HomeMy Public PortalAboutA 2012-05-01LPFAThis Agenda contains a brief general description of each item to be considered. Copies of the Staff
reports or other written documentation relating to each item of business referred to on the Agenda are on
file in the Office of the City Clerk and are available for public inspection. A person who has a question
concerning any of the agenda items may call the City Manager at (310) 603 -0220, ext. 200.
Procedures for Addressing the Council
IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO
ADDRESS THE COUNCIL FILL OUT A FORM PROVIDED AT THE DOOR, AND TO TURN IT IN TO
THE CITY CLERK PRIOR TO THE START OF THE MEETING. FAILURE TO FILL OUT SUCH A FORM
WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN THE ABSENCE OF THE UNANIMOUS
CONSENT OF THE COUNCIL.
AGENDA ITEMS ON FILE FOR CONSIDERATION
AT THE REGULAR MEETING OF
THE LYNWOOD PUBLIC FINANCING AUTHORITY
TO BE HELD ON MAY 1, 2012
6:00 P.M.
COUNCIL CHAMBERS
11330 BULLIS ROAD, LYNWOOD, CA 90262
b4osw
RECEIVED
APR 2 6 2012
CITY OF LYNWOOD
CITY CLERKS OFFICE
JIM MORTON �d �1��
PRESIDENT J 7, VS
SALVADOR ALATORRE AIDE CASTRO
VICE PRESIDENT MEMBER
RAMON RODRIGUEZ MARIA T. SANTILLAN -BEAS
MEMBER MEMBER
CHIEF ADMINISTRATIVE OFFICER ASSISTANT CITY MANAGER
ROGER L. HALEY ROBERT S. TORREZ
SECRETARY CITY TREASURER
MARIA QUINONEZ EDWIN HERNANDEZ
AUTHORITY COUNSEL
FRED GALANTE
OPENING CEREMONIES
CALL TO ORDER
2. ROLL CALL OF MEMBERS
Aide Castro
Ramon Rodriguez
Maria T. Santillan
Salvador Alatorre
Jim Morton
CERTIFICATION OF AGENDA POSTING BY SECRETARY
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
NON - AGENDA PUBLIC ORAL COMMUNICATIONS
IF AN ITEM IS NOT ON THE AGENDA, THERE SHOULD BE NO SUBSTANTIAL DISCUSSION
OF THE ISSUE BY THE LYNWOOD PUBLIC FINANCING AUTHORITY, BUT LYNWOOD
PUBLIC FINANCING AUTHORITY MEMBERS MAY REFER THE MATTER TO THE STAFF OR
SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING.
(The Ralph M. Brown Act, Government Code Section 54954.2 (a).)
CONSENT CALENDAR
All matters listed under the Consent Calendar will be acted upon by one motion affirming the action
recommended on the agenda. There will be no separate discussion on these items prior to voting
unless members of the Authority or staff request specific items be removed from the Consent
Calendar for separate action.
4. MINUTES OF THE PREVIOUS MEETING:
Regular Meeting — February 7, 2012
5. TREASURER'S QUARTERLY INVESTMENT REPORT
Comments:
The purpose of this item is to have the Honorable President and Members of the Lynwood Public
Finance Authority review the Treasurer's Quarterly Investment Report as required by State Statutes.
(CT)
Recommendation:
The City Treasurer respectfully recommends that the Lynwood Public Financing Authority receive
and file the attached Quarterly Investment Report. The following information is based on a recorded
value as of the quarter ending on March 31, 2012.
ADJOURNMENT
THE LYNWOOD PUBLIC FINANCING AUTHORITY MEETINGS WILL BE POSTED AS NEEDED. THE
NEXT MEETING WILL BE HELD IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD,
CITY OF LYNWOOD, CALIFORNIA.
0 A GEN DA ST REP
DATE: May 1, 2012
TO: Honorable President and Members of the Public Financing
Authority
APPROVED BY: Roger L. Haley, Chief Administrative Offic64�1
PREPARED BY: Maria Quinonez, Secretary
Kristina Santana, Deputy City CI k �S
SUBJECT: Lynwood Public Finance Authority Minutes
Recommendation:
Staff recommends the Lynwood Public Finance Authority approve the following minutes:
• Regular Meeting — February 7, 2012
Background: N/A
Discussion & Analysis: N/A
Fiscal Impact: N/A
Coordinated With: N/A
ITEM
4
LYNWOOD PUBLIC FINANCE AUTHORITY
REGULAR MEETING
February 7, 2012
The Lynwood Public Finance Authority of the City of Lynwood met in a regular meeting
in the Council Chambers, 11330 Bullis Road on the above date at 5:44 p.m.
