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6.A. - Page 80 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 2 — CASH AND INVESTMENTS (CONTINUED)
<br />B. Investments, Continued
<br />Investment Type
<br />Investments subject to levels:
<br />Corporate Notes
<br />Certificate of deposit - Negotiable
<br />Municipal Bonds
<br />Collateralized Passthroughs
<br />Supranational Obligations
<br />Federal Home Loan Banks
<br />Federal National Mortgage Association
<br />Federal Home Loan Mortgage
<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 />47,432,204
<br />89,956,206
<br />$ 298,512,082 $ 70,512,446 $ 90,611,226 $ -
<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 Level 2
<br />are valued based on matrix pricing which use observable market inputs such as yield curves and market
<br />indices that are derived principally from or corroborated by observable market data by correlation to other
<br />means.
<br />C. Restricted Cash
<br />The City's restricted cash consisted of $20,806,682 in cash and investments as of June 30, 2019 held by
<br />trustees or fiscal agents. The City had $9,072,001 in restricted cash and investments held by the City. This
<br />restricted cash is pledged for the payment or security of certain bonds, certificates of participation, and lease
<br />obligations. The California government code provides that these monies, in the absence of specific statutory
<br />provisions governing the issuance of bonds, certificates, or leases, may be invested in accordance with the
<br />ordinance, resolutions, or indentures specifying the types of investments its trustees or fiscal agents may
<br />make. In some situations, these investments differ from those permitted by the City investment policy.
<br />Included in these investments at June 30, 2019 is a guaranteed investment contract with a maturity date in
<br />fiscal year 2035 authorized in the bond indenture and by City Council prior to purchase.
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<br />Fair Value Measurement Using
<br />Fair Value
<br />Level 1 Level Level 3
<br />$ 36,011,955
<br />$ - $ 36,011,955 $ -
<br />12,370,923
<br />- 12,370,923 -
<br />1,017,970
<br />- 1,017,970 -
<br />10,217,317
<br />- 10,217,317 -
<br />5,889,224
<br />- 5,889,224 -
<br />2,195,133
<br />- 2,195,133 -
<br />19,018,186
<br />- 19,018,186 -
<br />3,623,900
<br />- 3,623,900 -
<br />266,618
<br />- 266,618 -
<br />70,512,446
<br />70,512,446 - -
<br />161,123,672
<br />$ 70,512,446 $ 90,611,226 $ -
<br />47,432,204
<br />89,956,206
<br />$ 298,512,082 $ 70,512,446 $ 90,611,226 $ -
<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 Level 2
<br />are valued based on matrix pricing which use observable market inputs such as yield curves and market
<br />indices that are derived principally from or corroborated by observable market data by correlation to other
<br />means.
<br />C. Restricted Cash
<br />The City's restricted cash consisted of $20,806,682 in cash and investments as of June 30, 2019 held by
<br />trustees or fiscal agents. The City had $9,072,001 in restricted cash and investments held by the City. This
<br />restricted cash is pledged for the payment or security of certain bonds, certificates of participation, and lease
<br />obligations. The California government code provides that these monies, in the absence of specific statutory
<br />provisions governing the issuance of bonds, certificates, or leases, may be invested in accordance with the
<br />ordinance, resolutions, or indentures specifying the types of investments its trustees or fiscal agents may
<br />make. In some situations, these investments differ from those permitted by the City investment policy.
<br />Included in these investments at June 30, 2019 is a guaranteed investment contract with a maturity date in
<br />fiscal year 2035 authorized in the bond indenture and by City Council prior to purchase.
<br />52 87
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