Item 17 - City's Investment Report
AGENDA REPORT SUMMARY -
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TO: Honorable Mayor and Members of the City Council
FROM: James l. Bowersox, City Man~
INITIATED BY: John D. Fitch, Assistant City Manage~~
Peggy A. Stewart, Director of Administ ative Service~
DATE: October 31, 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 September 30, 1995.
ENVIRONMENTAL REVIEW
-
Environmental review is not required for this agenda item according to CEQA guidelines.
FISCAL IMPACT
..
The investment portfolio earned $295,354.93 interest during September 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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1 of 10 OCT 3 1 1995 ITEU 17
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AGENDA REPORT
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 for 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: Honorible Mayor ind Members of the City Council
FROM: James L. Bowersox, City Ma~
~\'lr:
INITIATED BY: John D. Fitch, Assistant City Manager
Peggy A. Stewart, Director of Administ ative Services
DATE: October 31, 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 September 30, 1995 was
$63,242,930 which consists of the City's general operating reserves which qualify
for investment reporting purposes. Also added to this report is a detailed
sc~edule of the City's and Redevelopment Agency's bond proceeds held for payment
of infrastructure purposes. It represents a book value of $38,971,706.
The general operating reserves investment portfolio consisted of Time
Certificates of Deposits (TCDs) which totaled $2,469,000, Government National
Mortgage Association Certificates (GNMAs) which were booked at $891,044, U.S.
Treasury Notes purchased for $11,918,203, Federal Home Loan Mortgage Corporation
Certificates which were booked at $108,085, 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 $18,889,706, and
$21,040,555 invested through the San Diego County Investment Pool. The market
value of the County Pool decreased 0.22% and is estimated at $19,481,854 at
September 30, 1995. A recap of the San Diego County Pool's Investment Portfolio
as of September 30, 1995 is attached.
ACTION:
2 of 10 OCT 3 1 1995
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Agenda Report
October 31, 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 $63,242,930; the market value adjusted for the San Diego
County Pool funds is $61,899,128 for a .paper loss. of $1,343,802, or 2.12% of
the total. The book value of the City's bond proceeds is $38,971,706; the market
value adjusted for the San Diego County Pool funds is $36,319,575. 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 September 1995
was 5.832% for LAIF and 4.05% for the County Investment Pool.
The TCDs are at 13 different financial institutions throughout the state. The
certificates are placed in $100,000 increments with the amounts in excess of the
first S100,OOO collateralized as outlined by state law using either mortgages or
federal government securities.
ENVIRONMENTAL REVIEW
Environmental review is not required for this agenda item according to CEQA
guidelines.
FISCAL IMPACT
The investment portfolio earned S295,354.93 interest during September 1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECOMMENDATION
It is recommended that the City Council accept and file the attached reports.
Attachments:
A. Investment Report (Including the new computer report which lists all
the investments for the City. It is summarized by type of investment
and lists market value and maturity dates for all investments
including those with maturity dates in excess of 12 months.)
B. A schedule detailing the investments for the bond issues managed by
the City.
C. San Diego County Pool's Investment Portfolio as of September 30, 1995.
3 of 10 OCT 3 1 1995 ITEM 17
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10/10/1995 PM - 1
CITY OF POWAY POWA
PORTFOLIO MASTER SUMMARY
SEPTEMBER 30, 1995
AVERAGE ---YIELD TO MATURITY---
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BOOK VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
Local Agency Investment Funds................$ 39,930,260.62 63.14 458* 514* 4.826 4.893
Certificates of Deposit......................$ 2,469,000.00 3.90 , ,475 532 6.589 6.681
Mortgage Backed Secur i ties. . . . . . . . . . . . . . . . . . . $ 999,129.42 1.58 10,514 7,403 8.134 8.247
Treasury Securities - Coupon.. ...............$ 11,918,203.18 18.85 1,350 941 6.694 6.787
Medilln Term Notes. ....... ....................$ 2,464,015.00 3.90 1,769 722 7.307 7.408
Federal Agency Issues - Coupon...............S 1,000,000.00 1.58 1,096 738 7.1" 7.210
Conmercial Paper - Discount..................$ 962,321.67 1.52 222 12 6.313 6.401
MisceLlaneous Securities - Coupon............$ 3,500,000.00 5.53 730 137 6.523 6.614
-----------------.--------------------------------.------------------._-
TOTAL INVESTMENTS and AVERAGES...............S 63,242,929.89 100.00X 763* 535* 5.548X 5.625%
========================================================================
CASH
Passbook/Checking Accounts...................$ 0.00 0.000 0.000
(not included in yield calculations)
Accrued Interest at Purchase.................$ 97,317.93
-------_._-~_.._-------------~--.._---------------------------------,---
TOTAL CASH........................... ........S 97,317.93
------------------------------------------------------------------------
------------------------------------------------------------------------
TOTAL CASH and INVESTMENTS...................S 63,340,247.82
------------------------------------------------------------------------
------------------------------------------------------------------------
*Adjusted as per approved withdrawal schedule for the San Diego County Pool.
