HomeMy WebLinkAbout02 AUGUST 1997 - VERONICA ABARCA
AGENDA
INVESTMENT & FINANCE COMMITTEE
WEDNESDAY,AUGUST 27, 1997 —11:00 A.M.
NORTH WING CONFERENCE ROOM
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I. CALL TO ORDER
II. ROLL CALL
III. APPROVAL OF MINUTES
Rec: Approve the Minutes of July 10, 1997, as submitted.
Action:
IV. ORAI, COMMUNICATIONS
A. Any person wishing to discuss any item not otherwise on the agenda may
address the Investment& Finance Committee at this point by ig ving his or
her name and address for the record. Remarks 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 time
on the agenda, as the item is discussed. Remazks shall be limited to a
maacimum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnerships Back�round Checks for
c ion 4
Rec: Report by Cazlos Ortega.
Action:
B. rllden Cauital-Redwood.Kinsel. O'neal. Newcomb & De Dio
Markets
Rec: Status Repod on refunding bonds.
Action:
AGENDA-INVESTMENT & FINANCE COMMITTEE AUGUST 27, 1997
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VI. NEW BUSINESS
A. C� 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 July. 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. State of California Local Agency Investment Fund Moothly Report
Rec: Informational item for the Committee to review. No action
required.
D. Monthly Financial Report for Citv_Council
Rec: Report and submit to City Council.
Action:
E. Parkview Professional Office Buildings - Financial Reports
Rec: Review of 7/31/97 financial statements.
Action:
F. Desert Willow Golf Resort Financial Information for July
Rec: Review and file report.
Action:
AGENDA- INVESTMENT & FINANCE COMMITTEE AUGUST 27, 1997
******.*«***,+,++.��+**�**��+���.�+�����:��..�,.�������++***.*******������***«***
G. Palm Desert Recreation Facilities Coruoration Income Analvsis for
� . _
Rec: Review and file report.
Action:
H. Assessmeet District Formation Request
Rec: Review request.
Action:
VII. REPORTS AND REMARKS
A. Reoorts and Remarks by any Committee Member
B. Items to be placed on the Neat Agenda
VIII. NEXT MEETING DATE
Next regulazly scheduled meeting is ��IID(t�e��ni�}i�P' 1�„ �I��� �ft �Il��� �o r��o
IX. ADJOURNMENT
� ,. ,
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Min � es
Finance C��nmittee
CONVENE On July 10, 1997, the Investment & Fk�ance Committee was
called to order at 11:10 a.m. by Mr. G�son.
ROLL CALL Ray Diaz, Dave Erwin, Paul Gibson, IVlumay Magloff, Bill
Veazie, Jean Ruth, Dennis Coleman,:Carlos Ortega, Veronica
Abarca and speciai guest Rick Post. :
APPROVAL OF MINUTES Upon motion by Mr. Diaz, seconded by Mr. Maglaff, Minutes
of the June 18 and June 26, l 997 mipctings were APPROVED
as submitted. Motion carried unanit�tously.
ORAL COMMUNICATIONS None
OLD BUSINESS A. $tatus of Public and Private Pa ershi{� BackQround
�hecks for Section 4
Mr. Ortega stated that there was r�p change from the
previous meeting. The sub comm�tee reviewed the
application from United Properties end found no reason not
to deal with them.
B. Alden Canital - KlnseL O'neai. t�n�rcomb & De Dios
�Ck�
Mr. Ortega stat�d that they "prept�ed" bonds issues
Monday evening and again priced'Tuesday, July 8 in the
moming. As a result of the repric�g the Redevelopment
Agency was able to make additiot�l savings in restructuring
fheir debt. The net present value�ievings totaled over$2
• million, with an actual value savin� spread over the term of
the bond totaling $8 million. The,bond issue will close June
�, 23. RDA has oMered "SLGS"for the refunding.
Mr. Veazie asked if the RDA woul�! stifl be utilizing the
services of Chambers, Dunhill, Rtibin 8 Co. in the refunding.
Mr. Qrtega responded that the c�rt levei had not been
Minu�es
Finance Co�mittee
achieved in time to purchase. Haw�tever, they may want to
pursue it in the future. Mr. Maglol�'stated that CDR did not
' have enough experience to show�at their proposal was
safe.
Mr. Coleman explained the proce� to refund the bond
issue in detail. The reason for the`refunding is due to the
difference of the 1997 bond issue�;ompared to the original
1992 bond issue being 90 points�¢twer, creating a savings of
$2,358,000, which will be used fakfuture projects, flexibility
and surety.
The SLGS escrow has been verili�d by Emst & Young,
LLP., faxed to the United States �deral Reserve by Carlos
Ortega and will close in two week6.
In review of Mr. Coleman's preseF�ation, Mr. Veazie stated
that we have closed the 1997 Re�;tnding Bond Issue of the
Palm Desert Financing Authority'��x Allocation Revenue
Bonds, Project Area #1 as amen�d. We are taking
advantage of the 1997 interest ra�gs, which are substantially
lower than the interest rates from '1992, nearly 90 basis
points on $72 million over 25 yeatis.
NEW BUSINESS A. City and Redevelo�ment Agen�r Investment Schedule
Ms. Ruth informed the Committe�#hat both RDA and City
investments had shown an unre�ed loss, and were sold
once they'became profitable. Th+� investments that matured
in June, tied to a bond issue, arer�mporarily in fidelity funds
earning 5.36%. Sixty-three percept of the portfolio of the
RDA funds is now in fidelity funds=tied to bond issues
temporarily.
Since we did not �einvest, the yie�k! has dropped in the
portfolio.
When the current refunding is co�plete, the funds will be
invested to satisfy the cash flow it�each of the bonds.
Receive and file Report.
2
- Minu�s
Finance Co�m�ttee
B. Review Short Term Investmen�Maturing in July 1997
� The Redevelopment Agency has�e only two short term
investments purchased in June. �ese are two CD's valued
at total of$450,000, both are depElsits and have specific
requirements for investing.
The City has no maturities for the�nonth of July. The LAIF
account has substantial investmee�t at 5.6% interest.
Receive and file Report.
C. Parkview Professional Office B�ildings - 5/30/97
Financial Reports
Mr. Gibson stated that the financi� reports for May 30, 1997
were included in the packet. Mr. f,�ibson noted that the
negative adjustment made on the�ncome Statement was
due to the review of costs for imp�pvements. Per the
request of finance staff, Oscar Ar[p�ijo's office has begun
accruing improvements througho�the life of the tenant
improvement lease.
Receive and file Report.
I Desert Willow Golf Resort Finascial Information for
June•
Mr. Gibson distributed the financi� statements for Desert
Willows for June 30, 1997. Mr. G�son stated that Desert
Willow is currently $31,000 in the�lack for the year. He then
reminded the committee that the�mmer months should
change that positive to a negativ�, due to the heat.
Mr. Erwin noted that the actual raltenues verses those
budgeted were almost exactly reri�rse considering the
resident to nonresident ratios.
Receive and file Report.
DISCUSSION Mr. Magloff requested informatioR regarding receipt of
money in relation to the Wymer c8se.
Mr. Erwin stated that we continus to receive money, some
3
� Minutes
Finance Conmittee
through FCC and pieces from other cities which got out
early. There is a mandatory settletnent set in August with
two defendants, Bank of America a(�d Refco. It is hopeful
that the matter will be set for trial at the end of 1997, if not
settled before that date.
Mr. Magloff then asked if they were still locating Wymer's
assets. Mr. Erwin responded that the FCC has seized all
assets except for a portion which were put in a trust for
Wymer's daughter, who incidentally got in an accident
leaving her paralyzed. Wymer is now in jail.
NEXT MEETING DATE The next Investment & Finance Committee meeting will be
held Wednesday, August 20, 1997 at 11:00 a.m.
ADJOURNMENT The Investment &Finance Commtttee adjourned at 1I:50
a.m. on a motion by Mr. Erwin and seconded by Mr.
Ortega.
Respectfully submitted,
VERONICA ABARCA
RECORD�NG SECRETARY
4
_
REDWOOD 600 CALIFORNL\ STREET, SUITE 1650
SAN FRAtvCISCO, CA 94108-2408
415 . 954-0663
Securities Group, Inc. FAX 415 . 954-0678
.
VIA FEDERAL EXPRESS
11 August 1997
Cazlos L. Ortega
Executive Director
Redevelopment Agency
City of Palm Desert
73-510 Fred Waring Drive
Pa1m Desert, Califomia 92260
Re: Proposed 1997 Mazks-Roos Refunding
Deaz Carlos:
As promised, we looked at all the outstanding land based tax exempt projects for
candidates for refunding. The logical candidates for refunding are:
Bighorn Assessment District
SunTerrace Assessment District
Merino Assessment District
Indian Ridge CFD 1992A
Indian Ridge CFD 1995
To meet the requirements for a summazy re£unding (new issue size smaller thaz► the old
issue, a savings in each and every year, no extension of matutity; therefore, no public
hearing is required) we structured the combined refiuxlings as a Mazks-Roos, just as we
did in the 1995 refundings.
The combined overall net present value savings for the Sve districts is $1;440,035, or
4.4%. Actual cash flow savings for all the districts is $4,686,249. Individually, the savings
break down as follows:
Bighom $448,198 npv 6.97%
SunTerrace $192,012 11.43%
Merano $ 4,694 33%
Indian Ridge 92A $547,340 4.61%
Indian Ridge 95 $247,790 1.98% -
It may make sense to refund Merano despite the meager savings. There's an economy of
scale in costs by including it in the pooL The savings to the approximate 125 property
owners in Merano is about $35 per year.
INVESTMENT BANKERS — PUBLIC AND CORPORATE FINANCE
Carols L. Outrage
11 August 1997
Page 2
You should be aware of the fact that 33 of the 88 parcels in SunTemdce are delinquent in
the amount of approximately $50,000. We can cure these delinquencies (and any
delinquencies in other districts) through the refunding. Additionally, the refunding
shouldn't affect any foreclosure proceedings that may be underway.
Hopefully, we can discuss this issue further after we meet with Pam Newcomb on
Wednesday. I'm due to leave Thursday afternoon, but I'll stay over Thursday night if iYs
ne sary. I'd certainly like an opportunity w talk to Ray again and to Cazl Cazdinale
B s wishes,
Lonnie Odom
Senior Vice President
encl.
cc: Dennis Coleman
Paul Tietz
_ -- __ _
STAT.-0F CALIPONNIA MATT FONG. Treasurer
OFFICE OF THE TREASURER
SACRAMENTO -:
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 06/30�97 SACRAMENTO, CA 94209-0001
Page: O1 JUNE, 1997 STATEMENT
ACCOUNT NUMBER: 96-33-621
CITY OF PALM DESERT
ATTN: CITY TREASURER
�3510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION• TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
--------- ----------- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $19, 997 , 483 .26
06/18/97 06/18/97 RW 734 JER -$3, 000, 000 .00 $16, 997 , 483.26
06�30�97 06�30�97 RW 735 SER -$B00, 000 . 00 $16, 197, 463.26
---------------
ENDING BALANCE - REG $16, 197 ,483 . 26
---------------
GRAND TOTAL $16, 197 ,483 . 26
---------------
---------------
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
REG 2 $0 . 00 -$3, 800,000. 00
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PC ,ED MONEY INVESTMENT ACC� JNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF JUNE 1997 WITH JUNE 1996
(Dollars in Thousands)
][JNE 1997 NNE 1996 CHANGE
Average Daily Portfolio ' $30,295,908 $27,531,289 +$z,7(4,619
AcccuedEaznings $141,109 $125,205 +$15,904
Effective Yield 5.667 5.548 + ,119
Average Life--Month End(in days) 232 274 -42
Total Security Transacrions
Amount $21,569,932 $]5,839,124 +55.730,808
Number 489 369 +120
Total Time Depo.it Transactions
Amount $186,100 $76,500 +$109,600
Number 32 11, +2�
AverageWorkda�:InvestrnentActiviry $1,036,001 $795,781 +$?40,220
Prescribed Demand Account Balances
ForServices $140,675 $127,474 +�13,201
For Uncollected Funds $175,698 $172,654 +$3,p44
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
JUNE 1997
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$11,096,592,842.88 $1,042,003,000.00 51,332,614,086.72 $10,805,981,756.16
*Local Agenry lnvestrnent Fund Invested Through Pooled Money Invesuneat ACCOunt
State of California
Pooled Money Investment Account
Market Valuation
6/30/97
oas ' � n �s�a�rosd ,� ���.� °�:mr�,: k�� ;�,�
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,.������ �, s.�..�>.
United States Treasu :
Bills $ 1,041,668,722.06 $ 1,056,304,000.00 NA
Strips S 121,604,450.00 S 149,197,250.00 NA
Notes $ 5,698,041,788.72 $ 5,656,300,520.00 $ 71,566,162.89
Federal Agency:
Bonds $ 1,050,237,767.30 $ 1,046,987,493.00 $ 15,889,477.20
Floaters $ 219,985,164.30 $ 220,105,900.00 $ 1,335,939.25
MBS $ 153,052,243.97 $ 149,826,387.76 $ 903,900.42
GNMA S 2,986,973.21 $ 3,359,498.90 $ 28,894.07
SBA $ 221,982,913.10 $ 225,163,419.80 $ 2,221,672.87
FHLMC PC $ 28,776,895.83 $ 30,766,627.72 $ 462,269.19
Discount Notes $ 207,519,861.12 $ 207,625,400.00 NA
Bankers Acceptances $ 870,394,947.17 $ 871,718,267.43 NA
Corporate:
Bonds $ 1,154,327,539.82 $ 1,151,497,919.28 $ 21,532,411.13 •
Floaters S 415,562,370.50 3 415,626,607.50 $ 3,187,9A1.72
CDs $ 6,832,539,700.23 $ 6,831,485,125.11 $ 4,332,027.79
Bank Notes $ 949,074,047.00 $ 948,889,254.93 $ 755,636.89
Repurchase Agreements $ 29,495,000.00 $ 29,495,000.00 NA
Time Deposits $ 560,295,000.00 $ 560,295,000.00 NA
AB 55&GF Loans $ 2,175,095,475.00 $ 2,175,095,475.00 NA
Commercial Paper $ 6,782,755,886.15 $ 6,785,492,849.26 NA
Reverse Repurchase $ - $ - $0.00
TOTAL S 28,515,398,747.48 S 28,515,231,995.69 $ 122,216,335.43
Estimated Market Value Including Accrued Interest $ 28,637,448,331.12
Repurchase Agreements, Time Deposits, AB 55&General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value(cartying cost).
Certificates of Deposit(CDs), Bank Notes (BNs), and Commercial Paper(CPs)less
than 90 days are carried at portfolio book value(cartying cost). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included.
_ . _ _
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STATE OF CALIFORNIA � MAT7 FONG,Treasurer
OFFICE OF THE TREASURER
SACRAMENTO -,:
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942609
Date: 06/30/97 SACRAMENTO, CA 94209-0001
Page: O1 JUNE, 1997 STATEMENT
ACCOUNT NUMBER: 65-33-015
PALM DESERT REDEVELOPMENT AGENCY
ATTN: PAUL GIBSON, TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
_....._------ ----------- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $13, 514,223 .44
06�30�97 06�30�97 RW 728 JER -$700, 000 . 00 $12 , 814,223. 44
---------------
ENDING BALANCE - REG $12 , 814,223 .44
---------------
GRAND TOTAL $12 , 814, 223.44
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
REG 1 $0 . 00 -$700, 000 . 00
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P6 .ED MONEY INVESTMENT ACC. �NT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NNE 199'7 WITH NNE 1996
(Dollars in Thousands)
]IJNE 1997 JtJNE 1996 CHANGE
Avenge Daily Portfolio $30,295,908 $27,531,289 +$2J64,619
Accrued Eamings $141,109 $125,205 +$15.904
Effective Yield 5.667 5.548 .119
Average Life--Month End(in days) 232 274 -42
Total Securin�Transactions '
Amount $21,569,932 $15,839,124 +g5,730,808
Number 489 369 +120
Total Time Deposit Transactions
Amount $186,100 $76,500 + $109,600
Number 32 11 +2]
Average Workday Investrnent Activiry� $1,036,001 $795,781 +$240,220
Prescribed Demand Account Balances �
ForServices $140,675 $127,474 +$13,201
For lincollected Funds $175,698 $172,654 + �3,pq4
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF AC'I'IVITY
JUNE 1997
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$11,096,592,842.88 $1,042,003,000.00 $1,332,614,086.72 $10,8�5,981,756.16
"Loca]Agency Investment Fund Invested Through Pooled Money Investment Account
State of California
Pooled Money Investment Account
Market Valuation
6/30/97
Desa� 4 ` � `�." r� - ' �EEsBmated�- � ,s �.a �:��� m,��.'
�_.�___« ���_ �43 dd: ttbeces�l?.nrc'. �����M�at�E a'Iue � °:�Aicrued lrrterest�
United States Treasury:
Bills $ 1,041,668,722:06 $ 1,056,304,000.00 NA
Strips $ 121,604,450.00 $ 148,197,250.00 NA
Notes $ 5,696,041,788.72 $ 5,656,300,520.00 $ 71,566,162.89
Federal Agency:
Bonds $ 1,050,237,767.30 $ 1,046,987,493.00 $ 15,889,477.20 �
Floaters $ 219,985,164.30 $ 220,105,900.00 $ 1,335,93925
MBS $ 153,052,243.97 $ 149,826,387J6 $ 903,900.42
GNMA $ 2,986,973.21 $ 3,359,498.90 $ 28,894.07
SBA $ 221,982,913.10 $ 225,163,419.80 $ 2,221,672.87
FHLMC PG $ 28,778,895.83 $ 30,766,627.72 $ 462,269.19
Discount Notes S 207,519,861.12 $ 207,625,400.00 NA
Bankers Acceptances $ 870,394,947.17 $ 871,718,267.43 NA
Corporate:
Bonds $ 1,154,327,539.82 $ 1,151,497,919.28 $ 21,532,411.13
Floaters $ 415,562,370.50 $ 415,626,607.50 $ 3,187,841.72
CDs $ 6,832,539,700.23 S 6,831,485,125.11 $ 4,332,027.79
Bank Notes $ 949,074,047.00 $ 948,889,254.93 $ 755,638.89
Repurchase Agreements 3 29,495,000.00 $ 29,495,000.00 NA
Time Deposits $ 560,295,000.00 $ 560,295,000.00 NA
AB 55& GF Loans $ 2,175,095,475.00 $ 2,175,095,475.00 NA
Commercial Paper $ 6,782,755,888.15 $ 6,785,492,849.26 NA
Reverse Repurchase S - $ - 50.00
TOTAL $ 28,515,398,747.48 $ 28,515,231,995.69 $ 122,216,335.43
Estimated Market Value Including Accrued Interest S 28,637,448,331.12
Repurchase Agreements, Time Deposits, AB 55&Generel Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value(cartying cost).
Certificates of Deposit(CDs), Bank Notes(BNs), and Commercial Paper(CPs) less
than 90 days are carried at portfolio book value(cartying cost). Interest axrued
from the date of purohase on CDs and BNs under 90 days is not included.
_. _ .
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PALM DESERTR VELOPMENTAGENCY �-
' COMBINED STATEMENT OF� JAL REVENUES 8 EXPENDITURES
- COMPAREDTO BUDGET
July 31.1997
Capital Projects
� Projec[ Project Project Project Capital
Budget Area 1 Nea 2 Area 3 Area 4 ToWls
REVENUES
Tax increment 0.00
Interesl 1,�74,000.00 35,000.00 35,000.00
Sales of Property 0.00
Reimbursement From Other Agencies 197,000.00 0.00
Other Revenue 4,000.00 0.00
TOTAL REVENUES 1,375,000.00 35,000.00 0.00 0.00 0.00 35,000.00
EXPENDITURES
Administrative Costs � 1,063,200.00 46,991.96 46,991.96
Professional Services 1,682,500.00 917.36 917.36
Planning,Survey and Design � 0.00
Property Tax AdminisVative Fee � 0.00
Cost ot Inventory Sold 0.00
Capital Outlay
Deep Canyon&Hwy 111 � 8241.00 0.00
Parking-The Gardens 5,000,000.00 0.00
EI Paseo/Highway 74 7,719.00 � 0.00
. I-101nterchange 250,000.00 250,000.00 250,000.00
Super Block III-Landscape 60,000.00 0.00
Desert Crossing Public Improvement 43,450.00 0.00
Desert Willow-P#1 8,001,478.00 0.00
North Sphere Infrastmcture 26,555�,050.00 0.00
Desert Willow P#2 14,955,641.00 5,429.00 5,429.00
P#4 Street Improvements 1,011,129.00 0.00
Desert Rose 0.00
Air Quality Management 0.00 485.00 485.00
Land Purchases 0.00
PaymenLs to Other Governmental Agencies 0.00
Interest And Fiscal Charges 0.00
TOTAL EXPENDITURES 57,575208.00 298,394.32 5,429.00 0.00 0.00 303,823.32
. . _. ____. .. .._ _ .... .. ... . . ,.
. _.. . . .._.____._. . . _. ... . . . ._ .
._._..__...._... . .
. PALM DESERT REDEVELOPMENT/ ICY
COMBINED STATEMENT OF ACT�NL
� REVENUES 8 EXPENDITURES
COMPAREDTO BUDGET
July 37,7997
RDA RDA %Of (FAV)UNFAV
Budget YTD Budget Adual YTD Budget Variance
REVENUES
1 Tax increment• 24,328,200.00 2,027,350.00 30,484.12 1.50% 1,996,865.88
2 Interest 1,904,000.00 158,666.67 35,000.00 22.06% 123,666.67
Sales of Property
3 Reimbursement From Other Agencies 759,000.00 63250.00 0.00 0.00% 63,250.00
4 Other Revenue 364,000.00 30,333.33 508.75 1.68% 29,824.58
TOTAL REVENUES 27,355,200.00 2,279,600.00 65,992.87 2.89% 2,213,607.13
� ' FAV(UNFAV)
EXPENDITURES Variance
Adminisirative Costs 1,068,200.00 89,016.67 46,991.96 5279% 42,024.71
Professional Services 2,383,300.00 198,608.33 9,251.48 4.66% t89,356.85
Property Tax Administrative Fee 563,900.00 46,991.67 0.00 0.00°/a 46,991.67
Cost of Inventory Sold
Capital Outlay
Deep Canyon&Hwy 111 8,241.00 686.75 0.00 0.00% 686.75
Parking-The Gardens 5,000,000.00 416,666.67 0.00 0.00% 416,666.67
EI Paseo/Highway 74 7,719.00 64325 0.00 0.00% 64325
I-t0lnterchange 250,000.00 250,000.00 250,000.00 100.00% 0.00
Super Block III-Landscape 60,000.00 5,000.00 0.00 0.00% 5,000.00
Desert Crossing Public Improvement 43,450.00 3,620.83 0.00 0.00% 3,620.83
Desert Willow-P#1 8,001,478.00 666,789.83 0.00 0.00% 666,789.83
North Sphere Infrastructure 26,555,050.00 2,212,920.83 0.00 0.00% 2,212,920.83
Desert Willow P#2 . 14,955,641.00 1,246,303.42 5,429.00 0.44% 1,240,874.42
P#4 Street Improvements 1,011,129.00 84,260.75 0.00 0.00% 84,260.75
Desert Rose
Air Quality Management
Land Purchases
Housing Subsidies
AHA Housing Subsidies 4,300,000.00 358,333.33 0.00 0.00% 358,333.33
Desert Rose Subsidies �
Decline in Value on Inventory Held
For Resale
Payments to Other Governmental Agencies 6,978,400.00 581,533.33 0.00 0.00% 581,533.33
Bond Issuance Costs �
Bond Discount
5 Interest And Fiscal Charges 10,622,000.00 885,166.67 1,191,183.41 134.57% (306,016.74)
5 Principal Payments 2,430,000.00 202,500.00 290,000.00 143.21% (87.500.00)
TOTAL EXPENDITURES 84,238,508.00 7,249,042.33 1,792,855.85 24.73% 5,456,186.48
'TAX INCREMENT REVENUE ARE USED TO PAY DEBT SERVICE PAYMENTS.
� Tax Inc�eman�is paitl in Jan antl May o�each year.
p Mosl inlerest revenue is bautl an investmenls�eltl an0 is recordetl at maturity.
3 Reimbursemenis are recelve0 al venous times tluring l�e year.
4 Other Revenue Is receivetl a�vanous�imes Ounng the year.
5 Ptlncipal 8 Inlercst pymts paitl in July arc for August 1 Eebl semce.
6
..__. _.___..... . . ..... . ._...... .
........_....._._.. . .. ._.. .. . . ..
. _. __._ . . .. . . .
PALM DESERT OFFICE COMPLEX
FINANCIAL STATEMFIV'TS
JIJNE 30, 1997
OSCAR G. ARrvilJO
Or` A Certificd Public Accouncant
\.7n
74-133 EL PASEO.SUITE 8 • PALM DESERT,CAI.IFORNIA 92260 • (760) 773-4076 • FAX(7G0) 773-4079
July 31, 1997
Palm Desect Office Cbmplex
Palm Desect, California
I have compiled the accompanying balance aheet of Palm Desert Office Complex, as of June 30, 1997,
and the related income statement and state.m�t of cash flows tor the twelve moaths thea ended, in
accordance with statements on standazds for accounting and review secvices issued by the American
Institute of Certified Public Accountants.
A compilazion is limited to presenting in the form of financial statements information that is the
representation of management. I have not auditod or reviewed We accompanyiag financial statements
and, accordingly, do not e�cpress an opinion or any other form of assurance on them.
Management has e1ea�1 to omit subatantially ail of the disclosures required by generally accepted
accounting principles. If the omitted disclosurea were included in the financial atatements, they might
influence the user's conclusions about the organi�tion's financial position,results of operations and casL
flows. Accordingly, these financial statements ue tiot designed for those who are not informed about
• such matters.
Sincerely,
,
� �
�car G. Armijo
Catified Public Accountant
MP.I�IDER MCMBPJt
Coiffornlo SONety oj AmMcan Inst/fute oj
Cntljled Pub!!c Accountonts CMljled Publlc Accountanh
Palm Desert Office Complax
Balanas Sheet
June 30, 1997
Assete
Current Assets
Cash in Bank-Reserve Account $ 40,504.02
Cash in Bank 259,035.63
Cash in Bank -Security Deposit 22,471.59
Total Current Aesets $ 322, 011.24
Fixed Assete
Building 444 2,585,000.00
Accumulated Depreciation (104,946.58)
Building 555 1,085,000.00
Accumulated Depreciation (44, 049.15)
Buildinq Improvementa-Bldg 444 137,715.04
Accumulated Depreciation (9,925.29)
Total Fixed Assets 3, 648,794.02
Total Assets $ 3 ,970,805.26
See Accountants' Compilation Report
Palm Desert Office Complex
Salance Shaet
June 30, 1997
Liabilities and Equity
Current Liabilities
Security Deposit Payable $ 19,700.00
Loan Payable-City of Palm Dsrt 40,000.00
Total Current Liabilitie6 $ 59,700. 00
Lonq Term Liabilities
Equity
Equity 3,183,885.45
Ratained Earnings 279,862.67
Current Income (Loss) 447,357. 14
Total Equity 3,911, 105.26
Total Liabilities & Equity $ 3 ,970, 805.26
See Accountarits' Compilation Report
Palm Desert Office Complex
Income Statement
For the Period Ended June 30, 1997
1 Month Ended 12 Months Ended
Jun. 30, 1997 Pct Jun. 30, 1997 Pct
Revenue
Rent Receipts $ 90,909.39 99.79 $ 770,790. 05 99.50
Interest Income-Security 18.48 0.02 225.49 0.03
Intflrest Income-General 176.72 0.19 3, 643 .93 0.47
Total Revenue 91, 104.59 100.00 774, 659.47 300.00
Operating Expenses
Commissions 0.00 0.00 2, 434.08 0.31
Inaurance 0.00 0.00 4,280.00 0.55
Leqal 0.00 0.00 50.75 0.01
Repairs & Maintenance-Di 102 .41 0. 11 5,758.34 0.74
Rapairs & Maintenance-Bu 617.50 0. 68 32,848. 31 4.24
Repairs & Maintenance-Ja 2,875.00 3. 16 36,795. 15 4.75
Landscaping 0.00 0.00 8,934 .90 1.15
Professional Services 3,000.00 3.29 78,550.00 10.14
Repairs and Maintenance 0.00 0.00 494.08 0.06
Telephone 142.00 0.16 2, 319.72 0.30
Security 0.00 0.00 640.00 o.os
Utilities 4,241.97 4.66 50, 168.58 6.48
Total Expenses 10,978.88 12.05 223,273 .91 28.82
Operating Income 80, 125.71 87.95 551, 385.56 71.18
Depreciation Expense 12,731.83 13.97 104, 028.42 13.43
Total Other Income (12,731.83) ( 13 .97) (104 , 028.42) ( 13 .43)
Net Income (Loss) $ 67,393 .88 73.97 $ 447,357 . i4 57.75
I
See Accountants' Compilation Report
Palm Deaert Office Complex
Statement of Cash Flows
For the Period Ended June 30, 1997
Increase (Decrease) in Cash or Cash Equivalents
1 Month Ended 12 Months Ended
Jun. 30, 1997 Jun. 30, 1997
Cash Flow from Operatinq Activitiee
Net Income (Loas) $ 67,393 .88 $ 447, 357.14
Adjustments to Reconcile Cash Flow
Depreciation 12,731.83 104, 028.42
Decrease (Increase) in Current Asaets
Increase (Decrease) in Current Liabilitiea
Security Deposit Payable 1,000.00 (5,900.00)
Loan Payable-City of Palm Dert 0.00 40, 000.00
Deferred Revenue 0.00 (1, 500.00)
Total Adjustments 13,731.83 136, 628.42
Cash Provided (Used) by Operationa 81,125.71 583,985.56
Cash Flow From Investinq Activities
Sales (Purchases) of Assets
Buildinq Improvements (2, 120.78) ( 72,563 .02)
Cash Provided (Used) by Investing (2, 120.78) ( 72, 563.02)
Cash Flow From Financinq Activities
Cash (Usad) or provided by:
Equity 0.00 (486, 114.55)
Retained Earnings 0.00 ( 2, 186.54)
Cash Provided (Used) by Financing 0.00 (488, 301.09)
Net Increase (Decreasa) in Cash 79,004.93 23, 121.45
Cash at Beqinninq of Period 243,006.31 298,889.79
Cash at End of Period $ 322,011.24 $ 322,011.24
See Accountants' Compilation Report
City Of Palm Deeert
Deaert Willows Golf Couree
Budget Ve.Actual For the Month of July 1997
- Jul-97 Jul-97 $Variance %Vaz YTD YTD $Variance %Vaz
Revenue Budgeted Actual Current Current Budpet Actual YTD YTD
Goff Course Fee . $95,355 $56,292 ($39,063) 59.03% $95,355 $56,292 ($39,063) 59.03%
Cart Fee $1.(100 $2.990 $1.940 294.00% $1.000 $2,940 $1,940 294.00%
rrosnoP Sn,ato 5io,rez ($io,soa� svoiw $n,oao Sio,raz �Sio,sos� si.oi%
[�nge Sa,zzS �,in (�a) 9s.a3� �,zzs �,in �$sa) 98.33%
Food&Beverages $13,400 $10,07b ($3,374) 74.82% $13,400 $10,026 ($3,374) 74.82%
Other Revenue sioo $o ($ioo� o.00% sioo go (�iao� o.00%
ToW 734,120 ,161 ( 0,959) 62.00% 134,120 3,161 ( 0,959) 62.00%
Expendituree
Salaries and Benefits $102,915 $95,%0 $6,955 9324% $102,915 $95,960 $6,955 9324%
Golf Course Maintenance $69,601 $67,866 ($265) 100.39% $67,601 $67,866 ($265) 100.39%
CaztExpensea $9,208 $10,159 ($951) 110.33% $9,208 $10,159 ($951) 110.33%
Pro Shop Expenses $690 $1,741 ($1,051) 25232% $690 $1,741 ($1,0.51) 25232%
Pro Goff Shop Cost of Goods Sold $12,384 $10,746 $1,638 86.T7% $12,384 $70,746 $1,638 86.77%
Range Expensea $100 $0 $100 0.00% $100 $0 $100 0.00%
Food&8ev.Expenses $1,660 $1,845 ($185) 111.14% $1,660 $1,845 ($185) 111.14%
Food&Bev.Cost of Goods Sold $4,999 $6,036 ($1,03� 120.75% $4,999 $6,Q36 ($1,03� 12075%
General&Adnunishation Expenses $41,455 $31,375 $10,080 75.68% $41,455 $31,375 $10,080 75.68%
Management Fee $12,500 $12,500 $0 100.00% $12,500 $12,500 $0 300.00%
Depredation Expense $18,077 $31,527 ($13,450) 174.40% $18,077 $31,527 ($13,450) 174.40%
Capital Expense $11,426 $2,821 $8,605 24.69% $11,426 $2,821 $8,605 24.69%
Interest $3,004 $0 $3,004 0,00% $3,004 $0 $3,004 0.00%
Total ,019 272,576 13,413 95.30% 286,019 272,576 13,443 95.30%
Net Pfofit(I.oss) (5151�899) (5189r415) S37S16 ]24.70% (5351,899) (5389,415) 537�516 124.70% �
. ��� City of Palm Deeert ��
Deeert Willowe Golf Course
� Monthly Income Statement
BudgMed and Actual for Fiscal Yeaz 1997-1998
7,il-9�
Revenue Actual
Golf Cowx Fee $56,292
Cart Fee §2,990
Pro Shop $30,?32
Range $3,1�1 �
Faod&Beverages $10,026
Other Revenue $0
� Total $63,161
Eapendit�uee
Saladee md Benefits $95,960
Golf Couxae Maintenance $67,866
Cart Expenses $10,159
Ro Shop Experec+ $1,741
Pro Golf Shop Cost of Gaods Sold $30,746 .
