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Home My Public Portal AboutA2009-11-03LPFAThis 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 CJerk and are available for public inspection. A person who has a question concerning any of the agenda items may cal! the City Manager at (390) 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 1N 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 BEHELD ON NOVEMBER 3, 2009 -5:00 P.M. COUNCIL CHAMBERS 11330 BULLIS ROAD, LYNWOOD, CA 90262 AIDE CASTRO VICE PRESIDENT JIM MORTON MEMBER MARIA TERESA SANTiLLAN PRESIDENT ~~ly ~a5~'~~ ~~~~~~ OC7 2 9 2009 Cil``r ~.~F` L`s NtijfOOD CITY CLERKS OFFICE ~ar:q {~,~~ y~ohe"Z Gc~'~ Gl~erk vJ L, o, ALFREDO fLORES MEMBER RAMON RODRIGUEZ MEMBER CHIEF ADMINISTRATIVE OFFICER ROGER L. HALEY SECRETARY MARIA Q~UINONEZ 1. CALL TO ORDER ASSISTANT CITY MANAGER- ADMINISTRATIVE & COMMUNITY SERVICES ROBERT S. TORREZ AUTHORITY COUNSEL FRED GALANTE OPENING CEREMONIES 2. ROLL CALL OF MEMBERS CITY TREASURER SALVADOR ALATORRE Aide Castro Alfredo Flores Jim Morton Ramon Rodriguez Maria T. Santillan 3. CERTIFICATION OF AGENDA POSTING BY SECRETARY t PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) 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 LYN1lVOOD PUBLIC FINANCING AUTHORITY MEMBERS MAY REFER THE MATTER TO THE STAFF OR SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING. (The Ralph M. Brown Act,' Govemmer-t 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 Consenf Calendar for separate action. 4. MINUTES OF PREVIOUS MEETINGS: Regular Meeting -August 18, 2009 5. TREASURER'S QUARTERLY INVESTMENT REPORT . Comments: The purpose of this item is to have the Honorable President and .Members of the Lyr;v~=~i~~? F~_:k~lic Finance Authority review the Treasurer's Quarterly Investment Report as required by State Statutes.; Recommendation`. The City Treasurer respecttully recommends that the Lynwood Public Finance Authority receive and file the attached Quarterly Investment Report for the quarter ending September 30; 2009: ADJOURNMENT THE LYNWOOD PUBLIC FINANCING AUTHORITY MEETINGS WILL BE POSTED AS NEEDED: THE NEXT MEETING WILL 8E HELD IN THE. COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, CITY OFLYNINOOD, CALIFORNIA. ~M~~ 7^ ~ . ~.,.- .AGENDA STAFF REP DATE: November 3, 2009 TO: Lynwood Public Finance Authority President & Members APPROVED BY: Roger L. Haley, Chief Administrative Offic `~~ PREPARED BY: Maria Quinonez, Secretary ~,~" ~~ SUBJECT:. LYNWOOD PUBLIC FINANCE AUTHORITY MINUTI=S Recommendation: Staff recommends the City Council-approve following minutes: • Regular Meeting, August 18, 2009 Background.: NIA Fiscal Impact: NIA I Coordinated With: N/A I AGENDA I I EM LYNWOOD PUBLIC FINANCE AUTHORITY REGULAR MEETING August 18, 2009. The Lynwood Public Finance Authority of the City of Lynwood met in a regular meeting a# 11330 Bullis Road on the above date at 5:18 p.m. President Santillan presiding. Members Morton, Rodriguez, Castro and Santillan were present. Member Flores stepped out momentarily while roll was called. Also present were Chief Administrative Officer Haley, Authority Counsel Galante, Secretary Quinonez and City Treasurer Alatorre. 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 Morton, seconded by Member Rodriguez, to approve the consent calendar and receive and file staff reports. ROLL CALL: AYES: MEMBERS MORTON, RODRIGUEZ, CASTRO AND SANTILLAN NOES: NONE ABSTAIN: NONE ABSENT: MEMBER. FLORES Item #4. MINUTES OF PREVIOUS MEETINGS: Regular Meeting -February 3, 2009 Regular Meeting -February 17, 2009 Regular Meeting -March 17, 2009 Regular Meeting -July 21, 2009 Item #5. Vice President Castro pulled Item #5 -TREASURER'S QUAR~"EI~#~~kr INVESTMENT REPORT Vice President Castro pulled this item #o -group with