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Item 1.6 - City's Investment Report as of December 31, 2018City of Poway COUNCIL AGENDA REPORT DATE: TO: FROM: CONTACT: SUBJECT: Summary: March 5, 2019 APPROVED Y APPROVED AS AMENDED ❑ (SEE MINUTES) 8,345,438 DENIED ❑ REMOVED ❑ CONTINUED 21,260,046 Resolution No. 102,071,830 Honorable Mayor and Members of the City Council Donna Goldsmith, Finance Director Donna Goldsmith, Finance Director (858) 668-4411 or dgoldsmith@poway.org City's Investment Report as of December 31, 2018 Quarterly reports of investments are required to be presented to Council. For your information, attached is an investment portfolio report as of December 31, 2018. Recommended Action: It is recommended that the City Council accept and file the attached report. Discussion: Pursuant to Government Code Sec. 53646(b) and the City's Investment Policy, the Finance Director (i.e., Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information. The City is in compliance with its adopted investment policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of December 31, 2018, was $102,071,830. It consisted of the following: Investment Portfolio Total at CalTRUST 21,949,470 —Deposits Deposits at the Local Agency Investment Fund LAIF 8,345,438 U. S. Treasury Notes 11,918,645 U. S. Instrumentalities 38,598,231 Notes 21,260,046 —Corporate Fair Value of Investment Portfolio as of December 31, 2018 102,071,830 1 of 33 March 5, 2019, Item # 1.6 City's Investment Report March 5, 2019 Page 2 The attached portfolio report (attachment B) and investment report (attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The portfolio report includes all investments while the investment report includes only those investments managed by Insight Investment. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending December 2018 is estimated at 2.29% for LAIF, 2.37% for the CalTRUST short-term fund, and 2.22% for the CalTRUST medium-term fund. 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 market values of the securities go down. The difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $72,255,271; the fair value is $71,776,922 for an unrealized loss of ($475,349) or .66% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation. Also included with this report are recaps of the City's cash and investments held by fiscal agents, non -managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at December 31, 2018, was $1,236,123. The source of the market value information for these investments was U.S. Bank. The total book value of the non -managed investments was $155,823 at December 31, 2018. The City's cash on hand at December 31, 2018, totaled $744,621. The December 31, 2018, balance of the City's Library Trust Fund is $257,521. Through the Fiscal Year 2018-19 period