HomeMy WebLinkAboutMINUTES - 11291988 - 1.96 TO: BOARD OF SUPERVISORS ^,,,
FROM: Harvey E. Bragdon l�A tr
Director of Community Development CJVJIa
DATE: November 29 , 1988 Courl. /
SUBJECT: Audit of Financial Statements 1982, 1983 , 1984, 1985
and 1987 Contra Costa Home Mortgage Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Accept Audit Report on the Financial Statement of the 1982, 1983,
1984, 1985, and 1987 Contra Costa Home Mortgage Revenue Bond_
Program as completed by Deloitte, Haskins, & Sells.
FISCAL IMPACT
None
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Indenture for the above referenced Home Mortgage Revenue Bond
Program requires that an annual audit of the financial statement be
completed. Deloitte, Haskins, & Sells has completed the audit of
the respective program as of June 30, 1988 and submitted its
report.
CONTINUED ON ATTACB14MT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATI OF BO COMMI
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON N n Y 2 9 1999 APPROVED_AS,..,RECONIlKFNDED —__OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ' ) TRUE AND CORRECT COPY OF AN
AYES:_ NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED NOV 29 1988
CAO (via Risk Mgmt. ) PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor (c/o Nona) AND COUNTY ADMINISTRATOR
Contractor
BY ! j��(�g DEPUTY
JK:cg
cd14/audit.mrb
elol e o
Haskins+Sefls
CONTRA COSTA COUNTY
1982 MORTGAGE REVENUE BOND FUND
Financial Statements for the Years Ended
June 30, 1988 and 1987 , 1988 Supplemental
Schedules and Independent Auditors ' Report
for purposes of additional analysis and are not a required part of
the basic financial statements . Such supplemental schedules have
been subjected to the auditing procedures applied in our audit of
the basic financial statements and , in our opinion, are fairly
stated in all material respects when considered in relation to the
basic financial statements taken as a whole .
October 6 , 1988
2
CONTRA COSTA COUNTY
1982 MORTGAGE REVENUE-BOND FUND
BALANCE SHEETS , JUNE 30 , 1988 AND 1987.
1988 1987
ASSET'S
CASH AND INVESTMENTS (Note 4) $ 4 , 940 , 383 $10 , 207 , 193
MORTGAGE LOANS RECEIVABLE (Note 5) 10 , 775 , 451 16 , 765 , 988
MATURED MORTGAGE LOANS AND RELATED
INTEREST RECEIVABLE 49 , 019 542 , 676
INVESTMENT INTEREST RECEIVABLE
AND OTHER ASSETS 28 , 760 59 , 840
TOTAL $15 , 793 , 613 $27 , 575 , 697
LIABILITIES AND RETAINED EARNINGS
HOME MORTGAGE REVENUE BONDS
PAYABLE - Net (Note 6) $13 , 513 , 287 $24, 398 , 339
INTEREST PAYABLE 857 , 059 1 , 547 , 328
OTHER LIABILITIES 103 , 649
TOTAL LIABILITIES 14,370, 346 26 , 049 , 316
RETAINED EARNINGS 1 , 423 , 267 1 , 526 , 381
TOTAL $15 , 793 , 613 $27 , 575 , 697
See notes to financial statements .
3
s
f
CONTRA COSTA COUNTY
1982 MORTGAGE REVENUE BOND FUND
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30 1.988 AND 1987
1988 1987
REVENUES :
Interest from mortgage loans $1 , 778 , 786 $3 ,312 , 360
Interest from investments 516 , 912 971 , 892
Total revenues 2 , 295 , 698 4, 284 , 252
EXPENSES :
Interest 2 , 061 , 420 3 ,897 , 897
Administrative 75 . 594 112 , 427
Total expenses 2 , 137 , 014 4, 010 , 324
INCOME BEFORE EXTRAORDINARY
LOSS ON EARLY RETIREMENT
OF BONDS 158 , 684 273 , 928
EXTRAORDINARY LOSS ON EARLY
RETIREMENT OF BONDS (Note 6) (261 , 798) (464, 882)
NET LOSS (103 , 114) (190 , 954)
RETAINED EARNINGS : .
Beginning of year 1 , 526 , 381 1, 717 , 335
End of year $1 , 423 , 267 $1 , 526 , 381.
See notes to financial statements .
( - 4 -
1
r
CONTRA COSTA COUNTY
1982 MORTGAGE REVENUE BOND FUND
NOTES TO FINANCIAL STATEMENTS
st -
n 1 . ENTITY
i
The Contra Costa County 1982 Mortgage Revenue Bond Fund (Fund)
was established under the provisions of the California Health
and Safety Code and the indenture between Security Pacific Bank
(Trustee) and Contra Costa County (County) dated June 1 , 1982
(Indenture) . The Fund is authorized to issue revenue bonds for
the purpose of financing home mortgages within the County.
Under the terms of the Indenture , the Trustee uses the bond
proceeds to purchase investments and mortgage loans . The home
mortgage revenue bonds are secured by a pledge of mortgage loans
and are repaid solely from loan repayments and other revenues
pledged under the Indenture . If the amount available in the
Fund is not sufficient to repay the bonds in full , the principal
and accrued interest will be paid to the bondholders in accor-
dance with the provisions of the Indenture , primarily on a pro
rata basis without any discrimination or preference , after the
payment of expenses necessary to protect the interest of the
bondholders .
The financial statements present only the 1982 Mortgage Revenue
Bond Fund and are not intended to present the financial position
and results of operations of Contra Costa County.
2 . SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The Fund uses the accrual basis of
accounting . Revenues are recognized when they are earned
and expenses are recognized when they are incurred .
Investments are stated at cost . The Trustee has entered into
investment agreements with 1st National Bank of St . Paul
(Investment Bank) . -
Bond discount and issuance costs associated with the sale of
the bonds are recorded as a reduction to bonds payable and are
amortized over the term of the bond issue using a method which
approximates a level-yield .
3 . FUND DEFINITIONS
3 As provided in the Indenture , the following funds have been
established by the Trustee :
Revenue Fund - All revenues (except for developer commitment fees
1
I
- 6 -
i
1. r
1•:
=` and revenues to be deposited into the Nonmortgage Investment
Income Fund) are deposited in this fund .
Capital Reserve Fund -- Monies are used and withdrawn by the
Trustee solely for the purpose of (a) making up any deficiency
in the Nonmortgage Investment Income Fund , Interest Fund or
r Principal Fund and (b) paying fees and expenses of the County
(administrator) in each bond year not to exceed certain limits
outlined in the Indenture .
NonmortF-aF-e Investment Income Fund - All interest , profits and
other income derived from nonmortgage investments of all monies
in any fund or account established under the Indenture are to be
deposited into this fund .
Principal Fund - Monies are used and withdrawn solely for the
paying of the principal of the bonds .
Interest Fund - Monies are used and withdrawn solely for the
paying of interest on the bonds .
Redemltion Fund - Monies are used and withdrawn for the
redeeming of bonds at the next succeeding date of redemption.
4. CASH AND INVESTMENTS
The Fund ' s deposits were entirely covered by federal depository
insurance or collateral held by the Trustee in the Fund ' s name .
The Indenture authorizes the Trustee to invest in interest-
bearing time and demand deposits , obligations of the U. S .
Treasury and U. S . agencies , repurchase agreements and investment
agreements with the Investment Bank.
The Trustee has an agreement to invest bond proceeds and other
Fund revenues with the Investment Bank. These investments earn
interest at a fixed rate of 12 . 34% and are covered by collateral
held by the Investment Bank in the Fund ' s name .
As of June 30, cash and investments were as follows :
Interest
Rates 1988 1987
Certificates of deposit 12 . 34% $4 , 561 , 197 $ 8 , 591 , 606
FHLMC repurchase agreement 12 . 34 415 , 186
Cash and equivalents 379 , 186 1 , 200 , 401
Total 14 , 940 , 383 $10 , 207 , 193
4
- 7
5 . MORTGAGE LOANS RECEIVABLE
Mortgage loans receivable are secured by first deeds of trust
on the related residences , have thirty-year terms and bear
interest at 12 . 875%.
6 . HOME MORTGAGE REVENUE BONDS PAYABLE
A summary of the maturity dates and interest rates as of
June 30 , 1988 for the 1982 Home Mortgage Revenue Bonds follows :
Fiscal Year Bond Interest
Ending June 30 Type Rates Principal
1989 Serial 10 . 0% - 10 . 5/0 $ 120 , 000
1990 Serial 10 . 5 - 11 . 0 140 , 000
1991 Serial 11 . 0 - 11 . 25 155 , 000
1992 Serial 11 . 25 - 11 . 5 170 , 000
1993 Serial 11 . 5 - 11 . 75 190 , 000
1994-1997 Serial 11 . 75 - 12 . 3 860 , 000
2011 Term 12 . 5 12 , 190 , 000
Total 13 , 825 , 000
Less bond discount and issuance costs ,
net of accumulated amortization _ (311 , 713)
Total $13 , 513 , 287
The effective interest rate on the bonds is 12 . 77%. Bond inter-
est is payable semiannually on January 1 and July 1 . Bonds are
subject to redemption prior to maturity, from amounts in the
Redemption Fund on any interest payment date without premium.
The bonds maturing on July 1 , 2010 are subject to mandatory
redemption without premium, prior to maturity out of revenues
deposited in a mandatory sinking account .
