HomeMy WebLinkAboutMINUTES - 11091993 - 1.53 . _ Contra
Costa
TO: BOARD OF SUPERVISORS Col,1 /
r c'uhJ � ����JJ
FROM: Harvey E. Bragdon
Director of Community Development
DATE: November 9, 1993
SUBJECT: Audit of Financial Statements 1983 , 1985 and 1991
Contra Costa Home Mortgage Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Accept Audit Report on the Financial Statements completed by Maze and
Associates for Fiscal Year 1992/93 of the following programs: 1983
Contra Costa Home Mortgage Revenue Bonds, 1985 Contra Costa Home
Mortgage Revenue Bonds and 1991 Contra Costa Home Mortgage Finance
Authority Bonds.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Indentures for the above referenced Home Mortgage Revenue Bond
Programs provide that an annual audit of the financial statements be .
completed. Maze and Associates have completed the audit of the
respective programs as of June 30, 1993 and submitted its report.
CONTINUED ON ATTACHMENT: YES. SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR R C ENDA _ON OF BO D COMMITTEE
. APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON ly93 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT :�T ) 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
CAO (via Risk Management) ATTESTED
County Counsel PHIL BATCHELOR, CLERK OF
Auditor (c/o Nona) THE BOARD OF SUPERVISORS
Contractor AND COUNTY ADMINISTRATOR
BY , DEPUTY
DSAh
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' CONTRA COSTA COUNTY
1983 MORTGAGE REVENUE BOND FUND
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
JUNE 30, 1993 AND 1992
1
CONTRA COSTA COUNTY
1983 MORTGAGE REVENUE BOND FUND
Financial Statements
For the Years Ended June 30, 1993 and 1992
1 Table of Contents
' Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Financial Statements:
Combined Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Combined Statements of Revenues, Expenses and Changes in Retained Earnings . . . . . . . . . . . . 4
Combined Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
' Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
' Supplementary Information:
Combining Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
' Combining Statements of Revenues, Expenses and Changes in Retained Earnings . . . . . . . . . . . 12
1
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AjAZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue -Suite 100
Walnut Creek, California 94596
(510) 930-0902 • FAX 930-0135
' INDEPENDENT AUDITOR'S REPORT
' To the Board of Supervisors of Contra Costa County
' Wehave audited the financial statements of the Contra Costa County 1983 Mortgage Revenue Bond Fund(Fund)
as of and for the year ended June 30, 1993, as listed in the table of contents. These financial statements are the
responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements
' based on our audit. The financial statements as of June 30, 1992 were audited by other auditors,whose report
dated September 18, 1992 was unqualified.
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 as to 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 audit provides a reasonable basis for our opinion..
' In our opinion, the financial statements referred to above present fairly in all material respects the financial
position of the Fund at June 30, 1993,and the results of its operations and cash flows for the year then ended,in
' conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The
accompanying Supplementary Information listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been subjected to the
auditing procedures applied in our audit of the financial statements, and in our opinion is fairly stated in all
' material respects when considered in relation to the financial statements taken as a whole.
L
August 19, 1993
A Professional Corporation
' CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
' COMBINED BALANCE SHEETS
June 30
1993 1992
ASSETS
' Investments (Note 2) $1,084,589 $1,401,400
' Mortgage loans receivable (Note 3) 6,615,860 10,685,604
Interest receivable 16,634 18,728
' Matured mortgage loans and interest
receivable from mortgage servicers (Note 3) 1,396 10,954
Investment in real estate (Note 1) 93,942
Total Assets $7,718,479 $12,210,628
LIABILITIES
' Mortgage revenue bonds -net(Note 4) $6,634,751 $11,098,494
Interest payable 51,807 86,711
Accrued liabilities 1,234 1,316
Total Liabilities 6,687,792 11,186,521
RETAINED EARNINGS
Reserved for debt service 1,030,687 1,024,107
Total Liabilities and Retained Earnings $7,718,479 $12,210,628
' See accompanying notes to financial statements
' 3
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
COMBINED STATEMENTS OF REVENUES, EXPENSES '
AND CHANGES IN RETAINED EARNINGS
For The Years Ended June 30 i
1993 1992
REVENUES
Interest from mortgage loans $865,978 $1,232,468 t
Interest from investments 169,735 176,001 ,
Total Revenues 1,035,713 1,408,469
EXPENSES '
Interest and amortization 904,899 1,281,367
Adminstrative 22,852 24,801
Mortgage servicing fees 22,455 32,368 '
Insurance 2,042 3,160 '
Total Expenses 952,248 1,341,696
OPERATING INCOME 83,465 66,773 ,
EXTRAORDINARY LOSS ON EARLY REDEMPTION
OF BONDS (Note 4) (76,885) (69,157) '
NET INCOME (LOSS) 6,580 (2,384)
Retained earnings at beginning of year 1,024,107 1,026,491
Retained earnings at end of year $1,030,687 $1,024,107
See accompanying notes to financial statements
4 '
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
COMBINED STATEMENTS OF CASH FLOWS
' For The Years Ended June 30
1993 1992
CASH FLOWS FROM OPERATING ACTIVITIES
Mortgage loan collections:
' Principal $3,977,147 $3,688,945
Interest 874,189 1,264,734
Proceeds from sale of real estate 93,943
' Cash paid for operating expenses 46,512 (69,192)
Cash Flows From Operating Activities 4,991,791 4,884,487
' CASH FLOWS FROM INVESTING ACTIVITIES
Interest collected from investments 171,829 177,486
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Mortgage revenue bond payments:
' Principal (4,555,000) (3,760,000)
Interest (925,431) (1,288,869)
Cash Flows From Noncapital
' Financing Activities (5,480,431) (5,048,869)
Net Cash Flows (316,811) 13,104
' Investments at beginning of year 1,401,400 1,388,296
Investments at end of year $1,084,589 $1,401,400
RECONCILIATION OF OPERATING INCOME
TO CASH FLOWS FROM OPERATING ACTIVITIES
Operating Income $83,465 $66,773
Adjustments to reconcile operating income to
cash flows from operating activities:
Interest expense 890,527 1,260,124
Amortization of bond discount and issuance costs 14,372 21,243
Interest from investments (169,735) (176,001)
Changes in asset and liabilities:
' Decrease in mortgage loans receivable 4,069,743 3,688,945
(Increase) decrease in mature mortgage
loans and related interest receivable 9,558 37,892
' (Increase) decrease in investment in real estate 93,943 (13,046)
Increase (decrease) in accrued liabilities (82) (1,443)
' Total adjustments 4,908,326 4,817,714.
