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1997 01 15 IABTa 0 (V 4hf 4 zfv 09mrA 78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 FAX (619) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 January 15, 1997 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call 11 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 Meeting on December 11, 1996 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for November 30, 1996 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - December 1996 B. Pooled Money Investment Board Report - October 1996 C. LAIF Fortieth Annual Report FY 1995-96 D. LAIF Answer Book E. LAIF Questionnaire VII BOARD MEMBER ITEMS Vill ADJOURNMENT MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 � OZ V � �C� 1 OF TNt� INVESTMENT ADVISORY BOARD Business Session Item No. A Meeting Date: January 15, 1997 TITLE: Transmittal of Treasury Report for November 30, 1996 BACKGROUND: Attached please find the Treasury Report for November, 1996. RECOMMENDATION: Review, Receive and File the Treasury Report of November 30, 1996. ohn M. 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K610 2 8C Mc�^ pn co LQ CD CO Mti� N N OA + N0 v a�C7 Ca 49j vp.-. �t0 CM O v C R r U) t4 V C V c W CITY OF LA QUINTA CITY CITY RDA RDA FA BALANQL SHEET 11/30/96 FIXED LONG TERM FIXED LONGTERM FINANCING LONG TERM GRAND ASSETS: CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL POOLED CASH 1,377,489.96 5,651,256.39 LQRP INVESTMENT IN POOLED CASH 216,734.81 .3 ,746 7,028028746. 5 INVESTMENT T-BILL 9,866,027.78 , LQRP CASH 9,8666627. ,078 BOND REDEMPTION CASH 19.617.95 7.78 ,6195 BOND RESERVE CASH 421,758.83 (12,354.95) 409,401.68 BOND PROJECT CASH 399.318.45 726,455.81 1,125,774.26 BOND ESCROW CASH 13,000,682.97 13,000,682682 .97 PETTY CASH 1,000.00 10,268.03 10, ICMA DEFERRED COMPENSATION 593.838.92 12683 , CASH & INVESTMENT TOTAL 11,838,356.86 19,719,635.23 59,000..097 .0 714,100.86 32,272,092.75 INVESTMENT IN LAND HELD FOR RESALE - 86,319.85 86,319.85 ACCOUNTS RECEIVABLE 8.608.75 71,579.80 PREMIUM/DISCOUNT ON INVESTMENT 23.239.16 80,188.55 LQRP-ACCOUNTS RECEIVABLE 67,120.00 23,239.16 INTEREST RECEIVABLE 67,120.00 LOAN/NOTES RECEIVABLE 28,325.00 DUE FROM OTHER AGENCIES 28,325.00 DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 551,038.04 DUE FROM RDA 6,048,957.20 551,038.04 INTEREST ADVANCE -DUE FROM RDA 856,935.66 6,048,957.20 NSF CHECKS RECEIVABLE 2,174.06 856,935.66 ACCRUED REVENUE 2,174.06 TRAVEL ADVANCES 200.00 EMPLOYEE ADVANCES - 200.00 PREPAID EXPENSES RECEIVABLE TOTAL _ 6,940,114.83 718,062.84 7,658,177.67 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 MISC. DEPOSITS 2,100.00 75.00 DEPOSITS TOTAL 2,175.00 2,100.00 2,175.00 GENERAL FIXED ASSETS 15,981,208.00 11,438,745.05 27,419,953.05 AMOUNT AVAILABLE TO RETIRE L/T DEBT 2,340,653.00 2,340,653.00 AMOUNT TO BE PROVIDED FOR L/T DEBT 298.816.00 90,464,843.82 8,030,000.00 98,793,659.82 TOTAL OTHER ASSETS 15,981,208.00 298,816.00 11,438,745.05 92,805,496.82 8,030,000.00 128,554,265.87 TOTAL ASSETS 18,780,646.49 15,981 208 00 298,816.00 20,524,017.92 11,438,745.05 92,805,496.82 714,100.86 8,030,000.00 168 573 031.14 LIABILITY ACCOUNTS PAYABLE 165,723.64 179.733.75 345,457.39 DUE TO OTHER AGENCIES 733.50 733.50 DUE TO OTHER FUNDS 551,038.04 551,038.04 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 28,762.40 26,762.40 STRONG MOTION INSTRUMENTS 1,638.40 FRINGE TOED LIZARD FEES 104,635.40 1.638.40 SUSPENSE 104.635.40 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 299,493.34 730,771.79 1,030,265.13 ENGINEERING TRUST DEPOSITS 101,360.26 101,360.26 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 114,409.57 114,409.57 LQRP DEPOSITS 14,031.00 14,031.00 DEVELOPER DEPOSITS 162,449.71 162,449.71 MISC. DEPOSITS 750.00 750.00 AGENCY FUND DEPOSITS 779,011.63 779,011.63 ICMA-DEFERRED COMP DEPOSITS 593.838.92 593,838.92 TOTAL DEPOSITS 1,751,820.09 14,031.00 1,765,851.09 DEFERRED REVENUE OTHER LIABILITIES TOTAL COMPENSATED ABSENCES PAYABLE 298,816.00 298,816.00 DUE TO THE CITY OF LA QUINTA 6,905,894.07 6,905,894.07 DUE TO COUNTY OF RIVERSIDE 11,925,575.00 11,925,575.00 DUE TO C.V. UNIFIED SCHOOL DIST. 11,797,367.75 11,797,367.75 DUE TO DESERT SANDS SCHOOL DIST. 1,276,660.00 1,276,660.00 BONDS PAYABLE 60,900,000.00 8,030,000.00 68,930,000.00 TOTAL LONG TERM DEBT 298,816.00 92,805,496.82 8,030,000.00 101,134,312.82 TOTAL LIABILITY 2,051,313.43 298.816.00 744,802.79 92,805,496.82 8,030,000.00 103,930,429.04 EQUITY -FUND BALANCE TOTAL LIABILITY 3 EQUITY 16,729,333.06 15,981,208.00 19,779,215.13 11,438,745.05 714,100.86 64, 642,602.10 18,780 648 48 15,981,208.00 298,816.00 20,524,017.92 11,438,745.05 92,005,496.82 714,100.86 8,030,000.00 168,573,031.14 � Z V OF TNT INVESTMENT ADVISORY BOARD Meeting Date: January 15, 1997 TITLE: Month End Cash Report - December 1996 BACKGROUND: Correspondence & Written Material Item A This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, ) but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. hn M. Falconer, Finance Director City of La Quinta Month End Cash Report - See Footnote December 31, 1996 Wells Fargo ells Fargo Wells Fargo City RDA Description Beginning Balance - 12/31/96 Checkin 5,461.00 Housin 65,340.00 Money Market 17,245.00 LAIF 3,655,717.04 LAIF 3,485,866.79 Investments Total 10,047,851.56 17,277,481.39 Deposits Daily Deposit 12/31 /96 163,195.14 State Tax Apportionment 28,461.32 163,195.14 Deposited Item Returned (13.00 28,461.32 Interest Earned 386.97 (13 00 Disbursements 386.97 Payroll Checks - #15161-15166 (3,960.91 A/P Warrants - #27586-27703 (713,367.58'713,367.58 (3,960.91 EndingBalance per books 711,867.49 65,340.00 209,275.43 3,655,.717.04 3,485,866.79 10,047,851.56 16,752,183.33 Add Back A/P Warrants #27586-27703 713,367.58 713,367.58 Adjusted Balance 1.,500.09 65,340.00 209,275.43 3,655,717.04 3,485,866. 99 10,047,851.56 17,465,550.91 Estimated Interest Accruals October November 21,073.00 21,411.00 42,484.00 December 20,143.00 20,130.00 27,084.00 67,357.00 Adjusted Balances after accruals 1 .091 65 340.00 09.275.431 17,908.001 3 714 841.04 18,151.00 3 545 558.79 40,741-001 76,800.00 10 115 676.56 17 652 191.91 Investment Class 276,115.52 7,260,399.83 10,115,676.56 17,652,191.91 1.56%1 41.13% 57.31%1 100.00% The following report is a special purpose report which has been prepared at the request of the Investment Advisory Board. This report was created because the Finance Department cannot prepare the Treasurers report for the month end before the 2nd Wednesday of each month (e.g. June report for the July meeting). As a result, the IAB does not receive the Treasurers Report until approximately 1 1/2 months after the date of the report (e.g. June report for the August meeting). The report is prepared on a monthly basis from the Daily Cash Report. The purpose of this report is for staff to project daily cash needs and invest excess cash, This report does not include all investments of the City, RDA, and Financing Authority. Specifically excluded from this report are the Petty Cash, Deferred Compensation, and Fiscal agent accounts. These accounts are included in the Treasurers Report. In addition, the percentage numbers in this report are for information only. These percentages should not report does not include all investments and is not prepared from the reconciled book balances. La�� •c9 V � 44 C 1 OF TNti�,;i INVESTMENT ADVISORY BOARD Meeting Date: January 15, 1997 TITLE: Pooled Money Investment Board Report - October 1996 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for October 1996 is included in the agenda packet. RECOMMENDATION: Receive & File ohb M. Falconers, Finance Director MATT FONG - October 1996 LOCAL AGENCY INVESTMENT FUND October 1996 LOCAL AGENCY INVESTMENT FUND FEE STRUCTURE At the end of each calendar quarter, all earnings derived from investments during the quarter are distributed. by the State Controller's Office to participating governmental agencies. The apportioned amount is determined by the dollars on deposit and the length of time that the deposit remained in the Local Agency Investment Fund. Prior to the distribution of these earnings, an amount equal to the reasonable costs of administering the LAIF Program is deducted from the quarterly earnings of the fund. The Government Code has limited the reimbursement of services fee to 1/2 of one percent of the earnings of the fund. It is important to note that this is a ceiling established by law, and does not reflect a flat fee schedule. Instead, actual costs are determined using dedicated staff hours, printing, postage, and data processing support. To date, these costs have continually remained well below the allowable limits. As an example, the total charges for LAW for the quarter ending 9/30/96 were .22 percent of total agency earnings. This total charge has averaged .27 percent of earnings over the last several years, and is consistent with the Treasurer's goal of providing timely and comprehensive services, while maintaining a minimal fee structure for all participants. Though the Treasurer has been successful in maintaining fixed costs within a narrow growth range, there are factors outside of his control that make it necessary to establish a comfortable reim- bursement ceiling. Since the fees are directly proportional to the earnings, both the size of the LAN participation and the prevailing interest rates have an impact on the available reimbursements. If either the fund size or the yield falls, there are less earnings, and therefore less dollars for reimbursements. The ceiling of 1/2 of one percent of earnings was established to account for this possible event. It is important to note that the formula to establish the maximum reimbursement is a percent of earnings Too often, this measure is misquoted as representing 50 basis points, rather than 50 basis points of earnings. Participants and potential participants should keep this in mind when comparing various investment alternatives. Treasurer Matt Fong has diligently carried on the legacy of providing local governments with a successful and affordable investment alternative. The Treasurer has increased the amount and frequency of investment activity disclosure, and hopes to encourage all levels of government investment programs to follow his example. While maintaining a low fee structure, he is mindful of the need to provide program users with exceptional service. STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT OCTOBER 1996 Table of Contents SUMMARY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIO COMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................17 DEMAND BANK DEPOSITS............................................................................19 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................20 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF OCTOBER 1996 WITH OCTOBER 1995 (Dollars in Thousands) October 1995' Change ;. October 1996 :: < $26,652,250 $24,405,952 +$2,246,298 Average Daily Portfolio $126,789 $119,570 +$7,219 Accrued Earnings 5.601 5.784 -.183 Effective Yield Average Life --Month End (in days) 234 285 -51 Total Security Transactions $15,184,563 $14,193,944 +$990,619 +12 Amount 349 337 Number Total Time Deposit Transactions $213,190 $330,000 -$116,810 Amount 24 14 +10 Number Average Workday Investment Activity $699,898 $691,616 +$8,282 Prescribed Demand Account Balances $130,517 $148,209 -$17,692 For Services $145,631 $120,133 +$25,498 For Uncollected Funds —1— MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Otb Change in Tape of Security c o er 31.1996 Amount Percent Percent From Previous Month Governments Bills Bonds 2,186,868 8.27 - .26 Notes Strips 0 59194,018 0 19.64 + 0 1.01 309,526 1.17 + .07 Total Governments 7,6909412 29.08 + .82 Federal Agency Coupons 13,560,407 Certificates of Deposit 4,950,684 5.90 18.72 + .33 Bank Notes 770,007 2.91 + .28 Bankers Acceptances 3809357 1.44 - .15 Repurchases 58%664 2.23 + .08 Federal Agency Discount Notes 3749005 + 1.54 Time Deposits 337,295 1.41 1.28 + .08 GNMA's 3,812 + .06 Commercial Paper 599651,014 .01 22.55 0 FSLMC 329857 - 5.17 Corporate Bonds 11,9811,571 .13 7.49 0 Pooled Loans 1,6619,122 6.28 + .19 GF Loans Other 5559900 2.10 - + .07 2.10 Reversed Repurchases -404 75 0 -1.50 + .09 Total All Types $26,448432 100 INVESTMENT errrvrrc, Pooled Money Other Time Deposits TOTALS PMIA Monthly Average Effective Yield Year to Date Yield for Last Day of Month October 1996 Nu- Amount 349 $ 15,184,563 64 $ 427,013 24 $ 213,190 437 $ 15,8249,766 5.601 5.589 Seutember 1996 Number Amount 345 $ 14,906,115 2 $ 32,466 17 $ 94.900 364 $ 15,0339481 5.601 5.585 -2- Comm Pa; 22.5 Pooled Money Investment Account 10/31/96 Portfolio Composition $26.45 Billion Reverses Loans -1.53% 8.38% Bankers CD'sBN's Acceptances 21.63% 1.44% curies 38% Time Deposits 1.28% Mortgages 0.14% encies .31 % ■ Treasuries ® Time Deposits ■ Mortgages ® Agencies ■ CD's/BN's ■ Bankers Acceptances ■ Repo 0 Commercial Paper ® Corporate Bonds p Loans 8 Reverses -3- 10/01/96 SALE c/ CID CID FMCC FMCC 01 /10/97 5.375 $50,000 5 36,003.54 5.449 CD Soc Gen 5.620% 01/01/97 03/25/97 5.375 5.470 50,000 50,000 5 354 5.54 CD Soc Gen 5.620% 03/25/97 5.470 50,000 6 645 44,,671..67 5. 44,671.67 5.545 REDEMPTION CD CD ABN Amro Deutsche 5.400% 5.440% 10/01/96 10/01/96 5.390 50,000 68 5464 5.632 CD Montreal 5.440% 10/01/96 5.530 5.440 39,000 50, 83 499,39,636.06 .0 5.32 'CD CD Montreal BNParis 5.440% 10/01/96 5.440 50,000 99 748,.00 000 748,000.00 5.515 5.515 CD Mellon 5.420% 5.400% 10/01/96 10/01/96 5.410 5.400 50,000 117 879,153.08 5.485 CID Morgan Stan g 10/01/96 5.850 100, 000 12,000 124 1,860,000.00 5.475 CID C Stan 10/01/96 5.850 1 1,950.00 5.932 C Stan 10/01/96 5.850 50,000 1 1 8,125.00 5.932 CID CIDMorgan Stan 10/01/96 5.850 50,000 1 8,125.00 5.932 CID Morgan Stan 10/01/96 5.850 50,000 1 8,125.00 5.932 CID Conagra 10/01/96 5.450 50,000 5 8,125.00 5.932 CID Bear 10/01/96 5.350 50,000 13 37,847.22 5.529 CID CID Bear Bear 10/01/96 5.350 50,000 1310/01/96 96,597.20 96,597.20 5.434 5.434 CID Amer Exp 10/01/96 5.350 5.330 50,000 50,000 13 96,597.20 5.434 CID Amer Exp 10/01/96 5.330 50000 15 15 111,041.67 5.416 CCID, CID Bear FMCC 10/01/96 5.300 40,000 55 111,041.67 323,888.88 5.416 5.417 CID FMCC 10/01/96 10/01/96 5.380 5.380 50,000 103 769,638.89 5.539 FFCB 5.530% 10/01/96 5.730 50,000 50,000 103 370 769,638.89 5.539 2,892,547.58 5.812 PURCHASE a/ CD Soc Gen 5.620% 03/25/97 5.420 50,000 CD Soc Gen 5.620% 03/25/97 5.420 50,000 PURCHASE CID CID Assoc 10/02/96 5.410 10,000 CID Assoc Assoc 10/02/96 5.410 50,000 CID Assoc 10/02/96 5.410 50,000 10/02/96 5.410 50,000 10/02/96 SALE c/ CD CD Soc Gen Soc Gen 5.620% 5.620% 03/25/97 03/25/97 5.420 50,000 1 7,386.04 5.495 5.420 50,000 1 7,386.04 5.495 —4— 10/02/96 REDEMPTION Cp Assoc 10/02/96 5.410 10,000 1 1 1,502.78 7,513.89 5.485 5.485 CP Assam 10/02/96 10/02/96 5.410 5.410 50,000 50,000 1 7,513.89 5.485 Cp Assoc 10/02/96 5.410 50,000 1 7,513.89 5.485 Cp CP Assoc Comnwealth 10/02/96 5.490 15,000 13 29,737.50 22,166.67 5.7 5.44005 CP Amer Exp 10/02/96 10/02/96 5.320 5.320 10,000 50,000 15 15 110,833.33 5.405 CP Cp Amer Exp Amermer Exp 10/02/96 5.320 50,000 15 110,833.33 110,833.33 5.405 5.405 Cp 10/02/96 10/02/96 5.320 5.320 50,000 50,000 15 15 110,833.33 5.405 CP CP GMAC GMAC 10/02/96 5.320 50,000 15 110,833.33 110,833.33 5.405 5.405 Cp GMAC 10/02/96 10/02/96 5.320 5.330 50,000 50,000 15 16 118,444.44 5.416 CP Amer Exp Amer Exp 10/02/96 5.330 50,000 16 118,444.44 5.416 CP CP Conagra 10/02/96 5.400 50,000 16 16 120,000.00 120,000.00 5.488 5.488 CP Conagra C Fona (FR) FCB 10/02/96 5.670% 10/02/96 5.400 5.670 50,000 35,000 365 1,920,847.95 5.488 PURCHASE BA U/B Calif 01/24/97 5.400 12,000 BA Deutsche 01 /28197 5.320 10,000 CD Tokyo-Mits 5.540% 12/27/96 5.420 50,000 CD Mellon 5.550% 02/18/97 5.500 10,000 CP Conagra 12/03 96 5.500 50,000 CP Conagra 12/03/96 5.500 50,000 Cp Heller 01 /02/97 5.480 20,000 CP Heller 01 /02/97 5.480 50,000 CP GMAC 02/28/97 5.420 50,000 CP GMAC 02/28/97 5.420 50,000 CP GMAC 02/28/97 5.420 50,000 CP Bkrs Trst 02/28/97 5.420 50,000 10/03/96 REDEMPTION Cp FMCC 10/03/96 5.250 50,000 6 6 43,750.00 43,750.00 5.327 5.327 CP FMCC 10/03/96 10/03/96 5.250 5.440 50,000 50,000 22 166,222.22 5.533 CP Heller 10/03/96 5.440 50,000 22 166,222.22 5.533 CP Heller —5— I WUJIVO PURCHASE CD CD Deutsche 5.440% 02/28/97 5.440 25,000 CD Deutsche 5.440% 02/28/97 5.440 50,000 CD Cr Agricole 5.450% 02/28/97 5.450 25,000 CD Cr Agricole 5.450% 02/28/97 5.450 50,000 CD BN Paris 5.480% 02/28/97 5.460 25,000 CD BN Paris 5.480% 02/28/97 5.460 50,000 CP Cr Swiss 5.470% 02/28/97 5.460 100,000 CP FMCC FMCC 02/03/97 5.390 15,000 02/03/97 5.390 50,000 10/04/96 REDEMPTION BA CD Montreal West Deut 5.370% 10/04/96 10/04/96 5.400 5.350 10,000 109 163,500.00 5.566 CP GECC 10/04/96 5.310 50,000 50,000 59 15 438,417.03 5.424 CP CP Hertz GMAC 10/04/96 5.420 50, 110,625.00 790,416.67 5.395 5.583 10/04/96 5.420 40,000 109 656,422.22 5.586 PURCHASE CD CD CIBC 5.380% 01/02/97 5.380 .50,000 CD CIBC Nova Scotia 5.380% ' 5.370% 01/02/97 01/02/97 5.380 50,000 5.370 60,000 10/07/96 REDEMPTION CD MTN Nat W.Mstr P G & E 5.550% 10/07/96 4.480% 10/07/96 5.510 40,000 82 CP GECC 10/07/96 4.480 5.310 16,000 1097 2,152, 911.11 4.480 25,000 160 553,125.00 5.505 PURCHASE CP CP Assoc 02/28/97 5.300 10,000 CP Assoc GMAC 02/28/97 5.300 50,000 CP GMAC 02/28/97 5.310 50,000 02/28/97 5.310 50,000 10/08/96 REDEMPTION CP GECC 10/08/96 5.310 50,000 19 19 140,125.00 140,125.00 5.398 5.398 CP GECC 10/08/96 10/08/96 5.310 5.310 50,000 50,000 19 140,125.00 5.398 Cp CP GECC Morg Stan 10/08/96 5.340 50,000 21 21 155,750.00 155,750.00 5.431 5.431 CP Morg Stan 10/08/96 10/08/96 5.340 5.340 50,000 50,000 21 155,750.00 5.431 CP Morg Stan 10/08/96 5.390 50,000 63 471,625.00 5.516 CP Heller GECC 10/08/96 5.360 50,000 124 923,111.11 5.536 CP CP FMCC 10/08/96 5.410 50,000 109 109 819,013.89 819,013.89. 5.576 Cp FMCC 10/08/96 10/08/96 5.410 5.410 50,000 50,000 109 819,013.89 5.576 .576 CP FMCC PURCHASE BA Tokyo-Mits 11/20/96 5.300 42,150 CP Heller 11 /25/96 5.330 10,000 CP Bear 01 /08/97 5.330 20,000 CP Bear 01 /08/97 5.330 50,000 10/09/96 REDEMPTION CD Midland 5.410% 10/09/96 5.410 50,000 CD Barclays 5.400% 9/96 5.390 50,000 CP Salomon 10/09/96 5.370 35,000 CP Textron Fin 10/09/96 5.530 17,000 CP U/B Calif 10/09/96 5.520 25,000 CP UB Calif 10/09/96 5.520 50,000 CP Bkrs Trst 10/09/96 5.480 50,000 CP Bkrs Trst 10/09/96 5.480 50,000 CP FMCC 10/09/96 5.410 50,000 CP FMCC 10/09/96 5.410 50,000 CP FMCC 10/09/96 5.410 50,000 PURCHASE CD Bkrs Trst 5.400% 02/10/97 5.400 50,000 CD Midland 5.430% 02/ 5 430 50,000 CD Midland 5.430% 02/11/97 5.430 50,000 CD Rabo Bank 5.390% 02/28/97 5.370 50,000 CD Rabo Bank 5.390% 02/28/97 5.370 50,000 CP Merrill 10/10/96 5.400 50,000 CP Assoc 10/10/96 5.380 50,000 CP Assoc 10/10/96 5.380 50,000 Cp Assoc 10/10/96 5.380 50,000 CP Heller 12/27/96 5.320 50,000 125 939,236.11 5.485 153 1,145,422.59 5.464 26 135,741.67 5.465 30 78,341.67 5.632 91 348,833.33 5.675 91 697,666.67 5.675 91 692,611.11 5.634 91 692,611.11 5.634 110 826,527.78 5.577 110 826,527.78 5.577 110 826,527.78 5.577 —7— 1 W1 W96 REDEMPTION CD U/B Calif CD Rabo Bank CID Assoc CID Assoc CID Assoc CID Merrill CID GECC CID GECC CID Merrill PURCHASE 5.550% 10/10/96 5.450% 10/10/96 5.550 5.410 40,000 91 561,166.67 5.627 10/10/96 5.380 50,000 50,000 150 1 1,127,767.64 5.487 10/10/96 5.380 50,000 1 7,472.22 7,472.22 5.455 5.455 10/10/96 5.380 50,000 1 7,472.22 5.455 10/10/96 10/10/96 5.400 5.320 50,000 1 7,500.00 5.475 10/10/96 5.320 15,000 50,000 154 154 341,366.67 5.519 10/10/96 5.350 50,000 21 1,137,888.89 156,041.65 5.519 5.441 FFCB 5.850% 10/01/97 5.639 FNMA 5.680% 10/07/97 5.638 CD U/B Calif 5.400% 02/20/97 5.400 CD U/B Calif 5.400% 02/20/97 5.400 CD Mellon 5.438% 02/28/97 5.438 CD CommerzBk 5.410% 02/28/97 5.390 CD CommerzBk 5.410% 02/28/97 5.390 CID Salomon 12/09/96 5.420 10/11/96 SALE Treas Bill 03/06/97 5.060 REDEMPTION BA B/A 10/11/96 5.360 BN FNB Chicago 5.540% 10/11/96 5.510 CD Soc Gen 5.500% 10/11/96 5.500 CD Soc Gen 5.500% 10/11/96 5.500 CD CommerzBk 5.410% 10/11/96 5.400 CD CommerzBk 5.410% 10/11/96 5.400 CID FMCC 10/11/96 5.330 CID GECC 10/11/96 5.320 PURCHASE MTN IBM Cr Corp 5.680% 10/14/97 5.680 Treas Notes 6.000% 08/15/99 6.130 25,000 50,000 50,000 50,000 45,000 50,000 50,000 35,000 50,000 191 1,026,055.56 5.481 6,000 116 103,626.67 5.529 40,000 109 669,099.16 5.601 50,000 92 702,777.78 5.576 50,000 92 702,777.78 5.576 25,000 155 581,274.46 5.475 50,000 155 1,162,548.92 5.475 50,000 25 185,069.44 5.424 40,000 155 916,222.22 5.520 50,000 50,000 10/15/96 REDEMPTION CD Rabo Bank 5.430% 10/15/96 5.420 30,000 152 MTN IBM Cr Corp 7.000% 10/15/96 7.000 25,000 732 686,764.14 5.496 3,504,861.11 7.097 —8— 10/15/96 PURCHASE CP Assoc 10/16/96 5.420 40,000 10/16/96 REDEMPTION CP Assoc 10/16/96 5.420 40,000 1 6,022.22 5.496 NO PURCHASES 10/17/96 NO SALES PURCHASER/ CD CIBC 5.410% 01/21/97 5.250 25,000 CD CIBC 5.410% 01/21/97 5.250 50,000 PURCHASE BA Tokyo-Mits 11/25/96 5.290 13,300 CP GMAC 02/20/97 5.340 50,000 Cp GMAC 02/20/97 5.340 50,000 CID U/B Calif 03/27/97 5.310 50,000 CP U/B Calif 03/27/97 5.310 50,000 10/18/96 SALE CP B/A 02/28/97 5.320 50,000 66 982,722.20 5.684 CP B/A 02/28/97 5.320 50,000 66 982,722.20 5.684 SALE c/ CD CIBC 5.410% 01/21/97 5.250 25,000 1 3,572.92 5.322 CD CIBC 5.410% 01/21/97 5.250 50,000 1 7,145.83 5.322 PURCHASE c/ CD CIBC 5.410% 01/21/97 5.200 22,000 PURCHASE CID B/A 02/28/97 5.320 50,000 CID B/A 02/28/97 5.320 50,000 CP Morg Stan 10/25/96 5.210 50,000 CP Morg Stan 10/25/96 5.210 50,000 CP Country 10/29/96 5.240 5,000 CP Country 10/29/96 5.240 50,000 CP GECC 03/27/97 5.310 30,000 CP GECC 03/27/97 5.310 50,000 —9— 10/21/96 SALE c/ CD CIBC 5.410% 01/21/97 5.200 22,000 3 REDEMPTION MTN Citicorp 7.000% 10/21/96 7.150 42,500 725 MTN IBM Cr Corp 6.875% 10/21/96 6.870 35,000 731 FHLMC 4.125% 10/21/96 4.147 15,000 1096 PURCHASE c/ CD CIBC 5.410% 01/21/97 5.250 40,000 PURCHASE CID Amer Exp 10/29/96 5.220 35,000 CID Amer Exp 10/29/96 5.220 50,000 CID Merrill 10/29/96 5.220 50,000 10/22/96 SALE c/ CD CIBC 5.410% 01/21/97 5.250 40,000 1 REDEMPTION BA Union 10/22/96 5.280 5,000 153 CD Dresdner 5.500% 10/22/96 5.500 25,000 125 CI' GECC 10/22/96 5.290 25,000 155 CID GECC 10/22/96 5.290 50,000 155 PURCHASE a/ CD CIBC 5.410% 01/21/97 5.250 11,000 CD CIBC 5.410% 01/21/97 5.250 50,000 PURCHASE CD CIBC 5.220% 10/29/96 5.220 30,000 CD CIBC 5.220% 10/29/96 5.220 50,000 CD CIBC 5.220% 10/29/96 5.220 50,000 CID Merrill 10/29/96 5.250 50,000 10/23/96 SALE c/ CD CIBC 5.410% 01/21/97 5.250 11,000 1 CD CIBC 5.410% 01/21/97 5.250 50,000 1 9,344.83 5.272 6,006,241.67 7.242 4,809,000.00 6.965 1,865,625.00 4.147 5,720.60 5.322 112,200.00 5.476 447,430.56 5.576 569,409.72 5.488 1,138,819.44 5.488 1,573.54 5.322 7,152.69 5.322 —10- 10/23/96 PURCHASE cl CD CIBC 5.410% 01 /21197 5.470 26,000 CD CIBC 5.410% 01/21/97 5.470 50,000 PURCHASE CID Assoc 10-24-96 5.500 5,000 CID Assoc 10/24/96 5.500 50,000 CID Assoc 10/24/96 5.500 50,000 10/24/96 SALE g/ CD CIBC 5.410% 01/21/97 5.470 26,000 1 1 3,875.04 5.5457,451.76 5545 . CD CIBC 5.410% 01/21/97 5.470 50,000 REDEMPTION CID Assoc 10/24/96 5.500 5,000 1 1 763.89 5.577 5.577 CID Assoc Assoc 10/24/96 10/24/96 5.500 5.500 50,000 50,000 1 7,638.89 5.577 CID CID Assoc Textron Fin 10/24/96 5.500 50,000 41 313,194.44 256,088.89 5.611 5.469 CID Gr Western 10/24/96 5.360 40,000 43 PURCHASE CD Mellon 5.250% 10/31 /96 5.250 12,000 CID Assoc 10/25/96 5.270 50,000 CID Assoc 10/25/96 5.270 50,000 CID Assoc 10/25/96 5.270 50,000 CID Assoc 10/25/96 5.270 50,000 CID Country 10/31 /96 - 5.250 49,000 CID Country 10/31 /96 5.250 50,000 10/25/96 SALE Treas Bill 12/12/96 4.920 50,000 302 302 2,070,958.35 2,070,958.35 5.258 5.258 Treas Bill 12/12/96 4.920 50,000 REDEMPTION gq Montreal 10/25/96 5.400 15,000 130 311,962 50 5.498 BA g/A 10/25/96 10/25/96 5.310 5.280 15,000 11,000 148 238,773.34 5.472 BA CID g/A Assoc 10/25/96 5.270 50,000 1 7,319.44 5.343 CID Assoc 10/25/96 5.270 50,000 1 7,319.44 5.343 CID Assoc 10/25/96 5.270 50,000 1 7,319.44 5.343 CID Assoc . 