The Indenture provides for semiannual deposits into a mandatory
sinking fund ranging from $725 , 000 commencing. in 1997 to
$4 ,520 , 000 in 2010 . The installments are subject to reduction
due to prior redemptions .
The Fund retired $10 , 975 , 000 and $15 , 960 , 000 of the bonds prior
to scheduled maturity in 1988 and 1987 , respectively. Generally
accepted accounting principles require that the difference
between the reacquisition price and the net carrying amount of
extinguished debt be recorded as an extraordinary loss , if mate-
rial . The net carrying amount of the bonds retired in 1988 was
$10 , 713 , 202 and accordingly, the Fund recognized an extraor-
dinary loss on early retirement in 1988 of $261 , 798 . The early
retirement of bonds in 1987 resulted in an extraordinary loss of
$462 , 882 .
- 8 -
M co �o d 1— ON 00 ON �o ,-a h
q ON 00 r- 7 M N 't H w
w H T D CO 0 Ili M lc M M 10
z ^ ^ ^ ^ ^ ^
i.'T 1/1 c0 h M CT Ul �
W 00) O w ,,7 � 11 O O h
1Ni1
T N h
Or- ^ ^ ^ ^
V O t� ,y r-a tiG r-+ t�
N N N
6F? '6%
M H (T O M f, a, h M
C:4 00 u"1 r-+ �o H 00 vl �' �.0
W ( M -Y' O h �D
:e--00
CIO H 0 O ✓1 � 00
� m t— N h u'1 00
O ^
r-� r-+ r-a r-1 rt
y} Ff}
ON 4,
p M M M
P 44
H D\ rT
Ln
Cn ul Ln �
00 co
W i h h h ul
G I oO
d
C) OO
U
O O
P,
W q
M
z>U
ozz
Z H H
a W rt
W Ow
0 C
c0 00 MM
0,oW � d
O M
m -�r c0 m 00
q .7 O N M N N CT M
1-3 ^ ^
r?W z z H u1 m M m M M M
r-� h +7 Cl) r1 1-1 t-
.0r,
1, 00 u1 u'1 10 00
w c11 O O M....... c`) N O
w Q. r-1 r-1 s-1
U)to
W _
U E W
�� E-+
Gz, acrl �
ow U w
c]H to U W q
> ii w
z oa W tx
H 0 to H fl.' (W� w Q
HWO actin wH P to to cn
W w w W W u:W H W W w W C7
d C O> H C7 C4 W to q nW a H H z
U U Hto (nW E+cn ? a H H H
W E W z CSE-+ Z z
DC7 act cam- d zEn U H w c�� �• a a ^PWxG
OH l< •�H �q 7x H�cl E-�0.� a a d
U 0C
OO z C� qHO HH Oto cn a a W
04
cn a H
FC'4 O,:C W : E� W W:L 6 C4 W 4 W W
W) CL H v7 to CL E-c: d H -:c C4 as �-. x H E H
op. �D v L o 0 14 o E 0 a
O N r,h 00 00 00 N
A �10 01 s N N 00 00 N 00 1n M 00 a
M 00 W^.7 O\ 00 /T M M
Zhu H
H 00 N H h N M Ln Ln M
PO O� H r`. D\H I- H H 1 r- �o ( , H N
M� 00 r 4 N O�CT N �7 H f, Lr)
v v
464
10 N O l:r .7 7.7 7 00 •7 14 r-
00
00 N ON N ON 00 N N 00 ON 1-4 00 �o
r,CYN nllO h r-I M N
00
H 03 ao�C H 1n W 00 H M �O
H h v"t ID 0
O M h r-1 M 1
O v v
U N
N N
.64 V
z rna H H a
O h a N N 10
H 00 O - rl U1 ll
F AI
a � � L
00
r w w (3,a CD a a
oo C)
H
H .. ,.
.)%v
a ^
M H O O O
W 00 00 00 DOC14 N 04 C14 .14i
p w O O O
C4 N C14 N
z
w
0 0 o o aa
oa a o a o
oa a a a o
1n a 1n 1n ern o
W rte.{ It 00 M M OOl �O
H r 1 v v
H P> iI3
U3O W A
2 z r-I rNi r-^ 1.0 Vo co �o
zH V) (D CP\ a
xQ t� 22H1 1 O N
W F .n
V) Lr) v
Q 05z
C:)
H Z
H H^ H H N +--4
W a 7 t 7 a a
xa FxAII! _
U H W 00 00 Ln h
z� U) a a a r- �o
(
C✓ U CY w Ln Ln t11 a
v v �✓ H
U)H
rq
oOo �rn 11 r- w rn o Cr, M
F h H u•1 O �7 H M h 1n Ir
a A
W Uti' M M lD ^�' a 0N0 L M
O x >P ( h h N It
H wv
O5 �4 r H rN-I(7 y N
it}
A Z 00
W F
F
Z H Q u U) v U
O m G LO G 2 W H
z
ZO 0014 �O 1 UO OA dA Q
H r ca)
� z z
°0a wa � � 000 cna
j a~a s4 > w w f a m U)m CA N
O Z rj. V-I w O V) U 0)
C)w G O= H cn to ccs>.Ss+ 11 tx. cn Z Cl)
U u m v m
z O Oa O H
>'
w aaIv ? a Hq :+ 1.7 z
E O � -4 03 O wP . � v 44
E- < C u G 0AH W"Z ? O
+
cn u WW1 N co d 0. O A� Z{ u � co
a > 14 Cl. W "x H x O w N
o W w a n sem, w m m v A C4 "dad aaz o w G+
C e W x a) Cl) V) v^ri �)w [=., W W H O H 0) Z Z G 44
rE 7 H 14 >4 H Z ti, G H e A x 14F a1 H H G O
H ) Cl. w as m w (1).,A - az w I) aXw
m ril x
u u u p„ u E3 41 UF-I< F uu UWx
O C) 7 CJ 10 C C 0 i,: r-lu 0 ,. r G c �. "C r,l n l m r.
i0ifte
Haskins+Sells
CONTRA COSTA COUNTY
1983 MORTGAGE REVENUE BOND FUND
Financial Statements for the Years
Ended June 30, 1988 and 1987, 1988
Supplemental Schedules and Independent
Auditors' Report
f � 4
' id" e
Haskins-,-Sells
44 Montgomery Stree;
San Franci=_co,California 94104-4602
(415)393-4300
Telex:340336
INDEPENDENT AUDITORS' REPORT
The Honorable Board of Supervisors
of Contra Costa County:
We have audited the accompanying balance sheets of the Contra
Costa County 1983 Mortgage Revenue Bond Fund (Fund) as of
June 30, 1988 and 1987 and the related statements of operations
and retained earnings and of changes in financial position for
the years then ended. These financial statements and the sup-
plemental schedules discussed below are the responsibility of
the Fund's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
As described in Note 1 to the financial statements, the accom-
panying financial statements present only the 1983 Mortgage
Revenue Bond Fund and are not intended to present the financial
position and results of operations of Contra Costa County.
In our opinion, such financial statements present fairly, in
all material respects, the financial position of the Fund at
June 30, 1988 and 1987 and the results of its operations and
the changes in its financial position for the years then ended
in conformity with generally accepted accounting principles.
I
i
- --
`
��.
Our I988 audit was made for the purpose of forming an opinion on the
basic 1988 financial statements taken as a whole. The supplemental
combining balance ubeet. June 30, I988. and combining statement of
operations and retained earnings for the year ended June 30. 1980
(supplemental schedules) are presented for yuzDooen of additional
analysis and are not a required part of the basic financial state-
ments. Such supplemental schedules have been subjected to the
auditing procedures applied in our audit of the basic financial
'
statements and, in our oDioioo, are fairly stated in all material
respects when considered in relation to the basic financial
statements taken as a whole.
October k. 1988
_
-
-
—
-- '
|
| '
!
/
i
|
!
! �
|
/
/
^
- - -
CONTRA COSTA COUNTY
1983 MORTGAGE
BALANCE SHEETS, JUNE 30, 1988 AND 125-7
1988 1987
AS -ET S
CASH AND INVESTMENTS (Note 4) $ 2,112,006 S 1,829,249
MORTGAGE LOANS RECEIVABLE (Note 5) 27,355,348 29,741,734
MATURED MORTGAGE LOANS AND RELATED
INTEREST RECEIVABLE 97,189 158,704
OTHER ASSETS 43,135 53,156
TOTAL 529,607,678 $31,782.853
LIABILITIES AND RETAINED EARNINGS
HOME MORTGAGE REVENUE BONDS
PAYABLE - Net (Note 6) $28,218,560 $30,267,500
INTEREST PAYABLE 220,863 237,578
OTHER LIABILITIES .2-288 -
TOTAL LIABILITIES 28,441,711 30,505,078
RETAINED EARNINGS __I__165 96Z 1-277
TOTAL $29,607,678 $31.782.353
See notes to financial statements.
