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1993 07 23 IAB4 4 Oda& 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 = NVE S THE N T ADV = S ORY BOARD AGENDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 First Meeting July 23, 1993 - 3:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of minutes from the meeting of "N/A". IV BUSINESS SESSION A. Appointment of Investment Advisory Board Chairperson and Investment Advisory Board Vice -Chairperson. B. Consideration of a regular date and time for Investment Advisory Board meetings. V STUDY SESSION A. Discussion of the Treasurer's Report which is submitted monthly to the La Quinta City Council. VI OTHER A. Staff Informational Report. VII ADJOURNMENT 5 12 19 T li E S; D A Y VV E D 1\1 E '5 D A Y 2 L=-z 6 7 9 3 too C: 13 14 15 16 C-milam Svcs. E: -_a 20 21 22 23 COLO)c"A 3 It 0 0 27 28 29 30 -Owqluv)*A Svcs, S AT U F1 D AY 14 6(4P G�'v OF � INVESTMENT ADVISORY BOARD MEETING DATE: July 23, 1993 ITEM TITLE: APPOINTMENT OF INVESTMENT ADVISORY BOARD CHAIRPERSON AND INVESTMENT ADVISORY BOARD VICE -CHAIRPERSON. AGENDA CATEGORY: CONSENT CALENDAR: BUSINESS SESSION: A STUDY SESSION: ISSUE AND DISCUSSION: Chapter 2.70.030 of the La Quinta Municipal Code directs the Board to annually elect a Chairperson and Vice -Chairperson at the first meeting held after each June 30th. All Board members share equal voting privileges. The Chairperson's duties will be to conduct all meeting proceedings from Call To Order to Adjournment. The Vice -Chairperson will be responsible for the Chairperson's duties in the absence of the Chairperson. RECOMMENDATION: It is the recommendation of staff that the Investment Advisory Board of the City of La Quinta discuss and vote to appoint one Board member as the Chairperson and one Board member as the Vice -Chairperson. Approved for submission to the Investment Advisory Board: Thomas J. O'Reilly - Finance Director �01K.B Oj jj ' ,.►...o,j.�6(4 INVESTMENT ADVISORY BOARD MEETING DATE: July 23, 1993 AGENDA CATEGORY: ITEM TITLE: CONSENT CALENDAR: CONSIDERATION OF A REGULAR DATE AND TIME FOR INVESTMENT ADVISORY BOARD MEETINGS. BUSINESS SESSION: B STUDY SESSION: ISSUE AND DISCUSSION: Chapter 2.70.020 of the La determine a date and time Investment Advisory Board. Quinta Municipal Code directs the Board to to be set for the regular meetings of the Attached is a calendar to represent the meeting dates of other boards or committees so as to avoid regular meeting date conflicts. The City Council meets at 3:00 p.m. on the first and third Tuesday of each month. The Planning Commission meets at 7 : 0 0 p.m. on the second and fourth Tuesday of each month. The Design Review Board meets at 5:30 p.m. on the first Wednesday of each month. The Art in Public Places Committee meets at 3:00 p.m. on the first Monday of each month. The Community Services Commission meets at 7:00 p.m. on the second and fourth Monday of each month. A new Historical Preservation Committee is looking at tentative dates for their quarterly meetings and they are leaning towards the last Wednesday of every third month. RECOMMENDATION: It is the recommendation of staff that the Investment Advisory Board of the City of La Quinta approve a date and time for regular Investment Advisory Board meetings. Approved for submission to the Investment Advisory Board: Thomas J. O'Reilly - Finance Director 0-1 Gr/A,i�i Par'"i A -r u -Fl E) A Y IM 0 H D A Y E S D A Y r t i u ir, i so ri F Fl I D A Zj U f\l D A D A Y IN D 2 3 4 5 9 10 11 FIN C 0m) 3:00 EZA 15 16 17 18 12 13 14 Svcs. ploonlv\�CoAft 00 %1100 &M I 3.,00 117 28 VATAO)A F)qN)N)%,A COYAM, 7t T7;00 , 00 � 22 23 29 L -- —A 30 ■- NWM a,A. Ov Of TNT' INVESTMENT ADVISORY BOARD MEETING DATE: July 23, 1993 AGENDA CATEGORY: ITEM TITLE: CONSENT CALENDAR: DISCUSSION OF THE TREASURER'S REPORT WHICH IS SUBMITTED MONTHLY TO THE LA QUINTA CITY COUNCIL. BUSINESS SESSION: STUDY SESSION: A ISSUE AND DISCUSSION: Attached is the monthly Treasurer's Report for May 1993 which was approved as Business Session Item #8 at the La Quinta City Council Meeting of July 6, 1993. Government code requires that this type of monthly report be presented to a city' s governing body on a regular basis. This report shows the location of all funds handled by the City, the Redevelopment Agency, and the La Quinta Financing Authority. The Report attached here has additional statements that are not included in the City Council's agenda package. Staff will provide the Board with the most recent Treasurer's Report at each Board meeting. Other than bond proceeds held by the trustee bank from each bond issue, all City investments are with the State of California's Local Agency Investment Fund (LAIF). The Employees Deferred Compensation fund is not an investment of the City in the traditional sense. It is an employee selected retirement fund that is required to be shown on the City books as a reporting requirement. The City does not currently utilize any investment services or brokers. The City has set up investment accounts with Bank of America, Wells Fargo, and Chase Manhattan Bank to purchase investment instruments through these banks, but their services have not been utilized as of yet. The City has a third party custodial account set up with Bank of America to safe -keep any securities or investments if needed. Staff occasionally is solicited for investment opportunities and will now direct those solicitations to the Investment Advisory Board. RECOMMENDATION: None at this time. Approved for submission to the Investment Advisor Board: Thomas J. O'Reilly - Finance Director T4'1�p 4 4v Q"&V COUNCIL MEETING DATE: JULY 61 1993 ITEM TITLE: DEPARTMENT STAFF REPORT FINANCE DIRECTOR TRANSMITTAL OF TREASURER'S REPORT AGENDA CATEGORY: PUBLIC HEARING: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: Transmital of May 31, 1993 Treasurer's Report. I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1/1/86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of.Moneys and Funds. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. Thomas J. O'Reil Dat City Treasurer RECOMMENDATION: Receive and File Submitted by: Are,, Ar-/ Signature Approved for submission to City Council o� ROBERT L. HUNT CITY MANAGER 01 LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT MAY 31, 1993' ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER. TYPE OF MATURITY INTEREST INVESTMENT INSTITUTUION DATE RATE ---------- ------------ -------- -------- CIVIC CENTER BOND PROCEEDS: CASH - CONSTRUCTION BANK OF AMERICA DEMAND CASH - RESERVE BANK OF AMERICA DEMAND CASH - REDEMPTION BANK OF AMERICA DEMAND 1.83 1.83 1.83 TOTAL AMOUNT RANK ------ ---- $579,768 2 737,225 2 317,312 ------------ $1,634,305 ------------ C3 S-qqa, Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 05/28/93 PAGE 1 OF 5 E341 CITY OF LA QUINTA 0916 P 0 BOX 1504 LA QUINTA CA 92253-1504 YOU WON'T WANT TO MISS BOFA'S SALE ON SELECT. APRIL 19 - MAY 31 VISIT YOUR BRANCH FOR DETAILS Statement CHECKZHG 09160-15464 BUSINESS ANALYZED CHECKING TAX ID 95-3740431 CUSTOMER SINCE 1982 SUMMARY PREVIOUS STATEMENT BALANCE ON 04-30-93........... 