Item 22 - City's Investment Report
- AGENDA REPORT SUMMARY -
-
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~
^
INITIATED BY: John D. Fitch, Assistant City Manager~it
Peggy A. Stewart, Director of Administ ative Service~~
-(c-
OATE: August 1, 1995
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 June 30, 1995.
ENVIRONMENTAL REVIEW
~
Environmental review is not required for this agenda item according to CEQA guidelines,
FISCAL IMPACf
The investment portfolio earned $337,358.70 interest during June 1995 and $3,826,227.65
for fiscal year 1994-95.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
ACfION
~
~
1 of 10 AUG 1 ITEM 2~ \
1995
------.---
- AGENDA REPOR1.
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 fOT 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 HemberS~ City Council
FROM: James L. Bowersox, City Man
INITIATED BY: John D. Fitch, Assistant City Manage~)f ~
Peggy A. Stewart, Director of Administ ative Service(':,~
DATE: August 1, 1995
SUBJECT: 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 June 30, 1995 was $65,883,222
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 $41,697,232.
The general operating reserves investment portfolio consisted of Time
Certificates of Deposits (TCDs) which totaled $2,865,000. Government National
Mortgage Association Certificates (GNHAs) which were booked at $946,754, U.S.
Treasury Notes purchased for $12,416,172, Federal Home Loan Mortgage Corporation
Certificates which were booked at $114,130, 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 $3,500,000, a comercial paper purchase for
$962,322, deposits at the Local Agency Investment Fund (LAIF) of $20,841,577, and
$20,773,252 invested through the San Diego County Investment Pool. Excluding
interest, the market value of the County Pool decreased 0.98% and is estimated at
$19,266,584 at June 30, 1995. A recap of the San Diego County Pool's Investment
Portfolio as of June 30, 1995 is attached.
ACTION:
2 of 10 ))
AUG 1 1995 ITEM 22
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- Agenda Report
August 1, 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 (real ized) 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 $65,883,222; the market value adjusted for the San Diego
County Pool funds is $64,622,044 for a .paper loss. of $1,261,178, or 1.91% of
the total. The book value of the City's bond proceeds is $41,697,232; the market
value adjusted for the San Diego County Pool funds is $38,946,377. 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 June 1995 was
5,992% for LAIF and 4.41% for the County Investment Pool.
The TCDs are at 15 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 $337,358.70 interest during June 1995 and
$3,826,227.65 for fiscal year 1994-95.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
Attachments:
A. Investment Report (Including the new computer report which lists all
the investments for the City. It is summarized by type of investment
and lists market value and maturity dates for all investments
including those with maturity dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues managed by
the City.
C. San Diego County Pool's Investment Portfolio as of June 30, 1995.
3 of 10 AUG 1 1995 ITeM
22
07112/1995 PM ' 1
CITY OF POWAY POWA
PORTFOLIO MASTER SUMMARY
JUNE 30, 1995
AVERAGE "'YIELD TO MATURITY",
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
local Agency Investment Funds................S 41,614,829.58 63.16 550* 657* 5.131 5.202
Certificates of Deposit........... ...........$ 2,865,000.00 4.35 1,301 550 6.588 6.679
Mortgage Back.ed Securities...................$ 1,060,883.63 1.61 10,524 7,505 8.132 8.245
Treasury Securities - Coupon.................$ 12,416,171.93 18.85 1.367 994 6.765 6.859
Medil..rn Term Notes..... .............. .........$ 2,464,015.00 3.74 1,769 814 7.307 7.408
Federal Agency Issues' Coupon...............$ 1,000,000.00 1.52 1,096 830 7,111 7,210
Comnercial Paper - DisCOU'lt..................S 962,321.67 1.46 222 104 6.313 6.401
Miscellaneous Securities - Coupon............S 3,500,000.00 5.31 730 229 6.523 6.614
-----....---------...--------.-------------.-.--------.----------.------
TOTAL INVESTMENTS and AVERAGES............".S 65,883,221.81 100,OOX 785* 598* 5 .753X 5.833X
========================================================================
CASN
Passbook/Cnecking Accounts...................S 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purcnase.................S 110,858.23
-~--_...._----~.~...._------._-_..._-----..._------..-.--------....-----
TOTAL CASH...................................S 110,858.23
========================================================================
TOTAL CASH and INVESTMENTS..........,........S 65,994,080.04
------------------------------------------------------------------------
------------------------------------------------------------------------
~~r Tne City shall invest in only those investments authorized by the State of
PEGGY STEWART California under Government Code Sections 53601.1, 53602 and 53635. I nves tments
i , 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.
, 4, )
DATE
*Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This inves1:lllent is to be fully redeemed by February 1998.
