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Home My WebLink About2008-1103 Study Session PACKET CITY OF ASHLAND Important: Any citizen may orally address the Council on non-agenda items during the Public Forum. Any citizen may submit written comments to the Council on any item on the Agenda, unless it is the subject of a public hearing and the record is closed. Except for public hearings, there is no absolute right to orally address the Council on an agenda item. Time permitting, the Presiding Officer may allow oral testimony; however, public meetings law guarantees only public attendance, not public participation. If you wish to speak, please fill out the Speaker Request form located near the entrance to the Council Chambers. The chair will r~cognize you and inform you as to the amount of time allotted to you, if any. The time granted will be dependent to some extent on the nature of the item under discussion, the number of people who wish to be heard, and the length of the agenda. CITY COUNCIL STUDY SESSION AGENDA Monday, November 3,2008 at 6:00 p.m. Council Chambers, 1175 East Main Street 6:00 p.m. Study Session 1 . Look Ahead Review 2. Review of regular meeting agenda for November 4, 2008 3. What are the Council priorities for city facilities and properties based on the information provided in the Facilities Master Plan Report? Does the Council wish to place a bond measure on the 2010 ballot for public safety improvements? [1 hour and 30 minutes] 4. Does the Council have questions for the City Recorder about the City's Investment Policy or about the status of the City's current investments? [15 Minutes] In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the City Administrator's office at (541) 488-6002 (TTY phone number 1-800-735- 2900). 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Dr ~ ~ a. :..n ~g n .. ~= ~3: l tn -. q.z r- a8 ~ ~~ :.ii ~l 'U ~ ~ ~ ~ - CITY OF ASHLAND AGENDA FOR THE REGULAR MEETING ASHLAND CITY COUNCIL November 4, 2008 Council Chambers 1175 E. Main Street 7:00 p.m. Regular Meeting I. CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL IV. MAYOR'S ANNOUNCEMENT OF BOARD AND COMMISSION VACANCIES V. SHOULD THE COUNCIL APPROVE THE MINUTES OF THESE MEETINGS? [5 minutes] 1. Study Session of October 20, 2008 2. Regular Council of October 21 , 2008 VI. SPECIAL PRESENTATIONS & AWARDS 1. Mayor's Proclamation of November as American Indian Heritage Month 2. Mayor's Proclamation of November as National Family Caregiver Month and National Alzheimer's Awareness Month VII. CONSENT AGENDA [5 minutes] 1. Does the Council accept the Minutes of Boards, Commissions, and Committees? 2. Does the Council wish to ratify the new Labor Agreement between the City of Ashland and the Laborers Local No. 121? 3. Should Council accept the quarterly financial report as presented? 4. Should the Council approve the attached Findings of Fact, Conclusions of Law and Order for Planning Action 2008-00182 (500 Strawberry Lane) and transmit the Revised Findings to LUBA? 5. Should the Council approve a resolution titled, "A Resolution to Recognize the Conveyance of Property and Amending Resolution 85-47"? 6. Should the Council authorize an Agreement with the Waters-Oldani Consulting Group, Inc. for professional recruitment services at a bid price of $25,000? COUNCILJ\1.EETJNGS ARE BROADCAST LIVE ON CHANNEL 9 VISIT I'HE CITY OF ASJ-ILAND'S \VEB SIl'E AI' \V'vV\V.ASHLAND.OR. US VIII. PUBLIC HEARINGS (Testimony limited to 5 minutes per speaker, unless it is the subject of a Land Use Appeal. All hearings must conclude by 9:00 p.m., be continued to a subsequent meeting, or be extended to 9:30 p.m. by a two-thirds vote of council {AMC 92.04.040}) 1. Does the Council wish to enter into a purchase agreement to acquire 10 acres on Clay Street to be used for a public park and an affordable housing project in partnership with the Housing Authority of Jackson County? [45 Minutes] 2. Should the Council approve an AFN wholesale and retain rate increase to offset an increase in operating expenses? [15 Minutes] IX. PUBLIC FORUM Business from the audience not included on the agenda. (Total time allowed for Public Forum is 15 minutes. Speakers are limited to 5 minutes or less, depending on the number of individuals wishing to speak.) [15 minutes maximum] X. UNFINISHED BUSINESS 1. Will Council approve the attached resolution authorizing water revenue bonds up to $5,975,000 and giving sixty days notice of the potential sale? [10 Minutes] XI. NEW AND MISCELLANEOUS BUSINESS 1. Should the Council authorize the City Administrator to execute a 20 year Load Following Power Contract with the Bonneville Power Administration? [20 Minutes] XII. ORDINANCES. RESOLUTIONS AND CONTRACTS 1. Should the Council conduct and approve Second Reading of an ordinance titled, "An Ordinance Amending Chapter 10.46, Prohibiting Camping, Revising Penalties, Clarifying and Amending Timeframes and Procedures, and Other Requirements"? [5 Minutes] 2a. Should the Council conduct and approve the Second Reading of an ordinance titled, "An Ordinance Amending the Ashland Land l:Jse Ordinance Annexation Chapter (AMC 18.106.030) Concerning Affordable Housing Standards for Annexation"? 2b. Should the Council conduct and approve the Second Reading of an ordinance titled, "An Ordinance Amending the Ashland Land Use Ordinance Type III Procedures Chapter (AMC18.1 08.060) Concerning General Standards for Affordable Housing in Zone Changes"? [5 Minutes] 3. Should the Council conduct and approve First Reading of an ordinance titled, "An Ordinance Amending Chapter 2, Administration, Adding Section 2.13, Transportation Commission; Repealing Section 2.22 Bicycle and Pedestrian Commission and Repealing Section 2.26 Traffic Safety Commission" and move the ordinance on to Second Reading? [20 Minutes] XIII. OTHER BUSINESS FROM COUNCIL MEMBERS/REPORTSFROM COUNCIL LIAISONS None XIV. ADJOURNMENT In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the City Administrator's office at (541) 488-6002 (TTY phone number 1-800-735-2900). Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to ensure accessibility to the meeting (28 CFR 35. 102-35. 104 ADA Title I). VISIT ITIE err)" OF ASHLAND'S \VEB SITE AT \VvVVv .ASI-ILAND.OR. US ~-,... CITY OF ASHLAND Council Communication Meeting Date: Department: Secondary Dept.: Approval: Investment Policy Review November 3, 2008 Primary Staff Contact: City Recorder/Treasurer E-Mail: None Secondary Contact: Martha Benne Estimated Time: Barbara Christensen christeb@ashland,or. us None 15 minutes Question: Does the City Council have questions for the City Recorder about the City's Investment Policy or about the status of the City's current investments? Staff Recommendation: Information purposes only. Background: The City adopted a revised Investment Policy in 1998, This policy was reviewed and approved by the City Council, the Oregon State Short Term Board and the Municipal's Treasurer's Association, It is the policy of the City of Ashland to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. Related City Policies: Resolution 1998-16 Council Options: None requested Potential Motions: None requested Attachments: Resolution 1998-16 - Investment Policy Chart information on Investments and Rate of Return October 2008 Investment Worksheet Informational correspondence from Office of State Treasurer Page I of I r~' ----r. .-.... RESOLUTION 98-Jk- A RESOLUTION AUTHORIZING THE INVESTMENT POLICY OF THE CITY OF ASHLAND AND REPEALING RESOLUTION NO. 89-26. Recital: ORS 294.035 prohibits local governments from investing money unless the governing body of the local government has authorized the investments. The Mayor and City Council resolve: The investment of City monies ip accordance with the attached policy is authorized. This resolution supersedes Resolution No, 89-26 authorizing the investment of City monies and the purchase of Bancroft Bonds. The foregoing resolution was READ and DULY ADOPTED at the regular meeting of the Ash} City Council on the 4th day of August, 1998. SIGNED and APPROVED this 5th day of AUgUst~ J...A~ / Carole Wheeldon, Council Chairperson / Reviewed as to form: f~~ Paul Nolte, Attorney CITY OF ASHLAND INVESTMENT POLICY Effective August, 1998 CITY OF ASHLAND INVESTMENT POLICY T ABLE OF CONTENTS City of Ashland Investment Policy Revised August 1998 ----,-.