HomeMy WebLinkAbout01 JULY 1997 Veronica Abarca
AGENDA
INVESTMENT & FINANCE COMMITTEE
THURSDAY, JULY10, 1997 — 11:OOA.M.
NORTH WING CONFERENCE ROOM
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L CALL TO ORDER
II. ROLL CALL
IIL APPROVAL OF MINUTES
Rec: Approve the Minutes of June 18 & 26, 1997, as submitted.
Action:
IV. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not othenvise on the agenda may
address the Inveshnent& Finance Committee at this point by giving his or
her name and address for the record. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
B. This is the time and place for any person who wishes to comment on non-
hearing agenda items. It should be noted that at the Investment&Finance
Committee's discretion, these comments may be deferred until such rime
on the agenda, as the item is discussed. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnershios Background Checks for
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Rec: Report by Cazlos Ortega.
Action:
B. Alden Caoital- Kinsel, O'neal Newcomb & De Dios Markets
Rec: Status Report on refunding bonds.
Action:
AGENDA-INVESTMENT & FINANCE COMMITTEE JULY 10, 1997
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VI. NEW BUSINESS
A. �'�ty and Redevelopment Agency Investment Schedule
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the investment
activity during the month of May. Review status of capital
projects and cash flow projections.
Action:
B. Review Short Term Investments Maturing in August 1997
Rec: Review investments in 1) collateralized deposits; 2) treasury bonds
and notes; and, 3) Agencies discount notes.
Action:
C. Parkview Professional Office Buildings-Financial Regorts
Rec: Review of 5/31/97 financial statements.
Action:
VII. REPORTS AND REMARKS
A. Reuorts and Remarks,¢y any Committee Member
B. Items to be placed on the Next Agenda
VIII. NEXT MEETING DATE
Next regulazly scheduled meeting is d41i�Il��Il�a ��� Il��77 ffitt 11110�� �1oIIDlo
IX. ADJOURNMENT
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Finance Committee
CONVENE On June 26, 1997, the Investment & Finance Committee was
called to order at 10:27 a.m. by Mr. Gibson.
ROLL CALL Richard Kelly, Ray Diaz, Dave Erwin, Paul Gibson, Murray
Magloff, Bill Veazie, Jean Ruth, Dennis Coleman, Carlos
Ortega, Veronica Abarca.
ORAL COMMUNICATION Mr. Ortega requested a special meeting be called in order to
review the bond refunding issue.
OLD BUSINESS A. Consideration of ProRosal to Invest Bond Proceeds
from the Pending Bond Issue
Mr. Ortega reminded the committee of the pricing of the
bond issue approximately $70 million which will affect
refunding bonds of 1992. The purpose being to take
advantage of the current interest rates to obtain a present
value savings. The bonds which will be refunded will have a
call date of 2002. The law currently allows for an advanced
refunding which means RDA would take money out of an
issuance and place it in escrow under the control of
someone else. This would make enough money to refund
the old bonds in the year 2002.
It is being proposed by Chambers, Dunhill Rubin & Co. to
bid out the escrow in the normal fashion, buy the securities
and give the permission to collapse that escrow at any time
until the year 2002. The securities in the escrow can be
substitute at our option. There will be a premium paid to
RDA to have the option to substitute a different type of
security. The specific security that is being proposed is
"prerefunded municipal bonds".
The advantage to the purchaser of the option would be that
the substituted securities would allow them to take
advantage of the rise in the interests rates. This difference
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would be kept by the purchaser. Since the RDA is yield
restricted we are unable to profit by increased interest rates.
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CDR is proposing to be the middle man in creating two
transactions. First, purchasing the initial securities and
getting a bid and second, giving money up front for having
that option. The amount estimated is in excess of$300,000.
The committee posed questions at the previous meeting as
well as questions posed by Kurt DeCrinis, Financial Advisor
per the request of the Director of Finance.
Mr. Kelly asked why Mr. DeCrinis wrote a letter regarding
this matter. Mr. Gibson requested Mr. DeCrinis' review of
this issue and comments because he is a financial advisor to
other areas in the City.
Mr. Coleman addressed questions posed by Mr. DeCrinis.
Mr. DeCrinis' first question pertained to additional costs for
"open markeY' securities. Mr. Coleman stated that according
to Ken Deaker, Financial Advisor to this project, there woutd
be no additional costs. Ken Deaker of Muni Soft has
worked on a number projects including the Desert Rose $19
million bond deal purchased with series A & B and also the
numbers on the $7.5 million refunding of the assessment
districts.
Mr. Ortega then reminded the committee of the previous
attempt made last year by the RDA and the final decision to
cancel the refunding at the final stages of the deal. He
emphasized that this in fact would be the same mechanism
used this year.
The second question posed was why would open market
securities be used opposed to SLGS, State and Local
Government Series, and if treasury regulations require that
SLGS be used. Mr. Coleman's responded that he would
need to forvvard that question to legal counsel for their
interpretation.
The third question posed was if the proposed payment
would be considered part of the defeasance escrow for tax
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Finance Committee
purposes, if so, would it artificially increase the escrow's
yield to maturity and what would be the economic benefit to
' the City for undertaking the securitx substitution transaction?
Mr. Coleman's response was "no".
The fourth question posed pertained to the underwriter
treating the $300,000 payment to the City as part of the debt
service savings to be realized by the City at the conclusion
of the refunding bond transaction and would there have
been sufficient savings from the reduction in interest rates to
justify going forvvard with the refunding bond transaction
otherwise. Mr. Coleman's response was again, "no".
The fifth question posed by Mr. DeCrinis asked if the City's
decision to purchase an escrow composed of open market
securities opposed to SLGS, which would produce an
efficient escrow, be subject to review by the IRS or other
regulatory entity and could there potentially be negative
consequences for the City or for the tax exempt status of the
refunding bonds? Mr. Coleman responded that this would
have to be deferred to legal counsel.
The sixth question posed if any other public entities have
engaged in similar transactions. Only one, recently Johnson
County, Tennessee.
The seventh question posed pertained to the safeguards in
place to protect the City. Mr. Coleman stated that as with all
refunding these are necessary. He then reviewed each with
the action taken to verify.
Mr. Coleman then asked for Mr. Erwin's opinion.
Mr. Diaz then interrupted to ask Ms. Ruth if she had any
concerns which had not been answered.
Ms. Ruth stated that in speaking with the brokers, she's
found that they are asking if RDA has taken into account the
cost of the purchase of a "puY' for this transaction and if it
would be less than the option ($300,000). Mr. Ortega
responded that Mr. Deaker had a service which tracks the
costs up to the minute and if this cost exceeds the RDA
needs, the deal would not proceed as was the�case last
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year. Being the issuer, we have the opportunity to pull out at
any time. If the costs exceed the benefits, we will not do the
� transaction. �
Mr. Veazie stated that it is his understanding that the
$300,000 was basically a "puY' which enables third party to
insure the substituted securities will provide the RDA enough
money to the escrow. He then asked if Chambers, Dunhill,
Rubin & Co. were willing to work with the brokeddealer's
already approved by the finance committee.
Ms. Ruth then informed Mr. Veazie that CDR is in fact willing
to work with the approved broker/dealer's however, the
approved brokeddealer's are �oncerned whether they would
like to work with CDR. These highly qualified people at
these agencies are still reviewing the process of this issue.
Mr. Diaz then questioned what would have to happen in
order for the City to lose money. Mr. Ortega responded that
there was no way. Mr. Gibson stated that a potential
problem could be if the escrow party does not complete their
end of the deal.
Mr. Ortega stated that there are various specialist hired in
order to insure the lawful fulfillment of this issue.
Mr. Diaz then remarked that what he is leery about is there
seems to be no way to lose and again asked what would
need to go wrong to make us lose.
Mr. Gibson then brought up why no other California cities
have done this mechanism for refunding.
Mr. Veazie then posed the question of the importance of the
selling off of control of the refunding for a $300,000 "puY'.
In response to Mr. Gibson's statement, Mr. Ortega reminded
the committee that the City has done many projects which
other cities have not.
Mr. Kelly asked what the cost would be to the RDA if this
mechanism was not used. Mr. Ortega stated that there
would be no cost, however the $300,000 optian would not
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be available to RDA. Mr. Kelly asked if more money would
be needed. Mr. Ortega stated that this is usually the
' objective of doing a refunding. l
Mr. Kelly stated that he would rather be very cautious than
to be innovative and take chances where the City could lose
in the long run for a mere $300,000 which is not needed
immediately.
Mr. Erwin stated that in reviewing the letters, he noted the
various legal issues which needed to be addressed prior to
forwarding any decisions. Mr. Erwin then reviewed the
correspondence from Mr. Strauss and would have liked to
speak to Mr. Strauss to understand whether Fulbright &
Jaworski intends to issue the opinions as to the option
offered to the RDA. The letter reads that "it has been
proposed" by Fulbright and Jaworski leaving questions open
as to sureness.
Mr. Erwin then questioned why a complete listing of costs to
the transaction was not included from CDR. He also wanted
to know why there was two fees in the correspondence
handed out at the meeting. Mr. Coleman stated that the two
fees represented the two mutually exclusiye agreements.
Mr. Ortega stated the we have a couple of choices. Staff
can proceed with the refunding as is, without the options, or
we can get the answers which Mr. Erwin has in relation to
the options.
Mr. Ortega requested that the committee give a decision as
to whether this issue is worth pursuing.
Mr. Diaz suggested that staff should in fact continue in
reviewing the option prior to the counsel meeting on July 10,
1997.
Mr. Coleman stated that as of that date, there may be a
possibility that the timeliness is out of reach, however the
importance of the issue requires review for future
transactions.
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Finance Committee
Mr. Kelly stated that he would not be in town in time for any
meeting preceding the council meeting on the 10th.
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Mr. Veazie questioned if we really needed to struggle so
hard with the investment policy and newness of this
mechanism in order to save a few dollars.
Mr. Ortega stated that the refunding was already in the
works. Whenever the committee was ready to review this
issue, they are willing to do that, even if it is not for this
particular issue.
Following discussion, the committee decided to hold a follow
up meeting on July 10, 1997.
Mr. Magloff stated that the reports done by Mr. Ortega and
Mr. Coleman are admirable, however its also admirable that
the City is going to take their time and not run into problems.
ADJOURNMENT The Investment & Finance Committee adjourned at 11:25
a.m. on a motion by Mr. Magloff and seconded by Mr. Erwin.
Respectfully submitted,
VERONICA ABARCA
RECORDING SECRETARY
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Finance Committee
CONVENE On June 18, 1997, the Investment & Finance Committee•was
called to order at 11:10 a.m. by Mr. Gibson.
ROLL CALL Dave Erwin, Jean Benson, Murray Magloff, Bill Veazie, Paul
Gibson, Jean Ruth, Dennis Coleman, Carlos Ortega, Veronica
Abarca
APPROVAL OF MINUTES Upon motion by Mr. Erwin and seconded by Mr. Veazie,
Minutes of the May 21, 1897 meeting were APPROVED wlth
corrections. Abstentions by Ms. Benson and Mr. Ortega due
to absence from May 21, 1997 meeting.
ORAL COMMUNICATION Mr. Ortega requested that business be taken out of order in
order to here the presentation from Mr. David Rubin, CFA
President and Tammy Ofek, Vice President of Chambers,
Dunhill Rubin & Co., in relation to the part they would like to
play in the refinancing of a bond issue for the Redevelopment
Agency.
OLD BUSINESS B. Alden Capital - Kinsel. O'neal. Newcomb & De Dios
arke
Mr. Ortega reminded the committee of the bond issue which
is currently being reviewed to refinance. Mr. Ortega stated
that when doing a refinancing several investments must be
made. Mr. Ortega introduced Mr. Rubin and Ms. Ofek of
Chambers, Dunhill, Rubin & Co. (CDR) to give a
presentation for the committee to consider both the directly
related proceeds of this bond issue and possibiy investing
future reserves in the agency.
Mr. Rubin then distributed a packet to the committee for their
review. He proceeded to inform the committee of the
background of their company and the goals set in assisting
the Redevelopment Agency with their refinancing of this
bond issue.
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Finance Committee
Mr. Rubin then proceeded to go through the objectives of
' the portfolio. The main focus of th� proposal is that the
structure will allow additional savings to the Redevelopment
Agency. This will enable the RDA to free up $300,000.00 in
income to be generated from the refunding for the benefit of
the RDA. ,
Mr. Rubin reviewed each step of their proposal in detail with
the committee.
CDR would construct and bid a fully funded escrow portfolio
containing a series of govemment securities which would '
pay the debt service on the old bonds which mature in 2002 '
The only difference being that the issuer, being the
Redevelopment Agency would have the opportunity to '
cancel that cancel that escrow at the determined rate of the '
bonds. CDR will then determine which purchaser will
provide the longest period of time without a cost to the
issuer (RDA) to terminate their escrow without cost.
At the same time the portfolio is being bid out, CDR will
allow the issuer to enter into another agreement to receive
$300,000 today for the right to have put in place of the
government obligations, prerefunded municipal bonds which
are also secured by government obligations. This is done
because the tax law allows a very unique characteristic to
municipal bonds that aren't allowed with government
obligations and that pertains to the rule of yield restriction,
which means an escrow cannot earn more than the yield at
which the bonds are sold. These bonds will probably sell at ,�
a yield of 5%, which would limit the escrow bonds to earning i�
only 5% or less within the escrow of municipal bonds. Since
the law allows the issuer to keep eaming on municipal ';j
bonds, RDA is allowed to keep the $300,000. 'j
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Mr. Veazie questioned if the prerefunded bonds in the I
escrow, had their own escrow. Mr. Rubin stated that he was ,,
correct, however all prerefunded bonds had to secured by ';��
governed obligations. Mr. Rubin also stated that the rating ,4
agency viewed prerefunded bonds equal to that of �
government obligations for purposes of a legal defeasance.
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Finance Committee
Mr. Rubin reviewed the next step which entailed bidding out
the portfolio to someone who would deliver an open market
� portfolio. CDR will be looking for a �idder who will provide
the longest period of time, without a cost to the issuer, to
terminate their escrow without cost.
CDR will then simultaneously put out to bid another request,
which is how much money will someone pay for the right to
deliver to the RDA in the same time period prerefunded
municipal bonds to take the place of the government
obligations in the portfolio. CDR estimates that amount at
$300,000.
Both issues will be mutually exclusive of each other.