Cash Flows From Operating Activities $4,991,791 $4,884,487
' See accompanying notes to financial statements
5
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
Notes to Financial Statements
NOTE I -SIGNIFICANT ACCOUNTING POLICIES
Operations-The Contra Costa County 1983 Mortgage Revenue Bond Fund(Fund)was established under
the California Health and Safety Code and a June 1,1983 indenture(Indenture)agreement between Contra
Costa County (County)and Bank of America(Trustee)for the purpose of providing mortgage loans on
owner occupied single family dwellings from the proceeds of Mortgage Revenue Bonds(1983 Bonds)issued
by the County. The County is the administrator of the Fund,overseeing the Trustee and mortgage servicers
and maintaining the financial records of the Fund.
ReportingEntity- The accompanying financial statements include only the operations of the Fund,which
is not considered an integral part of the County.
Bads of Accounting- The Fund's financial statements have been prepared on the accrual method of
accounting under which revenues are recorded when earned and expenses are recorded when incurred.
Cash and Equivalents are stated at cost and consist of bank deposits,money market funds or highly liquid
securities which are readily.convertible into cash.
1nvc,stmcntinR=1&tatc included foreclosed real estate recorded at the outstanding mortgage loan balance
as of the date of foreclosure. During year end June 30, 1993 the real estate was sold for cash at no gain or
loss to the Fund.
BdndEVscountandLvsuancv Costs represent costs of issuing the Mortgage Revenue Bonds. These costs
are netted against and amortized over the term of the Mortgage Revenue Bonds,using the effective interest
rate method.
Rocla%siAmdons-For the year ended June 30, 1993,certain account classifications have been changed to
improve Jinancial statement presentation. For comparative purposes, prior year balances have been
reclassified to conform with the 1992-93 presentation.
NOTE 2-INVESTMENTS
Investments at June 30, 1993 and 1992 comprise:
June 30
Description 1993 1992
Investment Agreement $630,545 $1,030,169
Money Market Funds 454,044 371,231
Total Cash and Equivalents $1,084,589 $1,401,400
6
' CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
Notes to Financial Statements
NOTE 2-INVESTMENTS (Continued)
The Trustee and First National Bank of Saint Paul,Minnesota,have Investment Agreements which require
the Bank to pay interest at rates of from 7% to 9.14%, compounded semiannually, each May 13 and
November 13 until December 1,2105. The Investment Agreements may be terminated earlier by retiring
all outstanding Mortgage Revenue Bonds or by withdrawing the remaining moneys. The Investment
Agreements are collateralized with U.S.Treasury Securities held by the Bank.
' NOTE 3 -MORTGAGE LOANS RECEIVABLE
' The Mortgage Loans Receivable are secured by first deeds of trust on the underlying property,bear interest
at 9.5% per year, are due thirty years from the date issued and are guaranteed by private mortgage
' insurance. Details of the Mortgage Loans Receivable outstanding at June 30, 1993 are as follows:
Current $6,608,370
Collections delinquent over 60 days 7,490
Total $6,615,860
The County and Trustee have signed agreements with several Mortgage Servicers which require the
' Mortgage Servicers to collect mortgage loan receipts when due and to remit such receipts to the Trustee;
maintain private mortgage insurance,standard hazard insurance and earthquake insurance,if available,on
the underlying property;and to enforce foreclosure proceedings,if necessary,to collect delinquent loans_
NOTE 4- 1983 MORTGAGE REVENUE BONDS
The outstanding balance of the 1983 Bonds at June 30, 1993 and 1992 was:
' June 30
' Bonds Maturing June 1: Bond Type Interest Rate 1993 1992
1993 Serial 8.6% $160,000
' 1994 Serial 8.7% $100,000 170,000
1995 Serial 8.8% 115,000 185,000
2001 Tenn 9.125% 925,000 1,530,000
' 2015 Term 9.25% 5,605,000 9,255,000
Total principal amount outstanding 6,745,000 11,300,000
Less unamortized bond discount and issue costs (110,249) (201,506)
Mortgage Revenue Bonds-Net $6,634,751 $11,098,494
7
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
Notes to Financial Statements
NOTE 4-MORTGAGE REVENUE BONDS (Continued)
Investments,mortgage loan collections and Fund revenues are pledged to repay principal and interest on
the 1983 Bonds, If the assets available in the Fund are not sufficient to repay the bonds in full,principal and
accrued interest will be paid on a pro rata basis in accordance with the provisions of the Indenture,after the
payment of expenses necessary to protect the interests of the bondholders.
Principal payments are due each June I and interest is due each June I and December 1. Tenn Bonds
maturing June 1,2001 and June 1,2015 are subject to mandatory redemption,at par,beginning June 1,199S
and June 1,2001,respectively.
The Indenture requires that prepayments of Mortgage Loans must be used to redeem 1983 Bonds at par.
When Bonds are redeemed early a portion of unamortized bond discount and issue costs are expensed and
recorded as an extraordinary loss on early redemption of bonds. During the years ended June 30,1993 and
1992, Mortgage Loan prepayments were used to redeem$4,430,000 and$3,575,000,respectively,of 1983
Bonds at par prior to their scheduled maturity,which resulted in extraordinary losses on early redemption
of bonds of$76,885 and$69,157,respectively.
8
' SUPPLEMENTAL INFORMATION
As provided in the Indenture, the following funds have been established and are maintained by the Trustee:
RevenueFund-All revenues except interest from cash and equivalents are deposited in this fund. Resources
in this fund are transferred to the remaining funds as needed.