-.. CITY OF ASHLAND, OREGON INVESTMENT POLICY (Revised August 1998) 1.0 POLICY. It is the policy of the City of Ashland to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. 2.0 SCOPE. This investment policy applies to activities of the City of Ashland and Ashland Parks & Recreation in regard to investing the financial assets of all funds except for funds held in trust for deferred compensation funds for the Employees of the City of Ashland. In addition, funds held by trustees or fiscal agents are excluded from these rules~ however, all funds are subject to regulations established by the State of Oregon. Other than bond proceeds or other unusual situations, the estimated portfolio size ranges from $15,000,000 to $24,000,000. These funds are accounted for in the City of Ashland's Comprehensive Annual Financial Report and include: General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Enterprise Funds Internal Service Funds Trust & Agency Funds Funds of the City will be invested in compliance with the provisions of, but not necessarily limited to, ORS 294.035 through 294.048~ ORS 294.125 through 294.155 ~ ORS 294.810 and other applicable statutes. Investments of any tax-exempt borrowing proceeds and any related debt service funds will comply with the arbitrage restrictions in all applicable Internal Revenue Codes. 3,0 PRUDENCE. Investments shall be made with judgement and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. 3.1 The standard of prudence to be used by investment officials shall be the "prudent person" standard and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. 4,0 OBJECTIVE. The primary objectives, in priority order, of the City of Ashland's investment activities shall be: 4.1 SAFETY. Safety of principal is the foremost objective of the investment program. Investments of the City of Ashland shall be undertaken in a manner that seeks to ensure the preservation of capital and the protection of principal in the overall portfolio. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income gen~rated from the remainder of the portfolio. 4,2 LIQUIDITY. The City of Ashland's investment portfolio will remain sufficiently liquid to enable the City of Ashland to meet all operating requirements which might be reasonably anticipated. City of Ashland Investment Policy August 1998 Page 1 4.3 RETuRN ON INVESTMENTS. The City of Ashland's investment portfolio shall be designed with the objective of attaining a rate of return throughout budgetary and economic cycles, commensurate with the City of Ashland's investment risk constraints and the cash flow characteristics ofthe portfolio. The city may self-finance the Bancroft Debt in order to reduce the overall debt financing costs. 5.0 DELEGA TION OF AUTHORITY. Authority to manage the City of Ashland's investment program are the City Recorder/Treasurer and Director of Finance who are designated as the investment officers of the city and are responsible for investment decisions and activities, under the review of Ashland City Council. The day to day administration of the cash management program is handled by the City Recorder/Treasurer or by, the Director of Finance and the Accounting Supervisor in the absence of the Treasurer. Management responsibility for the investment program is hereby delegated to the City RecorderlTreasurer and Director of Finance, who shall establish written procedures for the operation of the investment program consistent with this investment policy and subject to review and adoption by City Council. Procedures should include reference to: safekeeping, PSA repurchase agreements, wire transfer agreements, banking service contracts and collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the City Recorder/Treasurer and Finance Director. The City Recorder/Treasurer and Finance Director shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. 6,0 ETHICS AND CONFLICTS OF INTEREST, Investment Officers involved in the investment process shall refrain from personal business activity that could conflict with proper execution ofthe investment program, or which could impair their ability to make impartial investment decisions. Investment Officers shall disclose to the City Council any material financial interests in financial institutions that conduct business within this jurisdiction, and they shall further disclose any large personal financial/investment positions that could be related to the perfonnanceofthe City of Ashland, particularly with regard to the time of purchases and sales. 7.0 AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS. The investment officers shall maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness who are authorized to provide investment services in the State of Oregon. Further, there should be in place, proof as to all the necessary credentials and licenses held by employees of the broker/dealers who will have contact with the City of Ashland as specified by but not necessarily limited to the National Association of Securities Dealers (NASD), Securities and Exchange Commission (SEC), etc. Additions or deletions to the list will be made at the discretion of the investment officers. Securities broker/dealers not affiliated with a bank shall be required to have an office located in Oregon and be classified as reporting dealers affiliated with the Federal Reserve as primary dealers. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the investment officers with the firms most recent financial statements or Consolidated Report of condition ("call report") for review. An annual review of the financial condition and registrations of qualified bidders will be conducted by the investment officers. A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the city invests. 8.0 AUTHORIZED & SUITABLE INVESTMENTS. The City of Ashland is empowered by statute to City of Ashland Investment Policy August 1998 Page 2 invest in the following types of securities. 1. U.S. Treasury Obligations (Bills, notes and bonds) 2. U.S. Government Agency Securities and Instrumentalities of Government Sponsored Corporations. 3. Bankers' Acceptances (BA's) 4. Certificates of Deposit (CD) a. Commercial Banks which have a branch in Oregon b. Savings & Loan Associations which have a branch in Oregon. 5. State & Local Government Securities 6. Commercial Paper (AI, AA,Pl) 7. State of Oregon Investment Pool 8. Repurchase Transactions In selecting authorized investments consideration will be given to credit ratings on commercial paper, bankers acceptances, and collateralization of applicable instruments. If repurchase agreements are authorized, a Master Repurchase Agreement must be signed with the bank or dealer. Before the investment officers invests funds or sells securities prior to their maturity, competitive offers or bids will be sought from two institutions. The most favorable offer or bid will be awarded the transaction. 9.0 INVESTMENT POOLS. A thorough investigation of the pooVfund is required prior to investing, and on a continual basis. There shall be an annual review which will answer the following general questions: 1. A description of eligible investment securities, and a written statement of investment policy and objectives. 2. A description of interest calculations and how it is distributed, and how gains and losses are treated. 3. A description of how the securities are safeguarded (including the settlement processes), and how often are the securities priced and the program audited. 4. A description of who may invest in the program, how often, what size deposit and withdrawal. 5. A schedule for receiving statements and portfolio listings. 6. Are reserves, retained earnings, etc. utilized by the pool/fund? 7. A Fee schedule, and when and how is it assessed. 8. Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? 