1999 11 10 IABP.O. Box 1504
78-495 CALLE TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 (TDD) (760) 777-1227
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
November 10, 1999 - 5:30 P.M.
I GALL TO ORDER
A. Pledge of Allegiance
B. Roll Call
II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on October 13, 1999 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for September, 1999
B. Request for Proposal for Banking Services
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report and Selected Interest Rates - October 1999
B. Pooled Money Investment Board Reports - August, 1999
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: November 10, 1999
ITEM TITLE:
Transmittal of Treasury Report
for September, 1999
BACKGROUND:
Attached please find the Treasury Report for September, 1999.
RECOMMENDATION:
Review, Receive and File the Treasury Report for September, 1999.
ohn M. Falcon6r, Finance Director
Iry
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for September 30, 1999
DATE: October 27, 1999
Attached is the Treasurer's Report for the month ending September 30, 1999. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Matured
Ending
Change
Cash
$4, 943, 554
$0
$4, 742, 594
$200, 960
($4, 742, 594)
LAI F
12,198, 346
600,000
1,450, 000
11, 348, 346
(850, 000)
US Treasuries
19,083,477
0
5,017,431
14,066,046
(5,017,431)
US Gov't Agencies
17,542,765
42,140
0
17,584,905
42,140
Commercial Paper
0
0
0
0
0
Mutual Funds
3,861,592
5,592,794
0
9,454,386
5,592,794
Total
$57 629 734
$6 234 934
$11 210 025
$52 654 643
$4 975,091)
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and ins in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
John M. Falconer
Finance Director/Treasuer
- I I ) ) ) � I
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CITY OF LA QUINTA
CITY
CITY RDA
RDA FA
BALANCE SHEET 09/30/99
FIXED
LONG TERM FIXED
LONG TERM FINANCING LONG TERM
GRAND
CITY ASSETS
DEBT RDA ASSETS
DEBT AUTHORITY DEBT
TOTAL
ASSETS:
POOLED CASH
2,830,700.97
6,892,402.41
710.86
9,723,814.24
LQRP INVESTMENT IN POOLED CASH
705,000.00
705,000.00
INVESTMENT T-BILL/NOTES & OTHER
26,000,000.00
26,000,000.00
AUTO MALL CASH
1,088,505.25
1,088,505.25
LQRP CASH
30,988.17
30,988.17
BOND REDEMPTION CASH
214,383.88
467,426.23
681,810.11
BOND RESERVE CASH
BOND PROJECT CASH
14,173,646.57
598,926.67
14,772,573.24
BOND ESCROW CASH
PETTY CASH
1,000.00
1,000.00
CASH & INVESTMENT TOTAL 29,920,206.22
22,016,421.03
1,067,063.76
53,003,691.01
INVESTMENT IN LAND HELD FOR RESAL
ACCOUNTS RECEIVABLE
47,204.46
60,900.00
8,260,000.00
8,368,104.46
PREMIUM/DISCOUNT ON INVESTMENT
(360,823.78)
11,775.86
(349,047.92)
LQRP-ACCOUNTS RECEIVABLE
49,154.08
49,154.08
INTEREST RECEIVABLE
200,495.81
176,397.56
376,893.37
LOAN/NOTES RECEIVABLE
24,091.74
2,668,850.80
2,692,942.54
DUE FROM OTHER AGENCIES
127,984.00
127.984.00
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
876,735.90
741,656.90
1,618,392.80
DUE FROM RDA
6,890,277.20
6,890,277.20
INTEREST ADVANCE -DUE FROM RDA
1,251,785.34
1,251,785.34
ADVANCES TO OTHER FUNDS
714,002.62
714,002.62
NSF CHECKS RECEIVABLE
2,033.63
2,033.63
ACCRUED REVENUE
833.40
833.40
TRAVEL ADVANCES
1,923.00
1,923.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
60,300.00
60,300.00
RECEIVABLE TOTAL
9,836,009.92
3,709,568.60
8,260,000.00
21,805,578.52
WORKER COMPENSATION DEPOSIT
37,637.00
37,637.00
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
39,812.00
39,812.00
GENERAL FIXED ASSETS
1,289,694.28 15,146,522.00
10,233,506.05
26,669,722.33
ACCUMULATED DEPRECIATION
(585,360.27)
(585,360.27)
AMOUNT AVAILABLE TO RETIRE L/T DEB
3,395,117.03
3,395,117.03
AMOUNT TO BE PROVIDED FOR L/T DEB
1,677,482.02
94,696,331.06
8,260,000.00 104,633,813.08
TOTAL OTHER ASSETS
704,334.01 15,146,522.00
1,677,482.02 10,233,506.05
98,091,448.09
8,260,000.00 134,113,292.17
TOTAL ASSETS
40,500,362.15 15 146 522.00
1,677,482.02 25,725,989.63 10 233 506.05
98 091 448,09 9,327,063.76
8,260,000.00 208,962 3 33.70
LIABILITY
ACCOUNTS PAYABLE
7,660.84
11,999.44
19,660.28
DUE TO OTHER AGENCIES
800,810.18
800,810.18
DUE TO OTHER FUNDS
78,290.36
1,517,134.04
22,968.40
1,618,392.80
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
212,071.36
212,071.36
PAYROLL LIABILITIES
2,987.84
2,987.84
STRONG MOTION INSTRUMENTS
5,619.03
5,619.03
FRINGE TOED LIZARD FEES
19,640.00
19,640.00
SUSPENSE
154,743.69
154,743.69
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
1,281,823.30
11,999.44 1,517,134.04
22,968.40
2,833,925.18
ENGINEERING TRUST DEPOSITS
198.00
198.00
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
528,772.26
528,772.26
LQRP DEPOSITS
15,386.00
15,386.00
DEVELOPER DEPOSITS
1,287,852.98
1,287,852.98
MISC. DEPOSITS
295,650.80
295,650.80
AGENCY FUND DEPOSITS
772,757.48
772,757.48
TOTAL DEPOSITS
2,885,231.52
15,386.00
2,900,617.52
DEFERRED REVENUE
8,270.67
8,260,000.00
8,268,270.67
OTHER LIABILITIES TOTAL
8,270.67
8,260,000.00
8,268,270.67
COMPENSATED ABSENCES PAYABLE
337,880.86
337,880.86
DUE TO THE CITY OF LA QUINTA
1,327,601.72 8,142,062.34
9,469,664.06
DUE TO COUNTY OF RIVERSIDE
12,466,237.00
12,466,237.00
DUE TO C.V. UNIFIED SCHOOL DIST.
10,068,148.75
10,068,148.75
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
67 415 000.00
(504.08) 8,260,000.00
75,674,495.92
TOTAL LONG TERM DEBT
1,665,482.58 98,091,448.09
(504.08) 8,260,000.00
108,016,426.59
TOTAL LIABILITY
4,175,325.49
1,677,482.02 1,532,520.04 98,091,448.09
8,282,464.32 8,260,000.00
122,019,239.96
EQUITY -FUND BALANCE
36,325,036.66 15,146,522.00
24,193,469.59 10,233,506.05
1,044,599.44
86,943,133.74
TOTAL LIABILITY & EQUITY 40 500 362.15 15 146 522.00 1,677,482.02 25,725,989.63 10,233,506.05 98 091 448.09 9,327,063.76 8,260,000.00 208,962 3 33.70
(0.00) (0.00) (0.00) (0.00)
CASH & INVESTMENT TOTAL 53,003,691.01
PREMIUM/DISCOUNT ON INVESTMENT (349,047,92)
TOTAL 52,654,643.09
11'
INVESTMENT ADVISORY BOARD
Meeting Date: November 10, 1999
TITLE:
Request for Proposals for Banking Services
BACKGROUND:
Business Session: B
Attached is the September Staff Report. Staff has received responses from three
banks listed below:
• Bank of America
• Union Bank of California
• Wells Fargo
Staff has conducted a preliminary review and believes that each institution has the
resources available to meet the City's current and future banking needs.
A representative from each bank has been scheduled to make a 15 minute
presentation.
Bank of America
Union Bank of California
Wells Fargo
6:OOP.M.
- 6:15 P.M.
6:15 P.M.
- 6:30 P.M.
6:30 P.M.
- 6:45 P.M.
In addition to the information attached to the report the banks have also included
financial data which is available in the Finance Department.
RECOMMENDATION:
After the Board's review and comment,
con eration.
John M. Falc ner, Finance Director
forward to the City Council for their
ATTACHMENT
INVESTMENT ADVISORY BOARD
Meeting Date: September 8, 1999
ITEM TITLE:
Request for Proposals - Bank Services
BACKGROUND:
Business Session: C
Attached please find a Bank Services Request for Proposal for the Boards review
and comment. After City Council approval, Staff is requesting mailing the Request
for Proposal to the following banks/organizations:
First Security Van Kasper
(1)
Laffranchini Financial
(1)
Union Bank
(1) (3)
Valley Independent Bank
(1) (2)
Wells Fargo Bank
(2) (3)
Bank of America
(3)
Dai Ichi Kangyo Bank
(3)
Sanwa Bank
(3)
(1) City Registry
(2) Branch in La Quinta
(3) Listed in California Municipal Treasurers Association Roster
RECOMMENDATION:
WfTterview and c ment for to the City Council for consideration.
ohn M. Falconir, Finance Director
002
� z
v s
0010
OFTN�O
REQUEST FOR PROPOSAL FOR BANKING SERVICES
The City of La Quinta is seeking proposals for Banking Services for its bank accounts
and the related cash management services. The enclosed Request for Proposal (RFP)
outlines the scope of the engagement, information required, evaluation criteria, and
other relevant information.
If your Bank would like to be considered as a potential provider of Banking Services,
please respond by no later than 12:00 p.m. (Noon) on . Three (3)
copies of the proposal must be submitted. Any proposals received after the above
date and time may be disqualified. All proposals must be sealed, marked "Banking
Services Proposal," and submitted to the City at the following address:
City of La Quinta, California
78-495 Calle Tampico
P. 0. Box 1504
La Quinta, CA 92253
Attention: John Falconer, Treasurer
Phone: 760 777-7150
Fax: 760 777-7105
Questions relating to the RFP may be submitted in writing only (mailed or faxed to the
attention of the Treasurer by 12:00 p.m. (Noon) on
Sincerely,
John M. Falconer
Treasurer
1
003
City of La Quinta
Banking Services RFP
Table of Contents
Description
INTRODUCTION.................................................................
RFP AND PROPOSAL SCHEDULE ......................................
PROPOSAL PROCEDURES ...............................................
SELECTION CRITERIA ...............................................
BANKING SERVICES PROPOSAL CONTENT AND FORMAT
Tab A - Table of Contents
Tab B - Bank Profile
Tab C - References
Tab D - Demand Deposit Accounts
Tab E - Collateral ization of Deposit
Tab F - Bank Compensation
Tab G - Deposit Activity
Tab H - Wire Transfers
Tab I - Account Reconcilement
Tab J - State Activity
Tab K - Overnight Sweep
Tab L - Payroll Tax Processing
Tab M - Direct Deposit of Payroll
Tab N - Credit Cards
Tab O - Balance Reporting
Tab P - Merchant Bankcard
Tab Q - Implementation Plan and Costs
Tab R - Daily Lock Box Reporting
Tab S - Service enhancements
Page No.
3
4
4
4
Exhibits to Attach:
Tab T - Banking Services Bid Form
Tab U - Standard Bank Fee Schedule for Government/Corporate Clients
Tab V - Sample Account Analysis Statement and users Guide
Tab W - Relevant Cash Management Agreements
Tab X - Bank Credit Ratings - Most Current Annual Report
K
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6
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7
7
7
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9
9
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12
City of La Quinta
Banking Services RFP
INTRODUCTION
The City of La Quinta (City) is located in Riverside County with a population of
approximately 24,000 residents. It was incorporated as a general law city under the
provisions of the Government Code of the State of California and it became a Charter
City in November 1996. The City operates under the Council -Manager form of city
government. The City Currently has approximately 72 full-time and part-time
employees.
The City's primary banking relationship currently resides with Wells Fargo Bank and
consists of general depository and cash management services. The City had
previously banked with First Interest Bank and converted to Wells Fargo through the
acquisition of First Interstate Bank in 1996. The City utilizes PC Manager 3.0
software for various on-line banking transactions. The City is in the process of
reviewing its cash management and treasury operations and has determined that it is
appropriate at this time to formally bid out its banking arrangements and seek
proposals for various financial services based upon a mandatory 4 year bidding
requirement. The City wishes to create efficiencies, make improvements where
possible, and take advantage of new, applicable technologies. This RFP does not
cover any other services, such as custody, investments, or bond trustee services.
The intent of this RFP is to identify a financially secure federal or state chartered
banking institution that can offer the highest quality of service at the lowest overall
cost to the City of La Quinta with the establishment of a four (4) year contract
estimated to commence January 1, 2000. The City requires fixed pricing for the four
years of the contract.
The City will make every effort to administer the proposal process in accordance with
the terms and dates outlined in this RFP; however, the City reserves the right to
modify the activities, timeline, or any other aspect of the process at any time and as
deemed necessary by City staff. By requesting proposals, the City is in no way
obligated to award a contract or pay the expenses of proposing banks in connection
with the preparation or submission of a proposal. The awarding of a contract shall be
contingent on the availability of funds and the requisite staff and Council approvals.
The decision to award any contract to a particular financial institution will be based on
many factors to include, but not limited to, products available, service levels, cost to
the City, financial strength of bank, etc. No single factor will determine the final
award decision.
3
005
City of La Quinta
Banking Services RFP
RFP AND PROPOSAL SCHEDULE
The City intends to follow the schedule described below during the procurement
process for Banking Services, but reserves the right to alter the schedule at any time.