0... .................72,152.23 TOTAL OF 24 DEPOSITS FOR.. ..... .:.............::;.-: :.............1P647,109.83 TOTAL OF 2 OTHER CREDITS ....687,807.00 TOTAL OF 337 CHECKS FOR ..... ...............:.....:`....:.:............ 2,072,850.31 TOTAL OF 7 OTHER DEBITS FOR........,..............:.:::...............196,537.05 STATEMENT BALANCE ON 05-28-93... ..:............. ................ .13 81.70 CHECKS/ CHECKS U ife co , e OTHERa DEBITS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 05-20 220400.00 8515 05-12 961.43 05-24 100,000.00 8516 �''`8517 05-07 755.48 05-26 285.00 05-10 1,087.39 8462 l8473M 05-04 729.24 8518 %%%*'8519 05-11 724.26 05-26 1,340.23 05-07 772.65 `.0/80v 8492 ~� V. fs7 05-11 7 C'/ A7 924.44 oiosA4- v 4 8521 AG4jj-1 1 05-10 ,ic, +776.20 8493 05-11 1,725.64 � 8522 05-10 682.46 8494 05-07 1,472.20 8523 05-10 1,054.97 8495 05-19 1,572.59 lk" 8524 05-07 1P073.15 8496 05-10 146.43 8525 05-07 1,125.15 8497 **-18498 05-07 991.32 8526 05-07 1,253.92 1,294.00 � 8499 05-07 05-07 670.53 1,118.14 8527 %%8528 05-12 05-07 1,305.70 %�- 8500 05-07 353.90 \ 8529 05-12 1,310.85 %''8501 05-10 683.47 �8530 05-07 1,194.59 8502 05-10 799.26 8531 � 05-07 1,074.49 8503 0.5-10 1,659.33 8532 05-07 1,303.15 8504 05-07 475.45 �, 8533 05-10 546.71 8505 05-07 1,394.32 8534 05-07 1,459.76 1,426.39 8506 05-10 589.56 8535 05-10 � 8507 05-10 1,047.51 8536 �•8537 05-11 748.24 8508 �'8509 05-10 1,655.32 05-11 1,218.90 N%1 05-10 107.16 8538 '- 05-07 722.72 8510 05-10 865.18 8539 05-11 733.70 8511 05-11 1,435.54 8540 05-11 1,041.49 8512 05-14 1,034.52 8541 05-07 79 U.- 8513 05-10 910.32 `8542 05_11 57 '-8514 05-12 804.53 .8543 05 10 809.34 STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER _•., SACRAMENTO LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 05/31/93 SACRAMENTO, CA 94209-0001 Page: 01 MAY, 1993 STATEMENT ACCOUNT NUMBER: 98-33-434 CITY OF LA QUINTA ATTN: FINANCE DIRECTOR P.O. BOX 1504 LA QUINTA CA 92253 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE ---------------------------- —_- BEGINNING BALANCE — REG $7r513o283.6`, 05/07/93 05/06/93 RW 05/20/93 05/19/93 RD 05/25/93 05/24/93 RD ENDING BALANCE — REG NO BOND PROCEEDS GRAND TOTAL REG B/P TOTAL TRAN COUNT 3 0 3 558 TJO 559 TJO 560 TJO SUMMARY TOTAL DEPOSIT AMT ------------------ $320,000.00 $0.00 ----------------- $320,000.00 -$650,000.00 Y6,863,283.r.7� $220,000.00 $71083,283.63 $100,000.00 $7,183,282L.6.3 7 ,18 .. , $7,183, 283.E 3 C TOTAL WITHDRAWAL AWL -$6 0 r 000 . C'' 'to.00 ------------------------ -$6r-0, 000. 00 C6 SCARY OF INVESTMENT DATA FOR THE POOLED MONEY INVESTMENT ACCOUNT A COMPARISON OF MAY 1993 WITH MAY 1992 (Dollars in Thousands) AVERAGE DAILY MAY 1993 MAY 1992 CHANGE PORTFOLIO TOTAL $ 24,113,088 $ 23,377,010 $ + 736,078 TOTAL EARNINGS ON ACCRUAL BASIS $ 90,664 $ 106,501 $ - 15,837 EFFECTIVE YIELD =4.427 5.379 - .952 AVLntiGE LIFE Gr PORTFOLIO ON THE LAST DAY OF THE MONTH (IN DAYS) 338 319 + 19 DOLLAR VALUE OF SECURITY TRANSACTIONS $ 14,574,348 $ 13,527,261 $ + 1,047,087 DOLLAR VALUE OF TIME DEPOSITS $ 47, 6-90 $ 13,190 $ + 34,500 AVERAGE WORKDAY INVESTMENT ACTIVITY $ 731,102 $ 677,023 $ + 54,079 NUMBER OF SECURITY TRANSACTIONS 325 318 + 7 NUMBER OF TIME DEPOSITS 14 8 + 6 AVERAGE PRESCRIBED DEMAND COMPENSATING BANK BALANCES $ 292,237 FOR SERVICES $ 196,746 + 95,491 AVERAGE PRESCRIBED DEMAND BANK BALANCES FOR UNCOLLECTED FUNDS $ 233,800 $ 218,106 $ + 15,694 LOCAL AGENCY INVESTMENT FUND* MAY 1993 SUMMARY OF ACTIVITY BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $ 9,581,512,711.71 $ 825,651,000.00 $ 706,150 6 47.15 $9,701,013,064.56 *Local Agency Investment Fund Invested Through Pooled Money Investment Account C7 457 DEFERRED C NVENSATION PLAN STATEMENT FOR ITE QUARTER ENDING 3/31/93 ICMA V, RETIREMENT. CORPORATION ACCOUNT NUMBER: 24.25 TAX ID # : 953740431 Corporate Headquarters 777 North Capitol Street, NE, Suite 600 Washington, DC 20002-4240 ( 002) 962-4600 Toll -Free 1-800-669-74C 01 9714-70-0002143 CITY OF LA QUINTA P 0 BOX 1504 LA QUINTA, CA Summary of Activity for 1 s re-.) for 457 Deferred Compensation Plan Balance on 1/ 1 /93 2 3 5, 7 0 7. 2 8 , Contributions 0't I0i3 #S f'' Acct Maint Fee 3 0 6. 0 0 - A Fund Transfers Adjustments l�......... i �- `.� neX f` Di r m nt sb se e s u Qe 10 :.'... :...:.......::...:...... .:.;:.:.::.;::: ; ..:..:.:..: Earnings 1 /31 6 L 2, 0 6 2. 4 7 U.:...'#..........:....:a.:........... .......38..C►1 2/28 184 .4 2 / 1 33 2 497.36 ......... ................. ...... ......... .:...................:.:...::...: ...: . Balance on 3/31 /93 250f725.53 Summary Detail for 1st Quarter (in $) 28,401.79 2,287.50 72.27- 4,795.30 282.71 1,627.06- 961.67 35,029.64 4,270.76 263.90 16.04- 4,634.60- 882.55 110.53 107.84 3.05 92253 CITY OF LA QUINTA ACCT.#2425 TAX ID#: 953740431 4,908.06 498.00 13.74- 48.65 48._37 95.83 5,585.17 41711.75 521.00 21.52- 48.74 41.21 9.00 25,935.33 1,716.00 36.06- 367.52 494.62 433.94 28,911.35 86,743.39 4,761.70 96.65- 194.10 2,748.27 527.55 474.31 545.32 11,774.98 531.90 28 . 36- 354 . 80- 237.28 2s4.98 13.85 ttANT6-E0 > ; .................. ............................... ................................. ................................ ................................ =MD.:- ................................. ................................. 68,961.22 21.36 3,630.82 439.49 390.15 434.70 eat 9 8 7. 9 9 5, 310. 18 9 5, 8 9 7. 9 9 66t573.38 Amounts shown are net of applicable fees and expenses. See Making Sound Investment Decisions: A Retirement Investment Guide. If you find discrepancies in your account, please call our toll -free number, (800) 669-7400, within 90 days. Rev. 11 /� Url C3ank of America 00,0�-�ONXIN I. P. 0. BOX 30746 LOS ANGELES,. CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 05/28/93 S -`1'b PAGE 1 OF 2 Ell LA QUINTA REDEVELOPMENT 0916 AGENCY P 0 BOX 1504 LA QUINTA CA 92253-1504 11 Statement YOU WON'T WANT TO MISS BOFA'S SALE ON SELECT BUSINESS BANKING SERVICES APRIL 19 — MAY 31 VISIT YOUR BRANCH FOR DETAILS CHECKZHG 09168-15323 BUSINESS ANALYZED CHECKING 4". TAX ID 95-3740431 CUSTOMER SINCE 1983 SUMMARY PREVIOUS STATEMENT BALANCE ON 04-30-93...........'.,y;- ..............102,632.41 TOTAL OF 13 DEPOSITS FOR... ............1,512,196.10 TOTAL OF 2 OTHER CREDITS FOR .....................:.=.-. .............. 165,008.82 TOTAL OF 6 CHECKS FOR..................:........:,...'............1,205,942.32 TOTAL OF 6 OTHER DEBITS FOR.. ........ ,...............:0° ...... ...... ...319,00=254,�,895.01 0.00 STATEMENTBALANCE ON 05-28-93.........a... ........` .. ................ CHECKS/ CHECKS arc can c, e OTHER DEBITS CHECK DATE CHECK, DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 05.