1995 11 08 IAB4 0
44P ra
78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253FAX (619) 777-7000
INVESTMENT ADVISORY BOARD
AGENDA
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
November 8, 1995 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II CONFIRMATION OF AGENDA
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 October 11, 1995.
V BUSINESS SESSION
A. Transmittal of Draft Treasury Report for September 30, 1995.
VI BOARD MEMBER COMMENTS
VII INFORMATIONAL ITEMS
A. Pricing of 1995 Low/Moderate Income Housing Bond Issue
B. LAW Management Fees
C. Official Statement
D. Mutual Fund Interest Rates
VII ADJOURNMENT
MAILING ADDRESS P.
O. BOX 1504 - LA QUINTA, CALIFORNIA 92253
Transmittal of Treasury
for September 30, 1995
Attached please
Investment Advisory
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TO: La Quinta City Council
FROM: John Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Reports for September 30, 1995
DATE: October 26, 1995
Attached is the Treasurer's Report for the month ending September 30, 1995. This report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance
Department.
Cash and Investments:
Decrease of $83,012. due to the net effect of expenditures in excess of revenue.
State Pool:
ICMA:
Decrease of $710,000. due to transfers to and from the cash and investment accounts.
No change.
Mutual Funds:
Decrease of $222,306. due to the net effect Debt Service payments and interest earned.
Total decrease in cash balances $1,015,318.
certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months.
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CITY OF LA QUINTA
FINANCING
GRAND
BALANCE SHEET 09/30/95
CITY
RDA
AUTHORITY
TOTAL
ASSETS:
POOLED CASH
10,813,555.86
3,967,692.34
0.00
14,781,248.20
LQHP CASH
0.00
65,105.47
0.00
65,105.47
BOND REDEMPTION CASH
0.00
(230.24)
86,249.78
86,019.54
BOND RESERVE CASH
0.00
534,013.52
724,047.83
1,258,061.35
BOND PROJECT CASH
0.00
14,166,218.30
0.00
14,166,218.30
BOND ESCROW CASH
0.00
170,667.89
0.00
170,667.89
PETTY CASH
1,000.00
0.00
0.00
1,000.00
BANK OF THE DESERT M/M
9,665.17
0.00
0.00
9,665.17
ICMA DEFERRED COMPENSATION
279,965.79
0.00
0.00
279,965.79
CASH & INVESTMENT TOTAL
11,104,186.82
18,903,467.28
810,297.61
30,817,951.71
LAND HELD FOR RESALE
0.00
0.00
0.00
0.00
TOTAL LAND HELD FOR RESALE
0.00
0.00
0.00
0.00
ACCOUNTS RECEIVABLE
83,040.21
87,526.34
0.00
170,566.55
LOAN/NOTES RECEIVABLE
0.00
67,120.00
0.00
67,120.00
DUE FROM OTHER AGENCIES
(57,244.84)
0.00
0.00
(57,244.84)
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
6,048,957.20
0.00
0.00
6,048,957.20
NSF CHECKS RECEIVABLE
1,154.84
0.00
0.00
1,154.84
ACCRUED REVENUE
0.00
0.00
0.00
0.00
TRAVEL ADVANCES
992.75
0.00
0.00
992.75
EMPLOYEE ADVANCES
0.00
0.00
0.00
0.00
PREPAID EXPENSES
0.00
0.00
0.00
0.00
RECEIVABLE TOTAL
6,076,900.16
705,684.38
0.00
6,782,584.54
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
2,075.00
0.00
0.00
2,075.00
GENERAL FIXED ASSETS
17,052,098.01
5,879,910.05
0.00
22,932,008.06
AMOUNT TO BE PROVIDED FOR LIT DEBT
309,279.00
2,340,653.00
8,360,000.00
