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City Council Staff Report
DATE: February 6, 2008 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF DECEMBER 31,
2007
FROM: Thomas M. Kanarr, Acting Treasurer
BY: Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of December 31, 2007. The report
includes the face value and coupon rate (if applicable) of the investments and the source
for the market value estimate. The City's total invested cash is $82,157,961 plus
$29,866,449 in bond issue reserve and debt service funds.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of December 31, 2007
STAFF ANALYSIS:
The attached monthly Treasurer's Investment Report is for the period ending December
31, 2007. The report includes the face value and coupon rate (if applicable) of the
investments and the source for the market value estimate. Also included is information
on the investments of Bond Issue reserve funds, and on loan repayment programs
managed by a bank.
The investments, in type, maturity and as a percentage of the total portfolio, are in
compliance with the existing City Council-approved investment policy with one
exception: the FICO notes ($500,000, 4116/18, 9.8%) exceed the 5 year limitation on
maturities (Detail of Investments, Long Term Investments, Mortgage Pass Thru's). The
investment in question was purchased prior to the adoption of the 5-year limitation.
Since it appears to represent no additional risk either because of credit-worthiness or
liquidity, earlier councils decided to allow it to be retained in the investment pool because
the yield is higher than attainable under current market conditions. We recommend that
this exception to the policy be continued. The second exception is Mortgage Pass Thru's
Item No. 2 . H .
City Council Staff Report
February 6, 2008— Page 2
Treasurer's Investment Report as of December 31, 2007
are .93% over their maximum percentage of 10%, At the time of the last purchase of
this investment type, they were under the 10% limitation. With the reduction of the
portfolio, the percentage changed. Since the portfolio will again increase with seasonal
property tax, in-lieu taxes and tax increment it is recommended that the current
investments be retained. No new investments in that category will be made unless the
10% limit can be maintained.
State law requires this report to be submitted within 30 days of the end of the quarter.
Because all of the City's bank accounts may not be completely reconciled, there may be
minor adjustments to the cash on hand in the checking account and to the valuation of
the bond issue's money market investments. All other amounts are actual.
The weighted average maturity (WAM) of the portfolio is 468 days. The maximum WAM
allowed by the Investment Policy is 1095 days. The current portfolio and expected
revenue cash flow will be sufficient to meet budgeted expenditure requirements for the
next six months and the foreseeable future thereafter.
FISCAL IMPACT:
None
Thomas M. Kanarr, Acting Treasurer
Attachments: Treasurer's Investment Report
000002
trumnep CITY OF PALM SPRINGS
1/29/2009 TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
DECEMBER 31, 2007
On Call Deposits Adjusted Basis Category Tow Percentage
Checking Account S 4,530,471
Slate Pool 25,440,000 S 29,970,471 36.48%
Shan Tom Investments
1 you or less)
Corporate Nmes 1,983,760
MonGpg,Pass-Thins 1,569,573
Time Deposirs 3,514,000
US Gov'r Agencies 7.750.000
D S.Treasury Notes 0 14,817,333 18.04%
Medium Tenn Investments
(l year ro3 cars)
Corpmato Novas 1.199,310
Mortgage Pass-Thrus 6,443,753
U.S.Gov'tAgencies 16,678.601 24,921,695 30.33%
Long Perm InveStmeinS
(3 yearn to 5 years)
Corporate Notes 986,120
Mortgage Psss•Thms 967,109
U S Gov`[Agencies 10,495234 12,448,463 15.15%
S 82,157,961 100.00%
