1993 12 08 IABT a 0
4bf 4 4 QUM&
78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
2 NV E S THE NT ADVISORY BOARD
AG E NDA
Study Session Room
78-495 Calle Tampico
La Quinta, CA 92253
December 8, 1993 - 5:30 p.m.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II PUBLIC COMMENT
(This is the time set for public comment on any matter not
scheduled on the agenda.)
III CONSENT CALENDAR
(Consent Calendar Items are considered routine in nature and
will be approved by one motion.)
A. Approval of Minutes from the meeting of November 10,
1993.
IV BUSINESS SESSION
A. Transmittal of Treasurer's Report Dated October 31, 1993.
B. Consideration of Recommending to the Redevelopment Agency
a Proposal to Solicit Bids for Investment Agreements for
RDA Bond Reserve Funds.
V STUDY SESSION
VI OTHER
A. Staff Information Reports.
VII ADJOURNMENT
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253
� � T
Ou
INVESTMENT ADVISORY BOARD
MEETING DATE: December 81 1993
ITEM TITLE:
TRANSMITTAL OF TREASURER'S REPORT DATED
OCTOBER 31 1993 FROM THE CITY COUNCIL
MEETING OF DECEMBER 71 1993.
ISSUE AND DISCUSSION:
AGENDA CATEGORY:
CONSENT CALENDAR:
BUSINESS SESSION:
STUDY SESSION:
The attached Treasurer's Report of October 31, 1993 wasr7ceiv�e�3
and filed by the La Quinta City Council at the December ,
City Council Meeting. Additional attachments in the m of
correlating statements are included with the copy presented
RECOMMENDATION:
Review, receive, and file.
Approved for submission to the Investment Advisory Board:
4�lww
Thomas J. O'Reilly - Finance Director
J. (J
a
�i Au
F�o� 9�
COUNCIL MEETING DATE:
ITEM TITLE:
DEPARTMENT STAFF REPORT
FINANCE DIRECTOR
DECEMBER 7, 1993
TRANSMITTAL OF TREASURER'S REPORT
AGENDA CATEGORY.:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
Transmital of October 31, 1993 Treasurer's Report.
I certify that this report accurately reflects all pooled investments
and is in compliance with California Government
Code
3Sec ionn5to 45 ass
70
amended 1/1/86; and is in conformity with Y Code
Investment of,Moneys and Funds.
As Treas
urer of the City of La Quinta, I hereby certify that
sufficient investment liquidity and anticipated revenues are
available to meet next months estimated expenditures.
�Vff 1w
a
Thomas J O'R it Dat
City Treasurer
RECOMMENDATION:
Receive and File
Submitted by:
74)
Approved for submission Lo
City Council
I
. 4t0z;,--
w
ROBERT L. HUNT
CITY MANAGER
CITY OF LA QUINTA
TREASURER'S REPORT
OCTOBER 311 1993
ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER.
TYPE OF
MATURITY
INTEREST
INVESTMENT
INSTITUTUION
DATE
--------
RATE
--------
AMOUNT
------
RANK
---
----------
------------
a
PETTY CASH &
REGISTER DRAWER
N/A _.
N/A
VA $
700
1
CHECKING ACCOUNT
BANK OF AMERICA
N/A
= N/A
128,497
1
MONEY MARKET
ACCOUNT
BANK OF AMERICA
DEMAND
2.32
75,943
1
LOCAL AGENCY
INVESTMENT FUND
STATE OF CALIF.
DEMAND
4.38
8346,041
N/A
EMPLOYEES — DEFFERED
COMPENSATION
ICMA
DEMAND
— 1.9 AVG INT
250,726
2
TOTAL $
8,801,907
DISTRIBUTION OF CASH AND INVESTMENTS
GENERAL FUND
GAS TAX FUND
PARKS AND RECREATION FUND
QUIMBY FUND
INFRASTRUCTURE FUND
VILLAGE PARKING FUND
ASSESSMENT DIST FUNDS
TRUST AND AGENCY FUNDS
$144,473
(47, 846 )
1, 2121 944
651861
21 2681 338
26, 766
3,232,969
1, 3101 402
TOTAL $8, 801, 907
03
LA QUINTA FINANCING AUTHORITY
TREASURER'S REPORT
OCTOBER 31, 1993
ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER.
TYPE OF MATURITY INTEREST
INVESTMENT INSTITUTUION DATE RATE
---------- ------------ -------- --------
CIVIC CENTER
BOND PROCEEDS:
CASH - CONSTRUCTION BANK OF AMERICA DEMAND
CASH - RESERVE BANK OF AMERICA DEMAND
CASH - REDEMPTION BANK OF AMERICA DEMAND
1.80
1.80
1.80
TOTAL
AMOUNT RANK
$2,168 2
745,324 2
3201 797 2
----- ------
$1,068,289
04
a
AGENCY MEETING DATE:
ITEM TITLE:
DEPARTMENT STAFF REPORT
FINANCE DIRECTOR
DECEMBER 71 1993 AGENDA CATEGORY:
PUBLIC HEARING:.
BUSINESS SESSION: CPL.
CONSENT CALENDAR:
TRANSMITTAL OF TREASURER'S REPORT STUDY SESSION:
Transmital of October 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.
i
Thomas J. 'Reilly v Date/
City Treasurer
RECOMMENDATION:
Receive and File
Submitted by:
7-14 TWO) 7� V , Ui % A�ffo,�A
Approved for submission to
Redevelopment Agency
of— l tic
.
ROBERT L. HUNT
EXECUTIVE DIRECTOR
05
�f
VI
LA QUINTA REDEVELOPMENT AGENCY
TREASURER'S REPORT
OCTOBER 311 1993
ASSETS UNDER THE INVESTMENT DIRECTION OF THE AGENCY TREASURER.
TYPE OF
MATURITY
INTEREST
INVESTMENT
INSTITUTUION
DATE
--------
RATE
--------
AMOUNT RANK
---- --
---- - -- -- -
------------
7-
CHECKING ACCOUNT
BANK OF AMERICA
N/A
N/A $
2333
MONEY MARKET
ACCOUNT
BANK OF AMERICA
DEMAND
2,2
95,783 1
LOCAL AGENCY
INVESTMENT FUND
STATE OF CALIF.
DEMAND
4.38
3,841,014 N/A
RESTRICTED CASH
- BANK OF AMERICA TRUSTEE:
89,90,91 SERIES BONDS PACIFIC HORIZONS
RESTRICTED
1.80
1-548,864 2_-
RESTICTED CASH -
1st INTERSTATE BANK TRUSTEE:
92 SERIES BOND
PAC AMERICAN FUND
RESTRICTED
1.85
1,788,296 2.,
�..
CONSTRUCTION - 1st INTERSTATE BANK TRUSTEE.
92 SERIES BOND
PAC AMERICAN FUND
RESTRICTED
1.85
3,597,430 2
92 SERIES BOND INTEREST PAC AMERICAN FUND
RESTRICTED
1.94
77 2
------------
TOTAL
$12, 875, 797
------------ -
DISTRIBUTION OF CASH AND INVESTMENTS
------------------------------------
PROJECT AREA #1:
CAPITAL IMPROVEMENT FUNDS
DEBT SERVICE FUNDS
LOW/MOD FUNDS
PROJECT AREA #2:
CAPITAL IMPROVEMENT FUNDS
DEBT SERVICE FUNDS
LOW/MOD FUNDS
$2, 699, 818
(428,915)
3,704,307
$5, 975, 210
$3, 891, 411
2, 093, 961
915,215
------------
6, 900, 587.
- ----------
TOTAL $12, 875, 797
a ,A w�
t as
Fiscal Year 93/94
file: RDABNDCS
La Quinta Redevelopient Agency
RDA 91 series
------------------------
BOND
BOND
INTBRBST
PAYMENT
REDEMPTION
RESERVE
DEBT SERVICE
FUND
FUND
FUND
FUND
FUND
totals
------------------------------------------------------------------------------------------------------------
117349300
117349301
117349302
117349303
117349304
------------------------------------------------------------------------------------------------------------
07/01/93 BEGINNING BAL
59.92
0.00
0.00
744,966.85
5.59
745,032.36
JUL INTBRBST
0.13
0.00
0.00
1,585,70
0.01
11585.84
TRANS FROM 117349303
12,072.55
0.00
0.00
(12,072.55)
0.00
0.00
TRANS FROM 117349304
5.63
0.00
0.00
0.00
(5.63)
0.00
AUG INTBRBST
0.13
0.00
0.00
11660.50
0.02
1, 660.65
TRANS FROM 117204600
259,977.31
190,000.00
0.00
0.00
0.00
449,977.31
INTEREST PYKT
(272,115.66)
0.00
0.00
0.00
0.00
(272,115.66)
PRINCIPAL PYKT
0.00
(190,000.00)
0.00
0.00
0.00
(190,000.00)
SBP INTBRBST
20.20
14.01
0.00
11665.00
0.00
11699.21
OCT INTEREST
0.04
0.03
0.00
11593.71
0.00
1,593.78
NOV INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
DEC INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
TRANS FROM (117204600)
0.00
0.00
0.00
0.00
0.00
0.00
INTBRBST PYKT
0.00
0.00
0.00
0.00
0.00
0.00
MAR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
KAY INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
BALANCE
----•-...............
20.25
----.............
14.04
---
0.00
...............
739,399.21
-.......................
(0.01)
----
739,433.49
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
4
ZZZII�,G�L�
739433.49
No u, 7�-:.
24
Fiscal Year 93/94
La Quinta Redevelopment Agency
RDA 90 series
file; RDABNDCS
------------------------
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
155.93
JUL INTBRBST
0.00
0.33
0.00
0.00
0.00
0.33
AUG INTBRBST
0.00
0.34
0.00
0.00
0.00
0.34
TRANS FROK (117204600)
0.00
697,858.25
459,998.99
0.00
0.00
11157,857.24
INTBRBST PYKT
0.00
(698,012.50)
0.00
0.00
0.00
(698,012.50)
PRINCIPAL PYKT
0.00
0.00
(460,000.00)
0.00
0.00
(460,000.00)
SBP INTBRBST
0.00
51.81
33.93
0,00
0.00
85.74
OCT INTBRBST
0.00
0.11
0.07
0.00
0.00
0.18
NOV INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
DEC INTBRBST
0.00
0.00
0.00
0100
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
FIB INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
TRANS FROK (117804600)
0.00
0.00
0.00
0.00
0.00
0.00
INTBRBST PYKT
0.00
0.00
0.00
0.00
0.00
0.00
MAR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
0,00
KAY INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
------------------------------------------------------------------------------------
BALANCB 0.00 52.26 34.00 1.00 0.00 87.26
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
�
25
Fiscal Year 93/94
file: RDABND92/3
La Quinta Redevelopaent Agency
RDA 89 series
------------------------
bond
bond
debt
special
interest
paysent
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
JUL INTEREST
0.44
0.13
0.00
11601.88
11602.45
AUG INTEREST
0.46
0.14
0.00
11677.44
11678.04
DEPOSIT
2,037,467.92
18,571.30
0.00
0.00
21056,039.22
TRANS TO 117283401
(459,998.99)
0.00
0.00
0.00
(459,998.99)
TRANS TO 117204602
(164,999.87)
0.00
164,999.87
0.00
0.00
TRANS TO 117204601
(264,842.89)
264,842.89
0.00
(18,571.30)
(18,571.30)
TRANS TO 117283400
( 697, 858.25)
0.00
0.00
0.00
(697,858.25)
TRANS TO 117349300
(259,977.31)
0.00
0.00
0.00
(259,977.31)
TRANS TO 117349301
(1901000,00)
0.00
0.00
0.00
(190,000.00)
INTEREST PYNT
0.00
(283,477,50)
0.00
0.00
(283,477.50)
PRINCIPAL PYNT
0.00
0.00
(165,000.00)
0.00
(165,000.00)
SEPT INTEREST
148.23
21.04
12.17
11681.89
11863.33
OCT INTBRBST
0.31
0.04
0.03
1,595.83
1,596.21
NOV INTBRBST
0.00
0.00
0.00
0.00
0.00
DEC INTBRBST
0.00
0.00
0.00
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
FEB TAX INCREMENT
0.00
0.00
0.00
0.00
0.00
FEB INTBRBST
0.00
0.00
0.00
0.00
0.00
TRANS TO (117349300)
0.00
0.00
0.00
0.00
0.00
TRANS TO (117283400)
0.00
0.00
0.00
0.00
0.00
TRANS TO (117204601)
0.00
0.00
0.00
0.00
0.00
INTBRBST PYNT
0.00
0.00
0.00
0.00
0.00
MAR INTEREST
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
MAY INTBRBST
0.00
0.00
0.00
0.00
0.00
JUN INTEREST
0.00 ,
0.00
0.00
0.00
0.00
BALANCE
------------------------------------------------------------------------------------
149.13
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
21.22
12.20
740,555.16
740,737.71
total
restricted
cash
740,737,71
Nav .-%',
26
La Quinta Redevelopment Agency
RDA PA#2 92 Series
............. . ..........
ESCROW
SPECIAL
SPECIAL INT
PRINCIPLE
RESERVE
FUND
FUND
FUND
FUND
FUND
totals
------------------------------------------------------------------------------------------------------------------------------
8116202-000
8116202-001
8116202-002
8116202-003
8116202-004
$116202-005
07/01/93 BEGINNING BAL
31698,443.05
1,377,535.44
0.00
76.31
0.00
394,461.33
5,470,516.13
JUL INTEREST
8,615.15
31096.40
0.00
0.17
0.00
886.66
12,598.38
AUG INTEREST
81699.52
31239.99
0.00
0.18
0.00
927.78
12,867.47
CK TO CITY
(121,233.46)
0.00
0.00
0.00
0.00
0.00
(121,233.46)
SEP INTEREST
81538.91
31248.55
0.00
0.18
0.00
930.23
12,717.87
OCT INTEREST
8,015.40
31085.80
0.00
0.17
0.00
883.63
11,985.00
CK TO CITY
(13,648.47)
0.00
0.00
0.00
0.00
0.00
(13,648.47)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
MAR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
APR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
HAY INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BOND PYMT FROM CITY
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
trns to 8116202-003
0.00
0.00
0.00
0.00
0.00
0.00
debt sery int pyat
0.00
0.00
0.00
0.00
0.00
0.00
--------------------------------------------
---- ---------------
--------------
----------------------
BALANC
31597,430.10
1,390,206.18
0.00
7.01
0.00
398,089.63
5,385,802.92
340 ao�,i�
+
3g8ogq,63
. f j)` 88,a9 6 Ve"',
27
1
INVESTMENT ADVISORY BOARD
MEETING DATE: December 8, 1993
ITEM TITLE:
TRANSMITTAL OF TREASURER'S REPORT DATED
OCTOBER 31 1993 FROM THE CITY COUNCIL
MEETING OF DECEMBER 71 1993.
ISSUE AND DISCUSSION:
AGENDA CATEGORY:
CONSENT CALENDAR:
BUSINESS SESSION:
STUDY SESSION:
The attached Treasurer's Report of October 31, 1993 was received
and filed by the La Quinta City Council at the December 7, 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
�l
s W C00
F�OF9
COUNCIL MEETING DATE:
ITEM TITLE:
DEPARTMENT STAFF REPORT
FINANCE DIRECTOR
DECEMBER 7, 1993 AGENDA CATEGORY:
PUBLIC HEARING:
BUSINESS SESSION:
CONSENT CALENDAR:
TRANSMITTAL OF TREASURER'S REPORT STUDY SESSION:
Transmital of October 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.
' a
Thomas J O'R it Batew
City Treasurer
RECOMMENDATION:
Receive and File
Submitted by:
YN,
NOW,
0 9 -
Approved for submission to
City Council
ROBERT L. HUNT
CITY MANAGER
0ti
1
CITY OF LA QUINTA
TREASURER'S REPORT
OCTOBER 31, 1993
ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER.
