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1993 09 08 IAB4 64� 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 2 NVE S THE NT ADVISORY BOARD AGE NDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 September 8, 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.) 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. IV BUSINESS SESSION V VI A. Transmittal of Treasurer's Report dated June 30, 1993. B. Transmittal of Draft Treasurers Report dated July 31, 1993. C. Consideration of Approval to Invest Bond Reserve Funds, as approved by Bond Trustees, with L.A.I.F. STUDY SESSION OTHER A. Staff Information Reports. 1. Leventhall Report 2. L. A. I. F. Investment Report VII ADJOURNMENT Written Correspondence: A T 4b • 4bf 4 o& 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 FAX (619) 777-7101 August 27, 1993 Tom O'Reilly, Finance Director City of La Quinta P.O. Box 1504 La Quinta, CA 92253 Dear Tom: As part of the Dedication Ceremony for the new Civic Center, a time capsule will be filled and buried. The capsule will be placed behind the monument sign at the corner of Washington Street and Calle Tampico. It is scheduled to be re -opened in fifty years. In order to make the contents of the time capsule representative of the entire community, your input is requested. Please feel free to share this letter with your Board Members, Commissioners or anyone you deem appropriate. The ideas are limitless. Below are some items that could be included: *Membership Roster •Photographs *Popular publications and/or catalogs *Timely cartoon, bumper sticker, or button. •Clothing/Uniform (imagine it on a mannequin in 50 years) *Artifacts *Books by local authors •Maps •Yearbooks *Genealogies of local families •Brochures of current products (cars, electronic equipment, etc.) •Stamps •Calendar of Events We want your imagination and creativity to help us make the time capsule exciting and informative. MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 The deadline for including items is September 17th. All items must be preserved properly, so please don't miss the deadline. The time capsule is 24" x 36". Final selection of the items to be included in the time capsule will be at the discretion of the City Council. If you have any questions, please call Pamela LiCalsi at 777- 7100. Thank you for your help. Sinc re y, John J. Pena Mayor JJP:kb cc: City Council City Manager 4 a�TQ. v • rac4j INVESTMENT ADVISORY BOARD MEETING DATE: September 81 1993 ITEM TITLE: TRANSMITTAL OF TREASURER'S REPORT DATED JUNE 30, 1993 FROM THE CITY COUNCIL MEETING OF JULY 26, 1993. ISSUE AND DISCUSSION: AGENDA CATEGORY: CONSENT CALENDAR: BUSINESS SESSION: STUDY SESSION: The attached Treasurer's Report of June 30, 1993 was received and filed by the La Quinta City Council at the July 26, 1993 City Council Meeting. Additional attachments in the form of correlating statements are included with the copy presented here. RECOMMENDATION: Review, receive, and file. Approved for submission to the Investment Advisory Board: Thomas J. O'Reilly - Finance Director Twiilf 4 4QU&M COUNCIL MEETING DATE: JULY 26, 1993 AGENDA CATEGORY: ITEM TITLE: PUBLIC HEARING: BUSINESS SESSION: DEPARTMENT STAFF REPORT FINANCE DIRECTOR CONSENT CALENDAR: TRANSMITTAL OF TREASURER'S REPORT STUDY SESSION: Transmital of June 30, 1993 Treasurer's Report. 1 certify Lhat this report accurately reflects all pooled investmenr:: and is in compliance with California Government Code Section 536-45 _s amended 1/1/86; and iS in conformity with City Code 3.08.010 to Investment of Moneys and Funds. As Treasurer of the City of La. Quiiita, I hereby certify that sufficient investment liquidity and anticipated revenues are available to ineet next month's estimated expenditures. r , Thomas OVO I Rei`ll Date Treasurer RECOMMENDATION: Receive and File Submitted by: Signature Approved for submission City Council ROBERT L . HUNT CITY MANAGER CITY OF LA QUINTA TREASURER'S REPORT JUNE 30, 1993 ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER. TYPE OF MATURITY INTEREST INVESTMENT INSTITUTUION DATE RATE AMOUNT RANK PETTY CASH & REGISTER DRAWER N/A N/A N/A $ '100 1 CHECKING ACCOUNT BANK OF A14ERICA N/A N/A 1,239,358 1 MONEY MARKET ACCOUNT BANK OF AMERICA DEMAND_ 2.38 123,'102 l LOCAL AGENCY INVESTMENT FUND STATE OF CALIF. DEMAND 4.51 7,393,284 N/A EMPLOYEES - DEFFERED COMPENSATION ICMA DEMAND 1.9 AVG INT ------------ 2501724 -" TOTAL $ 9,008,268 DISTRIBUTION OF CASH AND INVESTMENTS GENERAL FUND $1,040,390 GAS TAX FUND (5,54.) COMMUNITY SERVICES PROJECTS 1,197,098 QUIMBY FUND 656 , .'/ 7:. INFRASTRUCTURE FUND -3,123,159 EQUIPMENT REPLACEMENT FUND VILLAGE PARKING FUND - - 26,406 ASSESSMENT DIST FUNDS 1,310,21f; TRUST AND AGENCY FUNDS 1,572,587 TOTAL $9,008,268 LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT JUNE 30, 1993 ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER. TYPE OF MATURITY INTEREST ILNVESTMENT INSTITUTUION DATE RATE AMOUNT RANK ---------- -------------- ------ ---- CIVIC CENTER BOND PROCEEDS: CASH.- CONSTRUCTION BANK OF AMERICA DEMAND 1.84 $1,282 2 CASH - RESERVE BANK OF AMERICA DEMAND 1.84 738,885 CASH - REDEMPTION BANK OF AMERICA DEMAND 1.84 318,014 2 ------------ TOTAL $1,058,181 t CITY CIF LA U I N T A BANK CIF AMERICA CHECKING ACCOUNT 9 1 60-- 1 5464 BANK RECONCILEMENT ._DUNE 1993 BALANCE PER BANK STATEMENT 161,374.46 LESS OUTSTANDING CHECKS: (11809,326.38) LESS OUTSTAN-DING TRANSFERS OUT 0.00 PLUS OUTSTANDING DEPOSITS: 6,753.60 2,881,964.52 PLUS OUTSTANDING TRANSFERS IN 0.00 ADJUSTED BANK BALANCE GENERAL LEDGER ACCOUNT BALANCE ADJUSTMENTS ADJUSTED G/L BALANCE DIFF. ------------------ 11240,766.20 1,240,766.20 ________________ 1,240,766.20 0.00 Bank of America _ Statement 0. BOX 30746 L OS QNGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 1 OF 5 E326 CITY OF LA QUINTA 0916 P 0 BOX 1504 LA QUINTA CA 92253-1504 YOU MAY NOT NEED TO STAND IN LINE! ATM CONVENIENCE COMES TO BUSINESS CHECKING. ASK HOW A FREE BUSINESS BANKING VERSATELLER ATM DEPOSIT CARD ... ..-, ...� ,CAH .SIMP LIEY,> YOUR-BAHKING.� . CHECKZHG 09160-15464�: TRESS ANALYZE SUMMARY STATEMENT PERIOD=; MAY 29 THRO '�E+iE , ALANCE 0 PREVIOUS S TOTAL OF MR-W 1 R 1 TOTAL OF 3, Ei `,�DITS$21T TOTAL OF 32ECS FOt^a...... - TOTAL OF 6 QT ER.,;DITS FOR.: STATEMENT BACNCE ON 06-30-93 t` CHECKS/ CHECKS OTHER b , DEBITS CHECK :4DATE NUMBER RDSTED -.25 5' 8551 06- 03� ' 8599* 06,--01 8603* 06-07 8604 06-11 8605 06-07 8606 06-29 8607 06-04 8608 06-04 8609 06-07 8610 06-08 8611 06-07 8612 06-07 8613 06-08 8614 06-04 8615 06-07 8616 06-07 8617 06-07 8618 06-11 8619 06-04 8620 06-07 8621 06-07 8622 06-16 8623 06-04 8624 06-10 8625 06-07 8626 06-04 8627 06-07 B30, 199 0 r.0a0"� 0 I5T2.58 " N"141.67 924.44 1,725.64 2,349.17 1,572.59 991.32 670.53 1,118.14 303.90 683.47 799.26 1,913.76 475.45 1,394.32 589.56 lo047.51 1,655.32 226.54 865.18 1,435.54 lo034.52 910.32 941.74 961.43 755.48 lo087.39 TAX ID 95-3740431 CUSTOMER SZHCE 1982 .............137,681.70 ...........1,095,877.40 :...........1,579,768.00 ...........2,239,765.60 ..............412,187.04 �r.............161,374.46 HECK DATE MBER POSTED AMOUNT 9628 06-11 724.26 8629 06-04 772.65 8630 06-08 1,615.17 8631 06-07 776.20 8632 06-04 682.46 8633 06-08 1,054.97 8634 06-07 1P073.15 8635 06-07 1P125.15 8636 06-04 1,253.92 8637 06-08 1,294.00 8638 06-04 lo305.70 8639 06-10 1,310.85 8640 06-04 1,194.59 8641 06-04 1,118.31 8642 06-04 1,340.79 8643 06-07 721.71 8644 06-07 1,588.21 8645 06-07 1,426.39 8646 06-08 630.51 8647 06-04 1,218.90 8648 06-07 987.66 8649 06-04 955.41 8650 06-07 lo082.97 8651 06-07 989.36 8652 06-07 817.10 8653 06-07 809.34 8654 06-08 157.05 8655 06-07 654.60 Bank of America NTBSA • Member FDIC '' tiv.1 Bank of America Statemeni P. 0. BOX 30746 j LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 2 OF 5 CITY OF LA QUINTA i j CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) i CHECKS/ CHECKS OTHER DEBITS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 8656 06-04 760.42 14541X 06-11 145.60 8658X 06-21 924.42 14972* 06-11 200.00 8659 06-22 1,725.63 15140X 06-29 80.82 .8660 = 06721. �. �, Za.3.49.16 m 15157* 06-07 21.96 w, 15245E 06-03 100.00 ft8862 "06�29 �� 2Y �� 1.5261* 06-23 750.00 ` "39-18 0 A "x5297X 06-14 120.00 MU64 "08-18 muff,511tst, AWN&M55023( 06-04 65.00 6b5 06-21 %Ti8 13: � ff5330* 06-09 1, 465.00 ='9666 �':O6-22 3 8 901 U=5412* 06-07 157.26 . 1:8667 -06-22 M:45' a�5423X 06-02 150.00 k 668-- '06-21 ,', '5429* 06-03 477.19 gk"9669 06-22 417t913.76 s �432X 06-10 80.00 ZZ967.0 QA-18 �42-510.45 5 57X 06-08 200.00 86:7I ., 66-18 . ° �i4:' 0 464X 06-01 1476.00 :'-$672 06-2L �" '."60:,68 ...F��'5470X 06-04 135.00 4`8673 06-21 �;i+4749 ' ,"5479X 06-09 100.00 9674 ;06-21 +655030 :5480 06-02 687.91 sa 8675 06-21�;, x 1:9593 5481 06-11 100.00 �4676 06-21 k` " 5:17' 5482 06-03 50.00 _ 9677 06-21 1` 435.53 ' 13483 06-02 50.00 -8679X 06-18 5484 06-08 200.00 �8680 06-23 "941.72 15485 06-02 25.00 �8681 06-21 -•'966.41 ` �15486 06-10 100.00 8682 06-21 �76D.46 ��. ��. 1-5487 06-02 2, 950.00 8"3 06-21 1;087.37 15488 06-07 50.00 &684 06-22 729.24 ��.`� ,15489 06-17 1,723.00 8685 06--21 61'5":16,`15490 06-02 1,450.00 8686 06-21 ' k AA 1772.63 '5491 06-02 25.00 8687 06-21 781.20 15492 06-03 150.00 8688 06-18 687.44 15493 06-09 100.00 8689 06-21 1,054.96 15494 06-04 685.91 8690 06-21 lo078.15 15495 06-08 100.00 8691 06-21 1,130.15 15496 06-02 50.00 8692 06-23 1,258.90 15497 06-01 1,400.28 8693 06-21 1,299.00 15499* 06-01 517.20 8694 06-18 1,310.70 15500 06-03 50.00 8695 06-22 1,315.84 15508* 06-02 2,837.20 8696 06-18 1,194.59 15509 06-08 90.00 8697 06-18 990.42 15510 06-07 .2,305.00 8698 06-18 1,232.30 15511 06-04 38.47 8699 06-21 726.69 15512 06-07 352.76 8700 06-21 1,408.38 15513 06-09 632.45 8702* 06-21 635.51 15514 06-07 99.46 8703 06-22 1,256.89 15515 06-04 164.80 8704 06-21 897.59 15516 06-04 706.18 8705 06-18 960.39 15517 06-08 6,140.42 j 8706 06-21 1,123.50 15518 06-07 339.00 8707 06-21 944.44 15519 06-07 10,306.28 8708 06-21 822.10 15520 06-07 197.60 8709 06-21 814.32 15521 06-04 3,490.00 8710 06-21 141.67 15522 06-08 4,736.31 8711 06-21 646.54 15523 06-07 356.26 8712 06-21 765.40 15524 06-03 245.00 Bank of America NTBSA • Member FDIC Hl , Bank of America Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 3 OF 5 CITY OF LA QUINTA CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) CHECKS/ OTHER DEBITS CHECKS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 15525 06-04 457.84 15582 06-09 23.87 15526 06-07 241.57 15583 06-07 795.00 15527 06-07 6,471.60 15584 06-04 140.02 .L5528...06-04 758..56 15585 06-08 110.66 15�529 06D7 � 8,49� ��" 15586 06-16 124.00 �1S530 06;�07 , 2a 9 5587 06-11 20821.26 45m5,31 k -08 AiM24 1292&4=5588 06-14 2, 062.50 I553Z,: 06-08 '" ,' 1�5t589 06-14 35o700.85 �15r533 � 06-04 � O�,Ot � ` ��. � W590 06-04 8,449.00 �.5334 Ob-07 ISO4.:0 WE* 5591 06-16 48.00 155i35 " 06-09 �55:1AWM1,3392 06-18 671.76 536 06-04 4 � .,8:4 F-5593 06-16 10300.00 53 '1 7 �x 0 -07 .: - . t, 59:5M 06-09 21.00 538'5 9-07 , 4 "5596 06-10 92.58 39 06-04 *57 06-24 120.00 4'3541�E, 06-OT"'� _ 98 06-21 213.08 �554206-16` 0 � �.00* 06-ZZ 156.21 15543 06-22 679.91 1554406-04 .Q-085601 6 602 06-28 80.00 15545 06-08 0 U M5603 06-22 644.76 15546 06-08 6.d0 15604 06-22 108.08 <1.5548* 06-07 0....00 As, r � 5605 06-22 12,155.19 '15549 ,06-11 w , W-1 �15b06 06-23 9, 286.28 15550 06-04 62::8v 15607 06-24 130.80 15551- � 06-07 ', � 1-55608 06-23 3,758.30 15552 :. 06� 11 6.« 04 � . ..156,09 06 -23 321.06 15"5531 ' 06'°--03 2 250.00 5610 06-24 275.84 15554 06-04 T . 31 �`i°5611 06-23 15, 000.00 15555 06-03 , 2, 53404� "1�5613 06-23 95.00 15556 06-07 27..75 15614 06-21 1,968.40 15557 06-07 135.94 - 15615 06-23 10.28 15558 06-04 321.25 15616 06-22 2,500.00 15559 06-14 275.00 15617 06-22 390.00 15560 06-16 39.00 15618 06-23 218.00 15561 06-04 176.53 15619 06-21 65.00 15562 06-07 809.60 15620 06-22 395.25 15563 06-04 328.07 15621 06-22 34.75 15564 06-04 58,539.00 15622 06-21 246.00 15565 06-10 501.23 15623 06-23 581.36 15566 06-08 3,492.00 15624 06-21 3.84 15567 06-09 618.34 15625 06-22 5,301.16 15568 06-29 68.81 15626 06-22 10.00 15569 06-18 93.20 15627 06-18 306,202.56 15570 06-15 27.00 15629)E 06-22 215.63 15571 06-07 141.66 15630 06-22 22.07 15572 06-07 529.00 15631 06-22 675.00 15573 06-03 17.08 15632 06-21 94.57 15574 06-07 275.95 15633 06-29 2400.00 15575 06-04 762.44 15634 06-22 77.47 15576 06-08 615.00 15635 06-23 157.44 15578M 06-07 654.45 15636 06-22 480.32 15579 06-07 14,856.00 15637 06-22 . 860.00 15580 06-07 74.90 15639M 06-29 180.00 15581 06-04 299.35 15640 06-24 19.40 Bank of America NTBSA • Member FDIC t7l Bank of America Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 4 OF 5 CITY OF LA QUINTA CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) CHECKS/ CHECKS OTHER DEBITS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 15641 06-22 82.13 15669 06-22 39.68 15642 06-22 27.75 15670 06-22 98.89 15644* 06-22 852.70 15671 06-24 187.72 ,15645 _.Q6.�22Mw: �lD>�.Q T9� x 15672 06-22 64.65 '`156.46U6.8"" aY;Q58'�29 P 15673 06-21 119.00 !W647 23 5675* 06-15 11,463.28 iial&48 -21 UR810O 5676 06-14 3,644.11 649 -22 0:94 IMONW3677 06-14 439.05 Z15650 ."`Oily-22 a llva. 00- 5680* 06-28 250.00 '651 06-21 U2 3: ,,%1, 3682* 06-25 535.48 156►53* °t1b-29 �;i.0 .643 06-28 1442.23 156-54 = -24 �' ffW4� 1684 06-25 2, 792.97 &55 346-2.4 AMMSAP "" M°°Sf95 06-21 425.00 X 56x56 S-23 _ 984" :98 '9,6 06-29 400.00 MUS17 `-06-23- 17 06-18 240.00 '�56`58 :08-I$ `r' '�' �6$8 06-28 2, 062.50 59 :t��i-29'�'"�-'.'6',756 ��3 ,, y `Y689 06-30 135.00 �1-5i`660 b-29 "�ML�5.56 �.9,D 06-30 10,448.16 1'S66106-21 �._ :'$, �156-91 06-30 773.00 fi -662 06-23 7& '5692 06-18 8, 449.00 _ 1�663 '06-23 '7-4s.59 �� ",.'��i5693 06-18 2, 483.50 15664 06-21 =..56 96"`' ." '` 5694 06-25 48.00 15065 06-18 4-380.00' `I5696* 06-28 50.00 15 66 06-21 88:54' '15698* 06-29 320.00 15 67 06-18 29144rrt98"33434* 06-30 390,000.00 15 68 06-25 1 w�124.98 DEPOSITS/ OTHER CREDITS OTHER DEBITS � ''''::.¢ k ea,� ;a+ .#3Y9 _gym . ;.:� x. <.., A .T "�y,••, _.... �`�'n � ....w DATE TRANSACTION POSTED DESCRIPTION AMOUNT 06-07 TELEPHONE/TELEGRAPHIC TRANSFERS ...... ...................... 275,000.00 06-08 TAX PYMT CALL-818-6668000 060893 941 95-3740431 .............13,613.75 06-09 TELEPHONE/TELEGRAPHIC TRANSFERS.............................50,000.00 06-15 RETURN ITEM DEBIT 06/15/93....................................54.30 06-22 TAX PYMT CALL-818-6668000 062293 941 95-3740431 .............13,518.99 06-25 TELEPHONE/TELEGRAPHIC TRANSFERS.............................60,000.00 DEPOSITS POSTED AMOUNT POSTED AMOUNT 06-01 855.29 06-11 7,109.49 06-03 1,304.30 06-14 4,788.37 06-03 7,136.20 06-15 6494.42 06-03 153,000.00 06-16 74,171.60 06-04 327,612.64 06-17 2,571.59 06-07 4, 255.82 06-18 2, 368.60 06-08 517.20 06-18 11400.00 06-09 24,976.53 06-21 4,889.34 06-10 222.20 06-22 1,516.30 Bank of America NTSSA • Member FDIC t Bank of America Statement I P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 5 OF 5 CITY OF LA QUINTA i CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) DEPOSITS/ DEPOSITS OTHER CREDITS DATE _ DATE POSTED AMOUNT POSTED AMOUNT 06-22 7400.00 06-28 -95,064.12 06-23 749.41 06-29 305,050.66 06-24 40P823.00 06-30 1,138.95 OTHER CREDITSU DATE T 'NUC Iffig POSTED MaRIP AMOUNT 06-03 Mfff STMENT... ....... .............500,000.00 06-16 CREDiT STMENT... ....... .............500,000.00 06-21R1LT',STMENT ....... 579, 768.00 BMW 3 �35 � w k. Erffi':�RlaYi } Bank of America NT&SA • Member FDIC CITY OF LA - UINTA BANK F AMERICA MCINEV MARKET AC CUNT #00 1 50— 1 6233 BANK RECONCILEMENT JUNE 1993 BALAP-J,VE PER BANK STATEMENT $ 123, 701 .II LE'S)'w c11_IT-STANDINGi CHECKS: $ 0.00 DEP,u,''IT":-7'p IN TRANSIT $ 0.00 AGi U_► ATM ENT:3 : 3�vt 2/25 I ERVICE CHG. IN ERR---,R $ 7.50 P1u �n ________________ �inecl�in AJ USTEG BANK BALANCE 123,709.05 / ,SEVERAL LEDGER ACCOUNT ## 1 000-000-200 '1 23 , 7 00 . 05 ADjUWTMENTw : ADJUSTED LEDGER BALANCE 1231709.05 Bank of America C-�"��"''"��'' Statement 0. BOX 30746 L V opgo OS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 1 OF 2 1111111111111'1'1'8I111111Ill " l'I'till 111111" 111111111111111 E4 CITY OF LA QUINTA 0916 P 0 BOX 1504 LA QUINTA CA 92253-1504 GET A MINI —STATEMENT WHENEVER YOU WANT. QUICK LOOK(R) SERVICE GIVES YOU.ANSWERS ABOUT YOUR RECENT CHECKING OR MONEY MARKET ACCOUNT ACTIVITY, RIGHT AT THE VERSATELLER(R) ATM. WITH A QUICK LOOK MINI —STATEMENT, YOU CAN.ACCESS INFORMATION ON YOUR LAST SEVEN CLEARED CHECKS,,�WI-THDRAWALS•OR_DEBIT PURCHASES, YOUR LASS'r3'P,OS-' ED;d�DEPOSITi4bf,PYOUR CURRENT ^ACCOUNT_ BALANCE. OR $1 PER"YQ"CK LOOK M MONEY MARKET 09168-1623t7o: SINESS MONEY MARkEt" ACCOUNT `' TAX ID 95-3740431 SUMMARY STATEMENT PERIOD= MAY 29 THROUGH JUNE ' 30, 1993 �� PREVIOUS ST fNENT B+�ALANCE ON.,.05-28�—g93.....,., ..... :Y ............159,484.02 `:ai:tdv'it TOTALOF 3_ _OSITS--FOR... ....:�...Y......... TOTAL OF 1 ER CREDIT FOR...:�� ::.......... ... ..,...0.........385,000.00 ,�.................217.53 w . TOTAL OF l CHECK FOR.... ...:�- ..-......;..........♦................. 250o000.00 TOTAL OF 3 QTHER DEBITS FOR......'....'.........:':.: ............171,000.00 STATEMENT BALANCE ON 06-30-93...,.�............�..�:° ............123,701.55 INTEREST INTEREST PAID THIS STATEMENT PERIOD ............. ....t...................217.53 PALD THIS YEAR.........:;..................:.."...............2,033.04 CHECKS/ CHECKS_' OTHER DEBITS CHECK DATE `'°° "� 'lCHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 06-09 250,000.00 OTHER DEBITS DATE TRANSACTION POSTED DESCRIPTION AMOUNT 06-03 TELEPHONE/TELEGRAPHIC TRANSFERS ............................153,000.00 06-18 TELEPHONE/TELEGRAPHIC TRANSFERS .............................11,000.00 06-22 TELEPHONE/TELEGRAPHIC TRANSFERS ............. ....... .... ......7,000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 06-07 275400.00 06-25 60000.00 06-09 50000.00 Bank of America NTBSA • Member FDIC t1l Bank of America Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 2 OF 2 CITY OF LA QUINTA MONEY MARKET 09168-16233 BUSINESS MONEY MARKET ACCOUNT (CONTINUED) DEPOSITS/ OTHER CREDITS OTHER CREDITS DATE TRANSACTION POSTED DESCRIPTION AMOUNT 06-30 FOR THE STATEMENT PERIOD 05/29 THRU 06/30: ANNUALIZED INTEREST RATE WAS 2.36X. ANNUALIZED YIELD, BASED ON DAILY COMPOUNDING, WAS Z.39X.................217.53 DAILY DATE AMOUNi'" µ ATE A�t0U1 DATE AMOUNT BALANCE r , .� 06-03 a. +$CA 2 0� 1$ ; 70, WW . 06-25 123,484.02 06-07 :484'.02 06 22 63,484. �� 06-30 123,701.55 06-09 ,y 8402,... , .. .. Ml DAILY DATE WAR MnAMQUNT w RATE � � MATE AMOUNT RATE INTEREST CALCULATION 06-01 ��, 484. 02 2�4Q0 '� "�� 70,484.02 2.350 BALANCE 06-03 06-07 -$4484.02 1, 484. 02' �2 35© t 2�400 ., ~8 *- !"' � �t�+ -�5� �` �� 63,484.02 123, 484. 02 2.350 2.400 06-09 �81, 484.022350 , �1 -" 123, 484.02 2.350 � . : Ha'r N'rm ac'iavi Mm- 'a'�a'..a►:$ 4 d: ! .3f1Sk ?.p q u' A Bank of America NTBSA • Member FDIC STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER ..... SACRAMENTO LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 06/30/93 SACRAMENTO, CA 94209-0001 Page: 01 JUNE, 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 ------ --------------------- --------------- $7,1831283.63 06/03/93 06/02/93 RW 561 TJO -$5001000.00 $6,683,283.63 06/10/93 06/09/93 RD 562 TJO $250,000.00 $6,933,283.63 06/16/93 06/16/93 RW 563 TJO -$500000.00 $6,433,283.63 06/24/93 06/23/93 RD 564 TJO $570,000.00 $7,003,283.63 06/30/93 06/29/93 RD 565 TJO $390,000.00 $7,393,283.63 ENDIING BALANCE - REG --------------- $7,393,283.63 NO BOND PROCEEDS GRAND TOTAL --------------- $7,393,283.6v SUMMARY 3 TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT REG ---------- 5 ----------------- $1,210,000.00 -------------------- -$110001000.00 B/P 0 $0.00 $0.00 TOTAL ---------- 5 ----------------- $1,210,000.00 -------------------- -$110001000.00 457 DEFERRED C "vTENSATION .PLAN STATEMENT FOR fHE QUARTER ENDING 3/31/93 IC.MA " RETIREMENT CORPORATION ACCOUNT NUMBER: 2425 TAX ID # : 953740431 Corporate Headquarters 'Al, 777 North Capitol Street, NE. Suite Washington, DC 20002-4240 (202) 962-4600 Toll -Free 1-800-669-', 0 9714-70-0002143 CITY OF LA QUINTA P 0 BOX 1504 LA QUINTA, CA 92253 Summary of Activity for 1s u$fAi�i�$) for 457 Deferred Compensation Plan Balance on 1/ 1 /93 2 3 5, 7 0 7. 2 8 Contributions , Pay to©:> �1..aaxes: i :yeah? �Yo ,can. -save more -on:: tf Acct Maint Fee Fund Transfers 3 0 6.0 0 - i at QUf#t date : ` nexf F# #y fTi XH l2!# YOU 457 Adjustments Disbursements c�lt��uWin �# , yo>€� arse i .,..f � �rl�rease ycsur deferral, a. �1� Earnings 1 /31 �, 2 , 0 6 2.4 7 : yi *ur.: emp.oyer for an qV ChAE�ge �4rtn. 2/28 184.42 3/31 '2f497.36 . Balance on 3/ 1 /93 3 250f725.5 Eve CITY OF LA QUINTA Q�r•��dcd 93 Netw c�aicACCT.#2425. Summary Detail for 1st Qurter (in $) TAX ID#: 953740431 � 'rH` ST'E CK 1TY :II dEX :. Sa T AE E. Tt( lV ... CORE SOM : . U�+iQ : FUND . : F NQ FUND afance.ort.'#11l93.. 28, 401. 79 4r908.06 25, 935. 33 11, 774.9E Contributions : 2r287.50 498.00 1f716.00 531. 9 C a+^,ct: hi�8i tt e+e 7 2. 2 7- 13 . 7 4- 3 6. 0 6- 2 8. 3 f Fund : Transfer&.:. 41795.30 354 . 8 C Adjustments >: Disbursements Eaming4:'.If3i 282.71 48.65 367.52 237. c:cn:. 11v2 7 . 06 48.37 49 . 62 ��4 .:.. 3.13.1' 961.67 95.83 433.94 13.8 Balance on>>3/31193. 35, 029. 64 5, 585.17 28, 911. 35 12,429.83 T'EASURY CASH :MANAMEt'l' PiS GUARANTEED:. N© :: FE�Dn FUND B1ManCe on VV-93 41270.76. 4, 711.75 86, 743. 39 68, 961. 2A- Go ributions:: 263.90 521.00 4f761.70 Abet M�t:::Fee : 16 . 0 4- 21. 5 2- 9 6. 6 5- 21.3( Fitt .d Tra t�#sr : > 4f634.60 - 194.10 J�djuSl:lie£3t8 882.55 21748.27 3,630.82 D19bdrseMenta M.tn0 1:131 '' 110.53 48.74 527.55 439.4S 125 " 107.84 41.21 474.31 390. 