Item 12 - City's Investment Report
AGDlDA REPORT Sl'M~URY
TO:
INITIATED BY:
Honorable Mayor and Members of the City Council
James L. Bowersox, City Man~ I ,~
John D, Fitch, Assistant City Managef'i
Peggy A. Stewart, Director of Administrative Service:P~
Andrew White, Finance Manager
FROM:
DATE:
June 4, 1996
SUBJECf:
City's Investment Report
ABSTRACf
Monthly reports of investments are required to be presented to Council. For your
information, attached is an investment portfolio listing as of April 30, 1996.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA guidelines,
FISCAL IMPACf
The investment portfolio earned $278,042.78 interest during April 1996.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
AcnON
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JUN 4 1996 ITEM 1 2
~ AGENDA REPOR'l
CITY OF POW A Y
This report is included on the Consent Calendar There will be '10 separate diSCUSSion of the report pnor to approval by the
City CounCIl unless members of the Council. staff ()f ;>ubiic request It to be removed from the Consent Calendar dnd
discussed separately If \IOU wish to have this report pUlled jor diSCUSSion. please rill out a slip indicating the report number
and give It to the (it\- Cierk pnor to the beginning of '.he Ct\- Council meeting
TO:
FROM:
INITIATED BY:
Honorable Mayor and Members of the City Council
James L. Bowersox, City Man~
John D, Fitch, Assistant City Manager~\
Peggy A. Stewart, Director of Administrative Services
Andrew White, Finance Manager~~
,
DATE:
SUBJECT:
June 4, 1996
Citv's Investment Reoort
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 market value of all maturities that exceed
12 months, and interest rate.
FINDINGS
The book value of the investment portfolio as of April 30, 1996 was S68,981,004
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 S33,609,903.
The general operating reserves investment portfolio consisted of Time
Certificates of Deposits (TCDs) which totaled Sl,578,000, Government National
Mortgage Association Certificates (GNMAs) which were booked at S788,642, U.S.
Treasury Notes purchased for S11,918,203, Federal Home Loan Mortgage Corporation
Certificates which were booked at S94,225, medium-term Corporate Notes which were
booked at S2,464,015, deposits at the Local Agency Investment Fund (LAIF) of
S34,237,677, and S17,900,242 invested through the San Diego County Investment
Pool. The market value of the County Pool increased 0.33% and is estimated at
SI6,807,375 at April 30, 1996. A recap of the San Diego County Pool's Investment
Portfolio as of April 30, 1996 is attached.
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
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JUN 4 1996 ITEM 12
ACTION:
Agenda Report
June 4, 1996
Page 2
between book (purchase) price and current market 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 $68,981,004; the market value adjusted for the San Diego
County Investment Pool funds is $68,132,918 for a .paper loss. of $848,086, or
1.23% of the total. The book value of the City's bond proceeds is $33,609,903;
the market value adjusted for the San Diego County Investment Pool funds is
$32,044,288. The City does not anticipate redeeming any of the securities prior
to their maturity date, so no real losses will be realized.
The source of the market value information for the GNMAs, U.S. Treasury Notes,
Federal Home Loan Mortgage Corp. Certificates, and the Corporate Notes is the
City's investment custodian, Union Bank of California. The San Diego County
Investment Pool provides the market value information for its investments.
The funds on deposit at LAIF and the San Diego County Investment Pool earn
variable interest rates. The interest rate for the month ending April 1996 is
estimated at 5.538% for LAIF and 3.950% for the County Investment Pool,
The TCDs are at 8 different financial institutions throughout the state. The
certificates are placed in $100,000 increments with the amounts in excess of the
first $100,000 collateralized as outlined by state law using either mortgages or
federal government securities.
The City is in compliance with its adopted investment policy. The City's
investment program provides sufficient liquidity to meet its cash flow
requirements for the next six months.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA
guidelines.
FISCAL IMPACT
The investment portfolio earned $278,042.78 interest during April 1996.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
3 of 11
JUN 4 1996 ITEM 12
Agenda Report
June 4, 1996
Page 3
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports,
Attachments:
A. Investment Report (Including the new computer report which lists all
the investments for the City. It is summarized by type of investment
and lists market value and maturity dates for all investments
including those with maturity dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues managed by
the City.
C. San Diego County Pool's Investment Portfolio as of April 30, 1996,
C:\OA T A\WPFILES\INVEST.RPT
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JUN 4 1996 ITEM 12
05/09/1996
C!TY OF POWA Y
PORTFOLIO MASTER SUMMARY
APRIL 30, 1996
PM .
