The URL can be used to link to this page

1995 07 12 IABT a 0 4t!t 4 QuiK& INVESTMENT ADVISORY BOARD AGENDA Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 July 12, 1996 - 5:30 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call C. Introduction of New Board Members d. FY 95/96 Meeting Schedule II APPOINTMENT OF OFFICERS A. Appointment of Investment Advisory Board Chairperson. B. Appointment of Investment Advisory Board Vice -Chairperson. • illy •J • _��. III PUBLIC COMMENT -(This is the time set aside for public comment on any matter not scheduled on the agenda.) IV CONSENT CALENDAR A. Approval of Minutes of June 14, 1995 V BUSINESS SESSION A. Transmittal of Treasurers Report and Balance ' Sheet dated May 31, 1995. B. Continued Consideration of a Specific Task Outline. C Continued Consideration of LAIF Investments 1. LAW Contract 2. Investment Report furnished by Tom Lewis 3. Coachella Valley Treasurers Reports 4. LAW Earnings Rate and Balances for FY 94/95 5. LAW Investment Policies D. Continued Consideration of the Investment Policy 1. Investment Advisory Board Minutes of 6/22/94, 7/20/94, 8/17/94 & 8/31 /94 VII INFORMATIONAL ITEMS A. Update on Ordinance Governing Investment Advisory Board B. First Interstate Bank Custodial Account Agreement C. Consolidated Balance Sheet D. Mutual Fund Information pz U Qum& OF TNt INVESTMENT ADVISORY BOARD MEETING: July 12, 1995 Business Item: A ITEM TITLE Transmittal of Treasurer's Report dated May 31, 1995 ISSUE AND DISCUSSION: The attached is the Treasurer's Report dated May 31, 1995. 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 CITY OF LA QUINTA TREASURER'S REPORT MAY 31,1995 ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASURER, TYPE OF MATURITY INTEREST INVESTMENT INSTITUTION DATE RATE AMOUNT POOLED CASH CHECKING MONEY MARKET LAIF/98-33434 LAIF/65-33-017 CITY PETTY CASH MONEY MARKET DEFERRED COMP RDA RESTRICTED CASH CONSTRUCTION DISTRIBUTION OF CASH AND INVESTMENTS CITY GENERALFUND GAS TAX FUND COMMUNITY PROJECT FUND LANDSCAPE & LIGHTING FUND CAPITAL 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 FIRST INTERSTATE FIRST INTERSTATE STATE OF CALIF. STATE OF CALIF. N/A BANK OF THE DESERT ICMA BANK OF AMERICA 1STINTERSTATE 1STINTERSTATE N/A N/A (428,306) N/A 3.35 435,955 DEMAND 6.008 8,8W,640 DEMAND 6.008 6,191,868 TOTAL POOLED CASH 15,038,157 N/A N/A 1,000 N/A 2.79 9,550 DEMAND 7.6 AVG 233,530 TOTAL CITY 244,080 RESTRICTED 3.75 4,887 RESTRICTED 3.86 716,572 DEMAND 3.86 C. ,943,797 TOTAL RDA 2,665,256 TOTAL 17,947,493 17,947,493 5,613,602 0 861,787 157,121 (53,589) 779,949 3,212,266 23,044 351,603 1,845,748 12,791,531 RANK 1 1 N/A N/A PA #1 PA #2 (2,804,507.00) 1,204,358.00 2,914,598.00 2,082,598.00 128,835.00 1,650,080.00 238,926.00 4,917,036.00 5,155,962 TOTAL 17,947,493 17,947,493 1 1 2 2 2 2 Fiscal Year 94/95 file: RDABND94/5 La Quinta Redevelopment Agency RDA 91 series INTEREST PAYMENT REDEMPTION RESERVE DEBT SERVICE FUND FUND FUND FUND FUND totals 117349300 117349301 117349302 117349303 117349304 07/01/94 BEGINNING SAL 227.87 0.02 0.00 735,284.51 (0.01) 735,512.39 TRNS TO CKING 7/11 0.00 0.00 0.00 (716,501.45) 0.00 (716,501.45) F.A. SURETY BOND 7/11 0.00 0.00 0.00 (21,000.00) 0.00 (21,000.00) JUL INTEREST 0.69 0.00 0.00 2,217.94 0.00 2,218.63 TRNS 0.00 766.57 0.00 (766.57) 0.00 0.00 AUG INTEREST 0.74 0.00 0.00 766.00 0.00 766.74 TRNS 265,829.98 199,233.41 0.00 0.00 465,063.39 930,126.78 DEBT SERV (266,059.41) (200,000.00) 0.00 0.00 (465,063.39) 0.00 SEP INTEREST 0.78 0.09 0.00 2.43 0.00 3.30 OCT INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 NOV INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 DEC INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 JAN INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 FEB INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 TRNS 259,684.41 78.86 0.00 (2.86) 259,684.41 519,444.82 DEBT SERV (259,684.41) 0.00 0.00 0.00 (259,763.26) (519,447.67) MAR INTEREST 0.00 2.48 0.00 0.00 78.85 81.33 TRNS 2.49 (2.49) 0.00 0.00 0.00 0.00 APR INTEREST 0.00 0.36 0.00 0.00 0.02 0.38 MAY INTEREST 0.01 0.36 0.00 0.00 0.00 0.37 JUN INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 BALANCE 3.15 79.66 0.00 0.00 0.01 82.82 "MBIA SURETY BOND $728,175.00 82.82 Fiscal Year 94/95 file: RDABND94/5 La Quints Redevelopment Agency RDA 94 series DEBT RESERVE REBATE ALTERNATIVE SERVICE FUND ACCOUNT PENALTY totals 117496800 117496801 117496802 117496803 07/01/94 BEGINNING BAL 239,290.93 " 0.00 0.00 239,290.93 JUL INTEREST 219.39 0.00 0.00 0.00 219.39 AUG INTEREST 777.34 0.00 0.00 0.00 777.34 SEPT INTEREST 816.02 0.00 0.00 0.00 816.02 OCT INTEREST 819.63 0.00 0.00 0.00 819.63 NOV INTEREST 864.58 0.00 0.00 0.00 864.58 DEC INTEREST 904.50 0.00 0.00 0.00 904.50 JAN INTEREST 996.69 0.00 0.00 0.00 996.69 DEBT SRV 1,191,051.50 0.00 0.00 0.00 1,191.051.50 FEB INTEREST 1,051.07 0.00 0.00 0.00 1,051.07 DEBT SRV (1,435,739.58) 0.00 0.00 0.00 (1,435,739.58) MAR INTEREST 3,709.33 0.00 0.00 0.00 3,709.33 APR INTEREST 22.24 0.00 0.00 0.00 22.24 MAY INTEREST 21.53 0.00 0.00 0.00 21.53 JUN INTEREST 0.00 0.00 0.00 0.00 0.00 BALANCE 4,805.17 0.00 0.00 0.00 4,805.17 " MBIA SURETY. BOND $2,632040.00 INV VALUE Fiscal Year 94/95 La Quinba Redevelopment Agency RDA PA#2 92 Series 07/01/94 BEGINNING BAL CITY OF L.Q. 7/11 JUL INTEREST AUG INTEREST SEPINTEREST OCTINTEREST TRNS TO CITY NOVINTEREST REC FROM CITY TRNS FROM SPCL FUND DECINTEREST DEBT SERV PYMT JAN INTEREST FEBINTEREST TRNS TRNS TO CITY 3123 MARINTEREST APRINTEREST REC FROM CITY MAYINTEREST JUNINTEREST 5E ESCROW FUND 8116202-000 8116202-001 4,317,478.53 526,865.64 (19,380.13) 0.00 13,061.02 1,593.85 13,979.54 1,708.93 14,905.61 1,827.10 15,085.98 1,849.21 (32,134.61) 0.00 16,115.83 1.977.39 0.00 0.00 0.00 0.00 17,146.06 2,117.30 0.00 0.00 18,857.04 2,328.58 18,955.34 2,340.72 382,919.00 (380,000.00) (3,024,387.00) 0.00 18,581.18 2,294.52 17,538.30 1,182.63 0.00 0.00 8,198.73 770.01 0.00 0.00 BALANCE 1,77§,940.42 166,855.88 SPECIAL FUND 8116202-M 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 275,897.86 (275,897.86) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 file: RDABND94/5 SPECIAL INT FUND 8116202-M 279.91 0.00 20.36 0.97 1.04 1.05 0.00 1.12 0.00 195.924.30 85.56 (196,228.75) 27.88 0.48 0.00 0.00 0.48 0.54 194,313.28 0.53 0.00 ft't3'19Lo.30 LDN3TQL�QDtJ ATi: ID IS 194,42 PRINCIPLE FUND 8118202-004 26.00 0.00 0.08 0.08 0.09 0.09 0.00 0.00 0.00 79,973.56 34.54 (80,000.00) 11.46 0.20 0.00 0.00 0.19 0.22 0.00 0.22 0.00 11.60 RESERVE FUND 8116202-005 483,608.50 0.00 1,462.99 1.568.63 1,677.09 1,697.38 0.00 1,815.04 0.00 0.00 1,943.46 0.00 2,137.40 2,148.54 17,081.00 0.00 2,106.13 2,429.98 0.00 2,409.74 0.00 bowls 5,328,258.58 0.00 16,138.30 17,258.15 18,410.93 18,633.71 (32,134.61) 19,909.38 275,897.86 (0.00) 21,326.92 (276,228.75) 23,362.36 23,445.28 0.00 (3,024,387.00) 22,982.50 21,151.67 11.379.23 0.00 2,660,357.66 6) 071",z34o la:-MW--4.4. LA QUINTA FINANCING AUTHORITY TREASURER'S REPORT MAY 31,1995 TYPE OF MATURITY INTEREST INVESTMENT INSTITUTION DATE RATE AMOUNT RANK CIVIC CENTER BOND PROCEEDS: CASH -CONSTRUCTION BANK OF AMERICA CASH -RESERVE BANK OF AMERICA CASH -REDEMPTION BANK OF AMERICA DEMAND 0 0 DEMAND 3.73 725,418 DEMAND 3.73 70,524 TOTAL 795,942 2 2 2 Fiscal Year 94/95 file: RDABND94/5 La Quinta Financing Authority Revenue Bonds Series 91 BOND RESERVE CONSTRUCTION REBATE FUND FUND FUND FUND totals 117355200 117355201 117355202 117355203 07/01/94 BEGINNING BAL 54,793.12 704,718.50 2,208.21 0.00 0.00 761.719.83 JUL INTEREST 43.04 2,117.39 6.28 0.00 0.00 2,166.71 AUG INTEREST 167.39 2,156.94 6.76 0.00 0.00 2,331.09 SEP INTEREST 177.96 2,293.87 7.19 0.00 0.00 2,479.02 TRNS 8,922.74 (8,922.74) 0.00 0.00 0.00 0.00 TRNS TO 100700025 (155,000.00) 0.00 0.00 0.00 0.00 (155,000.00) RENT 429,176.25 0.00 0.00 0.00 0.00 429,176.25 DEBT SERV (274,176.25) 0.00 0.00 0.00 0.00 (274,176.25) OCT INTEREST 991.66 2,354.54 7.38 0.00 0.00 3,353.58 NOV INTEREST 367.37 2,528.61 7.95 0.00 0.00 2,903.93 DEC INTEREST 247.43 2,673.51 8.48 0.00 0.00 2,929.42 TRNS 2,261.71 0.00 (2,261.71) 0.00 0.00 0.00 JAN INTEREST 275.92 2,980.96 9.46 0.00 0.00 3,266.34 FEB INTEREST 291.25 3.042.38 0.00 0.00 0.00 3,333.63 RENT 270,301.25 0.00 0.00 0.00 0.00 270,301.25 MAR INTEREST 284.56 2,972.43 0.00 0.00 0.00 3,256.99 TRNS 14,197.89 (14,197.89) 0.00 0.00 0.00 0.00 DEBT SERV (270,301.25) 0.00 0.00 0.00 0.00 (270,301.25) APR INTEREST 1,208.32 3,332.45 0.00 0.00 0.00 4,540.77 MAY INTEREST 491.44 3,169.52 0.00 0.00 0.00 3,660.98 JUN INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 BALANCE 84,721.80 711,220.47 (0.00) 0.00 0.00 795,942.27 795,942.27 CITY OF LA QUINTA BANK RECONCILEMENT MAY 31, 1995 05/31/95 BANK STATEMENT BALANCES FIRST INTERSTATE STATE OF CALIF: LAW LAW CHECKING M/M 98-33434 65-33-017 CHECKING 586,718.53 M/M 435,955.14 TOTALS 586,718.53 435,955.14 LAW 98-33434 8,836,640.35 8,836,640.35 LAW 65-33-017 6,191,868.31 6,191,868.31 05/31/95 TOTAL BANK STATEMENT BALANCES 586,718.53 435,955.14 8,836,640.35 6,191,868.31 16,051,182.33 LESS OUTSTANDING TRANS LESS OUTSTANDING CHECKS: A/P (1,004,329.40) (1,004,329.40) P/R (233.78) (233.78) ADD OUTSTANDING DEPOSITS: 12,174.33 12,174.33 05/31/95 ADJUSTED BANK STATEMENT BALANCES (405 670.32) 435,955.14 8,836,640.35 6,191,868.31 15,058,793.48 05/31/95 G/L BALANCE POOLED CASH (426,306.43) 217,155.95 3,536,640.35 7,901,868.31 11,229,358.18 ADJ JE'S POSTED IN JUNE 95 20,636.11 20,636.11 0.00 0.00 05/31/95 ADJUSTED G/L BAL - CASH & INVESTMENTS (405 670.32) 217,155.95 3,536,640.35 7,901,868.31 11,249,994.29 GENERAL LEDGER - GL3050 ACCOUNT SUMMARY 09:43AM 06/21/95 CITY OF LA QUINTA AS OF 05/31/95 PAGE 1 ACCOUNT NUMBER DESCRIPTION PRIOR YTD CURRENT Morro YEAR-TO-DATE AMOUNT DEBIT AMOUNT CREDIT AMOUNT AMOUNT Pooled Cash 101 000 101 000 Pooled Cash 4,511,792.67 1,841,327.99 -750,189.55 5,602,931.11 201 000 101 000 Pooled Cash -74.58 14,294.68 -14,220.10 0.00 205 000 101 000 Pooled Cash 861,716.04 71.00 0.00 661,787.04 210 000 101 000 Pooled Cash 4,578.50 0.42 0.00 4,578.92 215 000 101 000 Pooled Cash 0.84 371,603.85 -214,484.03 157,120.66 220 000 101 000 Pooled Cash 783,348.89 64.25 -3,464.50 779,948.64 225 000 101 000 Pooled Cash 3,210,802.47 132,554.30 -131,090.38 3,212,266.39 230 000 101 000 Pooled Cash 23,041.93 1.90 0.00 23,043.83 235 000 101 000 Pooled Cash 32,742.73 2.70 0.00 32,745.43 240 000 101 000 Pooled Cash 0.00 0.00 0.00 0.00 245 000 101 000 Pooled Cash -492,891.35 1,139,705.09 -517,979.16 128,834.58 246 000 101 000 Pooled Cash 1,423,127.06 249,300.86 -22,348.05 1,650,079.87 301 000 101 000 Pooled Cash 1,425,896.72 1,979,593.76 -495,780.00 2,909,710.48 302 000 101 000 Pooled Cash 874,726.37 701,628.17 -230,328.25 1,346,026.29 310 000 101 000 Pooled Cash 122.00 0.00 0.00 122.00 401 000 101 000 Pooled Cash -26,547.48 66,000.00 -93,041.04,588.52 405 000 101 000 Pooled Cash -2,714,943.41 0.00 -89,563.58 -2,804,506.99 406 000 101 000 Pooled Cash -150,841.59 0.00 -588,597.03 -739,438.62 407 000 101 000 Pooled Cash 340,535.46 11,067.59 0.00 351,603.05 408 000 101 000 Pooled Cash 0.00 0.00 0.00 0.00 701 000 101 000 Pooled Cash 230,167.57 4,470.64 0.00 234,638.21 710 000 101 000 Pooled Cash 230,318.38 42,832.59 -651.57 272,499.40 715 000 101 000 Pooled Cash 175,395.02 57,935.05 0.00 233,330.07 720 000 101 000 Pooled Cash 141,100.19 60,113.68 -840.40 200,373.47 725 000 101 000 Pooled Cash 272,694.98 102,690.35 0.00 375,385.34 730 000 101 000 Pooled Cash 175,848.65 82,818.07 0.00 258,666.72 FINAL TOTAL 11,332,658.06 6,858,076.95 -3,152,577.64 15,038,157.37 ;v; '93S9S5 i�f iS03�i57'�i The Corr#e Statement -DIRECT INQUIRIES TO (216) (397) ACCT NO. 216-8-98001 376 PALM DESERT ESTATES OFFICE (BUS) MAN015331 77-900 FRED WARING DRIVE PALM DESERT CA 92260 First (619)322-4200 .Interstate Bank CITY OF LA QUINTA PUBAGT OPERATING ACCOUNT 21 PO BOX 1504 1 3 LA QUINTA CA 92253=1504 PAGE 1 THIS STATEMENT DATE MAY 31, 1995 NEXT STATEMENT DATE JUNE 30, 1995 CHECKING ACCOUNT 216-8-98001 SUMMARY BALANCE FORWARD AS OF 04=28-95 . 130,500.95 TOTAL DEPOSITS/CREDITS'. .> `� , .:� ,�?.., , 2,657,754.51 TOTAL CHECKS/DEBITS • . 2,203, 384.65 SERVICE CHARGES ENDING BALANCE 84,870.8' MINIMUM BALANCE ON 05-17 .` ; , „::; , 1 .T8 AVERAGE BALANCE. . ; . . _ p .,4_.. ..: 531, 016 .00 CHECKING ACCOUNT TRANSACTIONS CHECKS CHECK---N DATE CHECK NO DATE AMOUNT CHECK NO DATE AMOUNT <:- 5 11845 05-08 U 416411,03 11902 05-22 ' 637.94 11747* 05-01 '`�1; 11846 05-10 44,.27 11903 05-22 1,160.33 11801* 05-08 N918:77 11847 05-08 `46ST 39 11904 05-19 ..828.99 �1,029.50_ 11848 05-08 621."93' 11905 05-25 1,610.38 11802 05-05 11803 05-08 .`-1,481.90' 11849 05-09 606.36 11907* 05-22 ,,1,107.58 11804 05-08 `'1,113.81 11850 05-08 11908 05-24 '1,258.82 11805 05-08 '4752.65- 11851 05-08 `"634,.00 11909 05-23 '-J400.65 11806 05-05 -1-P 406.62- 118.53* 05-08 V858:"1.1 11910 05-23 Ni, 346.33 11807 05-12 --1,107.59' 11854 05-08 �`"913.Q9 11911 05-22 �'958.78 11808 05-23 1,.063.82.,- 11855 05-09 !748.$6 11912 05-22 4413.59 11809 05-09 `41,696.33 11856 05-09 9.32`83'' 11914* 05-19 1,218.81 11810 05-08 `-795.44 11857 05-09 52.' 11915 05-22 414.13 11811 05-10 -%1,008.34 11858 05-05 11916 05-22 '\t1,116.03 11812 05-05 -3,048.75 11859 05-08797.60 11917 05-22-+710.76 11813 05-10 275.14 11860 05-08"1,21"O:Of 11918 05-23 657.40 11814 05-08 `117.07 11861 05-08 ',141.21 11919 05-22 �584.15 1� 11815 05-08 u808.21 11863* 05-17 `-420-;88 11920 05-23 --648.81 11816 05-08 ----664.63 11873* 05-23 v951.00 11921 05-22 "776.15 11817 05-08 �2,517.37 11874 05-19 v 1,029.5.0 11922 05-22 634.00 11818 05-08 "+1,039.23 11875 05-22 '114>1,481.90 11924* 05-22 1858.11 11819 05-09 `-�1,260.85 11876 05-22 V 1,219.,58 11925 05-22-913.09 11820 05-08 --,4884.50 11877 05-22 V75Z.fi5 1-1926 05-30 '� `748.86 11821 05_08 It 293.09 11878 05-30 ''" 1�406.::62 11927 05-25 11822 05 08 1, 055.75 11879 05-22 V1,1.07'.59 1192.8 05-23 A107.81 11823 05-05 �1441.85 11880 05-23 �`"1,063.82: 11929 05-19 �952.49 11824 05-08 --&1,148.66. 11881 05-22 41,p696.33 11930 05-22 V797.60 11825 05-08 -463.55 11882 05-22 7-9,5,,44 11931 05-22 'N1,274.34 11826 05-08 -,-2 4 6 . I 5'k 11883 05-23 %1,008,34 11932 05-22 219.17 11827 05-08 '-j$14.71 11884 05-22 `•1,048.76 11933 05-19 `1,857.86 11828 05-08 "-6882.95 11885 05-25 '�1275-.-14 11934 05-23 '669.53 11829 05-08 " 753.69 11886 05-19 4 117.07 -11935 05-22 `�234.91 11830 05-08 V637.94 11887 05-22 "4808'.21 C05-17-12,!3T 98 11831 05-08 � 1,160.33` 11888 05-22 3�,W 664.63 21293* 05-01 ,,237.66 11832 05-05 `%,4 828.99 11889 05-23 �1439.23 2, 51�7.36 21299* 05-01 .440.00 11833 05-09 �1,610.38 11890 05-22 21306* 05-02 J8.43 11834 05-09 ---370.68 11891 05-22 � 1, 260.85 21307 05-01 'V540. 05 11835 05-08 `-1,107.58 11892 05-22 v952.82 21311* 05-12 ,25.54 11836 05-08 `-1,258.82 11893 05-22 `�?1,293.09 21324* 05-01 75.73 11837 05-09 N400.65 11894 05-19 '-+1455.75 21329* 05-02 -A2.24 11838 05-09 41,346.33 11895 05-19 "1,441,85 21335* 05-16 ` 1,362.75 11839 05-08 --958.78 11896 05-22 \i,P14&#6621337* 05-10 593.50 11840 05-08 -413.59° 11897 05-23 v663 55 21344* 05-05 '22.95 11841 05-08 `%1855.090 11898 05-22 19' 21355* 05-11 1P407.60 11842 05-08 -,„854.82" 11899 05-22 814.7.1, 21357* 05-01 .80.00 11843 05-08 ',41,218.81 11900 05-19 "4882:9.6 21365* 05-08 10500.00 11844 05-08 `414.13' 11901 05-22753".69 21374* 05-03 35.65 Note: An asterisk (') next to any check listed above means there has been a break in the Notice: Please see rev rse side and any accompanying statement(s) for important information. numerical sequence of your checks. Examine this statement carefully and report any irregularities promptly. The Cq plete Statement -DI ,'CT INQUIRIES TO (216) PALM DESERT ESTATES OFFICE 77-900 FRED WARING DRIVE PALM DESERT CA 92260 (619)322-4200 CITY OF LA QUINTA PO BOX 1504 LA QUINTA CA 92253-1504 (397) ACCT NO. 216-9-19904 (BUS) ITMO37427 MARKET -INTEREST,'—A=_ U BALANCE FORWAME[ k .,,TOTAL DEPt1SI�f INTEREST RAIDP,�u; TOTAL CHECKS4 'SERVICE- CHARGE . i � ti •. ENDING BALANCE . _`. z •4. ,,.>., >4 ." INTEREST "PAID MINIMUM BALANCE. ON 05-01, .' «:; .�{ • • AVERAGE BALANCE. • , :_ RATE ANDA N; YOUR AVERAGE ANNUALIZED "RATE. IS -BALANCE OF $410,,�a FRTHI p STA'I �}E� DEPOSITS DATE AMOUNT ;�,MAI'E 05-24 - 1231r72I& :'�E1524 .��400 ELECTRONIC FUNDS": TOkOFEI �E �C�,a tI TS , DATE TYPE . OF TRANS` 'd [ S fv'M.SRr 05-26 #BANK `'ENTRY 05-30 INTEREST PAD`' ceri�� e •, .f�a` *ti rt�r 4y i,y yP gr C�'`�' '"'.'� 3��n ys awy „4ia�r sw�'k rr � yy 3 � ab.;41 f t .a f2S.� r � 3 a , K 5. a;, # �r f R �'r .. first . /Merstate Bank �- 21 1 M PAGE 1 THIS -STATEMENT DATE MAY 31, 1995 NEXT STATEMENT DATE JUNE 30, 1995 . 217s,153.95 5,517,o555.90 d;; �, • ,..w 1; 243 ,29 _.... 217,155,95 • ,..._..--------------------------- 577,510.00 ©E COLLECTED �lfb 7, ',MOUNT . DATE AMOUNT I�t1f14t00 'r�#1=THDRAWAL3 " DEPOSITS r< 1:, 243.29 a ,yea d- �� [ Note: An asterisk (*) next to any check listed above means there has been a break in the Notice: Please see reverse side and any accompanying statements) for important information numerical sequence of your checks. Examine this statement carefully and report any irregularities promptly. Bank of America Your Bank of America P.O. Box 30746 Business Analyzed Los Angeles, CA 90030-0746 Checking Statement 0916 E 7-1 Statement Period: April 29 through May 31, 1995 Account Number: 09160.15464 CITY OF LA QUINTA At Your Service P 0 BOX 1504 Call: 619-340-1867, 24 hours, LA QUINTA CA 92253-1504 7 days a week Indio Main Office 81-800 Hwy 111 Indio, CA 92201 Customer since 1982 Bank of America appreciates your business and we enjoy serving you. ❑ Summary of Your Business Analyzed Checking Account I Beginning Balance on 04/29/95 $345.05 I Total Deposits and Other Credits + 4,000.00 Total Checks and Other Withdrawals - 2,497.33 Ending Balance Number of branch/ATM deposits 1 Number of checks paid 7 Number of 24 Hour Customer Service Calls Self -Service 1 Assisted 0 ❑ Important Information About Your Account Your Business Analyzed Checking Analysis Statement provides details regarding monthly analysis charges. ❑ Bank of America News The new BankAmericard Visa Business Card provides the convenience of a revolving line , of credit, the added security of business checking overdraft protection and the flexibility of a travel and entertainment card. Apply todayl Call us at 1-800477-5899 ext. 805 or visit your local branch for an application. ❑ Branch/ATM Deposits Number Date Posted Amount 05/22 $4,000.00 ❑ Checks Paid ' Gap in check sequence Date Paid Number Amount 05/05 20973 $ 75.00 05/15 21070 164.57 05/12 � 05 02 21132 39.26 Date Paid Number Amount 05/22 2,041.00 05/09 21154 ",t 100.00 05/26 21273 52.50 Total of 7 Checks Paid $2,497.33 0015333.001.123 Page 1 of 1 STATE -OF CALIFORNIA MATT FONG, Treasurer OFFICE OF THE TREASURER _• SACRAMENTO •. LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 05/31/95 SACRAMENTO, CA 94209-0001 Page: 01 MAY, 1995 STATEMENT CITY OF LA QUINTA ATTN: FINANCE DIRECTOR P.O. BOX 1504 LA QUINTA CA EFFECTIVE TRANSACTION TRAN DATE DATE TYPE --------- ----------- ---- BEGINNING BALANCE - REG 05/26/95 05/26/95 RD ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT REG 1 B/P 0 TOTAL 1 92253 CONF AUTH NO CALLER 217 JMF ACCOUNT OM3-434 RECEIVED JUN 2 619.95 INANcE cEPr TRANSACTION AMOUNT BALANCE ------------------------------ $3,536,640.35 $5,300,000.00 $8,836,640.35 --------------- $8,836,640.35 SUMMARY TOTAL DEPOSIT AMT ----------------- $5,300,000.00 $0.00 ----------------- $5,300,000.00 --------------- $8,836,640.35 TOTAL WITHDRAWAL ANT -------------------- $0.00 $0.00 -------------------- $0.00 STATE .OF CALIFORNIA MATT FONG, Treasurer OFFICE OF THE TREASURER SACRAMENTO . • LOCAL AGENCY INVESTMENT FUND P.O. Box 942809 Date: 05/31/95 SACRAMENTO, CA 94209-0001 Page: 01 MAY, 1995 STATEMENT ACCOUNT NUMBER: 65-33-017 LA QUINTA REDEVELOPMENT AGENCY Rt:uE�VED ATTN: FINANCES DIRECTOR P.O. sox isoa JUN 2 g 19�i LA QUINTA CA 92253 TiNANCE DEFT EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE --------- ----------- ---- ------ --------------------- --------------- BEGINNING BALANCE - REG $7,901,868.31 05/12/95 05/11/95 RW 05/19/95 05/19/95 RW ENDING BALANCE - REG NO BOND PROCEEDS GRAND TOTAL TRAN COUNT REG 2 B/P 0 TOTAL 2 213 JMF 214 JMF SUMMARY TOTAL DEPOSIT AMT ----------------- $0.00 $0.00 ----------------- $0.00 -$850;000.00 -$860,000.00 $7,051,868.31 $6,191,868.31 --------------- $6,191,868.31 --------------- $6,191,868.31 TOTAL WITHDRAWAL AMT -------------------- -$1,710,000.00 $0.00 -------------------- -$1,710,000.00 BR3001-BANK RECONCILIATION OUTSTANDING CHECKS CITY OF LP QUINTA M=W 15 AYAVE BANK CHECK CHECK VENDOR VENDOR NAME ACCT. NO. DATE NO. 11:55AM 06/21/95 PAGE 1 CHECK AMT. 20483 01/18/95 &00003 TAMARA RADER 40.00 20789 02/16/95 &00007 AUTOMOBILE CLUB OF SO CAL 7.06 20834 03/01/95 &00023 PENNY SIPES 110.00 20954 03/01/95 WOL010 KAY WOLFF 50.00 21044 03/14/95 LIT010 LITTLER, MENDELSON, 50.00 21127 03/29/95 ANNO10 ANNENBERG CENTER AT 20.00 21172 03/29/95 INT050 INTERSTATE STRIPING 24809.16 21181 03/29/95 LEA015 LEAGUE OF CALIF CITIES 410.00 21264 03/31/95 WOL010 KAY WOLFF 1 50.00 21281 04/12/95 &00050 DAVID SALVATIERRA 11.00 21331 04/12/95 KLI050 BOB KLINE FENCE CO 80.00 21406 04/25/95 &00058 KATHLEEN PRIDDY 80.00 i�215_-'_04%28I95 �3 P_ER010 RONALD A PERKINS 750.ffo 21508 04/28/95 WOL010 KAY WOLFF 50-.UD 21526 05/10/95 AAS050 AASHTO 52.25 21531 05/10/95 AND010 ANDERSON TRAVEL SERVICE 84.00 21534 05/10/95 ASP010 ASPHALT INSTITUTE-INC 235.00 21539 05/10/95 BER005 STEVE BERLINER 25.00 21551 05/10/95 DES050 DESERT SANDS UNIFIED 495780.00 21559 05/10/95 FAI010 FAIRMONT-HOTEL 360.00 21582 05/10/95 LAQ100 LA QUINTA VOLUNTEER FIRE 584.75 21590 05/10/95 MKC010 MK CAMERA AND PHOTO 7.60 21591 05/10/95 MMA050 MMASC 40.00 21613 05/10/95 ROB050 CAMERON ROBBINS 84.00 21625 05/10/95 TRIO10 TRI LAKE CONSULTANTS INC 6662.50 21633 05/10/95 WAL050 WALL STREET JOURNAL 48.00 21648 05/18/95 JUL050 JULY 4TH GREATER DESERT 1000.00 �i 21658 05/24/95 CLE010 CLERK OF SUPERIOR COURT 200.00 21661 05/24/95 LAQ050 LA QUINTA CITY EMPLOYEES 55.00 21663 05/24/95 RIV040 RIV CNTY DISTRICT ATTORNY 361.50 _�1664 05/24/95 UNIO05 UNITED WAY OF THE DESERT_ 120.50 21668 05/31/95 ACE010 ACE HARDWARE 110.73 3 21669 05/31/95 AGS050 A & G SALES PROMOTIONS 480.37 21670 05/31/95 AMC050 A & M CONSTRUCTION 2182.70 21671 05/31/95 AME005 AMERICAN PLANNING ASSOC 171.00 A 21672 05/31/95 ANI050 ANIMAL CARE EQUIPMENT 339.85. A 21673 05/31/95 AP0050 APOLLO SWEEPING CO INC 4194.59 A 21674 05/31/95 ARRO10 ARROW PRINTING COMPANY 221.97 A 21675 05/31/95 ASCO01 A & S COFFEE SERVICE 196.00 A 21676 05/31/95 BAK005 PEGGY BAKER 40.00 A 21677 05/31/95 BSIO10 BSI CONSULTANTS INC 7998.05 A 21678 05/31/95 CAD010 CADET UNIFORM SUPPLY 211.56 A 21679 05/31/95 CAL011 CALIF ANIMAL CONTROL 35.00 A 21680 05/31/95 CAL026 CAL DEPT OF TRANSPORTATIN 40.00 A 21681 05/31/95 CAT050 CATNIP 20.00 A 216.82 05/31/95 CDW050 CDW COMPUTER CENTERS INC 1267.48 A 21683 05/31/95 CIT050 • CITY CLERK'S ASSOC OF CAL 168.50 A 21684 05/31/95 COA030 COACHELLA VALLEY INSURANC 782.00 A 21685 05/31/95 COA050 COACHELLA VALLEY LAND 1442.47 ER3001-BANK RECONCILIATION OUTSTANDING CHECKS 11:55AM 06/21/95 CITY OF LA QUINTA PAGE 2 BANK CHECK CHECK VENDOR VENDOR NAME CHECK ACCT. NO. DATE NO. AMT. A 21686 05/31/95 COA080 COACHELLA VALLEY WATER 7479.17 A 21687 05/31/95 COM003 COMFORT ZONE AIR COND 60.00 A 21688 05/31/95 COV050 COVER T-SHIRT COMPANY 29.21 A 21689 05/31/95 CVJ010 C V J P I A 150.00 A 21690 05/31/95 DAT005 DATACAL 117.75 A 21691 05/31/95 DAT010 DATA DISCOUNT 227.53 A 21692 05/31/95 DESO40 DESERT JANITOR SERVICE 3963.08 A 21693 05/31/95 DES060 DESERT SUN PUBLISHING CO 1705.50 A 21694 05/31/95 ECO050 ECONOMICS INC 1571.09 A 21695 05/31/95 EIS010 EISENHOWER IMMEDIATE CARE 159.00 A .21696 . 