ACTIVITY DATE
Release of RFP
Questions Due from Bank
Proposal Due Date
Bank Interviews
Finalist Notified
Commencement of Contract
The City maintains the following bank accounts:
General Account with Daily Sweep
Automall Account with Daily Sweep
La Quinta Housing Account with Lockbox
PROPOSAL PROCEDURES
Proposal Format - A proposing bank must follow the instructions for preparing the
proposal in the prescribed format. Section tabs (A through W) must be utilized in the
proposal following the same order of the RFP. Each question should be repeated with
the bank's response following. Any extraneous information or marketing materials
should -not be included.
No Proposal - If a service requirement cannot be met by a proposer, then "No
Proposal" should be indicated on the Bid Form and in the relevant section of the
proposal. An alternative equivalent service may be offered.
Right to Reject Proposals - The City reserves the right to reject any and all proposals,
to waive any non -material irregularities or informalities in any proposal, and to accept
or reject any item or combination of items.
Execution of Agreement - If a banking institution is not able to execute an agreement
within thirty (30) days after being notified of selection, the City reserves the right to
select the next most qualified proposing bank or call for new proposals, whichever the
City deems most appropriate.
4
006
City of La Quinta
Banking Services RFP
Incorporation of RFP / Proposal - The RFP and the bank's response, including all
promises, warranties, commitments, and representations made in the successful
proposal, will become binding contractual obligations and will be incorporated by
reference in any agreement between the City and the bank.
Authorized Signatories - Bank personnel signing the cover letter of the proposal or any
other related forms submitted must be authorized signers with the requisite authority
to represent their firm and to enter into binding contracts with clients.
Validity of Proposals - Proposed services and related pricing and warranties contained
in the proposal must be valid for a period of 120 days after the submission of the
proposal.
SELECTION CRITERIA
The City will utilize the selection criteria listed below to evaluate proposals and to
recommend the best -suited provider of banking services to City Staff and the City
Council:
• Location and convenience of bank offices.
• Adherence to RFP instructions and content requirements.
• Ability to meet required service levels.
• Ability to offer product and service enhancements.
• Credentials and strength of relationship management team.
• Overall lowest cost to the City and ability to guarantee pricing for contract
period.
• Financial strength of Bank and ability to collateralize deposits.
• Quality of references and experience with public agency clients.
• Other factors in the City's best interest that are not delineated above.
BANKING SERVICES PROPOSAL CONTENT AND FORMAT
In order for the City to be able to adequately compare and evaluate proposals, all
proposals must be submitted in accordance with the format detailed below.
Cover Letter: (One page maximum) The letter should designate the proposing Bank,
the business address of where the relationship will be housed, and be signed by
authorized Bank officers. The letter should address the bank's willingness and
commitment to provide the proposed services to the City and why the bank believes
it should be selected. No pricing information should be included in this section.
5
007
City of La Quinta
Banking Services RFP
Tab A - Table of Contents: (One page maximum.) Table of Contents should follow the
RFP format.
Tab B - Bank Profile: (Two page maximum.) Please respond to the following sections:
Bank Overview - General overview of bank, identification of local branches or
offices, and customer service philosophy.
Experience - Bank's direct experience in servicing public sector clients. Please
include: the number of public agency clients, the dollar amount of public funds
on deposit, the types of services offered, and bank's knowledge of and
adherence to the California Government Code.
Relationship Management - Identify bank officers responsible for the City's
accounts, what each person's role and responsibilities will be, and the relevant
credentials and experience of each person on the relationship management
team.
Tab C -References: (Two pages maximum.) Please provide five (5) references that are
of similar size and cope of service utilization as the City. Select both long-standing
and recent customers, preferable public agencies.
Contact Name:
Title:
Name of Customer:
Address:
Telephone Number:
Fax Number:
# of Yrs. As Customer:
Services Utilized:
Tab D - Demand Deposit Accounts: (One page maximum.) The City currently uses one
demand deposit account, the General Account, for all deposit, check writing, and other
activity. An ancillary account has been established for credit card activity to facilitate
the payment of the related bills for council members and City staff.
6
008
City of La Quinta
Banking Services RFP
Tab E - Co//atera/ization of Deposits: (Three pages maximum including contract.)
Please detail the Bank's procedures for collateralizing public funds deposits.
Tab F - Bank Compensation: (Two pages maximum.) The City currently utilizes an
overnight Sweep and would like to continue doing so. A peg balance of $50,000 is
maintained. The City is billed for any negative net difference between the Sweep
earnings and the account service activity.
1. What is the bank's Earnings Credit Rate (ECR) based on, and how is it
calculated each month?
2. List the bank's actual ECR for each of the past six months, from January
through June 1999.
3. What account analysis settlement period will the bank offer the City? Please
state monthly, quarterly, semi-annually, or annually.
4. For what period of time will the bank's pricing as indicated in this proposal and
the Banking Services Bid Form be fixed?
5. Does the bank charge for FDIC or FICO premiums, and if so, how is the charge
calculated?
6. Please detail which types of items and services can be applied against the City's
account analysis in addition to standard bank services. Is there a mark-up?
Tab G - Deposit Activity: (Two pages maximum.) The City currently uses an armored
carrier service with daily (Monday through Friday) pick-ups at City Hall at 10:00 -
1 1:00 A.M. by Brinks Armored Transport. The deposits are delivered to the bank's
Operations Center for same -day credit. Total monthly deposits consist of
approximately 510 checks (unencoded) and $5,300 in currency. Deposited items
should be automatically recleared once. Checks that are ultimately returned need to
be forwarded to the City within three working days. The City requires the ability to
make occasional branch deposits for emergencies.
1 . Please provide a quote for armored carrier service. Can the cost of armored
carrier be paid through account analysis?
2. Is a mark-up applied to the cost of the service if it is paid for through account
analysis? If so, how much?
009
City of La Quinta
Banking Services RFP
3. Please describe the bank's procedures for handling deposit adjustments.
4. Please describe the bank's returned 'item handling and notification procedures
in detail.
5. What is the cut-off time for deposits at the bank's local branch and at the
bank's Operations Center to ensure same day credit?
Tab H - Wire Transfers: (One page maximum.) The City currently transacts wire
transfers by telephone or electronically, initiating approximately 5 wires and receiving
5 incoming wires a month.
1. Please describe the bank's wire transfer service capabilities and what
specifically is recommended for the City's use and consideration.
2. What safeguards and security measures does the bank have in place to protect
the City?
Tab I - Account Reconcilement: (Two pages maximum.) The City currently issues
approximately 500 Accounts Payable and Payroll checks from the General Account and
does not currently utilize any type of Account reconcilement service. Checks are
written and released weekly, with Accounts Payable and Payroll alternating every other
week. The City would like to consider Full Account Reconcilement, Positive Pay,
check truncation, on-line stop payments, and any other enhancements the bank
recommends.
1. Please describe the bank's account reconcilement services and what is
recommended for the City's consideration.
2. Does the bank offer Positive Pay for this size account? If so, please describe
the service as it relates to the City's check volume and reconcilement needs.
3. Does the bank provide on-line check imaging so that the City could review its
paid or exception items electronically?
4. Describe the bank's on-line stop payment service and how ,the City would
access information about whether an item has been paid and how it would
execute a stop payment.
8 010
City of La Quinta
Banking Services RFP
5. Does the bank's check truncation service and how to receive copies of paid
items.
Tab J State Activity: (One page maximum.) The City transacts State of California
Local Agency Investment Fund (LAIF) transfers on a regular basis (approx. 5 total per
month) and receives State warrants for deposit.
1. Is the bank an approved State of California depository?
2. What is the charge per transfer to LAIF? From LAIF?
3. What is the charge for the deposit of State Warrants in Sacramento?
4. Please describe the LAIF transfer process. Are the transfers done by telephone,
terminal, fax, wire transfer, etc?
5. Does the bank have an office in Sacramento that maintains a direct DDA
banking relationship with the State Treasurer's Office and the State Controller's
Office?
Tab K - Overnight Sweep: (Two pages maximum.) The City would like to continue
using an automatic, overnight DDA Sweep with all collected funds in excess of a peg
balance swept into an investment fund.
1. Please describe the bank's DDA Sweep service.
2. Is the bank's Sweep an End -of -Day or Intra-Day Sweep?
3. What Sweep investments or funds are available for public funds clients?
4. Does the fund(s) meet the California Government Code for allowable
investments?
5. What are the costs associated with Sweep (monthly maintenance, set-up
charges, # of basis points spread, transaction fees)?
6. Is a peg balance required? If so, how much? What are the procedures for
changing the peg?
9
Oil
City of La Quinta
Banking Services RFP
7. How many of the bank's public agency clients use Sweep? Please cite three
such clients.
8. Provide indicative rates on your Sweep product's fund(s) for the past six
months.
Tab L - Payroll Tax Processing: (One page maximum.) Please describe the bank's
payroll tax withholding services and its related costs. The City requires the ability to
report and pay state and federal tax withholdings automatically either by telephone or
preferably by PC.
Tab M - Direct Deposit of Payroll: (Two pages maximum.) Direct Deposit of Payroll is
currently in place, with approximately 60 employees participating. The payroll files are
sent to the bank by data transmission.
1. Please describe the bank's ACH and Direct Deposit service as it relates to this
specific application.
2. What are the different ACH file transmission options available to the City?
What are the transmission deadlines for Direct Deposit ACH files?
3. Please detail the bank's back-up plans for data transmissions. The City requires
immediate notification of any changes or problems and the ability to re -send a
file.
4. Can payroll credits be sent to employees' savings accounts?
5. What special banking programs are available to employees who use Direct
Deposit?
Tab N - Credit Cards: (One page maximum.) The City currently has a credit card for
the City Manager with a total credit limit of $5,000.00.
1 . What fees are associated with credit cards?
2. How are any transactional and billing problems resolved, and what is - the
turnaround for problem resolution?
10
012
City of La Quinta
Banking Services RFP
3. How can the billing process and the application of payments be facilitated to
ensure that the card users do not encounter problems while traveling on City
business?
Tab O - Balance Reporting: (Four pages maximum including sample reports.) The City
does currently accesses daily balance reporting information daily by PC and modem.
The City will require, at a minimum, prior day information for the General Account, to
include summary fields of information as well as detail fields for checks paid and for
each debit and credit transaction.
1. Please describe the bank's on-line information reporting system.
2. How can reports be custom-tailored for the end -user?
3. Can the City obtain current day (intra day) information? If so, please describe
the service.
4. What are the computer hardware and software specifications for the bank's on-
line system?
5. Please provide a sample of prior day and intra day reports that would be the
best example of the system's capabilities. Include the reports in this section.
Tab P - Merchant Bankcard: (Two pages maximum.) The City though not currently,
but in the future may consider offering credit and debit card payment options for
business licenses, permits, and Parks & Rec.
1. Please describe the bank's Merchant Bankcard and Point -of -Sale processing
capabilities.
2. Please quote a discount rate (a general range is acceptable) and any other
applicable charges for the credit card processing described above.
3. How frequently are the discount rate and other fees charged to the City? Can
the discount rate and any fees be applied against account analysis?
Tab Q - Implementation Plan and Costs: (Two pages maximum.) The City requires a
smooth and low-cost transition to a new bank or to enhanced services with the
existing bank.
City of La Quinta
Banking Services RFP
1 . Please describe the bank's plan to implement the proposed services and to
ensure a smooth, error -free conversion.
2. Please detail all costs associated with the conversion of all of the new services.
3. What size conversion allowance will the bank provide the City? Please state a
specific dollar amount.
4. Will the bank provide on -site training for City personnel for all of the services
selected?
5. Describe in detail how the bank handles problems resolution, customer service,
day-to-day contact, and ongoing maintenance for governmental clients. Please
be specific about exactly whom the City will be calling and working with for the
above described situations.
Tab R - Daily Lock Box Reporting Requirements: (Two pages maximum.) The City
maintains a separate Housing Account which issues approximately 20 checks per
month and maintains an average cash balance of $25,000. The City rents 50 homes
to Section 8 eligible participants who deposit their monthly rental payments to a lock
box account on a monthly basis. Please describe the in house or vendor providing lock
box services to the bank.
Tab S - Service Enhancements: (Two pages maximum.) Based on the information
provided in the RFP and the bank's knowledge of the public sector, please describe any
services or technological enhancements, not previously mentioned, that should be
considered for further improving the effectiveness of the City's treasury management
operations.