10.0 SAFEKEEPING AND COLLA TERALIZA TION. Purchased investment securities will be delivered by either Fed book entry, DTC, or physical delivery, and held in third party safekeeping with a designated custodian. The trust department of a bank may be designated as custodian for safekeeping securities purchased from that bank. The purchase and sale of securities will be on a delivery versus payment basis. The custodian shall issue a safekeeping receipt to the City of Ashland listing the specific instrument, selling broker/dealer, issuer, coupon, maturity, CUSIP number, purchase or sale price, transaction date, and other pertinent infonnation. Delivery versus payment will also be required for all repurchase transactions and with the collateral priced and limited in maturity in compliance with ORS 294.035 (II). Demand and time deposits shall be collateralized through the State collateral pool as required by statute for any excess over the amount insured by an agency of the U.S. government Repurchase agreement collateral will be limited in maturity to three years and priced according to percentages prescribed by written policy of the Oregon Investment Council or the Oregon Short-Term Fund Board. 11.0 ACCOUNTING METHOD. The City of Ashland shall comply with all required legal provisions and Generally Accepted Accounting Principles (GAAP). The accounting principles are those contained in the pronouncements of authoritative bodies including, but not necessarily limited to, the American Institute of Certified Public Accountants (AICPA); the Financial Accounting Standards Board (FASB); and the Government Accounting City of Ashland Investment Policy August 1998 Page 3 Standards Board (GASB). 12.0 DIVERSIFICATION. The City will diversify its investments by security type and institution. With the exception of U.S. Treasury, Government Agency Securities and authorized pools, no more than 50% of the cities total investment portfolio will be invested in a single security type or with a single financial institution. Diversification bv instrument % of portfolio U.s. Treasury Obligations 100% U.s. Government Agency Securities and Instrumentalities of Government Sponsored Corp. 100% Bankers' Acceptances (BA's) 50% Certificates of Deposit (CD) 35% State & Local Government Securities 35% Repurchase Transactions 25% Commercial Paper (AA,AI,PI) 10% State of Oregon Investment Pool Securities 100% The investment officers will routinely monitor the contents of the portfolio comparing the holdings to the markets, relative values of competing instruments, changes in credit quality, and benchmarks. If there are advantageous transactions, the portfolio may be adjusted accordingly, but not to exceed % as stated. 13.0 MAXIMUM MATURITIES. To the extent possible, the city will attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the city will not directly invest in securities maturing more than 18 months from the date of purchase. All investments with maturities in excess of one year shall pay interest at least annually. I. Under 30 days 2. Under 90 days 3. Under 270 days 4. Under I year 5. Under 18 months 6. Under 3 years 10% minimum 25% minimum 50% minimum 75% minimum 80% minimum 100% minimum 14.0 INTERNAL CONTROL. The investment officers shall maintain a system of written internal controls which shall be reviewed and tested by the independent auditor at least annually or upon any extraordinary event, i.e., turnover of key personnel, the discovery of any inappropriate activity to assure compliance with policies and procedures. 15,0 PERFORMANCE STANDARDS, The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles, commensurate with the investment risk constraints and the cash flow needs. The city's investment strategy is active. Given this strategy, the basis used by the investment officers to determine whether market yields are being achieved shall be the six-month U.S. Treasury Bill and the Oregon Local Government Investment Pool using the monthly net yield of both portfolio's as the yardstick.. 16.0 REPORTING. The investment officers shall provide to City Council quarterly investment reports which City of Ashland Investment Policy August 1998 Page 4 provide a clear picture of the status of the current investment portfolio. The report should include data on investment instruments being held, as well as any narrative necessary for clarification. In addition, monthly reports shall be prepared with the following information: I . A listing of individual securities held at the end of the reporting period by authorized investment category . 2. A verage life and final maturity of all investments listed. 3. Coupon, discount or earnings rate. 4. Par value of each investment. 5. Percentage of the Portfolio represented by each investment category. 17.0 INVESTMENT POLICY ADOPTION. The City of Ashland's investment policy shall be formally adopted by resolution by the City Council. If invesnnents exceeding a maturity of eighteen months are contemplated, further review and comment by the Oregon Short-Term Fund Board will be sought; and thereafter, this policy will be re-adopted annually even if there are no changes. 18.0 DEFINITIONS. It is the policy of the City of Ashland to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. AGENCIES. Federal agency securities. ASKED. The price at which securities are offered. BANKERS' ACCEPTANCE (HA), A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer. BID. The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.) See Offer. BROKER. A broker brings buyers and sellers together for a commission. CERTIFICA TE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. large- denomination CD's are typically negotiable. COLLA TERAL. Securities, evidence of deposit or other property which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies. COMMERCIAL PAPER. Short-term unsecured promissory note issued for a specified dollar amount with a maturity that can be tailored to meet an investor's needs. Notes have maximum maturities of270 days, but the majority of CP is issued in the 30-50 day maturity range. COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR). The official annual report for the City of Ashland. It includes five combined statement of each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with finance related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section. COUPON. (a) The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value. A certificate attached to a bond evidencing interest due on a payment date. (b) DEALER. A dealer, as opposed to a broker, acts as principal in all transactions, buying and selling for hislher own City of Ashland Investment Policy August 1998 Page 5 account. DEBENTURE. A bond secured only by the general credit of the issuer. DELIVERY VERSUS PAYMENT. There are two methods of delivery of securities: delivery versus payment and del ivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities. DERIVATIVES. (I) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include index or security, and may include a leveraging factor, or (2) Financial contracts based upon nominal amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rate, equities or commodities). DISCOUNT. The difference between the cost price of a security and its maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount. DISCOUNT SECURITIES. Non-interest bearing money market instruments that are issued at a discount and redeemed at maturity for full face value, e.g. u.s. Treasury Bills. DIVERSIFICA TION. Dividing investment funds among a variety of securities offering independent returns. FEDERAL CREDIT AGENCIES. Agencies of the Federal Government set up to supply credit to various classes of institutions and individuals, e.g. S&L's, small business finns, students, fanners, farm cooperatives, and exporters. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC). A federal agency that insures bank deposits, currently up to $] 00,000 per deposit. FEDERAL FUNDS RATE. The rate of interest at which Fed funds are traded. This rate is currently pegged by the Federal Reserve through open-market operations. FEDERAL HOME LOAN BANKS (FHLD). Government sponsored wholesale banks (currently 12 regional banks) which lend funds and provide correspondent banking services to member commercial banks, thrift institutions, credit unions and insurance companies. The mission of the FHLBs is to liquefy the housing related assets of its members who must purchase stock in their district bank. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA). FNMA, like GNMA was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working under the auspices of the Department of Housing and Urban Development (HUD). It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder-owned corporation. the corporation's purchases include a variety of adjustable mortgages and second loans, in addition to fixed-rate mortgages. FNMA's securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest. FEDERAL OPEN MARKET COMMITTEE (FOMC). Consists of seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis. The committee periodically meets to set Federal Reserve guidelines regarding purchases and sales of Government Securities in the open market as a means of influencing the volume of bank credit and money. FEDERAL RESERVE SYSTEM. The central bank of the United States created by Congress and consisting ofa seven member Board of Governors in Washington D.C., 12 regional banks and about 5,700 commercial banks that City of Ashland Investment Policy August 199& Page 6 are members of the system. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae). Securities influencing the volume of bank credit guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are backed by the FHA, V A or FMHM mortgages. The term "pass throughs" is often used to describe Ginnie Maes. LIQUIDITY. A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at th,ose quotes. LOCAL GOVERNMENT INVESTMENT POOL (LGIP). The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment. MARKET VALUE. The price at which a security is trading and could presumably be purchased or sold. MASTER REPURCHASE AGREEMENT. A written contract covering all future transactions between the parties to repurchase--reverse repurchase agreements that establishes each party's rights in the transactions. A master agreement will often specify, among other things, the right of the buyer-lender to liquidate the underlying securities in the event of default by the seller-borrower. MA TURITY. The date upon which the principal or stated value of an investment becomes due and payable. MONEY MARKET. The market in which short-term debt instruments (bills, commercial paper, bankers' acceptances, etc.) are issued and traded. OFFER. The price asked by a seller of securities. (When you are buying securities, you ask for an offer.) See Asked and Bid. OPEN MARKET OPERATIONS. Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the FOMC in order to influence the volume of money and credit in the economy. Purchases inject reserves into the bank system and stimulate growth of money and credit; sales have the opposite effect. Open market operations are the Federal Reserve's most important and most flexible monetary policy tool. PORTFOLIO. Collection of securities held by an investor. PRIMARY DEALER. A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC)-registered securities broker-dealers, banks and a few unregulated finns. PRUDENT PERSON RULE. An investment standard. In Oregon the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state--the so-called legal list. In other states the trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital. QUALIFIED PUBLIC DEPOSITORIES. A financial institution which does not claim exemption from the payment of any sales or compensating use or ad valorem taxes under the laws of this state, which has segregated for the benefit of the commission eligible collateral having a value of not less than its maximum liability and which has City of Ashland Investment Policy August 1998 Page 7 been approved by the Public Deposit Protection Commission to hold public deposits. RA TE OF RETURN. The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond the current income return. REPURCHASE AGREEMENT (RP or REPO). A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. The security "buyer" in effect lends the "seller" money for the period of the agreement, and the terms of the agreement are structured to compensate himlher for this. Dealers use RP extensively to finance their positions. Exception: When the Fed is said to be doing RP, it is lending money, that is, increasing bank reserves. SAFEKEEPING. A service to customers rendered by banks for a fee whereby securities and valuable of all types and descriptions are held in the bank's vaults for protection. SECONDARY MARKET, A market made for the purchase and sale of outstanding issues following the initial distribution. SECURITIES & EXCHANGE COMMISSION. Agency created by Congress to protect investors in securities transactions by administering securities legislation. SEC RULE lSC3-l. See Uniform Net Capital Rule. STRUCTURED NOTES. Notes issued by Government Sponsored Enterprises (FHLB, FNMA, SLMA, etc.) and Corporations which have imbedded options (e.g., call features, step-up coupons, floating rate coupons, derivative- based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the shape of the yield curve. TREASURY BILLS. A non-interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year. TREASURY BONDS. Long-term coupon-bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities of more than 10 years. TREASURY NOTES. Medium-term coupon-bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities from two to 10 years. UNIFORM NET CAPITAL RULE. Securities and Exchange Commission requirement that member finns as well as nonmem ber broker-dealers in securities maintain a ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a finn, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash. YIELD. The rate of annual income return on an investment, expressed as a percentage. (a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. City of Ashland Investment Policy Augllsll998 Page 8 City of Ashland 5- Year Portfolio History Investment/Rate of Return Period Ending June-05 June-06 June-07 June-08 October-08 Earnings Rate 2.9086% 4.7434% 4.1600% 3.3500% 2.9454% Portfolio Balance $26,417,843.85 $22,492,756.68 $21,170,307.64 $18,158,053.24 $15,670,237.50 Investments 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 June-05 June-06 June-O? June-OB October-OB 1.00% Rate of Return 5.00% 4.00% 3.00% 2.00% . 0.00% June-05 June-06 June-O? June-OB October -OB City Investment Officer Barbara Christensen City RecorderlTreasurer ~ '" " >- ~c3 d~ fil ,..: .., 1: '" 41 0 S ~ ~t;:? .58 ~ ,..: .., '" o ..... ~ri (!).... ~ 0:: W ~ o l.:: Z -< lD >- W l.:: l.:: Z -< lD tf.) :J l.:: Z -< lD ~ o lD l.:: Z -< lD tf.) ...J ...J W ~ iI- 8 III N u; 1~~~ lD os..s 0:: ~coo 4lQ iE ,,0 0.... co Q .~ g 2 Ill.... ~~ 41 1/1 " .s:: u III :sCi 0.0 u; )( ! 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CIlen 00 ~n~ ~. 8 ci ., III ~ N 8 ~ 8 III N fil ,..: l"l '" R ~ 8 ~ 8" III 8 ci 8 ci 8 o 8 g g N ~ o o o ~ 8 ci ~ o o ci ~ N q o # CIl CIl oj ., g ~ .~ 'g ~ ] 1/1 ~ ~.: ~ ~.Q ~ ~ ~ OO~O E Uo.Oo. -< ~iI-~~~~ ~8;;1i18~~ CIls:l~~........ NNONq:: 00 III III ,...:,...: ..,.., NN 00 .......... CD.... ~~ '0 2 III '" o o 2 c ,g " ] ~ c " ii .c III ii 5 III g -< w ~ ~ iI-iI-iI-iI-iI-iI- ~s:lfil~filg8 >- ~ o 0. ..,...,.#..,...,.#~ ~0~00l"l:;~ ~ g~ 's 88888s:lfil ,15 os;icios;i"":"": ~ 0 OM!') =1: - -cici .!!! ~!i! Si!.......... ~e ~ i1iri~ c< ~..- u: >- .c c o .'" " .!.! ~ Ci .C!: o Ja :I o ~ 41 0 Ea -> ~~~~ ~ ~~~~j] &l~:J~o.3 o o N ~ L6 ., CD L6 M .... "0 &. ~ c .!!! :v > 88 ci~ ~ ~ N Ci 0. 8888888 ci~cicicici~ ~. ~. ..,...,.iI-#..,...,.iI-..,. ~~~fil:q:q:cl~~ >- It o 0. ..E #..,.# #o~o ii ~ -< 8888 ci~o~ ~~ g 8.c", 2e N lIl~~ gcC ~~ >- (!) 