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q-642 <br />• Commercial Paper, <br />• Negotiable Certificates of Deposits; <br />• State of California Local Agency Investment Funds; <br />• Passbook Savings Accounts: <br />• County of San Mateo Investment Pool <br />• Money Market Certificates: <br />• Money Market Funds; and <br />• Corporate Notes. <br />The Investment Policy sets forth guidelines to be followed for investing in the above - <br />named instruments. In addition, the Investment Policy establishes an investment committee <br />consisting of the Finance Director and staff members of the Finance Department, who will meet <br />regularly to review the City investment portfolio daily cash reports and anticipated cash <br />requirements in selecting investment instruments for idle City funds. Pursuant to State law, the <br />City Council will receive a detailed monthly listing of all investments in the City portfolio, as <br />further specified in the Investment Policy. <br />For additional information concerning the City investments, see "APPENDIX B - <br />AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 2002." <br />Outstanding General Fund Obligations <br />The City currently has no outstanding general obligation bonds. The following series of <br />revenue bonds are currently outstanding. <br />Public Fh anchW Authority Revenue Bonds, issued in August 1991 in the aggregate <br />principal amount of $26,715,000, by the Redwood City Public Financing Authority, a Joint <br />Powers Authority consisting of the City and the Redevelopment Agency. The 1991 Bonds were <br />issued to prepay certain lease obligations of the City and to provide funds for the construction <br />of a new police facility. The 1991 Revenue Bonds are currently outstanding in the amount of <br />$6,725,000. The 1991 Bonds are being defeased with Bond proceeds. <br />1998 City Hall Lease Revenue Variable Rate Demand CerUScates of Participation, <br />issued in October 1998 in the aggregate principal amount of $11,700,000, to provide permanent <br />funding for the new City Hall project that was completed in 1997. The 1998 Certificates of <br />Participation are currently outstanding in the amount of $10,895.000. <br />1998 Lease Revenue Refunding Bonds, issued in July 1998 in the aggregate principal <br />amount of $10,995.000, to refund a portion of the 1991 Revenue Bonds. The 1998 Lease <br />Revenue Bonds are currently outstanding in the aggregate amount of $8,400,000. <br />-36- <br />