CONTRA COSTA COUNTY
1983 MORTGAGE REVENUE BOND FUND
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30 1988 AND 1987
1988 1987
REVENUES:
Interest from mortgage loans $2,709,544 $3,018,112
Interest from investments 231,312 228,295
Total revenues 2,940,856 3,246,807
EXPENSES:
Interest 2,812,024 3,054,387
Administrative 104,105 109,291
Loss on bond prepayments 136,535
51.046
Total expenses 3,052,664 3,214,724
1
NET INCOME (LOSS) (111,808) 32,083
RETAINED EARNINGS:
Beginning of year 1,277,775 1,245,692
End of year $1,165,96751,277,775
See notes to financial statements.
^
- _
CONTRA COSTA COUNTY
19L3 MORTGAGE REVENUE BOND-FVND
STATEMENTS Or CHANGES IN FINANCIAL r0nzTIOm
FOR THE YEARS ENDED JLJNE.30- 1988 AND,.-1987
.1�UL 1987
SOURCES Or FUNDS:
Net income (loss) (111.808) 32,00
Add items not involving cash -
amortization of:
Bond discount and issuance costs 54.525 64.850
Loss on bond prepayments
Funds provided from operations /9.252 14/ .9/9
Collection of mortgage loans 2.386.386 2.201.368
Increase in other liabilities 2.288
Decrease in:
`
Matured mortgage loans and
interest receivable 61.515
Other uaoeto 1-0 031
Total sources of funds 2�5. 9L472 . 49^.37.
DGoS OF FUNDS:
Retirement of home mortgage revenue bonds 2.240.000 2.495.000
--
Increase in matured mortgage loans
and interest receivable 49.425
Decrease in interest payable 16.715 18.464
Increase in other assets 1_4 701
Total uses of funds _�2������ _-2 577.600
'-'
INCREASE (DECREASE) IN CASH AND
zmvE3zMoNTz 282.757 (22e.253)
'
CASH AND z»n/oozmEm7o:
Beginning of year 1_829.249 _2J257�502
End of year $2,112^016. ' QJ^��� 242
(
See notes to financial statements.
|
|
(
�
/
�
- � -
CONTRA COSTA COnmzr
1983 GAQEREVENUE BOND FUND
,
qQjaS_T0 FINANCIAL STATEMENTS
l. ENTITY
The Contra Costa County 1983 Mortgage Revenue Bond Fund (Food)
was established under the provisions of the California Health
and Safety Code and the indenture between Security Pacific Bank
(Trustee) and Contra Costa Ccmot? (Cnoot?) dated June I. 1983
(Indenture). The Fund is authorized to znone revenue bonds for
the purpose of financing home mortgages within the C000ty.
Under the terms of the Indenture, the Trustee uses the bond
proceeds to purchase investments and mortgage loans. The home
mortgage revenue bonds are secured by pledge of mortgage loans
and are repaid solely from loan repayments and other revenues
pledged under the Indenture. If the amount available in the
`
Fund is not sufficient to repay the bonds in foll, the princi-
pal and accrued interest will be paid to the bondholders in
accordance with the provisions of the Iodeotoze, primarily on a
pro rata basis without any discrimination or yrefezence, after
the payment of expenses necessary to protect the interest of the
bondholders.
--
The financial statements present only the 1983 Mortgage Revenue
Bond Fund and are not intended to present the financial posi-
tion and results of operations of Contra Costa County.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Acco�int:Lng, - The Fund uoro the accrual basis of
accounting. Revenues are recognized when they are earned
and expenses are recognized when they are incurred.
. Investments are stated at coot. The Trustee has entered into
investment agreements with First matiooal zznnt of 3t. Paul
(Investment Bank).
associated with the vale of the
bonds are recorded as a reduction to bonds payable and are
amortized over the term of the bond issue using v method which
!
approximates a level-yield.
�
' �
2 FUND DEFINITIONS
'
!
' *n provided in the zodcotnre, the following funds have been i
�
established by the Trustee: /
/
/
- � -
^
--
&evenue Fund - All revenues (except for developer commitment
fees and revenues to be deposited into the Nonmortgage Invest-
ment locmoe Fund) are deposited in this food.
Capital ReQerve
Monies used and withdrawn by the
Trustee solely for the purpose of (a) making oP any deficiency
in the Nonmortgage Investment Income rood` Interest Fund or
'
Principal Fund, and (b) paying fees and expenses of the County
(administrator) in each bond year not to exceed certain limits
outlined in the Indenture.
- All interest, profits and
other income derived from nonmortgage investments of all monies
in any fund or account established under the Indenture are to be
deposited into this fund.
Principal Fund - Monies are used and withdrawn solely for the
paying of the principal or the bonds.
Interest Fund - Monies are used and withdrawn solely for the
` paying of interest on the bonds. ,
Monies are used and -pitbdzawo for redeeming of
bonds at the next succeeding date of redemption.
4. CASH AND INVESTMENTS
--
Tbe Fund's deposits were entirely covered by federal depository
insurance or collateral held by the Trustee in the Fund's name,
The Indenture authorizes the Trustee to invest in interest-
bearing time and demand depooito, obligations of the U.S. Trea-
sury and U.S. ag000len, repurchase agreements and investment
agreements with the Investment Bank.
'
The Trustee has an agreement to invest bond proceeds and other
Fund revenues with the Investment Bank. These investments earn
interest at a fixed rate of 9.14% and are covered by collateral
held by the Investment Bank in the Fund's name.
f
As of June 30. investments were as follows:
(
|
Interest .
/ ��z: 1.988l�8Z
`
Certificates of deposit 9.I4Z SI.942.423 $1.471.223
FoLMC repurchase agree-
ment 5�29 60,080
'
Cash and equivalents 169^58I _298.0l9
' Total a2_1 1 2^C16 JJ�J�29L^�14I |
/
- 7 -
t�
i
5. MORTGAGE LOANS RECEIVABLE
Mortgage loans receivable are secured by first deeds" of trust
on the related residences, have thirty-year terms and bear
interest at 9.5%.
i1
6. HOME MORTGAGE REVENUE BONDS PAYABLE
i
A summary of the maturity dates and interest rates as of
June 30, 1988 for the 1983 Home Mortgage Revenue Bonds follows:
Fiscal Year Bond Interest
Ending June 30 Tap
e Rates Principal
r
1989 Serial 7.75 $ 275,000
1990 Serial 8.0 300,000
1991 Serial 8.25 325,000
1992 Serial 8.5 350,000
1993 Serial 8.6 380,000
1994-1995 Serial 8.7 - 8.8 865,000
2001 Term 9.125 3,750,000
2015 Term 9.25 22,680,000
Total 28,925,000
Less bond discount and issuance costs,
net of accumulated amortization _(706,440)
Total $28,218,560
The effective interest rate on the-'bonds is 9.48%. Bond inter-
est is payable semiannually on June 1 and December 1. Bonds are
subject to redemption prior to maturity, from amounts in the
Redemption Fund on any interest payment date without premium.
The bonds maturing on June 1, 2015 are subject to mandatory
redemption without premium, prior to maturity, out of revenues
deposited in a mandatory sinking account.
The Indenture provides for semiannual deposits into a manda-
tory sinking fund ranging from $305,000 commencing in 1995 to
$495,000 in 2001 for the 2001 term bonds and ranging from
$515,000 commencing in 2001 to $1,745,000 in 2015 for the 2015
term bonds. The installments are subject to reduction due to
prior redemptions.
The Fund retired $1,965,000 and $2,230,000 of the bonds prior to
scheduled maturity in 1988 and 1987, respectively.
:c
t:. ,�,•�tq`.vy't2+yr8� �£v� �sr,i#, ,� '"' S3<^'.c mr� �����
` ..
h
N h
a N h d h
4J N � N LA
VY
t`-
H � i
O �
i
M
H L-.
a,
O
N
N
a�z
a �^
N
9� N
mS "•W �. � O O
o D. ba
m m rn r--
L
" 1. F'•W ,.'�L-`. J 3 .-k#" �r. W I:7 +.+7 H ;
v� 1G � � t�aww N'v ;i r •� � :r
C4
!W .i?�,O SO�ti N MM 1 N V1
RST) S nbul M MM M S
w
R •S^-�n NOM O h+l� O h ,D
U� N N hh v
iR
OO O h h
rn H I! SC 7 S O S
i
-0
p4 Orn-64
M S
W N
F rn rn H H h �
W N S S N !^^ In W
W W GS!
1 R
2,
x H N N N ^
W
6 O O
W W O
O C
H Qj O
x zwk 00 1
w O F N N
Z
HN
Q CD E-F
lio F��
41
Th,> F W O N N N n v <V N
14 .Zrr
W
x¢ -
a,
Z 0 a Qy a5 N S
¢u Hxca�
a'L UCG W A
FF m
os lyi w ,-+•-� t .non .^.