Mr. Rubin stated that he hoped that the committee
understood the proposal, adopt language to allow for
prerefunded municipal's to be allowed in the escrow and
finally approve the refunding of the bond issue, should they
agree that this is a viable investment.
Mr. Gibson questioned the time frame at which RDA expects
to do the refunding. Mr. Ortega responded that it depended
on the finding of the agreement with Western Center. If
there is a settlement, then we can proceed. Pricing will be
done next week and closing on the fourteenth and fifteenth
of July.
Ms. Benson asked what other cities had used this
mechanism through CDR. Mr. Rubin responded that since
this is a fairly new mechanism, Johnson County in
Tennessee is the only agency which has utilized this option.
However, each of the options have been done on a regular
basis previously however, just not at the same time. The
only difference being the right to deliver as opposed to
delivering today.
Mr. Veazie asked if this was able to be done today since tax
free muni's are at the same rates as treasuries. Mr. Rubin
stated that treasuries are still higher. He continued to say
that the market is more diverse today, that muni's are
sophisticated enough to project higher interest rates.
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Finance Committee
Ms. Benson stated that since this is a new law, how does
that adhere to the state law and how the City can invest and
what we can use the money for. M�. Gibson responded that
we could in fact invest in both issues, if approved.
Mr. Gibson requested staff to seek a legal opinion from a ':
third party orrthis issue. "
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Mr. Rubin stated that the key to approval of this issue by ;
attomey's is that it allows for the termination of municipal ;;
bonds prior to their own defeasance date, which makes the f
IRS happy. e�
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Mr. Gibson asked Mr. Ortega if he needed a formal action ;�
by the committee on this issue. Mr. Ortega responded that `�
based on what they have learned on this items he would �
recommend it. However, if the committee requests an �
� opinion from someone other than bond counsel or �.
underwriters counsel, then that would be done. �;
� Mr. Rubin then followed this up to say, should the IRS at a �
� later date state that this action is illegal, CDR has protected "�,.
� the City in enabling it to break the escrow without a penalty. �,
Mr. Erwin asked what part Bill Strauss played in this issue. "�
� Mr. Ortega stated that Mr. Strauss was bond counsel. Mr. �'
� Erwin along with other committee members requested that
� Mr. Ortega retrieve an opinion from Mr. Strauss prior to their ��
_ making a decision. ��
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z Mr. Gibson then stated that the second request from RDA �
- would be that the committee modify the investment policy to �
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allow for prerefunded bonds as an escrow and allow for ;.
assistance in doing so. y�`'
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Ms. Benson stated that she would feel more comfortable ��
after receiving the opinion from bond counseL ��
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Mc Ortega stated that he would retrieve that opinion from Y' '
Mr. Strauss and call a special meeting for the opinion to be
reviewed and make a decision based on the opinion. i =�
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�� Flnance Committee
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� Mc Envin requested that the opinion be forwarded prior to
walking into the meeting.
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Mr. Coleman stated that the broker/dealers under the City
�s policy are Dean Witter, Smith Barney, Wells Fargo and
Union Bank. He then asked Mr. Rubin if he could work ;
� � � within the parameters of those brokeddealers. Mr. Rubin �
� responded that they were not even players in these sort of '
�� issues. Mr. Rubin then proceeded to say that the City #
needed to retain more bidders in the active in the market. :
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�r Mc Gibson then requested that any additional i
�' broker/deaters complete the standard questionnaire and 2
"� approve prior to considering their services. 4
�� Mr. Veazie asked if it would be feasible to utilize the �
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broker/dealer's we currently have approved and have them �.
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broker the deal to the street. Mr. Rubin replied absolutely ,
not. He stated that they have absolutely no clue about how 's
to handle issues of this sort. He also stated that he would �'
forward the bid information to these brokers and would allow �
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them to bid, however the results would show that they are �;
not sophisticated enough to compete. ;'
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Mr. Ortega requested the committee's opinion as to whether �'';
the RDA should continue to research the issue. �
Mr. Erwin stated that he would like to hear Mr. Strauss's ��
; opinion prior to making any decisions. �t
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Mr. Coleman requested that a background package be given °
to RDA so they could begin doing checks on the various ��.
broker/dealers which CDR is comfortable with. �'1
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Mr. Gibson requested the proposed fees from CDR be `�
forwarded to the committee for review. ��
Mc Coleman stated that the Redevelopment Agency had ��€
received two commitments for insurance on the refinancing, ,�
which would bring this to a true "AAA" rating and they are �
very competitive compared to last year. �i
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Finance Committee
A. Status of Public and Private Partnership Background
Checks for Section 4
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Mr. Gibson informed the Committee that the subcommittee
had met regarding the background check done for United
Properties and were recommending that they be approved
to be considered by City Council. United Properties being
the agency which gave the City $450,000 to purchase CD's.
Should United Properties falter to meet the deal, the interest
would then revert back to the agency.
NEW BUSINESS A. City and Redevelopment Agency Investment Schedule
Mr. Gibson stated that the schedules were enclosed in the
packet.
Mr. Ortega questioned the location of the $2 million acquired
from the City by the Redevelopment Agency for the new
purchase of the lots in Section IV-VII. Mc Gibson
responded that the money had not yet been recorded on the
books. Until that time, it would not be reflected in the
Investment Schedule.
Mr. Gibson stated that the interest rates have been '
favorable, the unrealized market loss had decreased and
should continue to decrease.
Receive and file Report.
B. Review Short Term Imestments Maturing in July 1997
Ms. Ruth stated that the only investments maturing in July
are ones that are tied to the bond and primarily have to do
with the construction portion of the bond. Dennis will
provide a use of funds.
Mr. Gibson noted that the City will be shifting as of July 1,
1997 from Bank of America to Union Bank for banking
services. In the process, staff will be leaving the account
open at Bank of America for three months to clear the
checks which have been written up through June 30, 1997.
This will create twp accounts to review.
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Finance Commlttee
Receive and file Report.
C. State of California Local Agency�lnvestment Fund
Monthly Report
Mr. Gibson stated that the reports had not yet been received,
but would be enclosed in the next regular meeting package.
D. Monthly Financial Report for City Council
The Financial Reports were distributed at the meeting. Mr.
Gibson noted that the year to date budgeted amount were
$20.6 million actual compared to $17.7 million year to date,
putting us on the positive side. Mr. Gibson asked if there were
any questions.
Receive and file Report
E. Parkview Professional O�ce Buildings - 5/31197 Financial
Reports
Mr. Gibson stated that the financial reports had not been
received from Oscar Armijo. Reports to be included in the
upcoming regular scheduled meeting.
I_ Desert Willow Golf Ftesort Financial Information for May,
Mr. Gibson stated that the financial statements for Desert
Willows for May, 31 1997 were included in the packet, however
an updated version was handed out at the meeting. Changes
include a footnote at the bottom which notates that the monthly
total for expenditures includes depreciation expense, which the
budget did not account for, therefore creating an enormous
difference between budgeted May and actual May expenses.
Mr. Ortega asked what we were depreciating at Desert Willows.
Mr. Gibson stated that the equipment and the temporary
building are what is being depreciated.
Mr. Veazie asked if the City loaned the operating money's to
the RDA to start Desert Willows? Mr. Gibson answered that
the City loaned Desert Willow Operations $648,000 which will
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Flnance Commtttee
` be repaid through revenues, not anticipated during the first
° year of operation.
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� Mr. Erwin questioned if there had been budgeting for the
rounds played for the capital year of inerely the fiscal year. Mr.
..� Gibson stated that the numbers are up for June, but low for
residents.
� Ms. Benson questioned how many carts had been used '
� throughout this period. Mr. Gibson responded that was �
r� something we would look into. Ms. Benson also asked how �,
� many resident cards were issued to date. Mr. Ortega believes �
� it to be somewhere around 2,000.
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� Receive and file Report. �'
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� NEXT MEETING DATE A Special Meeting will be held prior to the close of the month of !!
June to review the bond issue by the Redevelopment Agency. '�I
� To be announced. Mr. Gibson asked about the dates for °���
� scheduling during the summer months. Ms. Benson stated that ��
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she would be unavailable on July 17, 1997 but would be ��
� available for the August meeting. `''
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° REPORTS Mr. Veazie questioned why the City did not receive financial �I,
statements for the McCallum Theatre for the month of May. ��
� Ms. Benson stated that as of the last meeting, no statements i�
� would be issue until October when the next McCallum meeting ���
would be held in order to approve the summer months financial i��
statements. �i�
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Mr. Magloff addressed Mc Erwin as to if there was any conflict ��
of interest when a committee member speaks at council ��
meetings regarding any issues. Mr. Erwin's response was E�:
absolutely not, committee members could speak on any issues. ,
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Ms. Ruth informed the committee that she had received ��'
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certification as Municipal Financial Administrator from the j ?
Municipal Treasurer's Association of United States & Canada a
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and will receive that honor in Sacramento in August. ', ;
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Flnance Committee
ADJOURNMENT The Investment & Finance Committee adjourned at 12:15 p.m.
on a motion by Mr. Magloff and seconded by Mr. Veazie.
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Respectfully submitted,
VERONICA ABARCA
RECORDING SECRETARY
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PALM DESERT OFFICE COMPLEX
� FINANCIAI. SfATEMENTS
� MAY 31, 1997
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� OSCAR G. ARA_ ,J
O('!A Cettltied Public Account�nt
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� 74-133 EL PASEO, SUITE 6 • PALM DESERT,CAI.IFORNIA 92260 • (760) 773-4078 • FAX (7G0) 773-4079
�
June 30, 1997
�
� Palm Desert Ot�ice Complex
Palm DeseR, California
� I have compiled the accompanyiag balance sheet of Palm Desert Office Complex, as of May 31, 1997,
and the related income statement and statement of cash flows for the eleven �wnths then ended, in
accordance with statements on standards for accounting and review services issued by the American
� Institute of Cectified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the
� representation of management. I have not sudited or reviewed the accompanying financial statements
and, accordingly, da not express an opinion or any other form of assurance on them.
� Management has elected to omit substantially all of the disclosures required by generally accepted
accounting principles. If the omitted disclosures were included in the financial statements, they might
influence the user's conclusions about the organization's fiaancial position,results of operations and cash
� fiows. Accordingly, these financial statemenu aze not designed for those who are not informed about
such matters.
Sincerely,
� �/
✓
Oscar G. A ijo
Certifiecl Public Accountant
MEM9ER MFAiBER
ca[tjorn/a soctery oj AmeMcan lnrtltute oj
CMIJleQ Pabllc Accoumm�fs � Cnf(jfed Publlt Actountants
_..... .. _.__. ..... . . . ... . .. ..
�
� Palm Desert Office Complex
Balance sheet
May 31, 1997
� Assets
� Current Assets
Cash in Bank-Reserve Account $ 40,504 . 02
Cash in Bank 181, 049. 18
Cash in Bank -Security Deposit 21,453 . 11
� Total Current Assets $ 243 , 006.31
� Fixed Assets
Building 444 2,585,000.00
Accumulated Depreciation (99,423 . 00)
� Building 555 1, 085,000.00
Accumulated Depreciation (41,729. 40)
Building Improvements-Bldg 444 135, 594 .26
Accumulated Depreciation (5, 036.79)
� Total Fixed Assets 3 , 659,405.07
� Total Asaets $ 3 ,902,411.38
�
�
�
�
�
�
�
�
� See Accountants' Compilation Report
�
_. _ _ _ _ _ _- - _ _ __ .
._ _ -
�
� Palm Desert Office Complex
Balance Sheet
May 31, 1997
� Liabilities and Equity
� Current Liabilities
security Deposit Payable $ 18,700.00
Loan Payable-City of Palm Dsrt 40,000.00
� Total Current Liabilities $ 58,700.00
Long Term Liabilities
� Equity
Equlty 3 , 183,885.45
Retained Earnings 279,862 . 67
� Current Income (Loss) 379,963 .26
Total Equity 3 ,843 ,711.38
� Total Liabilities & Equity $ 3,902 ,411.38
�
�
�
�
�
�
�
�
�
� See Accountants' Compilation Report
�
_
.
__ __ _ _ _ __ _
� _
� Palm Desert Office Complex
Income Statement
For the Period Ended May 31, 1997
� 1 Month Ended 11 Months Ended
May 31, 1997 Pct May 31, 1997 Pct
� Revenue
Rent Receipts $ 61,982.58 99.75 $ 679,880.66 99.46
Interest Income-Security 18.60 0.03 207.01 0.03
� Interest Income-General 137.53 0.22 3,467.21 0.51
Total Revenue 62, 138.71 100.00 683,554 . 88 100.00
� Operating Expense6
Commissions 0.00 0. 00 2,434 .08 0.36
� Insurance 0.00 0.00 4 ,280. 00 0.63
Legal 0.00 0.00 50.75 0.01
Repairs & Maintenance-Di 455.57 0.73 5, 655.93 0. 83
Repairs & Maintenance-Su (49,623 .55) ( 79 .86) 32,230.81 4.72
� Repairs & Maintenance-Ja 2,960.00 4 .76 33, 920. 15 4.96
Landscaping 0. 00 0.00 8, 934 .90 1.31
Professional Services 3, 000.00 4 .83 75,550. 00 11.05
� Repairs and Maintenance 0.00 0.00 494. 08 0.07
Telephone 140.71 0.23 2, 177.72 0.32
Security 105. 00 0. 17 640.00 0.09
iJtilities 3 ,261. 29 5.25 45,926.61 6.72
� Total Expenses (39,700.98) ( 63 .89) 212 ,295.03 31. 06
� Operating Income 101,839. 69 163 .89 471,259.85 68.94
Depreciation Expense 8, 299.69 13 .36 91,296.59 13.36
� Total Other Income (8,299. 69) ( 13.36) (91, 296.59) ( 13.36)
Net Income (Loss) S 93 ,540.00 150. 53 $ 379,963 .26 55.59
�
�
�
�
�
�
See Accountants� Compilation Report
�
� _. _
� Palm Desert Office Complex
Statement of Cash Flows
For the Period Ended May 31, 1997
� increase (Decrease) in Cash or Cash Equivalents
1 Month Ended 11 Months Ended
� May 31, 1997 May 31, 1997
Cash Flow from Operatinq Activities
� Net Income (Loss) $ 93, 540.00 $ 379,963.26
Adjustmants to Reconcile Cash Flow
Depreciation 8,299.69 91,296.59
Decrease (Increase) in Current Assets
� Increasa (Decrease) in Current �,iabilities
Security Deposit Payable (1,200.00) (6,900.00)
Loan Payable-City of Palm Dsrt O.pO 40,000.00
� Deferred Revenue 0.00 (1,500.00)
Total Adjustmente 7,099. 69 122,896.59
� Cash Provided (Used) by Operations 100, 639. 69 502,859.85
Cash Flow From Investing Activities
� Salas (Purchases) of Assets
Building Improvements (51,299.24) ( 70,442.24)
Cash Provided (Used) by Investing (51,299.24) ( 70,442.24)
� Cash Flow From Financing Activities
Cash (Used) or provided by: o.00 (a86, 114.55)
� Equity
Retained Earnings 0.00 ( 2, 186.54)
Cash Provided (Used) by Financinq 0.00 (488,301.09)
� Net Increase (Decrease) in Cash 49,340.45 ( 55,883.48)
� Cash at Beginninq of Period 193 ,665.86 298,889.79
Cash at End of Period $ 243, 006.31 $ 243,006.31
�
�
�
�
�
See Accountants' Compilation Report
�
_. .�-�!,�s�G �✓��-�v - l�(Qu,� �am
character into his speec . r �✓LUI`Q(�
���Q�/ IIAVE NO FEAR:"It dces sound
New lersey a little alarming,initially,"conced-
ed Sam Corliss,t6e chief muoi bond
official at Merrill Lynch, which
■ was the lead underwrit� for the
bets heav�ly bonds. But he quicttp added }Lat
investors ould h no fear. The
on Wall St■ bon s are i� urec pa�
and Financia ecun y anc�e,
which share S27 miWon w premf_
ams• They will have to pay �f the
Market watch: State sells � tace ao ��
$2.8 billion in bonds to buy e"' e1 36°°asare�mt'e��
stocks in hunt for profit. ;�,�;���w� �0 '� '� `'`
h��as� ;
SY FLOYD NORRIE I . ��$bout Ewo-thirds �� e
:'�wint tti6her tLan Tte�wries, • '�++c �
New York Times News Service .�•,�This deal refleCFs fhe gte},e pj 6pfh `
NEW YORK—In t6e summe�of :�pblic finance aod the Boanciai�.. °.
