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Home My WebLink AboutAPRIL - JUNE 2000 INVESTMENT AND FINANCE COMMITTEE . • MEETING AGENDA WORKSHEET Meeting Description Investment Committee Meeting Date S�,0 Time 11:00 p.m. Location North Wino Conference Room Mailed Agenda a/0/O!1194> Posted Agenda (-�D/D Time ;a Convene Adjournment „ ',� // 49 /z OD • LPLLJ� _ Members Attending Yes No Others Attending • Yes No 1 Paul Gibson, Chairperson N ,/ 1 1➢ 2 Russ Campbell iC 2 3 Carlos Ortega, CM )(4'[[-- �' 3 4 Buford Crites iiN, 4 _ 5 Jim Ferguson / 5 6 Thomas Jeffrey 6 7 Jeffrey � { 7 Murray agloff 8 Bill Veazie n.A.-� /` /� 8 1 9 Gregg Lindgpiistst / �� J �n 10 Dave Erwin U%�ejibyy�y�ee/X //60 /Ir�d /?/j7 �J 12 P . 12 13 13 14 Items To Be Discussed Person Responsible Material ✓ 1 r1/4jlo 4 — / �40,1 e An,-ebe,i %,e,S 2 ?.�41 3 441,-77 4 9/4e1 7,_.ge/ 7a'5;dA 9 1,/ 5 fa J i! ei—t ,o0d .14S, ahjt4QU// ,( # 4UJ4/Iia ) — 8 t9 e ?mmi is e 7" Ply he Spojcce Mtn (1) Mtn (2) r' MEETING NOTES �/ Qt� ,Pl K.0 C Z C V/) 7i/e. Av. (/i'J1 f 0n _(� TX J 2e /l m. -Aa te *I/este Cso-a 1? "ref �° scsvt esao---nte---47 A7) /ay, zit Leb IL- 7 ' (7 ,b .?„t Abu 1) SJS d 2i; A(fal Obit 91- hv - l( &ir?, ` �T 7'"u Xee /n < � /off—r 7- y n-A-rd .a. e %%apt, ,c1-". ', 7 fin/ za Ay. /g °X- er / z 07e. iv- /oo-2a. - , hX411,1) 11 at Spoke Mtn(1) Mtn (2) MEETING NOTES 2 7� 4 C— (, ?A* -,--z0 C",..7¢ .fie. MAt),L Arc--IA / R%� / tS/r4 `r1Lr 61- kar 44 t A- -a-c-76er a `7-°y fi- /1 Ate ar G--.-' /ail , i G-..c_- G fit o . /ioA'�✓t &✓et,/4 ,r 7.49-t' ite.e. a 1.o. * .r & Ve ,Arm tier-ro • 7, • in it ;("/.ae/f d -zt- Xevvrt . *At 4 41, 164 :j -cid/I< Ma-,A / . n 1e Afg../ze et .tai - re ecX:,-,„) y. ,-ii( — li S .a) 7l7#147-0 l - re ) „'(Y A- i ..,, �Xrfi� � ,Latirit/4 _0ti" l ;� l ' Ti ".--o - %,r glut, Vir d " ` / : of ' 7-X &cad (a. g/ s7 ,9-. - . JQ , r/ —/22C di/At a r i € /mac /we 2o.7 ese if�,r5 -- /)7 767 g---f- do, mititAlai Spoke Mtle ` Mtn (2) v MEETIN n i, G NOTES ,fir/ wra - —7 z / . ,r -; 0 Dr- .- . 7/0; - .1( /Et enter — 041-6, _atieepA_eite TT titcatk s - J&Pq eedi a- fee e'tts c___ ene- � 76a vir c 7ite-//R4e d«e z tel �Q4 ' 41 GA -x cear � � • • Spoke Mtn (1) Mtn (2) MEETING NOTES Z / - .Ste-, 14V- (/J 106 7,/ eyeeetwar- /— -- - els aecalwted) 92-15, -4t to e_r_ (71- ail %f f1 =C-4 �Q 771' 7l4,k-raj ram...-t '/ ' 14f1;L /bw) 77-) "" 104 arc`7- -c At; /6- te,n i?oi 7 7 144 or lfr:1111,00,1; ,B ie ..fir e�� Ed/ �'rJ'irl I hs§ / /p� ua�� &JJv�d �',fir') Ae ado ��c9r—t 11 k V k di/AA, eL, . v i`f) a`�S`- 7003- 7 -ev• r4( MEETING AGENDA WORKSHEET Meeting Description Investment Committee Meeting Date 0/II° Time 11:00 p.m. Location North Wino Conference Room Mailed Agenda OP Posted Agenda / 00 ', C , 'a.Time &' Convene Adjournment �d "" n '; ' '" ;MembersAttending - ? i Yes .No OthersiAtteding, - , . , , x x Yes No Yyj 1 Paul Gibson, Chairperson 1 2 Russ Campbell 2 ...X. sil'Ac 3 Carlos Ortega, CM 3 Q 4 Buford Crites 4 ride. 5 Jim Ferguson (ea-bi e 5 ^ 01�/6'Y�/� 6 Thomas Jeffrey 6 f/\ ,„4,1:,(ii�1t��,� 7 Murray Magloff 7 8 Bill Veazie 8 9 Gregg Lindquist 9 et 10 Dave Erwin Vied; ," {'PL 10 /12 12 13 13 14 ::Items To Be Discussed ,„ ew ,Persona Responsible :Material ✓' 2 1 2 4 5 t 6 7 UJ 8 9 1 /fly• a ry • • • II Spoke 'Mfi;(1) ''Mtn (2) ;`, . ; ..MEETING.NOTES- „ ,r- „ a *i,k;r,r ,. 1[ (&4*mode ,&e' u. , 6L 4.4 4- _s• �y d 7ZO) gitQ / ,d'a< — kon - he pif - .vet) eget 1.," % zi r t ; a� u0 (uald ,,v9� - 2 0�7 , fur f.% /rrarzl 2.eci , .04-11 yh4 . di_Ate. .-st- enr.... 0-9 /�, a. �'dia�ii do- 4f 7s1l� %e epS. Ate a & ifr — o ci. floe..- 4- -0,-e- aAet e. .7' / e Is .ems /lvl .y, ..ce j� edr`t ra v 'f e 1y ae /2 -- /P./7r 41 Zi/ ., emu. /fr'14- g#7, 4 70 arr. /h4 Z n 4 d tin /Zete- 9 77-0 - a ,t. , ;ir "iks&ue t, — emzeattoe 217)a 2 -42ati7 Da1-4;&-ezx LE,l=& 7:elaj /c/.f 09 jai 7e ,lily. ,"XI-d tea'- _ 7,1e-st el/tartCec /$DA 0 2, Tiro 6e✓. �� " a z'i 2 .tv/. 'Spoke `Mtn,(1)_ Mtn (2) i r ; 'RI.MEETING NOTES d ', ". 7% /mil% i r----7 K ci. Si ,!<vt1/L ,k �il//' •�irr c /Y,Qs.J Ate- — eis / ' 4 - 1/S Mr �. A?a4' f . eta"}lsn ,-.'eed-4-2 4 d / '_ 4q a Gad aaid l- in- /Z et,-kh K dee/ 4' ZeirdeatV - , rc‘ 7� Act- A 'd� �- . auk 71'/ /.-P�e ' az. , d.,./._4074 72,--4.4-2,t, R' Uthzik) 8/ e", ausetedni/ Ard yn ciA;c.,dec. it9y ke-te, 71,-*Iru< -.N... -.' £oti.,,adte_ / CO e--; eatS) , h7/77 A s�6 / - z- 2 t - Pa-i t'- /acre'-7°. /7� UG e emid e9; .79-2 A9 S. A &tez/te_) - 4P- • 7-T .0 yZ/-4-. - /ice-....--220 yip /.4 MCP . - 7/a • • • • Spoke `Mtn (1) Mtn 2) ,_--;, : MEETING.NOTES � nP `" . 6/ r ,/ ,� "L it' KP' , 6 iice 4- S /4 tied. 6 4€ " -ti Z,9. ,Pa--- �S� yo u` da- a24d- I Cei�� TAT/ es-4_ A d S- tires /7Z A&a.4 7e., d ,s zeteed el � 1- .- d - - �) % h-tho J A atke LO/r. Mk& - 447,41 /gfeziw tear TX #3 'o A aw74 Ac er-el,/noi- n- S 7 /46-- eha 0 24--, /-7 z?. .0-0. D� /� ,c-c4rf. CT 7) . f&. CJ 2 ',°w� [99 -/4if€e 417111 Ze%et � /S L l yo. - ‘ tea---t-�-yeti .- /co Y.C�r ) jai/q 27,-, /1D2m ial A A-41- M,er- .-Cz 0 C - fn/e/ �J M /« ifr. • • • • Spoke- ` Mtn (1) AMtn-(2) 1 ,: :,:MEETING NOTES: `.1 ✓;„ s.. � ' /✓po � 4,iC /h- 'icier. L Y Zi/ -%,U a (yzC&J 'i /4 izn1/) 7,Ai .gh. /idtcaP - f ra / reen rt. di a./, os . ta" o 'a � tea / ,9/4'J //- t 91t 7Wk-y F 221 , WC t ,1- ` f0r� 4. frater- - X' cf ,r pa/ev7, TLC 20 e4ez #Zeie 'ef % —2j tit- — wu., � /tom ' A � , i�'r 24 ,Oi Add er . 0 4/l" . y°�a°resf g -�/Yi/!0_ A J of 'ic - t9kr 77- I /t-e'. 4c. . (2 u - ,9-,J; etc_ - ixt,42. iti dove-IA:2 At A.-f .c7f cf. 7-7 yando/ r ie . A / ,) t n n (i.-A . � • • • • Spoke s.MO (1) ,Mtn'(2) " ,`_ e s '; i .MEETING NOTES- ;4, • Agenda INVESTMENT & FINANCE COMMITTEE Wednesday, June 21, 2000 - 11:00 p.m. North Wing Conference Room CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES - May 17, 2000 Rec: Approve minutes of the regular meeting of May 17, 2000, as submitted Action: IV. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not otherwise on the agenda may address the Investment & Finance Committee at this point by giving his or her name and address for the record. Remarks shall be • limited to a maximum of five minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non-hearing agenda items. It should be noted that at the Investment & Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks 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 Background Checks for Section 4 Rec: Report by Redevelopment Manager Dave Yrigoyen Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on issuing new bonds presented by Dave Yrigoyen Action: VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for May 2000 Rec: Review and submit to the next City Council agenda. Review AGENDA - INVESTMENT & FINANCE COMMITTEE June 21, 2000 Page 2 the presentation on the investment graphs. Review the investment activity for May 2000. Review status of capital projects and cash-flow projections. Action: B. Review Short Term Investments Maturing in June 2000 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 Reports for April 2000 Rec: Informational item for the Committee to review. No action required D. Monthly Financial Report for City Council for May 2000 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Reports for May 2000 Rec: Review and file report Action: F. Desert Willow Golf Resort Financial Information for April/May 2000 Rec: Review and file report Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for May 2000 Rec: Review and file report Action: H. Annual Review of List of Approved Coroorate Issuers Rec: Review and approve staff recommendations Action: • • AGENDA - INVESTMENT & FINANCE COMMITTEE June 21, 2000 Page 3 VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the next agenda VIII. INFORMATIONAL ITEMS IX. NEXT MEETING - July 19, 2000, at 11:00 a.m., North Wing Conference Room X. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this May 16, 2000. D Bradley, Recording S tary • • G � , INVESTMENT AND FINANCE COMMITTEE * . rh Minutes .4� „fire 9 gn, May 17, 2000 CALL TO ORDER A regular meeting was called to order by Finance Director Paul Gibson on Wednesday, May 17, 2000, at 11:00 a.m. ROLL CALL Present were the following members, constituting a quorum: Finance Director Paul Gibson, Mayor Buford Crites, Investment Manager Thomas Jeffrey, Murray Magloff, Bill Veazie Absent were the following members: Mayor Pro-Tern Jim Ferguson,Acting City Manager Carlos Ortega, City Attorney Dave Erwin, Russ Campbell Also present were: Dave Yrigoyen (for Carlos Ortega), Bob Hargraves (for Dave Erwin), Gregg Lindquist, Recording Secretary Debra Bradley ORAL A memorandum was received relating to the current action COMMUNICATIONS taken by City Council involving placing City Manager Ray Diaz on administrative leave. Brief inquiries were raised, to which Mr. Gibson reiterated the information made available in the memorandum. APPROVAL OF The minutes of the meeting held on April 19, 2000, were MINUTES corrected by Mr. Jeffrey with the following editorial changes: Amend Page 2, Section C, Paragraph 1, Line 4, by inserting a period (.) after the date "2000," striking out all words thereafter; Amend Page 3, Section C, Paragraph 3, Line 2, by inserting the two words "and retroactively," after the word "unanimously" and before the word "approved. " Amend Page 4, Section H, Paragraph 1, Line 1,by inserting "caused a stir in the government agency's market,"after the word "has;" Amend Page 5, Section H, Paragraph 1, Line 1, by inserting a period (.) after the word "reliable," striking out all words thereafter,and begin a new sentence to read, "Credit agencies Investment and Finance Committee Minutes of May 17, 2000 Page 2 APPROVAL OF MINUTES do not review government agency securities as diligently as (Continued) they do corporate securities." Upon motion of Mr. Veazie, seconded by Mr. Murray, and by unanimous vote, the minutes of the April 19, 2000, meeting were approved as corrected. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4 There being no updates on background checks, discussion ensued to the next agenda item. B. Bond Issuance by Palm Desert Housing Authority There being no bonds considered, discussion ensued to the next agenda item. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for April 2000 A sample investment schedule was presented by Mr. Gibson and received by the Committee, disclosing current cash balances of$163,226,539, as of January 2000, of which $22 million is unrestricted cash. For the purpose of providing a clearer understanding, the schedule for both the City and Redevelopment Agency will be updated and made available at the next meeting. Mr. Jeffrey reported that the results of the Federal Open Markets Committee's meeting of May 16, 2000, was a one half of one-percent increase in the Federal Funds Rate and the Discount Rate. A lengthy explanation of this incremental change was given and the forecast for June 2000. The book value of the City of Palm Desert's portfolio ending April 30, 2000, was $163 million, reflecting a decrease of approximately $2 million from the prior month due to debt service and assessment-district improvements. Currently, 41%of the City's funds are in cash. In summation, the effect of this liquidity is an improvement in overall yield as interest rates continue to rise. LAIF continues to be ahead of the City due to LAIF actively reinvesting,whereas the City has not had excess cash to reinvest. The Redevelopment Agency's Investment and Finance Committee Minutes of May 17, 2000 Page 3 NEW BUSINESS (Continued) portfolio ending April 30, 2000,was $144 million, reflecting a decrease of$8 million from the prior month due to debt- service payments. Approximately 56%of the Agency's funds are in cash. A general discussion followed in relations to LAIF's continued lead. B. Review Short-Term Investments Maturing in May 2000 As indicated in the report distributed, Mr. Jeffrey advised that Federal Agency Securities Fannie Mae in the amount of $1.4 million will be maturing on May 22, 2000. Currently, there are no securities maturing in the Agency's portfolio. C. State of California Local Agency Investment Fund Monthly Reports for March 2000 Report was filed with no discussion. D. Monthly Financial Report for City Council for April 2000 Report was received and filed with discussion proceeding. Mr. Gibson briefly reported that prior to revenues,the year-to- date actuals for the City is $23.3 million versus last year's $20.8 million. It was noted that expenditures were less than last year's year-to-date of$21.55 million versus this year's $17.721. The Agency's report was reviewed with no discussion. E. Parkview Professional Office Buildings - Financial Reports for April 2000 It was advised by Mr. Gibson that staff is submitting to City Council for approval two additional tenants to occupy the two remaining spaces. The two prospective tenants are UCR and JMS Engineering. In respects to revenue, we are exceeding projections. F. Desert Willow Golf Resort Financial Information for March/April 2000 Referring to the report of March 2000, Mr. Lindquist Investment and Finance Committee Minutes of May 17, 2000 Page 4 NEW BUSINESS (Continued) indicated a shortage in revenue of$113,000,which was ninety percent of projections. In addition, there was a shortage of rounds of golf over projections of seven percent. Mr. Lindquist speculated on possible contributing factors. It was his opinion that the loss in December 1999 of two instrumental employees, Tournament Salesperson Steve Smith and head Professional Rodney Young, had a great effect on contacts and group connections. On the upside,Mr. Lindquist informed that although falling short forty-five percent in group business, compared to March 1999, they are ahead 145% for the months of April, May and June 2000. In sum, Mr. Gibson pointed out that in comparison to March 1999, they are only behind$15,000. Among factors addressed, Mr. Lingquist brought to the attention of the Committee the schedule change of the clubhouse grand opening being prolonged to March 29, 2000. He informed that seven to eight months prior to this opening, a group had been booked for March 28 and 29, 2000, with projected revenue coming from golf and meals. Disappointedly, he explained that this group, due to the conflicting schedule of the grand opening, went to Landmark for their accommodations. Upon inquiry by Mr. Crites on the projected loss in revenue, Mr. Lindquist estimated a loss of $50,000. Mr. Crites asked if the persons responsible for changing the dates of the clubhouse opening knew of the revenue-loss factors,to which Mr. Lindquist answered,"yes." In concluding this discussion, Mr. Crites advised Mr. Lindquist that he should have apprised City staff of the financial consequences precipitated by the date change of the grand opening. Mr. Lindquist concurred. Preceding to payroll and other expenses, the increase was due to staffing and other needs for the clubhouse grand opening. Referring to the April 19, 2000, minutes, Mr. Murray reminded Mr.Lindquist that he was to provide the Committee with the total monies received from the grand opening's no- host-bar,to which Mr.Lindquist advised an approximate total of $1,500, which was applied to the food and beverage revenue. There being no further discussion on this item, Mr. Lindquist was excused from the meeting at 11:30 a.m. • • Investment and Finance Committee Minutes of May 17, 2000 Page 5 NEW BUSINESS (Continued) G. Palm Desert Recreation Facilities Corporation Income Analysis for March/April 2000 Review and file report. H. Bank of New York Trust Services Agreement Reference was made by Mr. Jeffrey to the Trust Services Agreement, advising that it has been fully executed. Mr. Gibson noted the transition to the new Trustee will probably go through July 2000 since negotiations took longer than anticipated. I. Status of Existing-Broker Dealers Mr. Jeffrey advised that it is staffs recommendation that the existing-broker dealers Banc of America Securities, Chase Securities, Morgan Stanley Dean Witter, Salomon Smith Barney and Wells Fargo Bank be reconfirmed as broker dealers for the City and Redevelopment Agency. In the case of Union Bank, their application will be late due to the broker's absence last week. In the cases of Lehman Brothers and Zion Bank, it is staffs recommendation to dismiss these two broker dealers. It was moved by Mr. Veazie, seconded by Mr. Crites and carried to approve staffs recommendation to approve the existing five broker dealers and to dismiss the two indicated hereinabove. REPORTS AND REMARKS None. INFORMATIONAL ITEMS A. City of Oceanside Investment Fraud An information report was received and filed. Lengthy discussion followed. In summation, Mr. Jeffrey wanted to alert City Council and staff of the scam in efforts to prevent being potential victims of such a scam. Mr. Gibson instructed the information to be submitted with the minutes to City Council to ensure all City Council members are aware. Information was received and filed regarding Assembly Bill (AB) 2220. Mr. Jeffrey informed that AB2220, which is currently pending in the California Assembly, would correct • Investment and Finance Committee Minutes of May 17, 2000 Page 6 INFORMATION ITEMS technical errors in the California Government Code relating (Continued) to the maximum maturities of commercial paper and bankers' acceptances. If enacted, AB2220 would enhance portfolio profitability by allowing the City to invest bond proceeds in commercial paper with a maximum maturity of nine months, as opposed to the current six-month limit. Commercial paper is the highest-yielding, short-term asset in which the City can invest. NEXT MEETING The next regularly scheduled meeting will be held on Wednesday, June 21, 2000, at 11:00 a.m., in the North Wing Conference Room. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Gibson at 12:05 p.m. Respectfully submitted, ra Bradley, Recording Se VEINPNCEIUEDRRA-IIWPDOCS NVSTCONMINUTES`L51]W3 WPD o City of Palm Desert Portfolio Summary of Cash May 31,2000 Total Cash" $ 164,217,496.91 Less Cash Restricted for. Assessment Districts (I) $ 63,014,258.14 Special Revenue Fund(2) $23,205,711.98 Capital Projects(3) $ 11,388,888.44 Enterprise Fund(4) $ 6,474,964.65 Trust&Assessments(s) $ 1,455,353.06 Library Materials(6) $ 18,480.29 Loan to RDA(7) $ 31,002,916.95 $ 136,560,573.51 Less General Fund Reserved for. Equipment Replacement $ 2,194,478.00 Debt Service $ 1,198,101.00 Loans&Receivables $ 500,000.00 $ 3,892,579.00 Unrestricted Cash $ 23,764,344.40 Total Cash 0 Assessment Districts ■Special Revenue Fund ❑Capital Projects 0 Enterprise Fund 0 Trust & Assessments III Library Materials •Loan to RDA 0 Unrestricted Cash 0 General Fund Reserve 3 14% 9% 4% 0 2% . 0% 19% 14% (r)Funds are restricted to Assessment District Capital Improvement,Principal and Interest payments. (2)Funds have been restricted for specific purposes. Example: 'Measure A'funds can be used only for street projects. (3)Funds have been appropriated for Capital Projects. Example:$10 Million for Westfield Shoppingtown parking structure. (4)Funds have restrictions on what they can be used for. (s)Funds held on deposit for developers and employees. (6)Funds restricted for library purposes. (7)RDA Loans-No payment schedule has been done. Payments are unknown. • $ 52,162,249.97 Represents cash held by trustee in bonds Total Cash balance in this schedule is calculated on a cash basis. Investment committee receives cash balance on the accrual basis. • • Palm Desert RDA Summary of Cash May 31, 2000 Total Cash ** 157,728,758.65 Less Cash Restricted for: (0) Bond Funds 127,957,294.66 (2) Debt Service 26,016,498.24 (3) 20%Set-Aside (2,018,685.21) (4) Housing Authority 3,450,489.14 (5) Trust 1,629,369.14 157,034,965.97 Unrestricted Cash ' 693,792.68 Chart of Restricted Cash 81.1% 0 Bond Funds 0 Debt Service ❑20%Set-Aside 0 Housing Authority' •Trust 16.5% 0 Unrestricted Cash 0.4% -1.3% 1.0% 2.2% Cash is used to pay for the RDA Annual Budget 0) Balance includes funds for escrow payments, Bond Funded Capital Projects, and payments for Debt Service (2) Funds used for Debt Service Payments and expenditures for projects under contract (3) Funds used for low income purposes (transfer of 20%done at year end) (4) Funds reserved for the Housing Authority purposes (5) Deposit held for Pass-Through Agency ** Total Cash balance in this schedule is calculated on a cash basis. 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' ,' 1. - n.'<'i ,a::rria PORTFOLIO (%) 0 0 0 0 0 c 0 n q��' $ �'xNixar xs'T'usii'v,'s+.er�;�. .■.. m �t`t..t u s��.a,1.4:3 it a 2. m eo m g 7 ro qqN , 1y 0$ "'w)i 7.nnYniB S+A�YW;P m ro O X i� a - w in o r O R l ap me m m •. z C 3 (0 9 X l -I O e sMre,rr.e +x s.uu a ■■■■ - zzs o 4 y O y o O 5; Ei r 47� zz � yp�.�t r s C '^O � N z$ Y+a^Mn. `=N<gR.,JP3'"Y�'kf��',7 6 6 $ 0 ymy O Cp m O O yy ' m O Po 74/EW,;;;Y�e 'sY'?o^�kSM" A0Sv; . 0 m r a m m N _ c -C- m wNO. . .` - - - a' rn m WI -n A 33 ww v $ r ads+a403twwtr-,s r..:rr<a:sr; ■■■■ a o 0 $ a:9.44ae5ir ;u+ +rx.SMcti.7iiy3A'.'3ew.id g ■■■■ 3 m m -c ��:?�5»'�vva'k,T+?:�`+�'P`+:RY,:?5P;?�-tv?AaY',: $ ____ r.$ CITY OF PALM DESERT • INVESTMENT ACTIVITY REPORT • MAY 2000 • EXECUTIVE SUMMARY As of 5/31/00, total portfolio book value was approximately$164MM. This reflected a net increase of approximately$1.1MM from prior month due to receipt of sales tax revenue. There was an unrealized portfolio net loss (market value- book value)of approximately;$104M, based upon prevailing market interest rates. This was only a "paper"loss since there were no premature securities sales. Significant changes in investment position are shown below: "United States Treasury-Coupon". The City buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest assessment bond proceeds. Although unrated, considered "MA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF PREMIUMS. "Federal Agency -Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "AM." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1.4MM DUE TO A MATURING SECURITY. "Local Agency Investment Fund (LAIF)". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$3.8MM DUE TO DEPOSIT OF SALES TAX RECEIPTS. "Federal Agency -Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain'an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE BALANCE DID NOT CHANGE. "City Loan to RDA". The City has made long-term cash advances at LAIF interest rate to RDA for property purchases. - Advances will be repaid in future years from tax increment revenue generated by associated redevelopment projects. THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool". The City invests assessment bond proceeds (construction, cost of issuance, and bond reserve reserve monies) in "Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I. This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO DRAWS FOR INDIAN RIDGE AND FOR BIGHORN CANYON IMPROVEMENTS. "United States Treasury-Discount". The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AM". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts". The City sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund". This $905MM fund invests only in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$846M DUE TO MATURING SECURITIES. "State & Local Govt Series -Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year,to invest assessment bond proceeds (to comply with IRS yield&arbitrage rebate regs). Nonmarketable.Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$9M DUE TO AMORTIZATION OF PREMIUMS. • # R . 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N S m f NO fG Ix r0 m0N-' T m m +p V Co V J 80a to -.I V 0 Co -4 n+ J O N O b) m Os 8�8 � 8�8� 8 8 50 y y = ZC m 5 mO Eft Hln IA w w In In In In 0 W ES In Fn 0 -_ N Z O W N m 0 ° C D D V V CO O co to+ A AAOk y y! 2 mpQ,tJJ 0 CA m C 31 y2T t L .12 +,Nit V Ok tmii-N+N $ I . 0 S> S t38�8N �R8 0 y m m 8 _ 8.-4 OOo N --4 N 8J J m pM W N W O N NO �W�pp O POT� m N�Wit 88 W 82 D a 8 --- Smc m N 0 I- YIELD(%) - § a 0 A a m m yi m O m N C, O A CO IV C Z $MILUONS O D -• m o° t„ F•. 4l.4 A 8 8 8 8 PORTFOLIO (%) -< `$ sse�ti ,. ✓t,ws,� 8- �� 10` y 8 E S n {{ mtla r t m 8 g N I] m C 7 co r Cr 'Xntifntate"w' e34-..24+ti"R -.. N • o D m s?a`s.,,,=u ,5%aa3'e1cst c_,•;;£r 111 3 9 J ofO O u< pm ag �- 0 33 ro Y l?5s33 a-1 ,kp 'v, a.93F+aJminimii D C Z C-61 2 D N .kit- in O m m < m mom ; C o m CO O m < m 0 ,< M mmz C cc' .V40 uh.n.':Taz k.lu Naw,;f+`�wwy P to' O ... D a O < A y _ < 9y D m cor O Is Is` N y _ k m c mma ' 3m m . m ,,,,,,,,,,e, ',cone Anm'SicLin- c,'4 < r =o Z N j O0 II O N 8 ... N - 0 A U! 0 8 qS. ,J& Ltri.-„sS{. '0473,}ea,'LT 9 Q 0 N D I O -4 -C 8 v 9 .'� m a u. m m 8 _ - ,* w3a «tea �.� +SU¢4z..irkS,a,3. 6 8 -, o < o tr aQka^ ;Wwrw'uA€^ . 3 .-. 8 8 t{skfc,s iy Sn•:s 4y M.ro m,Mo 5-Cok,FisGa:Fy+. 8 __�_ REDEVELOPMENT AGENCY. INVESTMENT ACTIVITY REPORT• MAY 2000 EXECUTIVE SUMMARY As of 5/31/00, total portfolio book value was approximately$157.5MM (with SLGS). This reflected a net increase of - $13.2MM from prior month due to receipt of sales tax revenue. There was an unrealized portfolio net gain (market value - book value)of approximately$283M, based upon prevailing market interest rates. This was only a "paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "State & Local Govt Series -Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest proceeds of advance refundings held in escrow (to comply with IRS yield and arbitrage rebate restrictions). Although unrated, considered "MA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool." RDA invests tax-exempt bond proceeds (construction, cost of issuance, and reserve monies) in Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$577M DUE TO DRAWS FOR LAND ACQUISITIONS AND IMPROVEMENTS. "Local Agency Investment Fund (LAIFI." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180-540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$13.7MM DUE TO SALES TAX RECEIPTS. "United States Treasury-Coupon." RDA buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. - "State& Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE. "United States Treasury- Discount." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount;face value paid at maturity(difference is yield). Although unrated, considered "MA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts." RDA sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund." This$905MM fund invests only in U.S. Treasury bills and notes(no repos or reverse repos). Weighted average maturity is 90 days or less(per SEC regs). Although unrated, underlying securities considered "MA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$142M DUE TO INTEREST INCOME. "Federal Agency -Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2 - 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. Government's"moral obligation"). Although unrated, considered "MA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$5M DUE TO AMORTIZATION OF PREMIUMS. "Federal Agency -Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk,thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less,to invest revenues. THIS ACCOUNT HAS NO CURRENT BALANCE. 03 • 3 0mcin, j O lA co e co N 3 ii, co N m H y n co E IN M 0 CD CM ` m K ° • m Z 2 00, --I Ca v 0 N 3 n H z co -i N 1 m W Na cn A W N CO N w. co g HtgD TTT5 NNNN -. = m m x CO N O Z CD CD 0 (O 0 0 0 0 0 ari ^A w � � n , 3 � Z 2 2 o o o o oo co C m m D 0 N O i CO (N/i CO Z Z �.. O O (NJ1 N N CO C C o ^' C O 5 3 C '' A n O V 2 co o CD n CD o Z 3 CD z CD CD CD N = 0 < n m on o = o o n o o D cri w Oo a co D: 0 0 -. r. ((Dp ° 0 O Oo OT p° n ! O Op0 c° � om A Co4z. 0 00 0. o n r z . N a 0 0 o o n 0 < Na O x O o 0. p ... N o. o co N y 0 0, p n O o O �. 3 5 O co y 'O O, O O O N n �. r y n N N. 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(AO � o o DOD -o 1 - g D a cio E 1n m o a , o o r-o : 0 3 On O m O s A o o m ' o' g F o r m D � o O. = w oO W C-) mc° 5 - - 1 N o '< °' _ C_ N co O N N m _, r O .. � m a' N = > m o 3 O, xi 3 r- n 3 N 0 CO C Opt 1 0 . a) CCDco a � � C Q o � �� • 1 N S. _d O. N 7 0' 0 T a 7 C = E Ni G D 9 0 co r • Z 0 .. m . 1 3 wp < ' m o o 0 T p m O -IO EA EA EA 69 rn rn Dp C0 xi Nif N C m CO N m 71 CD r r cn U N O 0 0 m m m m m m 1- _ CO CO CO CO COCO Z Z Z rn m • • June 21, 2000 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS C. STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND MONTHLY REPORT FOR APRIL 2000 Rec: Informational Item for the Committee to review. No action required. (REPORT TO BE DISTRIBUTED AT MEETING) G:\PINANCBDEBBRA-1\W PDOCS\INVSTCOM\INSERT.WPD i • • v e a o jc v s°° v Ei no no a V.,ow ✓ v , d .23 Q o CO d ? 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Z, 1" C7 D b W F Li_ v) 0 O N ?; ti d. y 4 N 0444 G. 7 7 d a N A y 'a q mh u. w O w 0 v tU ^. c, r1 7 A t@ a m m $ o m g .. O `'3 aQ, .= 0 x 0 ? H d z a i ri H ):] o`. W` ran d O W n°. C7 a s U W ^ �" 9 1 • PALM DESERT REDEVEL•NT AGENCY COMBINED STATEMENT REVENUE AND EXPENDITURES COMPARED TO BUDGET 31-May-00 • TOTAL RDA RDA RDA %OF ACTUAL (FAV)UNFAV i BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Tax increment 28,323,686.00 25,963,378.83 31,697,311.02 122% (5,733,932.19) 2 Interest 2,060,000.00 1,888,333.33 2,436,897.87 129% (548,564.54) Sales of Property - - - 0% - 3 Reimbursement From Other Agencies 725,000.00 664,583.33 469,438.79 71% 195,144.54 Other Revenue - . 98,318.96 0% (98,318.96) Transfers to/from other funds - - - 0% - TOTAL REVENUES 31,108,686.00 28,516,295.50 34,701,966.64 (6,185,671.14) FAV(UNFAV) EXPENDITURES Administrative Costs 776,720.00 711,993.33 575,218.05 81% 136,775.28 Professional Services 1,005,988.00 922,155.67 258,906.55 28% 663,249.12 6 Property Tax Administrative Fee 520,000.00 476,666.67 502,395.00 105% (25,728.33) Cost of Inventory Sold - - - 0% - Payments to Other Governmental Agencies 9,383,200.00 8,601,266.67 1,892,449.40 22% 6,708,817.27 Bond Issuance Costs - . - 0% - Bond Discount - - - 0% - 4 Interest And Fiscal Charges 10,924,886.00 10,014,478.83 8,106,563.09 81% 1,907,915.74 4 Principal Payments 3,100,000.00 2,841,666.67 2,790,000.00 98% 51,666.67 - - - 0% Capital Outlay - - - 0% - Office Equipment 19,825.00 18,172.92 11,666.58 64% 6,506.34 Undergrounding Projects 21,665.00 19,859.58 - 0% 19,859.58 Deep Canyon&Hwy 111 3,078.00 2,821.50 - 0% 2,821.50 El Paseo Improvements 2,755,000.00 2,525,416.67 - 0% 2,525,416.67 Parking Spaces 10,000,000.00 9,166,666.67 - 0% 9,166,666.67 Fred Waring Dr. Street Improvements 5,265,000.00 4,826,250.00 435,750.47 9% 4,390,499.53 1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - 5 No. Sphere Infrastructure 9,118,641.00 8,358,754.25 4,163,375.83 50% 4,195,378.42 RDA Projects 5,005,144.00 4,588,048.67 - 0% 4,588,048.67 Desert Willow 5,145,729.00 4,716,918.25 47,553.11 1% 4,669,365.14 Land Purchases/Property Acquisition 4,300,000.00 3,941,666.67 4,163,940.00 106% (222,273.33) - - - 0% - . - 0% - - - - 0% - Transfers - - - 0% - Transfer Out Administrative Costs - - - 0% - Transfer(In)/Out Capital Exp Reimb - - - 0% - Transfer Out Low/Mod Set-Aside 5,664,737.00 5,192,675.58 - 0% 5,192,675.58 - - - 0% - TOTAL EXPENDITURES 73,259,613.00 67,175,478.58 23,197,818.08 43,977,660.50 1. 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N cO CO (D COy o CO =O N N W Or M O N O N d CO N o u) p °1 E U -t °) C 3 N co °) 0 O C a) 03c Q o f d £ ~ N co • -OCCT dC oQto x om a � -oo E y N > W T.) y L C > E O co '� > m % mN d d3 O 0 co Z � � � N Oy cm � cz d z a E c co 0 .0 cmi d � 5 1 c °��' d � ad o > mcoctO cmi cii E QO -1 0. ¢ m oE � o > ca0o , oam 5E5 uj d �) y a N y co y E H m J y Q a O O 'y d S co y n ¢ N O .�. 0 N N N D N a U O • x m g E L c ~ c 'E o oa >,c C t- 'C a) c c c H -x °=i m an d -o moo c Tn '2 m m m r > H C CO Q O h a Q a a a o o E a C GCH H H H H w I- PALM DESERT REDEVELOPMENT AGENCY 31-May-00 Schedule of Revenue and Expenditures HOUSING FUND 11 YTD (FAV)UNFAV Budget Budget Actual YID Variance REVENUES 2 Transfer in of 20%Set-Aside 5,664,737.001 5,192,675.58 5,192,675.58 .......... 3 Interest 115,000.00` 105,416.67 13,559.701 91,856.97 Rental Income ;45,000.00. 41,250.00 ` 30,095.11 11,154.89 Sales of Property 110,018.00 100,849.83 134,517,64 (33,667.81) 1 Reimbursement From Other Agencies - (96,163.20) 96,163.20 2 Housing Mitigation Fees 53,000.00 48,583.33 48,583.33 Other Revenue - 3,880.53 (3,880.53) TOTAL REVENUES 5,987,755,00 5,488775.42 85,88978 5402,885.64 EXPENDITURES FAV(UNFAV) Administrative Costs 286 850.00 ; 262,945.83 247 755.95 15,189.88 Professional Services 195,245.00 ' 178,974.58 75 499 07 103,475.51 Property Tax Administrative Fee - - Cost of Inventory Sold - - 6 Interest And Fiscal Charges 2,657,982.00 ' 2,436,483.50 2,65413330 (217,649.80) 6 Principal Payments 880,000,00s 880,000.00 880 000 00 - Capital Outlay - - Office Equipment - - Acquisition Rehab/Resale#7 500,330.00'' 458,635.83 30 865 23 427,770.60 Home Improvement Program 1-6 94,067.001` 86,228.08 1 173 13 85,054.95 Santa Rosa 568,197.00 520,847.25 64,734 77 456,112.48 4 Property Purchases 476,772.00 437,041.00 473,579 66' (36,538.66) 5 Desert Rose 183,159.00 167,895.75 85,769 81! 82,125.94 Portola Palms Mobilehome Park 200,000,00:` 183,333 33 165,678 92 17,654.41 Transfers - - Transfer (In)/Out Administrative Costs 100,000.00 91,666.67 91,666.67 Transfer(In)/Out Capital Exp Reimb - - TOTAL EXPENDITURES 6,142,60200 5,744,051.83 4,679,189.84 1,024,861,99 Notes: 1 Includes prior year adjustment for tax increment calculation change 2 This transfer is done once a year only. 3 Interest is posted with investment maturities or dividend payments 4 Purchase of Rental property on Santa Rosa 5 Includes re-purchases and re-sales 6 Debt Service is due 10/1 and 4/1 of each year . •_ m N N to Q O N- t') i m t O N co tp Q N • h NJ f N d OOm , co co ¢ - m N �Op CD f CD N. �Qp �y f- N N d R. 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W F y E cc c a 0 m n d N m m 'C h 70 ❑W _.E ¢m Q0 C' m h m D D y 0 yX V • W ¢ a `D t ❑ r Z co a) y W W m Q D a n❑ j 0 0 W O O w y El H 0 0 tii t 2 d m a 2 O Z 2 z F CC m MD w co o. = )'- c o W me 00 yQ o aOi > w W a m a� X F j a F 0 } y 2 m 2 = a W E 2 m 2 w Q 0 . < > ~ 0 To 2 c 0 w A ¢ < 0 .. 0 0 u f l Q W S 3 w w 0 < c w v t 0 W m or n ` A A pF 0 m U O to CI_ it W ¢ O H a. 0 a 2 F f- F r I- 0 0 w w < 2 W Z 2 0 • City of Palm Desert • Parkview Office Complex May-00 May-00 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 66,500 $ 68,154 $ 1,654 102.49% $ 720,500 $ 702,633 $ (17,867) 97.52% Dividends/Interest $ 1,250 $ 6,027 $ 4,777 482.18% $ 13,750 $ 50,819 $ 37,069 369.60% Total Revenues $ 67,750 $ . 74,181 $ 6,431 109.49% $ 734,250 $ 753,453 $ 19,203 102.62% Expenses Professional-Accounting&Auditing $ 5,800 $ 5,800 $ - 100.00% $ 63,800 $ 63,800 $ - 100.00% Professional-Consultants $ 5,500 $ 5,549 $ (49) 100.90% $ 60,500 $ 76,429 $ (15,929) 126.33% Tenant Improvements $ 3,700 $ - $ 3,700 0.00% $ 40,700 $ 3,472 $ 37,228 8.53% Repairs&Maintenance Building $ 9,100 $ 486 $ 8,614 5.35% $ 100,100 $ 60,500 $ 39,600 60.44% Repairs&Maintenance-Landscapi $ 1,079 $ - $ 1,079 0.00% $ 11,869 $ - $ 11,869 0.00% Utilities-Water $ 250 $ 115 $ 135 45.82% $ 2,750 $ 1,020 $ 1,730 37.09% Utilities-Gas/Electric $ 6,000 $ 4,663 $ 1,337 77.72% $ 53,500 $ 46,213 $ 7,287 86.38% Utilities-Trash $ 450 $ 633 $ (183) 140.72% $ 4,950 $ 7,371 $ (2,421) 148.90% Telephone $ 150 $ - $ 150 0.00% $ 1,650 $ 1,390 $ 260 84.23% Insurance $ 521 $ - $ 521 0.00% $ 5,729 $ - $ 5,729 0.00% Total Expenses $ 32,550 $ 17,247 $ 15,303 52.98% $ 345,548 $ 260,194 $ 85,354 75.30% LQ_Nutting Income $ 35200 $ 56,935 $ 21,735 16175%. $ 388,702 $ 493,259 $ 104,557 126.90°MM Equipment Replacement Reserve $ 9,186 $ 9,639 $ (453) 104.93% $ 101,046 $ 106,024 $ (4,978) 104.93% Vtleattcome $ 26,014 $ 47,296 $.. 21,282. 181.81%... $ 287,656 $ 387;235 $ 99,579 134.62% Invesp2000-invest • Parkview Office Complex • Vacancy Rate Schedule by Suite May 2000 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover(Options expires on December 31,00) 2,560 102 Bergren(May not continue lease beyond lease expirati 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Council Approved a Five Year Lease Agreement 928 with JMS Consulting 108 Senator Kelly(Lease determined by election results) 785 112 Assemblyman Battin(Lease determined by election res 1,406 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions (Actively looking for a sub-tenant) 1,750 200 CVAG 4,292 200A Council Approved a 1 year lease agreement with 841 University of California Riverside 201 Vacant 604 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 208 Desert Springs Investments 960 210 Wilson,Pesota&Pichardo 3,040 Invest;Vacancy Report • Parkview Office Complex • Vacancy Rate Schedule by Suite May 2000 Suite Square No. Tenant Feet 211 Alzheimer's Association 937 217 Mcmillan 775 220 CA.State Dept. of Agriculture 1,607 (Negotiating a Five-Year lease) 222 WMA Securities 2,981 Total square footage(2 story Building) 31,562 Vacancy Rate-2,373/31,562= 7.52% 73-720 Fred Waring Drive- One Story Building 100 State of California-Water Resources 15,233 102 State of California-Rehabilitation Department 4,396 Total Square Footage 19,629 Vacancy Rate-0.00% Overall Vacancy Rate for Both Buildings: Vacancy Rate-2,373/51,191= 4.64% Occupancy Rate-48,818/51,191 95.36% Note: The two suites that account for the 1,769 sq.ft.of vacant space in the two story building may be leased by the University of California Riverside and JMS Engineering.The City Palm Desert Council has approved staff to negotiate and lease the space to the prospec tenants.If both spaces are leased Pakview Office Complex will be 99% leased. Invest;Vacancy.Report • City of Palm Desert • Palm Desert Office Complex Listing of Tenant By Type Total Square Footage Breakdown By Usage Square Feet Leased to Govemmental/Non Profit Square Feet Leased to Square Ft. Quasi governmental Private Vacant Building 444 Two Story Building 16,124 14,834 604 Building 555 Single Story Building 19,629 - - Total Both Buildings 35,753 14,834 604 Percentage of Square Foot by Usagg Pct. Square Feet Leased to Percentage of Percentage of Governmental/Non Profit Square Feet Leased to Square Ft. Quasi governmental Private Vacant Building 444 Two Story Building 51.09% 47.00% 1.91% Building 555 Single Story Building 100.00% 0.00% 0.00% Total Both Buildings 69.84% 28.98"/n 1.18% • Write;Tenant Breakdown • • City of Palm Desert • Desert Willow • Budget Vs Actual For the month of April 2000 Budgeted Actual Budgeted Actual ' April April $ Percentage Year to Year to $ Percentage Revenue 2000 - 2000 Variance Variance Date Date Variance Variance Course&Ground • $ 439,175 $ 630,306 $ 191,131 143.52% $ 4,585,177 $ 4,308,113 $ (277,064) 93.96% Carts $ 43,000 $ 42,065 $ (935) 97.83% $ 259,877 $ 224,152 $ (35,725) 86.25% Golf Shop $ 60,550 $ 93,123 $ 32,573 153.80% $ 550,189 $ 608,658 $ 58,469 110.63% Range $ 4,000 $ 2,130 $ (1,870) 53.25% $ 25,517 $ 14,117 $ (11,400) 55.32% I Food&Beverage ' $ 133,000 $ 162,579 $ 29,579 122.24% $ 531,491 $ 613,645 $ 82,154 115.46% Interest Income $ 1,500 $ 2,600 $ 1,100 173.33% $ 24,886 $ 27,402 $ 2,516 110.11% I Total Revenues $ 681.225 $ 932.803 $ 251.578 136.93% $ 5.977.137 $ 5,796.087 $ (181.050) 96.97°/ Payroll Proshop $ 9,724 $ 15,881 $ (6,157) 163.32% $ 99,330 $ 122,273 $ (22,943) 123.10% Cart $ 32,901 $ 19,930 $ 12,971 60.58% $ 205,687 $ 156,781 $ 48,906 76.22% Course&Ground • $ 100,588 $ 97,050 $ 3,538 96.48% $ 1,066,089 $ 1,119,944 $ (53,855) 105.05% Golf Operations $ 21,204 $ 23,823 $ (2,619) 112.35% $ 201,593 $ 239,466 $ (37,873) 118.79% General&Administration $ 32,866 $ 25,359 $ 7,507 77.16% $ 269,723 $ 249,864 $ 19,859 92.64% Food&Beverage $ 53,506 $ 73,337 $ (19,831) 137.06% $ 297,342 $ 311,057 $ (13,715) 104.61% Total Payroll $ 250,789 $ 255.380 $ (4.591) 101.83% $ 2,139,764 $ 2.199.385 $ (59,621) 102.79°/ Other Expenditures Perimeter Landscaping $ 2,651 $ - $ 2,651 0.00% $ 26,510 $ - $ 26,510 0.00% Proshop $ 1,375 $ 11,736 $ (10,361) 853.53% $ 44,382 $ 68,722 $ (24,340) 154.84% Proshop-COGS $ 33,303 $ 58,162 $ (24,859) 174.64% $ 311,184 $ 345,157 $ (33,973) 110.92% Cart $ 42,312 $ 49,026 $ (6,714) 115.87% $ 354,487 $ 339,469 $ 15,018 95.76% Course&Ground-North Course $ 41,545 $ 32,040 $ 9,505 77.12% $ 546,951 $ 541,679 $ 5,272 99.04% Course&Ground-South Course $ 42,450 $ 29,824 $ 12,626 70.26% $ 581,814 $ 549,607 $ 32,207 94.46% Course&Ground-Desert Pallet-N $ 2,000 $ 2,065 $ (65) 103.25% $ 26,600 $ 26,738 $ (138) 100.52% Course&Ground-Desert Pallet-S $ 1,500 $ 1,501 $ (I) 100.07% $ 21,600 $ 21,519 $ 81 99.63% Golf Operations $ 700 $ 2,713 $ (2,013) 387.57% $ 40,810 $ 30,256 $ 10,554 74.14% General&Administration $ 55,183 $ 73,393 $ (18,210) 133.00% $ 594,399 $ 577,746 $ 16,653 97.20% Range $ 250 $ - $ 250 0.00% $ 25,662 $ 17,127 $ 8,535 66.74% Food&Beverage ' $ 8,500 $ 27,275 $ (18,775) 320.88% $ 94,211 $ 139,440 $ (45,229) 148.01% I Food&Beverage COGS $ 45,260 $ 43,928 $ 1,332 97.06% $ 191,018 $ 218,987 $ (27,969) 114.64% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 250,000 $ 248,299 $ 1,701 99.32% Financing/Lease $ 8,209 $ 5,659 $ 2,550 68.94% $ 86,447 $ 58,440 $' 28,007 67.60% ITotal Other Expenditures $ 310,238 $ 362.322 $ (52.084) 116.79% $ 3.196.075 $ 3.183.186 $ 12,889 99.60°,j David Leadbetter Academy Learning Center Revenues $ 70,000 $ 47,113 $ (22,887) 67.30% $ 336,968 $ 305,033 $ (31,935) 90.52% Reimbursements to David Leadbetter $ (59,500) $ (40,046) $ 19,454 67.30% $ (286,672) $ (258,616) $ 28,056 90.21% Other Expenditures • $ (100) $ (1,377) $ (1,277) 1377.00% $ (7,750) $ (13,770) $ (6,020) 177.68% Learning Center Income(Loss) $ 10,400 $ 5,690 $ (4,710) 54.71% $ 42,546 $ 32,647 $ (9,899) 76.73% Operating Income(Loss) $ 130,598 $ 320,791 $ 190,193 245.63% $ 683,844 $ 446,163 $ (237,681) 65.24% Equipment Reserve Replacement $ 40,822 $ 40,822 $ - 100.00% $ 408,215 $ 408,220 $ 5 100.00% Net Income(Loss) ; $ 89.776 $ 279,969 $ 190,193 311.85% $ 275.629 $ 37.943 $ (237,686) 13.777/ Snapshot of Golf Rounds Budgeted(mo Actual(mo) Variance Variance% Budgeted(vtd) Actual(ytd) Variance Variance% Resident 3,220 2,564 (656) 80% 21,556 17,415 (4,141) 81% Non Resident , 3,880 6,110 2,230 157% 36,971 39,506 2,535 107% Other 120 82 (38) 68% 789 374 (415) 47%. Complimentary _780 490 (290) 63% 3,218 3,977 759_ __ _124%, Total 8,000 9,246 1,246 116% 62,534 61,272 (1,262) 98% • • Dw2000;Financial Statement Page 1 ) • • ` © R \ § 7 $ 7 ® " ` ° / - ) ; \\\ v ) \ N " ) ! / . ( 0 + o ® I to sv La t; § 0 ■ ] 0 ■ 0. \ P. ) /k ! \ +g \ /! ) � ~ | k \ ° u # � \ ) \ \} ) \ a \ otor 0 j 0 /§ ] a j ! ) * § § ¥ ! ~ S ¥ 2 § _ {) ` - 04 \ K a @ k ! ` \ & & / i] ! tO E® a !| k ) § §IA c ) ! ! e ƒ« ) !_ ! ( § ` z le !` t! \ ! ! ! / � ! ] ! ! ) ° r ; ) ! . ; 0 \ £ 3 • • Cl :7 () (\ \ }U 0 0 r>4\ Sf<§4) ( r, $\ \ \ \ . : )} : § _ __ \ " °` \ ° ; ! : !: l ;nl : ® \ : !! _ ) RRa / _ 1 fEƒ>f( \ ; _ / . \ } ^\` 2 , Fn \�/�\ bq s�\\\g \ \\\\\\\9 \\ j - , . - / _ Z : , \ _ , ent _ ; , y; - -.. \ w ® , g _ , -- - i _ i --.--. ---... -..-.----.-4 . - - � ' 0 - - - ;lEi6 ! / - _ \ g„g . �( § � ` \ _ � _ \ -- : R, - , _ - _ ;, z j m ® . , - - , , �� ( ------ ---- ------.----- --- . . _ < ° � ` - - „- ) 4l;i R;§;;4! ! 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CCD a / \ f 04 \\: ! ! - z | ) ! ; i " e20 ` ; E i, , Ji . i }!' {`ka .. . ) i ( \ ! ) • Desert Willow • Breakdown of Rounds per point of sale system COMBINED - Mountain View as Firecliff Golf Courses Resident 2,564 $ 115,380 $ 45.00 26.64% Non-Resident 6,110 551,602 $ 90.28 63.48% Other 82 820 $ 10.00 0.85% Complimentary 490 2,025 $ 4.13 5.09% Desert Willow Totals 9,246 $ 669,827 $ 72.45 96.06% • Dw2000;Diaz AVG RD Page 10 1 • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- APRIL 2000 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekend 419 $ 18,855 $ 45.00 7.81% Resident Fee-Weekday 464 $ 20,880 $ 45.00 8.65% Resident Fee-Twilight 355 $ 15,975 $ 45.00 . 