TYPE OF
MATURITY
INTEREST
INVESTMENT
----------
INSTITUTUION
------------
DATE
--------
RATE
--------
PETTY CASH &
REGISTER DRAWER
N/A _
N/A
.N/A
CHECKING ACCOUNT
BANK OF AMERICA
N/A
N/A
MONEY MARKET
ACCOUNT
BANK OF AMERICA
DEMAND
2.32
LOCAL AGENCY
INVESTMENT FUND
STATE OF CALIF.
DEMAND
4.38
EMPLOYEES - DEFFERED
AMOUNT RANK
------ ----
• $ 700 1
128, 497 1
75, 943 1
8, 346, 041 N/A
COMPENSATION ICMA DEMAND - 1.9 AVG INT 250,726 2
------------
TOTAL $ 8,801,907
DISTRIBUTION OF CASH AND INVESTMENTS
GENERAL FUND
$144,473
GAS TAX FUND
(47,846)
PARKS AND RECREATION FUND
1,212,944
QUIMBY FUND
651861
INFRASTRUCTURE FUND
2,268,338
VILLAGE PARKING FUND
26,766
ASSESSMENT DIST FUNDS
1231969
TRUST AND AGENCY FUNDS
1,310,402
------------
TOTAL M801,907
03
_
v ,��_ M
LA QUINTA FINANCING AUTHORITY
TREASURER'S REPORT
OCTOBER 31, 1993
ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER.
TYPE OF MATURITY INTEREST
INVESTMENT INSTITUTUION DATE RATE
---------- ------------ -------- --------
CIVIC CENTER
BOND PROCEEDS:
CASH - CONSTRUCTION BANK OF AMERICA DEMAND
CASH - RESERVE BANK OF AMERICA DEMAND
CASH - REDEMPTION BANK OF AMERICA DEMAND
1,80
1080
1,80
TOTAL
AMOUNT RANK
$2,168 2
745, 324 2
3204797 2
------ ------
$1, 068, 289
w
i
CAJ
44
OF
AGENCY MEETING DATE: DECEMBER 7, 1993 AGENDA CATEGORY:
ITEM TITLE:
DEPARTMENT STAFF REPORT
FINANCE DIRECTOR
TRANSMITTAL OF TREASURER'S REPORT
PUBLIC HEARING:.
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
Transmital of October 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.
i
a
Thomas J. 'Reilly v Datew
City Treasurer
RECOMMENDATION:
Receive and File
Submitted by:
Fg
W�, qw,
Signature
Approved for submission to
Redevelopment Agency
o�
I. tic
ROBERT L. HUNT
EXECUTIVE DIRECTOR
�5
LA QUINTA REDEVELOPMENT AGENCY
TREASURER'S REPORT
OCTOBER 311 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 2.2
LOCAL AGENCY
INVESTMENT FUND STATE OF CALIF. DEMAND 4.38
RESTRICTED CASH - BANK OF AMERICA TRUSTEE:
89,90.91 SERIES BONDS PACIFIC HORIZONS RESTRICTED 1.80
RESTICTED CASH - ist INTERSTATE BANK TRUSTEE:
92 SERIES BOND PAC AMERICAN FUND RESTRICTED 1.85
CONSTRUCTION - 1st INTERSTATE BANK TRUSTEE:
92 SERIES BOND PAC AMERICAN FUND RESTRICTED 1.85
92 SERIES BOND INTEREST PAC AMERICAN FUND RESTRICTED 1.94
DISTRIBUTION OF CASH AND INVESTMENTS
------------------------------------
PROJECT AREA #1:
CAPITAL IMPROVEMENT FUNDS
DEBT SERVICE FUNDS
LOW/MOD FUNDS
PROJECT AREA #2:
CAPITAL IMPROVEMENT FUNDS
DEBT SERVICE FUNDS
LOW/MOD FUNDS
TOTAL
AMOUNT
------
RANK
----
$ 2, 333
1
95,783
1
3,841014
N/A
$2, 699, 818
(428,915)
3, 704, 307
------------
$3, 891, 411
2,093,961 25
915,
TOTAL
3,548,864 2.
. .r
1, 788, 296 2.
.:r
3,597,430 2
77 2
------------
$12, 875, 797
$5, 975, 210
6, 900, 587.
$12, 875, 797
.oli}IJ 4 � .?k• s` - � ^ _v i.MC. +}�'. /�(,,, � � . t , � :.. 1 a �tF rin � - -
.� _ ._ .:c T7.4���yyf. �i� � r- ..:t �� s•7r Slr ��a� _ `^�+�5'T��. "��' �# ��.. � *� �''wi�J►�r �!�:
CITY OF LA QUINTA
BANK OF AMERICA CHECKING ACCOUNT # 9160-15464
BANK RECONCILEMENT
OCTOBER , 1993
BALANCE PER BANK STATEMENT 191,873.39
LESS OUTSTANDING CHECKS: (75,204.80)
LESS
OUTSTANDING
TRANSFERS OUT
0.00
PLUS
OUTSTANDING
DEPOSITS:
7,954.31
ADJUSTMENTS:
----------------
ADJUSTED BANK BALANCE 124,622.90
GENERAL LEDGER CASH AND INVEST BALANCE 8,550,481.69
LESS :
MONEY MARKET (75,943.09)
LESS LAIF (81346,040.95)
----------------
128,497.65
ADJUST NSF CHECK (18.75)
10/29/93 DEPOSIT (31500.00)
REVERSE JE #19 10/31/93 (500.00)
VOID CK # 16606 J.PENA 33.39
UNRECONCILED DIFFERENCE 110.61
ADJUSTED G/L BALANCE 124,622.90
P7
GL62
CASH BALANCE BY FUND SUMMARY PAGE 1
12/01/93 PERIOD ENDING 10/31/93
9.29.00
GtVS Lei i
C_IT CI?y
FUND
DESCRIPTION
TOTAL
1
GENERAL FUND
143,772.98,/lXAN3,04>�P,3yL,ONU.At�
2
STATE GAS TAX FUND
\'47,846.18-
3
COMMUNITY PROJECT FUND
- 1,212,944.00
12
FEDERAL ASSISTANCE FUND
,� 34,286.83
13
LANDSCAPE MAINT. DISTRICT #1
.00
14
ASSESSMENT DISTRICT 88-1
90,374.03
15
ASSESSMENT DISTRICT 89-2
106,752.80
16
CITY-WIDE ASSESSMENT DIST 89-1
16,720.12
17
QUIMBY FUND
653,860.79
18
INFRASTRUCTURE FUND
2,268,338.80
19
EQUIPMENT REPLACEMENT FUND
.00
20
VILLAGE PARKING FUND
26,765.75
21
ASSESSMENT DISTRICT 90-1
265,087.06
22
ASSESSMENT DISTRICT 91-1
768,325.95/
23
ARTS IN PUBLIC PLACES
166,151.96
24
ASSESSMENT DISTRICT 92-1
1,985,709.33
39
SOUTH COAST AIR QUALITY
\"' 9,446.25
41
88-1 AGENCY FUND
211,635.67
Cl-T w
51
89-2 AGENCY FUND
�. 179,733.55
C
52
90-1 AGENCY FUND
�- 178,372.61
53
91-1 AGENCY FUND
C&SON21- 41 280, 049.39
I Z$,y47.GS
60
RDA CAPITAL IMPROVEMENTS PA41
2,699,817.82
62
RDA LOW/MOD FUND PAN1
3,704,307.19
63
RDA DEBT SERVICE FUND PA#1
_ 3,977,779.21-
66
RDA DEBT SERVICE FUND PA#2
1,695,794.81
67
RDA CAPITAL PROJECTS PA#2
1,096,225.50-
68
RDA LOW/MOD FUND PA#2
3,9 vi iSO..S 3 915, 215.42
70
LA QUINTA FINANCING AUTHORITY
.00
TOTAL CASH FUND BALANCE 12,491,612.22
L4 5S LES S
¢�4 R-D41
Vr1�.v� 1,A 112
Bank of America
Statement
P. 0. BOX 30746
LOS ANGELES, CA 90030-0746
24 HR CUSTOMER SERVICE 619-340-1867
DATE OF THIS STATEMENT 10/29/93
PAGE 1 OF 5 1111111111111 11111 1111111111111 11111111111 111111111111111111 11
E366 CITY OF LA QUINTA
0916 P 0 BOX 1504
LA QUINTA CA 92253-1504
CHANGE YOUR PAYROLL PROCESSING AND
POCKET A $50 DISCOUNT.
ASK AT YOUR NEAREST B OF A BRANCH
FOR DETAILS ON ADP PAYROLL PROCESSING
AND HOW TO GET A DISCOUNT.
OFFER EXPIRES DECEMBER 31, 1993.
�ms�__�_aaa�a__as ��=a—was — -- �.—�s=���=�_�_�..ssmsaaswiassaoYmaan�ssas:aasasapzcsaa�aa�rs�m�saars::�sz�a���
CNECKZNG 09160-15464 BUSINESS ANALYZED CHECKING
TAX ID 95-3740431
CUSTOMER SINCE 1982
SUMMARY STATEMENT
PERIOD=
OCTOBER 01
THROUGH OCTOBER 29,
1993
PREVIOUS
STATEMENT
BALANCE ON
09-30-93..............................154,825.10
TOTAL OF
25 DEPOSITS
FOR..........................................715,020.09
TOTAL OF
1 OTHER CREDIT
FOR.........................................600,000.00
TOTAL OF
361 CHECKS
FOR.
.....................................1,138,053.41
TOTAL OF
10 OTHER
DEBITS FOR........................................139,918.39
STATEMENT
BALANCE
ON 10-29-93
.......................................191,873.39
CHECKS/ CHECKS
OTHER
DEBITS
CHECK
DATE
CHECK
DATE
NUMBER
POSTED
AMOUNT
NUMBER
POSTED
AMOUNT
Ito016
10-25
150.00 �
9169
10-13
755.4V
9039
10-05
1,572.59 -"
9170
10-12
1,046.221
0171
i n_i
72r . 26-
9146M
10-12
886.86-
9172
10-13
1,615.17
9147
10-18
1,692.57
9173
10-13
744.32
9148
10-12
2,099.17
9174
10-13
329.39-
9149
10-13
1,572.59.
9175
10-08
645.92--
9150
10-12
852.25,
9176
10-12
1,042.36-
9151
10-08
643.15
9177
10-12
1,035.00-
9152
10-12
1,061.85-
9178
10-13
1,168.35_
9153
10-14
155.05
9179
10-13
1,208.08-
9154
10-13
683.47,
9180
10-12
1,246.79-
9155
10-12
755.27.
9181
10-13
1,244.63-
9156
10-08
900.16.
9182
10-12
1,259.42-
9157
10-12
1,844.80-
9183
10-08
1,203.89-
9158
10-08
479.15-
9184
10-08
955.75-
9159
10-12
1,394.32,
9185
10-08
1,173.05-
9160
10-12
572.93-
9186
10-12
681.37
9161
10-08
1,047.51-
9187
10-12
1,511.13
9162
10-13
1,655.32-
9188
10-12
1,426.39,
9163
10-12
865.18-
9189
10-12
637.29-
9164
10-12
1,384.81-
9190
10-13
972.57-
9165
10-25
1,034.52,
9191
10-12
883.24--
9166
10-13
877.36,
9192
10-08
907.20-
9lo025.74.-
9167
10-15
952.34-
9193
10-12
9168
10-12
926.17-
9194
10-12
734.01-
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 10/29/93
PAGE 5 OF 5
CITY OF LA QUINTA
CHECKING
09160-15464 BUSINESS ANALYZED CHECKING (CONTINUED)
CHECKS/
OTHER DEBITS
OTHER
DEBITS
DATE
TRANSACTION
POSTED
DESCRIPTION
AMOUNT
10-01
TELEPHONE/TELEGRAPHIC TRANSFERS.............................17,000.Ou0
10-12
TELEPHONE/TELEGRAPHIC TRANSFERS ............... ...............
6,000.000
10-13
10-14
DEPOSITED ITEM RETURNED.. ..... ..... ...=
TAX PYMT CALL-818-6668000 101493 941 95-3740431... .........
10-15
TELEPHONE/TELEGRAPHIC TRANSFERS.........
.1 ,
10-18
10-25
TELEPHONE/TELEGRAPHIC TRANSFERS.............................20,000008
DEPOSITED ITEM RETURNED.. ..............................
5.0
10-26
TELEPHONE/TELEGRAPHIC TRANSFERS .............................
50;0 07s
10-28
DEPOSITED ITEM RETURNED... . .... ... .............
:-s- 7.
10-28
TAX PYMT CALL-818-6668000 102893941 95-3740431............,.13,9
0
DEPOSITS/
DEPOSITS
OTHER
CREDITS
DATE
DATE
POSTED AMOUNT
POSTED
AMOUNT
10-01 11,155.48
10-18
72,132.35
10-04 7,736.75 ✓
10-19
4,883.19t/
10-05 94,467.61-'
10-20
53,847.02,/
10-06 3,039.81'/
10-20
60,000.000
10-06 20,000.00•
10-21
8,155.51:i
10-07 9,744.80✓
10-22
10,048.05 ✓
10-07 70,000.0010
10-22
54,000.00s
10-08 5,393.70 ✓
10-25
61,218.62
10-12 7,640.67<
10-26
2,740.89,-
10-12 8,453.87/'
10-27
6,946.33--
10-13 9,799.44/
10-28
1,676.53-
10-14 39,600.55 ✓
10-29
90,766.67ok
10-15 1,572.25
^-ru gCTTC
CRE�1ADOI 1 S.
DATE
TRANSACTION
POSTED
DESCRIPTION
AMOUNT
10-21
CREDIT ADJUSTMENT..........................................600,000.004
Bank of America NTBSA • Member FDIC
711. Bank of America
Statement
P. 0. BOX 30746
LOS ANGELES, CA 90030-0746
24 HR CUSTOMER SERVICE 619-340-1867
DATE OF THIS STATEMENT 10/29/93
PAGE 2 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
9195
10-12
71.90,-
9250
10-25
i,037.55 "
9196
10-12
787.83-
9251
10-26
1448.50k
9197
10-12
776.41.,
9252
10-25
954.59,-
9198
10-13
251.55e
9253
10-25
706.50,
9199
10-13
614.21,
9254
10-25
942.41,
9200
10-12
615.17,
9255
10-25
781.39-
9201
10-13
729.39E
9256
10-26
99.23,
9202
10-15
760.10-
9257
10-26
619.21_
9204*
10-25
886.84-
9258
10-26
615.17,
9205
10-26
lo692.56,
9259
10-25
734.37-
9206
10-26
2,099.16-
N16029*
10-25
685.91 --
9207
10-29
1,572.58--
-16067*
10-08
500.00 1
9208
10-25
675.64,
"%,+16130*
10-26
50.00,-
9209
10-25
$52.23,
�16246*
10-28
50.00=-
9210
10-22
648.13'
y I6295*
10-05
280.00✓
9211
10-22
I O61.84,,
�•16333*
10-05
.430.97/
92.12
10-25
160.05 ,
"-16402*
10-04
243.00 i
9213
10-25
683.45,
%-16403
10-06
222.00 i
9214
10-25
755.26e
"-J16408*
10-08
3,483.00-
9215
10-22
900.14-
`-16411*
10-14
25.00/
9216
10-25
1,844.80•
'*-16412
10-05
840.00 ,-
9217
10-22
479.15"
\-16417*
10-07
1,181 .00 -'
9218
10-22
1,394.30,
9219
10-25
572.93'
%16427X
10-01
785.92
9220
10-25
lo047.49•
v 16428
10-18
.58.00�
9221
10-25
1,655.30,
\.16440*
10-01
101.20
9222
10-25
670.35-
\,j16441
10-04
1,508.94
9223
10-25
865.17.