This investment is to be fully redeemed by February 1998.
A'lTACHMENr A
4 of 10 OCT 3 1 t995 ITEM 17
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-,,",~ ~"J",)"'A* The City shall invest in only those investments authorized by the State of
PEGGY SEA 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
It //~ ;.?~- following items in order of priority; 1. Safety; 2. Liquidity; 3. Yield.
DATE
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5 of 10 OCT 3 1 t995 ITEM 17
10/10/1995 CITY OF POI/AY PM - 2
INVESTMENT PORTFOLIO DETAILS INVESTMENTS POWA
SEPTEMBER 30, 1995
INVESTMENT PURCHASE STATED --- YTM --- MA TUR lTY 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 15,082.102.9815,082,102.9815,082,102.98 5.832 5.752 5.832 1
040002 lAIF REDEVELOPMENT AGENCY 3,807,602.62 3,807,602.62 3,807,602.62 5.832 5.752 5.832 1
040004 SO CNTY INVST POOL 21,040,555.0221,040,555.0221,040,555.02* 4.050 3.995 4.050 457**
SUBTOTALS and AVERAGES 39.930,260.62 39,930,260.62 39.930,260.62 4.826 4.893 458**
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 81
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 81
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 1,439
010948 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 1,439
010928 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 157
010929 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6.300 6.388 03/04/96 157
010951 FIRST NATIONAL BANK OF MARIN 02/02/95 99.000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 122
010952 FIRST NATIOIlAL BANK OF MARIN 02/02/95 99,000.00 99,000.00 99,000.00 7.150 7.150 7.249 01/29/96 122
010933 FREMOIlT INVESTMENT &LOAN 03/27/92 99,000.00 99,000.00 99,000.00 7.210 7.210 7.310 03/27/97 545
010934 FREMOIlT INVESTMENT &LOAN 03/31/92 99,000.00 99.000.00 99,000.00 7.060 7.060 7.158 03/31/97 549
010926 FRANKLIN BANK 02/21/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 145
010927 FRANKLI N BANK 02121/92 99,000.00 99,000.00 99,000.00 6.450 6.450 6.540 02/21/96 145
010939 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6.500 6.590 07/07/97 647
010940 FRANKLIN THRIFT & LOAN 07/07/92 94,000.00 94,000.00 94,000_00 6.500 6.500 6.590 07/07/97 647
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
010943 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6:250 6.337 08/18/97
010944 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000.00 6.250 6.250 6.337 08/18/97 689
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 538
010932 RIVER CITY BANK 03/20/92 100,000.00 100,000.00 100,000.00 7.300 7.300 7.401 03/20/97 538
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 , ,278
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 1,278
010937 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99.000.00 6.500 6.500 6.590 06/03/96 248
010938 SARATOGA NATIONAL BANK 06/03/92 99,000.00 99,000.00 99,000.00 6.500 6.500 6.590 06/03/96 248
010941 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08/12/97 683
010942 TRANS PACIFIC NATIONAL BANK 08/12/92 100.000.00 100.000.00 100,000.00 6.250 6.250 6.337 08/12/97 683
SUBTOTALS and AVERAGES 2,469.000.00 2,469,000.00 2,469.000.00 6.589 6.681 532
MORTGAGE BACKED SECURITIES
080001 FEO HOME LOAN MTG CORP 09/17/86 26,418.17 28,029.61 28,660.56 8.000 8.784 8.906 08/15/06 3,973
080003 FED HOME LOAN MTG CORP 04/20/87 81,667_36 83,174.90 86,429.53 9_000 9.137 9.264 05/01/16 7.520
081008 GNMA POOL 192832 04/20/87 543,329_11 546,059.41 562,566.79 8.000 7.958 8.069 04/15/17 7,869
081007 GNMA POOL 203379 04/20/87 261,857.16 264,002.18 271,982.97 8.000 8.001 8.112 04/15/17 7,869
081001 GNMA POOL 13057 08/11/86 85,857.62 89,435.02 92,230.76 8.000 8.503 8.621 08/15/06 3,973
SUBTOTALS and AVERAGES 999,129.42 1.010,701.12 1,041,870.61 8.134 8.247 7,403
TREASURY SECURITIES - COUPON
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 1,279
*Market value of $19,481,854 schedule for the San Diego County Pool.
