Item 17 - City's Investment Report
- AGENDA REPORT SUMMARY
-
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Mana~ ?r
INITIATED BY: John D. Fitch, Assistant City ManagerCl1
Peggy A. Stewart, Director of Administrative service(J?~
DATE: September 5, 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
July 31, 1995.
ENVIRONMENTAL REVIEW
- Environmental review is not required for this agenda item according to
CEQA guidelines.
FISCAL IMPACT
The investment portfolio earned $318,508.08 interest during July 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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SEP 5 1995 ITEM 17 1
.- AGENDA REPOR'l
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 fton:' ~e ~onsent Calendar and
discussed separately. If you wish to have this report pulled for discussion. please fill out a slip lndlcatmg the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members ~,,~ City Council
FROM: James L. Bowersox, City Mana~'
INITIATED BY: John D. Fitch, Assistant City Manage~1?r
Peggy A. Stewart, Director of Administ~ative Service
DATE: September 5, 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 July 31, 1995 was
$64,456,305 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 $41,754,728.
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 $923,957, U.S. Treasury Notes purchased for
$12,416,172, Federal Home Loan Mortgage Corporation Certificates
which were booked at $111,881. 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
commercial paper purchase for $962,322, deposits at the Local
Agency Investment Fund (LAIF) of $19,439,706, and $20,773,252
invested through the San Diego County Investment Pool. The market
value of the County Pool increased 0.64% and is estimated at
$19,416,911 at July 31, 1995. A recap of the San Diego County
Pool's Investment Portfolio as of July 31, 1995 is attached.
ACTION:
EP 5 1995 ITEM 17 I
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Agenda Report
September 5, 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 $64,456,305; the market
value adjusted for the San Diego County Pool funds is $63,260,704
for a "paper loss" of $1,195,601, or 1.85% of the total. The book
value of the City's bond proceeds is $41.754,728; the market value
adjusted for the San Diego County Pool funds is $39,278,338. 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 July 1995 was 5.972% for LAIF and 4.44% 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 $318,508.08 interest during July
1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the
attached reports.
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SEP 5 1995
Agenda Report
September 5, 1995
Page 3
Attachments:
A. Investment Report (Including the new computer report which
lists all the investments for the City. It is summarized
by type of investment and lists market value and maturity
dates for all investments including those with maturity
dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues
managed by the City.
C. San Diego County Pool's Investment Portfolio as of July
31, 1995.
JDF:PAS:AK:ms
Attachments
e:\city\admsnsrv\invsrpt.agn
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CITY OF POl/AY POl/A
PORTFOLIO MASTER SUMMARY
JULY 31. 1995
AVERAGE ---YIELD TO MATURITY...
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE POIlTFOLlO TERM MATURITY EQUIVALENT EQUIVALENT
Local Agency Investment Funds................S 40,212,957.92 62.39 519* 574* 5.110 5.181
Certificates of Deposit".....",............S 2,865,000.00 4.44 1,301 519 6.588 6.679
Mortgage Backed Securities"",",.. "....., ,$ 1.035.838.03 1.61 10,522 7,473 8.133 8.246
Treasury Securities' Coupon"""."""""S 12,416,171.93 19.26 1,367 963 6.765 6.859
Mediun Term Notes".................."..,...$ 2,464,015.00 3.82 1,769 783 7.307 7.408
Federal Agency Issues' Coupon...............$ 1,000,000.00 1.55 1,096 799 7.111 7.210
Ccmnercial Paper' Discount.,..."...........$ 962,321.67 1.49 222 73 6.313 6.401
Miscellaneous Securities - Coupon"",."",.S 3,500.000.00 5.43 730 198 6.523 6.614
..------....------....-----...------..----...--------------------------.
TOTAL INVESTMENTS and AVERAGES......,........$ 64,456,304.55 100.0OX 788* 569* 5.753X 5.833X
========================================================================
CASH
Passbook/Checking Accounts..,."...,.........$ 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purchase....,....."..".$ 110.858.23
--------.....-----....------...------...----------------...-------------
TOTAL CASH...................................S 110,858.23
- ========================================================================
TOTAL CASH and INVESTMENTS...................S 64,567,162.78
=z=======================z========z=====================================
c:\ i'~ ~tlt6.)",.t- The City shall invest in only those investments authorized by the State of
PEGGY STEWA T California under Government Code Sections 53601.1, 53602 and 53635. Investments
shall be made using the prudent man theory with consideration given to the
'if/'-t /9$" fallowing items in order of priority; 1. Safety; 2. Liquidity; 3, Yield.
