Loading...
HomeMy WebLinkAboutAgenda Statement 1985/09/24 Item 14 (2) COUNCIL AGENDA STATEMENT Item 14 Meeting Date 8/26/85 ITEM TITLE: Resolution Approving the City of Chula Vista Investment Policy and Guidelines SUBMITTED BY: Director of Finance? REVIEWED BY: City Manage (4/5ths Vote: Yes No x ) Attached for the City Council review and approval is the proposed statement of Investment Policy and Guidelines for the investment of City funds. RECOMMENDATION: That the City Council adopt resolution approving the Investment Policy. BOARDS/COMMISSIONS RECOMMENDATION: Not Applicable. DISCUSSION: Interest income has, and will continue to be, a major source of revenue to the City of Chula Vista. In FY 1983-84, the City and Agency earned $1 ,565,246 in interest income and in FY 1984-85 earned $3,215,515 in interest income. With an investment portfolio of almost $27 million including the City and Redevelopment Agency, it is important to have formal written guidelines regarding the investment of funds. Investment Policy and Guidelines In light of the recent scrutiny of the treasury function for municipalities and other public agencies, staff has prepared the following guidelines for the Prudent investment of the City's temporary idle cash. The purpose is to provide broad guidelines to the officers of the City charged with the responsibility for investment of the City's funds. These guidelines are not intended to be comprehensive in every situation, but rather to serve as a tool to help assure adequate safeguarding of the City' s assets. As stated in the Investment Policy and Guidelines, the City operates its investments under the "prudent man" rule concentrating on three major criteria of Safety, Liquidity, and Yield. The prudent man rule is contained in Civil Code Section 2261 and states that "in investment, reinvesting, purchasing, acquiring, exchanging, selling and managing property for the benefit of another, a trustee shall exercise the judgment and care, under the circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regarding to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well - as., the probable safety of their capital ." This general statement leads to consideration of major criteria. / t f Page 2, Item 14 Meeting Date 8/20/85 Safety - This is the basic premise underlying the investment policy for the MT-6f Chula Vista. This means minimizing the risk associated with investing and insuring the safety of funds. The City does not speculate; it does not buy stocks or deal in futures or options. The City invests only in those instruments that are considered safe. Liquidity - The City maintains a portion of its portfolio in liquid short-term securities which can be converted to cash to meet disbursement requirements. Ordinarily, because investments carry a positive yield curve, (i.e. , longer term rates are higher than shorter maturities) , the City attempts to ladder its maturities to meet anticipated cash needs in such a way that new investment money can be placed in maturities that carry a higher rate than is available in the extremely short market of 30 days or under. Yield - The City attempts to obtain the highest return on investment that is avai able, provided that the basic criteria