-13 37,807.00 536M 05-24 65,008.82 05-20 840,000.00 _ 537 05-11 17,775.00 536 05-12- 65,008.82 ''3°`'538 05-24 180,342.68 OTHER DEBITS DATE TRANSACTION POSTED DESCRIPTION AMOUNT 05-04 TELEPHONE/TELEGRAPHIC TRANSFERS.............................40,000.00 05-07 TELEPHONE/TELEGRAPHIC TRANSFERS.............................92,000.00 05-13 TELEPHONE/TELEGRAPHIC TRANSFERS.............................60,000.00 05-19 TELEPHONE/TELEGRAPHIC TRANSFERS.............................30,000.00 05-26 TELEPHONE/TELEGRAPHIC TRANSFERS.............................77,000.00 05-28 TELEPHONE/TELEGRAPHIC TRANSFERS.............................20,000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 05-04 1,155.76 05-17 80,000.00 05-05 70,000.00 05-18 1,041,491.80 05-06 53,680.00 05-20 75,000.00 05-07 31,792.99 05-26 77,430.02 05-07 34,960.00 05-27 151.00 05-10 20,000.00 05-27 18,776,r6 05-14 7,757.66 u ank of America NT&SA • Member FDIC Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 05/28/93 PAGE 1 OF 2 LA QUINTA REDEVELOPMENT AGENC E4 78 105 CALLE ESTADO 0916 LA QUINTA CA 92253 Statement ---__ 1:01VEY HARKE4 09161-15398 BUSINESS MONEY MARKET ACCOUNT TAX ID 95-3740431 SUMMARY PREVIOUS STATEMENT BALANCE ON 04-30-93...............................49,861.04 TOTAL OF 6 DEPOSITS FOR.........................................319,000.00 TOTAL OF 1 OTHER CREDIT FOR..........................................145.98 TOTAL OF 4 OTHER DEBITS FOR ................. .....:.`...............245,000.00 STATEMENT BALANCE ON 05-28-93...... :............ :.-..:............. ,124,007.02 INTEREST PAID THIS STATEMENT PERIOD.....................................145.98 INTEREST PAID THIS YEAR .......................... -.:,:°........ ........ 1,241.15 CHECKS/ OTHER DEBITS OTHER '. DEBITS DATE TRANSACTION AMOUNT POSTED DESCRIPTION -,. 05-05 TELEPHONE/TELEGRAPHIC TRANSFERS .......... ................... 70,000.00 05-10 TELEPHONE/TELEGRAPHIC TRANSFERS...........:.. ...............20,000.00 05-17 TELEPHONE/TELEGRAPHIC TRANSFERS ........... ............... ...80,000.00 05-20 TELEPHONE/TELEGRAPHIC TRANSFERS.............................75,000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 05-04 40400.00 05-19 30,000.00 05-07 92,000.00 05-26 77,000.00 05-13 60,000.00 05-28 20,000.00 OTHER CREDITS DATE TRANSACTION POSTED DESCRIPTION AMOUNT 05-28 FOR THE STATEMENT PERIOD 05-01 THRU 05-28: ANNUALIZED INTEREST RATE WAS 2.36X. ANNUALIZED YIELD, BASED ON DAILY COMPOUNDING, WAS 2.39X.................145.98 DAILY DATE BALANCE 05-04 05-05 05-07 05-10 AMOUNT DATE AMOUNT DATE AMOUNT 89,861.04 05-13 151,861.04 05-20 26,861.04 19,861.04 05-17 71,861.04 05-26 103,861.04 111,861.04 05-19 101,861.04 05-28 124,007.02 91,861.04 k of America NTBSA • Member FDIC STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER w.., .SACRAMENTO LOCAL AGENCY INVESTMENT FUND P.O. BOX 9420809 Date: 05/31/93 SACRAMENTO, CA 94209-0001 Page: 01 MAY, 1993 STATEMENT ACCOUNT NUMBER: 55-33--,,).j LA QUINTA REDEVELOPMENT AGENCY ATTN: FINANCE DIRECTOR P.O. BOX 1504 LA QUINTA CA 92253 EFFECTIVE TRANSACTION TRAN CONF DATE DATE TYPE NO BEGINNING BALANCE- REG 05/18/93 05/17/93 RW 05/20/93 05/19/93 RD ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT REG 2 B/P 0 TOTAL 2 527 528 AUTH TRANSACTION CALLER AMOUNT -------------------- i�� TPfv TJO SUMMARY TOTAL DEPOSIT AMT ----------------- $840,000.00 $0.00 ----------------- $840,000.00 BALA13CIIE $12, 080, 05 . T =� �`-$100, 000. 00 $11 980 058 ' Q $840,000.00 $12,820,058: 9 �$12 t 820, 058..' 9 $12,820,05=8 TOTAL WITHDRAWAL AMT -------------------- -$100,000.00 $0.00 -------------------- -$100,000.00 10 Fiscal Year 92/93 file; RDABNO92/3 La Quinta Redevelopment Agency RDA 89 series ------------------------ bond bond debt special interest payment service holding fund fund fund reserve fund totals 1172.04600 117204601 117204602 117204603 07/01/92 BEGINNING BAL 38,535.82 0.53 37.83 763,091.35 8019665.53 JUL INTEREST 108.99 0.00 0.10 21158.31 21267.40 AUG INTEREST. 105.21 0.00 0.10 29019.67 21184.98 FRON 117204603 31,729.00 (319729.00) 0.00 DEPOSIT 11938,187.01 11938,187.01 TRANS TO 111283401 (4299939.00) (429,939.00) TRANS TO 117204602 (1549962.00) - 154,982.00 0.00 TRANS TO 117204601 (2561979.75) 256,979.75 0.00 TRANS TO 117283400 (1119342.50) (7119342.50) TRANS TO 117349300 (248,712.76) (2489712.76) TRANS TO 117349301 (1,75,000.00) (175,000.00) INTEREST PYNT (2889708.75) (288,708.75) PRINCIPAL PYNT (155,000.00) - (155,000.00) SEPT INTEREST 102.06 2.66 0.10 21018.44 21123.26 OCT INTEREST 3.48 2.66 0.00 1,784.81 11790.95 NOV INTEREST 0.25 0.01 0.00 1:722.30 1,722.56 DEC INTEREST 0.23 0.01 0.00 11618.34 112569936-54 JAN INTEREST 0.09 0.01 0.00 1,712.23 11112.33 FEB TAX INCREMENT 11253,6051.63 0.00 0.00 0.00 11253,605.63 FEB INTEREST 0.21 0.01 0.00 1709.01 11709.23 TRANS TO (117349300) (2721110.66). (272,110.66) TRANS TO (117283400) (.698,012.50). (698,012.50) TRANS TO (111204601) (283,472.50) 2839472.50 0.00 INTEREST PYNT (283,471.50) (283,477.50) MAR INTEREST 90.42 61.89 19511.29 11663.60 APR INTEREST 0.46 0.13 0..00 11676.41 11677.00 NAY INTEREST 0.44 0.13 0.00 19593.63 19594.20 JUN INTEREST 0.00 BALANCE ------------------------------------------------------------------------------------ 208.63 63.04 0.13 750,946.79 751,218.59 Fiscal Year 92/93 file: RDABNDCS La Quinta Redevelopment Agency RDA 90 series ------------------------ bond bond debt excess redemption interest payment service investment fund fund fund reserve earnings totals 111283404 177283400 111213401 117283402 117283403 07/01/91 BEGINNING BAL 0.00 0.55 11.50 0.00 0.00 62.05 JUL INTEREST 0.00 0.00 0.17 0.00 0.00 0.17 AUG INTEREST 0.00 0.00 0.17 0.00 0.00 0.17 TRANS FROM (117204600) 711,342.50 429,939.00 0.00 0.00 11141,281.50 INTEREST PYNT (71l,342.50) 0.00 0.00 (TH 1342.50) PRINCIPAL PYMT (430,000.00) 0.00 0.00 (430,000.00) SEP INTEREST 0.00 0.00 0.16 0.00 0.00 0.16 OCT INTEREST 0.00 0.00 0.01 0.00 0.00 0.01 NOV INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 DEC INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 JAN INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 FEB INTEREST 0.00 0.00 1.00 0.00 1.00 TRANS FROM (117804600) 698,012.50 698,012.50 INTEREST PYMT (698,012.50) 0.00 (698,012. 50) MAR INTEREST 152.38 152.38 APR INTEREST 0.00 0.33 0.00 0.00 0.00 0.33 NAY INTEREST 0.00 0.33 0.00 0.33 JUN INTEREST -------------------------------------------------------------- 0.00 BALANCE 0.00 153.59 1.01 1.00 0.00 155.60 12 Fiscal Year 92/93 La Quinta Redevelopeent Agency RDA 91 series filet RDABNDCS ------------------------ BOND BOND INTEREST PAYMENT REDENPTIOW RESERVE DEBT SERVICE FUND FUND FUND, FUND FUND totals 117349300 117349301 111349302 111349303 117349304 07/01/92 BEGINNING BAL 99.55 0.00 0.00 752,875.31 5.49 752,980.35 JUL INTEREST 0.28 0.00 0.00 21129.48 0.00 29129.76 TRANS FRON 117349303 28,680.99 (28,880.99) 0.00 AUG INTEREST 0.27 0.00 0.00 21051.83 0.02 2,052.12 TRANS FROM 117204600 248,712.16 175,000.00 423,112.76 INTEREST PYNT (277,693.75) (277,693.75) PRINCIPAL PYNT (175,000.00) (175,000.00.) SEP INTEREST 2.68 0.00 '0.00 11991.62 0.01. 