05/31/95 ELE050 ELEK-TER INC 206.06 A 21697 05/31/95 ELRO10 EL RANCHITO 100.00 A 21698 05/31/95 FED010 FEDERAL EXPRESS CORP 393.25 A 21699 05/31/95 FIE020 --FIESTA FORD INC 155.48 A 21700 05/31/95 FRA010 MARNI FRANCISCO 42.24 A 21701 05/31/95 FUN010 FUNKY ICE & REFRIGERATION 246.29 A 21702 05/31/95 GAS010 GASCARD INC 1295.80 A 21703 05/31/95 GTE010 GTE CALIFORNIA 257.60 A 21704 05/31/95 HAL010 HALL & FOREMAN, INC 27041.00 A 21705 05/31/95 HAR050 HARTZOQ & CRABILL INC 630.00 A 21706 05/31/95 HER010 JERRY HERMAN 123.52 A 21707 05/31/95 HIG010 HIGH TECH IRRIGATION INC 322.34 A 21708 05/31/95 HIN010 HINDERLITER, DE LLAMAS 1369.08 A 21709 05/31/95 HOL010 HOLMAN INDUSTRIES 110.60 A 21710 05/31/95 HOW050 HOWARTH & SMITH 4829.86 A 21711 05/31/95 IBM010 IBM CORPORATION UW3 233.23 A 21712 05/31/95 IMP010 IMPERIAL IRRIGATION DIST 6307.89 A 21713 05/31/95 INT015 INTERNATIONAL CONFERENCE 509.18 A 21714 05/31/95 INT017 INTERNATL ASSC PLUMBING 100.00 A 21715 05/31/95 INT018 INTERNATIONAL PERSONNEL 213.00 A 21716 05/31/95 JOB020 JOBS AVAILABLE INC 181.44 A 21717 05/31/95 JUD010 JUDICIAL DATA SYSTEMS COR 100.00 A 21718 05/31/95 KEI010 KEITH COMPANIES 7751.16 A 21719 05/31/95 KEN050 KEN'S AUTO REPAIR 108.10 A �21720 05/31/95 KEY010 KEYE PRODUCTIVITY CENTER 139.00 A 21721 05/31/95 KIN050 KINKO'S 124.65 A 21722 05/31/95 LAC010 L A CELLULAR 700.21 A 2172.3" 05/31/95 LAQ040 LA QUINTA CHAMBER COMMERC 400.00 A 21724 05/31/95 LAS010 LASER EDGE 355.58 A 21725 05/31/95 LEA050 LEARNING RESOURCES NETWRK 95.00 A 21726 05/31/95 LEX050 LEXMARK INTERNATIONAL 191.58 A 21727 05/31/95 LIC050 PAMELA LICALSI 71.58 A 21728 05/31/95 LMD050 L & M DISTRIBUTING INC 555.77 A 21729 05/31/95 LOB010 LOBEL, WINTHROP & OPERA 241.75 A 21730 05/31/95 L00010 LOCK SHOP INC 17.35 A 21731 05/31/95 MAC010 MACKENZIE. & ASSOCIATES 275.00 A 21732 05/31/95 MCDO10 MC DOWELL AWARDS 173.44 A 21733 05/31/95 MCK010 MCKESSON WATER PRODUCTS 73.19 A 21734 05/31/95 MIL050 BILL MILLER 50.00 BR3001-BANK. RECONCILIATION OUTSTANDING CHECKS CITY OF LA QUINTA 11:55AM 06/21/95 PAGE 3 BANK CHECK CHECK VENDOR VENDOR NAME CHECK ACCT. NO. DATE NO. AMT. A 21735 05/31/95 MOB010 MOBILEMEDIA 95.91 A 21736 05/31/95 NAT010 NATIONAL BUSINESS MACHINE 1156.67 A 21737 05/31/95 NAT020 NATL GUARDIAN SECURITY SV 160.00 A 21738 05/31/95 NIX050 NIXON-EGLI EQUIPMENT CO 6465.00 A 21739 05/31/95 OWE020 ROBERT A OWEN 651.57 A 21740 05/31/95 PAR030 PARKHOUSE TIRE INC 394.38 A 21741 05/31/95 PER005 P E R S 200.00 A 21742 05/31/95 PLA020 THE PLANNING CENTER 1805.07 A .21743 05/31/95 PRIO10 PRICE COSTCO 279.74 A 21744 05/31/95 PRI020 THE PRINTING PLACE 812.18 A 21745 05/31/95 PUG010 CHUCK PUGH 33.60 A 21746 05/31/95 RIV020 RIV CNTY AUDITOR-CONTROLR 140.00 A 21747 05/31/95 RIV100 RIVERSIDE COUNTY SHERIFFS 249071.06 A 21748 05/31/95 RIV101 RIV COUNTY SHERIFF/INDIO 2207.40 A 21750 05/31/95 ROS010 ROSENOW SPEVACEK GROUP 25200.58 A 21751 05/31/95 RUB010 MICHAEL J RUBINO 4327.50 A 21752 05/31/95 SHAO10 SHADOW PALMS GARDENING 8750.00 A 21753 05/31/95 SHU050 SHUTTER WISE 55.00 A 21754 05/31/95 SMA010 SMART & FINAL 198.87 A 21755 05/31/95 SM0010 DONNALDA SMOLENS 80.00 A 21756 05/31/95 SOU010 SOUTHERN CALIF GAS CO 307.23 A 21757 05/31/95 SPE010 STEVE SPEER 237.68 A 21758 05/31/95 SP0050 SPORT CHALET TEAM DIV 184.08 A 21759 05/31/95 STA050 STAPLES 662.64 A 21760 05/31/95 STE020 STEVE'S OFFICE SUPPLY 914.21 A 21761 05/31/95 ST0005 BOB STONE 100.00 A 21762 05/31/95 STRO10 STRADLING, YOCCA, CARLSON 45262.26 A 21763 05/31/95 STR050 EDWARD STREZLCZYK 300.00 A 21764 05/31/95 TAY010 STEVE TAYLOR & SON 750.00 A 21765 .05/31/95 TIG010 TIGER REPROGRAPHICS 303.58 A 21766 05/31/95 TOP010 TOPS'N BARRICADES INC 397.84 A 21767 05/31/95 TRIO10 TRI LAKE CONSULTANTS INC 6519.00 A 21768 05/31/95 VAL010 VALLEY OFFICE EQUIP INC 57.00 A 21769 05/31/95 VAL050 VALLEY SPORTS 237.82 A 21770 05/31/95 VEN050 VENTURE PUBLISHING INC 20.45 A 21771 05/31/95 VIK010 VIKING OFFICE PRODUCTS 31.49 A 21772 05/31/95 VIN010 VINTAGE LANDSCAPE MAINT 12195.77 A 21773 05/31/95 VRE010 RON VREEKEN 71.01 A 21774 05/31/95 WAL010 WAL MART STORES INC 155.46 A 21775 05/31/95 WAS010 WASTE MANAGEMENT OF DESRT 145.55 A 21776 05/31/95 WAT050 WATSON & CHRISTIANSEN ENG 49.10 A 21777 05/31/95 WAT060 R WYNE WATTS TREASURER- 290.16 A 21778 05/31/95 WEL010 WELCH'S UNIFORM RENTAL 42.14 A 21779 05/31/95 WES010 WEST PUBLISHING CORP 69.65 A 21780 05/31/95 WOR010 WORDPERFECT MAGAZINE 24.00 A 21781 05/31/95 XER010 XEROX CORPORATIC" 1161429 A 21813 05/31/95 ABE001 JAQUES ABELS 100.00 A 21814 05/31/95 AD0010 DON ADOLPH 100.00 A 21815 05/31/95 AND005 PAUL ANDERSON 100.00 BR3001-BANK RECONCILIATION OUTSTANDING CHECKS 11:55AM 06/21/95 CITY OF LA QUINTA PAGE 4 BANK CHECK CHECK VENDOR VENDOR NAME CHECK ACCT. NO. DATE NO. AMT. A 21816 05/31/95 ATKO10 HONEY J ATKINS 25.00 A 21817 05/31/95 BAN010 GLENDA L BANGERTER 692.57 A 21818 05/31/95 BAR010 KATIE BARROWS 100.00 A 21819 05/31/95 BER010 NORRIS S BERNARD 75.00 A 21820 05/31/95 BES010 LAWRENCE BEST 25.00. A 21821 05/31/95 BROO10 DIANA BROWN 50.00 A 21822 05/31/95 BUT010 RICHARD BUTLER 100.00 A 21823 05/31/95 CAT005 JAMES Y CATHCART 750.00 A 21824 05/31/95 CHE010 JESSIE ANN CHESTNUT 50.00 A 21825 05/31/95 DAV010 MIKE DAVIS 25.00 A 21826 05/31/95 GAR010 WAYNE GARDNER 100.00 A 21827 05/31/95 GIL010 HELEN GILREATH 50.00 A 21828 05/31/95 HUL010 KATHRYN HULL _25.00 A 21829 05/31/95 IRWO10 JOSEPH IRWIN 50.00 A 21830 05/31/95 IRWO20 BARBARA IRWIN 50.00 A 21831 05/31/95 KEL005 KATE KELLY 25.00 A 21832 05/31/95 KLE010 MICHELLE KLEIN 25.00 A 21833 05/31/95 LAN010 MARTIN LANGER 25.00 A 21834 05/31/95 LAW010 TONI LAWRENCE 25.00 A 21835 05/31/95 LEW010 TOM LEWIS 50.00 A 21836 05/31/95 MUL010 STACEY MULLEN 25.00 A 21837 05/31/95 NEW010 ELWIN NEWKIRK -100.00 A 21838 05/31/95 PED010 KATHRYN PEDERSEN 25.00 A 21839 05/31/95 PEN010 JOHN PENA 1394.11 A 21840 05/31/95 PER010 RONALD A PERKINS 750.00 A 21841 05/31/95 SAL010 BRUCE SALES 50.00 A 21842 05/31/95 SNIO10 STANLEY SNIFF 690.57 A 21843 05/31/95 STJO10 VICTORIA ST JOHNS 50.00 A 21844 05/31/95 SUM010 HAL SUMMERS 25.00 A 21845 \ 05/31/95 USP010 U S POSTMASTER 816.00 A 21846 05/31/95 WOL010 KAY WOLFF - 25.00 A 21847 06/01/95 PER005 P E R S 14273.02 A 21848 06/01/95 BUI010 BUILDING HORIZONS 21223.31 A 21849 06/01/95 BYRO10 COIS M BYRD SHERIFF 267.74 A 21850 06/01/95 CAL040 CALIFORNIA VISION SERVICE 972.73 A 21851 06/01/95 CLE010 CLERK OF SUPERIOR COURT 200.00 A 21852 06/01/95 ICM010 ICMA RETIREMENT TRUST-457 2421.18 A 21853 06/01/95 INT005 INTERNAL REVENUE SVC-ACS• 50.00 A 21854 06/01/95 LAQ050 LA QUINTA CITY EMPLOYEES 55.00 A 21855 06/01/95 PER005 P E R S 14325.94 A 21856 06/01/95 PRI050 PRINCIPAL MUTUAL 34898.04 A 21857 06/01/95 RIV040 RIV CNTY DISTRICT ATTORNY 361.50 A 21858 06/01/95 RIV070 RIVERSIDE COUNTY EMPLOYEE 13158.15 A 21859 06/01/95 UNIO05 UNITED WAY OF THE DESERT 119.50 A 21860 06/05/95 LAQ053 CITY OF LA QUINTA 25000.00 A 21861 06/06/95 HER010 JERRY HERMAN 900.00 A 21862 06/06/95 JOH010 DANNY JOHNSON 229.18 A 21863 06/06/95 LAQ040 LA QUINTA CHAMBER COMMERC 60.00 A 21864 06/06/95 PEL050 BRUCE PELLETIER 50.00 z 01 -: w C O'o-j0O jam 1 Oxjim --jO•A wt: !Q aOl -lb WAA0 m7 O L�1 c�c�c�ooj;^ �fn ccccccc roc: rrrrrr r 7 aDDDDDD xxxx.xmx !�• i+ F•+ i+ r \\\\\\ 0 ww00w�>- cS 0+-&-jN0o.so Dfi \\\\\\\ -i%; 0- 0-0%Q-0�o mT A.a.WWWwW -; wwol µaa•Ol r WAO 0 T •D c -C 'n rr D mcfrt*j"'jmfn r wrzcomz - wrDzim5 T.v rn Tv c -n z c 0 % -+ o GcmTe iS1 G+tfiSffi2DS N-�zD 0z D D z r. H _ z 0 mr a � m �•i j-i z G; rr D fTi o r, m zo t� r z r w to a D t-: A W(Y-00 om ` . . . O O�OW 00 c Q ` --1 c c 1-4 t+ to f & i•+ j-& w 3 Lq jj tAWWWW� jj 0 _ j 0 0 o .n 1 c -i r _ .110•4a%G0.00 0D v o.J o�-1 wwo-5'oooc Dc rc T V BR30017p-NK RECONCILIATION OUTSTANDING CHECKS CITY'QF LA QUINTA BANK CHECK CHECK EMPLOYEE EMPLOYEE NAME ACCT. NO. DATE NO. 11852 05/05/95 11923 05/19/95 938 06/02 95 1 39 06/02/95 11 0 06/02/95 1194 06/02/95 11942 06/02/95 11943 6/02/95 11944 /02/95 11945 0 02/95 11946 06/ /95 11947 06/0 95 11948 06/02/ 11949 06/02/9 11950 06/02/95 11951 06/02/95 11952 06/02/95 11953 06/02/95 11954 06/02/95 11955 06/02/95 11956 06/02/95 11957 06/02/95 11958 06/02/95 11959 06/02/95 11960 06/02/95 11961 06/02/95 11962 06/02/95 11963. 06/02/95 11964 06/02/95 11965 06/02/95 11966 06/02/95 11967 06/02/95 11968 06/02/95 11969 06/02/95 11970 06/02/95 11971 06/02/95 11972 06/02/95 11973 06/02/9 11974 06/02/ 11975 06/02 5 11976 06/ /95 11977 06 2/95 11978 /02/95 11979 6/02/95 11980 06/02/95 1198 06/02/95 119 06/02/95 1 83 06/02/95 984 06/02/95 0000000147 COSPER, DAVID M 0000000147 COSPER, DAVID M 0000000001 CABRERA, ADOLFO 0000000006 HARTUNG, THOMAS A 0000000008 HIRDLER, ROGER T 0000000010 KOCHELL, STEVE M 0000000020 VREEKEN, JOHN R 0000000027 NESBIT, WALLACE H 0000000045 KIRKLAND, RICHARD L 0000000047 SHEPHERD, ELEANOR L 0000000058 HERMAN, JEROLD D 0000000063 SAWYER, BETTY J 0000000066 GATES, WILLIAM L 0000000067 JUHOLA, SAUNDRA L 000000068 JOHNSON, DANNY R 00000069 CEBALLOS, MISAELA 0 0000071 CONTRERAS, GEORG E 000 00075 PONCE, MARIO 0000 0078 GENOVESE, THO P 000000 081 WHELCHEL, D ALD L 0000000 4 RISLEY, JO J 00000000 ANGULO, IO C 0000000088 A S Y B 0000000089 ITH, ILYN 0000000090 S E STEVEN D 0000000092 HAR D, MARK S 0000000094 IANSEN, SHARON K 0000000096 RAND ROBERT M 0000000097 E RE N , DEBORAH 12:23PM 06/20/95 PAGE 1 000000010 SPIDELL, RISTAL C 0000000 5 GUZMAN, HE OR 000000 07 GASTON, GIN R L 0000 0109 BAKER, FREDE C M 000 00110 BANKS, KERRY P 00 0000113 LI CALSI, FAME J 00000115 DOMINGUEZ, ANNA A 000000116 VERLENGIA, ROMANO 0000000117 BOUMA, FRED R 0000000118 CROFT, GENIENE D 0000000120 TROUSDELL, GREG S 0000000121 DEXTER, LEANN R 0000000122 PELLETIER, BRUCE A 0000000123 STEINER, EDWARD J 0000000127 FREELAND, JOHN M 0000000128 PARKER, PATSY L 0000000132 MOURIQUAND-CHER, LESLIE J 0000000137 STULL, PAMELA J 0000000142 MONTELLANO, ENRIQUE K 0000000143 VERDUGO, RUBEN H CHECK AMT. 116.89 71 116.89 X 00152 1107.59 1063.82 1696.33 795.44 1008.34 1048.76 275.14 117.07 808.21 606.48 2517.36 1039.23 1260.85 924.98 1293.09 1055.76 1441.85 1148.66 663.55 528.20 814.71 882.95 753.69 637.94 1160.33 828.99 1610038 669.53 1107.58 1258.82 400.65 1346.33 958.78 413.59 855.09 i OZ • OF TNt INVESTMENT ADVISORY BOARD MEETING: July 12, 1995 Business Item: A ITEM TITLE Transmittal of Balance Sheet dated May 31, 1995 The attached is the Balance Sheet dated May 31, 1995. RECOMMENDATION: Review, receive and file. Approved for submission to the Investment Adviso oard: o M. Falconer Fin ce Director CITY OF LA QUINTA FINANCING BALANCE SHEET 05/31/95 CITY RDA AUTHORITY ASSETS: POOLED CASH 12,547,329.76 2,490,705.61 122.00 BOND REDEMPTION CASH 0.00 199,372.86 70,523.91 BOND RESERVE CASH 0.00 522,085.88 725,418.36 BOND PROJECT CASH 0.00 1,776,940.42 0.00 BOND ESCROW CASH 0.00 166,856.64 0.00 PETTY CASH 1,000.00 0.00 0.00 BANK OF THE DESERT MJM 9,550.11 0.00 0.00 LAND HELD FOR RESALE 0.00 361,340.00 0.00 ICMA DEFERRED COMPENSATION 233,530.40 0.00 0.00 CASH S INVESTMENT TOTAL 12,791,410.27 5,517,301.41 796,064.27 ACCOUNTS RECEIVABLE $2,596.21 268,100.81 0.00 LOAN/NOTES RECEIVABLE 0.00 67,120.00 0.00 DUE FROM OTHER AGENCIES 0.00 0.00 0.00 DUE FROM OTHER GOVERNMENTS 0.00 0.00 0.00 DUE FROM OTHER FUNDS 0.00 551,038.04 0.00 DUE FROM RDA 4,321,795.61 0.00 0.00 NSF CHECKS RECEIVABLE (8,479.16) 0.00 0.00 ACCRUED REVENUE 0.00 0.00 0.00 TRAVEL ADVANCES 6,316.82 0.00 0.00 EMPLOYEE ADVANCES (100.00) 0.00 0.00 RECEIVABLE TOTAL 4,402,129.48 886,258.85 0.00 WORKER COMPENSATION DEPOSIT 0.00 0.00 0.00 RENT DEPOSITS 0.00 0.00 0.00 UTILITY DEPOSITS 75.00 0.00 0.00 MISC. DEPOSITS 2,000.00 0.00 0.00 DEPOSITS TOTAL 2,075.00 0.00 0.00 GENERAL FIXED ASSETS 14,715,429.01 5,879,910.05 0.00 AMOUNT TO BE PROVIDED FOR L/T DEBT 297,017.21 4,969,093.00 8,515,000.00 AMOUNT TO BE PROVIDED FOR L/T DEBT 0.00 68,153,106.75 0.00 TOTAL GENERAL FIXED ASSETS 15,012,446.22 79,002,109.80 8,515,000.00 TOTAL ASSETS 32,208,060.97 85,405,670.06 9,311,064.27 LIABILITY ACCOUNTS PAYABLE DUE TO OTHER AGENCIES DUE TO OTHER FUNDS ACCRUED EXPENSES PAYROLL LIABILITIES STRONG MOTION INSTRUMENTS FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS DEVELOPER DEPOSITS MISC. DEPOSITS AGENCY FUND DEPOSITS ICMA-DEFERRED COMP DEPOSITS TOTAL DEPOSITS DEFERRED REVENUE OTHER LIABILITIES TOTAL COMPENSATED ABSENCES PAYABLE DUE TO THE CITY OF LA QUINTA NOTE DUE TO MURPHY, DALES, LANE DUE TO COUNTY OF RIVERSIDE DUE TO C.V. UNIFIED SCHOOL DISTRICT DUE TO DESERT SANDS SCHOOL DISTRICT BONDS PAYABLE TOTAL LONG TERM DEBT TOTAL LIABILITY EQUITY -FUND BALANCE GRAND TOTAL 15,038,157.37 269,896.77 1,247,504.24 1,776,940.42 166,856.64 1,000.00 9,550.11 361,340.00 233,530.40 19,104,775.95 350,697.02 67,120.00 0.00 0.00 551,038.04 4,321,795.61 (8,479.16) 0.00 6,316.82 (100.00) 5,288,388.33 0.00 0.00 75.00 2,000.00 2,075.00 20,595,339.06 13,781,110.21 68,153,106.75 102,529,556.02 126,924,795.30 5,532.34 1,000.00 0.00 6,532.34 368,835.30 0.00 0.00 368,835.30 0.00 551,038.04 0.00 551,038.04 (22,004.19) 0.00 0.00 (22,004.19) (12,015.48) 0.00 0.00 (12,015.48) 665.85 0.00 0.00 665.85 67,195.40 0.00 0.00 67,195.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 408,209.22 552,038.04 0.00 960,247.26 29,579.54 0.00 0.00 29,579.54 0.00 0.00 0.00 0.00 141,059.36 0.00 0.00 141,059.36 149,102.10 0.00 0.00 149,102.10 9,466.62 0.00 0.00 9,466.62 1,340,255.00 0.00 0.00 1,340,255.00 233,530.40 0.00 0.00 233,530.40 1,902,993.02 0.00 0.00 1,902,993.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 297,017.21 0.00 0.00 297,017.21 0.00 4,321,796.00 0.00 4,321,796.00 0.00 1,247,400.00 0.00 1,247,400.00 0.00 11,280,425.00 0.00 11,280,425.00 0.00 12,896,358.75 0.00 12,896,358.75 0.00 2,566,220.00 0.00 2,566,220.00 0.00, 40,810,000.00 8,515,000.00 49,325,000.00 297,017.21 73,122,199.75 8,515,000.00 81,934,216.96 2,608,219.45 73,674,237.79 8,515,000.00 84,797,457.24 29,599,841.52 11,731,432.27 796,064.27 42,127,338.06 TOTAL LIABILITY & EQUITY 32,208,060.97 85,405,670.06 9,311,064.27 126,924.795.30 000 L04 C9 oz U OF TNT INVESTMENT ADVISORY BOARD MEETING: July 12, 1995 Business Item: B ITEM TITLE Continued Consideration and Discussion of a Specific Task Outline ISSUE AND DISCUSSION: See Attached Mission Statements. Approved for submission to the Investment Advi Mission Statement Board Member Brown It is necessary to identify a written outlinettask enumeration from Council in order to clarify the purpose and function of the Investment Advisory Board. This need was identified early by Board Member Wilson as he questioned the need to spend significant Board time with the Treasurers report each month. If, in fact, our function is to thoroughly review these reports and statements should our board be concerned with issues such as methods or reporting/approving including internal policy recommendations? More importantly, it is necessary to develop.contact with the Council Members on a regular basis. Through this exposure and communication questions, directions and requests can be promptly addressed. This ca be accomplished by a representative from Council attending regular Board meetings either as a permanent or rotating assignment. Further, it may be necessary for the Board to reorganize the date/time of meetings in order to accomplish this goal and accommodate Council. Finally, staff should be commended for their constant assistance through these first several meetings of the Investment Advisory Board developments. Mission Statement Board Member Sales The City of La Quinta Investment Advisory Board was created by an Ordinance for the purpose of strengthening the internal controls for safeguarding cash and investment owned or controlled by the City. Ordinance No. 222 added Chapter 2.70 of the Municipal Code which sets forth the functions of the Board. 1) Review account statements and verifications to ensure accurate reporting. 2) Monitor compliance with existing policy and procedure. 3) Review and make recommendations concerning investment policy and procedures, investment contracts, and investment consultants. The mission of this initial Board should be to establish specific guidelines to accomplish the functions set forth in the ordinance. Such specific guidelines could include. Under No. 1) A. Request Staff that account statements be in such form and content to be readily understood by all members of the Board. B. Sufficient back-up detail be provided to ensure accuracy. Again, staff recommend the detail. C. Require a report from someone other than the preparer, that such reports are independently verified. Under No. 2) A. Request from Staff details of current policies and procedures. Under No. 3) Establish some method to determine when an investment is contemplated and or actually made. Devise a standard method of reporting to the City Council in accordance with the Ordinance. Mission Statement Board Member Gilreath 1 believe that the primary purpose of the Investment Advisory Board is to act as a "watchdog", therefore preventing the recurrence of the Wymer debacle. I also believe that there are instances in which this Board could act as an investigative body thereby relieving the council Members to pursue more important problems. As an example of this possibility: In the minutes of the Council Meeting of January 18th, 1994, there was a request made for financial assistance from Coachella Valley Youth, Inc. Council Member McCartney wished to have more detail with regards to the use of which such money would be put, etc. A Member of this Board could easily undertake such a project. Mission Statement Chairman Lewis Mission is to make recommendations to the City Council about where to invest City money including reserves that fall outside State mandated procedures that encompass monies that must be placed in a prescribed way. This would be done with care looking to safety first and liquidity and yield second. Mission Statement Board Member Irwin The mission of the Board is to address at each meeting: 1. Account statements and verifications to ensure accurate reporting. 2. Monitor compliance with existing policy and procedures. 3. Review and make recommendations concerning investment policy and procedures, investment contracts and investment consultants. The review of account statements is intended to be an overview i.e. Do they appear to be reasonable to the facts and circumstances known to the Board? The Board is bound to make inquiries of staff regarding such statements when appropriate but can not assume the role of a controller or auditor. The review and ultimate approval of City accounts and statements by the Board should complement but not be confused with the attest faction borne by the City's Finance Director and independent auditors. (There is an odd redundancy here in that the Treasurer's report is not submitted to the Board for review and approval until it has been reviewed and approved by Council). (The Ordinance also states that the Board will report to Council after each meeting either in person or through correspondence at a regular Council meeting. Does a copy of our minutes suffice for this purpose?) (Paragraph 2) Policies and procedures to be monitored relate primarily to those policies and procedures that relate to the preparation of significant City and RDA financial statements, the effectiveness of procedures for handling receipts and disbursements and the selection of depositories. (Paragraph 3) Policies and procedures to be monitored include development of recommendations to Council as to fundamental investment policies, day -today compliance by staff and advisors with those policies and a review of procedures employed by staff to deal with its depositories and other elements of the investment community. The Board will advise staff regarding current market conditions that may impact the City's portfolio. MISSION STATEMENT JOHN FALCONER - STAFF The mission of the Investment Advisory Board of the City of La Quinta, California is to ensure existing investments policies are adhered to and recommend updates to the City Council to ensure the proper safeguarding of cash and investments. The Investment Advisory Board should as a normal procedure: Review Existing Investment Policies; Review Monthly Treasurers Reports and Balance Sheets, and; Review Auditors Management Letter Comments. � T OZ V � OF TNti INVESTMENT ADVISORY BOARD MEETING: July 12, 1995 BUSINESS SESSION ITEM C Continued Consideration of Local Agency Investment Fund (LAIF) Attached find the following information for your review: 1. LAIF Contract 2. Investment Report furnished by Tom Lewis 3. Coachella Valley Treasurers Reports 4. LAW Earnings Rate and Balances for FY 94/95 5. LAIF Investment Policies Approved for submission to the Investment T a 0 4hf 4 Qubt& BUSINESS SESSION ITEM C -1 TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 6, 1995 RE: LAW Contract The attached resolutions established the City and RDA Local Area Investment Fund (LAIF) Accounts. This is the only legal notice the State Treasurer required the City and RDA to prepare in order to open a LAIF account. RESOLUTION NO. 82-11 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AUTHORIZING DEPOSIT AND WITHDRAWAL IN THE STATE LOCAL AGENCY INVESTMENT FUND. WHEREAS, the State of California has enacted Assembly Bill 3107, creating the Local Agency Investment Fund; and WHEREAS, it appears to be in the best interest of the City of La Quinta to deposit monies which may from time to time be surplus to the immediate needs of the City in said fund. NOW, THEREFORE, be it hereby resolved that the City of La Quinta agrees to deposit and withdraw money in the Local Agency Investment Fund in the State Treasury in accordance with the pro- visions of Section 16429.1 of the Government Code for the purpose of investment therein; and BE IT FURTHER RESOLVED, that each of its following officials be, and hereby are, authorized to order the deposit or withdrawal of money in said Local Agency Investment Fund. LARRY ALLEN, City Treasurer FRANK. fl. USHER, City Manager/City Clerk APPROVED and ADOPTED this 1st day of flay, 1982. ATTEST: APPROVED AS TO FORM: APPROVED AS TO CONTENT: RESOLUTION NO. RA-85-1 A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AUTHORIZING DEPOSIT AND WITHDRAWAL IN THE STATE LOCAL AGENCY INVESTMENT FUND. WHEREAS, the State of California has enacted Assembly Bill 3107, creating the Local Agency Investment Fund; and WHEREAS, it appears to be in the best interest of the La Quinta Redevelopment Agency to deposit monies which may from time to time be surplus to the immediate needs of the Agency in said fund. NOW, THEREFORE, BE IT hereby resolved that the La Quinta Redevelopment Agency agrees to deposit and withdraw money in the Local Agency Investment Fund in the State Treasury in accord- ance with the provisions of Section 16429.1 of the Government Code for the purpose of investment therein; and BE IT FURTHER RESOLVED, that each of its following officials be, and hereby are, authorized to order the deposit or withdrawal of money in said Local Agency Investment Fund: Judith A. Cox, Chairman Frank M. Usher, Executive Director APPROVED and ADOPTED this 19th day of February 1985. LEM10104 PC NW4 CHAIRMAN ATTEST: SECRETARY � 02 • OF TNt BUSINESS SESSION ITEM C .2 TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 7, 1995 RE: Investment Report Furnished by Tom Lewis Tom Lewis provided staff with a copy of his banks investment report. Staff has modified the report that is presented in your packet by deleting the type of investments and amounts that the bank holds. HOH Io M '0 � H N N 10 N i N H � � K m N T a 0 j, t 4 am&& MEMORANDUM BUSINESS SESSION ITEM C - 3 TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 6, 1995 RE: Coachella Valley Treasurers Reports Attached please find copies of the Treasurers reports from all the Coachella Valley Cities except the City of Coachella, which did not respond. SENT _BY PAGE 1 OF 2 6-20-95 ; 8:17PM ; City of Palm Desert C I'!C OF PALM DEBIAT i'REI,I1�9I1 SCQ1�5I11'VidZ'ME11TS 11twXn DE KkSITORY/ DATE CUSTODIAN .SRRIAL# p A TREASURY NOTES AND 1301008: 06/14/94 MERRILL LYNCH U 8 TREASURY -- STRIP am AMERICA 10/27/94 MERRILL LYNCH U S TREASURY BOND BW AMERICA 10/27/94 MERRIthL LYNCR U 8 TREASURY ZwD HAKK AMERICA 10/27/94 MERRILL LYNCH U S TREASURY BC= $ANK ERICA 10/27/94 MERRILL LYNCH U 8 TREASURY BOND BANK- AMERICA 10/27/94 MERRILL LYNCH U 6 TREASURY - STRIP BANK AMERICA JOY77194 MERRILL LYNM U 8 'x'REASURY - STRI MANX A14MICA 10/27/94 MEXRIL$ LYNCH U 8 TREASURY - STRIP BANK AMERICA LOCAL AGENCY Iw4ESTM$NT FUND: 05/31/95 N/A L.A.I.F. 9833521 BANX OF AMERICA - SAVINGS ACCOUNT., 04/30/95 N/A BARK OF ME-RICA SAVINGS 06296-85222 IlIT IUM P g HA'TURN Ifflas%sam PRINCIPAL PASKBT VALUE" RAv DATE TIM* OR PURC'BASE COST 08/15/95 14 N 999,798.56 1,039,113.90 6.5011 11/30/96 24 M 3;983,750.00 3,955,640.06 6.75% 02/29/97 22 Sri 1,996,975_00 1,049,060.00 5.875% 05/31/96 18 M 1.,782,562.50 1,725,654.00 5.25% 08/31/96 22 Mi 1,787,062.50 1,720,15�4.00 02/25/96 is M 1,000,556.42 1,038,178.86 00/15/96 22 9 1,003,937.62 1,03B,247.76 11/15/95 12 M 1,003,182.96 1,037,963.08 -------•---------------------------- US TREASURIES/ ST 13,5S7,735.68 5.98% AVG FOR MAY 1$,436,778.56 L.A.I.F./ - ST�Y18,436,776.56 -------------------------------- 2.00% X/A N/A 1,207,348.61 �. �...--_. ---------------------- GAVINCB/ ST 1,207,340.62 CERTIFICATE OF DEPOSITS - VARIOUS 3 6 L, BARBS: 01/26195 N/A .GREAT WESTERN 6.40% 07/27/95 152 D 1c900,000.00 389-608937-5 01/26/95 N/A GREAT WESTERN 6.40% 07/27/95 102 D 1,500,000.00 389-607877-S 01/26/95 N/A GREAT WESTERN 6.40% 07/27/95 102 D 1,000,000.60 389-607810-3 01/25/95 N/A GREAT WESTERN 6,40% 07/27/95 182 D 1.,000,000.00 389-608450-3 01/26195 N/A ROME SAV, OF AMERICA 6.50% 07/27/45 182 A 1,500,000.00 589-003102-3 01/26/95 N/A liOMS 3,AV. OF AMERICA 6.50% 07/27/95 182 0 1,500,000.00 589-003110-9 01/26/95 N/A HOME SAV, OF AERICA 5,50% 07/27/95 182 D 1,000,000.00 589-003110-6 01/26/95 N/A HOME SAV. OF AMBRICA 6.50% 07/27/95 182 D 1,000,000.00 S39.003126-2 05/18/95 N/A GLENDALE FSDBRAL 5.60% 09/22/95 126 D 1,500,000.00 ee7-0364$0-e 03/09/95 N/A GLENDALE FEDERAL 6.40% 09/07/95 182 D 1,000,000.00 887-036962-4 03/09/95 N/A GLENDALE FEDERAL 6.401 09/07/95 182 D 1,000,000.00 087-034961-6 CBRTIFICA►TES OF gEP/ 8T 13,500,000.00 --- ---------------- .—---•---•-----r..ar.--r-a- ii�iii=i-8U8-TOTAL ABOVE INVBSTMENTSiiii-i--o 46,701,652.65 FUNDS LOANED T4 RDA R7tTE IS EQUAL TO LAIF RATS =-= MT LOAN 3T 11, 334,000.00 �T��' .' /�� .� �. (j/S y..0 1� ■'iii�iYi1=iii isiiiii=iii'!= is'i iil��i ��'f�M ii =D CASd ■saiiaimiairaaiai�isiiiiii $5$,,.035r$$2•$5 Rost-it F8x Note 7C71 °�' g TO ,...X , ,.>�,7.��,,! From +f , ',�,,,•�;.. ..r-:.