10/25/96 5.270 50,000 1 7 7,319.44 50,652.78 5.343 5.287 CID Morgan 10/25/96 10/25/96 5.210 5.210 50,000 50,000 7 50,652.78 5.287 CID CID Morgan GECC 10/25/96 5.300 30,000 161 711,083.33 5.504 CID GECC 10/25/96 5.300 50,000 161 1,185,138.89 5.504 —11— 10/25/96 PURCHASE c/ BA Tokyo-Mits 11/27/96 5.230 51,000 CD CIBC 5.410% 01/21/97 5.230 50,000 CD Soc Gen 5.740% 10/27/97 5.280 50,000 PURCHASE CD Montreal 5.250% 12/09/96 5.250 50,000 CD Montreal 5.250% 12/09/96 5.250 50,000 CID Amer Home 11/01/96 5.220 5,000 CID Amer Home 11/01/96 5.220 50,000 CID GMAC 11/01/96 5.230 10,000 CID GMAC 11/01/96 5.230 43,000 CID GMAC 11/01/96 5.230 50,000 10/28/96 SALE Treas Bill 12/12/96 4.928 25,000 306 Treas Bill 12/12/96 4.928 50,000 306 SALE c/ BA Tokyo-Mits 11/27/96 5.230 51,000 3 CD CIBC 5.410% 01/21/97 5.230 50,000 3 REDEMPTION BA B/A 10/28/96 5.310 18,000 144 CID SRAC 10/28/96 5.440 50,000 130 PURCHASE c/ BA Tokyo-Mits 11/27/96 5.340 51,000 CD CIBC 5.410% 01/21/97 5.340 50,000 PURCHASE CD Oregon 5.250% 12/10/96 5.250 25,000 CD Oregon 5.250% 12/10/96 5.250 50,000 CID Assoc 10/29/96 5.300 25,000 CID Assoc 10/29/96 5.300 50,000 CID Assoc 10/29/96 5.300 50,000 CID Assoc 10/29/96 5.300 50,000 10/29/96 SALE c/ BA Tokyo-Mits 11/27/96 5.340 51,000 CD CIBC 01/21/97 5 340 50,000 —12- 1 1 1,048,921.88 5.257 2,097,843.75 5.257 21,677.48 5.302 21,381.98 5.302 382,320.00 5.500 982,222.22 5.626 7,380.92 5.414 7,280.79 5.414 10/29/96 REDEMPTION BN FNB Chicago 5.380% 10/29/96 5.380 50,000 167 1,247,861.11 5.454 CD CICB 5.220% 10/29/96 5.220 30,000 7 30,450.00 5.292 CD CIBC 5.220% 10/29/96 5.220 50,000 7 50,750.00 5.292 CD CIBC 5.220% 10/29/96 5.220 50,000 7 50,750.00 5.292 CD BN DeParis 5.380% 10/29/96 5.360 50,000 159 1,183,768.80 5.434 CD Cr Suisse 5.390% 10/29/96 5.390 100,000 165 2,470,416.67 5.464 CD Cr Suisse 5.400% 10/29/96 5.380 100,000 166 2,481,001.02 5.454 CD Mellon 5.400% 10/29/96 5.400 100,000 166 2,490,000.00 5.475 CD ABN Amro 5.380% 10/29/96 5.360 50,000 167 1,243,334.77 5.434 CD US Wash 5.340% 10/29/96 5.340 50,000 174 1,290,500.00 5.414 CD US Wash 5.340% 10/29/96 5.340 50,000 174 1,290,500.00 5.414 CD Dresdner 5.410% 10/29/96 5.400 50,000 174 1,305,061.47 5.474 CP Assoc 10/29/96 5.300 25,000 1 3,680.56 5.374 CP Assoc 10/29/96 5.300 50,000 1 7,361.11 5.374 Cp Assoc 10/29/96 5.300 50,000 1 7,361.11 5.374 Cp Assoc 10/29/96 5.300 50,000 1 7,361.11 5.374 Cp Merrill 10/29/96 5.250 50,000 7 51,041.65 5.328 CP Amer Exp 10/29/96 5.220 35,000 8 40,600.00 5.298 Cp Amer Exp 10/29/96 5.220 50,000 8 58,000.00 5.298 Cp Merrill 10/29/96 5.220 50,000 8 58,000.00 5.298 CID Country 10/29/96 5.240 5,000 11 8,005.56 5.321 Cp Country 10/29/96 5.240 50,000 r 11 80,055.56 5.321 Cp GECC 10/29/96 5.320 50,000 152 1,123,111.11 5.517 Cp GECC 10/29/96 5.320 50,000 152 1,123,111.11 5.517 Cp Bkrs Trst 10/29/96 5.330 50,000 159 1,177,041.67 5.534 Cp GECC 10/29/96 5.300 30,000 166 733,166.67 5.508 Cp GECC 10/29/96 5.300 50,000 166 1,221,944.44 5.508 CP Bear BearGMA 10/29/96 5.310 50,000 166 1,224,250.00 5.518 CP 10/29/96 5.360 50,000 166 1,235,777.78 5.572 CP Bear 10/29/96 5.360 50,000 166 1,235,777.78 5.572 CP GMAC 10/29/96 5.350 50,000 175 1,300,347.22 5.569 Cp GMAC 10/29/96 5.350 50,000 175 1,300,347.22 5.569 PURCHASE CP Assoc 11 /05/96 5.250 50;000 Cp Assoc 11/05/96 5.250 50,000 CP Assoc 11 /05/96 5.250 50,000 CP Morg Stan 11 /13/96 5.250 50,000 CP Morg Stan 11/13/96 5.250 50,000 CP GECC 10/30/96 5.240 50,000 CP GECC 10/30/96 5.240 50,000 Cp GECC 10/30/96 5.240 50,000 CP GECC 10/30/96 5.240 50,000 —13— 10/30/96 REDEMPTION CID GECC 10/30/96 5.240 50,000 1 7,277.78 5.313 CID GECC 10/30/96 5.240 50,000 1 7,277.78 5.313 CID GECC 10/30/96 5.240 50,000 1 7,277.78 5.313 CID GECC 10/30/96 5.240 50,000 1 7,277.78 5.313 PURCHASE c/ CD Morgan Guty 5.730% 08/12/97 5.320 50,000 Treas Note 6.250% 07/31/98 5.260 49,625 Treas Note 6.250% 07/31/98 5.260 50,000 PURCHASE SBA (FR) 5.875% 12/25/21 5.875 8,151 SBA (FR) 5.875% 01/25/22 5.875 11,329 CD CommerzBK 5.410% 02/03/97 5.370 40,000 CID Assoc 10/31/96 5.260 50,000 CID Assoc 10/31/96 5.260 50,000 CID Assoc 10/31/96 5.260 50,000 CID Assoc 10/31/96 5.260 50,000 CID Assoc 10/31/96 5.260 50,000 CID Morg Stan 01 /29/97 5.320 50,000 CID Morg Stan 01/29/97 5.320 50,000 CID Merrill 01/30/97 5.320 50,000 10/31/96 SALE c/ CD Morg Guty 5.730% 08/12/97 5.320 50,000 1 7,339.24 5.393 Treas Note 6.250% 07/31/98 5.260 49,625 1 7,278.23 5.333 Treas Note 6.250% 07/31/98 5.260 50,000 1 7,332.88 5.333 CD Soc Gen 5.740% 10/27/97 5.280 50,000 6 43,120.00 5.353 REDEMPTION CD Mellon 5.250% 10/31/96 5.250 12,000 7 12,250.00 5.322 CD Mellon 5.375% 10/31/96 5.375 45,000 167 1,122,031.25 5.449 CD RaboBank . 5.430% 10/31/96 5.420 50,000 175 1,317,423.51 5.495 CID Assoc 10/31/96 5.260 50,000 1 7,305.56 5.333 CID Assoc 10/31/96 5.260 50,000 1 7,305.56 5.333 CID Assoc 10/31/96 5.260 50,000 1 7,305.56 5.333 CID Assoc 10/31/96 5.260 50,000 1 7,305.56 5.333 CID Country 10/31/96 5.250 49,000 7 50,020.83 5.328 CID Country 10/31/96 5.250 50,000 7 51,041.67 5.328 CID GMAC 10/31/96 5.360 50,000 176 1,310,222.22 5.580 Treas Note 6.875% 10/31/96 6.715 50,000 731 6,727,500.00 6.845 Treas Note 6.875% 10/31/96 6.715 50,000 731 6,727,500.00 6.845 —14— 4 -- 10/31/96 PURCHASE cl Treas Bill 03/13/97 5.650 41,000 Treas Bill 03/20/97 5.650 50,000 Treas Note 6.000% 09/30/98 5.650 41,000 Treas Note 6.000% 09/30/98 5.650 50,000 Treas Note 6.500% 05/31 /01 5.650 22,050 Treas Note 7.875% 04/15/98 5.700 14,525 Treas Note 8.500% 11 /15/00 5.700 25,000 Treas Note 6.625% 07/31 /01 5.700 44,000 Treas Note 6.625% 07/31 /01 5.700 50,000 Treas Note 6.625% 07/31/01 5.700 50,000 Treas Note 6.625% 07/31 /01 5.700 50,000 Treas Note 6.625% 07/31 /01 5.700 50,000 Treas Note 6.125% 05/15/98 5.700 35,000 Treas Note 7.500% 10/31 /99 5.700 14,186 CD Morg Guty 5.730% 08/12/97 5.650 50,000 —15— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d_/ Par amount of securites purchased, sold, or redeemed. ei Securities were purchased and sold as of the same date. f� Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. b/ Security "SWAP" transactions. Buy back agreement. RRS Reverse Repurchase Agreement. R" Termination of Reverse Repurchase Agreement. —16— TIME DEPOSIT NAME DEPOSIT YIELD PAR AMOUNT MATURITY ALHAMBRA East West Federal Bank 10/16/96 5.200 $ 2,000,000.00 01/15/97 BEVERLY HILLS City National Bank 07/29/96 5.550 10,000,000.00 01/28/97 City National Bank 08/07/96 5.230 10,000,000.00 11/05/96 City National Bank 08/21/96 5.350 20,000,000.00 02/19/97 CHICO North State National Bank 05/20/96 5.350 500,000.00 11/20/96 North State National Bank 07/09/96 5.610 2,000,000.00 01/07/97 Tri Counties Bank 07/08/96 5.530 15,000,000.00 01/07/97 North State National Bank 08/22/96 5.350 500,000.00 02/20/97 FRESNO United Security Bank 09/03/96 5.240 1,300,000.00 12/03/96 United. Security Bank 09/26/96 5.310 1,500,000.00 12/27/96 United Security Bank 10/24/96 5.180 3,000,000.00 02/20/97 INGLEWOOD Imperial Bank 08/05/96 5.310 10,000,000.00 11/04/96 Imperial Bank 08/07/96 5.310 20,000,000.00 11/06/96 Imperial Bank 08/14/96 5.200 20,000,000.00 11/13/96 Imperial Bank 09/10/96 5.390 10,000,000.00 12/10/96 Imperial Bank 09/11 /96 5.390 15,000,000.00 12/11 /96 Imperial Bank 09/19/96 5.230 11,000,000.00 12/18/96 Imperial Bank 10/01 /96 5.090 11,000,000.00 12/31 /96 Imperial Bank 10/16/96 5.200 15,000,000.00 01/15/97 Imperial Bank 10/28/96 5.180 5,000,000.00 01/28/97 LA MIRADA Southern California Bank 10/01/96 5.100 5,000,000.00 01/03/97 Southern California Bank 10/16/96 5.220 5,000,000.00 01/15/97 LOS ANGELES Preferred Bank 08/27/96 5.210 2,000,000.00 11 /26/96 Preferred Bank 09/19/96 5.350 5,000,000.00 12/18/96 Preferred Bank 10/15/96 5.170 3,000,000.00 01/14/97 —17— TIME DEPOSIT NAME DEPOSIT YIELD PAR AMOUNT MATURITY MANTECA Delta National Bank 05/22/96 5.340 $ 1,000,000.00 11 /18/96 OAKDALE Oak Valley Community Bank 09/25/96 5.520 PETALUMA Bank of Petaluma 05/13/96 5.360 REDDING North Valley Bank 09/23/96 5.500 SACRAMENTO Sanwa Bank of California 07/31/96 5.550 Sanwa Bank of California 08/20/96 5.310 Sanwa Bank of California 08/26/96 5.350 SAN FRANCISCO Trans Pacific National Bank 09/18/96 5.700 Bank of Canton California 10/23/96 5.150 SAN LUIS OBISPO First Bank of San Luis Obispo 05/29/96 5.350 First Bank of San Luis Obispo 07/11/96 5.630 First Bank of San Luis Obispo 08/15/96 5.180 First Bank of San Luis Obispo 08/06/96 5.440 SAN RAFAEL West America Bank 10/24/96 5.150 West America Bank 10/31/96 5.170 SANTA ANA Grand National Bank 10/01/96 5.300 VACAVILLE Continental Pacific Bank 06/05/96 5.450 TOTAL TIME DEPOSITS AS OF OCTOBER 31, 1996 —18- 500,000.00 03/25/97 1,000,000.00 11 /12/96 3,000,000.00 03/25/97 5,000,000.00 01 /28/97 50,000,000.00 02/19/97 10,000,000.00 02/25/97 800,000.00 03/18/97 5,000,000.00 01 /22/97 1,500,000.00 11 /26/96 1,000,000.00 01/07/97 2,000,000.00 11 /13/96 2,600,000.00 02/04/97 25,000,000.00 01 /23/97 25,000,000.00 01 /30/97 95,000.00 04/01/97 1,000,000.00 12/03/96 337,295,000.00 DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS OCTOBER PER BANKS OUTSTANDING 1. 2683,009 19593,517 2. 434,398 1,211,322 3. 255,967 1,249,616 4. 1649,922 1.0481,033 5. 1649922 1.048,033 6. 164,922 1,048,033 7. 197,431 1,222,377 8. 245,237 9809375 9. 2133,638 961,842 10. 226,609 1,2073,834 11. 2113,558 1,298,559 12. 211,558 192981,559 13. 211,558 1,298,559 14. 2119558 1,2981,559 15. 245,323 15,1011,402 M. 347,390 9721,890 17. 2989977 8469178 18. 261,472 19066,768 19. 2611,472 1,066,768 20. 2613,472 13,066.768 21. 401,737 958,037 22. 332,372 1,0391,640 23. 1013,420 9119051 24. 2639689 13,0035,431 25. 195,531 1,117,416 26. 195,531 191173,416 27. 1953,531 19117,416 28. 2279020 13,0669573 29. 3571,157 986,913 30. 360,348 915,399 31. 540,934 1,1713,041 a/ AVERAGE DOLLAR DAY $2599021 a/ The prescribed bank balance for October was $ 263,006,000.00. This consisted of $124,078,000.00 in compensating balances for services, $145,631,000.00 uncollected funds and a deduction of $ 6,703,000.00 for June delayed deposit credit. -19- DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1568 In accordance with Sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on October 16, 1996, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with Sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $ 123,681,000 The active noninterest-bearing bank accounts designation constitutes a calendar -month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by Section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: Time Deposits in various Financial Institutions In In Securities (Sections 16503a Estimated From To Transactions 16430)* and 16602)* Total ( 1) 10/14/96 10/18/96 $ 629,000,000 $ 26,467,505,000 $ 446,495,000 $ 26,914,000,000 (2) 10/21/96 10/25/96 $ 663,000,000 $ 27,130,505,000 $ 446,495,000 $ 27,577,000,000 (3) 10/28/96 11/01/96 $ (457,400,000) $ 26,673,105,000 $ 446,495,000 $ 27,119,600,000 (4) 11/04/96 11/08/96 $ 1,052,700,000 $ 27,725,805,000 $ 446,495,000 $ 28,172,300,000 (5) 11/11/96 11/15/96 $ 427,000,000 $ 28,152,805,000 $ 446,495,000 $ 28,599,300,000 (6) 11/18/96 11/22/96 $ 332,400,000 $ 28,485,205,000 $ 446,495,000 $ 28,931,700,000 (7) 11/25/96 11/29/96 $ (487,000,000) $ 27,998,205,000 $ 446,495,000 $ 28,444,700,000 (8) 12/02/96 12/06/96 $ (477,300,000) $ 27,520,905,000 $ 446,495,000 $ 27,967,400,000 (9) 12/09/96 12/13/96 $ 188,000,000 $ 27,708,905,000 $ 446,495,000 $ 28,155,400,000 (10) 12/16/96 12/20/96 $ 2,891,600,000 $ 30,600,505,000 $ 446,495,000 $ 31,047,000,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under Section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 123,681,000. POOLED MONEY INVESTMENT BOARD: Chairp rson Mefnber Dated: October 16, 1996 L *Government Code Member -20- INVESTMENT ADVISORY BOARD Meeting Date: January 15, 1997 TITLE: Local Agency Investment Fund (LAIF) Answer Book BACKGROUND: Correspondence & Written Material Item D Attached please find the LAIF Answer Book dated September 30, 1996 which was received January 7, 1997. Also, attached please find the Staff Report from the December 11, 1996 Investment Advisory Board meeting, entitled "LAIF Questionnaire" which contains the March 1996 LAIF Answer Book. Staff has performed an analysis of the significant changes in the Answer Books on the following page RECOMMENDATION: After discussion, provide staff with further direction. hn M. Falco er, Finance Director LAIF - ANSWER BOOK CHANGES I. THE FUND The September 30, 1996 report was changed to read - All investments are purchased at market, and market valuation is conducted monthly instead of quarterly. II. BOARD MEMBERS None III. LAIF PARTICIPATION None IV. SELECTED INVESTMENT DATA Average life of portfolio added. As of September 30, 1996 233 days. V. MARKET VALUATION None VI. MATURITY SCHEDULE None VII. SOURCE OF FUNDS (PMIA) None VIII. MANAGEMENT GOALS AND OBJECTIVES None IX. MONTHLY EFFECTIVE YIELD None X. QUARTERLY APPORTIONMENT RATES None XI. ADMINISTRATIVE EARNINGS (COST) None XII. HOW TO CALCULATE QUARTERLY EARNINGS AND APPORTIONMENT None XIII. POOL QUESTIONNAIRE Refer to separate Analysis - Item E under Correspondence and Written Material. XIV. DISCLOSURE STATEMENT The GAO definitions, as well as the State of California Treasurer's holdings in each category was updated from April 1, 1996 to September 1, 1996. XV. IS THE POOL INSURED This is a new section describing the process. XVI. AUDIT PROCESS FOR WITHDRAWALS FROM LAIF This is a new section describing the process. Page number is 40 not 41 as listed in the Table of Contents. XVII. PMIA CLAIM SCHEDULE AUDIT PROCESS FOR PURCHASES This is a new section describing the process. XVIII. HOW TO PARTICIPATE IN LAIF Deposits and withdrawals count as separate transactions in monitoring the ten transactions per account per month limit. Monthly reports provided by LAIF have been added. THE LOCAL AGENCY INVESTMENT FUND ANSWER BOOK TABLE OF CONTENTS I. THE FUND.............................................................................. F . ..................... XII. HOW TO CALCULATE QUARTERLY EARNINGS ANDAPPORTIONMENT ...................................................... 25 XIII. POOL QUESTIONNAIRE...................................................... 30 XIV. DISCLOSURE STATEMENT ................................................ 35 XV. IS T'HEL'ED' ............. 39 pk ESSTOW RAWAL tD1 ........................................... ....:.,,: 41 41A CLAD SeM E AUDITkbCESS HA......�..:::.�....... ........:�...:..... ..:..... a ,, 42 �! TO SAT +ATE IN :L. ...�.�..:....:........:: .. 43 THE FUND THE LOCAL AGENCY INVESTMENT FUND The Local Agency Investment Fund (LAIF), a voluntary program created by statute, began in 1977 as an investment alternative for California's local governments and special districts and continues today under Treasurer Matt Fong's Administration. The enabling legislation for the LAIF is Section 16429.1,2,3 of the California Govern- ment Code. This program offers local agencies the opportunity to participate in a major portfo- lio which invests hundreds of millions of dollars, using the investment expertise of the Treasurer's Office investment staff at no additional cost to the taxpayer. This in-house management team is comprised of civil servants who have individually worked for the State Treasurer's Office for over 20 years. The LAW is part of the Pooled Money Investment Account (PMIA). The PM1A began in 1953 and has oversight provided by the Pooled Money Investment Board (PNIIB) and an in-house Investment Committee. The PMIB members are the State Trea- surer, Director of Finance, and State Controller. The LAW has oversight by the Local Agency Investment Advisory Board. The Board consists of five members as designated by statute. The Chairman is the State Treasurer or his designated representative. Two members qualified by training and experience in the field of investment or finance, and two members who are Treasurers, finance or fiscal officers or business managers employed by any County, City or local district or municipal corporation of this state, are appointed by the State Treasurer. The term of each appointment is two years or at the pleasure of the appointing authority. All securities are purchased under the authority of Government Code Section 16430 and 16480.4. The State Treasurer's Office takes delivery of all securities pur- chased on a delivery versus payment basis using a third party custodian. All investments are purchased at market, and market valuation is conducted monthly. 1 Additionally, the PMIA has Policies, Goals and Objectives for the portfolio to make certain that our goals of Safety, Liquidity and Yield are not jeopardized and that prudent management prevails. These policies are formulated by investment staff and reviewed by both the PMIB and the LAIF Board on an annual basis. The State Treasurer's Office is audited by the Bureau of State Audits on an an- nual basis. The resulting opinion is included in the subsequent Pooled Money monthly report following its publication. The Bureau of State Audits also has a continuing audit process throughout the year. All investment and LAIF claims are audited on a daily basis by the State . Controller's Office as well as an in-house audit process involv- ing three separate divisions. It has been determined that the State of California cannot declare bankruptcy under Federal regulations, thereby allowing the Government Code Section 16429.3 to stand. This Section states that "money placed with the state treasurer for deposit in the LAIF shall not be subject to impoundment or seizure by any state official or state agency." The. LAIF has grown from 293 participants and $468 million in 1977 to 2,435 participants and $9.9 billion in 1996. . State Treasurer's Office Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 2 BOARD MEMBERS THE LOCAL AGENCY ADVISORY BOARD Chairman: Current Board Members: State Treasurer Matt Fong Linda Barnett City Treasurer City of Torrance THE POOLED MONEY INVESTMENT BOARD Chairman: Members: Patricia Elliott Manager, Financial Resources Eastern Municipal Water District George Jeffries President GW Jeffries & Associates Leslie Wells. Vice President Union Bank of California Capital Markets Group State Treasurer Matt Fong State Controller Kathleen Connell Director of Finance Craig Brown K Local Agency Investment Fund Participation as of 9/30/96 2,435 Agencies 118 TRUSTEES 107 BONDS52 COUNTIES 50� ,40� . 20� 459 CITIES 120L. 1699 DISTRICTS 70% ■ 52 COUNTIES ■ 459 CITIES ■ 1699 DISTRICTS ■ 118 TRUSTEES ■ 107 BONDS 4 MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in Scatcmhcr 30, 1996 Percent From Tyne of Security Amount Percent Previous Month Governments Bills 29401,069 8.53 - .30 Bonds 0 0 0 Notes 5,24299.56 18.63 - .85 Strips 309,526 1.10 - .04 Total Governments 79953,.551 28.26 - 1.19 Federal Agency Coupons 1,567,837 5.57 - .04 Certificates of Deposit 5,189,839 18.44 - .56 Bank Notes 860,107 3.06 - .48 Bankers Acceptances 382,024 1.36 + .26 Repurchases 194,456 .69 - .04 Federal Agency Discount Notes 374,005 1.33 - .05 Time Deposits 3�2,295 1.22 - .03 GNMA's 3,967 .01 - .01 Commercial Paper 79800,845 27.72 + 2.67 FHLMC 339247 • .13 0 Corporate Bonds 2,051,851 7.30 - .16 Pooled Loans 1,7871,951 6.35 - .05 GF Loans 0 0 - .37 Other 0 0 0 Reversed Repurchases -404,875 -1.44 + .05 Total, All Types S28,1371,100 100 AVERAGE LIFE OF PORTFOLIO AS OF SEPTEMBER 30, 1996 233 DAYS 5 NOTES TO MONTHLY SELECTED INVESTMENT DATA Reverse Repurchase - The temporary sale of owned securities, with the simultaneous agreement to repurchase the same securities at a predetermined cost and rate on a specified future date. The Pooled Money Investment Account from time to time enters into Reverse Repurchase Agreements with major pre -approved securities dealers. The intent is to earn incremental interest for pool partici- pants. Because it is viewed as incremental, earnings derived from reverses are never projected or anticipated. All reverses are in compliance with Government Code Sec. 16480.4, and are further discussed in the Treasurer's Statement of Investment Policies, Goals and Objectives. AB 55 Loans - Named for Assembly Bill 55, these loans are made from the Pool to state agencies which have pre -approved authority to issue bonds for specific projects. The AB 55 loan program allows an agency to borrow money for up -front and progress expenses When funding a specific project. Toward the end of the project construction, the already approved bond issue is brought to market, the proceeds of which are used to pay off principal and interest due on the AB 55 loan. This method eliminates the need for an arbitrage tracking system, had the bonds been sold "up front." The maximum term for AB 55 loans is 364 days, with many retired earlier. General Fund Loans - Loans made by the Pool to the General Fund in anticipation of evening out cash flow . The average life of these loans is well below 30 days. Unlike the on -going AB 55 loan program, General Fund loans are much more infrequently requested. Both AB 55 and General Fund Loans have the following characteristics: 1. Amount available for loans is determined by the State Controller and EXCLUDES certain trust monies, such as LAIF balances; 2. LAIF participants do share in the interest income paid to the Pool on each loan balance; 3. The decision to approve these loans rests in the authority of the Pooled Money Investment Board; 4. A predetermined maximum total loan balance is capped as a specific percentage of identified borrowable resources as determined by the State Controller. . 5. No surplus monies may be loaned if. such a loan would inhibit carrying out the purpose for which the monies were originally designated. 6. Since the granting of these loans is not an investment function, the loans (AB 55, GF) are not included in records of daily investment activity. 7. Since interest is commingled with other investment revenue, both AB 55 and General Fund loans are included in Selected Data Reports and portfolio accountability. 8. The total monies in AB 55 and General Fund loans are figured into the Portfolio book value when reporting portfolio size and yield. 0 Pooled State of California Money Investment Account Market Valuation 9/30/96 Description Carrying Cost Plus Accrued'Interest Purch. x Estimated M V I � ` .. arket. a ue `I �k-�� Accrue n eras d � United States Treasury: Bills $ 2,401,069,042.99 $ 2,469,334,800.00 NA Strips $ 309,526,280.00 $ 357,828,820.00 NA Notes $ 5,242,956,461.21 $ 5,177,147,280.00 $ 57,852,989.00 Federal Agency: Bonds $ 802,740,692.75 $ 796,891,868.80 $ 9,623,093.28 Floaters $ 454,928,512.73 $ 455,502,400.00 $ 3,665,175.00 MBS $ 163,087,158.63 $ 158,377,712.69 $ 968,371.24 TVA $ 12,146,720.74 $ 12,182,548.50 $ 154,220.73 GNMA $ 3,967,246.11 $ 4,414,643.53 $ 37,772.13 SBA $ 134,934,186.28 $ 136,2419982.99 $ 1,367,530.75 FHLMC PC $ 33,246,598.25 $ 35,458,646.84 $ 533,960.90 Discount Notes $ 374,004,701.39 $ 377,249,950.00 NA Bankers Acceptances $ 382,024,423.08 $ 382,967,749.52 NA Corporate: Bonds $ 1,497,339,604.32 $ 1,491,362,905.92 $ 24,805,935.09 Floaters $ 554,510,942.27 $ 554,979,045.00 $ 4,527,698.41 CDs $ 5,189,839,175.42 $ 5,237,599,881.25 $ 11,335,466.93 Bank Notes $ 860,106,971.27 $ 873,956,122.34 $ 3,716,147.22 Repurchase Agreements $ 194,456,000.00 $ 194,456,000.00 NA Time Deposits $ 342,295,00.0.00 $ 342,295,000.00 NA AB 55 & GF Loans $ .1,787,951,170.00 $ 1,787,951,170.00 NA Commercial Paper $ 7,800,844,602.16 $ 7,812,079,344.94 NA Reverse Repurchase $ (404,875,000.00) $ (404,875,000.00) $ (2,084,195.31) TOTAL 1$ 28,137,100,489.60 $ 28,253,402,872.32 $ 116,504,165.37 Estimated Market Value Including Accrued Interest $ 28,369,907,037.68 NOTE: Repurchase Agreements, Time Deposits, AB 55 & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). Certificates of Deposit (CDs), Bank Notes (BNs), and Commercial Paper (CPs) less than 90 days are carried at portfolio book value (carrying cost). Interest accrued from the date of purchase on CDs and BNs under 90 days is not included. Of O cn O N A O O IL -W N O Lr) o0 N et N ?+ o m O 44 fA N NVol m .0.• M !I9 O t� N AO o O N e� M 69* CII) co A A N N W O .ui cvf N 6� w 400 Vk L ti M LO co N �+ A N CO l� 0 m 1A c0 w N O cq N �+ A D,; A .0 .Q .0 e- M CGO 00 CO) Ci r O N N N H dl V! Nto % >% \ N M ti in ` .0 . _ O ..0 to e- r CO M w .. O e-Ao N Ii> V! 1A V) qt toti tv o00 dM' N 60 00 M ti O� ti 1, O e- 0 O /A cA Vl cA 4A V! fA to ti M It O N �Q !0 c7 CCOO eM- .0 0 ,.0 c0 CO (0 r cid r 0 `M N r - r 44 V), 441k /A !