6.62% Total Resident Rounds 1,238 $ 55,710 $ 45.00 23.08% Non Resident Rounds Wholesale - Replay 63 $ 4,675 $ 74.21 1.17% Posted Weekend 711 $ 99,886 $ 140.49 13,25% Posted Weekday 474 $ 54,974 $ 115.98 8.84% Advance Fee - Weekend 4 $ 576 $ 144.00 0.07% Advance Fee - Weekday 4 $ 600 $ 150.00 0.07% IROC Member Guest Twilight 7 $ 560 $ 80.00 0.13% • IROC Member Guest- (wkdy) 6 $ 270 $ 45.00 0.11% IROC Member- (WKDY) 1 $ 72 $ 72.00 0.02% IROC Des. PRTY Wkdy 282 $ 17,670 $ 62.66 5,26% IROC Designated Party -Twilight . 8 $ 558 $ 69.75 0.15% IROC Designated Party WKND 201 $ 15,680 $ 78.01 3.75% IROC Member Guest Replay 10 $ 550 $ 55.00 0.19% IROC Member Replay 2 $ 110 $ 55.00 0.04% IROC Designated Party replay 10 $ 550 $ 55.00 0.19% Wholesale Weekend 302 $ 35,256 $ 116.74 5.63% Wholesale Weekday 113 $ 11,016 $ 97.49 2.11% Super Twilight 10 $ 450 $ 45.00 0,19% Twilight 232 $ 18,890 $ 81.42 4.32% Charity Event 286 $ 8,580 $ 30.00 5.33% Fee Special Event Variable 981 $ 71,935 $ 73.33 18.29% Total Non Resident Rounds 3,707 $ 342,858 $ 92.49 69.10% Other Rounds Junior Walking 76 $ 760.00 $ 10.00 1.42% Total Other Rouunds 76 $ 760.00 $ 10.00 1.42% Complimentary Rounds VIP 56 $ - $ - 1,04% PGA Member 80 $ 1,260.00 $ 15.75 1.49% COD/PDHS 126 $ - $ - 2.35% Donation 31 $ - $ - 0.58% Employee 50 $ - $ - 0,93% . Employee Guest 1 $ - $ - 0.02% Total Complimentary Rounds 344 $ 1,260.00 $ 3.66 6.41% Total Rounds (FireClifi) • 5,365 $ 400,588 $ 74.67 100.00% Dw2000;Diaz AVG RD Page 11 • Desert Willow • Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- APRIL 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 498 $ 22,410 $ 45.00 12.83% Resident Fee-Weekday 459 $ 20,655 $ 45.00 11.83% Resident Twilight 369 $ 16,605 $ 45.00 9.51% Total Resident 1,326 $ 59,670 $ 45.00 34.17% Non Resident Rounds Advance Fee- Weekend 4 $ 720 $ 180.00 0.10% Posted Fee - Weekend 380 $ 53,264 $ 140.17 9.79% Posted Fee - Weekday 333 $ 37,004 $ 111.12 8.58% IROC- Designated Party (WKDY) 71 $ 4,195 $ 59.08 1.83% IROC- Designated Party (WKND) 39 $ 2,945 $ 75.51 1.00% IROC- Mbr. Guest - (9 hole) 4 $ 220 $ 55.00 0.10% IROC- Mbr. - (9 hole) 4 $ 220 $ 55.00 0.10% IROC-Designated Party - (9 hole) 15 $ 825 $ 55.00 0.39% IROC- Mbr. Guest (Twilight) 10 $ 800 $ 80.00 0.26% IROC- Des. Party Twilight 5 $ 425 $ 85.00 0.13% Wholesale Weekend 165 $ 17,600 $ 106.67 4.25% Wholesale Weekday 114 $ 11,344 $ 99.51 2.94% Twilight Fee 184 $ 14,587 $ 79.28 4.74% Super Twilight 4 $ 180 $ 45.00 0.10% Wholesale - Replay Fee 9 $ 765 $ 85.00 0.23% Charity Event 504 $ 15,120 $ 30.00 12.99% Leadbetter Fee - $ - #DIV/0! 0.00% Fee Special Event Variable 558 $ 48,530 $ 86.97 14.38% Total Non Resident Rounds 2,403 $ 208,744 $ 86.87 61.92% Other Rounds Junior Walking 6 $ 60 $ 10.00 0.15% Total Other Rounds 6 $ 60 $ 10.00 0.15% Complimentary Rounds VIP 4 $ - $ - 0.10% PGA Member 29 $ 765 $ 26.38 0.75% COD/PDHS 64 $ - $ - 1.65% Donation 19 $ - $ - 0.49% Employee 30 $ - $ - 0.77% • Total Complimentary Rounds 146 $ 765 $ 5.24 3.76% Total Rounds (Mountainview) 3,881 $ 269,239 $ 69.37 100% Page 12 Dw2000;Diaz AVG RD • City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of April 2000 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 a Cash on Hand $ 1,302,674.81 Variance- Favorable Unfavorable $ 802,674.81 I • Page 13 Pal.esert Recreation Facilities Coration P Income Statement Apr-00 Apr-00 H %a Budget Actual Variance Variance Food & Beverage Revenues $133,000 $162,579 $29,579 122.24% Total Revenues $133,000 $162,579 $29,579 122.24% Salaries $53,506 $73,337 ($19,831) 137.06% Cost of Goods Sold-F&B $45,260 $43,928 $1,332 97.06% Food & Beverage Expense $8,500 $27,275 ($18,775) 320.88% Total Expenses $107,266 $144,540 ($37,274) 134.75% Net Income (Loss) $25,734 $18,039 $7,695 70.10% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget Page 1 1 • City of Palm Desert • Desert Willow Budget Vs Actual For the month of May 2000 •Budgeted Actual Budgeted Actual May May S Percentage Year to Year to $ Percentage Revenue 2000 2000 Variance Variance Date Date Variance Variance • Course&Ground $ 305,773 $ 387,542 $ 81,769 126.74% $ 4,890,950 $ 4,695,655 . S (195,295) 96.01% Carts $ 18,125 $ 32,505 $ 14,380 179.34% $ 278,002 $ 256,657 $ (21,345) 92.32% Golf Shop $ 42,050 $ 87,462 $ 45,412 208.00% $ 592,239 $ 696,120 $ 103,881 117.54% Range $ 3,000 $ 920 $ (2,080) 30.67% $ 28,517 $ 15,037 $ (13,480) 52.73% Food&Beverage $ 113,000 $ 144,925 $ 31,925 128.25% $ 644,491 $ 758,570 $ 114,079 117.70% Interest Income $ 1,500 $ 5,954 $ 4,454 396.93% $ 26,386 $ 33,356 $ 6,970 126.42% • Total Revenues S 483.448 S 659.308 S 175,860 136.38% S 6.460,585 S 6,455,395 S (5,190) 99.924 Payroll Proshop $ 7,641 $ 9,240 $ (1,599) 120.93% $ 106,971 $ 131,513 $ (24,542) 122.94% Cart $ 28,917 $ 28,160 $ 757 97.38% $ 234,604 $ 184,941 $ 49,663 • 78.83% Course&Ground $ 99,641 $ 99,778 $ (137) 100.14% $ 1,165,730 $ 1,219,722 S (53,992) 104.63% Golf Operations $ 18,258 $ 26,160 $ (7,902) 143.28% $ 219,851 $ 265,626 $ (45,775) 120.82% General&Administration $ 32,245 $ 32,806 $ (561) 101.74% $ 301,968 $ 282,670 $ 19,298 93.61% Food&Beverage $ 52,522 $ 64,340 $ (11,818) 122.50% $ 349,864 $ 375,397 S (25,533) 107.30% Total Payroll S 239,224 S 260,484 S (21,260) 108.89% S 2,378,988 S 2,459,869 S (80,881) 103.40°4 Other Expenditures Perimeter Landscaping $ 2,652 $ - $ 2,652 0.00% $ 29,162 $ - S 29,162 0.00% Proshop $ 1,175 $ 8,517 $ (7,342) 724.85% $ 45,557 $ 77,239 $ (31,682) 169.54% Proshop-COGS $ 23,128 $ . 52,355 $ (29,227) 226.37% $ 334,312 $ 397,512 $ (63,200) 118.90% Cart - $ 26,166 $ 36,120 $ (9,954) 138.04% $ 380,653 $ 375,589 $ 5,064 98.67% Course&Ground-North Course $ 46,745 $ 54,250 $ (7,505) 116 06% $ 593,696 $ 595,929 $ (2,233) 100.38% Course&Ground-South Course $ 45,600 $ 46,669 $ (1,069) 102.34% $ 627,414 $ 596,276 $ 31,138 95.04% Course&Ground-Desert Pallet-N $ 3,000 $ 1,231 $ 1,769 41.03% $ 29,600 $ 27,969 $ 1,631 94.49% Course&Ground-Desert Pallet-S $ 2,500 $ 1,598 $ 902 63.92% $ 24,100 $ 23,117 $ 983 95.92% Golf Operations $ 700 $ 1,808 $ (1,108) 258.29% $ 41,510 $ 32,064 S 9,446 77.24% General&Administration $ 43,908 $ 78,755 $ (34,847) 179.36% $ 638,307 $ 656,501 $ (18,194) 102.85% Range $ 250 $ 21 $ 229 8.40% $ 25,912 $ 17,148 $ 8,764 . 66.18% Food&Beverage $ 6,375 $ 26,174 $ (19,799) 410.57% $ 100,586 $ 165,614 $ (65,028) 164.65% Food&Beverage COGS $ 38,410 $ 55,813 $ (17,403) 145.31% $ 229,428 $ 274,800 $ (45,372) 119.78% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 275,000 $ 273,299 S 1,701 99.38% Financing/Lease $ 8,111 $ 5,560 $ 2,551 68.55% S 94,558 $ 64,000 S 30,558 67.68% 'Total Other Expenditures $ 273.720 S 393,871 S (120,151) 143.90% $ 3,469,795 S 3,577,057 S (107,262) 103.09°4 David Leadbetter Academy Learning Center Revenues $ 45,000 $ 36,940 $ (8,060) 82.09% $ 381,968 $ 341,973 $ (39,995) • 89.53% Reimbursements to David Leadbetter $ (38,250) $ (31,399) $ 6,851 82.09% S (324,922) $ (290,015) $ 34,907 89.26% Other Expenditures $ (100) $ (1,377) $ (1,277) 1377.00% $ (7,850) $ (15,147) S (7,297) 192.96% Learning Center Income(Loss) $ 6.650 $ 4,164 $ (2.486) 62.62% $ 49.196 $ 36,811 $ (12.385) 74.83% . Operating lncome(Loss) $ (22.846) $ 9,117 $ 31,963 -39.91% $ 660,998 $ 455,280 S (205,718) 68.88% Equipment Reserve Replacement $ 40,822 $ 40,822 $ - 100.00% $ 449,037 $ 449,042 $ 5 100.00% Net Income(Loss) $ (63,668) S (31,705) S • 31,963 49.80% S 211.961 S 6,238 S (205.723) 2.94% Snapshot of Golf Rounds Budgeted(mo Actual(mo) Variance Variance% Budgeted(vtd) Actual(vtd) Variance Variance% Resident 1,856 1,271 (585) 68% 23,412 18,686 (4,726) 80% Non Resident 3,226 5,267 2,041 163% 40,197 44,773 4,576 111% Other 145 33 (112) 23% 934 407 (527) 44% Complimentary 573 360 (213) 63% 3.791 4,337 546 114% • Total 5,800 6,931 1,131 120% 68,334 68,203 (131) 100% • • Ow2000;Financial Statement Page 1 tO t O t, O C CO .-+ d' 0, N CM O .-' 0 CD coo -4 O tb 01 0) cTj COO Obi N - N O CO 0) O NQ5cril oD ^ co [; o O c cotoc+i .1 .4 •' u 0C tO T to st' CI pt ++ u O aD o N W N CO N COt� CO n k q 0 03 71 CO COn u aQ e LO a ° C to °d a W 0 a O T E 0 4a o O >.y 9 °u 7 B $ a a ci a E c gg a° a a � c G A a a � ° 66Eii S (4 .56 ` to ‹ tou d U � c7 ac7 . 0. oc aia oz & rz" Es a 0 co 0 C v o 2 0 Fa f. a)O .0o C.)N. » W G O En t2ly 0 - t. 0 4 i A O e u• O c m �'. y M 5 w 0 s .70 q . e �+ 7 c p A o q A U coi a � Etco u1 ... o " S ¢ potq 7 Ica IF o , g ° / \ 1a. t00 NI c a a * m o r c E m a v a N « 0 ?aD: o `ra ¢ a' * € 0. cg s " U k. 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Q q N P __ O;O U c. 6 . >C F C¢ c z Ta s o F F 3 - g s E E A c _ u _ E a E ?V _ v ° v o 2. G `� OZ D A � i ¢F U 4 < 1`nOZ 0gtEf <. 2 U O 2 e A z 4,3z m y E Ici- m Q O f,7 -'�' f'nr, - ro 0. 3 O u A y. y t. r 0 tU � a 7 0 X awt.N .,� iy .. yq uGO cc 52 p� W v i M F C .�. h O) x a pp Q y C7 V i v Ylx ^, Q� 0. 0 Fr y y ttsv kg W i �' ...... 0 m6 h of O u .9 xafy't F. (0 n co "' N V itC 0 . 9 r; be i ' eler � s e ,Ii � SO B4 y 8 ' Ii U U y _ cn x 9 C c 2 0 8 2 • Desert Willow • Breakdown of Rounds per point of sale system COMBINED - Mountain View 85 Firecliff Golf Courses Resident 1,271 .$ 56,665 $ 44.58 18.34% Non-Resident 5,267 356,791 $ 67.74 75.99% Other 33 330 $ 10.00 0.48% Complimentary 360 1,945 $ 5.40 5.19% Desert Willow Totals 6,931 $ 415,731 $ 59.98 100.00% ii { Page 11 Dw2000;POS AVG RD • Desert Willow • ' Breakdown of Rounds per point of sale system • FIRECLIFF COURSE- MAY 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 212 $ 9,540 $ 45.00 4.59% Resident Fee-Weekday 306 $ 13,420 $ 43.86 6.62% Resident Fee-Twilight 186 $ 8,290 $ 44.57 4.03% Total Resident Rounds 704 $ 31,250 $ 44.39 15.23% Non Resident Rounds • Wholesale - Replay 4 $ 180 $ 45.00 0.09% Posted Weekend 379 $ 39,822 $ 105.07 8.20% Posted Weekday 456 $ 38,905 $ 85.32 9.87% , Posted Replay 57 $ 2,340 $ 41.05 1.23% • Passbook-Weekday 19 $ 760 $ 40.00 0.41% Passbook- Weekend 2 $ 150 $ 75.00 0.04% IROC Member Guest Twilight 1 $ 65 $ 65.00 0.02% IROC Member Twilight 2 $ 130 $ 65.00 0.04% . IROC Member Guest- (wkdy) 15 $ 675 $ 45.00 0.32% IROC Member- (WKDY) 2 $ 144 $ 72.00 0.04% IROC Des. PRTY Wkdy 140 $ 6,340 $ 45.29 3.03% • IROC Designated Party-Twilight 2 $ 130 $ 65.00 0.04% IROC Designated Party WKND 51 $ 2,805 $ 55.00 1.10% IROC Member Guest Replay • 30 $ 1,650 $ 55.00 0.65% IROC Member Replay 15 $ 825 $ 55.00 0.32% , IROC Designated Party replay 34 $ 1,870 $ 55.00 0.74% Wholesale Weekend 152 $ 13,336 $ 87.74 3.29% Wholesale Weekday 94 $ 6,812 $ 72.47 2.03% PS Golfer - Weekday 9 $ 360 $ 40.00 0.19% PS Golfer - Weekend 8 $ 600 $ 75.00 0.17% , Twilight 283 $ 18,281 $ 64.60 6.12% ' Charity Event 374 $ 11,220 $ 30.00 8.09% Fee Special Event Variable 1,496 $ 81,872 $ 54.73 32.37% Total Non Resident Rounds 3,625 $ 229,272 $ 63.25 78.45% Other Rounds • Junior Walking 26 $ 260.00 $ 10.00 0.56% Total Other Rouunds 26 $ 260.00 $ 10.00 0.56% Complimentary Rounds VIP 43 $ - $ - 0.93% PGA Member 103 $ 1,575.00 $ 15.29 2.23% COD/PDHS 48 $ - $ - 1.04% Donation 24 $ - $ - 0.52% Employee 46 $ - $ - 1.00% Employee Guest 2 $ 50.00 $ 25.00 0.04% Total Complimentary Rounds 266 $ 1,625.00 $ 6.11 5.76% Total Rounds (FireCliff) 4,621 $ 262,407 $ 56.79 100.00% -•page 12 Dw2000;POS AVG RD • Desert Willow • Breakdown of Rounds per point of sale system , MOUNTAINVIEW COURSE- MAY 2000 Description No. Of Revenue Avg. Per Pct to ' Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 179 $ 8,055 $ 45.00 7.75% Resident Fee-Weekday 199 $ 8,875 $ 44.60 8.61% Resident Twilight 189 $ 8,485 $ 44.89 8.18% , Total Resident 567 $ 25,415 $ 44.82 24.55% Non Resident Rounds Posted Fee - Weekend 244 $ 26,334 $ 107.93 10.56% Posted Fee - Weekday 256 $ 22,154 $ 86.54 11.08% IROC- Designated Party (WKDY) 76 $ 3,420 $ 45.00 3.29% IROC- Designated Party (WKND) 17 $ 935 $ 55.00 0.74% IROC- Mbr. Guest - (9 hole) 7 $ 385 $ 55.00 0.30% IROC- Mbr. - (9 hole) 6 $ 330 $ 55.00 0.26% IROC-Designated Party - (9 hole) 34 $ 1,870 $ 55.00 1.47% IROC- Mbr. Guest Weekday 2 $ 55 $ 27.50 0.09% IROC- Des. Party Twilight 1 $ 65 $ 65.00 0.04% IROC - Member Weekend 5 $ 440 $ 88.00 0.22% IROC - Member Weekday 1 $ 72 $ 72.00 0.04% Wholesale Weekend 60 $ 5,280 $ 88.00 2.60% Wholesale Weekday 220 $ 15,840 $ 72.00 9.52% Twilight Fee 139 $ 8,870 $ 63.81 6.02% Passbook -Weekday 12 $ 480 $ 40.00 0.52% ' Passbook- Weekend 1 $ 75 $ 75.00 0.04% PS Golfer - Weekend 2 $ 150 $ 75.00 0.09% PS Golfer - Weekday 1 $ 40 $ 40.00 0.04% ' Wholesale - Replay Fee 2 $ 90 $ 45.00 0.09% Charity Event 92 $ 2,760 $ 30.00 3.98% Fee Special Event Variable 464 $ 37,874 $ 81.62 20.09% Total Non Resident Rounds 1,642 $ 127,519 $ 77.66 71.08% Other Rounds • Junior Walking 7 $ 70 $ 10.00 0.30% Total Other Rounds 7 $ 70 $ 10.00 0.30% Complimentary Rounds VIP 38 $ - $ - 1.65% PGA Member 18 $ 270 $ 15.00 0.78% COD/PDHS 14 $ - $ - 0.61% Donation 9 $ - $ - 0.39% Employee 13 $ - $ - 0.56% Employee Guest 2 $ 50 $ 25.00 0.09% Total Complimentary Rounds 94 $ 320 $ 3.40 4.07% Total Rounds (Mountainview) 2,310 $ 153,324 $ 66.37 100% Page 13 Dw2000;POS AVG RD • City of Palm Desert Desert Willow Cash Reserve Analysis for the month of May 2000 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 1,528,930.46 Variance- Favorable ( Unfavorable) $ 1,028,930.46 II l Page 14 • Palm•ert Recreation Facilities Corporation Income Statement May-00 May-00 N % Budget Actual Variance Variance Food & Beverage Revenues $113,000 $144,925 $31,925 128.25% Total Revenues $113,000 $144,925 $31,925 128.25% Salaries $52,522 $64,340 ($11,818) 122.50% Cost of Goods Sold-F&B $38,410 $55,813 ($17,403) 145.31% Food & Beverage Expense $6,375 $26,174 ($19,799) 410.57% Total Expenses $97,307 $146,327 ($49,020) 150.38% Net Income (Loss) $15,693 ($1,402) $17,095 -8.93% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget Page 1 • • CITY OF PA • LM DESERT PROPOSED COMMERCIAL PAPER ISSUERS JUNE 2000 Moody's Short- Moody's_Long ; Term Rating Term Rating Auto American Honda Motor Co. (CA)(ONL Y) P-1 A2 Ford Motor Co. General Motors Corp. Toyota Motor Credit Corp. (CA)(ONLY) Bank BankAmerica Corp. Donk Onc Corp. Bank of New York Co. P-1 Al Barclays U.S. Funding Corp. (ONLY) P-1 Aa2 BNP U.S. Finance Corp (ONLY) P-1 Aa3 Chase Manhattan Corp. J.P. Morgan & Co. P-1 Al Mellon Financial Corp. P-1 Al Societe Generale North America, inc. (DEL) P-1 Aa3 State Street Boston Corp. P-1 Aa3 Wachovia Bank of North Carolina Wclh Forgo & Co. Beverage • Coca-Cola Co. (ONLY) Chemical Du Pont (E.I.) de Nemours & Co. Computer Hewlett Packard Co. IBM Corp. Drug Eli Lilly & Co. Pfizcr, Inc. Page 1 of 4 (1) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). r1 • • CITY OF PALM DESERT • PROPOSED COMMERCIAL PAPER ISSUERS JUNE 2000 • Moody's Short- Moody's Long- Term Rating Term Rating Wcrncr L rt Electric Equipment Emerson Electric General Electric Co. Electronics Sony Capital Corp. (DEL) (ONLY) P-1 Aa3 Entertainment • Walt Disney Co. Finance American Express Co. Citigroup, Inc. P-1 Aa3 Food Compbcll Coup Co. • Hershey Foods, Inc. H.J. Heinz Co. PepsiCo, Inc. (ONLY) Imaging Eastman Kodak Co. Fuji Photo Film Finance U.S.A., Inc. (NY) P-1 Aa3 Xerox Corp. Insurance American International Group Manufacturing • Minnesota Mining & Manufacturing (3M) ' " Natural Gas Washington Gas Light Co. P-1 Aa2 Page 2 of 4 (1) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). • CITY OF PALM DESERT • --_. PROPOSED COMMERCIAL PAPER ISSUERS JUNE 2000 Moody's Short- Moody's Long • Term Rating Term Rating Newspaper Gannett Co. P-1 Al Washington Post Co. Office Equipment Pitney Bowes, Inc. Petroleum Atlantic Richficld Co. BP America, Inc. (ONLY) Chevron Corp. Exxon-Mobil Corp: • Shell Oil Co. (ONLY) Texaco Corp. Publishing McGraw-Hill, Inc. New York Times Co. Restaurant McDonald's Corp. Retail May Department Stores Co. Wal-Mart Stores, Inc. Securities Brokerage Goldman Sachs Group Merrill Lynch & Company, Inc. Telecommunications AT&T Corp. P-1 Al Bell Atlantic Corp. P-1 A 1 BellSouth Corp. Lucent Technologies inc. • P-1 A2 Page 3 of 4 (1) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). • 1 • CITY OF PALM DESERT • -- PROPOSED COMMERCIAL PAPER ISSUERS JUNE 2000 Moody's Short- Moody's Long-; Term Rating Term Rating Utility - Electric Allegheny Energy, Inc. P-1 A2 Consolidated Edison Co. of New York • Duke Energy Corp. Pacific Gas & Electric Corp. Page 4 of 4 (1) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"): 4 • CITY OF PALM DESERT • PROPOSED MEDIUM-TERM NOTE ISSUERS (1) (2) JUNE 2000 • Moody's Long-Term Rating Auto American Honda Finance Corp. (CA)(ONLY) A2 Ford Motor Co. General Motors Corp. Toyota Motor Credit Corp. (CA)(ONLY) Bank BankAmerica Corp. Bank of New York Co. Al Bank One Corp. Chase Manhattan Corp. ✓.P. Morgan & Co. Al Wachovia Bank of North Carolina State Street Boston Corp. Aa3 Welly rargo & Co. Beverage Coca Cole Co. (ONLY) Chemical Du Pont (E.I.) de Nemours & Co. Computer • Hewlett Packard Co. • IBM Corp. Drug " Abbott Loborotorica Eli Lilly & Co. Merck & Co. Electric Equipment Emerson Electric General Electric Co. Entertainment Walt Disney Co. Page 1 of 3 (1) Maximum maturity of "A" MTNs is 2 years; "AA" MTNs 3 years; and "AAA" MTNs 5 years." (2) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). % C, • CITY OF PALM DESERT • _—__ PROPOSED MEDIUM-TERM NOTE ISSUERS (1) (2) JUNE 2000 Moody's Long-Term Rating Finance American Express Co. Citigroup, inc. Aa3 Food Campbell Soup Co. Hershey Foods, Inc. H.J. Heinz Co. • PepsiCo, Inc. (ONLY) Household • Colgate-Palmolive Co. • Insurance American International Group Manufacturing Minnesota Mining & Manufacturing (3M) Natural Gas Washington Gas Light Co. Aa2 Office Equipment Pitney Bowes, Inc. Petroleum Atlantic RichfLJd Co BP America, Inc. (ONLY) Exxon-Mobil Corp. Shell Oil Corp. (ONLY) Texaco Corp. - Publishing Ncw York Times Co. Restaurant McDonald's Corp. i • • Page 2 of 3 (1) Maximum maturity of "A" MTNs is 2 years; "AA" MTNs 3 years; and "AAA" MTNs 5 years. (2) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). • CITY OF PALM DESERT • __ PROPOSED MEDIUM-TERM NOTE ISSUERS (1) (2) JUNE 2000 Moody's Long-Term Rating Retail Wal-Mart Stores, Inc. Securities Brokerage Merrill Lynch & Co. Aa3 Morgan Stanley Dean Witter & Co. • Salomon Smith Barney Holdings, Inc Telecommunications AT&T Corp. Al Bell Atlantic Corp. Al BellSouth Corp. Utility - Electric Duke Energy Corp. Pacific Goa & Elcctric Corp. Page 3 of 3 (1) Maximum maturity of "A" MTNs is 2 years; "AA" MTNs 3 years; and "AAA" MTNs 5 years. (2) Captive U.S. finance companies are also eligible unless excluded (as indicated by "ONLY"). LARGEST INTERNATIONAL BANKS ,, PERCENT • CHANGE 9 • FROM WORLD COUNTRY ASSET(US$ PREVIOUS .. .., RANK RANK BANK CONTACT MILLIONS) YEAR 7-I Marunouchi,2-chome, Chiyoda-ku,Tokyo,Japan. Tel: The Bank of Tokyo- +81 3 932401111. Fax:+81 3 ' 1 1 Mitsubishi Ltd 932404197 666085* 3.88% Taunusanlage 12,60325 Frankfurt • am Main,Germany.Tel:+49 69 • 2 1 Deutsche Bank AG 91000.Fax:+49 69 91034227 580037* 17.70% 6-5 Kitahama,4-chome,Chuo-ku, • The Sumitomo Bank Tokyo 541,Japan. Tel:+81 6 . ' 3 2 Ltd 2272111 493,878 6.87% 91-93 Boulevard Pasteur,75015 Paris,France. Tel:+33 1 4 1 Credit Agricola 43235202.Fax: +33 1 43233514 480843* 32.03% 3-1 Kudan Minami, 1-chome, Chiyoda-ku,Tokyo 100-8611, 5 3 The Sakura Bank Ltd. Japan.Tel:+81 3 32303111 442555* 3.38% . 13 Cuiwei Road,Haidian District, The Industrial& Beijing,China.Tel: +86 10 Commercial Bank of 8217156, 10 8217782. Fax:+86 10 6 1 China 8217920 437,382 16.80% 1-5 Uchisaiwaicho, 1-chome, • The Dai-Ichi Kangyo Chiyoda-ku,Tokyo,Japan.Tel:7 4 Bank Ltd. +81 3 35961111 429,803 -0.44% T• ' 5-5 Otemachi,Chiyoda-ku,Tokyo, 8 5 The Fuji Bank Ltd. Japan. Tel:+81 3 32162211 421,099 2.19% do ABN AMRO Holding NV, Foppingadreef 22,Amsterdam, ABN AMRO Holding Netherlands. Tel:+31 20 6289393. 9 1 NV Fax:+31 20 6287637 412589* 39.58% Tour Senie, ,e, a 92972. Paris La Defense,Dept 92,France.Tel: • 10,41 2 Societe Generale +33 1 42 14 20 00 409149* 38.41% 3-5-6 Fushimimachi,Chuo-ku, Osaka 541-8530,Osaka,Japan. • Tel:+81 6 2068111.Fax:+81 6 11 6 The Sanwa Bank Ltd. 2291066 404,407 -0.85% • 13-2 Yurakucho, 1-chome, P—<—= ---.— =,. —- Chiyoda-ku,Tokyo 100,Jaoan. The Norinchukin Tel: +81 3 327901 i 1. Fax:+`81 3 ,' -- -" " - = — - — --- I 12 7 Bank 32185177 379,906 1.71% Jurgen-Ponto-Platz 1,D-60329 Frankfurt am Main,Germany.Tel: 13 2 Dresdner Bank AG +49 69 2630.Fax:+49 69 2634004 376445* 20.62% dion, 54 Lombard Street,London,EC3P 3AH,UK.Tel:+44 171 6995000. ei 1 Barclays Bank PLC Fax:+44 171 6992460 372606* 25.59% Banque Nationale de 16 Boulevard des Italians, 75009 —3 IS 3 Paris SA Paris,France.Tel: +33 1 40144546 357977* 16.77% 1-3-3 Marunouchi,Chiyoda-ku, The Industrial Bank Tokyo,Japan.Tel: +81 3 16 8 of Japan Ltd. 3214111 I.Fax:+81 3 32017643 351,410 13.25% Westdeutsche Herzogstrasse 15,40217 • Landesbank Dusseldorf,Germany.Tel:+49 211 17 3 Girozentrale 82601.Fax:+49 211 8266119 335798* 28.25% 19 Blvd des Italians, 75002 Paris, • France.Tel:+33 1 42957000.Fax: 18 4 Credit Lyonnais +33 1 53027383, 1 53027382 312319* -2.37% National Westminster 41 Lothbury,London,EC2P 2BP, 19 2 Bank PLC UK.Tel:+44 171 7261000 305041* 0.04% ' 270 Park Avenue,New York City, The Chase Manhattan NY 10017,USA.Tel:+1 212 20 1 Bank 2706000.Fax:+1 212 6823761 297061* 9.04% Kaiserplatz,D-60311 Frankfurt am Main,Germany.Tel:+49 69 1362- 21 4 Commerzbank AG 0.Fax:+49 69 285389 287491* 15.39% 1-2 Otemachi, 1-chome,Chiyoda- ' ku,Tokyo 100,Japan.Tel: +81 3 22 . 9 The Asahi Bank Ltd. 32872111. Fax: +81 3 32123484 276,977 5.63% • Bank of China Building,410 • Fuchengmen Nei Dajie,Beijing 100818,China.Tel:+86 10 ' 23 2 Bank of China 6016688.Fax:+86 10 6016869 269,544 7.19% 1 399 Park Avenue,New York City, NY 10043,USA.Tel:+1 212 24 2 Citibank NA 5591000.Fax:+1 212 2232681 262500* 8.92% Lloyds TSB Group 71 Lombard Street,London,EC3P 25 3 PLC 3BS,UK.Tel: +44 171 626 1500 260128* 7.29% 3-21-24 Nishiki,Naka-ku,Nagoya • 460-8660,Aichi,Japan. Tel:+81 26 10 The Tokai Bank Ltd 52 2111111.Fax:+81 52 2110931 257,579 4.98% • 4- . , 11, City of Palm Desert Internal Correspondence Date: 20 June 2000 Subject: Selection of Money Market Fund for Successor Trustee From: Thomas W. Jeffrey, Investment Manager 1.7 To: Paul S. Gibson, City Treasurer After reviewingthe Bank of New York's list of 41 moneymarket funds, I recommend that the City and RDA select Federated Government Obligations Fund #395 (Institutional Services Shares) for the investment of bond proceeds. Federated Investors, Inc., which is based in Pittsburgh, Pennsylvania, is one of the largest U.S. mutual fund companies, with more than $125 billion of assets under management and more than 45 years of experience in the mutual fund business. The Federated Government Obligations Fund is a AAA-rated fund with $7.2 billion of assets. The fund's objectives are to provide conservative investors with a high-quality portfolio, current income, and relative safety. The fund pursues these objectives by investing exclusively in U.S. Treasury securities, federal government agency securities, and repurchase agreements. The fund's current portfolio composition is 67 percent federal agency securities and 33 percent repurchase agreements. Total annual fund operating expenses would be 40 basis points (including the City's 20 b.p. negotiated cap for the trustee). There are no 12b-1 fees. On 30 May 2000, the fund's 30-day annualized yield (unadjusted) was 5.75 percent. U.S. Bank, the City's current trustee, is providing the City with the AAA-rated Fidelity Institutional Money Market Fund: Treasury Portfolio -- Class II. This fund invests exclusively in U.S. Treasuries and in repurchase agreements. Total annual fund operating expenses are currently 65 basis points. On 30 May 2000, the fund's 30-day annualized yield (unadjusted) was 5.80 percent. The fund's portfolio manager, Susan Hill, has nine years of investment experience. She is responsible for portfolio management and research for all of Federated's Treasury and Government money market funds. Prior to joining Federated, Ms. Hill was a research assistant with the U.S. Treasury Department. Ms. Hill has an M.B.A. from Carnegie Mellon University and a B.S. from the University of Virginia. W Selection of Money Market Fund for Successor Trustee Page 2 of 2 20 June 2000 In conclusion, the Federated Government Obligations Fund is one of the highest-yielding mutual funds that Bank of New York offers for California public agencies. Unfortunately, the City and RDA cannot invest in an even higher-yielding prime money market fund (a mix of short-term U.S. Treasury, Federal Agency, and corporate securities), due to the current concentration limits on corporate securities in the California Government Code. jika ler AGENDA INVESTMENT 6' FINANCE COMMITTEE WEDNESDAY, MAY 17, 2000 -- 11:00 A.M. • NORTH WING CONFERENCE ROOM CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES Rec: Approve the Minutes of April 19, 2000 as submitted. Action: IV. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not otherwise on the agenda may address the Investment & Finance Committee at this point by giving his or her name and address for the record. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non- hearing agenda items. It should be noted that at the Investment & Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks 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 Background Checks for Section 4 Rec: Report by Carlos Ortega. Action: • B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on issuing new bonds. Action: • • • AGENDA - INVESTMENT & FINANCE COMMITTEE May 17, 2000 VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for April 2000 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity during the month of April. Review status of capital projects and cash flow projections. Action: B. Review Short Term Investments Maturing in May 2000 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 Reports for March 2000 Rec: Informational item for the Committee to review. No action required. D. Monthly Financial Report for City Council for April 2000 Rec: Report and submit to City Council. Action: E. Parkview Professional Office Buildings - Financial Reports for • April 2000 Rec: Review and file report. Action: F. Desert Willow Golf Resort Financial Information for March /April 2000 Rec: Review and file report. Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for March /April 2000 Rec: Review and file report. Action: • AGENDA - INVESTMENT & FINANCE COMMITTEE May 17, 2000 H. Bank of New York Trust Services Agreement Rec: Review and file agreement. Action: I. }status of Existing Broker-Dealers 1. Reapprove i. Banc of America Securities ii. Chase Securities iii. Morgan Stanley Dean Witter iv. Salomon Smith Barney v. Union Bank vi. Wells Fargo Bank 2. Dismiss i. Lehman Brothers ii. Zions Bank Rec: Review and approve staff recommendations. Action: VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the Next Agenda VIII. INFORMATIONAL ITEM A. City of Oceanside Investment Fraud IX. NEXT MEETING DATE Next regularly scheduled meeting is: We1nneaaayo Tame 22, 2000 at 1111e00 a nnno X. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this May 10, 2000. ebra Bradley, Recording c tary **********...... Minutes t. lirhry " '.°gr Finance Committee � CONVENE On April 19, 2000, the Investment & Finance Committee was called to order at 11:03 a.m. by Mr. Paul Gibson. ROLL CALL Russell Campbell, Paul Gibson, Thomas Jeffrey, Murray Magloff, Carlos Ortega, Bill Veazie and Veronica Abarca, recording secretary. Buford Crites arrived at 11:05 a.m. Ramon Diaz arrived at 11:30 a.m. Gregg Lindquist, Kemper Sports APPROVAL OF MINUTES On a motion by Mr. Veazie, seconded by Mr. Jeffrey, the Minutes of the March 15, 2000 meeting were approved as submitted. ORAL COMMUNICATIONS None. OLD BUSINESS A. 'Status of Public and Private Partnerships Background Checks for Section 4 Mr. Ortega stated that the background check for the developers, Sonnenblick Del Rio, of the future Desert Willow Hotel had been reviewed by the sub- committee and found acceptable. The sub-committee recommends that the developers be approved by the Investment Committee and forwarded to City Council for their review and approval. On a motion by Mr. Veazie, seconded by Mr. Campbell, the Investment Committee unanimously approved the recommendation of the sub-committee and the report will be forwarded to City Council. B. Bond Issuance by Palm Desert Financing Authority • There were no changes to the previous month's report. 1 • • Minutes Finance Committee C. Approval of Bank of New York as Corporate Trustee Due to the urgency of a July 1, 2000 deadline the approval of Bank of New York as Corporate Trustee was presented to City Council on April 5, 2000 for their approval. Assets totaling $220 million will need to be transferred from • U.S. Bank to Bank of New York by July 1, 2000. Mr. Gibson stated that New Business Items F, G would be taken out . of order so Mr. Lindquist could be excused from the remainder of the • meeting. F. Desert Willow Golf Resort Financial Information for March, 2000 • Mr. Lindquist stated that the final numbers for March, 2000 reflect year-to' date revenues are 8% behind budget. Expenses are currently$59,000 over budget. This trend seems to carry over to the preliminary March figures as • well. The Frank Sinatra Tournament profited $60,000. Mr. Lindquist stated that the numbers for April are trending ahead of budget due to the number of group rounds. Group rounds for April, 2000 total 2400. • Mr. Magloff asked Mr. Lindquist where the money collected for wine and drinks at the Desert Willow Opening would go. Mr. Lindquist stated that the money collected would.go to operations. As a result of the success in the F restaurant at the new facility, staff is now looking into a "wait stand" on the patio. Mr. Magloff asked Mr. Lindquist to provide him with the total dollar amount taken in at the "no host bar" at the opening. Mr. Lindquist stated I that he would provide that information by the next committee meeting. Mr. Veazie stated that the report provided by Mr. Lindquist denotes a 5% decrease in visitor's from last years numbers although our Transient Occupancy Tax shows an increase in revenue. Mr. Gibson stated that in fact, visitor's are less than last year, rates are being decreased this year to accommodate the lack of occupancy. Mr. Lindquist added that a source has indicated to him that group business is also behind last years numbers. Thisl year group business attracted only half of what was here in March, 1999. Mr. Lindquist stated that the clubhouse will assist in generating more money. Receive and file report. 2 Minute's Finance Committee G. Palm Desert Recreation Facilities Corporation Income Analysis for March, 2000 Mr. Lindquist reviewed the report and asked if there were any questions. Receive and file report. C. Cont ... Approval of Bank of New York for Corporate Trustee Interviews were conducted with four agencies, Bank of New York, U.S. Trust, Union Bank of California and State Street Bank. Mr.Jeffiey reviewed the advantages and disadvantages of each agency. Based on the review of the various agencies the interview panel comprised of Paul Gibson, Dennis Coleman, Redevelopment Agency Finance Manager and Thomas Jeffrey, Investment Manager, recommend that Bank of New Yorklbe selected as successor corporate trustee. Advantages include an annual savings of$90,000/year on Money Market fees, wider selection for investment opportunities with companies who yield a higher interest rate, aggressiveness in acquisitions and an advanced technology program which will eliminate the possibility of error. • 1 On a motion by Mr. Campbell, seconded by Mr. Ortega, the Investment Committee unanimously and retroactively approved Bank • of New York as successor Corporate Trustee and shall be forwarded to City Council, RDA Board and Housing Board for their approval. • NEW BUSINESS A. City and RedevelopmentAgencv Investment Schedule Mr. Jeffrey stated that the book value of the City Portfolio as.of March 31, 2000 was $167 million. The increase due to interest income. Currently vie are 40% liquid due to the increasing interest rate hikes. The City portfolio remains somewhat behind LAIF due to inactivity of investments. The book value of the Redevelopment Agency Portfolio as of March 31, 20,00 was $152 million. The Redevelopment Agency remains very liquid due to ongoing debt obligations. t Receive and file reports. • B. Review Short Term Investments Maturing in April, 2000 3 • . MinuLe, Finance Committee There were no changes to the previous month's report. C. $state of California Local Agency Investment Fund Monthly Report Mr. Gibson reviewed the LAIF Statements for February and March, 2000 and asked if there were any questions. There were none. Receive and file report. • D. Monthly Financial Report for City Council for the month ending, March, 2000 Mr. Gibson reviewed the City report. He stated that the Transient Occupancy Tax figures are up 9%year-to-date compared to 1998/1999. Mr. Gibson stated that the Franchise Fees for Southern California Edison may be restructured if approved by the State of California. This may result in a 17% decrease in revenues from franchise fees. The Redevelopment Agency's tax increment was above anticipation for Project Area numbers 1 and 2. Staff believes this is due to the Bighorn development and Indian Ridge development. ,1 • Receive and file report. ' I • E. Parkview Professional Office Buildings - Financial Reports for the month ending March, 2000 i Mr. Gibson stated that Parkview Office Complex is doing well. Both WMA Securities and Golf Dimensions are behind in rent to the City. Staff is working on remedying the situation. Mr. Gibson stated that both the auditors and the City Attorney have agreed that the funds from the Office Complex can be used for the costs of Civic Center Park. Receive and file report. I H. Credit Risk of Agencies Securities Mr. Jeffrey introduced an article which has caused a stir in the government agencies' market. Many government agencies are sponsored or guaranteed by 4 • • Minute, Finance Committee the Government. New legislation indicates that this guarantee may not be • . reliable. Credit agencies do not review government agency securities as diligently as they do corporate securities. Mr. Jeffrey stated that this article has flagged a concern which will be addressed when revising the 2001 Investment Policies and Procedures. Currently the City allows for 30% of investments to be made in Government Sponsored' agencies. Mr. Jeffrey will propose to change that number to 20% in addition, to requiring as much research be done as in corporate securities. • Receive and file report. REPORTS AND REMAF KS None. NEXT MEETING DATE The next Investment & Finance Committee meeting will be held WednesdL y, May 17, 2000 at 11:00 a.m. • ADJOURNMENT Upon motion by Mr. Veazie and seconded by Mr. Ortega the Investment &Finance Committee adjourned at 12:05 p.m. ';Respectfully submitted, • • IK/MniCer • Veronica L. Abarca, Recording Secretary 1 • • 5 • CITY Of . 1. 111 OES ERI ( � `1,.,�,r 73-5 TO FRED WARING DRIVE:° PAI.�I DISLRr. CALIFORNIA 92 260-2 578 V.; l_ �t Hn TEL: 760 346-061 i a 4;. I FAX: 760 ;40-0574 • 19g9,•• into palm-deserr.oru May 12, 2000 • As of this morning, May 12, 2000, Carlos Ortega, Executive Director of the Palm Desert Redevelopment Agency, will be assuming the additional responsibilities of Acting City Manager for the City of Palm Desert. City Manager Ray Diaz is on paid administrative leave. We all join together in selecting Carlos Ortega to assume the functions of the job of Acting City Manager and appreciate the support he will receive from management and the other members of our Palm Desert employee team. We will, over the next few months, be initiating a nationwide comprehensive search for a new City Manager. Details of and a time table for that process will be made available to our citizens and employees as it is determined. Since its incorporation in 1973, the City of Palm Desert has been a City that citizens, employees, commission/committee members, and Councilmembers could justly be proud of We look forward to working with all employees and citizens on new and productive ways for our City to be economically prosperous and continue to be a desirable place for people to choose to live, work, and visit. Yf.4�rr i BUFORD A. CRITES Pt SOS' JEANM. BENSON MAYOR O' 'RO- EMPORE / ENSO COUNCILMEMBER CHARD S. KELL ROBERT A. SPIEGEL COUNCILMEMBE COUNCILMEMBER • • City of Palm Desert Portfolio Summary of Cash January 31, 2000 • Total Cash $171,535,089.02 Less Cash Restricted for: Assessment Districts*(1) $69,554,294.06 Special Revenue Fund(2) $21,854,708.17 Capital Projects(3) $14,204,335.94 Enterprise Fund(4) $ 5,689,008.43 Trust&Assessments(5) $ 6,888,713.01 Library Materials (6) $ 27,204.39 Loan to RDA(7) $31,002,916.95 $149,221,180.95 Unrestricted Cash $ 22,313,908.07 Total Cash 0 Assessment Districts ®Special Revenue Fund 0 Capital Projects ID Enterprise Fund ❑Trust & Assessments ■Library Materials •Loan to RDA 0 Unrestricted Cash 41%}y, 3% k,x 13%` 8% 0%0�3% 18% (1)Funds are restricted to Assessment District Capital Improvement, Principal and Interest payments. (2)Funds have been restricted for specific purposes. Example: °Measure A'funds can be used only for street projects. (3)Funds have been appropriated for Capital Projects. Example: $10 Million for Westfield Shoppingtown parking structure. (4)Funds have restrictions on what they can be used for. (5)Funds held on deposit for developers and employees. (6) Funds restricted for library purposes. (7) RDA Loans-No payment schedule has been done. Payments are unknown. * $ 59,618,011.93 Represents cash held by trustee in bonds — U > 0li o rc E o to . a U ; o o N v m 2 80 (Op 8M. 00 '. co 2 'J (O O O O n N- coa'; O O O LL W N co N m m m 6 N 66 b O b d ix ID 2 Co a E — n — m ' — m — m w - cod o N-N m CO o n 4 4 1- gq 0.r ^ r0ArA ,_ 0 a a U m N opm a m 0 N 2 1 O N 0) N 0 N t0 0 ' m 0 0a N CO as N o 0 N O e O N m 66 b H ill N 01 O E ` O o a Y d co N co O 0 O tO N O a N 8p b 0 J co Ol pm CO 0 NN N 0) 0) 0 o, N Oy 10 N ' m> m m m G rp O of N 0 r vi 0 M N 1D m N 1 COMOLDON V p O] O b N 1` P co • r t0 O O O N O ¢I m Zr' N N era N CO W Gl N C) f0 N O m N V V I^ W 01 V/ £ co W y E p o C 7 A o gt CD n fV O •N M b 0 y LO IN • Q CO M H o O > O °) o > a. _ IO iO 0 d d co N O co N o C co N O N b m en d o r. 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T t< IZr ¢JrJU > Q N ' 2 WQQ Q� ¢ QO [WWJ =W� .uZO O m L. 0 LJG8uDII2u_0 8« ° N in in Ln rnWJLLtiii 2u-oca02L (%)a1aJA CITY OF PALM DESERT INVESTMENT ACTIVITY REPORT APRIL 2000 EXECUTIVE SUMMARY As of 4/30/00, total portfolio book value was approximately$163MM. This reflected a net decrease of approximately $2MM from prior month due to payment of debt service and Assessment District improvements. There was an unrealized portfolio net loss (market value- book value)of approximately$ M, based upon prevailing market interest rates. This was only a "paper" loss since there were no premature securities sales. Significant changes in investment position are shown below: "United States Treasury-Coupon". The City buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest assessment bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF PREMIUMS. "Federal Agency -Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2 - 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's"moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1MM DUE TO A MATURING SECURITY. "Local Agency Investment Fund (LAIF)". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$315M DUE TO INTEREST INCOME. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE BALANCE DID NOT CHANGE. "City Loan to RDA". The City has made long-term cash advances at LAIF interest rate to RDA for property purchases. Advances will be repaid in future years from tax increment revenue generated by associated redevelopment projects. THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool". The City invests assessment bond proceeds (construction, cost of issuance, and bond reserve reserve monies)in "Fidelity Institutional Money Market Fund: Treasury Portfolio- Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3.5MM DUE TO DEBT SERVICE AND TO ASSESSMENT DISTRICT IMPROVEMENTS. "United States Treasury- Discount". The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts". The City sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund". This $905MM fund invests only in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$4.3MM DUE TO MATURING SECURITIES. "State& Local Govt Series -Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year, to invest assessment bond proceeds (to comply with IRS yield & arbitrage rebate regs). Nonmarketable. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO A MATURING SECURITY. • • W • • U Z Q to CO CO U) U) COCwco CO Cn C70 CO CO Z J W W W W W W W W W W W W W W W a >- >- >- >- >- >- )- >- >- >- >• >- > >- >- 2 0 0 N 0 ' 0 ' ' ' 0 0 0 V U() CO N N C) 0 01 0 0 0 0 CO 01 CO CO (° O J J r 0 0 0 0 N- 0 CO N N N 0 < n O O O O N N C O .- ,- N LL m V O O O O C') Cn CO LE, N- N- co H F co O O O O in O O) (O O) O) O) O0 `011. O 6 N o , CO M r r N 0. CA EA 50 00 0 00 0 0 0490 EA • - J Z o u. 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O U C '—V <O�T O m 5 , N d W_ 0 Mn = O p J 0 a (ONN do Lr0Ci eiN N 0 1 R."'M' 'zI d. w o w Q jr.0 j � , F .''.l s-wm> sdax a r2 o - w N F ,1, .. N a W 1 ¢ MMMMMMMMM MMM MegM ¢ ,y r Z G 'v�C •..,.,�" ., Q a Q w O a W ¢J 0 < Et U Z W 7 ¢ e r M = W N W U e0 w Z wrzzp0 J 0 U > r- : : W J O z W z OOO 1 w ]JJ W U. W jilt;M `'` . en$ rnOMOCJ�° J ¢n O¢ OoS8O¢wV 3 Q m rn >UOoa>a00 N Z to zon a-IrWUQ U a W l Q W¢a w j >O v:'•nj,..f:F G a Q a Qwwwp~Q~=WplOw YOZ¢ 2 Yr05WfnrthoaoweJ8 O e0 N LO V r l/1LLJLL MJ¢LLU2LL m02 : co N N O V (%)O131A REDEVELOPMENT AGENCY INVESTMENT ACTIVITY REPORT APRIL 2000 EXECUTIVE SUMMARY `• As of 4/30/00, total portfolio book value was approximately$144MM (with SLGS). This reflected a net decrease of $8MM from prior month due primarily to payment of debt service. There was an unrealized portfolio net gain (market value- book value)of approximately$ M, based upon prevailing market interest rates. This was only a "paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "State & Local Govt Series -Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Although unrated, considered "MA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool." RDA invests tax-exempt bond proceeds (construction, cost of issuance, and reserve monies) in Fidelity Institutional Money Market Fund: Treasury Portfolio - Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$5.3MM DUE PRIMARILY TO PAYMENT OF DEBT SERVICE. "Local Agency Investment Fund (LAIF)." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$149M DUE TO INTEREST INCOME. "United States Treasury-Coupon." RDA buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 year's to invest tax-exempt bond proceeds. Although unrated, considered "MA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. "State & Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days - 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "MA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO MATURING SECURITIES. "United States Treasury- Discount." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months - 30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts." RDA sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund." This$905MM fund invests only in U.S. Treasury bills and notes (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "MA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$100M DUE TO INTEREST COUPON INCOME. "Federal Agency -Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "MA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$995M DUE TO A MATURING SECURITY. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT HAS NO CURRENT BALANCE. • • W U Z a I Z :IW W W W W W W W W W a >- >- r > r } rr >- >- 00 C.) 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N ki-• ill r9wii'd"�s.r5� hb.S.::'.'L` m co ■■■■ O 99p N z IIIIIIIIIIN6rm 6 0 A No'--^ < Lvhm O 6 m p y< M � s.&.Crnc'i»rrvl�t'Fs s1*"N.r�:h 9Yf,SeT O m r m ^v '' R { myIl D $ < o m W.