Agenda packet — Beaumont City Council, May 7, 2024 (part 2 of 25)

8082 4° I-8 abed
Board Package
City of Beaumont, CA (257428)
[01-01-2024]--[03-31-2024]
01/01/2024 - 03/31/2024
Dated: 04/15/2024
Lo cked Down

PUBLICT M
TRUST

ADVISORS

PUBLIC
h111f'ST
Table of Contents
Dated: 04/15/2024
8082 40 Z8 abed
Risk Summary (1) (City of Beaumont, CA (257428)) /
Performance Overview (City of Beaumont, CA (257428)) 5
Index Comparison (City of Beaumont, CA (257428)) 8
GAAP Financials (City of Beaumont, CA (257428)) //
Current Holdings (City of Beaumont, CA (257428)) 12
Realized Gain/Loss (City of Beaumont, CA (257428)) 13
Income Detail (City of Beaumont, CA (257428)) 14
Issuer Concentration (> $550K) (City of Beaumont, CA (257428)) 15 Historical Trends (City of Beaumont, CA (257428)) 16
Credit Events (City of Beaumont, CA (257428)) 17

PUBLIC
11111 TRUT
I S
Risk Summary (1)
01/01/2024 - 03/31/2024
5082 40 E8 abed
Balance Sheet
Book Value + Accrued
Net Unre alized Ga in/Loss
M arket Value + Accrued
72,861,016.87
-423,104 .38
72,437,912.49
Asset Class
Cas h (0.023%)\
Mon ey M arket 1
Fu nds (0.498%)
Fixed Income
(99.479%)
Chart calculated by: Base Market Value + Accrued
City of Beaumont, CA (257428)
Return to Table of Contents D ated: 04/15/2024
Cash and Fixed Income Summary
Risk M etric
Cash
MMFund
Fixed Inc ome
Duration
Convexity
WAL
Years to Final Maturity
Y ears to Effectiv e Maturity
Yi eld
Bo ok Yi eld
Avg Cr edit Rating
Val ue J
16,692.39
360,878.77
72,060,341.33

1.766

0.044

1.880

1.926

1.899

4.800

4.315
AA+/Aa 1 /AA+
Security Type
CA SH (0.023%)
MMFUND—
MUNI (0.58)44 )8/ )
A BS (4. 852%)
CORP (14. 789%)

AG CY BOND
(21.807%)
--US GOV
(57. 436%)
Chart calculated by: Base Market Value + Accrued
Issuer Concentration
I ssu er Con ce ntration % of B ase Market
Value + A ccru ed
Other 8 .204%
United States 57.436%
PACCAR Inc 2 .173%
Fed eral Home Loan Banks 9.935%
Farm Credit System 11 .872%
Eli Lilly and Company 1.580%
D eere & C ompany 1 .400%
Ch evr on Corporation 1.385%
Caterpillar Inc. 1 .372%
Apple Inc . 2.314%
Amazon .com, Inc. 2 .328%
100.000%
Footnotes: 1,2
Market Sector
Cash (0.521%)`
M uni 4%(
Asset Ba cked
(0.594%)
(4 .852%)
Industrial
(14 .789 %)
Ag ency
(21.807%)
G over nment
(57 .436%)
Chart calculated by: Base Market Value + Accrued
1 PUBLIC
TRUS T
Risk Summary (1)
01/01/2024 - 03/31/2024
Return to Table of Contents
City of Beaumont, CA (257428)
Dated: 04/15/2024
5082 40 178 abed
Credit Rating
Base Market Value + Accrued
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0 AAA
AA+ AA AA- A+
Time To M aturity
+ 30%
0 - ▪ 20%
cop
a>2
NU
CO
mQ 10%
0 0
w 0%
b 0'5 1.5 2T5 3. 5
• Ending Years to Effectiv e M aturity • Endin g Years to Final M aturity Credit Duration Heat Map
Rating 0-1 1-2 2-3 3-4 4-5 5-7 7-10 10-15 15-30
AAA 5.235% 45.705% 35.9900/ 0 .000% 0.000 % 0 .000% 0.000 % 0.000% 0.000 % AA 2.754 % 0.579 % 1.232% 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % A 1.370% 3 .546% 3.590%I. 0 .000% 0.000% 0 .000% 0.000 % 0.000% 0.000% BBB 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % BB 0.000% 0 .000% 0.000% 0 .000% 0.000% 0 .000% 0.000% 0.000% 0.000% B 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % CCC 0.000% 0 .000% 0.000% 0 .000% 0.000% 0 .000% 0.000 % 0.000% 0.000% CC 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % c 0.000% 0 .000% 0.000% 0 .000% 0.000% 0 .000% 0.000 % 0.000% 0.000% NA 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % 0.000 % Duration
Base Market Value + Accrued
40,000,000
30,000,000
20,000,000
10,000,000