Range Experees §0
Food 6i&v.Expensn $1,845
Food Qs Bev.Cost of Goods Sold $fi,036
General dx Administratlon Expertves $31,375
Management Fee $12,500
Depreciation Expense $31527 �
CapiW Expenae $2,821
Interest $p
iotal $�77 576
Net ProRt(Loas) (5189p15)
Jul-97
Revenue Budgeted
GoIE Coune Fee $95�355
Car!Fee $1,000
Pro shop $21,040
Rsn6e � $7,225
Food&Beverages $13,400
Other Revenue $]00
'Iotal $134,120
Expendiluree �
Saleries and Bene6ts $102,415
Golf Cowae Maintenence $67,601
Cart Expe�es $9.208
Pro Shop Expenses $690
Pro Golf Shop Cos!of Goode Sold $12,364
Range Expeluen $100 -
Food k Bev.Expenaes $1,660
Food&Bev.Cost of Goods Sold $1,999
General&Admi`tistration Eape[ues $41,455
Management Fee $12500
Depreciation Expertx $18,077
CapiW Expense $11,926 .
Intereat Expe�ue $3,004
ToW §786,019
NetRofit(Loas) (SIS1�B99)
Ciky of Palm Dnerk
Deaec!Wlllow Golf Course
Analyeie of Roundt Played
HRW.AONT M ROWIAB:
Totel M of %M M of %M R of %of
MontA Rounds Reoidmt Rnidmt Non-Res. Non-Ree. Cosp.Rde Camp.Rda.
Felttuery 3,155 635 29.4776 1,342 62.27% 178 826%
Ma�ch 5,676 2,418 9260% 3,060 53.91% 198 3.49%
Apri] � 3,782 1,470 38.W% 2,150 56.85% 162 9.18%
May 3,201 1,206 37.68% 1,844 57.fi1% 151 9.72%
June �.569 805 31.15% 1,674 64.78% 305 4.06%
July P,756 817 36A1% 1�57 55.� 182 B.UN/
Tot 19, 7,351 � 37.40% 11,327 57.fi3% 6 4.97%
Comoarieon af Aetual io Hudaet eer MOMh:
Total
Aclua] M of Aounds # %
Montti � Rounds Budgered Veriance Variane
Feb'uary 2,155 1,850 305 116.49%
Mazch 5,676 5,210 466 108.94%
April 3,782 4,9H0 (1,198) 75.94%
May 3,201 4,560 (1,359) 70.20%
Jvne 2,589 3,095 (511) 83.49%
July 2,256 2,580 (324) 87.44%
Tot 19,654 22,275 bZl) .73%
Com�rison of Actual to HudaN Yeu to DMe•
Y7D YID
YCD p of YfD X o( YfD x of ToW N of M of Rounds X %
Month Reeident Non-Res. Comp. Rounde Budgeted Verinxe Veriane¢
Feb`uety 635 1,342 178 2,155 1,850 305 116.49%
March 3,053 4,402 376 7,831 7,060 771 130.92%
April 4,573 6,552 536 11,613 12,090 (93� %.�LS%
May 5,729 8,3% 669 14,814 16,600 (1,786) 89.24%
June 6,539 30,070 794 17,398 19,695 (2,29� 88.39%
July 9,351 11,347 976 19,634 22�75 (2,621) 88.2i%
Tohl 9,351 11,3 6 19,654 Y2,275 (2,621) 88.33%
o B 1� e le e
TMa] Totil ToW Totil 7ofa1 Totel
Rnidmt Residmt % Non-Rnidmt Non-Residmt % Comp.Rde. Comp.Rdc. %
Moneh AcNal Budget Variance Va`iazxe Actual BudgN Veriance Variu�ce Actual BudgM Vuiarce Vaiiazq.e
Febmary 635 907 (272) 70% 1,342 906 4M16 148% 178 37 141 21%
Mart:h 2,418 2,707 (189) 89% 3,Ob0 2400 HA 128% 19B ]03 95 S2%
Aprii 1,470 2,978 (1,958) 50% 2,150 1,952 198 I30% 162 100 62 62%
May 1,206 3,17B (1.922) 39% 1,844 1,341 503 138% 151 91 60 60%
June 805 2,123 (1,318) 38% 1,674 910 764 184% 10.5 62 43 59%
J�1y 817 1,770 (953) 46% 1,257 75B �99 lfifi I84 52 130
ot 7,351 13, 6,212) 54% 11, 8, 3, 1 % 6 1 21
Pa1L_ Jesert Recreational Facilitiea Corpoi_.ion
Monthly Income Analysis
For July 1997
Jul-97 )ul-9� a %
Actual Budget Vaziance Vaziance
Revenues
Food&Beverage Revenues $ 10,026.00 $ 13,400.00 $ (3,374.00) 74.82°,G
Total Revenues $ 10,026.00 $ 13,400.00 $ (3,374.00) 74.82°h
Expenditurea
Salaries $ 7,176.00 $ 8,956.68 $ 1,810.68 79.55°h
Cost of Goods Sold-F&B $ 6,036.00 $ 4,998.75 $ (1,037.25) 120.75%
Food&Beverage Expense $ 1,845.00 $ 1,660.00 $ (185.00) 111.14°h
Total Expenses $ 15,057.00 $ 15,645.43 $ 588.43 96.24%
Net Income(Loss) $ (5,031.00) $ (2,245.43)
Note:The above revenues and expenditures are also included in the Desert Willow analysis.
,. .. .� ..—. i c.
�_�_ --_ _
PALM DESERT REDEVELOPMENT AGENCY
INTEROFFICE MEMORANDUM
DATE: JULY 22, 1997
TO: REDEVELOPMENT AGENCY BOARD MEMBERS
FROM: EXECUTIVE DIRECTOR, REDEVELOPMENT AGENCY
SUBJECT: SAN FRANCISCO VS. BANK OF AMERICA
INFORMATIONAL ITEM
The Ciry of San Francisco has sued Bank of America over the mishandling of its bond
sales. Bank of America, as trustee, has handled Agency and City bond issues up until
it sold its trust department in 1995.
Both Bill Strausz (Agency Counsel) and Dave Erwin (City Attomey) have alerted me to
this. Biil Strausz and Dave Erwin have communicated on this item and have agreed
that Bill Strausz (Richards Watson & Gershon) will follow up on this matter on behalf of
both the Agency and the City.
We are not aware that any Agency or City funds have been mishandled; however, Bill
Strausz advises that we should intervene to keep our options open. Therefore, I have
authorized Bill Strausz to follow up on this matter and take steps to allow the Agency
and Ciry to intervene in the lawsuk brought by San Francisco against Bank of America.
We will keep the City and Agency apprised of any specific developments.
Attached is a letter from Bill Strausz.
�!�'�
Carlos L. Ortega
Executive Director
mh
Attachment (as noted)
cc: Ciry Manager
�inance Director
Dave Erwin, City Attomey
� �.� � q 1 _
'�s � �''Z� Me.Rmoe wld In a�4kmenl.tAough.
F�j�'n ,� thal In Ihe coune of thcir work. Dank
. otticl�b "loat 'oonlroP' of hundreda ot
• : mllllau ot dollan In bond moneY lhat had
. . San Francisco Sues ���,;�'�.�`„;�';�
Bank of America �'� � � much money wu owed lo
.,no�anaa�s.��.n�..m.
`�T6e dly'� I�wwll eJiargrs lhe Dank
O�rD0� �a� tept unclalmed Inkrcsl �ymenb for It-
l7 xU, douWeehar�cd ta iome ten.
chtrged for.rerWeea It dldn't perfam and .
' mede waulhorlud Inrealmenfa Mith trust
' HY Is�Gor� ' mon{a. ' . •
swta.w.u.yTw■w�u.M.�s.��ou.�..�. �� Allegatloasb[Fotgery . . _ �
SAN [+RANCISCO — The City of Sen "'""fhebW�aleot6iged WxrewMelnan'
Rrancfsco �ucd Bank of Amerlu lor t12• 'altampt b tlaw lh4t bonda that were stlll
mlllbn. aying lhe bank "mbhandltd" WLlanding hed been pald o((�.the clly
hundreda oI mllllau of ddlus (rom city: i .charted:In�ddition.t6e city uyt the bank
bond sala over �ereral daxda�"•thm daUoycd, recorde. `enenUng lalse
engeged in a "muslre co►erup,� p( Ile ��IY rcports uid eending dKcks to
aetlona. ���� egencla In�n attempt to oon-
Callfornia's �qk atforney gen�rel b Wn the problem.
also lookln` Into the banty Iu�l�g � � ��y �d that PUNct StWI, a
bond Proceeds tran olher munidpelllke� tarmer tia praidenl In lhe lnut deparl-
P�P�e (amlitar wlth the malter�uy. A mmt at Ihe.benk. coopentcd wllh Ihe
swkaman tor the atloroeY teneral'� ob ImaUgsUon. Ia an Inlervlev yalerdaY�
fia uid hls W(Ia and gank ot Amerla �:Mr.SIWI uW de Mmted at We bant t�um
were currenUy ••In the mlddle of inedle• ' lYTB fo 1lBO u�d now works u a oonaWlant.
tlon"mv�n allegatlon o(•'(alee SIlltiu:' . Mr. Stull dedltkM'lo dltcun the ellega-
and decllned turther ownmenL ; tlwa.uY�oB he wu sctlog on the Inf Wc-
Inastatement,Bantu(AmeHa,aun►t �� p( � �V�•atWrney {enenl's ot-
o(BankAmerlw CorP..sald Il unlntenUon- nce. �
ally u�erct�u8�d We dly tor arWn eerv- p�p�4' Gty attorney Don 1Yekle uld
Ices and retalned other funds Ihat It � y� "�ry� b allence" lAr. StWI in �
ahouldn't han. But the bank �Iled lu 1995.atler he broughl hb etlegafbm.flnt
acuona Inadrerlent. and eald It paa a1• threatening to aue dlm u�d Ihen oftpring
readY aorting W arrecl many of them. hlm a Job. �� .
The bank callcd San Prapclacp�� �peWl In reeponfe, t bank�tpokeamen uId
'.bng on rhetorfe e�d�tprt on reallty.•• ' Mr. StWI"waa perl ot the problem" be-.
�� Neaa oI lhe Iewsull tenl Bantu►mer uuee he tept dlecrepaneJa In lde Wal
.. . Ia'a stoeY down 51.50 b f115.375 In oom- operaQon W hlmeetf. ratAer tden tell ar
Duslle IrWing on Ihe New Yart Sfodc nlor,otllelals. He t�W-1[r: SWII wed
' Bxchatue. The bant'seld!b eupoaurc to. � Ale tnowledge(or"perromt Iltuncld�d•
lhe clly'e clalme wouldn'L hare any�patr �antsge•� etter kavin` the'Wal[,In 1990,
Hal Impact oo eun��, . , Iceluding hlrl�hlmtel(out u a wntul4
'WdlatltBlowe['le pted enl b local ememmmb that dld bwlnee�
' wim uK u�c. br. swir.ao e., n�a .
In the IawcWt.Ned In Call(ornla Supe-! I 'tirdleQe�blower" larreull unda�vhlch he
rlor Court In San FYancl�m, I,ouUe H. ean collect a portbn o(any eeWemfnt wlth
Renne.San[+Ys�clsco'a dty attorney.ald ' lhe clly.Mr.Tlctle pld. i"�a.
Infmmaqon abput lhe bank'e uUWUa The benk wld Il wu working"lo good •
�waa provlded by � tormer BankAmerlal fa1N" elth lhe cl�y. and �u�getled San
execuUre wdo acled es arPorate"whlsUt Pra�rclaoo •�eloP, UJ'�B Ita ceaq In the
bloaa'.•• p�„
� Bank of Amer�w' the natbn's ' Mr. Tlckk wld tAat�.hb InqulrP hsd
thlyd•lu'Lest buik uid CWtotnla'�krsest uncorered diwepancla In bond Wet ar
nn.ncw �muwtbn. anudka We ��on�� rnunu .a tar bacY a•191or out uw
- s�R � the moNdpal Wct Molneo In �wn a layear sutute d Ilmltatbne
ICsll(ornla before selling Uie Mpineu lak a�the dty't eharga.
In 1885.'1'6e Wnt Iy�h�n�ky tpe� The dty ssld'ln a prat rele�ee thal
o(slale and loeol pp�d u1�(pr�of wAlk Ita aull Ileb f12 mllllon lo damage�.
mwlclpallUa, eerdn`u tn�lee tw the ���re "cauld eecUy reuh f17 mWfon
Proceeds oI the ulea u well aa the PaY��B or more." Under Ihe elate'�Relee Clalma
a8�t lo bond holdeR. Acl. Ufa. Renne pld tAe dty may be
- ellglble lor trlple damega. Sen Flao-
clfco'�elalms"may only be Ihe Up of lhe
Iaberg" whm etacked � aNrot whal
happened In otlKr munldpallUa. ahe
pld. � :
_. _
� JlL-22-1997 15�38 RICFWRPS WRTSaJ 8 GERSHON ._ P.��q
RICFiARD3, WATSON & OEABHON
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Via Teleconv
Carlos L. orteqa, Exacutive Director
Palm Desert Radavalopment Aqenay
73-510 F'rad Waring Drive
Palm D�sert, C71 9Za60
Re: 8tu11 v. Ba�r et ]Lin`rirs �t el �tc-
Dear Carlos:
As you may knoW, the City end County of San Francisco
nnd the State Attorn�y Genaral hava intervened as plAintiti� in a
whistle-blowar lawauit brouqht against Sank of America by a
former employee in the San Francisco Bupsrior Court.
Ths suit alleg�a, amonq other things, that a� trusta�,
paying agent or fiecal agent in connaction with bond iorueg and
othar tinancing�, Sank oi America (i) failod to raturn funda
which ruoain�d ttnclaimed by bondholflara, (ii) overcharqsd !or ita
aervices, (fii) inv�stsd trust Pund6 in nonpermitted inv�ctmants,
(iv) inproperly used idle funds for its own benefit, (v) failad
to call bonds as requirad which oaused interost to continua to
accrue, and (vi) created and submittad false claims in connection
with the loregoinq. For your information, I have enclosed an
srticle on th� cas� vhich appaared in �'he unily RlCo='d�r on
July 7, 1997.
Politicel subdivisions hav� the riqhe to intarvsne,
i.e. , join as plaiatiils, in tha laysuit aqainst Sank of Amariaa.
Howavor, ths court has s�t July 70, i!!7 as the dsadlins ior
public entitise Eo intervane as a matter of right. 1lttar
July 30, 1997, intarvantion would raquire the leave of the court,
and thare is no aseurance the court wou1Q qrattt its permission.
JUL-22-1997 15�38 RICHRRDS WRTSON & (�RSHON P.03/0?
' R�a�ANDi, WATsoN 6 OER3NON
July 22, 1997
Paqe 2
Th�r� ara a numb�r of advantagae to interveniaq in ths
axistinq lawsuit rathar tt►an tilinq a ssparate iawsuit. For
example, the plaintifLe in this lsweult may shetra data bace6,
diocovary and experts, as well as many of tha othar coata oP the
litigation. Thers aloo could be variou�g adverse consequencac
rasulting from fAilur� to int�rvene at thia time.
our rnanarch ohows that tAs Agency has used Bank of
America (or an afliliatad bank such ac &acurity Pacific or
Seattle-First National Sanlc) in conilection with at loa�t one of
it� iinancinqs. Therefors, it may have a subotantial claia
aqainst Bank oF Amarica.
Plsaae cnll ms at your earliest eonvanisnce so that we
may discuss whather th� Aqenay ehould intorvane in this lawsuit.
. Very ly yours,
W iam L. s auaz
WLS:sas
tSJ01N
cc: David J. Err►in, City ]Lttornsy
_ _ __ _ _ --- _ _
� JUL-22-19ST 15�35 RICh*iRDS WF+TS�J 8 GERSHON P,04i09
.0 ,
� �
E A �ORDER .
,xu.s.a.�.�o.e.�a.�sn, . .. � .
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ae o�"—"� � �e Anarnry Geoeral Duiiel l,ungren . ,_
�ei��u�y��a a�ka ��n ���a�
C/� ./. ,. co p�ovs a�lrwno�i luges, 6ank �os� eon-
fA+�/�fornza �� of hundred: of mllliau of dolian in
municiP+� � P��. �hen abmiusd
ry� [Nse monthty ctntemeats Io thoup� of
V.• �A�j� � PubGc rnuliea pateaide. Sueh actiau, tl:
���/ i � �. ° �Y by docuromt demuc.
�' . tior►. en�bkd��6�at ro kap hund�odr o[
■Did Calif'omia'a i.,argeat.8ank mm� or ao�Wns �n Puaic mooey ta ��.
Lose Control of Hundreds�' '�.����
MtlliOns Of D011ara in MuldCipa! ��cW eo the batt of HofA'a io-
[ejrity in de�lio� wiW cities add pubtie
Bond P�+nceeds and Cover It UpP +��a.as�a� got�aa.m.�ily ae.
' nis� thae wu a ty�tenulie oontpiracr ro
- Btt VM�N Lou Ctlw • ~- � dewiw it�cu+mnw�t, but u ea��oeae
Spa�d b'!Le D�ly n.cader , I . •uaiMaitiona{ mi� were mide by ia
�ponte trp�t drp�rtmsot, whicd 'tt ao
�' SAN NRIITK7SC.`a- BvK sien 190�6, IoMpr owos,
wtrn a viokat maainL jdt �t�e q�pty Ranee and Lun�•s aftica ren•t car
+pm. Sa► Raneiw� knaw� it aouW Aly o� vinoed, sd Irw iaMeva�ed � pUiM{Ra M
H�nk o[Moe�icL It wa BofA'a fio�r� tho ume I99S whiNk-blowa': :uit th�i
fdhc M.(ibrwini.�IEer�II,w�ho bM or�b p�ompred thair inve�uiom, Sratt qj Cd!-
a victimi of th� �raat'qwke (oe ppqdn� fornio v. Bank of An�erica� Caee No.'
m�e w+n � Irad�e. Md h wa RvfA %R484, San Fnurciseo Couaty Superior
�hu Rnaocad contaucNw ot dw Ooldn Cq�.
d0°� B�p.��i ��'�pa�ioo. While chn complsints have ilready
whea eo as�wwld � aivad publk roWioro he�d�cMee[or BofA.
"Yau�oi�M say 1hs B�ot ot Mietia aod the wit'� awcoms eould aeata wiomwut
S�o Fnne'soo v►eoe bam�ad ni�ed� prabkms for Ihs 6enk. Beyond tAe treble
ai� d� �IIL7�C0 Q{y�LWIY d�mt�et IhH mfy be aw�nled lo pl�ipdRs �.
R�'IkM pr!PYI�' ' � ' �' . Iq �i�CV111Y CifCi. �A Cl1Y� �!bIKF
B�t�aow-dler�nwo-ywr invwtlplbu neu from aher puWic auuia. Nation�l �t-
=�uomey� for dn cily �ed ape �pp�v a ' tention over Remie and Lunpen's interva�-
�����1°°������'s tion in IAa cue in M�y has alee�dy com-
��°� ` ' �• - peUed of(ieid� in Los Aaeetes, Chicago,
1Lvio� wbponr�d BotA'� inred r�- ' ad Anclqu�e, AUuk�. Oo n�aumias Iheu
diu ud �nonorand�, depwtip !or Raare � �elnionships wilh BofA �nd o�Let b�nts.
� . reeoidia�ro 1he 8aa18uya.a Tlew Yak-
bned mw�idpd fio�oce aewep�pet.
Sn Fnnci�co� !ar aie, hrs not roled oul
� P��9 d'��Q its 70 aexaunta a1
BotA, whieh genente 52.1 million in
moMFdy fes�.Nor h�s the eip�dismi�xd U�s
prol�ect of u�ina i1s a�miwtrative code to
deb�r BofA Fmm doin� biuinaa with Syi
Prancixro's pu6lic �genciea for up to five
Ywe-�1r�tie ltmroo ha�wod qaiaat ear
wuedoa eonlneoaa in hhe�cl�im�aue.
"I ksl rery qroo�ly tlnt d you'te doin�
biuinoa wi�h Ihs ciry. thm you ousht a 6e
doin� a m an honorable and horra bo�is," � 1`
�
- JUL-22-199'7 15�39 RICFiqRDS WRTSON 8 GERSHON P.05'C�
....r�o a�u �n�w u rw �a ueu�-...Z ul!Clry _.
—ud it loolcs Gke you'ee cha�i.. a city— �"1'here w some probkms. but they
then I'm�oina to yo aher you." � w'aen't a� bfd as tho�e doeumems would
�led wi�h Renne and Lu�Qtee�t com. ju�est,"s�d Roethe,who replaced gotA'j
plaims in Mey were hundned: of pa�es of Iomxr�enetil counsel,Mich�d 1.Hdlonu�,
exhibin iha� purponediy show how Bo(A's I�� Y�'. '�ehdence I've san so f�r is
corpora�e wat division: not telliea me this is a hundmds�af�milliau-
� Lost tnck oF 37.73 billion in cut- �•�►����"
tomers' money aher BotA'� 1992 maser Bm one m�icip�bfinance e:patt who ee.
wieh Secu�ily Pacifio Nnional Bank. To �iewed S�n Fnncicco's cue dis�Rreed —
conece ccuporwe siuu's ehronic ow.of.hd- w'senin; tMat �ha Gtisuion eould open �he
anee`caidilion — ucoMins w 8oU'a own doot to even srea�a[darm`e ta BotA. "lt
memos — �ome bank employea dmply P�dve�s+ie allowable in�fris casa,
shiRed tuna�trom ane munieipd axa,��o h rcally sea� a me ihi: b �hc pl.ce be-
�notM�er.r�ecaded in cu�ornas' auntaod'me c'�ws k appnred W bc mae �han just one
debts as p�id,and lupt anyr exceas ca�h ryps pet�on involved," uid the Los Aageies-
�heir accouou for dis b�nk's own we. ba�ad attaasy. requestin= ananymity, ••It
� Re�ivsd warnin� iu 198a ibout a �s � � �1oe :yWem iQnorad �ll of
•bniveanl lack of confld�nee"in th�qudily UKss iswey."
of infatn�tion bein�Icep1 m HofA'i�o�pp. �P�i tl�e fil�of S►onr of Colyb�.
nte uutt aceouats. Ahet Fulint w eom- nie v. Bonk of Miaiee wme � kw� dmpls
pletely reeoecile tfioes aecouots, ll�d�pr!- ���o'��by BofA.
ment iat ib tl�ird emaaqiw�su�fiebep fallowed by�difli�.idt IwaY�i�
rating io �n inlem�l audi! eonduCqd UW ��+W��p�D il�4oubld.aorpon�e bust
Year by�BofA via pmidaN, �
•suomivad sl�temau.to cuelo�oas thM rrior w �99s, wam n wq .aa a MiM
seesn�o mi�eharacle�i�e�hs�u ps�iau� ne��oli�' Frst Bank Systam tor lacic ot
lar ci�s wae applied w 1he'a�aviw�. P�iity. $dA'� ca�ponle wu depul-
Fa inuance,the w�e Depybmot af 71aoa me�u hem mae muaicipu boad p�ey
Pona�ico. ar Cdtrus. ana hd S37A17.62 td�a my wUa b�ok in C�li(orni� Whik
uansfaied out of ils accviw far� 'tiniteel� ttoubla in We oak iae�a�ed alia BoU►'a
larcou�payment.^But the nnoq lad aWt 1992 acquiatioo ot Satitrily P�cific Baok.
�11y b�en plir�ed in Bo(w'��m Mo� ia➢�acw�My mre brt n u least ihe
Gltnot' account ielo b�hnee. After GI- �970s,arca�dinj oo�Uan�ey�for the sWe.
�nns Uuntaaed w W�e lajal ac�ion. HoU Lua�ren'a offiee is �eekins � full �e-
�ewrned i47.110.12 to ehe mts a�wuy. �{ of ouhin oa�po�ate tru�f aclivhiat
The etaie of CalifamiR is now�eetio�rn �tnce 197�-dr yar a quiel. ima�pe�vs
i�dependent ounide wAk m dele�mins how �Yw�old m�n �nmed P�4idt SIWI �wiM
mueh i� eould he ored in d�rt�ys�„ whils to work for BoG�e�tywms�ulysL .
San Francisoo wana S l2 million�o f17 mi4 For much of bi� 12-Yar career �t t4e
lion or more. Reea�'i complainl (istt I 1 book SIuU �pecidited in the rowfae wart
causes ot acrioe whid�ovedap b a pe�t�- o!eadl nut�aamt. 9ut +�hrr joiniK Bo-
tenl with t0 brou`h! by 1au�pan. 71my iM. !A'a eotporile hun depmtm�ut m 19il, he
cluJe alleged viokliau of lhe uMe Ftlse �i�� ��i�Y d��d �hiop.
Claims Act under (lovemmeel Codt See- "11KY �W hays lhpe mioor acplosiont
tion 12650 a seq. and violYioos ot IAO Calf- whue cwtomeis wee�e comphinin� a6aK
Fomis Huainen eed Profeesioos CaM uoder �he aaviae; Uu� ia badwWen wam cao-
Satian t�xoo:.. weu n an.r�os or oon- a�"i•'I�'�r��'�k.��'�a�
spineY. brerch of conuncl and broacb of m�e6eek.'"SIuN�rcallod."IUs�e was dt•
f�p�y��, wtions w�Me q�sy �BofA] coulde't turn
BatA Fus wuii Au6. S a file � re�po�ae uowd p�yaimr �divitia ap We lims ea-
io Ux�te�d ciry's eomplainx Howawr, roe0y.N wat w�belienWe dros"
ia publie sfabmetwi. BoPA aod in �tl Aud� Ne ebinoed. Urr� we s"hish kvd
coun�el, I� Roethe, meioain the b�ak ot rcmitivlty oron�uoiar�"w
never mbmi�Nd[alae Ndm�eo the�Iw aad neoneiG�lion �nd btl�nein� ptobkmt. "I
th�t ils mioWta wae dqKr ia�drenent ar didn't lu�ow dit tcop� or wlw it mearu. 6
rcWivdy minqr. • seemed rather wan�e — na tlw ihc baak
2�6
' JUL-22-1997 15�40 RICHRRDS WRTSON 8 GERSHON P.0ei09
• . Cont�dential bank tepocc at ate now Buc as BofA' wn pepers point ouC its
� pert ot the smte and city'a axhibits eppar w ��oe ausc umc�ver�ectly knew how
back Stul1's clairtu. (n 1488, fa instance,en �^� �ay �'�a bein; paid ro bondholders
imemN audit by BofA V'ice Presidmt Gary f� � �ounrs. In 1987, pRmier Sys.
Phillips gave corporate m�st its thi�d urisetis• �ema Inc.. the Pennsylvani�-b� sohwarc
factory �nting in u row for feiling ro bulancx developer that croated tne eomputerized
all but SO of appmximately 7.000 nrswmer �0b sy3�m BofA converted t� in 1986.
accounts. Cash balaneing wss import�nt. �� "No one in the opeta�iau area h�e a
Phillipi report noted� baxuse the b�nk wm clear picture of what loams a�e maintained on
at riak of�t havin�era��lf fu�to pay oft '"hm�v� �no masoer tisc of loans in-
iu customeea' outaqu�ding debn to bond- ��� ��� P��d� was avdlable at
�� time of visit This mods of operation f�as
"I don't think it'a a good thin� w have �CO""�ro"�+i� �area. which
t}use wuatisf�cwry adits 'tn �row:•rcp�ied ha cswed late patyments, mused transFeta.
Roeiha "But an uns�tiafactory wdit does numeroua elaims,and rt»sxd woric ade�s...
na ne�s,s�rily mno IMt �ry easlafxx!�s Rou�hly i yaar I��et, acoordin� co the
been d'isadvsnn�d. It rasy metn df�t th�re s�e snd eitY�s complainta. BofA atttmpoed
u nat a contrd in place tlut dwuld be �n � ��i�e ib eustomers' �ccounts uain�
pto�e ao 1lmt bd tMnp don't FMppen. Snt it �'� �� �O � qu�tionabte methods.
dodn't man �nybody Irs boe� dantwd or � bauk emplo�ree, for instance. waa in-
struotM by m�tt��emsnt ►o characcetiz¢
�' S99S.000 in ouut�ndinY bonds as �'re.
'So evsry mne yan pt an un�lishcoary ��»_�y�ciatl 6ri �n
audit,it doesn't tt�elln you nqh otK�nd ned- p�flle W�er Proje t�unt into�b�larwro, �
fy customen that t!�'s a diaas�r dut'� .'�hlbia show. A 1990 conBdendal mq�o
�bout to htppea .. Ha�lc of M�aiiea p�ob� ahowa ihe�m�r+e anPloyee a�k;n� �o► a-
bly has abouc 200 ar 300 n�na a yar over �ia��nave e:oees auh an of d,e�
bad s�udi't, w�e�t�esr�e of�ie�ind it'!�� ���°" p��•f �eeanx arxt inw aratha
w1e fnr a project in San Jaquie. ptemieaion
soived," he said. "Why it didn't h�ppen in was gnmed. Md in t941, coipon�e wa
this axa�ioo.l ddt't have an expltoulan for �imP�Y cook S 1.134.6E�.60 in extra cash a�t
thet."
71�c iasue u hoM Md ta�hin� to do with
tSu ability of publrc �'eneia� oo taua ar ti-
n�na peojscts. I�soin� bilfiom of ddlm in
municipal bonds h�d helped Stn E�neilco
to build �he Moscone Cmur ind comple�s
improvea►ettts to the PoR oi S�n �
and san Feane�oo tnuermtioed �i�pat ax.
minat, atrwn� � wib anay of otl»r placss.
Rather. 8o(w'a aqa�ed w+ai�d�iti� came
aRc'ihe projeas wme lfn�noed—durinj the
yea�s eitia md publiC ya�cia�ae abtised
co repay tAe connde� inva�to:s vrho had
pu�h�ed d�ir boedc
Cities iike Sm Fnneis� p�td uti tlKir
deMa w invatoes by�a+ding h�nds to BofA.
The bank.at payieg ag�nt.wt tl�en mqui�d
ro fotwiud the ftn►d�to bonmwtda! —in the
fortn of prineipel�nd inoe�est—tbout twioe t
ymr. Aceuta�e�xads of sll monsy aomin�
and ;oin� wae.appased to be foept by the
bu�lC.
3/(�
- JUL-22-1997 15:40 RICFIURD5 4NaTSON 8 GERSHDN _ p 0�i0y
v� uuG YI IIIYIE CYNYIIIGi 6� ... Vllli 7y�N
-P�rc� ��.��, ��m After noti g BofA's senior manage-
one of the exhibita, sayin�: "'�hae funds �nt of his Cqlxms — and getting what !x
could not be identified nor escheaced; thee. d��� �+ � unenthusiestic raponse —
fo�e,tt►ey weee araeed as a reeovary." StuU Wked with his wife and finelly consult-
BofA's [toathe wee �a�eble to taspond m ed with monxys. "I was prctry uated, quioe
eaeh ot t6e e:htbits, but intisu the bank honesdy;'svd ih�49-y�ar-oid fachaof two.
�� �����y „�y �� ��� �� Uldmatety, he said, the ac[orneys con•
the�e wes a block of money th4t we fook ituo �� �� blow the whistle. On April 3,
ineome ouc of a merve aecown, and thu's I99S. Swll f11ed a false.eleims suit ag�inst
We that we did that." the �enetal coutuel his fortner anpioya on behdf of Uu stue of
C9dtfomia and scores of political subdivi-
said "We took it in�o iaeome becawe we �ions ran�ing from the Alamoda Unified
thou�ht �hat it repraented monie� we had School Disaiet to the Yuooa Vallay Water
piepaid on behatf of N�e Fun�. We alw�ys p�y�, }{Q��yp collect u{r to 33 peRent
took the pwition ttut if mybody e�rer sub. of anY Jud�ment arisio� irom the ctste and
mittad a claim co ue, nnd it tbene wa rwt San Francitco'a conlplaiMs, wi�h the mst
�r��k' � 1N0Y� �° �°�'� �oing to Ihe dties tnd publ� aemcias d-
or�r�+nd pay a,n cr.�.� ��r�aa��
8y the dme Swll ktl BoIA in t990. ht
hod workOd iliS wty qp t0 ricC pe�aiden!ot "E don't Mve win�t. [ don't wuft W be
cotpcxate awt Yeunin= far mae tle�ible canoniud for sainthood, Stul1 said. 'But
houe. S1u11 beotne t privree eonwldnt.d� this money Nut the bmk kept wes money
visin�ci�es ad other public enddes on ho�v dbt was rnndn� !ran the peopk. chil�n.
ro�or c�ir«,ti��
ro aa�e mo� an aa�ce te� ued a �r ti rc�una��r vi r��e�nu eos� r,�a
�A�' under �tate law, a copy of Stull's �ealed
H� helped the Sacramento Muntcipd �pr„py;,N � p�„� � Glif«nia's u-
Udl'�tid DittriCt.for i�stu�ee,discover it Md �y g� (or inveui�ation: Lungren's
been wabiUed, d�m odlect a St21.77b � offtee that �ent anoti�ar oopy w the eity af
tund feom BoU ia 1991. �coo��a`eo oart ��,��,
eeco�ds. Detpto a wunina from BolA's Qn May IS, 1995� s moath aner Stult's
then-aasistu►t genenl co�nsel. Christiaa wit vraY f11ed, SofA be�an aending �efuncl
�3'�• ���v�ni s�1� chxkx w cities tike San Fnneiseo for im-
agtsemeat, 3tuU wamed t1�e eitie� o[Fre•
mont, Anaheim �nd 3an Jose about pouibM
overbillinQ. Bach retpeetively eeeeived �e-
fun� of 58,400, S47„354.20 and SI9I,000
fro�n BoU between 1992 and 1994.acead
in�w Soa Fr�aKixo's catipl�int
Fer from pupinj the imue to Rst. the ind-
dents in [our sepante citia coatinf�ed to .
