HomeMy WebLinkAbout2003-06-25 IFC Regular Meeting Agenda Packet COMMITTEE MEETING WORKSHEET
Meeting Description Investment Committee Meeting Date 6125/03 Time 2:00 o.m.
Location North Wing Conference Room Mailed Agenda 6/18/03
Posted Agenda 6/18/03
Time
Convene Adjournment
zoo .m .
Staff Members Attending Yes No Others Attending Yes No
r5 1 Paul Gibson, Chairperson 11 Dennis Coleman
2 Council Member 12 Justin McCarthy
3 Council Member S 13 Rodney Young
4 Dave Erwin, City Attorney 14 Recording Secretary
Carlos Ortega, City Mgr.
6 Thomas Jeffrey
6
Public Members Attendinq Guests Attend
7 Russ Campbell 15
8 Murray Magloff 16
9 Bill Veazie 17
10 Everett Wood ✓ 18
19
20
Follow-Ups/Tasks Assigned Person Responsible Due Date
1
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CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
-AGENDA
June 25, 2063,2;00 p.m.
North Wing Conference Room
I. CALL TO ORDER
II. ROLL CALL
III. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not on the agenda may
address the Investment and Finance Committee at this point by
giving his/her name and address for the record. Remarks shall be
limited to a maximum of five minutes, unless the Investment and
Finance Committee authorizes additional time.
B. This is the time and place for any person who wishes to comment
on agenda items. It should be noted that at the Investment and
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 the
Investment and Finance Committee authorizes additional time.
IV. COMMITTEE MEMBER REPORTS
V. CONSENT CALENDAR
ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE
CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE
ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF
THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE
COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM
THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND
ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE
AGENDA.
A. Approval of Minutes
Rec: Approve minutes of the regular meeting of May 28, 2003, as
submitted.
Action:
1
62503,w d
` INVESTMENT & FINANCE41MMITTEE •
AGENDA June 25, 2003
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and
Summary of Cash Reports for May 2003
Rec: Review and submit for the next City Council agenda.
Review the presentation on the investment graphs. Review
the investment activity for May 2003.
Action:
B. State of California Local Agency Investment Fund Balance for the
month of Ma2003
Rec: Informational item for the Committee to review. No action
required
C. California Asset Management Program (CAMP) May 2003
Statement
Rec: Informational item for the Committee to review. No action
required
D. Reaualification of Existing Brokers:
1) Morgan Stanley
2) Merrill Lynch
3) Wells Fargo Institutional Securities
4) Citigroup
Dismissal of Existing Broker:
1) Banc of America Securities
Action:
E. City and Redevelopment Agency Monthly Financial Reports for Citv
Council for May 2003
Rec: Report and submit to City Council
Action:
2
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INVESTMENT & FINANCEIRMMITTEE •
AGENDA June 25, 2003
F. Parkview Professional Office Buildings - Financial Report for
May 2003
Rec: Review and file report
Action:
G. Palm Desert Golf Course Facilities Corporation Financial
Information for April 2003
Rec: Review and file report
Action:
VIII. CONTINUED BUSINESS
None.
IX. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
Rec: Status report on background checks
Action:
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status report on issuing new bonds
Action:
X. NEXT MEETING - Wednesday, July 23, 2003 at 2:00 p.m.
XI. ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of
California, that the foregoing agenda for the Investment and Finance
Committee was posted on the City H II bulletin board not less than 72
hours prior to the meeting. Dated this 8`" day of June, 2003.
�-41 ",or / -
a s Leal, R r g ecretary
3
52503.wpd
Finance Department
MEMORANDUM
To: Records Technician I
From: Diana Leal, Administrative Secretary
Subject: Investment and Finance Committee Meeting
Date: June 25, 2003
Attached, for your records, is a copy of the June 25, 2003 Investment and Finance Committee
meeting attendance register.
Thank you for your assistance.
Attachments (1)
GdFinance0ana LeaMpdocsUnvestment Committee\2002 Memos\City C1erk\2003\5-28-03attend.wpd
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.,.f, Mnanee Department
MEMORANDUM
To: Rachelle Klassen, City Clerk
From: Diana Leal, Administrative Secreta
Subject: Investment and Finance Committee
Date: June 25, 2003
Attached is a copy ofthe April 28,2003 minutes of the Investment and Finance Committee approved
by the Committee on June 25, 2003. Please place on the next City Council agenda for approval
thereof.
Thank you for your assistance.
Attachments (1)
GAFinance\Diana LeaMpdocAnvestment Committee\2002 Memos\City Clerk\2003\5-28-03.wpd
_ CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
Minutes
May 28, 2003, 2:00 p.m.
North Wing Conference Room
I. CALL TO ORDER
A regular meeting was called to order by Chairman Gibson on Wednesday, May 28,
2003 at 2:05 p.m.
II. ROLL CALL
Present: Absent:
Paul Gibson, Director of Finance Bob Spiegel, Mayor Pro-Temp
Jean Benson, Mayor
Thomas Jeffrey, Deputy City Treasurer
David Erwin, City Attorney
Carlos Ortega, City Manager
Bill Veazie
Murray Magloff
Russ Campbell
Everett Wood
Also Present:
Justin McCarthy, ACM Redevelopment
Dennis Coleman, RDA Finance Manager
Rodney Young, Desert Willow General Manager
Diana Leal, Recording Secretary
Guests:
None
III. ORAL COMMUNICATIONS
None.
IV. COMMITTEE MEMBER REPORTS
None.
1
52803.E
INVESTMENT & FINANCE�MITTEE •
MINUTES May 28, 2003
V. CONSENT CALENDAR
A. Approval of Minutes
Motion was made by Mr. Campbell and seconded by Mr. Veazie to approve
the Minutes of the April 23, 2003 meeting as submitted.
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and Summary of
Cash Reports for April 2003
Mr Jeffrey reported that, for the month ended April 30, 2003, the book value
of the City Portfolio was approximately $156.4 million. The City earned
approximately $185,000 in interest. Portfolio yield-to-maturity was
approximately 1.45%.
For the month ended April 30, 2003, the book value of the RDA Portfolio was
approximately $103.4 million. The RDA earned approximately $137,000 in
interest. Portfolio yield-to-maturity was approximately 1.74%.
Mr. Gibson has instructed Union Bank to close all of the City's sweep accounts
since they are no longer profitable, based upon current yields (e.g., 0.15%).
Mr. Jeffrey stated that if the Federal Reserve Open Market Committee reduces
the Federal Funds Rate by 50 basis points at its next meeting, which is
scheduled for June 24 and 25, many money market funds will be operating in
the "red" unless they reduce fund expenses.
Mr. Veazie noted that the City recently purchased $13.3 million of Ford Motor
Credit Company medium-term notes (MTNs), amounting to 9% of the City
portfolio. Approximately $5.5 million of this money was invested in four-year
Ford MTNs that will mature in 2007. He asked if this maturity period was
authorized under the City's Investment Policy.
Mr. Gibson responded that the City Council had approved this exception to the
three-year maturity limit in the City's Investment Policy, so that the Ford MTNs
could fund the City's Retiree Health Program.
Mr. Veazie also noted that the Ford MTNs were rated "A-3" by Moody's, but
"BBB" by Standard and Poor's. He requested confirmation that the City was
authorized to buy securities with a credit rating below "A".
2
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INVESTMENT & FINANCEONMITTEE 011
MINUTES May 28, 2003
Mr. Jeffrey responded that both the California Government Code and the City's
Investment Policy authorize staff to buy securities that are "split-rated", in
terms of having both an "A" rating and a "BBB" rating. The "BBB" rating is the
minimum "investment grade" credit rating. The City purchased Ford in order to
get the best possible yield under depressed market conditions. Prior to
making this purchase, however, Treasury staff had done an exhaustive study
of Ford, and had concluded that the likelihood of bankruptcy or credit default
was remote, based upon the company's asset base, government contracts,
and family stock ownership.
B. State of California Local Agency Investment Fund Balance for the Month of
April 2003
Mr. Gibson said that LAIF continues to be maxed out. A new LAIF account
has been added for the Housing Authority.
C. California Asset Management Program (CAMP) April 2003
Mr. Gibson said that the CAMP account has $60,000,000. It was slightly
reduced last month. It will be increased as $22,000,000 will be received today
for tax increment.
D. City and Redevelopment Agency Monthly Financial Reports for City Council
for April 2003
Mr. Gibson said that sales tax is up about $400,000 over last year's sales tax
year to date. Transient Occupancy Tax is slightly above, not including the
Vacation Inn. Franchise fees were up due to time when monies are received.
Expenditures are within the year to date budget of what was expected.
Mr. Wood said that sales tax is paid based on what was due last year and is
adjusted for actual amount. Mr. Gibson said that the City receives a monthly
advance from the state based on last year's amount along with any
adjustments such as an increase in sales tax, CPI, etc. Every three months
the State provides the City with a final adjustment that shows the actual cash
collection.
Mr. Ortega said that businesses have approximately a month to report. It
takes a few months by the time payment is processed through the State
system to be included.
Mr. Ortega asked how current the TOT was as it is collected by the City. Mr.
Gibson said that it is typically a month behind as businesses have 30 days to
pay. TOT is not late until the end of the following month. The 4.8 indicated on
the report is as of March. Mr. Ortega said that the City is going to exceed the
TOT because by March the City is at 95%. Mr. Gibson said that for this year's
budget, if the City receives funds from Vacation Inn, the City will be close to
3
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INVESTMENT & FINANCE`MMITTEE I.
MINUTES May 28, 2003
$7.3 million. If money is not received from Vacation Inn, then the City will be
at about $7,150,000. Vacation Inn owes $173,000.
Mr. Ortega said that the City is doing better than anticipated with the licenses,
permits and charges. Mr. Gibson said that staff survey's the builders at the
beginning of the year. The builders' estimates are conservative.
Mr. Ortega asked if the first distribution of property taxes were from the
December collections. Mr. Gibson said that the December collections are
received in January and the April collections are received in May. Final
adjustments will be done in August. Mr. Ortega asked why there was a 0%
indicated on the property tax line. Mr. Gibson said that zero is not correct and
that the error is due to a formula problem.
Mr. Campbell asked why the City of Palm Desert was going to front money to
the City of Indian Wells for the new project on Hovley Lane. Mr. Gibson said
that the street improvements were part of the negotiation. Mr. Ortega said that
the funds are being provided to the developer and not the City. The street
belongs to the City of Palm Desert. The City of Palm Desert is advancing the
money to the developer and the developer will reimburse the City of Palm
Desert once the street is developed.
E. Parkview Professional Office Buildings - Financial Report for April 2003
Mr. Gibson said that the roof repairs are expected to be completed in about
two weeks. Mr. Ortega asked if the air conditioners were in place. Mr. Gibson
said that they were all on. The tenants were very upset because the units
were off for about 3 hours due to a delay caused by a broken thermostat.
F. Palm Desert Golf Course Facilities Corporation Financial Information for
March 2003
Mr. Young said that March was a good month. There was exceptional
weather. They had $1,150,000 in revenue which is the most they have done
in one month. This amount is well ahead of prior year by over $100,000. In
the last quarter of the year, their net operating income was up and they are
ahead by $19,279. They are down in total revenues compared to budget,
however, they are ahead in net operating income.
On April 1, they hired a new head golf professional, Steve Lumas. He came
from Virginia. He has done a great job. They are very fortunate.
Mr. Wood asked if there was a relationship between the equipment reserve
replacement and the net income line. Mr. Gibson said that for accounting
purposes, depreciation is done. The City takes out the equipment
replacement from a separate fund (241 fund) where revenue from IROC is
placed and used to pay for equipment replacement. The operating income is
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INVESTMENT 8, FINANCE4WMITTEE .
MINUTES May 28, 2003
the true line for Desert Willow because of how this is handled between the two
funds.
Mr. Wood said that sometimes companies separate funds to not show profit.
Mr. Gibson said that the restaurant is not considered a non-profit where you
don't have to pay taxes so you lose more. Because they have to pay taxes,
they prefer to do depreciation to lower their income received.
Ms. Benson said that income derived from banquets is not separated from
income received for the restaurant. Mr. Young said that on the forms they
provide to the committee the breakdown is not shown, however, they do
prepare reports that show the banquets separate from the restaurant. The
parties are good profit makers and the restaurant has been very busy. He will
provide the committee with a breakdown for the income received from the
restaurant and the banquets at the committee's meeting of July as he will not
be attending the June meeting.
Mr. Ortega said that the net operating income is strictly from operations. He
said that the first thing he looks at are the year to date actuals. For accounting
purposes, staff has to take into consideration the depreciation and
amortization. These are not actual cash expenses. He looks at the positive
cash to date.
Mr. Young said that they are in good shape. In May they are ahead year to
date, however, yesterday and today they were not very busy. Golfing usually
drops after Memorial Day weekend, and the heat does not help. They have
started 6:00 a.m. tee times and are following a heavy maintenance program.