**Adjusted as per approved withdrawal
This investment is to be fully redeemed by February 1998.
6 of 10 OCT 3 1 1995 ITEM 17
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10/10/1995 CITY OF POWAY PM . 3
INVESTMENT PORTFOLIO DETAILS INVESTMENTS POWA
SEPTEMBER 30, 1995
INVESTMENT PURCHASE STATED u. YTM .-- MATURITY DAYS
NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
_o_.___.______________________________________._..____________._________________________.__..__________.._________________________
TREASURY SECURITIES - COUPON
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 1,279
070004 US TREASURY NOTE 05/06/94 989,218.75 1,000,000.00 1,016,560.00 6.500 6.664 6.756 04130199 1,309
070005 US TREASURY NOTE 06102194 499,6l!7.50 500,000.00 512,345.00 6.750 6.672 6.765 05131199 1,340
070006 US TREASURY NOTE 07112194 494,296.88 500,000.00 512,500.00 6.750 6.927 7.024 06130199 1,370
070007 US TREASURY NOTE 07112194 499.453.13 500,000.00 505,000.00 6.500 6.453 6.543 05115197 594
070008 US TREASURY NOTE 08109194 499,765.63 500,000.00 514,690.00 6.875 6.792 6.886 07131199 1,401
070009 US TREASURY NOTE 08115194 498,984.38 500,000.00 505,470.00 6.500 6.485 6.575 08115197 686
070010 US TREASURY NOTE 08115194 498,593.75 500,000.00 514,690.00 6.875 6.847 6.942 07131199 ',401
070011 US TREASURY NOTE 08115194 498,671.88 500,000.00 505,470.00 6.500 6.508 6.599 08115/97 686
070012 us TREASURY NOTE 09109194 500,156.25 500,000.00 505,470.00 6.500 6.399 6.488 08115197 686
070013 US TREASURY NOTE 09113194 498,437.50 500,000.00 505,470.00 6.500 6.528 6.619 08115197 686
070014 US TREASURY NOTE 09113194 496,640.63 500.000.00 514,845.00 6.875 6.940 7.036 08131199 1,432
070015 US TREASURY NOTE 09120194 497,500.00 500,000.00 505,470.00 6.500 6.600 6.692 08115197 686
070016 US TREASURY NOTE 09120194 494,921.88 500,000.00 514,845.00 6.875 7.023 7.120 08131/99 1.432
070017 US TREASURY NOTE 09123194 496,484.38 500,000.00 505,470.00 6.500 6.678 6.771 08115197 686
070018 US TREASURY NOTE 09/23194 493,828.13 500,000.00 514,845.00 6.875 7.075 7.174 08/31199 1,432
070019 US TREASURY HOTE 09130194 992,656.25 1,000,000.00 1,010,940.00 6.500 6.692 6.785 08115197 686
070020 US TREASURY NOTE 09130194 1,000,000.00 1,000,000.00 1,006,880.00 6.500 6.411 6.500 09/301~6 367
070021 US TREASURY NOTE 11/08194 498,828.13 500,000.00 505,625.00 6.875 6.908 7.004 10/31196 398
070022 US TREASURY NOTE 12/08194 497,812.50 500,000.00 507,815.00 7.250 7.389 7.491 11/30196 428
SUBTOTALS and AVERAGES 11.918,203.1812,000,000.0012,181,590.00 6.694 6.787 941
MEDIUM TERM NOTES
090032 EF HUlTON GROUP INe 06117/91 493,635.00 500,000.00 506,550.00 8.875 9.075 9.201 05/01196 215
090037 FORD MOIOR CREDIT COMPANY 03/09/94 972,880.00 1,000.000.00 976,920.00 5.625 6.192 6.278 01115199 1,204
090035 PHILLIP NORRIS 03/26/92 497,500.00 500,000.00 508,845.00 7.500 7.517 7.622 03115197 533
090036 TRAVELERS CORP 05/14192 500,000.00 500,000.00 502,500.00 7.625 7.521 7.625 01115197 474
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000.00 2,494,815.00 7.307 7.408 722
FEDERAL AGENCY ISSUES . COUPON
061009 FEDERAL HOME LOAN BANK 10106/94 1,000,000.00 1,000,000.00 1,000.310.00 7.210 7.111 7.210 10106197 738
COMMERCIAL PAPER . DISCOUNT
050001 GENERAL ELECTRIC CAPITAL CORP. 03/03195 962,321.67 1,000,000.00 962,321.67 6.349 6.313 6.401 10111195 12
MISCELLANEOUS SECURITIES - COUPON
100011 FIDELITY GOVERNMENT SECUR FUND 02108194 500,000.00 500,000.00 481,499.52 6.600 6.510 6.600 02108196 132
100012 FIDELITY GOVERNMENT SECUR FUND 02/09/94 1,000,000.00 1,000,000.00 961,127.31 6.587 6.497 6.587 02109/96 133