� ''•' .. Phone it Phone h �.3 '' (_•, - /;; f;, / ./ Fax # r/r - /) !' Fax # A L M brstr�T SENT BY, 6-20-95 ; 8:18PM ; City of Palm Desert-y 16197777101;# 1/ 1 VA= 2 CW 2 BAD= Y1RpOeIZug T ldR=W IWXS'TN=T PRINCIPAL MARKET VALUX" Oak CUBTODIAN SERIAL0 I = ]*TC TIME* OR PURCSiM COST H011D Iii;;$i INDIAN RI= CFD 301-6021$00 11/19/93 XHXXILL LYNCH US TREASURY -STRIP 05115195 18 M 1,507,707.00 1,688,270.00 HANK AMERICA 11/19/92 MERRILL LYNCH US TREASURY -STRIP 11/15/95 24 M 4+62,250.00 461,400.00 DA" AMERICA 11/19/93 MERRILL LYNCH US TREASURY -STRIP 00/15/95 21 M 795,013.50 $31,385.00 BANK AMERICA 11/19/93 NZRRZLL LYNCH RESOLUTION FDG-STRIP 6,03% 07/15/97 44 M $39,105.48 627,948.43 BATIK ANSRICA BA" AMERICA FIDELITY TRKASMY 1,998,4 i.91 -5,4020567.69------------------------------- INDIAM RID=/ST $1;$RRA NOVA 301-6026400 _ BANK AMERICA FIDSLITr TMURY RI _ ------------------- SIERRA IWA01 8T245,156.66 ------------------------------ AD 87-1 #117170400 -------------------•------------ $ANK.AMERICA PACIFIC HORIZON TREAS AD 07-1/ ST 364,195.27 ***BIG HORN 301-8200000 AMR AMERICA FIDELITY TOZASURY 2, 856, 087.33 08/17/94 MWILL LYNCH US TREASURY -STRIP 02/15/98 54 M 2220059423 2260027.50 RANK AMICAI CA 00/1.7194 MERRILL LYNCB US TFt> DURY-STRIP 08/15/96 34 Al 311,122.OD 320,gg5.00 HANK AMERICA -------------------------- RIG ACORN ST 3,391,26$.78 3U=RMCE 301-50e4e00 ----- ---------------- GANX AMERICA FIDELITY TPZASUXY 8UlPi'$ACRACE-- $T-y-] �361,514.75 QMAND ROTAZ * D a DAYS, M - MONTHB **MQNTHLY REPORTS TYPICl LLT "Z RECEIVED • UP TO ONE FULL MONTH A1FTSM CURRENT MOWM END INFOR14ATION CONTAINED IN THIS REPORT IS MOST RECENT UC91VKD ***BANK EXPERIENCING DIFFICULTY WI1"!i STA"_!EMEWT FOR THIS ACCOUNT. I cartity that these investments Comply with all State lawn pertaining to the investocnt. of Local Agency funds. ---- --+-- Paul S. Gibson, Treaeurer CC: 06/01/95 PAUL GIBSON R WR TOUT . IMMS"ONr FILE POSHCA FaX Nots 7671 SCHEt7 AY . ATT Phme 0. From --,� 1x 06/19/95 MON 15:10 FAX 619 342 6556 CITY OF INDIO Q 002 CITY OF INDIO TREASURERS REPORT FOR MONTH OF: MAY, 1995 TOTAL NO. DESCRIPTION MAY, 1995 101 GENERAL FUND 1769,598.261 110 BALES TAX -PUBLIC SAFETY 97,910.24 Ill SPECIAL OAS TAX 2106 16,052.03 112 SPECIAL GAS TAX 2107 54,033.30 113 SPECIAL GAB TAX 2107.E 0.00 114 TRAFFIC SAFETY 32,897.35 116 LOCAL TRANSPORTATION 0.06 117 MEASURE A GAS TAX 1,401,219.71 118 SPECIAL GAS TAX 2105/PROP 111 78.315.65 119 88 621 FUND (3.331.64) 120 AIR QUALITY TRUST FUND 103,451.11 121 CONGESTION MGMT/AIR QUALITY 0.00 122 INDIO WASTE RECYCLE SURCHARGE 173,673.27 123 NPDES 111,88S." 124 ASSET FORFEITURE 60.924.72 125 SPECIAL EVENTS FUNDS 1,477.52 131 EPA -LUST 0.00 132 COMMUNITY DEVELOPMENT BLOCK GRANT (35,378.30) 133 FEDERAL AID URBAN (23,127.131 210 GOLDEN TRIANGLE DOT SERVICE FUND 262.480.73 220 OV01PASS DEBT SERVICE FUND 787.51 311 GENERAL LAND A BUILDINGS 3,070.6E 312 WATERMAIN CONSTRUCTION FUND 359,432.01 331 STATE PARK BOND ACT (18,380.261 340 CAPITAL PROJECTS FUND 102,292.13 341 CAPITAL EXPENDITURES FUND 22,267.39 351 CAPITAL IMPACT FEE 1,873,532.29 352 STREET LIGHTING CONSTRUCTION 50,413.02 385 WATER PRODUCTNOIN FACILITIES CONSTRUCTION 2,695,895.86 381 GOLDEN TRIMOLE CONSTRUCTION 67,841.91 412 WATER REVENUE MAINTENANCE a OPERATION 5,253,151.11 413 WATERWORKS DEBT SERVICE 0.00 420 OASIS PALMS WATER REVENUE 208,090.95 523 MUNICIPAL GOLF COURSE DENT SERVICE 42,914.04 600 MOBILE ECKJ5 MENT 266,446.12 613 SELF INSURANCE WORKERS COMPENSATION 735,366.46 614 SELF INSURANCE UNEMPLOYMENT 26,047.00 801 SUNDANCE LS at LOO 1 16,103.12 802 SUN TREE LB At LD 02 9,407.67 803 PARK PASE0 LS a LD 03 1,961.82 804 JACKSON PARK LS a LD #F4 3,216.18 805 PACESETTER LS a LD 05 6,630.99 006 WHISPERING PALMS LS a LD #6 4,259.89 $07 PALMWOOD LS a LD #r7 9,825.38 am LUMBEWA N'S LS a LD 88 8.017.25 609 PAN AMERICAN L8 a LD #19 10,009.02 810 LIBERTY VILLAGE LS a LD 010 14,692.301 all SANTA FE HOMES LS a LD #11 170-93 812 PARK MADISON LS a LD N12 21688.98 813 INDIO CENTRE PLAZA LS a LD 013 1415.35) 814 WILDFLOWER L8 a LD 014 6.141.97 815 VILLA PACIFIC LS a LD 015 5,522.98 SIG MAY RANCH L8 a LD #►10 908.20 817 HIGHWAY I I I LS a LD #17 284AG7.42 818 ENCANTO HOMES 8.524.35 819 PALM MEADOWS 5.372.10 820 EL CID 1.990.76 821 SANTA ROSA 2.397.30 822 RIVEWND 9,570.58 823 INDIO BLVD (196.15) 824 CALIFORNIA PALMS 13,319.31 025 VERANDAS 7.132.08 $20 RINCON HOMES 44,627.41 827 SUMMER PLACE 20.792.18 840 SHADOW HILLS ASSESSMENTS 219,229.31 941 SHADOW HUB RESERVE FUND 330,805.95 042 SHADOW HILLS DEBT SERVICE 165.073.42 B50 NAME" NMPROVEMENT DISTRICT 1685.681 860 DESERT SANDS TRUST 33,615.14 900 RDA ADMINISTRATION 89,817.17 901 RDA PROJECTS 989,777.69 902 RDA•DEIT SERVICE 778,812.24 903 RDA LONG TERM DEBT 0.00 904 INDIO CENTRE LOW a MODERATE 2.365.489.58 905 RDA TAXABLE PROJECTS 1,107,331.06 006 1992 LOAN PROJECT FUND 1,764,370.19 910 RDA DATE CAPITAL ADMINISTRATION 68.422.00 all RDA DATE CAPITAL PROJECTS 23,927.07 912 RDA CAPITAL DOT SERVICE 1,812,110.89 913 RDA DATE CAPITAL LONG TERM DEBT 0.00 914 RDA CAPITAL LOW a MODERATE HOUSING 759A37.33 917 C.V. ENTERPRISE ZONE 0•00 920 INDIO PUBLIC FINANCE AUTHORITY ADMINISTRATION 0.00 922 INDIO PUBLIC FINANCE DEBT SERVICE 30.650.00 923 INDIO PUBLIC FINANCE LONG TERM DEBT 0.00 .� 999 LONG TERM DEBT OROUP ACCOUNT 0.00 TOTAL CASH BY FUND 24,260,572.00;._ 06/19/95 MON 15:11 FAX 619 342 6556 CITY OF INDIO [?j003 CITY OF INDIO SUMMARY OF CASH AND INVESTMENTS: MAY, 1995 INVESTMENTS LAW - RDA LAW - CITY ELDORADO BANK: CERTIFICATE OF DEPOSIT TOTAL INVESTMENTS REGULAR BANK ACCOUNTS 13T INTERSTATE (GENERAL ACCOUNT) FIRST INTERSTATE -PARKING CITATION GREATWESTERN AMBULANCE ACCT. IN TRANSIT NSF CHECKS OUTSTANDING CHECKS BANK ADJUSTMENT ADJUSTMENT TOTAL REGULAR BANK ACCOUNTS TOTAL CASH AND INVESTMENTS PREPARED BY: DAVID P. CULVER DIRECTOR OF FINANCE SUBMITTED BY: EVELYN G. THOMPSON TREASURER $ 11,037,901.10 12,474,807.34 11000,000.00 $ 24,512,708.44 $ 168,969.76 3,663.91 14,808.23 36,360.70 1,779.37 (467,827.96) 0.00 19.56 $ (252,136.44) $ 24,260,572.00 =ss=as ssaa ae JUN-19-95 MON 13:49 CITY OF PALM SPRINGS FAX NO, 6193228320 P,01 treasrep 6/12/95 Ion Call Deposits Checking Account State Pool Short Terre Investments ( 1 year or less) Time Deposits U.S. Treasury Notes U.S. Gov't Agency Medium Term Investments 1 year to 3 years) Corporate Notes U.S. Treasury Notes U.S_ Gov't Agency Long Term Investments ( 3 years to 15 years) Corporate Notes U.S. Treasury Notes U.S. Gov't Agencies Total Invested Cash CITY CAP PALM SPRINGS TREASURER'S MONTHLY REPORT SUMMARY OF INVESTMENTS APRIL 30, 1995 $ (246,442) 8,103,892 $7,857,450 250,000 4,750,150 1,000,000 6,000,150 3,147,050 496,156 5,640,526 1,007,230 11875,625 2,933,440 5,816,295 $25,314,421 Some investments made prior to the implementation....0f.t#Le. fl S . current Investment Policy exceed the 15 year limit. p�?W-tT" iJrand faX tratl�?Sf.'f'ti#tal CI`ieil'10 %n # of pages s Co. JUN-4 9-95 MON 13: 50 CITY OF PALM SPRINGS FAX NO. 6193228320 Pl 02 bvwrep 6/1 Z/95 On Cali Deposits TREASURER'S MONTHLY REPORT DeTAIL OF INVESTMENTS APRIL 30, 1995 Interest wing Maturity or Yield Wok Value Category Total Checking . 1st Interstate Bank Local Agency Invest Fund (LAI Short Term 1nve&bnwn1s { I year or less) Time Deposits Sank Of America U,S, Gov't Dioblig;st ors Trewurty Note N/A 05/15195 t, -$. O*vl AQvnW Securities Federal Home Loan Bank WA, a3 I/M Medium Term Investments ars t ear' to 3 Ne Corporate Notes Pico A1A 00/30/96 U.S. Gov't Direct Obligations Treasury Note WA 10131/97 Treasury Note NIA 1 fJ/3'1 /97 U.S. Gov t Agency Securities Federal Home Goan Mortgage N/A 09=07 AAA awn NJA open AAA a�/z�l�ss 5.4096 ?.s000v Lbhg Term Iraver�Jer1t ( 3 years'to "5 years) Cote rato No= Ford A2A+ 01/15/00 U.S_ Gov't Direct Obligations Trewwry Note hifA IQ/ is/� U.S. Gov't .Agent! Seturitixrs FeOrral Home Loan Mortg. Corp. N/A 101 "A Feld homy, Loan Bank N/A ozW100 Federal Hamm Loan gmk WA 04101113 Federal Home Loan Sank N/A 01/01114 Federal' Home Loan Bank WA 09/15/15 Awn- Gov't Nai'I Mortgage An. WA 05115101 Gov't Nat'i Mortgage Assn_ N/A 07,15/0', Gov't Nat'l Mortgage Assn. NIA 09120/i4 Gov't : oWl Mortgage Assn. NIA 11115015 Financing Corporftion(FICO'j N/A 04/06118 Total invesft. d Cash 7 .$57,450 (memo only) Market Vale S {2�46,4d2) 8.10.'t.692 254,QtIc� 5.'�.r' °,'6 d, 750,1$0 4, JSO,bgC1 6.259b 1,000,000 1,Ot1C1,Q5Q 6,oaa, ssa 4.6044'r 1,998,320 1,969,120 5.7596 }4>38 259,012 7. i 79b 2r4ga. W2 2.988,600 7.29% 495,1 SQQ,-W $.199h AAA awn NJA open AAA a�/z�l�ss 5.4096 ?.s000v Lbhg Term Iraver�Jer1t ( 3 years'to "5 years) Cote rato No= Ford A2A+ 01/15/00 U.S_ Gov't Direct Obligations Trewwry Note hifA IQ/ is/� U.S. Gov't .Agent! Seturitixrs FeOrral Home Loan Mortg. Corp. N/A 101 "A Feld homy, Loan Bank N/A ozW100 Federal Hamm Loan gmk WA 04101113 Federal Home Loan Sank N/A 01/01114 Federal' Home Loan Bank WA 09/15/15 Awn- Gov't Nai'I Mortgage An. WA 05115101 Gov't Nat'i Mortgage Assn_ N/A 07,15/0', Gov't Nat'l Mortgage Assn. NIA 09120/i4 Gov't : oWl Mortgage Assn. NIA 11115015 Financing Corporftion(FICO'j N/A 04/06118 Total invesft. d Cash 7 .$57,450 (memo only) Market Vale S {2�46,4d2) 8.10.'t.692 254,QtIc� 5.'�.r' °,'6 d, 750,1$0 4, JSO,bgC1 6.259b 1,000,000 1,Ot1C1,Q5Q 6,oaa, ssa 4.6044'r 1,998,320 1,969,120 5.7596 }4>38 259,012 7. i 79b 2r4ga. W2 2.988,600 7.29% 495,1 SQQ,-W $.199h Total invesft. d Cash 7 .$57,450 (memo only) Market Vale S {2�46,4d2) 8.10.'t.692 254,QtIc� 5.'�.r' °,'6 d, 750,1$0 4, JSO,bgC1 6.259b 1,000,000 1,Ot1C1,Q5Q 6,oaa, ssa 4.6044'r 1,998,320 1,969,120 5.7596 }4>38 259,012 7. i 79b 2r4ga. W2 2.988,600 7.29% 495,1 SQQ,-W $.199h 1,007,0 1,067,200 7.52'36 1r875,625 1,996250 7.61% 1,000.000 1,030Ae0 Q.JV%O 11000rV4ti 1,010.830 r 25�09a 11 1{€i�.$y7�1T 19.81 {�[ 1lyV+V I+ VICVI j5 6.549 11,QOy6 6QA7$ 6$,846 9.50'#, 27,814 28,844 9.509a 5$,105 60,461 12.00% 8,579 9.00$ 9.00% 254,702 M.428 9.$0% 438,SS4 507,030 s,s1s,� $ 25,314,421 S 25,952,303 JUN-49-95 MON 13:50 CITY OF PALM SPRINGS FAX NO. 6193228320 P.03 treasrep oi12l95 TREASURER'S MONTHLY REPORT Miscellaneous and Trust Accounts A RIL So., 1995 intereet Rating Maturity or Yield Book Value Category Total Total Invested Cash Miscelianeous Acrunts Petty Cash N/A Revolving Fund WA Trust & Agency AI/A 1911 Assessment Funds Nf1A Sewer Hookup Loans N/A Palm Springs Lotto N/A L C?a Held In Trust Time Deposits* Barak of Amenca (Environ R & G Corp) Bank c4 America (PS Worid of Goft) Downey S & L (Cat Gym Country Club) Downey S 3. L (Cohen, Mark) Downey S &. L (Donovan Sequesl Downey S & L (Olinn Exec Security) Downey S & L (Palmer Cable TV) PS Savings Sank (CQyote Springs App ITotai Gash Deposited * FDIC inured 25,314,421 25,314,421 open none 2,762 open none 9,042 open none 177.670 "M none 5,904 open none 1,463 open rNme - '77¢ y d 1 �8f61 08108/95 4.4010 10,002 11 /24M 5.25% 1,000 02/14196 5-74% 41,+000 iaJ8�lj+/+.i�5i/�'�s 4.88% 10,778 y5 1�i1/95 .&5 % 12,000 y 1/1W5 4..ar' Wo 6.090 01/21 / 5.59% 3.253 06/22J95 5.01 %, 11,034 95,151 5 25.6Q13.193 ,Tr.al -- 1'9— 95 MON 1 0 :39 CITY CIF DESERT HOT SPPGS P.02 .r CITY OF DESERT 'IOT SPRINGS PORTFOLIO F U IOWY MAY 31, t995 INTEREST 14ATURITY IMSTMEM »QOKyAIjMZ R Local Agency Investment Fundy $ip'%].50136.55 5.960% CA Bank "A" Checking & Savings 3159►� .91 2.02 % Payr011 Account 48,90(.73 Senior Services '- Memorial Fund 13r974.74 1.00 Bank "B" Checking & Savings� 341671.09 �. �$ � Fatty Cash - City Hall 1137(.00 Senior Center _. '- Total Cash $ 102t566.47 Total Cash & Investments S. 1' ,. Bann. "A" AseeSS. Dist 92-1 DepoS it 2.02 � I certify that this report reflects a Governmentc�eth� investments and is in conformity with the investment p 90of icy cy dated City of Desert Hat Springs as state in is avai�.ab►lenin the office of 10-1�6-•91. Acopy of this resolution the City Clerk. The investment portfolio herein provides sufficient cash flaw to meet expected cash rec .uireaments . JACK R • SMITH city Manager Date ps.of IZT b I SPR�N�S .TUK- 1 9-9MO N 1 0 : S9 CITY OF DESERT HOT SPRIGS P.03 CITY OF DESERT MOT SPRIG MMOPMENT A Y PORTFOLIO DUAIL - INVESaTMI ENTS & CO MAY 31, 1 S45 BEG AALANCE DIS9URSE- TRANSFER,5 CHGS . FROM'! W. 8kANOE ImTm - ITS 4/30/95 DEPOSITS mom IN/(OUT) 0W.R RIN063 5/31/95 Investment Funds $2, 200, 762. 22 $2, 200, 762 , 22 C*kirq & Savings-8wk 0 $38, 000.00 108.14 117,75 $37, 990.39 Payml 1 A=jnk nk A 450,00 ($450.00 ) Oi'cking & Swiris-Rank 8 ($35, 060 ,16) $41, 698 , 37 147,468,25 f17, 213.90) $441, 956.06 TOTAL. INVESTOT & CASH $2, 203, 702.06 $641,806.51 $148, 036, 00 $0.00 ($17, 213.90) $2, 680, 258, 67 ,TUM- 1 9-95 MON 1 0 : 39 CITY OF DESERT HOT EPRGE P.04 I f y CITY CP DESERT HOT SPRINGS ACCOUNTS PAYABLE WrAIM NT REGISTER Period from May 1, 1995 1,-.hrough May 31, 1995 Regular City Council, Meet-Ing of July 05, 1995 ww+WY!l+r�'-rW.ilw-w w�Yi 7�lPww�ri!ll.rwri4,0l,Ik rrr.Wlil�ww..Yi ll/►w wrWii ll*+-wAii l �.r-i. ,! A- P � ._ Payroll Warrants Noe. 50449-50481 May 4, 1995 $ 144,532.98 Payroll Warrants Nos. 50482-60506 May 18,1995 13,629.14 Electronic Debit -Direct Deposits Mee Payroll 30,155.33 $ 58,317,45 lank.B Warrant Nos. 1o595-518952 May Payroll Taxes, Processing fee Total Expenditures and Payroll $ 746o778.82 14,520.09 .SUN- I S-S5 MOO 1 0 : 40 CITY OF DESERT HOT SPRIGS P . 05 CITY OF DESERT HOT SPRINGS ACCOUNTS PAYABLE WARRANT REGISTER Period from May 1, 1995 'through May 31, 1995 Regular City Council Meeting of auly 05, 1995 IS r. r0 �s f+.21 •r lows + �_•+ illlflI ! MAYOR: VICE -MAYOR COUNCILMEMBER: COUNCILMEMBER: COUNCILMEMBER: ADOPTED this 5th day of July 1995 GERALD F. PISHA DOUG SHERMAN GARY BOSWORTH KATHY ANN SMITH ELIZABETH SCOTT DONNELLY TUN-- 1 9--95 MON 1 0 : 40 CITY OF DESERT HOT SPRIGS P . 0s CITY OF DESERT HOT SPRINGS A/P GENERAL LEDGER DISTRIBUTION SUYMARY FOR PERIOD ENDING 05/31/95 FWD TITLE FIND#; TOTAL EXPENDITURE -----------�---T y------------ General Fund 01 ------- - $ 542,248.54 Motor Vehicle Replacement. 04 0.00 Equipment Replacement, 06 514.81 Capital Improvement 10 2,635.00 Assess#92-1 Capital Prof 1,2 0.00 Assess#92-1 Debt Service 14 613.33 Assess#93-2 Capital Prof 15 0.00 Assess# 93-2 If; 613.32 Community Facility Dist# 93-1 17 0.00 Two Bunch Dist# 91-1+ lA 613.33 Two Burch Assess#91-1 Debt 19 5,021.20 Hwy Users Spec Gas Tax 22 28,841.61 Storm Damage-FEMA Program 23 0.00 State Park Grant 24 0.00 I.C.D. 26 4,668.50 Traffic Safety 28 0.00 Source Reduction 29 0.00 Transportation Grant/Caltrans 31 0.00 Transportation 34 0.00 Air Quality Improvement 40 i,647.00 CMAQ-ISTEA -PM 10 43. 11765.50 CSA-152 50 0.00 Municipal Lighting District 60 25, 252.68 SUBTOTAL $ 614,434.82 RDA # 2 Capital Projects 84, 0.00 RDA # 2 Bond Capital Projects l , 62 0.4 6 RDA # 2 Low Income 87 31048.00 RDA # 2 Debt Service 88 10,250.83 RDA # 2 Bond Low Income Hse 89 I,230.62 RDA # 1 Bond Capital Project 95 758107.32 RDA # I Bond Low Income Hse 9f. 6,230.62 RDA # 1 Low Income 97 0.00 RDA # 1 Debt Service 98 41,897.39 RDA # 1 Capital Project 9 V.083.91 RDA TOTAL $ 147,468,25 TOTAL ACCOUNTS PAYABLE CHECK{ # 3.0595-518952 761, 903.07 TOTAL PAYROLL PERIOD OF 05/1/95 THRU 05/31/95 72, 837, 54 TOTAL ACCOUNTS PAYABLE AND PAYROLL $ 819,616.36 v1diit .TUN— 1 '9—'9!5 MON 1 0 : 4 1 C I 7y OP DESERT HOY SRRGS R _ 0—? CITY OF DESERT ?SOT SPRINGS REDEVELOPMENT AGENCY ACCOUNTS PAYABLE 'WARRANT REGISTER Period from May 1, 1995 Ithrough May 31, 1995 Regular Redevelopment Agency Meeting of July o5, 1995 REDEVELOPMENT XXPENDITURE ACCOUNT FUND .. MAY 1995 H&BEM ' # 85-8001-4905 LDX Associates 865.63 ck#10618 8S-8001-4150 Principal 37.76 ck#10632 85-8001-4150 Denticare 7.31. ck#10657 85--8001-4150 Benefit America 13.59 ck#10658 85-8001-41.50 Denticare 21.94 ck#10749 85-8001-4905 LDM Associates 365.00 ck#10701 85-8001-4150 HIPC 309.23 ck#10754 87-8001-4900 John McMurry 250.00 ck#10612 87-8001-4907 Donald Charein 648.00 ck#10613 87•-8001-4907 Elinor McKee 350.00 ek#10687 87-8001-4900 Benjamin Feldman 1f800.00 ck#10688 88-8001-4477 Counter of Riverside 10,250.83 ck#10654 89-8001-4905 LDM Associates 865.62 ck#10618 89-8001-4905 LDM Associates 365.00 ck#10701. 95-9001-4905 LDM Associates 865.63 ck#10654 95-9001-4150 Principal mutual 37.76 ck#10632 95-9001r-4150 Denticare 7,31 ck#1.0657 95-9001-4150 Benefit America 13.59 ck#10658 95-9001-4905 LDM Associates 365.00 ck#10701 95-9001-4917 Sanborn Webb 10819,00 ck#10727 95-9001-4900 Crawford,Multari & Starr 81.2.33 ck#10744 95-9001-4917 BoPark Enterprises 65,025.00 ck#10667 95-9001-4917 Interactive Design 4,830.53 ck#10747 95-9001-4150 Denticare 21.94 ck#10749 95-9001-4150 HIPC 309.23 ck#10754 95-9001-4532 Transtech 1,000.00 ck#10760 96-9001-4918 I1a Mae Wakeman 3,000.00 ck#10607 96-9001-4917 Ila Mae Wakeman 2,000.00 ck#10608 96-9001.-4906 LDM Assoc 865.62 ck#10618 96-9001-4906 LDM Assoc 365.00 ck#10701 98-9001-4477 County of Riverside 41,897.39 ck#1.0654 99-9001-4900 Crawford,Multari & Starr 7,951.75 ck#10744 99-9001-4421 Brentwood Mgmt Services 131.26 ck# 10762 TOTAL RDA EX MDITURE8 $ 1470,468.25 rdaaxp -TUN—IS-915 MOO 10:42 CITY OP DESERT HOT SPRGS P.08 PAGE 2 85-0000-1110 95-0000-1110 RDA Payroll May 242,32 RDA Payroll May 242.27 TOTAL RDA PAYROLL 484,59 -TUN- 1 9-95 MOM 1 0 : 42 CITY OP DESERT HOT SP'RGS P' . 0 9 CITY OF DESERT 'IOT SPRINGS REDEVELOPMENT AGENCY REDEVELOPMENT EKPEYDI'IURE ACCOUNT Period from May 1, 1995 through May 31, 1995 Regular Redevelopmen'� Agency Meeting --.w wm_dftd-------_.w.R.H,...ft--------,-------- ADOPTED this 05th day of July 1995 CHAIRMAN: GERALD F . PISI VICE-CHAIRMAN: DOUG SHERMAN MEMBER: GARY BOSWORTH KATHY ,CNN SMITF MEMBER: ELIZABETH SCOT DONN ELLY apwv CITY OF R IBC 0 I I RAC MEMORANDUM DATE: June 2, 1995 TO: ✓ Rancho Mirage City Council ✓ Rancho Mirage Redevelopment Agency ✓ .point Powers Financing Authority FROM: Patrick M. Pratt, City Treasurer / Agency Treasurer 1 Authority Treasurer SUBJECT: February 1995 Treasurer's Reports <s.?i`'s73,qPs?9:�^"��tf•c£4S?r•,•xx"K.^u�?+'•�YY•^.ti^i:`s�%�rii'�:�'t�sFtx,;ce;l;yc"+rt+`4r�'Rd3,4r'r�v'i'oe"'�'e�"a{ro`��cv"•+�?��s�°�tuie$l�:S�uht>;r.'�•#•1:.^,,:r:fi'u2:r�a5i.4�:??s;�M';''s,•stsZo-:�?sasd4?l:�i�i,?:'rr.•,3tissr`'tl.k+?r:':a!!;?:$r?•:2: Attached are the Treasurer's Reports for the month ending February 28, 1995. These reports are submitted to the City Council, Redevelopment Agency, and the Joint Powers Financing Authority each month after a reconciliation of accounts is accomplished by the Finance Department. The City's rate of return of 5.96% compares favorably with the Local Agency Investment Fund's rate of return of 5.7790/a. This reflects the impact of the U.S. Treasury securities purchased and held by First Interstate Bank. The Redevelopment Agency's rate of return is 5.25%. CITY F RANFf MIRA E 1) Patty Cash Fund - No change. 2) Checking Account - Increase of $48,65+0 due to the net affect of transfers to and from WAIF and expenditures in excess of revenues. 3) Local Agency Investment Fund JLAIF) - decrease of $1,435,000 due to transfers to and from checking account. 4) Local Agency Investment Fund (LAIF) WPFA) - No change. 5) U.S. Treasury Securities - No change. 6) Employee Deferred Compensation - Increase of $15,794 due to net effect of participant activity, fluctuations in market value of investments and investment earnings. 7) Fiscal Agent - Increase of $456 due to interest earnings. 69-825 HIGHWAY 11 f / RANCHO MIRAGE, CA 92270 / (619) 324 4511 ; �r �0*d �00'0N iS:�Z S6. T Nnr :a Rancho Mirage City Council, Rancho Mirage Redevelopment Agency & Joint Powers Financing Authority June 2, 1995 Page 2 REDEVELQPMENT AGENCY 1) Checking Account - Increase of $6,771 to not effect of transfer from LAIF and revenues in excess of expenditures. 2) local Agency Investment Fund (LAIF) - Decrease of $180,000 due to transfer to checking account. 3) local Agency Investment Fund (LAIF) (JPFA) - No change. 4) Fiscal Agent - Increase of $42,104 due to interest earnings. iNT PQWERS, FINANCING A TH RIT"1( 1) Fiscal Agent - increase of $161,671 due to net effect of payment of Literary Lease interest and interest earnings. PMP/PJP/dh attachments Trees 1 �0' d 900' aN �S: ZZ S6, SI Nn : QI CITY OF RANCHO MIRAGE TREASURER'S REPORT 2-28-95 ASSETS UNDER THE DIRECTION OF THE CITY TREASURER • :dx :..d+:.d.�::;,.SL :'.x�x :dxs::•r:.x.x., N:A :,.•:......,,,.,.,.,,..�.......�:vr:: ::. ::•:::.::•""'�'. :.': :: :',+•::d: +:'+L.Y'.:2':t.: : k.x-: 74kbdtt•k•kr x .. ... �.v.1'.V:,.....�.,v,.w.,...:v..v.....v.4.t...v.v:•h•::S :k;iK.4:4.1 .. ;+;>.i;rt,•st�k.x.xac.•..,x .t r.:......xx, .r+.K:.2��5:.: ��:�,.:........ ....7�N.i `i. •.> X ./�i i., •*� .,:.........�:tr,�':,}:J:?..,^,Y;>.S,:fi :oxx.x.x.., ; .,�;, , �,�.x, •:i.t r�:x'•x: :ti :e;},:�c':,t, „�.:�:e}�:; .... . .:.t.`; :2�Y�:�.�^..,�Yt� ,.r :Y }: �i TYPE OF MATURITY INTEREST CATE- IN1tESMNT INSTITUTION PAT RATE AMOUNT GORY PETTY CASH - - - $ 600 N/A ACTIVE CHECKING BANK OF AMERICA DEMAND 1.00% 66,141 N/A LOCAL AGENCY INVESTMENT FUND STATE OF CALIF. DEMAND 5.779% 1,144,763 N/A LOCAL AGENCY INVESTMENT FUND STATE OF CALIF. DEMAND 6.779% 6,857,037 N/A (JPFA) U.S. TREASURY FIRST INTERSTATE 6-1-95 5.43% 2,999,877 1 SECURITY BANK U.S. TREASURY FIRST INTERSTATE 8-24-96 6,70% 6,299,438 1 SECURITY BANK U.S. TREASURY FIRST INTERSTATE 2-8-96 6.77.7% 1,399,797 1 SECURITY BANK U.S, TREASURY FIRST INTERSTATE SECURITY BANK 6-16.96 6.88 3,574,600 1 U.S. TREASURY FIRST INTERSTATE SECURITY BANK 5.16-97 61285% 2,499,600 1 U.S. TREASURY FIRST INTERSTATE SECURITY BANK 5-15-97 6.175% 999,987 1 U.S. TREASURY FIRST INTERSTATE SECURITY BANK 5-15.98 6.535% 1,551,540 1 U.S. TREASURY FIRST INTERSTATE SECURITY BANK 5-15-98 6.435% 1,000,409 1 U.S. TREASURY FIRST INTERSTATE SECURITY BANK 5.15-99 6.675% 722,590 1 U.S, TREASURY FIRST INTERSTATE SECURITY BANK 5-15-99 6.575% 1,600,29 1 TOTAL ASSETS UNDER DIRECTION OF THE CITY TREASURER WEIGHTED AVERAGE RATE OF RETURN DI$TRIRl1TION OF CASH AND INVESTMENTS GENERAL FUND SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS CAPITAL PROJECTS FUND TRUST FUNDS TOTAL ASSETS UNDER DIRECTION OF THE CITY TREASURER OTHER ASSETS DEFERRED GREAT WESTERN DEMAND COMPENSATION DEFERRED I.C.M.A. DEMAND COMPENSATION TOTAL DEFERRED COMPENSATION FISCAL. AGENT FUNDS (SEE ATTACHED) PMPtP3pXf&' SH AND INVESTMENTS $29.BOB.729 5.9$�r6 $18,925,243 6,48E9,001 2,088,894 297,298 29,606,729 N/A +424,727 N/A N/A 683,931 N/A 1,008,e58 .. 202,455 A 3.O,.S 17, B40 Page 1 of 1 b0' d iOO' ON 4OS: Z� S6, I NAE CITY OF RANCHO MIRAGE TREASURER'S REPORT 2-20-95 ASSETS UNDER THE DIRECTION OF THE FISCAL AGENT :�.,,..� ..: ,r: .. .xn ,.x.r:,> . '.ti rrn.•.^,•.^,•::'..................:::�::`...,^•$+^ ....:'•:xx:x M }t��tr;•Y!i:!•:':�,:: r:ar:.x. vrs ;err•q;w•:�r:,vnvr.•:.,.•.t�.x.if•K�,ikY•dd�•a:ax;.<;:.::i..:..•..,.v......v..''��i.'::i,??5:...,. ....•:Y%!sc:a::•:x:it:i:,}..� �.':ti:r?•, .. � � � . � r�Kefi7�'R•r�.x•x•u:;.;s::-:s:a:u v.v.v.t..... � �.��•� � , �':¢: Yr�i°r: ,..... � � � : �: k::;t::i�fiu �: CURRENT TYPE OF MATURITY INTEREST MARKET CATE- INVESTMENT INSTITUTION MATE A�� VALUE DESCRIPTION GORY PAC NORM BANK OF AMERICA DEMAND 5.58% $106,364 0 100,304 AD 26.90 TREAS FUND AD 25-90 RE$RV VISTA DUNES 3 U,S. TREAS BANK OF AMERICA 11-30-95 4,25% 95,979 96,979 AD 25-90 NOTES AD 26-90 RESRV VISTA DUNES 3 PAC WORD BANK OF AMERICA DEMAND 5.58% 110 110 AD 25-90 TREAS FUND AD 26-90 DEBT SVC VISTA DUNES 3 TOTAL 463 2 453 PMP/PJP/smb Treos3 Page 1 of 1 SO'd i 'ON VS: Z S6,8T Nnf :GI CITY OF RANCHO MIRAGE :� � � •..r.Y•:r:Ki; xii:.f:t� t::,{•%�jt}7C'{:%:};%:}C 2 { }. � i iC� 7Y ... ..Y:.T:r':%:}:X:L:%. .... ..v. ..v.� . ... .. �.... ...v.tr.. .... >: s:::.:..,.......: ,.:. f: �,:.� .:.. f::: ,..:.... ........ ........ .. .i•x'c:?:Ky:2r: 5,.: tR:xx:'t ..v. }.�t:c:'t ... ..ta.::r }..r.s s.. .t x•.t :t -. . �. ..?...:..a:�.:•.:•,.:e..:.:........ certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1/1/88; and is in conformity with the City investment policy as stated in Resolution No. �3� dater 12/8/88. As Treasurer of the City of Rancho Mirage, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures, Patrick M. Pratt City Treasurer PMP/PD/smb TreaO K Ol/ Date 90' d BOO*ON VS: ZZ s6, 11 Nn[ :'JI REDEVELOPMr:NT AGENCY OF RANCHO MIRAGE TREASURER'S REPORT 2-28-86 ASSETS UNDER. THE DIRECTION OF THE AGENCY TREASURER ....... � � , ,�, ,,.,, .... e.... ., ..r..,.,•r•„•r.,.r..... .s•.. .,.,. .x• wx•.:�'r•kvx'•:tv::.k,t:.�:+•::::.:': ':;•': ";'S:r ;:,:irr. r.i• ran•n•,.,.,,..,.,...•.•...r..•.:r:..•.}....r.,..,.,M1.......�+,.;c.;.,.; .. .......:............: .r..: :.•: r.. �..•.:. ,,, .,. n,...,+r..:^k ?t�kw. /}!; St; , v x Y...? ... ... .. ,.r,..x •t.t.x.c•..:•�.�.,.x.K.,,�:�.•:.t;•r: ;•: s. r:.x.:t..t. t.n,•�.x.x••t;t. „%}C�YF2iY:{.; }Z. SS it?C•�%-%+S:SY,.i'Y:SIi:<<M•%au'A�:C?:t•%•Y.n:�•T:.};{.:E•rn :i. x::x:�x:x:.�x.o-:.�.x•'ic:x.x•sc•k•k.k.k.k.r: � , . .. �:a::x:�A�aRa� . �{.x.,,.r :,. ,.. ... :..:..: r �'r{;�:��x: TYPE OF MATURITY INTEREST CATE- INVESTMENT INSTITUTION DAME_ ftATE AMOUNT GORY ACTIVE CHECKING BANK OF AMERICA DEMAND 1 ,00% $ 8.899 1 LOCAL AGENCY INVESTMENT FUND STATE OF CALIF, DEMAND 5.779% 7,368,024 NIA LOCAL AGENCY INVESTMENT FUND STATE OF CALIF. DEMAND 5.7799�b 1,+929,99t� N/A (JPFA) U.S. TREASURY FIRST INTERSTATE 4.6-95 5,9% 999,300 1 SECURITY BANK U,S. TREASURY FIRST INTERSTATE 7-8-95 6.614% 1,999,073 1 SECURITY BANK U.S. TREASURY FIRST INTERSTATE 10.19-95 7,042% 2,000,419 1 SECURITY BANK U.S. TREASURY FIRST INTERSTATE 12-14-96 7149% 2,300,399 1 SECURITY BANK TOTAL ASSETS UNDER DIRECTION OF I'ME AGENCY TREASURER 15.703,90 WEIGHTED AVERAGE RATE OF RETURN B, DISTRIBUTION OF CASH AND INVESTMENTS SPECIAL REVENUE FUNDS $ 3,737,099 DEBT SERVICE FUNDS 7,006,619 CAPITAL, PROJECTS FUNDS 4,9001188 TOTAL ASSETS UNDER DIRECTION OF THE AGENCY TREASURER FISCAL AGENT FUNDS (SEE ATTACHED) TOTAL CASH AND INVESTMI~NTS PMP/P.IP/smb Yreea6 15,703,904 � fi,190.3$3 ,1a30.884.28� Page 1 of 1 Z0' d HO ° aN SS a ?,� S6, 8I Nnc CI REDEVELOPMENT AGENCY OF RANCHO MIRAGE TREASURER'S REPORT 2-28-88 ASSETS UNDER TIME DIRECTION OF THE FISCAL AGENT .:: , :•d .:... .rn•rr; rrr y; r.•n.+.::,,::.,•iv.,.,:A•:.,.^; :i?.i•'Y,",',^,;i; \yti<h:c.N;x k � :?�1}S:iKtT' fK::; •.'n•,v.ti•rti;.;4:v.;,xr.ahx+:.+ . M, , ..,•r.,....n.r..:.,.,.•i.' ii:tS•'.;v:j'p:^::•x•}:::h:,eK}......,y,.. r,e.o-':�'s::2:it;,.v.v......,..7.,..,..r.,.............................. . ,. r..........: ^r xx rx� SAY:K:rk�k�`c5;;h'tiiw!6:{::4!;.rL..•: ,........:::.... „ . , r,r,i,. kK'•`:.riox•it'r':c•::•its!b}:..::.,,..u.ti.,.:i%.if i �':. ,. ...... CURRENT TYPE OF MATURITY INT9RE'ST MARKET CATE- INVESTMENT INSTIT T1 ION_ DATE RATE AMOUNT VALUE DESCRIPTION GOR CHECKING/ PIONEER BANK AND DEMAND VARIES 0 122,644 122,544 PARKVIEW SAVINGS CHINO VALLEY BANK VILLAS 3 PAC HORIZ BANK OF AMERICA DEMAND 5.68% 439,069 439,069 WHITEWATER TREAS FUND W/W DEBT SVC 87,192 & 94 TAB'S 3 PAC HORIZ BANK OF AMERICA DEMAND 5.68% 1115 116 WHITEWATER TREAS FUND WtW RESERVE 87,92 & 94 TAB'S 3 PAC HORIZ BANK OF AMERICA DEMAND 5.68% 40,781 40,781 NORTHSIDE TREAS FUND NiS DEBT SVC 94 TABS 3 PAC HORM BANK OF AMERICA DEMAND 5.58% 71 71 NORTHSIDE TREAS FUND N/S DEBT SVC 87 TBS 3 PAC HORIZ BANK OF AMERICA DEMAND 6.58% 16,716 15,716 CIVIC CENTER TREAS FUND N/S RESERVE REVENUE BONDS 3 PAC HORIZ BANK Of! AMERICA DEMAND 6.58% 3,505,376 3,505,376 CIVIC CENTER TREAS FUND . W w CAP. PROD. REVENUE BONDS 3 U.S. TREAS. BANK OF AMERICA 3-31-95 3.876% 695,578 695,678 CIVIC CENTER NOTES W/W CAP. PRO.. REVENUE BONDS 3 U,S, TREAS. BANK OF AMERICA 4-30-96 3,875% 1,212,169 1,212,169 CIVIC CENTER NOTES W/W CAP, PROD, REVENUE BONDS 3 J.S. TREAS. BANK OF AMERICA 5-31.95 4.125% 699,647 699,547 CIVIC CENTER NOTES W/W CAP. PROD- REVENUE BONDS 3 U.S, TREAS. BANK OF AMERICA 6-30-95 4.125% 701,668 701,088 CIVIC CENTER NOTES W/W CAP. PROD. REVENUE BONDS 3 U.S. TREAS. BANK OF AMERICA 11-15-96 6.916% 4,005,372 4,005,372 CIVIC CENTER SECURITY WiW CAP. PRO,I. REVENUE BONDS 3 U.S. TREAS, SANK OF AMERICA 4.30-96 3.875% 9,898 9,898 CIVIC CENTER NOTES NIS RESERVE REVENUE HANDS 3 U.S. TREAS. BANK OF AMERICA 8-31-99 5.875% 326,834 32E,834 CIVIC CENTER NOTES N/S RESERVE REVENUE BONDS 3 CERTIFICATE CITIBANK 4-01-2014 7.74% 629,400 629,400 WHITEWATER OF DEPOSIT W/W RESERVE 87, 92 & 94 TAB'S 3 INVESTMENT SOCIETE GENERALE 3-1-2024 5.75% 1,444,805 1,444,005 WHITEWATER AGREEMENT W/W RESERVE 87, 92 & 94 TAB'S 3 Page 1 of 2 80' d BOO* ON SS: ZZ 56, 8T Nrlf' : �I REDEVELOPMENT AGENCY OF RANCHO MIRAGE TREASURER'S REPORT 2-2S-955 ASSETS CINDER THE DIRECTION OF THE FISCAL AGENT • n :. Y.: •: � �,. ...:: nv: :: 4; ;• :r � �'i itirri•Y.