Item 13 - City's Investment Report
- AGENDA REPORT SUMMA.RY -
-
TO: Honorable Mayor and Members of the City Council
FROM: James l. Bowersox, City Manager
INITIATED BY: John D. Fitch, Assistant City Manage~~
Peggy A. Stewart, Director of Administ ative Servic~
DATE: October 3, 1995
SUBJECI': City's Investment Report
. ABSTRACI'
Monthly reports of investments are required to be presented to Council. For your
information, attached is an investment portfolio listing as of August 31, 1995.
- ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACI'
The investment portfolio earned $303,416.95 interest during August 1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
ACTION
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OCT 3 1995 ITEM 13
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- AGENDA REPORrl
CITY OF POW A Y
This report is included on the Consent Calendar. There will be no separate discussion of the report prior to approval by the
City Council unless members of the Council. staff or public request it to be removed from the Consent Calendar and
discussed separately. If you wish to have this report pulled for discussion. please fill out a slip Indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Manager
INITIATED BY: John D. Fitch, Assistant City Manage~~
DATE: Peggy A. Stewart, Director of Administ ative servic~
October 3, 1995
SUBJECT: Citv's Investment ReDort
BACKGROUND
Government Code Sec. 53646(b) requires the treasurer or chief fiscal officers to
make a monthly report that includes the type of investment, institution, date of
maturity, amount of deposit, current .arket value of all maturities that exceed
12 months, and interest rate.
FINDINGS
The book value of the investment portfolio as of August 31, 1995 was $63,714,727
which consists of the City's general operating reserves which qualify for
investment reporting purposes. Also added to this report is a detailed schedule
of the City's and Redevelopment Agency's bond proceeds held for payment of
infrastructure purposes. It represents a book value of $41,085,057.
The general operating reserves investment portfolio consisted of Time
Certificates of Deposits (TCDs) which totaled $2,865,000, Government National
Mortgage Association Certificates (GNMAs) which were booked at $921,895, U.S.
Treasury Notes purchased for $11,918,203, Federal Home Loan Mortgage Corporation
Certificates which were booked at $109,953, .edium-term Corporate Notes which
were booked at $2,464,015, Federal Agency issues of $1,000,000, U.S. Government
Securities which are booked at $3,500,000, a commercial paper purchase for
$962,322, deposits at the Local Agency InvestBent Fund (lAIF) of $19,039,705, and
$20,933,634 invested through the San Diego County Investment Pool. The market
value of the County Pool decreased 0.17% and is estimated at $19,580,381 at
August 31, 1995. A recap of the San Diego County Pool's Investment Portfolio as
of August 31, 1995 is attached.
ACTION:
2 of 10
OCTa 1995 ITEM 13
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Agenda Report
October 3, 1995
Page 2
The values of fixed income securities, as legal investment tools authorized under
California government codes, are closely tied with interest rates. As interest
rates go up, the ~arket values of the securities go down. The difference
between book (purchase) price and current aarket price is considered an
unrealized loss (or gain, if the market price is higher). A real (realized) loss
is when the principal of the security is redeemed before its maturity date at a
market value lower than its book value. The book value of the City's operating
investment portfolio is $63,714,727; the market value adjusted for the San Diego
County Pool funds is S62,565,613 for a "paper loss. of $1,149,114, or 1.80% of
the total. The book value of the City's bond proceeds is $41,085,057; the market
value adjusted for the San Diego County Pool funds is $38,615,114. The City does
not anticipate redeeming any of the securities prior to their maturity date, so
no real losses will be realized.
The funds on deposit at LAIF and the San Diego County Investment Pool earn
variable interest rates. The interest rate for the month endin9 August 1995 was
5.894% for lAIF and 4.28% for the County Investment Pool.
The TCDs are at 15 different financial institutions throughout the state. The
certificates are placed in S100,000 increments with the amounts in excess of the
- first $100,000 collateralized as outlined by state law using either mortgages or
federal government securities.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA
guidelines.