CapitalRe meFund-Monies are used to make up any deficiency in the Non-mortgage Investment Income
' Fund,Interest Fund or Principal Fund and for paying fees and expenses of the County which do not exceed
certain limits outlined in the Indenture.
Non mortgage Investment Income Fund- All profits derived from cash and equivalents in any fund
established under the Indenture are to be deposited into this fund.
' Principal Fund- Monies are used to repay the principal of the Mortgage Revenue Bonds.
Interest Fund- Monies are used to pay the interest on the bonds.
Redemption Fund- Monies are used to redeem the Mortgage Revenue Bonds prior to their scheduled
' maturity.
9
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
COMBINING BALANCE SHEETS '
Non-mortgage '
Revenue Capital Investment Principal
Fund Reserve Fund Income Fund Fund
ASSETS
Investments $309,432 $341,931
Mortgage loans receivable 6,615,860
Interest receivable $16,634 ,
Mature mortgage loans and interest ,
receivable from mortgage servicers 1,396
Investment in real estate ,
Total Assets $6,926,688 $341,931 $16,634
LIABILITIES '
Mortgage revenue bonds - net $6,634,751
Interest payable
Accrued liabilities 1,234 '
Total Liabilities 6,635,985 '
RETAINED EARNINGS
Reserved for debt service 290,703 $341,931 $16,634 ,
Total Liabilities and Retained Earnings $6,926,688 $341,931 $16,634 '
10 ,
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' June 30
Interest Redemption
Fund Fund 1993 1992
' $433,226 $1,084,589 $1,401,400
6,615,860 10,685,604
' 16,634 18,728
' 1,396 10,954
' 93,942
$433,226 $7,718,479 $12,210,628
$6,634,751 $11,098,494
$51,807 51,807 86,711
i1,234 1,316
' 51,807 6,687,792 11,186,521
' (51,807) $433,226 1,030,687 1,024,107
$433,226 $7,718,479 $12,210,628
i
' 11
CONTRA COSTA COUNTY 1983 MORTGAGE REVENUE BOND FUND
COMBINING STATEMENTS OF REVENUE, EXPENSES
AND CHANGES IN RETAINED EARNINGS
Non-mortgage
Revenue Capital Investment Principal Interest ,
Fund Reserve Fund Income Fund Fund Fund
REVENUES
Interest from mortgage loans $865,978
Interest from investments $169,735 '
Total Revenues 865,978 169,735 ,
EXPENSES
Interest 14,372 $890,527 '
Administrative 22,852 ,
Mortgage servicing fees 22,455
Insurance 2,042 ,
Total Expenses 61,721 890,527 '
OPERATING INCOME (LOSS) 804,257 169,735 (890,527)
INTERFUND TRANSFERS IN 4,832,521 $125,000 925,431 ,
INTERFUND TRANSFERS (OUT) (5,678,265) ($105,696) (171,829) (125,000)
EXTRAORDINARY LOSS ON EARLY '
REDEMPTION OF BONDS (76,895)
NET INCOME (LOSS) (118,372) (105,696) (2,094) 34,904 '
Retained earnings at beginning of year 409,075 447,627 18,728 (86,7111
Retained earnings at end of year $290,703 $341,931 $16,634 ($51,807)
12 '
For the Years Ended June 30
Redemption
Fund 1993 1992
' $865,978 $1,232,468
' 169,735 176,001
1,035,713 1,408,469
904,899 1,281,367
22,852 24,801
22,455 32,368
2,042 3,160
' 952,248 1,341,696
83,465 66,773
' $4,627,838 10,510,790 9,036,133
(4,430,000) (10,510,790) (9,036,133)
(76,885) (69,157)
' 197,838 6,580 (2,384)
' 235,388 1,024,107 1,026,491
$433,226 $1,030,687 $1,024,107
' 13
CONTRA COSTA COUNTY
1983 MORTGAGE REVENUE BOND FUND
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
JUNE 30, 1993 AND 1992
AN
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A SSO CI "®! TES ES
ACCOUNTANCY CORPORATION
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CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
-� JUNE 30, 1993 AND 1992
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AZE & 1%o,%ASS0lA TES
ACCOUNTANCY CORPORATION
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! CONTRA COSTA COUNTY
1985 MORTGAGE REVENUE BOND FUND
FINANCIAL STATEMENTS
! FOR THE YEARS ENDED
JUNE 30, 1993 AND 1992
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CONTRA COSTA COUNTY
' 1985 MORTGAGE REVENUE BOND FUND
Financial Statements
For the Years Ended June 30, 1993 and 1992
Table of Contents
' P-a=
tIndependent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Financial Statements:
' Combined Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Combined Statements of Revenues,Expenses
' and Changes in Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Combined Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Supplementary Information:
Combining Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1 Combining Statements of Revenues,Expenses
and Changes in Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
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AJAZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue-Suite 100
Walnut Creek, California 94596
(510) 930-0902 • FAX 930-0135
' INDEPENDENT AUDITOR'S REPORT
' To the Board of Supervisors of Contra Costa County
We have audited thefinancial statements of theContra Costa County 1985 Mortgage Revenue Band Fund(Fund)
as of and for the year ended June 30, 1993,as listed in the table of contents. These financial statements are the
responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements
' based on our audit. The financial statements as of June 30, 1992 were audited by other auditors,whose report
dated September 18, 1992 was unqualified.
' 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 as to 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in all material respects the financial
position of the Fund at June 30, 1993,and the results of its operations and cash flows for the year then ended,in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The
accompanying Supplementary Information listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been subjected to the
auditing procedures applied in our audit of the financial statements, and in our opinion is fairly stated in all
' material respects when considered in relation to the financial statements taken as a whole.