•Y.•}�•%•4 X+Y.•k•:�,i:•}i:•:v?r%•%•X•7: i�i•Yr:K•Y.X4:{•i:•}:{ i•r,�r,ii?i'Ti�,i`ri rti•ii•ii•i,:, .::. •r••'{•�'• }'S' i}:C��:L4f.Y•�S7}I'i':{fii'�ii'ii'i��•ii� i r e r. i „. � � r � . � ,, r, i . r i ... i r r .. � ...., ...:: 7. J...... :: J.i.44L4ttb.v.v.'r �r. � :: :.v. ri'•�'hr' i1'IV i i \ '•:•i• � r� i r CURRENT TYPE OF MATURITY INTEREST MARKET CATE- INVESTMENT INSTITUTION OATE RATE AMOUNT VALUE DESCRIPTION GORY INVESTMENT aAYERISCHE 4.1.2029 5.95 % 1,341,600 1,341,600 NORTHSIDE AGREEMENT LANDESBANK 94 TAB'S 3 N/S RESERVE TOTAL $15119U.393 Treasd Page 2 of 2 60'd �00'ON QS:ZZ S6,8T Nnf :ci REDEVELOPMENT AGENCY OF RANCHO MIRAGE ..... ...... . ...... .... ...: � • � � . � . � � , .. ,, .: � ., � .... ..:.- . , .r� � .: �. •.,•,.• . .�.... •., •:.:.. : ,� •.� .r� .:;s;a•;.t��.. '}:}r.+ •� :•r::.i?,cxcxv:;�.�*.::...:.4.�.:.i::K'o•�::i:�J',•:e::�:::$ ' ':'`;: ..,�.K.:,nr,;b��s�<:•u;.:•��::�:...�.t:�'��;��n•x;�,,00r,�;;xx;�;;?q�;;.<;.�.s.;��an,<,�hs�tas�;rtiscii,3s..:.�,.�•��s`�?�..�:,�.?Fe•�•3EsE#,x•.s.:� <.,,r.,�'si, :'ts::.: :s „ I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53545 as amended 1 !1185; and is in conformity with the Agency investment policy as stated in resolution Rio.: 88-RA-55 dated 12/15/88. A►s Treasurer of the Rancho Mirage Redevelopment Agency, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. 2i40<07tt. Petrick M. Pratt ,Agency Treasurer PMP/PD/smb TreaO . i� Date G T ' . J. 1200' ON 9S : ZZ S6, 3 T NrIf Q I CITY OF RANCHO MIRAGE JOINT POWERS FINANCING AUTHORITY TREASURER'S REPORT 2-28-95 ASS5TS UNDER THE DIRECTION Of THE FISCAL AGENT CURRENT TYPE OF MATURITY INTEREST MARKET CATE- INVESTMENT INSTITUTION DATE RATE AM &UNT MALUE DESCRIPTION G 93-Y PAC HOW BANK OF AMERICA DEMAND 5.68% $4,361,698 $4,361,698 LIBRARY LEASE TREAS FUND LIBRARY CAP. PROD. REVENUE BONDS 3 PAC HORIZ BANK OF AMERICA DEMAND 5.68% 99 99 CIVIC CENTER TREAS FUND INTEREST REVENUE BONDS 3 U.S. TREAS. BANK OF AMERICA 4-30-95 3.875% 481,978 481,978 LIBRARY LEASE NOTES LIBRARY CAP. PROD. REVENUE BONDS 3 INVESTMENT SOCIET19 GENERALE 8-1-2011 7.00% 564,980 564,980 LIBRARY LEASE A(314EEMENT LIBRARY RESERVE REVENUE BONDS 3 PAC HORIZ BANK OF AMERICA DEMAND 5,618% 19,997 19,997 LIBRARY LEASE TREAS FUND REVENUE BONDS 3 PAC HORIZ BANK OF AMERICA DEMAND 5.58% 26 26 LIBRARY LEASE TREAS FUND REVENUE BONDS 3 TOTAL $1,428,678 05,4281 .467.8 TroasO Page I of 1 TT'd iOO*ON 9S:ZZ S6,8T Nnf :GI CITY OF RANCHO MIRAGE JOINT POWERS FINANCING AUTHORITY . .... ,..... : .: ... ....,.. .,.. ::. •.. :.,. .; ... ..x. �'+ :•rxa: >+ x.:< ...; . ,.,. .: rc K':YiiXL%>n' •':{i<yy%:�$X:Y'��ti�J: ';Sx:%:i4 '• •k:{•3i•'"•..X<''�•>�:.�^iiri'x:��....:•.:sX< •.t"�'x'x.x:'�� i':? e :. r.Y Y r.Y . . Y t .. x .. s..t x �' fi i`pq��pppp{��°S4�ii.kc•xo�5'jy �> y �r spy , .} kYae�Ko.dae46.co x kkfad Nt x y� r, .�e.f.:' . , . . �: �:x.:ti.:4X•SLi4iiX:ti:6:4:•.h:..v.4!ALlV.4:.4'.L:L l..V.4::4... �•........:'...I.,J!!..!+.�.6.JfiV.4`.J.i.Ly..�..�..�...�.��.�:.�....i....�.��.;.-.�l}'ii.ii�...,��...�....,...��i�''1�f1'}fi'7�'f`i r�i:...:.C�.�i;,��.:.v.•..L...!.4.. nv.v.v.:.4.�1.V.�.v..:...A.: . I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as emended 1 /1 !S5. As Treasurer of the Joint Powers Financing Authority, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. -;;A 0C - -e± Lf5-- Patrick M. Pratt Data Authority Treasurer PMP/PD amb Trang 7.T' d 1`00' ON �S: ZZ S6. ST Nnf : dT JUN-19-1995 11: 43 FROM CITY OF I ND I AN WELLS TO 7777101 P.02 - THE CST`' 0r NDM WELLS C A L I F 0 4 N I A STAFF REPORT DATE: June 8, 1995 44.950 Eldorado Drive Indian VWIIS CA 92210-7497 TO: City Council Tel: 6I9/346-209 Fax 6191346-0407 FROM: Administrative Services Department SUBJECT: Monthly Cash Balance - May, 1995 Beginning Balance $48,871,225r01 Deposits (Receipt Vs 47645 - 47832) 6,406,343.59 Warrants (Check Vs 46873 - 47137) (1,682,490.74) Wire - R.C.S. Credit Union (Payroll Deposits) (10,008.95) Wire - ICMA 457 & 401 A Contribs. (Payroll Deposits) (6r298.05) Wire - Bank of America (Trust #60259) (413,040.09) Deposit - WF Custodial Interest 47,476.22 WF Custodial - Admin Fee (202.49) Deposit - Citation Collection 1,996.00 Deposit - Sweep Account Interest 12,835.65 Deposit - Savings WF Money Mkt/Credit Union Interest 3_6�4.63 Ending Balance $53.228.200.84 F-.\WKi1CASH.RPT PrimM en rrcvcied parr;. ,SUN-19-1995 11:43 FROM CITY OF INDIAN WELLS TO 7777101 P.03 .rn we #c'?a/y xx<ovv i m > {'CD r � CD "` to iD tf� "` %.%M ., CA W. m 0 U � 'ti siyii.•''•.• yi }• �'► X a cn /�� /may V) co CD ? co co cn <•�; to niXw.x:;.y, Q C t 3 :« -.r ca O. �. �. ... :.. xX� }:.: 3 T37 ... sr1 /D 1J :ir• 3hNX:24R+i i C j iM Lj SP pr CD CD rr.�� rr�� e� �1. X•xrrx•>. M X. .w M //. //�. hhi3Ctin• CD12) m co /�/••�� (/��yj�}� 0 /� ��.••{..'+'.or..x V ice• T� � � a xw: � x x,X•Xx �� CD CAD At %�� ,�•} %:}}GX•riv, • T� any i.xu.:.}: •r: r.hx•x �r �'n•i: i • W W Mi IM nx•X4 - NO co •xhei X.r ca to rn co w o+ cn to to 4b ,p } X•k;;:};, CXIX :••o:a:i.} tri W Ki.ti.r. •kx•:fix.: � tD SD t0 to Sti tD :•.,}' • {•. hYr 4S�•r.X.};. ;a;<'x'x' Gil til tit C1•t GR •""`;:;�` c•x•Y;aX C2 J J wsr CD co to 0 to 0 (a Y.•%.ti'1rr tY WI �Y to (P co x.x.r:x ;' �/�y //ma��yy �y /�•� /� /�y ir`•,x'tx: n CA Gil X.N. •7C.Y:4} X'X.x: i toCA QD i U ► 4b 0 iJ1 Cn [3 � �1 tay 4hLo UTCQsago rh = Qi C v 0 0 O 0 cai v t�?T C >�/� 414 �I m CD 4 m8:�l 0 W rz c m 0 ca 0 r 1 JUN-19-1995 11:44 FROM CITY OF INDIAN WELLS TO ` 777101 P . 04 MEMORANDUM TO: GEORGE WATTS City Manager FROM: SANDRA BARLOW Acting Administrative Services Director THE c,Ty OF mm FELLS CAL I F O* N I A SUBJECT: MONTHLY FINANCIAL REPORT - MAY, 1995 44,950 Eldorado Drive Indian UkIts CATEGORIZED FUND BALANCE SUMMARY MAY MAY CA 92210 7497 1995 1994 Tei:619/346-209 Fax: 619/345-0407 GENERAL FUND 101- GENERAL TOTAL GENERAL FUND SPECIAL REVEUNE FUNDS 202 - TRAFFIC SAFE 203 - PUBLIC SAFETY 1d2 CENT SALES TAX 204 - MEASURE "A" 206 - MUNICIPAL SEWER 209 - F.A.M,D- #1 210 -- SCOAMD (VEHICLE REG) 215 - GAS TAX 2105 MAINTENANCE 216 - GAS TAX 2106 CGNSTRUCT1MAINT 217 - GAS TAX 2107 MAINTENANCE 218 - GAS TAX 2107.5 ENGR/ADMIN 228 - EMERG- UPGRADE SERVICES 248 - SOLID WASTE 250 - CONSOLIDATED LLMD's 252 - RDA (LOW & MODERATE) 260 - I-W.G.R. OPERATIONS TOTAL SPECIAL REVENUE FUNDS CAPITAL PROJECT FUNDS 305 - BIKE & PEDESTRIAN 314 - PARK -IN -LIEU FEES 315 - BUILDING EXCISE TAX $16 - GAPiTAL IMPROVEMENT 317 CVAG TUMF FEES $18 - DEVELOPER CIONTRIBUT ONS 319 - ART IN PUBLIC PLACES 320 - GRANT REIMBURSEMENT FUND $34 - COOK MEET 335 - STORM DRAIN 337 - RDA (MrMWATER) F:�WKIAFUNDBAL WKI 7,925, i $5.92 4,486,276-40 1,921.46 y6,103.47 123,867.85 0.0+0 407,084-53 9,075-66 26,247.88 20,747.73 39,566.65 1,996-69 1,004,373.47 129,006.31 40,206.07 15,561,041.37 y (63,289.90) 16,000.00 16,210.00 2,192,0$3.19 10,661,24Q}7�.335 1 ,873,680-88 (14,783-82) 77,710-38 (52,005-90) 1,047-00 722,291,70 (242,889-K 4,546-19 3,732.60 43,253.17 2,736.98 351,177.06 4,763.27 17, 877.42 17,499.40 31,010.35 2,876,69 906,426.54 90,774.24 (27,796.7-9) 12,130,981.24 (268,610.06) 4,S17.0f0 2,063,436.62 10,084,7739.555 76,851 -99 (56,543-56) 38,892-56 (11,199-80) 109,053,78 1953,176.79 (236,214.03) T16nr,r,4 c,n recyded pap& JUN-19-1995 11: 44 FROPl C I T),' OF i f-.ID I AN b"ELLS TO 7777101 P.05 CITY OF INDIAN WELLS MONTHLY FINANCIAL REPORT - MAY., 1996 PAGE 2 CATEGORIZED FUND BALANCE SUMMARY MAY MAY 1995 1994 CAPITAL PROJECT FUNDS 369 — GOLF RESORT 245,141,30 373 — RDA (ROADRUNNER) � 2,763,495.94) 380 — COMMUNITY FACILITIES DISTRICT (587.73) TOTAL CAPITAL PROJECT FUNDS 1:2: ' «59 -75 DEBT SERVICE FUNDS 407 — SEWER BOND 438 — A.D. NO. 7 BOND 449 — COOK ST. SOUTH A-D. 49 453 — RDA (WHTEWATER) 455 — ROADRUNNER 4G4 — A.D. NO- 13 BOND 465 — A,D. NC. 13 DEBT SERVICE RESERVE 472 A,D. NO. 15 — BOND TOTAL DEBT SERVICE FUNDS INTERNAL SERVICE FUNDS 677 — EQUIPMENT REPLACEMENT FUND 678 — SELF INSURANCE TOTAL INTERNAL SERVICE FUNDS TRUST & AGENCY FUNDS 724 - S.A.D. 04 725 - S,A.D. #5 '726 -- S.A,D- #6 732 — SPECIAL DEPOSITS 745 — COVE COMM. FIRE COMM. 757 — CCPSC RESERVE TOTAL "TRUST & AGENCY FUNDS TOTAL ALL FUNDS F:lWKiwum aALWK1 27,315.00 1,503.84 39,472.9y8{ 7,6 ,313.44 ��yy I/��3yy�9yy,37440y.50j 2,300, 122.13 1,188,815.00 149,114.89 259,820.36 4.73.031.61 $78.47 2i6-06 6,383.33 753,064.38 1,962,843.34 234,481.59 88,255.99 51,415.56 224,259.26 693.36 (� y 87,283.98 18.137.89 (1 G0,319.19) 665.476.21 65,945.98 128,643.93 248,540,55 878.47 26.06 6,383.33 76,001.51 2,011,688.90 141,517-31 •x•x•.i.;: ••:.xitslo!viLr} x•xa}e.r:� s:;:;..:w3i"a:' SENT BY :CITY MANAGER ; 6-19-95 ;10 : 05AM ; CATHEDRAL CITY HALL-4 161977771014 ?/ 3 Aft ' Calhcdraj tts To: Honorable Mayor and Council CC: Vern Hazen, City Manager Institution and Maturity Cate MEMORANDUM From: Arthur S. Knutson Treasurer Treasurer's Report for May 1995 Local Agency investment Pool (LAOF) Los Angeles County* Investment Pool First Interstate Bank Balance Cash S Cash Equivalents Cash with Fiscal Agents First Interstate $5.88m Cert. of Participation Bank of America: $2,39m 1986 Cert. of Participation $1.293m Assessment District 87-2 $3.095m 1989 Taut Alloc. Bond Area #1 $4.910m 1989 Tax Alloc. Band Area #2 $5.820m 1989 Tax Alloc. Band Area 03 $3.770m 1987 Tax Alloc. Bond Area #3 Meridian Trust $12.5m Public Finance Authority Principal Amount $47,316,108 $1,869 $387, 764 $4T jT05j541 $1,137,112 $293, 363 $101,602 $325, 9,44 $600,547 $563,191 $378,793 $560,373 Total Cash with Fiscal Agents $3,960,925 Total investments $51,6661466 Current Estimated interest Annual Rate interest Earnings 6,008% $2,842,752 6.018% $10o 1.000% $3,878 5. 7% $21846l?'30 i certify that, to the best of my knovAedge, this report is in conformity with the investment policy of the City of Cathedral City. This investment policy provides liquidity to met the cash requirements of the City for the next thirty days. � 1 M09/95 ur B. Kn0%wm-,"'G-1tyTreasurer a e L ATO c- 1) it A-- L--, C,) -r � SENT BY:CITY MANAGER ; 6-19-25 ;10:06AM ; CATHEDRAL CITY HALL-, 161977771014 3/ 3 7eeasureres Report For May 31, 1995 a -am 7.000 8.0W r� a Y 0 SAW Z W un 6.000 44W 4,000 3.6W 3.0M May Jun 94 04 INVESTMENT PORTFOLIO dui Aug Sap Od N6w Cb" Jed Feb M■r Apr May 94 94 ai 94 $i im sib W sia 90 96 CITY'S POR7FOL10 - aLL Investments made by the City Treasurer's office. C.D. - CER71FICATE OF Di;POS1T - average of top rates paid by major N.Y. banks on primary new issues of ne$ot i abl a W + s, usually on sumts of $1 mi t l i on or more. S.A. - BANKERS ACCEPTANCES - negati6ble, bank -backed business credit Instruments typically finking an import ordar. T-BILLS - TREASURY BILLS - short -team U.S. government bills, Bald at a discount from face value in units of S10,000 to $1 mi Mcn. T 0 0 4hf 4 4 a" MEMORANDUM BUSINESS SESSION ITEM C - 4 TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 6, 1995 RE: LAW Earnings Rate and Balances for FY 94/95 Attached please find the LAW earnings rate and lowest, highest and ending balances for FY 94/95. CITY OF LA QUINTA-1994/96 LAW INVESTMENT BALANCE ANALYSIS The below chart and graph represents the high and low balances of The City and Redevelopment Agency's LAW Investment balances. 17000 16500 16000 15500 14500 14000 13500 13000 12500 c 12000 11500 11000 10500 10000 9500 9000 8500 8000 7500 7000 Interest Rate 07/94 12,562,051.42 11,250,051.42 11,250,051.42 4.823% 08/31 11,250,051.42 11,050,051.42 11,050,051.42 4.989% 09/94 11,050,051.42 9,939,805.90 9,939,805.90 5.106% 10/94 9,939,805.90 9,839,805.90 9,839,805.90 5.243% 11/94 9,839,805.90 9,246,398.43 9,246,398.43 5.380% 12/94 9,246,398.43 7,786,398.43 7,786,398.43 5.528% 01/95 7,786,398.43 7,786,398.43 7,786,398.43 5.612% 02/95 13,486,398.43 10,126,398.43 10,253,628.22 5.779% 03/95 12,374,508.66 9,233,628.22 12,37.4,508.66 5.934% 04/95 12,374,508.66 11,438,508.66 11,438,508.66 5.960% 05/95 15,028,508.66 9,728,508.66 15,028,508.66 6.008% 06/95 16,278,508.66 15,778,508.66 15,778,508.66 ? 1994/95 LAW High and Low Balances —j 07/94 08/31 09/94 10194 11 /94 12/94 01 /95 02/95 03/95 04/95 05/95 06195 M Highest Balance Lowest Balance The Above graph is reflective of the way the City and Agency receive revenue. Three of the City's main revenues are received in a larger proportion in the second half of the fiscal year. The City receives 65% of Transient Occupancy Tax, 60% of Sales Tax, and 100% of Property tax in the second half of the fiscal year. The Redevelopment Agency receives 95% of its' Property Tax in the second half of the fiscal year. The spike in February and May revenue reflects the receipt of the City and Agency's Property Tax, approximately $5.0 million in February and $ 5.0 million in May. The dip in balance in March reflects the City and Agency's bond debt service payments which are made in September and March. The dip in July reflects the Agencys property Tax Increment Pass Trough Agreement payments. T a 0 jbf 4 4 a" MEMORANDUM BUSINESS SESSION ITEM C - 5 TO: Tom Genovese, City Manager FROM: John Falconer, Director of Finance DATE: July 7, 1995 LAIF Investment Conversation with Pat Beal, LAIF Administrator 916-653-3001 The Investment Advisory Board (IAB) asked me to address the following items as they relate to our investment with LAIF: 1. Our contract with LAIF Result The Council Resolutions for establishing the City and Redevelopment Agency Accounts serve as our contract between the City and LAIF. I have attached the resolutions that the City Council adopted to the IAB July Agenda. Ms. Beal sent the City a binder from a recent conference on LAIF Policies and Procedures which has been included in the IAB agenda. 2. What is the pool? I� - The pool currently consists of $27 billion. Each year 1.4 billion in earnings are generated from the pooled investments. $10 billion is kept liquid at all times to meet withdrawal requests. 32% of the pool funds come from local agencies, 47% comes from various State of California agencies, 21 % consists of State of California General Fund monies. Losses are allocated from earnings and not principal based upon the percentage invested by each member, City, Special District, State Department, State General Fund, etc. 3. Who audits the pool? Result The State Auditors Office audits the pool as opposed to a Certified Public Accounting firm. cc: Investment Advisory Board July 1995 agenda with attachments oZ V � OF TNT INVESTMENT ADVISORY BOARD MEETING: July 12, 1995 BUSINESS SESSION ITEM D Continued Consideration of the Investment Policy ISSUE AND DISCUSSION: See Attached Investment Policy. Approved for submission to the Investment Adviso y"oard: J4 M. Falconer Finfince Director 3►cX=. = cY PURPOSE: Flecal Policy No. 3.1 Primary objective of the Investment Policy is to ensure the preservation of public funds by providing guidance to management in administering the City's cash management program. SECTION I. POLICY _ Areas covered by this policy include: II. Scope of Financial Funds to be Invested III. Investment Policy Objectives IV. Delegation of Authority for Investment Decisions V. Conflict of Interest VI. Investment Prudence VII. Investment Instruments in which the City may Invest, Diversification of the Investment Portfolio, and Minimum Maturity Portfolio Schedules VIII. Management of Joint Resources and Distribution of Interest Earnings IX. Financial Institutions in which the City may Invest X. Investment Strategy and Results Monitoring XI. Provisions for Interim and Annual Reporting Cash management objectives shall be developed within the constraints of this policy statement. Cash Management Objectives shall include: A. A Total Percentage of Invested Cash. The City intends to have 100% of available City funds invested. B. Percentage of Return (Yield). A target yield should be stated as a goal. C. Total Dollar Return Goal. Combines the objectives of percentage of cash available and the percentage of yield to obtain a total dollar return goal. MUCS MPOLICIEWIPVSST 1 APPF40VED BY: CITY COUNCIL August 2, 1994 I NVE S TMENT POL = CY Fiscal Policy No. 3.1 SECTION II. Scope This investment policy applies to all financial funds of the City of La Quinta, La Quinta Redevelopment Agency and La Quinta Financing Authority (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 La Quinta Financing JPA - Operation Fund La Quinta Financing JPA - Debt Service Fund Redevelopment Agency, P.A. #1 Debt Service Fund Redevelopment Agency, P.A. #2 Debt Service Fund Special Revenue Funds: Gas Tax Fund Community Service Projects Community Development Block Grant Fund Lighting and Landscape Special Assessment District 89-1 Fund Quimby fund Infrastructure Fee Fund Village Parking Fund Capital Improvement Project Fund South Coast Air Quality Fund Redevelopment Agency, P.A. #1 Low and Moderate Income Housing Fund Redevelopment Agency, P.A. #2 Low and Moderate Income Housing Fund Trust and Agency Funds: Arts in Public Places Fund I.C.M.A. Deferred Compensation Fund Special Assessment District 88-1 Fund Special Assessment District 89-2 Fund Special Assessment District 90-1 Fund Special Assessment District 91-1 Fund Special Assessment District 92-1 Fund FINANCE MPOLICIEWINVBST APPFDM BY: CITY COUNCIL 2 August 2, 1994 = NVL S TMLNT POL = CY Flecal Policy No. 3.1 Monies held by the California Board of Equalization and Riverside County Treasurer for the City or Redevelopment Agency during tax collection periods shall be governed by the State of California and Riverside County investment policies and are not subject to the provisions of this policy. Investments made with state or county governmental investment pools shall only be allowed where pool investments are consistent with the City's investment policy. The City's investment policy shall also govern Bond proceeds and Bond reserve fund investments. California Government Code Section 5922(d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions which shall be structured in accordance with the City's investment policy. SECTION III. Investment Policv Objectives -- The foremost objective of the City is to ensure the preservation 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 a secondary objective, seeks to attain yields that are consistent with appropriate prevailing indices. 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 La Quinta ordinance, restricting the placement of public monies. The intent of any investment purchase is to hold it to maturity. Speculative trading is not permitted. Speculative trading are those attempting to gain market premium appreciation through short term market volatility resulting in increased risk and loss exposure to the City. In addition the City, as a prudent practice, will periodically (every 3 - 4 years) conduct a bid process for banking and/or custodian services. 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 FMWCB DD:POLICIEVIRMT APPROVED BY: CITr COUNCIL 3 August 2, 1994 =NVESTI��NT POL=CY Fiscal Policy No. 3.1 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 Director to manage the day-to- day operations of the portfolio and place actual purchase/sell orders with institutions. In the absence of the Finance Director, the City Clerk shall assume these duties. In the absence of the City Clerk and Finance Director, 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 City Clerk is involved in the investment function shall adhere to the State's Code of Economic Interest and to the following: 1. 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 FINANCE DD:POLICIBS/INVEST APPPOVSD BY: CITY COUNCIL 4 kug=t 2, 1994 I NVE S''*'MMNT POL = CY Fiscal Policy No. 3.1 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 La Quinta 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. 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 La Quintas' 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 VII. Investment Instruments As a unit of local government in the State of California the City of La Quinta is restricting itself to the investments authorized by Government code, Sections 53600 through 53635: 1. Savings accounts and other time accounts of commercial banks or savings and loans commercial banks insured by the Federal Deposit Insurance Corporation. 2. Certificate of Deposits of Commercial Banks or Savings and Loans insured by the Federal Deposit Insurance Corporation. Certificate of Deposit purchases are limited to $99,000 with interest earnings paid monthly to the City to ensure F.D.I.C. $100,000 insurance coverage. 3. Treasury Bills, Treasury Notes, Treasury bonds and 1rLN&NC8 DD:POL1CIZS/INVEST MPF40M BY: CITr COUNCIL 5 August 2, 1994 = NVE S TMENT PAL = CY Fiscal Policy No. 3.1 Federal agencies' securities which are guaranteed by the full faith and credit of the United States of America. U.S. Government or securities, such as Federal National Mortgage Association Securities, which are not backed by the full faith and credit of the United States, are also permitted investments. All securities 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. Each Investment Purchase is limited to a maximum amount of $1,0001000. 4. 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 or Article 1 of Title 5, which provides specific authority for pooling of local government funds. Each L.A.I.F. account is restricted to a maximum investable limit of $15,000,000. 5. Money Market funds or short intermediate term bond funds investing in U.S. Agency Securities maintaining a par value per share. In addition, the City may participate in repurchase agreements provided the securities for the agreement are included in 1 through 5 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 FnWCB DD:POLICIEVINV8.4T APPPOVED BY: CITY CCXMCIL 6 August 2, 1994 = NVL S TMLNT POL = CY Fiscal Policy No. 3.1 banking institutions or primary brokerage firms. Any repurchase agreement exceeding three days shall be transacted on a full delivery vs payment basis. Investment Agreements may be used as an investment option for insured bond proceeds and/or reserve funds. Investment Agreements are not to be confused with Money Managers who are contracted to manage a pre -determined amount of funds for the City. A bid process must be administered by the City or its designee in determining the selected institution. The informal bid process, used for both construction and reserve fund proceeds must have a minimum of three responses to meet the City's selection criteria. Bond indenture provisions govern the use of investment agreements which are also subjected to further approval by a bond insurance firm if the debt issue has been insured. 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 IX of this policy statement. 2. The duration of the investment must coincide with cash requirements determined by the Finance Director 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. BID PROCESS 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. Fn=CB MPMICISS/INVSST APPFDM BY: CITY COMIL August 2, 1994 = NVE S T1�ZE NT POLICY Fiscal Policy No. 3.1 U.S. Treasury and Agency 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 Department. It is the responsibility of the Finance Director 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 Director to manage a diversified City investment portfolio supported by current financial market conditions. The diversification of investment types will be in accordance with the following maximum percentage compliance limits: Investment Type Maximum % Savings/Operating Accounts 85% Certificates of Deposit 60% U.S. Government and Agency Securities 75% Government Pool 90% Money Market and Short Intermediate Term Bond Funds 60% 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 FINANCE DD:POLICIES/INVEST APPi40VED BY: CITY COUNCIL 8 August 2, 1994 = NVE S T1�NT POL = CY Fiscal Policy No. 3.1 considering sizeable blocks of anticipated revenue (sales tax, property tax). Maturities in this category shall be timed to comply with the following guidelines. t TARGETS MATURITY SCHEDULE Under 12 Months Under 24 Months PORTFOLIO 75% 85% The City shall adhere to Government Code State Statutes which require each individual investment to have a maximum maturity of five years unless specific approval is authorized by City Council. SECTION VIII. Resource Management and Interest Distribution All investments will be in the name of the City of La Quinta, La Quinta Redevelopment Agency and La Quinta Financing Authority 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. IrnWCB DD:POLICIES/INVEST APPPOVBD BY: CITY COUNCIL 9 August 2, 1994 =NVE S'T'MFNT POL = CY Fiscal Policy No. 3.1 SECTION IX. Financial Institutions and Dealer Authorization As stated in Section VII 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 La Quinta and/or Riverside 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.). The Treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, who maintain an office in the State of California. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the treasurer with the following: • Audited financial statements • Proof of National Association of Security Dealers certification • Trading Resolution • Proof of State/Province registration • Certification of having read entity's Investment Policy • Resume of Financial Broker • Evidence of Professional Liability Insurance A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the City invests. In addition, the City shall research the National Association of Security Dealer's Public Disclosure Report File to review existing reports on file for any firm and individual conducting investment related business with the City. FINANCE MPOLICIEVIN14WT UTF40VED BY: CITY COUNCIL 10 August 2, 1994 X NVE S WVM NT POL X CY Fiscal Policy No. 3.1 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. 