1882,with the stock market 22 per- '.� � 1997. The state nceded fA do
cent below where it had been in "�1e� fO �Ore � a° ��''
i966, stocks were understandably ��0������°���tcrouid
unpopular.In the 15 years since,the have borrowed far le� had it not
Dow Jones industrial average has �d��t it would also Eago mak-
risen 695 percent. Now, stocks are I : � �� �r CO°��D° fO �
� fund this eaz and nat That aloce
so popular that a state overnment added i590 million to t6e 6arowing,
has opened a mar n arrnun � , � f� �p���emomt to be
,. ew eisey last w sold i2. bil• , : �t � �
� Lon in state bonds =the largest�o-� ' , ��, A��Y •
Bte 1on8-teim municipal financiog in � A BURE TIIIN@7 7Le Bnandal
h�story. The mocey will not go to market story is familiac What aooe
M�ild roads, schools or even sporfs � � would have se�ed iank spa,ylati�,
stadiums. I,t�b�u� nowseemswise.Iawueysseero b
Alld,GOV.l:t1I'LS[Il1e Todd 'trnan � ' lem i� Mr�dc_nn nm� nywhin
�s sure,ttase stocks will go up so fast ' and rvith no rernut'se if they are not
t�at the state will come out ahead � � paid More and more ' ts b�
�To be fair, this is not really a .
margur acrnunt,In such an account '9 . �e �'` `
the loan is secured by the stocks .A commission ihe ,ga(al "
themselves and by the borrower's 'i �. �urity system s6ouid jan New
credit. Ttus borcowing is not se- � Jersey in betting ifs,future on the
cnred by the stocks. Nor Bas New � �rner of Wall and Broad Streets.
Jersey pledged 8ny revenues or < Mo�Y, New Jersey w�Il get a
even its general obligation. �k for E2.76 billim (what is left
T_his borrow�in �_s after fees)and wiII put iLe npcey into
��,`g`T u wFia�lmown as��PP � a w�ill he1P P��P share pr�a�t
That means in7,�4�5t
•„ , more,as will purchasev by slnc�mu-
w pai if, and only �f, the state� toal funds, which now btiog in fbat
govemment decides to pay it much mocey every four days.
� There is no particular sign tpat
this gr ket wql end
SQo . ut there is a rea tion
ether it will keep c6urning
ig profits over t6e life of the Ne �
Jersey bonds. A future New Jersey
govemor may carse the day Gove
nor Whitman found'this clever y
to ance ate bud
But perhaps governor will
decide that since the specalation
didn't work out, t6e pain should be
shared with those who financed it.
�. �lfter all, the bonds carry ooly tlte �
gtosRise that the legi�lature will
consider paying them.
. 07/10/97 THU OB:J4 FAb 5418"�t457 DISASI'BR ElES1YIRATION'� f�j002
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07/10/87 TSU 08:J8 FAE 5418?J�8457 DISASI'IIt RESTORATION� �j008
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07/10/87 TH[1 OB:�B FAb 5919?RN467 DISASTQt RESTORATIONS.. f�008
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07/10/97 T80 08:�7 FAb 5418?�N457 DISASTER RESIYIRATIONS_. �J008
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PALM DESERT OFFICE COMPLEX
� FINANCIAL $TATEMENTS
� MAY 31, 1997
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� OSCAR G. AR O
O!'� A Certified Public Mcountant
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� 74-133 EL PASEO, SUITE e • PALM DESERT,CALIFORNIA 92260• (760) 773-4078 • FAX(760) 773-4079
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� June 30, 1997
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� Palm Desert Ot�ice Complex
Palm Desert, Califomia
1 I have compiled the accompanying balance sheet of Palm Desert Office Complex, ac of May 31, 1997,
and the related income statement and statement of cash flows for the eleven awmhs then ended, ia
accordance with statemeats on standards for accounting and review services issued by the American
Institute of Certified Public Accountants.
A compilation is limitad to presenting in the form of financial statements information that is the
representation of management. I have not audited or reviewed the accompanying financial statements
and, accordingly, do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures required by generally accepted
accounting principles. If the omitted disclosures were included in the financial statements, they might
influence the user's conclusions about the organization's financial position,results of operazions and cash
5ows. Accordingly, these financial statements are not designed for those who aze not informed about
such matters.
Sincerely,
✓
Oscaz G. A ijo
Certified Public Accountaat
Mer.mcrt Me�+eea
Callfornla Soc/ery oj AmeNtan Instttuts oJ
Cert(f(ed Pub1/c AccounWnts � Cerf(jted PubNc Accountanit
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� Palm Desert Office Complex
Balance Sheet
May 31, 1997
� Assets
� Current Assete
Cash in Bank-Reserve Account $ 40,504 . 02
Cash in Bank 181, 049. 18
Cash in Bank -Sacurity Deposit 21,453. 11
� Total Current Assets $ 243 , 006.31
� Fixed Assets
Building 444 2 ,585, 000.00
Accumulated Depreciation (99,423.00)
� Building 555 1, 085, 000.00
Accumulated Depreciation (A1,729 .40)
Building Improvements-IIldg 444 135,594.26
Accumulated Depreciation (5, 036.79)
� Total Fixed Assets 3 , 659,405.07
� Total Asaets $ 3 , 902,411.38
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� Palm Desert Office Complex
Balance Sheet
Mdy 31, 1997
� Liabilities and Equity
� Current Liabilities
Security Deposit Payable $ 18,700. 00
Loan Payable-City of Palm Dsrt 40, 000.00
� Total Current Liabilities $ 58,700.00
Long Term Liabilities
� Equity
Equlty 3, 183,885.45
Retained Earnings 279, 862. 67
� Current Income (Loss) 379, 963.26
Total Equity 3 ,843,711.38
� Total Liabilities & Equity $ 3 ,902 ,411.38
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� Palm Desert Office Complex
Income Statement
For the Period Ended May 31, 1997
� i Month Ended il Monthe Ended
May 31, 1997 Pct May 31, 1997 Pct
� Revenue
Rent Receipts $ 61,982.58 99.75 $ 6�9,880.66 99.46
Interest Income-Security 18.60 0.03 207.01 0.03
� Interest Income-General 137.53 0.22 3,467.21 0.51
Total Revenue 62, 138.71 100.00 683,554.88 100.00
� operating Expenses
Commissions 0.00 0.00 2,434.08 0.36
Insurance 0. 00 0. 00 4, 280.00 0.63
� Legal 0.00 0.00 50.75 0.01
Repairs & Maintenance-Di 455.57 0.73 5, 655.93 0.83
Repairs & Maintenance-Bu (49, 623 .55) ( 79.86) 32, 230.81 4 .72
� Repairs & Maintenance-Ja 2,960.00 4.76 33 , 920. 15 4 .96
Landscaping 0. 00 0. 00 8, 934 .90 1. 31
Professional Services 3 , 000.00 4 .83 75,550. 00 11.05
� Repairs and Maintenance 0.00 0.00 494.08 0.07
Telephone 140.71 0.23 2 , 177.72 0.32
Security 105.00 0. 17 640.00 0.09
Utilities 3 ,261.29 5.25 45,926. 61 6.72
� Total Expenses (39,700.98) ( 63 .89) 212,295. 03 31.06
� Operating Income 101,839.69 163.89 471,259.85 68.94
Depreciation Expense 8 ,299.69 13 . 36 91, 296.59 13 .36
� Total Other Income (8,299.69) ( 13 . 36) (91,296.59) ( 13 .36)
Net Income (Loss) $ 93 ,540. 00 150.53 $ 379,963 .26 55.59
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� Palm Desert Office Complex
Statement of Cash Flows
For the Period Ended May 31, 1997
Increase (Decrease) in Cash or Cash Equivalents
� 1 Month Ended il Months Ended
� May 31, 1997 May 31, 1997
Cash Flow from operating Activities
� Net Income (Loss) $ 93,540.00 $ 379,963.26
Adjustments to Raconcile Cash Flow
Depreciation 8,299.69 91,296.59
Decrease (Increase) in Current Assets
� Increase (Decrease) in Current Liabilitias
Security Daposit Payable (1,200.00) (6,900.00)
Loan Payable-City of Palm Dsrt 0.00 40,000.00
� Deferred Revenne 0.00 (1,500.00)
Total Adjustments 7, 099.69 122,896.59
� Cash Provided (Used) by Operations 100, 639.69 502,859.85
Cash Flow From Investing Activities
� Sales (Purchases) of Assets
Building Improvements (51,299.24) ( 70,442.24)
Cash Provided (Uaed) by Investing (51,299.24) ( 70,442.24)
� Cash Flow From Financing Activities
Cash (Used) or provided by:
� Equity 0.00 (486, 114.55)
Retained Earnings 0.00 ( 2, 186.54)
Cash Provided (Used) by Finencing 0.00 (488,301.09)
� Net Increase (Decrease) in Cash 49,340.45 ( 55,883.48)
� Cash at Seginning of Period 193, 665.86 298,889.79
Cash at End of Period $ 243, 006.31 $ 243,006.31
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City of Palm Desert
Month•end Investment Report
June 30, 1997
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
Portfolio Master Summary 1
111ve5ttllellt POI'tf0110 D2t2il - ItiveStmellt5 2
Investment Portfolio Detatl •Cash 5
Portfolio Master Investment Activity by Type 6
Investment Activity Summary 9
Distribution of Investments by Type 10
Interest Earnings Summary 11
Investment Portfolio Compliance Checklist 37
INVESTMENT INFORMATION BY FUND/BOND
Assesssment District 83-1 12
1995 Refunding Bond 84-1-R 14
Assessment DiStrfct 87-1 16
111di211 Ridg@ 91-1 S@I'f@S A 18
Indian Ridge 91-1 Serles B 20
Sierrd NOV2 92-1 22
Big Horn 94-1 24
sunterrace sa-2 2s
Merrano 943 28
95 Refunding Bond 83-1, 84-1-R, 87•1 30
Library Foundation 32
City Ceneral Fund 33
City Loan to RDA 35
Office Complex 36
07/09/1997 CSty of Palm DaeaTt pp _ 1
YORTFOLIO MASTSR SpML1RY CITY
� JUNB 30. 1997 ACCRUN.
AVBMCE '__YIII.D TO MATURITY__'
PERCBNP OF AVEAAOE DAYS 10 360 365
I�B� HOOft VALUE PORfFOLIO TERM MhTURITY EQUIVALENT &QUIVALENP
_'_'_"__'_'_'_____"_____""__'___'____'__"'_""__"'___"__'__'_'_"____"'___'___'___'_'___"_"'_"""_"_""__'__'_"'_""
Fidelity Treseuxy Pool.......................; 6�556�557.00 5.01 1 1 5.287 5.360
Local Agency Invastment Yuntle................5 16,197,683.26 17.82 1 1 5.557 5.fi3<
C�ercial Papos - Diacount..................; 4�929,875.00 5.62 90 57 5.690 5.769
� Federel Agency Icauoe - Coupon...............; 20�022�709.71 22.03 980 765 6.200 6.286
Treasury 8ecuritiea - Coupon.................; 26,171,303.29 28.80 753 602 5.993 6.076
C!ty Loen to R17A.............................3 19�000�000.00 20.93 2�192 1�661 5.662 5.538
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TOTAL INVP8ITffiNTs aM AVSAAG86.............; 90�875�928.26 100.008 896 593 5.7988 5.8788
CA9H • • •�••_....'�...:.:.:�_�:�.�...._es�___z
1'r.se`�c3:/Checking - No Yleld lbfale..........3 6,159,496.69 1.68d 1.505
;::c= includad in yield celculatione)
AccrueG Intareat at Purchaee.................; 16,669.81
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TOTAL CA3H mmtl PURC&lSE INT&R&ST.............5 6,175,946.30
���....»..�.��.....�'��.�...��...`�`�����.�.�......�'�����e�:::`.....'....`
TOTAL CASH and INVSSTMENTB.................5 95�OS1.B72.56
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MONTH SPDING PISCAL FIB�nT,
TOTAL EARNIHGS JONE 30 YBAA 7U DATE Y6AA BNDIBG
Current Year S 637,691.68 S 6�828�728.92 ; 4,828�728.92
AVEAAGE DAILY HALANCfi S 93�S1B�226.86 S 86�365�662.66
BPFECTIVE AATs oF RSTUAN 5.698 5.729
The Snva�lmant portfolio of t!w City oL Palm Deaert compliee with its Im�eetsant
Paul S. Gibaon Policy and the California fiovenwent Code aactiane partalning to the inveetmont
Txaeeu=ar of local ag�ncy Euntle. PanEing any futuxa ectiona by the City Coumil or mmy
unforaeaen eetastmphy tha Clty Me an adrquata cseh flw to me�t ite
axpmditura requiremente fos the next eix monthe. The month-entl merket valuae
DATE wece obtainad from Piret Truat and IDC Datefead pricing eervlce.