Stul! wh�t he su�pected �I alon� d�u Bo-
fA'8 proaletns wae p�ob�bly syscemie aed
that ths bank hid ib ertoes by svbeaittin�
rnl�e elsina to ia cwtanen. 'tl�ou fabe
claina, he alk=e� weie oannined in labta
SofA w�ore to expldn k� nwakes. ar wtlt
as monthly Wlls end nuea�enu tdat nswr
idaAilied the OvdrJletaa�o be=in wltll.
"He wa�quile conBdetK dfae wae�bt of
iafomwion to b�k up hi�el�n�,"wW one
of Swll's at�cs�eys,Jd�n Cooper.at C�are1�4
Bnam � M�el in San Fran�Y�o. 'No on�
as an iadividwl or famer employee would
take on Honk of Arueria tighqy. No one
' would�tl�if Il�e eonduct vridl dioee
politica)wbdivisions was trivitl."
�l�
� JUL-22-1994 15�41 R�CFpRDS WR7SON 8 GERSHON _ p,06ipg
propa ovetbiilin�. [n the mindt o, atl and For whn w i be the most financially
- Cpp��, � � � �� p(R�� q,� a eoqlple7t eate to ever ctoss the San Franciuo
di�eet tsaponaa w Stull's suiG Hy the tltne �+h' �amY's offiee. Renne r�pped Depury
RM,K, San F�n�sco�s d�y ��rt�ey. 6e��► City Attorney Donald Tickle, a Fo�mer
��j ��� ��, � �, y��� 0'Melveny dc Myers asaociate who was
vineed of 1hat. �b Ranne's oRice in !495. Hondling the
"Fts!of dll.to mG it was m01�e thM�mU- nse far Lun�en wu Depury Anomey Geo-
, ter of rni�xidence." Renne conclude�. "Yw �� B��n Taugher from the AG's false-
tnva a qui•tacn compfeim d�at I�been tlled. ctaims w�k
; you luve ns makja� inquiria, aad all of� Over !de nexi two ywrs. aa Tickle ersd
sudden you �ei linle checks with Ietteea dul Tau�her's mvestigationa lnto Stui1's claims
aay. 'Oh, we may have mede a computer �°Cd°�' �1°°"� �'8�'� a°nd bei"'a" Se"
ettor. Wa're not raally aure how mucA �� � �fA sttlrled ro hay — with
money we owe you, but we Uunk thu is h�e � '�"�B � olher of atonewaliin` az .
that shOYld neally qke c�ue of il for yon.' ... e+^�+Y tun�. SoU conlends it wiili"i�Y A�
�IEII 1!tW(b6�ElIQ!1!YVit C��IK d1lt�{ YI� dOC�A11Cflb t0 IIIVlStI�'dt01= illd RffdE
�1C BSIIk 0�Ai110�IC0 CaiC 1��.sdlQ �MI i� �fI � d07l�D Of11p�0y!!L iYL�B�t fOI IM
b!'efl fi�111 !O U6 i�101R. ���. b{R 116vlr apt �SV�tl� Of1 IIOW d1E
•,Yvp asl[win��Ir tipped u1 olT. ll wM eity and atate's probea were proeeeding.
a eombinatan o!pain� th� whistk-blaw• Renna however.maimains it waa BoFA that
d�ca�tindinj au Ih�t on du b�sis ot Il�e failed ro caope�oe; 'The davmrnu have
wfiiuts-blowsr': slkjation�, wlKr,jnrbdi� ���h'���►le.tn pul it mildly."
tiom ad the bank h�d nud��ome very quue� ��u�d Lun�sn's oRrca issue�l a tonl
settlemenu; and tbsn when tAae liule °f�� � � �A in SepuMber
cheeks wlth Mhat b a di�in�e�a�ou� lecc� 1993. Mn�eb 1996, and May ot taat year.
an�a ia. it wa� ck�r oo me tlut tld� was � One of San P�andxo':wbpaenae eallod for
����„ . BofA to tum ovv ar�y dooumen.s sau to or
From May 1995 to Ottober i996. San ' `�"�1°e" �' 17 �COY �°�° �' O0'PO1f0 tr"at'
Francisoo �eoeived a toul at S9S.000 in te- �fA �ame up wilh nahirte an 14 of the 17
tund checb nngi� Gom SIO�eo S3�.00Q. P�Pb idenUfietl, Ti�ick �aid. Mt�vor� he
Z1uy we�e �ent w dep�unena weh a� the adtlEtl. BofA failal to hmKl uver recortis ie-
tlaalin� timc petiods when internal task
San fia�co Airport Canmiaion. �epna Sse 00FA, pa�e S
meru of Poblic Wodcs.d�e INaya�s Otfia of
Etoutin�. dk Pat of San Fnocucb md tht
Ssn Franeia:a UniCud Sehool Dimiet.
Aho�ethw. m«. dimi u rtrinion was ta
tumed �o BofA'� muaieip�l e�s aRar
tln bsJc �ly eoneludad ad�6ond
rsfunds werc watraatett. accordins to
Raeds."if�ey (S1uq and San Fian�sao�can
say whu they want aboui U�e dmin�of ths
suit and the Nmin� of Ihe M'unds," BoU's
�enaral eouiael aid, "but wr had in pl�a a
�efond projxt well befon we iad ever hend
of Mt.5WU tai�ng a oomplmt"
(Meanwhile, BofA w� wpponin� ua�e
Ie�ISh�ion dut wottld hare psrentcd � If-
nmcisl in'stitution's interrul audits izom
bein� d'ncovenple in a civil anio� b�oufht
by private litifents. A SofA spokesmaa
claims the budc's�uppo�t for the bi{I wet un-
selattad to the Swtl caae,aud would hsve �
plied only w future:uiu. Innoduced ia 1993,
AS 1239 ultimntely died in�Swle cortunih
be let NovembQ)
s��
' JUL-22-1997 15:41 .RICWaRDS WFiT50N 8 G�RSHON ._ P.pg�gg
BO�� . aou cut mels by Lyin�ofF ar yening rid af
�0.000 dnplcYeea i1Crw� the oompanY bo-
Corn�nuad hom pA�e 4 ' , �n t9Bb�nd l9t9,u flirther huct im abi6-
. � ly to m�inlain eccunte record�. �aid Ihe
forar at HotA mpo�iadh' c�ut�sd ca�pa Aaot� Ooni Octaber 1993 audil by
ra�e w�t.lmtaid We bwk P�'�•� � �iad Bm�t � Yo�m�, cpponte
p� of mMeri�l-ady S pa�Y of which ind wn ihat x1.73 billioa in cph alter ib
rvn urotul to tho city opomey'� iavad�r 199Z manar w4h Seari�y Paciftc. Mdl�er
tian. reprt doae eatliar in 1993 by BoFA su�n
,•We were beii� papered to dath," u N�qi': S�eu�t�' preilic'= po�ponoe truu unit
Tickla dyen'bed it w�s not ady mud� Iraar�Frn BafA'c. but
Denyin� �Ile�elia�t Ih�t BotA whNieW iawone�npe,
a dest�oyad do�ana�a. RaNhc sapWn� Roethe cwtioned �Niiut �erding �oo
"We �n lalici�i abo� �acan4 tlrt p ovet roud� lnoo ibe nwf�bu� "M aut-0I-hd�noe
2D-plua ye�n.So 1'm nol�t vl rmpri�ed ddt caodGion doas not main Itat d�arie ic my-
thae se pp�. Vlte've beea havin� troubM 1hin�w�on�wilh�oYbody'a aoearK.G pm-
fi�as our docwneiws. we��e�tu� kokias plr maqi.we nave m out�or-0.l�na candi•
far dxamdus. �ad we're diq Mdiq�docw dan Ih�t we t+eed b neooncik ad ddennipe
R�" � why k's aut of bdr�ce.Aad we�d tlmt,"he
The rwm� ot documeon producad'by �id."I1rt doaLt•t me�n Ihu�nybody's�
HotA shed lisllt q� drc rp�p�iWde of i�s' oouat is wrons, It �enainly doe:n't maq
pioblems ia oorponls umt - �nd to StuU th�1 tlrre wa�dyt nruh ma�sy mininj,"
they�ne tiu�ch deeptr qaa he eve►�ned�. . 8°!'°°d aimPl�r°vaypiq�emqomas�ud
At ihe �oot af catpotale tro�t't ri�uacid farci b�Oncin� ibeir aaouMf, Tickle and
mau,a�co�dia�a'llu�iw. �v�s W ia�4iliry T�a{hx beauae oonvinoed �aU w� �bo
0o uppa�ie ils�ecv�d�keepinZ�ys�aa Ra�r rippins o/f cities aad publia ��mcies ia a
thn impotis Ibe �uYion, La �id, aach of w�y no ane ounide Ihe benk couW padWY
dro 10 anempu 10 do io Gora tl�e 1970� to drtad:. By kaaping the dabt-wvice fwds
t 990� oaly m�de msller� wone. W6en �dainbd by badholders. •
/_ //�
TOTAL P.09
_/ _
Palm Desert Redevelopment Agency
Month•end Investment Report
JUIy 31, 1997
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
POrtf01i0 Master SUmmary 1
Investment Portfolfo Detail - Investments 2
Investment Portfolio Detafl -Cash 5
Portfolio Master Investment Activity by rype 6
Investment Acttvfty Summary 9
Distribution of Investments by Type 10
Interest Earnings Summary 11
Investment Portfolio Compliance Checklist 33
INVESTMENT INFORMATION BY FUND/BOND
5100 Million Bond 12
S17.5 Million Bond 14
S24 Million Bond 16
S4 Mtllion Bond 18
Low-Mod Set Asfde Refundtng 20
Project Area /1 - 1997 Refunding 22
1996 Desert Rose Series A 23
1996 Desert Rose Series B 25
Blythe County Court Administration Center 27
Redevelopment Agency General 29
Self Help 31
Desert Willow (Kempeh 32
�/ ..
OB/26/199'/ PD Redevelopmen[ Agency pN .
PORTFOLIO MASTER SUF44ARy RDA
JULY 31, 199'/ ACCRUA�
AVERAGE ---YIELD :0 MATUR:TY--�
PERCENT OF AVERAGE DAYS TO i6C 365
INVESTMENTS BOOA VALUE PORTFOLIO TCRM MATURI'fY EQllIVALENT EQUIVALENT
Certificatea oE Depoeit - Bank...............$ 450,605.00 0.29 BO 39 5.028 5.098
Local Agency Investment Funds................5 12,983,978.45 8.44 1 1 5.553 5.630
Federal Agency Iasues - Coupon.............. .5 11,119,fi92.34 '/.22 52a 21a 5.]46 5.825
- Tzeasury Secuzi[ies - Coupon. ............... .5 iB,296,358.51 i1.B9 465 llb 5.636 5.'l19
State & Local Govt Series. . . .. ............ . . .$ 9,549,4'/1.�0 6.21 681 6"/3 0.000 0.00�
Sta[e & Local Govt Series - Coupon........ . ..5 66,929,662.00 43.1'/ 1,]28 1,'/20 5.']60 5.040
FideLty Treasury Poo1. . . . . . . . ........... ....$ 35,054,908.00 22.'IB 1 1 5.286 5.359
'__________""_____________________________________"_'________'""'"'"""_"______
SO;AL INVESTMENTS and AVERAGES. ...... .. ....5 153,8]9,4'/5.30 100.00� 882 821 5.2598 5.332k
CASH
Passbook/Checking - No Yield To[als..........$ 42,]26.50 0.000 0.000
;noc included in yield calculations)
Accruetl :n[eres[ a[ Purchase.......... . . . .. ..$ 9,392.2�
'_'__"_""__'_"__'________"__"__"""""_________'_""'__"'_'______
TOTF:, rpSH and PUACHASE INTEAEST....... ......5 52,118.99
_ '_ '���> »'����`���__�`��.�«"�"""'����.�«��a���""���t�n_��a�a�«���__ .
TOTF: CASH and INVESTMENTS. . ...... . . . .. . . ..5 153,931,594.09
MONTH ENDING FISCAL
:C?n: EFRtiIV�S JULY 31 YEAR TO DATE
Nrrer:t Tea- $ 4v8,110.01 $ 4'/8,110.01
AVE?A�E D.. Y OALANCE 5 1G3,29�,584.06 5 103,290,584.06
, EFFc�-;yr {�,^g OF RET'fIRN 5.45& 5.45i
The i�vestment portfolio of the P.D. Redevelopmen[ Agency complies with its
Pau: 5. Gibsov � Investment Policy and the California Government Code aections per[aining Co Che
Treasurer imestmen[ of local agency funds. Pending any future actions by [he Govezning
Board of [he Agency or any unEoreseen cataetzophy, the Redevelopment Agency has
adequate cash flow to meet its e�cpenditure requiremenCs for the nexc eix mon[hs.
DATE Marke[ values are from Firet Tz�at 6 IDC Da[ateed pzicing aervice.
1
08!26/1990 PD Redevelopment Agency Pk - 2
2NVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
JULY 31, 199'1 ACCRJAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MA'"UR:T.Y DAYE
NIJMHER ISSUER BALANCE DATE BOOK VALUE FACE VALllE MARKET VALUE RATE 360 365 DATE TO MT.:^
"__________"__"'"__"__________________'______'_______________'________"_____________"_"___""_________'__"_""""""""""'"'""""'_'__
CERTIFICATES OF DEPOSIT - BANiC
20001 Union Hank of California O6/11/9'1 350,000.00 350,000.00 350,000.00 5.050 5.050 5.120 09/09/9'/ 39
20002 Union Hank of California 0�/25/9'! 100,605.00 300,605.00 100,605.00 9.950 9.950 5.019 09/09/97 39
.__""'_'_'____' "_"__"_"'_'_ '"�'__'__"__ "_'____"_____ ""'_ __"'" '____'
SUBTOTALS and AVERAGES 450,136.61 450,605.0� 450,605.00
. 450,605.00 5.028 5.098 39
TREASURY SENRITIES - T-BILL �
AVERAGES 52,056.'l2
GOCAL AGENCY INVESTMENT FUNDS
210�0 Loca: AgEncy InvE3CmER[ Fun 12,983,9]8.95 12,983,9'/8.95 12,9B3,9'18.95 5.630 5.553 5.630 1
AVERAGES 12,90],314.90
FEDERAL AGENCY ISSOES - COUPON
15008 R Federal Farm Credit 09/13/96 499,154.68 500,000.00 502,031.25 6.125 6.312 6.400 0�/09/98 392
15016 Federa: Faim CtediC 02/24/99 1,499,591.95 1,500,000.00 1,998,593.'15 5.400 5.4�2 5.548 12/02/9'I 123
15005 E Federal Home Loan Bank 06/14/95 2,116,609.50 2,115,000.00 2,11'/,6a3.75 6.105 5.855 5.93'l 12/0l/9'l 122
15015 Federal Home Loan Bank 02/24/9'/ 999,86].88 1,000,000.00. . . 999,062.50 5.400 5.430 5.506 11/26/90 . 11'1
15019 Federal Home Loan Bank 02/13/97 1,000,000.00 1,000,000.00 1,000,312.50 6.040 6.040 6.124 OB/13/98 37�
15010 R Federal Home Loan Mortgage 10/22/96 1,000,000.00 1,000,000.00 996,8'/5.00 5.800 6.123 6.208 03/19/99 595
15015 Federal Na[ional Mortgage A O1/16/97 3,999,9b9.33 4,000,0OO.OD 4,000,000.00 5.600 S.b30 5.708 O1/16/98 168
""""_"__"__ ""_"""_" __'____"_"" ______'_"_"' ___'_' _'_"' '_"'_
SIJeTO'�'ALS a�d AVERP.GES 12,405,059.38 11,114,692.39 11,114,518.'/5
11,115,00�.00 5.'146 S.B25 219
TREASURY SENRI:IES - COUPON �
- 1'!00] I OmCes SCates Tieasury 0"//O1/94 999,989.B5 1,000,0OO.OD 1.001,562.50 6.000 5.921 6.003 11/30/9� 121
1�013 R llnites SCaCes Tieasury 0]/O1/95 10],2]5.00 109,000.00 108,420.00 9 J50 6.098 6.182 11/30/99 B51
1'1015 E Ur.ites 5[aces Treasury 0'//O1/95 231,192.90 231,000.00 231,360.99 6.00� 5.645 5 J24 11/30/9'/ 121
1"1�69 IJni[es Sta[es Treasury OS/24/96 2,001,6]8.0"/ 2,000,000.00 2,00'/,500.00 6.125 5.905 5.96"/ 03/31/98 242
ll�]2 Oni[es States Treasury OS/24/96 999,86].16 1,000,000.00 1,00�,312.50 5.'I50 5.]49 5.828 09/30/9"/ 60
100]] llni[es SCates Treasury OS/30/96 995,366.9] 1,000,000.00. 996,805.00 5.000 5.900 5.982 O1/31/98 1B3
1'10�8 R llnites Seates Treasury 10/03/96 999,909.55 1,000,000.00 1,000,312.50 5.625 5.580 5.658 10/31/9� 91
1�0"19 E Uni[es Scates Treasury 11/14/96 5,00],563.48 5,000,000-00 5,001,562.50 5 J50 5.3a6 5.420 09/30/9� 60
100B3 Uni[es Sca[es Treasvzy 03/21/9] 1,965,242.23 2,000,000.00 1,9'I9,3�5.00 5.000 6.124 6.209 02/15/99 563
1�084 llni[es Scaces Treasury 06/02/99 9,993,2'18.30 5,000,000.00 a,995,312.50 5.250 5.496 5.5]3 12/31/90 152
___"'__'_"_"_'_"" __________"___ '"____"_______ _____""'"____ ______ ______ ______
SVBTOTALS and AVERAGES 19,262,943.28 18,296.358.51 18,322.593.49
18,335,000.00 5.636 5.'/14 1'!6
STATE 6 LOCAL GOVT SERIES
19001 Scare 6 Local Govt Ser Secu 0'//29/97 3�2,455.00 3'/2,955.00 302,955.00 0.000 0.000 0.000 09/11/9'/ 41
19002 StaGe 5 Local Gov[ Ser Secu 0]/29/99 308,933.00 308,933.00 308,933.00 0.000 0.000 0.000 10/O1/9� 61
2
OB/,26/199� PD Redevelopment Agency pM . 3
INVESTMENT PORTFOLIO DETAlLS - INVESTMENTS RDA
.NLY 31, 199] ACCRUAL
INVESTMENT AV6RAGE PURCHASE STATED --- YTM --- MATURITY DAYS
NVMBEA ISSISER BALANCE DATE BOOK VALUE FACE VALUE MARICET VALUE RATE 360 365 DATE TO MAT
___________________________""_"__'____"_"__"_____________________""____"_'""_"_""""""""""""""""""""_""""""""""'__""_________'_"""
STATE 4 IACAL GOVT SBRIES
19003 State & IACal Govt SeY SeCu 0'1/2C/9] 372,455.00 372,455.00 3]2,455.00 0.000 0.000 0.000 10/16/9'! ]6
1900< Seate 6 Local Govt Sei Secu 0�/2</9'1 298,195.00 248,145.00 248,145.00 0.000 0.000 0.000 O1/29/9B 1B1
19005 State fi Local Govt S!i Secu 0'I/29/90 3'/2,455.00 --3]2,455.00 3'/2,455.00 0.000 0.000 0.000 03/OS/98 216
19006 Sta[e b Local Gov[ Ser Secu 0"1/]9/90 1,542,8�1.00 1,592,801.00 1,592,8"I1.00 �.000 0.000 0.000 �4/�1�98 243
� 1900� StaCe k Local Gov[ Sei Secu 0�/29/9� 361,813.00 361,813.00 361,813.00 0.000 0.000 0.000 04/OB/98 25C
19008 S[ate 6 Local Gov[ Sei Secu 00/29/9"1 239,�15.00 239,'/15.00 239,015.00 0.000 O.O�C 0.000 10/O1/98 426
19009 Scate fi Local Gov[ Ser Secu 0"//29/9'] 12,65'/.00 12,65].00 12,65'1.00 0.000 0.000 0.000 03/25/99 6C1
19010 S[a[e � Local Govt Ser Secu 07/29/90 1,581,41].00 1,581,41'].00 1,SB1,91'/.00 0.000 0.000 0.000 04/O1/99 60fi
19011 State k Local Govt S<c Secu 09/29/9'1 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/16/99 T16
19012 SCate s Local Gov[ Sei Secu 0'//29/9'J 171,191.00 1'/"/,191.00 1'/0,191.00 0.000 0.000 C.000 10/O1/99 v91
19013 SCaGe fi Local Govt Sei Secu 09/29/9� 12,65].00 12,659.00 12,65'/.00 0.000 O.00C 0.000 03/09/00 951
19014 Sta[e s Local Gov[ Ser Secu 0'//24/99 1,622,191.00 1,622,191.00 1,622,191.00 0.000 0.000 0.000 04/O1/00 9�4
19015 State 4 Local Govt Ser Secu 00/24/90 361,813.00 361,813.00 361,813.00 0.000 0.000 0.000 09/12/00 985
19016 Seate & Local Gov[ Ser Secu 0'//24/90 158,2]5.00 158,2"/5.00 158,2'I5.00 0.000 0.000 0.000 10/OS/OC i,16i
190ll Scace & Local Govt Ser Secv 00/24/9'1 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/29/G1 1,330
19018 5[a[e 6 Local Govc Ser Secu 00/29/9� 1,664,9��.00 1,669,9'1].00 1,669,90"J.00 0.000 0.000 0.000 04/O1/01 1,339
19o19 5[ate fi Local Gov[ SeY SeCu 07/29/90 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,511
19020 SCare. 4.Loca1 GovC Set Secu 0'1/29/9'/ 80,82�.00 88,82"/.00- - 88,82].00 0.000 0.000 0.000 10/O1/O1 1,522 �
19021 5[a[e & Local Govt Ser SeCu 0�/29/9'/ 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/14/02 1,686
___"_"'_____""_" ________""_" '"_"_'______'_ '"""'_______ '""__ ______ "_"___
SUBTOTALS acd AVERAGeS 2,464,379.61 9,549,471.00 9,599,9]1.00
9,549,9'/1.00 0.000 0.000 6�3
STATB 6 LOCh:. GOVT SERIES - COUPON
1950o State 5 Loca: Gov[ Ser Secu 0'!/24/9"l 5,686,82�.o0 5,686,82"/.00 5,686,827.00 3.165 3.122 3.1fi5 09/O1/02 1,704
195C1 Scace 5 Local Govt Ser Secu 0�/24/90 60,v42,B35.00 60,]42,835.00 60,"142,835.00 6.090 6.00� 6.090 04/18/02 1,�21
. ______________"__ "_'___"___"___ ______________ ___""________ ______ ______ '"_'_"
SUBTOTALS and AVERAGES 1],193,138.58 66,429,662.00 66,929,662.00
66,429,662.00 5.060 S.B40 1,020
FIDELITY TREASllRY POOL .
11002 I FideliCy InsCiCutional Cash �,823,199.00 ],823,199.00 0,823,199.00 5.360 5.28� 5.360 - 1
11003 R FitleliCy Insti[u[ional Cash ' 'l41,903.00 ]91,903.00 �91,903.00 5.360 5.28'1 5.360 1
:1004 E F:tleL[y InSCitutional Cash 2,31'I,936.�0 2,31],436.00 2,317,936.00 5.360 5.28� 5.360 1
ll0G5 I Fidellry :ns[i[u[ional Cash 1,59'/,619.0� 1,54'],619.00 1,54],619.00 5.360 5.280 5.360 1
11006 R Fide!iry InsCiCu[ional Cash 20,815.00 20,815.00 20,815.00 5.360 5.289 5.360 1
11008 R Fidelity Ins[itu[ional Cash 1,604,BOB.00 1,604,808.00 1,609,808.00 5.360 5.289 5.360 1
ll009 i Fidel:[y Ins[itu[ional Cash 1,94'1,80�.00 1,�49,8�2.00 1,949,8]2.00 5.360 5.2B� 5.360 1
1101� I Fidelity Institutional Cash 8,088,'185.00 B,DBB,'/85.00 8,088,'185.00 5.360 5.28'1 5.360 1
110i1 R Fidelity Ins[ntu[ional Cash 1,569,254.00 1,569,254.00 1,569,254.00 5.360 5.280 5.360 1
11012 E Fidelity Insci[utaonal Cash 0.00 0.0� 0.00 5.210 5.139 5.210 1
11o1e FitleLry Inscitu[ional Cash o.00 0.00 0.00 5.360 5.28"l 5.360 1
31019 Fitlelncy ZnstiCUClonal Cash 10.0o 1'1.00 30.00 5.360 5.28] 5.360 1
3
OB/26/1990 PD Redevelopmen[ Ayency PN � �
INVESTMENT PORTFOLIO DETAILS - INVESTMONTS RDA
JULY 31, 199] ACCRllAl
INVESTM6NT AVERAGE PURCHASE STATEO --- Y1T" --- MATIIRITY DAYS
NUMHER ISSUER BALANCE DATE HOOK VALVE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MA?
"""""""""""_""_"_"_'_____"_____"___________________"__________________"_""__________"""'"""""""'""'""'____'_'_______"'_____"'"___
FIDELII'Y TREASURY POOL
11020 Fidelity Ine[itutional Caeh 0.00 0.00 0.00 5.160 5.089 5.160 1
13021 FideliTy IneCitutiOnal Caeh 0.40 0.00 0.00 5.360 5.78'/ 5.360 1
11022 Fidelity Inetitutionh7 Cash OB2,902.00 --]82,982.00 982,982.00 5.360 5.2B� 5.360 1
13023 Fidelity Ingtitu[ional Cash 2'/3.00 2'/3.00 2'I3.00 5.360 5.28� 5.360 .
11025 Fidelity Institutional Cash 0.00 0.00 0.00 5.360 5.28� 5.360 1
11026 Fidelity Institutional Cash 66.00 66.00 66.00 5.360 5.28"1 5.360 1
1102'l E eidelity sns[itutional Cash 302,161.00 302,161.00 302,161.00 5.360 5.28� 5.360 1
11028 Fidelity Insti[u[ional Cash 119,900.00 119,900.00 119,900.00 5.210 5.139 5.210 .
11029 Fidelity Inscitutional Cash 'l26.00 ]26.00 ]26.00 5.360 5.28� 5.360 1
11030 R Fidelity In3tiCUCional Caeh 648,100.00 648,100.00 648,100.00 5.360 5.28� 5.36� 1
11031 Fideli[y Trtstitu[ional Cash 8.�0 8.00 8.00 5.360 5.280 5.360 1
11032 Fidelity Institutional Cash 0.00 0.00 0.00 5.150 5.009 5.150 1
1103� Fitlelity Insti[utional Cash 0.00 0.00 0.00 5.360 5.280 5.360 1
11038 Fidelity Institutional Cash 09,650.0� �4,659.00 ]q,65'J.00 5.360 5-28� 5.360 .
11039 R FideL ty Inscitutional Cash 30,B43.00 37,843.00 3>,843.00 5.360 5.28� 5.360 I
11040 Fidelity Insti[utional Cash 1'l8.00 1'I8.00 1'I8.00 5.360 5.2B'/ 5.360 1
1:041 I Fidelity Inscitutional Cash 109,128.00 109,128.a0 109,128.00 5.360 5.287 5.360 1
110a2 Fidelity InsCitu[ional Cash 12.00 12.00 . . 12.00 5.260 S.1BB 5.260 1
11044 FideliCy InsCi[utioRal Cash 33,198.00 33,198.00 33,148.00 5.360 5.287 5.360 1
11046 Fidelity Ins[i[utional Cash 3,821.00 3,821.00 3,841.00 5.360 5.28'/ 5.360 1
1;04� Fidelity Ins[itu[ional Cash 129,300.00 124,300.00 12s,300.00 5.3fi0 5.29'l 5.360 1
11048 Fideli[y Ins[i[utional Cash 0.00 0.00 0.00 5.220 5.19B 5.220 1
11049 Fidelity 2nsti�upyortal Cash 9,914.00 9,414.00 9,419.00 5.360 5.287 5.3fi0 1
1105C Fidelity Institucional Cash 056,B31.0� 856,811.00 856,811.00 5.360 5.28� 5.360 1
11051 Fidelity Institutional Cash 0.0� 0.00 0.00 5.220 5.198 5.220 1
11052 Fideliey Ins[i[u[ional Cash 2,862,155.�0 2,062,155.00 2,862,155.00 5.360 5.28'/ 5.360 1
11053 Fidelity Ins[ituCional Cash 3,533,135.00 3,533,135.00 3,533,135.00 5.360 5.28"/ 5.360 1
11�54 Fideliry InsCiCu[ional Cash 99,182.00 94,182.00 94,182.00 5.360 5.28'1 5.360 1
___""__________"' _____""______" ___________'__ ____'_"_______ ______ _____" _____-
SU6TOTALS and AVERAG05 38,563,648.32 35,059,OOB.00 35,054,�08.00
35,059,�OB.00 5.286 5.359 1
__'_____'__________"_"_____________'_____"___"__"_____________'___"______________________"_____"_____
TOTAL INVESTMENTS and AVG. 5 153,8]9,9]5.30 153,905,536.64
103,248,6]"1.91 153,918,929.95 5.259§ 5.332k B21
4
OB!26/199] PD Redevelopment Agency PY. - 5
SNVESTMENT PORTFOLIO DETAILS - CASH RDA
NLY 31, 1999 ACCRUA;.
INVESTMENT AVERAG6 PURCHASE STATED --- YTM --- MA:URIT.P DAYS
NUMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARICET VALSIE RATE 360 365 �ATE TO MAT
PASSHOOA/CE�ClCING
25002 B of A - Self Help Checking 62,'l06.39 0.000 0.000 0.000 �
AVERAGES 91,906.65
nccrued Interes[ at Purchase 9,392.2'l
_"'___'___""_"_'__""_""_'__"_'_'___'"'_"'_"'"'________"""_"_""_'"'_""'"
TOTAL CASH 5 52,118."1"1
TOTAL CASH and INVESTMeNTS 5 103,290,584.06 153,931,599.0�
5
OB/26/199� PD Redevelopmen[ Agency PN � �
PORTFOLIO MASTER INVESTMENT ACfIVITY BY 1'YPE FiOA
.NLY 1, 199"1 - JULY 31, 199] ACCROA:.
