HomeMy WebLinkAbout2007 12 05 Handout Distributed During Regular 600Date: December 5, 2007
This was distributed by Mr. Kevin Smith during
Regular "600" at the December 5, 2007 City
Commission Special Meeting.
n~~~Q~iiclni
CLASS A
Definition: Will contain a!I money-market appropriate funds.
^ High Quality
^ $12 Billion
^ 86% of current Pool assets.
CLASS B
Definition: Ullill consist of assets in default, impaired, or having significant credit risk.
^ Law Quality _
^ $2 Billion
^ 14% of current Paol assets.
Default 800,000,000
Stressed 1,200,000,000
Tota I 2, 000, 000, 000
WINTER SPRINGS
Class A
Class 8
Total
24,081,020
3,920,166
3,612,153
0
Value
Immediate
Access
28,001,186
3,612,153
SBA STRATEGIES
C'.I ARR A
^ Maintain par value.
^ Consolidate into AAA rated securities
^ Provide for gradual withdrawals
• First Day - Greater of 15°/0 or $2,00,000
• Future -As determined feasible
• 2% redemption penalty overfirst day
• New deposits exempt from 2°/4 redemption fee.
C:I A~~ R
^ Continue freeze on assets.
^ Infuse November Interest earnings $150M - $200M
^ Infuse Fund Reserves $22M
(~1/FRAI I
• Maintain Par value.
• Restore confidence to promote reinvestment.
• Independent Investment Advisor.
• Create transparency.
SBA APPROVALS
I. Operating Plan.
a. A & B Classes.
b. Gradual withdrawal Strategy.
i. First Day withdrawals.
ii. 2% redemption penalty.
c. Movement of November Interest and Reserves to Class B.
d. Bank Loans cash against Pool Assets.
II. Hired BlackRock as Temporary Poal Managers.
III. Authorize Preparation of RFP for permanent Pool Managers.
IV. Accepted resignation of Executive Director