' August 19, 1993
A Professional Corporotion
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' CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
COMBINED BALANCE SHEETS
June 30
' 1993 1992
ASSETS
' Investments (Note 2) $684,303 $761,359
Mortgage loans receivable (Note 3) 2,245,918 5,254,776
Interest receivable 984 2,893
Matured mortgage loans and interest
receivable from mortgage servicers (Note 3) 110,053 17,630
' Prepaid insurance 6,014 20,636
Total Assets $3,047,272 $6,057,294
LIABILITIES
' . Mortgage revenue bonds (Note 4) $1,332,140 $4,102,839
' Interest payable 917,654 1,162,295
Accrued liabilities 16,986 19,534
' Total Liabilities 2,266,780 5,284,668
' RETAINED EARNINGS
Reserved for debt service 780,492 772,626
Total Liabilities and Retained Earnings $3,047,272 $6,057,294
' See accompanying notes to financial statements
' 3
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
COMBINED STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Years Ended June 30
1993 1992
REVENUES
Interest from mortgage loans $385,578 $795,976
Interest from investments 84,698 116,316
Total Revenues 470,276 912,292
EXPENSES
Interest 376,597 724,847
Administrative 12,469 18,089
Mortgage servicing fees 8,683 17,209
Insurance 26,589 40,556
Total Expenses 424,338 800,701
OPERATING INCOME 45,938 111,591
EXTRAORDINARY LOSS ON EARLY
REDEMPTION OF BONDS (Note 4) (38,072) (82,137)
NET INCOME 7,866 29,454
Retained earnings at beginning of year 772,626 743,172
Retained earnings at end of year $780,492 $772,626
See accompanying notes to financial statements
4
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
' COMBINED STATEMENTS OF CASH FLOWS
For The Years Ended June 30
' 1993 1992
' CASH FLOWS FROM OPERATING ACTIVITIES
Mortgage loan collections:
Principal $2,915,644 $3,385,232
Interest 386,370 745,039
' Cash paid for operating expenses (35,668) (64,816)
Cash Flows From Operating Activities 3,266,346 4,065,455
' CASH FLOWS FROM INVESTING ACTIVITIES
Interest collected from investments 86,607 118,963
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Mortgage revenue bond payments:
' Principal (2,814,060) (3,862,567)
Interest (615,949) (778,186)
' Cash Flows From Noncapital
Financing Activities (3,430,009) (4,640,753)
' Net Cash Flows (77,056) (456,335)
Investments at beginning of year 761,359 1,217,694
Investments at end of year $684,303 $761,359
' RECONCILIATION OF OPERATING INCOME
TO CASH FLOWS FROM OPERATING ACTIVITIES
Operating Income $45,938 $111,591
Adjustments to reconcile operating income to
cash flows from operating activities:
Interest expense 371,309 714,471
Amortization of bond discount and issuance costs 5,290 10,376
' Amortization of discount on mortgage loans receivable (5,912) (71,301)
Interest from investments (84,698) (116,316)
Changes in asset and liabilities:
Decrease in mortgage loans receivable 3,014,770 3,385,232
(Increase) decrease in matured mortgage
loans and related interest receivable (92,422) 19,648
(Increase) decrease in prepaid insurance 14,622 17,429
' Increase (decrease) in accrued liabilities (2,549) (5,675)
Total Adjustments 3,220,410 3,953,864
' Cash Flows From Operating Activities $3,266,348 $4,065,455
' See accompanying notes to financial statements
5
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND '
Notes to Financial Statements
NOTE 1 -SIGNIFICANT ACCOUNTING POLICIES
Qpmdons-The Contra Costa County 1985 Mortgage Revenue Bond Fund(Fund)was established under ,
the California Health and Safety Code and an April 1, 1985 Indenture Agreement (Indenture) between
Contra Costa County (County) and First Interstate Bank, Inc. (Trustee) for the purpose of providing ,
mortgage loans on owner occupied single family dwellings from the proceeds of Mortgage Revenue Bonds
(1985 Bonds)issued by the County. The County is the administrator of the Fund,overseeing the Trustee
and mortgage servicers and maintaining the financial records of the Fund. ,
RepoitingEntity- The accompanying financial statements include only the operations of the Fund,which '
is not considered a component unit or integral part of the County.
Basis of Accounting- The Fund's financial statements have been prepared on the accrual method of
accounting,under which revenues are recorded when earned and expenses are recorded when incurred. '
Investments are stated at cost and consist of money market funds or investment agreements which are ,
readily convertible into cash.
Bond DiscountandlssuanccCosts represent costs of issuing the Mortgage Revenue Bonds. These costs '
are netted against.the principal balance of the Mortgage Loans and amortized over their term.
MortgageLoan Discounts represent costs of making mortgage loans through developers of homes. These ,
costs are netted against the principal balances of the mortgage loans and amortized over their term.
Redassi6rations-For the year ended June 30, 1993,certain account classifications have been changed to .
improve financial statement presentation. For comparative purposes, prior year balances have been ,
reclassified to conform with the 1992-93 presentation.
NOTE 2-INVESTMENTS
Investments at June 30, 1993 and 1992 comprised: '
June 30 '
Description 1993 1992
Investment Agreements $677,324 $548,152 '
Money Market Funds 6,979 213,207
Total Investments $684,303 $761,359 '
The Trustee and Zions First National Bank have Investment Agreements which require the Bank to pay '
interest at rates of 8%to 9.52%,compounded semiannually,each May 1 and November 1 until May 1,2018.
The Investment Agreements may be terminated earlier by retiring all outstanding 1985 Bonds or by
withdrawing the remaining moneys. The Investment Agreements are collateralized by $58,032 principal ,
amount of certificates of deposit and$619,292 principal amount of money market funds investing in foreign
securities.
6 ,
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
Notes to Financial Statements
NOTE 3 -MORTGAGE LOANS
' Mortgage Loans are secured by first deeds of trust on the underlying property,bear interest at 10.15%,are
due thirty years from the date issued and are guaranteed by private mortgage insurance. Details of the
Mortgage Loans outstanding at June 30, 1993 are as follows:
Current $2,242,944
Collections delinquent over 60 days 2,974
Total $2,245,918
The County and Trustee have signed agreements with several Mortgage Servicers which require the
Mortgage Servicers to collect mortgage loan receipts when due and to remit such receipts to the Trustee;
maintain private mortgage insurance,standard hazard insurance and earthquake insurance,if available,on
the underlying property and to enforce foreclosure proceedings,if necessary,to collect delinquent loans.