STATED TRANSACTION PURCHASES SALES/MATURITiES
TYPE INVESTMENT p ISSUER RATE DATE OR DEPOSITS OR WITFiDRAWALS BA:,INCE
___________"___"""""""""__""""_"""""""""""'_____________'_________________'_"__"___""______________________________________"______
CERTIFIGTES OF DEPOSIT - HANR
20000 Union Bank of California 9.950 07/25/1997 100,000.00
20002 Union Ba$k of California 9.950 OT/25/1999 100,605.00 ,
SlIBTOTALS and ENDING BALANCE 100,605.00 100,000.00 950,605.�0
TREASURY SECURITIES - T-BILL
18021 llni[es States Taeasury 5.930 09/24/199] �0,163.91 0.00
LOCAL AGENCY :NVESTMENT FVNDS (Monthly Summary)
21000 Local Agency Inveatment Fund 5.630 169,955.01 12,983,9]B.iS
PASSBOOH/CHECKING (Monthly Summary)
25002 B af A - Self Help Checking 0.000 846.32 0.00
CASH WITH TRUSTEE -FIRST TRUST (Monthly Summary)
26000 Cash with Tru9[ee �.000 1.82 O.B9
2600: Cash wiCh Trustee 0.000
2600: Cash with Trustee 0.000 2.62
260C3 Cash wlth Trvstee 0.000 3.')0
26004 Cash wiph Tns[ee o.000 1.3'/
260G5 Cash with Trustee 0.00� 2.3]
26006 Cash vith Trus[ee 0.000 0.01
2600� Cash with Trus[ee 0.000 3.25 0.98
26008 Cash with Trvscee 0.000 6.16 0.94
26005 Cash w1Ch Truatee 0.000 1.36 0.19
SUHTOTALS and ENDING BALANCE�� 22.66 2.55 ' 0.00
FEDERAL AGENCY ISSOES - COUPON
15013 Federal Home Loan Bank ').000 0'!/21/1999 2,000,000.00 11,119,692.34
TREASURY SECURITIES � COUPON �
17071 Unites S[ates Treasuzy 5.8�5 0]/31/199"1 1,000,000.00 18,296,358.51
6
_ __
OB/26/199� PD Retlevelopmen[ Agency PM - ,
PORTFOLIO MASTER INVESTMENT ACPSVITY BY TYPE R�A
JULY 1, 1997 - ,7ULY 31, 199] ACCRUAL
STATED TRANSACTION PURCHASES SALES/MATURITIES
TYPE INVESTMENT # ISSUER RATE DA?E OR DEPOSITS OA WSSHDAAWALS BTLANCE
"""""""_"'___"""""""""""___"�"______________________________""__"________________________________"__'_"________________"_"""___
STATE 6 UJCAL GOVT SERIES
19001 SCate 6 IACdI GP�L S0x SeCuzit 0.000 07/24/1999 3'/2,455.00 '
19002 Staee fi Local Gov[ Ser Secuiit 0.000 0]�24/199� 308,933.00
19003 State & Ldcal Gw[ Ser Securi[ 0.000 0�/24/199] 3'12,455.00
19009 S[ate & Local GwC Sei Securi[ 0.000 0�/24/199] 248,145.00
19005 State & Local Gav[ Ser Securi[ 0.000 0�/24/199] 3]2,955.00
190�6 5[ate & Local Govt Ser Securic 0.000 09/2a/1999 1,542,8'/1.00
190C"1 State & Local Govt Ser SecuriC 0.000 00/29/1990 361,813.00
19008 State 6 Lo<al Govt Ser SecuriC 0.000 0']/]4/199'/ 239,075.00
19009 5[a[e S Local Govt Sez Securit 0.000 0'//24/1990 12,650.00
19010 State 6 Local Govt Sez Secuzit o.000 0]/24/199'J 1,581,91'J.00
19011 Sta[e fi Local GovC Ser Sec�rit 0.000 0]/24/199'1 12,656.00
1901.' SCaCe 6 Local Govt Ser Secuni[ 0.000 0"!/24/199] 19],191.00
19013 State & Local Govt Sec SecuriC 0.000 00/24/1999 12,65'1.00
19014 Sta[e & Local GovC Ser Securi[ 0.000 0�/24/1990 1,622,191.00
19015 S[ate & Local Gov[ SEr Securi[ 0.000 0"1/24/199� 361,813.00
19016 Stafe & Local Gov[ Ser Securi[ 0.000 09/29/199'/ 158,205.00
19010 _ State & Local Govt Ser SecuriC 0.000 09/29/1990 . 12,656.00 .
19015 Sca[e s Local Govt Ser Securit 0.000 09/24/199'/ 1,669,97'].00
19C15 5[a[e & Local Govt Ser Securi[ 0.000 09/24/199] 12,656.00
1902^ SCa[e & Local Gwt Ser Securi[ 0.000 0'!/24/199'/ 88,82'/.00
19C2: State 6 Local Gov[ Ser Secuci[ 0.000 0�/24/199"1 12,656.00
SUHTOTALS an9 E:DI:s3 6ALANCE 9,599,491.00 0.00 9,599,4]1.00
STATE 6 LOCAL GOVT ScRIES - COUPON
1950C State b Local Govt Ser Securit 3.165 0>/24/1999 5,686,929.00
19:^: Sta[e 6 Local Gov[ Set SecusiC 6.090 0'//24/1999 60,'/92,835.00
SIIBTOTALS an� ENC4NG BA:.ANCE 66,429,662.00 0.00 66,429,662.00
FIDELITY TREASL'RY POOL lMonChly Summazy)
11002 : FideliGy Institutional Cash 5.360 32,00].00
ll�03 P. Fidel:ty SnsCiCutional Cash 5.360 2,644.00
I100n £ citleln[y Inscituc�onal Cash 5.360 121,654.00
11005 ? Eidelnry Ins[itucional Cash 5.360 893.00
11006 e Fidelicy Ins[i[utional Cash 5.360 89.00
11008 k Fideli[y Ins[i[utional Cash 5.360 6,390.00
11005 i FitleL ty InsClCutional Cash 5.360 ],152.00
11�1C I Fitlelity Ins[iN[ional Cash 5.360 a,548.00 360,592.00
1101': R Fidelity Institutional Cash 5.360 1B,992.00 6,OB9,2'15.00
7
OB/26/199� P� Redevelopmen[ Agency PM - E
PORTFOLIO MASTER INVESTMENT ALTIVITY 9Y TYPE fiDA
NLY 1, 1990 - JULY 31, 199� ACCFUAi.
STATED TRANSACTION PURCHASES SALES/MATURITIES
TYPE INVESTMENT % ISSVER RATE DATE OR DEPOSITS OR WITHDRAWALS BAI.AKCE
"""""_'__'"""""""""_______________"'_____________________"__________'"_"_____________________________________"""_"_'""__"___"__"
11012 E Fidelity Inetitutional Caeh S.�io
11018 Fidelity Inetitutional Caeh 5.360 466,807.00 468,930.00
11019 Fidelity Inetitutional Cash 5.360 1'].00
11020 Fidelity-Snstitutional Caeh 5.160 — ,
13021 ' Fidelity Institutional Caeh 5.360 18.00 18.00
11022 Fideli[y InstituTiondl Cdsh 5.360 ]82,914.00
13023 Fidelity InstituCional Cash 5.360 1.00
11025 Fideli[y InstituCional Ca9h 5.360 11.00 1:.00
11026 Fideli[y Inetitutio�al Caeh 5.360
1302] E Fidelity Insti[utional Cash 5.360 1,216.00
11028 Fidelity IneCitutional Cash 5.210 119,884.00
11029 Fidelity InstiCutional Cash 5.360 3.00
11030 R FideliCy Institu[ional Cash 5.360 2,021.00
11031 Fideli[y Ins[itu[ional Cash 5.360 8.00
11032 Fidelity InsCitutional Cash 5.150
1103"l Fidelity Inacitutional Caeh 5.360 109,Ban.00 109,90a.00
11038 Fideli[y Institutional Cash 5.360 '/4,003.00
11039 R Fidelity Insti[u[ional Cash 5.360 15,481.00 15,981.00
11090 _ __ Fidelity Institu[ional Cash 5.360 � 1.00 �
110a1 I Fidelity Insti[u[ional Cash 5.360 585.00 554.00
11042 Fidelity InsCitu[ional Cash 5.260
11044 FideliCy Ins[i[utional Caeh 5.360 15,591.00
13046 FideliCy Ins[i[utional Caeh 5.360 16.00
1109] Fidelity InBCi[uCional Caeh 5.360 508.00
11042 Fidelity Insti[u[ional Cash 5.220
11099 Fideli[y Ins[itutional Cash 5.360 38.�0
11�50 FidelYty InsCitutional Cash 5.360 1,890.00
- 1305: Fidelity Institutional Cash 5.220
11052 Fidelity Institutional Cash 5.36� 11,902.00
11G53 Fidelity IvstiCUCional Cash 5.360 418,293.00
1105a Fideliry InsCiCUCional Cash 5.360 386.00
SUBTOTALS and ENDING BALANCE-� 2,214,802.00 'J,094,]65.00 35,054,]OB.00
____"______________"__"____"__""____""__'_______"____"__________________
TOTALS '10,965,163.99 10,214,930.96 153,8�9,9"/5.30
�
OB/2fi/199� PM � -
PD Redevelopment Agency RDA
INVESTMENT ACTSVITY SVMMHRY A.^CRUF�
JULY 1996 Lhrough SULY 1999
YIEL➢ TO MATURII'T MANAGED NUMBER OF NUMHER OF AVERAGE
MONTH NVMBER OF TOTAL 3fi0 365 POOL SECU[tITIES SECURITISS AVERAGE OAYS TO
fiND YEAR SECURITIES INV65T6D 6QUIV EQUIV RAT6 PURCHA9ED MATURED/SOLD TERM MATIIRITY
_________"___'______'__'__"_____"_""____""""'_______"'"'"'_'_'______'__"'_"'_"'_________'___'___'_""__'
.Tuly 96 104 H9,528,4]3.60 5.653 5.']31 - S.OB1 0 3 582 331
� Augus[ 96 102 91,598,931.58 5.634 5."/13 5.0�9 2 ") 559 303
September 96 101 86,905,66'1.09 i 662 5.]41 5.0]] 2 5 590 303
Oc[ober 96 306 303,501,531.69 5.568 5.6n5 5.13< � 10 S 99] 26"l
November 96 102 8],516,234.08 5.52] 5.609 5.068 3 9 383 254
December 96 99 99,366,�96.51 5.511 5.58� 5.169 0 6 314 ' 165
January 9"l 95 85,701,933.9'/ 5.569 5.646 5.291 2 6 320 1]3
February 99 93 80,869,552.07 5.596 5.623 5.10'1 0 3 332 166
March 9"l 91 '10,533,05'I.43 5.516 5.592 5.218 1 3 391 19a
Apri: 9' 9� 80,5'15,386.'14 5.582 5.660 i220 2 2 368 213
May 9� 95 "/8,585,626.60 S.filfi 5.69a 5.309 0 4 363 198
JunE 9� 8� 85,625,956.]8 5.994 5.500 5.360 3 13 199 101
Suly 9v 94 153,8�9,495.30 5.259 5.332 5.630 29 9 B82 B21
_____""_""'__'__"""____"__"'__"____________"_'______"'_""_"___'__""___'_'___"___"""'
AVERA3E5 9� 5 90,322,159.50 5.550& 5.626t 5.200� 4 5 443 269
9
OB/2b/199� PM 1^.
PD Redevelopment Agency R�a
DISTRIBUYION OF INVESSMENTS BY TYPE AC.^RJAL
JULY 199fi through JULY 199"!
MONTH _'________"_____"'____'_'___"_'_'_'__________ TYDES OF INVESTMENTS __'_'___"_"_'_'
______"_'____"'_'.'___"_""
END YEAR BCD SCD FID1 LAS PA1 PA2 PA3 MTN BAC COM FAC FAD TRC TRD MC1 MC2 LA1
July 96 5.5 11.'] 2.9 0.6 64.3 0.9 19.8
AuguSC 96 0.3 12.1 2.3 0.5 62.3 0.5 22.0
September 96 0.3 11.3 3.0 1.1 65.0 0.5 16.>
OCCober 96 0.3 9.2 3.2 4.3 6.B 49.3 0.5 26.5
NovembEr 96 0.3 10.3 0.1 3.B 5.0 12.2 95."! 22.5
�ecember 96 0.9 9.5 2.9 5.6 13.4 44.9 24.5
Sanuary 9� 0.1 22.� 0.5 9.2 6."/ 39.9 22.9
February 9'l �.1 22.8 �.� 1.0 42.3 26.2
March 9'1 _. 0.1 14.9 - . - 8.6 0.6 90.8 39.9
Apiil 99 0.1 13.0 23.2 3.� 35.9 24.3
May. 90 0.1 ll.2 23.8 3.8 29.2 25.9
Sune 9"1 0.5 0.1 15.0 15.3 22.5 46-6
July 9"] 0.3 8.4 �.2 11.9 6.2 43.2 22.B
"_________""'_""""__"_"_"""_________________________"_""_______________"____'___'_________________________'"""____""__
AVERAGES 0.18 0.6& 13.'/g 0.0t 0.8§ B.9t 3.9& 42.58 0.2k O.Sk 3.3k 25.6k
BCn - Certificaces of Deposit - Hank SCD - Certifica[es of Depoei[ - S 6 L
M�1 - Treasury SecuriCies - T-Bill LAS - Local Agency SnveatmenC Funds
PA1 - Passbook/Checking PA2 - Cash with TzueGce -Fiiet TrusC
PA3 - Checking/Self Help Housing I,oans MTN - Medium Tezm Notes
BAC - Bankers AccepCanres COM - Commeccial Paper - DiscounC
FAC - Federal A9ency Issues - Coupon FA[l - Federdl AgenCy IesUee� - DiSCDUn[ -
TRC - Tzeasury Securi[ies � Coupon � TR� - Treaeury SecuLitie6 - DiecounC
MC1 - State b LoGal Govt Serie9 MC2 - Sta[e 6 LOCal GovG Se2ie8 - CollpOn
LAi - Fideliry Treasury Pool
���
OB/?6/199� . PM --
PD Redevelopment Agency 20A
INTEREST EARNINGS SUMMARY ACCRJAL
JOLY 31, 1997
MONTH ENDING FISCAL
SULY 31, 1997 YEAR TO DATE
CD/Coupon/niecounc Inveetmenta:
Intereet Collec[ed $ 196,129.09 5 196,129.09
PLUS ACCIued SnCereet a[ End of Period 462.'168.08 462,'168.08
LESS Accrued In[erest at�-Eeginning of Peziod ( —420,008.60) ( 920,008.60;
__'____"__________ _____________""___
- Interes[ Earned during Peiiod 5 23B,BB8.5� 23B,888.59
ADSUSTED by Premiums and Discounte 2,293.90 � 2,293.90
ADJUSTED by Capital Gains oi L099E9 0.00 0.00
__'_______________ __________________
Earvings during Period 241.18].a'/ 5 241,1B2.9"l
Mortaa5e Backed SecuziYies:
Inceres[ Collec[ed . 5 0.00 5 0.00
PLUS Accrued InCeiea[ at End of Period 0.00 0.00
LE55 Accrued ?n[eres[ a[ Beginning of Period ( 0.00) ( o.00)
"_"'_'__'_'_____. . . ___'__"'_____"__
Interes[ 6arned during Period 5 0.00 0.00
AOJCS.E� by Premiums and Discounts 0.00 0.00
ADSUSTEC by CapiCal Gains oz Losaes 0.00 0.00
""'______________" _"'___"___"_"_____
Earmngs during Period O.00 $ o.00
Cash/Checking Accounts: _ .
Interest Collected S 288,419.81 $ 288,419.81
PLUS Acczuec In[erest at Evd of Period -92,890.39 -92.89'/.39
LESS Ac^rued InteresC at Beginning oE Period ( -91,905.12) ( -41,905.12)
Incetest Earned duiing Peziod 5 236,93].54 $ 236,92�.54
� TOTAL Interes[ Earned duzing Pe[iod S 495,816.11 $ 4'/5,816.11
TOTAL A�ustmen[s from Premiums and Discouncs 5 2.293.90 $ 2,793.90
TOTAL Capi[al Gains or Losees 5 0.00 $ 0.00
""""__"_____'_"__ '_'__"_"'"________
TOTAi Eainings duling Period $ 4�8,110.01 $ 908,110.01
11
. _._
08/11/1997 � uoo �uiuon sona r�+ - z
INV89Tl�lPf POATPOLIO DBTASLB - IIN88'd�ffi7TB ADA
� JULY 31. 1997 11CCNUAL
I[iVBBTI�NP PUACHAS& DTAIBD '__ Y1T1 "' MATUR2IY DAYB
NUlIDBR IBBUfiR DATB BOOA Vpy[7J� FNC$ �UB M�P VALU& AATE 360 365 DATS TO MAT
__'___""______'_'_"_"________'______'____"_""'__'__'__"_'__________""'___"'_'___'____"__"'__""_____"""_________"
PBDHPAL AC&ICY I88088 - ODVPQP
15010 A FWax�al H�e Loan Moriqaqs 10/22/96 1,000,000.00 1,000,000.00 996,875.00 5.800 6.123 6.70B 03/19/99 595
PIDSLITY TABABUAY POOL �
11010 I Pideiity Inetitutioml CaeR B4OBB�7B5.00 8,088,785.00 8,088,785.00 5.360 5.287 5.360 1
11011 A FStlallty Inetltutional Caeh 1,569,256.tl0 1,569,456.00 1,569,25d.00 5.360 5.287 5.360 1
11012 8 Fidellty Inetitutioml Cne� 0.00 0.00 0.00 5.210 5.139 5.230 1
11018 PSdallty Inetltutioml Caeh 0.00 0.00 0.00 5.360 5.787 5.360 1
13037 PSdallty Inetitutioml CseE 0.00 0.00 0.00 5.360 5.287 5.360 1
'_"'_"""_' "'_"""__" "'_"""""_ ""_' '_'___ "'_"
BUBTOTALS md AVSF111G89 9,658,039.00 9,658,039.00
9,658,039.00 5.287 5.360 1
"""__""""""_"""_"'__'_""_"""'_"""__"__'__"""'__"'_""
TOTAL INVE3ITffi7T8 end AVG. f 10,658�039.00 10,654�914.00
10�658,039.00 5.365i 5.660t 57
12
OB/11/1997 I�A 5100 111111on Boa6 PM - 3
IPV88'II�ffiiT PORTlOLIO DETAILB - CA86 HIlA
• JVLY 31. 1997 ACCRUAL
INVSSTIffiPT PUACB718B 6TATSD "' yII1 "' M7ITUAIT1f DAYS
MIAIDSR I38U8R D71T6 H001C VALUB PACB VALUE MAHICSf VALOS IUT6 360 365 DATE TO !AT
"_""_'_""""_""_"""""__"_""'_'_""_"_'_"'____"_"""""""""_""""_"'__'_""'____"_""""_'___'__
CA89 WITB TRUeT88 -FIABT TRUBT
26000 Cae� vlth Tivatea 0.98 0.000 0.000 0.000
"""""""_'_"'_'_"""""""___"'_"""""'_"_"'_"""""'__"__"'
TOfAL C1f8H antl INV88TMEIPfB � f 10�658�039.98
13
OB/11/1997 1iDA 577.5 M1111on eoM Pi1 - Y
INVB81NBlIT P01I1FOLI0 DETAIL9 - IAVEB'II�ffi7T9 PDA
� JULY 31, 1997 ACCAUAL
INV881TffiNf PI7ACHA8E 6TA'1'6D "' yyH '_' MATUffiT1f OAYS
POlIDER I88USA 7171TE 8001C VALVH PACB VALUB MAAREf VALUB RAT6 360 365 DATS TO MAT
'_"""____"""'___""_'_"'_""___""""""__'_"___"_"'_'__'_"_'__"______"_'__"""'_'_"_""'_"'_"___'_"_'__'
FIDHLIIY TAS118URY POOL
11008 R FSM11ty 2a6titutloml Ca�G 1�606�808.00 1�604�808.00 1�606�808.00 5.360 5.]87 5.360 1
11009 I PSQallty Inetitutional Cae� 1,767,872.00 1,767,872.00 1,76�,872.00 5.360 5.2B7 5.360 1
11021 PSCality Inatitutloml Geh 0.00 0.00 0.00 5.360 5.287 5.360 1
11022 Fidality Inotitutioml Ceeh 782,982.00 782�982.00 782,982.00 5.360 5.287 5.360 1
11023 Fitlelity Inetitutloml Cee� 273.00 273.00 273.00 5.360 5.287 5.360 1 �
'_"__"""" """'__""' """""_'_' """ """ "_"'
SUBTOTALB and AVIIUGBS 6,135�935.00 6�135,935.00
4,134,935.00 5.287 5.360 1
"__"_"""'__"_'_""_"_"""""'_'__""'_""_"""""_"_"��...._""
TOTAL INV83�7ffiiT& anC AVG. S 6�135,935.00 6�135�935.00
� 6,135,935.00 5.287i 5.360t 1
14
08/11/1997 � 517.5 MSllion eond , PM - 3
INVBB'IIffiiT POATPOLIO DETAII.B - ChBH ADA
� JULY 31� 1997 ACCAr��r.
INVESTMEPP PUACBA88 8TAT6D "' ya{ '__ IMTUAITY DAYS
NIIAIDgp IggUSR p/�TS HO04C VALUB FACB VALUB lAHI�T VALUB MTS 360 3fi5 DATB TO MAT
"""___"""""_"_'__""_'_"_""_""""'_""___"""'___"_"_""""_'__"'_""""""""""'__""""""""_
CpBH N2TH TRVB'8B -PIPeT TAUBT
Y6005 Ca�h vith Truatr Y.37 0.000 0.000 0.000
___'__""""'___'_"_"_""'"'__'_""""""'__"'_"_"'""__"__"__"""__""
TOTAL G8H md INVE6Tl1BNT8 , = 6,135,937.37 �
15
___ .
08/11/1997 aDH i36 Million 8�d eM ' 3
INVE8IAffi7T PmPPP0Q.S0 DEP11SL9 - IPV88'IIffilT8 1�A
� JULY 31. 1997 ACCBllAL
IAV88'II�ffiIT . PUACHA88 BTATBD "' yA1 __' Mi�TURITY DAYS
�gp Igg�7gR DA1B BOCIlC VALUB FACS VALUB MAPICET MLUS RATB 360 365 DATS TO MAT
""_'_"__"""""""'_'_'_'_'_"""_"___"'_'_"__""""_'_'__"__"""'__"""""""""'_"""""'___"'_"""'_'
PSDEAAL A6Bl1CY I88U68 - COUPOII
1501� Fedotel Nationel Mortgeqo A O1/16/97 3,999,668.33 •,000,000.00 �,000,000.00 5.600 5.630 5•708 O1/16/98 16B
TR8118UAY 88CURITI88 - COIIPOt7
1'I007 I Unitee 8tatee Treaeury 07/O1/96 999,986.85 1,OU0,000.00 1,001,562.50 6.000 5.921 fi.003 11/30/97 121
17079 S Unitae BYateb Txeaeury 11/10/96 5�002,563.d8 5�000�000.00 5,001�562.50 5.750 5.366 5.620 09/30/97 60
17086 Unitae 8tatea Treaeury 06/02/97 6,993,278.30 5,000,000.00 6,995,312.50 5.250 5.696 5.573 12/31/97 152
"'_""""" ""___""___ '_""""'_" '_'__' '__"' """
eOHTOTALs ead AVSFtA0S8 10,995,826.63 30,998,637.50
11,000,000.00 5.666 5.562 107
PIDBLITY TAEABllAY POOL
13002 I PSdellty Inetitutioml Ceeh � 7,823,199.00 7,823,199.00 7,823,199.00 5.360 5.287 5.360 1
11003 R FSdellty Inatltutioml Ceeh 761,903.00 741,903.00 761,903.00 5.360 5.287 5.360 1
11004 & Fidelity Inetitutional Cs�h 2,317,436.00 2,317,636.00 2,317,636.00 6.360 5.Y87 5.360 1
11019 Fidelity Inetitutional Caeh 17.00 17.00 17.00 5.360 5.287 5.360 1
13020 Fitlellty Instltutloml Ceah 0.00 0.00 0.00 5.160 5.089 5.160 1
11029 Fidelity Inatitutional Caah 726.00 726.00 7]6.00 5.360 5.487 5.360 1 �
. . . ___""'_""' '_'__""""_ """"____" "'_" '_'_" _""'
SUBTOTALB and AVSPAG83 10�883�281.00 10,883�281.00
30�883�281.00 5.2B7 5.360 1
""""""""'_""'_"""""'_""""""___"_'_"""__"'_""'__"'_'
TOTAL INV889�ffiIT8 antl AVG. S 35,878,575.96 25,881,718.50
25,883,281.0� 5.616i 5.4919 7Y
16
08/11/1997 AW S7� H1111on Bond PM - 3
� INV88'd�T PORfPOLIO DSTAIL9 - CA89 RDA
' JULY 31. 1997 .ACCRIIAL
INVS8ITffiIT PUACHAB& 9TATSD "_ y7y "_ l7NTUAITY W1Y8
NIR�ffit I98UEA DATB BOOE VALUS PACS VALUB MAARET VALUE AATB 360 365 �ATS TO MAT
_"""""'_'__""'_"__"""""'__"_"_"_'_""""_'_""""__"___"_"__"""_"""""_"""'_"'_"""_"""""
CASH WTfH 'IItU81B8 -PIF6T 11WBT
26002 Ces� vith Tru�tw 2.67 0.000 0.000 0.000
'_""'_'___"'_'__"'__""""___""___""""'_'__"_""'"""'_"'_""'"""'
TOfAL CABH end INV88TM6IPf8 S 23,878�578.58 � - .
17
OB/11/1997 IU1A S� �41111on Band PIA - 2
IINS81}IBMP PO�tTF�.IO DETAILB - IPVBB'd�iTB PDA
� .IULY 31. 1997 ACCAIIN.
INV881Rffi�T PURCHABE STATBD "' y'dA '_' MATURITY uAYB
NUMBBR I99UBR DB18 8904C VALUB FAC& VALUB MARl�T VALUS MT8 360 365 OATB TO IMT
"'_""'_""'_"'__""_"""""""""'_'_""_""""_""'____""'_"__""'_"'_"""'__'_'_"""'___'__""""""'
FSDHAAL AOffiICY I88U88 - COIIPON
15005 8 PW�rel 8� Loan eank 06/14/95 7,116�609.50 ],115,000.00 2�117,643.75 6.105 5.855 5.937 11/O1/97 12]
TA8119URY 88CURITI88 - COUPCIi
17013 R Unitee etatee Treasury 07/01/95 107,275.00 106,000.00 108,dY0.00 7.750 6.098 6.182 il/30/99 851
17015 8 Unitee etatee Treaeury 07/O1/95 231,192.90 231,000.00 231,360.96 6.000 5.665 5.726 11/30/97 121
"""_'_""' _"'_""'""' "'___"_"'"' __"" """' _""'
9UeTOTALS and AVBF110fie 338,167.90 339�780.96
335�000.00 5.789 5.869 352
PIDSLITY TREASURY POOL
11005 I Pidelity Inetitutional Caeh 1,567,619.00 1,567,619.00 1,567,619.00 5.360 5.287 5.360 1
13006 R Pidality Inetltutioml Ceah 10,815.00 20�815.00 20,815.00 5.360 5.287 5.360 1
11025 Pidelity Inetitutloml CaeD 0.00 0.00 0.00 5.360 5.287 5.360 1
13026 Fldelity Inetltutloml CaM 66.00 66.00 66.00 5.360 5.287 5.360 1
11027 & Fidelity Inetltutlonal Ceeh 302�161.00 302�161.00 302,161.00 5.360 5.287 5.360 1
11028 Fidelity Inetltutlonel Ceeh 119,900.00 119,9D0.00 119,900.00 5.210 5.139 5.210 1
"'_""'_"'_ ____"__"_"' ""'_'__'_"_ '___" '_"" """ .
BUBTOTN.B md AVSMG83 1�990�561.00 1�990�561.00
1�990�361.00 � 5.278 5.351 1
"""""_"_'_""""""_""'__""__"""'_"_""_""'_'_"'_'_"'_"'_
TOfAL INV68TTMiNTB aM AVG. f 4�445�638.40 6�667�985.69
6,660,561.00 5.592t 5.6699 85
18
08/11/1997 ADA Sd Million Bond PM - 3
IPVL9'IIffi7T PORTIOLIO CBTAILB - CA89 PbA
' JULY 31. 1997 ACCAUAL
IAV&8TAffiHT PUAC9AH8 8TA1BD "' yyM '__ MilTURITY OAY9
NUlIDHR I88V&R DAT& BOOR VALUS FACB VALUS MAARET VALUB IUTB 360 365 DATfi 7h Ml�T
'_'_""""""_"__"""_"_"""'_'__'_____"___""'__""____'__'__'___'__'____'_'__""__""_'___"'__"___'_'_"""__"
GB9 WIT9 TAUBTSS -FIAeT TRUeT
26003 Carh wlts Tru�tw 3.70 0.000 0.000 0.000
""""""""""""""_""""""""""_"'__"""""_"'_"_'_'_"""
TOPAL CABH and INV881TffiIPfB S 6�665�662.10
19
OB/11/1997 Lov Mod 8st-as1Aa Mfundina PM - 2
IIiVB91T1GNP YOATPOLIO DSPAILS - INV6B'D�1T8 BD1�
' JULY 31, 1997 ACCAUAL
INVE9ITIDNP PURCB716E BTATSD __' y.dq "_ M71TqRITY DAYS
NUI�BR I88UEA ➢ATS BOO1C VALUS PACS VALUS MARRi�T VALUS AAT& 360 365 DATS TO IMT
"_'_""'_""'_""'________"""""___"""_""""""""""""'_"_'_""""_'_"_'__"""""'__"_""___""""'
FIDSLITY TAS118URY POOL
11030 R FSCality In�tltutioml G�h 6{8,100.00 648,100.00 649,100•00 5.360 5.287 5.360 1
11031 Fidality Inetitutloml Cash 8.00 8.00 8.00 5.360 5.287 5.360 1
13032 PSGaiity Inetitutlonal Cseh 0.00 0.00 0.00 5.150 5.079 5.150 1
11060 PiAelity In�tStutioml Caeh 178.00 178.00 178.00 5.360 5.2B7 5.360 1
""""""_' """"""" """"""" "'....�' """ """
eUeTOTALS anA AVERAa&8 668,286.00 668,286.00
648,286.00 5.287 5.360 1
'_'_"_"'_"'_""_""""'_'_'_"""_'_'_""'____'_"""""__""___"'_'
T(7fAL INVB.9T!ffi7T8 and AVG. S 668,286.00 668,286.00
668,286.00 4.2879 5.3609 1
2�
.
08/11/1997 Low Mod 8K-aeiM R�funAing � ' 3
IlN6B'D�ffiiT POATFDLIO DBTAILB - CAeH AUA
� JULY 31� 1997 1\CCRUN.
INVB8TH6NT PUACBAB& BTATFD ___ ym.{ '__ MA111RITY DAYB
NUMBER I88UER DATB BOOA VALUB PACB VALU& Mi�A1ff,T VALUS MTE 360 365 D11T8 TO MAT
__'_""'_""__""'_"'_'_""'_"'_'_"'_"""""'_""'_"_"""""""_""'_""_"""'_"_"_"""'_"__"""__""'
G� WITe 17tU8T8B -PIABT 17NeT
26004 Cash with Truetas 1.37 0.000 0.000 0.000
"____"__"'_""'_""_'_""_"'___""'_"""""'__"""""""'_"_'""""__
T07AL CA3H md IAV&81R�M'8 . S 668.287.37 -
21
_ _
OB/11/1997 Proj Araa 1-1997 rrfuading �M - 2
INVSBTl�NP POQtTPOL20 DETIIILB - INVSB'd�ffir19 ADA
' JULY 31, 1997 ACCRIIA7.