0.00 - 0.25 I 0 .50 - 0.75 I 0.75 - 1.00 I 1.00 - 2.00 I 2.00 - 3 .00 0 2

PUBLIC
11111 TRUT
I S
Risk Summary (1)
01/01/2024 - 03/31/2024
5082 40 58 abed
City of Beaumont, CA (257428)
Return to Table of Contents D ated: 04/15/2024
MMF Asset Allocation
US Trea sury
Allocatio n (43.000%)
Rep o
Allocation (57 .000%)
Chart calculated by: Base Market Value
Industry Group
Machinery -Diversified
(1.400%)
Pharmac euticals
(1. 580%)
Telecommunications
(2.314%)
Internet
(2. 328%)
Credit Card
ABS (2. 432%)
Auto
Ma nu facturers (3. 543%)
O ther
(7.159%)\
Sovereign
(79.243%)
C ha rt calculated by: Ba se Market Value + Accrue d
Industry Sector
En ergy
(1.385%)
C ons umer,
Non -cy clic al (2.447%)
I nd ustrial
(2.772%)
Consumer,
Cyclical (3 .543%)
C ommunications
(4.642%)
Asset Backed
Securities (4 .852%)
Other
(0.52174
Government
(79.837%)
Chart calculated by: Bas e Market Value + Accrued
Industry Subgroup
Other
(10.960%)\
Machinery -F arm
(1 .400%)
Medical -Drugs _ r
(1 .580%)
Aut o-Med&Heavy Duty
Trks (2.173%)
Telec ommunicati on
Equip (2 .314%)
E-Commerce/Products
(2.328%)
Sovereign
A gency (21 .807%)
-Sovereign
(57.436%)
Chart c alcul at ed by: Base M ark et V alue + Accrued
3 PUBLIC
11111 TRUST
Risk Summary (1)
01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents Dated: 04/15/2024
1: *Groupe d by: Is suer Concentration. 2: * Gr oups Sorted by: % of B ase Market Value + Accrued. 908Z 40 98 abed
4 PUBLIC
„II' RUST
Performance Overview
01/01/2024 - 03/31/2024
Return to Table of Contents
City of Beaumont, CA (257428)
D ated: 04/15/2024
Base Returns

0.75%

0. 5% e
E 0. 25%
Q)
8082 40 L8 abed
0%
-0. 25%
-0.5% i i i i i
ti ti, ti� ti� ti� ti �ti�
1, �O 1' �O 6-1,-
41, ' �O �O
O ^O^��\ O ^O\ 0\�\ 0 0 0\ 00�0\ O� �\ 00sfj, O O� 0 \v56 Off\^O\ 00\�O\ 0 �0\ 00 0^\ — Total Return — In come Re turn — Price Return
Beta Distribution
Summary
6%
4%
E 2%
CC
0%
-2%
— m
0 °
I
Prior Mo nth
Prior Quarter
• Total Return
Prior Year
C Inco me Retu rn • Price Return
Month to Date
Index Return • Excess Return
Quarter to Date
Year to Date
5 PUBLIC
11111 TRUST
Performance Overview
01/01/2024 - 03/31/2024
Return to Table of Contents
Portfolio Summary
Asset Class
Base Market Value + Accrued
Ca sh 16,692.39
Money M arket Funds 360,878.77
Fixed Inco me 72,060,341.33
a)
CD
M
O I
F rsO note: 1
OD
01 72,437,912. 49
Cash and Fixed Income Summary
Risk Metric
City of Beaumont, CA (257428)
Dated: 04/15/2024
Cash 16,692 .39
M MFund 360,878.77
Fixed Incom e 72,060,341.33
Duration 1.766
Conve xity 0.044
WAL 1.880
Y ears to Final M aturity 1.926
Years to Effective Maturity 1.899
Yi eld 4.800
Book Yield 4.315
Avg Cr edit R ating AA+/Aa1/AA +
Compliance Status
Compliant Account
Policy Name
Total Rules Compliant Rules Violati ng Rules
Equity Summary
Equity Metric
Equity
Beta
R Squar ed
Trailing P/E
Di vidend Yi eld
Val ue

