2012 01 11 IABP.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLE TAMPICO
LA QUINIA, CALIFORNIA 92253
I/- r-Iry
(7 6 0) 7 7 7 - 7 0 0 0
FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Caucus Room
78-495 Calls Tampico- La Quints, CA 92253
January 11, 2012 - 4:00 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 December 14, 2011 for the Investment"
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for November 2011
VI CORRESPONDENCE AND WRITTEN MATERIAL
�A� Month En d Cash Report and other selected Financial Data
December-2011 . .....
B. Pooled Money Investment Board Reports - October 2011 and, November:
2011
Vil BOARD MEMBER ITEMS
At the request of Chairman Spirtos, she asked that the California Supreme Court's Decision
to Abolish the RDA be added as an item of discussion.
Vill ADJOURNMENT
PUBL NOTICES
The� Lo Quints Caucus Room is handicapped accessible. if special equipment is needed for the hearing impaired, please cell the
Finance Department at 777-7150, twenty-four (24) hours in advance of the meeting and accommodations wi� a M3 a.
'Any wri tinge or documents provided to a majority of the investment Advisory Bc,.qrd regarding,any item or. this agenda will be
made available for public inspection at th , a City Clark counter at City Hall located At 78-495 Calls Tampico, Ls Quinta, CA 9225��
during normal business hours.
INVESTMENT ADVISORY BOARD
Meeting
December 14, 2011
I CALL TO ORDER
Regular meeting of the La Quinta Investment Advisory Board was called to order at the
hour of 4:00 p.m. by Chairperson Spirtos followed by the Pledge of Allegiance.
PRESENT: Board Members Mortenson, Blum, Spirtos, Park and Donais
ABSENT: None
OTHERS PRESENT: John Falconer, Finance Director, Louise West, Accounting
Manager, Vianka Orrantia, Senior Secretary and Bryan
Gruber, Lance Soil & Lunghard LLC, Audit Manager
II PUBLIC COMMENT - None
III CONFIRMATION OF AGENDA -
Mr. Falconer requested that upon approval of the confirmation of agenda that
Section VI, Item A be the first item of discussion. Board concurred.
IV CONSENT CALENDAR
Approval of Minutes of Meeting on November 9, 2011 for the Investment
Advisory Board.
MOTION - It was moved by Board Members Blum/Donais to approve the
Minutes of November 9, 2011. Motion carried unanimously.
*At this time Section VI, Item A was discussed.
V BUSINESS SESSION
A. Transmittal of Treasury Report for October 2011
Mr. Falconer presented and reviewed the staff report for the month of October
advising the Board that the portfolio decreased by $1.16 million ending the
month at $166.3 million. Mr. Falconer further advised that the decrease was
due to major capital improvement expenditure projects as follows: $403,000
spent on the "A" Street extension project, $199,000 spent on the Coral
Mountain Apartment Project, $111,000 spent on the Phase 2 Washington
Street Drainage Project and $100,000 on the Adams Street Bridge Project.
Mr. Falconer advised that the investment activity resulted in an average maturity
decrease of seven days from the prior month ending the month of October at
117 days and the overall portfolio performance at four basis points ending the
month at .35%, with the pooled cash investments at a little over .50% basis
points. Mr. Falconer further advised on the $17 million investment due to
mature on December 15,.2011 and a reinvestment of $7 million in commercial
paper and $10 million into LAIF. Mr. Falconer noted that the $7 million
purchase in commercial paper was a short-term note to coincide with the
anticipated $18 million payment due to the State of California in mid -January.
In response to Board Member Mortenson, Mr. Falconer clarified that bond funds
mentioned in the November meeting minutes on page 2, third paragraph were
individual investments made listed on page 6 of the Treasurers Report.
MOTION — It was moved by Board Members Mortenson/Donais to review,
receive, and file the Treasurers Report for October 2011. Motion carried
unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
*A. City of La Quinta Fiscal Year 2010/2011 Audited Financial Report
At this time Mr. Falconer clarified the audit process and introduced the City's
audit representative Mr. Bryan Gruber of Lance Soll & Lunghard, LLP, Audit
Manager.
Mr. Gruber presented the Audited Financial Statement for year ending June 30,
2011. Mr. Gruber advised the Board on the audit and the audit process. He
further advised that the audit process is conducted in two steps: 1) Interim
F�
Audit, which is conducted during the fiscal year, at that time the City's internal
controls are reviewed. These procedural controls are in place to protect the
City's assets and to ensure proper financial reporting. In relation to cash and
investments the procedures are also audited to ensure proper reporting of the
City's cash and investment balances, in addition to the compliance of the City's
Investment Policy with respect to the City's investment portfolio. 2) The
second phase of the audit is conducted after the year-end (the second phase
was conducted in the month of August, 2011); at this time the amounts of the
disclosures that are reported in the financial statements are audited to ensure
they are properly stated in all material respect. This is done through various
procedures, i.e. the City's cash and investments, third party confirmations
letters are sent to all banks for 100% cash balances to ensure proper reporting.
In addition, a review of disclosures in the financial statements is also conducted
to ensure compliance with the City's Investment Policy.
In response to Board Member Blum, Mr. Gruber advised that that a blank
confirmation is sent so that it is completed by the investment institution by
June 30, additional follow-up procedures are also conducted after June 30 and
prior to the initial audit.
Mr. Gruber advised that the only item identified in the Auditor's report was a
footnote related to the uncertainty of the Redevelopment Agency.
Mr. Gruber reviewed for the Board the City's financial performance as follows:
Pages 46 - 48: Footnote 3 is a review of the City's cash and investment
balances and disclosures relating to Interest Rate Risk, Credit
Risk (this item was added this year due to the downgrading
long-term sovereign credit rating from AA+ to AAA),
Concentration of Credit Risk, Custodial Credit Risk and
Investment in State Investment Pool.
Pages 17 — 19: Statement of Net Assets is the amounts which assets exceed
liabilities. A decrease by approximately $30 million was noted
this year due to the Coachella Valley Housing Coalition, Low -
Mod apartment complex.
Mr. Falconer advised that page 17 reflects approximately half billion in fixed
assets, $319,278, 803 are included as part of this sum due to the fact that the
City is required to capitalize their roads and right-of-way of roads. Mr. Falconer
further advised that the decline in the net activity was due to the contribution of
3
the construction of the Wolff Water Apartments and the relinquishing of the
apartments to Wolff Waters.
Mr. Gruber advised that one of the two supplemental reports included as a
hand-out to the Board and staff was a GASB 31 audit adjustment for LAIF and
Bank of New York Investments of $269,103 and was recommended by the
auditors as a journal entry to staff.
In response to Board Member Mortenson, Mr. Falconer clarified that the line
item on page 46 for U.S. Treasury Bills in the amount of $30,073,080 should
be a one-year note.
In response to Board Member Blum, Mr. Falconer clarified that the public safety
overall total of $19,826,372 on page 26 includes various aspects of public
safety and the break down for the total is referenced on page 28. Mr. Falconer
further clarified that on page 105 is a budgetary line item for Public Safety of
$2,000. This amount was a result of fallen officer Bruce Lee and the City
Council's decision to contribute to any future fallen officers family.
In response to Board Member Blum, Mr. Falconer clarified that $1,051,000 on
page 15 was a carryover of appropriations from the previous fiscal year of
unused funds budgeted for slurry seal of City streets.
In response to Chairperson Spirtos, Mr. Falconer advised the Board that the
corrected estimated population on page iv, third paragraph, second sentence
should read 37,836. Mr. Falconer further advised that the final revision of the
audit report had the reduced population number in it based on the 2010
consensus.
Chairperson Spirtos commented on the current expenditures for Planning on
pages 26 and 27 and the possible impact the State Supreme Court decision
could have if the decision is made to abolish the Redevelopment Agencies.
General discussion ensued amongst the Board and staff regarding the potential
impact of the State Supreme Court's decision and the impact to the
Redevelopment and the City.
In response to Chairperson Spirtos, Mr. Falconer clarified for the Board the
Developer Agreement Payable on page 53.
4
The Board and staff thanked Mr. Gruber for his attendance and review of the
Financial Audited Report.
Noted and Filed
B. Month End Cash Report — November 2011
Mr. Falconer presented and reviewed the Month End Cash Report advising the
Board that Rabobank's initial interest rate quoted to the City will not remain in
effect until the end of the term of the contract, although the interest rate
remains ten basis points below LAIF, as a result staff will actively manage the
account and will begin drawing down on the account.
Mr. Falconer advised that LAIF remains at 38 basis points and the overall
portfolio at $67 billion.
In response to Board Member Mortenson, Mr. Falconer advised that LAIF has
been investing in Mortgages, with the current investments at 0.62%.
In response to Board Member Mortenson, Mr. Falconer updated the Board on his
short-term interim appointment as acting City Manager and the current
appointment of Mark Weiss as the Interim City Manager for approximately six
months until a permanent City Manager is in place.
General discussion ensued amongst the Board and staff regarding the request
for proposal process of the recruitment of a City Manager.
Noted and Filed
C. Pooled Money Investment Board Reports — September 2011
Mr. Falconer presented and reviewed the Pooled Money Investment Board report
advising the Board that the portfolio remains the same in comparison to the
previous year, and the maturities slightly longer.
Noted and Filed
D. November 1, 2011 Joint Meeting Minutes with the City Council
Noted and Filed
R
VII BOARD MEMBER ITEMS - None
Vill ADJOURNMENT
MOTION - It was moved by Board Members Mortenson/Donais to adjourn the meeting
at 4:��Motion carried unanimously.
Senior Secretary
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: January 11, 2012
ITEM TITLE:
Transmittal of Treasury Report
for November 30, 2011
BACKGROUND:
Attached please find the Treasury Report November 30, 2011
RECOMMENDATION:
Review, Receive and File the Treasury Report for November 30, 2011
6WA&
Tatf 4 4 Q"
MEMORANDUM
Quinta Ci C
, ouncii
FROM John M Falconer. Finance DirectOr/Treasure,
SUBJECT Treasurer's Report for November 30, 2011
DATE December 30, 2011
Attached is the Treasurer's Report for the month ending November, 2011. The report is submitted to
the City Council each month after a reconciliation Of accounts is accomplished by the Finance Department
The following table summarizes the changes in investment types for the month
$
rest bearing active bank deposit
0
121 $ 13,800:0000()
3g:,�!1:1321)
$ (2,350,000)
0 $
26650 984
26,650.984
tificates of Deposit
19 4
724,0001
39
39,546,824
546 824
11,450000
11,450 000
Treasuries
60,955,235
'
724 000
724,000
19'
19 004
,004
0
0
Gov't Sponsored Enterprises
14,996,096
(2)
(2)
7,195
96
66.962,430
7,195
Imercial Paper
1 P
-
(2)
746
1 99
14.996,842
746
)Orate Notes
jal Funds
5�008,776
(2)
0
0
0
0
0,247
11%
(6,751)
5,002,02F5
t6
M 7SI I
I certify that this report accurately reflects all Pooled investments and is in compliance with the California
Govemment Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the Pools expenditure requirement, 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.
