HomeMy WebLinkAbout2004-05-26 IFC Regular Meeting Agenda Packet ® , 1
_ CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
AGENDA
May 26, 2004, 10:30 a.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. ARaroval of Minutes
Rec: Approve minutes of the regular meeting of April 28, 2004, as
submitted.
Action:
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INVESTMENT & FINANCE AMITTEE
AGENDA May 26, 2004
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and
Summary of Cash Reports for April 2004
Rec: Review and submit for the next City Council agenda.
Review the presentation on the investment graphs.
Review the investment activity for April 2004.
Action:
Note: Due to work on SymPro-Bank of New York conversion
Download, monthly Investment Reports will be distributed at
the Committee meeting.
B. State of California Local Agency Investment Fund Balance for the
month of April 2004
Rec: Informational item for the Committee to review. No action
required
C. California Asset Management Program (CAMP) April 2004
Statements
Rec: Informational item for the Committee to review. No action
required
D. City and Redevelopment Agency Monthly Financial Report for City
Council for April 2004
Rec: Report and submit to City Council
Action:
E. Parkview Professional Office Buildings - Financial Report for
April 2004
Rec: Review and file report
Action:
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INVESTMENT & FINANCE AMITTEE
AGENDA May 26, 2004
F. Palm Desert Golf Course Facilities Corporation Financial
Information for April 2004 (Report will be distributed at the meeting)
Rec: Review and file report
Action:
Vlll. 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, June 23, 2004 at 10:30 a.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 Hall bulletin board not less than 72
hours prior to the meeting. Dated this 19'h y of May, 2004.
Din eal, ,P64g Secretary
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� \1
CITY OF PALM DART
4INVESTMENT
�T & FINANCE COMMITTEE
Minutes
April 28, 2004, 10:30 a.m.
North Wing Conference Room
5-4)
I. CALL TO ORDER
A regular meeting was called to order by Chairman Gibson on Wednesday, April 28,
2004 at 10:31 a.m.
It. ROLL CALL
Present: Absent:
Paul S. Gibson, Finance Director Buford Crites, Mayor Pro-Temp
Bob Spiegel, Mayor Carlos Ortega, City Manager
Thomas Jeffrey, Deputy City Treasurer
Russ Campbell
Everett Wood
Bill Veazie
Thomas Wormley
Dave Erwin, City Attorney
Also Present:
Justin McCarthy, ACM/Director of Redevelopment
Dennis Coleman, RDA Finance Manager
Diana Leal, Recording Secretary
Guests:
Joseph Crowley, Vice President, Citigroup
Carmen Vargas, Associate Municipal Securities, Citigroup
Bradford Thiel, Director Municipal Securities, Citigroup
Ill. ORAL COMMUNICATIONS
Mr. Gibson introduced Mr. Thomas Wormley, the newly appointed Investment and
Finance Committee member. Mr. Wormley provided the committee with his work
experience and background. The Committee welcomed Mr. Wormley.
Mr. Coleman introduced Mr. Joseph Crowley, Ms. Carmen Vargas and Mr. Bradford
Thiel representatives of Citigroup and said that they attended this meeting to provide
a bond proposal.
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INVESTMENT & FINANCE �MITTEE01 MINUTES April 28, 2004
IV. COMMITTEE MEMBER REPORTS
None.
V. CONSENT CALENDAR
A. Approval of Minutes
Motion was made by Mr. Campbell and seconded by Mr. Erwin to approve the
Minutes of the March 24, 2004 meeting as submitted with Mr. Wormley
abstaining.
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and Summary of
Cash Reports for March 2004
Mr. Jeffrey provided the Committee with a copy of the City's ICMA and
Nationwide Deferred Comp statements for the quarter ended March 31, 2004.
For the month ended March 31, 2004, Mr. Jeffrey reported that the book value
of the City Portfolio was approximately $126,691 ,000. The City earned
approximately $161,000 in interest during that month. Portfolio yield-to-
maturity was approximately 1.56%.
For the month ended March 31, 2004, Mr. Jeffrey reported that the book value
of the RDA Portfolio was approximately $163,515,000. The RDA earned
approximately $174,000 in interest during that month. Portfolio yield-to-
maturity was approximately 1.20%.
Mr. Jeffrey said that he recently attended the California Municipal Treasurer's
Association Annual Conference. Wells Fargo's Chief Economist had predicted
that the Federal Open Market Committee would raise the Federal Funds Rate
by 400-to-500 basis points over the next three-to-four years. Most of the
speakers recommended maintaining a short portfolio duration so that investors
could take advantage of interest rates as they rise.
Mr. Jeffrey said that in the first quarter of 2004, the Ford Motor Company had
more than doubled its profit over the same period prior year. This may signal
the beginning of a recovery for Ford.
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INVESTMENT & FINANCE �MITTEE
MINUTES April 28, 2004
B. State of California Local Agency Investment Fund Balance for the month of
March 2004
There being no business issues to report, discussion ensued to the next
agenda item.
C. California Asset Management Program (CAMP) March 2004 Statements
There being no business issues to report, discussion ensued to the next
agenda item.
D. City and Redevelopment Agency Monthly Financial Report for City Council for
March 2004
Mr. Gibson said that sales tax continues to thrive. His last estimate was $14
million, however, after the quarter numbers, his estimate will be higher than
$14 million. Everything is going well with the City with the exception of the
State subvention where $700,000 of Department of Motor Vehicle fees were
taken.
Mr. Campbell said that he read in the local newspaper that the mayor of the
City of Rancho Mirage made a comment that their city had a shortfall and has
run out of land. He asked how the City of Palm Desert was doing in relation to
land and if there was a plan in case there were no land available. Mr. Gibson
said that the City of Palm Desert is currently looking at increasing building
permit fees as the City of Palm Desert charges the lowest rates in the valley.
A staff report regarding the increase to the fees will go before the Council in
May. The north sphere is all that the City has left to develop. It is projected
that the available land can potentially be built out within 5 years. The interest
rates will determine how many homes will be built, etc.
Mr. Spiegel said that the City has a lot of commercial land left. The biggest
land is the Gateway Project which is across from the Costco. This will bring in
additional revenue for the general fund. Lowe's is planning to open a store on
Monterey and Sears will open at the Westfield Shoppingtown in October 2004.
The area near the freeway is designated commercial office professional.
Mr. Spiegel said that the owner of the property just north of Country Club drive
would like to build a grocery store there. The problem that they are having is
that there is a tremendous amount of work that has to go into the old
Albertson's building before anyone can occupy the space.
The City of Palm Desert has a Business Support Manager whose primary task
is to ensure that the City business buildings have no vacancies.
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INVESTMENT & FINANCE JWMITTEE
MINUTES April 28, 2004
Mr. Spiegel asked about the City of Palm Desert's transient occupancy tax.
Mr. Gibson said that they were doing okay, however, he did not expect much
growth revenue wise. He said that it is very difficult to project what revenues
will be received as not many conventions are being booked for the future. The
Marriott will have to rely on people coming from Los Angeles and Orange
County.
E. Parkview Professional Office Buildings Financial Report for March 2004
Mr. Gibson said that the City of Palm Desert operates the Parkview
Professional Office Building. The office complex is occupied with State
tenants: Water Resources Board, Assemblyman Battin, Assemblyman Benoit,
CVAG, and other quasi-governmental agencies. There are a couple of private
businesses that occupy space at the complex. The funds derived from the
complex are used to fund the park maintenance.
Mr. Gibson said that he was contacted by Supervisor Wilson advising him that
they intend to occupy a space. They are taking measurements of the space to
determine what changes are necessary. The earliest they can move in will be
July or August.
Mr. Spiegel asked why there were more expenditures indicated for March. Mr.
Gibson said that he is aware that some of the offices are being refurbished.
He will ask the Senior Financial Analyst why there is a change in the amount
expended and will provide the information at the next regularly scheduled
meeting.
F. Palm Desert Golf Course Facilities Corporation Financial Information for March
2004
Mr. Gibson said that Mr. Young is out of town this week to attend to personal
business.
Mr. Gibson said that Kemper Management, a third party management
company, operates Desert Willow (DW) for the City of Palm Desert. They
provide the City with monthly reports.
Mr. Wormley asked how long DW has been in operation. Mr. Gibson said that
it has been in operation since 1997. One of the goals for DW is to locate a
hotel at the site.
Mr. Spiegel said that the restaurant is doing a fabulous job. He said that he
thinks that more and more locals are going to the restaurant.