• slY`.Y fv :»:Ya`h�l.` "^t .! i n<. $ ■■■■ r..�. < O O $ m = ��S2e"c o N O $ f ..e xl.F..' c kT a P.Fp` 5'4;; D b 3 d a{ Gs MR.jc� CITY OF PALM DESERT • INVESTMENT ACTIVITY REPORT • APRIL 2000 ,EXECUTIVE SUMMARY • As of 4/30/00, total portfolio book value was approximately $163MM. This reflected a net decrease of approximately$2MM from prior month due to payment of debt service and Assessment District improvements. There was an unrealized portfolio net loss (market value -book value)of approximately$137M, based upon prevailing market interest rates. This was only a "paper" loss since there were no premature securities sales. Significant changes in investment position are shown below: "United States Treasury-Coupon". The City buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest assessment bond proceeds. Although unrated, considered "AM". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF PREMIUMS. "Federal Agency-Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1 MM DUE TO A MATURING SECURITY. "Local Agency Investment Fund (LAIF)". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$315M DUE TO INTEREST INCOME. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE BALANCE DID NOT CHANGE. "City Loan to RDA". The City has made long-term cash advances at LAIF interest rate to RDA for property purchases. Advances will be repaid in future years from tax increment revenue generated by associated redevelopment projects. THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool". The City invests assessment bond proceeds (construction, cost of issuance, and bond reserve reserve monies) in "Fidelity Institutional Money Market Fund: Treasury Portfolio -Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3.5MM DUE TO DEBT SERVICE AND TO ASSESSMENT DISTRICT IMPROVEMENTS. "United States Treasury - Discount". The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months- 30 years, to invest assessment bond proceeds. Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts". The City sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fund". This $905MM fund invests only in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$4.3MM DUE TO MATURING SECURITIES. "State& Local Govt Series -Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year, to invest assessment bond proceeds (to comply with IRS yield & arbitrage rebate regs). Nonmarketable. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO A MATURING SECURITY. 1 • •� S Q. a y, e m o _ � ° CI) Z N CM MI `n 3 M m 30 M oM cn o m ro m y -I I v m I Co A CO N co N -• 0 0 T c0j 7 H tt g D T T 7 N N N N -). O N N X O co 0 W W W O C CO z CD CD O O O O O CO CD N N () O _ > > Cl CD CD • (D y a O. Cl. 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N N < J N o coN t m 8 a a: co w 33 a o < o 8 ?3. $ <,MAIX4 w Fe , ..,� .efis. err yrs z t 8 �� REDEVELOPMENT AGENCY. INVESTMENT ACTIVITY REPORT• APRIL 2000 EXECUTIVE SUMMARY As of 4/30/00, total portfolio book value was approximately$144MM (with SLGS). This reflected a net decrease of $8MM from prior month due primarily to payment of debt service. There was an unrealized portfolio net gain (market value- book value)of approximately$286M, based upon prevailing market interest rates. This was only a "paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "State & Local Govt Series -Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool." RDA invests tax-exempt bond proceeds (construction, cost of issuance, and reserve monies) in Fidelity Institutional Money Market Fund: Treasury Portfolio- Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm'; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$5.3MM DUE PRIMARILY TO PAYMENT OF DEBT SERVICE. "Local Agency Investment Fund (LAIF)." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$149M DUE TO INTEREST INCOME. "United States Treasury -Coupon." RDA buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. "State & Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days - 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO MATURING SECURITIES. "United States Treasury -Discount." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts." RDA sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund." This $905MM fund invests only in U.S. Treasury bills and notes (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$100M DUE TO INTEREST COUPON INCOME. "Federal Agency -Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2 - 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$995M DUE TO A MATURING SECURITY. "Federal Agency -Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT HAS NO CURRENT BALANCE. Ca • o • ;, S a H3 = co c_oN of Li IN n i CO 0 < m 0 ' c0i 3 0 CD 0 3 0 ✓ o Cl 3 m aa H 1 H I m ��.� Cn A CO N.) �— (/) CO CO ^ CDmD CD OOO mN D D n 5 -i T T T 5 N N N N -+ ° o) 0 x m CO !n O Z D 0 CD CD CO 0 0 0 0 C0 0 N N O O C a q a - 0000 CO co N O C (7p N CO Z Z [U O O N W N .a O CO 0 CD CD (P CoC o C O z K p 3 3 C " j n O A z CD CD O CD i N 0 CD CD CCDD N > 0 < K N • n _on m- no ° E - o) r- n 90 mac' D y ). co 0 _. 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A 0 « ƒ aaE \ = ; 0A ns > ® ® ° 2 -0= - 80 «] )3 ` - \ / } KQ ; \ \ \ } ® } § r� - 0 m @ _ ! a = \ E ( Eco -- ; 0 z 5 D0 - Z - \ 2o � c 00 fj0 ) r 0 , » } y R co ° % © ] - / ■ } ( @ J v _ ( # G r ! ƒ ` = 2 CD= q . \ \ // k © 6 - - § J m - . § ` mj no � _ CO 7 o Zr § - - -v 0 xi o \ > 0 § \ , , � § 0 a a ) ) ) ® " - m m ee = G Ez ) . r STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER 0-.,, SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2000 Statement CITY OF PALM DESERT Account Number : 98-33-621 Ann: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 25,801,325.21 .12 Total Withdrawal : 0.00 Ending Balance : 25,801,325.21 cc i� -L--) cc l-S/VA Page : 1 of 1 di ID CD El co pa " a 0a O � -oG � 3 � a J pm MI { ± o C CZ O o .- 0 al y 2 , 7 N -, t = a. � -< 0 C N aC p T Di A a a M a 40 a et M o '-, .a CO N a ow 0 Cn N Ca O. m aO: en a N V V m 0 — O O M a O: ' N CO O ' K. W CCDO at N C a o aC (.0 42 0.o 0.a 4 C -6 H OP NI St et 4/1M @@ C C C co N a as a. o O Q tD tit a. a o O A CO co Ca (0 m .O Al C to -� ._.. a ° O V O O 0t V O a a C 0 0. ;t) j a a W+ a u+ a a co - @ V 0M aa W as adeC D A Di t0 Cif V N O Ot N N a 0 a C m C ' COa oa tti O CO CO a _r a 73 A ca t A - :ct � a ay a40 as N1 -1( > C = C S u A N 1.3 O " r -to m o a + a b m C 3 ° ' V cn fait 0 O M O a Es 'C^ 11,1 C O N M a s en en a CO t i m� 1V/,1 o CIL N A C \ m Ctt 0 o O W a O a a a Co' Ps s en a a s _t. • C m CO@ to at a o N coa aaa xi 0 ° m — C O cif o to C) a a E Z 0 or .t. ° o a co 0 o a O a (I) a a 0 a a a a VP a+ r . ;. �. -++ v CS a D a C) as W i .c C C Q 0 N o o C) o a a am sae m a s a s - a en a r V N z 0) cA W a a � . L v a sa a , � �` , N N d O a tO CO I cn A l al (a a..) df a St le VP et N -' �0 a . -w O 117 t2 Ca — al m a o N cast W O •a 0 H H 4t . N- cD IC O O m .O O ° co coa La to a ' e to a th O H Eft lEt: CD c m .c a :0c m .. a a J C) W W O co to co C a ;STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO .1 Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2000 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Ann: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Iran Confirm Authorized Amount Date Date Type Number Caller 03-22-2000 03-22-2000 RW 441273 THOMAS W. JEFFREY - 1,000,000.00 Account Summary Total Deposit : 0.00 Beginning Balance : 13,431,662.10 Total Withdrawal : - 1,000,000.00 Ending Balance : 12,431,662.10 ,a CC/ T�f,\JA II1 'C. / Gii.. lio Page : 1 of 1 ` ZZZZ O n O 0) D i Z ta XI m w 1 tiTA om o o Z c1 alal z z c 0 a y 1 a co -i co D 0 N :O ,. o w m = o O to to 40 M 4/ 40 01 4/ M w0 d w y AJ C! 01 N0. C 0 ta O C ° 0 N N co0 N1 03 CO O1 in O C ° � co 0. C (/141 • p, 0 0 10 a a 4► dt 4► a 01 w 6 D 0 'O ' N A o 0. w a o et 0 0 (n e O V O 0 0 V 0 CA ° N ID la d tl a N y 40 40 (A 4► (A ( 4► g j. ma U0 CD '' to w — — Oa o a �}>CS CO a T�0 CO is 7 A C ' 0 ON1 0 O + 100 • N 0 �N N 0 7 A — M 40 d• M H 40 N at: > 3 = o a a ..Pbo b1 o ... d o y I— o' 0 x Al ' V 01 e0i1 v0i 0 (0N m N I Cl)m = 0• o1 O N 4► M 40 M 4• 4► t'11 1J -% N = 0 — O ° V 0 ea ea 01 0 V tl ° tl ill Co H o 0 0 w 0 0 N t1S1 A vt 40 4• 40 4/2a "a 0 + C o A c 0. a MI CD - N a 001i -2 a tl m 3 O. 01 to o vt rn 0 �. - ZZ 4/4It 4► 4► a 0 0 Y/ a 0 pc. 'a I/� 41, Owl . in W V1 ,0 ° 0 y o . 0 0 0 0 < a C Jop 41 4/ 4/ N j,KC ~, a to .6.110 n JP La O 0) + w a 0 ° 0 O Co 0 001 O0) 0 a C = m 4► 40 40 40 'VI40 a V..a en Z pp0 w + !IC ea a a p t.0 — N. - N •tD 0 0 pp tl t0 t00 01 A 0&1 cm m M:. :II 40 40 M M 4/ N a T1 O t0 ma �._ .� V O e 4W�ft O W rn IC a O N 10 iin co O 0 al a 0 o d, to w IV 7 CD t0 Y.'. M 4• `C to Ca w 0 a < 0. N o a Si a A w 3 0) O 01 al a- CDf fA ea . V* Of-a INC A C 00 "" A Fs a w a 0 ° go 0 ;._ 01 0 in C r • PALM DESERT REDEVELCONT AGENCY COMBINED STATEMENT REVENUE AND EXPENDITURES COMPARED TO BUDGET 30-Apr-00 TOTAL RDA RDA RDA %OF ACTUAL (FAV)UNFAV BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Tax increment 28,323,686.00 23,603,071:67 16,692,280.55 71% 6,910,791.12 2 Interest 2,060,000.00 1,716,666.67 2,345,309.89 137% (628,643.22) Sales of Property - - - 0% - 3 Reimbursement From Other Agencies 725,000.00 ' 604,166.67 437,202.14 72% 166,964.53 Other Revenue - - 40,114.01 0% (40,114.01) Transfers to/from other funds - - - 0% - TOTAL REVENUES 31,108,686.00 25,923,905.00 19,514,906.59 6,408,998.41 _ _ _ _ - FAV(UNFAV) EXPENDITURES Administrative Costs 776,720.00 647,266.67 527,700.09 82% 119,566.58 Professional Services 1,005,988.00 838,323.33 249,840.76 30% 588,482.57 6 Property Tax Administrative Fee 520,000.00 433,333.33 502,395.00 116% (69,061.67) Cost of Inventory Sold - - - 0% - Payments to Other Governmental Agencies 9,383,200.00 7,819,333.33 811,522.86 10% 7,007,810.47 Bond Issuance Costs - - - 0% - Bond Discount - - - 0% - 4 Interest And Fiscal Charges 10,924,886.00 9,104,071.67 8,005,152.24 88% 1,098,919.43 4 Principal Payments 3,100,000.00 2,583,333.33 2,790,000.00 108% (206,666.67) - - 0% - Capital Outlay - - - 0% - Office Equipment 19,825.00 16,520.83 11,666.58 71% 4,854.25 Undergrounding Projects 21,665.00 18,054.17 - 0% 18,054.17 Deep Canyon&Hwy 111 3,078.00 2,565.00 - 0% 2,565.00 El Paseo Improvements 2,755,000.00 2,295,833.33 - 0% 2,295,833.33 Parking Spaces 10,000,000.00 8,333,333.33 - 0% 8,333,333.33 Fred Waring Dr.Street Improvements 5,265,000.00 4,387,500.00 434,990.55 10% 3,952,509.45 1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - 5 No.Sphere Infrastructure 9,118,641.00 7,598,867.50 7,565,104.60 100% 33,762.90 RDA Projects 5,005,144.00 4,170,953.33 - 0% 4,170,953.33 Desert Willow 5,145,729.00 4,288,107.50 47,431.51 1%' 4,240,675.99 Land Purchases/Property Acquisition 4,300,000.00 3,583,333.33 100,000.00 3% 3,483,333.33 - - 0% - - - - 0% - - - - 0% - Transfers - - - 0% - Transfer Out Administrative Costs - - - 0% - Transfer(In)/Out Capital Exp Reimb - - (9,068.46) 0% . 9,068.46 Transfer Out Low/Mod Set-Aside 5,664,737.00 4,720,614.17 - 0% 4,720,614.17 - - - 0% - TOTAL EXPENDITURES 73,259,613.00 61,091,344.17 21,286,735.73 39,804,608.44 1. Tax increment is received in Jan&May • 2. Interest is received as securities mature 3. Reimbursements are posted at various times during the year. 4. 4/1 debt payments of$6.5M are included here 5. Includes land Purchase 6. Administrative fee taken once a year • • O 0) 0 0 O m 00 OOOOOoWo00 000000 (00 .o cod o co O O 0 N CI O CD O O 0 0 0 0 O 0 (O 0 O 0 0 0 0 0 0 < O 0 CO CO 0 0 r o O N O O O O 0 0 0 0 O O O 0 0 O 0 0 0 O O O O O O O a m - m 0 m (O m o o m 0 (0 H m N N N O b m0 00 0 (1 n (9 tri .o a lc co voiri ro ai r co 0H ('o ' n' to (r < N � ' « COo v'. r (6 N• CO o O o N N' Z 9 O O to. V r r CO CO n mLL m m n c)o mm o 6 6o a < (p, W i dCr) N' N (mo 1 J 0 co0 0 n, Q m 1- o m N r CI. a ¢ Q U N V O' N (OO O O m Q U N m N CO d O V O m Q 2 d 0 N' d 0 V W 0 O a ¢ a V v O m. CO CO N, O m O CO 0 0 0 O O O a O 4 O O O O 0 0 0 0 O V m O N O 0 0 0 O O 0 O CO coGI 0 0 O O O m o - rLO (O mom O O CO o m a. Q N O 6 N 0 V N (mo 0 co N. v v > 0 0 0 0 0 00000 0 0. 0 0 o 0 00000000000 00000000000 0 0 o 00000 0 0vi ' ' aLr) aa00or vai0 ' ' to Z m O O 0' N CO - N O r 0 0 0 0 V a N O co W in a) O O f_N CO 0 0 0 0 0 0 CDD.- 0 O -0 o N N coC) O) C) to O O O O O O O V O V N r a) r N O 0 CD O .- 0 V 0 N Q 7 m « N CO N N r O N N .- Or CO V F r i- r N O(ri O)totrid a Z 'O W 0 2 0. N C a. K m 0 w m 0 -I 'CI m E .N a W m m 2 0 n o m W N a) CD I ¢ (+-t m mT00m • O w `° '03 a9D H N N a S m co N N d N D >,(i z o Z E co E '-�-o c a 8 O - c m 3 m E U ; w W N rcm > Uma Z` noo ma^ Tiot -m � o G 6 C a m S 2 N x c 0- 2 m 0 w c x m m E ¢ 0 � 0. .0 m 2E2 _1 coW ._ m CO ID w tO a°Dmm o -C I- 5 �5 d d a h m a ¢ co o ~ c A m m a m c 3 0 (n a` m a O --O G Q v la 0 o H a ¢ ~O f f vmi r 'o m c d a `m m d la a ¢O o 0 m m d aN zm � Amr F Z9000 0 0 D 0 waLL _ Z ¢ OJ dmm f Ed- la 1- cy CC a ¢ a a0 G CHHH CO 2 W 0 F N (0 0 C) 0 0 0 V 0 Cn 0 (O 0 0 V 0 0 0 0 N CDOON 00 0 CO ONOCOOON O 000 CO C (DO ( V 000N 000 000 (D 00 0N N C) 0) CD CO CO (D tt 0 O V N 0) 0O) co- N Oor 000i O 0 .° (D 0 7 W N co O n CO n O S CO N CC; N 6aD O 0 a co CO CCO ' « D N V CO n CQL co N O N. Z Co .. m e60 n; LL LEQ co co 6 N W o 0 C.) O N O 0 CO NI: M` N O, N (OQ C (O0) c RO O n r N N W .N N OnCO (I) O mO D N C) + I— 0. < v .4 m of N W . G , C) co O) O O O N CO CO 0 K CO N N aD n O) N O a) Cn) CO V OI d c v a 0 On coam O V 000D, NO 0 CO C _ W CO n C) 6a (0O 0 N 0 O N CNO .- co N (00O cci N0 0 L0 CO aQ Nr 0 in .- O 000) ([ C;O ++ N o C) .. (V Cn yv E c N O N CON N n 0 0 0)0 00 0 O aG COrn n N 000 0 X Coe CO Cr) o0 o CD 0 W co coCO co co (A NI- N 0 0 CO a) Nco 0) O O) co CO N O CO 0 o N ats .0 O 0 CO. Oi CO'C)m (i o (o a N 0 a s o6 a CO � n— N v o o 'a C o 0 ro of a a "Co CC > Es N 'CCC oococo 0 00000000 co0 -oo O ,- 0 0 0 0 0 0 0 00000000 0 0 c (0 0 (000 (J 00 6 060000 (o0 N CC c Q N O O O CO iIC) 0 0 CO O CO N [_ m (O O (O n O N CO O N N C3 3 a 0'Ci C7 (O N O M 7 O V CD O N N a0 N N CO N 0 (O 0 t E L m CO O) V N N CO CO 0) .- CO CO y e R N N O) O C) CO N p N O. coN O C O C n 0 E ti N c 3 y a) O) i O N U Q n a) r F a) N c To N N m (0 N N Q N 0) LL N O aQ ly6 ? o 0 C > C a > w N C N `° a) m m O w .w 3 E L 0 U - o « 0 N a 0 . C N 2 O 7 Z V C NO �C « S () 2 '6 0 0 o. C a) O W W w a t U 0 a) a J o N N 0 E ad L _2 > a) COa0 c cii E cc . Q. .6cc 0 o f 0 2 > m m 0 c ' a m 5 --5 Fj d C E am > y0OF- 0D0Qa 000 � .N 0 0 U To O D cc N ��. :co H r N 2 co 0 N a N d d d r 0 00 c x 0 - - .cal I— 0 E o o a c c d .g 01 c C C ~ x a=i jH - co COI- &<a_ aa" mm cd WF- F- F- HH GC w F- 1 • . • PALM DESERT REDEVELOPMENT AGENCY 30-Apr-00 Schedule of Revenue and Expenditures HOUSING FUND 10 YTD (FAV)UNFAV Budget Budget Attila!. . YTD Variance REVENUES 2 Transfer in of 20% Set-Aside 5,664;737.00 . 4,720,614.17 4,720,614.17 3 Interest 115,000.00 95,833.33 13,182.86 . 82,650.47 Rental Income 45,000.00 37,500.00 27,305.38. 10,194.62 Sales of Property 110,018,00 91,681.67 134,517;64• (42,835.97) 1 Reimbursement From Other Agencies - (96,163.20), 96,163.20 ' 2 Housing Mitigation Fees • 53,000.00 44,166.67 44,166.67 Other Revenue - 3,880.52 (3,880.52) TOTAL REVENUES 5,387,765.00 4,989,795.83 82,723.20 4,907,072.63 EXPENDITURES FAV(UNFAV) Administrative Costs 286,850.00 239,041.67 226,402.37. 12,639.30 Professional Services 195,245.00 t 162,704.17 68,445.54; 94,258.63 Property Tax Administrative Fee - - Cost of Inventory Sold - • 6 Interest And Fiscal Charges 2,657 982.00 2,214,985.00 2,654;133.30 (439,148.30) 6 Principal Payments 880,000.00 880,000.00 880,600.00 - Capital Outlay - - Office Equipment - - Acquisition Rehab/Resale#7 500,330.00 416,941.67 30,593:29 386,348.38 Home Improvement Program 1-6 94,067:00 78,389.17 1,048.13 77,341.04 Santa Rosa 568,197-00 473,497.50 64,734:771 408,762.73 4 Property Purchases 476,772_00 397,310.00 473,338.30 (76,028.30) 5 Desert Rose 183,159,00 152,632.50 85,706.15 66,924.35 Portola Palms Mobilehome Park 200,000;00 ! 166,666.67 163,362.92 3,303.75 Transfers - - Transfer (In)/Out Administrative Costs 100,000,00 83,333.33 83,333.33 Transfer (In)/Out Capital Exp Reimb - TOTAL EXPENDITURES 6,142,602.00 5,265,501,67 4,647,766.77 617,734.90 • Notes: 1 Includes prior year adjustment for tax increment calculation change 2 This transfer is done once a year only. 3 Interest is posted with investment maturities or dividend payments 1 • 4 Purchase of Rental property on Santa Rosa 1 5 Includes re-purchases and re-sales 6 Debt Service is due 10/1 and 4/1 of each year UIO M .- R N 0 N O O N N — N r CO COW m O 0 O. i- O 0N co S N- O 0 OQ CO CO ' coo N 0) N w 0)• 0) La' of 0) CO am o • a r O CV N p m (0 cc? 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O '� e o y r- Q g o a s rn E-1 4 4 W .°-I � 1d O W 0, 0 ra.. a U -, p w z� • City of Palm Desert • Parkview Office Complex April-00 April-00 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 66,500 $ 68,571 $ 2,071 103.11% $ 654,000 $ 634,480 $ (19,520) 97.02% Dividends/Interest $ 1,250 $ 5,838 $ 4,588 467.03% $ 12,500 $ 44,792 $ 32,292 358.34% Total Revenues $ 67,750 $ 74,409 $ 6,659 109.83% I $ 666,500 $ 679,272 $ 12,772 101.92% Expenses Professional-Accounting&Auditing $ 5,800 $ 5,800 $ - 100.00% $ 58,000 $ 58,000 $ - 100.00% , Professional-Consultants $ 5,500 $ 8,434 $ (2,934) 153.34% $ 55,000 $ 70,880 $ (15,880) 128.87% Tenant Improvements $ 3,700 $ - $ 3,700 0.00% $ 37,000 $ 3,472 $ 33,528 9.38% Repairs&Maintenance Building $ 9,100 $ 4,735 $ 4,365 52.03% $ 91,000 $ 60,014 $ 30,986 65.95% Repairs&Maintenance-Landscapi $ 1,079 $ - $ 1,079 0.00% $ 10,790 $ - $ 10,790 0.00% Utilities-Water $ 250 $ 105 $ 145 41.88% $ 2,500 $ 905 $ 1,595 36.21% Utilities-Gas/Electric $ 4,300 $ 3,823 $ 477 88.92% $ 47,500 $ 41,550 $ 5,950 87.47% Utilities-Trash $ 450 $ - $ 450 0.00% $ 4,500 $ 6,737 $ (2,237) 149.72% Telephone $ 150 $ 142 $ 8 94.93% $ 1,500 $ 1,390 $ 110 92.65% Insurance $ 521 $ - $ 521 0.00% $ 5,208 $ - $ 5,208 0.00% Total Expenses $ 30,850 $ 23,039 $ 7,811 74.68% $ 312,998 $ 242,947 $ 70,051 77.62% Optratinggfttrnme, . $ 36,900 $ . 51,370 $ ,14470 139.n% $ $$$$V? $ 43 324 $ sz$22. 12 43 1 Equipment Replacement Reserve $ 9,186 $ 9,639 $ (453) 104.93% $ 91,860 $ 96,386 $ (4,526) 104.93% [Netlnconte $ 27,714 $ 41,731 $ 14,017 150.58% S 261,fi42 $ MOSS_ $ *$7 12993,61 • Invest2000-invest • Parkview Office Complex • Vacancy Rate Schedule by Suite April 2000 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover(Options expires on December 31,00) 2,560 102 Bergren(May not continue lease beyond lease expirati 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Vacant(space is unimproved) 928 108 Senator Kelly(Lease determined by election results) 785 112 Assemblyman Battin(Lease determined by election res 1,406 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions (Actively looking for a sub-tenant) 1,750 200 CVAG 4,292 200A Vacant(space is not available to lease) 841 201 U.S. District Court 604 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 208 Desert Springs Investments 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 InvestVacancy Report • Parkview Office Complex • Vacancy Rate Schedule by Suite April 2000 Suite Square No. Tenant Feet 217 Mcmillan 775 220 CA.State Dept. of Agriculture 1,607 (Negotiating a Five-Year lease) 222 WMA Securities 2,981 Total square footage(2 story Building) 31,562 Vacancy Rate-1,769/31,562= 5.60% 73-720 Fred Waring Drive-One Story Building 100 State of California-Water Resources 15,233 102 State of California-Rehabilitation Department 4,396 Total Square Footage 19,629 Vacancy Rate-0.00% Overall Vacancy Rate for Both Buildings: Vacancy Rate--1,769/51,191= 3.46% Occupancy Rate-49,422/51,191 96.54% InvestNacancy Report • City of Palm Desert • Desert Willow Budget Vs Actual For the month of March 2000 • Budgeted Actual Budgeted Actual March March S Percentage Year to Year to S Percentage Revenue 2000 2000 Variance Variance Date Date Variance Variance Course&Ground S 898,878 $ 741,697 $ (157,181) 82.51% $ 4,032,050 $ 3,677,807 $ (354.243) 91.21% Carts $ 57,200 $ 46,500 $ (10,700) 81.29% $ 275,800 $ 182,087 $ (93.713) 66.02% Golf Shop S 82,050 $ 123,378 $ 41,328 150.37% S 415,900 $ 515,535 $ 99,635 123.96% Range $ 6,000 $ 2,798 $ (3,202) 46.63% $ 29,000 $ 11,987 $ (17.013) 41.33% Food&Beverage $ 114,800 S 131,093 $ 16,293 114.19% S 566,650 $ 451,066 $ (115.584) 79.60% Interest Income $ 1,500 S 1,895 $ 395 126.33% S 13,500 $ 24,802 $ 11.302 183.72% • Total Revenues 1160 428 1 047 361 3 067 90.26% 5 332 900 4 863 284 (469.616 91.19 Payroll Proshop $ 8,983 $ 14,125 $ (5,142) 157,24% $ 72,583 $ 106,392 $ (33.809) 146.58% Cart S 33,581 $ 21,155 $ 12,426 63.00% $ 231,942 $ 136,851 $ 95.091 59.00% Course&Ground $ 98,011 $ 119,100 $ (21,089) 121.52% $ 904,154 $ 1,022,894 $ (118.740) 113.13% Golf Operations S 21,564 $ 35,099 S (13,535) 162.77% S 180,389 S 215,643 S (35.254) 119.54% General&Administration $ 30,977 $ 23,903 $ 7,074 77,16% $ 258,946 $ 224,505 $ 34.441 86.70% Food&Beverage $ 40,419 $ 57,774 $ (17,355) 142.94% $ 277,688 $ 237,720 $ 39.968 85.61% Total Payroll 233 53 271 156 37 621 11611% 1 925 702 1 944 005 . (18.303 100.95% Other Expenditures Perimeter Landscaping $ 2,651 $ - $ 2,651 0.00% $ 23,859 $ - $ 23,859 0.00% Proshop $ 1,900 $ (362) $ 2,262 -19.05% $ 34,325 $ 56,986 $ (22.661) 166.02% Proshop-COGS S 45,128 $ 70,322 $ (25,194) 155,83% $ 228,748 $ 286,995 $ (58,247) 125.46% Cart $ 50,912 S 43,231 $ 7,681 84.91% $ 321,254 $ 290,443 $ 30.811 90.41% Course&Ground-North Course $ 34,345 $ 43,254 $ (8,909) 125.94% $ 471,385 $ 509,639 $ (38.254) 108.12% Course&Ground-South Course $ 36,700 $ 34,292 $ 2,408 93.44% $ 462,900 $ 519,783 $ (56.883) 112.29% Course&Ground-Desert Pallet-N $ 3,000 $ 2,232 $ 768 74.40% $ 24,600 $ 24,673 $ (73) 100.30% Course&Ground-Desert Pallet-S $ 2,500 $ 2,017 $ 483 80.68% $ 20,100 $ 20,018 $ 82 99.59% Golf Operations $ 1,100 $ 6,518 $ (5,418) 592.55% $ 35,500 $ 27,543 $ 7.957 77.59% General&Administration 5 66,262 $ 90,421 $ (24,159) 136.46% $ 553,144 $ 504,353 $ 48.791 91.18% Range 5 950 $ 525 $ 425 55,26% $ 29,300 $ 17,127 $ 12.173 5845% Food&Beverage $ 7,415 $ 38,953 $ (31,538) 525.33% $ 61,635 $ 112,165 $ (50.530) 181.98% Food&Beverage COGS $ 37,821 $ 58,023 $ (20,202) 153 41"/ $ 186,810 $ 175,059 5 11.751 93.71% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 225,000 5 223,299 $ 1.701 99.24% Financing/Lease $ 7,099 $ 2,910 $ 4,189 40.99% $ . 67,367 $ 52,781 $ 14.586 78.35% Total Other Expenditures 5 322,783 S 417.336 5 (94 553) 129.29% 5 2 745 927 $ 2,820 864 $ t71937) 102.73 j David Leadbetter Academy Learning Center Revenues $ 75,000 $ 69,343 $ (5,657) 92.46% $ 273,500 $ 257,920 $ (15580). ' 94.30% Reimbursements to David Leadbetter $ (63,750) $ (58,942) $ 4,808 92.46% $ (232,475) $ (218,570) $ 13.905 94.02% Other Expenditures $ (100) $ (1,377) $ (1,277) 1377.00% $ (7,650) $ (12,393) $ (4,743) 162.00% Learning Center Income(Loss) $ 11.150 $ 9,024 5 (2.126) 80.93% $ 33,375 $ 26.957 $ (6.418) 80.77% Operating Income(Loss) $ 615,260 $ 367,893 $ (247,367) 59.79% $ 694,646 $ 125,372 $ (569,274) 18.05% Equipment Reserve Replacement 17,164 40,822 $ 23,658 237.84% 154,476 367,398 $ 212.922 237.84% Net Income Loss S 598.096 5 327 071 $ 271 025 54.69% . 540,170 $ 242.026 $ (782.196 -44.81 • Snapshot of Golf Rounds Budgeted(mo Actual(mo) Variance Variance% Budgeted(vtd) Actual(vtd) Variance Variance% Resident 3,120 3,033 (87) 97% 18,336 14,851 (3.485) 81% Non Resident 6,656 5,747 (909) 86% 33,091 33,396 305 101% Other 104 781 677 751% 669 292 (377) 44% Complimentary 520 64 (456) 12% 2.438 3,487 1049 143% Total 10,400 9,625 . 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CO § . • ) � �} t ! i8 ^ crio, g . 2 { § ! co - A2 \f - , \ § f § | 7 , ) k £ ƒ t 0: {i \ . o ii f _ f | ! ; \ . ■ ! ; \ k J | If u s—\ V J \ | ! / 4) ) ! a \ .- � . . . . . ) ! } • _ mo as oh o ■ o) o) ❑ ■ v � z a m m ocg m it `- > L u c c cm E O 16 E F” 1 :o o `o U z E > o c c - cc 8 x o 0 o W 2 S o o 1 X a ci uiE n e , s L. 0 os1 & a I of $ Ix 70 \ W N m Q o < o 2 O O z m 8 a E H 8 H c m wo Q 0 'ao ii‘ ill Z ` l o E \\\NN\N\ 1 \ 1 \ 1 ccir) 9 1.6 (7 M CM N o V N N laO b 0 • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MARCH 2000 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 437 $ 19,665 $ 45.00 7.79% Resident Fee-Weekday 882 $ 39,690 $ 45.00 15.72% Resident Fee-Twilight 49 $ 2,205 $ 45.00 0.87% Total Resident 1,368 $ 61,560 $ 45.00 24.39% Non Resident Wholesale - Replay 30 $ 2,550 $ 85.00 0.53% Posted- Replay 20 $ 1,700 $ 85.00 0.36% Posted Weekend 663 $ 102,976 $ 155.32 11.82% Posted Weekday 889 $ 109,148 $ 122.78 15.85% Advance Fee - Weekend 1 $ 180 $ 180.00 0.02% Advance Fee - WeekDAY 11 $ 1,520 $ 138.18 0.20% IROC Member Guest Twilight 15 $ 1,200 $ 80.00 0.27%. IROC Des. PRTY Wkdy 362 $ 23,530 $ 65.00 6.45% IROC Designated Party -Twilight 11 $ 828 $ 75.27 0.20% IROC Designated Party WKND 174 $ 13,920 $ 80.00 3.10% IROC replay 3 $ 240 $ 80.00 0.05% Wholesale Weekend 330 $ 42,240 $ 128.00 5.88% Wholesale Weekday 347 $ 36,088 $ 104.00 6.19% Super Twilight 53 $ 2,385 $ 45.00 0.94% . Twilight 273 $ 24,354 $ 89.21 4.87% Charity Event 2 $ 60 $ 30.00 0.04% Fee Special Event Variable 484 $ 42,076 $ 86.93 8.63% Total Non Resident Rounds 3,668 $ 404,995 $ 110.41 65.38% Other Rounds Junior Walking 48 $ 480.00 $ 10.00 0.86% Total Other 48 $ 480.00 $ 10.00 0.86% Complimentary VIP 68 $ - $ - 1.21% PGA Member 98 $ 1,365.00 $ 13.93 1.75% COD/PDHS 264 $ - $ - 4.71% Donation 59 $ - $ - 1.05% Employee 35 $ - $ - 0.62% Employee Guest 2 $ - $ - 0.04% Total Complimentary 526 $ 1,365.00 $ 2.60 9.38% Total Round (FireCliff) 5,610 $ 468,400 $ 83.49 100.00% Dw2000;Diaz AVG RD • Desert Willow • Breakdown of Rounds • per point of sale system MOUNTAINVIEW COURSE- MARCH 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 465 $ 20,925 $ 45.00 11.58% Resident Fee-Weekday 1,126 $ 50,670 $ 45.00 28.04% Resident Twilight 74 $ 3,330 $ 45.00 1.84% Total Resident 1,665 $ 74,925 $ 45.00 41.47% Non Resident Advance Fee- Weekend 11 $ 1,650 $ 150.00 0.27% Posted Fee - Weekend 406 $ 63,552 $ 156.53 10.11% Posted Fee - Weekday 639 $ 79,498 $ 124.41 15.92% IROC- Designated Party (WKDY) 109 $ 7,085 $ 65.00 2.71% IROC- Designated Party (WKND) 47 $ 3,760 $ 80.00 1.17% IROC- Mbr. Twilight 2 $ 160 $ 80.00 0.05% IROC- Mbr. Guest (Twilight) 4 $ 320 $ 80.00 0.10% IROC- Des. Party Twilight 2 $ 180 $ 90.00 0.05% Wholesale Weekend 92 $ 11,776 $ 128.00 2.29% Wholesale Weekday 223 $ 23,192 $ 104.00 5.55% Twilight Fee 186 $ 16,686 $ 89.71 4.63% Super Twilight 52 $ 2,340 $ 45.00 1.30% Wholesale - Replay Fee 6 $ 510 $ 85.00 0.15% Charity Event 1 $ 30 $ 30.00 0.02% Leadbetter Fee 3 $ 150 $ 50.00 0.07% Fee Special Event Variable 296 $ 28,248 $ 95.43 7.37% Total Non Resident Rounds 2,079 $ 239,137 $ 115.03 51.78% Other Rounds Junior Walking 16 $ 160 $ 10.00 0.40% Total Other 16 $ 160 $ 10.00 0.40% Complimentary VIP 28 $ - $ - 0.70% PGA Member 33 $ 690 $ 20.91 0.82% COD/PDHS 151 $ - $ - 3.76% Donation 9 $ - $ - 0.22% Employee 34 $ - $ - 0.85% , Total Complimentary 255 $ 690 $ 2.71 6.35% Total Round (Mountainview) 4,015 $ 314,912 $ 78.43 100% Da2000;Diaz AVG RD • Desert Willow • Breakdown of Rounds per point of sale system COMBINED Resident 3,033 $ 136,485 $ 45.00 31.51% Non-Resident 5,747 644,132 $ 112.08 59.71% Other 64 640 $ 10.00 0.66% Complimentary 781 2,055 $ 2.63 8.11% Desert Willow Totals 9,625 $ 783,312 $ 81.38 100.00% • Dw2000;Diaz AVG RD • City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of March 2000 Cash Reserve Analysis One Month Required Reserve I $ 500,000.00 Cash on Hand $ 1,099,064.43 Variance- Favorable ( Unfavorable) $ 599,064.43 • Palm esert Recreation Facilities Corption Income Statement Mar-00 Mar-00 !/ Budget Actual Variance Variance Food & Beverage Revenues $114,800 $131,093 $16,293 114.19% Total Revenues $114,800 $131,093 $16,293 114.19% Salaries $40,419 $57,774 ($17,355) 142.94% Cost of Goods Sold-F&B $37,821 $58,023 ($20,202) 153.41% Food & Beverage Expense $7,415 $38,953 ($31,538) 525.33% Total Expenses $85,655 $154,750 ($69,095) 180.67% Net Income (Loss) $29,145 ($23,657) $52,802 -81.17% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget • • May 17, 2000 - REGULAR INVESTMENT COMMITTEE MEETING VI. NEW BUSINESS F. DESERT WILLOW GOLF RESORT FINANCIAL INFORMATION FOR MARCH /APRIL 2000 • Rec: Review and file report. (APRIL REPORT TO BE DISTRIBUTED AT MEETING) • • O:Winance\Deb&a."."0 UNVSTCOM1Tinsen.wpd • : t • City of Palm Desert • Desert Willow Budget Vs Actual For the mouth of March 2000 . Budgeted Actual Budgeted Actual March March S Percentage Year to Year to 5' Percentage Revenue 2000 2000 Variance Variance Date Date Variance Variance Course&Ground $ 898,878 S 741,697 $ (157,181) 82.51% $ 4,032,050 $ 3,677,807 S (354.243) 91.21% Carts $ 57,200 S 46,500 $ - (10,700) 81.29% S 275,800 $ 182,087 $ (93.713) 66.02% Golf Shop S 82,050 $ 123,378 S 41,328 150.37% S 415,900 S 515,535 $ 99.635 123.96% Range $ 6,000 $ 2,798 $ (3,202) 46.63% $ 29,000 $ 11,987 $ (17.013) 41.33% Food&Beverage $ 114,800 $ 131,093 $ 16,293 114.19% $ 566,650 $ 451,066 $ (115.584) 79.60% Interest Income S 1,500 $ 1,895 $ 395 126.33% $ 13,500 $ 24,802 $ 11.302 183.72% • (Total Revenues $ 1,160 428 $ 1 047 361 $ (113 067) 90.26% 5 5 332 900 $ 4,863 284 $ (469.616) 91.19%f Payroll Proshop $ 8,983 $ 14,125 $ (5,142) 157.24% $ 72,583 5 106,392 $ (33.809) 146.58% Cart $ 33,581 $ 21,155 $ 12,426 63.00% $ 231,942 $ 136,851 $ 95.091 59.00% Course&Ground $ 98,011 $ 119,100 $ (21,089) 121.52% $ 904,154 $ 1,022,894 S (118.740) 113.13% Golf Operations $ 21,564 $ 35,099 $ (13,535) 162.77% $ 180,389 $ 215,643 S (35.254) 119.54% General&Administration $ 30,977 $ 23,903 $ 7,074 77.16% $ 258,946 $ 224,505 $ 34.441 86.70% Food&Beverage $ 40,419 S 57,774 $ (17,355) 142.94% $ 277,688 $ 237,720 $ 39.968 85.61% jTotal Payroll $ 233535 $ 271 156 $ (37621) 116.11% $ 1.925.702 $ 1944005 $ (18.303) 100.95%j Other Expenditures Perimeter Landscaping $ 2,651 $ - $ 2,651 0.00% $ 23,859 $ - $ 23.859 0.00% Proshop $ 1,900 $ (362) $ 2,262 -19.05% $ 34,325 $ 56,986 $ (22.661) 166.02% Proshop-COGS $ 45,128 S 70,322 $ (25,194) 155.83% S 228,748 $ 286,995 S (58.247) 12546% Can $ 50,912 S 43,231 $ 7,681 84.91% S 321.254 $ 290,443 $ 30.811 90.41% Course&Ground-North Course $ 34,345 $ 43,254 $ (8,909) 123.94% $ 471,385 $ 509,639 S (38.254) 108.12% Course&Ground-South Course $ 36,700 $ 34,292 $ 2,408 93.44% $ 462,900 $ 519,783 $ (56.883) 112.29% Course&Grdund-Desert Pallet-N $ 3,000 $ 2,232 $ 768 74.40% $ 24,600 $ 24,673 $ (73) 100.30% Course&Ground-Desert Pallet-S $ 2,500 $ 2,017 5 483 80.68% $ 20,100 $ 20,018 $ 82 99.59% Golf Operations 5 1,100 $ 6,518 $ (5,418) 592.55% $ 35,500 $ 27,543 $ 7.957 77.59% General&Administration S 66,262 $ 90,421 $ (24,159) 136.46% $ 553,144 $ 504,353 $ 48.791 91.18% Range • $ 950 $ 525 $ 425 55.26% $ 29,300 $ 17,127 $ 12.173 58.45% Food&Beverage $ 7,415 $ 38,953 $ (31,538) 525.33% $ 61,635 $ 112,165 $ (50.530) 181.98% Food&Beverage COGS $ 37,821 $ 58.023 $ (20,202) 153.41% $ 186,810 $ 175,059 $ 11.751 93.71% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 225,000 $ 223,299 $ 1.701 99.24% Financing/Lease $ 7,099 $ 2,910 $ 4,189 40.99% $ 67,367 $ 52,781 $ 14.586 78.35% (Total Other Expenditures 5 322,783 $ 417 336 $ (94.553) 129.29% 5 2 745 927 $ 2 820 864 $ (74 937) 102 73 j David Leadbelter Academy Learning Center Revenues $ 75,000 $ 69,343 $ (5,657) 92.46% $ 273,500 $ 257,920 $ (I5.580). 94.30% Reimbursements to David Leadbelter $ (63,750) $ (58,942) $ 4,808 92.46% $ (232,475) $ (218.570) $ 13.905 94.02% Other Expenditures $ (100) $ (1,377) $ (1,277) 1377.00% $ (7,650) $ (12,393) $ (4,743) 162.00% Learning Center Income(Loss) $ 11.150 $ 9.024 $ (2.126) 80.93% $ 33.375 $ 26.957 5 (6.418) 80.77% Operating Income(Loss) $ 615,260 $ 367,893 $ (247,367) 59.79% $ 694,646 $ 125,372 $ (569.274) 18.05% Equipment Reserve Replacement 17,164 40,822 $ 23,658 237.84% 154,476 367,398 $ 212.922 237.84% Net Income Loss $ 598.096 S 327 071 271.025 54.69% $ 540,170 242.026 S (782.196) -44.81°,/ Snapshot of Golf Rounds Budgeted Imo Actual(mot Variance Variance% Budgeted(ytd) Actual(vtd) Variance Variance% Resident 3,120 3,033 (87) 97% 18,336 14,851 (3.485) 81% Non Resident 6,656 5,747 (909) 86% 33,091 33,396 305 101% Other 104 781 677 751% 669 292 (377) 44% Complimentary 520 64 (456) 12% 2.438 3.487 1.049 143% Total 10,400 9,625 (775) 93% 54,534 52,026 (2.508) 95% • Dw2000:Financial Statement ` ` • • § To) } \ \ \ 7 $ \ 0 ) 0 \ m , _ ) 0 \ _ , } § ® § | Ce 0 k = ■ 4 j E ) /k g a jlb � ) /! ) i § § \ `) / ) 2 § / \ ) } O \ ] ! : ; _ ) § ! . 0 Li8Ti6 ! 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N p 4 m R O N V p- _ N OW S N < f� C O _ _ _ _ _ N N O a 9 ZC m U C C C �p 1� ry O O P_ 4 e C '/ef O v. ^ O- V N N ry .' _ C _ m d N O N m P N n N _ n d e- n 9 _ 11 p • A A e F r [°. 0 o o } - m t i- . 13 c 8' A sy " e t u c m 2 u ` _ = E $ u i F1 2 = e • • / t zv . , j , ! K IL\l r # U | ! ; ca \ _* ) k - | , \ $ + - § A - - 12 _ / E - N ) | � ak � 7 k $ § $ i\ t * ! ~ ■ , § { | « 7D }ƒ ° cgi\ N. ] ei ; ) a ) , ) 4 _ ■ ) ) ( § ! } _ ; | Ez k ; - ; i! k* ) \ J / t / ! : . . : ; s /- 0 ! { k0 7 ! ) - • ! ) . a ! \ • . .. . . • $ 2 § 2 $ ] a ; § 2 B ; \ 2 o kk A ! § ; k ) ƒ kiri c 7 \ k 00 Ng 0 E z 0 ! ■ . \ \ \ \ � 2 {e t k4 - � , V0 . Iii ° ix2 § 2 \! A H03 ! a ; 0 Cc w . Ck / ,| a i I E H .E o t 75 8H | . c ^\ E \\\\\\N\ \ ! la \ \ \ \ \ o o o o o o o o- - - - - w ' k / 4 \ R $ . , 01 , 01 , , § a = 5 i • • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MARCH 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 437 $ 19,665 $ 45.00 7.79% Resident Fee-Weekday 882 $ 39,690 $ 45.00 15.72% Resident Fee-Twilight 49 $ 2,205 $ 45.00 0.87% Total Resident 1,368 $ 61,560 $ 45.00 24.39% Non Resident Wholesale - Replay 30 $ 2,550 $ 85.00 0.53% Posted- Replay 20 $ 1,700 $ 85.00 0.36% Posted Weekend 663 $ 102,976 $ 155.32 11.82% Posted Weekday 889 $ 109,148 $ 122.78 15.85% Advance Fee - Weekend 1 $ 180 $ 180.00 0.02% Advance Fee -WeekDAY 11 $ 1,520 $ 138.18 0.20% IROC Member Guest Twilight 15 $ 1,200 $ 80.00 0.27% IROC Des. PRTY Wkdy 362 $ 23,530 $ 65.00 6.45% IROC Designated Party -Twilight 11 $ 828 $ 75.27 0.20% IROC Designated Party WKND 174 $ 13,920 $ 80.00 3.10% IROC replay 3 $ 240 $ 80.00 0.05% Wholesale Weekend 330 $ 42,240 $ 128.00 5.88% Wholesale Weekday 347 $ 36,088 $ 104.00 6.19% Super Twilight 53 $ 2,385 $ 45.00 0.94% Twilight 273 $ 24,354 $ 89.21 4.87% Charity Event 2 $ 60 $ 30.00 0.04% Fee Special Event Variable 484 $ 42,076 $ 86.93 8.63% Total Non Resident Rounds 3,668 $ 404,995 $ 110.41 65.38% Other Rounds Junior Walking 48 $ 480.00 $ 10.00 0.86% Total Other 48 $ 480.00 $ 10.00 0.86% Complimentary VIP 68 $ - $ - 1.21% PGA Member 98 $ 1,365.00 $ 13.93 1.75% COD/PDHS 264 $ - $ - 4.71% Donation 59 $ - $ - 1.05% Employee 35 $ - $ - 0.62% Employee Guest 2 $ - $ - 0.04% Total Complimentary 526 $ 1,365.00 $ 2.60 9.38% Total Round (FireCliff) 5,610 $ 468,400 $ 83.49 100.00% Dw2000;Diaz AVG RD • Desert Willow • Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- MARCH 2000 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 465 $ 20,925 $ 45.00 11.58% Resident Fee-Weekday 1,126 $ 50,670 $ 45.00 28.04% Resident Twilight 74 $ 3,330 $ 45.00 1.84% Total Resident 1,665 $ 74,925 $ 45.00 41.47% Non Resident Advance Fee- Weekend 11 $ 1,650 $ 150.00 0.27% Posted Fee - Weekend 406 $ 63,552 $ 156.53 10.11% Posted Fee - Weekday 639 $ 79,498 $ 124.41 15.92% IROC- Designated Party (WKDY) 109 $ 7,085 $ 65.00 2.71% IROC- Designated Party (WKND) 47 $ 3,760 $ 80.00 1.17% IROC- Mbr. Twilight 2 $ 160 $ 80.00 0.05% IROC- Mbr. Guest (Twilight) 4 $ 320 $ 80.00 0.10% IROC- Des. Party Twilight 2 $ 180 $ 90.00 0.05% Wholesale Weekend 92 $ 11,776 $ 128.00 2.29% Wholesale Weekday 223 $ 23,192 $ 104.00 5.55% Twilight Fee 186 $ 16,686 $ 89.71 4.63% Super Twilight 52 $ 2,340 $ 45.00 1.30% Wholesale - Replay Fee 6 $ 510 $ 85.00 0.15% Charity Event 1 $ 30 $ 30.00 0.02% Leadbetter Fee 3 $ 150 $ 50.00 0.07% Fee Special Event Variable 296 $ 28,248 $ 95.43 7.37% Total Non Resident Rounds 2,079 $ 239,137 $ 115.03 51.78% Other Rounds Junior Walking 16 $ 160 $ 10.00 0.40% Total Other 16 $ 160 $ 10.00 0.40% Complimentary VIP 28 $ - $ - 0.70% PGA Member 33 $ 690 $ 20.91 0.82% COD/PDHS 151 $ - $ - 3.76% Donation 9 $ - $ - 0.22% Employee 34 $ - $ - 0.85% Total Complimentary 255 $ 690 $ 2.71 6.35% Total Round (Mountainview) 4,015 $ ' 314,912 $ 78.43 100% , Dw2000;Diaz AVG RD • Desert Willow • Breakdown of Rounds per point of sale system COMBINED Resident 3,033 $ 136,485 $ 45.00 31.51% Non-Resident 5,747 644,132 $ 112.08 59.71% Other 64 640 $ 10.00 0.66% Complimentary 781 2,055 $ 2.63 8.11% Desert Willow Totals 9,625 $ 783,312 $ 81.38 100.00% Da2000;Diaz AVG RD • • City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of March 2000 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 1,099,064.43 Variance- Favorable ( Unfavorable) $ 599,064.43 Pa1mI3esert Recreation Facilities Corp•ion Income Statement Mar-00 Mar-00 # Budget Actual Variance Variance Food & Beverage Revenues $114,800 $131,093 $16,293 114.19% Total Revenues $114,800 $131,093 516,293 114.19% Salaries $40,419 $57,774 ($17,355) 142.94% Cost of Goods Sold-F&B $37,821 $58,023 ($20,202) 153.41% Food & Beverage Expense $7,415 $38,953 ($31,538) 525.33% Total Expenses $85,655 $154,750 ($69,095) 180.67% Net Income (Loss) $29,145 ($23,657) $52,802 -81.17% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget May 17, 2000 - REGULAR INVESTMENT COMMITTEE MEETING VI. NEW BUSINESS F. DESERT WILLOW GOLF RESORT FINANCIAL INFORMATION FOR MARCH /APRIL 2000 Rec: Review and file report. (APRIL REPORT TO BE DISTRIBUTED AT MEETING) • D:1Finance\Deb Bradle)AwpdocsliNVSTDOMMnsert.wpd • PahnDesert Recreation Facilities Corporaron Income Statement Mar-00 Mar-00 /{ % Budget Actual Variance Variance Food & Beverage Revenues $114,800 $131,093 $16,293 114.19% Total Revenues $114,800 $131,093 $16,293 114.19% Salaries $40,419 $57,774 ($17,355) 142.94% Cost of Goods Sold-F&B $37,821 $58,023 ($20,202) 153.41% Food & Beverage Expense $7,415 $38,953 ($31,538) 525.33% Total Expenses $85,655 $154,750 ($69,095) 180.67% Net Income (Loss) $29,145 ($23,657) $52,802 -81.17% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget May 17, 2000 - REGULAR INVESTMENT COMMITTEE MEETING VI. NEW BUSINESS G. DESERT WILLOW GOLF RESORT FINANCIAL INFORMATION FOR MARCH /APRIL 2000 Rec: Review and file report. (APRIL REPORT TO BE DISTRIBUTED AT MEETING) G:1FnancetDeb S2EIey1wpdooVNVSTCOMTinsM.wpd : .: • CITY Of .P411 DESERT 4-, »� 73-510 FRED WARING DRIVE .P/ PALM DESERT, CALIFORNIA 9226O-2578 w. TEL: 76o 346-0611 fti '.=>.: FAX: 760 341-7098 •°a?-S••• info palm-desert.org RFP NO. 00-01 : TRUST SERVICES AGREEMENT THIS TRUST SERVICES AGREEMENT (hereafter referred to as the "Agreement") is made and entered into this 8th day of May, 2000, by and between the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Financing Authority, and the Palm Desert Housing Authority (hereafter referred to collectively as the "Municipality"), acting through the treasurer of the Municipality; and BNY Western Trust Company, a state banking association that is organized under the laws of the State of California and that is authorized to conduct a trust business in the State of California, having a corporate trust office located at 700 South Flower Street, Suite 500, Los Angeles, California 90017-4104 (hereafter referred to as the "Trustee"), acting through a vice president and deputy director of the Trustee. WITNESSTH: 1. Employment. The Municipality does hereby contract with, retain, and employ the Trustee in the matters hereafter mentioned. 2. Term. This Agreement shall be effective for the five (5) fiscal years of: 1 July 2000 through 30 June 2001 ; 1 July 2001 through 30 June 2002; 1 July 2002 through 30 June 2003; 1 July 2003 through 30 June 2004; and 1 July 2004 through 30 June 2005. 3. Scope of Services. During the term of this Agreement, the Trustee shall perform such trust services as are specified in the Municipality's Request for Proposals ("RFP") Number 00-01 dated 4 February 2000 that is attached to this Agreement and that is incorporated by reference herein, and as are specified in the Indentures of Trust for the Municipality's outstanding bond issues. Initials Initials • RFP No. 00-01: Trust ervices Agreement 8 May 2000 Page 2 of 9 4. Contract Administration. The contracting officer for RFP Number 00-01 shall be: City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 The contracting officer shall be authorized to accept the Trustee's invoices for payment; to inspect the Trustee's records and services; and to provide other guidance as required. The contracting officer shall not be authorized to change any of the terms and conditions of the Agreement unless the Municipality's City Council has previously authorized such changes. 5. Successor Trusteeship. The Trustee agrees that the transaction-based fees and expenses that are agreed upon by and between the Municipality and the Trustee at the close of RFP negotiations, as are specified in Exhibit A which is attached to this Agreement and which is incorporated by reference herein, shall remain in effect for the term of this Agreement with respect to all of the Municipality's outstanding bond issues for which the Trustee becomes a successor trustee. The Trustee agrees not to charge the Municipality for any acceptance fees, counsel fees, or termination fees in connection with said bond issues under any circumstances. A failure by the Trustee to follow the provisions of this Article shall constitute a material breach of this Agreement. 6. New Bond Issues. The Trustee agrees that any fees and/or expenses that it charges for any new bonds that the Municipality issues after 1 July 2000, shall be outside the scope of Article 5 of this Agreement and shall be subject to negotiation with the Municipality. The Trustee agrees, however, not to charge termination fees for said bonds under any circumstances. 7. Transaction Data. The Trustee agrees to provide the Municipality with data annually, within thirty (30) days after calendar year-end, on the number of trust-related transactions that the Trustee has undertaken on the Municipality's behalf. The Municipality shall be responsible for identifying the specific categories for which data is required. Initials Initials • RFP No. 00-01 : Trustervices Agreement 8 May 2000 Page3of9 8. Approval and Payment of Billing Statements. The Municipality shall make progress payments to the Trustee on the basis of services rendered. Interim billings shall cover a period of not less than one calendar month. The Trustee shall submit to the Municipality a statement of services rendered, with each corresponding billing statement. The Municipality shall pay all billing statements within thirty (30) days of receipt. If there is a dispute over the fees and/or expenses being charged by the Trustee, then the Municipality shall not be obligated to pay the disputed amount until the dispute is resolved. Both parties agree that they shall attempt to resolve such disputes promptly and informally through good faith negotiations. The Municipality shall not be obligated to pay for any expenses that the Trustee incurs in preparing or submitting a proposal in response to RFP Number 00-01 , or in traveling to or attending the Pre-Proposal Conference or the finalist interviews. 