11,009,932.00
AMOUNT TO BE PROVIDED FOR L/T DEBT
0.00
69,987,537.16
0.00
69,987,537.16
TOTAL GENERAL FIXED ASSETS
17,361,377.01
78,208,100.21
8,360,000.00
103,929,477.22
TOTAL ASSETS
34,544,538.99
97,817,251.87
9,170,297.61
141.532, 888.47
LIABILITY
ACCOUNTS PAYABLE
0.00
0.00
0.00
0.00
DUE TO OTHER AGENCIES
32,809.86
0.00
0.00
32,809.86
DUE TO OTHER FUNDS
0.00
551,038.04
0.00
551,038.04
ACCRUED EXPENSES
40,000.00
386,764.00
0.00
426,764.00
PAYROLL LIABILITIES
16,095.28
0.00
0.00
16,095.28
STRONG MOTION INSTRUMENTS
3,060.07
0.00
0.00
3,060.07
FRINGE TOED LIZARD FEES
76,267.40
0.00
0.00
76,267.40
SUSPENSE
(1,360.84)
0.00
0.00
(1,360.84)
DUE TO THE CITY OF LA QUINTA
0.00
0.00
0.00
PAYABLES TOTAL
166,871.77
937,802.04
0.00
1,104,673.81
ENGINEERING TRUST DEPOSITS
27,473.02
0.00
0.00
27,473.02
SO. COAST AIR QUALITY DEPOSITS
0.00
0.00
0.00
0.00
ARTS IN PUBLIC PLACES DEPOSITS
168,025.43
0.00
0.00
168,025.43
DEVELOPER DEPOSITS
165,017.22
0.00
0.00
165,017.22
MISC. DEPOSITS
11,986.62
0.00
0.00
11,986.62
AGENCY FUND DEPOSITS
842,459.40
0.00
0.00
842,459.40
ICMA-DEFERRED COMP DEPOSITS
279,965.79
0.00
0.00
279,965.79
TOTAL DEPOSITS
1,494,927.48
0.00
0.00
1,494,927.48
DEFERRED REVENUE
0.00
0.00
0.00
0.00
OTHER LIABILITIES TOTAL
0.00
0.00
0.00
0.00
COMPENSATED ABSENCES PAYABLE
309,279.00
0.00
0.00
309,279.00
DUE TO THE CITY OF LA QUINTA
0.00
6,048,958.41
0.00
6,048,958.41
NOTE DUE TO MURPHY, DALES, LANE
0.00
0.00
0.00
0.00
DUE TO COUNTY OF RIVERSIDE
0.00
11,572,687.00
0.00
11,572,687.00
DUE TO C.V. UNIFIED SCHOOL DISTRICT
0.00
12,271,884.75
0.00
12,271,884.75
DUE TO DESERT SANDS SCHOOL DISTRICT
0.00
1,904,660.00
0.00
1,904,660.00
BONDS PAYABLE
0.00
40,530,000.00
8,360.000.00
48,890,000.00
TOTAL LONG TERM DEBT
309,279.00
72,328,190.16
8,360,000.00
80,997,469.16
TOTAL LIABILITY
1,971,078.25
73,265,992.20
8,360,000.00
83,597,070.45
EQUITY -FUND BALANCE
32,573,460.74
24,501,249.87
810,297.61
57,885,008.22
TOTAL LIABILITY & EQUITY 34,544,538.99 97,767,242.07 9,170, 997.61 141,482,078.67
U - 9
100,
44
.1 OF TNT
INVESTMENT ADVISORY BOARD MEETING: November 8, 1995
INFORMATIONAL ITEMS: A
ITEM TITLE
Pricing of 1995 Low/Moderate
Income Housing Bond Issue
ISSUE AND DISCUSSION:
Attached please find the pricing information from the recent 1995 Housing Tax
Allocation Bonds.
Page 8 lists an entire issue yield of 6.02%.
Approved for submission to the Investment Advisory Board:
Jo n M. Falconer
Finance Director
Stone &Youngberg
Established 1931
DATE: July 13, 1995
TO: La Quinta Financing Team
(See Attached Distribution List)
FROM: Bill Huck and Ramiro Albarran
RE: Final Pricing Numbers
Congratulations to all! We certainly believe that the pricing was a great success thanks to the
efforts of everyone on the financing team to bring this issue to market.
The enclosed numbers summarize the final pricing figures. We believe they include all the
information needed in order to finalize the remaining documentation in preparation for our
closing on August 1 at Stadling's offices.
If you have any questions, please do not hesitate to call either one of us.
