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1994 05 11 IAB4 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 FAX (619) 777-7101 INVESTMENT ADVISORY BOARD AGENDA Study Session Room 78-495 Calle Tampico La Quinta, CA 92253 May 11, 1994 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONSENT CALENDAR A. Approval of Minutes from the meeting of April 13, 1994. IV BUSINESS SESSION A. Transmittal of Treasurer's Report Dated March 31, 1994. V STUDY SESSION A. Investment Policy Review Banking Services B. Investment Risk VI BOARD MEMBER COMMENTS VII OTHER A. Banque Audi Condemnation B. Bond Reserve Funds C. TRACs Newsletter VIII ADJOURNMENT MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 INVESTMENT ADVISORY BOARD MEETING DATE: May 11, 1994 ITEM TITLE: TRANSMITTAL OF TREASURER'S REPORT DATED MARCH 31, 1994 FOR THE CITY COUNCIL MEETING OF MAY 31 1994 ISSUE AND DISCUSSION: AGENDA CATEGORY: CONSENT CALENDAR: BUSINESS SESSION: STUDY SESSION: The attached Treasurer's Report of March 31, 1994 transmitted to the La Quinta City Council at the May 3, 1994 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: Rich Parzonko Finance Director CITY OF LA QUINTA TREASURER'S REPORT MARCH 31, 1994 ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER. TYPE OF MATURITY INVESTMENT INSTITUTUION DATE POOLED CASH CHECKING BANK OF AMERICA N/A HONEY MARKET BANK OF AMERICA N/A LAIF/98-33-434 STATE OF CALIF. DEMAND LAIF/65-33-017 STATE OF CALIF. DEMAND CITY PETTY CASH N/A N/A MONEY MARKET BANK OF THE DESERT N/A DEFERRED COMP ICMA DEMAND RDA RESTRICTED CASH BANK OF AMERICA RESTRICTED 1ST INTERSTATE RESTRICTED CONSTRUCTION 1ST INTERSTATE DEMAND DISTRIBUTION OF CASH AND INVESTMENTS CITY GENERAL FUND GAS TAX FUND COMMUNITY PROJECT FUND QUIMBY FUND INFRASTRUCTURE FUND VILLAGE PARKING FUND ASSESSMENT DIST FUNDS TRUST AND AGENCY FUNDS RDA CAPITAL IMPROVEMENT FUNDS DEBT SERVICE FUNDS LOW/MOD FUNDS INTEREST RATE AMOUNT RANK N/A $ (524,397) 1 2.30 508,290 1 4.176 5,454,763 N/A 4.176 6,354,502 N/A ------------- $11,793,158 N/A 1,000 1 2.75 9,248 1 7.6 AVG INT 184,890 2 ------------- $195,138 1.77 2,695,454 2 1.86-402,844 1.86 4,882,894 2 2 ------------- $7,981,192 ------------- TOTAL $ 19,969,488 $19,969,488 ------------------------- ------------------------- PA #1 PA #2 ($1,814,387) $2,299,572 3,828,511 2,339,169 3,430,424 1,067,778 --------------------------- $5,444,548 $5,706,519 $1,799,224 (124,950) 1,071,981 689,726 2,448,249 21,469 1,402,665 1,510,057 $8,818,421 $11,151,067 ------------- $19,969,488 $19,969,488 2 LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT MARCH 31, 1994 ASSETS UNDER THE INVESTMENT DIRECTION OF THE FINANCING AUTHORITY TREASURER. TYPE OF MATURITY INVESTMENT INSTITiT UION DATE ---------- ------------ -------- CIVIC CENTER BOND PROCEEDS: CASH-CONSTRUCTIONBANK OF AMERICA DEMAND CASH -RESERVE BANK OF AMERICA DEMAND CASH -REDEMPTION BANK OF AMERICA DEMAND INTEREST RATE AMOUNT -------- ------ 1.77 $2,192 1.77 753,346 1.77 274,177 TOTAL ------------- $1,029,715 2 2 2 3 CITY OF LA QUINTA BANK RECONCILENENT NARCH 31, 1994 03/31/94 BANK STATEMENT BALANCES: BANK OF ANERICA: CHECKING N/N STATE OF CALIF: 98-33-434 65-33-017 03/31/94 TOTAL BANK STATEMENT BALANCES LESS OUTSTANDING CHECKS: A/P P/R ADD OUTSTANDING DEPOSITS: 2/28/94 03/31/94 ADJUSTED BANK STATEMENT BALANCES 03/31/94 G/L BALANCE POOLED CASH I INVESTNENTS AOJ JE'S POSTED IN APR 94: SRV CHG/BK STNT OUTSTANDING INTEREST 03/31/94 ADJUSTED G/L BAL - CASH i INVESTNENTS IAIF CHECKING KIN 98-33-434 58,802.54 503,929.06 IAIF 65-33-011 514549163.20 69354,502.33 i ---------------------------------------------- 58,802.54 503,929.06 51454,763.20 6,354,502.33 (639,184.05) (21830.85) 66,429.00 ------------------------------------------------ (511,383.36),5031929.06 S,4541163.20 6,354,502.33 TOTALS 58,002.54 503,929.06 5,454,763.20 6,354,502.33 ------------- 12,371,997.13 (639,784.05) (29830.85) 66,429.00 ------------- 11,195,811.23 (524,397.52) $08,289.88 59454t163.20 6,354,502.33 11,193,151.89 ),038.00 � 1,038.00 (23.84) I (23.84) 0.00 (t,360.82) (4,360.82) -------------------------------------------------------------- (511,383:36) 503,929.06 $1454,763.20 6135t,502.33 11,195,811.23 --- ---- ---------------------- ---- - ---- ----- ------------- 4 GL62 CASH BALANCE BY FUND SUMMARY PAGE 4/ 18/94 PERIOD ENDING 3/3 1/94 12. 1 1 . 26 FUND DESCRIPTION TOTAL 1 GENERAL FUND 1,788,976.03 2 STATE GAS TAX FUND 124,949.64- 3 COMMUNITY PROJECT FUND 1 , 07 1 , 981 . 1 1 12 FEDERAL ASSISTANCE FUND 270.94 13 LANDSCAPE MAINT. DISTRICT #1 .00 14 ASSESSMENT DISTRICT 88-1 .00 15 ASSESSMENT DISTRICT 89-2 11482.19- 16 CITY-WIDE ASSESSMENT DIST 89-1 829969.87 17 QUIMBY FUND 6899727.99 18 INFRASTRUCTURE FUND 2,448,248.90 19 EQUIPMENT REPLACEMENT FUND .00 20 VILLAGE PARKING FUND 21,468.92 21 ASSESSMENT DISTRICT 90-1 .00 22 ASSESSMENT DISTRICT 91-1 4959951.18 23 ARTS IN PUBLIC PLACES 1719160.91 24 ASSESSMENT DISTRICT 92-1 8259224.87 39 SOUTH COAST AIR QUALITY 14,971.30 41 88-1 AGENCY FUND 2149865.24 51 89-2 AGENCY FUND 1949029.10 52 90-1 AGENCY FUND 183,069.06 53 91-1 AGENCY FUND 315,266.67 54 92-1 AGENCY FUND 2319534.02 60 RDA CAPITAL IMPROVEMENTS PA#i 11814,387.38- 62 RDA 'LOW/MOD FUND PA#1 39430,423.57 63 RDA DEBT SERVICE FUND PA#1 1,133,055.62 66 RDA DEBT SERVICE FUND PA#2 19936,324.69 67 RDA CAPITAL PROJECTS PA#2 29583,321.04- 68 RDA LOW/MOD FUND PA#2 1,067,778.25 70 LA QUINTA FINANCING AUTHORITY .00 TOTAL CASH FUND BALANCE 11,793,157.89 5 'TM Bank of America P.O. Box 30746 Los Angeles, CA 90030-0746 CITY OF LA QUINTA P 0 BOX 1504 LA QUINTA CA 92253 Your Bank of America Business Analyzed Checking Statement Statement Period: March 1 through March 31, 1994 Account Number: 09160-15464 Tax ID: 95-3740431 At Your Service Call: 619-340-1867, 24 hours, 7 days a week Indio Main Office 81-800 Hwy 111 Indio, CA 92201-5417 Customer since 1982 Bank of America appreciates your business and we enjoy serving you. ❑ Summary of Your Business Analyzed Checking Account Beginning Balance on 03/01/94 $559,409.85 Number of branch/ATM deposits 27 Total Deposits and Other Credits + 4,481,736.51 Number of checks paid 391 Total Checks and Other Withdrawals - 4,982,343.82 Ending Balance $58,802.54 n - ❑ Important Information About Your Account Your Corporate Account Analysis Statement provides details regarding monthly analysis charges. Contact your account representative for additional information. Save on your account charges ... If you make deposits in our branch, you might consider using our Night Depository Service or using our VERSATELLER ATM Deposit Card at VERSATELLER ATMs in California to reduce deposit processing costs. Both services are available 24 hours a day. Call our 24-Hour Customer Service number for details. ❑ Branch/ATM Deposits Number Date Posted Amount 03/01�'` 23,226.42 03/02 311,577.21 03/03 "--- -1,600.10 03/03 ",400,000.00 03/04 127.356,74 03/07 � 31,671.59 03/08 ,� 165,222.08 03 /09 421,124.46 03/10 37,377.51 03/11 � 573,209.06 �- 03/14 7,600.91 03/15 121,073.50 03/16 32,387.13 03/17 2,001.68 Continued on next page 0031634.001.123 Number Date Posted Amount 03/18 03/18 03/21 03/22 03/22 03/23 03/24 03/24 03/25 03/28 03/29 03/30 03/31 Total of 27 Branch/ATM Deposits 7,328.11 -'----�900,000.00M V1"9� �1`a, 65 r1.92 3,354.00 27.517.52 126,157.96 �• 241,117.95 181,513.01 1,110.27 $3,736,680.43 Page 1 of 5 E 392 6 a TIn 173 Bank of America CITY OF LA QUINTA ❑ Checks Paid . Gap in check sequence Statement Period: March 1 through March 31, 1994 Account Number: 09160-15464 Number Date Paid Amount I I Number �'$ 03/01 80,000.00 * t7l�-o A 03/07 (ors ' �rj 1.072.50 * 03/14 610,000.00 *- _ 03/29 Nosls,t,27-"�.� 917.00 03/30 200,000.00 * 03/31 180,000.00 * 9753 03/01 ti 929.63 9754 03/01 '-1,787.20 * 9756 03/08 1,578.38 9757 03/01 701.65 * 9762 03/01 ` 115.96 * 9776 03/04 1,043.65 * 9778 03/01 '`1 988.67 * 9782 03/01 734.45 * 9786 03/01 640.10 * 9807 03/01 + 836.01 9808 03/01 `a956.33 * 9811 03/01 50b.75 * 9814 03/15 929.64 9815 03/15 1,787.21 9816 03/14 v2,121.19 9817 03/15 1,577.62 9818 03/14 -- 696.65 9819 03/14 A 771.35 9820 03/11 895.93 9821 03/11 674.54 9822 03/14 1,128.38 9823 03/14 110.96 9824 03/15 672.07 9825 03/11 796.48 9826 03/11 944.57 9827 03/11 11- 496.48 9828 03/11 141,277.19 9829 03/11 `"1,739.45 9830 03/14 '-357.59 9831 03/14 v 1,052.71 9832 03/14 - 1,853.31 9833 03/15 369.11 9834 03/14 , 594.73 9835 03/14 874.82 9836 03/14 1,447.12 9837 03/17 -,1,038.65 9838 03/14 � 909.75 9839 03/15 - 988.68 9840 03/14 ` 1,011.69 9841 03/14 - 1,091.19 9842 03/14 .790.96 9843 03/15 729.46 9844 03/15 350.01 9845 03/14 --1,626.94 9846 03/14 = 778.49 9847 03/14 635.11 9848 03/14 1,082.67 9849 03/14 1,076.47 9850 03/14 - 1,228.66 9851 03/15 ' 1,316.86 9852 03/14 1,296.46 9853 03/14 1,253.48 9854 03/14 1,313.32 9855 03/14 1,259.70 9856 03/14 2,236.90 9857 03/11 995.48 9858 03/11 -1,243.76 9859 03/14 802.48 9860 03/14 -459.55 9861 03/14 1,437.97 9862 03/14 1,028.18 Continued on next page 0031634.002.123 Date Paid Amount 9863 03/14 " 941.58 9864 03/16 IV-6 ZZ_. 9865 03/14 HOC. V Qf l- 1 131.91 9966- 03/14 _ $82 9867 03/14 '-679.46 9868 03114 ',,831.02 9869 03/14 ' 951.34 9870 03/15 •140.49 9871 03/14 - 485.71 9872 03/14 ' 587.58 9873 03/14 656.38 9874 03/17 •822.62 * 9876 03/29 929.63 * 9878 03/28 .2,121.18 9879 03/28 .1,577.61 9880 03/30 --701.65 9881 03/25 771.35 9882 03/28 1895.92 9883 03/25 ,679.53 9884 03/25 .1,128.37 9885 03/30 115.96 9886 03/28 677.06 9887 03/25 801.47 9888 03/25 -949.56 9889 03/25 \-496.48 9890 03/25 1,277.18 9891 03/25 �'1 9892 03/285M + owl � 617.19 1, 9893 9894 03/28 03/28 11' 1,853.30 9895 03/29 1-14419.11 9896 03/28 694.62 9897 03/28 874.81 9898 03/28 `1,447.11 * 9900 03/28 � 914.74 9901 03/30 -• 988.67 9902 03/28 - 946.68 9903 03/28 '- 1,091.18 9904 03/28 809.08 9905 03/31 734.45 9906 03/28 " 355.00 9907 03/25 ` 1,626.93 9908 03/28 - 778.48 9909 03/25 ,640.10 9910 03/28 -1,112.67 9911 03/29 4,081.47 9912 03/28 1,228.66 9913 03/25 11,321.85 9914 03/28 -.1,301.46 9915 03/28 "-- 1,258.48 9916 03/28 -1,318.31 9917 03/28 •1,2519.70 9918 03/29 `2,236.89 9919 03/25 995.48 9920 03/25 ,,1,243.74 9921 03/28 807.47 9922 03/28 - 563.92 9923 03/28 -1,437.96 9924 03/28 1,033.17 9925 03/28 , 950.83 9926 03/28 618.76 9927 03/28 1,095.42 9928 03/28 !679.45 9929 03/28 - 836.01 9930 03/28 - 862.33 9931 03/29 ` , 145.48 9932 03/28 J 490.71 Page 2 of 5 70 371 Bank of America CITY OF LA OUINTA ❑ Checks Paid Continued * Gap in check sequence Number Date Paid Amount 9933 03/25 '• 587.57 9934 03/28 610.69 * 17416 03/25 150.00 * 17574 03/14 . 