HomeMy WebLinkAbout081120-05.4ADMINISTRATIVE STAFF REPORT 5.4
TO: Mayor and Town Council August 11, 2020
SUBJECT: June 2020 Month End Treasurer’s Report
BACKGROUND
The California Government Code and the Town of Danville’s Investment Policy require
that a report specifying the investment activity during the month, as well as the month-
end investment balances, be prepared and presented to the Town Council on a monthly
basis.
DISCUSSION
Beginning and Ending Cash and Investment Balances for the month of June 2020:
May June May June
31, 2020 30, 2020 31, 2020 30, 2020
Town Funds $81,578,340 $83,281,688 $83,623,122 $85,325,995
Trust Funds 1,004,306 1,039,528 1,004,306 1,039,528
Assessment & SA 1,892,675 2,481,594 1,895,671 2,483,694
Total Cash & Investments $84,475,321 $86,802,810 $86,523,099 $88,849,217
Total Cash & Investments
Year-to-Year Comparison
2019 $89,122,174 $92,059,907 $89,352,867 $92,569,720
Cost Basis Market Value
Purchases for the month of June 2020 consisted of one Federal Farm Credit Bank Note for
$1,498,875 (maturity date June 8, 2023) and one Federal Home Loan Mortgage
Corporation Note for $1,301,189 (maturity date June 26, 2023).
Purchases for the NERIAD Fund for the month of June 2020 consisted of one US Treasury
Note for $252,178 (maturity date March 31, 2021).
Maturities for the month included one Federal National Mortgage Association Note for
$1,503,954.
June 2020 Treasurer’s Report 2 August 11, 2020
Sales before maturities for the month included one Honda Auto Receivables Trust 2018-
2 A3 (partial) for $18,137 and one Honda Auto Receivables Trust 2018-3 A3 (partial) for
$37,734.
Maturities for the NERIAD Fund for the month of June 2020 consisted of one Federal
Farm Credit Bank Note for $46,945.
The Town's net cash position changed from $14,328,828 to $14,791,932 during the month
of June 2020. This consisted of operating revenues in excess of operating expenses of
$1,540,545, net funds invested of -$1,240,240, premium/discount recognition of -$3,894
and interest received of $166,693.
Cash requirements have been projected for the next 12 months, and the Town is in a
position to meet its cash requirements.
All investments that the Town owns are in compliance with the California Government
Code and the Town’s Investment Policy.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
RECOMMENDATION
Accept the June 2020 Month End Treasurer’s Report.
Prepared by:
Lani Ha
Finance Manager/Treasurer
Reviewed by:
Joseph A. Calabrigo
Town Manager
Attachment: June 2020 Month End Treasurer’s Report
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
S
u
m
m
a
r
y
Ju
n
e
3
0
,
2
0
2
0
Yield to
De
s
c
r
i
p
t
i
o
n
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
%
T
o
t
a
l
M
a
t
u
r
i
t
y
TO
W
N
F
U
N
D
S
U.
S
.
T
r
e
a
s
u
r
y
O
b
l
i
g
a
t
i
o
n
s
2
0
,
3
5
0
,
0
0
0
$
2
0
,
0
9
0
,
7
5
8
$
2
0
,
7
9
2
,
2
2
2
$
2
4
%
1
.
9
8
%
Fe
d
e
r
a
l
A
g
e
n
c
y
I
s
s
u
e
s
3
0
,
8
8
0
,
0
0
0
3
1
,
0
7
8
,
2
1
4
3
1
,
8
8
1
,
2
4
9
3
7
%
1
.
6
6
%
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
1
4
,
7
9
1
,
9
3
2
1
4
,
7
9
1
,
9
3
2
1
4
,
7
9
1
,
9
3
2
1
7
%
0
.
9
4
%
As
s
e
t
-
B
a
c
k
e
d
S
e
c
u
r
i
t
i
e
s
2
,
4
4
9
,
4
0
8
2
,
4
4
9
,
2
2
0
2
,
4
9
5
,
9
0
0
3
%
2
.
1
1
%
Co
m
m
e
r
c
i
a
l
P
a
p
e
r
0
0
0
0
%
0
.
0
0
%
Ne
g
o
t
i
a
b
l
e
C
D
0
0
0
0
%
0
.
0
0
%
Su
p
r
a
n
a
t
i
o
n
a
l
3
,
6
0
0
,
0
0
0
3
,
5
5
0
,
9
5
0
3
,
6
4
2
,
8
8
5
4
%
2
.
2
4
%
US
C
o
r
p
o
r
a
t
e
1
1
,
2
1
5
,
0
0
0
1
1
,
3
2
0
,
6
1
4
1
1
,
7
2
1
,
8
0
7
1
4
%
2
.
5
3
%
To
t
a
l
/
W
e
i
g
h
t
e
d
A
v
e
r
a
g
e
8
3
,
2
8
6
,
3
4
0
$
8
3
,
2
8
1
,
6
8
8
$
8
5
,
3
2
5
,
9
9
5
$
1
0
0
%
1
.