ATI'ACHMENT A AUG 1 1995 ITEM 22
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07/12/1995 CITY OF POWAY PM ' 2
INVESTMENT PORTFOLIO DETAilS' INVESTMENTS POI/A
JUNE 30, 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 POWAY 16,401,700.33 16,401,700.33 16,401,700.33 5.992 5.910 5.992 1
040002 LAIF REDEVELOPMENT AGENCY 4,439,876.93 4,439,876.93 4,439,876.93 5,992 5.910 5.992 1
040004 SO CNfY INVST POOL 20,m,252.32 20,m,252.32 20,m,252.32*4.410 4.350 4.410 656**
SUBTOTALS and AVERAGES 41,614,829.5841,614,829.5841,614,829.58 5.131 5,202 657**
CERTIFICATES OF DEPOSIT
010955 BANK OF PETALUMA 06/07/95 99,000,00 99,000.00 99,000.00 6.250 6.250 6.337 12/19/95 173
010956 BANK OF PETALUHA 06/07/95 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 12/19/95 173
010947 EAST'~ST FEDERAL BANK 09/07/94 99,000,00 99,000.00 99,000.00 6,830 6.830 6.925 09/07/99 1,531
010948 EAST,WEST FEOERAL BANK 09/07/94 99,000,00 99,000.00 99,000.00 6.830 6.830 6,925 09/07/99 1,531
010928 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 249
010929 FIRST INTERSTATE ,SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6,388 03/04/96 249
010951 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7,150 7.150 7,249 01/29/96 214
010952 FIRST NATIONAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 214
010933 FREMONT INVESTMENT &LOAN 03127/92 99,000,00 99,000.00 99,000.00 7.210 7.210 7.310 03/27/97 637
010934 FREMONT INVESTMENT &lOAN 03/31/92 99,000.00 99,000.00 99,000.00 7.060 7.060 7.15803/31/97 641
010926 FRANKll N BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 237
010927 FRANKLI N BANI( 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02121/96 237
010939 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000,00 6.500 6,500 6.590 07/07/97 739
010940 FRANKLIN THRIFT & LOAN 07/07/92 94,000,00 94,000.00 94,000.00 6.500 6,500 6.590 07/07/97 739
010930 FIRST REPUBLIC THRIFT 03/1 0/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 03/11/96 256
010949 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000.00 6.500 6.500 6,590 09129/95 92
-950 GREAT WESTERN BANK 02/01/95 99,000.00 99,000.00 99,000,00 6.500 6.500 6.590 09/29/95 92
153 IMPERIAL SANK 03/15/95 99,000,00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 78
010954 IMPERIAL BANK 03/15/95 99,000,00 99,000.00 99,000,00 6.650 6.650 6.742 09/15/95 78
010943 IMPERIAL THRIFT 08/17/92 99,000,00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 781
010944 IMPERIAL THRI FT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 781
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 630
010932 RIVER CITY BANK 03/20/92 100,000,00 100,000.00 100,000,00 7.300 7.300 7.401 03/20/97 630
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 1,370
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 1,370
010937 SARATOGA NATIONAL BANK 06/03/92 99,000,00 99,000.00 99,000,00 6.500 6.500 6.590 06/03/96 340
010938 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000,00 6.500 6.500 6.590 06/03/96 340