12
City of La Quinta
Banking Services RFP
Exhibits for Banking Services Proposal
Tab T - Banking Services Bid Form
Tab U - Standard Bank Fee Schedule for Government/Corporate Clients
Tab V - Sample Account Analysis Statement and User's Guide
Tab W - Relevant Cash Management Agreements
Tab X - Bank Credit Ratings
Most Current Annual report
13
015
City of La Quinta
Banking Services RFP
Exhibit T
Banking Services Bid Form
BANK SUMMARY ANALYSIS
ACTIVITY DETAIL FOR JUNE 30, 1999
Balance Compensated Fees
Unit Investable
Price Activity Balances
Service Description
Volume Bid Charges Required
ACH Express Cr/Dr - Windows
168
ACH Express Input
9
ACH Express Maintenance
1
Branch Dep-Night Drop
5,461
PC Outgoing Wires
5
Incoming Domestic Wires
3
ACH Credit Received
4
WD Items Deposited Clghse - CA
22
WD Items Deposited Lf - CA
25
WD Items Deposited On Us - CA
9
WD Items Deposited Tr - CA
8
WDDA Acct Maint W/Check Return
3,
WDDA ACH Debits Received
11
WDDA Check Returned
402
WDDA Checks Paid
402
WDDA Non -Chargeable Dep Items
20
Credits Posted
23
It Dep Clghse CA Cash Vault
113
It Dep Loc Fed CA Cash Vault
200
It Dep Loc Fed CA Cash Vault
24
It Dep On -Us CA Cash Vault
77
It Dep Transit CA Cash Vault
63
PC Manager Monthly Maintenance
1
le Bal Det Rpt/Itern
249
le Bal Det Rpt/Item
247
IE + ACH Ret/Redep Rpt-1 ST Acct
I E + Bal/Detail Rpt-Add' L Acct
1
IE+ Bal/Detail Rpt-1 ST Acct
1
Wf Lbx Detail Report -Per Item
51
Wf Lbx Detail Report-1 ST Acct
1
Sweep Report - Add'L Account
2
Wellstax Maintenance - Access
1
Wellstax Quarterly Report
1
Total Balance Compensated Fees
0.00
Source: Wells Fargo Summary Analysis 09/01 /1999 1 1:51 A016
City of La Quinta
Banking Services RFP
Exhibit V
Sample Account Analysis Statement User's Guide
RELATIONSHIP SUMMARY ANALYSIS
ACTIVITY DETAIL
Balance Compensated Fees
Unit Activity
Service Description
Volume Price Charges
ACH Express Cr/Dr - Windows
168
ACH Express Input
9
ACH Express Maintenance
1
Branch Dep-Night Drop
5,461
PC Outgoing Wires
5
Incoming Domestic Wires
3
ACH Credit Received
4
WD Items Deposited Clghse - CA
22
WD Items Deposited Lf - CA
25
WD Items Deposited On Us - CA
9
WD Items Deposited Tr - CA
8
WDDA Acct Maint W/Check Return
3
WDDA ACH Debits Received
11
WDDA Check Returned
402
WDDA Checks Paid
402
WDDA Non -Chargeable Dep Items
20
Credits Posted
23
It Dep Clghse CA Cash Vault
113
It. Dep Loc Fed CA Cash Vault
200
It Dep Loc Fed CA Cash Vault
24
It Dep On -Us CA Cash Vault
77
It Dep Transit CA Cash Vault
63
PC Manager Monthly Maintenance
1
le Bal Det Rpt/Itern
249
le Bal Det Rpt/Item
247
IE+ ACH Ret/Redep Rpt-1ST Acct
IE+ Bal/Detail Rpt-Add'L Acct
1
IE+ Bal/Detail Rpt-1 ST Acct
1
Wf Lbx Detail Report -Per Item
51
Wf Lbx Detail Report-1 ST Acct
1
Sweep Report - Add'L Account
2
Wellstax Maintenance - Access
1
Wellstax Quarterly Report
1
Total Balance Compensated Fees
Source: Wells Fargo Summary Anlysis 09/01 /1999 1 1:54 LEI 1
T a Iry
4hf 4 Qu&rA
MEMORANDUM
TO: Investment Advisory Board Members
FROM: Debbie DeRenard, Finance Secretary,
DATE: November 5, 1999
RE: Pooled Money Investment Report
Attached please find the Pooled Money Investment Report. It was inadvertently
left out of the Agenda packet. Please attach the report to Correspondence and
Written Material - Item B.
I apologize for any inconvenience. If you have any questions, please feel free to
call. Thank you.
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
POOLED MONEY INVESTMENT BOARD REPORT
AUCiUST 1999
TABLE OF CONTENTS
SUMMARY...........................................................................1
SELECTED INVESTMENT DATA.............................................2
PORTFOLIO COMPOSITION...................................................3
INVESTMENT TRANSACTIONS.:.............................................4
TIMEDEPOSITS..................................................................18
ft
DEMAND BANK DEPOSITS...................................................24
POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 25
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF AUGUST 1999 WITH AUGUST 1998
(Dollars in Thousands)
AUGUST 1999 AUGUST 1998 Change
Average Daily Portfolio
$33,675,607
$31,350,849
+$2,324,758
Accrued Earnings
$149,023
$150,496
-1,473
Effective Yield
5.225
5.652
-.427
Average Life --Month End (in days)
209
201
+8
Total Security Transactions
Amount
$21,692,158
$25,113,159
-$3,421,001
Number
471
550
-79
Total Time Deposit Transactions
Amount $1,219,700 $1,023,200 +$196,500
Number 75 53 +22
Average Workday Investment Activity $1,041,448 $1,244,589-$203,141
Prescribed Demand Account Balances
For Services $217,406 $132,551 +$84,855
For Uncollected Funds $169,200 $151,320 +$17,88q
—1—
PHII.IP ANGELIDES
STATE TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION
SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED)
Change in
August 31,1999 Percent From
Tyne of Security Amount Percent Previous Month
Governments
Bills
$2,355,125
7.14
+
.22
Bonds
0
0
0
Notes
$2,998,242
9.10
-
.88
Strips
0
0
0
Total Governments
$5,353,367
16.24
-
.66
Federal Agency Coupons
$3,533,239
10.72
+
.19
Certificates of Deposit
$4,736,921
1437
+
.82
Bank Notes
$1,472,972
4.47
+
.73
Bankers Acceptances
0
0
0
Repurchases
50,000
.15
+
.15
Federal Agency Discount Notes
$3,743,325
11.35
-
.67
Time Deposits
$2,407,640
730
+
.95
GNMA's
$19,711
.00
-
.01
Commercial Paper
$8,030,718
2436
-
1.99
FB[LMC
$15,812
.05
0
Corporate Bonds
$2,307,696
7.00
+
.05
Pooled Loans
$2,398,772
7.28
-
.48
GF Loans
0
0
0
Reversed Repurchases
<$1,084,014>
<3.29>
-
.92
Total, All Types
$32,968,159
100
Pooled Money
Other
Time Deposits
TOTALS
PMIA Monthly Average
Effective Yield
Year to Date Yield for
Last Day of Month
August 1999.-
Number Amount
471 $ 21,692,158
13 $ 49,887
75 $ 19219,700
559 $ 22,961,745
July 1999
Number
363 $ 16,369,385
4 $ 1,042
95 $ 19,3881,790
462 $ 17,759,217
5.225 5.178
5.201 5.178
—2—
LIO
E
7
Commercial
Paper
24.36%
Pooled Money Investment Account
Portfolio Composition
Reverses
Loans _3.29%
7.28%
Hcceptances
0.15% CD's/BN's
18.84%
$33 Billion
es
D
me Deposits
"7.30%
Mortgages
0.05%
;encies
2.07%
8/31/99
8 Treasuries
B Time Deposits
® Mortgages
® Agencies
B C D's/B N's
M Bankers Acceptances
® Repo
0 Commercial Paper
IS Corporate Bonds
❑ Loans
0 Reverses
i
1XIM
jrY•> ... .. _.�F� ^Y: i '�:]X' ....n:.� - `-.^.a,Y.+".V .�.:».. _ `3'�!�_. - _ - _' wl�e�Z_ �I.T x:2x ELM �I.' -
POOLED MONEY INVESTMENT ACCOUNT ' -
_ .. _ e/ _ _ MATURITY TRANS -PAR_ DAYS y ._ �; A�AOUIN'T `
08/02/99 REDEMPTIONS
CP
Countrywide
08/02/99
5.130
$20,731
3
$8,862.50
5.203
CP
Transam
08/02/99
5.120
50,000
3
21,333.33
5.193
CP
B/A
08/02/99
5.070
30,000
4
16,900.00
5.143
CP
ConAgra
08/02/99
5.120
40,000
4
22,755.56
5.194
CP
Hertz
08/02/99
5.050
25,000
5
17,534.72
5.123
CP'
Chevron
08/02/99
5.050
45,000
5
31,562.50
5.123
CP
Baxter
08/02/99
5.100
20,C: %-j
18
51,000.00
5.184
CP
Baxter
08/02/99
5.100
50,000
18
127,500.00
5.184
CP
GMAC
08/02/99
5.030
50,000
42
293,416.67
5.129
CP
GMAC
08/02/99
5.030
50,000
42
293,416.67
5.129
CP
GMAC
08/02/99
5.010
50,000
45
313,125.00
5.111
CP
GMAC
08/02/99
5.010
50,000
45
313,125.00
5.111
CP
GMAC
08/02/99
5.010
50,000
45
313,125.00
5.111
CP
JC Penney
08/02/99
5.260
43,994
46
295,688.56
5.369
CP
GMAC
08/02/99
4.800
50,000
105
700,000.00
4.935
CP
GMAC
08/02/99
4.800
50,000
105
700,000.00
4.935
CP
Assoc
08/02/99
4.750
25,000
108
356,250.00
4.885
CP
Assoc
08/02/99
4.750
50,000
108
712,500.00
4.885
CP
W/F
08/02/99
4.820
50,000
108
723,000.00
4.958
CP
W/F
08/02/99
4.820
50,000
108
723,000.00
4.958
PURCHASES
CP
Amer Exp
08/03/99
5.180
25,000
CP
Amer Exp
08/03/99
5.180
50,000
CP
GMAC
08/03/99
5.190
50,000
CP
Armstrong
08/11/99
5.250
50,000
CP
ConAgra
09/01/99
5.250
50,000
08/03/99 REDEMPTIONS
CD
UBS
4.900%
08/03/99
4.895
50,000
180
1,223,779.86
4.962
CD
UBS
4.900%
08/03/99
4.895
50,000
180
1,223,779.86
4.962
CD
U/B Calif
4.900%
08/03/99
4.900
50,000
180
1,225,000.00
4.968
CD
U/B Calif
4.900%
08/03/99
4.900
50,000
180
1,225,000.00
4.968
CP
Amer Exp
08/03/99
`5.180
25,000
1
3,597.22
5.252
CP
Amer Exp
08/03/99
5.180
50,000
1
7,194.44
5.252
CP
GMAC
08/03/99
5.190
50,000
1
7,20833
5.262
PURCHASES
CD
Deutsche
5.250% 10/01 /99
5.250
25,000
CD
Deutsche
5.250% 10/01 /99
5.250
50,000
CP
Amer Exp
08/04/99
5.000
50,000
CP
Amer Exp
08/04/99
5.000
50,000
CP
JC Penney
09/01/99
5.320.
20,000
CP
Heller
09/01/99
5.200
25,000
CP
FMCC
09/28/99
5.160
50,000
CP
FMCC
09/28/99
5.160
50,000
CP
GMAC
10/04/99
5.200
50,000
—4—
POOLED MONEY INYESTMENTACCOUNT
- ..� Pl
MATURITY TRAM AMOUNT _ �FECTIVE
_ DATE
_ QFc�Nr�nAN DAB
MEM _ YlELQ
08/03/99 PURCHASES (continued)
CP
GMAC
10/04/99
5.200
50,000
CP
GMAC
10/08/99
5.200
50,000
CP
GECC
10/13/99
5.190
50,000
CP
GECC
10/13/99
5.190
50,000
CP
GECC
10/13/99
5.190
50,000
CP
Hertz
10/20/99
5.200
50,000
CP
JC Penney
11 /08/99
5.450
50,000
08/04/99 REDEMPTIONS
CP Amer Exp 08/04/99 5.000 50,000 1 6,944.44 5.070
CP Amer Exp 08/04/99 5.000 50,000 1 6,944.44 5.070
PURCHASES
CD
World
5.130%
08/31 /99
5.130
50,000
CD
ANZ
5.295%
11 /24/99
5.275
50,000
CD
ANZ
5.295%
11 /24/99
5.275
50,000
CD
Soc Gen
5.280%
11/24/99
5.270
50,000
CD
Soc Gen
5.280%
11 /24/99
5.270
50,000
CP
ConAgra
09/01/99
5.210
5,000
CP
ConAgra
09/01/99
5.210
50,000
CP
SRAC
09/01/99
5.090
50,000
CP
U/B Calif
09/01/99
5.120
50,000
CP
U/B Calif
09/01/99
5.120
50,000
CP
SRAC
09/02/99
5.090
50,000
08/05/99 REDEMPTIONS
CP
Household
08/05/99
5.030
50,000
45
314,375.00
5.132
CP
Household
08/05/99
5.030
50,000
45
314,375.00
5.132
CP
Countrywide
08/05/99
5.110
32,864
49
228,578.25
5.217
CP
W/F
08/05/99
4.820
10,000
111
148,616.67
4.960
CP
Assoc
08/05/99
4.750
25,000
111
366,145.83
4.887
CP
Assoc
08/05/99
4.750
50,000
111
732,291.67
4.887
CP
W/F
08/05/99
4.820
50,000
111
743,083.33
4.960
NO PURCHASES
08/06/99 REDEMPTIONS
CD
Dresdner
5.090% 08/06/99
5.080
10,000
28
39,511.42
5.150
CD
Dresdner
5.090% 08/06/99
5.080
50,000
28
197,556.94
5.150
CD
Dresdner
5.090% 08/06/99
5.080
50,000
28
197,556.94
5.150
CP
Text Fin
08/06/99
5.180
50,000
7
50,361.11
5.257
CP
FMCC
08/06/99
5.070
30,000
8
33,800.00
5.146
CP
Heller
08/06/99
5.180
50,000
8
57,555.56
5.257
CP
Transam
08/06/99
5.100
28,725
10
40,693.75
5.178
CP
FMCC
08/06/99
5.100
30,000
10
42,500.00
5.178
CP
FMCC
08/06/99
5.070
50,000
17
119,708.33
5.152
—5—
�'art
Y'ti�i�at11'1�/�RT._ _ '� 'i-+i.i' .r <. ='' a_- '- ._t -,Sf'
wigw,wwea��."C�a*v�.w�!?�!`ww-KOstm qm n
V^--• -
..1
�-°r •� i'-1' _y
-n.:- ,». .._ -- , � ' . _, p:. . - . _ `- _ :i-_ .ram✓. �
�? M � � � •' Mi... 1;, rys.: w..I. r.( i�i.r_�i. ..4 c, �j�{"�[ - w__- �r} Y ''• ^ �' ._
�.-J. �.TIf<^`�'.:�a+'..�:r�jI ♦.C.:�.L�t-.-`J1+. �.-_1'.�' y 1 .C.IF :.:� '�y,�.....t.�!'i`YL. �S'. �i�;.w �-iZ-�'L6 �'-. ^� "X � i
1 _
-
IRIPTION
�AI� -
�_
WE
08/06/99 REDEMPTIONS (continued)
CP
FMCC
08/06/99
5.070
50,000
17
119,708.33
5.152
CP
FMCC
08/06/99
5.070
50,000
17
119,708.33
5.152
CP
FMCC
08/06/99
5.070
50,000
17
119,708.33
5.152
CP
GMAC
08/06/99
4.900
30,000
70
285,833.33
5.015
CP
GMAC
08/06/99
4.900
50,000
70
476,388.89
5.015
Disc Notes
FHLMC
08/06/99
5.000
50,000
30
208,333.33
5.090
Disc Notes
FNMA
08/06/99
4.970
50,000
30
207,083.33
5.059
RRP
Treas
Bills
04/27/00
4.480
10,000
28
(33,485.51)
-4.542
Treas
Bills
04/27/00
4.480
50,000
28
(167,427.56)
-4.542
Treas
Bills
04/27/00
4.480
50,000
28
(167,427.56)
-4.542
Treas
Bills
05/25/00
4.370
50,000
30
(174,435.83)
-4.430
Treas
Bills
05/25/00
4.400
50,000
30
(175,633.33)
-4.461
PURCHASES
CP
GECC
08/09/99
4.960
50,000
CP
GECC
08/09/99
4.960
50,000
CP
GECC
08/09/99
4.960
50F000
CP
GECC
08/09/99
4.960
50,000
CP
ConAgra
09/01 /99
5.230
25,000
CP
Pfizer
09/03/99
5.120
50,000
CP
Text Fin
09/03/99
5.180
45,000
CP
Heller
09/03/99
5.180
50,000
CP
Text Fin
09/03/99
5.180
50,000
CP
JC Penney
09/07/99
5.350
10,739
CP
Salomon
10/13/99
5.220
10,000
08/09/99 RRS
Treas
Bills
05/25/00
4.800
50,000
Treas
Bills
05/25/00
4.800
50,000
REDEMPTIONS
CD
Montreal 5.090%
08/09/99
5.090
40,000
28
-158,355.56
5.160
CD
Montreal 5.090%
08/09/99
5.090
50,000
28
197,944.44
5.160
CD
Westdeut 5.090%
08/09/99
5.080
50,000
31
218,724.10
{5.150
CD
Westdeut 5.090%
08/09/99
5.080
50,000
31
218,724.10
t.150
CD
Bayer Ver 4.920%
08/09/99
4.915
50,000
182
1,242,433.42
4.983
CP
GECC
08/09/99
4.960
50,000
3
20,666.67
5.050
CP
GECC
08/09/99
4.960
50,000
3
20,666.67
5.050
CP
GECC
08/09/99
4.960
50,000
3
20,666.67
5.050
CP
GECC
08/09/99
4.960
50,000
3
20,666.67
5.050
CP
ConAgra
08/09/99
5.220
40,000
10
58,000.00
5.300
CP
Heller
08/09/99
5.180
25,000
11
39,569.44
5.260
EM
-; _ .�....- ...a:,:..a_. - r
POOLED MONEY INVESTMENT ACCOUNT
+r--• ^r _ _
-+ewe. -"•—r
_
.. .. - _. ..