4350 La Jolla Village Drive • Suite 840 • San Diego, California 92122 0 619/452-0504 9 Fax 619/452-6131
BOND DEBT SERVICE
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
Period
Ending
Dated Date
Delivery Date
Principal
7/01/1995
8/01/1995
Coupon Interest
Debt Service
Sep
1,
1995
Sep
1,
1996
-
-
1,500,584.17
1,500,584.17
Sep
1,
1997
315,000.00
4.000%
1,286,215.00
1,601,215.00
Sep
1,
1998
325,000.00
4.200%
1,273,615.00
1,598,615.00
Sep
1,
1999
340,000.00
4.350%
1,259,965.00
1,599,965.00
Sep
1,
2000
355,000.00
4.500%
1,245,175.00
1,600,175.00
Sep
1,
2001
370,000.00
4.600%
1,229,200.00
1,599,200.00
Sep
1,
2002
390,000.00
4.800%
1,212,180.00
1,602,180.00
Sep
1,
2003
405,000.00
4.900%
1,193,460.00
1,598,460.00
Sep
1,
2004
425,000.00
5.000%
1,173,615.00
1,598,615.00
Sep
1,
2005
450,000.00
5.100%
1,152,365.00
1,602,365.00
Sep
1,
2006
530,000.00
5.250%
1,129,415.00
1,659,415.00
Sep
1,
2007
560,000.00
5.400%
1,101,590.00
1,661,590.00
Sep
1,
2008
590,000.00
5.500%
1,071,350.00
1,661,350.00
Sep
1,
2009
620,000.00
5.600%
1,038,900.00
1,658,900.00
Sep
1,
2010
655,000.00
5.600%
1,004,180.00
1,659,180.00
Sep
1,
2011
695,000.00
6.000%
967,500.00
1,662,500.00
Sep
1,
2012
735,000.00
6.000%
925,800.00
1,660,800.00
Sep
1,
2013
780,000.00
6.000%
881,700.00
1,661,700.00
Sep
1,
2014
825,000.00
6.000%
834,900.00
1,659,900.00
Sep
1,
2015
875,000.00
6.000%
785,400.00
1,660,400.00
Sep
1,
2016
925,000.00
6.000%
732,900.00
1,657,900.00
Sep
1,
2017
985,000.00
6.000%
677,400.00
1,662,400.00
Sep
1,
2018
1,040,000.00
6.000%
618,300.00
1,658,300.00
Sep
1,
2019
1,105,000.00
6.000%
555,900.00
1,660,900.00
Sep
1,
2020
1,170,000.00
6.000%
489,600.00
1,659,600.00
Sep
1,
2021
1,240,000.00
6.000%
419,400.00
1,659,400.00
Sep
1,
2022
1,315,000.00
6.000%
345,000.00
1,660,000.00
Sep
1,
2023
1,395,000.00
6.000%
266,100.00
1,661,100.00
Sep
1,
2024
1,475,000.00
6.0002
182,400.00
1,657,400.00
Sep
1,
2025
1,565,000.00
6.000%
93,900.00
1,658,900.00
22,455,000.00
26,648,009.17
49,103,009.17
12-Jut-95 3:23 pay Prepared by Stone & Youngberg: (SD:RA) Page 2
BOND DEBT SERVICE
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
Dated Date 7/01/1995
Delivery Date 8/01/1995
Period
Annual
Ending
Principal
Coupon
Interest
Debt Service
Debt Service
Aug
1,
1995
Mar
1,
1996
-
-
857,476.67
857,476.67
-
Sep
1,
1996
-
-
643,107.50
643,107.50
1,500,584.17
Mar
1,
1997
-
-
643,107.50
643,107.50
-
Sep
1,
1997
315,000.00
4.000%
643,107.50
958,107.50
1,601,215.00
Mar
1,
1998
-
-
636,807.50
636,807.50
-
Sep
1,
1998
325,000.00
4.200%
636,807.50
961,807.50
1,598,615.00
Mar
1,
1999
-
-
629,982.50
629,982.50
-
Sep
1,
1999
340,000.00
4.350%
629,982.50
969,982.50
1,599,965.00
Mar
1,
2000
-
-
622,587.50
622,587.50
-
Sep
1,
2000
355,000.00
4.500%
622,587.50
977,587.50
1,600,175.00
Mar
1,
2001
-
-
614,600.00
614,600.00
-
Sep
1,
2001
370,000.00
4.600%
614,600.00
984,600.00
1,599,200.00
Mar
1,
2002
-
-
606,M•00
606.M•0
'
Sep
1,
2002
390,000.00