' NOTE 4-MORTGAGE REVENUE BONDS
' The outstanding balance of 1985 Bonds at June 30, 1993 and 1992 was:
' June 30
Interest
Maturity Dates Bond Type Rate 1993 1992
1996-2001 Municipal Multiplier 9.4-9.75% $129,262 808,323
' 2011 Term 9.125% 670,000 2,805,000
2018 Municipal Multiplier 10.625% 575,976 575,976
' Total principal amount outstanding 1,375,238 4,189,299
Less unamortized bond discount and issue costs (43,098) (86,460)
Mortgage Revenue Bonds-Net $1,332,140 $4,102,839
Principal payments are due each May 1 and November 1. Interest on the Term Bonds is due each May 1
and November 1. The Municipal Multiplier Bonds bear interest from 9.4% to 10.625%; interest is
compounded semiannually each May 1 and November 1 but is not payable until maturity or redemption.
' 1985 Bonds maturing on May 1, 2011 and May 1, 2018 are subject to mandatory redemption, at par,
beginning May 1,2005 and May 1,2011,respectively. Interest accrued on Municipal Multiplier Bonds is
included as interest payable in the accompanying financial statements.
7
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
Notes to Financial Statements
NOTE 4-MORTGAGE REVENUE BONDS(Continued)
The Indenture requires thatprepayments of Mortgage Loans must be used to redeem the 1985 Bonds at par. '
Q
When bonds are redeemed early a portion of unamortized bond discount and issue costs are expensed and
recorded as an extraordinary loss on early redemption of bonds. During the years ended June 30, 1993 and '
1992, Mortgage Loan prepayments were used to redeem$3,171,884 and$3,557,567, respectively,of 1985
Bonds at par prior to their scheduled maturity,which resulted in extraordinary losses on early redemption
of bonds of$38,072 and$82,137,respectively. t
Investments,mortgage loan collections and Fund revenues are pledged to repay principal and interest on '
the 1985 Bonds. If the assets available in the Fund are not sufficient to repay the bonds in full,principal and
accrued interest will be paid on a pro rata basis in accordance with the provisions of the Indenture,after the
payment of expenses necessary to protect the interests of the bondholders. '
8
SUPPLEMENTAL INFORMATION
' As provided in the Indenture,the following funds have been established and are maintained by the Trustee:
Program Expenw Fund-Monies are used to pay administrative expenses.
' RevenueFimd-All revenues except interest from cash and equivalents are deposited in this fund. Resources
in this fund are transferred to the remaining funds as needed.
' CapitalReserve Fund-Monies are used to make up any deficiency in the Interest Fund or Principal Fund
and for paying fees and expenses of the County which do not exceed certain limits outlined in the Indenture.
' Non mortgage Investment Income Fund- All profits derived from cash and equivalents in any fund
established under the Indenture are to be deposited into this fund.
' PrrncrpalFund-Monies are used to pay the principal of the Mortgage Revenue Bonds.
IntemstFund-Monies are used to pay the interest on the Mortgage Revenue Bonds.
Redemption Fund- Monies are used to redeem the Mortgage Revenue Bonds prior to their scheduled
' maturity.
' 9
CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
COMBINING BALANCE SHEETS
Program Non-mortgage
Expense Revenue Capital Investment '
Fund Fund Reserve Fund Income Fund
ASSETS '
Investments $86 $626,170 $58,032
Mortgage loans receivable 2,245,918 '
Interest receivable $984 ,
Mature mortgage loans and interest
receivable from mortgage servicers 110,053 '
Prepaid insurance 6,014
Total Assets $6,100 $2,982,141 $58,032 $984
LIABILITIES ,
Mortgage revenue bonds $1,332,140
Interest payable
Accrued liabilities $1,167 15,819 ,
Total Liabilities 1,167 1,347,959
RETAINED EARNINGS '
Reserved for debt service 4,933 1,634,182 $58,032 $984 '
Total Liabilities and Retained Earnings $6,100 $2,982,141 $58,032 $984
10
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' June 30
Principal Interest Redemption
' Fund Fund Fund 1993 1992
' $15 $684,303 $761,359
2,245,918 5,254,776
984 2,893
110,053 17,630
6,014 20,636
' $15 $3,047,272 $6,057,294
$1,332,140 $4,102,839
' $917,654 917,654 1,162,295
16,986 19,534
' 917,654 2,266,780 5,284,668
(917,654) $15 780,492 772,626
' $15 $3,047,272 $6,057,294
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CONTRA COSTA COUNTY 1985 MORTGAGE REVENUE BOND FUND
COMBINING STATEMENTS OF REVENUES, EXPENSES ,
AND CHANGES IN RETAINED EARNINGS
Program Non-mortgage
Expense Revenue Capital Investment Principal '
Fund Fund Reserve Fund Income Fund Fund
REVENUES
Interest from mortgage loans $385,578
Interest from investments $84,698
Total Revenues 385,578 84,698
i
EXPENSES
Interest 5,288
Administrative $12,469 '
Mortgage servicing fees 8,683
Insurance 26,589
Total Expenses 47,741 5,288 '
OPERATING INCOME (LOSS) (47,741) 380,290 84,698
INTERFUND TRANSFERS IN 33,850 2,962,771 $30,086 $40,000 ,
INTERFUND TRANSFERS (OUT) (3,493,900) (65,058) (83,714) (40,000)
EXTRAORDINARY LOSS ON EARLY '
REDEMPTION OF BONDS (38,072)
NET INCOME (LOSS) (13,891) (188,911) (34,972) 984 ,
Retained earnings at beginning of year 18,824 1,823,093 93,004 '
Retained earnings at end of year $4,933 $1,634,182 $58,032 $984
12
i
For the Years Ended June 30
' Interest Redemption
Fund Fund 1993 1992
$385,578 $795,976
84,698 116,316
470,276 912,292
I $371,309 376,597 724,847
12,469 18,089
8,683 17,209
26,589 40,556
' 371,309 424,338 800,701
(371,309) 45,938 111,591
' 615,950 $3,171,899 6,854,556 8,791,841
(3,171,884) (6,854,556) (8,791,841)
i
(38,072) (82,137)
244,641 15 7,866 29,454
' (1,162,295) 772,626 743,172
($917,654) $15 $780,492 $772,626
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CONTRA COSTA COUNTY
HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE
REVENUE REFUNDING BOND FUND
' FINANCIAL STATEMENTS
FOR THE YEARS ENDED
JUNE 30, 1993 AND 1992
1
CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
Financial Statements
For the Years Ended June 30, 1993 and 1992
Table of Contents
Eau
Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Financial Statements:
Combined Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Combined Statements of Revenues,Expenses and Changes in Retained Earnings . . . . . . . . . . . . 4
Combined Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Supplementary Information:
Combining Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Combining Statements of Revenues,Expenses and Changes in Retained Earnings . . . . . . . . . . . 12
This Page Left Blank Intentionally
AJAZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue -Suite 100
Walnut Creek, California 94596
(510) 930-0902 • FAX 930-0135
INDEPENDENT AUDITOR'S REPORT
To the Board of Supervisors of Contra Costa County
We have audited the financial statements of the Contra Costa County Home Mortgage Finance Authority,1991
Taxable Home Mortgage Revenue Refunding Bond Fund(Fund)as of and for the year ended June 30, 1993,as
listed in the table of contents. These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on our audit.The financial statements
as of June 30, 1992 were audited by other auditors,whose report dated September 18, 1992 was unqualified.