"Same utvesrmentg made prior m the implementation of the
current Investment Policy exceed the S year hmm
000003
erea,rep TREASURER'S MONTHLY REPORT
V29/2005 DETAIL OF INVESTMENTS
DECEMBER 31,2007
Coupon Y,dd Adjusted (memo only) Pnor Qtr
Pnr Vnlne Rnte Rating Mammy to Mpnmw CoF Bnsis Cntegmry Total Market Value Source Market Value
Un C.dl Depoem
Checkmg-Bank ofAmcrtca S N/A variable AAA open 349% S 4,530.471 f 4.530.471 S 1,988,419
Local Agency Invest Fund(LAIF) 25,440,000 v4mblu N/A upon 490% 25,440,000 25,454,081 L.11F 19,631,0M
29,970,471
Short Term Inveatmenr,
(1 ar arle••
Corporate Not,
Bow Steam.Cc 1,000,000 400% AAl olrl/US 434% M,Vo 998,410 BNY Wesem Tt 99i,270
Wells Fargo Company 1,000.000 350% AAl 01/04/08 373% 993,090 995,650 ➢NY We,L fTf 959,91D
1,993,760
Mnrrgnge Pnr-Thrus
Fedeml Home Loon Mortgage Comomhoo 2,600000 400% NIA 06/01/09 462% 613,628 624,520 BNY Western Tr 685,481
Federal Home Loon Mortgage Corparanon 465,000 400% N/A O6/01/08 556% 123,650 129,259 13NYWestrm Tr 137,622
Federal Home Loon Moapgc Corporation 1.400000 400% N/A 09/01/08 543% 392$46 402,887 BNY Western Tr 431,552
Federal Homc Lew Monp,Curpumtivo 1,800.000 a50% N/A 11101/O13 507% 438,049 441,749 BNYWe,,.TF 471,519
1,569,572
Time I)cposns
Washmgmn Mutual Back(Uwsin 'rant) 500,000 520% AAA 10/01/07 520% 0 0 Wu an,.n Muual 500,000
Waolmigtem Mutual Bank(Libm hunt) 7,000000 527% AAA 10/IS/07 517% 0 0 W¢.hmgmn Mutual 1,000,000
CD Acmunl Registry SernCe(CDA29) 480,000 535% AAA 0l/1 R 550% 40,000 420000 Palm Desert Nat Bank 4811,000
Wahmgtan Mun,l Bank I,000,0n0 524% AAA 02/05/08 524% 1,000,000 1.000,000 Washington Mutual 1,000,000
Wnshington Mutual Bank 1,000,000 524% AAA 02/0908 524% 1000,000 1,000,000 Waslungton Mutual 1,000,000
Cl)Account Rep)suy Se oe(CDARS) 940,000 535% AAA 07/17/03 550% 9N,000 940,000 Palm Dcsnn Nm Bmk 940,000
CD Account Regl,ny Servme(GUARS) 94,U00 535% AAA 07/24/03 5 30% 94,000 94,000 Palm Dcscn Nagy Hank 94,000
3,514,000
❑S Gov't Agency Sectumes
Federal Nahar d Mongago AaucraLon 1,000,000 350% N/A 10/12/07 350% 0 0 BNY We;tcm Tr 999,65E
Fodeml Homo Loan Bank 500,000 4 76% N/A I Ofl6/07 6 76% 0 0 BNY Westem Tr 499,844
Federal Home Loan Bank 1,000,000 5 00% N/A I IG8/07 5 00% 0 0 BNY Westem Tr 1,000,000
Fcdernl Home Loan Bank 3,000,000 S10% N/A 12/25/07 510% 0 0 BNY Wust.Tr 1,000,313
Federal Home Low Bank 500,000 430% N/A 01r3010S 430% 500,000 499,844 BNY Woxmn Tr 495,906
Federal Home Low Hank 1,000,000 50,1% NIA 02/29/09 504% 1,000,000 1,000,6: BNY Wese=Tr 1,000,313
rederal Nanamd Mortgage Armmataom 1,000,000 525% N/A 04/10/08 525% 0 0 BNY Western Tr 1,000,000
redmal home Loan➢auk 1,000,000 401% N/A 06/10/M 402% 1,000,000 9W,5m BNYWestem Tr 995.000
rederal Home Loon Mortgage Corpnmeon 1,000,000 53% N/A Oe,/27/08 525% 1,000,000 1,001,S4U BNY Western Tr 1,001200
Federal dome Lam Bank 1y00000 530% N/A 07/23/68 5301/ 1,000,000 1,00U,625 BNY Weston rr I,Om,875
Federal Home Low Bonk 500,000 4 38% N/A 07125/O6 4 38% 500,000 499,544 BNY Westem Tr 498,594
Federal Home Loan Bank 1,000,000 500% N/A MOMS 50016 0 0 BNY Weemm Tr %000,313
Federal Home Loan Bonk 750 000 5 00% N/A 10/2N08 5 ov/6 750,000 750,459 BNY Weaem Tr 750,234
Fedmal Farm Cmda Hank 1 000 000 3 95% NIA I on9/OS 3 95% 1,000,000 997,I SS ANY Westem h 992,500
O Fedmal Home Lawn Back U00,000 400% N/A 11/17/08 400% 1,000,000 998,438 BNY Westem Tr 993,750
p 7,750.000
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ten=rep TREASURER'S MONTHLY REPORT
29roo6 DFTAIL OF INVESTMENTS
DECEMBER 31,2007
Coup. Yield Adjusted (mers only) Pnor Qtr
Ps Value Rme Rara6 Marunty to Maeurrty Cast Baals Category Total MmkeL Value Some Market Value
❑S Treasury Notes
U.B Ta.asury Not. 495,490 425% N/A 10/51/07 425% 0 0 BNY Western Tr 500,156
0
Medium Term Investments
(1 l0 3 Vim)
Carpmaw Note.