DATE I I
*Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeaned by February 1998.
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ATTACHMENT A SEP 5 1995 ITEM 17
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08/09/1995 CITY OF POWAY PM . 2
INVESTMENT PORTFOLIO DETAILS - INVESTMENTS POWA
JUL Y 31, 1995
INVESTMENT PURCHASE STATED --- YTM --. MATURITY DAYS
NUMBER ISSUER DATE BOOI( VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
..._---.-----------_._.-.-------------.----------------------------_....._----.----------------------.----------------------------
LOCAL AGENCY INVESTMENT FUNDS
040001 LAIF CITY OF POWAY 14,882,102.9814,882,102.9814,882,102.98 5.972 5.890 5.972 I
040002 LAIF REDEVELOPMENT AGENCY 4,557,602.62 4,557,602.62 4,557,602.62 5.972 5.890 5.972 I
040004 SO CNTY INVST POOL 20, m,252.32 20, m,252.32 20, m,252.32*4.440 4.379 4.440 573**
SUBTOTALS and AVERAGES 40,212,957.92 40,212,957.92 40,212,957.92 5.110 5.181 574**
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 12119/95 142
010956 BANK OF PETALUMA 06/07/95 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 12/19/95 142
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 1,500
010948 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 1,500
010928 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 218
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 21B
010951 FIRST NATIONAL BANK OF MARIN 02102195 99,000.00 99,000.00 99,000,00 7.150 7.150 7.249 01/29/96 183
010952 FIRST NATIONAL BANK OF MARIN 02102195 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 183
010933 FREMONT INVESTMENT &LOAN 03/27/92 99,000.00 99,000.00 99,000.00 7.210 7.210 7.310 03/27/97 606
010934 FREMONT INVESTMENT &LOAN 03/31/92 99,000.00 99,000.00 99,000.00 7.060 7.060 7.158 03/31/97 610
010926 FRANKLIN BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 206
010927 FRANKLI N BANK 02121/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 206
010939 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07/97 708
010940 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07/97 708
010930 FIRST REPUBLIC THRIFT 03/10/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 03/1 1/96 ,..
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 01
010953 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 47
010954 IMPERIAL BANK 03/15/95 99,000.00 99,000.00 99,000.00 6.650 6.650 6.742 09/15/95 47
010943 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 750
010944 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 750
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 599
010932 RIVER CITY BANK 03/20/92 100,000.00 100,000,00 100,000.00 7.300 7.300 7.401 03/20/97 599
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 1,339
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 1,339
010937 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 309
010938 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 309
010941 TRANS PACIFIC NATIONAL BANK 08/12192 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12197 744
010942 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 744
SUBTOTALS and AVERAGES 2,865,000.00 2,865,000.00 2,865,000.00 6.588 6.679 519
MORTGAGE BACKED SECURITIES
080001 FED HOME LOAN MTG CORP 09/17/86 26,951.63 28,595.61 29,231.86 8.000 8.784 8.906 OB/15/06 4,034
080003 FED HOME LOAN MTG CORP 04/20/87 84,929.44 86,497.20 89,869.73 9.000 9.137 9.264 05/01/16 7,581
081008 GNMA POOL 192832 04/20/87 574,246.63 577,132.29 594,128.84 8.000 7.958 8.069 04/15/17 7,930
081007 GNMA POOL 203379 04/20/87 262,650.52 264,802.04 272,600.46 8.000 8.001 8.112 04/15/17 7,930
081001 GNMA POOL 13057 08/11/86 87,059.81 90,687.30 93,581.13 8.000 8.503 8.621 08/15/06 4,034
SUBTOTALS and AVERAGES 1,035,838.03 1,047,714.44 1,079,412.02 8.133 8.246 7,473
*Market value of $19,416,911
**Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investIrent is to be fully redeaned by February 1998.
6 of 10 SEP 5 1995 ITEM 17
08/09/1995 CIn OF PQWAY PM . 3
INVESTMENT PORTFOLIO DETAILS . INVESTMENTS PI)/A
JUL Y 31, 1995
INVESTMENT PURCHASE STATED ... YTM -.. MATURITY DAYS
NUMBER ISSUER DATE BOOI( VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
....----......---..----...-.-.....----.-----------------.-----..--------...------------------..------...-.------.-------------.-..