F� �
a L c0
G W�
H ^
Q 2 p
F
Z F M u r+
O V7 i h 41 N H
R i'1 w C U x C
• c.�: at ar r O w
w �� cue rJ �• cn I
W N (ia W C4 N v
14 N
2 V1 W
v c.lw y N aur .
n c� H <c o m ,a
C :W la Vi w L W In u1 G G U IL u U W•.+
{•.M G., W J y C (:I J'N In N 4: CJ .T•.I
Ur• v.i.. ._. ..t- WH ;.-7F ^. HHOH ,.. 140 :a
iy
Deloitte
HaskinsAells
CONTRA COSTA COUNTY
1984 MORTGAGE REVENUE BOND FUND
Financial Statements for the Years
Ended June 30, 1988 and 1987 , 1988
Supplemental Schedules and Independent
Auditors ' Report
Deloitte
Haskin"ells
44 Montgomery Street
San Francisco, California 94104-4602
(415) 393-4300
Telex: 340336
INDEPENDENT AUDITORS ' REPORT
The Honorable Board of Supervisors
of Contra Costa County:
We have audited the accompanying balance sheets of the Contra
Costa County 1984 Mortgage Revenue Bond Fund (Fund) as of
June 30 , 1988 and 1987 and the related statements of opera-
tions and retained earnings and of changes in financial posi-
tion for the years then ended . These financial statements and
the supplemental schedules discussed below are the responsi-
bility of the Fund ' s management . Our responsibility is to
express an opinion on these financial statements based on our
audits . V
We conducted our audits in accordance with generally accepted
auditing standards . Those standards require that we plan
and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material mis-
statement . An audit includes examining , on a test basis , evi-
dence supporting the amounts and disclosures in the financial
statements . An audit also includes assessing the accounting
principles used and significant estimates made by management ,
as well as evaluating the overall financial statement presen-
tation. We believe that our audits provide a reasonable basis
for our opinion.
As described in Note 1 to the financial statements , the accom-
panying financial statements present only the 1984 Mortgage
Revenue Bond Fund and are not intended to present the finan-
cial position and results of operations of Contra Costa County .
In our opinion, such financial statements present fairly', in
all material respects , the financial position of the Fund at
June 30 , 1988 and 1987 and the results of its operations and
the changes in its financial position for the years then ended
in conformity with generally accepted accounting principles .
i Our 1988 audit was made for the purpose of forming an opinion
j on the basic 1988 financial statements taken as a whole . The
supplemental combining balance sheet , June 30 , 1988 , and
c combining statement of operations and retained earnings for
the year ended June 30 , 1988 (supplemental schedules ) are
presented for purposes of additional analysis and are not a
i
|
- 3 -
CONTRA COSTA COUNTY
1984 MORTGAGE REVENUE BOND FUND
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30 , 1988 AND 1987
1988 1987
REVENUES :
Interest from mortgage loans $3 , 323 , 149 $3 , 627 , 185
Interest from investments 1 , 011 , 618 3 , 116 , 303
Developer commitment fees (Note 7) 535 , 383
Total revenues 4, 870 , 150 6 , 743 , 488
EXPENSES :
Interest 3 , 914, 428 6 , 011 , 876
Insurance and administrative 403 , 438 418, 956
Total expenses 4J17 , 866 6 ,430 ,832
INCOME BEFORE EXTRAORDINARY LOSS ON
EARLY RETIREMENT OF BONDS 552 , 284 312 , 656
EXTRAORDINARY LOSS ON EARLY RETIREMENT
OF BONDS (Note 6) (798, 049) -
NET INCOME (LOSS) (245 , 765) 312 , 656
RETAINED EARNINGS :
Beginning of year 2 , 129 , 129 1 , 816 , 473
End of year $1 , 883 , 364 $2 , 129 ,129
See notes to financial statements .
- . 4
t
CONTRA COSTA COUNTY
1984 MORTGAGE REVENUE BOND FUND
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED JUNE 30 , 1988 AND 1987
1988 1987
SOURCES OF FUNDS :
Income before extraordinary loss on
early retirement of bonds $ 552 , 284 $ 312 , 656
Add (subtract) items not involving
cash - amortization of :
Bond discount and issuance costs 57 , 650 101 , 448
Mortgage loan discounts (62 , 164) (61 , 921)
Funds provided from operations 547 , 770 352 , 183
Collection of mortgage loans 3 , 455 , 705 2 , 476 , 545
Decrease in:
Interest receivable 875 , 440 46 , 237
Prepaid bond insurance 38 , 223
Matured mortgage loans and
interest receivable 354, 821
Increase in:
Interest payable 422 , 382 1 , 195 , 427
Other liabilities 55 , 208
Total sources of funds 5 , 749 , 549 4, 070 , 392
USES OF FUNDS :
Retirement of home mortgage revenue
bonds 30 , 070 , 000
Purchase of mortgage loans 1 , 180 , 605
Decrease in other liabilities 300 , 789
Other 50 , 403
Total uses of funds 30 , 070 , 000 1 , 531 , 797
INCREASE (DECREASE) IN CASH AND
INVESTMENTS (24, 320 , 451) 2 , 538 , 595
CASH AND INVESTMENTS :
Beginning of year 30 , 529 , 102 27 , 990 , 5-07
End of year $ 6 , 208 , 651 $30 , 529 , 102
See notes to financial statements .
5 -
CONTRA COSTA COUNTY
1984 MORTGAGE REVENUE BOND FUND
NOTES TO FINANCIAL STATEMENTS
1 . ENTITY
The Contra Costa County 1984 Mortgage Revenue Bond Fund (Fund)
was established under the provisions of the California Health
and Safety Code and the indenture between Manufacturers Hanover
Trust Company of California (Trustee) and Contra Costa County
(County) dated August 1 , 1984 (Indenture) . The Fund is autho-
rized to issue revenue bonds for the purpose of financing home
mortgages within the County.
Under the terms of the Indenture , the Trustee uses the bond
proceeds to purchase investments and mortgage loans . The home
mortgage revenue bonds are secured by a pledge of mortgage
loans and are repaid solely from loan repayments and other
revenues pledged under the Indenture . In addition, the bonds
are covered by a Municipal Bond Insurance Policy which uncondi-
tionally guarantees the timely payment of principal and inter-
est on the bonds .
The financial statements present only the 1984 Mortgage Revenue
Bond Fund and are not intended to present the financial posi-
tion and results of operations of Contra Costa County.
2 . SIGNIFICANT ACCOUNTING POLICIES
Basis of Accoun in - The Fund uses the accrual basis of
accounting . Revenues are recognized when they are earned and
expenses are recognized when they are incurred .
Investments are stated at cost . The Trustee has entered into
investment agreements with Chemical Bank (Investment Bank) .
Mortgage loan discounts associated with the acquisition of
new home mortgage loans through developers are recorded as a
reduction to mortgage loans receivable and amortized over the
estimated life of the loan by a method which approximates a
level-yield .
Bond discount and issuance costs associated with sale of the
bonds are recorded as a reduction to bonds payable and are
a amortized over the term of the bond issue by use of a method
which approximates a level-yield .
3 . FUND DEFINITIONS
As provided in the Indenture , the following funds have been
established by the Trustee :
i - 6 -
I
f .
L
Program Fund - Monies are used and withdrawn solely for (a) the
acquisition of home mortgages , (b) payment of costs of issuance
of the bonds , and (c) transfers to the Redemption Fund .
Pro p,ram .Expense Fund - Monies are used and withdrawn solely for
payment of administrative expenses .
Revenue Fund - All revenues (except for developer commitment
fees , revenues to be deposited in the Nonmortgage Investment
Income Fund , and home mortgage principal prepayments) are depo-
sited in this fund .
Capital Reserve Fund - Monies are used and withdrawn by the
Trustee solely for the purpose of (a) making up any deficiency
in the Nonmortgage Investment Income Fund , Interest Fund or
Principal Fund and (b) paying fees and expenses of the County
(administrator) in each b6nd year not to exceed certain limits
outlined in the Indenture .
Nonmortgage Investment Income Fund - All interest , profits and
other income derived from nonmortgage investments of all monies
in any fund or account established under the Indenture are to
be deposited into this fund .
Principal Fund - Monies are used and withdrawn solely for pay-
ing of the principal of the bonds .
Interest Fund - Monies are used and withdrawn solely for the
paying of interest on the bonds .
Redemption Fund - Monies are used and withdrawn for redeeming
of bonds at the next succeeding date of redemption.
Debt Service Reserve Fund and Supplemental Reserve Account, -
Monies are used and withdrawn for the purpose of making up any
deficiency in the Nonmortgage Investment Income Fund , Interest
Fund and Principal Fund .
4. CASH AND INVESTMENTS
The Fund ' s deposits were entirely covered by federal depository
insurance or collateral held by the Trustee in the Fund ' s name .
The Indenture authorizes the Trustee to invest in interest-
bearing time and demand deposits , obligations of the U. S . Trea-
sury and U. S . agencies , repurchase agreements and investment
agreements with the Investment Bank.
The Trustee has an agreement to invest the bond proceeds and
other Fund revenues with the Investment Bank. These invest-
ments earn interest at a fixed rate of 10 . 58% and are not
collateralized .
7
As of June 30 , cash and investments were as follows :
Interest
Rates 1988 1987
Deposit with Investment Bank 10 . 58% $5 , 452 , 110 $30 , 375 , 169.
Cash and equivalents 756 , 541 153 ,933
Total cash and investments $6 , 208 , 651 $20 , 529 , 102
5 . MORTGAGE LOANS RECEIVABLE
The mortgage loans receivable are secured by first deeds of
trust on the related residences , have thirty-year terms and bear
interest at 10 . 9%.
Home mortgages allocated to developers for new homes have been
acquired at 97 . 75% of their principal amounts . All other home
mortgages have been acquired at 100% of their principal amounts .
The discount , net of accumulated amortization, was $538 , 393 and
$600 , 556 at June 30 , 1988 and 1987 , respectively.