7
7
%
Ma
t
u
r
i
t
i
e
s
0
-
3
0
D
a
y
s
16
,
2
9
3
,
8
5
2
$
1
9
%
31
-
6
0
2,
3
0
4
,
0
7
0
3
%
61
-
9
0
2,
7
0
5
,
8
9
4
3
%
91
-
1
2
0
50
1
,
4
8
4
1
%
12
1
-
1
8
0
4,
8
7
9
,
7
4
7
6
%
18
1
-
2
7
0
1,
0
1
0
,
8
5
0
1
%
27
1
-
3
6
5
5,
7
3
7
,
1
6
3
7
%
1
-
2
Y
e
a
r
s
17
,
8
0
4
,
8
2
6
2
1
%
2
-
3
28
,
0
6
6
,
7
2
0
3
3
%
3
-
5
6,
0
2
1
,
3
8
9
7
%
Ov
e
r
5
Y
e
a
r
s
00%
85
,
3
2
5
,
9
9
5
$
1
0
0
%
To
t
a
l
/
W
e
i
g
h
t
e
d
A
v
e
r
a
g
e
To
w
n
F
u
n
d
s
W
e
i
g
h
t
e
d
A
v
e
r
a
g
e
Q
u
a
l
i
t
y
i
s
A
A
A
Pa
g
e
1
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
S
u
m
m
a
r
y
Ju
n
e
3
0
,
2
0
2
0
De
s
c
r
i
p
t
i
o
n
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
%
T
o
t
a
l
TR
U
S
T
F
U
N
D
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
1
,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
0
0
%
CD
A
/
S
U
C
C
E
S
S
O
R
A
G
E
N
C
Y
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
0
0
%
To
t
a
l
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
0
0
%
AS
S
E
S
S
M
E
N
T
D
I
S
T
R
I
C
T
S
N
E
R
I
A
D
F
e
d
e
r
a
l
A
g
e
n
c
y
I
s
s
u
e
s
1
0
0
,
0
0
0
$
1
0
1
,
4
3
2
$
1
0
1
,
1
7
0
$
8
%
U
.
S
.
T
r
e
a
s
u
r
y
O
b
l
i
g
a
t
i
o
n
s
6
8
5
,
0
0
0
6
8
6
,
5
2
2
6
8
8
,
8
8
4
5
3
%
C
a
s
h
E
q
u
i
v
a
l
e
n
t
s
5
0
6
,
0
0
7
5
0
6
,
0
0
7
5
0
6
,
0
0
7
3
9
%
Su
b
t
o
t
a
l
1
,
2
9
1
,
0
0
7
$
1
,
2
9
3
,
9
6
1
$
1
,
2
9
6
,
0
6
1
$
1
0
0
%
To
t
a
l
1
,
2
9
1
,
0
0
7
$
1
,
2
9
3
,
9
6
1
$
1
,
2
9
6
,
0
6
1
$
1
0
0
%
SU
M
M
A
R
Y
T
O
T
A
L
T
o
w
n
F
u
n
d
s
8
3
,
2
8
6
,
3
4
0
$
8
3
,
2
8
1
,
6
8
8
$
8
5
,
3
2
5
,
9
9
5
$
T
r
u
s
t
F
u
n
d
1
,
0
3
9
,
5
2
8
1
,
0
3
9
,
5
2
8
1
,
0
3
9
,
5
2
8
C
D
A
/
S
u
c
c
e
s
s
o
r
A
g
e
n
c
y
1
,
1
8
7
,
6
3
3
1
,
1
8
7
,
6
3
3
1
,
1
8
7
,
6
3
3
N
E
R
I
A
D
1
,
2
9
1
,
0
0
7
1
,
2
9
3
,
9
6
1
1
,
2
9
6
,
0
6
1
Su
m
m
a
r
y
T
o
t
a
l
8
6
,
8
0
4
,
5
0
8
$
8
6
,
8
0
2
,
8
1
0
$
8
8
,
8
4
9
,
2
1
7
$
Pa
g
e
2
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
CD
A
To
w
n
F
u
n
d
s
T
r
u
s
t
F
u
n
d
s
S
u
c
c
e
s
s
o
r
A
g
e
n
c
y
N
E
R
I
A
D
T
o
t
a
l
Be
g
i
n
n
i
n
g
B
a
l
a
n
c
e
,
a
t
c
o
s
t
8
1
,
5
7
8
,
3
4
0
$
1
,
0
0
4
,
3
0
6
$
5
9
9
,
4
4
7
$
1
,
2
9
3
,
2
2
8
$
8
4
,
4
7
5
,
3
2
1
$
Pu
r
c
h
a
s
e
s
,
a
t
c
o
s
t
-
FF
C
B
N
o
t
e
1
,
4
9
8
,
8
7
5
$
1,498,875
FH
L
M
C
N
o
t
e
1
,
3
0
1
,
1
8
9
$
1,301,189
US
T
r
e
a
s
u
r
y
N
o
t
e
25
2
,
1
7
8
2
5
2
,
1
7
8
-
-
- -
Sa
l
e
s
/
M
a
t
u
r
a
t
i
o
n
s
/
C
a
l
l
-
F
N
M
A
N
o
t
e
(
1
,
5
0
3
,
9
5
4
)
-
(
1
,
5
0
3
,
9
5
4
)
FF
C
B
D
i
s
c
o
u
n
t
N
o
t
e
(4
6
,
9
4
5
)
(
4
6
,
9
4
5
)
-
Re
d
e
m
p
t
i
o
n
(
5
5
,
8
7
1
)
$
(55,871)
Pr
e
m
i
u
m
/
D
i
s
c
o
u
n
t
(
3
,
8
9
4
)
$
-
-
(
3
,
8
9
4
)
In
t
e
r
e
s
t
R
e
c
e
i
v
e
d
1
6
6
,
6
9
3
$
-
3
8
3
9
1
6
7
,
5
3
5
Ne
t
c
h
a
n
g
e
i
n
C
a
s
h
3
0
0
,
3
0
9
$
3
5
,
2
2
2
5
8
8
,
1
8
3
(
2
0
5
,
3
3
9
)
7
1
8
,
3
7
5
Re
a
l
i
z
e
d
g
a
i
n
s
(
l
o
s
s
e
s
)
-
En
d
i
n
g
B
a
l
a
n
c
e
,
a
t
c
o
s
t
8
3
,
2
8
1
,
6
8
8
$
1
,
0
3
9
,
5
2
8
$
1
,
1
8
7
,
6
3
3
$
1
,
2
9
3
,
9
6
1
$
8
6
,
8
0
2
,
8
1
0
Ju
n
e
3
0
,
2
0
2
0
Pa
g
e
3
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
To
w
n
F
u
n
d
s
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Fe
d
e
r
a
l
A
g
e
n
c
y
I
s
s
u
e
s
F
H
L
B
N
o
t
e
1
0
/
2
3
/
20
1
5
0
7
/
2
9
/
2
0
2
0
1
,
5
0
0
,
0
0
0
1,
5
2
1
,
3
1
5
1,
5
0
1
,
9
2
2
1
.
