HomeMy WebLinkAbout07 JANUARY 1998 File Copy
AGENDA
INVESTMENT & FINANCE COMMITTEE
WEDNESDAY, JANUARY2l, 1998— 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 December 17, 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 '2�vin h,g is or
her name and address for the record. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chauman.
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 unril such time
on the agenda, as the item is discussed. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnerships BackPround Checks for
Section 4
Rec: Report by Cazlos Ortega.
Action:
B. Redwood Securities
Rec: Status Report on refunding bonds for Housing Authority and
new Bonds for RDA for Project Area#4.
AGENDA- INVESTMENT & FINANCE COMMITTEE JANUARY 21, 1998
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Action:
VI. NEW BUSINESS
A. �y and Redevelopment Agency Investment Schedule
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the inveshnent
activity during the month of August. Review status of capital
projects and cash flow projections.
Action:
B. Review Short Term Investments Maturing in January. 1998
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 Monthly Report
Rec: Informational item for the Committee to review. No action
required.
D. Month y Financial Report for City Council
Rec: Report and submit to City Council.
Action:
E. Parkview Professional Oftice Buildings - Financial Reports
Rec: Review of 12/30/97 financial statements.
Action:
F. Desert Willow Golf Resort Financial Information for December
Rec: Review and file report.
Action:
AGENDA-INVESTMENT & FINANCE COMMITTEE JANUARY 21, 1998
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G. Palm Desert Recreation Facilities Corooration Income Analysis for
December
Rec: Review and file report.
Action:
H. �ac ground Questionnaires for Investment Agencies
Rec: 1. Review and finalize selection of Broker's Banker's.
2. Review of existing Broker's.
Action:
I. Investment Policv
Rec: Reviewing and recommending adoption by City Council and
Redevelopment Agency Board.
Action:
J. C_o�pDrehensive Annual Financial Report 6/30/97 and Redevelopment
A¢ency Financial Statements
Rec: Review and forwazd to City Council and Redevelopment Agency.
VII. REPORTS AND REMARKS
A. Reoorts and Remarks by any Committee Member
B. Items to be placed on the Next Agenda
VIII. NEXT MEETING DATE
Next regulazly scheduled meeting is:
�Jc�dl�c��dl�d�, l�c�i��n��u�w ll��. ll���3 �� IlIl°�� ��mm�
IX. ADJOURNMENT
, ♦ I N T E R
�� - __- _--- MEMO
�
0 F F I C E
To: Mayor Jean Benson, Mayor Pro-Tempore Bob Spiegel, Ray Diaz, Carlos Ortega
From: Diane L. Hines ai'�
Subject: CAFR'S and Financial Statement
Date: January 16, 1998
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You have already received the CAFR'S and Financial Statement. They will be reviewed at the
Investment &Finance Committee meeting on Wednesday, January 21, 1998.
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� � M�nutes
. .
Finance Committee
CONVENE On November 19, 1997, the Investment & Finance
Committee was called to order at 11:10 a.m. by Mc Gibson.
ROLL CALL Paul Gibson, Jean Ruth, Dave Erwin, Jean Benson, Murray
Magloff, Bill Veazie, Carlos Ortega and Sauce J. Adelman,
recording secretary.
Guest: Dennis M. Coleman, Redevelopment Agency
APPROVAL OF MINUTES Upon motion by Mr. Erwin, seconded by Mr. Magloff, the
Minutes of the October 15, 1997 meeting were
APPROVED as submitted.
ORAL COMMUNICATION None.
OLD BUSINESS A. Status of Public and Private Partnershi�s
Background Checks for Section 4
Mr. Ortega reviewed the report.
Receive and file report.
Redwood Securities
Mr. Ortega reviewed the report.
Receive and file report.
NEW BUSINESS A. Ci�,y and Redevelopment Agency Investment
Schedule
Mr. Gibson reviewed the Investment Schedute and asked if
there were any questions.
Receive and file report.
B. Review Short Term Investments Maturina in
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Minutes
Finance Committee
November 1997
Ms. Ruth reviewed the Short Term Investments.
Receive and file reports.
C. State of California Local Aoencv Investment Fund
Monthly Report
Mr. Gibson reviewed the report and asked if there were any
questions.
Receive and file report.
D. Monthly Financial ReQort for City Council
Mr. Gibson reviewed the report and asked if there were any
questions.
Receive and file report.
E. Parkview Professional Office Buildings -9l30/97 and
10131/97 Financial Reports
The Financial Reports for the Office Complex for September,
1997 were finally received from Oscar Armijo, Certified
Public Accountant and are attached for review.
Receive and file report.
� Desert Willow Golf Resort Financial Information for
October•
Mr. Gibson reviewed the financial statements for Desert
Willow for the month of October.
Receive and file Report.
G. Palm Desert Recreation Facilities Cor�oration
. Income Analysis for October.
2 �
Minutes
Finance Committee
Mr. Gibson reviewed the report and noted that revenue has
doubled from what the budget was projecting, but our
creditors also grew out of proportion. IYs probably equal to
� what the cost of providing the case supplies needed.
Receive and file report.
H. 1997 Tax Allocation Housing Set -Aside Revenue
Bonds
Mr. Ortega reviewed the report for the 1997 Tax Allocation
Housing Set—Aside Revenue Bonds.
Review and file report.
1. 1997 Project Area No. 4 Tax Allocation Revenue
Bonds
Mr: Coleman stated that RDA is currently in negotiations
with insurance companies regarding the coverage rate for
the bonds.
NEXT MEETING DATE The next Investment & Finance Committee meeting will be
held Wednesday, December 17, 1997 at 11:00 a.m.
ADJOURNMENT The Investment& Finance Committee adjourned at
12:59 p.m. on a motion by Mr. Gibson and seconded by
Mr. Veazie.
Respectfully submitted,
SAUCE ADELMAN
RECORDING SECRETARY
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�—��--� •
� � Minutes
.
Finance Committee
CONVENE. On December 17, 1997, the Investment & Finance
Committee was called to order at 11:04 a.m. by Mr. Gibson.
ROLL CALL Paul Gibson, Jean Ruth, Ray Diaz, Bob Spiegel, Dave
Erwin, Murray Magloff, Bill Veazie, Carlos Ortega and
Veronica Abarca, recording secretary.
Guest: Dennis M. Coleman, Redevelopment Agency
APPROVAL OF MINUTES Upon recommendation of Mr. Gibson, the committee
agreed fhat the minutes of the November 19, 1997
meeting wou/d be continued to the January 21, 1998
meeting to make conections.
ORAL COMMUNICATION None.
OLD BUSINESS A. Status of Public and Private Partnershios
Background Checks for Section 4
Mr. Ortega stated the developers of the Marriott Properties
now have a new partner, GMAC Capital. A background
check has been requested and should be received within a
week.
Mr. Ortega has requested a time line of the construction
schedule, which the Marriott confirms wili only take nine
months.
B. Redwood Securities
Mr. Coleman distributed handouts with the final numbers on
the refunding. The deal has been completed and is now
closed.
Mr. Ortega stated that the original goal of the refunding bond
issue was a 3°/a savings. The actual total savings is actually
$7 million dollars with a net present value saving of$1.1
million or 3.81%. Mr. Ortega included that Indian Ridge and
Bighorn had experienced the greatest savings in the
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Minutes
Finance Committee
venture.
Mr. Ortega highlighted that the RDA charged the districts
$65,000 for administering this transaction.
Mr. Spieget requested that Indian Ridge and Bighorn both
be sent a memo outlining the savings to each district.
Mr. Coleman then gave an overview of the Housing
Authority Bonds and Project Area #4 Bonds. An insurance
commitment letter has been received from MBIA for the
Housing Authority Bond, with a really good rate of 45 basis
points. These rates are reasonably comparable to refunding
rates.
The Redevelopment Agency is working toward the issuance �
of a preliminary statement on December 29, 1997. Pricing is
being predicted at January 5, 1998 with a pre-close the
week of January 22, 1998 and an actual ciose on January
26, 1998, then the following two days will be an escrow
closing.
The issuance of the Project Area #4 Bonds have been
pushed back due to the urgency of the Housing Authority
Bonds. An insurance commitment has also been received
on this bond. Two bids were received on this bond. FSA
declined to bid and MBIA has given a bid of 70 basis points,
however that has not yet been accepted in hopes that the
number will go down.
� Mr. Spiegel wondered why FSA declined to bid . Mr.
Coleman replied that their reason, similar to MBIA's high bid
is due to the youthfulness of the project area and its
assessed valuation. This offering is still good, per Mr.
Ortega however, Palm Desart has established good credit
and are now in the position to demand a better deal. The
Redevelopment Agency would like to price this bond issue
the week of January 12, 1998 if not later, and looking to
preclose and close the first week of February in order to give
full attention to Housing Authority Bonds.
2 •
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Minutes
Finance Committee
Mr. Diaz requested that staff review the process and see if
there are any possibilities to save steps in the future.
NEW BUSINESS A. C� and Redevelo�ment Agency Investment
Schedule
Ms. Ruth reviewed the �nvestment Schedules. Ms. Ruth
stated that on both Redevelopment and City Investment
schedules do not show a lot of activity due to bad market
conditions.
Ms. Ruth stated that much of the Redevelopment Agencies
investments had been in short term due to the timing of the
Desert Willow Project, which she thought was a bad
structure. Mr. Diaz asked Ms. Ruth what she thought would
be a better structure. Ms. Ruth stated that the first, the
money needed to be taken out of fidelity. Mr. Gibson added
that when the reserve funds are needed in short term to pay
debt service. The rest is timed for Desert Willow, which will
be built within one year. Mr. Coleman added that we are
restricted by the IRS, as to what can be eamed on these
funds.
Mr. Gibson then responded to Mr. Diaz's question in relation
to the City Investments. He pointed out that the high
number of long-term investments be attributed to the
Redevelopment Agency Loan. Mr. Diaz reiterated that he
would like to know how much could be restructured in a
better investment. Ms. Ruth replied that the long term could
not at this point be restructured, however the short term will
� be reinvested at their maturity.
Mr. Gibson stated that the City could in the future do like the
County does and forecast a daily expenditure list and go out
for a five-year period. Mr. Diaz requested that staff looks
into it and schedule it for the agenda in February.
Receive and file reports.
. B. Review Short Term Investments Maturing in
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Minutes
Finance Committee
Dscember 1997
Ms. Ruth reviewed the Short Term Investments. She stated
that the City has a $3 million dollar investment to be called
tomorrow. Of that investment, she has looked into the
options which are available and may possibly go with a 1
month short term commercial paper which could prove to be
advantageous at this time.
Receive and file reports.
C. State of California Local Agency Investrnent Fund
Monthly Re�ort
Mr. Gibson reviewed the report and asked if there were any
questions.
Receive and file report.
D. Monthly Financial Re�ort for Citv Council
Mr. Gibson was unable to review the City Financial Report
for the month of November, will distribute at a later date.
Mr. Gibson reviewed the Financial Report for the
Redevelopment Agency.
Receive and file report.
E. Parkview Professional Office Buildings -9l30/97
� Financial Reports
Mr. Gibson reminded the.committee that Anthony
Hemandez, no longer Oscar Armijo's office, is now
completing the reports.
Mr. Spiegel asked how the office complex is doing bottom
line. Mr. Gibson's response was that we are currently at a
$175,000 net income, bottom line since July.
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_ _._. _ ___ _ --- _ _
M�nutes
Finance Committee
Mr. Diaz asked Mr. Gibson to review the park maintenance
costs to see if the revenue from the Office Complex would
cover the maintenance as originally planned. Mr. Gibson
stated that at this point it would not be possible.
Mr. Gibson requested that the management team be given
permission to send notices to all real estate agents to make
them aware of open space as well as signage on frontage
streets for any govemment or quasi govemment agencies.
Mr. Diaz stated that staff should get with community
development to review the ordinance.
Receive and file Report.
F. Desert Willow Golf Resort Financial Information for
November.
Mr. Gibson reviewed the Desert Willow Financial
Statements.
Mr. Gibson stated that Greg Lindquist had gone through the
each line item and gave reasons for the differences to
Anthony Hernandez, which will now be done on a monthiy
basis.
Mr. Diaz requested that a reserve be set aside for future
equipment purchase. Mr. Gibson stated that at this time
there was not money available, but should be in the future.
Receive and file Report.
G. Palm Desert Recreation Facilities Corooration
Income Analysis for.November. '
Mr. Gibson reviewed the report and asked if there were any
questions. There were none.
Receive and file report.
Ms. Ruth stated that the Broker/Dealer questionnaire is out
5 •
Minutes
Finance Committee
to the various agencies, which have requested it, and will be
included on the January agenda for review. Ms. Ruth also
stated that the Investment Policy is currently being updated
and will also be included in the January agenda to then
forward to Council for approval.
Mr. Gibson added that the CAFR as well, would be out to
the committee.
NEXT.MEETING DATE The next Investment & Finance Committee meeting will be
held Wednesday, January 21, 1998 at 11:00 a.m.
ADJOURNMENT The Investment 8 Finance Committee adjourned at
12:15 p.m. on a motion by Mr. Magloff and seconded by
Mr. Veazie.
Respectfully submitted,
VERONICA ABARCA
RECORDING SECRETARY
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�PALM DESERT REDEVELOPMENT NCY
COMBINED STATEMENT OF AC'�..,.L
REVENUES 8 EXPENDITURES
COMPAREDTO BUDGET
31-Dec-97
RDA RDA %of (FAV)UNFAV
Budget YTD Budget Actual YTD Budget Variance
REVENUES
1 Taxincrement' 24,328,200.00 12,164,100.00 518,464.26 4.26% 11.645,635.74
2 Interest 1,904,000.00 952,000.00 1,892,777.85 t98.82% (940,777.85)
6 Sales of Property 0.00 0.00 10,803,405.00 0.00% (10,603,405.00)
3 Reimbursement From Other Agencies 759,000.00 379,500.00 89,622.59 23.62°/a 289,677.41
4 Other Revenue 364,000.00 182,000.00 32,207.04 77.70% 149,792.96
TOTAL REVENUES 27,355,200.00 13,677,600.00 13,336,47674 97.51% 341,12326
� FAV(UNFAV)
EXPENDITURES Variance
Administrative Costs 1,318,200.00 659,100.00 � 399,914.82 60.68% 259,185.18
Professional Services 2,160.613.00 1,080,306.50 417,931.09 . 38.69% 662.375.41
Property Tax Administrative Fee 563,900.00 281,950.00 0.00 0.00% 281,950.00
Cost of Inventory Sold
CapitalOutlay 22,300.00 11,150.00 25,701.10 0.00% (14,551.10)
Deep Canyon&Hwy i t t 8.241.00 4,120.50 4,259.43 103.37% (138.93)
Parking-The Gardens 5,000,000.00 2,500,000.00 0.00 0.00% 2,500,000.00
ElPaseo/Highway 74 7,719.00 7,719.00 7,719.33 100.00% (0.33)
I-701nterchange 250,000.00 250,000.00 250,000.00 100.00°k 0.00
Super Block III-Landscape 60,000.00 30,000.00 0.00 0.00% 30,000.00
Desert Crossing Public Improvement 43,450.00 21,725.00 0.00 0.00% 21,725.00
Desert Willow-P#1 8,001,478.00 4,000,739.00 0.00 0.00% 4,000.739.00
North Sphere Infrestructure 26,555,050.00 13,277,525.00 0.00 0.00% 13,277.525.00
DesertWillowP#2 14,899,120.00 7,449,560.00 3,631,70022 48.75°k 3,817,859.78
P#4 Street Improvements 1,011,129.00 505,564.50 59,578.90 11.78% 445,985.60
6 Desert Rose 131,002.00 65,501.00 3,593,775.28 0.00% (3,528,27428)
Air Quality Management 200,000.00 100,000.00 25,916.85 0.00°h 74,083.15
Office Equipment 5,000.00 2,500.00 0.00 0.00°h 2,500.00
Hwy 74 and Hwy 111 Improvements 0.00 0.00 0.00 0.00% 0.00
Land Purchases 0.00 0.00 0.00 0.00% 0.00
Housing Subsidies
AHA Housing Subsidies 4,315,000.00 2,757,500.00 847,987.67 39.30% 1,309,512.33
Desert Rose Subsidies 200,000.00 . 100,000.00 0.00 0.00°/a 100,000.00
Decline in Value on Inventory Held
For Resale
Payments to Other Governmental Agencies 6,978,400.00 3,489,200.00 0.00 0.00% 3,489,200.00
Bond Issuance Costs � 0.00 0.00 0.00 0.00% 0.00
Bond Discount 0.00 0.00 0.00 0.00% 0.00
5 Interest And Fiscal Charges 10,622,000.00 5,311,000.00 5,619,296.44 105.80% (308,296.44)
5 Principal Payments 2,430,000.00 1,215,000.00 4,555,000.00 374.90% (3,340,000.00)
TOTAI.EXPENDITURES 84.782,602.00 42,520,160.50 19,438,781.13 45.72% 23,081,379.37
'TAX INCREMENT REVENUE ARE USED TO PAY DEBT SERVICE PAYMENTS.
1 Tax Incremenl is peiC in Jan antl Mey W wd�year.
2 Most inI2rB8�rBVMue is 095e0 a1lnVesVflBnis halG 8ntl is fCCOfCCO 8�metuflry.
� 3 ReimGursemenls are receivaC et wnous timn Eunnp Ihe year.
4 OIhBI RCVMUG i5 fGCNPoO a�VBIIOIIS(mBS tlY��B�hp YGBf.
- 5 Pnncpsl antl Interest PaymenLs arc meEe Nnce e year witl�tl�e ezuplion
d Ilie Duteh Autlian Bontls which pey evary 35 days.%W VTD Butlpe�
Is to�iMamiaUonal W�W3p only. Does nol re�lecl annual vanenCES.
6 Desart Rose Fxpensas ara ofistl Uy tl�e Seles of Momes recartletl uMer Revenue.
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K W
, PALM DESERT P"'�EVELOPMENT AGENCY -�
COMBINED STATEMENT OF .'UAL REVENUES 6 EXPENDITURES
COMPAKEDTO BUDGET
DBGJ7
Capital Projects
Project Project Project Project Capital
Budget Area 1 Area 2 Area 3 Area 4 Totals
REVENUES
Tax increment � 0.00
Interest 7,174,000.00 892,319.53 85,84�.33 978,160.86
Sales of Property 7,775,000.00 7,775,000.00
Reimbursement From Other Agencies 197,000.00 60.000.00 60,000.00
Other Revenue 4,000.00 7,71720 7,71720
. TOTAL REVENUES 1,375;000.00 960,036.73 7,860,841.33 � _ 0.00 , 0.00 8,820,878.06
EXPENDITURES -
Administrative Costs 1,063,200.00 381,922.02 � 381,922.02
Professional Services 1,682,500.00 147,466.06 26,768.91 167.15 174,402.12
Ptanning,Suney and Design 0.00
Property Tax Adminishative Fee 0.00
Cost of Inventory Sold . . � 0.00
CapitalOutlay . � 323.24 323.24
Deep Canyon&Hwy 111 . �.8,241.00. 4,259.43 4,259.43
Parking-The Gardens 5,000,000.0� 0.00 0.00
EI Paseo/Highway 74 .:7,7t8�.00 7,719.33 7,719.33
I-10 interchange ��250,OD0��.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 InfrasWcture 26,555,050.00 0.00
Desert Willow P#2 14,899,120.00 3,631,70022 3,631,700.22
P#4 Street Improvements 1,011,129.00 59.578.90 59,578.90
Desert Rose 0.00
Air Quality Management 200,OD0.00 25,916.85 25,916.85
Otfice Equipment 5,000.00 0.00
Hwy74 and Hwy 111 Improvemenfs 0.00 159,597.48 159,597.48
Land Purchases 0.00
Payments to Other GovemmenNal Agentles 0.00
Interest And Fiscal Charges 0.00
TOTAL EXPENDITURES 58,786,887.00 977,204:41 �3,658tt69.t3 � � O.W 59�,748.05 4,695,419.59
.___._ ... .._ _ ... . . ._.. . .. _ _ .. .
. ...__ ._ .._. ._._.. . . .. ._. . . .
City of Palm Desert
Month-end Investment Report
December 31, 1997
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
Portfolio Master Summary 1
Investment Portfolio Detail - Investments 2
Investment Portfolio Detail - Cash 5
Portfolio Master Investment Activity by Type 6
Investment Activity Summary 10
Distributian af Investments by Type 11
Interest Earnings Summary 12
Investment Portfolio Compliance Checklist 40
INVESTMENT INFORMATION BY FUND/BOND
Assesssment District 83-1 14
1995 Refunding Bond 84-1-R 16
Assessment District 87-1 18
Indian Ridge 91-1 Series A 20
Indian Ridge 91-1 Series B 22
Indian Ridge 91-1 Series 1997 24
92-1 Series 1997 25
94-1 Series 1997 26
Sunterrace 94-2 27
Merrano 94-3 29
95 Refunding Bond 83-1, 84-1-R, 87-1 31
�997 Rev Bnd: 91-1, 92-1, 94-1 33
Library Foundation 34
City General Fund 35
City Loan to RDA 37
Office Complex 38
O1/14/1998 City of Palm Deeert PM - 1
�PORTFOLIO MASTEA SUMMARY CITY
DECEFIDER 31, 1999 ACCRUAL
AVERAGE "-'YIELD TO MAT[1RITY---
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MATURITY EQVIVALENT EQUIVALENT
Fidelity Treaeury Pool................ ... ....$ 2,8]3,893.00 2.43 1 1 5.395 5.4'!0
Local AgenCy Inveatment Funde. ...............$ 13,696,323.52 11.52 1 1 5.62'/ 5.'!OS
Passbook/Checking Accoun[a... ................$ 6,003,4'/8.65 5.0'/ 1 1 4.5'10 9.633
Commercial Paper - Discount..................$ 4,969,181.11 4.19 49 33 5.939 6.021
�ederal Agency Ieeuea - Coupon............ ...5 16,913,318.89 14.28 991 631 6.039 6.123
Treaeury Securitiee - Coupon.................$ 49,'134,950.6'/ 91.99 3,038 '/9a 5.816 S.B9'/
Treaeury Securities - Diecount...............$ 4,847,122.36 4.09 1,'/06 1,685 5.'138 5.818
City Loan Co RDA..... . .......................$ 19,000,000.00 16.09 2,192 1,2'1'1 5.462 5.538
State s Local Gov[. Seriee...................$ 465,000.00 0.39 1,753 1,732 0.000 0.000
TOTAL INVESTMENTS and AVERAGES.............$ 118,448,268.20 100.00t 5,008 705 5.6758 5.754t
""""""�".....'."""""'....���.�e..a.....a_...:::a:=�:.e.:.....'.."
CASH
Paeebook/Checking - No Yield Totale..........$ 691,fi61.7a 0.000 ' 0.000
(not included in yield calcula[ione)
Accrued Snterest at Purchaee.................5 378,623.51 �
TOTAL C4SH and PURCW�SE INTEREST.............$ 1�0'/0�205.23
..�'��������"�����z������:a�:����������»�z�::»�����e:a�����:_=�:��aa�:�����
TOTAL CASH and INVESTMENTS........ ... .. ....$ 119,518,553.43
. MON1'EI ENDING FISrnr,
TOTAL EARNINGS DECEFIDER 31 YfiAR 11� DATE
Cuiient Year $ 51],195.19 $ 2,'/61,09'/.59
AVERAGE DAILY BALANCE $ 109,469,']48.19 $ 96,923,009.52
EFFECTIVE RATE OF RETURN 5.56} 5.68t
The inveatment portfolio of the Ci[y of Palm Deeert compliee with its InveetmenC
Paul S. Gibeon Policy and the California Government Code eectione per[aining to the inveetmen[
Tzeaeurer of local agency funde. Pending any future aceione by the City Council or any
unforeseen catastrophy the City hae an adequate caeh flow to meet its
espenditure requiremen[e foz Che nex[ eix monthe. The month-end market valuee
DATE were obtained from Fira[ True[ and IDC Da[afeed pricing eervice.
1
O1/19/1998 Ci[y of Palm Deeert PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CI1'T
DECEPIDER 31, 1997 ACCRUAL
INVESTMENT AVERAGE PURCHASE . STATED --- YTM --- MATURII'Y DAYS
NUPIDER ISSUER BALANCE DATE HOOK VALVE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
_'___'_______'____'____"___"_'____"_______'_'____________'__'_'_"'_______"__'__________""_'__"'________"'__""_'_____'_"'_
FIDELITY TREASURY POOL
12004 Fidelity IneCitutional Caeh 0.00 0.00 0.00 S.a20 5.396 5.420 1
12005 Fidelity Inetitutional Caeh 0.00 0.00 0.00 5.420 5.346 5.920 1
12006 R Fidelity Inetitutional Caeh . . � 0.00 0.00 0.00 5.4'/0 5.395 5.470 1
1200] � Fidelity Ineti[utional Caeh 0.00 0.00 0.00 5.4'!0 5.395 5.4'!0 1
12009 I Fidelity Inetitutional Caeh 35,049.00 35,'/49.00 35,749.00 5.4'!0 5.395 5.4'l0 1
12010 R Fidelity Inetitutional Caeh 185,506.00 185,506.00 185,506.00 5.470 5.395 5.4]0 1
12011 Fidelity Inetitutional Caeh 0.00 0.00 0.00 5.140 5.070 5.140 1
12032 I Fidelity Ine[itutional Caeh 408,290.00 408,298.00 408,298.00 5.4'!0 5.395 5.4')0 1
12013 R Fidelity InOtitutional Caeh 127,510.00 127,510.00 127,510.00 5.470 5.395 5.970 1
12015 Fideli[y Inetitutional Caeh 0.00 0.00 0.00 5.470 5.395 5.9'/0 1
12016 I Fidelity Ine[i[uti0nal Caeh 334,944.00 324,944.00 329,999.00 5.470 5.395 5.470 1
12018 R Fideli[y Ineti[utional Caeh 0.00 0.00 0.00 5.470 5.395 5.4'10 1
12019 Fidelity Ine[itutional Caeh 0.00 0.00 0.00 5.470 5.395 5.470 1
12020 I Fidelity IRetitutional Caeh 0.00 0.00 0.00 5.4'/0 5.395 5.4]0 1
12021 FideliCy Ineti[utional Caeh 0.00 � 0.00 0.00 5.970 5.395 5.970 1
12022 R Fidelity Inetitutional Caeh 0.00 0.00 0.00 5.970 5.395 5.4'!0 1
12023 Fidelity Inetitutional Cash 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
120]9 Fidelity Inetitutional Cash 0.00 0.00 0.00 5.210 5.139 5.210 1
12075 R Fidelity Znstitutional Caeh 455,273.00 455,2'l3.00 955,773.00 5.4'!0 5.395 5.4'/0 1
1202'/ R Fidelity Snetitutional Cash 61,"/2"/.00 61,72'/.00 61,'/2'/.00 5.4'!0 5.395 5.4'/0 1
12028 R Fidelity In9titu[ional Caeh 156,120.00 156,120.00 156,120.00 5.470 5.395 5.9'/0 1
12031 Fidelity Inetitutional Caeh 21.00 21.00 21.00 5.930 5.356 5.430 1
12032 Fidelity Inetitutional Caeh 4],666.00 4'/,666.00 4'/,666.00 5.9'/0 5.395 5.970 1
12033 Fideli[y Inetitu[ional Caeh 10.00 19.00 17.00 5.420 5.346 5.420 1
12034 FideliCy Ineti[utional Caeh 136.00 136.00 136.00 5.920 5.346 5.920 1
12035 Fideli[y Inetitutional Caeh 633.00 633.00 633.00 5.9'/0 5.395 5.9'/0 1
12036 Fidelity Snetitutional Caeh 186.00 186.00 186.00 5.990 5.395 5.990 1
1203'/ Fidelity Ina[itutional Caeh 718.00 118.00 118.00 5.470 5.395 5.4']0 1
12039 Fideli[y Ina[itutional Caeh 182.00 182.00 182.00 5.470 5.395 5.4']0 1
12042 I Fidelity Inetitutional Caeh 776,BB9.00 7'76,884.00 776,884.00 5.470 5.395 5.470 1
12043 Fidelity Inetitutional Caah 0.00 0.00 0.00 5.4'!0 5.395 5.4'/0 1
12043 R Fidelity Inetitutional Ca9h 0.00 0.00 0.00 5.970 5.395 5.470 , I
12044 Fidelity Ineti[utional Cash 0.00 ' 0.00 0.00 5.150 5.0'19 5.150 1
12045 FideliCy Ina[itu[ional Caeh 0.00 0.00 0.00 5.470 5.395 5.470 1
1]096 Fidelity Ineti[utional Caeh 804.00 804.00 804.00 5.4'/0 5.395 5.4'!0 1
12099 Fidelity Inetitutional Caeh 83,067.00 83,067.00 83,06�.00 5.4�0 5.395 5.4�0 1
12050 Fidelity InetitutiORdl Cdeh 0.00 0.00 0.00 5.4'l0 5.395 5.4']0 1
32051 Fidelity In9titutional Caeh � 0.00 0.00 0.00 5.4]0 5.395 5.4'/0 1
12052 Fidelity Inetitutional Caeh 10,621.00 10,621.00 10,621.00 5.4]0 5.395 5.4'!0 1
12053 Fideli[y Inati[utional Caeh 193,603.00 193,603.00 193,603.OU 5.4'!0 5.395 5.4'/0 1
12054 Fidelity Inati[u[ional Caeh 1,557.00 1,557.00 1,557.00 5.970 5.395 5.470 1
12055 Fideli[y Ineti[utional Caeh 3,2'/1.00 3,2'/1.00 3,291.00 5.400 5.395 5.40� 1
12056 Fideli[y Inetitu[ional Caeh 0.00 0.00 0.00 5.4'!0 5.395 5.4]0 1
_"""___"_________ _____________" _____________" ______________ ______ ______ _____' .
