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City of Redwood City 6.1.E. - Page 76
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 2—CASH AND INVESTMENTS(CONTINUED)
<br /> Structured Notes -are debt securities (other than asset-backed securities) whose cash flow characteristics
<br /> (coupon rate, redemption amount, or stated maturity)depend upon one or more indices and/or that have
<br /> embedded forwards or options.
<br /> Asset-Backed Securities - the bulk of which are mortgage-backed securities, entitle their purchasers to
<br /> receive a share of the cash flows from a pool of assets such as principal and interest repayments from a
<br /> pool of mortgages(such as Collateralized Mortgage Obligations)or credit card receivables.
<br /> As of June 30, 2015, the City had $55,244,639 (estimated fair value) invested in LAIF. LAIF had invested
<br /> 1.96% of the pool investment funds in Structured Notes and Asset-Backed Securities. LAIF determines
<br /> fair value on its investment portfolio based on market quotations for those securities where market
<br /> quotations are readily available and based on amortized cost or best estimate for those securities
<br /> where market value is not readily available. The City valued its investments in LAIF as of June 30, 2015,
<br /> by multiplying its account balance with LAIF times a fair value factor determined by LAIF. The fair value
<br /> factor was determined by dividing all LAIF participants' total aggregate fair value by total aggregate
<br /> amortized costs.
<br /> Accordingly, as of June 30, 2015, the City's investment in LAIF at fair value amounted to $55,244,639
<br /> using a LAIF fair value factor of 1.000375979. The fair value of the City's position in the pool is
<br /> materially equivalent to the value of the pool shares.
<br /> The City is also a voluntary participant in the San Mateo County Investment Fund that is regulated by
<br /> California Government Code Section 16429 under oversight of the Treasurer of the County of San
<br /> Mateo. The City reports its investment in the San Mateo County Investment Fund at the fair value
<br /> amount provided by County of San Mateo. Included in the San Mateo County Investment Fund
<br /> investment portfolio are US Treasury Notes, Obligations issued by agencies of the United States
<br /> Government, LAIF, Corporate Notes, Commercial Paper, collateralized mortgage obligations, mortgage-
<br /> backed securities, other asset-backed securities, and floating rate securities issued by federal agencies,
<br /> government-sponsored enterprises, repurchase agreements, and corporations.
<br /> NOTE 3-LOANS RECEIVABLE
<br /> As of June 30, 2015, loans receivable consist of the following:
<br /> Private Purpose Trust
<br /> Government-wide Fund
<br /> $ $
<br /> Wyndham Place First Time Homebuyer Loan Program 395,711
<br /> City Centre Plaza Loans 371,076 1,073,924
<br /> First Time Homebuyer Silent Loan Program 300,756
<br /> Loans with Non-profits and For Profit Organizations 1,133,153
<br /> Housing Rehabilitation Loans 1,449,543
<br /> Shores Childcare Loan 1,371,874
<br /> First Community Housing Loan 2,627,000
<br /> PAL Loan 214,286
<br /> Kainos Home and Training Center Loans 1,493,222
<br /> Allowance for Uncollectible Loans (1,493,222)
<br /> HIP Housing Development Corporation Loan 92,197
<br /> Mental Health Association of San Mateo County Loan 400,000
<br /> Total 8,355,596 1,073,924
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