5
2
%
2
2
,
8
0
0
F
F
C
B
N
o
t
e
1
1
/
21
/
2
0
1
7
1
1
/
2
7
/
2
0
2
0
3
5
0
,
0
0
0
3
4
9
,
2
7
9
3
5
2
,
4
9
4
1
.
9
7
%
6
,
8
9
5
F
H
L
B
N
o
t
e
0
1
/
2
7
/
20
1
6
1
2
/
1
1
/
2
0
2
0
1
,
5
0
0
,
0
0
0
1,
5
2
0
,
3
5
5
1,
5
1
1
,
5
3
4
1
.
5
8
%
2
3
,
7
0
0
F
F
C
B
N
o
t
e
1
2
/
1
1
/
20
1
8
1
1
/
1
5
/
2
0
2
1
1
,
6
0
0
,
0
0
0
1,
6
0
7
,
9
8
4
1,
6
6
2
,
5
3
9
2
.
8
7
%
4
5
,
9
2
0
F
H
L
B
N
o
t
e
1
2
/
1
5
/
20
1
7
1
2
/
1
0
/
2
0
2
1
1
,
0
0
0
,
00
0
9
8
9
,
1
0
0
1
,
0
2
3
,
3
7
9
2
.
1
6
%
2
1
,
6
0
0
F
N
M
A
N
o
t
e
0
9
/
2
7
/
20
1
7
0
1
/
0
5
/
2
0
2
2
1
,
4
0
0
,
0
0
0
1,
4
0
5
,
4
1
8
1,
4
3
8
,
3
6
4
1
.
9
0
%
2
6
,
6
0
0
F
N
M
A
N
o
t
e
0
2
/
1
3
/
20
1
9
0
1
/
1
1
/
2
0
2
2
1
,
0
0
0
,
0
0
0
1,
0
0
1
,
1
6
0
1,
0
3
7
,
0
3
5
2
.
5
8
%
2
5
,
8
0
0
F
F
C
B
N
o
t
e
0
4
/
3
0
/
20
2
0
0
5
/
0
6
/
2
0
2
2
1
,
4
2
0
,
0
0
0
1,
4
1
8
,
1
9
7
1,
4
2
0
,
3
2
2
0
.
3
1
%
4
,
4
0
2
F
H
L
B
N
o
t
e
0
6
/
12
/
2
0
1
8
0
6
/
1
0
/
2
0
2
2
4
7
5
,
0
0
0
4
7
3
,
4
1
8
4
9
7
,
6
8
3
2
.
8
4
%
1
3
,
4
9
0
F
H
L
B
N
o
t
e
0
7
/
1
7
/
20
1
8
0
6
/
1
0
/
2
0
2
2
1
,
0
0
0
,
00
0
9
9
6
,
8
5
0
1
,
0
4
7
,
9
4
4
2
.
8
4
%
2
8
,
4
0
0
F
N
M
A
N
o
t
e
0
9
/
06
/
2
0
1
9
0
9
/
0
6
/
2
0
2
2
8
2
5
,
0
0
0
8
2
2
,
1
2
9
8
4
6
,
8
3
8
1
.
5
5
%
1
2
,
7
8
8
F
N
M
A
N
o
t
e
0
9
/
26
/
2
0
1
9
0
9
/
0
6
/
2
0
2
2
7
0
0
,
0
0
0
6
9
5
,
1
4
9
7
1
6
,
0
4
2
1
.
5
5
%
1
0
,
8
5
0
F
H
L
B
N
o
t
e
1
1
/
0
5
/
20
1
8
0
9
/
0
9
/
2
0
2
2
1
,
0
0
0
,
0
0
0
1,
0
0
0
,
8
3
0
1,
0
6
2
,
7
6
1
3
.
1
0
%
3
1
,
0
0
0
F
F
C
B
N
o
t
e
1
0
/
1
5
/
20
1
9
1
0
/
1
1
/
2
0
2
2
1
,
5
0
0
,
0
0
0
1,
4
8
8
,
5
8
5
1,
5
3
7
,
5
5
1
1
.
6
4
%
2
4
,
6
0
0
F
H
L
B
N
o
t
e
0
8
/
2
7
/
20
1
8
1
2
/
0
9
/
2
0
2
2
1
,
2
5
0
,
0
0
0
1,
2
3
5
,
0
0
0
1,
3
1
5
,
7
9
6
2
.