1_` 3.05 9.00 545.32 434. 7C 6a#artc€ on :f3193 987.99 5f310.18 95t897.99 6 6, 5 7 3. 3 E v Amounts shown are net of applicable fees and expenses. See Making Sound investment Decisions: A Retirement Investment Guide. LA QUINTA REDEVELOPMENT AGENCY BANK OF AMERICA. CHECKING ACCOUNT #09 1 68- 1 5323 BANK RECONCILEMENT ._TUNE 1993 BALANCE PER BANK STATEMENT LESS OUTSTANDING CHECKS: DEPOSITS IN TRANSIT AJUSTED BANK BALANCE GENERAL LEDGER ACCOUNT # 1 000-000-000 FUND 60 $ 13,145,591.61 FUND 62 2,865,435.55 FUND -63 (21 , 036, 1 32. 02) FUND 66 2,219,464.46 FUND 67 (583,459.47) FUND 68 507,572.34 --------------- ADJUSTMENTS CORRECT � K# 1 554b J . P RLPH()fiHAHH1uu ADJUSTED LEDGER BALANCE 465.65 (21881,964.52) $ 0.00 ------------------ (29881,498.87) $ (2,881,527.53) ---------------- (2 1 88 1 , 498 . 87 ) RIFF 0.00 oBank of America �� "I Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 -- 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93r: PAGE 1 of 1 II�L��I�I��I�I�I�I��il��ll�l�l�li��l��lil��l��i�l�l�l E5 LA QUINTA REDEVELOPMENT 0916 AGENCY P 0 BOX 1504 LA QUINTA CA 92253-1504 YOU MAY NOT NEED TO STAND IN LINE! ..:..� ATM CONVENIENCE COMES TO BUSINESS -CHECKING. ASK HOW A FREE B ES A� K SOS... T CARD CHECKING 09168-1532 q 5>L' S ANALYZED TAX ID 95-3740431 f . CUSTOMER SINCE 1983 SUMMARY STATEMENT Y 29 THROB, 30, 1993"' PREVIOUS S AALANCE 0 .............254,895.01 TOTAL OF 5 �_ , ��FO�-, .............307, 310.54 TOTAL OF Sf, .R. ..*60 .......,i! ............499,739.90 TOTALOF 1 LRxOEHIT FOR... a "` ....... .............62,000.00 STATEMENT 5 G Q 06-30-93 `q ...... k: y ' .................465.65 CHECKS/ CHECKS OTHER. maDAy;.; .. :.: DEBITS _ BECK_, TE DATE NEBER PASTED, AiUN! ER POSTED AMOUNT 5 , 00 * 06-21 2,634.90 540 �: p�R� �Q*000". 00 � 5 06—.24 92, 300.00 OTHER DEBITS . DATE TRANSACTION POSTED DESCRIPTION AMOUNT- 06 30 TELEPHONE/TELEGRAPHIC TRANSFERS.............................62,000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 06-04 "500000.00 06-24 55,000.00 06-21 "__3,000.00 06-29 59,479.49 06-23 '__1139,831.05 Bank of America NTBSA • Member FDIC LA @UINTA REDEVEL,--,P 9ENT AGENCY BANK r;,E AMERICA M---,NEV MARKET AC ,--,LINT #00 1 65- 1 6233 BANK RECGNCILEMENT .JUNE 1993 BALANCE PER BANK (STATEMENT LES3S C,11TSJANGING CHECKS.: DEPOSITS IN TRAWS- IT ADjUSTMENT'w : 6/30 SERVICE CHG. IN ERROR AJUSTEG BANK BALANCE �OQ �,ENERAL LEGC�EF; ACCOUNT # 1 000-000- ADJUSTMENTS: ADJUSTED LEDGER BALANCE $ 70,550.11 0.00 $ 0.00 3.00 .�_..-------------- �8,553.11 781553.11 Bank of America �� _ V\,M Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 06/30/93 PAGE 1 OF 2 LA QUINTA REDEVELOPMENT AGENC E3 78 105 CALLE ESTADO 0916 LA QUINTA CA 92253 GET A MINI —STATEMENT WHENEVER YOU WANT. QUICK LOOK(R) SERVICE GIVES YOU ANSWERS ABOUT YOUR RECENT CHECKING OR MONEY MARKET ACCOUNT ACTIVITY, RIGHT AT THE VERSATELLER(R) ATM. WITH A QUICK LOOK MINI —STATEMENT, YOU CAN ACCESS INFORMATION ON YOUR LAST SFV-EAI ,CLfA&li REGKS�,�� W kAR WAk — R DEBIT PURCHASES, YOUR' _!' _ '`�DPSI �YOUR%ago C _COUNT BALANCE. ` FOR $1 P OOK ��:�e ,p' . ENT MONEY MARKET 09161-1534 I1SS MONEY MAR K OUNT qNSINNINAM TAX ID 95-3740431 ..� SUMMARY STATEMEN30, _199� ��11 pL29GTH� , x• � �. PREVIOUST ,LIEN D� ... , , , .. , .�124, 007 : 02 TOTAL OF TOTAL OF M O fffVS FOG7._ ;-...F..: ,a ER O 'EDIT FOR $ xz. ........ ...3, 03L 197.00 TOTAL OF OEM �aBITS FOR. ....... ,�, ...........3, 077, 200.00 STATEMENT` �NCE' ON 06-30-93..�.J............."::., ':': 78, 550.11 .............. INTEREST �, P'THIS' STATEMENT PERIOD...".......'..,.:"�..�:.............. ..546 .09 INTEREST PAID .THIS, .YEAR .............`...... ....`,;.:.000000000600..1,787.24 CHECKS/ OTHER DEBITS" g OTHER DEBITS DATE TRANSACTIE POSTED DESCRIPTION'— "' � � AMOUNT 06-04 RETURN ITEM FEE 06/04/93.....'........................�.00.o.3oOO 06-04 TELEPHONE/TELEGRAPHIC TRANSFERS ....................... .....50,000.00 06-04 RETURN ITEM DEBIT 06/04/93......... .............. ....'2i.Q69,197.00 06-21 TELEPHONE/TELEGRAPHIC TRANSFERS .......................... .. ,000.00 06-24 TELEPHONE/TELEGRAPHIC TRANSFERS ...........................� 551000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE POSTED AMOUNT 06-02 ---, 2,969,197.00 OTHER CREDITS DATE TRANSACTION POSTED DESCRIPTION DATE POSTED AMOUNT 06-30 62,000.00 AMOUNT 06-30 FOR THE STATEMENT PERIOD 05/29 THRU 06/30: ANNUALIZED INTEREST RATE WAS 2.35X. ANNUALIZED YIELD, BASED ON DAILY COMPOUNDING, WAS 2.38x.................546909 Bank of America NTBSA • Member FDIC .,r Bank of America Statement P: 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT'06/30/93 PAGE 2 OF 2 LA QUINTA REDEVELOPMENT AGENC MONEY MARKET 09161-15398 BUSINESS MONEY MARKET ACCOUNT (CONTINUED) DAILY DATE AMOUNT DATE BALANCE 06-02 3493,204.02 06-21 06-04 74404.02 06-24 AMOUNT :,DATE ''AMOUNT 71,004.02 ..06-30 78P550.11 16,004.02 DAILY DATE AMOUNT RATE DATE INTEREST CALCULATION 06-01 124,007.02 2i400.._ 06-21 BALANCE 06-02 06-04 r AMOUNT RATE 71,004.02 2.350 16,004.02 2.350 78,004.02 2.300 Bank of America NT&SA • Member FDIC STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER SACRAMENTO ,~ LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 06/30/93 SACRAMENTO, CA 94209-0001 Page: 01 JUNE, 1993 STATEMENT ACCOUNT NUMBER: 65-33-017 LA QUINTA REDEVELOPMENT�AGENCY 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 $12,820,058.79 NO ACTIVITY IN REGULAR ACCOUNT --------------- ENDING BALANCE - REG $12,820,058.79 NO BOND PROCEEDS + GRAND TOTAL $121820,058.79�% �/3 0% SUMMARY ._.- TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT --------------------------- -------------------- REG 0 $0.00 $0.00 BAP 0 $0.00 $0.00 --------------------------- -------------------- TOTAL 0 $0.00 $0.00 Fiscal Year 93/94 file: R0ABN092/3 l� Quinta Redevelopment Agency RDA 89 series _----------------------- bond bond debt special interest payment service holding fund fund fund reserve fund totals 117204600 117204601 117204602 117204603 07/01/93 BEGINNING BAL 209.08 63.18 0.13 752,569.42 752,841.81 -111l INTEREST 0100 0.00 0.00 0.00 0.00 AUG INTEREST 0.00 0.00 0100 0100 0.00 FROM 117204603 0100 0,00 0100 0.00 0100 DEPCISIT 0.00 0100 0100 0.00 0100 TRANS TO 111283401 0,00 ONOO 0.00 0.00 0100 TRANS T4 111204602 0.00 0.00 0.00 0.00 0.00 TRANS TO-117204601 0.00 0.00 0.00 0.00 0.00 TRANS TO 117283400 0,00 0,00 0.00 0100 0.00 TRANS TO 117349300 0.00 0.00 0100 0.00 0.00 TRANS TO 117349301 0100 0.00 0100 0.00' 0.00 INTEREST PYMT 0.00 0.00 0.00 0.00 0,00 PRINCIPAL PYMT 0.00 0.00 0.00 0.00 0100 SEPT INTEREST 0100 0100 0100 0.00 0.00 OCT INTEREST 0.00 0.00 0.00 0.00 0.00 NuV INTEREST 0.00 0,00 0.00 0.00 0100 DEC INTEREST 0100 0.00 0.00 0.00 0100 jAN INTEREST 0.00 0100 0.00 0.00 0100 FEE TAX INCREMENT 0.00 0.00 0.00 0.00 0.00 FEB INTEREST 0.00 0.00 0100 0.00 0100 TRANS TO (117349300) 0,00 0,00 0.00 0,00 0100 TRANS T4 (117283400) 0.00 0.00 0100 0.00 0.00 TRANS TO (1i1204601) 0.00 0.00 0,00 0.00 0.00 INTEREST PYMT 0.00 0.00 0.00 0.00 0100 MAR INTEREST 0.00 0.00 0.00 0.00 0.00 APR INTEREST 0.00 0.00 0100 0100 0.00 MAY INTEREST 0100 0,00 0.00 0.00 0.00 JUN INTEREST 0.00 0,00 0.00 0.00 0100 ------------------------------------------------------------------------------------ BALANCE 209.08 63.18 0.13 752,569.42 Fiscal Year 93/94 file; ROABNOCS La yuinta Redevelopment Agency RDA 90 series ------------------------ bond bond debt excess redemption interest payment service investment fund fund fund reserve earnings totals 117283404 177283400 117283401 117283402 117283403 07/01/93 BEGINNING BAL 0,00 153.92 1.01 ----------------------------------------- 1,00 0.00 155193 JUL INTEREST 0.00 0.00 0.00 0,00 0.00 0100' AUG INTEREST 0.00 0.00 0.00 0.00 0.00 0100 TRANS FROM (117204600) 0.00 0.00 0,00 0,00 0100 INTEREST PYMT 0.00 0.00 0,00 0.00 0100 PRINCIPAL PYMT 0100 0,00 0,00 0.00 0100 lei EP INTEREST 0.00 0.00 0.00 0.00 0100 0100 OCT INTEREST k 0.00 0.00 0,00 0.00 0.00 0100 NOV INTEREST 0,00 0,0o 0.00 0.00 0.00 0100 DEC INTEREST 0.00 oloo 0.00 0,00 0.00 0,00 JAN INTEREST 0.00 0.00 0.00 0.00 0.00 0100 FEB INTEREST o,o0 0.00 0,00 0.00 0.00 TRANS FROM (117804600) 0.00 0.00 0100 0,00 0,00 INTEREST PYMT 0.00 0.00 0,00 0,00 0100 MAR INTEREST 0,00 0,00 0.00 0.00 0100 APR INTEREST 0.00 0.00 0.00 0,00 0100 0100 MAY INTEREST 0,00 0.00 Oleo 0.00 0,00 0100 JUN INTEREST 0.00 0.00 0.00 0,00 0100 0100 ------------------------------------------------------------------------------------ BALANCE 0.00 153,92 1.01 1.00 0.00 Fiscal Year 93/94 file; RDABNDCS La Quinta Redevelopment Agency RDA 91 series ------------------------ BOND BOND INTEREST PAYMENT REDEMPTION RESERVE DEBT SERVICE FUND FUND FUND FUND FUND totals 117349300 117349301 117349302 117349303 111349304 07/01/93 BEGINNING BAL 59,92 0100 0,00 - ------------------------------------- 1441966,85 5159 145,0�?,:' JUL INTEREST 0.00 0,00 0100 0,00 0.00 TRANS FROM 111349303 0,00 0.00 0100 0100 0100 0,); AUG INTEREST 0.00 0100 0100 0.00 0100 TRANS FROM 117204600 0.00 0.00 0.00 0100 0.00 O,OC INTEREST PYMT 0.00 0.00 0100 0,00 0100 PRINCIPAL PYMT 0,00 0.00 0100 0.00 0,00 SEP INTEREST 0.00 0100 0.00 0.00 0100 OCT INTEREST 0.00 0.00 0.00 0,00 0100 NOV INTEREST 0,00 0.00 0.00 0.00 0.00 011" DEC INTEREST 0.00 0.00 0.00 0,00 0.00 O,OC JAN INTEREST 0.00 0.00 0.00 0.00 0.00 G,O FEB INTEREST 0.00 0.00 0100 0.00 0100 0 TRANS FROM (117204600) 0.00 0.00 0100 0100 0100 0, INTEREST PYMT 0.00 0.00 0.00 0.00 0100 MAR INTEREST 0.00 0.00 0.00 0100 0.00 APR INTEREST 0.00 0.00 0,00 0100 0.00 MAY INTEREST 0,00 0.00 0,00 0,00 0.00 JUN INTEREST 0.00 0.00 0.00 0.00 0,00 ---------------------------------------------------------------------------- BALANCE 59,92 0100 0.00 744,966.85 5,59 745,032,?' + 155, 9,3 + Asa gYl, g I La quipta Redevelopment Agency to PA12 92 9erie,s --------------------- ESCROW SPECIAL SPECIAL INT PRINCIPLE RESERVE FUND FUND FUND FUND FUND totals 8116202-000 8116202-001 8116202-002 8116202-003 8116202-004 8116202-005 07/01/93 BEGINNING BAL 31698,443.05 11317,535.44 0.00 76.31 0.00 -----------------------------= 394,461.33 514701516,13 0.00 0.00 0.00 0.00 0100 0,00 0.00 0.00 0.00 0.00 0.00 0,00 0100 0.00 0.00 0.00 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0.00 0100 0100 0,00 0.00 0100 0,00 0.00 0.00 0100 0.00 0,00 0.00 0.00 0.00 0.00 0100 0100 0.00 0.00 0.00 0100 0.00 0.00 JAN' INTEREST 0.00 0.10 0,00 0.00 0.00 0100 0.00 F E 6 INTEREST 0.00 0.00 0100 0.00 0100 0100 0.00 MAR INTERESIT 0.00 0100 0.00 0100 0,00 0.00 0.00 API INTEREST 0.00 0.00 0.00 0100 0.00 0.00 0.00 MAY INTEREST 0.00 0.00 0,00 0.00 0100 0.00 0.00 B01dC� PYi�T FRON CITY 0.00 0.00 0.00 0,00 0.00 0,00 JUN INTEREST 0100 0100 0.00 0100 0.00 0100 0100 trns to 8116202-003 0100 0100 0100 0,00 0100 0100 debt sere int pymt 0.00 0.00 0.00 0.00 0,00 0.00 BALANCE -------- --------------------------------------------------------------------------------- 3 16981 443.05 11377,535,44 f" 0.00 76.31 0100 394,4fi1,33 51470,516.13 + � 1,��71, q96. �� ✓� year 93 j 94 La �uinta Financing Authority Revenue Bonds Series 91 ------------------------- BOND RESERVE CONSTRUCTION REBATE FUND FUND FUND FUND totals 10 355200 117355201 111355202 117355203 01./01/93 BEGINNING BAL 318,013.93 738,855,48 1128,2.18 0.00 0.00 11058, 151 .59 :►UL INTEREST 0.00 0.00 0.00 0.00 oloo o,o0 AUG INTEREST 0.00 0,00 0.00 0.00 0,00 0,00 TRANS TO 147607 CKING 0.00 Oleo o,00 0.00 0.00 0.00 SEP INTEREST 0,00 0.00 0.00 0,0o 0.00 0.00 INTEREST RYNT 0.00 0,00 0,00 0.00 0.00 0,00 G�T INTEREST 0.00 0,00 0.00 0.00 0.00 oloo �dC'd INTEREST 0,00 0,00 0.00 0.00 0,00 DEC INTEREST 0.00 %L0.00 0.00 0.00 0.00 0.00 0,00 TRANS 09160-15464 CKING 0,00 Oleo 0,00 0.00 0.00 0.00 JAN INTEREST 0,00 0,00 o,00 0.00 0.00 0,00 FEE, I1TEREST 0,00 0,00 0.00 0,00 0.00 MAF, INTEREST 0,00 0.00 0.00 0.00 0,00 tray: 0916-15464 CKING Oleo 0.00 0,00 0,00 0,00 APR INTEREST 0.00 0.00 0,00 0,00 0.00 0,o0 INTEREST RYMT 0.00 0.00 0.00 0100 0,00 MAY INTEREST 0,00 0.00 0,00 0.00 0.00 INTEREST 0.00 0.00 0,00 0,00 0.00 0.00 _►UN trans 0916-15464 cking 0.00 0.00 0.00 0.00 BA LANCE 318 013,93�138,855,48 �---1,282,18�---- ----------- --- 0,000,001,058,151.59 4 4a c4d -r' INVESTMENT ADVISORY BOARD MEETING DATE: September 8, 1993 AGENDA CATEGORY: ITEM TITLE: CONSENT CALENDAR: TRANSMITTAL OF DRAFT TREASURER'S REPORT DATED JULY 31, 1993. BUSINESS SESSION: 18 STUDY SESSION: ISSUE AND DISCUSSION: The attached is a draft Treasurer's Report of July 31, 1993 that will be presented to the La Quinta City Council at the September 21, 1993 City Council Meeting. Additional attachments in the form of correlating statements are included with the copy presented here. RECOMMENDATION: Review, receive, and file. Approved for submission to the Investment Advisory Board: Thomas J. O'Reilly - Finance Director CA) FM aihr4 OF COUNCIL MEETING DATE: ITEM TITLE: DEPARTMENT STAFF REPORT FINANCE DIRECTOR SEPTEMBER 21, 1993 AGENDA CATEGORY: - PUBLIC HEARING: BUSINESS SESSION: CONSENT CALENDAR: TRANSMITTAL OF TREASURER'S REPORT STUDY SESSION: Transmital of July 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. 66i(eillyl Da City Treasurer RECOMMENDATION: Receive and File submitted by: Signature DRAFT Approved for submission to City Council ROBERT L. HUNT CITY MANAGER CITY OF LA QUINTA TREASURER'S REPORT JULY 31, 1993 ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER. TYPE OF INVESTMENT PETTY CASH & REGISTER DRAWER CHECKING ACCOUNT MONEY MARKET ACCOUNT LOCAL AGENCY INVESTMENT FUND EMPLOYEES - DEFFERED COMPENSATION MATURITY INTEREST INSTITUTUION ------------ DATE -------- RATE -------- N/A N/A N/A BANK OF AMERICA N/A N/A BANK OF AMERICA DEMAND 2.36 DRAFT AMOUNT RANK $ 700 1 218,639 1 25,709 1 STATE OF CALIF. DEMAND 4.438 8,106,528 N/A ICMA DEMAND 1.9 AVG INT 250,726 2 ------------ TOTAL $ 8,6021302 DISTRIBUTION OF CASH AND INVESTMENTS GENERAL FUND GAS TAX FUND COMMUNITY SERVICES PROJECTS QUIMBY FUND INFRASTRUCTURE FUND EQUIPMENT REPLACEMENT FUND VILLAGE PARKING FUND ASSESSMENT DIST FUNDS TRUST AND AGENCY FUNDS TOTAL $366,531 (26,094) 1,204,106 651,718 3,133,354 82,057 26,561 1,546,738 1,612,331 $8,602,302 LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT JULY 31, 1993 DRAFT ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER. TYPE OF MATURITY INTEREST INVESTMENT ---------- INSTITUTUION ------------ DATE -------- RATE -------- AMOUNT ---- RANK CIVIC CENTER BOND PROCEEDS: CASH - CONSTRUCTION BANK OF AMERICA DEMAND 1.84 $1,282 2 CASH - RESERVE BANK OF AMERICA DEMAND 1.84 738,855 2 CASH - REDEMPTION BANK OF AMERICA DEMAND 1.84 318,014 ------------ 2 TOTAL $1,058,151 LA QUINTA REDEVELOPMENT AGENCY TREASURER'S REPORT JULY 31, 1993 ASSETS UNDER THE INVESTMENT DIRECTION OF THE AGENCY TREASURER. TYPE OF MATURITY INTEREST INVESTMENT INSTITUTUION ------------ DATE -------- RATE -------- CHECKING ACCOUNT BANK OF AMERICA N/A N/A MONEY MARKET ACCOUNT BANK OF AMERICA DEMAND 2.33 LOCAL AGENCY INVESTMENT FUND STATE OF CALIF. DEMAND 4.438 RESTRICTED CASH - BANK OF AMERICA TRUSTEE: 89,90,91 SERIES BONDS PACIFIC HORIZONS RESTRICTED 1.84 RESTICTED CASH - 1st INTERSTATE BANK TRUSTEE: 92 SERIES BOND PAC AMERICAN FUND RESTRICTED 1.94 CONSTRUCTION - 1st INTERSTATE BANK TRUSTEE: 92 SERIES BOND PAC AMERICAN FUND RESTRICTED 1.94 92 SERIES BOND INTEREST PAC AMERICAN FUND RESTRICTED 1.94 TOTAL DISTRIBUTION OF CASH AND INVESTMENTS ------------------------------------ PROJECT AREA 41: CAPITAL IMPROVEMENT FUNDS $5,340,178 DEBT SERVICE FUNDS 64,057 LOW/MOD FUNDS - 4,075,602 ------------ PROJECT AREA #2: CAPITAL IMPROVEMENT FUNDS $3,896,139 DEBT SERVICE FUNDS 2,241,688 LOW/MOD FUNDS 918,459 ------------ TOTAL DRAFT AMOUNT RANK $ 5,522 1 54,670 1 9,507,385 N/A 1,498,030 2 1,771,997 2 3,698,443 2 76 2 ------------ $16,536,123 $9,479,837 7,056,286 ------------ $16,536,123 tTl Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 1 OF 5{{{�111{�{11{1{1{1{111{{111�{{1{1{1{{illy{11{{{1111{11{1{1{1{ E330 CITY OF LA QUINTA 0916 P 0 BOX 1504 LA QUINTA CA 92253-1504 YOU MAY NOT NEED TO STAND IN LINE! • .. • ..r.� ��i/� n..�.Es �r� p�CT►ICCC f-HCrVI\1�2 /� 1i�1�VC1\ 1..1\\rL. LrNll u danESS v •a-r.% ..v. Statemen* ASK HOW A FREE BUSINESS BANKING VERSATELLER ATM DEPOSIT CARD CAN -SIMPLIFY •YOUR BANKING;, CMCKZHG 09160-15464 BUSINESS ANALYZED. CHECKING TAX ID 95-3740431 CUSTOMER SINGE 1982 SUMMARY STATEMENT PERIOD= JULY 01 THROUGH JULY 30, 1993►`: PREVIOUS STATEMENT BALANCE ON 06-30-93........ :: � ::::'.:............161P374.46 TOTAL OF 26: DEPOSITS. FOR......:......`".... . .."'R . .-a ^=..• ; 0.0 a ..........4, 070, 057.16 TOTAL OF 2 OTHER CREDITS FOR.........:..::,.....::'-:=.............2,250,000.00 41,_ 4,Cir i TOTAL OF 327 CHECKS FOR . .-- : ..... .70 - 0.-o ...... 5, 272, 517.74 TOTAL OF 5 OTHER DEBITS FOR.....................:::`:.:.:. ...... ..361,294.98 It STATEMENT BALANCE ON 07-30-93....................:.:.:.'........... .847,618.90 CHECKS/ CHECKS OTHER DEBITS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 8678 07-06 10039.52 8741 07-07 724.26 8701M 07-06 1,426.37 8742 07-01 1,615.17 8714M 07-06 924.44 - 8743 07-07 772.65 3716W 07-06 2,099.17 8745 07-06 776.20 8717 07-12 1,572.59 .8745 07-06 682.46 8718 07-12 313.66 8746 07-07 1,054.97 8719 07-02 860.15 8747 07-07 1,073.15 8720 07-02 991.32 8748 07-06 1,125.15 8721 07-06 670.53 8749 07-06 1,253.92 8722 07-08 1,118.14 8750 07-06 1,294.00 8723 07-02 303.90 8751 07-02 1,305.70 8724 07-06 683.47 8752 07-07 1,310.85 8725 07-02 799.26 8753 07-02 1,194.59 8726 07-06 1,913.76 8754 07-02 990.42 8727 07-02 522.00 8755 07-02 1,232.33 8728 07-06 1,394.32 8756 07-06 .721.71 8729 07-06 581.25 8757 07-06 1,816.09 8730 07-02 lo047.51 8758 07-06 1,426.39 8731 07-06 1,655.32 8759 07-07 549.79 8732 07-02 220.42 8760 07-30 1,266.07 8733 07-06 865.18 8761 07-06 915.71 8734 07-06 1,435.54 8762 07-06 866.52 8735 07-19 1,034.52 8763 07-06 1,041.49 8736 07-02 910.32 8764 07-06 956.10 8737 07-08 941.74 8765 07-06 817.10 8738 07-06 961.43 8766 07-06 809.34 �" 8739 07-07 755.48 8767 07-02 136.69 _= 8740 07-06 1,087.39 8768 07-06 641.54 ttl Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 2 OF 5 CITY OF LA QUINTA CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) CHECKS/ CHECKS OTHER DEBITS Statemen- CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 3769 07-02 760.42 8824 07-26 182.39 -8771* 07-19 924.42 8825 07-19 646.54 8772 07-21 1,771.66 8826 07-16 765.40 8773 - - 07-20.� :,:-�-2, 099.16- 8827 07-16 . 2, 277.85 8774' ' 07''=3Q" _� •f-1.,.572.58 8828 07-20 104.09 8775:• 07-27 - .128.13 •-8834* 07-30 865.19 8rT76 . 07=19 860.15 <: _ ;8837* 07-30 792.95 8777 07=16 991.30 "8838 07-30 481.01 �3778 07=19 ''675.51 '=" =:_ 1'8841* 07-30 538.63 a8779 07-20 10118.13 =::;: 8843* 07-30 553.23 4780 07=16 ti308.90 ' -� :> $844 07-30 877.69 L8781 07-19 A'"--683.45" � �`��o� 8846* 07-30 578.22 8782 07=19 '"'799.25 `}=:' 8848* 07-30 391.76 4783 07-20 .. ;1,913.76. 8855* 07-30 532.54 8784 07-16 ;!'�y• .514.73:, ?8859* 07-30 434.89 8785 07-19 1;394.30�. >: '8860 07-30 565.73 8786 07=19 ;.572.93 '=° `r8863* 07-30 898.68 8787 07�-16 19047.49 8866* 07-30 957.20 8788 07-19 10655.30 8868* 07-30 841.39 8789 07-16 177.56 8869 07-30 539.67 8790 07-19 865.17 8870 07-30 916.63 8791 07-19 1,435.53 8875* 07-30 736.07 8792 07-19 1,039.52 8882* 07-30 760.85 8793 07-16 915.31 8889* 07-30 731.78 8794 07-21 941.72 8891* 07-30 533.10 8795 07-19 966.41 8893* 07-30 462.50 8796 07-16 760.46 8894 07-30 389.44 8797 07-19 1,087.37 8900* 07-30 368.32 8798 07-26 729.24 8901 07-30 475.01 �7 8904* 07-30 654.9C 8800 07-16 772.63 8907* 07-30 793.87 8801 07-20 781.20 8909* 07-30 622.37 8802 07-16 687.44 8910 07-30 450.75 8803 07-20 1,103.73 8911 07-30 770.64 8804 07-21 1,078.15 8914* 07-30 565.56 8805 07-19 1,130.15 8921* 07-30 551.76 8806 07-19 1,258.90 15388* 07-06 750.00 8807 07-19 1,299.00 15498* 07-02 750.00 8808 07-16 1,310.70 15540* 07-12 3,659.80 8809 07-21 1,315.84 15547* 07-02 65,505.00 8810 07-16 1,240.58 15594* 07-13 29.00 8811 07-15 990.42 15643* 07-07 146.50 8812 07-16 1,232.30 15652* 07-28 125.00 8813 07-19 726.69 15678* 07-07 35.00 8814 07-26 1,355.31 15697* 07-08 30.00 8815 07-20 1,426.37 15699* 07-08 690.00 8816 07-20 571.01 15700 07-15 599.73 8817 07-30 1,271.05 15701 07-15 266.50 8818 07-19 921.30 15702 07-12 189.00 8819 07-16 904.96 15703 07-12 371.21 8820 07-19 1,058.32 15704 07-13 88.94 8821 07-19 981.54 15705 07-12 264.64 8822 07-19 822.10 15706 07-14 971.90 8823 07-19 81-.32 15707 07-16- 373.00 �� Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 3 OF 5 CITY OF LA QUINTA CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) CHECKS/ CHECKS OTHER DEBITS Statemer CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 15708 07-09 95.96 15767' 07-20 5,413.08 15709 07-20 64.65 15768- 07-13 17.89 15710 07-13 100.21 15769 07-12 1,461.60 15711 07-13.. .,_ • TM2.002.54.- .-,-.-,x, 15770' 07-13 35.00 15712 0T=12" "' r,107.75 �; : ' ��,15771' 07-13 2, 000.00 IB713 OP 21 _..z �- "'3I5:00 `118':80 c° :.: r� -1�„:. -� �.�-:tip=15772' ''"' 07-27 371.99 115714 O7r19 -� 15773' 07-15 5,808.00 ,2WI5 07-12 186:67' . � 15774 07-14 323.01 13716 07-12 3 '195'.8C, ` � n:15775 � 07-13 119.60 -15717 07.-15 -� .•165.60 ' $�--�'+ ' 15776- 07-13 7, 398.00 F�'i7I9* 07=12 '�73::44 `'` 15777' 07-20 1,240.80 Ir57201- OT-12 -11I.60� =�,15778 07-12 4, 335.00 15721, 07=12 j! a32:10 �, ...,. �4, 5780X 07-09 25,902.21 1372Z 07;-12 _��.� �75:73 .- w �� 415781 07-09 1, 437.75 15723 07=12.: r• 553.21 „' R -''~'1 15782 07-13 i 194.69 15724 07�-12 : ='_' _ -� 26I.23 15783 07-13 91.13 15725 07-13 6,087.68 =''fb�'--15784 07-09 5.26 15726 07=12 .-867.22 `'15785 07-19 252.47 15727 07-20 10434.35 07-12 21.54 15728 07-16 21.23 15788* 07-12 333.55 15729 07-13 304.96 15789 07-12 130,056.48 15730 07=20 117.59 15790 07-14 106.58 15731 07-09 75,170.91 15791 07-13 960.00 15732 07-14 8.32 15792 07-14 4,269.93 15733. 