ending December 31, 2018, no transfer of interest earnings has been made to the General Fund. At the close of Fiscal Year 2018-19, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund. Environmental Review: This item is not subject to CEQA review. Fiscal Impact: The externally managed investment portfolio earned $111,115 interest during December 2018 as well as $105,479 during November 2018 and $108,450 during October 2018. 2 of 33 March 5, 2019, Item # 1.6 City's Investment Report March 5, 2019 Page 3 Public Notification: None. Attachments: A. Investment Statistics B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at December 31, 2018 Reviewed/Approved By: Wendy Kaserman Assistant City Manager Reviewed By: Approved By: Alan Fenstemacher Tina M. White City Attorney City Manager 3 of 33 March 5, 2019, Item # 1.6 City of Poway Investment Statistics Amortized Cost Value U. S. Treasury Notes December September December U. S. Instrumentalities 2017 2018 2018 Separately Managed Investment Pools 21,598,393 21,569,366 21,442,600 Fair Value: 2,000,000 1,235,000 0 CaITRUST Short -Term Deposits 10,745,062 10,894,784 10,949,376 CalTRUST Medium -Term Deposits 10,836,925 10,883,166 11,000,094 Deposits at the Local Agency Investment Fund (LAIF) 14,295,646 12,357,464 8,345,438 Total Fair Value 35,877,633 34,135,414 30,294,908 Weighted Average Yield 1.38% 2.13% 2.29% Effective Average Duration in days 1 1 1 Weighted Average Maturity in days 1 1 1 Externally Managed Investment Pools Fair Value: U. S. Treasury Notes 13,950,453 13,875,516 11,918,645 U. S. Instrumentalities 35,510,193 36,470,876 38,598,231 Corporate Bonds 21,496,672 21,341,784 21,260,046 Municipal Bonds 2,000,626 1,233,456 0 Total Fair Value 72,957,944 72,921,632 71,776,922 Amortized Cost Value U. S. Treasury Notes 14,010,635 13,971,119 11,981,543 U. S. Instrumentalities 35,802,594 36,847,479 38,831,128 Corporate Bonds 21,598,393 21,569,366 21,442,600 Municipal Bonds 2,000,000 1,235,000 0 Total Amortized Cost Value 73,411,622 73,622,964 72,255,271 Unrealized Gain (Loss) (453,678) (701,332) (478,349) Accrued Interest Earned 93,028 102,191 111,115 Weighted Average Yield 1.30% 1.76% 1.87% Effective Average Duration in years 1.30 1.05 0.88 Weighted Average Maturity in years 1.43 1.06 0.91 Total Fair Value of Portfolio Assets 108,835,577 107,057,046 102,071,830 Weighted Average Yield 1.44% 1.88% 1.99% Effective Average Duration in years 1.43 0.72 0.62 Weighted Average Maturity in years 1.48 0.72 0.64 Glossary of Yield Terminology Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually. Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity. Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date. One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions. Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings. Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 33 Attachment A March 5, 2019, Item # 1.6 LAIF CalTrust - Short CalTrust - Medium Total Internally Managed City of Poway Monthly Investment Portfolio Report December 31. 2018 $ 8,345,438 28% 2.29% $ 10,949,376 36% 2.37% $ 11,000,094 36% 2.22% $ 30,294,908 30% Weighted Average Yield 2.29% Days Effective Average Duration - Internal 1 Weighted Average Maturity- Internal 1 Treasury Securities Instrumentality Securities Corporate Notes Total Externally Managed Weighted Average Yield $ 11,918,645 17% 1.94% $ 38,598,231 54% 1.78% $ 21,260,046 30% 1.99% $ 71,776,922 70% Effective Average Duration- External Weighted Average Final Maturity- External LAIF CalTrust - Short Cal -Frust - Medium Treasury Securities Instrumentality Securities Corporate Notes Total Portfolio Assets Weighted Average Yield $ 8,345,438 8% $ 10,949,376 11% $ 11,000,094 11% $ 11,918,645 12% $ 38,598,231 38% $ 21,260,046 21% $ 102,071,830 1.87% Years 0.88 0.91 2.29% 2.37% 2.22% 1.94% 1.78% 1.99% 1.99% Years CalTrust Medium, 3 LAI F, 28% Carpo• -•- Notes, 36% Trox y 17% :ality cecuraies, 54% CalTrust - Short CalTrust- 11% Medium Effective Average Duration - Total 0.62 Instrumentality Weighted Average Maturity - Total 0.64 Securities 41% Portfolio Change Beginning Balance $ 106,105,622 Ending Balance $ 102,071,830 Assets values shown at Market Treasury Securities 13% 5 of 33 Attachment B March 5, 2019, Item # 1.6 March $z 9,#m#9 Q. . �. . 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Z¢ W J Z� W Ln VI 7 M m n❑¢ M M M_ O¢ M m_ W OW V m O¢ LL O W^ M m W N¢ O A m_ LL ¢ M m_ O� Q (JO UI `f13 m LL M M LL N N M LL O N M m 2' V V _m m 0 M N M a^ 1 "' LL 2' 15 Att-acffind-nVC I( aA%,`2619 item # 1.6 U 0 y m S 6 S S S S m ° v S 0 o S o i o a m P L/1 .O � t uj �p .p ryj O M y M N M n S pO O 0 0 N N P O O O M O O P N m N S O O O O OO O O O O S O O O v d O C y O d m v'^i 'Qo, LQ No M to Q �(1 N O O V M N Iq W O P N O O W N M M N Q v y 00S O O O O O O O O O O O O O O O O O O m m o 0 00 0 0 vi ro 0 0 0 0 0 0 P .0 6 c6 io c j n M N Q O O M n 'D P M ul W > IO O Q O M M N 'O .O r% LL C f0 r r r N f - L U a C C Q n N P of V1 O 'O V O P M M Q O O L9 ul O N n N �+1 W N Q LQ N O OQ Lqh M W O `11 P N u1 M Q M M VI v1 M Vl O N n M M n Q n n .00 �Il Vl Q •- M u1 .O P M N O Q V y Q P 'D M Iq r V N O P U P P P P P P P P P P P P P P Q E `0 a O S S S S S N o 0 0 0 0 0 0 0 0 0 o o 0 m m S n o t u°i ro N P P Q VIU = y a O N O O S S S S S O O S N 0 O L OO00 O O O O O O S C Ncs S S S O S C O O O O N +''mo j 0 N 0 N 0 N_ 0 N_ 0 N 0 N 0 N 0 N 0 N 0 N_ o N_ O N O N M M O N N M M M n N 0 O U m w rn m o o a m 0 �n 0 N o 0 0 0 .