Item 18 - City's Investment Report
- AGENDA REPORT SUMMARY .-
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TO: Honorable Mayor and Members of the City Council
James L, Bowersox, City Man~ I
FROM:
INITIATED BY: John 0, Fitch, Assistant City ManagerLf~ ,
Peggy A. Stewart, Director of Administrative se1vic~~
DATE: November 28, 1995 I
SUBJECf: City's Investment Report
,
ABSTRACf
Monthly reports of investments are required to be presented to C~uncil, For your
information, attached is an investment portfolio listing as of Oftober 31, 1995.
,
;
,
ENVIRONMENTAL REVIEW
-
Environmental revi-ew is not required for this agenda item accordjng to CEQA guidelines.
,
FISCAL IMPACf ,
The investment portfolio earned $285,479.25 interest during Octo~er 1995.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
I
RECOMMENDATION I
I
It is recommended that the City Council accept and file the atta~hed reports.
!
I
ACTION I
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1 of 10 Nay 2 8 1995 IrEM 18
~ 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 fr~~ ~e ~onsent 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: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~
INITIATED BY: John D. Fitch, Assistant City Manager9&~
Peggy A. Stewart, Director of Administrative Services
DATE: November 28, 1995
SUBJECT: Citv's Investment ReDort
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 October 31, 1995 was $59,793,780
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 $39,025,288,
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 $877,052, U,S,
Treasury Notes purchased for $11,918,203, Federal Home Loan Mortgage Corporation
Certificates which were booked at $106,604, medium-term Corporate Notes which
were booked at $2,464,015, U.S, Government Securities which are booked at
$2,500,000, deposits at the Local Agency Investment Fund (LAIF) of $18,418,351,
and $21,040,555 invested through the San Diego County Investment Pool, The
market value of the County Pool increased 0.29% and is estimated at $19,483,797
at October 31, 1995, A recap of the San Diego County Pool's Investment Portfolio
as of October 31, 1995 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
ACTION:
2 of 10 J
NOY 28 1995 ITEM 18
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Agenda Report
November 28, 1995
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 S59,793,780; the market value adjusted for the San Diego
County Pool funds is S58,565,227 for a "paper loss" of S1,228,553, or 2,05% of
the total, The book value of the City's bond proceeds is S39,025,288; the market
value adjusted for the San Diego County Pool funds is S36,376,464. 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 October 1995 is
estimated at 5.783% for LAIF and 4,00% for the County Investment Pool.
The TCDs are at 13 different financial institutions throughout the state. The
certificates are placed in S100,000 increments with the amounts in excess of the
first S100,000 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
guidel ines,
FISCAL IMPACT
The investment portfolio earned S285,479,25 interest during October 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 October 31, 1995,
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CITY OF POI/AY POI/A
PORTFOLIO MASTER SUMMARY
OCTOBER 31, 1995
AVERAGE -"YIELO TO MATURITY..-
PERCENT OF AVERAGE DAYS TO 360 365
INVESTMENTS BlJOI( VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT
Local Agency Investment Funds................S 39,458,905.63 65.99 427* 483* 4,766 4.832
Certificates of Deposit......................$ 2,469,000.00 4,13 1,475 501 6.589 6.681
Mortgage Backed Securities...................S 983,656.41 1.65 10,511 7,369 8.135 8,248
Treasury Securities' Coupon.................S 11,918,203.18 19,93 1,350 910 6,694 6.787
Medi~ Term Notes............................$ 2,464,015,00 4.12 1,769 691 7.307 7.408
Miscellaneous Securities. Coupon............S 2,500,000.00 4.18 730 103 6.500 6.590
..0__._________________________________.______..__________._____________
TOTAL INVESTMENTS and AVERAGES...........",.S 59,793,780.22 100,OOX 760* 527* 5.458X 5.534X
========================================================================
CASH
Passbook/Checking Accounts...................S 0,00 0.000 0.000
(not included in yield calculations)
ACcrued Interest at Purchase.................S 97,317.93
---...----..------..-----------------.-----..-----.----.-----...-----.--
TOTAL CASH...................................S 97,317.93
========================================================================
TOTAL CASH and INVESTMENTS.""....",....",S 59,891,098.15
========================================================================
*Adjusted per approved withdrawal schedule for the San Diego County Pool,
This investment is to be fully redeemed by February 1998,
ATTACHMENT A
4 of 10 Nay 2 8 1995 ITEM 18
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-)9 ' ...Jsr.. .J~.+ The City shaLL invest in only those investments authorized by the State of
PEGGY ST~RT California under Government Code Sections 53601.1, 53602 and 53635. Investments
shall be made using the prudent man theory with consideration given to the
uI/J/f.r following items in order of priority; 1, Safety; 2, Liquidity; 3. Yield.