He expects to be ahead of budget in May.
Vill. CONTINUED BUSINESS - None.
IX. OLD BUSINESS
A. Status of Public and Private Partnershios Background Checks
There being no business issues to report, discussion ensued to the next
agenda item.
B. Bond Issuance by Palm Desert Financing Authority
Mr. Coleman said that last week he received an approval from the Financing
Authority to do three bonds which will be sold as one bond. For the
underwriting obligation of the individual assessment districts, they are issuing
a not to exceed a $3 million bond for Silver Spur. Most of the money will be
5
52803.K'Gd
I
INVESTMENT & FINANCEOMMITTEE
MINUTES May 28, 2003
used for improvements and for placing the underground electrical utilities in
the Silver Spur Assessment District.
In addition, staff proposed the refunding of the Merano Assessment District
which is a bond issue not to exceed $1,155,000. There is approximately
4.36% net present value savings. The other assessment district they looked at
was the Sunterrace. There is a 15.9% present value savings.
The Redevelopment Agency packaged the three bonds together. The three
bonds are being issued at the City level which will be sold to the Financing
Authority. The Financing Authority will sell one bond not to exceed $5,165,000
to the general public. The monies will then go back into the limited obligation
districts. Money will go from the Financing Authority to Silver Spur net
reserves and the cost of issuance to pay for the undergrounding. The other
monies will go to refunding the bonds for the two districts. They are looking to
try to get this rated because of the fact that there is diverse ownership. The
property is built out with the exception of Merano, there is one piece that is not
built out that is located between Country Club and Monterey. It will be
commercial. It is owned by the Mayer Family Trust.
The reason that they can get the bond rated is due to the value of the property
against the liens. When they did the Big Horn Assessment District where
there was undeveloped land that was subdivided, they had a ratio of 7.61.
The districts that they are looking at are all developed with houses with the
exception of the one piece of property, they are looking at the Silver Spur
Ranch to have a value ratio of 15.32 to 1. They are looking at Merano 22.86
to 1 and they are looking at 26.27 to 1. The importance of this for investors
that for every dollar of bonds, they receive that much value of property backing
them up. Staff is hoping to get a rating submitted to Standard and Poors and
there is a chance they might be able to get this bond insured as well. There is
a fourth bond insurer that is permitted to do bond insurance in California that is
called Excel Capital (EC). EC is looking at the possibility of insuring the bond
issue. If the City is given a high enough rating, they are not sure that they will
receive higher that BBB rating for this, they might proceed without insurance.
They will prepare an analysis to find out if insurance is worth while. They are
thinking that a BBB will get the City in the neighborhood of 5.3; nonrated, 5.7.
However, the rate for AAA insured paper is well under 5 at about 4.7. Of
course, if the City can get the bond rated and/or insured, this will be the first
time the City will have a rated and insured assessment district, and the
savings will be tremendous in terms of the debt service to pay for it.
Staff grouped the bonds together because they wanted to save money by
having the bonds share in the issuance cost.
The other bonds staff is looking at are the Project Area No. 1 and No. 3 bonds.
They approached the Council a month ago and are schedule to proceed with
the bonds. The only thing that we still have to deal with is that fact that the
6
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INVESTMENT & FINANCEqPMMITTEE .
MINUTES May 28, 2003
governor's budget still has a proposal to transfer $250,000,000 and increase it
by $50,000,000 a year. Needless to say, if this goes through, which they are
confident it won't, it could put most of the Redevelopment Agencies under
water within 10 to 12 years. They have received notice from CRA the group of
Redevelopment Agencies for the State that at a subcommittee level, the
Senate Democrats are proposing a one time hit of $250,000,000. This funding
will be given to the schools through the state. They have rejected this
proposal however their budget subcommittee has recommended
$250,000,000. The assembly democrats are proposing a $100,000,000 shift
in one year. They are waiting for the results.
One problem is that the governor's budget as he is resubmitting it indicates
that this will occur next year. There will be an accumulated debt of$10.7
million. However, in the following year the budget is out of balance with
estimates of 7.9 on the governor's side and $7 billion by the Legislative
Analyst's office. The only thing this budget does is postpone the pain for one
year. No one thinks that the economy will grow. An article in The Bond Buyer
deals with those that issue bonds. They had a story on the front page on
redevelopment funding, thus the PDRDA will need to deal with this issue.
They are looking to close: 1) the tax allocation bond in the middle of July 2)the
assessment district bonds on the 24th of June and on the 261h of June at the
final meeting Pat Conlon will bring the contracts.
X. NEXT MEETING - Wednesday, June 25 2003 at 2:00 p.m.
XI. ADJOURNMENT
There being no further business, the meeting was adjourned by Mr. Gibson at 2:45 p.m.
Resp ully submitted
ceD na L al
Secretary
rdieng
7
52803.wpd
_ CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
AGENDA
June 25, 2003, 2:00 p.m.
North Wing Conference Room
I. CALL TO ORDER
II. ROLL CALL
III. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not on the agenda may
address the Investment and Finance Committee at this point by
giving his/her name and address for the record. Remarks shall be
limited to a maximum of five minutes, unless the Investment and
Finance Committee authorizes additional time.
B. This is the time and place for any person who wishes to comment
on agenda items. It should be noted that at the Investment and
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 the
Investment and Finance Committee authorizes additional time.
IV. COMMITTEE MEMBER REPORTS
V. CONSENT CALENDAR
ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE
CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE
ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF
THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE
COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM
THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND
ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE
AGENDA.
A. Approval of Minutes
Rec: Approve minutes of the regular meeting of May 28, 2003, as
submitted.
Action:
1
fi25W.wpC
INVESTMENT & FINANCE1MMITTEE •
AGENDA June 25, 2003
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and
Summary of Cash Reports for May 2003
Rec: Review and submit for the next City Council agenda.
Review the presentation on the investment graphs. Review
the investment activity for May 2003.
Action:
B. State of California Local Agency Investment Fund Balance for the
month of May 2003
Rec: Informational item for the Committee to review. No action
required
C. California Asset Management Program (CAMP) May 2003
Statement
Rec: Informational item for the Committee to review. No action
required
D. Regualification of Existing Brokers:
1) Morgan Stanley
2) Merrill Lynch
3) Wells Fargo Institutional Securities
4) Citigroup
Dismissal of Existing Broker:
1) Banc of America Securities
Action:
E. City and Redevelopment Agency Monthly Financial Reports for City
Council for May 2003
Rec: Report and submit to City Council
Action:
2
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INVESTMENT & FINANCEPMMITTEE •
AGENDA June 25, 2003
F. Parkview Professional Office Buildings - Financial Report for
May 2003
Rec: Review and file report
Action:
G. Palm Desert Golf Course Facilities Corporation Financial
Information for April 2003
Rec: Review and file report
Action:
Vill. CONTINUED BUSINESS
None.
IX. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
Rec: Status report on background checks
Action:
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status report on issuing new bonds
Action:
X. NEXT MEETING - Wednesday, July 23, 2003 at 2:00 p.m.
XI. ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of
California, that the foregoing agenda for the Investment and Finance
Committee was posted on the City H II bulletin board not less than 72
hours prior to the meeting. Dated this h day of June, 2003.
41 )Y1 ,"OJI/
a s eal, R r g ecretary
3
62503.E d
Gi In Agency P tro ids r
GOM ND IN1f -STMENT REPORT
' 2bU3
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The Fed Funds Futures Market has assigned a 100%probability to a 25 basis-point rate cut, and a 50% probability to a 50
basis-point rate cut by the Federal Open Market Committee at its next meeting (23-24 June). If a 50 basis-point rate cut is
made,then many private sector money market funds will be "underwater" (unable to guarantee 100 cents to the dollar upon
redemption) unless they reduce their fund expenses.
A number of prominent business publications have recently been "bullish" on a stronger economic recovery during the second
half of 2003. They cite a "stabilizing economy",the Bush tax cuts, and a recovering stock market.
We are skeptical. Unemployment is currently at a nine-year high (6.1%), and further job losses are expected in June 2003.
Businesses are reluctant to hire ahead of demand, and there is no pent-up demand. A recent Investors Business Daily poll
showed that only 27%of Americans are planning to spend the tax cut. The tax cut will also be offset by a rise in state and
local taxes due to state deficits. Household debt continues to climb due to new mortgage debt. Auto inventories are 20%
above seasonal norms. Corporate insiders are selling stock at an intense pace. Energy prices may spike due to natural
gas shortages. After the third round of Bush tax cuts, the 13th round of Fed rate cuts, and the sixth round of mortgage
refinancings, the economy is struggling to grow at a 1%to 2%pace. Hardly a cause for optimism.
Res 6ihsom c.c-M r.
Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
MAY-03 APR-03 MAR-03 FEB-03 JAN-03 DEC-02
CITY
Month-End Book Value- $ 181,221 $ 156,385 $ 154,805 $ 165,188 $ 174,152 $ 136,687
Month-End Market Value- $ 181,196 $ 156,385 $ 154,805 $ 165,271 $ 174,276 $ 136,899
Paper Gain (Loss) $ (25) $ - $ - $ 83 $ 124 $ 212
Prior Year Book Variance $ (7,959) $ (8,227) $ (4,171) $ (117) $ (5,672) $ (26,850)
Interest Earnings $ 199 $ 185 $ 208 $ 212 $ 212 $ 225
Yield-To-Maturity 1.62% 1.45% 1.48% 1.63% 1.63% 1.93%
Weighted Maturity(Days) 69 1 1 28 29 49
Effective Duration 0.16 0.00 0.00 0.00 0.01 0.01
RDA
Month-End Book Value"' $ 102,557 $ 103,387 $ 104,781 $ 103,760 $ 105,023 $ 92,787
Month-End Market Value $ 104,887 $ 105,700 $ 107,082 $ 106,053 $ 107,333 $ 95,022
Paper Gain (Loss) $ 2,330 $ 2,313 $ 2,301 $ 2,293 $ 2,310 $ 2,235
Prior Year Book Variance $ (1,091) $ (2,671) $ (24,885) $ (2,559) $ 19,541 $ 7,655
Interest Earnings $ 152 $ 137 $ 150 $ 139 $ 162 $ 153
Yield-To-Maturity 1.71% 1.74% 1.64% 1.67% 1.76% 1.95%
Weighted Maturity(Days) 135 132 131 132 133 150
Effective Duration 0.08 0.09 0.09 0.10 0.10 0.12
"' Omits SLGSs.
Cif•Palm Desert- Portfolio Characteristics
31 May 2003
Dollars in Thousands
Acteina Interval Market Value
General Fund Agei
< 1 M $ 109,103ng
<2M
<3M 100
87
<6M 80
<1 YR 5,422
<2YR 4,662 0
<3YR 40
<4YR - a°
<5YR 5,804 20
>SYR 0
0 0 0 4 4
Total: $ 124,991 <1M <2M <3M <6M <1YR <2YR
Ratings• Market Value CredR t]uality AAA
AAA $ 87,124 50%
Unrated" 72,785
AA A AA
A 15,888 9% . o%
Al/Pt
UnratGd
41%
Total: $ 175,797
41%
Sector Market Value Asset Allocation
Money Market Funds 87,124 LAIF
LAIF 40,000 ;$ 230/6
RDA Loan 32,785 Money Market
MTNs 15,888 Funds ra
U.S.Treasury 49%
,
Federal Agency
RD
Commercial Paper - MTNs D1 Loan
1gq,
Total: $ 175,797 g%
Month City Yield LAIF Yield Variance Performance
Jun02 2.86 2.69 0.18
Jul 2.88 2.71 0.17 3.4
Aug 2.64 2.59 0.04
Sep 2.22 2.60 -0.38 _
Oct 2.15 2.49 -0.33 �?