INVfiBT!ffilPl . PUACHASS BTATBD "' yyM '_' MA711AITY DAYS
p{it�ffi2 19gVBA DATH 800A VALUB FACB VALUB lAR11�T VALUB IUTfi 360 365 DATE TO MAT
"""'__"""'__'__"__""""'"""_'_"'_"_""""""_"""_'_""_"""'__"_""__""""'_""'_'___'_"""""_'_'
fiTATB 6 LOCAL ODVT BSRI88
19001 BTet. 6 Local Oovt Bai B�cu 07/2�/97 372,655.00 372�655.00 372�655.00 0.000 0.000 0.000 09/11/97 61
19002 Btate i Lxal Owt 8ar Bacu 07/2�/97 308,933.00 308,933.00 308,933.00 0.000 0.000 0.000 10/O1/97 61
19003 8teta 6 Locel Oovt e�r eacu 07/46/97 377,{55.00 37Y,655.00 372,655.00 0.000 0.000 0.000 SO/16/97 76
19004 9fata 6 Lmal Owt 8ez 8ecu 07/24/97 748,165.00 268,165.00 268,165.00 0.000 0.000 0.000 01/29/9B 181
19005 8tate t Lxal Oovt 8er 8seu 07/26/97 372,C55.00 372,455.00 372,655.00 0.000 0.000 0.000 03/05/98 216
19006 8tate a Local aovt ear Becu 07/2C/97 1�562,871.00 1,564,871.00 1�462�871.00 0.000 0.000 0.000 06/01/98 263
19007 STate S Local Cwt Ber BaCu 07/2C/97 361,813.00 361,813.00 361,813.00 0.000 0.000 0.000 06/OB/98 250
19008 Stete 6 Local Owt ear Bacu 07/26/97 239,715.00 739,715.00 239,715.00 0.000 0.000 0.000 30/O1/98 626
19009 etate 6 Lxal Owt eer 9�cu 07/26/9� 12,657.00 12�657.00 12,657.00 0.000 0.000 0.000 03/25/99 601
19010 etate 6 Locel Govt eer 8ecu 07/26/97 1,581,417.00 1,581,617.00 1,481,617.00 0.000 0.000 0.000 06/O1/99 608
19011 etate 6 Locel Cwt 9er Becu 07/26/97 12,656.00 12,636.00 12,656.00 O.00tl 0.000 0.000 09/16/99 776
19012 8tata 6 Local Owt 8er 8ecu 07/26/97 177,191.00 177,191.00 177,191.00 0.000 0.000 0.000 10/01/99 791
19013 State 6 Locel Owt 8at 8acu 07/24/97 12,657.00 12,657.00 12,657.00 0.000 0.000 0.000 03/09/00 951
19016 State 6 Lacel Govt 9er 8ecu 07/26/97 1,622,191.00 1,622,191.00 1,627,191.00 0.000 0.000 0.000 06/O1/00 976
19015 9tete i Lacal 6ovt Ser eacu 07/26/97 361�813.00 361�813.00 361,813.00 0.000 0.000 0.000 O6/12/00 985
19016 State 6 Local Gwt Ber 8acu 07/26/97 158,375.00 138,273.00 158,275.00 0.000 0.000 0.000 10/OS/00 1,161
19017 8tate 6 Local Gwt Ber Secu 07/26/97 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/29/01 1,336
19018 9tate 6 Local oovt 8ar 8acu 07/26/97 1,666�977.00 1�666,977.00 1,666,977.00 0.000 0.000 0.000 06/01/01 1,339
19019 STate 6 Lmal Gwt 8er 8ecu 07/26/97 12�656.00 12�656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,511
19020 BtaTs fi Local Oovt Sar Secu 07/24/97 88�827.00 88�827.00 88�827.00 0.000 0.000 0.000 10/O1/O1 1�522
19021 8tete 6 Locel 6wt eer Secu 07/Z6/97 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/10/02 1,686
__'_""_"'__ __'_"'_""" _"_"'__"_'_ ""_' '__"' '__"'
eUB1VfALe enC AVSRAGEB 9,569,671.00 9,569,671.00
9�5{9�671.00 0.000 0.000 673
8TAT8 S LOCAL OOVT BHRIEB - COUPON
19500 Stata 6 Lmel (iw[ &cr emcu 07/26/9'7 5�686,827.00 5,686,827.00 5,686�827.00 3.165 3.122 3.165 06/O1/02 1�706
19501 etate i Loeal Owt eaz 9ecu 07/16/97 60�762�835.00 60�762�833.00 60�762�835.00 6.090 6.007 6.090 06/18/02 1�721
eUeTOTALa and AV&RAo88 66,629,662.00 66,629,662.00
66,629,662.00 5.760 5.860 1�720
_""""""_"_'_"'_""_"""""""""'_"_"'__"_"""""'_""'_"'
TOTAL INV88�1iT8 a�W AVG. S 75,979,133.00 75,979,133.00
75�979�133.00 5.0364 S.lO6i I,SBB
22
_ ___ _ . . _
OB/11/1997 , 1996 Du�rt Poo 8aria� A eM - 2
IAVi9TlQiRf POATPOLIO DSTAILS - INV88'd��7Te ADA
' JULY 31� 1997 ���
INVSSIMENT PURCBABS BTATSD "' y'dA "' MATUAITY DAYS
NUlIDER I88U8A DATE HOOR VALUB FACB VALUB MAAREf VALU6 AATB 360 365 DATE TO MAT
""""_""_"_"'_______"""'_"""'_'"'_"______"""___"""'_"__""'___"'___'_""___"'__"_"""""""'_"__""
TABASUAY 88CURTTI88 - COUPON
17078 A UniUc 9tetse Tnasury 10/03/96 999�909.55 1,000,000.00 1,000,312.50 5.625 5.580 5.658 10/31/97 91
FIDBLITY TNSABUAY POOL
13066 Pldality Inetliutloml Caa6 3,8Y1.00 3,821.00 3,831.00 5.360 5.787 5.360 , 1
11067 Fidelity Inetltutioml Caeh 124,300.00 126,300.00 126,300.00 5.360 5.287 5.360 1
11068 Fitlelity Inetitutloml Caeh 0.00 0.00 0.00 5.220 5.168 5.220 1
11053 Fidality Inetitutional Cesh 3,533,135.00 3,533,135.00 3,533,135.00 5.360 5.287 5.360 1
11054 PStlollty InetStuYloml Cae� 96,182.00 94,182.00 96,182.00 5.360 5.287 5.360 1
_"_""""" """'__""' """"'_"'_ __"" "_"_ ""_'
BUBTOTALe and AVERA088 3�755�438.00 3�755,438.00
3�755�638.00 5.287 5.360 1
"'_'_""""""'_"__'_""'_"'_""'_"'__'_"""'_'_____"'_""""_'_"
TOPAL INVSSa�lI8NT3 enA Avc. S 6,�55,367.55 6,755,750.50
� 6�755�638.00 5.3688 5.6234 20
23
_ _ _
OB/11/1997 1996 Dr�rt Ao�s eariao A pM - 3
INVBB'II�@NT PORTPOL20 DEAILB - G� RpA
� JULY 31, 1997 ��g{�,
INVS87NENNP PUACeAeB 8TAT6D ___ y� "' MAIVRITY DAYS
NUlIDBR I88U6A DATB H001C VISUB PACB VALU6 M71AR6P VN,(�g pATp 360 365 DATE TO MAT
"'_'_"""""""_"_'_""""_'_"""'_'__"'_"""""""_"""'___""""""'_'""""'__"""_'__"""'_""_"'_'__
G89 WITH TRUBT88 -PIABT TAUBT
26008 Cu� vith TnseGe S.IZ 0.000 0.000 0.000
"""""__"'_""_""""_'___"__"_""_""""__"'_""__""""""""'
10TI1L CAeH enE INVH8T7�IPfS = {.755�352.97 �
24
OB/11/1997 1996 Dtl�it Aoea 8�riaa B PM - 2
ZNVB81T761PP PORTFOLIO DHT11ISd - INVE89ffiiT8 RDA
� JULY 31. 1997 ACCAWL
IIiV88T!ffilPl PUACHAeE BTAT� "' yqA "' MATURITY MY8
MIPIDSR I88UER D71T8 BOOE VALUS PACS VALUE M11Al�T VALUS R71T6 360 365 DATS TO M71T
_'_"""__""'_"'_"""""_""__'_'_"""""""""""""""""_"'_""""_"'___"_'_'__'_"'_'__"'___"""""'
F8D8AA7, AO&7CY I88U88 - COVPtlI
15016 Ped�ral Parm CrWit 02/Y6/97 1,499,591.95 1,500,000.00 1,�98,593.75 5.600 5.672 5.5�8 13/02/97 123 -
15015 Pedaral Home Loan Badc 02/26/97 999,867.88 1,000,000.00 999,062.50 5.600 5.630 5.506 il/26/97 117
"""'_'_"" '_'_'___'__'__ "'__"___'_" "_"' "'___ __""
eUBTOTALB and AVSPAGSS 2�699�459.83 � 2�697�656.25
2,500,000.00 5.655 5.531 121
FSDELITY TAEASURY POOL
13069 FiCality Inetltutional Caeh 9,616.00 9,616.00 9,614.00 5.360 5.287 5.360 1
11050 Fidality Snetitutioml Caah 856,811.00 856,811.00 856,811.00 5.360 5.287 5.360 1
11051 PSdelity Inetitutioml Geh 0.00 0.00 0.00 5.i2o 5.168 5.22o i
13052 Pidelity Inetitutioml Gah 2,86],155.00 2,862,155.00 2,862,155.00 5.360 5.287 5.360 1
""""""" _"""""'"' """"""" """ """ _"_'_
SUBTOTALS end AVIIU688 3�778�380.00 3�728�380.00
3,728�380.00 5.287 5.360 1
"____"'_""__'_"'_"'_'_"__""'_"'_'_""'_"_"'__"_""_'_"__'____'_'
TOLAL INVB3'AffiiTe and AVG. s 6,227,839.83 6,226,036.25 �
6,228,380.00 5.356i 5.6298 69
25
08/11/1997 , 1996 Ow�rt Aow BarLa e pp� - 3
IPV887Tffi7T POAIROLIO DSTAILB - GB0 ADA
JULY 31, 1997 7���,
INVE81116NP PURC&1SE BTATSD __' y.d.� '__ MAIVRITY DAYB
IiUI�IDBR I88U6R DATS BOOA VALUS FACB VALUB tMPRSf VALUS AATS 360 365 DATB TO IMT
'_""""""""""'_"'____"___""""""__'__"____""__'_""_"""_"'_"""""""""""""""'_"_"'_""""
cAsa wxa�a xnuaxss -ra�sr xxuax
26009 Ca�� wiN Truetw 1.17 0.000 0.000 0.000
""__"""""""'__"'_'_"'___"'__"""'_'_'__"__'__"_'_"'__"______"'_'
1VfAL CABH entl INV88TI�IPfB S 6.227�861.00 -' .
26
__ _ _ __
_ __ _ .
OB/il/1997 , Hlytha Couniy Court AEmin Ctx pp{ - Z
IPVSBTMENT POATPOLIO DSl11IL8 - INV88'd�iTB pp7�
� JULY 31� 1997 �Qy�nT.
TNV&81T�IiT PURC�86 8TAT8� _" y'II1 "' lATUAIIY DAY9
NUMBBR S&4UBR DATd HOOR VAL[IE FACB VALUB MAHICET VALUB RATS 360 365 DATB TO !AT
_"""_"""""""'_"""""_"'_"""""""""""""""__"_""""""""'_'___"__'___"'_""""""_"_""'_
YSDHNIL ABBNCY I86U88 - COUPOII
15008 R FWorai Yum Cradlt 09/13/96 �99�15�.68 500�000.00 502�031.25 6.1Y5 6.312 6.600 07/09/98 342
FIDBLIIY 1RiSA8URY IIOOL
11038 FStlellty Inetitutiom� CasL 76�657.00 76,659.00 76�657.00 5.360 5.287 5.360 1
11039 A Pidality Inetitutioml Ceah 37,863.00 37,813.00 37,863.00 5.360 5.287 5.360 � 1
13061 I PSdellty Inetitutioml Cae� 109,128.00 109,348.00 109,128.00 5.360 5.287 5.360 1
17042 PSdellty Inatltutioml Cash 12.00 12.00 12.00 5.260 5.188 5.260 1
11066 Pidaliiy In�titutioml Caeh 33�168.00 33�168.00 33.168.00 5.360 5.287 5.360 1
__""_""_'_ "_""""_" """"""'_ ""'_ '__"_ "___'
SUBTOfALB antl AVERAG88 256,788.00 456�788.00
25d,788.00 5.287 3.360 1
""""""'""""""_""'__"_"""""""""""""""""""""'_"""'""
TOTAL INVS9�ffi7T8 antl AVG. S 753,962.68 756,819.25
756,788.00 5.965\ 6.O68i 227
Z7
. __.. ._ _._. . . .. . . . . . ._ . . ._._ _ . ._ . __..
OB/11/1997 , Blytlu County Court Atlmin Cts PM - 3
INV681}ffiiT POpTppLIO DBTAILB - CJ18H ADA
.NLY 31� 1997 11Cp{Vpy
INVS8T7�ffiNT . PUACHl18E eTATBD _'_ y.y�,� '__ MATUASTY DAYB
NUliBSR I88USA DATE HppR VALUS FACB VALUB MAPIQ�R VALUB AAT5 360 365 DATS TO NAT
'__"___""_'___""__"__"_______'_'__'_'__'_'_"""""___"__"____""'___"__'__'_"""____"_'_"__'__'_""""__"_"'
G� WIT9 TAU8TB8 -PIABf TAUBT
26007 Cud wlth Tru�tw 2,47 0.000 0.000 0.000
'"""'__"___""__"___""""""'__"__"__"___'__"_""'"'_"'_""_""""'_
TOPAL G89 MA It7V881T�PTe s 753�9{5.15 '�
28
OB/2b/1999 RDA GENERN, BATCH DETAIL pM _ z
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
JULY 31, 1999 ACCRIIAL
INVESTMENT PIIRCHASE STATED --- Y1M --- MA7'ORI1'y DAYS
NUMBER ISSUER DATE BOOK VALUE FACE VAL[]E MARKET VALUE RATE 360 365 DATE TO MAT
"______"________________'___"__________________________________________'_'_________"____________________________________'"'_______
CERTIFICATHS OF DEPOSIT - BANK
20001 Vnion Bank of California 06/11/9'! 350,000.00 350,000.00 350,000.00 5.050 5.050 5.120 09/09/97 39
20002 Union Bank of Califomia 0]/25/9'/ 100,605.00 300,605.00 100,605.00 9.950 4.950 5.019 09/09/9"/ 39
' __�._____""'_ _____"'__"_" ___"' "_____ '_"'_"
SUBTOTALS and AVERAGES 950,605.00 450,605.00 '
' 450,605.00 5.028 5.098 39
IACAL AGENCY INVESTMENT FUNDS
23000 Local Agency Inveetment Fun 12,983,9�8.45 12,983,9'l8.45 12,903,9'18.45 5.630 5.553 5.630 1
FEDERAL AGENCY SSSUES - COUPON
15019 Federal Home Loan Bank 02/13/97 1,000,000.00 1,000,000.00 1,000,312.50 6.040 6.040 6.124 08/13/98 37�
TREASORY SECURITIES - COUPON �
1']069 Unites States Treasury OS/24/96 2,001,60B.00 2,000,000.00 2,00�,500.00 6.125 5.905 5.98"/ 03/31/98 242
1']092 Unites States Treasury , OS/29/96 999,B67.16 1,000,000.00 1,000,312.50 5.750 5 J99 5.828 09/30/9'/ 60
1]0�] Unites States Treasury OS/30/96 995,366.99 1,000,000.00 996,895.00 5.000 5.900 5.982 O1/31/98 163
10083 Vnites S[ates Treasuly 03/21/90 1,965�242.23 2�000,000.00 1�9'19,3'15.00 5.000 6.129 6.209 02/15/99 563
________"_____ ______________ ___'""________ ____"_ ______ ______
SUBTOTALS and AVERAGES 5,962,154.43 5,984,062.50
6,000,000.00 5.950 6.033 30'I
TOTAL INVESTMENTS and AVG. $ 20,396,]3].89 20,91B,95B.45
20,939,SB3.95 5.681b 5.]60t 110
OB/25/199'/ RI]A GENERAL BATCH DETAIL pM _ 3
SNVESTMENT PORTFOLIO �ETAILS - CASH RDA
.NLY 31, 1997 ACCRVAL
SNVESTMENT PVRCHASE STATED --- y'�'M --- MATVRI1y ➢AYS
NUMBER ISSUER DATE BOOR VALUE FAC& VALUE MARXET VALUE RATE 360 365 DATE TO MAT
"""_'_'_""_"_"_'__"_'______'____"_'"_'_""__'_____'_""___'___'_____"'_'_"'_"________""'__'_"'_'____'_'__'_"_'"'_'_""_'_____
CASH WIT}[ 1RVSTEE -FIRST TRIIST
26006 Cash wit� Trvatee 0.01 0.000 o.000 0.000 �
Acczued In[ereet at Purchaee 9,392.2'/ —
'_'__"__"_"_____"'_"_"_____'_"'_"_____"___"""__'""___'_'_______'______'""
TOTAL CASH $ 9,392.28
TOTAL CASH and INVESTMENTS $ 20,406,130.16
. _. .. . ... . .. . . . . . .... . . . . . . . . ... . . . .
. .. _. .. . . .. ... . ._. ._..__.. . ._ .. . . .
08/11/1997 , � eslf 6alp Chacklnq PM - 3
IPVSB'd�ffi7T PORIZOLIO 08TAILB - CA99 ADA
JULY 31. 1997 ACCRIIAi,
IIiV881}BMl PUAC9118S 8TAT6D "' yD1 __' M711VRITY OAYB
NUlIDBA IB8U8R W1T8 BOmC VALUB FACS VALU6 lY1AI�T VALUB PAT6 360 365 DATS TO MAT
_""""'_'___""_"_"__'_"__""""'_"'_'_'_"""____""""""_"_"'___'_""_"'__"'_"'_'_""""_'_"__'_""""
PA88BOOS/C�QCIAO
25002 8 of A - 8ell 8slp Chcking {2,706.39 0.000 0.000 0.000
"""""""""""""""""""""""""""""""""""""""""'
TOTAL CABH end INV&STPBPTe i 62�706.39 �'
31
_ _ _ _
08/11/1997 , Deerrt Willov (E�per) pM - 3
' INVSB'1Tffi7T POF7'F07.I0 DHTAIyB - CABH I�A
JULY 31� 1997 uq�W7,
INVS6Tf�lIT PUACHAe& STATSD "' y'AI "_ M1ITURIIY DAYe
Nf1HB8R I89U&A DAT& HOO1C VALI18 YACB VALUB MARR81 VALU6 AAT& 360 365 DATB TO MAT
""'___"'_"""'_""""""""____'_"_""_""""_'_"""""""""""'_"__"""__"'_"""'_"'__'_'______"""'
PA88B001C/C�4CI90
25008 Dwori Mlllav Ch�ekinq - HOG 593�830.35 0.0p0 0.000 0.000
""""__"'_""""""""'__""_""""""""'_"""""""""""""'
TOTAL CABH and I9VS81PffiNTB = 593�830.25 '
32
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City of Palm Desert
Month-end Investment Report
July 31, 1997
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
Portfolio Master Summary �
Investment Portfolio Detail - Investments 2
II1VeStrTl2nt POPtf0110 Det.�ll • Cash 5
Portfolio Master Investment Activity by Type 6
investment Activity Summary 9
Distribution of Investment5 by Type 10
Interest Earning5 Summary 11
Investment Portfolio Compliance Checklist 37
INVESTMENT INFORMATION BY FUND/BOND
Assesssment District 83•1 �2
1995 Refunding Bond 84-1-R 14
Assessment District 87-1 16
Indian Ridge 91-� Series A 18
Indian Ridge 91-1 Series B 20
Sierra Nova 92-1 22
Big Horn 94-1 24
Sunterrace 94-2 26
Merrano 943 28
95 Refunding Bond 83•1, 84-1-R, 87-1 30
City General Fund 32
Office Complex 34
Clty L08n t0 RDA 35
Library Foundation 36
__._. . _ __ _ _ _ .
A6/26/199� City of Palm DCseiC PM ' -
POR?FOLIO MASTER SUh4MRY �=TY �
JULY 31, 199] ACCRllhL
AVERAGE ---YIELD :0 MATOAIT]' --
PERCEN7 OF AVERAGE DAYS TO 360 365
INVESTMENTS HOOK VALVE PORTFOLIO TERM MATURITY EQVIVALENT EQVIVALONT
� Fidelity Treaeury Pool.......................$ 4,319,371.00 4.5'/ 1 1 5.28] 5.360
IqCal AgenCy Inve9tment Fuilde..... . ....... ...$ 16,496,010.96 1"/.90 1 1 5.553 S.fi30
Passbook/Checking AecounEe.. .................$ 4,10�,00o.25 4.35 1 1 .,4-56'/ 4.630
Commercial PapEF - Discount..................$ 4,929,8'15.00 5.22 90 � 26 5.690 5.]69
Fedeial AgencY Issu¢s - Coupon..... . . . . . .....5 19,514,]68.66 20.65 958 911 6.181 6.260
Tteasury SecuriCies - Coupon..... . . . . . . . . . . ..5 26,1�6,681.48 2'I.�O '/53 391 5.993 6.0�6
City Loan to RDA. . . ......... . .. . . . . .... .. . . . .5 19,000,000.00 2011 2,192 1,930 � 5.96'< 5.538
'_______"_"__"'""_"_'_"'__"'____"___'-_"____________'_""_"_"'_'_'______
TOTA1. INVESTMENTS and AVERAGES............ .5 94,493,656.85 100.00t 852 539 5."J388 S.B18b
CASH
Passbook/Checking - No Yield TOCa1s.. .... .. ..5 2,1a2,562.53 0.0�0 0.000
�,no[ included in yield calcula[ions)
nccrue� lnceresc at Purchase.......... . ......5 16,449.81
. __""-'____"__'__"'_'"'-'__'___'__"______"'_'__'_'_""_" '__'_,_. "_
TO:AL CASH and PURCHASE IN?EREST. . ... .. .. .. ..5 2,159,012.39
TCThL CASH and INVESTMENTS........ . . . . . . . . .5 96,652,669.19
MONTH ENDING FISCAL
TOTAL EARNINGS .NLY 31 YEAR TO DAT£
Cuzren[ Yeai $ 963,506.02 5 963,506.'I2
AVERAGE DA?LY BALANCE 5 95,38"1,532.98 5 95.38"/,532.98
EFFECTIVE RATE OF AETURN 5��2� S.�Z3
The investment portfolio of [he City of Palm Deserc complies wiCh its Investmen[
Paul S. Gibson Policy and [he California Governmen[ Code sections pertaining to the investment
Treasurer of local agency funds. Pending any future actiona by the City Councii or any
� unforeeeen catastrophy the City has an adequate caah flow Co meet lts
expendicure zequizemente for the next eix movChs. The mon[h-end marke[ valuea
DATB were obtained from Fizst Trust and IDC DataEeed pricing service.
1
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. OB/26/1990 City of Palm Deeett PN _
INVESTMEN2 P�RTFOLIO DBTAILS - INVESIMENTS C;TY
JULY 31, 199"/ ACCRJAL
INVESTMENT AVERAGE PURCNASE STATED --- YTK �-- MATURITY DAYS
NllMBER ISSUER BALANCE DATE BOOA VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE ':0 N.A'^
_______"_________________"_______"""________________"________________"""""""-'""""""""_______________""__"_____"______""-_'"_"-"_
FIDELITY TREASURY POOL
12004 Fidelity Inatitutional Caeh 0.00 0.00 0.00 5.270 5.148 5.220 � 1
12005 Fidelity Ineti[utional Caeh 52.00 52.00 52.00 5.360 5.287 5.360 1
12006 R Fidelity InatituCiondl Caeh 241,829.00 --�791,829.00 291,829.00 5.360 5.28� 5.360 1
1200"/ FideliCy InStituCional� Cash 11,360.00 11,360.00 11,360.00 5.360 5.28"1 5.360 1
12�09 I Fideli[y InsCituCional Cash 34,996.00 39.996.00 34,996.00 5.360 5.28� 5.360 1
12010 R FideliCy Insti[utional Cash 130,903.00 130,903.00 130,903.00 5.360 5.28'1 5.360 .
12011 Fidelity Snstitutional Cash 0.00 0.00 0.00 5.140 5.0]0 5.140 1
12012 I Fideli[y Ins[i[u[ional Cash 399,']99.00 399,"/99.00 399,099.00 5.360 5.28"! 5.360 1
12013 R Fidelity Ins[i[utional Cash 130,550.00 130,550.00 130,550.00 5.360 5.28'/ 5.36� 1
12015 FideliCy Ins[itutional Cash 350.00 350.00 350.00 5.360 5.28� 5.360 1
12016 I Fideliry InsCitutional Cash 516,069.00 516,064.00 516,064.0� 5.360 5.26] 5.360 1
12018 R Fidelity In9titutioPdl Cash '/l],208.00 '110,208.00 01�,208.00 5.360 5.280 5.360 1
12019 F:de.ity InstiCutional Cash 24,419.00 29,419.00 29,919.00 5.360 5.28"1 5.36� .
12C20 I Fide;iCy Ins[itutional Cash '1,ll2.00 '1,1]2.00 "1,1'/2.00 5.360 5.28"/ 5.360 1
12021 Fidelity LnstituCional Cash 19.00 19.00 19.00 5.220 5.148 5.220 .
12o22 R Fide.:[y Institutiwal Cash 521,029.00 521,024.00 521,929.00 5.360 5.28� 5.360 1
12023 F:delaty InstiCUCional Cash 0.00 0.00 0.00 5.360 5.28'1 5.360 I
12024 F:delicy Ins[itutional Cash 9.00 9.00 4.00 5.210 5.134 5.210 - - 1
12025 R F_tle:icy Ins[iCutional Cash 469,364.00 464,364.00 464,364.00 5.360 5.28] 5.360 1
1202"1 R F.de:i.ry InsCiCutional Cash 62,800.00 62,800.00 62,800.00 5.360 5.28] 5.360 1
1202B R Fid=".:[y Ins:itu[ional Cash 159.'108.00 159,708.00 159,']08.00 5.360 5.287 5.360 1
12031 Fid=:�[v ?ns.itu[ional Cash 46.00 46.00 46.00 5.310 5.23'/ 5.310 1
12G32 'r:de'.�tv Sr.st.[utional Cash 0.00 0.00 0.00 5.360 5.287 5.360 1
12033 F:de-i_y InsCit3Cioval Cash �.00 0.00 0.00 5.210 5.139 5.210 I
12C34 F.tla-ncv Insci[utional Cash 8.00 8.0� B.00 5.220 5.148 5.220 1
1203` Fid=ic[v Lr.sctutlonal Cash 111.00 111.00 111.00 5.400 5.326 5.400 1
. 12036 F_de:iCti Ins[-[u[ional Cash 40.00 90.00 40.00 5.360 5.2B7 5.360 1
1203' Fid�::ty Ins[i[utional Cash 29.00 29.00 29.00 5.220 5.198 5.220 1
12039 F.tlel_[y InSCiIDC10na1 CaSh 0.00 0.00 0.00 5.220 5.146 5.220 1
12042 I Fitlei:.v Institutional Cash 592,668.00 542,668.�0 542,668.00 5.360 5.289 5.360 1
12043 Fidel:Cy InS.aCu[iOnal Cash 62,804.00 82,809.00 B2,B09.00 5.360 5.289 5.360 1
:2043 R Fide:icy Ins[itutioval Cash 165,898.00 165,898.00 165,898.00 5.360 5.28� 5.360 - 1
12044 Fidelity Insci[utional Cash �.00 0.00 0.00 5.150 5.0']9 5.150 1
12095 F_del:[v '.ns[iCUCional Cash 188.00 1BB.00 188.00 5.360 5.28'1 5.360 1
12046 F:de:icv Inscn[vuonal Cash 31,'l06.00 31,�06.00 31,]06.00 5.360 5.28"I 5.360 1
12oi9 Fidei:ry InstlCu[_onal Cash �2.SOa.00 92,50].00 ]2,50'1.00 5.360 5.20'1 5.360 I
__._"_"'_'"______ '_"_""___"____ ___________'_- -______"____"_ --_-__ '_____ -_____
SUBTOTALS and AVERFGES 4,950,W0.68 4,319,321.00 9,319,321.00
4,319,321.00 5.28"/ 5.360 1
LOCAL AGENCY IMJESTMENT FIMpS
12000 Loca'_ Agenry Inves[menC Fuv 16,446,010.46 16,446,010.46 16,996,010.46 i 630 5.553 5.630 1
AVERAGES 16,333,�02.30 ,
2
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� OB/26/199] City oF Palm Desert P� - -
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS C:".'1'
JULY 31, 199"/ AC^RUA_
INVESTM¢NT AVERAGE P[7FtCHASE STATED --- YTM --- MATi;�:T.Y DAY:
NUMBER ISSVER 9ALANCE DATE BOOK VALUE FACE VALUE MAAI(eT VALOE RATE 360 365 DATE ?O MF.^
PASSBOOK/CHECKING ACCOUNTS
1300'/ Main ACCount (Sweep) - VBC 4,107,000.25 4,107,000.25 4,30'/,000.25 4.630 4.56'/ 4.630 � 1
AVERAGES 2,669,097.01
CONPIERCIAL PAPER - �ISCOUNf
20006 Moigan SCanley �5/29/99 4,929,895.00 5,000,000.00 4,980,138.69 5.610 5.690 5.969 OB/2'/9' 20 .
AVERAGES 9,929,895.00
FED£�L AGENCY ISSUES - COUPON
14010 Fedeial Fat'm CiediC Bank 02/25/9� 2,001,599.58 2,000,000.00 2,000,000.00 6.510 6.4]3 6.563 02/C�/00 920
19005 I Federal Home Loan Bank 12/12/95 1,01'/,5'/5.59 1,000,000.00 1,010,000.00 6.285 5.608 5.686 0"1/28/00 1,092
19000 Fedezal Home Loan Bank 10/24/96 3,990,90"1.92 4,000,000.0� 4,002,500.00 5.820 6.019 6.102 11/02/96 458
14011 Federal Home Loan Bank 03/26/99 1,800,000.00 1,800,000.00 1,814,062.50 6.310 6.310 6.398 03/26/99 602
14014 Fedetal Home Loan Bank 06/30/90 2,000,000.00 2,000,000.00 1,99'1,500.00 6.250 6.250 6.33� 12/30/9B 516
19015 Federal Home Loan Bank 06/18/90 3,000,000.00 3,000,000.00 3,003,050.00 6.315 6.315 6.403 12/18/98 SOi
14009 FED HOME LOAN MORTGAGE COAP O1/09/9'1 1,999,451.39 2,000,000.00 2,005,625.00 6.855 6.930 0.026 O1/09/02 1,622
14001 I ^ederal National Mortgage A 12/12/95 1,000,535.'/3 1,000,000.00 1,000,312.50 5.650 5.386 S.n61 10/20/9"l 60
19002 I Fedeial National Moz[gage A 12/12/95 1,050,010.10 1,000,000.00 1,09�,18�.50 8 A50 5.800 5.958 0]/12/99 ]10
14404 I Federal Na[ional Mortgage A 12/12/95 1,080,853.66 1,000,000.00- . 1,0'/'/,18'/.50 9.050 5.620 5.699 04/10/60 983
14012 Federal Na[ional Mortgage A 03/21/9'/ 5�9,035.19 580,000.00 582,195.00 6.240 6.350 6.438 03/19/99 595
""__"____________ "_____"__""___ ______________ ______"__"_'_" ______ ______ '____'
SUBTOTALs and AVERAGES 19,870,771.52 19,514,�66.66 19,590,300.00
19,380,000.00 6.1B1 6.26'/ �11
TREASURY SECORITIES � COUPON
16005 Uni[ed SCates Treaeuly 12/12/95 291,152.05 291,000.00 291,000.00 6.000 5.246 5.319 OB/31/9] 30
16006 ft Uni[ed Sta[es Treasury 12/12/95 486,581.62 989,000.00 985,058.'/5 5.805 5.241 5.319 OB/15/98 3]9
- 160�"i I Unl[ed SCaCes Trea9ury 12/12/95 1,020,906.22 1,000,000.00 1,014,375.00 6.375 5.338 5.413 O1/15/00 B9�
16008 R United States Treasury 12/12/95 966,509."/2 445,000.00 464,051.56 8.000 5.2�9 5.352 OB/15/99 "199
16009 I Oni[ed S[aces Tzeasury 12/12/95 1,016,90�.89 1,000,OOO.00 1,015,625.00 '1.8'IS 5.212 i 284 04/IS/98 25'/
16030 I United States Treasury 12/12/95 1,019,605.01 1,000,000.00 1,016,562.50 '1.125 5.2'12 5.345 10/15/98 440
1fi039 lln¢ted SCaCes Treasury OS/31/96 1,999,22'/.9l 2,000,000.00 2,006,250.00 6.000 5.96'! 6.050 OS/31/98 303
160]5 United S.aGes Treasuzy OS/31/96 1,989,565.40 2.000,000.00 1,994,395.00 5.125 6.041 6.125 03/31/98 242
16�36 IJnited SCa[es Treasury 06/26/96 2,986,561.90 3,000,000.00 3,006,562.50 5.8]5 6.252 6.338 08/15/98 309
1603] Uni[ed S[ates Treasury 06/26/96 2,953,369.48 3,000,000.00 2,908,939.50 5.125 6.319 6.402 11/30/98 486
16038 Um[ed 5[ates Treasuzy 06/26/96 1,995,219.11 2,000,000.00 1,998,'/50.00 5.3�5 6.052 6.136 11/30/9� 121
16039 United S[ates Treasuiy 06/26/96 1,999,934.04 2,000,000.00 2,000,000.00 6.000 5.950 6.033 OB/31/99 30
16042 Unitetl Sta[es Taeasuty 09/13/96 1.968,'/92.3B 2,000,000.00 1,994,3]5.00 5.125 6.O6B 6.152 02/28/98 211
16045 Uniced Scaces Treasury 09/OS/96 1,995,31'1.89 2,000,000.00 2,010,000.00 6.125 6.290 6.358 OB/31/9B 395
1604'1 United Sta[es Treasury OS/O1/90 2,003,822.89 2,000,000.00 2,021,750.00 6.395 6.191 6.25'/ 09/30/99 63'/
16048 Uni[ed S[ates Treasury 03/21/90 1,965,242.23 2,000,000.00 1,909,395.00 5.000 6.129 6.209 02/15/99 563
_______"________" ___________"__ ____"_________ ______"_______ ______ _"____ ______
SIIBTOTALS and AVERAGES 26,1]4,0"19.19 26,1]6,681.98 26,296,09'].81
26,220,000.00 5.993 6.0'!6 3'1l
3
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' OB/26/199� City of Palm DeeEz[ � pM - '
INVESTMENT PORYFOLIO DETAILS - INVESTMENTS CiTY
JULY 31, 1999 ACCRIIAL
INVESTMENT AVERAGE PVRCHASE 52AT£D --- YTM --- MATUFtISY OAYS
NUMBeR ISSUER HALANCE DATE BOOK VALUE FACE VALUE MARKET VALVE RATE 360 365 OATE TO NJT
CITY IAN� 1'� RDA
12001 Redevelopment Agency-I.oart 07/O1/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.462 5.538 0'//O1/O1 1,930
AVERAGES 19,000,000.00
'_________________'___'_'_'_"_'______'___"__"""__'______'_____'_'___'_"'_."__'____________'___
TOTAL INVESTMENTS and AVG 5 94.993,656.B5 99,668,818.41
93,422,615."12 94,4'I2,331.91 5.�388 S.B18d 539
Q
_. . .. ..... .. . . ___..._. _ ..._. .
.. .. .__ .____. ._._._.. .. .__ _. . . . ... . _ _- ___...... .._ . . .
. . . ._... ._.... . .