41 ..c "C;;ti>> g -=",CIl u-<... '-,; <3~~~~2~ ~ ~~~~;~o. Ii ~-<~~~a~~ a ~~~0~~O~ filg ,...:,..: MM N '" 00 ..... ..... ....CD ~~ ## .,.... coco :g gg ,..:,..: !')M NN coc .......... ~ ....CDO riL6E ........cc RONALD D. ScHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 50W7M772 STATE OF OREGON OFFlcEOF THE STATE TREASURER 350 Winter Street NE. Suite 100 salem. Oregon 97301..3896 Barbara Christensen City ReCOtcler/Treasurer City ofAshl~nd Ashlal100R 97520 (541) 4SS..5307 " Dear Barbara: The Office of the State Treasurer staff understands Randall Hopkins' concerns regarding the State ofOregQn securities lending mandates. We appreciate the opportunity to .address his concerns, which have moved into the spotlight in light of recent press releases from several large banks. Indeed, staff shares hls concems and remains ever-vigilant regarding oversight of securities lending efforts as well as the manage.mentof all State of Oregon assets. I have provided resPQnses('._"~.tlt.III_) to many ofMt'. . Hopkins' ISSues and questions and ..hope aU concerned will have a more complete understanding of the State of Oregon securities lendingprQCes$. As you know, you may alsoflndadditional andtirnely information and updates regarding the Oregon Short-Term Fund at_..tB:,smte"Olt.YI. Please>do not hesitate to>caUof e-mall with further questions. Regards, (2<~.~ Perrin Urn Senior InvestrnentOfflcer Office of the State Treasurer 350 Winter Street, NE,Suite 100, Salem OR 97301 Trading .(503). 378...4155 Fax (50S) 373~0881 E-mall:. .~n.lim"'"or"tJs OFFICE L.OCATION: STATE CAPITOl. ROOM 159- WWW.OST.STATE.OR.US.OREGON.TREA$URY@STATE.OR.US RONALD D. SCHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 503-378-6772 STATE OF OREGON OFFICE OF THE STATE TREASURER 350WintfwStreet NE, Suite 100 Salem, Oregon 97301-38Q6 FrQmRandallHoDld.ns e-mail.OttQber26...218S.at12:45PM: To everyone: OnO.ct26., 2106, at 10:57 AM, Barbara christensen wrote: Toevery.one in this group email. I haVe previously extended an invite toMr _ Hopkins and Councilor Ha.rtzell to come and speak to me in my office on any questions or concerns they have with the city's investment portfolio and how it is managed. Thank you, Barbara, I did receive your invite Friday. Sorry I haven't had the chlnte to get back to you. .before nQw. While Iwasn 't the one seeking a meeting, I'll be happy to s:it down and talk. I'rn ""aitingonsomemore info from the state treasurer'. soffic.eancl would like to get that before any meeting. It will be more efficient that way. I alsosubm.itted a report inOct.obe.r to the Mayor and Council On our investment policy and received no questions on this report. Could Ip.ossiblyget a copy of this report? Thanks.. I would like to extend the same invitation to those of you that would like further infQrmation on the city~s inv~strnent portfolio and how it .is managed. Please feel free to call my office, stop by or request thel"eportpreviously seot to the Mayor/Council.. I have been scheduled to p.resenta report on our investment pollcyfor the Study SessionoT November 3rd and would appreciate abetter understanding of what the questions are>_ If there .t;irenO quastioos or questions that can ~asily be taken care of by a phone call, and although I would be happy to present rnyself before the council, I question the need. to take up time at a Study Session on this topic. Ok:, here ar~ $()mequesti()ns that I have now. But first -my understanding. at this stage. OFFICE LOCATION: STATE CAPtTOl, ROOM 159. \WMf,.Q$T.$TA~.OR.US.QREOON.TREASURYA$TAJE.QftUS RONALD D. SCHMfI'Z DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 503-378-6772 STATE OF OREGON OFFICE OF.THE STATE TREASURER 350 Winter Street NE, Sui. 100 Salem, Oregon 97301-3896 The eitr, along with other local govts, send money to the Oregon Short Term. Fund (OSl'f).This is supposed to be an ultra safe, highly liquid short term money marketfundtvDe.. repository of publ:i.ccash reserves. fII.",.., tH."Bta. .r,.."lWr"."".IMJ/.r.....,.,,,. tWIfI ~..tIIII"!...,f!lI-..."............".,....._...IMll,......~.- .... ~"ffJlIIJI"'I/II"" TheOSTF is managed by the State treasury and they seem to do a good job of it. Much of the OSTF Portfolio is investe(t in usg()vt or.agency paper. There was a Lehman Brospaper inside the OSTF that went bust, but the :impact has not been huge. So far" so good, relatively speaking. In normal times" a polley of depositing money in OSTF would be cc>mmendable. The 4-5 billion pound elephant in the roo.m, however, arises from the fact that the OSTF has borrowed between $4 to 5 billion in cash, secured byapprox. half the good assets inside OSTF. The cash has beendeposited:in a little known, below the radar (and, I contend largely off balance sheet) account they call the Oregon STIF. The STIF is not managed by the treasury, but bra private bank. STIF is allowed to invest in paper notallowedbyoSTF. This includes asset back securities (car loans and credit card debt) and European bank off balance sheet conduit paper. .rIIe..""C'.n.'........"_,....,,.,.G/IJIRII...... r..... .. a.,,../a..O!~IJJ...t.lII!J!IIR'fIII1J(lidffJl!'fl~:J,.flfllMlI- 1l..'lIIl1l11f1111mllll,.,......tIlI.,......,.,,..,,,.,...I4_ fl. .....,.1'....4. .....1,. .IIIII..~~ pf/ll.mmllll'."IIIJIIIfIJIII!.lt....fI1IlII'...'nrst.$..... .,IIItI'!,""y!I'ei:IIIII:_It(16S "!r.....,.._. ......"..,.""IIIt1JI ~',.,J..'II....lI.'IIII..tI'......,IIII....Ia"".,."IfSIIIJ/a'.........~f1'!1'18"...tIIIIJ'.(tJ, lite ............... ..,.IBfII..'~...,..rtll.lIlIlS/l1, ~lIIIII'.I,,~ -'4. ZlI'.. ....._I_IIIt...fllill.~~....tllIflII.....~...~...~~..~.,.....IItI_ ... -.....".......,...,...".....I"_'fIfIIM...,II.,.". .,..,IfB11.'....ltt6:~..e".,.,.....tI'..~INJII..II.,.. IIIll1al 1I11""11IJIIJIJ,!,*tlll_"'a~""".''''-.IV'IIMIJII'''_'4 .,,,. fIIIl!I. rIIe...,.".8!".....,J..rIIe.l_ijl/llllr.r$!llIiIIiIJ!'~..~ IsaIJJII WIIIfJI"..I'SBlJml'''"M.1f8 fIfIIM.""...exll".-p1lee.tII'SS.IJII/slIll.. OFFICE LOCATION: STATE CAPITOL. ROOM 159. WWW.OST.STATE.OR.US-OREOON.TREASURYftSTATE.OR..US 1----- RONALD D. SCHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 503-378-6772 STATE OF'ORlGON OFFICe OF THE STATE TREAsURER 350 Winter street NE, Suite 100 Salem. Oregon 97301-3696 .,...nl#.II1IIIIIIf/!lII.""".Il~.IWIe_"r.....r""I'tI.1III "'WII.,~Q_"~."I:IJI~CIRI_. .... ~.. ..S.'"...... _1I......It..".".,.'II.....,.",.,.".",.....IIlI<<III.'..,.",....b.a 1WII1t..'..pd......"".ill",..'......,.....'",,,.k........ ""'."'..tWl/JlJ...",...,.,.tt"".,.",..IJaIll",.""t'ltlJllltIe& .... ..ItM................,.",."".",.,.",.""".,.."fJJlIIJt..........C. ."".""".'11........,.,.,.,....." .a<<J~ .1IIIIIIlIfIII'..wItIIl".....dlenf"..'II..... .tJtIw/Il"*te..rllrII-,.,ill.w1Jidll1II!.'."...,.,11I..6fIII,.1t ...... Nwlll!ll.flGr,..",_._..,8l/tII1Ifr.~...MItI4_..alOa/_.... '~""""""'''''''''.tJf,.rr.lIC/?J "","".,..,~AIICP i"....~..""",.~IJ~'!",..allll"...'fIIIJ....IIlIIIII!dYI",...1a It.... Il....~. ."~"a~lIme ....",IIIIIlIttIt'*ltl',fIIBI... """"'>illIII_tltetrllllltRl& rIIII._.,.."I6IJ"'_III111lIl.... .....""....a.,.....rtNt:IIII"......,....IIA1-..0r.1IIIlIIIe ......,,, .. ...... 'fIr."'IJ, allll...~'...to-IJf.IJ."..,.te."'l!tIfUm .""..."11I.,, "1M1ld1l,dIII,.. .,....."l"IIJIWtIIIltIa", ,..,,1IlItg1. .ml.... Unfortunately, sODleof this cash is now *trapped'i.nside the STIF. As of 9-30, thereWiSapprQX.$1..2 billion in asset back paper representing about 28% of the STIF. This is almost twice the permitted level of 1S%. The Asset Listing just prov:idedby the Treas.ury (see below) acknowledges that this is going to take time to work off. Ofc;ourseitwil1. If the asset backs (not to mention the other commercial paper insideS'TIF)is like all the other asset back. paper and CP we're been hearing about in the media it is A. unmarketable and B. worth far l.ess than appears on theS'TIFasset list. Z".lIlIl....O...........fIIIIIIIIIflllfllsr.._In'.'....._rm 1$" ...,.,'...../:...".,.,. .1$11, .....~II....'!...,..;IIII1I11..3".,r....WII/j",., .Jl.lflglJl"""'.fle"'IIf_...I)~WIItI.."._r;".ro -__II' wItII....IIIV8ItJ._"........l'ItefllllVilflnllllJRt .$._11."._"'.'. ....11_".1) _...IJD.__ .11.t nM'.."........rtlJlII'lIl1Xf111Pfl.fJM...llllllt-............,...IVllll '*11>. "'...,tlllntl,...e.l__lIl11ler-IJIIrIiIIfIIa,...,,'.,.mtlI. OFFICE lOCATION: STATE CAPITOl. ROOM 159. WWW.OST~STATE.OR.US.OREGON.TREASURYtmSTATE.OR..US --.--, -- RONALD D. SCHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 503-378..772 STATE OF OREGON OmcEOF THE STATE TREASURER 350 Winter street NE.Su~ .1()Q Salem. Oregon 97301..3896 ""'<<.