,..
-
-
e/
MATURITY
TRANS.
PAR r
-
DAYS
AMOUNT EFFECTIVE
DESCRIPTION _ .
_ DATE..,
yjr
HELD
EARNED
YIELQ
08/09/99
RRP
Treas Bills
02/03/00
4.400
40,000
28
(133,124.44)
-4.461
Treas Bills
02/03/00
4.400
50,000
28
(166,405.56)
-4.461
Treas Bills
02/03/99
4.420
50,000
31
(184,977.00)
-4.481
Treas Bills
02/03/99
4.420
50,000
31
(184,977.00)
-4.481
PURCHASES g/
CD Dresdner 5.120%
09/09/99
5.110
50,000
.
CD Dresdner 5.120%
09/09/99
5.110
50,000
PURCHASES
CID Merrill
08/10/99
5.060
40,000
CID Merrill
08/10/99
5.060
50,000
08/10/99
REDEMPTIONS
CID Merrill
08/10/99
5.060
40,000
1
5,622.22
5.130
CID Merrill
08/10/99
5.060
50,000
1
7,027.78
5.130
CID III Pwr
08/10/99
5.200
17,640
14
35,672.00
5.282
CID Household
08/10/99
5.080
25,000
14
49,388.89
5.160
CID Household
08/10/99
5.080
50,000
14
98,777.78
5.160
CID Countrywide
08/10/99
5.050
50,000
56
392,777.78
5.160
CID GECC
08/10/99
4.900
50,000
74
503,611.11
5.018
CID GECC
08/10/99
4.900
50,000
74
503,611.11
5.018
NO PURCHASES
08/11/99
REDEMPTIONS
CID Armstrong
08/11/99
5.250
50,000
9
65,625.00
5.329
NO PURCHASES
08/12/99
RRS
Treas Bills
12/09/99
4.800
50,000
Treas Bills
12/09/99
4.800
50,000
PURCHASES y/
I
CID GMAC
09/13/99
5.170
50,000
CID GMAC
09/13/99
5.170
50,000
PURCHASES
CID
GMAC
08/13/99
5.100
10,000
CID
GMAC
08/13/99
5.100
50,000
CID
GMAC
08/13/99
5.100
50,000
CID
GMAC
08/13/99
5.100
50,000
—7—
POOLED MONEY-HWESTMENTACCOUW-
DESCRUXTM,-
_ns
08/13/99
SALES
Treas Notes
5.625%
04/30/00
5.357
50,000
REDEMPTIONS
CP GMAC
08/13/99
5.100
10,000
CP GMAC
08/13/99
5.100
50,000
CN GMAC
08/13/99
5.100
50,G.,v
CP GMAC
08/13/99
5.100
50,000
CP GMAC
08/13/99
5.091
50,000
CP GMAC
08/13/99
5.091
50,000
PURCHASES
CP GECC
08/16/99
5.000
40,000
CP GECC
08/16/99
5.000
50,000
CP GECC
08/16/99
5.000
50,000
CP GECC
08/16/99
5.000
50,000
CP GECC
08/16/99
5.000
50,000
CP GECC
08/16/99
5.000
50,000
08/15/99
REDEMPTIONS
CB Assoc
6.375%
08/15/99
5.810
7,500
NO PURCHASES
08/16/99 RRS
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
REDEMPTIONS
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
GMAC
CP
GMAC
Disc Notes
FHLMC
Disc Notes
FHLMC
Disc Notes
FNMA
Disc Notes
FNMA
FNMA
11 /12/99
4.770
50,000
11 /12/99
4.770
50,000
11 /12/99
4.770
50,000
11 /12/99
4.770
50,000
11 /12/99
4.770
50,000
11 /12/99
4.770
50,000
465 3,634,988.95 5.701
1
1,416.67
5.171
1
7,083.33
5.171
1
7,083.33.
5.171
1
7,083.33
5.171
17
120,180.56
5.173
17
120,180.56
5.173
583 701,700.00 5.810
08/16/99
5.000
40,000
3
16,666.67
5.071
08/16/99
5.000
50,000
3
20,833.33
5.071
08/16/99
5.000
50,000
3
20,833.33
5.071
08/16/99
5.000
50,000
3
20,833.33
�5.071
08/16/99
5.000
50,000
3
20,833.33
5.071
08/16/99
5.000
50,000
3
20,833.33
5.071
0816-99
5.080
50,000
20
141,111.11
5.165
08/16/99
5.080
50,000
20
141,111.11
5.165
08/16/99
4.970
50,000
40
276,111.11
5.067
08/16/99
4.970
50,000
40
276,111.11
5.067
08/16/99
4.970
50,000
40
276,111.11
5.067
08/16/99
4.970
50,000
40
276,111.11
5.067
5.470% 08/16/99
5.559
39,525
363
2,184,393.04
5.561
RRP
Treas Bills
02/03/00
4.300
50,000
40
(231,961.11)
-4.359
Treas Bills
02/03/00
4.300
50,000
40
(231,961.11)
-4.359
Treas Bills
02/03/00
4.300
50,000
40
(232,438.89)
-4.359
Treas Bills
02/03/00
4.300
50,000
40
(232,438.89)
-4.359
PURCHASES q/
CD BkBoston
5.360%
11/12/99
5.360
50,000
CD BkBoston
5.360%
11/12/99
5.360
50,000
CD Bayer Lnds
5.370%
11/12/99
5.360
50,000
CD Bayer Lnds
5.370%
11/12/99
5.360
50,000
Disc Notes FHLB
11/12/99
5.180
50,000
Disc Notes FHLB
11/12/99
5.180
50,000
PURCHASES
CID GECC
08/17/99
5.310
50,000
CID GECC
08/17/99
5.310
50,000
CID GECC
08/17/99
5.310
50,000
CID GECC
08/17/99
5.310
50,000
CID GECC
08/17/99
5.310
50,000
,
CID Heller
10/01/99
5.360
50,000
CID Heller
10/04/99
5.360
50,000
CID JP Morgan
11/18/99
5.350
7,000
CID JP Morgan
11/18/99
5.350
50,000
CID JP Morgan
11/18/99
.5.350
50,000
08/17/99 RRS
Treas Bills
11/12/99
4.690
50,000
REDEMPTIONS
CID GECC
08/17/99
5.310
50,000
1
7,375.00
5.384
CID GECC
08/17/99
5.310
50,000
1
7,375.00
5.384
CID GECC
08/17/99
5.310
50,000
1
7,375.00
5.384
CID GECC
08/17/99
5.310
50,000
1
7,375.00
5.384
CID GECC
08/17/99
5.310
50,000
1
7,375.00
5.384
PURCHASES ql
CD Montreal
5.360%
11/12/99
5.360
50,000
PURCHASES
CID GMAC
10/27/99
5.310
50,000
POOLED MONEY INVESTMENT ACCOUNT;
_
at
� I
DAYS
- -DATE_
y._,...._.
-TYPE : = -., DESCRIPTION_yEa
_. . _
n
08/17/99
PURCHASES (continued)
CP GMAC
10/27/99
5.310
50,000
CP GMAC
10/29/99
5.310
50,000
CP GMAC
10/29/99
5.310
50,000
FNMA 5.800%
08/17/00
5.900
50,000
08/18/99 RRS
Treas Bills
REDEMPTIONS
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
Bear
CP
Bear
CP
Hertz
CP
Hertz
CP
GMAC
CP
GMAC
PURCHASES g/
CP
JC Penney
PURCHASES
BN
FNB Chic
BN
FNB Chic
CD
U/B Calif
CD
U/B Calif
CP
W/F
CP
W/F
08/19/99 NO REDEMPTIONS
PURCHASES
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
GECC
08/20/99 REDEMPTIONS
CP
GECC
CP
GECC
11 /12/99 4.672 50,000
08/18/99
5.080
50,000
22
155,222.22
5.166
08/18/99
5.080
50,000
22
155,222.22
5.166
08/18/99
5.070
50,000
29
204,208.33
5.161
08/18/99
5.070
50,000
29
204,208.33
5.161
08/18/99
5.050
50,000
64
448,888.89
5.166
08/18/99
5.050
50,000
64
448,888.89
5.166
08/18/99
5.020
40,000
68
379,288.89
5.138
08/18/99
5.020
50,000
68
474,111.11
5.138
08/18/99
4.940
50,000
75
514,583.33
5.06
08/18/99
4.940
50,000
75
514,583.33
5.06
11 /12/99
5.570
50,000
5.390%
11 /18/99
5.390
50,000
5.390%
11 /18/99
5.390
50,000
5.380%
11 /18/99
5.380
50,000
5.380%
11 /18/99
5.380
50,000
11 /24/99
5.310
25,000
11 /24/99
5.310
50,000
08/20/99
4.930
50,000
08/20/99
4.930
50,000
09/08/99
5.150
50,000
09/08/99
5.150
50,000
09/08/99
5.150
50,000
08/20/99 4.930 50,000 1 6,847.22 4.999
08/20/99 4.930 50,000 1 6,847.22 4.999
—10—
.POOLED MONEY -INVESTMENT _ ACCOUNT.at
_.
