Item 21 - City's Investment Report
AGENDA REPORT SUMMARY
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fO: Honorable Mayor and Members of the City Council
FROM: James l. Bowersox, City Man~ ~
INITIATED BY: John D. Fitch, Assistant City Managen?\l{
Peggy A. Stewart, Director of Administrative Service~
Christine Tsung, Finance Manager~ ~
DATE: June 27, 1995
SUBJECT: City's Investment Report
ABSTRACT
Monthly reports of investments are required to be presented to Council. For your
information, attached is an investment portfolio listing as of May 31, 1995.
ENVIRONMENTAL REVIEW
- Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACT
The investment portfolio earned $363,812.31 interest during May 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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AGENDA REPOR""
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 Calender and
discussed separate!y. If you wtIh to have this report pulled for discussion, please till out a slip indicating the report number
and give it to the City Clerk prtar to the beginning of the City Council meeting.
TO: Honorable Mayor and Members~e City Council
FROM: James L. Bowersox, City Man
INITIATED BY: John D. Fitch, Assistant City Manage~?\
Peggy A. Stewart, Director of Administrative Services
Christine Tsung, Finance Manager ~
DATE: June 27, 1995
SUBJECT: City'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 May 31, 1995 was $73,176,210
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 $43,460,725.
The general operating reserves investment portfolio consisted of Time
Certificates of Deposits (TCDs) which totaled $2,667,000, Government National
Mortgage Association Certificates (GNMAs) which were booked at $971,410, U.S.
Treasury Notes purchased for $12,416,172, Federal Home Loan Mortgage Corporation
Certificates which were booked at $116,269, medium-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 $7,099,529, a commercial paper purchase for
$962,322, deposits at the Local Agency Investment Fund (LAIF) of $22,341,577, and
$23,137,916 invested through the San Diego County Investment Pool. Excluding
interest, the market value of the County Pool increased 1.58% and is estimated at
$21,709,281 at May 31, 1995. A recap of the San Diego County Pool's Investment
Portfolio as of May 31, 1995 is attached.
ACTION:
2 of 10 ))
JUN 27 1995 HEM 21
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Agenda Report
June 27, 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 market values of the securities go down. The difference
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 $73,176,210; the market value adjusted for the San Diego
County Pool funds is $71,895,936 for a "paper loss" of $1,280,274, or 1.75% of
the total. The book value of the City's bond proceeds is $43,460,725; the market
value adjusted for the San Diego County Pool funds is $41,022,379. 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 ending May 1995 is
estimated at 6.009% for LAIF, and 4.69% for the County Investment Pool.
The TCDs are at 14 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.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA
guidelines.
FISCAL IMPACT
The investment portfolio earned $363,812.31 interest during May 1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
Attachments:
A. Investment Report (Including the new computer report which lists all
the investments for the City. It is summarized by type of investment
and lists market value and maturity dates for all investments
including those with maturity dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues managed by
the City.
C. San Diego County Pool's Investment Portfolio as of May 31, 1995.
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06/06/1995 PM . 1
CITY OF POWAY POWA
PORTFOLIO MASTER SUMMARY
MAY 31, 1995
AVERAGE .--YIELO TO MATURITY.--
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MA TUR I TY EQUIVALENT EQUIVALENT
Local Agency Investment Funds................$ 45,479,493.34 62.15 1 1 5.265 5.338
Certificates of Deposit......................S 2,667,000.00 3.64 1,383 608 6.613 6.705
Mortgage Backed Securities...................S 1,087,679.34 1.49 10,456 7,462 8.141 8.254
Treasury Securities - Coupon.................S 12,416,171.93 16.97 1,367 1,024 6.765 6.859
MecHI.III Term Notes............................S 2,464,015.00 3.37 1,769 844 7.307 7.408
Federal Agency Issues - Coupon...............S 1,000,000.00 1.37 1,096 860 7.111 7.210
Comnercial Paper - DiscOlM"lt..................S 962,321.67 1.32 222 134 6.313 6.401
MisceLleneous Securities - Coupon............S 7,099,529.20 9.70 946 188 6.543 6.634
.-------------------------------...-------------------.-----------------
TOTAL INVESTMENTS and AVERAGES...............S 73,176,210.48 100.00" 608 368 5.843" S.924"
============z===========================================================
CASH
Passbook/Checking Accounts...................S 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purchase.................S 110,858.23
-........----..........----------..-....-------------------_...-----....