FISCAL IMPACT
The investment portfolio earned $303,416.95 interest during August 1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
Attachments:
A. Investment Report (Including the new computer report which lists all
the investments for the City. It is summarized by type of investment
and lists market value and maturity dates for all investments
including those with maturity dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues managed by
- the City.
C. San Diego County Pool's Investment Portfolio as of August 31, 1995.
3 of 10 OCT 3 1995 ITEM 13
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09/08/1995 PM . 1
CITY OF POWAY POWA
PORTFOLIO MASTER SUMMARY
AUGUST 31, 1995
AVERAGE "'YIELO TO MATURITY.--
PERCENT OF AVERAGE OAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
Local Agency Investment Funds................$ 39,973,339.54 62.74 488* 544* 4.980 5.049
Certificates of Deposit..................... ,$ 2,865,000.00 4.50 1,301 488 6.588 6.679
Mortgage Backed Securities...................$ 1,031,847.64 1.62 10,524 7,444 8.131 8.244
Treasury Securities - Coupon.................$ 11,918,203.18 18.71 1,350 971 6.694 6.787
Medi~ Term Notes............................S 2,464,015.00 3.87 1,769 752 7.307 7.408
Federal Agency Issues - Coupon...............$ 1,000,000.00 1.57 1,096 768 7.111 7.210
Comnercial Paper' OiscoU"'lt..................S 962,321.67 1.51 222 42 6.313 6.401
Miscellaneous Securities - Coupon............S 3,500,000.00 5.49 730 167 6.523 6.614
-------..----------.--------------.------------.-..--------------------.
TOTAL INVESTMENTS and AVERAGES...............S 63,714,727.03 100.00X 774* 555* 5.652X 5.730X
------------------------------------------------------------------------
------------------------------------------------------------------------
CASH
Passbook/Checking Accounts...................$ 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purchase.................$ 97,317.93
....---------....-----------...---------.-..-.-------------_...---------
TOTAL CASH...................................S 97,317.93
------------------------------------------------------------------------
------------------------------------------------------------------------
TOTAL CASH and INVESTMENTS...................S 63,812,044.96
------------------------------------------------------------------------
------------------------------------------------------------------------
*Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeared by February 1998.
4 of 10 ATTACfftNT A OCT 3 1995 ITEM 13
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"~~A ~~ a ,~....k.l..+ The City shall invest in only those investments authorized by the State of
... iJ
PI:~GY STEWART California under Government Code Sections 53601.1, 53602 and 53635. Investments
shall be made using the prudent men theory with consideration given to the
<; //.:1./96- following items in order of priority; 1. Safety: 2. liquidity; 3. Yield.
DATE I /
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09/08/1995 CITY OF PllWAY PM . 2
INVESTMENT PORTFOLIO DETAILS . INVESTMENTS PllWA
AUGUST 31, 1995
INVESTMENT PURCHASE STATED --- YTM --. MATURITY DAYS
NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
---------------------------------.------------------------------------------------------------------------------------------------
LOCAL AGENCY INVESTMENT FUNDS
040001 LAIF CITY OF PllWAY 14,882,102.9814,882,102.9814,882,102.98 5.894 5.813 5.894 1
