ACCT#117507400's � '� ' ��� I
1,487,578.10 1500000 1,496,250.00 4.63%I 8/15/95�i I
1,488,378.88 1500000 1,495,080.00 5.13%i 11/15/95�
- 1,486,328.10, 1500000'�, 1,498,125.00 4.13%j 6/30/95, �I
989,218.751 1000000'�. 997,340.00 4.25%"� 7/37/95'��, '
�� � 984,765.60 1000000� 995,000.00 3.88%I 8/31/95 ',
� ��� 982,109.35 1000000'��. 993,280.00��, � 3.68% 9/30/95 '�
�� '� 979,999.95 10000001 991,870.00'�. 3.88% 10/31/95 �
'� � 981J96.85 1000000 992,190.00��. 4.25% 11/30/95� �
' � 296,696.251 298000 298,792.88' 6.13% 7/31/96i '
Fidelity Treasury Fund 3,314,993J6� 3,314,993J6 3,314,993.78'i 5.90%, �'� '�
5ub£cta{f�ssert:�tor� i2F9�9.6�&5.5� :13.11�r�5:.3�?8 Y3f�J'�2���1��44 ;; 12.��f:B85.�i5
'FYusYet�-Fitlgt![�lnstttuitYMN1::=US 7reasuries RATED AAA
7.6 Mil Low/Mod Ho��, � 7,539,255.40� 1,539,255.40 1,539,255.401 ' �'
100 Mil Bond Issue ' � 8,058,277.24� 8,058,277.24 8,058,277.24 5.90% �I 'i
17 Mil Bond Issue � . 2,541,745.59'�� 2,541,745.59 2,547,745.59 5.90%
SSI�Y�:tot&i S'infB ::lt�Cf �,`�.tf"�92��"r�'�I'#'�.1`d°�7r��.l,n'"."�''+� �'.�4.'.3.��'��$'�''n� :':: .:'::1'�i'E`v��e2'�+�':x:'�
........... ._........... .: .::
' �. i �, � 0.00
Loan Funds to RDA 0.00 '� ' I 0.00
0.00
TOTAL POOLED CASH 84,074,065.26'�. 84,903,120.O6I 84,702,837.44�. '� 84,074,065.28
" Monthly reports typically are received up to one full month afterl current month end information contained in this report is most recent
_,�____.__ __.. .__— — I ---
I certify that these investments comply with all State laws pertaining to the investment of Local Agency funds.
_ _. . ._- ----- ---
:i.«/:- - - - . ._ �I �, �,
PauI��S. Gibson, Treasurer � �
-_. _ . _--- - ---
_.. . _ . _._� ._ ----_—�----�—�-----�
._.. ___.. . .. . ---- ' ��.
PAGE 1 OF 2 CITY OF PALM DESERT
PRELIMINARY SCHEDULE OF INVESTMENTS
AS OF 06/30/85
BROKER DEPOSITORYI INTEREST MATURE INVESTMENT PRINCIPAL OR MARKETVALUE"
DATE CUSTODIAN SERIAL# RATE DATE TIME' PURCHASE PRICE
U S TREASURV NOTES AND BONDS:
O6/14194 MERRIIL LYNCH U S TREASURV-STRIP OB/15/95 14 M 999,798.66 1,048,690.00
BANK AMERICA
10/27194 MERRILL LYNCH U S TREASURY BOND 8.50% 11I30I98 24 M 3,983,750.00 4,035,640.00
BANK AMERICA
10127l94 MERRILL LVNCH U S TREASURY BOND 6.75% 02/28197 22 M 1,996,875.00 2,029,380.00
BANK AMERICA
10127194 MERRILL LYNCH U S TREASURY BOND 5.875% 05131196 18 M 1,782,562.50 1,799,772.00
BANK AMERICA
10/27194 MERRILL LYNCH U 5 TREASURY BOND 6.25% 08131/96 22 M 1,787,062.50 1,807,596.00
BANK AMERICA -
10127194 MERRILL LYNCH U S TREASURY-STRIP 02115196 78 M 1,000,566.42 1,053,887.00
BANK AMERICA
10/D/94 MERRILL LYNCH U S TREASURY-STRIP OBI15196 22 M 1,003,937.62 1,068,672.00
BANK AMERICA
10/27/94 MERRILL LVNCH U S TREASURV-STRIP 11/15/95 12 M 1,003,182.98 1,050,728.00
BANK AMERICA
US TREASURIES/ 13,557,735.68
LOCALAGENCYINVESTMENTFUND:
06/30/95 N/A L.A.I.F. 5.98% AVG FOR JUN 78,436,778.56
9833621
78,436,778.56
BANK OF AMERIGA-SAVINGS ACCOUNT:
06/30/95 N/A BANKOFAMERICA 2.00°k N/A N/A 2,912,050.32
SAVINGS 06286-85222 ----
2,912,050.32
i::
PAGE 2 OF 2
BROKER DEPOSITORY/ INTEREST MATURE INVESTMENT PRINCIPAL MARKET VALUE"
DATE CUSTODIAN SERIALf RATE DATE TIME• OR PURCHASE COST
BONDISSUES:
INDIAN RIDGE CFD 301-6021500
11/18/93 MERRILLLYNCH USTREASURV-STRIP 5.90% 11/75/95 24M 462,250.00 487,350.00
BANK AMERICA
11/19/93 MERRILL LYNCH US TREASURV-STRIP 5.90% 08/15195 21 M 795,013.50 840,480.00
&4NK AMERICA
11119/93 MERRILL LYNCH RESOLUTION FDG-ST 6.20% 07I15/97 44 M 539,185.48 647,788.75
BANK AMERICA
BANKAMERICA FIDELINTREASURY 5.90% 3,286,566.48
5,082,995.46
SIERRA NOVA 301-6028400
BANK AMERICA FIDELITY TREASURY 5.90% 247,489.00
AD 87-1 #117178400
BANK AMERICA PACIFIC HORIZON TREAS AD 87-1/ 347,348.39
••' BIG HORN 301-8200000
BANKAMERICA FIDELINTREASURY 5.90% 1,163,802.21
OBl17/94 MERRILL LYNGH US TREASURY-STRIP 6.40°/a 02I15198 54 M 222,059.23 234,602.50
BANK AMERICA
08/77/94 MERRILL LVNCH- US TREASURY-STRIP 5J0°� 08/15/96 � 24 M 311,122.00 327,355.00
BANK AMERICA
1,698,983.M
MERANO 301-6075600 —
RANK AMFRICA FI�FI ITV TRFASl1RY 5 AO°� 7 7A�d3n�a
.. . -. 7�"� .,.1 ' .�- - ,'wu�' h�.! � � .
x « �
, Y: � ;.5. ;��''� 'City of Palm Desert �
� � Council Agenda Request
Meeting of Augu$t Za, �99s
1. To be considered under:
Coasent Calendaz_ Resolutions_ Ordinanoes_ New Business_ +
Old Business_ Infomiational Iums� PubGc Fiearings_ Ot1�er
2. ItemTitle:(PleasepirovidetheCw�B�tMinutes�forSiJu emistitl995�age����
Investment & F
Minutes were approved on Ju y , , y t e n�estmen ance o ee.
3. Finsncial: (Complae if applicable)
(a) AccounUProject# (b) Amount Reques[ed
(c) In the Current Budget7 _____G�i�"' (�) APProPciation Required7
Apprwed by Ditec[or of Finance:
4. Submitted by: Lorena Armenta, Senior Office Assistant
5. � Approvals: Department Head � Ci�Y Ma"aBa