07-09 390.00 15793'. 07-09 3,886.75 15734' 07=13 321.55 15794 07-15 790.23 15735 07-13 306.00 15795 07-13 15,336.00 15736 07-12 268.75 15796 07-12 43.10 15737 07-14 3,645.00 15797' 07-13 20.00 15738 07-^9 1,C48.93 15798' 07-26 1-4.89 15739 07-13 1,205.00 15799 07-14 806.66 15740 07-14 1,375.94 15800' 07-13 43.10 15741 07-13 211.79 15801' 07-12 145.55 15742 07-08 543,774.59 15802 07-16 46.85 15743 07-12 19,520.00 15803 07-12 48.49 15745* 07-14 165.68 15804 07-12 293.73 15746" 07-09 1,893.00 15805' 07-09 lo506.44 1574T' 07-19 540.00 15810* 07-12 50.00 15748 07-13 262.28 15811 07-06 687.91 15749- 07-12 7,660.13 15812" 07-19 100.00 15750 07-23 758.88 15813 07-07 50.00 15751 07-13 407.81 15814 07-15 50.00 15752 07-13 302.44 15815 07-02 54.92 15753" 07-09 220.18 15816 07-07 3,341.87 15754' 07-14 1,590.73 15817 07-09 150.00 15755 07-13 6,000.00 15818- 07-12 200.00 15757* 07-12 1,383.51 15819 07-19 50.00 15758 07-13 794,502.35 15820 07-20 100.00 15759. 07-12 118.00 15821' 07-07 2050.00 15760 07-14 453.24 15822' 07-07 50.00 15762* 07-15 121.79 15823' 07-07 2,062.50 15764* 07-09 3,500.84 15824% 07-08 1,450.00 15765, 07-09 36.13 15825- 07-09 25.00 15766-' 07-13 15.80 15826; 07-07 150.00 Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 4 OF 5 CITY OF LA QUINTA CHECKING 09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED) Statemen CHECKS/ CHECKS OTHER DEBITS CHECK DATE CHECK DATE NUMBER POSTED AMOUNT NUMBER POSTED AMOUNT 15828X 07-12 685.91 15865* 07-30 297.14 15829-' 07-13 100.00 158723(-07-30 108.29 15830 07-14 50.00 15883* 07-29 2,766.30 15831', 07-07 10,863.53 15885* 07-30 5,634.73 1583Z 07=02 262.85 15889*-07-29 10050.00 15833' 07-07 L 400.28 15891* 07-29 1,474.80 15834' 07'-02 750.00 ''=.--15895* 07-30 1,650.00 'U835: 07-08 36', 427.94 '' ' = +-15899* 07-29 1, 568.81 L5836 07;-01 8i699.00 -�15901X 07-30 433.92 15837, 07-13 50.00 -_15911X 07-29 2,983.94 15838, 07-02 ""615. 91 =..,-;15917X 07-30 87.08 15839 OT-06,48.00 = 15919* 07-30 28.48 15840 07-14 "125.00 :-:15930* 07-30 47,761.59 15841' 07-07 ._ 937.20 15933* 07-30 10,900.80 1584Z, 07-14 -,ArSOO.00 ' 15938* 07-30 28.00 15843 07-09 247.79 '"' 15939 07-29 60.00 15844 07-09 267.13 15942* 07-27 35.00 15845 07-15 54.00 15954X 07-30 1,220.90 15847* 07-19 lo096.84 15955 07-23 291,613.32 15848 07-15 8,699.00 15958X 07-30 365.50 15849 07-20 140.33 15960X 07-30 85.00 15850 07-22 2,837.67 15961 07-27 270.00 15851 07-23 2,062.50 15963X 07-26 175.00 15853E 07-27 10,677.44 15965X 07-27 462.23 15854 07-23 48.00 15966", 07-30 500.00 15855 07-22 671.76 -159b-7 07-28 98.15 15857X 07-28 400.00 9833434* 07-02 2,882,000.00 15858 07-23 76.29 OTHER DEBIT DATE TRANSACTION POSTED DESCRIPTION AMOUNT 07-08 TAX PYMT CALL-818-6668000 070893 941 95-3740431.............15,577.59 07-14 TELEPHONE/TELEGRAPHIC TRANSFERS.............................72,000.00 07-20 TAX PYMT CALL-818-6668000 072093 941 95-3740431.............13,717.39 07-20 TELEPHONE/TELEGRAPHIC TRANSFERS............................180,000.00 07-22 TELEPHONE/TELEGRAPHIC TRANSFERS.............................80,000.00 DEPOSITS/ DEPOSITS OTHER CREDITS DATE POSTED AMOUNT DATE POSTED AMOUNT 07-01 6,753.60 07-12 29.00 07-01 45,000.00 07-13 2,057.97 07-02 2,179.78 07-14 20,212.44 07-02 70P000.00 07-15 14,833.17 fl7-0? 2.881,964.52 07-16 3,245.58 07-u6 1--7_4"71 .25 07-16 65, 000. 00 07-07 521.28 07-19 194,716.02 07-08 248467 07-20 13,229.49 ,3 07-09 7,234.37' 07-21 756.20 tTl Bank of America P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 0.7/30/93 Statemen- PAGE 5 OF 5 CHECKING CITY 09160-15464 BUSINESS OF LA QUINTA ANALYZED CHECKING (CONTINUED) DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 07-22 87,962.21 07-27 31,402.61 07-23 7,535.12 07-28 87,374.26 07-26 21,445.78 07-29 40o476.78 071-26. 250,000.00 07-30 41,207.06 OTHER CREDITS - DATE TRANSAMON' POSTED DESCRIPTION - `'" AMOUNT 07-07 CREDIT ADJUSTMENT.....'...'.:.............................1,600,000.00 07-26 CREDIT ADJUSTMENT.......`....................................650,000.00 y Bank of America Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 1 OF 2 ii,,,,,i,i„i,i,ii►�i►„i�„i►.ii,,i�ii,,,i►i„iii,,,i►i„ii►ii►i,i E4 CITY OF LA QUINTA 0916 P 0 BOX 1504 LA QUINTA CA 92253-1504 GET A MINI —STATEMENT WHENEVER YOU WANT. ANNUAL PEA' tOt IELD EARNED,'--$ STATEMENT=PF� ..................... 2:36i INTEREST PA"V4FSSTATEMENT �aA , , . , , .130.05 INTEREST PAS (EAR. �..:...... .. .. a►-.. ... ..... . ... F........ . ...............2,163.09 CHECKS/ OTHER DEBITS,: p�� .1. �� 7� , OTHER DEBITS DATE TRANSACTION —v POSTED DESCRIPTION I 07-01 TELEPHONE/TELEGRAPHIC TRANSFERS ............ ................. 45,000.00 07-02 TELEPHONE/TELEGRAPHIC TRANSFERS.............................70,000.00 07-16 TEL-PHONE/TFLEGRAPHIC TRANSFERS.............................65,090AO 07-26 TELEPHONE/TELEGRAPHIC TRANSFERS.............................250,000.00 i DEPOSITS/ DEPOSITS OTHER CREDITS DATE DATE i POSTED AMOUNT POSTED AMOUNT 07-14 72400.00 07-22 80,000.00 07-20 1800000.00 OTHER CREDITS DATE TRANSACTION POSTED DESCRIPTION T 07-30 INTEREST PAID FROM 07/01/93 THROUGH 07/30/93................;:..130.05 Banc of America NUSA • Member FDIC - Bank of America . Statement j P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 i i PAGE 2 OF 2 CITY OF LA QUINTA f MONEY MARKET 09168-16233 BUSINESS MONEY MARKET ACCOUNT (CONTINUED) DAILY BALANCE DATE AMOUNT DATE AMOUNT DATE -"AMOUNT F j 07-01 78,701.55 07-16 15,701.55 07-26 25,701.55 i 07-02 8,701.55 07-20 195,701.55 07-30 "25s831.6I1 07-14 80,701.55 07-22 275,701.55 DAILY INTEREST DATE AMOUNT RATE DATE AMOUNT RATE CALCULATION BALANCE 07-01 07-02 D 5 -20 195,701.55 2.350 07-14 2 275,701.55 2.350 j-- 07 -16 .55 .55 2� 25,701.55 2.300 ow man AM am kX. I Bank of America NT&SA • Member FDIC STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER SACRAMENTO i LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 07/31/93 SACRAMENTO, CA 94209-0001 Page: 01 DULY, 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 ------ --------------- --------------- $7,393,283.63 07/02/93 07/01/93 RD 566 TPG $2,882,000.00 $10,275,283.63 07/07/93 07/06/93 RW 567 TJO -$1,600,000.00 $8,675,283.63 07/15/93 07/14/93 DD 568 SYS $81,244.38 $8,756,528.01 07/26/93 07/23/93 RW 569 TJO -$650,000.00 $8,106,528.01 ENDING BALANCE - REG $8,106,528.01 NO BOND PROCEEDS GRAND TOTAL $8,106,528.01 SUMMARY TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT ----------------------- --------------------- REG 3 $2,963,244.38 $2,250,000.00 B/P 0 $0.00 $0.00 ------- ----------------- TOTAL 3 $2,963,244.38 -$2 250 000.00 i457 DEFERRED C- MPENSATION .PLAN STATEMENT FOR 1'HE QUARTER iLlv ENDING 3/31/93 ICMA " RETIREMENT CORPORATION ACCOUNT NUMBER: 2425 TAX ID # : 953740431 Corporate Headquarters 777 North Capitol Street. NE. Suite Washington, DC 20002-4240 (20,2 02 962-4600 Toll -Free 1-800-669 09714-70-0002143 CITY OF LA QUINTA P 0 BOX 1504 LA QUINTA, CA 92253 Summary of Activity for 1 s ua $) for 457 Deferred Compensation Plan Balance on 1/ 1 /93 2 3 5, 7 0 7. 2 8 Pa .too :.much: m: taxes.::thi ear?`Ym-:zan. save more on: i Contributions ' Acct Maint Fee 3 0 6. 0 0- rnQunt dde next A 11 maxi . our 45? Fund Transfers i� y C Adjustments contnAm. If: u aye g br#e t0 increase your deferral: Disbursements � �1�� .: _ Earnings 1 /31 2 , 0 6 2. 4 7 �f€3uf. a 1q rer: fOr..a-n 2/28 184.42 �'...... ............... ..� ChBng> 3/31 1 .�2,497.36 Form. Balance on 3/ 1/93 250, 725. 53 CITY OF LA QUINTA Q��• E�d�d (-93 Nstwp44�f, Summary Detail for c 1 Qu�Irter ACCT. #2425. TAX ID# : 953740431 st (in $) Gi�DVItTH: STOCK';.:,..,E{: UJTY�1NDEX. ; � AE:E 1CkT�f3N > CORE BOND FtNt3 FEtNO fNQ FEND .. ealance:on 1/1193: 28, 401. 79 41908.06 25, 935. 33 11, 774.9 Contributions : 2f287.50 498.00 1f716.00. 531.9 Aect:MeintF6e,::. 72.27- 13.74- 36.06- 28.3 Fund:: Transfers: 4,795.30 354.8 Adjustments - Disbursements Earnings. : 1131 282.71 48.65 367.52 237. 420 1, ci27 . vci- 48. 37 494 . 62 254 . 3.131 961.67 I 95.83 I 433.94 I 13.8 Balance on 3/31 /93 Balance: -on: 1 / 1't93 Conthbutions: A=. ` flliaint::Fee- Fund: - Transfers Adjustments Disburserents EAM. ings ;113.1. 2128 3.1..3;1: 35,029.64 I 5,585.17 TREASURY ` CASN MA GEMEi-, FUND..: _ .:. FEND.:..:: 41270.76. 4,711.75 263.90 521.00 16.04- 21.52- 4,634.60- 882.55 110.53 48.74 107.84 41.21 3.05 9.00 987.99 5,310.18 28,911.35 527.55 474.31 545.32 95,897.99 12,429.8 GUARANTEED:.. FUND. 68,961.2 21.3 3,630.8 439.4 390.1 434.7 66,573.3 t-, v �? Amounts shown are net of applicable fees and expenses. See Making Sound Investment Decisions: A Retirement Investment Guide. LA QUINTA REDEVELOPMENT AGENCY BANK OF AMERICA CHECKING ACCOUNT #09168-15323 BANK RECONCILEMENT JULY , 1993 BALANCE PER BANK STATEMENT LESS OUTSTANDING CHECKS: DEPOSITS IN TRANSIT AJUSTED BANK BALANCE GENERAL LEDGER ACCOUNT #1000-000-000 FUND 60 $ 7,563,100.66 FUND 62 4,075,602.36 FUND 63 (13,218,951.64) FUND 66 1,847,150.37 FUND 67 (11179,839.26) FUND 68 918,459.47 --------------- ADJUSTMENTS: RDA P/R PREWRITES: JE NOT COMPLETED IN JULY SEE 8/93 JE # ADJUSTED LEDGER BALANCE $ 6,544.78 $ 0.00 $ 0.00 ---------------- 61544.78 ---------------- ---------------- $ 5,521.96 1,022.82 ---------------- 61544.78 Bank of America Statement P. O. BOX 30746 _ LO.S ANGELES, CA 90030-0746 24 HR CUSTOMER, SERVICE:619-340-1867 ; DATE OF THIS STATEMENT 07/30/93 I 141 PAGE 1 OF 1, E7 LA QUINTA REDEVELOPMENT AGENCY F w P 0 BOX 1504 >4 °v � � g LA QUINTA CA 92253-1504 µ YOU MAY NOT NEED TO STAND IN LINE! k av ATM CONVENIENCE COMES. TO.<BUSINESS CHECKING. .°, 4&� . ASK HOW �A FREE. w per` d 1v^..`" < f&v`77 T CARD r 4� N_;SIM Bp SUMMARY 09168-15: STATEMEN' PREVIOUS t:,, TOTAL OF`: TOTAL OF TOTAL OF TOTAL OF STATEMENT CHECKS/ CHECKS OTHER DEBITS S ANALY21 ULY 01 T BAiA t, 1 OR......� BIT FOR.. N 07-30-9 NG � TAXI°°" 3740431. ;. MTOlER ° SZKCE,1983 , ■ E msTED T 64.52 545 07-09 45,000.00 546 07-29 282,744.00 A Na <zr i 1............3, 452400.00 1... 37' 92, 452.5z ...............61544.78 I 4�N�1 CK DATE ER POSTED 'AMOUNT 947 07-29 113,097.60 548 07-28 84",82320` _ 549 07-29 44�- 823.20 Bank of America NT&SA • Member FDIC Bank of America Statement MONEY !a%%= 09161-153 "'!''u SS MONEY COUNT TAX ID 95-3740431 SUMMARY STATEMEN ULky, 01 .. IILY 30, 1 � PREVIOUSB , ,� ...............78,550.I1 TOTALOF F .... ........ E ...............21,000.00 TOTAL OF - 111110101EDIT F0 ........ .0.00.0600.000.`6.0117.23 BBB TOTAL OF ''^ 4BIT FOR..`....... OB ...............45, 000.00 �'t�onc'►�c� STATEMEN� ra° N 07-30-9 �, , .... .............. 54,667 .34 ANNUAL P IELD EARNS ATEMENT ,�; ....................2.33X INTEREST STATEMENT: u''`117.23 INTEREST P EAR.... ........ ................1,904.47 CHECKS/ OTHER DEBITS _ ..._.... _ ..._... `9_ -}-Svc. C Qi e 30 OTHER DEBITS DATE TRANSACTION - I n cc 0-f �y, (�7Oo 3 y POSTED DESCRIPTION 07-12. TELEPHONE/TELEGRAPHIC TRANSFERS.............................45000.00 DCt'L'sITS; DEPOSITS OTHER CREDITS DATE DATE POSTED AMOUNT POSTED AMOUNT 07-14 210000.00 OTHER CREDITS DATE TRANSACTION POSTED DESCRIPTION AMOUNT 07-30 INTEREST PAID FROM 07/01/93 THROUGH 07/30/93...................117.23 DAILY DATE AMOUNT DATE AMOUNT DATE AMOUNT BALANCE 07-12 530550.11 07-14 54,550.11 07-30 54,667.34 1 Bank of America NT&SA • Member FDIC Bank of America Statement P. 0. BOX 30746 LOS ANGELES, CA 90030-0746 24 HR CUSTOMER SERVICE 619-340-1867 DATE OF THIS STATEMENT 07/30/93 PAGE 2 OF 2 LA QUINTA REDEVELOPMENT AGENC MONEY MARKET 09161-15398 BUSINESS MONEY MARKET ACCOUNT (CONTINUED) DAILY DATE AMOUNT RATE INTEREST CALCULATION 07-01 78, 550.11 2.300 BALANCE 07-12 330550.11 2.300 i Bank of America NUSA • Member FDIC STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER .• SACRAMENTO ,o LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 07/31/93 SACRAMENTO, CA 94209-0001 Page: 01 JULY, 1993 STATEMENT ACCOUNT NUMBER: 65-33-017 LA QUINTA REDEVELOPMENT.AGENCY 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 $12,820,058.79 07/02/93 07/01/93 RW 07/15/93 07/14/93 DD 07/26/93 07/23/93 RW ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT REG 2 B/P 0 TOTAL 2 529 TJO 530 SYS 531 TJO SUMMARY TOTAL DEPOSIT AMT ----------------- $139,326.40 $0.00 ----------------- $139,326.40 -$2,882,000.00 $139,326.40 -$570,000.00 $9,938,058.79 $10,077,385.19 $9,507,385.19 --------------- $9,507,385.19 --------------- $9,507,385.19 TOTAL WITHDRAWAL AMT -------------------- $3,452,000.00 $0.00 -------------------- -$3,452,000.00 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 117204600 111204601 117204602 117204603 ------------------------------------------------------------------------------------------------------------ 07/01/92 BEGINNING BAL 38,535.82 0.53 37.83 763,091.35 801,665.53 JUL INTEREST 108.99 0.00 0.10 2,158.31 21267.40 AUG INTEREST 105.21 0.00 0.10 21079,67 21184.98 FROM 117204603 31,729.00 (31,729.00) 0.00 DEPOSIT 11938,187.01 11938,181.01 TRANS TO 117283401 (429,939.00) (429,939.00) TRANS TO 117204602 (154,962,00) 154,962.00 0.00 TRANS TO 1.17204601 (256,919.15) 256,919.75 0.00 TRANS TO 117283400 (711,342.50) (711,342.50) TRANS TO 117349300 (248,112.76) (248,112.76) TRANS TO 117349301 (175,000.00) (175,000,00) INTEREST PYMT (288,708.15) (288,708.75) PRINCIPAL PYMT (155,000,00) (155,000.00) SEPT INTEREST 102.06 2.66 0.10 21018.44 2,123.26 OCT INTEREST 3.48 2.66 0.00 11784.81 11790.95 NOV INTEREST 0.25 0.01 0.00 11722.30 11722.56 DEC INTEREST 0.23 0.01 0.00 11618.34 11256,936.54 JAN INTEREST 0.09 0.01 0.00 11712.23 11712.33 FEB TAX INCREMENT 11253,605.63 0.00 0.00 0.00 11253,605.63 FEB INTEREST 0.21 0.01 0.00 1709.01 11709.23 TRANS TO (117349300) (272,110.66) (272,110.66) TRANS TO (117283400) (6981012.50) (698,012.50) TRANS TO (111204601) (283,472.50) 283,472.50 0.00 INTEREST PYMT (283,477.50) (283,477.50) MAR INTEREST 90.42 61.89 1,511.29 1,663.60 APR INTEREST 0.46 0.13 0.00 11676.41 11677.00 MAY INTEREST 0.44 0.13 0.00 11593.63 11594.20 JUN INTEREST 0.45 0.14 0.00 11622.63 11623.22 ----------------------------------------------------------------------------- BALANCE 209.08 63.18--------0.13 752,569.42-------------- 752,841.81 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 117283404 177283400 117283401 117283402 117283403 01/01/91 BEGINNING BAL 0,00---------0,55---------=61,50�-------=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 0,11 TRANS FROM (117204600) 711 342,50 429,939.00 0,00 0.00 11141,281.50 INTEREST PYNT (711,342.50) 0,00 0,00 (711,342.50) PRINCIPAL PYNT %L (430,000,00) 0,00 0100 (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 0100 0.00 0,00 0,00 Oleo JAN INTEREST 0,00 0,00 0,00 0,00 0100 Oleo FEB INTEREST 0,00 0,00 1,00 0,00 1.00 TRANS FROM (117804600) 698,012.50 698,012.50 INTEREST PYNT (698,012,50) 0100 (6.98,012,50) MAR INTEREST 152,38 152.38 APR INTEREST 0,00 0,33 0,00 0.00 0100 0.33 MAY INTEREST 0100 0,33 0.00 0,33 JUN INTEREST 0,00 0,33 0,00 0.00 0,00 0.33 ---------------------------------------------- BALANCE. 0,00 153,92 1,01 1.00 0,00 �155 Fiscal Year 92/93 file. RDABNDCS La Quinta Redevelopment Agency RDA 91 series ------------------------ BOND BOND INTEREST PAYMENT REDEMPTION RESERVE DEBT SERVICE FUND FUND FUND FUND FUND totals ------------------------------------------------------------------------------------------------------------ 117349300 117349301 117349302 117349303 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 0100 21129.48 0.00 21129.76 TRANS FROM 117349303 28,880.99 (28,880.99) 0.00 AUG INTEREST 0.21 D,00 0.00 21051.83 0.02 21052.12 TRANS FROM 117204600 248,712.76 175,000.00 423,712.76 INTEREST PYMT (277,693.75) (271,693.75) PRINCIPAL PYMT (175,000,00) (175,000,00) SEP INTEREST 2.68 0.00 0.00 1,991.62 0.01 11994.31 OCT INTEREST 2.43 0.00 0.00 11766.78 0.01 11769.22 NOV INTEREST 0.01 0.00 0.00 1,704.90 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 FROM (117204600) 272,110.66 272,110.66 INTEREST PYMT (272,115.66) (272,115.66) MAR INTEREST 59.41 11496.02 0.01 11555.44 APR INTEREST 0.13 0.00 0100 1,659.48 0.00 11659.61 MAY INTEREST 0.13 0.00 0.00 11577.53 0.01 11577.67 JUN INTEREST 0.00 ---------------------------------------------------------------------------- 0.00 0100 11606.23 11606.23 BALANCE 59.92 0.09 0,00 744,966.85 5.59 145,032,36 -------------- + _X�-qj?1/0S Fiscal Year 92/93 La yuinta Redevelopment Agency RDA PA12 92 Series ------------------------ ESCROW SPECIAL SPECIAL INT PRINCIPLE RESERVE FUND FUND FUND FUND FUND totals 8116202-000 8116202-001 8116202-002 8116202-003 8116202-004 8116202-005 01/04/93 BEGINNING BAL 31840,975.58 11360,000.00 0.00 16 407.08 0.00 389,440.00 51606,822.66 0.00 0.00 0. W 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0100. 0.00 ` 0.00 0.00 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0.00 0100 0.00 0.00 0.00 0.00 0.00 0.00 0.00 JAN INTEREST 49904.09 1,694.06 0.00 20.44 0.00 485.10 71103.69 FEB INTEREST 91306.19 31291.16 0.00 39.70 0.00 942.43 13,579.48 MAR INTEREST 8,354.53 21958.05 0.00 35.69 0.00 847.05 12,195.32 APR INTEREST 91226.04 31266.62 0.00 39.41 0.00 935.41 13,467.48 MAY INTEREST 81798.67 31115.30 0.00 37.58 0.00 892.08 12,843.63 BOND PYMT FROM CITY 180,342.68 JUN INTEREST 91177.95 31210.25 38.73 919.26 13,346.19 trns to 8116202-003 (1805342.68) 180,342.68 debt sery int pymt (192,300.00) (196,885.00) ------- - - - - -- --- BALANCE-31698,443,05 - -- 11377,535.44 ------------- 0.00 ------- - ----- - 76.31 ------------ 0.00 ------ ------- L9�1!�ID.3 -------------- 51410,516.13 oidD�y�DA�J`--------------A�b �� +!,3�%s3sy Fiscal Year 92/93 La 9uinta 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 41352,224.71 0.00 0.00 5,9181184.82 JUL INTEREST 21454.27 21078.27 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 11873J1 91613.69 0.00 0.00 13,699.88 INTEREST PYNT (214,176.25) 0.00 0.00 (274,176.25) OCT INTEREST 21019.73 11710.30 61553.01 0.00 0.00 10,283.04 NOV INTEREST 11400.89 11716.32 61576.48 0.00 0.00 91693.69 DEC INTEREST 1321.10 1645.01 6303.24 0.00 0.00 91269.35 TRANS 09160-15464 CKING (619,129.00) 0.00 0.00 (619,129.00) JAN INTEREST 11384.39 11723.80 51769.83 0.00 0.00 81878.02 FEB INTEREST 11363.19 11697.41 41924.19 71984.79 MAR INTEREST 11212.66 11509.97 41380.69. 7,103.32 trans 0916-15464 CKING (1,554,942.00j ' (11554,942.00) APR INTEREST 11366.05 11700.97 41219.57 0.00 0.00 71286.59 INTEREST PYNT (274,176,25) (274,176.25) NAY INTEREST 712.79 11607.55 11263.35 0.00 31583.69 JUN INTEREST 701.57 11630.01 11281.87 0.00 0.00 31613.45 trans 0916-15464 cking --------------------------------------------------------------- (579,768,00) BALANCE 318,013-_93 738,85.5.48 11282.18 0.00 i,058,151.59- -_---0.00-- a Q, vl � \ W - or INVESTMENT ADVISORY BOARD MEETING DATE: September 8, 1993 AGENDA CATEGORY: ITEM TITLE: CONSENT CALENDAR: CONSIDERATION OF APPROVAL TO INVEST BOND RESERVE FUNDS, AS APPROVED BY THE BOND BUSINESS SESSION: TRUSTEES, WITH LAIF. STUDY SESSION: ISSUE AND DISCUSSION: When a bond issue is sold, a debt service reserve is generally set up to insure payment in case of issuer default. The reserve is usually an amount equivalent to one year's debt service and, if not needed to cover default, is used to make the last debt service payment. As a security measure for the bond investors, the bank that acts as trustee for the bond issue holds these reserve funds so that the issuer can not spend them. The issuer may direct the trustee as to what investments the reserve is to be placed in, as long as those investments comply with the bond document and/or trust indenture ("approved investments"). The La Quinta RDA has about $3.3 million in reserve funds and the La Quinta Financing Authority has about $740,000 in reserve funds. These reserve funds are invested in the trustee bank's Treasury Funds that are currently earning about 1.84% to 1.94% interest. LAIF, which is currently around 4-1/2%, has recently allowed the investment of bond proceeds controlled by third party trustees. Attached is a copy of their correspondence and applications to invest bond proceeds. Staff is seeking Board input as to the move of the reserve funds, with the approval of the appropriate bond trustee (either Bank of America or 1st Interstate), to the available LAIF investment. Bond proceeds invested with LAIF do not count towards the $15 million cap that is on each of our two LAIF accounts. RECOMMENDATION: It is the recommendation of staff that the Investment Advisory Board of La Quinta approve the possible investment of bond reserve funds, with the approval of the bond trustees, in LAIF. Approved for submission to the Investment Advisory Board: Thomas J. O'Reilly - Finance Director Ing no, �, A�Vlm STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER SACRAMENTO s March 12, 1993 TO: ALL LOCAL AGENCY INVESTMENT FUND PARTICIPANTS Currently the Local Agency Investment Fund (LAIF) accepts bond proceeds subject to the depositing agency's certifying that the bonds, notes or other obligations will not be subject to "arbitrage rebate," under the Federal Tax Reform Act of 1986. Recent changes in the federal tax regulations now permit LAIF to remove this restriction on deposit of bond proceeds. The State's Pooled Money Investment Account, of which LAIF is a part, qualifies as a commingled fund, which means that agencies investing bond proceeds in LAIF can use the LAIF investment earnings rate in arbitrage rebate calculations. We will now accept deposit of any proceeds of bonds, notes or other obligations in LAIF In any amount, whether it be "regular" proceeds or Trustee proceed � The term for these deposits will remain 0 days. Under this new policy, the Local Agency Investment Fund will only supply its regular investment income information. We will not provide any special services, or perform any rebate calculations. More specific deposit information may be obtained by calling the State Treasurer's Office, Local Agency Investment Fund at (916) 653-3o41 . Si ely, Patricia A. Beal" Administrator Local Agency Investment Fund STATE OF CALIFORNIA OFFICE OF THE STATE TREASURER LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 SACRAMENTO,CA 94209-0001 (916) 653-3001 APPLICATION TO DEPOSIT BOND PROCEEDS Name and Address of Local Agency(Issuer): Title of Bond Issue: Principal Amount: $ Name and Address of Trustee or Fiscal Agent: Authorized Officer for Trustee or Fiscal Agent: Telephone Number: 1) The undersigned is the Chief Executive Officer or Chief Financial Officer of the Issuer named above, and is authorized to execute this document. 