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C'/03/1997 City of Pelm Deeert pp _ Z
. IPV89TAffiMP PORTFOLIO DEfAILB - 2NV88'II�NTS CITY
JUNE 30. 1997 �RyV}�,
INV&3TAffiNT AVEAAGE PUACHASE BTATSD ___ pqTq '__ MATURITY DAYS
NUI�ER 288UEA HALANCE DATE gppp, VALUE FACE VALUg MARKEP VALUE AATB 360 365 DATE TO MAT
__"'__'_'_'_____"_'___'_____"__""_"_'__'_"""_"_""_'_'______"__"_'____'__'__'__"'_""'_"""______"_"'__'____'_'
FIDELITY TREASUAY POOL
12006 PSdallty Inetiiutioml Caah 0.00 0.00 0.00 5.220 S.lAe 5.220 1
12005 Pitlellty Iaetltutloml Caeh 51.00 51.00 51.00 5.360 5.287 5.3fi0 1
12006 R riaeliey Inacltutional Cnah 240,834.00 260,836.00 240,836.00 5.360 5.287 5.360 1
12007 Pitlelity Instltutional Caeh 11,313.00 11,313.00 11,313.00 5.360 5.287 5.360 7
12009 I F1Aelity Inetitutional Casn 36,869.00 36,869.00 36,BE9.00 5.360 5.287 5.360 1
12030 R Fitlelity Inatltutlonal Caen 130,351.00 130,351.00 130,351.00 5.360 5.287 5.360 1
12011 Fidelity Inatitutional Caeh 0.00 0.00 0.00 5.140 5.070 5.160 1
12012 I Fitlelity Instltutional Caeh 398�163.00 398,163.00 398,163.00 5.360 5.287 5.360 1
12013 R FSUelity Institutlonal Caeh 130,016.00 130,016.00 130,016.00 5.360 5.287 5.360 1
12015 Fidality Inatitutloml Caeh 369.00 369.00 349.00 5.360 5.187 5.360 1
12015 I FiQelity Inetitutional Geh 568,167.00 568,167.00 568,147.00 5.360 5.287 5.360 1
12018 A Fidelity Inatitutional Ca�h 716,273.00 716,273.00 714,273.00 5.360 5.287 5.360 1
12019 Fidelity Inetitutional Caeh 26,319.00 26,319.00 2a,319.00 5.360 5.287 5.360 1
12020 2 FidelSty Snetitutioml Caah 7,163.00 7,163.00 7,163.00 5.360 5.287 5.360 1
12021 Fidelity Inetitutioml Caeh 19.00 19.00 19.00 5.220 5.168 5.220 1
12022 A Fidelity Ineiltutional Caeh 3,957.00 3,957.00 3�957.00 5.360 5.287 5.360 1
12023 Fidelity Inatitutional Caeh 0.00 0.00 0.00 5.360 5.287 5.360 1
12026 Fidelity Inetitutlonal Caeh 6.00 6.00 6.00 5.230 5.139 5.210 1
.. .... : Fidelity Inetitutioml Caeh a62,664.00 462,666.00 662,664.00 5.360 5.287 5.360 1
,_G�? I FSdellty Inetltutioml Caeh 62,535.00 62,535.00 62,535.00 5.360 5.287 5.360 1
.GJZ3 F. FSdellty In�tltutloml Cash 159�055.00 189,055.00 159,055.00 5.360 5.287 5.360 1
12031 Pitlelity Inetltutional Caeh 66.00 46.00 66.00 5.310 5.237 5.310 1
12032 FSdellty Inatltutloml Caeh 0.00 0.00 0.00 5.3fi0 5.287 5.360 1
12033 PSdelity Inetitutional Cash 0.00 0.00 0.00 5.210 5.139 5.210 1
12036 Pidelity Inetltutioml Ceeh 8.00 8.00 8.00 5.220 5.168 5.220 1
12035 Fidelity Inetitutioml cash 111.00 111.00 111.00 5.360 5.287 5.360 1
12036 Pidelity Inetitutioml Caeh 60.00 60.00 60.00 5.360 5.287 5.360 1
12037 Fldellty Inatitutioml Caeh 29.00 29.00 29.00 5.220 5.168 5.220 1
12039 Fldallty Inatltutionel Ceah 0.00 0.00 0.00 5.220 5.168 5.220 1
, 12062 I Pidelity Inetitutional Caeh 1,254,822.00 1,256,822.00 1,256,822.00 5.360 5.287 5.360 1
12063 FSdollty Inetitutioml Caah 82,C65.00 82,665.00 82,a65.00 5.360 5.287 5.360 1
12043 R Fldelity Inetitutional Caeh� 165,220.00 165,220.00 165,220.00 5.360 5.287 5.360 1
12066 FSdelity Inatitutiolal Caeh 0.00 0.00 0.00 5.150 5.079 5.150 1
12045 Fitlelity Institutionnl Caen 187.00 187.00 187.00 5.360 5.287 5.360 1
12066 Fidelity Inetitutional Caeh 31,577.00 31,577.00 31,577.00 5.360 5.28) 5.360 1
12069 Fidelity Inelitutioml Caeh 72�230.00 72�230.00 72�210.00 5.360 5.287 5.360 1
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SUHRC7fAL8 enE AVIIiAGEB d,566,303.27 6,556,557.00 6,556,557.00
4�550�557.00 5.287 5.360 1
MANAG&D PWL ACCWNTB
1204� Pacific 9orixon Treaeury Fu 0.00 0.00 0.00 6.900 4.833 6.900 1
12061 Paciflc Horl2on Treanuzy Pu 0.00 0.00 0.00 4.800 4.736 6.800 1
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SUH�OTALS MA AVSFtAG88 0.00 0.00 0.00
o.00 o.000 o.000 0
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0]/09/199� C1ty of Palm Daaart PM - 3
IPV89TI�NT PORIROLIO DEfASLe - INVE9�ffi7'PS CITY
JUN& 30, 1997 ACCRllAL
ItlVEoTPffiNT AV6FAGS PURCfiA38 STAT&D "' y1M "' HPTURITY DAYS
NUMBER I98UEA HALANCB ppTg BOOR VALUS FACS VALUH MARRET VALVE PAT& 360 365 DATE TO MAT
LOCAL AGENCY IPV83'IIffidT FIfND3
12000 Local Agaacy Invaetmant Pun 16�197�083.26 16�197�683.26 16�197�683.26 5.63< 5.557 5•634 1
AVEN71GB9 18�670,816.S 9
C1�MtgfiCZAL PAPHR - DISCOUIiT �
20006 Morgan Stanley OS/29/97 4,929,875.00 5,000,000.00 6,955,587.50 5.630 5.690 5.769 OB/27/97. 57
AVENAGBS 4�929�875.00
FSD6RAL AGHNCY ISSUSS - COUPON
16010 Fetleral Farm CTea1t Bank 02/25/97 2,000,616.67 2,000,000.00 1,990,000.00 6.510 6.673 6.563 02/07/00 951
16005 I Pedezel Home Loen Bank 12/12/95 1�018�065.16 1,000,000.00 997�500.00 6.285 5.608 5.686 07/28/00 1�123
16007 Pederal H�a Loan Benk SO/26/96 3,990,089.29 6,000,000.00 3,9BB,750.00 5.820 6.019 6.102 11/02/98 6e9
16011 Fefleral H�e Loan Bank 03/26/97 1,800,000.00 1,800,000.00 1,805,Ofi2.50 6.310 6.330 6.398 03/26/99 633
16016 Fedarel 8ome Loan Hank O6/30/97 2,000,000.00 2,000,000.00 2,000,000.00 6.250 6.250 6.337 12/30/98 567
16015 Federel 9�a Loan Hank 06/18/97 3,000,000.00 3,000,000.00 3�000,000.00 6.315 6.315 6.403 12/18/98 535
14008 R P� HOME LOAN MORT6AG8 CORP O1/09/97 699,18C.03 500,000.00 500,156.25 6.855 6.930 7.026 O1/09/02 1,653
16009 PfiD HCMS 7AAN MORRVACS CORP O1/09/97 1,999,722.22 2,000,000.00 2,000,625.00 6.855 6.930 7.026 O1/09/02 1,653
1G001 I Pedetal National Mottgage A 12/12/95 1�000�739.18 1�000�000.00 1,000,312.50 5.650 5.386 5.661 10/20/97 111
16002 I Federal Natlonel Mortgege A 12/12/95 1�052�150.33 1,000,000.00 1�062,187.50 8.650 5.877 5.958 07/12/99 741
14006 Z Pederal Natlonal Mortgage A 12/12/95 1,083,356.87 1,000,000.00 1,068,125.00 9.050 5.620 5.699 O4/30/0a 1,016
!A012 Federal Nntioml Mortgaga A 03/21/97 578,985.96 580,000.00 580�181.25 6.260 6.350 6.638 03/19/99 626
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c:15_�N.S and AVE[UGES 16,391�234.52 20,022,709.71 19,972�900.00
19,880�000.00 6.200 6.286 765
^REAu'IR`_' SECUAITIES - COUPON
16005 United Statee Treasury 12/12/95 291,309.16 291�000.00 291,181.88 6.000 5.246 5.319 OB/31/97 61
16005 A United Statee Treaeuxy 12/12/95 486,792.78 686,000.00 483,848.75 5.875 5.261 5.316 OB/15/98 610
16007 I United Statae Treaeury 12/12/95 1,021,628.73 1,000,000.00 1,005,312.50 6.375 5.338 5.613 O1/15/00 928
16008 R United 8tatae Treaaury 12/1Z/95 667,605.95 465,000.00 661,609.38 8.000 5.279 5.352 OB/15/99 775
16009 I Unitad Stetae Treaeury 12/12/95 1,018,967.37 1,000,000.00 1,016,250.00 7.875 5.212 5.284 04/15/98 288
16010 I United 8tatae Tteaeury 12/12/95 1,0Y0,986.37 1,000,000.00 1,016,687.50 7.125 5.272 5.365 10/15/9B 671
16036 Unitad Statee Treasury OS/31/96 1,999,168.99 2,000,000.00 2,003,125.00 6.000 5.967 6.050 OS/31/98 336
16035 Unitad 9tatee Treaeury OS/31/96 1�985�972.53 2,000�000.00 1�991�875.00 5.125 6.061 6.125 03/31/98 273
16036 UniYaC etetea Traaeury O6/26/96 2,985,463.76 3,000,000.00 2,999,062.40 5.875 6.252 6.338 OB/15/98 610
16037 IInited Statee Treaeuxy O6/26/96 2,950,611.06 3,000,000.00 2,966,250.00 5.125 6.316 6.602 11/30/98 517
16038 Uniietl Statea Tceaeury O6/26/96 1,993,996.25 2,000,000.00 1,998,125.00 5.375 6.052 6.136 11/30/97 152
16�39 llniteC etatee Troaaury O6/26/96 1,999,867.31 2,000,000.00 2,001,250.00 6.000 5.950 6.033 OB/31/97 61
16042 United 3tatee Tieaeuxy 09/13/96 1,987,OB8.41 2,000,000.00 1,991,875.00 5.125 6.068 6.152 02/28/98 262
16065 Onited 8tatae Traaaury 09/OS/96 1,996,950.63 2,000,000.00 2,005,000.00 6.125 6.270 6.358 OB/31/98 626
16066 Vnited 8tatae Treaeury 03/21/97 1�963�328.39 2,000,000.00 1�968�750.00 5.000 6.126 6.209 02/15/99 596
16067 United 9tatae Treaeury OS/O1/97 2,006,008.92 2�000�000.00 2,010,625.00 6.375 6.171 6.257 Od/30/99 66B
_"_""'_"_"_' _""""""' _"_'___'__'__ "'"_""""' __'___ ______ ""__
sU8'.OTALS and AVSAAG&6 26�168�787.72 26�171�3�3.29 26�208�627.51
26�220�000.00 5.993 6.076 602
3
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C'/03/:997 CSty of Pelm Oep9rt PM - d
2NV881T1ENT POATPOI+IO DET.lILB - INVEBTTffiNTe CSTY
JUPE 30� 1997 ACCRUAL
SNV68TNENT AV&PAG& PURCHABS 9TAT8D --- Y1T1 "- NATURITY DAYS
NUAIDER I88UBR g(yAACg pATF gppg VALUS FACg VALUB MAAIU.T VALU& AATE 360 365 DATE TO MAT
"""'__'___""_"""'_""""_'__"'_"_"""""___"'_""""""""___"_"""""'_"'_"________"_"'____"_'_"___
:-_r �cas ^_o xvn
.:o.._ hedevalopmant Agency-Loan 07/O1/95 19�000�000.00 19�000�000.00 19�000�000.00 5.538 5.462 5.538 07/O1/O1 1�<61
".'TF`LaGP.s 19�000�000.00
_'__"'_"""""""""""'_"""""""""""""""_""""_"""""'"'_____'________"'
TOTAL INV89T!ffiiTS aM AV6. 3 90,875,928.26 90,889,155.27
89�725�017.30 90�852,060.26 5.7988 5.8788 593
4
, 07/09/1997 Clty of Palm Daeert PM - 5
INV83'affi7T 807¢'POLIO DETAILB - CABH CITY
JURG 30� 1997 ACCRUAL
INVEST!ffiMP AVEPl�GE PUACHIlSE BTATED '__ yq,� '__ MNTUAITY DAYS
MIDIDEA I88USA HALANCE DATE pOpR yA},[� FAC& VALUE MAIIX6T VALUS AATE 360 365 DATS TO MhT
""__"_"'___""__'_""""""__"____'_""""'_"""'_"__'__'_"'__"'____"""____"_"_______"_____________________"
Yel55SCC7:/CNECKIPrG ACWUNTB
13000 City Ma1n Aceount - eafA 709�887.74 0.000 0.000 0.000
13003 OfLSce Complex Chxking - eofA 384,892.12 0.000 0.000 0.000
13006 OZYice Complax Truet - HofA 22,671.59 0.000 0.000 0.000
13002 Bank of AmerSca - 8avlage 3,130,000.00 2.000 1.973 2.000
13005 LSDrary Fwndatlon - UBC 10,000.00 0.000 0.000 0.000
i1005 City Mnin Account - U8C 2�229,00 0.000 0.000 0.000
_"_""'_"'_ "'______"__' _'_"' ""'_
n.,E^_JSI+LS end AVffi2AGB3 3,793,209.75 6,159,696.69 1.686 1.505
Acciued Interaet ei Purche�a 16,d<9.81
_'______""______"_'______""____________"_'___""'__"_'__"_'___"___'"_'
T�'� �e S 6,175,946.30
.�"".......�."'�"......�.�"""�"""�".........""""""""""""'�.....=�.e...>�.=z:=...e.