SU6TOTALS and AVERAGES 4,001,502.65 2,8'13,893.00 2,8'/3,893.00
],e'13,893.00 5.395 5.4'!0 1
�
O1/14/1998 City of Yalm Deeeit PM - 3
INV6STMENT PORTFOLIO DETAILS - INVESTMENTS CITY
DECEPIDER 31, 399"! ACCAVAL
INVESTMENT AVERAGE PURCHASE STATBD -'- y'�p7 --- �p'�'�I77 DAYS
NUPIDER ZSSUER BAI�ANCE DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 3fi0 365 DATE TO MAT
LOCAL AGENCY INVESTMENT FUNDS
12000 Local Agency Investment Furi 13,646,323.52 13,646,323.52 13,646,323.52 5.'/05 5.62'/ 5.'!OS 1
AVERAG£5 13,646,323.52
PASSHOOR/Cf�CRING ACCOVNlS
1300'/ Main Accouvt (Sweep) - UBC 5,530,655.18 5,530,655.18 5,530,655.18 4.630 4.56'1 9.630 1
13012 Office Complex (Sweep) - UB 4]2,823.4'7 472,823.4'/ 4'l2,823.9'! 4.6]0 4.606 9.6"!0 1
__"'___________' _______"____' _____'_'__"__ ____"'""_"__ _'___' '""'__ ______
SVBTOTALS and AVERAGES 3,491,'159.03 6,003,4�8.65 6,003,478.65
6,003,478.65 4.570 4.633 1
CtltM1SRCIAL PAPER - DISCOONT
20008 Ford Motor Credit 12/24/9] 1,994,631.11 2,000,000.00 1,99'l,315.56 6.010 6.056 6.140 O1/09/9B 8
2000] Morgan Stanley 12/19/97 2,969,550.00 3,000,000.00 2,975,833.33 5.800 5.859 5.941 02/20/9B 50
' ""'""
SVBTOTALS and AVERAG6S 1�'/60�038.fi7 9,969�181.11 � 4�973�148.89
5,000,000.00 5.939 6.021 33
FEDERAL AGINCY ISSlIES - COUPON
14016 Fedeial Fatm Ciedit Bank OB/04/9'! 3,000,000.00 3,000,000.00 3,008,43'/.50 6.000 6.000 6.083 OB/04/00 946
14005 I Federal Home Loan Bank 12/12/95 1,015,127.74 1,000,000.00 1,010,312.50 6.285 5.608 5.686 0�/28/00 939
3400'/ Federal Nome Loan Bank 10/24/96 3,993,]98.08 4,000,000.00 9,001,250.00 5.820 6.019 6.102 I1/02/98 305
14011 Federal Home Loan Bdnk 03/26/9'1 1,800,000.00 1,800,000.00 1,810,68'/.50 6.310 6.310 6.398 03/26/99 999
14009 FED HOME IqAN MORTGAGE Q�RP O1/09/9'! 1,999,9'/2.22 2,000,000.00 2,000,625.00 6.855 6.930 "/.026 O1/09/02 1,969
14019 FED HOME IAAN MORTGAGE CORP 09/09/9'/ 2,001,015.25 2,000,000.00 2,000,625.00 5.840 5.636 5.']14 04/OB/9B 9']
14002 I Federal National Mortgage A 12/12/95 1,039,308.99 1,000,000.00 1,038,125.00 B.s50 5.8"/'/ 5.958 0'I/12/99 55]
14009 I Federal National Mortgage A 12/12/95 1,068,33�.61 1,000,000.00 1,06'/,500.00 9.050 5.620 5.699 09/10/00 830
14018 Tennessee Valley Authority 09/09/9'J 1,000,959.05 1,000,000.00 999,68'1.50 i 950 5.836 5.91'/ 09/15/98 25'/
""'___"_____'__ __"_'__"___' ___'__"'_____ ___""_'_____ __"_' __'_'_ "'__"
SUBTOTALS and AVERAGES 22,109,051.45 16,913,31B.B9 , 16,91'l,250.00
16,800,000.00 6.039 6.123 631
TREASUAY SECURITIES - COUPON
16006 I United Statee Treaeury 12/12/95 485,539.44 989,000.00 484,'/56.25 5.8]5 5.241 5.314 OB/15/98 226
16007 I United Statee Treaeury 12/12/95 1,017,340.28 1,000,000.00 1,013,125.00 6.375 5.338 5.413 O1/15/00 794
16008 I United Statee Treaeury 12/12/95 962,086.35 445,000.00 960,853.13 8.000 5.2'l9 5.352 OB/15/99 591
1fi009 I United Sta[ee Tleaeury 12/12/95 1,006,892.31 1,000,000.00 1,006,875.00 7�.875 5.212 5.284 04/15/98 104
16010 I Uni[ed Statea Tieaeury 12/12/95 1,012,]B'1.81 1,000,000.00 1,011,250.00 'J.125 5.2'/2 5.345 10/15/98 28'/
16034 United States Treaeury OS/31/96 1,999,617.81 2,000,000.00 2,003,750.00 6.000 5.967 6.050 OS/31/98 150
16035 United Statee Treaeury OS/31/96 1,995,a26.9n �,000,000.00 1,998,'/50.00 5.175 6.041 6.125 03/31/98 89
16036 United Statee Treaeury 06/26/96 2,991,986.']B 3,000,000.00 3,004,68].50 5.8'/5 6.252 6.338 OB/15/98 226
1603'/ United Statee TreaBury O6/26/96 2,968,059."/4 3,000,000.00 2,985,93'/.50 5.125 6.319 6.402 11/30/98 333
16042 Vnited Statea Treaeury 09/13/96 1,996,905.49 2,000,000.00 1,998,'/50.00 5.125 6.068 6.152 02/28/98 58
16045 Uni[ed Statee Tieaeury 09/OS/96 1,99'/,131.9'/ 2,000,000.00 2,006,8]5.00 6.125 6.2]0 6.358 OB/31/98 292
3
O1/14/1998 � CiCY of Pdlm DCeeit PM - 4
INVESTMENT PDRTFOLIO DETAILS - INVESTMENTS CITY
DECEI�ER 31, 1999 ACCRUAL
INVESTMENT AVERAGE pURCHASE STATED --- y'�'M --- pp1'UR11'y DAYS
NtIMBER ISSUER BALANCE DATE BOOK VALVE FACE VALUE MARICET VALVE RATE 360 365 DATE TO MAT
__"_____"_____________""__'__'_______""________________________""___________________'__________"_______"__"___________"__________
1REASURY SECURITIES - COVPON
1604"! Uni[ed Statee Treaeury OS/OS/9'/ 2,002,90t.66 2,000,000.00 2,018,125.00 6.3"/S 6.1'll 6.25'/ Oa!30/99 a84
16048 United Statee Tzeaeury 03/21/9'l 1,9'I4,68'].95 2,000,000.00 1,985,625.00 5.000 6.124 6.209 02/15/99 910
16099 United Statee Treasury 12i11/9'/ 6,099,'/98.6"/ 6,104,000.00 6,100,185.00 5.125 5.404 5.9']9 02/28/98 58
16050 � United State9 TTea9ury 12/11/9'! 92,166.73 92,000.00 92,28].50 S.B75 5.6"/4 5.'/53 OB/31/99 60'/
� 16051 United S[atee Tieaeuiy 12/11/9'! 1,361,923.41 1,340,000.00 1,36�,63�.50 6.250 5.]61 5.841 OB/31/O? 1,')03
16052 Uni[ed Statea Treaeury 12/11/9'1 12,328.75 12,000.00 12,348.'/5 '/.125 5.6'/2 5.'/50 02/29/00 '/89
� 16053 United Statee Treasury 12/11/90 98,068.20 99,000.00 98,293.13 6.250 5.913 5.'192 OB/31/00 993
� 16059 Uni[ed Statea Treaeury 12/11/9] 12,944.15 13,000.00 12,9]5.63 5.625 5.693 5.9]2 02/28/O1 1,154 �
16055 UniCed Statee Tieaeuiy 12/11/9'I 105,234.15 103,000.00 105,542.81 6.500 5.�50 5.830 OB/31/O1 1,338
16056 United Statee TTeaeury 12/11/9'! 13,192.34 13,000.00 13,243.'/S 6.250 5.'161 5.841 02/28/02 1,519
16057 United Statee Treaeury 12/11/97 11,991.�4 12,000.00 11,992.50 5.125 5.404 5.479 02/28/98 58
16058 United Statea Tlea9uly 12/11/97 86,474.65 B'l,000.00 86,53'/.81 4.]50 5.606 5.684 OB/31/98 242
16059 United SLaCes Tiea9ury 12/11/97 11,971.42 12,000.00 11,977.50 5.500 S.b29 5.707 02/28/99 423
16060 URited Sta[ee TYeaeury 12/11/97 308,602.20 300.000.00 309,'/50.00 6.625 5.'/68 5.848 03/31/02 1,550
16061 United Statee Treaeury 12/11/97 15,212,765.11 15,194,000.00 15,784,]14.38 5.875 5.762 5.842 09/30/02 1,'l33
16062 UniGed Statee Treasury 12/11/97 927,122.04 911,000.00 '/01,4'/0.00 6.375 5.'/58 5.838 09/30/01 1,368
36063 - United States Treaeury 12/11/97 286,502.71 282,000.00 287,287.50 6.375 5.748 5.828 03/37/01 1,185
16064 United S[a[es Tieasury 12/11/9'/ 853,'/40.'/5 84'/,000.00 855,999.38 6.125 5.'l24 5.803 09/30/00 1,003
36065 Uni[ed S[atee Treaeury 12/11/9'! 2'/1,015.48 2fi5,000.00 2'11,625.00 6.8']S 5.696 5.'1�5 03/31/00 820
16066 United Statee Treaeury 12/11/9'! 006,633.'/9 80'],000.00 808,008.'/5 5.750 5.693 5."!'/2 09/30/99 63']
1606'/ United S[atee Tieaeuly 12/11/97 251,530.]5 250,000.00 251,]96.88 6.250 5.646 5.724 03/31/99 954
16068 United S[atee Treaeuxy 12/11/99 060,999.89 ]66,000.00 ]61,451.BB 4.050 5.611 5.689 09/30/98 292
16069 United Statee Treaeury 12/11/9'! 238,048.93 239,000.00 238,850.63 5.125 5.]61 5.334 03/31/9B B9
_____'"__"_"'_'__ ___"_'___'___ ___________"" ___'__"__'_'_' '_"'__ _____' __'___
SVBTOTALS and AVERAGES 40,'IS'/,325.30 49,]34,950.6'/ 49,667,815.66
49,6'/5,000.00 S.H16 5.89'I '/99
TREASURY 5ECURITIES - DISCOUNT
170�0 Onited Statea Treasury 12/11/9'/ 128,6']6.56 166,000.00 129,583.'/S 5.0'/B 5.758 5.838 OS/15/02 1,595
1'/0"/1 Uni[ed Statee Treaeury 12/11/9'/ 4,'/18,445.80 6,1'l0,000.00 4,'l50,900.00 5.028 5.'13'1 S.B17 OB/15/02 1,687
_____'_"________ ___"_"""_' "'"'"'"""'__ _'_'"'_'"__'__ ______ ______ ______
SVBTOTALS and AVERAGES 3,203,534.50 �,84'/,122.36 4,880,983.75
6,336,000.00 5.'138 5.818 � 1,685
CI1'1 LOAN TO RDA
12001 Redevelopment Agency-IAan 07/O1/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.462 5.538 0'//O1/O1 1,2'/]
AVERAGES 19,000,000.00
STATE 6 ]lJCAL GOVT. SERIES
23000 State & Local Gov[. Serie9 12/11/97 430,000.00 a30,000.00 430,000.00 0.000 0.000 0.000 10/01/02 1,934
23001 State & LOCal Govt. Seiiee 12/11/9'/ 35,000.00 35,000.00 35,000.00 0.000 0.000 0.000 09/02/07 1,'105
_'_""_'________ '__"_'_'_____ ______________ __""______'_ "_"___ ""___" ______
SUBTOTALS and AVERAGES 315,000.00 365,000.00 465,000.00
465,000.00 0.000 0.000 1,732
1CJTAL INVESIMENTS and AVG. $ 118,448,268.20 118,422,393.4'/
308,364,530.12 119,'l99,695.1'I 5.695& 5.'/54� '/05
���������������������'�e����'���������ea���'�'������'����������������"�����������sa���va�ae��a»a��a«��
�
O1/14/1998 City of Palm Deeei[ PM - 5
INVESTMENT PORTFOLIO DBTAILS - CASH CITY
DECEPIDER 31, 199'/ ACCftVAL
INVESTMENT A��GE PURCHASE STATED --- Y1T1 --- MAIVRII7 �AYS
NUhIDER ISSUER HALANCE DATE HOOK VALUE FACE VALUE MARRET VALUE RATE 360 365 GATE TO MAT
PASSBOOK/CHECKING ACCOUNTS
13009 Desert Willow Checking - BofA 2,']99.00 0.000 0.000 0.000
13010 Deaer[ willow Savinga - BofA 435,608.62 0.000 0.000 0.000
. 13000 City Mdin ACCOunt - BOfA 0.00 0.000 0.000 0.000
13003 Offjce Complex Checkin9 - BofA 6.65 0.000 0.000 0.000
13004 Office Complex True[ - BofA 0.02 0.000 0.000 0.000
13002 Hank 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 166,989.24 0.000 0.000 0.000
13008 Office Complex Checking - VBC 51,287.77 . 0.000 0.000 0.000
13011 Office Complex Trvat - VBC 23,990.41 0.000 0.000 0.000
SUBTOTALS and AVERAGES 1,105,218.0] 691,661.')2 0.000 0.000
Accrued Interest at Purchaee 3"l8,623.51
1VTAL CASH $ 1,0�0,285.23 -
�»»���'���'��������`�""�������""'�..�������������...............'�.�������aa_��es��=���.»��s'....'
TOTAL CIvSH and INVESTMENTS $ 109,469,]48.19 119,578,553.43
...:�a...::�:m�...":_�...::=z:s::.:�::�::....`........a�.�.......................":........v��.a....'.
J
O1/l4/1998 City of Yalm Deeert pM - 6
PORTFOLIO MASTER INVESTMENI' ACfIVI1'Y HY TYPE CITY
� DECEFIDEA 1, 199'/ - DECEI�ER 31, 1997 ACCAUAL
STATED TRANSACTION P[JR(,7NSE5 SAL65/MATII2ITIES
TYPS INVESTMENT # ISSUER RATE DATE OR DEP9SIT5 OR WITF�RAWALS BALANCE
FIDELITY TREASURY POOL (Monthly Summary)
12004 Fidelity Inatitutional CaBh 5.420 � 10.00
12005 Fidelity InBtitutional Cd9h 5.420 _ � 2�.pp
12006 R Fidelity Inetitutional Caeh 5.470 8'/B.00 ' 211,719.00
1200] Fidelity InetitUtiOndl Cd9h 5.4'JO 2.00 426.00
12009 I Fidelity Inetitutional Caeh 5.4']0 148.00 �
12010 R Fidelity IneGitutional Cash 5.4']0 '/69.00
12011 Fidelity Institutional Cash 5.140
12011 I Fidelity InetiCutional Caeh S.a'!0 1,693.00
12013 R Fidelity Inetitutional Caeh 5.4]0 528.00 '
12015 Fidelity inetitutional Caeh 5.670 2.00 616.00
12016 I Pidelity Inetitutlonal Caeh 5.490 1,969.00 169,999.00
12018 R Fidelity Inatitutional Caeh 5.970 2,722.00 656,382.00
12019 Fidelity InBtitutional Caeh 5.490 2.00 433.00
12020 I Fidelity Inetitutional Caeh 5.470 30.00 '/,324.00
12021 Fidelity Ine[itutional Cash 5.990 3.00 820.00
12022 R Fidelzty InBtitutional Caeh 5.470 4�610.00 1�111,621.00 �
12023 Fidelity Institutional Caeh 5.360
12029 Fidelity Inatitutional Caeh 5.210
12025 x Fidelity Ineti[utional Caeh 5.470 1,993.00
1202"/ R Fideli[y IRetitutional Caeh 5.470 22'/.00
12028 R Fidelity Inetitutional Caeh 5.4]0 620.00
12031 Fidelity Inetitu[iondl Caeh 5.930
17032 Fidelity Inetitutional Caeh 5.4'/0 203.00
12033 Fidelity Ine[iCu[ional Caeh 5.420
1203§ FideliCy InetituCional Cash 5.920
12035 Fidelity Inetitutional Cash 5.9'!0 3.00
12036 Fidelity Inetitutional Caeh 5.9]0
1203'/ Fidelity Institutional Cash 5.4]0 1.00
12039 Fidelity InBtitutional Caeh 5.9]0 1.00
17042 I Fidelity Inetitutional Caeh 5.9'10 3�,221.00
1P043 Fidelity Inetitutional Caeh 5.470 12.00 2,979.00
12043 R Fidelity Inetitutional Caeh 5.4'l0 4,802.00 1,15'/,'l64.00
1704n Fidelity Inetitutional Caeh 5.150
12045 Fidelity Ine[itutiondl Caeh 5.4']0 192.00
12046 Pidelity Inetitu[ional CaBh 5.470 4.00
12049 Fidelity Inatitutional Caeh 5.4"/0 570.00
12050 Fidelity Inetitutional Caeh 5.470 2B6,4B1.00 286,981.00
12051 Fideli[y Inetitutional Caeh 5.9'/0 1,643.00 1,643.00
12052 Fideli[y InatituCional Caeh 5.4'IO 10,621.00
12053 Fidelity Inetitutional Caeh 5.470 333,603.00 140,000.00
12054 Fidelity Ine[i[utional Cash 5.900 1,559.00
12055 Fidelity Inetitutional Caeh 5.9]0 3,2'/1.00
�
O1/14/1998 City Of Pdlm Deeeit pM - �
PORTFOLIO MAS1'ER INVESTMENT ACTIVITY HY TYPE CITY
DECEDIDER 1, 1999 - DECEMBfiR 31, 199] ACCRUAL
STATED TRANSACTION PURCHASES SALES/MATURITIES
1'1PE INVESTMENT # ISSUER RATE DATE OR D6POSITS OR WITF�RAWALS BALANCE
12056 Pidelity Ineti[utional Caeh 5.4'/0 3,271.00 3,2'/1.00
SUBTOTALS and ENDING BALANCE 665,190.00 3,'/31,'/02.00 2,873,893.00
IlJCAL AC�ENCY INVESTMENT FUNOS (MORthly SU�Nndry)
12000 Local Agency Inve9tmen[ Fund 5.']OS 13,646,323.52
PASSHOOR/CHECI(ING ACCOUNTS (Mon[hly Summiary)
13009 Oeeert Willow Checking - BofA 0.000
13010 Deeer[ Willow Savinge - BofA 0.000
13000 City Main Account - BofA 0.000
13003 Office Complex Checking - BofA 0.000 0.02 �
13004 OffiCe Complbc TnaBt - BofA 0.000
13002 Bank of America - Savinge 2.000
13005 Library Foundation - VBC 0.000
13006 City Main Account - UBC 0.000 429,077.11 -
1300B OEfice Complex Checking - UBC 0.000 564.81
13011 Of£ice Complex Tnet - UBC 0.000
1300'l Main ACCount (Sweep) - OBC 4.630 2,463,681.95
13012 office Complex (Sweep) - [/BC 4.6'l0 131,'16'1.32
SUBTOTALS and ENDING BALANCE 2,596,013.60 429,0'!'l.11 6,003,4'/8.65
CASR WITH 1RUSTEE -FIRST TRUST (Monthly SummaryJ
24001 Caah with True[ee 0.000 0.13
24002 Caeh with Trus[ee 0.000 1.31
24003 Caeh with Tx'ue[ee 0.000 1.16
24004 Caeh with TruBtee 0.000 1.32
24005 Caeh wi[h Truetee 0.000 0.10
24006 CaBh with Trvetee 0.000 0.'/B
. 29009 Cash with Truatee 0.000 2.27
24008 Caeh with Tzuetee a.000 1.'11
24009 Caeh with Txuetee 0.001 1.63
24010 Caeh with TYue[ee 0.000 1.38
24011 Caeh with T:ue[ee 0.000 0.30
]4012 Caeh with Truatee 0.000 0.45
24013 Ca9h with Trustee 0.000 1,087.56
24014 Caeh wi[h True[ee 0.000 86.30
SUBTOTALS and ENDING SALAtTCE 1,178.56 7.84 0.00
7
01/14/1998 City of Palm Desert PM - e
PORTFOLIO MASTER INV55TMENT ACfIVITY BY TYPE CITY
DECEPIDER 1, 199] - DECEPIDER 31, 1990 ACCRUAL
STATED TRANSACTION PURC}WSES SALES/MATVRITIES
TYPE INVESTMENT k ISSUER RATE DATE OR D6POSITS OR WIT}RJRAWALS BALANCE
COhA1SRCIAL PAPER - DISCOUNP
20008 Ford Motor Credit 6.040 12/24/199'/ 1,994,631.11
2000] Morgan S[anley � � S.B00 12/39/199'/ 2,969,550.00
SUBTOTALS and ENDING BAI.ANCE 4,9fi4,181.11 - 0.00 4,9fi4,181.11
FEDERAL AGENCY ISSUES - COlIPON
14014 Federal Home Loan Bank 6.250 12/31/199'1 2,000,000.00
14015 Federal Home Loan Bank 6.315 12/18/199� 3,000,000.00
14017 FED HOME LOAN MORTGAGE CORP 6.890 12/26/1997 2,000,000.00
SUBTOTALS and 6NDING BALINCE 0.00 7,000,000.00 16,913,319.89
1REASURY SECURITIES - COOPON
16049 Onited Statee TYeaeury 5.125 12/11/1997 6,098,2"/"l.50 �
16050 United Sta[ee T[eaeury 5.8'15 12/11/199'/ 92,1'/2.50
16051 United State9 TLea9ury 6.250 12/11/199] 1,362,193.'15
16052 United Statee Treaeury 7.125 12/11/199'! 17,33'/.50
16053 IInited S[atee Treaeury 6.250 12/11/199'! 98,091.25
16059 United StaGee Treaeury 5.625 12/11/199"! 12�943.13
16055 Unl[ed Statee Treaeury 6.500 12/11/1997 105,269.22
16056 United Sta[ee Treaeury 6.250 12/11/199'/ 13,195.00
16057 United Statee Treaeury 5.125 12/11/199"/ 11,988.75
16058 United Statea Treaeury 4.'/50 12/11/199'/ 86,429.06
16059 Uni[ed Sta[ee Treaeury 5.500 12/I1/199'l 11,9'l0.00
16060 United States Treaeury 6.625 12/11/199'/ 308,'118.']5
16061 United Sta[ea Treaeury 5.875 12/11/1997 15,212,992.50
16062 United Statee Treaeury 6.3�5 12/11/199'/ 92'],3b9.53
1fi063 UniCed Statea Tieaeury 6.3']5 12/11/1999 286,582.50
16064 United 5[a[ee Treaeury 6.125 12/11/1997 853,881.88 .
16065 United Statee Treaeury 6.875 12/11/1997 2'/1,169.53
16066 United Statee TreaeuYy 5.'/50 12/11/199'/ 806,621.72
1606] United Statee Treaeury 6.250 12/11/199'/ 251,601.56
16068 United Statea Rreaeury 4 J50 12/11/1997 760,374.69
16069 United Statee Treaeury 5.1�5 12/11/199'l 238,813.28
SUBTOTALS and ENDING BAI.ANCE 2'1,822,993.60 0.00 49,'/34,950.6'1
�
O1/19/1998 City of Palm DGBGTC PM - 9
PORTFOLIO MA5T6R INVESTMENT ACTIVITY BY TYPE CI1'Y
DECE[�ER 1, 1999 - DECEPIDER 31, 1997 ACCRUAL
STATED TRANSACTION P[1Rp�,$QS SpL$S/Mp'('{JRITIES
1'YPE INVESTMENT k ISSUER RATE DATE OR DEPOSITS OR WITHIIRAWALS BALANCE
TREASVRY SECURITIES - DISCOUNT
19069 United SCa[ee Treaeury 5.0]9 12/11/1999 29,130.60 29,130.60
17070 United State9 Tleaeury 5.078 12/11/199'/ 128,6]6.56 .
1'/0'/l IInited S[atee Treaeury 5.028 12/11/199'/ 9,'/18,445.80
1'/0'/2 United Sta[ee Treaeury 5.028 12/11/199'/ 378,B3B.20 3�8,03B.20
SUBTOTALS and ENDING BALANCE 5,203,091.16 355,968.80 9,890,122.36
� CZTY IAAN '30 RDA
19,000,000.00
STATE 6 I.00AL CAV1'. SERIES �
23000 State k Local Govt. Seriee 0.000 12/11/1997 930,000.00
23001 S[ate fi Local Gov[. Seriee 0.000 12/11/199'! 35,000.00
SVB1C)TALS and ENDING BALNiCE 465,000.00 0.00 465,000.00
TOTALS 41,71'/,648.03 11�516�"/55.95 118,448�268.20
...............................�.....������..:...................������'
9
O3/14/1998 � PM - 10
City of Palm De9ert CITY
INVESTMENT ACfIVI1'P SUMIARY ACCRVAL
DECEFIDER 1996 thiough DECEI�ER 1997
YIELD TO MATURITY MANAGED NUDID6R OF IdOMBER OF AVERAGE
MONTFi NIRABER OF TOTAL 360 365 POOL SECURITIES SECURITIES AVERAGE DAYS TO
END YEAR SECURITIES INV6STED EQVIV EQUZV RATE PURCHASED MATURED/SOLD TERM MATURITY
_____"________________________________""""_"______"____'_"'"_""____"____________________________'______________"__
December 96 78 '77,'/28,658:i4 5.']12 5.'/91 5.259 0 3 � 950 693 �
� January 97 78 80,691,391.16 5.]48 S.B2'/ 5.260 2 2 964 ']O1
February 9'/ ]8 80,691,265.62 5.]48 S.B2] 5.260 0 0 969 '/00
March 9] '/8 81,62'1,550.19 5.'J35 5.815 5.230 3 � 2 950 6'l6
April 97 77 78,911,373.34 5.814 5.895 6.485 0 1 . 9'/3 6'/3
May 97 78 84,880,987.05 5.744 5.873 5.310 3 2 922 621
June 97 85 90,871,191.91 5.798 5.878 5.360 2 0 B96 593
July 97 B6 94,575,224.17 5.737 5.817 5.360 0 1 853 539
Auguet 97 84 91,547,19'7.66 5.732 5.813 5.403 2 4 918 589
Septembea 99 88 93,219�921.33 5.045 5.824 5.440 2 2 910 S65
October 9'/ 86 89,'198,898.28 5.']'!3 5.853 5.420 0 2 930 559
November 9'! 85 8'l,819,965.49 5.']70 S.B50 5.420 0 1 939 548
DeCembeY 9] 120 118,448,268.20 5.6'/S 5.754 5.4'/0 29 6 1,000 '/05
AVERAGES 85 $ 88,523,83].89 5.'/50t 5.828k 5.435t 3 2 93'] 628
�':_::��_::'�_:::�:s»�e����a»e����'.��»>��...��...�._..�........................���������'���.��
10
O1/14/1998 P
Ci[y of Palm DeaerC C
DISTRIHUTION OF INVESTMENTS BY TYpE A
DECSMBER 199fi thiough DECEhIDER 1997
MONTH ________________"""""__________________"__"_"'___"_____ TYPES OF INVESTMENTS ________________"___'______________________
ENO YEAR BCD SCD LA1 LA2 LAS PA1 PA2 M1'N HAC CPI COM FAC FAD 1RC TRD DID1 MC1
_________"__________________"___'"_________________________________________________________""'_""__"_"___________'___"_______________"
December 96 '1.0 15.6 3.2 19.4 35.5 24.4
January 9� , "/.5 19.1 ' 15."! 39.2 23.6
February 9'/ '/.5 19.1 15.'1 34.2 23.6
March 9'/ 6.5 19.4 18.'/ 32.1 23.3
April 97 5.9 20.3 19.1 30.6 24.1
May 9'/ 5.5 23.6 1'/.'! 30.8 22.4
JunE 9'/ 5.0 1'/.8 5.4 22.0 28.8 20.9
.Tuly 9� 4.6 19.4 4.3 5.2 20.9 29.9 20.1
August 9'/ 6.9 19.� 6.9 24 J 26.1 20.8
September 9] 5.6 14.4 6.5 2'!.5 25.6 20.4
Octobez 9'7 6.6 15.2 3.B 26.6 26.6 21.2
November 9'/ 6.0 15.5 3.9 �'/.2 25.0 21.6
December 9'/ 2.9 11.5 5.1 4.2 14.3 42.0 4.1 16.0
AVERAGES 6.04 1].2& 2.3F 1.9F 20.34 30.�4 0.34 21.9t
__'��������"�'�`:��::���:�:�aa»>a.�..:»»�'�':�:����������������a�����»>����`:`:':�v:����:�����.�':'����"���������'�
BCD - Certificates of Depoeit - Bank SC9 - Certificatee of Depoeit - S & L
LA1 - Fidelity TYeaeuxy POol LA2 - Mana9ed Po01 ACCounte
LAS - Local Agency Inveetment Funda PA1 - Paeebook/Checking Accourtte
PA2 - Caeh wiCh Txuetee -Firet Truet MTN - Medium Texm Notee
BAC - Bankers Accep[ancee CPI - Commertial Paper - in[ereat Bearing
COM - CommeiCial Paper - DieCount FAC - Federal AgenCy Isauee - Coupon
FAIJ - Federal Agency Iseuee - Discount TRC - Treaeury Securitiea - Coupon
TR➢ - Treaeury Securitiee - Diacount MD1 - Treaeury Securitiee - T-Bille
MC1 - City Loan to RDA MC3 - State & Local Govt. Seriee - Coupon
MD2 - Sta[e 6 i.ocal Govt. Series
11
OS/16/1998 PM - 12
City of Palm De9ert CITY
- INTEREST EARNINGS SUMMhRY ACCRUAL
DECEPIDER 31, 1997
MONTH ENDING FISCn*
DECEMBER 31, 199] YEAR TO DATE
m/Coupon/Diecount Investmen[s: '
Interea[ Collected $ 39'/,850.00 $ 1,4']8,884.8'/
PLUS Accrued Intereet at End of Period 3,510,511.66 � 3,510,511.66
� LESS Accrued Intereet at Beginning of Peiiod ( 3,43B,24B.107 . ( 2,863,962.49)
_""_"'""'"""_ ___'_______"___'_
Intezes[ Earned during Yeriod S 420,113.99 �,125,434.06
Ai).7USTED by Premiume and Diacounts 243.'/B 4,031.66
ADJUSTED by CapiGal Gaine or Loesee -1,691.65 -1,515.89
__"_____"___"_"_ _'___"__'_'"'_'__'
Eaininge duiing Peiiod 918,665.62 $ 2,120,949.85 '
����.�...".....�n ���'.�......��'�'.
Mortgage Hacked Seeuritiee:
Interest Collected $ 0.00 S 0.00
PLVS Acczued Intereet at End of Period 0.00 0.00
LESS ACCIued IRtei'eet at Begirming of PeLiOd ( 0.00) ( 0.00) �
__________________ _""'__'_"_'_"'_
InCereet Earned during Peiiod 5 0.00 0.00
.........:....a.z= :a:.a:.a::m.......