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 m
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 m
SUBTOTALS and AVERAGES 2,865,000.00 2,865,000.00 2,865,000.00 6.588 6.679 550
MORTGAGE BACKED SECURITIES
080001 FED HOME LOAN MTG CORP 09/17/86 27,486.88 29,163,51 29,812.40 8,000 8.784 8.906 08/15/06 4,065
080003 FED NOME LOAN MTG CORP 04/20/87 86,643.30 88,242.70 91,683.28 9.000 9.137 9.264 05/01/16 7,612
081008 GNMA POOL 192832 04120/87 594,865.58 597,854.85 615,461.68 8.000 7.958 8.069 04/15/17 7,961
081007 GNMA POOL 203379 04/20/87 263,033.86 265,188.52 272,998.32 8.000 8.001 8.112 04/15/17 7,961
081001 GNMA POOL 13057 08/11/86 88,854.01 92,556,26 95,509.73 8.000 8.503 8.621 08/15/06 4,065
SUBTOTALS and AVERAGES 1,060,883.63 1,073,005.84 1,105,465,41 8.132 8.245 7,505
*Market value of $19,266,584
**Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeerred by Februaxy 1998.
AUG 1 1995 ITEM 22
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07112/1995 CITY OF POWAY PM ' 3
INVESTMENT PORTFOLIO DETAILS, INVESTMENTS POWA
JUNE 30, 1995
INVESTMENT PURCHASE STATED n, YTM 'n MATURITY DAYS
NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
-----------------------------------------------------------------.----------------------------------------------------------------
TREASURY SECURITIES - COUPON
070001 US TREASURY NOTE 09/25/90 497,968.75 500,000.00 501,565.00 8,500 8.484 8.602 08/15/95 47
070002 US TREASURY NOTE 04/12/94 488,671.88 500,000.00 498,595.00 5.875 6.323 6,411 03/31/99 ',371
070003 US TREASURY NOTE 04/21/94 483,593.75 500,000.00 498,595.00 5.875 6.568 6.659 03/31/99 , ,371
070004 US TREASURY NOTE 05/06/94 989,218.75 1,000,000.00 1,018,130,00 6.500 6.664 6.756 04/30/99 1,401
070005 US TREASURY NOTE 06/02/94 499,687.50 500,000.00 513,280.00 6.750 6.672 6,765 05/31/99 1,432
070006 US TREASURY NOTE 07/12/94 494,296.88 500,000.00 513,440.00 6.750 6.927 7.024 06/30/99 1,462
070007 US TREASURY NOTE 07/12/94 499,453,13 500,000.00 505,625.00 6,500 6.453 6.543 05115/97 686
070008 US TREASURY NOTE 08/09/94 499,765.63 500,000.00 515,780.00 6.875 6.792 6.886 07/31/99 1,493
070009 US TREASURY NOTE 08/15/94 498,984.38 500,000.00 506,405.00 6.500 6.485 6.575 08/15/97 778
070010 US TREASURY NOTE 08/15/94 498,593.75 500,000.00 515,780.00 6.875 6.847 6.942 07/31/99 1,493
070011 US TREASURY NOTE 08115/94 498,671.88 500,000,00 506,405.00 6.500 6.508 6.599 0811 5/97 778
070012 US TREASURY NOTE 09/09/94 500,156,25 500,000,00 506,405.00 6.500 6.399 6.488 08115/97 778
070013 US TREASURY NOTE 09/13/94 498,437,50 500,000.00 506.405.00 6,500 6.528 6,619 08/15/97 778
070014 US TREASURY NOTE 09/13/94 496,640.63 500,000.00 515,940.00 6.875 6.940 7.036 08/31/99 1,524
070015 US TREASURY NOTE 09/20/94 497,500.00 500,000.00 506,405.00 6.500 6.600 6.692 08115/97 778
070016 US TREASURY NOTE 09/20/94 494,921. 88 500,000.00 515,940.00 6.875 7.023 7.120 08/31/99 1,524
070017 US TREASURY NOTE 09/23/94 496,484.38 500,000.00 50f ',05.00 6.500 6.678 6.771 08/15/97 778
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000,00 5'" ",0.00 6.875 7.075 7.174 08/31/99 1,524
070019 US TREASURY NOTE 09/30/94 992,656,25 1,000,000.00 1,OIi.,810.00 6.500 6.692 6.785 08/15/97 778
070020 US TREASURY NOTE 09/30/94 1,000,000.00 1,000,000.00 1,008,440,00 6.500 6.411 6.500 09/30/96 459
070021 US TREASURY NOTE 11/08/94 498,828.13 500,000.00 506,720.00 6.875 6.908 7,004 10/31/96 490
070022 US TREASURY NOTE 12/08/94 497,812.50 500,000,00 509,530.00 7.250 7.389 7.491 11/30/96 520
SUBTOTALS and AVERAGES 12,416,171.93 12,500,000,00 12,704,540.00 6.765 6.859 9'''.