Mr. Gibson reported that the televisions approved by the Council have been
installed at DW.
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INVESTMENT & FINANCE �MITTEE
MINUTES April 28, 2004
Vill. CONTINUED BUSINESS - None.
IX. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
There being no business issues to report, discussion ensued to the next
agenda item.
B. Bond Issuance by Palm Desert Financing Authority
Hiring Citigroup Global Markets, Inc. to Refund the 1995 Project Areas No. 1
and 2 Bond Issues
Mr. Coleman said that his department deals with the municipal bonds. He
said that a refunding candidate was identified by Citigroup. Citigroup
representatives met Mr. Coleman at a conference and said that one of the
City's issues were due for a refund. They contacted Mr. Coleman with some
figures and submitted a proposal for consideration. Mr. Coleman said that
staff was impressed with the proposal as they have good retail capabilities, a
long time business aggressiveness on spreading of pricing. Citigroup Global,
Inc. was formerly known as Salomon, Smith, Barney. Mr. Coleman said that
the report he provided to the committee recommends that the Palm Desert
Financing Authority to hire Citigroup to refund 1995 Project Area 1 and Project
Area 2 bonds. The savings have changed since they first came to the City as
the market has changed. At one point, staff was looking at about $2.4 million
in savings, however now, they are looking at about a $1.2 million in Project
Area No. 1 and about $200,000 in Project Area No. 2 that includes about
$68,000 in new project money and $130,000 in debt service. He asked that
representatives of Citigroup be present to introduce themselves and provide
background information to the Committee. In attendance were: Vice President
Joseph Crowley, Bradford Thiel, Director and Underwriter and Carmen
Vargas, Associate.
Mr. Crowley said that in addition to Mr. Coleman's analysis, they distributed a
presentation booklet that provides a general overview of the firm's
qualifications and capabilities. He said that they have at their disposal,
nationwide, and here in California, distribution capabilities along with all market
spectrums. He said that he wanted to highlight the retail credentials indicated
on the retail segment. Their retail works under the name Smith and Barney.
They have nearly 1,700 retail brokers focusing on the individual investor. They
have a strong retail investment base at the disposal of the investor when
pricing bond issues. The retail goes to the investor. It depends on the
underlying strong credit quality of the Agency, the project areas and ultimately
the bond insurance. The retail investors are less tri-sensitive in retail of
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INVESTMENT & FINANCE �MITTEE
MINUTES April 28, 2004
institutional investors. This enhances the pricing advantage. They are staffed
as a local firm. They have investment bankers in Los Angeles. They are able
to focus on all clients. Their plan is to provide a customized service to clients
regardless of size.
Ms. Carmen Vargas, Associate said that since 1997 Citigroup has made an
effort to focus on California cities transactions. Most recently, they worked
with the City of Santa Ana Redevelopment Agency, City of Oceanside, and the
City of Palo Alto. She said that the booklet that was provided to the
Committee included both negotiated and competitive transactions since 1999.
They are currently working with the City of Desert Hot Springs.
Mr. Bradford Thiel, Director and Underwriter said that the key to providing
lowest rates on any bond transaction is distribution. This creates competition
for bonds in a primary and secondary markets. He said that if they only invest
for two or three major institutional customers, those customers will turn around
and sell bonds at a higher price to the end user of the bonds. Citigroup acts
as an end user and they cut the institutions out of the transaction. In many
cases, with the market being such as it is, there are a lot players in the market
place that are simply renting bonds for a short period of time. They are looking
to buy a bond that they feel is key versus any type of an index, the government
bonds, government futures, etc., and make it turn around and narrow that
spread, then put the bonds back out into the street. What Citigroup tries to do
is eliminate this practice and pass the savings along to their public finance
clients. Over the years, this is what has made them number one. They
continue to be number one, not based on the new clients, but rather for a
tremendous amount of repeat business. A deal of this sort, where there are
good customers that they are selling bonds, there is a secondary market
provided. Their clients know that Citigroup runs a big operation and will
always be there in case they need to sell their bonds for any reasons.
Mr. Thiel said that Peter Bartlett, his supervisor, handles all national sales
trading and underwriting operations out of Los Angeles. Peter Bartlett reports
to the head of their department who is in New York. All other traders,
underwriters and sales people report to Peter Bartlett. This affords the ability
to get a lot accomplished.
Mr. Crowley said that the California based funds are covered by 20 institutional
sales people that cover over 300 accounts across the country. There are over
111 sales specialist that cover over 9,500 middle market type accounts.
Mr. Coleman said that one of the reasons he would like to see Citigroup hired
is the distribution base they offer and the other reason is for the compensation
requested. He said that when staff saw this opportunity, they knew it was one
that they would like to bring forward to the Committee to try out because
Citigroup is a national firm. The Agency has never been targeted by a national
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INVESTMENT & FINANCE MITTEE
W,MINUTES • April 28, 2004
firm. In taking a look at Citigroup's transactions within the last five years, one
can note that it has done bonds as small as $1.7 million. Citigroup provided
the Agency with an aggressive proposal which includes a retail distribution, an
institutional distribution and it is accompanied by their solid reputation.
Mr. Gibson said that one of the problems they have had in the past with the
bonds is local distribution. Mr. Coleman said that in the past the bonds have
only been offered to institutions with retail book. It has gone to these
institutions because the money market funds need paper for performance.
They are constantly turning over.
Mr. McCarthy said that as the Redevelopment Agency (RDA) has matured,
they have to acknowledge that this is the 6`" largest Redevelopment Agency in
the state of California. RDA is very active in the market. RDA warrants a
more competitive position in the marketplace with respect to underwriting than
it has in the past. This particular financing is opportunistic in nature, and not
planned financing. RDA looked at both proposals received and gave them fair
consideration. Staff is trying to institutionalize a practice of some sort of
competitive process (i.e. RFQ, etc.) where a number of firms can be contacted
to identify those firms that are appropriate for a long term relationship as
opposed to competitively bidding each bond. A part of this will be to look at
the future issuance strategy. Mr. Gibson said that an issuance strategy
proposal will be presented to the committee at a future meeting.
Mr. Veazie said that he did not believe that the Agency could find a finer group
than Citigroup, Smith Barney and Solomon Brothers. He said that the
difference between the two proposals was approximately $100,000. Mr.
Coleman said that Citigroup has also offered to pay the underwriter's counsel
to prepare the official statement, the bond purchase agreement and the
continuing disclosure which is an additional $20,000-25,000.
Mr. Wood said that he believes that the City is attractive to investors because
there is value, need and the City of Palm Desert's reputation.
Mr. McCarthy said that they will try to create a competitive environment where
differentials get compressed as the market realizes that there are other
competitors vying for underwriting opportunities.
Mr. McCarthy said that given the aggressive proposal tendered by Citigroup,
staff is recommending that the Committee consider hiring Citigroup.
Motion made by Mr. Erwin and seconded by Mr. Veazie to forward the
recommendation to hire Citigroup to Refund the 1995 Project Areas No. 1
and 2 Bond Issues to the City Council for approval. Motion carried.
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INVESTMENT & FINANCE QQA'lMITTEE
MINUTES W, . April 28, 2004
X. NEXT MEETING - Wednesday, May 26, 2004 at 10:30 a.m.
XI. ADJOURNMENT
There being no further business, the meeting was adjourned by Mr. Erwin at 11:20 a.m.
Respectfully submitted,
Diana Leal, Recording Secretary
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♦ City of Palm Desert ♦�
City and Redevelopment Agency Portfolios
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
April 2004
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The Federal Open Market Committee(FOMC) met on 4 May, and decided to keep the Federal Funds Rate at 1%.The FOMC
stated that it now has a balanced view of growth, and that interest rates hikes, when done, would occur in a measured fashion,
not at a frenetic pace. The FOMC will next meet on 29-30 June.
The FOMC's plan to slowly raise interest rates, however, is under pressure from unexpectedly strong price increases over the
last two months. The FOMC's primary focus has accordingly shifted from slow job growth to rising prices. The market
currently assumes that the FOMC will raise the Federal Funds Rate by 25 basis points at the June meeting. Also, that by the
end of 2004, the Federal Funds Rate will be at 2%. There is a widespread perception that the recent increases in oil prices
may be long lasting, thereby supporting continuing inflation.