ADJUSTED by Premiume and DieCounte 0.00 0.00
AA7tI5TEn by Capieal Gaine or Iqe6e6 O.Oo 0.00
__"_'_'__""_"_ __________"_"___
Earninge during Period 0.00 5 0.00
�e��'�����e`����`a `��m�����a�a�'�'.�
Cash/Checking Accounte:
Intezest Collected $ 26,686.63 5 595,453.63
� PLUS ACCrued InteIe9t at End of Peiiod SBB,059.78 588,059.]8
LESS Accx'ued Intereet at Heginning of Period ( 516,211.89) . ( 550,360.69)
______'____"_'_" _________"__'""'
Interee[ Earned during Period $ 98,529.52 $ 633,14].'14
'�s�e�.���»>���» .���....�......'��
TOTAL Intereet Earned during Period 5 518,643.01 5 2,958,581.80
TOTAL Ajuetmen[e from Yremiume and Diecounte $ 243.78 5 4,037.66
TOTAL Capi[al GaiRe or IpBBeB 5 -1,691.65 5 -1,515.8]
"___'"__"_"_""'___ ""'"_""_'"__"'_
TOTAL 5arninge during Period $ 517,195.14 5 2,761,097.59
��e��������e�����e ����`��'����s���:�
12
O1/14/1998 Aeseeement Dietrict 83-1 PM - 2
INVESTMENT PORTFOLIO OETAILS - INVESTMENTS CITY
DECEFIDER 31, 199'/ ACCRVAL
INVESTMENT PURCHASE STATED --- YTM -- MATURITY DAYS
NUPIDER ISSUER ➢ATE B00% VALUE FACE VALUE MARICET VALOE RATE 360 365 DATE TO MAT
_____'_'__'__"'_______________________"'__'___'_"'"'__'__'_'_"_'_'________'""_"___'_"___'_'__"_______"_"___'____'__'______
FIDELSTY TREASUAY POOL
12027 R Fidelity InetituCional Caeh 61,'/27.00 61,]2].00 61,'12'/.00 5.4'!0 5.395 5.4'/0 1
12034 Fideli[y Inatitutional Caeh 136.00 136.00 136.00 5.420 5.346 5.420 1
____'_________ '"______'_____ __"________" "'""_ ___'__ _____'
SUBTOTALS and AVEItAGES 61,863.00 61,863.00
61,863.00 5.395 5.900 1
TOTAL INVESTMENTS and AVG. $ 61,863.00 61,863.00 �
61,863.00 5.395& 5.4'/08 1
=a::�:�asa�ve�a�as�sz�ea:=s�as..._:......................��........�._�:_:::.......z
14
O1/14/1998 Aeeeeemm[ Dietrict 83-1 PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH CITY
DECEFIDER 31, 199"! ACCRUAL
IN�ESTTIENI' PIn2CHASE - STATED --- YTM --- MATURITY DAYS
NUf�ER ISSUER DATE BOOK VALUE FACE VALUE MA[tRET VALUE RATE 360 365 DATE TO MAT
CASN WITN TRUSTEE -FIRST TRUST
24002 Caeh with Truetee 1.52 0.000 0.000 0.000
.TOTAL CASH and INVESTMENTS $ 61,864.52
15
O1/14/1998 1995 Refundinq Bonde 84-1-R PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CI1'P
DECEMBER 31, 1999 ACCRUAL
INVESTMENT PURCkihSE STATED --- YTM --- MATURITY DAYS
NUDIDER ISSU&R DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
________""___________________"_______________________________________"__________________"____'_________""_________"_____"____"_"__
FIDELITY TREASURY POOL
12025 R Fideli[y Ina[itutional Caeh 455,2'/3.00 455,2']3.00 455,2']3.00 5.4'/0 5.395 5.9�0 1
12035 Fidelity Ina[itutional Caeh 633.00 633.00 633.00 5.4'10 5.395 5.4']0 1
_""___'_"____ __'____'___"' '____'_"_'___ ______ '_"'"_ ""__-
SVBTOTALS and AVERAGES . 955,906.00 455,906.00
155,906.00 5.395 5.4'10 1
TOTAL INVESTMENTS and AVG. 5 455,906.00 955,906.00
455,906.00 5.395& 5.4'/Ot 1
� �a��s�e��ean�sae���»�������»>�����e��������e�ams�.....��.��o��sa=�saas�ma9asae��«
16
O1/14/1998 ' 1995 RefundiRg Bonde 84-1-R PM - 3
INVESTMENT PORTFOLIO D6TAILS - CASN CITY
DECEFIDER 31, 199"! ACCRUAL
INVESTMENT PURCHASE STATED --- YTM -- MATqRITY DAYS
NUFIDER ISSUEA �ATE BOOX VALUE FACE VALUE MARICET VALUE RAT6 360 365 DATE TO MAT
_"_____"_____________""___"__"_____'_____________"_____________'____"'"______"__'__""____________________________"_____"_________
CASH WITH TRUSTEE -FIRST 1RUST
24001 Cash with Truetee 0.83 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS ' S n55,906.83 �
17
O1/14/1998 AD 8�-1 PM - 2
INVESTMENT ppRTFOLIO DETAILS - INVE5IMENTS CITY
DECEMBER 31, 199"/ ACCRUAL
ITiV�5TT1ENT' Pll2CHASE STATED --- YTM --- MATUAITY DAYS
NlJMBER ISSUER DAT£ BOOK VALUE FACE VALUE MAR[(ET VALUE RATE 360 365 DATE 1C1 MAT
__________"___"______________"________"________"__'""______""'_________________________________"________"_________________________
FI�ELITY 1REASIR2Y POOL
12028 R Fidelity Inetitutional Caeh 156,120.00 156,120.00 156,120.00 5.4')0 5.395 5.9"!0 1
12036 FideliCy Inetitutional Caeh 186.00 186.00 106.00 5.4'!0 5.395 5.9'/0 I
____""""___'_ ____"'___"" _______'__""_ _____' ____'_ __'__'
SllBTOTALS and AVERAG&S 156,306.00 ' 156,306.00
156,306.00 5.395 5.4'10 1
10TAL INVESTMENTS and AVG. $ 156,306.00 156,306.00
156,306.00 5.395& 5.4')Ot 1
o����:��:e.....:�as.......����»em:�:��_::�_:a:�:..........����a:��::=..:�s�::����.�
18
O1/19/1998 AD 8�-1 PM - 3
INVgSTMGNf PORTFOLIO DETAILS - �SH CITY
� DECEDIDER 31, 1997 ACCRUAL
INVESTMENT PURCHASE STATED --- Y7T1 --- MATURITY DAYS
N[1MB£R ISSUER DATE H001C VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
________"'""_____"______________________'____""_________________________________'____________""_________"'"_______"_____'_________
CASH WITH 1RUSTEE -FIRST TRVST
24009 Cash with Ttuetee 1.'!0 0.001 0.001 0.001
TOTAL CASH and INVESTMENTS 5 156,307.'/0 '
19
O1/14/1998 . Indian Ridge 91-1 Seiiee A PM ' 2
IP7yESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY
DECEPIDER 31, 1999 ACCRUAL
INVESRMENT PURCHASE STATED --- Y1T1 -- MATURITY DAYS
NUhIDER ISSIIER DATE B00% VALUE FACE VALUE MARItET VALUE RATE 360 365 DATE TO MAT
'"""___'"__""""""_""_"______________"_____'_"__'_____"__"__________________""_______________"_________________"'______________"__"
FTDELITY TREASURY POOL
12015 Fidelity Inetitu[ional Caeh 0.00 0.00 0.00 5.4]0 5.395 5.4�0 1
12016 1 Fidelity Inetitutional Caeh 329,944.00 324,944.00 324,999.00 5.4'/0 5.395 5.9'!0 1
12022 R � Fidelity Ine[itutional Caeh 0.00 0.00 0.00 5.470 5.395 5.9"!0 1
SUBTOTALS and AVERAGES � 324,944.00 324,944.00
329,999.00 5.395 5.4'/0 1
_____"______________'"_"__'_'_._______________"_______"____"____________"______""
TOTAL INVESTMENTS and AVG. $ 324,949.00 324,944.00
. 324,944.00 5.3956 5.470$ 1
�ea��°eam����....�������»���..��.....�«=�m��sma��.....�s��s�a���ava�a�a��......�es
20
O1/11/1998 � Indian Ridge 91-1 Seriea A Phi - 3
INVESTM&NT PORTFOLIO DETAILS - CASH CITY
DEC�ER 31, 1997 ACCRUAL
INVESTMENT PURCHASE STATED --- YTM --- MATURII'1 DAYS
NOMBER ISSUER DATE 600R VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE 1b MAT
CASH WITH TRUSTEE -FIRST 1RUST
24009 Caeh with Tsue[ee 0.28 0.000 0.000 0.000
________"_'""_"'____'""___""____"_'"'"___________________________________________
TOTAL CASH and INVESTMENTS $ 3]4,999.2B
21
O1/14/1998 Indian Ridge 91-i Seriee B PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CI1'Y
DECEFIDER 31, 199� ACCRVAL
INVESTMENT Pi1RC�SE STATED -- YTM --- MATORITY DAYS
NOMBER ISSUER DATE BOOR VALVE FACE VALUE MAR%ET VALUE RATE 360 365 DATE TO MAT
FIDELITY TREASIR2Y POOL
32042 I Fidelity Inetitutional Caeh '/'l6,BB4.00 '/'/6,884.00 '/'16,884.00 5.9'!0 5.395 5.4']0 1
12043 Fideli[y Inetitu[ional Caeh 0.00 0.00 0.00 5.4'10 5.395 5.4']0 1
12043 R Fidelity Institutional Cash 0.00 0.00 O.Oq 5.4'/0 5.395 5.470 1�
120G4 Fidelity Znatitutional Caeh 0.00 0.00 0.00 5.150 5.0'79 5.150 1
SUBTOTALS and AVERAGES '1'16,884.00 '176,889.00
]'16,884.00 5.395 5.4'JO 1
FEDERAL AGENCY ISSUES - COUPON
� 14005 I Federal Home Loan Hank 12/12/95 1,015,12'/.79 1,000,000.00 1,010,312.50 6.205 5.608 5.686 0'1/28/00 939
14011 eederal Home I.oan Bank 03/26/97 1,800,000.00 S,B00,000.00 1,810,687.50 6.310 6.310 6.398 03/26/99 499
19002 I Federal Na[Sonal Mortgage A 12/12/95 1,039,308.94 1,000,000.00 1,038,125.00 0.450 5.8'l'l 5.958 07/12/99 55'/
14004 I Federal National MOYtgage A 12/12/95 1,068,33'7.61 1,000,000.00 1,067,500.00 9.050 5.620 5.699 04/10/00 B30
__"__'_"___' _'_______"___ ___""___'__" ______ ______ __'_'_
SUBTOTALS and AVERAGES 4,922,7'14.29 4,926,625.00
4,800,000.00 5.929 6.006 656
1REASVRY SECURITIES - COVPON
16006 I United StaCCe Treaeury 12/12/95 485�579.44 48{,000.00 484�956.25 5.0]5 5.241 5.314 OB/15/98 226
1600'/ I United Statee Treaeury 12/12/95 1,01'],340.28 1,000,000.00 1,013,125.00 6.375 5.338 5.413 O1/15/00 '/�4
16009 I llnited Statee TredBury 12/12/95 962,086.35 445,000.00 460,853.13 B.000 5.2'/9 5.352 OB/15/99 591
16009 I United Statee Treaeury 12/12/95 1,006,842.11 i,000,000.o0 1,006,8'/5.00 "/.875 5.212 5.284 04/15/98 109
16010 I Onited Statea Treaeury 12/12/95 1,012,78'/.87 1,000,000.00 1,011,250.00 '/.125 5.2']2 5.345 10/15/98 28'!
_____""___'__" '______""__" "_'___________ _""' '__'_' ___"'_
SUB1tlTALS and AVERAGES 3,984,595.99 3,9'/6,859.38
- 3,929,000.00 5.2'/l 5_394 3B5
10TAL INVESTMENTS and AVG. $ 9,684,254.28 9,680,3fi8.38
9,505,889.00 5.613& 5.6916 492
............".:.....`..`....`.........���.��..........'.........'����..'......'�..�
22
O1/14/199B � I�dian Ridge 91-1 Seriee H PM - 3
INVES'1MENT PORTFOLIO DETAILS - CASH CITY
DECEt�@ER 31, 199] ACCRUAL
INVESTMENT PURCHASE STATED --- Y'1T1 --- MA'1'ORITY DAYS
NUFIDER ISSUER OATE BOOIC VALVE FACE VALUE MARICET VALVE RATE 360 365 DATE TO MAT
CASH WITH TRUSTEE -FIRST TRUST
24010 Caeh wi[h Tiustee 0.02 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS � 5 9,684,�54.30 �
23
O1/14/1998 91-1 Seriea 1997 YP1 - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENfS CI1'T
DECEMBER 31, 1997 ACCRUAL
INVESTMENT YURCHASE STATED --- YTTt --- MATVRITY DAYS
NUPIDER ISSVER DATE BOOK VALUE FACE VALUE MAR[(&T VALVE RATE 360 365 DATE TO MAT
FI�ELITY TREASUAY POOL
1205o Fidelity Inetitutional Caeh 0.00 0.00 0.00 5.470 5.395 5.9']0 1
12052 Fidelity Inetitutional Caeh 10,621.00 30,621.00 10,621.00 5.4'/0 5.395 5.4'/0 1
'____"___'_'__ ___'____'____' ______________ '_'___ "'___ "'__'
SUHTOTALS and AVERAGES 10,621.00 ' 30,621.00
30,621.00 5.395 5.4'!0 1
CASH WITH TRUSTEE -FIRST TRUST
24013 Caeh with Trustee 1,OB'1.56 1,08'/.56 1,08'/.56 0.000 0.000 0.000 1
TR6ASURY SECURITIES - COUPON
1606o United Statea Treaeury 12/11/97 308,602.20 300,000.00 309,750.00 6.625 5.768 5.848 03/31/02 1,550
16061 Vnited Statee Treaeuzy 12/11/9'/ 15,212,'/65.11 15,194,000.00 15,284,214.38 5.875 5.'!62 5.842 09/30/02 1,'/33
16062 United States Treae�xy 12/11/97 927,122.04 911,000.00 701,470.00 6.375 5.'158 S.B3B 09/30/O1 1,368
16063 United Sta[es Treaeury 12/11/9] 286,502.]1 282,000.00 ]8'/,28'/.50 6.3]5 5.'l48 5.828 03/31/01 1,185
16064 United Statee Treaeury 12/11/97 853,790.75 847,000.00 855,999.38 6.125 5.'/7i 5.803 09/30/00 1,003
16065 UnitCd SCdtee Tieasury 12/11/9'! 2'l1,015.98 265,000.00 2'/1,625.00 6.8"/5 5.696 5.'!')5 03/31/00 820
16066 United States Treasury 12/11/97 806,633.79 807,000.00 808,008.75 5.750 5.693 5.772 09/30/99 637
16069 United StaCee Treasury 12/11/9'/ 251,530.75 250,000.00 251.'/96.88 6.250 5.646 5.'/24 03/31/99 459
16068 United States Treasury 12/11/97 760,777.8� �66,000.00 �61,a51.ee n.750 5.611 5.689 09/30/9a 272
16069 United States Treaeury 12/11/9'] 238,8a8.93 239,000.00 238,850.63 5.125 5.261 5.334 03/31/98 89
__""_'______" _"__"__"'_'_ '__"_'____'___ _""'"' "'__" ______
SUBTOTALS and AVERAGES 19,91�,539.63 19,'1']0,454.40
19,861,000.00 5.'/43 5.823 1,526
TREASURY SECURITIES - OISCOIRBL
1']0"/l Uni[ed States Treasury 12/11/99 4,918,445.80 6,300,000.00 4,050,900.00 5.028 5.030 5.81'I OB/15/02 1,669 �
STATE S LOCAL GOVT. SERIES
23000 State 6 Locdl GovC. Seiiee 12/11/9'! 430,000.00 430,000.00 430,000.00 0.000 0.000 0.000 10/O1/02 1,]34
TOTAL INVESTMENTS and AVG. $ 25,0�'1,693.99 24,963,062.96
76,4]2,')OB.56 5.6436 5.'122t 1,559
24
O1/14/1998 92-1 Seriee 1999 PM - 2
INVESTMENT PORTFOLIO D6TAIL5 - INVESTMENTS CITY
� DECEMBER 31, 199'/ ACCRUAL
INVESTMENT YURCHASE STA�D --- YTM --- MATUAITY DAYS
NIMBER ISSUER DATE HOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE '1C) MAT
_""____"______'_""_________________""___"_______"_____________________"________"'___"_________"___________________________________
FIDELITY TREASURY POOL
12051 Fideli[y Snatitutional Caeh 0.00 0.00 0.00 5.4�0 5.395 5.4'/0 1
12054 FidEli[y Inetitutional Caeh 1,55'/.00 1,55'l.00 � 1,55'/.00 5.4')0 5.395 5.4')0 ]
______________ ______________ ______________ . "____ "_____ ______
SUBTOTALS and AVERAGES 1,55'1.00 1,55].00 '
1,55"/.00 5.395 5.4']0 1
CASH WITH TRUSTEE -FIRST TRUST
24014 Cash with Truetee 86.30 86.30 86.30 0.000 0.000 0.000 1
TREASURY SECURITIES - COUP4N �
16050 United Statee Treasury 12/11/9'1 92,166.�3 92,000.00 92,287.50 5.875 5.674 5.753 OB/31/99 607
16051 United Seate9 TLeaeury 12/11/9'! 1,361,923.41 1,340,000.00 1,36],63'].50 6.250 5.761 5.841 OB/31/02 1,'/03
16052 United S[atee Treasury 12/11/97 12,328.75 12,000.00 12,348.75 7.175 5.672 5.750 02/29/00 789
16053 United Statee Treasury 12/11/9'/ 98,068.20 9'/,000.00 98,2'/3.13 6.250 5."!13 5.'!92 OB/31/00 9"/3
16054 Vnited Statee Treaeury 12/11/97 12,944.15 13,000.00 12,975.63 5.625 5.693 5.772 02/28/O1 1,154
16055 United Sta[ee Treaeury 12/11/9'1 105,234.15 103,000.00 105,542.81 6.500 5.'/50 5.830 OB/31/O1 1,338
16056 United States Treasury 12/11/97 13,192.34 13,000.00 13,243.75 6.250 5.761 5.841 02/28/02 1,519 �
1605] United States Treasury 12/11/99 11,991J4 12,000.00 11,992.50 5.125 5.404 5.499 02/28/98 58
16058 UniCed StateB Treasury 12/11/97 86,479.65 8�,000.00 86,537.81 4.750 5.606 5.684 OB/31/98 242
16059 Uni[ed StaCee Treaeury 12/11/9� 11,9]1.42 12,000.00 11,9'1�.50 5.500 5.629 5.'!0'/ 02/20/99 423
_"'__________ "___'_'__'"__ "_'_'"___"'""' _'_'_" _____' ___"'
SUBTOTALS and AVERAGES 1,806,295.54 1,B12,B16.88
1,'/81,000.00 5.'/42 5.821 1,485
TREASURY SECVRITIES - DZSCOIINT
1'l0'/0 United Statea Treasury 12/11/9'/ 128,6']6.56 166,000.00 129,583.'/S 5.0']B 5.'/58 5.838 OS/15/02 1,595
STATE 6 LOCAL GOVT. SERIES
23001 State 6 Local Govt. Seriee 12/11/9'1 35,000.00 35,000.00 35,000.00 0.000 0.000 O.U00 09/02/02 1,')OS
TOTAL INVESTMENTS and AVG. $ 1,9]1,615.t0 1,9'19,093.93
1,983,643.30 5.640& 5.'/l9& 1,�95
.'�s�s»aa�esea��������.....�es�s�����'�an���as����.���..e.��'���������eaa��a�'�����
25
O1/14/1998 94-1 Sesiee 199� PM - 2
INVESTMENT PORTPOLIO DETAILS - INVESTMENTS CITY
DECEPIDEA 31, 199] ACCAUAL
INVESTMENT PURCHASE STATEO --- YTM -- MATURITY DAYS
NUPIDER ISSUER DATE HOOK VALUE FACE VALUE MAR[(&T VALll£ RATE 360 365 OATE TO MAT
_________________________________""'"'______'_"""___"__________________________"_____________________________________""__________
FIDELITY TREASURY POOL
12055 Fidelity Institutional Caeh 3,2'11.00 3,2'/1.00 3,271.00 5.4'/0 5.395 5.4'IO 1
12056 Fideli[y Ine[itutional Cash 0.00 0.00 0.00 5.4'/0 5.395 5.4')0 1
____"_________ ___________"__ __'__"____"___ _'____ ______ "_____
SUBTOTALS and AVERAGES 3,271.00 3,271.00
� 3,2]1.00 5.395 5.4']0 1
CASH WITH 1RUSTEE -FIRST TRUST �
29011 Cash with Ttuetee 0.30 0.30 0.30 0.000 0.000 0:000 1
TREASVRY SECURITIES - COUPON
16049 United Statee Treaeury 12/11/9'1 6,099,798.67 6,104,000.00 6,100,185.00 5.125 5.904 5.4'19 02/28/98 58
'____'______'__'__'___"__""__'_'""""_"'"""'"""'_""_""_'_""'__'________
TOTAL INVESTMENTS and AVG. S 6,103,069.9"/ 6,103,�56.30
6,107,271.30 5.404& 5.479� 58
"""'�""""����""""��s��a�a s�""s'�'�'�"""""�'�"�s m e�s��............
26
01/14/1998 Sunterrace 9a-2 N�1 - z
INVESTMENT PORTFOLIO DETAILS - INV65TMENTS CITY
DECEI�IDER 31, 1999 ACCRUAL
I�]tJg$'�[�'�' PURCHASE � STATED "'- YTM --- MATUAII'1 DAYS
NUDIDER SSSUER DATE H007C VALUE FACE VALUE MARHET VALUE RATE 360 365 DATE TO MAT
FIDELITY 1REASURY POOL
12009 I Fidelity Inetitutional Caeh 35,'/49.00 35,']49.00 35,'/49.00 5.4'/0 5.395 5.4']0 1
12010 R Fidelity Inetitutional Caeh 1B5,506.00 185,506.00 185,506.00 5.4'/0 5.395 5.4'!0 1
12032 Fidelity Inetitutional Caeh � � 4'I,666.00 4'/,666.00 4],666.00 5.4'/0 5.395 5.4'!0 1
. 12033 Fidelity Inatitutional Cash 1].00 19.00 19.00 5.420 5.396 5.420 1
________"_"'__ "_________"___ ______'_______ . ______ ______ ______
SVBTOTALS and AVERAGES 268,938.00 268,938.00
268,938.00 5.395 5.9']0 1
____________"_""__________"_________________"_""________________________"_____'
TOTAL INVESTMENTS and AVG. $ 268,930.00 268,938.00
268,938.00 5.395& 5.470k 1
2�
O1/14/1998 Sunte[iace 94-2 � ' 3
INVESTMENT PORTFOLIO DETAILS - CASH CITY
DECEMBER 31, 199'/ ACCRUAL
I7�yggTMEMr PURCHASE STATED --- YTM --- MATURITY DAYS
WOMBER ISSVER DATE HOOR VALl7E FACE VALUE MARICET VALUE RATE 360 365 DATE TO MAT
CASH WITH TRUSTEE -FIRST TRUST
24006 Cash wi[h Tzuetee 2.94 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS $ 268,940.99
28
O1/14/1998 ' Meiano 94-3 � - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY
DECEDIDER 31, 199] ACCRUAL
INYESTTIENT PURCHASE STATED -- YTM -- MATURITY DAYS
NUt�ER ISSVER OATE BOOR VALUE FACE VALUE MARKET VALOE RATE 360 365 DATE TO MAT
FIDELII'1 TREASURY POOL
12011 FidEliCy InetiCutiORdl Caeh 0.00 0.00 0.00 5.140 5.0'/0 5.190 1
12012 I � Fidelity Inatitutional Caeh 408,298.00 40B,29B.00 908,299.00 5.470 5.395 5.470 1
12013 R Fidelity Iifeti[utional Caeh � 12'/,510.00 12"l,510.00 12'/,510.00 5.4'/0 5.395 5.4'!0 ' 1
12031 ' Fidelity Ineti[uCional Caeh ' 21.00 . 21.00 21.00 5.430 5.356 5.430 1
12030 Fidelity InetiCutional Caeh 118.00 118.00 118.00 5.490 5.395 5.900 1
___""_________ ___'__________ ______________ _"____ ______ _"_'"_
SUB'fOTALS and AVERAGES . 535,949.00 535,999.00
535,94'].00 5.395 5.4]0 1 �
____________________________________""'___'""__________________________________
TOTAL INVESTTI&NTS and AVG. S 535,947.00 535,947.00
535,949.00 5.395! 5.990R 1
':::z�_..:..�:�a.........................................`..`.'.::ae.....:.�a.....:.
29
O1/19/1998 Merano 99-3 PM - 3
INVESTMENT PORTFOLIO DSTAILS - CASH CITY
DECEPIDER 31, 199'/ ACCRUAL
Iryygg�p� PURCHASE STATED --- YTM --- MATURITY DAY&
NI]MBER ISSUER DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
CASH WITH 1RUSTEE -FIRST 1RUST
29005 Cash with Truetee 2.42 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS S 535,949.42
30
O1/14/1998 95 REV BND: 83-1, 84-1-R, 8]-1 PM - 2
INVESTM6TTT PORTFOLIO DETAILS - INVESTM&Nf5 CI1'Y
� DECEPIDER 31, 199] ACCRVAL
INVESTMENT PURCHASE STATED --- YTT1 --- MATURITY DAYS
NqMBER ISSUER DATE HOOK VALUE FACE VALUE MARRET VALUE RATE 360 365 DATE TO MAT
FIDELITY TREASURY POOL
12023 Fidelity Ineti[utional Caeh 0.00 0.00 0.00 5.360 5.20') 5.360 1
. 12024 Fidelity Inetitutional Caeh 0.00 0.00 � 0.00 5.210 5.139 5.210 1
12039 Fidelity Inetitutional Caeh 182.00 182.00. . 182.00 �5.9'!0 5.395 5.9'10 1
12046 Fid¢lity Inatitutional Caeh 904.00 804.00 804.00 5.970 5.395 5.9']0 1
12099 Fidelity Inetitutional Caeh 83,06�.00 83,06'/.00 83,06�.00 5.970 5.395 5.4']0 1
'_"_'"___'_'__ _'____________ __'"_'____"_' ""'. ______ __"___
SUBTOTALS and AVERAGES 09,053.0� 84,053.00
84,053.00 5.395 5.4'/0 1
TOTAL INVESTMENTS and AVG. 5 84,053.00 84,053.00
84,053.00 5.395f 5.4'!Ot 1
����'��.......'.'��.'.��"�..................:�......'............'....a.�:n......:_
3'I
O1/19/1998 95 REV BND: 83-1, 84-1-R, 8�-1 PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH CITY
DEC£MBER 31, 1990 ACCRUAL
INVESTTiENT PURCHASE STATED --- YTM --- MATURITY DAYS
NUPIDER ISS[lER DATE BO01C VALUE FACE VALUE MARK£T VALUE RATE 360 365 OATE TO MAT
CASH WITH 1RUSTEE -FIRST TRVST
29003 Cash with Truetee 0.69 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS $ 84,053.69
32
O1/19/1998 199� Rev Bnd: 91-1, 92-1, 99-1 PM - 2
INVESTMENT PORTFOLIO OETAILS - INVESTMENfS CITY
DECEPIDER 31, 199'/ ACCROAL
��S'1ME�"f PUACHASe � STATED --- y'�T7 --- h7p'�'�ITX PAYS
NUf�IDER ISSUER DATE BOOK VALUE FACS VALUE MARKET VALVE RATE 360 365 DATE 1V MAT
FIDELITY 1REASURY POOL
12053 Fidelity Inetitutional Cash 193,603.00 193,603.00 193,603.00 S.a'/0 5.395 5.4'!0 1
CASH WITH TRUSTEE -FIRST TRVST . .
. 24012 Caeh wi[h Trua[ee 0.45 0.45 0.95 0.000 0.000 0.000 1
_'____"__'_"________"____"___'____"_""_____'_____'""_'__'"__'_'___'"___"
1C)TAL INVESTMENTS and AVG. $ 193,603.45 193,603.45
193,603.45 5.395& 5.4'/0& 1
.�.........:�:eas���as����e�m�m::eea.��...��ea�.�..�.....�....:.e�.....�.���........
33
O1/14/1998 Libzary Foundation PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH �I1'P
DECEDIDSR 31, 1999 ACCRUAL
F�5'1TAEN1' PORCHASE STATEO --- YTM --- MATURITY DAYS
1dI1MBER ISSUER DATE HOOK VALUE FACE VALUE MAR[(ET VALUE RATE 360 365 DATE TO MAT
__"___'_______'_"__'_'_________'_'__"'_'____""'_'________'______'__"__'___""'_'_'___________"__'__""""'_________'_'"""_
PASSBOOK/CHECKING ACCOUNTS
13005 Libzary Foundation - UBC 10,000.00 0.000 0.000 0.000
___________________"__________________"______'"""__________________________________
TOTAL CASH and INVESTMENTS $ 10,000.00
34
O1/14/1998 � City General Fund PM - 2
INVESTMENT PORTFOLIO DETAILS - INVE57MENTS CITY
DECEPIDER 31, 1990 ACCRUAL
INVESTMENT PURCHASE STATED --- Y1M --- MATf1RITY DAYS
NUFIDER ISSUER DATE BOOK VALUE FACE VALUE MARI(ET VALVE RATE 360 365 DATE TO MAT
____________________________________________________________________________________'__________"_"__________________________'_____
LOCAL AGENCY INVESTMENT Ff1ND5
12000 Local Agency Inveatment Fun 13,646,323.52 13,696,323.52 13,696,323.52 5.]OS 5.62"1 5.905 1
PASSHOOR/CHECRING ACCOONTS ' � �
13000 � Main Accoun[ (Sweep) - UBC � 3,066,973.73 3,066,9'/3.73 3,066,9'/3."/3 4.630 a.569 4.630 1
COPII9ERCIAL PAPER - DISCOI7NT
20008 Ford Motor Czedit 12/24/9'/ 1,994,631.11 2,000,000.00 1,99],315.56 6.040 6.056 6.140 O1/09/98 8
2000'1 Mozgan Stanley 12/19/9'1 2,969,550.00 3,OOO,U00.00 2,9'/S,B33.33 5.800 5.859 5.941 02/20/98 50 �
______________ ______________ _"________"___ ______ ___"__ ______
SUBTOTALS and AVERAGES 9,969,181.11 4,9]3,148.89
5,000,000.00 5.939 6.021 33
FEDERAL AGENCY ISSUES - COUPON
14016 Federal Farm Credit Bank OB/04/9'! 3,000,000.00 3,000,000.00 3,008,437.50 6.000 6.000 6.083 OB/04/00 946
14007 Federal Home Loan Bank 10/24/96 3,993,79B.OB 4,000,000.00 4,001,250.00 S.B20 6.019 6.102 11/02/98 305
19009 FED HOME IAAN MORTGAGE CORP O1/09/9'1 1,994,9'J2.22 2,000,000.00 2,000,625.00 6.855 6.930 '1.026 O1/09/01 1,469
19019 � FED HOME IAAN MORTGAGE CORP 09/09/9'/ 2�001�015.25 2�000�000.00 2�000�625.00 5.840 S.fi36 5.'/l4 04/OB/98 97
14018 Tenne99ee Valley Authority 09/09/9'1 1,000,"/59.05 1,000,000.00 9'/9,68].50 5.950 5.836 5.917 09/15/98 25]
'__'_'_____'__ ______________ ______'_______ _____' '__'__ '_"__
SVBTOTALS and AVERAGES 13,990,544.60 11,990,625.00
12,000,000.00 6.08'/ 6.1'/l 620
TREASURY SECUAITZES - COUPON
16034 United Statee Tz'eaeury OS/31/96 1,999,61'1.81 2,000,000.00 2,003,'/50.00 6.000 5.96'! 6.050 OS/31/98 150
16035 United S[atee Treaeury OS/31/96 1,995,426.94 2,000,000.00 1,998,'/50.00 5.125 6.041 6.125 03/31/98 89
16036 UniCed Statea Treaeury 06/26/96 2,991,986.'/8 3,000,000.00 3,004,68'/.50 5.8'/S 6.252 6.338 OB/15/98 226
1603'/ United StaCeB Treaeury 06/26/96 2,968,059.'/4 3,000,000.00 2,985,93"l.50 5.125 6.314 6.402 11/30/98 333
16092 United Sta[es Treasuzy 09/13/96 1,996,905.49 2,000,000.00 1,990,"/50.00 5.125 6.068 6.152 02/28/98 58
16095 Uni[ed Statee Treaeuxy 09/OS/96 1,99'/,131.47 2,000,000.00 2,006,875.00 6.125 6.270 6.358 OB/31/90 242
1604'/ United Statee Treaeury OS/O1/97 2,002,904.66 2,000,000.00 2,018,325.00 6.375 6.171 6.257 09/30/99 4B9
16048 ISnited Statea Treasury 03/21/9'! 1,979,687.95 2,000,000.00 1,985,625.00 5.000 6.124 6.209 02/15/99 410
"____________ __________"" _'________'__' ""__ __'___ _'_'__
SUBTOTALS and AVERAGES 19,926,]70.84 18,007,500.00 �
18,000,000.00 6.165 6.251 252
__'"_"_'"__'____""__'""_"_____'"'___"_"'______'_____"_"___"_'_'_____'___'____
TOTAL INVESTMENTS and AVG. 5 51,594,�43.B0 51,6]9,5'11.i4
51,713,297.25 5.8BBt 5.970t 235
35
Ol/14/1998 City Geceral Fund PM - 3
INVESTMENT PORTFOLIO DETAILS - CASFI CI1'Y
DECEPIDER 31, 199"/ ACCRllAL
INVESTMENT PURCHASE STATED --- YTM --- MATUAITY DAYS
NVt�SR ISSUER DATE BOOR VALVE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
__"___________""__'________""'_____'___"______________'___"__'"""____'_'_'"__"___"____'_'___________'_'__""_"__""_'_'_______"
PASSBOOK/CHECKING ACCOUN'CS
13000 City Main Accou[it - HofA 0.00 0.000 0.000 0.000
13002 Hank of Amez'ica - Savings 0.00 2.000 1.9'!3 2.000
. 13006 City Main Account - VBC 166,789.24 0.000 0.000 0.000
_'"""'_"'___'" '"____ _____"
SUBTOTALS and AVERAGES 166,]89.24 0.000 0.000
Accrued Inceree[ at Puzchase 28,758.33
__"_'_'_____""_'_______""__'__________'_"_"_'_'______"""________'_"_'_'_'
TOTAL CASN S 195,54'7.5]
�::'�::..........ez.'....:..........�.......s�esa�a�»�as=�`���.s.........�.........
