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Investment Policy <br /> Seal Beach annually adopts an Investment Policy. The Policy currently requires the investment <br /> report on a monthly basis, which is more restrictive that the State quarterly requirement. <br /> Description of Leased Premises <br /> The property involved is the site of the Police Headquarters located at 911 Seal Beach Boulevard. <br /> The building is approximately 22,000 square feet of masonry noncombustible material. It houses all police <br /> activities within the City and a jail facility with a holding capacity of 32 prisoners. <br /> The police station was built in 1978 at a cost of$1,325,000. It currently houses 33 sworn and 12 <br /> non-sworn employees, 20 reserve officers and 30 volunteers. <br /> Based upon an appraisal dated September 14, 1994, conducted by Valuation Resource Management, <br /> Inc., the station has been valued at $2,303,105. <br /> The City of Seal Beach's Site Lease and Lease Agreement will support the City's share of the Bonds <br /> which is $1,265,000.00. <br /> Description of Project <br /> The City of Seal Beach intends to use its portion of the Bond proceeds to (1) finance a portion of <br /> its share of the costs of the Orange County countywide 800 MHz communications system, and (2) finance <br /> the refurbishment of beach restrooms located under the Seal Beach Pier and provide alternative parking <br /> facilities, including parking meters, automation and the beautification of the two beach lots. <br /> B-85 <br />