Nov 2.00 2.30 -0.31 2.4
Dec 1.93 2.20 -0.27 5:
Jan03 1.63 2.10 -0.47
Feb 1.63 1.95 -0.32 1.4
Mar 1.48 1.90 -0.43 Jun02 Jul Aug Sep Oct Nov Dec Jan03 Feb Mar Apr May
Apr 1.45 1.86 -0.41
May 1.62 1.77 -0.15 ■LAIF'field f]CityYield
Standard and Poors Credit Ratings
" LAIF, HighMark, and City Loan to RDA Page 2 of 7
City of Palm Desert
Portfolio Holdings
31 May 2003
Market Ratings
Par Value Issuer Coupon Maturity Cost I YTM I Price Value I Moody'sl 5& P
Medium-Term Notes
$ 3,300,000 FORD MOTOR 5.75 2/23/04 $ 3,377,190 2.48 101.95 $ 3,364,449 A3 BBB
$ 3,000.000 FORD MOTOR 7.20 6/15/07 $ 3,164,407 5.75 105.53 $ 3,165,960 A3 BBB
$ 2,500,000 FORD MOTOR 7.20 6/15/07 $ 2,628,673 5.75 105.53 $ 2,638,300 A3 BBB
$ 2,500,000 FORD MOTOR 7.50 6/15/04 $ 2,618,281 2.84 103.66 $ 2,591,585 A3 BBB
$ 2,000,000 GENERAL MOTORS 6.70 7/16/04 $ 2,077,259 3.17 103.53 $ 2,070,616 A2 BBB
$ 2,000,000 GENERAL MOTORS 6.38 1/30/04 $ 2,056,965 2.04 102.88 $ 2,057,506 A2 BBB
$ 15,300,000 Subtotal $ 15,912,774 3.761 $ 15,888,415
LGIP
$ 68,561,423 C.A.M.P 0.00 6/1/03 $ 68,561,423 1.15 100.00 $ 68,561,423 N/A AAA
$ 68,561,423 Subtotal $ 68,561,423 1.15 $ 68,561,423
LGIP
$ 40,000,000 L.A.I.F. 0.00 6/1/03 $ 40,000,000 1.77 100.00 $ 40,000,000 NR NR
$ 40,000,000 Subtotal $ 40,000,000 1.77 $ 40,000,000
Pooled Funds-AIM
$ 18.562,271 PRIME PORTFOLIO 0.00 6/1/03 $ 18,562,271 0.90 100.00 $ 18,562,271 Aaa AAA
$ 18,562,271 $ 18,562,271 0.90 $ 18,562,271
Pooled Funds-HighMark
$ - CITY MAIN SWEEP 0.00 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - DESERT WILLOW SWEEP 0.00 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - GOLF COURSE SWEEP 0.00 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - OFFICE COMPLEX SWEEP 0.00 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - Subtotal $ - 0.15 $ -
City Loan to RDA
$ 32,785,480 CITY OF PALM DESERT 0.00 6/1/33 $ 32,785,480 1.77 100.00 $ 32,785,480 NR NR
$ 32,785,480 Subtotal $ 32,785,480 1.77 $ 32,785,480
Total Investments
$ 175,209,174 $ 175,821,947 1.615 $ 175,797,588
Cash
$ 1,911,967 OFFICE COMPLEX CHKG 0.00 6/1/03 $ 1,911,967 0.00 100.00 $ 1,911,967 NR NR
$ 2,250,003 CITY MAIN CHKG 0.00 6/1/03 $ 2,250,003 0.00 100.00 $ 2,250,003 NR NR
$ 722,373 DESERT WILLOW CHKG 0.00 6/l/03 $ 722,373 0.00 100.00 $ 722,373 NR NR
$ - GPD GOLF COURSE 0.00 6/1103 $ - 0.00 100.00 $ - NR NR
$ 30,181 OFFICE COMPLEX TRUST 0.00 6/1/03 $ 30,181 0.00 100.00 $ 30,181 NR NR
NR=Not Rated Page 3 of 7
City of Palm Desert
Portfolio Holdings
31 May 2003
Market Ratings
Par Value Issuer Coupon Maturity Cost I YTM I Price I Value I Moody's S&P
$ 135,213 RECREATIONAL FAC CHKG 0.00 6/1/03 $ 135,213 0.00 100.00 $ 135,213 NR NR
$ - VACATION INN CHKG 0.00 6/1/03 $ - 0.00 100.00 $ - NR NR
$ 5,049,737 Subtotal $ 5,049,737 0.00 $ 5,049,737
Total Cash and Investments
$ 180,258,910 $ 180,871,684 $ 180,847,325
NR=Not Rated Page 4 of 7
Palm Desert ecievelopment Agency-Portfolio Char•ristics
31 May 2003
Dollars in Thousands
Ageing g Interval Market Value
Portfolio Ageing
< 1 M $ 62,800 w/o SLGSs
<2M -
<3M 875 100
90 99
<6M 60
<1YR 180 70
<2YR 7,044 c 60
% 50
<3YR 1: 40
<4YR a° 30
<5YR 20 10
10 0 1 0 0 0 0
>5YR p
Total: $ 70,899 <1M <2M <3M <6M <1YR <2YR <3YR <4YR
Quality Market Value Credit Quality
AAA $ 39,685
Unrated" 63,479 AAA
AA - 38%
A Unrated"
62%
Al/P1
Total: $ 103,164
Sector Market Value Asset Allocation
U.S.Treasury $ 8,099
Money Market Funds 31,586 Money Market
LAIF 63,479 Funds
31%
Federal Agency -
Commercial Paper o LAW
Corporate Bonds - U.S.Treasury 61%
8'/6
Total: $ 103,164
Month RDA Yield LAW Yield Variance Performance
Jun02 2.37 2.69 -0.32
Jul 2.23 2.71 -0.48
Aug 2.27 2.59 -0.33
Sep 2.26 2.60 -0.35 2.5
Oct 2.23 2.49 -0.25
Nov 2.06 2.30 -0.25
Dec 1.95 2.20 -0.25
Jan03 1.76 2.10 -0.34
Feb 1.66 1.95 -0.28 1.5
Mar 1.64 1.90 -0.26 Jun02 Jul Aug Sep Oct Nov Dec Jan03 Feb Mar Apr May
Apr 1.74 1.86 -0.12
May 1.71 1.77 -0.06 INLAIF Yield pRDAYield
Standard and Poor's Credit Ratings
LAIF and HighMark Sweep Page 5 of 7
C9t
C3A,0
r,
Palm Desert Redevelopment Agency
Portfolio Holdings
31 May 2003
Market Ratings
Par Value Issuer Coupon Maturi77r Cost YTM Price Value Moody's S&P
U.S.Treasury-Discount
$ 181,000 UNITED STATES TREASURY 4.63 2115/04 $ 130,168 5.51 99.20 $ 179,559 Aaa AAA
$ 7,143,000 UNITED STATES TREASURY 4.59 8/15104 $ 4,989.671 5.54 98.62 $ 7,044,283 Aaa AAA
$ 532,400 UNITED STATES TREASURY 4.66 8/15/03 $ 394,279 5.47 99.75 $ 531,074 Aaa AAA
$ 344,600 UNITED STATES TREASURY 4.66 8/15103 $ 255,200 5.47 99.75 $ 343,742 Aaa AAA
$ 8,201,000 Subtotals $ 5,769,319 5.53 $ 8,098,659
LGIPs
$ 40,000,000 L.A.I.F. 0.00 6/1/03 $ 40,000,000 1.77 100.00 $ 40,000,000 NR NR
$ 4,923,322 L.A.I.F. BOND PROCEEDS 0.00 6/1/03 $ 4,923,322 1.77 100.00 $ 4,923,322 NR NR
$ 9,556,155 L.A.I.F. BOND PROCEEDS 0.00 6/1/03 $ 9,556,155 1.77 100.00 $ 9,556,155 NR NR
$ 9,000,000 L.A.I.F. (HOUSING AUTH) 0.00 6/1/03 $ 9,000,000 1.77 100.00 $ 9,000,000 NR NR
$ 63,479,478 Subtotals $ 63,479,478 1.77 $ 63,479,478
Pooled Funds-AIM
$ 31,586,164 PRIME PORTFOLIO 0.00 6/1/03 $ 31,586,164 0.90 100.00 $ 31,586,164 Aaa AAA
$ 31,586,164 Subtotals $ 31,586,164 0.90 $ 31,586,164
-Pooled Funds-HighMark
$ - HOUSING AUTH CHK SWEEP 4.54 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - HOUSING AUTH TRT SWEEP 4.54 6/1/03 $ - 0.15 100.00 $ - NR NR
$ - Subtotals $ - 0.15 $ 71
Total Investments
$ 103,266,642 $ 100,834,961 1.712 $ 103,164,301
Cash
$ 1,671,309 HOUSING AUTH CHKG 0.00 6/1/03 $ 1,671,309 0.00 100.00 $ 1,671,309 NR NR
$ 51,108 HOUSING AUTH TRUST 0.00 6/1/03 $ 51,108 0.00 100.00 $ 51,108 NR NR
$ 1,722,417 Subtotals $ 1,722,417 0.00 $ 1,722,417
Total Cash and Investments
$ 104,989,058 $ 102,557,377 $ 104,886,717
NR=Not Rated Page 6 of 7
STATEMENT OF COMPLIANCE
The investment portfolios of the City of Palm Desert('City')and the Palm Desert Redevelopment Agency('RDA')are
governed by federal, state,and local law. The City Treasurers'Statement of Investment Policy' is more restrictive than the
California Government Code. The Palm Desert Investment Committee and the Palm Desert City Council review the
Statement of Investment Policy annually.
For the month ended 31 May 2003,the City and the RDA investment portfolios were in compliance with all applicable
federal,state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority).
Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portfolio could be liquidated in order to meet any significant, unexpected cash requirements.
Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the
market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities
are held in escrow accounts and are therefore not included in this report as assets. All balances are bank balances.
Respectfully submitted on 25 June 2003,
PauLS. Gibson G G M.T.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA
Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio
53601 a Palm Desert Bonds 5 Years No Limit Not Authorized 1
53601 b U.S.Treasuries 5 Years No Limit 5 Years No Limit 0.0% 5.70/o
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601 d CA Local Agency Debt 5 Years No Limit Not Authorized
53601 a Federal A encies 5 Years No Limit 5 Years 30% 0.0% 0.0%
53601 f Bankers's Acceptances 180 Days 40% 180 Da s 40% A-1 & P-1 I - -
53601 Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25* A-1+or P-1 0.0% 0.0%
53601(h Ne otiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 -
53601 i Repos 1 Year No Limit 30 Days 20% AAA&Aaa
53601 Reverse Re os 92 Days 20% Not Authorized
53601 ' Medium-Term Notes 5 Years 30% A 3 Years 30% 1 A 19.1% 0.0%
53601 k Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% 1 AAA&Aaal 49.6% 31.3%
53601 I Trust Indenture Debt Not Authorized
53601 m Secured Bank Deposits 5 Years No Limit Not Authorized
53601(n) Mortgage-Backed 5 Years 20% ;AASecuri
er)& Not Authorized
Securities
16429 LAIF No Limit No Limit 1 22.8% 63.0%
81.4% 100.0%
1 The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council.
Certified California Municipal Treasurer Page 7 of 7
CITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
INTEROFFICE MEMORANDUM
To: Carlos L. Ortega, City Manager
From: Paul S. Gibson, C.C.M.T., City Treasurer
Date: June 11, 2003
Subject: Palm Desert Exposure to Freddie Mac Derivative Securities
Within the last two days, three of Freddie Mac's top executives have either been fired or
forced to resign; the Securities and Exchange Commission ("SEC") and the Justice
Department have announced separate criminal investigations of Freddie Mac's
operations; and Congress has announced that it will hold hearings on the regulatory
oversight of Freddie Mac.
The Justice Department and the SEC are investigating Freddie Mac for obstruction of
justice and questionable accounting practices with respect to derivative securities.
Arthur Andersen was Freddie Mac's auditor during the time period being investigated.
Moody's and Fitch's have both indicated that they may downgrade some of Freddie
Mac's credit ratings. Ironically, Freddie Mac is considered more financially conservative
than Fannie Mae.
►.am happy to report that the City of Palm Desert does not own aamU.S.
Government Agency securities. The City Treasurer's Office has deliberately avoided
buying these securities for the past two years, due to concerns about inadequate
regulatory oversight of the issuing agencies; the illusory "implied guarantee" of the U.S.
Government behind the securities; and the effect of a free fall in interest rates on the
financial health of the issuing agencies. The City has, instead, elected to pursue "value
investing" in terms of looking for fundamentally strong U.S. industrials that are
experiencing short-term problems, but that are expected to survive and prosper.