On a separate matter, the City Treasurer's Office is currently working on completing a direct download of trust data from Bank
of New York's on-line database into the City's SymPro portfolio management program. Once done, this should eliminate two
days'of manual data entry that the City Treasury staff currently does on a monthly basis. The City has been working on this
project with various trustees over the last seven years. If successful, this will be the first time that a local agency in California
has been able to transfer trust data between two unrelated software programs.
PauLS. C.C.M.T.
Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
APR-04 MAR-04 FEB-04 JAN-04 DEC-03 NOV-03
CITY
Month-End Book Value- $ 130,340 $ 126,691 $ 124,938 $ 127,837 $ 132,836 $ 132,138
Month-End Market Value*** $ 130,530 $ 127,019 $ 125,243 $ 128,091 $ 133,087 $ 132,214
Paper Gain(Loss) $ 190 $ 328 $ 305 $ 254 $ 251 $ 76
Prior Year Book Variance $ (26,045) $ (28,114) $ (39,878) $ (46,315) $ (3,851) $ (10,382)
Interest Earnings $ 156 $ 161 $ 143 $ 168 $ 172 $ 169
Yield-To-Maturity 1.54% 1.56% 1.58% 1.58% 1.58% 1.61%
Weighted Maturity(Days) 119 119 111 100 92 94
Effective Duration 0.20 0.22 0.21 0.18 0.16 0.17
RDA
Month-End Book Value"` $ 152,696 $ 163,515 $ 164,571 $ 163,130 $ 141,723 $ 144,184
Month-End Market Value"* $ 154,863 $ 165,671 $ 166,715 $ 165,294 $ 143,881 $ 146,322
Paper Gain (Loss) $ 2,167 $ 2,156 $ 2,144 $ 2,164 $ 2,158 $ 2,138
Prior Year Book Variance $ 49,309 $ 58,734 $ 60,901 $ 58,107 $ 48,936 $ 51,423
Interest Earnings $ 156 $ 174 $ 154 $ 151 $ 159 $ 155
Yield-To-Maturity 1.22% 1.20% 1.20% 1.24% 1.29% 1.29%
Weighted Maturity(Days) 96 91 93 91 89 87
Effective Duration 0.03 0.04 0.06 0.06 0.03 0.03
"' Omits SLGSs.
Cityywalm Desert --Portfolio Characteristics
30 April 2004
Dollars in Thousands
Ageing Interval Market Value
< 1 M $ 55,714 General Fund Ageing
<2M 2,530
<3M 4,534 100
<6M 7,421 80
< 1YR 7,284 e 67
<2YR _ 0 60
<3YR - 40
<4YR 6,038 °
a
<5YR _ 20 3 5 9 9
> 5YR - 0
0
Total: $ 83,521 <1M <2M <3M <6M <1YR <2YR
Ratings* Market Value Credit Quality
Aaa
Aaa $ 25,601 23%
Unrated** 72,786
178
Aa 7, 78
A 12,918 Unrated"
A1/P1 5,007 A 65%
Total: $ 123,490 12% As
0%
Sector Market Value Asset Allocation
Money Market Funds $ 23,094 LAIF
RDALAIF 32,785 35°/�
RDA Loan 32,785
MTNs 20,097 RDA Loan
U.S.Federal
Agency
28%
Treasury Money Market
Federal Agency 2,507 � Funds
Commercial Paper 5,007 20%
Total: $ 123,490 MTNs
17%
Month City Yield LAW Yield Variance Performance
May03 1.62 1.77 -0.15
Jun 1.58 1.70 -0.12 1.8
Jul 1.46 1.65 -0.20
Aug 1.43 1.63 -0.20
Sep 1.62 1.64 -0.01 ZZ
Oct 1.61 1.60 0.01 d
Nov 1.61 1.57 0.03 > ieli] P
Dec 1.58 1.55 0.03 tm
'Jan04 1.58 1.53 0.05 1.4
11111111
Feb 1.58 1.44 0.14 May03Jun Jul Aug Sep Oct Nov Dec.lan04Feb Mar Apr
Mar 1.56 1.47 0.09
Apr 1.54 1.45 0.09 ®LAIF Yield OCity Yield
Moody's Credit Ratings
LAIF, and City Loan to RDA Page 2 of 7
City of Palm Desert
Portfolio Holdings
30 April 2004
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's
Medium-Term Notes
$ 2,355.000 CHEVRON-TEXACO 6.63 10/1/04 $ 2,408,551 1.13 102.15 $ 2,405,571 Aa2
$ 3,000,000 FORD 7.20 6/15107 $ 3,119,363 5.75 107.42 $ 3,222,663 A3
$ 2,500,000 FORD 7.20 6/15/07 $ 2,599,469 5.75 107,42 $ 2,685,553 A3
$ 2,500,000 FORD 7.50 6/15/04 $ 2,513,915 2.84 100.70 $ 2,517,477 A3
$ 2,000,000 FORD 6.70 7/16/04 $ 2,014,307 3.17 101.04 $ 2,020,782 A3
$ 2,425,000 GENERAL ELECTRIC 4.25 1/28/05 $ 2,477,471 1.30 101.93 $ 2,471,846 P-1
$ 2,360,000 NORTHERN TRUST 6.65 11/9/04 $ 2,427,041 1.17 102.63 $ 2,422,172 Aa3
$ 1,270,000 PITNEY BOWES 5.95 2/1/05 $ 1,313,632 1.32 102.68 $ 1,304,028 Aa3
$ 1,000,000 WACHOVIA 7.70 2/15/05 $ 1,049,325 1.38 104.65 $ 1,046,486 Aa3
$ 19,410,000 Subtotal $ 19,923,074 2.93 $ 20,096,578
Commercial Paper--Discount
$ 2,510,000 CITIGROUP 1.05 8/12/04 $ 2,498,140 1.05 99.67 $ 2,501,734 P-1
$ 2,517,000 GENERAL ELECTRIC 1.06 9/15/04 $ 2,499,880 1.08 99.53 $ 2,505,132 P-1
$ 5,027,000 Subtotal $ 4,998,020 1.08 $ 5,006,866
Federal Agencies--Discount
$ 2,513,000 FED NATIONAL MTG ASSOC 1.06 7/28/04 $ 2,499,670 1.06 99.76 $ 2,506,969 Aaa
$ 2,513,000 Subtotal $ 2,499,670 1.06 $ 2,506,969
LGIP
$ 40,000,000 L.A.I.F. 0.00 5/1/04 $ 40,000,000 1.45 100.00 $ 40,000,000 NR
$ 40,000,000 Subtotal $ 40,000,000 1.45 $ 40,000,000
LGIP
$ 13,279,006 C.A.M.P. 0.00 5/1/04 $ 13,279,006 0.89 100.00 $ 13,279,006 NR
$ 13,279,006 Subtotal $ 13,279,006 0.89 $ 13,279,006
Pooled Funds --AIM
$ 9,814,900 PRIME PORTFOLIO 0.00 5/1/04 $ 9,814,900 0.63 100.00 $ 9,814,900 Aaa
$ 9,814,900 Subtotal $ 9,814,900 0.63 $ 9,814,900
City Loan to RDA
$ 32,785,480 CITY OF PALM DESERT 0.00 5/1/34 $ 32,785,480 1.45 100.00 $ 32,785,480 NR
$ 32,785,480 Subtotal $ 32,785,480 1.45 $ 32,785,480
Total Investments
$ 122,829,386 $ 123,300,151 1.54 $ 123,489,799
NR= Not Rated Page 3 of 7
City of Palm Desert
Portfolio Holdings
30 April 2004
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's
Cash
$ 6,044,667 CITY MAIN CHECKING 0.00 5/1104 $ 6,044,667 N/A 100.00 $ 6,044,667 NR
$ 564,261 DESERT WILLOW CHKG 0.00 511104 $ 564,261 N/A 100.00 $ 564,261 NR
$ 22,960 OFFICE COMPLEX TRUST 0.00 5/1/04 $ 22,960 N/A 100.00 $ 22,960 NR
$ 408,235 RECREATIONAL FAC CHKG 0.00 5/1/04 $ 408,235 N/A 100.00 $ 408,235 NR
$ 7,040,123 $ 7,040,123 $ 7,040,123
Total Investments and Cash
$ 129,869,509 $ 130,340,273 $ 130,529,922
NR=Not Rated Page 4 of 7
Palm Desertliedevelopment Agency --Portfolio CharacTeristics
30 April 2004
Dollars in Thousands
Ageing Interval Market Value Portfolio Ageing w/o SLGSs
< 1 M $ 88,081
<2M 3,998
<3M 7,117 100
<6M 6,512 90 83
80
< tYR - e 70
<2YR - c 60
<3YR - 0 50
`C 40
<4YR - y° 30
<SYR - 2010 q 7 6 0 0 0 0
>5YR - 0
Total: $ 105,708 < 1M <2M <3M <6M < 1YR <2YR <3YR <4YR
Quality* Market Value Credit Quality
Aaa $ 83,417 Aaa
58%
Unrated`" 61,035
Aa -
A C:
Unrated
Al/Pt 8,018 42%
Total: $ 152,470
Sector Market Value Asset Allocation Money Market