040002 LAIF REDEVELOPMENT AGENCY 4,157,602.62 4,157,6D2.62 4,157,602.62 5.894 5.813 5.894 1
040004 SD CNTY INVST POOL 20,933,633.94 20,933,633.94 20,933,633.94* 4.280 4.221 4.280 543**
SUBTOTALS and AVERAGES 39,973,339.54 39,973,339.54 39,973.339.54 4.980 5.049 544**
CERTIFICATES OF OEPOSIT
010955 BANK OF PETALUMA 06/07/95 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 12/19/95 111
010956 BANK OF PETALUMA 06/07/95 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 12/19/95 1,'
010947 EAST-WEST FEDERAL BANK 09/07/94 99,000.00 99,000.00 99,000.00 6.830 6.830 6.925 09/07/99 1,469
010948 EAST'~EST FEOERAL BANK 09/07/94 99,000.00 99,000.00 99,000.00 6.830 6.830 6.925 09/07/99 1,469
010928 FIRST INYERSTATE 'SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 187
010929 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 187
010951 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 152
010952 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 152
010933 FREMONT INVESTMENT &LOAN 03/27/92 99,000.00 99,000.00 99,000.00 7.210 7.210 7.310 03/27/97 575
010934 FREMONT INVESTMENT &LOAN 03/31/92 99,000.00 99,000.00 99,000.00 7.060 7.060 7.15803/31/97 579
010926 FRANKLI N BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 175
010927 FRANKLI N BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 175
010939 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07/97 6n
010940 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07/97 6n
010930 FIRST REPUBLIC THRIFT 03/10/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 03/11/96 .--
010949 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 09/29/95
010950 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 09/29/95 30
010953 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 16
010954 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 16
010943 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 719
010944 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 719
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 568
010932 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 568
010945 SAN OIEGO FIRST BANK 03/30/94 99,000.00 99,000.00 99,000.00 6.200 6.200 6.286 03/30/99 1,308
010946 SAN OIEGO FIRST BANK 03/30/94 99,000.00 99,000.00 99,000.00 6.200 6.200 6.286 03/30/99 1,308
010937 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 278
010938 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 278
010941 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 713
010942 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 713
SUBTOTALS and AVERAGES 2,865,000.00 2,865,000.00 2,865,000.00 6.588 6.679 488
MORTGAGE BACKEO SECURITIES
080001 FED HOME LOAN MTG CORP 09/17/86 26,737.05 28,367.94 29,006.50 8.000 8.784 8.906 08/15/06 4,003
080003 FED HOME LOAN MTG CORP 04/20/87 83,215.58 84,751. 70 88,068.03 9.000 9.137 9.264 05/01/16 7,550
081008 GNMA POOL 192832 04/20/87 573,268.72 576,149.47 593,566.47 8.000 7.958 8.069 04/15/17 7,899
081007 GNMA POOL 203379 04/20/87 262,245.11 264,393.31 272,385.92 8.000 8.001 8.112 04/15/17 7,899
081001 GNMA POOL 13057 08/11/86 86,381.18 89,980.40 92,793.19 8.000 8.503 8.621 08/15/06 4,003
SUBTOTALS and AVERAGES 1,031,847.64 1,043,642.82 1,075,820.11 8.131 8.244 7,444
*Market value of $19,580,381
**Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeared by February 1998.
6 of 10 OCT 3 1995 nEM 13
09/08/1995 CITY OF POWAY PM . 3
INVESTMENT PORTFOLIO OETAILS . INVESTMENTS POWA