0.00 Compliance Overview
St atus
As of
Compliant
03/31/2024
R econciliation Status
Custody Reconcili ation St atus
Custody Last Reconcil ed F or
Trading System Last R econciled For 04/11/2024
Reconcil ed
04/12/2024
6 PUBLIC
11111 TRUST
Performance Overview
01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents Dated: 04/15/2024
Index: NO BENCHM AR K R EQUIRED.
1: * G rouped by: Asse t Class.
808Z 40 68 abed
7 PUBLIC
„II' RUST
Index Comparison
01/01/2024 - 03/31/2024
5082 40 06 abed
Return to Table of Contents
City of Beaumont, CA (257428)
D ated: 04/15/2024
Index Comparison Summary
Yield I Years to Effective I Years to Final
Duration
Maturity Maturity
Index Comparison M arket Sector
a)
U
o%
0 Go vernme nt' Age ncy I Municipal I Industrial I A sse t I Cash I Backed
Ind ex Comparison Duration
a)
U
0%
a)
0 I I I I I
15)0 1 0 ,,O <0 ,.)5,3
0 Index Comparison Credit Rating
U
0%
a)
0 AAA I AA A BBB I Non -Invest I Not Rated
8 PUBLIC
IIIIl TRUST
Index Comparison
01/01/2024 - 03/31/2024
Return to Table of Contents
c)
CD
0 N
00 0
Ui
Index Comparison Summary
Portfolio
Dura tion 1.766
Yield 4 .800
Yea rs to Effe ctive Maturity 1.899
Years to Final M aturity 1 .926
Avera ge Cre dit Ra ting AA +
Inde x Difference
Footnote: 1
Index Comparison Market Sector
Market Sector
Portfolio Index
Difference
Go vernment 57.436%
Agency 21. 807%
Municipa l 0.594%
Industrial 14. 789%
Asse t Ba cke d 4.852%
Cash 0. 521%
Fo otnote : 2
City of Beaumont, CA (257428)
Dated: 04/15/2024
Index Comparis on Duration
Duration Portfolio Index Difference
<0
0-1
1-2
2-3
3-4

0.000%
9 .359 %

49.830%

40.812 %

0.000 %
4-5 0 .000 %
5-7 0.000%
7-10 0 .000 %
10-15
15-30
30 +
No Duration
Footn ote: 3

0.000%
0 .000 %

0.000%
0 .000 %
Index Comparison Credit Rating
Credit Rating Portfolio
MA 86.931%
AA 4 .564 %
A 8.505 %
BBB 0 .000 %
Non -In vest 0.000 %
Index
Difference
Not Rated 0 .000 %
Foo tno te: 4
9 PUBLIC
IIIIl TRUST
Index Comparison City of Beaumont, CA (257428)
01/01/2024 - 03/31/2024
Return to Table of Contents Dated: 04/15/2024
Index: NO BENCHM AR K R EQUIRED.
1: * G rouped by: Risk Me tric. 2: * Grouped by: Market Sector. 3: * Group ed by: Dur atio n. 4: * Group ed by: Cr edit Rating. 808Z 40 Z6 abed
10 PUBLIC
11111 TRUST
GAAP Financials
01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents Dated: 04/15/2024
Balance Shee t
City of Bea umont, CA
12/31/2023 03/31/2024
Boo k Va lue
Accrued Ba lance
Bo ok V alue + A ccrued
Net Unrealized Ca rrying Va lue Gain
Carrying Value an d Ac crued
71,718,342 .02
516,838 .43
72,235,180.45
-78,682 .04
72,156,498 .41 72,437, 912.49
72,197,862.76
663,154.12
72,861,016 .87
-423,104.38
Income Statement
City of Beaumont, CA
Begin Dat e 01/01/2024
End Dat e 03/31/2024
Net Amortization/Accretio n Income
Intere st Income
Dividen d Inc ome
Foreign Tax Withheld Expense
Misc Income
Ne t Allo wan ce Expe nse
Income Subtotal
- Net Realize d Ga in/Loss
LU Ne t Holding Gain/Loss
(Q Impairment Loss
raBt Gain/Lo ss
co Ex pe nse
fIs tl Income
0 lica l- sfers In/Out
aonge in Unrealized Gain/Loss
O
Cal
Statement of Cash Flows
667,842.05