U.S.Treasury $ 7,121 Funds
Money Market Funds 70,789 as 51%
LAIF 61,035 ��
Federal Agency 5,507a
Commercial Paper 8,018018 I
Corporate Bonds - U.S.Treasury LAIF
Total: $ 152,470 5% 44/°
Month RDA Yield LAW Yield Variance Performance
May03 1.71 1.77 -0.06
Jun 1.71 1.70 0,01
Jul 1.56 1.65 -0.09
Aug 1.36 1.63 -0.27 1.7
Sep 1.28 1.64 -0.36
Oct 1.30 1.60 -0.30 o L
Nov 1.29 1.57 -0.28
Y 1.4 d u
v
Dec 1.29 1.55 -0.25 � 1 � �
Jan04 1.24 1.53 -0.29 1.1
Feb 1.20 1.44 -0.24 May03Jun Jul Aug Sep Oct Nov Dec Jan04Feb Mar Apr
Mar 1.20 1.47 -0.28
Apr 1.22 1.45 -0.23 MLAiF Yield ❑RDA Yield
Moody's Credit Ratings
" LAIF Page 5 of 7
Palm Desert Redevelopment Agency
Portfolio Holdings
30 April 2004
Market Ratings
Par Value Issuer Coupon MaturltyT Cost YTM I Price Value Moody's
Commercial Paper--Discount
$ 3,008,000 CITIGROUP 1.04 5/10/04 $ 2,999,223 1.04 99.97 $ 3,007,148 P-1
$ 3,021,000 GENERAL ELECTRIC 1.10 9/22/04 $ 2,999,215 1.12 99.50 $ 3,006,033 P-1
$ 2,008,000 TOYOTA 1.01 6/23/04 $ 1,999,831 1.01 99.84 $ 2,004,777 P-1
$ 8,037,000 Subtotal $ 7,998,270 1.08 $ 8,017,958
U.S.Treasury-•Discount
$ 7,143,000 UNITED STATES TREASURY 4.59 8/15/04 $ 4,989,671 5.54 99.69 $ 7,121,006 Aaa
8 7,143,000 Subtotal $ 4,989,671 5.54 $ 7,121,006
Federal Agency--Discount
$ 2,000,000 FED NATIONAL MTG ASSOC 1.02 6/23/04 $ 1,991,783 1.02 99.86 $ 1,997,200 Aaa
$ 3,523,000 FED NATIONAL MTG ASSOC 1.10 9/3/04 $ 3,499,963 1.12 99.63 $ 3,509,965 Aaa
$ 5,523,000 Subtotal $ 5,491,747 1.10 $ 5,507,165
LGIPs
$ 40,000,000 L.A.I.F. 0.00 5/1/04 $ 40,000,000 1.45 100.00 $ 40,000,000 NR
$ 6,249,493 L.A.I.F. (HOUSING) 0.00 5/1/04 $ 6,249,493 1.45 100.00 $ 6,249,493 NR
$ 9,758,158 L.A.I.F. BOND PROCEEDS 0.00 5/1/04 $ 9,758,158 1.45 100.00 $ 9,758,158 NR
$ 5,027,390 L.A.I.F. BOND PROCEEDS 0.00 5/1104 $ 5,027,390 1.45 100.00 $ 5,027,390 NR
$ 61,035,041 Subtotal $ 61,035,041 1.45 $ 61,035,041
LGIP
$ 29,507,457 C.A.M.P. 0.00 511/04 $ 29,507,457 0.89 100.00 $ 29,507,457 NR
$ 29,507,457 Subtotal $ 29,507,457 0.89 $ 29,507,457
Pooled Funds--AIM
$ 41,281,772 PRIME PORTFOLIO 0.00 5/1/04 $ 41,281,772 0.63 100.00 $ 41,281,772 Aaa
$ 41,281,772 Subtotal $ 41,281,772 0.63 $ 41,281,772
Total Investments
$ 152,527,270 $ 150,303,958 1.22 $ 152,470,399
Cash
$ 2,073,186 HOUSING AUTH CHKG 0.00 5/1/04 $ 2,073,186 0.00 100.00 $ 2,073,186 NR
$ 319,012 HOUSING AUTH TRUST 0.00 5/1/04 $ 319,012 0.00 100.00 $ 319,012 NR
$ 2,392,198 Subtotal $ 2,392,198 $ 2,392,198
Total Investments and Cash
$ 154,919,467 $ 152,696,155 $ 154,862,597
NR= Not Rated " Not all of AIM data received. 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 Treasurer's"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 30 April 2004,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 26 May 2004,
)9a",i.5. o�7�m, C.C.M r.
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 I 1 0.0% 3.3%
53601(c) CA State Debt 5 Years No Limit NotAuthorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized
53601(e) Federal Agencies 5 Years No Limit 5 Years 30% 2.0% 3.7%
53601(f) Bankers's Acceptances 180 Days 400% 180 Days 40% A-1 &P-1 - -
53601(g) Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 4.1% 5.3%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - -
53601(i) Repos 1 Year No Limit 30 Days 20% AAA&Aaa - -
53601(i) Reverse Repos 92 Days 20% NotAuthorized
536010) Medium-Term Notes 5 Years 30% A 5 Years 30% 1 A 16.2% 0.0%
53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% (2) 1 AAA&Aaa 1 8.0% 27.5%
53601(I) Trust Indenture Debt NotAuthorized
53601(m)l Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) 1 or Advisor 1 10.8% 19.6%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized
Securities JAA(Security)
16429 LAW No Limit I No Limit 32.4% 40.6%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 73.4% 100.0%
(2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds.
Certified California Municipal Treasurer Page 7 of 7
o
Due to Work on SymPro-Bank of New York Conversion Download,
Monthly Investment Reports will be distributed at the Committee Meeting
W57
rnav
The strategy has cost Ford U.S. market
New Model share—but boosted profits. Ford is now
outearning larger archrival General Mo-
tors Corp. in North American and global
At Ford Motor auto operations, and the company sur-
9 prised Wall Street with first-quarter earn-
ings that were double what many inves-
H Volume plume Takes tors had expected. (See related article on
page A3J
(� Mr. Ford's strategy could help Toyota
aL' Seat to ]ProfitS Motor Corp. surpass Ford as the world's
No. 2 auto maker. Toyota earlier this
year indicated its 2003 global sales had
Rejecting Industry Doctrine, outranked Ford's, and then withdrew the
claim.Mr.Ford's reaction: "I don't want
Mr, Ford Cuts Capacity, to be the biggest. I want to be the,best."
When he tk coToyota Eyes No. 2 Spot 2001, following the t ouster rof Jaon cques
Pushing 4-by-4s in Sun Belt Big
By JOSEPH B. WHITE Shia 4 . „
And NoRIHIKO SHaeouzo •.l' nil
Ford looksless
DEARBORN,.Mich.—In Janbary 1993, - at share... - And more at profit
Ford Motor Co. staged a parade of 100 U.S.market share Ford's North
Ford Tauruses ill downtown Detroit to of Ford,Mercury 'American pretax
celebrate the Taurus's victory over the and Lincoln cam profit,in billions
Honda Accord in the race for best-selling 22% $2 ` .
car in America. To win that contest,Ford -was willing to spend the then-sizable sum
of$2,600 a car in discounts. Don't look to 21 1.
see Ford repeat such a display anytime
soon.
Selling lots of cars and trucks is very 20 0
important to Ford, but Chairman and -
Chief Executive Of- 19 .1
ficer William Clay
Ford Jr. says prof-
its are more impor- 18 ,,',1 ,.,r ,,i -2
!fi taut. "I've seen us 2001.102 '03 104 2001 '02 '03 104'
in eras where we source:me wmpaar
blindly chased
share and created Nasser,Mr.Ford's most visible qualifica-
:`j�' all kinds of prob. tion for the job was his family name.While
m w- lems," he says.