TOTAL CASH and INVESTMENTS $ 51,790,291.37
__������""""�_�.��.»>"'aas»""""""""""""""'."'save�..�.......>.
36
O1/14/1998 CITY I/JAN TO RDA pp - Z
INVESTMENT PORTFOLIO D6TAILS - INVESIMENTS CITY
� DECEf+�ER 31, 1997 ACCRVAL
INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAY$
NUf�ER ISSUER DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 OATE TO MAT
____""_____________________"_"______________"___________________"_______________________________"________"______"______"'_________
CITY LOAN TO [iDA
12001 Redevelopment Agency-Loan 0'//01/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.462 5.538 0'//O1/O1 1,2'/']
"_'____'__"_'_'___________'__'__""'_""___'__'____________________""__""__
TOTAL INVESTMENTS and AVG. S 19,000,000.00 19,000,000.00 �
19,000,000.00 5.462t 5.538& 1,2]']
37
O1/19/1998 Office Complex PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENfS CITY
DECEt�EA 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED --- Y1T1 --- MATVRITY DAYS
NIJMBfiR ISSVER DATE BOOX VALl16 FACE VALUE MARIC£T VALUE RATE 360 365 DATE 10 MAT
___"_'_____"_"________"_________________"__""________________'_______________________"________________________"_______________"__
PASSBOOR/CHECRING ACCOIINTS
13012 Office Complex (Sweep) - VH 391,056.15 341,056.15 341,056 15 4.690 4.606 4.690 1
_________________"'__"____"_____'____________"""_""________________"____________
TOTAL INVESTMENTS and AVG. S 341,056.15 341,056.15
� 341,056.15 4.606R 9.6]Ok 1
38
O1/14/1998 OffiCe Complex PM - 3
INVE5IMENT PORTFOLIO DETAILS - CASH CITY
DECEPIDER 31, 199'/ ACCAUAL
INVESTMENT PURCHASE � STATED --- YTM --- MATURITY DAYS
NUf�ID6R ISSVER DA'fE HO07C VALVE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
__________________________'"________________________"_"_"__'________________"_"_"___________________"________"_________________"__
PASSBOOK/CHECKING ACCOUNTS
13003 Office Complex Checkin9 - BofA 6.65 0.000 O.00o a.0oo
13009 Offi<e Complex Tiuet - BofA o.02 0.000 0.000 0.000
13008 Office Complex Checking - UBC . . 51,28].]] 0.000 0.000 0.000
13011 Office Complex Truet - UBC 23,990.41 0.000 0.000 0.000
_"_______'__" . ___'__ _"____
SUBTOTALS and AVERAGES 75,284.85 0.000 0.000
TOTAL CASH and INVESTMENTS $ 416,341.00
e�_s.�a.��»�...:m��.��......���..�......»�».�.��a.a::..........:........:s:.....`
39
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aalm �esert Redevelopment Agency
Month-end Investment Report
Decemer 31, 1997
TABLE OF CONTENTS
INVESTM�NT INFORMATION FOR ENTIRE PORTFOl.10
Portfolio Master Summary 1
Investment Portfolio Detail - Investments 2
Investment Portfolio Detail - Cash 5
Portfolio Master Investment Activity by Type 6
Investment Activity Summary 9
Distribution of Investments by Type 10
Interest Earnings Summary 11
Investment Portfolio Compliance Checklist 33
INVESTMENT INFORMATION BY FUND/BOND
$100 Million Bond 12
S17.5 Million Bond 14
$24 Million Bond 16
S4 Million Bond 18
LOw-MOd S2t ASId2 R@fUlld'Itlg 20
Project Area �1 - 1997 Refunding 22
1996 Desert Rose Series A 24
1996 Desert Rose Series B 26
Blythe County Court Administration Center 28
Redevelopment Agency Generai 30
Self Help 32
O1/14/1998 PD Redevelopmen[ Agency PM - 1
PORTFOLIO MASTER SOMMAAY RDA
DECEPIDER 31, 199� ACCRUAL
AVERAGE ---YIELD TO MATf1RITY---
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BO0]( VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
______________________"'"_______""__________"____________"____"____"__________________""____________________________________________
Local Agency Inveatment Funda................$ 13,169,998.8'/ 8.69 1 1 5.602 5.680
Federal Agency Iesues - Coupon...............5 6,999,981.99 9.29 459 126 5.'/5'/ 5.83'1
Federal Agency Iseues - Discount.............$ 4,869,952.98 3.19 181 BB 5.530 5.606
Treasury Secuiities - Coupon...........:.....$ S,OB1,231J8 3.33 691 215 5.993 6.096
State 6 Local Gov[ Seriea....................$ 6,641,221.00 5.6'/ '/46 SB'l 0.000 0.000
SCate 6 Local Govt Seriea - Coupon...........$ 66,429,662.00 43.59 1,926 1,560 5.'/60 S.B90
Fidelity Treasuxy Pool. . .............. .......$ 90,'/01,663.�0 31:30 1 1 5.395 5.900
TOTAL SNVESTMENTS and AV£RAGES.......... ...$ 152,387,460.92 300.00& B44 732 5.3068 5.379&
CASH
Pasabook/Checking - No Yield Totale..........$ 97,022.62 0.000 0.000
(no[ included in yield calculatione)
Accrued interest a[ Yuzchaee.................5 �,663.06
__"____'__'____________""__'__"_'___'________'_'___________'__'_"'__'_"
TOTAL CASH and PURCHASE INTEREST.............$ 54,685.68 �
TOTAL�CASH and INVESTMENTS.................$ 152,442,146.60
MONTH ENDING FISCAL
TOTAL EARNINGS DECEFIDEA 31 YEAR TO OATE
. Current Year $ 69a,525.11 $ 3,926,324.98
AVERAGE DAILY BALANCE $ 152,342,'/18.91 $ 143,"/52,75'/.25
EFFECfIVE RATE OF RETURN 5.3"!& 5.42t
The inveatment portfolio of the P.D. Redevelopment Agency compliea wi[h its
Paul S. Gibson � InvesCmenC Policy and the California Government Code sectione pertaining to the
Treasurer investment of local agency funde. Pending any futuze actiona by the Governing
Board of the Agency or any unforeaeen catae[rophy, the Redevelopment Agency has
adequate caeh flow to meet its e�cpenditure requirements foz the next aix months.
DATE Mazket values are from Firet Truet 6 IDC Datafeed pricing eervice.
1
O1/14/1998 PD Redevelopment Agency PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
DECEFIDER 31, 1997 ACCRUAL
iT]ygS�y'MENT' AVERAGE PURCHASE � STATED --- YTM --- MATURITY DAYS
NUDIDEA ISSUER HALANCE DATE BOOK VALUE FACE VALUE MARICET VALUE RATE 360 365 DATE TO MAT
IACAL AGSNCY INVESTMENT FUNDS
21000 Local Agency Investment Fun 13,169,448.8'/ 13,169,448.8] 13,169,448.8'/ 5.680 5.602 5.680 1
AVERAGES 13,169,998.8�
FEDERAL AGENCY ISSUES - COUPON
15008 R Fedezal Fatm Credit 09/13/96 499,529.82 500,000.00 500,93'/.50 6.125 6.312 6.400 0'J/09/98 189
15030 R Federal Home Loan Mor[gage 10/22/96 1,000,000.00 1,000,000.00 998,125.00 5.800 6.123 6.208 03/19/99 442
15034 Fedesal National Mortgage A O1/16/9] 3,999,951.6'1 4,000,000.00 4,000,000.00 5.600 5.630 5.908 O1/16/98 15
15020 Fedeial NaCional MozGgage A 10/03/99 1,000,000.00 1,000,000.00 999,395.00 5.630 5.621 5.699 OB/14/98 225
_""______________ __"___________ ______________ ______________ ______ _____" '_____
SVHTOTALS and AVERAGES 6,54�,�88.28 6,499,481.49 6,498,43'I.50
6,500,000.00 5.757 5.837 126
FEDERFL AGENCY ISSUES - DISCOUNT
16013 E Federal Na[ional Mortgage A 09/30/9'/ 4,869,'/52.'/8 5,000,000.00 4,931,500.25 5.380 5.530 5.606 03/30/98 88
AVERAGES 4,864,752.78 '
TREASURY SECORITIES - COUPON
19013 R Uni[ea States Treasury 09/O1/95 106,686.20 104,000.00 309,835.00 7.950 6.098 6.182 11/30/99 698
17069 Unite9 State9 Treagury OS/29/96 2,000�61].14 2,000�000.00 2,003,125.00 6.125 5.905 5.9B'1 03/31/98 89
170'!'/ Unites S[ates Treaeury OS/30/96 999,240.49 1,000,000.00 999,3'15.00 5.000 5.900 5.982 01/31/98 30
1'l083 Unites States Treaeury 03/21/9'/ 1,9'l9,68'/.95 2,000,000.00 1,985,625.00 5.000 6.129 6.209 02/15/99 410
_'""""_"__'_"_ ______"__""_ """_""_"_"__ '______""_____ "'_'_" __'"__ _____'
SUBTOTALS and AVERAGES 9,918,1'/6.85 5,081,231.']B 5,095,960.00
5,104,000.00 5.993 6.0]6 215
STATE & IACAL CAVT SERIES
19004 S[ate & Local Govt Ser Secu 07/24/97 248,145.00 248,145.00 248,145.00 0.000 0.000 0.000 OS/29/98 28
19005 State 6 Local Govt Ser Secu 0'//2s/9'/ 3'/2,455.00 3'/2,455.00 372,455.00 0.000 0.000 0.000 03/OS/98 63
19006 SCaCe & Local Govt Ser Secu 0'//24/9� 1,542,8'/1.00 1,542,8'/1.00 1,542,8'/1.00 0.000 0.000 0.000 04/O1/98 90
1900'/ State & Local Govt Sez Secu 0"//24/9'l 361,813.00 361,813.00 361.,813.00 0.000 0.000 0.000 09/OB/9B 9'!
19008 State 6 Local Govt Sei Secu 07/29/9'1 239,'/15.00 239,'/15.00 239,'/15.00 0.000 0.000 0.000 10/O1/98 2'/3
19009 State 6 Local Govt Ser Secu o0/24/90 12,659.00 12,657.00 12,657.00 0.000 0.000 0.000 03/25/99 . 448
19010 State k Local Govt Ser Secu 0']/24/9'] 1,581,91�.00 1,581,41'/.00 1,581,41].00 0.000 0.000 0.000 04/O1/99 455
19011 State s Local Govt Ser Seeu 07/24/97 12,656.0� 12,656.00 12,656.00 0.000 0.000 0.000 09/16/99 623
19012 Sta[e s Local Govt Ser Secu 0'//24/9] 199,191.00 1]],191.00 1'/],191.00 0.000 0.000 0.000 10/O1/99 639
19013 State & LOCal Govt SET SeCu 0'//24/9'/ 12,657.00 12,657.00 12,659.00 0.000 0.000 0.000 03/09/00 79B
19019 State & Local Govt Sei Secu 09/24/9'/ 1,622,191.00 1,622,191.00 1,622,191.00 0.000 0.000 0.000 04/O1/00 B21
19015 StaCe 6 LOCal Govt SeI Sew 07/29/90 361,813.00 361�813.00 361�813.00 0.000 0.000 0.000 04/12/00 B32
19016 State & Local GOvt Sei Secu 0']/24/9'1 158,2"15.00 158,2"/5.00 150,2']5.00 0.000 0.000 0.000 10/OS/00 1,008
19017 State 6 LOcal Gov[ Sei SeCu 07/24/97 12,656.00 iZ,656.�0 12,656.00 0.000 0.000 0.000 03/29/O1 1,183
19018 State 6 IAcal Govt Ser Secu 0]/24/9] 1,664,9'/'].00 1,664,977.00 1,664,9'/'/.00 0.000 0.000 0.000 09/O1/O1 1,186
19019 State s Local Govt Ser Secu 0�/24/9� 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,358
19020 S[a[e 6 Local Govt Ser Secu 0"//24/9'i 88,82].00 88,829.00 BB,B20.00 0.000 0.000 0.000 10/O1/O1 1,369
2
.. ....__._____._..
O1/14/1998 PD Redevelopment Agency pM - 3
INVESTMENT PORTFOLIO DETAILS - TNVESTMENTS RDA
DECEPIDER 31, 1990 ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATORITY DAYS
NUFIDER ISSVER BALANCE DAT£ BOOK VAL[16 FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
_________________"__________________"_"_________"____""__________________""_______"___________"____________________"______"'______
STATE & LOCAL GOVT SERIES
19021 State & 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 1,533
19025 State 6 LOCal Govt Sez Secu 10/2'//9] 145,593.00 145,593.00 145,593.00 0.000 0.000 0.000 O1/29/98 28
"__'"_'_____'___ ___'__________ ______________ _________'""' ""___ "___' '_"'_
SUBTOTALS and AVERAG5S 8,890,439.84 8,641,221.00 8,641,221.00 .
8,641,221.00 0.000 0.000 58'/
STATE & LOCAL CAVT SERIES - COVPON
19500 SCaCe & Loeal GovC Sei Secu 09/24/9] 5,686,829.00 5,686,0]9.00 5,6B6,B20.00 3.165 3.12Y 3.165 04/01/02 1,551
19501 StatE fi IACal GOv[ Sei Sew 0]/29/99 60,'/42,835.00 60,']42,835.00 60,042,835.00 6.090 6.00] 6.090 04/18/02 1,568
_________________ ______________ ______________ ______________ ____'_ __'"__ ______
SOBTOTALS and AVERAGfiS 66,429,662.00 66,429,662.00 66,429,662.00
66,429,662.00 5.]60 5.940 1,56'/
FIOELII'Y TREASVAY POOL .
11002 I Fidelity Inatitutional Caeh 9,019,511.00 9,019,511.00 9,019,511.00 5.970 5.395 5.4'10 1
11003 R Fidelity Inetitutional Cash '!5'/,6'/5.00 ]5'1,6']5.00 ']5'],6'15.00 5.4'!0 5.395 5.4']0 1
11004 E Fidelity InetitutiOnal Cash '1,779,055.00 7,779,055.00 "1,779,055.00 5.470 5.395 5.470 1
11005 I Fidelity Inatitutional Cash 1,580,521.00 1,580,521.00 1,580,521.00 5.4'!0 5.395 5.4'10 1
11006 R Fidelity Institutional Caeh 25,288.00 25,288.00 25,280.00 5.470 5.395 5.9'/0 1
11008 R FidelitY �neti[utional Caah 1,639,027.00 1,639,027.00 1,639,02'].00 5.470 5.395 5.9]0 1
11009 I Fidelity Inetitutional Ca9h � 1,785,030.00 1,785,030.00 1,785.030.00 5.470 5.395 5.4'/0 1
11010 I Fidelity Inetitutional Caeh 9,180,313.00 9,180,313.00 9,180,313.00 5.9'/0 5.395 5.4']0 1
11011 R Fideli[y Inatitutional Cash 1,638,623.00 1,638,623.00 1,638,623.00 5.4'/0 5.395 5.470 1
11012 E Fidelity Institutional Cash 0.00 0.00 0.00 5.210 5.139 5.210 1
11018 Fidelity Institutional Cash 0.00 0.00 0.00 5.4'/0 5.395 5.4'/0 1
11019 Fidelity Institutional Cash 17.00 1'7.00 1'/.00 5.360 5.28'/ 5.360 1
11020 Fidelity Ine[itutiOnal Caeh 0.00 0.00 0.00 5.160 5.089 5.160 1
13021 Fidelity Institutional Caeh 0.00 0.00 0.00 5.360 5.28'I 5.360 1
11022 Fidelity Ins[itutional Caeh 449.00 . 449.00 449.00 5.470 5.395 5.490 1
11023 Fidelity Ins[itu[ional Caeh 1.00 1.00 3.00 5.440 5.365 5.440 1
11025 Fidelity Inatitutional Caeh 0.00 0.00 0.00 5.360 5.28'] 5.360 1
11026 Fidelity Inetitutional Cash 0.00 0.00 0.00 S.s<0 5.365 S.t40 1
1102'! E Fidelity Institutional Caeh � 2,'/26,0'/5.00 2,'/26,0'l5.00 2,'l26,0'/5.00 5.4'/0 5.395 5.4'!0 1
13028 Fidelity Inetitutional Cash 68.00 68.00 68.00 5.4'!0 5.395 5.4'!0 1
11029 Fidelity Ineti[utional Cash 304.00 304.00 304.00 5.470 5.395 5.4'/0 1
11030 R FideliLy Inatitu[ional Caeh 661,979.00 661,878.00 661,878.00 5.470 5.395 5.470 1
11031 Fidelity Institutional Cash 8.00 B.oO 8.00 5.360 5.28'/ 5.360 1
11032 Fidelity InstiNtional Cash 0.00 0.00 0.00 5.150 5.079 5.750 1
11037 Fidelity Snetitu[ional Caeh 0.00 0.00 0.00 5.410 5.336 5.430 1
11038 Fidelity Inetitutional Caeh 308.00 100.00 108.00 5.470 5.395 5.470 1
11039 R Fidelity Insti[utional Ca9h 40,165.00 40,165.00 40,1fi5.00 5.470 5.395 5.470 1
11040 Fidelity InetituCional Cash 526.00 526.00 526.00 5.4'!0 5.395 5.4'!0 1
. 11041 I Fidelity Inatitutional Cash 99,962.00 99,962.00 99,962.00 5.470 5.395 5.490 1
3
____ _ _ - .
O1/19/1998 ' PD Redevelopment Agency PM - 4
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
DECEMBER 31, 199'/ ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS
Nl1MBER ISSUER BALANCE DATE BOOA VAL116 FACE VALUE tMAKET VALUE RATE 360 365 DATE TO MAT
"_'"_________________________'______________"_____"__'______"___"________________________'_"____"__'_______________________"___"_
FIDELITY TREASURY POOL
13042 Fidelity Ine[i[utional Caeh 12.00 12.00 12.00 5.260 S.1BB 5.260 1
11044 �Fidelity Ina[i[u[ional Caeh 32,316.00 32,316.00 32,316.00 5.4]0 5.395 5.4")0 1
11096 Fidelity Ina[itutional Caeh � 3,906.00 3,906.00 3,906.00 5.490 5.395 5.4"/0 - 1
11049 ' Fidelity Insti[utional Cash ' 1,121,692.00 1,121,692.00 1,121,692.00 5.490 5.395 5.490 1
11048 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.198 5.220 1
11049 Fidelity Ineti[utional Caeh 9,615.00 9,615.00 9,615.00 5.420 5.346 5.420 1
11050 Fidelity Inetitutional Caeh . 830,914.0� 830,914.00 830,914.00 5.4'JO 5.395 5.4'!0 1
11051 Fidelity InaCitutional Caeh 0.00 0.00 0.00 5.220 5.198 5.220 1 �
11052 Fidelity Inetitutional Caeh 5,490,937.00 5,490,937.00 5,490,937.00 5.4')0 5.395 5.470 1
11053 Fidelity Ins[itutional Caeh 3,000,910.00 3,000,910.00 3,000,910.00 5.4'!0 5.395 5.9'/0 1
11054 Fidelity Inatitutional Caeh 1,556.00 1,556.00 1,556.00 5.470 5.395 5.470 1
11055 Fideli[y Inetitutional Cash 13'].00 13'/.00 13'/.00 5.4'!0 5.395 5.9']0 1
11056 Fidelity Inatitutional Cash 239,769.00 239,769.00 239,769.00 5.470 5.395 5.970 1 ,
1105� Fidelity Inatitutional Cash 35,315.00 35,315.00 35,315.00 5.4'!0 5.395 5.4'/0 1
__'__'_________" ____'_________ ________"'___ _'""___'__"__ ____'_ ___"_ ______
SUBTOTALS and AVERAGES 42,4�6,256.94 4'1,'l01,663.00 4'/,]01,663.00
� 4'/�'/01�663.00 5.395 S.a'10 1
'___________'____'__'_'__'_"_'"'__'"""'__'_"_""'___""__'____'______"______'"___"'__'___'______'
TOTAL INVESTMENTS and AVG. 5 152,39'/,460.92 152,46'1,892.62
152,296,525.55 152,545,994.8'/ 5.306& 5.3'/9& 932
4
O1/14/1998 PD Redevelopment Agency PM - 5
INVESTMENT PORTFOLIO DETAILS - CASH RDA
DECEMBER 31, 199'J ACCRUAL
INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY �AYS
N[1MBER ISSUER HALANCE DATE BOOK VAL[lE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
______________"_"""__"_"""_____________"__'"________"________""_"____"__"_"____"________________"_______________________________
PASSBOOR/CHECKING
25002 B of A - Self Help Checking 46,994.99 0.000 0.000 0.000
AVERAGES 46,193.35
Accrued Interee[ a[ Purchase 7,663.06
____________'___'_______'___'___'______'_"___'__'"_"__"________'_"'__________"
TOTAL CASH S 59,685.68
TOTAL CASH and INVESTMENTS S 152,392,'/18.91 152,442,146.60
5
_ _ _ _ _
O1/14/1998 PD Redevelopment Agency PM - 6
PORTFOLIO MASTER INVESTMENT AC1'IVSTY HY TYPE RDA
� DECEMBER 1, 1999 - DECEPIDER 31, 199'] ACCRUAL
STATED TRANSACTION PURCHASES SALES/MAIVRITIES
TYPE INVESTMENT # ISSUER RATE DATE OR DEPOSITS OR WITFIDRAWALS HALANCE
IACAL AGENCY INVESTMENT FUNDS (Monthly Summary)
21000 Local Agency Ivvestment Fund 5.680 . 13,169,998.89
PASSBOOX/CHECKING (Monthly SummaYy) �
25002 B of A - Self Help Checking 0.000 BSB.39 � 0.00
CASH WITN TRUSTEE -FIRST 1RUST (Monthly SUmmary) .
26000 Caeh with Trvatee 0.000 0.82
26001 Caeh with Truetee 0.000
26002 Caeh with Truetee 0.000 0.86
26003 Caeh with Truetee 0.000 1.55
26004 Cash with Trustee 0.000 0.95
26005 Caeh with Truetee 0.000 0.11
26006 Cash with Truetee 0.000
2600'1 Cash wiGh Truetee 0.000 1.13 �
26008 Cash with Truatee 0.000 � 0.96
26009 Caeh with Truetee 0.000 1.01
26011 Cash with Trustee 0.000 0.35 -
SUBTOTALS and ENDING HALANCE 2.98 4.26 0.00
FEDERAL AGENCY ISSUES - COUPON
15016 Federal Farni CzediG 5.400 12/02/1999 1,500,000.00
15005 E Federal Home Loan Bank 6.105 12/O1/199'/ 2,115,000.00
SUBTOTALS and ENDING BASTiNCE 0.00 3,615,000.00 6,499,481.49
FE�ERAL AGENCY ISSUES - ➢ISCOUNT
<,864,'/52.'/B
1REASURY SECORITIES - NUPON
1]084 Unitee Sta[ea Treaeury 5.250 12/31/199� S,OU0,000.00 5,081,231.08
STATE & LOCAL GOVT SERIES
19024 State 6 Local Govt Ser Securit 0.000 12/23/199] 351,1'I2.00 8,641�221.00
6
. _ _ _ _ _ ___
_ _ .
O1/14/1998 PD Redevelopmen[ Agency PM - ]
PORTFOLIO MASTEH INVESTMENT ACENITY BY TYPE RDA
DECEhIDER 1, 199] - DECEI�ER 31, 199] ACCAUAL
STATED TRANSACTION PURCHASES SALES/MATURITIES
TYPE SNVESTMENT q ISSUER RATE DATE OR DEPOSITS OR WITFmRAWALS BALANCE
_____________'"______""__'________________'_________________________________________'_____"_"_________________""_"'____'___""_____
STATE & IACAL GOVT SERIES - COUPON
. _ 66,429,662.00
FIDELITY TREASURY POOL (MonGhly Summary)
13002 I Fidelity Znatitu[ional Cash 5.4]0 1,Ofi3,126.00
11003 R Fidelity Inatitutional Cash 5.4]0 � 3,141.00
11009 E Fideli[y InaCitu[ional Cdeh 5.4]0 5,142,228.00 �
11005 I Fidelity Institutional Caeh 5.4'!0 6,554.00
11006 R Fidelity InsCitutional Cash 5.4]0 4,119.00
11008 R Fidelity Institutional Cash 5.4']0 6,795.00
11009 I Fidelity Insti[u[ional Caeh 5.4"!0 'I,401.00
11010 I Fidelity Institutional Cash 5.4'/0 38,930.00
11011 R Fideli[y Ine[itutional Caeh 5.4')0 6,850.00 13,52"/.00
11012 E Fidelity Ine[itutional Cash 5.210
11018 Fidelity Ine[itutional Cash 5.4]0 101,943.00 102,099.00
11019 Fidelity IRetitUtiOnal Ca9h 5.360
11020 Fidelity Instit�tional Cash 5.160
11021 Fidelity Ineti[Utional Cash 5.360
11022 Fidelity Inatitutional Cash 5.4]0 2.00
11023 Fideli[y Institutional Caeh 5.990
11025 Fidelity Ins[itutional Caeh 5.360
11026 FidElity IIIBC1tUClOna1 Cash 5.440
� 1102'/ E Fidelity Ina[i[utional Cash 5.4'/0 2,418,'/'/0.00
11028 Fideli[y Ineti[utional Cash 5.4]0
11029 Fidelity InstitutiOnal Cash 5.990 1.00
11030 R Fidelity Inetitutional Caeh 5.990 2,744.00
11031 Fidelity Ins[itutional Cash 5.360
11032 Fidelity Institutional Caeh 5.150
1103� Fidelity Institutional Cash 5.410
1103B Fidelity InsCituCional Caeh 5.4]0 1.00
11039 R Fidelity InsCiCutional Cash 5.4']0 159.00
. 11090 FideliCy InStitutiOndl Cash 5.4]0 . 2.00
11091 I Fidelity IDetitu[iOndl Ca9h 5.4]0 916.00 519.00
11042 Fidelity In9titutional Cash 5.260
1104a Fidelity Snetitutional Caeh 5.490 142.00
11046 Fidelity Ins[i[u[ional Cash 5.4'/0 20.00
11047 Fidelity Inetitutional Cash 5.4'/0 4,362.00
11048 Fidelity Inetitutional Caeh 5.220
11049 Fidelity Ine[i[utional Caeh 5.920 90.00
11050 Fidelity Inetitu[ional Cash 5.9']0 3,445.00
11051 Fidelity Ins[i[utional Cash 5.220
13052 Fidelity Ineti[utional Caeh 5.4')0 1,553,055.00
7
. _. . . . . . ...__ . ..—. ..__. ._ . _ .. ._ ._ .... . . .._ .. .
O1/14/1998 PD RedevelOpmen[ Agency PM - e
PORTFOLIO MASTER INVESTMENT ACTIVITY HY TYPE RDA
DECEMHER 1, 1999 - DECEPIDER 31, 1990 ACCAUAL
STATED TRANSACTION PURCHASES SALES/MATURITIES
TYPE INVESTMENT # ISSUER RATE DATE OR DEPOSITS OR WITS�R4WALS BALANCE
_"_"______________________"_"'"_______'__"_____________________"_________________"____"_"__________'_____"_____________________"__
11053 Fideli[y Ineti[u[ional Caeh 5.4'IO 328,301.00
� 11054 Fidelity Inetitutional Cash 5.490 '].00
11055 Fidelity Inetitutional Cash 5.4'/0 1.00 �
11056 Fidelity Institutional Cash 5.4'/0 1,028.00 1,028.00
. 1105'/ Fidelity Inetitutional Caeh 5.4'/0 150.00
SUHTOTALS and ENDING BAI.ANCE 10,693,]13.00 11'/,193.00 9'],']01,663.00
______"__'__"_"________________________'__"_____________________________
TOTALS 10,694,5"/4.1'/ 9,083,399.26 152,38"],460.92
�
O1/14/1998 PM - 9
PD Redevelopment A9ency RDA
INVESTMENT ACTIVITY SUtR�ARY ACCRUAL
DECEMBER 1996 thmugh DECEMIDER 1999
YIELD TO MATf1RITY MANAGED NUt+�ER OF NUI�IDER OF AVERAGE
MONTH NUhIDER OF TOTAL 360 365 POOL SECURITIES SECURITIES AVERAGE DAYS TO
END YEAR SECURITIES INVESTED EQUIV EQUIV RATE PURCHASED MATURED/SOLD TERM MATTIRITY
'___"'_"__"'__'_________"'_'"'"_"_""'_____'__"___"_____"'__"'_""'_'_"___'"_""_"_"______'______"'_"___""_
DeCember 96 99 ]9,366,996.51 5.511 5.589 5.169 0 . 6 314 � 165
Sanuary 90 95 85,001,933.9'1 5.569 5.696 5.241 2 6 320 ll3
February 9'] 93 80,869,552.0'/ 5.546 5.623 5.10'/ 0 3 332 16B
March 9'l 91 'l0,533,05'/.43 5.516 5.592 5.218 7 3 341 194
April 97 97 80,5�5,386.74 5.582 5.660 5.220 2 2 36B 213
May 97 95 78,585,626.60 5.616 5.694 5.309 0 4 361 190
JUne 9'l 87 85,625,456.78 5.494 5.5�0 5.360 3 13 199 101
July 97 95 154,112,637.63 5.259 5.332 5.630 24 4 B80 820 �
Augu9t 97 95 153,763,679.fi3 5.274 5.398 5.679 0 0 BB2 800
September 9"! 91 149,291,4'10.28 5.299 5.3'/] 5.'!0'/ 1 5 900 809
October 9"/ 95 152,9']5,1']0.39 5.288 5.362 5.680 4 4 8']8 ']'!1 ,
Novembet 99 90 150,"1]3,090.'19 5.291 5.364 5.680 0 5 896 ']60
December 9'/ 86 152,387,460.92 5.306 5.3'/9 5.680 0 4 844 "!32
'__"__'_______"'_"________'_'_'__"'___'_'__"'___""__"'__'""_'_'_'"_"_____'__'__'__'________'_'
AVERAGES 93 $ 113,42'J,826.52 5.42'!k 5.502E 5.93'/k 3 5 5'1'/ 454
9
. _ _ _--- _ . _ _ _ _
O1/14/1990 ' � PM - 10
PD RedevelOpmenC AgenCy ROA
DI5IRIHUTION OF INVESTMENTS BY TYPE ACCRUAL
DECEMBER 1996 Chrough DECEt+�ER 199'/
MONTH ________________________________________________ TYPES OF INVESTMENTS ________________________________"__"________"__"
END YEAR BCD SCD FID1 LAS YA1 PA2 YA3 MTN BAC COM FAC FAD TRC TRD MC1 MC2 LAI
December 96 0.4 9.5 2.9 5.6 13.4 44.4 2a.5
January ' 9'/ 0.1 22.'] ' � 0.5 'l.2 6.'/ 39.9 22.9
Febzuary 9'/ 0.1 22.8 'l.'1 1.0 42.3 26.2
MaYCh 9] 0.1 14.9 8.8 0.6 40.8 39.9 �
April 9'/ 0.1 13.0 23.2 3.'] 35.'1 24.3
May 9'] 0.1 1'].2 23.8 3.8 29.2 25.9
June 9'/ 0.5 0.1 15.0 15.3 22.5 96.6
July 9] 0.3 8.4 9.2 11.9 6.2 43.1 22.9
Auguat 9] 0.3 8.4 '].2 11.9 6.2 43.2 22.'/
Sep[ember 97 B.'/ 7.4 3.3 8.2 6.2 44.5 21.'/
OCtober 9'/ 8.6 7.9 3.2 '/.4 6.1 43.4 23.4
NovembeL 99 8.9 6.7 3.2 6.9 6.0 44.1 24.6
December 9'l 8.6 9.3 3.2 3.3 ' S.'/ 43.6 31.3
_____"'_______'___'___'____'"""___'"_"___'________'_______________"____'""_'_""'"__'______________"'_'_"_"______"_'
AVERAGES 0.1& 0.18 12.Bi 0.28 10.2F 3.29 23.4& 2.BR 20.1t 2'1.1�
"���s�e��es��`��"��'�"'�'���������s»=='�'�am�a»�m�������.��e�'�'�"����������e����"�`�s��������m�����`�`��'.���'
BCD - Certificates of Oepoait - Bank SCD - Certificatea of Depoeit - S fi L �
!ID1 - Treasury Securitiea - T-Bill LA5 - Local A9ency Inveetment Funda
PA1 - Pasabook/Checking PA2 - Caeh with Truetee -Fire[ Truat
PA3 - Checking/Self Help Houeing Loana M1'N - Medium Texm Notee
BAC - Bankers Accep[ancea COM - Co�mnercial Paper - Diacount
FAC - Federal Agency Issues - Coupon FAD - Fedeial Agency I99ue9 - Diacount
TRC - Treaeury Secuzitiee - Coupon TRD - Treaeury Securitiee - Diacount
MC1 - State 4 Local Govt Seriee � MC2 - S[ate & Local Govt Ser1Ce - CoUpOn
LA1 - Fidelity Treaeury Yool
10
_ _ _ - __ __ _ .
O1/14/199B PM - 11
PD Redevelopment Agency RDA
INTEREST EARNINGS SUNPIARY ACCROAL
� DECEDIDER 31, 1997
MONTH ENDING FISCAL
DECEMBER 31, 199"1 YEAR TO DATE
CD/Coupon/Discount Inveatmente:
InteresC Collected $ 2T1,2]0.38 $ 1,861,534.39
PLUS Accrued Inteiest at End of Peiiod 1,120,6'l0.13 1,120,6'l0.13
, LESS Accrued Inteie9[ at BegiMing of Period ( 968,146.20) ( 448,108.60)
""""""""""__ __"_""""""__"
Interest EaYned duiing Petiod 5 429,794.31 2,534,095.92
At]NSTED by Premiume and Diecounts 3,866.13 1'/,956.32
ADNSTED by Capital Gains or Losees 0.00 0.00
__"_______________ ___________'___"__
Earnings during Period 433,660.99 $ 2,552,052.24
Mortgage Hacked Securi[iea:
Intereet Collected $ 0.00 $ a.00
PLUS Accrued Intereet at End of Period 0.00 0.00
LESS Aecrued Interest at Beginning of peziod ( 0.00) ( 0,00)
_______________"__ ___'______________
Snterest Earned duri�g Period $ 0.00 0.00
. ...:...aa�� ��eeas���ee......�
ADJUSTED by Premiums and Discounts 0.00 0.00
ADNSTED by Capital Gain9 or Lo9se9 0.00 0.00
Earnings during Period 0.0o $ 0.00
'z"""""'...�a saee���"�"""..