/! V! d! V% N �+ Qf c! c O c to Co CM ! e- e- to qq N 70 ,r v) C4 v► r, a, a, 6,, 4olk N N at'! to to to �G O to r 'a c0 co O a ti m It N CO �+ N 4%- p fN N e O M O CO) e- M IA to 0a!! CO wO a (a N d0 W Ci O M tC W Wo. V! to Vi cA 449. 44). O �+ A O 000 M 000 COO 10A N Cc v. M N N r O TZ M V to N r O c" 641! V! N► M! I01 d'► 40% V! in Z Z I— H V m m N QUl Q Z ♦ IL~ (� w d N w N N I LL�1- SOURCE OF FUNDS Pooled'Money Investment Account as of 9/30/96 Surplus Money 47.27% $28.137 Billion Local Agencies OTHER General Fund .30% 15.08% 37.35% 6 rl, Office of the State Treasurer Approved by Treasurer Matt Fong on February 9, 1996 unt 10 STATE TREASURER'S OFFICE STATEMENT OF PORTFOLIO MANAGEMENT GOALS, OBJECTIVES AND POLICIES POOLED MONEY INVESTMENT ACCOUNT-PMIA All state money held by the State Treasurer in Treasury trust accounts, and all money in the State Treasury,..... is appropriated for the purpose of investment and deposit as provided in article 4.5, Section 16480 et. al. of the Government Code. GOAL I. PORTFOLIO SAFETY/DIVERSIFICATION The pool will be managed to insure the safety of the portfolio by investing in high quality securities and by maintaining a mix of securities that will provide reasonable assurance that no single investment or class of investments will have a disproportionate impact on the total portfolio. OBJECTIVE: In addition to the safety provided by investing in high quality securities, the safety of the portfolio is enhanced three ways by maintaining a prudent mix (i.e., diversity) of investments: 1) Spreading investments over different investment types minimizes the impact any one industry/investment class can have on the portfolio; 2) Spreading investments over multiple credits/issuers within an investment type minimizes the credit exposure of the portfolio to any single firm/institution; and 3) Spreading investments over various maturities minimizes the risk of portfolio depreciation due to a rise in interest rates. An unforeseen liquidity need allows no options if "all your eggs are in one basket " POLICY. The portfolio shall contain a sufficient number and diversity of marketable securities so that a reasonable portion of the portfolio can be readily converted to cash without causing a material change in the value of the portfolio. Limitation and eligibility as to specific investments are to be determined by the Pooled Money Investment Board in the case of Commercial Paper, the Treasurer's Office Investment Committee in cases of new dealer authorization and approval of new corporate investments, and the Treasury Investment Division in all other matters. GOAL H. LIQUIDITY The pool will be managed to ensure that normal cash needs, as well as scheduled extraordinary cash needs can be met. Further, adequate liquidity shall be maintained to ensure the unforeseen cash needs, whether ordinary or extraordinary. February 9,1996 11 OBJECTIVE: The pool will maintain a "cash flow generated" portfolio balance sufficient to cover specifically the one month prepared cash forecast, as well as generally the six month prepared cash forecast. Further, sufficient marketable treasuries will be maintained to cover unforeseen withdrawals or delayed deposits. POLICY: First priority is given to maintaining specific calendar liquidity, as dictated by the most recent cash forecast. Second priority is the maintenance of Treasury. Bill positions adequate to meet unscheduled needs and domiciled in the San Francisco Depository to facilitate mid -day cash needs. Final consideration would be given to "other " investments deemed appropriate to portfolio maintenance, enhancement, or restructuring. GOAL M. RATE OF RETURN Pooled. investments and deposits shall be made in such a way as to realize the maximum return consistent with safe and prudent treasury management. OBJECTIVE: The rate of return will be maintained on a consistent level representative of current market yield direction. POLICY. Sales gains/losses will not be incurred to the point of radically altering the final quarterly apportionment rate. Significant sales gains will be offset for restructuring purposes to maintain consistent current return, as well as maximizing future portfolio performance. Significant sales losses shall be incurred only by consent of the Treasurer, or when sufficient profits negate the alteration of the apportionment rate. Range bonds and inverse yielding securities are examples of the types of investments which are precluded by the above stated objective. CONFORMANCE All of the foregoing goals, objectives and policies shall be observed by the Chief of Investments or his designee, monitored by the Treasurer's Investment Committee, and reviewed continually by the Treasurer or his/ her assistant. February 9,1996 12 STATE TREASURER'S OFFICE STATEMENT OF PORTFOLIO MANAGEMENT GUIDELINES POOLED MONEY INVESTMENT ACCOUNT-PMIA The State Treasurer's Investment Division has set forth a general declaration of portfolio goals, objectives and policies. Following are various guidelines necessary to the good faith observance of these policies. L GUIDELINES FOR MAINTAINING SAFETY/DIVERSIFICATION There are few statutory limitations placed on individual categories of authorized investments. However, this does not entitle the investment staff to "carte blanche" participation in these security types. In the absence of direct statutory limitations, the "Prudent man rule" shall be utilized by the investment staff. As market conditions change, altering credit risk, marketability, yield spreads, and securities availability, application of this rule shall govern any investment decision. This application shall be discussed as soon as time permits with the Chief of Investments. At the Chief of Investments determination, the situation may be discussed with the full investment committee or brought directly to the attention of the Treasury Management. Following are various considerations/limitations as they pertain to specific investment types: A. U.S. Treasury Securities 1) Maximum maturity: Statutory: 30 years. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3), Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: * Full faith and credit of the Federal Government. Treasury Bills are maintained for liquidity, trading, and yield enhancement as the underlying security in a Reverse Repurchase transaction. Treasury strips and full coupon securities are purchased for average maturity preservation, liquidity, and trading. February 9,1996 13 B. Federal Agency Securities 1) Maximum maturity: Statutory: 30 years. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: Despite there being no statutory limitations concerning this category, prudent investment practice necessitates constant credit analysis of certain issuing .agencies. Although there exists an implicit or explicit government guarantee of the various agency issues, market perception often limits the liquidity of these issues. C. Bankers Acceptances-Domesh'clForeign 1) Maximum maturity: Statutory: None. Policy: 180 days. (This maximum maturity is a criterion used to determine eligibility for purchase by the Federal Reserve. Our authority is based on the eligibility as determined by the Fed. However, since the Fed has discontinued its eligibility requirements and purchases, this criterion is no longer applicable. Currently, a majority of acceptances are created only for 180 days.) 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: a) The history of the acceptance market is spotless on "Failures to redeem " This is true even though the years of WW H. b) Geopolitical location is of prime concern when considering potential candidates. Internal, as well as border political and economic stability of the host country are of prime concern. c) Liquidity as far as both credit risk and marketability in the secondary level are addressed. February 9,1996 14 d) Although statutory authority does not limit eligibility according to ranking or rating, previously listed general criteria eliminate lesser credits. D. Certificates of Deposits 1) Maximum maturity: Statutory: None. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: a) Criteria concerning loan make-up, LDC exposure, geographic location, market perceptions, and financial condition all serve to eliminate lesser names. b) Liquidity as far as both credit risk and marketability in the secondary level are addressed. There must be a market for the name in which a least three major dealers will bid or offer at a given moment. E. Collateralized Time Deposits 1) Maximum maturity: Statutory: None. Policy: 5 years. 2) Maximum par value, total portfolio; None. 3) Maximum par value, per name: Statutory: Shall not exceed the net worth of the institution. Policy: Same. 4) Maximum par value per maturity: None. 5) Credit: Institutions must be rated average or better, or above a "D", by a recognized rating service utilized by the State Treasurer's Office (STO) Investment Division, and must pass a credit evaluation by the STO Staff which may include such criteria as geographic location, market February 9,1996 15 perception, loan diversity, management factors, overall fiscal soundness and the Community Reinvestment Act Rating of the institution. If, while holding a pool deposit, an institution is downgraded below acceptable levels by the rating agencies, the following steps shall be taken: a) Notify the Deposits Section to monitor collateral closely. b) Review financials and update credit report. c) Determine the appropriate plan of action which may include early termination of the time deposit, or allow the time deposit to mature. 6) Collateral must comply with Government Code, Chapter 4, Bank Deposit Law Section 16500 (et seq.) and the Savings and Loan Association and Credit Union Deposit Law G.C. Section 16600 (et seq.). F. Commercial Paper 1) Maximum maturity: Statutory: 180 days. Policy: 180 days. 2) Maximum par value, total portfolio: Statutory: 30% of the current portfolio. Policy: Same. 3) Maximum par value per name: Statutory: 10% of outstanding Policy: Same. 4) Maximum par value per maturity: None. 5) Credit: a) Rated "Prime" quality as defined by a nationally" recognized organization which rates such securities. b) Organized and operating within the United States. c) Have total assets in excess of five hundred million dollars ($500,000,000). d) Approved by the Pooled Money Investment Board. February 9,1996 16 G. Corporate Bonds/Notes 1) Maximum maturity: Statutory: None. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: Securities eligible for investment under this subdivision must be issued by corporations (including banks) organized and operating within the United States and shall be within the top three ratings of a nationally recognized rating service. H. Repurchases (RP) and Reverse Repurchase (RRP) 1) Maximum maturity: Statutory: None. Policy: 1 year. 2) Maximum par value, total portfolio: Statutory: None. Policy: RRP is limited to 10% of the current portfolio. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: a) Must have on file, a signed Security Loan Agreement and/or General Repurchase Agreement. (Repurchase Agreement may be either STO General Agreement or PSA Standard Agreement.) b) Reverses and reverse repurchases are only done with long established and/or well capitalized broker -dealers. The Reverse Repurchase Program is designed to augment the' overall portfolio yield in a safe and prudent manner. It is not viewed as a tool with which to effect specific portfolio moves or plan major market strategy. The portfolio carries reversed securities at negative book and the re -investment at positive book. As a result, the reported size of the portfolio represents the true cash participation of its members. All reverses are cash matched either to the maturity of the re -investment or an adequately February 9,1996 17 positive cash flow date which is approximate to the maturity of the re -investment. For example, if cash flow is positive on January 27 and negative on January 31, then the reverse may mature on the 27th, and the re -investment may be taken to the 31 st. Cash flow is evened out, and a positive spread is achieved. Only securities already held in the portfolio and unencumbered may be reversed. No item purchased against reverse will be used as a reversible security while the original reverse is outstanding (i.e., the STO does not leverage one liability. with another). The against reverse re -investment will be limited to maturities under one year, effectively limiting the appropriate securities to generic money market issues. Because of the role played by the Reverse Program in this office, customized or structured products are not considered appropriate re -investment candidates. All costs, earnings, and spreads are fixed at the beginning of each transaction. H. GUIDELINES FOR MAINTAINING LIQUIDITY First priority will be the cash flow needs as reported on both the monthly and six month cash forecasts. These forecasts will be updated daily using the current investment input, as well as adjustment information provided by Cash Management personnel. Sufficient Treasury securities will be maintained for unscheduled cash needs. It has been determined that Treasury Bills having maximum maturity of 1 year will be used for this purpose. Domiciled in San Francisco, these securities are available throughout a great portion of the business day to meet most emergencies. Because of their Government guarantee, as well as the short maturity, the exposure to market risk is minimal_ Due to the make-up of the portfolio participants, an average maturity of six to eighteen months will be maintained. III GUIDELINES FOR MAINTAINING RATE OF RETURN Always keep in mind the need to provide a consistent rate of return not only to the quarterly participants of the pool, but the longer term depositors as well. It is often the case that investments made with long term deposits create the base rate to the portfolio. Since sales gains/losses impact the portfolio on a quarterly basis, large gains/losses are to be avoided. Failure to offset either gains or losses proportionately would result in a saw-toothed apportionment rate history. For this reason, extreme positions or styles of trading are prohibited. An informal weekly meeting, with the Chief of Investments, Assistant Chief, and Investment Manager, will be held to discuss current investment philosophies and upcoming economic releases. Decisions of value and direction are made to accommodate the occurrence of all those events which might be considered reasonable and probable. Although securities trading is allowed for purposes of enhancing portfolio return, specific limitations have been established to protect the portfolio rate of return: February 9,1996 18. 1) Prior to taking a position, apparent value and size will be discussed between the Chief and Treasury Trader involved. 2) During a "when ' issued" (W.I.) period our long position shall never exceed the amount we are willing to purchase. 3) Short positions will not be taken at any time. 4) Trading positions are to be reported daily to the Chief of Investments. February 9;1996 19 SUMMARY OF DIFFERENCES BETWEEN UPDATED AND PRIOR STO "GOALS, OBJECTIVES AND POLICES" FOR THE INVESTMENT OF FUNDS IN THE POOLED MONEY INVESTMENT ACCOUNT Provision Prioripdated a r Goals Listed Rate of Return, first; Liquidity, Lists Safety/Diversification, first; second; & Diversification, third. All Liquidity, second; & Rate of Return, three goals were considered when third.. This listing more accurately making an investment and safety has reflects our priorities. always been our number one concern. Safety/Diversification Diversification emphasized. Safety emphasized. Diversification just one source of safety. Rate of Return Must be consistent with current market Same. Specific examples of the types yield direction. of investments precluded by this provision (i.e., inverse yield securities and range bonds) are now included. Security Description Format Non -standardized Standardized Bank Notes Implicitly allowed as a special type of Explicitly mentioned as a special type corporate bonds/notes. of corporate bonds/notes. Reverse Repurchase Provisions contained in an addendum. Moved addendum on Reverse Repurchases into the body of the policy on Repurchase and Reverse Repurchases. There was no change in the substance of these provisions. 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CAW ................... .............. ....................... ....................... .............................. ... .. ..... ......... ...................................................... ................ ................ q ......... ............... ........... - -:; ....................... ::..;: ........ ................... ........ . ............... .......................... . .... m ....... ....................... ....................... . .......... .... ................. ; ............. ......... ...... ....... ............... .......... .................... ................ ....................... ............. ....... ........... ............. ....... ....... 23 LOCAL AGENCY INVESTMENT FUND ADMINISTRATIVE EARNINGS (COST) kPERCENTAGE OE . w ix (I,NDING �GS (COST} . �!s,;+3aat'`",a��x.? .4,s.ieiss<. : , •a.x:' y-- ;9.ur,m' ,, x>:. :,. a..n.. ::a,...z... >. 3 a� . <r .> 09/30/90 0.20 12/31 /90 0.25 03/31 /91 0.21 06/30/91 0.25 09/30/91 0.25 12/31 /91 0.23 03/31 /92 0.25 06/30/92 0.22 09/30/92 0.23 12/31 /92 0.25 03/31 /93 0.25 06/30/93 0.26 09/30/93 0.23 12/31 /93 0.27 - 03/30/94 > 0.26 06/30/94 0.25 09/30/94 0.27 12/31 /94 0.26 03/31 /95 0.26 06/30/95 0.19 09/30/95 0.23 12/31 /95 0.25 3/31 /96 0.23 6/30/96 0.19 9/30/96 0.22 The law provides that reimbursements cannot exceed one-half of 1 percent of the EARNINGS of the fund per quarter. Listed above is the percentage of earnings (costs) per quarter. 24 HOW TO CALCULATE QUARTERLY EARNINGS & APPORTIONMENT Following are three examples of how the apportionment of quarterly earnings is computed, based on 6/30/96 quarter -ending portfolio information. The first example simply equates the information to a mathematical formula used to compute the earning rate for the entire pool. The formula is a true yield annualized calculation, which is also adjusted to reflect leap year, when necessary. The second example, using the information derived from the portfolio and verified by calculation, breaks the numbers down to a LAIF percentage par- ticipation. As of 6/30/96, the LAIF balance represented 38.56432654% of the total pool. The third example carries the breakdown further to reflect the individual par- ticipation, earnings, and apportionment of a single account in the LAIF. The process of determining the weighted deposits, as well as the final dollars cred- ited, is outlined and adjusted to reflect any appropriate charges. 25 QUARTERLY EARNINGS & APPORTIONMENT (POOL) D = Number of days in the quarter E = Interest income ± sales gain/loss B = Average quarterly book total R = Quarterly earnings rate Quarterly earnings calculation [E/D x *365]/B =R (*366 in a leap) For example purposes, figures for quarter .ending 6/30/96 will be used throughout as follows: D=91 E = 3831,44010553.06 + 1705705.67 = 383,611,258.73 B = 271903,5922062.85 R= 5.529310 or stated as a formula: [383,611,258.73/91 x 366]/27,9031)5921)062.85 = 5.529310 * Actual Apportionment Rate is figured after charges have been subtracted. The subtraction of charges results in the 5.518751% apportionment rate reported 6/30/96 for LAIF. 99 QUARTERLY EARNINGS & APPORTIONMENT (AIF) Dollar days of pool = Book value x # of days in the quarter 27,903,592,062.85 x 91 = 225391)22628773,719.08 2,539,2262877,719.08 dollar days = 100% of pool LAIF is 38.56432654% of the pool = 979,235,744,667.88 dollar days D = 1 (Since the book value has been converted to 1 dollar day) E = 38.56432654% x 383,611,258.73 = 147,937,098.46 (Less charges) B = 9793,2352744,667.88 (1 Dollar day) R = 5.529310 (Less charges) or stated as a formula: [E/D x 3 66]B = R [ 147,93 7,098.46 x 366]/979,235,744,667.88 = 5.5 293 10 (Less charges) 27 QUARTERLY EARNINGS & APPORTIONMENT (LAIF/PARTICIPANT) AGENCY: ABC Sanitation District Beginning Balance: 04/01/96 3,5752000 04/09/96 311982000 04/28/96 426232000 05/02/96 520003,000 06/02/96 429252000 06/19/96 5,0002000 Ending Balance: 520002000 04/01/96 - 04/09/96 04/09/96 - 04/28/96 04/28/96 - 05/02/96 05/02/96 - 06/02/96 06/02/96 - 06/19/96 06/19/96 - 06/30/96 inc D=1 8 Days x 3,575,000 = 19 Days x 3,198,000 = 4 Days x 4,623,000 = 31 Days x 5,000,000 = 17 Days x 4,925,000 = 12 Days x 5,000,000 = 91 Days 281600,000 Dollar day 60,7621)000 Dollar day 181)492,000 Dollar day 155,0001000 Dollar day 833,7252000 Dollar day 60,000,000 Dollar day 406,5793000 Dollar day E = .0004152003 x 147,937,098.46 (% of LAIF x LAIF earnings) _ 61,423.53 (Less charges) B = 40615792000 (1 Dollar day) R = 5.529310 (Less charges) [61,423.53/1 x 366]/406,579,000 = 5.529310 (Less charges) 28 LAIF CHARGES Total charges for LAIF for the quarter were 282,497.00. ABC Sanitation District is .04152003% of LAIF. ABC Sanitation District = .0004152003 x 2821,497.00 = $117.29 share of charges. Apportionment will reflect this charge. ABC Sanitation District computed earnings = 61,423.53 Less share of charges =-117.29 Apportioned earnings = 61,306.24 Computed earning rate 5.529310 Less 117.29 charges Actual earning rate 5.518751 29 W — a z Z O W D J O O 0. F- Z W W Z O W (1) Z O 0. U) W EL Q .J 0 w 0 w CO w CO w w w w c- U) a) U O O1 E O a c O E o G N > o c � c 2 Q E w O E '.. y C :- E +, a E L a 3 o L 3 C U •C N 4) > c� 'fl L N •O a •. E o o cc o * co C m — E cN E w W 75 o a O 0 0 cc � 00 o a c U cc co •- �v O a� .6 w E 3 'x 0 O E a� a) U v N L N N M Q O c O co O A d cc •o � L c N a a O ` � L O N '0 O (UC N O O O c co co E E a� 3 Z 0 0 0 0 m m c v c L o o o o w a O o U N O .r c O aD -C 0 co E _ o a E L a� m E c 0 a c v cca a c 0 cc 0 to L 3 ° o ... 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E 0 �- s v a E c c o E cca `+ o o o. c E s N E c �. o r 3 o v a m 0 0 3 Z 0•- C- y j 0 N 'gin N 0 E 3 `- 'ao N - � L aai W "— °� -+c-, c 0 N c c � _ 3 CL '� N cr .0� ca E o coo E � E � E N ,a 0 o a a 0 a� E .x .0 E cv c c c co 0 •� "v - a m c c v c� c� 0 a E o r c cc > E > E a v = as c`a o E .r E rE E - c 0 ... 0 Z aLcai a. 00c o Qt 0 .oco •c— •cn— i x E a ." sa .. o L s . o &. O c oo co O N cv CV > N C7 et to 33 W w R Z z O U W D J O O IL Z W I — CO W Z O W U) Z O IL U) w U) EL R J d_ c N c c _ N E 3c a�co :° Z t >• > 00 30 N N O v � N ) — cw co n. a�i w. L Z 3> � �° o v 0 o y 0 g co rn v�i o �� '� NY .L c C '.0 C K N° E E ,c c 0 m t C .o W 0 cd c �a E '3 c `L Z 3 0 o `� co co o 0 t :o 0 N co w 0 of • o v 4) ° :r N .L c c 0 co a 'v 0 w _ 0 .E ' N c 0 O N O 0 � 0 _ c.i Z O co 0 0 z z z Cl) Cl) O W W W o W z H cam, Z N a w 3 � 0 Z c co D N O mC11- Q CL L N 0 O .° a 3 0 N a LU Z O �' o 1.0 -`v 0 c o _ c N ;, o W >+ 3 c N co N N ? '!a c co a 0 cc m Ch •c E o cw e � 3 o O Z c a m E 0 v 0 a 0 0 w C w�`",, � 0'° 3 H E E aci _ 0 C N o a 3 o w o 0 0 0 0 co U 0 0 N V o " E O a 0 c a (A N cc 0a. L L V 0 N 0 cco 0 Z cd U m c it cc ti o0 of r- T" 34 DISCLOSURE STATEMENT PORTFOLIO HOLDINGS: DERIVATIVES STRUCTURED NOTES, AND ASSET -BACKED SECURITIES The Treasury Investment Division has 'received a number of inquir- ies concerning our various portfolio holdings. Questions involving structured notes, derivative products, and asset -backed securities are the most notable. We have found that the lack of acceptable defini- tions regarding these financial products has led to confusion and disagreement with our reported positions. In an effort to clarify the information provided in our monthly state- ments, we would like to share with you our understanding of these financial products, as defined by the U.S. General Accounting Office (GAO) . In a recent survey of sales practices for these financial products the GAO provided definitions and examples of what they considered 1) plain vanilla OTC derivatives, 2) more complex OTC derivatives, 3) structured notes, and 4) asset -backed securities. Following are the GAO definitions, as well as the State of California Treasurer's hold- ings in each category as of September 1, 1996: 35 * 1. Plain Vanilla OTC Derivative Products A derivative product is a financial instrument whose market value is de- rived from a reference rate, index, or value of an underlying .asset. OTC deriva- tives are privately negotiated contracts and are not traded on organized ex- changes. U.S. $ 0 As of: 09/01/96 *2. More Complex OTC Derivative Products Other more complex OTC derivatives have at least one of the following characteristics: a. Their prices tend to be difficult to obtain because they are often available from only a few dealers. b. The payments required by the derivative contract are calculated on the basis of more than one interest rate, currency, asset, or other factor. C. The derivative contract has terms that are not determined until some future date. d. The contract involves a term that acts as a multiplier or increases the leverage of the rate(s) used to compute payments. e. The contract CAN entail potentially unlimited risk. U.S. $ 0 As of: 09/01 /96 * The Pooled Money Investment Account Portfolio has not invested in, nor will it invest in, Derivative Products as defined in General Accounti4g defini- tions #I & #2. The GAO separation of derivatives, structured notes, and asset - backed securities is consistent with GASB 94-1. 