, ,
DATE
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5 of 10 Nay 28 1995 ITEM 18 .
11/06/1995 CITY OF POI/AY PM - 2
INVESTMENT PORTFOLIO OETAILS INVESTMENTS POI/A
OCTOBER 31, 1995
INVESTMENT PURCHASE STATED ... YTM ... MA TUR ITY OAYS
NUMBER ISSUER OATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT
.--------------------------------------------------------------------------------------------------..-----------------.-----------
LOCAL AGENCY INVESTMENT FUNOS
040001 LAIF CITY OF POI/AY 14,548,316,68 14,548,316.68 14,548,316.68 5.783 5,704 5.783 1
040002 LAIF REOEVELOPMENT AGENCY 3,870,033.93 3,870,033.93 3,870,033.93 5,783 5.704 5.783 426**
040004 SO CNTY INVST POOL 21,040,555,02 21,040,555.02 21,040,555.02" 4,000 3.945 4.000
SUBTOTALS and AVERAGES 39,458,905.63 39,458,905.63 39,458,905.63 4,766 4.832 427**
CERTIFICATES OF OEPOSIT
010955 BANK OF PETALUMA 06/07/95 99,000.00 99,000,00 99,000,00 6.250 6,250 6.337 12119/95 50
010956 BANK OF PETALUMA 06/07/95 99,000.00 99,000,00 99,000.00 6.250 6.250 6,337 12119/95 50
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 1,408
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 1,408
010928 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000,00 99,000.00 6.300 6,300 6.388 03/04/96 126