Cash/Checking Accounts:
Interest Collected $ 161,519.35 5 1,2'l0,28'/.95
PLUS Accrued Interes[ a[ End of Period 62,5'19.6� 62,5'19.6'l
LESS ACCiued InteYest at Heginning of Period ( -36,'/65.65) ( -41,405.12)
""""_"_____'_ """"""__'_'_"
Interee[ Earned during Period $ 260,864.6"/ S 1,3'/4,2]2.'!4
TOTAL Sntezes[ Earned during Period $ 690,658.98 $ - 3,908,368.66
TO'1'N. Ajustmenta Erom Premiuma and Discounts $ 3,866.13 $ 17,956.32
TOTAL Capital Gains or Iqsaes 5 0.00 $ U.00
TOTAL 6arninge during Period S 69t,525.11 $ 3,926,324.98
.�se»�ve�seeas�_� »��������������__
11
O1/14/1998 RDA $100 Million Bond pM - 2
ILIVESTMENT N7RTFOLIO DETAILS - INVESTMENTS �p
� DECEPIDER 31, 199'/ ACCROAL
INVESTM£NT PURCHASE STATED --- YTM --- MATURITY DAYS
NUhIDER ISSUER DATE HOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
'___________________________'"________"________""___"_____""_______"'_______'___________________"_"__'__________"________________
FEDERAL AGENCY ISSUES - COUPON �
15010 R Federal Home Loan Mortgage 10/22/96 1,000,000.00 1,000,000.00 998,125.00 5.800 6.123 6.208 03/19/99 442
PIDELII'Y TREASURY POOL .
11010 I Fidelity InsCitutional Cash 9,180,3'13.00 9,180,313.00 9,180,313.00 5.4")0 5.395 5.4'/0 1
11011 R Fidelity Institutional Caeh � 1,638,623.00 1,638,623.00 1,638,623.00 5.4]0 5.395 5.4'/0 1
11012 E Fidelity InsCitutional Caeh 0.00 0.00 0.00 5.210 5.139� 5.210 1
11018 Fidelity Insti[u[ional Ca9h 0.00 0.00 0.00 5.4]0 5.395 5.490 1
1103'l Fidelity Inetitutional Caeh 0.00 0.00 0.00 5.410 5.336 5.410 1
"_____________ __________"_' __'_"'_'_____' ""___ _""__ "____
SUBTOTALS and AVERAGES 10,818,936.00 10,818,936.00 '
30,818,936.00 5.395 5.47tl i
TOTAL INVESTMENTS and AVG. $ 11,818,936.00 11,81'/,061.00
11,B1B,936.00 5.4576 5.532t 38
12
O1/14/1998 RDA $100 Million Bond PM - 3
INVESTMENT PORTFOLIO ➢ETAILS - CASH RDA
DECEMBER 31, 199� ACCROAL
INVESTMENT pURCHASE STATED --- YTM --- MAT�IRj'('y pAYS
NUPIDER ISSUER DATE BOOA VALVE FACE VALUE MARt(&T VALUE RATE 360 365 DATE TO MAT
___________________"__"_'_"'_______'_"_________________________________""_______'_________"______________"_________"___"_'_"""___
CASR WITH 1RUSTE£ -FIRST TRUST
26000 Cash wi[h Trustee 1.01 0.000 0.000 0.000
"'""__"'""_'_"'__"___'_"_""_"______'_"__'__'__________'"'___'"__'_________'__'
TOTAL CASH and INVESTMENTS $ 11,818,93'/.01
13
O1/14/1998 RDA 51�.5 Million Hond PM - 2
INVESTMENT PORTFOLIO ➢ETAILS - INVESTMENTS RDA
DECEMBER 31, 199'/ ACCRVAL
INVESTMENT PURCHASE � STATED --- YTM --- MATURITY DAYS
NUMBER ISSUER �ATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
___________"_____'_"'____'_'"____'____________________________"_'_______________'_"""________________"_"____'"____"________'_"___
FIDELITY TREASURY POOL
11008 R Fideli[y Inetitutional Caeh 1,639,029.00 1,639,02'].00 1,639,029.00 5.990 5.395 5.4'10 1
11009 I Fidelity Institutional Caeh 1,'/85,030.00 1,785,030.00 1,785,030.00 5.4]0 5.395 5.4'/0 1
11021 Fidelity Inetitutional Caeh . . 0.00 0.00 0.00 5.360 5.28'/ 5.360 1
. 11022 Fidelity Inetitu[ional Caeh 449.00 449.00 449.00 5.9�0 5.395 5.4"!0 1
11023 � Fidelity Inatitutional Cash 1.00 1.00 1.00 5.440 5.365 5.440 1
SUBTOTALS and AVERAGES . 3,424,50�.00 3,424,50'/.00
3,424,50'/.00 5.395 5.4]0 1
TOTAL INVESTMENT$ and AVG. $ 3,424,507.00 3,424,507.00
3,424,50�.00 5.395& 5.970& 1
14
_ _ - - _ _.
O1/14/1998 ADA $1�.5 Million Hond PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH ADA
DECEMBER 31, 1999 ACCRUAL
INVESTMENT PVRCHASE STATED -- YTM -- MAT�IRITY DAYS
NUDIDER SSSUER DATE BOOK VALUE FACE VALUE MARI(ET VALUE RAT£ 360 365 DATE TO MAT
CASH WITH TRUSTEE -FIRST 1RUST
26005 Cash with Truetee 1.85 0.000 0.000 0.000
TOTAL CASH and INVESTMENTS $ 3,429,SOB.BS
15
O1/14/1998 � RDA $24 Million Bond PM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
DECEPIDER 31, 1997 ACCAUAL
INVESTMENT PqRC�+S£ STATED --- Y'1M --- MATURITY DAYS
NUPIDEA 3SSUER DATE BOOK VALUE FACE VALSIE MARKET VALUE RATE 360 365 DATE TO MAT
_________""____"'___"________________________""_____"_____"____________"______________________________"___________________________
FEDERAL AGENCY ISSUES - COUPON
15019 Federal National Mortgage A O1/16/9� 3,999,951.6'] 4,000,000.00 9,000,000.00 5.600 5.630 5.'!OB O1/16/98 15
FEDERAL AGENCY ISSUES - DISCOUNT ' � '
16013 E Federal National Mortgage A 09/30/9'/ 4,864,'/52.'!8 5,000,000.00 4,931,500.25 5.3B0 5.530 5.606 03/30/9B BB
FIDELITY TREASURY POOL
11002 I Fidelity Inatitutional Caeh 9,019,511.00 9,019,511.00 9,019,511.00 5.4'/0 5.395 5.4']0 1
� 31003 R Fidelity Inetitutional Caeh '/5'/,6'l5.00 757,675.00 '/S'/,6]5.00 5.490 5.395 S.a90 1
11004 E Fideli[y Ynetitutional Cash �,]'/9,055.00 '/,�'/9,055.00 '/,]]9,055.00 5.4'!0 5.395 5.4]0 1
11019 Fidelity Inetitutional Cash 17.00 1'/.00 1�.00 5.360 5.28'/ 5.360 1
11020 Fidelity Inetitutional Cash 0.00 0.00 0.00 5.160 5.089 5.160 1
11029� Fidelity Institutional Cash 304.00 304.00 304.00 5.4')0 5.395 5.4]0 1
_ ______ __"___
SUBTOTALS and AVERAGES 1'/,556,562.00 I'/,556,562.00
17,556,562.00 5.395 5.470 1
'___'____""__"'______"'___"___'____'________'_""'_____'__'___________'__'
Y'OTAL INVESTMENTS and AVG. $ 26,421,266.45 26,488,062.25
26,556,562.00 5.455t 5.531t 19
16
O1/19/1998 RpA $24 MilliOn BOnd PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH RDA
DECEPIDER 31, 199� ACCRUAL
INVESTMENT PURC�+SE STATED --- YTM --- MATURII7 DAYS
NUPIBER ISSUER DATE BOOK VALUE FACE VALUE MARI(ET VALOE RATE 360 365 DATE TO MAT
______________________"_____"______________________"___"______""____"___________"___________________________________'____________"
CASH WITN 1RUSTEE -FIRST 1RUST
26002 Cash with Truatee 3.30 0.000 0.000 0.000
TOTAL CASH and INV�STMENTS $ 26,421,269."/5
17
. _ __
O1/14/1998 RDA 59 Million Hond pM - 2
INVESTMENT pORTFOLIO DETAILS - INVE51'MENTS RDA
� DECEM1IDER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED --- YTM --- MATORITY OAYS
NUPIDER ISSUEA DATE BOOK VALVE FACE VALUE MARI(ET VALUE RATE 360 365 �ATE TO MAT
___________"__""_"__"_"_____"__________"_"___________"_________________'_________'____________'________"_"_______________________"
TREASURY SECURITIES - COUPON
1'l013 R Unites States Tteasury 0]/O1/95 106,686.20 104,000.00 SO'1,835.00 '1.'I50 6.098 6.182 11/30/99 698
FIDELITY TREASURY POOL .
11005 S Fidelity Inatitutional Caeh 1,580,521.00 1,580,521.00 1,580,521.00 5.490 5.395 5.4]0 1
13006 R Fidelity Inetitutional Cash 25,288.00 25,288.00 25,288.00 5.9'/0 5.395 5.4']0 1
ll025 Fidelity Ineti[utional Cash 0.00 0.00 0.00 5.360 5.28'A 5.360 1
13026 Fidelity Institutional Ca9h 0.00 0.00 0.00 5.440 5.365 5.440 1
1102'! E Fidelity Inetitu[ional Caeh 2,']26,0']5.00 2,'/26,0'/5.00 2,726,075.00 5.4'!0 5.395 S.a90 1
11028 Fidelity Ina[itutional Caeh 68.00 68.00 68.00 5.470 5.395 5.470 1
"______"___' _'_'_____'_'__ '__________"_ _'___- ______ ___"'
SUBTOTALS and AVERAGES 9,331,952.00 4,331,952.00
4,331,952.00 5.395 5.4"!0 1
TOTAL INVESTMENTS and AVG. $ 4,439,636.20 4,439,787.00
4,435,952.00 5.4124 5.48'J& 18
18
O1/14/1998 RDA $9 Million Bond PM - 3
INVESTMENT PORTFOLIO DETAILS - GSH RDA
DECEFIDER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STAT$� "-' y'�.7 --- �+p'�'{7�ITY DAYS
MIDIDEA ISSUER DATE BOOK VALUE FACE VALUE MARICET VALUE RATE 360 365 DATE TO MAT
______'"_"_____"__________"__________"____________________'__________________'________"______________"_"'"__'____________________"
GSH WITH TRUSTEE -FIRST TRUST
26003 Cash with Truatee 2.00 0.000 0.000 0.000
______"""_____"__'"_______________"____"_"_________________________________________
TOTAL CASH and INVESTMENTS $ 9,938,640.20
19
_ __
O1/14/1998 Low MOd Se[-a9ide Refunding PM - 2
INVESTME�17' PORTFOLIO DETAILS - INVESTMENTS RDA
DECEMBER 31, 199"/ ACCRUAL
INVESTMENT Pt1RCNA5E STATED --- YTM --- MATfJA1'A'Y pAyS
NUf�ER ISSUER DATE BOOK VALUE FACE VALUE MARICET VALUE RATE 360 365 DATE TO MAT
FIDELITY SREASURY POOL
11030 R Fidelity Institutional Cash 661,898.00 661,8�8.00 661,8'/8.00 5.4'/0 5.395 5.4]0 1
11031 Fidelity Inatitutional Caeh 8.00 8.00 8.00 5.360 5.28'1 5.360 1
11032 eidelity Inetitutional Cash . . � 0.00 O.Oo 0.00 5.150 5.0]9 5.150 1
. 11040 Fidelity Inatitutional Cash 526.00 526.00 526.00 5.9'/0 5.395 5.4']0 1
'"_'"'____'_"" _'_'"________' _'__""_"_" ' _____' '_'"" "_____
SUBTOTALS and AVERAGES 662,412.00 662,412_00
662,412.00 5.395 5.9']0 1
"'_"""_'_'_'_'________'"______'""__""_'__'____'___"______"__'___'_____"__"___
TOTAL INVESTMENTS and AVG. $ 662,912.00 662,412.00
662,412.00 5.395} 5.4704 1
..................:..................a.���.::.:.a���.s__a���:sa��.�.a.....:asaeves�a
2�
O1/19/1998 Low Mod SeLaside Refunding PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH RDA
DECEPIDER 31, 199'/ ACCRUAL
INVESTMENT PUACHASE STATED -- YTM --- MATUAITY DAYS
NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE FiATE 360 365 DATE TO MAT
'_"_"'_'___"'_____________'__"____"__'__"_'_'______'________"________'""'___'__""'_____"'_'_'____'_'_'_____'_"__'__'___"'
CASH WITH TRUSTEE -FIRST TRUST
26004 Cash with Truetee 1.83 0.000 0.000 0.000
"'_"'_'___"____'____"'__'________'_'""_'"_"'__'____"'________'___'_'_'______"
TOTAL CASH and INVESTMENTS $ 662,413.83
2'1
01/14/1998 ' Yroj Area 1-1999 refunding eM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
OECEPIDER 31, 1999 ACCRUAL
INVESTMENT pURCHASE STATED --- YTM --- MAT[IRITY DAYS
N[1MBER ISSUER DATE BOOK VALIIE FACE VALVE MARXET VALUE RATE 360 365 DATE TO MAT
STATE S IACAL CAV1' SERIES
19004 State & LOCal GovC Sei Secu 0'//24/9] 248,195.00 290,195.00 298,195.00 0.000 0.000 0.000 O1/29/9B 28
19005 State & Local Govt Ser Secu 0"//24/9] 372,455.00 3'/2,955.00 3'/2,955.00 0.000 0.000 0.000 03/OS/9B 63
19006 State & Local Govt Ser Secu 0]/24/99 1,542,8'11.00 1,592,891.00 1,542,B91.00 0.000 0.000 0.000 04/01/9'B 90
1900'] � State 6 Local Govt Ser Secu Q'//24/9] 361,813.00 363,813.00 361,813.00 0.000 0.000 0.000 04/OB/98 9'1
19008 State S Local Govt Ser Secu 07/24/9� 239,']15.00 239,'/15.00 239,]15.00 0.000 0.000 0.000 10/O1/98 2]3
19009 SGate 6 Local Govt Ser Secu 0'I/24/9'/ 12,65'/.00 12,657.00 12,65'/.00 0.000 0.000 0.000 03/25/99 948
19010 StaCe & Local Gove Ser Secn 07/24/97 1,581,417.00 1,SB1,417.0� 1,581,417.00 0.000 0.000 0.000 On/O1/99 s55
190ll S[a[e a Local Gov[ Ser Secu 0'//24/9'/ 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/16/99 623 �
19012 State 6 LOCal Govt Ser SeCu 07/29/97 177,191.00 177,191.00 177,191.00 0.000 0.000 0.000 10/O1/99 638
19013 Sta[e 6 Local Gw[ Ser Secu 0"I/29/99 12,65].00 12,65'1.00 12,65"].00 0.000 0.000 0.000 03/09/00 ]98
19014 5[ate 6 Local Gov[ Ser Secu 07/29/97 1,622,191.00 1,622,191.00 1,622,191.00 0.000 0.000 0.000 04/OS/00 821
19015 State 6 Local Govt Sez Secu 0'//29/9'/ 361,813.00 361,813.00 361,813.00 0.000 0.000 0.000 04/12/00 832
19016 State 8 Local Gov[ Ser Sew 07/24/97 158,275.00 158,275.00 158,275.00 0.000 0.000 0.000 10/OS/00 1,008
1901� State fi Local Govt Ser Secu 0'//29/9'I 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/29/O1 1,183
19018 State & Local Gov[ Sez Secu 09/24/9'/ 1�664�999.00 1,664,990.00 1,669�999.00 0.000 0.000 0.000 04(O1/O1 1,186
19019 State & Local Govt Sez Secu 07/24/9'/ 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,358
19020 � State 6 Local Govt Ser Secu 0'//24/9'/ 88,82].00 BB,B2'].0� 88,82"l.00 0.000 0.000 0.000 10/O1/O1 1,369 �
19021 SCate & Local Govt Ser Secu 09/29/9'/ 12,fi56.00 12,656.00 12,656.00 0.000 0.000 0.000 03/14/02 1,533
19025 SCate & Local Govt Ser Secu 10/2]/9'/ 745,593.00 145,593.00 195,593.00 0.000 0.000 0.000 OS/29/98 28
__"'_"___'_'_ ____'_____""_ ___""_'_'_"_ ____'_ __""'_ "'___
SUBTOTALS a�d AVERAGES 8,641,221.00 8,641,221.00
8,641,221.00 0.000 0.000 58'/
$TATE 6 LOCAL GOVT SERIES - COUPON
19500 State & Local Govt Ser Secu 0'l/24/9'l 5,686,82'/.00 S,6B6,82'/.00 5,686,82'I.00 3.165 3.122 3.165 04/01/02 1,551
19501 State 6 Local Govt Sez Secu 09/24/99 60,942,835.00 60,042,835.00 60,992,835.00 6.090 6.00'1 6.090 04/IB/02 1,568
' '___ ______ __"__"
SUBTOTALS and AVERAGES 66,429,662.00 66,929,662.00
66,429,662.00 5.�60 5.840 1,56'/
FIDELITY TREASURY POOL
11056 Fidelity Inetitutional Caeh 239,769.00 239,'769.00 239,769.00 5.470 5.395 5.470 1
11059 Fidelity Ipstitutio�al Cash 35,315.00 35,315.00 35,315.00 5.4'!0 5.395 5.490 � 1
SUBTOTALS and AVERAGES 2']S,OB9.00 2'/5,084.00
2'/5�089.00 5.395 5.4'!0 1
TOTAL INVESTMENTS and AVG. 5 95,345,96].00 95,345,96].00
"l5,345,96'/.00 5.098t 5.169t 1,448
a»e��.�..........�'��'���»�����asa��e��a��s�����'���..�".'��'�'���'��������������
22
O1/14/1998 Proj Area 1-1999 refunding pM - 3
INVESTMENT PORTFOLIO DETAILS - GSH R➢A
DECEMBER 31, 1999 ACCRUAL
INVESTMENT pVRCHASE STATED --- YTM --- MATURITY DAYS
NUDIDER ISSVER DATE BOOK VALUE FACE VALUE MpRi(ET' ypI,l1E RATE 360 365 DATE TO MAT
______________"______________'__"________""_____________________"_'_________"_____________""__________________________'__"""_"____
CASH WITH TRUSTEE -FIRST TRUST
26011 Cash wi[h Trus[ee 3.'i9 0.000 0.000 0.000
___________'_"__"_'_____"'___"'_________"__'"___"_'_"_'_"_______________"'"_
TOTAL CASH and INVESTMENTS $ 95,345,990.]4
23
O1/14/1998 1996 ➢e9ezt Roae Seriee A PM - 2
INVESTMENT PORTFOLIO D6TAIL5 - INVESTMENTS RDA
� DECEPIDER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED --- YTM --- MATfJRITY DAYS
NOMBER ISSUER DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
__"_______________""__"____"""______"_"_______________________"________________'_'"'____'__________"__________"__________'______"_
FIDELITY TREASUAY POOL
11046 Fidelity Inatitutional Cash 3,906.00 3,906.00 3,906.00 5.4'10 5.395 5.4]0 1
. 11049 Fideli[y InetituCional Cash 1,121,692.00 1,121,6'/2.00 1,121,6'/2.00 5.4'/0 5.395 5.4]0 1
11048 Fidelity Institu[ional Cash 0.00 0.00 , 0.00 5.220 5 14B 5.220 1
11053 Fidelity Inatitutional Cash 3,000,910.00 3,000,910.00 3,000,930.00 5.4'l0 5.395 5.4]0 1
11059 Fidelity Inetitu[ional Cash 1,556.00 1,556.00 1,556.00 5.4'l0 5.395 5.4]0 1
""_'_"__"'___ "____'_'__'__ ""_____'__"__ ____'_ "__'_ '_____
SUHTOTALS and AVERAGES 4,128,049.00 4,128,044.00
9,128,049.00 5.395 5.4']0 1
_______________________________________"_________________"_____________________
TOTAL INVESTMENTS and AVG. $ 4,128,099.00 4,128,049.00
6,128,044.00 5.3958 5.4'106 1
24
O1/14/1998 1996 Deaert Rose Seriee w Pm - 3
INVESTMENT PORTFOLIO DETAILS - GSH RDA
DECEI+�ER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED -- YTM -- MATURITY DAYS
NUMB£R ISSUER DATE BOOK VALUE FACE VALUE MARI�T VALUE RATE 360 365 DATE TO MAT
___________"______"_'________________________________"__"_"_____________________'___________________________"""__________________'
CASH WITH TRUSTEE -FIRST TRUST
26008 Cash with Trustee 6.Oa 0.000 0.000 0.000
_"""__"__________"___'""'"__"_________'_"'__'_______'________"""_'__________'
TOTAL CASH and INVESTMEN'fS $ 4,128,050.04
25
_ __ __. __
01/14/1998 1996 Desezt Roee Seriee B pM - 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA
DECEMBER 31, 1999 ACCRUAL
INVESTMENT PUACHASE � STATED --- YTM --- MATIIRII'1 DAYS
NUMBER ISSUER DATE HOOR VALUE FACE VALUE MARKET VALllE RATE 360 365 DATE TO MAT
________________________"_"______________________"_________"__"_________"________________"______________________"___"_____________
FIDELITY TREASURY POOL
11099 Fidelity Institutional Cash 9,615.00 9,615.00 9,615.00 5.420 5.396 5.420 1
11050 Fidelity Inetitutional Caeh 830,919.00 830,914.00 830,919.00 5.4'/0 5.395 5.4'/0 1
11051 Fidelity Inatitutional Caeh . . 0.00 0.00 0.00 5.220 5.148 5.220 1
11052 Fidelity Inetitutional Cash 5,490,93'/.00 5,990,93'1.00 5,490,93'/.00 5.4')0 5.395 5.4'/0 1
_"""""""_'__ _"""___'_____ __'_'_'_______ ' __'__' _____' _____'
SUBTOTALS and AVERAGES 6,331,466.00 6,331,466.00
6,331,466.00 5.395 5.4')0 1
_'_"_"_"'"________________'_""'_"____________'__'_'_______'_"_______'_'__"
TOTAL INVESTMENTS and AVG. $ 6,331,966.00 6,331,466.00
6,331,466.00 5.395& 5.47U# 1
26
O1/14/1998 1996 Deeei[ Rose SEriee B PM - 3
INVESTMENT PORTFOLIO DETAILS - CASH RDA
DECEFIDER 31, 1999 ACCRllAL
INVESTMENT PUACHASE STATE➢ --- YTM -- MATURITY DAYS
N[IMBER ISSUER DATE 90pR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
___________________________"'_______'___"_"'___________________"_________'_____'_____"_________"_"______"_____'_____'____"_"_""___
CASN WITH TRUSTEE -FIRST TRUST
26009 Cash with Truatee 2.55 0.000 0.000 0.000
___"""____'____""_'_'__'__'"___"_'__"'_"'_"___""___"""____"'"_'""_"_____'
TOTAL CASH and INVESTMENTS . $ 6,331,968.55
27
O1/14/1998 ' Bly[he County Caur[ Admin Ctr PM - 2
TNVESTM6NT ppRTFOLIO bET'AILS - INVESTMENTS RDA
DECEMBER 31, 1999 ACCRUAL
SNVESTMENT PllRCHASE STATED --- Y1T1 --- MATIIRITY DAYS
NUbIDER ISSUER DATE HOOK VALUE FACE VALUE MARICET VAL[J& RATE 360 365 DATE TO MAT
___________________________"""__"______'_'__'_"__"'_"____"'___"__"______'________""_"'___________________'"_""""__________
FEDERAL AGENCY ISSUES - COUPON
15008 R Federal Farm Credit 09/13/96 499,529.82 500,000.00 500,939.50 6.125 6.312 6.400 09/09/9B 189
FIDELITY TREASURY POOL � . �
11038 ' Fidelity Institutional CaBh ' 108.00 . lOB.00 108.00 5.4'/0 5.395 5.4"!0 1
11039 R Fidelity InstiCutional Cash 40,165.00 40,165.00 40,165.00 5.470 5.395 5.470 1
11041 I Fideli[y InetiCutional Cash 99,96�.00 99,967.00 99,962.00 5.4'!0 5.395 5.4'/0 1
11042 Fidelity Inetitutional Caeh . 12.00 12.00 12.00 5.260 S.1B8 5.260 � 1
11044 Fidelity Ins[itutional Cash 32,316.00 32,316.00 32,316.00 5.4�0 5.395 5.490 1
11055 Fidelity Inetitutional Caeh 130.00 139.00 � 13v.00 5.4'IO 5.395 5.9v0 1
'_'_""'____'" '__'"__"__'__' _______"'"'__ ______ _"'_' __'__'
SUBTOTALS and AVERAGES 172,700.00 172,90�.00
172,700.00 5.395 5.4'!0 1
TOTAL INVESTMENTS and AVG. S 672,229.82 673,637.50
6'/2,]00.00 6.0'/6& 6.161# 141
20
O1/19/1998 Bly[he County Coui[ Admin Ctr pM - 3
INVESTMENT PORTFOLIO DETAILS - CASH RDA
DECEI�ER 31, 1999 ACCRUAL
INVESTMENT PUACHASE STATED --- YTM --- MpTURITY DAYS
NUN�ER ISSUEA DATE BOOK VALUE FACE VALVE MARI(ET VALUE RATE 360 365 DATE TO MAT
_____"__""______"""_____"_"________________________________________'__________"_"__________________'_____________________"________
CASH WITH TRUSTEE -FIRST TRUST
2600'I Cash with Truetee 1.69 0.000 0.000 0.000
TOTAL CASH and INV,ESTMENTS . $ 672,231.46
29
OS/14/1998 Redevelopment Age�cy - General pM - 2
INVESTMENT PORTFOLIO DETAILS - INV65TMENTS RDA
� DECEFIDER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED -- YTM --- MATVRITY DAYS
NUMBER ISSIIER DATE BOOK VALVE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
_"_______________________"______"______"__"___'_________________________________"___"____"_________________"________________"_____
LJCAL AGENCY INVESTMENT FIJNDS �
21000 Local Agency Inveatment Fun 13,169,448.8'/ 13,169,448.8'1 13,169,490.8'1 5.680 5.602 5.6B0 1
FEDERAL AGENCY ISSUES - COUPON �
15020 Fedezal National MOrtgage A 30/03/9] 1,000,000.00 1,000,000.00 999,3'/5.00 5.630 5.621 5.699 OB/14/98 225
TREASURY SECORITIES - COUPON '
1']069 Unitee Statea Treasury OS/29/96 2,000,61'/.14 2,000,000.00 2,003,125.00 6.125 5.905 5.98� 03/31/98 B9
1]0'I'I Uni[es Statea Treasury OS/30/96 999,240.49 1,000,000.00 999,3'I5.00 5.000 5.900 5.982 O1/31/98 30
17083 Unitea Statee Treaeury 03/21/97 1,979,687.95 2,000,000.00 1,985,625.00 5.000 5.124 6.209 02/15/99 410
SUBTOTALS artd AVERAGES 9,974,545.58 9,988,125.00
5,000,000.00 5.991 6.004 205
TOTAL INVESTMENTS and AVG. $ 19,193,994.95 19,156,998.87
19,169,448.8] 5.']04& 5.'/B3i 66
30
O1/14/1998 Redevelopment Agency - General PM - 3
INVESTMETTT PORTFOLIO DETAILS - CASH RDA
DECEMBER 31, 1999 ACCRUAL
INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS
NUPIDER ISSUER DATE HO01C VALVE FACE VALUE MAft](ET VALUE RATE 360 365 DATE TO MAT
"'"_'_"_"______""________________________"________________"_________""___'__'"______"_______________________"___________"______""_
CASH WITH 1RUSTEE -FIRST TRUST
26006 Caeh wi[h Tnustee 0.01 0.000 0.000 0.000
Accrued Interest at PurChaee 0,663.06
___"_______"__________"_____""_________""______"____'_____________"___________'_
TOTAL CASH $ 'I,663.0�
TOTAL CASH and INVESTMENTS S 19,151,657.52
31
O1/14/1998 Self Help Checking PM - 3
INVESTMENT PORTFOLIO DETAILS - GSH RDA
DECEMBER 31, 1999 ACCRUAL
INVESTMENT PURCHASE � STATED --- YTM -- MATURITY DAYS
NOMBER ISSUEA DATE BOOK VALOE FACE VALUE MARI(ET VALOE RATE 360 365 DATE TO MAT
___________________________________"________________"__________________'__""'"___""__"_____"_______________________""_____________
PASSHOOK/CHECKING
25002 B oL A - Self Help Checking 46,994.99 0.000 O.00o o.aao
_'______________'_____'___'_________""__'________'__"_"'____"_____'__"____""_'_'
TOTAL CASH and INVESTMENTS $ 46,994.'/9
32
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SACNAMENTO � . _ ,. . , � i� �. ��T � -w.
'98 Jf?�1 2 R�l' 8 5�
, LO�AL AGENCY INVESTMENT FUND
P.O. BOX 942809 .
Date: 11/30/97 SACRAMENTO, CA 94209-0001
Paqe: O1 NOVSMS�R, 1997 BTATEMENT
AC£OUNT NUMBER: 98-33-621
CITY OF RALM DES�RT
ATTN: CITY TREA8p1tER
73510 FRED WARII� D�tIVE _
BALM DESERT CA 922b0
EFF�CTI'�$ T�&N�AGT'T��"` TEfA1�T' G�NF AUTfi TRAAtSA�If?N
DATB DATB TYF#� NO CALLER AMOUNT BALANCE
.. _ ----- ------------- _�__-----------
BSGINNING SALANGE - R�G A $13, 646,323 . 52
ENDING BALANCF � ItEG $13, 646, 323.52
GRAND TOTAL $13,646, 323 52
� . . . � . � � . � . � aaassssszexasma
SU1�II�l14RY
TRAN COUNT TOTAL pEPqSIT AMT TQ�'AL WITHDRAWAL AMT
---------- ----------------- --�--------__
REG 0 $0.00 ^$0.00
� Pl.�1LED MONEY INVESTMENT ACCuUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NOVEMBER 1997 WITH NOVEMBER 1996
(Dollars in Thousands)
'NOVEMBER 1497 NOVBMBER 1996 ' CHANGE '
Average Daily Portfolio $27,325,013 $27,088,172 +$z36,841
Accrued Eacnings $128,344 $124,662 +$3,682
Effective Yield 5.715 5.599 +.I t 6
Average Life--Month End(in days) 210 231 -21
Total Security Transactions
Amount $15,217,885 $18,487,457 -$3,269,572
Number 346 426 -80
Total Time Deposit Transactions
Amount $518,200 $149,500 +$368,700
Number 28 22 +6
Average Workday Investrnent Activity $925,652 $t,035,38'7 -�109,�35
Prescribed Demand Account Balances
ForServices $145,818 $123,758 +$22,060
For Uncollected Funds $151,586 $150,866 +$7Z0
LOCAL AGENCY INVESTMENT FUND*
SUMbIARY OF ACTIVITY
NOVEMBER 1997
BEGINNING BALAPICE DEPOSITS WITHDRAWALS MONTH END BALANCE
$10,398,375,816.65 $750,744,840.00 $1,045,080,141.94 $10,104,040,514.71
'Local Agency Investrnent Fund Invested Through Pooled Money Investrnent Account
State of California
� Pooled Money Investment Account
Market Valuation
11130197
Car in Cost Plus Estimated ` '
Description ry g
Accrued Interest Purch. Market Value Accrued Interest
United States Treasu : $ � �g3,752,659.34 $ 1.226,367,638.75 NA
Bills 73,�g4,450.00 $ 92,672,200.00 NA
Stri s $ 5,732,478,390.00 $ 79,040,775.54
Notes $ 5,742.268,164.61 $
Federal A enc : 1,080,788,743.50 $ 17,295,2az•38
Bonds $ 1,081,742,496.49 $
g 289,995,687.30 $ 289,985,750.00 $ 2,121,249.60
Floaters �46,567,377.56 $ 146,056,277.52 $ 865,407.19
MBS $ 3,113,196.32 $ 26,452.96
GNMA $ 2,699,184.04 $ Z,q27,544.01
g 212,640,704.78 $ 213,844,366.66 $
SBA 26,349,A32.34 $ 28,233,197.75 $ 422,952.76
FHLMC PC $ 644,998,895.36 $ 651,610,558.58 NA
Discount Noies $
Bankers Acce tances $ 310,273,363.89 $ 311,433,829.42 NA
Cor orate: �,050,835,376.89 $ 1,049,013,366.39 $ 17,149,475.65
Bonds $ 442,332,935.00 $ , 3,525,867.88
Floaters $ 442,022,770.67 $
CDs $ 6,244,933,208.34 $ 6,243,134,528.57 $ 20,404,299.98
Bank Notes $ 930,000,000.00 $ 929,592,563.75 $ 4,664,888.90
$ NA
Re urchase A reements $ �,007,095,000.00 $ 1,007,095,000.00 NA
Time De osits $ 2,505,812,133.00 $ 2,505,812,133.00 NA
AB 55&GF Loans $ 5 785,144,386.01 $ 5,786,078,441.58 NA
Commercial Pa er $
Reverse Re urchase $ 395,712,250.00 $ 395,712,250.00 $465,328.50
TOTAL $ 27,284,602,980.62 $ 27,343,930,866.79 $ 147,178,868.35
Estimated Market Value Inciuding Accrued interest $ 27,491,109,735.14
Repurchase Agreements,Time Deposits,AB 55 8 General Fund loans, and� �st
Reverse Repurchase agreements are carcied at portfolio book value (carry' g )•
Certificates of Deposit(CDs), Bank Notes (BNs), and Commercial Paper(CPs)less
than 90 days are carried at porttolio book value(carrying cost). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included.