2) The Issuer requests permission to deposit $ of the above -named bond issue in the Local Agency Investment Fund. Attached to this form is an estimated monthly drawdown schedule. It will be necessary for an authorized representative to contact the Local Agency Investment Fund to initiate a Bond proceeds transfer. 3) Attached to or accompanying this form is a copy of the Official Statement for the Bonds. 4) The Agency understands and acknowledges that the Local Agency Investment Fund will not provide any special services or information relating to investment methods or earnings on the bond proceeds being deposited, besides its normalpolicies, by which the Agency will be credited quarterly with its proportionate share of investment earnings of the State's Pooled Money Investment Account (PMIA), minus an administrative charge of no more than one -quarter of one percent of the earnings. The State believes that, for the purposes of the Agency's calculation of "arbitrage rebate" under Section 148 of the Internal Revenue Code of 1986, the PMIA qualifies as a "commingled fund" within the meaning of the Treasury Regulations Section 1.148-4. The State will not perform any rebate calculations, which are entirely the responsibility of the Agency. Dated: Name of Local Agency By Name: Title: Telephone: Dated ESTIMATED DRAWDOWN SCHEDULE (Name of Local Agency) (Name of Trustee or Fiscal Agent) Date* Amount Date Amount (Authorized Signature) Telephone: *PLEASE NOTE: 1) Bond Proceeds may be withdrawn 30 calendar days from date of initial deposit and each 30 calendar day period thereafter. 2) Should a drawdown date fall on a weekend or holiday it will be moved to the first business day following. 3) Please provide LAIF with 24 hours notice when making a drawdown of $20 million or more. 3 LOCAL AGENCY INVESTMENT FUND AUTHORIZATION FOR TRANSFER OF FUNDS OFFICIAL USE ONLY NAME OF TRUSTEE OR FISCAL AGENT NAME OF LOCAL AGENCY NAME TITLE SIGNATURE DATE (OVER FOR BANKINC INFORMATION) LOCAL AGENCY INVESTMENT FUND AUTHORIZATION FOR TRANSFER OF FUNDS BANKING INFORMATION. BANK NAME AND ADDRESS BANK ACCOUNT NUMBERS CORRESPONDENT BANK PLEASE MAIL COMPLETED CARD TO: STATE TREASURER'S OFFICE LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 SACRAMENTO, CA 94209-0001 (LAIF Bank) .a BANK ABA NUMBER AUTHORIZED SIGNATURE (OVER FOR AUTHORIZED PERSONS) T •—ii �C,41W 6� 4 INVESTMENT ADVISORY BOARD MEETING DATE: September 81 1993 ITEM TITLE: STAFF INFORMATION REPORTS: 1: LEVENTHALL REPORT 2: LAIF INVESTMENT REPORT ISSUE AND DISCUSSION: AGENDA CATEGORY: CONSENT CALENDAR: BUSINESS SESSION: STUDY SESSION: OT= A At the July 23, 1993 Investment Advisory Board Meeting requests were made that staff provide the Boardmembers with two items. One was the Leventhall Report that was produced shortly after the Wymer/ITM issue developed. The second request was for State of California LAIF investment information. Both items are included here for review by the Investment Advisory Board. RECOMMENDATION: None at this time. Approved for submission to the Investment Advisory Board: c Thomas J. O'Reilly - Finance Director Kenneth Leventhal & Company February 3, 1992 The Honorable City Council City of La Quinta 78-105 Calle Estado La Quinta, California 92253 Honorable Members of the Council: Certified Public Accountants 660 Newport Center Drive Newport Beach, California 92660 714 640-5000 FAX 714 644-7909 Los Angeles Dallas Washington. D C. Houston Columbus Phoenix San Francisco San Diego New York Chicago Miami Boston We have been engaged by your counsel, Stradling, Yocca, Carlson and Rauth, to provide assistance in various legal matters. In the course of these services, your counsel has asked us to comment on the City of La Quinta's (the 'City's') policies and procedures which are part of its internal control structure over cash and investments. We have conducted preliminary high-level inquiries of the City's Director of Finance. Such inquiries are insufficient by themselves to serve as a basis for a conclusion as to the adequacy of the City's existing internal control structure over cash and investments. Furthermore, such inquiries were insufficient to serve as a basis from which to provide comprehensive comments and recommendations for improvement to the City's policies and procedures. We understand that the Council's goal is to evaluate, strengthen and formalize the internal control structure over cash and investments. Although we are currently unable to provide comprehensive comments on your existing control procedures, we are able to provide a basic conceptual framework from which detailed policies and procedures over cash and investments can be established. Such conceptual framework has been provided as an attachment to this letter. This framework is generic in nature and applicable to most private and public accounting systems; thus, it will require modification to specifically address the needs of the City. The framework, once modified, could serve as a basis for identifying and formalizing the Council's objectives for the City's internal control structure over cash and investments. Upon establishing and formalizing such objectives, the Council should begin the process of establishing detailed written policies and procedures that provide reasonable assurance that the established and formalized objectives are met. While you are drafting control objectives and related policies and procedures, we wish to bring to your attention that all internal control structures have inherent limitations. Although you may establish specific control objectives and create elaborate control procedures, the system could still be subject to errors and irregularities which would not be detected. The cost of establishing control objectives and related procedures should be balanced with the benefit derived therefrom. Furthermore, the adequacy of any internal control structure rests not only with its design but also with the level of compliance with its procedures. All internal control structures are subject to the risk that, in future periods, control procedures may become inadequate because of changes in conditions, or that the degree of compliance with such procedures may deteriorate. Member of Clark Kenneth Leventhal, An International Association The Honorable City Council City of La Quinta February 3, 1992 Page 2 We are available to discuss this matter, or the items included as an attachment to this letter, with you at your convenience. If needed, we are available to assist you in critiquing your control objectives and the City's detailed control procedures over cash and investments after the staff has had an opportunity to draft them. If you have any further questions or inquiries, please do not hesitate to contact me. Very truly y rs, RO R H ON of Ke Leventhal & Company /bwh c: Kurt Yeager, Stradling, Yocca, Carlson & Rauth CONCEPTUAL FRAMEWORK GENERAL DISCUSSION An entity's internal control structure consists of the policies and procedures established to provide reasonable assurance that the entity's objectives will be achieved. Thus, before an entity establishes policies and procedures, control objectives must be defined and formalized. CASH AND INVESTMENTS: INTERNAL CONTROL STRUCTURE OBJECTIVES Selected internal control structure objectives relating to cash and investments are summarized below. Please note that this is not intended to be a comprehensive list of such objectives. The list must be reviewed and compared to the facts, circumstances and needs of the City. As a result, certain of these objectives may be modified or deleted, and additional objectives added. o Obiective #1: To ensure that only acceptable cash and investment vehicles are utilized. Guidelines delineating acceptable cash and investment vehicles should be drafted. Such guidelines should, at a minimum, address the following attributes: The level of acceptable 'credit risk' (relative safety of the investment vehicle). The level of acceptable 'liquidity.' The level of acceptable 'yield.' o Obiective #2: To ensure that all cash and investments are adequately safeguarded at appropriate locations and through acceptable methods of ownership. Guidelines which identify the various means of acceptable ownership and locations at which to maintain cash and investments should be drafted. At a minimum, the following should be addressed: Which types of cash and investment vehicles should be maintained in the name of the City (specific cash and investment vehicles should be identified and criteria should be established for evaluating new types). Which types of cash and investment vehicles should be allowed to be pooled with other entity funds, i.e. held in 'street name' (specific cash and investment vehicles should be identified and criteria should be established for evaluating new types). Which types of cash and investment vehicles should be physically maintained at the City and the methods through which they will be physically safeguarded from unauthorized access. Which types of cash and investment vehicles should be maintained in the vault at approved banking institutions and the methods through which they will be safeguarded from unauthorized access. Which types of cash and investment vehicles should be maintained at approved custodians and the methods through which they will be safeguarded from unauthorized access. Which types of cash and investments should be maintained at approved investment advisors and the methods through which they will be safeguarded from unauthorized access. Which specific banking, investment advisory, and custodial relationships are acceptable and the establishment of criteria ('due diligence procedures') with which to evaluate and approve new relationships. o Obiective #3: To ensure that all cash and investment transactions have been properly reviewed and approved. At a minimum, the following levels and methods of review and approval of cash and investment transactions should be addressed: - Approvals required to accept or terminate banking, investment, advisory, and custodial relationships. - Approvals for the opening, closure or modification of specific accounts with banking, investment advisory, and custodial relationships. - Approval of new investment vehicles. - Approval of new cash accounts, closure of cash accounts and signers on cash accounts. - Approval of cash and investment transactions. - Approval of cash and investment transfers. o Obiective #4: To ensure that all cash and investment balances and transactions, as approved, are properly monitored. At a minimum, the following should be addressed: Periodic verification of the existence of cash and investments. Periodic valuation of cash and investments. Periodic review of cash and investment transaction activity for propriety. Periodic reporting of transactions and balances to appropriate levels of authority. CASH AND INVESTMENTS: INTERNAL CONTROL STRUCTURE PROCEDURES Once the above control objectives have been refined, approved and formalized by the City, detailed policies and procedures should be established to ensure that such objectives are being met. In establishing these policies and procedures, formalized written policies and procedures should be created. All standardized forms with which to execute and document transactions in accordance with the control objectives should be drafted, approved and included in a policies and procedures manual. Detailed procedures should be prepared which provide a step-by-step account of what must be done in order to execute and monitor approved transactions and at the same time maintain the control objectives. 2 DISCUSSION: GENERAL TYPES OF CONTROL PROCEDURES When designing the detailed policies and procedures, as noted above, the preparer of such policies and procedures should make sure that all aspects of internal control have been addressed. We have included a generic list of the types of control procedures that are essential to a sound internal control structure. We suggest that these types of controls be considered as the detailed policies and procedures are drafted. BROAD CONTROLS o Boundary Controls: These controls represent procedures established at the points where consideration for economic exchanges (i.e., money, promises, goods, services, and releases from promises) flows into or flows out of the entity. Such controls provide assurance that materially incomplete or erroneous exchange data does not enter or exit the processing system. o Processing Controls: These controls are designed to determine the integrity of the number of items of information being processed and to prevent or detect the loss or misrouting of information or the introduction of invalid items. o Safeguard Controls: These controls are designed to maintain custody and accountability of tangible and intangible assets/property so that changes represent actual approved inflows and outflows. CONTROL SUBCATEGORIES o Population Controls: These controls are designed to ensure that all items have been captured by the processing system. These controls include such features as prenumbered documents, logs, counts, batch processing controls, hash totals, reconciliations, and reviews for authorizations of exchanges and internal allocations. o Accuracy Controls: These controls are designed to prevent or detect differences between items exchanged or processed and the actual economic events that are occurring or have occurred. Accuracy controls include reperformance of mathematical computations, independent review of work performed, reconciliations, and comparisons of documents to ensure the proper transfer or transmission of data from one form to another (i.e., paper to paper, paper to magnetic tape, one geographic location to another using electronic transfer systems, and others). Such comparisons would include comparing key data such as date, party, quantity, unit price, description of consideration exchanged, and total cost. Reconciliations are included in both population controls and accuracy controls since reconciliations simultaneously verify the accuracy and completeness of processing two separate streams of information flow. o Preventive Controls: These controls represent procedures that are in place during the occurrence of an activity, i.e., segregation of incompatible duties. Segregation of duties controls are designed to prevent persons from concealing an error or irregularity. Segregation of incompatible duties is more important at the boundary control points than at other points because the perpetuation of an irregularity has the intent of taking something of value (i.e., tangible or intangible 3 item) from the entity, and this would have to occur at an entry or exit point (i.e. a boundary point). Four functions which should be of primary but not exclusive concern are: • Authorization of exchanges or internal allocations; • Committing an entity to an exchange, such as issuing a purchase order; • Accepting or delivering consideration (i.e., money, promises, goods, services, or releases from promises); • Controlling the entry of exchange data into the processing system. o Detective Controls: These controls are applied after the occurrence of an activity (i.e., reconciliations, reviews, and comparisons by persons not involved in the original activity). Detective controls are less effective than preventive controls due to the time lag between occurrence and discovery. o Custodial Controls: These controls are designed to physically safeguard resources of an entity. They include restrictions on access to assets/property, general or specific authorizations for movements of assets/property, counts of incoming and outgoing assets/property, assignment of custodial responsibility for assets/property, inspection, and separation from person(s) who have responsibility for accountability controls. o Accountability Controls: These controls are designed to verify the resources of an entity. They include periodic counts of assets/property, periodic comparisons of assets/property to independently prepared accounting records, periodic review of condition/marketability of items, and separation from person(s) who have responsibility for custodial controls. 4 POOLED MONEY INVESTMENT :•�-�Imminge"'Immill STATE OF CALIFORNIA KATHLEEN BROWN State Treasurer APRIL 1993 Table of Contents SUMMARY...........................................................................................:........................... ii POOLED MONEY INVESTMENT BOARD DESIGNATION ..................................... 1 SELECTED INVESTMENT DATA................................................................................ 3 DEMAND BANK DEPOSITS.......................................................................................... 4 TIMEDEPOSITS............................................................................................................. 5 INVESTMENT TRANSACTIONS....................................................:............................. 7 -i- SUMMARY OF INVESTMENT DATA FOR THE POOLED MONEY INVESTMENT ACCOUNT A COMPARISON OF APRIL 1993 WITH APRIL 1992 (Dollars in Thousands) APRIL 1993 APRIL 1992 CHANGE AVERAGE DAILY . PORTFOLIO TOTAL $ 23,551,518 $ 22,368,122 $ + 1,183,396 TOTAL EARNINGS ON ACCRUAL BASIS $ 89,147 $ 104,361 $ - 15,214 EFFECTIVE YIELD 4.605 5.692 - 1.087 AVERAGE LIFE OF PORTFOLIO ON THE LAST DAY OF THE MONTH (IN DAYS) 354 311 + 43 DOLLAR VALUE OF SECURITY TRANSACTIONS $ 23,768,088 $ 13,349,732 $ +10,418,356 DOLLAR VALUE OF TIME DEPOSITS $ 54,475 $ 21,695 $ + 32,780 AVERAGE WORKDAY INVESTMENT ACTIVITY $ 1,082,844 $ 607,792 $ + 475,052 NUMBER OF SECURITY TRANSACTIONS 504 329 + 175 NUMBER OF TIME DEPOSITS 9 7 + 2 AVERAGE PRESCRIBED DEMAND COMPENSATING BANK BALANCES FOR SERVICES $ 323,460 $ 232,977 $ + 90,483 AVERAGE PRESCRIBED DEMAND BANK BALANCES FOR UNCOLLECTED FUNDS $ 242,523 $ 297,358 $ - 54,835 -il- DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1428 FAM-10 (Rev. 5-91) In accordance with Sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on April 21, 1993, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with Sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested -in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services S325,038,441 The active noninterest-bear ing bank accounts designation constitutes a calendar -month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by Section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From 04/19/93 04/26/93 05/03/93 05/10/93 05/17/93 05/24/93 05/31/93 06/07/93 06/14/93 To 04/23/93 04/30/93 05/07/93 05/14/93 05/21/93 05/28/93 06/04/93 06/11/93 06/18/93 Time Deposits in various Financial Institutions. In Securities (Sections 16503a Estimated Transactions (Section 16430)* 8 16602)* Total 261,160,000 1,504,450,000 (2,375,410,000) 299,970,000 (870,180,000) (82,840,000) 260,700,000 1,606,360,000 $25,673,390,000 25,934,550,000 27,439,000,000 25,063,590,000 25,363,560,000 24,493,380,000 24,410,540,000 24,671,240,000 26,277,600,000 S 138,400,000 138,400,000 138,400,000 138,400,000 138,400,000 138,400,000 138,400,000 138,400,000 138,400,000 IGI, Y I I, 17 V, VVV 26,072,950,000 27,577,400,000 25,201,990,000 25,501,960,000 24,631,780,000 24,548,9400000 24,809,640,000 26,416,000,000 ( 10 ) From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under Section 16430(e), Government Code. ( 11 ) Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $325,038,441. POOLED MONEY INVESTMENT BOARD: irperson P"/ r Dated: April 21, 1993 lJd� *Government Codeomber DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1429 FAM-10 (Rev. 5-91) In accordance with Sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board on April 28, 1993, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with Sections 16480.1 and 16480.2 of the Government Code, Jt is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $325,038,441 The active noninterest-bearing bank accounts designation constitutes a calendar -month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by Section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: Time Deposits in various Financial Institutions. In Securities (Sections 16503a Estimated From To Transactions (Section 16430)* 8 16602)* Total ( 1 ) 04/26/93 04/30/93 S 261,160,000 S 25,934,645,000 S 138,305,000 S 26,072,950,000 ( 2 ) 05/03/93 05/07/93 1,504,450,000 27,439,095,000 138,305,000 27,577,400,000 ( 3 ) 05/10/93 05/14/93 (2,375,410,000) 25,063,685,000 138,305,000 25,201,990,000 ( 4 ) 05/17/93 05/21/93 299,970,000 25,363,655,000 138,305,000 25,501,960,000 ( 5 ) 05/24/93 05/28/93 (870,180,000) 24,493,475,000 138,305,000 24,631,780,000 ( 6 ) 05/31/93 06/04/93 (82,840,000) 24,410,635,000 138,305,000 24,548,940,000 ( 7 ) 06/07/93 06/11/93 260,700,000 24,671,335,000 138,305,000 24,809,640,000 ( 8 ) 06/14/93 06/18/93 1,606,360,000 26,277,695,000 138,305,000 26,416,000,000 ( 9 ) From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under Section 16430(e), Government Code. ( 10 ) Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amoamts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of S325,038,441. POOLED MONEY INVESTMENT BOARD: Chair rson i Member Dated: April 28, 1993 *Government Code Member -2- KATHLEEN BROWN STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO ($ 000) Change in April 30, 1993 Percent From Type of Security Amount Percent Previous Month Governments Bills $ 1,426,560 5.93 - 1.15 Bonds 0 0 0 Notes 5,563,460 23.14 + 2.02 Strips 1,835,012 7.63 - .17 Total Governments $ 8,825,032 36.70 + .70 Federal Agency Coupons 0 0 0 Certificates of Deposit 5,048,803- 21.00 + 1.54 Bankers Acceptances 1,486,548 6.18 + 1.19 Repurchases 200,000 .83 - .31 Federal Agency Discount Notes 92,224 .38 + .38 Time Deposits 138,305 .57 - .02 GNMA's 447,378 1.86 - .06 Commercial Paper 6,302,109 26.22 + 3.98 FHLMC 88,880 .37 - .02 Other 0 0 0 Corporate Bonds 11027,860 4.28 - .91 AB 55 Loans 261,934 1.09 - -.76 GF Loans 317,500 1.32 - 8.95 Reversed Repurchases -193,400 -.80 - 3.24 Total, All Types $24,043,173 100 -3- DEMAND BANK DEPOSITS APRIL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 AVERAGE DOLLAR DAYS (000 omitted) DAILY BALANCES WARRANTS BANKS OUTSTANDINGS $ 624,069 $ 1,516,272 676,423 1,563,835 676,423 1,563,835 676,423 1,563,835 311,997. 