2000 04 12 IAB1
P.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
April 12, 2000 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on March 8, 2000 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for February, 2000
B. Continued Consideration of Fiscal Year 2000/01 Investment Policy
C. Schedule change for June 14, 2000 Meeting
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - March, 2000
B. Pooled Money Investment Board Reports - January, 2000
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT'
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: April 12, 2000
Transmittal of Treasury Report
for February 29, 2000
Attached please find the Treasury Report for February 29, 2000.
Review, Receive and File the Treasury Report for February 29, 2000.
t-Im
Joh M. Falconer, Finance Director
T a 0
jhf 4 4 Q"
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for February 29, 2000
DATE: March 28, 2000
Attached is the Treasurer's Report for the month ending February 29, 2000. 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
Sold/Matured
Other
Ending
Change
Cash (1)
$1,070,446
($17,678)
1,052,768
($17,678)
LAIF
$9,932,650
3,000,000
1,500,000
11,432,650
1,500,000
US Treasuries (2)
$22,021,283
0
3,000,000
(6,548)
19,014,735
(3,006,548)
US Gov't Agencies (2)
$19,683,980
0
51,663
19,735,643
51,663
Commercial Paper (2)
$3,988,755
0
4,000,000
11,245
0
(3,988,755)
Mutual Funds
$3,221,337
4,561,552
7,782,889
4,561,552
Total
$59 918 451
$7 561 552
$8 500 000
$38 682
$59 018 685
$899 766
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.
41
in M. Falconer
ance Director/Treasurer
3 3! 00
Date
Footnote
(1) The amount reported in the other column represents the net increase (decrease) of deposits and
withdrawals from the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
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•
CITY OF LA QUINTA
BALANCE SHEET 02129/00
CITY
ASSETS:
POOLED CASH
3,024,756.04
LQRP INVESTMENT IN POOLED CASH
INVESTMENT T-BILL/NOTES & OTHER
30,000,000.00
AUTO MALL CASH
551,685.45
LQRP CASH
BOND REDEMPTION CASH
BOND RESERVE CASH
BOND PROJECT CASH
BOND ESCROW CASH
PETTY CASH
1,000.00
CASH & INVESTMENT TOTAL
33,577,441.49
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
35,711.23
PREMIUM/DISCOUNT ON INVESTMENT
(185,764.03)
LQRP-ACCOUNTS RECEIVABLE
INTEREST RECEIVABLE
12,288.93
LOAN/NOTES RECEIVABLE
17,855.99
DUE FROM OTHER AGENCIES
127,984.00
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
785,501.19
DUE FROM RDA
6,890,277.20
INTEREST ADVANCE -DUE FROM RDA
1,582,760.34
ADVANCES TO OTHER FUNDS
306,491.92
NSF CHECKS RECEIVABLE
1,896.86
ACCRUED REVENUE
TRAVEL ADVANCES
4,798.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
9,579,801.63
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75 00
CITY CITY RDA
RDA FA
FIXED LONG TERM FIXED
LONG TERM FINANCING LONG TERM
GRAND
ASSETS DEBT RDA ASSETS
DEBT AUTHORITY DEBT
TOTAL
8,078,328.66
(35.21)
11,103,049.49
755,000.00
755,000.00
30,000,000.00
551,685.45
74,684.59
74,684.59
1,965,155.74
28.73
1,965,184.47
14,179,437.10
589,265.36
14,768,702.46
1,000.00
25,052,606.09
589,258.88
59,219,306.46
60,983.90
8,260,000.00
8,356,695.13
(14,858.08)
(200,622.11)
53,921.76
53,921.76
12,288.93
2,668,850.80
2,686,706.79
127,984.00
741,656.90
1,527,158.09
6,890,277.20
1,582,760.34
306,491.92
1,896.86
833.40
833.40
4,798.00
3,511,388.68
8,260,000.00 21,351,190.31
MISC. DEPOSITS
2,100.00
75.00
2,100.00
DEPOSITS TOTAL
2,175.00
2,175.00
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 UT DEBT
3,395,117.03
3,395,117.03
AMOUNT TO BE PROVIDED FOR LIT DEBT
1,677,482.02
95,027,306.06
8,260,000.00 104,964,788.08
TOTAL OTHER ASSETS
704,334.01 15,146,522.00 1,677,482.02 10,233,508.05
98,422,423.09
8,260,000.00 134,444,267.17
TOTAL ASSETS
43,863,752.13 15,146,522.00 1,677 482 02 28,563,994.77 10,233 506 05
98,422,423.09
8,849,258.88 8,260,000.00 215,016,938.94
LIABILITY
ACCOUNTS PAYABLE
1,163,738.40
11,999.44
3,786.45
749.00
1,180,273.29
DUE TO OTHER AGENCIES
1,063,845.89
1,063,845.89
DUE TO OTHER FUNDS
575.00
1,517,278.09
9,305.00
1,527,158.09
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
8,386.02
8,386.02
STRONG MOTION INSTRUMENTS
3,547.47
3,547.47
FRINGE TOED LIZARD FEES
28,890.00
28,890.00
SUSPENSE
3,000.00
3,000.00
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
2,271,982.78
11.999.44
1,521,064.54
10,054.00
3,815,100.76
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
375,895.24
375,895.24
LQRP DEPOSITS
15,364.00
15,364.00
DEVELOPER DEPOSITS
1,266,496.69
1,266,496.69
MISC. DEPOSITS
365,559.95
365,559.95
AGENCY FUND DEPOSITS
1,157,547.98
1,157,547 98
TOTAL DEPOSITS
3,165,499.86
15,364.00
3,180,863.86
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
8,473,037.34
9,800,639.06
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
8,260,000.00 75,675,000 00
TOTAL LONG TERM DEBT
1,665,482.58
98,422,423.09
8,260,000.00 108,347,905.67
TOTAL LIABILITY
5,445,753.31
1,677,482.02
1,536,428.54
98,422,423.09 8,270,054.00
8,260,000.00 123,612,140.96
EQUITY -FUND BALANCE
38,417,998.82 15,146,522.00
27,027,566.23 10,233,506.05
579,204.88
91,404,797.98
TOTAL LIABILITY & EQUITY
43,863,752.13 15,146,522.00
1,677,482.02 28,563,994.77 10,233,506.05
98,422,423.09 8,849,258.88
8,260 000.00 215 01 9938 94
(0.00)
(0.00)
(0.00)
CASH & INVESTMENT TOTAL
59,219,306.46
PREMIUM/DISCOUNT ON INVESTMENT
(200,622.111
TOTAL
59,018,684.35
009
(Note - An undated Investment Policy with options discussed at the last meeting is attached to the Minutes)
INVESTMENT ADVISORY BOARD Business Session No. B
Meeting Date: April 12, 2000
TITLE:
Continued Consideration of Fiscal Year 2000/01
Investment Policies
BACKGROUND:
Pursuant to State Legislation the City investment policies must be approved on an
annual basis by the City Council. This approval is done in June of each year.
As a result of the March meeting, Staff contacted the other cities in the Coachella
Valley to determine their use of corporate notes. Palm Springs, Indian Wells and Palm
Desert invest in corporate notes.
Staff contacted our bank, Wells Fargo and received their choices in Sweep accounts.
The City utilizes the Treasury Sweep option. The rates on the various options can be
found in Attachment 1. Staff contacted our broker/dealers and received information
on the spreads for 30/60/90 day paper which can be found in Attachment 2.
Staff met with the City Manager and proposed a maximum rate for LAIF of 25% for
FY 00/01. The average LAIF balance from 7/1 /99 to 2/29/00 has been 19.92% with
a high of 27.77% and a low of 10.65%. Staff has listed the yields on LAIF from
7/99 - 2/00 as Attachment 3.
RECOMMENDATION:
Continued review of the Investment policies for approval by City Council in June
2000.
J hn M. Falconer, Finance Director
ATTACHMENT NO. 1
WELLS FARGO
CORPORATE CASH MANAGEMENT ACCOUNT
Average Monthly Yield for investments of $100, 000 to $1, 000, 000
Government
Wells Fargo
Wells Fargo
Commercial
Sponsored
Treasury Money
Cash Money
Paper
Enterprises
Market Fund
Market Fund
Mar-1999
3.910%
3.786%
3.711%
3.877%
Apr-1999
3.847%
3.740%
3.677%
3.868%
May-1999
3.865%
3.761%
3.608%
3.821%
Jun-1999
3.879%
3.759%
3.547%
3.866%
Jul-1999
4.118%
3.994%
3.705%
4.028%
Aug-1999
4.179%
4.078%
3.818%
4.121%
Sep-1999
4.317%
4.201%
3.897%
4.249%
Oct-1999
4.291 %
4.174%
3.901 %
4.321 %
Nov-1999
4.535%
4.429%
4.093%
4.484%
Dec-1999
4.274%
4.158%
4.098%
4.749%
Jan-2000
4.310%
4.211%
4.159%
4.858%
Feb-2000
4.804%
4.710%
4.413%
4.921%
Important Disclosure
Dreyfus Treasury
Prime Cash Mgmt
3.593%
3.545%
3.509%
3.501%
3.626%
3.634%
3.700%
3.767%
3.966%
4.109%
4.204%
4.365%
Securities other than repurchase agreements and banker's acceptances issued by Wells Fargo Bank are not
obligations of or deposits in Wells Fargo & Co. or Wells Fargo Bank, are not guaranteed by the Bank, and are not
FDIC insured. Repurchase agreements and banker's acceptances issued by Wells Fargo Bank are obligations of
Wells Fargo Bank, but they are not deposits in the Bank and are not FDIC insured. The investments described
herein, involve risks, including the possible loss of principle. Money market mutual funds seek to maintain a
stable net asset value of $1.00 per share; however there can be no assurance that the Funds will meet this
objective. Past performance is not indicative of future performance.
002-
WELLS FARGO
CORPORATE CASH MANAGEMENT ACCOUNT
Average Monthly Yield for investments of $1, 000, 000 to $S, 000 000
Government
Wells Fargo
Wells Fargo
Commercial
Sponsored
Treasury Money
Cash Money
Dreyfus Treasury
Paper
Enterprises
Market Fund
Market Fund
Prime Cash Mgmt
Mar-1999
4.210%
4.086%
4.011%
4.177%
3.893%
Apr-1999
4.147%
4.040%
3.977%
4.168%
3.845%
May-1999
4.165%
4.061%
3.908%
4.121%
3.809%
Jun-1999
4.179%
4.059%
3.847%
4.166%
3.801%
Jul-1999
4.418%
4.294%
4.005%
4.328%
3.926%
Aug-1999
4.479%
4.378%
4.118%
4.421%
3.934%
Sep-1999
4.617%
4.501%
4.197%
4.549%
4.000%
Oct-1999
4.591 %
4.474%
4.201 %
4.621 %
4.067%
Nov-1999
4.835%
4.729%
4.393%
4.784%
4.266%
Dec-1999
4.574%
4.458%
4.398%
5.049%
4.409%
Jan-2000
4.610%
4.511%
4.459%
5.158%
4.504%
Feb-2000
5.104%
5.010%
4.713 %
5.221 %
4.665 %
Important Disclosure
Securities other than repurchase agreements and banker's acceptances issued by Wells Fargo Bank are not
obligations of or deposits in Wells Fargo & Co. or Wells Fargo Bank, are not guaranteed by the Bank, and are not
FDIC insured. Repurchase agreements and banker's acceptances issued by Wells Fargo Bank are obligations of
Wells Fargo Bank, but they are not deposits in the Bank and are not FDIC insured. The investments described
herein, involve risks, including the possible loss of principle. Money market mutual funds seek to maintain a
stable net asset value of $1.00 per share; however there can be no assurance that the Funds will meet this
objective. Past performance is not indicative of future performance.
0 03
APR 05 '00 11:49AM SB IFG NEWPORTBCH647 ^ AI^
ATTACHMENT NO. 2
wn�ua , c. s ltc
uen,or V,cr, pres,der+t InwSrmcnta
lnautudanal pl 0 Income Gro
GN6ee0ww��Np��r,rpQ,i Cpnrer drove, Suite f 100
949.7�7-5ag2/gppA, $�Bo-6-0f
949.717-5d49 F� -W63 U5 --
TPBOSOD 45.99 — . 02 Index GPO
At 11:52 Up 5.99 Hi 5.99 Lo 5.99
M i d L i n 030D ndex Page 1/10
Range 110/ 5/9 - 4/ S/0q Period 0 Daily -
Upper Chart Mid Line Moving Averages
1 l News
Ccpyri ht 2000 eL00t��s L.A. Frankfur"tv69-920410 Hong Kong-2-977-6000 London$171-33vr/auu PWW Yorx=44c-Q20-cwW
Prince on�6o3-279-3�0 3irx ore1226-3000 Sydney=2-9777-a686 Tokyo=3-32Ot-8900 Sao Paulo'!l-3049-4saa
16a9-901-1 05—Apr-00 15tQs22
Although the information in this report has been obtained from
sources which Salomon Smith Barney believes to be reliable, we
do not guarantee its accuracy and such infanwition may be in-
eon*teor condensed. All opinions $W estriatesincluded in this
report constitute ouriudpmt as of this date and are subject to
change without notice. This report is for information purposes
only and is not intended as an offer or solicitation with respect to
t.hs purchase or sale of any security,
The material is fumistled on the understanding that 8e10=1
Smith Barney is snot undertaking to manage money or act as a
fiduciary with respect to your account or any of your managed
or fiduciary accaurtts and that our services do not ssrve as a
prknory basis for any invesrrmt decision made with respect to
such accounts. This matOngi provides information andlor alter-
natives we beieve to be appropriate for consideration. The
dKision whether or not to adopt any strategy or engage in any
transac ton is not our r8sp0nW1litY.
o-0 4
APR 05 '00 11:50AM SB IFG NEWPORTBCH647
P.2/3
DIPBO60D .16 . 0 —.02 Index GPD
At 11=52 Op 6.02 Hi 6.02 Lo 6.02
M i d L i n g DIPM Indm page 1/10
Range Or' S/9 — iI 5/00 Period Daily
Upper Char.:
Mid Line Moving Averages
1) dews
• , i
C baeAN q 0AWN
m 6➢2 6 i '
Hmcomm -^------------------------- --,--- - T--
rage 5.7117 - , - - i
Lam loom Vs
l:opyricgt 2000 BLU MBERG L.P. Frw*furt:69-920410 Hong Kong;2-977-6000 Landon 171-330-7300 New Yorka212-318-2000
Priri01r{an 609-279-3000 SitlgO�pare=226-30QQ Sydr*y'2-9777-8686 Tokyo�3 1-5900 Sao Paulo=11-3048-4500
I639-901-1 05-4pr-00 15:43 44
� 9
Although the infamtation in this CePa b��eves to be reliable,we
SaufCeS WNCh Selorrr�n Sot Barney believes
do not guarantee its accuracy and andhe��rr�at�tinc�ded in be
comQietn.
e or condom• All opiniarrs
report consti tute our judat as of this date and are subjac t to
champ without notice, This i Ort is for infom ton pdrposes
oni VA is QOl intmiad ds n o ef or s0licljat on Wth respect to
the pummse or We of any smudry.
The material is furnished on the understanding that Salonvri
Smith Barmy is not undertaking to manage money or act as a
fiduciary with h respect to your account or any of your managed
or fiduciary (accounts and that our services do not serve es a
p unary bas for any investment decision made with respect to
such accou _ This material providas infomMon andlor Sher•
natives we believe to be appropriate for consideration. The
decision whiethsr at not to adopt any strategy or engage in any
transaction Is not our responsibi5tY'
.005
APR 05 ' 00 11: 51AM SB IFG NEWPORTBCH647
P.3/3
DIPBO90D 46 . D5 --
At 11tS2 Op G.QS Ni 6.0S Lo 6.OS
Mid L
Range 0 - 4I
Upper Charts M Mid Line
n e iummomy inues
Period U Daily
Moving Averages M 0
Index G P D
Page 1/10
1) News
cew■n b . Q
Hqr norm on
'--- ----.' 9ml -- r_ 1--------------,--
1
1 I
...fi---�---------------------- $
.----------► .........................r..-----------------.. 1
1 ; • I ,
1 , • 1 =
1 , 1 • I 1 1
1
a I =
1.................•......-......-....1.---.-.......----- • • .�
• 1 • 1 1
• , 1 1 1
1 I � • 1 1
1
• 1 1 • , I
•----------------- S.a---------------�.------------a-.tea.--------a------- -----------------
5.4
1 1
1 .-.......... ....-_--.....-.--___�.------a --__--
Copyright 2000,Q40Q00D L.P. FrgnKfurt=69-9SO4iQ Hong
Princeton:609-Z27799--3$W17 Singapa-e°226-=0 �Id►Z J°
Although the information in this report has been obtained from
sources which Salomon Smith Barney believes to be reliably in
do not guarantee its accuracy and such ir►forrnation meY
Complete or cord msod- AN opiroorts and estimates included in tHs
report eonstltuto our judgment as of this date and are subiect to
chanpa without 006Ce- ft report i$ for infarrnation purposes
Only end J$ not intended ea an offer or soGaitation with respect to
the purchase or We of arw murity.
HOW Sm rWlo' i Za-�i0 m
8-45QQ
1639-lei i-1 06-Apr--0O 15.421 S9
The rr*Wal is fur shod on the unders i
tand np that Salomon
Smith Gamer Is no undertaking to manapo monav or act as a
fiduciary wi th mp ct to your account or any of your managed
or fiduciary accomits and that our services do not serve as a
primary bays Forarrf investment dmwdn made with respect to
such accounts. This meterial provides inf ormetion andlor alter•
n'tives we believe to be appropriate for consideration. The
decision whether on not to adopt any strategy or engage in any
transaction is not 60 mMns ty.
006
SENT BY: MORGAN STANLEY DEAN WITTER;
Market Measures
2i 3B228935; MAR - 30.89 9 : i 5PM; PAGE 1/1
For Internal Use Only
ytr.edar
1 Mh4k Aga
4 WOOD Ago s 6fardu Alp
1 yew Age
_
MOM
03114b0
Draw
12027NO
0=31W
IYl�ri�y �"`��� plNdabt��I�•OflllfA.�. • _ -
-
, J'� y�'.l �..