I / q 1 2-6 11-
Finance Directorrrreasurer — — — ba�te
Footnote
(1) The amount reported represents the net increase (decrease) of deposit, and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization Of Premium/discount for the
month on US Treasury, Commercial Paper and Agency investments,
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
Treasurer's Commentary
For the Month of November 2011
Cash Balances - The portfolio size decreased by $3.15 million to end the month at $162.9
million. Major capital improvement expenditures were $1.3 million, including $363,000 spent
on the "A" Street extension Project, $127,000 spent on the Phase 2 Washington St Drainage
Project, and $493,000 on the Adams Street Bridge Project. During November, $1.7 million
was paid toward the County of Riverside Sheriff contract.
Investment" Activity - The investment activity resulted in an average maturity decrease of
twenty three (23) days from the prior month to end the month of November at 94 days. The
Treasurer follows a buy and hold investment policy with the no investments maturing in
November. The sweep account earned $ 10 in interest income for the month of November and
the bank fees for the month were $ 1,540 which resulted in a net decrease of $1,530 in real
savings.
Portfolio Performance - The overall portfolio performance was two (2) basis points higher
than the prior month ending at .37% for the month, with the pooled cash investments at
.52%. The portfolio yield should continue to stay at these levels for the near future. At this
time last year, the portfolio was yielding .49% which reflects the current interest rate
environment.
Looking Ahead
In the short term, the Treasurer will be investing in LAIF and may look at short term
commercial paper or GSE paper. With the recent State Supreme Court ruling the $18 million
payment will not be due to the State of California in mid January.
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C.01 uf Le QuInta
Comparative Rates oflatefest
lb.�Orntba,30,2011
City of u Quints
A,ae.g. I I Tma..N 1111aft4ole 1 1 Threes Month
August 2W7
5 17%
485%
508%
109
459%
525%
Suitt 2007
516%
486%
506%
129
400%
523%
W 2W7
5 11%
485%
502%
116
395%
5 14%
Nw 2007
503%
483%
4N%
99
334%
4 95%
Dec 2007
495%
343%
C45%
123
3,39%
480%
Jan 2WO
458%
333%
422%
96
231%
462%
Feb 2W8
412%
324%
86
207%
4,16%
Mar2008
407%
283%
367%
74
150%
378%
Agr20N
3,45%
327%
341%
82
170%
340%
Wy 2MB
3A4%
327%
3 17%
63
192%
307%
June 2008
309%
194%
2.156%
80
214%
289%
FY 06109
JJly 2008
299%
193%
277%
62
1.70%
IJm%
229%
2,76%
2,16%
279%
August20N
316%
192%
288%
51
169%
189%
2.14%
238%
208%
278%
Sept2008
281%
192%
2"%
37
142%
179%
1 �%
200%
2 13%
277%
Cct2008
266%
261%
261%
29
090%
1,40%
1.72%
lm%
207%
2.71%
bw 2008
238%
236%
2 M%
64
015%
049%
104%
125%
145%
2 57%
Dec 2008
160%
0 18%
1 42%
116
0,05%
025%
059%
0,88%
097%
2 35%
Jan 2009
136%
018%
123%
82
015%
0,35%
043%
088%
031%
205%
Feb 2009
123%
018%
1 11%
75
0 30%
050%
061%
088%
048%
1 67%
Mar2009
126%
018%
1 13%
69
020%
042%
0.70%
088%
037%
182%
Apr200Q
0,94%
0,18%
086%
54
031%
033%
059%
ON%
028%
161%
Wy 2W9
092%
0 18%
084%
so
0,18%
030%
0,53%
OJm%
023%
1,S3%
June 209
085%
029%
0,80%
Ill
0.20%
035%
055%
IA3%
026%
138%
FY 09110
July 2009
069%
030%
0,65%
Ill
0.19%
0.28%
047%
IJW%
0,28%
104%
August 2009
O�%
030%
0.61%
92
0.16%
0,26%
046%
1,00%
0.24%
0,93%
Sept 2009
056%
031%
0,53%
112
0,12%
0.19%
0,41%
lko%
0,19%
075%
W 2009
0,52%
031%
0,50%
90
008%
019%
O.M%
100%
019%
0,65%
Nov200g
0,56%
031%
053%
152
0,04%
0.14%
O.�%
075%
OA5%
061%
Dec 2W9
0,56%
0,15%
051%
239
OAM
020%
016%
1.00%
016%
057%
Jan 2010
046%
015%
0.43%
179
ON%
0.14%
034%
088%
0 13%
OM%
Feb 2010
051%
016%
048%
162
013%
0,19%
032%
088%
a 15%
0,58%
Mar2010
050%
016%
047%
172
015%
024%
038%
100%
020%
055%
AW 2010
052%
0,16%
048%
162
015%
024%
049%
i.W%
023%
059%
Wy 2010
052%
016%
0,48%
116
0 17%
022%
037%
015%
028%
0 56%
June 2010
052%
003%
037%
134
0 16%
022%
032%
063%
032%
0,53%
FY 10111
July 2010
050%
0 15%
047%
119
016%
020%
0,30%
063%
028%
0 53%
August 201
049%
015%
046%
108
015%
019%
026%
038%
025%
0 51%
Sept20lO
055%
0,16%
051%
107
016%
0,19%
027%
038%
024%
050%
Oct 2010
0,55%
0 15%
051%
88
013%
0 17%
0,23%
0,38%
023%
048%
No� 2010
053%
015%
0.49%
84
018%
021%
028%
0,50%
023%
045%
Dec 2010
057%
0 14%
0.52%
265
015%
0,19%
030%
0,63%
023%
046%
Jan 20il
051%
014%
0,43%
206
016%
018%
0,28%
063%
024%
054%
Feb 2011
055%
017%
046%
210
015%
0 17%
0,31%
063%
023%
051%
sAar201l
054%
017%
045%
218
005%
013%
0,26%
0.75%
023%
0,50%
A, 2011
059%
017%
048%
192
005%
010%
028%
063%
020%
059%
WV2011
048%
0 17%
041%
t56
006%
0,12%
020%
OW%
0,16%
041%
June 2011
053%
ON%
035%
126
003%
0 10%
020%
038%
0 15%
045%
FY 11112
July 2011
053%
000%
035%
112
007%
012%
0,15%
020%
014%
0:38%
August 2011
060%
000%
038%
02
i24
002%
005%
0 10%
0 13%
016%
041%
Sapt2011
058%
0 03%
0 39��
002%
006%
OOA%
OA3%
014%
038%
Oct 2011
053%
1
117
1
001%
006%
012%
025%
0,45%
039%
H.�2011
052%
1
94
1 1 0,03%
0,07%
1 0 10%
025%
0 14%
0 40%
10
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11
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: January 11, 2012
TITLE:
Month End Cash Report for December 2011 and
Other selected Financial Data
BACKGROUND:
This cash report is not a complete Treasury Report (exclude petty cash, deferred
compensation and fiscal agent balances), but would report in a timely fashion
selected cash balances.
RECOMMENDATION:
Information item only.
M. Falconer,' Finance Director
IN
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Bill Lockyer, State Treasurer
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
12/15/2011
a a
0.38
0.39 247
12/16/2011
0.38
0.39
247
12/17/2011
0.38
0.39
247
12/18/2011
0.38
0.39
247
12/19/2011
0.381
0.39
2421
12120/2011
0.38
0.39
245
12/21/2011
0.38
0.39
251
12/22/2011
0.38
0.39
256
12/23/2011
0.38
0.39
255
12/24/2011
0.37
0.39
255
12/25/2011
0.37
0.39
255
12/26/20111
037
0.39
H8.
0.39
251
=12/27/2011
0111
0.371
0.391
2541
LAIF Performance Report
Quarter ending 09/30/2011
Apportionment Rate:
0.38%
Earnings Ratio:
.00001042339247730
Fair Value Factor:
1.001847592
Daily:
0.37%
Quarter To Date:
0.39%
I Average Life:
236
PMIA Average Monthly Effective Yields
NOV 2011 0.401%
OCT 2011 0.385%
SEP 2011 0.378%
Taily yield does not reflect capital gains or losses
Pooled Money Investment Account
Portfolio Composition
$66.3 Billion
11/30/11
Loans
20.010/1
Corporate Bonds
0.00%
Commercial Papel
4.67%
Time Deposits
6.28% ,
CDs/BNs
8.75%
Agencies
10.11% Mortgages
0.62%
Treasuries
49.56%
r,cuum t3m Auculan iswsum
TreasuryDirect
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02-23-2012
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11— 1 111�1,hfto�ll I Data & or�suts , LaDst AUCU�ll Dcl�ll I ReCillit WtO. Ul,fld, dild I ill, l`llln�)' R1�111111
Recent Note, Bond, and TIPS Auction Results
sa—ft, Dart. I... 1.�.R, Maturity lnl.,Btt Yi,.,Id , P,!,,,O.B CUSDp
..1. Data at. . % t1a
2-YEAR NOTE 01-03-2012 17 31-201, 0 �25 0 240 99,771630 A2828RW2
5 YEAR NOTE 01 03-2012 12-31-7016 .875 0 880 99 975602 912828RUS0
7-YEAR NOTE 01 03-2012 11 11-2018 1 375 1 43. 99,635210 91282BRY8
4 YEAR 1 MONTH TIPS 12 30-2011 04-15 ?016 . 0 125 -0 877 to, Slas... S,2628QD5
3 YEAR NOTE 12 15-2011 12-15 2014 0 2SR 0 352 99,695676 912828RV4
9 YEAR It MONTH NOTE 12 15 2011 11 15 2021 2 ISO 2 020 99,81968M 912828RR3
29 YEAR 11 MONTH BOND U 15-2011 11 15 2041 3.125 L925 103,16.��l 9128iOQIB
2 YEAR NOTE 11 30-2011 11-30 2013 0,250 0 2.0 99 9.02U9 912528ASt
5 �AR NOTE 11 30-2011 11-30 2016 0 875 O�937 99,697S40 9I2828HUA
7-YEAR NOTE 11 30 2011 11-30 2038 1.3/5 1 �15 qq 13'ITI3 9�282BR19
9-YEAR 8 MONTH UES 11-30 2011 07 15 2021 0,615 0 099 10� 133646 912828QVb
3 YEAR NOTE 11-15 2011 11-15 2014 0 315 0 tl� SEI 9r.07T ��2628IQ5
10-YLAR NOIE 11-15 2011 11 15 2021 1 )Do 1�030 �R,/29 /25 91281UPP3
30 YEAR BODD 11 15 20 i� 11-15 2041 3 12S 3 199 96 �19 5�4 9�2810QTB
2 YEAR NOIF 0 31 201 10-31-2. 1 1 0 2SO 0 )81 Ruq1R2 1 9 2828RN2
5 YEAR NO�F 2011 10-31-2016 1 000 JeSS as /12813 912828RM4
N 10 3�
Y AR 0 T 0 3 -2011 10-31-2018 1 so i3ol `,q /11189 qI2828E11
'29 YEAR I MONTH D RS �0-31 20�1 02-�S-2041 2 125 0 999 132 9S 12q � 912810QP6
3-YEAR NOTF G_j 7-20 1 10 5 ?014 0 Soo 0,544 99 869476 912820R16
9-YEAR 10 MONTH NOTE 10-17-2011 08 15 1021 2 125 2 271 IN 717572 g12628RC6
29 YEAR 10-MONTH BOND 10 17-7011 09-15-2041 3 15. 3 120 112T66894 912810QSO
2 YEAR NOTE 09-30-2011 09-30 2013 0,125 0,249 99 75?770 912628RN8
5-YEAR NOTE 09-30-2011 09 36-2016 1 000 1 015 99 927052 912828P]l
7-YEAR I OTE 09-30-2011 09 30 2018 1 375 1 496 99,198680 912.29RH5
9 YEAR 10 MONTH In MS 09-30-2011 07 15 2021 0 625 0 076 105 $82684 912828QV5
3 YEAR NOTE 09-15 2011 09-15 2014 0 250 0 334 99 749466 912828RG7
9-YEAR 11 MONTH NOTE 09-15-2011 08 15 2021 2 125 2 000 101 117812 912828RC6
29 YEAR 11 MONTH BOND 09 15 2011 08-15 2041 3 750 3 310 108 310327 912810QSO
2-YEAR NOTE 08-31-2011 08 31-2013 0 125 0 222 99,606517 q12828RD4
4 YEAR S-MONTH IT PS 08 31 2011 04 15-2016 0 125 0,825 106 852530 912828QD5
5-YEAJI NOTE 08 31-2011 OR 31-201b 1 000 ID29 99 659020 9t2828B19
7-YEAR NOTE 08-31 2011 08 31-2010 500 INBE) 99 471828 912828RE2
3-YEAR NOTE 0. 15-2011 08 IS-2014 0 5.0 . Soo 100 000000 912828...