2. Collateral - The amount of City of La Quinta deposits or investments not insured by agency of the federal government shall be 110% collateralized by securities' or 150% mortgages' market values of that amount of invested funds plus unpaid interest earnings. 3. Size - The amount of City of La Quinta deposits or investments must be collateralized or insured by an agency of the federal government. 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 Investment Advisory Board (IAB). The City Manager will be subsequently apprised of the IAB's investment strategy. A review will be held at least quarterly to determine general strategies and to monitor results. Documented summaries of Investment meetings FINANCE DD:POLICIBS/INV88T APPIKNW BY: CITr COUNCIL 1 1 August 2, 1994 = NVE S'T'MF NT POL = CY Fiscal Policy No. 3.1 shall be kept on file in the Finance Director'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 for City Council, and the IAB and Staff shall be produced each month listing pertinent current investment portfolio information. The Finance Director 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 , 19 . policy shall be the day of PIBAN CH DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL 12 August 2, 1994 4 • 66,"Al MID-R•sk,741 BUSINESS SESSION ITEM D -1 TO: Investment Advisory Board Members FROM: Debbie DeRenard DATE: July 12, 1995 RE: Investment Advisory Board Minutes Attached find copies of Investment Advisory Board Minutes dated June 22, 1994, July 20, 1994, August 17, 1994 and August 31, 1994. I CALL TO ORDER INVESTMENT ADVISORY BOARD MINUTES JUNE 22, 1994 Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Lewis, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Gilreath, Sales and Chairman Lewis ABSENT: Board Member Wilson OTHERS PRESENT: Richard Parzonko, Finance Director and Debbie DeRenard, Secretary I PUBLIC COMMENT - None III CONSENT CALENDAR - None IV BUSINESS SESSION A. Transmittal of Treasurer's Report Dated April 30, 1994. In response to Board Member Sales, Mr. Parzonko advised that the Treasurers Report has a new format. We have replaced the bank statements with the demand register reports. -The demand register is a report that is approved by the City Council. Board Member Sales advised that he would like to received copies of the bank statement reconciliations along with the demand registers. MOTION - It was moved by Board Members Brown/Sales to approve the Treasurers Report B. Internal Controls - Warrant Register Noted & filed. Investment Advisory Board 3 June 22, 1994 Minutes In response to Board Member Sales, Mr. Parzonko advised that the Investment Advisory Board's role can be identified in Section X and XI and the Philosophy section. MOTION - It was moved by Board Members Sales/Gilreath to accept the Investment Policy with the changes discussed. Motion carried unanimously. D. Assessment District Money Market Fund Analysis Mr. Parzonko presented the staff report and advised that currently the City has a variety of bond reserve fund. Among these are Assessment District funds that are invested through the Bank of America and First Interstate Banks. After researching these issues it has been discovered that the City is not maximizing the yield of the Assessment District Bond Reserve Funds. Even if the City stayed within the same investment parameter the City could increase their yield substantially. This would mean shifting monies from one Assessment District Money Market Fund to another. He further advised that the fees being charged by Bank of America and First Interstate are substantially higher then those of other institutions. Board Member Sales requested a prospectus on AIM Short - Term Investments Trust. Mr. Parzonko advised that he would bring the comparison back to the Board. E. General Fund Loan to Redevelopment Agency Mr. Parzonko advised that the City Is Redevelopment Agency is projected to have a $2.2 million negative cashflow deficit in the Capital Project Area #1 Fund as a result of the Phase V project. A loan at the end of the fiscal year will be necessary to cover the cashflow shortage. The General Fund is recommended to provide the loan to the Agency. Mr. Parzonko advised that last years lending rate was 10%. In response to Board Member Sales, Mr. Parzonko advised that a loan from an outside source was being looked as a secondary option. Investment Advisory Board 5 June 22, 1994 Minutes Debbie DeRenard, Investment Advisory Board Secretary, advised the Board that the Ordinance states that "if a member misses three (3) consecutive regular meetings within any fiscal year without advanced permission his/her office shall become vacant and shall be filled as any other vacancy. Chairman Lewis/Board Member Brown did not recall Board Member Brown being in attendance for three consecutive meetings. Mrs. DeRenard advised that she would research the attendance for the Board Members. Board Member Brown advised that she has the most respect for Board Member Wilson, but feels it is very important for criteria to be established and followed regarding attendance. VII OTHER VIII ADJOURNMENT MOTION - It was moved by Board Members Brown/Gilreath to adjourn the meeting. Motion carried unanimously. INVESTMENT ADVISORY BOARD MINUTES July 20, 1994 I CALL TO ORDER Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Lewis, followed by the Pledge of Allegiance PRESENT: Board Members Brown, Sales and Chairman Lewis ABSENT: Board Members *Gilreath and Wilson *Chairman Lewis advised that Board Member Gilreath is out of town on a family emergency. II CONFIRMATION OF AGENDA Chairman Lewis requested the Investment Policy be added as Business Session Item B noting that the need to take action arose after the posting of the agenda. MOTION - It was moved by Board Members Sales/Brown to add the Investment Policy as Business Session Item B. Motion carried unanimously. III PUBLIC COMMENT JOE IRWIN - 44-065 Camino La Cresta, spoke regarding the Investment Policy. IV CONSENT CALENDAR A. Approval of Minutes from the May 11, 1994 Investment Advisory Board meeting. MOTION - It was moved by Board Members Brown/Sales to approve the minutes of the May 11, 1994 Investment Advisory Board meeting. Motion carried unanimously. B. Investment Policy: City Manager and City Attorney comments. (Moved to Business Session Item B.) E XH 2 B= T A E XH = B 2 T. A = NVE S THE NT POLICY Fiscal Policy No. 3.1 PURPOSE: Primary objective of the Investment Policy is to ensure the preservation of public funds by providing guidance to management in administering the City's cash management program. SECTION I. POLICY Areas covered,by this policy include: II. Scope of Financial Funds to be Invested III. Investment Policy Objectives IV. Delegation of Authority for Investment Decisions V. Conflict of Interest VI. Investment Prudence VII. Investment Instruments in which the City may Invest, Diversification of the Investment Portfolio, and Minimum Maturity Portfolio Schedules VIII. Management of Joint Resources and Distribution of Interest Earnings IX. Financial Institutions in which the City may Invest X. Investment Strategy and Results Monitoring XI. Provisions for Interim and Annual Reporting B. Percentage of Return (Yield). A target yield should be stated as a goal. C. Total Dollar Return Goal. Combines the objectives of percentage of cash available and the''''percentage of yield to obtain a total dollar return goal. FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 1 = NVE S THE NT POL = CY Fiscal Policy No. 3.1 Monies held by the California Board of Equalization and Riverside County Treasurer for the City or Redevelopment Agency during tax collection periods shall be governed by the State of California and Riverside County investment policies and are not subject to the provisions of this policy. Investments made with state or county governmental investment pools shall only be allowed where pool investments are consistent with the City's investment policy. The City's investment policy shall also govern Bond proceeds and Bond reserve fund investments. California Government Code Section 5922(d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions which shall be structured in accordance with the City's investment policy. SECTION III. Investment Policy Objectives The foremost objective of the City is to ensure the s► preservation 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 &-:66--e a secondary objective, seeks to attain yields that are consistent with appropriate prevailing indices. 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 La Quinta ordinance, restricting the placement of public monies. The intent of any investment purchase is to hold it to maturity. Speculative trading is not permitted. Speculative trading are those attempting to gain market premium appreciation through short term market volatility resulting in increased risk and loss exposure to the City. In addition .the City, as a prudent practice, will periodically (every 3 - 4 years) conduct a bid process for banking and/or custodian services. 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 Director to manage the day -to - FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994. 3 I NVE S THE NT POLICY Fiscal Policy No. 3.1 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 La Quintas' 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 VII. Investment Instruments As a unit of local government in the State of California the City of La Quinta is restricting itself to the investments authorized by Government code, Sections 53600 through 53635: 1. Savings accounts and other time accounts of commercial banks or savings and loans commercial banks insured by the Federal Deposit Insurance Corporation. 2. Certificate of Deposits of Commercial Banks or Savings and Loans insured by the Federal Deposit Insurance Corporation. Certificate of Deposit purchases are limited to $99,000 with interest earnings paid monthly to the City to ensure F.D.I.C. $100,000 insurance coverage. 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. U.S. Government or securities,,such as,Federal National Mortgage Association Securities, which are not backed by the full faith and credit of the United States, are also permitted investments. All securities 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. Each Investment Purchase is limited to a maximum amount of $1,000,000. FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 5 = NVE S THE NT POL 2 CY Fiscal Policy No. 3.1 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 IX of this policy statement. 2. The duration of the investment must coincide with cash requirements determined by the Finance Director 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. BID PROCESS ifict ertae o Deposit investments in the amount of $1001000 or less shall have a yield analysis performed in comparing the selected investment to others similar in nature. ..................................... ..................................................................I.... .. ................................_......... _ _ ......... U.S. Treasury and Agency-t-gem:..;. 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 designated financial institution complying with Governmental held in safekeeping at the City's or in shares with mutual funds Accounting Standards Board's requirements. Safekeeping account receipts will be held by the City's Finance Department. It is the responsibility of the Finance Director to demonstrate compliance with this section. PORTFOLIO DIVERSIFICATION FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 S NVE S THE NT POLICY Fiscal Policy No. 3.1 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 and Dealer Authorization As stated in Section VII 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 La Quinta and/or Riverside 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.). The Treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, who maintain an office in the State of California. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (uniform net capital rule) . No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the treasurer with the following: • Audited financial statements • Proof of National Association of Security Dealers certification • Trading Resolution • Proof of State/Province registration • Certification of having read entity's Investment Policy • Resume of Financial Broker • Evidence of Professional Liability Insurance FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 9 = NVE S THE NT POL S CY Fiscal Policy No. 3.1 shall be kept on file in the Finance Director'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 for City Council, and the IAB and Staff shall be produced each month listing pertinent current investment portfolio information. The Finance Director 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 . FINANCE DD:POLICIES/INVEST APPROVED BY: CITY COUNCIL July 19, 1994 11 INVESTMENT ADVISORY BOARD MINUTES AUGUST 17, 1994 I CALL TO ORDER Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Lewis, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Sales and Chairman Lewis ABSENT: Board Members *Gilreath & Wilson OTHERS PRESENT: Richard Parzonko, Finance Director and Debbie DeRenard, Secretary *Excused II PUBLIC COMMENT - None III CONSENT CALENDAR A. Approval of Minutes from -the June 22, 1994 Investment Advisory Board meeting. Board Member Sales advised that on page 5, the second paragraph should read, "Chairman Lewis/Board Member Brown did not recall Board Member Wilson being in attendance for three consecutive meetings". MOTION - It was moved by Board Members Brown/Sales to approve the minutes as corrected. Motion carried unanimously. IV BUSINESS SESSION A. Consideration of Banking Services Request for Proposal. Mr. Parzonko advised that with the comments from the Board at the previous meeting, a revised draft version of the draft banking services request has been presented. He further advised that he has requested copies of a custodial services agreement RFP that will be added on the banking services request as an optional service and will be included as part of the optional proposals section. The custodial services agreement RFP is scheduled to arrive within one week. The Board reviewed the Request for proposal (Exhibit A). Board Member Sales questioned if the City of working under a RFP Contract with Bank of America. Investment Advisory Board 3 August 17, 1994 Minutes MOTION - It was moved by Board Members Brown/Sales to bring Board Member Wilson's attendance to the City Council for their review. Motion carried unanimously. V STUDY SESSION - None VI BOARD MEMBER COMMENTS VII OTHER Mr. Parzonko presented an analysis on Bond Proceeds and Operational Funds as an informational item. He advised that the total operational fund available are $12,854,505. The portfolio maximum limit for investment in government pools is 90%. The portfolio compliance limit would be $11,569,055 for investment in government pools. As of July 31, 1994 the balance for government pools is $12,562,052. A negative figures means that the City is not in compliance with the Investment Policy. In order to come into compliance the City would need to invest $1,000,000 in another investment account other than a government pool. Board concurred on Mr. Parzonko reviewing the investments and bringing back them back to the Board with charts and graphs for the Boards review. VIII ADJOURNMENT MOTION - It was moved by Board Members Brown/Sales to adjourn the meeting. Motion carried unanimously. BU S T N E S S S E S S= ON I T E M: A CITY OF LA QUINTA BANKING SERVICES REQUEST FOR PROPOSAL CALENDAR Date Event Description 7/20 - 8/10 Finance Director prepares a banking services RFP document with the Investment Advisory Board. 9/13 Staff Report to Council requesting authorization issuance of RFP submitted to City Clerk's Office. 9/20 Council Approves release of Banking Services RFP Document. 9/21 RFP documents issued by the Finance Department to interested banking institutions. 10/14 5:00 p.m. Deadline for submission of proposals by financial institutions to the Finance receipts counter. 10/14 - 10/26 Evaluation of submitted proposals performed by Finance Department. 10/28 A review of the banking services RFP with the City Manager including selection of a banking institution. 11/08 Awarding of a banking institution contract by City Council. 11/09 Banking Supplies ordered by Financial staff. 11/10 Formal agreement entered into with the selected institution. 12/01 Banking Services inaugural date. RPiDD/R 3. No Proposal If a service requirement cannot be met by a proposer, then the term "No Proposal" should be entered on the Proposal Form for that specific requirement. In the case of a "No Proposal" remark, the proposer may offer an alternative equivalent service. 4. Multiple Proposals A proposer may submit multiple and alternative equivalent proposals for any and all of the optional banking services. 5. Sealed Proposals A Proposal must be submitted in a sealed envelope or package bearing the title "City of La Quinta Banking Services" along with the proposer's name and address. The proposer shall return two (2) copies of completed Proposal Forms and other pertinent information (call reports, annual financial reports, availability schedules, etc.) to La Quinta City Hall, Attention: Richard Parzonko, Finance Director, 78-495 Calle Tampico, La Quinta, California 92253, no later than 5:00 p.m. Friday, October 14, 1994 to the Finance Cashier's counter. It is the responsibility of the proposer to ensure that the proposal arrives on time at the right place. Any proposals received after the above time will be disqualified. 6. Public Information All submitted proposals and information included therein or attached there to shall become public record upon their delivery to the Finance Director's office. 7. Responses to Proposer Questions A proposer may submit written questions in order to clarify any matters relating to this RFP. The proposer's question and the City's answer will become public records and will be shared with all proposers to whom the RFP has been sent. 8. Finance Directors Contact Office The Finance Director, Richard Parzonko, shall be the only contact office in regards to this RFP. 9. Right to Reject Proposals and Waive Information The City reserves the right to reject any or all proposals, to waive any non -material irregularities or information in any RFP, and to accept or reject any item or combination of items. The City of La Quinta Finance Director will judge the merit of the proposals received. The sole object of the evaluation will be to recommend the entity whose proposal is most responsive to the City's needs. The specifications of the RFP represent the minimum performance necessary for response. Additional services proposal's will be weighed in the final selection. CONTRACT TERMS 1. Contract Period The selected institution shall be designated as the City's depository for an initial three-year term which is anticipated to commence December 1, 1994. The depository contract shall contain an automatic renewal clause which may be used for the following one (1) year under the same terms and conditions, thereby providing for four (4) years of depository and banking services. 2. Cancellation of Contract The depository contract shall provide that the City reserves the right to cancel any agreement at any time upon ninety ( 90 ) days prior written notice of its intent to terminate any agreement. The designated depository shall provide the City at least ninety (90) days prior written notice of its intent to terminate any agreement. A decision to terminate the depository contract may not be as a result of an offering of a lower price from another bank during the contract period. 3. Award of Contract The contract will be awarded to that entity whose proposal conforming to the Request for Proposal, is most advantageous to the City. The City of La Quinta Banking Services Contract is expected to be awarded at the La Quinta City Council meeting to be held at 3:00 p.m. Tuesday, November 8, 1994 at the La Quinta City Council Chambers located at 78-495 Calle Tampico, La Quinta, California 92253. BANKING NEEDS DESCRIPTION OF OPERATING SYSTEM 1. Background The City of La Quinta currently has 2 checking ( Petty Cash and Operations) and 1 demand account at Bank of America's Indio branch. The savings account is earning interest at a moneymarket savings account rate and the checking account is non -interest bearing analysis account. the "Basis for Determining Rate" section shall specify the money market instrument upon which proposed rate is based and the method to be used in calculating the rate (e.g., 90% of prime rate, etc.) . Vague references to "managerial discretion" or "competition" are not acceptable. 1. Depository Requirements - City of La Quinta Operating Account A. Pooled Funds Operating Account This account will be an interest -bearing demand account. It is anticipated that there will be approximately 400 to 600 individual item deposits per month to this account. It is further anticipated that there will be 300 to 400 checks issued per month. Payroll checks are issued on bi-weekly Fridays. Approximately 70 payroll checks are distributed for each payroll period. Dependent upon the acquisition of a.new computer system, the City would most likely be interested in obtaining payroll direct deposit services. Please provide cost information and program requirements. The bank shall daily notify the City of the level of available collected funds in the account by 9:00 a.m. If the bank can, in addition, offer mid -day notification, it should be outlined in the proposal. The level of available funds will be determined on the following schedule: i. Items on the depository, wire transfers, ACH deposits, cash SAME DAY ii. Items on local institutions NEXT DAY iii. Other Items FEDERAL RESERVE AVAILABILITY SCHEDULE The above schedule shall be the maximum clearing schedule. If the bank can offer faster clearing services, they should be outlined in the proposal. If a proposer is using an availability schedule other than the Federal Reserve Schedule, a copy must be attached to the proposal. Interest shall be paid on all collected balances in the account at the end of the business day. Proposals shall include the type of account (i.e., Sweep, ZBA, Now, Super Now, etc.), the basis for determining interest rate and fee necessary to cover all services relating to general operating outlined below. B. Bags and Night Drop Services i. The bank shall provide the following depository bags at no cost to the City. Price lists for additional bank ACCOUNT MAINTENANCE GENERAL INFORMATION Each proposal shall include specific times when the information and material requested below will be provided to the Finance Director. The Finance Director has established suggested standards which are set forth in parentheses, (-); although proposers can propose earlier times which best fit individual banks. 1. Daily Reports The daily balance in each account will be communicated to the Finance Director's staff during the morning of the next banking day at 9:00 a.m. When this information is not available at the specific time, the finance department personnel will estimate the account balances and make investments according to their best estimates of the account balances. The City shall not be charged or penalized over the rate of compensation if an overdraft results because of the account balance information not being available at the specific time. 2. Weekly Statements A Weekly summary statement of the City of La Quinta and Operating Account showing all credit and debit transactions and the ending balance will be made available on the second banking day following each week at 11:00 a.m. 3. Monthly Statements Monthly statements for all accounts are to be provided to the Finance Director with documentation supporting all entries on the statement within five ( 5 ) business days after the last calendar day of each month. Canceled checks shall be sorted in numerical order and returned in boxes suitable for storage. The statement shall have checks listed in numerical order with any breaks in the order noted. A monthly analysis report showing overall activity in the City accounts shall also be provided to the Finance Director within ten (10) business days after the end of each calendar month. This report shall include a monthly analysis of the bank's cost of operating the City accounts. A. Direct Fee Proposal. Each proposer shall specify direct monthly fees of each account for services performed in maintaining each account. Under this method of compensation, interest will be paid to the City on the basis of ledger balances before float and fees will be deducted from interest income automatically. OPTIONAL BANKING SERVICES A proposer may, under separate cover, submit optional proposals for other services that the proposer feels would be in the best interest of the City. Any optional proposal will be considered separately from the basic service proposal. Each proposal is to be made separate, so that each can be considered as a complete entity. The "Selection Criteria" set forth previously herein applies to the selection of a bank for an additional banking service(s). Listed below are suggested areas the City is currently involved in and can be included in the RFP package or as an optional service. 