,16448X
10-12
51000.00
9224
10-26
1,384.80•
j16455*
10-07
25.00i"
9225
10-25
1,039.52
16467*
10-06
46,713.14
9226
10-25
P.82 . 35-
,-- t 6448
? 0-05
of 5. 00
9227
10-27
840.85
`°16470*
10-12
1,680.75 -
9228
10-25
931.15•
'v 16475*
10-06
198.31=
9229
10-25
760.46-
\ 16484*
10-04
47.05 �
9230
10-26
1,046.20-
"-16485
10-04
32.45 i
9231
10-25
729.24•
'-16497*
10-01
350.00 -
9232
10-25
1,615.16,
`•16500*
10-04
1,027.70-
9233
10-25
744.30.
\J16502*
10-06
400.001-
9234
9235
10-26
10-22
334.39-
678.59•
�- 16504*
\-16506*
10-14
10-07
135.00-""
773.00 "
9236
10-25
1,042.36-
16511*
10-29
45.00-"
9237
10-25
1,040.00.
` 16512
10-01
50.00-'
9238
10-25
1,173.35-
"16514M
10-05
35,601.75
9239
10-25
1,213.06,
'-16515
10-05
121.55:
9240
10-25
1,251.79-
`•16517*
10-13
50.00--,
9241
10-25
1,249.63-
16513
10-07
50.00,/
9242
10-26
1,264.40,
\-16519
10-05
687.91 �
9243
10-25
1,203.89-
"-16520
10-15
100.00
`50.00�
9244
10-22
955.75-
16521
10-13
9245
10-22
1,173.02-
16522
10-06
50.00---',
9246
10-25
686.35-
V 16523
10-07
-50.00-"
9247
10-25
1,160.92
16524
10-18
1 1 50.00%
9248
10-25
1, 426 .37-
--16525
10-05
50.00 �-
9249
10-25
977.55-
�� 16526
10-04
�50.00
Bank of America NT&SA • Member FDIC
..p 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 10/29/93
PAGE 3 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
16527
10-06
-100.00
`16590
10-i2
-271.53 i
,16528
10-13
-50.00 i
16591
10-13
'119.00-
.16529
10-21
50.00-
.16592
10-12
170.54.-
-16530
10-06
50.00 --,
16593
10-19
250.00.,
-16531
10-04
4 50.00 "
.16594
10-13
32.43-
-.►16.532
10-04
��, 5000 !
16595
10-12
6.47
,--j 16534*
10-12
685:91
'1416596
10-13
2,820.04,
-,.A6535
10-05
50.00
-16597
10-08
•3, 263. 94,
-16536
10-05
-*1,40028 i
NW16598
10-13
-182.00
..16537
10-04 --
-750:00�
-16599
10-08
=966.75-
A6538
10-06 -,
ti 50. 00 ✓
-16600
10-12
12, 034.24%
-.16539
10-06
,450.00
'%16602X
10-12
� 105.00/
16540
10-05 •.
-.50. 00 i
-16603
10-12
� 2, 239.43'
-4 16541
10-01 �.-,,_
`� 685.91/
�-16604
10-22
„ 4,7OO. OOj
- 16542
10-04 ,v
`4744.60 i
6605
10-12
� 48.90/
,..16543
10-06
150.00�
-.,16607)E
10-12
, 88.09,
L 165513*
10-01--1
1 96.50�
10-12
2, 000.00t
v 16552-
10-12
' 32.33/
`-16609
10-12
j134.69,-
�16553
10-13
°139.45-
10-14
-61.83"
16554
10-19
" 25.00,
`-16611
10-19
•61.89,
416555
10-14
v 561.90,
�16612
10-13
164.15,
-j16556
10-12
-a 70.00,
\-16613
10-13
103.79-
-16557
10-14
-370.17:-
rL6614
10-13
59.80�
,16558
10-12
132.10-
`,16616)(
10-13
13,772.38-
16559
10-18
i222.00'
416617
10-12
4,453.50-
'16560
10-13
10,266.84-
'``16618
10-12
47.25
-16562X
10-13
.,7,837.32-
.wt6619
10-13
- 2,100.00-
16563
10-14
'" 132.20-
"116620
10-12
726.71-
N16564
10-13
101.27'
-16621
10-12
200.00-
`a 16565
10-12
150.00-
--16622
10-13
73.22.
-'65E6
10-13
4,071,00-
.16623
10-08
725.59.
'16567
10-13
--1,124.95-
--16624
10-13
-1,140.00-
" 16568
10-12
123.19'
.16625
10-13
91.94�
�16569
10-13
-16626
10-12
.1,619.3Z^
316570
10-12
636.99/
16627
10-08
-70.00.-
16571
10-14
20.00.�
-16628
10-14
49.55-
'16572
10-13
67.07'
16629
10-12
.2.64-
,16573
10-12
2P707.00-
16630
10-20
-1,006.11-
16574
10-08
�6,557.00.
16631
10-25
1,540.00,
16575
10-12
.130.00,
'16632
10-12
145.55-
16576
10-14
59.00,-
�g6633
10-13
32.45-
16577
10-13
155.51Y
-16635)(
10-08
2,108.34-
-16578
10-14
125.00-
•16636
10-13
-182.97-
16579
10-12
215.82-
•16637
10-12
60.00-
16580
10-18
43.80-
-16638
10-19
356.25-
16581
10-15
420.00=
16639
10-18
39.00,
.16582
10-12
18.01,
16640
10-21
-2,893.02'
16583
10-13
16.50-
16641
10-29
13,035.74,-
16584
10-08
'1,827.65-
16642
10-15
1,962.50'
16585
10-12
475.00'
16643
10-08
-9,584.00-
16586
10-13
.223.51-
16644
10-14
'48.00,
-16587
10-14
258.28-
'16645
10'-1,2
25,541.57/
16588
10-13
�1118.60-
16646
10-18
120.00./
16589
10-12
`-12,387.33-
16647
10-26
-52.00-
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 10/29/93
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
'16648
10-i9
649.96-
16702
10-20
40.E4/
,16649
10-26
160.00-
16703
10-25
2,728.38z
•16650
10-27
578.97,
16704
10-26
50.28/
16651
10-27
-,81.00-
16705
10-25
100.59/
`16652
10-27
62.12-
16708M
10-27
110.00/
-°.W53
10-26
`475.14-
16709
10-26
259.14/
A166554 -10-28
40.00-
16710
10-28
237.23/
16655
10-25
33.39,
16711
10-25
5,300.001
16657*
10-29
30.17-
16712
10-26
212.37.e
`=16658
10-28
606.22-
16713
10-27
140,624.50/
y166603(
10-28
10,225.24-
16714
10-27
189.65�
.16661
10-26
542.98-
16715
10-26
276.75Z
-16662
10-26
104.44-
16716
10-25
20,746.83,
'16663
10-25
235.87-
16717
10-25
79.87,
�16664
10-22
6,970.11/
16718
10-26
96.17'
�16665
10-25
2,630.18-
16719
10-25
53.41/
,16666
10-28
41.82-
16720
10-29
60.00,
16668*
10-22
13,700.00-
16721
10-25
345.96,
16669
10-29
25.00-
16722
10-25
20P785.93,
16670
10-25
2,228.40,
16723
10-25
769.43-
16671
10-26
9.94,
16724
10-25
36.84-
16672
10-25
130.00-
16725
10-25
164,843.57-
16673
10-28
75.00,-
16726
10-26
68.83-
16674
10-26
151.00-
16727
10-26
1,380.00-�
16675
10-22
1,610.57-
16728
10-26
462.77-
16676
10-25
691.09,
16730M
10-25
320.78 -
16677
10-26
2,945.55,
16731
10-29
9,984.00-
16678
10-21
213,735.29,
16732
10-25
57.00-,
16679
10-26
3,816.00-
16733
10-26
83.41�
16680
10-26
169.22-,
16734
10-28
409.02-
16681
10-26
57 .45-
16735
i 0-?.7
32 .45-
16684*
10-26
43.78.
16736
10-28
52.65<
16685
10-26
543.92-'
16737
10-25
417.47,,
16686
10-26
86.20-
16738
10-19
26,518.25--
16687
10-27
695.28,
16739
10-18
671.76,
16688
10-28
316.51-
16740
10-19
150.00,
16689
10-25
423.57'
16741
10-26
499.99-
16690
10-26
40,000.00/
16742
10-29
13,457.47•
16693M
10-25
13,114.71'
16743
10-28
535.48-
16694
10-29
64.52'
16745)E
10-26
2,895.74-
16695
10-25
180.00'
16747M
10-26
1,962.50,
16696
10-26
93.74'
16749*
10-29
723.00-
16697
10-28
31.95,
16750
10-22
9,584.00-
16698
10-26
140.41,
16751
10-26
48.00-
16699
10-22
2,917.56�
16752
10-22
397.97-
16700
10-25
27.75'
16789)E
10-29
8,091.00�
16701
10-26
27 5.00-
13
Bank of America NTBSA • Member FDIC
CITY OF LA QUINTA
BANK OF AMERICA MONEY MARKET ACCOUNT #09168-16233
BANK RECONCILEMENT
OCTOBER, 1993
BALANCE PER BANK STATEMENT $ 75,943.09
LESS OUTSTANDING CHECKS: $ 0.00
DEPOSITS IN TRANSIT $ 0.00
----------------
AJUSTED BANK BALANCE 75,943.09
----------------
----------------
CASH SHEET 11/01/93 $ 74,555.97
ADJUSTMENTS:
2/93 SVCS CHG (8.50)
9/93 SVCS CHG (7.50)
INTEREST FOR 9/93 197.76
INTEREST FOR 10/93 1205.36
----------------
ADJUSTED LEDGER BALANCE 75,943.09
----------------
----------------
14
Bank of America
Statement
P. 0. BOX 30746
LOS ANGELES, CA 90030-0746
24 HR CUSTOMER SERVICE 619-340-1867
DATE OF THIS STATEMENT 10/29/93
PAGE 1 OF 2 ' '����' '��'IIIIIIIIIIIIIIIIIIIIIfIII IIIIIII Ifill Itill II i ,),: ✓;:,.
E6 CITY OF LA QUINTA
0916 P 0 BOX 1504
J.
1 LA QUINTA CA 92253-1504
vi
Uj lint%• �'�-� .'
a —a--s—�=`m—:�===--�==ss���c�s
MONEY MARKET 09168-16233 BU5iNt55 MuNEY MAKKE i ACCOUNT T HR T X 11J 7- U 'I
1 7—J! `1U'fJl
SUMMARY
STATEMENT
PERIOD: OCTOBER 01 THROUGH OCTOBER 29, 1993
PREVIOUS
STATEMENT BALANCE ON 09`-30-93..............................195,447.04
TOTAL OF
6 DEPOSITS FOR.....:..:`..............'...............3,383,290.69
TOTAL OF
1 OTHER CREDIT FOR....."......................................1,205.36
TOTAL OF
2 CHECKS FOR..........................................3,300,000.00
TOTAL OF
4 OTHER DEBITS FOR ......................... .................204,000.00
STATEMENT BALANCE ON 10-29-93................ ....`.:"::............... 75,943.09
ANNUAL PERCENTAGE YIELD EARNED THIS STATEMENT PERIOD ......................2.32/.
INTEREST
PAID THIS STATEMENT PERIOD...............................•....1,205.36
INTEREST
PAID THIS YEAR..............................................3,718.72
CHECKS/
CHECKS
OTHER
DEBITS
CHECK DATE CHECK DATE
NUMBER POSTED AMOUNT NUMBER POSTED
AMOUNT
10-07 1000000.00 10-13
3,200,000.00
OTHER
DEBITS
DATE
TRANSACTION
POSTED
DESCRIPTION
AMOUNT
10-06
10-07
1tLtrNUNEi1ELLu*AirhiC
TELEPHONE/TELEGRAPHIC
TRANSFERS
TRANSFERS
.............................d%��+•��
.............................70,000.00
10-20
TELEPHONE/TELEGRAPHIC
TRANSFERS
.............................60,000.00
10-22
TELEPHONE/TELEGRAPHIC
TRANSFERS
.............................54,000.00
DEPOSITS/ DEPOSITS
OTHER
CREDITS
DATE
DATE
POSTED
AMOUNT
POSTED
AMOUNT
10-01
17,000.00
10-15
19,000.00
10-08 3,271,290.69
10-18
20,000.00
10-12
6,000.00
10-26
50,000.00
OTHER CREDITS
DATE
TRANSACTION
POSTED
DESCRIPTION
AMOUNT
10-29
INTEREST PAID
FROM 10/01/93
THROUGH 10/29/93.................1,205.36
15
Bank of America NUSA • 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 10/29/93
PAGE 2 OF 2
CITY OF LA QUINTA
MONEY MARKET 09168-16233 BUSINESS MONEY MARKET ACCOUNT (CONTINUED)
DAILY
DATE
AMOUNT
DATE
AMOUNT
DATE
AMOUNT
BALANCE
10-01
212,447.04
10-12
3,299,737.73
10-20
78,737.73
10-06
192,447.04
10-13
99,737.73
10-22
24,737.73
10-07
22,447.04
10-15
118,737.73
10-26
74,737.73
10-08
3,293,737.73
10-18
138,737.73
10-29
75,943.09
DAILY
DATE
AMOUNT
RATE
DATE
AMOUNT
RATE
INTEREST
CALCULATION
10-01
2.1Z,447..04
2:"300
10-15
118,737.73
2.300
BALANCE
10-06192447.04
2300
I0�4$
138,737.73
2.300
10-07
?:,d 22",447.04
2�ZO'O'
�FM£ .
0 20-,
78,737.73
2.200
10-08
3o293,737.73
2'.300
24,737.73
2.200
10-12
3,r.299,737 .73
2 -300
;10-26 a..
74,737 .73
2.200
10-13
99..737.73
2:200
.2. ,' ,for rh'',j ,',�'yf
—A: � iAd"r $' i'il2 d>•',g
� ;V
"y f °1,a, .r.5 �. �. Yre�e.
a'Se�� d14;>i+-x';€w'i4.a..d. �iL"� �'V:'.A 4+Js ^%$t'� ,•`
firss..6+,.
„„�. <.fi`.:;. ;,. ,,.,.wsan✓G.icd&'r
gw
.S. ,.".P9.
i3-C„ � T�`�e
".ia ',µ' '; ^�"° ``iP>'.