9. Independent Contractor. The Trustee enters into this Agreement, and will remain throughout the term of this Agreement, as an independent contractor. The Trustee agrees that it is not and will not become an employee or agent of the Municipality while this Agreement is in effect. The Trustee agrees that it is not entitled to the rights and benefits afforded to the Municipality's " employees, including disability or unemployment insurance, worker's compensation, medical insurance, sick leave, or any other employment benefits. The Trustee is responsible for providing, at its own expense, disability, and other insurance, training permits, and licenses for itself and for its employees. The Trustee is responsible for paying, when due, all income taxes, including estimated taxes, incurred as a result of the compensation paid by the Municipality to the Trustee for services rendered under this Agreement. The Trustee agrees to indemnify the Municipality for any claims, costs, losses, fees, penalties, interest, or damages suffered by the Municipality, resulting from the Trustee's failure to comply with this provision. Initials Initials RFP No. 00-01: Trustervices Agreement • 8 May 2000 Page 4 of 9 • 10. Indemnification. To the fullest extent permissible by law, the Trustee covenants and agrees to fully protect the Municipality, its officers, agents, and employees from any and all loss, liability, damage, claim, cost, or expense arising out of or related to negligence, misconduct, or failure of performance of the Trustee of any agreements with the Municipality under which the Trustee is acting. The Trustee acknowledges that the Municipality would not enter into this Agreement in the absence of the commitment of the Trustee to protect the Municipality to the fullest extent permissible by law. 11. Insurance. The Trustee covenants that it currently has and will maintain in effect during the performance of any duties under this Agreement, the following insurance coverages: a. Financial Institution Bond. The Trustee shall maintain a Financial Institution Bond (primary) with an aggregate policy limit of no less than One Hundred Million Dollars (S100,000,000.00). The Trustee shall supplement this Bond with excess securities insurance (over primary) with an aggregate policy limit of no less thari Two Hundred Million Dollars 0200,000,000.00). The Financial Institution Bond and the excess securities insurance shall cover dishonesty; forgery or alteration of written instruments; counterfeit currency; and loss or destruction of cash and securities, by the Trustee's officers, employees, or agents. b. Professional Liability (Errors and Omissions). The Trustee shall have Professional Liability insurance with an aggregate policy limit of no less than Seventy-Five Million Dollars 075,000,000.00). This insurance shall cover willful or negligent acts or omissions of the Trustee's officers, employees, or agents. The Trustee further agrees to indemnify and hold the Municipality free and harmless from any and all claims arising from any such dishonesty; forgery or alteration of written instruments; counterfeit currency; loss or destruction of cash and securities; and negligent act(s) or omission(s), by the Trustee's officers, employees, or agents. Initials Initials RFP No. 00-01: Trustervices Agreement • 8 May 2000 Page 5 of 9 12. Licenses. The Trustee warrants that it has completed, obtained, and performed all registrations, filings, approvals, authorizations, consents, or examinations that are required by federal or state authorities for acts contemplated under this Agreement. 13. Ethical Conduct. The Trustee agrees to inform the Municipality of all of the Trustee's interests, if any, that are or that the Trustee believes to be, incompatible with the Municipality's interests. Neither the Trustee nor its employees or agents shall offer gifts, gratuities, favors, or entertainment, directly or indirectly, to any of the Municipality's current employees, Finance Committee members, or City Council members. 14. Assignment. The Trustee shall not assign any of the duties or obligations of this Agreement without the Municipality's prior written consent: provided, however, that claims for money due or to become due to the Trustee from the Municipality under this contract may be assigned without such approval. The Trustee shall promptly provide notice to the Municipality of any such assignment of money. 15. Inspection of Records. The Trustee shall make its working papers, memoranda, records, and all other documents (hereafter referred to collectively as "Information") on the Municipality available, and shall respond to all reasonable inquiries from successor trustees and from others to review this Information if: (1) it has received the Municipality's prior written consent; or (2) such disclosure is required by law or by regulation. The Trustee shall retain all Information pertaining to the Municipality, at the Trustee's expense, for a minimum period of three (3) years after the final payment under this Agreement. The Municipality's treasurer shall have the right, exercisable directly or indirectly through the Municipality's external auditor, to examine and audit securities and cash that the Trustee holds for. the Municipality, and any related records, during the Trustee's normal business hours, without notice. 16. Right to Acquire Services. Nothing in this Agreement shall prohibit the Municipality from acquiring equivalent services from other sources, when deemed by the Municipality to be in its best interest. Initials Initials RFP No. 00-01: Trust Services Agreement • 8 May 2000 Page 6 of 9 17. Confidentiality. All financial, statistical, personal, and technical data and other information that relates to the Municipality's operations; that the Municipality designates as being confidential; and that the Municipality makes available to the Trustee in order to carry out this Agreement, shall be protected by the Trustee from unauthorized use and disclosure, provided that such protection is not in conflict with applicable federal and state laws and regulations. 18. Nonconforming Services. If any services performed hereunder are not in conformity with the specifications and requirements of this Agreement, then the Municipality shall have the right to require the Trustee to perform the services in conformity with said specifications and requirements at no additional cost to the Municipality. If the Trustee fails to perform the services promptly or to take the necessary steps to ensure future performance of the service in conformity with the specifications and requirements of this Agreement, then the Municipality shall have the right either to: (1) have the services performed, by contract or otherwise, in conformity with the specifications, and to charge to the Trustee any cost incurred by the Municipality that is directly related to the performance of such services; or (2) terminate this contract for default as provided for in the termination clause. 19. Termination of Contract. This Agreement may be terminated at any time, with or without cause, either by the Municipality or by the Trustee, provided that the party terminating this Agreement provides at least ninety (90) days's written notice to the other party by certified mail or by personal delivery. If so terminated, the Trustee shall be entitled to compensation for services requested and actually performed up to the date of contract termination. 20. Termination on Occurrence of Stated Events. Termination of this Agreement shall take place upon the bankruptcy or insolvency of either party; material breach by either party; or assignment without the consent of either party. 21. Unauthorized Contact. If, during the proposal process, the Trustee had unauthorized contact with any of the Municipality's current employees, Finance Committee members, or City Council members other than the Municipality's treasurer or investment manager, regarding RFP Number 00- 01 , then this Agreement shall be deemed to be null and void, and the Initials Initials RFP No. 00-01: Trust Services Agreement • 8 May 2000 Page 7 of 9 Municipality shall not be obligated to pay for any expenses that the Trustee has incurred in connection with this RFP. 22. Undisclosed Relationships. If, during the proposal process, the Trustee failed to disclose any business or financial relationships with the Municipality or with any of the Municipality's current employees, Finance Committee members, or City Council members over the prior five (5) years, then this Agreement shall be deemed to be null and void, and the Municipality shall not be obligated to pay for any expenses that the Municipality has incurred in connection with this RFP. 23. Other Applicable Agreements. The following documents shall be incorporated by reference into this Agreement: a. City of Palm Desert RFP Number 00-01 dated 4 February 2000. b. BNY Western Trust Company response dated 3 March 2000 to RFP Number 00-01 . c. "Exhibit A — RFP Number 00-01 : Final Price Agreement" (this supersedes BNY Western Trust Company's Price Proposal dated 3 March 2000). d. Protocol No. 00-01 . 24. Entire Agreement. This Agreement (including the agreements and documents incorporated by reference herewith and in Article 23) supersedes any and all other agreements, either oral or written, between the Municipality and the Trustee with respect to the tendering .of services by the Trustee to the Municipality. This Agreement contains all of the representations, covenants, and agreements between the parties with respect to the rendering of those services, and each party to this Agreement acknowledges that no representations, inducements, promises, or agreements have been made by or on behalf of any party except those covenants and agreements embodied in this Agreement. No agreements, statements, or promises not contained in this Agreement shall be valid or binding. In the event of a conflict between this Agreement and the items listed in Article 23, then this Agreement shall be controlling. ?kV Initials Initials RFP No. 00-01: Trustrvices Agreement • 8 May 2000 Page 8 of 9 25. Amendment. This Agreement may be modified or amended only with the signed and written consent of both parties. 26. Severability. Should any part of this Agreement be held to be invalid, void, or unenforceable by a court of competent jurisdiction, then the remainder of the Agreement shall continue in full force and effect without being invalidated in any way by either party. The remainder of the Agreement shall be considered as the whole Agreement and shall be binding upon the contracting parties. 27. Notices. All notices required or permitted under this Agreement by either party, shall be in writing and shall be deemed delivered when delivered in person, or deposited in the United States mail, postage prepaid, and addressed as follows: City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 Director, Trust Services BNY Western Trust Company 700 South Flower Street, Suite 500 Los Angeles, CA 90017-4104 Each party may change its address by giving written notice in accordance with this Article. Notices delivered personally shall be deemed communicated as of actual receipt. Mailed notices shall be deemed communicated as of the day of receipt or the fifth day after mailing, whichever occurs first. 28. Governing Law. This Agreement shall be governed by and construed in accordance with the laws and the implementing regulations of the State of California. Any ambiguities contained herein shall be construed in a manner consistent with such laws or regulations. The validity of this Agreement and of any of its terms and provisions, as well as the rights and duties of the parties under this Agreement, shall be construed pursuant to and in accordance with the laws of the State of California on the date of this Agreement. Initials Initials RFP No. 00-01: Trust Services Agreement • 8 May 2000 Page 9 of 9 29. Duplicate Originals. This Agreement is being executed in two (2) duplicate originals, each of which together shall constitute one and the same instrument. The Municipality shall retain one (1) duplicate original and the Trustee shall retain one (1 ) duplicate original. Have read, understood, and agreed to all of the terms and conditions set forth herein, we affix our signatures below: On behalf of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Financing Authority, and the Palm Desert Housing Authority: Signed: Paul S. Gibson City Treasurer On behalf of BNY Western Trust Company: Signe t �vGl�s —� Todd H. Duncan Vice President & Deputy Director, Trust Services • Initials Initials • EXHIBIT A • RFP NO. 00-01 : FINAL PRICE AGREEMENT ESTIMATED TOTAL DIRECT SERVICES ANNUAL VOLUME UNIT PRICE FEE PRICE Acceptance Fees (Conversion) WAIVED WAIVED WAIVED Counsel Fees(Conversion) WAIVED WAIVED WAIVED Trustee Fees 7 $1,975.00 $13,825.00 Fiscal Agent Fees 3 $1,700.00 $5,100.00 Paying Agent Fees WAIVED WAIVED WAIVED Registrar Fees WAIVED WAIVED WAIVED Transfer Agent Fees WAIVED WAIVED WAIVED Defeasance Escrow Agent Fees 3 $400.00 $1,200.00 • Depository Agent Fees WAIVED WAIVED WAIVED Tender Agent Fees WAIVED WAIVED WAIVED Letter of Credit Draw Charges WAIVED WAIVED WAIVED Bondholder Acct. Maint. Charges WAIVED WAIVED WAIVED Wire Transfer Charges WAIVED WAIVED WAIVED Redemption Charges WAIVED WAIVED WAIVED Security Trade Charges (1) 96 $35.00 $3.360.00 • Collateral Maint. Charges WAIVED WAIVED WAIVED Out-of-Pocket Charges $20,125.00 6% of Billed Fees $1,207.50 Requisition/Disbursement Charges (2) 96 $35.00 $3,360.00 Termination Fees(3) WAIVED WAIVED WAIVED TOTAL ANNUAL FEES $28,052.50 (1) Security trade charges in excess of eight per bond issue will be waived. Maximum security trade charge per issue will be $280.00. (2) Requisition/disbursement charges in excess of eight per bond issue will be waived. Maximum disbursement charge per issue will be $280.00. (3) Termination fees will be waived for all bonds that were issued prior to 1 July 2000 ("successor trusteeship"), and for all new bonds that are issued after 1 July 2000 ("new ____�� bjjonndds�s"). __ i of vi (tV Initials Initials • EXHIBIT A • RFP NO. 00-01: FINAL PRICE AGREEMENT City of Palm Desert SUCCESSOR TRUSTEE SERVICES FEE SCHEDULE ❑ Palm Desert Redevelopment Agency 1995 Series Tax Allocation Revenue Bonds (Project Area No. 1) ❑ Palm Desert Redevelopment Agency 1995 Series Tax Allocation Revenue Bonds (Project Area No. 2) ❑ Palm Desert Redevelopment Agency 1995 Series Tax Allocation Revenue Bonds (Project Area No. 1 As Amended) ❑ Palm Desert Redevelopment Agency 1995 Series A — Tax Allocation Revenue Refunding Bonds ❑ Palm Desert Redevelopment Agency 1996 Tax Allocation Revenue Refunding Bonds ❑ Palm Desert Redevelopment Agency 1998 Tax Allocation (Housing Set-Aside) Revenue Bonds ❑ Palm Desert Redevelopment Agency 1998 Tax Allocation Revenue Bonds (Project Area No. 4) ❑ Palm Desert Redevelopment Agency 1997 Tax Allocation Refunding Revenue Bonds (Fully Escrowed) ❑ City of Palm Desert 1995 Revenue Bonds (1915 Special Improvements Act) (Fully Escrowed) ANNUAL ADMINISTRATION FEE/per issue $1,975.00 This fee is paid in advance for said period, or any portion thereof that any bonds are outstanding. ANNUAL ESCROW AGENT FEE $400.00 This fee paid in advance, covers the normal administrative functions of the escrow agent. ii of vi r1 t Initials Initials • EXHIBIT A • RFP NO. 00-01: FINAL PRICE AGREEMENT INVESTMENT CHARGE/per transaction $35.00 Investment charges in excess of eight transactions will be waived. The maximum investment charge per issue is $280.00. Transaction fees include the settlement: upon purchase, sale, or maturity of trust funds invested under the terms of the Trust Indenture. REQUISITION/DISBURSEMENT FEE (check or wire)/per transaction $35.00 Requisition/Disbursement Fee charges in excess of eight transactions wil be waived. The maximum disbursement fee charge per issue is $280.00. LETTER OF CREDIT OR INVESTMENT AGREEMENT DRAWS/per draw $50.00 Investment Agreement Draw Fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of any investment agreement. Letter of Credit Draw Fees cover the preparation of required documentation for each individual draw under any letter of credit. ANNUAL OUT-OF-OF POCKET EXPENSES 6% of Billed Fees Out-of-pocket expenses including, but not limited to, stationery, postage, telephone, and retention of records will be billed annually in an amount equal to 6% of all fees billed for the year. Express Mail, Federal Express, and outside messenger services will be billed to the account at actual cost and are not covered by the 6% expense charge. MISCELLANEOUS SERVICES Out-of-pocket expenses of administrator to attend closings or special meetings, outside counsel, accountants, special agents, etc. will be charged at the actual cost incurred. The charges for performing services not contemplated at the time of execution of the Trust Indenture or not specifically covered elsewhere in the Schedule will be commensurate with the service. These extraordinary services include, but are not limited to: supplemental agreements; consent operations; unusual releases or sinking fund redemptions; the preparation of special or interim reports which the Trustee must submit to security holders; custody of collateral which is diversified, voluminous in bulk, or which involves the Trustee in more than the usual activity. iii of vi Initials Initials • EXHIBIT A • RFP NO. 00-01: FINAL PRICE AGREEMENT TERMS OF PROPOSAL Final acceptance of the appointment as Trustee under the Trust Indenture is subject to the full review of all documentation related hereto and acceptance by out trust committee. Trustee fees may be increased and counsel fees may be charged if all documentation required for this financing is not in substantially good order, an inordinate number of drafts are required, or the closing is unduly delayed. If this transaction does not close, then the Municipality will be responsible for paying any expenses that the Trustee has incurred, including counsel fees, for this transaction. Fees listed are guaranteed for the term of this Agreement. iv of vi Initials Initials • EXHIBIT A • RFP NO. 00-01: FINAL PRICE AGREEMENT City of Palm Desert SUCCESSOR FISCAL AGENCY SERVICES FEE SCHEDULE ❑ City of Palm Desert Assessment District No. 94-2 (1915 Special Improvements Act) ❑ City of Palm Desert Assessment District No. 94-3 (1915 Special Improvements Act) ❑ City of Palm Desert Assessment District No. 98-1 (1915 Special Improvements Act) u City of Palm Desert 1997 Revenue Bonds (1915 Special Improvements Act & 1982 Mello-Roos Community Facilities Act) (Fully Escrowed) ANNUAL ADMINISTRATION FEE/per issue $1,700.00 This fee is paid in advance for said period, or any portion thereof that any bonds are outstanding. ANNUAL ESCROW AGENT FEE $400.00 This fee paid in advance, covers the normal administrative functions of the escrow agent. INVESTMENT CHARGE/per transaction $35.00 Investment charges in excess of eight transactions will be waived. The maximum investment charge per issue is $280.00. Transaction fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of the Trust Indenture. REQUISITION/DISBURSEMENT FEE (check or wire)/per transaction $35.00 Requisition/Disbursement Fee charges in excess of eight transactions wil be waived. The maximum disbursement fee charge per issue is $280.00. v of vi �Jl� Initials Initials • EXHIBIT A • RFP NO. 00-01: FINAL PRICE AGREEMENT LETTER OF CREDIT OR INVESTMENT AGREEMENT DRAWS/per draw $50.00 Investment Agreement Draw Fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of any investment agreement. Letter of Credit Draw Fees cover the preparation of required documentation for each individual draw under any letter of credit. ANNUAL OUT-OF-OF POCKET EXPENSES 6% of Billed Fees Out-of-pocket expenses including, but not limited to, stationery, postage, telephone, and retention of records will be billed annually in an amount equal to 6% of all fees billed for the year. Express Mail, Federal Express, and outside messenger services will be billed to the account at actual cost and are not covered by the 6% expense charge. MISCELLANEOUS SERVICES Out-of-pocket expenses of administrator to attend closings or special meetings, outside counsel, accountants, special agents, etc. will be charged at the actual cost incurred. The charges for performing services not contemplated at the time of execution of the agreement or not specifically covered elsewhere in the Schedule will be commensurate with the service. These extraordinary services include, but are not limited to: supplemental agreements; consent operations; unusual releases or sinking fund redemptions; the preparation of special or interim reports which the Fiscal Agent must submit to security holders; custody of collateral which is diversified, voluminous in bulk, or which involves the Fiscal Agent in more than the usual activity. TERMS OF PROPOSAL Final acceptance of the appointment as Fiscal Agent under the agreement is subject to the full review of all documentation related hereto and acceptance by out trust committee. Fiscal Agent Fees may be increased and counsel fees may be charged if all documentation required for this financing is not in substantially good order, an inordinate number of drafts are required, or the closing is unduly delayed. If this transaction does not close, then the Muncipality will be responsible for paying any expenses that the Fiscal Agent has incurred, including counsel fees, for this transaction. Fees listed are guaranteed for the term of this Agreement. vi of vi I itials Initials .711 City of Palm Desert Internal Correspondence Date: Wednesday, 10 May 2000 Subject: 2000 Broker Requalification From: Thomas W. Jeffrey, Investment Manager -ra-- To: Paul S. Gibson, City Treasurer RECOMMENDATION That the City of Palm Desert and the Palm Desert Redevelopment Agency approve: (1) the continued retention of Banc of America Securities, Chase Securities, Morgan Stanley Dean Witter, Salomon Smith Barney, Union Bank, and Wells Fargo Bank as broker-dealers; and (2) the dismissal of Lehman Brothers and Zions Bank as broker-dealers. BACKGROUND • The following broker-dealers have submitted the requested requalification documents to the City Treasurer's Office and are recommended for continued retention as broker-dealers for the City and for RDA: > Banc of America Securities > Chase Securities > Morgan Stanley Dean Witter > Salomon Smith Barney > Union Bank > Wells Fargo Bank The addition of Chase Securities and of Banc of America Securities last year have greatly enhanced competition, resulting in a lower cost of securities for the City and for RDA. Unfortunately, the same cannot be said for two other recent additions, Lehman Brothers and Zions Bank. In the case of Lehman Brothers, dismissal is recommended since the business relationship has not been satisfactory. In September 1999, Lehman failed to notify the City that it could not place a requested $2 million trade in commercial paper. As a result, $2 million remained in the City's main checking account for more than a week. This type of conduct is not professional and has not occurred with any of the City's other broker-dealers. • 2000 Broker Requalification 10 May 2000 Page 2 of 2 That episode, in addition to the minimal effort reflected in the preparation of Lehman's original application, suggests that Lehman views the City as "a little fish in a big pond". In the case of Zions Bank, dismissal is recommended since its participation in competitive offerings will probably not result in a lower cost of securities. Prior to recommending Zions Bank for addition to the City's broker-dealer list, the City Treasury staff had heard from other cities that Zions was "pricey". After closing a trade for $3 million of DuPont commercial paper with Zions in September 1999, I decided to benchmark Zions's pricing against Union Bank's pricing. Both banks buy commercial paper from primary dealers, such as Merrill Lynch, mark it up and resell to customers. In this instance, Zions's mark-up over Union Bank's was so high that I decided not to use Zions again for securities purchases. CITY OF PALM DESERT BROKER-DEALER REQUALIFICATION QUESTIONNAIRE 2000 .......... • vorbAl_. r; f r 1 :Ara _ccilleti Vac*ASII SICAO PREPARED BY THE CITY FINANCE DEPARTMENT Thomas W. Jeffrey, J.D., M.B.A. Investment Manager REVIEWED AND APPROVED BY Paul S. Gibson, C.C.M.T. City Treasurer BROKER: WELLS FARGO BANK SECTION I: STATEMENT OF POSITION AND GENERAL REQUIREMENTS The City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City") annually review the financial condition and registration of broker-dealers that previously have been qualified to provide financial services to the City, in order to determine whether these broker-dealers should remain on the City's "Approved Provider List". As part of this process, the City also provides each currently authorized broker- dealer with a copy of the City's most current "Statement of Investment Policy" and a certification form. Each broker-dealer is required to complete and submit the certification form as proof that it has received the City "Statement of Investment Policy"; read it; and intends to comply with it. If a broker-dealer cannot comply with all of the provisions in the City's "Statement of Investment Policy", then that broker-dealer should revise and initial the section(s) in question, and return the executed certification form along with a letter explaining the broker-dealer's reasons for not being able to comply. The City will notify all previously qualified broker-dealers, in writing, on whether they have been requalified to continue to provide financial services to the City. SECTION II: QUESTIONNAIRE DEADLINE AND REQUIRED DOCUMENTS The City must receive the following documents from each currently authorized broker-dealer by no later than 4:30 p.m. on Monday, 8 May 2000: A completed Broker-Dealer Requalification Questionnaire. ✓ A copy of the firm's most recent Annual Report. ✓ A copy of the firm's most recent SEC Form10-K. A copy of the firm's current Form BD Status Report. A copy of the firm's most recent SEC Form X-17 A-5 "Focus Report" (in the case of a non-bank) or most recent Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices — FFIEC 031 (in the case of a bank). City of Palm Desert • 2000 Broker-Dealer Requalification Questionnaire Page 2 of 5 A copy of the current Form U-4 Status Report on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas W. Jeffrey Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currently authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shall suspend all business dealings with that broker-dealer, and may elect to terminate its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611 , extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: WELLS FARGO BANK 2. Contact Address: 444 MARKET STREET, 17' FLOOR MAC A0195-172 SAN FRANCISCO, CA 94111 3. Contact Personnel: Sales Representative Supervising Manager Name: TONY GARCIA Name: RICK S. ALLEN Title: VICE-PRESIDENT Title: SENIOR VICE PRESIDENT TEL: (800) 353-4331 TEL: (415) 222-3852 City of Palm Desert • a 2000 Broker-Dealer Requalification Questionnaire Page 3 of 5 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) c No If "yes", please identify the prior name; the date • of the name change; and the reason for the name change. 5. Where is your firm headquartered (city and state)? SAN FRANCISCO, CA 6. Is your firm owned by a holding company? (check one) (8 Yes WELLS FARGO & CO. Please see annual report for net cap. SAN FRANCISCO, CA If "yes", what is the holding company's name; its net capitalization; and where is it headquarteredlcity and state)? 7. If your firm IS NOT a primary dealer, does it currently have a net capital position in excess of $100 million? (check one) Z Yes 8. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) Yes If "no", please explain. 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? LESS THAN 1 %. SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE 10. Have any of your firm's public sector clients sustained a loss on a securities transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) • • • City of Palm Desert 2000 Broker-Dealer Requalification Questionnaire Page 4 of 5 • Eg No If "yes", please describe each matter briefly. 11 . Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check one) No If "yes", please describe each matter briefly. 12. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) E. No If "yes", please describe each matter briefly. 13. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase or sale of securities? (check one) Eci No If "yes", please describe each matter briefly. SECTION V: CERTIFICATION I hereby certify that I have read and that I understand the investment policies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as represented in the City's "Statement of investment Policy", adopted 18 November 1999. My firm will ensure that all affected sales personnel will be routinely informed of the City's investment objectives, horizon, outlook, strategies, and risk constraints, as the City provides such information. My firm will notify the City Treasurer immediately, by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. • City of Palm Desert • 2000 Broker-Dealer Requalification Questionnaire Page 5 of 5 My firm pledges to exercise due diligence in informing the City Treasurer of all foreseeable risks associated with any financial transactions that my firm undertakes with the City. I attest to the accuracy of my firm's response to the City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only part of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. This section must be signed by the sales representative who is listed in Question 3. Firm: WELLS FARGO BANK Signed: I�y Cc�t,c- Tony Garcia, FA Title: VICE PRESIDENT Date: 5/4/00 This section must be countersigned by the Managing Director or by the most senior person in charge of the government securities operations section. Firm: WEL BANK Signed: / \ RICHARD S. ALLEN Title: SENIOR VICE PRESIDENT Date: 5/4/00 ik • CITY OF PALM DESERT BROKER-DEALER REQUALIFICATION QUESTIONNAIRE 2000 ..N........ it, ?rn PREPARED BY THE CITY FINANCE DEPARTMENT Thomas W. Jeffrey, J.D., M.B.A. Investment Manager REVIEWED AND APPROVED BY Paul S. Gibson, C.C.M.T. City Treasurer BROKER: Chase Securities Inc. SECTION I: STATEMENT OF POSITION AND GENERAL REQUIREMENTS The City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City") annually review the financial condition and registration of broker-dealers that previously have been qualified to provide financial services to the City, in order to determine whether these broker-dealers should remain on the City's "Approved Provider List". As part of this process, the City also provides each currently authorized broker- dealer with a copy of the City's most current "Statement of Investment Policy" and a certification form. Each broker-dealer is required to complete and submit the certification form as proof that it has received the City "Statement of Investment Policy"; read it; and intendswit h, to comply it. If a broker-dealer cannot comply with all of the provisions in the City's "Statement of Investment Policy", then that broker-dealer should revise and initial the section(s) in question, and return the executed certification form along with a letter explaining the broker-dealer's reasons for not being able to comply. The City will notify all previously qualified broker-dealers, in writing, on whether they have been requalified to continue to provide financial services to the City. SECTION II: QUESTIONNAIRE DEADLINE AND REQUIRED DOCUMENTS The City must receive the following documents from each currently authorized broker-dealer by no later than 4:30 p.m. on Monday, 8 May 2000: A completed Broker-Dealer Requalification Questionnaire. ✓ A copy of the firm's most recent Annual Report. A copy of the firm's most recent SEC Form10-K. A copy of the firm's current Form BD Status Report. A copy of the firm's most recent SEC Form X-17 A-5 "Focus Report" (in the case of a non-bank) or most recent Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices - FFIEC 031 (in the case of a bank). City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 2 of 5 A copy of the current Form U-4 Status Report on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas W. Jeffrey Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currently authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shall suspend all business dealings with that broker-dealer, and may elect to terminate its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611 , extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: Chase Securities Inc. 2. Contact Address: 840 Apollo Street, Suite 223 El Segundo, CA 90245 3. Contact Personnel: Thomas J. Brennan Sales Representative Supervising Manager Name: Thomas J. Brennan Name: Kevin Clare Title: Global Markets Officer Title: Managing Director TEL: (310) 563-1900 TEL: (310) 563-1900 • City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 3 of 5 TEL: (800) 395-5823 TEL: (800) 395-5823 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) ❑ Yes ® No If "yes", please identify the prior name; the date of the name change; and the reason for the name change. On December 9, 1999 The Chase Manhattan Corporation ("CMC"), through a wholly owned subsidiary, acquired Hambrecht & Quist group. On February 1, 2000, Hambrecht & Quist LLC, the broker-dealer subsidiary, merged with and into CSI, a wholly owned broker-dealer subsidiary of CMC. Since February 1, 2000, we have used the trade name Chase H&Q, a division of Chase Securities in certain transactions. 5. Where is your firm headquartered (city and state)? New York, NY • 6. Is your firm owned by a holding company? (check one) Z Yes ❑ No If "yes", what is the holding company's name; its net capitalization; and where is it headquartered. (city and state)? The Chase Manhattan Corporation headquartered in NY, NY. Please see the enclosed Annual Report. 7. If your firm IS NOT a primary dealer, does it currently have a net capital position in excess of $100 million? (check one) ❑ Yes ❑ No 8. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) ® Yes ❑ No If "no", please explain. 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? 825 fails for last month — approximately 2% approximately 9900 fails for the year — approximately 3% City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 4 of 5 SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE 10. Have any of your firm's public sector clients sustained a loss on a securities transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) ❑ Yes ® No If "yes", please describe each matter briefly. 11 . Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? • (check one) ❑ Yes ® No . If "yes", please describe each matter briefly. 12. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) ® Yes ❑ No If "yes", please describe each matter briefly. Ausa Life Insurance v. William R. Bartmann et al and Bank Hapoalim v. Bartmann - Plaintiffs allege CSI was part of a scheme to promote Commercial Financial Services even after they were aware of the company's declining financial condition. HCM High Yield Opportunity Fund et al v. Chase Securities Inc. — Plaintiffs claim there has been a violation of the Florida securities & Investor Protection Act because of a failure to disclose the relationship between a majority shareholder and lender. • 13. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase or sale of securities? (check one) ❑ Yes ® No If "yes", please describe each matter briefly. • SECTION V: CERTIFICATION • City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 5 of 5 I hereby certify that I have read and that I understand the investment policies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as represented in the City's "Statement of Investment Policy", adopted 18 November 1999 (the "Statement"). I have not read any of the statutes, municipal codes or procedures referenced in the Statement. The firm named below (the "Firm") has implemented what we believe to be reasonable procedures and controls to attempt to preclude investment transactions inconsistent with the Statement. When notified in writing of the Firm's appointment for inclusion on the City's Approved Provider list (as such term is defined in the Statement), I certify that the Firm's sales personnel who will be trading with or quoting securities prices to the City will be familiar with the then current investment objectives, eligible investments, and risk constraints as specified in the Statement attached to the RFI and shall exercise due diligence in disclosing fundamental risks associated with investments presented to the City. Upon actual receipt by the Supervising Manager of the Firm identified in Section III, Question 3 of the RFI of written notification of a change to the investment objectives, eligible investment and risk constraints in the Statement, notification of such changes will be provided to the Firm's sales personnel trading with or quoting securities prices to the City. In the event of a change in the financial condition of the Firm that materially or adversely affects the Firm's ability to perform our obligations to you, the Firm will promptly notify the City Treasurer by telephone and in writing. In addition the Firm will exercise reasonable due diligence to notify the City Treasurer by telephone and in writing of any violation of Municipal Securities Rulemaking Board Rule G-37. I attest to the accuracy of my firm's response to the.City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only part of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. This section must be signed by the sales representative who is listed in Question 3. Firm: • City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 6 of 5 c._ Signed: l fit - iJQ Title: C L06AL i"iAPicC`S Date: SICI° This section must be countersigned by the Managing Director or by the most senior person in charge of the government securities operations section. Firm: Chits c Sc Cate-- 'i.t`r,S Z,.iC, Signed: {f r+- 'Pt Title: /61iir1.1-5,ili) Date: 5i`I cA_ 14 J • • CITY OF PALM DESERT BROKER-DEALER REQUALIFICATION QUESTIONNAIRE 2000 . obi* Ai I PREPARED BY THE CITY FINANCE DEPARTMENT Thomas W. Jeffrey, J.D., M.B.A. Investment Manager REVIEWED AND APPROVED BY Paul S. Gibson, C.C.M.T. City Treasurer BROKER: Banc of America Securities LLC City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 2 of 5 A copy of the current Form U-4 Status Report on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas W. Jeffrey Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currently authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shall suspend all business dealings with that broker-dealer, and may elect to terminate its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611 , extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: Rc v c O v P\met -iOrvQ S L-L C_, 2. Contact Address: 00 Q=04 c ra P1/4u.Si . L(k FL 3. Contact Personnel: Sales Representative Supervising Manager Name: ••Qv-• \-\tticvpqn Name: '11ts-ram Title: achv\gc v,,, ,lLC.‘T(- Title: TEL: (ZI? ) aac- 130L1 TEL: ( ) TEL: (800) —1 IFCc- a-(.F b TEL: (800) City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 3 of 5 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) ❑ Yes No If "yes", please identify the prior name; the date • of the name change; and the reason for the name change. 5. Where is your firm headquartered (city and state)? are k.r4vNGSCp e4\SC•c•tcy\y: 6. Is your firm owned by a holding company? (check one) '® Yes ❑ No If "yes", what is the holding company's name; its net capitalization; and where is it headquartered (city and state)? 7. If your firm, IS NOT a primary dealer, does it currently have a net capital position in excess of $100 million? (check one) Yes ❑ No S. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) Yes ❑ No If "no", please explain. 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? I°io SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE 10. Have any of your firm's public sector clients sustained a loss on a securities • transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) ❑ Yes No If "yes", please describe each matter briefly. • City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 4 of 5 11 . Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check one) ❑ Yes [2 No If "yes", please describe each matter briefly. 12. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) ❑ Yes ❑ No If "yes", please describe each matter briefly. SQ2 CISS-1.,.s-c- 13. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase or sale of securities? (check one) ❑ Yes ❑ No If "yes", please describe each matter briefly. C, a Jew QC44•-,S2. 4l Z SECTION V: CERTIFICATION I hereby certify that I have read and that I understand the investment policies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as represented in the City's "Statement of Investment Policy", adopted 18 November 1999. My firm will ensure that all affected sales personnel will be routinely informed of the City's investment objectives, horizon, outlook, strategies, and risk constraints, as the City provides such information. My firm will notify the City Treasurer immediately,,by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 5 of 5 My firm pledges to exercise due diligence in informing the City Treasurer of all foreseeable risks associated with any financial transactions that my firm undertakes with the City. I attest to the accuracy of my firm's response to the City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only part of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. This section must be signed by the sales representative who is listed in Question 3. Firm: c,,--sr:_ CS- ��,'•(\c_c' C»-ckA, �! t- l Signedi ,. Title: c , .�.c .. ,� . D,-,(mac. \7_! Date: This section must be countersigned by the Managing Director or by the most senior person in charge of the government securities operations section. Firm: r. r__. `' c' . \‘ ; Signed:!