TOTAL CASH...................................S 110,858.23
=========~.~=.==========================================================
TOTAL CASH and INVESTMENTS...................S 73,287,068.71
======..================================================================
'"' (J1?mftrrJ
,,_.-7'. ...L:l:.: ~._h.,' -t The City shall invest in only those investments authorized by the State of
PEGGY STEWART CHRISTINE TSUNG California under Government Code Sections 53601.1, 53602 and 53635. I nves tments
shall be mede ush'lg the prudent InI!In theory with consideration given to the
"J? / ?S- following items in order of priority; 1. Safety; 2. Liquidity; 3. Yield.
DATE / ,I
ATI'ACHMENT A
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06/06/1995 CITY OF POWAY PM . 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS POWA
MAY 31, 1995
STMENT PURCHASE STATED --- YTM --- MATURITY DAYS
NUMBER ISSUER DATE BOOI( VALUE FACE VALUE MARKET VALUE RATE 360 36S DATE TO MAT
.-.....---..---........-....----------........----..........------------....-.................----.--.--------.----.--------------
LOCAL AGENCY INVESTMENT FUNDS
040001 lAIF CITY OF POWAY 12,601,700.33 12,601,700.33 12,601,700.33 6.009 5.927 6.009 1
040002 LAIF REDEVELOPMENT AGENCY 9,739,876.93 9,739,876.93 9,739,876.93 6.009 5.927 6.009 1
040004 SO CNTY INVST POOL 23,137,916.08 23,137,916.08 23,137,916.08* 4.690 4.626 4.690 1
SUBTOTALS and AVERAGES 45.479,493.34 45,479,493.34 45.479,493.34 5.265 5.338 1
CERTIFICATES OF DEPOSIT
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 1,561
010948 EAST-WEST FEDERAL BANK 09/07194 99,000.00 99,000.00 99,000.00 6.830 6.830 6.925 09/07/99 1,561
010928 FIRST INTERSTATE -SACRAMENTO 03/04192 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 279
010929 FIRST INTERSTATE 'SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 279
010951 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 244
010952 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.1S0 7.24901/29/96 244
010933 FREMONT INVESTMENT &LOAN 03/27/92 99,000.00 99,000.00 99,000.00 7.210 7.210 7.310 03/27/97 667
010934 FREMONT INVESTMENT &LOAN 03/31192 99,000.00 99,000.00 99,000.00 7.060 7.060 7.158 03/31/97 671
010926 FRANKLIN BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 267
010927 FRANKLIN BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 267
010939 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07197 769
010940 FRANKLIN THRIFT & LOAN 07/07192 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07107197 769
010930 FIRST REPUBLIC THRIFT 03/10/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 03/11/96 286
010949 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 09/29/95 122
010950 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 09/29/95 122
010953 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 108
010954 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99.000.00 6.650 6.650 6.742 09/15/95 108
J>.<tJ943 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 811
~44 IMPERIAL THRIFT 08/17192 99,000.00 99,000.00 99,000.00 6.250 6.2S0 6.337 08/18/97 811
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 660