36 3. Structured Notes Structured notes are debt securities (other than asset -backed securities) whose cash - flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options. They are issued by corporations and by government -sponsored enterprises such as the Federal National Mortgage Association and the Federal Home Loan Bank System. U.S. $1,100.72 million As of: 09/01 /96 4. Asset -Backed Securities Asset -backed securities, the bulk of which are mortgage -backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortMes (such as CMOs) or credit card re- ceivables. U.S. $325.167 million As of: 09/01 /96 Securities Accountability 1) Vanilla Derivatives 0 2) Complex Derivatives 0 3) Structured Notes a. Callable Agency $ 64.970 million b. 3 month LIBOR Agency Floater $ 455.000 million C. 3 month LIBOR Corporate Floater $ 554.500 million d. 2 year CMT Corporate Floater $ 26.250 million 37 4) Asset -Backed a. Small Business Association Pools $ 123.471 million b. Agency CMOs $ 163.749 million C. GNMA Pools $ 4.059 million d. FHLMC PC Pools $ 33.888 million Total Portfolio As of: 09/01 / 96 $2 7,178,64 3,2 61.84 Financial Products as a percent of portfolio: 5.24 6% 38 Is The Pool Insured? It is important to recognize that there are two applications of this question. There is no insurance applied to individual securities, sectors 'of the portfolio, or the portfolio in general. However, due to the character- istics of the PN 1A portfolio, credit risk is minimal. Often insurance is considered a less expensive way of maintaining credit quality, i.e. insuring a single A bond to bring it to a AAA rating is less expensive than buying the AAA bond outright. Certain provisions regarding trigger mechanisms for policies to become effective are judged to be improbable. One such provision is the requirement that all invest- ment earnings be exhausted before insurance coverage becomes effective. The State is self -insured. Any claim against the portfolio would go to the Board of Control. Any fraud assertions would be heard by the Attorney General's office. Any judgment awarded would be appro- priated by the Legislature. Risk management controls at third -party designated depositories provide insurance coverage through a combi- nation of blanket bonds and all-risk policies. Since by custom all PNIIA investments are domiciled at third -party depositories, losses on these securities due to fraudulent acts or lack of fidelity by officers or employees of these institutions are insured. Risk management con- trols cover losses ranging up to $500 million, depending on the incident. 39 AUDIT PROCESS The State Treasurer's Office is audited by the Bureau of State Audits on an annual basis. The resulting opinion is included in the subse- quent Pooled Money monthly report following its publication. The Bureau of State Audits also has a continuing audit process throughout the year. All investment and LAIF claims are audited on a daily basis by the State Controller's Office as well as an in-house audit process involving three separate divisions. 40 cd y .0 p ° ° o o N U F� o °�, c w � V 0 0.) W � . r +- Q ° . r-a y°, y ' �,, a a O > "d t�. O° .� >, • ~ ►-a�.o3 ° V UTs�ch E-4 ��,cd U)Caa� CH •� v o a� ,o �; cd A t�. '' .d c+•+ Cd M�.� 0 0 u,Q.ca O �ca O ••cis '3 o y�0•W en N 3 �. ;.w>w'' �. �"'' ��•� Uw cd t Cl 6, • y a�0 OU "E cii Cif CIS a cc3 a v ►.� � ♦. PC00 or- 65 y 0 N .� b d cis ° U °' $ e a� w U N c = i o W V � E� -v U d a� b C ,> cof V. Cd rA cd U ca R y > O cis ca r-+ �..a U ° C 41 C cl • o in, O A 0 7-0 .> W 4-b > 0 4 r� V� U > N U •> •0 0 0 ,a A • rA U cd H b r a -0 V +� as H VoCd Cl* PIZ�0Cd.o t= U •c,* •> V > cd A C6 'C13 w o ,ocd cd 0 0 CO) '>rA bo O •fi�,� O b O c 0 � Q., O co � � a • (.+0 U cd 0 c � o � cd • Cd O U 404 U r . O N G4 O � Z � cd U w � O a b � Cis � U U � cd .`� O U ''� a 'cis •1�4 42 , How to Participate in the Local Agency Investment Fund Before any deposits will be accepted, the local governmental agency must file with the State Treasurer a resolution and bank authorization form which will contain the following: 1. Name, address, and telephone number of agency. 2. A statement that the agency agrees to deposit or withdraw money in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein. 3. The names and titles of the officials authorized by this resolution to order the deposit or withdrawal of money in the Local Agency Investment Fund. 4. Resolution number and date passed by the governing body. 5. Signature (s) of the person (s) authorized to sign resolutions. 6. Banking information signed by a person authorized on the resolution. 7. Seal of the agency if one is usually affixed to resolutions. Deposits or withdrawals must be in multiples of one thousand dollars ($1,000) ; minimum transaction size is five thousand dollars ($5,000) -and a cap of $20 million per account. Bond proceeds also have a five thousand dollar ($ 5,000) minimum with no cap. Ten transactions are allowed per month for each regular account. Deposits and withdrawals count as separate transactions. The LAIF provides each participating agency the following monthly reports: • Agency Statement of Activity • Valuation of Pooled Portfolio • Selected Investment Data of Pooled Portfolio • Report of Monthly Activity of Pooled Portfolio A Maturity Schedule of the Pooled Portfolio will be provided quarterly. 43 Bond Proceeds In addition to a regular account, a participating Agency may open a Bond . Proceed account. There is no maximum on the amount of bond proceeds that may be deposited. Each bond issue is given a separate bond identification number, and has its own 30 day maturity. How to Open a Bond Proceed Account- After verification that an Agency has a regular LAIF account established, an Agency may make application to deposit bond proceeds by completing and submitting a bond proceed application with an Official Statement for each bond issue to be deposited. LIQUIDITY Bond proceeds may be withdrawn every 30 calendar days from date of deposit. If 'the maturity date falls on a holiday or weekend, the withdrawal date will move to the next business day and each 30th calendar day thereafter. Trustees - Trustees may open an account for a participating agency for the purpose of depositing bond proceeds. These accounts are opened and maintained by the trustee. To open a trustee account, an agency must first establish a regular LAIF account, and must submit a Trustee Bond Proceed Application signed by the agency, a bank signature card signed by the trustee, and an Official Statement for each bond issue. 44 Procedures for Deposits and Withdrawals for LAIF The authorized government official or trustee must notify, by telephone, the LAIF at (916) 6 5 3 - 3001 and provide the following information: ♦ LAIF Pin Number ♦ LAIF Account Number ♦ Name of Agency ♦ Transfer Date ♦ Transfer Amount ♦ Deposits - Bank Withdrawals - Bank and Account Number ♦ Correspondent Bank When Applicable ♦ Transfers will be processed only through banks authorized by the agency in writing and currently on file with the State Treasurer's Office. ♦ Telephone calls must be received by the LAIF by 9:30 a.m. to receive same day credit for deposits or withdrawals. Telephone calls received after 9:30 a.m. will be for the next business day's credit. ♦ The authorized government official or trustee will instruct their local bank to transfer to and/or receive funds from one of the following banks: Bank of America Union Bank of California Sanwa Bank U.S. Bank ♦ To keep lines available for daily transfers, please make telephone calls which pertain to rates only, account balances and/or general information after 10:00 a.m. ' t 45 Checklist for Transfers Office hours same day credit 7:30 a.m. - 9:30 a.m. Daily batch processing 9:30 a.m. - 10:30 a.m. Office hours next business day credit 10:30 a.m. - 4:00 p.m. Transactions may be made up to 10 days in advance. A transfer must be made by an authorized person prior to the transfer of funds by telephoning LAIF at (916) 6 5 3 - 3001. What an authorized person will need to complete to a transfer: LAIF Pin Number LAIF Account Number Name of Agency Effective date of Deposit or Withdrawal Amount of Deposit or Withdrawal Originating Bank or Account Number What an authorized person will need for their records: Name of person at LAIF who took Deposit or Withdrawal Date and time telephone Deposit or Withdrawal was done Effective date of Deposit or Withdrawal LAIF Confirmation Number Name of person at originating or receiving bank you spoke with after LAIF was telephoned 46 z V 44 OF THE INVESTMENT ADVISORY BOARD Meeting Date: TITLE: LAIF Questionnaire BACKGROUND: December 11, 1996 Correspondence and Written Material Item D At the November 19, 1996 City Council meeting, staff was instructed to bring this item back to the Investment Advisory Board as a separate discussion item. ' Included in this staff report are two attachments in which this item was part, but not a separate item for the Board to consider. Distribution of Investment Policies for Fiscal Year 1996/97 (Attachment 1) and The Local Agency Investment Fund (LAIF) Answer Book (Attachment 2). Both of these attachments were reported as information items. This item has been placed as a Correspondence & Written Material Item at this time. In addition, Attachment 3 entitled Monthly Comparison of LAIF balance to total cash and investments are presented as additional information. In preparation for this item, I spoke with Pat Beal, LAIF Administrator on December 4, 1996. She stated that the answer book has been updated and is currently being printed. It is scheduled for distribution in two weeks. Staff will distribute this book to the Board in its agenda packet as soon as it is available. I asked Ms. Beal if any changes had been made to the LAIF questionnaire since it was last given to the City. She stated there were two changes which are as follows: 1) The market value is now given monthly instead of quarterly; and 2) One or more day notice is required for withdrawals of $10 million or more in funds. Attachment 4 are the 1996 State Legislative wrap-up Bulletin pages 13 through 18 from the League of California Cities. Of specific importance is Item 27 which states in part that - AB 1 197 Prohibits the transfer or loan of Local Agency Investment Funds to the State General Fund. RECOMMENDATION: After discussion, provide staff with further direction. ohn M. Falconer, Finance Director tj000' ATTACHMENTS a ATTACHMENT NO. 1 sTait 4 M�INW OF TNT INVESTMENT ADVISORY BOARD MEETING: July 10, 1996 INFORMATIONAL ITEM: A ITEM TITLE Distribution of Investment Policies for Fiscal Year 1996/97 On June 20, 1996 the City Council approved the Investment Policies for Fiscal 1996/97 which are attached. In addition the Council requested a copy of the LAW Questionnaire which has also been attached. Receive and File. Approved for submission to the Investment Advisory Board: On M. Falcdner nance Director 00e0( MEMORANDUM TO: The Honorable Mayor and Members of the City Council FROM: John Falconer, Finance Director DATE: June 19, 1996 RE: LAW Questionnaire At the June 18, 1996 City Council Meeting, the Fiscal Year 1996/97 Investment Policy was discussed. During the discussions, the City Council requested a copy of the LAW questionnaire which has been attached. Included with the Questionnaire is an analysis prepared by staff. If you should have any questions, please feel free to call me. Thank you. JF:pjs MEMORANDUM TO: John Falconer, Finance Director FROM: John Risley, Accounting Supervisor DATE: January 31, 1996 RE: LAIF Investment Pool Questionnaire LAIF has supplied answers to your questionnaire in all instances except for the following: Page 11-SECURITIES-Item no 4: Does the pool contain only the types of securities that are permitted by your investment policy? LAIF did not respond because this question pertains to our Investment Policy and they would need to know what types of securities our Inv ent Policy prohibits before they could comment. o G Page 12-REPORTING-Item no 3: Is the yield generally in line with the market yields for securities in which you usually invest? LAIF did not respond because this question pertains to our investment market yields as compared with their market yeilds and they don't know whatta8 o yields are. 0 Page 12-REPORTING-Item no 4: How often does the pool report, and doeslletZrt include the market value of securities? LAIF answered this question on page 2, item 8 and page3, item9a of their responses. The pool reports quarterly and the report contains market values. 0 Page 12-SECURITY-Item no 7: Does the pool have specific policies with regards to the various investment vehicles? LAIF answered this question for repurchase agreements only. LAIF does not ve an answer to this specific question in their responses. ff' Page 13-OPERATIONS-Item no 9: Can withdrawals be denied? Vo �,coly%t LAIF answered this question on page 4, item 8. Funds are 100% withdrawable at any time. Question item no 10 encompasses question item no 9. Ns e, Po e s wele,6( ow 36#w6 ?oeo ceeS)f ct ohs �l/a a ✓� Q�l a G Go v,✓ '� :� 8 �e • d ja :�9e cl -11s:) woes at : IT 96e :--►ltd: I t C �aZa� am �w 1 ti0 ' d TOTT 98 WGos ©T : ZT %6T-6Z-tJbL' 4 4 4IWO t 96 01 d I dl d3 t-St-3dl 15 d I "1� WCkW t t : Lt 960 t -EZ-NU 7791 90•d to:ll.),,..- T98 Oi I d1 a3arft. 3tu ' i5 .111t+": ►JGd� t t : L t 966 t -6�-r : ATTACHMENT NO. 2 V S OF TNT' 4 (41firswWw INVESTMENT ADVISORY BOARD MEETING: May 8, 1996 Information Item B 0:1 ,711111[niq The Local Agency Investment Fund (LAIF) Answer Book Attached please the Investment policies and other information that was provided to Chairman Lewis, Board member Osborne and myself at a round table discussion conducted by LAIF at the Treasurers Conference. While at the conference, Board members and staff asked the following questions: Matt Fong, State Treasurer was asked whether or not LAIF would consider being rated by Moodys or Standard and Poors at a luncheon in which he replied that they would not. Later in the day, another Treasurer asked Pat Beal, LAIF Administer to explain LAIF's position. Pat Beal stated that they have met with the rating agencies and do not believe they need to be rated. Pat Beal, LAIF Administer and Bill Sherwood, Chief Investment Officer were asked if Wells Fargo would obtain a LAIF account which would reduce the paper staff must do to transfer funds to LAIF. Wells Fargo and LAIF staff at the round table discussion indicated a willingness to work toward opening an account within the next two to three months. Pat Beal, LAIF Administer and Bill Sherwood, Chief Investment Officer were asked about the maturity levels maintained by LAIF. Bill Sherwood stated that LAIF has adopted an investment strategy that would maintain a average maturity of between six months and a year and a half. LAIF was asked if a chart could be included in the Answer Book that would give a historical listing of the average maturities by month. Pat Beal, LAIF Administer and Bill Sherwood, Chief Investment Officer were asked why LAIF would enter into reverse repurchase agreements. Bill Sherwood stated that this was done to enhance yield and generated annually between $2 - 15 million in earnings to the outlined the policies that were followed were in accordance with the policies in the answer book. For additional information on LAIF in this agenda please see In ormational item C. Approved for submission to the Investment Advisory Board: :)hn M. Falconer inance Director THE LOCAL AGENCY INVESTMENT FUND ANSWER BOOK AV FOR G( BY I J March 1996 C0 Al TABLE OF CONTENTS II. BOARD MEMBERS................................................................ III. PARTICIPATIONATA.R'i', 196.................. "2 +' 7 C. IV. • SLLECTI-E A ,i•••itw.••ilw •.i.•••••.p �1�lRiili•i i •••••• v. V. OF K•ate- } a ).•••••.••Ri•••••.••.••••••w.f...tl�llN•w11•t'•.. y _ � a.,,+- ,..�- . :nit *c �; u `a. x .' .• ?� � '� , +� i4 * •�aM'v'i i • n .}+ Z •� � u' 4 . ,� L•!vw R sr w ,7 r� ' a„y � ,3, • r s� a "<6t � a •; r * f � 4 �' 'i�' � �'F.Yr��i ,� a ` ;,�� t y tv �: � u ivy, ,',`•- .r � � � ;�zew-ty VIL j J a t � r+� fir; �C!C'4a-,+s�tr•'�!! 7 � �' r e .+ :+ "'�° �. w,S' � � �5�" ��aw�'S ••+F. �M;F�i �' � Rt'dr�x ti{ � .. 3 � 'a. Y i>_ 9` � +- � S'� A'�'Y'' . ... - " .. �•• � y,:,� .� 1�Y;i;:;e3y! :l 1 .. J':F. '.i _Q �'! . , _. `�:Ir =�, ° , �• r ._ . XI. POOL QUESTIONNAIRE...................................................... XII. DISCLOSURE STA................................................. fir- 21 22 23 28 33 XIII. LAIF PROCEDURES...................................................... t....... 37 CG nn ♦. 04 THE FUND THE LOCAL AGENCY INVESTMENT FUND The Local Agency Investment Fund (LAIF), a voluntary program, created by statute, began in 1977 as an investment alternative for California's local governments and special districts and continues today under Treasurer Matt Fong's Administration. The enabling legislation for the LAW is Section 16429.1,2,3 of the California Govern- ment Code. This program offers participating agencies the opportunity to participate in a major portfolio which daily invests hundreds of ions of dollars, using the investment expertise of the Treasurer's Office Investment staff at no additional cost to the taxpayer. This in-house management team is comprised of civil servants who have individually worked for the State Treasurer's Office for over 20 years. The LAIF is part of the .Pooled Money Investment Account (PMIA). The PM[A began in 1953 and has oversight provided by the Pooled Money Investment Board (PMIB) and an in-house Investment Committee. The PM1B Board members are the State Treasurer, Director of Finance, and State Controller. The LAW has oversight by the Local Investment Advisory Board. The LAIF Board consists of five members as designated by Statute. The Chairman is the State Treasurer, or his designated representative. Two members qualified by training and experience in the field of investment or finance, and two members who are Treasurers, finance or fiscal officers or business managers, employed by any County, City or local district or municipal corporation of this state, are appointed by the State Treasurer. The term of each appointment is two years, or at the pleasure of the appointing authority. All securities are purchased under the authority of the Government Code Section 16430 and 16480.4. The State Treasurer's Office takes delivery of all securities pur- chased on a delivery versus payment basis to a third party custodian. All investments are purchased at market, and market valuation is conducted quarterly. 1 Additionally, the PMIA has Policies, Goals and Objectives. for the portfolio to make certain that our goals of Safety, Liquidity and Yield are not jeopardized and prudent management prevails. These policies are formulated by investment staff and reviewed by both the PMIB and the Local Investment Advisory Board on an annual basis. The State Treasurer's Office is audited by the Bureau of State Audits on an an- nual basis. The resulting opinion is included in the subsequent Pooled Money monthly report following its publication. The Bureau of State Audits also has a continuing audit process throughout the year. All investment and LAIF claims are audited on a daily basis by the State Controller's. Office as well as an in-house audit process involy- ing three separate divisions. It has been determined that the State of California cannot declare banicruptcy under Federal regulations, thereby allowing the Government Code Section 16429.3 to stand. This Section states that "money placed with the state treasurer for deposit in the LAN shall not be subject to impoundment or seizure by any state official or state agency." The LAIF has grown from 293 participants and $468 million in 1977 to 2,366 participants and $10.2 billion in 1996. CC,C'IQ, ;.6 2 BOARD MEMBERS THE LOCAL AGENCY ADVISORY BOARD THE POOLED MONEY INVESTMENT BOARD Chairman: State Treasurer Chairman: State Treasurer Matt Fong Matt Fong Designated Chairman: Patricia A. Beal Member: State Controller Administrator Kathleen Connell Local Agency Investment Fund Member. Director of Finance Current Craig Brown Board Members: Peggy Eckroth Executive Vice President Autumn Capital Investment Services Patricia Elliott Manager, Financial Resources Eastern Municipal Water District Karen Hornung City Treasurer City of San Bruno Les Wells Vice President Investment Division The Bank of California 3 rP.nn.4`� k- Ly 4..: ... 1 LOCAL AGENCY INVESTMENT FUND Participation as of 3/31/96 2,389 Agencies 109 TRUSTEES 100 BONDS 52 COUNTIES 5% 4% 2% 1669 DISTRICTS - 70% 459 CITIES 19% ■ 52 Counties 0 459 Cities ■ 1669 Districts ■ 109 Trustees ■ 100 Bonds n CC,n(l11Is MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in March 31, 1996 Percent From Type of Security Amount, Percent Previous Month Governments Bills 21459,817 8.30 - .45 Bonds 0 0 0 Notes 51891,908 19.87 - .65 Strips 846,551 2.85 - .22 Total Governments 90198,276 31.02 - 1.32 Federal Agency Coupons 965,130 3.26 - .22 Certificates of Deposit 4/130/828 13.93 - 2.51 Bankers Acceptances 256,867 .87 - .14 Repurchases 198,100 .67 - 2.40 Federal Agency Discount Notes 1,350,853 4.56 - 1.76 Time Deposits 365,995 1.23 - .13 GNMA,1s 4-,824 .02 0 Commercial Paper 71789,833 26.27 - .79 FHLMC 37,373 .13 - .01 Other 0 0 0 Corporate Bonds 11902,278 6.42 - .79 Pooled Loans 843,409 2.84 + .06 Reverse Repurchases -725,852 -2.45 + .26 GF Loans 31331,000 11.23 + 9.75 Total, All Types 29,648,914 100 5 NOTES TO MONTHLY SELECTED INVESTMENT DATA Reverse Repurchase - The temporary sale of owned securities, with the simultaneous agreement to repurchase the same securities at a predetermined cost and rate on a specified future date. The Pooled Money Investment Account from time to time enters into Reverse Repurchase Agreements with major pre -approved securities dealers. The intent is to earn incremental interest for pool partici- pants. Because it is viewed as incremental, earnings derived from reverses are never projected or anticipated. All reverses are in compliance with Government Code Sec. 16480.4, and are further discussed in the Treasurer's Statement of Investment Policies, Goals and Objectives. AS 55 Loans - Named for Assembly Bill 55, these loans are made from the Pool to state agencies which have pre -approved authority to issue bonds for specific projects. The AB 55 loan program allows an agency to borrow money for up -front and progress expenses when funding a specific project. Toward the end of the project construction, the already approved bond issue is brought to market, the proceeds of which are used to pay off principal and interest due on the AB 55 loan. This method eliminates the need for an arbitrage tracking system, had the bonds been sold "up front." The maximum term for AB 55 loans is 364 days, with many retired earlier. General Fund Loans - Loans made by the Pool to the General Fund in anticipation of evening out cash flow, The average life of these loans is well below 30 days. Unlike the on -going AB 55 loan program, General Fund loans are much more infrequently requested. Both AB 55 and General Fund Loans have the following characteristics: 1. Amount available for loans is determined by the State Controller and EXCLUDES certain trust monies, such as LAIF balances, Z. LAIF participants do share in the interest income paid to the Pool on each loan balance; 3. The decision to approve these loans rests in the authority of the Pooled Money Investment Board; 4. A predetermined maximum total loan balance is capped as a specific percentage of identified borrowable resources as determined by the State Controller. 