at MATURRY TRANS PAR DAYS- AMOUNT EFFECTIVE
DATE . DESCROMON __ ._ D9I� YIEI.>� _ _ __i444�-�IiEtQ � _
_ - FeR�ri
�E:
08/20/99 PURCHASES
CP
GECC
08/23/99
4.900
25,000
CP
GECC
08/23/99
4.900
50,000
CP
Assoc
08/23/99
4.880
50,000
CP
Assoc
08/23/99
4.880
50,000
CP
FMCC
09/02/99
5.160
50,000
CP
FMCC
09/02/99
5.160
50,000
CP
FMCC
09/02/99
5.160
50,000
CP
FMCC
09/02/99
5.160
50,000
08/23/99 REDEMPTIONS
CD
U/B Switz
4.910% �08/23/99
4.900
25,000
277
942,639.34
4.968
CD
U/B Switz
4.910% 08/23/99
4.900
50,000
277
1,885,278.67
4.968
CP
GECC
08/23/99
4.900
25,000
3
10,208.33
4.970
CP
GECC
08/23/99
4.900
50,000
3
20,416.67
4.970
CP
Assoc
08/23/99
4.880
50,000
3
20,333.33
4.949
CP
Assoc
08/23/99
4.880
50,000
3
20,333.33
4.949
08/23/99 PURCHASES
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/69
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GECC
09/01/99
5.150
50,000
CP
GMAC
09/07/99
5.230
50,000
CP
GMAC
09/07/99
5.230
50,000
CP
GMAC
09/08/99
5.230
50,000
CP
GMAC
09/08/99
5.230
50,000
CP
GMAC
09/09/99
5.230
40,000
CP
GMAC
09/10/99
5.230
50,000
CP
GMAC
09/10/99
5.230
50,000
08/24/99 REDEMPTIONS
CD
Rabo
5.570% 08/24/99
4.840
50,000
210
1,450,437.89
5.024
CP
Hertz
08/24/99
5.080
50,000
40
282,222.22
5.179
CP
GECC
08/24/99
5.020
50,000
64
446,222.22
15.135
CP
GECC
08/24/99
5.020
50,000
64
446,222.22
5.135
CP
Household
08/24/99
4.900
50,000
77
524,027.78
5.020
CP
'GMAC
08/24/99
4.940
50,000
81
555,750.00
5.064
CP
GMAC
08/24/99
4.940
50,000
81
555,750.00
5.064
PURCHASES
CP GECC 08/25/99 5.100 50,000
CP GECC 08/25/99 5.100 50,000
—11—
POOLED MONEY-INVESTMEN'[ ACCOUNT - - -
- r S
+4 S•�1. - - =Y,G Y.V. .r� �..:�u-. T� y�- •_i ..- .'• .••` .:., 4�
y
a _
EARNED
DATE YIELD AM
-
08/24/99 PURCHASES (continued)
CP
GECC
08/25/99
5.100
50,000
CP
GECC
08/25/99
5.100
50,000
CP
FMCC
08/27/99
5.050
50,000
CP
FMCC
08/27/99
5.050
50,000
CP
FMCC
08/27/99
5.050
50,000
CP
FMCC
08/27/99
5.050
50,000
CP
GMAC
08/27/99
5.100
50,000
CP
GMAC
08/27/99
5.100
50,000
CP
GMAC
08/27/99
5.100
50,000
CP
SRAC
08/31 /99
5.180
50,000
CP
Heller
09/07/99
5.320
50,000
PURCHASES Q/
Disc Notes
FHLMC
09/29/99
5.080
3,320
Disc Notes
FHLMC
11 /22/99
5.080
50,000
Disc Notes
FHLMC
11 /22/99
5.080
50,000
Treas
Notes
7.750%
12/31 /99
5.030
50,000
Treas
Notes
7.750%
12/31 /99
5.030
50,000
Treas
Notes
5.375%
06/30/00
5.030
63
Treas
Notes
5.750%
04/30/03
5.030
11,385
Treas
Notes
5.750%
04/30/03
5.030
50,000
Treas
Notes
5.750%
04/30/03
5.030
50,000
Treas
Notes
5.750%
04/30/03
5.030
50,000
Treas
Notes
5.750%
04/30/03
5.030
50,000
Treas
Notes
5.750%
04/30/03
5.030
50,000
08/25/99 REDEMPTIONS
CD
Nova Scot
5.560% 08/25/99
4.840
50,000
211
1,457,014.36
5.023
CP
GECC
08/25/99
5.100
50,000
1
7,083.33
5.171
CP
GECC
08/25/99
5.100
50,000
1
7,083.33
5.171
CP
GECC
08/25/99
5.100
50,000
1
7,083.33
5.171
CP
GECC
08/25/99
5.100
50,000
1
7,083.33
5.171
SALES s/
Disc Notes
FHLMC
09/29/99
5.080
3,320
1
456.64
5.150
Disc Notes
FHLMC
11 /22/99
5.080
50,000
1
6,827.24
5.150
Disc Notes
FHLMC
11/22/99
5.080
50,000
1
6,827.24
5.150
�'5.099
Treas
Notes
7.750%
12/31 /99
5.030
50,000
1
6,981.78
Treas
Notes
7.750%
12/31/99
5.030
50,000
1
6,981.78
5.099
Treas
Notes
5.375%
06/30/00
5.030
63
1
8.66
5.099
Treas
Notes
5.750%
04/30/03
5.030
11,385
1
1,582.35
5.099
Treas
Notes
5.750%
04/30/03
5.030
50,000
1
6,949.08
5.099
Treas
Notes
5.750%
04/30/03
5.030
50,000
1
6,949.08
5.099
Treas
Notes
5.750%
04/30/03
5.030
50,000
1
6,949.08
5.099
Treas
Notes
5.750%
04/30/03
5.030
50,000
1
6,949.08
5.099
Treas
Notes
5.750%
04/30/03
5.030
50,000
1
6,949.08
5.099
—12—
- :�:..-..._..- �.,?^:'�"S'*^.^^ a+w�-� � r.-.; ma's":+F•_ ��+-+� .. •-_+a�.. +rr -b.rai __ r _�- s.aeprrr+t ,:.�.. _ _ _ _ .. s..
POOLED MONEY'INVESTMEN_ T ACCOUNT-
• r _
AfA i URr ■ lYF. _ . DAn - _. -~IhiA W II � . I:�G7F'LV
J�/ATE �. ,� > '_: _ ,i�ARNE iL...�..
08125/99 PURCHASES
BN
B/A
5.310%
10/27/99
5.310
50,000
BN
B/A
5.310%
10/27/99
5.310
50,000
CD
Soc Gen
5.315%
10/27/99
5.315
50,000
CD
Soc Gen
5.315%
10/27/99
5.315
50,000
CD
U/B Calif
5.410%
11 /30/99
5.410
50,000
CD
U/B Calif
5.410%
11 /30/99
5.410
50,000
CD
U/B Calif
5.410%
11/30/99
5.410
50,000
CD
U/B Calif
5.410%
11 /30199
5.410
50,000
CID
GE
.08/26/99
5.150
50,000
CID
GE
08/26/99
5.150
50,000
CID
GE
08/26/99
5.150
50,000
CID
GE
08/26/99
5.150
50,000
CID
GE
08/26/99
5.150
50,000
CP
GE
08/26/99
5.150
50,000
CID
Amer Exp
08/27/99
5.100
50,000
CID
Amer Exp
08/27/99
5.100
50,000
CID
Amer Exp
08/27/99
5.100
50,000
CID
Amer Exp
08/27/99
5.100
50,000
Disc Notes
FHLB
08/26/99
5.100
30,000
Disc Notes
FHLB
08/26/99
5.100
50,000
Disc Notes
FHLB
08/26/99
5.100
50,000
Disc Notes
FHLB
08/26/99
5.100
50,000
08/26/99 REDEMPTIONS
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5.222
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5.222
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5.222
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5=
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5.222
CID
GE
08/26/99
5.150
50,000
1
7,152.78
5.222
Disc Notes
FHLB
08/26/99
5.100
30,000
1
4,250.00
5.171
Disc Notes
FHLB
08/26/99
5.100
50,000
1
7,083.33
5.171
Disc Notes
FHLB
08/26/99
5.100
50,000
1
7,083.33
5.171
Disc Notes
FHLB
08/26/99
5.1-00
50,000
1
7,083.33
5.171
PURCHASES
CID
Household
08/27/99
5.200
50,000
CID
GECC
08/27/99
5.250
50,000
CID
GECC
08/27/99
5.250
50,000
CP
GECC
08/27/99
5.250
50,000
CID
GECC
08/27/99
5.250
50,000
CP
GECC
08/27/99
5.250
50,000
CID
GECC
08/27/99
5.250
50,000
CID
GECC
08/27/99
5.250
50,000
CP
GECC
08/27/99.
5.250
50,000
CID
GECC
08/27/99
5.250
50,000
CID
Amer Exp
09/02/99
5.230
50,000
—13—
rsr,a�.ar�_-•Z...., . ..tea -..a-. .+r .:i.c .nr��-:. - �'.+.--. - -.... -- _ _ _ T � -
POOLED MONEY INVESTMENT ACCOUNT - -
_ -Y
ATE RrrY "�I�S
PAR
I
DATE ---- VIEW
08/26/99 PURCHASAES s/
Disc Notes
FHLB
08/09/99
5.250
11,210
Disc Notes
FHLB
07/09/02
5.250
14,750
Disc Notes
FHLB
03/30/04
5.250
14,950
Disc Notes
FHLMC
08/21/01
5.250
10,000
08/27/99 REDEMPTIONS
CD
Toronto
5.520%
08/27/99
5.580
50,000
367
2,842,603.91
5.657
CD
Toronto
5.520%
08/27/99
5.580
50,000
367
2,842,603.91
5.657
CD
Rabo
5.530%
08/27/99
5.580
50,000
367
2,842,878.26
5.657
CD
Rabo
5.5300%
08/27/99
5.580
50,000
367
2,842,878.26
5.657
CD
Bkrs Trst
5.550 /0
08/27/99
5.600
50,000
853,068 04
5.677
CD
Bkrs Trst
5.550%
08/27/99
5.600
50,000
367
2,853,068.04
5.677
CID
Household
08/27/99
5.200
50,000
1
7,222.22
5.272
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
CID
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000-
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
GECC
08/27/99
5.250
50,000
1
7,291.67
5.323
Cp
Amer Exp
08/27/99
5.100
50,000
2
14,166.67
5.172
Cp
Amer Exp
08/27/99
5.100
50,000
2
14,166.67
5.172
CID
Amer Exp
08/27/99
5.100
50,000
2
14,166.67
5.172
CID
Amer Exp
08/27/99
5.100
50,000
2
14,166.67
5.172
Cp
FMCC
08/27/99
5.050
50,000
3
21,041.67
5.122
CID
FMCC
08/27/99
5.050
50,000
3
21,041.67
5.122
CID
FMCC
08/27/99
5.050
50,000
3
21,041.67
5.122
Cp
FMCC
08/27/99
5.050
50,000
3
21,041.67
5.122
CID
GMAC
08/27/99
5.100
50,000
3
21,250.00
5.173
CID
GMAC
08/27/99
5.100
50,000
3
21,250.00
5.173
CID
GMAC
08/27/99
5.100
50,000
3
21,250.00
5.173
Cp
GECC
08/27/99
5.070
50,000
38
267,583.33
5.168
CID
GECC
08/27/99
5.070
50,000
38
267,583.33
5.168
Cp
Lehman
08/27/99
5.200
50,000
63
455,000.00
5.320
CID
Lehman
08/27/99
5.200
50,000
63
455,000.00
5.320
Cp
GECC
08/27/99
5.000
50,000
70
486,111.11
5.119
CID
GECC
08/27/99
5.000
50,000
70
486,111.11
5.119
5.� 19
CID
GECC
08/27/99
5.000
50,000
70
486,111.11
CID
Bear
08/27/99
5.020
50,000
70
488,055.56
5.139
CID
Bear
08/27/99
5.020
50,000
70
488,055.56
5.139
CID
Assoc
08/27/99
5.020
50,000
70
488,055.56
5.139
CID
Assoc
08/27/99
5.020
50,000
70
488,055.56
5.139
CID
FMCC
08/27/99
5.040
50,000
70
490,000.00
5.160
CID
FMCC
08/27/99
5.040
50,000
70
490,000.00
5.160
CID
Household
08/27/99
4.900
50,000
80
544,444.44
5.022
CID
GECC
08/27/99
4.930
50,000
85
582,013.89
5.057
CID
GECC
08/27/99
4.930
50,000
85
582,013.89
5.057
—14—
-t;;_- _
`` `M`M��■■ - ;yam'/. �;�■ .y��.