10-YEnR NOTE 06 15 2011 08-15-2021 2 125 2A40 99 865607 912828.CA
30-YUR BOND 08-15-2011 08 15-2041 3 750 3 /50 160 000000 q1281EQ50
1 2 YEAR NOTE 08-W-2011 01-31 2013 0 37S PAT � 99 916547 91222SQY3
9 YEAR NOTE 08 01-2011 01 31-201A 500 LS80 99 617012 qi28?8QXI
I -YEAR NOTE OR 01-2011 07-31-2018 2 250 iT280 99 806914 912828QYa
10 YEAR TiPS 07 29 2011 02 15 2021 0 625 . 16�u Ilu) 076731 "2828cw,
3 YEAR NOTE 07 IS 2011 07 15 7014 . 625 OB70 99 8665bg 91292SQ117
Denotes TIPS bond; all other TIPS without asterisks are notes
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Home > Econom, Research & Data > Sonatesil ReleageS and Historical Data
Commercial Paper
Summary Rates VolumeStabstics Outstanding Year-end Maturity Distribution About Announcements
Commercial Paper Rates and Outstanding Summary Derived from data supplied by The Depositary Trust & Clearing Corwration
Data as oi December 30. 2011
Posted,lanuaiv 3,2012
The Commercial paw release will usually be Posted daily at 9 AS a m. Howeyer the Federal Reserve Boom makes no guarantee regarding the timing of
the daily posting This polficy is subject to Change at any time without notice
Rates
AA nonfinancial
Period
1-day
7-day 15-day
30-day 60-day I 90-day
Dec: 27
0.04
0.121
0.101
0.0: ____n.a.
n.a.
Dec. 28
0.04
0.10
0.05 i
0.0 nua.
0.15
Dec. 29 ,
0.05
0.11
0.05
0.04 0.09
0.14
Dec. 30,
0.08
0.08
0.10
0.07 0.11
0.15
Jan. 2 nua. na. n.a. n.a. n.a. n.a.
A2/P2 nonfinancial
_T_
1-d.y 7-day
15-day
30-day
60-day 90-day
0.36
0.47
0.55
0.49
0.66 nua.
0.35
0.45
0.49
0.44
0.62 n.a.
0.36
0.40
0.52
0.55
0.61 ..a.
036
J,
0.39
0.47
0.60
0.27 na.
n.a.
na.
na.
nua.
nua. n.a.
Note ne, indicates that Inside data was insufficent to support casnabon of Me particular (ate
AA financial
Period
1-day
7-day
' 1
15-day
--
30-day 60-day
90-day
Dec. 27
0.04
0.03
0.03
0.03
0.06
0.12
Dec. 20
0.05
0.13
0.02
0.02
0.09
0.13
I Dec. 29
0.05
0.03
0.03
0.03
0.08
0.15
-0.02-,
-0-02
DB._a 0--_
0.02
0.03
0.08
0.13
]Ihn. 2
ra.
. n.a.
F.a.
n.a.
nua.
n.a.
AA asset -backed
1�d.y 7-da, 15-da, 30-day 60-day : 90-day
0.57 0.71 0.69 0.31 0.27 0.33
0.59
0.94
0.82
0.30
0.31
0.27
0.64
0.90
0.35
0.18
0.26
0.28
0.76
0.24
0.32
0.27
0.46
0.55
Full.
na.
nua.
n.a.
n.a.
n.a.
Nots: na, indicates that trade data was insufficient to supped calculation of Me particular rate
Outstanding Levels
Seasonally adjusted
Billions of doll.
Nonfinancial
Financial
Asset -
Period I Total
f Total
Domestic Foreign
Total
Domestic i
Other
Foreign I backed
lilodrrthly�ncl leigals
2011 Aug. 1,091.1 1 169.9
137.4
32.5
557.5 1
333.5
224.0
363.7 0
Sept. j 028.5 167.1
130.7
36.4
513.8
320.4
193.4
347.6 .0
1
Oct. 1,019.0 186.7
147.0
39.6
-4
490.8
299.1
191.8
341.5 .0
Nog. 993.3 187.6
149.3,1
38.2
479.3
292.5
186.8
326.3 .0
Dec. 937.5 174.9
139.1
35.8
434.4
269, 2
1 65.3
328.0 i .2
Weekly (Wednesday) lakelf;
0 1llDDP AFrot
6
http://www.federalreserve.gov/Releases/CP/ 1/3/2012
p": commerciai raper KaEes ana
Near. 30
:
j 1,002.1 199.1
159.1
40.0
482.1
306.7
175.4
320.8 .0
Dec. 7
997.3 201.3
162.3
39.0
471.5
303.4
168.1
324.4 A
Dec. 14
991.7 199.6
161.6 ,
38.1
460.3
295.7
164.5
331.7 .1
Dec. 21
986.5 201.1
162.2
38.9
454.3
294.8
159.5
331.0 1
Dec. 26
959.3 195.3
157.9
37.4
435.9
283 1
152.7
328.0 .2
Not seasonally adjusted
Billions ofdollars
Nonfinancial
I
Financial
Asset -
Period Total
-Total
Dome-S-ti,
Other
Total i DomestiC
Foreign
Monthly -and laurels
__
___
2 ____ F__
011-Aug. 1 1,049.6 175.5
1".1 1
31.4
516.3 f
315.0
201.3:
357.11
C
1
Sept. 11,004.41 158.6
124.7 1
34.0
495.6 1
309.0
186.6 1
350.21
C
Oct. i 1,027.11 193.8
159.4
34.4
480 6
291.3
189.3
352.7
C
Nov. 1,006.5 187.0
155.6
31.4
471.4
289.1
182.2
348.1
X
Dec. 969.2 146.3
116.2
30.2
472.4
291.7
180.6
350.4
.2
Weekly (Wednesday) hinnals;
Nov. 30 1,006.5 187.0
155,6
31.4
471.41
289.1
182.2
348.1
C
Dec. 7 1 1,006.21 188.0
156.2
31.7
474.9
292.6
182.3
343.3
.1
Dec. 14 1 1,004.5 185.5
153.2
32.3
469.7
290.2
179.5
349.2
.3
Dec. 21 1,005.5 IBO.8
148.3
32.5
473.3
299.2
174.1
351.3
Dec. Z8 982.6 160.2
128.6
31.5
472.6
297.5
175.0
349.8
Retum to top
Home I Economic research and data
Accessibility Contact us Disclaigair ff� Linking Policy FOA PDFReader 0
7
leases/CP/ 1/3/2012
http://www.federalreserve.gov/Re
rnmer v ersicin - Douru oi uiovurum s ui ux r cuu, w �ubul v v oy �Lvlll L ar,� i vi
Selected Interest Rates (Daily) - H. 15
Current Release Release Dates Daily Update Historical Data About Announcements
P4iIy_ljP4ate---- -- - ----- - - - ---
Release Date: December 30, 2011
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. If
Monday is a holiday, the weekly release will be posted on Tuesday after the holiday and the daily update will not be posted on that
Tuesday.
December 30, 2011
Selected Interest Rates
Yields in percentper annum
Instruments
2011
Dec
26*
2011
Dec
27
2011
Dec
28
2011
Dec
29
Federal funds (effective) 1 2 3
0.08
0.07
0.07
0.07
Commercial Paper 3 4 5 6
Nonfinancial
1-month
0.08
0.08
0.04
2-month
n.a.
n.a.
0.09
3-month
n.a.
0.15
0.14
Financial
1-month
0.03
0.02
0.03
2-month
0.06
0.09
0.08
3-month
0.12
0.13
0.15
CDs (secon ary mar et 3 7
1-month
0.25
0.25
0.25
3-month
0.51
0.51
0.51
6-month
0.64
1 0.64
0.64
Eurodollar deposits (London) 3 8
1-month
0.36
0.36
0.36
3-month
0.51
0.51
0.51
0.51
6-month
0.73
0.73
0.73
0.73
Bank prime loan 239
3.25
1 3.25
1 3.25
1 3.25
http://www.federaireserve.gov/Releases/HI5/update/ 1/3/2012
rrinier version - t5oaraoi uovemurs ot u1c r cuu, a, �ubclvv oy�tclll , i ar,� � vi ,
Discount window primary credit 2 10
0.75
0.75
0.75
0.75
U.S. government securities
Treasury bills (secondary market) 34
4-week
0.01
0.00
-0.01
3-month
0.02
0.01 1
0.02
6-month
0.06
0.0.5
0.07
1-year
0.11
0.11
0.11
Treasury constant maturities
Nominal
1-month
0 01T
0.00
0.00
3-month
0.02
0.01
0.02
6-month
0.06
0.05
0.07_
1-year
0.12
0.12
0.12
2-year
0.30
0.28
0.28
3-year
0.45
0.42
0.41
5-year
0.96
0.91
0.88
7-year
1.49
1.41
1.38
10-year
2.02
1.43
1.91
20-year
2.72
2.59
2.58
30-year
3.04
2.91
2.90
Inflation indexed 12
5-year
-0.69
-0.72
-0.73
7-year
-0.39
-0.42
-0.42
10-year
2
:::�� 71
-0.05
20-year
0.58
0.50
0.54_
30-year
0.81
0.74
0.78
Inflation -indexed long-term average 13
0.53
0.47
0.50
Interest rate swaps 14
1-year
0.7::2:]::-:
0.72
0.71
2-year
0.77
0.78
0.77
3-year
0.89
=0 9 0=0
.8 8-
4-year
1.11
1.09
1.08
5-year
1.35
1.32
1.30
7-year
1.77
1.72
1.71
10-year
2.17
2.10
2.09
9
http://www.federalreserve.gov/Releases/H I 5/update/ 1/3/2012
rrinter version - DOLinj U1 UUVCHIL11b V1 L11U I �U�Ial I IJI�11 ... . -5- - —
30-year
2.76
2.67
2.65
Corporate bonds
Moody's seasoned
Aaa
3.94
3.79
n.a.
Bea
5.32
5.18
n.a.
State & local bonds
3.88
Conventional mortgages 17
3.95
* Markets closed.
n.a. Not available.