4.800%
606,090.00
996,090.00
1,602,180.00
Mar
1,
2003
-
o
596,730.00
596,730.00
•
Sep
1,
2003
405,000.00
4.900%
596,730.00
1,001,730.00
1,598,460.00
Mar
1,
2004
-
-
586,807.50
586,807.50
-
Sep
1,
2004
425,000.00
5.000%
586,807.50
1,011,807.50
1,598,615.00
Mar
1,
2005
-
576,182.50
576,182.50
-
Sep
1,
2005
450,000.00
5.100%
576,182.50
1,026,182.50
1,602,365.00
Mar
1,
2006
-
-
564,707.50
564,707.50
-
Sep
1,
2006
530,000.00
5.250%
564,707.50
1,094,707.50
1,659,415.00
Mar
1,
2007
-
-
550,795.00 '
550,795.00
-
Sep
1,
2007
560,000.00
5.400%
550,795.00
1,110,795.00
1,661,590.00
Mar
1,
2008
-
535,675.00
535,675.00
-
Sep
1,
2008
590,000.00
5.500%
535,675.00
1,125,675.00
1,661,350-.00
Mar
1,
2009
-
519,450.00
519,450.00
-
Sep
1,
2009
620,000.00
5.600%
519,450.00
1,139,450.00
1,658,900.00
Mar
1,
2010
-
-
502,090.00
502,090.00
-
Sep
1,
2010
655,000.00
5.600%
502,090.00
1,157,090.00
1,659,180.00
Mar
1,
2011
-
-
483,750.00
483,750.00
-
Sep
1,
2011
695,000.00
6.000%
483,750.00
1,178,750.00
1,662,500.00
Mar
1,
2012
-
462,900.00
462,900.00
'
Sep
1,
2012
735,000.00
6.000%
462,900.00
1,197,900.00
1,660,800.00
Mar
1,
2013
-
440,850.00
440,850.00
-
Sep
1,
2013
.780,000.00
6.000%
440,850.00
1,220,850.00
1,661,700.00
Mar
1,
2014
-
417,450.00-
417,450.00
-
Sep
1,
2014
825,000.00
6.000%
4178450.00
1,242,450.00
1,659,900.00
Mar
1,
2015
-
392,700.00
392,700.00
-
Sep
1,
2015
875,000.00
6.000%
392,700.00
1,267,700.00
1,660,400.00
Mar
1,
2016
-
366,450.00
366,450.00
-
Sep
1,
2016
925,000.00
6.000%
366,450.00
1,291,450.00
1,657,900.00
Mar
1,
2017
-
-
338,700.00
338,700.00
•
Sep
1,
2017
985,000.00
6.000%
338,700.00
1,323,700.00
1,662,400.00
Mar
1,
2018
-
309,150.00
309,150.00
-
Sep
1,
2018
1,040,000.00
6.000%
309,150.00
1,349,150.00
1,658,300.00
Mar
1,
2019
-
-
277,950.00
277,950.00
12-Ju1-95 3:23 pm Prepared by Stone i Youngberg: (SD:RA) Page 3
BOND DEBT SERVICE
LA GUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
Period
Ending
Principal
Coupon
Interest
Debt Service
Annual
Debt Service
Sep
1,
2019
1,105,000.00
6.000%
277,950.00
1,382,950.00
1,660,900.00
Mar
1,
2020
-
-
244,800.00
244,800.00
-
Sep
1,
2020
1,170,000.00
6.000%
244,800.00
1,414,800.00
1,659,600.00
Mar
1,
2021
-
-
209,700.00
209,700.00
-
Sep,
1,
2021
1,240,000.00
6.000%
209,700.00
1,449,700.00
1,659,400.00
Mar
1,
2022
-
-
172,500.00
172,500.00
-
Sep
1,
2022
1,315,000.00
6.000%
172,500.00
1,487,500.00
1,660,000.00
Mar
1,
2023
-
-
133,050.00
133,050.00
-
Sep
1,
2023
1,395,000.00
6.000%
133,050.00
1,528,050.00
1,661,100.00
Mar
1,
2024
-
-
91,200.00
91,200.00
-
Sep
1,
2024
1,475,000.00 •
6.000%
91,200.00
1,566,200.00
1,657,400.00
Mar
1,
2025
-
46,950.00
46,950.00
•
Sep
1,
2025
1,565,000.00
6.000%
46,950.00
1,611,950.00
1,658,900.00
22,455,000.00
26,648,009.17
49,103,009.17
49,103,009.17
12-Jul-95 3:23 pm Prepared by Stone 3 Youngberg: (SD:RA) Page 4
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BOND SUMMARY STATISTICS