010929 FIRST INTERSTATE -SACRAMENTO 03/04/92 99,000.00 99,000.00 99,000.00 6.300 6,300 6.388 03/04/96 126
010951 FIRST NATIONAL BANK OF MARIN 02102/95 99,000.00 99,000.00 99,000.00 7.150 7,150 7.249 01/29/96 91
010952 FIRST NATIONAL BANK OF MARIN 02/02195 99,000.00 99,000.00 99,000,00 7,150 7.150 7.249 01/29/96 91
010933 FREMONT INVESTMENT SLOAN 03/27192 99,000,00 99,000.00 99,000.00 7,210 7,210 7.310 03/27/97 514
010934 FREMONT INVESTMENT SLOAN 03/31/92 99,000.00 99,000,00 99,000.00 7.060 7.060 7.15803/31/97 518
010926 FRANKLI N BANK 02/21/92 99,000.00 99,000.00 99,000,00 6,450 6.450 6,540 02/21/96 114
010927 FRANKLI N BANK 02121/92 99,000.00 99,000,00 99,000,00 6.450 6.450 6.540 02/21/96 114
010939 FRANKLIN THRIFT SLOAN 07/07/92 94,000.00 94,000.00 94,000.00 6.500 6,500 6.590 07/07/97 616
010940 FRANKLIN THRIFT SLOAN 07107/92 94,000.00 94,000.00 94,000,00 6,500 6.500 6.590 07/07/97 616
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
010943 IMPERIAL THRIFT 08117/92 99,000.00 99,000,00 99,000,00 6,250 6.250 6.337 08/18/97 c. .
010944 IMPERIAL THRIFT 08/17/92 99,000.00 99,000.00 99,000,00 6.250 6,250 6,337 08118/97 658
010931 RIVER CITY BANK 03/20/92 100,000.00 100,000,00 100,000.00 7,300 7.300 7.401 03/20/97 507
010932 RIVER CITY 8ANK 03/20/92 100,000.00 100,000.00 100,000,00 7.300 7.300 7.401 03/20/97 507
010945 SAN DIEGO FIRST BANK 03/30/94 99,OOD,DO 99,DOO.OO 99,000,00 6,200 6,200 6.286 03/3D/99 1,247
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 1,247
010937 SARATOGA NATIONAL BANK 06/03192 99,000.00 99,000.00 99,000,00 6.500 6.500 6,590 06/03/96 217
010938 SARATOGA NATIONAL BANK 06/03/92 99,000,00 99,000.00 99,000.00 6.500 6,500 6.590 06/03/96 217
010941 TRANS PACIFIC NATIONAL 8ANK 08112192 100,000.00 100,000.00 100,000.00 6,250 6.250 6.337 08/12197 652
010942 TRANS PACIFIC NATIONAL BANK 08/12/92 100,000.00 100,000.00 100,000.00 6.250 6.250 6.337 08112/97 652
SUBTOTALS and AVERAGES 2,469,000.00 2,469,000.00 2,469,000.00 6.589 6.681 501
MORTGAGE BACKED SECURITIES
080001 FEO HOME LOAN MTG CORP 09/17/86 25,978.92 27,563.57 28,186.78 8.000 8,784 8.906 08/15/06 3,942
080003 FEO HOME LOAN MTG CORP 04/20/87 80,625.09 82,113.40 85,325.68 9.000 9.137 9.264 05/01116 7,489
081008 GNMA POOL 192832 04/20/87 530,257.24 532,921.85 549,522.37 8.000 7.958 8.069 04/15/17 7,838
081007 GNMA POOL 203379 04/20/87 261,466,88 263,608.70 271,820.11 8.000 8.001 8.112 04115/17 7,838
081001 GNMA POOL 13057 0811 1/86 85,328.28 88,883.63 91,479.92 8.000 8.503 8,621 08/15/06 3,942
SUBTOTALS and AVERAGES 983,656.41 995,091.15 1,026,334.86 8.135 8.248 7,369
TREASURY SECURITIES - COUPON
070002 US TREASURY NOTE 04112/94 488,671.88 500,000.00 501,720,00 5,875 6,323 6,411 03/31/99 1,248
*Market value of $19,483,797
**Adjusted per approved withdrawal schedule for the San Diego Countv Pool,
This investment is to be fully redeemed by February 1998, .
6 of 10 Nay 2 8 1995 ITEM 18
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11/06/1995 CITY OF POl.IAY PM . 3
INVESTMENT PORTFOLIO DETAILS' INVESTMENTS POWA
OCT08ER 31, 1995
INVESTMENT PURCHASE STATED --~ YTM --- MATURITY DAYS
NUMBER ISSUER DATE BOOI( VALUE FACE VALUE MARKET VALUE RATE 360 365 OATE TO MAT
----..---------..------..--.--.--.-----.......-----------....--.......-------...----.-------..--------------------...----------..-
TREASURY SECURITIES - COUPON
070003 US TREASURY NOTE 04/21/94 483,593.75 500,000.00 501,720,00 5.875 6.568 6,659 03/31/99 1,248
070004 US TREASURY NOTE 05/06/94 989,218.75 1,000,000,00 1,022,810,00 6,500 6.664 6,756 04/30/99 1,278
070005 US TREASURY NOTE 06/02194 499,687.50 500,000.00 515,470,00 6.750 6.672 6.765 05/31/99 1,309
070006 US TREASURY NOTE 07/12/94 494,296.88 500,000,00 515,625.00 6.750 6,927 7.024 06/30/99 1,339