~Ie .~...w..".,8}~.....flll:walllll fIwtJ.-.........,.",.,..-,...,lItM1.,...."....;/liIllIIII .."".......~....,.....,.~._~..,.....,.IWI....t..".",.".",., ......,MIII/tl........,."lIIIIeWJlllf/I...IIItI,...IJ,..fI1nII6;. ...11III._- .tlJF..",.II_,IltJtlllla....._,."'..U.s.'T.",...1'lIs ..~....II.....,.",..,.fII1IIII..",...,.,,.,,,..,...IlII.,,..iDI.C ....,..",....JlIIII.......... Let's say the asset backs are worth 25% of their original value in this frozen creditmarkf!t. It meansSTI:ff has an unrealized loss of about $980,"00,000. If STIF can't present.the cash it borrowed back to the lenders, then it can't get back the US govtlagencysecurities that it provided as se.curity. This loss would be directly transferred back.tooSTF and suddenly the ultra safe, highly liquid money market portfolio will have a hole in it. For Ashland, that would represent anf!ffective loss of $1.4. million (based on the current OSTF balance of $9.5 billion and Ashland's $15.2 million deposit). So, (an they.justwaiton this paper !natures (some as late as 2012...they've borrowed short and invested long)? If there are defaults on the car loans/credit cards, then we don't know if the money will be rolling in. We may face a gradually rising tide of shortfalls. In that case, the misery may last a while, especially if the recession is severe. But Oregon may not have the luxury of waiting. I believe that there are similar securities lending programs allover the country. ThebankmanagingQregonS'TIF ap.pears to have had over half a trillion dollars of these programs at the beginning of the year. Basically, publi.c funds have been ~onverted into 'bagholders' ofp.otentially toxic financial paper. And almost nobody knows about it. So here's a hypothetical, A state on the other side of the country gets in deep financiaitrouble. They go to tap their state investment pools. They sUddenly reali.ze thatthesafeasse'tsinside the pool have been lent out and replaced ($ub rosa) by toxic paper. This toxic paper can't be sold. It can scarcely be valued, but Whatever value. it heisis depressed. Thene.ws makes the headlines of that state lS major newspapers . Big, glaring headlines. OFFICE LOCATtON: STATE CAPiTOl; ROOM 159. WWW.OST.STATE.OR.US.OREOON.TREASURY@STATE.OR.US RONALD D. SCHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 583478-6772 STATE OF OREGON OFFICE OF THE STATE TREASUReR 350 Winter Street NEt Suite 1 00 Salem, Oregon 97301-3896 Sudd.enly,fiduciariesrepresent:ingc:ities and school districts allover the county grab the phQn~Scmdcal1 their state tr.asury asking '.please tell me we doo I thave this problem. ' And that is the moment where the fertilizer hits the fan. At that f)oint,youcan either be like the Ashland School Board and be able tp say I ob,wegotoutofOSTFa while back. I Or not. Whatmak:es this situation all the more ludicrous is that the depositors in OSTF are getting almost nothing for taking the risks contained in O.regon STIFand se.cQrities lending. In September, Oregon STXF only earned$1.15I1lillion for the state (85% of th.e earnings inStIF goes back to the banks .lending the cash as a 'rebate' aka interest payment). When this money is spread over the depositors in the$9.SbillionOStF, the extra earnings that trickle down to each depositor require a .magnifier to be seen. IIr.Hop/dn$!nlbnnlltftm $OUltJe ,. ..tllel, WIfIIIg and misleading_ Oregon fun. managMl., . . tJJJ:f1lrif.,,- etMml",lInd S$gA _11161$. of esming& T/lIOllllh _,." .. ~ tIIII OSTF hll$ -med a n<<.I~.1I/ fl~_1mm 6t1CUrit1f1$/ending, whldlls tJJttremely.benelldlll dunng a timeD' very JowlntfJlWt rlItfI6anll pm/Mble declines In state and local I/OVllmment IWvenUII. So.. here's a question. - is it true that the City of Ashland's share of extra incomeearnedbyfi)regon$TIF in .Septemberamount.s to $60 a day or less thal'l two thousand for.themonth? Question 2 -wouldyou borrow millions (Ashland'sshare of the borrowing looks to be about $7 million), invest it .in the 'assets' YQu.seelist.ac.l in Qregon STIF, all to earn an extra $60 a day? Something to think about when you pick up your morning newspapers. OFFICE LOCATION: STATE CAPITOL. ROOM 1.. WYV\N.O$T.STATE.QR.US. OREGON.TREASURY_TATE~OR,US RONALD D. SCHMfI'Z DIRECTOR INVESTMENT DIVISION PHONE 503-378-4111 FAX 503-37....772 STATE OF OREGON OFFlCE OF THE STATE TREAsURER 350.Winter Street N~ Suite 100 Salem,. Oregon 97301..3896 DST """11I. with ill""""'" ~ 011 0I:t0IJer 21, 2tJIJlIand, II,. IIopld.' CDIX'IIIfI$II1Y1 tluIy -N4IWt111i11.ctHllltJent lIIIII$IIpptNt/rIe oItIIe ss,A In".""." plfKtl6S, to lIIlI"...".nt and ".,.tdI ".". MIII."III,.. IWlHII'CtI& "'''11eIIeves 11I1 Teamt InItIIItIfIIJ$ by the US ..vemlllllllt tolW:/Mlltllllze ha/tIIyIM,., $1 llnduded,1IIId tWtore etlnflden&s In"" fIxstIlIICOIIIBIIIIt""" espec/IIIIy the FDIC,l/IIIfIIItee to A" will ult/",._ pl'DrNI~ ii/belt oWJr 11M t:t1I/IN o'tXIIIIllII1l11Ont/1$or q".".,.- the cMlIge.1iom Investor dMraffBI'$/tNI to one of '*1r-tIIldllfl will not occur ovem/ght. . The.cu".", """'.envlmnment . tllllinlttlly WlIId for certJlln.6tnJt:tu1Wl 1111II ecollJJll'llClllly $fIII$/tIw ~ blJt lNIdIllnd tlf1tIIy 6tnJt:tuIWlMICurlty such_ credit ClIM IIndllllttlmtJlIikI AIlS.,. unique with Wlry/ng Itwe/$ of prot<<:tlon, I.e. MllJotfIlttIlte tlflllt:lle6l11N1lJont1l101dt1r& TIIe.roIII ofSSgA a," lItIudJlry ...11II._ #IIIdI htIItIlng IJnd to 1fIIIUf:e lIT MIll outright ill advance 01 dstedorlltlDn and/or event d4 staff Is of the opinion tINIt cautkJn .wll/ IfIIItIIIn WII"lInttldfor lit IfRIst the .1ItIJtt.,.., but iI/$DIJelIeWl$ tbIIt the ItNcet/ .'llng andlWlIl .prtIlII/ wldenl. ",.."t IIIIIny opptIItunltiBs for-. invesl:tJr$, .sudI tIotlltJlr credit hQlflflWOl'/t to IdentiI'y IuntllJmBlltlll/y $Ound6llCUdtles. Randall Hopkins ps. A few disclaimers are in order. one, if the news hits the papers it won't be because! went to them. Since I started warning the City of Ashland about this situation back in November2e9'1, I've had opportunity to spread this in the major media. .ButI don tt wish .tostart the tbank runt that we may face. My goal has be~nto get my stat~j or-failing that, my town, out of harm' sway. So IstartetJ communi.cating only to Barbara.. the Mayor and Martha. Then I branchedo.ut to the school district and nowaft!w more of you as the risks began to mount (and, I fear, as time begins to run short). So I urge anyone on this list running for office. NOT to makt! thisac:aml)aign issue. The trick will be to get out of harm's way before more bad news hits. Second, when I began warningaoout this, the risks were admittedly theoretical. But now we see financial institutions imploding left and right. The credit market is frozen. Shoes are dropping allovertbe.place. OFFICE LOCATION: STATE CAPITOL. ROOM 159. 'IfNW.Q$T.STATe.QR.US. QRI;GQN.~$URYOSTATe.OR.U$ RONALD D. SCHMITZ DIRECTOR INVESTMENT DIVISION PHONE.503-378-4111 FAX 503-378-8772 STATE OF OREGON OFFICE OF.THE StATE TREASURER 350 Winter Street NE.Suite 100 Salem. Oregon 97301-3896 Final.!y, inlDyexperiencewhensomeoutsider addresses thegovt, the reaction is completely defensive. It's like everything is taken as a personal attack. let me be clear - that.is not wh(itI'mdoinghere. Investing in .theOSTF is, in normal times., the correct thing to do. The managementof.theStateTreasury regarding the direct investments .inOSTF portfolio looks very competent. And theSt;.lte Treasury has t..,ld me they don't make or aver' review the investment decisions insideSTIF (except to make s....re the % limits regardi...gbroadcat.~go.ries of investments are met). Ok? I'm not sayi.ng anyone in Oregon or Ashland isa bad actor. GOT .ITll?Itm simply saying it's time to adopt the "better .safe thansorrytpolicy. Oh,onemorebit of happy news. As .of6"38 (I haventtreceived update data),PERS was also knee deep in this securities lending business. If PERS takes a hit from a . suddenly imp1o(jed seeurity lending, WOn't they be able to come back to the citles and school.dlstrictstomake up losses? If so, then Ashland ist.wice ex.posed to risks. from securities lending, .once via OSTFand then from PERS, whIch makes the added earnings seem even more paltry. _>."",IIt1Il.",.,...,.."