_ •
':K �•
•
Faes" rFwWa....I...............................................1.....................
6.85
i >
8.76%
MrntD lar M Pats ............... .. , ...... _ ... ....................... _ .... , .. , .....
7_SO
R7s S
7 %
$.50
T.SO
3.5bl1..
7.s5
1
"4.t36.50
For"p Prints Maiew
allew ...... ......................... ............... .. .........................
awrnwny
340
d.00
8.00
390
3 0
3.00
3.0
JapaA............. .._..............._......•...............•.......
L"ARate pmrnXhi ...... ..........
• •
1.36�25
R43
Q3>'
13b
.,
9.3S
6.30
3.00
EasyCash CDs Fated trtcarne Order Entry: We Proary Aft*91 w COc Swwidwy Me"
...`... ,
...........•
etnontna ..........................::..
slat%
5.75%
6.4%
S.�
4.39W
..... ............,.. . ..
a.1a
aos
LOS
5.80
s.�yo
Vw.......................... •...................................... •.............
Edo
6.46
9lSO
iW
$25
ymal .............. ...................................
3ymm............................... _ _ _............................................
am
7,05
COS
2.90
e.6i
746
sae
V5
5M
5.43,
5,reariF.................
7
7.15
Rao
645
...............................
.............I......................,
0
7.1s
lR90
s,�
Commercial Pape HO Grade, Unsecured Notes Aroedaw Poe 17180
30 day................................................................................
•-
5.72%
5.00%
4.7S%
a8.00
5.e1
Rd0
.66
4.73
190 day.............................................................. . ................
-
3.w
4,72
�•t0r•fyU�' - .:Y'.. I;�Y•.-r.w i . ��'i _..v.�Y1 x� .1 ti,i.i �.-. 1 - s�y'fxl.`�'. �;: ���, .f ,• _ .:..�
.. .�.r�• �''. -.'u._ .;�,I:�
�� '4:�,+.',!�,�,.,.
-
f.,.. '�:':�I.�'•- S�•• �
�� yr."'K•;�',til''I."
...�
�.Y
.h
T Bilta Fixed rnemle ordw E1Wy: Us T-aft
5
4.53
a•Iltdmth...............................................................................
ail
6.11
d.11
tl.y1{
w
L73%
b.7a
4.ft
53
1-Year......... .......................................... ,............................
ale
GAS
ale
Los
4 7Q
Treaewy Notes & Bondi* shred *mom QaW FWW. US T-lilmrds A Notes
2-steal Nee . . ....... . ................. • ... • ................ , .. , .... , .... , , . , ...........
&50%
0,45%
8,53%
6.19 J4
5-yeerNotY..........._..............I..I..........................................
IH47
4.56
9.61
629
S.09
7"Yow Nab . ................................................................ . .....
8.41
4.34
am
6.61
a.32
10-YiW ►fte............................................ . .... . .........................
C14
d a0
Ras
6.30
s.ao
30-Yew a"..........................................................................
0.97
6.10
6.07
6.30
5.56
U.S. Treasury STRIPS Fixed tncow 4rdK Entry; US Tmwy S1r0#i1W- 0rp
2-1Rw .......... ...........................................................
&35%
6.4M
R54%
822%
5.01%
6.yw .................. _...".,......•.1.......1......................
41.46
aat
4,71
6.41
5,20
1G-Ytilt ... _ ..... _ .......... ... .......................................................
&41
"1
6.62
an
5.5a
25-Yow ........ ........ ...... ..... ...................
LIS
621
a.24
a.30
3.87
'.� >r< r.'�. Ir"r'ti 'I�!''�?'1'•hi:.d„ ii__�.F�, r-• .y�,.� .�1!�y �� '"
�!'-�<�j:.fi� �OL�r.--•L',J!!�.�:•y�;';'r'{�/��--:r"•7R
♦ �t
'k'r�J
_ ... ids.` .. a !.•'::'i�',•►' .-}.h
Repreaenta eve Serials'
6-Y" MA ............................. ....................... _ ....:.. _ .. _ ..........
4.111t%
4.90%
4.24%
4.0%
3."%
M._...........................................................••.............
4M
dA0
5.04
4.78
3.93
10-Yves AM .. ......................... ..... . .... . ........................... I .... ,
0.10
5.16
SM
5.00
4 2ir
AA......................................................_.........•...........
520
Cft
533
5.19
4.36
tyYipwAAA..........................................................................
5A2
5,48
510
s.33
4.70
AA...........................................................................
LN
5.58
5.70
5*1
4"
MYe#r AAA...........................................................•..............
5.116
5.71
5.82
SM
4.94
AA........................... ...........,.....................................
576
591
5.112
5.03
5.04
orporate Bonds Fined InrxiaMY Order levy; High Grids rwparats fiends
glydrntedWe lndU$Ift a"
AAA• . •............................................................................
7.30%
79 %
7.51%
-
5.WA
M................................................................................
7.50
7.52
7.55
..+
5.93
A............_................_.._..........................._.............
7.74
1.55
7.76
-
6.20
3o-YM NAWW Na"
AAA............................................................................._ .
7,30
7m
7.46
-
6.37
M...,.................................... .... .............I..............
7.3a
7.75
7.64
-
6-75
.......................................................................
7.76
TM
Tao
-
a_93
30.yw t lfiel-
AAA...•......................................•....................................
7.70
7.97
7.78
-
9.70
All........................................................................•........
7A3
6.11
7M
-
7.06
A .......................................................... ... ..... ...............
11.22
e�
6.1T
-
721
Preferred Securities (9ased on non-DRD-aligible issues)"'
....
*mhet"; Fined Ir ame, Odder+ FiAlry, 'Prtrrernad Syrtlhrtic.' TradiliwaW- &oadoatt page 15236
A^ ......................... ................ ............................... _ ......... ,
am%
aam
ass%
e-aft
a.dz%
A......................................._...............................,............
9.75
9.75
8.75
9.75
7.00
tw.................. ........................................................ ........
926
9123
9.25
925
7.30
Mortgage Backed Orrerlw- Fite mean* order &" wwvnts..*w and Mast -backed'
__...
SecuritieVCM(Ds
G" 7% UN (aftrAp Ira 10 years) ......................................................
7.27%
7.30%
7.32
7.1 MAdoFNMA
7% M58 WA=Ve 10 yw;)......................................................
127
7.30
7.36
7.15
-
FHLMC 7% M03 *48111pe Its 10 years) .....................................................
7.27
7.90
7.36
7.15
-
RVMA 716% CMO (axuapv Gti 10 Veers '. .... .. .........................................1. • .
7.90
8.10
7.84
7.00
These errs Wasentarve y1olds In tits various rnarket seders deerrwd to be, aMurnts to tree bast of our knowledge.
S..ed on I W wmales. Plaass 0all f1}14 desk to check rates.
" Qlttla ere derived from the prior weAk.
••• ORD = Dividends Received Deduction.
On7
ATTACHMENT NO. 3
Local Agency Investment Fund
Interest Rates
July 99 through Feb OQ
Month Rate
July 5.1790%
August 5.2250%
September 5.2740%
October 5.3910%
November 5.4840%
December 5.4900%
January 5.7710%
February 5.8240%
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
April 12, 2000
Consideration of June 14, 2000
meeting date change
BACKGROUND•
Business Session No. C
Pursuant to State Legislation the City investment policies must be approved on an
annual basis by the City Council. This approval is done in June of each year. In order
to meet the June 18, 2000 City Council meeting and to meet Staff's planned vacation
schedule, Staff is proposing changing the meeting date from June 14, 2000 to June
7, 2000.
RECOMMENDATION:
Approve the June meeting date change from June 14, 2000 to June 7, 2000.
n M. Falconer, Finance Director
CITY OF LA QUINTA
Investment Policy
Table of Contents
Section
Top
Page
Executive Summary
2
General Purpose
5
II
Investment Policy
5
III
Scope
5
IV
Objectives
6
► Safety
► Liquidity
► Yield
► Diversified Portfolio
V
Prudence
7
VI
Delegation of Authority
7
VII
Conflict of Interest
8
Vlll
Authorized Financial Dealers and Institutions
8
► Broker/Dealers
► Financial Institutions
IX
Authorized Investments and Limitations
10
Investment Pools
14
XI
Safekeeping and Custody
14
XII
Interest Earning Distribution Policy
15
XIII
Internal Controls and Independent Auditors
15
XIV
Benchmark
17
XV
Reporting Standards
17
XVI
Investment of Bond Proceeds
18
XVII
Investment Advisory Board - City of La Quinta
18
XVIII
Investment Policy Adoption
19
Appendices: A. Summary of Authorized Investments and Limitations
20
B. Municipal Code Ordinance 2.70 - Investment Advisory Board
21
C. Municipal Code Ordinance 3.08 - Investment of Moneys and Funds
22
D. Segregation of Major Investment Responsibilities
24
E. Listing of Approved Financial Institutions
25
F. Broker/Dealer Questionnaire and Certification
26
G. Investment Pool Questionnaire
27
H. Glossary
35
1
City of La Quinta
Investment Policy
Executive Summary
The general purpose of this Investment Policy is to provide the rules and standards
users must follow in investing funds of the City of La Quints.
It is the policy of the City of La Quinta to invest all public funds in a manner which will
provide a diversified portfolio with maximum security while meeting daily cash flow
demands and the highest investment return in conformity to all state and local
statutes. This Policy applies to all cash and investments of the City of La Quinta, La
Quinta Redevelopment Agency and the La Quinta Financing Authority, hereafter
referred in this document as the "City".
The primary objectives, in order of priority, of the City of La Quinta's investment
activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
Within the constraints of safety, liquidity and yield, the City will endeavor to
maintain a diversified portfolio by allocating assets between different types of
investments within policy limitations.
Investments shall be made with judgment and care - under circumstances then
prevailing - which persons of prudence discretion, and intelligence exercise in the
management of their own affairs, not for speculation, but for investment, considering
the probable safety of their capital as well as the probable income to be derived.
Authority to manage the City of La Quinta's investment portfolio is derived from the
City Ordinance. Management responsibility for the investment program is delegated
to the City Treasurer, who shall establish and implement written procedures for the
operation of the City's investment program consistent with the Investment Policy. The
Treasurer shall establish and implement a system of internal controls to maintain the
safety of the portfolio. In addition, the internal control system will also insure the
2
timely preparation and accurate reporting of the portfolio financial information. As part
of the annual audit of the City of La Quinta's financial statements the independent
auditor reviews the adequacy of those controls and comments if weaknesses are
found.
Investment responsibilities carry added duties of insuring that investments are made
without improper influence or the appearance to a reasonable person of questionable
or improper influence.
The City of La Quinta Investment Policy maintains a listing of financial institutions
which are approved for investment purposes. All Broker/Dealers and financial
institutions selected by the Treasurer to provide investment services will be approved
by the City Manager subject to City Council approval..
The Treasurer will be permitted to invest only in City approved investments up to the
maximum allowable percentages and, where applicable, through the bid process
requirements. Authorized investment vehicles and related maximum portfolio positions
are listed in Appendix A - Summary of Authorized Investments and Limitations. At
least two bids will be required of investments in the authorized investment vehicles.
Collateralization will be required for Certificates of Deposits in excess of $100,000.
Collateral will always be held by an independent third party► from the institution that
sells the Certificates of Deposit to the City. Evidence of compliance with State
Collateral ization policies must be supplied to the City and retained by the City
Treasurer.
The City of La Quinta Investment Policy shall require that each individual investment
have a maximum maturity of two years unless specific approval is authorized by the
City Council. In addition, the City is investment in the State Local Agency Investment
Fund (LAIF) is allowable as long as the average maturity doles not exceed two years,
unless specific approval is authorized by the City Council. The City's investment in
Money Market Mutual funds is allowable as long as the average maturity does not
exceed 60 days. ,
The City of La Quinta Investment Policy will use the six month U.S. Treasury Bill as
a benchmark when measuring the performance of the investment portfolio.
The Investment Policies shall be adopted by resolution of the La Quinta City Council
on an annual basis, The Investment Policies will be adopted before the end of June of
each year.
This Executive Summary is an overall review of the City of La Quinta Investment
Policies. Reading this summary does not constitute a complete review which can only
be accomplished by reviewing all the pages.
3
City of La Quinta
Statement of Investment Policy
July 1, 2000 through June 30, 2001
Adopted by the City Council on
The general purpose of this document is to provide the rules and standards users must
follow in administering the City of La Quinta cash investments.
It is the policy of the City of La Quinta to invest public funds in a manner which will
provide a diversified portfolio with safety of principal as the primary objective while
meeting daily cash flow demands with the highest investment return. In addition, the
Investment Policy will conform to all State and local statutes governing the investment
of public funds.
This Investment Policy applies to all cash and investments of the City of La Quinta,
City of La Quinta Redevelopment Agency and the City of La Quinta Financing
Authority, hereafter referred in this document as the "City". These funds are reported
in the City of La Quinta Comprehensive Annual financial Report (CAFR) and include:
All funds within the following fund types:
► General
► Special Revenue
► Capital Projects
► Debt Service
► Internal Service
► Trust and Agency
► Any new fund types and fund(s) that may be created.
.19
The primary objective, in order of priority, of the City of La Quinta's investment
activity shall be:
1. Safety
Safety of principal is the foremost objective of t'he investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio in accordance with
the permitted investments. The objective will be to mitigate credit risk and
interest rate risk.
Credit Risk - is the risk of loss due to the failure of the security issuer or
backer. Credit risk may be mitigated by:
► Limiting investments to the safest types of securities;
► Pre -qualifying the financial institutions, and broker/dealers, which
the City of La Quinta will do business; and
► Diversifying the investment portfolio so that potential losses on
individual securities will be minimized.
Interest Rate risk is the risk that the market value of securities in the
portfolio will fall due to changes in general interest rates. Interest rate
risk may be mitigated by:
► Structuring the investment portfolio so that securities mature to
meet cash requirements for ongoing operations, thereby avoiding
the need to sell securities on the open 'market prior to maturity;
and
► By investing operating funds primarily in shorter -term securities.
2. Liquidity
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated. This is accomplished by
structuring the portfolio so that sufficient liquid funds are available to meet
anticipated demands. Furthermore since all possiblecash demands cannot be
anticipated the portfolio should be diversified and consist of securities with
active secondary or resale markets.
0
3. Yield
The investment portfolio shall be designed with the
market rate of return throughout budgetary and ecoi
account the investment risk constraints and liqui
investment is of least importance compared to the safE
described above. The core of investments are limi
securities in anticipation of earning a fair return r
objective of attaining a
comic cycles, taking into
Jity needs. Return on
ty and liquidity objectives
:ed to relatively low risk
;lative to the risk being
assumed. Securities shall not be sold prior to maturity with the following
exceptions:
► A declining credit security could be sold early to minimize loss of
principal;
Liquidity needs of the portfolio require that the security be sold.
4. Diversified Portfolio
Within the constraints of safety, liquidity and yield, the City will endeavor to
maintain a diversified portfolio by allocating assets between different types of
investments within policy limitations.
ORIIJ 014 \
The City shall follow the Uniform Prudent Investor Act as'adopted by the State of
California in Probate Code Sections 16045 through 1605411.
Section 16053 sets forth the terms of a prudent person which are as follows:
Investments shall be made with judgment and care - uihder circumstances then
prevailing - which persons of prudence, discretion, and intelligence excerise in the
professional management of their own affairs, not for speculation, but for investment,
considering the probable safety of their capital as well as the probable income to be
derived.
LW
Authority to manage the City of La Quinta's investment portfolio is derived from the
City Ordinance. Management responsibility for the investment program is delegated
to the City Treasurer, who shall establish written procedures for the operation of the
investment program consistent with the Investment Policy. 'Procedures should include
reference to safekeeping, wire transfer agreements, banking service contracts, and
C01
collateral/depository agreements. Such procedures shall incl(de explicit delegation of
authority to persons responsible for investment transactions; No person may engage
in an investment transaction except as provided under the ,,terms of this Investment
Policy and the procedures established by the City Treasurer.' The City Treasurer shall
be responsible for all transactions undertaken and shall establish a system of controls
to regulate the activities of subordinate officials. The City nager or Assistant Citv
execution by the City Treasurer.
VII CONFLICT OF INTEREST
Investment responsibilities carry added duties of insuring t 'at investments are made
without improper influence or the appearance of improper i fluence.
Therefore, the City Manager, Assistant City Manager, and the City Treasurer shall
adhere to the State of California Code of Economic Interest! and to the following:
► The City Manager, Assistant City Manager, and tho City Treasurer shall not
personally or through a close relative maintain any accounts, interest, or private
dealings with any firm with which the City placed investments, with the
exception of regular savings, checking and money r narket accounts, or other
similar transactions that are offered on a non-negotiable basis to the general
public. Such accounts shall be disclosed annua�ly to the City Clerk in
conjunction with annual disclosure statements of ec6nomic interest.
IN. All persons authorized to place or approve investments shall report to the City
Clerk kinship relations with principal employees of fi1rms with which the City
places investments.
Vill
The City of La Quinta Investment Policy maintains a listing of financial institutions
which are approved for investment purposes. In addition a I st will also be maintained
of approved broker/dealers selected by credit worthiness, who maintain an office in the
State of California.
1. Broker/Dealers who desire to become bidders for investment transactions must
supply the City of La Quinta with the following:
► Current audited financial statements
► Proof of National Association of Security Dealers Certification
► Trading resolution
► Proof of California registration
7
► Resume of Financial broker
► Completion of the City of La Quinta Broker/Haler questionnaire which
contains a certification of having read the City; of La Quinta Investment
Policy
The City Treasurer shall evaluate the documentotion submitted by the
broker/dealer and independently verify existing report's on file for any firm and
individual conducting investment related business.
The City Treasurer will also contact the following agencies during the
verification process:
► National Association of Security Dealer's Public Disclosure Report File -
1-800-289-9999
► State of California Department of Corporations 1-916-445-3062
All Broker/Dealers selected by the City Treasurer to provide investment services
will be approved by the City Manager subject to City Council approval. The City
Attorney will perform a legal review of the trading resolution/investment
contract submitted by each Broker/Dealer.
Each securities dealer shall provide monthly and quarterly rep its filed pursuant to U.S.