070007 US TREASURY NOTE 07/12/94 499,453.13 500,000.00 506,095.00 6.500 6.453 6,543 05/15/97 563
070008 US TREASURY NOTE 08/09/94 499,765.63 500,000.00 517,815.00 6.875 6.792 6.886 07/31/99 1,370
070009 US TREASURY NOTE 08/15/94 498,984.38 500,000.00 507,190,00 6.500 6.485 6,575 08/15/97 655
070010 US TREASURY NOTE 08/15/94 498,593.75 500,000.00 517,815.00 6.875 6.847 6.942 07/31/99 1.370
070011 US TREASURY NOTE 08/15/94 498,671.88 500,000.00 507,190,00 6.500 6.508 6,599 08/15/97 655
070012 US TREASURY NOTE 09/09/94 500,156,25 500,000,00 507,190.00 6,500 6.399 6.488 08/15/97 655
070013 US TREASURY NOTE 09/13/94 498,437.50 500,000.00 507,190,00 6.500 6,528 6,619 08/15/97 655
070014 US TREASURY NOTE 09/13/94 496,640,63 500,000.00 518,125,00 6,875 6,940 7.036 08/31/99 1,401
070015 US TREASURY NOTE 09/20/94 497,500,00 500,000,00 507,190.00 6,500 6.600 6.692 08/15/97 655
070016 US TREASURY NOTE 09/20/94 494,921.88 500,000.00 518,125,00 6.875 7.023 7.120 08/31/99 1,401
070017 US TREASURY NOTE 09/23/94 496,484,38 500,000,00 507,190,00 6,500 6.678 6. n1 08/15/97 655
070018 US TREASURY NOTE 09/23/94 493,828.13 500,000,00 518,125,00 6,875 7.075 7.174 08/31/99 1,401
070019 US TREASURY NOTE 09/30/94 992,656.25 1,000,000.00 1,014,380,00 6.500 6,692 6,785 08/15/97 655
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 09/30/96 336
070021 US TREASURY NOTE 11/08/94 498,828.13 500,000.00 50S,940.00 6.875 6.908 7.004 10/31/96 367
070022 US TREASURY NOTE 12/08/94 497,812.50 500,000.00 508,280,00 7,250 7,389 7.491 11/30/96 397
SUBTOTALS and AVERAGES 11,918,203,1812,000,000,0012,232,995.00 6.694 6.787 910
MeulUM TERM NOTES
090032 EF HUTTON GROUP INC 06/17/91 493,635,00 500,000.00 506,455,00 8,875 9.075 9,201 05/01/96 184
090037 FORO MOTOR CRED IT COMPANY 03/09/94 972,880.00 1,000,000.00 983,800.00 5,625 6.192 6,278 01/15/99 1,173
090035 PHILLIP MORRIS 03/26/92 497,500.00 500,000.00 509,655.00 7.500 7.517 7.622 03/15/97 502
090036 TRAVELERS CORP 05/14/92 500,000.00 500,000.00 506,780.00 7.625 7.521 7.625 01/15/97 443
SUBTOTALS and AVERAGES 2,464,015.00 2,500,000.00 2,506,690.00 7.307 7,408 691
MISCELLANEOUS SECURITIES . COUPON
100011 FIDELITY GOVERNMENT SECUR FUNO 02/08/94 500,000.00 500,000.00 486,368,07 6,600 6,510 6.600 02/08/96 101
100012 FIDELITY GOVERNMENT SECUR FUND 02/09/94 1,000,000.00 1,000,000.00 970,845,48 6.587 6,497 6.587 02109/96 102
100013 FIDELITY GOVERNMENT SECUR FUND 02/11/94 1,000,000,00 1,000,000,00 970,845,48 6.587 6.497 6,58702/11/96 104
SUBTOTALS and AVERAGES 2,500,000.00 2,500,000.00 2,428,059.03 6.500 6.590 103
----..-----------------...---------.-.-.--------.----.-----------------------------
TOTAL INVESTMENTS and AVERAGES S 59,793,780.22 59,922,996.78 60,121,984,52* 5.458" 5.534" 357
=======================s========================================================
*Market value adjusted for San Diego County Pool funds $58,565,227
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7 of 10 Nay 28 1995 ITEM 18
11/06/1995 PM - 4
CITY OF POl/AY POl/A
ACCRUED INTEREST DETAilS
OCTOBER 31, 1995
MOIlTH ENDING FISCAL
OCTOBER 31, 1995 YEAR TO DATE
CD/Coupon/Discount Investments:
Interest Collected $ 218,492.80 $ 618,244.63
PLUS Accrued Interest at End of Period 192,764.12 192,764.12
LESS Accrued Interest at Beginning of Period ( 294,822.86) ( 306,869.90)
------.._-..._- ---------------
Interest Earned during Period $ 116,434.06 $ 504,138.85
=====:II:Z====Z=== =Z=====Z:II:======
Mortgage Backed Securities:
Interest Collected $ 6,807,31 $ 28,119.31
PLUS Accrued Interest at End of Period 19,066.93 19,066.93
lESS Accrued Interest at Beginning of Period ( 19,172.29) ( 19,603.68)
------..----... -----------.--.