08/27/99 REDEMPTIONS (continued)
CID
GECC
08/27/99
4.930
50,000
85
582,013.89
5.057
CID
GMAC
08/27/99
4.940
46,000
85
536,538.89
5.067
CID
GMAC
08/27/99
4.940
50,000
85
583,194.44
5.067
CID
GMAC
08/27/99
4.940
50,000
85
583,194.44
5.067
CID
Lehman
08/27/99
5.000
50,000
85
590,277.78
5.130
CID
Lehman
08/27/99
5.000
50,000
85
590,277.78
5.130
CID
Bear
08/27/99
4.880
20,000
95
257,555.56
5.012
CID
Bear
08/27/99
4.880
50,000
95
643,888.89
5.012
CID
Bkrs Trst
08/27/99
4.860
5,000
121
81,675.00
5.009
CID
Bkrs Trst
08/27/99
4.860
50,000
121
816,750.00
5.009
CID
GECC
08/27/99
4.810
50,000
136
908,555.56
4.967
CID
GECC
08/27/99
4.810
50,000
136
908,555.56
4.967
MTN
GMAC
6.450%
08/27/99
5.880
35,000
463
2,620,450.00
5.886
PURCHASES
.CP
GMAC
08/30/99
5.250
50,000
CID
GMAC
08/30/99
5.250
50,000
CID
GMAC
08/30/99
5.250
50,000
CID
GE
09/01/99
5.270
50,000
CID
GE
09/01/99
5.270
50,000
08/30/99 REDEMPTIONS
CID
GMAC
08/30/99
5.250
50,000
3
21,875.00
5.325
CID
GMAC
08/30/99
5.250
50,000
3
21,875.00
5.325
CID
GMAC
08/30/99
5.250
50,000
3
21,875.00
5.325
MTN
Assoc
6.650%
08/30/99
6.060
15,000
698
1,751,004.17
6.060
PURCHASES
CD
Fst Union
5.400%
11/30/99
5.400
25,000
CD
ABN Amro
5.410%
11/30/99
5.400
50,000
CD
ABN Amro
5.410%
11/30/99
5.400
50,000
CP
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
CID
GECC
08/31/99
5.360
50,000
t
CID
GECC
08/31/99
5.360
50,000
CID
ConAgra
09/08/99
5.390
23,306
CP
ConAgra
09/10/99
5.390
28,535
CID
Household
10/04/99
5.300
50,000
CP
GMAC
10/13/99
5.310
50,000
08/31/99 REDEMPTIONS
CD World 5.130% 08/31/99 5.130 50,000 27 192,375.00 5.201
—15—
Y.�...+�lc<.�....�r��..�s-�.�' .��.�.. _i .�w�•es» `_.. � t �J�c't Q _ ._C!'1 .Jl� - _ � _
ifESTMENTACCOUNT - —
POOtED MONEY_ N
T
Lv �. !' ✓' s. #.. �• s.-".a+ aF - - _!' - `PNT-
.j - iA'YiwNwM_■ _
.1�
_
08/31/99 REDEMPTIONS (continued)
CP
GECC
08/31/99
5.360
501000
1
1
7,44.44
7,44.44
5.435
5.435
CP
GECC
08/31/99
08/31/99
5.360
5.360
50,000
50,000
1
7,44.44
5.435
CP
GECC
GECC
08/31 /99
5.360
50,000
1
7,44.44
5.435
CP
CP
GECC
08/31/99
5.360
50,000
1
7,44.44
7,44.44
5.435
5.435
CF
GECC
08/31 /99
08/31/99
5.360
5.360
50,000
50,000
1
1
7,44.44
5.435
CP
GECC
GECC
GECSRAC
08/31/99
5.360
50,000
1
7,44.44
5.435
CP
08/31/99
5.180
50,000
7
50,361.11
5.257
CP
GECC
08/31/99
5.090
50,000
54
381,750.00
5.200
CP
GECC
08/31/99
5.090
50,000
54
381,750.00
5.200
CP
CP
FMCC
08/31/99
5.100
50,000
55
389,583.33
5.211
CP
FMCC
08/31 /99
5.100
50,000
55
50
389,583.33
345,138.89
5.211
5.074
Disc Notes
FNMA
08/31/99
08/31/99
4.970
4.970
50,000
50,000
50
345,138.89
5.074
Disc Notes
FNMA
FNMA
08/31/99
4.970
50,000
50
345,138.89
5.074
Disc Notes
Treas
Notes
5.875%
08/31/99
5.613
50,000
545
4,190,726.90
5.613
Treas
Notes
5.875%
08/31/99
5.613
50,000
545
728
4,190,726.90
5,928,270.72
5.613
5.952
Treas
Notes
5.875%
6.875%
08/31/99
08/31/99
5.950
6.130
50,000
50,000
945
8,013,121.55
6.130
Treas
Treas
Notes
Notes
6.875%
08/31/99
6.130
50,000
946
8,022,617.40
6.130
Treas
Notes
6.875%
08/31/99
6.130
50,000
949
g,022,617.40
8,019,854.97
6.130
6.106
Treas
Notes
6.875%°
08/31/99
6.106
50,000
RRP
Treas
Notes
5.875%
08/31/99
4.655
50,000
50
(330,618.14)
-4.719
Treas
Notes
5.875%
08/31/99
4.655
50,000
50
(330,618.14)
-4.719
Treas
Notes
5.875%
08/31/99
4.655
50,000
50
(330,618.14)
-4.719
Treas
Notes
6.875%
08/31/99
4.650
50,000
54
(358,236.00)
-4.714
Treas
Notes
6.875%
08/31/99
4.650
50,000
54
(358,236.00)
-4.714
Treas
Notes
6.875%
08/31/99
4.680
50,000
55
(367,170.38)
-4.745
Treas
Notes
6.875%
08/31/99
4.680
50,000
55
(367,170.38)
-4.745
PURCHASES
CP
Bier
09/01/99
5.650
30,000
CP
Baxter
09/01/99
5.650
50,000
CP
GMAC
09/01/99
5.600
50,000
CP
GMAC
09/01/99
5.600
50,000
CP
GMAC
09/01/99
5.600
50,000
CP
GMAC
09/01/99
5.600
50,000
—16=
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 (FHI.MC PC) & (FHLMC GMC),
Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount
Notes (FTC), Corporate Securities (CB), U.S. Ship Financing Bonds
(TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA) Medium Term Notes (MTN).
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.
g/ Securities were purchased and sold as of the same date.
f/ Repurchase Agreement against Reverse Repurchase Agreement.
g/ Outright purchase against Reverse Repurchase Agreement.
h/ Security "SWAP" transactions.
i/ Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
-17-
NAME
ALHAMBRA
East West Bank
TIME DEPOSIT
DEPOSIT DATE
07/06/99
YIELD PAR
4.720
AMOUNT (S) MATURITY
DATE
10/07/99
35,000,000.00
East West Bank
07/12/99
4.700
8,000,000.00
10/14/99
East West Bank
08/17/99
4.740
38,000,000.00
11 /15/99
East West Bank
07/16/99
4.710
27,000,000.00
01 /21 /00
BEVERLY HILLS
City National Bank
06/15/99
4.750
20,000,000.00
09/15/99
City National Bank
05/19/99
4.820
20,000,000.00
02/28/00
City National Bank
03/31/99
4.740
50,000,000.00
03/31/00
City National Bank
05/04/99
4.820
25,000,000.00
05/03/00
City National Bank
07/27/99
5.040
10,000,000.00
07/26/00
CAMERON PARK
Roseville First National Bank
07/26/99
4.740
1,000,000.00
01 /24/00
Western Sierra National Bank
08/04/99
4.970
3,000,000.00
11/05/99
CHICO
North State National Bank
03/09/99
4.740
500,000.00
09/07/99
North State National Bank
04/05/99
4.530
1,000,000.00
10/04/99
North State National Bank
04/06/99
4.730
1,000,000.00
04/06/00
North State National Bank
08/24/99
5.210
1,000,000.00
08/24/00
North State National Bank
08/30/99
5.160
1,000,000.00
09/01/00
TO Counties Bank
06/11 /99
4.710
10,000,000.00
09/09/99
Tri Counties Bank
06/18/99
4.690
10,000,000.00
09/16/99
Tri Counties Bank
06/22/99
4.740
10,000,000.00
09/21/99
Tri Counties Bank
07/14/99
4.740
10,000,000.00
01 /11 /00
CITY OF INDUSTRY
EverTrust Bank
06/14/99
4.580
1,000,000.00
09/14/99
EL CENTRO
Valley Independent Bank
08/11/99
5.150
3,750,000.00
02/07/00
Valley Independent Bank
08/11 /99
5.250
3,750,000.00
08/11 /00
FRESNO
United Security Bank
08/20/99
5.090
10,000,000.00
02/16/00
—18�
Imperial Bank
06/09/99
4.680.
25,000,000.00
09/09/99
Imperial Bank
04/26/99
4.580
25,000,000.00
09/16/99
Imperial Bank
05/12/99
4.690
18,000,000.06
09/23/99
Imperial Bank
04/15/99
4.550
20,000,000.00
10/14/99
Imperial Bank
05/25/99
4.750
25,000,000.00
10/21/99
Imperial Bank
06/14/99
4.900
20,000,000.00
10/28/99
Imperial Bank
05/19/99
4.860
25,000,000.00
11/18/99
Imperial Bank
06/28/99
5.100
25,000,000.00
12/22/99
Imperial Bank
07/15/99
4.800
50,000,000.00
02/03/00
Imperial Bank
08/23/99
5.040
25,000,000.00
03/02/00
Imperial Bank
07/29/99
4.840
18,000,000.00
03/30/00
Imperial Bank
08/12/99
5.100
26,000,000.00
04/27/00
First Fidelity Thrift and Loan 07/27/99 4.690 4,000,000.00 10/25/99
Broadway Federal Bank
07/01/99
4.870
2,500,000.00
09/29/99
Broadway Federal Bank
07/01/99
5.160
1,250,000.00
12/28/99
Broadway Federal Bank
07/01/99
5.200
1,250,000.00
06/30/00
Community Bank
04/28/99
4.600
5,000,000.00
10/25/99
Community Bank
06/10/99
5.000
5,000,000.00
12/07/99
Community Bank
06/14/99
5.070
10,000,000.00
12/13/99
Community Bank
07/13/99
4.750
20,000,000.00
01/10/00
Community Bank
06/22/99
5.030
5,000,000.00
06/22/00
Community Bank
08/11 /99
5.230
15,000,000.00
08/11/00
Founders National Bank of L.A.
06/17/99
5.020
95,000.00
12/14/99
General Bank
05/27/99
4.650
10,000,000.00
09/09/99
General Bank
06/02/99
4.690
28,000,000.00
09/20/99
General Bank
07/20/99
4.680
7,000,000.00
01/21/00
General Bank
07/27/99
4.730
15,000,000.00
02/02/00
General Bank
08/03/99
4.900
15,000,000.00
02/14/00
General Bank
08/13/99
5.110
25,000,000.00
03/10/00
Manufacturers Bank
08/11/99
4.900
10,000,000.00
11/09/99
Preferred Bank
06/15/99
4.740
9,000,000.00
09/16/99
Preferred Bank
06/22/99
4.730
9,000,000.00
09/20/99 {'
Preferred Bank
06/28/99
4.800
3,000,000.00
09/28/99
Preferred Bank
08/18/99
4.840
4,000,000.00
11/16/99
Preferred Bank
08/26/99
4.970
2,000,000.00
11/30/99
Preferred Bank
07/16/99
4.700
3,000,000.00
01/18/00
Wilshire State Bank
08/31/99
5.290
4,000,000.00
08/31/00
-19-
NAME
PALO ALTO
Cupertino National Bank
Cupertino National Bank
Cupertino National Bank
Mid -Peninsula Bank
Mid -peninsula Bank
PFF Bank and Trust
PFF Bank and Trust
Bank of Petaluma
Mechanics Bank of Richmond
Mechanics Bank of Richmond
Mechanics Bank of Richmond
Mechanics Bank of Richmond
Mechanics Bank of Richmond
SACRAMENTO
River City Bank
River City Bank
River City Bank
Sanwa Bank of California
Sanwa Bank of California
Sanwa Bank of California
Sanwa Bank of California
Sanwa Bank of California
Union Bank of California
Union Bank of California
Union Bank of California
Union Bank of California
Union Bank of California
Bank of Salinas
Bank of Salinas
07/22/99
4.660
10,000,000.00
10/19/99
08/06/99
4.980
10,000,000.00
02/04/00
08/30/99
5.120
10,000,000.00
02/25/00
08/06/99
4.980
15,000,000.00
02/04/00
08/30/99
5.120
10,000,000.00
02/25/00
06/08/99 4.750 10,000,000.00 09/08/99
05/25/99 4.900 8,000,000.00 11 /30/99
08/10/99 5.140 1,000,000.00 02/07/00
03/08/99
4.840
10,000,000.00
03/07/00
04/05/99
4.740
10,000,000.00
04/04/00
05/06/99
4.810
10,000,000.00
05/05/00
06/11/99
5.150
10,000,000.00
06/12/00
08/12/99
5.250
10,000,000.00
08/11/00
07/13/99
4.780
5,000,000.00
01/10/00
07/30/99
4.870
5,000,000.00
01 /31 /00
08/18/99
5.210
5,000,000.00
08/18/00
08/03/99
4.900
7,000,000.00
02/07/00
07/15/99
5.000
10,000,000.00
07/14/00
07/27/99
5.010
5,000,000.00
07/26/00
08/16/99
5.190
50,000,000.00
08/15/00
08/23/99
5180
10,000,000.00
08/22/00
06/28/99
4.800
100,000,000.00
09/28/99
07/28/99
4.720
50,000,000.00
10/27/99
08/03/99
4.740
100,000,000.00
11 /02/99
08/17/99
4.730
50,000,000.00
11 /16/99
08/26/99
5.160
100,000,000.00
02/23/00
06/15/99 4.740 12,000,000.00 09/16/99
07/22/99 4.680 8,000,000.00 01 /26/00
—20—
Bay Bank of Commerce
04/07/99
4.53
5,000,000.00
4/29/00
San Diego First Bank
06/01 /99
4.840
1,500,000.00
11 /30/99
San Diego First Bank
06/22/99
5.030
1,500,000.00
06/21/00
San Diego First Bank
08/04/99
5.150
1,000,000.00
08/07/00
Bank of Canton California
03/05/99
4.750
5,000,000.00
09/01/99
Bank of Canton California
03/16/99
4.710
5,000,000.00
09/13/99
Bank of Canton California
05/06/99
4.810
5,000,000.00
05/05/00
Bank of Canton California
05/13/99
4.780
5,000,000.00
05/12/00
Bank of Canton California
06/01/99
5.000
5,000,000.00
05/31/00
Bank of Canton California
06/02/99
5.000
5,000,000.00
05/31/00
Bank of Canton California
07/21/99
4.950
5,000,000.00
07/21/00
Bank of the West
07/07/99
4.990
34,000,000.00
01/05/00
Bank of the West
07/13/99
4.770
25,000,000.00
01/12/00
Bank of the West
07/13/99
4.770
25,000,000.00
01/12/00
Bank of the West
07/21 /99
4.680
25,000,000.00
01 /31 /00
Bank of the West
06/08/99
4.820
25,000,000.00
02/16/00
Bank of the West
04/29/99
4.760
51,500,000.00
04/29/00
Bank of the West
08/27/99
4.960
25,000,000.00
05/25/00
Bank of the West
05/19/99
4.890
30,000,000.00
05/25/00
Bank of the West
05/26/99
4.860
87,000,000.00
05/25/00
Califomia Federal Bank
06/29/99
4.860
3,000,000.00
09/27/99
California Federal Bank
04/06/99
4.480
5,000,000.00
10/04/99
California Federal Bank
07/16/99
4.720
100,000,000.00
01/18/00
Millennium Bank
07/29/99
4.760
2,000,000.00
10/27/99
Oceanic Bank
03/05/99
4.920
2,000,000.00
03/07/00
Oceanic Bank
03/12/99
4.780
2,000,000.00
03/15/00
Trans Pacific National Bank
03/15/99
4.800
800,000.00
09/13/99
United Commercial Bank