8
0
%
3
5
,
0
0
0
F
H
L
B
N
o
t
e
1
2
/
2
0
/
20
1
8
1
2
/
0
9
/
2
0
2
2
1
,
7
0
0
,
0
0
0
1,
7
1
4
,
7
5
6
1,
8
1
2
,
0
9
6
2
.
7
7
%
4
7
,
0
9
0
F
N
M
A
N
o
t
e
0
3
/
1
8
/
20
1
9
0
1
/
1
9
/
2
0
2
3
1
,
5
0
0
,
0
0
0
1,
4
9
5
,
4
5
5
1,
5
8
4
,
6
3
8
2
.
4
6
%
3
6
,
9
0
0
F
H
L
B
N
o
t
e
0
3
/
28
/
2
0
1
9
0
3
/
1
0
/
2
0
2
3
9
0
0
,
0
0
0
9
1
7
,
1
3
6
9
5
6
,
2
9
1
2
.
2
4
%
2
0
,
1
6
0
F
H
L
M
C
N
o
t
e
0
5
/
05
/
2
0
2
0
0
5
/
0
5
/
2
0
2
3
1
,
3
3
0
,
00
0
1
,
3
2
9
,
4
4
1
1,
3
3
3
,
4
5
5
0
.
3
9
%
5
,
1
8
7
F
N
M
A
N
o
t
e
0
5
/
2
0
/
20
2
0
0
5
/
2
2
/
2
0
2
3
1
,
4
2
5
,
0
0
0
1,
4
2
0
,
7
1
1
1,
4
2
3
,
5
0
4
0
.
3
5
%
4
,
9
8
8
F
F
C
B
N
o
t
e
0
6
/
0
2
/
20
2
0
0
6
/
0
8
/
2
0
2
3
1
,
5
0
0
,
0
0
0
1,
4
9
8
,
8
7
5
1,
5
0
0
,
4
1
7
0
.
3
3
%
4
,
9
5
0
F
H
L
B
N
o
t
e
0
6
/
1
0
/
20
1
9
0
6
/
0
9
/
2
0
2
3
1
,
5
0
0
,
0
0
0
1,
5
0
7
,
3
0
5
1,
5
8
0
,
6
5
5
2
.
0
0
%
3
0
,
0
0
0
F
H
L
M
C
N
o
t
e
0
6
/
24
/
2
0
2
0
0
6
/
2
6
/
2
0
2
3
1
,
3
0
5
,
00
0
1
,
3
0
1
,
1
8
9
1,
3
0
2
,
9
6
9
0
.
3
5
%
4
,
5
6
8
F
N
M
A
N
o
t
e
0
3
/
2
4
/
20
2
0
0
2
/
0
5
/
2
0
2
4
1
,
7
0
0
,
0
0
0
1,
8
0
8
,
0
5
2
1,
8
3
3
,
5
3
2
0
.
8
2
%
1
3
,
9
4
0
F
H
L
B
N
o
t
e
0
3
/
0
3
/
20
2
0
0
3
/
0
8
/
2
0
2
4
1
,
5
0
0
,
0
0
0
1,
5
6
0
,
5
2
5
1,
5
8
1
,
4
8
8
0
.
8
5
%
1
2
,
7
5
0
Su
b
t
o
t
a
l
3
0
,
8
8
0
,
0
0
0
$
3
1
,
07
8
,
2
1
4
$
3
1
,
88
1
,
2
4
9
$
1
.
6
6
%
5
1
4
,
3
7
7
$
Ju
n
e
3
0
,
2
0
2
0
Pa
g
e
4
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
To
w
n
F
u
n
d
s
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Ju
n
e
3
0
,
2
0
2
0
U.
S
.
T
r
e
a
s
u
r
y
O
b
l
i
g
a
t
i
o
n
s
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
1
0
/
1
9
/
2
0
1
5
0
7
/
3
1
/
2
0
2
0
1,
5
0
0
,
0
0
0
1
,
52
0
,
9
2
3
1
,5
0
1
,
7
9
7
1
.
3
2
%
1
9
,
8
0
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
1
/
3
0
/
2
0
1
7
0
8
/
3
1
/
2
0
2
0
1,
2
0
0
,
0
0
0
1
,
18
8
,
2
3
8
1
,2
0
2
,
3
7
5
1
.
6
6
%
1
9
,
9
2
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
s
0
4
/
25
/
2
0
1
7
0
9
/
3
0
/
2
0
2
0
5
0
0
,
0
0
0
4
9
6
,
0
9
5
5
0
1
,
4
84
1
.
6
1
%
8
,
0
5
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
1
2
/
2
2
/
2
0
1
5
1
0
/
3
1
/
2
0
2
0
1,
3
0
0
,
0
0
0
1
,
30
1
,
1
2
2
1
,3
0
6
,
7
1
7
1
.
7
3
%
2
2
,
4
9
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
2
/
2
7
/
2
0
1
7
1
1
/
3
0
/
2
0
2
0
1,
2
0
0
,
0
0
0
1
,
19
8
,
4
5
7
1
,2
0
7
,
0
3
1
1
.
6
6
%
1
9
,
9
2
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
6
/
1
5
/
2
0
1
7
0
3
/
3
1
/
2
0
2
1
1,
5
0
0
,
0
0
0
1
,
47
8
,
5
0
1
1
,5
1
2
,
0
7
1
1
.
