Laserfiche WebLink
<br />NOTE 2 - LOANS RECEIVABLE (CONTINUED) <br /> <br />D. <br /> <br />Loans with Non-profits and For Profit Organizations <br /> <br />The City and Redevelopment Agency have loaned $500,000 to MP Redwood Court Associates and <br />$650,000 to Hallmark Apartments LLP. <br /> <br />E <br /> <br />Housing Rehabilitation Loans <br /> <br />The City and Redevelopment Agency have outstanding loans for housing rehabilitation in the amount of <br />$2,541,797. <br /> <br />F. <br /> <br />City Attomey Housing Assistance Loan <br /> <br />In 2003/04 the City made a housing assistance loan to the City Attorney. The outstanding loan balance at <br />June 30, 2004 was $235,192. Additional details of this loan agreement are outlined in Note 18. <br /> <br />G. <br /> <br />Shores Childcare Loan <br /> <br />The City entered into an agreement with Shores Childcare, LLC whereby $3,200,000 was loaned to <br />Shores Childcare, LLC for construction of a childcare facility on city-owned land in the Redwood Shores <br />area. The term of the loan is 20 years maturing January 2023, with interest payable quarterly and <br />calculated based on the quarterly rate of the State of California Local Agency Investment Fund. The <br />outstanding balance of the loan at June 30, 2004 was $3,013,378. <br /> <br />H <br /> <br />Parking Fund Loan <br /> <br />The capital outlay fund has a loan receivable in the amount of $1,300,000 from the parking fund. <br />Additional details of this loan agreement are outlined in Note 7. <br /> <br />NOTE 3 - CASH AND INVESTMENTS <br /> <br />A. <br /> <br />Investment Policy <br /> <br />Cash balances from all funds are combined and invested to the extent possible pursuant to the City <br />Council approved investment policy and guidelines and state government code. The earnings from these <br />investments are allocated monthly to each fund based on an average of monthly opening and closing <br />balances of cash and investments. Investments are stated at fair value. All enterprise fund investments <br />are considered to be liquid investments for cash flow purposes. <br /> <br />Authorized investments per the City's investment policy and state government code are: <br /> <br />Certificates of Deposit <br />Bankers Acceptances <br />Commercial Paper <br />Money Market Funds <br /> <br />State of California Local Agency <br />Investment Fund (LAIF) <br />County of San Mateo Investment Pool <br />Money Market Certificates <br /> <br />Government Agency Securities <br />Treasury Bills and Notes <br />Passbook Savings Accounts <br />Corporate Notes <br /> <br />33 <br />