- 0 00 0 J ° W P 3 N r N m ° T 1 L U V Y O P Y P Z I u-J U mWONQ m ga a mWZ O0 F N O a aYa o 0N ONQ "TQ N a U MK OU MaPQ 2W LL_ WUZON'¢- i L _ NN V O W mQ 'n N %w W n O Z Z O Q16 O OO� O LL U Z _ c' u M n ,p1 V^ f13 M m 6c fi14t 19 Item # 1.6 } n N o N m P N OO P m O _Q 5 N m P V �i P M N r_ m o n N LLo v"i n n 8 n m m O O O N O N n N N m u V N .ON Lq n 1� b O O Ph n 'O O i W m O N S n O O O u° ro b w O �fl h a r% h M 'PD V o @ U V P N Iq W O V V v c is m ni O m o 0 6 U V P $ m 8 v t d (V N 0 (V 0 V 0 n W W N >_ S O P O Q O P y d O $ O 8 O $ O N ui M 0 C y O p O S O O P $ o $ N P U P NO O N W O n O n N M N f O V D O O h O O 16 V N M O cO C N N M _ � 0 @ W O O 0 0 p O S O O 0 S S O O wJ 76 O O O O O O N b O O m O j O O O W P M V O n O N O 'O O N I4i V M OJ V OJ W W O K N N N m N< Z >N H m H O N < OJ N °IN�rEh < p N LL~ c C P N W P 2aT9 Item # 1.6 O P P N U O W ro N n n V N O n O ON O My 0 P V1 U VV M(vl O u '- P P N Q 0 P W P P E O Awa 88 00 88 00 00 88 o y v 0 0N 0 0 0 0 0 .- 0 0 0 U @ S W �N+l n N P W @ C U P P P U N_ y = U Q O N O S O S S O N NO 3 O S O O O S O O O O b L @ OpOp O O O O O O P S S O S @ d N N N TY O O O O P O O O O O O O O 00 O O m U o 0 0 $ N C M VO1 8 N VO1 n 0 N .- W m o T �L L L.. U Q) V I U ZZ Z Z WE Q ro m m N m m H WZ Q N P p Z p Z o0 U ON ae¢ 00 a Q) C O ¢ u0 Q ^ K O 0 K O 0 U C 0 E m Q Orn Qp N LL Q Ux O in LLQ O' =O p U l� J g w nJ � mQN OW LL aQ U m m m LL 17 &f 13 AtEydCFyir tac n N o N m P N OO P m O N m P V P M N m o n N N 8 S O O O n m V Ph O S S O O O W ro N O �fl h r% h N 'PD h U V P N Iq W O V V N m P O O U V P $ m 8 v $ .6 0 vi 0 ro 0 n W W P Q P $ 8 $ 0 O O S O O $ o $ N P U P NO O W O N M O O O M cO O 0 m W M V P Q m N O w O W ry � O L Vl W O K N N N m N< Z >N H m H O N < OJ N °IN�rEh < p N m ill N 2aT9 Item # 1.6 r .- z C: a O dE r h Ci n m o n �"'M. r O O 4{.h��gs+. 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N tan uaj l!i Q 18 bk 33 M ' AtfiAc&im?dTC° ' "`"' March 5, 2019, Item # 1.6 'a v y � m w P M o m w m w v o n w P P m v P o n < > tj T o 0 0 0 0 0 o 0 0 0 0 0 o 0 o a � � o u+ v u O w w w w m o r. .o m N m o N N m ofv, m N m m N> N N N N N N N N N V N t O t E N O O O O O O O O O OO O O O O O O O O O O O Y O O O O O O W O N O O O N O O O h O O O O O N>P M to O O O d' O fV (�1 a{ P N �D �O lO O V M w w w P n n n IR V O IO P N O w V 'O O N w .p O P w N�O D �Il N N P M n W w N �O .D N V Cq O N U1 w PP �O �D N O M M N m O N m m N m O N N m V V m n In m O OU N N N N N N V N 0 a s U O w V C O n w N n O O O W O O O 0 N O O O O U `O i0 w w �O O O O O O O O O O O O O N W w P W n NN O O O W w N M O O W O m V n N N O O W n n V 6 '- n 2 w P w P O P P y) OP P P P P P n O O 00 P V P P O O d' P O. O P P V P P P CT O O O V O wO O O O O O O O O O O O O O O O O O O O O O N O O O O O O O O S O O O O O O O O O O O O N N O O O O O O O O O O O O O O O O O O OOOOOOO OO OO OOO O O O O O O O UO S 0 L^ C W C C C O 0 O O cl N N OO O.. .