of safety and liquidity have been met. In accordance with the guidelines and criteria as stated above, the City of Chula Vista may invest in the following instruments: A) Certificates of Deposit B) Securities of the U.S. Government or its Agencies C) Treasury Bills and Notes D) Local Agency Investment Fund E) Bankers Acceptances F) Commercial Paper G) Negotiable Certificates of Deposit H) Repurchase Agreements I) Other investments with prior approval of the City Council The above investment instruments are more fully described in the attached statement of Investment Policy and Guidelines. Investment Reports It is intended that the Director of Finance shall submit a monthly investment report to the City Manager and City Council . Attached for Council information and review is the investment report for the month of July 1985. The first page is a summary that indicates the total amount of funds invested on behalf of the City of Chula Vista and the Redevelopment Agency, a summary of investments by type, and an indication of the par value versus book value of the investments. Following the summary page is a detailed listing of each investment of the City that Provides information regarding type, value, acquisition and maturity date, term, and yield (rate of return). Current market value information is also provided for those investments with a term in excess of one year. The format of the investment report may be changed, adjusted, or information added or deleted at the suggestion of the City Council . FISCAL IMPACT: None. WPC 0301G • RESOLUTION NO. / ' ` RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE CITY OF CHULA VISTA INVESTMENT i4OLICY AND GUIDELINES The City Council of the City of Chula Vista does hereby resolve as follows: WHEREAS, the Director of Finance has prepared an Investment Policy and Guidelines, attached hereto as Exhibit A and incorporated herein by reference as if set forth in full, and WHEREAS, said statement is intended to provide guidelines for the prudent investment of the City' s temporary idle cash and outline the policies for maximizing the efficiency of the City' s cash management system, and WHEREAS, the investment goal is to enhance the economic condition of the City while insuring the safety of funds invested. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista does hereby approve the Investment Policy and Guidelines attached hereto as Exhibit A. Presented by Approved as to form by Lyman Christopher , Director of C arles R. Gill, Assistant Finance City Attorney 0700a • EXHIBIT A 8/20/85 CITY OF CHULA VISTA INVESTMENT POLICY AND GUIDELINES *r? 1. PURPOSE This Statement is intended to provide guidelines for the prudent investment of the City's temporary idle cash, and outline the policies for maximizing the efficiency of the City's cash management system. The investment goal is to enhance the economic condition of the City while insuring the safety of funds invested. 2. OBJECTIVE The City's cash management system is designed to accurately monitor and forecast expenditures and revenues, thus enabling the City to invest funds to the fullest extent possible. The City attempts to obtain the highest yield on its investments consistent with the criteria established for safety and liquidity. 