75.00 * 17648 03/25 100.00 * 17669 03/04 •599.51 * 17677 03/03 .,21.54 * 17679 03/01 -1,430.38 * 17700 03/07 - 90,000.00 * 17709 03/15 `13.92 * 17722 03/03 150.00 * 17733 03/01 ' 187.49 * 17737 03/01 -128.33 * 17740 03/07 s 134,597.27 17741 03/04 -- 876.56 * 17750 03/09 - 69.32 * 17765 03/31 1 928.00 17777 03116 L-65.00 * 17781 03/08 67.00 17782 03/08 45.00 17783 03/15 `-17.00 17784 03/15 276.38 17785 03/08 - 71.54 17786 03/07 ''76,368.90 17787 03/08 351.34 17788 03/08 - 14.96 17789 03/17 '' 2,500.00 17790 03/04 �-154.00 17791 03/22 184.00 17792 03/08 147.64 17793 03/14 33.00 17794 03/08 ' 26.94 17795 03/04 '- 85.61 17796 03/09 `' 206.47 17797 03/11 846.40 17798 03/15 '' 5,000.00 17799 03/08 "-4,133.01 17800 03/08 55,282.50 17801 03/11 20.00 17802 03/08 46.17 17803 03/07 37158.32 * 17805 03/08 - 19.55 17806 03/07 ` 142.11 17807 03/15 -22.00 17808 03/04 453.09 17809 03/04 ,` 788.14 17810 03/09 232.14 17811 03/08 - 110.00 17812 03/07 ` l2,000.00 17813 03/08 1,654.29 17814 03/04 ` 264.77 i "i 815 03/08 - 60.00 17816 03/07 `� 8,706.36 17817 03/04 - 896.80 17818 03/07 687,320.15 17819 03/09 `- 200.00 17820 03/11 �` 42,550.00 17821 03/08 -. 877.25 17822 03/10 --2,709.00 17823 03/08 570.66 17824 03/14 76.23 17825 03/07 93.63 17826 03/04 "4802.01 17827 03/09 `98.00 17828 03/09 87.83 17829 03/14 ` ` 50.00 17830 03/14 57,664.00 Continued on next page 0031634.003.123 Statement Period: March 1 through March 31, 1994 Account Number: 09160-15464 Number Date Paid Amount 17831 03/09 222.55 17832 03/08 `-295.52 17833 03/08 V 228.97 17834 03/08 219.13 17835 03/09 45.25 17836 03/04 `f 40.32 17837 03/10 1,987.20 17838 03/09 " 7,398.00 17839 03/08 � 40.32 17840 03/07 ti 1,120.50 17841 03/10 v 618.83 17842 03/08 �-41.07 17843 03/11 79.52 17844 03/28 55.62 17845 03/08 762.67 17846 03/09 ` 5.37 17847 17848 03/07 '\J 16.91 \' 17849 03i i u 03/11 935.95 124.88 �' 17850 03/07 145.55 17851 03/09 ` 48,513.73 17852 03/08 24.16 17853 03/10 72.81 17854 03/31 -,,39.00 17855 03/04 - 1,285.46 17856 03/08 32.28 * 17858 03/02 535.48 17859 03/15 --928.94 17860 03/01 '+ 2,956.61 17861 03/11 "4400.00 17862 03/14 2,500.00 17863 03/02 `-87,160.00 17864 03/03 -- 43,881.00 17865 03/21 "-73,977.00 17866 03/03 -- 2,037.50 17867 03/08 --- 180.00 17868 03/18 �" 13,797.05 17869 03/03 23,750.00 17870 03/04 673.00 * 17872 03/28 72.00 17873 03/02 �, 228.90 17874 03/02 -123.50 17875 03/04 �- �120.00 17876 03/04 - 454.34 * 17878 03/03 1-100.00 17879 03/03 ,-692.57 17880 03/10 "" 100.00 17881 03/08 -25.00 17882 03/08 �, 0.00 17883 03/04 25.00 17884 03/08 -�100.00 17885 03/08 - -25.00 17886 03/03 50.00 17887 03/08 �800.00 17888 03/04 �25,000.00 17889 03/04 --50.00 17890 03/25 `100.00 17891 03/08 '`890.57 17892 03/07 "- 25.00 17893 03/03 '`1,394.11 17894 03/04 750.00 17895 03/22 v 78.00 17896 03/09 �50.00 17897 03/07 '- 25.00 17898 03/03 ` 690.57 " 17900 03/08 140,000.00 17901 03/08 325.00 Page 3 of 5 TM 131 Bank of America CITY OF LA QUINTA Statement Period: March 1 through March 31, 1994 Account Number: 09160-15464 O Checks Paid Continued " Gap in check sequence Number Date Paid Amount Number Date Paid Amount * 17903 03/24 112.00 17969 03/28 �` 75.00 17904 03/21 86.00 17970 03/24 120.00 %- 17905 03/21 559.61 17971 03/21 `7,810.00 17906 03/22 457.56 17972 03/25 1-500.00 17907 03/22 47.86 17908 03/22 209.04 17973 03/24 1,112.36 17974 03/22 \22,344.33 17909 03/22 V 497.00 17975 03/21 � 60.75 17910 03/21 �' 79,671.74 17976 03/18 79558.20 17911 03/31 �'260.00 \.590.00 17977 03/17 125.00 � 17912 03/23 17978 03/21 60.00 17913 03/21 'N,-,11.21 17979 03/21 11-1..4708.53 " 17914 03/22 22,584.00 17980 03/25 78.35 17915 03/28 �150.44 17981 03/21 --522.95 * 17917 03/22 "-343.12 '\- 17982 03/22 1,0000 17918 03/22 303.86 17983 03/21 596.52 17919 03/21 �` 18,197.07 17984 03/22 V 70 957.04 17920 03/25 ti292.98 17985 03/18 �.'653.63 "''4'573.00 17921 03/22 � `0 45.00 17986 03i 23 17922 03/21 �' 35.00 �`' 17987 03/21 573.55 17923 03/18 576.00 17988 03/21 70.00 17924 03/18 U 969.75 17989 03/18 100.25 �'510 17925 03/29 -j 20.19 17990 03/18 00 17926 03/24 240.60 17991 03/23 71.50 17927 03/18 �' 1,503.50 17992 03/21 ' 57.00 17928 03/28 11.59 17993 03/21 '115.60 17929 03/17 \'1.16,475.90 * 17995 03/24 `53.70 17930 03/22 675.00 17996 03/25 \-75.93 17931 03/21 ti 260.00 17997 03/25 1,656.91 17932 03/18 5,140.75 17998 03/21 \..,145.55 17933 03/22 -- 2,057.72 17999 03/23 --35.95 17934 03/30 108.00 18000 03/21 \.+ 7.97 807.45 17935 03/21 220.25 18001 03/18 17936 03/25 430.00 18002 03/18 229.47 17937 03/22 \' 62.39 18003 03/18 "-v258.33 11% 17938 03/18 392.90 * 18004 03/15 204.00 16560.00 17939 03/21 �- 9.76 "4178.00 18006 03/21 2:950.50 17940 03/23 18007 03/15 2,004.50 17941 03/21 2,280.73 18008 03/15 17942 03/17 212,572.14 18009 03/15 �' 3,085.23 17943 03/21 `1,751.70 18010 03/15 � 135.00 17944 03/25 --,330.89 18011 03/17 `13,854.39 17945 03/22 -'-109.35 18012 03/14 10,270.00 17946 03/21 ti435.88 * 17948 03/21 ',450.40 18013 03/15 3,000.00 * 18015 03/14 � 123.50 �' 67.88 17949 03/21 _95.00 18016 03/14 17950 03118 '-448.40 18017 03/22 '" 34,642.73 17951 03/18 18018 03/18 "-- 858.93 17952 03/21 '�-180.91 18019 03/18 --,-, 97.60 17953 03/21 �''7R90 2.0 17954 LA 'C.C-- r t I) -A'--- 03/18 550.23 18020 03/18 300.84 18021 03/22 �" 840.45 1795-5 03/28 18022 03/21 206.80 `' 17956 03/21 31.36 18023 03/25 A0.30 17957 03/22 104.59 `ll04.60 18024 03/22 � 646.00 * 35.00 17958 03/24 17959 03/21 '� 104.60 18026 03/28 18027 03/24 ~58,022.00 17960 03/21 �95.15 * 18029 03/29 - 535.48 17961 03/22 95.15 * 18031 03/29 931.77 * 4004.50 17962 03/22 131.03 �'95.15 18033 03/30 17963 03/24 * 18035 03/31 673.00 * 17966 03/28 ~ 80.83 18036 03/25 `10,384.00 17967 03/25 'i 3.58 a 18037 03/30 113.50 17968 03/22 '�27.73 Total of 391 Checks Paid $4,438,874.03 Continued on next page 0031634.004.123 Page 4 of 5 9 Of i :. Bank of America CITY OF LA OUINTA ❑ Account Activity Statement Period: March 1 through March 31, 1994 Account Number: 09160-15464 Date _ Posted Description Reference Number Amount Other Deposits and Credits 03/02 Fee Reversal 03/02 Fee Reversal 03/07 03/21 Credit Adjustment Credit Adjustment 360,000.00 385,000.00 Total Other Deposits and Credits $745,056.08 Other Withdrawals 03/01 Deposited Item Returned 90.00. 03/10 Debit Adjustment �500, 03/10 Bankamerit Ax Activity Fee 031094 RECEIPT 03/10 Tax Pymt Call-818-6668000 031094 941 95-3740431 4,43 03/15 03/15 Bankamerit BAtax Mthly Chg 031594 RECEIPT Tax Pymt Call-818-6668000 031594 941 95-3740431 �'14,418 03/17 Deposited Item Returned .61 �2.61 00 v0iZJ 03/29 Deposited item returned Bankamerit BAtax Mthly Chg 032994 RECEIPT 03/29 Tax Pymt Call-818-6668000 032994 941 95-3740431 %-+ 14,473. 2 Total Other Withdrawals $543,469.79 0031634.005.123 Page 5 of 5 10 " << H1, Bank of America Your Bank of America P.O. Box 30746 Business Analyzed Los Angeles, CA 80030-0746 Checking Statement Statement Period: March 1 through March 31, 1994 Account Number: 09168-16233 Tax ID: 95-3740431 11111ioiI�I��Lt At Your; Service CITY OF LA QUINTA P 0 BOX 1504 Call: 619-340-1867, 24 hours, LA QU`INTA CA 92253-1504 7 days a week - A R. Indio Main Office 81800 Hwy 111 Indio, CA 92201-5417 Customer since 1989 Bank of America appreciates your . business and we enjoy serving you. ❑ Summary of Your Beginning Balance on 03/01194. �53 Total Deposits and Other Credits + ;1,57 Total Checks and Other Withdrawals - 1,6Q Ending Balance $5C ,branch/ATM. deposits 4 ❑ Important information About Your Account � I' ■ ..1Ii .iA . � � .. �.� PI IP..I I�IIIIlIr.11l l . � II.I�II II I � Your Business Analyzed Checking AnalysisStatement provides detalhi regarding monthly service charges. ❑ Branch/ATM Deposits Number Data Postod a4i 03/013 80,0C 03/10 504;0t �'V 03/14` G1Q,f1t ❑ Checks Paid Number Date Paid A 03/24 S7'5,Ot Amount �J180,000.00 $1,370,000.00 Amount $200,000.00 �400,000.00 N226,994.00 '�-'J 900,000.00 Page 1 of 2 E3 11 Bank of America CITY OF LA QUINTA 0 Account Activity Continued Statement Period: March 1 through March 31, 1994 Account Number: 09168-16233 Date Posted Description Reference Number Amount Other Withdrawals Total Other Withdrawals $1,526,994.00 0 Daily Balance Date Amount Date Amount Date Amount 03/01 $ 615,923.06 03/14 1,325,923.06 03/24 123,929.06 03/03 215,923.06 03/15 1,098,929.06 03/30 323,929.06 03/10 715,923.06 03/18 198,929.06 03/31 503,929.06 0016974.002.123 Page 2 of 2 12 0 Aneouvrs Aaya�� GL26 O U T S `T A NO I N G C H E C K S PAGE 1 4/19/94 10.33.57 CHECK CHECK CHECK CHECK CUMULATIVE NUMBER TYPE DATE PAYEE AMOUNT SUB -TOTAL 14453 REGULAR 1/19/93 1640 PENA, JOHN 55.00 55.00 14641 REGULAR 2/16/93 2670 DESERT'FACILIITES CORP 435.00 490.00 15599 REGULAR 6/15/93 23 'ASCO-AUTONATED`F-REQUENCY 350.00 040.00 15744 REGULAR 6/30/93 921 HIGH.TECH`IRRIGATION`INC 866.23 1706.23 16837 REGULAR 11/02/93 1174 "LEONE, DEAN 3.00 1709.23 17138 REGULAR 12/07/93 1310 NARTIN'AND CHAPMAN CO 60.34 1769.57 17149 REGULAR 12/07/93 1640 -PENA, JOHN 14.04 1784.41 17370 REGULAR 12/28/93 2032 SMOLENS, DONNALDA 45.00 1829.41 17077 REGULAR 3/01/94 24 ABELS, VACQUES 100.00 1929.41 17902 PREPAID 3/00/94 1211 LA QUINTA CHAMBER'OF 50.00 1979.41 17916 REGULAR 3/00/94 2222 CA SPECIAL -TRAINING INST 15.00 1994.41 17947 REGULAR 3/08/94 916 INTERSTATE STRIPING- 11134.00 13128.41 17964 REGULAR 3/09/94 5007 LOW MOD 7 95.15 13223.56 17965 REGULAR 3/08/94 5006 LOW MOD S. 209.20 13432.76 17994 REGULAR 3/08/94 2234 VILLAGE VIDEO 7.00 13439.76 18005 PREPAID 3/08/94 369 CALIF ANIMAL CONTROL ASSN 85.00 13524.76 19014 REGULAR 3/10/94 3209 SNYDER-ASSOCIATES, RVAN 150.00 13674.76 18030 REGULAR 3/24/94 304 C.V.J.P.I.A 1010.29 14685.05 18032 REGULAR 3/24/94 443 CLERK OF THE COURT 400.00 15085.05 18034 REGULAR 3/24/94 1610 P.E.R.S. 13793.43 28878.48 18036 PREPAID 3/29/94 1949 -RIVERSIDE CO :RECORDERS OF 78.00 28956.48 18040 REGULAR 3/29/94 69 A AND S.COFFEE SERVICES 243.00 29199.48 19041 REGULAR 3/29/94 105 A-1 RENTS 105.00 29304.48 19042 REGULAR 3/29/94 94 ACE HARDWARE 376.08 29680.56 18043 REGULAR 3/29/94 35 `AFFILIATED -SECURITY SERV 411.00 30091.56 18044 REGULAR 3/29/94 160 ARROW PRINTING COMPANY' 1917.22 31908.78 19045 REGULAR 3/29/94 142 AZ -TECH ELECTRIC 1997.05 33905.83 18046 REGULAR 3/29/94 222 BAKER, PEGGY 40.00 33945.83 19047 REGULAR 3/29/94 171 BAKER,F*ED 95.68 34041.51 18049 REGULAR 3/29/94 21 BARNES, ROBERT A 5463.00 39504.51 19049 REGULAR 3/29/94 247 BIG A AUTO PARTS 130.06 39634.57 18050 REGULAR 3/29/94 229 BOGAN & ASSOC INC,, G 230.00 39864.57 19051 9EGULAR 3/29/94 215 BOUMA, FRED 97.81 39952.38 19052 REGULAR 3/29/94 298 BSI CONSULTANTS-INC' 57981.43 97933.81 18053 REGULAR 3/29/94 2735 CA STREET.NAINTENANCE INC 4639.09 102572.69 18054 REGULAR 3/29/94 301 CADET UNIFOR* SUPPLY 342.72 102915.41 18055 REGULAR 3/29/94 446 CAL ROOFING CO 370.00 103285.41 19056 REGULAR 3/29/94 441 CALIF GLASS ASSOCIATION 18.00 103303.41 18057 REGULAR 3/29/94 303 'tAtIFORNIA 13•UILDING 150.00 103453.41 19058 REGULAR 3/29/94- 330 CHANEY COMPANV-. GEORGE H.. 15196.19 118649.60 18059 REGULAR 3129/94 271 -COACHELLA VALLEY 288.89 118938.49 18060 REGULAR 3/29/94 2713 COACHELLA VALLEY LAND- 3012.42 121950.91 18061 REGULAR 3/29/94 350 COACHELLA:.VALtfY WATER 3172.87 125123.78 19062 REGULAR 3/29/94 3500 COACHELLA VALLE1f WATER 30850.00 155973.78 18063 REGULAR 3/29/94 2849 'CONRAD.