� OB/26/199� City of Palm Deeert PM. - _
INVESTMEN7 PORTFOLIO DETAILS - CASH �:Ty
JULY 31, 1997 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATL/RIT'! pAYS
NUMBER ISSUER BALANCE DATE BOOX VALUE ' FACE VALUE MARKET VALUE RATE 360 365 �ATE TO MAT
____________"_"__________________________________________"_"__________________"_"____"__________________'_"______________"_______"
PASSBOOR/C7{ECRING ACCOUNTS
13009 Desert Willow Checking - BofA 547,279.23 0.000 0.000 0.000 -
13010 Deeert Willow Savinge - HoEA 435,608.62 0.000 0.000 0.000
13000 City Main Account - BOfA 3,2']1.49 -- 0.000 0.000 0.00�
13003 Office Complex Checking - BofA 7,107.20 0.000 0.000 a.0o0
13004 OEfice Complex Trus[ - BOEA 18.19 0.000 0.000 4.000
13002 Bank of America - Savinga 0.00 2.000 1.973 2.000
13005 Library Foundation - UBC 10,000.00 0.000 0.000 0.000
13006 City Main ACCOunt - UBC 1,099,191.BB 0.000 0.000 0.000
13008 Office Complex Che[king - UBC 50,119.99 0.000 0.000 0.000
'__""_"_"__ ""__"""_'
SUBTOTALS and AVHRAGES 1,964,910.26 2,192,562.53 0.000 0.000
Accrued InCetesC at Puzchaee 16,949.81
______________________________"________"______"_""_______"_________________""""_
TOTAL CASF $ 2,159,012.34
=:'�:e:"����»:�������..��.......�.��v��������a���a��������«�'����...�'.�`�:».�.����»>.��...::.�:��.�
TOTAL CASH and INVESTM6NSS $ 95,389,532.98 96,652,669.19
5
� OB/26/1990 City of Palm Desert PM 6
PORTFOLIO MASTER INVESTMENT ACfIVITY BY TYPE CS?Y
NLY 1, 199� - JULY 31, 1999 FC.^AUAL
STATED TRANSACfION PURCHASES SALES/MATVRITIES
TYPE INVESTMENT p 355UER RATE DATE OR DEPOSITS OR WITHIIRAWALS BALANCH
FIDELITY TREASllRY POOL (MonChly Sumnary)
12009 Fidelity Ine[i[utional Caeh 5.220
12005 Fidelity Inetitutional Cash 5.360 - 1.00
12006 A Fidelity InsCiCutional Cash 5.360 990.00
12009 Fidelity Ins[i[utional Caeh 5.360 4].00
12009 ? Fidelity InstituGional Cash 5.360 147.00
12010 R Fidelity InsCi[utional Cash 5.360 � 552.00
12011 Fidelity InBtitutiOnal CaBh 5.190
12012 I Fidelity Institutional Cash 5.360 1,636.00
12013 R Fidelity Institutional Caeh 5.360 534.00
12015 Fidelity Inetitutional Caeh 5.360 1.00
12016 I Fidelity InetitutioRal Caeh 5.360 2,400.00 59,483.00
12018 R Fidelity Znstitutional Cash 5.360 2,935.00
.2019 Fidelity Ins[i[utional Cash 5.360 300.00
12020 : Fidelicy Institu[ional Cash 5.360 29.00
12021 FideliCy InsCitutional Cash 5.220
12022 R Fidelity Ina[i[utional Cash 5.360 51'],'l6'/.00
32023 - �� Fidelity InsCitutional Cash 5.360 - - � � - �� -
12G25 Fidelity Inscicucional Cash 5.230
:2025 A. Fidelity Ins[itu[ional Cash 5.360 1,900.00
1202' R Fidelity Inscitutional Cash 5.360 265.00
120]E R Fideliry Insti[u[ional Cash 5.360 653.00
12031 Fidelity Insti[u[ional Cash 5.310
12C32 Fidelity Zns[itu[ional Cash 5.360
12033 Fidelity Institutional Cash 5.210
12034 Fideli[y Ins[itu[ional Cash 5.220
12035 FideliCy Insticutional Caeh 5.900
12G36 Fideli[y' Institutional Cash 5.360
:2G3� Fidelity InSCiCUCional Cash 5.220
12035 Fidelity Instieu[ional Cash 5.220
12092 I Fitleliry Ins[icutional Cash 5.360 110,]06.00 822,860.00
, 12�a3 Fideli[y InstiCutional Cash 5.360 339.00
120a3 R Fideli[y Ine[i[u[ional Cash 5.360 600.00
1204a Fideliry Institucional Cash 5.150
12o95 Fidelicy Ins[itutional Cash 5.360 1.00
12046 Fitleliry Ins[itutional Cash 5.360 129.00
12049 Fidelity Ins[i[u[ional Cash 5.360 297.00
SVHTOTALS and 6NDING BALANC6 642,107.00 877.3i3.00 9,319,321.00
6
' OB/26/199� City of Palm Deaezt PM - '
PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE CTY
NLY 1, 1997 - JULY 31, 199'/ ACCRUAL
STATED TRANSACTION PURCHASES SALES/MATURIiIES
TYPE INVESTMENT q � ISSUER RAT£ DATE OR DEPOSITS OR WITHDRAWALS BALAIvCE
]ACAL AGENCY INVESTM6NT FUNDS (Mon[hly Summary)
12000 1.oca1 Agency Inveatmm[ F'wd 5.630 248,527.20 16,496,030.46
PASSBOOK/CHECKING ACCOUNTS �(Monthly Summary)
13009 Deseat Willow CheCking - BofA 0.000
13o10 Desert Willow Savinga - BofA 0.000 �
13000 City Main ACCounC - BofA 0.000 601,789.48 598,S1B.04
130D3 OEfice Complex Checking - BofA 0.000 284,892.32 2'I'l,�B9.92
13004 OffiCe Complex Tiu9[ - BofA 0.000 22,953.40
13002 Hank of America - Savinge 2.000 99.53 3,139,234.Sa
13005 Library Founda[ion - UBC 0.000 10,D00.00
13006 City Main ACCou�[ - VBC 0.000 1,099,191.88
13006 OfEiCe Complex CheCkzny - {JgC 0.000 50,119.99
1300"] Mdin Accoun[ (Sweep) - UBC 4.630 4,10'/,000.25
SUBTOTALS and ENCIING BALANC6 6,148,043.25 4,03'/,990.90 4,10],000.25
CASN WITH TRUSTEE -FIRST TRUST (MonChly Summiaiy)
24001 Cash wi[h Truatee 0.0�0 1.10
24CO2 Cash wi[h Trus[ee o.000 0."/6 0.38
24003 Cash wi[h Tzustee 0.000 2.19
29004 Cash with Tiustee 0.000 1.53
290G5 Cash wi[h Truatee 0.000 2.16
240Go Cash�with Trus[ee 0.000 2.05
24o0� Cash with Truscee 0.000 2.24
. 24000 Ca9h with TrusCee 0.000 2.98 2.03
24009 Cash with Truatee 0.001 1.65
29o10 Cash with Trustee 0.000 1 JB �
SUBTOTALS and ENDING HALANCE� . 18.39 2.91 0.00
COMMeRCIAl PAPBP - DISCOUNT
4,929,B'/5.00
FEDEAAL AGPNCY ISSUES � COUPON
19008 R FEO HOME LOAN MORTGAGE CORP 6.855 0'!/23/199'/ 998,605.90 19.514,'/68.66
7
� OB/26/199� CiCy of Palm Deeer[ pM � �
. PORTFOLSO MASTER INVESTMENT ACTIVITY BY TYPE C:TY
JULY 1, 199] - JULY 31, 199'1 ACCRLIAL
STATED TRANSACTION PURCHASCS SALES/MATURITIES
TYPE INVES'1MENT q ISSUER RATE DA'fC OR DCPOSITS OR WjTHDRAWALS BALANCE
TREASURY SECURITSES - COUPON
26,176,681.9B
CITY LOAN TO RDA
19,00a,00�.00
______'______"_"_____"__________"_____"__'__________________'""_______""
TOTALS �,03B,695.89 5,413,942.21 94,993,656.95
8
98/26/199� PN - 9
City of Palm Desezt C:TY
INVESTMeNT ACfIVITY SVMMRY ACCRUAi
JULY 1996 through NLY 1990
� YIELD TO MHTURITY MANAGED NUM1IDER OF NUMBER OF AVERAGE
MONTH M1MB6R OF 70TAL 360 365 A70L SECURITIES S6CURITIES AVERAGE DAYS TO
EN➢ YEAR SSCURITI&S INV6ST6D 6QUIV 6QUIV RAT& PURCHASED MATURED/SOLD TERM MATURII7
July 96 BS Bi,789,527.15 5.688 5.']6"! — 5.138 1 1 8"!0 658
August 96 B1 B1,992,100.25 5.64] 5.]25 5.115 0 9 801 65"1
52ptember 96 84 90,']11,229.19 5.908 5.]89 5.121 5 3 91'1 684
October 96 Bt ']9,561,9'/0.04 5.690 5.'/69 5.150 2 2 928 ']08
November 96 81 ]8,'101,281J6 5.'120 5."/99 5.150 1 5 959 926
December 96 98 79,928,658.19 5.�12 5 J91 5.259 0 3 950 693
January 9'l �8 80,691,391.16 5."/98 S.B2'l 5.260 2 2 964 'l01
February 9'I �e 80,691,265.62 5.'/98 S.B2'] 5.260 0 0 964 '/00
Mazch 9] �8 B1,62],550.19 5 J35 5.815 5.210 3 2 950 606
April 9� 99 78,911,3]3.34 S.B14 5.895 6.485 0 1 9']3 693
May 9� '18 84,880,980.05 5.999 S.B23 5.310 3 2 922 621
dune 9'l 85 90,B'71,191.91 5.798 S.B78 5.360 2 0 896 593
' July 9i B6 99,993,656.85 5.738 S.B1B 5.360 0 1 852 539
. "'_"'___"""'_'__""'_'__"""""_""'_""_____"_____""____"_"_"_'_'________'______'
AVERAGES 81 5 B2,]42,475.59 5.�32k S.B10t 5.321t 1 2 929 669
9
CB/26/1990 PM - 1C
City of Palm Desert C:TY
DISTRIBUTION OF INVESTMENTS BY TYPe ACCRJAL
JULY 1996 through JULY 1997
MON1'H '_""""'""""""""""""'"""...'"""._......- TYPES OF INVESTTIENTS ""'"""""""""""""""""'""""""'""""'__""_
END YFAR BCD SW LA1 LA2 LAS PA1 PA2 MTN HAC CPI COM FAC FAIt 1RC TRD FID1 MC1
""""""""""""""""""'"_""""'""""""""'"'""'"'""""""'"'".....""""""""'"'_'"'""__""_"_"""""'""'""""'"'"'"'
July 96 4.6 0.0 19.6 6.2 12.3 32 J 1.8 0.5 Z2,9
August 96 �.9 0.0 20.5 6.9 9.'1 31.6 0.3 0.5 23.2
Septe�er 96 4.9 0.0 19.8 6.5 4.2 40.8 0.3 23.5
October 96 3.9 0.0 20.2 3.1 11.5 1.2 36.3 0.3 23.9
November 96 5.2 0.0 16.6 3.1 14.2 0.5 36.2 24.1
DeCember 96 '/.0 15.6 3.2 14.4 35.5 24.4
January 99 '1.5 19.1 15.0 39.2 23.6
February 9] ].5 19.1 15.'1 39.2 23.6
Maich 99 _ __ . . 6.5 19.4 . . 18.0 32.1 � - 23.3 �
Apzil 9"1 5.9 20.3 19.1 30.6 24.1
May 9� 5.5 23.6 1].'/ 30.8 22.4
Sune 9] 5.0 1'/.8 5.4 22.0 28.8 20.9
duly 9'! 4.6 1].4 4.4 5.2 20.v 2'].] 20.1
"'""""""'"'""_""_'____"_""'"'"'"'"__"'"'""'"""'"""'""'"""""'_"'""'..._""'__""'_"'"""""'"""""'"'""'"""""
AVERAG£5 5.8& O.Oi 19.28 0.36 1.Si 19.5& � 2.18 33.Y8 0.2t O.lk 23.OB
BCD - Cea[ifiw[es of Deposit - Hank � SCD - Ceztifica[ee of Depoei[ - S fi L
LA1 - FidElity T[easury Pool LA2 - Managed Po01 ACCOUnts
LAS - Local Agency Inves[ment Funds PAI - Paesbook/Checking Accounta
PA2 - Cash with Trustee -Fizs[ Trust MTN - Medium Team Notes
� BAC - Bankers Acceptances CPI - Commercial Paper - Interee[ Bearing
COM - Commemial Paper - Discoun[ FAC - Federal Agenry Ieeuee - Coupon
FAD - Fedetal Agency Issues - DisCount TRC - Treasury Securitiee - Coupon , -
TRD - TS2dSury SCNLiC125 - Discount MD1 - Tzeasuzy Secuii[ies - T-Bi313
MC1 - Ci[y Loan m ROA
�O
08/26/199� PM - 11
City of Palm Deeert .^ITT
INTEREST EARNINGS SVMMARY ACCRGAL
NLY 31, 1997
MONTH ENDING FIScnr
JULY 31, 199'1 Y6AR TO DATE
W/Coupon/Diecount InVe9tmen[e:
In[eteat Collected 5 192,570.42 $ 192,570.42 �
PLUS Accnied In[ereet aC Bnd of Period 3,021,399.72 3,021,399.72
LESS Accrued Interest aC�eginning of Period ! 2�863,962.49; ( 2,863,962.4'l)
'""'__"__"__"" """'_____"'___
Snterest Eazned duaing Peiiod $ 350,009.6� 350,00"1.6�
ADJUSTE� by Pzemiums and Diecom[e 909.39 '1'19.39
�ADJUSTED by Capital Gaills oc Lo98e9 6]4.30 6]9.10
__"""_""___"' _"______"""__"
Earnings during Period 351,961.16 5 351,961.16
�e������....�..�.� a����.�e.����n..=�
Mo[tgage Backed SecuriCies:
Inceres[ Collecied 5 0.00 5 0.00
PLUS Accrued InGeiest at End of Pe[iod 0.00 0.00
LESS Accrued inceres[ at Beginning of Period ( 0.00) ( 0.00)
inreresc Earned during Period $ 0.00 0.00
ADJUSTE� by Pzemiums and DisCount9 0.00 SS6ii6 6 0 00
AC1SL'STED by CapiCal Gains oi Losaes 0.00 0.00
_______'__'_'_"'__ _________________"
Earnings during Period 0.00 5 0.00
Cash/Checknng Accounts:
Interest Collected 5 268,908.77 5 268,908.'/7
PLUS Accrued Inceresc at End of Period 393,500.34 393,500.39
LE55 A-.crued In[eresC at Beginning of Period ( 550,363.55) ( 550,363.55)
Interest Harned during Period 5 112,Oa5.56 5 112,045.56
TOTAL Inceresc Earved during Period 5 462,053.23 5 462,053.23
TOTAL A7ustments from Premiums and Diecoun[a 5 '/79.39 $ ]79.39
TOTAL Capi[al Gains or Losses � $ 6'14.10 5 674.10
__"...'"""'__""_ _'""_""""""""'
TOTAL Earnings during Peaiod 5 463,506.92 5 463,506.'12
:.:`:'.........:.. .....`............
'C 1
08/11/3997 Asses�mant Distrlct 83-1 PM - 2
INVE8TMENT POATPOLIO DSTAILB - INVBB��ffiiTe CITY
JULY 31. 1997 ACCRIIAi.
IPVEBTIffiiT PUACH118B 8T11T8D _'_ y.p� _" M7ITUAIIY DAY9
NUPIDER 288USR DATE 89(IlC VffiUS FACB VALUS FWRRST VALUE ENT& 360 363 DATB TO tMT
_"""'_'_'_""""'___'_"___'__"__'_'___"__""__'_""""""""'_"'_"_'__""_"""""""_"__"'_"_'_"'_""""
FIDffi.I1Y TAE718URY PODL
12027 A FSQ�lity Ipatitutlonel Geh 62,800.00 6Y,800.00 62,800.00 5.360 5.287 5.360 1
12036 Pid�llty In�titutionsl Gah 8.00 8.00 8.00 5.3]0 5.168 5.2Y0 1
""""__""__ ""_"""""' """__""'_' ""_" '_'""" '"'""'
sUBTOTALB md AVffii11a88 62,808.00 � � 62,808.00
62,BOB.00 5.287 5.360 1
"_'_"_"""""""_'__""_"_"""'_"""'_""'_'_""'_""'_'_"'_"'_"
TOTAL INVfie�iTB a�W Alro. = 62�808.00 62�808.00
62,808.00 5.287! 5.360ti 1
12
08/11/i997 , Ae��s�mont Dl�trlct 83-1 PM - 3
INV887TgNT PORTPOLIO DBTAILB - GDH CITY
� JULY 31. 1997 ACCRUAL
INVBSiT1E1Pf PUAC91188 BTATSD "' YRA '-' MAIVAIT1f DAYB
NUlIDBR I88USR DATE BOOR V11LU8 FACS VALUS M�ARET VALVE MTS 360 365 DATS TO HAT
"'__'____'___'___"_""_""'_""'_'___"_'______'__"_"'________"'__'_____'__'___'__"'___"'_"""_""___"'_'____"_"'_
CABH WITH 112U8TB6 -FIRST TAUfff
26002 Carh rith Tru�tw 0.38 0.000 0.000 0.000
____""""""_"_"'_____"_""'__""'_'_"'__'_""__'___'_""""""'_""
TOTAL G8H and IPVEBTt�RfB S 62,808.38 �- '
13
OB/11/�1997 1995 AofuMlag eonde 86-1-R PM - 2
IPV881Rf6IPL POA7'POLIO DETAILB - INVEB'II�ffi7TB CITY
.. JULY 31. 1997 ACCROAi.
IIiV88TDffilPl PUAC9A86 BTATSD "' Y91 "' MATURITY DAYB
NUNBBR I88UBR AA'A'6 dOOR VALUS PACB VALUB MAP1�'f VALUB IUTB 360 365 OA1B To MAT
___"____'______'__"""_'__"_'__"'_"""'_'_'_"'_'__'__""'_"'_"'_"""""_'_'_"_'_"""_"_""'__"_'___"___"""
PIDBLITY TfBABUAY POOl
120Z5 R PSAality In�titutioaal GM 66�,361.00 661,36�.00 16�,36d.00 5.360 5.287 5.360 1
12035 Pidality In�titutloml Cash 111.00 111.00 111.00 5.600 5.3Y6 5.600 1
__"'__""_" """"'_"" "'__"'_'_"` "'�" """ """
BVBTOTAL& and AVIDUG&e � , {64�tl5.00 - 666�675.00
461,675.00 5.287 5.360 � 1
""'""""__"""'_""___""__"'_"""""'"""'_"'_'__"_______'_""""
TOTAL INVB87Tffi7T6 and 11V0. ; 66{,675.00 466,475.00
466,675.00 5.287t 5.360{ 1
14
OB/11/i997 1995 PsLunQlnq Honde 86-1-R Pn - 3
xayssaffiax roaTroaxo usraue - casa cxxr
� JULY 31. 1997 ACCRWIL
INV881Tffi1Pf . PURC9A8E � BTATBD __' Y1M "' MAIVRITY DAYS
PUlIDffit ISBUSA DATS BOOR VALUB P1106 VALUS MAARBT VALUB PATB 360 365 ➢ATE TO MAT
"""_""""""""""""_"'_"_"'__'_""'__""___"'_'_'__"""'__""""""""""""_"__"__"_"_"__"_"""
G88 NTTH 11iU81B8 -PIABT TRIi�P
21001 Ca� vltd Tcuetw 1.10 0.000 0.000 0.000
""""'_"'_____""_"""""""'_""__'_"'___"'_'__"__"_'_""""'___"
TOTAL CABH and INVfiBTl4�KP8 = {6{,�76.10
15
OB/11/2991 AD 87-1 PM - 2
IAVS9f!ffilPf POATFOLIO DHTAILB - SNVSB'D�ITB CITY
JULY 31. 199� ' �ACCA�IAI.
INVS87TffiNf PURCHTSE BTATBD ___ yaA _" MATVAITY DAY9
RIII�ER I88U8A AA7'E BOO1C VALUE FACS VALUH M71Rl�f VALU6 MTS 360 365 DAT6 TO MAT
_"_"_"""""""""""""""""__""_""'_'_"__""'_""""""'__'__'____"_""""'_""_"'_""""""""'_'
FIDSLITY T1�718VAY PO�
170Y8 R PSCelity Inetltutioml GM 159,708.00 159,708.00 159,708.00 5.360 S.2B7 5.360 1
11036 PSCality inetitutioml Carh �0.00 t0.00 60.00 5.360 5.387 l.360 1
"""""'___ "__'..��""" """"""" """ """ """
8IIBTOEW.B end AVIDN0S8 159,768.00 � � 159,7dB.00 .
159,768.00 5.287 5.360 1
'_"_'_'_"'_"_"'"""""""'_""'_"_'_""""_'_"_'__"'_"_""""""'
TOTAL INV88IIffiIT8 anA AVC. ; 159,7�8.00 159,718.00
159�768.00 5.387t 5.360t 1
16
08/11/]997 AD 87-1 PM - 3
INV88'II�ffi7T POHI'POLIO DHT11IL8 - C7189 CITY
.7ULY 31. 1997 ACCAUA7,
INV&87TffiiT PUACH718S BTATSD "' y'II1 "_ MAIVRIIY DAYB
NUMBHR I88UER DATB HOO1C VALUB PACS VALUB M71A1�T VALUS RATB 360 365 D11T6 TO !AT
_"""""""""""""""""""""""""_"""""'_""""""""""""""""_"""""""""""_"""""
C1�8H WITH TRU8T68 -FIRBT TAUBT
24009 Cmh with Truetea 1.65 0.001 0.001 0.001
'_"__'_'__"_"'_"""_""""'__""""'__"""""_""""'_""'_"___"'_
1VfAL G8H md INV8814�NL8 = 159,7�9.65
17
OB/11/?997 Indian ASdqe 91-1 eerlu A PM - 2
INVE81T1E111 POATPOLIO DST11II3 - INV86'IIffi7T8 CITY
JULY 31� 1997 ACCRr�s•.
INV88Tt�[7T PUACHABE BTAT6D "- Y�1 --- MATUAITY OAYe
NUI�ER I88USA DATE BOOR VALUB PACS VALUB FARRBT VALU& PATH 360 365 DATS TO MAT
"""""_""""_""_"_""_""'_"""""_""'_""____""__"""_""""""'_"__"'_"___'__""'_"'_""'""""_
PIDBLITY TAS118UAY P0� �
� 12015 FSGallty In�titutloml GM 350.00 350.00 350.00 l.360 5.287 5.360 1
12016 I Yidelity Inctltutioml Geh 516�066.00 516�06�.00 516�06{.00 5.360 5.�87 5.360 1
12023 R Fitleliiy Inatltutloml CaM 521,726.00 521,726.00 521,726.00 5.360 5.287 5.360 1
""'_"_'_"' """_'"'_" "_"'__""" "'__' ""'_ __"_'
9UBT0'PALB and AV8I41GS8 1,038,138.00 1,038,138.00
1�038�138.00 5.287 5.360 1
P8D8AAL AGSIVCY I98U88 - COUPON
16012 Petlerel Netional Mortgaga A 03/21/97 579�035.19 580,000.00 582,175.00 6.260 6.350 6.d38 03/19/99 595
""""'_"_""_"'___"'_""""""'_""""""'_"""""""""'__"'
TOTAL INV&ea�[lT9 and AV6. S 1,617,173.19 1�620�313.00
1,618,138.00 5.667t 5.766! 210
18
08/11/1997 Indlan Ridqo 91-1 Bar�x A PM - 3
IPVEB'd�ffi7'P PORfFOLIO DETAILB - G8H CITY
JULY 31� 1997 11CCRUAL
INVH8ITffiIPP PUACHNBfi 8TAT8D "' y7T1 "' MATI7RITY DAYB
NUlIDffit I88USA UATB HOOE VALUB FACB VALUB MAR1�T VALVS AATB 360 365 DATB TO Ml�T
'___"___"__"__'_'____'__"_"'____'___"_""_"______""_""_"""""""__"'___"____"______""""""__'__________'_
CABH MITB TAUfiTSB -PIABT TRV9f
36006 Ces6 vlth Tru�taa 1.53 0.000 0.000 0.000
Accruad Iqtarwt nt Yurchue 201.07
� "_'_"""'""""'"""""""""""""_""'_""""""'_"__"'""'_""__"
TOTAL CA89 S 702.60
1VTAL CABH and INVSBRTffiNT8 S 1�617�375.79
19
08/11/:997 Sndien ASdge 91-1 Bar1a� B PM - 2
INV88TM6IPf PORTPOLZO DBTASLB - INVSB�ffi7T8 CITY
JVLY 31, 1997 I�CCRUAL
INV&97TffiNT PURCHASS eTATBD '__ yp� _" MATUAIT1f DAYB
[7IRiBSR ISSUSR DATS BOOA VALUE PACS VALUS !]AAI�f VALUS PATE 360 365 D11TE TO MAT
""_"__'_"""""'__'________'_""""""""___""'_""""'__"""""""_""""_""""'_""'_"""""'_"""_
FIDSLITY T[�7�8URY YOOL
12062 I FSAa11ty InrtliuLional G�h 562�668.00 562�668.00 563�668.00 5.360 S.Y87 5.360 1
12063 PiAelity Inatitutiwul Geh 83,806.00 82,806.00 82�806.00 3.360 5.YB7 5.360 1
12063 R Fidality InetStutlonel Ceah 165,898.00 165,898.00 165,898.00 5.360 5.387 5.360 1
12066 Fidelity Inetltutlona� Caeh 0.00 � 0.00 0.00 5.150 5.079 5.150 1
9UBT(YfALS mtl AV81tAGfie 791�370.00 791,3'70.00
791,370.00 5.287 5.360 1
FSDBAAL AOSNCY IeBUSe - COUPON
16005 I Pederal Home Lonn Bank 13/12/95 1,017,575.59 1,000,000.00 1,010,000.00 6.285 5.608 5.686 07/2B/00 1,092
16011 FeAecal Home Loan Henk 03/26/97 1,800,000.00 1,800,000.00 1,816,062.50 6.310 6.310 6.398 03/36/99 602
16001 I Federel Hatioml Mortqaga 11 12/17/95 1,000,535.73 1,000,000.00 1,000,312.50 5.650 5.386 5.061 10/20/97 80
16002 I Yederal Nationel lbrtgage A 12/12/95 1,050,010.10 1,000,000.00 1,047,187.50 8.650 5.877 5.958 07/12/99 710
16004 I Pederal Natioml Mortgage A 12/12/95 1�080�853.66 1�000�000.00 1�077�187.50 9.050 5.620 5.699 04/10/00 983
'__"""__"' '_"""""" ""'__""'__ """ """ '_"_'
BUBTOTl.Ls and AVSqAG&8 5,968,975.08 5,968,750.00
5�800,000.00 5.833 5.916 686
TABASUAY eECUR2T2fiS - COUP�i �
16005 Unitad 8tetee Tseaeu=y 12/12/95 291�132.05 291�000.00 291�000.00 6.000 S.Y66 5.319 OB/31/97 30
16006 R United Statee Traeeury 12/13/95 686,581.62 68<,000.00 685,058.75 5.875 5.261 5.316 OB/15/9B 379
16007 I UniteA statee Traesury 12/12/95 1,OZ0,906.22 1,000,000.00 1,016,375.00 6.375 5.338 5.613 O1/15/00 B97
16008 R Unitad Stntee Treaeury 12/12/95 666,509.72 665,000.00 466,051.56 8.000 5.379 5.352 08/15/99 764
16009 I Unitetl 3tatae Traeaury 12/12/95 1,016,907.89 1,000,000.00 1,015,625.00 7.875 5.217 5.280 06/15/98 257
16010 I United Statae Treae�ry 12/12/95 1,019�605.01 1�000�000.00 1,016,562.50 7.175 5.272 5.365 10/15/98 460
_""""""' """"""" """'_""_' _'___' """ """
SUHTdfALs entl AVSRAG88 6,301�662.51 6�286�67Y.81
6,220,000.00 5.269 4.362 S06
'_"'_"'_"'_""__'_'_'___'_"'_"""_""_""__'___'__"_"'__"_""""""
TOTAL ItN89R�ffi7T8 and AVG. S 11,062,007.59 11,026,792.81
10�831�370.00 5.576i 5.651� 566
2�
OB/11/1997 � InClm A1Gg� 91-1 Nrio e PH - 3
INVE89�ffiiT PORPPOLIO DBTAILB - G89 CITY
.7VLY 31, 1997 ACCAUAL
INV881TffiIPf . PURC9A88 eTl1'� "' y7T{ _" MATURITY DAYS .
NUlIDBR IBBUSR DAT6 800R VALUS PACB VALUB M11AIQ�T VALU& PATB 360 365 DAT& TO MAT
'_"""""""_"'_"'_""""""""""_""'_"_'_"""""'""""'_""""""_"'_"'_""""""_""'_""""_____
G88 NIT9 TAU8T88 -YIABT TAIIBT
Y6010 Ce�� vith TiuYtY 1.78 0.000 0.000 0.000
. "'"'"'"""""""'"'__'""'__"""_"_"""_'__"""""_'"""'"""'_"'_"""'""""
TOfAL GSH mA INV68T!ffiNf8 { 11�063�009.37 �
21
OB/11/1997 9lazra awa 92-1 BM - 2
IKVLBTI�Ff PWt1RW.I0 UETAILe - INVBBaffiiT8 CI1Y
JVLY 31, 1997 �ACCAUAL
IPVSBTI�NT PUACHABS BTAT'SD _" yyM "' MATURITY DAY9
NUAID�t I88U8R G.�T6 HOOR VALVF FACS VALUB tMAI�T VALU& PATS 360 365 DATB TO MAT
""'_'___"_'__'_'___'__"_'____'_"________"""""""____"______'__"'__'__'____'_"_""'_"______'__"__"__""____"___
YIDSLITY TF�116URY P00�,
12006 Pid�llty In�tltutloml Ca�d . 0.00 0.00 0.00 5.230 5.168 5.220 1
12005 Pidality Znetitutional Ca�� 5].00 52.00 52.00 5.360 5.Y87 5.360 1
12006 A PSEality Iaetitutioeal Geh 411,82�.00 2�S,B7�.00 461,8Y6.00 5.360 5.287 5.360 1
12007 FSAe11ty Iaetltutloml�Ca�h 11,360.00 �31,360.00 11,360.00 5.360 5.487 5.360 , 1
12065 PSdallty Inetltutlonal Ce�h 1BB.00 188.00 188.00 5.360 5.287 5.360 1
_""'__'___" "'_"""'_" _'_""_"""" _""" ""'"' ""__
eUBTOTALB and AVffiiA6S8 253�426.00 253�621.00
253�621.00 5.287 5.360 1
_""'__"_'__""_'_""_"""""""""_"'__""""'__"""""'___'_'_'
TOTAL INV88II�ffi7T8 aad AVc�. S 253,626.0� Y53,676.00
253,626.00 5.2871 5.360! 1
22
OB/11/1g97 8lazra Povn 92-1 PM - 3
INV887TffiVT POIMT+OLIO DBTAILB - GBH CITY
NLY 31� 1997 11CCRVAL
INVSBTTffiNT PUAC�18& BTAT&D "' Y1M "' lATURII7 DAYB
AUlIDSR I88U8R DATB BOOR vALUg PACS vALUB Mi1PR6T vALUB PAT6 360 365 DATE To NAT
"_"'_"""""_""'_"'_"""""""""_""_"""_"""_'""""'"""""""""__'_'__"'_'__""_"""_"_""""'
G86 NIT9 'IItU81B8 -PIPBT TRl18T
2{OOB Cuh with Tsv�tr 0.95 0.000 0.000 0.000
'_""_"""_'_""""_"_"__""""'_"'__"'_"'_"'__"_"__"_"_"""""
TOTAL G8H and INV&eTt�NTB S 253.62C.95
23
OB/11/1997 eSg Horn 91-1 � - Z
INVSBTI�l1T P01Y1POLS0 DEl1�II6 - I1NB8'DffiPP8 CITY
JULY 31� 1997 ACCNUAL
IPV887R�AT PURCHABE BTATBD "' yyH '_' MA711AITY DAYB
NUlIDBR I98U8A DATB e00A VALUE PACB W1LU8 MAA1�'l VALUB RATS 360 365 DATE 1C1 MAT
"'_""""'___""""""""""""___"'__""_"""""""'_'_"__""'""__"_"""_"_'_"""""_"'_'_"""""_"
FIU6LITY TAB718UAY POOL
12018 R PSA�11ty Iaetitutioml G�h 719,308.00 717�208.00 717,208.00 5.360 5.287 5.360 1
12019 Pidality In�tltutioml GM 26,619.00 3I,d19.00 26,619.00 5.360 5.287 5.360 1
12020 I Fidality InetSiutionel CeM 7,172.00 7,177.00 7,172.00 5.360 5.287 5.360 1
12021 Fitlality Inatitutioml GeR 19.00 - 19.00 19.00 5.220 5.168 5.230 1
""'_"'_"" """"""" ""_""""' "'_" '......" _""'
eUHTOTALB and AVSRAGSS 768,B1B.00 768,818.00
768,818.00 . 5.287 5.360 1
"__"__'"'""""_"""""_"_"'_""_"""""_"'__'__"""""""_""
TOfAL INV88�ffiiT6 eM AVO. S 7d8,818.00 768,818.00
768,818.00 5.387i 5.3609 1
24
OB/11/1997 Big 8orn 96-1 P!1 - 7
INVBB'AffiIT PORfPOLIO DBTAILB - G6H CITY
JULY 31. 1997 ��uu
INV697T�IPf PURC911� eTATBD '_' yyN '_' M7�TURITY DAYB
NUlIDSR I89USA MT8 HOO1C VALUB FACS VALUS NAAR�'P VALUB AATE 360 365 DATB TO MAT
"""""""_"__""_"_'__"_""_'_""""""'_""""_'__"__"_"_'_"""""""'_'_"""""""_'_""""__'__"'_
G89 MIT6 TAV8TS8 -PSABT 17U18T
24007 Ces� wifb Trustw 2.Y6 0.000 0.000 0.000
'___""'""""""_'__'_'""""'""""""""__"___"'_"'""'"""_"_"___'_'"'
xoxu, cnee .na xxvas�wrs - .... s ue.exo.�a �- '
25
OB/11/1997 BunGsiac� 94-2 PN - 2
INVHBTt�IIT PORTFOLIO DSTAILB - IPVEe'dffiiT8 CITY
JULY 31� 1997 11CCN��a*.