TOTAL CA89 and INVESTI�SNPS E 93,518,226.86 95,051,872.56
.:".�..::"""'�.�".:�.�.���..:�.�""'��"':"��...'�""'�"'�"""�"".�.a�a.:��a�ea===_aa:=::��
5
07/09/1997 CSty of Palm Deaert PM - 6
PORTF�IO MA9TBR INV897TffiNf AClMTY BY TYPE CITY
JUNE 1� 1997 - JUNE 30, 1997 ��U�
BTAT&D TFANSACTI@7 PURC9ASSS eAL89/MATURITS88
Typg iNVEgq7qgpT p Igg}$R PATB iNTE OR D&POSITS OR W2THDRAWALS BALPNCH
PIDSLITY TAEASURY POOL (Monthly 9u�asy)
12006 PSAe11ty Inetitutioml Cea� 5.220
12005 Fidelity Inetitutionnl Caeh 5.360
12006 R P1de11ty Inetitutla�l Caeh 5.360 1�010.00
12007 PSdellty Iaetitutional Caeh 5.360 47.00
12009 I PSdellty Inatltutloml Caeh 5.360 151.00
12010 R Fidelity Inetitutioml Caah 5.360 563.00
12011 Fitlality Institutioml Caeh 5.160
12012 I FSdelity Inatitutional Caeh 5.360 1,671.00
1�013 A PSdelSty Iactitutioml Caeh 5.360 566.00
i2015 Pldellty Snetltutloml Caeh 5.3fi0 2.00
12016 I Fidelity Inatltutlonal Caeh 5.360 3�060.00 156,095.00
12018 R Fidelity Inetitutioml Caeh 5.360 2,998.00
12019 FiCelity Inatltutloml Caeh 5.360 102.00
12020 I FSdellty Ina'titutioml Caeh 5.360 30.00 �
12021 FiGellty Inetltutlonnl Caeh 5.220
12022 A FSdelity Inetitutioml Cash 5.360 17.00
12023 Pitlelity Institutiannl Cash 5.360 59.00 59.00
12026 Fitlelity In�titutioml Cae6 5.730
12025 R Fidelity Inetitutioml Caah 5.360 1,961.00 '
1Z027 R FiCelity Institutioml Cae� 5.360 270.00
12028 R FSdelSty InetStutional Caeh 5.360 668.00
12031 Pidelity InetitutSonal Cash 5.310
12032 FiEelity Inatitutioml Caeh 5.360
12033 Fitlelity Inetitutional Cach 5.230
12036 Bldality Inatitutioml Caeh 5.220
12035 Fidelity Inetitutional Caeh 5.360 1.00 �
12036 FSCellty Instltutional Caeh 5.360 '
12037 PSdelSty Inetltutional CaaA 5.220
12039 Fldality Inatitutional Caeh 5.220
120G2 I FSdellty Iaetitutionnl Cnah 5.360 5�267.00
12043 Pldellty Snmtltutlonal Caeh 5.360 366.00
13063 R FSdallty Inetltutloml Cach 5.360 696.00
12�66 PSCallty Inatitutio=ul Cash 5.150
12045 PSCelity 2natitutlonal Caeh 5.360 1.00
12066 Fidelity Instltutioml Caen 5.360 133.W . �
12049 FSCality Iastitutioml Cath 5.360 303.00
9UBSM_ALS and SNDING BALANCE 19,860.00 156�156.00 d�556,557.00
6
..
��':n>/;.977 City oI Palm Daeert � - �
POATFOLIO M1ISTSA INVEBTMENT ACPNI77' HY TYPE CITY
� NNE 1� 1997 - JUN6 30� 1997 ACCRIIAL
gTATgp TpAl7gACTSON PUACHA888 8AL88/MATUAITI&6 .
Typg I�7ygS7T�pT � Igg{�gg gpTg ppy'E OR DfiPOS2T9 OA WITHDRAWALB HALANCE
""_'"""""""""'____""_""'_""'_""""'___"'__""'__"'_"_""""'_"____""_"""'__"""__""""_"__"'
MANAGED POOL ACCOUNT8 (Monthly su�ary)
12040 Paclflc 8orizon Treseury Fund 4.900
12061 Pacific 9orizon Traaeury Fund 6.800
SUBTOTALS and SNDIliG HALANCE 0.00 0.00 0.00
Lo^AL ACEI7CY IAV899�7T FUtmB (MonthlY 8u�ery)
12000 Lxel Agency Inveetmant Funtl 5.636 3,800,000.00 16,197,dB3.26
PASSHOOR/CR6Q.IHG ACCVVIiTS (Monthly 9u�oaiyl
13000 Clty Main ACCount - HafA 0.000
13003 Offica Complex Checking - eofA 0.000 288,769.39 3,877.27
13006 OffiCe Complex TruOi - eofA 0.000 22�471.59
!3002 emmk of America - BavSnge 2.000 8,980,000.00 7,650,000.00
'_3005 Library FounCatlon - UBC 0.000
i3U06 City Ma1n Axount - UBC 0.000 ],229.00
���-O_Ay9 pcd &NDIHG BALANCE 9�293�469.98 7,653�877.27 0.00
CASH WIi7i TRUBTEE -FIR9T TRUST (ManNly Summnry)
24001 Cae� with Trvetee 0.000 0.62
26002 Cneh wlth Truetea 0.000 0.27
26003 Caeh wiN Txuetee 0.000 0.68 _
24006 Caah wiih Tructea 0.000 0.88
24005 CmA with Truetee 0.000 0.11
26006 Caeh with Truetee 0.000
26007 Caeh with Truetee 0.000 0.16 �
26008 Cash with Truetee 0.000 1.65
24009 CaBR Wlttl Tiuetee 0.001 0.28
26010 Cash with Truatee 0.000 0.66
SUHTOTALS and IIiDING HALANCE 1.72 2.95 0.00
COAAffiiCiAL PAPBR - DIBCOUNT
6,929,875.00
7
07/09/1997 City of Palm Deaert � - 8
PORTFOLIO MAeTBR IPVE8TM6NT ACPIVITY BY TYPB CITY
JU!ffi 1. 1997 - JUNE 30. 1997 ACCRUAL
SfATSD TAANSACTIQ7 PUACBA8fi8 SALES/MATURITIBS
i'PC IINESR'M6NP M I89U&R A71TE DATB OA D8P06IT8 OR WST�PAWALB BA7.ANC&
FBIIERAL AGENCY I98UES ' CO[1PON
14016 Federal Hame Loan Hmk 6.250 06/30/1997 2,000,000.00
14015 Federal Home Loen Hank 6.315 O6/18/1997 3,000,000.00
9UHTOTALB md ENDIIiG BALANCE 5,000,000.00 0.00 20,022,709.71
TR6A3URY 8&CVRITISS - COUPON
26,171,303.29
CI1Y LOAN 10 A[/A
19,000,000.00
"""'__""__""""""_'_""_""""'___"""'_"'_____'_""'___
yp�pu,g 16�313�331.70 11�610,036.22 90,875,928.26
.��.....""""""..a....:�.""�`:'...«"�:..:...a:..""'...�...:�'
$
07/09/1997
PM - 9
CSty of Pa�m Dwaart �ITY
INVSSITffiiT ACTIVITy SOIRMRY ACCRUAL
JUNE 1996 througn JUNE 1997
YIELD 1U NATURITY MANAGSD NUDIDHR OF N[1t�EA OF AVSPAGE
MOti':d NUlIDER OF T�171L 360 365 POOL SSCURITIE8 eECURITIES AVSAAO& 11ll1Y8 TO
HND Y2AA BECURITI83 INVESTID E4UIV BQUN AATB POACHASED MATURED/SOLD TEAM MATURITY
Juna 96 87 86,019,131.72 5.665 5.746 5.177 5 1 858 6�0
July 96 85 84,789,527.15 5.688 5.767 5.138 1 1 870 658
Auguet 96 el 81,992,100.25 5.667 5.725 5.115 0 6 871 657
8eptember 96 86 80,711,229.19 5.708 5.787 5.121 5 3 917 686
Octobez 96 84 79,561,970.06 5.690 5.7fi9 5.150 2 2 928 70B
Bw�ber 96 81 78,701,281.76 5.720 5.799 5.150 1 5 959 726
Oecember 96 78 77,72B,65B.16 5.712 5.791 5.259 0 3 950 693
Januaxy 97 78 80�692�155.05 5.768 5.827 5.260 2 2 966 701
FeOsuasy 9� 77 79,639,361.61 5.736 5.814 5.188 1 2 982 718
t7nrch 97 78 81,627,550.19 5.735 5.815 5.210 3 2 950 676
hpr'1 97 77 78,911,373.36 5.816 5.895 6.685 0 1 973 673
Nay 97 l8 86�680,987.05 5.766 5.823 5.310 3 2 922 621
Sune 97 85 90,875,928.26 5.798 5.878 5.360 2 0 896 593
""'_"_'_'_"___"_'_""""__"'__""""'....'_"_""""'"'""""'_"'_""'_"______"'_"_"'
AV&RAaE9 81 ; 81,996,710.27 5.726f 5.803i 5.302t 2 2 926 675
"""""""""�""�""""""�""�"""""""""".��"'.�"""'�e.""�""�..s.""
9
�7/09/1997 PM - 10
CSty o! Palm Dromrt �IT�
DI817YIBUTION OP INVEB'd�iT6 8Y TYPB ACCRUAL
JON& 1996 through JUNE 1997
..�.,,,.. TYP88 OP SNVEB'd�NTB
;.,...: '__'___"'____"_____'____"___'______'_________ _____'_____"'___"__"'_"""___""_'___"_'_
'sP.-U YSIfR 8CD Sm L111 LA2 LA5 PA1 PA2 MfN BI�C CPI COM FAC P11D T1tC TRO FIDl MCl
"___""_"_"'_"""'_"""'_""__""""""__"_""""'_""_"_""'__'_""'__""__"___'_""'_"____'___"'_"'___'_'"
Juna 96 2.9 4.6 0.0 20.8 6.1 9.2 32.2 1.8 0.5 22.1
July 96 6.6 0•a 19.6 6.2 12.3 32.7 1.8 0.5 22.4
Auguet 96 7.9 0.0 20.5 6.6 9.7 31.6 0.3 0.5 23.2
Septamber 96 6.9 0.0 19.8 6.5 6.2 60.8 0.3 23-5
Octobrr 96 3.6 0.0 20.2 3.1 11.5 1.2 36.3 0.3 23.9
Nwember 9fi 5.2 0.0 16.6 3.1 16.2 0.5 36.2 24.1
Decembex 96 7•0 15.6 3.2 16.6 35.5 26•<
January 9J 7.5 19.1 15.7 36.2 23.6
PeCivazy 97 9.3 16.6 18.5 31.7 23.9
March 97 6.5 19.6 18.7 32.1 23.3
Aplil 97 5.9 20.3 19.1 30-6 24.1
May 97 5.5 23.6 17.7 30.8 22.4
:'�ane 97 5.0 17.8 5.6 22.0 28.8 20.9
____""'_"__""'________"_""'___"'"'______"'_'__"'"___"_""'_'_""___"_"""___"_"'_""_"_"'__'_"'_"_'
.,._..,,-:_63 O.Yt 5.9f 0.0R 19.2\ 1.18 13.6t 2.98 33.3t 0.31 O.1R 23.2t
HCD - Certificatee of Dapoelt - eaNc eCD - Certificatae o! Dapoclt - 8 G L
LA1 - Fitlality Treeeury Pool LA2 - ManegaE Pool AecounU
LAS - Local Agency Imaetment Funde PA1 - Pacabaok/CNackinq Accounte
PA2 - Cee� wlt� Txustee -Firet Truat MfN - Medlum Term Notea
BAC - Hanksts ACcep��ae CPI - Co�erclel Paper - Intazeet eeazing
COM - Co�ercial YapaZ - DSecount FAC - Fedesal Agency Iaeuee - Coupon
PAD - Pederal Agancy Iasuee - DSscount TRC - Treaaury seeusitiae - coupon
TRD - Timeury 8ecuritlee - Dlecount PID1 - Tissauxy eecuritlae - T-e111c
MC1 - City Loen tA RDA
10
, 07/09/1997 PM - 11
Clty of Pelm Deeert �I�
INTER88T EAANIBGB 8Ul4fAAY ACCRVAL
JUNE 30, 1997 ,
�.p[�'9 $LipxNG FISCAL
JUNE 30� 1997 YSAR 1D DATE
CD/Coupan/Dlecount Invaetments:
Iatereet ColleeteA S 190,625.00 3 2,579,077.95
PLUS Accrued Intereat nL Snd of Perlod 2,863,629.63 2,863,629.63
LE88 Accrued intexeet at Heglnning of Peciod ( 2,730,293.03) ( 1,781,128.00)
"_"""""""_' _""_"""""_'
Intezeet &arnad CurSng Perlod . ; 323,961.d0 3,661,579.38
AR7U3TED by Premi�e and DSncounta 1,360.21 -24,729.08
A➢JU6T8D by Capital Oaine or Loaeac 0.00 36,665.20
'_"'_"""""" ""__"""___"'
Eerninge du[Sng Period 325,321.61 f 3,671,515.50
�"""'........" "'..a:.."':....:
Mortgege Backed 3ecuiitiea:
Interest Collacted { 0.00 = 0.00
PLU& ACciued intere6t at 8nd of Pailod 0.00 0.00
LE99 Accrued Intazact at Haqlnning oP Period ( 0.00) ( 0.00)
"""'_____'_'_" """"""""'_
Intereat &ernetl duiin9 Parlod f 0.00 0.00
AATUSTED by Premiume and Diecounta 0.00 0.00
ADJUSTED by Capltal Gains ot Loeeea 0.00 0.00
"_""'__'_'__"' "_""'__""""
Earninge during Period 0.00 S 0.00
..:�..�..._.....�� ..��.a�saa��..ea��
Cebn/Chacking Accounta:
IntaLeat CAl10CtaA = 21,559.63 S 1,140,152.03
PLUS Accrusd Intareet at 8nd of Pariod 557,379.67 557,379.67
LB&5 Accruetl Intereet at BeginnSng of Perlotl ( 466�569.23) ( 560�318.28)
_"""'_"'_""' """_'____'__"'
Intere�t 8arned during PezSod S 112,369.87 ► 1,157,213.62
�"""'�"""'�' '�"""""""'
TOfAL InteiYet 8erned dux�inq Period 3 636,331.27 S <,818,792.80
TOTAL aju�tmente Irom Pramiumo mC Diecount� S 1,360.31 ; -26,729.08
TOTAL CapStal Oalna oz Loncm ; 0•00 ; 36,665.20
"""____'_"'_" ""_'_'_"'__"__
TOTAL 8erninge during Pariod { 637,691.68 S 4,828,728.92
�................. ....==..s:..�...�.