PO~A
I ~VESTMENTS
BOOK VALUE
PERCENT OF AVERAGE
PORTFOLIO TERM
AVERAGE
DAYS TO
MATURITY
.--YIELD TO MATURITY---
360 365
EQUIVALENT EQUIVALENT
Local Agency Investment Funds................$ 52,137,919.02
Certificates of Deposit............ ..........$ 1,578,000.00
Mortgage Backed Securities...................$ 882,867.18
Treasury Securities. Coupon.................$ 11,918,203.18
Medh.ll1 Term Notes............................$ 2,464,015.00
75,58 326* 371* 4,925 4,993
2,29 1,780 546 6.622 6.714
1,28 10.488 7,162 8.134 8,247
17,28 1,350 728 6,694 6.787
3,57 1,769 509 7,307 7.408
TOTAL INVESTMENTS and AVERAGES...............$ 68,981,004.38
100,00%
559*
346*
5,395%
5.470%
------------------------------------------------------------------------
------------------------------------------------------------------------
CASH
Passbook/Checking Accounts...................$
(not included in yield calculations)
Accrued Interest at Purchase.................$
0,00
0,000
0,000
97,317.93
TOT AL CASH...................................$
97.317,93
------------------------------------------------------------------------
------------------------------------------------------------------------
TOTAL CASH and INVESTMENTS..,....,........,..S 69,078.322.31
------------------------------------------------------------------------
------------------------------------------------------------------------
*Adjusted per approved withdrawal schedule for the San Oiego County Pool.
This investment is to be fully redeemed by February 1998.
ATTACHMENT A
5 of 11
JUN 4 1996 ITEM 12
~-Uj," t.,......r ~~fL.
PEGGY RT ANDREW WH I TE
DATE
5',/ j '1i 9 c.
I
6 of 11
The City shalL invest in only those investments authorized by the State of
California under Government Code Sections 53601.1, 53602 and 53635. lnvestment~
shalL be made using the prudent man theory with consideration given to the
following items in order of priority; 1. Safety; 2. Liquidity; 3. Yield.
JUN
4 1996
ITEM 12
05/09/1996
.JESTMENT
NUMBER ISSUER
CI TV OF POI"IAY
INVESTMENT PORTFOLIO DETAILS' INVESTMENTS
APRIL 30. 1996
PURCHASE
DATE
BOOK VALUE
PM - 2
'::>O'..'A
STATED --- rTM --- MATURITY DAYS
FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
----------------------------.-.--...------------------..------------.--..--------.--------------------------".--------...---------
LOCAL AGENCY INVESTMENT FUNDS
040001 lAIF CITY OF POWAY
040002 LA I F REDEVELOPMENT AGENCY
040004 SO CNTY INVST POOL
SUBTOTALS and AVERAGES
CERTIFICATES OF OEPOSIT
010947
010948
010933
010934
010939
010940
010943
010944
010931
010932
010945
010946
010937
010938
010941
A-10942
EAST-WEST FEDERAL BANK
EAST'WEST FEOERAL BANK
FREMONT INVESTMENT &LOAN
FREMONT INVESTMENT &LOAN
FRANKLIN THRIFT & LOAN
FRANKLIN THRIFT & lOAN
IMPERIAL THRIFT
IMPERIAL THRIFT
RIVER CITY BANK
RIVER CITY BANK
SAN DIEGO FIRST BANK
SAN DIEGO FIRST BANK
SARATOGA NATIONAL BANK
SARATOGA NATIONAL BANK
TRANS PACIFIC NATIONAL BANK
TRANS PACIFIC NATIONAL BANK
SUBTOTALS and AVERAGES
MORTGAGE BACKED SECURITIES
080001 FED HOME LOAN MTG CORP
080003 FED HOME LOAN MTG CORP
081008 GNMA POOL 192832
081007 GNMA POOL 203379
081001 GNMA POOL 13057
SUBTOTALS and AVERAGES
TREASURY SECURITIES - COUPON
070002 US TREASURY NOTE
070003 US TREASURY NOTE
070004 US TREASURY NOTE