�a use
�i' '.. R�ir�r%Y✓.t
.e,£''�.`.At'.
p4
16
Bank of America NTBSA • Member FDIC
STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer
OFFICE OF THE TREASURER
P.O. BOX 942809 ?fed
SACRAMENTO, CA 94209-0001 `
LOCAL AGENCY INVESTMENT FUND R E C EIV E O
P.O. BOX 942809 NOV 17 19M
Date: 10/31/93 SACRAMENTO, CA 94209-0001
Page: 01 OCTOBER, 1993 STATEMENT AnS'd_____._.___-
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
---------
BEGINNING
----------- ----
BALANCE - REG
------
------
---------------
10/07/93
10/06/93
RD
577
TJO
$100,000.00
10/13/93
10/12/93
RD
578
TJO
$3,200,000.00
10/15/93
10/14/93
DD
579
SYS
$82,512.94
10/21/93
10/20/93
RW
580
TJO
-$600400.00
ENDING BALANCE - REG
NO BOND PROCEEDS
GRAND TOTAL
REG
B/P
TOTAL
TRAN COUNT
3
0
3
TOTAL DEPOSIT AMT
-----------------
$3,382,512.94
$0.00
-----------------
$3,382,512.94
BALANCE
---------------
$5,563,528.01
$5,663,528.01
$8,863,528.01
$8,946,040.95
$8,346,040.95
$8,346,040.95
---------------
$8,346,040.95
TOTAL WITHDRAWAL ANT
--------------------
-$600,000.00
$0.00
--------------------
-$600,000.00
17
132.242922532425 002NNNN4ONN999999999 2425
457 DEFERRED COMPENSATION PLAN
STATEMENT FOR THE QUARTER
i ENDING 06/30/93
ACCOUNT NUMBEk: 2425
TAX ID a : 953740431
CITY OF LA QUINTA
P 0 Box 1504
LA DUINTA, CA
921.71504
S1,rMAFY OF ACTIVITY
FOR 2ND QUARTER (IN Si FOR 457 DEFERRED COMPENSATI-NPLAN------
Balance on 04/01/93
250725 33
--
Contributions
11.015.00
Acct Maint Fees
13.50-
tund Transfers
Adjustments
24,170.82-
I
i'� %�v►o�.iTet
1
1,��,�Uded
D i s bu r s even i s
EARNING, 04/30
05/ 31
1 , 321 .40-
4.091
�, E K tr► B,S �/ve 111 ►1 t , �1 to
06/ 30
.86
2.160.10
G . L
5 �
9atance On 06/30/93
242,486.77
CITY OF LA DUINTA
ACCT.#2425 TAX ID#: '953WG31
SUmMAR Y 8Y FUND FOR
'ND 0LJART E R (IN
S) --��--ws��.w•����-�-��ww-�-�-�w�������
GROWTt; STOCK
LOUI TY INDEX ASSET ALLOCATION ORE BOND
_
FUND
FUND FUND FUND
Balance On 04/01/93
35.029.64
5.585.17 28,911.35 12.429.83
Contributions
2.655.00
498.00 1,988.00 505.50
.4cc t Maint Fees
F and T rans fern
Adjustftwnts
Disbursements
F ARN 1 NG". 04130
OS/37
06/ 30
Bat*5nce on 06/30/93
I
Balance On 04/01/93
Contributions
Acct maint Fees
Fund Transfers
Adjustments
Disbursements
c?.673-41--
1 , 5t"9. 53-
670.41
29.626.40
TREASURY
F UND
987.99
37.50
170. 24-
1!. 1.39
27.40
6.081.72
CASH MANAGEPIENT
FUND
5.310.18
321.00
3.786.37-
4 ,687.16-
710.46-
84.04
493.98
-53-
2.84.55
1 ;1.:,.63
27,181.05
8,488.21
PLUS
)UARANTt•ED
FUND
FUND
95,dy7.99
66,573.38
5.010.00
13.50-
4.458.63
10.482.51-
EARNINGS 04/30
05/ 31
06/30
10.89
3. 67-
22.09
31.27
19. 63-
.d&6.57
553.26
600.13
587.44
409.38
406.01
365.00
BaLanc a On 06/30/93
1,054.79
5,689,39
107,093.95
.2 71. 26
,� c C T. �--,
?41 �-1 �J?�48
Ai- 1�
lu
2'
La Quinta Financing Authority
Revenue Bonds Series 91
------------------------
BOND
RESERVE
CONSTRUCTION
REBATE
FUND
FUND
FUND
FUND
totals
117355200
117355201
117355202
117355203
07/01/93 BEGINNING BAL
318,013.93
738,855.48
1,282.18
0.00
0.00
1,058,151.59
JUL INTEREST
683.94
1,589.04
872.22
0.00
0.00
3,145.20
AUG INTEREST
709.50
1,648.42
4.49
0.00
0.00
2,362.41
TRANS TO 147607 CKING
0.00
0.00
0.00
0.00
0.00
0.00
SBP INTEREST
709.57
1,648.58
4.79
0.00
0.00
2,362.94
INTEREST PYKT-10/01/93
(274,176.25)
0.00
0.00
0.00
0.00
(274,176.25)
OCT INTEREST
680.79
1,582.70
4.60
0.00
0.00
21268.09
NOV INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
DEC INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
TRANS 09160-15464 CKING
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTEREST
0.00
0.00
0.00
0.00
0.00
KAR INTEREST
0.00
0.00
0.00
0.00
0.00
trans 0916-15464 CKING
0.00
0.00
0.00
0.00
0.00
APR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
INTEREST PYKT
0.00
0.00
0.00
0.00
0.00
NAY INTEREST
0.00
0.00
0.00
0.00
0.00
JUN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
trans 0916-15464 eking
0.00
0.00
0.00
0.00
BALANCE
------------------------------------------------------------------------------------
46,621.48
745,324.22
21168.28
0.00
0.00
794,113.98 794,113.98
19
LA QUINTA REDEVELOPMENT AGENCY
BANK OF AMERICA CHECKING & MONEY MARKET ACCOUNTS #09168-15323/#09161-15398
BANK RECONCILEMENT
OCTOBER, 1993
BALANCE PER BANK STATEMENT
CHECKING $ 2,333.75
MONEY MARKET 95,782.78
LAIF 3,843,014.01
$ 0.00
DEPOSITS IN TRANSIT $ 0.00
----------------
AJUSTED BANK BALANCE 3,941,130.54
----------------
----------------
GENERAL LEDGER ACCOUNT #1000-000-000
FUND
60
$ 2,699,817.82
FUND
62
3,704,307.19
FUND
63
(3,977,779.21)
FUND
66
1,695,794.81
FUND
67
(lr096,225.50)
FUND
68
9151215.42
----------------
$ 3,941,130.53
ADJUSTMENTS:
ADJUST TO BALANCE 0.01
----------------
ADJUSTED LEDGER BALANCE 3,941,130.54
----------------
----------------
20
Bank of America
Statement
P. 0. BOX 30746
LOS ANGELES, CA 90030-0746
24 HR CUSTOMER SERVICE 619-340-1867 ---
DATE OF THIS STATEMENT 10/29/93
PAGE 1 of 1
E3 LA QUINTA REDEVELOPMENT
0916 AGENCY
P 0 BOX 1504
LA QUINTA CA 92253-1504
CHANGE YOUR PAYROLL PROCESSING AND
POCKET A $50 DISCOUNT.
ASK AT YOUR NEAREST B OF A BRANCH
FOR DETAILS ON -ADP PAYROLL PROCESSING
AND HOW TO GET_A DISCOUNT.
OFFER EXPIRES'DECEMBER 31, 1993. 1
SUMMARY
STATEMENT PERIOD: OCTOBER 01 THROUGH OCTOBER 29, 1,993
PREVIOUS STATEMENT BALANCE ON 09-30-93..........::...°...................83.44
TOTAL OF 3.DEPOSITS FOR. .....`...................' ...............41,541.00
TOTAL OF 1 OTHER CREDIT FOR .... .............. .:...°:.......... ...3,272,000.00
TOTALOF 1 CHECK FOR .......................... .:::.. .........�'..3,271,290.69
TOTAL OF 2 OTHER DEBITS FOR........................ ............:.."...40,000.00
STATEMENT BALANCE ON 10-29-93... ............... ...'.:.................. 2,333.75
CHECKS/
CHECKS
OTHER
DEBITS
CHECK DATE
CHECK DATE
NUMBER POSTED AMOUNT
NUMBER POSTED AMOUNT
560 10-08 3,271,290.69
UIHER DEBITS
DATE
TRANSACTION
..aJa�;a�
POSTED
DESCRIPTION ,..s.
AMOUNT
10-07
TELEPHONE/TELEGRAPHIC TRANSFERS..':,. r
.'39, 000. 00
10-08
TELEPHONE/TELEGRAPHIC TRANSFERS..'.............................1,000.00
DEPOSITS/
DEPOSITS
OTHER
CREDITS
DATE
DATE
POSTED AMOUNT
POSTED AMOUNT
10-06 26.00
10-20 2,315.00'-
10-06 -39,200.00
OTHER CREDITS
DATE
TRANSACTION
POSTED
DESCRIPTION
2 1 AMOUNT
10-08
CREDIT ADJUSTMENT ..................... ................... 3,272,000.00
Bank of America NTBSA • Member FDIC
A Bank of America
Statement
P. 0. BOX 30746
LOS ANGELES,. CA 90030-0746
24 HR CUSTOMER SERVICE 619-340-1867
DATE OF THIS STATEMENT 10/29/93
PAGE 1 OF 1 LA QUINTA REDEVELOPMENT AGENC
E1 78 105 CALLE ESTADO
0916 LA QUINTA CA 92253
MONEY MARKET
09161-15398 BUSINESS MONEY MARKET ACCOUNT TAX ID 95-3740431
SUMMARY
STATEMENT
PERIOD: OCTOBER 01 THROUGH OCTOBER 29, 1993
PREVIOUS
STATEMENT BALANCE ON 09-30-93...............................95,615.57
TOTAL OF
2 DEPOSITS FOR..........................................40,000.00
TOTAL OF
1 OTHER CREDIT FOR ..................................... ......167.21
TOTAL OF
1 CHECK FOR ............................................... -..40,000.00
STATEMENT
BALANCE ON 10-29-93......................... .............. .95,782.78
ANNUAL PERCENTAGE YIELD EARNED THIS STATEMENT PERIOD ......................2.2270
INTEREST
PAID THIS STATEMENT PERIOD ............................
167.21
INTEREST
PAID THIS YEAR .......... .................................... .2,419.91
CHECKS/
CHECKS
OTHER
DEBITS
CHECK DATE CHECK DATE
NUMBER POSTED AMOUNT NUMBER POSTED
AMOUNT
10-07 40,000.00
DEPOSITS/
DEPOSITS
OTHER
CREDITS
DATE DATE
POSTED AMOUNT POSTED,\
AMOUNT
10-07 �39,000.00 10-08
11000.00
OTHER CREDITS
DATE
TRANSACTION
POSTED
DESCRIPTION
AMOUNT
10-29
INTEREST PAID FROM 10/01/93 THROUGH 10/29/93.................... 167.21
DAILY
DATE
AMOUNT
DATE
AMOUNT
DATE AMOUNT
BALANCE
10-07
94,615.57
10-08
95,615.57
10-29 95,782.78
DAILY
DATE
AMOUNT
RATE
DATE
AMOUNT RATE
INTEREST
CALCULATION
10-01
95,615.57
2.200
10-08
95,615.57 2.200
BALANCE
10-07
94,615.57
2.200
22
Bank of America NT&SA • Member FDIC
STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer
OFFICE OF THE TREASURER y'..
SACRAMENTO ���•a 1 ��
r4
RECEIVEQ
LOCAL AGENCY INVESTMENT FUND NOV 17r 1993
P.O. BOX 942809 .!.
Date: 10/31/93 SAOCTOBERO t CA 1993 STATEMENT
A11Sd............
Page: 01
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
------ ---------------
---------
BEGINNING
----------- ----
BALANCE - REG
10 07 93
/ /
10 06 93 RD
/ /
536
TJO
�$40,000.00
10/08/93
10/07/93 RW
537
TPG
$3 272,000.00
10/15/93
10/14/93 DD
538
SYS
`Q; $92,628.82
ENDING BALANCE - REG
NO BOND PROCEEDS
GRAND TOTAL
TRAN COUNT
xE0 2
B/P 0
TOTAL 2
SUMMARY
TOTAL DEPOSIT AMT
-----------------
$132,628.82
$0.00
-----------------
$132,628.82
BALANCE
---------------
$6,982,385.19
$7,022,385.19
$3,750,385.19
$3,843,014.01
---------------
$3,843,014.01
---------------
$3,843,014.01 j
TOTAL WITHDRAWAL AMT
--------------------
-$3,272,000.00
$0.00
--------------------
-$3,272,000.00
23
Fiscal Year 93/94
file: RDABNDCS
La Quinta Redevelopaent Agency
RDA 91 series
------------------------
BOND
BOND
INTEREST
PAYMENT
REDEMPTION
RESERVE
DEBT SERVICE
FUND
FUND
FUND
FUND
FUND
totals
------------------------------------------------------------------------------------------------------------
117349300
117349301
117349302
117349303
117349304
------------------------------------------------------------------------------------------------------------
07/01/93 BEGINNING BAL
59.92
0.00
0.00
744,966.85
5.59
745,032.36
JUL INTEREST
0.13
0.00
0.00
11585.70
0.01
11585.84
TRANS FROM 117349303
12,072.55
0.00
0.00
(12,072.55)
0.00
0.00
TRANS FROM 117349304
5.63
0.00
0.00
0.00
(5.63)
0.00
AUG INTEREST
0.13
0.00
0.00
11660.50
0.02
11660.65
TRANS FROM 117204600
259,977.31
190,000.00
0.00
0.00
0.00
449,977.31
INTEREST PYKT
(272,115.66)
0.00
0.00
0.00
0.00
(272,115.66)
PRINCIPAL PYKT
0.00
(190,000.00)
0.00
0.00
0.00
(190,000.00)
SBP INTBRBST
20.20
14.01
0.00
1,665.00
0.00
11699.21
OCT INTEREST
0.04
0.03
0.00
11593.71
0.00
1,593.78
NOV INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
DEC INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
TRANS FROM (117204600)
0.00
0.00
0.00
0.00
0.00
0.00
INTEREST PYKT
0.00
0.00
0.00
0.00
0.00
0.00
MAR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
MAY INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
BALANCE
------------------------------------------------------------------------------------
20.25
14.04
0.00
739,399.21
(0.01)
739,433.49 739433.49
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
4
24
Fiscal Year 93/94
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
------------------------------------------------------------------------------------------------------------
07/01/93 BEGINNING BAL
0.00
153.92
1.01
1.00
0.00
155.93
JUL INTEREST
0.00
0.33
0.00
0.00
0.00
0.33
AUG INTEREST
0.00
0.34
0.00
0.00
0.00
0.34
TRANS FROM (117204600)
0.00
697,858.25
459,998.99
0.00
0.00
11157,857.24
INTBRBST PYRT
0.00
(698,012.50)
0.00
0.00
0.00
(698,012.50)
PRINCIPAL PYNT
0.00
0.00
(460,000.00)
0.00
0.00
(460,000.00)
SEP INTBRBST
0.00
51.81
33.93
0.00
0.00
85.74
OCT INTBRBST
0.00
0.11
0.07
0.00
0.00
0.18
NOV INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
DEC INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
TRANS FROM (117804600)
0.00
0.00
0.00
0.00
0.00
0.00
INTBRBST PYNT
0.00
0.00
0.00
0.00
0.00
0.00
MAR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
MAY INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTBRBST
0.00
0.00
0.00
0.00
0.00
0.00
------------------------------------------------------------------------------------
BALANCE
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
0.00
52.26
34.00
1.00
0.00
87.26
�9g D/Z-sv
25
Fiscal Year 93/94
file: RDABND92/!
La Quinta Redevelopaent Agency
RDA 89 series
------------------------
bond
bond
debt
total
special
interest
paynent
service holding
restricted
fund
fund
fund
reserve fund
totals
cash
------------------------------------------------------------------------------------------------------------
117204600
117204601
117204602
117204603
------------------------------------------------------------------------------------------------------------
07/01/93 BEGINNING BAL
209.08
63.18
0.13
752,569.42
752,841.81
JUL INTBRBST
0.44
0.13
0.00
11601.88
1,602.45
AUG INTBRBST
0.46
0.14
0.00
1,677.44
1,678.04
DEPOSIT
21037,467.92
18,571.30
0.00
0.00
21056F039.22
TRANS TO 117283401
(459,998.99)
0.00
0.00
0.00
(459,998.99)
TRANS TO 117204602
(164,999.87)
0.00
164,999.87
0.00
0.00
TRANS TO 117204601
(264,842.89)
264,842.89
0.00
(18,571.30)
(18,571.30)
TRANS TO 117283400
(697,858.25)
0.00
0.00
0.00
(697,858.25)
TRANS TO 117349300
(259, 977.31)
0.00
0.00
0.00
(259, 911.31)
TRANS TO 117349301
(190,000.00)
0.00
0.00
0.00
(190,000.00)
INTBRBST PYKT
0.00
(283,477.50)
0.00
0.00
(283,477.50)
PRINCIPAL PYKT
0.00
0.00
(165,000.00)
0.00
(165,000,00)
SEPT INTBRBST
148.23
21.04
12.17
11681.89
11863.33
OCT INTBRBST
0.31
0.04
0.03
1,595.83
11596.21
NOV INTBRBST
0.00
0.00
0.00
0.00
0.00
DEC INTEREST
0.00
0.00
0.00
0.00
0.00
JAN INTBRBST
0.00
0.00
0.00
0.00
0.00
FEB TAX INCREMENT
0.00
0.00
0.00
0.00
0.00
FEB INTBRBST
0.00
0.00
0.00
0.00
0.00
TRANS TO (117349300)
0.00
0.00
0.00
0.00
0.00
TRANS TO (117283400)
0.00
0.00
0.00
0.00
0.00
TRANS TO (117204601)
0.00
0.00
0.00
0.00
0.00
INTBRBST PYKT
0.00
0.00
0.00
0.00
0.00
MAR INTBRBST
0.00
0.00
0.00
0.00
0.00
APR INTBRBST
0.00
0.00
0.00
0.00
0.00
MAY INTBRBST
0.00
0.00
0.00
0.00
0.00
JUN INTBRBST
0.00.