06/21/99
4.690
20,000,000.00
09/20/99
United Commercial Bank
07/06/99
4.730
20,000,000.00
10/04/99
United Commercial Bank
08/13/99
5.150
20,000,000.00
02/11/00
San Jose National Bank 07/12/99 5.010 5,000,000.00 07/11/00
First Bank of San Luis Obispo
07/06/99
4.730
1,000,000.00
10/04/99
First Bank of San Luis Obispo
07/30/99
4.750
1,000,000.00
10/27/99
First Bank of San Luis Obispo
08/02/99
4.750
3,600,000.00
11/03/99
First Bank of San Luis Obispo
08/10/99
4.880
2,000,000.00
11/08/99
First Bank of San Luis Obispo
08/24/99
4.930
2,500,000.00
11/22/99
San Luis Trust Bank
07/28/99
4.710
1,000,000.00
10/27/99
-21-
NAME
SAN RAF E
Westamerica Bank
Westamerica Bank
Westamerica Bank
Westamerica Bank
Westamerica Bank
SANTA ANA
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
SANTA BARBARA
First Bank Of Central California
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
SANTA CRUZ
Coast Commercial Bank
North Valley Bank
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
08/13/99
4.860
50,000,000.00
11/15/99
07/13/99
4.770
25,000,000.00
01 /12/00
07/21 /99
4.680
25,000,000.00
01 /27/00
07/20/99
4.680
25,000,000.00
01 /31 /00
07/27/99
4.770
25,000,000.00
01 /31 /00
06/08/99
4.650
3,000,000.00
09/08/99
07/07/99
4.730
95,000.00
09/20/99
06/21 /99
4.680
3,000,000.00
09/20/99
10/15/98
4.180
1,000,000.00
10/15/99
07/16/99
4.730
2,000,000.00
01 /14/00
08/13/99
5.140
3,000,000.00
02/07/00
08/11 /99
5.140
5,000,000.00
02/07/00
06/14/99
4.760
5,000,000.00
09/13/99
07/06/99
4.730
5,000,000.00
10/04/99
07/08/99
4.670
5,000,000.00
10/08/99
07/08/99
4.760
5,000,000.00
01 /07/00
07/16/99
4.740
5,000,000.00
01/14/00
07/19/99
4.740
5,000,000.00
01 /21 /00
08/13/99
5.150
5,000,000.00
02/11/00
08/31 /99
5.200
5,000,000.00
03/03/00
06/15/99
4.740
20,000,000.00
09/15/99
03/23/99
4.780
3,000,000.00
03/22/00
03/24/99
4.580
1,000,000.00
09/20/99
06/28/99
4.760
500,000.00
09/27/99
03/30/99
4.630
1,000,000.00
01 /31 /00
03/30/99
4.750
1,000,000.00
03/31 /00
05/06/99
4.830
500,000.00
05/22/00
08/10/99
5.220
500,000.00
08/09/00
—22— -
NAME
STOCKTON
Union Safe Deposit Bank
TIME DEPOSIT
DEPOSIT DATE
08/16/99
YIELD PAR
5.140
AMOUNT (Sl MATURITY
DATE
02/15/00
10,000,000.00
TORRANCE
China Trust Bank (USA)
06/08/99
4.610
10,000,000.00
09/07/99
China Trust Bank (USA)
06/14/99
4.760
10,000,000.00
09/15/99
China Trust Bank (USA)
06/22/99
4.750
5,000,000.00
09/20/99
China Trust Bank (USA)
06/29/99
4.860
10,000,000.00
09/27/99
China Trust Bank (USA)
07/27/99
4.690
15,000,000.00
10/25/99
China Trust Bank (USA)
08/16/99
4.810
5,000,000.00
11/15/99
South Bay Bank
05/06/99
4.780
2,000,000.00
11/02/99
South Bay Bank
06/15/99
5.140
2,000,000.00
12/13/99
South Bay Bank
07/21 /99
4.750
1,000,000.00
01 /31 /00
TU�
Sunwest Bank
07/06/99
4.720
3,300,000.00
10/07/99
Sunwest Bank
07/12/99
4.700
3,500,000.00
10/12/99
Sunwest Bank
07/20/99
4.680
1,000,000.00
01 /21 /00
VICTORVILLE
Citizens Business Bank
03/09/99
4.850
5,000,000.00
03/08/00
Citizens Business Bank
03/23/99
4.780
10,000,000.00
03/22/00
Citizens Business Bank
04/07/99
4.720
10,000,000.00
04/06/00
Citizens Business Bank
08/23/99
4.970
20,000,000.00
05/25/00
Citizens Business Bank
06/16/99
5.150
10,000,000.00
06/15/00
Citizens Business Bank
07/07/99
5.100
5,000,000.00
07/06/00
Citizens Business Bank
08/10/99
5.220
10,000,000.00
08/09/00
WALNUT CREEK
Saratoga National Bank
04/01 /99 -
4.610
5,000,000.00
10/01 /99
Saratoga National Bank
06/22/99
5.100
1,750,000.00
06/30/00
TOTAL TIME DEPOSITS AS OF AUGUST 31,1999
2,407,640,000.00
m
-25-
M-1 eft : yll0_I_ ' 9 I.
(000 omitted)
DAILY BALANCES
1.
$ 422,818
$2,119,541
2.
19021,432
194189322
3.
6689483
195279654
4.
137,304
1,301,042
5.
6259767
1,7139100
6.
317001
1,485086
7.
317001
19485,386
8.
317001
1,485086
9.
3059708
1,5109,126
10.
3109519
19525466
11.
3959931
1,454062
12.
291,501
1,590,454
13.
1449774
10489641
14.
1449774
1,3849641
15.
144,774
1,348,641
16.
397099
11,1609094
17.
5499447
1,0169097
18.
499,056
1,006,645
19.
536,048
192399907
20.
610058
1003,504
21.
610,358
1003,504
22.
610,358
1,3039504
23.
357082
1,056,190
24.
4929190
19273,674
25•
480,672
19215051
26.
482,2-54
10869770
27.
554,149
1,220,824
28.
554,149
1420,824
29•
554,149
192209824
30.
379,918
1,1079444
31.
342,003
1,150,277
AI
AVERAGE DOLLAR DAYS $4379922
a/ The prescribed bank balance for AUGUST was $386,606. This consisted of
$208,922 in compensating balances for services, $173,442 uncollected funds
and a deduction of $4,242 for DULY delayed deposit credit.
—24
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1602
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on August 18, 1999, 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 $ 213,042,000
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:
From To
(1) 08/16/99 08/20/99
(2) 08/23/99
(3) 08/30/99
(4) 09/06/99
(5) 09/13/99
(6) 09/20/99
(7) 09/27/99
(8) 10/04/99
(9) 10/11/99
(10) 10/18/99
08/27/99
09/03/99
09/10/99
09/17/99
09/24/99
10/01/99
10/08/99
10/15/99
10/22/99
Transactions
406,400,000
(1,034,000,000)
(1,337,300,000)
(43,000,000)
3,085,600,000
2,563,200,000
(2,585,800,000)
389,600,000
675,800,000
830,100,000
Time Deposits in
various Financial
Institutions
In Securities
(sections 16503a
(section 16430)'
and 16602)-
$ 31,580,855,000
$ 2,136,545,000
$ 30,546,855,000
$ 2,136,545,000
$ 29,209,555,000
$ 2,136,545,000
$ 29,166,555,000
$ 2,136,545,000
$ 32,252,155,000
$ 2,136,545,000
$ 34,815,355,000
$ 2,136,545,000
$ 32,229,555,000
$ 2,136,545,000
$ 32,619,155,000
$ 2,136,545,000
$ 33,294,955,000
$ 2,136,545,000
$ 34,125,055,000
$ 2,136,545,000
Estimated
Total
$ 33,717,400,000
$ 32,683,400,000
$ 31,346,100,000
$ 31,303.100,000
$ 34,388,700,000
$ 36,951,900,000
$ 34,366,100,000
$ 34,755,700,000
$ 35,431,500,000
$ 36,261,600,000
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 $ 213,042,000.
POOLED MONEYANVESTMENT BOARD:
Chai on
Member
Dated: August 18, 1999
` ' ! /
'Government Code Member
-25-
INVESTMENT ADVISORY BOARD
Meeting Date: November 10, 1999
TITLE:
Month End Cash Report and Selected
Interest Rates - October 1999
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.
The Interest Rates are submitted for information only.
RECOMMENDATION:
Information item only.
hn M. Falconer,( Finance Director
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002
Federal Reserve Statistical Release H.15 - Daily Update
http://www.federalreserve.gov/Releases/H 15/update/
Selected Interest Rates
Release Date: October 29, 1999
H.15: Release I Release dates I About I ASCII Historical data Daily update
H.15 Daily Update
The weekly release is posted on Monday. Daily updates of the weekly release are posted
Tuesday through Friday on this site.
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST RATES
Yields in percent per annum
Instruments
SELECTED INTEREST RATES
Federal funds (effective) 1 2 3
Commercial paper 3 4 5 6
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
Bankers acceptances (top rated) 3 4 7
3-month
6-month
CDs (secondary market)
1-month
3-month
6-month
Eurodollar deposits (London) 3 9
1-month
3-month
6-month
Bank prime loan 2 3 10
Discount window borrowing 2 11
U.S. Government securities
Treasury bills
Auction high 3 4 12
3-month
6-month
1-year
Secondary market 3 4
3-month
For immediate release
October 29, 1999
Mon Tue Wed Thu
Oct 25 Oct 26 Oct 27 Oct 28
5.23
5.22
5.29
5.31
5.26
5.26
5.26
5.29
5.29
5.28
5.30
5.30
5.90
5.94
5.90
5.90
5.28
5.27
5.28
5.29
5.30
5.30
5.32
5.31
5.96
6.04
5.97
5.96
6.03
6.03
6.03
6.10
5.91
5.91
5.91
6.00
5.34
5.36
5.35
5.38
6.13
6.15
6.15
6.15
6.06
6.08
6.08
6.06
5.31
5.31
5.31
5.31
6.13
6.13
6.16
6.13
6.06
6.06
6.06
6.06
8.25
8.25
8.25
8.25
4.75
4.75
4.75
4.75
5.00
5.12
4.89 5.00 4.99 4.96
003
1 of 3 11/01/1999 3:28 PM
Federal Reserve Statistical Release H.15 - Daily Update
http://www.federalreserve.gov/Releases/H 15/update/
6-month 5.10 5.12 5.11 5.09
1-year 5.22 5.25 5.22 5.18
Treasury constant maturities
3-month 5.14 5.15 5.14 5.11
6-month 5.33 5.34 5.33 5.31
1-year 5.54 5.57 5.53 5.49
2-year 5.98 6.02 5.94 5.87
3-year 6.06 6.09 6.04 5.95
5-year 6.14 6.17 6.13 6.05
7-year 6.44 6.46 6.39 6.30
10-year 6.22 6.24 6.19 6.12
20-year 6.75 6.77 6.71 6.63
30-year 6.36 6.38 6.33 6.25
Composite
Over 10 years (long-term) 14 6.69 6.70 6.64 6.56
Corporate bonds
Moody's seasoned
Aaa 7.63 7.64 7.59 7.51
Baa 8.47 8.48 8.45 8.38
State & local bonds 15 5.99
Conventional mortgages 16
FOOTNOTES
1. The daily effective federal funds rate is a weighted average of rates
on trades through N.Y. brokers.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of
the current week; monthly figures include each calendar day in the
month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper
trades settled by The Depository Trust Company. The trades represent
sales of commercial paper by dealers or direct issuers to investors
(that is, the offer side). See Board's Commercial Paper Web pages
(http://www.federalreserve.gov/releases/cp) for more information.
6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and
90-day dates reported on the Board's Commercial Paper Web page.
7. Representative closing yields for acceptances of the highest rated
money center banks. Source: Telerate, Inc.
8. An average of dealer offering rates on nationally traded certificates
of deposit.
9. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
10. Rate posted by a majority of top 25 (by assets in domestic offices)
insured U.S.-chartered commercial banks. Prime is one of several base
rates used by banks to price short-term business loans.
11. Rate for the Federal Reserve Bank of New York.
12. Auction date for daily data; weekly and monthly averages computed
on an issue -date basis. Data are stop yields from uniform -price
auctions, rounded to two decimal places. (The U.S. Treasury
publishes stop yields to three decimal places at
http://www.publicdebt.treas.gov).
13. Yields on actively traded issues adjusted to constant maturities.
Source: U.S. Treasury.
14. Unweighted average of rates on all outstanding bonds neither due nor
callable in less than 10 years.
15. Bond Buyer Index, general obligation, 20 years to maturity, mixed
quality; Thursday quotations.
16. Contract interest rates on commitments for fixed-rate first mortgages.
Source: FHLMC.
2 of 3 11/01/1999 3:28 PM
Federal Reserve Statistical Release H.15 - Daily Update http://www.federalreserve.gov/Releases/H15/update/
DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at "constant maturity" are interpolated
by the U.S. Treasury from the daily yield curve. This curve, which
relates the yield on a security to its time to maturity, is based on
the closing market bid yields on actively traded Treasury securities in
the over-the-counter market. These market yields are calculated from
composites of quotations obtained by the Federal Reserve Bank of New
York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20,
and 30 years. This method provides a yield for a 10-year maturity, for
example, even if no outstanding security has exactly 10 years remaining
to maturity. In estimating the 20-year constant maturity, the Treasury
incorporates the prevailing market yield on an outstanding Treasury bond
with approximately 20 years remaining to maturity.