Treasury Department regulations. Each mutual fund shall rovide a prospectus and
statement of additional information.
2. Financial Institutions will be required to meet the following criteria in order to
receive City funds for deposit or investment:
A. Insurance - Public Funds shall be deposited only in financial
institutions having accounts insured by the Federal Deposit
Insurance Corporation (FDIC)
B. Collateral - The amount of City of La Quinta deposits or
investments not insured by the FDIC-sh�ll be 1 10% collateralized
by securities' or 150% mortgages' marl�et values of that amount
of invested funds plus unpaid interest e�rnings.
C. Disclosure - Each financial institution maintaining invested funds
in excess of the FDIC insured amount shall furnish the City a copy
of the most recent Annual Call Report.
The City shall not invest in excess of the FDIC insured amount in
banking institutions which do not disclose to the city a current
listing of securities pledged for collater lization in public monies.
I
' ■ i ► 11 ►&Vilol 111111 Wil I fill1
The City Treasurer will be permitted to invest in the invest ents summarized in the
Appendix A.
As provided in Sections 16429.1, 53601, 5360 .1, and 53649 of the
Government Code, the State of California limits the investment vehicles
available to local agencies as summarized in the following paragraphs. Section
53601, as now amended, provides that unless Section 53601 specifies a
limitation on an investment's maturity, no investments with maturities
exceeding five years shall be made. The City of La Quinta Investment Policy
has specified that no investment may exceed two years.
State Treasurer's Local Agency Investment und (-AIF) - As authorized in
Government Code Section 16429.1 and by LAIF proc dures, local government
agencies are each authorized to invest a maximum o $30 million per account
in this investment program administered by the California State Treasurer. The
City's investment in the State Local Agency Investment Fund (LAIF) is allowable
as long as the average maturity of its investment portfolio does not exceed two
years, unless specific approval is authorized by the City Council. The City of La
Quinta has two accounts with LAIF. The City of La Quinta Investment Policy
has a limitation of 3 25%(`?) of the portfolio.
U.S. Government and Related Issues - As authori ed in Government Code
Sections 53601 (a) through (n) as they pertain to surplus funds, this category
includes a wide variety of government securities which include the following:
• Local government bonds or other indebtednes and State bonds or other
indebtedness. The City of La Quinta Investment Policy does not allow
investments in local and state indebtedness
• U.S. Treasury bills, notes and bonds directly i sued and backed by the
full faith and credit of the U.S. Government The City of La Quinta
Investment Policy limits investments in U.S. Treasury issues to 75% of
the portfolio.
• U.S. Government agencies issuing securities k
interest by the full faith and credit of the U.S. (
National Mortgage Association (GNMA) is suc
La Quinta Investment Policy has a limitation of
9
acked as to principal and
3overnment. Government
h an agency. The City of
75% of the portfolio with
a single issuer limit of 25% of the portfolio.
• U.S. Government instrumentalities and agenc es issuing securities not
backed as to principal and interest by the full faith and credit of the U.S.
Government. The Federal Home Loan Bank (F LB), Federal Farm Credit
Bank (FFCB), Federal Land Bank (FLB) and Federal Intermediate Credit
Bank (FICB) are such issuers. The City of La Quinta Investment Policy
has a limitation of 75% of the portfolio with a ingle issuer limit of 25%
of the portfolio.
• Federal government sponsored enterprises (G Es) issuing securities not
backed as to principal and interest by the full faith and credit of the U.S.
Government. These GSEs include Federal National Mortgage Association
(FNMA), Federal Home Loan Mortgage Corporation (FHMC) and Student
Loan Marketing Association (SLMA) which are publicly owned. The City
of La Quinta Investment Policy has a limitation of 75% of the portfolio
with a single issuer limit of 25% of the portfolio.
Bankers' Acceptances - As authorized in Government Code Section 53601 (f),
40% of the portfolio may be invested in Bankers' Acceptances, although no
more than 30% of the portfolio may be invested in BE nkers' Acceptances with
any one commercial bank. Additionally, the maturity period cannot exceed 270
days; however, Bankers' Acceptances are seldom marketed with maturities in
excess of 180 days. The City of La Quinta Investm nt Policy does not allow
investment in Bankers' Acceptances.
Commercial Paper - As authorized in Government Code Section 53601(g), 15 %
of the portfolio may be invested in commercial paper of the highest rating (A-1
or P-1) as rated by Moody's or Standard and Poor' , with maturities not to
exceed 180 days. This percentage may be increased to 30% if the dollar
weighted average maturity does not exceed 31 days. The City of La Quinta
Investment Policy only allows investments in comme cial paper to 30% of the
portfolio with a maximum maturity of -3@ 00 or 90 d 3ys per issue. There are
a number of other qualifications regarding investments in commercial paper
based on the financial strength of the corporation and the size of the
investment. The City of La Quinta Investment Policy also limits Commercial
Paper to no more than $1 million dollars in any one entity at any time for no
more than 30 days.
Negotiable Certificates of Deposit - As authorized in C
53601(h), 30% of the portfolio may be invested in
deposit issued by commercial banks and savings an
City of La Quinta Investment Policy does not allow
10
iovernment Code Section
negotiable certificates of
d loan associations. The
investment in Negotiable
Certificates of Deposit.
Repurchase and Reverse Repurchase Agreements - As uthorized in Government
Code Section 53601(i), these investment vehicles are agreements between the
local agency and seller for the purchase of government securities to be resold
at a specific date and for a specific amount. Repurchase agreements are
generally used for short term investments varying from one day to two weeks.
There is no legal limitation on the amount of the repurchase agreement.
However, the maturity period cannot exceed one year. The market value of
securities underlying a repurchase agreement shall e at least 102% of the funds
invested and shall be valued at least quarterly. The City of La Quinta
Investment Policy does not allow investment in Rep rchase Agreements.
The term "reverse repurchase agreement" means the sale of securities by the
local agency pursuant to an agreement by whic the local agency will
repurchase such securities on or before a specific' date and for a specific
amount. As provided in Government Code Section 53635, reverse repurchase
agreements require the prior approval of the City Council. The City of La Quinta
Investment Policy does not allow investment in Reverse Repurchase
Agreements.
Corporate Notes - As authorized in Government Codil Section 53601 (j), local
agencies may invest in corporate notes for a maximum period of five years in
an amount not to exceed 30% of the agency's portfolio. The notes must be
issued by corporations organized and operating in the United States or by
depository institutions licensed by the United States or any other state and
operating in the United States. The City of La Quinta Investment Policy does
not allow investment in corporate notes.
Diversified Management Com ap Hies - As authorized in Government Code
Section 53601 (k), local agencies are authorizec to invest in shares of
beneficial interest issued by diversified management ompanies (mutual funds)
in an amount not to exceed 20% of the agency's por folio. There are a number
of other qualifications and restrictions regarding Ilowable investments in
corporate notes and shares of beneficial interest issued by mutual funds which
include (1) attaining the highest ranking or the highest letter and numerical
rating provided by not less than two of the three largest nationally recognized
rating services, or (2) having an investment adv sor registered with the
Securities and Exchange Commission with not less than five years' experience
investing in the securities and obligations and with assets under management
in excess of five hundred million dollars ($500,00 ,000). The City of La
Quinta Investment Policy only allows investments n mutual funds that are
money market funds maintaining a par value of $1 per share that invests in
direct issues of the U. S. Treasury and/or US Agency Securities with an average
maturity of their portfolio not exceeding 60/90 day and the City limits such
investments to 20% of the portfolio with a maximum imit of two (2) million per
mutual fund.
11
Mortgage -Backed Securities - As authorized in Gi
53601(n), local agencies may invest in mortgage-b
mortgage pass -through securities and collateralized n
maximum period of five years in an amount not to exc
portfolio. Securities eligible for investment shall hay
The City of La Quinta Investment Policy does not allov
Backed Securities.
Financial Futures and Financial Option Contracts - As
Code Section 53601.1, local agencies may invest in i
contracts in any of the above investment categories s
portfolio limitations. The City of La Quinta Investm
investments in financial futures and financial option i
)vernment code Section
acked securities such as
iortgage obligations for a
eed 20% of the agency's
,e a "A" or higher rating.
investment in Mortgage -
authorized in Government
inancial futures or option
abject to the same overall
;nt Policy does not allow
;ontracts.
Certificates of Deposit - As authorized in Government Code Section 536491
Certificates of Deposit are fixed term investments which are required to be
collateralized from 1 10% to 150% depending on the specific security pledged
as collateral in accordance with Government Code Section 53652. There are
no portfolio limits on the amount or maturity for this investment vehicle.
Collateralization will be required for Certificates of Deposits in excess of the
FDIC insured amount. The type of collateral is I mited to City authorized
investments. Collateral will always be held by an independent third party from
the institution that sells the Certificates of Deposit o the City. Evidence of
compliance with State Collateral ization policies must be supplied to the City and
retained by the City Treasurer as follows:
1 . Certificates of Deposits Insured by the FDIC.
The City Treasurer may waive collateralizat
federally insured.
��O?mt
on of a deposit that is
The amount not federally insured shall be 110% collateralized by
securities or 150% mortgages market value ol that amount of invested
funds plus unpaid interest earnings.
The City of La Quinta Investment Policy limits the per entage of Certificates of
Deposit to 60% of the portfolio.
Sweep Accounts - As authorized by the City Counci , a U.S. Treasury Money
Market Sweep Account with a $50,000 target bala ce may be maintained in
conjunction with the checking account.
12
Derivatives - The City of La Quinta Investment
investment in derivatives.
►AWL 11 N;Lelej
Policy does not allow
There are three (3) types of investment pools: 1) state -run pools, 2) pools that are
operated by a political subdivision where allowed by law and the political subdivision
is the trustee i.e. County Pool; and 3) pools that are operated for profit by third parties.
The City of La Quinta Investment Policy has authorized investment with the State of
California's Treasurers Office Local Agency Investment Fund commonly referred to as
LAIF. LAIF was organized in 1977 through State Legislation Section 16429.1, 2 and
3. Each LAIF account is restricted to a maximum investable limit of $30 million. In
addition, LAIF will provide quarterly market value information to the City of La Quinta.
On an annual basis the City Treasurer will submit the Inves ment Pool Questionnaire
to LAIF.
Also, prior to opening any new Investment Pool account, Which would require City
Council approval, the City Treasurer will require the completion of the Investment Pool
Questionnaire.
The City does not allow investments with any other Inve
or Third Party Pools.
1[Civil► •
lent Pool - County Pools
All security transactions of the City of La Quinta Investment Policy shall be conducted
on a delivery - versus - payment (DVP) basis. Securities will be held by a third party
custodian designated by the City Treasurer and evidenced by safekeeping receipts.
Deposits and withdrawals of money market mutual funds and LAIF shall be made
directly to the entity and not to an investment advisor, roker or dealer Money
market mutual funds and LAIF shall also operate on a DVP asis to be considered for
investment.
Interest earnings is generated from pooled investments and specific investments.
Pooled Investments - It is the general policy of the City to pool all available
operating cash of the City of La Quinta, La Quinta Redevelopment Agency and
La Quinta Financing Authority and allocate interest earnings, in the following
order, as follows:
13
A. Payment to the General Fund of an amount equ I to the total annual bank
service charges as incurred by the general fund for all operating funds as
included in the annual operating budget.
B. Payment to the General Fund of a management fee equal to 5 % of the
annual pooled cash fund investment earnings.
C. Payment to each fund of an amount based on the average computerized
daily cash balance included in the common portfolio for the earning
period.
2. Specific Investments - Specific investments purchased by a fund shall incur all
earnings and expenses to that particular fund.
XIII INTERNAL CONTROLS AND INDEPENDENT AUDITOR
The City Treasurer shall establish a system of internal controls to accomplish the
following objectives:
► Safeguard assets;
► The orderly and efficient conduct of its business including adherence to
management policies;
► Prevention or detection of errors and fraud;
► The accuracy and completeness of accounting records; and,
► Timely preparation of reliable financial information.
While no internal control system, however elaborate, can gua�rantee ab
solute assurance
that the City's assets are safeguarded, it is the intent of the City's internal control to
provide a reasonable assurance that management of the investment function meets the
City's objectives.
The internal controls shall address the following:
Collusion is a situation where two or more employees a. Control of collusion. Co are �
working in conjunction to defraud their employer.
b. Separation of transaction authority from ecceuntiny and recordB ee��. y
separating the person who authorizes or performs the transaction from the
people who record or otherwise account for the transaction, a separation of
duties is achieved.
C. Custodial safekeeping. Securities purchased from an bank or dealer including
appropriate collateral (as defined by State Law) hall be placed with an
14
independent third party for custodial safekeeping.
d. Avoidance of physical delivery securities. Book entry securities are much easier
to transfer and account for since actual delivery of a document never takes
place. Delivered securities must be properly safeguarded against loss or
destruction. The potential for fraud and loss increases with physically delivered
securities.
e. Clear delegation of authority to subordinate staff members. Subordinate staff
members must have a clear understanding of their authority and responsibilities
to avoid improper actions. Clear delegation of authority also preserves the
internal control structure that is contingent on the various staff positions and
their respective responsibilities as outlined in the Segregation of Major
Investment Responsibilities appendices.
f . Written confirmation or telephone transactions for investments and wire
transfers. Due to the potential for error and improprieties arising from telephone
transactions, all telephone transactions shall be supported by written
communications and approved by the appropriate person. Written
communications may be via fax if on letterhead and the safekeeping institution
has a list of authorized signatures. Fax correspondence must be supported by
evidence of verbal or written follow-up.
g. Development of a wire transfer agreement with the City's bank and third party
custodian. This agreement should outline the various controls, security
provisions, and delineate responsibilities of each party making and receiving wire
transfers.
The System of Internal Controls developed by the City, shall be reviewed annually by
the independent auditor in connection with the annual audit of the City of La Quinta's
Financial Statements.
The independent auditor's management letter comments pertaining to cash and
investments, if any, shall be directed to the City Manager who will direct the City
Treasurer to provide a written response to the independent auditor's letter. The
management letter comments pertaining to cash and investment activities and the City
Treasurer's response shall be provided to the City's Investment Advisory Board for
their consideration. Following the completion of each annual audit, the independent
auditor shall meet with the Investment Advisory Board and discuss the auditing
procedures performed and the review of internal controls for cash and investment
activities.
15
The investment portfolio shall be designed with the objective of obtaining a rate of
return throughout budgetary and economic cycles commensurate with the investment
risk constraints and the cash flow needs of the City. Return on investment is of least
importance compared to safety and liquidity objectives.
The City of La Quinta Investment Policy will use the six month U.S. Treasury Bill as
a benchmark when measuring the performance of the investment portfolio.
SB564 section 3 requires a quarterly report to the Legislative Body of Investment
activities. The City of La Quinta Investment Advisory Board has elected to report the
investment activities to the City Council on a monthly basis through the Treasurers
Report.
The City Treasurer shall submit a monthly Treasurers Report to the City Council and
the Investment Advisory Board that includes all cash and investments under the
authority of the Treasurer.
The Treasurers Report shall summarize cash and investment activity and changes in
balances and include the following:
► A certification by City Treasurer;
► A listing of Purchases and sales/maturities of investments;
► Cash and Investments categorized by authorized investments, except for
LAIF which will be provided quarterly and show yield and maturity;
► Comparison of month end actual holdings to Investment Policy
limitations;
► Current year and prior year monthly history of cash and investments for
trend analysis;
► Balance Sheet;
► Distribution of cash and investment balances by fund;
► A comparison of actual and surplus funds;
► A year to date historical cash flow analysis and projection for the next six
months.
1 11 1 • a•1• ';•
The City's Investment Policy shall govern bond proceeds and bond reserve fund
investments. California Code Section 5922 (d) governs the investment of bond
proceeds and reserve funds in accordance with bond indenture provisions which shall
be structured in accordance with the City's Investment Policy.
16
The US Tax Reform Act of 1986 requires the City to perform arbitrage calculations as
required and return excess earnings to the US Treasury from investments of proceeds
of bond issues sold after the effective date of this law. This arbitrage calculations may
be contracted with an outside source to provide the necessary technical assistance to
comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will
be kept segregated from other funds and records will be kept in a fashion to facilitate
the calculations. The City's investment position relative to the new arbitrage
restrictions is to continue pursuing the maximum yield on applicable investments while
ensuring the safety of capital and liquidity. It is the City's position to continue
maximization of yield and to rebate excess earnings, if necessary.
The Investment Advisory Board (IAB) consists of seven members of the community
that have been appointed by and report to the City Council. The IAB usually meets on
a monthly basis, but at least quarterly to 1) review account statements and
verifications to ensure accurate reporting as they relate to an investment activity, 2)
monitor compliance with existing Investment Policy and Procedures, and 3) review
and make recommendations concerning Investment Policy and procedures, investment
contracts and investment consultants.
The appendices include City of La Quinta Ordinance 2.70 entitled Investment Advisory
Board Provisions.
► ►, P ► '• 96a i Lei
On an annual basis, the Investment policies will be initially reviewed by the Investment
Advisory Board and the City Treasurer. The Investment Advisory Board will forward
the Investment policies, with any revisions, to the City Manager and City Attorney for
their review and comment. A joint meeting will be held with the Investment Advisory
Board, City Manager, City Attorney, and City Treasurer to review the Investment
policies and comments, prior to submission to the City Council for their consideration.
The Investment Policies shall be adopted by resolution of the City of La Quinta City
Council on an annual basis. The Investment Policies will be adopted before the end
of June of each year.
17
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Appendix B
Chapter 2.70
INVESTMENT ADVISORY BOARD PROVISIONS
Sections:
2.70.010 General Rules Regarding Appointment.
2.70.020 Board meetings.
2.70.030 Board functions.
2.70.010 General rules regarding appointment
A. Except as set out below, see Chapter 2.06 for General Provisions.
B. The Investment Advisory Board (the "board") is a standing board composed of seven (7)
members from the public that are appointed by city council. La Quinta residency is preferred,
but not a requirement for board members. Recruitment for members may be advertised outside
of the city".
C. Background in the investment field and/or related experience is preferred. Background
information will be required and potential candidates must agree to a background check and
verification.