3. POLICY The Finance Director is responsible for investing the surplus funds in the City Treasury in accordance with the California Government Code, Sections 53600 et seq. and 53635 et seq. The City operates its temporary idle cash investments under the prudent man rule (Civil Code Sect. 2261 , et seq. ) which states, in essence, that "in investing. .. property for the benefit of another, a trustee shall exercise the judgment and care, under the circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the management of their own affairs.. . " The three principle factors of safety, liquidity and yield are to be taken into consideration when making investment decisions. A) Safety. Safety and the minimizing of risk associated with investing refers to attempts to reduce the potential for loss of principal , interest or a combination of the two. The City invests only in those instruments that are considered very safe. B) Liquidity. Liquidity refers to the ability to convert an investment to cash promptly with minimum risk of losing some portion of principal or interest. A portion of the portfolio should be maintained in liquid short-term securities which can be converted to cash if necessary to meet disbursement requirements. C) Yield. Yield is the average annual return on an investment based on the interest rate, price, and length of time to maturity. The City attempts to obtain the highest yield possible, provided that the basic criteria of safety and liquidity have been met. 4. INVESTMENT INSTRUMENTS 1 The City of Chula Vista may invest in the following instruments under the guidelines as provided herein: A) Certificates of Deposit. Time Certificates of Deposit will be made only in FDIC or FSLIC insured accounts. For deposits in excess of the insured maximum of $100,000, approved collateral shall be required in accordance with California Government Code Section 53652 and/or 53651 (m) (1 ). B) Securities of the U.S. Government or its Agencies. Includes obligations issued by Federal Home Loan Banks, Government National Mortgage Association, Farm Credit System, the Federal Home Loan Bank, Federal Home Loan Mortgage Association, Federal National Mortgage Association, or obligations or other instruments of or issued by a federal agency or a United States Government sponsored enterprise. C) Treasury Bills and Notes. U.S. Treasury Bills, Notes, Bonds or - Certificates of Indebtedness, or those for which the full faith and credit of the United States are pledged for the payment of principal and interest. D) Local Agency Investment Fund (LAIF) . Investment of funds in the California LAIF which allows the State Treasurer to invest through the Pooled Money Investment Account. Maximum investment is subject to state regulation. E) Bankers Acceptances. Bills of Exchange or Time Drafts drawn on and accepted by a commercial bank, otherwise known as Bankers Acceptances, both domestic and foreign, which are eligible for purchase by the Federal Reserve System. Purchases of Bankers Acceptances may not exceed 270 days maturity or 40% of the City' s surplus money which may be invested. F) Commercial Paper. Paper of the highest rating as provided by Moody's Investors Service, Inc. , or