0.00 0.00

0.00 0.00
-123,716.65

0.00 0. 00

0.00 81,711.02
667,842.05
-123,716.65
625,836.42

0.00 -344,422.34
City of Beaumont, CA
B egin D ate 01/01/2024
En d Da te 03/31/2024
Net Income
Amortiza tion/Accretion on MS
Change in A cc rued on MS
Net Gain/Loss on MS
Change in Unrealized G/L on CE
Subtotal
Purchase of MS
Purcha sed Accrue d of MS
Sale s of MS
Sold Accrued of MS
Maturities of MS
Ne t Purchas es/Sales
Transfers of Cash & CE
Total Change in Ca sh & CE
Be ginning Cash & CE
Ending Cash & CE
-81,711.02
-176,489.82
123,716. 65

0.00 -7,865,479. 09
-13,713.12
7,551,759.77
43,887. 26

0.00 625,836.42
-134,484. 19
-283,545. 18

0.00 207,807.05
169,764. 11
377,571.16
11 PUBLIC
11111 T D1=)1'eRP:

Current Holdings City of Beaumont, CA (257428)
Base Currency: USD As of 03/31/2024
Return to Table of Contents D ated: 04/15/2024
Security Type
Base Origi nal Units Base Current Units Final Mat urity Base Original Cost Base Book Value Base Net Total B ase Int erest/ Base Accr ued Mark et Base M ark et Val ue B ase Market Valu e + U nre alized Gain/ Dividend D ue Bala nce Price Accr ued L os s
ABS 3,600,000.00 3,600,000 .00 12/17/2026 3,450,072 .26 3,472,814 .42 35,586 .53 0.00 6,345.78 97 .6177 3,508,400.95 3,514,746.73 AGCY BOND 15,600,000.00
CASH
15,600,000.00 03/13/2026 15,613,508.99
15,610,344.16 -8,814.06

0.00 195, 268.40 100.0130
15, 601, 530.10 15, 796, 798.50
16,692.39 16,692 .39 03/31/2024
16,692 .39 16,692 .39
0 .00 0.00

0.00 1 .0000
16,692 .39 16,692.39
CO RP 10,965,000. 00 10,965,000.00 10/17/2025 10,610,852.74 10,729,341.78 -105,899.99 0.00 89,665.56 96.9590 10,623,441.79 10,713,107.35 MMFUND
360,878.77 360,878.77 03/31/2024
360,878.77 360,878 .77
0 .00 1,254.89

0.00 1 .0000
360,878.77 360,878.77
MUNI 425,000. 00 425,000.00 03/17/2026 425,000.00 425,000.00 -395.00 0.00 5,663.52 99.9071 424,605.00 430,268.52 US GOV 41,850,000.00
41,850,000.00 03/19/2026 41,452,726.01
41,582,791 .24 -343,581.86
15,437.50 366,210.85 98.5751
41,239,209.37 41,605,420.23
72,817,571.16
72,817,571 .16 03/04/2026 71,929,731.17
72,197,862.76 -423,104.38
16,692 .39 663,154 .12 98 .1025
71,774,758 .37 72,437,912 .49
* Grouped by: Security Type. * Groups Sorted by: Security Type. * Weighted by: Base Market Value + Accrued. * Holdings Displayed by: Position. 8082 40 176 abed
12 PUBLIC
11111 TRUST
Realized Gain/Loss
Base Currency: USD 01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents D ated: 04/15/2024
BS Cl ass M ark et S ector
E nding B ase C urr ent Units B ase Dispos ed B ook V al ue Base Total Impairment Loss B ase Net Total G ain/L oss E nding Mark et Value + Accr ued ABS
LT
Asset Backed
3,600,000 .00