Wells Pe,S Comporry 300,000 398% AAI 10/29/10 420% 795,160 787,230 BNY We-t.m Tr 0
BBC Commumaatans,Inc 1,000,000 530% A2 11/15/10 517% 1.004.150 1,017,770 BNY Western Tr 1,008,850
1,799,310
Mortgage Pass-T na:
Federal Home Loan MorlRege Corporauon 3,000,000 500% N/A 02101/09 5 08% 222,970 224,941 BNY Wcmem Tr 240,371
Federal Home Lom MonBage Cerpomton 2,335,000 450% NIA 03/01/09 4 82% 799,587 799,955 BNY WesTem Tr 929,750
Federal Home Loan Mongag.Cmporaton 490.000 4.00% NIA 04/01/09 518% 218,317 221,922 HNYWealan Tr 231,702
Federal Home Loon Mortgage Corporation 540,000 3 50% N/A 06/01109 4 79% 309.180 314,209 BNY We:mm Tr 326,336
redon Home Loan MOrr6aRe Corporxucn 570,000 450% N/A 09/01109 537% 342,120 348,354 BNY Wcsrem Tr 361,87
Federal Home Loan Mortgage Cm,smanon 3,000,000 5 50% NIA 10/01/09 5 41% 270,365 276,949 BNY Weerem Tr 296,259
Federal Home Lo.m Menge,Corp.mton 2,050,000 450% N/A 10101/09 503% 391951 390,5E BNYW&,I.Tr 399,940
Federal Natonal Mortgage A:•nomtoa 2,700,000 4501A N/A 0V01/10 491% 569,857 575,591 BNY Wernem Tr 599,806
Federal Notoa l Meant,Associanon 2,500 000 4 509A N/A O7J01110 4 46% 616 325 615,574 BNY Western Tr 628,154
Federal Home Loan Mormape Corporation 1,455,000 450% N/A 02/01/10 5 2i% 408,421 418,981 RNy West<m Tr 428,977
Federal Nanaaal Mortgage Association 1,000,000 400% N/A 03/01/10 512% 356,675 363,462 BNYWcsrem Tr 377,000
Federal Home Loan Mongag.C.r,mmun 2.280,000 450% NIA 05/01/10 529% 766,aeo 762,654 BNY West=Tr 814,261
Federal Home Loan Mort,,e Cm,mnta. 1.370.000 500% N/A 09/01/10 533% 417,736 425,822 BNY Woetrrn Tr 433,819
Federal Nutonol Mt,,.Asoman.n 500,000 400% N/A 10/di/10 495% 222,980 226,286 BNY West=Tr 1-0,517
Federal Home Loan Bank 775,000 4.75% NIA 10f25/10 466% 531,319 533,345 BNY West.Tr 542,466
6,w3,783
US Court Age.ry Secenrics
Federal Home Loan Rank 1.000,000 525% N/A 02/05/09 525% 1000,000 1,001,250 BNYWeRem Tr 1,002,500
Federal Home Loan Bonk 1,000,000 423% N/A 02/10/09 423% 1000,000 1,000,000 BNYWesvem Tr 995,625
Federal Home Loan Beek 1,000,000 525% N/A O2/27/09 525% I'Muou 1,001,875 BNYWearem Tr 1,002,913
Federal Home Loan Mortgage Cor,,muton 11000,000 5 381A N/A 04/15/09 3 e5% 989,260 994,668 BNY W Belem Tr 994,375
Federal Home Loan Bank 1.000,000 550% N/A 07/17/09 5500 0 0 BNYWeslmn Tr 1,000,625
Federal National Merl,,Aaoe ton 1,000,000 445% N/A 08/25/09 480% 993,530 1.000.000 BNYWoatem Tr 996,875
Federal Nahanal Mortgage Aesomaton 1,000,000 401% N/A 10/07/09 510% 976,196 999.688 BNY We.tem Tr 991250
Federal He..Loan Morrgoge C-Momeon 1,00 ,000 500% NIA 10/26/09 512% 996,975 1,000,100 ➢NY Wertem Tr 1,000,030
F.dend Farm Credit Bank 1,000,000 4P 96 NIA 11/18/09 425% 1,000000 1,000,625 RNYWc:tem Tr 994,37d
Federal home Loan Bank 500.000 500% NIA 11/25M9 500% 500,000 500,797 BNYWestem Tr 500,156