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar
day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1, 2, and 3-month rates are
equivalent to the 30,60, and 90-day dates reported on the Boards Commercial Paper Web page
(www.t'cderalreser%,e.pov,lreleaqes,lcp/).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is
any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's
liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary
programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. An average of dealer bid rates on nationally traded certificates of deposit.
8. Source: Bloomberg and CTRB ICAP Fixed Income & Money Market Products.
9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several
base rates used by banks to price short-terin business loans.
10. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program,
which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see W%NrW tcderalre��i Ne.gi)v.�bo�ir(t(loc�,�pi�essibci,eg/2002,�200210312i'Llef',I(Ilt,litiii. The rate reported is that for
the Federal Reserve Bank of New York, Historical series for the rate on adjustment credit as well as the rate on primary credit are
available at "w�.fe(icr�tirleserve,gLiv/r,clewcsy'h I �/data.htm.
http://www.federaireserve.gov/Releases/H I 5/update I /' 1/3/2012 10
rrinter Version - j3oUriji Vi UL)vt;i1iuLb vi mc; i c,ucicu .-5- —
11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity
series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006,
the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal
rate. The historical adjustment factor can be found at k%NNW.treastit�.2()%,/rC.�OLirce-ccjiter�'d�ita-chart-ceiiter�interesi-tatcs". Source: U.S.
Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional
information on'both nominal and inflation -indexed yields may be found at www.tre�istit�,.go��'reqotirce-center/dEltzi-cliirt-
center"inicrest-rates/.
13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
14. International Swaps and Derivatives Association (ISDAO) mid -market par swap rates. Rates are for a Fixed Rate Payer in return
for receiving three month LIBOR, and we based on rates collected at 11:00 a.m. Eastern time by Garban Intercapital plc and published
on Reuters Page ISDAFIXV. ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
15. Moody's Am rates through December 6, 2001, are averages of Am utility and Am industrial bond rates. As of December 7,2001,
these rates are averages of Am industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage Market Surveys) data provided by
Freddie Mae.
Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H. 15 web site (see
below), are averages of business days unless otherwise noted. I
Current and historical H. 15 data are available on the Federal Reserve Board's web site (www.federalrcserve.gov/). For information
about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax
202-728-5886).
Description of the Treasury Nominal and Inflation- Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve for
non -inflation -indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the
closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated
from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read
from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a
yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly,
yields on inflation -indexed securities at "constant maturity" are interpolated from the daily yield curve for Treasury inflation
protected securities in the over-the-counter market. The inflation -indexed constant maturity yields are read from this yield curve at
fixed maturities, currently 5, 7, 10, and 20 years.
http://www.federalreserve.gov/Releases/H15/update/ 1/3/2012
City of La Quints
Cash Fl�
Budget to Actual
November 30, 2011
Cash Basis
Amount
Budget
Actual
11/11
Accrual
Adjustment
Tdju-stedTot.f
11/11
--Vahahm
Over(Under)
Notes
Property Tai Tax Increment
Transient Occupancy Tax
Sales Tax
SilverRock Golf
Library
318,444
229,925
13,515
f237,550246.677
289.421
402.5,tO
13,515
246.677
289,421
402,540
-
13,515
9,127
(29,023)
172,615
Higlair .�,i tio� orditead
Other revenues
801.762
655,104
655,104
(146,658)
Franchise Tax underbodget
$1881,
Revenues
1,587,682
1.607,25?
1 1,607,257
19,576
Expenditures
Salaries & Fringe Benefits
828,941
869,479
M9,479
40,538
Other expenditures
2,392,372
2,830,042
2.81
437.670
Paid Mo montins Poke
Subtotal
3,221.313
3,699,521
3,699,521
478,208
Did mt spere $1251, for
Redevelopment Agency
Debt Service (Principal/Inleni Through)
209,020
-
24,421
-
24,421
-
(11,5")
E.n.mic Dvviaoprr�t,n
2011 PA 2 Bond Fund
Subtotal
209,026
1 24,421
1
24,421 1
(184,599)
$17,523
Capital Projects
Total Expendlidures
4,747,856
5,041,465 1
5,041,465
293
I
Net Reverues/Expenclitures
13,�,Zoal
NOTE 1
Expenditures are budgeted at 8 3,t% per month
Difference deoveen actual and budget
(Underspent)
DEPARTMENT
Overspent Notes
GENERAL GOVERNMENT
(7,629)
CITY CLERK
(il,383)
COMMUNITY SERVICES
(105.128)
Library, undleraudget $118,
FINANCE
(27,052)
BUILDING & SAIFE�
(92,926)
Building Division underbudget $701,
PUBLIC SAFETY
6�18,403
Paid 1x,e monfle Posted ii
PLANNING
1,599
PUBLIC WORKS.
(106.201)
Lighting & Larchical siddribul $63k
299.W3
SUBTOTAL - GENERAL FUND
Library
Gas Tax
Federal Assistance
JAG Grant
Slesf (Cops) Revenue
CMAQ
Lighting & Landscaping
RCTC
Development Agreement
-
AS 939
3,486
Quimby
Infrastructure
Proposition 18
South Coast Air Quality
(3,354)
Tramp.n.b.it
Park. & Recreation
Civic Center
Library Development
Community Center
Street Facility
Park Facility
Fire Projection
An. In Public Places
3,214
Interest Allocation
-
Equipment Replacement
(35,472)
Information Technology
(29,W7)
Park Maintenance Facility
(W.378)
Silvei Golf
28.226
SilverRock Reserve
-
LO Public Safety Officer
(167)
Housing Authority
34,444
Finance Authority
(966)
Supplemental Person Plan
-
Capital Improvement
Total
269349
12
INVESTMENT ADVISORY BOARD
Meeting Date: January 11, 2012
TITLE:
Pooled Money Investment Board Report
for October 2011 and November 2011
BACKGROUND:
Correspondence
& Written Material Item B
The Pooled Money Investment Board Report for October 2011 and November 2011
is included in the agenda packet.
RECOMMENDATION:
Receive & File
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF OCTOBER 2011 WITH OCTOBER 2010
(DOLLARS IN THOUSANDS)
Average Daily Portfolio $
Accrued Earnings $
Effective Yield
I Average Life -Month End (in Days)
63,739,140 $
20,805 $
0.386 %
229
64,924,891 $ -1,185,761
26,468 $ -6,663
0.480% -0.095%
191
+38
Total Security Transactions
Amount
$
17,336,997
$
35,257,908
$ .
47,920,911
Number
348
720
-372
Total Time Deposit Transactions
Amount
$
3,863,800
$
3,770,000
$
+93,800
Number
153
150
+3
Average Workday Investment Activity
$
1,060,040
$
1,868,472
$
-798,432
Prescribed Demand Account Balances
For Services
$
1,768,701
$
1,643,886
$
+214,816
I
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
October 31, 2011
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORIFOL10 FROM
TYPE 3F SFCURI
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
$
21,802,312
32.13
-2.32
Bonds
0
0.00
Notes
12,845,889
18.93
+1.03
Strips
0
0.00
0
Total Government
$
34,648,201
51.06
-1.29
Federal Agency Debentures
$
1,417,880
2.09
-0.79
Certificates of Deposit
6,760,015
9.96
-0.55
Bank Notes
0
0.00
0
Bankers'Acceptances
0
0.00
0
Repumhases
0
0.00
0
Federal Agency Discount Notes
3,892,817
5.74
-0.02
Time Deposits
4,188,140
6.17
.0.01
GNMA9
33
0.00
0
Commercial Paper
4,023,312
5.93
-0.26
FHLMC1R9mIcs
418,333
0.62
-0.03
Corporate Bonds
0
0.00
0
AB 55 Loans
409,668
0.60
-0.08
GF Loans
11,801,300
17.39
+3.84
NOWAccounts
0
0.00
0
Other
300,000
0."
-0.01
Reversed Repurchases
0
0.00
0
Total (All Types)
$
67,859,399
100.00
INVESTMENT ACTIVI
OCTOBER 2011
SEPTEMBER 2011
NUMBER
AMOUN
NUM13ER
AMOUN
Pooled Money
348
$ 17,336,997
395
$
19,663,209
Other
4
32,382
17
$
427,035
Time Deposits
163
3,863 �800
112
$
248-8000
___
Totals
505
$ 21,233,179
524
$
22,568,2"
PMIA Monthly Average Effective Yield
0.385
0.3TS
Year to Date Yield Last Day of Month
0.388
0.389
Pooled Money Investment Account
Portfolio Composition
Corporate Bond
0.00%
Commercial Pape
5.93%
Time Deposits
6.17%
CDs1E
9.96
$67.9 Billion
10131111
Loans
Agencies
8.27% Mortgages
0.62%
Treasuries
51.06%
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF NOVEMBER 2011 WITH NOVEMBER 2010
(DOLLARS IN THOUSANDS)
Average Daily Portfolio
$ 64,646,903 $
66,312,942 $
-1,666,039
Accrued Earnings
$ 21,243 $
24,776 $
-3,533
Effective Yield
0.401 %
0.454%
-0.063%
Average Life -Month End (in Days) 220 184 +36
Total Security Transactions
Amount
$
19,581,552
$
27,237,972
$
-7,666,420
Number
394
563
-169
Total Time Deposit Transactions
Amount
$
1,786,980
$
1,753,990
$
+32,990
Number
110
92
+18
Average Workday Investment Activity
$
1,`124,660
$
1,625,893
$
-401,233
Prescribed Demand Account Balances
For Services
$
1,777,405
$
1,375,647
$
+401,768
I
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
November30,2011
DIFFERENCE IN
PERCENT OF
PERCENT OF PORTFOLIO FROM
TYPE OF SECURITY AMOUNT PRIOR MONTH
Govemment
Bills $ 20,608,310 31.09 -1.04
Bonds 0 0.00 0
Notes 12,246,303 18.47 -0.46
Strips 0 0.00 0
Total Govemment $ 32,854,613 -1.50
Federal Agency Debentums
1,410,018
2.13
+0.04
Certificates of Deposit
5,800,017
0.75
-1.21
Bank Notes
0
0.00
0
Bankers'Acceptances
0
0.00
0
Repurchases
0
0.00
0
Federal Agency Discount Notes
4,991,329
7.53
+1.79
Time Deposits
4,161,640
6.28
+0.11
GNMA9
32
0.00
0
Commercial Paper
3,098,536
4.67
-1.26
FHLMC1RemIcs
408,658
0.62
0
Corporate Bonds
0
0.00
0
AB 55 Loans
308,389
0.47
-0.13
GF Loans
12,953,900
19.54
+2.15
NOW Accounts
0
0.00
0
Other
300,000
0.45
+0.01
Reversed Repurchases
0
0.00
0
Total (All Types)
$ 66,287,132
100.00
Pooled Money
Other
Time Deposits
Totals
PMIA Monthly Average Effective Yield
NOVEMBER 2011
NUMBER
AMOUN
394
$ 19,681,552
Is
879,303
110
7 , 0
523 $ 22,247,835
0.401
OCTOBER20il
NUMBER AMOUNT
348 $ 17,336,997
4 $ 32,382
153 $ 3,863,800
505 $ 21,233,179
0.385
Year to Date Yield Lost Day of Month 0.391 0.388
Pooled Money Investment Account
Portfolio Composition
$66.3 Billion
Loans
Corporate Bonds
0.00%
Commercial Paper
4.67%
Time Deposits
6.28%
CDs/E
8.75'
11/30111
Agencies
10.11% Mortgages
0.62%
Treasuries
49.56%
BOARD MEMBER ITEMS
ABlX 26
I OM Flo, I Ll foi�
Prepared January 2012
I
Table of Contents
Introduction .....