Interest Earned during Period $ 6,701.95 $ 27,582.56
--------------- ---------------
--------------- ---------------
lAIF/Passbook/Checking Accounts:
Interest CoLlected $ 278,645.01 $ 844,076,05
PLUS Accrued Interest at End of Period 19,262,839,20 19,262,839.20
LESS Accrued Interest at Beginning of Period ( 19,379,140,97) ( 19,444,013.96)
-------.-.--... --....---.-----
Interest Earned dur;ng Per;od $ 162,343,24 $ 662,901.29
=============== ===============
TOTAL Interest Earned dur;ng Period $ 285,479.25 $ 1,194,622.70
=============== =-=============
8 of 10 Nay 2 8 1995 ITEM 18
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CITY OF POWAY
INVESTMENT PORTFOLIO DETAILS
BOND FUNDS
OCTOBER 31,1995
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SAN DIEGO COUNTY MARKET
INVESTMENT POOL: BOOK VALUE FACE VALUE VALUE STATED RATE
1986 TAX ALLOCATION BOND $184,491.87 $184,491,87 $170,841.80 4.000
1989 TAX ALLOCATION BOND 8,303,520.13 8,303,520.13 $7,689,155.59 4.000
1993 TAX ALLOCATION BOND 27.312497.67 27.312.497.67 525.291.688.45 4.000
TOTAL 535.800.509.67 535.800.509.67 533.151.685.64
LOCAL AGENCY INVESTMENT
FUND:
1989 TAX ALLOCATION BOND $1,977,282.13 $1,977,282.13 $1,977,282,13 5.783
1990A TAX ALLOCATION BOND 346,424.19 346,424.19 346,424.19 5.783
1993 TAX ALLOCATION BOND 801.317.62 801.317.62 801.317.62 5.783
TOTAL 53.125.023.94 53.125.023.94 $3.125.023.94
BENHAM GOVERNMENT
AGENCY MONEY MARKET
FUND.1990A TAX ALLOCATION
BOND 599.754.73 599.754.73 599.754.73 5.190
GRAND TOTAL S3Q 025 288 34 S3Q 025 288 34 136 ~78 484 31
SUMMARY BY BOND ISSUE:
1986 TAX ALLOCATION BOND $184,491,87 $164,491.87 $170,841.60
1989 TAX ALLOCATION BOND 10,280,802,26 10,280,802.26 9,666,437.72
1990A TAX ALLOCATION BOND 446,178.92 446,178.92 446,178.92
1993 TAX ALLOCATION BOND 28.113.815.29 28.113.815.29 26.093 006.07
GRAND TOTAL S3Q 025 288 34 S3Q 025 288 34 136 378 464 31
ATTACHMENT B
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11/07/95PRTFC'lIIC'l/ROND1095
9 of 10 Nay 2 B 1995 ITEM 18
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NBV a 8 1995 ITEM 18