PSG:tj
K9ge0re7AWold 2000NIEMORANDMCITY MANAGERTREDDIE MACAW
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO crly cP PALM DESERT
FiraA\1CF DEPARTIiENT
Local Agency Investment Fund
21103 JUN -9 All H- 07 PO Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
May, 2003 Statement
CITY OF PALM DESERT Account Number : 98-33-621
Attn: CITYTREASURER
73510 FRED WARING DRIVE
PALM DESERT CA 92260
Account Summary
Total Deposit : 0.00 Beginning Balance : 40,000,000.00
Total Withdrawal : 0.00 Ending Balance : 40,000,000.00
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES. Treasurer
OFFICE OF THE TREASURER
SACRAMENTO CItY OF PAI A i �_SFRT
Local Agency Investment Fun51lqpJ1!CE DEPARTMENT
PO Box 942809
Sacramento, CA 94209-0001� 3 J!>>F -Q AN il: ( 2
(916) 653-3001
May, 2003 Statement
PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015
Attn: TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
Account Summary
Total Deposit : 0.00 Beginning Balance : 40,000,000.00
Total Withdrawal : 0.00 Ending Balance : 40,000,000.00
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREAER WU
SACRAMEy y OF PALM DE ,_
FINANCE DEPARTMENT Local Agency Investment Fund
2@3 jUR -9 Ali 11: 07 PO Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
May, 2003 Statement
PALM DESERT HOUSING AUTHORITY Account Number : 25-33-003
Attn: DEPUTY CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 99260-2578
Account Summary
Total Deposit : 0.00 Beginning Balance : 9,000,000.00
Total Withdrawal : 0.00 Ending Balance : 9,000,000.00
Page : 1 of 1
CITY OF R A ?VI DESERT
C A L 1 P O I2 N I A ASSET Fi?1?S ICE DEf l�f T?AEiVi STATEMENT
MANAGEMENT PROGRAM
JOINT POWERS AUTHORITY 1 t j�T
50VALIFORNIASTRRI:T 23RDFLOOR 2J1' v�?1i? I AN 0: 2J
SAN FRANCISCO CALIFORNIA en 11 1 FOR ACCOUNT
INFORMATION: 800-729-7665
STATEMENT DATE: 5/3112003
CITY OF PALM DESERT ACCOUNT NUMBER: 553-00
OPERATING FUND
73-510 FRED WARING DRIVE FUND NAME: Cash Reserve Portfolio
PALM DESERT,CA 92260
Page 1 of 1
Account 5 mmaON
of'S/31f/20Q3 I f�
Statement Income Dividends Capital Gains Total Shares Account
Date Paid This Year Paid This Year Owned Value
5/31/2003 $255,519.96 $0.00 68,522,355.590 $68,522,355.59
ransaction Sun
OWN%or /�1/2003 O/ imp `
Beginning Balance Purchases Reinvestments Redemptions Ending Balance
$60,711,594.95 $25,000,000.00 $49,827.65 $17,239,067.01 $68,522,355.59
ADE -POS71 G ' OLL"AAIXMOUNT - SHAR SHARES THIS TOTAL
AT DAT TR SgCTO,. O 7,F,i,NISAGOON PRIG. TjRANSAC11,wON SHARES OWNED
o5/01/03 Beginning Balance 60,711,594.950
05/08/03 5/8/2003 Redemption-Wire Red. $1,200,000.00- $1.00 1,200,000.000- 59,511,594,950
05/12/03 5/12/2003 Redemption-Wire Red. $16,000,000.00- $1.00 16,000,000.000- 43,511,594.950
05/30/03 5/30/2003 Purchase-Wire Put. $25,000,000.00 $1.00 25,000,000.D00 68,511,594.950
05/$0/03 5/30/2003 CHK4 272 $7,046.97- $1.00 7,046.970- 68,504,547.980
05/30/03 5/30/2003 CHK#275 $32,020.04- $1.00 32,020.040- 68,472,527.940
05/31/03 6/1/2003 Accrual Income Div Reinvestment-DIV $49,827.65 $1.00 49,827.650 68,522,355.590
Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 1.15%
THE ANNUALIZED YIELD IS 1.15%.
ti
CITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: Authorize broker-dealers who have requalified, to continue to do
business with the City of Palm Desert.
APPLICANT: N/A
CASE NOS. N/A
DATE: 25 June 2003
CONTENTS: None
Recommendation:
By Minute Motion: That the Finance Committee authorizes broker-dealers who
have requalified, to continue to do business with the City of
Palm Desert.
Background:
The City of Palm Desert's ("City") Statement of Investment Policy requires that Treasury
staff annually solicit fully executed certifications and an annual report from each broker-
dealer who is authorized to do business with the City.
The following broker-dealers have fully complied with these requirements, and are
recommended for re-authorization for another 12-month period:
➢ Wells Fargo Institutional Securities.
➢ Citigroup.
➢ Morgan Stanley.
➢ Merrill Lynch.
Treasury staff did not solicit the required documents from Banc of America Securities,
due to that institution's unsatisfactory performance (e.g., trade errors, staff turnover, and
a failure to discuss the replacement of an account officer in advance). Consequently,
pursuant to City of Palm Desert Treasury Policy No. 7, the City Treasurer has notified
Banc of America Securities that the City has terminated the relationship. The City has
not traded with Banc of America Securities for more than a year.
Staff Report
Annual Requalification of Brokers
25 June 2003
Page 2 of 2
Pursuant to City of Palm Desert Treasury Policy No. 7, the Office of the City Treasurer
is providing the Finance Committee with formal notice of this termination.
Submitted By: n
t~1,.YI
Thomas W. Jeffrey, ty ity Treasurer
Approved By:
�d y/—
Paul S. Gibson, C.C.M.T., City Treasurer
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1 •
• City of Palm Desert
Parkview Office Complex
Financial Statement
• for Fiscal Year 2002-2003
May-03 May-03 k % YTD YTD ti %
Budget Actual Variance Variance Budget Actual Variance Variance
Revenues 0,,
Rental $ 68,500 $ 69,298 $ 798 101.16% �_ ;.' $ 753,500 $ 776,513 $ 23,013 103,05%
Dividends/Interest $ .,4,375 $ 228 $ (4,147) 5.21% $ 48,125 $ 71766 $ (40,359) 16.14%
Total Revenues $ 72,875 $ 69,52.5 $ (3,350) 95.40%�.,�, �*' $ 801,625 $ 784,279 $ (17,346) 97.84%
Expenses
1&fy
c
Professional-Accounting&Auditing $ 7,000 $ 7,000 $ - 100.00% At ' r $ 77,000 $ 77,000 $ - 100.00%
Professional-Consultants $ 6,000 $ 51550 $ 450 92.50% )i�'^x;' $ 66,000 $ 63,183 $ 2,817 95.73%
Tenant Improvements $ 2,500 $ - $ 2,5W 0.00% _ ,1"`i,^. $ 27,500 $ 322,103 $ (294,603) 1171.28%
Repairs&Maintenance Building $ 8,000 $ 10,606 $ (2,606) 132.57% t �'+^',�,t9; $ 88,000 $ 101,655 $ (13,655) 115.52%
Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% i'i*ps,^ _ $ 25,300 $ - $ 25,300 0.00%
Utilities-Water $ 250 $ 116 $ 134 46.49% _s ")' $ Z750 $ 1,106 $ 1,644 40.21%
Utilities-Gas/Electric $ 5,000 $ 5,104 $ (104) 102.09% $ 76,000 $ 70,587 $ 5,413 92.88%
Utilities-Trash $ 700 $ 1,052 $ (352) 150.28% $ 7,700 $ 5,260 $ 2,440 68.31%
Telephone $ 150 $ 194 $ (44) 129.63%1r. k+, $ 1,650 $ 1,770 $ (120) 107.26%
Insurance $ 521 $ - $ 521 0.00% g'
:µ ,; $ 5,729 $
- $ 5,729 0.00%
CF
Total Expenses $ 32,421 $ 29,623 $ Z798 91.370/6�_'.,,,. t„'.. $ 377,629 $ 642,663 $ (265,034) 170.180/6
j t n
$423r996`'S -141;616_.S (282;3W 133.40°"/0
Equipment Replacement Reserve $ 13,000 $ 13,000 $ - 100.00% $ 143,000 $ 143,000 $ - 100.00%
iVet 1'ncorue "s: . ,_a, , .;; ,>$.,; .,27,454�: $� , 26,903S, ,y(551) ;97:9-„�91°, E ` �$280.99_ ',$ (1,&4.. $ (282;3 .0�49,�'/0�
Note: During the month Parkview Office Complex also expensed$142,592 on the construction of a new roof system.(Sprayed Polyurethane Roof System)
These expenditures will be capitalized and amortized over the useful life;recognized on a monthly basis as equipment replacement reserve.
2003 Investment Reportlnv Report 2003
i City of Palm Desert
® Parkview Office Complex is
Vacancy Rate Schedule by Suite
May 2003
Suite Square
No. Tenant Feet
73-710 Fred Waring Drive -Two (2) Story Building
100 Hanover 1,915
100A EPA 645
102 Bergren 1,360
103 Multiple Sclerosis .. 488
104 Arthritis Foundation 960
106 Coachella Valley Economic Partnership 928
108 Assembly Rules Committee-Assemblyman Benoit 450
112 Senator Battin 1,741
114 Chamber of Commerce 1,478
118 Goodwill Industries 1,250
119 City/CVAG Conference Room 1,380
120 Duke Gerstal 1,750
200 CVAG 4,292
200A University of California Riverside 841
201 University of California Riverside 604
203 Mountain Conservancy 480
205 Vacant 700
208 Alzheimer's Association 960
210 Wilson, Pesota & Pichardo 3,040
2003 Investment ReportVacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
May 2003
211 State of California Department of Food &Agriculture 937
217 Joe B. McMillan,. Esq. 775
220 Vacant 1,607
222 Cove Commission-Fire Marshal 1,900
222 CITY Storage-Vacant 1,081
Total square footage(2 story Building) 31,562
Vacancy Rate-3,388/31,562= 10.73%
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% 0.00%
Overall Vacancy Rate for Both Buildings:
Vacancy Rate-3,388/51,191 6.62%
Occupancy Rate-47,803131,191 93.38%
2003 Investment ReportVacancy Report
' City of Palm Desert
• Desert Willow
Budget Vs Actual
For the month of
April 2003
Budgeted Actual Budgeted Actual
April April S Percentage Yearto Year to S Percentage
Revenue 2003 2003 Variance Variance Date Date Variance Variance
Course&Ground S 611,965 S 611,299 S (666) 99.89% S 3,990,606 $ 3,855,569 $ (135,037) 96.62%
Carts S 45,659 S 50,980 $ 5,321 111.65% $ 325,284 $ 308,545 S (16,739) 94.85%
Golf Shop $ 96,211 S 105,467 $ 9,256 109.62% S 669,962 S 682,816 S 12,854 101.92%
Range $ 2,300 S 4,250 S 1,950 194.78% $ 32,150 S 36,459 S 4,309 113.40%
Food&Beverage S 1921515 S 221,278 S 29,763 114.94% S 1,245,126 S 1,344,343 $ 99,217 107.97E
Interest Income S Soo S 52 $ (448) 10.40% S 5,550 S 1,697 S (3,853) 30.58%
Tot. Revenues S 949.150 S 993-326 S 44,176 104.657. S 6268678 S 6.229.429 S (39.24919 .J7°
Payroll
Proshop $ 6,535 S 5,095 S 1,440 77.96% S 46,758 $ 42,996 $ 3,762 91.95%
Can S 31,998 S 28,691 S 3,307 89.66% $ 243,638 S 227,699 S 15,939 93.46%
Course&Ground $ 123,743 S 121,140 S 2,603 97.90% S 1,264,015 S 1,235,990 S 28,035 97.78E
Golf Operations S 32,463 S 29,995 S 2,468 92.40% $ 284,834 S 250,921 S 33,913 88.09%
General&Administration S 41,267 S 36,752 S 4,515 89.06% S 409,428 S 359,921 S 49,507 87.91%
Food&Beverage $ 69,000 S 77,190 $ (8,190) 111.87% S 569,237 S 638,769 $ (69,532) 112.21%
Tot. P roll S 305.006 S 298.8636.143 97.99% S 2.817.910 S 2.756.286 61.624 ,11 °
Other Expenditures
Perimeter Landscaping S - S - S - 0.00% S - $ - S 0,00%
Proshop $ 5,955 $ 9,118 S (3,163) 153.12% $ 37,305 S 46,579 S (9,274) 124.86%
Proshop-COGS S 52,897 S 56,067 S (3,170) 105.99% $ 365,618 S 306,775 S 58,843 83.91%
Can $ 19,395 S 12,082 $ 7,313 62,29% $ 147,000 S 136,158 S 10,842 92.62%
Course&Ground-North Course $ 32,682 S 43,341 S (10,659) 132.61% S 576,135 S 541,106 S 35,029 93.92%
Course&Ground-South Course $ 35,234 $ 42,497 S (7,263) 120.61% S 535,982 $ 526,746 S 9,236 98.28%
Course&Ground-Desert Pallet-N $ 1,500 S 1,395 $ 105 93.00% S 12,170 $ 10,376 $ 1,794 85,26%
Course&Ground-Desert Pallet-S $ 890 S 902 S (12) 101.35% S 12,810 S 7,693 S 5,117 60.05E
Golf Operations S 865 S 602 S 263 69.60% S 12,670 $ 13,695 S (1,025) 108.09%
General&Administration S 78,528 S 75,502 S 3,026 96.15% S 702,044 S 769,474 S (66,430) 109.46%
Range S 300 S 2,175 S (1,875) 725.00% S 14,300 S 11,934 $ 2,366 83.45%
Food&Beverage S 16,110 S 23,290 S (7,180) 144.57% S 142,060 S 149,466 $ (7,406) 105.21%
Food&Beverage COGS $ 60,060 S 71,670 S (11,610) 119.33% $ 390,613 S 423,962 S (33,349) 108.54%
Management Fee $ 25,000 S 25,000 $ - 100.00% $ 250,000 S 250,000 $ - 100.00%
Financing/Lease S 3,298 S 7,814 S (4,516) 236.93% S 19,473 S 43,547 S (24,074) 223.63%
Total Other F,x enditure 332.714 S 371.455 (38.741) 111.64% S 3.218.180 S 3.216.511 (18.331) 1 0, 7°
Desert Willow Golf Academy
Desert Willow Golf Academy S 10,750 S 13,818 S 3,068 128.54% S 119,700 S 101,799 S (17,901) 85.05%
COGS-Merchandise S (9,677) S (4,175) $ 5,502 43.14% $ (84,845) S (45,684) S 39,161 53.84%
Other Expenditures $ (1,925) S (8,015) $ (6,090) 416.36% S (22,423) S (46,262) $ (23,839) 206.31%
S
Learning Center Income(Loss) S (852) S 1.628 S 2,480 -191.08% S 12,432 S 9.853 S (2,579) 79.26%
Operating Income(LOSS) S 310,578 S 324,636 S 14,058 104.53% S 245,020 S 246,485 S 1,465 100.60%
Equipment Reserve Replacement $ 71,955 S 66,734 S (5,221) 92.74% S 719,550 S 667,340 S (52,210) 92,74%
N•t Income Loss 238.623 S 257902 S 19.279108.08% 4 4 30) S f420.8551 S 53675
Snapshot of Golf Rounds Budgeted(me) Actual mo Variance --Variance°/. Bud eted td Actual td Variance Variance%
Resident 2,300 2,771 471 120% 16,680 18,009 1,329 108%
Nan Resident 6,780 6,677 (103) 98% 41,194 39,486 (1,698) 960%
Other - - 0% - 177 177 100%
Cora limema 350 519 169 148°/ 3764 3269 495 97%
Total 9,430 9,967 537 106% 61,628 60,941 (687) 99%
Folder:Desert Willow 2001:Dw2003;Fimmcial Statement Page 1
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® Desert Willow .