TREASURY SECURITIES - COUPON
070001 US TREASURY NOTE 09/25/90 497,968.75 500,000.00 500,470.00 8.500 8.484 8.602 08/15/95 16
070002 US TREASURY NOTE 04/12/94 488,671.88 500,000.00 495,940.00 5.875 6.323 6.411 03/31/99 1,340
070003 us TREASURY NOTE 04/21/94 483,593.75 500,000.00 495,940.00 5.875 6.568 6.659 03/31/99 1,340
070004 US TREASURY NOTE 05/06/94 989,218.75 1,000,000.00 1,012,190.00 6.500 6.664 6.756 04/30/99 1,370
070005 US TREASURY NOTE 06/02/94 499,687.50 500,000.00 510,000.00 6.750 6.672 6.765 05/31/99 1,401
070006 US TREASURY NOTE 07/12/94 494,296.88 500,000.00 510,155.00 6.750 6.927 7.024 06/30/99 1,431
070007 US TREASURY NOTE 07/12/94 499,453.13 500,000.00 505,000.00 6.500 6.453 6.543 05/15/97 655
070008 US TREASURY NOTE 08/09/94 499,765.63 500,000.00 512,500,00 6.875 6.792 6.886 07/31/99 1,462
070009 US TREASURY NOTE 08/15/94 498,984.38 500,000.00 505,470.00 6.500 6.485 6.575 08/15/97 747
070010 US TREASURY NOTE 08/15/94 498,593.75 500,000.00 512,500.00 6.875 6.847 6.942 07/31/99 1,462
070011 US TREASURY NOTE 08/15/94 498,671.88 500,000.00 505,470.00 6.500 6.508 6.599 08/15/97 747
070012 US TREASURY NOTE 09/09/94 500,156.25 500,000.00 505,470.00 6.500 6.399 6.488 08/15/97 747
070013 US TREASURY NOTE 09/13/94 498,437.50 500,000.00 505,470.00 6.500 6.528 6.619 08/15/97 747
070014 US TREASURY NOTE 09/13/94 496,640.63 500,000.00 512,500.00 6.875 6.940 7.036 08/31/99 1,493
070015 US TREASURY NOTE 09/20/94 497,500.00 500,000.00 505,470.00 6.500 6.600 6.692 08/15/97 747
070016 US TREASURY NOTE 09/20/94 494,921.88 500,000.00 512,500.00 6.875 7.023 7.12008/31/99 1,493
070017 US TREASURY NOTE 09/23/94 496,484.38 500,000.00 505,470.00 6.500 6.678 6.771 08/15/97 747
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000.00 512,500.00 6.875 7.075 7.174 08/31/99 1,493
070019 US TREASURY NOTE 09/30/94 992,656.25 1,000,000.00 1,010,940,00 6.500 6.692 6.785 08/15/97 747
070020 US TREASURY NOTE 09/30/94 1,000,000.00 1,000,000.00 1,007,810.00 6.500 6.411 6.500 09/30/96 428
070021 US TREASURY NOTE 11 /08/94 498,828.13 500,000.00 506,405.00 6.875 6.908 7.004 10/31/96 459
O:z<lJJ22 US TREASURY NOTE 12/08/94 497,812.50 500,000.00 508,905.00 7.250 7.389 7.491 11/30/96 489
SUBTOTALS and AVERAGES 12,416,171.9312,500,000.0012,659,075.00 6.765 6.859 963
MEDIUM TERM NOTES
090032 EF NUTTON GROUP INC 06/17191 493,635.00 500,000.00 508,160.00 8.875 9.075 9.201 05/01/96 276
090037 FORD MOTOR CREDIT COMPANY 03/09/94 972,880.00 1,000,000.00 967,920.00 5.625 6.192 6.278 01/15/99 1,265
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000.00 508,985.00 7.500 7.517 7.622 03/15/97 594
090036 TRAVELERS CORP 05/14/92 500,000.00 500,000.00 506,265.00 7.625 7.521 7.625 01/15/97 535
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000.00 2,491,330.00 7.307 7.408 783
FEDERAL AGENCY ISSUES - COUPON
061009 FED HOME LOAN MTG CORP 10/06/94 1,000,000.00 1,000,000.00 1,003,440.00 7.210 7.111 7.210 10/06/97 799
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 73
MISCELLANEOUS SECURITIES - COUPON
100011 FIDELITY GOVERNMENT SECUR FUND 02/08/94 500,000.00 500,000.00 476,630.97 6.600 6.510 6.600 02/08/96 193
100012 FIDELITY GOVERNMENT SECUR FUND 02/09/94 1,000,000.00 1,000,000.00 951,409.14 6.587 6.497 6.587 02/09/96 194
100013 FIDELITY GOVERNMENT SECUR FUND 02/11/94 1,000,000.00 1,000,000.00 951,409.14 6.587 6.497 6.587 02/11/96 196