6
4
%
2
4
,
6
0
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
6
/
0
8
/
2
0
1
7
0
4
/
3
0
/
2
0
2
1
1,
5
0
0
,
0
0
0
1
,
48
4
,
5
3
6
1
,5
1
4
,
7
6
6
1
.
6
5
%
2
4
,
7
5
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
1
/
1
0
/
2
0
1
8
0
9
/
3
0
/
2
0
2
1
1,
2
5
0
,
0
0
0
1
,
20
2
,
3
9
3
1
,2
6
4
,
8
4
4
2
.
2
0
%
2
7
,
5
0
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
8
/
2
9
/
2
0
1
8
1
0
/
3
1
/
2
0
2
1
1,
5
0
0
,
0
0
0
1
,
46
5
,
7
8
1
1
,5
3
6
,
5
6
3
2
.
7
6
%
4
1
,
4
0
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
2
/
0
8
/
2
0
1
8
0
2
/
2
8
/
2
0
2
2
1,
3
0
0
,
0
0
0
1
,
26
9
,
2
2
7
1
,3
3
6
,
6
6
4
2
.
4
9
%
3
2
,
3
7
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
1
0
/
2
4
/
2
0
1
7
0
3
/
3
1
/
2
0
2
2
1,
2
5
0
,
0
0
0
1
,
24
4
,
5
8
0
1
,2
8
7
,
0
6
0
1
.
9
8
%
2
4
,
7
5
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
s
1
0
/
04
/
2
0
1
8
0
8
/
3
1
/
2
0
2
2
9
0
0
,
0
0
0
8
6
2
,
4
8
8
9
3
3
,
1
52
3
.
0
1
%
2
7
,
0
9
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
s
0
4
/
29
/
2
0
1
9
1
1
/
3
0
/
2
0
2
2
9
5
0
,
0
0
0
9
4
0
,
7
6
0
9
9
1
,
8
22
2
.
2
8
%
2
1
,
6
6
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
6
/
1
9
/
2
0
1
9
0
4
/
3
0
/
2
0
2
3
1,
5
0
0
,
0
0
0
1
,
48
6
,
5
8
2
1
,5
6
1
,
1
7
2
1
.
8
7
%
2
8
,
0
5
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
4
/
1
1
/
2
0
1
9
0
5
/
3
1
/
2
0
2
3
1,
5
0
0
,
0
0
0
1
,
46
0
,
1
5
6
1
,5
6
3
,
1
6
4
2
.
3
0
%
3
4
,
5
0
0
U
.
S
.
T
r
e
a
s
u
r
y
N
o
te
s
0
9
/
1
3
/
2
0
1
9
1
0
/
3
1
/
2
0
2
3
1,
5
0
0
,
0
0
0
1
,
49
0
,
9
1
8
1
,5
7
1
,
5
4
3
1
.
7
8
%
2
6
,
7
0
0
Su
b
t
o
t
a
l
2
0
,
3
5
0
,
0
0
0
$
2
0
,
09
0
,
7
5
8
$
2
0
,
79
2
,
2
2
2
$
1
.
9
8
%
4
0
3
,
5
5
0
$
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
W
e
l
l
s
F
a
r
g
o
T
r
s
r
y
P
l
u
s
M
M
k
t
-
r
e
s
e
r
v
e
f
u
n
d
(
2
0
0
1
C
O
P
)
4
6
3
,
7
56
46
3
,
7
5
6
4
6
3
,
7
5
6
0
.
0
1
%
4
6
W
e
l
l
s
F
a
r
g
o
T
r
s
r
y
P
l
u
s
M
M
k
t
-
r
e
s
e
r
v
e
f
u
n
d
(
2
0
0
5
C
O
P
)
3
4
8
,
8
34
34
8
,
8
3
4
3
4
8
,
8
3
4
0
.
0
1
%
3
5
B
a
n
k
o
f
N
e
w
Y
o
r
k
67
1
,
4
7
5
67
1
,
4
7
5
6
7
1
,
4
7
5
0
.
0
1
%
6
7
U
S
B
a
n
k
1,
7
8
5
,
5
8
4
1
,
78
5
,
5
8
4
1
,
7
8
5
,
5
8
4
0.00%
3
0
L
A
I
F
11
,
5
2
2
,
2
8
2
1
1
,
52
2
,
2
8
2
1
1
,
5
2
2
,
2
8
2
1.22%
1
4
0
,
2
2
6
Su
b
t
o
t
a
l
1
4
,
7
9
1
,
9
3
2
$
1
4
,
79
1
,
9
3
2
$
1
4
,
79
1
,
9
3
2
$
0
.
9
4
%
1
4
0
,
4
0
4
As
s
e
t
-
B
a
c
k
e
d
S
e
c
u
r
i
t
i
e
s
H
o
n
d
a
A
u
t
o
R
e
c
e
iv
a
b
l
e
s
T
r
u
s
t
2
0
1
8
-
2
A
3
0
5
/
2
2
/
2
0
1
8
0
5
/
1
8
/
2
0
2
2
20
6
,
0
8
8
20
6
,
0
8
3
20
8
,
9
5
5
3
.
0
3
%
6
,
2
4
4
H
o
n
d
a
A
u
t
o
R
e
c
e
iv
a
b
l
e
s
O
w
n
e
r
2
0
1
8
-
3
A
3
0
8
/
2
1
/
2
0
1
8
0
8
/
2
2
/
2
0
2
2
49
3
,
3
2
0
49
3
,
2
5
3
50
1
,
9
7
1
2
.