010932 RIVER CITY BANK 03120/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 660
010945 SAN DIEGO FIRST BANK 03/30/94 99,000.00 99,000.00 99,000.00 6.200 6.200 6.286 03/30/99 1,400
010946 SAN DIEGO FIRST BANK 03/30/94 99,000.00 99,000.00 99,000.00 6.200 6.200 6.286 03/30/99 1,400
010937 SARATOGA NATIONAL BANK 06/03192 99,000.00 99.000.00 99,000.00 6.500 6.500 6.590 06/03/96 370
010938 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 370
010941 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 805
010942 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 805
SUBTOTALS and AVERAGES 2,667,000.00 2,667,000.00 2,667,000.00 6.613 6.70S 608
HORTGAGE BACKED SECURITIES
080001 FED HOME LOAN MTG CORP 09/17/86 28,113.47 29.828.32 29,828.32 8.000 8.784 8.906 0811SI06 4,095
080003 FED HOME LOAN MTG CORP 04/20/87 88,155.29 89,782.60 92,019.08 9.000 9.137 9.264 05/01/16 7,642
081008 GNMA POOL 192832 04/20/87 596,399.12 599,396.10 603,466.00 8.000 7.958 8.069 04/15/17 7,991
081007 GNMA POOL 203379 04/20/87 263,414.93 265,572.71 267,375.95 8.000 8.001 8.112 04/15/17 7,991
081001 GNMA POOL 13057 08/1 1/86 111,596.53 116,246.39 117,807.58 8.000 8.503 8.621 08/15/06 4,095
SUBTOTALS and AVERAGES 1,087,679.34 1,100,826.12 1,110,496.93 8.141 8.254 7,462
*Market value of $21,709,281
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06/06/1995 CITY OF POl/AY PM . 3
INVESTMENT PORTFOLIO DETAILS . INVESTMENTS POl/A
MAY 31, 1995
INVESTMENT PURCHASE STATED 'n YrM ... MA TUR I TY ,S
NUMBER ISSUER DATE 8001( VALUE FACE VALUE MARKET VALUE RATE 360 36S DATE TO MAT
............--...---...---.-....------.....------------------.--------------------------------------.---------...-------.-.-------
TREASURY SECURITIES, COUPON
070001 US TREASURY NOTE 09/25/90 497,968.75 500,000.00 502,500.00 8.500 8.484 8.602 OS/15/95 77
070002 US TREASURY NOTE 04/12/94 488,671.88 500,000.00 497,190.00 5.875 6.323 6.411 03/31/99 1,401
070003 US TREASURY NOTE 04/21/94 483,593.75 500,000.00 497,190.00 5.875 6.S68 6.659 03/31/99 1,401
070004 US TREASURY NOTE 05/06/94 989,218.75 1.000,000.00 1.015,630.00 6.500 6.664 6.756 04/30/99 1,431
070005 US TREASURY NOTE 06/02/94 499,687.50 500,000.00 512,345.00 6.750 6.672 6.765 05/31/99 1.462
070006 US TREASURY NOTE 07/12/94 494,296.88 500,000.00 512,500.00 6.750 6.927 7.024 06/30/99 1,492
070007 US TREASURY NOTE 07/12/94 499,4S3.13 500,000.00 S05,625.00 6.500 6.453 6.543 05/15/97 716
070008 US TREASURY NOTE 08/09/94 499,765.63 500,000.00 514.690.00 6.875 6.792 6.886 07/31/99 1,523
070009 US TREASURY NOTE 08/15/94 498,984.38 500,000.00 506,095.00 6.500 6.485 6.575 OS/lS/97 808
070010 US TREASURY NOTE 08/15/94 498,593.75 500,000.00 514,690.00 6.875 6.847 6.942 07/31/99 1,523
070011 US TREASURY NOTE 08/15/94 498,671.88 500,000.00 506,095.00 6.500 6.5OS 6.S99 08/15/97 808
070012 US TREASURY NOTE 09/09/94 500.156.25 500,000.00 506,095.00 6.500 6.399 6.488 OS/15/97 808
070013 US TREASURY NOTE 09/13/94 498,437.50 500,000.00 506,095.00 6.500 6.528 6.619 OS/1S/97 808
070014 US TREASURY NOTE 09/13/94 496,640.63 500,000.00 515,155.00 6.875 6.940 7.036 08/31/99 1,554
070015 US TREASURY NOTE 09/20/94 497,SOO.00 500,000.00 506,095.00 6.500 6.600 6.692 OS/15/97 808