LA GUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
- Dated Date
Delivery Date
First Coupon
Last Maturity
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All -In TIC
Average Coupon
Average Life (years)
Duration of Issue (years)
Par Amount
Bond Proceeds
Total Interest
Net Interest
Bond Years from Dated Date
Bond Years from Delivery Date
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price
Bond Component
Par
Value
7/01/1995
8/01/1995
3/01/1996
9/01/2025
6.019884%
6.112718%
5.965200%
6.186098%
5.897306%
20.040
11.112
22,455,000.00
22,479,944.48
26,648,009.17
26,954,799.27
451,867,500.00
449,996,250.00
49,103,009.17
1,662,500.00
1,628,670.07
10.000000
10.000000
98.633756
Average Average
Price Coupon Life
Serial Bonds 6,330,000.00 99.656 5.240% 9.559
2019 Term Bond 16,125,000.00 99.625 6.000% 24.154
22,455,000.00 20.040
12-Ju1-95 3:23 pm Prepared by Stone 6 Youngberg: (SD:RA) Page 6
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
Target Value
Target Date
Yield
BOND SUMMARY STATISTICS
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
TIC
All -In Arbitrage
TIC Yield
22,455,000.00
22,455,000.00
22,455,000.00
107,184.58
107,184.58
107084.58
-82,240.10
-82,240.10
-82,240.10
-224,550.00
-224,550.00
-175,000.00
-320,000.00
-320,000.00
-320,000.00
21,935,394.48
21,760,394.48
22,159,944.48
8/01/1995
8/01/1995
8/01/1995
6.112718%
6.186098%
6.019884%
12-Jul-95 3:23 pm Prepared by Stone i Youngberg: (SD:RA) Page 7
FORM 8038 STATISTICS REPORT
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
Dated Date
7/01/1995
Delivery Date
8/01/1995
Redemption
Bond Component Date
Principal
Coupon
Price
Issue Price
at Maturity
Serial Bonds:
9/01/1997
315,000.00
4.000%
100.000
315,000.00
315,000.00
9/01/1998
325,000.00
4.200%
100.000
325,000.00
325,000.00
9/01/1999
340,000.00
4.350%
100.000
340,000.00
340,000.00
9/01/2000
355,000.00
4.500%
100.000
355,000.00
355,000.00
9/01/2001
370,000.00
4.600%
100.000
370,000.00
370,000.00
9/01/2002
390,000.00
4.8002
100.000
390,000.00
390,000.00
9/01/2003
405,000.00
4.900%
99.666
403,641.30
405,000.00
9/01/2004
425,000.00
5.000%
99.634
423,444.50
425,000.00
9/01/2005
450,000.00
5.100%
99.606
448,227.00
450,000.00
9/01/2006
530,000.00
5.250%
99.580
527,774.00
530,000.00
9/01/2007
560,000.00
5.400%
99.556
557,513.60
560,000.00
9/01/2008
590,000.00
5.500%
99.534
587,250.60
590,000.00
9/01/2009
620,000.00
5.600%
99.513
616,980.60
620,000.00
9/01/2010
655,000.00
5.60OX
98.991
648,391.05
655,000.00
2019 Term Bond:
9/01/2011
695,000.00
6.000%
99.625
692,393.75
695,000.00
9/01/2012
735,000.00
6.000%
99.625
732,243.75
735,000.00
9/01/2013
780,000.00
6.000%
99.625
777,075.00
780,000.00
9/01/2014
825,000.00
6.000%
99.625
821,906.25
825,000.00
9/01/2015
$75,000.00
6.000%
99.625
871,718.75
875,000.00
9/01/2016
925,000.00
6.000%
99.625
921,531.25
925,000.00
9/01/2017
985,000.00
6.000%
99.625
981,306.25
985,000.00
9/01/2018
1,040,000.00
6.000%