H.15: Release I Release dates I About I ASCII I Historical data I Daily update
Home I Statistical releases
To comment on this site, please fill out our feedback form.
Last update: October 29,1999
005
3 of 3 11/01/1999 3:28 PM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/(
Federal. Reserve Release
Release I About I Outstanding I Historical discount rates I Historical outstanding
Data as of October 29,1.999 volume
Commercial Paper Rates and Outstandings statistics
Derived from data supplied by The Depository Trust Company 1999: 3
Posted November 1, 1999
Discount rates
R AA AA A2/P2
financial nonfinancial nonfinancial
5.32 5.32
5.52
ti
5.29 5.28
�5.50
-ty
5.29 5.29
5.51
TI
5.29 5.29
5.51
5.31 5.31
5.58
MEN
5.88
�
6.48
Yield curve
Money market basis
Percent
1 7 15 30 80 90
Days is Maturity
Pin anciial---Nanfinaneial --- •• A2fP2
Discount rate spread
Thirty -day A2/P2 less AA nonfinancial commercial paper (daily)
I
All
01 MtIAY98 09AU098 17NOV98 25FEB99 OSJ UN99 13SEP99
Basis points
6.6
6.4
6.2
6.0
5.8
5.6
5.4-
512
100
90
60
70
60
50
40
30
20
10
22DEC99
-- — Alf P3 spread, 5—day moving ave cage
006
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Release I About I Outstandings ( Historical discount rates I Historical outstandings
Data as of October 29, 1999 volume
Commercial Paper Rates and Outstandings statis
1999t1C3
Derived from data supplied by The Depository Trust Company
Posted November 1, 1999
Discount rates
Yield curve
Money market basis
Percent
616
614
6.2
6.0
5.8
5.6
5.4
5.2
1 7 15 3iD E0 90
Da ya is Mat u city
Fina nc is I — — — Nanf ina ncia I • •• • • A2/P2
Discount rate spread
Thirty -day A2/P2 less AA nonfinancial commercial paper (daily)
01 MAY98 09AUG98 17 NCAV98 25 FE999 05J LJ N99
.,_,, �... A211ia=2 _ pram -- — A2/P2 spread, 5—day moving average
135 EP99
Basis points
100
90
so
70
60
w
40
,30
20
11)
22DEC99
1 of 3 11/01/1999 4:21 PM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Discount rate history
Thirty -day commercial paper (daily) Percent
1 �r
• � 1 Ir 1 �.9
` , r
t 1 r t1 , 1
5.7
1 IF", I 1
5.6
1 1 it
' •�� r t 5.4
1 t
'�
1 � .
.� f `
1 �'.1
4 �qy r r y
4.9
4.8
4.7
01 MAAY98 O9AUG98 17NOV98 25FE899 05JUN99 1 MEP99 22❑EG99
— Finaneial — — — Nonfinancial A2fP2
Outstandings
Weekly (Wednesday), seasonally adjusted
Billions of dollars
1050
1040
1030
1020
1010
1000
990
980
970
Sao
950
940
930
920
910
9❑0
890
880
870
860
850
840
01 MAAY98 09AUG98
17NOV98 25FES99 05JUN99 13SEP99
Rnaneial — — — Nonfinancial
Commercial paper outstanding
Commercial paper outstanding, miscellaneous categories
Release I About Outstandings I Historical discount rates I Historical outstandings
Home I Statistical releases
2 of 3
Billions of dollars
280
270
260
250
240
230
220
210
22❑ EG99
008
11/01/1999 4:21 PM
FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/
To comment on this site, please fill out our feedback form.
Last update: November 1,1999
0OW
3 of 3 11/01/1999 4:21 PM
INVESTMENT ADVISORY BOARD
Meeting Date: November 10, 1999
TITLE:
Pooled Money Investment Board Report
for August 1999
BACKGROUND:
Correspondence & Written
Material Item B
The Pooled Money Investment Board Report for August 1999 is included in the
agenda packet.
The LAIF policy on commercial paper is attached as well as definitions for rating
short term debt from Standard & Poor's and Moody's.
Staff spoke to Pat Beal, LAIF Administrator regarding commercial paper and she
stated that generally LAIF will invest in Al /P1 pieces, however, they do on
occasion invest in split Al /P2 or A2/P1 pieces and in A2/P2 pieces.
Examples of A2/P2 pieces are CONAGRA, ENRON, HELLER FINANCIAL,
TEXTRON, AND JC Penney. She did state that they are not currently investing in
JC Penney and that these A2/P2 pieces are short term from 1 day to no longer
than 30 days.
RECOMMENDATION:
Receive & File
ohn M. Fa`I-coder, Finance Director
loan diversity, management factors, overall fiscal oundness and the
Community Reinvestment Act Rating of the inst' ion. If, while holding a
ool deposit, an institution is downgraded ow acceptable levels by the
ra ' agencies, the following steps sh a taken:
a) 'fy the Deposits S ion to monitor collateral closely.
b) Review i als and update credit report.
c) De 'ne the ropriate plan of action which may include early
ermination of the t e deposit, or allow the time deposit to mature.
6) ollateral must comply with Gov ment Code, Chapter 4, Bank Deposit
Law Section 16500 (et seq.) and th avings and Loan Association and
Credit Union Deposit Law G.C. Section 600 (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
($5005000,000).
d) Approved by the Pooled Money Investment Board.
S
002
21 September 4, 1998
STANDARD & POOR'S CORPORATE RATINGS CRITERIA
Oct The 'C' rating may be used to cover a situation
where a bankruptcy petition has.been filed or simi-
lar action has been taken, but payments on this
obligation are being continued.
'D' An obligation rated 'D' is in payment default. The
'D' rating category is used when payments on an
obligation are not made on the date due even if the
applicable grace period has not expired, unless
Standard & Poor's believes that such payments will
be made during such grace period. The 'D' rating
also will be used upon the filing of a bankruptcy
petition or the taking of a similar action if payments
on an obligation are jeopardized.
Plus (+) or minus(-): The ratings from'AA' to'CCC' may
be modified by the addition of a plus or minus sign to show
relative standing within the major rating categories.
r This symbol is attached to the ratings of instru-
ments with significant noncredit risks. It highlights
risks to principal or volatility of expected returns
which are not addressed in the credit rating. Exam-
ples include: obligations linked or indexed to equi-
ties, currencies, or commodities; obligations ex-
posed to severe prepayment risk —such as
interest -only or principal -only mortgage securities;
and obligations with unusually risky interest
terms, such as inverse floaters.
Short-term issue credit ratings
'A-1' A short-term obligation rated 'A-1' is rated in the
highest category by Standard & Poor's. The obli-
gor's capacity to meet its financial commitment on
the obligation is strong. Within this category, cer-
tain obligations are designated with a plus sign (+).
This indicates that the obligor's capacity to meet its
financial commitment on these obligations is ex-
tremely strong.
'A-2' A short-term obligation rated 'A-2' is somewhat
more susceptible to the adverse effects of changes
in circumstances and economic conditions than
obligations in higher rating categories. However,
the obligor's capacity to meet its financial commit-
ment on the obligation is satisfactory.
'A-3' A short-term obligation rated 'A-3' exhibits ade-
quate protectiori parameters. However, adverse
economic conditions or changing circumstances
are more likely to lead to a weakened capacity of
the obligor to meet its financial commitment on the
obligation.
'B' A short-term obligation rated TO is regarded as
having significant speculative characteristics. The
obligor currently has the capacity to meet its finan-
cial commitment on the obligation; however, it
faces major ongoing uncertainties which could
lead to the obligor's inadequate capacity to meet its
financial commitment on the obligation.
'C' A short-term obligation rated 'C' is currently vul-
nerable to nonpayment and is dependent upon
favorable business, financial, and economic condi-
tions for the obligor to meet its financial commit-
ment on the obligation.
'D' A short-term obligation rated 'D' is in payment
default. The 'DO rating category is used when pav-
ments on an obligation are not made on the date
due even if the applicable grace period has not
expired, unless Standard & Poor's believes that
such payments will be made during such grace
period: The 'D' rating also will be used upon the
filing of a bankruptcy petition or the taking of a
similar action if payments on an obligation are
jeopardized.
Investment and speculative grades
The term "investment grade" was originally used by vari-
ous regulatory bodies to connote obligations eligible for
investment by institutions such as banks, insurance com-
panies, and savings and loan associations. Over time, this
term gained widespread usage throughout the investment
community. Issues rated in the four highest categories,
'AAA', 'AA', 'A', 'BBB', generally are recognized as being
investment grade. Debt rated 'BB' or below generally is
referred to as speculative grade. The term "junk bond" is
merely a more irreverent expression for this category of
more risky debt. Neither term indicates which securities
Standard & Poor's deems worthy of investment, as an
investor with a particular risk.preference may appropri-
ately invest in securities that are not investment grade.
Ratings continue as a factor in many regulations, both in
the U.S. and abroad, notably in Japan. For example, the
Securities and Exchange Commission (SEC) requires in-
vestment -grade status in order to register debt on Form-3,
which, in turn, is one way to offer debt via a Rule 415 shelf
registration. The Federal Reserve Board allows members
of the Federal Reserve System to invest in securities rated
in the four highest categories, just as the Federal Home
Loan Bank System permits federally chartered savings and
loan associations to invest in corporate debt with those
ratings, and the Department of Labor allows pension funds
to invest in commercial paper rated in one of the three
highest categories. In similar fashion, California regulates
investments of municipalities and county treasurers, Illi-
nois limits collateral acceptable for public deposits, and
Vermont restricts investments of insurers and banks. The
New York and Philadelphia Stock Exchanges fix margin
requirements for mortgage securities depending on their
ratings, and the securities haircut for commercial paper,
debt securities, and preferred stock that determines net
capital requirements is also a function of the ratings as-
signed.
Issuer credit rating definitions
As explained on page 5 and on page 58, Standard & Poor's
also assigns ratings to issuers, reflecting their capacity for
meeting financial commitments. The rating symbols are
identical to those used for rating issues, and the definitions
closely correspond to the issue rating definitions.
00,E
Moody's Rating Definitions
MOODY'S SHORT-TERM DEBT RATINGS
Moody's short-term debt ratings are opinions
of the ability of issuers to repay punctually
senior debt obligations. These obligations
have an original maturity not exceeding one
year, unless explicitly noted.
Moody's employs the following three des-
ignations, all judged to be investment grade,
to indicate the relative repayment ability of
rated issuers:
• Issuers rated Prime-1 (or supporting
institutions) have a superior ability for repay-
ment of senior short-term debt obligations.
Prime-1 repayment ability will often be evi-
denced by many of the following characteris-
tics:
—Leading market positions in well -estab-
lished industries.
—High rates of return on funds employed.
—Conservative capitalization structure
with moderate reliance on debt and ample
asset protection.
—Broad margins in earnings coverage of
fixed financial charges and high internal cash
generation.
—Well-established access to a range of
financial markets and assured sources of
alternate liquidity.
• Issuers rated Prime-2 (or supporting
institutions) have a strong ability for repay-
ment of senior short-term debt obligations.
This will normally be evidenced by many of
the characteristics cited above but to a lesser
degree. Earnings trends and coverage ratios,
while sound, may be more subject to varia-
tion. Capitalization characteristics, while still
appropriate, may be more affected by exter-
nal conditions. Ample alternate liquidity is
maintained.
• Issuers rated Prime-3 (or supporting
institutions) have an acceptable ability for
repayment of senior short-term obligations.
The effect of industry characteristics and mar-
ket compositions may be more pronounced.
Variability in earnings and profitability may
result in changes in the level of debt protec-
tion measurements and may require relatively
high financial leverage. Adequate alternate
liquidity is maintained.
• Issuers rated Not Prime do not fall with-
in any of the Prime rating categories.
Obligations of a branch of a bank are con-
sidered to be domiciled in the country in
which the branch is located. Unless noted as
an exception, Moody's rating on a bank's
ability to repay senior obligations extends
only to branches located in countries which
carry a Moody's Sovereign Rating for Bank
Deposits. Such branch obligations are rated at
the lower of the bank's rating or Moody's
Sovereign Rating for Bank Deposits for the
country in which the branch is located.
When the currency in which an obligation
is denominated is not the same as the curren-
cy of the country in which the obligation is
domiciled, Moody's ratings do not incorpo-
rate an opinion as to whether payment of the
obligation will be affected by actions of the
government controlling the currency of
denomination. In addition, risks associated
with bilateral conflicts between an investor's
home country and either the issuer's home
country or the country where an issuer's
branch is located are not incorporated into
Moody's short-term debt ratings.
Moody's makes no representation that
rated bank or insurance company obligations
are exempt from the registration under the
U.S. Securities Act of 1933 or issued in con-
formity with any other applicable law or reg-
ulation. Nor does Moody's represent that any
specific bank or insurance company obliga-
tion is legally enforceable or a valid senior
obligation of a rated issuer.
If an issuer represents to Moody's that its
short-term debt obligations are supported by
the credit of another entity or entities, then
the name or names of such supporting entity
or entities are listed within the parenthesis
beneath the name of the issuer, or there is a
footnote referring the reader to another page
for the name or names of the supporting enti-
ty or entities. In assigning ratings to such
issuers, Moody's evaluates the financial
strength of the affiliated corporations, com-
mercial banks, insurance companies, foreign
governments or other entities, but only as one
factor in the total rating assessment. Moody's
makes no representation and gives no opin-
ion on the legal validity or enforceability of
any support arrangement.
Moody's ratings are opinions, not recom-
mendations to buy or sell, and their accuracy
is not guaranteed. A rating should be
weighed solely as one factor in an investment
decision and you should make your own
study and evaluation of any issuer whose
securities or debt obligations you consider
buying or selling.
004