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6.G. - Raiff Reay Of T$i7
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 2 - CASH AND INVESTMENTS (CONTINUED)
<br />B. Investments, Continued
<br />Investment Type
<br />Investments subject to levels
<br />Commercial paper/Bank acceptance
<br />Corporate Notes
<br />Certificate of deposit - Negotiable
<br />Municipal Bonds
<br />Collatealized Passthroughs
<br />Supranational Obligations
<br />Federal Home Loan Mortgage Corporation
<br />Federal National Mortgage Association
<br />Money Market
<br />US Treasury Notes
<br />Total investments subject to levels
<br />Investment not subject to levels
<br />San Mateo County Pool
<br />Local Agency Investment Fund
<br />Total investments
<br />Fair Value Measurement Using
<br />Fair Value Level 1 Level 2 Level 3
<br />$ 4,248,276
<br />$ - $ 4,248,276 $
<br />27,205,574
<br />- 27,205,574
<br />9,850,719
<br />- 9,850,719
<br />976,030
<br />- 976,030
<br />4,989,269
<br />- 4,989,269
<br />3,758,645
<br />- 3,758,645 -
<br />9,177,271
<br />- 9,177,271 -
<br />24,810,354
<br />- 24,810,354 -
<br />106,959
<br />- 106,959 -
<br />54,040,569
<br />54,040,569 - -
<br />139,163,666
<br />$ 54,040,569 $ 85,123,097 $
<br />46,496,503
<br />83,079,550
<br />$268,739,719 $ 54,040,569 $ 85,123,097 $
<br />Treasury securities categorized as Level 1 are valued based on prices quoted in active markets for those
<br />securities. Federal Farm Credit Bank Bonds, Federal Home Loan Banks, Federal Home Loan Mortgage
<br />Corporate Notes, Federal National Mortgage Association Notes and Corporate Notes categorized as
<br />Level 2 are valued based on matrix pricing which use observable market inputs such as yield curves and
<br />market indices that are derived principally from or corroborated by observable market data by
<br />correlation to other means.
<br />C. Restricted Cash
<br />The City's restricted cash consisted of $18,271,553 in cash and investments as of June 30, 2018 held by
<br />trustees or fiscal agents. The City had $6,775,679 in restricted cash and investments held by the City.
<br />This restricted cash is pledged for the payment or security of certain bonds, certificates of participation,
<br />and lease obligations. The California government code provides that these monies, in the absence of
<br />specific statutory provisions governing the issuance of bonds, certificates, or leases, may be invested in
<br />accordance with the ordinance, resolutions, or indentures specifying the types of investments its
<br />trustees or fiscal agents may make. In some situations, these investments differ from those permitted by
<br />the City investment policy. Included in these investments at June 30, 2018 is a guaranteed investment
<br />contract with a maturity date in fiscal year 2035 authorized in the bond indenture and by City Council
<br />prior to purchase.
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