Treasury is responsible for daily cash flow and portfolio management, investment of City funds, maintains City bank accounts, provides support for bond issuances, and provides staff support of the Investment Review Committee (IRC). This section records daily transactions to the City’s bank accounts, prepares the monthly Investment Information Report for Council and IRC, prepares the Annual Report of the IRC to the City Council, and adheres to and provides recommendations on changes to Council Policy B-2, Investment Policy (Policy).

Staff holds monthly internal investment status and strategy meetings, quarterly portfolio status review meetings with the City Manager and external investment advisor, and an annual meeting of the IRC to review and discuss portfolio status and management, the Policy and Policy compliance. Staff provides review and analysis on bond documents and is responsible for the annual continuing disclosure reporting for bond issuances.

Investments

Bonds

Bonds - Standard & Poors Rating Article 2014 Report

Current Outstanding Debt

2004 Water Revenue Bonds

On September 29, 2004, the City issued $9.7 million of 2004 Water Revenue Bonds, 2004 Series A, to fund the Construction of Graham Reservoir. Water fund revenues are pledged to pay the debt service on the bonds. Principal payments are payable annually on June 1 and interest payments semi-annually on June 1 and December 1 from Water Fund Revenues.

• Continuing Disclosure
• Official Statement

2011 Revenue Bonds Shoreline Regional Park Community

On July 19, 2011, the Shoreline Community issued $39.0 million of 2011 Revenue Bonds, Series A. Proceeds from the bonds was used to call the outstanding Shoreline Community’s Tax Allocation Bonds, 1996 Series A and provide funds to acquire and construct certain capital improvements of benefit to the Shoreline Community. As of August 1, 2011, the 1996 Tax Allocation Bonds outstanding with a final maturity value of $13.0 million were defeased. The economic gain generated from the transaction is in the form of interest rate savings earned over the life of the bonds, and the net present value benefit amounts to $887,000.

The 2011 Bonds are special obligations of the Shoreline Community and are secured by a portion of all taxes levied upon all taxable property within the Shoreline Community. Principal payments are payable annually on August 1 and interest payments semi-annually on August 1 and February 1 from property tax revenues generated within the Shoreline Community.

• Continuing Disclosure
• Official Statement

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