100013 FIDELITY GOVERNMENT SECUR FUND 02/1'194 1,000,000.00 1,000,000.00 961,127.31 6.587 6.497 6.587 02111/96 135
100014 FIDELITY GOVERNMENT SECUR FUND 02/22194 500,000.00 500,000.00 486,234.02 6.665 6.574 6.665 02122/96 146
100015 FIDELITY GOVERNMENT SECUR FUND 02/23194 500,000.00 500,000.00 487,672.59 6.684 6.592 6.684 02/23196 147
SUBTOTALS and AVERAGES 3,500,000.00 3,500,000.00 3,377,660.75 6.523 6.614 137
---------._-----------._------------~--_.._------------------.-----.----------...--
TOTAL INVESTMENTS and AVERAGES S 63,242,929.89 63,409,961.74 63,457,828.65* 5.548X 5.625X 363
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*Market value adjusted for San Diego County Pool funds $61,899,128
7 of 10 OCT 3 1 1995 ITEM 17
10/10/1995 PM . 4
CITY OF POI/AT POWA
ACCRUED INTEREST DETAILS
SEPTEMBER 3D, 1995
MONTH ENDING FISCAL
SEPTEMBER 30, 1995 YEAR TO DATE
CD/Coupon/Oiscount Investments:
Interest Collected $ 30,305.60 $ 381,001.83
PLUS Accrued Interest at End of Period 313,572.86 313,572.86
LESS Accrued Interest at Beginning of Period ( 219,310.27) ( 306,869.90)
------._------- --------------.
Interest Earned during Period $ 124,568.19 $ 387,704.79
--------------- ---------------
--------------- ---------------
Mortgage Backed Securities:
Interest Collected $ 7,028.25 $ 21.312.00
PLUS Accrued Interest at End of Period 19,175.36 19,175.36
LESS Accrued Interest at Beginning of Period ( 19,396.72) ( 19,603.68)
--------------- ---------------
Interest Earned during Period $ 6,806.89 $ 20,883.68
--------------- ---------------
--------------- ---------------
lAIF/Passbook/Checking Accounts:
J.n.terest Collected $ 106,921.08 $ 565,431.04
PLUS Accrued Interest at End of Period 19,387,486.79 19,387,486.79
LESS Accrued Interest at Beginning of Period ( 19,330,428.02) ( 19,444,013.96)
-----------.--- --.------------
Interest Earned during Period $ 163,979.85 $ 508,903.87
--------------- ---------------
--------------- ---------------
TOTAL Interest Earned during Period $ 295,354.93 $ 917,492.34
--------------- ---------------
--------------- ---------------
8 of 10 OCT 31 1995 ITEM 17
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CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
SEPTEMBER 30,1995
SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $184,491.87 $184,491.87 $170,824.56 4.050
1989 TAX ALLOCATION BOND 8,303,520.13 8,303,520.13 7,688,388.72 4.050
1993 TAX ALLOCATION BOND 27.312.497.67 27.312.497.67 25.289.166.00 4.050
TOTAL $35 800.509.67 $35.800.509.67 $33.148 379.28
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND $931,285.30 $931 ,285.30 $931,285.30 5.832
1990A TAX ALLOCATION BOND 341,377.49 341,377.49 341,377.49 5.832
1993 TAX ALLOCATION BOND 1.798.778.62 1.798.778.62 1.798.778.62 5.832
TOTAL $3.071.441.41 $3.071.441.41 $3.071.441.41
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND.1990A TAX ALLOCATION
BOND $99.754.73 $99.754.73 $99.754.73 5.150
GRAND TOTAL $38 971 70S 81 $38 971 705 81 $3631957542
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $184,491.87 $184,491.87 $170,824.56
1989 TAX ALLOCATION BOND 9,234,805.43 9,234,805.43 8,619,674.02
1990A TAX ALLOCATION BOND 441,132.22 441,132.22 441,132.22
1993 TAX ALLOCATION BOND 29.111.276.29 29.111.276.29 27.087.944.62
GRAND TOTAL $38 971 705 81 $38971 70581 $36319 57542
ATTACHMENT B
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1 0/1 n/Q~~~T~r'l1 IIl/Qf)ND995 17
9 of 10 OCT 31 1995 ITEM
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OCT 31 1995 ITEM 17 ,.