D. On an annual basis, in conjunction with the Political Reform Act disclosure statutes, or at
any time if a change in circumstances warrants, each board member will provide the City
Council with a disclosure statement which identifies any matters that have a bearing on the
appropriateness of that member's service on the board. Such matters may include, but are not
limited to, changes in employment, changes in residence, or changes in clients.
2.70.020 Board meetings.
The Board usually will meet monthly, but this schedule may be extended to quarterly
meetings upon the concurrence of the Board and the City Council. The specific meeting dates
will be determined by the Board Members and meetings may be called for on an as needed basis.
2.70.030 Board functions.
A. The principal functions of the Board are: review at least annually the City's Investment Policy
and recommend appropriate changes; (2) review monthly Treasury Report and note
compliance with the Investment Policy and adequacy of cash and investments for anticipated
obligations; (3) receive and consider other reports provided by the City Treasurer; (4) meet
with the independent auditor after completion of the annual audit of the City's financial
statements, and receive and consider the auditor's comments on auditing procedures, internal
controls, and findings for cash and investment activities, and; (5) serve as a resource for the
City Treasurer on matters such as proposed investments, internal controls, use of change of
financial institutions, custodians, brokers and dealers.
B. The Board will report to the City Council after each meeting either in person or through
correspondence at a regular City Council meeting.
19
Appendix C
Chapter 3.08
INVESTMENT OF MONEYS AND FUNDS
Sections:
3.08.010 Investment of city moneys and deposit of securities.
3.08.020 Authorized investments.
3.08.030 Sales of securities.
3.08.040 City bonds.
3.08.050 Reports.
3.08.060 Deposits of securities.
3.08.070 Trust fund administration.
3.08.010 Investment of city moneys and deposit of securi ies.
Pursuant to, and in accordance with, and to the extent (lowed by, Sections
53607 and 53608 of the Government Code, the authority o invest and reinvest
moneys of the city, to sell or exchange securities, and to d posit them and provide
for their safekeeping, is delegated to the city treasurer. (Oro. 2 § 1 (part), 1982)
3.08.020 Authorized investments.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is
authorized to purchase, at their original sale or after they have been issued, securities
which are permissible investments under any provision of state law relating to the
investing of general city funds, including but not limited to Sections 53601 and 53635
of the Government Code, as said sections now read or may hereafter be amended,
from moneys in his custody which are not required for the immediate necessities of
the city and as he may deem wise and expedient, and to sell or exchange for other
eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 2 §
1 (part), 1982)
3.08.030 Sales of Securities.
From time to time the city treasurer shall sell the securities in which city moneys
have been invested pursuant to this chapter, so that the proceeds may, as appropriate,
be applied to the purchase for which the original purchase money may have been
designated or placed in the city treasury. (Ord. 2 § I (part),'
3.08.040 City bonds.
Bonds issued by the city and purchased pursuant to this (chapter may be canceled
either in satisfaction of sinking fund obligations or otherwise!if proper and appropriate;
provided, however, that the bonds may be held uncancelled and while so held may be
resold. (Ord. 2 § 1 (part), 1982)
20
3.08.050 Reports.
The city treasurer shall make a monthly report to the city (council of all investments
made pursuant to the authority delegated in this chapter. (�rd. 2 § 1 (part), 1982)
3.08.060 Deposits of securities.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is
authorized to deposit for safekeeping, the securities in which city moneys have been
invested pursuant to this chapter, in any institution or depI sitory authorized by the
terms of any state law, including but not limited to Section 3608 of the Government
Code as it now reads or may hereafter be amended. In accordance with said section,
the city treasurer shall take from the institution or depository a receipt for the
securities so deposited and shall not be responsible for the securities delivered to and
receipted for by the institution or depository until they are withdrawn therefrom by the
city treasurer. (Ord. 2 § 1 (part), 1982
3.08.070 Trust fund administration.
Any departmental trust fund established by the city council pursuant to Section
36523 of the Government Code shall be administered by the city treasurer in
accordance with Section 36523 and 26524 of the Government code and any other
applicable provisions of law. (Ord. 2 § 1 (part), 1982)
21
Appendix D
SEGREGATION OF MAJOR INVESTMENT RESPONSIBILITIES
Function ResponOibilities
Develop formal Investment Policy City Treasurer
Recommend modifications to Investment Policy Investment Advisory Board
Review formal Investment Policy and recommend City Manager and
City Council action City Attorney
Adopt formal Investment Policy City Council
Review Financial Institutions & Select Investments City Treasurer
Approve investments City Manager or
Assistant City Manager
Execute investment transactions City Treasurer
Confirm wires, if applicable City Manager or Accounting
Manager
Record investment transactions in City's
accounting records Accounting Manager
Investment verification - match broker confirmation
to City investment records Account Technician
Reconcile investment records
- to accounting records and bank statements
- to Treasurers Report
of investments Account Technician
Security of investments at City Vault
Security of investments Outside City Third Party Custodian
Review internal control procedures External Auditor
22
Appendix E
LISTING OF APPROVED
FINANCIAL INSTITUTIONS
1. Banking Services -
Wells Fargo Bank,l, Government Services,
Ontario, California
2. Custodian Services -
Bank of New York, Los Angeles, California
3. Deferred Compensation -
International City)/County Management
Association
Retirement Corporation
4. Broker/Dealer Services -
Merrill Lynch, Indianl, Wells, CA
Morgan Stanley Dean Witter, San Francisco,
California
Salomon Smith Barney, Newport Beach, CA
5. Government Pool -
State of California Local Agency Investment
Fund
City of La Qui�,nta Account
La Quinta Redevelopment Agency
6. Bond Trustees -
1991 City Hall Revenue Bonds - US Bank
1991 RDA Project Area 1 - US Bank
1992 RDA Project Area 2 - US Bank
1994 RDA Project Area 1 - US Bank
1995 RDA Project Area 1 & 2 - US Bank
Assessment Districts - US Bank
No Changes to this listing may be made without City Council approval.
23
Appendix F
BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION
1. Name of Firm:
2. Address:
3. Telephone: ( ) ( )
4. Broker's Representative to the City (attach resume):
Name:
Title:
Telephone: ( )
5. Manager/Partner-in-charge (attach resume):
Name:
Title:
Telephone:
6. List all personnel who will be trading with or quoting securities to City
employees (attach resume)
Name:
Title:
Telephone: ( ) ( 1
7. Which of the above personnel have read the City's Investment Policy?
8. Which instruments are offered regularly by your local office? (Must equal
100%)
% U.S. Treasuries
% BA's
% Commercial Paper
% CDs
% Mutual Funds
% Agencies (specify):
24
% Repos
% Reverse Repos
% CMO`s
% Deriv' tives
• Stoc s/Equities
• Other!, (specify) :
9. References -- Please identify your most directly comparable public sector clients
in our geographical area.
Entity
Contact
Telephone
Entity
Contact
Telephone
Client Since Client Since
10. Have any of your clients ever sustained a loss on a securities transaction arising
from a misunderstanding or misrepresentation of the risk characteristics of the
instrument? If so, explain.
11. Has your firm or your local office ever been subject] to a regulatory or state/
federal agency investigation for alleged improper, fraudulent, disreputable or
unfair activities related to the sale of securities? Havf a any of your employees
been so investigated? If so,
12.
Cx�ian�.
i
Has a client ever claimed in writing that you were re
investment loss? Yes No
action taken
ponsible for an
If yes, please provide
Has a client ever claimed in writing that your fe 10was
investment loss? Yes No
action taken
responsible for an
If yes, please provide
L
25
Do have an current or pending complaints that are unreported to the
� Y � P � P P
NASD?
Yes No If yes, please provide action taken
Does your firm have any current, or pending complaints that are unreported
to the NASD? Yes No If yes, please provide action
taken
13. Explain your clearing and safekeeping procedures, cus�ody and delivery process.
Who audits these fiduciary responsibilities?
P
Report Date
Audit Re Latest p
14. How many and what percentage of your transactions failed.
Last month? % $
Last vear? % $
15.
16.
17.
our firm would use to establish
Describe the method �
Y
the City of La Quinta.
ca trading
capital
P 9 limits for
Is your firm a member in the S.I.P.C. insurance program
If yes, explain primary and excess coverage and carriers.
. Yes No
i
i
What portfolio information, if any, do you require from
II �
our clients.
i
26
18. What reports and transaction confirmations or any other research publications
will the City receive?
19. Does your firm offer investment training to your clients? Yes No
20. Does your firm have professional liability insurance. Yes No
If yes, please provide the insurance carrier, limits and expiration date._
21. Please list your NASD Registration Number,
22. Do you have any relatives who work at the City of Lo Quinta?
Yes No If yes, Name and Department
23. Do you maintain an office in California. Yes No
24. Do you maintain an office in La Quinta or Riverside County? Yes No
25. Please enclose the following:
• Latest audited financial statements.
• Samples of reports, transaction confirmations and any other
research/publications the City will receive.
• Samples of research reports and/or publications that your firm regularly
provides to clients.
• Complete schedule of fees and charges for various transactions.
'CERTIFICATION'
*CERTIFICATION
I hereby certify that I have personally read the Statement of Investment Policy of the
City of La Quinta, and have implemented reasonable procedures and a system of
controls designed to preclude imprudent investment activities arising out of
transactions conducted between our firm and the City of La Ouinta. All sales personnel
will be routinely informed of the City's investment objectives, horizons, outlooks,
strategies and risk constraints whenever we are so advised by the City. We pledge to
exercise due diligence in informing the City of La Quinto of all foreseeable risks
associated with financial transactions conducted with our firm.
By signing this document the City of La Quinta is authorized to conduct any and all
background checks.
27
i
Under penalties of perjury, the responses to this questionnaire are true and accurate
to the best of my knowledge.
Broker Representative
Date Title
Sales Manager and/or Managing Partner*
Date Title
Appendix G
INVESTMENT POOL QUESTIONNAIRE
Note: This Investment Pool Questionnaire was developed byl the Government Finance
Officers Association (GFOA).
Prior to entering a pool, the following questions and issues should be considered.
SECURITIES
Government pools may invest in a broader range of securities than your entity invests
in. It is important that you are aware of, and are comfortable with, the securities the
pool buys.
1. Does the pool provide a written statement of Investment Policy and objectives?
2. Does the statement contain:
a. A description of eligible investment instruments?
b. The credit standards for investments?
c. The allowable maturity range of investments?
d. The maximum allowable dollar weighted average portfolio maturity?
e. The limits of portfolio concentration permitted for each type of security?
f. The policy on reverse repurchase agreements, options, short sales and futures?
3. Are changes in the policies communicated to the pool participants?
4. Does the pool contain only the types of securities that are permitted by your
Investment Policy?
INTEREST
Interest is not reported in a standard format, so it is important that you know how
interest is quoted, calculated and distributed so that you can make comparisons with
other investment alternatives.
Interest Calculations
1. Does the pool disclose the following about yield calculations:
a. The methodology used to calculate interest? (Simple rihaturity, yield to maturity,
etc.)
b. The frequency of interest. payments?
29
i
c. How interest is paid? (Credited to principal at the end of the month, each
quarter; mailed?)
d. How are gains/losses reported? Factored monthly or only when realized?
REPORTING
1. Is the yield reported to participants of the pool monthly: (If not, how often?)
2. Are expenses of the pool deducted before quoting the yield?
3. Is the yield generally in line with the market yields for' securities in which you
usually invest?
pool report, and does that
4. How often does the p p report include the market value of
securities?
SECURITY
The following questions are designed to help you safeguard your funds from loss of
principal and loss of market value.
1. Does the pool disclose safekeeping practices?
2. Is the pool subject to audit by an independent auditor?
3. Is a copy of the audit report available to participants?
4. Who makes the portfolio decisions?
5. How does the manager monitor the credit risk of the securities in the pool?
6. Is the pool monitored by someone on the board of a separate neutral party external
to the investment function to ensure compliance with written policies?
7. Does the pool have specific policies with regards to the various investment
vehicles?
a. What are the different investment alternatives?
b. What are the policies for each type of investment?
8. Does the pool mark the portfolio to its market value?
0v�
9. Does the pool disclose the following about how portfolio securities are valued:
a. The frequency with which the portfolio securities are valued?
b. The method used to value the portfolio (cost, current value, or some other
method)?
OPERA TONS
The answers to these questions will help you determine whether this pool meets your
operational requirements:
1. Does the pool limit eligible participants?
2. What entities are permitted to invest in the pool?
3. Does the pool allow multiple accounts and sub -accounts?
4. Is there a minimum or maximum account size?
5. Does the pool limit the number of transactions each month? What is the number
of transactions permitted each month?
6. Is there a limit on transaction amounts for withdrawals and deposits?
a. What is the minimum and maximum withdrawal amount permitted?
b. What is the minimum and maximum deposit amount lipermitted?
7. How much notice is required for withdrawals/deposits?
8. What is the cutoff time for deposits and withdrawals?
9. Can withdrawals be denied?
10. Are the funds 100% withdrawable at anytime?
1 1 . What are the procedures for making deposits and wilf hdrawals?
a. What is the paperwork required, if any?
b. What is the wiring process?
12. Can an account remain open with a zero balance?
31
13. Are confirmations sent following each transaction?
STA TEMENTS
It is important for you and the agency's trustee (wher
statements monthly so the pool's records of your activity a
by you and your trustee.
1. Are statements for each account sent to participants?
a. What are the fees?
b. How often are they passed?
c. How are they paid?
d. Are there additional fees for wiring funds (what is th
2. Are expenses deducted before quoting the yield?
QUESTIONS TO CONSIDER FOR BOND PROCEEDS
It is important to know (1) whether the pool accepts bond r
the pool qualifies with the U.S. Department of the TrE
commingled fund for arbitrage purposes.
applicable), to receive
d holding are reconciled
fee) ?
)roceeds and (2) whether
:asury as an acceptable
1. Does the pool accept bond proceeds subject to arbitrage rebate?
2. Does the pool provide accounting and investment record suitable for proceeds of
bond issuance subject to arbitrage rebate?
3. Will the yield calculation reported by the pool be accep able to the IRS or will it
have to be recalculated?
4. Will the pool accept transaction instructions from a trustee?
5. Are you allowed to have separate accounts for each bone
commingle the interest ea(nings of funds subject to reba
to regulations?
32
issue so that you do not
with funds not subject
GLOSSARY
(Adopted from the Municipal Treasurers
ssociation)
Appendix H
The purpose of this glossary is to provide the reader of the City of La Quinta investment
policies with a better understanding of financial terms used in municipal investing.
AGENCIES: Federal agency securities and/or
Government -sponsored enterprises.
ASKED: The price at which securities are offered.
BANKERS' ACCEPTANCE (BA): A draft or bill of
exchange accepted by a bank or trust company.
The accepting institution guarantees payment of
the bill, as well as the issuer.
BID: The price offered by a buyer of securities.
(When you are selling securities, you ask for a
bid.) See Offer.
BROKER: A broker brings buyers and sellers
together for a commission.
CERTIFICATE OF DEPOSIT (CD): A time deposit
with a specific maturity evidenced by a
certificate. Large -denomination CD's are typically
negotiable.
COLLATERAL: Securities, evidence of deposit or
other property which a borrower pledges to
secure repayment of a loan. Also refers to
securities pledged by a bank to secure deposits
of public monies.
COMMERCIAL PAPER: Short-term unsecured
promissory notes issued by a corporation to raise
working capital. These negotiable instruments
are purchased at a discount to par value or at par
value with interest bearing. Commercial paper is
issued by corporations' such as General Motors
Acceptance Corporation, IBM, Bank America, etc.
33
COMPREHENSI E ANNUAL FINANCIAL REPORT
(CAFR): The official annual report for the City of
La Quinta. It includes five combined statements
for each individual fund and account group
prepared in conformity with- GAAP. It also
includes supporting schedules necessary to
demonstrate compliance with finance -related
legal and contractual provisions, extensive
introductory material, and a detailed Statistical
Section.
COUPON: (a) he annual rate of interest that a
bond's issuer promises to pay the bondholder on
the bond's face value. (b) A certificate attached
to a bond evid ncing interest due on a payment
date. 7
DEALER: A dealer, as opposed to a broker, acts
as a principal in all transactions, buying and
selling for his own account.
DEBENTURE: A bond secured only by the general
credit of the is uer.
DELIVERY VERSUS PAYMENT: There are
two methods of delivery of securities: delivery
versus payment and delivery versus receipt.
Delivery versus payment is delivery of securities
with an exchange of money for the securities.
Delivery versus receipt is delivery of securities
with an exchange of a signed receipt for the
securities.
DERIVATIVES: (1) Financial instruments whose
return profile is linked to, or derived from, the
movement of ne or more underlying index or
security, and ay include a leveraging factor, or
(2) financial co tracts based upon notional
amounts whose value is derived from an
underlying index or security (interest rates,
foreign exchange rates, equities or commodities).
DISCOUNT: The difference between the cost
price of a security and its maturity when quoted
at lower than face value. A security selling 3.
below original offering price shortly after sale
also is considered to be at a discount.
DISCOUNT SECURITIES: Non -interest bearing
money market instruments that are issued a
discount and redeemed at maturity for full face
value, e.g., U.S. Treasury Bills.
DIVERSIFICATION: Dividing investment funds
among a variety of securities offering
independent returns.
FEDERAL CREDIT AGENCIES: Agencies of the
Federal government set up to supply credit to
various classes of institutions and individuals,
e.g., S&L's, small business firms, students,
farmers, farm cooperatives, and exporters.
1. FNMAs (Federal National Mortaaoe
Association) - Used to assist the home
mortgage market by purchasing mortgages
insured by the Federal Housing
Administration and the Farmers Home
Administration, as well as those guaranteed by
the Veterans Administration. They are issued in
various maturities and in minimum denominations
of $10,000. Principal and Interest is paid
monthly.
2. FHLBs (Federal Home Loan Bank Notes and
Bonds) - Issued by the Federal Home Loan
Bank System to help finance the housing
industry. The notes and bonds provide
liquidity and home mortgage credit to savings
and loan associations, mutual savings banks,
cooperative banks, insurance companies, and
mortgage -lending institutions. They are
issued irregularly for various maturities. The
minimum denomination is $5,000. The notes
34
4.
5.
A
are issued with maturities of less than one
year and interest is paid at maturity. The
bonds are issued with various maturities and
carry semi- nnual coupons. Interest is
calculated o a 360-day, 30-day month basis.
