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Home My WebLink About2009-02-10; City Council; 19716; Report on City investments as of 12/31/0811 CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 19,716 02/10/09 TRS REPORT ON CITY INVESTMENTS AS OF DECEMBER 31 , 2008 DEPT. HEAD ^%^ CITY ATTY. S&2^ CITYMGR. (f^ RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended December 31. 2008 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 539,735,243 544,843,479 543,21 1 ,342 550,687,945 Prior Month 528,638,442 533,382,336 531,916,394 535,170,103 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 12/31/08. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed breakdown. The $11 million increase between November and December cost of investments is due to the receipt of $15 million in property taxes during the month of December. FOR COUNCIL ACTION: CITY CLERKS USE ONLY. APPROVED D DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER -SEE MINUTES D Council receoved the report. DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31. 2008 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $56.5./A $44.8 Other $.2 Capital Projects $ 274.2 Internal Service $24Agency $17.4 Enterprise $126.1 Total Treasurer's Investment Portfolio at Amortized Cost December 31,2008 $543.2 million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 12,308,462 Prior Month FYTD 10,459,835 Current Month Income 1 ,848,627 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement October 2008 November 2008 December 2008 Average Life (Years) 1.98 1.94 1.84 Average Yield To Maturity 4.08% 4.02% 3.94% Modified Duration 1.801 1.774 1.701 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised February 13, 2007. All investments were initially made in accordance with the City's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 8 for details. The pooled investment portfolio has the ability to meet the City's cash flow demands for the next six (6) months. In summary, the City's investments of bond proceeds held separately as of the quarter ended December 2008 is on the next page: PAGE 3 OF AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31. 2008 Investment Portfolio for Bond Proceeds Par Value Cost Current Quarter 25,605,536 25,605,536 Prior Quarter 26,918,294 26,918,294 All investments of bond proceeds have been made in accordance with the City's Investment Policy and the trust indenture for each issue. EXHIBITS FOR POOLED INVESTMENTS: 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Second Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings by Corporate Note Issuer EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 11. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 12. Detail Of Outstanding Housing Loans - Quarterly Report EXHIBIT 1 g 0li- CC O oo °- § z UJ T-" ig CO h- *^"W UJuj m> 2 Z UJs a2B <§& 5 w 0 < LL 0 1-o (00) 30 CQ Q-jU|s;8 5 Uj ^* ^i ^« uT -IINCOM,<0<3CCJ UjO-4 i i IV § Q Nj> CC 0 ^^s ^_ CO•*!i 0Q •C 00 T- O•g 00 T- 0 O •>- CO O5 & .2 uj a UJO ^ S ^ °<"S 00 T— O*2 £ | " * ° < "S0) 3 O n> CD O 0Q> m T- i « «0 Q = 5 w «(B 0>o >- o o oo o£ O ^- •g co" o"O CO CD u S ™" =3 •= < ^ LU tc £ 8 8 ° < 'g O T- 5 i 8 S* CD B CM" £ 3 O -0001 8 8 1 8 § !•• -1- O (M O ^oa Ml M 000p! _ o m1— £ O (v. DC = co" T--O ° co co5 S oi < £ <M £ 3 i-cDiv.ininoo o5 "^" O r**- CD C\J O O CM*— k C\I ^4 ^" C\l ^~" ^D ^J ^^"* »J o 5§St8fe88 $ il CO T3 ^3 o(— < CO _j 1 1 - 1 "S 8 .Sf u g « R "2 p 1 0 fc OCMOOOO COCOO CM ^S^S S- ^ CO ^ ^1" CD Hrj^nrhN in in CD_ co_ -* g, Q a u Of— iv. 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COo oo | o8 CM FFCB 4.625% DUE 7/8/13 CALL 7/8/10< LL CO O o ^o oo | o8 CM FNMA 4.375% DUE 7/17/13 NON-CALL< LL CO 1 p;o Oo § | CM FHLB 4.375% DUE 9/13/13 NON-CALL< LL CO 1 io oo 1 § CM cn FNMA 4.05% DUE 9/18/13 CALL 9/18/0< LL CO 1 io oo 1 1 ,— cn 0 FHLMC 50.5% DUE 9/25/13 CALL 9/25/< LL co 1 o5o oo 1 1 CM O FHLB 3.5% DUE 1 1/25/13 CALL 1 1/26/1< LL CO 1J: *~ oo | g ,— co _i O1- £0 V) Oo 8o 1 co FHLBN 0% DUE 10/01/09 NON-CALLZLL 0O o §•*- oo 1 1 CO i0h- DQ 13 CO Oo 1 £ ^CO "5 H (0c1 Federal Inve8ooo 8o T—US TREASURYDCH co o S3o 8ooo ooo ^—US TREASURYDCH co 5 cSo 8ooo ooo CM 1-oh-m co 8o8%WELLS FARGO BANK 9218910637QO cn (—1 §0 8o 8 8 \—oi- CQ CO OOooo § CM 1 o 2; 0 cn BANK OF AMERICA 4.625% DUE 8/3/0'z O cn Q 8ooo 8o in _i O WAL-MART 6.875% DUE 8/10/09 NON-zO cn 1 COo 8ooo 8o in ^_j O oz MERRILL LYNCH 4.125% DUE 9/10/09z O cn 1 o5O 8ooo 8o CM § Zoz cn gr*CM GENERAL ELECTRIC 5.250% DUE 10/;z O cn 1 ^T- 8ooo 8o CM =| O ozo BERKSHIRHATWY4.125% DUE 1/15/1Z0 0 i ^o 8ooo 8o CM | O zozo BERKSHIRHATWY4.125% DUE 1/15/1Zo 0 o ^~o 8ooo 8o T— 1 |< O o WELLS FARGO CO 4.2% DUE 1/15/10zO o o "^~ o 8o 8 ooo CM _J_J TOYOTA 3.834% DUE 5/18/10 NON-CAzO o o i?50 8 | ooo,— _J ^o O "Z.GOLDMAN SACHS 4.50% DUE 6/15/10Zo o o COo 8 | ooo,— ^O WAL-MART 4.125% DUE 7/01/10 NON-zo o § §0 8 8 ooo CM g!o WAL-MART 4.125% DUE 7/01/10 NON-z O o 1§0 8 | o8 co _ii O -^US BANCORP 4.50% DUE 7/29/10 NOf>z O o 1 j~ o oo 8 ooo CM — 1 ^O oz WELLS FARGO 4.625% DUE 08/09/10 Iz O 0 1io oo 1 o8 CO -j ^WAL-MART 4.75% DUE 8/15/10 NON-CZo 