Ford held a series of management
Mr. Ford and posts
posts in the company during the 1980s and
\ his executives are early 1990s,it had been six years since he
steering away from had stepped off the management track
the high-volume and become a nonexecutive board mem-
Wiliiam Clay strategies that her,heading the board's finance commit-
. Fbrd Jr. made Mr. Ford's tee. During Mr. Ford's first year at the
great-grandfather helm,the auto maker waded through red
a business legend.Rejecting a century of ink, and the company's share price sank
industry doctrine, Ford executives are as low as$6.60 a share in March 2003.On
cutting capacity in North America, kill- Thursday, Ford shares were at $14.89,
ing slow-selling models and pulling away down 23 cents,in 4 p.m,New York Stock Ex-
from low-margin sales to rental fleets. change composite trading.
Mr. Ford conceded last year that at
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cled rift Tauruses, and prices for all Lures custome�building into virtual
used ses go down.That puts a dent vehicles on Fo b sites.
in Fords inances when Ford is trying to Mr.Hansen says Ford discovered that
resell the cars, and it undercuts trade-in consumers in Sun Belt states and Calffor-
values for returning Taurus customers. nia were showing more interest in four-
"We said, this is a poor business," wheel-drive pickups than anticipated.
says Ford Chief Financial Officer Don "There was always this gut-feel para-
Leclair. "We had very difficult meetings digm that people who live in Texas,Flor-
wfth [Ford's] marketing and sales peo- ida and California don't need a 4-by-4,"
ple." Among the issues: Gaining market Mr. Hansen says. Ford encouraged deal-
share was an important part of compen- ers to order more four-wheel-drive F-se-
sation for Ford sales and marketing staff- ries pickups. Now more expensive four-
' ers. Mr. Ford says compensation plans wheel-drive versions of Ford's new F-150
now emphasize profitability. large pickup are 57% of total F-Series
Ford's profit focus is rippling through sales, about 20 percentage points higher
its factories. The company recently than Ford expected.For example,a rear-
stopped production of aging,low-margin drive F-150 SuperCab Lariat model starts
Ford Taurus and Mercury Sable midsize at $29,900. A four-wheel-drive SuperCab
cars at a Chicago plant,and now is retool- Lariat starts at $33,195.
ing that factory to build new crossover Ford also is targeting discount offers
wagons and large sedans.Taurus produc- more precisely,and reducing its discount
tion will continue at a plant in Atlanta. spending on key models below that of
Ford has also shut down one of two rival GM. During March, for example, ;
factories that builds low-profit Ranger Ford spent $2,410 on discounts for the
small trucks and is moving to consolidate average new F-150large pickup truck and
production of its Focus small car into one other F-Series trucks, compared with
factory. These moves come as part of a $3,400 that GM spent to push its rival
five-year restructuring plan drafted in Chevrolet Silverado line,according to es-
late 2001.Along with trimming low-profit timates by Autodata. Ford was able to
lines, the strategy calls for making raise prices by 1.2%during the first quar-
Ford's factories flexible enough to build ter, bucking the industry's overall down-
several different models, a departure ward trend in pricing. That translated
from Ford's nearly century-old,mass-pro- into $934 more revenue per vehicle than
duction strategy of running very high vol- Ford realized in the first quarter of 2003.
umes of the same vehicle. Putting profit over sales volume is in-
In 2002,Ford made an even broader re- creasingly the rule of thumb for Ford's -
evaluation of its strategy,as it became evi- operations around the world, Mr. Ford
dent thatprice wars in the mature U.S.and says. In China, Ford was late getting
European markets were long-term trends. started and is playing catch-up to GM,
"We became much more mindful of where which began production in the mid-1990s.
we are makingprofits.We began to dissect To gain ground,the old Ford"would have
the business more and more,"says Mr.Le- built the Taj Mahal"—a massive manu-
clair, the finance chief. facturing plant—and"waited for the mar-
A key part of Ford's new strategy is a ket to catch up with us," Mr. Ford says.
beefed-up approach to"revenue manage- But under his watch, the company is
ment." That means monitoring prices, putting in only enough capacity to meet
tracking which products are moving current demand. Ford is building plants
quickly or slowly,and adjusting tactics to in China that can be easily expanded if
achieve maximum revenue. the market keeps taking off at a break-
Other industries practice similar disci- neck pace. If the market cools down dra- -
plines, notably airlines, which have so- matically, Ford would not end up with
phisticated systems for pricing and re- huge fixed costs, Mr. Ford says.
pricing seats based on demand. Coca- While Mr.Ford says he's committed to
Cola Co. and its bottlers have embraced profits, he's made exceptions. Mr. Ford
revenue management to boost profits.De- says subordinates advised him during the
spite the risk of losing volume in the past two years to shelve two big-ticket
short run, they have walked away from projects. Both of them were designed to
supermarket sales of jug water and other demonstrate the company's commitment -
low-margin drinks and put more empha- to the environment and advanced vehicle
sis on package sizes and sales channels technology: a$2 billion makeover of the
with higher returns.And Ford's rivals do company's 86-yearold Rouge factory com- '
their own analysis of sales trends and plex in Dearborn and development of a
the effectiveness of rebates, and tailor high-mileage,gas-electric hybrid version
their offers accordingly. of Ford's Escape small SUV. -
But Ford has made these efforts cen- In all, the company has announced
tral to its marketing strategy,driving deci- plans to build three gas-electric vehicles.
sions up and down the chain from factories Mr.Ford suggests there will be more and
toshowrooms.Mr.Ford elevated the execu- says Ford will continue investing in other
tive overseeing the revenue-management fuel-saving technologies.
process,Lloyd Hansen,to a corporate vice "There were proposals to cancel the
presidency. Ford analysts track sales by Escape hybrid," Mr.Ford says, based on
model,color and optional features on a re- the project's high costs and minimal
gional basis.Where it used to take months profit expectations. "Not only did I not
to get this kind of information,Ford now permit that,I pushed to expand hybrids."
can get the data weekly.Ford also is mak- On issues like the Escape, Mr. Ford
ing more use of information culled from says his main source of management ad-
the Internet, such as what kinds of fea- vice is "usually the mirror."
CALIFORNIA A S S L T I ••• �^: 7 1 STATEMENT
MANAGEMENT PROGRAM t
JOIN'[ POW'EItS AIJTHOR]TY
50 CAI-IFORNIA STREET 231U>FI_C>OR
SAN FRANCISCO CALIFORNIA 941 11 FOR ACCOUNT
INFORMATION: 800-729-7665
STATEMENT DATE: 4/30/2004
CITY OF PALM DESERT ACCOUNT NUMBER: 553-00
OPERATING FUND
ATTN: PAUL GIBSON FUND NAME: Cash Reserve Portfolio
73.510 FRED WARING DRIVE
PALM DESERT,CA 92260
Page 1 of 1
p°cuomArrj!y,aso4000 a 4
Statement Income Dividends Capital Gains Total Shares Account
Date Paid This Year Paid This Year Owned Value
4/30/2004 $44,948.11 $0.00 13,279,005.890 $13,279,005.89
'-Tyia�saction Summa or 4%1/2U0�4 4/30/2604 "'
Beginning Balance Purchases Reinvestments Redemptions Ending Balance
$13,170,123.14 $2,500,000.00 $8,882.75 $2,400,000,00 $13,279.005.89
1 W '.DE S -L - O It AMOUNT SHARE SHARES T IH S TOTAL
D DAT R G • ANSACTION PRIDE T�RANSA6TION SHARES OWNED
04/01/04 Beginning Balance 13,170,123.140
04/16/04 4/16/2004 Redemption-Wire Red. $2,400,000.00- $1.00 2,400,000.000- 10,770,123.140
04/28/04 4/28/2004 Purchase-Wire Pur. $2,500,000.00 $1.00 2,500,000.000 13,270,123.140
04/30/04 1 5/1/2004 1 Accrual Income Div Reinvestment-DIV $8,882.75 $1.00 8,882.750 13,279,005.890
Message Line: The Monthly Distribution Yield is 0.890/6.