Standard and Poor's Corporation (A-1 : P-1 ). Purchases of eligible commercial paper may not exceed 180 days maturity or 15% of the City' s surplus money which may be invested. Eligible paper is further limited to issuing corporations that are organized and operating within the United States and having total assets in excess of five hundred million dollars ($500,000,000). G) Negotiable Certificates of Deposit. Issued by a nationally or state-chartered bank or a state or federal savings and loan association or by a state-licensed branch of a foreign bank. Purchases of Negotiable Certificates of Deposit may not exceed 30% of the City 's surplus money which may be invested. - 2 H) Repurchase Agreements. A purchase of securities by the City pursuant to an agreement by which the seller will repurchase such securities on or before a specified date, or on demand of either party, and for a specified amount. Investments in repos will be used solely as short term investments not to exceed 90 days. I) Other. Other investments that are, or may become, legal investments through the State of California Government Code and with prior approval of the City Council . 5. DIVERSIFICATION Investments shall be diversified among institutions, types of securities and maturities to maximize safety and yield with changing market conditions. 6. SAFEKEEPING All investments of the City shall have the City of Chula Vista as registered owner or shall be kept in the custody of the City or by a qualified safekeeping institution. 7. INVESTMENT REPORTS A) The Director of Finance shall submit a monthly investment report to the City Manager and City Council containing the following information: - Financial institution - Type of investment - Amount of deposit - Rate of interest - Purchase date - Maturity date - Current market value for securities with a maturity of more than 12 months - Other data as required by the City B) The Director of Finance shall annually render a Statement of Investment Policy to the City Council . WPC 0299G - 3 - f ;:-.! 1 I 0 0 L'1 N r'? O O , .0 r .•. y -C. L7 - 0 C Li I C @ N. '7 0 @ CO 'I J 6 L; Ni Cl- C N'. -• .i 0 o- -L b 0 4 i G it C I - li > i 0 0- -0 N 0 N) N II L7 CO 0 VI 0 0 I 1 0 N N 0 CO it 0 - li 0 1 — .-. N) 0 0 -D i -0 U (f.1:a _ ••. CJ ii O •r . --1 .)a • • C 0 0 0 0 C @ 6 0 1,-., II C O F 0 6 0 0 C F'i it 3 CL O W 0 6 @ N 0 c- 0 • J 0 S 0 N? 0 N+ r• 31 ...- C L7 0 L) G 0 ct 111 V) C > CO -0 Cl 0• 0 -CI II •r C) a. .. .-+ N) 0 0 N. II ,. Irk a .. ...-1 CJ I C) to O7 a C C) > 0 CO @ 0 cr- 0 C 0 i. C J 6 If) 0 CO 0 I)7 0 @ O V1 )--1 n 0 IrJ 0 @ N -. 6 @ 0 •r I N N. 0 1q ••• . C) +) Nj O V) LL. . 1-- .1.- N. O W i 0 0 0 @ 0 @ 0 @ 6 Cl, ' U 1 0 0 If) 0 Irk > l (Cl Y J 0 0 N 0 h R) t6 C U C r .Y . Z> 0 @ N.+ 'd' N 0 0 `I•r (I) W h7 If) 07 Cl- N 0 .. Li- I- C7"' N) N) cr N ' CO U - • Z a O j 4- W O -. d 0 ) O E F w ((I) W SS @ 0 0 6 @ @ @ i > 4-) S- W E @ 0 @ @ 0 I +' \ O > 11 (,LI IS @ 0 0 0 I •r -C 4) OO= 0 0 ll0 1" Cr- 1 0 0 W C N) ID t0 C. (` II 3 1L >> N? N? 1+' N II >- W C II it if" C C C X •.~-•. X \ O co N .: 1) N) Ni 0 N 0 4-•) • E T C -' CJ CO CJ 01 6 N 0 N 0 N. N h7 N'1 -O 0 0 0 C 4-3 0 ) (/) -P 0 1-4 •c C) u > Q W I 0 @ r` r, NS C 0 C] ii > C) C " F 1 0 ID N). .- 0 N1 -0 II C > •r Q L'1 I 6 Cr -C -. 