6 . HOME MORTGAGE REVENUE BONDS PAYABLE
A summary of the maturity dates and interest rates as of
June 30, 1988 for the 1984 Home Mortgage Revenue Bonds follows :,
Fiscal Year Interest
Ending June 30 Bond Type Rates Princil)al
1989 Serial 8 . 00% $ 220 , 000
1990 Serial 8 . 25 295 , 000
1991 Serial 8 . 50 400 , 000
1992 Serial 8 . 75 475 , 000
1993 Serial 9 . 00, 535 , 000
1994 - 1997 Serial 9 . 20 - 9 . 80 3 , 725 , 000
2001 Term 10 . 25 13 , 640 , 000
2018 Municipal
Multiplier 11 . 50 8 , 202 . 609
Total 27 , 492 , 609
Less bond discount and issuance costs , net of
accumulated amortization (679 , 160)
Total J26 , 813 . 449
The effective interest rate on the bonds is 10 . 7%. Bond interest
on the serial and term bonds is payable semiannually on March 1
and September 1 . The Municipal Multiplier Bonds bear interest
at a rate of 11 . 5%; interest is compounded semiannually each
March 1 and September 1 and is payable at maturity or redemp-
tion. Accrued interest payable on the Municipal Multiplier
Bonds was $4 , 434, 175 and $3 , 097 ,322 at June 30 , 1988 and 1987 ,
respectively.
8
.-1 O M N C! u"J N N CT N N
J W H H r, O (`J O O of I- O
H N I �T M V c0 v O t, N H O rn O
w al H N V I
;F: H ul 1l V O c0 O ID c0
U O O H O N N
M M ID ID
414 iH
H c0 f-1 N m a, h M n V .--1
Q u) 1" co .-I N V O M co �D
W �D 1/1 aD V O
z W
co W ao a, M ID n M V oD V M n
w D\ O lD a, Ln Ln H 1, W t\ W /1
O I
0 H N M H N O O ai W c9
MID Ln H r-1 M
N M N M M
iA {p
a
FW F rn rn rn
WW o
W [En U a, rn
a W' C m M In M
a Jn +a
La5
oQ> W v v v v
M M M M
z N O N N N
O V In ol m rn
F q M u-) Jb O O
W zI sm a,
m rn m
A
I C) ID
O H O O O
H V) Iri
�J
H ..
O 1 O O O 1
M z
z i9
O
O O
O
z O O
a o •
W HI O O O
o O
c') M
(zW£z� (z] � cI41 0 0
F F H O A I W V 1c,
O O N N
A Pi v7 U O V M f� n H
z W H w N H V V co
w O H +.9
z z
Ua W O ca coil
> F W Z) N w Io N N N
F W (Wn W N-1 Ln .
UiA
In W
O V r" 14 M D` u1 V c0 N
O AIn
x z Z( r-1 ol I/1 ID D O 'D 'D ....
H w a O ID 1, V H H M H V
H >�z7 L+. V M co co co O co
r-1 1� !D N GO
co N N N
� iA fA
H
rn o
Icc--o
0 0 co Jb
� iA
h
H 6
cn UOcn w'
q W
U
W
I
A F
O P7 a A H
w w � U
U C V] W H
[W� W
H W H z UC r7 H Hz A
;C > w 14 W H d v ) H W^r I v) v) u)
v v m m d U H H V) W a pq 14 F H H
W W zz ufs7 W H 6 p W w
(sU(a.�� q W C �. 6 H 14
H
V) F H a O F f>;' O v) W V) U 6 W w w
U C4W C7 w �U) H w C H C7 F 4. d 6
a (.� q w' w rrC�) c4 H H O vn v) a
F a W
6 6 W[HW� yW 6x HpZ,, £ Q o; P4 H
N 2 W WW F ,F�-.)!i w
C O H 2 J� O p H W w
p. N
•• '� � OO f\ �M ✓1 N N �l u'1 f� N
' W M H V W m CO �D ✓1 1/l �D �D �I r-i
o
^ Cl) H co O N n CD N N
10 ol
N M -1
V .-1 H H O O I In N I
•'.'- 0 .-i .-1 •D I� O V V M vl✓1 M M W H
-, u O M M
H H
O m M O 00 co 10 V 00 W V m 1/1 m V
q H V 00 1) N M•O W r-1 H OO V 10 N �
Z co O N O C N O n H M
H co O V M 1: N V V N co Ln m M
b m H N M I- .-1 O H •/1 M M 1 1n O, co
M 11 W m V M ✓1 ri oD
U H M V M V !O 10 v N
a iN
Q
H m m
a ] 0 D
W W O m
{L{yny Uco
•-{
a 0. 1.9
c
W W O •D
qW Wwl M M
H H
1rA
O co
O N N N V N
r O oo W W n
I"1 H O c 00 N n W
Hj q
•:. O OO ul a a, m
P N N v N
F co co rl o0 lo lo cn Ln
m m co oo N O
PW4 !O ID V V N N N
E-1 wl w c oo
v v v llo
H M M M M M V
ifl
O O O O O
h 6 00 0 O O O
H q O O O O O O O O O O
H U zI O O
co
cn iY
M W N N
W
OO O co O 1/l v1 vl !rl r-I
q F £ !]
lo .O O O �O W oo H N
W W F O z I H H I�t` H i-1 1D lD co
[� O Vl U O H H .7 d .O M M
W z W,, H w O O m �D.D •D �D O M
0 cD 0 0 00 coil
Ln h
H ad q CO cl00 W H N
H RHi wW �4 N N N N o0
Ln
N O U PG w 1 d v v O
H fn
m M N O O N M H N V m Vl 1l co
H 7W M In v1 co OmH as -t 10
O W r-1 M Ill ll !O co V V m %
'n O
H O
q z z M✓1 Co M M m O c0 lo
W q W O N M Ln u'f vl O V I,•D t\ m t\ M
M In co co m o0 O a0 1� O O
6 HcY.M M M r-1 N m N N O N
OiA cn
6 W (n q M M
H M M H .7
N F O 0.i O 1D ID M cn
O a+ w w M M M V V H M-1 N 10
H i!J v
H
O
1D N n 1\ n n
aO w £ q M H W o0 O o0
H
z I n 1D co o0 oo co
Ln oo C14 clj C14 (N O 0 a C].. !rl C O O c O 1
q z W El oo P� N O O O O
z7 m iA N
5 H
w w m v
H C n
q 6 O N M q
z F M UJ O N JJ JJ z
O cn u H N co cn 4J O
GJ W C U1 H 0
w z 5 a avow o !na 1 0 �
>• ti m bo C cl p:(a�>• VI vJ CC N O O
� z Z
F w H q N J-1 41 •rl O W W, N O O F VJ O
z > mw > u a a wvla¢ w v w .az cnan cn p
o o` •.C1 a •moi ro w .zq1 vi G w
¢ O .0 W 0 0 0 7 q N cnHO
cFi] U H W W U W co N OM q N HH CFy Q z O F,
O F z En .. N > •• w v
�l F Ll •o w' W H iF1 00 N
U c4 w (n u u w O! v) J-1 U Y.R. W x z G O O q U C >.
N Hw q H 6 W C O
u > u W JaJ h N oU H H u J�J UO W W N y' F H Q To 'O
a x
OU N O W G C N O iG G C O z ;� G 7 C 2X w w C
P4 H H g F W H H F H H •-I O H H w z CJ W
el®itte
Haskins+Sefls
CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
Financial Statements for the Years Ended
June 30, 1988 and 1987 , 1988 Supplemental
Schedules and Independent Auditors ' Report
for purposes of additional analysis and are not a required part of
the basic financial statements . Such supplemental schedules have
been subjected to the auditing procedures applied in our audit of
the basic financial statements and , in our opinion, are fairly
stated in all material respects when considered in relation to the
basic financial statements taken as a whole .
-Azti�&
October 6 , 1988
- 2 -
CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
BALANCE SHEETS , JUNE 30 , 1988 AND 1987
1988 1987
ASSETS
CASH AND INVESTMENTS (Note 4) $ 900 , 615 $47 , 054 , 748
MORTGAGE LOANS RECEIVABLE - Net
(Note 5) 13 , 751 , 161 13 , 012 , 799
MATURED MORTGAGE LOANS AND
RELATED INTEREST RECEIVABLE 64, 446 99 , 009
OTHER ASSETS 60 . 587 242 , 891
TOTAL 114, 776 , 809 160 , 409 , 447
LIABILITIES AND RETAINED EARNINGS
HOME MORTGAGE REVENUE BONDS
PAYABLE - Net (Note 6) $13 , 362 , 768 $56 , 485 , 235
INTEREST PAYABLE 737 , 991 2 , 084, 358
DEFERRED DEVELOPER COMMITMENT
FEES (Note 7) 584, 533
OTHER LIABILITIES 31 , 793 3 , 833
TOTAL LIABILITIES 14, 132 , 552 59 , 157 , 959
RETAINED EARNINGS 644,257 - 1 , 251 , 488
TOTAL $14, 7-76 , 809 160 , 409 , 447
See notes to financial statements .