070016 US TREASURY NOTE 09/20/94 494,921.88 500,000.00 515,155.00 6.875 7.023 7.120 OS/31/99 1,554
070017 US TREASURY NOTE 09/23/94 496,484.38 500,000.00 506,095.00 6.500 6.678 6.771 08/15/97 808
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000.00 515,155.00 6.875 7.075 7.174 08/31/99 1,554
070019 US TREASURY NOTE 09/30/94 992,6S6.25 1,000,000.00 1,012,190.00 6.500 6.692 6.785 OS/15/97 808
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 09/30/96 489
070021 US TREASURY NOTE 11/OS/94 498,828.13 500,000.00 506,720.00 6.875 6.908 7.004 10/31/96 520
070022 US TREASURY NOTE 12/08/94 497,812.50 500,000.00 509,690.00 7.250 7.389 7.491 11/30/96 550
SUBTOTALS and AVERAGES 12,416,171.9312,500,000.0012,691,125.00 6.765 6.859 1,024
MEDlUM TERM NOTES
090032 EF HUTTON GROUP INC 06/17/91 493,63S.00 500,000.00 509,135.00 8.875 9.075 9.201 05/01/96 337
090037 FORD MOTOR CREDIT COMPANY 03/09/94 972,880.00 1,000,000.00 969,870.00 5.625 6.192 6.278 01/15/99 1,326
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000.00 5OS,29O.00 7.500 7.517 7.622 03/15/97 655
090036 TRAVELERS CORP 05/14/92 500,000.00 500,000.00 506,800.00 7.62S 7.521 7.625 01/15/97 596
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000.00 2,494,095.00 7.307 7.408 844
FEDERAL AGENCY ISSUES - COUPON
061009 FED HOME LOAN MTG CORP 10/06/94 1,000,000.00 1.000,000.00 1,004,690.00 7.210 7.111 7.210 10/06/97 860
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 10/11/95 134
MISCELLANEOUS SECURITIES - COUPON
100011 FIDELITY GOVER_NT SECUR FUNO 02/08/94 500,000.00 500.000.00 480,038.95 6.600 6.510 6.600 02/08/96 254
100012 FIDELITY GOVERNMENT SECUR FUND 02/09/94 1,000,000.00 1,000,000.00 958,211.86 6.587 6.497 6.587 02/09/96 255
100013 FIDELITY GOVERNMENT SECUR FUND 02/11/94 1,000,000.00 1,000,000.00 958,211.86 6.587 6.497 6.587 02/11/96 257
100014 FIDELITY GOVERNMENT SECUR FUND 02/22/94 500,000.00 500,000.00 484,759.09 6.665 6.574 6.665 02/22/96 268
100015 FIDELITY GOVERNMENT SECUR FUND 02/23/94 500,000.00 500,000.00 486,193.30 6.684 6.592 6.684 02/23/96 269
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06/06/1995 cln OF POWAY PM . 4
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS PCIlIA
MAY 31, 1995
..dESTMENT PURCHASE SlATED --- YTM --- MATURITY DAYS
NUMBER ISSUER DATE BOOI( VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
......----------.......-----------....---------.--------.----..--.-...............-------.......------.......-----...----.....----
MISCELLANEOUS SECURITIES - COUPON
100002 US GOVERNMENT FUND 10/30/87 699,529.20 699.529.20 746,951.09 8.000 7.890 8.000 10/30/95 153
100003 US GOVERNMENT FUND 07122193 SOO,OOO.OO 500,000.00 489,036.81 6.500 6.411 6.500 07122195 53
100004 US GOVERNMENT FUND 08/13/93 200,000.00 200,000.00 193,643.41 6.500 6.411 6.500 08/13/95 75
100005 US GOVERNMENT FUNO 08124/93 250,000.00 250,000.00 241,306.03 6.500 6.411 6.500 08/24/95 86
100006 US GOVERNMENT FUND 09110/93 300,000.00 300,000.00 287,S67.15 6.200 6.115 6.200 09/10/95 103
100007 US GOVERNMENT FUNO 09128/93 500,000.00 500,000.00 480,384.61 6.250 6.164 6.250 09128/95 121
100008 US GOVERNMENT FUND 10/08/93 400,000.00 400,000.00 384,012.29 6.230 6.145 6.230 10/08/95 131