0.00 0 .00
0 .00 3,514,746.73

0.00 15,796,798.50

AGCY BOND
LT
Ag ency
Cash _ _ _ 16,692 .39
Industrial 10,965,000.00
Cash 360,878.77
Municipal 425,000.00
G overnment 41,850,000 .00
15,600,000.00
0 .00 0.00
CASH
CO RP
MMFUND
MUNI
US GOV
RCV
CE
LT

0.00 0 .00
-334,791.44
0 .00
-7,675,476.42
0 .00

0.00 0 .00

0.00 0.00
0 .00

0.00 0 .00

0.00 -123,716 .65
16,692.39
10,713,107.35
360,878.77
430,268.52
41,605,420.23
72,817,571.16
-8,010,267 .86 0 .00
-123,716 .65 72,437,912.49
* Gro upe d by: Security Type. * Gro ups Sorted by: Security Type . * Weight ed by: Ending Market V alue + Accrued. * H oldings Displayed by: Lot. 808Z 40 86 abed
13 PUBLIC
11111 T D1=)1'eRP:

Income Detail
Base Currency: USD 01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents D ated: 04/15/2024
BS Class Ending Bas e C urrent U nits Bas e Accretio n Income Base Misc I ncome Base Expe nse Bas e Inter est/Divide nd Income B ase Am orti zati on Expense B ase Net I ncome LT
ABS
3,600,000.00
13,163 .24 0.00
0 .00 35,694.99

0.00 185,031.25

0.00 0.00

0.00 0.00
0 .00

0.00 48,858.23

AGCY BOND
LT
15,600,000.00
16,692 .39
10,965,000.00
360,878 .77
425,000.00
41,850,000.00
4,299.44 0.00
-5,093.20 184,237.49
CASH
CO RP
MMFUND
MUNI
US GOV
RCV
CE
LT

0.00 33,085.31

0.00 0.00
50,976 .92

0.00 0.00

0.00 0 .00
71,543.13
3,122 .66
4,997.23
367,452.81
0 .00
-718.48

0.00 0.00
-14,002.20

0.00 103,909.95
3,122.66
4,997.23
280,710.87
72,817,571.16
101,524 .91 0 .00
0 .00 667,842 .05
-19,813 .89 625,836.42
* Gro upe d by: Security Type. * Gro ups Sorted by: Security Type . * Weight ed by: Ending Base Market V alue + Accrued. * Holdings Displayed by: L ot . 908Z 40 96 abed
14 him PUBLIC
I„III RUST
Issuer Concentration (> $550K)
Base Currency: USD As of 03/31/2024
Return to Table of Contents
City of Beaumont, CA (257428)
Dated: 04/15/2024
C1.)
(CD
CD
Cfl
0 N
OD
O
01 Issuer Con ce ntration
Secu rity Type
Issuer Concentration
Other
(10 .588%)
Eli Lilly
and C ompany (1 .612%)�
PACCAR Inc
(2.217%)
Apple In c.
(2 .361%)
Amazon.com,
Inc. (2 .376%)
Federal H ome
Loan Banks (10.136%)
Farm Credit
System (12.112%)
Ending Base Current Units Ending Effecti ve Final Mat urity Maturity
United
States (58.597%)
Chart calculated by: Base Market Value + Accrued
Base Net Market Base Net FX Unreali zed Base Market Value + Accrued % of Base Market Unrealized Gai n/Loss Security Gai n/Loss
Value + Accr ued
United States
Farm Credit System
Federal Home Loan Banks
A mazon.com, Inc.

Apple Inc.

PACCAR Inc
Eli Lilly and Company
Deere & Company
Chevron Corporation
Caterpillar Inc.