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 as to 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in all material respects the financial
position of the Fund at June 30, 1993,and the results of its operations and cash flows for the year then ended,in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The
accompanying Supplementary Information listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been subjected to the
auditing procedures applied in our audit of the financial statements, and in our opinion is fairly stated in all
material respects when considered in relation to the financial statements taken as a whole.
August 19, 1993
l _
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A Professional Corporation
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' CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
' 1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
COMBINED BALANCE SHEETS
June 30
1993 1992
' ASSETS
Investment agreement(Note 2) $1,341,386 $4,164,257
Mortgage loans receivable (Note 3) 3,370,639 5,768,960
Interest receivable 21,703 67,899
Matured mortgage loans and interest
1 receivable from mortgage servicers (Note 3) 13,536 708
Prepaid administrative fees 5,757 23,947
Total Assets $4,753,021 $10,025,771
' LIABILITIES
Mortgage revenue refunding bonds (Note 4) $2,953,985 $8,186,902
Interest payable 840,358 880,637
Accrued liabilities 2,333
Total Liabilities 3,794,343 9,069,872
RETAINED EARNINGS
' Reserved for debt service 958,678 955,899
Total Retained Earnings 958,678 955,899
Total Liabilities and Retained Earnings $4,753,021 $10,025,771
' See accompanying notes to financial statements
3
CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY '
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
COMBINED STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Years Ended June 30 '
1993 1992
REVENUES
Interest from mortgage loans $511,636 $959,596
Interest from investment agreement 113,567 162,237
Total Revenues 625,203 1,121,833 '
EXPENSES '
Interest 535,771 1,059,156
Administrative 49,598 42,231 '
Mortgage servicing fees 11,976 21,621 '
Insurance. 25,079 88,486
Total Expenses 622,424 1,211,494 '
OPERATING INCOME (LOSS) 2,779 (89,661)
Retained earnings at beginning of year 955,899 1,045,560
Retained earnings at end of year $958,678 $955,899 ,
See accompanying notes to financial statements '
4
' CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
COMBINED STATEMENTS OF CASH FLOWS
' For The Years Ended June 30
1993 1992
CASH FLOWS FROM OPERATING ACTIVITIES
' Mortgage loan collections:
Principal $2,397,142 $6,246,851
Interest 499,985 958,889
Cash paid for operating expenses (70,796) (173,952)
' Cash Flows From Operating Activities 2,826,331 7,031,788
CASH FLOWS FROM INVESTING ACTIVITIES
Interest collected from investment agreement 159,765 94,338
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Mortgage revenue refunding bond payments:
Principal (5,226,812) (3,639,948)
Interest (582,155) (184,139)
Cash received from sale of bonds
and registered coupons 12,055,027
Cash assumed from 1984 issue 421,071
Cash paid for 1984 escrow fund (11,391,323)
Cash paid for costs of issuance (222,557)
Cash Flows From Noncapital
Financing Activities (5,808,967) (2,961,869)
Net Cash Flows (2,822,871) 4,164,257
Investment agreement at beginning of year 4,164,257
Investment agreement at end of year $1,341,386 $4,164,257
RECONCILIATION OF OPERATING INCOME (LOSS)
' TO CASH FLOWS FROM OPERATING ACTIVITIES
Operating Income (Loss) $2,779 ($89,661)
Adjustments to reconcile operating income
' (loss) to cash flows from operating activities:
Interest expense 541,875 1,064,776
Amortization of registered coupons premium (99,057) (91,205)
Amortization of bond discount and issuance costs 92,952 85,585
Interest from investment agreement (113,568) (162,237)
Changes in assets and liabilities:
Decrease in mortgage loans receivable 2,398,321 6,246,851
(Increase)decrease in mature mortgage
' loans and related interest receivable (12,829) (707)
(Increase)decrease in prepaid administrative fees 18,191 (23,947)
Increase (decrease) in accrued liabilities (2,333) 2,333
' Total Adjustments 2,823,552 7,121,449
Cash Flows From Operating Activities $2,826,331 $7,031,788
' See accompanying notes to financial statements
5
CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
Notes to Financial Statements
NOTE 1 -SIGNIFICANT ACCOUNTING POLICIES '
Operations-The Contra Costa County Home Mortgage Finance Authority(Authority)was created under '
the California Government Code by a May 1, 1984 joint exercise of powers agreement between Contra
Costa County(County)and the City of Antioch. In 1984, the Authority issued the 1984 Home Mortgage
Revenue Bonds (1984 Bonds) for the purpose of providing home mortgage loans in the County. These '
Bonds were defeased using the proceeds of Taxable Home Mortgage Revenue Refunding Bonds issued July
1, 1991 (1991 Bonds)and separate Registered Coupons,which entitle those bond holders who purchased
them to additional 1991 Bond interest payments. '
The Contra Costa County Home Mortgage Finance Authority 1991 Taxable Home Mortgage Revenue
Refunding Bond Fund(Fund)was established under the California Health and Safety Code and a July 1, ,
1991 Indenture agreement (Indenture) between the County and First Trust California (Trustee). The
County is the administrator of the Fund,overseeing the Trustee and mortgage servicers and maintaining
the financial records of the Fund. ,
ReportingEntily-.The accompanying financial statements include only the operations of the Fund,which
is not considered a component unit or integral part of the County. I
Basis ofAcaounting - The Fund's financial statements have been prepared on the accrual method of
accounting,under which revenues are recorded when earned and expenses are recorded when incurred. '
InvestmentAgrmmentis stated at cost and is readily convertible into cash.