1
I
- 3 -
CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30 , 1988 AND 1987
1988 1987
REVENUES :
Interest from investments $1 , 589 , 547 $4, 245 , 249
Interest from mortgage loans 1 , 399 , 978 1 , 251 , 314
Amortization of deferred
developer commitment fees
(Note 1) 584, 533 813 , 252
Developer commitment fees
(Note 7) 298 , 540 57 , 678
Total revenues 3 . 872 , 598 6 , 367 , 493
EXPENSES :
Interest 2 , 788 , 851 5 , 445 , 531
Insurance and administrative 323 , 542 290 , 291
Total expenses 3 , 112 , 393 5 , 735 , 822
INCOME BEFORE EXTRAORDINARY LOSS
ON EARLY RETIREMENT OF BONDS 760 , 205 631 , 671
EXTRAORDINARY LOSS ON EARLY
RETIREMENT OF BONDS (Note 6) 1 , 367 , 436 -
NET INCOME (LOSS) (607 , 231) 631 , 671
RETAINED EARNINGS :
Beginning of year 1 , 251 , 488 619 , 817
End of year J--- 644. 2_57 $1 , 251 , 488
See notes to financial statements .
4 -
I
i
CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
s
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED JUNE 30 , 1988 AND 1987
s
1988 1987
SOURCES OF FUNDS : -
Income before extraordinary loss
on early retirement of bonds $ 760 , 205 $ 631 , 671
Add (subtract) items not involving
cash - amortization of :
Bond discount and issuance costs 71 , 442 58 , 976
Deferred developer commitment fees (584, 533) (813 , 252)
Mortgage loan discounts (15 , 586) (13 , 640)
Funds provided from operations 231 , 528 (136 , 245 )
Increase in interest payable 736 , 725
Decrease in interest payable 182 ,304
Collection of mortgage loans 714, 661 181 , 768
Other 69 , 745 33 , 042
Total sources of funds 1 , 198 , 238 815 , 290
USES OF FUNDS :
Purchase of mortgage loans 1 , 444, 659 2 , 373 , 950
Retirement of home mortgage revenue
bonds 44, 561 , 345 700 , 000
Payment of interest on municipal
multiplier bonds 1 , 118 ,201
Increase in other assets 85 , 558
Decrease in interest payable 228 , 166
Total uses of funds 47 . 352 , 371 3 , 159 , 508
DECREASE IN CASH AND INVESTMENTS (46 , 154, 133) (2 , 344, 218)
CASH AND INVESTMENTS :
Beginning of year 47 , 054, 748 49 , 398 , 966
End of year $ 900 , 615 147 , 054, 748
See notes to financial statements .
I
5 -
CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
NOTES TO FINANCIAL STATEMENTS
1 . ENTITY
The Contra Costa County 1985 Mortgage Revenue Bond Fund (Fund)
was established under the provisions of the California Health
and Safety Code and the indenture between First Interstate Bank
of California (Trustee) and Contra Costa County (County) dated
April 1 , 1985 (Indenture) . The Fund is authorized to issue
revenue bonds for the purpose of financing home mortgages within
the County.
Under the terms of the Indenture , the Trustee uses the bond
proceeds to purchase investments and mortgage loans . The home
mortgage revenue bonds are secured by a pledge of mortgage loans
and are repaid solely from loan repayments and other revenues
pledged under the Indenture . In addition, the bonds are covered
by a Municipal Bond Insurance Policy which unconditionally
guarantees the payment of that portion of the principal and
interest on the bonds which have become due for payment .
The financial statements present only the 1985 Mortgage Revenue
Bond Fund and are not intended to present the financial position
and results of operations of Contra Costa County.
2 . SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounti" - The Fund- uses the accrual basis of
accounting . Revenues are recognized when they are earned and
expenses are recognized when they are incurred .
Investments are stated at cost . The Trustee has entered into
investment agreements with' Zions First National Bank (Investment
Bank) .
Bond discount and issuance costs associated with the sale of
the bonds are recorded as a reduction to bonds payable and are
amortized over the term of the bond issue by use of a method
which approximates a level-yield .
Mortgage loan discounts , associated with the acquisition of new
home mortgage loans through developers , are recorded as a
reduction to mortgage loans receivable and amortized over the
estimated life of the loan by a method with approximates a
level-yield .
Deferred developer commitment fees are amortized on a
straight-line basis over the three-year commitment period .
6
ra
3 . FUND DEFINITIONS
As provided in the Indenture , the following funds have been
established by the Trustee :
Program Fund - Monies are used and withdrawn solely for (a) the
acquisition of home mortgages , (b) payment of costs of issuance
of the bonds , -and (c) transfers to the Redemption Fund .
Program Expense Fund - Monies are used and withdrawn solely for
payment of administrative expenses .
Revenue Fund - All revenues (except for developer commitment
fees , revenues to be deposited into the Nonmortgage Investment
Income Fund and home mortgage principal prepayments) are
deposited in this fund .
Capital Reserve Fund - Monies are used and withdrawn by the
Trustee solely for the purpose of (a) making up any deficiency
in the Nonmortgage Investment Income Fund , Interest Fund or
Principal Fund and (b) paying fees and expenses of the County
(administrator) in each bond year not to exceed certain limits
outlined in the Indenture .
Nonmortgage Investment Income Fund - All interest , profits and
other income derived from nonmortgage investments of all monies
in any fund or account established under the Indenture are to be
deposited into this fund .
Principal Fund - Monies are used and withdrawn solely for the
paying of the principal of the bonds .
Interest Fund - Monies are used and withdrawn solely for the
paying of interest on the bonds .
Redemption Fund - Monies are used and withdrawn for redeeming of
bonds at the next succeeding date of redemption.
4. CASH AND INVESTMENTS
The Fund ' s deposits were entirely covered by federal depository
insurance or collateral held by the Trustee in the Fund ' s name .
The Indenture authorizes the Trustee to invest in interest-
bearing time and demand deposits , obligations of the U. S .
Treasury and U. S . agencies , repurchase agreements and investment
a
agreements with the Investment Bank.
The Trustee has an agreement to invest the bond proceeds and
other Fund revenues with the Investment Bank. These investments
earn interest at fixed rates in accordance with the investment
agreement and are collateralized by certificates of deposit held
a in the Trustee ' s name .
( - 7 -
As of June 30 , cash and investments were as follows :
Interest
Rates 1988 1987
Certificates of deposit 8 . 00% $441 , 400 $ 163 , 169
Certificates of deposit 8 . 95 45 ,202 , 625
Certificates of deposit 9 . 52 293 , 312 1 ,397 , 599
Federal Farm Credit
bank note 7 . 05 64, 959
Cash and equivalents 100 , 944 291 , 355
Total $900 , 615 J47 , O54 , 748
5 . MORTGAGE LOANS RECEIVABLE
Mortgage loans receivable are secured by first deeds of trust on
the related residences , have thirty-year terms and bear interest
at 10 . 15%.
Home mortgages allocated to developers who have paid a 2% cash
commitment fee have been acquired at 96 . 5% of their principal
amounts . Home mortgages allocated to developers who have paid
a 4. 5% cash commitment fee have been acquired at 100% of their
principal amounts . The discount on the home mortgages is
amortized over the estimated life of the loans by a method that
approximates level-yield . The discount , net of accumulated
amortization, was $148 , 005 and $156 , 368 at June 30 , 1988 and
1987 , respectively.
6 . HOME MORTGAGE REVENUE BONDS PAYABLE
A summary of the maturity dates and interest rates as of
June 30 , 1988 for the 1985 Home Mortgage Revenue Bonds follows :
Fiscal Year Interest
Ending June 30 Bond Type Rates Principal
1989 Serial 6 . 50% $ 135 , 000
1990 Serial 7 . 00 205 , 000
1991 Serial 7 . 25 395 , 000
1992 Serial 7 . 50 - 7 . 75 645 , 000
1993 Serial 7 . 75 - 8 . 00 525 , 000
1994-1996 Serial 8 . 00 - 8 . 50 1 , 515 , 000
1997-2001 Municipal
Multiplier 9 . 40 - 9 . 75 997 , 461
2004 Term 8 . 875 1 , 030 , 000
2010 Term 9 . 25 7 , 715 , 000
2018 Municipal
Multiplier 10 . 625 575 , 976
Total 13 , 738 , 437
Less bond discount and issuance costs ,
net of accumulated amortization (375 , 669)
Total 113 ,362 ,768
8
_ 9 _
co s O, .-1 h 11) 00 (n M O, 00 t�
T 01 O rn T M +n M M U1 00 T
(A r•. h 00 T N M �n o0 Oi T T O
H co VI m T O oo o0 oo ✓) n O 1
O
U T Io ✓) Ln lO
#? 119 fF} 44
N H lo haN 00 ri M N h al
W O to of O, 11) In O
w to T 1) W h CT h ✓1 N W
H Oo N T �o
CT h h M h M H to h
O
U M T M T T
ir4 i.4
z
O
O"o
i.64 4A, �I
A
W
�o
r+ W A rn rn o+
O H w ' Cl) M M 1
M
W
z
a
a Ln
w H A� Ll
z «S m o0
V5 H W
¢ cG 44 is
a
a
¢ w A
Oo v1 M M
H£ O� Co 00 Cp
A CHf ^
w O u7 rn
H ,'7.>O V} h h h
N3
w Ozz
O
U
> Q> rpt
H HCYiA ^
Oo oo lo In
i
U T W u"1 T
Ln o
x
> I i w Lr) ID ID 11 oho h N
3 T h N M M oo N
�iw
oo i N N 'A T
rn +.4 +
H
u.7 T w O ul ul u1 O
O SJR W M O h h N
M U S Cl Iy T h N .......... Cn O� N N
�C. In
0.4 X� �-i Oh CO
a a
w � �
x ��I
A a
�a w
w z
A
W
J�z 7 F
E> J a) CL'U WU7 w U U
5w z wa H c w
ow w w W 0
ox o H o Aw w a OW H H z
v O M W ¢H w a oa aw H F H
w W z ow A ww ¢ W H H
cn ca¢ > > a a w
cnc� H H 1-aw ow w wcn c�¢ a AW c
OU A W SFr-' w H7 FW'M F A£H H
O z C7 H A H ¢ H H O V) v] W1 r7 k7 w
.--7 F r4 a H Z wat n.,t. c4 C p
F,1) W W) x F W W 6 CGWX co
w uw+OU
00oo+ 5 [i� 6U Ox H O O
U.-+ O 6 U O H ,-1 x H G O F [ F.