...S.".>WIIII......fI1'tI1/!ItIlIIIIJIle. ~'!'IIII!~~11l'!l1lll!"'flc!-("fJP.Ilr).."......~lIfllJl.:rC}~ lWIIl.II"".,......... '-11; "''''mllll",,,-.,,, ~,,""..._...tIIItt.IIJ._""rJlilizJ,.._lft/e$.iJIIIIl. ~1Jf""- ... ..... ... ... . ->.IIt,.IIII........WfJ....,."." li__'~....".""",....IId...,..,t...rtllWlmlllJt...,....1tI!1Il. ,........""""".,..W1I/l'..kIiII'.....WIIlI....tII..llt11ld..,.,,......,ltJIJ:t 11""'11II& From Randall.. HoOkins e-mail. October 26. 2088 at 1:15PM: TO all, Here is the 6..38 data ShOwing that all plIblic fu.nd depositories in oregon (PERS, OSTF., SAlF,ete) were engaged in the state Street Bank'securities lending program where they J lend out' US govt/agency paper in the Ore.gon fu.nds in ex.changefor · cashcol1ateralt which is then managed off to the side by state Street. OFFICE LOCATlON: STATE CAPITOL. ROOM 159 · WWVV.Q$T,$TA1\;~QR.\J$. ORe~ON.~WRY_T"TE.QR.V$ RONALD D. ScHMITZ DIRECTOR INVESTMENT DIVISION PHONE 503-37&4111 FAX 503-37....772 STATE OF OREGON OFFICE OF THE STATE TREASURER 350 Winter Street NE, Suite 100 Salem, Oregon 97301-3896 I'll$end you the updated 9"'~9 data when I get it from the State Treasurer. TheStateS.treet website explains that a participant in one of its securities lendingprograrns can'dlal in'it's desired risk level. I take that to mean that an individpal participant can seek a greater return by taking greater risk (that is., the borrowed cash can be used to buy riskier or longer term assets). It is PQssibl.e that PI$RS has dialed in a higher risk level for its version Qf Qr'egon STIF. If so, Ashland (and all localgovt units) would be indirectly eXPosed to that greater risk level. ThefJP6RF6<<uritleslentllnglund Is, Ind_ ma__'n IIdlffeIWnt manner thtIn tIM.St,-,:. .". DnRF SllCUdt/e$1tJndI1II11und /IlIIfId/lll"./n wlMt Is known -.tIHI.SSgA ItQllllllty D' MICIIItt/fIs lending fund, with....,. of $82.7441J1111tJn.1JS ofSllplrlmIMr 34 2tNJ& TIle pdmllry I'tIII$OIJ for the S77F IIIIIndlIte16 tIutI to /lid,.,., Q'foreIIJII6fICII~ lI$e/l6lb1e re/1IW1Stlllllnt secud_ and the 0SI7- gllitJllllntJ$ do not .//OW $lIM $IICIIrlt/e$. You should also find out if AShland is ex.posed to losses . in theSAIFandother fund depository security loan programs via the new 'shared liability pool' connecting all public fund depositories. This is reff!rred to the Oct. 2008 local GovernRlent News Report,. page 1...2.. (see reference to 'collateral pOQl' protections.) This languagedoesn't refer to securities lehdiFlg,but they often refer totheSTIFas a 'collateral pool.' The paragraph" which states that there is l'noguJrantee that in all instances public funds will be 100% pr()te~1:ed .In nJQst, b",1: . not. 811, instances the shared liability struct",re will provide.complete protection; but the key word here is "most" isa bit cryptic and might, (operative word Umightll) be one of those bits of legalese that read much differently after a shoe has fallen than before). .....,.,.t.,.......",.f:IIla.,.,...,......(OR.....__J!.......~""...:I...._ ,. .......,,,,,lIIl!.....f!I...,,,,,tIIIIIiIIII....f#1IlI1II....,,,,.,. ....tII.....QIy.,.~,.,....... .""''''''''''''_, IIO'.....ency........."" ....._2.. .r.""''''_.&II. Randall OFfiCE LOCATION: STATE CAPITOl. ROOM 159.~,Q$T.$TATE.OR.US. OREGON.IRmv~yO$TA~.OR.lJS CITY OF ASHLAND Council Communication Study Session Discussion on the Facilities Master Plan Report Meeting Date: November 3,2008 Primary Staff Contact: Ann Seltzer Department: Administration E-Mail: ann@ashland.or.us Secondary Dept.: None Secondary Contact: None Approval: Martha Benne Estimated Time: 1 hour and 30 minutes Question: What are the City Council priorities for city facilities and properties based on the information provided in the Facilities Master Plan Report? Does the Council wish to place a bond measure on the 2010 ballot for public safety improvements? Staff Recommendation: Staff recommends that Council prioritize facility improvements based on the findings in the report. Staff recommends Council determine if a 2010 bond measure for public safety improvements is desired in order to allow sufficient staff time to plan and prepare. Background: In 2007, the Council requested that major facility improvements be put on hold pending the development of an updated Facilities Master Plan and Space Needs Analysis, The Council appointed a Facilities Ad Hoc Committee in November of 2007. The committee comprised of staff and citizens worked with the consultant Ogden Roemer Wilkerson Architecture on the space needs analysis and the facilities master plan. In June, the Council heard the final report and presentation from the Facilities Master Plan Committee and presented three options to provide the city in the effective use of its properties and to provide a strategic vision for the development of current and proposed properties. The committee and the consultant recommended Option #2 (refer to pages 2-2 and 6-2 in the final report distributed in June). This option combines remodel, new development and limited expansion of existing facilities. Council voiced support for this option but agreed that it was a tremendous amount of information and requested time to evaluate the report. The options were developed based on facility space needs and growth expectations over the next ten to twenty years. In examining facility space needs, the committee considered existing city-owned land as potential areas to accommodate additional facilities and/or as potential revenue through the sale of "surplus" property. During the process it became apparent there are some pressing and specific needs that should be addressed much sooner, including the need for facility security, storage, meeting space, unconditioned work spaces and the relocation of the B Street yard. Currently, security measures are being implemented at City Hall and office space is being reconfigured at 90 North Mountain. Improvements to Fire Station #2 and improvements to the Police Station are stand alone projects and would not be affected by other facility improvements identified in the options. The other identified Page 1 of3 r~' ~.... CITY OF ASHLAND facility improvements are interconnected and depend, to some extent, on the implementation of other improvements. The Capital Improvement Plan (CIP) includes placeholders for a number of facility improvements over the next few years. Based on the report and estimated improvement costs, we now have a more realistic estimate for facility improvements. For example: the FYI 0 CIP shows a placeholder of $1.4 million for archive building construction. The report estimates improvements to the Grove at $85,000. By incorporating archival record storage space into the Grove, the estimated costs would be much less than a stand alone building, freeing potential funds for other facility improvements. Estimated facility improvement costs, excluding Fire Station #2 and the Civic Center, total approximately $1.4 million (construction in 2009) and $25 million in 2014 (assumes 10% inflation per year). Council is encouraged to discuss the following: 1. Does the Council agree that public safety facilities, Fire Station #2 and Police Station Improvements, are the number one priority? a. Estimated costs for improvements to the Police Station range from $1.1 million (construction within one year) to $1.9 million (construction within five years.) Asset forfeiture funds have been used for basic station improvements and might account for 10%-30% of overall improvements costs if receipt of forfeiture funds continues the current trend. b. Estimated costs for Fire Station #2 range from $4.2 million (construction within one year) to $6.9 million (construction within five years.) c. Does the Council wish to place a bond measure on the 2010 ballot to pay for public safety improvements? 