9
8
%
1
4
,
7
0
1
H
o
n
d
a
A
u
t
o
R
e
c
e
i
v
a
b
l
e
s
O
w
n
er
T
r
u
s
t
2
0
1
9
-
3
A
3
0
8
/
2
0
/
2
0
1
9
0
8
/
1
5/
2
0
2
3
5
3
5
,
0
0
0
53
4
,
9
9
6
54
5
,
9
9
7
1
.
7
9
%
9
,
5
7
7
J
o
h
n
D
e
e
r
e
O
w
n
e
r
T
r
u
s
t
20
1
9
-
B
A
3
0
7
/
1
6
/
2
0
1
9
1
2
/
1
5
/
2
0
2
3
2
7
5
,
0
0
0
27
4
,
9
4
2
27
9
,
9
8
9
2
.
2
3
%
6
,
1
3
3
N
i
s
s
a
n
A
u
t
o
R
e
c
e
i
v
a
b
l
e
s
O
w
n
e
r
2
0
1
9
-
C
A
3
1
0
/
1
6
/
2
0
1
9
0
7
/
1
5
/
2
0
2
4
5
7
0,
0
0
0
56
9
,
9
7
0
58
5
,
8
5
6
1
.
9
4
%
1
1
,
0
5
8
J
o
h
n
D
e
e
r
e
O
w
n
e
r
T
r
u
s
t
20
2
0
-
A
A
3
0
3
/
0
4
/
2
0
2
0
0
8
/
1
5
/
2
0
2
4
3
7
0
,
0
0
0
36
9
,
9
7
7
37
3
,
1
3
2
1
.
1
1
%
4
,
1
0
7
Su
b
t
o
t
a
l
2
,
4
4
9
,
4
0
8
$
2
,
44
9
,
2
2
0
$
2
,
49
5
,
9
0
0
$
2
.
1
1
%
5
1
,
8
1
9
$
Pa
g
e
5
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
To
w
n
F
u
n
d
s
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Ju
n
e
3
0
,
2
0
2
0
Su
p
r
a
n
a
t
i
o
n
a
l
I
n
t
l
.
B
a
n
k
R
e
c
o
n
&
D
e
v
e
l
o
pm
e
n
t
N
o
t
e
0
8
/
2
2
/
2
0
1
7
0
9
/
0
4
/
2
0
2
0
1
,
5
00
,
0
0
0
1
,
49
9
,
6
8
5
1
,
50
3
,
5
1
9
1
.
6
3
%
2
4
,
4
5
0
I
n
t
e
r
n
a
t
i
o
na
l
F
i
n
a
n
c
e
C
o
r
p
N
o
t
e
0
1
/
2
6
/
2
0
1
8
0
1
/
2
5
/
2
0
2
1
1
,
0
0
0
,
0
00
99
7
,
0
4
7
1
,
01
0
,
8
5
0
2
.
3
5
%
2
3
,
5
0
0
I
n
t
e
r
-
A
m
e
r
i
c
a
n
D
ev
B
a
n
k
N
o
t
e
0
9
/
1
3
/
2
0
1
8
0
4
/
1
4
/
2
0
2
2
1
,
1
0
0
,
0
0
0
1
,
05
4
,
2
1
8
1
,
12
8
,
5
1
6
2
.
9
9
%
3
2
,
8
9
0
Su
b
t
o
t
a
l
3
,
6
0
0
,
0
0
0
$
3
,
55
0
,
9
5
0
$
3
,
64
2
,
8
8
5
$
2
.
2
4
%
8
0
,
8
4
0
$
US
C
o
r
p
o
r
a
t
e
S
t
a
t
e
S
t
r
e
e
t
B
a
n
k
N
o
te
0
5
/
2
2
/
2
0
1
7
0
8
/
1
8
/
2
0
2
0
8
0
0
,
0
0
0
81
6
,
2
8
0
80
2
,
2
7
3
1
.
9
0
%
1
5
,
2
0
0
P
N
C
B
a
n
k
C
a
l
l
a
b
l
e
N
o
t
e
C
o
n
t
0
4
/
0
3
/
2
0
1
8
0
4
/
2
9
/
2
0
2
1
9
1
0
,
0
0
0
88
7
,
2
5
7
92
1
,
9
2
5
3
.
0
1
%
2
7
,
3
9
1
B
l
a
c
k
r
o
c
k
I
n
c
N
o
t
e
04
/
2
7
/
2
0
1
8
0
5
/
2
4
/
2
0
2
1
1
,
0
0
0
,
0
0
0
1
,
03
5
,
5
7
0
1
,
03
3
,
4
5
0
3
.
0
3
%
3
0
,
3
0
0
A
p
p
l
e
I
n
c
C
a
l
l
a
b
l
e
N
o
t
e
C
o
n
t
1
1
/
2
1
/
2
0
1
7
0
8
/
0
4
/
2
0
2
1
7
5
0
,
0
0
0
72
9
,
4
5
0
76
1
,
0
1
2
2
.
3
3
%
1
7
,
4
7
5
B
e
r
k
s
h
i
r
e
H
a
t
h
a
w
a
y
N
o
te
0
3
/
1
6
/
2
0
1
8
0
5
/
1
5
/
2
0
2
2
1
,
0
0
0
,
0
0
0
1
,
00
0
,
6
7
0
1
,
04
8
,
9
3
2
2
.