,--+ r
,[o , H
lo
Cy t n h ,�
r � N � .Q Q•O-• ` -cCIj C14
N M N
L
H.A Cn tip 1 ~
W v'+ �' N +II N
N h M M 0 ID W r l
h W M O N --I
O o 13 O M cn M o0
.,7 r M�Y' � N N O rn N 14,
N
O " Cy
rfT Jy �7 cC N �p00 'n .7�7 yo yC Q vl i
H� 'o" 'J� r M r MM `o
'n N
00
M to h h
M 7 00 0o co
O o0 N N N
Cly O,
FCG Cys
N N
wL7. � t/•1✓'1
w Cl zhOy 'o h 1� Co
h M M M
yo to
W -4 yo Oo In
r1 M O h
F W h h O
H
iA
tia „7 O vyDi O
U oro O
HIrloo N N
N M v v
w 4�1
W r� ...4 .-, ..
`n Irw o o a m
w ��w v,
1 oo M * 'T N h
w W O L N oo N N
Qoms�' d z r-i ri N e-i N r 4
o
w�
a'CN h 114 O M
(T N N N M O
fW„ y hN h
O
CLM FCIQ oo c:) ri H I7
Lr)91.u) M cn M t
h ao (}
L r; � N CO 0 0 r 1 N
H q ^ ^
W o0 0o oo D N O y0
p r O r- Cy 7'N H M h H
lo
w W z q al a, v1 lO W M y0 u'1 C� oo
Z W W E M Oo
HW .6
CWG F v
•£y W N N N 1�
Z.O W Q I N N C N O N
d�H F v
F O ^ ^ ^
�F Ino M Cl)ol C1�Y'� ON �
Q ££ Lf),r 1 ID M oo oo M oo
O 2 cNc77.CGI d w IO D lz N 7 ^ ul Irl �n
co
a V)N N m do a 17 -1
h IT M M M
Z H wv w u
O v1 u •p W of c
vi N
to G of 41 V7 G
zo e 000N cw En� 1 (c7 zw
H U 1J w W of u W>y !n V)
In
p:�5{{:�77 O O w ro
Hw r7Jix NUNuv00£ toF O
> S,'q•.+ E W to d W N W.-7 t+7 cn z v .. v� •.�
G O E u v w z w w w w o[a7 u rn co N
o a t •.-1 E W E•� > W 6'H VI to M l H r-Z£ a tr} r v
0 ca o a q v a m aq G F w z o N a
W co E e u p v ro u v .-.F gw w -��w >4 c� a 7y ro
co a O G 0 7 G w w (r) O m;41" 4-1 O
CON u
E ¢ da, w t o w u G G v)CG f nH <CF v 6 o
w w•,A v v u v O o >+M z
p •• u a p > •• v m a. v�E-. Q 13v 9
cn u u "1 0 O cr u •�+ k W O Z Q O CG H G a
xc G
'za a c Q x>.cn v wH•+
N•f1 N O ih v w•- w G. w t4 O —
P u >,-+.-a Z i� N E H F Q R4 S. £H Q ',�'. H H H G O
v N v v ro w v aro w ozz w v or•mow 4G Q �w•�
z o z 9uuo'O >u o.0 w wu vH6 F uu ca 00 H con F Fwoo v
O Cy 5 Z W G C E v 0 >C G G O 7 Z G 7 GZ }C (+7 W CG N G
U I-+ V]'� C F H•G; O F W H H F H H N O H ,-+ W T w'`•-w W
.. _ WOMB
HaskinvSells
CONTRA COSTA COUNTY
1987 MORTGAGE REVENUE BOND FUND
Financial Statements and Supplemental
Schedules for the Period from August 1 , 1987
(Inception) to June 30 , 1988 and Independent
Auditors ' Report
insDelocitte
HaskAells
44 Montgomery Street
San Francisco, California 94104-4602
(415) 393-4300
Telex: 340336
INDEPENDENT AUDITORS ' REPORT
The Honorable Board of Supervisors
of Contra Costa County:
We have audited the accompanying balance sheet of the Contra
Costa County 1987 Mortgage Revenue Bond Fund (Fund) as of
June 30 , 1988 and the related statements of operations and
accumulated deficit and of changes in financial position for
the period from August 1 , 1987 (inception) to June 30 , 1988 .
These financial statements and the supplemental schedules dis-
cussed below are the responsibility of the Fund ' s management .
Our responsibility is to express an opinion on these financial
statements based on our audit .
We conducted our audit in accordance with generally accepted
auditing standards . Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement .
An audit includes examining , on a test basis , evidence support-
ing the amounts and disclosures in the financial statements .
An audit also includes assessing the accounting principles
used and significant estimates made by management , as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
As ,described in Note 1 to the financial statements , the accom-
panying financial statements present only the 1987 Mortgage
Revenue Bond Fund and are not intended to present the finan-
cial position and results of operations of Contra Costa County.
In our opinion, such financial statements present fairly, in-
all material respects , the financial position of the Fund at
June 30 , 1988 and the results of its operations and the changes
in its financial position for the period from August 1 , 1987
( inception) to June 30 , 1988 in conformity with generally
accepted accounting principles .
Our audit was made for the purpose of forming an opinion on
.the basic financial statements taken as a whole . The supple-
mental combining balance sheet , June 30 , 1988 , and combining
statement of operations and accumulated deficit for the period
from August 1 , 1987 (inception) to June 30 , 1988 (supplemental
schedules ) are presented for purposes of additional analysis and
are not a required part of the basic financial statements . Such
supplemental schedules have been subjected to the auditing
procedures applied in our audit of the basic financial statements
and , in our opinion, are fairly stated in all material respects
when considered in relation to the basic financial statements taken
as a whole .
44vi2t
A'44
October 6 , 1988
2
is
CONTRA COSTA COUNTY
1987 MORTGAGE REVENUE BOND FUND
BALANCE SHEETJUNE 30 1988
ASSETS
CASH AND INVESTMENTS (Note 4) $24, 697 , 633
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) SECURITIES - Net (Note 5) 10 , 438 , 438
MATURED GNMA SECURITIES RECEIVABLE 141 , 719
INTEREST RECEIVABLE 350, 309
TOTAL $35 , 628 , 099
LIABILITIES AND ACCUMULATED DEFICIT
HOME MORTGAGE REVENUE BONDS
PAYABLE - Net (Note 6) $35 , 154, 542
INTEREST PAYABLE 445 , 148
OTHER LIABILITIES 36 , 850
TOTAL LIABILITIES 35 , 636 , 540
ACCUMULATED DEFICIT (8,441)
TOTAL 135 , 099
See notes to financial statements .
3
CONTRA COSTA COUNTY
1987 MORTGAGE REVENUE BOND FUND
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE PERIOD FROM AUGUST 1 , 1987 (INCEPTION) TO JUNE 30 , 1988
REVENUES :
Interest from investments $2 , 123 , 812
Interest from GNMA securities - net (Note 5) 158 ,976
Total revenues 2. 282 . 788
EXPENSES :
Interest 2 , 287 , 983
Administrative 3 , 246
Total expenses 2 , 291 , 229
NET LOSS AND ACCUMULATED DEFICIT X8 . 441)
See notes to financial statements .
4
CONTRA COSTA COUNTY
1987 MORTGAGE REVENUE BOND FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE PERIOD FROM AUGUST 1 1987 (INCEPTION) TO JUNE 30 , 1988
SOURCES OF FUNDS :
Net loss $ (8 , 441)
Add (subtract) items not involving cash -
amortization of :
Bond discount and issuance costs 32 , 567
Commitment fees (2 , 474)
GNMA discount (387)
Funds provided from operations 21 , 265
Proceeds from sale of home mortgage revenue bonds 35 , 447 , 652
Commitment fees 1 , 049 , 600
Increase in:
Interest payable 445 , 148
Other liabilities 36 , 850
Collection of GNMA principal 35 , 051
Total sources of funds 37 , 035 , 566
USES OF FUNDS :
Purchase of GNMA securities 11 , 520 , 228
Bond issuance costs 325 , 677
Increase in:
Interest receivable 350 , 309
Matured GNMA securities receivable 141 , 719
Total uses of funds 12 , 337 , 933
INCREASE IN CASH AND INVESTMENTS $24, 697 , 633
See notes to financial statements .