/ _ •Title: „ r_ It,cc Date: ! - . - c Bank of America �' Banc of America Securities LLC #6513 300 South Grand Avenue, 19th Floor Los Angeles,CA 90071 Question 10. Have any of your firm's public sector clients sustained a loss on a securities transaction within the last 12 months,arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instruments that was recommended by and purchased through your firm? Banc of America Securities,LLC,is not aware of any municipality sector client sustaining a loss on a securities transaction within the last 12 months,arising from a misunderstanding or misrepresentation of the risk characteristics of a particular instruments. Question 11. Have any of your firm's public sector clients claimed,in writing,within the last 12 months,that your firm was responsible for any investment losses? Banc of America Securities,LLC is not aware of any municipality sector client claiming,in writing,within the last 12 months,that Banc of America Securities was responsible for any investment losses. Question 12. Has your firm been subject to any litigation,arbitration,or regulatory proceedings, either pending,adjudicated,or settled,within the last 12 months,that involved allegations of improper,fraudulent,disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? From time to time,regulatory,state,or federal agencies may make non-public inquiries concerning the activities of Banc of America Securities,LLCCBAS"), its affiliates,and their employees. Those firms and their employees may or may not be made aware of such inquiries;and such inquiries may not result in the institution of public proceedings. It is the policy of BAS to decline to comment on the existence, subject matter,or results of any such non-public inquiries,other than to state that it knows of no such public or non-public inquiries which would materially adversely effect its ability to perform the services described in the attached response to your request for proposal. Question 13. Has your Firm been subject to a regulatory,state,or federal agency investigation, within the last 12 months,for alleged improper,fraudulent,disreputable,or unfair activities related to the purchase or sale of securities? See response#12 A copy of the firm's most recent SEC Form 10- K. Banc of America Securities, LLC does not complete SEC Form 10-K because we are not a publicly traded company. The SEC report we file is our monthly FOCUS Report. • • CITY OF PALM DESERT BROKER-DEALER REQUALIFICATION QUESTIONNAIRE 2000 4Ift sir 1�'h •,.4t4ei ac owe . PREPARED BY THE CITY FINANCE DEPARTMENT Thomas W. Jeffrey, J.D., M.B.A. Investment Manager REVIEWED AND APPROVED BY Paul S. Gibson, C.C.M.T. City Treasurer BROKER: Dean Witter Reynolds Inc. ("DWR"), A wholly owned subsidiary of Morgan Stanley Dean Witter Co. • • SECTION I: STATEMENT OF POSITION AND GENERAL REQUIREMENTS The City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City") annually review the financial condition and registration of broker-dealers that previou sly have beenqualified toprovide financial services to the City,Y C ty, in order to determine whether these broker-dealers should remain on the City's "Approved Provider List". As part of this process, the City also provides each currently authorized broker- dealer with a copy of the City's most current "Statement of Investment Policy" and a certification form. Each broker-dealer is required to complete and submit the certification form as proof that it has received the City "Statement of Investment Policy"; read it; and intends to comply with it. If a broker-dealer cannot comply with all of the provisions in the City's "Statement of Investment Policy", then that broker-dealer should revise and initial the section(s) in question, and return the executed certification form along with a letter explaining the broker-dealer's reasons for not being able to comply. The City will notify all previously qualified broker-dealers, in writing, on whether they have been requalified to continue to provide financial services to the City. SECTION II: QUESTIONNAIRE DEADLINE AND REQUIRED DOCUMENTS The City must receive the following documents from each currently authorized • broker-dealer by no later than 4:30 p.m. on Monday, 8 May 2000: ✓ A completed Broker-Dealer Requalification Questionnaire. A copy of the firm's most recent Annual Report. ✓ A copy of the firm's most recent SEC Form10-K. A copy of the firm's current Form BD Status Report. A copy of the firm's most recent SEC Form X-17 A-5 "Focus Report" (in the case of a non-bank) or most recent Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices — FFIEC 031 (in the case of a bank). City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire . Page 2 of 5 A copy of the current Form U-4 Status Report on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas W. Jeffrey Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currently authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shall suspend all business dealings with that broker-dealer, and may elect to terminate its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611 , extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: MORGAN STANLEY DEAN WITTER 2. Contact Address: 2677 NORTH MAIN ST. SANTA ANA, CA 92705 3. Contact Personnel: Sales Representative Supervising Manager Name: .BONNY SHUMACHER & Name: SERGIO BOHON TOM JUAREZ Title: ASSOCIATE VICE PRESIDENT Title: BRANCH MANAGER TEL: (714) 648-3555 TEL: (714) 648-3456 (714) 648-3550 TEL: (800) 760-2450 TEL: (800) 733-5181 v City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 3 of 5 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) ❑ Yes ® No If "yes", please identify the prior name; the date of the name change; and the reason for the name change. 5. Where is your firm headquartered (city and state)? 1585 BROADWAY NEW YORK, NY 10036 6. Is your firm owned by a holding company? (check one) ❑ Yes ® No If "yes", what is the holding company's name; its net capitalization; and where is it headquartered (city and state)? 7. If your firm IS NOT a primarydealer, does it currentlyhave a net capital position in excess of $100 million? (check one) ❑ Yes ❑ No 8. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) ® Yes ❑ No If "no", please explain. 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? This is proprietary information, which is routinely made available to Regulatory organizations. City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 4 of 5 SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE • 10. Have any of your firm's public sector clients sustained a loss on a securities transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) DWR as a matter of policy will not disclose the names of its clients on the basis of confidentiality. We have considerable experience in serving a full spectrum of accounts. ❑ Yes ❑ No If "yes", please describe each matter briefly. 11 . Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check one) See response in question #10 ❑ Yes ❑ No If "yes", please describe each matter briefly. 12. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) In the course of its extensive activities as a Broker-Dealer, DWR and its employees are occasionally subjected to regulatory inquiries and/or investigations regarding alleged violations of federal and state securities laws. ❑ Yes ❑ No If "yes", please describe each matter briefly. 13. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase or sale of securities? (check one) See response in question #12 ❑ Yes ❑ No If "yes", please describe each matter briefly. SECTION V: CERTIFICATION I hereby certify that I have read and that I understand the investment policies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 5 of 5 Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as represented in the City's "Statement of Investment Policy", adopted 18 November 1999. My firm will ensure that all affected sales personnel will be routinely informed of the City's investment objectives, horizon, outlook, strategies, and risk constraints, as the City provides such information. My firm will notify the City Treasurer immediately, by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. My firm pledges to exercise due diligence in informing the City Treasurer of all foreseeable risks associated with any financial transactions that my firm undertakes with the City. I attest to the accuracy of my firm's response to the City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only part of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. This section must be signed by the sales representative who is listed in Question 3. Firm: Morgan Stanley Dean Witter / . Signed: i/ ,/ Title: Associate Vice President Date: Firm: Morga nley n'Witter Signed Title: Associate Vic President Date: City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 6 of 5 This section must be countersigned by the Managing Director or by the most senior person in charge of the government securities operations section. Firm: M•rgan S .nley Dean Witter OP Signed: "- % Title: i ch Manager Date: • • CITY OF PALM DESERT BROKER-DEALER REQUALIFICATION QUESTIONNAIRE 2000 ak . o p PREPARED BY THE CITY FINANCE DEPARTMENT Thomas W. Jeffrey, J.D., M.B.A. Investment Manager REVIEWED AND APPROVED BY Paul S. Gibson, C.C.M.T. City Treasurer BROKER: SALOMON SMITH BARNEY - BILL BLACKWILL • • SECTION I: STATEMENT OF POSITION AND GENERAL REQUIREMENTS The City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City") annually review the financial condition and registration of broker-dealers that previously have been qualified to provide financial services to the City, in order to determine whether these broker-dealers should remain on the City's "Approved Provider List". As part of this process, the City also provides each currently authorized broker dealer with a copy of the City's most current "Statement of Investment Policy" and a certification form. Each broker-dealer is required to complete and submit the certification form as proof that it has received the City "Statement of Investment Policy"; read it; and intends to comply with it. If a broker-dealer cannot comply with all of the provisions in the City's "Statement of Investment Policy", then that broker-dealer should revise and initial the section(s) in question, and return the executed certification form along with a letter explaining the broker-dealer's reasons for not being able to comply. The City will notify all previously qualified broker-dealers, in writing, on whether they have been requalified to continue to provide financial services to the City. SECTION II: QUESTIONNAIRE DEADLINE AND REQUIRED DOCUMENTS The City must receive the following documents from each currently authorized broker-dealer by no later than 4:30 p.m. on Monday, 8 May 2000: A completed Broker-Dealer Requalification Questionnaire. A copy of the firm's most recent Annual Report. A copy of the firm's most recent SEC Form10-K. A copy of the firm's current Form BD Status Report. A copy of the firm's most recent SEC Form X-17 A-5 "Focus Report" (in the case of a non-bank) or most recent Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices — FFIEC 031 (in the case of a bank). • • City of Palm Desert 2000 Broker-Dealer Requalification Questionnaire Page 2 of 5 A copy of the current Form U-4 Status Report on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas W. Jeffrey Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currently authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shall suspend all business dealings with that broker-dealer, and may elect to terminate its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611 , extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: Salomon Smith Barney Inc. 2. Contact Address: 660 Newport Center Drive, Suite 1100 Newport Beach, CA 92660 3. Contact Personnel: Sales Representative Supervising Manager Name: Bill Blackwill Name: Robert B. Martensen Title: Sr. Vice President-Investments Title: Sr. Vice President/Resident Manager TEL: ( 949 ) 717-5440 TEL: ( 949 ) 717-5300 TEL: (800) 258-6663 TEL: (800) 468-3352 City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 3 of 5 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) ❑ Yes ❑x No If "yes", please identify the prior name; the date of the name change; and the reason for the name change. 5. Where is your firm headquartered (city and state)? New York, NY 6. Is your firm owned by a holding company? (check one) ❑ Yes ❑x No If "yes", what is the holding company's name; its net capitalization; and where is it headquartered (city and state)? No. It is a wholly owned subsidiary of Salomon Smith Barney Holding Company Inc. which in return is a wholly owned subsidiary of Salomon Smith Barney Holdings Inc. 7. If your firm IS NOT a primary dealer, does it currently have a net capital position in excess of $100 million? (check one) • ❑ Yes n No 8. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) ❑x Yes n No If "no", please explain. 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? Last month - unavailable Last year - less than 1/10th of 1% - approx. 1000/year. SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE 10. Have any of your firm's public sector clients sustained a loss on a securities transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) ❑ Yes ❑x No If "yes", please describe each matter briefly. City of Palm Desert • • 2000 Broker-Dealer Requalification Questionnaire Page 4 of 5 11 . Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check one) SEE REVERSE ❑ Yes ❑ No If "yes", please describe each matter briefly. 12. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) SEE REVERSE ❑ Yes ❑ No If "yes", please describe each matter briefly. 13. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulen q 9 t, disreputable, or unfair activities related to the purchase or sale of securities? (check one) SEE REVERSE • ❑ Yes ❑ No If "yes", please describe each matter briefly. SECTION V: CERTIFICATION I hereby certify that I have read and that I understand the investment policies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as represented in the City's "Statement of Investment Policy", adopted 18 November 1999. My firm will ensure that all affected sales personnel will be routinely informed of the City's investment objectives, horizon, outlook, strategies, and risk constraints, as the City provides such information. My firm will notify the City Treasurer , upon request , in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. 4 , • • City of Palm Desert 2000 Broker-Dealer Requalification Questionnaire Page 5 of 5 My firm pledges to exercise due diligence in informing the City Treasurer of all foreseeable risks associated with any financial transactions that my firm undertakes with the City. I attest to the accuracy of my firm's response to the City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only part of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. This section must be signed by the sales representative who is listed in Question 3. Firm: Salomon Smith Barney Inc. Signed: ! jjiz' Title: Sr. Vice President - Investments Date: 4/28/00 This section must be countersigned by the Managing Director or by the most senior person in charge of the government securities operations section. Firm: Salomon Smith Barney Inc. ) Signed: )� Title: Sr. Vice President/Resident Manager Date: 4/28/00 • • May 17, 2000 - REGULAR INVESTMENT COMMITTEE MEETING VIII. INFORMATIONAL ITEM A. City of Oceanside Investment Fraud G:Finance\Deb B2CIeywpdocs INVSTCOhtinsert.wpd T • • v \ / Investment Scams : Turning a Negative Into a Positive Presented By: Rosemary R. Jones, CCMT Carole A. Gierhart, CCMT Michele C. Lund, CCMT CMTA Annual Conference - Concord, CA - April 28, 2000 w• \ / • THE NEGATIVE: THE SCAM 9 Friends of Mayor of Oceanside proposed"Investment Vehicle" to Mayor and Investment Officer 0 Program involved segregating a portion(initial minimum buy-in of$10MM)of City's portfolio. Letter of Credit would be issued by a"World Bank"against restricted investments. Proceeds would be used to create securities to be sold in market. Sale proceeds would be used by IMF to fund third-world countries. Investment Scams:Turning a Negative Into a Positive•Annual Conference-Concord.CA-April 28.2000 • • CMTA Annual Conference - Concord, CA - April 28, 2000 2 • • O / • THE NEGATIVE: THE SCAM O At no time were City's securities at risk O Program was "highly confidential" O Not an"investment"so did not need to be registered with SEC O Returns were GUARANTEED • 0 Returns were about 130%, or 30%per month, or ... O Involved signing letter of intent and confidentiality statement in order to find out details of program Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-Apnl 28.2000 • CMTA Annual Conference - Concord, CA- April 28, 2000 3 • \ / THE NEGATIVE: THE SCAM \, O Official Name of Program: • 0 HIGH YIELDING INVESTMENT PROGRAM(or Bank Debenture Trading Program) 0 Securities issued were called 7 1/2-10's(7.5%coupon, 10-year maturity) 0 Would be sold over and over again at a profit each time • O Required City to sign power attorney to principal in program that would have control over City's assets • (securities) Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-April 28,2000 CMTA Annual Conference - Concord, CA - April 28, 2000 4 \ - / THE RED FLAGS • 0 Program confidentiality O Guaranteed Returns of 130%(!)with no risk O Program could not be explained with clarity O Not SEC registered O Not an investment,but had returns 0 High pressure to sign or"deal"would go away O Could not provide credible references 0 GGCRET TAPE RECORDii,1G OF•� OCER,LSLOE IREA5c24 STAFF wiT�Oo'T 1 eIR I(1---1cu:6E06e Investment Scams:Turning a Negative Into a Positive•Annual Conference-Concord.CA-April 28.2000 A..jo COLJSGa1T CMTA Annual Conference - Concord, CA - April 28, 2000 5 • • • \ / • THE POSITIVE: THE CITY TREASURER'S OFFICE ROLE / \ ® As Rosemary puts it,"We cut `ern off at the knees!" O City Treasurer stopped deal by refusing to sign power of attorney despite pressure from elected official ® Treasury staff utilized years of experience, CMTA education and networking tools, as well as the intemet to gather evidence of scam ® Contacted League of CA Cities to help disseminate • information regarding scam. The League contacted other states, which added in stopping scam in several states Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-April 28.2000 • CMTA Annual Conference - Concord, CA - April 28, 2000 6 • • • • THE POSITIVE: THE CITY TREASURER'S OFFICE ROLE / \ O Carole testified in SEC civil lawsuit preliminary hearing in Utah to prevent Alamin Inc. and company from • approaching government agencies with scam ® Uncalculated time and effort spent in keeping scam from happening and making sure the rest of the world was aware • of potential scams Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-April 28.2000 CMTA Annual Conference - Concord, CA - April 28, 2000 7 v • • SCAM STATUS: WHERE WE ARE TODAY •Awaiting trial date to award permanent injunction against Alamin Inc. and company to stop them from pitching scam to other government agencies • •Elected official in Oceanside is in office until December when term is up. As far as we know,will not run for re- election •A pat on the back...Rosemary and Carole won the San Diego Press Club's Government Watchdog Award for 1999 • Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-April 28.2000 CMTA Annual Conference - Concord, CA - April 28, 2000 8 \ • THE POSITIVE: THE CITY TREASURER'S OFFICE ROLE ALWAYS REMEMBER: IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS IF YOU DON'T UNDERSTAND IT, DON'T BUY IT • HIGH RETURNS=HIGH RISK Investment Scams:Turning a Negative Into a Positive-Annual Conference-Concord.CA-April 28.2000 CMTA Annual Conference - Concord, CA - April 28, 2000 9 .:..., Mayor drats fire • Photos by DAVID CARLSON/STAFF PIIOTLt:RAN IER th several of the butterflies at the Wild Animal Park.She over investment plan • ■ Some on O'side the city's top financial officer eorates refused-to sign documents to 1� 1 Ctl\+ council say they will let it go forward. Lyon said he bi•ts consider callin for later developed reservationsg g about the deal and is no longer Lyon's resignation pushing for its approval. included in the Regardless,news of the Be- rk admission. TERRY WELLS cret negotiations created an ht in from such STAFF WRITER . uproar at City Hall on Friday, as Malaysia,Cos- -1 leaving three`City Council , El Salvador, members saying they would and Honduras, s. 's. OCEANSIDE—An unortho- consider calling for Lyon's res- terflies include dox and secretive financial in- ignation. orful species as • 1 ' vestment opportunity that The deal entailed using the e wood nymph, _L ,L backers claimed could produce city's money = which repre- e heart, yellow- huge returns for the city has •sents the majority of the city's k-striped zebra, s,; been pushed by Mayor Dick Ly- $135 million investment portfo- iue morpho and 1 . . on, and rejected by virtually lio— to obtain a line of credit ictive owl butter- - everyone else at City Hall. that would later be invested in se wings sport The venture's proponents, a foreign money markets,accord- yellow, eyelike firm with a Los Angeles ad- ing to city sources and key dot • - e gentle insects ice. dress,claimed they could take uments. rough the park's / control of $100 million of the Proponents contended the lungle area, de- This orchid from the Masdevallia city's invested funds at a city's money would never be simulate a tropi- species typically grows on sheer promised return of up to 130 touched, Lyon said in a tele- rock walls in the ancient Incan percent per month,said several phone interview Saturday from > SPRING, B-11 city of Machu Piece,Peru. top Oceanside officials. The deal was stopped when >MAYOR, B-8 t school' Society names this year's Pioneer icility , bout,, ■ Fallbrook native me Park Academy, a R' to be honored at 'hoot serving students ;;, group's annual to 12, was first con •- the district in 1991 **'Y * meeting April 14 dasons: to curb over- ' * a • z at high schools and to (� `a •v ,_,._,,,•.„ BETTY JOHNSTON y charter campus that �..J ST.AFF WRITER state funded but self- • 1 4 ;YAU •-, • \ - so innovative teach iques and technology T:+ FALLBROOK — When infused into the class- Hartwell Russell Hillier y moved to Fallbrook in 1971, e time, it was very he was actually returning we needed another c home. The son of Ernest II,but we also wanted 1; �1 Stephen Hillier and his wife, out how this campus u1 �.' Marie Russell Hillier,"Rus" lifferent,"Angle said. JAMIE SCOTT LYTLE/STAFF PHotoozArIIER Hillier was born Feb. 16, :ed to create a new 1906, in his parents' home, a Irving environment." Hartwell Russell Hillier was named Pioneer of the Year by the • iool opened in 1994, • Fallbrook Historical Society. > PIONEER, B-8 > SCHOOL. 6-5 • • LIST OF USEFUL WEB SITES COPIED FROM WWW.QUATLOOS.COM / \ U.S.Department of Treasury,Bureau of Public Debt:Frauds,Phonies and Scams-- A short lesson in scams involving federally-backed investments— http://www.publicdebt.treas.gov/cc/ccphony.htm U.S. Securities&Exchange Commission: Investor Alerts:So-Called"Prime"Bank and Similar Financial Instruments—http://www.sec.gov/enforce/prime.txt U.S.Federal Bureau of Investigations:Fraud Alerts:Prime Bank Notes-- http://www.fbi.gov/fo/nvfo/mainfrd.htm Better Business Bureau: International Investment Schemes Very Risky/Investors Warned to Avoid Secret"Debenture Trading"-- http://www.bbb.org/alerts/deninvest.htntl International Trade&Investments Ltd.:Prime Bank Instruments--For those who STILL believe!http://www.itiltd.com/scams.html Investment scams:Turning a Negative Into a Positive-Annual Conference-Concord,CA-April 28.2000 • • • CMTA Annual Conference - Concord, CA - April 28, 2000 10 °zg e- V9,13Cgrxmoeegriet one^+ e-e=� 412 y w e m g m P M B^g Y 3_5 w G . q S R S ❑n w ..Era anmaa E,".a••6 - dtrm T^ o5- ;• 3auco • 0Zw eiac gy,<ce°. aY a °°, N3 • n< 5•�i:° Eq•e n a bO F .�j. y Y 6• Y e R' •'8 O co o•__3 Fi In p `•� p • E 3 K. s. i Z NF °q '• a370dR• a2d o'S. 6. 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APPROVAL OF MINUTES Rec: Approve the Minutes of March 15, 2000 as submitted. Action: IV. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not otherwise on the agenda may address the Investment & Finance Committee at this point by giving his or her name and address for the record. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non- hearing agenda items. It should be noted that at the Investment & Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks shall he 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 Background Checks for Section 4 Rec: Report by Carlos Ortega. Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on issuing new bonds. Action: C. Approval of Bank of New York as Corporate Trustee Rec: Review and file report. Action: - • 1 AGENDA - INVESTMENT & FINANCE COMMITTEE April 19, 2000 VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for March, 2000 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity during the month of March. Review status of capital projects and cash flow projections. Action: B. Review Short Term Investments Maturing in April, 2000 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 Reports for February, 2000 Rec: Informational item for the Committee to review. No action required. D. Monthly Financial Report for City Council for March, 2000 Rec: Report and submit to City Council. Action: E. Parlxview Professional Office Buildings - Financial Reports for March. 2000 Rec: Review and file report. Action: F. Desert Willow Golf Resort Financial Information for March, 2000 Rec: Review and file report. Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for March, 2000 Rec: Review and file report. Action: • • AGENDA - INVESTMENT fd FINANCE COMMITTEE April 19, 2000 H. Credit Risk of Agency Securities Rec: Review and file report. Action: VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the Next Agenda VIII. NEXT MEETING DATE Next regularly scheduled meeting is: Wecineoaay, May 17, 2000 at 1L00 mennno IX. ADJOURNMENT I hereby eel-tit—Li under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this April 13, 2000. / ` Veronica Abarca, Recording Secretary . ►, '•�• Minutes - mat? I `c4�°gai t r_y Finance Committee • Il)� o°t CONVENE On March 15, 2000, the Investment & Finance Committee was called to order at 11:05 a.m. by Mr. Paul Gibson. ROLL CALL Russell Campbell, Buford Crites, Paul Gibson, Thomas Jeffrey, Murray Magloff, Bill Veazie and Veronica Abarca, recording secretary. Gregg Lindquist, Kemper Sports APPROVAL OF MINUTES On a motion by Mr. Veazie, seconded by Mr. Campbell, the Minutes of the February 23, 2000 meeting were approved as submitted. ORAL COMMUNICATIONS None. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4 There were no changes to the previous month's report. B. Bond Issuance by Palm Desert Financing Authority There were no changes to the previous month's report. Mr. Gibson stated that New Business Items F, G would be taken out of order so Mr. Lindquist could be excused from the remainder of the meeting. F. Desert Willow Golf Resort Financial Information for February. 2000 Mr. Lindquist stated that the Golf Course Clubhouse is up and running. It opens at 6:30 a.m. and begins serving lunch at 11:00 a.m. Rounds for the month of February were down by 700. Mr. Lindquist believes that the difference in the numbers is due to the four new courses which opened 1 • Minute, Finance Committee up this year in the area. The other golf courses in town are also experiencing a drop in revenues. Mr. Lindquist stated that the retail is doing very well at approximately$4,000 per day compared to last November at $1,800 per day on average. We are currently$26,000 behind last year in Net Income. Mr. Lindquist attributes this to having such a mild winter in all areas of the United States. Mr. Crites asked Mr. Lindquist to research a comment made by Ed Kibbey that our rates are significantly higher than those of the privately owned courses for conventions. Mr. Crites stated that he had heard this comment more than once. Mr. Lindquist stated that the Sinatra Golf Tournament was a great success. Desert Willow grossed$100,000 in two days which on a normal weekday would have only brought in$60,000 - $80,000. Receive and file report. G. Palm Desert Recreation Facilities Corporation Income Analysis for January. 2000 Mr. Lindquist reviewed the report and asked if there were any questions. • Receive and file report. C. Review of Request for Proposals for Trustee Services The contract•for Trustee Services with U.S. Trust expires in June, 2000. U.S. Trust has not been meeting the minimum standard. Request for Proposal's were sought and applications have been received from Union Bank of California, Wells Fargo, Bank of New York, U.S. Trust and State Street Bank. • Interviews will be conducted with each agency prior to the next meeting date. Receive and file report. NEW BUSINESS A. City and Redevelopment AgencyInvestment Schedule • • Minute. Finance Committee Mr. Jeffrey stated that the book value of the City Portfolio as of February 29, . 2000 was $167 million. The decrease from January is due to debt service. Since we are not actively investing, due to the interest rate hikes, the City's portfolio rate currently lags behind the LAIF rate. The book value of the Redevelopment Agency Portfolio as of February 29, 2000 was $149 million. The Redevelopment Agency remains very liquid due to ongoing debt obligations. Receive and file reports. B. Review Short Term Investments Maturing in March, 2000 There were no changes to the previous month's report. C. State of California Local Agency Investment Fund Monthly Report Mr. Gibson reviewed the LAIF Statements for January, 2000 and asked if there were any questions. There were none. Receive and file report. D. Monthly Financial Report for City Council for the month ending February, 2000 Mr. Gibson stated that compared to last year revenues have increased $3 million. Mr. Gibson estimates that Sales Tax will be $1 million over budget , by the end of the year. Overall TOT reflects an 11% increase in revenues due to new hotels. Property taxes are on line with budget. Mr. Gibson stated that the expenditures are all on track with budget. We are $3 million under last years expenditures due to land purchases made last year. The Redevelopment Agency's tax increment increased $2.8 million from last year. Receive and file report. E. Parkview Professional Office Buildings - Financial Reports for the month ending February, 2000 • 3 • • • Minutes Finance Committee Mr. Gibson stated that Parkview Office Complex is doing well. The net income is $57,475 ahead of budget. The State Rehabilitation Department has moved in all bugs have been worked out. Project Dimensions will probably be moving in the near future. Hanover has been appointed judge and may get a smaller unit in the near future which will open up another space. Receive and file report. REPORTS AND REMARKS Trustee Services Agreement The current agreement provisions have been reviewed by staff and the city attorney. The agreement has been updated in accordance with the State of California Laws. NEXT MEETING DATE The next Investment & Finance Committee meeting will be held Wednesday, April 19, 2000 at 11:00 a.m. ADJOURNMENT Upon motion by Mr. Campbell and seconded by Mr. Veazie the Investment &Finance Committee adjourned at 11:58 a.m. Respectfully submitted; Veronica L. Abarca, Recording Secretary • 4 • • • .:._�.......... IN TER a MEMO OF F ICE To: Honorable Mayor and Members of The City Council From: Paul S. Gibson, Finance Director& City Treasurer Subject: Approval of Bank of New York as Successor Trustee Date: 5 April 2000 RECOMMENDATION By minute motion, authorize the City Treasurer to enter into a contract with the Bank of New York for the provision of successor trust services to the City of Palm Desert and to the Palm Desert Redevelopment Agency, pending review of all contract documents by the City Attorney. BACKGROUND The City's current trust services contract with U.S. Bank will expire on 30 June 2000. The City's relationship with U.S. Bank has been unfavorable. It has been characterized by high fees, technology breakdowns, $2.5 million wired to the wrong bank account, and erroneous invoices. Consequently, the City recently distributed a Request for Proposals for Trust Services to several prominent trust companies (see Exhibit "A"). •After reviewing the proposals submitted, and after conducting extensive referencing and interviews, the City Treasurer's Office believes that Bank of New York would offer the greatest number of advantages as a trustee to the City. Namely: • No. 1 trustee for municipal tax-exempt debt managed($16.4 billion). • No. 1 trustee for industry technology. • Largest selection of money market funds. • 100% government client base in Los Angeles Office. • Extensive experience as a successor trustee. • Most likely to remain independently owned. The City Treasurer's Office has negotiated an extremely lucrative deal with Bank of New York that will significantly improve relationship profitability. Staff recommends that Bank of New York be approved as a successor trustee to U.S. Bank, effective 1 July 2000. Respectfully Submitted, Reviewed and Concurred, Paul S. Gibson Ramon A. Diaz Finance Director& City Treasurer City Manager • ; EXHIBIT "A" REQUEST FOR PROPOSALS NO. 00-01: CORPORATE TRUST SERVICES RFP DISTRIBUTION LIST 1. Bank of New York 2. Chase Manhattan Bank 3. Bankers Trust Company 4. State Street Bank 5. Wells Fargo Bank 6. U.S. Trust Company of New York 7. Union Bank of California 8. Banc One 9. City National Bank RFP RESPONDENTS 1. Bank of New York 2. State Street Bank 3. U.S. Trust Company of New York 4. Union Bank of California 5. Wells Fargo Bank RFP FINALISTS 1. Bank of New York 2. State Street Bank • 3. U.S. Trust Company of New York 4. Union Bank of California RECOMMENDED CONTRACT AWARD • 1. Bank of New York 0 • = N r: H is a 4 b. e. 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V E 2 Q s c o t « O c V > -. c • W 2 owQ U .c N N Oto ,. c Z .c o kl_ om o � cZ m « � o c 'o > Q mpoyoy � rn3Nocr a) a) $ E � a' 0 ° o " oaci `yUEc8i m c F c — EmOe > 1° oo, E aco ,N'Q vi e a v a ¢ M d y� C 'o N y J ::. O y •'a L . . 0 0 Si N y 0 V .- on O y CO O _ W > a o, mO N 4rm — c � .c � 0Oi mcaco C7 E - °' Atn `Oo > 0Q. < W 'C rz U ii rij o V ya 0'- Qvx) U O O0 CD f N O. )i vZ O ;._. kQ m ..... 0 N.` 5 NQ V• Z `m W k tir_z. W w LL Q J. W y - - T- reel CC W Ce Z - 1:,`ga 1— ,:" a <o O 0 Y s. Y w 0 m m z 0 a Z F_ Z W rL v) .' ~ Y 2I- D ' cn co m - -! H I m Q H co :. • • Solutions to Investors and Issuers WorldwidesM • •`t • • Successor Trustee Services for • City of Palm Desert March 3, 2000 BNY Western Trust Company Jose Matamoros Vice President (213) 630-6457 THE A St fllIDIAR OF • BANKOF TILE t AXX OF NEW TORE COMPANY.INC. YQR • • • • 0 ' $ / \\\/ eK w $ . co 7 . c . * 0 . 0 \ K -C -0 2 6 . 0. VI @ § d Ci 2 Csi : la / 1 O E• m J ! . @ @ i! x -a) . a) .a 2 @ Ill c .§ . i} Z x . \\ o l- ° ) . _ u it . � � @ £ . ,% _ CO . E + / \ 0 c H IIIlip !! ) f { . 2 ; ; Q g o 2 3 / ) / k N % ' « k 2 - . ■ In 0 § CO 2 / Of g a) § k / E / 1N .► ' ► _ 4 City oj Palm Desert Executive Summary The purpose of this proposal is to present BNY Western Trust Company and The Bank of New York's expertise in providing trustee and fiscal agent services to the City of Palm Desert. We offer the Municipality and its investors the following: 0 First and foremost, a demonstrated commitment to municipal and corporate trust, with a record no other bank can match...29 corporate trust acquisitions since 1994. ❑ Significant experience with similar financing structures throughout California and the Western United States. O Commitment to maintaining the latest technology in securities processing systems. O Outstanding commitment to attentive, responsive and knowledgeable trust administration from our Los Angeles Office. ❑ Comprehensive commitment to all aspects of Securities Processing: 1. Number 1 market share for tax-exempt securities 2. Number 1 market share for public asset-backed appointments PP 3. Number 1 market share for derivative products 4. Top 3 market share for corporate debt services 5. Top 5 market share for international debt offerings The Bank of New York, and BNY Western Trust Company, as the nation's leading overall provider of securities processing services, is well positioned to handle the requirements of the issuer,participants and financing team. We are prepared to dedicate the resources necessary to implement our clients' strategies and to ensure that all our clients and their debtholders receive the best service obtainable. Commitment Our commitment to Municipal Trust Services and the overall securities processing business is without equal among domestic U.S. banks. In 1999, over 45% percent of The Bank of New York's revenue was derived from trust and related securities services, which include services such as Municipal Trust. In 2000, we expect these services to provide over 50% of the Bank's revenue. As one of the primary businesses of the Bank, this sector receives senior management support and significant resource al location. Over the past five years alone, The Bank of New York has spent over$ 1 billion on Securities Processing Systems upgrades and enhancements. Experience ❑ The Bank of New York and its affiliates, is one of the largest Corporate Trustee banks in the nation with over 67,000 issues representing over $700 billion outstanding. We offer Corporate Trust services to municipal clients throughout the United States. ❑ The experience of our administrative staff serving our clients from regional offices including Los Angeles and San Francisco, coupled with the Banks commitment to resources and training, ensure that you will receive dedicated and responsible service meeting your needs. Our commitment and experience provide The Bank of New York difference ... a bank- wide commitment to provide our Municipal Trust clientele with the highest quality, cost competitive services available today and in the future. "Ca City of Palm Desert The Bank of New York and BNY Western Trust Company History & Business Structure The Bank of New York was founded by Alexander Hamilton in 1784 and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company; Inc, one of the largest bank holding companies in the United States. The Bank provides a complete range of banking and other financial services through its six basic businesses: securities processing, corporate banking, asset based lending, retail banking, trusts and investments, and financial market services. Functionally, The Bank of New York's Corporate Trust Division is composed of seven Administrative Units and the Operations Department which support all of the varied issues brought to market by our broad array of clients. This division is a primary part of the Securities Processing Services Sector, one of our core businesses, contributing over 45% of the Bank's total earnings. In 1998 and once again in 1999, The Bank of New York was ranked the # 1 trustee with regards to volume by Securities Data (please see "BNY# 1 Trustee"Tab VI). Over the past several years, the municipal / corporate trust industry has experienced a steady period of consolidation. After reviewing their strengths and deciding to focus on their core business, many banks that once provided corporate trust services began exiting the business. Throughout this period, our parent company, The Bank of New York has been in the forefront of the consolidation movement. Since early 1994, we have acquired 29 geographically,diverse municipal / corporate trust businesses (please see "Industry Consolidation" Tab VI). RATINGS The Bank of New York Standard & Moody's Fitch/IBCA Thomson Poor's Short-term Deposits A-1+ P1 F1+ TBW-1 Long-term Deposits . AA- Aa3 AA AA+ Commitment to Municipal Trust & California BNY Western Trust Company, a California commercial bank and a subsidiary of The Bank of New York Company, Inc., is legally organized and qualified to conduct business in California and currently maintains capitalization levels in excess of$216 million. Through our Los Angeles and San Francisco offices staffed with over 100 professionals (established over 12 years ago), we administer over 5,000 bond issues representing over $65 billion in debt outstanding. SECTION B RFP NO. 00-01 : MINIMUM QUALIFICATIONS CERTIFICATION I hereby certify that my firm meets all of the minimum qualifications that are listed below for RFP No. 00-01 . My firm agrees to notify the City of Palm Desert ("Municipality") Treasurer's Office immediately, in writing, if it is selected as the Municipality's trustee and cannot continue to meet said minimum qualifications. Minimum Qualifications. The firm must: 1. Be a trust company or a commercial bank (or a subsidiary of a parent bank holding company or corporation) that has the powers of a trust company, and that is subject to supervision or examination by a federal or state agency. 2. Have a corporate trust office that is physically located within the State of California. 3. Have a combined capital (exclusive of borrowed capital) and surplus of at least $75 million. 4. Have at least five years of experience in providing corporate trust services. 5. Be able to provide all of the "Required Services" that are specified in this RFP The account representative who would be assigned to the relationship must execute this section. Firm: BNY Western Trust Company Signed: 1,i tLL Title: Alicia Roeschlein, Trust Officer Date: March 3, 2000 The most senior person in corporate trust services must execute this section. Firm: BNY Western Trust Company Signed: l7Y77Ja(il��`�� c Title: Todd Duncan, Vice President and Deputy Director Date: March 3, 2000 • (II, Olr vl, INVESTOR AND ,, ' SS LIER SERVICES r O R P O R A T E TRUST Industry Consolidation , Over the past several years,the corporate trust industry has experienced a steady period of consolidation. After reviewing their strengths and deciding to focus on their core businesses,many banks that once provided corporate trust services began exiting the business. Their departure provided an opportunity for those willing to continuously invest in the resources necessary to sustain a successful corporate trust business. Throughout this period,The Bank of New York has been in the forefront of the consolidation movement. Since 1994,we have acquired 26 geographically diverse corporate trust businesses. Our agency appointments have increased substantially due to the active expansion of our market presence. The Bank of New York Corporate Trust Acquisitions Closing Date Selling Bank Location February 1994 Barnett Banks Trust Company Jacksonville,Florida April 1994 Central Fidelity Bank Richmond,Virginia July 1994 Toronto-Dominion Bank New York,New York November 1994 Mercantile-Safe Deposit&Trust Co. Baltimore,Maryland January 1995 Meridian Trust Co. San Francisco,California March 1995 Hibernia National Bank New Orleans,Louisiana May 1995 Frost National Bank San Antonio,Texas October 1995 CoreStates Financial Philadelphia,Pennsylvania November 1995 First Hawaiian Bank Honolulu,Hawaii December 1995 NationsBank Charlotte,North Carolina April 1996 Wachovia Corp. Winston-Salem,North Carolina July 1996 Mercantile Dallas,Texas December 1996 • Riggs Bank NA. Washington,D.C. January 1997 Calcasieu Marine National Bank(formerly)from Hibernia Corp. New Orleans,Louisiana March 1997 Wells Fargo&Company San Francisco,California August 1997 Boatmen's Bancshares(formerly)from NationsBank Charlotte,North Carolina August 1997 One yalley Bank Charleston,West Virginia September 1997 Signet Trust Company Richmond,Virginia December 1997 First American National Bank Nashville,Tennessee March 1998 Mark Twain Bancshares,Inc.(formerly)from Mercantile Bank NA. St.Louis,Missouri June 1998 Bank of Montreal(U.K.) United Kingdom June 1998 AmSouth Bank Birmingham,Alabama July 1998 Deposit Guaranty National Bank Jackson,Mississippi August 1998 Horizon Bank(formerly)from Mercantile Bank NA. St.Louis,Missouri May 1999 Union Planters Bank Memphis,Tennessee June 1999(announced) IBJ Whitehall Bank&Trust Company New York,New York T ' . BANKOF • NEW over YORK G I, O; A I, INVESTOR ANL 'I S S U E R SERVI CE S CORPORATE TRUST Successor Trustee Services While many banks are choosing to sell or realign their corporate trust businesses to focus on services more closely suited to their strengths,others,most notably The Bank of New York,are solidifying their commitment by devoting more resources to the business. Along with the continuing trend in consolidation is an iricreasing need for debt issuers to appoint successor trustees. As the leading provider of corporate and municipal trust services,The Bank of New York is committed to the corporate trust business. We have readily filled the gap left in the industry by resigning trustees. • During the last five years alone,the Bank has acquired 27 corporate trust businesses. The fact that we have retained 95 percent of the debt issuers who became clients through these acquisitions attests to their satisfaction with our services. In addition,we provide local successor trustee services to clients in the Western United States through BNY Western Trust Company,our California-based subsidiary. A bank that acquires another bank's"book of business"must assume the role of trustee and provide a variety of trust services as required by each new client. This bank is known as the successor trustee. If your trustee resigns,you should carefully consider your options,as each issuer has the freedom to select its successor trustee. It is important to factor into your decision the depth and breadth of the trustee's services and the knowledge and professionalism of its staff. If you have an approaching conversion or if you want to replace your trustee for any reason,we have a full range of services to facilitate the transfer. ELEMENTS OF SERVICE When choosing The Bank of New York or BNY Western Trust Company as successor trustee,our clients benefit from our experience completing thousands of conversions. We can usually complete a trustee conversion for an issuer in just four to six weeks. 