ABIX26.......................................................................................................................................................... I
Glossary......................................................................................................................................................... 4
ABIX26 Responsibilities .......................................................................... 10
Appendix..................................................................................................................................................... 20
AB1X26Date Matrix ............................................................................................................................. 20
Recognized Obligation Payment Schedule ........................................................................................... 23
1
Introduction
This handbook has been prepared to assist with the understanding and implementation of
ABIX 26. It is not meant to be a legal guide nor should this Handbook be relied upon in
taking actions required by the legislation. We advise that legal counsel be consulted before
taking any actions pursuant to the legislation.
In upholding AB1X 26, the Supreme Court reformed certain deadline dates. TheCourt
revised each effective date or deadline for performance of an obligation arising from part
1.85 of division 24 of the Health and Safety Cone arising before May 1, 2012, to take effect
four months later, except for actions to be taken by September 1, 2011 which are extended
until January 13, 2012. Where a provision imposed obligations in both this and subsequent
fiscal years, only the provision as it relates to obligations arising before May 1, 2012 is
extended.
We hope you find this Handbook useful. If there are any questions, corrections or
comments, please contact us by phone (909) 861-4335 or by our email addresses:
Martin Coren mcorenObdiccprol2erWax.com
Paula Cone pconePhdIccpropertZax.com
David Schey dscheyRhdlccproVeEWax.com
Cheryl Murase cmurase0hdlccVroperty=com
ABIX 26
Redevelopment Agencies
Under ABIX 26 redevelopment agencies are dissolved and replaced with Successor Agencies
responsible for winding down the affairs of the redevelopment agencies including disposing of
their assets. Upon the effective date of the legislation (June 29, 2011) Redevelopment agencies
can no longer incur indebtedness, amend or modify existing agreements, increase pay, pay
bonuses or hire employees, refund, restructure or refinance bonds or transfer money out of the
Low and Moderate Income Housing Fund.
A dissolving redevelopment agency must adopt an Enforceable Obligation Schedule by August
28, 2011, perform obligations required by enforceable obligations, maintain reserves, preserve
agency assets and cooperate with Successor Agencies. Employment agreements stay in place
until September 30, 2011. The redevelopment agency must provide the Successor Agency with
a draft Recognized Obligation Schedule by January 30, 2012.
Enforceable Obligations consists of bonds, loans, payments required by governments (except
pass -through payments), court judgments and settlements, legal contracts and agreements and
contracts necessary for continued administration. Enforceable Obligations do not include
unencumbered assets transferred to cities or counties after January 1, 2011. After August 28th,
redevelopment agencies can only pay obligations listed on the Enforceable Obligations Schedule.
Actions to determine the validity of a redevelopment plan or plan amendment that were
commenced on or after January 1, 2011 may be brought within two years of the event.
Successor Agencies
Successor Agencies become operative on February 1, 2012. On this date all assets, properties,
contracts, and leases of the former redevelopment agency are transferred to the Successor
Agency. The unencumbered assets transferred to cities and counties must be returned by
February 1, 2012.
Communities may elect to become the Successor Agency for its former redevelopment agency.
If no local agency elects to become the Successor Agency, a designated local authority shall be
vested with the powers of the Successor Agency and the Governor shall appoint three residents
of the county to serve as its board.
Successor Agencies shall create a Redevelopment Obligation Retirement Fund, continue
payments on the Enforceable Obligation Schedule, maintain reserves, perform obligations
required by Enforceable Obligations, dispose of assets and property, and enforce all rights for the
benefit of taxing agencies. The Successor Agency will continue to oversee development of
properties until contractual obligations can be transferred to other parties, use bond proceeds. to
continue fimded activities and defease bonds and prepare administrative budgets. By March 1,
2012 the Successor Agency shall prepare a draft of the Recognized Obligation Payment
Schedule for payments through July 1, 2012. From May 1, 2012 forward only payments listed
on the Recognized Obligation Payment Schedule may be made by the Successor Agency.
Successor Agencies are entitled to an administrative allowance. Subject to approval of the
Oversight Board, the administrative allowance is up to five percent of property tax for 2011-12
and three percent each year thereafter. The amount shall not be less than $250,000 for any fiscal
year unless agreed to by the Successor Agency.
Oversight Boards
Oversight Boards must report their chairperson and members to the Department of Finance by
May 1, 2012. Oversight Boards are to be composed of one member each appointed by the
county board of supervisors, mayor, the largest special district by property tax share, the county
supervisor of education, the Chancellor of the California Community Colleges, a public member
appointed by the county board of supervisors and a member representing employees of the
former redevelopment agency appointed by the mayor or the chair of the county board of
Supervisors.
Oversight boards direct the staff of the Successor Agency, have fiduciary responsibilities to
holders of enforceable obligations, approves actions of the Successor Agency and establishes the
Recognized Payment Obligation Payment Schedule. It takes a majority of the Oversight Board
to constitute a quorum and to vote to take action. On, or after July 1, 2016, a single oversight
board for the county shall be appointed.
County Auditor -Controller
The Auditor -Controller is required to audit each dissolved redevelopment agency's assets,
liabilities, and tax -sharing obligations and determine the amount and terms of indebtedness by
July 1, 2012. The Auditor -Controller also certifies the initial Recognized Payment Obligation
Schedule.
Upon the effective date of the legislation the Auditor -Controller shall determine the amount of
tax increment that would have been allocated to each redevelopment agency which are deemed
property taxes by the ABIX 26 and shail deposit the amount in Redevelopment Property Tax
Trust Fund. The Auditor -Controller administers the Trust Fund for the benefit of the holders of
Enforceable Obligations and the taxing agencies that receive pass -through payments.
No later than November I and May I of each year, the Auditor -Controller provides estimates of
the amounts to be distributed to the entities receiving the distributions and the Department of
Finance.
From February 1, 2012 to July 1, 2012, after deducting administrative costs, and after making
tax -sharing payments, the Auditor -Controller allocates moneys from the Redevelopment
Property Tax Trust Fund, to the Successor Agencies. Should the Successor Agency report to the
County Auditor -Controller no later than December I and May I that the amount in the Property
Tax Trust Fund is insufficient to meet tax -sharing payments, Enforceable Obligations and the
Successor Agencies administrative allowance, the Auditor -Controller shall verify that there are
insufficient funds and report to the State Controller and.the Department of Finance within ten
days. If the State Controller concurs that there are insufficient funds, the Auditor -Controller
shall first reduce the Successor Agency's administrative allowance and second, subordinate tax -
sharing payments. If there are still insufficient funds, the county treasurer may loan the
necessary funds.
No community may establish a new redevelopment agency if the former redevelopment agency
has been dissolved until the Successor Agency has retired all the enforceable obligations of the
former agency and only if the community adopts an ordinance to provide Continuation
Payments.
Glossary
Administrative Budget - The budget for the administrative costs of the successor
agencies. 34171(a)
Administrative Cost Allowance - For Successor Agencies, and subject to the approval of
the Oversight Board, up to five percent of the property tax allocated to the
Successor Agency for 2011-12 and up to three percent of the property tax allocated
to the Redevelopment Obligation Trust Fund for 2012-13 and each year thereafter.
The Administrative Cost Allowance shall not be less than $250,000 for any fiscal
year or such lesser amount as agreed to the Successor Agency. The Administrative
Cost Allowance shall exclude administrative costs that can be paid from bond
proceeds or from sources other than property taxes. 34171(b)
Community - City or county that created a redevelopment agency.
Designated local authority - If no local agency elects to serve as a Successor Agency a
"designated local authority" shall be immediately formed and vested with all the
powers and duties of a Successor Agency. The Governor shall appoint three
residents of the county to serve as the governing board of the authority.
Effective Date - The date ABlX 26 and Was enacted by the Legislature: June 28, 2011.
Emergency Refunding Bonds - To avoid default on outstanding bonds or lines of credit
obtained from a financial institution, a redevelopment agency may issue Emergency
Refunding Bonds. Both the county treasurer and the State Treasurer must approve
the issuance. Emergency Refunding Bonds can provide funds only for any single
debt service payment due prior to February 1, 2012, and that is more than 20
percent larger than a level debt service payment would be for that bond, or for a
letter of credit that expires prior to February 1, 2012. The principal amount is not
to be increased except if Emergency Refunding Bonds are issued for the purpose of
paying off a line of credit, and only in the amount of the line of credit payment as
well as costs of issuance. 34162(c)
Enforceable Obligation - Obligations of the former redevelopment agency to be paid by
the redevelopment agency until the Successor Agency is formed and then paid by
the Successor Agency. Enforceable Obligations include:
• Bonds
• Loans borrowed by the redevelopment agency for a lawful purpose, including
money borrowed from the Low and Moderate Income Housing Fund to the
extent they are legally required to be repaid pursuant of a required repayment
schedule.
• Payments required to the federal government, preexisting obligations to the
state or obligations imposed by state law, or legally enforceable payments
required in connection with the agencies' employees. Tax -sharing payments are
not Enforceable Obligations as they will be paid by the county auditor -controller.
• judgments or settlements entered by a competent court of law or binding
arbitration.
• Any legally binding and enforceable agreement or contract that is not otherwise
void as violiting the debt limit or public policy.
• Contracts or agreements necessary for the continued administration or
operation of the redevelopment agency including agreements to purchase or
rent office space, equipment and supplies, and pay -related expenses.
• Amounts borrowed from or payments owning to the Low and Moderate Income
Housing Fund that had been deferred that had been deferred as of the effective
date of Part 1.9 provided that the repayment schedule is approved by the
Oversight Board.
Enforceable Obligations do not include any agreements, contracts or arrangements
between the community and the former redevelopment agency except: 1) written
agreements entered at the time of issuance and not later than December 31, 2010,
and loan agreements within two years of creating the redevelopment agency or
project area. 34167(d) & 34171(d)
Enforceable Obligation Payment Schedule (EOPS - The EOPS is to be adopted by August
28,2011 (within 60 days of the effective date of AB 26). After the adoption of the
EOPS, the redevelopment agency and Successor Agency cannot make any payments
not listed on the EOPS. The EOPS is to include all of the following:
• The project name associated with the obligations
• The Payee
• A short description of the nature of the work product, sevice, facility, or other
thing of value for which payment is to be made
• The amount of payments obligated to be made by month through December
2011
Payment schedules for bonds and employee agreements may be aggregated.The
Schedule shall be adopted at a public meeting of the redevelopment agency and
posted on the redevelopment agency's web site. The schedule may be amended at
any public meeting. The EOPS shall be transmitted by mail or electronic means to
the county auditor -controller and the Department of Finance. A notification
providing the internet web site location shall meet this requirement. 34169
Former redevelopment agency - A redevelopment agency that has been dissolved in
accordance with AB 26
Indebtedness Obligation - Means bonds, notes, certificates of participation, or other
evidence of indebtedness issued or delivered by the redevelopment agency, or by a
joint exercise of powers authority to third -party investors or bondholders to finance
redevelopment projects. 34171(e)
Initial Recognized Obligation Payment Schedule - The former redevelopment agency is
to prepare an initial recognized obligation payment schedule by September 30,
2011. 34169(h) See Recognized Obligation Schedule
Oversight Board - The Oversight Board directs the staff of the Successor Agency to
perform work in furtherance of the Oversight Board's duties and responsibilities.