IBVE81T16NT PUACBh88 BTATBD _" yyM "' IMTUAIIY DAYS
NUlIDSR I88U6A MT8 BOOE VALIB PACB VALUH MARIQ�,T VALUS AATS 360 365 DATB TO IMT
_"_"___"___"_"""""'_"'_"'_'_"_"_""""""__'_""'_"""""""'_'_"__"""""""_""'__'_"""_""""'_
FIDBLITY TASABURY POOL
12009 I Pidellty InstitutSoml Cash 34,996.00 34,996.00 34,996.00 5.360 5.287 5.360 1
12010 R FSQelity Inatltutlonnl CssII 130,903.00 130,903.00 130�903.00 5.360 3.287 5.360 1
12032 FiGelity Inatltutioml Caah 0.00 0.00 0.00 5.360 5.287 5.360 1
12033 FidellYy Iaatltutloml,Ge� 0.00 �� 0.00 0.00 5.210 5.139 5.210 1
_"""'_'__'" """"""" """"""" """ """ ' """
BUBTOTALB and AV�U088 165�899.00 165�899.00
165,899.00 5.287 5.360 1
"'_""__"_'_"""'__"_""'_"_"""""'_"__'__"""'_""'_"__'_"_'"'
TOTAL TNV68a�ffi7T8 and Alro. { 165,899.00 165,899.00
165�899.00 5.Y87t 5.360\ 1
Z6
' 08/11/1997 euafirrur 9d-2 PN - 9
INVEBaffiiT PORTFOLIO D8T11IL8 - CA9H CITY
JULY 31. 1997 ACCAUAL
INV881N6NT . PUAC�IBH BTATED "' yrySi "' lATURI7Y DAYB
NUlIDBR I89UBR DATB e00A VALUB FACB VALUB W�A1�T VALV& PAT& 360 365 DATB TO MAT
""_"_""""""""""'__"""'_'___""""______"""""""""""_"_____""""""_'_'_'____'_'_"""'_"__'_""
CABB V/ITH TRU8T88 -PIRBT TRUBf
2{006 Ce�� rlth Trvets 3.03 0.000 0.000 0.000
"'____""""""""""""""""""'__""""""___""""""__'_""_'
TOTAL GaH and I11VS8TMEIPfB S 165,901.05 ����
2�
08/11/1997 M�raao 96-3 HM - 2
II7V88TI�BNf P�OLIO DBTAILB - INVSB'1S�liTB CITY
JULY 31. 1997 �ACCRW7.
INV887M8Nf PURC6A8E 8TAT8D '_' yyTl "' IMRVR2IY DAYB
NUlIDBR I88U8R M1B BOOIC VALU& PACB VALUE Ml�RRhT VALU6 AATE 360 365 LUTS TO IMT
"""__"____"__'__"_'__"'_""""""'_""_""___'__'_""""'_"'_"_"_"_"'_'_""""""_""_"_""""'__"____'
PIDSLZTY T1�A8URY PO�.
1P011 Pid�lity Iastitutioml G�h 0.00 0.00 0.00 5.1�0 5.070 5.140 1
12012 I PiQality Inatitutional Ca�h 399,799.00 399�799.00 399,799.00 5.360 5.287 5.360 1
12013 A FiEellty In�titutioml GM 130,550.00 130,550.00 130,SS0.00 5.360 5.287 5.360 1
1Y031 Pidality Inetitutioml Ca�n 66.00 66.00 66.00 5.330 5.237 5.310 . 1
12037 Fidelity Inetitutioml Cesh 29.00 29.00 29.00 5.220 5.168 5.220 1
"""""___""' """"__""' ""'"""""'_"_ '""" "_'_' _"'__
eUBTOTALB mmd AV8RAG88 � 530,IY{.00 530,626.00
530.62{.00 5.287 5.360 1
""'_""""_"'_"""""""'_'__""""""""__"_""__'__""'_"""
TOTAL INVBBaffidT8 end AVG. S 530�626.00 830�C26.00
530,626.00 5.787i 5.360t 1
Z8
08/11/1§97 Mareno 94-3 8M - l
INVBB'd�ffiPL PORTlOLIO DEAILB - G66 C21Y
NLY 31� 1997 ACCR��sT.
.INV&81bffiiT PUAC9A8H eTATBD _" YaA _" WITURITY DAYS
NUt�gy Zggi]SII ppTy g00& VALUB PACS VAl.UP MARRET VALVB AATB 360 365 DATE TO MAT
"__"""""'__"_"'_"'__'_______""""""'_"'___"""""_"""""_"______"__'___'_""""'_"____"_______'__"___
G89 WITH TAUeTBB -PIABT TAUBT
26005 cee� rith Tzu�L�s 2.16 0.000 0.000 0.000
"__'_"""'""""'___"'___""__'"""_"'""'__""'"'"'""""__"""'""""_""'
TOT71L G89 enA INVESITffiNT8 S 530�626.16
Z9
08/11/1997 9S AEV ePD: 83-1� 86-1-R� 87-1 PN � Y
INVEBTMENT PORTP�YIO DSTAIYB - INVEBaffi7T9 CSTY
JULY 31, 1997 LCCRUAL
INVBeTl1BNT PUffiBA8& BTAT&D "' y7M "_ MATI7RIIY DAYB
NUlIDBR I88USA DATE HWA MLt18 FACB VALUB lAARSP VALU& AATB 360 365 DAT% TO MAT
'_'__"_"'__"'_"""""'_""""_""""'__"""""""__'_"""_"""'__'__'__'_"_""'__""""""""_"_""""'
PID8LI77 17�118UltY POOL
12023 PSAelity In�titutioael Cae� 0.00 0.00 0.00 5.360 5.287 5.360 1
12026 Fidality Inetltutioml Gsh 6.00 ♦.00 6.00 5.730 5.139 5.230 1
12039 PiEallty Institutlonal Gsh 0.00 0.00 0.00 5.220 5.168 5.220 1
13066 FiAallty Inatitutioml Cae� 31,706.00 31,706.00 31,706.00 5.360 5.287 5.360 1
12049 Fidellty InetStutlonel Caeh 72,507.00 72,507.00 72,507.00 5.360 5.287 5.360 1
. '_'_""_""_ """"'_"'_ '_"""'__'"" _""""' "__" _"_'"
auexoru.a �a �vaacas ioa,zi�.00 ioa,ai7.00
104�217.00 5.287 5.360 1
"_""_""""""""_""_"""""""""""""'_"_"""""_"""'_
TOTAL INVSe�NTe and AVG. S 104,217.00 106,217.00
106,217.00 5.287i 5.360t 1
30
08/11/T997 95 ASV Blmt 83-1� 86-1-R, 87-1 � ' 3
INVEB'IIffiiT POAlPOLIO DBTASL9 - CA89 CITY
JULY 31� 1997 ���
INVS8IT�NT PURCBABE BTATSD '__ yp� '__ lANRITY UAYe
PUI�BR I980EA DATB BOOA VALUB PACS VALUS MAAl1�T VALUB RATB 360 365 DATe TO MAT
'_"'_""'__"_'_"'_""""'__"""""'_""""""""'_"'_"___"'_""""'__"""""""""__"_""""'__"__""'
CH89 MIT9 TRUBTBB -PIABT TAUBT
26003 Ce�d rrSth Trustea ].16 0.000 0.000 0.000
"'_'_"""__'_"'___""""'_"______"'_"""__"_"'_"""""'__"'___""'
T0771L GlBH anA INV88TAffiNT8 = lO1,219.16 � �
31
OB/26/199� Ci[y General fund pM ' 2
INVESTMENT PORTFOLIO DETAILS - INVESTMETTTS CITY
JULY 31, 1990 ACCAUAL
I�xy�g�,� PURCHA5E STATED --- YTM --- MATURITY OAYS
NUI�EA ISSUER DA1'E BOOK VALUE FACE VALUE MARICET VALUE RATE , 360 365 DATE TO MAT
IqCAL AGfiHCY INV6S17�NT FOIiDS
12000 LOCal AgertCy Inveetmmt Fun 16.946,010.46 16,996,010.46 16,�96,010.46 5.630 5.553 5.630 � 1
PASSHOOK/CF3EC%ING ACCOUNTS �- --
1300v Main Accoun[ (Sweep) � UBC 9,107,000.25 4,10'/,000.25 9,10],000.25 9.630 4.56] 4.630 1
CONPIERCIAL PAPER - DTSCOUNT
200�6 Morgan Stanley OS/29/9a 9,929,8'/5.00 5,000,00�.00 4,980,138.99 5.610 5.690 5.'/69 OB/2"//9'! 26
FEDERAL AGENCY ISSUES - COUPON
14010 Federal Farm Credit Hank 02/25/9"/ 2,001,599.58 2,000,000.00 2,000,000.00 6.510 6.9]3 6.563 02/0'//00 920
1900] Fedetal Home Loan Hdnk 10/29/96 3,990,�00.92 4,000,000.00 4,002,500.00 5.820 6.019 6.102 11/02/98 458 �
19014 Federal Home Loan Bank O6/30/9'1 2,000,000.00 P,000,000.00 1,999,500.00 6.250 6.250 6.33� 12/30/98 516 -�
14oi5 Federal Home Loan Bank 06/18/9'l 3,000,000.00 3,000,0OO.On 3.003,'750.00 6.315 6.315 6.403 1�/18/98 . 50< .
1a�09 FED HOME LOAN MORTGAGE COftP O1/09/9"1 1,994,451.39 2,000,0OO.Of 2.,005,625.00 6.855 6.930 .].026 UiiuY/ItcC �.,622
___"'______"__ "____________" __"_____'_____ ______ ______ "_____
SUHTOTALS and AVERAGES 12,986,]58.39 13,009,3'/5.00
13,000,000.00 6.333 6.421 72B
TRFASURY SENRITIPS - COUPON
16034 Onited SCaCes Tteasury OS/31/96 1,999,22].9'1 2,000,000.00 2,006,250.00 6.000 5.969 6.050 OS/31/98 303 _�
16035 URlC2d SCdCCS TLCdSLZy OS/33/96 3,9B7,565.90 2,000,000�00 1,99<,3�5.00 5.125 6.041 6.125 03/31/90 292 --
16036 Umted Scates Treasury 06/76/96 2.986,561.90 3.000,000.00 3,006,562.50 S.BaS 6.252 6.330 OB/15/98 3'/9._
16037 United SCates TYeasury 06/26/96 2,953,384.48 3,000�000.00 2,9]8,43'/.50 5.125 6.314 6.902 11/30/9B 9B6�
16�38 UniCed S[ates T[easury 06/26/96 1,995,219.11 2,000,000.00 1,998,950.00 5.3�5 6.052 6.136 11/30/90 121 �
16C39 United 5[aces Treasury 06/26/96 1,999,934.�4 2,000,000.00 2,000,000.00 6.000 5.950 6.033 OB/31/9'1 30 .1
16042 tJni[ed Staces Treasury 09/13/96 1,988,]42.38 2,000,000.00 1,999.3'/5.00 5.125 6.068 6.152 02/28/9B 211�
16045 Uni[ed SCa[es Taeasury 09/OS/96 1,995,310.89 2,000,000.00 2,010,000.00 6.125 6.2')0 6.358 OB/31/98 395 �
16049 Umced S[ates Treasury OS/01/9l 2,003,822.8] 2,000,000.00 2.021,250.00 6.3]5 6.1']1 6.250 09/30/99 63"/ �
16098 Um[ed 5[aces Treasury 03/21/9"/ 1,965,242.23 2,000,000.00 1,9'/9,3'/5.00 5.000 6.124 6.209 02/15/99 563 s
SUBTOTALS and AVERAGES 21.8'/5,018.9'I � 21,989,3'/5.00
22,000,000.00 6.135 6.221 ' 395
TOTAL INVESTMENTS and AVG. $ 60,344,663.0'! 60.531,899.60
60,553,010.71 5.8764 5.958i 784
.......a............"""......sa.""�"."""s""""""""""""«����e��.
�Z
OB/26/199� City General Fund PM - �
INVESTMENT PORTFOLIO DETAILS - CASH CITS
NLY 31, 199] ACCRUAL
INVE5IMENT PUHCHASE SiASED -- YTM --- MATUR:TY ➢AYS
NUMBER ISSUER OATE HOOK VALqE FACE VALUE MARIiET VALUE RATE 360 365 DATE TO MAT
PASSBODK/Ct3ECKING ACCOUNT6
13000 � Ci[y Main ACCount - BofA 3,291.94 0.000 0.000 0.000 �
13002 Hank of�Amezica - Savinga o.00 z.000 1.9'/3 z.000
13006 City Main Account - VBC 1,094,141.88 — 0.000 0.000 Q.000
� ______________ . ______ ___'_-
SVBTOTALS and AVERAGES . 1,09'/,913.32 0.000 0.000
Accrued Interest at Purchaee 16,248.]4 �
_____"________________'"____"'___"_______"___'"'________________"________'__"___
TOTAL CASH 5 1,113,662.06
TOTAL CASN and INVESTM£NTS S 61,458,325.13
OB/11/5997 01ESar Complm[ � ' 3
II1V88affi7T P0IQTOLIO D8T11IL8 - G8H �ITY
7ULY 31. 1997 ���'
S11V88'II�ffiI'P Pl1ACB1186 8�ygp '_' yp,� '__ NAIVRITY DAYB
t70HBER IB8V8R DA1B HOOE VALUS PACB VALVB t91RR8T VALUS PATB 360 365 MT& TU M7LL" .
_' "'__'_"_'_"""_"'_'______"__'____"_______'_"""'_____'__'______""_______'_"""____'____"_"______"__'_"__'___"
PA8B800R/C�CRIl10 .1CCOUNTB
13003 Offic� Compl�7c C�ecklnq - HOLA 7�307.i0 0.000 0.000 0.000
13001 OfLic� Complax Truat - eot11 18.19 0.000 0.000 0.000 '
13008 Otiica Complax CLmking - UBC 50,119.99 0.000 0.000 0.000
BUBTOTALB entl AVIDiAO68 57,265.38 0.000 0.000
"____'"""_'_'__"""'____"_"'""'__""__'""'"'__'_"'"""'___'_"""_"'__"'"
TOTAL C1189 and INVS9IT�NTB ; 57r2�5.38
e........v..........v....o....v........o.....s.......rrr.�uNe....v..v..e.
3Q-
08/11/1997 �� � '1'� � � - �
INV$$'IIdB�i'P PmCfPOLIO DSLAILB - INV88'IIffiiT8 CI1Y
JVLY 31. 1997 ... . ���'
� � �
� `
..2�gy7,�� ppp�g�gg BT11'l8D "_ pq,� ___ lATUAIIY D71Y8 �.
� k�UlIDBR ISBU&A MTS H001C VALUS FACB VALUS lAHI�T VALUS N7�1B 360 365 DATS TO !AT
"_L_"""""'__"_""""'_"'____'__"""'__"'_"'_"_"""'_"""'"'___"'"'""_"'_"'"""""_"_'"""'_""_""""""'"'_ .
CITY LWB TO RDA
12001 AWw�lopment 11g�nap-Lun 07/O1/95 19,000,000.00 19,000,000.00 19,000,000.00 l.538 5.662 5.538 07/O1/O1 1,630
"_"_""'__"_""_""""_"'_____"""""'_""""'__'_'""'"""_"_'""_'""
TOTAL INV8BITffi7T8 enE AV(i. S 19,000,000.00 '-- 19,000,000.00
19,000�000.00 5.{62i 5.538� 1,630
3s
OB/11/Y997 L16rary FounOetion � ' 3
. INV88'dffi�T P014'POLIO DBTAILB - G89 �ITY
JULY 31, 1997 u��'
INVBBTl�IPf PURC�88 BTAT80 "_ yyM1 '_' Mi1TURITY MY8
PUI�SR I88U8R D71T8 BOmC VALUS PACS VALUB W1HI�'E VALUE ALTB 360 365 DATH TO Ml�T
""""'__"__"""""'_""""""____""""""_"""""_""'_'_"""____""""_"'_""'_'_"""""__'___'_"""
Y1188HOCNC/C�CRIWO ACODUNTB
13005 LSbreiy Poundatlon - UBC 10�000.00 0.000 0.000 0.000
"""""_"'"""'"'"""""""""'""""""'"""""'""'_'""""'""""""__""
TOfAL CABH and IPV881TffiFf8 S 10�000.00
3s
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Mun iSo,�'t
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73-510 Fred Wating IMve
Palm Doeert,CA 92260-2378
Dear CarloS,
I am wdting this kUa as a sumrtiary adthe followiug i�u:
S71ySS,000
Pdn Dexrt Flneudng Authorlty
T�a Alleea/ise PeEuedGns ILe.�w..c Dn..y
' (ProJat Area I90.1,Ae Anended)
3erla 1997
I was Lired at Financial Advieor io Uie Autlarity/Agency per�m a�rewneat dand Decamba 12, 1996 by
Minau Molioa I Srst taoic a lool�at tLis 6nancing bact in Deocmba of 1993. DudnY tLat Periad Your
undertvrita Kiarell.O'Nae4 Newoomb and DeDica.Ioc.was piepnting to aell tLe bonds utitizing a muety
bond,however it turned ovt dwt the Hn�ndng did mt wotk due to matkd conditions. Subs�4��Y.
amund October 1996,a Snanciag team wes acambla!with Kincell,O'Nesl,Nea�camb and DeDlay Inc.
as seniot maoager,Aldm Capital Mazfmtc,Inc.aad Redwood Securitia G�wp,Lic.as co-mena�c aod
MuniSoft as financial ad��sor.
The finencing t�ted only as en economic Smndnb with a tazget at'396 oat praent�elue savings. I
[aviewed pmDoesls finm the thm undenvritin¢firnu and wmte a w�mmary frn the Anth�rity/Agrm .ry nn
Deambrr 4, 1996. At the time.I ra;ommended that t6e A�enc.y Pr000ed bcca��se I felt that a 3•h NPV
savings oonld be achieved.
Dutina ihit DOriod.I had mem�diecussiona with Dmnic Cokmaa ieID�rdina 1hi�c fina�na ani ur.came
up with seme aNernatns mu�v�8 Pararodne wfiich san�to outuxigh just m eoamomic be�6t
Tbese are listed betow:
. Th�Dutah Anotion 1 L�vmm Ftmta 000uwtioo fi� 1�2 pq inbere�k avary SS dny�. TLi�meam tLet
in sowe ye9es tkiae aze 13 debt mvice D9Y�svhik in otl�e we have l l or 12. 1'6ia meeonnc tLat
apiku oaor iu tha debt setviice maldng it dlmcult W plan w reach au ooverege�oala
• T1utr was appro�timetely S13 million af eecmw money!rom!he 1995 SnsnCing ttmt wae naded for
tax-aoempt Dn7leas. 7Lic ecaow mooey couW anly be relesoed if we reached a 1.1 Sx dcbt ce�vice
covecage baaM on maaumum emuel debt e�vicc over tLe Iife at'the bonds includin6 Fer1tY ddk
• Tlwe wat appm�mately S6 miltia�of naorna fund monry whic�through the uee af e sm�ety bond
for tLe new reeerve tbnd.coald be usad w pey ddit e�viee�buy down the iscue cize to xm�omiu
cash floa savings.
"f�okucdSwlau adSqRwory jorPrMiaFY�oRav ProfiatlaraL"
1130MYYla,i�lAoeYl,eiw �
Xal!l�mwllr,OrRan 971Jd
(S03)1346511 PAw.
(J03J l7t-416!Fm�
FROM : MUNISOFT 1 PHOI�E N0. : 1 503 472 6361 � qug. 20 1947 08:a2RM P3
MuniSof't
������.��:
• ite 199z aai retitnaea eeveral oumanaing Icaroc. some orwLk$pex we 1986 mx.ct,coula noc be
mlLnded We needed W wodc ihmugh tLe tax analysis to detcrmira wLich deals caild be atit ooald
not be�efunded The iacoa are lieted below:
I985 Tax Allxetiai Bonda
(Oe'Sinfl TereilmY�Y1
1983 Tax Allocadou SoMs
(Added Tarciwry Only)
1989 wlnu�[iunk�l Tux Alluuiliuu B�udu
(Added Teaitory Onty)
. TLe 1992 deal was a ref6nding aad eacrows were est�liehad to refiu�d ihe prior iesua,we miglu
have Lad a tiansfernd procaeds calculation end potential penalty. Thia traatiferred p�oo�ods issuc
�ded W be researched.
• It does not meke auy economio senso to eefund non-callable melucid�a,I 3uggested that wC kavt the
non-calleble serial bonas out of uie xd'i,aaiog analysis if pwmiuoa tiy tax law. rhis also��n bo
reaearched.
• I mede severai calculatioae mgacding the educpue of our new a�a'ow. I conaidorod open matictl va.
SIA sxurities aB wetl es aaslyzed and dis�wssd a propoeal from CLembe�s,Dunt�ili,Rubin dc Co.
regarding a fonvard pucchase agrameat and prere£unded municipal bond opUon contract.
• Wo aL90 looked az utendtng tde debt savia for an additlonal one or iwo yeaia and U�e tax and caah
flow implicatiocn of each xenario. I wrote a leUu rogarding this dated luly 1, 1997.
• Fit�alty,dne W tax mstrictio�,wa Lad to Lave Datnis do a taxex�mpt Prxxds soalYm b t�act the
money alrcady spem on Detut Willow and those moniee expecoed io be spmt. We had w carvn out .
Uu final term bond amount as a ryecial lerm wilL spocial wll pcovi�ons tn p[ovids far tbe crEation o�
a private activity bond,shoald a comcaa with private psnies be signed and enaaed.
Strucmre of the 1997 bwe
. Fir�1,I creetad e model whic4 reaeatod the entl�e old Lseue debt xrvi�e sad madc allocations pa tmc
eounsd L�atrucxione ou thae bonde tLat aould be naCunded
• SecoudlY. I strilenu�ed ttie aew iswC del�suvfa W alro lnto acaouw.not only Ihe piojatod tex
lnccement ieveoue,but also the 1992 ouLttanding bondt not�edfu�ded as paR of tl�is deai as well m
Uw 1995 isauo that wea aleo aumtsnd+ng
Ti�chuulrw!Serwaer o�d SoR»mn fw h67lc PL�a�a Aafiwmts'
Il30NWYbMlioeklaiw �
1/aAlLwrilL,Qqow 97/M
R�l��11 Pbuiw
�a+)aaa�6lras
' FROM : MUNISOFT �� PHOFE N0. : 1 503 472 6361 �� Rug. 20 1997 0B:03AP1 P4
Mun iSof't
• Thir�s.I analyccd varlws d�bt eervlce et�ucturea htciudinY q�endinY We dehk the use o[a curety
i+ond fivr the raoeiw[und aad tLe defieaal of p:inelpat to See up w6 How in tLe flirt&w yeatc I
alw looked at bond inavanoe vcnwi a wadwlone S�P rating end u MBIA va FSA Inauaaa a�
the oconomic diffiereoce d each. I wtoUe a a�mmary of fhia at�alydc dated June 28, 1997.
O+u pals wero to echieve levd debt eavia(taltinB in19 dCCOUAt 8ll thC a�standini 1►ari�Y ddN�fter,np
as much eecrow cash ea poesibk,at closin8.63'�mchinB a I.ISx covecagq ftee up wsh Ilow in the fust
few years of the financing,and,if Poseibi4��erak at lemt a 3%net preeent value level. I rm luppy to
reporl 16at we achleved W o[cur�v�marbxd below;
T��Bo 59,375,540
Pre�eut Value Savings 58,197,866
NG Preseot Velue Savings 52.339.882
��n��t 3.28N.
Msxlmum Anm�at DS Coverage 1.2o7ox
Cash F1ow Rdeand Firat'l�vo Yeais(aPPmbmau) 57.600.000
Note: I Lave included ary new iecae aumbac,�ux incrcoient and cash flow pm,jection calculation as wdl
as a�dph showing the kweliud ddu,ervice.
Finelly.on tlu day of pricing I contacted aeverel otLw undenv�ting Snm to�prias on comperabk
issus. I also aeul on to the interaet and downloeded the Delphis flanrnror�cele(a nstionel munid�ml
bond acale)as well ae loggad inro atLer se�vioea m doanlosd ceoaidary nwnicipai bo�affaings for
sim3lar issuea. We deteraiined tLat besed on our oomparabla that the issue wrnild be taVrn out at a
anain level,but fully oxpoctod W�epria two�'ihe term bonds. 11is acWally tumod out b be the case.
The bwaiug of tLe yielde on thoso two term 6onds,incRased oar NPV eavin�s 69 ePP�Y
568,000.
It was a real pleasum worldng wlih you, staff and Uie Snancing tcam. I look forvrard to p[widillg simil8r
auviw to ttro Auttwrity/Ageucy in the near futura I[you liave azry questions oi conouns,fa15x w call
mu xt(503)431-GS 11.
Si
{
KennUL L.Dieker
MnniSoft
Attr�rhmr.ntR•
R'�el�nbd S�rWws and Safrwrro for PY6Geflmm�.�rpVqfimMnpy
SIlONW,1/hArPopp4jsr
ucu�w�.ru..O.Qa�9711s
(503J 131-6S11 Plwir
(JOlf��2-636J F�
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^ FINAL PRICING SUMMARY
r
PALM DESERT FINANCING AUTHORITY
$71,955,000
Tax Allocation Refunding Revenue Bonds
(Project Area No. 1, As Amended)
Series 1997
KINSELL, O'NEAL, NEWCOMB & DE DIOS, INC.
August 27, 1997
r-
TABLE OF CONTENTS
TAB
I. Project Area No. 1, As Amended, Series 1997
— Cover Page Official Statement 1
List of Participants 1
II. Preliminary Pricing Results
^ Comparable Ta�c-Exempt "AAA" lnsured Issues 2
III. Final Pricing Schedules
Sources & Uses 3
Debt Service 3
IV. The Interest Rate Environment
� Economic Summary 4
NER' ISSU�BOOK-ENTRY OY. RATIYGS
hloody's: Aaa
._ Standard & Poor's: A.4A
(See "RATINGS" herein)
/n (he opi��ion of Richards, tYatson & Gershon, �1 Professio��n( Corporation, C,os Ange(es, Cnlifoniia, Boiid Caunsel, under existing lmv, the
intercst o�i the Bw�rls is exenipt froni personn!income taxes of Jre Sta�e of Ca(ifomia and, assuming complimice widr the me covenants Aescribed
— herein, is exduded fran gross inco�rre for Federnl income tax purposes miA is not a specific preference item for purposes of!he Federn(a(tenm[ive
minirn¢m t¢e. See,howerer, "CONCL(IDLYG/NFORiLU1TlON—Tar-Exempt Status af Ure Bonds"herriii�egnrdir�g certnin o(her(nr roruiArrntions.
$71,955,000
PALM DESERT FINANCING AUTHORITY
TAX ALLOCATION REFUNDING REVENUE BONDS
__ (PROJECT AREA NO. 1, AS AMENDED)
SERIES 1997
Dated: July 1, 1997 Due:April 1, as shoen on the inside cover hereof
__ The Palm Deszrt Financin� Authority, Tae Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended) Series 1997 ([he
'Bonds")will be issued as fully regis[ered instruments withou[coupons,in Ihe denomination of$5,000 or any incegral multiple[hereof,in book-
entry form, initially registered in the name of Cede & Co., as nominee of The Depository Tmst Company, New York, New York ("DT'C").
Purchasers will not received physical certificates representing Iheir interest in Ihe Bonds.For so long as the Bonds are regis[ered in the name of
Cede & Co., the 7tustez will make all payments of prineipal and in[eces[ on Ihe Bonds to DTC, which, in turn, is obligated ro remit such
— principal and interest to DTC Participssn[s (dzfined herein) [or subseqcent disbursement to the Beneficial Owners (deficed herein) of Ihe
Bonds. See "THE BONDS—Book-En[ry Only System" herein. The principal or redemp[ion price of each Bond will be pnyable upon the
presentation and surrendzr of such Bond, when due or redeemed, as applicable, at [he corpora[e tms[ office of Firs[ Tms[ of Califomia,
National Association,Los Angeles, Califurnia as trustee for thz Bonds (the"Trustee"). Interest on the Bonds will be payable on April 1 and
_ October 1 of each year(the "Incerest Payment Dates"),wmmencing April 1, 1995,by check or draft,mailed on the Interest Payment Date m
each Owner of the 6onds as of the Record Dnce preceding such [nte�est Payment Date,except the Tmstee will,at the w�itten cequest of any
Owner of$I,000,000 or more in aggregate principal amount of Bonds,make payments of interest on such Bonds on the Interest Payment Date
by wire [ransfer to the account in the United States designated by such Owner [o the Trustee in wri[ing as described herein. See "THE
BONDS—Description of the Bonds" herein.
The Bonds are subject [o op[ional redemp[ion, extraordinary redemption and manda[ory sinking fund redemp[ion as described herein.
The Bonds will be issued by the Palm Desert Financing Authority(Ihe Authority")under an Indenture of Trus[,dated as of July 1,1997,by
and be[Ween[he Authority and the Trustee([he"Indentuce").The proceeds of Ihe Bonds will be disbursed to make a loan(the"Load')to[he
_,._ Palm Desert Redevelopment Agenry (the Agency")pursuant to a Loan Agreemen[dated as of Iuly 1, 1997(the"Loan AgreemenP')by and
among the Authority, the Agenry and the Tmstee.
The Authority has hererofore issued its Ta�c Allocation Revenue Bonds (Project Area No. 1, As Amended), 1992 Series A (the "Prior
Bonds"),pu[suan[[o an Inden[ure of Tms[dated as of April 1, 1992([he"Prior Indenmre"),[he proceeds of which we�e used[o make a loan
__ ([he"Prior Lo�n")[o[he Agency pursuan[to a Loan Agreement dated as of April 1, 1992(Ihe"Prior Loun AgreemenP').The Agency will use
a portion of the proceeds of the Loan to prepay a portion of the Prior Loan,which will effect tBe advanee refunding of a like portion of the Prior
Bonds (the "Refunded Bonds").
The Bonds are special obligations of the Authoriry payable from and secured by Revenues (as defined herein), consistin� primarily of
_ amounts payable by the Agency under the Loan AgrecmenL The Loan Agreement is secured by and payable from Taz Revenuzs,as defined
herein.The Agency has ou[s[anding and may, pursuan[ [o Ihe [erms of[he Loan Agreemen[ and [he Inden[ure, issue additional obligations
secured by Taz Revenues on a parity with the Loan (the `Parity DebP'). See "SECURITY FOR THE BONDS" herein.
The Bonds are not a debf of the City of Palm Deser[or oE[he S[a[e of California or any of its political subdivisions,and nei[her[he City of
_ Palm Deser[nor[he Sta[e of California nor any of i[s political subdivisions is�iable[herefoc The Loan is no[a deb[of[he City of Palm Deser[
or of[he S[a[e of California or any of its political subdivisions (o[her[han[he Agency),and nei[hec[he City of Palm Deser[noc[he 5[ate of
California nor any of its political subdivisions(o[her than[he Agency)is liable Iherefoc The interest on,premium,if any,and principal of Ihe
Bonds are payable from and secured by a pledge of cer[ain amounts payable by Ihe Agency ro the Authority under Ihe Loan Agreement.
Nzither Ihe Bonds nor[he Loan cons[itutes an indeb[edness within[he meaning of any constitu[ional or s[atu[ory deb[limi[a[ion or restriction.
— Neither the members of[he Au[hority nor of[he Agency nur uny persons exew[ing[he Bonds or [he Loan Agrcement are liable personally
[hereoa In no evcnt will the obligations of[he Agcncy under [he Loan Agreement be payable out of any funds or properties of[he Agenry
o[her [han Tax Revenues (as defined herein) set forth in [he Loan Agreement.
- M[31/a
Paymen[of Ihe principal of and in[erest on[he Bonds when due will be insured by a municipal bond insurance policy[o be issued by MBIA
Insurance Corporation simultaneously with the dclivery of the Bonds. See 'BOND INSUI2ANCE" herein.
— The Bortds are affered when, ns artA if issued and nreepled 6y die U��derwriters, s«bject m dre approvnl as m (egn(iry by Riclmrds, Watson
& Gershon, A Professiona! Corporation. Los Angeles, Cnlifornia, Bond Counsel. Cerinii� lega(mntters wil/6e passed on for Uoe UnAenvrtters by
F�dbagh!&Jmvorski L.L.P., Los Angeles, Cnlifomiq atd for the AuJioriry 6y Richnrds, Wn[son c� Cerslmri. !t is m:(icipnted lhnt the Bonds wi!(br
avnilnb[e for delivery on or n6au[!u(y 21, 1997.