0 Transition Team-To ensure a smooth transition,we establish a team of skilled professionals to focus on each conversion. Our experts efficiently perform the administrative. legal.and systems- related tasks associated with conversions,simplifying the process for you. The team also prepares a schedule of customized steps that must be completed,and guides the issuer through them. 7 Standardized Documentation -We have available standardized, legal documentation to expedite • the succession. The model tripartite agreement we use to provide for the resignation of the former trustee can be modified to address the specific needs of all involved parties. J Security Owner Notification -We will notify your bondholders by mail of all information relevant to the transition. Security owners with questions on the change l k i in trustee can call our bondholder relations unit directly • ? l for details. 41�'NE4' 6Q1RIl `. THE BANKOF NEW over YORK• 1 Representative Client List • The diversified list of corporate and municipal debt issuers who have made The Bank of New York their successor trustee include the following: • Bell South Corporation • New Jersey Economic Development Authority • Beverly Enterprises, Inc. • North Carolina State University at Raleigh • • Central and Southwest Corporation • Prime Computer • Central Louisiana Electric Company,Inc. • Quantum Chemical Corporation • CIT Group Holdings. Inc.• • Revlon, Inc. • City of Adelento,CA • RJR Nabisco Holdings • City of Fairfield,CA • Sealy Corporation • • City of Tracy,CA • TCI Communications,Inc. • Coltec Industries Inc. • Town&Country Corporation • Cucamonga School District.CA • Turner Broadcasting System, Inc. • Deere&Company • Union Carbide Corporation • • Florida Power and Light Company • UNISYS Corporation • Georgia-Pacific Corporation • The United Illuminating Company •• Gulf Canada • Virginia Mason Medical Center • ITT Corporation • Westinghouse Electric Corporation • McDonnell Douglas Corporation • Yankee Gas Services Company Recognized Industry Leader The Bank of New York was named the"leading trustee"for 1998 by Securities Data Company,an independent research organization that monitors and reports on the securities processing industry. During 1998.we were selected to administer more corporate.municipal,and structured debt issues than any other trustee. We attribute our notable industry standing to the full range of flexible,client-focused corporate trust services we provide debt issuers worldwide and our ability to handle any type of debt on the market. Our portfolio includes securities as diverse as medium-term notes,non-convertible debt,mortgage-and asset-backed securities,and taxable municipal debt instruments. • THE BANK OF NEW YORK DIFFERENCE The Bank of New York is one of the largest corporate trust banks in the world,servicing approximately 67,000 issues, representing S700 billion outstanding. We offer a complete range of corporate trust services to multinational corporations,supranational entities.and local governments worldwide. Our exceptional performance record and prominence in the industry reflects our unique ability to offer the complex. multi- layered services required by underwriters.financial advisors,law firms,and issuers. For information regarding The Bank of New Yorks corporate trust services or other investor and issuer services,please • contact your local Bank representative or one of the following: • • California Region Municipal Finance Northwest Region Frank Sulzberger Gary Peck Jose Matamoros • Vice President Vice President Vice President (213)630-6456 (212)635-8662 (213)630-6457 SOURCE:Securities Data Company.January 21. 1999 AUGUST 1999/SKS/SUCCBNYW THE : I NEW SORK WMIHNE INC. CONTACTS AND MAILING INSTRUCTIONS ORGANIZATION CHART Todd H. Duncan Vice President & Manager BNY Western Trust Company (Your Administrator) (Title) (213) 630-#### \ Primary contact for all aspects of trust administration, including back-up of Operations Officer duties in their absence. (Your Operations Administrator) Operations Administrator (213) 630-#### Primary contact for: Primary alternative contact in absence Security Trade Activities of Primary Administrator and Requisition Payments Operations Officer. Also secondary contact in the absence of the trust administrator. 7 (Your Back-Up Administrator) (Title) (213) 630-#### SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 1. Firm Name: BNY Western Trust Company 2. Contact Address: 700 South Flower Street, Suite 500 Los Angeles, CA 90017-4104 3. Contact Personnel: Account Representative Supervising Manager • Name: Alicia Roeschlein Name: Todd Duncan Title: Trust Officer Title: Vice President & Deputy Director TEL: (213) 630-6237 TEL: (213) 630-6430 TEL: (800) 358-0963 TEL: (800) 358-0963 FAX: (213) 630-6215 FAX: (213) 630-6285 4. Please provide resumes for the account representative, the supervising manager, and any other employees who would be assigned to the Municipality's account. Please identify the current average trust client caseload for each employee. Mike Klugman Director, Trust Services (213) 630-6233 Mike Klugman is currently Director of Trust Services for BNY Western Trust Company and BNY Trust Company of Missouri, subsidiaries of The Bank of New York, a leading provider of Corporate Trust Services throughout the United States and internationally. The trust companies offer a variety of fiduciary and agency services for debt financings, with special emphasis on complete trust services for cities, counties and public entities located in the Western and mid-Western United States that issue debt in the domestic, international and private securities markets. Mike has over 30 years experience in the Trust field and has received a Certified Corporate Trust Specialist designation from the Institute of Certified Bankers. Previously, Mike held similar managerial positions with Wells Fargo Bank and First SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE Interstate Bank of California. Prior to joining First Interstate, Mike was employed by Bankers Trust Company holding a number of managerial positions in the Administration, Operations and Marketing Groups, both domestically and internationally. Mike is a member of the Technical Advisory Committee of the California Debt and Investment Advisory Commission and is associated with a number of municipal organizations. He was also the former Chairperson of the CUSIP Agency Board of Trustees for the American Bankers Association. Mike received a BS in Industrial and Labor Relations from Cornell University and an MBA in Banking and Finance from New York University. Todd H. Duncan Vice President & Deputy Director (213) 630-6430 Todd Duncan, Vice President and Deputy Director, is responsible for all Corporate Trust Administration for the California Region. He has been in the corporate trust field in both managerial and administrative capacities for over seventeen years in both Los Angeles and San Francisco and is experienced in all types of debt financings. He has completed both the Bachelor of Business Administration undergraduate and Master of Science graduate programs at Wichita State University emphasizing in Economics and Finance. Alicia Roeschlein Trust Officer, Primary Administrator (213) 630-6237 aroeschlein'ct bankofnv.com Alicia has over eight years in trust and banking experience. Her prior experience involved the administration and management of mortgage and asset-backed securities. Alicia has a highly knowledgeable background in Municipal and Corporate Servies with exceptional client relationship skills. She is experienced in the administration of a wide variety of municipal and corporate trust accounts including Tax Allocation, Assessment District, Single and Multifamily Housing, Certificates of Participation, Mortgage Backed and Revenue Bonds. Alicia is responsible for the administration of several of the Bank's high profile accounts which include Southern California Public Power Authority, County of Orange and City of Long Beach. Alicia holds a Bachelor of Arts degree in Communications from California State University at Long Beach. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE Alicia currently administers a portfolio of 76 issues. Allen Taylor • Trust Officer, Back-Up Administrator (213) 630-6240 atavlornu bankofnv.com Allen has been with the Bank for 2 % years. Prior to joining the Bank, Allen gained his experience while working for another institution where he provided corporate and municipal trust and banking services. Allen, a native of Australia, completed his certification in portfolio management before coming to America to pursue his career in providing financial and securities processing services. Allen currently administers a portfolio of 85 issues. Fe R. Tuzon Operations Administrator - (213) 630 6238 ftuzon4lbankofmv.com Fe Tuzon recently joined BNY Western Trust Company's Los Angeles office. Fe brings 13 years of securities industry experience. Early in her career, Fe worked in Corporate Trust Operations for 10 Years. For the last 3 years, Fe administered a portfolio of 90 accounts while employed at another Bank. Fe's full time duties at BNY Western Trust Company are to support 3 administrators. She holds a degree in Business Administration from Divine World College, Philippines. As an Operations Administrator, Fe's duty is to assist 3 administrators and is not responsible for the administration of any accounts. • • SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE • Eladia Burgos Vice President& Team Leader (213) 630-6231 eburgos@bankofnv.com Eladia Burgos is a Vice President with over 16 years experience in Corporate and Municipal Trust Administration. She is knowledgeable in the servicing, administration and management of municipal and corporate debt issues including hospitals, residential housing, educational and conduit financings. She holds an Associate Degree in Secretarial Science from St. John's College, Belize. Eladia currently administers a portfolio of 69 issues. 5. Please provide five references from California cities that have an established relationship with the account representative who is listed in Question 3. Indicate: (a) name of city; (b) contact person; (c) address; (d) telephone • number; and (e) length of relationship. U Mr. Jose Gomez Director of Finance City of Paramount 16400 Colorado Avenue Paramount, CA 90723 (562) 220-2022 ❑ Ms. Joya De Poor City Treasurer City of Long Beach Civic Center Plaza 333 West Ocean Blvd. Long Beach, CA 90802 562-570-6845 ❑ Ms. Jane Hootman Senior Analyst County of Orange County Executive Office 10 Civic Center Plaza 3rd Floor Santa Ma, CA 92701-4062 (714) 834-2436 SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 0 Mr. Graham Mitchell Senior Management Analyst City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 (805) 529-6864 ❑ Ms. Therese Savery Investment Manager Southern California Public Power Authority 111 North Hope Street Los Angeles, CA 90051 (213) 367-4670 6. Please provide two references from California cities that no longer have a relationship with your firm. Indicate: (a) name of city; (b) contact person; (c) address; (d) telephone number; and (e) length of relationship. Please explain why your firm no longer manages these accounts. As the leading provider of corporate and municipal trust services, The Bank of New York is committed to the corporate trust business. We have readily filled the gap left in the industry by resigning trustees. During the last five years alone, the Bank has acquired 29 corporate trust businesses. The fact that we have retained 98% of the debt issuers who became clients through these acquisitions attests to their satisfaction with our services. To my knowledge, I am unaware of any existing clients removing BNY Western Trust Company due to service complaints. 7. Please identify the number of professionals and support staff that your firm has in the corporate trust office that would serve the Municipality. BNY Western Trust Company has over 100 professionals dedicated to municipal trust in Los Angeles, San Francisco and Seattle. BNY Western Trust Company will dedicate four professionals to administer the City's portfolio. Alicia Roeschlein (Primary Administrator) — Alicia would be the City's main account contact. She would be responsible for all aspects of Corporate Trust Administration. Her responsibilities would include the initial setup and transfer of accounts; review of all legal documents; closing new bond issues; receipts, transfers, investments and disbursements of all redemptions; maintenance of compliance items as required under the governing documents. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE Fe Tuzon (Operations Administrator) - Fe would be the City's secondary contact. Fe will work hand-in-hand with Alicia Roeschlein. Fe's duties include assisting Alicia with; the transfer of accounts; preparing the bank's Account Synoptics after each closing; arranging for and/or inputting receipts, transfers, investments and disbursements of trust funds; assisting with account related correspondence and compliance. Allen Taylor (Back-up Administrator) —Allen would step-in to assist the City in Alicia's absence (primary contact) and if Fe (Operations Administrator) were temporarily unavailable. Allen would be familiar with the Department's accounts and can perform all duties of the Primary Administrator. Eladia Burgos (Team Leader) — Eladia would be responsible for the supervision of Alicia, Fe and Allen. Eladia's duties include: annual account reviews for the City accounts; ensuring all of the City's compliance ticklers are completed on a timely basis; ensuring constant investment of the Municipality's funds. 8. How many of the employees in Question 7 devote a majority (>50%) of their time to municipal debt administration? All of the employee's in Question 7 (Alicia, Fe, Allen and Eladia) devote 100% of their time to municipal debt administration. 9. What percentage of time does the account representative whom is listed in Question 3, devote to municipal debt administration? Alicia Roeschlein devotes 100% percent of her time to municipal debt administration. 10. What is your firm's fiduciary classification? (check all that apply) • ❑ Bank - National Association ❑ Trust Company - National ® Bank — State Association ❑ Trust Company— State ❑ Affiliate of Investment Bank ❑ Limited Purpose Trust Company ❑ Affiliate of Foreign Bank ❑ Affiliate or Subsidiary of a Bank Holding Company ❑ Joint Venture with Another 0 Other (describe) Firm (describe) SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 11. Please describe your firm's ownership structure. If your firm is owned by a parent bank holding company or corporation, then please identify that entity's name; its net capitalization, and where it is headquartered (city and state). BNY Western Trust Company is a subsidiary of The Bank of New York. Our parent company, The Bank of New York is headquartered in New York, New York. The net capitalization of The Bank of New York is $74,000,000,000. 12. Where is your firm headquartered (city and state)? BNY Western Trust Company is a State of California Banking Corporation headquartered in Los Angeles, California. 13. Based upon currently available information, is your firm a possible merger or acquisition candidate? (check one) ❑ Yes ® No If"yes", please discuss and identify the possible merger partner or acquiring organization. 14. What federal or state agency supervises or examines your firm? The State of California Department of Financial Institutions and the FDIC are responsible for examining BNY Western Trust Company. 15. What is the total amount of your firm's combined capital (exclusive of borrowed capital) and surplus as of 31 December 1999? BNY Western Trust Company's combined capital and surplus as of 12/31/99 is $216,884,011. 16. What is your firm's Tier 1 capital ratio (to risk-adjusted assets) as of 31 December 1999? BNY Western Trust Company's Tier 1 capital ratio (to risk-adjusted assets) as of 31 December 1999 is 2.31. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 17. What is the total amount of outstanding municipal bond principal for which your firm provides corporate trust services? The outstanding government and non-government principal amount outstanding for The Bank of New York is $700,000,000,000. The municipal bond principal for BNY Western Trust Company is $65,000,000,000. 18. Does your firm have a corporate trust office that is physically located within the State of California? (check one) ® Yes ❑ No If"yes", please identify the location, the business hours, and how long your firm has been providing corporate trust services in California. BNY Western Trust Company BNY Western Trust Company 700 South Flower Street 550 Kearny Street, Suite 600 Suite 500 San Francisco, CA 94108 Los Angeles, CA 90017 BNY Western Trust Company has been providing corporate trust services in California for 12 years. BNY Western Trust Company's business hours are Monday through Friday 8:00AM to 5:00 PM PST. 19. Is your firm's corporate trust administration centralized at one physical location? (check one) ® Yes ❑ No If"yes", please identify the city and state. BNY Western Trust Company's corporate trust administration is centralized in Los Angeles, California with satellite offices in San Francisco, California and Seattle, Washington. 20. Does your firm own a securities clearing operation or does it subcontract that responsibility to another firm? (check one) Own ❑ Subcontract If"subcontract", please identify the subcontractor and how long your firm has done business with the subcontractor. • SECTION D • RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 21. Where is the securities clearing operation located (city and state)? What is the time zone? What are the "cut-off" times for "cash" trades, corporate securities, Treasuries, Agencies, and bankers's acceptances? The securities clearing operation for The Bank of New York is located in New York, New York and is on Eastern Standard Time. The Bank of New York has two deadlines for securities settlement. Deadlines for settlements initiated by independent broker/dealers through The Bank of New York's settlement desk. All deadlines are Pacific Standard Time. T — Bills 9:00 AM Certificates of Deposit 8:30 AM T-Notes 9:00 AM Commercial Paper 8:30 AM T-Strips 9:00 AM Corporate MTN or Bonds 8:30 AM BA 12:00 PM Mortgage Backed.Securities 8:30 AM Repos 8:30 AM Agencies 9:00 AM Deadlines for settlements initiated by the City of Palm Desert's broker/dealers. All deadlines are Pacific Standard Time. T — Bills 11 :00 AM Certificates of Deposit 11 :00 AM T-Notes 11 :00 AM Commercial Paper 8:30 AM T-Strips 11 :00 AM Corporate MTN or Bonds 11 :00 AM BA 12:00 PM _ Mortgage Backed Securities 11 :00 AM Repos 11 :00 AM Agencies 11 :00 AM As the worlds largest custodian, The Bank of New York is flexible and will undertake what ever action is necessary to settle the Municipality's securities. 22. Which of the following investment instruments is your firm capable of clearing? (check appropriate choices) ® T-Bills ® Certificates of Deposit ® T-Notes ® Commercial Paper ® T-Strips ® Corporate MTNs and Bonds ® Bankers's Acceptances ® Mortgage-Backed Securities ® Repurchase Agreements ® Agencies (specify) • SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 23. Please describe your firm's policy regarding failed transactions and its method of compensating customers in the event that your firm is at fault Please provide a description of the compensation formula and the methodology that is used to calculate compensation. BNY Western Trust Company's policy regarding failed transactions is to make the Municipality whole based on the rate associated with the security that failed. The compensation formula for the failed trades is: (Principal X Rate / 365 X Number of days security failed). 24. How many and what percentage or your securities transactions failed last month? During the last 12 months? As the world's largest custodian, The Bank of New York settled over 900,000 securities in January 2000. Out of the 900,000 settlements, 420 trades failed as a result of administrative errors and not due to computer system errors. During the last 12 months The Bank of New York settled over 10,860,000 trades. Out of the 10,860,000 trades that settled within the last 12 months, 5,160 failed due to administrative errors. The percentage of trades that failed last month and the past 12 months is approximately 0. 25. What is the limit on your firm's errors and omissions insurance policy and who is the insurance carrier? Please refer to Exhibit G. 26. Where is the vault facility in which you firm would hold the Municipality's physical securities (street address, city, and state)? DTC book entry bonds, bearer bonds and registered physical bonds are housed at 101 Barclay, New York, New York. This secured vault currently stores approximately fourteen million certificates and has the capacity to store an additional twenty-one million certificates. An additional three million certificates are kept in our temporary working supply, housed in lektrievers on the eleventh floor of 101 Barclay Street in a secured print room. Vault access is limited to four authorized personnel. No employee can be in the vault at any time unless accompanied by another authorized employee. Letters of Credit, Bond Insurance, Surety Bonds, Guaranteed Investment Contracts and UCC filings are housed at 700 South Flower Street, Los Angeles, California. This secured vault currently stores over 500,000 documents and• has the capacity to store an additional 700,000. BNY Western Trust Company uses MBMS, a leading tracking system, to keep inventory of the documents. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 27. Please describe how your firm would ensure that all of the Municipality's securities that it holds in trust will qualify for a GASB 3, Category 1 rating. Alternatively, if your firm does business with the Municipality as a broker/dealer, please identify and describe the exact amount of its insurance coverage with respect to securities that it trades and also holds in trust (GASB 3, Category 2 rating). BNY Western Trust Company does not act as a broker/dealer. We will hold all securities belonging to the Municipality in the name of BNY Western Trust Company as trustee for the City of Palm Desert. By not acting in the capacity of a broker/dealer, BNY Western Trust Company will ensure the Municipality a GASB 3, Category 1 rating. The Bank of New York has a trading desk that is capable of getting 3 bids from various broker/ dealers. The Municipality can then instruct the BNY Western Trust Company to buy/sell a particular trade. 28. Please identify and describe your firm's trust accounting data processing system; its reporting capabilities; how it can be accessed on-line; and how often, over the last 12 months, it has been inaccessible because of technical problems. The corporate trust recording function for investment balances is performed by Trust Accounting System (TAS). TAS is a proprietary system owned by The Bank of New York. As a proprietary system, TAS can be customized to meet our client's needs. With regards to the City of Palm Desert, we have the technology and resources to set up an interface between INFORM and SymPro. INFORM will allow the Municipality immediate on-line Internet access to review bond proceeds and account transactions directly from the Municipality's personal computers. For more information on TAS and INFORM please refer to Tab III. TAS has been inaccessible twice over the last 12 months due to technical problems. 29. Does your firm have an existing interface program that is capable of electronically linking your firm's trust accounting data processing system with SymPro, and directly transferring cash balance data into individual SymPro investment files? (check one) ® Yes ❑ No If "yes", please describe the interface program's capabilities with respect to SymPro and how long the interface program has been operational. Please also list three references from California public agencies that are currently using the interface program. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE The Bank of New York's intemet based reporting system (INFORM), allows users to export cash balance information from our Trust Accounting System (TAS) to any third party accounting system. The system has been operational for over 2 years and is used by over 50 of The Bank's largest custody clients. Users select the report writer function within the INFORM system and specify P Y P fY what data fields they wish to extract. The resulting data is then saved as a standard ASCII Delimited file that can be imported into third party accounting systems. The Bank of New York would require 90 days lead time to setup an account for data extract capabilities. • 3 M,. „ ] 7 ;C = o � � ziem _ a4; rrr• if?ar>b_�ss.n.fciiiRMc'NY2.d.'.2'.-:_�?�ad�s w#... _. -: 4 . ..�.:4::..,� .+' n . .." u �}'�_�� t`' C,:; S -try I.3P s'� '�% R' `v'�..'�.. ''C+q ,�g19'PCEA c�y1gJ r'`i•"R.:r?P _. x.«.. , . .4.af 1N"a-e^ C Mtps://Namberkdoy.coMroponshesukesp?pcbran 1023013132eeponType.O Transaction Description System Timestamp Interest Rate Income Amount Account Number CASH CREDITS 1/12000 0.000300 0.0000:0 030280163 CASH CREDITS 1/72000 0.001b00 0.030000 00/3280163 CASH DEBITS 12f3011939 0.000003 0.003000 000280163 CASH DEBITS 1/12000 0.000000 101.7E0000 C03280163 CASH DEBITS 1/720E0 0.000000 1,485,304.260000 0002E0163 3Neport Expo.t Mae,-Micsosoli...Ro Q, 1/62030 0.000000 0.000:03 000280163 .. 122/1999 0.000030 0.003000 000280163 1iS/2000 0A0D000 0.000000 CO0280163 Export Report As !.' Comma Delimited File -=0.000000 1 4 .406.040000 r HTML File r Artol,nt Ills - r CO C 0 CS 0 0 0 0 CS 0 ACM ys- s `4 a.g�axauamsar ��,.y .. .. iLJ.:,.il�",��` . .[` _ ��fi.'a�,IC+_'Yiti`t � I �K ... _.. _ �,..F.. � -.:..A ]., . , �_':. • tifC'aiiti. 30. Please describe the procedures that your firm would use to ensure that all of the Municipality's bonds are in compliance with their Indentures of Trust. The Primary Administrator is a member of a team consisting of two officers, an operations administrator and a Team Leader. The Primary Administrator reads all SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE the required governing documents. After document review, the Primary Administrator sets up all compliance, flow of funds and investments ticklers in The Bank of New York's proprietary tickler system (Corporate Trust Administrative System). Our Corporate Trust Administrative System generates a tickler report that enables the Primary Administrator to comply with the Indentures of Trust. The Corporate Trust Administrative System generates several reports that enable the team leader, compliance officer and division manager to track delinquent ticklers. All administrators are responsible for providing proof taken in order to sign off on the delinquent ticklers. The designated Team Leader is responsible for reviewing the account set-up as well as the ticklers in the Corporate Trust Administrative System. The Team Leader is also responsible for ensuring that all the Administrators sign off on current and past due ticklers on a monthly basis. The Team Leader performs an annual account review for every issue on the Primary Administrator's municipal bond portfolio. BNY Western Trust Company also has a Compliance Officer. The duties of the Compliance Officer include monitoring ticklers, random account reviews, legal advice and implementation of new regulations. The team work among the Primary Administrator, Team Leader and Compliance Officer ensured that BNY Western Trust Company maintain a Satisfactory Rating in its most recent State of California Department of Financial Institutions' audit. In addition, we will prepare a detailed account synoptic including information relating to investments, debt service, compliance and requisition payments, (see Tab VII) for each issue. This synopsis serves as an aid for our clients, and assists the administrators as well, by allowing them to become familiar with the governing documents and establish ticklers and procedures in the process. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 31. Will your firm charge acceptance fees and counsel fees for the Municipality's outstanding bond issues if it becomes the successor trustee? (check one) ® Yes ❑ No If"yes", please identify the charges in the Fee Proposal. BNY Western Trust Company will charge the Municipality a nominal acceptance fee of$100 per bond issue for the transfer of successor trustee duties. 32. Please describe the capabilities and the experience of your firm in providing all services that are listed under "Required Services" in this RFP. As one of the leading providers of Corporate Trust services in the nation, The Bank of New York has the capabilities and experience to provide the services that are listed under "Required Services". The Bank of New York has been providing trust services to municipalities since 1887. The Bank of New York currently administers 67,000 accounts representing over $700 billion in debt outstanding. As Trustee, BNY Western Trust Company is prepared to dedicate a California based administrative team with systems support to perform all of the applicable duties as trustee or fiscal agent including: • The preparation of a detailed account synoptic including information relating to investments, debt service, compliance and requisition payments for each issue. • Review all documents supporting new accounts; consult with counsel, • underwriter, representatives of the County; negotiate mutually satisfactory terms and conditions for administration of the account. • Represent the Bank at meetings, RFP sessions, pre-closings and closings of new accounts; prepare standard instructions for administrative and investment digests; control, coordinate and follow-up original issuance of securities and the transfer and investment of funds. • Ensure that new accounts and account changes are properly briefed and that proper operating instructions and controls are in place. • Monitor the day-to-day administration of accounts. SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE • Work closely with clients in assuring the proper and timely administration of their accounts; assists in problem solving; coordinate new business and product opportunities with marketing officers. • Schedule a regular face to face customer calling program with County personnel in developing a cooperative and mutually beneficial relationship. • Assure user/administrator contact and liaison with Operations and Technology management on specifications covering new products. BNY Western Trust Company also pledges to set up the Municipality's bond issues on INFORM. INFORM allows clients to access, view, print, and archive management reports directly from their PCs through standard Internet software. The Bank of New York will also set up an interface between INFORM and SymPro. • Maintain all collateral required under the terms of the agreement, arrange all safekeeping provisions, collect and receive interest income, and provide periodic reports of such holdings as required. • Ensure all compliance items are maintained in accordance with the terms of the Indenture. Conduct regular compliance reviews during the life of the issue and provide written notification of upcoming indenture requirements. • Provide the Municipality with confirmation documents on receipt and delivery of securities or monies as they occur. If trades fail, BNY Western Trust Company pledges to notify the City by 11:30 PM. 33. Please describe any "Optional Services" that you believe would be of benefit to the Municipality. Any associated costs should be itemized in the Fee Proposal. The Bank of New York is currently providing its clients with BNY SMART Services. This affordable windows based portfolio management software designed for the public sector, is a great tool as you track the investment and safekeeping of your operating funds and bond proceeds. Our technological capabilities have enabled us to establish links with other financial institutions you may be working with to electronically feed information directly into this software. This reduces much of the time spent in the monthly reconcilement and reporting process. Please refer to Tab V for additional information on BNY SMART Services. The associated cost for BNY SMART Services varies depending on the size and complexity of the Municipality's portfolio. • SECTION D • RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE 34. Please list and describe the money market funds that your firm offers as part of its automated cash sweep program. Please provide a breakdown of the basis points that would be charged for each fund. BNY Hamilton Treasury Fund - AAA ratings by S&P and Moodys • Underlying assets - Treasury Obligations and Repos • 60 day maturities Federated Treasury Obligations Fund - AAA ratings by S&P and Moodys • Underlying assets - Treasury Obligations and Repos • 90 day maturities • Wells Fargo Treasury Plus - AAA ratings by S&P and Moodys • Underlying assets - Treasury Obligations and Government Obligations • 90 day maturities Management Servicing Other Fee Fee and Expenses Total 12B-1 Fees BNY Hamilton .10% .25% .16% .51 % Federated Investors .10% .25% .35% .70% Wells Fargo .35% .0% .30% .65% 35. Why should your firm be retained as the Municipality's trustee? Please elaborate on any competitive advantages that the Municipality would gain by selecting your firm, as opposed to other firms. • Customer Service As part of our commitment to provide the Municipality with exceptional service, we have designated Alicia Roeschlein, an experienced and customer service oriented administrator, to work as the Municipality's primary contact. Alicia is the Municipality's single point of contact, dedicated to servicing the Municipality's portfolio. Alicia currently administers several bond issues that have Dutch Auction Floating Securities and Inverse Floating Securities similar to the Municipality's 92 Tax Allocation (Project Area No. 1) financing. Alicia and her Assistant, Fe Tuzon, as well as other team members are available during normal business hours, Pacific Standard Time. What we essentially offer 110 SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE the Municipality is an informed administrator who will handle every detail of your account with an administrative process that is not fragmented. • Commitment to Corporate Trust and Securities Processing The Bank of New York's commitment to Corporate Trust and Securities Processing is unparalleled. Since 45% of The Bank of New York's income is derived from securities processing and related services, the Bank considers these businesses, including Municipal and Corporate Trust, primary to its success. Unlike our competitors whose main business is retail and commercial banking, The Bank of New York's Municipal Trust is a business that receives senior management support and resource allocation. Over the last 5 years alone, The Bank of New York has spent over $1 billion on Securities Processing Systems upgrades and enhancements. Our competitors invest their capital in technology for retail and commercial banking. Our Custody unit, Corporate Trust and Municipal Trust all share the same trust accounting system. Since the Bank of New York's core product is in securities processing, we are able to invest greater sums of capital in technology dedicated to securities processing. Over the past few years, the corporate trust industry has experienced a steady period of consolidation. Many Banks that were once major Corporate Trust providers, have decided to exit the business. As major banks exit the corporate trust industry, we have shown a commitment unmatched by any other Corporate Trust provider. We have acquired 29 corporate trust books of business within the last five years. Specific to California, no other institution can demonstrate their commitment to providing trustee services to the public finance marketplace better than BNY Western Trust Company. We have acquired the following California corporate/municipal trust businesses. • Meridian Trust Company of California— 1995 • Wells Fargo Bank— 1997 • Harris Trust of California—(announced January 2000) Through our fully staffed offices in both Los Angeles and San Francisco, our business has grown by providing attentive and professional service to our clients. Our commitment will continue to be demonstrated by adding resources and staff to both of our California offices as we grow. Our staff in Los Angeles and San Francisco has grown by 14% in the last year. • Technology INFORM — Through INFORM (please see response to Question #28), clients can have Internet access to review bond proceeds and transactions. INFORM grants immediate • • SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE access to your account balances and transactions at no charge. Reports may be customized to accommodate the Borrower's accounting requirements. The Bank of New York will also create an interface between INFORM and Sympro. BNY SMART Services — Through BNY SMART services (please see response to Question #33), we provide comprehensive asset reporting, portfolio management, custody accounting, reconciliation, and safekeeping services. These services relieve our clients of the time-consuming work associated with monitoring, tracking and providing consolidated portfolio reporting as well as the infrastructure necessary to get the job done. Our services bring these tasks into an efficient, automated environment. BNY CROSSROADS - Our Strategic Initiatives Group is preparing to launch `BNY CROSSROADS". BNY CROSSROADS should be available to the Municipality very soon. For a nominal fee BNY CROSSROADS will essentially deliver to our clients, via e- mail, their monthly statements and holdings in an excel spreadsheet format ready for internal use. • Successor Trustee Experience As the leader in corporate trust consolidation, The Bank of New York has had to perform successor trustee duties for all the 29 corporate trust portfolios that have been acquired in the last 5 years. These corporate trust acquisitions have given The Bank of New York the experience to process the transfer of the City of Palm Desert's book of business. Like US Bank, The Bank of New York uses BondMaster as a bond registrar system. If appointed successor trustee, The Bank of New York will be able to do an electronic tape to tape transfer of bond holder records with US Bank. The result would be an accurate transfer of bond holder information. As a result, the Municipality's bond holders and investors will not be affected by the transfer of trustee services. In 1999, BNY Western Trust Company successfully transferred duties from prior trustees for several issuers including: The City of Fairfield (16 issues); The City of Tracy (22 issues); City of Adelanto (12 issues); Fairfield-Suisun Sewer District (2 issues), and others. During each conversion we successfully coordinated all aspects of the transfer in accordance with a pre-set timeline to aid the process. We encourage you to contact these issuers to discuss their experience. Please refer to Tab IV "Transfer of Duties to a Successor Trustee" for specific information regarding the simplified process of changing your trustee as well as successor trustee references. Please note that BNY Western Trust Company will generate the (Sample Letters) for the Municipality as discussed in the Sample Letters section of the Transfer of Duties to a Successor Trustee in Tab IV. • Account Synoptic • • • SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE We pledge to provide our customers with a detailed Account Synoptic for existing and future issues within 60 days after a bond closing. The Account Synoptic contains unique features pertaining to the bond issue including contacts, payable dates, redemption provisions, investment language, compliance responsibility and a debt service schedule. The account synoptic will assist the Municipality in managing its debt. • Coachella Valley References BNY Western currently serves as trustee to several cities in the Coachella Valley. We encourage the Municipality to contact these neighboring cities. Mr. Tom Kanarr Finance Director/Treasurer City of Palm Springs P.O. Box 2743 Palm Springs, CA 92263 (760) 323-8229 Mr. Stephen Compton Finance Director City of Indio 100 Civic Center Mall Indio, CA 92202 (760) 342-6560 Mr. Dudley Haines Finance Director City of Cathedral City 68-700 Avenida Lalo Guerrero Cathedral City, CA 92234 (760) 770-0354 36. Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check one) ❑ Yes ® No If"yes", please describe each matter briefly. 37. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable, or SECTION D RFP NO.00-01: TRUST SERVICES QUESTIONNAIRE unfair activities related to the purchase, sale, or settlement of securities on behalf of institutional clients? (check one) ❑ Yes ® No If"yes", please describe each matter briefly. 38. Has your firm been subject to a regulatory, state, or federal agency investigation within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase, sale, or settlement of securities? (check one) ❑ Yes ® No If"yes", please describe each matter briefly. • . p,-S;2M :R;5< MF.NF2E"E'•7 • 212 4S5 110E 222 -04 1.5:23 CE72 F.22/22 THE BANK OF NEW YORK NEW YORK'S FIRST BANK-FOUNDED 1764 BY ALE*ANDER MAMILTON 100 CHIIRCE STREET', NEW YORE, N.Y..102a6 .January 4, 2000 • Re: Insurance Coverage To Whom It May Concern: This will confirm that The Bank of New York Company, Inc. and its subsidiaries are presently covered via the following insurance policies: 1: Financial Institutions Bond (formerly known as a Bankers Blanket Bond) including Electronic Computer Crime Coverage. Limits: $100 million Coverages: a)Dishonesty of employees - - b) Forgery or alteration of securities, check, drafts or other written instruments. c) Counterfeit Currency and Fraudulent Mortgages d) Loss or destruction of cash and securities Insurer: Lloyds' of London and various U. S. Companies Term: 12/1/98-12/1/2001 • 2. All-Risk on Premises and Transit(Excess of Financial Institution Bond) Per Loss Limits: $400 million Coverage: Loss or destruction of cash and securities from any cause what so ever on or off premises (including securities of others held in custody at domestic or foreign depositories). Insurer: Lloyds' of London Term: 12/1/99-12/1/2002 • per,_,^ :R:SK "9FtvR[:E"^.E,;T 212 488 1108 22.. 1-24 _E•2_ IIE'2 °.2-,s22 •THE BANK OF NEW YOR 3. Bankers Professional Liability(Errors&Omissions) Limits: $80 million Coverage: Loss due to an error and or omissions on the part of he bank. Insurer: Lloyds' of London, Zurich arid National Union • Term: 12/1/99-12/1/2002 4. Mail Insurance Per Envelope Limit S 100,000.000 Non Negotiable .510,000,000 Negotiable Coverage: All Risk of physical loss of property sent by first class or registered mail and overnight courier. Insurer: Seaboard Surety Co. Term: Continuous In addition, the Bank also maintains standard insurance coverages including All Risk Property Damage, • General Liability, Workers Compensation, Automobile Liability, Excess Liability and D rectors/& Officers Liability Insurance. Please be assured that these policies are in manuscript form and designed to Cover the risks associated with The Bank of New York. We continuously review all of our exposures to loss and relevant insurance coverages in order to protect both our assets and that of or clients. If you have any questions please call at (212)437-2741 or via fax (212) 437-5742. • Ve ly yours, o Casella Vice President Risk& Insurance Management SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT THIS TRUST SERVICES AGREEMENT (hereafter referred to as the "Agreement") is made and entered into this day of April, 2000, by and between the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Financing Authority, and the Palm Desert Housing Authority (hereafter referred to collectively as the "Municipality"), acting through the treasurer of the Municipality; and BNY Western Trust Company, a state banking association that is organized under the laws of the State of California and that is authorized to conduct a trust business in the State of California, having a corporate trust office located at 700 South Flower Street, Suite 500, Los Angeles, California 90017-4104 (hereafter referred to as the "Trustee"), acting through a director of the Trustee. WITNESSTH: 1. Employment. The Municipality does hereby contract with, retain, and employ the Trustee in the matters hereafter mentioned. 