- N T00 t0 r0 N N t0 N N m N N m m N t0 N rO 10 m 'O C @ tp N t0 t0 N N N t6 t0 m t0 N 0 N N N N V) S m ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ o. a ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ a� ¢+ QQ+ ¢+ Q ¢+ ¢+ ¢+ ¢+ + + QQ+ QQ+ ¢+ ¢+ Q aa+ ¢+ ¢+ Q ¢+ Z n ¢ Q ¢ ¢ ¢ ¢ Q Q Q Q ¢ ¢ ¢ Q ¢ ¢ ¢ ¢ LU y P P A O O L//�� 0 N N / N N N W u N O O Z T Y P P P P P P O O P P P O O O O P P P P P Y O O O O O O O O O O O O O O O O O O O O O 3 V N N N N N N N N N N N N N N N N N N N N N V m d P N W U1 U1 O N m M1 1(1 n W O C m vt V) lfl O O O O 1+1 N N w M 1t1 O O O O O O n N n N N O W O n n N N N n. i(1 O itl 1t1 N 00 O u c V In N co w 00 z z z z z z z f00 0 a tY1 Z m ro n u ¢0 ¢0 ¢0 0¢ ¢0 0 0 ae vii u�i LU QW Y Y } } Y } } } m N N 0 0 0 0 0 0 0 C¢¢¢¢¢ lQ� a W W W W W ,...1 V . u VI ¢ ¢ ~ ~ ~ ~ � � � � V N ¢ ¢ ¢ ¢ ¢ ¢ E p p p p p p p E w w w w w v +. m m m 1n v1 1n 1n 1n w w w w w w w w w Q p Y �p co = LL LL LL LL LL LL LL = LL LL LL LL ry LL P O a-� n ¢ M OW M y U -) �+.- i N of w LL } d O. 16 W n 2 M d p N ¢ p n V/ �G V L U 3 a p Q Q M < W ¢ A M ¢ P P P ¢ 3 ¢ ¢ ¢ ¢ ¢ ¢ 'O m 0 0 m 0 m yy1� 0 M M M M M M M y� � M M M pM(y M Q 19 df 33 P P O P P P P P Htt &m�nt;b M M M M m N LL `iAafbh 9, ZV 19' Item # 1.6 r P " O O 0 0 � 0 x 2 � � M P uni P 0 0 0 I' l: mo N o v ro m - � m n 0 V V v P OO �O a O N N E E O O P P P P M m > g m N e m M N n o 0 /� N m F P P D O O N o Vm O o o O O O O LL a r LL T� LL N N Ln 0 0 Llo C U O V O O N �+1 W P " O O 0 0 � 0 x 0 M P uni P 0 0 0 in mo N 'D V I u m v v .moo n 0 V V O N P OO �O O O O N N O O O P P P P M U LL J a4 > " M N n o 0 /� N m F O O O O D O O O O O O O O O O O O LL `0 Y LL T� LL N N Ln n O O O Q Q V O O N O O M M v M M M M M M m m Q Q m Q m Q m Q m Q M M M Q Q Q Q Q Q Q Q Z"� W ccL' Lr) W ZH P ON M - N O O — p � M m O O O O O O 00 W N r o CL � u o 0 (J) N U d o0 0 r M � (ij L OO u n OE C 0 U U o Q p_ J W W_ O `u (U p p ¢ K Q Q = W � L / Z M Q a u m m Q cu 20 5f 33 M M ro M 6 O O N P O o0 O I N m o m n m cnn � a .- N N N N 0 0 0 0 0 0 0 0 NO ON O V OM P 1^(1 n n m n � m P V P P P P W jyl. n P 00 SO D M M w m o m n M M a N •- N •- � N (y 0 0 0 0 0 0 0 0 O vl pO O O O i11 O O '1 O 00 1,71 W P ryl P W O P P P W m O O O O O O O O O O O O O O O O 00000000 0 10 (0 N M N @ 10 Q Q Q Q Q Q Q Q Q Q Q Q Q Q P P P P O O O O N m m m 0 0 0 0 P P P P P P O O O O O O O O N N N N N N N �o m m v o rn N N m N O O O O On n O O O 6 o M o o N N V 00 0 w m 0 N N M N NM CW W W W W W W O z Z Z Z z Z Z LL LL LL LL LL LL LL �p Z OP O Y x M M M M M M M M W LL M M M m Aftadhm''d d M N V O I W N - N N P O O O 0 0 0 0 0 0 0 0 0 0 0 0 in mo m v u m v v .moo n v V V cv P M �O O O O O O P P P P P P P M � L U LL J a4 W M N n M m N n N n m N - N N P P P O O O 000000 O O O O O O N O O C in mo m v u o f6 U U o V V cv P M �O O O O O O K P M P P P P � L U LL J a4 O O O O O O E D O O O O O O O O O O O O LL LL LL LL LL 000080 n O O O O O O O O