$TATE OF CALIFORNIA MATT FONG. Treasurer
OFFICE OF THE TREASURER �
SACRAMENTO
�1Y.
LOCAL AGENCY INVESTMENT FUND ,
P.O. BOX 942809
Date: 11/30/97 SACRAMENTO, CA 94209-0001
Page: O1 NOVEMBER, 1997 STATEMENT
ACCOLTNT NUMSER: 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, 169 , 448 . 87
---------------
ENDING BAT.,ANCE - REG $13, 169 , 448 . 87
---------------
GRAND TOTAL $13, 169, 448 .87
---------------
---------------
SUt�II�fARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL wITHDRAWAL AMT
---------- ----------------- --------------------
REG 0 $0 .00 $0 .00
��/�� �Clu�, ,
�.� J�c�� /Uerc,f� � �c�
PC.._LED MONEY INVESTMENT ACG,. JNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NOVEMBER 1997 WITH NOVEMBER 1996
(Dollars in Thousands)
NOVEMBER 1997 `' NOVEMBER]996 ` CHANGE
Average Daily Portfolio $27,325,013 $27,088,172 +$236,841
Accrued Earnings $128,344 $124,662 +$3,682
Effective Yield 5.715 5.599 +.116
Avezage Life--Month End(ia days) 210 231 -2]
Total Securiry Transactions
Amount $15,217,885 $18,487,457 -$3,269,572
Number 346 426 -80
Total Time Deposit Transacrions
Amount $518,200 $149,500 +$368,700
Number 28 22 +6
AverageWorkdayInvesunrntActivity $925,652 $1,035,387 -$109,735
Prescribed Demand Account Balances
ForServices $145,818 $123,758 +$Z2,060
For Uncollected Funds $151,586 $150,866 +$720
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
NOVEMBER 1997
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$10,398,375,816.65 $750,744,840.00 $1,045,080,141.94 $10,104,040,514.71
'Local Agcncy Investment Fund Iavesud Tluough Pooled Money Inveshnent Account
State of California
Pooled Money Investment Account
Market Valuation
11/30/97
Description Carrying Cost Plus Estimated
Accrued Interest Purch. Market Value Accrued Interest
United States Treasu :
Bills $ 1,183,752,659.34 $ 1,226,367,638.75 NA
Stri s $ 73,184,450.00 $ 92,672,200.00 NA
Notes $ 5,742,268,164.61 $ 5,732,478,390.00 $ 79,040,775.54
Federal A en :
Bonds $ 1081,742,496.49 $ 1,080,788,743.50 $ 17,295,282.38
Floaters $ 289,995,687.30 $ 289,985,750.00 $ 2,121,249.60
MBS $ 146,567,317.56 $ 146,056,277.52 $ 865,407.19
GNMA $ 2,699,184.04 $ 3,113,196.32 $ 26,452.96
SBA $ 212,640,704.78 $ 213,844,366.66 $ 2,127,544.01
FHLMC PC $ 26,349,432.34 $ 28,233,197.75 $ 422,952.76
Discount Notes $ 644,998,895.36 $ 651,610,558.58 NA
Bankers Acce tances $ 310,273,363.89 $ 311,433,829.42 NA
Cor orate:
Bonds $ 1,050,835,376.89 $ 1,049,013,366.39 $ 17,149,475.65
Floaters $ 442,022,770.67 $ 442,332,935.00 $ 3,525,867.88
CDs $ 6,244,933,208.34 $ 6,243,134,528.57 $ 20,404,299.98
Bank Notes $ 930,000,000.0� $ 929,592,563.75 $ 4,664,888.90
Re urchase A reemente $ - $ - NA
Time De osits $ 1,007,095,000.00 $ 1,007,095,000.00 NA
AB 55&GF Loans $ 2,505,812,133.00 $ 2,505,812,133.00 NA
Commercial Pa er $ 5,785,144,386.01 $ 5,786,078,441.58 NA
Reverse Re urchase $ 395,712,250.00 $ 395,712,250.00 $465,328.50
TOTAL $ 27,2&4.602,980.62 $ 27,343,930,866.79 $ 147,178,868.35
Estimated Market Value Including Accrued Interest $ 27,491,109,735.14
Repurchase Agreements,Time Deposits,AB 55&General Fund loans,and
Reverse Repurchase agreements are carried at portfotio 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(carrying wst). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included.
::.`;L't��2t.
A��.
' �S .' � � �
...��/.:.:ii:.
�� �
POOLED MONEY IIWESTMENT BOARD Local Agency Investment ' �
PUBLISAES 41S?ANNUAL REPORT ��rY �� `�
Member ProA/e � �
�allowing policies estabiished over 40 �
years ago,the Treasvrer's Offce continues to enjoy One of the newest members to the
iavesta►ent succeases using the prudeat man nile (,pql Agenc.y Investment Advisory Board
of safest investmeat, highest return. While is Linda Bamett. She was appointed to
emphasizing safery firsc,liquidiry second snd yield the Board on September 23, 1996 by
last, the portfolio has grown to more than $27 Treasurer Matt Fong.
billion. Ahhough these yeats of gowth were �inda is the City Treasurer of
occasionaDy challenged by e�aemal crises,tbe pool Torrance. Prror to her election in 1994,
ead its participanu, both scate and local, have Linda was the Deputy Treasurer for 11
enjoyed a clean and safe investment record with yp,�f5.
acuactive returns. As we enter our 42nd year we As Treasurer, Linda manages an�80
are proud to state that the pool has never suffered million portFdio, a �20 million bond r+eserve
ury losses due co credit or defauh. fund and is the Plan Administrator for tt�e
Pool eamings for 5sca1 year 1996/97 corated City�s 457 Defemed Comp Plan which to�ls
51.582 billion Over 5593 million was credited to �61 million.
2,501 local government participants. These Linda brings more ti�an 15 years of
mrnioBs r�prese�an average ammat yield of 5.60% investment experience to the 8oard.
on depoaics of Sio.6 billion per day. In addition to being a Local Agency
As rhe Scate Treasurer's Office continues Investment Advisory Boarc1 member, Linda
to exh�'brt safe and pnde� imescment pr�xices is a member and serves as the Tr�wrer
whileenjoyingauracxivereturns,wechan�youfor for the Califomia Municipal Treasurers
your comim�ed support of the LAIF and ffie p�55oCi�tion and a member of the Muniapal
Treas�uer's Office over the last 2 t yeers. Treasurers Association, U.S. and Canada.
�s `,� . �
Send it to the �
�` ; � Local Agency
QUESTIUIYS Invcstment
Do you have a Fund,
question you x P.O. Box
wouYd Itke rp 942809, Look for the 1998 LAIF Catendar
ask the ��ie�� ��Your November statement. The
�fo� calendar indicates the dates that the
Treasurer? . 94209-OOOl. �' is open for business.
� . ��
. •
� � . .
1
' City of Palm Desert
� Palm I3esrrt Office Complex
�. Attalysis of
Budget to Actual for the Month of December 1997
� December-97 December-97 � % YTD ri'D # %
� Budget Actual Vaziance Variance Budget Actual Variance Variance
�.. Revenues �.
Rental $ 58,892 $ 65,128 $ 6,236 110.59%',:: $ 353,350 $ 381,792 $ 28,942 108.05%
� Dividends/Interest $ - $ 1,442 $ 1,442 100.00%.�''- $ � - $ 6,154 $ 6,154 100.00%
7'otal Revenuea $ 58,892 $ 66,570 $ 7,678 113.04%'- $ 353,350 S 387,946 $ 34,596 109.79°/i
� Expenses � �
. Professional-Accounting&Auditing $ 2,000 $ 1,746 $ 254 87.30%��� $ 12,000 $ 17,238 $ (5,238) 143.65%
Professional-Managemen[Fee $ 3,000 $ 5,822 $ (2,822) 194.07%�� $ I8,000 $ 23,322 $ (5,322) 129.57%
Professional-OtherConsultants $ - $ 853 $ (853) 100.00%L $ - $ 1,336 �u (1,336) 100.00%
Repairs&Maintenance Building $ 9,006 $ 13,732 $ (4,726) 152.48%''�.:� $ 54,035 $ 44,484 $ 9,551 82.32%
Repairs&Maintenance-Landscapin 5 1,Q79 $ - $ 1,079 0.00%': $ 6,474 $ - $ 6,474 0.00%
UtilitiesWater $ 78 $ 270 $ (192) 346.15%!��I $ 465 $ 777 $ (312) 167.10%
Utili6esGas/Electric $ 4,238 $ 1,144 $ 3,094 26.99%�.�'�.�' $ 25,425 $ 29,481 $ (4,056) 115.95%
UtiliHes-Trash $ 496 $ 529 $ (33) 106.65%�� $ 2,975 $ 3,138 $ (163) 105.48%
Telephone $ 229 $ 254 $ (25) 110.92°�, $ 1,375 $ 847 $ 528 61.60qo
Insurance $ 521 $ - $ 521 0.00%.�. $ 3,125 $ - $ 3,125 0.00%
Total Expensee S 20,647 S 24,350 $ (3,703) 117.93%i�' § 123,874 $ 120,623 $ 3,251 97.38% .
OperaHnglncome $ 38,245 $ 42,220 $ 3,975 130.39%`;� S 229A76 S 267,3Z3 $ 37,847 116.49%
..........................................................................................................................................w.............................................................................................................
u
Depreciafion $ 8,083 $ 9,186 $ (1,103) 113.65%'�:: $ 48,500 $ 55,116 $ (6,616) 113.64%
OperaringNetlncome $ 30,162 $ 33,034 $ 2,872 709.52°hl� $ 180,976 S 21Z207 $ 31,231 117.26%
PriorYeazAdjuetmenta' $ - $ (36,564) $ 36,564 100.00%��.�� $ - $ (23,362) $ 23,362 100.00% �.
�Z;.TNf�'Q2VTE .: �r��.� �3Q�7�'2 � � :,`b9� $•;i .-'�➢4e�fi"� ;:-. 230;?5��..$ ,I�':4'�&:':'$ 3"��9��; $ �.543���i.2A€l�^/°lo .
`Prior period adjustments represen[excess CAMs zeimbursed to the tenenb,and the property tax refunded to PDOC for properiy tax paid
March 1996. '
�
� � Palm�esert Office Complex
, Monthly income Statement
� For Fiscal Yeaz 19974998
Actual Actual Actual Actual Actual Actual
� July Avgust September October November December
� Rental $ 33,801.21 $ 67,926.66 $ 84,078.59 $ 73,284.33 $ 57,573.35 $ 65,128.24
Interest/Dividends $ 206.86 $ 97421 $ 1,001.97 $ 1,086.03 $ 1,442.46 $ 1,442.46
Other $ - $ - $ -
� Total Revenues $ 34,008.07 $ 68,900.87 $ 55,080.56 $ 74,370.36 $ 59,015.81 $ 66,57070
Professional-Accounting&Auditing $ 8,000.00 $ 2,000.00 '$ 2,000•00 $ 1,746.00 $ 1,746.00 $ 1,746.00
Professional-Management Fee $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 5,500.00 $ 5,821.89
Professional-Other Outside Consultants $ - $ - $ - $ - $ 482.72 $ 853.45 �
Repairs&Maintenace-Building $ 6,77326 $ 4,279.51 $ 2,449.56 $ 7,416.04 $ 9,833.93 $ 13,731.73 .
Repairs&Maintainence-Landscaping $ - $ - � ' � - $ -
Utilities-Water $ 98.09 $ 97.49 $ 101.90 $ 122.55 $ 86.73 $ 270.46
Ukilities-Gas/Electric $ 4,96311 $ 5,641.96 $ 6,109.42 $ 6,170.54 $ 5,451.21 $ 1,14416
Utilities-Trash $ 811.42 $ 436.22 $ 452.42 $ 457.41 $ 451.60 $ 529.15
Telephone $ 139.71 $ 141.75 $ 29.96 $ 140.90 $ 141.06 $ 253.75
Insurance $ - $ - $ - $ " $ ' $ "
Depreciation $ 9,185.93 $ 9,185.93 $ 9,185.93 $ 9,185.93 $ 9,185.93 $ 9,185.93
Prior Year Adjustrnents(Reimburse P.T $ - $ - $ (815.83) $ 14,017.98 $ - $ (36,563.92) '
Total Expenditures $ 32,971.52 $ 24,782.86 $ 22,513.36 $ 42,257.65 $ 32,879.18 $ (3,027.40)
h�et3i�tome' = ':i'.; $ . !'7.p36.''�.4.''S ��3� �$`��t6 '��' 7�Q����'� F'�' ;��� # ,.i�F.�`JS>'�b,`,
Budget BudgM Budget Budget Budget Budget
July August September October November December
Rental $ 58,891.67 $ 58,891.67 $ 58,891.67 $ 58,891.67 $ 58,891.67 $ 58,891.67 .
Interest/Dividends $ - $ - $ - $ - $ ' $ -
� Other $ - $ - $ - $ - $ - $ -
Total Revenues $ 58,591.67 $ 58,891.67 $ 58,891.67 $ 58,891.67 $ 58,891.67 $ SS,S91.67 �
Professional-Accounting&Auditing $ 2.000.00 $ 2,000.00 $ 2,000.00 $ 2,000.00 $ 2,000.00 $ 2.000.00 .
Professional-Management Fee $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00
Professional-0ther outside Consultants $ - $ - $ - $ - $ - $ '
Repairs&Maintenate-Building $ 9,005.75 $ 9,005.75 $ 9,005.75 $ 9,005.75 $ 9,005.75 $ 9,005.75 �
Repairs&Maintainence-Landscaping $ 1,079.00 $ 1,079.00 $ 1,079.00 $ 1,079.00 $ 1,079.00 $ 1,079.00
Utilifles-Water $ 77.50 $ 77.50 $ 77.50 $ 77.50 $ 77.50 $ 77.50
Utilities-Gas/Electric $ 4,237.50 $ 4,237.50 $ 4,237.50 $ 4,237.50 $ 4,237.50 $ 4,237.50
Utilities-Trash $ 495.83 $ 495.83 $ 495.83 $ 495.83 $ 495.83 $ 495.83
Telephone $ 22917 $ 22917 $ 229.17 $ 229.17 $ 229.17 $ 229.17
Insurance $ 520.83 $ 520.83 $ 520.53 $ 520.53 $ 520.83 $ 520.83 �:
beDreciation $ S 083.33 $ 8,083.33 $ 5,083.33 $ 8,083.33 $ 8,083.33 $ 8,083.33
ToWlExpenditures $ 25,728.91 $ 25,728.91 $ 28,728.91 $ 28,728.91 $ 28,728.91 $ 28.728.91
c te- �
�v�rnrnme �.�a�za� ;$ a�a6zs�: �.:�u;x���»��;62�-;�.=��2,�s .S; 3tl;is�,
City Of Pnlm Dexrt
Deeect Willow GoiE Coaxx
B¢dget Ve.Attual For the Month of December 1997
Dec-97 Dec-97 $Variance °6 Var YTD YI'D $Varience %Var
Revrnue Budgeted Ac[ual Cunent Current Budget Actual Y7'D yTp
GoIICourseFee $277,585 $166,814 ($110,7/1) 60.09% $911,155 $758,035 ($173,120) 86.49%
Cart Fee $1520 $2,630 $1,110 173.03% $6,240 $12,399 $6,159 198.70%
ProShop $31,660 $72,384 ($9,276) 70.70% $130,380 $127,492 ' ($2,888) 97.78%
Range $4,806 $2,286 ($2,518) 47.60% $19,794 $19,460 ($334) 98.31b
Food&Beverages $19,825 $12,707 ($7,118) 64.10% $82,275 $75,042 ($4,233) 94.86%
LeamingCenter $0 $7,172 $7,172 100.00°£ $0 $24,447 $24,447 700.00%
. Other Revrnue $100 $1,086 $986 1086.00% $600 $7,805 $7,205 1300.83%
7ota1 . 35,4% 15,081 ( 17A,41 64.11% 1,750,444 1,057,680 ($92,764) 91.94%
Expenditures �
Saleriea and Benefits $125,023 $111,321 $13,702 89.04% $637,096 $582,890 $54,206 91.49%
Golf Course Maintenance $27,676 $21,938 $5,738 7927% $295,90fi $353,592 ($57,686) 119.49%
Cart Expenses $9,208 $11,100 ($1,892) 120.55% $55,248 $61,632 ($6,384) 111.56%
Pro Shop Ezpenses $1,390 $2,501 ($l,lll) 179.93% $41,440 $94,741 ($3,301) 107.97%
Pro Golf Shop Cost of Goods Sold $18,956 $9,535 $8,921 51.66% $76,008 $70,292 $5,716 9295%
Range Expenses - $100 $182 ($S2) 182.00% $2,800 $3,171 ($377) 113.25%
Food&Bev.Expenses $2,360 $4,029 ($1,669) 170.7246 $11,860 $29�162 ($17,602) 248.41%
Food&Bev.Cost of Goods Soid $7,450 $4,326 $3,124 58.07% $30,680 $40,832 ($10,152) 133.09%
General dx AdministraHon Expenses $44,151 $30,599 $13,552 6931% §?53,499 $153,743 $99,756 60.65°,6
LearttingCenter $0 $7,651 ($7,651) 100.00% $0 $22,335 ($72,335) 100.00%
Management Fee $12,500 $12,500 $0 100.00% $75,000 $75,000 $0 700.00% ,
DepreciaHon Expense $18,077 $28,345 ($10,268) 156.80% $108,462 $170,070 ($61,608) 156.80%
CapitalExpense $11,166 $2,598 $8,568 2327% $66,477 $16,172 $50,305 24.33%
Interest $3,004 $0 $3,004 0.00% $16,026 $D $18,026 0.00%
Total 80,561 296,625 3,936 87.90% 1,6 2 1,673,932 , 0 .IOb
Net Pro6t(Loss) � $54,9� (Ssi,san) (sse,aeo) -s�.nz^i �ss22,oss� �ss�,zsz� (Saa,i�� iosa�°/
_ __ .
, � CityoEPelmDneR --
' Dnen Willow Golf Coune
Montk�lp I�ome Sfafement
Budget Acluil for Fi�cal Yeu 3997-1998
Jul-97 Aug-97 Sep97 Oct-97 Nov-97 Dec-97
Revenue Actual Actval Actual Acmal Actual pctual
GoI£Course Fee $56,311 $59,845 $b3,379 $150,464 $291,227 $166,874
CartFee $2,940 $2,497 $2,198 $SOD $1,610 $2,630
ProShop $10,732 $16,350 $12,798 $78,534 $36,744 $J2,384
Range $3.171 $3,349 $3,648 $4,875 $2,129 $Z,Zgg
Food&Beverages $10,026 $9,984 $9,892 $15,909 $20,524 $12,707
Leaming Center $0 $0 $0 $0 $17,275 $7,172
� . Other Revenue $0 $0 $4,020 $1,459 - $1,240 � $1,086
ToW $93,180 $91$19 $95,860 ' $?A1,241 $370,779 , $215,081
Ezpendilvree
Salaries and BeneHb $95,960 $93,039 $87,946 $%,272 $98,352 $111,327
Golf Couree Maintenance $67,866 $52,156 $62,163 $121,310 $78,159 $21,938
CaztExpenses $10,159 $11,015 $9,012 $I1,SP6 $8,836 $11,100
ProShopEzperoes $1,742 ($874) $6,462 $31,162 $3,748 $2,501
Pro Goll Shop Coet of Goodn Sold $9�090 $9,898 $3,405 $19,181 $20,183 $9,535
Aange Expensea $0 ($64) $0 $2,206 $B67 $182
Food&6ev.Expmse5 $9,845 $6,133 $3,389 $3,TI8 $2,188 $4,029
Food&Bev.Cost of Goods Sold $6,036 $9,521 $3,938 $30,219 $11,797 $4,326
Genera]&Administratlo�Expenaes $30,410 $13,927 $29,184 $29,732 $19,397 $30,599
LeamingCenter $0 $0 $0 §0 $19.6H9 $7.651
ManagementFee $12,500 $12,500 $12,500 $12,500 $12500 $12,500
DepreciationExpenae $7B,345 $28,345 $28,345 $7B,345 $28,395 $78,345
CapiW Expense $2.827 $2,690 $2,732 $2,688 $2,693 $2.598
In[erest $0 $0 $0 $0 $0 $p
Total $275,279 $232,266 $299.076 $.468,8% $151,795 $296,625
NetPmfit(Insa) (5192.094) (5140,74'J) (5153,1%) (5167,655) 5118,989 (531,594)
Jul-97 �� Aug-97 Sep-97 Oct-97 Nov-97 Dec-97
Revenue Budgeted Budgeted Budgeted Budgeted Budgeted Budgeted
GoU Course Fee $95.355 $79,fi64 $69,fi57 $112,450 5776A45 3277,585
Ca�tFee $1,000 §840 $760 $600 $1,520 $1,S1A
Pro SM1op $21,04o y17,500 $15,660 $13,]20 $31,300 §31,660
Range $3,225 $2,668 32A� $1.915 $4,950 $4,806
Food&Beverages $13,400 $11,250 $10,100 $8,100 $19,600 $19,815
LeamingCenter $� $0 $0 $0 50 30
OtherRevenue $100 $300 $100 $100 $300 $S00
Total $134,120 $112,092 598,677 $1%,395 $333,715 $335,4%
Ezpendilvree
Salaries and Benefib $102,915 $102,915 $101,694 $100A� $104,096 $125,073
Golf Course MainMnance $67,601 $37,601 $39,176 $98,67b $30,226 $27,676
CartExpertves $9.208 §9,208 $9,209 $9,208 59,206 $9,208
Ro Shop Ezpe�es $690 $690 $1,540 $35,590 $159� $1,390
Pro Golf Shop Cmt o(Goode Sold $12,384 $10,320 $9,216 $7,392 $18,240 $18,456
Range Experues 5100 $.900 $100 §2,100 $100 $100
Food&Bev.Expertses $1,660 $1,660 $],860 $2,160 $2,160 $2,360
Food di Bev.Cwt of Goods SoW $9,999 $7,166 $3.720 $2,984 $7,%3 $7.45U
General6iAdminivtratlonExpenses $41,455 $37,487 $47,824 $38,937 $44,195 $44,151
LeamingCenter SO SO SO $0 $0 30
Ma�ugemmtFee $12,500 $12,SIX1 $12,500 $12,500 512,500 $17.�500
DepreiiatlonExp¢�se $18,0TI $IB,W7 $18,077 $16,077 518,077 $18,077
CapiW Erye�ue $11,926 $9,590 $9,892 $14,222 $10,�31 $17,166
lnrerestExpen9e $3,OD4 $3,009 $3,004 $3,W4 $3,009 $3,009
ToW S�b,U19 $297.468 y252,761 $394,753 5260,990 $280,%1
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Deeert Willow Golf Cmuse
Analyefs of Cash Reservee Requirement
Tluee Month
Projected Expenditures Januazy-98 February-98 March-98 Projeeted Expenditurea
Pa oll $ ilOS73 $ 104,470 $ 110523 $ 325516
COGS $ 31,262 $ 31,807 $ 34,833 $ 97,896
a ' $ 129,354 $ 173,179 $ 130,688 $ 433,221
Tohls S 271,139 S 309,45U $ 276,044 S 856,633
Caeh Reserve Analysie One Month Ti�ree Months
R uired Reserve $ 2T1,139.00 $ 856,633� .�
., ������..��
Cash on Hand $ 412,232.50 $ 412,23250�
Vaziance-Favorable(Unfavorable) � $ 141,093.50 $ (444,400.50)
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m Deeert ReceeatFanal Facilitiee Corpora a
Monthlylncome Analysis
For December 1997
Dec-97 Dec-97 # %
Budget Actual Vaziance Vaziance
Food dr Beverage Revenues $ 19,825.00 $ 12,707.00 $ (7,118.00) 64.10%
Total Revenues $ 19,525.00 $ 12,707.00 $ (7,118.00) ' 64.10%
s�i� $ io,n�.00 $ a,�oo.00 $ z,m�.00 si.is%
Cost of Goods Sold-F&B $ 7,450.00 $ 4,326.00 $ 3,124.00 58.07%
Food&Beverage Expense $ 2,360.00 $ 4,029.00 $ (1,669.00) 170.72%
Total Expenses 20,527.00 17,0.55.00 3,4 .00 83.09%
Net lncome(Loss) $ (702.00) $ (4,348.00)
�
Note:The above revenues and expenditures are aLso included in the Desert Willow analysis.
CITY OF PALM DESERT
and
PALM DESERT REDEVELOPMENT AGENCY
STATEMENT OF INVESTMENT POLICY
ADOPTED BY RESOLUTION: 3aei�99�
`�r .rr
CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
Statement of Investment Policy
TABLE OF CONTENTS
. ae
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
InvestmentObjectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A. Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
B. Liquidity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
C. Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
AuthoritytoInvestFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Investment/Finance Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
InternalControl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Ethics and Conflict of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Evaluation of Investment O�cer Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Authorized Financial Dealers & Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Authorized Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Investment Poois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Safekeeping of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . 6
Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
MaximumMaturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
BondProceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
ReportingRequirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
InvestmentPolicy Adoption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
InvestmentPolicy Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 7
Policy Statement on Collateralized Time Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule I
Policy Criteria for Entering Into a Money Market Fund . . . . . . . . . . . . . . . . . . . . Schedule II
Policy Criteria for Selecting Broker/Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule III
Firms Authorized to Conduct Investment Transactions . . . . . . . . . . . . . . . . . . . . Schedule IV
Chart of Authorized Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule V
Glossary
CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
Statement of Investment Policy
INTRODUCTION
The policy and practices of the City of Palm Desert and the Palm Desert Redevelopment Agency are
based upon state law, ciry ordinances, prudent money management and the "prudent person"
standards. The primary goals of this policy are to invest public funds to:
l. Meet the daily cash flow needs of the City and the Redevelopment Agency.
2. Comply with all laws of the State of California regarding the investment of public
funds.
3. Achieve a reasonable rate of return while minimizing the potential for capital losses
arising from market changes or issuer default.
SCOPE
The investment policy applies to all funds under the control of the Finance D'uector/City Treasurer
of the City of Palxn Desert and the Palm Desert Redevelopment Agency, including but not limited to
the general revenues of the City/Agency, enterprise fund revenues,pmceeds of bond sales and debt
service revenues, trust funds in the custody of the Finance Director/Treasurer and any other funds
under his control. These funds aze accounted for in the comprehensive annual financial reports of the
City of Palm Desert and the Palm Desert Redevelopment Agency.
INVESTMENT OBJECTIVES
A. Safe of Princinal
Safety of principal is the City/Agency's foremost objective of the investment program.
Investments shall be undertaken in a manner that seeks to ensure that capital losses resulting
from institution default,bmker-dealer default,or the erosion of mazket value are avoided. The
City/Agency shall seek to preserve principal by mitigating the two types of risk: credit risk
and market risk.
1. Credit risk,defined as the risk of loss due to failure of the issuer of a security, shall be
mitigated by investing in only the highest quality securities (see authorized
investments)and by diversifying the investment portfolio so that the failure of any one
issuer would not unduly harm the City/Agency's cash flow.
2. Mazket risk, defined as the risk of market value fluctuations due to overall changes in
the general level of interest rates,shall be mirigated by structuring the portfolio so that
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securities mature at the same tune that major cash outflows occur,this eliminating the
securities mature at the same time that major cash outflows occur, thus
eliminating the need to sell securities prior to maturity; and by prohibiting the taking
of short positions, that is, selling secutities that the City/Agency does not own. It is
explicitly recognized, however, that in a diversified portfolio, occasional measured
losses may occur, and must be considered within the context of overall investment
retum.
B. Liguidiri
Liquidity is the second most important objective of the investment program. The investment
portfolio shall remain sufficiently liquid to enable the City/Agency to meet all operating
requirements. At all times, at least 50%of the total portfolio shall be invested for periods of
thrcc years or less; at least 30% of the total portfolio shall be invested for two years or less;
at least 20% of the total portfolio shall be invested for one year or less. At no time will a
security in the portfolio mature in more than five years except bond reserve funds, bond
escrow funds and any funds approved by the Finance Committee er and City Council to be
appropriate for a longer period.
C. Yield
The City/Agency portfolio shall be invested to attain a mazket average rate of return through
economic cycles, as long as it does not diminish the objectives of Safety and Liquidity. The
mazket rate of return is defined as the average return on the one-year U.S. Treasury Bill.
Whenever possible and in a manner consistent with the objectives of safety of principal and
liquidity, a yield higher than the mazket rate of retum shall be sought.
AUTHOffiTY TO INVEST FUNDS
The City Council and Redevelopment Agency Boazd have appointed the City Finance Director as City
Treasurer responsible for undertaking inveshnent transacUons on behalf of the City/Agency. Unless
specifically designated by the City Council and Agency Boazd, the only officials authorized to
undertake investment transactions on behalf of the City/Agency are the Director of Finance/Treasurer
and hisMer designee. The Finance Director/Treasurer and Investment Manager will observe, review
and react to the changing conditions that affect the investment portfolio. They wil] meet on a regulaz
basis to discuss current market conditions, future trends and how each of these affects the investment
poRfolio and the City/Agency. The Finance Director/Treasurer and Investment Manager shall
establish a system of controls to ensure compliance with the City/Agency's investment policy.
INVFSTMENT/FIN N OMMITT F
The City utilizes a Finance Committee, composed of the Mayor,Mayor Pm-Tempore, City Manager,
Redevelopment Agency Executive Director, Finance Director, Investment Manager, City Attomey
and Citizen(s) appointed by the City Council, to insure stability and constant information flow as it
relates to investrnent and other finance activities. They will meet monthly to discuss issues relating
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to the City/Agency's investment portfolio. Items may include the suitability of current investment
policies and procedures, current and proposed strategies, investment transactions since the last
meeting as well as other topics affecting the sources and uses of funds in the portfolio.
INTERNAL CONTROL
The Finance Director, is responsible for ensuring compliance with the City/Agency investment
policies as well as establishing internal controls designed to prevent losses due to fraud, employee
error,misrepresenting by third parties,or unanticipated changes in financial markets. A written policy
on the specific internal controls will be reviewed by the Finance Committee.
ETHICS AND CONFLICTS OF INTEREST
Officer and employees involved in the investment process shall refrain from personal business activity
that could conflict with proper execution of the investment program, or which could impair their
ability to make impartial investment decisions. Employees and investment officers shall disclose any
material financial interests in financial institutions that conduct business within this jurisdiction, and
they shall further disclose any lazge personal financiaUinvestment positions that could be related to
the performance of the City/Agency's portfolio. Employees and officers shall subordinate their
personal investment transactions to those of the City/Agency, particulazly with regard to the timing
of purchases and sales, and shall avoid transactions that might impair public confidence in the City's
ability to govem effectively.
EVALUATION OF INVESTMENT OFFICER ACTIONS
The actions of City/Agency investment officers in the performance of their duties as managers of
public funds shall be evaluated using the following"prudent person" standazd applied in the context
of managing the overall portfolio:
Investments shall be made with judgment and care, under circumstances then
prevailing, which persons of prudence, discretion, and intelligence exercise in the
professional management of their business a�'airs, not for speculation, but for
investment, considering the probable safery of their capital as well as the probable
income to be derived.
City/Agency investment officers acting in accordance with written policies and the"prudent person"
standazd and exercising due diligence shall be relieved of personal responsibility for an individual
security's credit risk or mazket price changes,pmvided that substantial deviations from expectations
aze reported by the Treasurer to City Manager and the Finance Committee within three days of
discovery. Mutually agreeable remedial action will be taken by the Treasurer and reported to the next
Finance Committee meeting.
