Fort Walton Beach Council agenda — 01-08-13--regular — reading text

investment to m measure the investment' s volatility. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility. ao Swap. Trading one asset for another. TAP Notes: Federal Agency notes issued under the FHLB TAP program. Launched in 6/ 99 as a refinement to the FHLB bullet bond auction process. In a break from the FHLB' s traditional practice of bringing numerous U small issues to market with similar maturities, the TAP Issue Program uses the four most common maturities and reopens them up regularly through a competitive auction. These maturities ( 2, 3, 5 and 10 year) will remain open c d for the calendar quarter, after which they will be closed and a new series of TAP issues will be opened to replace them. This reduces the number of separate bullet bonds issued, but generates enhanced awareness and liquidity in u the marketplace through increased issue size and secondary market volume. Nd Tennessee Valley Authority ( TVA). One of the large Federal Agencies. A wholly owned corporation of the United States government that was established in 1933 to develop the resources of the Tennessee Valley region in m order to strengthen the regional and national economy and the national defense. Power operations are separated from non -power operations. TVA securities represent obligations of TVA, payable solely from TVA' s net power ry proceeds, and are neither obligations of nor guaranteed by the United States. TVA is currently authorized to issue debt up to $ 30 billion. Under this authorization, TVA may also obtain advances from the U. S. Treasury of up to ry 5150 million. Frequent issuer of discount notes, agency notes and callable agency securities. c Total Return. Investment performance measured over a period of time that includes coupon interest, interest on E interest, and both realized and unrealized gains or losses. Total return includes, therefore, any market value appreciation/ depreciation on investments held at period end. Q Trailing. The most recent time period, often used to describe the time that a particular set of data is referring to. Trailing is used to describe a past statistic, such as same-store sales, but can also be used to describe a technique, such as a trailing stop order. Most often you will hear the term " trailing 12 months,' " trailing three months" or trailing six months." Treasuries. Collective term used to describe debt instruments backed by the U. S. Government and issued through the U. S. Department of the Treasury. Includes Treasury bills, Treasury notes, and Treasury bonds. Also 0, d. ao. 1895, Adnmed J.,,, y 8. 201 Packet Pg. 76  72.t. b City of Fort Walton Beach, FL INVESTMENT POLICY a benchmark term used as a basis by which the yields of non- Treasury securities are computed ( e. g., " trading at 50 basis points over Treasuries "). Treasury Bills (T- Bills). Short-term direct obligations of the United Stales Government issued with an original term of one year or less. Treasury bills are sold at a discount from face value and do not pay interest before maturity. The difference between the purchase price of the bill and the maturity value is the interest earned on the bill. Currently, the U. S. Treasury issues 4 -week, 13 -week and 26 -week T -Bills g, c Treasury Bonds. Long -tern interest -bearing debt securities backed by the U. S. Government and issued with maturities of ten years and longer by the U.S. Department of the Treasury. The Treasury stopped issuing v Treasury Bonds in August 2001. r Treasury Notes. Intermediate interest -bearing debt securities backed by the U. S. Government and issued with maturities ranging from one to ten years by the U. S. Department of the Treasury. The Treasury currently issues a 2 -year, 5 - year and 10 -year Treasury Notes. a Trustee. A bank designated by an issuer of securities as the custodian of funds and official represenmtive of bondholders. Trustees are appointed to insure compliance with the bond documents and to represent bondholders e in enforcing their contract with the issuer. N Uniform Net Capital Rule. SEC regulation I5C3 -I that outlines the minimum net capital ratio ( ratio of indebtedness to net liquid capital) of member firms and non- member broker /dealers. Unrealized Gains ( Losses). The difference between the market value of an investment and its book value. Nm Gains /losses are " realized" when the security is actually sold, as computed to " unrealized" gains /losses which are based on current market value. See also `Realized Gains ( Losses)." m Variable -Rate Security. A bond that bears interest at a rate that varies over time based on a specified schedule of adjustment (e. g., daily, weekly, monthly, semi -annually or annually). See also " Floating Rate No( C' Weighted Average Maturity ( or just " Average Maturity"). The average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity ( days or years), summing the products, and dividing the sum by the total principal value of the a portfolio. A simple measure of risk of a fixed -income portfolio. Weighted Average Maturity to Call. The average maturity of all securities and investments of a portfolio, caE adjusted to substimte the first call dale per security for maturity date for those securities with call provisions. y ac Yield Curve. A graphic depiction of yields on like securities in relation to remaining maturities spread over a m time line. The traditional yield curve depicts yields on U. S. Treasuries, although yield curves exist for Federal 3 Agencies and various credit quality corporates as well. Yield curves can be positively sloped ( normal) where r longer -term investments have higher yields, or " inverted" ( uncommon) where longer-term investments have lower yields than shorter ones. N Yield to Call (YTC). Same as " Yield to Maturity," except the rearm is measured to the first call date rather than e the mamrity, date. Yield to call can be significantly higher or lower than a security' s yield to maturity. E L Yield to Maturity ( YTM). Calculated return on an investment, assuming all cash flows from the security are m reinvested at the same original yield. Can be higher or lower than the coupon rate depending on market rates and whether the security was purchased at a premium or discount. There are different conventions for calculating YTM for various types of securities. Yield to Worst ( VT"). The lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by making worst- case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. This metric is used to evaluate the worst -case scenario for yield to help investors manage risks and ensure that specific income requirements will still be met even in the worst scenarios. PacketR i ordinance 1875, Adopted ren" ary S. 2013  12. 1. b City of Fort Walton Beach, FL INVESTMENT POLICY Yield. There are numerous methods of yield determination. In this glossary, see also " Current Yield," " Yield Curve," " Yield to Calf' and " Yield to Maturity." Nrm Nrm oadiaaa« 1995, Adopted raaaary e, 2013 Packet Pg. 78  14. 1 City Council of Fort Walton Beach 0 To: ENGINEERING & UTILITY SERVICES MEMORANDUM Michael D. Beedie, City Manager From: Tim Bolduc, Engineering and Utilities Services Director Date: January 8, 2013 Subject: Final Plat Approval for Sound Side Apartment Homes BACKGROUND: 1. 1. The Fort Walton Beach Housing Authority owns the following parcels, which comprise the areas for the proposed Sound Side Apartment Homes development: 10, 12, 14, 16, 18, 20, 22, & 24 Methodist Avenue SE, 19 -21 Methodist Avenue SE, 23 -25 Methodist Avenue SE, 27 -29 Methodist Avenue SE, 30 Methodist Avenue SE, 31 - 37 Methodist Avenue SE, 25 -31 Third Street SE, 35 Third Street SE, 20 -30 Carson Drive SE, 38 -44 Carson