1,398,158 535,498 11263,076 340,115 1,143,371 361,571 1,330,000 403,017 11538,524 403,017 1,538,524 403,017 1,538,524 513,216 11324, 377 678,726 1,174,474 502,850- 1,132,363 649,596 11239,386 576,493 1,218,636 576,493 1,218,636 576,493 1,218,636 548,099 1,227,455 541,378 1,121,825 422,338 957,877 558,246 1,330,122 413,582 1,323,967 413,582 1,323,967 413,582 1,323,967 383,065 1,278,511 566.,711 1,012,809 517,539 943,297 668,249 1,081,305 935,572 1,318,698 $ 528,913 .gj The prescribed bank balance for April was $ 565,983,000.00. This consisted of $ 323,460,000.00 in compensating balances for services, $ 248,623,000.00 uncollected funds and a deduction of $ 6,100,000.00 for January delayed deposit credit. -4- TIME DEPOSITS AUBURN Heart Federal Savings & Loan BROWNSVILLE Foothill Community Bank, N.A. CERES Great Valley Bank COLOMA First National Bank of Daly City CUPERTINO Cupertino National Bank FRESNO Regency Bank United Security Bank LAKEPORT Bank of Lake County LOS ANGELES California Center Bank Cathay Bank First Los Angeles Bank MERCED Merced Bank of Commerce MILLBRAE Peninsula Bank of Commerce Bank of Petaluma POMONA Pomona First Federal Savings & Loan Assoc. Transworld Bank RED BLUFF Tehema County Bank RICHMOND Mechanics Bank of Richmond $ 200,000 250,000 500,000 11000,000 4,000,000 500,000 2,000,000 95,000 95,000 500,000 5,000,000 500,000 1,000,000 1,000,000 2,000,000 1,000,000 95,000 2,000,000 -5- TIME DEPOSITS SACRAMENTO Home Savings of America Mercantile Bank Sacramento Savings Bank Sanwa Bank of California SAN ANDREAS Central Sierra Bank SAN DIEGO International Savings Bank Peninsula Bank San D1ego SAN FRANCISCO California National•Bank SAN MATEO Borel Bank & Trust Westcal National Bank SANTA BARBARA Santa Barbara Bank & Trust VACAVILLE Continental Pacific Bank WILLITS Bank of Willits aBA CITY Feather River State Bank TOTAL TIME DEPOSITS AS OF APRIL 30, 1993 $ 75,000,000 500,000 51000,000 25, 000, 000 500,000 95,000 31095, 000 95,000 95,000 11000,000 51000,000 11000,000 95, 000 95, 000 $138,305,000 INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT V a/ TRANS. PAR DAYS AMOUNT TYPE DESCRIPTION YIELD 0( 00) HELD. EARNED YIEI 04-01-93 RRS Notes 5.125% 02-28-98 1.800 $ 50,000 RRS Notes 5.125% 02-28-98 1.800 50,000 Redemption BA 04-01-93 3.160 5,000 35 $ 15,361.11 3.21 Redemption BA 04-01-93 3.200 7,000 58 36,088.89 3.2E Redemption BA 04-01-93 3.200 15,000 58 77,333.34 3.2E Redemption BA 04-01-93 3.230 10,500 79 74,424.58 3.2S Redemption BA 04-01-93 3.300 9,400 85 73,241.67 3.37 Redemption BA 04-01-93 3.850 5,100 118 64,359.16 3.95 Redemption CD 3.100% 04-01-93 3.100 150,000 7 90,416.67 3.14 Redemption CD 3.180% 04-01-93 3.160 50,000 14 61,444.92 3.2C Redemption CD 3.230% 04-01-93 3.210 50,000 14 62,417.15 3.25 Redemption CD 3.200% 04-01-93 3.230 24,000 16 34,498.85 3.27 Redemption CD 3.220% 04-01-93 3.200 25,000 21 46,708.83 3.24 Redemption CD 3.200% 04-01-93 3.180 50,000 58 256,174.88 3.22 Redemption CD 3.240% 04-01-93 3.220 50,000 58 259,397.20 3.2E Redemption CD 3.190% 04-01-93 3.170 100,000 58 510,738.59 3.23 Redemption CD 3.190% 04-01-93 3.170 100,000 58 510,738.59 3.23 Redemption CD 3.350% 04-01-93 3.340 50,000 85 394,314.61 3.3E Redemption CD 3.350% 04-01-93 3.340 50,000 85 394,314.61 3.3E Redemption CD 3.610% 04-01-93 3.580 100',000 108 1,074,096.00 3.62 Redemption CP 04-01-93 3.125 18,000 9 14,062.50 3.17 Redemption CP 04-01-93 3.100 50,000- 13- 55,972.20 3.14 Redemption CP 04-01-93 3.120 50,000 14- 60,666.65 3.1E Redemption CP 04-01-93 3.120 50,000 14 60,666.65 3.1E Redemption CP 04-01-93 3.200 20,000 36 64,000.00 3.25 Redemption CP 04-01-93 3.080 50,000 50 213,888.89 3.13 Redemption CP 04-01-93 3.250 50,000 70 315,972.22 3.31 Redemption CP 04-01-93 3.280 30,000 71 194,066.67 3.34 Redemption CP 04-01-93 3.880 90,000 120 1,164,000.00 3.9E RRP Notes 5.625% 01-31-98 2.770 50,000 36 - 141,616.25 - 2.8C RRP Notes 5.625% 01-31-98 2.770 50,000 36 - 141,616.25 - 2.8C RRP Notes 5.625% 01-31-98 2.770 50,000 36 - 141,616.25 - 2.8C RRP Notes 5.625% 01-31-98 2.770 50,000 36- - 141,616.25 - 2.8C RRP Notes 5.625% 01-31-98 2.770 50,000 36 - 141,616.25 - 2.8C RRP Notes 5.625% 01-31-98 2.770 50,000 36 - 141,616.25 - 2.8C RRP Notes 5.125% 02-28-98 .950 50,000 14 - 18,379.86 - .9E RRP Notes 5.125% 02-28-98 .950 50,000 14 - 18,379.86 - .9E Purchase g/ CD 3.150% 04-26-93 3.130 50,000 Purchase g/ CD 3.150% 04-26-93 3.120 50,000 04-02-93 Sale Bills 05-06-93 2.860 50,000 316 1,741,333.34 4.17 Redemption BA 04-02-93 3.200 10,000 59 52,444.44 3.2E Redemption CD 3.170% 04-02-93 3.170 20,000 14 24,694.59 3.21 Redemption CP 04-02-93 3.120 15,000 °8 10,399.99 3.1E Redemption CP 04-02-93 3.120 50,000 8 34,666.65 3.1E Redemption CP 04-02-93 3.120 50,000 8 34,666.65 3.1E Redemption CP 04-02-93 3.150 100,000 8 70,000.00 3.19 -7- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT v a/ A/ TRANS. PAR 000 DAYS HELD AMOUNT EARNED YIELI TYPE DESCRIPTION YIELD 04-02-93 Redemption CP 04-02-93 3.150 $ 33,000 15 $ 15 43,312.50 66,250.00 3.19' .3.22f Redemption CP 04-02-93 04-12-93 3.180 3.200 50,000 20,000 14 24,764.44 3.24- Sale c/ CP Sale 2/ CP 04-12-93 3.200 50,000 14 61,973.33 3.24� Purchase CD 3.230% 04-30-93 3.150 24,000 Purchase CP 04-28-93 ,3.250 05-12-93 3.200 100,000 81,000 Purchase CP Purchase c/ CB 3.850% 07_15_93 3.250 36,250 Purchase � CD 6.625% 09 30 9 3.250 50,000 Purchase c/ CD 3.500% 03-30-98 3.250 25,000 04-05-93 Sale Bills OS-06-93 2.865 50,000 332 332 562.50 1,923,562.50 4.41( 4.41( Sale Bills 05-06-93 04-05-93 2.865 3.230 50,000 17,450 83 129,949.17 3.29` Redemption BA Redem p Redemption BA 04-05-93 3.550 6,700 117 77,301.25 267, 3.641 Redemption BA p 04-05-93 7.950% 04-05-93 3.890 7.930 20,000 35,000 124 725 5,505,675.00 8.03E Redemption CB Redemption CB 9.200% 04-OS-93 9.500 20,000 1.076 377.78 5,590�099.33 9.65; 3.28E Redemption CD 3.270% 04-05 -93 3.250% 04-05 3.250 50,000 20 61 275,396.66 3.29` Redemption CD Redemption CD P 3.320% 04-05-93 3.240 30,000 62 167,637.90 221, 3.32` Redemption CD 3.350% 04-05-93 3.850% 07-15-94 3.280 3.250 36.050 , 83 g,629.48 3.29`- Sale � CB Sale � CD 6.625% 09-30-93 3.250 50,000 3 3 13,541.67 6,620.62 3.29•` 3.29• Sale � CD 3.50Q% 03-30-98 3.250 25,000 Purchase CP 04-12-93 3.150 20,000 Purchase Notes 5.125% 03_31_98 5.125% 03 5.298 5.305 50,000 50,000 Purchase Notes Purchase cJ CB 3.850% 07-15_93 3.250 29,250 Purchase c/ CD 6,625% 09-30-93 3,250 3.250 100,000 60,000 Purchase q/ CD Purchase q/ CP 04-12-93 3.200 20,000 Purchase c/ CP 04-12-93 04-23-93 3.200 3.200 50,000 23,500 Purchase �q/ CP Purchase c/ CP 04-23-93 3.200 50,000 Purchase q/ FHLB 4.250% 03-23-98 3.250 2775 9,270 Purchase c/ FHLB 03-25-98 4.635%/ 01-05-00 3.250 27,000 Purchase aq/ FHLB Purchase c/ FNMA 4.000% 01-15-97 3.250 5,000 Purchase c/ SLMA 4.625% 06-01-98 3.250 14,000 04-06-93 Sale Notes 5.125% 03-31-98 5.265 50,000 1 1 77,313.87 97,933.87 56.8E 68.3. Sale Notes 5.125% 03-31-98 5.265 3.250 50,000 29,2 2,603.61 3.2! Sale � CB 3.850% 07-15-94 3.210% 06-30-93 3.250 100,0000 0 1 9,027.78 3.2' Sale � CD -8- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT a/ a/ TRANS. PAR DAYS AMOUNT TYPE DESCRIPTION YIELD 000 HELD. EARNED YIEL: 04-06-93 Sale / CD 6.625% 09-30-93 3.250 $ 60,000 1 $ 5,416.67 3.29 Sale q/ CP 04-12-93 3.200 20,000 1 1,755.56 3.24 Sale gj CP 04-12-93 3.200 50,000 1 4,400.00 3.24 Sake .2/ CP 04-23-93 3.200 23,500 1 2,066.67 3.24 Sale q/ CP 04-23-93 3.200 50,000 1 4,400.00 3.24 Sale q/ FHLB 4.250% 03-23-98 3.250 27,750 1 2,451.04 3.29 Sale .2/ FHLB 4.450% 03-25-98 3.250 9,270 1 822.88 3.29. Sale g/ FHLB 4.635% 01-05-00 3.250 27,000 1 2,363.47 3.29. Sale � FNMA 4.000% 01-15-97 3.250 5,000 1 445.97 3.29' Sale SLMA 4.625% 06-01-98 3.250 14,000 1 1,243.58 3.29' Purchase BA 04-12-93 3.150 6,000 Purchase Bills 03-10-94 3.190 50,000 Purchase Bills 03-10-94 3.190 50,000 Purchase CP 04-07-93 3.150 35,000 Purchase CP 04-12-93 3.300 17,500 Purchase CP 04-13-93 3.100 105,000 Purchase CB 3.850% 07-15-94 3.125 29,250 Purchase CD 3.220% 06-30-93 3.150 50,000 Purchase FFCB 3.900% 08-11-95 3.125 36,680 04-07-93 Redemption CP 04-07-93 3.150 35,000 1- 3,062.50 3.19. Redemption CP 04-07-93 3.250 5,000 42 18,958.33 3.30' Sale / CB 3.850% 07-15-94 3.125 29,250 1 2,503.47 3.161 Sale �J; CD 3.220% 06-30-93 3.150 50,000 1 4,375.00 3.19: Sale q/ FFCB 3.900% 08-11-95 3.125 36,680 1 3,138.89 3.16k' Purchase CP 04-28-93 3.100 115,000 Purchase Strips 02-15-98 5.365 50,000 Purchase �;j CB 3.850% 07-15-94 3.062 29,250 Purchase .2/ CP 04-12-93 3.200 20,000 Purchase gj CP 04-12-93 3.200 50,000 Purchase / CP 04-23-93 3.200 23,500 Purchase CP 04-23-93 3.200 50,000 Purchase FFCB 3.900% 08-11-95 3.062 26,815 Purchase FFCB 3.900% 08-11-95 3.062 50,000 Purchase FHLB 6.625% 11-19-97 3.062 25,495 Purchase SLMA 3.206% 01-27-95 3.062 15,725 04-08-93 RRS Notes 5.125% 02-28-98 2.400 50,000 RRS Notes 5.125% 02-28-98 2.400 50,000 Sale Bills 03-10-94 3.174 50,000 2 15,977.80 6.01. Sale Bills 03-10-94 3.174 50,000 2 15,977.80 6.01' Sale Bills 05-06-93 2.855 50,000 321 1,847,249.98 4.37. .Sale Bills 05-06-93 2.850 50,000 322 1,765,555.57 4.15(' Sale Bills 05-06-93 2.850 50,000 322 1,780,138.89 4.19. Sale Bills 05-06-93 2.855 50,000 336 1,981,972.20 4.49- -9- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT A/ TYPE g/ . DESCRIPTION TRANS. YIELD d PARS 000 DAYS HELD. AMOUNT EARNED YIELI 04-08-93 Redemption Redemption CP CP 04-08-93 3.330 $ 4,9.00 17 $ 7,705.25 3.38 Sale � CB 3.850% 04-08-93 07-15-94 3.150 3.062 50,000 29,250 20 1 87,500.00 3.19, Sale .2/ FFCB 3.900% 08-11-95 3.062 26,815 1 2.,453.40 2,259.02 3.10- 3.10, Sale 2/ Sale � FFCB FHLB 3.900% 6.625% 08-11-95 3.062 50,000 1 4,212.21 3.10: Sale .2/ SLMA 3.206% 11-19-97 01-27-95 3.062. 3.062 25,495 15,725 1 1 2,158.21 3.101 RRP RRP Notes 5.125% 02-28-98 2.500 50,000 29 1,252.22 - 100,316.84 3.10! - 2.53- Furchase g/ Notes CD 5.125% 3.120% 02-28-98 04-30-93 2.500 3.100 50,000 50,000 28 - 96,736.11 - 2.53, Purchase _/ CD 3.120% 04-30-93 3.100 50,000 Purchase Bills 04-07-94 3.200 50,000 Purchase Bills 04-07-94 3.200 50,000 Purchase Bills 04-07-94 3.240 50,000 Purchase Bills 04-07-94 3.240 50,000 Purchase CD 3.150% 05-12-93 3.130 100,000 Purchase CD 3.160% 08-27-93 3.160 100,000 Purchase CP 08-27-93 3.150 52,000 04-09-93 Redemption Redemption CD CD 3.240% 3.250% 04-09-93 04-09-93 3.220 3.220 500,000 29 129,696.53 3.26, Redemption CP 04-09-93 3.170 50,000 50,000 30- 43 134,170.02 189,319.45 3.26. 3.22f Purchase CP 04-28-93 3.070 135,000 04-12-93 Sale Sale Strips Bills 02-15-98 04-07-94 5.240 3.140 50,000 50,000 5 4 257,000.00 48.53( Sale Bills 04-07-94 3.140 50,000 4 68,000.00 68,000.00 12.83( 12.83f Redemption Redemption BA BA 04-12-93 04-12-93 3.150 3.210 6,000 6 3,150.00 3.19: Redemption BA 04-12-93 3.520 5,000 12,000 68- 123 30,316.66 144,320.00 3.27- 3.61: Redemption CB 7.850% 04-12-93 7.950 35,000 728 5,571,513.90 7.96: Redemption CP 04-12-93 3.300 17,500 6 9,625.00 3.34' Redemption CP 04-12-93 3.150 20,000 7 12,250.00 3.19' Sale q/ Sale CP CP 04-12-93 04-12-93 3.200 20,000 5 8,777.78 3.24- q/ Sale q/ CP 04-23-93 3.200 3.200 50,000 23,500 5 5 22,000.00 3.24, Sale q/ CP 04-23-93 3.200 50,000 5 10,333.33 22,000.00 3.24, 3.24• Purchase q/ CD 3.180% 07-08-93 3.250 60,000 04-13-93 Redemption BA 04-13-93 3.810 42,250 131 585,761.06 3.91' ,Redemption CP 04-13-93 3.100 105,000 7 63,291.67 3.14- Sale Sale BA BA 04-15-93 04-19-93 3.150 50,000 13 56,795.38 3.19: 3.150 6,000 13 6,813.62 3.19: -10- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT d a/ a/ TRANS. PARS DAYS AMOUNT TYPE DESCRIPTION YIELD 0( 00) HELD EARNED YIEI 04-13-93 Sale BA 09-02-93 3.150 $ 12,000 13 $ 13,468.00 3.1S Sale CD 3.250% 04-13-93 3.150 125,000 13 142,813.13 3.1S Sale CD 3.190% 04-26-93 3.150 5,000 13 5,687.50 3.1S Sale CD 3.180% 07-08-93 3.250 60,000 1 5,416.67 3.2S RRP Notes 5.125% 02-28-98 1.900 50,000 13 - 34,305.55 - 1.92 RRP Notes 5.125% 02-28-98 1.900 50,000 13 - 34,305.55 - 1.92 RRP Notes 5.125% 02-28-98 1.900 50,000 13 - 34,305.56 - 1.92 RRP Notes 5.125% 02-28-98 1.900 50,000 13 - 34,305.56 - 1.92 Purchase BA 06-11-93 3.090 75,400 Purchase CD 3.210% 06-30-93 3.150 40,000 Purchase CD 3.220% 06-30-93 3.150 50,000 Purchase CD 3.180% 07-08-93 3.150 75,000 Purchase CP 04-28-93 3.250 50,000 Purchase CP 04-28-93 3.250, 50,000 Purchase CP 04-28-93 3.100 100,000 Purchase CP 04-30-93 3.100 50,000 Purchase CP 04-30-93 3.250 50,000 Purchase CP 04-30-93 3.250 50,000 Purchase CP 04-30-93 3.125 100,000 Purchase CP 05-28-93 3.150 50,000 Purchase q/ CB 3.850% 07-15-94 3.180 29,250 Purchase .2/ CD 3.160% 07-18-93 3.250 50,000 Purchase c/ CD 7.875% 12-01-95 3.180 40,000 Purchase .2/ CP 04-30-93 3.200 50,000 Purchase q/ FFCB 3.900% 08-11-95 3.180 25,000 Purchase FFCB 3.900% 08-11-95 3.180 26,785 04-14-93 Redemption BA 04-14-93 3.240 6,350 93 53,149.50 3.31 Redemption CP 04-14-93 3.100 120,000 26 268,666.67 3.15 Redemption CP 04-14-93 3.120 20,000 34 58,933.34 3.17 Redemption CP 04-14-93 3.120 50,000 34- 147,333.35 3.17 Redemption CP 04-14-93 3.120 50,000 34 147,333.35 3.17 Redemption CP 04-14-93 3.090 80,000 64 439,466.67 3.15 Sale S;j CB 3.850% 07-15-94 3.180 29,250 1 2,538.70 3.22 Sale S;/ CD 3.160% 07-18-93 3.250 50,000 1 4,513.89 3.29 Sale .2/ CD 7.875% 12-01-95 3.180 40,000 1 3,533.33 3.22 Sale .2/ CP 04-30-93 3.200 50,000 1 4,435.56 3.24 Sale FFCB 3.900% 08-11-95 3.'180 25,000 1 2,185.81 3.22 Sale FFCB 3.900% 08-11-95 3.180 26,785 1 21342.16 3.22 Purchase BA 07-01-93 3.110 17,050 Purchase BA .07-12-93 3.110 18,000 Purchase BA 07-12-93 3.110 20,000 Purchase BA 07-27-93 3.110 24,150 Purchase BA 08-23-93 3.150 26,000 ,Purchase CD 3.190% 05-14-93 3.140 50,000 Purchase CD 3.190% 05-14-93 3.140 81,000 Purchase CD 3.230% 05-19-93 3.140 50,000 -11- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT TYPE / DESCRIPTION TRANS. YIELD PAR 000 DAYS AMOUNT HELD. EARNED YIEL: 04-14-93 Purchase CP 04-30-93 3.080 $150,000 Purchase CP 05-11-93 3.150 20,000 Purchase CP 05-11-93 3.150 50,000 Purchase CP 06-01-93 3.100 25,000 Purchase Notes 5.125% 03-31-98 5.065 50,000 Purchase Notes 5.125% 03-31-98 5.065 50,000 Purchase Notes 5.125% 03-31-98 5.092 50,000 Purchase Notes 5.125% 03-31-98 5.097 50,000 Purchase .2/ CD 3.850% 07-15-94 3.170 29,250 Purchase �2/ CD 7.875% 12-01-95 3.170 40,000 Purchase q/ CP 04-30-93 3.180 50,000 Purchase 2/ CP 04-30-93 3.180 50,000 04-15-93 Sale .g/ Sale �q/ CD CD 3.850% 7.875% 07-15-94 12-01-95 3.170 3.170 29,250 1 $ 2,528.52 3.21 Sale �2/ CP 04-30-93 3.180 40,000 50,000 1 3,459.26 3.21 1 4,407.83 3.22 Sale .2/ Purchase CP BA 04-30-93 08-23-93 3.180 3.150 50,000 16,000 1 4,407.83 3.22 Purchase BA 08-31-93 3.150 5,D00 Purchase CP 04-16-93 3.200 110,000 Purchase CP 05-05-93 3.080 50,000 Purchase CP 05-28-93 3.150 50,000 Purchase CP 07-12-93 3.150 25,000 Purchase CP 07-13-93 3.250 38,500 Purchase .2/ CB 3.850% 07-15-94 3.230 28,050 Purchase .2/ CD 3.210% 09-15-93 3.250 50,000 Purchase q/ CP 04-23-93 3.250 50,000 Purchase .2/ CP 04-30-93 3.250' 50,000 Purchase g/ CP 04-30-93 3-.250 50,000 Purchase q/ CP 06-17-93 3.230 48,660 04-16-93 Redemption CP 04-16-93 3.200 110,000 1 9,777.78 3.24 Sale .2/ Sale CB CD 3.850% 3.210% 07-15-94 3.230 28,050 1 2,471.85 3.27 .2/ Sale CP 09-15-93 3.250 50,000 1 4,513.89 3.29 q/ Sale q/ CP 04-23-93 04-30-93 3.250 3.250 50,000 50,000 1 4,504.86 3.29 1 Sale .2/ CP 04-30-93 3.250 50,000 4,495.83 3.29 1 4,495.83 3.29 Sale .2/ Purchase CP BA 06-17-93 3.230 48,660 1 4,257.32 3.27 06-16-93 3.080 20,000 Purchase BA 07-06-93 3.160 10,000 Purchase BA 07-07-93 3.160 10,000 Purchase CD 3.150% 05-10-93 3.130 20,000 Purchase CD 3.190% 07-01-93 3.150 40,000 Purchase CD 3.180% 07-09-93 3.150 50,000 Purchase CD 3.170% 07-13-93 3.150 50,000 INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT a/ TYPE 04-16-93 Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase q/ 04-19-93 TRANS. PAR DAYS AMOUNT DESCRIPTION YIELD 000 HELD. EARNED CD 3.470% 08-18-93 3.150 $ 30,000 CP 05-05-93 3.060 100,000 CP 05-12-93 3.070 50,000 CP 05-12-93 3.100 50,000 CP 05-12-93 3.060 100,000 CP 06-01-93 3.070 100,000 CP 06-30-93 3.070 100,000 CP 07-28-93 3.220 30,000 Notes 5.125% 03-31-98 5.070 50,000 Notes 5.125% 03-31-98 5.070 50,000 CD 3.180% 08-16-93 3.062 100,000 RRS Notes 5.125% 02-28-98 2.200 50,000 RRS Notes 5.125% 02-28-98 2.200 50,000 RRS Notes 5.125% 03-31-98 2.240 49,380 RRS Notes 5.125% 03-31-98 2.240 50,000 Redemption CB 7.750% 04-19-93 7.611 12,000 Redemption CD 3.210% 04-19-93 3.210 50,000 Sale CD 3.180% 08-16-93 3.062 100,000 RRP Notes 5.625% 01-31-98 2.850 25,000 RRP Notes 5.625% 01-31-98 2.850 25,000 Purchase g/ CD 3.110% 04-30-93 3.090 100,000 Purchase CD 3.130% 07-28-93 3.130 50,000 Purchase CD 3.170% 07-28-93 3.150 50,000 Purchase CD 3.170% 07-28-93 3.150 50,000 Purchase CD 3.150% 08-31-93 3.150 100,000 Purchase CP 05-05-93 3.150 9,000 Purchase CP 07-27-93 3.080 100,000 Purchase CP 07-30-93 3.080 100,000 Purchase CP 09-28-93 3.120 50,000 Purchase CP 09-28-93 3.080 300,000 Purchase Notes 8.500% 05-15-97 3.050 36,025 Purchase Notes 8.500% 05-15-97 3.050 50,000 Purchase q/ CP 04-30-93 3.180 50,000 Purchase .2/ CP 04-30-93 3.180 50,000 04-20-93 Sale CB 8.000% 06-01-94 3.790 5,000 Purchase BA 08-13-93 3.110 17,000 Purchase BA 09-02-93 3.170 12,000 Purchase BA 09-30-93 3.170 7,050 Purchase CB 9.125% 12-15-95 4.690 5,000 Purchase CB 5.150% 03-15-96 5.000 44,600 ,Purchase CD 3.140% 08-27-93 3.120 35,000 Purchase CP 08-27-93 3.070 200,000 YIEL 711 $1,779,533.33 7.71 59 263,041.67 3.25 3 25,520.83 3.10 59_ - 118,376.43 - 2.88 59- - 118,376.43 - 2.88 516 707,705.55 9.85 -13- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT a TYPE A/ DESCRIPTION TRANS. PAR41 DAYS AMOUNT YIELD 04-21-93 00O HELD. EARNED YIEL1 Sale Purchase Strips 02-15-97 BA 07-20-93 4.780 3.070 $ 50,000 61. $ 843,500.00 12.341 Purchase Purchase CD 3.130% 08-27-93 3.120 15,000 65,000 Purchase CD CP 3.140% 09-28-93 3.120 100,000 Purchase CP 07-23-93 08-27-93 3.050 3.280 100,000 Purchase Purchase Strips Strips OS-15-98 5.240 10,000 5,000 05-15-98 5.240 50,000 04-22-93 RRP RRP Notes Notes 5.125% 02-28-98 5.125% 02-28-98 1.800 1.800 50,000 21 - 52,434.38 - 1.82. Purchase BA 06-30-93 3.110 50,000 5,050 21 52,434.38 - 1.82 Purchase Purchase BA BA 07-14-93 3.120 6,250 Purchase BA 07-14-93 07-14-93 3.110 3.110 10,000 10,000 Purchase Purchase BA BA 07-20-93 3.080 5,000 Purchase CB 08-11-93 5.570% 08-21-95 3.130 4.650 51500 Purchase Purchase q/ CD FFCB 3.110% 06-30-93 3.900% 3.100 7,100 50,000 Purchase 2/ SLMA 08-11-95 5.000% 07-28-94 3.100 3.100 39,560 5,000 04-23-93 Redemption Sale � CD FFCB 3.180% 04-23-93 3.900% 08-11-95 3.180 18,000 32 51,001.00 3.23' Sale � SLMA 5.000% 07-28-94 3.100 3.100 39,560 5,000 1 3,372.11 3.14: Purchase Purchase BA BA 08-03-93 3.100 12,350 416.77 3.14. Purchase BA 08-16-93 08-23-93 3.090 3.090 16,000 30,000 Purchase Purchase CB CD 4.690% 04-23-96 4.690 5,000 Purchase CD 3.160% 07-28-93 3.100% 05-28-93 3.140 3.090 5,000 100,000 Purchase Purchase CD CD 3.180% 08-02-93 3.160 77,000 3.140% 08-02-93 3.120 100,000 04-26-93 Redemption Redemption BA BA 04-26-93 04-26-93 3.150 50,000 88 3.21( Redemption BA 04-26-93 3.170 3.300 100,000 11,150 90 792,500.00 3.23. Redemption Redemption BA BA 04-26-93 3.570 8,550 109 111�407.00 137 8 3.37� 5887 3.66- Redemption CD 04-26-93 3.150% 04-26-93 3.800 3.130 25,000 50,000 143 77, 61.11 377,3.3.91: ,Redemption CD 3.150% 04-26-93 3.120 50,000 25 25 108,682.06 3.17: Redemption Redemption CD CD 3.160% 04-26-93 3.170% 04-26-93 3.200 118,000 60 29,346.55 3.16: 24. 3.19: 3.150 35,000 61 186,818.80 186,818.80 3.19: -14- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT a/ a/ TRANS. PAR DAYS AMOUNT TYPE DESCRIPTION YIELD O1 00) HELD. EARNED YIEI 04-26-93 Redemption CD 3.250% 04-26-93 3.170 $ 45,000 74 _ $ 293,693.71 3.23 Redemption CD 3.280% 04-26-93 3.240 50,000 83 373,770.61 3.2E Redemption CD 3.270% 04-26-93 3.260 50,000 96 434,678.00 3.3C Redemption CD 3.230% 04-26-93 3.220 50,000 97 433,817.28 3.2E Redemption CD 3.320% 04-26-93 3.330 50,000 102 471,736.83 3.3i Redemption CD 3.300% 04-26-93 3.290 100,000 102 932,192.20 3.33 Redemption CD 3.550% 04-26-93 3.540 100,000 130 1,278,378.44 .3.5E Redemption CD 3.620% 04-26-93 3.610 25,000 136 340,957.14 3.6E Redemption CD 3.840% 04-26-93 3.830 100,000 144 1,532,060.00 3.8E Redemption CD 3.850% 04-26-93 3.840 100,000 144 1,536,061.00 3.89 Redemption CD 3.870% 04-26-93 3.860 100,000 145 1,554,784.00 3.93 Redemption CD 3.180% 04-26-93 3.180 200,000 200 3,533,333.33 3.22 Redemption CP 04-26-93 3.650 10,-000 75 76,041.67 3.72 Redemption CP 04-26-93 3.650 50,000 75 380,208.33 3.72 Redemption CP 04-26-93 3.600 30,000 89 267,000.00 3.6E Redemption CP 04-26-93 3.650 20,000 90 182,-500.00 3.73 Redemption CP 04-26-93 3.700 50,000 101 519,027.78 3.79 Redemption CP 04-26-93 3.375 20,000 103 193,125.00 3.45 Redemption CP 04-26-93 3.400 15,000 105 148,750.00 3.4E Redemption CP 04-26-93 4.000 20,000, 139 308,888.89 4.11 Redemption ' CP 04-26-93 3.450 50,000 174 833,750.00 3.55 Redemption CP 04-26-93 3.450 50,000_ 174_ 833,750.00 3.55 Sale Notes 8.5007. 