City Clerk Quinonez announced, as required by government code section 54954.3, that
members of the City Council are also members of the Lynwood Public Finance
Authority, which is concurrently convening with the City Council and each Council
Member is paid an additional stipend of $100 for attending the Lynwood Public Finance
Authority Meeting.
President Castro presiding.
Members Rodriguez, Santillan -Beas, Alatorre and Morton were present.
Member Castro was absent.
Also present were Chief Administrative Officer Haley, Authority Counsel Galante,
Secretary Quinonez and City Treasurer Hernandez.
Secretary Quinonez announced that the Agenda had been posted in accordance with
the Brown Act.
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
NONE
PUBLIC ORAL COMMUNICATIONS
NONE
CONSENT CALENDAR
It was moved by Member Rodriguez, seconded by Vice President Alatorre, to approve
the consent calendar and receive and file staff reports.
AYES:
MEMBERS RODRIGUEZ, SANTILLAN -BEAS, ALATORRE AND
MORTON
NOES:
NONE
ABSTAIN:
NONE
ABSENT:
MEMBERS CASTRO
1
Item #4. TREASURER'S QUARTERLY INVESTMENT REPORT
Report received and filed.
Item #5. TREASURER'S INVESTMENT POLICY STATEMENT
RESOLUTION NO. 2012.001 ENTITLED:
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY OF THE CITY
OF LYNWOOD APPROVING THE TREASURER'S INVESTMENT POLICY
STATEMENT
ADJOURNMENT
Having no further discussion, it was moved by Member Rodriguez, seconded by
Member Santillan -Beas, and carried to adjourn the regular Lynwood Public Finance
Authority meeting at 5:47 p.m.
Jim Morton, President Maria Quinonez, Authority Secretary
oil
o,.
AGENDA STAFF REPOR
Y J L6�: : 11 �
DATE: May 1, 2012
TO: Honorable President and Members of the Public Finance Authority
APPROVED BY: Roger L. Haley, City Managq��
PREPARED BY: Edwin Hernandez, City Treasurer
Sheila Harding, Deputy City Treasurer
SUBJECT: Treasurer's Quarterly Investment Report
Recommendation:
The City Treasurer respectfully recommends that the Lynwood Public Finance Authority
receive and file the attached Quarterly Investment Report. The following information is
based on recorded value as of the quarter ending on March 31, 2012.
Background:
Due to the crisis caused by the Orange County investment pool, the State Legislature in
1995 enacted SB564 and S6866. These laws were enacted as State Statutes to impose
certain mandates regarding investment with public funds. The statutes have imposed
the following mandates:
1. Annual adoption of an Investment Policy that incorporates changes mandated
by the State.
2. Quarterly Investment Reports presented to the Legislative Body or Board
Members.
3. Restriction on the use of certain investment instruments.
The purpose of the Treasurer's report is to update the City Council and the public of the
status of the City's cash balances and investments. This report includes reconciliation
between cash and investment balances, a schedule of all investments, and a report
providing information on all investments types, costs, interest rates, maturity dates and
current market value.
ITEM
5
Currently, short-term excess cash is primarily invested in the Local Agency Investment
Fund (LAIF) administered by the State Treasurer. LAIF is a high quality investment
available in terms of safety, liquidity and yield. The City has other funds invested with
various brokers and is managed by Main Street Capital Advisors. All of the investments
are in compliance with the City's investment policy.
Reports prepared by Main Street Capital Advisors are as follows:
• Dash Board Report
• Portfolio Summary & Holding Report
• Portfolio Details — Investments Report
• Credit Rating Report
• Interest Earnings Report
The majority of property tax revenues are received from the County in December and
April. Since the vast majority of Cash held by the City is deposited into the Local
Agency Investment Fund and can be withdrawn at any time, the City's cash and
investment portfolio is sufficiently liquid to meet expected expenditures for the coming
six months.