5. No surplus monies may be loaned if such a loan would inhibit carrying out the purpose for which the monies were originally designated. 6. Since the granting of these loans is not an investment function, the loans (AB 55, GF) are not included in records of daily investment activity. 7. Since interest is commingled with other investment revenue, both AB 55 and General Fund loans are included in Selected Data Reports and portfolio accountability. 8. The total monies in AB 55 and General Fund loans are figured into the Portfolio book value when reporting portfolio size and yield SOURCE OF FUNDS Pooled Money Investment Account Surplus Money 39-R2%. as of 3/31/96 $29.649 Billion OTHER o General Fund .28 /o 0 22.29 /o Local Agencies 37.61 % 7 CoPOO, Office of the State Treasurer Approved by Treasurer Matt Fong on February 9, 1996 8 �f`rn��n7 STATE TREASURER'S OFFICE STATEMENT OF PORTFOLIO MANAGEMENT GOALS, OBJECTIVES AND POLICIES POOLED MONEY INVESTMENT ACCOUNT-PMIA .All state money held by the State Treasurer in Treasury trust accounts, and all money in the State Treasury,..... is appropriated for the purpose of investment and deposit as provided in article 4.5, Section 16480 et. al. of the Government Code. GOAL I. PORTFOLIO SAFETY/DIVERSIFICATION The pool will be managed to insure the safety of the portfolio by investing in high quality securities and by maintaining a mix of securities that will provide reasonable assurance that no single investment or class of investments will have a disproportionate impact on the total portfolio. OBJECTIVE: In addition to the safety provided by investing in high quality securities, the safety of the portfolio is enhanced three ways by maintaining a prudent mix (i.e., diversity) of investments: 1) Spreading investments over different investment types rrdnimizes the impact any one industry/investment class can have on the portfolio; 2) Spreading investments over multiple credits issuers within an investment type minimizes the credit exposure of the portfolio to any single firmrnstitution; and 3) Spreading investments over various maturities minimizes the risk of portfolio depreciation due to a rise in interest rates. An unforeseen liquidity -need allows no options if "all your eggs are in one basket PO: The portfolio shall contain a sufficient number and diversity of marketable securities so that a reasonable portion of the portfolio can be readily converted to cash without causing a material change in the value of the portfolio. Limitation and eligibility as to specific investments -are to be determined by the Pooled Money Investment Board in the case of Commercial Paper, the Treasurer's Office Investment Committee in cases of new dealer authorization and approval of new corporate investments, and the Treasury Investment Division in all other matters. GOAL IT. LIOUIDITY The pool will be managed to ensure that normal cash needs, as well as scheduled extraordinary cash needs .can be met.. Further, adequate liquidity shall be maintained to ensure the unforeseen cash needs, whether ordinary or extraordinary. OBJECTIVE: The pool will maintain a "cash flow generated" portfolio balance sufficient to cover specifically the one month prepared cash forecast, as well as generally February 9,1996 the six month prepared cash forecast. Further, sufficient marketable treasuries will be maintained to cover unforeseen withdrawals or delayed deposits. POLICY: First priority is given to maintaining specific calendar liquidity, as dictated by the most recent cash forecast. Second priority is the maintenance of Treasury Bill positions adequate to meet unscheduled needs and domiciled in the San Francisco Depository to facilitate rriid-day cash needs. Final consideration would be given to "Other" investments deemed appropriate to portfolio maintenance, enhancement, or restructuring. GOAL M. RATE OF RETURN Fooled investments and deposits shall be made in such a way as to realize the maximum return consistent with safe and prudent treasury management. OBJECTIVE: The rate of return will be maintained on a consistent level representative of current market yield direction. POLICY. Sales gains/losses will not be incurred to the point of radically altering the final quarterly apportionment rate. Significant sales gains will be offset for restructuring purposes to maintain consistent current return, as well as maximizing future portfolio performance. Significant sales losses shall be incurred only by consent of the Treasurer, or when sufficient profits negate the alteration of the apportionment rate. Fcange bonds and inverse yielding securities are examples of the types of investments which are precluded by the above stated objective. CONFORMANCE All of the foregoing goals, objectives and policies shall be observed -by the Chief of Investments or his designee, monitored by the Treasurer's Investment Committee, and reviewed continually by the Treasurer or his/ her assistant. February 9,1996 10 C G C 0 `) STATE TREASURER'S OFFICE STATEMENT OF PORTFOLIO MANAGEMENT GUIDELINES POOLED MONEY INVESTMENT ACCOUNT-PMIA The State Treasurer's Investment Division has set forth a general declaration of portfolio goals, objectives and policies. Following are various guidelines necessary to the good faith observance of these policies. I. GUIDELINES FOR MAINTAINING SAFETY/DIVERSIFICATION There are few statutory limitations placed on individual categories of authorized investments. However, this does not entitle the investment staff to "carte blanche" participation in these security types. In the absence of direct statutory limitations, the "Prudent ratan rule" shall be utilized by the investment staff. As market conditions • change, , altering credit risk, marketability, yield spreads, and securities availability, application of this rule shall govern any investment decision. This application shall be discussed as soon as time permits with the Chief of Investments. At the Chief of Investments determination, the situation may be discussed with the full investment committee or brought directly to the attention of the Treasury Management. Following are various considerations/limitations as they pertain to specific investment types: A. U.S. Treasury Securities 1) Maximum maturity: Statutory: 30 years. Policy: S years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: Full faith and credit of the Federal Government. Treasury Bills are maintained for liquidity, trading, and yield enhancement as the underlying security in a Reverse Repurchase transaction. Treasury strips and full coupon securities are purchased for average maturity preservation, liquidity, and trading. February 9,1996 . 11 B. Federal Agency Securities 1) Maximum maturity: Statutory: 30 years. Policy: 5 years. 2) Maximum par value, total portfolio: None. ' 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) ' Credit: Despite there being no statutory limitations concerning this category, prudent investment practice necessitates constant credit analysis of certain issuing agencies. Although there exists an implicit or explicit government guarantee of the various agency issues, market perception often limits the liquidity of these issues. C. Bankers Acceptances-DoniesticlForeign 1) Maximum maturity: Statutory: None. Policy: 180 days. (This maximum maturity is a criterion used to determine eligibility for purchase by the Federal Reserve. Our authority is based on the eligibility as deternnined by the Fed. However, since the Fed has discontinued its eligibility requirements and purchases, this criterion is no longer applicable. Currently, a majority of acceptances are created only for 180 days.) 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. 4) 5) Maximum par value per maturity: None. Credit: a) The history of the acceptance market is spotless on "Failures to redeem" This is true even though the years of WW II. b) Geopolitical location is of prime concern when considering potential candidates. Internal, as well as border political and economic stability of the host country are of prime concern. c) Liquidity as far. as both credit risk and marketability in the secondary level are addressed. February 9,1996 12 Co n r. d) Although statutory authority does not limit eligibility according to ranking or rating, previously listed general criteria eliminate lesser credits. D. Certificates of Deposits . 1) Maximum maturity: Statutory: None. Policy: 5 years. . 2) Maximum par value, total portfolio: None. 3) Maximum par value. per name: None. 4) Maximum par value per maturity: None. 5) Credit: a) Criteria concerning loan make-up, LDC exposure, geographic location, market perceptions, and financial condition all serve to eliminate lesser names. b) Liquidity as far as both credit risk and marketability in the secondary level are addressed. There must be a market for the name in which a least three major dealers will bid or offer at a given moment. • E. Collateralized 7"Ime Deposits 1) Maximum maturity: Statutory: None. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: Statutory: Shall not exceed the net worth of the institution. Policy: Same. 4) Maximum par value per maturity: None. 5) Credit: Institutions must be rated average or better, or above a "D' , by a recognized rating service utilized by the State Treasurer's Office (STO) Investment Division, and must pass a credit evaluation by the STO Staff which may include such criteria as geographic location, market perception, February 9,1996 13 loan diversity, management factors, overall fiscal soundness and the Community Reinvestment Act Rating of the institution. If, while holding a pool deposit, an institution is downgraded below acceptable levels by the rating agencies, the following steps shall be taken: a) Notify the Deposits Section to monitor collateral closely. b) Review financials and update credit report. c) Determine the appropriate plan of action which may include early termination of the time deposit, or allow the time deposit to mature. 6) Collateral must comply -with Government Code, Chapter. 4, Bank Deposit Law Section 16500 (et seq.). and the Savings and Loan Association and Credit Union Deposit Law G.C. Section 16600 (et seq.). F. Commercial Paper 1) Maximum maturity: Statutory: 180 days. Policy: •180 days. 2) Maximum par value, total portfolio: Statutory: 30% of the current portfolio. Policy: Same. 3) .Maximum par value per name: Statutory: 10% of outstanding Policy: Same. 4) Maximum pat value per maturity: None. 5) Credit: a) Rated "PKnie" quality as defined by a nationally recognized organization which rates such securities. b) Organized and operating within the United States. c) Have total assets in excess of five hundred million dollars (55009000,000). d) Approved by the Pooled Money Investment Board. February 9,1996 14 G. Corporate BondsWotes H. 1) Maximum maturity: Statutory: None. Policy: 5 years. 2) Maximum par value, total portfolio: None. 3) Maximum par value per name: None. ' 4) Maximum par value per maturity: None. 5) Credit: Securities eligible for investment under this subdivision must be issued by corporations (including banks) organized and . operating within the United States and shall be within the top three ratings of a nationally recognized rating service. Repurchases (RP) and Reverse Repurchase (RRP) 1) Maximum maturity: Statutory: None. Policy: 1 year. 2) Maximum par value, total portfolio: Statutory: None. Policy: RRP is limited to 10% of the current portfolio. 3) Maximum par value per name: None. 4) Maximum par value per maturity: None. 5) Credit: . a) Must have on file, a signed Security Loan Agreement and/or General Repurchase Agreement. (Repurchase Agreement may be either STO General Agreement or PSA Standard Agreement.) b) Reverses and reverse repurchases are only done with long established and/or well capitalized broker -dealers. The Reverse Repurchase Program is designed to augment the overall portfolio yield in a safe and prudent manner. It is not viewed as a tool with which to effect specific portfolio moves or plan major market strategy. The portfolio carries reversed securities at negative book and the re -investment at positive book. As a result, the reported size of the portfolio represents the true cash participation of its members. All reverses are cash matched either to the maturity of the re -investment or an adequately positive • cash flow February 9,1996 15 date which is approximate to the maturity of the re -investment. For example, if cash flow is positive on January 27 and negative on January 31, then the reverse may mature on the 27th, and the re -investment may be taken to the 31 st. Cash flow is evened out, and a positive spread is achieved. Only securities already held in the portfolio and unencumbered may be reversed. No item purchased against reverse will be used as a reversible security while the original reverse is outstanding (i.e., the STO does not leverage one liability with another). The against reverse re -investment will, be limited to maturities under one year, effectively limiting the appropriate securities to generic money market issues. Because of the role played by the Reverse Program in this office, customized or structured products* are not considered appropriate ire -investment candidates. All costs, earnings, and spreads are.fixed at the beginning of each transaction. II. GUIDELINES FOR MAINTAINING LIQUIDITY First priority will be the cash flow needs as reported on both the monthly and six month cash forecasts. These forecasts will be updated daily using the current investment input, as well as adjustment information provided by Cash Management personnel. Sufficient Treasury securities will be maintained for unscheduled cash needs. It has been determined that Treasury Bills having maximum maturity of 1 year will be used for this purpose. Domiciled in San Francisco, these securities are available throughout a great portion of the business day to meet most emergencies. Because of their Government guarantee, as well as the short maturity, the exposure to market risk is minimal. Due to the make-up of the portfolio participants, an average maturity of six to eighteen months will be maintained. III GUIDELINES FOR MAINTAINING RATE OF RETURN Always keep in mind the need to provide a consistent rate of return not only to the quarterly participants of the pool, but the longer term depositors as well. It is often the case that investments made with long term deposits create the base rate to the portfolio. Since sales gains/losses impact the portfolio on a quarterly basis, large gains/losses are to be avoided. Failure to offset either gains or losses proportionately would result in a saw- toothed apportionment rate history. For this reason, extreme positions or styles of trading are prohibited. An informal weekly meeting, with the Chief of Investments, Assistant Chief, and Investment Manager, will be held to discuss current investment philosophies and upcoming economic releases. Decisions of value and direction are made to accommodate the occurrence of all those events which might be considered reasonable and probable. Although securities trading is allowed for purposes of enhancing portfolio. return, specific limitations have been established to protect the portfolio rate of return: 1) Prior to taking a position, apparent value and size will be discussed between the Chief and Treasury Trader involved. February 9,1996 16 `'�'C30 2) During a "when issued" (W.I.) period our long position shall never exceed the amount we are willing to purchase: 3) Short positions will not be taken at any time. 4) Trading positions are to be reported daily to the Chief of Investments. 17 February 9,1996 CrCJ31 SUMMARY OF DIFFERENCES BETWEEN UPDATED AND PRIOR STO "GOALS, OBJECTIVES AND POLICES" FOR THE INVESTMENT OF FUNDS IN THE POOLED MONEY INVESTMENT ACCOUNT ' 1 {{{ �j�" � r 4r,S:C` }iff} �••�� rx`E y��:'C �` 4W:.y}�,• {�p�� r . "!. {-�iy � � �, r �': } • k f{'r . 1 � ::�.:•.r i;+j.v 'r :GC; }{ ,.Y,.�`}S�X�'„'11:p'ti.4?h?M^,:::$: r: "".?�.ti }x�$ 1 .: t. :.�i ., +�. r h .� r ... �' �{ ..: �..: N�. \� �'Oi {2�. • {.v �'' 5C!'•}.;:i'�y�+v� 1 } �.•.i �'.�.�y,�.." i J 3ir � n ?.'?.+''{�^ � 1 .•?. �: . •v,.>r . fir. �' ?.. 7CJ _ X� irk{{• }„ t r , : - • ' • ri. rrr x Goals Listed Rate of Return, first; Liquidity, Lists Safety/Diversification, first; second; & Diversification, third. All Liquidity, second; &.Rate of Return, . three goals were considered when third.. This listing more.accurately making an investment and safety has reflects our priorities. always been our number one concern. SafetyANversification Diversification emphasized Safety emphasized. Diversification just one source of safety. Rate of Return Must be consistent with current market Same. Specific examples of the types yield direction. of investments precluded by this provision (i.e., inverse yield securities and range bonds) are now included. 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Or 21 LOCAL AGENCY INVESTMENT FUND ADMINISTRATIVE EARNINGS (COST) QUARTER ENDING 09/30/90 PERCENTAGE OF EARNINGS (COST) 0.20 12/31 /90 0.25 03/31 /91 0.21 06/30/91 0.25 09/30/91 0.25 12/31 /91 0.23 03/31 /92 0.25 06/30/92 0.22 09/30/92 0.23 12/31 /92 0.25 03/31 /93 0.25 06/30/93 0.26 09/30/93 0.23 12/31 /93 0.27 03/30/94 0.26 06/30/94 0.25 09/30/94 0.27 12/31 /94 0.26 03/31 /95 0.26 06/30/95 0.19 09/30/95 0.23 12/31 /95 015 3/31 /96 0.23 The law provides that reimbursements cannot exceed one-half of 1 percent of the EARNINGS of the fund per quarter. Listed above is the percentage of earnings (costs) per quarter. CCCC36 M HOW TO CALCULATE QUARTERLY EARNINGS & APPORTIONMENT Following are three examples of how the apportionment of quarterly earnings is computed, based on 3/31/95 quarter -ending portfolio information. The example simply equates the information to a mathematical formula used to compute the earning rate for the entire pool. The formula is a true yield annualized calculation, which is also adjusted to reflect leap year, when necessary. The second example, using the information derived from the portfolio and verified by calculation, breaks the numbers down to a LAIF percentage par- ticipation. As of 3/31/95, the LAIF balance represented 32.05316110% of the total pool. The example carries the breakdown further to reflect the individual par- ticipation, earnings, and apportionment of a single account in the LAIF. The process of determining the weighted deposits, as well as the final dollars cred- ited, is outlined and adjusted to reflect any appropriate charges. 23 ^` 03'7 QUARTERLY EARNINGS & APPORTIONMENT j100L1 D = Number of days in the quarter E = Interest ,income + sales gain/loss B = Average quarterly book total R = Quarterly earnings rate Quarterly earnings calculation [E!D x *3651 I B = R (*366 in a leap year) For example purposes, figures for quarter ending 3/31/95 will be used throughout as follows: D=90 E = 38394049389.54 + 159,941.42 38325640330.96 B = 26293724042578.66 R = 5.775 or stated as a formula: (383,564,330.96/90 x 365] / 26,937,404,578.66 = 5.775* * Actual Apportionment Rate is figured after charges have been subtracted. The subtraction of charges results in the 5.760 apportionment rate reported 3/31/95 for LAIF. 24 QUARTERLY EARNINGS & APPORTIONMENT (LAW) Dollar days of pool = Book value x # of days in the. quarter 26,937,4043,578.66 x 90 = 21424336614121079.40 2,424,366,412,079.40 dollar days = 100% of pool • LAN is 32.05316110% of the pool = 777,086,071,718.09 dollar days D=1(Since the book value has been converted to 1 dollar day) E = 32.05316110% x 383,564,330.96 = 1223944,492.92 (Less charges) B = 777,086,071,718.09 (1 Dollar day) R = 5.775 (Less charges) or stated as a formula: [EMx365]/B=R [122,944,492.92 x 365] / 777,086,071,718.09 = 5.775 (Less charges) - 25 QUARTERLY EARNINGS & APPORTIONMENT (LAIF/PARTICIPANT) AGENCY: ABC Public Utility District Beginning Balance: 01/01/95 315752000 • 01/09/95 321982000 01/28/95 426239000 02/02/95 510001000 03/02/95 419252000 03/19/95 520001000 . Ending Balance: 520001000 01/01/95 - 01/09/95 8 Days x 3,575,000 = 2826009000 Dollar day 01/09/95 - 01/28/95 19 Days x 3,198,000 = 6097622000 Dollar day 61/28/95 - 02/02/95 5 Days x 4,623,000 = 23,115,000 Dollar day 02/02/95 - 03/02/95 28 Days x 5,000,000 = 140,000,000 Dollar day 03/02/95 - 03/19/95 17 Days x 4,925,000 = 83,725,000 Dollar day 03/19/95 - 03/31/95inc. 13 Days x 5,000,000 = 65,000,000 Dollar day 90 Days 40112021000 Dollar day D = 1 ' E = .00051629 X 122,944,492.92 (% of LAIF x LAIF earnings) _ 63,475.01 (Less charges) B = 401,2021000 ' (1 Dollar day) R = 5.775 (Less charges) . [63,475.01 / 1 x 365) / 401,202,000 = 5.775 . (Less charge) LAIF CHARGES Total charges for LAIF for the quarter were 315,423.00. ABC Public Utility District is .051629% of LAIR ABC Public Utility District = .00051629 x 315,423.00 = 162.85 share of charges. Apportionment will reflect this charge. ABC Public Utility District computed earnings = 63,475.01 Less share of charges = -162.85 Apportioned earnings = 63,312.16 Computed earning rate 5.775 Less 162.85 charges Actual earning rate 5.76 27, C 0 n �t .,041 W R z z O N W M ar J O O a z W H CO) W z O W CO) z o- a W w EL W H U W W )0. r= O m � 0 cc o N V m o co W W W W W m V 0 28 W ce. R z z O CO) C1 J O O a z W CO) W z O W CO) CO) a W X Vi LL 0�1 m cc vim.. y •C � � � r- ED..+ A � � N C• O fol..f O C O E m m $� ai •8 ... .:. � Z= U. O S O C z O C O N=« C N C C Com 12 a O m �o,��eO V� �� -a cc 930% O :C O .+ N C L 1 C 8 N 6 C W w m ,9 7>co m S O 0 co O N C ... N 4.0 N N •� N 2 C �Q .Z Nf m m O m co C 6.w « L ` 0 co C 3N O > z z as CO) co (1) c 39 z •y .r c N C N 2 r c�• �. m 3 c A o .�0 O � (am c � o .=c m •s `o w *� E N w 2 5 m oa 1 o m c m � O Z _ ... N CL as m as �p � V N m O W a H Q y.=to cm vi cm Cq H H = m 29 Cu,0'c43 W FAMM R z z O 1— U) W J O O a I- z W N W z O p W z O a W EL t� O � N 9 � O pNo O a0 O ? � y` z N E m 9,0 t P O Q cq 0 .. E cc N O O N c C t .., Z �aao �a o � zm «: m _ c1 U�•aa o°t°� E aunt c .. c _ c N m Nrr O r 0 0 "a�a � N �s � O �Or Q �+ CEO.� •C �i o N m 2 m C Q aQC� 00.0 Qavo O QE O v�c�mmo O z W W W W W W W ca W 0 o � m � g� O c m o O o z _ � m C 32 O .0.. �• 3 C !�• le C� z cc WE F o c $ $ o W c o 3 $ w c r pp Q 0 C c .Q 3 O 4i r H E m0 0- ,o N 21+ c o 3 m o O N O N a c . co r ° m _� c ' ui H G m m E .0 COC 2O !�• z C _ cc W c 3 O m co E N « co 0 a W C H m co F- ..o m ;; gO O O ~ ~ ~ O' W H m 0 c4 0 0 co Q O 0 � H A 30 �, �, �, . -f W Imbe R z z 0 W M J O O a F z W a 1— U) W z O F- W z O� a U) W w binl 'aE r E O 4 c E C( E z E z E ezo o v CO Q c E ;c E ;c d ccc (A.'t •� �' E E u mt� EC EE� Q H = N = O O m o ca��1!• E�� z Z z Z Z W W W C11- co c Col-m 39 c3t co o � �. 0 1 9 z .2 z o 0 as C H •y ; P .9 3 ce W cm.ems y H c > > c i c 2 �p 3 � N O C � � co _ $ E E E m CO0 .� C O c 0 H z — _ _ 0 0 0 0 0 0 O • ° CL 0 0 a ci c N o y N N vi f ! 