FLBs (Federal Land Bank Bonds) - Long-term
mortgage credit provided to farmers by Federal
Land Banks These bonds are issued at
irregular times for various maturities ranging
from a few months to ten years. The
minimum denomination is $1,000. They carry
semi-annual oupons. Interest is calculated on
a 360-day, 0 day month basis.
Debt
instruments used to finance the short and
intermediate term needs of farmers and the
national agricultural industry. They are issued
monthly with three- and six-month maturities.
The FFCB issues larger issues (one to ten year)
on a periodi basis. These issues are highly
liquid.
Debentures) -- Loans to lending institutions
used to finance the short-term and
intermediate needs of farmers, such as
seasonal production. They are usually issued
monthly in minimum denominations of $3,000
with a nine -month maturity. Interest is
payable at maturity and is calculated on a
360-day, 3 -day month basis.
Corporation) - a government sponsored entity
established in 1970 to provide a secondary
market for conventional home mortgages.
Mortgages are purchased solely from the
Federal Ho a Loan Bank System member
lending institutions whose deposits are insured
by agencies of the United States Government.
They are is ued for various maturities and in
minimum denominations of $10,000.
Principal and Interest is paid monthly.
Other federal agency issues are Small
Business Administration notes (SBAs),
Government National Mortgage Association
notes (GNMAs), Tennessee Valley Authority
notes (TVAs), and Student Loan Association
notes (SALLIE-MAEs).
FEDERAL DEPOSITOR INSURANCE
CORPORATION (FDIC): A federal agency that
insures bank deposits, currently up to $100,000
per deposit.
FEDERAL FUNDS RATE: The rate of interest at
which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through
open -market operations.
FEDERAL HOME LOAN BANKS (FHLB):
Government sponsored wholesale banks
(currently 12 regional banks) which lend funds
and provide correspondent banking services to
member commercial banks, thrift institutions,
credit unions and insurance companies. The
mission of the FHLBs is to liquefy the housing
related assets of its members who must purchase
stock in their district Bank.
FEDERAL OPEN MARKET COMMITTEE (FOMC):
Consists of seven members of the Federal
Reserve Board and five of the twelve Federal
Reserve Bank Presidents. The President of the
New York Federal Reserve Bank is a permanent
member, while the other Presidents serve on a
rotating basis. The Committee periodically meets
to set Federal Reserve guidelines regarding
purchases and sales of Government Securities in
the open market as a means of influencing the
volume of bank credit and money.
FEDERAL RESERVE SYSTEM: the central bank of
the United States created by Congress and
consisting of a seven member Board of
Governors in Washington, D.C., 12 regional
banks and about 5,700 commercial banks that
are members of the system.
35
GOVERNMENT
ASSOCIATION
influencing the
by GNMA and
commercial banl
and other institu-
by full faith anc
Ginnie Mae secu
or FMHM mortg;
often used to d(
NATIONAL MORTGAGE
3NMA or Ginnie Mae): Securities
,olume of bank credit guaranteed
issued by mortgage bankers,
.s, savings and loan associations,
:ions. Security holder is protected
credit of the U.S. Government.
rities are backed by the FHA, VA
ages. The term "passthroughs" is
scribe Ginnie Maes.
LAIF (Local Agency Investment Fund) - A special
fund in the State Treasury which local agencies
may use to deposit funds for investment. There
is no minimu investment period and the
minimum transaction is $5,000, in multiples of
$1,000 above that, with a maximum balance of
$30,000,000 f r any agency. The City is
restricted to a maximurn of ten transactions per
month. It offer3 high liquidity because deposits
can be convert d to cash in 24 hours and no
interest is lost. All interest is distributed to those
agencies participating on a proportionate share
basis determined by the amounts deposited and
the length of tinie they are deposited. Interest is
paid quarterly. The State retains an amount for
reasonable costs of making the investments, not
to exceed one quarter of one percent of the
earnings.
LIQUIDITY: A iquid asset is one that can be
converted easily and rapidly into cash without a
substantial loss of value. In the money market, a
security is said o be liquid if the spread between
bid and asked p ices is narrow and reasonable size
can be done at hose quotes.
LOCAL GOVE INMENT INVESTMENT POOL
(LGIP): The aggregate of all funds from political
subdivisions tha are placed in the custody of the
State Treasurer for investment and reinvestment.
MARKET VALUE: The price at which a security is
trading and could presumably be purchased or
sold.
MASTER REPURCHASE AGREEMENT: A written
contract covering all future transactions between
the parties to repurchase --reverse repurchase
agreements that establishes each party's rights in
the transactions. A master agreement will often
specify, among other things, the right of the
buyer -lender to liquidate the underlying securities
in the vent of default by the seller -borrower.
MATURITY: The date upon which the principal or
stated value of an investment becomes due and
payable
MONEY MARKET: The market in which short-
term debt instruments (bills, commercial paper,
banders' acceptances, etc.) are issued and
traded.
OFFER: The price asked by a seller of securities.
(When you are buying securities, you ask for an
offer.) See Asked and Bid.
OPEN MARKET OPERATIONS: Purchases and
sales of government and certain other securities
in ' the open market by the New York Federal
Reserve Bank as directed by the FOMC in order
to influence the volume of money and credit in
the economy. Purchases inject reserves into the
bank system and stimulate growth of money and
credit; sales have the opposite effect. Open
market operations are the Federal Reserve's most
important and most flexible monetary policy tool.
PORTFOLIO: Collection of all cash and securities
under the direction of the City Treasurer,
including Bond Proceeds.
PRIMARY DEALER: A group of government
securities dealers who submit daily reports of
market activity an depositions and monthly
financial statements to the Federal Reserve Bank
of New York and are subject to its informal
oversight. Primary dealers include Securities and
Exchange Commission (SEC) -registered securities
broker -dealers, banks and a few unregulated
firms.
36
QUALIFIED PUBLIC DEPOSITORIES: A financial
institution which does not claim exemption from
the payment of any sales or compensating use or
ad valorem taxes under the laws of this state,
which has seg egated for the benefit of the
commission eligi le collateral having a value of not
less than its maximum liability and which has been
approved by the Public Deposit Protection
Commission to hold public deposits.
RATE OF RETURN: The yield obtainable on a
security based o its purchase price or its current
market price. This may be the amortized yield to
maturity on a b nd the current income return.
REPURCHASE AGREEMENT (RP OR REPO): A
repurchase agre ment is a short-term investment
transaction. Banks buy temporarily idle funds
from a customer by selling U.S. Government or
other securities with a contractual agreement to
repurchase the same securities on a future date.
Repurchase agr ements are typically for one to
ten days in maturity. The customer receives
interest from th m. bank. The interest rate reflects
both the prevailing demand for Federal funds and
the maturity of the repo. Some banks will
execute repurchase agreements for a minimum of
$1001000 to $ 00,000, but most banks have a
minimum of $1, 00,000.
REVERSE REPURCHASE AGREEMENTS (RRP or
RevRepo) - A holder of securities sells these
securities to an investor with an agreement to
repurchase the at a fixed price on a fixed date.
The security "buyer" in effect lends the "seller"
money for the period of the agreement, and the
terms of the agreement are structured to
compensate him for this. Dealers use RRP
extensively to finance their positions. Exception:
When the Fed is said to be doing RRP, it is lending
money, that is, increasing bank reserves.
SAFEKEEPING: A service to customers rendered
by banks for a fee whereby securities and
valuables of all types and descriptions are held in
the bank's vaul s for protection.
SECONDARY MARKET: A market made for the
purchase and sale of outstanding issues following
the initial distribution.
SECURITIES & EXCHANGE COMMISSION:
Agency created by Congress to protect investors
in securities transactions by administering
securities legislation.
SEC RULE 15C3-1: See Uniform Net Capital Rule.
STRUCTURED NOTES: Notes issued by
Government Sponsored Enterprises (FHLB,
FNMAS, SLMA, etc.) And Corporations which
have imbedded options (e.g., call features, step-
up coupons, floating rate coupons, derivative -
based returns) into their debt structure, Their
market performance is impacted by the
fluctuation of interest rates, the volatility of the
imbedded options and shifts in the Shape of the
yield curve.
SURPLUS FUNDS: Section 53601 of the
California Government Code defines surplus
funds as any money not required for immediate
necessities of the local agency.
The City has defined immediate necessities to be
payment due within one week.
TREASURY BILLS: A non -interest bearing
discount security issued by the U.S. Treasury to
finance the national debt. Most bills are issued
to mature in three months, six months, or one
year.
TREASURY BONDS: Long-term coupon -bearing
U.S. Treasury securities issued as direct
obligations of the U.S. Government and having
initial maturities of more than 10 years.
TREASURY NOTES: Medium -term coupon -bearing
U.S. Treasury securities issued as direct
obligations of the U.S. Government and having
initial maturities from two to 10 years.
37
UNIFORM NET CAPITAL RULE: Securities and
Exchange Commission requirement that member
firms as well as nonmember broker -dealers in
securities mai ritain a maximum ratio of
indebtedness to liquid capital of 15 to 1; also
called net cap tal rule and net capital ratio.
Indebtedness c vers all money owed to a firm,
including marg n loans and commitments to
purchase securi ies, one reason new public issues
are spread among members of underwriting
syndicates. Liquid capital includes cash and
assets easily co verted into cash.
UNIFORM PRUDENT INVESTOR ACT: The State
of California has adopted this Act. The Act
contains the following sections: duty of care,
diversification, review of assets, costs,
compliance determinations, delegation of
investments, terms of prudent investor rule, and
application.
YIELD: The rate of annual income return on an
investment, expressed as a percentage. (a)
INCOME YIELD s obtained by dividing the current
dollar income by the current market price for the
security. (b) NET YIELD or YIELD TO MATURITY
is the current income yield minus any premium
above par of plus any discount from par in
purchase price, with the adjustment spread over
the period from the date of purchase to the date
of maturity oft a bond.
INVESTMENT ADVISORY BOARD
Meeting Date: April 12, 2000
TITLE:
Month End Cash Report - March 2000
BACKGROUND:
Corr spondence & Written
Mat rial Item A
This cash report is not a complete Treasury Report (exc
compensation and fiscal agent balances, ) but would rel
selected cash balances. This report also includes other
for the Board to review.
RECOMMENDATION:
Information item only.
M. Falconer, Finance Director
ude petty cash, deferred
)ort in a timely fashion
statistical investment data
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002
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Federal. Reserve Release
Commercial Paper
Release I About I Outs'tandings I Historical discount rates I Historical outsjtan�
Data as of April 4, 2000
Commercial Paper Rates and Outstandin s
Derived from data supplied by The Depository Trust Company
Posted April 5, 2000
Discount rates
AA AA A2/P2
financial nonfinancial nonfinancial
r
............
5.99 5.98 6.09
a
6.17
6.02 6.00ME
IN
6.03 6.00 6.20
gay 6.03 6.02 6.21
11'"'"6
0505 ( 6.05 6.23
6.10
6.11
6.29
Yield curve
Money market basis
1 7 15 30 SD
Gays to �Matu rR3r
Volume
statistics
2000: 1
Percent
it -A
Fineneiol --� —Nonfinancial ••••• A2/P2
Discount rate spread
Thirty -day A2/P2 less AA nonfinancial commercial paper (daily)
01 MAAY98 09AU Gg8 17N OV98 25FE Bg9 05J U N99 13SEP99 220
— — — A2/P2 spread, 5—day moving eve loge
Basis points
6.3
6.30
6.25
6.20
6.15
6.10
6.05
6.00
5.9 5
110
100
90
80
70
£0
50
40
30
20
10
31 MMAROO 09L1 u l00
.003
1 of 3
04/05/2000 2:22 PM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Relea.ses/CP/
Discount rate history
Thirty -day commercial paper (daily)
1
i
fL1
-AM ��1
01 MAY98 09AUG98 17 NOV98 25FES99 05J U N 9g 13SE P99 22❑ EC9
_ Finaneinl — — — Nonfinaneial ••••• A2/P2
Percent
t 8
7
5
r4
31 MARoo 09J u LO0
Outstandings
Weekly (Wednesday), seasonally adjusted
Billions of dollars Billions of dollars
1200 310
300
290
1100
„ 280
270
1000 2 EC
2.50
24D
9r�0 230
220
WO 210
01 MAY98 ODAUG98 17N OV9B 25 FES99 05J U N99 13SE P9g 22❑ EC99 31 MAROO
_ �naneial --- Nanfinanagl
The daily commercial paper release will usually be available before 1 1:C Oam EST. However, the
Federal Reserve makes no guarantee regarding the timing of the daily c mmercial paper release.
When the Federal Reserve is closed on a business day, yields for the pre ious business day will
appear in the historical discount rates table. This policy is subject to ch ge at any time without
notice.
004
2 of 3 04/05/2000 2:22 PM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Commercial paper outstanding
Commercial paper outstanding, miscellaneous categories
Release I About f Outstandings I Historical discount rates l Hi
Home I Statistical releases
To comment on this site, please fill out our feedback form.
Last update: April 5, 2000
0 05.
3 of 3 04/05/2000 2:22 PM
FRB: H.15--Selected Interested Rates, Web -Only Daily Update --April 5, 2000
http://www.federalreserve.gov/Releases/H 15/update/
Federal Reserve Statistical Release
itielected Interest Rates
Release Date: April S, 2000
H.15: Release I Release dates I About I ASCII I Historical data I Daily u
H.15 Daily Update
The weekly release is posted on Monday. Daily updates of the weekly re ease are posted
Tuesday through Friday on this site.
H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate releas
SELECTED INTEREST RATES April 5, 2000
Yields in percent per annum
Mon Tue
Apr 3 Apr 4
Instruments
SELECTED INTEREST RATES
Federal funds (effective) 1 2 3
6.15
5.98
Commercial paper 3 4 5 6
Nonfinancial
1-month
6.04
6.02
2-month
6.06
6.05
3-month
6.10
6.11
Financial
1-month
6.03
6.03
2-month
6.11
6.05
3-month
6.13
6.10
Bankers acceptances (top rated) 3 4 7
3-month
6.16
6.18
6-month
6.33
6.33
CDs (secondary market)
1-month
6.09
6.08
3-month
6.23
6.24
6-month
6.49
6.49
Eurodollar deposits (London) 3 9
1-month
6.06
6.06
3-month
6.22
6.22
6-month
6.47
6.47
Bank prime loan 2 3 10
9.00
9.00
Discount window borrowing 2 11
5.50
5.50
U.S. Government securities
Treasury bills
Auction high 3 4 12
3-month
5.71
009
1 of 3
04/05/2000 2:23 PM
FRB: H.15--Selected Interested Rates, Web -Only Daily Update --April 5, 2000
http://www.federalreserve.gov/Releases/H15/update/
6-month
5.90
1-year
Secondary market 3 4
3-month
5.69
5.67
6-month
5.88
5.84
1-year
5.88
5.80
Treasury constant maturities
3-month
5.87
5.83
6-month
6.18
6.10
1-year
6.23
6.14
2-year
6.45
6.35
3-year
6.41
6.29
5-year
6.30
6.16
7-year
6.25
6.15
10-year
6.00
5.90
20-year
6.19
6.12
30-year
5.84
5.77
Composite
Over 10 years (long-term) 14 6.13 6.06
Corporate bonds
Moody's seasoned
Aaa 7.57 7.55
Baa 8.30 8.28
State & local bonds 15
Conventional mortgages 16
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
2 of 3
FOOTNOTES
The daily effective federal funds rate is a weighted average of rates
on trades through N.Y. brokers.
Weekly figures are averages of 7 calendar days ending on Wednesday of
the current week; monthly figures include each calendar day in the
month.
Annualized using a 360-day year or bank interest.
On a discount basis.
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.
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.
Representative closing yields for acceptances of the highest rated
money center banks. Source: Telerate, Inc.
An average of dealer offering rates on nationally traded certificates
of deposit.
Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
Rate posted by a majority of top 25 (by assets in domestic offices)
insured U.S.-chartered commercial banks. Prime is ore of several base
rates used by banks to price short-term business loa s.
Rate for the Federal Reserve Bank of New York.
Auction date for daily data; weekly and monthly averages computed
on an issue -date basis. Data are stop yields from u iform-price
auctions, rounded to two decimal places. (The U.S. Ireasury
publishes stop yields to three decimal places at
http://www.publicdebt.treas.gov).
Yields on actively traded issues adjusted to constan maturities.
Source: U.S. Treasury.
00
04/05/2000 2:23 PM
FRB: H.15--Selected Interested Rates, Web -Only Daily Update --April 5, 2000
http://www.federalreserve.gov/Releases/H 15/update/
14. Unweighted average of rates on all outstanding bonds
callable in less than 10 years.
15. Bond Buyer Index, general obligation, 20 years to ma
quality; Thursday quotations.
16. Contract interest rates on commitments for fixed -rat
Source: FHLMC.
DESCRIPTION OF THE TREASURY CONSTANT MATURITY
ither due nor
ity, mixed
first mortgages.
RIES
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 Reser-ve Bank of New
York. The constant maturity yield values are read frou 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 1C 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 up
Hoene I Statistical releases
To comment on this site, please fill out our feedback form.
Last update: April 5, 2000
n(-1$
3 of 3 04/05/2000 2:23 PM
LAIF Performance Report, Philip Angelides http://www.treasurer.ca.gov/Stolperf.htm
Philip Angelides, StAte Treasurer
Inside the State Treasur0's Office
Local Agency Investment Fund
LAIF Performance
Reporting Date:
03/29/00
Effective Date:
03/28/00
Quarter Yield:
5.81%
Daily:
5.89%
Year:
5.51%
Life:
186
Quarter Ending 12/31/99
Apportionment Rate:
5.49%
Earnings Ratio:
.000150057
Fair Value Factor:
.997869313
Monthly Average For February:
5.824%
n n.9
I of 04/05/2000 2:23 PM
LAIF Performance Report, Philip Angelides
http://www.treasurer.ca.gov/Stolperfhtm
Corporate
Bc
7.1
Commercial
Paper
2.68%
Pooled Money Investment Ac aunt
Portfolio Composition
$34.8 Billion
2129I00
Reverses
Loans-0.74°Io Treasuries
C D's/B N's
21.6%
1. Deposits
8.66%
Mortgages
6.04%
Agencies
24.85%
■Treasuries
❑ Time Deposits
■ Mortgages
isAgencies
■ C D's/B N's
■ Commercial Paper
■ Corporate Bonds
El Loans
■ Reverses
ni it
2 of 2 04/05/2000 2:23 PM
INVESTMENT ADVISORY BOARD
Meeting Date:
April 12, 2000
Pooled Money Investment Board Report
for January 2000
Correspondence & Written
Material Item B
The Pooled Money Investment Board Report for January, 000 is included in the
agenda packet.