& ASSOCIATES 3700.00 159673.78 18064 REGULAR 3/29/94 264 CORONA CLAY 969.75 160643.53 10065 REGULAR 3/29/94 412 DANNY'S PEST CONTROL 20.00 160663.53 18066 REGULAR 3/29/94 419 DECRATREND PAINTS 270.45 160933.98 18067 REGULAR 3/29/94 492 DESERT SUSINESS.MACHINES 583.20 161517.18 18068 REGULAR 3/29/94 543 DESERT JANITOR -SERVICE 3158.32 164675.50 19069 REGULAR 3/29/94 125 'DOUBLE PRINTS 1^14OUR PHOT 36.45 164711.95 18070 REGULAR 3/29/94 530 ECONO SEWER SERVICES 300.00 165011.95 18071 REGULAR 3/29/94 533 EISENHOWER 'IMMEDIATE CARE 178.00 165189.95 13 GL26 0 UT S T A N D I N G C H E C K S PAGE 4/19/94 10.33.E CHECK CHECK CHECK CHECK CUMULATIVE NUMBER TYPE DATE PAYEE AMOUNT SUB -TOTAL 18072 REGULAR 3/29/94 563 ELITE SOUND &.CELLULAR 1201.78 166391.73 18073 REGULAR 3/29/94 630 'FEDERAL'EXPRESS'CORP. 439.`00 166830.73 18074 REGULAR 3/29/94 644 FIELDMAN ROLAPP ASSOCIATE 968.50 167699.23 18075 REGULAR 3/20/94 '650 FIRSTWORLD'TRAVEL OF 233.00 167932.23 18076 REGULAR 3/29/94 628 FLYERS PLUS 20.00 167952.23 18077 REGULAR 3/29/94 660 FRANKLIN INT'`L INST. 24.37 167976.60 18078 REGULAR 3/29/94 767 GARNER.IMPL.EN.ENT CO. 12.99 167989.59 18079 REGULAR 3/29/94 720 'GARZAI AWNMOWER 111.67 168101.26 18080 REGULAR 3/29/94 689 GASCARti INC - 30D16 1216.44 169317.70 18081 REGULAR 3/29/94 7.50- GENERAL'TEL'EPHONE 2194.28 171511.98 18082 REGULAR 3/29/94 774 GRANITE CONSTRUCTION CO 47.96 171559.94 19083 REGULAR 3/29/94 2451 HARRIS & ASSOCIATES 10200.00 181759.94 18084 REGULAR 3/29/94 821 HIGH TECH IRRIGATION INC 441.67 182201.61 18085 REGULAR 3/29/94 669 HOARD INC, HUGH 212.24 182413.85 18086 REGULAR 3/29/94 960 HOLMAN INDUSTRIES 25.78 182439.63 18087 REGULAR 3/29/94 813 'HOUSTON HARRIS 300.00 182739.63 18088 REGULAR 3/29/94 910 IBM CORPORATION' 5T4 229.08 182968.71 18089 REGULAR 3/29/94 950 IMPERIAL -IRRIGATION DIST. 4223.33 187192.04 18090 REGULAR 3/29/94 1014 JEFFRIES BANKNOTE CO 1482.19 188674.23 18091 REGULAR 3/29/94 1073 JUBILEE POOL & SPA CARE 95.00 188769.23 18092 REGULAR 3/29/94 1057 JUDICIAL DATA SYS CORP 100.00 188869.23 18093 REGULAR 3/29/94 1133 'KEITH CONPANIES, THE 1500.00 190369.23 19094 REGULAR 3/29/94 1128 KELLY TEMPORARY SERVICES 1311.57 191680.80 18095 REGULAR 3/29/94 1127 X ENS AUTO REPAIR 390.52 192071.32 18096 REGULAR 3/29/94 1134 KICAK AND ASSOCIATES 39916.28 231987.60 18097 'REGULAR 3/29/94 1216 LA QUINTA HOTEL 50.00 232037.60 19099 REGULAR 3/29/94 1224 LA QUINTA VOLUNTEER 915.50 232953.10 18099 REGULAR 3/29/94 1290 M K CAMERA & PHOTO 22.15 232975.25 18100 REGULAR 3/29/94 1380 MENTONE TURF SUPPLY 10575.02 243550.27 18101 REGULAR 3/29/94 1330 `MOBILMEDIA PAGING SERVICE 28.97 243579.24 18102 REGULAR 3/29/94 1367 MOTOROLA INC. 966.75 244545.99 18103 REGULAR 3/29/94 1395 UNI FINANCIAL SERVICES 3373.04 247919.03 18104 `REGULAR 3/29/94 1450 NATIONAL COUNCIL ON AGING 115.00 248034.03 18105 REGULAR 3/29/94 1443 - NATL 'INST-PARK &_GRNDS MG 90.00 249124.03 19106 REGULAR 3/29/94 1420 NATL TRUST HISTORIC PRES 75.00 248199.03 18107 REGULAR 3/29/94 1632 PALM DESERT COUNTRY CLUB 50.00 248249.03 18108 REGULAR 3/29/94 1658 PRESS ENTERPRISE', THE 95.69 248344.71 18109 REGULAR 3/29/94 1665 `PRINTING PLACE, THE 655.66 249000.37 18110 REGULAR 3/29/94 1630 PROF SERVICE -INDUSTRIES 9256.00 257256.37 18111 REGULAR 3/29/94 1691 PROFESSIONAL BUSINESS 516.12 257772.49 18112 REGULAR 3/29/94 1815 RELIABLE 68.24 257840.73 18113 REGULAR 3/29/94 1835 RIVERSIDE BLUEPRINT 242.16 258082.89 18114 REGULAR 3/29/94 340 RIVERSIDE COUNTY SHERIFFS 158942.29 417025.18 18115 REGULAR 3/29/94 1945 RIVERSIDE, COUNTY OF 1067.44 418092.62 18116 REGULAR 3/29/94 1948 RIVERSIDE, COUNTY OF 15260.02 433352.64 18117 REGULAR 3/29/94 1799 'ROSENOW SPEVACEK GROUP 17803.84 451156.48 lolls REGULAR 3/29/94 1875 RUBINO, MICHAEL J. 445.50 451601.98 18119 REGULAR 3/29/94 1878 °RUTAN &TUCKER 218.33 451820.31 18120 REGULAR 3/29/94 2888 SIERRA INSTITUTIONAL PROD 2346.38 454166.69 18121 REGULAR 3/29/94 1992 SKILLPATH INC. 99.00 454265.69 19122 REGULAR 3/29/94 1955 SMART & FINAL 83.04 454348.73 18123 REGULAR 3/29/94 2032 SMOLENS,-DONNALDA 45.00 454393.73 18124 REGULAR 3/29/94 1961 SOUTHERN CALIF GAS CO 922.54' 455316.27 14 GL26 O U T S T A N D I N G C 1i E C K S PAGE 4/19/94 10.33. CHECK CHECK CHECK CHECK CUMULATIVE NUMBER TYPE DATE PAYEE AMOUNT SUB -TOTAL 18125 REGULAR 3/29/94 1965 SPARKLETTS 19.58 455334.85 10126 REGULAR 3/29/94 1911 SPEER$.STEVEN D ' 29.90 455364.75 19127 REGULAR 3/29/94 1079 'STEV90'8FPXCE`Sl1PPLY 713.98 456078.73 18128 REGULAR 3/29/94 1986 ST.RADLIN6.YOCCA CARLSON 77269.58 533348.31 18129 REGULAR 3/29/94 1990 SUSK.I-A 'SAKENI MOWERS AND 125.42 533473.73 18130 REGULAR 3/29/94 2049 T D C WASHINGTON/ADAMS 63981.02 597454.75 18131 REGULAR 3/29/94 2011 TARGET STORES 22.60 597477.35 18132 REGULAR 3/29/94 2054 TAUSSIC S ASSOC, DAVID 103.34 597580.69 19133 REGULAR 3/29/94 2027 TIGiE'R AtPRO *GRAPHICS 430.38 598011.07 18134 REGULAR 3/29/94 2080 TOPS &.BARRICADE& INC 1344.19 599355.26 18135 REGULAR 3/29/94 2069 TRI-LAKE tONSUL'TANTS 32208.00 631563.26 18136 REGULAR 3/29/94 2052 TRULY NOLEN EXTERMINATING 70.00 631633.26 18137 REGULAR 3/29/94 2.241 VIKING 166.07 631799.33 18139 REGULAR 3/29/94 2254 VONS 168.67 631968.00 18139 REGULAR 3/29/94 2325 WASTE'-NGMNT OF THE DESERT 145.55 632113.55 16140 REGULAR 3/29/94 2315 WASTE_.M6MT OF THE DESERT 1633.57 633747.12 18141 REGULAR 3/29/94 2380 WAYNE 'WATTS,'R. 262.47 634009.59 16142 REGULAR 3/29/94 2320 WELCH'$ UNIFORW RENTAL 71.90 634081.49 18143 REGULAR 3/29/94 2439 XEROX CORPORATION 692.45 634773.94 18144 REGULAR 3/29/94 2700 84 LUMBER S,HOME CENTER 167.29 634941.23 18146 REGULAR 3/31/94 24 ABELS, JACQUES 50.00 634991.23 18147 REGULAR 3/31/94 62 ADOLPffs DON- 50.00 635041.23 19148 REGULAR 3/31/94 223 '-.BANGERTER, GlLENDA L 692.57 635733.80 18149 REGULAR 3/31/94 194 BARROWS,KATIE 50.00 635783.80 16150 REGULAR 3/31/94. 2682 B.ERNARD,-NORRIS S. 50.00 635833.80 18151 REGULAR 3/31/94 181 BEST, LAWRENCE 25.00 635858.80 18152 REGULAR 3/31/94 2605 'BROWN, DIANA 50.-00 635909.80 18153 REGULAR 3/31./94 2476 DICKENS, ALDINE 25.00 635933.80 18154 REGULAR 3/31/94 521 ELLSON9�°IMARION 50.00 635983.80 18155 REGULAR 3/31/94 665 FRANCIS, SUSAN 25.00 636008.80 18156 REGULAR 3/31/94 744 GILREATH.,-HELEN.T 50.00 636058.80 18157.E REGULAR 3/31/94 1209 LEWIS, TOM 50.00 636108.80 18158 REGULAR 3/31/94 1349 MARRS,+DONALD 50.00 636158.80 18159 REGULAR 3/31/94 13-75. NG CARTMEN,:MICHAEL 690.57 636849.37 18160 REGULAR 3/31/94 1426 HARD, NANCY 25.00 636974.37 10161 REGULAR 3/31/94 1640 PENA, JOHN' 1394.11 638268.48 18162 REGULAR 3/31/94 1643 PERKINS, RONALD A. 750.00 639018.48 19163 REGULAR 3/31/94 882 SEATON, B.J. 25.00 639043.48 18164 REGULAR 3/31/94 1959 SNIFF,'STANLEY 690.57 639734.05 18185 REGULAR 3/31/94 2323 WILS.ON OR JACKAt, 50.00 639784.05 19167 REGULAR 4/07/94 138 ANGULO, JULIO 28.00 639812.05 18168 REGULAR 4/07/94 314 CALIFORNIA, STATE OF 2964.93 ri""6.98 18169 REGULAR 4/07/94 717 GENERAL ESCROW COMPANY 14 0 7.82776.98 19170 REGULAR 4/07/ 915 ICMA RETIREMENT TRUS - 2029.50 784806.48 18171 REGULAR 4/07/94 1 UINTA OYEESI 135.00 784941.48 19172 REGULAR 4/07/94 1204. LO M 75.00 785016.48 18173 REGULAR 4/07/94 .E.R.S. 13815.77 798832.25 18174 REGULAR 4 645 PRINCIPAL MUTUAL 35409.94 834242.19 18175 REGUL 4/07/94 1873 REGiENTSIUNIVERSITY CALIF 5.00 834537.19 16176 REG AR 4/07/94 1942 RIVERSIDE COUNTYEMP.. 10494. 845021.19 19177 REGULAR 4/07/94 2153 VNITED`WAY OV THE DESERT 113.50 5134.69 19178 REGULAR 4/07/94 2250 VISION. SERVICE PLAN 916.19 846 8 18179 PREPAID 4/12/94 482 DIXIE'ESCROW 58022.00 904072.8 15 CHECK DATE CHECK NO. 3/25/94 4/08/9 UUTSTANDINti CHECKS EMPLOYEE, I 9877 TO GENOVESE I THOMAS 9899 47 SHE:PHERa.,..ELEANOR L 3/25/94 TOTAL 9936, 11.0 BANKS, 1tERRY :P. 9937 78 GENOVESE, THOMAS ,- -9938 138 HUNT, AOBERT L.. 9939 113 LICALSI.V:. PAMELA J. 40 137 STULL-PAMELA JO 99 1 148 BROWN, TONI T. 994 -140 CEHR, __LINDA L. 9943 115 DOMINGUEZ, ANN'A A. 9944 67 JUHOLA, ,SAUNDRA L. 9945 69 CEBALLOS, MISAELA 9946 94' CHRISTIANSEN, S:HARON K 9947 18 CROFT, GEMIENE: D- 9948 "DERENARt} 40EBORAH 9949 128 ARKER, PATSY L. •.9950 --a SLEY, J�1N J . 9951 149 WO St..JAMES T: 9952 1507 GAS-- - N i -.6114GE to 9953 89 SMIT -"Ali, , N,. 9954 '1'24 BOHLEN, : C TOE! '!M.. 9955 102 SPIDELL RISTAL C:. 9956 144 TOLLiV-:JOoI. K. 9957 6 HARTU G, OMAS A. 9958 8 tiI`R. ER,.,�RO ER T. 9959 47 S PHERD,ELE OR-'L -9960 -1.25:., OPPLE,''t.KELL $, 9961 66 GATES, WILLIAM 9962 _t PELLETIER, ' BRUCE $963 8 t WHELCHEL; DONALD .L 0-964 123 '>STEINER $-EDWARD J. 9965 20 VREEKEN�j JOHN..: R-,, 9966 445 'FITZGTIBBONS °K4ERRIE A. 9967 58 HERMAN, JEROLD D. 9968 63 SAWYER , ' °-BETTY J. 996 1.1'9 DAY, LONNIE.Re .99 0 92 HAROLD.1 MARK S.. 71 45 KIRKLAND~-, RICHARD L 972 1.'09 BAKER,'rJFRF_0ERIC :A 9973 132 MOUR IQUAN .-CHERR:Y , L J 9974 27 NE-SBIT, °WALLACE H. 9975 88 SAWAI.� STANLEY- B. 9976 120 T.ROUSDELL GREG S 9977 117 BOUMAI-FRED R. 9978 t47 COSPER..,-,UAVID M. 9979 121 DEXTER, LEANN We 9980 -127 iFREELANPI JOHN 14 . 9981 105 GUZMAN--. HECTOR 9982 .65. fE-,' 14i:1pS, :FRANK R. 9983 90 SPEEk, 'STEVEN' D 9984 :11-6 VERLENQ1A, --R0MAN0 J. 9985 1 CABRERA$ ADOLFO AMOUNT 1787.20 1043.65 2830085 929.64/ 1787.21 2121 . 1 1577. 2 S9 .65 6 1.35 95.93 674.54 1128.38 110.96 672.07 775.23 944.57 491.48 1277.19 1739.45 1305.59 1052.71 1953.31 419.11 817.27 874.82 1447.12 1038.65 909.75 988.68 941.69 1091.19 -804.09 729.46 320.91 1626.94 778.49 635.11 1125.54 \13. 1259.70 2236.90 995.48 1268.14 777.48 354.82 1437.97 1026.18 898.40 16 Fiscal Year 93/14 file:MABND93/k La Quinta Redeveloplent Agency RDA 89 series ....................•... band bond debt f total special interest paysent serrfce . A01di®9 restricted fund fund fund reserve And totals cash it1244i40 111244801` ' - 11120464Z 1112446�3 ---------:sxs::zxs:s:s:sszsssssssasazsszsszsassszss::x:xxz:zs:ssz:ssszssssss.szzszsxsasx:sasssz:z:s:sssxs:z:: 01/01/1) BEGINNING SAL 201.08 63.11 4.13 1S.Z 56Q,42 152,041.81 JUL INTEREST 0.44 0.13 4.04 1,1014, 0 11602.45 AVG INTEREST 8.41 0:14 8..80 1,61t-.44 1,618.04 DEPOSIT 21031,461.92 18,511.30 0.00 0.44 21056,039.22 TRANS TO 111281401 (459,191.91) 0.00 0.04 0.00 (459,998.99) TRANS TO 1/1204602 (164,999.81) 0.00 164,999.81 Q.40 0.00 TRANS TO 117204801 (264,842.81) 2641842.69 0.50 (18,511.30y (18,571.30) TRANS TO 111283400 (6911858..25) 0.80 0.00 l:40 (8911858.25) TRANS TO 111340300 (258,911.31) 0.00 0.00 0.00 (259,071.31) TRANS TO 111340101 (100,000.00) 0.00 0.00 0.00 (190,000 00) INTEREST PYNT 0.00 (283,411.50) 0.00 8.00 (283,411.50) PRINCIPAL PYNT 0.00 4.00 (1651006.00) 8.40 (165;080.40} SEPT INTEREST 148.23 21.04 12.11 19681.8s 11863.33 OCT INTEREST 0.31 .0.04 0.03 1 S9S.83 19506.21 NOV INTEREST 0.33- 0.05 0.03 1,641'.2? 19641.63 DEC INTEREST 0.32 4.04 0.03 19581.37 11201,024.68 JAN INTEREST 0.33 0.05 0.03 11660.01 11660.48 FES TAX INCREMENT 1,191,116.44 1184 0.00 4104 11191,116,44 FEB INTEREST 0.34 61,05 0.03 1,661 35, 19661.41 TRANS FRON 0.00 11,525,19 (12.32) (11 S1Z.R1) (0.00) TRANS TO (117341300) (2451253.03) 0.00 O..OQ 0.0$ (248,253.03) TRANS TO (111283400) (883,435.46) 4.00. 