KINSELL, O'NEAL, NEWCOVIB &DE DIOS, INC.
ALDEN CAPITAL MARKETS, INC.
REDWOOD SECURITIES GROUP, INC.
The date of this Official Starement is]uly 8, 1997
_ $71,955,000
PALM DESERT FINANCING AUTHORITY
TAX ALLOCATION REFUNDING REVENUE BONDS
— (PROJECT AREA NO. 1, AS AMENDED)
SERIES 1997
— MATURITY SCHEDULE
_, $28�805,000 Serial Bonds
MaWrity Date Principal Interest MaWrity Date Principal Interest
(April p Amount Rate Price (April 1) Amoun[ Rate Price
— 2000 $1,800,000 4.10% 100%a 2007 $2,065,000 4.80% 100%
2001 1,975,000 4.25 100 2008 2,290,000 4.90 100
2002 1,950,000 4.35 100 2009 2,255,000 5.00 100
2003 2,205,000 4.45 100 2010 2,505,000 5.10 100
2004 2,225,000 4.55 100 2011 2,495,000 5.15 100
2005 2,260,000 4.65 100 2012 2,755,000 5.20 100
2006 2,025,000 4.70 100
$ 5,830,000 5.350% Term Bonds due April 1, 2014 (Price 100%)
$13,725,000 5.450% Term Bonds due April 1, 2018 (Price 100%)
_ $23,595,000 5.625% Term Bonds due April 1� 2023 (Price 100%)
(accrued interest to be added)
_ PALM DESERT FINANCING AUTHORITY
PALM DESERT RIDEVELOPMENT AGENCY
CITY OF PALM DESERT
AUTHORITY COMNIISSION AND STAFF
_ Richazd S. Kelly, President
Jean M. Benson, Vice President
Buford Crites, Commissioner
Robert A. Spiegel, Commissioner
— Walter H. Snyder, Commissioner
Ramon A. Diaz, Chief Administrative O�cer
CITY COUNCILlAGENCY MEMBERS
�— Richazd S. Kelly, Mayor/Chairntan
Jean M. Benson, Mayor Pro Tem/Vice Chairn=m:
Buford Crites, Councilmember/Member
_ Robert A. Spiegel, Councilmember/Member
Walter H. Snyder, Councilmember/Member
— AGENCYSTAFF
Cazlos L. Ortega, Executive Director
_ Paul Gibson, Finance Director and Treasurer
Sheila R. Gilligan, Secretary
Dave Yrigoyen, Redevelopment Maruzger
Teresa L. La Rocca, Housing Program Coordinator
— Dennis M. Coleman, AnaZyst
SPECIAL SERVICES
Bond Counsel
Richazds, Watson & Gershon,
A Professional Corporation
� Los Angeles, California
Trustee
._ Pizst Tzust of California, National Association
Los Angeles, Califomia
Financial Advisor
— Munisoft
McMinnville, Oregon
_ Fiscal Consultant
Rosenow Spevacek Group, Inc.
Santa Ana, California
— Verification Agent
Ernst& Young LLP
Tucson, Arizona
F_......_ .. . .. _ . .. _.. .. . . . .. . ._ _._- - . . _ _-. _ -. -_._ _.'. . _
COMPARABLES-Palm DeseR Financing Authority
^ Tax Allocation Refunding Revenue Bonds
(Project Area No.1,as amended)Saries 1997
071D7197
6120197 Sacto MUD 07107197 6123191' 6N9197 718197 07107197
' Redwood Tax Rays San Ysidro S.Cl. Pittsburg folsom Tax' Palm Desert Tax Bay Area GovL '
Alloc REF MBIA/AMBAC s G.Q.Bonds WtrRevs Albc REF Alloc REF Assn.-A6 Revs
' AMBACAAA AAA AMBACAAA MBIAAAA fSAAAA MBIAAAA ' FSAAAA
- ji,543,000 5243;460,000 . ;11150,000 514,fi55,000 ' $7,006,000 ;71,955,000 :519,870,000
Year ' Cou onlYield Cou onlYieltl CouponlYield Cou onlYield CouponlYield CouponlYield CouponlYield
1998 3.800MR0 4.500/NRO 3.800 3.800 4.00OI3.800
- 1999 4.000/NRO 4.500/4.000 4.100 4.000 4.000
2000 4.150MR0 5.00OI4.150 4.200 4.100 4.100 4.100I4.150
2001 4250INR0 5.00014250 4.300 4250 4250 4.250
- 2002 4.350MR0 4.400 4.250 4.300/4.350 4.350 4.300
2003 4.450INR0 4.500 4.350 4.400/4.450 4.450 4.300/4.400
2004 4.550MR0 4.600 5,500/4.450 4.500/4.550 4.550 4.400/4.500
2005 4.650/NRO 4.700 4.550 4.600I4.650 4.650 4.500/4.600
2006 4.7501NR0 4.750 4.650 4.650/4.700 4.700 4.600I4.650
2007 4.850/NRO 4.850 4.750 4.700/4.800 4.800 4.700/4.750
2008 4.900/4.950 4.950 5.500/4.850 4.800I4.900 4.900 4.SOOI4.900
2009 5.000/5.050 5.050 4.850/5.000 4.900l5.000 5.000 5.000/5.050
2010 5.100/5.150 5.000/5.050 5.150 4.900/5.050 5.000/5.100 5.100 5.100/5.150
2011 5.150/5200 5.000/5.100 5200 5.000/5.100 5.125/5.200 5.150 5.100/5200
2p�2 5.00OI5.150 5.250 5.000/5.190 5200/5.300 5200 5200/5250
2013 5.100/5200 5 300 5 000/5230 5250/5.350
2014 5.100/5250 5.350
2015 5.125/5.300
- 2016 5200/5.350
2p�7 5200/5.350 5250/5.500 5250/5.470
2018 5.450
2019
2020
zp2� 6.125/5.426
ppzp 5.12515.420
- 2023 5.625"'
2�z4 5.375/5.520
2025
2026
_ 2�2� 5.500/5.600
'Priced lhe week ot date noted.
- `" Eztraordinary Call Provisions attached to the 2023 Term Bond.
� '
awMe.rorakn,nomo,a.
1 dg32 mubig22 Muni C D R N
99 <GO> FOR MORE INFORMATION. TYPE # GO FOR MIJNI DES.
— �I tTTIL :; R&F :' MAT AMT M CPN P Y CtJSIP
T � i�07/98 2865 .0 4.500 NRO 786005AA
?.LE DATE: 07/07/97 z�07/99 8000 .0 4 .500 4 .000 786005AB
— OUNT: 243,460, 000 .00 3�07/00 23875 .0 5 .000 4 .150 786005AC
GR: GOLDMAN SAC'HS & COMPANY a�07/O1 25070 .0 5 .000 4 .250 786005AD
OND TYPE: REVS s�07/10 5640.0 5 .000 5 .050 786005AE
ATID: 07/Ol/97 s�07/11 10815 .0 5 .000 5 .100 786005AF
ST COUPON: Ol/O1/98 �)07/12 11355 .0 5 .000 5 .150 786005AG
UE: 7/1/98-01, 10-17, 22 eJ07/13 11925 .0 5 .100 5 .200 786005AH
AX: F'ED TAX-EXEMPT 9�07/14 27020 .0 5 .100 5 .250 786005AJ
— OODY'S: A7� io�07/15 28370 .0 5 .125 5.300 786005AK
&p; � �i�07/16 23250 .0 5.200 5 .350 786005AL
ITQ;; AAA iz�07/17 24425 .0 5 .200 5.350 786005AM
— NH: *SEE NOTES i3�07/22 40850 .0 5 .125 5 .420 786005AP
REM CALL: 07/O1/07 @ 102
AR CALL: 07/O1/09
IRST SETPLE: 07/22/97
RICE STATUS: FINAL
— OOK-ENTRY DTC
VERBAL AWARD RECEIVII� 7/08
**AMBAC 98-00, 10, 13,14, 16 . ##I"IBIA 01,11-12,15, 17,22
,_ Bloomberg-all righte resarved. Fzankfurt:69-920410 Hong Kong:2-521-3000 London:l'/1-330-]500 New York:212-318-2000
Princeton:609-2'/9-3000 Singapore:226-3000 Sydney:2-9�77-8600 Tokyo:3-3201-8900 5ao Paulo:ll-3048-4500
5 ]5-Aug-99 14:31:36
15 dg32 mubig22 Muni C D R N
99 <GO> FOR MORE INFORM7�TION. TYPE # � FOR MUNI DES.
� p� ��$ ;r�,y' ��;:= F.EF :: MAT AMT M) CPN P Y C[TSIP
T, � i�04/00 1800 .0 4 .100 100 .000 696617EK
ALE DATE: 07/07/97 z�04/O1 1975 .0 4.250 100.000 696617EL
- OUN'I': 71, 955, 000 .00 aJ04/02 1950.0 4 .350 100 .000 696617EM
GR: KINSELL O'NEAL NEF1CObID ET a�04/03 2205 .0 4.450 100 .000 696617IN
OND TYPE: REVS;TAX ALLOC s>04/04 2225 .0 4 .550 100 .000 696617EP
ATID: 07/O1/97 cJ04/O5 2260 .0 4 .650 100.000 696617EQ
ST COUPON: 04/O1/98 ��04/06 z025 .0 4.700 100 .000 696617ER
UE: 4/1/00-12, 14, 18, 23 a)04/07 2065 .0 4 .800 100 .000 696617ES
AX: FED & ST TAX-EXEMPT s�04/OS 2290 .0 4.900 100 .000 696617ET
- OODY'S: AAA io�04/09 2255.0 5 .000 100 .000 696617E[7
&p; p,pp ii�04/10 2505 .0 5 .100 100 .000 696617EV
ITCH; �z�04/11 2495.0 5 .150 100 .000 696617EW
_ �; [v�glp ia�04/12 2755 .0 5 .200 100.000 696617EX
REM CAI,L: 04/O1/07 @ 102 iaJ04/14 5830 .0 5 .350 100 .000 696617EY
AR CALL: 04/O1/09 �s>04/18 13725 .0 5 .450 100 .000 696617EZ
Rp: ygg ie�04/23 23595.0 5 .625 100 .000 696617FA
TRST SE'PI'LE: 07/24/97
RICE STAT[TS: FINAL
- OOK-ENTRY DTC
FINAL PRICING 7/09 (PROJECT AREA NO. 1, AS AMENDID)
*BONDS DUE IN 2023 ARE CALLABLE 4/1/02 @ 1000*
_ Bloomberg-all rights reaerved. FYartk£uxt:69-920410 Flong Kong:2-521-3000 LondoR:l'/1-330-'/S00 New Yozk:212-318-2000
Princeton:609-2'/9-3000 Singapore:226-3000 Sydney:2-9���-8600 Tokyo:3-3201-8900 Sao Paulo:ll-3098-4500
5 25-Aug-97 14:31:17
g dg32 mubig22 Muni C D R N
99 <GO> FOR MORE INFORMATION. TYPE # � FOR MUNI DES.
r{(} MAT AMT(M CPN P Y CUSIP
T; � i�08/98 3 .800 100 .000 799561DU
ALE DATE: 07/07/97 z>OS/99 4 .100 100 .000 799561DV
'- OUNT: 11, 150, 000.00 3i08/00 4 .200 100 .000 799561DW
GR: RAUSCFIERR PIERCE REFSNES a�08/01 4 .300 100 .000 799561DX
OND TYPE: GO ULT s�08/02 4 .400 100 .000 799561DY
- ATED: 08/Ol/97 6�08/03 4 .500 100 .000 799561DZ
ST COUPON: OS/O1/98 ��OS/04 4.600 100 .000 799561EA
UE: 8/1/98-13, 21 a�08/05 4 .700 100 .000 799561ES
AX: FED & ST TAX-EXEMPT s>OS/06 4.750 100 .000 799561EC
OODY'S: AAA io)08/07 4 .850 100 .000 799561ID
gp; � ��>OS/08 4 .950 100 .000 799561EE
ITCH; �z�08/09 5 .050 100 .000 799561EF
- ; F�MgAC �3>08/10 5 .150 100 .000 799561EG
REM CALL: 08/O1/13 @ 102 �<�08/11 5 .200 100.000 799561EH
AR CALL: 08/O1/17 �5�08/12 5 .250 100 .000 799561EJ
�s�08/13 5 .300 100 .000 799561EK
IRST SETTLE: 08/13/97 ���08/21 6 .125 5 .426 799561ET
RICE STATUS: FINAL
- OOK-ENTRY D'I'C
FINAL PRICING
*PRICID TO THE CALL
- Bloomberg-all rights zeeerved. Prankfurt:69-920410 Nong Kong:2-521-3000 London:l'/1-330-7500 New York:212-318-2000
Princeton:609-2'/9-3000 Singapore:226-3000 Sydney:2-9'/]]-8600 Tokyo:3-3201-8900 Sao Paulo:ll-3048-4500
5 25-Aug-97 14:32:24
g dg32 mubig3 Muni C D R N
99 <GO> FOR MORE INFORMATION. TYPE # � FOR MUNI DES.
'� �&�A (�IpyT ;::, $N A. MAT AMT(M) CPN P Y C[TSIP
T; � ��12/98 545 .0 4 .000 3 .800 07201TRS
ALE DATE: 07/07/97 a>12/99 565 .0 4 .000 4 .000 07201TRT
- OUNT: 19, 870, 000.00 3�12/00 595 .0 4 .100 4 .150 07201TRU
GR: ST@7E & YOUNGBIItG a>12/O1 615.0 4.250 4 .250 07201TRV
OND TYPE: REVS s�12/02 650 .0 4 .300 4 .300 07201TRW
ATID: 07/30/97 s�12/03 675 .0 4.300 4 .400 07201TRX
ST COUPON: 12/15/97 ��12/04 705 .0 4 .400 4 .500 07201TRY
UE: 12/15/98-12, 17, 25 e�12/O5 735.0 4 .500 4.600 07201TRZ
AX: FED & ST TAX-EXEMPT 9�12/06 775 .0 4 .600 4 .650 07201TSA
- OODY'S: AAA io)12/07 500.0 4 .700 4.750 07201TSB
&p; p,pA ���12/08 835 .0 4.800 4 .900 07201TSC
ITCH; iz�l2/09 885 .0 5 .000 5 .050 07201TSD
- : FSA �3)12/10 930 .0 5.100 5 .150 07201TSE
REM CALL: 12/15/07 @ 102 ia�l2/11 980.0 5 .100 5 .200 07201TSF
AR CALL: 12/15/09 �5�12/12 1040 .0 5 .200 5 .250 07201TSG
is�12/17 4765.0 5 .250 5 .470 07201TSH
IRST SETTLE: 07/30/97 �>>12/25 3775 .0 5 .375 5 .520 07201TSJ
RICE STATUS: FINAL
- OOK-IIV'IRY DTC
FINAL PRICING 7/11
_ Bloombeig-all sights resarved. Psankfuit:69-920410 Hong Kong:2-521-3000 London:l]1-330-]500 New Yozk:212-318-200a
Psinceton:609-2']9-3000 Singapote:226-3000 Sydney:2-9'/"/]-8600 Tokyo:3-3201-8900 Sao Paulo:ll-3048-4500
5 25-Aug-97 14:30:03
__
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Palm Desert Financing Authority
_ Tax Allocation Refunding Revenue Bonds
(Proj ect Area 1 , As Amended)
- Series 1997
Sources & Uses Schedule
_ SOURCES OF FUNDS
Par Amount of Bonds $ 71,955,000.00
Accrued Interest from 07/01/1997 to 07/24/1997 239,769.33
— Transfers from Prior Issue DSR Funds 6,077,753.70
— TOTAL SOURCES $ 78,272,523.03
USES OF FUNDS
Total Underwriter's Discount (0.900%) $ 647,595.00
Costs of Issuance 255,000.00
— Bond Insurance Premium ( 45.0 bp) 611 ,459.93
Surety Bond Fee 153,803.72
Deposit to Debt Service Fund 239,769.33
Deposit to Escrow Fund 76,362,232.00
Rounding Amount 2,663.05
TOTAL USES $ 78,272,523.03
Palm Desert Financing Authority
Tax Allocation Refunding Revenue Bonds
-- (Project Area 1 , As Amended)
Series 1997
- Debt Service Schedule
— Date Principal Coupon Interest Total P+I
4/1/98 - 2,814,683.44 2,814,683.44
4/1/99 - 3,752,911.26 3,752,911.26
— 4/1/00 1,800,000 4.100% 3,752,91126 5,552,911.26
4!1/01 1,975,000 4.250% 3,679,111.26 5,654,111.26
4/1/02 1,950,000 4.350% 3,595,173.76 5,545,173.76
4/1/03 2,205,000 4.450°/a 3,510,348.76 5,715,348.76
4/1/04 2,225,000 4.550% 3,412,226.26 5,637,226.26
4/1/OS 2,260,000 4.650% 3,310,988.76 5,570,988.76
4/1/06 2,025,000 4.700% 3,205,898.76 5,230,898.76
4/1/07 2,065,000 4.800% 3,110,723.76 5,175,723.76
— 4/1/08 2,290,000 4.900% 3,011,603.76 5,301,603.76
4/1/09 2,255,000 5.000°/a 2,899,393.76 5,154,393.76
4/1/10 2,505,000 5.100% 2,786,643.76 5,291,643.76
— 4/1/11 2,495,000 5.150% 2,658,888.76 5,153,888.76
4/1/12 2,755,000 5.200% 2,530,396.26 5,285,396.26
4/1/13 2,840,000 5.350% 2,387,136.26 5,227,136.26
4/1/14 2,990,000 5.350% 2,235,196.26 5,225,196.26
4/1/15 3,170,000 5.450% 2,075,231.26 5,245,231.26
4/1/16 3,350,000 5.450% 1,902,466.26 5,252,46626
4/1/17 3,540,000 5.450% 1,719,891.26 5,259,891.26
4/1118 3,665,000 5.450% 1,526,961.26 5,191,961.26
— 4/1/19 3,975,000 5.625% 1,327,218.76 5,302,218.76
4/1/20 4,170,000 5.625% 1,103,625.00 5,273,625.00
4/1/21 4,375,000 5.625% 869,062.50 5,244,062.50
— 4/1/22 4,620,000 5.625% 622,968.76 5,242,968.76
4/1/23 6,455,000 5.625% 363,093.76 6,818,093.76
TOTAL $71,955,000 $64,164,754.92 $136,119,754.92
Palm Desert Financing Authority
- Tax Allocation Refunding Revenue Bonds
(Project Area 1 , As Amended)
-- Series 1997
- Savings Analysis
� NEW OLD
Date DEBT SERVICE DEBT SERVICE SAVINGS
4!1/98 2,814,683.44 4,593,556.31 1,778,872.87
4/t/99 3,752,911.26 6,074,829.03 2,321,917.77
4/1/00 5,552,911.26 5,703,921.40 151,010.14
4/1l01 5,654,111.26 6,076,947.78 422,836.52
4!1/02 5,545,173.76 5,702,192.66 157,018.90
— 4/1/03 5,715,348.76 5,682,137.47 (33,211.29)
4/1/04 5,637,226.26 6,041,108.48 403,882.22
4/1/OS 5,570,988.76 5,683,284.37 112,295.61
_ 4/1/06 5,230,898.76 6,006,615.58 775,716.82
4/1/07 5,175,723.76 5,652,392.51 476,668.75
4/1/08 5,301,603.76 6,043,705.37 742,101.61
4/1/09 5,154,393.76 5,694,699.10 540,305.34
4/1/10 5,291,643.76 6,034,804.10 743,160.34
4/1/11 5,153,888.76 5,710,030.13 556,141.37
411/12 5,285,396.26 5,756,529.70 471,433.44
— 4/1/13 5,227,136.26 5,917,145.57 690,012.31
4/1/14 5,225,196.26 5,805,644.78 580,448.52
4/1/15 5,245,23126 5,906,486.98 661,255.72
4/1/16 5,252,466.26 5,807,562.31 555,096.05
4/1/17 5,259,891.26 5,938,764.31 678,873.05
4/1/18 5,191,961.26 5,749,958.90 557,997.64
4/1/19 5,302,218.76 5,817,299.10 515,080.34
— 4/1/20 5,273,625.00 5,933,148.35 659,523.35
4/1/21 5,244,062.50 5,773,872.74 529,810.24
4/1/22 5,242,968.76 5,796,723.00 553,75424
.-- 4!1l23 6,818,093.76 351,862.50 (6,466,231.26)
TOTAL $136,119,754.92 $145,255,525.53 $9,135,770.61
PRESENT VALUE ANAIYSIS SUMMARY
_ Gross PV Debt Service Savings $8,197,866.09
Accrued Interest Credit to Debi Service Fund $239,769.33
Transfers from Prior Issue DSR Fund ($6,077,753.70)
"— NET PRESENT VALUE BENEFIT $2,359,681.72
NET PV BENEFIT/$72,150,000 REFUNDED PRINCIPAL 3.2�%
— NET PV BENEFIT/$71,955,000 REFUNDING PRINCIPAL 3.28%
- Palm Desert Financing Authority
Tax Allocation Refunding Revenue Bonds
(Project Area 1 , As Amended)
Series 1997
- Pricing Summary
- Maturity Type Coupon Yield Par Value Price Dollar Price
4/1/00 SERIAL 4.10% 4.10% 1,800,000.00 100.00% 1,800,000.00
4/1/01 SERIAL 4.25% 4.25% 1,975,000.00 100.00% 1,975,000.00
- 4/1/02 SERIAL 4.35% 4.35% 1,950,000.00 100.00% 1,950,000.00
4/1/03 SERIAL 4.45% 4.45% 2,205,000.00 100.00% 2,205,000.00
4/1/04 SERIAL 4.55% 4.55% 2,225,000.00 100.00% 2,225,000.00
- 4/1/05 SERIAL 4.65% 4.65% 2,260,000.00 100.00% 2,260,000.00
4/1/06 SERIAL 4.70% 4.70% 2,025,000.00 100.00% 2,025,000.00
4/1/07 SERIAL 4.80% 4.80% 2,065,000.00 100.00% 2,065,000.00
- 4/1/08 SERIAL 4.90% 4.90% 2,290,000.00 100.00% 2,290,000.00
4/1/09 SERIAL 5.00% 5.00% 2,255,000.00 100.00% 2,255,000.00
4/1/10 SERIAL 5.10% 5.10% 2,505,000.00 100.00% 2,505,000.00
- 4/1/11 SERIAL 5.15% 5.15% 2,495,000.00 100.00% 2,495,000.00
4/1/12 SERIAL 5.20% 520% 2,755,000.00 100.00% 2,755,000.00
4/1/14 TERM 1 5.35% 5.35% 5,830,000.00 100.00% 5,830,000.00
4/1/18 TERM 2 5.45% 5.45% 13,725,000.00 100.00% 13,725,000.00
4/1/23 TERM 3 5.63% 5.63% 23,595,000.00 100.00% 23,595,000.00
TOTAL $ 71,955,000.00 $ 71,955,000.00
BID INFORMATION
ParAmount of Bonds $71,955,000.00
Gross Production $71,955,000.00
Total Underwriter's Discount (0.900%) ($647,595.00)
Bid $71,307,405.00
Accrued interest from 07/01/1997 to 07/24/ $239,769.33
Total Purchase Price $71,547,174.33
Bond Year pollars $1,188,326.25
Average Life 16.515 Years
� Average Coupon 5.399591%
Net Interest Cost (NIC) 5.454087%
_ True Interest Cost (TIC) 5.442412%
r-- -----
�, - --- --
i
i
i
'!
i
Economic Summary
The following time frame and events played an important role in the decision
to price the Refunding Bonds on July 8, 1997:
Week of June 30`h - The Federal Reserve Open Market Committee Meeting
— was scheduled far July 1 and 2. The majority of the economic indicators
utilized by the Federal Reserve Committee to detennine monetary policy
came in unchanged ar slightly off any upward projections. As a result the
Federal Reserve left interest rates unchanged. The week of June 30 was
relatively quiet for the Bond Market. First, typically prior to Fed meetings
— most bond fimd managers and bond traders will hedge their portfolios in the
direction that they feel the Fed will go with interest rates. The Bond Market
felt relatively comfortable that there would be no changes therefore the
market was somewhat inactive. The second reason was due to a lack of
supply of bonds in the Market. With very few new bond issues pricing during
— the end of June and beginning of July the majority of the activity was felt in
the secondary market. Third, the July 4th holiday fell at the end of the week.
_ As a result many industry professionals were on vacation.
During pricing calls the Finance Teain, which consisted of the Undenvriting
— Syndicate (Kinsell, O'Neal, Newcomb & De Dios, I�ic., Alden Capital
Markets, Inc., and Redwood Securities Group, lnc.), the Financial Advisor
_ (Munisoft), Bond Counsel (Richards, Watson & Gershon), & the Issuer
(Palm Desert Redevelopment Agency/Financing Authority), decided, based
upon the preceding infonnation and the economic indicators, to postpone
pricing until Tuesday, hily 8, 1997. The feeling was that tl�e market would
become active again picking up pace after die anticipated Federal Reserve
— decision to not raise interest rates and the holiday weekend was over. The
lack of supply coupled with a strong demand for new bonds in the market
gave the Finance Team some added comfort that tl�ere would be plenry of
interest in the offering.
-- Week of July 7t6 - Monday, July 7, proved to be an excellent pre marketing
day and potential investors were anticipating the scheduled Tuesday pricing.
The Finance Team had its final pricing call and with the approval of the final
scale by the Redevelopment Agency we were ready to go otrt first dung in the
morning.
Tuesday, July 8, proved to be a good day for the Finance Team. With the
-- hard work of the Underwriting Syndicate and the Finical Advisor, we were
able to re-price two of the three term bonds securing lower rates and
-- ultimately increasing the net present value benefit to the Authority.
Week of July 14"' to present - After pricing, interest rates declined sliglitly
and supply steadily increased as other refinancings popped up to take
advantage of historical low market rates. There was some difficulty with the
-- recent Federa130 year treasury auction. The primary buyers experienced
trouble moving their treasuries in the Market. As a result the Market dropped
and yields moved up significantly over a two day period. Since the auction
the long bond has recovered slightly hovering between a yield of 6.45% to
6.75%. The enclosed graph demonstrates the treasury yield ctuve on the
— close of July 8, 1997 and the close of August 25, 1997.
In conclusion the Fiancee Tea�n widi the help of a strong market was able to
meet and exceed all of the A�ency's goals and objectives relating to the
refmancing.
HISTORICAL YIELD CUFtVE PAGE 1 OF 2
DATE RANGE � ' � ' MTY RANGE � �
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Bloomberg-pll rights reserved. FranKSurt�69-920410 Hong Kong�2-521-3000 London�171-330-7500 New YarN�212-318-2000
— Princeton�609-279-3000 Singapore�226-3000 Sydney�2-9777-8600 ToKyo�3-3201-8900 Sao Paulo+ll-3048-4500
G161-260-5 25-Rug-97 22=36�52
TrIE BOND BUYE.
TrIE DAILY NEWSPAPER OF MUNICIPAL FINANCE
WEDNESDAY, 7ULY 2, 1997
Treasuries Soar,
-- While Municipals
Post Healthy Gains
On June Payrolls
By Niamh Ring
— A bond-friendly]une employment re-
port helped propel fixed-income prices
higher Thursday, and municipal bonds
closed up Yz to'/+of a point,trailing a eu-
phoric Treasury market where prices end-
ed up over a futl point.
The Labor De-
_ � '� partment reporred
that non-fazm pay-
rolis iose by
217,000 in June,
__ coming in neaz the
�� M ` consensus opinion.
- Unemployment,
- � meanwhile, rose
"":-: 0.2% to 5.0% last
�` -'- month, coming in
- ��,�� >F,<; slighdy higher[han
-�? `:r anticipated. Mazket
_ '''`r, : players had expect-
ed for no change.
1�(INICIPAL The report —
coming on the heels
_ MARKET of the Federal Open
Market Commit-
tee's decision last week to]eave short-tertn
rntes unchanged at its monthly meeting—
— further galvanized the opinion that,for now,
the Federal Resecve Boazd will not alter its
curtent monetary policy,
"It's the rype of report that would leave
— the Fed content with its policy sitting right
where it is;' said Michael Nloran, chief
Plensr nim m hfUN/CIPALS pagt 40
WEDNESDAY,JuLV 2. 1997 �.
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THE BOND BUYE:
Tr1E DAILY NEWSPAPER OF MUNICIPAL FINANCE
TH[nzsDnY, JuLY 3, 1997
FOMC Unleashes
- Nothing Unusual
As Muni Prices
Remain Steady
By Niamh Ring
The Federal Open Markct Committee
didn't spring any surprises on the bond
markets yesterday, and as widely expect-
— ed left shon-tertn intcrest rates unchanged.
The monthly two-day FOMC meeting
adjoumed yes[erday and left the federal
funds nte at its cur-
— �� "4,,� rent]evei of 5.50�/c.
� Municipal bond
prices, like their
Treasury counter-
— " parts, didn't teally
budge from Firmer
-� levels attained ear-
- lier in the session,
— - ':- and closed up a '/a
_ -'- _ - point after the an-
- i' nouncement.
- �;..;,.
"There's definite-
— '' ly some buying in-
terest out there;'
.(�(INICIPAL said one municipal
tnder,spealdng yes-
MAxxEr [erday moming. He
noted,however,that
action was"spotty."
One large New York shop noted some
decent swapping activity,but a trader[here
said its sales force wasn'[busy.
In Uie go�emment muket,the]ong bond
_ ended the session up"/az,to yield 6.71%.
having held onto eazly gains.
'Ihe Treasury mazket was given a bit of a
Plrnse mrn ro MUNIC/PAlS puge JO "
— TtNftsDAY,Ju�.Y 3. 1997 " .—..
MU111C1 Cr1S rection is the second-quarter employment
p cost indez,due July 29.Shazp said a con-
ConrtnusdJromJrontpage tinuation of the current pace—which is
]ift yesterday morning, when the Com- towazd an upwazd trend—would put ttie
merce Department repoited that factory odds for a change in current monetary pol-
o[ders fell 0.75o in May,coming in even icy at 50-50,he added.
lower than the 0.2�Po,which some market But Sharp does not discount today's
paRicipants had expected.The number of employment report. He noted that this
orders m April,however, was revised up- time last yeaz, a sttong June report just
wazd to 1.4%,a little higher[han the orig- before the holiday weekend"caused a lo[
inally reported 1.2%increue. of people to adjust their Fed policy out-
_ Speaking after the FOMCs no-change look:'
announcement yesterday,a Treazury play- Meanwhile, there were no major new
er declared his market "virtually un- municipal bond issues yesterday as the
changed:' market began to wind down ahead of to-
__ "I would think the majority of people morrow's holiday.
[believedJ that the Fed was going to leave In the debt funues muket the September
policy unchanged and continue to look at municipal contract closed up �a/az to
the numbers, including tomoaow morn- 117zY�z.The Septembet MOB spread was
_ ing's;'he added. 181 compazed with 173'Ihesday.
Today the market contonds with.the The Bond Buyer's 30-day visible sup-
closely watched non-farm paytolls fig- ply of new issues expected to come to
ure,a release that has unhinged the bond market within the next month totaled
-- market several times in the past. Play- $2.62 billion, up 595.7 million. T6at
ers yesterday said they ue looking for a comprised $I.OS billion of compeEitive
payroll figure ranging from 200,000 to issues, down$275.8 million, and$1.56
237,000. billion of negotiated issues, up $371.5
— Bill Sharp, an cconomist with Smith million.
Barney Inc., however, said the next key Standazd & Poor's Blue List of dealet
number his firm is]ooking to for an indi- inventories fell$56.3 million to$1.51 bil-
cation of the Federal Reserve's future di- lion. 0
^ �-IE BOND BUYEI
__ TrIE DAILY NEWSPAPER OF MUNICIPAL FINANCE
MoNDAY, JULY 7, 1997
Favorable Data
- In NAPM Index
Lifts Treasuries;
Munis Follow Suit
By Brian Louis,
_ Thomson Municipal News �
Municipals rose'/�to 3'e of a point over-
all yesterday, while The Bond Buyet In-
dex closed up�Hax,buoyed by a Treasury
— mazket propelled higher by a loweo-than-
expected National Association of Purchas-
ing Management In-
_ '`� dex repo[t.
In other news,the
Foderal Open Maz-
ket Committee be-
_ gan its two-day
� meeting yesterday
-� aftemoon,although
---� indusay analysts are
_ -�-:_' not expecti¢g any
-'- ' - action on short-term
- - interesttate policy.
- '��' a;` In the govemment
a „
_ e: ° market,the 30-yeaz
Treasury bond was
MUNICIPAL y eld 6.73% in late
— .MARKET trading.
The June NAPM
index reading was 55.7%, compared to
May's 57.1�/o reading.The figure came in
-- lower than economists'expectation of a
563%level.A NAPM reading above 50%
is usually seen as an indication that the
manufacturing economy is generally ex-
— panding,while a reading below 50%indi-
cates a decline.
Plmsr rum ro MUNlCIPALS page 32
- Morronv.J�n.v 7. 1997 .. ..�.
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