11
_ _ __
, 07/09/1997 A�aasement DletiiCt 83-1 PM - Z
INV&BTMENT POATFOLIO DSPAILB - SNV882N8HT8 CZTY
JUNb 30� 1997 ACCAUAL
INVSSTN6NT PUAC8A8E STATBD __' yq.{ '_' NATIIRITY DAYS
�ry�gp IBBUgg D71T6 BWR VALUE FACE VALUE MAIiRET VALUS AAT& 360 365 DATE TO MI+T
_"___'______""_______'_"'_____'_'__'_____'__'__'__"__'_'_'_______'___"__"______'_'_"_'____"_"_____"_'_""'"_"_'_""_
PIDELITY 17iHASURY POOL
12027 R PSdellty Inetltutional Caeh 62,535.00 62,535.00 62,535.00 5.360 5.287 5.360 1
12036 Fidelity Inetitutloml Cash 8.00 8.00 8.00 5.220 5.168 5.220 1
"'__'___""' """'_"""' """"""'_ "'___ "_'_' "__'_
SUB:vlALB mC AVEPAG88 62,563.00 62,563.00
62,563.00 5.287 5.360 1
""""'_"""'"""_"""""""__"""""__""__'_____"_'_"______'___'
TO^_'AL INVESaAIIPfe antl AVO. S 62,543.00 62,563.00
62,463.00 5.2878 5.360i 1
""�.�.....""'....�."'.��.....""'.a."""......�..........�...e_��....a=�."
12
, 0]/09/1999 A�saasment Distlict 83-1 - PM - 3
INVBBTT�NT PO]iTPOLIO DBTAILB - CAeg CITY
- JUIPE 30, 1997 ACCAIW,
INVBSTI�NT PUACH718S 3'ATHD _" y'A{ "' MATUAITY DAYS
NUDIDSA I88UHR DAT6 BOO1C VALUE FACB VALVS MAAlh`P VALUE AATE 360 365 DATE TO MAT
"""""_'__""'_"_'_'_"""'_""""_"_""'_"_"""""_""""""""""_"_"""""_"""__'_'_"""____""_"
GSH WITH TAU3T88 -FIABT TR08T
24002 Caeh vith Truetee 0.76 0.000 0.000 0.000
""_'_'_""'__"""""""""""""_""'_""""'_"_'______""'_"'_"'_'
� TOTAL CASH end INVB81Tg1Pf8 s 62�563.76
13
, 07/09/1997 1995 ReLunAing BanEe 86-1-A PM - 2
, INVBBTI�NP POATPOyIO DSTAILB - INVEB'II�ffi7T8 CITY
JVIPB 30, 1997 ACCAUAL
INVE9TI�NT PUACBASE BTATBD '-- Y1T1 -" �MATUAIIY DAYS
NUlIDSA ISBUSA DATE HOOR VALIfB PACS VALVB MAARET VALUB FATE 360 365 DATE TO MAT
__"'___"""__"_'___""""'_""_'_"_""___"'____'__'__"""""""__'__'_____"_"_"""'___"'_'_'_'____'_'__""'___
F=DcLIT`_� TFiSASUAY POOL
12025 R FSdelity Inetitutionel Gsh 462�666.00 662�466.00 463�664.00 5.360 5.287 5.360 1
.';�F Fidelity Inatitutional Caeh 111.00 111.00 111.00 5.360 5.287 5.360 1
""_"_""__ '_"""""" """"""" '_'_" '_____ "____
StiB^_dlALS Md AVEAAGHB 662,575.00 662�575.00
662,575.00 5.287 5.360 1
"""""""_""""""""""_"_""""'_"""'__"___________________'
1'(1TAL SNV887TifiNTS anE AVG. j {62�575.00 462�575.00
662,595.00 5.2874 5.3604 1
14
. 07/09/199] 1995 Aefunding Honde 84-1-A PM - 3
ItrvE9TM&t1T POAT!'OLIO DETAILB - CAgg CITY
JUNE 30, 1997 ACCAUAL
INVESTI�NT PURCHhBE 9TATED "' Y1Tf -" MATURITY DAYS
NUMBSA I95UEA DAT& BOOR VALVE PACB VALVE MAARSP VALVE PATS 360 365 DATS TO MAT
__'_'_"'__"___'_'_"_'__"___"_'_"__"_"""'__'_"_'_"____________"'_"""""_______"__'__""'_'___'_____""'_'__'____
CA3H WS^A 5"1iUST8E -PIAST TAUBT
26001 Caah v1Th Truetae 0.27 '0.000 0.000 0.000
""""""""""""""_"""_"""""""""_'_'____________________"___
TOTAL CABH and INVE8TMENT9 S 462.475.27 �
'15
. 0�/03/1999 AD 87-1 PM - 1
22N881M8NT PORTFOLIO DETAILS - INV&S'd�7TS CITY
JVPS 30� 1997 ACCRUW,
INVEST!ffiNT PURC9A3S 3TATED --' Y'A1 "- MATURITY OAYS
NUMBIIi ISSU&A DATS BOOR VALI]E FACB VALUE MAPI�T VALUE AATE 360 365 DATE 1W MAT
___"___'__'___'______'________'_"'____"""_____'__'_"'__'__"'____'_______"____"'____'__'__""__""___"_'_'___"_'______'
FIDELITY TAEASUAY POOL
12028 R Fidelity Inetitutioml Caeh 159�055.00 159�055.00 159�055.00 5.360 5.287 5.360 1
12036 Fitlelity Inatitutioml Caeh 60.00 60.00 40.00 5.360 5.287 5.360 1
""""""_' "__'_"""__ """"""__ _""' '_"__ ____'_
eUHTOLALS mtl AVSNAO88 , 159�095.00 159�095.00
159�095.00 5.287 5.360 1
MANAf�D POOL ACCOUNTB
12060 Pacific 9oiSzon Trrasusy Fu 0.00 0.00 0.00 6.900 d.833 6.900 1
12041 Pu1Tic 9orizon Tnesury Fu 0.00 0.00 0.00 6.800 6.736 6.800 1
'____'__"_'_' '__"'_'__'_" """"""" _"'_' "'__' __""
9UB?OTALS and AVffiiA0E8 0.00 0.00
0.00 0.000 0.000 0
TOTAL INV&8�ffiiT5 and AVG. ; 159,095.00 159,095.00
159,095.00 5.287t 5.360i I
"'�"'�.��....��...:""""...�.�.a�.=...:s..::.a""e""""�"""��'z::z.:�:.
16
. 07/09/1997 M 87-1 PM - 3
INVE89ffi7T PORTFOLID DSTAIyB - �Agg CITY
,NNE 30, 1997 ACCAUAL
I:iVE3TMENT PUAC8A8E STATSD "' Y1M --- MATUIiITY DAYS
NUhIDEA ISgUBR M2E BOOR VffiU8 FACS VALUE MAAI�T VALUE PAT6 360 365 DATB TO MAT
"""""_""""""_"""""""""""""_"_'_""""""'__"_"'_"_"""__""""_""'_"_"'__"'_"""'_""'_
raae WIT9 TRUSTSB -PIABT TAUBT
2a009 Ca6h with TiuetaB 0.72 0.00] 0.001 0.001
_""_'_"'_"""'_"""""""""'_""_""_"__'___""""""_""_'______
TOTAL C%9 antl IRVSBTAIEI7f5 E 159�095.72 �
17
� 07/09/1997 Ind1m Aitlge 91-1 BerSm A pM - 2
IINESTMEFf PORTPOyIO DSfAIL9 - INVSS'II4.+NT8 CITY
JUNS 30, 1997 ACCAUN.
INV68TMEHT PURC9A8S 8TAT8D __' y� '__ MATURITY MYe
tiUAIDHi I9SU8A DATS 8001C VALUS PACB VALVE MAP1�.T VAI,UE MTE 360 365 DATE TO MAT
'__"_'.__"'_"_"""__"_____'_'________"___"'___"""""'____'_"'_'_____"__'_'_"_'___"'_'_"___'___"__'_"_____'_'__'
PIDELITY TAHABVRY POOL
12035 FiCelity Inetitutioml Caah 349.00 349.00 369.00 5.360 5.287 5.360 1
12016 I Fldallty Inatitutional Caeh 568,167.00 568,167.00 568,167.00 5.360 5.287 5.360 1
12022 R FSdellty Inatltutloml Cash 3�957.00 3�957.00 3�957.00 5.360 5.28J 5.360 1
"""""""' ""_"_""" "_"""""' """ __"'_ '_____
57�^CS7S:� ar.tl 11V8FA�EB 572,d53.00 572,653.00
572�053.00 5.287 5.360 1
;EGtiFA1 AGIIiCY I89U83 - COUPON
14008 A F&D 9� LOAN MORTfiAGB CORP O1/09/97 G99,184.03 500,000.00 500,156.25 6.855 6.930 7.026 OS/09/02 1,653
16012 Pederal NatSonal Mortgage A 03/21/97 578,985.96 580�000.00 580�181.25 6.260 6.350 6.638 03/19/99 626
"""""'_" "'__""_"" """_"""' "'_'_ ""__ _""'
SUBTOTALS and AVII2AGES 1,078,169.99 1,080,337.50
1�080�000.00 6.618 6.730 1�101
_""_'_""""'_""_"""""""_"'_""_"""""_'_""""""'_"__"
TOTAL INVSS�NTS end AVG. s 1,650,622.99 1,652,790.50
1,652�653.00 6.157i 6.2621 720
""`�"""'�""'�""""'v"""""a"""�"��'.��"""»..�...���::�:.e:""
18
� 07/09/1997 InGlen ASdge 91-1 8priee A PM - 3
=NySg'd.ffiNT POKlFOLIO DETAILB - `(,�g CITY
� SUNE 30. 1997 7�pyUA7,
INVBSTMENT ppp�gA3E STATED --- Y1T1 -'- MpTUAITY DAYS
INlIDBR IBSUEA DATE BOO1C VALUE FACE VALUS MAARET VALUE AATE 360 365 OATE 'N MAT
'___'__"'_'__'____'_"'__""_"'_"_"_"______'_______""'_"'___'_"_""_____'___'__""__"__"'____"""'__"_""'_______
GSH wI:6 TRU8TE8 -PIAST T!¢78T
24006 Cash wlth Txuetae 1.42 0.000 0.000 0.000
Accruetl Intereet et Purc6aee 201.07
. """"_'_""""""'_""""""'__""'_"__""_____'_"""__""""'_'
TOTAL CABH = 202.69
....""'......................"'..........................e....:a...:.s.a�..z:....
TOTAL G89 and INV&ST!ffiNT8 S 1,650,825.68
"""'�""""....e...".��"""""'�"'.�""""""�"""se..s..���z.�"�..