Receive & File
/ —izc'zl-�
n M. Falconer, rinance Director
STATE OF CALIFORNI
STATE TREASURER'S OF ICE
POOLED MONEY INVESTMENT BOARD REPORT
JANUARY 2000
TABLE OF CONTENTS
SUMMARY .............................................. .
SELECTED INVESTMENT DATA .................
1 ........................... 1
............................2
PORTFOLIO COMPOSITION ...................... ............................3
INVESTMENT TRANSACTIONS..............................................4
TIME DEPOSITS ....................................... J..........................15
DEMAND BANK DEPOSITS ........................ ..........................23
POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 24
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF JANUARY 2000 WITH JANUARY 1999
(DOLLARS IN THOUSANDS)
JANUARY 2000> Ji4NUARY 1999 CtiAA1G�
Average Daily Portfolio
$ 35,750,385 $
35,563,802
$ +186,583
Accrued Earnings
$ 174,413 $
159,024
$ +15,389
Effective Yield
5.760
5.265
+.495
Average Life -Month End (In Days) 193 184 +9 1
Total Security Transactions
Amount
$
15,348,246
$
14,656,462
$
+691,784
Number
341
328
+13
Total Time Deposit Transactions
Amount
$
1,420,990
$
10358,290
$
+62,700
Number
112
88
+24
Average Workday Investment Activity
$
838,462
$
842,882
$
-4,420
Prescribed Demand Account Balances
For Services
$
196,125
$
189,020
$
+7,105
For Uncollected Funds
$
259,082
$
201,336
$
+57,746
1
r
PHILIP ANGELIDES
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVES MENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENTACCOUNT PORTFOLIO
(000 OMITTED)
JANUAR
31, 2000
PERCENTAGE
CHANGE FROM
TYPE OF SECURITY
AMOUNT
PERCENT
PRIOR MONTH
Government
Bills
$ 1,557,466
4.27
+0.19
Bonds
0
0.00
0
Notes
2,347,990
6.44
-0.45
Strips
0
0.00
0
Total Government
$ 3,905,456
10.71
-0.45
Federal Agency Coupons
$ 3,888,365
10.67
+.01
Certificates of Deposit
5,329,063
14.62
+1.38
Bank Notes
2,290,011
6.28
+.66
Bankers' Acceptances
0
0.00
0.00
Repurchases
0
0.00
0.00
Federal Agency Discount Notes
4,692,542
12.87
-.17
Time Deposits
2,918,395
8.01
-.21
GNMAs
1,471
0.00
0.00
Commercial Paper
9,366,851
25.70
-.06
FHLMC
13,859
0.04
0
Corporate Bonds
2,540,633
6.97
0
Pooled Loans
2,097,002
5.75
-1.10
GF Loans
0
0.00
0
Reversed Repurchases
589,969
-1.62
+.25
Total (All Types)
$ 36,453,679
100.00
INVESTMENT ACTIVITY
JANUARY 2000
DECEMBER 1999
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
341
$15,348,246
464
$ 20,822,046
Other
1
1,146
32
27,568
Time Deposits
112
1,420,990
60
460,595
Totals
454
$16,770,382
556
$ 21,310,209
PMIA Monthly Average Effective Yield
5.760
5.639
Year to Date Yield Last Day of Month
5.422
5.359
2
Pooled Money Investment Account
Portfolio Composition
$36.4 Billion
Reverses
Loans _1.62% Treasuries
CnrnnratP 5.75% i n 7 l o/
E
Commercial
Paper
25.7%
CD's/BN's
20.9%
Deposits
.01 %
Mortgages
0.04%
►gencies
23.54%
1 /31 /00
B Treasuries
B Time Deposits
■ Mortgages
Agencies
B CD's/BN's
0 Bankers Acceptances
■ Repo
Commercial Paper
® Corporate Bonds
❑ Loans
® Reverses
3
01 /03100 NO SALES
NO PURCHASES
01/04/00 NO SALES
PURCHASES
CD
CIBC
6.090%
07/27/00
6.090
50,
CD
CIBC
6.090%
07/27/00
6.090
50,
CD
Bayer Ver
6.070%
07/27/00
6.065
50,
CD
Bayer Ver
6.070%
07/27/00
6.065
50,
CP
U/B Calif
06/02/00
5.850
50,
CP
U/B Calif
06/02/00
5.850
50,
CP
U/B Calif
06/09/00
5.850
50,
Disc Notes
FHLB
12/01/00
5.865
50,
Disc Notes
FFCC
12/15/00
5.860
15,
Disc Notes
FHLB
12/29/00
5.840
50,
Disc Notes
FHLB
12/29/00
5.840
50,
Treas
Bills
12/07/00
5.685
50,
Treas
Bills
12/07/00
5.685
50,
01/05/00 REDEMPTIONS
BN Fst Chic . 4.950% 01/05/00 4.950 33,
PURCHASES
BN
B/A
6.050%
07/27/00
6.050
50,C
BN
B/A
6.050%
07/27/00
6.050
50,C
CD
WestDeut
6.000%
06/30/00
6.000
25,C
CD
UBS
6.010%
06/30/00
6.000
50,C
CD
UBS
6.010%
06/30/00
6.000
50,C
CD
CIBC
6.010%
06/30/00
6.000
50,C
CD
CIBC
6.010%
06/30/00
6.000
50,C
CD
Toronto
6.030%
06/30/00
6.020
50,C
CD
Toronto
6.030%
06/30/00
6.020
50,C
CD
Soc Gen
6.110%
07/27/00
6.105
50,C
CD
Soc Gen
6.110%
07/27/00
6.105
50,C
CP
U/B Calif
05/10/00
5.840
50,C
CID
B/A
06/01 /00
5.900
50,C
CP
B/A
06/01 /00
5.900
50,C
Disc Notes
FHLMC
07/06/00
5.800
50,C
Disc Notes
FHLMC
07/06/00
5.800
50,C
Disc Notes
FHLMC
07/06/00
5.800
50,C
Disc Notes
FNMA
12/28/00
5.830
50,C
Disc Notes
FHLB
12/29/00
5.840
10,C
Disc Notes
FHLMC
12/29/00
5.830
45,(
Disc Notes
FHLMC
12/29/00
5.830
50.0
366 1,660,725.00 5.018
4
01/06/00 REDEMPTIONS
CD
Bayer Lnds
CD
Bayer Lnds
Disc Notes
FHLMC
Disc Notes.
FHLMC
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
RRP
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
PURCHASES
BN
Banc One
BN
Banc One
CD
BNParis
CD
BNParis
CP
Amer Exp
CP
Amer Exp
CP
B/A
CP
B/A
Disc Notes
FFCB
FHLMC
01/07/00 REDEMPTIOINS
CD
B/A
CP
FMCC
CP
FMCC
CP
FMCC
CP
FMCC
CP
FMCC
PURCHASES
BN
Banc One
BN
Banc One
BN
Banc One
CD
BNParis
CP
Household
CP
Household
CP
Assoc
CP
Assoc
CP
FMCC
6.260% 01 /06/00
6.250
20,000
36
6.260% 01 /06/00
6.250
50,000
36
01 /06/00
5.350
50,000
48
01 /06/00
5.350
50,000
48
01 /06/00
4.272
50,000
345
01 /06/00
4.272
50,000
345
01 /06/00
4.333
20,000
363
01 /06/00
4.333
50,000
363
01 /06/00
4.820
20,000
36
01 /06/00
4.820
50,000
36
01 /06/00
4.785
50,000
48
01 /06/00
4.785
50,000
48
6.100%
07/27/00
6.100
50,000
6.100%
07/27/00
6.100
50,000
6.090%
07/27/00
6.080
45,000
6.090%
07/27/00
6.080
50,000
01 /28/00
5.480
50,000
01 /28/00
5.480
50,000
06/02/00
5.890
50,000
06/02/00
5.890
50,000
01 /05/01
5.860
50,000
6.350%
01 /05/01
6.360
50,000
125,001.24
6.336
312,503.10
6.336
356,666.67
5.463
356,666.67
5.463
2,047,239.58
4.516
2,047,239.58
4.516
873,972.92
4.594
2,184,932.29
4.594
(95,937.28)
-4.886
(239,843.20)
-4.886
(316,977.78)
-4.851
(316,977.78)
-4.851
4.990% 01 /07/00
5.020
50,000
365
2,544,124.54
5.089
01 /07/00
6.650
50,000
11
101,597.22
6.756
01 /07/00
6.650
50,000
11
101,597.22
6.756
01 /07/00
6.520
50,000
16
144,888.89
6.629
01 /07/00
6.460
50,000
17
152,527.78
6.569
01 /07/00
6.460
50,000
17
152,527.78
6.569
6.120%
07/31 /00
6.120
50,000
6.120%
07/31 /00
6.120
50,000
5.930%
10/02/00
6.300
50,000
6.090%
07/27/00
6.009
50,000
01/10/00
5.470
50,000
01 /10/00
5.470
50,000
01 /10/00
5.480
50,000
01 /10/00
5.480
50,000
03/29/00
5.640
30,000
5
4+ 1"^ s wwV 1 r rem. ,r van s
01/07/00 PURCHASES (continued)
CP
FMCC
03/29/00
5.640
50,C
00
Disc Notes
FFCC
01/02/01
5.900
48,C
00
01/10/00 REDEMPTIONS
CD
Nova Scot
6.250%
01/10/00
6.250
50,C
00
33
286,458.33
6.336
CD
Nova Scot
6.250%
01/10/00
6.250
50,C
00
33
286,458.33
6.336
CD
Svenska
6.120%
01/10/00
6.120
50,C
00
70
595,000.00
6.204
CD
Deutsche
6.050%
01/10/00
6.050
1 5,C
00
87
219,312.50
6.134
CD
Deutsche
6.050%
01/10/00
6.050
50,C
00
87
731,041.67
6.134
CD
ANZ
5.950%
01/10/00
5.920
50,(00
103
846,960.37
6.002
CD
ANZ
5.950%
01/10/00
5.920
50,C
00
103
846,960.37
6.002
CP
Assoc
01/10/00
5.480
50,C
00
3
22,833.33
5.558
CP
Assoc
01/10/00
5.480
50,C
00
3
22,833.33
5.558
CP
Household
01/10/00
5.470
50,C
00
3
22,791.67
5.548
CP
Household
01/10/00
5.470
50,(00
3
22,791.67
5.548
CP
Heller
01/10/00
6.700
25,C
00
14
65,138.89
6.810
CP
FMCC
01/10/00
6.510
50,C
00
19
171,791.67
6.623
CP
FMCC
01/10/00
6.510
50,C
00
19
171,791.67
6.623
CP
Armstrong
01/10/00
6.900
15,(00
21
60,375.00
7.024
CP
Household
01/10/00
6.020
50,C
00
73
610,361.11
6.179
CP
Household
01/10/00
6.020
50,C
00
73
610,361.11
6.179
CP
Morg Stan
01/10/00
6.100
50,C
00
73
618,472.22
6.262
CP
Morg Stan
01/10/00
6.100
50,(00
73
618,472.22
6.262
CP
Morg Stan
01/10/00
6.100
5,C
00
81
68,625.00
6.270
CP
Morg Stan
01/10/00
6.100
50,C
00
81
686,250.00
6.270
CP
Hertz
01/10/00
5.750
40,C
00
116
741,111.11
5.939
PURCHASES
BN
Banc One
6.120%
07/31 /00
6.120
50,C
00
BN
Banc One
6.120%.
07/31/00
6.120
50,C
00
CD
Nova Scot
6.050%
07/27/00
6.050
50,C
00
CD
Nova Scot
6.050%
07/27/00
6.050
50,C
00
CD
Deutsche
6.060%
07/27/00
6.050
50,C
00
CD
Deutsche
6.060%
07/27/00
6.050
50,C
00
CP
Amer Exp
01/18/00
5.530
50,C
00
CP
FMCC
01 /27/00
5.540
50,C
00
PURCHASES r/
Treas
Bills
01 /27/00
5.750
5,
39
Treas
Bills
01 /27/00
5.750
50,(00
Treas
Bills
01/27/00
5.750
50,(00
Treas
Bills
03/09/00
5.750
50,
00
Treas
Bills
03/09/00
5.750
50,
00
1.1
'POOLED M s, NEY INVE TMENT ACCOUNT
sV
al MATURITY TRANS PAR DAYS AMOUNT EFFECTIVE
HELD
01/11/00 REDEMPTIONS
CP
Amer Exp
CP
ConAgra
CP
Text Fin
SALES sl
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
Treas
Bills
PURCHASES
Disc Notes
FFCC
Disc Notes
FFCC
Disc Notes
FHLB
Disc Notes
FHLB
MTN FR
JP Morg
MTN FR
JP Morg
01/12/00 RRS
Treas
Notes
REDEMPTIONS
CD
Montreal
CP
GECC
CP
GECC
CP
Amer Exp
CP
Country
CP
ConAgra
CP
ConAgra
CP
Morg Stan
PURCHASES U/
CD ABN Amro
PURCHASES
CP
GMAC
CP
GMAC
CP
ConAgra
CP
GMAC
CP
GMAC
CP
B/A
CP
B/A
01 /11 /00
6.250
50,000
14
121,527.78
6.352
01 /11 /00
6.800
40,000
22
166,222.22
6.923
01 /11 /00
6.370
50,000
28
247,722.22
6.490
01 /27/00
5.750
5,239
1
817.78
5.829
01 /27/00
5.750
50,000
1
7,805.15
5.829
01 /27/00
5.750
50,000
1
7,805.15
5.829
03/09/00
5.750
50,000
1
7,758.19
5.829
03/09/00
5.750
50,000
1
7,758.19
5.829
01/02/01
5.910
49,000
01 /02/01
5.910
50,000
01 /05/01
5.900
50,000
01 /05/01
5.900
50,000
6.110% 01 /11 /02
6.110
50,000
6.110% 01111 /02
6.110
50,000
5.500% 03/31 /00 5.350 50,000
6.250% 01/12/00
6.250
50,000
35
303,819.44
6.336
01/12/00
6.500
50,000
21
189,583.33
6.615
01/12/00
6.500
50,000
21
189,583.33
6.615
01/12/00
6.450
50,000
22
197,083.33
6.565
01/12/00
6.450
50,000
23
206,041.67
6.566
01/12/00
6.660
20,000
28
103,600.00
6.787
01/12/00
6.540
20,000
30
109,000.00
6.667
01/12/00
6.100
50,000
82
694,722.22
6.271
5.870% 03/31 /00 5.860 50,000
01 /13/00
5.540
50,000
01/13/00
5.540
50,000
02/29/00
5.770
18,100
05/10/00
5.810
50,000
05/10/00
5.810
50,000
06/01 /00
5.900
25,000
06/01 /00
5.900
50,000
7
'' It
01/12/00 PURCHASES (continued)
MTN FIR B/A 6.070% 07/11/01 6.026 25,0(0
01/13/00 REDEMPTIONS
BN
B/A
6.450%
01/13/00
6.450
50,0(0
21
188,125.00
6.539
BN
B/A
6.450%
01/13/00
6.450
50,0(0
21
188,125.00
6.539
BN
B/A
6.450%
01/13/00
6.450
50,0(0
21
188,125.00
6.539
BN
B/A
6.450%
01/13/00
6.450
50,0
0
21
188,125.00
6.539
CD
Montreal
6.280%
01/13/00
6.280
50,000
41
357,611.11
6.367
CD
Montreal
6.280%
01/13/00
6.280
50,000
41
357,611.11
6.367
CP
GMAC
01/13/00
5.540
50,000
1
7,694.44
5.617
CP
GMAC
01/13/00
5.540
50,000
1
7,694.44
5.617
CP
Bear
01/13/00
6.520
5,000
21
19,016.67
6.635
CP
Bear
01/13/00
6.520
50,0)0
21
190,166.67
6.635
CP
ConAgra
01/13/00
7.000
15,0)0
22
64,166.67
7.127
CP
Salomon
01/13/00
6.420
50,0)0
28
249,666.67
6.541
CP
Salomon
01/13/00
6.420
50,0)0
28
249,666.67
6.541
CP
ConAgra
01/13/00
6.620
30,0)0
30
165,500.00
6.749
CP
Enron
01/13/00
6.300
48,5)0
35
297,062.50
6.426
PURCHASES
BN
B/A
6.110%
07/27/00
6.110
50,
BN
B/A
6.110%
07/27/00
6.110
50,
BN
Banc One
6.150%
07/31 /00
6.150
50,
BN
Banc One
6.150%
07/31/00
6.150
50,
CP
ConAgra
01 /1-8/00
5.620
20,
CP
Amer Exp.
02/29/00
5.650
40,
CP
Amer Exp
02/29/00
5.650
50,
CP
GECC
06/30/00
5.820
50,
CP
GECC
06/30/00
5.820
50.