11994.31 OCT INTEREST 2.43 0.00 0.00 11766.76 0.01 11769.22 NOY INTEREST 0.01 0.00 0.00 11704.90 0.01 11704.92 DEC INTEREST 0.01 0.00 0.00 11601.99 0.01 11602.01 JAN INTEREST 0.01 0.00 0.00 11694.93 0.01 11694,.95 FEB INTEREST 0.01 0.00 0.00 11691.74 0.01 11691.76 TRANS FRON (117204600) 272,110.66 272,110.66 INTEREST PYNT (2721115.66) (272,115,66) MAR INTEREST 59.41 _ 1,496.02 0.01 1,555.44 APR INTEREST 0.13 0.00 0.00 11659.48 0.00 11659.61 NAY INTEREST 0.13 0.00 0.00 11577.53 0.01 19517.67 JUN INTEREST 0.00 ------------------------------------------------------------- ---------------------- BALANCE 59.92 0.00 0.00 143,360.62 5.59 743,426.13 /5S,6o O 9sl 0451 An J. La Quinta Redevelopeent Agency RDA PA12 92 Series -------- ------------- ESCROV SPECIAL SPECIAL'INT PRINCIPLE RESERVE FUND FUND FUND FUND FUND totals 8116202-ODD 8116202-001 8.116202-002 8116202-003 8116202.004 8116202-005 ----__-_-_�-��-"'•_______________________________________ 01/04/93 BE6INNIN6 BAI. 318401,975.58+1 360 040.00:_W--_•---=0.00:. 161407.08 0.00 389,440.00 5,6061822.66 0.00 0.00 4.00 0.00. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L OD 0.00 0.00 0.00 0..00 0.00 0.00 0.00 0.00 0.00 0.00 JAN INTEREST 41904.09 11694.06 0.00 20.44 0.00 485.10 71103.69 FES INTEREST 91306.19 31291.16 0.00 39.70 0.00 942.43 13,579.48 MAR INTEREST 81354.53 21958.05 0.00 35.69 4.00 847.05 12,195.32 A'PR INTEREST 91226.04 31266.62 0.00 39.41 0.00 - 935.41 13,467.48 NAY BOND INTEREST PYNT FRON CITY 81798.67 31115.30 186,342.68 LLD 37.58 0.00 892.08 12,843.63 JUN INTEREST 0.00 BALANCE 4,061,947.78T-74,325.19 -------0.00-- -16 -_•-__------- /'�- -----469-"-`__. 579.90 0.00 3,542.-7--- 393,542.01 5,846,354.94 I I :IVti 1 1 C01 JL� J.! La Quinta Financing Authority Revenue Bonds Series 91 BOND RESERVE CONSTRUCTION REBATE FUND FUND FUND FUND totals ------------------------------------------------------------------------------=----------------------------- 117355200 117355201 117355202 117355203 07/01/92 BEGINNING BAL 847,932.52 718,027.59 413521224.71 0.00 0.00 51918,184.82 JUL INTEREST 21454.27 2,078.27 12,597.06 0.00 0.00 17,129.60 AUG INTEREST 21284.69 11934.67 11,726.73 0.00 0.00 15,946.09 TRANS TO 147607 CKING (11612,313.24) 0.00 0.00 (11612,313.24) SEP INTEREST 21212.58 1,873.61 91613.69 0.00 0.00 13,699.88 INTEREST PYNT (274,176.25) 0.00 0.00 (274,176.25) OCT INTEREST 21019.73 1,710.30 6,553.01 0.00 0.00 10,283.04 NOV INTEREST 11400.89 11716.32 61516.48 0.00 0.00 91693.69 DEC INTEREST 1321.10 1645.01 6303.24 0.00 0.00 91269,35 TRANS 09160-15464 CKING (679,129.00) 0.00 0.00 (679,129.00) JAN INTEREST 1,384.39 11723.80 51769.83 0.00 0.00 81878.02 FEB INTEREST 11363.19 11697..41 41924.19 71984.79 MAR INTEREST 11212.66 1,509.97 41380.69 71103.32 trans 0916-15464 CKING (11554,942.00) (11554,942.00) APR INTEREST 11366.05 11700.97 k1219.57 0.00 0.00 71286.59 INTEREST PYNT (274,176.25) (274,176.25) NAY INTEREST 712.79 11607.55 11263.35 Coco 31583.69 JUN INTEREST ------------------------------------------------------------------------------------ 0.00 BALANCE 317,312.36 737,225.47 579,768.31 0.00 0.00 11634,306.14 Pacific Horizon Funds, Inc. 125 West 55th Street, llth Floor New York, NY 10019 1-800-332-3863 Prime Fund Investment Adviser Bank of America National Trust TreasuryFund and Savings Association 555 California Street San Francisco, CA 94104 Administrator Concord Holding Corporation ` 125 West 55th Street, llth Floor New York, NY 10019 Distributor G� Concord Financial Group, Inc. - 125 West 55th Street, llth Floor New York, NY 10019 Custodian The Bank of New York Annual Report 110 Washington Street New York, NY 10286 1 February 28, 1993 Transfer Agent and Dividend Disbursing Agent Supervised Service Company, Inc. 811 Main Kansas City, MO 64105-2005 Fund Counsel Drinker Biddle & Reath 1100 Philadelphia National Bank Bldg. 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In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the selected per share data and ratios present fairly, in all material respects, the financial position of Pacific Horizon Prime Fund and Pacific Horizon Treasury Fund (two of the portfolios constituting each of the Pacific Horizon Funds, Inc., hereafter referred to as the "Fund") at February 28, 1993, the results of each of their operations for the year then ended (including the separate results of operations for Pacific Horizon Shares) , the changes in each of their net assets for each of the two years in the period then ended and the selected per share data and ratios for each of the four years in the period then ended, in conformity with generally accepted accounting principles. These financial statements and selected per share data and ratios (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 1993 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. The selected per share data and ratios for the year ended February 28,1989 were audited by other independent accountants whose report dated April 20,1989 expressed an unqualified opinion on those selected per share data and ratios. PRICE WATERHOUSE 153 East 53rd Street New York, New York April 22, 1993 Federal Income Tax Status of Dividends (Unaudited) Pacific Horizon Funds, Inc. — Prime Fund and Treasury Fund have determined that all dividends paid during the year ended February 28, 1993 were paid from net investment income and are subject to Federal income tax. 36 Pacific American Fund 800 West Sixth Street, Suite 1000 Los Angeles, California 90017 Investment Adviser First Interstate Investment Services, Inc. 707 Wilshire Boulevard Los Angeles, California 90017 Administrator The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Distributor Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 Custodian, Transfer Agent & Dividend Disbursing Agent First Interstate Bank of California 707 Wilshire Boulevard Los Angeles, California 90017 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in the U.S.A. Pacific American Fund Annual Report March 31, 1993 440 �.r Report of Independent Accountants To the Trustees and Shareholders of Pacific American Fund: In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the selected per share data and ratios present fairly, in all material respects, the financial position of Pacific American Fund Money Market Portfolio and U.S. Treasury Portfolio at March 31, 1993 and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the selected per share data and ratios for each of the five years in the period then ended, in conformity with generally accepted accounting principles. These financial statements and selected per share data and ratios (hereafter referred to as "financial statements") are the responsibility of the Pacific American Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 1993 by correspondence with the custodian, provide a reasonable basis for the opinion expressed above. Price Waterhouse Los Angeles, California May 5, 1993 Pacific American Fund Statement of Investments March 31,1993 U.S. Treasury Portfolio Principal Annualized Yield onYield Date of Principal Repurchase Annualized on of Amount U.S. Treasury Bills — 38.9% Purchase Value Amount Agreements (continued) Pufcase value $ 10,000,000 4/1/93 ............ 