0 1 Soo oo 1 o8 CM -1 ^WAL-MART 4.75% DUE 8/15/10 NON-CZo o o S3o oo 1 o81_ 1 ^o oz NEW YORK LIFE 4.625% DUE 8/16/10z O o o S30 oo 1 1 in 1O CITIGROUP 5.1 25% DUE 2/1 4/11 NON-zO ,_ o cvlo oo 1 8 CVI gl O CITIGROUP 5.1 25% DUE 2/1 4/11 NON-zo ,_ o CM-CD o o i- T- J6 T— CO 00 CO CO T— COco Is- in oo Q co -2 «".. . _i--cni-incMcocMcncocoin-*inis-mi--^cncMi-cncncMin •* Is- •<*00 Is- Is- 00 oocoocOT-cjcocn cooocoocOT-ocors-i<3-ocoppcoqcOi-pcOT-;cnin Is- o•* cqc\i inoo CDco in •t o o co inCM i-; CO i-; in r^ i- C\i CO CDO) 00 CD O 00CO i- Is- CO O oqin8o" co'cico'r^cModiriodiriuocodooi-^ocoocococMT-inois-r'-cooin*-ocMocoocococMT-inois-r'-cooin*-ocoinini-^tois-(OCMcoinT-cof^cninr^cococoini-CMinococMcoininco enen ico en CM" co" co" co" t" T-" CM" CM" Is-" co" CM" i-~ CMcDCMinincMCMinincMCM r-" co" T-" CM" CM" T-~ T-" CM" CM" T-~ T-" en r-.s % en CM o ini- i- i- CM oocncMcocMcococncoinocMcncocoococDcococoTO•«tocncococo-*oocncooo-'frcooocooois--<fr-'tcocOi-Is-oo CO 00 Is-cn i- CDo en oo r--cn-<j-inincocncocM-i-coin'<j-cooomi-f-oor--ino**cnooLn is-tcocoinco-<tcococoocococninis--<fro>inT-in'foooeni-i-co-<tincor--or-incoococo-<toincoo in Is-CM Is-CM i- Is- Is- f 00 O CO O•<fr (O CM en oq i- cqi-^ -<r ' T^ cri c\i co coen Is- co o •*co oo Is- oo oo~ ~ " § CO r--" DC LU 1 o o te °o> i-S oooooooooooooooininmcoo-tinoooots-inc\iinois-coincMoo>i-ino OOOOOOOCMooi^ininmini1-T-^ r-_ o) if) in in in Tt CJOcicMCMCMCMCM !••* ^o ^OH n > S O-^-coocncDoooinOT-i-ocoooi-co-^i-cDoopcqcqpl"-:l"-;p'<t'srcqpcqinpcMr-.in-<fr-<tpcqcqtq co'o'iricoocricoocor^Tfoivicdor^co'co'-'tcMCMcricriiri• - - - - -. - - --inoincocp.T-copin-tco 82 g «s 8 8 3 00 inm CO CO O i- O O COo o o o •*O CO O O CM co05 i^o-^-inco-r— moocnooooocoT- T-" CM" co" co" t" T-" CM" T-~ to" ooooo o f cocMO^-cDincMcocncoCOinO^-COCD'tO'-CMOOOOOOOOQ ~ T-" T-" T-" CO" T-" CM" CM" T-' co co CM" CM" T-" T-" oil<i §§§§§§0000 COco"en oo in I T- en CM" o" CD enm cv•* in oo CM CO CO CO " " 8o 8ScoooooooooomooooooooococnoooooooooT-" in" co" CM" T-" r-~ T-" co" r-" CM" CM" 8COa 8in co o CM o o mi- O i- O O CM O T- O O COo o o o -tO CO O O CM-i- co en CDTJ- CM co inCD -<t Is-en CM" o" in" o"i- i- i- OJ Is- enCMin" co"Tf CO mCM CO TtCMin" O O O 1 5.125% DUE 2/14/1 1 NON-CAICL O DC t— O Zo 1 iT 5.20% DUE 3/1/1 1 NON-CAIOf) LU Q LU2* O Z0 o o-y .ECTRIC 5.50% DUE 4/28/1 1 tLU_ 1 DC LU ZUJ CD ZO o •^0 .ECTRIC 5.50% DUE 4/28/1 1 fLU_ 1 DC LUZLU CD Z0 50% DUE 5/18/1 1 NON-CALLTJ-in | Q h- z0 _l *to z 3O CO 5.30% DUE 8/26/1 1 NODC 3— ILU 5 ~Z.O 1 •^GLOBAL 5.375% DUE 9/15/11X DCO ~7 LU CD Zo _l _l5 .ECTRIC 5.50% DUE 1 1/15/1 1LU _l DCLUZLU CD ZO w ZO .ECTRIC 5.875% DUE 2/15/12LU _l DCLUZLU 0 ZO o o .ETRIC 5.875% DUE 2/15/12 NLU _l DCLUZLU 0 ZO CJ 0 .ETRIC 5.875% DUE 2/15/12 NLU _l DCLUZLU CD ZO ^ (J /-\.IFE INC 4.5% DUE 4/16/12 NC_j< CL OZ DC CL Zo o ^o-7 .ECTRIC 6.00% DUE 6/15/12 PLU DC LU ZLU CD Zo o ^o•^.ECTRIC 6.00% DUE 6/15/12 PLU_! DC LU ZLU O Zo <£o n E LIFE 5.050% DUE 7/15/12 N<> OLU ODCCL ZO zo CM JOHNSON 5.15% DUE 8/15/1;08 O CO -po Zo 2oz CM -ECTRIC 5.250% DUE 10/19/1LU <!DC LUZLU CD ZO zoz CM -ECTRIC 5.250% DUE 10/19/1LU <! DC LUZLU CD Z0 —1 ^9 BO 5.250% DUE 10/23/12 NOhDC £ 3— 1LU5 2o i- 0 5 .OBAL FUNDING 5.125% DUE1 LULL (-LU ^ ZO T- 05 .OBAL FUNDING 5.125% DUEiCD LULL_J 1-LU 2 ZO _J _l o IFE 5.375% DUE 4/30/13 NON-—i LU gCO— j < zo _l Q JFE 4.650% DUE 5/9/13 NON-^DC ^LU Z Zo _l ^z i\TWY 4.60% DUE 5/15/13 NOI DC 1 LUm ^O m co J— or CO Q DC LU 1 0 H<DC CORPOt- LU LU 0DCCL5 gim CL Zo RPORATOO CDZ O ^z LLgim CL Q2? CO DC O LL O 1-o m co co o o o o o o o Q DC CMCMCMCMCMCMCMCMCMCMCMCOCOCOCOCO OOOOOOOOOOCMCMJMCMCMCMCMCMCMCM cpcpcocDinininin ^ ^< ^ ~^ -^ ^ o o o o oCM CM CM CM CM cS m in " OOO-i-OOOO oooooooo iriincncncoooocnini^j^T-^CM^T^COCD^ r--coooo^-^j"-^-inmOO-^i-i-OOOOO COCDCDI--ls-OOOOIs-ls-ls-rs-OOOOOO LU OOOOOOOOOJMCMCMCMCMCMCMCMCM EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF DECEMBER 31, 2008 Cash Balance by Fund: General 56,475,137 Special Revenue 44,813,878 Debt Service 3,876,870 Capital Projects: General Capital Construction 65,669,383 Traffic Impact Fees 14,092,448 Public Facilities Fees 41,473,888 Park Development 2,710,345 Transnet Taxes 5,214,518 Drainage Fees 8,419,028 Special Districts 84,728,789 Infrastructure Replacement 46,653,773 Other Capital Construction 5,230,807 Total 274,192,979 Enterprise: Carlsbad Municipal Water District 62,429,722 Sewer Fund 55,415,761 Solid Waste 6,940,458 Storm Water 1,170,982 Golf Course 166,210 Total 126,123,133 Internal Service • 23,964,877 Agency Funds 17,391,568 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 546,838,442 Reconciling Adjustments (2) (3,627,100) Total Treasurer's Investment Portfolio at Amortized Cost 543,211,342 (1) Redevelopment Fund Balances are interspersed throughout all funds. (2) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 01/08/09 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 2008 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody's and S&P) Moodv's S&P ALL STATE LIFE AA3 AA BANK OF AMERICA AAA AA BERKSHIRE HATHAWAY AAA AAA CITIGROUP AA3 AA- GENERAL ELECTRIC AAA AAA GOLDMAN SACHS AA3 