6.04 8.44 (6839435.46) TRANS 10 (111204601) (266,231.40) 2660238.40 0.00 9.04 0.00 INTEREST PAYNENT 0:00 (211,185.44) 0.010 9 84 NAR INTEREST 93.19 142.12 0.61 11561:54 19801.86 APR INTEREST 0.00 0.00 1- 00 0.08 0.00 NAY INTEREST 0.00 0.00 0.08 0.00 0.00 JUN INTEREST 0.00 0.00 4008 4.14 0.00 BALANCE 93.19 242.12 0.81 131;166.51 737,501.86 737,501.86 xxsxz:zsz:sszss:zzass::ss:xxzzzsszsxssszszssszsssasszassssasasszs .sxxssass:xsszz 17 Fiscal Year 93/84 file: RDABNOCS La Qui nta Redevelopsent Agency RDA 90 series ------------------------ bond bond debt excess redeeption interest paymat service investment fund fund fund reserve earnings totals 117281404 171213400 111213401 1-11281402 -.4 11283403 -::::s::------•---------------- -------- sss:a::::....---zs---•--•------•--zs:--.ss..a. --- ---ss:::za:saassasssssss: s:::: :••-------.-.. ss s ---------------- 01/01/93 BEGINNING SAL 0.00 1534-92 .1.01 1.00 4.00 165.93 JUL INTEREST 0.00 0.33 0.00 0.00 0.00 0.33 AVG INTEREST 0.00 0034 0400 0.00 0.00 4.34 TRANS FRON (111204600) 0.00 681,851.25 458,898.19 0.00 0.00- 11151,857.24 INTEREST PYNT 6.00 (698,612.50) 4.40 0.00 0.80 (698,012.50) PRINCIPAL PYNT 0.00 0.00 (480,000.001 0.00 0.00 (4601000.01) SEP INTEREST 0.00 51.81 33.93 - 8.00 0.00 85.14 OCT INTEREST 0.00 0.11 0.01 0.001 B.Oa 0.18 NOV INTEREST 0.00 0.12 0.08 4.00 0.00 0.20 DEC INTEREST 0.00 0.11 0.01 0.* 0.00 0.18 JAN INTEREST 0.00 0.12 8108 0.00 0.00 0.20 FEB INTEREST. 0.00 0.12 0.08 0.00 0.00 0.20 TRANS FROM 0.00 683,469.11 (34.31) 0.00 '0:00 683,435.46 INTEREST PYNT 0.00 (683,522.50) 0.06 0.00 0.00 (683,1522,50) MAR INTEREST 0.00 619.25 0:04 4.00 0.00 619.29 APR INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 NAY INTEREST 0.00 0400 0.00 -0.00 - 0.00 4.00 JON INTEREST 0.00 0.00 6.00 0.00 0.00 0.00 BALANCE 0.00 619.25 6.04 1.00 O.Oo- az::zz:ssrsa::zz:zsssrssas:aazz::srrrss:ss:sasssssssasssassasrssssss: .-z:rs::s::szz 18 Fiscal year 93/94 file: RDABNDCS La Quinta Rederelopeent Agency RDA 91 series ------------------------ BOND BOND INTEREST PAYNENT REDEMPTION RESERVE DEBT SERVICE FUND FUND FUND FUND -.-f#ND totals 111341300 111349301 111349302 111341393 111341304 -----------------•::::s:::::s:x:::z:::::::z:sx:::x::szs::xxsx:szzxazassxszsxaxsazzzxazx:::::::::::::::::::s: 07/01/93 BEGINNING BAL $9.12 0.00 0.00 144,966.85 5.59 145,032.36 JUL INTEREST 0.13 0.00 0.00 11585,10 0.01 19585.84 TRANS FRON 117341303 12,072.55 0.00 0.00 (12,012.55) 0.00 0.00 TRANS FROM 111348304 5.63 0:00 4008 0.90 (5,63) 1000 AUG INTEREST 0.13 0.00 0.00 11660.50k 0.02 19660.65 TRANS FRON 117204600 259,911.31 100,000.00 0.00 0.00 0.00 449,911.31 INTEREST PYNT (212,115.66) 0.00 0.00 0.00 0.00 (272,115.66) PRINCIPAL PYNT 0.00 (100,000.00) 0,00 0.00 0,00 (100,000.00) SEP INTEREST 20.20 14.01 0.00 11663.80 0.00 11699.21 OCT INTEREST 0.04 0.03 -0.00 41593.71 0.00 1,593.11 NOV INTEREST 0.04 0.03 0.00 19638.65 0.00. 11630.72 DEC INTEREST. 0.04 0.03 -8.00 1 585.89 4.00 1,585.96 JAN INTEREST 0.04 0.03 0.00 1,651.48 0.00 1,651.55 FEB INTEREST 0.04 0.03 1.00 11866.45 -0.00 11866.52 TRANS FROM 266,038.01 (14.16) 0.00 (11,111.68) 0.00 248,253.03 INTEREST PYNT (266,059.41) 0.00 0.00 0000 0.00 (266,059.41) MAR INTEREST 226.31 0.02 0.00 19563.61 0.00 1,189.94 APR INTEREST 0.00 0.00 4,00 0.00 0.00 0.00 NAY INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 JUN INTEREST 0.00 0.00 0.00 -81608 ''.0 00 0.00 BALANCE .................................... 226.18 0.02 -... -.... :0,00 •---.................... 129,139461 ---------- 40.01 29,965.80 A 19 (O. Z... 7ZI qlaS, A16 X 00, TY A U9 Z /ZZ7&�6 q I ©/V 6; Z , 729965.80 19 Fiscal Year vsjv4 La quinta Rederelopleot Agency RDA PA12 92 Series ------------------------ ESCR011 SPECIAL SPECIAL INT PRINCIPLE RESERVE FUND FUND FUND FIND FUND totals 8118202-001 8116202-061 8116212-002 8116202-011 � � 8116202-004 8116202-006 ---=----------------zzs:s:::zz::sxszzsasxxa:sss:xszzzss:xxsssxsssssssssss:ssszssssssssssssz=z=::zz:==sszs=z==z=:a========:==== 07/01/93 BEGINNING BAL 316181443.05 10317,535.44 0.00 76.31 0.00 394,461.33 51470,516.13 JUL INTEREST 89615.15 31096 M oleo 0.17 0.00 088.66 12,598.38 AVG INTEREST 81668.52 31231.99 0.08 0.18 0.00 927.78 12,861.47 CK TO CITY (121,233.48) 4.00 0.00 0.00 0.00 0.00 (121,233.46) SEP INTEREST 81538.11 31248.55 0.00 0.18 0.00 030.23 12,717.87 OCT INTEREST 81015.40 31085.80 oleo 0.11 0.00 883.83 119985.00 CK TO CITY (13,648.47) 0.00 0.00 0.00 0.00 0.00 (13,648.41) NOV INTEREST 81201.99 31162.65 0.00 408 0.00 905.63 1.21270.45 CK TO CITY (54,970.18) 0.00 0.00 1961801.81 359000.00 0.00 116,831.63 DEC INTEREST 81217.07 31198.61 0.00 144.19 25.61 915.94 12,561.42 DEBT SERV PYNT 0.00 0.00 0.00 (1961885.00) (35,000.00) 0.00 (231,885.00) JAN INTEREST 81290.20 31253.11 0.00 0.33 0.06 931.55 12,475.31 FEB INTEREST 81350.73 31214.92 0.00`1 0.34 0.04 938.36 12,566.41 CK TO CITY (42,814.81) 4.00 0.00 4.00 0.00 0.00 (42,814.87) NAR INTEREST 11891.03 31114.94 0.00 0.32 0.06 891.97 11,904.32 TRANS 743,788.98 (8850000.00) 0.00 0.00 0.00 111230.00 (63481.02) APR INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 0.00 MAY INTEREST 0.00 0.00 0.60 0.00 0.00 0.00 BOND PYNT FRON CITY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 JON INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 0.100 tras to 8116202-103 0.00 Oleo 0.00 0.00 - 0.00 0.00 0.00 debt serY lot pyat 0.00 0.00 Oleo'Aloe :0.00 0.00 0.00 ............................................... . ...................................................... -.................................................... BALANCE 412849451.05 5211212.41 0.00 " 445.18 `' `25.19 4799903.08 512851131.51 --•---------------------s::z-•-----z----.sss:.ss sasssss:ss:as== ............ gZS'q q� I.C� " .5Z-k5 75-7 �5' 7 20 fiscal rear sips# La Quinta Financing Authority Revenue Bonds Series 91 ------------------ ------ BOND RESERVE CONSTRUCTION REBATE FUND FUND 'FUND FUND totals 111355200 M355201 111355202 111355213 ------:=z:xxssss:xsxsasxxsazxsssazssaasxsxxaasassssxssssssssssszassssssxssssssssssssxassxsssazzz::::zzas:sss 07/01/93 BEGINNING SAL 3181013.93 1389865.48 11292.9 0.00 0.00 110581151.59 JUL INTEREST 183,84 11589.04 872.22 1100 0.00 31145.20 AVG INTEREST 109458 11648.42 4.49 Cot, 0.00 21362.41 TRANS TO 141607 CKING 0.00 0.00 0.00 0.00 -0.00 0.00 SEP INTEREST 109.51 11648.58 4.11 oleo 0.00 21362.14 INTEREST PYNT-10/01/83 (214,176.25) 0.00 0.00 0.00 4 00 (274,116.25) OCT INTEREST 680.19 11582.10 4.60 0.06 0.00 2,268.09 NOV INTEREST 159.36 11801.16 4.68 0.00 0.00 11112.00 DEC INTEREST 98.81 11578.19 4.51 O.Ot 0.00 1,682.25 TRANS 09160-15464 CKING 0.00 0.06 0.00 0.00 Oleo -Olio JAN INTEREST 103.01 11645.75 4.79 0.00 0.00 1,753:61 FEB INTEREST 102.57 19831.13 4.76 0.00 0.00 11145.06 NAR INTEREST 91.44 19551.47 4.51 Oleo 0.00 11653.42 trans CKING/NN ACCOUNT 228,113.13 0.00 0.00 0.00 -0.00 2261-993.73 APR INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 INTEREST PYNT 0.00 0.00 4.00 4.00 0.00 0.00 NAY INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 JUN INTEREST 0.00 Oleo 1.00 0.00 0.00 0.00 trans 0916-15464 cking Oleo 0.00 0.00 0.00 0.00 -----•......................................... -----......................... ----- BALANCE 214,116.62 153, 345.12 21111.61 0.01-. 0.00 11029,114.05._ 110299714.05 sxxzzszsxxxxzxzzssxssssxsxzsxzs:sssxzxsxxsxzxxssasszzszxxsxszsszsxz::szzzz:z:zszx:::zz: 21 STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER P.O. BOX 942809 O � C C r c I � `� � s SACRAMENTO, CA 94209�0001 r� LOCAL AGENCY INVESTMENT FUND i P.O. BOX 942809 r _ �:� Date: 03/31/94 SACRAMENTO, CA 94209-0001 ........___ Page: 01 MARCH, 1994 STATEMENT ACCOUNT NUMBER: 98-33-434 CITY OF LA QUINTA ATTN: FINANCE DIRECTOR P.O. BOX 1504 LA QUINTA CA 92253 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT --------- ----------- ---- ------ ------ --------------- BEGINNING BALANCE - REG 03/07/94 03/04/94 RW 03/21/94 03/18/94 RW ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT FAG 2 B/P 0 TOTAL 2 590 TPG 591 TPG SUMMARY TOTAL DEPOSIT AMT ----------------- $u.0u $0.00 ----------------- $0.00 -$360,000.00 -$385,000.00 BALANCE --------------- $5,839,763.20 $5,479,763.20 $5,094,763.20 --------------- $5,094,763.20 --------------- $5,094,763.20 TOTAL WITHDRAWAL AMT -------------------- -0745,000.00 $0.00 -------------------- -$745,000.00 22 STATE OF CALIFORNIA KATHLEEN BROWN, Treasurer OFFICE OF THE TREASURER o P.O. BOX 942809 SACRAMENTO, CA 94209--OWI LOCAL AGENCY INVESTMENT FUND C L `� 0 P.O. BOX 942809 Date: 03/31/94 SACRAMENTO, CA 94209-0001�� "00 Page: 01 MARCH, 1994 STATEMENT ------ ACCOUNT NUMBER: 65-33-017 LA QUINTA REDEVELOPMENT AGENCY ATTN: FINANCE DIRECTOR P.O. BOX 1504 LA QUINTA CA 92253 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE --------- ----------- ---- ------ --------------------- --------------- BEGINNING BALANCE - REG $6,714,502.33 NO ACTIVITY IN REGULAR ACCOUNT ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT REG 0 B/P 0 TOTAL 0 SUMMARY TOTAL DEPOSIT AMT ----------------- $0.00 $U.UU ----------------- $0.00 --------------- $6,714,502.33 --------------- $6,714,502.33 =axsms��_ s-s= TOTAL WITHDRAWAL AMT -------------------- $0.00 $0.00 -------------------- $0.00 23 T a 4hf 4 QK&M MEMORANDUM TO: Investment Advisory Board FROM: Richard Parzonko, Finance Director DATE: May 5, 1994 SUBJECT: May 11, 1994 Meeting Enclosed are materials in preparation for our next meeting. I have enclosed sample investment policies including the current version for the City of La Quinta. Hopefully we can revise the policy and submit to Council for their consideration at their June 7th meeting. Additional issues to consider for policy inclusion are bond reserve proceeds and banking services. I have also enclosed information determining investment risk and how it applies to City investments. Also enclosed is information concerning bond reserve funds comparing current earnings to maximum arbitrage earnings. Finally, I have enclosed a copy of a TRACS newsletter providing an independent analysis of the credit markets. I have found the TRACS newsletter to be extremely accurate in their market predictions in past years. Please call me if you have any items you would like to discuss prior to the meeting. I can be reached at 777-7054. STUDY SESSION A C ='_rY OF T_ NTA = NVE S THE NT P O L I C Y ... , .. .vrv. iv.; i} r.i:i{.v.;.}i}}.;r'•: :•. :yn�}; }};ni}v.vx:.,w..:::•.,r:. .... �.....:.. y ...:..... �!! ... vM!!::?isti;.:i.;......•.....•..:•.'i•}::•. �! �:•...:.... . �........ ................r..wv..+,v.:w;.i..vi.vv.v........rr......+..+:•:{{yr::::::.