0 C' -+ II •r C - J ..C .. i •r V) O >> 0 0• -Cl 0` -D N7 117 I •� .r i 0 CO L; �O 0 N i o Cr'1 If) 4 ■-+ CO 11? 1:7 I -C O W 1 O .. •r+ N? O to 0 I 4-3 '0 0 IC N I 4- C U O"'3 0 >- W SG I S O N S I G I S N I C) 4- F Li_1 I 0 6 @ 0 @ Ni N? I ,r,) V) _ .-r O J I @ 0 O r` 0 V -• I - U C • 1 • i C «7 4- Y> 0 0 @ CD -0 N) CO I 0 _C 0 F El 6 0 to @ CI € O 0 +•-+CC ID -0 N to in N) I E L +) U<t Ll C) •. .. r'? Cr• If) .. I. C'J II r• E co a +J C 0-+) V) Z ••• •r C) 0 O U > IL. C C •r C) •r F S.. L F Z a•1-1 -- C) ■-. W - F (1l r C ..0 +) Z O r= )L' s • W U W +) •r +3 (A ll! a Z > l .0 t6 C) W F- C Z W F V) 3 .0 C if LL Z F >- n-+ Ci Z .r +)•r . 0 W LU Y 0 -, W O >1 C) W U W 1 U 014- 4-0 - W F CC U LO U _ _ IR L": 4 W C W C CO I Z ,-. 0 U1 J C U >- > C i-U' 0 I (_t I.L. 0 IL C if if in O C) I Ct ••• L I a. J _ C J i 0 U"0 !T L:) i I- Li! <C of C E C --+ F I it U o w .L J U F • . f; �., LU -) CO CD N C9 1- C r CO co . .. 7: } 43 .O ti W CC W U7 rrI m O SC CO C O CJ *4 .-w U CC Cr --. = .~.. .~-. .4 .~-. .~.. .~-.. .~-. .... .-. .~.. I-FY- ---4 r- 1-- r-- H .... Cn CO Cf) Cn CD CD Cn CD GO Cn En CO 1......n OD OD Cn CD O C7 CD O C7 O CJ CD C7 CD C7 CD CD CD CD O CD W 0_ .:7. CL Cc CL W CL CZ CL W CL O- [L U DE LU CO LU W W CJ W LLI W U W W W CSi.I W W inc W W CL_ cc W f- Cr: Cr Cr O A L7 O A ¢ C7 A A -1_• CD C7 C7 A C] C7 C7 C7 C7 Cr r- r- Z W W r- Lc 7- > W LL. LL LL r- LL LI- >- LL r- LL LC >- LL >- >- Z LL 7- Ll. LL LL 7- 7- LL 7" ' U. 7- >- 7- >- 7- W O C C Cr Cc-C7 L) U CD C7 C7 O CL O O U d S C D d Ca O D U W O U O O O D U C D W U CD L) C_] U U U n. C7 O O W a ME w WE w z a OC _ >- U CO CO U LU LU W W W W W U W W W W U W W W W W W z W W W W W W W W Z W W W W W W W r- U Cr Cr U r- CO CO r- r- r- r- Ca r- r- CM r- U r- I- (0 r- CD CO S I- 0 1- r- r- CD (0 r- CC CO r- CO CC (CI CM CO Cr W W 6 CL sr CL Cr KC CL Cr 4 CL CL CL Q 4 CL Cr CL Cr cr Cr W Cr Cr Cr cL CL CL cr CL LU CL Cr .'S CC Cr cr Cr CC CC U U C) C> C.) CJ C-1 L) C.) Ca U > CD U U_ C.) L] :> CU >- I- r- Cl) -.. J J .-. -+ .-. .-. Cn .-. w J .-. Cn .-. r.-. J .... J J O .--. J TA .-... J _J .-. an J .-. J J J J J . S Cr LL Cr Cr Cu LL LL W CC LL LL Cr LL CC Lc LL CL LL Cr Cr CD LL Cr LL LL LL CC CL LL CD c2 LL CL CL sr 2 Cr d W W LU .-. 0C CC rr .-. ....• .-. W -. .-r CC '-I W Ir .--. DC w CC QC ...... cc .... .... S CC .-. CC ..... CC CC CC CC OC CC r- r- r- W W r- r- r- r- IC r- r- W r- y r- r- W r- W UU r- W r- r- r- W W r- . LU r- W W W W W CO Cr CC Z CC CO C7 C C CC S CC CC C C C7 CC CC LC C7 S C7 C7 CD CC: A CC S CC C] C7 Cr CD C7 CC A A CS C.7 CS 17 ..4 r- r- it W W W W LU W LU sr W W W W CL W W W W W W • W W W W W W W W W W W W W W W D J CO Cl) CC U LL La.. U U U U A U U La. U CO U U LL U LL LL O U LL U U U LL LL U O LL U LC. L.C. LL Lc L.L.. ■ J 0 m m CO N CO M M 1.11 m U7 47 MD 4'7 m N m Or MD 47 [r C9 .n 0- -u 47 C9 CO If) CO 147 --. no .O m m N r.. C9 m C9 7 CD a, .0 ..O N C9 t- N N CO CJ N sr N LI7 rn CO N U7 r- .--. CSI sr CC -0 L^J en Co N Co C P If? U7 Y If7 00 r- •.0 77 1 J .O ..0 711 U7 CJ r7 -. U7 --. .. .0 CV U7 r-. N CO N r7 .0 m r.. Cr 47 .-. N CD .-. U7 CV CD Ci7 .r r. CS m N m OD um w-. . 