3.22% $ 10,000,000 $ 40,000,000 Goldman, Sachs & Co. 25,000,000 4/8/93 ............ 3.00 24,985,417 dated 3/31/93, due 25,000,000 4/15/93 ........... 2.98 24,971,028 4/1/93 in the amount 20,000,000 4/22/93 ........... 3.14 19,963,775 of $40,003,778 10,000,000 4/29/93 ........... 3.26 9,974,955 (fully collateralized 10,000,000 5/6/93 ............ 3.34 9,968,014 by $37,131,000 20,000,000 5/13/93 ........... 3.33 19,923,233 U.S. Treasury Notes 25,000,000 6/3/93 ............ 2.95 24,871,594 1.5% to 9.5% due from 30,000,000 7/1/93 ............ 3.15 29,764,411 5/15/94 to 1/31/96) ... 3.40% $ 40,000,000 10,000,000 7/15/93 ........... 3.18 9,908,708 100,009,306 J.P. Morgan Securities Inc. 10,000,000 7/22/93 ........... 3.09 9,905,267 dated 3/31/93, due 15,000,000 7/29/93 ........... 3.02 14,852,242 4/1/93 in the amount 30,000,000 8/26/93 ........... 3.11 29,624,129 of $100,019,307 TOTAL U.S. TREASURY BILLS (fully collateralized (cost $238,712,773)... $238,712,773 by $414,044,000 U.S. Treasury Strips due from U.S. Treasury Notes —14.9% 11/15/1994 to $ 20,000,000 7.00%, 6/30/93...... 4.32% $ 20,127,442 11/15/2021) ..... . . • 3.60 100,009,306 10,000,000 7.25%, 7/15/93...... 3.03 10,118,359 55,235,164 Salomon Brothers Inc. 10,000,000 6.375%, 8/31/93..... 3.18 10,128,790 dated 3/31/93, due 20,000,000 6.125%, 9/30/93..... 3.24 20,278,994 4/1/93 in the amount 10,000,000 4.875%, 1/31/94..... 3.22 10,132,378 of $55,240,688 10,000,000 6.875%, 2/15/94..... 3.46 10,290,055 (fully collateralized 10,000,000 5.375%, 2/28/94..... 3.54 10,161,664 by $140,810,000 TOTAL U.S. TREASURY NOTES U.S. Treasury (cost $91,237,682).... $ 91,237,682 Strips due from 5/15/2006 to Repurchase Agreements — 46.4% 8/15/2006) ......... 3.60 55,235,164 $ 90,000,000 Carroll McEntee & TOTAL REPURCHASE AGREEMENTS McGinley Inc. (cost $285,244,470)... $285,244,470 dated 3/31/93, due 4/1/93 in the amount TOTAL INVESTMENTS of $90,008,875 (cost $615,194,925) ....... 100.2% $615,194,925 (fully collateralized by $92,680,000 LIABILITIES, LESS CASH AND U.S. Treasury RECEIVABLES ............ (.2%) $ (957,761) Bills due from 5/27/93 to 7/29/93) ......... 3.55% $ 90,000,000 NET ASSETS ............... 100.0% $614,237,164 NOTES TO STATEMENTS OF INVESTMENTS: (a) Variable interest rate — subject to change approximately every 30 days. (b) The interest rate, which will change daily, is based on the Federal Funds rate. See notes to financial statements. Pacific American Fund Statement of Assets and Liabilities March 31_ 1993 M-W ASSETS: Market Portfolio U.S. Treawry Portfolio Investments in securities, at value (including repurchase agreements of $54,248,155 and $285,244,470 for the Money Market Portfolio and U.S. Treasury Portfolio, respectively).— Note 2(a,b)................ Cash $482,783,602 $615,194,925 .................................................................... ............... ................ nterest receivable 326 315 ......................................................... Prepaid expenses 2,228,932 804,113 ......................................................... 19,609 51,328 LIABILITIES: 485,032,469 616,050,681 Due to First Interstate Investment Services, Inc ................................ Due to The Dreyfus Corporation $ 119,373 $ 140,167 ............... .............................. Payable for investment securities purchased 44,213 51,914 .................................. Dividends payable......................................................... 15,000,000 Accrued expenses......................................................... 1,340,755 1,459,268 48,746 162,168 NET ASSETS 16,553,087 1,813,517 ......................................................... $468,479,382 $614,237,164 REPRESENTEDDBBYY: : Paid -in capital ............................................................ Accumulated undistributed net realized gain (loss) on investments $468,592,030 $614,206,171 ............... NET ASSETS, at value (112,648) 30,993 ....................................................... $468,479,382 $614,237,164 Shares of Beneficial Interest outstanding— Note 4 .............................. 468,592,030 614,206,171 NET ASSET VALUE, offering and redemption price per share: Money Market Portfolio ($468,479,382=468,592,030 shares) ................ $1.00 U.S. Treasury Portfolio ($614,237,164-- 614,206,171 shares) ................. $1.00 Statement of Operations year ended March 31. 1993 Moneyket Mar Porwio INVESTMENT INCOME: Interest Income........................................................... Expenses —Note 2(c): Investment advisory and management fee— Note 3(a) ....................... $ 2,669,248 Administration fee — Note 3(a) ........... ........................ 533,850 Shareholder servicing costs — Note 3(b) ................................... ....................... 1334,624 Professional fees ........................................................ , 63,401........ Custodian fees — Note 3(c) ....................... .............. Trustees' fees and expenses — Note 3(d) 62,643 ................................... Prospectus and shareholders' reports ....................................... 23,242 8,412 Registration fees ........................................................ 7,612 Miscellaneous.......................................................... 52,897 Less —reduction in investment advisory and management 4,755,929 fee and shareholder servicing costs due to undertakings — Note 3(a,b)............................................ 2,562,478 Total Expenses...................................................... 2,193,451 INVESTMENT INCOME — NET .......... ....................... 17,445,227 NET REALIZED GAIN ON INVESTMENTS ....................................... 67,485 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................ $ 17,512,712 See notes to financial statements. U.S. Treasury Portfolio $ 19,638,678 $ 18,202,437 $ 2,621,339 524,268 1,310,670 61,557 63,840 24,326 8,324 117,309 51,983 4,783,616 2,516,486 2,267,130 15, 935, 307 61,738 $ 15,997,045 Pacific American Fund .0 111em u1 WidngV5 m FlUt M55=5 OPERATIONS: Investment income —net ............. Net realized gain (loss) on investments ..................... Net Increase In Net Assets Resulting From Operations .... DIVIDENDS TO SHAREHOLDERS FROM: Investment income —net ............. Net realized gain on investments ..... Total Dividends ................ CAPITAL SHARE TRANSACTIONS (NET) — Note 4 .... Total Increase (Decrease)In Net Assets .................. NET ASSETS: Beginning of year .................. 543,833,587 528,396,779 End of year ........................ $528,396,779 $468,479,382 See notes to financial statements. MOW Market P tWio Yea En&d March 31, 1992 1993 $ 28,635,923 $ 17,445,227 (161,557) 67,485 28,474,366 17, 512,712 U.S. 7ieasury Portfolio Year Ended March 31, 1992 1993 $ 9,573,115 $ 15, 935, 307 52,524 61,738 9,625,639 15,997,045 (28,635,923) (17,445,227) (9,573,115) (15,935,307) (91,960) — (28,635,923) (17,445,227) (9,665,075) (15,935,307) (15,275,251) (59,984,882) 162,759,945 332,832,106 (15,436,808) (59,917,397) 162,720,509 332,893,844 118,622,811 281, 343, 320 $281,343,320 $614,237,164 NOTES TO FINANCIAL STATEMENTS NOTE 1— General: Pacific American Fund (the "Fund") is registered underthe Investment Company Act of 1940 ("Act") as a diversified open-end management investment company and operates as a series company issuing two classes of beneficial interest: the Money Market Portfolio and the U.S. Treasury Portfolio. The Fund accounts separately for the assets, liabilities and operations of each portfolio. First Interstate Investment Services, Inc. ("FIIS"), an indirect wholly -owned subsidiary of First Interstate Bancorp, serves as the Fund's Invest- ment Adviser. The Dreyfus Corporation ("Dreyfus") serves as the Fund's Administrator. First Interstate Bank, Ltd. ("FIBL"), an indirect parent of FIIS and a wholly -owned subsidiary of First Interstate Bancorp, serves as the Fund's Sub -Adviser. First Interstate Bank of California, a wholly -owned banking subsidiary of First Interstate Bancorp, serves as the Fund's Custodian and Transfer Agent. The Dreyfus Service Corporation ("Distributor"), a wholly -owned subsidiary of Dreyfus, acts as the distributor of the Fund's shares, which are sold to the public without a sales charge. Each portfolio seeks to maintain a stable net asset value of $1.00 per share, although there can be no assurance that it will be able to do so. NOTE 2 — Significant Accounting Policies: (a) Portfolio valuation: Investments are valued at amortized cost, which has been determined by the Fund's Board of Trustees to represent the fair value of the Fund's investments. (b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income is recognized on the accrual basis. Cost of investments represents amortized cost. ,r i tv V4 The Fund may enter into repurchase agreements with financial institutions deemed to be creditworthy by the Fund's Sub -Adviser, subject to the seller's agreement to repurchase and the Fund's agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the Fund's custodian and sub -custodians and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and may claim any resulting loss against the seller. (c) Expenses: Expenses directly attributable to each portfolio are charged to that portfolio's operations; expenses which are applicable to both portfolios are allocated between them, based on net assets. (d) Dividends to shareholders: It is the policy of the Fund, with respect to both portfolios, to declare dividends from investment income —net on each business day; such dividends are paid monthly. Dividends from net realized gain, with respect to both portfolios, are normally declared and paid annually, but each portfolio may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. However, to the extent that a net realized gain of either portfolio can be reduced by a capital loss carryover of that portfolio, such gain will not be distributed. (e) Federal income taxes: It is the policy of each portfolio to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of taxable income sufficient to relieve it from all, or substantially all, Federal income taxes. The Money Market Portfolio has an unused capital loss carryover of approximately $112,600 available for Federal income tax purposes to be applied against future profits from sales of securities, if any, realized subsequent to March 31, 1993. If not applied, $300 of the carryover expires in fiscal 1994, $200 expires in fiscal 1996, $3,200 expires in fiscal 1999, $52,500 expires in fiscal 2000 and $56,400 expires in fiscal 2001. At March 31, 1993, the cost of investments of each portfolio for Federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments). NOTE 3 — Investment Advisory and Management Fee, Sub -Advisory Fee, Administration Fee and Other Transactions With Affiliates: (a) Fees payable by the Fund pursuant to the provisions of an Investment Advisory and Management Agreement with FI IS are payable monthly based on an annual rate of .50 of 1% of the average dai ly net assets of each portfolio. Fees payable by the Fund pursuant to the provisions of an Administration Agreement with Dreyfus are payable monthly based on an annual rate of .10 of 1% of the average daily value of each portfolio's net assets. The Investment Advisory and Management Agreement and the Administration Agreement further provide that FIIS and Dreyfus will make certain reimbursements to the Fund if, in any fiscal year, the aggregate expenses of the Fund (as determined in accordance with the Agreements and applicable state securities regulations) exceed the expense limitations of any state having jurisdiction over the Fund. California "blue sky" regulations, the most stringent state expense limitation applicable to the Fund, presently require reimbursement of expenses in any fiscal year that such expenses exceed 21h% of the first $30 million, 2% of the next $70 million and 11/2% of the excess over $100 million of the average value of either portfolio's net assets. For the year ended March 31, 1993, FI IS voluntarily agreed to reduce the advisory and management fee payable to it by each portfolio by .13 of 1% of the average daily value of the respective portfolio's net assets. The monthly advisory and management fee was further reduced voluntarily by the amounts the Fund has agreed to payto service organizations (see Note 3(b)). The fees paid by each portfolio to HIS for the year ended March 31, 1993 amounted to $640,620 for the Money Market Portfolio and $629,121 for the U.S. Treasury Portfolio after total reductions in the advisory and management fee of $2,028,628 and $1,992,218 for each portfolio, respectively. Pursuant to a Sub -Investment Advisory Agreement between FI IS and FIBL, FI IS is obligated to pay FIBL an amount equal to 80% of the advisory and management fee rate after any expense limitation or waivers, or reductions for payments to service organizations. The Fund has been advised that for the year ended March 31, 1993, FI IS paid FIBL sub -advisory fees amounting to $640,620 and $629,121 for the Money Market Portfolio and U.S. Treasury Portfolio, respectively. (b)The Fund hasentered into service agreements with certain institutions ("service organizations") that maybe affiliated with HIS. The service organizations render shareholder accounting and support services to their custom- erswhoare the beneficial ownersof sharesof the Fund. The portfolios paythe service organizations fees atan annual rate of up to .25 of 1% of the average daily net asset value of the shares held by the service organizations for the benefitoftheircustomers. Agreements between the Fund and service organizations are terminable at anytime bythe portfolios without penalty. FIIS voluntarily waives a portion of its monthly advisory and management fee in an amount equal to the payments the Fund has agreed to make to the service organizations. For the year ended March 31, 1993, the service organizations vol untari ly agreed to reduce the fees payable to them byeach portfolioby. 