31 C0�C45 W Q z z O H W d J O O a z W a W z O F- W z O a W w EL ii cc � b3: 204 cc Z C O N m oo Z as c �` E '' a ccc 0 c c m 3 E g . d -aQ ~° .a �4� He ° Cd uj e° E ci c 3 c 0 c c �° o w Q 4 mco E o°0:2f _ Q 0 0 0 z z z 0 z aka W Q 3 Q z c 3 O 3 a z .5� 0 0 o r c *� c e w W j' 3 ceo cv N c 40 a •; is - As G y o 3 $ W .3 .Y� co ° co co c o r m a� G H Q U m co ti oo a� ci � 32 v, - 4i DISCLOSURE STATEMENT PORTFOLIO HOLDINGS: DERIVATIVES STRUCTURED NOTES, AND ASSET -BACKED SECURITIES The Treasury Investment Division has received a number of inquir- ies concerning our various portfolio holdings. Questions involving structured notes, derivative products, and asset -backed securities are the most notable. We have found that the lack of acceptable defini- tions regarding these financial products has led to confusion and disagreement with our reported positions. In an effort to clarify the information provided in our monthly state- ments, we would like to - share with you our understanding of these financial products, as defined by the U.S. General AccountiM Office (GAO). In a recent survey of sales practices for these financial products the GAO provided definitions and examples of what they considered 1) plain vanilla OTC derivatives, 2) more complex OTC derivatives, 3) structured notes, and 4) asset -backed securities. Following are the GAO definitions, as well as the State of California Treasurer's hold- ings in each category as of April 1,1996: ' f'r` C4 33 * 1. Plain Vanilla OTC Derivative Products A derivative product is a financial instrument whose market value is de- rived from a reference rate, index, or value of an underlying asset. OTC deriva- tives are privately negotiated contracts and are not traded on organized ex- changes. U.S. $ 0 As of: 04 / 01 / 96 *2. . More Complex OTC Derivative Products Other more complex OTC derivatives have at least one of the following characteristics: a. Their prices tend to be difficult to obtain because they are often available from only a few dealers. b. The payments required by the derivative contract are calculated on the basis of more than one interest rate, currency, asset, or other factor. C. The derivative contract has terms that are not determined until some future date. d. The contract involves a term that acts as a multiplier or increases the leverage of the rate(s) used to compute payments. e. The contract CAN entail potentially unlimited risk. U.S. $ 0 As of: 04 / 01 / 96 The Pooled Money Investment Account Portfolio has not invested in, nor will it invest in, Derivative Pkoducts as defined in General Accoun&W defini- tions #I & #Z. The GAO separation of derivatives, structured notes, and asset - backed securities is consistent with GASB 94-1. 34 �•�C_ 3. Structured Notes Structured notes are debt securities (other than asset -backed securities) whose cash - flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options. They are issued by corporations and by government -sponsored enterprises such as the Federal National MortMe Association and the Federal Home Loan Bank System. U.S. $1 i100.72 million As of: 04/01 /96 4. Asset -Backed Securities Asset -backed securities, the bulk of which are mortgage -backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortMes (such as CMOs) or credit card re- ceivables. U.S. $297.129 million As of: 04/01 /96 Securities Accountability 1) Vanilla Derivatives. 0 2) Complex Derivatives 0 3) Structured Notes a. Callable Agency $ 64.970 million b. 3 month LIBOR Agency Floater $ 455.000 million C. 3 month LIBOR Corporate Floater $ 554.500 million d. 2 year CMT Corporate Floater $ 26.250 million 35 ��"0.19 4) Asset -Backed a. Small Business Association Pools $ 83.172 million b. ' Agency CMOs $ 171.782 million C. GNMA Pools $ 4.802 million d. FHLMC PC Pools $ 37.373 million Total Portfolio As of: 04/01 /96 $29,69495889156.39 Financial Products as a percent of portfolio: 4.707% .36 V I.J How to Participate in the Local Agency Investment Fund Before any deposits will be accepted, the local governmental agency must file with the State Treasurer a resolution and bank authorization form which will contain the following: 1. Name, address, and telephone number of agency. 2. A statement that the agency agrees to deposit or withdraw money in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein. 3.. The names and titles of the officials authorized by this resolution to order the deposit or withdrawal of money in the Local Agency Investment Fund. 4. Resolution number and date passed by the governing body. 5. Signature (s) of the person (s) authorized to sign resolutions. 6. Banking information signed by a person authorized on the resolution. 7. Seal of the agency if one is usually affixed to resolutions. Deposits or withdrawals must be in multiples of one thousand dollars ($1,000); minimum transaction size is five thousand dollars ($5,000) and a cap of $20 million per account. Bond Proceeds also have a five- thousand dollar ($5,000) minimum with no cap. Ten transactions are allowed per month for each regular account. CC,^C.51 37 Bond Proceeds In addition to a regular account, a participating Agency may open a Bond Proceed account. There is no maximum on the amount of Bond Proceeds that may be deposited. Each Bond issue is'given a separate bond identification number, and has its. own 30 day maturity. How to Oren a Bond Proceed Account- After verification that an Agency has a regular LAIF account established, an Agency may make application to deposit bond proceeds by completing and submitting a bond proceed application with an Official Statement for each bond issue to be deposited. LIQUIDITY Bond Proceeds may be withdrawn every 30 calendar days from date of deposit. If the maturity date- falls on a Holiday or weekend, the withdrawal date will move to the next business day and each 30 calendar day thereafter. Trustees - Trustees may open an account for a participating Agency for the purpose of depositing bond proceeds. These accounts are opened and maintained by the Trustee. To open a Trustee account, an Agency must first establish a regular LAIF account, and must submit a Trustee Bond Proceed Application signed by the agency, a bank signature card signed by the Trustee, and an Official Statement for each bond issue. 38 Procedures for Deposits and Withdrawals for LAIF The authorized government official or Trustee must notify, by telephone, the LAIF at (916) 65 3 - 3001 and provide the following information: ♦ LAIF Fin Number ♦ LAIF Account Number ♦ Name of Agency ♦ Transfer Date ♦ Transfer Amount ♦ Deposits - Bank and Branch Number ♦ Withdrawals - Bank and Account Number ♦ Correspondent Bank When Applicable ♦ Transfers will be processed only through banks authorized by the agency in writing and currently on file with the State Treasurer's Office. ♦ Telephone calls must be received by the LAIF by 9:30 a.m. to receive same day credit for deposits or withdrawals. Telephone calls received after 9:30 a.m. will be for the next business day's credit. ♦ The Authorized Government Official or Trustee will instruct their Local Bank to transfer to and/or receive funds from one of the following Banks: Bank of America Union Bank of California Bank of California U.S. Bank Sanwa Bank ♦ To keep lines available for daily transfers, please make telephone calls which pertain to rates only, account balances and/or general information after 10:00 a.m. 39 Checklist for Transfers' Office hours same day credit 7:30 a.m. - 9:30 a.m. Daily batch processing 9:30 a.m. - 10:30 a.m. Office hours next business day credit 10:30 a.m. - 4:00 p.m. Transactions may be made up to 10 days in advance. A transfer must be made by an authorized person prior to the transfer of funds by telephoning LAIF at (916) 653-3001. What an authorized person will need to complete to a transfer: LAIF Pin Number LAIF Account Number Name of Agency Effective date of Deposit or Withdrawal Amount of Deposit or Withdrawal Originating Bank or Account Number What an authorized person will need for their records: Name of person at LAIF who took Deposit or Withdrawal Date and time telephone Deposit or Withdrawal was done Effective date of Deposit or Withdrawal LAIF Confirmation Number Name of person at originating or receiving bank you spoke with after LAIF was telephoned 40 ATTACHMENT NO. 3 City of La Quinta Monthly comparison of LAIF balance to total cash and investments LAI F DATE BALANCE OCT 96 8,916,584 S PT 96 9,065,313 AUG 96 10, 580, 313 JUL 96 14,060,312 JUN 96 14,034,149 MAY 96 20,729,148 APR 96 19, 249,148 MAR 96 19,253,890 FEB 96 20,303,890 JAN 96 22, 394, 890 DEC 95 14,680,488 NOV 95 14,525,488 OCT 95 15,005,488 S PT 95 15, 087, 825 AUG 95 15,797,824 JUL 95 16,272,824 TOTAL CASH AND % OF LAW INVESTMENTS TO TOTAL 33,583,379 26.55% 33,950,660 26.70% 38,494,037 27.49% 39,105,759 35.95% 39,430,490 35.590/cr- 40, 533, 960 51.14% 34,934,660 55.10% 34,891,764 55.18% 35,453,320 57.27% 37,459,059 59.78% 29, 954, 068 49.01 % 30, 097,112, 48.26% 30, 502, 334 49.19% 30,817,952 48.96% 31,833,270 49.63% - 19,713,843 82.55% 1 LAIFVC&I.WK4 P. n P -- ' V V I .,-) TO MAYORS, CITY MANAGERS AND CITY CLERKS IN NON -MANAGER CITIES (Internal Distribution Please: City Attorneys and All Department Heads) The California Legislature has completed its 1996 legislative session. This Wrap -Up Bulletin is designed to inform city officials on the final actions taken during the last year of the two-year session. City officials are urged to review each bill carefully in terms of its local impact. We also recommend that this Wrap -Up Bulletin be distributed to all appropriate employees for their review. Questions regarding the actions of the 1996 Legislature should be directed to the League's Sacramento office. The effectiveness of the League in 1996 was due largely to the persistent lobbying efforts of literally hundreds of city officials, both elected officials and city management staff. On behalf of the League Board of Directors, we thank you for this support. League of California Cities 1400 K Street Sacramento CA 95814 916.658.8200 fax 916.658.8240 24. Health Care Service Plans: Financial Statements, Governmental Entities. AB 2138 (Campbell)_ ChaWer 139. Existing law requires a health care service plan to submit financial statements prepared as of the close of its fiscal year within 120 days after the close of the year. This bill requires submission 180 days after the close of the fiscal year for public entities or political subdivisions of the state whose audits are conducted by a county grand jury. IV. FISCAL ISSUES, BENEFITS ASSESSMENTS, DEBT FINANCING, INVESTMENTS, LOCAL GOVERNMENT FINANCE, PROPERTY TAX, SALES TAX BENEFIT ASSESSMENTS 25. Business Improvement Districts. AB 2575 (Calderal Chanter 243. Current law allows cities to form business improvement districts for local improvements. The district is authorized to levy a benefit assessment on businesses only. This bill allows a petition to include a summary of the management district plan rather than the full plan, requires the city council to appoint an advisory board before adopting a resolution to establish a business improvement district and provides that properties zoned solely for residential use will not be charged an assessment for a business improvement district. 26. Delinquent Taxes and Assessments. SB_a�j=1_l). Chanter 625. This bill requires that when local agencies order foreclosure actions they must record a notice of intent to remove delinquent benefit assessment and special tax installments from the property tax roll if they have not recorded a notice of lis pendens (i.e., notice of pending litigation). DEBT FINANCING 27. California Debt Advisory Commission. AB 1197 (Takasugii). Chanter 833. This bill renames the California Debt Advisory Commission as the California Debt and Investment Advisory Commission. It expands the commission's duties to establish a continuing education program for local officials involved in municipal investments. The bill also eliminates the Local Agency Indebtedness Fund that was established in 1978 to provide loans to local agencies to prevent bond defaults. There are currently no moneys in the fund. In addition, the bill prohibits the transfer or loan of Local Agency Investment Funds to the State General Fund. The Local Agency Investment Fund is a depository for local governmental agencies to temporarily place funds for investment purposes. The bill requires public agencies, before issuing bonds for capital improvements, to become a members of the joint powers authority that issues the bonds. (This provision was deleted LCC Wrap -Up Bulletin - 11 /96 13 Statutes of 19Q6 by Chapter 834, Statutes of 1996.) Finally, this bill abolishes the Housing Bond Credit Committee and assigns its responsibilities to the California Housing Finance Agency. 28. California Debt Limit Allocation Committee._ SB._(Costa), Chanter 832. This bill adds the Director of Housing and Community Development, the Executive Director of the California Housing Finance Agency and a representative from local government as "nonvoting" members to the California Debt Allocation Committee. 29. Public Facility Financing. Joint Powers Authorities. SB 1965 (Craven)- Chanter 834. This bill chapters out provisions of Chapter 833 (AB 1197 (Takasugi)) that require public agencies, before issuing bonds for capital improvements, to become a member of the joint powers authority that issues the bonds. INVESTMENTS 30. Local Investment Reports and Audits. AB 2945 (Swe=)- Chant_ Ur=gy This. bill requires the county treasurer to provide any audit conducted regarding the investment of funds in the county pool to the agencies that have deposited funds in the county treasury. It also requires the county treasurer to provide quarterly investment reports to the local agencies with funds deposited in the county pool. 31. Local Agency Investment Practices. SB 109 (Ko-l. Chanter 749. This bill provides that when any decision that involves the borrowing of $100,000 or more be considered as a separate item of business on the meeting agenda of the local agency legislative body, it further requires the legislative body of a local agency to review and approve the annual investment policy rendered by the agency's treasurer or chief financial officer. The bill also requires that the governing body of a local agency is a trustee and fiduciary subject to the prudent investor standard. It also provides that the county treasurer serves as a trustee and fiduciary with oversight responsibilities regarding funds deposited in the county treasury by local agencies other than the county and is subject to the prudent investor standard. 32. Public Financing: Underwriting Services. SB_.CLM)- Chanter 309. This bill allows local legislative bodies and the state to consider if a person or that person's employee has been the subject of any regulatory proceeding in deciding whether to contract with that person to perform any underwriting services. 33. Mello -Roos Investments: Restrictions. SR 1954 (M_l Chanter 1161. This bill requires proceeds of any Mello -Roos bond, special tax revenue, note or other security to be deposited or invested only in: a) United States Treasury notes, bonds, bills or certificates of indebtedness, or those which the faith and credit of the United States are pledged for principal and interest payments and have a maximum three year maturity. P.n� LCC Wrap -Up Bulletin - 11 /96 14 Statutes of1996�, �� b) Registered state warrants or California State Treasury notes .or bonds that are rated in one of the highest .short or long-term rating categories by Moody's or Standard and Poor's md which have a maximum three-year maturity. c) Time or negotiable certificates of deposit issued by a state or nationally chartered and FDIC or FSLIC insured bank, trust company or savings and loan and secured by specified state or federal government backed instruments. d) Prime quality commercial paper, as rated by Moody's or Standard and Poor's, issued by corporations operating in the U.S. with assets of $500 million or more. The maturity is limited to a maximum of three years. No more than 20 percent of the proceeds of ,any bond may be invested in such paper. e) A repurchase agreement with a state or nationally chartered bank, trust company, banking association or government bond dealer trading with or recognized by the Federal Reserve Bank of New York. The agreement must be secured by specified federal government backed instruments, the underlying securities must be held by specified dealers or banks with a $100 million dollar surplus and the underlying securities have a market value, as specified, of not less than 103 percent of the amount invested. f) An investment agreement or guaranteed investment contract with a financial institution with long-term unsecured obligations rated "AA" or better by Moody's or Standard and Poor's, that include specified downgrade provisions which safeguard the investments. SB 1954 also validates the distribution of court fines, fees, forfeitures and penalties by the County of Santa Cruz in fiscal years 1990-91 through 1994-95. 34. Local Agency Investments. SB=64 (,Craven): Chanter 156. Urgengy. This bill is a clean-up bill to Chapter 784, Statutes of 1995, that placed restrictions on the types of investments made by local agencies. The bill: a) Deletes the requirement that investments in repurchase agreements may only be made with primary dealers of the Federal Reserve Bank of New York. b) Revises the conditions under which investment may be made in shares of beneficial interest would increase the percentage of an agency's surplus funds that may be invested in this type of instrument from 15 to 20 percent. c) Allows the treasurer to supply the most recent statement received from the institution where the investments are placed if those funds are deposited in the Local Agency Investment Fund, a Federal Deposit Insurance Corporation account or any combination thereof. LCC Wrap -Up Bulletin - 11 /96 15 ..Statutes of 1996 d) Specifies that restrictions on campaign contributions by the employer of a county treasury oversight committee include the period during which the employee is a member of the committee.. Expands restrictions by a member of an oversight committee to include raising funds for a candidate for local treasurer or the governing board of any local agency that has deposited funds in the county treasury. LOCAL GOVERNMENT FINANCE 35. Local Law Enforcement Supplemental Funding. AB 3229 (Bra tel_ Chanter 134. This bill was enacted as part of the state budget package. The bill establishes the COPS program and appropriates S 100 million from the state general fund for the 1996-97 fiscal year. The COPS program provides funding for local agencies for the purpose of ensuring public safety. The program is a permanent on -going program, but will require a new appropriation for continued.. funding each fiscal year. The State Controller shall allocate funds to each county by September 15 of each year that the state provides funding for this program. The funds in each county shall be allocated to cities by October 15 of each fiscal year. Each city must establish a Supplemental Law Enforcement Services Fund (SLESF) for deposit of the funds received from the county. Seventy-five percent of the funds will be allocated to the county and cities within the county for front line municipal police services. Those funds shall be allocated based on population. The population for the county shall be the population of the unincorporated area less the population in the eligible special districts. The funds must be used for front line municipal police services and must supplement and not supplant existing funding for front line municipal police services. Front line law enforcement services include anti -gang and community crime prevention programs. Each county must establish a Supplemental Law Enforcement Services Fund (SLESF) for deposit of the funds received from the State Controller. The County must request the funds after establishing the SLESF and an oversight committee (details on the oversight committee included below). The State Controller shall. allocate the funding to each county by 15 of each fiscal year that funding is provided. The allocation shall be based on the total population of each county. The funds in each county shall be allocated within 30 days of receipt as follows: a) 12.5 percent to the county sheriff for county jail construction and operation. b) 12.5 percent to the district attorney for crimirW prosecution. In Los Angeles, Orange, and San Diego Counties; the district attorney may allocate a pro -rated share to city attomeys in the county that prosecute misdemeanor violations of state law. LCC Wrap -Up Bulletin - I 1 /% 16 Statutes of 1996 c) 75 percent to the county and cities within the county for front line law enforcement services based on population. 1. Cities should expect to receive about $2.30 per capita or $60 million on a statewide basis from this bill in the 1996-97 fiscal year. 2. The population for the county shall be the population of the unincorporated portion of the county. 3. The Broadmoor Special District in San Mateo County will also receive funding. A resident of the Broadmoor special district shall not be included in the population of any city or the county. 4. The population to be used is the most recent January estimate of population prepared by the population research unit of the State Department of Finance. Cities are required to appropriate COPS revenues to fund front line municipal police services. Front line law enforcement services include anti -gang and community crime prevention programs. These funds shall be appointed pursuant to written requests from the chief of police or the chief administrator of the law enforcement agency that provides police services for that city. The request shall specify the front line law enforcement needs of the requesting entity including the personnel, equipment and programs that are necessary to meet those needs. The revenues shall "supplement existing services, and shall not be used to supplant, any existing funding for law enforcement services provided by that entity." The city council shall hold a public hearing in September of each year to consider these requests. , Funding will be determined within 60 days of receipt of the request and must be approved by a majority of a quorum present at the hearing. The city council must consider these written requests separate and apart from the proposed allocations from the city general fund. Funds cannot be used for administrative overhead costs in excess of 0.5 percent of the allocation from SLESF. Neither can the allocation be used to fund the costs of any capital project or construction project.that does not directly support front line law enforcement services. The city shall not be allowed to alter any previous appropriation by that body for the same fiscal year. A SLEOC shall be formed in each county consisting of one municipal police chief, the county sheriff, the district attorney, the county's executive officer and one city manager. The cities in each county shall form a city selection committee to appoint the city manager and police chief. The selection must be approved by not less than a majority of LCC Wrap -Up Bulletin - 11 /96 17 Statutes of 1996 _4k all the cities in the county having not less than a majority of the population of all the cities in the county. The county auditor and city treasurer shall monthly detail and summarize allocation from their SLESF and file the public report with the SLEOC. Prior to September 1, 1998, and annually thereafter, the county auditor and each city treasurer shall file a consolidated annual report. The SLEOC shall determine whether recipient entities have expended moneys received from the SLESF in compliance with this chapter. The committee shall at least annually review the expenditure of SLESF funds and make its annual review report available to the public. 36. Local Law Enforcement Supplemental Funding: Community Services Districts. a_rB,Qyers1 Chanter 704. This bill allows the Bear Valley, Kensington, Stallion Springs and Lake Shastina Community Services Districts to receive funding for municipal front line law enforcement services pursuant to Chapter 134, Statutes of 1996. The funding for these community services districts will be provided out of the county share of the funds. PROPERTY TAX 37. Property Taxation Administration. AB 1055 (['akiera)rt,AM 1073. Urgency Current law authorizes counties to charge cities, redevelopment agencies and special districts for the cost of property tax administration based on their proportionate share of Property tax revenue. Schools are not required to reimburse for their administrative costs. This bill would expand the reimbursable costs to include assessment appeals boards. 