MEDIUM TERM NOTES
090032 EF HUTTON GROUP INe 06/17/91 493,635.00 500,000,00 508,840.00 8,875 9.075 9.201 05/01/96 307
090037 FORD MOTOR CREDIT COMPANY 03/09/94 972,880.00 1,000,000.00 972,140,00 5.625 6.192 6.278 01115/99 1,296
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000.00 510,110.00 7.500 7.517 7.622 03/15/97 625
090036 TRAVELERS CORP 05/14/92 500,000,00 500,000.00 507,160.00 7.625 7.521 7.625 01/15/97 566
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000,00 2,498,250.00 7.307 7.408 814
FEDERAL AGENCY ISSUES ' COUPON
061009 FED HOME LOAN MTG CORP 10/06/94 1,000,000.00 1,000,000.00 1,004,060.00 7.210 7,111 7.210 10/06/97 830
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 10/11/95 104
MISCELLANEOUS SECURITIES ' COUPON
100011 FIDELITY GOVERNMENT SEeUR FUND 02/08/94 500,000.00 500,000.00 481,012.66 6.600 6.510 6.600 02/08/96 224
100012 FIDELITY GOVERNMENT SEeUR FUND 02/09/94 1,000,000.00 1,000,000.00 960,155.49 6.587 6.497 6.587 02/09/96 225
100013 FIDELITY GOVERNMENT SEeUR FUND 02/11/94 1,000,000,00 1,000,000.00 960,155.49 6.587 6.497 6.587 02/11/96 227
100014 FIDELITY GOVERNMENT SECUR FUND 02/22/94 500,000.00 500,000.00 485,742.38 6.665 6,574 6.665 02/22/96 238
100015 FIDELITY GOVERNMENT SEeUR FUND 02/23/94 500,000.00 500,000.00 487,179.49 6.684 6.592 6.684 02/23/96 239
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07/12/1995 CITY OF POlJAY PM ' 4
INVESTMENT PORTFOLIO OETAILS . INVESTMENTS POWA
JUNE 30, 1995
INVESTMENT PURCHASE STATED n_ YTM _u MATURITY DAYS
NUMBER ISSUER DATE BOO( VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
------.......------...........----..-----------.......----.-.-------------------.----------------------------------.------------..
SUBTOTALS and AVERAGES 3,500,000.00 3,500,000.00 3,374,245.51 6.523 6.614 229
.--.----------------------------------...-------------------------------..---------
TOTAL INVESTMENTS and AVERAGES S 65,883,221.8166,052,835.4266,128,712.17 * 5.753% 5.833% 389
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*Market value adjusted for San Diego County Pool funds $64,622,044
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7 of 10 AUG 1 1995 ITEM 22
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CITY OF POWAY POWA
ACCRUED INTEREST DETAILS
JUNE 30, 1995
MONTH ENDING FISCAL
JUNE 30, 1995 YEAR: TO DATE
CD/Coupon/Discount Investments:
Interest Collected S 73,911.74 S 1,477,068.58
PLUS Accrued Interest at End of Period 417,502.69 417,502.69
LESS Accrued Interest at Beginning of Period ( 342,793.92) ( 224,019.42)
----.-._._----- ...-------.-.-.
Interest Earned during Period S 148,620.51 S 1,670,551.85
--------------- ---------------
--------------- ---------------
Mortgage Backed Securities:
Interest Collected S 7,413.66 S 92,880.92
PLUS Accrued Interest at End of Period 19,608.93 19,608.93
LESS Accrued Interest at Beginning of Period ( 19,796.12) ( 20,579.90)
.-------------- --------.------
Interest Earned during Period S 7,226,47 S 91,909.95
--------------- ---------------
--------------- ---------------
lAIF/Passbook/Checking Accounts:
Interest Collected S 56,909.60 S 2,142,663.22
PLUS Accrued Interest at End of Period 8,619,375.26 8,619,375.26
lESS Accrued Interest at Beginning of Period ( 8,494, m.14) ( 8,698,272.63)
.-..-.----..... .........-_....
Interest Earned during Period S 181,511.n S 2,063,765.85
=============== ---------------
---------------
TOTAL Interest Earned during Period S 337,358.70 S 3,826,227.65
--------------- ---------------
--------------- ---------------
of 10 AUG 1 1995 ITEM 22
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CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
JUNE 30,1995
SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND S179,924,42 $179,924,42 $166,874.64 4.410
1989 TAX ALLOCATION BOND 9,046,828.87 9,046,828.87 8,390,669.24 4.410
1993 TAX ALLOCATION BOND 28.700.778,73 28.700,778.73 26,619.133.03 4.410
TOTAL S37.927.532.02 537.927.532.02 535.176.676.91
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND $3,285,507.62 $3,285,507.62 $3,285,507,62 5.992
1990A TAX ALLOCATION BOND 336,374.13 336,374.13 336,374.13 5.992
1993 TAX ALLOCATION BOND 48 063 70 48.063.70 48.063.70 5.992
TOTAL S3.669,945.45 53,669.945.45 S3.669.945.45
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND-1990A TAX ALLOCATION
BOND S99.754.73 S99.754.73 S99.754.73 5.450
GRAND TOTAL $41 697 232 20 $41 697 232 20 $38 946 377 09
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $179,924.42 $179,924.42 $166,874,64
1989 TAX ALLOCATION BOND 12,332,336.49 12,332,336.49 11,676,176.86
1990A TAX ALLOCATION BOND 436,128.86 436,128.86 436,128.86
1993 TAX ALLOCATION BOND 28.748.842.43 28.748.842.43 26.667.196.73
GRAND TOTAL $41 697 232 20 141 897 232 20 $38 948 377 09
ATTACHMENT B
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