The Monthly Effective Annual Yield is 0.89°/>
Li.i f_ r"i4
C A L 1 1° O R N I A ASSET STATEMENT
MANAGENIENT PROGRAM
1 of Mr POw rii1s Awryio R I'iV
SU G�\.1GONNlA SC2LE'1' 23\il>FIAQR
s,W FRANCI9co CAURORN'A va 111 FOR ACCOUNT
INFORMATION: 800-729-7665
STATEMENT DATE: 4/30/2004
MR.THOMAS JEFFREY ACCOUNT NUMBER: 553-02
FINANCE DEPARTMENT
PALM DESERT REDVLPMT AGENCY FUND NAME: Cash Reserve Portfolio
GENERALFUND
73-510 FRED WARING DRIVE
PALM DESERT,CA 92260-2578
Page 1 of 1
'A1 coun S mmary as of 240NO0 4
Statement Income Dividends Capital Gains Total Shares Account
Date Paid This Year Paid This Year Owned Value
4/30/2004 $89.703.25 $0.00 29,507,456.760 $29,507,456.76
t7ia section Summa for 1/20 130/2"00. ,
Beginning Balance Purchases Reinvestments Redemptions Ending Balance
$29,635,942.09 $0.00 $21,514.67 $150,000.00 $29,507,456.76
4 "TRAD S d LE 08L4R AMOU SHARE SNARES THIS ` TOTA
DATE DAT __ T GTI• O IRANSA T70 PRIC TRANSAC ON SHARES OWNED
04/01/04 Beginning Balance 29,636,942.090
04/16/04 4/16/2004 Redemption-Wire Red. $150,000.00- $1.00 150,000.000- 29,485,942.090
04/30/04 5/1/2004 Accrual Income Div Reinvestment-DIV $21,514.67 $1.00 21,514.670 29,507,456.760
Message Line: The Monthly Distribution Yield is 0.89%.
The Monthly Effective Annual Yield Is 0.89%.
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO
Local Agency Investment Fund
PO Box 942809
Sacramento, CA 94209-0001 L%. ! ' ,Y 1 ; 1 11: 15
(916) 653-3001
April, 2004 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
04-15-2004 04-14-2004 QRD SYSTEM 146,672.81
04-20-2004 04-19-2004 RW 947379 PAUL S. GIBSON - 146,672.81
Account Summary
Total Deposit ; 146,672.81 Beginning Balance : 40,000,000.00
Total Withdrawal : 146,672.81 Ending Balance : 40,000,000.00
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO
Local Agency Investment Fund
PO Box 942809 MAY 1 1
Sacramento, CA 94209-0001 2M
(916)653-3001
April, 2004 Statement1 a OeNC`r'
PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015
Attn: TREASURER
73-510 FREE)WARING DRIVE
PALM DESERT CA 92260
Transactions
Effective Transaction Tran Confirm Authorized Amount
Date Date Type Number Caller
04-15-2004 04-14-2004 QRD SYSTEM 146,672.81
04-20-2004 04-19-2004 RW 544373 PAUL S. GIBSON 146,672.81
Account Summary
Total Deposit : 146,672.81 Beginning Balance : 40,000,000.00
Total Withdrawal : - 146,672.81 Ending Balance : 40,000,000.00
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO,' ij r +�°c' 1 •:'.+_��1
Local Agency Investment Fund
28 PO Box 942809
4 ' Sacramento, CA 94209-0001
(916) 653-3001
April, 2004 Statement
PALM DESERT HOUSING AUTHORM Account Number : 25-33-003
Attu: DEPUTY CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 99260-2578
Transactions
Effective Transaction Tran Confirm Authorized Amount
Date Date Type Number Caller
04-15-2004 04-14-2004 QRD SYSTEM 22,812.46
Account Summary
Total Deposit : 22,812.46 Beginning Balance : 6,226,680.06
Total Withdrawal : 0.00 Ending Balance : 6,249,492.52
Page : 1 of 1
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• City of Palm Desert •
Parkview Office Complex
1 Financial Statement
for Fiscal Year 2003-2004
April-04 April-04 # % YTD YTD #
Budget Actual Variance Variance Budget Actual Variance Variance
E .
Revenues
Rental $ 68,500 $ 71,307 $ 2,807 104.10% $ 685,000 $ 712,631 $ 27,631 104.03%
Dividends/Interest $ 4,375 $ - $ (4,375) 0.00%) $ 43,750 $ 216 $ (43,534) 0,49%
Total Revenues $ 72,875 $ 71,307 $ (1,568) 9Z85%) yf $ 728,750 $ 712,847 $ (15,903) 97.82%
Expenses
Professional-Accounting&Auditing $ 8,000 $ 8,000 $ - 100.00%i $ 80,000 $ 80,000 $ - 100.00%
Professional-Consultants $ 6,000 $ 5,557 $ 443 92.62%' - $ 60,000 $ 56,249 $ 3,751 93.75%
Tenant Improvements $ 31000 $ - $ 3,000 0D0%� $ 30,000 $ 7,120 $ 22,880 23.73%
Repairs&Maintenance Building $ 81000 $ 7,953 $ 45 99.44% $ 80,000 $ 108,114 $ (28,114) 135.14%
Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 o.00%1. $ 23,000 $ - $ 23,000 0.00%
Utilities-Water $ 150 $ 110 $ 40 73.53% .. $ 1500 $ 1,074 $ 426 71.60%
Utilities-Gas/Electric $ 81000 $ 4,493 $ 3,507 56.16%1 $ 80,000 $ 66,163 $ 13,837 82.70%
Utilities-Waste Disposal $ 700 $ 1,061 $ (361) 151.53%, $ 7,000 $ 5,480 $ 1,520 78,29%
Telephone $ 200 $ 378 $ (178) 188.79% $ 2,000 $ 1,845 $ 155 92.23%
Insurance $ 521 $ - $ 521 0.00% $ 5,208 $ - $ 5,208 0.00%
t
E
Total Expenses $ 36,871 $ 27,554 $ 9,317 74.73% ".1 $ 368,708 $ 326,045 $ 42,663 88.43%
' ..
__ __....._ .____.r. - _....,-�........ ........_.. _,
Q`perating lneome, ; $'. 3bp04 $ 43753 $ 7,749121.5Ztlln- $ 360,042 802,;$ 26,760 167:43^/0
Equipment Replacement Reserve $ 14,000 $ 13,306 $ 694 95,04% $ 140,000 $ 133,060 $ 6,940 95.04%
Net lnco;jie - $. 22,004 $ 30,447 $ 8,443 138,,37% $ 220,042�`.$ 253,742 $ 33,700� 115.32P/u�
Note: During the last meeting a question was asked regarding the variance for the Repairs and Maintenance-Building line item,which shows an overage
of$28,114 over budget.This excess is directly related to the cost of applying the Slurry Seal on the parking lot located at Parkview Office Complex.