The Oversight Board shall have fiduciary responsibilities to the holders of
enforceable obligations and the taxing entities that benefit from distributions of
property tax and other revenues. 34179
Each Successor Agency shall have an Oversight Board composed of seven members:
1. One member appointed by the county board of supervisors
2. One member appointed by the mayor of the community
3. One member appointed by the largest Special District (see Special District) by
property tax share with territory within the territorial jurisdiction of the former
redevelopment agency
4. One member appointed by an elected county supervisor of education or the
county board of education if there is no elected supervisor of education
S. One member appointed by the Chancellor of the California Community Colleges
6. One member of the public appointed by the county board of supervisors
7. One member representing the employees of the former redevelopment agency
appointed by the mayor or.chair of the county board of supervisors from the
largest recognized employee organization
Any individual may simultaneously be appointed to up to five Oversight boards and
may hold an office in a city, county, special district or community college district.
There are special provisions When the redevelopment agency was formed by joint
powers authority, if there is no eligible Special District, a charter city and county.
The Governor may appoint members if a position has not been filled by May 15,
2012.
Recognized Obligation - Means an obligation listed in the Recognized Obligation Payment
Schedule 34171(g)
Recognized Obligation Payment Schedule (ROPS) - The Recognized Obligation Payment
Schedule mean the document setting forth the minimum payment amounts and due
dates of payments required by enforceable obligations for each six-month fiscal
period. 31171(h)
The Successor Agency is required to prepare a ROPS before each six month fiscal
period. The ROPS shall identify one or more of the following sources of payment
(not required for the EOPS):
• Low and Moderate Income Housing Fund
• Bond Proceeds
• Reserve Balances
• Administrative Cost Allowance
• The Redevelopment Property Tax Trust Fund
• Other revenue sources including rents, concessions, asset sale proceeds, interest
earning and any other revenues derived from the former redevelopment agency�
as approved by the Oversight Board
The ROPS is not deemed valid unless:
The draft ROPS is prepared by the Successor Agency by March 1, 2012. From
October 1, 2011, to July 1, 2012, the initial draft shall project the dates and
amounts of scheduled payments that the former redevelopment agency would
have made. The initial draft shall be certified by an external auditor [the county
auditor -controller].
The certified ROPS is approved by the Oversight Board
A copy of the approved ROPS is submitted to the county auditor -controller, the
State Controller and the Dept. of Finance and posted on the Successor Agency's
web site.
The ROPS shall be forward looldng to the next six months. The first ROPS for
January 12012 through June 30, 2012shall be submitted to the State Controller's
Office and the Department of Finance by April 15, 2011.
Each January 16th and each June ls� the county auditor -controller allocates revenue
from the Redevelopment Property Tax Trust Fund money to each Successor Agency
for payments listed on the ROPS for each six month period. 34182(a)(2) & 34185
Commencing May 1, 2012, the ROPS shall supersede the Statement of Indebtedness
which shall no longer be prepared for dissolved redevelopment agencies.
34177(a)(2)
Redevelopment Obligation Retirement Fund - The Successor Agency shall create the
Redevelopment Retirement Trust Fund in its treasury. 34170.5(a).
Each January 16th and each June 1s% the county auditor -controller allocates revenue
from the Redevelopment Property Tax Trust Fund money to each Successor Agency
for payments listed on the ROPS for each six month period. 34182(a)(2) & 34185
Commencing May 1, 2012i the Successor Agency may pay from the Redevelopment
Obligation Retirement only those payments listed on the ROPS. 34177(a)(3) (or
from sources other than those listed on the ROPS with the approval of the Oversight
Board). 34177(a)(4)
Redevelopment Property Tax Trust Fund (the Trust Fund) - The county auditor -
controller shall create within the county treasury a Redevelopment Property Tax
Trust fund for property tax revenues related to each former redevelopment agency,
for administration by the county auditor -controller. 34170.5(b) The county
auditor -controller shall administer the Trust fund for, the benefit of the holders of
form redevelopment agency enforceable obligations and the taxing entities that
receive pass -through payment and distributions of property taxes.
The county auditor -controller shall prepare estimates of the allocation and
distribution of the property tax revenues deposited in the Trust and provide those
estimates to the Department of Finance and the taxing entities receiving
distributions no later than March 1, 2012 and each November 1st and May 1s, of each
year. 34182(c)(3)
The county auditor -controller may charge the Trust Fund for the costs of
administration, audit and oversight. 34182(d)(e)&34183(d)
Beginning February 1, 2012 the county auditor -controller shall first deduct its
administrative costs, providing there are sufficient funds, allocate the money in the
Trust Fund in the following order:
• Pass -through payments to taxing entities no later than May 16,2012, and each
January 16th and June 1s' of each year
• To Successor Agencies on May 16,2012 and each May 16th and January 1st and
June Ist of each year for payments in the following order:
- Debt service for tax allocation bonds
- Payments for revenue bonds but only to the extent that the pledged revenues
are insufficient and tax increment revenues were also pledged for the bonds
- Payments for other debts and obligations listed on the ROPS to be paid with
tax increment revenue
- The administrative cost allowance for the Successor Agency
- Any remaining moneys to local agencies and school entities
34183(a)(2) &34185
If the Successor Agency reports no later than April 1, 2012, and each December 1st
and May 1st thereafter to the county auditor -controller that the allocation from the
Trust Fund to the Redevelopment Obligation Retirement Fund, and other funds, are
insufficient to fund payments for the next six months, the deficiency shall be
deducted: first from the property taxes that would have been distributed to taxing
entities; second from subordinated pass -through payments and third from the
Successor's Administrative Cost Allowance until all funds have been exhausted.
34183(b)
Whenever a Recognized Obligation has been retired, the auditor -controller shall pay
the property tax revenues associated with that obligation to pay other Recognized
Obligations and then as property taxes to the taxing entities. 34187
n
Successor Agency - Means the community (or member of a joint authority as specified in
Section 34173) that authorized the creation of each redevelopment agency.
341710)
Except for the provisions of the Community Redevelopment Law that are repealed,
restricted or limited by AB 26, all authority, rights, powers, duties and obligations of
the former redevelopment agencies are vested in the Successor Agencies. 34173(a)
All assets, properties, contracts, leases, books and records, buildings, and equipment
of the former redevelopment agency are transferred on October 1, 2011, to the
control of the Successor Agency. 34175(b)
Successor Agencies are required to do the following:
• Continue to make payments due for enforceable obligations
• Maintain reserves in the amount required by indentures, trust indentures, or
similar documents governing the issuance of outstanding redevelopment agency
bonds
• Perform obligations required pursuant to any Enforceable Obligations
• Remit unencumbered balances of the redevelopment agency funds to the county
auditor -controller for distribution to taxing entities
Dispose of the assets and properties of the former redevelopment agency as
directed by the Oversight Board
Enforce all former redevelopment agency rights for the benefit of taxing entities,
including, but not limited to, continuing to collect loans, rents and other
revenues due the redevelopment agency
Effectuate the transfer of housing functions and assets to the appropriate entity
• Expeditiously wind down the affairs of the redevelopment agency with the
direction of the Oversight Board
• Continue to oversee development of properties until the contracted work has
been completed or transferred to other parties
• Prepare a proposed administrative budget and submit it to the Oversight Board
for approval �
• Provide administrative cost estimates from its approved administrative budget
that are to be paid for each six month period to the county auditor -controller
• Before each six month period prepare a Recognized Obligation Payment
Schedule
Special District - A local agency, other than a city, county, or school entity that receives a share
of property taxes from the project areas of the former redevelopment agency. The
Special District with the largest property tax share in the territorial jurisdiction of the
former redevelopment agency becomes a member of the Oversight Board 34179 (a)(3)
If there isno eligible special district the County may appoint a public member
34179(a)(9)
Taxing Entities - Means cities, counties, a city and county, special districts and School
Entities 34171(k)
ABIX26 Responsibilities
Auditor -Controller
• Commencing with the effective date of the legislation, the auditor -controller shall
review the activities of redevelopment agency to determine if an asset transfer
occurred after Jan. 1, 2011 between the communities and the redevelopment
agencies and order the available assets to be returned to the redevelopment agency
or Successor Agency
- Transfer housing responsibilities and all right powers, duties and obligations to
the appropriate entity pursuant to Section 34176
- Terminate any agreement between the dissolved redevelopment agency
obligating the redevelopment agency to fund any debt service obligation of the
public entity for the construction or operation of facilities owned or operated by
the public entity where the Oversight Board finds that early termination would
be in the best interests of the taxing entities
- Determine whether any contracts, agreements or other arrangements between
the dissolved redevelopment agency and private party should be renegotiated or
terminated to reduce liabilities and increase revenues to the taxing entities. The
Oversight Board may approve such agreements when they would be in the best
interest of the taxing entities
• Create in the County treasury a Redevelopment Property tax Trust Fund for the
property tax revenues related to each former redevelopment agency
• Conduct, or cause to be conducted, an agreed upon procedures audit of each
redevelopment agency in the county that is to be dissolved to be completed by July
12, 2012, to establish each redevelopment agency's assets and liabilities, tax -sharing
obligations, the amounts ad terms of redevelopment agency indebtedness, and
certify the initial Recognized Obligation Payment Schedule 34182(a)(1)
• By July 15, 2012, provide the State Controller's office a copy of all audits performed,
and maintain the audit documentation and worldng papers 34182(b)
• Determine the amount of tax increment that would have been allocated to the
former redevelopment agencies. These amounts are deemed property tax revenues.
The Auditor -Controller shall calculate the property tax revenues using the last
equalized roll, and pursuan ' t to statutory formulas or contractual agreements with
other taxing entities, deposit that amount into the Redevelopment Property Tax
TrustFund. 34182(c)(1)
• Administer the Redevelopment Property Tax Trust Fund for the benefit of the
holders of the former -redevelopment agency enforceable obligations and taxing
entities that receive pass -through payments and distributions of property taxes
pursuant to the legislation 34182(c)(2)
10
Prepare estimates of amounts to the entities receiving the money and the State
Department Finance of property tax revenues to be allocated and distributed no
later than March 1, 2012, and each November Ist and May 1s, of each year.
Disburse the proceeds of assets sales or reserve valances to taxing entities
34182(c)(4)
By February 1, 2012, report the following information to Controller's office and
Department of Finance
- Amount of property tax remitted to the Redevelopment Property Tax Trust Fund
for each former redevelopment agency
- The sums of property tax remitted pursuant to tax -sharing agreements
- The sums remitted to Successor Agencies for payment of debt service payments
listed on the Recognized Payment Obligation Schedule
- The sums remitted each Successor Agency for administrative costs
- The sums paid to each city, county and special district, and the total amount
allocated to schools
- Any amount not distributed due to insufficiency of funds.