1. Custodian The selected bank of the safekeeping optional service shall be the City's custodial agent in charge of safekeeping its investment securities. The agent bank shall control the securities through its own safekeeping department. All proposals should identify where safekeeping facilities will be located and what banks are used as correspondent banks. Proposals shall clearly specify services to be performed and the cost on a monthly basis. The objective ofthe City is to obtain a category 1 GASB audit rating for investment held by third parties. Proposals of custodian services which provide a significantly greater amount of service for the City's investments shall be seriously considered. 2. City of La Quinta State Warrants The City of La Quinta receives three state warrants per month form the State of California for sales and other taxes. Gross amount of these checks exceed $2.2 million annually. A courier service of obtaining warrants from the State Revenue Department by your affiliated bank may be arranged and then wired directly to the City's operating account. I. BANKING SERVICES COMPENSATION We compute a required compensating balance for the forth quarter of 1994 as follows: DIRECT FEE PROPOSAL Estimated Monthly Annual Unit Annual Units Units Cost Cost City of La Quinta Operating Account A. Deposits 1. Deposits 21 480 2. Items Deposited 260 6,000 3. Returned Checks 4 48 (NSFs) 4. Wire Transfer In 5 72 B. Withdrawals 1. Checks Written 400 31600 2. Stop Payments 2 24 3. Wire Transfers Out 7 72 II. Other Charges A. ACH Items B. Account Maintenance C. Courier Service D. Direct Deposit E. F. G. OPTIONAL SERVICE PROPOSAL FORM Richard Parzonko 78-495 Calle Tampico La Quinta, CA 92253 Dear Mr. Parzonko: We have read the City of La Quintas' Finance Director's Request for Proposal and fully understand its intent. We certify that we have adequate personnel, equipment, and facilities to fulfill the requirements thereto. We understand that our ability to meet the criteria and provide the required services shall be judged solely by the Finance Director's Office. We have attached the following: 1. Call reports for the past two years. 2. Annual financial reports for the past two years. We further certify that we have filed with the Finance Director the affidavit of one of our officers of the amount of this institution's capital stock and surplus. It is understood the above information will be used as evidence of our ability to meet the capital structure requirements necessary to service this account. It is further understood that all information included in, attached to, or required by this Request for Proposal shall become public record upon their delivery to the City's Finance Director. Submitted by: (Bank) (Authorized Signature/Title) (Authorized Signature/Title) (Telephone) (Date) STATE TAX WARRANTS We agree to furnish "Instant Deposit" services for the City of La Quinta. The City of La Quinta will select a bank to act as its agent in receiving warrants from the State of California office located at . The bank selected will provide courier service for receipt of warrants upon notification that the warrants are indeed ready for issuance. Cost of services should be either a flat fee or percentage of warrant amount. Amount of Warrant Percent of Warrant Flat Fee 50,000 100,000 200,000 300,000 400,000 500,000 750,000 11000,000 11250,000 1,500,000 Cost per warrant or trip service INVESTMENT ADVISORY BOARD MINUTES SPECIAL MEETING AUGUST 31, 1994 I CALL TO ORDER Special meeting of the La Quinta Investment Advisory board was called to order at the hour of 5:40 P.M. by Chairman Lewis, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Sales and Chairman Lewis ABSENT: Board Members *Gilreath and Wilson OTHERS PRESENT: Richard Parzonko, Finance Director and Debbie DeRenard, Secretary II PUBLIC COMMENTS JOE IRWIN, 44-065 Camino La Cresta, spoke regarding the City's investment 'strategy. III CONSENT CALENDAR - None IV BUSINESS SESSION A. Continued Consideration of Banking Services Request for Proposal. Mr. Parzonko presented the final draft Banking RFP for review and approval by the Investment Advisory Board. Mr. Parzonko advised that the Banking RFP has been edited and custodial service have been included. Mr. Parzonko reviewed the Banking RFP (Exhibit A) with the Board. Sections reviewed are listed as follows: 1. Proposal Calendar 2. Introduction 3. Bidding Instructions 4. Bank Credit Evaluation 5. Scope of Banking Services 6. Current City Operations 7. Required Banking Services 8. Account Maintenance Services 9. Optional Services 10. Custodial Services for Investments 11. Bidding Forms. V BOARD MEMBER COMMENTS - None VI ADJOURNMENT MOTION - It was moved by Board Members Brown/Sales to adjourn the meeting. Motion carried unanimously. EXHIBIT A CITY OF LA QUTNTA Banking and Custodian Services Request for Proposal ISSUE DATE: September 20, 1994 PROPOSALS DUE: October 14, 1994 CITY OF LA QUINTA BANKING SERVICES REQUEST FOR PROPOSAL CALENDAR Date Event Description 7/20 - 8/10 Finance Director prepares a banking services RFP document with the Investment Advisory Board. 9/13 Staff Report to Council requesting authorization issuance of RFP submitted to City Clerk's Office. 9/20 Council Approves release of Banking Services RFP Document. 9/21 RFP documents issued by the Finance Department to interested banking institutions. 10/14 5:00 p.m. Deadline for submission of proposals by financial institutions to the Finance receipts counter. 10/14 - 10/26 Evaluation of submitted proposals performed by Finance Department. 10/28 A review of the banking services RFP with the City Manager including selection of a banking institution. 11/08 Awarding of a banking institution contract by City Council. 11/09 Banking Supplies ordered by Financial staff. 11/10 Formal agreement entered into with the selected institution. 12/01 Banking Services inaugural date. 3 bidder shall at all times in the bidding and contracting process comply with all applicable city, county, state, and federal anti -discrimination laws, rules, regulations, and requirements. The City affirms, and will continue to comply with, Executive Order 11246 as amended by Executive Order 11375; Section III of the 1968 Housing Act; and Title VI of the 1964 Civil Rights Act. It is City policy to maintain a positive program of equal employment opportunity for all employees and applicants regardless of race, sex, creed, color, national origin or handicap. By signature on the bid document, the proposing banking institution affirms the same. 2. Automated Clearing House Capabilities. The bidder must have and maintain Automated Clearing House (ACH) originating bank capabilities. The bidder must conform with National Automated Tearing House Association (NACHA) and Uniform Commercial Code Article 4A (UCC4A) rules. 3. Bank Charter. The bidder must be a federal or State or California chartered bank with branch banking facilities located within the Coachella Valley. If the headquarters of the proposer is not located within the city limits, a branch bank(s) of the proposer located within the Coachella Valley must be able to offer the full range of banking services required by this RFP. The proposer must also be a member of the Federal Reserve System. SECTION 2. BIDDING INSTRUCTIONS 1. Intent The intent of this Request for Proposal is to select one banking institution to provide basic banking services. However, the City may also elect to award an agreement(s) to the winning proposer of any or all optional services. 2. Proposal Form A proposer shall use the attached Proposal Form, Exhibit A, and Optional Services Proposal Form, Exhibit B, or copies thereof in submitting a proposal. It is required that the proposal be completed in its entirety. 5 10. Execution of Agreement If a banking institution does not execute an agreement within ten (10) days after being notified of selection, the City may give notice to the bank of the City's intent to select the next most qualified proposing bank or call for new proposals, whichever the City deems most appropriate. 11. Incorporation of RFP and Proposal in Agreement. This RFP and the bank's response, including all promises, warranties, commitments and representations made in the successful proposal shall be binding and shall become contractual obligations, and will be incorporated by reference in the Authority's agreement with the bank. ACH and wire transfer agreements will be signed in conjunction with the execution of the banking services contract. 12. Amendments to Agreement. Parties hereto reserve the right to make amendments or modifications to the agreement by written amendment signed by both parties. No amendment shall be effective unless signed by both a bank representative authorized to bind and corporation. 13. Electronic Data Interchange Option. The successful bank must have Electronic Data Interchange (EDI) capabilities as they are developed. The City expects technical support for EDI at no additional cost to the City. SECTION 3. BANK CREDIT EVALUATION 1. Report of Capital and Surplus A proposer shall have on file with the Finance Director the affidavit of one of its officers of the amount of its capital stock and surplus. The bank selected to perform banking services shall maintain a capital structure equal to or greater than the amount that the City has on deposit with them at any one time during the term of the agreement. This calculation shall include both demand deposits and term deposits such as certificates of deposit and savings accounts. 2. Required Financial Information Each proposer shall submit with their proposal copies of their quarterly call reports for the past two (2) years and their annual financial reports for the past three ( 3 ) years. If the proposing bank is owned by a holding company, submit financial statements for both proposing bank and holding company bank. Disclosure of any regulatory agreement (Memorandum of Understanding, formal agrement or cease and desist order) an 7 The City of La Quinta Finance Director will judge the merit of the proposals received. The sole object of the evaluation will be to recommend the entity whose proposal is most responsive to the City's needs. The specifications of the RFP represent the minimum performance necessary for response. Additional services proposal's will be weighed in the final selection. 5. Collateral The selected provider of banking services is required to adhere to State of California Government zode Section 53652 requiring public funds to be collateralized at least 10 percent in excess of total deposits. SECTION 4. SCOPE OF BANKING SERVICES I. CONTRACT TERMS I. Contract Period The selected institution shall be designated as the City's depository for an initial three-year term which is anticipated to commence December 1, 1994. The depository contract shall contain an automatic renewal clause which may be used for the following one (1) year under the same terms and conditions, thereby providing for four (4) years of depository and banking services. 2. Cancellation of Contract The depository contract shall provide that the City reserves the right to cancel any agreement at any time upon ninety (90) days prior written notice of its intent to terminate any agreement., The designated depository shall provide the City at least ninety (90) days prior written notice of its intent to terminate any agreement. 3. Award of Contract The contract will be awarded to that entity whose proposal conforming to the Request for Proposal, is most advantageous to the City. The City of La Quinta Banking Services Contract is expected to be awarded at the La Quinta City Council meeting to be held at 3:00 p.m. Tuesday, November-8., 1994 at the La Quinta City Council Chambers located at 78-495 Calle Tampico, La Quinta, California 92253. 9 III REQUIRED BANKING SERVICES General Information The categories listed below are the basic required package of banking services. Each proposer shall submit a comprehensive list of service prices by completing the service cost section of the Proposal Form. This list will be considered all- inclusive and the prices shown on the list shall be incorporated into the agreement and will be effective through the term of the agreement. In completing the "Interest bearing account proposal" portion of the proposal form, the "Basis for Determining Rate" section shall specify the money market instrument upon which proposed rate is based and the method to be used in calculating the rate (e.g., 90% of prime rate, etc.). Vague references to "managerial discretion" or "competition" are not acceptable. 1. Depository Requirements - City of La Quinta Operating Account A. Pooled Funds Operating Account This account will be an interest -bearing demand account. It is anticipated that there will be approximately 400 to 600 individual item deposits per month to this account. It is further anticipated that there will be 300 to 400 checks issued per month. Payroll checks are issued on bi-weekly Fridays. Approximately 70 payroll checks are distributed for each payroll period. Dependent upon the acquisition of a new computer system, the City would most likely be interested in obtaining payroll direct deposit services. Please provide cost information and program requirements. The bank shall notify the City daily of the level of available collected funds in the account by 9:00 a.m. The level of available funds will be determined on the following schedule: 11 F. Printing The City will provide checks and the bank is to supply deposit slips printed in conformity with City specifications at no additional cost to the City. Approximately 10-15 deposit slip books in duplicate form are needed. G. Direct Sends From time to time the City receives out-of-town checks in amounts large enough to justify same day clearing at the Federal Reserve. Proposers shall indicate whether they are able to provide direct delivery to the Fed and the price for which this service is available. If the bank can offer faster special clearing services they should be outlined in the proposal along with the cost of such services. H. Courier Service Proposers are requested to submit the monthly cost of a daily courier service made available through the institution. No cash will be transported through the courier service. I. Safety Deposit Box The City requests a safety deposit box be allocated for storage of legal documents. J. Account Reconciliation For the Operating Account the City requires the bank to provide a paid check listing and tape in a format acceptable to the City within three (3) business days after the month -end cut-off. Proposing banks should provide a detailed description of their standard reconciliation product as well as any differentiating characteristics. Please provide the full range of modes of communication possible with your product and any enhancements that are available to reduce costs, improve check fraud prevention, streamline data presentation, etc. This information should be submitted as a separate addendum to Section 6. Numerical check storting is also requrested to be completed by the banking staff. 13 4. Resource Personnel The bank shall identify a principal representative in its operations department who is available to answer questions pertaining to transactions which require more detailed explanation and have the ability to commit substantial periods of time to the City's accounts if requested. Qualifications and experience must be listed of the names principal representative. 5. Deposit Services The bank shall give all deposits received by 5:00 p.m. credit as good ledger balance funds for the same day. The bank shall similarly identify the time and branch(es) where a final daily deposit(s) will be accepted. 6. Wire Transfer Services The bank shall maintain wire transfer facilities to the Federal Reserve Bank for investment purchases or sales and other transactions with commercial banks. 7. Access to Records and Cooperation The bank shall, upon authorization from the City's Finance Director, allow reasonable access to bank records by the City's Financial Officers, the City's independent auditors, and where state or federal assistance is involved, to state and federal auditors, to examine records relating to the use of funds. The bank shall also cooperate in any prosecution for misuse of checks and misappropriation of funds. 8. New Accounts If the City develops a need for additional accounts or services during the life of the depository agreement, those new accounts or services shall be provided with the same conditions as apply to existing accounts at the time. If the Federal Reserve, or other regulatory bodies provide for the establishment of new accounts or other regulations which are favorable to the City the bank shall make those new services available to the City. 15 SECTION 5. OPTIONAL SERVICES A proposer may, under separate cover, submit optional proposals for other services that the proposer feels would be in the best interest of the City. Any optional proposal will be considered separately from the basic service proposal. However, the goal is to obtain the most efficient solution for the City regarding Banking and custodial Services. The "Selection Criteria" set forth previously herein applies to the selection of a bank for an additional banking service(s). Listed below are services the City requires and requests responses to be included in the RFP package or as a separate optional service. Responses to optional services are to complete "Exhibit B" Forms. I. City of La Quinta State Warrants The City of La Quinta receives three state warrants per month form the State of California for sales and other taxes. Gross amount of these checks exceed $2.2 million annually. A courier service to obtaining warrants from the State Revenue Department by your affiliated bank may be arranged and then wired directly to the City's operating account. 17 II. Repurchase agreements secured by obligations issued or guaranteed by the United States or agencies or instrumentalities of the United States. III. Negotiable certificates of deposit Additionally, the Bank must report daily clearing and safekeeping activity and summarize activity on a monthly basis. These services are to meet the requirements, purposes and, capabilities per terms, conditions and specifications contained herein. This document, subsequently referred to as the Request for Proposal (RFP), explains the service requirements, the RFP selection criteria and proposal documentation required to respond to this RFP. 3. Current System Currently, government and agency securities and money market instruments purchased by the City of La Quinta are held by Banking and security Broker Institutions who offered the securities. The number of transactions, volume, and type of security subject to safekeeping will vary from time to time depending on the City' s investment activity, but should not differ from types described in paragraph 2. 4. Service Requirements 4.1 The Bank, with offices located within the State of California, which provides safekeeping, clearance, and reporting services must: A. Be a member of the Federal Reserve Bank and be a state or federally chartered commercial bank having insurance of accounts through the appropriate federal insuring agency of the United States. B. Safekeep and clear securities as agent for the city on a delivery versus payment basis. However, upon implementation of the services, securities already owned by the City will be delivered into safekeeping on a free delivery basis. C . Provide confirmation documentation to the City for each receipt and delivery of securities or funds as they occur, identifying asset description, purchase, sale, maturity, call or transfer date, accrued interest, total cost, 19 A. A statement of the Bank's experience and capability to provide security safekeeping, clearance and reporting services similar in nature and activity volume to the City. Included in this statement should be: The technical resources utilized by the Bank, its associated "down time" during the past six months, and the approximate number of clients whose safekeeping, clearance and reporting services are comparable to or greater in size than the City's prospective accounts. The statement must be signed by an officer of the Bank authorized to bind the Bank to all commitments made in the proposal. B. The name and title of the person who will be responsible for the City's account and transactions and a brief description of that person's qualifications and experience relative to the services required by the City. C. A statement identifying the Federal Reserve District of which it is a member, the "down time" of said district during the past six months, and the security transfer and money transfer cut-off times for the transaction of business, stated in Pacific Standard Time or Pacific Daylight Savings Time, whichever is appropriate. D. A copy of the Bank's most recent audited annual report and a copy of the Bank's most recent quarterly (June 1994) Uniform Bank Performance Report prepared by the Federal Financial Institution Examination Council. E. A minimum of two references of customers currently receiving safekeeping, clearance and reporting services similar in nature and volume to those required by the City. F. The name and location of the place where each type .of security will be held. G. Samples of transaction confirmations or safekeeping and clearance receipts and monthly statements. H. Description of the Bank's policy regarding failed transactions and methodology for compensation. Including a description of formula of the method used to determine compensation. 21 7. General Conditions A. Any costs incurred in the preparation of a proposal, presentation to the city, travel in conjunction with such presentations, or samples of items shall be the responsibility of the respondent. The City shall not be liable for any costs incurred by the respondent in proposal preparation. The City assumes no responsibility .and no liability for costs incurred by respondents prior to issuance of an agreement contract or purchase order. B. Prices are to be stated in units specified by this RFP. Prices quoted shall be in U.S. dollars. C. The City will enter into a contract for safekeeping, clearing and reporting services in response to a satisfactory proposal. The contract award will be made after selection of one (1) respondent's proposal from competition among all respondents with implementation of the services to follow. However, this RFP does not indicate a commitment by the City to award a contract to the successful respondent. The award of a professional service contract shall be contingent on the availability of funds and the appropriate approvals including City Council, if required. Anticipated award will occur following the above referenced approvals within 60 calendar days after receipt of proposals. The City intends to evaluate the proposed services based upon the data presented in response to this RFP. The ability of the respondent to provide concise yet thorough response to all of the information requested herein will be one measure of apparent qualifications. D. Any questions or inquiries must be directed to the Finance Director. Richard Parzonko Finance Director 78-495 Calle Tampico La Quintal CA. 92253 Contact Phone: (619) 777-7054 E. Four (4) copies of the proposal shall be submitted to the Finance Director, each of which should be bound separately in a single document. submission must be in a sealed envelope or container which must be marked "Security Safekeeping, Clearance and 23 SECTION 6. BIDDING FORMS 25 EXHIBIT A BANKING SERVICES CONSOLIDATED BID FORM Bank Submitting Bid Bank Depository Services Checks Paid: Estimated Annual Unit Annual Units Cost Cost Accounts Payable 41000 Payroll 1,820 Items Deposited: Other 6,000 Returned Checks 48 Wire Transfer: Incoming 96 Outgoing 72 Daily Balance Reporting 252 Monthly Service Charge Report 12 Account Reconciliation: Computer Tape 51820 Checks Sorted 51820 Daily Courier Service 250 Days Stop Payments 24 II. Other Banking Services: A. ACH Items $ Each B. ACH Transmissions $ Each C. DDA Account Maintenance $ Annually D. Direct Deposit $ Each E. Branch Service Charges $ F. $ G. $ 27 OPTIONAL SERVICES PROPOSAL FORM Richard Parzonko 78-495 Calle Tampico La Quintal CA 92253 Dear Mr. Parzonko: EXHIBIT B We have read the City of La Quintas' Finance Director's Request for Proposal and fully understand its intent. We certify that we have adequate personnel, equipment, and facilities to fulfill the requirements thereto. We understand that our ability to meet the criteria and provide the required services shall be judged solely by the Finance Director's Office. We have attached the following: 1. Call reports for the past two years. 