19
. 07/03/1997 Ind1m ASCgo 91-1 earlea B PM - 2
. INVSBTI�NT PORTFOLIO DETAILS - INVEB'II�ffiNT8 CZ1Y
NNE 30, 1997 ACCAVAL
-�;i/r3?"'::VT PURCHABE STATED "' y1M ___ MATURIIY DAYS
NUPflEA I88UBR DATE BOOR VALUB FACB VALUE MAARHT VALUE AATE 360 365 DATE TO MAT
""____'__"""'__"'__'_'_""""'"_""""""""___""_"'__""""____'__"""'______'_'___'__"__'__"_'___'""'""'_'"
FIDSLITY TASTBVRY POOL
12062 I FSAelity Inatitutionel Caeh 1�256,822.00 1,256�822.00 1,256,822.00 5.360 5.287 5.360 �,
12063 Pidelity Inetitutioml Caeh 82,665.00 82,665.00 82,665.00 5.360 5.287 5.360 1
12043 R PSdallty Inatltutloml Caeh 165,220.00 165,220.00 165,220.00 5.360 5.287 5.360 1
12066 PSdellty Inetltutlonal Caeh 0.00 0.00 0.00 5.150 5.079 5.150 1
"""""""" """"""" ""'""""""' ""'" """" """
SUeTOTAtfi and AVffiiA6E8 1�502�507.00 1�502�507.00
1,502,507.00 5.287 5.360 1
FED8AAL AGffiiCY ISSU86 - COVPIX7
16005 I Fedezal Home Laan Bank 12/12/95 1,018,065.16 1,000�000.00 997�500.00 6.285 5.608 5.686 07/ZB/00 1,123
1d011 PeEeral H�e Loan eank 03/26/97 1,800,000.00 1,800,000.00 1,805,062.50 6.330 6.310 6.398 03/26/99 633
1d001 I Pederal Natioml Mortgaga A 12/12/95 1�000,739.18 1�000�000.00 1,000,312.50 5.650 5.386 5.661 10/20/97 111
16002 I Fwdaral aatioml lbrtgage A 12/12/95 1�052�150.33 1�000�000.00 1�042�187.50 8.650 S.B77 5.958 0'//12/99 '!61
14006 I Pederal Nationnl Mortgage A 12/12/95 1,083,356.87 1,000,000.00 1,068,125.00 9.050 5.620 5.699 04/10/00 1,016
""'_""'__' "_"_________ "'""_'_"'__ _""_ ""__ '_""
SUB:dfALB Md AVERAGES 5�956,311.56 5�913,187.50
5,800,000.00 5.833 5.916 717
TREASVRY SECURITSES - COUPON
16005 United 9tatee Treaeury 12/12/95 291,309.16 291,000.00 291,181.88 6.000 5.266 5.319 OB/31/97 61
16005 A United Statae Tseaeury 12/12/95 686,792.78 686,000.00 683,868.75 5.875 5.261 5.316 OB/15/98 610
'_60p7 : Cnitad 3tatae Traaaury 12/12/95 1,021�628.�3 1�000�000.00 1�005�312.50 6.375 5.338 5.413 OS/15/00 938
'.6003 R Unitad Btatae Tremury 12/12/95 667,005.95 665,000.00 461,409.38 8.000 5.279 5.352 08/15/99 775
:f0o3 : Cnited etatee Treneury 12/12/95 1�018�947.37 1�000�000.00 1�016�250.00 7.875 5.212 5.284 04/15/98 288
"auGl� : Uaitad 3tatae Treaeury 12/12/95 1,020,986.27 1,000,000.00 1,016,687.50 7.125 5.272 5.365 10/15/98 671
"___"'___"' __"""""__ _"___""_"_ __'_'_ ""_' __'_'_
8UH^_OTALS mtl AVSRAGES y,307,070.26 6,272,690.01
_ 4,220,000.00 5.269 5.362 536
'""__""_"'_""""_"'"'"""""'""""_'_"_"""""__"""_"""""'__"
TdfAL INVESIT9�R7TS aM AVG. ; 11,763,888.80 11,688,386.51
� 11,522�SW.00 5.59& 5.6341 559
2�
� 07/03/1997 InQia� Rl4ge 91-1 eerSae H PM - 3
I�7�S874ffi7T POHI'POLIO DBTAILB - G89 CI1Y
JI1N& 30, 1997 ACCRUAL
INVS9TI�ffiNT PURC9Agp 9TAT8D '-- Y'dA --- MATURITY DAYS
NUDIDER I&SUffit DATS pppp. VALUE FACE VALUE MAAREl VALUE AATE 360 365 DATE 11� MAT
CR3H WI"_'H "_RtUSTEB -FIABT TfR19T
::.:C1J Caah with Truetee 1.18 0.000 0.000 0.000
______""'_"""'_'_"""""_'_""'__"__"'_"'_'____'__"""_"__'__"'____
TOTAL CA39 end INV88TP�NTB S 11,763�889.98 �
21
� 0]/09/1997 8lezca Hava 92-1 pp� _ Z
INVESTAffiNT PORT£OLIO DEPAILS - INV$9'p�pqg CITY
JUNE 30, 1997 ACCRUAL
INVESTMEMf PURCfiA58 STAT6D --' Y1M '-' MATIJR27Y DAYS
NUFIDBR ISSU&R ]�'�'�,' gppg VALUS FACB VALUE NpRREP VALVE AATE 360 365 DATE TO MAT
""_____""___"'____________'_______"__'_____""'_"__'_"_________'___"'____'_"'_"'____'___'_"____"'______'_""___"__
FID8LI2Y TREASUAY POOL
12006 Fldolity In�titutiaml Cach 0.00 0.00 0.00 5.220 5.168 5.220 1
12004 Pitlality Inetitutioxal Ces� 51.00 51.00 51.00 5.360 5.287 5.360 1
12006 A Pitlelity Institutioml Gah 260�83d.00 260,834.00 240,836•00 5.360 5.287 5.360 1
12007 Fidelity Inatitutlonal,Caeh 11,313.00 11,313.00 11,313.00 5.360 5.287 5.360 1
12045 Fldelity Inatitutional Ceeh 187.00 187.00 187.00 5.360 5.287 5.360 1
""'_"""" _"""_""" ""_"'__"__ "'_'_ _'____ '_"'_
SllBTOTALB md .lV&RI�ES 252,385.00 252�385.00 �
257�385.00 5.287 5.360 1
""""""""""""'"""""""""""""""""""""'""'""""""
TJ_aI, ia'v25CME��S entl AVO. S 252,385.00 252,385.00
Y52,385.00 5.2879 5.3608 1
....��.....Q.......z:..�.��.......�..._�:.::.:.::.n:.:=.:::..:.........e.....�...::
22
� i��!G9/�997 8lerra Nove 92-1 PM - 3
I3NE9'DffiIT PORTFOLIO D&TAILB - CIiBH CITY
NNS 30, 1997 ACCAUAL
INV88TM6NT PUACHABE 8TAT8D "' Y1M __' MATUAITY DAY3
NU[�ER I98UHFt DATE BOOR VALUB PACB VALUB MAARET VALUE RATB 360 365 DATE TO MAT
________"'_'__'___""_'____""______""'___'____""_'__'___'__'_____'_____'______"_"___"'____'_"__'_"'____'__"""__"'
rsv9 WITH TAU9TSE -FIRBT TRUBT
26008 Ceeh wlth Truetea 2.98 0.000 0.000 0.000
TOTAL CASH and INVS3TAffiNTS ; 252,38'/.98
�.a�""""""'�"".��'�""""""""""e"""'��........."'�"""":��:�
23
' 07/09/1997 Hlg Hprn 96-1 PM - 2
IIiVS81T�Nf PDRTPpyIO D8T.12L8 - INVBB'II�MfB CITY
NNE 30� 1997 ACCRIIA7.
INV%3TMENT PUACHASE STATED "- Y1S. '-- MATURITY DAYS
NU[�IDER I88V8R DAT6 HOOR VALVB PACS VALVS MARK6T VhLLOE PATS 360 365 DATE TO MhT
'__""'__'____'_"""""____"'__'__'___'___"'_"__'________'_"__'___'_"_'____""__'_'____'____'___'_'__""""'_"_'_'__'
�.'D£LIT" TREASVRY POOL
i^O1B P PSdality Inetitutional Cas� 716�273.00 716�273.00 716,273.00 5.360 5.289 5.3fi0 1
::Oi5 FiCelity Inetitutioml Caah 26,319.00 26,319.00 26,319.00 5.360 5.287 5.360 1
12020 I FSdellty Inetituiioml Cash 7�143.00 7�143.00 7�143.00 5.360 5.287 5.360 1
12021 Fidelity Inetitutional Caeh 19.00 19.00 19.00 5.220 5.168 5.220 1
""""'""" """""_"' "_""'_"'_' """ """ _"'_'
9UBTOTALB and AVERAG&3 765,756.00 7C5�756.00
765,754.00 5.287 5.360 1
""'_"""_""""""""""_""_""""""'_"""_"_'_'_'_""""'_'
TOTAL INV88affiiT8 antl AVG. S 745�754.00 765,756.00
. 765,756.00 5.2874 5.360i 1
....��......��.............:.:..:...:.e...ea..:�.:=�.a��.�sa..as.ea��=�....a��...m._
24
__ _ _ _
� 07/09/1997 eig Horn 94-1 pM - 3
INVES�IT PORlPOLIO DETAILB - CA99 CITY
- JUNE 30� 1997 ACCRUAL
INV68TM6NT PURC9A38 BTATBD -" Y1f1 '-- MATIIRITY DAYS
NUMBBR IBSUSA MT8 HOOR VALIJE FACE VALUE IMlilmf VALUE MTS 360 365 DATE TO MAT
_________""____'_""""'_'___'___"________"""____"_"_"'_'_"""""_"_'___'""_'________"____""'""_'_'__"'_""_
CABH WI'i'9 TRU8T8S -FIABT TAUBT
24007 Caeh wlth Tsuatee 2.23 0.000 0.000 0.000
'_"""_"""""""""""'_'_"""""""""""""""_"_"'__"_"""
TOTAL CA88 end INVEBTMENLB E 7d5,756.23
............""".....".."""�""�""s�"'.�"�"""""a....:.:�.a.�..::a..
25
' J'+/OB/1997 8unterracs 96-2 pM - 2
. INVESTI�NT POAITOLIO DSPAILB - INV88'dffi7T8 CITY
JUNE 30� 1997 qCCAUAL
INV&8TM6NT PUAC9AeS 9TATED "' yad '__ MATURITY DAYS
NU[+�ER I98I7Sti DATE gOpA VALUS FACg VALUB MARl�f VALUfi AATE 360 365 W1TE TO MAT
_'_"_"_"_"""""""""""""""""'_""'_'_'__""""""""'___""'__"__"'_"""'_""""""""__"__"_""
FIDSLSTY TAEASUAY POOL
12009 2 Fide]ity Inetitutloml Caeh 36�869.00 36�849.00 34�869.00 5.360 5.287 5.360 1
12010 R Fidelity Inetitutional Caeh 130,351.00 130,351.00 130,351.00 5.360 5.287 5.360 1
12032 Fidality Inatitutional Ceeh 0.00 0.00 0.00 5.360 5.287 5.360 1
12033 Fldellty Inetitutioml Caeh 0.00 0.00 0.00 5.210 5.139 5.210 � 1
_"'_"""_" "_'___"_"" ""_"""_" '__"_ "__" """
SUHTOTALS antl AVSNAG85 165�200.00 165�200.00
165�200.00 5.287 5.360 1
TOTAL IRVESDffiiT8 and AVG. ; 165,200.00 165,200.00
165,200.00 5.2870 5.3601 1
""""'e�......."""�."""""""""""""�""""""""""""`."'
26
_ __ _
' 07/09/1997 8unteciace 96-3 PM - 3
INVEB'II'$R7T POKfF'OLIO DETAILB - CA89 CITY
JUNS 30, 1997 ACCAUAL
INV&3TM6PT PUACHASE STATBD '-- Y1T1 --' MATUAITY DAYS
.....__.� SSSUER DATB BOOR VALUE FACB VALV6 MAAAET VALUE AATE 360 365 DAT& TO MhT
'-'_""_"'______'"_'_'_'____________'___'__'_'___'""__"_____""'__'__"_'__'"""'_'__'_"_"____________________________'_____
CABH WI?H 1RU8TB8 -PIPST 17U18T
24006 Cae� with Truetee 1.33 0.000 0.000 0.000
""""""""_""""""""_"""'__"'__"'__'__"""_'_'__""_"""""
TOTAL CA9H and INV88TI�NTB j 165�201.33 �
2�
___ __ _
' 07/09/1997 Mereno 96-3 PM - 2
INVE8ITffiNT POATFOLIO DBTAILg - INV88'd9iNT5 CITY
.NNE 30� 1997 ACCAUAL
2N�68TMEpT PURCBABE STATSD "- y'}'p{ "- MATURITY DAYB
NUAIDHR I83USA DATE HOOR VALUB PACS VALU6 MAARET VALV% IUTS 360 365 DAT& TO MAT
'_'_""'_"_"___"'___"'_'_.'____'________'___________"_'__'_____'_"""'__""_'_"___"'_"__'_"__"__"_____"__"___"_'
PIDELITY TASABURY YOOL
12011 Fidelity Inatitutioml CaeR 0.00 0.00 0.00 5.160 5.070 5.160 1
12012 I FSCelity Inatitutional Caeh 398,163.00 398,163.00 398,163.00 5.360 5.287 5.360 1
12013 R Fidality Institutioml Cac� 1J0�016.00 130�016.00 330�016.00 5.360 5.28'! 5.360 1
12031 FSCelity Inetltutio=u1,Caeh 66.00 66.00 66.00 5.330 5.237 5.310 1
12037 FSCalSty In�tStuLioaal Ca�h 29.00 29.00 29.00 5.220 5.148 5.220 1
"""'_""" """"'_"'_ """"""__ """ """ _""'
SUA^_Of9L5 end AVERAGES 528,256.00 528,256.00
528�256.00 5.287 5.360 1
""""'_""""'_""""_"""_""'__""""""""_'_'_"""__"__"_'
TOTAL INVSS".S4ENT5 and AVG. ; 528,256.00 528,256.00
528�256.00 5.287\ 5.3609 1
..:a.....................:......:...:.....:::�.:::..:.:.....�...ss.a:.a:...��....s..�
20
� 07/09/1997 MalMo 96-3 PM - 3
INV83'II�ffi�T POHI'£ULIO D&T7�Iy8 - CA9H CI1Y
JUNB 30, 1997 ACCRUAL
ZNVESTt�t7f PUAC9118E BTATED "- Y1H -" M7ITUAZTY DAYS
' l7IIPIDSR I88UEA DAT% BOOA VALUE FACE VALUB N/�AREf VALUE AATE 360 365 DATE TO MAT
_""_'_____""__'__'____'____________'_'_______'_______"'____'_""_'___'_'_"'_""'_'________'_'_'__"""_____'___"__'_'_"'
CA86 WI:H TRUBTEE -FIRST TRUBT �
26005 Caeh wiN Truetee 1.37 0.000 0.000 0.000
TOTAL CA88 end INVS87MEPT8 S 528�255.37
29
07/09/1997 95 A8V HND: 83-1� 86-1-R� 87-1 PM - 2
ZhVSBT[�NT PORTPOLIO DBTAILB - IPV89'd�ffi7T8 CITY
.TUNE 30, 1997 ACCAUAL
.-.'.:';E>=d1:?T YURC�IBE 8TAT6D ___ y�.� "' MATURIIY DAYS
tNNHEA ISBUBA DATE 9pO1C VALUE FACE VALU& M1IPAST VALVS PAT& 360 365 DATS TO MAT
__"____"_________'__'_'_____"___"_'__"_""_""_"'__"'_______""_'____'__'_______"""_"'__'_'_"'__"____'_'____"'_'_
FID6LSTY TFEASURY POOL
12023 FSAality Inetltutlonal Caeh 0.00 D.00 0.00 5.360 S.Z87 5.360 1
12026 £itlelity Inetltutionnl Cne� 6.00 6.00 6.00 5.210 5.139 5.210 1
12039 Fidelity Institutionnl Cnah 0.00 0.00 0.00 5.220 5.168 5.220 1
12046 Fidelity Inatitutioml CaeR 31,577.00 31,577.00 31,577.00 5.360 5.287 5.360 1
12069 Fidelity Snetitutioml Ceeh 72,210.00 72,210.00 72,230.00 5.360 5.287 5.360 1
'_""""'_" """'_""" _""_""'___ __"" "__" ___'__
SUBTOTAL9 md AVERt�GES 103,791.00 103,791.00
303,791.00 5.287 5.360 1
TOTAL INV&S'II�NT& end AVG. = 103,791.00 103,791.00
� 303�791.00 5.287$ 5.3fi0R 1
30
� 07/03/1997 95 A6V HliD: 83-1� 86-1-R� 87-1 PM - 3
INVEB'D�iT YORTPOLIO DSTAILB - GS9 CIT1f
' JUAS 30, 1997 �py�,
2NVE9TI�'NT PUACHA$$ BTAT6D --- Y1T1 --- MATUAITY DAYS
NUfIDBR I88USA DATB 800R VALUS PACS VALUE MAAR&T VALUE PATS 360 365 DATE TO MAT
_"'___'__""_'_'______'__""""""____"""'____"""'___"'_""__'_"'__________'_""'_'____"_"'______"'__"_'_'____'
CASH WI_^9 TRU8T88 -PIPST THIIBT
24003 Ceeh witt Truetee 1.78 0.000 0.000 0.000
""""""""""_"""'__""'_'___""""'_"_"'__"__""_'_'_"'_"'_"'_
� T`�^�` CP.^A anG INVB8TAffiPTS S 103.792J8
........"'............"'............."'....."""""""".................'s:'
31
["!':�/_ng� Llbrery Foundntion PM - 3
. ItN887Tffi7T POATPOLIO DETAILB - C718H CITY
JUNE 30, 1997 ACCAUW.