the. LRA and City Council w~~er~~:: ADJOURNMENT Having no further discussion, it was moved by Member Rodriguez, seconded ~~~,~ President Santillan, and carried to adjourn the regular Lynwood Public ~=i~~,„~;,= Authority meeting at 5:19 p.m. Maria T. Santillan, Presiden# Maria Quinonez, Secretary AGENDA STAFF REPORT DATE: November 3, 2009 TO: Honorable President and Members of Public Finance Authority APPROVED BY: Roger L. Haley, City Manag r PREPARED BY: Salvador Alatorre, 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 for the quarter ending September 30, 2009. Background: In response 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 attached Treasurer's Report has been prepared to provide. the following information: 1. Types of investments (including principal, market value rates, and maturity dates). 2. List of various bank accounts with, banking institutions. 3. Statement informing each Agency ,(City, LRA, and LPFA) that they are expected to have sufficient liquid funds to meet their pooled expenditure requirements for the next three {3) to six {6) months. 4. Statement informing .the Lynwood Public Finance Authority that the ~ investment portfolio conforms to the adopted. investment policy. 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. Treasurers report September 2009 "CITY OF LYNWOOD QUARTERLY REPORT ENDING SEPTEMBER 30, 2009 .SUMMARY AVERAGE BOOK PERCENTAGE.(%) DAYS TO INVESTMENTS VALUE PORTFOLIO MATURITY MANAGED POOL INVESTMENT $ 21,570,486.79 66.12. N/A CERTIFICATE OF DEPOSIT/PASSBOOK/ MONEY MARKET/CUSTODY HOLDINGS $ 11,050,454.92 33.88 N/A TOTAL INVESTMENTS AND AVERAGES $ 32,620,941.71- 100% TOTAL INVESTMENTS $ 32,620,941.71 v~--- 1 certify that this report accurately reflects all pooled investment policy statements SALVADOR LATORRE adopted by the City Council on August 15, 1995. A copy of this policy is available CITY TREASURER at the office of the Oily Clerfc. The Investment Program hereein shown provides sufficient cash flow Iiquidy to meet 3. to 6 months estimated expenditures. Treasurers report September 2009 CITY OF LYNWOOD QUARTERLY REPORT ENOING SEPTEMBER 30, 2009 INVESTMENT PORTFOLIO DETAILS-SUMMARY INVESTMENT BOOK FACE MARKET ~~T,~TED ISSUER VALUE VALUE VALUE. RATE MANAGE POOL INVESTMENTS LAIF CITY 21,224,486:79 .$21,224,486.79 $21,224,486.79 3.18°i~ LAIF LRA 346,000AO $346,000.00 $346,000.00 3.1~?°l. TOTAL 2t,57Q486.79 $29,570,486.79 $21,570,486.79 OTHER RECEIVED INTEREST CERTIFICATE OF DEPOSIT CERTIFICATE OF DEPOSIT PASSBOOK/CHECKING BOND FUNDS MONEY MARKET MONEY MARKET HUD SECTION/1.08 BANK OF AMERICA CD-LRA TOTAL. Treasurers report September 2009 80,008.07 $80,008.07 $80,008.07 0.00 $0.00 $0.00 570,655.69 $570;655.69. $570,655:69 4..20 $4.20 $4.20 3,833,420.48 $3,833,420.48 $3,833,420.48 6,408,937.75 $6,408,937.75 $6,408,937.75 157;428:73 $157,428.73 957,428.73 11,050,454.92 $19,050,454.92 $11;050,454.92 CITY OF LYNWOOD QUARTERLY REPORT ENDING SEPTEMBER 30, 2009. CURRENT PORTFOLIO SUMMARY Currently short-term excess. cash is primarily invested in the Local Agency Investment Fund (LAIF) administered by the State Treasurer. LA1F is a high quality investment available in terms of safety, liquidity, and yield. The City has other investments.at US Bank and Bank of America. The following table demonstrates the monthly activity of cash and investmenfiforpreviousquarters. 