2. Term. This Agreement shall be effective for the five (5) fiscal years of: 1 July 2000 through 30 June 2001 ; 1 July 2001 through 30 June 2002; 1 July 2002 through 30 June 2003; 1 July 2003 through 30 June 2004; and 1 July 2004 through 30 June 2005. 3. Scope of Services. During the term of this Agreement, the Trustee shall perform such trust services as are specified in the Municipality's Request for Proposals ("RFP") Number 00-01 dated 4 February 2000 that is attached to this Agreement and that is incorporated by reference herein, and as are specified in the Indentures of Trust for the Municipality's outstanding bond issues. 4. Contract Administration. The contracting officer for RFP Number 00-01 shall be: City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 The contracting officer shall be authorized to accept the Trustee's invoices for payment; to inspect the Trustee's records and services; and to provide other guidance as required. The contracting officer shall not be authorized to 1of15 • • SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT change any of the terms and conditions of the Agreement unless the Municipality's City Council has previously authorized such changes. 5. Successor Trusteeship. The Trustee agrees that the transaction-based fees and expenses that are agreed upon by and between the Municipality and the Trustee at the close of RFP negotiations, as are specified in Exhibit A which is attached to this Agreement and which is incorporated by reference herein, shall remain in effect for the term of this Agreement with respect to all of the Municipality's outstanding bond issues for which the Trustee becomes a successor trustee. The Trustee agrees not to charge the Municipality for any acceptance fees, counsel fees, or termination fees in connection with said bond issues under any circumstances. A failure by the Trustee to follow the provisions of this Article shall constitute a material breach of this Agreement. 6. New Bond Issues. The Trustee agrees that any fees and/or expenses that it charges for any new bonds that the Municipality issues after 1 July 2000, shall be outside the scope of Article 5 of this Agreement and shall be subject to negotiation with the Municipality. The Trustee agrees, however, not to charge termination fees for said bonds under any circumstances. 7. Transaction Data. The Trustee agrees to provide the Municipality with data annually, within thirty (30) days after calendar year-end, on the number of trust-related transactions that the Trustee has undertaken on the Municipality's behalf. The Municipality shall be responsible for identifying the specific categories for which data is required. 8. Approval and Payment of Billing Statements. The Municipality shall make progress payments to the Trustee on the basis of services rendered. Interim billings shall cover a period of not less than one calendar month. The Trustee shall submit to the Municipality a statement of services rendered, with each corresponding billing statement. The Municipality shall pay all billing statements within thirty (30) days of receipt. If there is a dispute over the fees and/or expenses being charged by the Trustee, then the Municipality shall not be obligated to pay the disputed amount until the dispute is resolved. Both parties agree that they shall attempt to resolve such disputes promptly and informally through good faith negotiations. 2of15 . • SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT The Municipality shall not be obligated to pay for any expenses that the Trustee incurs in preparing or submitting a proposal in response to RFP Number 00-01, or in traveling to or attending the Pre-Proposal Conference or the finalist interviews. 9. Independent Contractor. The Trustee enters into this Agreement, and will remain throughout the term of this Agreement, as an independent contractor. The Trustee agrees that it is not and will not become an employee or agent of the Municipality while this Agreement is in effect. The Trustee agrees that it is not entitled to the rights and benefits afforded to the Municipality's employees, including disability or unemployment insurance, worker's compensation, medical insurance, sick leave, or any other employment benefits. The Trustee is responsible for providing, at its own expense, disability, and other insurance, training permits, and licenses for itself and for its employees. The Trustee is responsible for paying, when due, all income taxes, including estimated taxes, incurred as a result of the compensation paid by the Municipality to the Trustee for services rendered under this Agreement. The Trustee agrees to indemnify the Municipality for any claims, costs, losses, fees, penalties, interest, or damages suffered by the Municipality, resulting from the Trustee's failure to comply with this provision. 10. Indemnification. The Trustee agrees that the Municipality's officers, employees, and agents should, to the extent permitted by law, be fully protected from any loss; injury; damage; claim;-lawsuit; cost; expense; attorneys's fees; litigation costs; defense costs; court costs; or any other cost arising out of or in any way related to the performance of this Agreement. Accordingly, the provisions of this indemnity provision are intended by the parties to be interpreted and construed to provide the fullest protection possible under the law to the Municipality. The Trustee acknowledges that the Municipality would not enter into this Agreement in the absence of the commitment of the Trustee to indemnify and to protect the Municipality as set forth herein. To the full extent permitted by law, the Trustee shall defend, indemnify, and hold harmless the Municipality, its employees, agents, and officials, from any liability; claims; suits; actions; arbitration proceedings; administrative proceedings; regulatory proceedings; losses, expenses, or costs of any kind, whether actual, alleged, or threatened; actual attorney fees incurred by the 3 of 15 . SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT Municipality; court costs; interest defense costs, including expert witness fees; and any other costs or expenses of any kind whatsoever without restriction or limitation incurred in relation to, as a consequence of or arising out of or in any way attributable actually, allegedly, or impliedly, in whole or in part, to the performance of this Agreement. All obligations under this provision are to be paid by the Trustee as they are incurred by the Municipality. 11. Insurance. The Trustee covenants that it currently has and will maintain in. effect during the performance of any duties under this Agreement, the following insurance coverages: a. Financial Institution Bond. The Trustee shall maintain a Financial Institution Bond (primary) with an aggregate policy limit of no less than One Hundred Million Dollars ($100,000,000.00). The Trustee shall supplement this Bond with excess securities insurance (over primary) with an aggregate policy limit of no less than Two Hundred Million Dollars ($200,000,000.00). The Financial Institution Bond and the excess securities insurance shall cover dishonesty; forgery or alteration of written instruments; counterfeit currency; and loss or destruction of cash and securities, by the Trustee's officers, employees, or agents. b. Professional Liability (Errors and Omissions). The Trustee shall have Professional Liability insurance with an aggregate policy limit of no less than Seventy-Five Million Dollars ($75,000,000.00). This insurance shall cover willful or negligent acts or omissions of the Trustee's officers, employees, or agents. The Trustee further agrees to indemnify and hold the Municipality free and harmless from any and all claims arising from any such dishonesty; forgery or alteration of written instruments; counterfeit currency; loss or destruction of cash and securities; and negligent act(s) or omission(s), by the Trustee's officers, employees, or agents. 12. Licenses. The Trustee warrants that it has completed, obtained, and performed all registrations, filings, approvals, authorizations, consents, or examinations that are required by federal or state authorities for acts contemplated under this Agreement. 4 of 15 SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT 13. Ethical Conduct. The Trustee agrees to inform the Municipality of all of the Trustee's interests, if any, that are or that the Trustee believes to be, incompatible with the Municipality's interests. Neither the Trustee nor its employees or agents shall offer gifts, gratuities, favors, or entertainment, directly or indirectly, to any of the Municipality's current employees, Finance Committee members, or City Council members. 14. Assignment. The Trustee shall not assign any of the duties or obligations of this Agreement without the Municipality's prior written consent: provided, however, that claims for money due or to become due to the Trustee from the Municipality under this contract may be assigned without such approval. The Trustee shall promptly provide notice to the Municipality of any such assignment of money. 15. Inspection of Records. The Trustee shall make its working papers, memoranda, records, and all other documents (hereafter referred to collectively as "Information") on the Municipality available, and shall respond to all reasonable inquiries from successor trustees and from others to review this Information if: (1 ) it has received the Municipality's prior written consent; or (2) such disclosure is required by law or by regulation. The Trustee shall retain all Information pertaining to the Municipality, at the Trustee's expense, for a minimum period of three (3) years after the final payment under this Agreement. The Municipality's treasurer shall have the right, exercisable directly or indirectly through the Municipality's external auditor, to examine and audit securities and cash that the Trustee holds for the Municipality, and any related records, during the Trustee's normal business hours, without notice. 16. Right to Acquire Services. Nothing in this Agreement shall prohibit the Municipality from acquiring equivalent services from other sources, when deemed by the Municipality to be in its best interest. 17. Confidentiality. All financial, statistical, personal, and technical data and other information that relates to the Municipality's operations; that the Municipality designates as being confidential; and that the Municipality makes available to the Trustee in order to carry out this Agreement, shall be protected by the Trustee from unauthorized use and disclosure, provided that such protection is not in conflict with applicable federal and state laws and regulations. 5of15 SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT 18. Nonconforming Services. If any services performed hereunder are not in conformity with the specifications and requirements of this Agreement, then the Municipality shall have the right to require the Trustee to perform the services in conformity with said specifications and requirements at no additional cost to the Municipality. If the Trustee fails to perform the services promptly or to take the necessary steps to ensure future performance of the service in conformity with the specifications and requirements of this Agreement, then the Municipality shall have the right either to: (1) have the services performed, by contract or otherwise, in conformity with the specifications, and to charge to the Trustee any cost incurred by the Municipality that is directly related to the performance of such services; or (2) terminate this contract for default as provided for in the termination clause. 19. Termination of Contract. This Agreement may be terminated at any time, with or without cause, either by the Municipality or by the Trustee, provided that the party terminating this Agreement provides at least ninety (90) days's written notice to the other party by certified mail or by personal delivery. If so terminated, the Trustee shall be entitled to compensation for services requested and actually performed up to the date of contract termination. 20. Termination on Occurrence of Stated Events. Termination of this Agreement shall take place upon the bankruptcy or insolvency of either party; material breach by either party; or assignment without the consent of either party. 21. Unauthorized Contact. If, during the proposal process, the Trustee had unauthorized contact with any of the Municipality's current employees, Finance Committee members, or City Council members other than the Municipality's treasurer or investment manager, regarding RFP Number 00- 01, then this Agreement shall be deemed to be null and void, and the Municipality shall not be obligated to pay for any expenses that the Trustee has incurred in connection with this RFP. 22. Undisclosed Relationships. If, during the proposal process, the Trustee failed to disclose any business or financial relationships with the Municipality or with any of the Municipality's current employees, Finance Committee members, or City Council members over the prior five (5) years, then this Agreement shall be deemed to be null and void, and the Municipality shall 6 of 15 SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT not be obligated to pay for any expenses that the Municipality has incurred in connection with this RFP. 23. Other Applicable Agreements. The following documents shall be incorporated by reference into this Agreement: a. City of Palm Desert RFP Number 00-01 dated 4 February 2000. b. BNY Western Trust Company response dated 3 March 2000 to RFP Number 00-01 . c. "Exhibit A — RFP Number 00-01 : Final Price Agreement" (this supersedes BNY Western Trust Company's Price Proposal dated 3 March 2000). d. Protocol No. 00-01 . 24. Entire Agreement. This Agreement (including the agreements and documents incorporated by reference herewith and in Article 23) supersedes any and all other agreements, either oral or written, between the Municipality and the Trustee with respect to the tendering of services by the Trustee to the Municipality. This Agreement contains all of the representations, covenants, and agreements between the parties with respect to the rendering of those services, and each party to this Agreement acknowledges that no representations, inducements, promises, or agreements have been made by or on behalf of any party except those covenants and agreements embodied in this Agreement. No agreements, statements, or promises not contained in this Agreement shall be valid or binding. In the event of a conflict between this Agreement and the items listed in Article 23, then this Agreement shall be controlling. 25. Amendment. This Agreement may be modified or amended only with the signed and written consent of both parties. 26. Severability. Should any part of this Agreement be held to be invalid, void, or unenforceable by a court of competent jurisdiction, then the remainder of the Agreement shall continue in full force and effect without being invalidated in any way by either party. The remainder of the Agreement shall be considered as the whole Agreement and shall be binding upon the contracting parties. 7of15 . SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT 27. Notices. All notices required or permitted under this Agreement by either party, shall be in writing and shall be deemed delivered when delivered in person, or deposited in the United States mail, postage prepaid, and addressed as follows: City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 Director, Trust Services BNY Western Trust Company 700 South Flower Street, Suite 500 Los Angeles, CA 90017-4104 Each party may change its address by giving written notice in accordance with this Article. Notices delivered personally shall be deemed communicated as of actual receipt. Mailed notices shall be deemed communicated as of the day of receipt or the fifth day after mailing, whichever occurs first. 28. Governing Law. This Agreement shall be governed by and construed in accordance with the laws and the implementing regulations of the State of California. Any ambiguities contained herein shall be construed in a manner consistent with such laws or regulations. The validity of this Agreement and of any of its terms and provisions, as well as the rights and duties of the parties under this Agreement, shall be construed pursuant to and in accordance with the laws of the State of California on the date of this Agreement. 29. Duplicate Originals. This Agreement is being executed in two (2) duplicate originals, each of which together shall constitute one and the same instrument. The Municipality shall retain one (1) duplicate original and the Trustee shall retain one (1) duplicate original. 8of15 • • SECTION E RFP NO. 00-01: TRUST SERVICES AGREEMENT Have read, understood, and agreed to all of the terms and conditions set forth herein, we affix our signatures below: On behalf of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm Desert Financing Authority, and the Palm Desert Housing Authority: Signed: Paul S. Gibson City Treasurer On behalf of BNY Western Trust Company: Signed: Michael K. Klugman Director, Trust Services • 9 of 15 SECTION E REP NO. 00-01: FINAL PRICE AGREEMENT ESTIMATED TOTAL DIRECT SERVICES ANNUAL VOLUME UNIT PRICE FEE PRICE Acceptance Fees (Conversion) WAIVED WAIVED WAIVED Counsel Fees (Conversion) WAIVED WAIVED WAIVED Trustee Fees 7 $1,975.00 $13,825.00 Fiscal Agent Fees 3 $1,700.00 $5,100.00 Paying Agent Fees WAIVED WAIVED WAIVED Registrar Fees WAIVED WAIVED WAIVED Transfer Agent Fees WAIVED WAIVED WAIVED Defeasance Escrow Agent Fees 3 $400.00 $1,200.00 Depository Agent Fees WAIVED WAIVED WAIVED Tender Agent Fees WAIVED WAIVED WAIVED Letter of Credit Draw Charges WAIVED WAIVED WAIVED Bondholder Acct. Maint. Charges WAIVED WAIVED WAIVED Wire Transfer Charges WAIVED WAIVED WAIVED Redemption Charges WAIVED WAIVED WAIVED Security Trade Charges (1) . 96 $35.00 $3,360.00 Collateral Maint. Charges WAIVED WAIVED WAIVED Out-of-Pocket Charges $20,125.00 6% of Billed Fees $1,207.50 Requisition/Disbursement Charges (2) 96 $35.00 $3,360.00 Termination Fees (3) WAIVED WAIVED WAIVED t - TOTAL ANNUAL FEES " • } ` : $28,052.50 (1) Security trade charges in excess of eight per bond issue will be waived. Maximum security trade charge per issue will be $280.00. (2) Requisition/disbursement charges in excess of eight per bond issue will be waived. Maximum disbursement charge per issue will be $280.00. (3) Termination fees will be waived for all bonds that were issued prior to 1 July 2000 ("successor trusteeship"), and for all new bonds that are issued after 1 July 2000 ("new bonds"). 10 of 15 • • SECTION E RFP NO. 00-01: FINAL PRICE AGREEMENT INVESTMENT CHARGE/per transaction $35.00 Investment charges in excess of eight transactions will be waived. The maximum investment charge per issue is $280.00. Transaction fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of the Trust Indenture. REQUISITION/DISBURSEMENT FEE (check or wire)/per transaction $35.00 Requisition/Disbursement Fee charges in excess of eight transactions wil be waived. The maximum disbursement fee charge per issue is $280.00. LETTER OF CREDIT OR INVESTMENT AGREEMENT DRAWS/per draw $50.00 Investment Agreement Draw Fees include the settlement, upon purchase, sale; or maturity of trust funds invested under the terms of any investment agreement. Letter of Credit Draw Fees cover the preparation of required documentation for each individual draw under any letter of credit. ANNUAL OUT-OF-OF POCKET EXPENSES 6% of Billed Fees Out-of-pocket expenses including, but not limited to, stationery, postage, telephone, and retention of records will be billed annually in an amount equal to 6% of all fees billed for the year. Express Mail, Federal Express, and outside messenger services will be billed to the account at actual cost and are not covered by the 6% expense charge. MISCELLANEOUS SERVICES Out-of-pocket expenses of administrator to attend closings or special meetings, outside counsel, accountants, special agents, etc. will be charged at the actual cost incurred. The charges for performing services not contemplated at the time of execution of the Trust Indenture or not specifically covered elsewhere in the Schedule will be commensurate with the service. These extraordinary services include, but are not limited to: supplemental agreements; consent operations; unusual releases or sinking fund redemptions; the preparation of special or interim reports which the Trustee must submit to security holders; custody of collateral which is diversified, voluminous in bulk, or which involves the Trustee in more than the usual activity. 12 of 15 SECTION E RFP NO. 00-01: FINAL PRICE AGREEMENT TERMS OF PROPOSAL Final acceptance of the appointment as Trustee under the Trust Indenture is subject to the full review of all documentation related hereto and acceptance by out trust committee. Trustee fees may be increased and counsel fees may be charged if all documentation required for this financing is not in substantially good order, an inordinate number of drafts are required, or the closing is unduly delayed. If this transaction does not close, then the Municipality will be responsible for paying any expenses that the Trustee has incurred, including counsel fees, for this transaction. Fees listed are guaranteed for the term of this Agreement. 13 of 15 • • SECTION E RFP NO. 00-01: FINAL PRICE AGREEMENT City of Palm Desert SUCCESSOR FISCAL AGENCY SERVICES FEE SCHEDULE ❑ City of Palm Desert Assessment District No. 94-2 (1915 Special Improvements Act) ❑ City of Palm Desert Assessment District No. 94-3 (1915 Special Improvements Act) ❑ City of Palm Desert Assessment District No. 98-1 (1915 Special Improvements Act) ❑ City of Palm Desert 1997 Revenue Bonds (1915 Special Improvements Act & 1982 Mello-Roos Community Facilities Act) (Fully Escrowed) ANNUAL ADMINISTRATION FEE/per issue $1,700.00 This fee is paid in advance for said period, or any portion thereof that any bonds are outstanding. ANNUAL ESCROW AGENT FEE $400.00 This fee paid in advance, covers the normal administrative functions of the escrow agent. INVESTMENT CHARGE/per transaction $35.00 Investment charges in excess of eight transactions will be waived. The maximum investment charge per issue is $280.00. Transaction fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of the Trust Indenture. REQUISITION/DISBURSEMENT FEE (check or wire)/per transaction $35.00 Requisition/Disbursement Fee charges in excess of eight transactions wil be waived. The maximum disbursement fee charge per issue is $280.00. 14 of 15 , • SECTION E RFP NO. 00-01: FINAL PRICE AGREEMENT LETTER OF CREDIT OR INVESTMENT AGREEMENT DRAWS/per draw $50.00 Investment Agreement Draw Fees include the settlement, upon purchase, sale, or maturity of trust funds invested under the terms of any investment agreement. Letter of Credit Draw Fees cover the preparation of required documentation for each individual draw under any letter of credit. ANNUAL OUT-OF-OF POCKET EXPENSES 6% of Billed Fees Out-of-pocket expenses including, but not limited to, stationery, postage, telephone, and retention of records will be billed annually in an amount equal to 6% of all fees billed for the year. Express Mail, Federal Express, and outside messenger services will be billed to the account at actual cost and are not covered by the 6% expense charge. MISCELLANEOUS SERVICES Out-of-pocket expenses of administrator to attend closings or special meetings, outside counsel, accountants, special agents, etc. will be charged at the actual cost incurred. The charges for performing services not contemplated at the time of execution of the agreement or not specifically covered elsewhere in the Schedule will be commensurate with the service. These extraordinary services include, but are not limited to: supplemental agreements; consent operations; unusual releases or sinking fund redemptions; the preparation of special or interim reports which the Fiscal Agent must submit to security holders; custody of collateral which is diversified, voluminous in bulk, or which involves the Fiscal Agent in more than the usual activity. TERMS OF PROPOSAL Final acceptance of the appointment as Fiscal Agent under the agreement is subject to the full review of all documentation related hereto and acceptance by out trust committee. Fiscal Agent Fees may be increased and counsel fees may be charged if all documentation required for this financing is not in substantially good order, an inordinate number of drafts are required, or the closing is unduly delayed. If this transaction does not close, then the Muncipality will be responsible for paying any expenses that the Fiscal Agent has incurred, including counsel fees, for this transaction. 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T o yD2 W a $FT' ' N o o 6 ? x " o m < O m ^r Ya:...zµSY✓'atuP+i`�"ATMt V.sw;2,A`�a'.Sn' 0m C m m a O N w G m g a Z < 0 -4- • < a m ctIS mu a aar . na r z ,' 5- 0 ■�■■ o to < O 9 A i" Pr.�F+.,,pat?sST kYaa+� s:"3ntt E`b m ■■■■ - o < o m a O • m 8 tx=e4 3`,x4o-e. `.R,.v: iA`1{="f.w` t . 8 8 ■■■■. 8 V g 'F"xk'f.R„SY='sft3ihb kra i),),f *'tf'fd x _--_ CITY OF PALM DESERT • INVESTMENT ACTIVITY REPORT • MARCH 2O00 EXECUTIVE SUMMARY As of 3/31/00,total portfolio book value was approximately$167.2MM. This reflected a net increase of approximately$567M from prior month due to interest income. There was an unrealized portfolio net loss(market value-book value)of approximately$99M, based upon prevailing market interest rates.This was only a"paper" loss since there were no premature securities sales. Significant changes in investment position are shown below: "United States Treasury -Coupon". The City buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest assessment bond proceeds. Although unrated, considered"AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$269M DUE TO A MATURING SECURITY. "Federal Agency-Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's"moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO A MATURING SECURITY. "Local Agency Investment Fund (LAIF)". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180 -540 days. THIS ACCOUNT BALANCE DID NOT CHANGE. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE BALANCE DID NOT CHANGE. "City Loan to RDA". The City has made long-term cash advances at LAIF interest rate to RDA for property purchases. Advances will be repaid in future years from tax increment revenue generated by associated redevelopment projects. THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool". The City invests assessment bond proceeds (construction, cost of issuance, and bond reserve reserve monies)in"Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I." This$3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$209M DUE TO MATURING SECURITIES. "United States Treasury -Discount". The City buys noninterest-bearing zero coupon securities("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount;face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts". The City sweeps excess checking balances into"HighMark 100% U.S.Treasury Money Market Fund". This$905MM fund invests only in U.S.Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AM". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$5.1MM DUE TO MATURING SECURITIES. "State& Local Govt Series-Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year, to invest assessment bond proceeds (to comply with IRS yield &arbitrage rebate regs). Nonmarketable. Although unrated, considered "AM". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2.5MM DUE TO A MATURING SECURITY. a) • 3 c xco y m e` y 3 CD A A 4i -L1 o Z a r` o n : m m � o n 3 ° H CO a o y m o CD N Z N II m _ (P a CJ N coto _ co "' (AKD (I) • On 0 --m ON > O07T 5 7 1bgD mT7 NNNN + O 6/ d x co co O (0 Z CD <D f0 0 0 0 0 CO (D n o m co m 2aa) m , K � o. a � � n�i � oc`Oo � vQ -oo� C) r.E O � O= N tONW � ZZ NOy N00 • COC Z c� o a'CD t rt1 0 (� c O Z 3 0 3 c A A o C_) < A o 0 0 =A 0 0 = o A o o � � i 1 G co o m � nn Qa � 0 3: (o co o 0 n CD o O m a 0 0`n ° o t0A A N n 0 0 0 a ` 0 -I H m a 0 ° cm W y z o 0 0 v v r O o 0 0 00 < N D) 00) a O p o 3. r 0 0 - a) N C ti 0 n Oo = n m 0 n N y N. 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O • 9 ro O mai q W c ; v �' m s 0 rd m x ti D W 4-0,rtY is ni 1lY S+4iC54 svm +•: H < c x d N aal • O 4 0 o g fp TOa CO 9 1 m m .-� O m D=O ;y it3 .+'7 N D 3 N y ro *S�P'S'#XaR'r.. m`a h�rP' 4at�'.NA-ro3,iX+Tta1 O m > f„/I m Z D .t' �4 io • C I • m a Z_ ■ Z 0 c gam N a _ < , �_c_' _��® _-- --- m a —o. m -___. __r____., mm- m wocyt a',Y4^ Tr<,,fldfll.au'k�nntiwe)m 'm N o 'Z mpmlO — < r Z n a 8 y {"^,nsiYSn "ft,24M::N b F A F,v' CO 0 D co b D m co 8 m a- -. r �, o m `m a P 8 8 x�vNa K3'3mwtiEm"� r Lrcr<^"S.t�YS.X4?"a3±f , -.- 9 E,' 0 REDEVELOPMENT AGENCY • INVESTMENT ACTIVITY REPORT MARCH 2000 EXECUTIVE SUMMARY As of 3/31/00, total portfolio book value was approximately$152.3MM (with SLGS). This reflected a net increase of $3.4MM from prior month due to interest income and City cash transfers. There was an unrealized portfolio net gain (market value-book value)of approximately$295M, based upon prevailing market interest rates. This was only a "paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "State & Local Govt Series-Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest proceeds of advance refundings held in escrow (to comply with IRS yield and arbitrage rebate restrictions).Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool." RDA invests tax-exempt bond proceeds (construction, cost of issuance, and reserve monies)in Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$8.5MM DUE TO PAYMENT OF DEBT SERVICE. "Local Agency Investment Fund (LAIF)." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180-540 days. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1 MM DUE TO PAYMENT OF DEBT SERVICE. "United States Treasury-Coupon." RDA buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. • "State & Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$372M DUE TO A MATURING SECURITY. "United States Treasury-Discount." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years to invest tax-exempt bond proceeds(construction monies). Purchased at discount;face value paid at maturity(difference is yield). Although unrated, considered "AM". THIS ACCOUNT BALANCE DID NOT CHANGE. "HighMark Sweep Accounts." RDA sweeps excess checking balances into "HighMark 100% U.S. Treasury Money Market Fund." This$905MM fund invests only in U.S. Treasury bills and notes (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered"AAA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$173M DUE TO INTEREST COUPON INCOME. "Federal Agency-Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered"AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO A MATURING SECURITY. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO A MATURING SECURITY. z • * N a A C ; V A _ A A 0- 41 1. 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Q / > Ao 0 - m � _ ) • 0 ) q / § EA _ .0 \ \ �/ § % I . � 0 E -< -< mmmm rE . 0) co coco0) CO 2 0 STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER rat SACRAMENTO e ' Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2000 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 25,801,325.21 Total Withdrawal : 0.00 Ending Balance : 25,801,325.21 CC- ( D CC T-S/VA 917 L I 1—; UYIL 7 'NIA lid- � _ _O WO Page : 1 of 1 is 0 • v en 0 K. c a 0 q O VY >. r 0 N 44 44 44 U , U Pi tl tO r O r Co Q N o OS 00 a, . T .. >. r E en < W w H+ O r N > . ID tl F1 P7 G N N COW 0 a T +r a Q7 C N e K w r O 2 :'. tl 0 en O N O 9 e0 1. O en N N - CO e 0i 0 0 R r 1n 01 1n a C ,W ), « 0 r 01 0.. �. N w a a s a s >I in CO VI. Q 3 I,O as 0i N, N r C9 Q v I j� Z N r T r Cr 49 07 Q t14 N I r a a s a s a r W 0 CO CD 1 a 0 CM en II 0 a r Q Clr O r N {+f r � {F N ': N a a s a w r 0 0 to O O 0 0 W C R to in coW 1n el r r !h Fia K W /A .R.Z am CO COill 0 rr 441 CO '0 N e 01 '0 0 'V Q N r tr. e 12 C r O r C1n 00 W {R W Yi W 'c co Q CO_ >, ;, en o O o in co C C d C R r• co In o r , 0 • .+ '_ p o Ni- r P7 m r C7 N^ CO V ` W � W W w w w w w w N c0i > O al C so a co T CNO 0 R N O 0 \ CO 0 C . C -. 0 I4 r r O t0 Of .too _ _T "' O N N 4f W C r. 01 . lc a s a a a a r m y y as .tl 1)Y 01 r CO O to O CO a ea m = R m W H N it) O N N ti in 61 V ^Q '0 •� r r !'�1 r la as R C W m a w w w ra w w a r as R 0i m C tz tl = or CI 'O• a 0 CO 0IO '44 el in LO COO elsit asm O r 0 0 - r r. 0 s es) Q O r) tD w w w w w w W Ca0 07 0 .0 r. 'O CCO OD 0r n CO CO N ILO O ito c CO r r a cn Z ZiQ- . " F CO 0 m0 a° v m m a a W u. 2aO '.:T: < 0 z + a c.) = - in W o a < a co o ._ w 0 0 0 0 STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER t•t SACRAMENTO �:: R'" Local Agency Investment Fund .. PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March,2000 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 03-22-2000 03-22-2000 RW 441273 THOMAS W. JEFFREY - 1,000,000.00 Account Summary Total Deposit : 0.00 Beginning Balance : 13,431,662.10 Total Withdrawal : - 1,000,000.00 Ending Balance : 12,431,662.10 Cam.. . l - iVA IIh : ': d LI Uc liG .„d Page : 1 of 1 • ,o in 0 co ) m $ Wit n v, 0 ` : `Notti 44 . w w n to 0 CO es1 NZ W + j et E ;el. V'-; w w 44 N en en tn ea O ,A co to u �, +":. T a1 C tV' _. .M' as w 0 2 . to W • 0+ c O InN a) U .. 0 a '� y N w w 44 44 441 a rr a as In V aa Z v w. T N eq n tC dO 0 CO W O .W A o 11 CO 0 el a, Q Q Two r N en T. G tr.. N N: w 44 44 IA O -0 0• } N 9 0 o eo r n too 0 0 m C __ N. w w w w : fa Z013 _ CE j� a. to 0 0 u) to G `'O O 'O: t N r N a r4 a N h - e 0) LL +� a C n C in 0 w w w w 44 C Q CO g, t, to o 0 o to co C d N 0 N. 0. t10 i • N 0V '_ ' 44 w 44 44 44 w > O W � if ci N 4, Y _ M CO T10 cwin V N CO o 'O O O C C w 9. Oo N N O tO 01 el N .0 C 3Q w 44 w IA IA w Cfift '0N) t0 t0 CO Q 03 in CO CO a CO C a <to a w 44 w w w w 44 T 0 O) 0 C . w t0 co c T ... ,T 0 4.000 el too U0) CCo 0 a !V d O to 09 r 3 ' CO CO CO V O e) ` VI• ' In O m 0 V N 3 '- d 4 tie ::i ,m w IA 44 44 44 IA 44 d d 0 W 3 SI CI to0 N) r N N t0+) N a a4) li0 O` f.) 46 9 w'. 1 — CO CO 1. 1. Nel 1 0elf us l0 !b C CO el w w 44 w w w w 0 0) 0 O_ - C_ co 0 C TD } J .0. �„ y t a' Z Z F in I—F co 0 0) 0 00 y } m m 0 el Z LL 2 is C UILI Q O Z + a U Oi ;Si Ci Ci W uj CC W O CD C a 0 O W 0 0 0 0 1— Q: I— < m U 0 U w a Z Z Z Z N +� STATE OF CALIFORNIA • • PHILIP ANEiiELIDESareasurer OFFICE OF THE TREASURER nt., SACRAMENTO — Local Agency Investment Fund - :-_` PO Box 942809 Sacramento, CA 94209-0001 N ? (916) 653-3001 February,2000 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 02-01-2000 02-01-2000 RD 42977 THOMAS JEFFREY 3,000,000.00 Account Summary Total Deposit : 3,000,000.00 Beginning Balance : 22,801,325.21 Total Withdrawal : 0.00 Ending Balance : 25,801,325.21 Oil Buo Page : 1 of 1 STATE OF CALIFORNIA • • PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO r -n eta Local Agency Investment Fund <c PO Box 942809 • T T Sacramento, CA 94209-0001 • o 7,9 (916) 653-3001 February, 2000 Statement wn PALM DESERT REDEVELOPMENT AGENCY Account Number :.45-33+9�5 Ann: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 02-01-2000 02-01-2000 RD 725369 THOMAS W. JEFFREY 1,000,000.00 Account Summary Total Deposit : 1,000,000.00 Beginning Balance : 12,431,662.10 Total Withdrawal : 0.00 Ending Balance : 13,431,662.10 ce • Page : 1 of 1 co 7 r F y ° d O. `Rd !di fb a ,�'�,+ '. G y Gi. n. o c e r'Gals i p m o o n �a _ .. p G. 7 Cj7 .� o A y-n EP N ) 0 m °: . 3 o. tl Z H t<o ° on tie . : p 3 W r3 3 • C" Nc. �i4 #gyp, , t In > o o a 000 r f�' 0 fa 0 1/40 LA ,y.� N O• NO A N Vi T O ^ = _ L 0 O O W 00 O r O r O a co tip IJ.W N b N b A W {, ig t o. • '> 0 �, N co co r O O G r'd t-F qt pk C ,. m y 0 0 NJ �O O In O fist Q.Sj. yyo * .- '- ij. n o-�j 'S24 ▪3 , fl O O ' Mt o N" o w .-. A LA a y {- jm' d' t 1.4 `,a y a o e o tJi, A owo c b A m• lC=C N 0 .uui o tie'. O --I O J O1 W C' u ti tai3 -C' ,0 - *0 0 'Q R.: `tag • -' cr y $ y k S $' t l l 11. . r A if 0 o rn o w w A a d - SIN O N C r r 00 O ` 1.a I C' a-� C' D 8 M - '< O A O w 0 a A '0 : . 4,q W 00 — O ��1 ...---ssf y �O v� O J O 00 '0 ,C. i1.r N 00 G} O O v e iz O z E. e rn r] w a, o 0 0 0 0 �n 3ci , . ri [19 I-b 7 00 C W W A NJ A - , `< t4 O A O A J to ,� F• ps r 3 { " -- yr. O to to O A J } a y r7 rn a- t 0 o. O O W N r W ca W A '.t k �9e� at o a O w '0 co 0' 00 00 O t1 ,q"t#J M H G N a Oo O A a �D '_3- v Y S P `000 P-3 In 00 0 N N J tri OD 1-1 �' s kn"4 ,..m Y q y '� Wkd. `45S d �' O I _ Tipp/ y J 00 .. 00 00 In n a-+' "t vl v e e v o v, 0. , r > '' o Cr � ' trt' -t e m 4.5 eb 3u .'r▪ elt tilL 0 PALM DESERT REDEVELOPMENT A COMBINED STATEMENT REVENUE AND EXPENDITURES CO Mid-year adjustments are included. 31-Mar-00 TOTAL RDA RDA RDA %OF ACTUAL (FAV)UNFAV BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Tax increment 28,323,686.00 21,242,764.50 16,610,379.00 78% 4,632,385.50 2 Interest ' 2,060,000.00 1,545,000.00 1,704,322.60 110% (159,322.60) Sales of Property - - - - 0% - 3 Reimbursement From Other Agencies 725,000.00 543,750.00 395,835.41 73% 147,914.59 Other Revenue - - 40,114.01 0% (40,114.01) Transfers to/from other funds - - - 0% - TOTAL REVENUES 31,108,686.00 23,331,514.50 18,750,651.02 4,580,863.48 FAV(UNFAV) EXPENDITURES Administrative Costs 776,720.00 582,540.00 478,891.80 82% 103,648.20 Professional Services 1,005,988.00 754,491.00 220,403.96 29% 534,087.04 6 Property Tax Administrative Fee 520,000.00 390,000.00 502,395.00 129% (112,395.00) Cost of Inventory Sold - - - 0% - Payments to Other Governmental Agencies 9,383,200.00 7,037,400.00 811,522.86 12% 6,225,877.14 Bond Issuance Costs - - - 0% - Bond Discount - - - 0% - 4 Interest And Fiscal Charges 10,924,886.00 8,193,664.50 7,900,166.99 96% 293,497.51 4 Principal Payments 3,100,000.00 2,325,000.00 2,790,000.00 120% (465,000.00) - 0% - CapitalOutlay - - - 0% - Office Equipment 19,825.00 14,868.75 11,666.58 78% . 3,202.17 Undergrounding Projects 21,665.00 16,248.75 - 0% 16,248.75 Deep Canyon&Hwy 111 3,078.00 2,308.50 - 0% 2,308.50 El Paseo Improvements 2,755,000.00 2,066,250.00 - 0% 2,066,250.00 Parking Spaces 10,000,000.00 7,500,000.00 - 0% 7,500,000.00 Fred Waring Dr. Street Improvements 5,265,000.00 3,948,750.00 431,557.11 11% 3,517,192.89 1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - 5 No. Sphere Infrastructure 9,118,641.00 6,838,980.75 7,564,144.38 111% (725,163.63) RDA Projects 5,005,144.00 3,753,858.00 - 0% 3,753,858.00 Desert Willow 5,145,729.00 3,859,296.75 45,731.51 1% 3,813,565.24 Land Purchases/Property Acquisition 4,300,000.00 3,225,000.00 - 0% 3,225,000.00 - - - 0% - - - - 0% - - - - 0% - Transfers - - - 0% - Transfer Out Administrative Costs - - - 0% - Transfer(In)/Out Capital Exp Reimb - - (9,068.46) 0% 9,068.46 Transfer Out Low/Mod Set-Aside 5,664,737.00 4,248,552.75 - 0%. 4,248,552.75 - - - 0% - TOTAL EXPENDITURES 73,259,613.00 55,007,209.75 20,997,411.73 34,009,798.02 1. Tax increment is received in Jan&May 2. Interest is received as securities mature 3. Reimbursements are posted at various times during the year. 4. 4/1 debt payments of$6.5M are included here 5. Includes land Purchase 6. Administrative fee taken once a year • O 0 0 0 CO CD 0) 0 0 0000001- 0 N 0 0 0 0 O O O c0O O r co N o a o o CO CO O Cl o )D 0 0 0 0 r 0 n9 o N o 0 0 0 0 0 O Cl 0 o o (o n o n mmoo O 0oCCN oo ! o 60606O o o (c a1 (a O) co r M CO N CO (0 v) O r 0 N -6 N V CO- 0 r N 0 t C O N co H N (�) V N < N N CO a7 1- .� r 6 N Co o CO co N N Z co (D 7 "r-5e n r _m n LL a) co co I— "o 2 "- c- ai of . C..) a` ¢ ` a W O n n 0) COcn O. N (0 U N O O co N. NV J r Q d 1— o d r r a a ¢ 0 )n (0 (0 OD (0 0) I ID o o) r co co e o N fO m N Q U N 0 c0 n m 0 n 0 0 CO o E (D N co m r O O n 0 CI_ ¢ c00 M coO in 0) co • m o CO m r 0 r 0 0 S CD 0 CO -5 r 0 v of o) o woe o - ro N ry c0 n co CO (0 u) 0 0) 0 m E'' 2 r o r or oof 6 A 0. ¢ O) V N r CO CO N CO N 0 m 0) O V N r O < < V co co O O 0 0 0 00000000000 0 >' O O O O c) O O O 00000000. 000 0 0 O O O o o O O cO p ' )0 )0 n 0 0 0 0 V Oi O ' N Z o O O 0 N CO N (0 r 0 0 0 0 - N 0 CI W N a 0 0 0 r N CD t0 0 0 0 0 0 r 0 O N N t0 n 0 CO- N 0 i0 O cc)0 UJ c a 0 O 2 y ID r co r N N O 0 )D r O < O Q 7 CO N 0) IN r r O N N ,- Or CO V F r_ r r • c' 0 0 O) 6 U)C O Z v W C a2 m c 0. x C 0 O w E a U '0 a E a) W 0 c LL n ¢ o a y CI 7 a) E rn E r m X 1 CO W re d t ? aa)i c 0 m u a > w y K > 0 0 CO O E d ` E 0 m A N 0 F d W in a 3 0 2 a) N m a 0 a W11 Q' E Z w CII .c y v c7 p ?! m w • c co 2 y0 >,LL W 0 E E EocaDOc � ") 3m E I 1 U.I CD r C CD >al 0 0 a 2' acoEm oty mot ID50 E. a d = K N i N x o 0 0 o m O t a 2i > j O W 2N E aym Q flIJ = d gj m `3UNdv 5cNd 0oa"i m Onaa - zo J 0 o w co m m L.I cy CO a ¢ aa0 n 2F - I W x a) _ co C' W U • • O V' o O O O O et O 19- 0 CO 0 0 O 0 0 0 0 N O CO 0 0 0 0 0 CO 0 C- 0 co 0 0 0 o O o 0 CO n N O O O O O r O O N O O CO0 O 0 O N N 0 0 CO CO N N 9- CO to 9- o O y O 0 C) C) 0 N r O O O C El coy M (D rnN- a) ' tOC cow_ CD HO am N N CO N- Co co N to 0 N • N N t0 N G ,z' N N 0 C t N. r- co co Z co 5 N: N. 6rn D i Q M co LL W o C.) c o v co o " 04 to co N- 0 v 00 N Q.' � � on co CCDo) N o �jJ '— 0 O N 0 2 N N N t03 tO N tto V (h y �O H a s a v to to m N N W 0 O (O t0 O O O M CO O O V CO U co 4 coam co N CO CO N N N - `a-' O a` Q a v C) O co co V O CO N O 0 CO C) C CO U N CON LO N on 0 0 Off) N O O tt[ d a) cn R CD aJ CI N CD to 0) ty p d on co 6N m 0 0 V 4 d Q r r O O • M t! coam ♦+ .1+ M co" r t- N to cv . c0 C C CV O. O. CO rn 0 co o 0 0 • o o Q O w _ a 0 N NV ao o co _ to CO CO 0) CO 0 r• d N N co O to co 00 N too o t0 d O �) 0 N C0) O C) • O O r a) 7 a Q �. w c 0 O (O Ni < N c NO a) re d — t ct 0 0 0 o 0 0 0 00000000 0 0 0 0 0 0 0 co to co O cooO O 0 O O C y 0 0 66 o 000 co OL00 o o 0co6 N- m y y m 000 0 CO CD noo N O N CO CO O COr _ CO O O. N N C 0 7 'O C) O Ci (D N O M V O 7 to 0= � 0 C N.N t0 CO O N N N O CO CD coE C) N t0 CO • 0 r CO C o 0 t 60 0 O 6 60 e N (o N N N o d y N O co O C a E d c o) co a) y O c a) 0 co v Q w a F C w N m y to 0 OO) O C O a. .- C a) N LI y E N O a a `� .2 L t C > C al > w 'in- _ U to w 0N C = O a) m > m � t a) '3 E r w a) U � U n no 4- C y d o o m Y .� U ;0 a) o c a) O 0 (n a) V L U o 0 -Ep a o 0 N a) c a � Jw > a) C4aO g cii E < 0 -� C. a) of o - mm3@o -0m •5cc Cj E a` h N E ot>-. rn J yQa Oc0 � .y y 0 O J a' a) J N y -' CD c - 0 • a y a) a) O - U O -c x d 3 E L c F C .E .2 a E.c c d c W c c co l-- x d m w I • • PALM DESERT REDEVELOPMENT AGENCY 31-Mar-00 Schedule of Revenue and Expenditures HOUSING FUND 9 YTD (FAV)UNFAV Budget Budget Actual YTD Variance REVENUES 2 Transfer in of 20% Set-Aside 5,664,737.00 4,248,552.75 4,248,552.75 3 Interest 115,000.00 , 86,250.00 12,730.47 73,519.53 Rental Income 45,000.00 33,750.00 24,965.02 8,784.98 Sales of Property 110,018,00 82,513.50 134,517.64 . (52,004.14) 1 Reimbursement From Other Agencies - (95,585.20) 95,585.20 2 Housing Mitigation Fees 53,000.00 39,750.00 39,750.00 Other Revenue - - TOTAL REVENUES 5,987,755.00 4,490,816.25 76,627.93 4,414,188.32 EXPENDITURES FAV(UNFAV) Administrative Costs 286,850.00 215,137.50 204,836.33 10,301.17 Professional Services 195,245.00 146,433.75 68,035.54 78,398.21 Property Tax Administrative Fee - - Cost of Inventory Sold - - 6 Interest And Fiscal Charges 2,657,982.00 1,993,486.50 2,654,133.30 (660,646.80) 6 Principal Payments 880,000.00 880,000.00 880,000.00 - Capital Outlay - - Office Equipment - - Acquisition Rehab/Resale#7 500,330.00 375,247.50 30,411.73 344,835.77 Home Improvement Program 1-6 94,067.00 70,550.25 923.13 69,627.12 Santa Rosa 568,197.00 426,147.75 64,734.77 361,412.98 4 Property Purchases 476,772.00 357,579.00 473,159.82 (115,580.82) 5 Desert Rose 183,159.00 137,369.25 85,394.36 51,974.89 Portola Palms Mobilehome Park 200,000.00 150,000.00 161,226.92 (11,226.92) Transfers - - Transfer(In)/Out Administrative Costs 100,000.00 75,000.00 75,000.00 Transfer(In)/Out Capital Exp Reimb - - TOTAL EXPENDITURES 6,142,602.00 4,826,951.50 4,622,855.90 204,095.60 Notes: 1 Includes prior year adjustment for tax increment calculation change 2 This transfer is done once a year only. 3 Interest is posted with investment maturities or dividend payments 4 Purchase of Rental property on Santa Rosa 5 Includes re-purchases and re-sales 6 Debt Service is due 10/1 and 4/1 of each year ! • • . a po p 9 m 0 yo po CO a o e C'i Yi m_ o tn o a A t6O e' 0 0 ((� N 0 . 