Fiscal Impact:
The action recommended in this report will not have a fiscal impact on the City.
Coordinated With:
Bond information provided by the Finance Department.
CITY OF LYNWOOD
QUARTERLY REPORT
March 31, 2012
MASTER SUMMARY
AVERAGE
BOOK PERCENTAGE( %) DAYS TO
DESCRIPTION VALUE PORTFOLIO MATURITY
INVESTMENTS'
21,412,053.84 100%
CERTIFICATE OF DEPOSIT/TIME DEPOSIT/
MONEY MARKET /CUSTODY HOLDINGS 5,947,496.71
VARIOUS ACCOUNTS
6,652,239.41
TOTAL INVESTMENTS AND AVERAGES $ 34,011,789.96
TOTAL INVESTMENTS & AVERAGES $ 34,011,789.96
EDWIN HERNANDEZ I certify that this report accurately reflects all pooled
CITY TREASURER investment policy statements adopted by the City Council
on August 15, 1995. A copy of this policy is available at
the office of the City Clerk. The Investment Program herein
shown provides sufficient cash flow liquidy to meet 3 to 6
months estimated expenditures.
'See Report Prepared by Main Street Capital Advisors
March 2012.x1s
CITY OF LYNWOOD
QUARTERLY REPORT
31- Mar -12
PORTFOLIO SUMMARY
PAR MARKET BOOK
INVESTMENT ISSUER VALUE VALUE VALUE
*Money Market Funds
LAIF
Federal Agency
Federal Agency Disc. - Amortizing
Treasury Coupon Securities
Federal Agency - Callable
TOTAL
528,108.28
528,108.28
528,108.28
11,383, 945.56
11,383,945.56
11, 383, 945.56
3,500,000.00
3,509,105.00
3,495,741.00
500,000.00
499,885.00
499,092.50
500,000.00
500,510.00
500,546.88
5,000,000.00
5,007,422.50
4,997,562.50
21,412,053.84
21,428,976.34
$21,404,996.72
*Money Market Fund held at Goldman Sach
Schedule of City Cash & Investments: This schedule provides information on the cash and
investments managed by the City.
Time Deoosit/MM /Certificate of Deposit
Balance
Maturity Date
CLOSED
- Fagade Improvement
3,826,270.81
N/A
1,846,818.73
N/A
192,730.77
N/A
81,676.40
14- Mar -12
5,947,496.71
- Housing Authority A
Interest
BANK OF AMERICA - Time Deposit
JP Morgan Chase (Section 108)
JP Morgan Chase - Money Market Account
JP Morgan Chase - MMA - AMCAL
USBANK -CD
TOTAL
VARIOUS ACCOUNTS HELD
Bank of America - Parking Enforcement
Us Bank
- Fagade Improvement
US Bank
- City HCDA
US Bank
- City Home Program
US Bank
- City of Lynwood
US Bank
- Economic Development
US Bank
- Housing Authority A
US Bank
- Housing Authority B
US Bank
- Lyn Tr. Center Unf Wrkr
US Bank
- Money Market Account
US Bank
- Recovery Act Jag Grant
US Bank
- Taxable Tabs Housing Proj.
US Bank
- US Dept. of HUD /Section 108
TOTAL
0.00
Balance
Interest
512,881.75
N/A
58,078.52
0.23
5,773.48
0.00
91,809.17
0.00
4,529.10
0.17
3,110,900.45
0.00
52,924.13
0.00
768,18103
0.00
2,791.24
0.00
49,028.48
0.00
561.20
0.00
1,824,729.90
0.00
170,048.96
0.00
6,652,239.41
0.40
2,489.63
1,123.73
March 2012.xls
CITY OF LYNWOOD
QUARTERLY INVESTMENT REPORT
March 31. 2012
Schedule of City Cash & Investments: This schedule provides information on
the cash and investments managed by the City.