100014 FIDELITY GOVERNMENT SECUR FUND 02/22/94 500,000.00 500,000.00 481,317.60 6.665 6.574 6.665 02/22/96 207
100015 FIDELITY GOVERNMENT SECUR FUND 02/23/94 500,000.00 500,000.00 482,741.62 6.684 6.592 6.684 02/23/96 208
SUBTOTALS and AVERAGES 3,500,000.00 3,500,000.00 3,343,508.47 6.523 6.614 198
--.---------......----......-----........----..----.-.-......-.--------------------
TOLl> INVESTMENTS and AVERAGES S 64,456,304.55 64,625,672.36 64,617,045.08* 5.753% 5.833% 383
================================================================================
*Market value adjusted for San Diego County Pool funds $63,260,704
7 of 10 SEP 5 1995 ITEM 17
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CITY OF POWAY POWA
ACCRUED INTEREST DETAILS
JULY 31, 1995
MONTH ENDING FISCAL
JUL Y 31, 1995 YEAR TO DATE
CO/Coupon/Discount Investments:
Interest Collected S 112,386.86 S 112,386.86
PLUS Accrued Interest at End of Period 327,739.39 327,739.39
LESS Accrued Interest at Beginning of Period ( 307,414.06) ( 307,414.06)
---_.__._-----~ -------------_.
Interest Earned during Period S 132,712.19 S 132,712.19
=============== ===============
Mortgage Backed Securities:
Interest Collected S 7,226.90 S 7,226.90
PLUS Accrued Interest at End of Period 19,433.21 19,433.21
LESS Accrued Interest at Beginning of Period ( 19,603.68) ( 19,603.68)
--------------- ---------------
Interest Earned during Period S 7,056.43 S 7,056,43
--------------- ---------------
--------------- ---------------
LAIF/Passbook/Checking Accounts:
Interest CoLlected S 298,128.34 S 298,128.34
PLUS Accrued Interest at End of Period 19,324,625.08 19,324,625.08
LESS Accrued Interest at Beginning of Period ( 19,444,013.96) ( 19,444,013.96)
...........---- -..------.-....
Interest Earned during Period S 178,739.46 S 178,739.46
--------------- ---------------
--------------- ---------------
TOTAL Interest Earned during Period S 318,508.08 S 318,508.08
=============== ===============
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CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
- JULY 31.1995
SAN DIEGo CoUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $179,924.42 $179.924.42 $168,176.67 4.440
1989 TAX ALLoCATION BOND 9,046.828.87 9,046,828.87 $8,456,137.15 4.440
1993 TAX ALLOCATION BOND 28.700.778.73 28.700.778.73 $26.826.827.90 4.440
TOTAL $37.927.532.02 $37.927.532.02 $35.451.141.72
LoCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLoCATION BONO $3,337,285.30 $3.337,285.30 $3,337,285.30 5.972
1990A TAX ALLOCATION BOND 341,377.49 341,377.49 341.377.49 5.972
1993 TAX ALLOCATION BOND 48.778.62 48.778.62 48.778.62 5.972
TOTAL $3.727.441.41 $3.727.441.41 $3.727.441.41
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND-1990A TAX ALLOCATION
BONO $99.754.73 $99.754.73 $99.754.73 5.330
GRAND TOTAL $41 754 728 16 $41 754 72816 $39 278 337 86
-
I
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $179,924.42 $179,924.42 $168,176.67
1989 TAX ALLOCATION BOND 12,384,114.17 12,384,114.17 11,793,422.45
1990A TAX ALLOCATION BOND 441,132.22 441,132.22 441,132.22
1993 TAX ALLOCATION BOND 28.749.557.35 28.749.557.35 26.875.606.52
GRAND TOTAL $41 75472816 $41 75472816 $39 278 337 86
ATTACHMENT B
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OB/09/95P RTF OL I a/BON D795 ITEM 17
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