Federal Home Loan Rank 1,000,000 410% NIA 12/01/09 430% 1,000,000 1,000000 BNYWestem Tr 994,688
Federal Natonal MonsMcAasocmmd 11000,000 525% N/A 12/28/09 598% 0 0 BNY Wesrnm Tr 1,001,675
Q Federal Home Loan Bank 1,000,000 4.35% N/A 02/22/10 435% 1,000,000 1,000.000 BNY Western Tr 994,068
Q Federal He..Loan MortBnge C.,.mnoa 1.000.000 406°/ N/A ON25/10 415% 998,400 999,800 BNY W.:tem Tr 0
0
me.', TREASURER'S MONTHLY REPORT
1/29/2009 DETAIL OF TN'VESTMENTS
DECEMBER 31,2007
Co'.. Yield Adjusted (memo only) Fnor Qtr
Par Value gnto Itatmg Mmunry to Matwty Cos[Buss Category Total mmket Value Source Mmk.t Value
redcrnl dome loon Mortgage Corporation 1,000,000 550% N/A 03/05/10 55U"A a 0 BNY We,gem Tr 1,001?90
Federal Home Lost Mortguge Corporation 1,000,000 405% N/A 03/08/10 480% 982.390 999,600 BNY Westem Tr 989,600
Federal Hem.L..m Bank 500,000 4.10% N/A 03ME110 460% 494,293 499,688 BNY Wostmu Tr 0
Fedrnal Fmm Credn Bnnk 1,000,000 480% N/A 05/05/10 5 25% 0 0 BNY We-turn Tr 999,063
Federal Farm Credit Bnnk 1,000 000 5 38% N/A 06104/10 5 38% 0 0 BNY Weseem Tr 1,000,000
Federal Farm Credit Bank 2,000,000 555% N/A 07/16A0 555% 2,000,000 2,001250 BNY Weteem Tr 2,005.625
Federal Homo Loan Seek 1,000,000 53u% N/A 07/23/10 550% 0 0 BNY Western Tr 1,000,000
redera flame Loan Bonk 750,000 530'A N/A 12/15/10 540% 741,633 738,672 BNY Wetern Tr 756,328
Federal Farm Credit Bonk 1,000,000 460% N/A 12/20/10 460% 1,000,000 1,001,250 BNY Wcs[em Tr 0
16,676,601
Long Term Investment
(3 ems to 5 ems)
Corporate Notes
Goldman Sachs Grpnp,lac 1,000,000 5 00% AA3 01/15/11 5 37% 986,120 1 007,940 BNY Wr-tem Tr 992,900
986,120
Mortgage Pmo-That
Federal Home Loon Mangage Corporation 1,015,552 450% N/A 0XI)iA 1 5 24% 469,976 476,789 BNY Western Tr 480.724
Federal Home Loan Matgxgo Corpomemn 695,000 400% N/A 04/01/11 5M% 386,980 394,418 BNY Western Tr 403,665
Federal Herne Loan Mortgage Ccrporn6on 200,000 4 50% N/A 05/01/11 5 37% 110,15� 112 502 HNY Wustmn Tr 115,473
967,109
❑S Gov't ASni Secunrks
Federal Home Loan Bank 1,000,000 530% N/A 02/28111 530% %000,000 1.002,188 BNY Weatem Tr 1.003,438
Federal National Morty-ago As.maucn 11000,000 536% N/A 07/01111 547% 996,640 1,001,250 BNY Wautta Tr 1,000,93S
Federal Homo Lour Bank 1,000.000 551)% N/A 07/11/11 550% 1,000,000 3,000,313 HNY Wastes Tr 1.003,125
Fudcad Homo Loan Bank 2,000.000 550% N/A 07MIll 550% 2,000,000 2,055,625 BNY Western.Tr 2,035,625
Federal Home Low➢wh 1,000,000 550% NIA 07/27/11 550% 10n0,000 1,027,S13 BNY We-t.Tr 1,017,813
Fedmul Home Caw➢nnlr 2,000.000 575% N/A 08/01/13 575-,,ro 2,000,000 2,021,250 BNYWream Tr 2,020,000
Federal Home form Mortgnge Corporation 1,500.000 565% N/A 02/1402 565% 0 0 BNY Wcs[em Tr 1,502,3110
Federal ITuri Loan Mortgage Corporation 1,000,000 550% N/A 09/10/12 550% 1,000,000 1,010,640 ANY Western Tr 1,007,331