0.00
0.00
0.00
0.00
BALANCB
-------------------------------------------------------------------------•----------
149.13
21.22
12.20
740,555.16
740,737.71
740,737.71
ll�lljZi�� ZNOV
J
® 1, ls�,agl•��
26
La Quinta 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
07/01/93 BEGINNING BAL
3,698,443.05
11377,535.44
0.00
76.31
0.00
394,461.33
5,470,516.13
JUL INTEREST
8,615.15
3,096.40
0.00
0.17
0.00
886.66
12,598.38
AUG INTEREST
81699.52
3,239.99
0.00
0.18
0.00
927.78
12,867.47
CK TO CITY
(121,233.46)
0.00
0.00
0.00
0.00
0.00
(121,233.46)
SEP INTEREST
8,538.91
31248.55
0.00
0.18
0.00
930.23
12,717.87
OCT INTEREST
8,015.40
31085.80
0.00
0.17
0.00
883.63
111985.00
CK TO CITY
(13,648.47)
0.00
0.00
0.00
0.00
0.00
(13,648.47)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
JAN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
FEB INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
KAR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
APR INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RAY INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BOND PYNT FROM CITY
0.00
0.00
0.00
0.00
0.00
0.00
JUN INTEREST
0.00
0.00
0.00
0.00
0.00
0.00
0.00
trns to 8116202-003
0.00
0.00
0.00
0.00
0.00
0.00
debt sery int pymt
0.00
0.00
0.00
0.00
0.00
0.00
---------------------------------------------------------------------------------------------------
BALANC 3,591,430.10 1,390,206.18 4.00 7.01 0.00 398,089.63 5,385,802.92
I,390 a0 �0I + 398 ogq,43
. f I)�88, a 4
27
CF / � 1\],lam' � •�
v 1 � •
INVESTMENT ADVISORY BOARD
MEETING DATE: December 8, 1993 AGENDA CATEGORY:
ITEM TITLE: CONSENT CALENDAR:
CONSIDERATION OF RECOMMENDING BUSINESS SESSION: ,
TO THE REDEVELOPMENT AGENCY A PROPOSAL
TO SOLICIT BIDS FOR INVESTMENT AGREEMENTS STUDY SESSION:
FOR RDA BOND RESERVE FUNDS.
ISSUE AND DISCUSSION:
At the September 8, 1993 Board meeting, approval was given to
invest bond reserves in LAIF (Local Agency Investment Fund), with
the concurrence of the Bond Trustees. The City Council ratified
the Boards recommendation in October and staff pursued discussions
with the Bond Trustees and Bond Counsel. There was one (1) bond
issue (for the Financing Authority) that specifically authorized
state investment pools (LAIF) and staff has the reserves for that
bond issue being transferred to LAIF.
The three ( 3 ) remaining RDA bond issue reserves would have required
(per the Bond Trustees) special amendments from Bond Counsel
because a state investment pool option was not specifically
mentioned in the bond documents. Bond Counsel did not feel it was
prudent to go back and amend the allowable investment language
because of Council's sensitivity to investment concerns.
In line with the Board's direction to staff to also explore other
investment vehicles, the attached proposal to solicit bids for
investment agreements is being presented. The reserves for the
three issues involved, $389,440 for the Project Area No. 2 (P.A.
No. 2) - 1992 Tax Allocation Bond (TAB), $734,480 for the P.A. No.
1 - 1991 TAB, and $735, 600 for the P.A. No. 1 - 1989 TAB, each have
a separate bid document that is drafted to conform with the
corresponding bond documents (reference EXHIBITS A, B, and C).
As Trustee reserve investments, the investment contracts would be
held by First Interstate Bank and Bank of America. In doing
reference checks on Cynthia Bonneau, the bid coordinator, staff
spoke with the cities of West Covina, Moreno Valley, Chino, and
Fontana. All had positive responses such as reputable,
professional, honest, and helpful.. The only trepidation voiced was
the issue of a bid contract being with a bank owned by a foreign
corporation. This is an issue that should be discussed further,
along with all other Board concerns and questions, while reviewing
the bid proposals during this business session. Bond counsel has
been forwarded copies of the draft bids for their comment, which
has not been received as of this memo draft.
The differences in possible interest earnings are as follows:
Reserve
Current
Annual
Possible
Annual
Annual
Issue:
Amount
Rate
Interest
Rate
Interest
Increase
PA2-1992
$389,440
1.9%
$ 71399
5.25%
$20,446
$ 11305
PAl-1991
$734,480
1.8%
$13,221
5.25%
$38,560
$25,339
PAl-1991
$735,600
1.8%
$13,241
5.25%
$38,619
$25,378
$33,861
$97,625
$52,022
RECOMMENDATION:
Recommend that the La Quinta Redevelopment Agency approve the
proposal to solicit bids for, investment agreements for RDA bond
reserve funds.
Approved for submission to the Investment Advisory Boa d: r
r
Thomas J. O'Reilly - Finance Director
C L BONNEA U
& Co.
November 29, 1993
Mr. Thomas O'Reilly, Finance Director
CITY OF LA QUINTA
78-495 Calle Tampico
La Quinta, California 92253
Dear Tom:
In preparation for the meeting on December 8, 1993, I have enclosed
the following:
1) Investment Analysis of Bond Reserve Funds - for only those
reserve accounts discussed last week.
2) Draft Request For Bids documents for each reserve account.
I look forward to seeing you on December 8th. Please let me know
what time you would like me at the meeting.
Sincerely,
Cynthia L. Bonneau
Enclosures.
17202 Erwin, Huntington Beach, California 92647 • (714) 848-2771 • FAX (714) 841-4188
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C L BONNEA U
& Co.
DRAFT
REQUEST FOR BIDS
$5,845,000.00
LA QUINTA REDEVELOPMENT AGENCY
La Quinta Redevelopment Project Area No. 2
Tax Allocation Bonds, Issue of 1992
(Bank Qualified)
The La Quinta Redevelopment Agency (the "Issuer") is soliciting
your interest in providing the investment agreement (the
"Agreement") for the Reserve Account on the above referenced
financing through C L Bonneau & Company.
BIDDING WILL BE RESTRICTED TO FINANCIAL INSTITUTIONS CONFORMING TO
LEGAL AND PERMITTED INVESTMENTS AS DESCRIBED HEREIN AND AS APPROVED
BY THE ISSUER.
BACKGROUND & PURPOSE OF FINANCING
The Bonds are dated December 1, 1992. The proceeds from the sale
of the Bonds were used to: (1) finance a portion of the cost of
implementing the Agency's Redevelopment Plan; ( 2 ) make a deposit to
the Reserve Account; (3) make an initial deposit to the Escrow
Fund; and (4) pay costs of issuance of the Bonds.
TIMING AND RESPONSE
Bidding for the Agreement will be held on Wednesday, December 22,
1993 Firm bids will be due at 10: 00 a.m. Pacific Time in care of:
Cynthia L. Bonneau
C L Bonneau & Company
17202 Erwin
Huntington Beach,
Telephone: (714)
FAX: (714)
California 92647
848-2771
841-4188
Telephonic or facsimile transmitted bids will be accepted.
The winning bidder (the "Agreement Provider") will be notified and
the Agreement awarded no later than 12:00 noon Pacific Time that
same day.
The Agreement will close and monies wired no later than Wednesday,
January 5, 1994.
17202 Erwin, Huntington Beach, California 92647 • (714) 848-2771
Page 2 of 4
RFB - La Quinta RDA
December 81 1993
QUALIFIED PROVIDER
Financial institutions, approved by the Issuer whose current long-
term unsecured debt obligations are rated "AA" or better by
Standard & Poor's Corporation ("S&P") and Moody's Investors Service
("Moody's").
UPON DOWNGRADING - The Agreement Provider will be required to
notify the Trustee and Issuer of a rating downgrade by S&P or
Moody's within ten (10 ) business days. This notification will also
apply to a withdrawal or suspension of rating. Should the
Agreement Provider's long-term unsecured debt rating fall below the
"AA" category by S&P and Moody's, the Agreement Provider must
pledge collateral (within ten business days) as follows:
Treasuries/GNMA'S
FNMA'S/FHLMC/S 105%
Frequency of valuation: Weekly
Cure period: One (1) day
Collateral must be delivered to the Trustee or to a third party
custodian, approved by the Issuer, giving the Trustee a perfected
first lien security interest for the benefit of the Issuer.
Should collateral not be pledged (or during the term of the
Agreement restored) to the required levels, the Trustee will have
the right to immediately withdraw funds without penalty or breakage
fee. Notwithstanding the above, should the Agreement Provider's
rating fall below one of the top three rating categories by S&P or
Moody's, the Issuer, with a notice period of ten (10) business
days, shall have the right to withdraw a l l funds without penalty or
breakage fee.
NOTE: Proceeds of collateral may be released by the Trustee or
third party custodial agent to the Agreement Provider only to the
extent of any excess over the collateral requirement.
FUNDS FOR INVESTMENT
1. RESERVE ACCOUNT:
a. Dollar Amount: Approximately $389,440.00
b. Maturity: December 1, 2017. First optional
redemption is December 11 1999.
C. Withdrawals: Will be permitted for any purpose
outlined in the Bond documents. Funds must be
available at par upon such withdrawals with no
penalty, conditions or breakage fees to either the
Page 3 of 4
RFB - La Quinta RDA
December 81 1993
Issuer or Trustee. Withdrawals will also be
permitted with no penalty in connection with an
election by the Issuer to effect an optional
redemption, partial redemption or mandatory
redemption of the Bonds (also see "Additional
Requirements").
d. Replenishments: Replenishments by the Issuer or
the Trustee will be permitted at the contract
interest rate of the Agreement. Replenishments may
be made within a twelve (12) month period.
e. Deposits: Deposits may be made up to the reserve
requirement under the Bond documents.
f. Interest: Will be calculated on a 30/360 day basis
(based upon twelve 30 day months) and paid semi-
annually one (1) business day prior to December 1
and June 1, beginning on June 1, 1994.
ADDITIONAL REQUIREMENTS
1. Notice: Bids must provide for a notice period of seven
(7) days or less for withdrawals. Facsimile notice
followed by written notice must be acceptable.
2. Documentation: The Agreement Provider will be required
to circulate a draft of the Agreement (along with sample
legal opinions) to all persons on the distribution list
no later than Monday, December 27, 1993. The Agreement
must conform to the requirements of the Trust Agreement.
The Agreement Provider must be prepared to execute a
final Agreement that conforms to the requirements of this
Request For Bids and is in a form acceptable to the
Issuer.
3. Provider's Certificate: The Agreement Provider will be
required to execute a certificate substantially in the
form attached as Appendix A which states that based upon
the Agreement Provider's reasonable expectations on the
date the Agreement is entered into, obligations will not
be purchased pursuant to the Agreement at a price in
excess of their fair market value.
4. Legal Opinion: The Agreement Provider must provide an
opinion of counsel addressed to the Issuer that the
Agreement constitutes a valid, legal and binding
obligation of the Agreement Provider, enforceable by its
Page 4 of 4
RFB - La Quinta RDA
December 81 1993
terms in a form acceptable to the Issuer.
5. Expenses: All expenses incurred by the Agreement
Provider associated with the preparation and execution of
the Agreement and legal opinions will be paid by the
Agreement Provider. All custodial fees and expenses with
regard to the pledging and valuation of collateral, if
required, will be paid by the Agreement Provider.
6. All amounts may be withdrawn at no penalty to the Issuer
or Trustee and in immediately available funds, for any
reason specified in the Bond documents including, but not
limited to, withdrawals made (1) in the event of a
deficiency in the Installment Payment Fund; (2) upon
acceleration after any event of default; (3) upon a
defeasance and/or refunding of the Bonds in whole or in
part; (4) in the event the reserve requirement for such
Bonds is reduced; and (5) if a determination is later
made by nationally recognized bond counsel that
investments must be yield -restricted.
7. The Agreement may not be assigned or amended by any party
without the prior written consent of the Issuer.
8. The Agreement must state that it is unconditional and
must expressly disclaim any right of set-off or counter-
claim.
9. The Issuer, Trustee, Bond Counsel, Financial Advisor and
C L Bonneau & Company will not have any liability if the
Agreement closing does not occur as scheduled. THE
ISSUER RESERVES THE RIGHT TO REJECT ALL BIDS.
10. C L Bonneau & Company will be paid a fee of 5 basis
points on the dollar amount of funds placed for
representing the Agreement Provider in the
placement of the Reserve Fund. This fee will be paid by
the Agreement Provider.
BIDS
Upon meeting the requirements specified herein, the selection of
the Agreement Provider will be made on the basis of yield.
Very truly yours,
Cynthia L. Bonneau
Attachments - Appendix A
APPENDIX A
AGREEMENT PROVIDER CERTIFICATE
I, The undersigned, do hereby certify that I am an officer of
, (the "Bank") and as such am authorized to
execute and deliver this Certificate on behalf of the Bank. As
such officer I do further certify as follows:
1. The Bank and First Interstate Bank of California, the
Trustee entered into an Investment Agreement on the date hereof
(the "Investment Agreement") concerning the investment by the
Trustee of Bond proceeds.
2. Based on my reasonable expectations on the date hereof,
non -purpose obligations will not be purchased pursuant to the
Investment Agreement at a price in excess of their fair market
value nor sold pursuant to the Investment Agreement at a price less
than their fair market value.
3. The yield on the Investment Agreement is at least equal
to the yield offered on similar obligations under similar
investment contracts and is the same yield as would ordinarily be
paid by the Bank to persons other than governmental units or
501(c)(3) organizations with respect to obligations of comparable
expected average life in transactions in which yield on tax-exempt
bonds is not relevant to either party.
4. We are paying to C L Bonneau & Co. (the "Broker") a fee
which has been negotiated without regard to the yield on the Bonds
or the current level of tax-exempt rates. In our experience, the
fee is customary for transactions such as the Investment Agreement.
No payments will be made by or on behalf of the Bank to or for the
benefit of the Issuer other than as specified in the Investment
Agreement.
5. The fee being paid to the Broker was determined as the
result of arm's length negotiations between the Bank and the
Broker.
6. We understand that the Issuer and its Bond Counsel will
rely on this certification in accepting the Investment Agreement
and consent to such reliance.
Date: January , 1994
By.
Its•
C L BONNEAU
& Co.
DRAFT
REQUEST FOR BIDS
$8,700,000.00
LA QUINTA REDEVELOPMENT AGENCY
La Quinta Redevelopment Project
Tax Allocation Bonds, Series 1991
MBIA INSURED
The La Quinta Redevelopment Agency (the "Issuer") is soliciting
your interest in providing the investment agreement (the
"Agreement") for the Reserve Fund on the above referenced financing
through C L Bonneau & Company.