AUGUST 31, 1995
-..
INVESTMENT PURCHASE STATED u. YrM 'u MATURITY DAYS
NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
----------------------------------.---------------------------------------------------------.-------------------.-----.-----------
TREASURY SECURITIES - COUPON
070002 US TREASURY NOTE 04/12/94 488,671.88 500,000.00 497,815.00 5.875 6.323 6.411 03/31/99 1,309
070003 US TREASURY NOTE 04/21/94 483,593.75 500,000.00 497,815.00 5.875 6.568 6.659 03/31/99 , ,309
070004 US TREASURY NOTE 05/06/94 989,218.75 1,000.000.00 1,015,310.00 6.500 6.664 6.756 04/30/99 1,339
070005 US TREASURY NOTE 06/02/94 499,687.50 500,000.00 511,no.00 6.750 6.6n 6.765 05/31/99 1,370
070006 US TREASURY NOTE 07/12/94 494,296.88 500,000.00 511,875.00 6.750 6.927 7.024 06/30/99 1,400
070007 US TREASURY NOTE 07/12/94 499,453.13 500,000.00 505,315.00 6.500 6.453 6.543 05/15/97 624
070008 US TREASURY NOTE 08/09/94 499 ,765.63 500,000.00 514,220.00 6.875 6.792 6.886 07/31/99 1,431
070009 US TREASURY NOTE 08/15/94 498,984.38 500,000.00 505,940.00 6.500 6.485 6.575 08/15/97 716
070010 US TREASURY NOTE 08/15/94 498,593.75 500,000.00 514,220.00 6.875 6.847 6.942 07/31/99 1,431
070011 US TREASURY NOTE 08/15/94 498,671.88 500,000.00 505,940.00 6.500 6.508 6.599 08/15/97 716
070012 US TREASURY NOTE 09/09/94 500,156.25 500,000.00 505,940.00 6.500 6.399 6.488 08/15/97 716
070013 US TREASURY NOTE 09/13/94 498,437.50 500,000.00 505,940.00 6.500 6.528 6.619 08/15/97 716
070014 US TREASURY NOTE 09/13/94 496,640.63 500,000.00 514,375.00 6.875 6.940 7.036 08/31/99 1,462
070015 US TREASURY NOTE 09/20/94 497,500.00 500,000.00 505,940.00 6.500 6.600 6.692 08/15/97 716
070016 US TREASURY NOTE 09/20/94 494,921.88 500,000.00 514,375.00 6.875 7.023 7.120 08/31/99 ',462
070017 US TREASURY NOTE 09/23/94 496,484.38 500,000.00 505,940.00 6.500 6.678 6.771 08/15/97 716
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000.00 514,375.00 6.875 7.075 7.174 08/31/99 1,462
070019 US TREASURY NOTE 09/30/94 992,656.25 1,000,000.00 1,011,880.00 6.500 6.692 6.785 08/15/97 716
070020 US TREASURY NOTE 09/30/94 1,000,000.00 1,000,000.00 1,008,130.00 6.500 6.411 6.500 09/30/96 397
070021 US TREASURY NOTE 1 1/08/94 498,828.13 500,000.00 506,250.00 6.875 6.908 7.004 10/31/96 428
070022 US TREASURY NOTE 12/08/94 497,812.50 500,000.00 508,595.00 7.250 7.389 7.491 11/30/96 458
SUBTOTALS and AVERAGES 11,918,203.1812,000,000.00 12,181,910.00 6.694 6.787 971
MEDIUM TERM NOTES
090032 EF HUTTON GROUP I NC 06/17/91 493,635.00 500,000.00 507,410.00 8.875 9.075 9.201 05/01/96 245
090037 FORD MOTOR CREDIT COMPANY 03/09/94 9n,880.00 1,000,000.00 971,860.00 5.625 6.192 6.278 01/15/99 1,234
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000.00 508,665.00 7.500 7.517 7.622 03/15/97 563
090036 TRAVELERS CORP 05/14/92 500,000.00 500,000.00 506,040.00 7.625 7.521 7.625 01/15/97 504
SUBTOTALS and AVERAGES 2.464,015.00 2,500,000.00 2,493,975.00 7.307 7.408 752
FEDERAL AGENCY ISSUES . COUPON
061009 FED HOME LOAN MTG CORP 10/06/94 1,000,000.00 1,000,000.00 1,002,500.00 7.210 7.11' 7.210 10/06/97 768
COMMERCIAL PAPER . DISCOUNT
050001 GENERAL ELECTRIC CAPITAL CORP. 03/03/95 962,321.67 1,000,000.00 962,321.67 6.349 6.313 6.401 10/11/95 42
MISCELLANEOUS SECURITIES . COUPON
100011 FIDELITY GOVERNMENT SECUR FUND 02/08/94 500,000.00 500,000.00 479,552.10 6.600 6.510 6.600 02/08/96 162
100012 FIDELITY GOVERNMENT SECUR FUND 02/09/94 1,000,000.00 1,000,000.00 957,240.04 6.587 6.497 6.587 02/09/96 163