2. Annual financial reports for the past two years. We further certify that we have filed with the Finance Director the affidavit of one of our officers of the amount of this institution's capital stock and surplus. It is understood the above information will be used as evidence of our ability to meet the capital structure requirements necessary to service this account. It is further understood that all information included in, attached to, or required by this Request for Proposal shall become public record upon their delivery to the City's Finance Director. Submitted by: ( Bank) (Authorized Signature/Title) (Authorized Signature/Title) (Telephone) (Date) 29 EXHIBIT B II. CUSTODIAL SERVICES PROPOSAL FORM Per Item Cost Account Maintenance Fee Monthly Basis Service Fee Safekeeping Charges Book Entry Physical Clearance Charges Receive Book Entry Asset Receive Physical Asset Deliver Book Entry Asset Deliver Physical Asset Redeem Book Entry Asset Wire Transfer Fees Incoming Outgoing 31 z V � OF TNT INFORMATIONAL ITEMS A TO: Investment Advisory Board Members FROM: John Falconer, Finance Director DATE: July 12, 1995 RE: Ordinance Governing the Investment Advisory Board For your information, attached find copies of the Staff Reports submitted to City Council on June 20, 1995 and July 5, 1995 reflecting changes regarding the Investment Advisory Board. For your records, I have attached copies of Ordinance No. 222 (Created the Investment Advisory Board) and Ordinance 237. -f4 AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: July 5, 1995 ITEM TITLE: Consideration of Amendment to Section 2.70.030 of the La Quinta Municipal Code Relating to the Investment Advisory Board BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: 1. Take up Ordinance No. by title and number only and waive further reading. s 2. Introduce Ordinance No. on first reading. Lei • = The Investment Advisory Board Ordinance was established in June of 1993. Section 2.70.030 of the Municipal Code relates to the Board Functions. The Investment Advisory Board at their June 14, 1995 meeting discussed the Board functions. The Investment Advisory Board has reviewed the Ordinance and would like to provide clarifying language to Section 2.70.030 Board Functions as follows: 2.70-030 The Board will annually elect a Chairperson and Vice -Chairperson at the first meeting held after each June 30. The following are functions of the Board that are to be addressed at each meeting: (1) review account statements and verifications to ensure accurate reporting as they relate to an investment activi ; (ii) monitor compliance with existing Investment policy and procedures; and (iii) review and make investment contracts, and investment consultants. The Board will report to City Council after each meeting either in person or through correspondence at a regular City Council meeting. Staff Report Investment Advisory Board July 5, 1995 1. Adopting the Ordinance amending the Municipal Code by conduction the first reading of the attached draft ordinance; and 2. Deny the request; ovide Staff d" ction. Johb M. Falcon , Finance Director ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AMENDING SECTION 2.70.030 OF THE LA QUINTA MUNICIPAL CODE RELATING TO THE INVESTMENT ADVISORY BOARD THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS: SECTION I. That Chapter 2.70, Section 2.70.030 of the La Quinta Municipal code is hereby amended to read as follows: The Board will annually elect a Chairperson and Vice -Chairperson at the first meeting held after each June 30. The following are functions of the Board that are to be addressed at each meeting: (1) review account statements and verifications to ensure accurate reporting as they relate to an investment activity; (ii) monitor compliance with existing Investment policy and procedures; and (iii) revi w and make investment contracts, and investment consultants. The Board will report to City Council after each meeting either in person or t rough correspondence at a regular City Council meeting. SECTION II. EFFECTIVE DATE: This Ordinance shall be in full force and effect thirty (30) days after its adoption. SECTION III. POSTING: The City Clerk shall within fifteen (15) days after passage of this Ordinance, cause it to be posted in at least three (3) public places designated by resolution of the City Council; shall certify to the adoption and posting of this Ordinance; and shall cause this Ordinance and its certification, together with proof of posting to be entered into the Book of Ordinance of the City of La Quints PASSED, APPROVED AND ADOPTED this day of votes: AYES: NOES: ABSTAIN: ABSENT: JOHN J. PENA, Mayor City of La Quinta, California , 1995 by the following ORDINANCE NO. PAGE 2 ATTEST: SAUNDRA L. JUHOLA, City Clerk City of La Quinta, California APPROVED AS TO FORM: DAWN HONEYWELL, City Attorney City of La Quinta, California T a . 0 (V 4bf 4 qumr4 AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: June 20, 1995 ITEM TITLE: Consideration of Amendment to Section 2.70.010(B) of the La Quinta Municipal Code Increasing the Investment Advisory Board from Five to Seven Members and Consideration of Appointment of Four Members BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: 1. Take up Ordinance No. by title and number only and waive further reading. 2. Introduce Ordinance No. on first reading. 3. That four appointments to the Investment Advisory Board be made - terms to expire June 30, 1997. FISCAL IMPLICATIONS: Investment Advisory Board Members are paid $50 per meeting. Increasing the Board from five to seven members will increase the annual budget by $1, 200 or a total of $4, 200 annually for the entire, Board. BACKGROUND AND OVERVIEW: On June 6, 1995, the City Council continued consideration of appointments to the Investment Advisory Board to June 20, 1995 and directed staff to prepare an amendment to the Municipal Code increasing the number of members of this Board from five to seven. Attached is a draft ordinance making such changes to the Code. The second reading of the ordinance would take place on July 5, 1995, so appointments would be made effective that date with expiration dates of June 30, 1997. Staff Report Investment Advisory Board June 20, 1995 The Council also directed that the two applicants, Geoffrey Mott and Robert Frame, who were unable to be present for interviews on June 6th be invited to this meeting for an interview. Since that date, however, Geoffrey Mott has withdrawn his application due to pressing business matters and Robert Frame may be out of the area, but continues to be interested in an appointment. There are two positions expiring June 30, 1995, making four open positions with the modification to the Code. The following individuals have applied and were interviewed on June 6th with the exception of Robert Frame: Robert Frame Joseph Irwin Thomas Lewis Geoffrey Mott (withdrawn) FINDINGS AND ALTERNATIVES: Lee Osborne Ernest Rodriquez Dale Walter 1. Begin the process of amending the Municipal Code by conducting the first reading of the attached draft ordinance; and 2. Select four individuals for appointment; or 3. Provide staff direction. 11 Administrative Services Director ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AMENDING SECTION 2.70.010(B) OF THE LA QUINTA MUNICIPAL CODE RELATING TO THE INVESTMENT ADVISORY BOARD THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS: SECTION I. That Title 2, Chapter 2.70, Section 2.70.010(B) of the La Quinta Municipal Code is hereby amended to read as follows: "The investment advisory board (the "board") is a standing board composed of seven members from the public that are appointed by city council. La Quinta residency is preferred, but not a requirement for board members. Recruitment for members may be advertised outside of the city". SECTION II. EFFECTIVE DATE: This Ordinance shall be in full force and effect thirty (30) days after its adoption. SECTION III. POSTING: The City Clerk shall within fifteen (15) days after passage of this Ordinance, cause it to be posted in at least three (3) public places designated by resolution of the City Council; shall certify to the adoption and posting of this Ordinance; and shall cause this Ordinance and its certification, together with proof of posting to be entered into the Book of Ordinances of the City of La Quinta. PASSED, APPROVED AND ADOPTED this day of , 1995 by the following vote: AYES: NOES: ABSTAIN: ABSENT: JOHN J. PENA, Mayor City of La Quinta, California ORDINANCE NO. PAGE 2 ATTEST: SAUNDRA L. JUHOLA, City Clerk City of La Quinta, California APPROVED AS TO FORM: DAWN HONEYWELL, City Attorney City of La Quinta, California T 6 0 4hf 4 4 a" MEMORANDUM TO: Thomas P. Genovese City Manager FROM: John Falconer Finance Director 3 DATE: June 20, 1995 RE: Investment Advisory Board Ordinance No. 93-222 Attached find a copy of Ordinance No. 222. The Investment Advisory Board has reviewed the Ordinance and would like to provide clarifying language to Section 2.70.030 Board Functions as follows: Proposed wording (Redline): The Board will annually elect a Chairperson and Vice -Chairperson at the first meeting held after each June 30. The following are functions of the Board that are to be addressed at each meeting: ............................ (1) review account statements and verifications to ensure acci rate reporting monitor compliance with existing I i and ii mon :��`� ................................................. . . ......:............... . procedures; and (iii) review and make investment contracts, and investment consultants. The Board will report to City- Council after each meeting either in person or through correspondence at a regular City Council meeting. Ordinance 93-222 Chapter 2.70 INVESTMENT ADVISORY BOARD PROVISIONS Sections: 2.70.010 General Rules Regarding Appointment and Tessa. 2.70.020 Board meetings and compensation. 2.70.030 Board functions. 2.70.010 General rules regarding appointment and terms. Except as set out below, see Chapter 2.06 for General Provisions. The Investment Advisory Board (the "Board") is a standing board composed of five (5) members from the public that are appointed by City Council. La Quinta residency is preferred, but not a requirement f or ' Board members. Recruitment for members may be advertised outside of the City. Background in the investment field and/or related experience is preferred. Background information will be requested. and potential candidates must agree to a background check and verification. On an annual basis, in conjunction with the Political Reform Act disclosure statutes,. or at any time if a change In. circumstances warrants, each board member will provide the City Council with a disclosure statement which identifies any matters that have a bearing on the appropriateness 'of that member' s service on the board. Such matters may include, but are not limited to, changes in employment, changes in residence, or changes in clients. The Board members will serve for two year staggered teams beginning on July 1 of every other year, commencing July 1, 1993. Initially, two members will be appointed for two year terms and three members will be appointed for one year terms. These initial appointments will start their yearly calculations from July 1,. 1993. 2.70.020 Board meetings and compensation. Board members will be reimbursed for meeting and related expenses at an amount of fifty dollars ($50) per meeting. Initially, the Board should meet once a month, but this schedule may be extended to quarterly meetings upon the concurrence of the Board and the City Council. The specific meeting dates will be determined by the Board members and meetings may be called for on an as needed basis. T Ordinance 93-222 2.70.030 Board functions. The Board will annually elect a chairperson and Vice - Chairperson at the first meeting held after each June 30. The following are functions of the Board that are to be addressed at each meeting: (i) review account statements and verifications to ansure accurate reporting; (ii) monitor compliance with existing policy and procedures; and (iii) review and make recommendations concerning investment policy and procedures, investment contracts, and investment consultants. The Board will report to City Council after each meeting either in person or through correspondence at a regular City Council meeting. AV ORDINANCE NO. 222 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA ADDING CHAPTER 2.70 TO THE MUNICIPAL CODE CREATING AN INVESTMENT ADVISORY BOARD WHEREAS, the Investment Policy Task Force Committee's Final Report dated April 21, 1992 called for the establishment of an Investment/Finance Committee in their recommendation number 3)a. ; and WHEREAS, at the February 9, 1993 City Council meeting, direction was given to create an "Investment Advisory Board" (the "Board") to review and make recommendations on investment policy and procedures ; and WHEREAS, La Quinta Municipal Code Chapter 2.06 covers only the general provisions for boards and commissions that are not further defined in specific code sections ; and WHEREAS, the attached Chapter 2.70 defines the rules regarding the Investment Advisory Board, as a supplement to and/or further specific definition of the existing Chapter 2.06. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of La Quinta, California, that an Investment Advisory Board be created by amending the City of La Quinta Municipal Code to add the attached Chapter 2.70 entitled "Investment Advisory Board Provisions". PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of La Quinta, held on this 16th day of March, 1993, by the following vote, to wit : AYES: Council Members Bangerter, McCartney, Perkins, Sniff NOES: None & Mayor Pena ABSENT: None ABSTAIN: None /1 J JOHN PENA• Y � or City of La Quinta, California ATTEST: ,AIUINDRA L. JUHOLAF City Clerk City of La Quinta, California APPROVED AS TO FORM: DAWN HONEYWELL, City Attorney City of La Quinta, California xf STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LA QUINTA ) I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta, California, do hereby certify the foregoing to be a full, true and correct copy of Ordinance No. 222 which was introduced on the 2nd day of March, 1993 and was adopted at a regular meeting held on the 16th day of March, 1993 not being less than 5 days after date of introduction thereof. I further certify that the foregoing (3) places within the City of La re olution of the City Council. SAUNDRA L. JUH LA, City Clerk City of La Quinta, California ordinance was posted in three Quinta as specified in a DECLARATION OF POSTING I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta, California, do hereby certify that the foregoing ordinance was ;SAUNDRA sted on March 23, 1993 pursuant to City Council Resolution. L. J OLA, City Clerk City of La Quinta, California ORDINANCE NO. 237 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, REPLACING CHAPTER 2.06 OF THE LA QUINTA MUNICIPAL CODE AND ADDING NEW CHAPTER 2.06 RELATING TO BOARDS AND COMMISSIONS. CASE NO. ZONING ORDINANCE AMENDMENT 93- CITY OF LA QUINTA An Ordinance of the City of La Quinta, California repealing Chapter 2.06 relating to Boards and Commissions of the La Quinta Municipal Code and adding new Chapter 2.06 relating to Boards, Commissions, and Committees. The City Council of the City of La Quinta, California does hereby ordain as follows: SECTION 1: Chapter 2.06 of the La Quinta Municipal Code is hereby repealed. SECTION 2: Chapter 2.06 is hereby added to the Municipal Code to read as follows: Chapter 2.06 BOARDS, COMMISSIONS, AND COMMITTEE General Provisions Sections: 2.06.010 Definitions 2.06.020 General Rules and Regarding Appointments, Terms, and Vacancies 2.06.030 Chairperson, Vice Chairperson, Selection, and Terms 2.06.010 Definitions. A. Commission: a group of Council appointed persons having limited legislative powers to make decisions or recommendations to the Council on City issues. ORDDRFT.037 B. Board: a group of Council appointed persons who provide advise on City issues. C. Committee: a temporary group of persons chosen by the Council to give special consideration, investigation, and prepare a report on a pending City issue. 2.06.020 General Rules Regarding Appointments, Terms, and Vacancies. A. Unless otherwise provided by law, ordinance, resolution, or unless by the very nature of a situation the provisions of this Section may not be made applicable, all members of boards and commissions of the City shall be appointed for three year terms commencing on July 1st of the year of appointment, and all members of a committee shall be appointed to terms as determined by the Council; provided that interim vacancies shall be filled by appointment for the unexpired term of the member replaced. These rules shall not, however, apply in regard to a newly established board or commission to which initial appointments are made on a staggered term basis. B. Any member of a board or commission of this City may be removed from office at any time with or without cause, by a majority vote of the City Council. If a member absents him/herself from three consecutive regular meetings or from twenty-five percent (25 %) of the scheduled meetings of the board, commission, or committee, in which he/she serves, within any fiscal year without advance permission from that board, commission, or committee or the appointment authority, his/her office shall become vacant and shall be filled as any other vacancy. C. Unless otherwise provided by law, ordinance, or resolution of the City Council, all members of boards, commissions, and committees of the City appointed by the City Council shall be initially, and during their incumbencies, bona fide residents and registered voters of the City, and no such member at or during such time shall be an employee of the City. 2.06.030. Chairperson, Vice Chairperson, Selection and Terms. Unless otherwise provided by law, ordinance, or resolution of the City Council, each board, commission, or committee of the City shall annually at its first meeting held after June 30th, except for committees who shall at their first meeting, choose one of its number as chairperson and one as vice chairperson. Each chairperson and vice chairperson shall have authority and perform such duties as are commonly associated with their respective titles, or as may be specially prescribed by law or by the bylaws or other rules of the board, commission, or committee. Vacancies in either such position occurring prior to July 1st for boards and commissions and anytime for committees, may be filled as in the first instance, and a new chairperson or vice chairperson may be chosen at anytime by majority vote of all members of the board, commission, or committee. SECTION 3. EFFECTIVE DATE. This Ordinance shall be in full force and effect thirty (30) days after its adoption. ORDDRFT.037 SECTION 4. POSTING. The City Clerk shall, within 15 days after passage of this Ordinance, cause it to be posted in at least three public places designated by resolution of the City Council; shall certify to the adoption and posting of this Ordinance; and shall cause this Ordinance and its certification, together with proof of posting, to be entered into the Book of Ordinances of this City. The foregoing Ordinance was approved and adopted at a meeting of the City Council held on this 7th day of December, 1993, by the following vote: AYES: Council Members Bangerter, McCartney, Perkins, Sniff, Mayor Pena NOES: None ABSENT: None ABSTAIN: None JOH ERA, ayor City of La Quinta, California n SAUNDRA L. JU.A, City Clerk City of La Quinta, California DAWN HONEYWEL , City Attorney City of La Quinta, California ORDDRFT.037 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LA QUINTA ) I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta, California, do hereby certify the foregoing to be a full, true and correct copy of Ordinance No. 237 which was introduced on the 16th day of November, 1993 and was adopted at a regular meeting held on the 7th day of December, 1993 not being less than 5 days after date of introduction thereof. I further certify that the foregoing ordinance was posted in three (3) places within the City of _ La Quinta as specified in a resolution of the City Council. SAUNDRA L. JUHOLA, City Clerk City of La Quinta, California DECLARATION OF POSTING I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta, California, do hereby certify that the foregoing ordinance was posted on December 21, 1993 pursuant to City Council Resolution. SAUNDRA L. JUHOLA, City Clerk City of La Quinta, California T 0 0 4bf 4 4 Qum& MEMORANDUM INFORMATIONAL ITEMS B TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 6, 1995 RE: First Interstate Bank Custodial Account Agreement Staff has provided the First Interstate Custodial Account is requested at the June 14, 1995 meeting. CUSTODIAL AGREEMENT Institutional Custody Services FIRST INTERSTATE BANK OF CALIFORNIA Institutional Trust and Investments Division March 1994 TABLE OF CONTENTS ARTICLE I: APPOINTMENT OF BANK AS CUSTODIAN ...... • • • • • 1 ARTICLE II: AUTHORITY AND RESPONSIBILITY OF CUSTODIAN .... 1 ARTICLE III: INVESTMENT OF CUSTODIAL ACCOUNT ............ ARTICLE IV: AUTHORIZED REPRESENTATIVES ..... • • • • • • • • • • • • 5 ARTICLE V: CUSTODIAN INSTRUCTIONS ........ • • • • • • • • • • • • • 6 ARTICLE VI: COMPENSATION AND EXPENSES OF THE BANS ...... 6 ARTICLE VII: ADVANCES AND OVERDRAFTS ................... 6 ARTICLE VIII: RECORDS AND ACCOUNTS ...................... 7 ARTICLE IX: AMENDMENTS AND 'TERMINATIONS ............... 8 ARTICLE X: CONCERNING THE CUSTODIAN ........... • • • • • • • 8 ARTICLE XI: MISCELLANEOUS ............................. 9 INSTITUTIONAL CUSTODY CUSTODIAL AGREEMENT THIS AGREEMENT is made this day of , 19 between (the "Principal") and FIRST INTERSTATE BANK OF CALIFORNIA (the "Bank"). The Principal and the Bank hereby agree as follows: ARTICLE I: APPOINTMENT OF BANK AS CUSTODIAN Section 1.01. The Principal appoints the Bank as custodian to receive and hold for safekeeping in the Custodial Account all securities tendered to it from time to time by the Principal or upon the Principal's direction ("Custodial Assets"), and to perform such ministerial functions as provided in this Agreement. The Bank agrees to hold and keep as custodian all property deposited or received by it for the account of the Principal and shall faithfully discharge its duties as set forth in this Agreement. Section 1.02. The Principal represents and warrants that it is authorized under the laws of the State of California to appoint the Bank as custodian and to transfer or cause to be transferred custody of Custodial Assets to the Bank. Section 1.03. The Principal may direct the Bank to establish one or more sub -accounts to hold such portions of the assets of the Custodial Account as the Principal shall direct, along with the earnings and profits thereon. ARTICLE II: AUTHORITY AND RESPONSIBILITY OF CUSTODIAN Section 2.01. The Bank is authorized to sign any documents which are now or may hereafter be required in order for the Bank to perform its responsibilities under this Agreement. Section 2.02. The Bank shall collect and receive the interest and other income, including o dividends, paid tit by any person or organization with respect to securities and other properties which it holds as custodian under the terms of this Agreement. In the case of interest or dividends paid upon any municipal bonds, federal book -entry eligible treasury issues, and debt obligations or equity securities of any domestic corporation, the monies shall be credited hhereafter Custodial Account and/or Demand Deposit Account # referred to as the "DDA") in accordance with the Funds Payment Policy in effect from time to time. Interest or dividend income on all other assets shall be credited to the Custodial Account and/or DDA when received by the Bank. In the event the Bank fails to actually receive any monies which have been credited to the Custodial Account and/or DDA as hereinabove described, the Bank shall notify the Principal within twenty four (24) hours thereof, shall reverse out such credit and shall be entitled to interest at a fair and reasonable rate, as mutually determined by the Bank and Principal, from the date of credit to the Custodial Account until the date such credit is reversed. Section 2.03. The Bank shall use its best efforts to collect, on behalf of the Principal, monies which are due and owing to the Principal upon the maturity, redemption, principal payments, or sale of securities or other property held in the Custodial Account, or at the dates of their calls for payment of which the Bank has actual notice from the reporting services to which the Bank subscribes, and proceeds of property so received shall be held in the Custodial Account, or forwarded upon the direction of the Principal. The Bank shall not be obligated to institute or participate in any legal proceedings to make such collection. Whenever the Bank has been unable to make a collection pursuant to this section, it will notify the Principal of its inability to make such collection, and the reasons therefor, insofar as such reasons are known to the Bank. Section 2.04. The Bank will notify the Principal of any voluntary offering with respect to the securities held in the Custodial Account and will forward to the Principal, upon request, such literature and reports as may be received by the Bank pertaining to any securities held hereunder. The Bank, absent directions, is under no duty to take any action with respect to any securities held in the Custodial Account. The Bank will execute proxies with respect to Custodial Assets held in its name or in its nominee name and forward the proxies to the Principal without having voted the proxies. Section 2.05. The Bank shall disburse cash and other property then held in the Custodial Account and/or DDA in accordance with the instructions of the Principal. The Bank shall have no responsibility to determine whether any such disbursements are in accordance with applicable law, regulations, or any agreement other than this Agreement. Section 2.06. Notwithstanding any other provision of this Agreement, all or any of the monies or securities of the Custodial Account may be held in the Bank's own custody or in the custody of one or more sub -custodians appointed by the Bank. In addition, the Bank is authorized to cause securities to be registered in the name of and to maintain such securities on deposit with, any registered securities depository or the Federal Reserve Book Entry System. Section 2.07. (a) The Principal hereby authorizes the Bank on a continuous and on -going basis to deposit in the Federal Reserve/Treasury Book -Entry System (the Book -Entry System") and/or The Depository Trust Company and/or The Participants Trust Company (the "Depositories") all securities eligible for deposit therein and to utilize the Book -Entry System and the Depositories to the extent possible in connection with settlements of purchases and sales of securities, and other deliveries and returns of securities. 