7 1• Cr Cr Cc � N r.. M CV M N) r• CV ■-• -. N N. N 00 CO -. CO CO CO Cr Cr CO m C9 m Cr- CO CO CO CO CO N:. N ... T .. -. -. -. .r ... .r .. ... -. •■ ... ... -. -. ■r -. •■ L 7 n z Z Z Cn Ln Cn um Cn u? Cn Cn Cn Cn Cn Cr) Cn um CD Cr) CM Cl) Cn Cr) Cn Cn Ln OD CO Cn on Ln um Cl] Cl) cn Ln Cn Cl) Cn Cl) = W W W S 2 Z Z S = S = = S = S S Z S am r = _ _ _ = S S S = = S S S = S = O O O d II O o cc Z r- - 7.- r- r- r- P ~•. r- r- r- r- r- - F- r- r- r- r- r- r- r- r- r- 1- r- r- r- r- r- I- = _ = = DM z z a z Z z z z z DE DE Z _ DE _ DE a .O .O .O -n = O CO G CD CI C7 C7 O O O 10 C7 d CD O C7 O C7 O O O O C7 C7 O O C7 O C7 O C7 CJ CD C CC = _ = = = _ _ = _ _ = _ _ = = = = _ _ = _ = = X= = _ 2= _ _ = g = SC U) Ln Cn um u w S oc cc cc C r-- N N CV M C4 CV N N CV N N N CV L11 N V- 40 N OD .r Cr N LV N N N N CV N N N N .-. >- }. >- >- CO N -. n �.,4 ^ .-. N N U .. > -. N W CSI VD C9 CO C9 m CD CD CO CSI CS) CO MD 19 C9 no .O m CSI -.n C4 CD r- C9 an CSI C9 C9 m C9 CSI MO r.. ED CD CD 00 I17 --• N m L. O r') en ED m CO b CJ C9 B7 ED en h^.. Cal D Y) en o- en CD CO CO N -. 1.17 CD an CD f7 C9 en CD (CI m CSC CO CSI U7 r- .-. N 7 J sr C9 C9 Cr C9 as CA 151 19 CD CD .0 CD 0) CJ CSI N C4 MO N CO 0, Cr CO a an C9 C9 C9 C o CD co C O Cg N TA U7 0• Q _ _ -... .--. -... U 0. N) sr -.0 --. CD -. U7 Ld CD CSI CSI Or CD CSI Cr CSI U7 m m 0' L4 U-? V1 r!. CO CSI C9 C:9 C P ® r- CSI .O en CA C9 W .0 r.. W N 7 co sr U7 sr. m m m C9 CO m CO CO e4 0] CJ m r` CO CSI en en .O N -O CD CO U7 C9 C9 on ... m C4 C9 CD Cr CJ Cr CO CD 7 CD he ^• •-• •-• -• -. --• --• CS) -• sr -. -. CV ... C' Lr U7 --. GP N --. -. Un U- --• Cr 47 --. .r n- C4 .-. CD U O sr 117 .... ... -.. .-. -0 C CO N J 0 00 CD CD CO CD CD CD CSC CSI C P C9 CD MO CA CSI C9 C9 C2 ED C9 C9 C9 m C4 ED CSI CU CD C9 C9 C4 m CD CSI CD CO C9 CD a, N r.W M ED MD MO CD C9 N m m C9 CB CD C.4i. C3 CD C9 CD CS m MD m F. CO en CO CO m CD C9 CO CO en CD CO C_9 m an --• 47 sr M_ n J `r CD m C9 CS) CD CS) CP MO MD m W CO en CO C9 CO CSI CD D_CO W C9 C9 co CO m C9 co co CSI C9 em CD CSC CO CO C7 N Q M ••r -O CSL m CD CSI CO e0 C9 C9 CD m CO C9 m CO CO mg C9 CD L4 em C9 C9 CD CO C9 CD ED C9 CSI C'sl' CD CD CD Ca r+ r Or C' 7• 7• U7 If) CO C9 U7 CD C9 C9 CO C7 CD CJ 47 MD CO CD C4 U7 C7 CD CD C9 CD m 47 m CD CD CO CD CO CO an Un m P •-. N .4 _ �' CD .-. CO -. co co -. -. -. -. Cr -. .4. -. U7 -. ... C4 -r U7 CD .O -. CD N --• --. 47 M61, -+ CO U7 -4 U7 m N ... N .O J sr sr U') --. - .-. .... ... ... -.. ...• ... C-. 7 n. N C J • U7 U7 a' U7 -.r- sr sr sr I17 p- sr .r •r If) •r If If) sr U7 117 If? UM 177 U7 117 117 U7 U7 U7 UM U7 U7 117 sr LID N) sr 1- CD CO CD CO OD CO CO CO CD CD CO 00 CD 07 CO CO OD CO CD CO CO m CO CO CO CD CO CD CD 00 CD CO CO CO CO CO CO 7 W I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I CO - 0 0 Cr c Cr or CV Cr a.'CL-.+ .a.+ -V 0 i. > _ t7 L. 0 c a a 4 L. C C. >4. >. c a C O U U - Cr W 0 0 0 O 7 7 O O O a. L u LI n U C. O CI U 0. M CL U ab Z Cu •I O O n al LIJ LU - Z r- .7 r7 Cr .7 ax CL .:L Q r7 Cn Cl O O C. O n Cr _•• .-C L.C. it .-.n .-a LL LL. LL '_ Cr Cr _ _ .7 •7 .= LL. c 0 U Cr I I I 1 I I I I I I I I I I I I I 1 I I I I I I 1 I 1 I I I I I I 1 1 I 1 J CC CD N. -. -. NJ co co co O- If) rc -O CV --. CT co r.. TA .O CD .-4 N) sr U7 r.. U7 U7 UD -.C1 U7 ... CS] 0- N N CO sr .- = N ... N C51 CV CV CJ N -. -. N CSI CD -. -. 4-8 ---. CSI N C.ai' N N CJ C9 N N N CV CV t!. CJ .