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- APRIL 2003
Resident 2,771 $ 124,695 $ 45.00 2TWX-6
Non-Resident 6,677 $ 533,660 $ 79.93 67.00%
Other - $ - $ - 0.00%
Complimentary 519 $ 2,695 $ 5.19 5.20%
Desert Willow Totals 9,967 661,050 66.32 100.00%
Dw2003;POS AVG RD Page 9
Desert Willow •
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- APRIL 2003
Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee-Weekday 1,224 $ 55,080 $ 45.00 24.93%
Resident -Twilight 3 $ 135.00 $ 45.00 0.06%
Total Resident 1,227 55,215 45.00 24.99%
Non Resident
Posted Weekday 559 $ 74,820 $ 133.85 11.38%
IROC Des. PRTY - Weekday 157 $ 10,205 $ 65.00 3.20%
IROC Member Guest- Weekday 59 $ 6,136 $ 104.00 1.20%
Wholesale Weekday 937 $ 74,236 $ 79.23 19.08%
Twilight 562 $ 42,065 $ 44.85 11.45%
Outing 876 $ 59,595 $ 68.03 17.84%
Desert Willow Players Club 16 $ 1,295 $ 80.94 0.33%
Fee Special Event Variable 219 $ 13,713 $ 62.62 4.46%
Total Non Resident Rounds 3,385 282,065 83.33 68.94%
Other Rounds
Junior Walking $ $ 0.00%
Total Other 0.00%
Complimentary
PGA Member 135 $ M1,1795 $ 13.3012.75%
Champions Club 44 $ 0.90%
Employee / Employee Guest 119 $ 50 $ 0.42 2.42%
Total Complimentary 298 1,845 6.19 6.07%
Total Round (FireCliff) 4,910 $ 339,125 $ 69.07 100.00%
Dw2003;POS AVG RD Page 10
Desert Willow
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- APRIL 2003
Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee-Weekday 1,544 $ 69,480 $ 45.00 30.53%
Total Resident 1,544 69,480 45,00 30.28%
Non Resident
Posted Weekday 365 $ 48,740 $ 133.53 7.22%
IROC Des. PRTY- Weekday 153 $ 9,945 $ 65.00 3.03%
IROC Member Guest - Weekday 38 $ 3,952 $ 104.00 0.75%
Wholesale Weekday 860 $ 65,905 $ 76.63 17.01%
Desert Willow Players Club 23 $ 1,840 $ 80.00 0.45%
Outing 1,117 $ 67,811 $ 60.71 22.09%
Twilight 529 $ 39,550 $ 74.76 10.46%
Fee Special Event Variable 207 $ 13,852 $ 66.92 4.09%
Total Non Resident Rounds 3,292 251,595 76.43 65.1007
Other Rounds
Junior Walking $ $ - 0.000/0
Total Other - 0.00%
Complimentary
PGA Member 43 $ 575 $ 13.37 0.85%
Employee / Employee Guest 145 $ 275 $ 1.90 2.87%
COD / PDHS 33 $ - $ - 0.65%
Total Complimentary 221 850 3.85 4.377/6
Total Round (Mountainview) 5,057 $ 321,925 $ 63.66 100%
Dw2003;POS AVG RD Page 11
City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
April 2003
Cash Reserve Analysis One Month
Required Reserve 1 $ 500,000.00
Cash on Hand $ 799,631 41
Variance- Favorable Unfavorable $ 299,635.43
Page 12
Palmosert Recreation Facilities Corpotion
Income Statement
Apr-03 Apr-03 # %
Budget Actual Variance Variance
Food &Beverage Revenues $192,515 $221,278 $28,763 114.94%
Total Revenues $192,515 $221,278 $28,763 114,94%
Salaries $69,000 $77,190 ($8,190) 111.87%
Cost of Goods Sold-F&B $60,060 $71,670 ($11,610) 119.33%
Food & Beverage Expense $16,110 $23,290 ($7,180) 144.57%
Total Expenses $145,170 $172,150 ($26,980) 118.59%
Net Income (Loss) $47,345 $49,128 $1,783 103.77%
Note: The above revenues and expenditures are also included in the Desert Willow analysis.
Dw2003;PDRFC Budget Page 1
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CIIY Of PR9M OESERI
73-5io FRED WARING DRIVE
PALM DESERT, CALIFORNIA 92260-2578
TEL: 760 346—o6i I
FAX: 760 340-0574
info®palm-descrt.org
20 June 2003
Banc of America Securities, LLC
Attention: J. Stephen Huntley
Managing Director
300 South Grand Avenue
Los Angeles, CA 90071
Re: Removal from City Approved Broker-Dealer List
Dear Mr. Huntley:
As you may be aware, there has been no trading activity between the City of
Palm Desert ("City") and your firm for more than 16 months. To some
extent, this has reflected our dissatisfaction with certain aspects of the
relationship between our two institutions (e.g., trade errors, account officer
turnover, relationship management, etc.). Consequently, we do not foresee
any need to continue a formal relationship since it is not profitable to either
party. Therefore, please be advised that, effective immediately, Banc of
America Securities LLC will no longer be eligible to do business with the City
of Palm Desert.
Sincerely,
Paul S. Gibson
City Treasurer
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Palm Desert Financing Authority
Assessment Revenue Bonds,Series 2003
Sunterrace and Marano(Reassessments).Silver Spur Ranch
Summary Statistics
Dated Date 06/25/03
Delivery Date 0625I03
First Coupon 03/02/04
First Maturity 09/02/04
Final Maturity 09/02/28
Assessment Revenue Bonds,Series 2003
Arbitrage Yield 4.91292 %
True Interest Cost(TIC) 5.05839 %
"All-In"True Interest Cost(AIC) 5.42728 %
Average Coupon 4.97084 %
Net Interest Cost(LID) 5.08040 %
Average Life 12.376 Years
Sunlerrace(Local Obligation)
Arbitrage Yield 4.05824 %
Average Coupon 4.23364 %
Net Interest Cost(UD) 4.42334 %
Average Life 6.589 Years
Prior Issue(Avg.Coupon) 8.14925 %
Prior issue(Avg.Life) 6,896 Years
Marano(Local Obligation)
Arbitrage Yield 4.73767 %
Average Coupon 4.80330 %
Net Interest Cost(UD) 4.92449 %
Average Life 10.314 Years
Prior Issue(Avg.Coupon) 6.76446 %
Prior Issue(Avg.Life) 10.782 Years
Silver Spur Ranch(Local Obligation)
Arbitrage Yield 5.15767 %
Average Coupon 5.14813 %
Net Interest Cost(LID) 522778 %
Average Life 15.693 Years
Prior Issue(Avg.Coupon) NIA%
Prior Issue(Avg.Life) N/A Years
Palm Desert Financing Authority
Assessment Revenue Bonds,Series 2003
Suntemace and Marano(Reassessments),Silver Spur Ranch
Costs of Issuance(Common)
Bond Counsel 10,000.00
Financial Advisor 10,000.00
Disclosure Counsel 20,000.00
Trustee I Escrow Agent 5.000.00
Printing/Misc. 12,500.00
Total 57,500.00
Formation Costs of Issuance(Silver Spur)
Bond Counsel 25,000.00
Formation Legal Fees 15,000.00
Financial Advisor 25,000.00
Total 65,000.00
Refunding Costs of Issuance(Sunterrace and Marano)
Reassessment Engineer 10,000.00
Verification Report 3,000.00
Total 13,000.00
Total Costs of Issuance 135.500.00
DID/DIP/Production Calculation(Combined Series)
Date Coupon Yield Price Principal (OID)/OIP
06125/03
09/02/03
03/02/04
09102104 2.000 2.000 100.000 143,000 0.00
03/02/05
09/02/05 2.750 2.200 101.165 180.000 2,097.00
03/02106
09ID2106 3.250 2.600 iD1.972 185,000 3.648.20
03/02/07
09/02/07 3.625 2.900 102.835 185.000 5.244.75
03/02/08
09/02/08 3.750 3.300 102.125 195,000 4,143.75
03/02/09
09/02/09 4.000 3.700 101.640 205,000 3.362.00
03/02/10
09/02/10 4,000 4.000 100.000 215,000 0.00
03/02/11
09/02/11 4.200 4.200 100.000 225,000 0.00
03102112
09/02/12 4.500 4.500 100.000 235,000 0.00
03/02/13
09/02/13 4.700 4.700 100.000 245,000 0.00
03/02/14
09/02/14 4.800 4.800 100.000 255,000 0.00
03/02/15
09/02/15 4.900 4.900 100.000 160,000 0.00
03/02/16
09/02/16 5.000 5.000 100.000 165.000 0.00
03/02/17
09102/17 5,100 5.100 100-000 175,000 0.00
03/02/18
09/02/18 5.100 5,200 98.951 185,000 (1,940.65)
03/02/19
09/02/19 5.200 5.300 98.914 195,000 (2,117.70)
03/02/20
09/02/20 5.250 5.372 98.500 195,000 (2,925.00)
03/02/21
09/02/21 5.250 5.372 98.500 110,000 (1,650.00)
03/02/22
09/02122 5.250 5.372 98.500 120,000 (1,800,00)
03/02/23
09/02/23 5.250 5.372 98.500 125,000 (1,875.00)
03/02/24
09/02/24 5,375 5.485 98.500 130,000 (1,950.00)
03/02/25
09/02/25 5.375 5.485 98.500 135,000 (2,025.00)
03/02/26
09/02/26 5.375 5.485 98.500 145,000 (2,175.00)
03)02127
09/02/27 5.375 5.485 98.500 155,000 (2,325.00)
03/02/28
09/02/28 5.375 5.485 98.500 160,000 (2,400.00)
4.423,000 (4,687.65)
Gross Debt Service Schedule(Combined Series)
Period Annual
Date Principal Rate Interest Total Total
6/25/2003
91212003
3/2/2004 137,808.85 137,808.85
912/2004 143,000 2.000 100,427.50 243,427.50 381,236.35
312/2005 98,997.50 98,997.50
9/2/2005 180,000 2.750 98,997.50 278,997.50 377.995.00
3/2/2006 96,522.50 96,522.50
9/2/2006 185,000 3.250 96,522.50 281,522.50 378,045.00
3/2/2007 93,516.25 93,516.25
9l2/2007 185,000 3,625 93,516.25 278.516.25 372,032.50
3/2/2008 90,163.13 90,163.13
9/2/2008 195.000 3.750 90,163.13 285,163.13 375,326.25
3/2/2009 86,506.88 86,506.88
9/2/2009 205,000 4.000 86.506.88 291.506.88 378,013.75
3/2/2010 82,406.88 82.406.88
9/2/2010 215,000 4.000 82,406.88 297,406.88 379,813.75
3/2/2011 78,106.88 78,106.88
9/2/2011 225.000 4.200 78,106.88 303.106.88 381,213.75
3/2/2012 73,381.88 73,381.88
9/2/2012 235,000 4.500 73,381.88 308,381.88 381,763.75
3/2/2013 68,094.38 68.094.38
9/2/2013 245,000 4.700 68,094.38 313,094.38 381,188.75
3/2/2014 62,336.88 62,336.88
9/2/2014 255,000 4.800 62,336.88 317,336.88 379,673,75
3/2/2015 56,216.88 56,216.88
912/2015 160,000 4.900 56,216.88 216,216.88 272.433.75
3/2/2016 52,296.88 52,296.88
9/2/2016 165,000 5.000 52,296.88 217,296.88 269,593.75
3/2/2017 48.171.88 48,171.88
9/2/2017 175,000 5.100 48.171.88 223.171.88 271.343.75
3/2/2018 43,709.38 43.709.38
9/2/2018 185,000 5.100 43,709.38 228.709.38 272,418.75
3/2/2019 38,991.88 38.991.88
9/2/2019 195,000 5.200 38,991.88 233.991.88 272,983.75
3/2/2020 33,921.88 33.921.68
9/2/2020 195,000 5.250 33.921.88 228,921.88 262,843.75
3/2/2021 28,803.13 28,803.13
9/2/2021 110,000 5.250 28,803.13 138,803.13 167,606.25
3/2/2022 25,915.63 25,915.63
9/2/2022 120,000 5.250 25,915.63 145,915.63 171,831.25
3/2/2023 22,765.63 22.765.63
9/2/2023 125.000 5.250 22,765.63 147.765.63 170,531.25
3/2/2024 19,484.38 19,484.38
9/2/2024 130,000 5.375 19.484.38 149,484.38 168,968.75
3/2/2025 15.990.63 15,990.63
9/2/2025 135,000 5.375 15,990.63 150.990.63 166,981.25
3/2/2026 12,362.50 12,362.50
9/2/2026 145,000 5.375 12,362.50 157,362,50 169,725.00
3/212027 8,465.63 8,465.63
9/2/2027 155,000 5.375 8,465.63 163,465.63 171,931.25
3/2/2028 4,300.00 4.300.00
9/2/2028 160,000 5.376 4,300.00 164,300.00 168,600.00
4.423.000 2,721,095.10 7.144.095.10 7,144,095.10
OIDIOIP/PotlWimc41od (eualdm4re)
om, Cam Yield Nw Btiltlpel (OID)701P
OV45M
osozm
o3cm
O9U204 2000 2.000 100.000 am 0.00
o3am
MGM 2750 22 O 101.165 75.000 81375
03cm
omen 32 2600 101.9n 75= 1.479.00
0347L07
o902Q7 3.625 2900 102935 75," 212525
03am
osom 3750 3= 1OL125 B0,000 1,700.00
o3O209
090209 4000 3700 101.640 K5 1,994.00
0302/10
0901/10 4000 4000 100.000 9Oa00 OM
030P1tl
0902/11 4200 4200 100.000 90,000 000
03W2
OaM12 4.500 4.500 100.000 95.0DO 0.00
o302/13
0902/13 4.700 4.700 imM 10M ow
0302/14
090-d14 4,0 4.800 lw0 100.000 000
0392115
09=15 OM 0.000 100.000 0 0.00
0302me
O902116 0000 0.000 IW.000 0 0.00
03wil?