AUTHOIZiZED FINANCI�1.DE�i.ERS�ND INSTITUTIONS
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The City/Agency shall transact business only with banks and savings and loans, and with investmant
securities dealers which/who comply with Schedule III(Policy Criteria for Selecting Broker/Dealers)
attached. The Finance Director/Treasurer will maintain a list of financial institutions authorized to
provide investment services. He will also maintain a list of approved security bmkers/dealers selected
by credit worthiness who are authorized to provide investment services to the City/Agency. The
dealers must be primary dealers regulazly reporting to the Federal Reserve Bank. Exceptions to the
primary dealer rule may be made with the approval of the Investment/Finance Committee, provided
they aze consistent with Califomia Govemment Code Section 53601.5.
All primary financial institutions and broker/dealers who desire to become qualified bidders for
inveshnent transactions must supply an audited financial statement, and U4 Form for the broker,
completed broker/dealer questionnaire (see Schedule III) and certification of having read the
City/Agency's investment policy. All secondary financial institutions and broker/dealers who desire
to become qualified bidders for investment transactions must supply an audited financial statement,
proof of National Association of Securities Dealers certification, trading resolution, proof of state
registration, completed broker/dealer questionnaire (see Schedule III), U4 Form for the broker and
certification of having read the City/Agency's inveshnent policy. The Finance Director/Treasurer
shall determine if they aze adequately capitalized, make markets on securities appropriate to the
City/Agency's needs and aze recommended by managers of portfolios similaz to the City/Agency.
The Finance Director/Treasurer shall submit his findings and recommendations to the
Inveshnent/Finance Committee. The committee will determine which broker/dealers will be
authorized to trade with the City/Agency.
An annual review of the financial condition and registration of qualified bidders will be conducted.
A cunent audited financial statement is required to be on file for each financial institution and
broker/dealer in which the City/Agency invests.
The City/Agency shall at least annually send a copy of the current inveshnent policy to all financial
institutions and broker/dealers approved to do business with the City/Agency. Confirmation of receipt
of this policy shall be considered evidence that the dealer has read and understands the City/Agency's
investment policy and will recommend and execute only Vansactions suitable for and in compliance
with the City/Agency's investment policy.
AUTHORi . .D IN . TMENT
The City/Agency is authorized by Califomia Govemment Code Section 5360Q et. seq. to invest in
specific types of securities. The City/Agency has further limited the types of securities in which we
may invest. Any security not listed, is not a valid investment for the City/Agency. The concise list
of approved securities is as follows:
A. United States Treasury Bills, Bonds, and Notes, or those for which the full faith and
credit of the United States are pledged for payment of principal and interest. There is
no limitation as to the percentage of the portfolio which can be invested in this
category.
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B. Obligarions issued by United States Govemment Agencies such as,but not limited to,
the Government National Mortgage Association (GNMA), the Federal Farm Credit
Bank System (FFCB), the Federal Home Loan Bank (FHLB), the Federal National
Mortgage Association(FNMA),the Federal Home Mortgage Coxporation (FHLMC),
the Student Loan Mazkering Association(SLMA),and the Tennessee Valley Authority
(TVA). Although there is no percentage limitation of the dollaz amount that can be
invested in these issuers, the "prudent person"rule shall apply for any single agency
name.
C. Bills of exchange or time drafts drawn on and accepted by a commercial bank,
otherwise Imown as bankers acceptances which aze eligible for purchase by the
Federal Reserve System, may not exceed 270 days to maturity or 40% of the market
value of the portfolio. No more than 30%of the mazket value of the portfolio may be
invested in banker's acceptances issued by any one bank.
D. Commercial paper of prime quality and ranked Pl by Moody's Investor Services and
A1 by Standard and Poor's and issued by a domestic corporation having assets in
excess of$500 million and having an "A" or better rating on its long term debt as
pmvided by Moody's or Standard and poor's. Purchases of eligible commercial paper
may not exceed 180 days to maturity. Purchases of commercial paper may not exceed
15%of the mazket value of the portfolio. No more than 5%of the mazket value of the
portfolio,or$5,000,000 or 10%of the issuers' outstanding paper may be invested in
commercial paper issued by any one coiporation.
E. Medium Term Notes(MTNs) issued by coiporations organized and operating within
the United States. MTNs eligible for purchase shall be rated"A"or better by Standazd
and Poor's or by Moody's rating services. MTNs with an "A"rating shall be limited
to 24 months maximum maturity; "AA"rated MTNs shall be limited to 36 months.
The aggregate total of all purchased MT'Ns may not exceed 30%of the mazket value
of the inveshnent portfolio. No more than 5%of the mazket value of the portfolio may
be invested in notes issued by any one corporation. Commercial paper holdings shall
be considered when calculating the maxirnum percentage of any issuer name.
F. The Local Agency Investment Fund(I.AIF), established by the State Treasurer for the
benefit of local agencies and identified under Government Code Section 16429.1, is
authorized up to the maximum amount permitted by State Law.
G. The City/Agency may invest in "shazes of beneficial interesY' issued by diversified
management companies which invest only in direct oblitations in United States
Treasury bills,notes and bonds, and repurchase agreements with a weighted average
of 60 days or less. They must be rated in the highest-rating category of at least two
nationally-recognized rating services (e.g., Moody's P-1 or Standazd and Poor's
AAA),and have a minimum of$500 million in assets under management,and comply
with Schedule II (Policy Criteria for Entering Into a Diversified Management
Company) attached. The purchase price may not include commissions.
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H. The City/Agency may place funds in inactive deposits with Banks and Savings and
Loans with a branch within Califomia that have a rating of at least "A-1" from the
Financial Directory or an equivalent rating from another generally recognized
authority on ratings, and have an Equity to Total Assets ratio of at least 4%. No more
than 15% of the City/Agency portfolio, exclusive of investments in government
agency issues and the State Treasurer's Local Agency Investment Fund,shall be
placed with any one financial institution. All deposits shall be secured in accordance
with Sections 53651 and 53652 of the Califomia Govemment Code and comply with
Schedule I (Policy Statement of Collateralized Time Deposits) attached. If deposits
aze not collateralized, the maximum placed at any one institution will be $100,000.
The maximum amount of collateralized inacrive deposits placed at any one institution
shall not consritute more than 15%of the total assets of the institution or $5,000,000,
whichever is less, and shall not exceed the total shareholders' equity of the issuing
institution.
INVESTMENT POOLS
The City/Agency will investigate all local government investment pools (LGP) and money mazket
mutual funds prior to investing and periodically thereafter while the City/Agency is invested in the
pool.
All money market mutual funds and LGP's, except the Local Agency Investment Fund (LAIF')of the
State of Califomia, must meet the criteria in Schedule II of this policy which includes providing a
written statement that it meets the requirements in Sections 53601 and 53635 of the California
Government Code and have the highest rating from rivo national rating agencies. The fund must
maintain a daily principal per share value of$1.00 per shate and distribute interest monthly. The
fund's investments shall be limited to direct obligarions in [Jnited States Treasury bills notes and
bonds, and repurchase agreements.
LAIF is authorized under provisions in Section 16429.1 of the California Govemment Code. The
City/Agency's participation in the pool was approved by the City Council and the Redevelopment
Agency Boazd on December 12, 1981, by Resolution 81-161. It is a permitted investment of the
City/Agency even though it does not comply with all of the items listed in Schedule II, "Criteria for
Entering Into a Money Mazket Fund."
SAFEKF. .PIN OF GFCi �'�'�C
To pmtect against potenrial losses by the collapse of individual secutities dealers,all securities owned
by the City/Agency shall be held in safekeeping by a third party bank trust department acting as agent
for the City/Agency under the terms of a custody agreement executed by the bank and the
City/Agency. All securities will be received and delivered using standard delivery-versus-payment
(DVP)procedures. The third party bank trustee agreement must comply with Section 53608 of the
Califomia Government Code. No outside broker/dealer or advisor may have access to City/Agency
funds, accounts or investments,and any transfer of funds to or through an outside broker/dealer must
be approved by the Finance Director/Treasurer.
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AIVERSIFICATION
The City/Agency will diversify its investments by security type and investment. With the exception
ofbond reserve funds,bond escrow funds, and any other funds approved by the Finance Committee
or the City Council, at all times at least 50%of the total portfolio shall mature in three yeazs or less;
at least 30%of the total portfolio shall mariue in two years or less; at least 20% of the portfolio shall
mature in one yeaz or less.
MAXIMUM MATURITIES
The City/Agency will attempt to match its investments with anricipated cash flow requirements.
Unless matched to a specific cash flow, as approved by the Finance Committee and City Council,
the City/Agency will not directly invest in securities maturing more than five yeazs from the date of
purchase. Bond reserve funds, bond escrow funds, and any other funds approved by the Finance
Committee er and the City Council may be invested in securities exceeding five yeazs if the
maturities of such investments are made to coincide as neazly as possible with the expected use of the
funds.
BOND PROCEEDS
The City/Agency will direct the investment of proceeds on bonds issued as instructed in the bond
indenture. Securities authorized by the bond indenture that are not authorized by the City/Agency's
investment policy will only be used if they aze specifically approved by the Finance Committee. All
securities will be held in third-party safekeeping with the bond trustee, and all delivery-versus-
payment rules will apply. .
RFPORTIN F.QUIIZF.MENTS
The Finance Director/Treasurer shall render a report of investment activity to the City Council,
Agency Board and the Finance Committee�n�feriy monthly within 30 days following the end of
the�narEer month or the next scheduled Council meeting following the Finance and Investment
Committee meeting.The report will include the type of inveshnent,issuer,date of maturity, and paz
and dollaz amount invested, on all securiries,inveshnents and monies held by the City/Agency. The
report shall state market value and the source of the valuation, and state that the portfolio is in
compliance with the policy or the manner in which it is not in compliance. The report will also
include a statement denoting the ability to meet the City/Agency's expected expenditure requirements
for the next six months or provide an explanation as to why sufficient money is not available. The
report date will be the actual month-end date unless the last day of the month falls on a weekend or
legal holiday. If the last day of the month is a weekend or legal holiday,the date of month-end report
will be the last business day prior to the end of the month.
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INVESTMENT POLICY ADOPTION
The Finance Director/Treasurer shall submit an annual Statement of Inveshnent Policy to the Finance
Committee and then the City Council and Redevelopment Agency Boazd for their approval. This
statement shall be filed with the Finance Committee by January 31 of each year.
INVESTMENT POLICY REVIEW
The City/Agency's independent Certified Public Accountant shall annually review and make
recommendations regazding the City/Agency investment policies to the extent considered necessary
as required by generally accepted auditing standards as they relate to the annual financial audit which
includes cash and investments.
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8
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICYSTATEMENT ON COLLATERALIZED TIME DEPOSITS
SCHEDLTLE I
Before the Treasury can place a time deposit with a local bank or savings and loan, the following
criteria must be met:
1. The bank must provide us with an executed copy of the "Contract for Deposit for Moneys"
as specified in Section 53649 of the Califomia Govemment Code.
2. The interest rate on the Time Certificate of Deposit must be competitive with rates offered by
other banks and savings and loans residing in Riverside County and must exceed the interest
rate for treasury bills for a similaz maturity period.
3. For investments less than $100,000, FDIC insurance will be sufficient without requiring any
collateral to be pledged with the Federal Reserve to secure the public fund deposit.
4. For investments exceeding $100,000, there may be a waiver of collateral for the first
$100,000 deposited, and all of the funds placed on deposit must be collateralized by�&5%
110% of U.S. Treasury or Federal Agency securities, or by 150% of mortgages having
maturities less than five years in accordance with Section 53652 of the California Govemment
Code. The City/Agency must receive confirmation that these securities have been pledged in
repayment of the time deposit. The securiries pledged must be maintained at a current mazket
value 10%greater than the dollaz amount of the deposit.
5. T'he City/Agency must be given a current audited financial statement for the financial yeaz just
ended . The financial
reports must both include a "statement of financial condition" as well as an "income
statemenY'depicting current and prior yeaz operarions.
6. The City/Agency will not place a fund deposit for more than$S,OOO,OOQ or 10%of the assets
of the institurion,whichever is less.
7. The City/Agency must receive a certificate of deposit which specifically expresses the terms
governing the transaction, (i.e., the period of time, name of depositor, interest rate, etc.).
8. All time certificates must have a maturity period not exceeding one yeaz from the date of
deposit with quarterly payments of interest based upon the stated interest rate.
Rev: Ol/98
Schedule I
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�9-9. Time deposits will only be made with qualified banks and savings and loans having branch
office locations within Riverside County. However, time deposits with a bank or savings and
loan must be centralized at one designated office location rather than making sepazate deposits
with each branch office.
Rev: O1/98
Schedule I
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR ENTERING INTO A DIVERSIFIED MANAGEMENT COMPANY
SCHEDULEII
1. The firm must meet all requirements set forth in the Califomia Govenunent Code Sections
53601 and 53635.
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6evereimenEEede�
�2. The fund must provide evidence that it has tteen registered with SEC and has "AAA"ratings
from Standazd & Poor's and Moody's.
-4:3. The fund's inveshnents shall be limited to direct obligations in U.S. Treasury bills,bonds or
notes and repurchase agreements, to the extent allowed by law, and shall maintain weighted
average maturities within their portfolio of less than 60 days.
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�r. 4. The fund shall provide us a current prospectus before our participation in the fund.
�5. The fixnd cannot engage in hedging strategies, WI purchases, options, future, reverse-
repurchase ageements, or security lending.
�r. 6. The fund must maintain daily, a principal per shaze value of$1.00 per share.
3-9:7. The fund shall pmvide us at least annual financial statements on the fixnd's financial condirion
and performance.
-H-:8. The fund shall pmvide us wire instructions for the purchase and redemption of shazes and
must be able to distribute interest earnings to us on a monthly basis.
i3-9. Unless the fund is more than five yeazs old, the City/Agency is to be given its performance
history since the inception of the fund.
Rev: Ol/98
Schedule II
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Rev: 01/98
Schedule II
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR SELECTING BROKER/DEALERS
SCHEDULE III
1. All primary financial i�stitutions and broker/dealers who desire to become qualified bidders
for investment transacrions must supply an audited financial statement, and U4 Form for the
bmker, completed broker/dealer questionnaire(mride-a part of this Schedule) and certificarion
of hauing read the City/Agency's inveshnent policy. All secondary financial institutions and
broker/dealers who desire to become qualified bidders for investment transacrions must supply
an audited financial statement, proof of National Association of Securities Dealers
certification, trading resolution, proof of state registration, completed broker/dealer
questionnaire (rna�es part of this Schedule), U4 Form for the broker and certification of
having read the City/Agency's investment policy.
2. The net capital position of the firm shall be in excess of$100 million.
3. The Finance Director/Treasurer's intent is to enter into a long-term relationship. Therefore,
the integrity of the firm and the personnel assigned to our account is of primary importance.
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�4. It is important that the firm provide related services that will enhance the account relationship
which could include:
a) An active secondary mazket for its securities.
b) Internal credit reseazch analysis on commercial paper,banker's acceptances and other
securities it offers for sale.
�j c) Be capable of providing mazket analysis, economic projections, newsletters.
ej d) Provide mazket education on new investment products, security spread relationships,
graphs, etc.
�5. If requested,the firm must be willing to pmvide us a list of local govemment clients or other
references,particulazly those client relationships established within the State of California.
Rev: O 1/98
Schedule III
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. Without exception,all transactions are to be conducted
on a "delivery vs. payment" basis. All securities owned by the City/Agency shall be
held in safekeeping by a Third Party Bank Trust Department acting as Agent for the
City/Agency under the terms of a Custody Agreement executed 6y the bank and the
City/Agency.
« »
. , .
�i 7. Th-`�-�v'seci�eaie�Firm shall be headquartered or have a branch office in Califomia,. £�ceepE
,
ea�e€sfRft and must be registered with and be operating under the laws of the State of
California.
�8. The brel�erfdeeier Firm must have been in operafion for more than 5 yeazs, and must have net
capital in excess of$100 million.
-1-4.9. No business relationship shall be established with firms engaging in the sale of"exotic"
products. Exotic meaning"unusually high yields,"no ready secondary market, or"high price
volatility" on the security.
. ,
�fr10. No broker/dealer or security firm shall be selected roahe whieh has,within any consecutive 48-
month period,made a political contribution in an amount exceeding the limitations contained
in Rule G-37 of the Municipal Securities Rulemaking Boazd, to the local treasurer or any
member of the City Council or the Redevelopment Agency governing board or to any
candidate for these offices.
11. All Broker/Dealers who have been selected to work with the City/Agency will anually
review the revised Investment Policy and sign a statement indicating that he/she will
comply wit6 it. They will also provide their audited financial statement to us.
Rev: O1/98
Schedule III
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
FI12MS AUTHOffiZED TO CONDUCT INVESTM�'NT TRANSACTIONS
SCHEDULE N
The City/Agency is authorized to conduct invesiment security transactions with the following
investment firms and bmker/dealers, many of which ara designated by the Federal Reserve Bank as
primary govemment dealers. Security transactions with firms,other than those appearing on this list,
aze prohibited.
A. Firms designated by the Federal Reserve Bank as Primary Govemment Dealers:
�.t--- �----_.: - '--
- , .
> •
, •
Morgan Stanley Dean Witter Reynolds, Discover, Inc.
, •
T _ [S)_Li _ T
i)._.���:_i n__L_ O__..Wa:__ T.__
f e•
r •
Solomon Smith Barney, Inc.
B. Other authorized firms:
Uzrion Bank of California
The Bank of New York
Great Western Bank
Home Savings of America
Downey Savings
Glendale Federal Bank
Wells Fazgo Bank
Rev: Ol/98
Schedule IV
v.� r.r
GLOSSARY
AGENCIES: Federal agency securities. DEBENTURE: A bond secured only by the
general credit of the issuer.
ASKED: The price at which securities aze
offered. (The price at which a firm will sell a DELIVERY VERSUS PAI'MENT: There
security to an investor.) are two methods of delivery of securities:
delivery versus payment and delivery versus
BANKERS' ACCEPTAIVCE (BA): A draft receipt. Delivery versus payment is delivery of
or bill or exchange accepted by a bank or trust securities witfi an exchange of money for the
company. The accepting instiYation guazantees securities. Delivery versus receipt is delivery
payment of the bill, as well as the issuer. of securities with an exchange of a signed
receipt for the securities.
BASIS POINT: One one-hundredth of a
percent(i.e., 0.01%). DISCOUNT:The difference between the cost
price of a security and its maturity when
BID: The price offered by a buyer of quoted at lower than face value. A security
securities. (When you aze selling securities, selling below original offering price shortly
you ask for a bid.) after sale also is considered to be at a discount.
BROKER: A broker brings buyers and sellers DISCOUNT SECURITIES: Non-interest
together for a commission. He does not take a bearing money market insmiments that are
position. issued at a discount and redeemed at maturity
for full face value(e.g., U.S. Treasury Bills).
CERTIF'ICATE OF DEPOSIT(CD):A time
deposit with a specific maturity evidenced by DIVERSIFICATION: Dividing investrnent
a certificate. Lazge-denomination CD's are funds among a variety of securities offering
typically negotiable. independent retums.
COLLATERAL: Securities, evidence of FEDERAL CREDIT AGENCIES: Agencies
deposit or other property which a boaower of the Federal government set up to supply
pledges to secure repayment of a loan. Also credit to various classes of institutions (e. g.
refers to securifies pledged by a bank to secure S&L's, Small business firms, students,
deposits of public monies. fazmers, farm cooperatives, and exporters).
COUPON: a) The annual rate of interest that FEDERAL DEPOSIT INSURANCE
a bond's issuer promises to pay the bondholder CORPORATION(FDIC): A Federal agency
on the bond's face value. b) A certificate that insures bank deposits, currently up to
attached to a bond evidencing interest due on $100,000 per deposit.
a payment date.
FEDERAL FUNDS RATE: The rate of
DEALER: A dealer, as opposed to a broker, interest at which Fed funds aze traded. This
acts as a principal in all transactions, buying rate is currently pegged by the Federal Reserve
and selling for his own account. through open-mazket operations.
Rev: Ol/98
Glossary
FEDERAI. HOME LOAN BANKS G O V E R N M E N T N A T I O N A L
(FHLB): The institutions that regulate and MORTGAGE ASSOCIATION (GNMA or
lend to savings and loan associations. The Ginnie Mae): Securities influencing the
Federal Home Loan Banks play a role volume of bank credit guaranteed by GNMA
analogous to that played by the Federal and issued by mortgage bankers, commercial
Reserve Banks vis-a-vis member commercial banks, savings and loan associations, and other
banks. institutions. Security holder is protected by
full faith and credit of the U.S. Govemment.
FEDERAL NATIONAL MORTGAGE Ginnie Mae securities aze backed by the FHA,
'ASSOCIATION (FNMA): FNMA, like VA or FMHM mortgages. The term "pass-
GNMA was chartered under the Federal throughs" is often used to describe Ginnie
National Mortgage Association Act in 1938. Maes.
FNMA is a Federal corporation working under
the auspices of the Department of Housing and LIQUIDIT'1':A liquid asset is one that can be
Urban Development (HUD). It is the lazgest converted easily and rapidly into cash without
single provider of residential mortgage funds a substantial loss of value. In the money
in the United States. Fannie Mae, as the mazket, a security is said to be liquid if the
corporation is called, is a private stockholder- spread between bid and asked prices is nazrow
owned corporation. The corporation's and reasonable size can be done at those
purchases include a variety of adjustable quotes.
mortgages and second loans, in addition to
fixed-rate mortgages. FNMA's securities are LOCAL GOVERNMENT INVESTMENT
also highly liquid and are widely accepted. POOL (I,GIP): The aggregate of all funds
FNMA assumes and guazantees that all from political subdivisions that aze placed in
security holders will receive timely payment of the custody of the State Treaswer for
principai and interest. investment and reinvestment.
FEDERAL OPEN MARKET MARKET VALUE: The price at which a
COMMITTEE (FOMC): Consists of seven security is trading and could presumably be
members of the Federal Reserve Boazd and purchased or sold.
five of the twelve Federal Reserve Bank
Presidents. The President of the New York 1VIAYtKETREPUTtCHASEAGREEMEN'I':
Federal Reserve Bank is a permanent member, A written contract covering all future
while the other presidents serve on a rotating transactions between the parties to repurchase-
basis. The Committee periodically meets to reverse repurchase agreements that establish
set Federal Reserve guidelines regazding each party's rights in the transactions. A
purchases and sales of Government Securities master agreement will often specify, among
in the open mazket as a means of influencing other things, the right of the buyer-lender to
the volume of bank credit and money. liquidate the underlying securities in the event
of default by the seller-borrower.
FEDERAI. RESERVE SYSTEM: The
central bank of the United States created by MATURITY: The date upon which the
Congress and consisting of a seven-member principal or stated value of an investment
Boazd of Governors in Washington, D.C.; 12 becomes due and payable.
regional banks and about 5,700 commercial
banks aze mexnbers of the system.
Rev: 01/98
Glossary
`•.r r.r�`
OFFER: The price asked by a seller of amortized yield to maturity; on a bond, the
securities. (When you aze buying securities, current income retum.
you ask for an offer.) See"Asked" and `Bid".
REPURCHASE AGREEMENT (RP or
OPEN MARKET OPERATIONS: REPO): A holder of securities sells these
Purchases and sales of government and certain securities to an investor with an agreement to
other securities in the open mazket by the New repurchase them at a fixed date. The security
York Federal Reserve Bank as directed by the "buyer" in effect lends the "seller"money for
FOMC in order to influence the volume of the period of the agreement, and the terms of
money and credit in the economy. Purchases the agreement aze structuted to compensate
inject reserves into the bank system and him for this. Dealers use RP extensively to
stimulate growth of money and credit: Sales finance their positions. Exception: When the
have the opposite effect. Open market Fed is said to be doing RP,it is lending money,
operations aze the Federal Reserve's most that is, increasing bank reserves.
important and most flexible monetary policy
tool. SAFEKEEPING: A service to customers
rendered by banks for a fee whereby securities
PORTFOLIO: Collection of securities held and valuables of all types and descriptions are
by an investor. held in the bank's vaults for protection.
PRIMARY DEALER: A group of SECONDARY MARKET: A mazket made
govemment securities dealers who submit for the purchase and sale of outstanding issues
daily reports of market activity and positions following the initial distribution.
and monthly financial statements to the
Federal Reserve Bank of New York and are SECURITIES & EXCHANGE
subj ect to its informal oversight. Primary COMMISSION:Agency created by Congress
dealers include Securities and Exchange to protect investors in securities transactions
Commission (SEC)-registered securities by administering securiries legislarion.
broker/dealers, banks and a few unregulated
firms. SEC RULE 15C3-1: See "Uniform Net
Capital Rule".
PRUDENT PERSON RULE: An investment
standazd. In some states, the law requires that TREASURY BILLS: A non-interest bearing
a fiduciary, such as a trustee, may invest discount security issued by the U.S. Treasury
money only in a list of securities selected by to finance the national debt. Most bills aze
the custody state--the so-called"legal lisY'. In issued to mature in three months, six months,
other states,the trustee may invest in a security or one yeaz.
if it is one which would be bought by a prudent
person of discretion and intelligence who is TREASURY BOND: Long-term U.S.
seeking a reasonable income and preservation Treasury securities having initial maturities of
of capital. more than 10 yeazs.
RATE OF RETURN:The yield obtainable on TREASURY NOTES: Intermediate-term
a security based on its purchase price or its coupon bearing U.S. Treasury securities
current mazket price. This may be the having initial maturities of from one year to
ten yeazs.
Rev: Ol/98
Glossary
UNIFORM NET CAPITAL RULE:
Securities and Exchange Commission
requirement that member firms as well as
nonmember broker/dealers in securities
maintain a maximum ratio of indebtedness to
liquid capital of 15 to l; also called net capital
rule and net capital ratio. Indebtedness covers
all money owed to a firm, including mazgin
loans and commitments to puichase securities,
one reason new public issues aze spread among
members of underwriting syndicates. Liquid
capital includes cash and assets easily
converted into cash.
YIELD: The rate of annual income retum on
an investment, expressed as a percentage. (a)
INCOME YIELD is obtained by dividing the
current dollar income by the current mazket
price for the security. (b) NET YIELD or
YIELD TO MATURITP is the current
income yield minus any premium above paz or
plus any discount from par in purchase price,
with the adjustment spread over the period
from the date of purchase to the date of
maturity of the bond.
Rev: Ol/98
Glossary
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From:Kemeth L.Dieker To:Carlos Ortega Dale: 121/88 Time:8:14:40 AM Page 2 af 4
Pdn D�nrt FLmcYp Aulhorly �
7uc AbcYpn FlwnYp S�l-Asid�R�v�nw BoMa
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sams a FUMs
Pv Mou�ol8ads 48,800,OD0.00
� Aysncy EquLLy Cantrbulbn 114,BB0.87
qlr Sarc�of Fuds 0.00
Bad PminJ(D�+eawi) B3.T90.70
qhar Sarc�oT Fuitlo 0.00
TaW Sauc�s ol Fuds 48,868,487.77
lMs d Fuds
Acqildlon FUM 11.025,775.50
Rn�m Sr�ty Pnmiun 1l3,/eB.00 Rasdve FUM Cak7laUon Nravt
Co�tadlssu�c� Y.f2.000.00 MA0.5 3,5B8�7M.00
UW�xriKs OkcauR 137,780.00 0.100 I,BB/.000.00
Bmd Nrnnn Pnmiun 4�,]28.&7 1.25z Averape Atr�ual 1.087,B6B.66
Lun Fund 4,785,098.87
Gppl Inpwemri FUM 1,800,000.00
TafN Ua��of FuW 18�&19��89.98
� 6.OW.11
Rin DN� 01/27/98
Rm Tim� 8:12 AM
From:Kemefh L.Dieker To:Carlos OAega Dele:1f21188 Tme:8:14:40 AM Page 3 of 4
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1/28/88
�a�ree o.aoo �oo.000 o.000 0 0.00
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10/1/BB l.260 t00.W9 3.700 M0.000 J.887.80
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id1/04 {.250 101.15{ {.050 555.000 E./04.70
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1d7/05 4.250 100.87{ 4.700 575,000 6,800.50
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111/18
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M7/26
1011/26 /.876 87.017 0.000 7,f06.000 (82,822.16)
M1/28
1Mtf28 4.876 87.017 0.000 J,280,000 (07,215.80)
N7/37
10/1/27 4.875 97.017 6.W0 3,420,000 (f02,018.80) 23,206,OW (N2,205.16)
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Fram:Ke'viefh L Dieker To:CaAos Orteya Date:1121198 Time:8:14:40 PM Papa 4 ot 4
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1017We M0,000 �.250 7.186.491 1,l78.171 2,872.885
M7100 1,1 W,OB1 1,187,081 2,B23,517
� 1d7100 �.000 �.460 1,187,OB1 1,862.081 2,B7B.187
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1011/O6 676,OW 1.Yfi0 1.1�2.BBi 1.707.881 2.800.�88
1!1/OB 1.120.�83 7.130.�83 2.848,111
1q1/08 80D.00D 1.260 1.140.487 1.720.IBJ 2,800.826
1l1/07 1,707,713 1,107.713 2,828.176
td1/07 8{O.00U I.Z50 1,107,719 1,747,779 2,855.@6
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iN1/OB 870,000 4.260 1,�8t,11J 1,784,11] 2,858.225
U7/OB 1,078,8�5 1,079,W6 2,617,988
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M1/i! 879.858 87�,858 7.197,70.1
1d1/i4 1.795.000 8.000 B7J.958 2.888,85! J,602,B7J
M1/16 820.108 820.108 9.18B4OBJ �
f011H6 1.80fi.000 /.760 870.108 2.7Z6.108 3,W5.213
U1118 77l,88S 77l,B83 3,490,089
td1/18 2.000.000 4.800 771.889 2,774.B8A 3,6/8.726 -
M1f17 7M,B89 728,BE7 9,501,725
10I1/17 2.OB5.00D 4.875 72E.BBJ Y,821.B0.M1 5,6�8.726
U7/18 876,787 876,787 3,487,859
1d1l18 2,205,000 4.875 875,7W 7,880,7W 3,558,694
U7/1B 822,060 822,060 3,602,&7
1011/1B 2.�76.000 4.876 622.Ofi0 2,BJ7,060 J,669.100
{/1/20 5l5,822 fiB5,822 7,602,872
. 1d1@0 2,490.000 1.876 5lS.e22 2.BB5.822 7.6E1.7M
M1l21 606.3Bt 606.JB1 7.602.015
1d1121 2.560.000 4.87fi 608.591 3.058,J81 9,582,781
IH/22 M/,270 N1,274 7,600,876
� 1d7/22 2.BB0,000 1.876 4M.2?{ 9.121,294 7.fiB8,480
�M1f2J ]78,808 ]78,808 9,603,f14
td1l2� 2,810,000 1.875 378,808 3,188,808 3,SB7,B78
N7/2t �10,418 ]10,418 7.488,325
10H/2t 2.BSO.ODD l.B75 310,418 7,280.418 J,670.831
!/t/26 2JB,50B 23B.50D ],lB8.926
10It146 �,106,000 4.876 2J8,60B 7.�13,608 9,fiB2,078
//1/28 /82.825 182.825 9.608,3�1
7d1f28 ],280,OOD I.W6 182,825 3,122,825 3,585,850
avn ea.xs ea.xs a.waaee
�a�m a,�zo.aao a.a�b w.aea �.sa�.xs 3.see.7zs
uv�e 3�5�7.]83
�e.eeo,000 �e,eee,sze e�,eze.eze w.ese.ese e�,ese,e�e
CITY OF PALM DESERT
and
PALM DESERT REDEVELOPMENT AGENCY
STATEMENT OF INVESTMENT POLICY
ADOPTED BY RESOLUTION: �1'J9�
CITY OF PALM DESERT/PALM DE5ERT REDEVELOPMENT AGENCY
Statement oF Investment Policy
TABLE OF CONTENTS
Paee
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Investment Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A. Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
B. Liquidity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
C. Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
AuthoritytoInvestFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
InvestmenUFinance Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
InternalControl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Ethicsand ConflictofInterest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Evaluation of Investment Officer Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Authorized Financial Dealers & Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
AuthorizedInvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
InvestmentPools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Safekeeping of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Maximum Maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
BondProceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
ReportingRequirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
InvestmentPolicyAdoption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
InvestmentPolicyReview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Policy Statement on Collateralized Time Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedu[e I
Policy Criteria for Entering Into a Money Market Fund . . . . . . . . . . . . . . . . . . . . Schedule II
Policy Criteria for Selecting Broker/Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule III
Firms Authorized to Conduct Investment Transactions . . . . . . . . . . . . . . . . . . . . Schedule IV
Chart of Authorized Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule V
Glossary
CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
Statement of Investment Policy
INTRODUCTION
The policy and practices of the City of Palm Desert and the Palm Desert Redevelopment Agency are
based upon state law, city ordinances, prudent money management and the `prudent person"
standards. The primary goals of this policy are to invest public funds to:
1. Meet the daily cash flow needs of the City and the Redevelopment Agency.
2. Comply with all laws of the State of California regarding the investment of public
funds.