+!::•+:{{;r;,;.;:.:.i;. i:;;:ut•M r.:: `Y. ,.................,.,....... ::: ,.. PURPOSE This policy is intended to provide direction and guidelines for the investment of the city's excess cash and outline the policies for maximizing the effectiveness of the city's investment management system. PnLIC_Y Investments of public funds of the City of La Quinta shall be made in accordance with written investment policies. Such investment policies shall address the issues oll; investment liquidity, safety of principal, yield and maturity. The investment policies of the City of La Quinta place primary emphasis upon the safety and liquidity of the investment instruments. The investment policies shall be reviewed quarterly, or as needed, by the Finance Committee. These policies shall be submitted annually to the City Council for their review and approval. Prior to submittal to the City Council, these policies shall be reviewed by an independent accounting firm. INVESTMENT OBJECTIVES The city strives to maintain the level of investment of all idle funds as near 100% as possible, through the optimum operation of its cash management system which is designated to accurately monitor and forecast expenditures and revenue. The city attempts to obtain the highest yield obtainable as long as investments meet criteria established for safety and liquidity. INVESTMENT INSTRUMENTS As provided in Sections 16429.1. 53601.1 and 53649 of the Government Code, the State of California limits the investment vehicles available to local agencies as summarized in the following paragraphs. Section 53601, as now amended, provides that unless Section 53601 specifies a limitation on an investment's maturity, no investments with maturities exceeding five years shall be made unless the City Council has previously granted authority to do so. State Treasurer's Local Agency Investment -Fund (LAIF) - As authorized in Government Code Section 16429.1 and by LAIF procedures, local government agencies are each authorized to invest a maximum of 15 million in this investment program administered by the California State Treasurer. Money invested with LAIF is pooled with State money in order to earn the maximum rate of return possible in a manner consistent with sound investment practices. Government Agency Issues - As authorized in Government Code SectiorTs 53601(a) through (e), this category includes a variety of government securities which include the following: • Local government bonds or other indebtedness • State bonds or other indebtedness • U.S. Treasury notes or other indebtedness secured by the full faith and credit of the federal government • Other federal agency securities including but not limited to issues by the Government National Mortgage Association, Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation Bankers Acceptances - As authorized in Government Code Section 53601(f) , these are bills of exchange or time drafts that are drawn on and accepted by a commercial bank and which are eligible for purchase by the Federal Reserve System. Purchases of Bank of America may not exceed 270 days maturity or 30 percent of the Agency's surplus money which may be invested pursuant to this section. Negotiable Certificates of Deposit - As authorized in Government Code Section 53601(h), the City may invest 30% of its portfolio in negotiable certificates of deposit issued by commercial banks and savings and loan associations. Repurchase Agreements - As authorized in Government Code Section 53601(i), these investment vehicles are agreements between the local agency and seller for the purchase of government securities to be resold at a specific date and for a specific amount. Repurchase agreements are generally used for short term investments varying from one day to two weeks. There is no legal limitation on the amount of the repurchase agreement. However, the maturity period cannot exceed one year. Reverse Repurchase Agreements are not included herein and are not to be considered a pre -approved investment. Certificates of Deposit - As authorized in Government Code Section 53649, Certificates of Deposit are fixed term investments which are required to be collateralized from 105% to 150% depending on the specific security pledged as collateral. The collateral pool is administered by the State, and is composed of a wide variety of government securities, including those indicated above, as well as promissory notes secured by first mortgages on improved residential property located in the State and letters of credit issued by the Federal Home Loan Bank of San Francisco. There are no portfolio limits on the amount or maturity for this investment vehicle. -2- The City_ may utilize other investment instruments that are, or may become,- legal investments through the State of California Government Code with prior and separate approval of the City Council. INVESTMENT CRITERIA The criteria for selecting investments by order of priority shall be: 1) Safety of the investment 2) Liquidity of the investment 3) Yield on the investment Safety of the principal is the foremost objective of the investment program. Each investment transaction shall seek to avoid capital losses from securities, defaults or erosion of market value. The investment portfolio of the City of La Quinta shall be designed and managed to attain a market -average rate of return during budgetary and economic cycles, taking into account the city's investment risk constraint and the cash flow characteristics of the portfolio. Liquidity is the second most important objective of the investment program. The investment portfolio shall remain sufficiently liquid to enable the city to meet all budgeted requirements. Maturity. The maturity date of new investments should not be further away than the time the city anticipates it will need to utilize the funds. Maturities shall be selected to anticipate cash needs, thereby reducing the possibility of the need for forced investment liquidation. CUSTODY AND SAFEKEEPING All city investments shall have the City of La Quinta as registered owner. All interest and principal payments and withdrawals shall indicate the city as payee. All securities shall be kept in the custody of the city or a qualified safekeeping institution in the city's name and control. Securities purchased from brokers/dealers shall be held in third party safekeeping by the trust department of the city's investment bank or selected custodian and in the city's-name and control. All sales, transfers, and withdrawal transactions executed by the third -party custodian are required to be approved in advance by the City. All custody/ safekeeping agreements shall require the approval of the City Council and review by the City Attorney. -3- RRCEIVEO CITY OF ENCINITAS ADMINISTRATIVE MANUAL Policy Title: Investment Policy Section: City Council Responsible Department: Finance Number. C016 Approved By: City Council Date Approved., 1194 Amendment Date: 1. Philosophy APR 18 1994 Ans'd............ The Investment Policy of the Encinitas City Council for the City of Encinitas represents the financial boundaries within which it's cash management process will operate. Areas covered by this policy include: ll. Scope of Financial Funds to be invested Investment Objectives /V. Delegation of Authority for Investment Decisions V. Conflict of Interest Vl. Investment Prudence Vll. Investment Instruments in which the City may Invest, Diversification of the Investment Portfolio, and Minimum Maturity Portfolio Schedules Vlll. Management of Joint Resources and Distribution of Interest Earnings /X. Financial Institutions in which the City may Invest X. Investment Strategy and Results Monitoring XI. Provisions for Interim and Annual Reporting Cash management goals shall be developed within the constraints of this policy statement. Goals shall include: A. A total percentage of cash to be invested. The City shall have 100% of City funds invested. B. Percentage of Return (Yield). A target yield should be stated as a goal. C. Total Dollar Return Goal. Combines the goals of percentage of cash available and the percentage of yield to obtain a total dollar return goal. SECTION It. Scope This investment policy applies to all financial funds of the City of Encinitas (hereby referred to as the "City"). These funds are accounted for in the City's comprehensive Annual Financial Report and currently include the: Operating Funds: General Fund Self -Insurance Fund Encinitas Public Financing JPA - Operation Fund Encinitas Public Financing JPA - Capital Fund Encinitas Public Financing JPA - Debt Service Fund Recreation Programs Fund District Services Fund San Elijo (SE) JPA Personnel Services Fund Internal Service Fund Special Revenue Funds: Gas Tax Fund Prop A; Transnet Sales Tax Fund Prop A; TDA Article 3; Bikeway Fund ISTEA/Transnet Fund Community Development Block Grant Affordable Housing Fund Park and Recreation Fee Fund Flood Control Fee Fund Traffic Mitigation Fee Fund Capital Improvement Project Fund Asset Forfeiture Fund Requeza Street Assessment District Fund Requeza Street Reserve Fund Seeman Drive Assessment District Fund Municipal Improvement District #34 - Olivenhain Fund Municipal Improvement District #91 - Villanitas Fund Municipal Improvement District #92 - Cerro Street Fund Municipal Improvement District #9D - Village Park Fund Encinitas Lighting District Fund Wiro Park Fund Enterprise Funds: Encinitas Sanitary District Fund Encinitas Sanitary District Bond Reserve Fund Encinitas Sanitary District Capital Expansion Fund Encinitas Sanitary District Capital Replacement Fund Cardiff Sanitation District Fund Cardiff Capital Replacement Fund Cardiff Capital Expansion Fund Cardiff Reclamation Fund Cardiff Debt Service Fund Monies held by the California Board of Equalization and San Diego County Treasurer for the City or for either district during tax collection periods shall be governed by State of California and San Diego County investment policies and are not subject to the provisions of this policy. SECTION ill. Investment Obiectives The foremost objective of the City is to ensure the safety of principal. Each investment transaction shall first seek to ensure capital losses are avoided, whether they are from default of securities or erosion of market value. The City, as its second major objective, seeks to attain market rates of return on its investments. Market rate objectives must be consistent with constraints imposed by the primary objective of the safety of principal, internal cash flow considerations and any City of Encinitas ordinance, restricting the placement of public monies. Speculative investments will not be allowed. Speculative investments are those attempting to gain market premium appreciation through short term market volatility resulting in increased risk and loss exposure to the City. SECTION IV. Delegation of Authority Management responsibility for the investment program is held by the City Manager and appointed designees. No employee may engage in an investment transaction except as provided under the terms of this policy and any procedures which may be established by the City. The City Manager or designees shall approve investments made through current market documentation. It shall be the duty of the Finance Manager to manage the day-to-day operations of the portfolio and place actual purchase/sell orders with institutions. In the absence of the Finance Manager, the Assistant City Manager shall assume these duties. In the absence of the Assistant City Manager and Finance Manager, the City Manager shall assume these duties. SECTION V. Conflict of Interest The investment responsibility carries with it the added duties of insuring that investments placed are done so without the appearance of improper influence. The Administrative Services personnel involved in the investment function shall adhere to the State's Code of Economic Interest and to the following: i. All persons authorized to place or approve investments shall not personally or through a close relative maintain any accounts, interest, or private dealings with any firm with which the City places investments, with the exception of regular savings, checking and money market accounts, or other similar transactions that are offered on a non-negotiable basis to the general public. Such accounts shall be disclosed annually to the City Clerk in conjunction with annual disclosure statements of economic interest. 