M M M M M M M M M M m m Q Q m Q m Q m Q m Q M M M Q Q Q Q Q Q P P P O O O O O O O O O N N N N C in mo m v u o f6 U U o U U U m K O O O O O K � L U LL J a4 LL J 4a P b p d O O O eo c0 c N N u u u f6 U U U U U U m K K K < K K � L U LL J a4 LL J 4a LL JJ ¢ LL < LL J ¢ LL J E D LL LL LL LL LL LL Ll. n a M n O O M M M M M M M M M M M M LL M M M M M M P b p d O O O eo c0 N N N 0 O 0 0 U W V r 0 O N W O O 0 0 O Q H Z i U CL w W < Q U p O C O N � v E N 96,C20 5Item #1.6 Q N N W M n n n n V V P P P > m m n n w O O N N P O ti T 2 � � � W D 1- V y�-�, -F, L (V N (V N N N N N N fV N N a E «y m o 0 0 0 0 0 0 M 0 o O O o ul 0 0 O m O N NO X11 N N � �O P n n w m m> O O m m n n m M m n n W N r% n n n Ln I!1 N N V N ry N ao ap ui u� n ui �n o6 op ui P V p6, P pp. W w V V O O p CO 00 u1 t(1 W 0p o0 00 n n 00 y n n n np .O O O O O O N O N N N N N N N N N N N - O a t aE m 0 0 0 0 0 0 0 0 0 0 0 0 0 p pu o 0 0 0 0 0 0 0 0 0 0 0 0 O O O O u1 N O O M N N N O C N O V - q � I O N O � q cj LLJ p p n n D N p O p P P P O 0 P � OD w u? p ill u! �+1 � P �T C � N c .- mOON Oprj O OO OO OO OO O N O O O O 0 O(OV O OO OO JIy' O O CO Op O p mdON C O u > 0Op O O Op O O N N NO OOo N ��� O C ¢ Q Q Q Q Q Q V // O m 1.i. a oo ¢ + Q ¢ + + Q ` ¢ ¢ z " a LU d P O O � N N , ^ N O V /� LU V N \ m O O O TH P O P O O O O Z _ M O O O O O O O Z J V N N N N N N N i0 O 00 N O O �fl Q N O O O O c O n N ON o 4 p a V 00 op P Op V F p0 _ p u (n N ~ Q CR CL M a W = z u LU 0C- u = O a Z U O O a-+ Z O N 0 Y ~ U C V V w o N ¢ C Z C Z Z V N r n N t O� O H Q O C U Q Z CL O U °� a E h O Y ouZ O U Q u L] o o M D 3 a N u OiU O O Y`wO TV O O M M = Q V VQ u K wO m.o `mO 'A mav V Q 33 Att s cflmLan n21 afmnNc h rN2019 Item # 1.6 } d O O N N O O ul N P N n n V a W W n. h V V P P �t L' O O O O O O 2 � O O 0 w F u O Ul P P W 00 c0 W 00 00 W W 00 M -0. 2 o v m m m m M m m m m m m m o -V E vm o 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O Y N N> BO O IQ Ill O O `O N N M M O p P P MM a P U 66 P P O p O H - o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 °u 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 o ao m m ro v w pp .O .O P p. O O 1� O C P P LU = m W NO N - P C O m0 p O p P P P P P P O O NO O O O O O O O O O 0 O O O O W o O O O O O O O O O O O O O O (p O O O O O O O O O O O O O O J 2 s 0 o 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O p O C O C O O Q CO 0 dO c ¢ `¢ Q Q `¢ ¢ a Q o A _ Q Q Q Q c ¢ Q Q z LU O O L M O O � //r/ L // U O N O P O P P P O P ZL O C M O O O O O O O r - C 00 O O N O O O O a O N O N n =O N N Q N N N N u O Ln N u a O r 00 u CL M C Y wN 0 o W 1- x w z c Z 0 = N Q ¢ O rr C 0 u O ¢ ou u Z O a J m¢ v¢ z z V m QmZC vii V ¢ C) O 0 u Q U ¢ co O O « -u «LOjVI UJ70 _ O O u •C O 09 YO NNM�a X < O N N j 2 N0 u :n vl E WCvLNm df OQ ¢ on "22 Att 6 h 6Y7j 33 lchmvnt afONamWn_b 19 Item # 1.6 Attachment C March 5, 2019, Item # 1.6 CJ ti T O O � O LLO � "O W U O Gl W CO o � r � o � E m M 0 0 Y NW od w O O O p P P P o m ^ 0 O m o ^ a s N o 0 0 0 u o u o 0 0 $ �o W P N 0 O d OO J o r ' o S 0 u > o Ln a o c Y v is L%i o ¢ m Z LU m Ln m W Z T d N P � IO N O Z W C S O O. r O O U) N 0 CL M W L Q � E� O U a z O v Co Q o u ¢ 4Q O v M V7 j O Q ¢ 23 &'f 33 Attachment C March 5, 2019, Item # 1.6 e `} 00 §6 \ ; ; '�} (Y))\ .