E
- 5 -
f
t
L
CONTRA COSTA COUNTY
1987 MORTGAGE REVENUE BOND FUND
NOTES TO FINANCIAL STATEMENTS
1 . ENTITY
The Contra Costa County 1987 Mortgage Revenue Bond Fund (the
Fund) was established under the provisions of the California
Health and Safety Code and the indenture between First Inter-
state Bank of California (the Trustee) and Contra Costa County
(the County) , dated August 1 , 1987 (the Indenture) . The Fund
is authorized to issue revenue bonds for the purpose of j
financing home mortgages within the County.
i
Under the terms of the Indenture , the Trustee uses the bond I
proceeds to purchase investments and Government National Mort-
gage Association (GNMA) securities backed by pools of home
mortgages within the County. The home mortgage revenue bonds
are secured by a pledge of GNMA securities and are repaid
solely from loan repayments and other revenues pledged under
the Indenture .
i
The financial statements present only the 1987 Mortgage Revenue
Bond Fund and are not intended to present the financial posi-
tion and results of operations of Contra Costa County.
. � I
2 . SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The Fund uses the accrual basis of
accounting. Revenues are recognized when they are earned , and
expenses are recognized when they are incurred .
Investments are stated at cost . The Trustee has entered- into
i
investment agreements with AIG Financial Products Corporation
(Investment Bank) . -
Bond discount and issuance costs associated with the sale of _
the bonds are recorded as a reduction to bonds payable and are
amortized over the term of the bond issue by use of the inter-
est method .
Commitment fees are deferred until commitment is exercised , at
g' which time they are amortized over the life of the GNMA securi-
ties by use of the interest method .
0
i
- 6 -
E
f
2
3 . FUND DEFINITIONS
As provided in the Indenture , the following funds have been
established by the Trustee :
Program Fund - Monies are used and withdrawn solely for (a) the
acquisition of -GNMA securities , (b) payment of costs of issuance
of the bonds , and (c) transfers to the Redemption Fund .
Exchange Fund - Monies are used for the purchase of an invest-
ment to be exchanged for the assets of the County' s 1985 Home
Mortgage Revenue Bond Fund . Such assets are to be transferred
to the Program Fund .
Program Expense Fund - Monies are used and withdrawn solely for
payment of administrative expenses .
Revenue Fund - All revenues (except for developer commitment
fees) are deposited in this fund .
Interest Fund - Monies are used and withdrawn solely for the
paying of interest on the bonds .
Inter_. = Reserve Fund - Monies are used and withdrawn by the
Trustee solely for the purpose of making up any deficiency in
the Nonmortgage Investment Excess Fund , Interest Fund or Prin-
cipal Fund .
Nonmortgaze Investment Excess Fund - All interest and other
revenues earned on the Fund ' s investments in excess of the sum
of (a) the amount which would have been earned had such
investments been at the yield on the bond issue and (b) the
aggregate net amount of losses realized by the Fund upon
foreclosure or assignment of home mortgages are deposited in
this Fund and remitted to the United States .
Principal Fund - Monies are used and withdrawn solely for the
paying of the principal of the bonds .
4. CASH AND INVESTMENTS -
The Fund ' s deposits were entirely covered by federal depository
insurance or collateral held by the Trustee in the Fund ' s name .
The Indenture authorizes the Trustee to invest in interest-
bearing time and demand deposits , obligations of the U. S .
Treasury and U. S . agencies , repurchase agreements and invest-
ment agreements with the Investment Bank.
The Trustee has an agreement to invest the bond proceeds and
other Fund revenues with the Investment Bank. These invest-
ments earn interest at fixed rates in accordance with the
investment agreement and are collateralized by certificates of
deposit held in the Trustee ' s name .
i
i - 7 -
i
As of June 30 , 1.988 cash and investments were as follows :
Interest Rates Amount
Certificates of deposit 7 . 47% $24 , 689 , 021
Cash and equivalents 8 , 612
Total cash and investments $24 , 627 , 633
5 . GNMA MORTGAGE-BACKED SECURITIES
GNMA securities , backed by pools of residential mortgage loans
originated in Contra Costa County, are acquired at 99 . 5% of the
outstanding principal balance amount of the underlying mortgages
and bear interest at 7 . 65%. The discount on GNMA securities is
amortized over the life of the loans by use of the interest
method .
Home mortgages are secured by first deeds of trust on the
related residences , have terms ranging from 27 to 29 years , and
bear interest at 8 . 15%. The interest rate differential between
the home mortgages and the GNMA securities represents fees
retained by the lender for servicing home mortgages .
GNMA securities are shown net of deferred commitment fees .
Home mortgages are allocated to developers who have paid com-
mitment fees of 3 . 2% of their allocation. A lender has paid an
additional commitment fee of 2% of their allocation to origi-
nate mortgages not specifically designated to developers .
As of June 30, 1988 GNMA securities were as follows :
GNMA securities $11 , 543 , 068
Less :
Discount on GNMA securities , net of
accumulated amortization
Deferred commitment fees , net of accumulated.
amortization (1 , 047 , 126)
Total JI0 ,438 ,438
8
6 . HOME MORTGAGE REVENUE BONDS PAYABLE
A summary of the maturity dates and interest rates as of
June 30 , 1988 for the 1987 Home Mortgage Revenue Bonds follows :
Fiscal Year Interest
Ending June 30 Bond Type Rates Principal
1991 Serial 5 . 25% $ 220 , 000
1992 Serial 5 . 25 - 5 . 50 460 , 000
1993 Serial 5 . 50 - 5 . 75 485 , 000
1994-1999 Serial 5 . 75 - 7 . 00 3 , 340 , 000
2014 Term 7 . 50 22 , 690 , 000
2017 Term 7 . 90 8 , 725 , 000
Total 35 , 920 , 000
Less bond discount and issuance costs , net of
accumulated amortization (765 , 458)
Total $35 , 154, 542
The effective interest rate on the bonds is 7 . 52%. Bond inter-
est on the serial and term bonds is payable semiannually each
May 1 and November 1 .
The term bonds are subject to mandatory redemption without
premium prior to maturity out of revenues deposited in a man-
datory sinking account .
The Indenture provides for semiannual deposits into a manda-
tory sinking fund ranging from $375 , 000 commencing in 1999 to
$2 , 460 , 000 in 2014 for the Term Bonds maturing in 2014 , and
ranging from $2 , 075 , 000 commencing in 2015 to $3 , 140 , 000 in
2017 for the Term Bonds maturing in 2017 . The installments are
subject to reduction due to prior redemptions .
t
i
{i
i
I
C
j
i - 9 -
i
N 00 s
.O
c
r ^ cn
In
c cl, o fi
M r 0D
In
ce� ce) 10
p ^ ^ 3( O
co � O
Cl) N
co 3 c� N^
V l 10
A O44
Go UIIN
rA^ s r'
W W� c1 �' LrN
WWW �
r+ O
�N �^ N ol �^ ccs Cl) O
Hyl P O .D O -3
c- N` cn VN N
W 0cn r+
? ^ COrA
In
Ni
O s 4O ce)
14 �
W
10
GO r-
ID
�N
�^
N �� colN
v w `Go 10 � 14 cl%
IS cnp
ra ^
oo^ 4PI
of
el � p o o^ N
1-4
N U
vA
ZO
P
cA
7 rte` 6 pra EW p G l� F
Y Zp
2 pa U
ti a
o a'
r� r�
N IO DO M�O H M M H
A H r` 00 7 <T 1010
7 H
H M W N 00 M 00 N N r 00
� 00 � 0000 1
N lD O
O ^
U N N ^ p p
0000
fR �
i
U)7 Lr) O O
CY.W NOH H H
E. H r-1 rn C7, U')
cn t\ n
W qI
O:G u1 Lr) O as O .T
ZW N N Q\ 00 Cl)
H N N^ N H H
N N r-
H O r- rl M r-In n M
00 Lr
H
H A M LO 0 O4 ON H N .T M 41 Lf)DO
r-1 ON
�O a\O� O �T
[� N 131 t`
N N H r- In M
A H M N N
u �
00
A fR
W
Oa N N N N r
M M
U a w ca
U
M M Cl)
zw w rnrn
rnn � co co r r
H F X Ln Ln _ '-
E W M M
OH n rn � 1000 .o -1
cw 00 O,ON O, H
u.w dqN) ^ ^ ^
O U f�Z ^ M O C^ M^00
Ll M
F+H O CL H �Y'00 �O 1.0
rn
k w c0 P iR M N N
E rn
ZZ
H e rn
W� •• �
E4
GAA 7 N OW Cn W 1-! U
W G
O O r+ Ca cn G W
U Uq r rn a1 OAW
w O 8 E3 aJ 7 (D . E- r
Q u H O O w 7 •rr W cn
H d oG N s4 a) C 41 C cn q Er n H
co C.7 H W W W.,4 (1) ca W O 1a cn
O H 7 P u > p o. a A 'D a) �E.0
Ux �7 cnu u•� al U)u tJ k fy C44 OWZ
6 O <W W n m >a N W n cn 7 cn U 124 H
L+ ro H q
Ear- P. wvvvm war•raca O�z w vp
2 00 P.P: > u 4.1 w u P. a r 8 tj U H E� 4-1 11 iJ E 6
0 0� n O w CFC O X G•D O Z Z G 7 C W
P4 k-IH W H Q E H H H 0 H z