BIDDING WILL BE RESTRICTED TO FINANCIAL INSTITUTIONS CONFORMING TO
LEGAL AND PERMITTED INVESTMENTS AS DESCRIBED HEREIN AND AS APPROVED
BY THE ISSUER AND THE INSURER.
BACKGROUND & PURPOSE OF FINANCING
The Bonds are dated October 11 1991. The proceeds from the sale of
the Bonds were used to: (1) finance a portion of the cost of
implementing the Agency's Redevelopment Plan; ( ) make a of the Bonds.
to
the Reserve Account; and (3) pay costs of issuance
TIMING AND RESPONSE
Bidding for the Agreement will be held on Wednesday, December 22,
1993 Firm bids will be due at 10 : 00 a.m. Pacific Time in care of:
Cynthia L. Bonneau
C L Bonneau & Company
17202 Erwin
Huntington Beach, California 92647
Telephone: (714) 848-2771
FAX: (714) 841-4188
Telephonic or facsimile transmitted bids will be accepted.
The winning bidder (the "Agreement Provider") will be notified and
the Agreement awarded no later than 12:00 noon Pacific Time that
same day.
The Agreement will close and monies wired no later than Wednesday,
January 51 1994.
17202 Erwin, Huntington Beach, California 92647 0 (714) 848-2771
Page 2 of 5
RFB - La Quinta RDA, series 1991 (MBIA)
December 81 1993
QUALIFIED PROVIDER
Financial institutions, approved by the Insurer and Issuer whose
current long-term unsecured debt obligations are rated "AA" or
better by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service ("Moody's").
UPON DOWNGRADING - The Agreement Provider will be required to
notify the Fiscal Agent and Issuer of a rating downgrade by S&P or
Moody's within ten (10 ) business days. This notification will also
apply to a withdrawal or suspension of rating. Should the
Agreement Provider's long-term unsecured debt rating fall below the
"AA" category by S&P and Moody's, the Agreement Provider must
pledge collateral (within ten business days) as follows:
Treasuries/GNMA'S
FNMA'S/FHLMC/S 105%
Frequency of valuation: Weekly
Cure period: One (1) day
Collateral must be delivered to the Fiscal Agent or to a third
party custodian, approved by the Issuer, giving the Fiscal Agent a
perfected first lien security interest for the benefit of the
Issuer. Should collateral not be pledged (or during the term of
the Agreement restored) to the required levels, the Fiscal Agent
will have the right to immediately withdraw funds without penalty
or breakage fee. Notwithstanding the above, should the Agreement
Provider's rating fall below one of the top three rating _categories
by S&P or Moody's, the Issuer, with a notice period of ten ( 10
business days, shall have the right to withdraw all funds without
penalty or breakage fee.
NOTE: Proceeds of collateral may be released by the Fiscal Agent or
third party custodial agent to the Agreement Provider only to the
extent of any excess over the collateral requirement.
FUNDS FOR INVESTMENT
1. RESERVE FUND:
a. Dollar Amount: Approximately $734,480.00
b. Final Maturity: September 11 2014. NOTE: The
contract will be written with an initial maturity
date of January 11 1999 with subsequent five year
roll-over periods, provided that each new roll-over
peroid is approved by the Insurer and Issuer.
First call date is September 1, 2000.
Page 3 of 5
RFB - La Quinta RDA, series 1991 (MBIA)
December 81 1993
C. Withdrawals: Will be permitted for any purpose
outlined in the Bond documents. Funds must be
available at par upon such withdrawals with no
penalty, conditions or breakage fees to either the
Issuer or Fiscal Agent. Withdrawals will also be
permitted with no penalty in connection with an
election by the Issuer to effect an optional
redemption, partial redemption or mandatory
redemption of the Bonds (also see "Additional
Requirements").
d. Replenishments: Replenishments by the Issuer or
the Fiscal Agent will be permitted at the contract
interest rate of the Agreement. Replenishments may
be made within a twelve (12) month period.
e. Deposits: Deposits may be made up to the reserve
requirement under the Bond documents.
f. Interest: Will be calculated on a 30/360 day basis
(based upon twelve 30 day months) and paid semi-
annually one (1) business day prior to September 1
and March 1, beginning on March 1, 1994.
ADDITIONAL REQUIREMENTS
1. Notice: Bids must provide for a notice period of seven
(7) days* or less for withdrawals. Facsimile notice
followed by written notice must be acceptable.
2. Documentation: The Agreement Provider will be required
to circulate a draft of the Agreement (along with sample
legal opinions) to all persons on the distribution list
no later than Monday, December 27, 1993. The Agreement
must conform to the requirements of the Bond Resolution
and the Insurer. The Agreement Provider must be prepared
to execute a final Agreement that conforms to the
requirements of this Request For Bids and is in a form
acceptable to the Issuer and Insurer.
3. Provider's Certificate: The Agreement Provider will be
required to execute a certificate substantially in the
form attached as Appendix A which states that based upon
the Agreement Provider's reasonable expectations on the
date the Agreement is entered into, obligations will not
be purchased pursuant to the Agreement at a price in
excess of their fair market value.
*Or such notice period required by the Insurer.
Page 4 of 5
RFB - La Quinta RDA, series 1991 (MBIA)
December 81 1993
4. Legal Opinion: The Agreement Provider must provide an
opinion of counsel addressed to the Issuer that the
Agreement constitutes a valid, legal and binding
obligation of the Agreement Provider, enforceable by its
terms in a form acceptable to the Issuer and Insurer.
5. Expenses: All expenses incurred by the Agreement
Provider associated with the preparation and execution of
the Agreement and legal opinions will be paid by the
Agreement Provider. All custodial fees and expenses with
regard to the pledging and valuation of collateral, if
required, will be paid by the Agreement Provider.
6. All amounts may be withdrawn at no penalty to the Issuer
or Fiscal Agent, and in immediately available funds, for
any reason specified in the Bond documents including, but
not limited to, withdrawals made (1) in the event of a
deficiency in the Installment Payment Fund; (2) upon
acceleration after any event of default; (3) upon a
defeasance and/or refunding of the Bonds in whole or in
part; (4) in the event the reserve requirement for such
Bonds is reduced; and (5) if a determination is later
made by nationally recognized bond counsel that
investments must be yield -restricted.
7. The Agreement may not be assigned or amended by any party
without the prior written consent of the Issuer and
Insurer.
8. The Agreement must state that it is unconditional and
must expressly disclaim any right of set-off or counter-
claim.
9. The Issuer, Fiscal Agent, Bond Counsel, Financial Advisor
and C L Bonneau & Company will not have any liability if
the Agreement closing does not occur as scheduled. THE
ISSUER RESERVES THE RIGHT TO REJECT ALL BIDS.
10. C L Bonneau & Company will be paid a fee of 5 basis
points on the dollar amount of funds placed for
representing the Agreement Provider in the
placement of the Reserve Fund. This fee will be paid by
the Agreement Provider.
Page 5 of 5
RFB - La Quinta RDA, series 1991 (MBIA)
December 8, 1993
BIDS
Upon meeting the requirements specified herein, the selection of
the Agreement Provider will be made on the basis of yield.
Very truly yours,
Cynthia L. Bonneau
Attachments - Appendix A
APPENDIX A
AGREEMENT PROVIDER CERTIFICATE
I, The undersigned, do hereby certify
(the "Bank")
execute and
such officer
deliver this Certificate
I do further certify as
that I am an officer of
and as such am authorized to
on behalf of the Bank. As
follows:
1. The Bank and Security Pacific National Bank, N.A., the
Fiscal Agent entered into an Investment Agreement on the date
��
hereof (the Investment Agreement") concerning the investment by
the Fiscal Agent of Bond proceeds.
2. Based on my reasonable expectations on the date hereof,
non -purpose obligations will not be purchased pursuant to the
Investment Agreement at a price in excess of their fair market
value nor sold pursuant to the Investment Agreement at a price less
than their fair market value.
3. The yield on the Investment Agreement is at least equal
to the yield offered on similar obligations under similar
investment contracts and is the same yield as would ordinarily be
paid by the Bank to persons other than governmental units or
501(c)(3) organizations with respect to obligations of comparable
expected average life in transactions in which yield on tax-exempt
bonds is not relevant to either party.
4. We are paying to C L Bonneau & Co. (the "Broker") a fee
which has been negotiated without regard to the yield on the Bonds
or the current level of tax-exempt rates. In our experience, the
fee is customary for transactions such as the Investment Agreement.
No payments will be made by or on behalf of the Bank to or for the
benefit of the Issuer other than as specified in the Investment
Agreement.
5. The fee being paid to the Broker was determined as the
result of arm's length negotiations between the Bank and the
Broker.
6. We understand that the Issuer and its Bond Counsel will
rely on this certification in accepting the Investment Agreement
and consent to such reliance.
Date: January , 1994
By.
Its•
C L BONNEAU
& CO.
DRAFT
REQUEST FOR BIDS
$8,000,000.00
LA QUINTA REDEVELOPMENT AGENCY
La Quinta Redevelopment Project
Tax Allocation Bonds, Series 1989
The La Quinta Redevelopment Agency
your interest in providing the
"Agreement") for the Reserve Fund on
through C L Bonneau & Company.
(the "Issuer") is soliciting
investment agreement (the
the above referenced financing
BIDDING WILL BE RESTRICTED TO FINANCIAL INSTITUTIONS �CO F APPROVED
ING TO
LEGAL AND PERMITTED INVESTMENTS AS DESCRIBED HEREIN I)
BY THE ISSUER.
BACKGROUND & PURPOSE OF FINANCING
The Bonds are dated January 1, 1989. The proceeds from
m the salecontrol
of
the Bonds were used to: (1) finance certain
improvements in the Project Area; ( 2 ) make a deposit to the Reserve
Fund; and ( 3 ) pay costs of issuance of the Bonds.
TIMING AND RESPONSE
Bidding for the Agreement will be held on Wednesday,Time e n care of ,
1993 Firm bids will be due at 10:00 a.m. Pacific
Cynthia L. Bonneau
C L Bonneau & Company
17202 Erwin
Huntington Beach,
Telephone: (714)
FAX: ( 714 )
California 92647
848-2771
841-4188
Telephonic or facsimile transmitted bids will be accepted.
The winning bidder (the "Agreement Provider") will bentifiedtandd
the Agreement awarded no later than 12:00 noon Pacific
same day.
The Agreement will close and monies wired no later than Wednesday,
January 51 1994.
17202 Erwin, Huntington Beach, California 92647 0 (714) 848-2771
Page 2 of 4
RFB - La Quinta RDA, Series 1989 (Project Area 1)
December 8, 1993
QUALIFIED PROVIDER
Financial institutions, approved by the Issuer whose current long -
unsecured debt obligations are rated �'AA" or stobetter by
Service
term S&p ) and Moody s Investors Standard & Poor s Corporation (" "
1� 's" . The A reement must be structured as a col1atrincized
( Moody )of the
certif icate of de osit. The collateral ate 10until an event of
„-} �„ riPnosit) ma be held in-hous
downgrade.
UPON
DOWNGRADING - The Agreement Provider will be ade b required S&P or
notify the Fiscal Agent and, Issuer of • a Thisng will also
Moody's within ten (10) business dayShould the
apply to a withdrawal or suspension
debtof rrating fall below the
Agreement Provider's long-term
Moodysscu the Agreement Provider must
11pp,11 category by as follows:
pledge collateral (within ten business days)
Treasuries/GNMA'S 105%
FNMA'S/FHLMC/S Weekly
Frequency of valuation: One (1) day
Cure period:
collat
eral must be delivered to the Fiscal Agent or1 Agent ira
party custodian, approved b the Issuer, giving the Fist
perfected first lien security interest for the benefit of the
perf or Burin
Issuer. Should collateral not be Aired levels, the duringthe
Agent
the Agreement restored) to the required
will have the right to immediately withdraw funds without penalty
or breakage fee. Notwithstandingthe above should the A reemen
rat; na fall belOW one of the top three rating categories
penalty or breakage fee.
the Fiscal Agent or
NOTE: Proceeds of collateral may be released
Provider only to the
third party custodial agent to theg
extent of any excess over the collateral requirement.
FUNDS FOR INVESTMENT
1. RESERVE FUND:
a. Dollar Amount:
Approximately $735,600.00
b. Maturity: September 1, 2012. First optional
redemption is September 1, 2002.
C. Withdrawals: Will be permitted for any purpose
Page 3 of 4
RFB - La Quints RDA, Series 1989 (Project Area 1)
December 81 1993
outlined in the Bond documents. Funds must be
s with no
such
penalty, conditions or g
available at par uponbreakae fees to either the
Issuer or Fiscal Agent. Withdrawals will also be
permitted with no penalty in connection with an
election by the Issuer to effect an optional
mandatory
redemption, partial redemption or
redemption of the Bonds (also see "Additional
Requirements").
d. Replenishments: Replenishments by the Issuer or
the Fiscal Agent will be permitted at
the
mcontract
interest rate of the Agreement. Rep
ents may
be made within a twelve (12) month period.
e. Deposits: Deposits may be made up to the reserve
requirement under the Bond documents.
f. Interest: Will be calculated on a 30/360 day aid semis
(based upon twelve 30 day onthi
annually one (1) business day por to September 1
and March 11 beginning on March 11 1994.
ADDITIONAL REOUIRE14OTSTS
1. Notice: Bids must provide for a notice perioFacsim d e ofseven
( 7 ) days or less f withdrawals.
be •acceptable .
otice
followed by written notice
2. Documentation:
The Agreement Provider will be required
to circulate a draft of the Agreement (along ibut with
ion sample
legal opinions) to all persons
27 the
199dis 3. The Agreement
no later than Monday, December,
must conform to the requirements of the Bond R execute na
The Agreement Provider must be prepared
final Agreement that conforms to the requiorements of this
Request For Bids and is in a form acceptable to the
Issuer.
3. Provider's Certificate: The Agreement Provider will be
required to execute a certificate substantially
form attached as Appendix A which states that based upon
the Agreement Provider's reasonable expectations on the
not
date the Agreement is entered into obligations
aatoas will price in
be purchased pursuant to the Agreement
excess of their fair market value.
4. Le al Opinion: The Agreement Provider must
that the an
opinion of counsel addressed to the Issu
Page 4 of 4
RFB - LQuints RDA, Series 1989 (Project Area 1)
December 8, 1993
Agreement constitutes a valid,
legal and binding
obligation of the Agreement Provider, enforceable by its
terms in a form acceptable to the Issuer.
5. Expenses: All expenses incurred by
the Agreement
Provider associated with the preparation and executionthe
of
the Agreement and legal opinions ial feesleand expenses with
Agreement Provider. All custodial
regard to the pledging and valuation of collateral, if
required, will be paid by the Agreement Provider.
6. All amounts may be withdrawn at no penityto funds, eIss er
or Fiscal Agent, and in immediately available
any reason specified in the Bond documents inc
event ding,
ofua
not limited to, withdrawals made (1) in th
deficiency in the Installment Payment ef ault (3 ) upon a Fund;(2) upon
acceleration after any event
defeasance and/or refunding of the Bonds innthole
o in
part; (4) in the event the reserve requireme
ch
Bonds is reduced; and (5) if a determination is later
made by nationally recognized bond counsel that
investments must be yield -restricted.
7. The Agreement may notbe assigned or amended
byany
party
without the prior written consent of the issuer.
S. The Agreement must state that it is unconditional
and
must expressly disclaim any right of set-off or
er-
claim.
9. The Issuer, Fiscal Agent, Bond Counsel, Financial
Advisor
and C L Bonneau & Company will not vas any lischeduled . lif
iability
the Agreement closing does not occur
ISSUER RESERVES THE RIGHT TO REJECT ALL BIDS.
10. C L Bonneau & Company will be paid a fee of 5 basis
points on the dollar amount of funds placed for
representing the Agreement Provider in the
placement of the Reserve Fund. This fee will be paid by
the Agreement Provider.