99.625
1,036,100.00
1,040,000.00
9/01/2019
1,105,000.00
6.000%
99.625
1,100,856.25
1,105,000.00
9/01/2020
1,170,000.00
6.000%
99.625
1,165,612.50
1,170,000.00
9/01/2021
1,240,000.00
6.000%
99.625
1,235,350.00
1,240,000.00
9/01/2022
1,315,000.00
6.000%
99.625
1,310,068.75
1,315,000.00
9/01/2023
1,395,000.00
6.000%
99.625
1,389,768.75
1,395,000.00
9/01/2024
1,475,000.00
6.000%
99.625
1,469;468.75
1,475,000.00
9/01/2025
1,565,000.00
6.000%
99.625
1,559,131.25
1,565,000.00
22,455,000.00 22,372,759.90 22,455,000.00
Stated Weighted Net
Maturity Interest Issue Redemption Average Interest
Date Rate Price at Maturity Maturity Yield Cost
Final Maturity 9/01/2025 6.000X 1,559,131.25 1,565,000.00 - - -
Entire Issue - - 22,372,759.90 22,455,000.00 20.036 6.020% 5.939%
12-du1-95 3:23 pm Prepared by stone i Youngberg: (SD:RA) Page 8
BOND MATURITY TABLE
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
Maturity
Date
Serial Bonds
2019 Term Bond
Sep
1,
1997
315,000
-
Sep
1,
1998
325,000
-
Sep
1,
1999
340,000
-
Sep
1,
2000
355,000
-
Sep
1,
2001
370,000
-
Sep
1,
2002
390,000
-
Sep
1,
2003
405,000
-
Sep
1,
2004
425,000
-
Sep
1,
2005
450,000
-
Sep
1,
2006
530,000
-
Sep
1,
2007
560,000
-
Sep
1,
2008
590,000
-
Sep
1,
2009
620,000
-
Sep
1,
2010
655,000
-
Sep
1,
2011
-
695,000
Sep
1,
2012
-
735,000
Sep
1,
2013
-
780,000
Sep
1,
2014
825,000
Sep
1,
2015,
-
875,000
Sep
1,
2016
-
925,000
Sep
1,
2017
-
985,000
Sep
1,
2018
1,040,000
Sep
1,
2019
-
1,105,000
Sep
1,
2020
-
1,170,000
Sep
1,
2021
-
1,240,000
Sep
1,
2022
-
1,315,000
Sep
1,
2023
-
1,395,000
Sep
1,
2024
-
1,475,000
Sep
1,
2025
-
1,565,000
6,330,000
16,125,600
12-Jul•95 3:23 pm Prepared by Stone i Youngberg: (SO:RA) Page 9
PROOF OF ARBITRAGE YIELD
LA OUINTA REDEVELOPMENT AGENCY,
1995 Housing Tax Allocation Bonds
FINAL PRICING
Date
Debt Service
PV
Factor
Present Value
to 8/01/1995
2 6.0198839%
Mar
1, 1996
857,476.67
0.965993789
828,317.14
Sep
1, 1996
643,107.50
0.937767531
603,085.33
Mar
1, 1997
643,107.50
0.910366041
585,463.23
Sep
1, 1997
958,107.50
0.883765222
846,742.09
Mar
1, 1998
636,807.50
0.857941675
546,343.69
Sep
1, 1998
961,807.50
0.832872691
801,063.20
Mar
1, 1999
629,982.50
0.808536220
509,363.67
Sep
1, 1999
969,982.50
0.784910859
761,349.80
Mar
1, 2000
622,587.50
0.761975829
474,396.63
Sep
1, 2000
977,587.50
0.739710959
723,132.19
Mar
1, 2001
614,600.00
0.718096666
441,342.21
Sep
1, 2001
984,600.00
0.697113942
686,378.39
Mar
1, 2002
606,090.00
0.676744330
410,167.97
Sep
1, 2002
996,090.00
0.656969917
654,401.16
Mar
1, 2003
596,130.00
0.637773311
380,578.47
Sep
1, 2003
1,001,730.00
0.619137628
620,208.74
Mar
1, 2004
586,807.50
0.601046478
352,698.58
Sep
1, 2004
1,011,807.50
0.583483950
590,373.44
Mar
1, 2005
576,182.50
0.566434598
326,369.70
Sep
1, 2005
1,026,182.50
0.549883426
564,280.75
Mar
1, 2006
564,707.5V
0.533815878
301,449.83
Sep
1, 2006
1,094,707.50
0.513217822
567,296.94
Mar
1, 2007
550,795.00
0.503075541