2 (b) Where securities eligible for deposit in the Book -Entry System and/or the Depositories are transferred to the Custodial Account, the Bank shall identify as belonging to the Principal a quantity of Securities in a fungible bulk of securities shown on the Bank's account on the books of the Book -Entry System or the Depositories. Securities b and monies of the Principal deposited in either the Book -Entry System or the Depositories will represented in accounts which include only assets held by the Bank of customers, including but not limited to accounts in which the Bank acts in a fiduciary or agency capacity. Section 2.08. The Bank may hold any of the Custodial Assets in the name of the Principal, in its own name, in the name of a nominee of the Bank, in book entry form, or in the nominee of its agent bank. Section 2.09. The Bank is authorized to deliver any instrument or document necessary to register the securities in the Custodial Account, or to complete any sales or deliveries of them. The Bank may execute on the Principal's behalf any declarations, affidavits, certificates of ownership or other documents required to service the Custodial Account and guarantee that such documents have been executed by the Principal. The Principal shall furnish the Bank with all documents, authorizations, representations, or powers of attorney as may be reasonably required by the Bank to carry out its obligations hereunder, but no such document, authorization, representation, or power of attorney shall be construed to authorize the Bank to take any action not authorized by this Agreement. Section 2.10. (a) Promptly after each purchase of securities by the Principal, the Principal shall deliver to the Bank Instructions, specifying with respect to each purchase: (i) the name of the issuer and the title of the securities, including CUSIP number, if any, (ii) the principal amount purchased, (iii) the date of purchase and date of settlement, (iv) the purchase price per unit (if necessary or desirable), (v) the total amount payable upon such purchase, and (vi) the name of the person or institution from whom, or the broker through whom the purchase was made. The Bank shall upon contractual settlement date debit the Custodial Account and/or DDA the total amount payable for the purchase of the securities. (b) Promptly after each sale of securities by the Principal, the Principal shall deliver to the Bank Instructions, specifying with respect to each sale: (i) the name of the issuer and the title of the securities, including CUSIP number, if any, (ii) the principal amount sold, (iii) the date of sale and date of settlement, (iv) the sale price per unit (if necessary or desirable), (v) the total amount payable to the Principal upon such sale, and (vi) the name of the person or institution to whom, or the broker through whom the sale was made. The Bank shall deliver the securities in accordance with generally accepted street practices (i.e., subject to count and verification). If the Principal's Instructions are received by the Bank in.a timely manner and the securities which are sold are in good deliverable form, the Bank will credit the Custodial Account with the proceeds of such sale provided, however, that the Bank shall not be obligated to credit the Custodial Account and/or DDA with such proceeds if a failure to deliver the securities is not caused by the Bank (e.g., late instructions, incorrect instructions, and/or 3 securities out on transfer) . In any event, the Bank will be entitled to reverse any credits previously made where monies are not finally collected. Section 2.11. The Bank is authorized to sell fractional interests resulting from a stock split, a stock dividend or any capital change on a security and to credit the Custodial Account with the proceeds thereof. ARTICLE III: INVESTMENT OF CUSTODIAL ACCOUNT Section 3.01. The assets of the Custodial Account shall be invested and reinvested in accordance with Instructions of the Principal, unless the Principal delegates investment responsibility and authority for all or a portion of the Custodial Account to one or more authorized representatives. In addition to the powers and duties described in Article II, the Bank shall have the following powers and duties which it shall exercise and perform only upon the Instructions of the Principal or its authorized representatives: (a) to pay for all securities which have been purchased upon receipt of such securities by or for the Bank. (b) to deliver securities which have been sold in accordance with generally accepted street practices or any special directions of the Principal or its authorized representatives, including but not limited to, the free delivery of securities. In acting upon instructions (on which the Bank is authorized to rely) to deliver securities against payment, the Bank is authorized, in accordance with customary securities processing practices, to deliver such securities to the purchaser thereof or dealer therefor (including to an agent for any such purchaser or dealer) against a receipt, with the expectation of collection payment from the dealer, purchaser or agent to whom the securities were so delivered before the close of business on the same day. When the Bank delivers securities against a receipt in accordance with the preceding sentence, the Bank shall not bear the risk associated with such securities processing practice, provided that the Bank did not select the party to which such securities were delivered. (c) to convert, surrender, tender or exchange securities. Section 3.02. (a) Notwithstanding any other provision of this Agreement, if at any time there is insufficient cash or securities in the Custodial Account and/or DDA with which to carry out the instructions of the Principal or its authorized representatives, the Bank shall notify the parry .giving the instructions of such insufficiency as soon as practicable after receiving the Instructions and shall have no -further responsibility for complying therewith until it receives sufficient cash or'securities. 4 (b) Principal agrees that all investments executed through a broker -dealer will be in compliance with all applicable laws and regulations and that sufficient cash will be available in the Custodial Account to pay for any securities purchased without consideration given to the proceeds from the sale of the same securities. Principal acknowledges that Bank will not pay for the purchase of securities with the proceeds from the sale of the same securities. Section 3.03. The Bank shall have no duty or responsibility: (a) to supervise the investment of, or make recommendations with respect to the purchase, retention or sale of, securities or other property relating to the Custodial Account. (b) for any loss occasioned by delay in the actual receipt of notice by the Bank of any payment, redemption or other transaction in respect to which the Bank is authorized to take some action pursuant to this Agreement, unless due to negligence or an intentional act of the Bank. (c) for any act or omission, or for the solvency or notice to Principal of the solvency, of any broker or dealer which is selected by Principal or any other person other than the Bank officers, employees or agents, to effect any transaction for the Custodial Account. Section 3.04. Principal may direct Bank to invest a portion or all of the Custodial Assets in shares of one or more registered investment companies ("Funds") made available by Bank Ito its customers. Bank or its affiliates may receive fees for services provided to the Funds. shall provide to Principal copies of the prospectuses of the Funds and disclosures of the fees received by Bank and its affiliates. Bank shall have no investment authority over those assets of the Custodial Account so invested or the Funds' which have been purchased with such assets, nor shall the Bank have any responsibility with respect to investment performance of the Funds or to make any recommendations with respect to the purchase or sale of such shares. ARTICLE IV: AUTHORIZED REPRESENTATIVES The Principal may appoint in writing one or more authorized representatives for the Custodial Account and shall contemporaneously give written notice of said appointment or appointments to the Bank and shall instruct the Bank in writing with respect thereto. Selection of an authorized representative shall be in the sole and absolute discretion of the Principal. The Bank shall follow the instructions of the authorized representatives in exercising the powers granted the Bank under Articles II and III. 5 ARTICLE V: CUSTODIAN INSTRUCTIONS Section 5.01. Except as hereafter provided, any directions, instructions or notices which the Principal, or any other person designated by the Principal is required or permitted to give to the Bank under this Agreement (the Instructions") shall be in writing; provided, however, that the Bank in its discretion may act upon oral instructions if it believes them to be genuine, but the Bank shall not be required to do so. All oral instructions are to be confmi ned in writing. The Bank is authorized to record any telephonic communications between authorized representatives and the Bank. Section 5.02. The transmission of the Instructions by photostatic teletransmission with duplicate or facsimile signatures or by affirmation via the national institutional delivery system shall be authorized methods of communication until the Bank is notified by the Principal to the contrary . Section 5.03. The Bank shall as promptly as. possible comply with any direction given by the Principal or any authorized representative. ARTICLE VI: COMPENSATION AND EXPENSES OF THE BANK The Bank shall receive reimbursement for any expenses incurred by it in connection with the Agreement and compensation for its customary and ordinary services in accordance with a written schedule of fees agreed upon from time to time between the Bank and the Principal. To the extent such fees and expenses are not paid by the Principal, within thirty (30) days following delivery by the Bank to the Principal of the Bank's statement of such fees and expenses, the Bank may charge interest on such unpaid balances. To the extent such fees and expenses remain unpaid for 90 days by the Principal, the Bank, upon notice to the Principal, may deduct such fees and expenses from the Custodial Account. In addition, the Bank shall be entitled to reasonable compensation for any extraordinary services which it is requested or deems necessary to perform hereunder. Fee and charge schedules will be reviewed from time to time and adjusted as required. ARTICLE VII: ADVANCES AND OVERDRAFTS Section 7.01. In the event that (1) the amount on deposit in the Custodial Account, DDA and/or any sub -account is insufficient to pay the total amount due upon the purchase or delivery of securities therefor, or (2) an amount otherwise drawn against the Custodial Account, DDA and/or any sub -account is in excess of the available balance on deposit therein, the Bank may, if practicable, elect to advance funds to the Custodial Account, DDA and/or any sub -account in an amount necessary to cover any resulting overdraft on such account. Section 7.02. If the Bank 'should advance funds to or on behalf of the Custodial Account or any sub -account to cover such overdraft or for any other reason, the amount so advanced by the Bank (less any amount deposited by the Bank to the Custodial Account or sub -account in lieu of monies which have not been collected by the Bank on behalf of the Custodial Account or sub - account when due because of the failure of the Bank to make timely presentment or demand for payment) shall constitute a Loan hereunder. Each such Loan shall be payable on demand. Any Loan not repaid by the Bank's close of business on the day. of disbursement shall bear interest for each day until payment in full at a rate per annum equal to percent over the Bank's prime commercial lending rate in effect from time to time, such rate to be adjusted on the effective date of any change in such rate but in no event should the rate payable be less than six percent per annum. Interest on the Loans shall be computed on the basis of a 360-day year and actual days elapsed and shall accrue from and including the day of disbursement to but excluding the date of payment. The Bank will notify the Principal ' of any interest owed due to a Loan prior to recovering the principal and accrued interest of any Loan made to the Custodial Account by the Bank hereunder. Section 7.03. In order to secure the repayment of the principal and interest of any Loan to the Custodial Account or any sub -account, the Principal hereby agrees that the Bank shall have a continuing lien and security interest in and to any property specifically allocated to and held by the Custodial Account or any sub -account to which such Loan is deemed to have been made. In this regard, the Bank shall be entitled to all the rights and remedies of a pledgee under common law and a secured party under the California Commercial Code as then in effect. ARTICLE VIII: RECORDS AND ACCOUNTS Section 8.01. The Bank shall keep accurate records and accounts with respect to all cash and other assets held by it in the Custodial Account, and all receipts and disbursements and other transactions involving such cash, securities and other assets. The Principal shall have access to all such accounts, books and records at all reasonable times. All such accounts, books and records shall be open for inspection and audit at all reasonable times by the Principal or by any person or persons duly authorized by the Principal. Section 8.02. The Bank shall furnish the Principal and the Principal authorized representatives with monthly reports in the usual and customary manner and form, setting forth all receipts, disbursements and transactions effected with respect to the Custodial Account. Section 8.03. Upon agreement of the parties, the Bank shall periodically determine the market value of the assets held in the Custodial Account. Market value for the purposes of this Agreement means with respect to marketable securities the market price of each such security at the close of business of the day as of which the valuation is being made, and in the case of all other assets the market value shall be deemed to be cost. 7 In determining the market value of marketable securities, the Bank may utilize any one or more sources of information deemed by the Bank to be reliable, including, but not limited to, a pricing service, standard financial periodicals or publications, newspapers of general circulation, records of and information from securities exchanges and brokerage firms. ARTICLE IX: AMENDMENTS AND TERMINATIONS Section 9.01. This Agreement may be modified at any time by a writing signed by the Principal and the Bank, and may be terminated at any time upon thirty (30) days' written notice delivered by any party to the other, provided, however, that this Agreement shall continue thereafter for such period as may be necessary for the complete divestiture of all cash, securities, and other instruments held hereunder by the Bank, but solely to the extent necessary to effect such complete divestiture. Section 9.02. The Bank shall, immediately upon the receipt or transmittal notice of termination, as the case may be, commence and prosecute diligently to completion the transfer of all cash and the delivery of all securities and other instruments, duly endorsed, to the successor of the Bank. The Principal shall select such successor within thirty (30) days after the receipt or transmittal of such notice of termination, as the case may be, and shall forthwith notify the Bank of the selection of such successor. In the event the Principal has not timely notified the Bank of the selection of a successor, the Bank, in its discretion, may deliver to the Principal a ll securities and other instruments, duly endorsed, and all cash. Upon delivery to the Principal or successor of the cash, securities and other instruments held by it hereunder, the Bank .shall have no further liability or responsibility under this Agreement or otherwise, or for any act or omission of the Principal or the successor. Section 9.03. Upon termination of this Agreement and either after payment to the Bank of all fees owed pursuant to this Agreement or the holding of sufficient funds or assets equal to e any fees in question, all monies, securities and other assets of every kind and nature held n Custodial Account shall be paid over, delivered or surrendered upon a written order or receipt signed by the Principal or its appointed successor. ARTICLE X: CONCERNING THE CUSTODIAN Section 10.01. The parties agree that the Bank is a bailee for hire, and as such must exercise reasonable care in operating under this Agreement. The Principal indemnifies and holds harmless the Bank, its directors, officers, employees and agents from and against all liabilities, losses, expenses and claims (including reasonable attorney's fees and costs of defense) arising out of the Principal's or its authorized representatives' actions or omissions with respect to the Custodial Account, or arising out of or relating to any action, suit or proceeding to which the Bank is a parry or otherwise involved by reason of its serving as Custodian pursuant to this Agreement and complying with its terms, except where the Bank has been found to have been negligent or to have breached its duties under this Agreement by a final judgement of a Court of competent jurisdiction. This indemnity shall be a continuing obligation of the Principal, its successors and assigns, notwithstanding the termination of this Agreement. The Bank shall have no obligation hereunder for costs, expenses, damages, liabilities or claims (including attorney's fees) sustained or incurred by reason of any action or inaction by the Federal Book -Entry System, any registered securities depository, or their respective successors or nominees, unless such action or inaction is caused by the negligence or willful misconduct of the Bank. Section 10.02. The Bank shall not be liable for any delay or failure to act as may be required hereunder when such delay or failure is due to fire, earthquake, any act of God, interruption or suspension of any communication or wire facilities or services, war, emergency conditions or other circumstances beyond its control provided it exercises such diligence as the circumstances may reasonably require. ARTICLE XI: MISCELLANEOUS Section 11.01. Subject to any laws of the United States which may be applicable, this Agreement shall be governed, construed, regulated and administered under the laws of the State of California. Section 11.02. It is not the intention of any parry to this Agreement to violate any statute, regulation, ruling, judicial decision, or other legal provision applicable to this Agreement or the performance thereof. If any term of this Agreement, or any act or omission in the performance thereof, is or becomes violative of any such provision, such term, act or omission shall be of no force or effect and any such term shall be severed from this Agreement. Any such invalid term, act or omission shall not affect the validity of any other term of this Agreement that is otherwise valid, nor the validity of any otherwise valid act or omission in the performance thereof, unless such invalidity prevents accomplishment of the objectives and purposes of this Agreement. In the event any such term, act or omission is determined to be illegal or otherwise invalid, the necessary steps to remedy such illegality or invalidity shall be taken immediately by the parties. . E Section 11.03. Disclosure of Beneficial Owner Information Securities and Exchange Commission Rule # 14b-1(c), enables corporations to learn the identity of their security holders whose securities are held by Banks and registered in "nominee" or "street" name. According to the rule, the issuing company would be permitted to use your name and related information for "corporate communication" purposes only. ❑ I do not want any name, address, and securities positions disclosed to all the companies in which I own securities that are registered in "nominee" or "street" name. or ❑ I want my name, address and securities positions disclosed to all the companies in which I own securities that are registered in "nominee" or "street" name. Section 11.04. Any controversy or claim between the parties and any claim based on or arising from an alleged tort shall at the request of either party be determined by arbitration. The arbitration shall be conducted in accordance with the United States Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law provision in this Agreement and under the Commercial Rules of the American Arbitration Association ("AAA"). The arbitrator(s) shall resolve all claims and defenses or other matters in dispute in accordance with applicable law, including without limitation thereto, all statutes of limitation. Any controversy concerning whether an issue is arbitrable shall be determined by the arbitrator(s). Judgment upon the arbitration award may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of provisional or ancillary remedies shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other parry contests such action for judicial relief. IN WITNESS WHEREOF, this Agreement is executed in State of California, as of the date first above written. By: Title: By: Title: Tax Identification No. FIRST INTERSTATE BANK OF CALIFORNIA By: _ Title: By: Title: 10 T a 0 4bf 4 4 Q" . INFORMATIONAL ITEMS C TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 7, 1995 Attached please find a consolidated Balance Sheet dated May 31, 1995. This was requested at the last Board meeting. CITY OF LA QUINTA FINANCING GRAND BALANCE SHEET 05/31/95 CITY RDA AUTHORITY TOTAL ASSETS: POOLED CASH 12,547,329.76 2,490,705.61 122.00 15.038,157.37 BOND REDEMPTION CASH 0.00 199,372.86 70.523.91 269,896.77 BOND RESERVE CASH 0.00 522,085.88 725,418.36 1,247,504.;4 BOND PROJECT CASH 0.00 1;776,940.42 0.00 1,776.940.42 BOND ESCROW CASH 0.00 166,856.64 0.00 166,866.64 PETTY CASH 1,000.00 0.00 0.00 1,000.00 BANK, OF THE DESERT MIM 9,550.11 0.00 0.00 91550.11 LAND HELD FOR RESALE 0.00 361,340.00 0.00 361,340.00 ICMA DEFERRED COMPENSATION 233,530.40 0.00 0.00 233,530.40 CASH & INVESTMENT TOTAL 12,791,410.27 5,517,301.41 796.064.27 19,104,775.95 ACCOUNTS RECEIVABLE 82,596.21 268,100.81 0.00 350,697.02 LOAN/NOTES RECEIVABLE 0.00 67,120.00 0.00 67,120.00 DUE FROM OTHER AGENCIES 0.00 0.00 0.00 0.00 DUE FROM OTHER GOVERNMENTS 0.00 0.00 0.00 0.00 DUE FROM OTHER FUNDS 0.00 551,038.04 0.00 551,038.04 DUE FROM RDA 4,321,795.61 0.00 0.00 021,795.61 NSF CHECKS RECEIVABLE (8,479.16) 0.00 0.00 (8,479.16) ACCRUED REVENUE 0.00 0.00 0.00 0.00 TRAVEL ADVANCES 6,316.82 0.00 0.00 6,316.82 EMPLOYEE ADVANCES (100.00) 0.00 0.00 (100.00) RECEIVABLE TOTAL 4,402,129.48 $W,258.85 0.00 5,288,388.33 WORKER COMPENSATION DEPOSIT 0.00 0.00 0.00 0.00 RENT DEPOSITS 0.00 0.00 0.00 0.00 UTILITY DEPOSITS 75.00 0.00 0.00 75.00 MISC. DEPOSITS 2,000.00 0.00 0.00 2,000.00 DEPOSITS TOTAL 2,076.00 0.00 0.00 2,075.00 GENERAL FIXED ASSETS 14,715,429.01 5.879,910.05 0.00 20,595.339.06 AMOUNT TO BE PROVIDED FOR L/T DEBT 297,017.21 4,969,093.00 8,515,000.00 13,781,110.21 AMOUNT TO BE PROVIDED FOR UT DEBT 0.00 68,153,106.76 0.00 68,163,106.75 TOTAL GENERAL FIXED ASSETS 15,012,446.22 79,002,109.80 8,515,000.00 102,529,556.02 TOTAL ASSETS 32,208,060.97 85,405,670.06 9,311,064.27 126,924,795.30 LIABILITY ACCOUNTS PAYABLE 5,532.34 11000.00 0.00 6,532.34 DUE TO OTHER AGENCIES 368,835.30 0.00 0.00 368,835.30 DUE TO OTHER FUNDS 0.00 551,038.04 0.00 551.038.04 ACCRUED EXPENSES (22,004.19) 0.00 0.00 (22,004.19) PAYROLL LIABILITIES (12,015.48) 0.00 0.00 (12,015.48) STRONG MOTION INSTRUMENTS 665.85 0.00 0.00 665.85 FRINGE TOED LIZARD FEES 67,195.40 0.00 0.00 67,195.40 SUSPENSE 0.00 0.00 0.00 0.00 DUE TO THE CITY OF LA QUINTA 0.00 0.00 0.00 PAYABLES TOTAL 408,209.22 552,038.04 0.00 980,247.26 ENGINEERING TRUST DEPOSITS 29,579.54 0.00 0.00 29,579.54 SO. COAST AIR QUALITY DEPOSITS 0.00 0.00 0.00 0.00 ARTS IN PUBLIC PLACES DEPOSITS 141,069.36 0.00 0.00 141,059.36 DEVELOPER DEPOSITS 149,102.10 0.00 0.00 149,102.10 MISC. DEPOSITS 9,466.62 0.00 0.00 9,466.62 AGENCY FUND DEPOSITS 1,340,255.00 0.00 0.00 1,340,255.00 ICMA-DEFERRED COMP DEPOSITS 233,530.40 0.00 0.00 233,530.40 TOTAL DEPOSITS 1,902,993.02 0.00 0.00 1,902,993.02 DEFERRED REVENUE 0.00 0.00 0.00 0.00 OTHER LIABILITIES TOTAL 0.00 0.00 0.00 0.00 COMPENSATED ABSENCES PAYABLE 297,017.21 0.00 0.00 297,017.21 DUE TO THE CITY OF LA QUINTA 0.00 4,321,796.00 0.00 4,321,796.00 NOTE DUE TO MURPHY. DALES, LANE 0.00 1,247,400.00 0.00 1,247,400.00 DUE TO COUNTY OF RIVERSIDE 0.00 11,280,425.00 0.00 11,280,426.00 DUE TO C.V. UNIFIED SCHOOL DISTRICT 0.00 12,896.358.75 0.00 12,896.358.75 DUE TO DESERT SANDS SCHOOL DISTRICT 0.00 2,566.220.00 0.00 2,566,220.00 BONDS PAYABLE 0.00, 40,810,000.00 8,515,000.00 49,325,000.00 TOTAL LONG TERM DEBT 297,017.21 73,122,199.75 8,515,000.00 81,934,216.96 TOTAL LIABILITY EQUITY -FUND BALANCE 2,608,219.45 73,674,237.79 8,515,000.00 84,797,467.24 29,699,841.52 11,731,432.27 796,064.27 42,127,338.06 TOTAL LIABILITY & EQUITY T a 0 4hf 4 4 QUM& MEMORANDUM INFORMATIONAL ITEMS D TO: Members of the Investment Advisory Board FROM: John Falconer, Finance Director DATE: July 6, 1995 RE: Mutual Fund Information Attached please find a summary of Investments for April 30, 1995. On this date, the City's bond trustees had invested $2,459,541 in mutual funds. I have attached the latest financial information from the two mutual funds that the bond trustees use for your review. City of La Quinta Investment Breakdown April 30, 1995 Investments April 30, 1995 Percent Checking (105,850.00) -0.75% LAI F 11,438,508.00 . 81.49% Deferred —Comp 233,530.00 1.66% Petty_Cash 1,000.00 0.01 % Checking 9,550.00 0.07% Mutual —Fund —Treasury 4,865.00 Mutual —Fund —Treasury 519,848.00 Mutual —Fund —Treasury 1,934,828.00 17.52% $14 036 279.00 100.00%