-. N C9 N -4 CL 117 U7 U7 U7 117 tf7 U7 01 U7 U7 Lf) 4') U7 U7 147 U7 If) U7 U7 U7 .0 -0 •O -CI 40 .O .O 40 -O -O -O .O .O AD N) .0 .O CO Co CD CO CO co CO CO CO 00 CO CO CO Co CO co CO CO CD CO CO 00 CD CO W CO CO co CO CO Co 07 00 CD C77 m C9 1 1 I 1 1 1 1 1 I I I 1 1 1 1 1 I 1 1 I I I 1 1 1 I 1 1 I I 1 I 1 1 m C9 C9 I- Cr CT Cr CT C. a. cc cc d. C1 C1 CS.+l ....I +. ..a .ra > • u C C C .= 17 J* L L.. L- 7.- >. c C u CV N ('Si W O O O O 7 O 7 -I al a. CU a. LJ u Ll u u O O CU b Ca R t 1 L al UI 'U C1. CC CN C C 7 O O W I 11 CC r- cL Cr Cr cS 4 cr CC Cr Cl) Cl) CO CO C7 CD CD CD O Z Z A l- .7 LL LL LL = Cr CL = = .7 r7 O C7. C > = Z I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I D O O I-- CD N N -O +O r.. CD Cr Cr Cr r. •O r- --. C' C9 U7 -• .17 IA m N} r. r. Cam. m U7 U1 ..-. U7 U7 r. Cr r. Cr G¢ .-a Z CL -. -. N CV N N CV CS) -I LV CV CO CO -4 -. N CO N rn N C4 N m N N N N CV -. N .4 N CV 1 I t = Z Z DC -.. U7 U7 •O W W W -. .-.. m CJ.. LY. eL CD CD CD • 1 r LJ ME 7. . w • . CO La O u-. Cl) Cr Z Z Z Cl) • _ • O' W Q W I- =s U r- Z U U U U U CO r- 0- W Y Cl) CD CC CD OD CO co Cl) CD On CD f- •■• Z O CO Z W CC W .-. C7 LL A A A A 74 A CO CO A J J J C.) C I I 7- ]c v Cr z Cr) w Cl) U 0 CD 0 CO J I I U Z Z Cn J ..G Z Z ]L GE Y U .-. Y N. ..: CO he L7 CO d W U] Ca Ca NC CL Cn .r .T Z Cn [n Z CO Z CC 3 Z O . .z CD Z CL C U C U C7 CD .Z -T_ W 00 CM L7 1: U GE CO CO Cr Cr -CC Cr Cr ? - Q J CD CL _ = CD 4L 't hG CO 6 Cr O] CD CO W CM m Kr CO CO CO Z Z Z 7- J LL LL Cr Cr PC C LC_ Z 7- J L:C = U A Cn Y CO on CD r- CL 7C r- Dr On O sr Z J -'- U I--- r- Z J Ul Z Cr C7 Z Cn Z Z Z Cn Cn um CC .-. ? a: Y <C Ci CL CO Cr 7- U] J cL Z CC OC Cr CO d C= W cr J J GS J CL CL Q CL CL S .MC Z Z CL O A J he LU Z CD *■ O W C. CD O CO r- CD uc .--. CD A .2 J O Cr m C7 = W ..-. .... U7 = XC St W U Cn J CO = = J U J CD Cu J I .. J CC J r- r- I- CJ 0. Y '- S r- O O -" it J 7- CL Y: --• 't O on W Z S Cr CD CC W _ 7- :a On W J Cr O CO cr 7- S J LU J J is J w J W CC LL W Z OD Cl7 CO ci .--. W CD Q W O O d co U U _ r- I- O •-• r- W '' 4U 2 3 rl. +S ■21 "" F- U7 r-- = O O _ CL CD S = CD r- _.- = W CD 7C = _ _ I LU Z CL CL J r- *4 on S O r- Lt O CD J CO 2 CL CL d Gn Z C7 LY. Z W O J CC O LL J O • LU W = r- -L Cr S r- r- Cn W Y W Z LY Z Z 2 <S :C *4 - Z L O S = J J J C7 CD LO Cn Cl] W :L Cn Z W A J "^ r- W W = CO 7• .• T LO W W r- r- r- O Cr <2 •-• J :C .... .2 W LL Z W J Q L7? U7 r- J r- J J 1.= J - Cr CD J S .2 J J S J Cr •� 00 CL a CC O sr C] U CJ CD U- S •--• W CO Cr J GE Cr r- C] CL W CO Cr d W W CZ CL d C Z Z Z CO J J O W L'C = O =O r- S 2- CC Z W S S S C C O CC J • S = Li S LZ CO S CL J Cn Cr Cr Cr, CO W L CO CC Y DC Cr W W W Cr 3 W S W W CO W C.. LU CC W U r- W Z W r- r- r- N 1:17 L.) U I- J CD A J N. LU Z 7C W 7= A CL " OC Z A -. A CD LO f- CJ O _ W A 2 O O W O C) ? » C] CL d 0 r4 O W W CC .-. = S Q CL. O W = O GE O W CD W W .-. W W O = W W CS: Cl] W J W W d CD CO O CL J J = CO LL LL 00 = CL CO m CO S LL .4 I- U.. u] L.L.. CO L1 UU d = LL Cu S CL U. Cu U O C.L. CD LL LL C 7 CO CO r- 7 • ? O Z SI 7 = -. N ref .q- If? •O rte. 07 0- m .-. N r') sr Cn +n r■ CD Cr co --. N M ("4 U7 -O r` co Cr m -. LV rn v U7 .O r• CD Cr m C W C CV N N N CV N N N C.4 rD r7 .. r•-. M r^. M r? r? M •a' I- 3 .-.