INVE8TM8PT pQp�9�gg 9TATED "- Y1T7 "- M7\TURITY DAY9
NUt�ER I9SU8R DATB HOOR VALUE FAC& VALU6 MAAREP VALVE RATB 360 365 DATE TO MAT
"'___'_'_'_"'_"'__"_'_'_'_____"'_"""_"_"__""___'_"_"'_'_________""___'_______"_"""""'_'_____"""_'________
PA9Se00R/CI�CRIIIG ACWUPTB
13005 Library Poundation - VBC 10�000.00 0.000 0.000 0.000
'_______""""__'_"""""__""_""""'_'__"_"'_"'_""'_"_"'_""'_'__
TOTAL CASH and INVHBTAffiNTS S 30,000.00
.....�.�....a.....�`.`..�e�..`.��...'�`........a:.::.�.a.:�e.m:.:a:=��a===_:�e.�:..
32
� 07/09/1997 CSty Oaneral PunA PM - 2
IIN&9TMBNT PORTPOLIO DEfASL6 - INV&BTl1ffi7T8 CITY
J[INE 30, 1997 p��{1JAI,
INVESTMENT YUACf3A86 eTAT&D "' y'IIM1 "' MATURITY DAYS
NUAHfiR I88U5A DATE gpplt VALUE PACB VALUE MAAl�T VALUE PATE 360 365 DATE TO MAT
""'____"_'_'__""'_"_'_"'_"_"""'_____""""""__'_""'_""""'_'_'__"_'_"'_"'_"""__""'_"""'___"'_'_'__
2ACAL A08NCY INVEe'II�ti'f SUNDS
17.00D Lacal Agency Inveetment Fun 16�197�683.26 16�197�683.26 16�197�483.26 5.634 5.557 5.634 1
COMt�AC_AL PAPEA - DISCOONT
20005 Morgan 8tanley OS/29/97 6,929,875.00 5,000,000.00 6,955,587.50 5.610 5.690 5.J69 OB/27/97 57
PED6RAL A(3ENCY ISSUES - NUPON
1a01� Fadasal Farm Cratlit Hank 02/25/97 2,000,616.67 2,000�000.00 1�990�000.00 6.510 6.673 6.563 02/07/00 951
16007 Fedaral H�e Loan Bank SO/26/96 3,990,089.19 4,000,000.00 3,988,750.00 5.820 6.019 6.102 IS/02/98 689
16016 Fadazal 6ame Loan Bank O6/3�/97 2,000,000.00 2,000,000.00 2,000,000.00 6.250 6.250 6.337 12/30/98 547
16015 Fetlerel Home Loan Bank O6/18/97 3,000,000.00 3,000�000.00 3,000,000.00 6.315 6.315 6.0O3 12/18/98 535
16009 P� HCME iAAN MORTCAGB COAP O1/09/97 1,999,722.22 2,000,000.00 2,000,625.00 6.855 6.930 7.026 01/09/02 1,653
_""'_"""" """"""""" """""""" "'""' '"""" "'""
SUBTOTALS and AVERACES 12,990,]]8.19 12,979,375.00
13�000�000.00 6.333 6.621 759
TAEA80RY BECURITIS9 - COUPON
16036 United 9tatas Traeaury OS/31/96 1,999,168.99 2,000,000.00 2,003�125.00 6.000 5.967 6.050 OS/31/98 336
16035 llnited Statee Txeaetuy OS/J1/96 1�985�972.53 2�000�000.00 1,991,875.00 5.125 6.061 6.125 03/31/98 273
16036 United Statee Treaeury O6/26/96 2,985,662.76 3,000,000.00 2,999,062.50 5.875 6.252 6.338 08/15/98 610
16037 United 8tetea Treasury O6/26/96 2�950�411.06 3�000�000.00 2,966,250.00 5.125 6.316 6.402 11/30/98 517
16038 United 9tatee Treaeury O6/26/96 1,993,996.25 2,000,000.00 1,998,125.00 5.375 6.052 6.136 11/30/97 152
16039 Unitetl etatee Treaeury O6/26/96 1,999,867.31 2,000,000.00 2,001,250.00 6.000 5.950 6.033 OB/31/97 61
16042 United Statee Treaeury 09/13/96 1,987,088.61 2,000,000.00 1,991,875.00 5.125 6.068 6.152 02/28/98 742
16065 Vnited Btatee Treaaury 09/OS/96 1,996�950.63 2�000,000.00 2,005,000.00 6.125 fi.770 6.358 OB/31/98 626
16066 Unitetl 8tntee Treanuiy 03/21/97 1,963,328.39 2,000,000.00 1,968,750.00 5.000 6.1I6 6.209 02/15/99 596
16067 United Statu Traeaury OS/O1/97 2,006,008.92 2,000,000.00 2�010�635-00 6.375 6.171 6.257 06/30/99 668
"""""'_'_ '_"""""" ""_'""""' __"__ ""_' _'__"
SuE7:.T7�I:5 end AVEA7ki8S 21,866,233.03 21,935,937.50
22,000,000.00 6.135 6.221 376
"""""""""""""""""""'"""""""""""""""""""'""""
TdL'AL INVES��NTS antl AVG. = 55,981,819.67 56,068,383.26
56,197�683.26 5.975t 6.0584 328
33
07/09/1997 Clty Oenatel Pund PM - 3
INVES'd�NT POATPOLIO �BTAILB - G9H CITY
JVN& 30� 1997 ACCRUAL
INV&9Tt�NT PVRC9A8E STAT&D "' Y1M "' MATURITY DAYS
NUMBSR I88USR DATS BOOR VALllB PACfi VALUB MAAREI' VALVE AATE 360 365 DATE To MAT
_""_""__'__'___"_"""'_'___'___'____'_'___'____'__'________'___'____"________"'_'_"_"_"""_'__'_"_'_____'_'___'_"___
PA38800R/CHEQCINO ACCOUNTe
13000 Clty Main Account - BofA 709,887.76 0.000 0.000 0.000
13002 ea¢k af Amarica - eevinge 3�130�000.00 2.000 1.973 2.000
13006 CSty Ma1n Account - U8C 2,229.00 0.000 0.000 0.000
"'_""_""' __"'_ ""__
SUBTOIffiS md AV&iAGBB 3�842�116.'76 1.607 1.629
� Accn:eA Zntarest at Purchaee 16,248.76
__'"'__"""_"_'_'_'"_"'_'_""""""""'_______'___________________"'___
TCYfN. CdBH S 3,858,365.68
.........................vv............................::�:n...v:ea�.:�=��a=e��m.a
TOTAL CASH entl INVE87TffiPTS { 59�860�186.95
:....................:....'.."'��""'.��"'�""".>.�.�.::..�:�..:�:::z���:=ss�..
34-
07/C3/1997 � CITY LOAN TO NDA PM - 2
INVB8ITffiNT POATF�2o DBTASL9 ' I9VB8'DffiiT8 CITY
JUNE 30� 1997 ACCAIIAL
INVESTNblTP PURC9ABE 8TAT8D "_ ydA _" MLTI7RITY DAYS
NUfIDBR I89U8R MTS e00E VALUE FACS VALUB MAFRSl VALUE PATS 360 365 UATE TO MAT
"""__'__"""_"""""'__"""""""__""_"""'_"'_"'_'_'_"_""""""""""""_"_"""""""______"_""
CITY LOAN TO ADA
12001 Aedavelopment Agancy-Laan 07/OS/95 19�000�000.00 19�000�000.00 19�000�000.00 5.538 5.462 5.538 07/O1/O1 1,661
'_""'_____'_"_'_""'_'__""""_"""'__'__""'___'_'____"_'______'___"'_
TOPAL INVES�tII7TS antl AVG. S 19�000�000.00 19,000,000.00
19,000,000.00 5.6628 5.5388 1�461
3S
07/09/1997 OffSce C�plm[ PM - 3
TPV&S'dffiiq' ppl�pLIO DETAILB - CA80 CITY
JVN& 30, 1997 ACCRUAL
INVSST!ffiFP PUACHABE STATHO "' y'IIA "' MATUAITY DAYS
NUDIDER I85U6R DATE BOOR VALUS FACE VALUE MAA1�T VALUE A11TE 360 365 DATE TO MAT
PA98BOOR/C�QCIBC ACCOUPTB
13003 Office Complex Checking - BofA 28d,894.12 0.000 0.000 D.000
13006 Oftice Complex Truet - BofA 22,671.59 0.000 0.000 0.000
'__"'_"_'__' __"" _'_"_
SUBTOTALS antl AVffiUO&8 307,363.71 0.000 0.000
TO':AL CA4H and INV89Tt�NP8 = 307,363.71
36
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Palm Desert Redevelopment Ager�y
Month-end Investment Report
June 30, 1997
TABL.� OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
Portfolfo Master Summary �
Investment Portfolio oetail - Investments 2
Investment Portfolto Detail -Cash 5
Portfolio Master lnvestment Activity by Type 6
Investment Activity Summary 9
Distrlbution of Investments by Type �o
Interest Earnings Summary 11
Investment Portfolio Compliance Checklist 33
INVESTMENT INFORMATION BY FUND/BOND
S100 Mfllion Bond 12
S17.5 Million Bond 14
$24 Million BOnd 16
S4 Mfllion Bond 18
Low•Mod Set Aside Refunding 20
1996 D2521't Ro52 SePies A 22
1996 Desert Rose Serles B 24
Blythe Cpunty Court Atlministration Center 26
Redevelopment agency General 28
Self Help 30
�esert wlllow tKempen 32
,<
� � ` PM - 1
09/09/1997 PD Redevalopment Agancy
' PORTFOLIO MASTER SUMIARY �7'
.NNE 30� 199'/ � ACCAUAL
AVEAAGE '"-YIELD 7V MI+TVRITY---
PERCENT OF AY�GE DAYS 'N 360 365
INV8S7T78N'fS H00& VALUS POATFOLIO ��:�tM Y1ATU1iITf' EQUIVALENT EQIIIVALENT
.:,:.:.. ____"_______'__'_"___"______"_'__"_
"____".."___'_"'___"__"_""'____"'_____'_"_'_"'__"_"'_'"_""'_'_________"__'.,a�.,.,_
CaTtiiiCates of Uepoelt - Bank...............E 450�000.00 0.53 :" 80 fi0 5.028 S.o98
Pldelity TrBeeuLy Paol.......................; 39�886�671.00 4fi.58 �� � 1 1 5.287 5.360
Lxdl l�gency InVeatment Funde................; 12,B14,223.44 ld•97 ���� 1 1 5.686 5.560
PaCezal AgenCy Ieeuas - Coupon...............5 13�116,787.38 15.32 �611 3fi6 5.937 6.019
Ts.aaury saeuritiea - Coupon.................i 19�293�969.57 22.53 �(::'Rfi3 198 5.639 5.'/l7
Tieanuiy Becuzltiee - T-H111.................3 70,163.41 0.08 .'����. 365 23 5.637 5.715
""""'_"""'" " ___" "'_ ""..�.
T01ffi INV&SI@ffiiTS and AVSPAGSS.............5 85�627�816.80 100.009 �-:199 301 5.6968 5.5]OB
s��::es.:__::ama=��..a�:.ae.:�'=�e..wire �.�=_ese==�n..���=��.¢e_=__.'________
Ch89
Pa9ebook/CheCkiag - No YSe19 1bta16..........E 635,709.57 0.000 0.000
(not included in yialfl calculatione)
Accrved Intexeat at Purchaee.................$ 9�39Z•Z�
1pp7y CA86 anfl PUACHASE IKfEREST.............$ 645.101.86
:�s�_�.:=__:s�_�=�.._=__:s=�==:z_'yMM�__'____�__-:____::__=_'s'==__:z==_�='__
TpT]\L G8H and INVESTMENTB.................5 86�272.916.64 -..
. __::.__�.��=a:::'=n:.=�':::_'_:.�_eris'==:"`�:'=rin�'_=:�z=_____'=6'__="__
MONTFI SNDING FISCAL FISCAT,
TryP7�L EARNINGS SUNE 30 'xBAR T� DATE YEAR ENDING
Current Ymr $ 412,054.35 S ,:^�,281,700.39 S 5,281,700.39
AV8A71GS DAILY HALANC& S 87,453,551.05 E .Ri�907�534.22
SFFSCTIVB RATE OF 1iEPURN 5.73$ � 6.Olb
The investment portfolio of the P.D. AM,�valopmant Agency compliee with ita
Paul 8. O16eon Inveetment Policy nnd the California 9p1�?�anment Coda aectlona partaininq to tha
Tn��� inveetment ot lacal aqency funds. Pa�pg any futux'e actlone by tRe Governing
Boaid of the Agency or any unforaeeen.�.i�Gaetrophy, the Redevelopment Agency hae
adequate caeh flow u meet Sts expendS�e xequiremente for tha next eix months.
D ,� Market vnluea ere from Piret Truet 6 22i�r Datafeed pricing eervlce.
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