38. Intercounty Pipeline Rights -of -Way. AB 1286 rral asugi)� C 4= 76. Urga. Current law authorizes the State Board of Equalization OE to Pipelines pursuant to the "unitary,.m�d," � 1984, � ) �� intercounty underlying the BOE began assessing the Ym8 right-of-way on which the pipelines rest as unitary property. The courts ruled that the underlying right-of-way must be assessed by the county assessor. This bill implements a uniform method for assessing intercounty pipeline rights -of -way. 39. Welfare Exemption; Interest Rates and Information Requests. AB 1669 (T k c �o;l • This bill permanently extends the welfare property tax exemption for property owned or operated by the California Air Patrol. The bill also requires county treasurers to report the interest rate for property tax refunds to the State Controller. In addition, the bill requires the county assessors, if requested, to provide jurisdictions a description of all property within its limits that is on the secured roll. 40. Exemption: Possessory Interest. AB 1991 (Granl� n& CbA er 1169. Cat law provides a property tax exemption for land owned by churches and religious organizations and used for parking. This bill extends that exemption to land used for parking that is leased by a church or religious organization with fewer than 500 members. LCC Wrap -Up Bulletin - 11 /96 18 Statutes of 1 fif CZ U � ,y OF INVESTMENT ADVISORY BOARD Meeting Date: TITLE: LAIF Questionnaire BACKGROUND: January 15, 1997 Correspondence & Written Material Item E Attached please find the LAIF Questionnaires that were included in the September and March 1996 LAIF Answer Book. Staff has performed an analysis of the changes in the questionnaires (Attached). RECOMMENDATION: After discussion, provide staff with further direction. John M. Falcondr, Finance Director CITY OF LA QUINTA Analysis of Investment Pool Questionnaire I. SECURITIES No Change - II. INTEREST Reporting 3. Yes the yield is generally in line with the market yields for securities in which you usually invest. Security 1. Added Explanation - Statute requires all instruments of title of all investments of the fund to remain in the Treasurer's vault or be held in safekeeping under control of the Treasurer in any federal reserve bank, or any branch thereof, or the Federal Home Loan Bank of San Francisco, with any trust company, or the trust department of any state or national bank. 8. Change from Quarterly to Monthly IV. STATEMENTS Change from Regularly to on a Regular Monthly Basis V. 1 a. Sites statute # and the correlation of costs to operation - Statue 16429.1 requires administrative costs not to exceed '/2 of 1 % of earnings quarterly. However, the fees are directly correlated to the costs of operation only. 1 c. Quarterly, prior to interest allocation VI. 6. Added Explanation - However, we ask that withdrawals of $10 million or more give 24 hour notice. INVESTMENT POOL QUESTIONNAIRE AS OF 9/30/96 W Q z z O W C1 J O O a z W W z O W U) z O a U) W W- LL R 1— Q z n X W O F- w w w CO w w CO CO CO M N m C� m O m co m 0 0 CL O E a c C aci E c m c N E y (D N E > t0 O 78 v 3 E c m •• c > •c N > c c � O � m m CD o a c c Z 0 •� o c . M E m O cQ w a U o uj (D n cco a cv v m 3 o E m .- tV Cl- N C11- w o m m V c� a c o c� m c as 5 ci ,02 _ m a J _O m •> o m E cc E a c C v coy o Oa ,f O .CA E w � H ca m 0 > `� c �+ a L � ca 8 m '0 Oa c N V w W Z c O :, mco cUv H � m o ,o s -- m N o N 'v o O m O 0 C,i C r m m _N •� O •O O cv E 3 a o 0 N o 11- m L O r• O E 'C m m a) 5 U a a. 0 v c a c O c v CL (D c CD O 5 .cv a� c O - 0 E t c ECD = C _ 30 W a z z 0 F W D J O O a z W F i/) W z O W z O IL W �� A C Y .,,, _ E O N O H N p E Q O O o O = y C L O N C O Q a�. ° E ,� o o U. 0 o 2 c a� E c°, o ° ° m8��M o �C g O — O> O a. N O. X° �° t v >. as Y E c m L c° O c W .� O m O `. a C� N Cr m o. o O O m a m ai to c ) a0 N E m t0 �mmErc.c wa '�o�HHo=3�M co v�v �O> o O z z W CO W W CO) W C- 0 �_ C c L 3 C' ° 0 c ) L `. t N -r m C '� C0 C- O :.. •� • m �... >+ N L. 0 C E N°. '0 —Q c v H O Z O v = N C m C y .c � H a L � Y V C a •V .., c w m W E O a O m a c`� Q y m m y C .a C ° +� - O L ccv ° L = ° c m ° 0 C •> ° c. ° E O CL D C y O tC c •o O CD ,`_' c�a H v m a ccv CL O ° N c c.. O •°p a� w w Q E N H L 0 O x 0 m $ a CL c� Y E N -°0 0 W c t r O 3 N N' co � ... H ... y = O0. �•- N cli = N C-i ui 31 W Q Z Z O H W J O O a Z W H c W Z O w U) Z O a U) W EL J N O N C co m p Z 10 m y O O O_ �= c a C O a w > .y Z ' c -- m c c >m L aiE co c> o > o c 0 XXa W h U o- CL o vs E .0 ad y O C Vf V c0 O y .. O O >+ cv v ,o > C U j, O `O t y t N O C C > C O c m O O 0 O a. < C) C) no. i > v, a vi w CO w CO w w w CO m a �v O C O O C. O Nf O L- O 10 0 0 O c 4) 0 y c E a a� L y CC 0 V u. u °C. ti O > y O .0 O O •E \ O O y O ` C cr of (D >. O O C .r �N C O oy CA o m O m 0 EO 0 0 y � O cy to O y O O O ' > > N ... � V m C%- :., G � ' 0 _ U O (A0 > CL v O c. o > a a r E a c rn C .O a ti vs y E .10 O 3 C C-a t c m cov m 0 y 0 m L 3 > .C75 Z O L o +r L V 3o m v N N ° a c 3 m � y H ai m a ? w y ,m O C °a _ Z C c' ac a m m^ W c� m O vs Q y y m o a� 0 lE E O 7 WCO L cv 0 co .o cv 0 U. y cv 00 O! > r- .- 5 .- 32 W a z z 0 W J 0 0. a z W I— t/� W z 0 W U) z 0 Q. W EL 0 N y ° n. a a E N c t 0 p S — c ) o � F- z o v cm �4)S•v E� E� E� ° mm Q E 'x 'E 'E E 'E E 'E a. m c m' 'E 'x 'E u� H Et c 3 CL E� 0 E E� c ccv C) c c m j,0 ° o .. v�� 0 y m EL m c Et Et C ° tC "� C N 2. to N to z z z z z LAJ CO W W C- 0-- 0 C r c o c CL C E E L co y 00 E ' � a0i 3 E S °- ,c 0 m c� 3 m z. 0- co 0 a �° C a �° 3 •v W w y y C § N C t� S a > o 'o x x C- 10 •3 c •� 0 0 E o S E ca co �n 0 m o a m cs m E m a c m c E E H m m .x E o c c m ry z cv o S m ° E E co m v _m �' m E '� c o .E •E C M y O _ S S 'E E o m 0 s c 0 H Q a m m �. a m •rn ... = m y w. y 3 •• °- x IL M t L ... t m L _ _ a. cV > tV cvi u 33 w w R Z Z O U) w �1 O O a. Z w Cl) w Z O 1 w Z O IL U) w/ LL hi O O O O cn C ° � °' c �k ft N O E C y 6 .3 y Z p m r -v O > V o, w, z N o N >` Q L N 3 N a A€ N C N .0 O O C L C Z g ...>_ o _... to c -p o v M M N c 0 t`0 N O J02 C O L cm w C O v.. O X NE t�0m= cr v� w �� 3 c m «cn � c 9" 3 c m •� o ci c.-. c r w o c21 a m Z w a� o •c c .N vs � cca $. c w 3 0 — N 0 t Z Q zcr- z z CO CO O W W1 W w w Z H N z N � w 3 0 0 c Z cc co N N Ogg .0 Q ~ v � z y- 0 m a m 3 c m N � a w O O o v E o N y CJ 10 M. = m C m o CDr = m cm '$, cam- m '; c E c 3 Y m '; o O Z o m c CL loo 3 H a �° aci m m m m r N mCL a 3 W O C N Q a V y c a N , y ... l0 t«. 0:O m C c a co r` ao vs � � • 34 INVESTMENT POOL QUESTIONNAIRE AS OF 3/31 /96 i a e s i� 1 i 00c01"7 C0 ' d t 0 tC.l.l.l.b T 98 Ol .11d1 dsdlsldmu ' is q I wj wobw OT : LT 966 ►-oc-r4o: 4 € T 98 J: d I ld i dadrls 3Zu 'IS 11l'1: Wc4s ©T : iT S ►-62-NbL' ob.00. 4 4 Y SO ' d TOT u 1t 98 01 d I tit d3'ol t3ku ' 15 d I lot wotw t t : Lt 96et-bz-Nt�: s Wd ta: t98 t.• v v _� , Ol �d I tj1 ad-sd3bu ' 15 ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 1 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCI.IPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. &00280 MINISTRELLI-PAINTED COVE 12/31/96 12/30/96 0.00 266.27 N T70 2 9612-060 BLDG PERI4IT REFUND 101 000 418 000 - Building Permits &00349 AL MILLER & SONS POO'rING 12/31/96 12/30/96 0.00 24.00 N T70 1 9612-057 BLDG PERMIT REFUND 101 000 418 000 - Building Permits AME020 AMERICAN ASPHALT 12/31/96 12/30/96 0.00 156838.92 N T70 3 407023 SLURRY SEAL VARIOUS STREETS 101 453 609 000 - Contract Svcs -Technical AP0050 APOLLO SWEEPING CO INC 12/31/96 11/27/96 0.00 4471.23 N T70 4 4433 STREET SWEEPING DEC 96 101 453 621 616 - Maint & Repair -Street Sweeping AP0050 APOLLO SWEEPING CO INC 12/31/96 09/26/96 0.00 4471.23 N T70 138 4314 REP 2 CK #20891/SWEEPING SVC SEP 96 101 453 621 616 - Maint & Repair -Street Sweeping AP0050 APOLLO SWEEPING CO INC 12/31/96 10/21/96 0.00 325.00 N T70 139 4352 REP 2 CK #27096/SWEEPING SVC 101 453 621 616 - Maint & Repair -Street Sweeping AP0050 APOLLO SWEEPING CO INC 12/31/96 10/28/96 0.00 4471.23 N T70 140 4358 REP 2 CK #27271/SWEEPING SVC OCT 96 101 453 621 616 - Maint & Repair -Street Sweeping ARRO10 ARROW PRINTING COI-U=ANY 12/31/96 12/22/96 0.00 985.91 N T70 5 60957 BROCHURES 101 251 647 000 - Printing ARRO10 ARROW PRINTING COMPANY 12/31/96 12/22/96 0.00 351.27 N T70 6 6096460957 EMP INT CARDS/DEMAND CK/PAF 101 151 647 000 - Printing AUS050 JODI AUSTIN 12/31/96 12/30/96 0.00 58.88 N T70 7 MILEAGE/J AUSTIN 101 452 641 000 - Mileage Reimbursement BOY075 BOYS & GIRLS CLUB OF 12/31/96 12/30/96 • 0.00 15000.00 N T70 8 SPONSURSHIP 101 251 607 537 - Contract Svcs-Boys&Girls Club CAD010 CADET UNIFORM SUPPLY 12/31/96 12/26/96 0.00 21.64 N T70 9 397849 UNIFORMS 101 353 617 000 - Rent --Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/26/96 0.00 7.00 N T70 10 397850 UNIFORMS 101 357 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/19/96 0.00 21.64 N T70 11 395978 UNIFORMS 101 353 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/19/96 0.00 7.00 N T70 12 395979 UNIFOIMS 101 357 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 06/20/96 0.00 50.46 N T70 13 346527 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 06/20/96 0.00 50.45 N T70 14 346527 UNIFORMS 101 454 617 000 - Rent -Uniforms ACCOUNTS PAYABLE - AP400211 TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 2 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. CAD010 CADET UNIFORM SUPPLY 12/31/96 08/29/96 0.00 46.45 N T70 15 365635 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 08/29/96 0.00 46.44 N T70 16 365635 UNIFORMS 101 454 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 09/05/96 0.00 46.44 N T70 17 367513 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 09/05/96 0.00 46.45 N T70 18 367513 UNIFORMS 101 454 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 09/26/96 0.00 46.45 N T70 19 373229 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORId SUPPLY 12/31./96 09/26/96 0.00 46.44 N T70 20 373229 UNIFuRMS 101 454 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 06/30/96 0.00 -115.85 N T70 21 120189 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 06/30/96 0.00 -115.85 N T70 22 120189 UNIFORMS 101 454 617 000 - Rent -Uniforms COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 45.91 N T70 27 5072030201 WATER SVC 101 454 631 632 - Utilities Water -Medians COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 23.50 N T70 28 6061.320251 WATER SVC 101 454 631 632 - Utilities Water -Medians COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 70.19 N T70 29 6070630050 WATER SVC 101 202 631 000 - Utilities Water COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 13.00 N T70 30 6070630060 WATER SVC 101 202 631 000 - Utilities Water COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 42.96 N T70 31 VARIOUS NO WATER SVC 101 453 631 000 - Utilities Water COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 4612.68 N T70 32 VARIOUS NO WATER SVC 101 454 631 632 - Utilities Water -Medians COA080 COACHELLA VALLEY WATER 12/31./96 12/05/96 0.00 600.22 N T70 33 VARIOUS NO WATER SVC 101 454 631 663 - Utilities Water -Fritz Burns COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0..00 245.88 N T70 34 VARIOUS NO WATER SVC 101 454 631 665 - Utilities Water -Palm Royale DES060 DESERT SUN PUBLISHING CO 12/31/96 12/16/96 0.00 2218.14 N T70 35 1097191 LEGAL ADVERTISING 101 201 643 000 - Advertising ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 3 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. DES060 DESERT SUN PUBLISHING CO 12/31/96 12/16/96 0.00 1088.08 N T70 36 1097191 LEGAL ADVERTISING 101 401 643 000 - Advertising GAS010 GASCARD INC 12/31/96 12/01/96 0.00 460.06 N T70 33 90004 54 N GAS PURCH 101 454 619 646 - Vehicle Operation -Fuel & oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 167.44 N T70 34 90004-54 N GAS PURCH 101 453 619 646 - Vehicle Operation -Fuel & Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 72.71 N T70 35 90004-57 N GAS FURCH 101 453 619 646 - Vehicle Operation -Fuel & Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 138.62 N T70 36 90004-53 N GAS FURCH 101 453 619 646 - Vehicle Operation -Fuel & Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 43.81 N T70 37 90004-53 N GAS PURCH 101 454 619 646 - Vehicle Operation -Fuel & oil GRE020 GREAT SCOTT'S CATERING 12/31/96 12/16/96 0.00 410.00 N T70 38 1219 CHRISTMAS LUNCH 101 202 703 000 - Operating Supply GUZO10 HECTOR GUZMAN 12/31/96 12/30/96 0.00 107.20 N T70 39 MILEAGE/H GUZMAN 101 452 641 000 - Mileage Reimbursement HIG010 HIGH TECH IRRIGATION INC 12/31/96 12/13/96 0.00 29.23 N T70 40 274824 SUPPLIES 101 454 703 847 - Operating Supply -Materials HIG010 HIGH TECH IRRIGATION INC 12/31/96 12/13/96 0.00 22.79 N T70 41 274825 GLOVES 101 453 703 827 - Operating Supply -Safety Gear HIG010 HIGH TECH IRRIGATION INC 12/31/96 12/13/96 0.00 22.79 N T70 42 274825 GLOVES 101 454 703 827 - Operating Supply -Safety Gear IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 191.06 N T70 43 VARIOUS NO ELECTRIC SVC 101 453 627 000 - Utilities Electric IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 3653.86 N T70 44 VARIOUS NO ELECTRIC SVC 101 454 627 619 - Utilities Electric -Signals IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 425.16 N T70 45 VARIOUS NO ELECTRIC SVC 101 454 627 632 - Utilities Electric -Medians IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 486.43 N T70 46 VARIOUS NO ELECTRIC SVC 101 454 627 632 - Utilities Electric -Medians IMP010 IMPERIAL IRRIGATION DIST 32/31/96 12/11/96 0.00 2533.32 N T70 47 VARIOUS NO ELECTRIC SVC 101 454 627 632 - Utilities Electric -Medians IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 87.39 N T70 48 VARIOUS NO ELECTRIC SVC 101 454 627 665 - Utilities Elec-Palm Royale ACCOUNTS PAYABLE - AP40021' TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 4 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/11/96 0.00 39.60 N T70 49 VARIOUS NO ELECTRIC SVC 101 454 627 666 - Utilities Elec-Rec Trailer INT050 INTERSTATE STRIPING; 12/31/96 12/13/96 0.00 3532.80 N T70 50 8867 WASHINGTOO ST STRIPING 101 453 609 000 - Contract Svcs -Technical JUD010 JUDICIAL DATA SYS'.I'EMS COR 12/31/96 12/06/96 0.00 108.80 N T70 51 4249 PARK1I4G CITATIONS 11/96 101 351 609 000 - Contract Svcs -Technical KEL010 KELLY TEMPORARY SERVICES 12/31/96 12/09/96 0.00 282.00 N T70 52 49193550 CONTRACT LABOR 101 202 505 534 - Temporary Agency Service LAC010 L A CELLULAR 12/31/96 12/17/96 0.00 192.61 N T70 53 17504192 D CELLULAR PHONES 101 153 635 660 - Utilities Telephone -Mobile LAC010 L A CELLULAR 12/31/96 12/17/96 0.00 1436.23 N T70 54 11770468 D CELLULAR PHONES 101 153 635 660 - Utilities Telephone -Mobile LAQ010 LA QUINTA ARTS FOUNDATION 12/31/96 12/30/96 0.00 22500.00 N T70 55 CONTRACT SVCS 2ND PMT 101 103 605 538 - La Quinta Arts Foundation LAQ010 LA QUINTA ARTS FOUNDATION 12/31/96 12/30/96 0.00 15300.00 N T70 56 CONTRACT SVCS 2ND PMT 405 902 605 538 - La Quinta Arts Foundation LAQ010 LA QUINTA ARTS FOUNDATION 12/31/96 12/30/96 0.00 7200.00 N T70 57 CONTRACT SVCS 2ND PMT 406 905 605 538 - La Quinta Arts Foundation LAQ030 LA QUINTA CAR WASH 12/31/96 11/21/96 0.00 30.00 N T70 58 VEHICLE 6'IAINT 101 453 609 000 - Contract Svcs -Technical L00010 LOCK SHOP INC 12/31/96 12/26/96 0.00 120.91 N T70 59 G606460 CIVIC CENTER LOCKS 101 357 703 000 - Operating Supply LUN050 LUNDEEN PACIFIC CORP 12/31/96 11/27/96 0.00 699.20 N T70 60 3706 LANDSCAPE 101 454 609 000 - Contract Svcs -Technical MAA050 MAACO AUTO PAINTING 12/31/96 12/11/96 0.00 257.67 N T70 61 01360 VEHICLE PAINTING 101 352 619 649 - Vehicle Operations-Maint/Parts MCK010 McKESSON WATER PRODUCTS 12/31/96 12/12/96 0.00 70.00 N T70 62 5435258-64 DRINKING WATER 101 153 703 882 - Operating Supply-Sparkletts NAT200 NATURE CONSERVANCY 12/31/96 12/16/96 0.00 104635.00 N T70 63 FRINGE TOED LIZARD FEE 101 000 243 000 - Fringe Toed Lizzard Fees NEF050 NEFF TEMPORARY SERVICES 12/31/96 12/13/96 0.00 64.35 N T70 64 2330 CONTRACT LABOR 101 401 505 534 - Temporary Agency Services NEF050 NEFF TEMPORARY SERVICES 12/31/96 12/20/96 0.00 39.60 N T70 65 2363 CONTRACT LABOR 101 102 505 534 - Temporary Agency Services ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 5 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. NEF050 NEFF TEMPORARY SERVICES 12/31/96 12/20/96 0.00 316.80 N T70 66 2363 CONTRACT LABOR 101 401 505 534 - Temporary Agency Services NOR010 NORRELL SERVICES INC 12/31/96 12/08/96 0.00 542.00 N T70 67 44047046 CONTRi�CT LABOR 101 454 505 534 - Temporary Agency Services OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 12/17/96 0.00 3828.10 N T70 68 773323014 DEFAULT JUDGEMENT 720 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BANTRAII 12/31/96 12/19/96 0.00 820.40 N T70 69 FORCLOSURE ACTION 710 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BA.RTRAM 12/31/96 12/19/96 0.00 2461.20 N T70 70 FORCLOSURE ACTION 715 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 12/19/96 0.00 1538.25 N T70 71 FORCLOSURE ACTION 720 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 12/19/96 0.00 1640.80 N T70 72 FORCLUSURE ACTION 725 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRA14 12/31/96 12/19/96 0.00 2051.00 N T70 73 FORCLOSURE ACTION 730 000 267 000 - Dep-Administrative Fees POS030 POSTAL CONNECTION OF 12/31/96 12/06/96 0.00 9.07 N T70 74 9795 POSTAGE 101 153 645 000 - Postage PRIO10 PRICE COSTCO 12/31/96 12/12/96 0.00 136.22 N T70 75 81672714 SUPPLIES 101 151 701 000 - Office Supplies PRI010 PRICE COSTCO 12/31/96 12/12/96 0.00 91.89 N T70 76 81672714 SUPPLIES 101 153 703 880 - Operating Supply -Coffee PRIO10 PRICE COSTCO 12/31/96 12/12/96 0.00 30.16 N T70 77 81672714 SUPPLIES 101 153 703 802 - operating Supply -Copiers PRIO10 PRICE COSTCO 12/31/96 12/12/96 0.00 127.12 N T70 78 81672714 SUPPLIES 101 401 701 000 - Office Supplies PRI070 PRINTING SOLUTIONS 12/31/96 12/18/96 0.00 473.17 N T70 79 2688 BUSINESS LIC VEHICLE DECALS 101 151 647 000 - Printing RIV080 RIVERSIDE COUNTY HEALTH 12/31/96 12/16/96 0.00 2475.00 N T70 80 NOV 96 ANIMAL SHELTER SVCS 101 353 609 583 - Contract Svcs -Animal Shelter RIV103 RIVERSIDE COUNTY SHERIFF 12/31/96 12/30/96 0.00 800.00 N T70 81 082126 773323014 WRIT OF SALE 720 000 267 000 - Dep-Administrative Fees RIV104 RIVERSIDE COUNTY SHERIFF 12/31/96 12/30/96 0.00 800.00 N T70 82 082127 773214018 WRIT OF SALE 725 000 267 000 - Dep-Administrative Fees ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 6 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. RUT050 RUTAN & TUCKER 12/31/96 CTL202 12/03/96 0.00 1026.75 N T70 83 250040 LGL/GENERAL LIT 101 101 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 564.71 N T70 84 250040 LGL/GENERAL LIT 405 902 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 133.48 N T70 85 250040 LGL/GENERAL LIT 406 905 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 72.28 N T70 86 250040 LGL/GENERAL LIT 245 903 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 153.60 N T70 87 250040 LGL/GENERAL LIT 244 913 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 42.10 N T70 88 250040 LGL/GENERAL LIT 246 906 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 60.58 N T70 89 250040 LGL/GENERAL LIT 247 916 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 CTL202 12/03/96 0.00 611.38 N T70 90 250041 LGL/GENERAL LIT 101 101 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 336.26 N T70 91 250041 LGL/GENERAL LIT 405 902 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 79.48 N T70 92 250041 LGL/GENERAL LIT 406 905 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 43.04 N T70 93 250041 LGL/GENERAL LIT 245 903 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 91.46 N T70 94 250041 LGL/GENERAL LIT 244 913 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 25.07 N T70 95 250041 LGL/GENERAL LIT 246 906 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 RDL201 12/03/96 0.00 36.07 N T70 96 250041 LGL/GENERAL LIT 247 916 601 523 - Contract Svcs-Attny/Litigation RUT050 RUTAN & TUCKER 12/31/96 CTL100 12/03/96 0.00 48.50 N T70 97 250037 LGL/GENERAL 101 101 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 26.68 N T70 98 250037 LGL/GENERAL 405 902 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 6.31 N T70 99 250037 LGL/GENERAL 406 905 601 000 - Contract Svcs -Attorney ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 7 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRiPTION GEN LEDGER 4 - TITLE AMOUNT AMOUNT NO. NO. RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 3.41 N T70 100 250037 LGL/GENERAL 245 903 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 7.26 N T70 101 250037 LGL/GENERAL 244 913 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 1.99 N T70 102 250037 LGL/GENERAL 246 906 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL100 12/03/96 0.00 2.86 N T70 103 250037 LGL/GENERAL 247 916 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL216 12/03/96 0.00 3442.32 N T70 104 250038 LGL/GENERAL 245 903 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 RDL216 12/03/96 0.00 7314.92 N T70 105 250038 LGL/GENERAL 244 913 601 000 - Contract Svcs -Attorney RUT050 RUTAN & TUCKER 12/31/96 CTL314 12/03/96 0.00 2774.50 N T70 106 250039 LGL/PERSONNEL 101 101 601 000 - Contract Svcs -Attorney SEC050 SECURITY LINK/AMERITECH 12/31/96 12/05/96 0.00 129.56 N T70 107 2677181 ALARM SVC 101 357 609 640 - Contract Svcs-Security/Alarm SEC050 SECURITY LINK/AME;RITECH 12/31/96 12/06,/96 0.00 200.00 N T70 108 2686522 ALARM SVC 101 202 609 640 - Contract Svcs-Security/Alarm SEC050 SECURITY LINK/AMERITECH 12/31/96 12/05/96 0.00 89.98 N T70 109 2677180 ALARM SVC 101 357 609 640 - Contract Svcs-Security/Alarm SMA010 SMART & FINAL 12/31/96 SPLY02 12/13/96 0.00 128.77 N T70 110 4211181 SANTA BREAKFAST 101 253 703 000 - Operating Supply SMA010 SMART & FINAL 12/31/96 CCPY07 12/19/96 0.00 76.27 N T70 ill 4211128 WINTER TRIP CAMP 101 253 703 000 - Operating Supply SM0010 DONNALDA SMOLENS 12/31/96 12/30/96 0.00 75.00 N T70 112 DEC 96 INSTRUCTOR/ARTS/CRAFTS 101 202 609 592 - Contract Svcs -Instructors STA050 STAPLES 12/31/96 12/19/96 0.00 3.15 N T70 113 5531771000 SUPPLIES 101 351 701 000 - Office Supplies STA050 STAPLES 12/31/96 12/16/96 0.00 53.22 N T70 114 5655101000 SUPPLIES 101 351,701 000 - Office Supplies STA050 STAPLES 12/31/96 12/21/96 0.00 1.07 N T70 115 5716211000 SUPPLIES 101 351 701 000 - Office Supplies STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/07/96 0.00 64.59 N T70 116 1315695 SUPPLIES 101 351 701 000 - Office Supplies ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 8 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/03/96 0.00 24.06 N T70 117 1314834 SUPPLIES 101 101 701 000 - Office Supplies STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/03/96 0.00 83.65 N T70 118 1314834 SUPPLIES 101 201 701 000 - Office Supplies STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/03/96 0.00 182.47 N T70 119 1314840 PAPER 101 153 703 802 - Operating Supply -Copiers STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/03/96 0.00 125.42 N T70 120 1314841 PAPER 101 153 703 802 - Operating Supply -Copiers STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/05/,96 0.00 62.71 N T70 121 1314841A PAPER 101 153 703 802 - Operating Supply -Copiers STE020 STEVE'S OFFICE SUPPLY 12/31/96 12/07/96 0.00 78.85 N T70 122 1315077 SUPPLIES 101 151 701 000 - Office Supplies STRO10 STRADLING, YUCCA, CARLSON 12/31/96 CTL207 12/02/96 0.00 21627.56 N T70 123 18445 SEP/ LGL/WYMER/ITM 101 101 601 523 - Contract Svcs-Attny/Litigation STRO10 STRADLING, YUCCA, CARLSON 12/31/96 RDL207 12/02/96 0.00 18423.48 N T70 124 18445 SEP/ LGL/Wii4ER/ITM 405 902 601 523 - Contract Svcs-Attny/Litigation TOT050 TOT STOP PRE-SCHOOL 12/31/96 12/30/96 0.00 300.00 N T70 125 DEPOSIT REFUND 101 000 263 000 - Misc. Deposits TRU010 TRULY NOLEN INC 12/31/96 12/19/96 0.00 60.00 N T70 126 1262253177 PEST CONTROL 101 357 609 637 - Contract Svcs -Pest Control UNIO04 UNITED STATES POSTAL SVC 12/31/96 12/30/96 0.00 2000.00 N T70 127 11762499 D POSTAGE FOR METER 101 153 645 000 - Postage VON010 VON'S COMPANIES INC 12/31/96 12/09/96 0.00 10.44 N T70 128 492804 NO SUPPLIES 101 101 637 000 - Travel & Meetings VON010 VON'S COMPANIES INC 12/31/96 CCPY02 12/09/96 0.00 36.38 N T70 129 492804 NO SUPPLIES 101 253 703 000 - Operating Supply VON010 VON'S COMPANIES INC 12/31/96 CCPYO1 12/09/96 0.00 39.73 N T70 130 492804 NO SUPPLIES 101 253 703 000 - Operating Supply VON010 VON'S COMPANIES INC 12/31/96 12/09/96 0.00 23.81 N T70 131 492804 NO SUPPLIES 101 202 703 000 - Operating Supply VON010 VON'S COMPANIES INC 12/31/96 12/09/96 0.00 4.35 N T70 132 492804 NO SUPPLIES 101 352 703 000 - Operating Supply VON010 VON'S COMPANIES INC 12/31/96 12/09/96 0.00 9.77 N T70 133 492804 NOV SUPPLIES 101 202 637 000 - Travel & Meetings ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 4:07PM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 9 VENDORi# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. WIN010 WINSTON TIRES 12/31/96 11/30/96 0.00 95.55 N T70 134 11379 NOV VEHICLE REPAIRS 101 352 619 649 - Vehicle Operations--Maint/Parts WOR010 WORDPERFECT MAGAZINE 12/31/96 11/12/96 0.00 47.00 N T70 135 2581763 WORDPERFECT MAGAZINE. 