34182 &34183
On October 1 and July 1 of each year, after deducting administrative costs, allocate
the money in the Redevelopment Property Tax Trust Fund, in the following order:
- Amount of property tax remitted to the Redevelopment Property Tax Trust Fund
for each former redevelopment agency
- The sums of property tax remitted pursuant to tax -sharing agreements
- The sums remitted to Successor Agencies for payment of debt service payments
listed on the Recognized Payment Obligation Schedule
- The sums remitted each Successor Agency for administrative costs
- The sums paid to each city; county and special district and the total amount
allocated to schools
- Any amount not distributed due to insufficiency of funds.
34182 & 34183
• Shall set aside sufficient funds to pay the State Controller's audit costs
• Commencing May 16, 2012, and each Jan. 16th and June ls' thereafter, transfer from
the Redevelopment Property. Tax Trust Fund of each Successor Agency to the
Redevelopment Obligation Retirement Fund an amount specified in the Recognized
Obligation Payment Schedule for payment of obligations
• May audit adjustments to Recognized Obligation Payment Schedules due to
differences between estimates and actual payments 34186
• Commencing May 1, 2012, whenever a Recognized Obligation is paid off or retired,
to the extent the money is not required for other Recognized Obligations, distribute
the money to taxing entities as property taxes 34187
• Commencing February 1, 2011, the county auditor -controller shall make the
calculations required by Section 97.4 of the Revenue and Taxation Code in such a
manner that the calculations shall result in cities, counties, and special districts
annually remitting to the Educational Revenue Augmentation Fund the same
amounts they would have remitted but for the dissolution of redevelopment
agencies Revenue & Taxation Code 97.401
11
Calculations of the Tax Equity Allocation for qualifying cities shall recognize that
tax -sharing payments are continuing as if they are being made in accordance with
the Community Redevelopment Law, and that payments to the Redevelopment
Property Tax Trust Fund are considered payments to a redevelopment agency
pursuant to Section 33670(b) of the Health & Safety Code Revenue & Taxation
Code 98.2
California Law Revision Commission - shall draft a Community Redevelopment Law
cleanup bill for consideration by the Legislature not later than January 1, 2013.
34189(b)
Chancellor of the California Community Colleges
* Appoints one member of the Oversight Board 34179(a)(4)
* 0 1 n and after July 1, 2016, in each county when there is a single Oversight Board, the
Chancellor appoints one member, and public member 34179(a)(j)
County Board of Supervisors
• Appoints one member of the Oversight Board 34179(a)(1)
• Appoints a public member to the Oversight Board 34179(a)(6)
• May appoint a member to the Oversight Board if there are no Special Districts
within the territorial jurisdiction of the former redevelopment agency 34179(a)(9)
• On and after July 1, 2016, in each county when there is a single Oversight Board, the
county board of supervisors appoints one member, and public member
34179(a)(j)
County Superintendent of Education
• Appoints one member of the Oversight Board 34179(a)(4)
• On and after July 1, 2016, in each county when there is a single Oversight Board, the
county supervisor of education appoints one member, and public member
34179(a)(j)
County Treasurer - May loan any funds from the county treasury that are necessary to
ensure prompt payments of the redevelopment agency debts 34183(c)
Communities
• Shall have no authority to create or otherwise establish anew redevelopment
agency or community development commission 34166 34i72(a)
• Community may elect to retain the housing assets and functions previously
performed by the redevelopment agency 34176(a)
Community development commissions retain their authority to act in its capacity as a
housing authority or for any other community development purpose except to act as a
redevelopment agency, to act 34176(c)
RIVA
Department of Finance
• Has the authority to require any documents associated with enforceable obligation
34167(i) 34177(a)(2)
• May review a redevelopment agency action regarding the Enforceable Obligations
Schedule and initial Recognized Obligation Payment Schedule 34169(i)
• Has standing to file a judicial action to prevent a Violation of the Act and obtain
injunctive relief 34177(a)(2)
• May review an Oversight Board action within three days of the action. In the event
that the Department requests a review it shall have ten days to approve the action
or return it to the Oversight Board for reconsideration and such action shall not be
effective until approved by the Department 34179(h)
• May approve budget augmentations for the State Controller to reflect the
reimbursement of audit costs ; 34183(d)
Amount distributed to school districts as local property taxes shall not impact
school revenue limits for 2011-12 and will count against revenue limits thereafter
pursuant to Education Code Section 41204.3 34194.1 (in AB 27)
Governor
May appoint individuals to fill any Oversight Board member position that has not
been filled by May 15, 2012, or that remains vacant for more than 60 days
34179(b)
May appoint members to fill vacancies to the single Oversight Board established on
or after July 1, 2016 that has not been filled by July 15, 2016 or is vacant more than
60 days
Oversight Board
• Approves amendments to the Enforceable Obligation Payment Schedule adopted by
Successor Agency 34177(a)(1)
• Not prevented, with the prior approval of the Oversight Board from making
payments for Enforceable Obligations from sources other than those listed in the
Recognized Obligation Payment Schedule 34177(a) (4)
• Direct the Successor Agency in the expeditiously winding down of the affairs of the
redevelopment agency
• Approve the administrative budget of the Successor Agency 341770)
• The members of the Oversight Board shall elect one of their members as
chairperson 34179(a)
• The Oversight Board may direct the staff of the Successor Agency to perform work
in furtherance of the, Oversight Board's duties and responsibilities. 34179(c)
• Oversight Board members shall have personal immunity from suit for their actions
taken within the scope of their responsibilities as Oversight Board members
34179(d)
13
• A majority of the total membership of the Oversight Board shall constitute a
quorum. A majority vote of the total membership of the Oversight Board is required
for the Oversight Board to take action 34179C
• The Oversight Board is deemed a local agency for purposed of the Ralph M. Brown
Act, the California Public Records Act and the Political Reform Act of 1974
• All notice required by law for proposed Oversight Board actions shall also be posted
on the Successor Agency's web site or the Oversight Board's internet web site
34179(f)
• Each member of an Oversight Board shall serve at the pleasure of the entity that
appointed the member 34179(g)
• Oversight Board actions are subject to review by the Department of Finance. As
such, the Oversight Board actions shall not be effective for three days pending a
request for review by the Department Each Oversight Board shall designate an
official to whom the Department of Finance may make requests for information and
provide the Department with the telephone number and email contact information.
• Oversight Boards shall have fiduciary responsibilities to holders of Enforceable
Obligations and taxing entities that benefit from the distributions of property tas
and other revenues. 34179(i)
• The provisions of Division 4 (commencing with Section 1000) of the Government
Code shall apply to Oversight Boards. An individual may simultaneously be
appointed to up to five oversight boards and may hold an office in a city, county,
special district, school district or community college district 34179(i)
• Commencing July 1, 2016, in each county where there is more than one Oversight
Board, there shall be only one Oversight Board 341790)
• Any Oversight Board for a given Successor Agency shall cease to exist when all of the
indebtedness of the dissolved redevelopment agency has been repaid.
• All of the following Successor Agency actions shall first be approve by the Oversight
Board 34180
- The establishment of new repayment terms for outstanding loans where the
terms have not been specified prior to the date of enactment
- Refunding of outstanding bonds or other debt in order to provide for savings or
debt spikes provided that no additional debt is created and debt service is not
accelerated
- Setting aside amounts of reserves required by indentures, trust indentures or
similar documents
- Merging of project areas sistance from
- Continuing the acceptance of federal or state grants or financial as
public,or private sources where the assistance is conditioned upon matching
funds
- If the Community wants to retain any properties or other assets for, future
redevelopment activities funded by their own resources, it must reach a
compensation agreement with the other taxing entities to provide payments in
proportion with their shares of base property taxes
Establishment of the Recognized Obligation Payment Schedule
A request by a Successor Agency to enter into an agreement with the Community
14
- A request by a Successor Agency or taxing entity to pledge property tax revenues
pursuant to valid agreements with the Community pursuant to Section 34178
The Oversight Board shall direct the Successor Agency to do all of the following
34181
- Dispose of all assets and properties that were funded by tax increment, or to
transfer assets that were constructed and used for a governmental purpose to the
appropriate public jurisdiction
- Cease performance and terminate all existing agreements that do not qualify as
Enforceable Obligations
Redevelopment Agencies
0 Shall incur no new indebtedness, including: 34161
- issue or sell bonds
- Indebtedness from prohibited sources of repayment (income and revenues of the
agency, sales tax revenue, loan repayments or contributions from state and
federal sources
- Refund, restructure or refinance indebtedness
- Take out or accept loans from any public agency or private lending institution
- Execute trust deed or mortgages
- Pledge or encumber revenues or assets 34162
Make loans or advances
Purchase mortgage or construction loans
Enter into contracts
Amend or modify existing agreements, obligations or commitments
Dispose of assets
Acquire real property
Transfer, assign, vest or delegate any of its assets, funds, rights, powers or
ownership interests 31463
Prepare, approve, adopt, amend or merge redevelopment plans
Prepare, formulate, amend or otherwise modify an implementation plans
Prepare, formulate, amend or otherwise modify relocation plans .
Prepare, formulate, amend or otherwise modify a redevelopment housing plan
Direct or cause the development, rehabilitation or construction of housing units
unless required to do so by an Enforceable Obligation
Make and new findings or declarations of blight,
Provide or commit financial assistance 34164
Enter new partnerships or joint powers authorities
Imp ose new as I sessments pursuant to Section 7280.5 of the Revenue & Taxation
Code (sales taxes)
- Increase pay, benefits, or contributions of any sort for any officer, employee,
consultant or contractor
- Provide optional or discretionary bonuses
- Increase the number of staff beyond the number employed on Jan. 1, 2011
is
- Bring an action to determine the validity of any issuance or proposed issuance of
revenue bonds
- Begin any condemnation proceeding or process to acquire real property by
eminent domain 34165
- Prepare or have prepared a draft environment impact report
• Nothing in the legislation shall interfere with a redevelopment agency's authority to
pursuant to Enforceable Obligations make payments due, enforce existing covenants
and obligations, and perform its obligations 34167(h)
• Until Successor Agencies are authorized, redevelopment agencies shall do all of the
following:
- Continue schedules payments of Enforceable Obligations
- Perform obligations required by Enforceable Obligations including observing
covenants for continuing disclosure and preserving the tax-exempt status of
interest payable on outstanding bonds
- Set aside or maintain reserves in the amount required by indentures
- Preserve all assets, minimize all liabilities and preserve the records of the
redevelopment agencies
- Cooperate with Successor Agencies and provide necessary information
- Take all reasonable measures to avoid trigger an event of default under any
Enforceable Obligation 34169(g)
- Within 60 days (August 28,2011) adopt and Enforceable Obligation Schedule
34169(g)
- Prepare a preliminary draft of the initial Recognized Obligation Payment
Schedule and provide to the Successor Agency 34169(h)
• Each redevelopment agency shall designate an official from whom the Department
of Finance may make requests for information regarding Enforceable Obligation
Schedules and Recognized Obligation Payment Schedules 34169(i)
• Prior to its dissolution a redevelopment agency shall retain the authority or meet
and confer over matters within its scope of representation (per Government Code
3500) 34190(b)
• Redevelopment agencies, prior to and during their winding down and dissolution
shall retain the authority to bargain over matters within the scope of representation
34190(d)
State Controller
Has the authority to require any documents associated with enforceable obligation
34167(i) 34177(a)(2)
Has standing to file a judicial action to prevent a violation of the Act and obtain
injunctive relief 34177(a)(2)
May audit and review any county auditor -controller action pursuant to the
legislation. As such, any auditor -controller action will not be effective for three
business days pending a request for review from the Controller in which case the
Controller shall have ten days to approve the auditor -controller's action or return it
to the auditor -controller 34182(f)
16
• May recover the costs of audit and oversight from the Redevelopment Property Tax
Trust Fund by presenting the auditor -controller and invoice 34183(d)
• May audit adjustments to Recognized Obligation Payment Schedules due to
differences between estimates and actual payments 34186
Successor Agency - defined as successor agencies to former redevelopment agencies
34173(a)
• if not performed by the redevelopment agency, each Successor Agency shall
designate an official from whom the Department of Finance may make requests for
information regarding Enforceable Obligation Schedules and Recognized Obligation
Payment Schedules 34169(i)
• Create a Redevelopment Obligation Retirement Fund within its treasury to be
administered by the Successor Agency 34170.5(a)
• Successor Agencies are vested with all authority, rights, powers, duties, and
obligations previously vested with the former redevelopment agencies except
provisions of the Community Law that are repealed, restricted or revised
• All assets, properties, contracts, leases, books and records, buildings, and equipment
of former redevelopment agencies are transferred on February 1, 2012, to the
control of the successor agency for administration.