01/14/00 REDEMPTIONS
CP
GMAC
CP
GMAC
CP
GMAC
CP
Enron
CP
Enron
PURCHASES
01/14/00
6.260
50,0)0
31
269,527.78
6.381
01/14/00
6.260
50,0)0
31
269,527.78
6.381
01/14/00
6.260
50,0)0
31
269,527.78
6.381
01/14/00
6.430
25,0
0
32
142,888.89
6.556
01/14/00
6.430
50,0
0
32
285,777.78
6.556
CP
Household
01 /18/00
5.420
50,
CP
Household
01 /18/00
5.420
50,
CP
Household
01 /18/00
5.420
50,
CP
Bear
01 /18/00
5.920
50,
CP
Bear
01 /18/00
5.920
50,
FNMA
6.625% 01/15/02
6.705
50,
EFFECTIVE
01/18/00 REDEMPTIONS
CID
Household
01/18/00
5.420
50,000
4
30,111.11
5.498
CID
Household
01/18/00
5.420
50,000
4
30,111.11
5.498
CID
Household
01/18/00
5.420
50,000
4
30,111.11
5.498
CID
ConAgra
01/18/00
5.620
20,000
5
15,611.11
5.702
CID
Amer Exp
01/18/00
5.530
50,000
8
61,444.44
5.613
CID
Salomon
01/18/00
6.550
44,700
27
219,588.75
6.673
PURCHASES
CD
Nova Scot
6.000%
06/30/00
6.000
20,000
CD
Banc One
6.120%
07/27/00
6.120
50,000
CD
Banc One
6.120%
07/27/00
6.120
50,000
CID
GMAC
01/19/00
5.820
50,000
CID
GMAC
01/19/00
5.820
50,000
CID
B/A
06/08/00
5.910
30,000
Disc Notes
FHLB
01/12/01
5.950
50,000
01/19/00 REDEMPTIONS
CP
GMAC
01/19/00
5.820
50,000
1
8,083.33
5.901
CID
GMAC
01/19/00
5.820
50,000
1
8,083.33
5.901
PURCHASES
CID
Household
02/01/00
5.520
50,000
CP
Household
02/02/00
5.520
50,000
CID
Household
02/02/00
5.520
50,000
CP
FMCC
02/02/00
5.500
20,000
Disc Notes
FHLB
01/12/01
5.940
33,000
Disc Notes
FHLB
01/12/01
5.940
50,000
01/20/00 REDEMPTIONS
CID
Morg Stan
01/20/00
6.350
50,000
36
317,500.00
6.479
CID
Morg Stan
01/20/00
6.350
50,000
36
317,500.00
6.479
Disc Notes
FHLMC
01/20/00
5.200
42,918
206
1,277,048.93
5.433
Disc Notes
FHLMC
01/20/00
5.200
50,000
206
1,487,777.78
5.433
PURCHASES
CD
US Bank
6.100%
07/27/00
6.100
50,000
CD
US Bank
6.100%
07/27/00
6.100
50,000
CID
Amer Exp
02/01/00
5.470
10,000
CID
Amer Exp
02/01/00
5.470
50,000
CID
Amer Exp
02/02/00
5.470
50,000
CID
Amer Exp
02/02/00
5.470
50,000
Disc Notes
FNMA
01/12/01
5.940
50,000
Disc Notes
FNMA
01/12/01
5.940
50,000
MTN FR
Chase
6.422%
01 /25/02
6.969
47,500
E
PO SED-.,MOINEY,IN `'ESTMENT ACCOUNT
/
a/
MA i`UIG rrY
TRANS
PAR
MAYS
DAIE
)OMA,
01/20/00
PURCHASES (continued)
FNMA
5.625%
03/15/01
6.480
30,000
01/21/00
RRS
Treas Notes
5.500%
02/29/00
5.340
50,000
Treas Notes
5.500%
02/29/00
5.340
50,000
REDEMPTIONS
CP Morg Stan
01/21/00
6.350
50,
00
36
317,500.00 6.479
CP FMCC
01/21/00
6.260
5000
38
330,388.89 6.389
CP FMCC
01/21/00
6.260
50,)00
38
330,388.89 6.389
Disc Notes FHLB
01/21/00
4.700
50,000
276
1,801,66.67 4.943
PURCHASES g/
CD Barclays
5.700%
02/29/00
5.700
50,)00
CD Barclays
5.700%
02/29/00
5.700
50,)00
PURCHASES
CB B/A
9.500%
04/01 /01
6.830
13,
rOO
CD Montreal
5.500%
02/02/00
5.500
35,)00
CD Montreal
5.740%
02/29/00
5.740
50,)00
CP Household
02/01/00
5.450
50,)00
CP Household
02/02/00
5.450
50,)00
CP W/F
02/02/00
5.500
50,)00
CP OF
02/02/00
5.500
50,)00
CP FMCC
02/29/00
5.640
50,)00
CP FMCC
02/29/00
5.640
50,)00
CP U/B Calif
06/01/00
5.880
20,)00
CP GMAC
06/01/00
5.850
50,)00
CP GMAC
06/01/00
5.850
50,)00
Disc Notes FFCC
01 /19/01
5.930
50,)00
Treas Bills
01 /04/01
5.762
50,)00
Treas Bills
01 /04/01
5.762
50,)00
01/24/00
REDEMPTIONS
CP SRAC
01/24/00
6.450
50,)00
35
313,541.67 6.580
CP Heller
01/24/00
6.750
50,)00
35
328,125.00 6.888
CP Salomon
01/24/00
6.250
25,)00
41
177,951.39 6.382
PURCHASES
CD Mellon
6.050%
07/27/00
6.050
35,)00
CD Mellon
6.050%
07/27/00
6.050
50,)00
CP GECC
02/01/00
5.520
50,)00
CP Amer Exp
02/02/00
5.550
50,
00
10
01/24/00 PURCHASES (continued)
CP
Amer Exp
02/02/00
5.550
Disc Notes
FFCC
01 /02/01
5.940
Treas
Bills
01 /04/01
5.750
Treas
Bills
01 /04/01
5.750
Treas
Bills
01 /04/01
5.750
01/25/00 REDEMPTIONS
Disc Notes
FNMA
01/25/00
4.570
Disc Notes
FNMA
01/25/00
4.570
Disc Notes
FNMA
01/25/00
4.570
PURCHASES
CP
GECC
01/26/00
5.400
CP
GFCC
01/26/00
5.400
CP
GMAC
04/03/00
5.720
CP
GMAC
04/03/00
5.720
CP
Morg Stan
04/03/00
5.740
CP
Morg Stan
04/03/00
5.740
MTN FR
JP Morgan
6.120%
01/25/02
6.120
01/26/00 REDEMPTIONS
CP
GECC
01/26/00
5.400
CP
GECC
01/26/00
5.400
PURCHASES
BN
Banc One
6.130%
07/27/00
6.130
BN
Banc One
6.130%
07/27/00
6.130
CD
Banc One
6.050%
06/30/00
6.050
CD
Banc One
6.050%
06/30/00
6.050
CP
GECC
01/27/00
5.430
CP
GECC
01/27/00
5.430
CP
GECC
01/27/00
5.430
CP
GECC
01/27/00
5.430
CP
Morg Stan
02/29/00
5.670
CP
Morg Stan
02/29/00
5.670
01/27/00 RRS
50,000
25,000
50,000
50,000
50,000
35,000 358 1,590,613.89 4.854
50,000 358 2,272,305.56 4.854
50,000 358 2,272,305.56 4.854
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000 1 7,500.00 5.475
50,000 1 7,500.00 5.475
35,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
Treas Bills
. 02/03/00
5.150
40,000
Treas Bills
02/03/00
5.150
50,000
REDEMPTIONS
BN B/A
5.860% 01/27/00
5.860
50,000 129 1,049,916.67 5.941
BN B/A
5.860% 01/27/00
5.860
50,000 129 .1,049,916.67 5.941
11
01/27/00 REDEMPTIONS (continued)
CD
Dresdner
5.850%
01/27/00
5.845
50,00
121
982,300.91
5.926
CD
Dresdner
5.850%
01/27/00
5.845
50,00
121
982,300.91
5.926
CD
Dresdner
5.850%
01/27/00
5.845
50,00
126
1,022,892.54
5.926
CD
Dresdner
5.850%
01/27/00
5.845
50,00
126
1,022,892.54
5.926
CD
BkBoston
5.910%
01/27/00
5.910
50,00
126
1,034,250.00
5.992
CD
Dresdner
5.850%
01/27/00
5.845
20,00
127
412,404.35
5.926
CD
Dresdner
5.850%
01/27/00
5.845
50,00
127
1,031,010.87
5.926
CD
Nova Scot
5.840%
01/27/00
5.840
25,00
129
523,166.67
5.921
CD
Nova Scot
5.840%
01/27/00
5.840
50,00
129
1,046,333.33
5.921
CD
Bayer Lnds
5.860%
01/27/00
5.850
50,00
129
1,048,161.79
5.931
CD
Bayer Lnds
5.860%
01/27/00
5.850
50,00
129
1,048,161.79
5.931
CD
U/B Calif
5.910%
01/27/00
5.910
50,00
129
1,058,875.00
5.992
CD
U/B Calif
5.910%
01/27/00
5.910
50,00
129
1,058,875.00
5.992
CP
GECC
01/27/00
5.430
50,00
1
7,541.67
5.506
CP
GECC
01/27/00
5.430
50,00
1
7,541.67
5.506
CP
GECC
01/27/00
5.430
50,00
1
7,541.67
5.506
CP
GECC
01/27/00
5.430
50,00
1
7,541.67
5.506
CP ,
FMCC
01/27/00
5.540
50,00
17
130,805.56
5.631
CP
Country
01/27/00
6.470
24,55
37
163,250.68
6.603
CP
Salomon
01/27/00
6.000
25,00
52
216,666.67
6.136
CP
Salomon
01/27/00
6.000
25,00
52
216,666.67
6.136
CP
GECC
01/27/00
6.000
20,00
101
336,666.67
6.187
CP
ConAgra
01/27/00
6.040
30,00
129
649,300.00
6.259
CP
SRAC
01/27/00
5.820
50,00
129
1,042,750.00
6.026
CP
Bear
01/27/00
5.840
50,00
133
1,078,777.78
6.051
CP
Bear
01/27/00
5.840
50,00
133
1,078,777.78
6.051
Disc Notes
FHLB
01/27/00
4.580
19,00
360
870,200.00
4.866
Disc Notes
FHLB
01/27/00
4.580
50,00
360
2,290,000.00
4.866
Disc Notes
FHLMC
01/27/00
5.145
25,00
217
775,322.92
5.383
Disc Notes
FHLMC
01/27/00
5.140
20,00
218
622,511.11
5.378
Disc Notes
FHLMC
01/27/00
5.140
50,00
218
1,556,277.78
5.378
Disc Notes
FHLMC
01/27/00
5.140
50,00
218
1,556,277.78
5.378
Disc Notes
FHLMC
01/27/00
5.140
50,00
218
1,556,277.78
5.378
Disc Notes
FHLMC
01/27/00
5.140
50,00
218
1,556,277.78
5.378
FNMA
5.430%
01/27/00
5.469
50,000
734
5,467,109.50
5.469
.PURCHASES S/
CD
Fst Union
5.560%
02/03/00
5.550
40,0
CD
Fst Union
5.560%
02/03/00
5.550
50.0
01/28/00 REDEMPTIONS
CP
Amer Exp
01/28/00
5.480
50,0(
CP
Amer Exp
01/28/00
5.480
50,0(
Disc Notes
FHLB
01/28/00
4.580
50,0(
Disc Notes
FHLB
01/28/00
4.580
50,0(
MTN
Chrysler
6.375% 01/28/00
5.920
39,1
22
167,444.44
5.574
22
167,444.44
5.574
360
2,290,000.00
4.866
360
2,290,000.00
4.866
576
3,665,242.54
5.929
12
01/28/00 PURCHASES
FR
SBA
FHLB
FHLB
CD
Montreal
CD
Montreal
CD
U/B Calif
CD
U/B Calif
CP
SRAC
CP
FMCC
CP
FMCC
CP
FMCC
CP
FMCC
CP
Salomon
CP
Salomon
CP
SRAC
CP
ConAgra
01 /31 /00 RRS
Treas
Bills
PURCHASES g/
CD
Svenska
PURCHASES
CP
Household
CP
Household
CP
Heller
CP
Bear
CP
Bear
CP
W/F
CP
W/F
FHLB
FHLB
DCO'
�! MATURITY:.TRANS ►AR l7rA Y 'AMOUNT EFFECTr
6.000%
01 /25/25
6.000
18,926
5.875%
08/15/01
6.694
15,475
5.875%
08/15/01
6.694
50,000
5.940%
05/26/00
5.940
50,000
5.940%
05/26/00
5.940
50,000
6.060%
06/30/00
6.060
50,000
6.060%
06/30/00
6.060
50,000
02/28/00
5.780
50,000
02/29/00
5.690
10,000
02/29/00
5.690
50,000
02/29/00
5.690
50,000
02/29/00
5.690
50,000
02/29/00
5.690
50,000
02/29/00
5.690
50,000
02/29/00
5.780
50,000
03/02/00
5.850
39,610
04/27/00 5.530 50,000
5.950% 04/27/00 5.950 50,000
02/01/00
5.830
50,000
02/01 /00
5.830
50,000
02/14/00
5.820
50,000
02/15/00
5.750
25,000
02/15/00
5.750
50,000
02/15/00
5.720
50,000
02/15/00
5.720
50,000
5.875% 08/15/01
6.590
50,000
5.875% 08/15/01
6.590
50,000
13
a/ The abbreviations indicate the type of security
i.e., (U.S.) Bills, Bonds, Notes, Debentures, Di
and Participation Certificates: Federal Nationa
(FNMA), Farmers Home Administration Note;
Marketing Association (SLMA), Small Busine
Negotiable Certificates of Deposit (CD), Nego,
Deposit Floating Rate (CD FR), Export Imporl
Bankers Acceptances (BA), Commercial Paper
National Mortgage Association (GNMA), Fedi
Notes (FHLB), Federal Land Bank Bonds (FL
Mortgage Corporation Obligation (FHLMC Pi
Federal Farm Credit Bank Bonds (FFCB), Fed
Notes (FFC), Corporate Securities (CB), U.S.
(TITLE XI'S), International Bank of Redevel(
Valley Authority (TVA) Medium Term Notes i
b/
c/
d/
e/
f/
g/
h/
i/
RRS
RRP
Purchase or sale yield based on 360 day
obligations and Repurchase Agreements.
Repurchase Agreement.
Par amount of securites purchased, sold, or
Securities were purchased and sold as of the
Repurchase Agreement against Reverse
Outright purchase against Reverse Repurchase
Security "SWAP" transactions.
Buy back agreement.
Reverse Repurchase Agreement.
)urchased or sold;
,count Notes,
Mortgage Association
(FHA), Student Loan
-s Association (SBA),
[able Certificates of
Notes (EXIM),
(CP), Government
ral Home Loan Bank
1), Federal Home Loan
7) & (FHLMC GMC),
;ral Farm Credit Discount
ship Financing Bonds
pment (IBRD), Tennessee
Termination of Reverse Repurchase Agreement.
ion for discount
date.
Agreement.