0 0. 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W W F a .e w c a 0 O w a m m m0A : @ m OF O 11- o a.00 ya.. w C 0 a 2 U U F F F F F' w w W W ❑w Z z 0 City of Palm Desert Parkview Office Complex March-00 March-00 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 66,500 $ 66,854 $ 354 100.53%'`'` $ 587,500 $ 565,909 $ (21,591) 96.32% Dividends/Interest $ 1,250 $ 4,915 $ 3,665 393.19% s- $ 11,250 $ 38,954 $ 27,704 346.26% Total Revenues $ 67,750 $ 71,769 $ 4,019 105 93% ° " "1 $ 598,750 $ 604,863 $ 6,113 101.02% i Expenses Professional-Accounting&Auditing $ 5,800 $ 5,800 $ - 100.00%:, $ 52,200 $ 52,200 $ - 100.00% Professional-Consultants $ 5,500 $ 6,643 $ (1,143) 120.79%' $ 49,500 $ 62,446 $ (12,946) 126.15% Tenant Improvements $ 3,700 $ - $ 3,700 0.00% $ 33,300 $ 3,472 $ 29,828 10.43% Repairs&Maintenance Building $ 9,100 $ 10,539 $ (1,439) 115.82% -- $ 81,900 $ 55,279 $ 26,621 67.50% Repairs&Maintenance-Landscapin$ 1,079 $ - $ 1,079 0.00% $ 9,711 $ - $ 9,711 0.00% Utilities-Water $ 250 $ 103 $ 147 41.39%:F, $ 2,250 $ 801 $ 1,449 35.58% Utilities-Gas/Electric $ 4,300 $ 3,346 $ 954 77.81% ` $ 43,200 $ 37,726 $ 5,474 87.33% Utilities-Trash $ 450 $ 1,267 $ (817) 281.44% i $ 4,050 $ 6,737 $ (2,687) 166.35% Telephone $ 150 $ 275 $ (125) 183.42% $ 1,350 $ 1,247 $ 103 92.40% Insurance $ 521 $ - $ . 521 0.00% $ 4,687 $ - $ 4,687 0.00% Total Expenses $ 30,850 $ 27,973 $ 2,877 90.68%M .. ( $ 282,148 $ 219,908 $ 62,240 77.94% Operating ncome : $ ' 36,900 $ 43,796. $ 6,896 118.69% " $ 316,602 $ 384,955 $ 68,3$3 T 12159%a Equipment Replacement Reserve $ . 9,186 $ 9,639 $ (453) 104.93% $ 82,674 $ 86,747 $ (4,073) 104.93% Netlncome $ 27,714'.$ ' . 34,157 $.. 6,443 .123.2570 ' :$ 233,928 $ 298,207 $. 6k279a„ 127.48%1 InvesF2000-invest • Parkview Office Complex • Vacancy Rate Schedule by Suite March 2000 Suite Square No. Tenant Feet 73-710 Fred Waring Drive -Two (2) Story Building • 100 Hanover(Options expires on December 31,00) 2,560 102 Bergren(May not continue lease beyond lease expirati 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Vacant(space is unimproved) 928 108 Senator Kelly (Lease determined by election results) 785 112 Assemblyman Battin(Lease determined by election res 1,406 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions(Actively looking for a sub-tenant) 1,750 200 CVAG 4,292 200A Vacant(space is not available to lease) 841 201 U.S. District Court 604 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 208 Desert Springs Investments 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 Invest;Vacancy Report • •Parkview Office Complex • Vacancy Rate Schedule by Suite March 2000 Suite Square .. ... _.__,_ _ No. Tenant Feet 217 Mcmillan 775 220 CA.State Dept. of Agriculture 1,607 (signed a new 1 year lease agreement) 222 WMA Securities 2,981 Total square footage(2 story Building) 31,562 Vacancy Rate-1,769/31,562= 5.60% 73-720 Fred Waring Drive- One Story Building 100 State of California-Water Resources 15,233 102 State of California-Rehabilitation Department 4,396 Total Square Footage • 19,629 Vacancy Rate-0.00%u Overall Vacancy Rate for Both Buildings: Vacancy Rate--1,769/51,191= 3.46% Occupancy Rate-49,422/51,191 96.54% InvespVacancy Report City of Palm Desert Desert Willow Budget Vs Actual For the month of February 2000 Budgeted Actual Budgeted Actual February February $ Percentage Year to Year to $ Percentage Revenue 2000 2000 Variance Variance Date Date Variance Variance Course&Ground $ 820,005 $ 697,088 $ (122,917) 85.01% $ 3,133,172 $ 2,936,110 $ (197,062) 93.71% Carts $ 51,700 $ 41,350 $ (10,350) 79.98% $ 218,600 $ 135,587 $ (83,013) 62.03% Golf Shop $ 76,800 $ 69,950 $ (6,850) 91.08% $ 333,850 $ 392,157 $ 58,307 117.47% Range $ 5,000 $ 2,057 $ (2,943) 41.14% $ 23,000 $ 9,189 $ (13,811) 39.95% Food&Beverage $ 106,550 $ 79,781 $ (26,769) 74.88% $ 451,850 $ 319,973 $ (131,877) 70.81% Interest Income. $ 1,500 $ 2.092 $ 592 139.47% $ 12,000 $ 22,907 $ 10,907 190.89% Total Revenues $ 1.061,555 $ 892.318 $ (169.237) 84.06% $ 4,172,472 $ 3 815.923 $ (356.5491 91.45%j Payroll Proshop $ 8,983 $ 15,205 $ (6,222) 169.26% $ 63.600 $ 92,267 $ (28.667) 145.07% Cart $ 33,581 $ 17,280 $ 16,301 51.46% $ 198,361 $ 115,696 $ 82.665 58.33% Course&Ground $ 98,011 $ 124,078 $ (26,067) 126.60% $ 806,143 $ 903.794 $ (97.651) 112.11% Golf Operations $ 21,564 $ 26,943 $ (5.379) 124.94% $ 158,825 $ 180,544 $ (21,719) 113.67% General&Administration $ 30.977 $ 21,556 $ 9,421 69.59% $ 227,969 $ 200,602 $ ' 27,367 88.00% Food&Beverage $ 40,419 $ 37,712 $ 2,707 93.30% $ 237,269 $ 179,946 $ 57,323 . 75.84% +Total Payroll $ 233.535 $ 242.774 $ (9.239) 103.96% $ 1.692.167 $ 1672.849 $ 19,318 98.86%i Other Expenditures Perimeter Landscaping $ 2,651 $ - $ 2,651 0.00% $ 21,208 $ - $ 21.208 0.00% Proshop $ 2,150 $ 10,617 $ (8,467) 493.81% $ 32,425 $ 57,348 $ (24,923) 176.86% Proshop-COGS $ 42,240 $- 34,692 $ 7,548 82.13% $ 183,620 $ 216.673 $ (33,053) 118.00% Cart $ 47,412 $ 42,547 $ 4,865 89.74% $ 270,342 $ 247,212 $ 23.130 91.44% Course&Ground-North Course $ 37,095 $ 34,874 $ 2,221 94.01% $ 437,040 $ 466.385 $ (29,345) 106.71% Course&Ground-South Course $ 39,200 $ 29,377 $ 9,823 74.94% $ 426,200 $ 485,491 $ (59,291) 113.91% Course&Ground-Desert Pallet-N $ 2,800 $ 2,184 $ 616 78.00% $ 21,600 $ 22,441 $ (841) 103.89% Course&Ground-Desert Pallet-S $ 2,300 $ 775 $ 1,525 33.70% $ 17,600 $ 18,001 $ (401) 102.28% Golf Operations $ 9,000 $ 209 $ 8,791 2.32% $ 34,400 $ 21,025 $ 13.375 61.12% General&Administration $ 76.311 $ 61,795 $ 14,516 80.98% $ 486,882 $ . 413,932 $ 72,950 85.02% Range $ 10,300 $ 208 $ 10,092 2.02% $ 28,350 $ 16,602 $ 11,748 58.56% Food&Beverage $ 7,415 $ 15,107 $ (7,692) 203.74% $ 54,220 $ 73,212 $ (18.992) 135.03% Food&Beverage COGS 5 35,160 $ 23.241 $ 11,919 66.10% $ 148.989 $ 117,036 $ 31,953 78.55% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 200,000 $ 198,299 $ 1.701 99.15% Financing/Lease $ 7,197 $ 5,854 $ 1,343 81.34% $ 60,268 $ 49,871 $ 10,397 82.75% !Total Other Expenditures $ 346,231 $ 286,480 $ 59,751 82.74% $ 2,423,144 $ 2.403.528 $ 19 616 99.19%j David Leadbetter Academy Learning Center Revenues $ 60,000 $ 59,153 $ (847) 98.59% $ 198,500 $ 188,577 $ (9,923) 95.00% Reimbursements to David Leadbetter $ (51,000) $ (50,280) $ 720 98.59% $ (168,725) $ (159.628) $ 9.097 94.61% Other Expenditures $ (100) $ (1.377) $ (1,277) 1377.00% $ (7,550) $ (11,016) $ (3.466) 145.91% Learning Center Income(Loss) S 8.900 $ 7,496 $ (1.404) 84.22% $ 22,225 $ 17.933 $ (4,292) 80.69% Operating Income(Loss) $ 490,689 $ 370,560 $ (120,129) 75.52% $ 79,386 $ (242,521) $ (321,907) -305.50% Equipment Reserve Replacement 17.164 40,822 $ 23.658 237.84% 137,312 326,576 $ 189.264 237.84% Net Income Loss 473 525 329 738 14 7 7 69.63% 57 926 569 097 511 171 982.46% Snapshot of Golf Rounds Budgeted(mo) Actual(mo) Variance Variance% Budgeted(vtd) Actual(vtd) Variance Variance% Resident 2,845 2,385 (460) 84% 15,216 11,818 (3.398) 78% Non Resident 5,997 5.578 (419) 93% 26,435 27,649 1,214 105% Other 94 648 554 689% 565 228 (337) 40% Complimentary 464 20 (444) 4% 1,918 2,706 788 141% Total 9,400 8,631 (769) 92% 44,134 42,401 (1,733) 96% • Dw�2000;Financial Statement 1 • • / * | \\ \ \\ o )�`0�! 7e • ;I§ 7 }E#f( ; / / ; . . $ } wto § ; \ ! y ƒ ¥ ^ g* . to co c$ ! E 0 7os A 2 7g01 2| ii lot § ( co a' co�/ > £, : §7 to ) 0} w| / \\ . � / • 0 22m . clF2 EE ! / E ( / a [ ( /) } ( / § - } / (# ; 22 ( 4/ ! E # 0r ¥ / ! § / ; 0 t _ ' o ` a § < ` } | o. : , ca II` U ® E7 k CO f $ ) / jj � ; - g7Cri / » ) ) 7 A ; § y -co is: § § w : = ww : • • . City of Palm Desert • Desert Willow Two (2)Year Comparison ACTUAL to ACTUAL Month to Month to Date Date $ Percentage Revenue Feb-00 Feb-00 Variance Variance Course&Ground $ 697,088 $ 705,827 $ (8,739) 98.76% Carts $ 41,350 $ 28,126 $ 13,224 147.02% Golf Shop $ 69,950 $ 64,889 $ 5,061 107.80% Range $ 2,057 $ 2,095 $ (38) 98.19% Food&Beverage $ 79,781 $ 50,166 $ 29,615 159.03% Interest Income $ 2,092 $ 891 $ 1,201 234.79% • Total Revenues $ 892,318 $ 851,994 $ 40,324 104.73% Payroll Proshop $ 15,205 $ • 12,771 $ 2,434 119.06% Cart $ 17,280 $ . 14,991 $ 2,289 115.27% Course&Ground $ 124,078 $ 102,106 $ 21,972 121.52% Golf Operations $ 26,943 $ 19,158 $ 7,785 140.64% General&Administration $ 21,556 $ 19,319 $ 2,237 111.58% Food&Beverage $ 37,712 $ 14,113 $ 23,599 267.21% Total Payroll $ 242,774 $ 182,458 $ 60,316 133.06r Other Expenditures Perimeter Landscaping $ - $ 11,831 $ (11,831) 0.00% Proshop $ 10,617 $ 3,589 $ 7,028 295.82% Proshop-COGS $ 34,692 $ 32,379 $ 2,313 107.14% Cart $ 42,547 $ 42,450 $ 97 100.23% Course&Ground $ 67,210 $ 72,156 $ (4,946) 93.15% Golf Operations $ 209 $ 56 $ 153 373.21% General&Administration $ •61,795 $ 52,452 $ 9,343 117.81% Range • $ 208 $ 408 $ (200) 50.98% 1 Food&Beverage $ 15,107 $ 4,982 $ 10,125 303.23% Food&Beverage COGS $ , 23,241 $ 20,555 $ 2,686 113.07% Management Fee $ 25.000 $ 25,000 $ - 100.00% Financing/Lease $ 5,854 $ 8,240 $ (2,386) 71.04% Total Other Expenditures $ 286,480 $ 274,098 $ 12,382 104.52% David Leadbetter Academy Learning Center Revenues $ 59,153 $ 43,871 $ 15,282 134.83% Learning Center Expenditures $ (50.280) $ (37,290) $ (12,990) 134.84% Otther Expenditures $ (1,377) $ (1,377) $ - 100.00% Learning Center Income(Loss) $ 7,496 $ 5,204 $ 2,292 144.04% • Operating Income(Loss) $ 370,560 $ 400,642 $ (30,082) 92.49% Equipment Replacement Reserve 40,822 - $ 40,822 100.00% Net Income Loss $ 329,738 $ 400,642 $ (70,904) 82.30% Snapshot of Golf Rounds Actual Feb.00 Actual Feb.99 Variance Variance% Resident 2,385 3,322 (937) 72% Non Resident 5,578 5,332 246 105% . Other 648 653 (5) 99% Complimentary 20 42 (22) 48% Total 8,631 9,349 (718) 92% Dw2000;2yr Comparison • r City of Palm Desert . Desert Willow Two (2)Year Comparison ACTUAL to ACTUAL Fiscal Year Fiscal Year to Date to Date $ Percentage Revenue 99-2000 98-99 Variance Variance Course&Ground $ 2,936,110 $ 2,484,328 $ 451,782 118.19% , i Carts $ 135,587 $ 109,810 $ 25,777 123.47% Golf Shop $ 392,157 $ 271,017 $ 121,140 144.70% Range $ 9,189 $ 7,779 $ 1,410 118.13% Food&Beverage $ 319,973 $ 226,046 $ 93,927 141.55% Interest Income $ 22,907 $ 9,260 $ 13,647 247.38% Total Revenues LI $ 3,815,923 $ 3,108,240 $ 707,683 122.77% Payroll Proshop $ 92,267 $ 62,076 $ 30,191 148.64% Cart $ 115,696 $ 88,551 $ 27,145 130.65% Course&Ground $ 903,794 $ 677,377 $ 226,417 133.43% Golf Operations $ 180,544 $ 138,948 $ 41,596 129.94% General&Administration $ 200,602 $ 154,041 $ 46,561 130.23% Food&Beverage $ 179,946 $ 97,408 $ 82,538 184.73% Total Payroll 0 $ 1,672.849 $ 1,218,401 $ 454,448 137.30% r Other Expenditures Perimeter Landscaping $ - $ 90,103 $ (90,103) 0.00% Proshop $ 57,348 $ 30,977 $ 26,371 185.13% Proshop-COGS $ 216,673 $ 143,915 $ 72,758 150.56% Cart $ 247,212 $ 201,831 $ 45,381 122.48% Course&Ground $ 992,318 $ 644,553 $ 347,765 153.95% Golf Operations $ 21,025 $ 19,653 $ 1,372 106.98% General&Administration $ 413,932 $ 357,566 $ 56,366 115.76% Range $ 16.602 $ 13,784 $ 2,818 120.44% Food&Beverage $ 73,212 $ 46,604 $ 26,608 157.09% Food&Beverage COGS $ 117,036 $ 101,826 $ 15,210 114.94% Management Fee $ 198,299 $ 164,943 $ 33,356 120.22% Financing/Lease $ 49,871 $ • 64,169 $ (14,298) 77.72% . Total Other Expenditures 0 $ 2.403,528 $ 1,879,924 $ 523,604 127.85%I David Leadbetter Academy Learning Center Revenues $ 188,577 $ 157,326 $ 31,251 119.86% Learning Center Expenditures $ (159,628) $ (133,626) $ (26,002) 119.46% Otther Expenditures $ (11,016) $ (11,015) $ (1) 100.01% Learning Center Income(Loss) $ 17,933 $ 12,685 $ 5,248 141.37% Operating Income(Loss) $ (242,521) $ 22,600 $ (265,121) -1073.10% Equipment Replacement Reserve 326,576 - $ 326,576 100.00% Net Income Loss P $ (569.097) $ 22,600 $ (591,697) -2518.13%I Snapshot of Golf Rounds Actual(ytd.' 99-00) Actual(vtd.'98-99) Variance Variance% Resident 11.818 12,136 (318) 97% Non Resident 27,649 23,350 4,299 118% Other 228 852 (624) 27% Complimentary 2.706 2,581 125 105% Total 42,401 38,919 3,482 92% Dw2000;2yr Comparison + 0 0 « $ \ 2 A' ° ® / / § B � § en ®/ to a� § § | im eu , ! § a § re � g - ■ \ ) , ■ A 0 »! a§ 22 } a ° ` a$ _ \ ) B ; Li os IOU 0 § 6 / ,, . & \ / f ; o I / \ ƒ \ } \ II S • • ! | ) t a : ©[ %[ 67) § ©\ cn y4 k • f � > t fa �k / alik \ �J § f | kj | S� �/ k), 2 [»aa W a§e « % ! k 0c y 2 ; VII 00 v4 , ° i 7 \ �\ 4 U. � ^ � , , . 1 , , , 0. 1 , • 0 } ca5c - dr } } _ƒ ! ) ) { \ § 8 | / 0 Mmm ® 8 \ • • ii U d w • sssssssse s 00 N O oo M --. 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E / ! 0 § J \ \ \ \ \\ \ cc ! t ■ ! & a CO- a + 4 - - � 01 • � A \ , ` 2 't ! ~ . ° ® 2 § 2 5 1 x k $ & a . . § - cc 0 / \ z A § k , . .y . U | . 0 P Eo k . _ � \ Eo iil \ \\N + .2 / \ \ \ ` - - - w ' { \ $ / $ ' 2 \ § q $ ° . ) 1 • |9 • • Desert Willow • Breakdown of Rounds per point of sale system COMBINED Resident 2,385 $ 107,325 $ 45.00 27.63% Non-Resident 5,578 $ 624,394 $ 111.94 64.63% Other 20 $ 200 $ 10.00 0.23% Complimentary 648 $ 1,290 $ 1.99 7.51% Desert Willow Totals 8,631 $ 733,209 $ 84.95 100.00% • • Dw2000;Diaz AVG RD 1 • • • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- FEBRUARY 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 324 $ 14,580 $ 45.00 6.30% Resident Fee-Weekday 890 $ 40,050 $ 45.00 17.29% Resident Fee-Twilight 31 $ 1,395 $ 45.00 0.60% Total Resident 1,245 $ 56,025 $ 45.00 24.19% Non Resident Wholesale - Replay 22 $ 1,870 $ 85.00 0.43% Posted- Replay 69 $ 5,865 $ 85.00 1.34% Posted Weekend 549 $ 85,824 $ 156.33 10.67% Posted Weekday 928 $ 114,114 $ 122.97 18.03% Advance Fee - Weekend 7 $ 1,260 $ 180.00 0.14% IROC Member Guest Twilight 11 $ 880 $ 80.00 0.21% IROC Des. PRTY Wkdy 137 $ 8,905 $ 65.00 2.66% IROC Designated Party -Twilight 5 $ 414 $ 82.80 0.10% IROC Designated Party WKND 78 $ 6,240 $ 80.00 1.52% Wholesale Weekend 157 $ 20,096 $ 128.00 3.05% Wholesale Weekday 248 $ 25,792 $ 104.00 4.82% Super Twilight 49 $ 2,205 $ 45.00 0.95% Twilight 315 $ 27,504 $ 87.31 6.12% Charity Event 2 $ 60 $ 30.00 0.04% PS Golfer Weekday 12 $ 1,200 $ 100.00 0.23% Fee Special Event Variable 798 $ 74,836 $ 93.78 15.51% Total Non Resident Rounds 3,387 $ 377,065 $ 111.33 65.82% Other Rounds Junior Walking 14 $ 140.00 $ 10.00 0.27% Total Other 14 $ 140.00 $ 10.00 0.27% Complimentary VIP 45 $ - $ - 0.87% PGA Member 67 $ 1,230.00 $ 18.36 1.30% COD/PDHS 324 $ - $ - 6.30% Donation 22 $ - $ - 0.43% Employee 42 $ - $ - 0.82% Employee Guest - $ - $ - 0.00% Total Complimentary 500 $ 1,230.00 $ 2.46 9.72% Total Round (FireCliff) 5,146 $ 434,460 $ 84.43 100.00% • Dw2000;Diaz AVG RD a • Desert Willow • Breakdown of Rounds . per point of sale system MOUNTAINVIEW COURSE- FEBRUARY 2000 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 374 $ 16,830 $ 45.00 10.73% Resident Fee-Weekday 737 $ 33,165 $ 45.00 21.15% Resident Twilight 29 $ 1,305 $ 45.00 0.83% Total Resident 1,140 $ 51,300 $ 45.00 32.71% Non Resident Advance Fee- Weekend 22 $ 3,960 $ 180.00 0.63% Posted Fee - Weekend 327 $ 51,138 $ 156.39 9.38% Posted Fee - Weekday 495 $ 61,034 $ 123.30 14.20% IROC- Designated Party (WKDY) 44 $ 2,860 $ 65.00 1.26% IROC- Designated Party (WKND) 25 $ 2,000 $ 80.00 0.72% IROC- Mbr. Guest- (WKND) 2 $ 224 $ 112.00 0.06% IROC- Mbr. Guest (Twilight) 2 $ 160 $ 80.00 0.06% IROC- Des. Party Twilight 4 $ 324 $ 81.00 0.11% Wholesale Weekend 150 $ 19,200 $ 128.00 4.30% Wholesale Weekday 289 $ 30,056 $ 104.00 8.29% Twilight Fee 164 $ 14,409 $ 87.86 4.71% Super Twilight 53 $ 2,385 $ 45.00 1.52% Wholesale - Replay Fee 63 $ 5,355 $ 85.00 1.81% Charity Event 4 $ 120 $ 30.00 0.11% Leadbetter Fee 2 $ 100 $ 50.00 0.06% PS Golfer - Weekday 9 $ 900 $ 100.00 0.26% Fee Special Event Variable 536 $ 53,104 $ 99.07 15.38% Total Non Resident Rounds 2,191 $ 247,329 $ 112.88 62.87% Other Rounds Junior Walking 6 $ 60 $ 10.00 0.17% Total Other 6 $ 60 $ 10.00 0.17% Complimentary VIP 16 $ - $ - 0.46% PGA Member 6 $ 60 $ 10.00 0.17% COD/PDHS 113 $ - $ - 3.24% Donation 4 $ - $ - 0.11% Employee 9 $ . - $ - 0.26% Total Complimentary 148 $ 60 $ 0.41 4.25% Total Round (Mountainview) 3,485 $ 298,749 $ 85.72 100% Dw2000;Diaz AVG RD 15- • • PalmDesert Recreation Facilities Corporation Income Statement Feb-00 Feb-00 # % Budget Actual Variance Variance Food & Beverage Revenues •$106,550 $79,781 ($26,769) 74.88% Total Revenues - $106,550 $79,781 ($26,769) 74.88% Salaries $40,419 $37,712 $2,707 93.30% Cost of Goods Sold-F&B $35,160 $23,241 $11,919 66.10% Food & Beverage Expense $7,415 $15,107 ($7,692) 203.74% Total Expenses $82,994 $76,060 $6,934 91.65% Net Income (Loss) $23,556 $3,721 Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2000;PDRFC Budget l lQ - • City of Palm Desert Desert Willow Cash Reserve Analysis for the month of February 2000 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 724,504.70 Variance- Favorable Unfavorable $ 224,504.70 Memorandum To: Ray Diaz • CC: Golf Committee From: Gregg Lindquist Date: 04/04/00 Re: Final Financials-February 2000 Attached are the final figures for February 2000 at the Desert Willow Golf Resort A brief summary of the figures is as follows: GOLF OPERATIONS • Total revenues are 6% behind budget for the year and 21% ahead of last year at this time. • Revenues for the month were 14% behind budget with the largest portion coming from Greens and Cart fee revenue which finished S123,000 behind budget. Every department has exceeded the revenues achieved at this time last year. • Overall payroll was over budget by 6% with the main department being course and grounds which required overtime preparing the courses for the Frank Sinatra Celebrity Invitational. • Overall expenses were 16% under budget for the month. Year to date, expenses are 2% under budget for the property. • • Net Operating Income was 21% behind for the month and is S274.000 behind budget YTD. It is also 5270,000 behind in Net Operating Income compared to last year at this time. 1 I April 4. 2000 FOOD AND BEVERAGE OPERATIONS • Food and Beverage revenues were 25%behind budget for the month and are 29% behind budget for the year, due in most part to the lack of a new clubhouse which projected revenues of$107,000 for the month. • Payroll for F & B was 7% under budget for the month and is 24% under budget for the YTD. • Net Operating Income for the restaurant was S19.835 behind projections and is S62.386 behind for the YTD. • • __pq_pO O9:O5A Oasar.wtilow 76041146 7444 P_ O2 E Memorandum To: Ray Diaz • CC: crotPCoamutree From Gregg Lindquist Oat.: 04/04/00 Re: March 2000-Prelintinary Operations Report The month of March at the Desert Willow Golf Resort was behind projections following the trend of January and February. We believe there are a number of reasons fur this. The primary mason is that overall hotel and traffic reports from the Convention and Visitors Bureau indicates about a 5-6%drop in overall activity from the previous year. This softening would he Y2K related as well as other outside factors. Secondly, we have five additional golf courses on line this ison vying for the same golfer so there are other competitive options. And finally, we continued to be in a temporary facility which, although functional, lacked in the necessary categories to bring customers hack without ample dining options before or atter golf. This is born out by the corresponding decrease in group golf business compared to the previous year. A summary of performance by department is as follows: Green and Cart Fees The property finished 1 R%behind projections($783,00() vs.S956,000) 'Ibis was also $11.00 per round less than budget primarily due to the 45%decline in group business ($256,000 vs. $123,000). Because this part of Desert Willow's business is critical to its financial success, it magnifies the need for hotels on site instead of relying on the balance of the hotel minket ovcllow. Golf Shnp Retail This department did exceptionally well in March due to the introduction of the new golf shop. Budget was exceeded by over 55%(S 112,0tX) vs. 572,500) This was an average of$l 1.54 per player compared to the temporary golf shop trend of$8.00 per player. This positive trend will continue as we finish the year. .p'„_04_00 09:06A Dosorillow 76 346 7444 P .03 F April 4, 2000 Food and Revenge Sales in the restaurant were also very good. With the new clubhouse and its flexibility to accommodate larger groups and ala carte business,volume was over $112,000(98%of projections) The amount of non-golfer breakfast and lunch business continues to produce above average revenues. This represented over $1 1.00 per player on average compared to the S6-7 per player in the temporary clubhouse. David Leadbetter Golf Academy Revenues in this department were 92%of projections($69,000 vs. $75,000). This also represented the largest single month of income of the Academy since coming to Desc.Tt Willow Gulf Resort, They are planning on moving into the vacated clubhouse in the fall of 2000. At that time, the current trailor will be returned to the landlord. Conclusion Total rounds were 6% behind budget(9756 vs. 10,400) There were two continuing voids, group rounds and resident rounds. This caused overall revenues to be 9"70 behind budget ($1,125,000 vs. $1,233,000) While the retail and restaurant operations did extremely well individually, they were unable to make up for the shortfall in golfers.• Payroll and Expenses information will he covered in the next Golf Committee meeting. At this time, the only department requiring additional labor is the restaurant due to the sharp increase in non-golf related business. Expenses will he within projections on an overall property basis. • • � s City of Palm Desert Internal Correspondence Date: 13 April 2000 Subject: Credit Risk of Agency Securities From: Thomas W. Jeffrey, Investment Manager 1 To: Paul S. Gibson, City Treasurer Recommendation That the City of Palm Desert: (1) amend its Statement of Investment Policy to lower the concentration limit for government-sponsored enterprise ("GSE") securities from 30 percent to 20 percent (2) reduce the number of GSEs with which the City does business; (3) subject those GSEs to annual credit analysis; and (4) buy GSE securities only if corporate securities are not feasible or if the City's concentration limit on corporate securities has been met. Background A government-sponsored enterprise is a privately owned company with a federal charter. The Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks are examples of GSEs: In the late 1980s, the Federal National Mortgage Association became insolvent on a mark-to-market basis, and the Farm Credit System experienced severe financial problems. In recent testimony before the House Committee on Banking, a U.S. Treasury official testified that, contrary to market perceptions, there is no guarantee, express or implied, by the United States Treasury for debt securities issued by GSEs. He noted that GSEs are highly leveraged (32% debt) when compared to large commercial banks (12% debt) and to large securities firms (25% debt). Finally, due to the belief that the housing GSEs's conditional lines of credit with the U.S. Treasury constitutes an implicit guarantee, no credit rating analysis has been done on GSEs. These conditional lines of credit are also miniscule when compared with outstanding GSE debt. The commercial banking system has large GSE holdings (75% more GSE debt than U.S. Treasury debt). This is due to the fact that commercial banks have federally mandated concentration limits for corporate securities, but no such limits for GSE debt. The potential that problems at one financial institution can cause instability in the financial markets or at other financial institutions is accordingly increased. Credit Risk of Agency Securities 13 April 2000 Page 2 of 2 The House Committee on Banking recently introduced related legislation (H.R. 3703) that would: (1) repeal housing GSEs's conditional lines of credit with the Treasury; (2) require GSEs to obtain annual credit ratings; (3) provide new authority to appoint a receiver to resolve troubled GSEs; and (4) require regulatory approval for GSEs to enter into new markets. There is also a companion bill (H.R. 3130) that would: (1) remove the Tennessee Valley Authority's ("TVA") sovereign immunity; and (2) require TVA to disclose that its bonds are not backed by the United States Government. In the bill, there is also a statement that a recent Government Accounting Office ("GAO") study found that TVA may experience future financial problems. Fiscal Impact If lower City concentration limits for GSE debt are approved, then City investment income may decrease if those limits are met and corporate securities are not feasible as alternative investments (the City would then be compelled to invest in lower-yielding U.S. Treasury bills, bonds, and notes). 3-Z 3-00 Ei5_ • Treasury Official's Warning Rocks Bond Market, Challenging Fannie Mae's Goal to Be Benchmark able to hold more of Fannie Mae debt be- CREDIT cause it's less volatile and less risky than MARKETS Treasury Yield Curve other types of private issuance," Fannie Yields as of 4:30 p.m. Eastern time Mae spokesman David Jeffers said after By Minuted,SCmtohDrR the hearing. And GREGORY ZUCKERMAN T " i k3 :0: ' With the Treasury beginning to buy. Staff Reporters of THE WALL.STREET JOURNAL bz� . "`A' A senior Treasury. official shook up the Pi; ""r� back its securities in this era of budget sur- s so pluses,Fannie Mae has been positioning it- bond market and challenged Fannie Mae's s -, » self as a logical alternative for investors ambitions to replace U.S. Treasury bondsiietre.Ar . ., who want to limit their risk,and many in- as a haven for risk-averse investors. vestors apparently agree. Gary Gensler, Treasury undersecre- ` Investors have been buying up agency tary for domestic finance, warned that 'it _ _ bonds but"this statement raises the banks hold far too much debt issued by 5.50 a,° ' 'fesmdar bonds 2, issue f the lately but Treasury's implieentraicredit guar- Fannie Mae,Freddie Mac and the Federal ` -t week ago Home Loan Bank System, and urged law- - 4waioago antee and was a catalyst for real weak- makers to limit those holdings.He also told 5.00 �:F . ,ate.,.C ease," said Tom Juterboc head of U.S. a House panel that the Treasury would like 3 0 n 2 5 1 30 and European government bond trading at to see Congress cut off longstandingbut matno Morgan Stanley Dean Witter. gre Source:Reuters Standard&Poor's even suggested that ne d lines of credit that give the en- it would re-examine the triple-A ratings of terprises prises implicit government backing. all the agencies if Congress decides to act It is unclear whether Mr.Gensler's rec- YIELD COMPARISONS on Mr. Gensler's recommendations. "If ommendations will go anywhere, espe- cially since Fannie Mae,one of Washing- eases on Merrill ernWpricedBona Indexes. priced as at Congress was to accept some of the things mIdax al EasternL time.. being proposed,and moves away from the institutions ton's most politically powerful , -52 Week- 57u and Nlan r implied support, we would reassess the has quashed numerous attempts to curb its Corp.-riavt.Master 6.w% 6B1% 4% 597X special privileges. Still, investors reacted to yr '109 2 b.p 693 5e credit"a ofm the managing director said Miken and & to his comments by dumping agency bonds Acmes 1.10vr 7.06 7.05 7.76 S.55 fans, a managing director at Standard & 10+vr 6.00 6.07 7.56 6.00 Poor's. in the wont day for the market in months. corporate The spread, or difference in yields, be- 1-1err211001y �79 70 7.9a bi°s Fannie Mae was created by Congress as Med tween 10-year Treasurys and benchmark 10+vr High 011ie 7.70 7.70 7.85 645 part of the New Deal in 1938 to help lenders Medonr e.a a.m a.aa 6./7 make mortgages available to low-income Fannie Mae securities climbed to one per- ragas w mm zs0 z51 7.7s 6A1 centagepoint from 0.90 percentagepoint in aarrenlKoupon moriosir 121 borrowers.After being privatized about 30 g P g FNMA 8.110 gig° 7.00 e.ds 6tl ears ago, Fannie Mae became hugely active trading. FNMA 0.00z 75M 7.v7 0.05 6A6 y If g t, FHl-Mcispz I.m iv ill 6.16 profitable and a darling of Wall Street, Treasury-bond prices rose for a second xtah vkld ap w&s 11.50 11.67 11.50 s.7a straight day on continuing expectations T]12.vr G.OBAAI 5.15 5.16 5.06 4.27 where its stock is publicly traded on the that the supply of government securities 17.n-rr G.O.(AA) 5.64 1.67 6.06 6.69 New York Stock Exchange.Today,Fannie nII1oh a1 r: 6A, ntig s.97 Mae and Freddie Mac,which was created will continue to dwindle.The 30-year r$1.25 Tara• aNOW u�0eroan v elaree east.�`medium a of t A- in 1970,control nearly 90%of the secondary sury bond was up 4/32 point,or for a pl Oallar4e anlnand SEGrMiste ed xxWs a tot: bond with $1,000 face value, at 103 29/32. ern w ors sold n Me s)s&u 1t105 e52-weekela; mortgage market. Its yield edged downward to 5.960°/0 from than theindimaalsaarni secu. Because of their size,Fannie Mae and 5.968%late Tuesday, as bond yields move Freddie Mac have no need to tap the Trea- inversely to prices. lions that let banks hold so much agency sury's$2.25 billion line of credit,which was Mr. deader told the banking subcom- debt. While national banks can hold no put in place more than 40 years ago. The mittee that debt from Fannie Mae,Freddie more than 10%of their capital in the corpo- credit line is only a tiny fraction of the$1.4 Mac and the Federal Home Loan Bank Sys- rate bonds of one issuer,there are no limits trillion in debt held by the three mortgage- tern has "become a significant portion of on holdings from the government-spon- lending government enterprises: Fannie the assets of the banking system," coned- sored mortgage lenders. That poses prob- Mae,Freddie Mac,and the Federal Home tilting just under 4%of total bank assets and lems because the government does not Loan Bank System. more than one-third of total bank capital. ' guarantee the government-sponsored "Any function the lines perform at this Congress, he said, should "seriously . firms'debt. point is purely symbolic," Mr. Gensler consider the best way to repeal" excep- "It makes sense that banks should be said. "We see no reason why the Treasury would want to give up a tool that supplies emergency credit at a time of crisis,"said Fannie Mae spokesman Mr.Jeffers. This isn't the first time the Treasury has reminded investors that the debt of quasigovernment agencies such as Fannie Mae and Freddie Mac isn't quite as safe as . Treasury debt itself.Indeed,there is little • - love lost between the Treasury Depart- 0 Shares meet and the enterprises. The Treasury ihiai has long worried it might have to step in to bail one out because of the widespread ' view that the government backs the agen- cies. • . . . 4 - it-co Treasurys Stumble as Some Investors Make Move To Agency Securities on Hopeful U.S. Comments CREDIT ally helped the agency market settle down." TreasuryYield Curve MARKETS By the days end, the spread;or differ- YieldsBy GREGORY ZUCKE[iMAN as of 4:30 p.m. Eastern time ence in yield, between 10-year Treasurys l00% and comparable agency securities had Staff Reporter of THE WAnt,STREET JOURNAL 4 a z �s i- v a' shrunk to 1.2 percentage points,down from NEW YORK—The Treasury market suf ttra s 1 yt r 1.3 points earlier in the day, an indication fered its worst day in two months as some C rc e m'N, of the increased interest in agency bonds. investors sold Treasury securities and s 50 ,,£,„ ss<v y n > t Other riskier bonds, such as corporate shifted into agency securities on the hope a bonds,also outperformed Treasurys. :that the privileged status of quasigovern1 a ° 04 Even weakness in the Nasdaq market ment agencies such as Fannie Mae and 6.00 a �s g Wasn't enough to help Treasury prices. Freddie Mac won't be changed in the near �� , 051Sai z a "Lately,the gains in Treasurys have been future. Other investors sold Treasurys to "`" '' a;'a' &„ .a ` more.of a safety play than a reflection of lock in profits after the market's recent 5.50 —YesteMay a e i week ago g.,t" their true value," but investors again ex- rallin late trading, the 30-year Treasury r 4 weeks ago t a y a amined the market's fundamentals and de- bond fell 1 15/32,or 319.6875 fora bond with 5.00 a s i z , s ' to ao far,tood fast,said Mr.Keiter ofat Treasury prices had MKP ed too $1,000 face value, at 106 26/32. The bond's mos, yr. manses r — • — - yield, which moves in the opposite direc- source:Reuters tion of its price,rose to 5.761%. Ten-year Treasurys fell 24/32 to yield hedge fund Long-Term Capital Manage- . As recently as March 27, 10-year ment—some investors reacted to the re- Treasurys urys yielded 6.25%, but a furious marks with relief that no news emerged rally, that pushed the yield as low from the speech,suggesting that the status 5.71%in early trading yesterday,petered out. of the agencies wouldn't be changing in the ' "The need to buy Treasurys was satiated near term.Others simply viewed the gains and there was a big air pocket below the in the Treasury market as being overdone, • market that led to a sharp drop,"said David given the likely interest-rate increase next -Ging,TreasurymarketstrategistatDonald- month by the Federal Reserve, and sold son,Lufkin&Jenrette Securities Inc. Treasurys. Investors have been steering clear of Indeed,soon after Mr.Baker's remarks agency securities—and buying Trea- were reported by news organizations, ru- .surys—ever since Treasury Undersecre- mors arose that hedge funds and money / tary Gary Gensler last month said the management firms were selling Treasurys Treasury Department supported legisla- to buy agencies. I tion to repeal the government-sponsored "People were worried about Baker but enterprises'lines of credit with the govern- the comments were the same as in the •ment. The market was braced for even past,and not as bad as some feared,"said I f more bad news yesterday morning when Eric Keiter, managing director at MKP . ' f a(.7 / Rep.Richard Baker(R.,La.),who is spon- Capital Management LLC. "There was 19, soring legislation to alter the preferential heavy-duty buying of agencies and it status of the agencies, addressed the knocked the stuffing out of the Treasury / / House Banking Committee. market." But while Mr. Baker did use some con- Added Andy Kirschler, a government- troversial language—such as comparing bond trader at Federated Investors: "Peo- the agencies'operations to those of former ple took profits in Treasurys and that re- Bill Summary& Status • • Page 2 of 3 88. H.R.2781 : To amend the International Claims Settlement Act of 1949 to provide for the settlement of claims relating to American victims of National Socialist persecution. Sponsor: Rep Pallone, Frank, Jr. - Latest Major Action: 8/5/1999 Referred to House committee Committees: House International Relations 89. H.R.2863 : To clarify the legal effect on the United States of the acquisition of a parcel of land in the Red Cliffs Desert Reserve in the State of Utah. Sponsor: Rep Hansen, James V. - Latest Major Action: 3/9/2000 Senate preparation for floor Committees: House Resources; Senate Energy and Natural Resources 90. H.R.2890 : To amend the Puerto Rican Federal Relations Act to transfer jurisdiction over Federal land in and around the island of Vieques to the Government of Puerto Rico, and for other purposes. Sponsor: Rep Crowley, Joseph - Latest Major Action: 9/21/1999 Referred to House committee Committees: House Resources 91. H.R.2923 : To amend the Internal Revenue Code of 1986 to extend expiring provisions, to fully allow the nonrefundable personal credits against regular tax liability, and for other purposes. Sponsor: Rep Archer, Bill - Latest Major Action: 9/28/1999 House preparation for floor Committees: House Ways and Means 92. H.R.2956 : To reauthorize the Comprehensive Environmental Response, Compensation, and Liability Act of 1980. Sponsor: Rep Pallone, Frank, Jr. - Latest Major Action: 10/20/1999 Referred to House subcommittee - Committees: House Commerce; House Transportation and Infrastructure; House Ways and Means 93. H.R.3000 : To establish a United States Health Service to provide high quality comprehensive health care for all Americans and to overcome the deficiencies in the present system of health care delivery. Sponsor: Rep Lee, Barbara - Latest Major Action: 10/20/1999 Referred to House subcommittee Committees: House Education and the Workforce; House Commerce; House Ways and Means 94. H.R.3111 : To exempt certain reports from automatic elimination and sunset pursuant to the Federal Reports Elimination and Sunset Act of 1995. Sponsor: Rep Hyde, Henry J. - Latest Major Action: 11/19/1999 Passed Senate Committees: House Judiciary; Senate Governmental Affairs / o� 95. H.R.3130 : To amend the Tennessee Valley Authority Act of 1933, to ensure that the Tennessee Valley Authority does not place the United States Treasury at risk for its financial instability, and for other purposes. Sponsor: Rep Baker, Richard H. - Latest Major Action: 11/5/1999 Referred to House subcommittee Committees: House Commerce; House Transportation and Infrastructure 96. H.R.3194 : An act making consolidated appropriations for the fiscal year ending September 30, 2000, and for other purposes. Sponsor: Rep Istook, Ernest J., Jr. - Latest Major Action: 11/29/1999 Became Public Law No: http://thomas.loc.gov/cgi-bin/bdquery/d?d106:80:./temp/—bdIgZO:[[o]]&items=20& 4/12/00 Page 1 of 8 • • THIS SEARCH THIS DOCUMENT GO TO Next Hit Forward New Bills Search Prey Hit Back HomePage Hit List Best Sections Help Doc Contents H.R.3130 TVA Financial Integrity Act of 1999 (Introduced in the House) SECTION 1. SHORT TITLE AND DEFINITION. (a) SHORT TITLE- This Act may be cited as the 'TVA Financial Integrity Act of 1999'. (b) DEFINITION-As used in this Act, the term 'TVA' means the Tennessee Valley Authority. SEC. 2. TVA FINANCIAL INTEGRITY AND ACCOUNTABILITY. Section 15d of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831n-4), is hereby amended to read as follows: 'SEC. 15d. BONDS FOR FINANCING POWER PROGRAM. '(a) AUTHORIZATION; AMOUNT,USE OF PROCEEDS; RESTRICTION ON CONTRACTS FOR SALE OR DELIVERY OF POWER; EXCHANGE POWER ARRANGEMENTS; PAYMENT OF PRINCIPAL AND INTEREST; BOND CONTRACTS- The Corporation is authorized to issue and sell bonds,notes, and other evidences of indebtedness (hereinafter collectively referred to as 'bonds') in an amount not exceeding $27,000,000,000 outstanding as of January 1, 2001, to assist in financing its power program and to refund such bonds. Such authorization shall be reduced in annual increments of $1,000,000,000, such that TVA shall be authorized to issue and sell bonds, in an amount up to and not exceeding $17,000,000,000 on and after January 1,2011. The Corporation shall certify to the Committee on Transportation and Infrastructure of the United States House of Representatives by January 1 of each year that the Corporation's cumulative indebtedness is less than the bond authorization designated herein. The Corporation shall clearly provide on the face of such bonds the following disclaimer: 'The United States General Accounting Office has determined that the Tennessee Valley Authority's level of indebtedness may impair its financial flexibility in the future, that the United States Congress has expressly disclaimed any express or implied support for such indebtedness, and that the sole means for payment of principal and interest thereon / comes only from the Tennessee Valley Authority's Power Program.' The Corporation shall be prohibited from marketing or representing to the public that such bonds are backed, directly or indirectly, expressly or implicitly, by the United States. Proceeds http://thomas.loc.gov/cgi-bin/query/D?c 106:1:./temp/--c 106UjFYiK:e 1182: 4/12/00 March 31,2000 Bond Mill Roundup:Strategy • Freddie Mac is scheduled to bring to market between $4 billion and$7 billion in new noncallable debt this month. Freddie Mac plans to reopen its September 2029 Reference Bond and is also slated to reopen a five-year note (most likely the 6.875% issue due in January 2005). Figure 54.Legal Characteristics of the Debt of Government Agencies and Other Federally Related Institutionsa Government Sponsored Enterprises—Summary of Links to the US Government . Fannie Freddie Home Farm Sallie Maeb Maee Loan Credit Mae Issuing authority under an act of Congress X X X X X Supported by an authority to borrow from the US Treasury X X X d X Directors appointed by the President of the United States Xe X' Kg h Xi Issuance only upon approval by the US Treasury X X X X Issuable and payable through the Federal Reserve System X X X X X Backed by the full faith and credit of the United States . Exempt from SEC registration X X X X X Eligible collateral for Federal Reserve Bank advances and discounts X X X • X X Eligible for open market purchases X X X X X Eligible to be purchased and held without limitation by national banks,state bank Federal Reserve members,and thrifts regulated X X X X X by FDIC or OTS. a Eligible as collateral for Treasury tax and loan accounts X X X X X Obligations exempt generally from state and local income taxation X X X a This chart is only a general summary.Interested investors should refer to the applicable statutes and regulations.b Debt.MBSs,and other Fannie Mae mortgage-backed securities.d Debt,PCs,and other Freddie Mac mortgage-backed securities.d The US Treasury has guaranteed $0.9 billion Financial Assistance Corporation bonds.a Five of 18;others elected by shareholders.f Five of 1B;others elected by shareholders. • g Four of five.Secretary of HUD(who is appointed by the president and confirmed by the Senate)is a permanent member.h All three board members of its regulatory body.r Seven of 21;others elected by holding company parent. Sources:The agencies and Salomon Smith Barney. Figure 55.Other Federally Related Institutions—Summary of Legal Characteristicsa Other Federally Related Institutions—Summary of links to the US Govemment FAC RCO REFCorp NA Issuing authority under an act of Congress X X X X Supported by an authority to borrow from the US Treasury X • Directors appointed by the President of the United States . Xb Issuance only upon approval by the US Treasury X X X Issuable and payable through the Federal Reserve System X X X X Backed by the full faith and credit of the United States X c d Exempt from SEC registration X X X X Eligible collateral for Federal Reserve Bank advances and discounts X X X X Eligible for open market purchases X X X X Eligible to be purchased and held without limitation by national X X X • X banks,state bank Federal Reserve members,and thrifts regulated by FDIC or OTS. Eligible as collateral for Treasury tax and loan accounts X X X X Obligations exempt from state and local income taxation X X X X a This chart is only a general summary.Interested investors should refer to the applicable statutes and regulations.b Three directors appointed by the president and confirmed by the Senate.c Principal assured by US Treasury STRIPS.d Principal secured by special-series US Treasury zeros.Coupon guaranteed by the US Treasury. Sources:The agencies and Salomon Smith Barney. 54 SALOMONSMITHBARNEY