9
8
%
2
9
,
8
0
0
O
r
a
c
l
e
C
o
r
p
C
a
l
l
a
b
l
e
N
o
t
e
C
o
n
t
1
0
/
0
9
/
2
0
1
9
0
5
/
1
5
/
2
0
2
2
1
,
0
0
0
,
0
0
0
1
,
01
6
,
2
0
0
1
,
03
3
,
9
7
9
1
.
8
6
%
1
8
,
6
0
0
P
ac
c
a
r
F
i
n
a
n
c
i
a
l
C
o
r
p
N
o
t
e
0
9
/
2
3
/
2
0
1
9
0
9
/
2
6
/
2
0
2
2
5
0
0
,
0
0
0
49
9
,
3
9
0
51
5
,
7
7
1
2
.
0
4
%
1
0
,
2
0
0
C
h
e
v
r
o
n
C
o
r
p
C
a
l
l
a
b
l
e
N
o
te
C
o
n
t
0
6
/
1
9
/
2
0
1
9
1
2
/
0
5
/
2
0
2
2
2
5
5
,
0
0
0
25
5
,
6
0
7
26
5
,
4
6
3
2
.
2
8
%
5
,
8
1
4
T
o
y
o
t
a
M
o
t
o
r
C
r
e
d
i
t
C
o
r
p
N
o
t
e
0
1
/
2
5
/
2
0
1
9
0
1
/
1
1
/
2
0
2
3
1
,
0
0
0
,
0
0
0
98
0
,
9
2
0
1
,
05
0
,
4
9
9
3
.
2
2
%
3
2
,
2
0
0
U
S
B
a
n
k
N
A
C
a
l
l
a
b
l
e
N
o
t
e
C
o
n
t
0
4
/
2
9
/
2
0
1
9
0
1
/
2
3
/
2
0
2
3
7
5
0
,
0
0
0
75
2
,
1
9
0
79
1
,
9
4
5
2
.
7
7
%
2
0
,
7
7
5
B
a
n
k
o
f
N
Y
M
e
l
l
o
n
C
o
r
p
C
a
l
l
a
bl
e
N
o
t
e
C
o
n
t
0
7
/
2
5
/
2
0
1
9
0
1
/
2
9
/
2
02
3
7
5
0
,
0
0
0
76
4
,
6
2
5
79
7
,
4
3
6
2
.
3
7
%
1
7
,
7
7
5
A
p
p
l
e
I
n
c
N
o
t
e
0
5
/
29
/
2
0
1
9
0
5
/
0
3
/
2
0
2
3
7
5
0
,
0
0
0
74
6
,
2
0
5
79
2
,
8
0
3
2
.
5
4
%
1
9
,
0
5
0
W
a
l
-
M
a
r
t
S
t
o
r
e
s
C
al
l
a
b
l
e
N
o
t
e
C
o
n
t
0
3
/
2
7
/
2
0
1
9
0
6
/
2
6
/
2
0
2
3
8
0
0
,
00
0
82
7
,
6
1
6
87
1
,
4
9
4
2
.
5
4
%
2
0
,
3
2
0
A
m
e
r
i
c
a
n
H
o
n
d
a
F
in
a
n
c
e
N
o
t
e
0
8
/
1
9
/
2
0
1
9
0
1
/
1
2
/
2
0
2
4
9
5
0
,
0
0
0
1
,
00
8
,
6
3
4
1
,
03
4
,
8
2
7
2
.
0
7
%
1
9
,
6
6
5
Su
b
t
o
t
a
l
1
1
,
2
1
5
,
0
0
0
$
1
1
,
32
0
,
6
1
4
$
1
1
,
72
1
,
8
0
7
$
2
.
5
3
%
2
8
4
,
5
6
5
$
TO
T
A
L
8
3
,
2
8
6
,
3
4
0
$
8
3
,
28
1
,
6
8
8
$
8
5
,
32
5
,
9
9
5
$
1
.
7
7
%
1
,
4
7
5
,
5
5
6
$
So
u
r
c
e
:
C
h
a
n
d
l
e
r
A
s
s
e
t
M
a
n
a
g
e
m
e
n
t
U
S
B
a
n
k
L
o
c
a
l
A
g
e
n
c
y
I
n
v
e
s
t
m
e
n
t
F
u
n
d
(
L
A
I
F
)
Pa
g
e
6
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
Ju
n
e
3
0
,
2
0
2
0
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
L
A
I
F
1,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
.
2
2
%
1
2
,
6
5
1
TO
T
A
L
1
,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
,
0
3
9
,
5
2
8
$
1
.
2
2
%
$
1
2
,
6
5
1
So
u
r
c
e
:
L
o
c
a
l
A
g
e
n
c
y
I
n
v
e
s
t
m
e
n
t
F
u
n
d
(
L
A
I
F
)
Tr
u
s
t
F
u
n
d
Pa
g
e
7
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
Ju
n
e
3
0
,
2
0
2
0
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
L
A
I
F
-
r
e
d
e
m
p
t
i
o
n
f
u
n
d
80
8
,
6
4
7
$
8
0
8
,
6
4
7
$
8
0
8
,
6
4
7
$
1
.
2
2
%
9
,
8
4
1
W
e
l
l
s
F
a
r
g
o
T
r
s
r
y
P
l
u
s
M
M
k
t
-
r
e
s
e
r
v
e
f
u
n
d
(
T
R
B
s
)
3
7
5
,
7
1
7
$
3
7
5
,
7
1
7
3
7
5
,
7
1
7
0
.