070005 US TREASURY NOTE
070006 US TREASURY NOTE
070007 US TREASURY NOTE
070008 US TREASURY NOTE
070009 US TREASURY NOTE
070010 US TREASURY NOTE
19.532,539,63 19,532.539.63 19,532.539,63 5.538 5,462 5.538
14.705,137,0914.705.137.0914,705,137,09 5,538 5,462 5,538
17,900,242,30 17,900,242,30 17,900.242.30* 3.950 3.896 3,950
1
1
325**
52,137,919.02 52.137,919,02 52,137.919,02
09/07/94
09/07/94
03/27/92
03/31/92
07107/92
07/07/92
08/17192
08/17/92
03/20/92
03/20/92
03/30/94
03/30/94
06/03/92
06/03/92
08/12/92
08/12/92
99,000,00
99,000,00
99,000,00
99,000.00
94,000,00
94,000.00
99,000,00
99,000,00
100,000.00
100,000,00
99.000.00
99,000.00
99,000.00
99,000.00
100,000,00
100,000.00
99,000,00
99,000.00
99.000,00
99,000,00
94,000,00
94,000,00
99,000.00
99,000,00
100,000,00
100,000,00
99,000,00
99,000,00
99,000.00
99,000,00
100,000,00
100.000,00
4,925 4,993
326**
99,000,00 6.830 6,830 6,925 09/07/99
99,000,00 6,830 6,830 6,925 09/07/99
99,000.00 7,210 7,210 7,310 03/27/97
99.000,00 7,060 7,060 7.15803/31/97
94.000,00 6.500 6,500 6,590 07/07/97
94.000.00 6.500 6,500 6,590 07/07/97
99.000,00 6.250 6,250 6,337 08/18/97
99.000,00 6,250 6,250 6,337 08/18/97
100.000.00 7,300 7,300 7,401 03/20/97
100,000,00 7.300 7,300 7.401 03/20/97
99.000.00 6.200 6,200 6,286 03/30/99
99,000,00 6.200 6,200 6.286 03/30/99
99.000,00 6.500 6.500 6,590 06/03/96
99,000,00 6.500 6,500 6,590 06/03/96
100,000,00 6.250 6.250 6,337 08/12/97
100,000,00 6,250 6,250 6,337 08/12/97
1.226
1,226
332
336
434
434
476
476
325
325
1,065
1.065
35
35
470
470
23.697,36
70,527,49
521,302.91
185,409,80
81.929,62
882,867,18
488,671,88
483,593,75
989.218,75
499,687,50
494,296,88
499.453,13
499,765,63
498,984,38
498,593.75
25,142,84
71,829.40
523,922,52
186,928.59
85,343.35
893.166,70
500,000,00
500,000,00
1,000,000,00
500,000,00
500,000,00
500.000,00
500.000,00
500.000,00
500,000.00
1.578.000,00 1,578,000,00 1.578,000,00
6,622 6,714
546
25,747,53 8.000 8,784 8,90608/15/06 3,760
75,495,57 9,000 9,137 9,264 05/01/16 7,307
534,757.24 8.000 7,958 8,069 04/15/17 7,656
190,794.27 8.000 8,001 8.11204/15/17 7,656
87,391,59 8,000 8,503 8.621 08/15/06 3.760
914,186.20
8.134 8,247
7,162
09/17186
04/20/87
04/20/87
04/20/87
08/11/86
04/12/94
04/21194
05/06/94
06/02/94
07/12/94
07/12/94
08/09/94
08/15194
08/15/94
495.780,00 5.875 6,323 6,411 03/31/99
495,780,00 5,875 6.568 6.6S9 03/31/99
1,007,810,00 6.500 6.664 6,75604/30/99
506,875.00 6.750 6.672 6.765 05/31/99
507,030.00 6,750 6,927 7,024 06/30/99
503,905.00 6,500 6.453 6,543 05/15/97
508,595,00 6,875 6.792 6.886 07/31/99
503,750,00 6.500 6.485 6,575 08/15/97
508,595,00 6,875 6,847 6,942 07/31/99
1,066
1,066
1,096
1.127
',157
381
1,188
473
1,188
*Market value of $16,807,375
**Adjusted per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeemed by February 1998.
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JUN 4 1996 ITEM 1 2
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CITY OF POWAY
INVESTMENT oORTFOllO DETAilS. INVESTMENTS
APRIL 30, 1996
,.
",CI,.,A
INVESTMENT
NUMBER ISSUER
PURCHASE
OATE
BOOI( VALUE
STATED _H Y'TM u. MATURITY ;"'..J
FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT
....--.-.---.--.-.......--.-.--..-.------.....-------.-..--.---------..-.-.----.---------..--.--------..-............._.--...._-..