2. All persons authorized to place or approve investments shall report to the City Clerk kinship relations with principal employees of firms with which the City places investments. SECTION VI. Prudence Investments shall be made with reasonable financial judgement and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of principal as well as the secondary objective of the obtainment of market rates of return. The Administrative Services Personnel involved in the investment function shall adhere to the following: 1. Return on Investment. The investment portfolio of the City of Encinitas shall be designed to attain a market average rate of return during budgetary and economic cycles, taking into account the City's investment risk constraint and the cash flow characteristics of the portfolio. This may include the payment of fees to brokers to secure a higher yield than otherwise would be available. 2. Maintaining the Public Trust: All participants in the investment process shall seek to act responsibly as custodians of the public trust. Investment officials shall avoid any transaction that might impair public confidence in the City of Encinitas' ability to govern effectively. Investment officers acting in accordance with written procedures and exercising due prudence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectation are reported in an timely fashion, and appropriate action is taken to control adverse developments. SECTION VIL Investment Instruments As a unit -of local government in the State of California the City of Encinitas is restricting itself to the investments authorized by Government Code, Sections 53600 through 53635: Savings accounts, certificate of deposit and other time accounts of commercial banks insured by the Federal Deposit Insurance Corporation. 2. Securities of savings and loan associations' share or investment certificate of which are insured by the Federal Savings and Loan Insurance Corporation. 3. Treasury Bills, Treasury Notes, Treasury Bonds and Federal agencies' securities which are guaranteed by the full faith and credit of the United States of America. Other securities, such as Federal National Mortgage Association Securities, which are not backed by the full faith and credit of the United States, must be purchased on a full delivery vs. payment basis where the securities are delivered at the time the City releases funds for their purchase. r 4. Commercial paper and corporate notes issued by corporations organized in the United States with assets exceeding $500, 000, 000. 5. Bankers Acceptances issued by Financial Institutions organized in the United States with assets exceeding $500, 000, 000. 6. Local Agency Investment Fund (L.A.I.F.) Pool. The City may participate in a California Investment Pool or other similar local government pools organized in conformity with Part 53654 of Article 1 of Title 5, which provides specific authority for pooling of local government funds. 7. Money Market funds or short intermediate term bond funds investing in U.S. Agency Securities. In addition, the City may participate in repurchase agreements provided the securities for the agreement are included in 1 through 7 above. As a matter of policy, the City must take delivery of the securities purchased through a repurchase agreement or have required collateralized securities in a restricted account located at the Federal Reserve Bank if the terms of the agreement is greater than 14 days. Repurchase agreements with terms less than 14 days shall be held in safekeeping by a banker or broker in a designated trust department. Repurchase agreements involving non -deliverable securities shall only be held by the Federal Reserve Bank or by another commercial banking institution's trust department which is not owned or controlled by the borrowing institution. Pledged securities under repurchase agreements must be based on market value, not face value. Repurchase agreements involving pooled collateral shall be avoided. Repurchase agreements shall only be purchased from banking institutions or primary brokerage firms. Any repurchase agreement exceeding three days shall be transacted on a full delivery vs payment basis. It is the general policy of the City to concentrate its investment efforts in, but not to be limited to, U.S. Treasury obligations, Certificates of Deposit and Money Market Accounts issued by financial institutions located in the State of California. Investments will be selected on the following basis: 1. The institution offering the investment must meet all the criteria as stated in the 'Financial Institutions', Section VII of this policy statement. 2. The duration of the investment must coincide with cash requirements determined by the Finance Manager of the City to meet short term or long term needs. 3. The rate of interest on the investment must be at least equivalent to the average rate of return available in the market place. Certificate of Deposit Investments in excess of $100,000 shall use an informal bidding procedure where rates will be received from at least two institutions with the investment placed with the highest bidder provided the institution meets the City's investment criteria as stated in Section V. Certificate of Deposit investments in the amount of $100,000 or less shall have a yield analysis performed in comparing the selected investment to others similar in nature. U.S. Agency and Corporate Commercial Paper investments shall use a formal bidding procedure where rates will be received from at least two institutions with the investment placed with the highest yielding bidder provided the institution meets the City's investment criteria. Short Term (2 years or less) U.S. Treasury -bills or notes which do not exceed $250,000 are not required to use the aforementioned bidding process due to the limited variation of yields for such instruments. However, bid comparisons are to be chosen randomly, to ensure that quality pricing is being obtained by the City on instruments not requiring a bid process. All investment securities will be held in safekeeping at the City's designated financial institution or in shares with mutual funds complying with Governmental Accounting Standards Board's requirements. Safekeeping account receipts will be held by the City's Finance Division. It is the responsibility of the Finance Manager to demonstrate compliance with this section. PORTFOLIO DIVERSIFICATION The City will diversify use of investment instruments to avoid incurring unreasonable risks inherent in overinvesting in specific instruments, individual financial institutions or investment maturities. It shall be the duty of the Finance Manager to manage a diversified City investment portfolio supported by current financial market conditions. MATURITY SCHEDULING Investment maturities for operating funds shall be scheduled to coincide with projected cash flow needs, taking into account large routine expenditures (payroll, bond payments) as well as considering sizeable blocks of anticipated revenue (sales tax, property tax). Maturities in this category shall be timed to comply with the following guidelines. MATURITY SCHEDULE PORTFOLIO TARGETS Under 12 months 75% Under 24 months 85% The average maturity of the portfolio shall never exceed 4 years. SECTION VIIL Resource Management and Interest Distribution All investments will be in the name of the City of Encinitas and in most cases it will be a general policy of the City to pool all available operating cash into a Treasury Cash Management investment portfolio. However, a specific investment purchased by a specific fund shall incur all earnings and expenses to that particular fund. Interest earnings from pooled funds shall be allocated to all participating funds in the following order: A. Payment of interest earnings shall be allocated to designated funds from its specific investments. B. Payment to the General Fund of an amount equal to the total annual bank service charges as incurred by the general fund for all operating funds as included in the annual operating budget. C. Payment to the General Fund of a management fee equal to 5% of the annual pooled cash fund investment earnings. D. Payment to each fund of an amount based on the average computerized daily cash balance included in the common portfolio for the earning period. SECTION Ix Financial Institutions As stated in Section Vll, it is the general policy of the City to purchase Money Market accounts, U.S. Treasury and Agency Securities, certificates of deposit and other time accounts primarily from financial institutions located in the City of Encinitas and/or San Diego County. United States government securities are to be purchased through the facilities of commercial banks or a securities institution as designated by the Securities Exchange Commission (S.E.C.). Financial institutions will be required to meet the following criteria in order to receive City funds for investment. 1. Insurance - Public Funds shall be deposited only in financial institutions insured by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation. 2. Collateral - The amount of City of Encinitas deposits or investments not insured by agency of the federal government shall be 110% collateralized by securities' or mortgages' market values of that amount of invested funds plus unpaid interest earnings. 3. Size - The amount of City of Encinitas deposits or investments not collateralized or insured by an agency of the federal government shall not exceed 10% of the net worth or capital stock and surplus of the institution. 