0902'l7 a." 0000 loomo 0 0..00
0MV18
o9we 00aa O DO 100000 0 0,00
o?A219
0902/19 0000 0000 lm.= 0 am
oao7
a90NN 0.a O0o0 100m 0 OM
039 R1
oauwi 0." 0000 lw0 0 000
0307n2
09O= O.M 00a0 lw,A 0 coo
03WM
ORM3 a." 0.000 lw,0 0 0.00
a30224
09M4 0,000 OOOO 100.000 0 O.00
a3mn5
090225 oo00 O.ow 100." 0 OM
a3a2n6
m226 O.000 0.0 100.000 a 0.00
O30D27
099]27 0.000 a." loo.a a am
040228
0902128 oo00 0000 1N.000 0 0.00
Cuss DeM Sesw StlndeeaM Ssvr3s Ce1d9aoon-NPV bass(Svtlenere)
Prim Issue Poor Issue 4m824
Period lvnel Period An4d AnW Platen
DM Piepp Root kaeea Total Total TORT Total Semite VB4e
6'26Lm3
B21dlm 98,73?50 96.7Mi() (0673250) (96m1.91)
YYADa 24,750.SD 24,75080 39,6a250 (14.487.01)
Wy 650m 2000 1&0" B3,R16S8 1a7.787.48 9964250 139165Oa (31,49752) (1583287)
IMM!i 17;38689 1738688 W.13250 (1987923)
9/27dm5 750DD 2750 17,38688 92,386M 10977d75 1OZ33ZM 13q%500 (29,89125) (9,1m37)
3272Om 16A%m 1835553 34,79750 (16,55530)
9M)w 75.m0 3250 161y6m 91,% M 107.71125 104,797-5) 13959Sm (3158375) 01526.81)
3'YXN 15.1M.68 15,13658 32,W250 (14,5mH1)
92/NO7 75,0m 3625 15,13688 m,136S6 10527375 1o2o3250 lot=m (28.79125) (10,054.18)
3211008 13.m30 13,77750 2923ZF1 (12m278)
92rM W.000 3.750 13,M50 90MM 107,SYDo 10923250 13946500 (30.910.00) (12548.16)
3D2om 122"m 122nS0 25,99250 (10,9139T/
922m9 nom 4.000 122ns0 972 m 109.55sm 110)9250 M%5M (27,4m.m) (10,6 ,M)
3IM510 10.5TTSO iris 0 2Z.55a00 (9.15216)
9=10 9Q000 4m0 10577.50 100,5n.5o 111,15500 117,550.00 14Qtm.m (M.M..00) (1;71629)
32 11 8,M.50 HMSO 186551M (7253.33)
9?2Ott m,ma 42m 8,M.50 96.Mm 107,SSSm 118,1 500 137,310 O (29,755.m) (14.306.32)
3=12 6,697.50 68875a 14,555a0 (5,40674)
9=12 95.000 000 6.887.50 101.887.50 /08MOD 124,SSSm 1M,110.00 (33,335.00) 05,671.90)
3=13 g75am 4,75am 10.Ot5.W W%8.05)
9211013 100,000 4.700 4.750.00 104,75am 1a9500.00 130,NSa0 14amaDD (30,590M) (16,799.81)
37J 14 2.400A0 24m.m 5125.m (1,73.83)
9M)14 tmm0 4S(10 2,400A0 102400.m 104,8m.m 134112Sm 1352MOD (30,450.00) (17,68B-%)
YM)15 Om Om am 0.00
SW 15 0 0000 am am am am am am am
32w16 000 am 0.00 Om
9M)16 0 am am am am 0.00 0.00 am am
YZM17 0.00 am 0.00 O.m
SOM17 a 000 am Om 0.00 O.m 000 a.m am
YM)18 Om am 0.00 0.00
WM)18 0 0,000 Om 0.00 am Om am 0.00 O.m
a2R019 0.00 am O.m O.m
9 19 0 O.mO am am am am am O.m Om
321mm 0.00 am am am
921= a 0.000 Om 0m am 0.00 am O.m am
32=1 000 am 0.00 am
9212011 0 a.ODD 0.00 0.00 0.00 Om am 000 am
32/1022 0.00 000 a0D Om
9=22 0 0.000 Om am 0.00 0.00 am 0.00 am
30M 0m am Om Om
%=1 0 am am 0m Om Om 0.00 am Om
321N24 Om Om am am
92/N24 0 0000 Om COD am 0.00 000 O.m am
3211025 Om 0.00 am am
WZ?= 0 O.mO Om am am 0.00 0.00 Om am
312026 000 Om am am
921426 0 O0W am Om 0m Om am Om am
312m27 003 am am am
92=, 0 am O.m am am Om O.m Om Om
Yb2028 0m am 0m am
92r2m 0 oom 0m am am am Om 0.00 0m
mama 259,441,23 1,189,m1.23 1.189.44123 1.616,6525a 1.616.65250 (427211.27) (356.4I,Ab)
NET FUNDS 171,527.22 171,527.22
NET TOTAL (255664.05) (186,M.23)
Savnp%New tam%
Savings%Old 1806%
Palm aeh inenGn9A.O.Ily
M.a W R.venu6 BenOa,Sane M2
Sunlwnw(R.uucsmen0
bpa WO aKWalpn
vla6d 4.05U.Wex
0al Dab B( 3
.
P.1 AIIIWnt N 8o . ow.mm
Plus:AttNa6l ..' O w
Lw:UrosnMisfa Dewum O.w
LUu:Coro of laau.nu 0 w
Lm:Bond lnaunnw Pnmhm 0.00
Lut Sul.ty Bono Premium OW
(OD)I ON 9.533.W
Total Tamtt 9 .5
DATE FUTURE VALUE PRESENT VALUE
51 003 (937.5710) 1
Q=W3 0w 0w
3=rz 29,2ww 24,032.66
BRROOa "Am," 39,12266
3=005 17.385.M 16,246,07
MW5 92.3WN U,610 TO
31b2w6 16.355.63 14 SU 47
OM20a5 91.36563 80.379.09
3R 033 1$,1wm 13.053.29
9Z2w3 Win 36,183.60
3=W0 13,223.W 11,113.16
9== 93,]3].W 26.139K
3=M 12222.w 9,7700.5
9QRW9 97.277W 75.070.91
302010 10.522.w 6,06030
91molo 1w,53250 25.35550
3 011 8.7]).50 6,N5.52
9=011 80,222.w 21,U9250
3 012 607w aA50.52
912/1012 101,W.W 70.443.37
VM013 4,350.00 3216]5
M013 1M750.W 60,57027
31M014 2.40000 1,%222
9=014 102400.W 65331.30
3R2015 000 G.w
9R12015 0.w om
3 16 0w Ow
9=016 0 w 000
302012 a 000
902017 ow 0w
3IV2016 0,w 0w
9=016 0.w 0.w
3WO19 0w 0w
912/2019 O.w 0.06
31V2020 0.w 0.w
91=020 0.0a O.W
31V2021 0 00 OM
91=021 om o00
3 022 0.w 0w
9WU2 0.w 0.w
3RR023 0w OW
9RR023 000 Ow
31M024 000 0.00
91212024 000 0.w
31=025 0.w 0.w
9=025 0w 0w
3 .20 Ow 0.w
9M2026 a w 0 w
3a2027 0.w 0.w
VV202t aw 6w
302016 O.w 0 w
9IM028 0.w 0w
251.866.23 0.w
' OIDIdP/PmGuceon CeM4Yaean(Msain)
Dine Capin Yi Pna Pii CPW (OID)/dP
MOM
mom
030 M
ON264 2= 21D0 100.000 43000 000
030205
OMM 2750 22DO 101.165 50.000 582M
03wM
0902A6 3250 2600 101.92 50000 98800
03D207
049TM 3.625 2900 lam 50000 1.41750
MMM
o90208 3.750 3300 IM125 550M 1,168.75
030M
OKM 4000 3](D 101.640 M= 9o2o0
0302710
0 10 4.000 4.000 100.= MODO O.OD
03mil
080211 42DO 4200 100.000 M= 000
03W 2
DaW2 45 4ZM IOD.00D 65(:00 0.03
O 13
O9 13 4,700 4.700 IM." 70000 O.00
03W14
09M14 4800 4M 100.000 75,ODO O.w
03WJ15
OaW15 4.900 4.900 IM..000 75,000 OM
03W6
0902716 5,= 50DO MODO BO,ODO 0.00
OW 17
091)?/17 5100 5100 100.000 MM) 0.00
03MM8
0902718 5.100 5200 %%1 90,000 (944.10)
0302719
0902/19 5200 5" 98.914 95.000 (1,031,70)
010220
ON= 5250 5.372 %5DO 90000 (1.35000)
030221
09,=1 0000 0000 100DOO 0 O.00
o3wM
OMM 0000 0000 100.000 0 OM
030223
o9W23 O(M 0000 100.090 0 ow
03=4
O9@24 O.ODD O.ODO 10D000 0 0.00
0302'5
090225 MOO 0.000 IMM D o00
CM0
O99Z26 0.000 0000 100000 0 0.00
oawx
09022] 0000 o000 f000O0 0 000
03ttV26
0902128 0.000 0.000 100.000 0 0.00
1,153.000 1,730.95
Gmas Gehl S"d1 ShcaOule end 5awSs Call cn-NlV Belie(Meraio)
I'm Issue Prig Issue 4.73167
Period Al W Period A s A.W Pre
D44e p-mw Rom hdaa Topl T44e1 Tdal Tp sftvm yako
6¢52003
VIUM 74,88500 7458500 (74585.00) (7423525)
yy20D4 38091.15 38091.15 38500.00 (358159)
9272004 43000 2000 m5725o 635MM 1o3,66365 7850300 117,60a00 (W%135) (9574.9fi)
aom 25,14250 414250 37,54000 (11.456.35)
SWUM 50.000 2750 M142M 75.14250 10026500 77540A0 11808a00 (14,795,00) (216423)
32,2306 24.455.00 24,45500 3626000 (10.409.80)
922Do6 50,000 3250 24,455A0 74,45500 gwo.00 76.2WJCO 11252a00 (13610.00) (1,55184)
392007 23542W 23,64250 34,950.00 (9,52339)
vhw 50,000 3625 2354250 73,64250 9728500 79,9W..00 114,92000 (17,63500) (5,19300)
3/U1o0B 22736Z 22]3625 33,475.00 (852302)
W2rM 55,000 3750 2273625 77,13625 10047250 83,476..00 1189%W (16.477.50) (4,501.48)
322009 21170500 21,70500 31,91250 (7,7"M)
B22009 560oo 4.000 21,70500 76,7a500 98A10.00 81,81250 113,625.00 (15215.00) (382306)
=10 20,605M 20,60500 30,150.00 (6,97928)
922010 60,000 4.000 20.606M 80,605.00 10121000 85.150.00 11530100 (14,090.00) (324639)
=11 19,40500 19,405.00 2Bd0750 (6211.71)
9%N11 65,000 4" 19,4a500 84.4a500 103,810,00 8830750 118615o0 (12.80500) (2659.95)
=12 18,040.00 18.040.00 2629750 (5.4M.09)
922012 65.000 4.500 18,040.00 83.04000 10i.m..00 91297M 117,595.00 (16.51500) (5,3]0.87)
=13 16577m 16,57750 24,103.75 (4,781.97)
9W013 70,000 4.700 1657750 8657750 10315500 94,103.75 118207.50 (15.052.50) (4,91.31)
3?7m14 14,,-, . 14,93250 21,74125 14,128.19)
922014 75000 4.800 1493250 8893250 104,86600 9874125 1184a2-M (13,617.50) (4,03266)
=15 13,13250 13,13250 1921000 (3,51627)
9 15 75030 4900 13,13250 8813250 19126503 %210.00 118420.00 (17,155 W) (62W.62)
3=16 11295.00 11295.00 16A90.00 (2868.18)
9=16 80.000 5.000 11295.00 91295.00 102590.00 101,490.00 117,9900a (15.�000) (5.4%.46)
321dt17 9,225,00 9295.00 138a000 (2253.afl)
9=17 85.000 5.100 9.r'9. oo 91295.00 103,690.00 1036mm 117,20000 (13,610.00) (4,788.89)
3=18 7,127.50 7.127.50 10540.00 (1,71563)
WMD18 90,000 SAW 7.127.50 97.127.50 104255.00 110.W..00 121,080.00 (16,92500) (6,587.07)
=19 4,83250 4.842.50 7,140.00 (1,10702)
92=9 95.000 5200 4.M50 99.83250 104,66 w 112140.00 119.280.00 (14,61500) (5,767M)