Federal llme Loan Mongope Corporation 1,000,000 5.30% N/A 10/1WI2 530% 1,000,000 1,010,400 BNY Wes[em Tr 0
Fmnncmg Corpomuon(FICO) 500,000 980% N/A tW/06/18 980% 498,594 712,d44 NanonsBank 692,34r
10,495?34
reW invented Ca.h S 82,157,961 S S2,756,938 S SS?I4.253
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TREASURER'S MONTHLY REPORT
nnarep BOND ISSUE RESERVE,DEBT SEP VICE& RELATED FUNDS
01129m8 DECEMBER 31,2007
Coupon yield Adjusted (memo city) Prier Qu
Par Vnloe Rem Rnnng Mammy to Memnry Cost Basis Category Total Market Value Sow= bLfket Value
1991/97/01/04 Cnnvmpon Center
AIM C*vemmmt&A3ency Ponf Private 355,121 vanablo AAA oprn 403% 355,121 355,121 RW Weaem Tr 255,179
AIG lnwsunicm Agreement 1,280,673 536% AAA 11/02/25 536% 1,290,673 1,280,673 BNY Weasm Tr 1.280,67"a
A1G Imement Agreement 1,29g000 668% AAA 1110121 663% 1,290,000 1,290,000 BNY We:;amh 1_90,000
MBJA Invnment Agreement 3,300,402 558% AAA 11/01/35 558% 3,300,402 3,300,402 BNY We,=Tr 3,300,402
6,226,196
1992/06 Airport
AIM Shon•Term lnve,Tray Pnvoo 1,479,240 variable AAA open 430% 1,470,240 1,470,240 ➢NY Weaem Tr 1,2S7,595
1,470,240
1991/01 Senn B-Housing
AIM Government&Agency Pond Private 4,349 able AAA opm 430% 4349 4,349 BNY Western Tr 4,304
ATG lnvnrtnrm Agreement 468.105 522% AAA 08101/2I 522% 469105 468,105 BNYWntem Tr 466,105
47 454
1994/04 Series A&B
AIM Govcmmmr&Agmcy Porlf Prlvav: 2,319,083 vnnnyle AAA open 4WA 2,318.063 2,310,013 BNYWnreru Tr 3.292,733
MBIA Invnhncnt Agrocmunt 1,651.456 5I7% AAA 09/0I/34 517% 1.651456 1,651456 BNY Western Tr 1,651;,56
3,969 539
1996M V07 Vnlnple Capital Facilities Progecr
Cash 0 0 0 BNY Western Tr 0
ATM Gavemmeot&Aljwcy Pond Private 2406 vansblc AAA open 430% 24,806 24,506 BNY Wnmm Tr 50,140
24,806
19%Airport GARB
AIG Invntmmv.Agr-Re-erve $61:21 570% AAA 01/01/28 570% 561221 561,221 ➢NY We,,.Tr 561_21
AIM Govemmmt&ABmoy Pcmf Private 408,760 variable AAA opus 430% 409,760 405,760 ➢NY Wert.Tr 242,075
969,991
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TREASURER'S MONT14LY REPORT
tmacrep BOND ISSUE RESERVE,DEBT SERVICE&RELATED FUNDS
01/29/08 DECBMBER 31,2007
Coupon Yield Adiusted (memo ottly) Pn.r Qlr
P.r Woe, Rate Rntrng Maturity to Maturity Cast Basis Cst.801y'l mat Mark.t Yalu. Saone Mark.t Value
199E Airperi PFC
AIGlnvestment Apr-Reserve 849,72E 570% AAA 01/01/28 570/ 649,728 wt9,728 BNY Wesrem Tr 849,728
AIM Govemment&Agency Ponf Private 560156 v.u.abl. AAA open 43M 580,156 580,156 BNY Wcsmm Tr 576,356
1,429,584
196E Assessment District 155 A&B
AIM Govemment&Agency PorifPavate 267,669 .,bl. AAA apm 430% 287,669 287.669 BNY Western Tr 284,524
287,669
2001 Assessment Distinct 157/158
AIM Govemmem&Agency Porif Private 182,909 varmbl. AAA apm 430% IEZ909 IS2,909 BNY Wesmm Tr 181,035
182,909
2M2 Parking Stntcturc
Cash 3 BNY Westem Tr .