TREASURY SECURITIES. COUPON
070011 US TREASURY NOTE 08/15/94 498,671,88 500,000,00 503,750,00 6,500 6,508 6.599 08/15/97 473
070012 US TREASURY NOTE 09/09/94 500,156.25 500.000.00 503,750,00 6.500 6.399 6.488 08/15/97 473
070013 US TREASURY NOTE 09/13/94 498,437,50 500.000.00 503,750.00 6,500 6,528 6.619 08/15/97 473
070014 US TREASURY NOTE 09/13/94 496,640.63 500,000.00 508,750.00 6,875 6.940 7,036 08/31/99 1,219
070015 US TREASURY NOTE 09/20/94 497.500,00 500,000,00 503,750,00 6.500 6.600 6,692 08/15/97 473
070016 US TREASURY NOTE 09/20/94 494,921.88 500,000,00 508,750,00 6,875 7.023 7,120 08/31/99 1,219
070017 US TREASURY NOTE 09/23/94 496,484.38 500,000.00 503,750.00 6,500 6,678 6,771 08/15/97 473
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000.00 508.750,00 6,875 7,075 7.174 08/31/99 1,219
070019 US TREASURY NOTE 09/30/94 992.656,25 1,000,000.00 1,007,500.00 6,500 6,692 6,785 08/15/97 473
070020 US TREASURY NOTE 09/30/94 1.000,000,00 1,000,000.00 1.004,690,00 6.500 6,411 6.500 09/30/96 154
070021 US TREASURY NOTE 11/08/94 498,828,13 500,000.00 503.595,00 6.875 6,908 7.004 10/31/96 185
070022 US TREASURY NOTE 12/08/94 497.812,50 500,000,00 504.845.00 7.250 7.389 7,491 11 /30/96 215
SUBTOTALS and AVERAGES 11.918,203,18 12,000,000.00 12.103.750.00 6,694 6,787 728
MEDIUM TERM NOTES
090032 EF HUTTON GROUP INC 06/17/91 493,635.00 500,000.00 500,000,00 8,875 9,075 9,201 05/01/96 2
090037 FORO MOTOR CREOIT COMPANY 03/09/94 972,880.00 1,000,000,00 980,710.00 5,625 6,192 6.278 01/15/99 991
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000,00 505,660.00 7,500 7.517 7,622 03/15/97 320
090036 TRAVELERS CORP 05/14/92 500,000,00 500,000.00 505.560,00 7,625 7.521 7,625 01/15/97 261
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000.00 2,491,930,00 7.307 7,408 509
.........-.---------------...-....----------------...--....-----------....--....
TOTAL INVESTMENTS and AVERAGES S 68,981,004.38 69,109,085.7269,225,785.22* 5.395% 5,470% 249
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*Market value adjusted for San Diego County Pool funds $68,132,918
8 of 11
JUN 41996 ITEM 12
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CITY OF POWAY
ACCRUED INTEREST DETAILS
APRIL 30, 1996
MONTH ENDING
APRIL 30. 1996
fiSCAL
YEAR TO DATE
CD/Coupon/Discount Investments:
Interest Collected
s
120,448.22
$ 1,220,217,37
PLUS Accrued Interest at End of Period
182.842,56
182,842.56
LESS Accrued Interest at Beginning of Period
214,863,40)
306,869.90)
Interest Earned during Period
$
88,427,38
S 1.096.190,03
---------------
---------------
---------------
---------------
Mortgage Backed Securities:
Interest Collected
$
6,037.92
$
66.010,58
PLUS Accrued Interest at End of Period
18,355.96
18,355,96
LESS Accrued Interest at Beginning of Period
18,379.97)
19.603,68)
Interest Earned during Period
$
6,013.91
$
64 ,762,86
---------------
---------------
---------------
---------------
LAJF/Passbook/Checking Accounts:
Interest Collected
$
385.612, II
S 1,932,315.33
PLUS Accrued Interest at End of Period
19,250.371,02
19.250,371.02
LESS Accrued Interest at Beginning of Period
19,452,381,64)
19.444,013.96)
Interest Earned during Period
$
183,601,49
S 1.738,672,39
---------------
---------------
---------------
---------------
TOTAL Interest Earned during Period
S
278,042.78
$ 2,899.625.28
---------------
---------------
---------------
---------------
9 of 11
JUN 4 1996
'"
?QI.'A
ITEU 12
CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
APRIL 30,1996
SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $149,755,57 $149,755,57 $140,612,51 3,950
1989 TAX ALLOCATION BOND 6,544.791,95 6,544,791,95 6,145,211,47 3,950
1993 TAX ALLOCATION BOND 18,948,903.38 18,948,903,38 17 , 792,012.24 3,950
TOTAL $25,643.450.90 $25,643.450,90 $24,077,836,22
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND $3,147,443,15 $3,147,443,15 $3,147,443,15 5,538
1990A TAX ALLOCATION BOND 356,334.64 356,334.64 356,334,64 5,538
1993 TAX ALLOCATION BOND 4,362,919,33 4,362,919.33 4,362,919.33 5,538
TOTAL $7,866,697.12 $7,866,697,12 $7 ,866,697,12
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND-1990A TAX ALLOCATION
BOND $99,754.73 $99,754,73 $99.754,73 4,760
GRAND TOTAL $33 609 902 75 $33 609 902 75 $32 044 288 07
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND
1989 TAX ALLOCATION BOND
1990A TAX ALLOCATION BOND
1993 TAX ALLOCATION BOND
$149.755,57
9.692,235,10
456,089.37
23.311,822,71
$149,755.57
9,692.235.10
456.089,37
23,311,822,71
$140,612,51
9,292,654,62
456.089.37
22,154,931,57
GRAND TOTAL
$33 609 902 7 S
$3360990275
$32 044 288 07
ATTACHMENT B
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10 of 11
JUN 4 1996 ITEM 1 2
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