101 251 651 000 - Subscriptions & Publications WRIO50 ROBERT S WRIGHT 12/31/96 12/30/96 0.00 58.40 N T70 136 CPF SEISMIC ISSUES 101 401 637 000 - Travel & Meetings XER010 XEROX CORPORATION 12/31/96 12/02/96 0.00 608.89 N T70 137 574995514 COPIER LEASE 101 153 609 604 - Contract Svcs -Copiers PAYMENT TOTAL 441,560.62 ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 1 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. &00346 FOUNDATION OF RETARDED 12/31/96 12/26/96 0.00 15.00 N T69 1 BUSINESS LIC REF/NONPROFIT CO 101 000 416 000 - Business License &00347 WENDY RATHBONE 12/31/96 12/26/96 0.00 3.75 N T69 2 4460 BUSINESS LICENSE OVERPAYMENT 101 000 416 000 - Business License &00348 ALICE B COLLIER 1 12/31/96 263002 12/26/96 0.00 300.00 N T69 36 REFUND SENIOR CNTR DEPOSIT 101 000 263 000 - Misc. Deposits AAS050 AASHTO 12/31/96 12/11/96 1 0.00 2.00 N T69 3 8078 BAL PUBLICATIONS 101 451 651 000 - Subscriptions & Publications ARRO10 ARROW PRINTING COMPANY 12/31/96 11/24/96 0.00 231.66 N T69 4 60872 REGISTRATION FORMS 101 251 647 000 - Printing ASCO01 A & S COFFEE SERVICE 12/31/96 12/12/96 0.00 116.00 N T69 5 1653 COFFEE SUPPLIES 101 153 703 880 - Operating Supply -Coffee BEC050 VICKI A BECKNER 12/31/96 12/26/96 0.00 360.00 N T69 7 COMPUTER INSTRUCTOR 101 202 609 592 - Contract Svcs -Instructors BR0005 BROKER & O'KEEFE 12/31/96 RDL207 12/11/96 0.00 114.68 N T69 8 LEGAL/DENMAN 405 902 601 523 - Contract Svcs-Attny/Litigation BR0005 BROKER & O'KEEFE 12/31/96 CTL207 12/11/96 0.00 134.62 N T69 9 LEGAL/DENMAN 101 101 601 523 - Contract Svcs-Attny/Litigation BSIO10 BSI CONSULTANTS INC 12/31/96 251107 12/10/96 0.00 92.00 N T69 10 1109 PLN CK/TR28340-1 101 000 251 000 - Engineering Trust Deposits BSIO10 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 36.14 N T69 11 1049 LIGHTING & LANDSCAPE 101 451 603 000 - Contract Svcs -Consultants BSIO10 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 135.00 N T69 12 1048 CITY ENGINEERING SVC 101 451 603 000 - Contract Svcs -Consultants BSIO10 BSI CONSULTANTS INC 12/31/96 251124 12/10/96 0.00 598.00 N T69 13 1104 PLN CK/HOME DEPOT CUP 96-028 101 000 251 000 - Engineering Trust Deposits BSIO10 BSI CONSULTANTS INC 12/31/96 251124 12/10/96 0.00 92.00 N T69 14 1105 PLN CK/JEFFERSON CUP 96-028 101 000 251 000 - Engineering Trust Deposits BSIO10 BSI CONSULTANTS INC 12/31/96 251080 12/10/96 0.00 138.00 N T69 15 1106 PLN CK/TR 28118 101 000 251 000 - Engineering Trust Deposits BSIO10 BSI CONSULTANTS INC 12/31/96 251123 12/10/96 0.00 2070.00 N T69 16 1107 PLN CK/TR 27613 101 000 251 000 - Engineering Trust Deposits BSIO10 BSI CONSULTANTS INC 12/31/96 251107 12/10/96 0.00 92.00 N T69 17 1108 PLN CK/TR 28340-1 101 000 251 000 - Engineering Trust Deposits ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 2 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. BSI010 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 1370.09 N T69 18 1050 STREET IMPROVEMENT PROG 401 634 605 532 - Contract Svcs -Design BSIO10 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 4741.23 N T69 19 1050 STREET IMPROVEMENT PROG 401 642 605 532 - Contract Svcs -Design BSIO10 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 5876.97 N T69 20 1050 STREET IMPROVEMENT PROG 401 635 605 532 - Contract Svcs -Design BSIO10 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 4236.47 N T69 21 1050 STREET IMPROVEMENT PROG 401 641 605 532 - Contract Svcs -Design BSI010 BSI CONSULTANTS INC 12/31/96 11/29/96 0.00 1802.74 N T69 22 1050 STREET IMPROVEMENT PROG 401 633 605 532 - Contract Svcs -Design BUR090 BURNS INT•L SECURITY SVCS 12/31/96 12/13/96 0.00 47.20 N T69 23 7583918 SNR CNTR PARTY SECURITY SVC 101 000 438 457 - Snr Cntr-Facility Rent CAD010 CADET UNIFORM SUPPLY 12/31/96 12/05/96 0.00 21.64 N T69 24 392170 UNIFORMS 101 353 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/05/96 0.00 7.00 N T69 25 392171 UNIFORMS 101 357 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/12/96 0.00 47.30 N T69 26 394061 UNIFORMS 101 454 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/12/96 0.00 47.29 N T69 27 394061 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 11/14/96 0.00 47.12 N T69 28 386490 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 11/14/96 0.00 47.11 N T69 29 386490 UNIFORMS 101 454 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/05/96 0.00 47.30 N T69 30 392169 UNIFORMS 101 453 617 000 - Rent -Uniforms CAD010 CADET UNIFORM SUPPLY 12/31/96 12/05/96 0.00 47.29 N T69 31 392169 UNIFORMS 101 454 617 000 - Rent -Uniforms CAL035 CAL PRESERVATION FOUNDATN 12/31/96 12/26/96 0.00 100.00 N T69 32 HIST PRES WORKSHOP SPEAKER 101 401 637 000 - Travel & Meetings CHI010 CHIEF AUTO PARTS 12/31/96 11/12/96 0.00 6.43 N T69 33 0515963 CLAMP 101 453 619 649 - Vehicle Operation-Maint & Part COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 18.00 N T69 34 6070630010 WATER SVC 101 357 631 000 - Utilities Water ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 3 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. COA080 COACHELLA VALLEY WATER 12/31/96 12/05/96 0.00 61.52 N T69 35 6070630030 WATER SVC 101 357 631 000 - Utilities Water C014025 COMPUTER RESOURCES INC 12/31/96 11/30/96 0.00 95.00 N T69 37 09611326 COMPUTER SUPPORT 101 153 609 601 - Contract Svcs-Cmptr Software COM025 COMPUTER RESOURCES INC 12/31/96 11/30/96 0.00 520.00 N T69 38 09611313 COMPUTER SUPPORT 101 153 609 601 - Contract Svcs-Cmptr Software COM025 COMPUTER RESOURCES INC 12/31/96 11/30/96 0.00 780.00 N T69 39 09611322 COMPUTER SUPPORT 101 153 609 601 - Contract Svcs-Cmptr Software COM025 COMPUTER RESOURCES INC 12/31/96 12/10/96 0.00 520.00 N T69 40 09612023 COMPUTER SUPPORT 101 153 609 601 - Contract Svcs-Cmptr Software COM025 COMPUTER RESOURCES INC 12/31/96 12/13/96 0.00 520.00 N T69 41 09612087 COMPUTER SUPPORT 101 153 609 601 - Contract Svcs-Cmptr Software DAT010 DATA DISCOUNT 12/31/96 12/10/96 0.00 523.82 N T69 42 2503 A/P CHECKS 101 151 647 000 - Printing DES019 DESERT FIRE EXTINGUISHER 12/31/96 12/06/96 0.00 100.70 N T69 43 CIT784 D FIRE EXTG CHECK 101 202 609 613 - Contract Svcs -Fire Ext DESO40 DESERT JANITOR SERVICE 12/31/96 12/06/96 0.00 245.00 N T69 44 3032 JANITORIAL SVC 101 251 609 634 - Contract Svcs -Janitorial DESO46 DESERT JANITOR SERVICE 12/31/96 12/06/96 0.00 765.00 N T69 45 3032 JANITORIAL SVC 101 202 609 634 - Contract Svcs -Janitorial DESO40 DESERT JANITOR SERVICE 12/31/96 12/06/96 0.00 265.00 N T69 46 3032 JANITORIAL SVC 101 251 609 634 - Contract Svcs -Janitorial DESO40 DESERT JANITOR SERVICE 12/31/96 12/06/96 0.00 2550.00 N T69 47 3033 JANITORIAL SVC 101 357 609 634 - Contract Svcs -Janitorial DES065 DESERT TEMPS INC 12/31/96 12/11/96 0.00 540.36 N T69 48 47242 CONTRACT LABOR 101 451 505 534 - Temporary Agency Services DES065 DESERT TEMPS INC 12/31/96 12/04/96 0.00 360.24 N T69 49 47223 CONTRACT LABOR 101 451 505 534 - Temporary Agency Services DFMO50 DFM ASSOCIATES 12/31/96 12/13/96 0.00 41.04 N T69 169 ZQUI001 1997 ELECTION CODE 101 201 651 000 - Subscriptions & Publications DUN050 DUNN-EDWARDS CORP 12/31/96 12/05/96 0.00 720.68 N T69 50 190419513 PAINT 101 454 703 825 - Operating Supply -Graffiti ECO050 ECONOMICS INC 12/31/96 12/05/96 0.00 3238.81 N T69 51 7/1996 AB 939 IMPLEMENTATION PROJ 101 403 605 542 - Contract Svcs -Recycling Prgm ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 4 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. FIR051 FIRST TRUST CALIFORNIA 12/31/96 12/07/96 0.00 1038.68 N T69 52 94-613530 ADMINISTRATIVE FEES/92-1 BONDS 730 000 267 000 - Dep-Administrative Fees GAS010 GASCARD INC 12/31/96 12/01/96 0.00 87.63 N T69 53 90004-48 N GAS PURCH 101 352 619 646 - Vehicle Operations-Fuel/Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 157.21 N T69 54 90004-52 N GAS PURCH 101 353 619 646 - Vehicle Operations-Fuel/Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 79.52 W T69 55 90004-51 N GAS PURCH 101 352 619 646 - Vehicle Operations-Fuel/Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 50.18 N T69 56 90004-51 N GAS PURCH 101 354 619 646 - Vehicle Operations-Fuel/Oil GAS010 GASCARD INC 12/31/96 12/01/96 0.00 89.04 N T69 57 90004-51 N GAS PURCH 101 357 619 646 - Vehicle Operations-Fuel/Oil GEO010 GEORGE'S GOODYEAR 12/31/96 12/04/96 0.00 26.47 N T69 58 25456 TIRE REPAIR 101 453 619 649 - Vehicle Operation-Maint & Part GIL050 PAM GILBERT 12/31/96 CLSF01 12/26/96 0.00 465.50 N T69 59 INSTRUCTOR/CHRISTMAS COOKIE 101 253 609 592 - Contract Svcs -Instructors GIL050 PAM GILBERT 12/31/96 CLSF01 12/26/96 0.00 273.00 N T69 60 INSTRUCTOR/PASTRIES BY PAM 101 253 609 592 - Contract Svcs -Instructors GIL050 PAM GILBERT 12/31/96 CLSF01 12/26/96 0.00 350.00 N T69 61 INSTRUCTOR/ULTIMATE GINGERBRED 101 253 609 592 - Contract Svcs -Instructors GTE010 GTE CALIFORNIA 12/31/96 12/01/96 0.00 88.33 N T69 62 5645441 DE PHONE SVC 101 251 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 11/25/96 0.00 29.59 N. T69 63 3451329 NO PHONE SVC 101 153 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 12/01/96 0.00 41.45 N T69 64 5649171 DE PHONE SVC 101 153 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 12/01/96 0.00 41.45 N T69 65 5649202 DE PHONE SVC 101 153 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 12/01/96 0.00 42.03 N T69 66 5649182 DE PHONE SVC 101 153 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 12/01/96 0.00 42.03 N T69 67 5649191 DE PHONE SVC 101 153 635 000 - Utilities Telephone GTE010 GTE CALIFORNIA 12/31/96 11/19/96 0.00 2695.74 N T69 68 5643127 NO PHONE SVC 101 153 635 000 - Utilities Telephone ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 5 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. GTE010 GTE CALIFORNIA 12/31/96 11/28/96 0.00 57.11 N T69 69 5646760 NO PHONE SVC 101 454 635 664 - Utilities Telephone -Sports Com HEN085 REGENIA HENSLEY 12/31/96 12/26/96 0.00 27.20 N T69 70 MILEAGE/R HENSLEY 101 201 637 000 - Travel & Meetings HIG010 HIGH TECH IRRIGATION INC 12/31/96 12/09/96 0.00 2.59 N T69 71 274070 SUPPLIES ' 101 454 703 847 - Operating Supply -Materials HIN010 HINDERLITER, DE LLAMAS 12/31/96 12/06/96 0.00 1067.06 N T69 72 1025 SALES TAX AUDIT 101 151 603 000 - Contract Svcs -Consultant HOA010 HUGH HOARD INC 12/31/96 12/03/96 0.00 515.32 N T69 73 17576 HVAC TROUBLESHOOT 101 357 621 610 - Maint & Repair-HVAC HOA010 HUGH HOARD INC 12/31/96 11/19/96 0.00 825.06 N T69 74 17487 HVAC FILTERS 101 357 621 610 - Maint & Repair-HVAC HOA010 HUGH HOARD INC 12/31/96 11/19/96 0.00 235.87 N T69 75 17486 HVAC BELT REPLACEMENT 101 357 621 610 - Maint & Repair-HVAC HOL010 HOLMAN INDUSTRIES 12/31/96 12/12/96 0.00 12.39 N T69 76 3480 NAME PLATE 101 452 703 000 - Operating Supply HOL010 HOLMAN'INDUSTRIES 12/31/96 12/13/96 0.00 18.26 N T69 77 3483 NAME PLATE 101 352 647 000 - Printing HOM050 HOMISCO 12/31/96 12/10/96 0.00 9.75 N T69 78 29521 SHIPPING/UPGRADED DISK 101 153 609 608 - Contracts Svcs -Telephone HYA051 HYATT REGENCY 12/31/96 12/26/96 0.00 339.36 N T69 79 CPRS CONF HOTEL 101 251 637 000 - Travel & Meetings IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/05/96 0.00 371.40 N T69 80 780205802 ELECTRICAL SVC 101 202 627 000 - Utilities Electric IMP010 IMPERIAL IRRIGATION DIST 12/31/96 12/05/96 0.00 4389.92 N T69 81 780205701 ELECTRICAL SVC 101 357 627 000 - Utilities Electric INT014 INTERNATIONAL COUNCIL OF 12/31/96 12/26/96 0.00 125.00 N T69 83 0178893 19 ICSC DUES 405 902 649 000 - Membership Dues INT014 INTERNATIONAL COUNCIL OF 12/31/96 12/26/96 0.00 125.00 N T69 84 0178893 19 ICSC DUES 406 905 649 000 - Membership Dues INT014 INTERNATIONAL COUNCIL OF 12/31/96 12/26/96 0.00 75.00 N • T69 85 0178894 19 ICSC DUES. 101 401 637 000 - Travel & Meetings INT017 INTERNATL ASSC PLU14BING 12/31/96 12/02/96 0.00 100.00 N T69 82 1577 1997 IAPMO DUES 101 351 649 000 - Membership Dues ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 6 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. JUB010 JUBILEE POOL & SPA CARE 12/31/96 12/11/96 0.00 95.00 N T69 86 DEC 96 FOUNTAIN MAINT 101 357 609 643 - Contract Svcs -Fountains KEL010 KELLY TEMPORARY SERVICES 12/31/96 12/02/96 0.00 169.20 N T69 87 48170955 CONTRACT LABOR 101 202 505 000 - Salaries -Temporary KUL050 KULI IMAGE INC 12/31/96 12/13/96 0.00 352.67 N T69 89 8579 T SHIRTS 101 253 703 000 - Operating Supply LAQ020 LA QUINTA BLACKHAWK 12/31/96 12/26/96 0.00 100.00 N T69 90 ADVERTISING/LQ HIGH SCHL 101 103 643 000 - Advertising LAQ030 LA QUINTA CAR WASH 12/31/96 12/07/96 0.00 13.90 N T69 91 CAR WASH/NOV 96 101 352 619 649 - Vehicle Operations-Maint/Parts LAQ030 LA QUINTA CAR WASH 12/31/96 12/07/96 0.00 6.95 N T69 92 CAR WASH/NOV 96 101 357 619 649 - Vehicle Operations-Maint/Parts LAQ030 LA QUINTA CAR WASH 12/31/96 12/07/96 0.00 6.95 N T69 93 CAR WASH/NOV 96 101 453 619 649 - Vehicle Operation-Maint & Part LAQ030 LA QUINTA CAR WASH 12/31/96 12/07/96 0.00 6.95 N T69 94 CAR WASH/NOV 96 101 454 619 649 - Vehicle Operation-Maint & Part LEA020 LEAGUE OF CALIF CITIES 12/31/96 01/01/97 0.00 2889.00 N T69 95 400202 LCC DUES 101 101 649 000 - Membership Dues LIN050 JAMES LINDSEY 12/31/96 12/26/96 0.00 120.96 N T69 96 MILEAGE/J LINDSEY 101 456 641 000 - Mileage Reimbursement LUB050 LUBE SHOP 12/31/96 12/18/96 0.00 25.74 N T69 97 VEHICLE MAINT 101 454 619 649 - Vehicle Operation-Maint & Part MAZ050 MAZDA SUPERSTORE 12/31/96 11/21/96 0.00 424.17 N T69 98 7367 VEHICLE REPAIR 101 453 619 649 - Vehicle Operation-Maint & Part MCK010 McKESSON WATER PRODUCTS 12/31/96 12/12/96 0.00 76.00 N T69 99 5437539-64 DRINKING WATER 101 153 703 882 - Operating Supply-Sparkletts MCK010 McKESSON WATER PRODUCTS 12/31/96 12/12/96 0.00 18.00 N T69 100 5435708-64 DRINKING WATER 101 251 703 000 - Operating Supply MCK010 McKESSON WATER PRODUCTS 12/31/96 11/27/96 0.00 55.75 N T69 101 5327711-64 DRINKING WATER 101 454 703 847 - Operating Supply -Materials MIR010 MIRASOFT INC 12/31/96 12/10/96 0.00 257.50 N T69 102 2890 FOURFUND ACCTNG PHONE SUPPORT 101 151 609 000 - Contract Svcs -Technical MKC010 MK CAMERA AND PHOTO 12/31/96 12/09/96 0.00 62.17 N T69 103 3066 PHOTOS/FILM 101 452 703 823 - Operating Supply -Media ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 7 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. MKC010 MK CAMERA AND PHOTO 12/31/96 12/13/96 0.00 7.60 N T69 104 3075 FILM 101 452 703 823 - Operating Supply -Media MOT010 MOTOROLA 12/31/96 12/01/96 0.00 345.00 N T69 105 S0517981 SERVICE AGREEMENT 101 351 621 611 - Maint & Repair-Misc Equip MUN010 MUNI FINANCIAL SERV INC 12/31/96 11/30/96 0.00 100.00 N T69 106 96228405 DELIQUENCY MANAGEMENT 730 000 267 000 - Dep-Administrative Fees MUN010 MUNI FINANCIAL SERV INC 12/31/96 12/11/96 0.00 100.00 N T69 107 96232405 DELIQUENCY MANAGEMENT 715 000 267 000 - Dep-Administrative Fees NEF050 NEFF TEMPORARY SERVICES 12/31/96 . 12/06/96 0.00 79.20 N T69 108 2301 CONTRACT LABOR 101 102 505 534 - Temporary Agency Services NEG050 DEBBIE NEGRINELLI 12/31/96 12/03/96 0.00 4.48 N T69 109 NOV 96 MILEAGE/D NEGRINELLI 101 202 641 000 - Mileage Reimbursement NOE050 NOEL BRUSH AWARDS 12/31/96 11/21/96 0.00 341.35 N T69 110 45962 PLAQUES 101 153 656 000 - Employee Recognition NOR010 NORRELL SERVICES INC 12/31/96 11/24/96 0.00 542.00 N T69 ill 4307370 CONTRACT LABOR 101 454 505 534 - Temporary Agency Services NOR010 NORRELL SERVICES INC 12/31/96 12/01/96 0.00 325.20 N T69 112 4389457 CONTRACT LABOR 101 454 505 534 - Temporary Agency Services OFF005 OFFICE DEPOT INC 12/31/96 12/16/96 0.00 41.99 N T69 113 6011561867 PRINTER CABLE 101 352 855 000 - Capital -Machinery & Equipment OFF005 OFFICE DEPOT INC 12/31/96 12/16/96 0.00 41.99 N T69 114 6011561867 PRINTER CABLE 101 354 855 000 - Capital -Machinery & Equipment OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 09/30/96 0.00 3575.85 N T69 115 773214018 DEFAULT JUDGEMENT/ORDER OF SLE 725 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 04/24/96 0.00 177.15 N T69 116 769132017 DELIQUENCY 725 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 08/26/96 0.00 280.15 N T69 117 773152010 DELIQUENCY 730 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 09/20/96 0.00 4114.42 N T69 118 774221014 DEFAULT JUDGEMENT/ORDER SALE 715 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 10/08/96 0.00 2332.40 N T69 119 773214002 DEFAULT JUDGEMENT/ORDER SALE 725 000 267 000 - Dep-Administrative Fees OWE020 OWEN, BRADLEY & BARTRAM 12/31/96 09/30/96 0.00 2996.14 N T69 120 773225005 DEFAULT JUDGMENT/ORDER SALE 725 000 267 000 - Dep-Administrative Fees ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 8 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT 'INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. POS030 POSTAL CONNECTION OF 12/31/96 11/08/96 0.00 20.91 N T69 121 33782 POSTAGE 101 153 645 000 - Postage PRO150 PROGRESSIVE COMPANIES 12/31/96 11/17/96 0.00 618.50 N T69 122 96111705 AUTO INSURANCE 101 153 625 702 - Insurance -Vehicle PSI050 PSI ENVIRON GEOTECH CONS 12/31/96 12/06/96 0.00 1105.50 N T69 123 698728 SOIL/MATERIAL TESTING 401 645 609 000 - Contract Svcs -Technical RAL050 RALPHS GROCERY CO 12/31/96 12/16/96 0.00 8.38 N T69 124 16725 CHRISTMAS LUNCH 101 202 703 000 - Operating Supply RAL050 RALPHS GROCERY CO 12/31/96 12/16/96 0.00 90.19 N T69 125 16870 CHRISTMAS LUNCH 101 101 637 000 - Travel & Meetings RAS020 RASA - ERIC NELSON 12/31/96 12/11/96 0.00 303.00 N T69 126 1134 REVIEW PARCEL MAP/28435 101 000 443 318 - Public Works -Plan Check REP050 RE -PRINT CORPORATION 12/31/96 11/27/96 0.00 38.53 N T69 127 1403566 ROLL FILE 101 451 701 000 - Office Supplies RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/03/96 0.00 2980.80 N T69 128 L0200B 0 BOOKING FEES OCT 96 101 301 609 574 - Contract Svcs -Booking Fees RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 141525.07 N T69 129 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 559 - Contract Svcs -Sheriff Patrol RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 6186.22 N T69 130 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 575 - Special Enforcement Funds RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 18476.80 N T69 131 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 562 - Contract Svcs -Target Team RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 6154.48 N T69 132 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 568 - Contract Svcs -School Officer RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 2916.88 N T69 133 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 565 - Contract Svcs -Comm Svc Officer RIV100 RIVERSIDE COUNTY SHERIFFS 12/31/96 12/02/96 0.00 10654.78 N T69 134 L0200C N LAW ENFORCEMENT NOV 96 101 301 609 571 - Contract Svcs -Sheriff Mileage RIV102 RIVERSIDE COUNTY SHERIFF 12/31/96 12/27/96 0.00 800.00 N T69 135 081571 773225005 WRIT OF SALE DEPOSIT 725 000 267 000 - Dep-Administrative Fees RUB010 MICHAEL J RUBINO 12/31/96 CTL422 12/02/96 0.00 82.50 N T69 136 11192 LEGAL/ANDRADE 101 101 601 000 - Contract Svcs -Attorney RUB010 MICHAEL J RUBINO 12/31/96 CTL422 12/02/96 0.00 1087.50 N T69 137 11191 LEGAL/GRADY 101 101 601 000 - Contract Svcs -Attorney ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 9 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. RUB010 MICHAEL J RUBINO 12/31/96 CTL422 12/02/96 0.00 174.50 N T69 138 11196 LEGAL/KRAUSE 101 101 601 000 - Contract Svcs -Attorney SAN020 MANUEL SANCHEZ 12/31/96 12/17/96 0.00 175.00 N T69 139 2021 CLN LOT/769-141004 101 352 609 615 - Contract Svcs -Lot Cleaning SAN020 MANUEL SANCHEZ 12/31/96 12/17/96 0.00 125.00 N T69 140 2022 CLN LOT/773-212-016 101 352 609 615 - Contract Svcs -Lot Cleaning SEC050 SECURITY LINK/AMERITECH 12/31/96 12/05/96 0.00 43.39 N T69 141 2677070 ALARM SERVICE 101 453 609 640 - Contract Svcs-Security/Alarm SEC050 SECURITY LINK/AMERITECH 12/31/96 12/05/96 0.00 43.38 N T69 142 2677070 ALARM SERVICE 101 454 609 640 - Contract Svcs-Security/Alarm SMA010 SMART & FINAL 12/31/96 12/16/96 0.00 113.98 N T69 143 4211355 SUPPLIES 101 202 703 000 - Operating Supply SMA010 SMART & FINAL 12/31/96 12/19/96 0.00 99.12 N T69 144 4211637 OPEN HOUSE SUPPLIES 101 201 703 000 - Operating Supply SMA010 SMART & FINAL 12/31/96 12/18/96 0.00 143.28 N T69 145 4211603 OPEN HOUSE SUPPLIES 101 201 703 000 - Operating Supply SMI010 MARILYN SMITH 12/31/96 12/27/96 0.00 23.81 N T69 151 NOV 96 MILEAGE/M SMITH 101 202 641 000 - Mileage Reimbursement S00010 THE SOCO GROUP INC 12/31/96 11/30/96 0.00 248.86 N T69 146 151437 DIESEL FUEL 101 453 619 649 - Vehicle Operation-Maint & Part SPRO10 SPRINT 12/31/96 11/29/96 0.00 964.92 N T69 147 843721584 PHONE SVC 101 153 635 000 - Utilities Telephone STA050 STAPLES 12/31/96 12/03/96 0.00 8.05 N T69 148 5503541005 SUPPLIES 101 102 701 000 - Office Supplies STA050 STAPLES 12/31/96 12/05/96 0.00 6.79 N T69 149 6102271004 SUPPLIES 101 102 701 000 - Office Supplies STA050 STAPLES 12/31/96 12/03/96 0.00 10.76 N T69 150 612032-804 SUPPLIES 101 451 701 000 - Office Supplies TAY010 STEVE TAYLOR & SON 12/31/96 12/06/96 0.00 450.00 N T69 152 2772 CLN LOT/MILES/DUNE PALMS DR 101 352 609 615 - Contract Svcs -Lot Cleaning TOP010 TOPS'N BARRICADES INC 12/31/96 11/29/96 0.00 27.48 N T69 153 912192 SUPPLIES 101 451 701 000 - Office Supplies TOP010 TOPS'N BARRICADES INC 12/31/96 11/29/96 0.00 21.82 N T69 154 912192 SUPPLIES 101 452 703 000 - Operating Supply ACCOUNTS PAYABLE - AP4002P TO -BE PAID INVOICES 09:15AM 12/30/96 CITY OF LA QUINTA PROOF LIST PAGE 10 VENDOR# NAME/ PAY DATE PO No./Line No. PROJECT INV DATE ENCUMB. PAYMENT CLS BAT TRN INV#/REFR. DESCRIPTION GEN LEDGER # - TITLE AMOUNT AMOUNT NO. NO. TOP010 TOPS'N BARRICADES INC 12/31/96 11/29/96 0.00 20.74 N T69 155 912192 SUPPLIES 101 456 703 000 - Operating Supplies TOP010 TOPS'N BARRICADES INC 12/31/96 11/30/96 0.00 107.45 N T69 156 912270 SUPPLIES 101 453 703 833 - Operating Supply -Signs TOP010 TOPS'N BARRICADES INC 12/31/96 11/29/96 0.00 184.79 N T69 157 912177 SUPPLIES 101 453 703 833 - Operating Supply -Signs TRA020 TRANSAMERICA 12/31/96 11/25/96 0.00 140.75 N T69 158 43637 METROSCAN AGREEMENT 101 351 609 000 - Contract Svcs -Technical TRIO10 TRI LAKE CONSULTANTS INC 12/31/96 12/09/96 0.00 102.50 N T69 159 11726 INSPECTION 401 624 609 000 - Contract Svcs -Technical TRI010 TRI LAKE CONSULTANTS INC 12/31/96 12/09/96 0.00 3882.19 N T69 160 11726 INSPECTION 401 645 609 000 - Contract Svcs -Technical TRIO10 TRI LAKE CONSULTANTS INC 12/31/96 12/09/96 0.00 2329.31 N T69 161 11726 INSPECTION 401 609 609 000 - Contracts Svcs-Tech/Support UNI100 UNITED PARCEL SERVICE 12/31/96 12/14/96 0.00 6.50 N T69 162 5636977624 UPS DELIVERY 101 153 645 000 - Postage VAN050 BILL VANDERWELL 12/31/96 12/27/96 0.00 192.50 N T69 163 OFFICIALS/BASKETBALL 101 253 609 589 - Contract Svcs-Umpires/Referees WAL010 WAL MART STORES INC 12/31/96 12/12/96 0.00 10.74 N T69 164 0765934 VIDEO TAPE/LOW MOD SEWERS 101 351 703 809 - Operating Supplies -Forms WAL010 WAL MART STORES INC 12/31/96 12/10/96 0.00 15.04 N T69 165 0765992 TREE STAND 101 357 703 000 - Operating Supply WEL010 WELCH'S UNIFORM RENTAL 12/31/96 12/12/96 0.00 62.21 N T69 166 S203700 MATS 101 202 609 634 - Contract Svcs -Janitorial WEL010 WELCH'S UNIFORM RENTAL 12/31/96 12/12/96 0.00 47.89 N T69 167 S203701 MATS 101 357 609 634 - Contract Svcs -Janitorial WEL030 WELLS FARGO 12/31/96 11/13/96 0.00 200.00 N T69 168 70036 CUSTODIAN FEE 101 151 607 000 - Contract Svcs -Administration PAYMENT TOTAL 271,901.96 T6 6(4 0 Aj ihf 4 Qum irk 78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (619) 777-7000 FAX (619) 777-7101 NOTICE THE CITY OF LA QUINTA INVESTMENT ADVISORY BOARD MEETING HAS BEEN RE -SCHEDULED TO JANUARY 15, 1997 @ 5:30 PM Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253