• Continue to make payments due for Enforceable Obligations
• May amend Enforceable Obligation Payment Schedule at any public meeting subject
to the approval of the Oversight Board
• Commencing May 1, 2012, pay only those payments listed on the Recognized
Obligation Payment Schedule 34177(a)(3)
Not prevented, with the prior approval of the Oversight Board from making
payments for Enforceable Obligations from sources other than those listed in the
Recognized Obligation Payment Schedule 34177(a)(4)
• Maintain reserves in the amount required by indentures of trust, indentures, or
similar documents governing the issuance of outstanding redevelopment agency
bonds 34177(b)
• Perform obligations required pursuant to any Enforceable Obligation 34177(c)
• Remit unencumbered balances of redevelopment agency funds to the county
auditor -controller for distribution to the taxing entities 34177(d)
• Dispose of assets and properties of the former redevelopment agency as directed by
the Oversight Board. The disposal is to be done expeditiously and in a manner
aimed at maximizing value. 34177(e)
• Enforce all former redevelopment agency rights for the benefit of the taxing entities,
including, but not limited to, continuing to collect loans, rents and other revenues
that were due to the redevelopment agency
• Effectuate the transfer of housing functions and assets to appropriated entity
34177(g) . cordance
• Expeditiously wind down the affairs of the redevelopment agency in ac
with the direction of the Oversight Board 34177(h)
17
• Continue to oversee development of properties until the contracted work has been
completed or the contractual obligations of the former redevelopment agency can
be transferred to other parties. Bond proceeds can be used for the purposes for
which bonds were sold unless the purposes can no longer be achieved, in which
case, the proceeds may be used to defease the bonds. 34177(i)
• Prepare the proposed administrative budget and submit it to the Oversight Board
for approval 341770)
• Provide the county auditor -controller the administrative cost estimates for each six
month period, from its approved administrative budget that are to be paid from
property tax revenues deposited in the Redevelopment Property Tax Trust Fund
34177(k)
• Before each six-month fiscal period, prepare a Recognized Obligation Payment
Schedule 34177(l)
• The Successor Agency shall pay for all of the costs of meetings of the Oversight
Board and may include such costs in its administrative budget 34179(c)
• Differences between actual payments of Recognized Obligations and past estimates
on the Recognized Obligation Payment Schedule must be reported in subsequent
Recognized Obligation Schedules and accounts adjusted 34186
• A Successor Agency shall constitute a public agency within the meaning of 3501(c)
34190(c)
• A Successor Agency shall become the employer of all employees of the
redevelopment agency as of the date of the redevelopment agency's dissolution.
The Successor Agency shall be deemed a successor employer and shall be obligated
to recognize and to meet and confer with employee organizations, shall bargain over
matters within the scope of representation 34190(e)
• Former redevelopment agency employees subsequently employed by Successor
Agencies shall, for a minimum of two years, transfer their status and classification to
the successor agency and shall not be required to requalify. Any such individuals
shall have the right to compete for employment under the civil service system of the
SuccessorAgency 34190(h)
Taxing Entities
• Has the authority to require any documents associated with enforceable obligation
34167(i)
• Has standing.to file a judicial action to prevent a violation of the Act and obtain
injunctive relief 34177(a)(2)
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Instructions for Enforceable Obligation Payment Schedule (EOPS)
General Instructions:
Agencies may wAm the sample forms Provided and either write in mormatIon on the blank forms, or email HdUCC for a worksheat version
"Other Obligatione have been included with Its, cmm form.
Although not required, an agency may be interested in complefifing one set of forms for each of its projecl Mass.
Specift Inbructions by Column Heading:
Names of projects aswolabid with the enforceable obligation
Refer to ABXI 26, §34167(d) for the definition of an wildromble
Project Nam
payment. Which include the following:
obuggbDn. p%M note for each listed item. supporting documentation
W not required to be Provided in the EOPS, houmebr, it is adAWtIO to
maintain such docummustom
Rundw Includes debt servics, mamwe set -asides and my other
includes bonds as defined by H&S Code §33602 and Issued liu�
payments Misted to the repsyment of bonds, not". mtedin
to Govemment Code SW38. On the form. bond payments May be
certificates. debentures, or other obligations. Examples include taxx
grouped together. hcv�er, it vs r000mmended that wn-housing aid
allociefion bonds, revenue bonds, cerfificates of partWicipadon (COPS).
housing bond payments be entered under separate Poled names
and California infrastructure and Economic Devvdmpment 8Bmk
(IRANK) bond& Other payments niteffied to bonds could include fiscal
agent fees, When of credit bank few, continuing disclosure fees, eta
Lee" or Mmi Sonowed by Auency. " Includes loam or moneys
Tins schedule should include all CRY - Agency loan agrOwnefft The
borrowed for legal purposes. Exanow iWduda loans from Vie LMIHF
W of Enforceable Obligations to be approved by the Successor
and certain Win from the sponscring erefity—i.e. the cfty, counly, or
Agency has differing requirements. and Agencies should review with
city and county that created the agency. Other awamples include
legal counsel prior to making any decisions.
repayment of lows, from other public agencies, such as GaIHFA. HUD
Section 108.
Parmteafte required by the federal and state go%eunments or in
Includes Pension payments, p�
connection with agency errowees.
obhgabon debt fm4w, and unemployment payments. Does not
include passothrough payments.
Judamffft and igiolififiligils,
Includes payments ralated to court or Other binding C100540mi,
Lahway binclinto and thillowmble sorefamints or contracts:
Par ABXl 26, 11411 67.(dXS). includes; my legally binding and
Includes all obfigabons of agency not fisted abm, both housing and
enforceable agreement or contract 00 is not Otherwise Vold AS
nom,h,,Mg. plasma rjolq� report all regardless of source of furiding.
violating the debt limit or public policy. H�. as noted atIONs.
such as those Vind vA be funded with bond a other debt proceeds.
pursuant to ABX1 26, §34171.(dX2), the definition of enforceable
Examples include obbIlmont such as construction contracts,
obfifilmore to be paid by a Successor Agency does not Include MY
Disposition and Development Agreements (DDAS), Oumer
agreements, contracts. or arrangements beheam the sponsoft
Participation Agreements (OPAs), pre-developmerd lows, Conmurnity,
entifty and the agency, except for the two categories of loans
Facilities District (CFD) reimbursements. rental subsidies, and
described sooner in Call C13 above. Pleame note: list 80 other
prolessional searicew contracts. Also includes agreements pledging
sponsurng entity and agency agreements In the Other Obligations"
future receipt of tax movement to other entities. such as a matching
section of this EOPS Form. Pleass sl� note: discuss with Your legal
great a prownissory role.
counsel whether an agreement such as an Exdusiw Negotiation
Agrasmard (ENA) should be listed as an enforceable obligation under
§34167 and §34169 Encromble Obligations, or Included in the KOIJW
Obligations Payment Schedular" portion of this form.
Contracts orr wreemants meceirsavir for continued admilrdstrattlon
Par ABX1 26, §34167.(d)(5). includes contracts or agreements
or operation of mency such as, but not limited to. offim space rest,
necessary for continued administradiort W operation Of the agency
equipment, stipplies, insurmce, and services.
inducling, but not limited to. agreements to purchase or rent office
space, equipment and supoles, and pay-palated wrpenses pursuant to
§33127 and for carrying insurance pursuant to §33134.
—pubbenency
Pay-
Recipient of debt or obligaffion payments.
Include �Wm of entity or other organumon to receive
payment.
hatilid Dow
Date the Agency entered into the debt or obligation payments
Description
Descapificin of the nature of the WrK product, servics, facility or other
thino IsIel of value for which payment is to be made.
Souncear
Repayment
Total Outstanding
Total remaining debt or obligation, including principal and interest, as
Although this Mount is not required by §UI69, it may be prudent to
DOM or Obilgadw
applicable.
include the road antourd for purposes of Preferring the R9c09rft9d
Ofifigeow Payment Schedule (ROPS) or SOL Please note 431111111111te
forthe remaining term of obligation. The SOI is a good source for the
date.
Total Due During
Total payments (including principail and Interest) for FY 201 IM1
Mile not required to be included on the nedulet this Column is
FIWWYM
included to help with mordity payment calculations for those
payments that Me budgeted on an annual baws, rather than an a
ffmrdwv basis.
Payments by Month
Payments remitted in each month from August through December
Notations ;hould be made in cases where an agency is allimsfing the
2011. Plapse note payments that have to be made in the month prior
amount to be Paid In any given monlK
to their due date should be listed in the month preceding the actual
debt service MM2M eta
Other Obligations -
Include all other Agency, such as contractual and
Pleuras include § 33401. 33607.5 and 33607.7 pauthrough payments.
Payment Schedule
statutory pass*mQh pWffwft. AJW fidude any other ON90WM
Alm includes sponsoring entity and agency agreements not mduded,
required by the CRL. such as housing fund ddM repayments.
elsewhere. Include my other statutorily required payments.
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HdL Coren & Cone
Services
HdL Coren & Cone provides property tax services to 180 California cities and their
redevelopment agencies.
The HdLCC team has over 200 years combined experience in every aspect of city
government: finance, management, auditing, economic development and legislative
consulting. The company's reputation for thoroughness and its approach of quiet and
cordial relations with the business community and state and county agencies have
always served its clients well.
HdLCC's property tax information system is the most technologically advanced in
California. We also provide our clients with property tax data on the City's computers
and/or network, including software for easy use. Our software provides access to
parcels by name, address, assessor's parcel number, as well as the ability to consolidate
parcels by geographic area and print specialized reports.
Successor Aaencles
The responsibilities of the Successor Agency are complex and time consuming. HdLCC
Coren & Cone is prepared to assist Successor Agencies with individual requirements
such as preparing Redevelopment Obligation Payment Schedules, monitoring of the
repayment of debt obligations, reporting requirements, staffing for Oversight Boards,
and liaison with the County Auditor -Controller, the State Controller, the Department of
Finance, Special Districts and local educational agencies. We are prepared to take
complete staff responsibilities, including supervising and monitoring on -going projects,
programs and activities.
We are also prepared to assist county auditor -controllers with the interpretation and
calculation of redevelopment tax -sharing agreements and AB 1290 and SB 2 11
calculations.
-28,