B_
Upon meeting the requirements specified herein, the selecield,tion of
the Agreement Provider will be made on the basis o y
Very truly yours,
Cynthia L. Bonneau
Attachments - Appendix A
APPENDIX A
AGREEMENT PROVIDER CERTIFICATE
I, The undersigned, do hereby certify
(the "Bank")
execute and
such officer
I
deliver this Certificate
I do further certify as
that I am an officer of
and as such am authorized to
on behalf of the Bank. As
follows:
1. The Bank and Security Pacific National Bank, the Fiscal
Agent entered into an Investment Agreement on the date hereof (the
"Investment Agreement") concerning the investment by the Fiscal
Agent of Bond proceeds.
2. Based on my reasonable expectations on the date hereof,
non -purpose obligations will not be purchased otheir fair market
ursuant to the
Investment Agreement at a price in excess
value nor sold pursuant to the Investment Agreement at a price less
than their fair market value.
3. The yield on the Investment Agreement is at least equal
to the yield offered on similar obligations under similar
investment contracts and is the same yield as would ordinarily be
paid by the Bank to persons other than governmental units or
501(c)(3) organizations with respect to obligations of comparable
expected average life in transactions in which yield on tax-exempt
bonds is not relevant to either party.
4. We are paying to C L Bonneau & Co. (the "Broker") a fee
which has been negotiated without regard to the yield on the Bonds
or the current level of tax-exempt rates. In our experience, the
fee is customary for transactions such as the Investment Agreement.
No payments will be made by or on behalf of the Bank to or for the
benefit of the Issuer other than as specified in the Investment
Agreement.
5. The fee being paid to the Broker was determined as the
result of arm's length negotiations between the Bank and the
Broker.
6. We understand that the Issuer and its Bond Counsel will
rely on this certification in accepting the Investment Agreement
and consent to such reliance.
Date: January , 1994
By.
Its:
EXHIBIT A
PA #2 - 1992
'certificate or opinion of, or representation by, an officer or
Officers of the Agency, unless such counsel knows, or in the
exercise of reasonable care should have known, that the
certificate, opinion or representation with respect to the
matters upon which his or her opinion may be based, as
aforesaid, is 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-
EXHIBIT A
PA #2 - 1992
(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 and unguaranteed
obligation rated "Prime-l" or "Aa" or better by Moody's
Investors Service or a "AA" or better by Standard & Poor's
Corporation, or
(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/�338/15 -9-
EXHIBIT A
PA #2 - 1992
(7) deposits of any bank (including Trustee) or savings
and loan association which has combined capital, surplus and
undivided profits of not less than $3 million, provided such
deposits are fully insured by the Bank Insurance Fund or the
Savings Association Insurance Fund administered by the Federal
Deposit Insurance Corporation;
(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 a term of one year or less
with any institution with debt rated "AA" by Standard & Poor's
Corporation or "Aa" by Moody's Investors Service or commercial
paper rated "AA" by Standard & Poor's Corporation or "Aa" by
Moody's Investors Service;
(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-
EXHIBIT A
PA #2 - 1992
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
O
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-
EXHIBIT A
PA #2 - 1992
Section 502. Investment of Moneys in Funds and Accounts.
Moneys in the Special Fund and the Accounts therein, the
Redevelopment Fund, the Escrow Fund and the Redemption Fund
shall be invested and reinvested by the Trustee in Permitted
Investments, as directed by an Authorized Officer of the Agency
in writing, provided that such investments mature by their
terms on or prior to the date on which such moneys are required
to be paid out hereunder. Such investments shall be made in
specific investments meeting the requirements of this section
as directed in writing by an Authorized Officer of the Agency
(such written request to be received by 12:00 noon two
(2) Business Days prior to such investment) or, in the absence
of such written direction, by the Trustee in Permitted
Investments described in part (8) or (12) of the definition
thereof. The Trustee shall be protected from any liability in
acting in accordance with this section or the Agency's
direction. Moneys in the Rebate Fund shall be invested in
Government Obligations which mature before the date such
amounts are required to be paid to the United States.
Obligations purchased as an investment of moneys in any Fund or
Account held by the Trustee hereunder shall be deemed to be
part of such Fund or Account. Any or all interest or gain
received from such investments of moneys in any Fund or Account
shall be deposited by the Trustee in the respective Fund or
Account and any loss incurred in connection with such
investments shall be debited against the Fund or Account from
which the investment was made. Notwithstanding the foregoing
the Trustee may commingle money in the Funds and Accounts for
investment purposes provided that such Funds and Accounts are
accounted for separately. The investment constituting a part
of any Fund or Account shall be valued at the lower of cost or
the then estimated or appraised market value of the
investment. The Trustee shall have no liability or
responsibility for any loss resulting from any investment made
in accordance with the provisions of this Section 502.
Section 503. Investments. The Trustee may make any and
all investments permitted by the provisions of Section 502
hereof and the Tax Certificate delivered on the Delivery Date,
through its own bond or investment department; provided,
however, that the Trustee shall establish to the satisfaction
of the Agency that such investments have been made at market
value. As and when any amount invested pursuant to this
Article may be needed for disbursement, the Trustee may cause a
sufficient amount of such investments to be sold and reduced to
cash to the credit of such Funds or Accounts.
12/10/92
2000Q/2338/15 -34-
EXHIBIT B
PA #1 - 1991
The Pledged Tax Revenues received by the Agency on or
after the date of issue of the Bonds are hereby irrevocably
after
pledged to the payment of the principal of, premium,
the Series 1990 Bonds
and interest on the SerPa�lt98gaswithout preference, and
and the Bonds, and any Parity Bonds,
until all of the Bonds and all
interest
beenirrevocably thereon,
have been paid
ocably set
(or until moneys for that purpose t
aside), the. Pledged Tax Revenues (subject to the exceptiona set
forth in Section 15(d)
shall be applied solely to the p y
ment
of the Series 1989 Bonds, the Series 1990 Bonds andthe
Bonds
and any Parity Bonds plus premium if any, and the
st
thereon as provided in this Resolution. This allocation Seron and
ies
pledge is for the exclusive benefit of the Owners
1989 Bonds, the Series 1990 Bonds and the Bonds and shall be
irrevocable. Annually, on or before each September
Agency shall certify to the Fiscal Agenthatithas
s as
transferred to the Fiscal Agent Pledged Tax
required by this Section 14.
provisions of this Section are a portion
The foregoing of the provisions of said Article 6 of the Law as applied to
the Bonds and shall be interpreted in accordance with said
Article 6 of the Law, and the further provisions and
definitions contained in said Article 6 of the Law are hereby
incorporated herein by reference and shall apply.
Section 33645 of the Health and Safety Code provides,
in applicable part as follows: "The resolution, trust
indenture, or mortgage shall provide that tax incrementnfunds
allocated to an agency pursuant to Section 33670 shall
be
P
ayable to a trustee on account of any issued bonds when
redeem
sufficient funds have been placed with the
trustee all outstanding bonds of the issue." This Resolutnisand
presently in compliance with the above quoted provision
shall be so construed.
Section 15. Special Fund. All Pledged Tax Revenues,
and other moneys identified herein,
deposited in the Special
Fund in accordance with Section 14 hereof shall bealllooca8ted4as
provided herein and in Section 15 of Resolution Nosshall be
and RA 90-4. The interest on the Bonds until maturity After
paid by the Fiscal Agent from the Bond In ent
all interest then due on the Bonds on the next
t nt re,st pa Fund
date has been paid or provided for, moneys i
shall be applied to the payment of the principal, including
Minimum Sinking Fund Payments, of the Bonds.
Without limiting the generality of the foregoing
and
e for the purpose of assuring that the payments referred
too above
will be made as scheduled, the Pledged Tax Rev accumulated
ccumul
in the Special Fund shall be used
the
thatfollowing
depositsphave been
provided, however, that to the extent
10/21/91 -18-
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EXHIBIT B
PA #1 - 1991
made in any of the Funds referred to below from the
proceeds
not
the sale of the Bonds or otherwise, the deposits below
be made:
(a) Bond Interest Fund. Deposits shaall be made into
the Bond Interest Funds for tdeSeries lnterestlFund created.
Bonds, the
Series 1990 Bonds and the Bon
herewith on or before the last day in February
h ruary and on amount in
before August 31 of each Bond Year so al am the
each of said Funds on said date shall a equal
payable on
aggregate amount of interest becoming
the Series 1990
the then outstanding Seriesnext 8succeeding interest payment
9u
Bonds and the Bonds on the
date. Moneys in the Bond Interest Fund shall be used
for
the payment of interest on the Bonds as the
samedue.
(b) Bond Payment Fund. After the deposits have
been
made pursuant to subparagraph (a) above, depose
ts shall
next be made into the Bond Payment Funds for t e SeriesymentFund
1989,Bonds, the Series 1990 Bonds and the
created herewith so that the balance in each of laid Funtheds
on or before August 31 of each Bond Year is equal
Series
to
principal coming due on the then outstanding
Bonds, including
1989 Bonds, the Series 1990 Bonds and
Minimum Sinking Fund Payments, on the next succeeding
September 1.
(c) Debt Service Reserve Fund. After deposits have
been made pursuant to subpthegDebtService Reserve Funds
a and (b) above,
deposits shall be made to
established for the Series 1989 Bonds, the Series 1990
Bonds and under this Resolution from available Pledged
Tax
Revenues, if necessary, pro rata in order to cause
the
amounts on deposit therein to equal the Reserve
Requirement. Money in the Debt Service Reserve tuedBo all
be transferred to the Bond Interest Fund and/or
Payment Fund to pay interest on and principal of the Bonds,
including Minimum Sinking Fund Payments, as they become due
to the extent Pledged Tax Revenues areinsufficient
therefor. Any portion of the Debt Servicebe
which is in excess of the Reserve Requirement
shall on or
transferred to the Bond stFund,
on or before August 31.
before the last day in February and
The Agency may elect to maintain the Reserve(11 )
a letter of credit, a
Requirement by obtaining (i)
1
surety bond, or (iii) a policy of insurance in aamount
which will guarantee to the Agency the full amount
of te
Reserve Requirement at such times as all or any portion of
the Reserve Requirement is needed for transfer to1 a Bond
Interest Fund and/or the Bond Payment Fund as here
stated, provided that the letter of credit bank is rated in
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6820u/2338/014
EXHIBIT B
PA #1 - 1991
the top two rating categories by Moody's Investor's
Service, Inc. and Standard & Poor s Corporation and that
upon the expiration of the letter of cred,if letter of
extended, the Agency shall obtain a substitute
credit, a surety bond or a policy of insurance as
hereinafter provided, or shall deposit cash that the Debt
issuer
Service Reserve Fund, and f erolicvlshall be rated in
of any .surety bond or insurancepolicy
the top three rating categories by Moody s Investor's
Service, Inc. and Standard & Poor s Corporation.
The
shall
Agency shall acquire such alternate security n
direct the Fiscal Agent to pay from money in the Debt
Service Reserve Fund the letter of credit fees, the cost of
a surety bond, or the insurance policy premium, as the case
may be. Any money in the Debt Service Reserve Fund after
the Agency acquires the alternate security and pays the
appropriate costs as herein provided shall be transferred
to the Agency for deposit into the Redevelopment
(d) Holding Fund. The Fiscal Agent shall
trasferall
the
from the Special Fund and
deposit
into
ding Fund
moneys then remaining in Special Fund
end after the above
rovided however,
mentioned transfers have taken place; p
that if 120% of Annual Debt Service was placed in the
Special Fund in such Bond Year, and the Agency
is notinReserve
Series
default under the Resolutidthe Debt 1989 Bonds, the Series
Funds established for the to the
1990 Bonds and under this Resolution are equal
respective Reserve Requirements, then all money then
remaining in the Holding Fund may be returned itotthe
Agency
for any lawful purpose. Except as set forth
he
preceding sentence, all money in the Holding Fund shall be
used and withdrawn by the Fiscal Agent for the apurpose
o f
replenishing the Bond Interest F90d$ondsaandsestablished
this
Series 1989 Bonds, the Series 19
Resolution, pro rata, the Bond Payment Funds established
for the Series 1989 Bonds, the Series 1990 and under this
Resolution, pro rata, and the Debt Service Reserve Funds
established for the Series 1989 Bonds, the Series 1990
Bonds and under this Resolution, pro rata, in such order,
in the event of any deficiency at any time in such Funds,
or for the purpose of paying the interest ontheredempt on
res 990
premiums, if any, on the Series 1989 Bonds,
Bonds, or the Bonds, in the event that no other money of
the Agency is lawfully available therefor, or
rSfor the
1990
retirement of all the Series 1989 Bonds, as the
Bonds or the Bonds then outstanding,
and, at thelong
request of
Agency is not in default hereunder,
the Agency, for the purchase or redemption of the SerieA
1989 Bonds, the Series 1990 Bonds or the Bonds.
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EXHIBIT B
PA #1 - 1991
(e) Payments under the Financial Guaranty Insurance
Policy.
(i) In the event that, on the second Business
Day, and again on the Business Day, prior to an Interest
-Payment Date, the Fiscal Agent has not received sufficient
moneys to pay all principal of and interest on the Bonds due on
the second following or following, as the case may be, Business
Day, the Fiscal Agent shall immediately notify MBIA or its
designee on the same Business Day by telephone or telegraph,
confirmed in writing by registered or certified mail, of the
amount of the deficiency.
(ii) If the deficiency is made up in whole or in
part prior to or on the Interest Payment Date, the Fiscal
Agent shall so notify MBIA or its designee.
(iii) In addition, if the Fiscal Agent has actual
knowledge that any Bondowner has been required to disgorge
payments of principal or interest on the Bond to the Agency
or its trustee or Fiscal Agent in Bankruptcy or creditors
of others pursuant to a final judgment by a court of
competent jurisdiction that such payment constitutes a
voidable preference to such Bondowner within the meaning of
any applicable bankruptcy
laws, then the Fiscal Agent shall notify MBIA or its
designee of such fact by telephone or telegraphic notice,
confirmed in writing by registered or certified mail.
(iv) The Fiscal Agent is hereby irrevocably
designated, appointed, directed and authorized to act as
attorney -in -fact for Owners of the Bonds as follows:
A. If and to the extent there is a
deficiency in amounts required to pay interest on the
Bonds, the Fiscal Agent shall (1) execute and deliver
to Citibank, N.A., or its successors under the
Financial Guaranty Insurance Policy (the "Insurance
Paying Agent"), in form satisfactory to the Insurance
Paying Agent, an instrument appointing MBIA as agent
for such Owners in any legal proceeding related to the
payment of such interest and an assignment to MBIA of
the claims for interest to which such deficiency
relates and which are paid by MBIA, (2) receive as
designee of the respective Owners (and not as Fiscal
Agent) in accordance with the tenor of the Policy
payment from the Insurance Paying Agent with respect
to the claims for interest so assigned and (3)
disburse the same to such respective Owners; and
(B) If and to the extent of a deficiency in
amounts required to pay principal of the Bonds, the
Fiscal Agent shall (1) execute and deliver to the
Insurance Paying Agent in form satisfactory to the
10/21/91
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EXHIBIT B
PA #1 - 1991
Insurance Paying Agent an instrument appointing MBIA
as agent for such Owner in any legal proceeding
relating to the payment of such principal and an
assignment to MBIA of any of the Bonds surrendered to
the Insurance Paying Agent of so much of the principal
amount thereof as has not previously been paid or for
which moneys are not held by the Fiscal Agent and
available for such payment (but such assignment shall
be delivered only if payment from the Insurance Paying
Agent is received), (2) receive as designee of the
respective Owners (and not as Fiscal Agent) in
accordance with the tenor of the Policy payment
therefor from the Insurance Paying Agent and (3)
disburse the same to such Owners.