AIM Govemment&Agmey Porrf Pnvam 42,65E v.n.blo AAA apm 43o% 42.658 42,658 BNY Wcatem Tr 32.992
42,661
2004 Assessment Dlstrier 161
AIM Ciovdnmen[&Agency PerlPPnYat. 416,504 vvnrble AAA open 430% 416,504 416,5N BNY Wcatem Tr 412,149
416,304
2004 Assessment District 162
AM Govemment&Agency Portf Private 161,360 vanablu AAA open 430/ 161,360 161,Mn BNY Western Tr 159,681
161,360
2005 A: ,Mtenrnismcr I(A
AM Govemmmt&Agm.y PMtfPnvnte 369,278 variable AAA apm 430% 369,27E 369,27E ANY WGvrml Tr 355,424
269,278
2007 Merged Pr,ect 91&a2
AIM Govemmmt&Agmry Po KP vnte I1,M2,969 varinble AAA Open 430% 13,842,969 13,842,969 9NY Weaem Tr 13,748,).52
13,942,969
Total: S 29,866,449 S 29,866,449 B "a0.094.070
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TREASURER'S MONTHLY REPORT
treasrep MISCELLANEOUS AND TRUST ACCOUNTS
1/29MOS DECEMBER 31, 2007
Yield Adjusted
Par Value Coupon Rating Maturity to Maturity Cost Busi5 CalcZery Total
Total Invested Cash S 82,157,961 S 82,157,961
5 82,157,961
Miscellaneous Accounts
Petry Cash 3,275 N/A N/A open none 3,275
Revolvmg Fund-Bank of America 6,603 N/A N/A open none 6,603
Trust&Agency-Bank of America 1,416.965 N/A N/A open none 1,416,965
Government Grant Tmst-Bank of America 78,932 N/A N/A open none 78,932
Transportation Grant Trust-Bank of Arneatca 0 N/A N/A open none 0
Downpayment Assistance(blousing
Fund)-Washington Mutual 33,517 variable N/A open 0.25% 33,577
Workers Compensation-Bank of Amcr ca -20,592 NIA N/A open none -20,592
General Liability-Bank of America 18,636 N/A N/A open none 18,636 1,537,396
IDeposits Held In Trust
Time Deposits
(IDIC Insured)
Downey S&L(Cat Cyn Country Club) 67,986 4 93% N/A 2/11/2008 5 01% 67,986
Downey S&L(Donovan Bequest) 14,393 4 93% N/A 2/4/2008 5.0101a 14,393
Downey S&L(Palmer Cable TV) 5,240 4 97% N/A 1/18/2008 4 97% 5,240
Guaranty Bank(Coyote Springs Apt) 18,890 4 91% N/A 6/24/2008 5 00% 18,890
106,509
Total Cash Deposited $ 83,801,866
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treasrep TREASURER'S MONTHLY REPORT
01/29/08 CALCULATION OF INVESTMENT LIMITATIONS
DECEMBER 31, 2007
Allowable Percentages
By Maturity: Minimum Maximum Current Mo.
1 day to 365 days $8,000,000 N/A $44,787,804
1 year to 3 years 0.00% 50.00% 30.33%
3 years to 5 years 0.00% 30.00% 14.54%
over 5 years N/A N/A 0.61%
By Type of luvestment:
Bankers Acceptance-in total N/A 40.00% 0.00%
Bankers Acceptance - single bank N/A 20.00% 0.00%
Commercial Paper N/A 15.00% 0.00%
Certificates of Deposit N/A 30.00% 4.28%
Corporate Notes N/A 20.00% 5.80%
Money Market Mutual Funds N/A 10.00% 0.00%
Mortgage Pass Thru's N/A 10.00% 10.93%
U.S. Government Agencies N/A 50,00% 42.51%
Q U.S. Treasury Notes/Bonds N/A N/A 0.00%
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