3=020 2.36250 2xOm 3,570.00 (55280)
8?2020 90.000 5250 2,36250 9236250 94,72500 10EWO00 112.140.00 (17415.00) (7.24816)
312021 000 0.00 0.00 Coo
9=1 0 0000 000 000 am 0.00 0.00 000 0,00
32r= 0,00 0.00 0,00 0.00
94220V 0 0." 0m 0.00 0.00 00O 000 OOo 0,00
3?2w 0.00 0.00 000 0.00
92=3 0 0.000 O.00 o00 000 000 0.00 00o 0.00
3=24 000 0.00 000 o00
M2024 0 o.aoo 000 a00 000 0,00 000 0.00 0.00
3IL2025 O.00 O.W 000 O.00
942=5 0 0000 0.0o 0.00 0.00 000 0.00 0.00 o0o
3?2026 0.00 000 00a 000
30fm 0 o.ow 000 0.03 0.103 OW O.D3 000 0.00
3?2027 O.M 0M 000 0.00
S=7 0 0000 am 00a 000 0.00 000 000 000
321d]26 0.00 000 a.a0 0.03
9'U2028 0 0000 0.00 am 000 000 OM O00 000
1153.W0 571,236.15 1.72423673 1,7242WAS 2057,880.00 2,057,88000 (333,64385) (248255.51)
NETFIINOS 14l0 55 145,054.51
NET TOTAL (188.589.27) (103200.93)
Sa.i %New 8.95%
Sadngs%Old B.67%
Palm Uaaa F1lunom9Aumomy
Asistu enl Revenue BonBe,SeOe•MI
MemW(Rassaaa•mentl
NN•Qe YW S=IMRIM
D•IMry O•b BR52W]
n•la 4.73]0]
PerMnunlol BOn. 11531.M.00
Plus Arousal Iniemt 0.00
Le••:Uod..leYe Dumunl OM
Leu:Do•U W I•su•nos O.W
Ln•:90nB Ineunn.Pnmlum OM
Less:Surety Bono Pmau m 000
taD)r ow 1?30.95
Total TaMe1
DATE FMREVRLUE PRESERTVRLUE
BUS/ I1,31.] I 1,1 .51
9U/2003 000 0.W
3U/200/ 35,091.15 33,9111.71
9M!W4 58,57250 B•,116I.90
3=005 25.1<2.50 23,233.81
902005 75,142.50 67,031.27
=006 2405500 21,58,114
9/02W8 71,155,W fi#.,M.2
=!O07 23,8e2.W 19,899.50
9/2U007 73633.50 645363•
3UU08 22,736.25 18.256.79
912UW8 ]]?3825 60,9763•
3=009 21,705,00 10631 M
9=009 TET05.00 5],4150]
3UR010 20.605.00 15,DW.32
9=010 8000500 57,57431
302011 19.405 00 13.539 81
W=011 80,*zm 57,530.67
1=012 10W0 W. 12.012.58
91MO11 83,040.W 54,011.t0
312/2013 16.577.50 10,532.8B
9UU013 86.577.SO 53.13599
312 014 1<,932 S0 9,053.68
9=014 89'm 50 53,268.93
3U/2015 13,132.50 7,59809
902015 08.132.50 49,011.0
3IV2016 11.29500 6,23602
WV2DIS 91.295.W a9.2W0
3U12017 9,295.00 4297.06
9=17 U295.W 48,529,61
31W2018 7.127.50 3583.0
9U/9010 97,127.50 :7,I0011
31272019 4032.59 2,318 39
9/V2019 99,832,50 46,185,34
3/2/2020 236250 1,001.56
902020 92.36250 41,305 m
302021 000 a.W
9/2/2021 0.W 0W
31V2022 0.W 0.W
21=022 000 0.W
31V2023 000 0.W
9/L2023 O.W O.W
3W2024 0 W 0.W
OM024 000 0W
31=025 0 W 0.W
902025 a00 0.00
3/2/1026 OW 000
WZ2026 O.W O.W
302027 0W 0.W
902027 U.W goo
3IV2028 ON 0W
91212020 coo O W
s 9.W5.20 0.00
DID/OIP/Production Calculation(Silver Spur)
Date Coupon Yield Price Principal (OID)I OIP
O6/25/03
09/02/03
03/02/04
09/02/04 2.000 2.000 100.000 35,000 0.00
03/02/05
09/02/05 2.750 2.200 101.165 55,000 640.75
03/02/06
09/02/06 3.250 2.600 101.972 60,000 1,183.20
03/02/07
09/02/07 3.625 2.900 102.835 60,000 1,701.00
03/02/08
09/02/08 3.750 3.300 102.125 60,000 1.275.00
03/02/09
09/02/09 4.000 3.700 101.640 65,000 1,066.00
03/02/10
09/02/10 4.000 4.000 100.000 65,000 0.00
03/02/11
09/02/11 4.200 4,200 100.000 70.000 0.00
03/02/12
09102112 4.500 4,500 100.000 75,000 0.00
03/02/13
09/02/13 4.700 4.700 100.000 75,000 0.00
03)02114
09/02/14 4.800 4.800 100.000 80,000 0.00
03/02/15
09102/15 4.900 4.900 100.000 85,000 0.00
03/02/16
09/02/16 5.000 5,000 100.000 85,000 0.00
03/02/17
09/02/17 5.100 5.100 100.000 90,000 0.00
03/02/18
09/02/18 5.100 5.200 98.951 95,000 (996.55)
03/02/19
09/02/19 5.200 5.300 98.914 100,000 (1,086.00)
03/02l20
09102120 5.250 5.372 98.500 105.000 (1,575.00)
03/02/21
09102121 5.250 5.372 98.500 110,000 (1,650.00)
03/02/22
09/02/22 5.250 5.372 98.500 120,000 (1,800.00)
03/02/23
09/02/23 5.250 5.372 98.500 125,000 (1,875.00)
03/02/24
09/02/24 5,375 5.485 98.500 130,000 (1,950.00)
03/02/25
09/02/25 5,375 5.485 98.500 135,000 (2,025.00)
03/02/26
09/02/26 5.375 5.485 98.500 145.000 (2,175.00)
03/02/27
09/02/27 5.375 5.485 98.500 155,000 (2,325.00)
03/02/28
09/02/28 5,375 5.485 98.500 160,000 (2,400.00)
2,340,000 (13.991.60)
Gross Debt Service Schedule(Silver Spur)
Period Annual
Date Principal Rate Interest Total Total
6/25/2003
9/2/2003
3/2/2004 77,967.09 77,967.09
9/2/2004 35,000 2.000 56,818.13 91,818.13 169.785.22
3/2/2005 56,468.13 56,468.13
9/2/2005 55,000 2.750 56,468.13 111,468.13 167,936.25
3/2/2006 55,711.88 55,711.86
9/2/2006 60,000 3.250 55,711.88 115.711.88 171,423.75
3/2/2007 54,736.88 54,736.88
912/2007 60,000 3.625 54,736.88 114,736.88 169,473.75
3/2/2008 53,649.38 53.649.38
9/2/2008 60,000 3.750 53,649.38 113,649.38 167.298.75
3/2/2009 52,524.38 52.524.38
912/2009 65.000 4.000 52.524.38 117,524.38 170,048.75
3/2/2010 51,224.38 51,224.38
9/2/2010 65.000 4.000 51,224.38 116,224.38 167,448.75
3/2/2011 49,924.38 49.924.38
91212011 70,000 4.200 49,924.38 119,924.38 169,848.75
3/2/2012 48,454.38 48.454.38
9/2/2012 75,000 4.500 48,454.38 123,454.38 171,908.75
3/2/2013 46.766.88 46,766.88
9/212013 75,000 4.700 46.766.86 121,766.96 168,533.75
3/2/2014 45,004.38 45,004.36
9/2/2014 80,000 4.800 45,004.38 125,004.38 170,008.75
3/2/2015 43,084.38 43,084.38
9/2/2015 85,000 4.900 43,084.38 128,084.38 171,168.75
3/2/2016 41,001.88 41,001.88
9/2/2016 85.000 5.000 41,001.88 126,001.88 167,003.75
31212017 38,676.88 38,876.88
9/2/2017 90,000 5.100 38,876.88 128,876.88 167,753.75
3/2/2018 36,581.88 36,581.88
9/2/2018 95,000 5.100 36,581.88 131,581.88 168,163.75
3/2/2019 34,159.38 34.159.38
9/2/2019 100,000 5.200 34,159.38 134,159.38 168,318.75
31212020 31.559.38 31,559.38
9/2/2020 105,000 5.250 31,559.38 136,559.38 168,118.75
3/2/2021 28,803.13 28,803.13
9/2/2021 110.000 5.250 28,803.13 138,803.13 167,606.25
3/2/2022 25,915.63 25,915.63
9/2/2022 120,000 5.250 25.915.63 145,915.63 171.83125
3/2/2023 22,765.63 22,765.63
9/2/2023 125,000 5.250 22,765.63 147.765.63 170.531.25
3/2/2024 19,484.38 19.484.38
9/2/2024 130.000 5.375 19,484.38 149.484.38 168.968.75
3/2/2025 15,990.63 15.990.63
9/2/2025 136.000 5.375 15,990.63 150,990.63 166.981.25
31212026 12,362.50 12.362.50
9/2/2026 145,000 5,375 12,362.50 157,362.50 169,725.00
3/2/2027 8,465.63 8,465.63
9/2/2027 155,000 5.375 8,465.63 163.465.63 171.931.25
3/212028 4.300.00 4,300.00
9/2/2028 160,000 5.375 4.300.00 164.300.00 168,600.00
2,340,000 1,890,417.72 4,230,417.72 4,230,417.72
Palm pe
."re, "I Fmencin9 AumOmy
Aaeesamer Revenue Banda,9edes 2m3
Smr Rents
AN11ra9e leb mcu aLon
DNIva3 Dad, 8(2512m]
Yield 5.15767
Par Amour Of Banda 2,N0.000.00
Plus:A¢Ned Interest 0m
Less:UrveMmtaes Demure O.m
Lees:Coabatasu.nu O.m
Leas:Bond Insurance Premium OM
Lua:Surety Bond Premium O.m
(00)1 OF (13,99169)
TOM Taryel �,!2
DATE FUTURE VALUE PRESENTVALUE
6 5l 3 (2.326.00840) Qmm=
9MOW3 Om 0.00
302m4 77,967.09 15,290 06
92004 91.818,13 08.43645
31=005 56,468A3 5162199
9=005 111,468.13 99,724,92
31212m6 55,71L88 48,589.56
91=06 115.711.06 98301.94
31M007 54.73688 45.36905
M2007 114,13688 92.70 a
31=008 53649,00 42,25993
snum6 113.649.36 67,271.70
302m9 52,524.30 39,31964
9021109 117,524.38 85,766.72
3=010 51,224.38 36.44263
9=010 118,2&.38 11O,606.96
3=011 49.924.38 33,954.30
902011 119.92cm 79,O .70
3IZ2012 40.451.38 31,13401
9/=012 123454.38 27.3M48
31=013 46766,68 28,59.80
91mon 121,766.IN 12,480.5E
302014 45.004M 26,A17.14
9IZ2014 125,m4.38 70.119,37
31MOI5 43.084.30 23.161,57
9/ 015 128,084,30 60,064.24
3IZ2016 41.001.88 21 4m.35
9IV2016 126,m1.08 64,30121
31Z201J 38,016.00 19,364.92
902017 128876,88 62,680.IN
302018 36,581.08 17.317.0
91Z2018 131.581.88 60J22.14
31Z2019 34,15938 15.36750
9=019 134,15938 56,83781
31Z2020 31559.38 13,492.93
912 020 136,559.38 56,916,93
31Z2021 20 803,13 11,703,12
91V2021 130.803.13 54.979,86
3IZ2022 25,915.63 10,001.10
91Z2022 1.5.915,63 54,921.61
3IM023 22,765.63 8354,31
912/2023 1p,765.63 52,862.39