(v) Payments with respect to claims for interest on
and principal of Bonds disbursed by the Fiscal Agent from
proceeds of the Policy shall not be considered to discharge
the obligation of the Agency with respect to such Bonds,
and MBIA shall become the owner of such unpaid Bond and
claims for the interest in accordance with the tenor of the
assignment made to it under the provisions of this
subsection or otherwise.
(vi) Irrespective of whether any such assignment is
executed and delivered, MBIA and the Fiscal Agent hereby
agree for the benefit of MBIA that:
(A) the Agency recognizes that to the extent
MBIA makes payments directly or indirectly (as by
paying through the Fiscal Agent), on account of
principal of or interest on the Bonds, MBIA will be
subrogated to the rights of such Owners to receive the
amount of such principal and interest from the Agency,
with interest thereon as provided and solely from the
sources stated in this Resolution and the Bonds, and
(B) the Agency will accordingly pay to MBIA the
amount of such principal and interest (including
principal and interest recovered under subparagraph
(ii) of the first paragraph of the Policy, which
principal and interest thereon as provided in this
Resolution and the Bond, but only from the sources and
in the manner provided herein for the payment of
principal of and interest on the Bonds to Owners, and
will otherwise treat MBIA as the owner of such rights
of the amount of such principal and interest.
(vii) In connection with the issuance of Parity Bonds,
the Agency shall deliver to MBIA a copy of the disclosure
document, if any, circulated with respect to such Parity
Bonds.
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-22-
EXHIBIT B
PA #1 - 1991
In the event that amounts held in the Special Fund are
insufficient to provide for all amounts of interest on and
principal of the Series 1989 Bonds, the Series 1990 Bonds and
the Bonds due on any payment date, such amounts shall be
applied pro rata to the payment of interest on the Series 1989
Bonds, the Series 1990 Bonds and the Bonds, without priority
_among them and then to the payment of principal of the Series
1989 Bonds, the Series 1990 Bonds and the Bonds, pro rata and
without priority. In the event of acceleration of the Bonds,
the provisions of Section 25B hereof shall govern.
Any remaining Pledged Tax Revenues after providing for
(a), (b), (c), and (d) above shall be transferred to the Agency
and may be used in a manner provided by law for the purpose of
aiding in financing the Project, including early redemption or
purchase of the Bonds, as provided in this Resolution.
Section 16. Deposit and Investment of Moneys in
Funds. All moneys held by the Fiscal Agent in the Special
Fund, the Holding Fund, the Redemption Fund or the Rebate Fund
shall be (i) invested at the written direction of the Agency in
Federal Securities, or (ii) held in trust accounts, time or
demand deposits, including certificates of deposit, in any
commercial bank or trust company authorized to accept deposits
of public funds (including the banking department of the Fiscal
Agent) which are fully insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance
Corporation or are secured at all times by Federal Securities,
or secured at all times by bonds or other obligations which are
authorized by law as security for public deposits, of a market
value at least equal to the amount required by law, or (iii)
invested in a taxable government money market portfolio
restricted to obligations with maturities of one year or less,
issued or guaranteed as to payment of principal and interest by
the full faith and credit of the United States or repurchase
agreements collateralized by such obligations. If the Fiscal
Agent receives no written directions from the Agency as to the
investment of moneys held in any Fund or Account, the Fiscal
Agent shall, pending receipt of instructions, invest such
moneys in a taxable government money market portfolio as
described in (iii) above.
(a) Moneys in the Redevelopment Fund may be invested
in any investment authorized by law for the investment of
Agency money, which will by their terms mature not later
than the date the Agency estimates the moneys represented
by the particular investment will be needed for withdrawal
from such Fund.
(b) Moneys in the Bond Interest Fund and the Bond
Payment Fund shall be invested only in obligations which
will by their terms mature on such dates as to ensure that
before each interest payment date and principal payment
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EXHIBIT B
PA #1 - 1991
date there will be in such Funds, from matured obligations
and other moneys already in such Funds, cash equal -to the
interest and principal payable on the respective payment
dates.
(c) Except as provided in Section 15(c) hereof,
moneys in the Debt Service Reserve Fund shall be invested
in obligations which will by their terms mature prior to
the date which is the final maturity date of the Bonds.
Except as otherwise provided herein, obligations
shall
purchased as an investment of moneys in any
of be deemed at all times to be a part of such respective Fusuchnd
the interest accruing thereon and any
gain
andanyloss
realized
investment shall be credited to such Fund
resulting from any such authorized investment shall be charged
to such Fund without liability to the Agency
or the members and
officers thereof or to the Fiscal Agent. The Agency
bestthe
Fiscal Agent, as the case may be, shall
s
ell at the price
obtainable or present for redemptionany on so
obligation
ligatdo siin order to
purchased whenever it shall be necessary
provide moneys to meet any payment or transfer from such Fund as required by this Resolution. The investment constituting a
part of such Fund shall be valued at the thenf stimaaceountted or
appraised market value of such investment o
thereof, which ever is lower; provided, however, that
investments in the Bond Interest Fund and the Bond Payment Fund
shall be valued at the face amount thereof.
Aency
Section 17. Issuance ofar Pity Bondsgondseingsuch may
provide for the issuance of, and sell, Parity
principal amounts as it estimates will be needed for the
Redevelopment Project purposes.
The issuance and sale of any Parity Bonds shall be
subject to the following conditions precedent:
(a) The Agency shall be in compliance with all
covenants in this Resolution;
(b) The Parity Bonds shall be on such terms and
conditions as may be set forth in a supplemental
substantially
resolution, which shall provide for (1) onds in accordance with the Resolution, (ii) the deposit of a
portion of the Parity Bond proceeds into the Debt Service
Reserve Fund, or the acquisition of an alternate security
as provided in Section 15(c) hereof, in an amount
sufficient, together with the balance of the Debt Service
Reserve Fund, to equal the Maximum Annual Debt Service on
all Bonds expected to be outstanding including
the
the disposition
outstanding Bonds and Parity
Bonds,
substantially the same
of surplus Pledged Tax Revenues
manner as Section 15(d) hereof;
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EXHIBIT C
PA #1 - 1989
The foregoing provisions of this Section are a portion
of the provisions of said Article 6 of the Law as applied to
the Bonds and shall be interpreted in accordance with said
Article 6 of the Law, and the further provisions and
definitions contained in said Article 6 of the Law are hereby
incorporated herein by reference and shall apply.
Section 33645 of the Health and Safety Code provides,
in applicable part as follows: The resolution, trust
indenture, or mortgage shall provide that tax increment funds
allocated to an agency pursuant to Section 33670 shall not be
payable to a trustee on account of any issued bonds when
sufficient funds have been placed with the trustee to redeem
all outstanding bonds of the issue." This Resolution is
presently in compliance with the above quoted provision and
shall be so construed.
Section 15. Special Fund. All Pledged Tax Revenues,
and other moneys identified herein, deposited in the Special
Fund in accordance with Section 14 hereof shall be allocated as
provided herein and in Section 15 of Resolution No. RA 85-5.
The interest on the Bonds until maturity shall be paid by the
Fiscal Agent from the Bond Interest Fund. After all interest
then due on the Bonds on the next interest payment date has
been paid or provided for, moneys in the Special Fund shall be
applied to the payment of the principal, including Minimum
Sinking Fund Payments, of the Bonds.
Without limiting the generality of the foregoing and
for the purpose of assuring that the payments referred to above
will be made as scheduled, the Pledged Tax Revenues accumulated
in the Special Fund shall be used in the following priority;
provided, however, that to the extent that deposits have been
made in any of the Funds referred to below from the proceeds of
the sale of the Bonds or otherwise, the deposits below need not
be made:
(a) Bond Interest Fund. Deposits shall be made into
the Bond Interest Fund for the Series 1985 Bonds under
Resolution No. RA 85-5 and the Bond Interest Fund created
herewith on or before the last day in February and on or
before August 31 of each Bond Year so that the amount in
each of said Funds on said date shall be equal to the
aggregate amount of interest becoming due and payable on
the then outstanding Series 1985 Bonds and Bonds on the
next succeeding interest payment date. Moneys in the Bond
Interest Fund shall be used for the payment of interest on
the Bonds as the same becomes due.
(b) Bond Payment Fund. After the deposits have been
made pursuant to subparagraph (a) above, deposits shall
next be made into the Bond Payment Fund for the Series 1985
Bonds under Resolution No. RA 85-5 and the Bond Payment
Fund created herewith so that the balance in each of said
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EXHIBIT C
PA #1 - 1989
Funds on or before August 31 of each Bond Year is equal to
the principal coming due on the then outstanding Series
1985 Bonds and Bonds, including Minimum Sinking Fund
Payments, on the next succeeding September 1.
(c) Debt Service Reserve Fund. After deposits have
been made pursuant to subparagraphs (a) and (b) above,
deposits shall be made to the Debt Service Reserve Funds
established under Resolution No. RA 85-5 and under this
Resolution from available Pledged Tax Revenues, if
necessary, pro rata in order to cause the amounts on
deposit therein to equal the Reserve Requirement. Money
in the Debt Service Reserve Fund shall be transferred to
the Bond Interest Fund and/or the Bond Payment Fund to pay
.interest on and principal of the Bonds, including Minimum
Sinking Fund Payments, as they become due to the extent
Pledged Tax Revenues are insufficient therefor. Any
portion of the Debt Service Reserve Fund which is in excess
of the Reserve Requirement shall be transferred to the Bond
Interest Fund, semiannually on or before the last day in
February and on or before August 31.
The Agency may, at any time after the date on which
the 1985 Bonds are no longer outstanding, elect to maintain
the Reserve Requirement by obtaining (i) a letter of
credit, (ii) a surety bond, or (iii) a policy of insurance
in an amount which will guarantee to the Agency the full
amount of the Reserve Requirement at such times as all or
any portion of the Reserve Requirement is needed for
transfer to the Bond Interest Fund and/or the Bond Payment
Fund as hereinbefore stated, provided that the letter of
credit bank is rated in the top two rating categories by
Moody's Investor's Service, Inc. and Standard & Poor is
Corporation and that upon the expiration of the letter of
credit, if not extended, the Agency shall obtain a
substitute letter of credit, a surety bond or a policy of
insurance as hereinafter provided, or shall deposit cash in
the Debt Service Reserve Fund, and further provided that
the issuer of any surety bond or insurance policy shall be
rated in the top three rating categories by Moody's
Investor's Service, Inc. and Standard & Poor's
Corporation. The Agency shall acquire such alternate
security and shall direct the Fiscal Agent to pay from
money in the Debt Service Reserve Fund the letter of credit
fees, the cost of a surety bond, or the insurance policy
premium, as the case may be. Any money in the Debt Service
Reserve Fund after the Agency acquires the alternate
security and pays the appropriate costs as herein provided
shall be transferred to the Agency for deposit into the
Redevelopment Fund.
(d) Holding Fund. The Fiscal Agent shall transfer
from the Special Fund and deposit into the Holding Fund all
moneys then remaining in the Special Fund after the above
01-04-89
2563n/2338/003 -20-
EXHIBIT C
PA #1 - 1989
mentioned transfers have taken place. If (a) the Series
1985 Bonds are still outstanding, and (b) 125% of Annual
Debt Service was placed in the Special Fund in such Bond
Year, and (c) the Agency is not in default under the
Resolution, and (d) the Debt Service Reserve Fund is equal
to Maximum Annual Debt Service, then all money then
remaining in the Holding Fund may be returned to the Agency
for any lawful purpose. If (a) the Series 1985 Bonds are
no longer outstanding, and (b) 120% of Annual Debt Service
was placed in the Special Fund in such Bond Year, and (c)
the Agency is not in default under the Resolution, and (d)
the Debt Service Reserve Fund is equal to the Reserve
Requirement, then all money then remaining in the Holding
Fund may be returned to the Agency for any lawful purpose.
Except as set forth in the preceding sentence, all money in
the Holding Fund shall be used and withdrawn by the Fiscal
Agent for the purpose of replenishing the Bond Interest
Fund, the Bond Payment Fund, and the Debt Service Reserve
Fund, in such order, in the event of any deficiency at any
time in such Funds, or for the purpose of paying the
interest on or redemption premiums, if any, on the Bonds,
in the event that no other money of the Agency is lawfully
available therefor, or for the retirement of all the Bonds
then outstanding, or, so long as the Agency is not in
default hereunder, and, at the request of the Agency, for
the purchase or redemption of Bonds.
In the event that amounts held in the Special Fund are
insufficient to provide for all amounts of interest on and
principal of the Series 1985 Bonds and the Bonds due on any
payment date, such amounts shall be applied pro rata to the
payment of interest on the Series 1985 Bonds and the Bonds,
without priority among them and then to the payment of
principal of the Series 1985 Bonds and the Bonds, pro rata and
without priority. In the event of acceleration of the Bonds,
the provisions of Section 25B hereof shall govern.
Any remaining Pledged Tax Revenues after providing for
(a), (b), (c), and (d) above shall be transferred to the Agency
and may be used in a manner provided by law for the purpose of
aiding in financing the Project, including early redemption or
purchase of the Bonds, as provided in this Resolution.
Section 16. Deposit and Investment of Moneys in
Funds. All moneys held by the Fiscal Agent in the Special
Fund, the Holding Fund, the Redemption Fund or the Excess
Investment Earnings Fund shall be (i) invested at the written
direction of the Agency in Federal Securities, or (ii) held in
trust accounts, time or demand deposits, including certificates
of deposit, in any commercial bank or trust company authorized
to accept deposits of public funds (including the banking
department of the Fiscal Agent) which are fully insured by the
Federal Deposit Insurance Corporation or the Federal Savings
and Loan Insurance Corporation or are secured at all times by
Federal Securities, or secured at all times by bonds or other
01-04-89
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EXHIBIT C
PA #1 - 1989
obligations which are authorized by law as security for public
deposits, of a market value at least equal to the amount
required by law, or (iii) invested in a taxable government
money market portfolio restricted to obligations with
maturities of one year or less, issued or guaranteed as to
payment of principal and interest by the full faith and credit
of the United States or repurchase agreements collateralized by
such obligations. If the Fiscal Agent receives no written
directions from the Agency as to the investment of moneys held
in any Fund or Account, the Fiscal Agent shall, pending receipt
of instructions, invest such moneys in a taxable government
money market portfolio as described in (iii) above.
(a) Moneys in the Redevelopment Fund may be invested
in any investment authorized by law for the investment of
Agency money, which will by their terms mature not later
than the date the Agency estimates the moneys represented
by the particular investment will be needed for withdrawal
from such Fund.
(b) Moneys in the Bond Interest Fund and the Bond
Payment Fund shall be invested only in obligations which
will by their terms mature on such dates as to ensure that
before each interest payment date and principal payment
date there will be in such Funds, from matured obligations
and other moneys already in such Funds, cash equal to the
interest and principal payable on the respective payment
dates.
(c) Except as provided in Section 15(c) hereof,
moneys in the Debt Service Reserve Fund shall be invested
in obligations which will by their terms mature prior to
the date which is the final maturity date of the Bonds.
Except as otherwise provided herein, obligations
purchased as an investment of moneys in any of said Funds shall
be deemed at all times to be a part of such respective Fund and
the interest accruing thereon and any gain realized from such
investment shall be credited to such Fund and any loss
resulting from any such authorized investment shall be charged
to such Fund without liability to the Agency or the members and
officers thereof or to the Fiscal Agent. The Agency or the
Fiscal Agent, as the case may be, shall sell at the best price
obtainable or present for redemption any obligation so
purchased whenever it shall be necessary to do so in order to
provide moneys to meet any payment or transfer from such Fund
as required by this Resolution. The investment constituting a
part of such Fund shall be valued at the then estimated or
appraised market value of such investment or face amount
thereof, which ever is lower; provided, however, that
investments in the Bond Interest Fund and the Bond Payment Fund
shall be valued at the face amount thereof.
01-04-89
2563n/2338/003 -22-