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<br />.;NOTE 2 .-CA~;n.AND INVESTM[~JTS (CONTINUED):
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<br />California Government., Code Section .] 6429 under the oversight of the Treasurer of the State of
<br />California. . The City reports. its investment in LAW at the fair value amount provided by LAIF. The
<br />balance available : for withdrawal is based on the accounting records. maintained by LAlF, which are
<br />recorded on .an amortized cost basis. Included in LAIF's .investnjent portfolio are collaterahzed mortgage
<br />obligation, mortgage-backed securities, other asset~backed securities, loans to certain state funds 1 and
<br />floating rate securities issued by federal 3gencies~ govemment~sponsored .cme.t;prises, and . corporations.
<br />These. investments. may include.the following: .
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<br />Structured :Notes - . are debt securities (other ~ .asset-backed securities) whose cash flow.
<br />.. character,istics (coupon rate, redemption amount, or stated matudty) depend upon one or more
<br />indices and/or' that have embedded forwards or options. . . .
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<br />Asset~Backed Securities - the bulk of which arc mongage-b.acked securities,. entitle their purchasers
<br />to receive a share of the cash t10ws from a pool of aSsets such as principal andimcrest repayments.
<br />1Tom a pool ofmorigages (such as.Coll.aieraHzed Mortgage <?bligations) or credit card receivables.
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<br />As of. June 30, ..2008, the. City" had.$25,755A95 (esthmlted fair value) investe<fin LAIF, of which
<br />$4,985,636 was restricted: 'LAIF had invested. 14.72% of the p.ool investment funds .in Structured Notes
<br />and Asset-Backed. Securities:: LAIF determines fair value on its:. investment portfolio based on market
<br />quotations for those. securitie.s.where market;"quotations are.readily available andbased.on amortized cost
<br />. ' .or best estimate. for those securities. where market value is not readily.available. The City valued its
<br />investments in LAIF as of June 30, 2008,:by multiplying its account-bahince with LAIF times.a fair value
<br />.factor detennined by LAIF. The fair value factor was dete1mined,by .dividing all LAlF partiCipants' total
<br />aggrcgatc..fair..vafue by 10tal aggregate amortized costs by totaF aggregate fair value.
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<br />. Accordingly, as of June: 30, 2008, the, CitY's .i~vest~eln. in LAIF .at fair value. amounted to $25.755.495
<br />....using . a LAlF fair value factor of .99995-0219" The fair vallie ()f th.eCity~ s.: position in the pool is
<br />materially equivalen~. to the value of the pool shares. ,. .
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<br />The.. ci6': is also. a ~olUhtary. participant in th~.. San Mateo C~unty Investment :.Fund that' is regulated by
<br />California Government Code" Section 16429 under oversight of the .Treasurer of the County of San
<br />.Mateo. ... T~e. City reports its investment in the .San rytaieo.County ]nvestment Fund at the fair value.
<br />. .amount : provided by County of .San Mateo.: Included. in the San Mateo Countylnvestment . 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 sectlrities, other asset-backed securities, and floating rate securiti.es issued by federal agenc.ies,
<br />governme~t~spons?red enteqJrises, and corporations. .
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<br />NOTE 3.- LOANS.RECEIV ABLE.
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<br />As of June. 30, 2008, l~ans r~ceivable consist of the following;. ;..
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<br />\Vyndhain Place First Time HomebuycrLoanProwam
<br />Cit)' Centre Plaza Loans ...... . : .. . .
<br />First Time Homebuyer Silent Loan Prqgram..
<br />Loans with Non-profits -and For Profit Organizations
<br />Housing Rehabilitation :Loans .
<br />City Attorney Housing Assistance Loan
<br />Shores Child care Loan .
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<br />Parking Fund Loan . .
<br />First Community. Housing Loan
<br />. . PAL Loan .
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<br />$633,706 .
<br />. 1,695,0 n.
<br />1 ~082.692
<br />1.,133,153
<br />2,490,620
<br />147,206
<br />2.525,385
<br />. ' 1,300~OOO
<br />.~ 2,627,00.0
<br />.'. 385,714
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