100009 US GOVERNMENT FUND 10/12/93 400,000.00 400,000.00 384,307.70 6.230 6.145 6.230 10/12/95 135
100010 US GOVERNMENT FUND 11/12193 350,000.00 350,000.00 340,724.86 6.310 6.224 6.310 11/12/95 166
SUBTOTALS and AVERAGES 7,099,529.20 7,099,529.20 6,915,349.01 6.543 6.634 188
----------------------.--------------------------....-........-----------....------
TOTAL INVESTMENTS and AVERAGES S 73,176.210.48 73,346,848.66 73,324,570.95* 5.843X S.924X 368
:c==============c=..======================================....==================
*Market value adjusted for San Diego C01.mty Pool funds $71,895,936
7 of 10 JUN 27 1995 IlEM 21
06/06/1995 PM . 5
CITY OF POWAY POWA
ACCRUED INTEREST DETAILS
HAY 31, 1995
MONTH ENDING FISCAL
MAY 31. 1995 YEAR TO DATE
CD/Coupon/Discount Investments:
Interest Collected S 173,885.40 S 1,401,391.47
PLUS Accrued Interest at End of Period 344,559.29 344,559.29
LESS Accrued Interest at Beginning of Period ( 366,354.61) ( 224,019.42)
--------------- ------._-------
Interest Earned during Period S 152,09(1.08 S 1,521,931.34
=======3======= ---------------
---------------
Mortgage Backed Securities:
Interest Collected S 7,438.87 S 8S,467.26
PLUS Accrued Interest at End of Period 19.801.89 19,801.89
LESS Accrued Interest at Beginning of Period ( 19,827.56) ( 20,579.9(1)
--------------- ---------------
Interest Earned during Period S 7,413.20 S 84,689.25
=========zZ===:I: ===============
LAIF/Passbook/Checking Accounts:
Interest Collected S 227,638.40 S 2,085,753.62
PLUS Accrued Interest at End of Period 8,494,781.02 8,494,781.02
LESS Accrued Interest at Beginning of Period ( 8,518,110.39) ( 8,698,272.63)
--------------- ---------------
Interest Earned during Period S 204,309.03 S 1,882,262.01
--------------- ---------------
--------------- ---------------
TOTAL Interest Earned during Period S 363,812.31 S 3,488,882.60
--------------- ===============
---------------
8 of 10 JUN 2 7 1995 Hi:M 21
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CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
MAY 31,1995
SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $1,832,799.16 $1,832,799.16 $1,719,634.25 4.690
1969 TAX ALLOCATION BOND 9,025,300.87 9,025,300.87 8.468,039.93 4.690
1993 TAX ALLOCATION BOND 28.632.924.40 28.632.924.40 26.865.004.35 4.690
TOTAL 539.491.024.43 539.491.024.43 S37.052.678.53
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND S3,485,507.62 $3,485.507.62 $3,485,507.62 6.009
1990A TAX ALLOCATION BOND 336,374.13 336,374.13 336,374.13 6.009
1993 TAX ALLOCATION BOND 48.063.70 48.063.70 48.063.70 6.009
TOTAL S3.869.945.45 S3.869.945.45 S3.869.945.45
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND-199OA TAX ALLOCATION
BOND S99.754.73 S99.754.73 S99.754.73 5.610
GRAND TOTAL S43 480 724 81 S43 AM 724 81 "1 02237871
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $1,632,799.16 $1,832,799.16 $1,719,634.25
1989 TAX ALLOCATION BOND 12.510,608.49 12,510.808.49 11,953,547.55
1990A TAX ALLOCATION BOND 436,128.86 436.128.86 436,128.86
1993 TAX ALLOCATION BOND 28.680.988.10 28.680.988.10 26.913.068.05
GRAND TOTAL $43 460 724 81 S43 480 724 81 $41 02237871
ATTACHMENT B
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