4. Disclosure - A) Each financial institution maintaining invested funds in excess of $100,000 shall furnish corporate authorities a copy of all statements of resources and liabilities which it is required to furnish to the State banking or savings and loan commissioners as required by the California Financial Code. The City shall not invest in excess of $100, 000. in banking institutions which do not disclose to the City a current listing of securities pledged for collateralization of public monies. B) Each securities dealer shall provide monthly and quarterly reports filed pursuant to U.S. Treasury Department regulations. Each mutual fund shall provide a prospectus and statement of additional information. SECTION X Investment Strategy and. Results Monitoring Investment strategies and results shall be reviewed by the City Manager, Assistant City Manager, and the Finance Manager. A review will be held at least quarterly to determine general strategies and to monitor results. Documented summaries of Investment meetings shall be kept on file in the Finance Manager's Office. Included in the review and deliberations will be topics such as: cash flow projections, potential risks, authorized depositories, rate of return, maturity structure and investment transactions. SECTION XI. Reporting - Interim and Annual A standard treasurer's report to management and City Council shall be produced each month listing pertinent current investment portfolio information. The Finance Manager will also submit a quarterly investment report to the City Manager for distribution to the City Council, providing investment information regarding the City's investment portfolio's financial position. The effective date of this policy shall be the day of , 19 Gail Hano, Mayor 118 INVESTING PUBLIC FUNDS STUDY SESSION - B - EXHIBIT 7 (continued) 3) Payment of administrative expenses from the earnings of the pool; 4) Distribution of earnings and income, or allocation of losses to the various participants in a manner which equitably reflects the differing amount of their respective investment and the differing periods of time for which such amounts were in the custody of the pool; 5) Procedures for the deposit and withdrawal of funds; and 6) Procedure for custody and safekeeping of the funds. SECTION 7: Authorized Investments —Subject to regulations or rules adopted by the investment board, assets of the investment pool may be invested in the following: 1) Obligations of the U.S. government, its agencies and instrumentalities; 2) Deposits and certificates of deposit of banks, savings and loan associations, and other regulated financial institutions; 3) Prime bankers' acceptances; 4) Prime commercial paper; 5) Repurchase agreements whose underlying collateral consists of the foregoing; and 6) Money market mutual funds whose assets consist of the foregoing. SECTION 8: Accounting and Controls —Funds in the local government investment pool may be consolidated with state funds under the control of the treasurer for investment purposes, provided that accurate and detailed accounting records are main- tained for the funds for each participating local government and that a proportionate amount of interest earned is credited to the local government investment pool and the accounts therein. A separate account designated by name and number for each participant in the fund shall be kept to record individual transactions and totals of all investments belonging to each participant. A monthly report showing the changes in invest- ments made during the preceding month shall be furnished to each participant having a beneficial interest in the invest- ment pool. Evaluating Each foregoing investment instrument has properties that differentiate it Investment from others in the marketplace. Accordingly, every instrument is likely to carry a yield or price somewhat different from the others. The challenge for public Instruments investment officials is to develop a basis for comparing the various instruments. Although more attention is given to this topic in later chapters on the markets and active management strategies, it is helpful to begin here with a few basic concepts. Default risk. The first and perhaps most obvious concern facing any inves- tor in debt securities is the issuer's underlying creditworthiness. As a group, money market instruments generally are considered extremely safe securities with minimal chance of default. Nonetheless, there are differences in the safety or credit risk associated with the various securities, for which measurable yield differentials should be expected. Treasury securities representing direct issues of the U.S. government are considered risk -free. Theoretically, the Treasury has the implicit authority to redeem any and all outstanding debt issues by reissuing securities in the credit market. Only a total political and economic collapse would prevent such refund- ing. At that point, currency would be worthless, and all other money market securities would have become imperiled. Accordingly, all other instruments are evaluated against the credit risk standard associated with U.S. Treasury issues. Closely resembling the safety offered by U.S. Treasury securities, the debt obligations of U.S. government agencies are exceptionally sound. The agency SHORT=TERM INVESTMENT INSTRUMENTS 119 obligations that carry full faith and credit guarantees probably are as secure as the direct Treasury issues. Debt securities issued by U.S. government instrumen- talities sometimes are secured by a federal government guarantee. Those bear- ing that underlying security, then, are extremely creditworthy securities. The remainder, although less well -protected by outright government obligations, probably represent the next most secure sector of the money market. Govern- ment sponsorship provides some assurance that public intervention would fore- stall an outright default. For example,, the troubled Farm Credit System is not likely to experience debt defaults without Congressional intervention. However, a bail -out could take time and jeopardize an investor's cash flow. Note, how- ever, that price risk could be a factor in the agency and instrumentality market. Bank and primary dealer -issued repurchase agreements collateralized by U.S. government securities occupy the next space on the risk scale (provided they are perfected). The credit risk associated with such instruments derives primarily from the temporary illiquidity an owner would face while waiting to liquidate the collateral. A default or failure by the issuing financial institution could be accompanied by a temporary freeze on the firm's assets, even if deliv- ery is accomplished. Bankers' acceptances, particularly those deemed prime or triple barreled, occupy the next niche in the safety scale. Collateralized by shipments of goods, and bearing a pledge of credit by the issuing institution as well as the accept- ing institution, bankers' acceptances have experienced no known defaults in 70 years of trading in the United States. They represent the highest privately issued credit market security not associated with the U.S. government. Opinions vary regarding whether commercial banks' certificates of deposit or high-grade commercial paper ought to claim the next level of creditworthi- ness. Hence, this analysis will conveniently straddle the issue and note that top -grade commercial paper backed by an underlying letter of credit or other second -party security is exceptionally well protected, especially when the under- lying credit arrangement is irrevocable. FIGURE 6 a DEFAULT RISK SCALE tip' CO X a C. Q, J� aC?J`a y o� � oa,`' � o` o a Q �° oc oc Q ac Q O oQ c Q° �`� Q� 4 oW �� Q s J� ��F o00 •boa •\Q ti O�' c � CO ° oo , `Q' o`o o`° �Q o �, J' ' ' ' W co JJJ' O G G m Risk Free Higher Degree of Risk DEGREE OF RISK 01 120 INVESTING PUBLIC FUNDS Certificates of deposit carry FDIC insurance for the first $100,000 and there- fore can be purchased safely at that level. For higher denominations, however, the underlying security is only as good as the issuing institution or the col- lateral behind it. Therefore, quality varies among issuers. The few largest money center banks and regional banks possessing strong balance sheets offer the most protection against default. Commercial paper offered by lesser institutions with investment grade ratings —but lower credit quality in their senior debt issues — occupies a lower position on the safety scale (see Figure 6). Eurodollar deposits, which would be subject to international political inter- vention in times of economic and political crisis, are riskier than most money market instruments. Eurodollar deposits in institutions in countries that are tradi- tional American allies probably can be considered safer, since impoundment would be unlikely. Unsecured corporate debt (notes or commercial paper) is the riskiest of the money market securities. Such debt therefore belongs only in diversified portfolios. Liquidity. Another major concern to investors is their ability to convert secu- rities into cash on short notice. This feature is known as liquidity. A broad con- cept, liquidity incorporates a security holder's ability to sell an instrument without significant loss, as well as other factors that might expedite quick exchange for cash. Liquidity includes, but is not limited to, marketability, which will be dis- cussed later. FIGURE 7 LIQUIDITY SCALE CO oy Q° CG ` .y �� ay oc Q Oy �Qo Qoo o ,o�c hoc V Q tea, pc �o y Q� ctr i Q4 0 .may •�� mac,° A° ono °R°� o o° CO o�� °c .4. 4 J Cash. Illiquid DEGREE OF LIQUIDITY An example of an illiquid asset is a nonnegotiable bank certificate of deposit, for which the holder must pay an interest penalty for premature redemption. Commercial paper is liquid only to the extent of the issuer's willingness to repur- chase the paper from investors. On the other hand, a short-term T-bill is extremely liquid, because it can be sold readily in the secondary market with- out an unduly wide price concession. The most liquid asset, of course, is a check- ing account or demand deposit, which is instantly negotiable at par value. Money OTHER - A TO: Investment Advisory Board FROM: Richard Parzonko, Finance Director DATE: April 22, 1994 SUBJECT: Banque Audi Condemnation Boardmember Brown requested additional information regarding the Banque Audi payment of $643,926.40 which appeared on the January warrant register. Information regarding the condemnation process was also requested. The property involved is known as the Avenue 52 Extension Project (Avenida Bermudas). The project also borders Fritz -Burns Park which is currently under development. Banque Audi is the property owner of the land which was impacted by imminent domain action exercised by City Council. Imminent domain action is primarily used for the betterment of the general public and is infrastructure related. Banque Audi became the owners of the property in question via a trust deed resulting from foreclosure proceedings. Separate litigation was also required to determine that Banque -Audi is the actual property owner. Concurrent to the property owner litigation, the City of La Quinta remitted a $480,000 deposit in 1991 to the Court for the property. CONDEMNATION PROCESS Upon the declaration of property subjected to imminent domain, negotiations for property value between the City and owner occur. Settlement could not be reached between the City and Banque -Audi as each party's appraisal differed significantly ($500,000 for the City and $1,900,000 for Banque Audi). The Courts were requested to perform a Condemnation Action to determine the property's settlement price. The jury awarded $1,123,926.40 to Banque Audi for the property. The City's initial $480,000.00 deposit was deducted from the award to determine the net balance due for the property. Complicated litigation procedures prevent items of this nature to be included in an operating budget. The alternative is to approve funding on an exception (as they occur) basis. Also important is to reserve funds for contingent liabilities once they become known. Since the project is infrastructure related, the appropriation is not capitalized and is not reflected in the Redevelopment Agency's Balance Sheet. OTHER — B tv w w w m m rn w v �. rn m w N o CD z � � 0 D � a a �+ rt rt cD d cD d d d d H. to P. Ul U� to iA ct cD ct ct ct ct fi iA ri ri �i f'! Fr• N• N• �• �• 0 0 0 0 0 ct w ct ct ct ct C �o N• �o w 00 00 t0 1 00 I I I- A n I F- A I I-► N F� tD O ft fD fi 40 -Lo -64 69 H+ -j N 1-" 00 t0 In Cn�� fA bb ^ O m O N co C .