100013 FIDELITY GOVERNMENT SECUR FUND 02/11/94 1,000,000.00 1,000,000.00 957,240.04 6.587 6.497 6.587 02/11/96 165
100014 FIDELITY GOVERNMENT SECUR FUND 02/22/94 500,000.00 500,000.00 484,267.45 6.665 6.574 6.665 02/22/96 176
100015 FIDELITY GOVERNMENT SECUR FUNO 02/23/94 500,000.00 500,000.00 485,700.20 6.684 6.592 6.684 02/23/96 177
SUBTOTALS and AVERAGES 3,500,000.00 3,500,000.00 3,363,999.83 6.523 6.614 167
-------------------------------------------.-----------------------------------.---
TOTAL INVESTMENTS and AVERAGES S 63,714,727.0363,881,982.3663,918,866.15* 5.652% 5.730% 376
================================================================================
*Market value adjusted for San Diego County Pool funds $62,565,613
7 of 10 OCT 3 1995 ITEM 13
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09/08/1995 PM . 4
CITY OF POl/AT POl/A
ACCRUED INTEREST DETAILS
AUGUST 31, 1995
MOIlTH ENDING FISCAL
AUGUST 31, 1995 TEAR TO DATE
CO/Coupon/Discount Investments:
Interest Collected $ 235,979.65 $ 348,366.51
PLUS Accrued Interest at End of Period 222,183.68 222,183.68
lESS Accrued Interest at Beginning of Period ( 327,738.92) ( 307,413.59)
---------_...-- -----_.--------
Interest Earned during Period $ 130,424.41 $ 263,136.60
--------------- ---------------
--------------- ---------------
Mortgage Backed Securities:
Interest Collected $ 7,056.85 $ 14,283.75
PLUS Accrued Interest at End of Period 19,403.66 19,403.66
LESS Accrued Interest at Beginning of Period ( 19,432.68) ( 19,603.68)
.-----_...----- ---------------
Interest Earned during Period $ 7,027.83 $ 14,083.73
=============== ===============
lAIF/Passbook/Checking Accounts:
Interest Collected $ 160,381.62 $ 458,509.96
PLUS Accrued Interest at End of Period 19,330,208.17 19,330,208.17
LESS Accrued Interest at Beginning of Period ( 19,324,625.08) ( 19,444,013.96)
--------------- ---------------
Interest Earned during Period $ 165,964.71 $ 344,704.17
--------------- ===============
---------------
TOTAL Interest Earned during Period $ 303,416.95 $ 621,924.50
--------------- ---------------
--------------- ---------------
OCT 3 1995 ITEM 13
8 of 10
/"'. '""'
CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
AUGUST 31,1995
SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $192,811.36 $192,811.36 $180.347.09 4.280
1989 TAX ALLOCATION BOND 9,110,923.79 9,110,923.79 8,521,949.07 4.280
1993 TAX ALLOCATION BOND 28.904.126.11 28.904.12611 27.035.621.89 4.280
TOTAL $38.207.861.28 $38.207.861.26 $35.737.918.05
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND $2,387,285.30 $2,387,285.30 $2,387,285.30 5.894
1990A TAX ALLOCATION BOND 341,3n.49 341,3n.49 341,3n.49 5.894
1993 TAX ALLOCATION BOND 48.na 62 48.n8.62 48.n8.62 5.894
TOTAL $2.777.441.41 $2.777.441.41 $2.n7.441.41
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND-1990A TAX ALLOCATION
BOND $99.754.73 $99.754.73 $99.754.73 5.360
GRAND TOTAL $41 085 057 40 $41 085057 40 $38 81511.4 1Q
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $192.811.36 $192,811.36 $180.347.09
1989 TAX ALLOCATION BOND 11.498,209.09 11.498,209.09 10,909,234.37
1990A TAX ALLOCATION BOND 441.132.22 441,132.22 441,132.22
1993 TAX ALLOCATION BOND 28.952.904.73 28.952.904.73 27.084.400.51
GRAND TOTAL 141 085 057 40 $41 085 057 40 138 8151141Q
ATTACHMENT B
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9 of 10 OCT 3 1995 ITEM 13
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