05-15-97 3.050 36,025 7- 25,021.01 3.09 Sale Notes 8.500% 05-15-97 3.050 50,000 7 34,729.33 3.09 RRP Notes 5.125% 02-28-98 2.200 50,000 7 - 21,549.31 - 2.23 RRP Notes 5.125% 02-28-98 2.200 50,000 7 - 21,549.31 - 2.23 Purchase BA 06-01-93 3.080 11,000 Purchase BA 06-04-93 3.070 20,000 Purchase BA 06-07-93 3.070 8,850 Purchase BA 06-23-93 3.080 15,300 Purchase BA 07-01-93 3.070 16,000 Purchase BA 07-02-93 3.060 15,000 Purchase BA 07-12-93 3.060 17,700 Purchase BA 07-19-93 3.100 18,500 Purchase BA 08-02-93 3.110 10,000 Purchase BA 08-06-93 3.090 10,000 Purchase BA 08-19-93 3.090 12,500 Purchase BA 09-16-93 3.110 17,400 Purchase BA 09-20-93 3.110 16,000 Purchase CD 3.100% 05-26-93 3.090 50,000 Purchase CD 3.120% 06-22-93 3.070 25,000 Purchase CD 3.140% 06-22-93 3.100 50,000 Purchase CD 3.13070 06-24-93 3.110 100,000 Purchase CD 3.130% 06-24-93 3.110 100,000 Purchase CD 3.130% 06-24-93 3.120 100,000 Purchase CD 3.130% 06-24-93 3.120 100,000 ,Purchase CD 3.090% 06-24-93 3.080 200,000 Purchase CD 3.130% 06-24-93 .3.120 200,000 Purchase CD 3.120% 06-24-93 3.120 300,000 -15- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT A/ TYPE A/ DESCRIPTION TRANS . YIELD PAR DAYS AMOUNT L00-0L HELD. EARNED Y I EL:04-26-93 Purchase Purchase CD CD 3.120% 07-28-93 3.100 $ 99,000 Purchase CD 3.150% 08-27-93 3.190% 08-27-93 3.150 3.180 50,000 Purchase CD 3.190% 08-27-93 3.180 50,000 50,000 Purchase Purchase CD CP 3.190% 08-27-93 3.180 50,000 Purchase CP 06-01-93 07-01-93. 3.125 75,000 Purchase CP 07-01-93 3.200 3.200 50,000 50,000 Purchase Purchase CP CP 07-01-93 3.200 50,000- Purchase CP 07-01-93 3.200 50,000 Purchase CP 07-01-93 07-01-93 3.200 3.200 50,000 Purchase FFCB 04-12-94 3.080 50,000 20,000 Purchase Purchase FNMA FNMA 03-31-94 3.080 25,000 Purchase Notes 03-31-94 5.125% 03-31-98 3.080 5.052 50, 00 50, 00 Purchase Purchase Notes 5.125% 03-31-98 5.052 50, 00 Purchase Notes Notes 5.125% 03-31-98 5.125% 03-31-98 5.053 5.053 50, 00 Purchase � Bonds Purchase CD 10.375% 05-15-95 3.130 50, 00 8, 55 q/ Purchase � CD 3.160% 06-18-93 6.318% 07-15-93 3.200 3.180 30, 00 Purchase �/ Purchase q/ CD CP 3.160% 07-28-93 3.200 30, 00 45,000 Purchase .2/ FHLB 06-22-93 5.660% 07-07-97 3.180 3.050 50,000 48,500 Purchase g/ Purchase g/ FHLB Notes 5.660% 07-07-97 8.500% 05-15-95 3.050 50,000 Purchase � Notes 8.500% 05-15-95 3.130 3.130 11,775 50,000 Purchase c% Purchase g/ Notes Notes 9.250% 01-15-96 7.500% 01-31-96 3.130 50,000 Purchase g/ Notes 7.750% 03-31-96 3.130 3.130 50,000 10,190 04-27-93 Redemption Redemption BA BA 04-27-93 04-27-93 3.720 10,000 141 $ 145,700.00 3.82' Sale � Bonds 10.375% 05-15-95 3.810 3.130 8,455 141 122,766.66 3.92: Sale q/ CD 3.160% 06-18-93 3.200 30,000 1 847.27 3.17: Sale CD 6.318% 07-15-93 3.180 30,000 1 2,666.67 3.24, Sale � CD 3.160% 07-28-93 3.200 45,000 1 2,650.00 3.22 Sale / CP 06-22-93 3.180 50,000 1 4,000.00 3.24, Sale Notes 8.500% 05-15-95 3.130 11,775 1 4,372.50 3.22• Sale � Notes 8.500% 05-15-95 3.130 50,000 1 1,134.12 3.17' Sale q/ Notes 9.250% 01-15-96 3.130 50,000 1 4,927.1 3.17: Sale Notes 7.500% 01-31-96 3.130 50,000 1 4,927.14 3.17: Sale � Notes 7.750% 03-31-96 3.130 10,190 1 4,707.17 3.17: Purchase g/ CP 06-22-93 3.180 28,000 956.39 3.17: INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT a/ / TRANS. PAR TYPE DESCRIPTION YIELD 0( 00) 04-28-93 Redemption BA 04-28-93 3.180 $ 5,000 Redemption BA 04-28-93 3.240 5,698 Redemption BA 04-28-93 3.820 5,000 Redemption CB ER 6.737% 04-2893 6.737 25,000 Redemption CD 3.210% 04-28-93 3.210 100,000 Redemption CD 3.250% 04-28-93 3.260 100,000 Redemption CD 3.250% 04-28-93 3.240 50,000 Redemption CP 04-28-93 3.250 50,000 Redemption CP 04-28-93 3.250 50,000 Redemption CP 04-28-93 3.100 100,000 Redemption CP 04-28-93 3.070 135,000 Redemption CP 04-28-93 3.100 .115,000 Redemption CP 04-28-93 3.250 100,000 Redemption CP 04-28-93 3.850 20,000 Redemption CP 04-28-93 3.220 40,000 Redemption CP 04-28-93 3.350 15,800 Redemption CP 04-28-93 3.700 50,000 Redemption CP 04-28-93 3.700 50,000 Redemption CP 04-28-93 3.850 100,000 Sale g/ CP 06-22-93 3.180 28,000 Purchase BA 07-28-93 3.070 75,000 Purchase CP 05-11-93 3.170 25,000 Purchase CP 06-24-93 3.150 100,000 Purchase CP 07-01-93 3.200 50,000 Purchase CP 07-01-93 3.200 50,000 Purchase CP 07-01-93 3.200 50,000 Purchase CP 07-01-93 3.200 50,000 Purchase CP 07-01-93 3.200 50,000 Purchase q/ CD 3.210% 09-15-93 3.200 50,000 04-29-93 Redemption BA 04-29-93 3.220 15,000 Redemption BA 04-29-93 3.600 5,000 Sale c/ CD 3.-210% 09-15-93 3.200 50,000 Sale gj CP 04-30-93 3.180 50,000 Sale c/ CP 04-30-93 3.180 50,000 Purchase BA 06-01-93 3.080 5,000 Purchase BA 07-01-93 3.110 6,000 Purchase BA 07-02-93 3.110 6,000 Purchase BA 07-02-93 3.100 15,000 Purchase CD 3.110% 08-02-93 3.100 50,000 04-30-93 DAYS AMOUNT HELD. EARNED YIEL; 86 $ 37,983.33 3.24 107 54,879.04 3.31 145 76,930.55 3.93 728 2,529,881.25 5.15 86 766,833.33 3.25 96 869,310.67 3.30 97 436, 511. 72 3.28 15 67,708.33 3.29 15 67,708.33 3.29 15 129,166.67 3.14 19 218,737.50 3.11 21 207,958.33 3.14 26 234,722.22 3.30 91 194,638.89 3.94 92 329,155.56 3.29 96 141,146.67 3.42 98 503,611.11 3.78 98 503,611.11 3.78 104 1,112,222.22 3.94 1 2,460.08 3.22 86- 115,383.33 3.29 142 71,000.00 3.70 1 4,444.44 3.24 10 44,122.50 3.22 10 44,122.50 3.22 Redemption BA 04-30-93 3.180 5,000 98 43,283.33 3.25 ,Redemption CB 8.100% 04-30-93 8.100 25,000 730 41044,375.00 8.21 Redemption CB 1.000% 04-30-93 8.080 125,000 2,558 55,384,540.97 10.23 Redemption CD 3.110% 04-30-93 3.090 100,000 11 94,417.24 3.13 -17- INVESTMENT TRANSACTIONS POOLED MONEY INVESTMENT ACCOUNT A/ TYPE 04-30-93 Redemption CD Redemption CD Redemption CD Redemption CD Redemption CD Redemption CP Redemption CP Redemption CP Redemption CP Redemption CP Redemption CP RRP Notes RRP Notes RRP Notes RRP Notes Purchase BA Purchase CD Purchase CD Purchase CP Purchase CP Purchase CP Purchase Notes Purchase Notes Purchase q/ CD Purchase c/ CD A/ DESCRIPTION 3.120% 04-30-93 3.120% 04-30-93 3.230% 04-30-93 3.250% 04-30-93 3.250% 04-30-93 04-30-93 04-30-93 04-30-93 04-30-93 04-30-93 04-30-93 5.125% 02-28-98 5.125% 02-28-98 5.125% 03-31-98 5.125% 03-31-98 07-28-93 3.130% 07-01-93 3.100% 08-27-93 06-03-93 06-07-93 10-27-93 5.125% 04-30-98 5.125% 04-30-98 3.180% 08-16-93 3.210% 09-15-93 TRANS. PAR YIELD 000 3.100 $ 50,000 3.100 50,000 3.150 24,000 3.240 100,000 3.220 50,000 3.080 150,000 3.100 50,000 3.250 50,000 3.250 50,000 3.125 100,000 3.350 7,550 2.400 50,000 2.400 50,000 2.240 49,380 2.240 50,000 3.080 51,100 3.110 50,000 3.100 25,000 3.100 75,000 3.040 130,000 3.130 20,000 5.040 50,000 5.085 50,000 3.100 50,000 3.100 50,000 DAYS AMOUNT HELD. EARNED YIELI 22 $ 94,723.37 3 . 14: 22 94,723.37 3. 14, 28 58,814.21 3.19, 86 774, 017.89 3.28,e 87 389,285.60 3.26E 16 205,333.34 3.12' 17 73,194.45 3.14' 17 76, 736. 11 3.30( 17 76,736.11 3.30( 17 147,569.44 3.17: 87 61, 123. 54 3. 42, 22 - 73,241.67 - 2.43. 22 - 73,241.67 - 2.43: 11 - 34,009.10 - 2.27- 11 - 34,436.11 - 2.27- -18- The abbreviations indicate the type of security purchased or sold; i.e., Bonds, Notes, Debentures, Discount Notes and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export -Import Notes (EXIM),- Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank.Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB) U.S. Ship Financing Bonds (TITLE XI"S), International Bank of Redevelopment (IBRD). Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. 41 Par amount of securities purchased, sold, or redeemed. Securities were purchased and sold as of the same date. Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. Security "SWAP" transactions. Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. =19- 1FOR�� POOLED MONEY INVESTMENT THIRTY-SIXTH ANNUAL REPORT FISCAL YEAR 1991 /1992 KATHLEEN BROWN State Treasurer and Chair Pooled Investment Board, 36th ANNUAL REPORT-1991192 During. the 1991 /92 fiscal year, program earnings totaled $1.329 billion. Approximately $503 million of thisamount was credited to units of local government as a result of their deposits in our investment pool. This level of voluntary participation, which averaged $8.1 billion, 'certainly reflects the confidence they have in our investment management capabilities. The mag- nitude of these investment earnings provide a significant reduction in the tax burden that otherwise would have been imposed on the citizens of.California. The Pooled Money Investment Board, .created- by .the Legislature in 1955, is comprised of Kathleen Brown, State Treasurer as chairperson, Gray Davis, State Controller, and Thomas W. Hayes, Director of Finance. The purpose of the Board is to design an effective cash management and investment program, using all monies flowing through the Treasurer's bank accounts and keeping all available funds invested for maximum return on investment, consistent with safe and prudent management. This Board designates the amounts of temporarily idle money available for investment. The Treasurer is charged with making the actual investment transactions for this investment program. The law restricts the Treasurer to investments in the following categories: U.S. Government securities, securities of federally -sponsored agencies, domestic corpo- rate bonds, interest -bearing time deposits in California banks and savings and loan associations, prime -rated commercial paper, repurchase and reverse repurchase agreements, security loans, banker's acceptances, negotiable certificates of deposit and loans to various bond Funds (as authorized by Chapter 6, Statutes of 1987).,Funds also may be loaned to the General Fund at current interest rates upon the Governor's approval. Pooled.Money Investment Board Members Chairperson KATHLEEN BROWN State Treasurer Member GRAY DAVIS State Controller Member THOMAS W. HAYES Director of Finance Table Contents Page ' POOLED MONEY INVESTMENT PROGRAM-- 36th ANNUAL REPORT ............. . Introduction —Pooled Money Investment Board............ ................................... Pooled Money Investment Board Members,....r..........................................•... Year in Review ....................... Investment Market Conditions for 1991I92....................................................... 1 Monthly Yields on Money Market Securities......._ .......:..............................•... 2 Comparison of Pooled Money Investment Board Earnings and Average Daily Portfolio .......... .................•............�......,........ 3 Distributionof T ransact[ons•R,♦••.•r.•••RR••r..,••••••♦.•••..rR•••••i.,•••r.r.• ••••..♦1.•••..,..R1•..•1•• 4 POOLED MONEY INVESTMENT ACCOUNT (PMIA)..*...R....... �.......:.:... R... 5 Year in Review.•...•.....••••.•.•••••.•R.•.•••,��RRR.•s.R•R•RR:R..R••.•R1',tR•.•,...•R.•.. �•• •.s.•.••Ra N••RNa.r.•RR.Rr.I.R Average Balances in Demand Bank Accounts R.....:..Ie7.•....•..,....• fR....•..•..., i. •... �y� R. PMIA investment Program , S .....•.r...................:..::R...............•..........:.,..:......�..... PMIA Earnings for 1991/92 ..•............R.. ,....R...............R.....................,,.R....... S Analysis of the PMIA Portfolio .......••.....• 9 ..............:.•...........•.. •... •...R•..... ••R.... Schedule of Security Purchases By Term..........,............. ............................... 9 Dollar Volume of Interest -Bearing Time Accounts......................................W..10 Summary of Investments and Earnings of the PMIA........,•............................11 SURPLUS MONEY INVESTMENT FUND (SMIF)..........r............•.................12 r am.. ._ Year it Review...........RRR....R...............fR,R••....•.R.......RRI11l.R•R„••••....•... R•„IIM•RRR.I ..•.•„M• j� 12 SMIF Earnings for 1991 /92............................................................................13 Participation...................................................................,.............•..................... 13 Resourcesof the SMIF....................... r............................................................... 13 LOCAL AGENCY INVESTMENT FUND (LAIC"')............................................14 Yearin Review..................................................................................................14 Participation.........................................,..................,•......................................... 14 LAIF Earnings for 1991/92...............................,........---....................................14 Resources of the LAIF.......................................................................................14 The Year t*n Review .. . Average Daily Portfolio ................................................... $21,456,432,928 Earnings........................................................................... 1,329,476,097 Effective Yield................................................................. 6.20% INVESTMENT ACTIVITY FOR THE FISCAL YEAR ENDING JUNE 30 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Dollar Volume (billions) ..... $97.4 $113.3 $146.5 $185.6 $212.8 $180.5 $135.6 $149.5 $172.1 $169.8 Transactions ........................ 9990 8864 7175 7116 �6328 6591 4557 5478 5342 4130 1991/92 Investment Market Conditions To indicate prevailing market conditions during the 1991/92 fiscal year, the following table shows monthly money market rates, as computed from daily closing bid prices. The information was obtained from Federal Reserve Bulletins published by the Board of Governors, Federal Reserve System. Subsequent sections of this report deal individually with the investment programs which the Board adminis- ters, and for which the Treasurer acts as investment officer. Monthly Yields on Money Market Securities 90 Day Finance Prime 3 Month Company 90 Day 6 Month 12 Month 3 Year Federal Treasury Commercial Banker's Treasury Treasury Treasury Month Funds Bills Paper Acceptances Bills Bills Issues (Percent) July, 1991................. 5.82 5.58 5.89 5.89 5.70 5.91 7.38 August ...................... 5.66 5.33 5.56 5.54 5.39 5.45 6.80 September ................ 5.45 5.22 5.33 5.38 5.25 5.26 6.50 October .................... 5.21 4.99 5.19 5.21 5.04 5.04 6.23 November ................. 4.81 4.56 4.87 4.85 4.61 4.64 5.90 December ................. 4.43 4.07 4.39 4.42 4.10 4.17 5.39 January, 1992........... 4.03 3.80 3.99 3.97 3.87 3.95 5.40 February ................... 4.06 3.84 4.02 4.00 3.93 4.08 5.72 March ....................... 3.98 4.04 4.20 4.19 4.18 4.40 6.18 April ......................... 3.73 3.75 3.91 3.92 3.87 4.09 5.93 May .......................... 3.82 3.63 3.77 3.76 3.75 3.99 5.81 June .......................... 3.76 3.66 3.82 3.80 3.77 3.98 5.60 1991/92 Average ...... 4.56 4.37 4.58 4.58 4.46 4.58 6.07 1990/91 Average ...... 7.05 6.51 6.97 6.99 6.53 6.51 7.63 Decrease ................... 2.49 2.14 2.39 2.41 2.08 1.93 1.56 3 COMPARISON OF POOLED MONEY INVESTMENT BOARD EARNINGS AND AVERAGE DAILY PORTFOLIO FOR YEARS ENDING JUNE 309 1983-92 Average Daily Portfolio 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Earnings Millions of Dollars 16W 1500 1400 1300 1200 1100 1000 900 800 700 600 5W 400 300 200 100 0 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 4 Distribution of Transactions American Express Associates Corp. of North America Bank of America Bank of California, San Francisco Bank of Montreal Bank of Petaluma Bank of Tokyo Bank of Willits Bankers Trust Company Bear, Stearns & Company Inc. Borel Bank & Trust Company Cantor, Fitzgerald Securities Corp. Carroll, McEntee, McGinley, Incorporated Canadian Imperial Bank Cathay Bank Central Sierra Bank Chapman Company Chase Manhattan Bank Chemical Bank CIT Group Holdings Inc. Citicorp Securities Coast Savings and Loan Association Commercial Credit Company ConAgra, Inc. Continental Bank CRT Government Securities, Ltd. 1991/92 Fiscal Year Cupertino National Bank Dean Witter Discount Corporation of New York Dillon Read & Co. Discount Corp. Downey Savings and Loan Association El Camino National Bank Far East National Bank Feather River State Bank Fidelity Federal Bank, FSB First Boston Corporation First National Bank of Chicago Ford Motor Credit Company Garvin Guy Butler General Electric Capital Corp. General Motors Acceptance Corporation Generale Bank GMS Group Goldman, Sachs & Company Great Western Bank, FSB Guzman & Company Heller Financial Home Savings of America, FSB Household Finance Corp. ITT Financial J. P. Morgan Securities Inc. Kidder Peabody & Co. 5 Distribution of Transactions 1991/92 Fiscal Year Lehman Brothers Liberty Capital Markets Manufacturers Hanover Bank Mechanics Bank of Richmond Merced Bank of Commerce, NA Meridian Capital Markets, Inc. Merrill Lynch Mitsubishi Bank, Limited Morgan Stanley & Company, Incorporated M. R. Beal & Co. Peninsula Bank of Commerce Peninsula Bank of San Diego Pomona First Federal Savings and Loan Association Prudential Bache Pryor, McClendon, Counts & Co. Raymond James & Associates, Inc. Regency Bank R. G. Knox Corporation Sacramento Savings Bank Salomon Brothers San Diego National Bank Santa Barbara Bank and Trust Sanwa Bank of California Sanwa BGK Securities Sears Roebuck Accept. Corp. Security Pacific National Bank Smith Barney Tehema County Bank Trans Pacific National Bank Transworld Bank Union Bank, Los Angeles United Security Bank, NA WestCal National Bank Westinghouse Credit Corp. Westpac Pollock Yaeger Securities Yamaichi International I Pooled Money Investment Account Investments of the PMIA are made from monies flow- ing through the Treasurer's demand (non -interest -bearing) bank accounts maintained in the six banks that serve as State depositories. A small portion of these funds must remain in the accounts as compensating balances which consist of (1) a balance for uncollected funds and (2) a balance for banking services. Uncollected funds represent the total dollar amount of checks deposited by the State for which the banks give immediate credit, but for which they do not receive good funds until these checks are presented to the banks on which they are drawn. The Pooled Money Investment Board allows the banks an average balance for uncollected funds equivalent to 1.3 calendar days on all checks deposited —other than cashier's checks and checks under the presort of deposit system. Under the presort of deposits system, the major revenue collecting agencies sort their checks by the six major California banks and then deposit them directly in the banks on which drawn, thus avoiding the need for providing bank balances for uncollected funds. The remaining checks are deposited under a contract whereby the depository bank receives bank balances equivalent to 1.50 calendar days for the amount of such deposits. The balances allowed for banking services represent compensation for handling 388 thousand deposits, 56.5 million checks deposited, 359 thousand dishonored checks, $665.1 million in currency deposited, $3.2 million in coin deposited, and 92.5 million warrants and checks paid. All amounts in excess of these compensating bal- ances are promptly invested by the Treasurer. Intensive and expert analysis of receipts and disbursement data is used to estimate the State's rapidly shifting cash position in order to determine exactly how much money is available for investment. This results in maximum earn- ings consistent with prudent management. Compensating balances are determined by a for- mula which accounts for the estimated volume of each service item as well as its unit cost. The rate schedule for the compensating balance formula is determined through annual negotiations with the State's depository banks and the cost for any particular service may be raised or lowered as conditions warrant. Adjustments for the difference between actual and estimated workload for any fiscal year are made in the following fiscal year. The services rate schedule for the 1991 /92 fiscal year was set at the November 20, 1991 meeting of the PMIB. The Board accepted the staff recommendation to adjust the level of rates for some banking services to reflect higher market costs. In addition to the rates shown below, the Board agreed to include the costs of account reconcili- ation and electronic funds transfer services within the compensating balance formula starting in the 1991 /92 fiscal year. The costs for these two new services will be paid (with balances) on a lagged, actual basis when billed by each bank. The Board approved the following rate schedule for the 1991/92 fiscal year: Item Rates (Dollars) Encoded Checks Deposited "On Us........................................................................................... .040 "Other"............................................................................................ .053 Non -Encoded Checks Deposited....................................................... .090 WarrantsPaid..................................................................................... .010 ChecksPaid........................................................................................ .120 Dishonored Checks............................................................................ 