AA- JOHNSON& JOHNSON AAA AAA MET LIFE GLOBAL AA2 AA NEW YORK LIFE AAA AAA PRINCIPAL LIFE AA2 AA TOYOTA AAA AAA US BANCORP AA2 AA WAL-MART AA2 AA WELLS FARGO AA1 AA+ Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's and S&P) NONE Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moodv's S&P Maturity Date Purchased Value Value GEN WORTH GLOBAL A1 AA- 09/15/2011 05/07/2008 2,013,408 1,427,880 HOME DEPOT BAA1 BBB+ 03/01/2011 06/12/2006 2,988,687 2,907,780 MERRILL LYNCH A1 A 09/10/2009 11/03/2006 4,972,058 4,956,600 PROTECTIVE LIVE A1 AA 07/15/2012 07/17/2008 3,000,000 2,677,170 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 2008 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS EXHIBIT 10 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ALL STATE LIFE BANK OF AMERICA BERKSHIRE HATHAWAY CITIGROUP GENERAL ELECTRIC CAP GENWORTH GLOBAL GOLDMAN SACHS HOME DEPOT JOHNSON & JOHNSON MERRILL LYNCH MET LIFE GLOBAL FUND NEW YORK LIFE PRINCIPAL LIFE PROTECTIVE LIFE TOYOTA US BANKCORP WAL-MART WELLS FARGO 2,023,559.81 0.37% 1,983,918.00 0.36% 5,102,966.65 0.94% 8,961 ,239.70 1 .64% 27,489,704.89 5.05% 2,016,628.76 0.37% 1,025,648.53 0.19% 2,974,590.00 0.55% 1,017,457.28 0.19% 4,884,751 .43 0.90% 3,022,634.52 0.55% 1,994,269.66 0.37% 1,000,000.00 0.18% 3,000,000.00 0.55% 6,049,715.91 1.11% 2,952,150.09 0.54% 13,235,872.90 2.43% 5,157,732.73 0.95% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK DISCOUNT FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORI FEDERAL NATIONAL MORTGAGE ASSOC HOUSING URBAN DEVELOPMENT (HUD) TVA U.S.TREASURY Total Portfolio Investment Cost Percent of Portfolio* 5,795,867.32 1.06% 32,476,825.56 5.96% 2,914,250.00 0.53% 184,276,772.02 33.82% 94,787,386.63 17.40% 54,954,006.47 10.09% 990,198.00 0.18% 2,130,980.00 0.39% 2,062,109.25 0.38% $544,843,479.36 " No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. EXHIBIT 11 •cO Q. 0) f£ ^S|m i- OE§^4co O = JjJ "5 «-° 5sH Q. O 00 s1.3 §> MV)3 V 15 COQ. In Q «Investmentst-•a 3LL to3 C^ MV 5 z "•m < iJ 00c ">o co o) in< CO_ en 8 il (ft ooin inCOen (ft «: Z m CO lege/Cannon)LAIF0O, ^_o COo o ssessment DistrProject Fund< LL 3 o j^- CO ••- (ft o CO *- « < z in CO LL _l "Oc LL Cg Q. 03T303 DC *CCO CO £ 0O)o "QO 08 •DCO < "•^ 9i-.0)«•* to e-Assessment DDC $ ^0 C> CO 03 T3 CO D Q . 