14
TIME DEPOSITS
NAME
AGOURA HILLS
Pacific Crest Bank
Pacific Crest Bank
Pacific Crest Bank
Pacific Crest Bank
I�T :w- ,iIA T_1
East West Bank
East West Bank
East West Bank
East West Bank
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
BEVERLY HILLS
City National Bank
City National Bank
City National Bank
City National Bank
City National Bank
City National Bank
CAMERON PARK
Roseville First National Bank
Western Sierra National Bank
Western Sierra National Bank
CHICO
North State National Bank
North State National Bank
North State National Bank
North State National Bank
North State National Bank
Tri Counties Bank
Tri Counties Bank
Tri Counties Bank
Tri Counties Bank
DEPOSIT DATE YIELD PAR AMOUNTM MATURITY DATE
10/12/99
5.180
5,000,000.00
04/17/00
10/12/99
5.390
5,000,000.00
10/16/00
11 /30/99
5.740
5,000,000.00
12/01 /00
12/28/99
5.980
5,000,000.00
12/27/00
01 /21 /00
5.560
35,000,000.00
05/04/00
01 /14/00
5.430
35,000,000.00
04/13/00
11 /15/99
5.260
38,000,000.00
02/11 /00
12/28/99
5.470
12,000,000.00
04/03/00
01 /14/00
5.430
2,000,000.00
04/14/00
08/13/99
5.140
3,000,000.00
02/07/00
12/07/99
5.270
3,000,000.00
03/06/00
01 /20/00
5.390
3,095,000.00
04/21 /00
07/27/99
5.040
10,000,000.00
07/26/00
05/19/99
4.820
20,000,000.00
02/28/00
09/15/99
5.280
20,000,000.00
09/15/00
05/04/99
4.820
25,000,000.00
05/03/00
10/12/99
5.360
25,000,000.00
10/16/00
03/31 /99
4.740
50,000,000.00
03/31 /00
01 /24/00 5.850 1,000,000.00 07/24/00
11 /08/99 5.420 1,000,000.00 05/08/00
11 /05/99 5.210 3,000,000.00 02/03/00
09/07/99
5.240
500,000.00
09/01 /00
04/06/99
4.730
1,000,000.00
04/06/00
08/24/99
5.210
1,000,000.00
08/24/00
08/30/99
5.160
1,000,000.00
09/01 /00
10/04/99
5.020
1,000,000.00
04/07/00
01 /11 /00
5.390
10,000,000.00
04/10/00
12/09/99
5.260
10,000,000.00
03/09/00
12/16/99
5.360
10,000,000.00
03/15/00
12/21 /99
5.520
10,000,000.00
03/20/00
15
NAME
CITY OF INDUSTRY
EverTrust Bank
EverTrust Bank
EverTrust Bank
EverTrust Bank
EverTrust Bank
EL CENTRO
Valley Independent Bank
Valley Independent Bank
FRESNO
United Security Bank
United Security Bank
FULLERTON
Fullerton Community Bank
INGLEWOOD
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
Imperial Bank
LODI
TIME DEPOSITS
DEPOSIT DATE YIELD
12/ 13/99
12/21 /99
12/ 16/99
01 /20/00
01 /20/00
08/11 /99
08/11 /99
08/20/99
01 /31 /00
01 /19/00
07/29/99
09/23/99
10/14/99
10/28/99
12/22/99
08/23/99
09/09/99
01 /27/00
10/21 /99
11 /18/99
08/12/99
07/15/99
5.210
1,000,000.00
5.490
2,000,000.00
5.330
3,000,000.00
5.680
3,000,000.00
6.050
3,000,000.00
5.150
3,750,000.00
5.250
3,750,000.00
5.090
10,000,000.00
5.830
15,000,000.00
6.160
8,000,000.00
4.840
5.050
5.190
5.450
2.920
5.040
5.220
5.930
5.290
5.500
5.100
4.800
Bank of Lodi 12/15/99 5.400
Bank of Lodi 10/08/99 5.110
Bank of Lodi 12/15/99 5.400
18,000,000.00
18,000,000.00
20,000,000.00
20,000,000.00
25,000,000.00
25,000,000.00
25,000,000.00
25,000,000.00
25,000,000.00
25,000,000.00
26,000,000.00
50,000,000.00
1,000,000.00
2,000,000.00
2,000,000.00
MATURITY DATE
03/13/00
03/24/00
03/20/00
07/18/00
10/ 16/00
02/07/00
08/11 /00
02/16/00
07/31 /00
01/19/01
03/30/00
02/24/00
04/13/00
06/22/00
07/06/00
03/02/00
03/09/00
08/17/00
05/25/00
05/18/00
04/27/00
02/03/00
03/23/00
04/10/00
03/23/00
16
NAME
LOS ANGELES
Broadway Federal Bank
Broadway Federal Bank
Broadway Federal Bank
Cathay Bank
Cathay Bank
Community Bank
Community Bank
Community Bank
Community Bank
Community Bank
Community Bank
General Bank
General Bank
General Bank
General Bank
General Bank
General Bank
Manufacturers Bank
Manufacturers Bank
Manufacturers Bank
Preferred Bank
Preferred Bank
Preferred Bank
Preferred Bank
Preferred Bank
Preferred Bank
Preferred Bank
State Bank of India
State Bank of India
Wilshire State Bank
Wilshire State Bank
MONTEREY PARK
Trust Bank FSB
Trust Bank FSB
TIME DEPOSITS
DEPOSIT DATE
YIELD
PAR AMOUNTM
MATURITY DATE
12/28/99
5.790
1,250,000.00
07/07/00
07/01 /99
5.200
1,250,000.00
06/30/00
09/29/99
5.230
2,500,000.00
10/02/00
12/20/99
5.850
9,000,000.00
06/19/00
12/29/99
5.500
10,000,000.00
03/28/00
12/07/99
5.700
5,000,000.00
12/08/00
06/22/99
5.030
5,000,000.00
06/22/00
10/25/99
5.490
5,000,000.00
10/27/00
12/13/99
5.650
10,000,000.00
12/15/00
08/11 /99
5.230
15,000,000.00
08/11 /00
01 /10/00
6.040
20,000,000.00
01 /12/01
01 /21 /00
5.560
7,000,000.00
04/25/00
11 /12/99
5.250
10,000,000.00
02/18/00
07/27/99
4.730
15,000,000.00
02/02/00
08/03/99
4.900
15,000,000.00
02/14/00
08/13/99
5.110
25,000,000.00
03/10/00
01 /24/00
5.500
28,000,000.00
04/28/00
12/06/99
5.300
10,000,000.00
03/06/00
12/23/99
5.650
10,000,000.00
03/27/00
11 /09/99
5.170
10,000,000.00
02/07/00
11 /30/99
5.340
2,000,000.00
02/28/00
01/18/00
5.430
3,000,000.00
04/18/00
01 /04/00
5.480
3,000,000.00
04/03/00
11 /16/99
5.270
4,000,000.00
02/14/00
12/03/99
5.250
5,000,000.00
03/02/00
12/15/99
5.390
9,000,000.00
03/14/00
12/20/99
5.460
9,000,000.00
03/20/00
11 /19/99
5.6.00
2,000,000.00
11 /30/00
01 /20/00
6.110
2,000,000.00
01 /19/01
08/31 /99
5.290
4,000,000.00
08/31 /00
01 /12/00
6.090
4,000,000.00
01 /12/01
12/27/99
12/27/99
5.510
5.790
4,000,000.00 03/27/00
2,000,000.00 06/26/00
17
TIME DEPOSITS
NAME
OAKDALE
Oak Valley Community 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
Oak Valley Community Bank
Oak Valley Community Bank
ONTARIO
Citizens Business Bank
Citizens Business Bank
Citizens Business Bank
Citizens Business Bank
Citizens Business Bank
Citizens Business Bank
Citizens Business Bank
PALO ALTO
Bay Area Bank
Cupertino National Bank
Cupertino National Bank
Cupertino National Bank
Mid -Peninsula Bank
Mid -Peninsula Bank
Mid -Peninsula Bank
PALOS VERDES ESTATES
Malaga Bank
PICO RIVERA
Pacific West National Bank
POMONA
PFF Bank and Trust
PFF Bank and Trust
DEPOSIT DATE YIELD
05/06/99
08/10/99
09/27/99
11 /03/99
11 /03/99
11 /03/99
01 /31 /00
03/30/99
09/20/99
03/09/99
03/23/99
04/07/99
06/16/99
08/23/99
07/07/99
08/10/99
10/08/99
08/06/99
08/30/99
10/19/99
03/ 10/99
08/30/99
08/06/99
12/28/99
11 /23/99
11 /30/99
09/08/99
4.830
5.220
5.190
5.180
5.360
5.390
5.680
4.750
5.070
4.850
4.780
4.720
5.150
4.970
5.100
5.220
5.140
4.980
5.120
5.090
5.180
5.120
4.980
500,000.00
500,000.00
500,000.00
500,000.00
500,000.00
500,000.00
1,000,000.00
1,000,000.00
1,000,000.00
5,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
20,000,000.00
5,000,000.00
'10,000,000.00
5,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
15,000,000.00
5.490 6,000,000.00
5.650 1,000,000.00
5.900 8,000,000.00
5.600 10,000,000.00
MATURITY DATE
05/22/00
08/09/00
09/29/00
02/04/00
05/01 /00
07/31 /00
05/01 /00
03/31 /00
03/24/00
03/08/00
03/22/00
04/06/00
06/15/00
05/25/00
07/06/00
08/09/00
04/17/00
02/04/00
02/25/00
03/22/00
03/08/00
02/25/00
02/04/00
03/28/00
11 /30/00
12/01 /00
03/10/00
18
TIME DEPOSITS
NAME
PETALUMA
Bank of Petaluma
Bank of Petaluma
REDDING
North Valley Bank
RICHMOND
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
SACRAMENTO
American River Bank
American River Bank
American River Bank
American River Bank
Bank of 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
DEPOSIT DATE YIELD
PAR AMOUNT($) MATURITY DATE
08/10/99
5.140
1,000,000.00
02/07/00
01 /24/00
5.840
2,500,000.00
07/24/00
03/23/99
4.780
3,000,000.00
03/22/00
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
10/07/99
5.330
10,000,000.00
10/13/00
09/29/99
4.990
1,000,000.00
04/03/00
12/28/99
5.490
3,000,000.00
03/27/00
12/28/99
5.770
1,000,000.00
06/26/00
12/28/99
5.960
1,000,000.00
12/27/00
12/03/99
5.320
500,000.00
03/03/00
01 /10/00
5.440
5,000,000.00
04/10/00
01 /31 /00
6.140
5,000,000.00
10/27/00
08/18/99
5.210
5,000,000.00
08/18/00
07/27/99
5.010
5,000,000.00
07/26/00
08/03/99
4.900
7,000,000.00
02/07/00
07/15/99
5.000
10,000,000.00
07/14/00
08/23/99
5.180
10,000,000.00
08/22/00
08/16/99
5.190
50,000,000.00
08/15/00
01 /25/00
5.450
50,000,000.00
04/25/00
11 /16/99
5.270
50,000,000.00
02/15/00
08/26/99
5.160
100,000,000.00
02/23/00
09/28/99
5.040
100,000,000.00
03/28/00
11 /02/99
5.130
100,000,000.00
02/01 /00
SAL_
Community Bk Central California 01/26/00
Community Bk Central California 01/27/00
SAN DIEGO
First United Bank 11/30/99
San Diego First Bank 08/04/99
San Diego First Bank 06/22/99
5.480 8,000,000.00 04/20/00
5.610 12,000,000.00 04/27/00
5.700 1,500,000.00 12/01 /00
5.150 1,000,000.00 08/07/00
5.030 1,500,000.00 06/21 /00
19
NAME
SAN FRANCISCO
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of Canton California
Bank of the West
Bank of the West
Bank of the West
Bank of the West
Bank of the West
Bank of the West
Bank of the West
Bank of the West
Bank of the West
California Federal Bank
California Federal Bank
Millennium Bank
Oceanic Bank
Oceanic Bank
Trans Pacific National Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
SANJOSE
San Jose National Bank
SAN LEANDRO
Bay Bank of Commerce
TIME DEPOSITS
DEPOSIT DATE
05/06/99
05/13/99
06/01 /99
06/02/99
07/21 /99
09/01 /99
09/13/99
11 /10/99
11 / 10/99
06/08/99
01 /12/00
01 /31 /00
08/27/99
11 /02/99
05/19/99
01 /05/00
04/29/99
05/26/99
01 /05/00
01/18/00
10/27/99
03/05/99
03/12/99
09/ 13/99
10/07/99
08/13/99
09/03/99
09/20/99
10/04/99
12/17/99
YIELD
4.810
4.780
5.000
5.000
4.950
5.280
5.290
5.460
5.430
4.820
5.380
5.620
4.960
5.340
4.890
5.490
4.760
4.860
6.080
5.440
5.390
4.920
4.780
5.260
5.360
5.150
5.310
5.100
5.030
5.380
07/12/99 5.010
01 /13/00 5.47
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
10,000,000.00
15,000,000.00
25,000,000.00
50,000,000.00
25,000,000.00
25,000,000.00
25,000,000.00
30,000,000.00
34,000,000.00
51,500,000.00
37,000,000.00
8,000,000.00
)0,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
800,000.00
10,000,000.00
'.0,000,000.00
!0,000,000.00
'.0,000,000.00
!0,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
MATURITY DATE
05/05/00
05/12/00
05/31 /00
05/31 /00
07/21 /00
09/01 /00
09/13/00
11 /10/00
09/01 /00
02/16/00
04/14/00
05/01 /00
05/25/00
05/05/00
05/25/00
04/04/00
04/29/00
05/25/00
01 /05/01
04/17/00
05/01 /00
03/07/00
03/15/00
03/17/00
10/13/00
02/11 /00
09/01 /00
04/27/00
04/05/00
03/20/00
07/11 /00
04/12/00
20
TIME DEPOSITS
NAME DEPOSIT DATE YIELD PAR AMOUNT($) MATURITY DATE
SAN LUIS OBISPO
First Bank of San Luis Obispo
01 /14/00
5.440
1,000,000.00
04/13/00
First Bank of San Luis Obispo
01/25/00
5.500
1,000,000.00
04/24/00
First Bank of San Luis Obispo
11 /08/99
5.160
2,000,000.00
02/10/00
First Bank of San Luis Obispo
11/22/99
5.270
2,500,000.00
02/22/00
First Bank of San Luis Obispo
11/03/99
5.170
3,600,000.00
02/04/00
San Luis Trust Bank
01 /13/00
5.460
350,000.00
04/12/00
San Luis Trust Bank
01 /31 /00
5.930
1,000,000.00
08/04/00
Mission Community Bank
01/10/00
5.420
500,000.00
04/10/00
Mission Community Bank
01 /10/00
5.700
1,000,000.00
07/10/00
Mission Community Bank
01 /10/00
6.060
500,000.00
01 /12/01
SAN RAFAEL
Westamerica Bank
01/12/00
5.440
25,000,000.00
04/14/00
Westamerica Bank
01/31/00
5.910
25,000,000.00
07/31/00
Westamerica Bank
01/27/00
5.800
25,000,000.00
07/25/00
Westamerica Bank
01 /31 /00
5.910
25,000,000.00
08/07/00
Westamerica Bank
11/15/99
5.260
50,000,000.00
02/14/00
Westamerica Bank
01/19/00
5.390
25,000,000.00
04/18/00
Westamerica Bank
12/17/99
5.370
25,000,000.00
03/20/00
SANTA BARBARA
FNB of Central California
08/11 /99
5.140
5,000,000.00
02/07/00
FNB of Central California
10/01 /99
5.000
5,000,000.00
03/31 /00
FNB of Central California
01 /10/00
5.690
10,000,000.00
07/10/00
Santa Barbara Bank & Trust
01/07/00
5.740
5,000,000.00
07/07/00
Santa Barbara Bank & Trust
01/07/00
5.740
5,000,000.00
07/07/00
Santa Barbara Bank & Trust
01 /14/00
5.690
5,000,000.00
07/14/00
Santa Barbara Bank & Trust
01/14/00
5.690
5,000,000.00
07/14/00
Santa Barbara Bank & Trust
01 /19/00
5.710
10,000,000.00
07/21 /00
Santa Barbara Bank & Trust
01 /21 /00
5.900
5,000,000.00
08/11 /00
Santa Barbara Bank & Trust
08/13/99
5.150
5,000,000.00
02/11 /00
Santa Barbara Bank & Trust
08/31 /99
5.200
5,000,000.00
03/03/00
Santa Barbara Bank & Trust
09/13/99
5.180
5,000,000.00
03/17/00
Santa Barbara Bank & Trust
10/04/99
5.010
5;000,000.00
04/07/00
Santa Barbara Bank & Trust
10/08/99
5.110
5,000,000.00
04/17/00
SANTA CLARITA
Valencia Bank & Trust
9/23/99
5.28
1,000,000.00
9/22/00
SANTA CRUZ
Coast Commercial Bank
12/14/99
5.360
20,000,000.00
03/13/00
Coast Commercial Bank
01 /18/00
5.430
5,000,000.00
04/21 /00
21
NAME
SARATOGA
Saratoga National Bank
Saratoga National Bank
STOCKTON
Union Safe Deposit Bank
Union Safe Deposit Bank
Union Safe Deposit Bank
Washington Mutual Bank
Washington Mutual Bank
Washington Mutual Bank
Washington Mutual Bank
Washington Mutual Bank
TORRANCE
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
South Bay Bank
South Bay Bank
South Bay Bank
TUSTIN
First Fidelity Thrift & Loan
First Fidelity Thrift & Loan
First Fidelity Thrift & Loan
First Fidelity Investment & Loan
Sunwest Bank
Sunwest Bank
Sunwest Bank
Sunwest Bank
Sunwest Bank
TIME DEPOSITS
DEPOSIT DATE YIELD
06/22/99 5.100
10/01 /99 5.150
08/16/99
01 /14/00
12/16/99
09/17/99
10/ 13/99
11 /08/99
12/20/99
01 /24/00
12/17/99
11 /15/99
12/06/99
12/ 10/99
01 /05/00
01 /24/00
01 /31 /00
12/13/99
11 /02/99
01 /28/00
01 /18/00
01 /19/00
11 /10/99
09/10/99
01 /13/00
01/11/00
01 /21 /00
01 /21 /00
5.140
5.480
5.380
5.260
5.370
5.420
5.940
6.120
5.380
5.270
5.280
5.240
5.500
5.490
5.880
5.340
5.400
5.620
5.440
5.700
5.210
5.170
5.720
5.650
5.820
5.810
TOTAL TIME DEPOSITS AS OF JANUARY 31, 2000
2
1,750,000.00
5,000,000.00
0,000,000.00
0,000,000.00
0,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
0,000,000.00
0,000,000.00
0,000,000.00
5,000,000.00
1,000,000.00
2,000,000.00
2,000,000.00
4,000,000.00
5,000,000.00
5,000,000.00
6,000,000.00
1,000,000.00
3,300,000.00
3,500,000.00
2,500,000.00
2,500,000.00
8,395,000.00
MATURITY DATE
06/30/00
06/30/00
02/15/00
04/13/00
03/15/00
09/15/00
10/27/00
11 /13/00
12/28/00
01 /23/01
03/17/00
02/14/00
03/06/00
03/09/00
04/04/00
04/24/00
07/31 /00
03/13/00
05/01 /00
04/28/00
04/17/00
07/17/00
02/11 /00
03/08/00
07/27/00
07/10/00
07/31 /00
07/19/00
22
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1607
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on January 19, 2000, 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-
actions, 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
$ 191,483,000
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 Transactions
01 /17/2000 01 /21 /2000
01 /2412000 01 /28/2000
01 /31 /2000 02/04/2000
02/07/2000 02/11/2000
02/14/2000 02/18/2000
1,138,000,000
(99,400,000)
1,302,400,000
Estimated
Total
$ 36,887,300,000
$ 36,787,900,000
$ 38,090,300,000
(685,300,000) $ 34,527,105,000 $ 2,877,895,000 $ 37,405,000,000
577,900,000 $ 35,105,005,000 $ 2,877,895,000 $ 37,982,900,000
Time Deposits in
Various Financial
Institutions
In Securities
(sections 16503a
(section 16430)'
and 16602)'
$ 34,009,405,000
$ 2,877,895,000
$ 33,910,005,000
$ 2,877,895,000
$ 35,212,405,000
$ 2,877,895,000
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 $ 191,483,000. - -
Dated: January 19. 2000
Government Code
POOLED MOt E1LHGV STMENT BOARD: -
Ch ,irperson l
`Wmber
Member '
23
BANK DEMAND DEPOSITS
JANUARY 2000
($ in thousands)
DAY OF
BALANCES
WARR.ANTS
MONTH
PER BANKS
OUTSTA
SIDING
1
$ 1,513,935
$ 2,509,559
2
1,513,935
21
09,559
3
761,609
2,C
38,126
4
1,353,633
1,
81,319
5
716,802
11159,452
6
523,828
1,
41,774
7
378,668
1,
89,646
8
378,668
1,
89,646
9
378,668
1,
89,646
10
246,45&
11171,345
11
335,955
1,104,905
12
252,289
1,426,650
13
254,317
1,715,711
14
260,338
1,729,735
15
260,338
1,7299735
16
260,338
1,738,466
17 '
260,338
11
38,466
18. '
220,677
1,229,165
19
288,454
1,241,007
20
664,850
1,214,652
21
424,868
1,419,677
22
424,868
1,419,677
23
424,868
1,419,677
24
374,646
1,208,998
25
434,090
1,446,431
26
108,811
1,310,341
27
182,486
1,
7,522
28
227,165
1,3
5,823
29
227,165
1,3
5,823
30
227,165
1,3
5,823
31
927,617
1,1
9,490
AVERAGE DOLLAR DAYS $ 477,672 a/
a/ The prescribed bank balance for January was $455,207.
$187,587 in compensating balances for services, balanc
funds of $267,620 and a deduction of $8,537 for Decemtr
credit.
'his consisted of
s for uncollected
r delayed deposit
23