2.75 Deposits.................................................................... ...................... 1.200 SplitBag Deposits.............................................................................. .550 Coin Deposited................................................................................... 11.00 per Thousand Currency Deposited............................................................................ 1.05 per Thousand Account Maintenance........................................................................ 15.00 per Month Daily Statements................................................................................ 6.00 per Statement FDIC.................................................................................................. 15.970 per 100 Thousand Pooled Money Investment Account AVERAGE DAILY BALANCES IN DEMAND BANK ACCOUNTS 1991/1992 (Thousands of Dollars) Bank Balance Bank Balance Less Net Bank Balance Actual Required for Required for Delayed Prescribed by Average Daily Banking Uncollected Deposit Pooled Money Bank Month Services Funds Credit Investment Board Balance July, 1991.................... $ 139,425 $ 155,342• $ 3,011 $ 291,756 $ 281,036 August ......................... 140,360 206,123 3,011 343,472 292,724 September ................... 147,225 235,708 3,011 379,922 316,723 October ....................... 145,511 171,280 3,011 313,780 292,314 November ................... 154,016 204,072 3,011 355,077 383,516 December .................... 201,556 271,112 3,011 469,657 423,306 January, 1992.............. 180,748 192,656 3,011 370,393 518,470 February ...................... 198,305 245,514 3,011 440,808 393,540 March .......................... 199,000 204,533 4,611 398,922 347,357 April ............................ 232,977 302,969 5,611 530,335 465,883 May ............................. 196,746 224,541 6,435 414,852 448,573 June ............................. 210,632 291,488 6,501 495,619 626,450 For Year ...................... 178,689 224,973 3,936 399,726 398,653 8 Resources of the Pooled Money Investment Ac- count averaged $21,855,085,927 per day during the fiscal year although the daily figures fluctuated widely with receipts and disbursements. High point for the year occurred June 27, 1992, when the total reached $25,451,960,779. Resources for the account were lowest on July 17, 1991 when balances totaled $19,000,339,641. A breakdown of an average day's resources during the fiscal year shows the following: $398.7 million in non -interest -bearing bank accounts; $21,325.1 mil- lion in securities and General Fund Loans; and $131.4 million in interest -bearing time deposits. On the closing day of the fiscal year, the following resources were on hand in the Pooled Money Invest- ment Account: Demand bank account ................ $ 148,596,473 Time bank account ..................... 149,965,000 Securities .................................... 22,909,229,769 Total Resources ......................... $ 23,207,791,242 PMIA INVESTMENT PROGRAM Although the Pooled Money Investment Board designates how much money shall be invested in interest -bearing time accounts in California banks and savings and loan associations, and in securities, it is the responsibility of the State Treasurer to administer the investment program on a day-to-day basis in line with overall Board policy. This entails a daily determination of amounts available for investment, or the need for liquidating securities to meet estimated warrant redemption re- quirements, while maintaining the approved compen- sating balance position. This means that the State Treasurer must continually adjust receipts and dis- bursement estimates to reflect current available infor- mation. For the 1991 /92 fiscal year, investments in time deposits ranged from $79,400,000 to $166,490,000 and averaged $131,361,789. There were 52 transac- tions totaling $336,965,000 during the year. Banks and savings and loan associations receiving these State deposits must secure them with approved securities having a market value of at least 110 percent of the deposits or with approved promissory notes secured by mortgages or deeds of trust having market value of at least 150% of the deposits. The same collateral requirements also apply to the State's de- mand accounts. At the end of fiscal year 1991/92, the interest - bearing time deposits were held by 23 banks and 6 savings and loan associations throughout California. For the fiscal year, PMIA holdings in time deposits had an average yield of 5.19 percent. The amount of money designated by the Board of investment in securities varies dramatically through- out the year. Such designations are made at least monthly, and again, the State Treasurer handles the actual investments, determining the issue and maturity of authorized securities to be bought or sold in accor- dance with cash needs and both current and projected market conditions. During fiscal year 1991 /92, there were 2,029 security purchase transactions and 2,049 security sales or redemption transactions, with a total investment activity of $169.5 billion. EARNINGS Total earnings for the Pooled Money Investment Account in fiscal year 1991 /92 were $1,329,476,098. These earnings were credited as follows: General Fund ..................................... $ 196,538,053 Fish and Game Preservation Fund .... 594,430 Surplus Money Investment Fund ...... . 625,592,369 Local Agency Investment Fund ........ 503,479,441 Public Employees Retirement Fund.. 2,359,615 State Teachers Retirement Fund ....... 912,190 The overall return on investment was 6.20 percent. Earnings consisted of $1,259,654,437 from secu- rity investments at an average 6.20 percent yield, $63,004,994 from General Fund loans at an average 6.28 percent yield, and $6,816,666 from time deposits at an average 5.19 percent yield. The portfolio holdings of the Pooled Money In- vestment Account for the 1991 /92 fiscal year are illustrated in the following table. ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO FOR THE 1991/92 FISCAL YEAR Effective Average Percent Average Percent Percentage Portfolio Life of Daily of Earnings Yield on 6130192 Portfolio Type of Security Portfolio Portfolio For Year For Year (in Days) on 6130192 U.S. Treasury Bills/Strips $ 3,689,778,610 U.S. Treasury Bonds and Notes 3,173,741,175 Federal Agency Coupon Securities 10,561,845 Federal Agency Discount Notes 271,168,989 GNMA's 114,798,871 FHLMC's 129,765,088 Negotiable Certificates of Deposit 5,029,642,461 Time Deposits 131,361,790 Bankers Acceptances 920,083,024 Commercial Paper 4,871,033,041 Corporate Bonds 1,668,541,667 Repurchase Agreements 97,557,268 Reserve Repurchase Agreements (569,977,396) AB 55 Loans 915,832,585 General Fund Loans 1,002,543,909 Total Portfolio $21,456,432,927 17.20 $ 254,165,941 6.89 - 283 17.58 14.79 209,621,195 6.60 790 16.28 0.05 1,110,820 10.52 0 0.00 1.26 17,147,692 6.32 1 0.26 0.55 8,676,696 7.56 4,381 2.20 0.60 12,578,312 9.69 4,381 0.50 23.44 282,836,643 5.62 92 7.88 0.61 6,816,666 5.19 56 0.65 4.29 46,839,900 ' 5.09 37 8.18 22.70 250,991,173 5.15 35 24.33 7.78 133,770,672 8.02 340 5.86 0.45 4,487,727 4.60 0 0.00 (2.66) (26,769,781) 4.70 0 0.00 4.27 64,197,447 7.01 0 2.59 4.67 63,004,994 - 6.28 0 13.69 100.00 $1,329,476,097 6.20 - 335 100.00 SCHEDULE OF SECURITY PURCHASES --BY TERM -POOLED MONEY INVESTMENT ACCOUNT 1991192 Fiscal Year (at cost -Thousands of Dollars) MONTH Under 10 Days 10-29 Days 30-89 Days 90 Days-1 Year I Year-3 Years Over 3 Years TOTALS July, 1991 ......... $ 3,837,660 $ 187,604 $ 1,139,054 $ 2,358,844 August .............. 1,206,666 171,065 1,226,890 4,266,802 September......... 1,562,372 938,886 674,332 3,065,440 October ............. 1,009,458 827,813 1,222.100 2,443,718 November ......... 1,408,260 851,903 1,517,297 732,027 December ......... 2,815,005 596,113 1,674,026 663,624 January, 1992 ... 1,966,598 486,968 2,660,053 1,326,068 February ........... 11,192,090 462,702 1,529,575 1,645,900 March ............... 2,775,156 837,758 607852 3,003,182 April ................. 2,149,427 790,234 2,536,733 1,661,127 May .................. 2,542,113 1,352,802 1,993,919 1,111,110 June .................. 1,618,174 2,491 1197 1,897,205 1,222,142 Total ................. $ 24,082,979 $ 9,994,945 $ 18,679,036 $ 23,499,984 PERCENT ........ 29.22% 12.13% 22.67% 28.52% $ 438533 $ 0 $ 7,961,695 214,969 0 7,086.392 861,871 50,010 7,152,911 125,462 ' 20,270 5,648,821 619,418 763,689 5,892,594 301,526 229,015 6,279.309 705,798 420,831 7,566,216 648,785 10,279 5,489.331 314,028 107,300 7,645,276 0 7,643 7,145,164 0 210,022 7,209,966 0 100,684 7,329,402 $ 4,230,390 $ 1,919,743 $ 82,407,077 5.13% 2_33% 100.00% July, 1991................................................................................... $ 79,400,000 August..............................................................................I........... 119,400,000 September 139,400,000 October.............................................................. :........................ 33,800,000 November................................................................................... 133,800,000 December.................................................................................... 123,800,000 January, 1992.............................................................................. 166,490,000 February...................................................................................... 168,4909000 March.......................................................................................... 165,680,000 April............................................................................................ 151,775,000 May............................................................................................. 154,965,000 June............................................................................................. 149,965,000 SUMMARY OF INVESTMENTS AND EARNINGS - POOLED MONEY INVESTMENT ACCOUNT FISCAL YEARS ENDING JUNE 3091983-92 (Dollars in Thousands) INVESTMENT IN SECURITIES INVESTMENT IN TIME DEPOSITS Earning Earning Average daily rate Average daily rate Fiscal Year investment Earnings (percent) Fiscal Year investment Earnings (percent) 1982/83 $ 4,129,185 $ 430,361 10.42 1982/83 $ 879,652 $ 92,536 10.52 1983/84 6,321,646 659,791 10.44 1983/84 563,032 57,312 10.18 1984/85 10,832,219 1,150,930 10.63 1984/85 1,071,441 124,573 11.63 1985/86 14,710,559 1,340,224 9.11 1985/86 727,847 61,766 8.49 1986/87 18,383,627 1,372,662 7.47 1986/87 783,569 52,385 6.69 1987/88 16,991,982 1,340,958 7.89 1987/88 636,576 47,116 7.40 1988/89 16,815,248 1,455,984 8.66 1988/89 631,843 56,771 8.98 1989/90 18,922,361 1,636,479 8.65 1989/90 636,415 56,426 8.87 1990/91 20,378,158 1,632,115 8.01 1990/91 339,403 28,234 8.32 1991/92 20,322,527 1,259,654 6.20 1991/92 131,362 6,817 5.19 LOANS TO GENERAL FUND Earning Average daily rate Fiscal Year investment Earnings (percent) 1982/83 $ 245,752 $ 26,332 10.71 1983/84 210,171 21,359 10.16 1984/85 None None None 1985/86 None None None 1986/87 None None None 1987/88 None None None 1988/89 49,314 4,012 8.13 1989/90 None None None 1990/91 37,333 2,791 7.48 1991/92 1,002,544 63,005 6.28 TOTAL INVESTMENTS Earning Average daily rate Fiscal Year investment Earnings (percent) 1982/83 $ 5,254,589 $ 549,229 10.45 1983/84 7,094,849 738,462 10.41 1994/85 11,903,660 1,275,503 10.72 1985/86 15,438,406 1,401,990 9.08 1986/87 19,167,196 1,425,047 7.43 1987/88 17,628,558 1,388,074 7.87 1988/89 17,496,405 1,516,767 8.67 1989/90 19,558,775 1,692,905 8.66 1990/91 20,754,895 1,663,140 8.01 1991/92 21,456,433 1,329,476 6.20 12 Surplus Money Investment Fund The Surplus Money Investment Fund consists of the available cash of all special funds which do not have investment authority of their own; and all or a portion of the available cash of special funds having investment authority of their own, but which have elected to be included in the program. Cash balances in excess of needs in any of these participating funds are invested by the State Treasurer. The Pooled Money Investment Board is responsible for determining whether any cash balances of the par- ticipating funds are in excess of current needs and available for investment, or whether it is necessary to liquidate previous investments to meet current require- ments. This determination is operationally performed by the State Controller's Office by means of a continuing review of the cash balances of the participating funds. As a result of these determinations, the State Con- troller prepares a document for the Pooled Money In- vestment Board's approval which authorizes the State Controller to increase or decrease the contribution bal- ances of the applicable funds. All of the resources of the Surplus Money Invest- ment Fund are invested through the Pooled Money Investment Account. Prior to the 1967/68 fiscal year, the Surplus Money Investment Fund was a separate investment program. In 1967, legislation was enacted (Statutes 1967, Chapter 505) which provided that money in the Surplus Money Investment Fund shall be invested through the Pooled Money Investment Ac- count. This legislation further provided that the Sur- plus Money Investment Fund would share in the interest earnings of the Pooled Money Investment Account based on the ratio that the dollar -day contri- butions of the Surplus Money Investment Fund bear to the dollar -day investments of the Pooled Money In- vestment Account. This legislation increased the potential investment earnings for both programs, since their high and low resource periods tend to complement each other. Con- sequently, under normal market conditions, more long term, higher yielding securities may be purchased. The Year in Review 13 Surplus Money Investment Fund EARNINGS Gross earnings totaled $625,592,369 for the 1991/ 92 fiscal year. This represents an earning rate of 6.19% for this investment program. SMIF earnings are computed on a dollar -day basis to guarantee equitable distribution among all member funds. Apportionment of the earnings is made by the Controller twice yearly —as of December 31 and June 30. PARTICIPATION Eight hundred and eighty-five special funds and accounts were participating in the Surplus Money Investment Fund as of the last day of the fiscal year, June 30, 1992. Their combined deposits totaled $10,417,176,000. Monthly deposit balances are shown in the follow- ing table: RESOURCES OF THE SURPLUS MONEY INVESTMENT FUND 1991/92 FISCAL YEAR (Month -End Balances) July, 1991............................................................ $ August................................................................. September............................................................. October................................................................ November............................................................ December............................................................ January, 1992...................................................... February.............................................................. March.................................................................. April.................................................................... May...................................................................... June...................................................................... 9,491,826,000 8,863,233,000 9,662,950,000 9,920,713,000 9,674,726,000 9,725,235,000 9,977,117,000 9,698,678,000 11,102,253,000 10,624,745,000 11,522,156,000 10,417,176,000 Large contributers as of June 30, 1992 were the: Veteran's Farm and Home Building Fund of 1943—$1,212,120,000; Public Buildings Construction Fund— $657,745,000; California Housing Finance Fund—$371,745,000; Public Employees' Retirement Fund—$356,560,000; State Highway Account—$333,271,000; Central Valley Water Project Construction Fund—$202,731,000; and the Unemployment Compensation Disability Fund—$199,743,000. 14 LocalAgency Investment Fund Chapter 730, Statutes of 1976, established the Local Agency Investment Fund in the State Treasury. This fund enables local governmental agencies to remit money not required for immediate needs to the State Treasurer for the purpose of investment. In order to derive the maximum rate of return possible, the State Treasurer has elected to invest these monies with State monies as a part of the Pooled Money Investment Account. Each local governmental unit has the exclusive determination of the length of time its money will be on deposit with the State Treasurer. At the end of each calendar quarter, all earnings derived from invest- ments are distributed by the State Controller to the participating government agencies in proportion to each agency's respective amounts deposited in the Fund and the length of time such amounts remained therein. Prior to the distribution, the State's reasonable costs of administering this program are deducted from the earnings. Earnings Gross earnings for fiscal year 1991 /92 totaled $503,479,441. This represented a 6.18% yield for this investment program. Participation As of June 30, 1992, there were 1,863 participants in the Local Agency Investment Fund consisting of 51 counties, 450 cities and 1,362 special districts. Depos- its in the fund averaged $8.149 billion for the year. The Year in Review Earnings .............:. $ 503.5 million. Earning Rate ........ 6.18 percent. Resources ............. $8149.3 million per day on the average. Participation ......... 1,863 agencies at year-end. The following table shows monthly resources of the Local Agency Investment Fund during the 1991 /92 fiscal year. RESOURCES OF THE LOCAL AGENCY INVESTMENT FUND 1991/92 FISCAL YEAR (Month -End Balances) July, 1991............................................................ $ 7,272,751,000 August................................................................. 7,224,641,000 September............................................................ 7,134,314,000 October................................................................ 7,692,699,000 November............................................................ 7,736,850,000 December............................................................ 8,318,860,000 January, 1992...................................................... 8.742,138,000 February.............................................................. 8,729,334,000 March.................................................................. 8.565,307,000 April.................................................................... 9,097,623,000 May...................................................................... 9,147,407,000 June...................................................................... 8,847,398,000 • U co r- � � t0 d' 0 C1 Ln `° • 4J U Cm O r-q M to � • Ci o Ln �o co rn �O eta • N co Ln [� er ' co Ln oo C1 rn M O N eM U 41 Ln d� . b wa H m • � M er N Ln M to • $4 Ln eM H � � � M N Ln d' $4 C1 O 00 C4 Ln A W fn %%0 O1 00 �o Ln ' N !