Registercd Coupon Premium and Bond Discount and Lssuance Costs represent a premium collected from
the sale of Registered Coupons and the costs of issuing the 1991 Bonds. These costs are netted against the
outstanding principal balance of the 1991 Bonds and amortized over their term. '
RerJasssi6cations-For the year ended June 30, 1993,certain account classifications have been changed to
improve financial statement presentation. For comparative purposes, prior year balances have been '
reclassified to conform with the 1992-93 presentation.
NOTE 2-INVESTMENT AGREEMENT '
Coincident with the issuance of the 1991 Bonds on July 1, 1991,the Trustee and Berkshire Hathaway,Inc.
signed an Investment Agreement under which Berkshire Hathaway pays interest at 6.4%, compounded
semiannually each March 1 and September 1 until March 1, 2009. The Investment Agreement may be
terminated earlier by retiring all outstanding Mortgage Revenue Refunding Bonds or by withdrawing the
remaining moneys. '.
Under the terms of the Investment Agreement,the Fund may deposit and withdraw amounts as required;
all amounts on deposit earn interest. ,
6 '
CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
' Notes to Financial Statements
' NOTE 3 - MORTGAGE LOANS
Mortgage Loans are secured by first deeds of trust on the underlying property,bear interest at 10.9%,are
' due thirty years from the date issued and are guaranteed by private mortgage insurance. Details of the
Mortgage Loans outstanding at June 30, 1993 are as follows:
' Current $3,366,264
Collections delinquent over 60 days 4,375
' Total $3,370,639
The County and Trustee have signed agreements with several Mortgage Servicers which require the
Mortgage Servicers to collect mortgage loan receipts when due and to remit such receipts to the Trustee,
maintain private mortgage insurance,standard hazard insurance and earthquake insurance,if available,on
the underlying property and to enforce foreclosure proceedings,if necessary,to collect delinquent loans.
NOTE 4-MORTGAGE REVENUE REFUNDING BONDS
' A. 1991 Bonds
' On July 1, 1991 the Authority issued 1991 Taxable Home Mortgage Revenue Refunding Bonds in the
original principal amount of$11,817,856. At June 30, 1993 and 1992,outstanding 1991 Bonds comprised:
' Principal Balance,June 30
Maturity Date Interest Rate 1993 1992
' September 1,2001 8.6% $126,179 $52352,991
March 1,2009 9.5% 228242917 2,8242917
1 Total Principal Amount Outstanding 2,951,096 8,177,908
' Deduct unamortized bond discount and issue costs (44,019) (136,971)
Add unamortized portion of premium from
Registered Coupons 46,908 145,965
' Mortgage Revenue Refunding Bonds-Net $2,953,985 $8,186,902
7
CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
Notes to Financial Statements ,
NOTE 4-MORTGAGE REVENUE REFUNDING BONDS (Continued) ,
Interest on the 1991 Bonds is compounded semiannually each March 1 and September 1,but is not payable
until maturity or redemption. '
The investment agreement,mortgage loan receipts and Fund revenues are pledged to repay principal and
interest on the 1991 Bonds. '
I3 Registerad Coupons
Registered Coupons due March 1,2001 and 2009 were issued in conjunction with the 1991 Bonds. These '
Coupons entitle the holder to receive additional interest on the 1991 Bonds. Interest is compounded
semiannually at 1.05%for Registered Coupons maturing March 1,2001 and 1.95%for Registered Coupons '
maturing March 1,2009 on the unpaid principal and interest on the 1991 Bonds. In addition,accumulated
unpaid amounts of accrued interest evidenced by the Registered Coupons bear interest at the rate of 10.55%
compounded semiannually.
C. Rademption Provisions
991 Bonds and Registered Coupons are subject to mandato redemption on an September
'
Outstanding 1 g p J mandatory P Y P
1 or March 1,from deposits in the Revenue Fund in excess of amounts needed to pay program expenses and ,
required to be deposited into the Reserve Fund. However, all 1991 Bonds and accrued interest must be
redeemed prior to the redemption of any Registered Coupons.
If assets available in the Fund are not sufficient to repay the 1991 Bonds.in full, principal and accrued ,
interest is to be paid on a pro rata basis in accordance with the provisions of the Indenture, after the
payment of expenses necessary to protect the interest of the bondholders. '
The Indenture requires that prepayments of Mortgage Loans received by the Trustee must be used to redeem
1991 Bonds on the next June 1 at par. During the years ended June 30, 1993 and 1992, Mortgage Loans
prepayments were used to redeem$5,808,967 and$3,639,948,respectively,of 1984 Bonds at par prior to
their scheduled maturity.