277,091.49
Sep
1, 2007
1,110,795.00
0.488375715
542,485.30
Mar
1, 2008
535,675.00
0.474105418
253,966.42
Sep
1, 2008
1,125,675.00
0.460252097
•518,094.28
Mar
1, 2009
519,450.00
0.446503569
232,092.11
Sep
1, 2009
1,139,450.00
0.433748006
494,6234.17
Mar
1, 2010
502,090.00
0.421073925
211,417.01
Sep
1, 2010
1,157,090.00
0.408770180
472,983.89
Mar
1, 2011
483,750.00
0.396825949
191,964.55
Sep
1, 2011
1,178,750.00
0.385230728
454,090.72
Mar
1, 2012
462,900.00
0.373974318
173,112.71
Sep
1, 2012
1,197,900.00
0.363046820
434,893.79
Mar
1, 2013
440,850.00
0.352438622
155,372.57
Sep
1, 2013
1,220,850.00
0.342140395
417,702.10
Mar'
1, 2014
417,450.00
0.332143081
138,653.13
Sep
1, 2014
1,242,450.00
0.322437888
400,612.95
Mar
1, 2015
392,700.00
0.313016280
122,921.49
Sep
1, 2015
1,267,700.00
0.303869970
385,215.96
Mar
1, 2016
366,450.00
0.294990915
108,099.42
Sep
1, 2016
1,291,450.00
0.286371305
369,834.22
Mar
1, 2017
338,700.00
0.275003559
94,159.81
Sep
1, 2017
1,323,700.00
0.269880318
357,240.58
Mar
1, 2018
309,150.00
0.261994438
80,995.58
Sep
1, 2018
1,349,150.00
0.254338982
343,141.44
Mar
1, 2019
277,950.00
0.246907218
68,627.86
Sep
1, 2019
1,382,950.00
0.239692610
331,482.89
Mar
1, 2020
244,800.00
0.232688812
560962.22
Sep
10 2020
10414,800.00
0.225889664
319,588.70
Mar
1, 2021
2090700.00
0.219289187
45,964.94
Sep
10 2021
1,449,700.00
0.212831575
308,614.42
12-Jul-95 3:23 pm Prepared by Stone i Youngberg: (SD:RA) Pao* 10
PROOF OF ARBITRAGE YIELD
LA OUINTA REDEVELOPMENT AGENCY
1995 Housing Tax Allocation Bonds
FINAL PRICING
-
Date
Debt Service
PV
Factor
Present Value
to 8/01/1995
2 6.0198839%
Mar
1,
2022
172,500.00
0.206661193
35,649.06
Sep
1,
2022
1,487,500.00
0.200622570
298,426.07
Mar
1,
2023
133,050.00
0.194760396
25,912.87
Sep
1,
2023
1,528,050.00
0.189069513
288,907.67
Mar
1,
2024
91,200.00
0.183544918
16,739.30
Sep
1,
2024
1,566,200.00
0.178181750
279,068.26
Mar
1,
2025
46,950.00
0.172975295
8,121.19
Sep
1,
2025
1,611,950.00
0.167920971
270,680.21
49,103,009.17
22,159,944.48
Proceeds Summary
Delivery date
Per Value
Accrued interest
Premium (Discount)
Arbitrage expenses
Target for yield calculation
8/01/1995
22,455,000.00
107,184.58
-82,240.10
-320,000.00
22,159,944.48
12-Jul-95 3:23 pm Prepared by Stone 8 Youngberg: (SD:RA) Page 11
44 r
OF TNT
INVESTMENT ADVISORY BOARD MEETING: November 8, 1995
INFORMATIONAL ITEMS: B
ITEM TITLE
LAW Management Fees
ISSUE AND ISCUSSI N•
LAIF's policy states that management fees shall not exceed % of 1 % of the earnings
the fund. ngs of
According to LAW staff, on average the actual management fees have been 1/4 of o
of the earnings of the fund. /o 1
Approved for submission to the Investment Advisory Board:
Jo M. Falconer
Fi ance Director
Fes, / CZ
OF TNT
INVESTMENT ADVISORY BOARD MEETING: November 8 1995
INFORMATIONAL ITEMS: C
ITEM TITLE
Official Statement
SUE ANn DISCUSSIOu•
To be distributed at the Investment Advisory Board Meeting.