� t0 tM �4 ro T-4 N M m a, CA C� Ci ci proi cc+ 4� dg: 2- certificate or opinion officers of the Agency, exercise of reasonable certificate, opinion or matters upon which his aforesaid, is rTs-suc_ 19 crz— of , or representation by, an officer or unless such counsel knows, or in the care should have known, that -the representation with respect to the or her opinion may be based, as erroneous. "Outstanding", when used as of any particular time with reference to Bonds, means, subject to the provisions of Article XI, all Bonds except: (a) Bonds theretofore cancelled by the Trustee or surrendered to the Trustee for cancellation; (b) Bonds paid or deemed to have been paid pursuant to Section 1101 and Section 306 hereof; and (c) Bonds in lieu of or in substitution for which other Bonds shall have been authorized, executed, issued and delivered by the Agency pursuant to the Indenture or any Supplemental Indenture. "Parity Bonds" means any additional tax allocation bonds (including, without limitation, bonds, notes, interim certificates, debentures or other obligations) issued by the Agency as permitted by Section 214 of this Indenture payable out of Pledged Revenues and ranking on a parity with the Bonds. "Pass -Through Agreements" means the agreements entered into on or prior to the date hereof pursuant to Section 33401 of the Health and Safety Code with (i) County of Riverside; (ii) Desert Sands Unified School District, (iii) Coachella Valley Water District; (iv) Desert Community College District; (v) County of Riverside Superintendent of Schools; (vi) Coachella Valley Mosquito Abatement District; and (vii) Coachella Valley Recreation and Park District. "Paying Agent" means any paying agent appointed by the Agency pursuant to this Indenture. Permitted Investments. The term "Permitted Investments" means any of the following: (1) direct, non -callable obligations of the United States of America and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, provided that the full faith and credit of the United States of America must be pledged to any such direct obligation or guarantee ("Direct Obligations"); 12/10/92 2000Q/2338/15 -8- (2) direct obligations and fully guaranteed certificates of beneficial interest of the Export -Import Bank of the United States; senior debt obligations of the Federal Home Loan Banks; debentures of the Federal Housing Administration; guaranteed mortgage -backed bonds and -guaranteed pass -through obligations of the Government National Mortgage Corporation; guaranteed Title XI financing of the U.S. Maritime Administration; mortgage -backed securities and senior debt obligations of the Federal National Mortgage Association; and participation certificates and senior debt obligations of the Federal Home Loan Mortgage Corporation (collectively, "Agency Obligations"); provided, however, not more than 10% of the unexpended Certificate proceeds may be invested in Agency Obligations; (3) direct obligations of any state of the United States of America or any subdivision or agency thereof whose unsecured general obligation debt is rated "Aa" or better by Moody's Investors Service or "AA" or better by Standard & Poor's Corporation, or any obligation fully and unconditionally guaranteed by any state, subdivision or agency whose unsecured general obligation debt is rated "Aa" or better by Moody's Investors Service or "AA" or better by Standard & Poor's Corporation; (4) commercial paper rated "Prime-l" by Moody's Investors Service or "AA" or better by Standard & Poor's Corporation; (5) obligations rated "Aa" or better by Moody's Investors Service or "AA" or better by Standard & Poor's Corporation; (6) time or interest bearing deposit accounts, including certificates of deposit, federal funds or bankers acceptances of any domestic bank (including Trustee), including a branch office of a foreign bank which branch office is located in the United States, provided if it is a branch of a foreign bank, legal opinions are received to the effect that full and timely payment of such deposit or similar obligation is enforceable against the principal office or any branch of such foreign bank, which: (a) has an unsecured, uninsured obligation rated "Prime-1" or "Aa" or Investors Service or a "AA" or better Corporation, or and unguaranteed better by Moody's by Standard & Poor's (b) is the lead bank of a parent bank holding company with an uninsured, unsecured and unguaranteed obligation meeting the rating requirements in (a) above; 12/10/92 2000Q/2338/15 -9- (7) deposits of any bank and loan association which has undivided profits of not less deposits are fully insured by Savings Association Insurance Deposit Insurance Corporation; (including Trustee) or savings combined capital, surplus and than $3 million, provided such the Bank Insurance Fund or the - Fund administered by the Federal (8) investments in a money-market fund rated "AA" or "Al" or better by Standard & Poor's Corporation or "Aa" or better by Moody's Investors Service, if such funds are rated by Moody's Investors Service, or which invest solely in securities in clauses (1) and (2) above including funds for which First Interstate Bancorp, its affiliates or subsidiaries provide investment advisory or other management services; (9) repurchase agreements with any institution with debt Corporation or "Aa" by Moody's paper rated "AA" by Standard & Moody's Investors Service with a term of one year or less rated "AA" by Standard & Poor's Investors Service or commercial Poor's Corporation or "Aa" by (10) repurchase agreements collateralized by Direct Obligations or Agency Obligations with any registered broker/dealer subject to the Securities Investors' Protection Corporation jurisdiction or any commercial bank, if such unguaranteed obligation is rated "Prime-l" or "Aa" or better by Moody's Investors Service, and "AA" or better by Standard & Poor's Corporation, provided: a. a master repurchase agreement or specific written, repurchase agreement governs the transaction; and b. the securities are held by the Trustee or an independent third party -acting solely as agent for the Trustee free and clear of any lien, and such third party is (i) a Federal Reserve Bank, (ii) a bank which is a member of the Federal Deposit Insurance Corporation and which has combined capital, surplus and undivided profits of not less than $25 million; and C. a perfected first security interest under the Uniform Commercial Code, or book entry procedures prescribed at 31 C.F.R. 306.1 et seq. or 31 C.F.R. 350.0 et seq. in such securities is created for the benefit of the Trustee; and d. the repurchase agreement has a term of thirty days or less; and 12/10/92 2000Q/2338/15 -10- e. the repurchase agreement matures at least ten days (or other appropriate liquidation period)- prior to a debt service payment date, and f. the market value of the securities in relation to the amount of the repurchase obligation, including principal and interest, is equal.to at least 100%; and (11) investment agreements with a bank, insurance or financial institution company which has an unsecured and uninsured obligation (or claims -paying ability) rated "Aa" or better by Moody's Investors Service or "AA" or better by Standard & Poor's Corporation, or is the lead bank of a parent bank holding company with an uninsured, unsecured and unguaranteed obligation meeting such rating requirements, provided: a. interest is paid at least semiannually at a fixed rate during the entire term of the agreement, consistent with Interest Payment Dates, and b. moneys invested thereunder may be withdrawn without any penalty, premium, or charge upon notice (provided such notice may be amended or canceled at any time prior to the withdrawal date), and C. the agreement is not subordinated to any other investment agreements of such -insurance company or bank, and d. the same guaranteed interest rate will be paid on any future deposits made to restore the reserve to its required amount, and e. the Trustee received an opinion of counsel that such agreement is an enforceable obligation of such insurance company or bank. (12) time or interest bearing deposit accounts with banks (including the Trustee),.provided that either such accounts are fully insured by the Federal Deposit Insurance Corporation or if not so insured, such accounts are collateralized in the manner required for the deposit of public funds: "Pledged Revenues" means the Tax Revenues, less the Tax Revenues set aside as provided in Sections 33334.2 and 33334.3 of the Health and Safety Code of the State of California and less amounts payable or required to be set aside by the Agency under the Pass -Through Agreements. 12/10/92 2000Q/2338/15 -11- C-�v t Fi nane,►nq "MBIA" means Municipal Bond Investors Assurance Corporation, the issuer of the Financial Guaranty -Insurance Policy on the Bonds and the issuer of the Debt Service Reserve Surety Bond to satisfy the Reserve Requirement. "Outstanding" when used as of any particular time with respect to Bonds, means all Bonds delivered by the Trustee under this Trust Agreement except: (1) Bonds theretofore cancelled by the Trustee or surrendered to the.Trustee for cancellation; (2) Bonds for the payment or redemption of which funds or eligible securities in the necessary amount shall have theretofore been deposited with the Trustee (whether on or prior to the maturity or redemption date of such Bonds), provided that, if such Bonds are to be prepaid prior to maturity, notice of such redemption shall have been given as provided in Section 4.03 hereof or provision satisfactory to the Trustee shall have been made for the giving of such notice; (3) Bonds in lieu of or in exchange for which other Bonds shall have been executed and delivered by the Trustee pursuant to Section 2.05; and (4) Bonds purchased or otherwise acquired by the City. "Owner" means the registered owner, as indicated in the Bond Register, of any Bond. "Permitted Investments" means: (A) Direct obligations of the United States of America (including obligations issued or held in book -entry form on the books of the Department of the Treasury) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. (B) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself) : (1) U.S. Export -Import Bank (Eximbank) Direct obligations or fully guaranteed certificates of beneficial ownership 11-26-91 6849u/2588/015 -6- (2) Farmers Home Administration (FHA) Certificates of beneficial ownership (3) Federal Financing Bank (4) Federal Housing Administration Debentures - (FHA)._ (5) General Services -Administration Participation certificates (6) Government National Mortgage Association (GNMA or "Ginnie Mae) GNMA - guaranteed mortgage -backed bonds GNMA - guaranteed pass -through obligations (not acceptable for certain cash -flow sensitive issues.) (7) U.S. Maritime Administration Guaranteed Title XI financing (8) U.S.Department of Housing and Urban Development (HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. government guaranteed debentures U.S. Public Housing Notes and Bonds - U.S. government guaranteed public housing notes and bonds C. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following non -full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. Federal Home Loan Bank Svstem Senior debt obligations 2. _Federal Home Loan Mortgage Corporation (FHLMC.or "Freddie Mac") Participation Certificates Senior debt obligations 3. Federal National Mortgage Association (FNMA or "Fannie Mae") Mortgage -backed securities and senior debt obligations 4. Student Loan Marketing Association (SLMA or "Sallie Mae") Senior debt obligations 5. Resolution Funding Corp. (REFCORP) obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of AAAm-G; AAAm; or AAm. 11-26-91 6849u/2588/015 -7- E. Certificates of deposit secured at all times by collateral described in (A) and/or (B) above. Such certificates must be issued by commercial banks, savings and loan associations or mutual savings banks. The collateral must be -held by a third party and the bondholders must have a perfected first security interest in the collateral. F. Certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by FDIC or FSLIC. G. Investment Agreements, including GIC's, acceptable to MBIA H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's or "A-1" or better by S&P. I. Bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances -with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by S&P. K. Repurchase -agreements provide for the transfer of securities from a dealer bank or securities firm (seller/borrower) to a municipal entity (buyer/lender), and the transfer of cash.from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the municipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA. 1. Renos must be between the municipal entit and a dealer bank or securities firm a. Primary dealers on the Federal Reserve reporting dealer list which are rated "A" or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Banks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. 11-26-91 6849u/2588/015 -8- 2. The written repo contract must include the following: a. Securities which are acceptable for transfer are: (1). Direct U.S. governments, or (2) Federal agencies backed by the full faith and credit of the U.S. government (and FNMA & FMAC) b. The term of the repo may be up to 30 days c. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent for the trustee (if the trustee is supplying the collateral) before/simultaneous with payment (perfection by possession of certificated securities). d. Valuation of Collateral (1) The securities must be valued weekly, market -to -market at current market price plus accrued interest (a) The value of collateral must be equal to 104% of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 104% of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or FMAC, then the value of collateral must equal 105%. 3. Legal opinion which must be delivered to the municipal entity: a. Repo meets guidelines under state law for legal investment of public funds. Additional Notes (i) Any state administered pool investment fund in which the City is statutorily permitted or required to invest will be deemed a Permitted Investment. (ii) DSRF investments should be valued at cost if maturity is one year or less, and should be valued at fair market value and marked to market annually if maturity is longer than 11-26-91 6849u/2588/015 -9- one year. In no event should DSRF investments have maturities extending beyond 5 years. For other than investments in the Reserve Fund and the Installment Purchase Payment Fund the following is a Permitted Investment: "Project" means the improvements to be constructed and the personal property to be acquired and installed with the proceeds of the Bonds as described in Exhibit C of the Sublease. "Record Date" means the 15th day of the month next preceding an Interest Payment Date whether or not a Business Day. "Regulations" means regulations adopted by the Department of Treasury from time to time with respect to obligations issued pursuant to Section 103 of the Code. "Reserve Fund" means the fund established pursuant to Section 3.03 of this Trust Agreement. "Reserve Requirement" means, as of any date of calculation, the lesser of (a) the maximum Base Rental Payments payable by the City in any year between such date of calculation and the expiration of the Sublease or (b) 125% of the average annual Base Rental Payments, or (c) an amount equal to 10% of the original proceeds of the Bonds. "Serial Bonds" means the Bonds maturing on October l in each of the years 1994 through 2003. "Sinking Account Installment" means the principal amount of Bonds required to be paid on any October 1 pursuant to Section 4.01(d) hereof. "Sinking Account Installment Date" means October 1 of each year, commencing October 1, 2004 and terminating October 1, 2018. "Sublease" shall have the meaning set forth in the recitals hereof. "Term Bonds" means the $6,535,000 in aggregate principal amount of Bonds maturing on October 1, 2018. Section 1.03. Rules of Construction. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context otherwise indicates, words importing the singular 11-26-91 6849u/2588/015 -10- 9% 5e[),,e5 "MBIA" means Municipal Bond Investors Assurance Corporation, the issuer of the Financial Guaranty Insurance Policy on the Bonds and the issuer of the Debt Service Reserve Surety Bond to satisfy the Reserve Requirement. "Outstanding" -when used as of any particular time with respect to Bonds, means all Bonds delivered b-y the Trustee under this Trust Agreement except: (1) Bonds theretofore cancelled by the Trustee or surrendered to the Trustee for cancellation; (2) Bonds for the payment or redemption of which funds or eligible securities in the necessary amount shall have theretofore been deposited with the Trustee (whether on or prior to the maturity or redemption date of such Bonds), provided that, if such Bonds are to be prepaid prior to maturity, notice of such redemption shall have been given as provided in Section 4.03 hereof or provision satisfactory to the Trustee shall have been made for the giving of such notice; (3) Bonds in lieu of or in exchange for which other Bonds shall have been executed and delivered by the Trustee pursuant to Section 2.05; and City. (4) Bonds purchased or otherwise acquired by the "Owner" means the registered owner, as indicated in the Bond Register, of any Bond. "Permitted Investments" means: (A) Direct obligations of the United States of America (including obligations issued or held in book -entry form on the books of the Department of the Treasury) or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. (B) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the full faith and credit of the United States of America (stripped securities are only permitted if they have been stripped by the agency itself) : (1) U.S. Export -Import Bank (Eximbank) Direct obligations or fully guaranteed certificates of beneficial -ownership 11-26-91 6849u/2588/015 -6- (2) Farmers Home Administration (FHA) Certificates of beneficial ownership (3) Federal Financing Bank (4) Federal Housing Administration Debentures (FHA) (5) General -Services Administration Participation certificates - (6) Government National Mortgage Association (GNMA or "Ginnie Mae) GNMA - guaranteed mortgage -backed bonds GNMA - guaranteed pass -through obligations (not acceptable for certain cash -flow sensitive issues.) (7) U.S. Maritime Administration Guaranteed Title XI financing (8) U.S.Department of Housing and Urban Development (HUD) Project Notes Local Authority Bonds New Communities Debentures - U.S. government guaranteed debentures U.S. Public Housing Notes and Bonds - U.S. government guaranteed public housing notes and bonds C. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following non -full faith and credit U.S. government agencies (stripped securities are only permitted if they have been stripped by the agency itself): 1. Federal Home Loan Bank System Senior debt obligations 2. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") Participation Certificates Senior debt obligations 3. Federal National Mortgage Association (FNMA or "Fannie Mae") Mortgage -backed securities and senior debt obligations 4. Student Loan Marketing Association (SLMA or "Sallie Mae") Senior debt obligations 5. Resolution Funding Corp (REFCORP) obligations D. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of AAAm-G; AAAm; or AAm. 11-26-91 6849u/2588/015 -7- E. Certificates of deposit secured at all times by collateral described in (A) and/or (B) above. Such certificates must be issued by commercial banks, savings and loan associations or mutual savings banks. The collateral must be held by a third party and the bondholders must have a perfected first security interest in the collateral. - F. Certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by FDIC or FSLIC. G. Investment Agreements, including GIC's, acceptable to MBIA H. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's or "A-1" or better by S&P. I. Bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest rating categories assigned by such agencies. J. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-1" or "A" or better by S&P. K. Repurchase agreements provide for the transfer of securities from a dealer bank or securities firm (seller/borrower) to a municipal entity (buyer/lender), and the transfer of cash from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the municipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA. 1. Repos must be between the municipal entit and a dealer bank or securities firm a. Primary dealers on the Federal Reserve reporting dealer list which are rated "A" or better by Standard & Poor's Corporation and Moody's Investor Services, or b. Banks rated "A" or above by Standard & Poor's Corporation and Moody's Investor Services. 11-26-91 6849u/2588/015 -8- 2. The written repo contract must include the following: a. Securities which are acceptable for transfer are: M ._ Direct U.S. governments, or (2) Federal agencies backed by the full faith and credit of the U.S. government (and FNMA & FMAC) b. The term of the repo may be up to 30 days c. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent for the trustee (if the trustee is supplying the collateral) before/simultaneous with payment (perfection by possession of certificated securities). d. Valuation of Collateral (1) The securities must be valued weekly, market -to -market at current market price plus accrued interest (a) The value of collateral must be equal to 104% of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repo plus accrued interest. If the value of securities held as collateral slips below 104% of the value of the cash transferred by municipality, then additional cash and/or acceptable securities must be transferred. If, however, the securities used as collateral are FNMA or FMAC, then the value of collateral must equal 105%. 3. Legal opinion which must be delivered to the municipal entity: a. Repo meets guidelines under state law for legal investment of public funds. Additional Notes (i) Any state administered pool investment fund in which the City is statutorily permitted or required to invest will be deemed a Permitted Investment. DSRF investments should be valued at cost if maturity is one year or less, and should be valued at fair market value and marked to market annually if maturity is longer than 11-26-91 6849u/2588/015 -9- one year. In no event should DSRF investments have maturities extending beyond 5 years. For other than investments in the Reserve Fund and the Installment Purchase Payment Fund the following is a Permitted Investment: - - "Project" means the improvements to be constructed and the personal property to be acquired and installed with the proceeds of the Bonds as described in Exhibit C of the Sublease. "Record Date" means the 15th day of the month next preceding an Interest Payment Date whether or not a Business Day. "Regulations" means regulations adopted by the Department of Treasury from time to time with respect to obligations issued pursuant to Section 103 of the Code. "Reserve Fund" means the fund established pursuant to Section 3.03 of this Trust Agreement. "Reserve Requirement" means, as of any date of calculation, the lesser -of (a) the maximum Base Rental Payments payable by the City in any year between such date of calculation and the expiration of the Sublease or (b) 125% of the average annual Base Rental Payments, or (c) an amount equal to 10% of the original proceeds of the Bonds. "Serial Bonds" means the Bonds maturing on October 1 in each of the years 1994 through 2003. "Sinking Account Installment" means the principal amount of Bonds required to be paid on any October 1 pursuant to Section 4.01(d) hereof. "Sinking Account Installment Date" means October 1 of each year, commencing October 1, 2004 and terminating October 1, 2018. "Sublease" shall have the meaning set forth in the recitals hereof. "Term Bonds" means the $6,535,000 in aggregate principal amount of Bonds maturing on October 1, 2018._ Section 1.03. Rules of Construction. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context otherwise indicates, words importing the singular 11-26-91 6849u/2588/015 -10-