10of 1 % of the average dai ly val ue of the respective portfolio's net assets. For the year ended March 31, 1993, the Money Market Portfolio and U.S. Treasury Portfolio made payments to service organizations, totalling $800,774 and $786,402 (which include payments to affiliates of $383,955 and $433,363), respectively, net of amounts voluntarily waived, which were $533,850 and $524,268, respectively. (c) First Interstate Bank of California, a wholly -owned banking subsidiary of First Interstate Bancorp, serves as the Custodian and Transfer Agent of the Fund. For the year ended March 31, 1993, custodian fees amounted to $62,643 and $63,840 for the Money Market Portfolio and U.S. Treasury Portfolio, respec- tively. During the year ended March 31, 1993, no fees were paid to First Interstate Bank of California as Transfer Agent, although it did receive payments as a service organization as described in Note 3(b), above. (d) For the year ended March 31, 1993, each trustee received from the Fund $4,000 per annum plus $500 per meeting attended and reimbursement for travel and out-of-pocket expenses. The officers of the Fund are "affiliated persons," as defined in the Act, of HIS or Dreyfus and do not receive compensation from the Fund for serving as officers of the Fund. Effective April 1, 1993, each trustee receives from the Fund $6,000 per annum plus $1,000 per meeting attended and reimbursement for travel and out-of-pocket expenses. NOTE 4 —Shares of Beneficial Interest: At March 31, 1993, therewerean unlimited numberof sharesof Beneficial Interest authorized foreach portfolio. Transactions in the Fund's shares of each portfolio were all at $1.00 per share and are summarized as follows (000's omitted): Shares sold ................................... Shares redeemed .............................. Net increase (decrease) ........................ Money Market Portfolio U.S. Treasury Portfolio Year Ended March 31, Year Ended March 31, 1992 1993 1992 1993 $ 8,271,763 $ 7,024,188 $ 4,319,115 $ 8,815,015 (8,287,038) (7,084,173) (4,156,355) (8,482,183) $ (15,275) $ (59,985) $ 162,760 $ 332,832 NOTE 5-Selected Per Share Data and Ratios: Selected data for a share of Beneficial Interest of each portfolio outstanding throughout each year. Money Market PW Wi° U.S. Treawry ParHWio Year Ended March 31, Year Ended March 31, 1989 1990 1991 1992 1993 1989 1990 1991 1992 i9oa Per Share Data: Investment income ................. $ .0821 $ .0903 $ .0792 $ .0553 $ .0368 Expenses ........................ .0057 .0054 .0047 .0043 .0041 Investment income - net ............. .0764 .0849 .0745 .0510 .0327 Net realized gain (loss) on investments .................. - - - (.0003) .0001 Net increase in net asset value resulting from operations........... .0764 .0849 .0745 .0507 .0328 Dividends from investment income - net ................... (.0764) (.0849) (.0745) (.0510) (.0327) Dividends from net realized gain on investments .................. Net increase (decrease) in net asset value .................. - - (.0003) .0001 Net asset value: Beginning of year ................ 1.0000 1.0000 1.0000 1.0000 .9997 End of year ..................... $1.0000 $1.0000 $1.0000 $ .9997 $ .9998 Ratios To Average Net Assets: Investment income ................. 7.58% 8.49% 7.85% 5.52% 3.68% Expenses ........................ .56 .54 .47 .43 .41 Investment income - net ............. 7.02 7.95 7.38 5.09 3.27 Net realized gain (loss) on investments .................. - - - (.02) .01 Net increase in net assets resulting from operations........... 7.02% 7.95% 7.38% 5.07% 3.28% Decrease reflected in above expense ratios due to voluntary reductions .............. .34% .36% .47% .48% .48% Thousands of Shares Outstanding at End of Year ...............:.... 496,676 493,642 543,852 528,577 468,592 $ .0807 $ .0883 $ .0764 $ .0536 $ .0353 .0064 .0056 .0048 .0047 .0044 .0743 .0827 .0716 .0489 .0309 - - .0003 .0002 .0002 .0743 .0827 .0719 .0491 .0311 (.0743) (.0827) (.0716) (.0489) (.0309) - - (.0002) (.0004) - - - .0001 (.0002) .0002 1.0000 1.0000 1.0000 1.0001 .9999 $1.0000 $1.0000 $1.0001 $ .9999 $1.0001 7.36% 8.29% 7.58% 5.18% 3.47% .63 .56 .48 .45 .43 6.73 7.73 7.10 4.73 3.04 - - .02 .02 .01 6.73% 7.73% 7.12% 4.75% 3.05% .35% .41% .46% .48% .48% 90,653 98,378 118,614 281,374 614,206 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 I NVE S THE NT AD V = S ORY BOARD AGENDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 First Meeting July 23, 1993 - 3:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of minutes from the meeting of "N/A". IV BUSINESS SESSION A. Appointment of Investment Advisory Board Chairperson and Investment Advisory Board Vice -Chairperson. B. Consideration of a regular date and time for Investment Advisory Board meetings. V STUDY SESSION A. Discussion of the Treasurer's Report which is submitted monthly to the La Quinta City Council. VI OTHER A. Staff I-nformational Report. VII ADJOURNMENT INVESTMENT ADVISORY BOARD MINUTES July 23, 1993 - 3:30 p.m. The first meeting of the La Quinta Investment Advisory Board was called to order at the hour of 3:30 P.M. by Finance Director homas O'Reilly, followed by the Pledge of Alleg;il;peh, PRESENT: Boa Members trjol Lewis & Wi n 3 ABSENT: B embers Brown, Gilreath, Lewis, Sales & Wilson OTHERS PRESENT: Finance Director Thomas O'Reilly, Secretary Debbie DeRenard "- _ t-k_., II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR - None (Consent Calendar Items are considered routine in nature and will be approved by one motion.) IV BUSINESS SESSION A. Appointment of Investment Advisory Board Chairperson and Investment Advisory Board Vice -Chairperson. F34- B. Consideration of a regular date and time for Investment Advisory Board meetings. V STUDY SESSION A. Discussion of the Treasurer's Report which is submitted monthly to the La Quinta City Council. r I ig 11 1 1 I M-WEL111111,1111 I I I I L. -- C`) - - d`- N(�A-- J�� VI OTHER A. Staff Informational Report. VII ADJOURNMENT w CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: L G 6 MOTION: 6 HG TL BS DW / DB TTL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Board Member Lewis _ Board Member Sales Board Member Wilson T CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION : DB HG TL�.DW / DB CG-�- TL BS+DW Ll C J( ' MOTION CARRIED BY: AYES NOES ABSTAIN AbSMt' Board Member Brown Board Member Gilreath Board Member Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: "-X)A MOTION: DB HG TL BS DW / DB HG TL BS DW ry�_��,. + o�. q L x aA MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Board Member Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION: _DB_HG_TL_BS_DW / DB_HG TL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Boa oard Member Wilson y CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION:_DB_HG_TL_BS_DW / DB_HG TL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION:_DB 4 HG TL_BS_DW_/_DB_HG_TL BS DW, MOTION CARRIED BY: A 3 NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION MOTION: DB_HG TL_BS_DW / DB_HG TL BS DW, MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION MOTION:_DB_HG TL_BS_DW / DB_HG TL BS DW, MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION MOTION: DB HG TL BS DW / DB HG TL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION:_DB_HG TL_BS_DW / DB_HG TL BS DW, MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION:_DB HG_TL_BS_DW / DB_HG TL BS DW, MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION: _DB_HG TL_BS_DW / DB_HG TL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson CITY OF LA QUINTA INVESTMENT ADVISORY BOARD VOTING/MOTION SUBJECT: MOTION:_DB_HG TL_BS_DW / DB_HG TL BS DW MOTION CARRIED BY: AYES NOES ABSTAIN Board Member Brown Board Member Gilreath Chairperson Lewis Board Member Sales Board Member Wilson INVESTMENT ADVISORY BOARD AGENDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 May 11, 1994 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call Present Absent Board Member Brown° Gilreath ✓ Sales `✓ Wilson Chairman Lam. I I PUBLIC COMMENT (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR A. Approval of Minutes from the meeting of April 13, 1994. Co oAl o n 0� IV BUSINESS SES U A. Transmittal of Treasurer' �11- 1J STUDY SESSION ® Investme Banking Services L� arch 31, 1994. a)e _„ to 0-,c� 6k-L B. Investment Risk VI BOARD MEMBER COMMENTS VII OTHER A. Banque Audi Condemnation B. Bond Reserve Funds C. TRACs Newsletter VIII ADJOURNMENT B. Bond Reserve Funds C. TRACs Newsletter VIII ADJOURNMENT = NVE S THE NT ADV = S O RY BOARD AGE NDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 February 9, 1994 - 5:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call Present/Absent Chairman Lewis Board Member Brown Board Member Gilreath Board Member Sales Board Member Wilson II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of Minutes from the meeting of January 12, 1994. IV BUSINESS SESSION A. Transmittal of Treasurer's Report Dated December 31, 1993. ,1On_ B. Consideration and Discussion of Investment Advisory Board representative to attend City Council Meeting and present Investment Advisory Board's Concerns/Questions about a City Council Liaison and a Specific Task Outline. V STUDY SESSION / VI BOARD MEMBER COMMENTS-w- VII OTHER A' �• A. Staff Information Reports. VIII ADJOURNMENT LY7(. Ul 1 47 I NV E S THE NT AIJV 2 S O RY BC.JARD AG E NDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 December 8, 1993 - 5:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call Chairman Lewis Pres t Absent Boardmember Brown _ Boardmember Gilreath Boardmember Sales Boardmember Wilson P.', II PUBLIC COMMENT r (This is the time set for public commen on any matter not scheduled on the agenda.) III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of Minutes from the meeting of November 10, 1993. • 1-2�■y�-s ...� IV BUSINESS SESSION A. Transmittal of Treasurer's Report Dated October 31, 1993. MOTION / B. Consideration of Recommending to the Redevelopment Agency a Proposal to Solicit Bids for Investment Agreements for RDA Bond Reserve Funds. V STUDY S E S S I OMA V1 OTHER I �JD l� A. Staff Information Reports. VII ADJOURNMENT 2 NVE S THE NT ADV 2 S 0 RY BOARD AGE NDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 November 10, 1993 - 5:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b,. Roll Call Boardmember Brown Boardmember Gilreath Boardmember Sales Boardmember Wilson Chairman Lewis II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of Minutes from the meeting of October 13, 1993. Motion ] / ,H � C— rr, c, 0 IV BUSINESS SESSION A. Transmittal of Treasurer's Report Dated August 31, 1993. B. Transmittal of Treasurer's Report Dated September 30, 1993. --� I C-),C\ U U--), MCO, C. Continued Consideration of request to have the La Quinta City Council appoint an Investment Advisory Board Liaison or provide a specific task outline. Cal (-) ` ID U V STUDY SESSION r\j P VI OTHER A. Staff.Information Reports. VII ADJOURNMENT MOTION oo. / 0 1?:)- M C�u T NVE S THE NT ADVISORY BOARD AGE NDJAL Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 October 13, 1993 - 5:30 p.m. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call Preset Absent Boardmembers Brown ,/ Gilreath Sales Wilson Chairman Lewis II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) III PRESENTATION A. Presentation by Cynthia L. Bonneau of C L Bonneau & Co. regarding Investment Opportunities. IV CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of Minutes from the meeting of September 8, 1993. V BUSINESS SESSION A. Transmittal of Treasurer's Report Dated July 31, 1993. r B. Appointment of Investment Advisory Board Member to the Arbitrage Services Selection Committee. C. Consideration of request to have the La Quinta City Council appoint an Investment Advisory Board Liason. D. Consideration of consolidating the City and the RDA Bank Accounts. VI STUDY SESSION VII OTHER A. Staff Information Reports. a. Update on Time Capsule. VIII ADJOURNMENT I MVE S THE NT ADVISORY BOARD AGE NIDA Minutes September 8, 1993 - 5:30 p.m. The meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Lewis, followed by the Pledge of Allegiance. Present: Boardmember Brown ✓ Boardmember Gilreath Boardmember Sales Boardmember Wilson Chairman Lewis-✓ Absent: Boardmember Brown Boardmember Gilreath Boardmember Sales, oardmember Wilson —unairMan LewilLb Others Present: ON,' II PUBLIC COMMENT (This is the time set for public comment on any matter not scheduled on the agenda.) WRITTEN CORRESPONDENCE A. Letter from Mayor John Pena requesting input regarding the contents to be placed in the City of La Quinta Time Capsule. III CONSENT CALENDAR (Consent Calendar Items are considered routine in nature and will be approved by one motion.) A. Approval of Minutes from the meeting of July 23, 1993. MOTION: DB (HGJTL BS JW / (DB) HG TL BS JW ( MCU f- DENIED IV BUSINESS SESSION A. Transmittal of Treasurer's Report dated June 30, 1993. MOTION : '`'bB HG wrL bS W / ` DB HG TL BS JW MCU " - DENIED B. Transmittal of Draft Treasurers Report dated July 31, 1993. MOTION: ( DB) HG TL BS JW / DB(-HGjTL BS JW ( MCU )t- DENIED C. Consideration of Approval to Invest Bond Reserve Funds, as approved by Bond Trustees, with L.A.I.F. MOTION: DB HG TL BS JWV DB HG TL LBSJjW (IMCU -DENIED V STUDY SESSIONOA-- VI OTHER A. Staff Information Reports. 1. Leventhall Report 2. L. A. I. F. Investment Report VII ADJOURNMENT MOTION: ( DBj HG TL BS JW / DB (HG )TL BS JW I-MCU }L- DENIED