D I)Icfeasanac of 1994 Bonds ,
A portion of the proceeds of the 1991 Bonds was used to defease the Authority's 1984 Bonds. These ,
proceeds were used to purchase U.S. Government Securities,which were deposited in an irrevocable trust
with an escrow agent to provide for all future debt service on the 1984 Bonds,which are considered to be
defeased. '
8
SUPPLEMENTAL INFORMATION
As provided in the Indenture,the following funds have been established and are maintained by the Trustee:
Program Expense Fund-Monies are used to pay of administrative expenses.
RevenueFund-All revenues except interest from cash and equivalents are deposited in this fund. Resources
in this fund are transferred to the remaining funds as needed.
Reserve Fund-Monies are used to make up any deficiency in the Bond Fund.
' Bond Fund- Monies are used to pay the principal, accrued interest and Registered Coupons of the
Mortgage Revenue Bonds.
1
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CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
COMBINING BALANCE SHEETS
r
Program
Expense Revenue Reserve Bond r
Fund Fund Fund Fund
ASSETS
Investment agreement $1,047,708 $136,567 $157,111
Mortgage loans receivable 3,370,639 ,
Interest income 21,703 '
Mature mortgage loans and interest
receivable from mortgage servicers 13,536 ,
Prepaid administrative fees $5,757
Total Assets $5,757 $4,453,586 $136,567 $157,111 '
LIABILITIES '
Mortgage revenue refunding bonds $2,953,985
Interest payable 840,358 r
Accrued liabilities r
Total Liabilities 3,794,343
RETAINED EARNINGS ,
Reserved for debt service $5,757 659,243 $136,567 $157,111 ,
Total Liabilities and Retained Earnings $5,757 $4,453,586 $136,567 $157,111
1
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June 30
1 1993 1992
$1,341,386 $4,164,257
' 3,370,639 5,768,960
21,703 67,899
13,536 707
' 5,757 23,948
' $4,753,021 $10,025,771
' $2,953,985 $8,186,902
' 840,358 880,637
2,333
3,794,343 9,069,872
958,678 955,899
$4,753,021 $10,025,771
1
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CONTRA COSTA COUNTY HOME MORTGAGE FINANCE AUTHORITY
1991 TAXABLE HOME MORTGAGE REVENUE REFUNDING BOND FUND
COMBINING STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAIN-ED EARNINGS
Program
Expense Revenue Reserve Bond
Fund Fund Fund Fund
REVENUES
Interest from mortgage loans $511,636
Interest from investment agreement 113,567
Total Revenues 625,203
EXPENSES. .
Interest 535,771
Administrative $49,598
Mortgage servicing fees 11,976
Insurance 25,079
Total Expenses 86,653 535,771
OPERATING INCOME (LOSS) (86,653) 89,432
INTERFUND TRANSFERS IN 70,796 5,808,966 $8,962 $5,884,981
INTERFUND TRANSFERS (OUT) (5,807,635) (157,103) (5,808,967)
NET INCOME (LOSS) (15,857) 90,763 (148,141) 76,014
Retained earnings beginning of year 21,614 568,480 284,708 81,097
Retained earnings at end of year $5,757 $659,243 $136,567 $157,111
12
For the Years Ended
' June 30
1993 1992
' 511,636 $959,596
' 113,567 162,237
' 625,203 1,121,833
' 535,771 1,059,156
' 49,598 42,231
11,976 21,621
' 25,079 88,486
' 622,424 1,211,494
2,779 (89,661)
11,773,705 51,642,404
(11,773,705) (51,642,404)
2,779 (89,661)
' 955,899 1,045,560
$958,678 $955,899
1
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INSTRUCTIONS To COMPLETE WRITTEN APPLICATION FOR
UNRESTRICTED CERTIFIED COPY OF A BIRTH RECORD
Birth Certificate Information:
Print or.type number of copies requested
Print or type name of registrant
Print or type date of birth
Print or type city of birth
Print or type father's name
Print or type mother's maiden name
Applicant Information:
Print r t a erNsoTn Mor eCrinoSeTA COUNTY
Print ortOOZA94 JrgAq&�ftCE AUTHORITY
Print or type mailing address of person ordering(,oDv,if different than address above
J
Print or type teWMffiAuYh"LHft0MErA&tWTri QAEdhiding area code
3 Using the list below,check the box next to the code section in item 3 on the front of this application that
authorizes you to obtAl*AMOAfitg(rAg"MEWSf a birth record:
103L2�(c)(1)The reXQ&X#f-PTAWV4Man of the registrant
"oJUNE 30, 1993 AND 1992
t
103526(c)(2)A party entitled to receive t e record as a result of a court order,or an attorney or a licensed
adoption agency seeking the birth record in order to comply with the requirements of Section 3140 or
7603 of the Family Code.
103526(c)(3)A member of a law enforcement agency or a representative of another governmental agency,
as provided by law,who is conducting official bvsmess.
103526(c)(4)A child,grandparent,grandchild,sibling,spouse or domestic partner of the registrant.
103526(c)(5)An attorney representing the registrant or the registrant's estate,or any person or agency
empowered by statute or appointed by a court to act on behalf of the registrant or the registrant's estate.
y .
103526(c)(6)Any funeral director who orders certified copies of a death certificate on behalf of any
individual specified in paragraphs(I)to(5),inclusive,of subdivision(a)or Section 7100 of the Health
and Safety Code
DO NOT COMPLETE THIS PART UNTIL YOU ARE WITH THE NOTARY PUBLIC WHO WILL
PREPARE THE CERTIFICATE OF ACKNOWLEDGEMENT IN ITEM 5.
Section 103526 of the California flealth and Safety Code requires anyone requesting an unrestricted
certified copy of a birth record to complete and sign a sworn statement under penalty of perjury.
Certificate of Acknowledgement
Complete items I to 3 on the front of this application then bring to a notary public.Complete and sign the
sworn statement in item 4 in front of the notary public.Request the notary acknowledge your signature in
the sworn statement in item 4. Mail the original application with the appropriate fee($19.00 general public
or$10.00 government agencies only).
To:Contra Cost4 Rec %
P.O.Box 3501
Martinez,CA`94553.--
Birth written unrestricted app 04/06
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ACCOUNTANCY CORPORATION