9
Also, please find excerpts from the Bond Indenture between the City of L
nta
Redevelopment Agency and First Interstate Bank that disclose investment a Quicie
this Bond issue. nt policies on
�4ppro�ed for subm)ssion to the Investment Advisory Board:
JoIpn M. Falcone
Fi ance Director
. Lor�V4 4+•C
F.
OF TNT
INVESTMENT ADVISORY BOARD MEETING: November 8, 1995
INFORMATIONAL ITEMS: D
ITEM TITLE
Mutual Fund Interest Rates
SUE AND DISCUSSION:
At the last Board meeting, a question arose about the mutual fund rates
bein re
on the Treasurers Report. Specifically, the interest rates did not appear to r g reflected
current market rates. pP reflect the
Staff has investigated this and found that the interest rates have been under reported. p rted.
Staff has prepared a spreadsheet on mutual funds for each bond issue to track the
interest rates more accurately.
Attached please find the spreadsheet supporting the 1995 Housing Bond issue interest
rate with First Interstate Bank. Brest
Approved for submispion to the Investment Advisory Board:
Joh M. Falconer
Finonce Director
95 Series
Beginning Balance
12, 636, 079.94
5.074%
Interest
51,512.63
Interest Rate
Ending Balance
12, 687, 592.57
51,512.63 Interest Amount
01-Sep-95 Beginning Date
30 Number of Days in Month
12,592,661.43 Beginning Amount
Dates
01 Sep-95
eginning Balance Changes
12, 592, 661.43 63, 881.01
Ending Balance
02_Sep-95
12,656,542.44
12, 656, 542.44
12,656,542.44
03-Sep-95
04-Sep-95
12,656,542.44
12, 656, 542.44
12,656,542.44
05 Sep-95
12,656,542.44
12, 656, 542.44
12,656,542.44
06-Sep-95
07-Sep-95
12,656,542.44
12, 656, 542.44
12, 656, 542.44
08-Sep-95
12,656,542.44
12,656,542.44
12,656,542.44
09-Sep-95
10-Sep-95
12,656,542.44
12,656,542.44
12,656,542.44
11-Sep-95
12-Sep-95
12, 656, 542.44
12,
12, 656, 542.44
12, 656, 542.44
13-Sep-95
656, 542.44
12,656,542.44
12,656,542.44
14-Sep-95
12, 656, 542.44
12, 656, 542.44
12,656,542.44
15-Sep-95
16-Sep-95
12,656,542.44
12, 656, 542.44
12, 656, 542.44
17-Sep-95
12,656,542.44
12,656,542.44
18-Sep-95
19-Sep-95
12, 656, 542.44
12,
12, 656, 542.44
12, 656, 542.44
20-Sep-95
656, 542.44
12,656,542.44
12,656,542.44
21-Sep-95
12, 656, 542.44
12, 656, 542.44
22-Sep-95
12, 656, 542.44
12, 656, 542.44
12, 656, 542.44
23-Sep-95
24-Sep-95
12, 656, 542.44
12,656,542.44
12,656,542.44
25-Sep-95
26-Sep-95
12,656,542.44
12,
12,656,542.44
12, 656, 542.44
27-Sep-95
656, 542.44
12,656,542.44
12,656,542.44
28-Sep-95
29-Sep-95
12,656,542.44
12,656,542.44
12,656,542.44
12,656,542.44
30-Sep-95
(306,937.52
12,349,604.92 �
12,349,604.92
01--Oct-95
0.00
12,349,604.92
0.00
30
Average
12,636,079.94