31Z2024 19684.38 6,79520
902024 149,404.38 50,822.22
3122025 15,99063 5299.87
91Z2025 1w 990.63 46805.67
Sn2026 12.362.50 3,893.95
902026 157.36250 48,32012
31Z2027 0?6563 253412
9IM027 163465.63 47J02.12
3102028 4,300.00 l,V3.27
9IZ2026 164,300.00 45,565.M
1,904,409.32 0,00
LP Im Daun In nmn9 A owy
NNM{manl Revenue BOnEL 266 Senae 3
SunlamwendM .(Reeesue.),&.5wr R AM
'vaQe"OW ualculatlm
Y1.1d De1e B/4.91M
Ylsld 4D1292
Per Ameunl of Bwde 4,423,ODO.W
PIUL AC W Inbreal 0 w
Lua:UMed W.D'RwuM Dw
Len:C..0 Pl leuanc. 0 w
leers dImunnw Pnmlum 000
Lau:S.w,Bend Premium O60
(DID)/OIP (4.66165)
Total Ter9e1 4 TM 1l_5
DATE FUTURE VALUE PRESEW VALUE
SI 00 (4. 1 2. 5) (4,41F12.5)
9/2 M3 0.00 0.00
3l2(1004 131,006.W 133.29520
9IZW04 243,422.W MOW 49
312Y29D5 98,993.W 91.216.W
9=w5 228,993.50 250,911.14
3Y ma 96,5n.W 04.72447
9WW6 28l.W2.M 241,183,09
302W2 93,516.25 28.196.25
902W2 274,516.25 222.W6.99
31Z2W8 90,163.13 71,821.07
9( 000 285,163,13 221,705.73
=009 86,506.a 6S.BgID
91MM9 391,W6.86 216W0.51
31M010 82,406.N 69,57D.19
9wolo 292,406.88 209.8U.&
31=011 78,1D6.08 53.708.05
9woll 303,ID68B 203.724.W
3WO12 33,3816E 48,1MN
902012 308,381.08 192.4W.22
302013 88AMM 42,554U3
9=613 313A94.W 1W.92069
31Z2014 62.33668 37.11041
912 014 317,336,88 164.382J0
31Z2015 56,218.08 31.881,50
9=15 216 21B 88 119,680.20
3IZ2015 52,296.88 28,253.29
9W2016 217,296.88 114,57965
3IP2012 48,171.88 24291,81
9=017 223,171,88 112,102.37
3IZ2018 43,709.38 21429.43
9/&2010 228,709,38 109,U1.14
302019 38,991.68 1821O.W
OW2019 233,991,88 106,664,21
3/WO20 33,921.88 15,092.40
91212020 220,921,88 99.409.19
31Z2021 29,803.13 12.207W
9IZ2021 138.803.13 57.419,55
302022 25,915.63 10a63.64
902022 145,915.63 52,502.09
31V2023 2276563 8.75633
91=023 147,765.0 55,47235
3=u2 1940430 7.13921
91=024 .9,484,38 53.458.93
31Z2025 15.9W63 5,58160
902025 150.WO.63 61.439.08
302026 12,362W <,110.67
9IZ2026 157,362.50 51070.29
302022 6p65.63 2681,56
9/2/2027 16346563 50.537,63
3IV2020 4,300.00 1,29Z53
902020 1W,39000 40,389,07
2,2578215 000
Flm wn Financing AuNanty
taemenl Revenue B ,Sense 2003
9-new eM Mrew(RessssesmenR).Sivr Spur Raran
rve menqCn.t )
worry Dar 8(lL2fgl
role 5.05639
ParAnountot6r18s 4,123,00000
Plus:Apruw Intelset 0.an
Less:uMan Wes Dlsomm (55.357.50)
laaa'.Dow w is. am
bn:I)ond Insunnw P.1um 0.00
Lses:Surety Sand Pamlum 0 DO
(OID)I OIP (4.002.85)
Total Taryat
DATE FIMREVALUE PRESEWVALUE
612 03 (<, Fa. ) (4,30.Us)
9W003 0.00 DOD
3,20oa 137,808,85 109165.9R
90200a 243,427,50 2211,4n.9a
3f ors %'997m 9100052
9WW5 228,999.50 250.133.82
1 006 96.522.w 84602.08
*,2006 281,522.50 240.08.80
3I 007 93,51625 71]66.)1
902001 218,51625 225,96042
3,2008 90,10.13 21,3aa.93
9I212D00 285,163.13 no 079.01
L212O09 06,505.88 65,116.33
9,2009 391.506.83 214,013,19
3Y2l2010 82.4M 88 59,001.56
*,Mato 297.406U 207,10533
312/2011 78AW.88 53,203.27
9I0@011 303.105.88 201,37L19
3=012 73,381.88 47.6A9.15
9=012 308381 BB 194,892.M
9212013 68.1)"38 41,073.01
9,2013 313,014M 188,M290a
3,2014 62.336.80 36.551.81
9,2014 317.33680 181ne136
3I M015 56216.80 31,347,07
9121015 216216.88 117.628.01
3IZ2016 522%" 27,149.13
902016 217,29688 112.455.20
302017 48,171.00 24,314.00
902017 223,171.BB 109,867.00
3,2018 13,20930 20,987.37
91=018 228.709.38 107.10249
31=019 38,991.88 12,809.99
902019 233,99188 104241.72
LZ2020 33,921.88 14,939,17
9IM020 228,921.88 97013.60
3,2021 28,803.13 11.905 23
902021 138,803.13 55,956.41
302022 25,915.63 1D1B998
902022 145.915.63 55,957 37
3ID2023 22,76563 8,51506
91Z2023 142.765.63 53,905.59
3,2024 19 40a.39 6,932,65
91MO2a 149 481.38 51 V536
31V2025 15,990 fi3 5912.32
902025 15000.63 49,8<4.84
302026 12,36250 3,0042
9,2026 167,362,50 49 417 DO
3IM022 8,46563 2,592,90
9,2027 163A6563 .8,032.22
322020 4,300.00 1,252.86
902028 161300.DO .6,689.85
2701.010,25 000
Pelm Oesen Pinancln9 Pulnonry
Nsseumant Revenue Banc,&ones 2W3
Sunbmw an Maano IReaaeesarmmb),60vx SWr Ranch
ul n T.tressed .I )
DwNs,Dm 8Y L00]
Yield 5.42T28
Party ntal Bona 4,433.M.W
Ploc:M eE Inbred 0 w
L.Und.lerc Dl.ss (55383.W)
Lasc Dom of lvoanw OXW.W)
Les..Bon Inaurenw pnnoW O.W
Lxs:Sulsty Bon Phnom O W
(01D)I OIP (4.M1 )
Total Tagel A.3 62415
ORTE FO RE VALVE PRESERTVALOE
rz51 OJ (4, ,2.5) 4, )
912RW3 Ow Ow
L Ws 133,808.85 132.837.51
9R W4 243,427.50 228,445.83
L 2W5 98.993.W 90,45083
9MW5 230,997.So 248,125.w
8r M w,52250 83,50t.03
9WW6 281.522.60 237,W4.67
32 W) 83,515.25 28764.16
9=002 21B,516.25 222.585.69
3I21300 90,163.13 70.153.21
9R/2w0 205,163.13 216.014.95
302W9 685wa 63.298.W
9Z 09 291,W6.0 2W,3w.63
L 2010 82,40680 53.6w.24
9Z2010 297,406.88 202,400.59
3=011 38.1w.80 51.253.42
91mal l 303.106 88 195.531.82
] 012 73,381.08 46.007,41
91=012 3w,381.80 Iw,w303
3MO13 BB,09s.38 40,53671
9=013 313.094.38 181461,46
3M014 62,336,88 35,174,35
902014 313,33B.0 174,330.53
X02015 56,21608 wW.09
902015 2164216.88 112,54647
302016 52.29688 26,512.11
91Z2016 217,29688 107.249.15
3M209 4B,171.88 23.14759
91212012 2234171,88 IN 40585
3=018 43.109 38 19 908.13
9IV2016 228,709.38 101417.25
31V2019 38,991.88 16,03348
9/2rz019 233,991,88 98,349.55
3=020 33.921,88 1380100
9IV2020 228921,89 91,201.63
31Z2021 28,803.13 11.131.89
902021 138,W3.13 52,415.33
3R12022 25.91563 9.S2380
902022 145,915.63 52,228.14
31V2023 22.765.63 2,93331
91Z2023 14),]6563 w.132.52
31V2024 19 464,5 643583
9IM024 149484]0 4B,671,32
31=025 15.990,63 5,W6 42
9/Z2025 150,990.63 46,023%
302025 12.362.50 3.668.70
9=6 157.30,50 45465.19
302027 846563 2,341.27
912/2027 163465.63 44,765.%
3RI2020 4,30000 1,14642
9112028 16 3000 42,64B 41
2,916,570.25 0w
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Clly of Palm Desan,California
Assessment District No.94-2(Suntermce)
SLGs Purchase and Escrow Cash Flow Schedule
Delivery Date 6/2 512 0 0 3
0.41
Escrow Total Periodic Cash
Type Date Requirement Principal Rate Interest Receipts Difference Balance
Con 9/2/2003 1.076.732.50 1,074,78200 0.96 1,945.19 1,076,732.19 (0.31) 0.10
Totals 1,076,732M 1,074,767.00 1,945.19 1,076,732.19 (0.3Q
City of Palm Desert,California
Assessment DistrIct No.943(Marano)
SLGs Purchase and Escrow Cash Flow Schedule
Delivery Data 6/25/2003
0.54
Escrow Total Penodic Cash
Type Data Requirement Principsl Rate Interest Receipts Difference Balance,
Geri 9/2/2003 1,264,535.00 1,262,250.00 0.96 2,284.46 1,264,534.46 (0.54) -
Totals 1,264,535.00 1,262,250.00 2,284.46 1,264,534.46 (0.54)
City of Palm Desert,California
Combined Series(Suntarraca and Moreno)
SLGs Purchase and Escrow Case Flow Schedule
Delivery Date 6/2 512 0 0 3
0.95
Esrmw Tool Periodic Cash
Type Date Requirement Principal Rate Interest Receipts Dilterenca Balance
Can 902003 2,341,267.50 2,337,037.00 0.96 4.229.65 2.341.266.65 (0.65) 0.10
Totals 2,341,267.50 2,337,037.00 4,229.65 2.341.266.66 (0.65)
City of Palm Desert,Catifomia
Combined Series(Suntenece and Moreno)
Escrow Yield Calculation
Delivery Date 6/25/2003
Yield 0.973933
Purchase Price of Securities 2,337,037.00
DATE FUTURE VALUE PRESENT VALUE
6/25/2003 (2,337,037.00) (2.337,037.00)
9/2/2003 2,341,266.65 2,337,037.00
4,229.65 0.00
Palm Desert Financing Authority
Assessment Revenue Bonds,Series 2003
Silver Spur Ranch
Project Fund Balances
Series 2003 Bond Proceeds 2,033,076.84
Plus:Cash Payoffs 505,239.90
Plus:Agency Contribution 924,756.00
Total Project Proceeds 3,463,072.74
Initial Project Cost Estimates(1) 3,954,756.00
Less:Estimated Bond Costs(1) (464,359.00)
Less:Opt Out of$3,000 Contractor Fee (78,000,00)
Net Project Requirements 3,412,397.00
Balance 50,675.74
Notes
(1)Based on Initial Engineer's Cost Estimates Dated 2111103