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6.C. - Page 85 of 196
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2020
<br />NOTE 2 — CASH AND INVESTMENTS (CONTINUED)
<br />B. Investments, Continued
<br />Fair Value Measurement
<br />Investment Type
<br />Fair Value
<br />Level 1
<br />Level 2
<br />Investments subiect to levels:
<br />Corporate Notes
<br />$ 31,482,877
<br />$ -
<br />$ 31,482,877
<br />Certificate of deposit -Negotiable
<br />12,964,114
<br />-
<br />12,964,114
<br />Municipal Bonds
<br />2,683,747
<br />-
<br />2,683,747
<br />Asset-backed Securities
<br />9,831,951
<br />-
<br />9,831,951
<br />Supranational Obligations
<br />5,930,635
<br />-
<br />5,930,635
<br />Federal Home Loan Banks
<br />6,147,304
<br />-
<br />6,147,304
<br />Federal National Mortgage Association
<br />27,991,198
<br />-
<br />27,991,198
<br />Federal Home Loan Mortgage
<br />10,156,121
<br />-
<br />10,156,121
<br />Money Market
<br />70,235
<br />-
<br />70,235
<br />US Treasury Notes
<br />63,060,896
<br />63,060,896
<br />-
<br />Total investments subject to levels
<br />170,319,078
<br />$ 63,060,896
<br />$ 107,258,182
<br />Inwstment not subject to levels:
<br />San Mateo County Pool
<br />81,083,201
<br />Local Agency Investment Fund
<br />84,996,904
<br />Total investments not subject to levels
<br />166,080,105
<br />Total investments
<br />$ 336,399,183
<br />$ 63,060,896
<br />$ 107,258,182
<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 $47,934,944 in cash and investments as of June 30, 2020 held by
<br />trustees or fiscal agents. A portion of this restricted cash is pledged for the payment or security of certain
<br />bonds. Other restricted cash includes investments with a trustee for the City's Section 15 pension trust
<br />account. The California government code provides that these monies, in the absence of specific statutory
<br />provisions governing the issuance of bonds, may be invested in accordance with the ordinance, resolutions,
<br />or indentures specifying the types of investments its trustees or fiscal agents may make.
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