3. Achieve a reasonable rate of return while minimizing the potentia[for capital losses
arising from market changes or issuer default.
SCOPE
The investment policy applies to all funds under the control of the Finance Director/City Treasurer
of the City of Palm Desert and the Palm Desert Redevelopment Agency, including but not limited to
the general revenues of the City/Agency, enterprise fund revenues,proceeds of bond sales and debt
service revenues, trust funds in the custody of the Finance Director/Treasurer and any other funds
under his control. These funds are accounted for in the comprehensive annual financial reports of the
City of Palm Desert and the Palm Desert Redevelopment Agency.
INVESTMENT OBJECTIVES
A. Safe of Principal
Safety of principal is the City/Agency's foremost objective of the inveshnent program.
Inveshnents shall be undertaken in a manner that seeks to ensure that capital losses resulting
from institution default,broker-dealer default,or the erosion of market value aze auoided. The
City/Agency shall seek to preserve principal by mitigating the two types of risk: credit risk
and market risk.
1. Credit risk, defined as the risk of loss due ro failure of the issuer of a security, shall be
mitigated by investing in only the highest quality securities (see authorized
investments)and by diversifying the inveshnent portfolio so that the failure of any one
issuer would not unduly harm the City/Agency's cash flow.
2. Mazket risk, defined as the risk of mazket value fluctuations due to overall changes in
the general level of interest rates, shall be mitigated by structuring the portfolio so that
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securities mature at the same rime that major cash outflows occur, this eliminating the
securities mature at the same time that major cash outflows occur, thus
eliminating the need to sell securities prior to maturity; and by prohibiting the taking
of short positions, that is, selling securities that the City/Agency does not own. It is
explicitly recognized, however, that in a diversified portfolio, occasional measwed
losses may occur, and must be considered within the context of overall investment
return.
B. Li i i
Liquidity is the second most important objective of the inveshnent program. The inveshnent
portfolio shall remain sufficiently liquid to enable the City/Agency to meet all operating
requirements. At all times, at least 50%of the total portfolio shall be invested for periods of
three years or less; at least 30% of the total portfolio shall be invested for two years or less;
at least 20% of the total portfolio shall be invested for one year or less. At no time will a
security in the portfolio mature in more than five yeazs except bond reserve funds, bond
escrow funds and any funds approved by the Finance Committee er and City Council to be
appropriate for a longer period.
C. Yield
The City/Agency portfolio shall be invested to attain a mazket average rate of retum through
economic cycles, as long as it does not diminish the objectives of Safety and Liquidity. The
market rate of return is defined as the average retum on the one-year U.S. Treasury Bill.
Whenever possible and in a manner consistent with the objectives of safety of principal and
liquidity, a yield higher than the mazket rate of return shall be sought.
AUTHORITY TO INVEST FUNDS
The City Council and Redevelopment Agency Boazd have appointed the City Finance Director as City
Treasurer responsible for undertaking investment transactions on behalf of the City/Agency. Unless
specifically designated by the City Council and Agency Boazd, the only officials authorized to
undertake investment transactions on behalf of the City/Agency are the Director of Finance/Treasurer
and his/her designee. The Finance Director/Treasurer and Inveshnent Manager will observe, review
and react to the changing conditions that affect the inveshnent portfolio. They will meet on a regular
basis to discuss current mazket conditions, future trends and how each of these affects the inveshnent
portfolio and the City/Agency. The Finance Director/Treasurer and Investment Manager shall
establish a system of controls to ensure compliance with the City/Agency's investment policy.
INVESTMENT/FINANCE COMMITTEE
The City utilizes a Finance Committee, composed of the Mayor, Mayor Pro-Tempore, City Manager,
Redevelopment Agency Executive Director, Finance Director, Investment Manager, City Attorney
and Citizen(s) appointed by the City Council, to insure stability and constant information flow as it
relates to investment and other finance activities. They will meet monthly to discuss issues relating
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2
Fran:Kemeth l.Uieker To:Carbs Ortepa Dale:1R1I98 Time:8:14:40 AM Pepe 1 M 4
FACSIMILE COVER PAGE^
To : Carlos Ortega From : Kenneth L. Dieker
lient: 1/21/98 at 9:14:16 AM Pages : 4(including Cover)
Subject: New Numbers
Here are the numbers with the latest scale. I will call you shortly.
to the City/Agency's investment portfolio. Items may include the suitability of current investment
policies and procedures, current and proposed strategies, investment transactions since the last
meeting as well as other topics affecting the sources and uses of funds in the portfolio.
INTERNAL CONTROL
The Finance Director, is responsible for ensuring compliance with the City/Agency investment
policies as well as establishing intemal controls designed to prevent losses due to fraud, employee
error,misrepresenting by third parties,or unanticipated changes in financial markets. A written policy
on the specific internal controls will be reviewed by the Finance Committee.
ETHICS AND CONFLICTS OF„INTEREST
Officer and employees involved in the inveshnent process shall refrain from personal business activity
that could conflict with proper execution of the investment program, or which could impair their
ability to make impartial investment decisions. Employees and inveshnent officers shall disclose any
material financial interests in financial institutions that conduct business within this jurisdiction, and
they shall further disclose any lazge personal financial/investment positions that could be related to
the performance of the City/Agency's port£olio. Employees and officers shall subordinate their
personal inveshnent transactions to those of the City/Agency,particularly with regazd to the timing
of purchases and sales, and shall avoid transactions that might impair public confidence in the City's
ability to govern effectively.
EVALUATION OF INVESTMENT OFFICER ACTIONS
The actions of City/Agency investment officers in the performance of their duties as managers oF
public funds shall be evaluated using the following"prudent person" standard applied in the context
of managing the overall portfolio:
Investments shall be made with judgment and care, under circumstances then
prevailing, which persons of prudence, discretion, and intelligence exercise in the
professional management of their business affairs, not for speculation, but far
investment, considering the probable safety of their capital as well as the probable
income to be derived.
City/Agency inveshnent officers acting in accordance with written policies and the"prudent person"
standazd and exercising due diligence shall be relieved of personal responsibility for an individual
security's credit risk or mazket price changes,provided that substantial deviations from expectations
are reported by the Treasurer to City Manager and the Finance Committee within three days of
discovery. Mutually agreeable remedial action will be taken by the Treasurer and reported to the next
Finance Committee meeting.
AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
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The City/Agency sha11 transact business only with banks and savings and loans, and with inveshnent
securities dealers which/who comply with Schedule III(Policy Criteria for Selecting Broker/Dealers)
attached. The Finance Director/Treasurer will maintain a list of financial institutions authorized to
provide invest[nent services. He will also maintain a list of approved security brokers/dealers selected
by credit worthiness who are authorized to provide investment services to the City/Agency. The
dealers must be primary dealers regularly reporting to the Federal Reserve Bank. Exceptions to the
primary dealer rule may be made with the approval of the Investment/Finance Committee,provided
they aze consistent with California Govemment Code Section 53601.5.
All primary financial institutions and broker/dealers who desire to become qualified bidders for
investment transactions must supply an audited financial statement, and U4 Form for the broker,
completed broker/dealer questionnaire (see Schedule III) and certification of having read the
City/Agency's investment policy. All secondary£mancial institutions and broker/dealers who desire
to become qualified bidders for investment transactions must supply an audited financial statement,
proof of National Association of Securities Dealers certification, trading resolution, proof of state
registration, completed broker/dealer questionnaire (see Schedule III),U4 Form for the broker and
certification of having read the City/Agency's investment policy. The Finance Director/Treasurer
shall determine if they aze adequately capitalized, make markets on securities appropriate to the
City/Agency's needs and are recommended by managers of portfolios similaz to the City/Agency.
The Finance Director/Treasurer shall submit his findings and recommendations to the
Investment/Finance Committee. The committee will determine which broker/dealers will be
authorized to trade with the City/Agency.
An annual review of the financial condition and registration of qualified bidders will be conducted.
A cunent audited financial statement is required to be on file for each financial institution and
broker/dealer in which the City/Agency invests.
The City/Agency shall at least annually send a copy of the current investment policy to all financial
institutions and broker/dealers approved to do business with the City/Agency. Confirmation of receipt
of this policy shall be considered evidence that the dealer has read and understands the City/Agency's
investment policy and will recommend and execute only transactions suitable for and in compliance
with the City/Agency's investment policy.
AUTHORIZED INVESTMENTS
The City/Agency is authorized by California Govemment Code Section 5360Q et. seq. to invest in
specific types of securities. The City/Agency has further limited the types of securities in which we
may invest. Any security not listed, is not a valid investment for the City/Agency. The concise list
of approved securities is as follows:
A. United States Treasury Bills,Bonds, and Notes, or those for which the full faith and
credit of the United States aze pledged for payment of principal and interest. There is
no limitation as to the percentage of the portfolio which can be invested in this
category.
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B. Obligarions issued by United States Govemment Agencies such as,but not limited to,
the Government National Mortgage Association (GNMA), the Federal Farm Credit
Bank System (FFCB), the Federal Home Loan Bank (FHLB), the Federal National
Mortgage Association(FNMA),the Federal Home Mortgage Corporation (FHLMC),
the Student Loan Mazketing Association(SLMA),and the Tennessee Valley Authority
(TVA). Although there is no percentage limitation of the dollar amount that can be
invested in these issuers, the "prudent person"rule shall apply for any single agency
name.
C. Bills of exchange or time drafts drawn on and accepted by a commercial bank,
otherwise known as bankers acceptances which aze eligible for purchase by the
Federal Reserve System, may not exceed 270 days to maturity or 40% of the market
value of the portfolio. No more than 30%of the mazket value of the portfolio may be
invested in banker's acceptances issued by any one bank.
D. Commercial paper ofprime quality and ranked P1 by Moody's Investor Services and
A1 by Standard and Poor's and issued by a domestic corporation having assets in
excess of$500 million and having an "A" or better rating on its long term debt as
provided by Moody's or Standard and poor's. Purchases of eligible commercial paper
may not exceed 180 days to maturity. Purchases of commercial paper may not exceed
15%of the mazket value of the portfolio. No more than 5%of the mazket value of the
portfolio, or$S,OOQ000 or 10°/a of the issuers' outstanding paper may be invested in
commercial paper issued by any one corporation.
E. Medium Term Notes (MT'Ns)issued by corporations organized and operating within
the United States. MTNs eligible for pwchase shall be rated"A"or better by Standard
and Poor's or by Moody's rating services. MTNs with an"A"rating shall be limited
to 24 months maximum maturity; "AA"rated MTNs shall be limited to 36 months.
The aggregate total of all purchased MTNs may not exceed 30% of the mazket value
of the investment portfolio. No more than 5%of the mazket value of the portfolio may
be invested in notes issued by any one corporation. Commercial paper holdings shall
be considered when calculating the m�imum percentage of any issuer name.
F. The Local Agency Investment Fund(LAIF),established by the State Treasurer for the
benefit of local agencies and identified under Government Code Section 16429.1, is
authorized up to the maximum amount permitted by State Law.
G. The City/Agency may invest in "shazes of beneficial interesY' issued by diversified
management companies which invest only in direct oblitations in United States
Treasury bills,notes and bonds, and repurchase agreements with a weighted average
of 60 days or less. They must be rated in the highest-rating category of at least two
nationally-recognized rating services (e.g., Moody's P-1 or Standazd and Poor's
AAA),and haue a minimum of$500 million in assets under management, and comply
with Schedule II (Policy Criteria for Entering Into a Diversified Management
Company) attached. The purchase price may not include commissions.
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H. The City/Agency may place funds in inactive deposits with Banks and Savings and
Loans with a branch within Califomia that have a rating of at least "A-1" from the
Financial Directorx or an equivalent rating from another generally recognized
authority on ratings, and have an Equity to Total Assets ratio of at least 4%. No more
than 15% of the City/Agency portfolio, exclusive of inveshnents in govemment
agency issues and the State Treasurer's Local Agency Investment Fund, shall be
placed with any one financial institution. All deposits shall be secured in accordance
with Sections 53651 and 53652 of the Califomia Government Code and comply with
Schedule I (Policy Statement of Collateralized Time Deposits) attached. If deposits
are not collateralized, the maximum placed at any one institution will be $100,000.
The m�imum amount of collateralized inactive deposits placed at any one institution
shall not constitute more than 15%of the total assets of the institution or $S,OOQ000,
whichever is less, and shall not exceed the total shazeholders' equity of the issuing
institution.
INVESTMENT POOLS
The City/Agency will investigate all local govemment investment pools (LGP) and money market
mutual funds prior to investing and periodically thereafter while the City/Agency is invested in the
pool.
All money market mutual funds and LGP's, except the I,ocal Agency Investment Fund(LAIF') of the
State of California, must meet the criteria in Schedule II of this policy which includes providing a
written statement that it meets the requirements in Sections 53601 and 53635 of the California
Government Code and have the highest rating from two national rating agencies. The fund must
maintain a daily principal per shaze value of$1.00 per shaze and distribute interest monthly. The
fund's investments shall be limited to direct obligations in United States Treasury bills notes and
bonds, and repurchase agreements.
LAIF is authorized under provisions in Section 16429.1 of the California Government Code. The
City/Agency's participation in the pool was approved by the City Council and the Redevelopment
Agency Boazd on December 12, 1981, by Resolution 81-161. It is a permitted inveshnent of the
City/Agency even though it does not comply with all of the items listed in Schedule II, "Criteria far
Entering Into a Money Mazket Fund."
SAFEKEEPING OF SECURITIES
To protect against potential losses by the collapse of individual securities dealers, a11 securities owned
by the City/Agency shall be held in safekeeping by a third party bank trust depar[ment acting as agent
for the City/Agency under the terms of a custody agreement executed by the bank and the
City/Agency. All securities will be received and delivered using standard delivery-versus-payment
(DVP)procedures. The third party bank trustee agreement must comply with Section 53608 of the
California Government Code. No outside broker/dealer or advisor may have access to City/Agency
funds, accounts or investments, and any transfer of funds to or through an outside broker/dealer must
be approved by the Finance Director/Treasurer.
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DIVERSIFICATION
The City/Agency will diversify its investments by security type and investment. With the exception
of bond reserve funds,bond escrow funds, and any other funds approved by the Finance Committee
or the City Council, at all times at least 50%of the total portfolio shall mature in three years or less;
at least 30%of the total portfolio shall mature in two years or less; at least 20% of the portfolio shall
mature in one yeaz or less.
MAXIMUM MATURITIE9
The City/Agency will attempt to match its investments with anticipated cash flow requirements.
Unless matched to a specific cash flow, as approved by the Finance Committee and City Council,
the City/Agency will not directly invest in securities maturing more than five years from the date of
purchase. Bond reserve funds, bond escrow funds, and any other funds approved by the Finance
Committee er and the City Council may be invested in securities exceeding five years if the
maturities of such investments aze made to coincide as neazly as possible with the expected use of the
funds.
BOND PROCEEDS
The City/Agency will direct the inveshnent of proceeds on bonds issued as instructed in the bond
indenture. Securities authorized by the bond indenture that are not authorized by the City/Agency's
investment policy will only be used if they aze specifically approved by the Finance Committee. All
securities will be held in third-party safekeeping with the bond trustee, and all delivery-versus-
payment rules will apply. .
REPORTING REQUIREMENTS
The Finance Director/Treasurer shall render a report of imestment activity to the City Council,
Agency Board and the Finance Committee qnt�#er�y monthly within 30 days following the end of
the-�rEer month or the nea�t scheduled Council meeting following the Finance and Investment
Committee meeting. The report will include the type of investment, issuer,date of maturity, and par
and dollaz amount invested, on all securities, inveshnents and monies held by the City/Agency. The
report shall state mazket value and the source of the valuation, and state that the portfolio is in
compliance with the policy or the manner in which it is not in compliance. The report will also
include a statement denoting the ability to meet the City/Agency's expected expenditure requirements
for the next six months or provide an explanation as to why sufficient money is not available. The
report date will be the actual month-end date unless the last day of the month falls on a weekend or
legal holiday. If the last day of the month is a weekend or legal holiday, the date of month-end report
will be the last business day prior to the end of the month.
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INVESTMENT POLICY ADOPTION
The Finance Director/Treasurer shall submit an annual Statement of Investment Policy to the Finance
Committee and then the City Council and Redevelopment Agency Board for their approval. This
statement shall be filed with the Finance Committee by January 31 of each year.
INVESTMENT POLICY REVIEW
The CityJAgency's independent Certified Public Accountant shall annually review and make
recommendations regarding the City/Agency inveshnent policies to the extent considered necessary
as required by generally accepted auditing standards as they relate to the annual financial audit which
includes cash and investments.
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CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY STATEMENT ON COLLATERALIZED TIME DEPOSITS
SCHEDULE I
Before the Treasury can place a time deposit with a local bank or savings and loan, the following
criteria must be met:
1. The bank must provide us with an executed copy of the "Contract for Deposit for Moneys"
as specified in Section 53649 of the Califomia Govemment Code.
2. The interest rate on the Time Certificate of Deposit must be competitive with rates offered by
other banks and savings and loans residing in Riverside County and must exceed the interest
rate for treasury bills for a similaz maturity period.
3. For inveshnents less than$100,000,FDIC insurance will be sufficient without requiring any
collateral to be pledged with the Federal Reserve to secure the public fund deposit.
4. For investments exceeding $100,000, there may be a waiver of collateral for the first
$100,000 deposited, and all of the funds placed on deposit must be collateralized by�95°.Sr
I10% of U.S. Treasury or Federal Agency securities, or by 150% of mortgages having
maturities less than five years in accordance with Section 53652 of the California Govemment
Code. The City/Agency must receive confirmation that these securities have been pledged in
repayment of the fime deposit. The securities pledged must be maintained at a current market
value 10% greater than the dollar amount of the deposit.
5. The City/Agency must be given a current audited Financial statement for the fmancial year just
ended . The financial
reports must both include a "statement of financial condition" as well as an "income
statemenY' depicting current and prior year operations.
6. The City/Agency will not place a fund deposit for more than$S,OOO,OOQ or 10% of the assets
of the institurion, whichever is less.
7. The City/Agency must receive a certificate of deposit which specifically expresses the terms
governing the transaction, (i.e., the period of time, name of depositor, interest rate, etc.).
8. All time certificates must have a maturity period not exceeding one year from the date of
deposit with quarterly payments of interest based upon the stated interest rate.
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Schedule I
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i-A:9. Time deposits will only be made with qualified banks and savings and loans having branch
office locations within Riverside County. However,time deposits with a bank or savings and
loan must be centralized at one designated office location rather than making separate deposits
with each branch office.
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Schedule I
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR ENTERING INTO A DIVERSIFIED MANAGEMENT COMPANY
SCHEDULEII
1. The firm must meet all requirements set forth in the California Govenunent Code Sections
53601 and 53635.
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�2. The fund must provide evidence that it has been registered with SEC and has "AAA"ratings
from Standard & Poor's and Moody's.
�3. The fund's inveshnents shall be limited to direct obligations in U.S. Treasury bills,bonds or
notes and repurchase agreements, to the extent allowed by law, and shall maintain weighted
average maturities within ttteir portfolio of less than 60 days.
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�4. The fund shall provide us a current prospectus before our participation in the fund.
-'�5. The fund cannot engage in hedging strategies, WI purchases, options, future, reverse-
repurchase agreements, or security lending.
-&6. The fund must maintain daily, a principal per share value of$1.00 per share.
i& 7. The fund shall provide us at least annual financial statements on the fund's financial condition
and performance.
i-�8. The fund shall provide us wire instructions for the purchase and redemption of shazes and
must be able to distributa interest earnings to us on a monthly basis.
�2-9. Unless the fund is more than five yeazs old, the City/Agency is to be given its performance
history since the inception of the fund.
Rev: Ol/98
Schedule II
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Rev: 01/98
Schedule II
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR SELECTING BROKER/DEALERS
SCHEDULE III
1. All primary fmancial institutions and broker/dealers who desire to become qualified bidders
for inveshnent transactions must supply an audited financial statement, and U4 Form for the
broker, completed broker/dealer questionnaire(�a�e-x part of this Schedule) and certificarion
of having read the City/Agency's inveshnent policy. All secondary financial institutions and
broker/dealers who desire to become qualified bidders for inveshnent transactions must supply
an audited financial statement, proof of National Association of Securities Dealers
certification, trading resolution, proof of state registration, completed broker/dealer
questionnaire (�xx�e-e part of this Schedule), U4 Form for the broker and certification of
having read the City/Agency's inveshnent policy.
2. The net capital position of the firm shall be in excess of$100 million.
3. The Finance Director/Treasurer's intent is to enter into a long-term relationship. Therefore,
the integrity of the firm and the personnel assigned to our account is of primary importance.
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�4. It is important that the firm provide related services that will enhance the account relationship
which could include:
a) An active secondary market for its securities.
b) Internal credit reseazch analysis on commercial paper,banker's acceptances and other
securities it offers for sale.
dj c) Be capable ofproviding muket analysis, economic projections, newsletters.
ej d) Provide market education on new inveshnent products, security spread relationships,
graphs, etc.
�5. If requested,the firm must be willing to provide us a list of local government clients or other
references, particularly those client relationships established within the State of California.
Rev: Ol/98
Schedule III
�&6.
. Without exception,all transactions are to be conducted
on a "delivery vs. paymenY' basis. All securities owned by the City/Agency shall be
held in safekeeping by a Third Party Bank Trust Department acting as Agent for the
City/Agency under the terms of a Custody Agreement executed by the bank and the
City/Agency.
« ,>
. , .
i�:7. The-brelcerfc�ee�er Firm shall be headquartered or have a branch office in California, £�eeepE
,
�and must be registered with and be operating under the laws of the State of
California.
i-�8. The'---�Firtn must haue been in operation for more than 5 years, and must haue net
capital in excess of$100 million.
�49. No business relationship shall be established with firms engaging in the sale of"exotic"
products. Exotic meaning"unusually high yields,"no ready secondary market, or"high price
volatility" on the security.
i�10. No broker/dealer or security firm shall be selected vv�e whic6 has,within any consecutive 48-
month period,made a political contribution in an amount exceeding the limitations contained
in Rule G-37 of the Municipal Securities Rulemaking Board, to the local treasurer or any
member of the City Council or the Redevelopment Agency governing board or to any
candidate for these offices.
I1. All Broker/Dealers who have been selected to work with the City/Agency will anually
review the revised Investment Policy and siga a statement indicating that he/she will
comply with it. They will also provide their audited financial statement to us.
Rev: O1/98
Schedule III
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
FIRMS AUTHORIZED TO CONDUCT INVESTMENT TRANSACTIONS
SCHEDULEIV
The City/Agency is authorized to conduct inveshnent security transactions with the following
investment firms and broker/dealers, many of which are designated by the Federal Reserve Bank as
primary govemment dealers. Security transactions with firms, other than those appearing on this list,
are prohibited.
A. Firms designated by the Federal Reserve Bank as Primary Government Dealers:
T]_�l_ _C .�.v_�__ AlT O_ O A
!+L___ 0,�......:d..� L�
f •
l�L,..v:....1 0........:�: � i�_
f •
) •
Morgan Stanley Dean Witter Reynolds, Discover, Inc.
, •
il..]�.. [V..LL__ T�_
f •
n....�_��._1 Tl__L_ P__'...:a:.... T__
f f•
T _LW_� !�__"_�_.v,.�40�_.__�' _ T�_
) •
Solomon Smith Barney, Inc.
B. Other authorized firms:
Union Bank of California
The Bank of New York
Great Western Bank
Home Savings of America
Downey Savings
Glendale Federal Bank
Wells Fargo Bank
Rev: O1/98
Schedule IV
GLOSSARY
AGENCIES: Federal agency securities. DEBENTURE: A bond secured only by the
general credit of the issuer.
ASKED: The price at which securities are
offered. (The price at which a firm will sell a DELIVERY VERSUS PAYMENT: There
security to an investor.) are two methods of delivery of securities:
delivery versus payxnent and delivery versus
BANKERS' ACCEPTANCE (BA): A draft receipt. Delivery versus payment is delivery of
or bill or exchange accepted by a bank or trust securities with an exchange of money for the
company. The accepting institution guazantees securities. Delivery versus receipt is delivery
payment of the bill, as well as the issuer. of securities with an exchange of a signed
receipt for the securities.
BASIS POINT: One one-hundredth of a
percent (i.e., 0.01%). DISCOUNT:The difference between the cost
price of a security and its maturity when
BID: The price offered by a buyer of quoted at lower than face value. A security
securities. (When you are selling securities, selling below original offering price shortly
you ask for a bid.) after sale also is considered to be at a discount.
BROKER: A broker brings buyers and sellers DISCOUNT SECURITIES: Non-interest
together for a commission. He does not take a bearing money market instruments that are
position. issued at a discount and redeemed at maturity
for full face value (e.g., U.S. Treasury Bills).
CERTIF'ICATE OF DEPOSIT(CD):A time
deposit with a specific maturity evidenced by DIVERSIFICATION: Dividing investment
a certificate. Large-denomination CD's aze funds among a variety of securities offering
typically negotiable. independent retums.
COLLATERAL: Securities, evidence of FEDERAL CREDIT AGENCIES:Agencies
deposit or other property which a borrower of the Federal government set up to supply
pledges to secure repayment of a loan. Also credit to various classes of institutions (e. g.
refers to securities pledged by a bank to secure S&L's, Small business firms, students,
deposits of public monies. farmers, farm cooperatives, and exporters).
COUPON: a) The annual rate of interest that FEDERAL DEPOSTT INSURANCE
a bond's issuer promises to pay the bondholder CORPORATION(FDIC): A Federal agency
on the bond's face value. b) A certificate that insures bank deposits, currently up to
attached to a bond evidencing interest due on $100,000 per deposit.
a payxnent date.
FEDERAL FUNDS RATE: The rate of
DEALER: A dealer, as opposed to a broker, interest at which Fed funds aze traded. This
acts as a principal in all transactions, buying rate is cuaently pegged by the Federal Reserve
and selling for his own account. through open-market operations.
Rev: O1/98
Glossary
FEDERAI. HOME LOAN BANKS G O V E R N M E N T N A T I O N A L
(FHLB): The institutions that regulate and MORTGAGE ASSOCIATION(GNMA or
lend to savings and loan associations. The Ginnie Mae): Securities influencing the
Federal Home Loan Banks play a role volume of bank credit guaranteed by GNMA
analogous to that played by the Federal and issued by mortgage bankers, commercial
Reserve Banks vis-a-vis member commercial banks, sauings and loan associations, and other
banks. institutions. Security holder is protected by
full faith and credit of the U.S. Govemment.
FEDEItAL NATIONAL MORTGAGE Ginnie Mae securities aze backed by the FHA,
ASSOCIATION (FNMA): FNMA, like VA or FMHM mortgages. The term "pass-
GNMA was chartered under the Federal throughs" is often used to describe Ginnie
National Mortgage Association Act in 1938. Maes.
FNMA is a Federal corporarion working under
the auspices of the Department of Housing and LIQUIDITY: A liquid asset is one that can be
Urban Development (HUD). It is the lazgest converted easily and rapidly into cash without
single provider of residential mortgage funds a substantial loss of value. In the money
in the United States. Fannie Mae, as the mazket, a security is said to be liquid if the
corporation is called, is a private stockholder- spread between bid and asked prices is narrow
owned corporation. The corporation's and reasonable size can be done at those
purchases include a variety of adjustable quotes.
mortgages and second loans, in addition to
fixed-rate mortgages. FNMA's securities are LOCAL GOVERNMENT INVESTMENT
also highly liquid and are widely accepted. POOL (LGIP): The aggregate of all funds
FNMA assumes and guarantees that all from political subdivisions that are placed in
security holders will receive timely payment of the custody of the State Treasurer for
principal and interest. investment and reinveshnent.
FEDERAL OPEN MARKET MARKET VALUE: The price at which a
COMMITTEE (FOMC): Consists of seven security is trading and could presumably be
members of the Federal Reserve Boazd and purchased or sold.
five of the twelve Federal Reserve Bank
Presidents. The President of the New York MARKETREPURCHASEAGREEMENT:
Federal Reserve Bank is a permanent member, A written contract covering all future
while the other presidents serve on a rotating transactions between the parties to repurchase-
basis. The Committee periodically meets to reverse repurchase agreements that establish
set Federal Reserve guidelines regarding each party's rights in the transactions. A
purchases and sales of Government Securities master agreement will often specify, among
in the open mazket as a means of influencing other things, the right of the buyer-lender to
the volume of bank credit and money. liquidate the underlying securities in the event
of default by the seller-borrower.
FEDERAL RESERVE SYSTEM: The
central bank of the United States created by MATURITY: The date upon which the
Congress and consisting of a seven-member principal or stated value of an inveshnent
Board of Governors in Washington, D.C.; 12 becomes due and payable.
regional banks and about 5,700 commercial
banks are members of the system.
Rev: Ol/98
Glossary
OFFER: The price asked by a seller of amortized yield to maturity; on a bond, the
securities. (When you are buying securities, current income return.
you ask for an offer.) See"Asked" and`Bid".
REPURCHASE AGREEMENT (RP or
OPEN MARKET OPERATIONS: REPO): A holder of securities sells these
Purchases and sales of government and certain securities to an investor with an agreement to
other securities in the open market by the New repurchase them at a fixed date. The security
York Federal Reserve Bank as directed by the "buyer" in effect lends the"seller" money for
FOMC in order to influence the volume of the period of the agreement, and the terms of
money and credit in the economy. Purchases the agreement aze structured to compensate
inject reserves into the bank system and him for this. Dealers use RP extensively to
stimulate growth of money and credit: Sales finance their positions. Exception: When the
have the opposite effect. Open mazket Fed is said to be doing RP,it is lending money,
operations aze the Federal Reserve's most that is, increasing bank reserves.
important and most flexible monetary policy
tool. SAFEKEEPING: A service to customers
rendered by banks for a fee whereby securities
PORTFOLIO: Collection of securities held and valuables of all types and descriptions are
by an investor. held in the bank's vaults for protection.
PRIMARY DEALER: A group of SECONDARY MARKET: A market made
government securities dealers who submit for the purchase and sale of outstanding issues
daily reports of mazket activity and positions following the initial distribution.
and monthly financial statements to the
Federal Reserve Bank of New York and aze SECURITIES & EXCHANGE
subj ect to its inforxnal oversight. Primary COMMISSION:Agency created by Congress
dealers include Securities and Exchange to protect investors in securities transactions
Commission (SEC)-registered securities by administering securities legislation.
broker/dealers, banks and a few unregulated
firms. SEC RULE 15C3-1: See "Uniform Net
Capital Rule".
PRUDENT PERSON RULE: An investment
standazd. In some states, the law requires that TREASURY BILLS: A non-interest bearing
a fiduciary, such as a trustee, may invest discount security issued by the U.S. Treasury
money only in a list of securities selected by to finance the national debt. Most bills are
the custody state--the so-called "legal lisY'. In issued to mature in three months, six months,
other states,the hustee may invest in a security or one yeaz.
if it is one which would be bought by a prudent
person of discretion and intelligence who is TREASURY BOND: Long-term U.S.
seeking a reasonable income and preservation Treasury securities having initial maturities of
of capital. more than 10 years.
RATE OF RETURN: The yield obtainable on TREASURY NOTES: Intermediate-term
a security based on its purchase price or its coupon bearing U.S. Treasury securities
current market price. This may be the having initial maturities of from one yeaz to
ten yeazs.
Rev: Ol/98
Glossary
UNIFORM NET CAPITAL RULE:
Securities and Exchange Commission
requirement that member firms as well as
nonmember broker/dealers in securities
maintain a maximum ratio of indebtedness to
liquid capital of 15 to 1; also called net capital
rule and net capital ratio. Indebtedness covers
all money owed to a firm, including margin
loans and commitments to purchase securities,
one reason new public issues aze spread among
members of unden��riting syndicates. Liquid
capital includes cash and assets easily
converted into cash.
YIELD: The rate of annual income return on
an investment, expressed as a percentage. (a)
INCOME YIELD is obtained by dividing the
current dollar income by the current mazket
price for the security. (b) NET YIELD or
YIELD TO MATURITY is the current
income yield minus any premium above paz or
plus any discount from paz in purchase price,
with the adjustment spread over the period
from the date of purchase to the date of
maturity of the bond.
Rev: O1/98
Glossary
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