2004 Investment Reportlnv Report 2004
4
City of Palm Desert
Parkview Office Complex
O Vacancy Rate Schedule by Suite
April 2004
Suite Square
No. Tenant Feet
73-710 Fred Waring Drive-Two (2) Story Building
100 Hanover 1,915
100A William Bonneheim 645
102 Bergren& Associates 1,360
103 National 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 Adopt-A-Class 700
208 Alzheimer's Association 960
210 Wilson,Pesota&Pichardo 3,040
2004 Investment ReportVacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
April 2004
211 State of California Department of Food&Agriculture 937
217 Joe B. McMillan,. Esq. 775
220 EPA-Moved From Suite 101A 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-1,081/31,562= 3.43%
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:
Vacangy Rate-1,081/51,191 2.11%
Occupancy Rate-50,110/51,191 97.89%
2004 Investment ReportVacancy Report 2
The following report will be distributed at the Investment
and Finance Committee Meeting
F. Palm Desert Golf Course Facilities Corporation Financial
Information for April 2004
The following report will be distributed at the Investment
and Finance Committee Meeting
F. Palm Desert Golf Course Facilities Corporation Financial
Information for April 2004
City Pa Desert
Desert
pa Willow
Budget Vs Actual
For the month of
April 2004
Budgeted Actual Budgeted Actual
April April $ Percentage Year to Year to S Percentage
Revenue 2004 2004 Variance Variance Date Date Variance Variance
Course&Ground $ 638,365 $ 610,533 S (27,832) 95.64% $ 3,991,075 S 4,103,935 $ 112,860 102,83%
Carts $ 45,588 S 53,185 $ 7.597 116,66% S 290,163 $ 330,000 $ 39,937 113,73%
Golf Shop $ 93,131 S 108,051 $ 14,920 116.02% S 695,206 $ 759,061 S 63.855 109.19%
Range $ 2,300 $ 4,252 $ 1,952 184.87% $ 34,085 $ 34,979 $ 894 102.62%
Food&Beverage $ 196,969 S 223,799 $ 26,920 113.67% S 1,354.917 $ 1,434,667 S 79,750 105.99%
Interest Income $ 250 S - $ (250) 0.00% $ 2,150 S - $ (2,150) 0,00%
Tota Revenues S 976 503 999 810 S 23 307 102.39% S 6,367 596 S 6.662 642 S 295,046 104.63%
Payroll
Proshop $ 4,880 $ 2,664 $ 2,216 54.59% $ 53,451 S 46,233 $ 7,218 86.50%
Cart $ 31,088 S 32,638 S (1,550) 104.99% S 223,972 S 228,875 S (4,903) 102.19%
Course&Ground $ 121,960 S 122,199 $ (329) 100.27% $ 1,251,103 $ 1,243,709 $ 7,394 99.41%
Golf Operations $ 33,580 $ 32,194 $ 1,386 95.87% $ 280,639 S 249,595 $ 31,044 88.94%
General&Administration S 36,566 S 40,618 S (4,052) 111.08% $ 364,787 $ 400,002 $ (35,215) 109,65%
Food&Beverage $ 76,538 S 80.140 S (3.602) 104.71% S 648,373 $ 672,992 $ (24,619) 103.80%
Total Pa rollS 304,512 S 310,442 S 1519301 101.95% 2 822 325 2,841,406 $ 19 081 100.68
Other Expenditures
Perimeter Landscaping S - S - $ - 0.00% $ - $ - $ - 0 00%
Proshop $ 2,290 $ 8,834 $ (6,544) 385.76% $ 42,120 S 59,124 $ (17,004) 140.37%
Proshop-COGS $ 49,840 $ 51,380 S (2,540) 105.20% $ 325,204 $ 316,583 S 8,621 97.35%
Can S 15,720 S 17,765 S (2,045) 113.01% S 129,840 $ 135,327 S (5,487) 104.23%
Course&Ground-North Course $ 34,310 S 38,586 S (4,276) 112.46% S 573,255 S 527,385 S 45,870 92.00%
Course&Ground-South Course $ 36,948 $ 31,663 S 5,285 85.70% S 513,946 $ 592,715 S (78,769) 1 15.33%
Course&Ground-Desert Pallet-N $ 1,005 $ 292 $ 713 29.05% $ 7,045 $ 4,083 S 2,962 5796%
Course&Ground-Desert Palle4S S 405 $ 292 $ 113 72.10% S 7,045 S 5,291 $ 1,754 75.10%
Golf Operations $ 840 $ 2,444 S (1,604) 290.95% $ 11,960 S 11,339 S 621 94,81%
General&Administration S 59,073 $ 67,350 $ (9,277) 114.01% $ 659,699 $ 613,766 S 44,923 93.18%
Range $ 100 $ 32 $ 68 32.00% $ 11,550 $ 9,003 $ 2.547 77,95%
Food&Beverage $ 24,762 $ 35,258 $ (10,496) 142,39% $ 224,789 S 249,387 $ (24,598) 110.94%
Food&Beverage COGS $ 59,886 $ 73,484 S (13,598) 122.71% $ 415,499 S 450,683 $ (35,184) 108,47%
Management Fee $ 25,000 $ 25,000 $ - 100,00% $ 250,000 $ 250,000 $ - 100.00%
Financing/Lewe $ 5,107 S 4.704 S 403 92.11% $ 55,770 $ 52,657 $ 3,113 94.42%
Tot IOther Ex nditures $ 314286 357084 S 42798 113.621, S 3226712 S 3277343 $ 50631 lOL57%
Desert Willow Golf Academy
Desert Willow Golf Academy $ 9,500 $ 16,176 $ 6,676 170.27% $ 124,200 S 134,790 $ 10,590 [08.53%
COGS-Merchandise $ (8,007) S (5,966) S 2,041 74.51% $ (65,887) $ (73,030) $ (7,143) 110.84%
Other Expenditures $ (3,375) S (7,006) S (3,631) 207,59% S (54,000) $ (57,012) S (3,012) 105.58%
Learning Center Income(Loss) $ (1,892) S 3,204 S 5,086 -170,24% S 4,313 $ 4,748 $ 435 110,09%
Operating Income(Lass) $ 355,823 $ 335,488 S (20,335) 94.29% $ 322,872 S 548,641 $ 225,769 169.93%
Equipment Reserve Replacement $ 71,955 $ 66,969 $ (4,986) 93.07% $ 719,550 $ 682,549 $ (37,001) 94.86%
Net Income Loss $ 83 868 S 268 19 15 349 94.59% S 396 678 $ (133,908 S 262 770 3},76%
Sna spot of Golf Rounds Budgeted mo Actual ma Variance Variance% Budgeted td Actual td Variance Variance
Resident 2,125 2,645 520 124% 16,825 17,884 1,059 106%
Non Resident 7,205 7,509 304 104% 41,912 45,624 3,712 109%
Other - 109 109 100% - 369 369 100%
Complimentary 350 419 69 120% 2,694 3,588 894 133%
Total 9,680 10,682 1,002 110% 61,431 67,465 6,034 110%
Folder!Desert Willow 2004:DW2004;Fmn ncial Statement Page 1
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Desert Willow •
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- APRIL 2004
Resident 2,645 $ 119,025 $ 45.00 24.809/.
Non-Resident 7,509 $ 539,759 $ 71.88 70.30%
Other 109 $ 1,090 $ 10.00 1.00%
Complimentary 419 $ 1,440 $ 3.44 3.90%
Desert Willow Totals 10,682 T 6 11,314 61.91 100.00%
DW2004;POS AVG RD Page 9
• Desert Willow •
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- APRIL 2004
Description No. Of Revenue j Avg. Per j Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee-Weekday 1,289 $ 58,005 $ 45.00 23.78%
Total Resident 1,289 58,005 45.00 23.78%
Non Resident
IROC Des. PRTY 18 $ 1,170 $ 65.00 0.33%
IROC 123 $ 10,507 $ 85.42 2.27%
Sunrise 165 $ 21,450 $ 130.00 3.04%
Prime 300 $ 38,860 $ 129.53 5.53%
Midday 129 $ 12,255 $ 95.00 2.38%
Twilight 395 $ 27,440 $ 69.47 7.29%
Sunset 762 $ 34,310 $ 45.03 14.06%
Wholesale 891 $ 62,464 $ 70.11 16.44%
Outing 953 $ 60,520 $ 63.50 17.58%
Fee Special Event Variable 187 $ 13,056 $ 69.82 3.45%
Total Non Resident Rounds 3,923 282,032 71.89 72.37%
Other Rounds
Junior Walking 53 $ 530 $ - 0.98%
Total Other 53 530 - 0.98%
Complimentary
PGA Member 95 $ - $ - 1.75%
Employee / Employee Guest 61 $ 1,035 $ 16.97 1.13%
Total Complimentary 156 11035 6.63 2.88%
Total Round (FireCliff) 5,421 $ 341,602 $ 63.01 100.00%
DW2004;POS AVG RD Page 10
• Desert Willow •
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- APRIL 2004
Description No, Of Revenue Avg. Per Pet to
Rounds Per POS Round Total
Resident Rounds
Resident Fee-Weekday 1,356 $ 61,020 $ 45.00 25.77%
I
Total Resident 1,356 61,020 45.00 25.77%
Non Resident
IROC Des. PRTY- Weekday 23 $ 1,495 $ 65.00 0.44%
IROC 122 $ 10,465 $ 85.78 2.32%
Sunrise 92 $ 11,960 $ 130.00 1.75%
Prime 282 $ 36,520 $ 129.50 5.36%
Midday 129 $ 12,255 $ 95.00 2.45%
Twilight 294 $ 20,265 $ 68.93 5.59%
Sunset 721 $ 32,745 $ 45.42 13.70%
Wholesale 747 $ 50,129 $ 67.11 14.20%
_Outing 1,046 $ 72,088 $ 68.92 19.88%
Fee Special Event Variable 130 $ 9,805 $ 75.42 2.47%
Total Non Resident Rounds 3,586 257,727 71.87 68.16%
Other Rounds
Junior Walking 56 $ 560 $ - 1.069/u
Total Other 56 560 - 1.06%
Complimentary
PGA Member 91 $ 1.73o/u
Employee / Employee Guest 66 $ 405 $ 6.14 1.250/.