� w Ln 000 w a cn CA o) rn ON k H w v� 0o vti cD r• N cn 0) kc o cn ul FA ct -- dp dp dp dp dp dp a s >E � m r F✓ k N C: J �] �] �I �1 �l Ir• CA � ^ CA dP Cn 01 01 01 m m K w m ct -64 -64 -64 -W -M 40 c F✓w�� w w m K 00 w ct 00 coo coo rn tD Ul Jos C :p' O ct H. oo m K ON � -4-tn � 00 0 w A wa OTHER - C Keeping 7rac 1 Timely Review of Current Market Conditions Itffe rting (;ash Manap,fers Tracs Corporation Newsletter THEW YEAR AHEAD FORECAST There are two main questions out there the answers to which will have a serious impact on interest rates. Those questions are, how sustainable is rising consumer confidence, and how likely is it that we will see a resurgence of inflation? If the economy is chugging along at a 3% plus clip, it is very possible that we will see inflation pick up enough to make the Fed make some move toward tightening. We know that the problem is on the minds of many. Last month, Mr. Clinton stated that he saw no need for interest rates to be pushed higher. Greenspan and others at the Fed countered and contended that they would be disposed to push short term rates higher if it looked like inflation was re- emerging. I guess then that the honeymoon is over between Bill and Allan, they were getting so chummy there for a while. Maybe they are still buddies and working together. Bill says that rates shouldn't go higher but then his old pal Greenspan apparently goes against him and says that they might need to. The long bond and the street, who thought that the two were joined at the hip, see the riff as a bold move against inflation on the part of the Fed, which helps keep the jittery long end of the curve calm. ( In fact, long term rates fell in December on the perception that the Fed's autonomy and integrity were in tact. This is important especially in light of a continued attempt by some democrats to limit the Fed's autonomy.) The strategy, if this is plausible, (and nothing surprises me much anymore when it comes to the government), allows the Fed to keep Fed funds rates ricyht where they are for liquidity while simultaneously holding down the long end of the curve. Low long term rates are what has allowed everyone in the sun to rid themselves of double digit debt expense incurred in the late 80's converting those savings into new spending. It is likely that this debt expense savings has served as a catalyst to this recovery and is why I think that l►v ,leffery H. Flynn January 1994 this recovery is for real. It has taken three years for the yuppie baby -boomer group to recover and get back in the ball game. The final catalyst to the whole thing working was a resurgence in consumer confidence as a result of the political successes that came in late last year. This included things like NAFTA, GATT, and opening barriers to world trade. And it is amazing that such euphoria developed in the wake of the biggest tax increase in our history. But all of the pieces finally fell into place and I suspect that the 4th Q. GDP numbers will be approaching 4 1/2%. We'll see, but the trick now will be to see whether we can sustain this consumer euphoria and the recovery, both are inexorably linked and both effect interest rates. THE SPOILER What could happen that might possibly derail this train? To begin, it would have to be tied to confidence and the loss thereof. That process could occur in a variety of ways. The Congress could return to their propensity towards gridlock or confidence in t h e C l i n t o n tir.. administration could be _3 shaken. (Recent tabloid __ stories contend that - -- - Clinton may be doing more to mimic the Kennedy image than we, think.) Some say that the Christmas consumer splurge was done on credit and that a post holiday bill blues period could ensue, which would effect 1st Q '94 spending. Certainly there is the foreign affairs distraction, but as I stated last month, while concerned, the average American may be concentrating more on our domestic issues than foreign ones. These problems have less effect on confidence than they used to. Our only real foreign concerns seem to be nuclear related which !ll pursuit new homes and attempt to upgrade from the ones they're in. This should keep durable goods orders firm right through the 1st half of the year. So too, the average age of the car on the road is said to be about 9 years old so there should be a follow through in the new car purchase area as well. All of this demand will probably keep an upward bias on inflation until mid 94' and should cause the short end of the curve to rise which will make the Fed respond with a 1/4 point rate bump initially. This should happen by late January. If _. things are still rolling along by _ spring 94' as I expect, the Fed could bump it up another 1/4 _ point again. These rate increases - would take the 3 month T-Bill - rate to about 3.55% but the long end of the curve will like the tightening moves and should remain in its current rate range of 6 1/4%- 6.40%. The current CRB index does not concur with the experts that inflation doesn't represent a future threat ant so I can't see the. bond yield falling below the 60/1 area or if it does, staying there for more than minute. Beyond that, it is very foggy and difficult to see. But after the economy continues on it: current track through mid year 94', we could sec a pause by then. So we would want to ready out direct purchases as the short end of the curve rise: and the Fed readies their tightening moves. ANOTHER POSSIBLE BRIGHT SPOT Consecutively stronger quarters of GDP growth could begin to generate more revenue and could bring down the deficit somewhat. Any improvement in the deficit would take pressure off of interest rates, this is true. But the possibility that we could grow our way out of the deficit }problem has much more psychological influence on the consumer and the economy than it will on interest rates. And we haven't had any good news on the debt picture for a long time. Even Clinton's deficit reduction package doesn't have actual spending cuts coming until 1997. The thought, as foolish as some might think, that we are cleaning up our fiscal act, could propel our economy even further. I know that I would feel a helluva lot better about my future or my sons, if I thought that the government was getting its act together. It's kinda like getting a locomotive moving... it takes a lot of steam initially, but momentum and inertia do a_ lot to keep it rolling faster once you get it rolling. With the banks and corporations in good i = financial shape, we could see some real growth in revenue. You would think that 99 such bright news for the j economy would prompt a real jump in rates. But our credibility would rise with that - -- growth in revenue and reduction of debt and we would be in a better position to call the shots. Sure, short term rates could rise a point to 4%, but the longer end of the curve would welcome that and likely remain pretty stable. This possibility is why I have liked the floaters. WHAT IS WRONG WITH THIS PICTURE? Well, Congress has a propensity to spend any savings they can get their hands on. Next, while our deficit has a chance to be reduced, which is psychologically positive in the near term, we still have a 4 plus trillion dollar debt which is growing exponentially out of control by the minute. The point of this is to say that the picture over the coming months could be very positive. This will likely cause short term rates to get back to levels that are attractive to lock up for a longer period of time than those that we have been subjected to over the past couple of years. Many of you have followed my short term roll over mode recommendation last year with pools and repo. But I think that the time to abandon that mode is coming finally. Long term, our debt problem and the elections of 96' could be the conditions by which all of this euphoria fades. Short term, we could see some loss of euphoria when the fall election garbage heats up. But until — 3 — TO: FROM: DATE: RE: T a 0 it!t 4 4 a" MEMORANDUM Diana Brown, Investment Advisory Board Member Richard Parzonko, Finance Director.F? April 25, 1994 Accounts Payable Checks Listed below are the Accounts Payable Checks that you requested additional information: Check No. Description 17608 STRADLING, YOCCA, CARLSON & RAUTH $53,038.54 - General - $19,735.48 CV Housing Coalition - $4,819.26 Stockman - $88.02 Tucker - $88.02 Ralphs - $771.00 CV Land (Cusack) - $587.06 Merger - $1,750.00 Williams/Desert Sands - $2,440.60 V. Burkett - 400.20 Ave. 52 Eminent Domain $152.00 Wymer ITM Securities - $12,904.92 Primerit Bank Litigation - $9,282.00 17703 JAMES T. DUNPHY $152,221.93 - Senior Center Construction 17713 GRANITE $4.23,520.79 - Washington/Whitewater Bridge - Construction 17751 TDC $42,814.87 - 111 La Quinta Center 17759 WASTE MANAGEMENT $383,701.26 - Property Tax Settlement & AB939 Settlement Less Franchise Fee 17766 BANK OF AMERICA $1,197,776.44 - Redevelopment Agency Bond Issues 89, 90 & 91, Payment to trustee for Debt Service 17767 BANK OF AMERICA $209,634.88 - Assessment District Debt Service Payment 88-11 89-21 90-11 91-1 & 92-1 Memorandum April 28, 1994 Diana Brown 17786 KENKO $76,368.90 - Retention - Kenko - Paid to Bank of America Escrow Account 17818 KENKO $687,320.15 Retention - Construction 92-1 Phase V Cove Improvements If you have .any further questions, please feel free to call. cc: Investment Advisory Board Members