Time Deposits /MM /CD Accounts
Balance
Interest
Bank of America - Time Deposit
0.00
0
JP Morgan Chase - Section 108 MMA
3,826,270.81
2,489.63
JP Morgan Chase - Money Market Account
1,846,818.73
1,123.73
JP Morgan Chase - MMA - AMCAL
192,730.77
0.00
US Bank - Certificate of Deposit
81,676.40
47.56
Total
5,947,496.71
3,660.92
Other Accounts
Balance
Interest
Bank of America - Parking Enforcement
512,881.75
N/A
US Bank - Fagade Improvement
58,078.52
0.23
US Bank - City HCDA
5,773.48
0.00
US Bank - City Home Program
91,809.17
0.00
US Bank - City of Lynwood
4,529.10
0.17
US Bank - Economic Development
3,110,900.45
0.00
US Bank - Housing Authority A
52,924.13
0.00
US Bank - Housing Authority B
768,183.03
0.00
US Bank - Taxable Tabs
1,824,729.90
0.00
US Bank - Lyn Tr. Center Unf Wrkr
2,791.24
0.00
US Bank - Money Market Account
49,028.48
0.00
US Bank - Recovery Act Jag Grant
561.20
0.00
US Bank - US Dept. of HUD /Section 108
170,048.96
0.00
Total
6,652,239.41
0,40
March 2012.xis
CITY OF LYNWOOD
QUARTERLY REPORT
March 31, 2012
LAIF Daily .38% Quarter .38%
Combined Combined Date
Issuer Investment Balance Interest Rec'd. Received
State of California 'LAIF $11,383,945.56 12,362.15 13- Jan -12
Local Agency Investment Fund (LAIF):
The Local Agency Investment Fund is managed by the State Treasurer's Office Investment Division through
the Pooled Money Investment Account (PIMA). The LAIF allows cities, counties and special districts to
place money in a major portfolio and to use the expertise of their Investment Division staff, with no additional
cost to taxpayers. See chart below. The State Treasurer invests money safely, manage cash flow and
enhance financial security. The interest earned is distributed quarterly.
Pooled Money Investment Account
Portfolio Composition
64.63 Billion
3/31/2012
Treasunes
0.
Mortgages
Agencies
CDa,BNs
Time Deposits
Now Account 0 . (
Commercial Paper
Corporate Bond 0.
Loans
0 01 0.2 03 0.4 0.5 0.6
2012.xls
5035%
57%
089%
0.68%
6.68%
x)%
d
0,62%
e
00%
2021%
0 01 0.2 03 0.4 0.5 0.6
2012.xls
CITY OF LYNWOOD
BOND REPORT
31- Mar -12
TRUSTEE ACCOUNTS
PURCHASE
DATE
PAR
VALUE
MARKET
VALUE
Lynwood Public Financing Authority
Oct -99
$1,310,000.00
107,956.08
Tax Allocation Bonds, Series 1999, Alameda
U S Bank Coporate Trust Services
Lynwood Public Financing Authority Aug -03 $8,630,000.00 855,850.28
Lease Revenue Refunding Bonds 2003 A
US Bank Coporate Trust Services
Lynwood Public Financing Authority Oct -99 $10,235,000.00 773,401.62
Tax Allocation Bonds, Series 1999,Series A
U S Bank Corporate Trust Services
Lynwood Public Financing Authority Oct -99 $3,425,000.00 257,609.74
Tax Allocation Bonds, Series B
U S Bank Corporate Trust Services
Lynwood Public Financing Authority Oct -99 $3,760,000.00 0.00
Lease Revenue Bonds, Series 1999
US Bank Corporate Trust Services
Lynwood Utility Authority Nov -03 $6,930,000.00 19,096.22
Series 03 COI ACCOUNT
BNY Trust Company
Lynwood Utility Authority May -09 $9,755,000.00 5,964,157.51
Enterprise Refunding Revenue Bond, 2008 Series A
BNY Trust Company
Lynwood Untility Authority Nov -08 $5,732,000.00 578,582.21
Enterprise Revenue Bond 2009 Series A
BNY Trust Company
Lynwood Public Finance Authority
Lease Revenue Bond, Civic Center Series 2010A Aug -10 $9,000,000.00 5,132,633.05
Lynwood Redevelopment Agency Mar -11 $18,480,000.00 17,892,216.45
Tax Allocation Bonds, Series 2011, Series A
Fiscal Agent Activities
FYE 6/30/11
Lynwood Redevelopment Agency Mar -11 $5,660,000.00 557,590.81
Tax Allocation Bonds, Series 2011, Series B
Fiscal Agent Activities
FYE 6/30111
March 2012.x1s
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