7: i s>£ o < -3 •<t ooo o Is-" oo" CO OO <ft(ft 3 8co in r-" co"Is- enCO 00 <ft <ft i- -? Sz oo>o ^ o cb 'c03 1O)< 'c03 ->, E D to AIMSTITTreasTrinity Plus Inve3> ,Imprvmnt FundReserve Fundto2 c S to- CO gZ D) < CO £il ic"ocCO DC•uCOAin re o ino> o ssessment Distr< | >~ 1 ^°c CQ O X ^Lf) m" oo (ft mCO in" 00 (ft <. z m00 in o"CQCO c1 03E 0303 D3 0Q. 03 DC cCO CQ Z .QD Q. 03 DC Reserve Fundto E ct_ to<1) > m *t^ O)< "5o(Aii.ncho Carrillo)reDC o £ 0 ssessment Distr< o^" I **—o c CQ m COX 0 ^ oo"en *- (ft ^$oo ^- (ft ooCO CO eno . o 0?COO cb 5"CQ CO c03E £O) oex03DC ccoCO toz 1 DC Reserve Fundto2 c to 5 > ffi .. y O)< "i5o(Ail nsettia Lane)'5 o !t3 ssessment Distri< % 0 '£03 •o D ^to 1 < ^O) j^j. 00 CO" (ft en i" CO (ft ^z ^ , "DC-1 Improvement FiLL 3 „. CD enCO c\T ^ i en"oo co" t* <: z I CO LL c Redemption FuiOT3 C to ^> CO . . £ Ol< oin il 22 LU 0 S COo co" en (ft COo co"inen (ft £ ^ooSo 1 in c03 E O O)<;AIG InvestmentReserve FundCO o To £ = 03 to to c "c *~ *~<3 ^ E E 8 ^ ts f 5 to > > z i >• >-ffl<mm •• -^ Is- COc c^ CD T— w en" co" •*]•"< CO OO CO00 Is- o ^ il <«^^ i- Is- COo co ••- 01" co" •*"CO 00 CM00 Is- co" <ft<ft(ft <^<z 5 ^eno CO CO^ .i .iz'§'§ 03 03 "T^ "7^ ^~ CO CO n 22 £ >, >,rf CD CD>i C C 'S 3 O O #3 ImprovemelAIMSTITTreasBNY Hamilton NBNY Hamilton No 10 Q ._ ™ommunities FaciProject FundReserve FundOthero w3 c V «§ V! 03 < •• m C™ I-O O) m" 8 11 «» in in"COin (ft < 2 3 CO COsis^ 'c #3 ImprovemelLAIF•jj 5 (A Q .2~ommunities FaciProject Fundo to H £ to >- > 2 > § I ^ CM 0^f O) co" co" O T--- ^t" (ft(ft ? § co" co"Is- mO i- •^ •*" (ft<ft % < O 2 C3o 03 CO oo § § 03 "^CO ^ 03CO BNY Hamilton NLAIF/BNYReserve FundOtherw p CO CO CO OO CO•<* coCO 00 00" •*"COCM CO COs s 8*CM <<< zzz CO CO CO g .g g § I § CD CD Q) CO CO CO CD CD CD- ~ CO§ se c c cOOO XXI z z zCO CO CO 73eo c C LL Zl11o 1 o «o^ 0.o o.CO _ O DCRe Ot 2 !re iS.J So So So>» -C >» -C >. -C Is IM^..:"c T— "c ' ife *•; I« *i O COC0«il O COC0«iil O COC0«iili 1 si s s so S! S CMIO w >. gc ^ > EXHIBIT 12 8 .- .-^ -^ . C C0)0)IIi -§-*e .S 11 1 »x: w .2CD Q. 1 111,1 i s .» .c 1 , s .2 €*s s ... - ^CO -^ _ 1!I gj si IB IBn « _ ™ a B ! S B 5§ e s 22 . {Do. 0)3 « .2 £ Q-0)3• $.2I! .S ^H-S ^ 0) w > ra -2mo. .£ S S -a •»i£ § ?D CD 03 fil' 5cBs| S ^re SJDO- .S rred 45 years.unless home« co re E$.£ SJ £i S yearSli beforPrincifor 55availablePaymeinterestffS _ 03 03 eS'!?E£III0) « -KJD CL .£ a2 l?§If- 2 slo a gm 0> 0)S CC CC CO r- OCM CD Oi- co 5co" CM" o" O) r- O GO ^h" 00 O O)CM CM S S S CM (DT-_ to_o oc\j cj « S 8 S co ^ 58 £ i" s 8 8 o"t*-O CO *- r- 8 SCvl LO <DOc_co co.a _ 1' T3CDC JD OO = .i1 CO O S o>^"_ O LL "5 CODcr •ac 0) 0) 00 "Oc LL O) oI a as 1 8 o £ S E0 0w cQ ojC/) C/) 1 .CCO BB> .£ .52> I rr o (Urr riposa Apt1 frrr CO 'wJD (A= 2S m J2 re Sc? j^ ^>CO CO B I B 1 ia HeigHouI 2 S I homO O i I CO_o O