0
1
%
3
8
W
e
l
l
s
F
a
r
g
o
T
r
s
r
y
P
l
u
s
M
M
k
t
-
i
n
t
e
r
e
s
t
a
c
c
t
(
T
R
B
s
)
3
,
2
6
6
$
3
,
2
6
6
3
,
2
6
6
0
.
0
1
%
0
W
e
l
l
s
F
a
r
g
o
T
r
s
r
y
P
l
u
s
M
M
k
t
-
d
e
b
t
s
e
r
v
i
c
e
a
c
c
t
(
T
R
B
s
)
3
$
3
3
0
.
0
0
%
0
Su
b
t
o
t
a
l
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
0
.
8
3
%
9
,
8
7
9
$
TO
T
A
L
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
1
,
1
8
7
,
6
3
3
$
0
.
8
3
%
9
,
8
7
9
$
So
u
r
c
e
:
B
N
Y
T
r
u
s
t
C
o
m
p
a
n
y
L
o
c
a
l
A
g
e
n
c
y
I
n
v
e
s
t
m
e
n
t
F
u
n
d
(
L
A
I
F
)
Co
m
m
u
n
i
t
y
D
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
/
S
u
c
c
e
s
s
o
r
A
g
e
n
c
y
Pa
g
e
8
To
w
n
o
f
D
a
n
v
i
l
l
e
Tr
e
a
s
u
r
e
r
'
s
R
e
p
o
r
t
o
f
I
n
v
e
s
t
m
e
n
t
s
-
D
e
t
a
i
l
Yield to
A
n
n
u
a
l
De
s
c
r
i
p
t
i
o
n
P
u
r
c
h
a
s
e
D
a
t
e
M
a
t
u
r
i
t
y
D
a
t
e
P
a
r
V
a
l
u
e
C
o
s
t
M
a
r
k
e
t
V
a
l
u
e
M
aturity
I
n
t
e
r
e
s
t
Fe
d
e
r
a
l
A
g
e
n
c
y
I
s
s
u
e
s
F
F
C
B
N
o
t
e
4
/
8
/
2
0
2
0
1
2
/
2
1
/
2
0
2
0
1
0
0
,
0
0
0
$
1
0
1
,
4
3
2
$
1
0
1
,
1
7
0
$
0
.
6
5
%
6
5
0
Su
b
t
o
t
a
l
1
0
0
,
0
0
0
$
1
0
1
,
4
3
2
$
1
0
1
,
1
7
0
$
0
.
6
5
%
6
5
0
$
U.
S
.
T
r
e
a
s
u
r
y
O
b
l
i
g
a
t
i
o
n
s
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
9
/
3
0
/
2
0
1
9
8
/
1
5
/
2
0
2
0
1
6
0
,
0
0
0
$
1
5
9
,
5
3
8
$
1
6
0
,
2
6
1
$
1
.
8
3
%
2
,
9
2
8
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
1
2
/
2
/
2
0
1
9
1
1
/
3
0
/
2
0
2
0
2
7
5
,
0
0
0
$
2
7
4
,
8
0
7
$
2
7
6
,
6
1
1
$
1
.
7
0
%
4
,
6
7
5
U
.
S
.
T
r
e
a
s
u
r
y
N
o
t
e
6
/
3
/
2
0
2
0
3
/
3
1
/
2
0
2
1
2
5
0
,
0
0
0
$
2
5
2
,
1
7
8
$
2
5
2
,
0
1
2
$
0
.
1
9
%
4
7
5
Su
b
t
o
t
a
l
6
8
5
,
0
0
0
$
6
8
6
,
5
2
2
$
6
8
8
,
8
8
4
$
1
.
1
8
%
8
,
0
7
8
$
Ca
s
h
E
q
u
i
v
a
l
e
n
t
s
L
A
I
F
-
i
m
p
r
o
v
e
m
e
n
t
f
u
n
d
4
3
3
,
7
8
8
$
4
3
3
,
7
8
8
$
4
3
3
,
7
8
8
$
1
.
2
2
%
5
,
2
7
9
B
a
n
k
o
f
N
e
w
Y
o
r
k
-
I
m
p
r
o
v
e
m
e
n
t
f
d
7
2
,
2
1
8
$
7
2
,
2
1
8
7
2
,
2
1
8
0
.
0
1
%
7
Su
b
t
o
t
a
l
5
0
6
,
0
0
7
$
5
0
6
,
0
0
7
$
5
0
6
,
0
0
7
$
1
.
0
4
%
5
,
2
8
6
$
To
t
a
l
1
,
2
9
1
,
0
0
7
$
1
,
2
9
3
,
9
6
1
$
1
,
2
9
6
,
0
6
1
$
1
.
0
9
%
1
4
,
0
1
4
$
So
u
r
c
e
:
C
h
a
n
d
l
e
r
A
s
s
e
t
M
a
n
a
g
e
m
e
n
t
B
N
Y
T
r
u
s
t
C
o
m
p
a
n
y
L
o
c
a
l
A
g
e
n
c
y
I
n
v
e
s
t
m
e
n
t
F
u
n
d
(
L
A
I
F
)
No
r
t
h
e
a
s
t
R
o
a
d
w
a
y
I
m
p
r
o
v
e
m
e
n
t
A
s
s
e
s
s
m
e
n
t
D
i
s
t
r
i
c
t
(
N
E
R
I
A
D
)
Ju
n
e
3
0
,
2
0
2
0
Pa
g
e
9