2. What does the Council want to do about the B Street yard? a. There has been some interest in relocating the B Street yard in order to accommodate affordable housing units in that location. Relocating B Street yard would require purchasing land. No existing City-owned land has the space, location or terrain needed to accommodate the yard and yard activities. b. Combining the B Street yard with 90 North Mountain is not feasible even if the Civic Center were expanded to accommodate current yard office space thereby freeing yard space. c. Some have suggested acquiring property large enough to share yard space with ODOT and freeing the current ODOT yard space on Tolman Creek Road. This would still require purchasing land (see A-37 of the final report). d. It is estimated 10 acres would be needed to accommodate both B Street yard and 90 North Mountain. Estimated cost to purchase land to accommodate both yards is approximately $2 million (see A-37 of the final report). 3. What is the long term future of the Grove? Continued recreation use or city offices per Options 1, 2 and 3? a. The Grove is large enough to accommodate archival storage, meeting space and needed office space. Page 2 of3 rA' CITY OF ASHLAND b. Parks has indicated they can move current recreation activities to other locations (see attached letter). 4. What is the long term future of City Hall? a. City Hall sits on land given to the city by the Helman family in 1884 "for the purpose of erecting a Town Hall and jail...". If the property is no longer used for those purposes the land reverts back to the Helman family descendants. b. City Hall is comprised of two buildings which poses unique challenges for improvements, upgrades etc. c. Is it important that central City government remain downtown? 5. Are there city lands the Council would like to declare surplus property? Refer to Appendix A - 34 and the attached map of surplus property. Related City Policies: City Budget/Capital Improvement Plan Council Options: Provide direction to staff on prioritizing and budgeting for identified improvements. Potential Motions: None Attachments: . CIP Facilities FY 2009-2014 . Map of surplus "other" property greater than ';4 acre . Memo from Don Robertson regarding use of the Grove. The Facilities Master Plan Report was distributed to Council in June. The report is available on disk at City Hall. Page 3 of3 r~' ~ -6' ~ l 1'i l ('") I Ci' r:? 0' ~ ~ Z ~ 11 ~ g, ... "tl ~ <: "tl ~ <: e ~, . ~e' ~.. "' 5.' ., Q <: l'D a l'D =. I ~ Q ., ; a' ~ 1i ~ l j I"l .,' ~g! 0_' ~ ~' 3' ~, a <: .. o ~ 3 '"' ~ 1 o ~ ..., ~ ~. 3: ~ '"0 ~ ~ ~ ~ I...> ~ 0..0.. 00 00 00 00 "!j --: ~~~ ~ ~ 1! 00 00 ~ o o V}V}~0 0000 ~ VI o o o o o ~ VI o o o o o ~ ~ ~ t+ ~. n t '"0 ~=-, ~ l ~ c. g g: ~ .~' '% .g 0 ~ ~ .~ '#- a. ::;.j en g, ~, g g- 'g: !i- E ~ ~ ~' [ s ~ JS ~ ~. ~ ~ oj Q 00 p. 3 ~ 2 ~ o > ('")~ t"'" a .. 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There are a number of pipes and other utilities that run through this corridor. Additionally, this land is mostly unbuildable due to the slope. Mistletoe Road, 391E14D1300 and others Area: approx. 3.18 acres This land used to be part of Croman Mill and was acquired by the city as a road right of way. Jackson County assessors are showing it as seperate taxlots, but it really is just the road. -------,-- - - 299 Ditch Rd 391 E05DC2803 Area: approx. .36 acres This parcel was deeded to the City during a land partition. It is extremely steep and is unbuildable. "---,- ------ """ """ I./"'It~ ./"""'", ~ "lA'" //.r,Ai~~'1b3,';1' -", ....~ ", /' / " ~(,~" / "'" .... , -""'... ,(/ -..,"',......'v... Q ", /~~'" / ""::-' ", , / -..,......./ .......".... .- en ~ 0:: o u.. behind Ashland Flower Shop 391 E09BC201 Area: approx. .06 acres This is being used as a small parking lot for the Ashland Flower Shop. ............ " 1700 1800 ~, 414/),;" 'v S 1830 l-"'""", 1840 ",_ 1965 i """"" : 144 2035 1760 145 1980 1920 2082 160 229 211 233 253 300 200 273 280 Future Normal Av 391 E10D290 and 391 E10D1001 Area: approx. .70 acres This was deeded to the City and is intended to be the right of way for a future - extension of Normal Av. HOllY ST ..... en w Q <( W ~ Alleys 391 E09CB 1500 Area: approx. .23 acres These were platted as alleys in the original subdivision plan. They have not been developed. The land is too steep for a road, but too narrow to be a buildable property. Used as open space. 596 Ashland Creek Dr 391 E17AA 1112 Area: approx. .37 acres This is actually the open space for the subdivision, dedicated for public utility and access. It is incorrectly attributed in our GIS database. ..... en ~ ....J U near Siskiyou Blvd 391 E14CB100 Area: approx. 2.36 acres This property was acquired by the Parks Dept as a Neighborhood Park. It was originally identified in the "Open Space Plan", approved by City Council July 2, 2002. ------,------. .-.-- \! \ \\'-;\\>~ - "._--\\ //-..//-\: \ ee. ,/' . . . ../ . /" . . '. . ,"... . '.' .:.. . .'. \ ," .. . . '. . . .' . .' , /' .) ./~.,::,/, .'. / /:::;.::::;:~~~;~~~; '.. .. '.. . . ~/~. ,.' .,./ . . ,,/'. .... ! \ . . I. \ '. . . / ~ \" " . - - . - .' .\,~{e__; I I" . \ . 'f -0 ' 862 . . , . ;1 ~ '\ .' . ! ':,! ~ \'" ~. I;)" \'': .....-....- . . I/;/ '\'" ~\ ~ ! I ,"", \_ / i ~ \\ (" .'k. . / / '. .",\;".9 ~J.r'-, . '. _ / I . L. _..... -c-_ M ..... _ _... .,.. m,.// 1/' .'. · -,..,.... . .... ........ .S.~.~.~O// GOlF.COUR.. E." /' . . . ~ ." -.... '.' .._,-,~~/ /," // " :<' : -_.~_. _/ - ':. ./.,~""'~-"- '. . .- ' , /' .' . /- ~./ .' . ....>,...../". / ~_... .. ..... .' . . '.' . ,~,.,/ ..... . ........ '... ......................-....;....................-.-..........-..............--.........~_......\'.: /,...,,,. ,.."....."......... ...........\\ .....:. 854 845 853 861 /////\ 875 944 ......."...."...................................... 885 \ \ \ .--._._-_._--~=:::=:.:=~:; O~k I.."'..............~:...:~,.,::...::':... kNOL.L. ~ 890 860 / ,>" / / : / // ! / ",?'" .......r:: / .................................~>\~) '- '- /'\ '- " ~~' " '- " ",,,,-,,,... ....,'~ ,~'" - ./ / "",...- '- / '- '- '- '- 800 " \ 820 p' ! (<'f' f ~.' 1 \j \ / ~ 'y! ..~ Q \:::':.:... \ j" V~~' y<~~~~~/= .<;;>;";;.;;;."">~ fil~~ ....././...'\\ .,,~:;>, .../'. .....,............... \ 840 """ ' ",,' .,' \ /\ .-,,,,,-,' 800 Twin Pines Circle 391 E14AD800 Area: approx 0.14 acres Property is used as a CERT Base for the Oak Knoll CERT Team. The base consists of an 8 ft x 40 ft steel dry cargo container. -----r----- --- ~~~ ~~ ?- m <( c 955 ~ W Z W 662 668 672 678 682 688 ~~ 900 N Mountain, E Nevada and Freeway 391E04AD100 and 391 E04AD101 Area: approx. total .16 acres TO: Ann FROM: Don DATE: October 10, 2008 RE: Future of The Grove When I first came to Ashland there was much discussion about the future of the then unused The Grove. Much discussion was occurring with a prevailing thought of making it a teen center. After great discussion it was assigned to the parks and recreation department for use for recreation with a strong desire to generate teen and multi generational programming Since that time we have worked hard to fulfill that desire. We have focused mostly on multi generational as a way of breaking down stereo types associated with the buildings previous use. The Grove has become an integral part of the recreational programming. We provided hundreds of hours of programs to thousands of customers per year for a variety of programs ranging from dance classes to language classes, bike safety to bike swaps. We also rent the facility and in return pay rent for the use of the facility. From the start, Ashland Parks and Recreation new that "The Grove" arraignment was looked at as a temporary arraignment. We new/know that at some point the City will need to convert the use into something other than a recreational center. It is my hope that we can continue the relationship as it is for as long as possible, but when its time, I also know its time. As the City moves forward with its long term use plans for The Grove, it is my hope that any changes could be done gradually to allow us to relocate many of our programs that occur there. One possible way would be to have the City utilize the office space in the grove as we continue using the rest of the building for activities with a calendar outlining the final change to other uses.