}, / ¥ �; } / uff �± 0 E,/) D 00 LU G t©a! ' < Q w 0 ;l�;ow�: r U § 0 0 j Lu 7 { CL - U / w t o V) �&Ag e `} §6 ; '�} .}, ,» ¥ �; } uff �± g[ E,/) '\ 9[#3; t©a! ' < 0G 2 0 ;l�;ow�: March 5, 201sItem „i G O U L W p U U Q O rn >- I_ d u y d C N N O d p O U U U c m a` p: r4 v o Y O w S N N O � O > O N i+10 a �y o N � ? � O N N U O c O O O d N Co 0 � U Q N (Y) m m w L M M .p .p o 0 Cl N 9 N O F � U U 0 00 0 O N W U) U U U = a o F- uI Y N Z L W 0 O O m U Q tt CL) ^ Z Q% O Q N� O. Z LL u d u O D w U C awz O w o m ° O w o Lr) U- 25 Of 33 c7 m " Attachment C m March 5, 2019, Item # 1.6 N a N d C r d C y a N a °'v o � N u v Q c a � N N W O d K 41 N � � � j > N~ L >M W t W L M V N N U a` V T0 U a� n N E O O U E - m 0 O M V w U o O O N M om 0 v L �s W >N re O a 4' Q a i 3 c0 m u r Q O c N 0 z - o vv as J O W O 4U' V t- voi un O U) -a UJ .2 PN: W li c U 4 � ° y �U.1 V L O U Y ! L _ O 26 91 A 00 N N M N 0 0 K N W O O 0 O 0 0 O CIF N March 5, 2019, Item # 1.6 «, a v N T C Q O N � _ d U a 0 T y v - > u v 'y � V _ d u � v c N pq 2 O A d K 41 J j > � Y L > E w � C d t N U u a` o > 0 u E a m N E ru OO Q E d Q � 00 m N Q y N M� o ^i = W O N Q E d N M LU> " U � a r C0 � �i Y a U N Q _ C Z a U d d va �/�O�" R v V / 0 F N L_W O r C s U 4' a LU '- auY ;w_ 0 O V 0* 0 00 O O 0 N co a0 0 0 N N n n � � r m C ] X O DF-uiF IL LLQ�0 o P Q C) O m CL P Q wU N U O 2 ao3U� March 6, 2019, Item # 1.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O � H O O O O O O O m O O N O ul N O O ^ O 02 P -C N O 2 ll if) rl� M n 16 OD vi N W O m N N O O P O O C > m � F u O o O O O O o O O O S O O O O O O O O O O O O N Ir! O O O O O O O O Om N O O O O O mO m W t!1l lr rl n m I1 16P W o m N N 2 O O O O O O O p O O O p O O O O 'V O O O O O O O uj O O O O O O O O O w O ry N a p o 0 0 0 0 0 0 0 0 o S S o o NN O O O O O N O O O O O O _ o d d d d d d o o d d d d d d o m w c o 00 m o 0 0 0 o p o 0 0 0 0 0 0 0 0 v A o 0 0 a 0 0 0 0 0 0 0 0 0 0 0 0 0 s o 0 0 0 o p o 0 0 0 o S g o o m m o 0 0 0 o p o 0 0 0 C 0 o p > o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N oO o 0 0 0 0 0 0 0 o O O O O O � O P O C O P c O �I1 �Il O c g P P P P L2 m P P P O P O O P m m O O O O O O O O O O O O O O O O 3 N N N N N N N N N N N N N N N N N N M O O N N N N N O m m m m O P P p O N P N ON tY Q � Z Q m U O H N m F m d ZU Z Z N vt W O W W M N m vt O OU N N N .- U m U P P U U Q ? 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