COD / PDHS 106 $ - $ - 2.01%
Total Complimentary 263 405 1.54 5.00%
Total Round IMountainview) 5,261 $ 319,712 $ 60.77 100%
DW2004;POS AVG RD Page 11
• City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
April 2004
Cash Reserve Analysis One Month
Required Reserve $ 500,000.00
Cash on Hand $ 1,036,792.69
Variance- Favorable Unfavorable $ 536,792.68
Page 12
Palmart Recreation Facilities Corporation
Income Statement
Apr-04 Apr-04 # %
Budget Actual Variance Variance
Food & Beverage Revenues $196,869 $223,789 $26,920 113.67%
Total Revenues $196,869 $223,789 $26,920 113.67%
Salaries $76,538 $80,140 ($3,602) 104.71%
Cost of Goods Sold-F&B $59,886 $73,484 ($13,598) 122.71%
Food & Beverage Expense $24,762 $35,258 ($10,496) 142.39%
Total Expenses $161,186 $188,882 ($27,696) 117.18%
Net Income (Loss) $35,683 $34,907 ($776) 97.83%
Note: The above revenues and expenditures are also included in the Desert Willow analysis.
DW2004,PDRFC Budget Page 1
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Palm Desert Financing Authority
Tax Allocation Refunding Bonds, Series 2004
(Project Area No.1)
Interested Parties List
1 of 4
' Issuer
City of Palm Desert
73-510 Fred Waring Drive Tel: (760) 346-0611
Palm Desert, CA 92260-2578 Fax: (760) 776-6306
Carlos Ortega
City Manager/Executive Director
cortega(a)ci.palm-desert.ca.us
Paul Gibson
Finance Director/Treasurer
pgibsonRcci.pal m-desert.ca.us
' Luis Espinoza
Assistant Finance Director
lespinoza(cbci.yalm-desert.ca.us
Justin McCarthy
Assistant City Manager/Redevelopment
i mcarthyna-c i.oalm-desW.ca.us
David Yrigoyen
Director of Redevelopment
dvrigoven(@,ci.palm-desert.ca.us
ci.palm-desert.ca.us
,. Dennis Coleman
Redevelopment Finance Manager
dcoleman(a,,c i.palm-desert.ca.us
1
Bond Counsel
' Richards, Watson & Gershon
355 S. Grand Avenue, 40th Floor Tel: (213) 626-8484
Los Angeles, CA 90071-3101 Fax: (213) 626-0078
William L. Strausz
wstrausz(a,rwglaw
Palm Desert (Financing Authority
Tax Allocation Refunding Bonds, Series 2004
' ((Project Area Not)
Interested ]Parties List
2of4
' Underwriter
Citigroup Global Markets, Inc.
444 South Flower Street, 27"' Floor
Los Angeles, CA 90071 Fax: (213)486-8918
Cody Press Tel: (213) 486-8912
Managing Director
h.c.press.iiincitigroup.coin
Joe Crowley Tel: (213)486-8925
Vice President
ioseph.i.crowleync itiaroup.com
Carmen Vargas Tel: (213)486-8995
Associate
carmen.va rgasncitieroup,com
Citigroup Global Markets,Inc.
350 California Street, 2151 Floor
San Francisco, CA 94104 Fax: (415) 955-1555
Nikolai J. Sklaroff Tel: (415) 955-1619
Vice President
nkolai.6.sklaroff(a�citi group.com
Financial Advisor
MuniSoft
1325 Country Club Drive Tel: (209) 543-8704
Modesto, CA 95356 Fax: (209) 545-1754
Ken Dicker
kdiekernmunisoft.com
IKassandra Booth
Associate
kbooth Amunisoft.com
Palm Desert ]Financing Authority
f Tax Allocation Refunding Bonds, Series 2004
(project Area No.1)
Interested ]Parties List
3 of 4
Underwriter's Counsel / Disclosure Counsel
Jones Hall
650 California Street Tel: (415) 391-5780
18"' Floor Fax: (415) 391-5784
San Francisco, CA 94108
Dave Fama
dfama(c�i oneshall.cone
Trustee
BNY Western Trust Company
700 South Flower Street, Suite 500 Tel: (213) 630-6237
Los Angeles, CA 900 1 7-4 1 04 Fax: (213) 630-6215
Gonzalo Urey
Assistant Vice President
gurey(c0ankofny.com
Trustee's Counsel
Jensen Law Office
3708 Mount Diablo Boulevard, Suite 120 Tel: (925) 284-7071
Lafayette, CA 94549-3630 Fax: (925) 284-7079
Phillip K. Jensen
pkjensenc,att.net
fVerification Aeent
Grant Thornton LLP
500 Pillsbury Ctr.
200 S. Sixth St Tel: (612) 677-5237
Minneapolis, MN 55402 Fax: (612) 332-8984
M. Joseph Smith
mjsmithG. gt.com
r
r
Palm Desert ]Financing Authority
Tax Allocation Refunding Bonds, Series 2004
1 (]Project Area No.1)
Interested Parties List
4 of 4
Fiscal Consultant
Rosenow Spevacek Group, Inc.
1 217 North Main Street Tel: (714) 541-4585 x 2398
Suite 300 Fax: (714) 836-1748
Santa Ana, CA 92701
Felise Acosta
Principal
facostaADwcbrsv.com
Printer
[To Be Determined]
1
1
1
1
1
r
r
' BOND DEBT SERVICE
Palm Desert Financing Authority
' Period Refunding 1995 TABS-Project Area#I
Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/22/2004
04/01/2005 936,325.94 936,325.94 936,325.94
10/01/2005 604,081.25 604,08125
04/O1/2006 780,000 4.000% 604,081.25 1,384,081.25 1,988,162.50
' [0/01/2006 588,481.25 588,481.25
04/01/2007 805,000 4.000% 588,481.25 1,393,481.25 1,981.962,50
10/01/2007 572,381.25 572,381.25
04/01/2008 845,000 5.000% 572,381.25 1.417.381.25 1,989,762.50
10/01/2008 551,256.25 551,256.25
0410112009 880,000 5.250% 551,256.25 1,431,256.25 1,982,512.50
10/01/2009 528,156.25 528,156.25
04/01/2010 925,000 5.250% 528,156.25 1,453,156.25 1,981,312.50
10/01/2010 503,875.00 503,875.00
' 04/01/2011 975,000 5.250°! 503,975.00 1,479,975.00 1,992,750.00
10/01/2011 478,281.25 478,281.25
04/01/2012 1,025,000 5.250% 478,281.25 1,503,281.25 1,981,562.50
10/01/2012 451,375.00 451,375.00
' 04/01/2013 1,080.000 5.000% 451,375,00 1,531,375.00 1,982,750.00
10/01/2013 424,375.00 424,375.00
04/01I2014 1,135,000 5.0000/6 424,375,00 1,559,375.00 1,983,750.00
10/01/2014 396,000.00 396,000.00
04/01/2015 1,190,000 5.000% 396,000.00 1,586,000.00 1,982,000,00
10/01/2015 366,250.00 366.250.00
04/01/2016 1,250,000 5.000% 366,250.00 1,616,250.00 1,982,500.00
10/01/2016 335,000.00 335,000.00
04/01/2017 1.315.000 5.000% 335,000.00 1,650,000.00 1,985,000.00
10/01/2017 302,125.00 302,125.00
04/01/2018 1380,000 5.000% 302,125.00 1,682,125.00 1,984,250.00
10J01/2018 267,625.00 267,625.00
04/01/2019 1,450,000 5.000% 267,62500 1,717,625.00 1,985,250.00
10/01/2019 231.37500 231,375.00
04/01/2020 1.525,000 5.000% 231.375.00 1,756,375.00 1,987,750.00
[0/01/2020 193,250.00 193,250.00
04/01/2021 1,600.000 5.000% 193,250.00 1,793,250.00 1,986,500.00
10/01/2021 153,250.00 153,250.00
04/01/2022 1,680,000 5.000% 153,250.00 1,833,250.00 1,986,500.00
10/01/2022 111,250.00 111,2%00
04/01/2023 1,765,000 5.000% 111,250.00 1,876,250.00 1,987,500.00
10/01/2023 67,125.00 67,125.00
04/01/2024 1,850,000 5.000% 67,125.00 1,917,125.00 1,994,250.00
10/01/2024 20,875.00 20,875.00
04/01/2025 835,000 5.000% 20,875.00 855,875.00 876,750.00
24,290,000 15,229,100.94 39,519,100.94 39,519,100.94
1
May 23,2004 6:21 pm Prepared by Citigroup Global Markets Inc. page I
1