3Q 2009 2Q 2009 10 2009 July -September Aril -June January --March MANAGE POOL INVESTMENTS IAIF CITY 21,224,486.79 20,052,311.12 20,052,311:12 IAIF LRA ~ 346,000.00 1,121,000.00 1,639,200.46 As per Treasurer's Report - 21, 570,486.79 21,173, 311.12 21,691, 511:58 OTHER RECEIVED INTEREST CD/PASSBOOK/MONEY MARKET CUSTODY HOLDINGS 11,050,454:92 13,360,0.13.61: 12,098,829.89 As per Treasurer's Report 32,620,941.71 34;533,324.73 33,790,341:47 CITY OF LYNWOOD QUARTERLY REPORT ENDING SEPTEMBER 30, -2009 CURRENT STATED DATE AMOUNT ISSUER INVESTMENT BALANCE RATE RECD RECD State, of California LAIF-CITY $21,224,486.79 1.51% 7/15/2009 $81,578.04 State of California LAIF = LRA $346,000.00 i.51% 7/15/2009 $5,668.18 TOTAL $21;570,486.79 $87,246.22 Local Agency Investment Fund (LAfF): The Local Agency Investment Fund is managed by the State Treasurers Office Investment Division through the Pooled Money Investment Account (PIMA). The LAIF allows sties, 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. The State Treasurer invests money. safely and manage cash flow and enhance financial security. Interest earned is distributed quarterly. The chart below shows LAIF's investments as of September 30, 2009 Pooled Money Investmert Account Portfolio Composition $61.9 Billion 9/30!2009 Ti M Time -Now Commerce Corporal easuries 35. ts% t 53% ~rtgages 2z 5 s% agencies . ;DsBNs ss4% posits 9.5 s% ~ 5.96% ,000UntS al Paper 90.0% 0.35% 2 Bonds Loans 9-40% 0 0.05 0.1 0.15 02 0.25 0.3 0.35 0.4 Treasurers report September 2009 CITY OF LYNWOOD QUARTERLY. REPORT ENDING SEPTEM BER 30, 2009 FACE STATED VARIOUS ACCOUNTS VALUE RATE INTEREST MUNICIPAL INVESTOR ACCOUNTS US BANK 48,978.00 0.04% 6.23 CITY -PASSBOOKS US BANK ~ 559.93 0.04% 1.86 CITY - HCDA US BANK 169,873.53 0.05% 2.1.63 CITY - LYNWOOD TTEES HUD 1990 US BANK 2,788.47 0.04°!0 0.34 LYN: TR. CENTER UNF. WORKERS ACC.- US BANK 1,433,863.21 702.11 '. LRA ALAMDA HOUSING US BANK 2,046,098.53 413.02 LRA AREA A HOUSING . US BANK 68,363.18 0.04% 8.69 LRA ALAMEDA TAX INC. ACTIVE BUSINESS CHECKING ACCOUNT CITY- US BANK 60;215.44 6.70 HOME PROGRAM . BUSINESS MONEY MARKET. CITY - US BANK 2,680.19 0.04% 0:34 SENIOR BLDG FUND TOTAL 3,833,420.48 1;160.92 *Funds transferred to Area A and Alameda accounts Treasurers report September 2009 CITY OF LYNWOOD QUARTERLY INVESTMENT REPORT ENDING SEPTEMBER 30, 2009 CERTIFICATE OF DEPOSITS, BOND FUNDS & MONEY MARKET ACCOUNTS INVESTMENT CURRENT MATURITY STATED INTEREST ISSUER BALANCE DATE RATE RECEIVED US Bank $80,008.07 14-Mar-09 N/A ~'~? CD `US.Bank $0.00 Closed 0.000% $0.00 CD US Bank $4.20 N/A 0.04% ;'~ `a =Jc BOND FUNDS MONEY MARKET $6,408,937.75 N/A 0.05% . . HUD SECTION/108 BANK OF AMERICA $157,428.73 8-Jun-10 0.30% s~/A CD-LRA TOTAL $6,646,378.75. $82~ ~.7 - ` Account Dosed and funds transferzed to Area A and Alameda Accounts PASSBOOK CHECKING ENDING SEPTEMBER 30, -2009 CURRENT ADDITIONAL ACCOUNTS BALANCE LRA - US BANK 410,179.15 LRA - BANCO POPULAR 160,476.54- 570,655.69 Treasurers report September 2009 CITY OF LYNWOOD QUARTERLY REPORT ENDING SEPTEMBER 30, 2009 FISCAL AGENT INVESTMENTS PURCHASE PAR MARKET TRUSTEE ACCOUNTS DATE VALUE VALUE Lynwood Public Financing Authority Od-99 $1,310,000.00 107,973.66 Tax Allocation Bonds, Series 1999, Alameda U S Bank Coporate Trust Services Lynwood Public Financing Authority Aug-03 $8,630,000.00 2,123,722.60 Lease Revenue Funding Bonds 2003 A US Bank Coporate Trust Services Lynwood Public Financing Authority Oct-99 $10,235,000.00 1,074,778.27 . Tax Allocation Bonds, Series 1999,Series A U S Bank Corporate Trust Services Lynwood Public Financing Authority Oct-99 $3,425,000.00 257,646.96 Tax Allocation Bonds, Series B - U SBank Corporate Trust Services Lynwood Public Financing Authority Oct-99 $3,760,000.00 1,708,918.1D Lease Revenue Bonds, Series 1999 US Bank Corporate Trust Services Lynwood Utility Authority Nov-03 $6,930,000.00 19,096.21 Series 03 COI ACCOUNT BNY Trust Company Lynwood Utility Authority May-09 $9,755,000.00 9,176,328.88 Enterprise Refunding Revenue Bond, 2009 Series A - BNYTrust Company Lynwood Untility Authority Nov-OS $5,732,000.00 578,58227 Enterprise Revenue Bond 2008 Series A BNY Trust Company w Treasurers report September 2009