Toyota Motor Corporation
Discover Financial Services
Hyundai Auto Receivables Trust 2023-B
Capital One Multi -A sset Ex ecution Trust, Series 2022-3 Mercedes-Benz Auto Lease Trust 2023-A
US GOV

AGCY BOND

AGCY BOND
COR P
CORP
COR P
CORP
COR P
CORP
COR P
CORP
ABS
ABS
ABS
ABS
41,850,000.00
8,500,000.00
7,100,000.00
1,750,000.00
1,750,000.00
1,600,000.00
1,145,000.00
1,100,000.00
1,000,000.00
1,000,000.00
1,000,000.00
975,000.00
875,000.00
875,000.00
875,000.00
03/19/2026
03/31/2026
02/19/2026
09/22/2025
11/19/2025
08/11/2025
02/09/2027
06/17/2026
11/15/2024
05/13/2025
10/07/2024
09/15/2026
03/15/2027
10/15/2025
11/15/2025
03/19/2026
03/31/2026
02/19/2026
09/22/2025
11/19/2025
08/11/2025
02/09/2027
06/17/2026
11/15/2024
05/13/2025
10/07/2024
09/15/2026
04/17/2028
10/15/2025
01/15/2027
-343,581.86
-4,185.90
-4,628.16
-13,433.41
-13,868.82
-32,976.06
-7,119.78
1,912.86
-12,825.78
-15,791.55
-10,501.55
13,682.18
8,799.49
6,192.98
6,911.88
0 .00

0.00 0 .00

0.00 0 .00
41,605,420.23
8,600,126 .27
7,196,672.23
1,686,692 .83
1,676,129.13
1,574,397 .69
1,144, 744.67
1,014,274 .07
1,002,981.33
993,889 .33
992,090.67
888,033 .01
882,009.26
873,673 .57
871,030.89
58 .597%

12.112 %
10 .136%
2 .376%

2.361 %
2 .217%

1.612 %
1 .429%

1.413 %
1 .400%

1.397 %
1 .251%

1.242 %
1 .230%

1.227 %
71,395,000.00 02/25/2026
03/07/2026
' -421,413.47
0 .00 71,002,165 .17 100.000%
* Grouped by: Issuer Concentration. * Groups Sorted by: Base Market V alue + Accrued. * Filtered By: Base Market Value + A ccrued > 550,000.00. * Weighted by: Base Market Value + Accrued. 15 PUBLIC
IuIII ST
Historical Trends
Base Currency: USD 01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents Dated: 04/15/2024
308Z 40 86 abed
a
a)
} 4. 5

4.4 4. 3

4.2 i tk i c,
R I i i tx i t),
tk I D, I i D, i
O'1' Off' O,i' Off' O1 ' O,i' O� OI' Ol' O,i ' O,i O,i ' O,i' O,i' O�rL op, O �`L `\`L ��`L O�`L `�`L �� ti �`L co , ��`L ��`L 41 , 41, ,Q. , '• , /' � �� O �� °` � OHO OHO ^�� 41 ' Off") 0�3

O O O O O O O O O O O O O O
4 .9

4.8 4.7

4.6 Yield
Y ield
Base Market V alue + A ccrued Period Begin Period End Duration Complex Credit Years to Effective Mat urity Rating
Years to Final Maturity

4.555 72,024,093. 90 01/01/2024 01/06/2024 1.784 AA+ 1.911 1.939

4.316 72,398,545.05 01/07/2024 01/13/2024 1.768 AA+ 1.893 1.921

4.536 72,175,495. 61 01/14/2024 01/20/2024 1.747 AA+ 1.869 1.897

4.511 72,274,244.96 01/21/2024 01/27/2024 1.728 AA+ 1.850 1.878

4.542 72,297,324. 55 01/28/2024 02/03/2024 1.710 AA+ 1.829 1.857

4.633 72,227,662.07 02/04/2024 02/10/2024 1.725 AA+ 1.848 1.876

4.790 72,093,824. 10 02/11/2024 02/17/2024 1.704 AA+ 1.825 1.853

4.818 72,132,836.56 02/18/2024 02/24/2024 1.686 AA+ 1.806 1.834

4.731 72,319,520. 11 02/25/2024 03/02/2024 1.667 AA+ 1.790 1.818

4.682 72,450,161.87 03/03/2024 03/09/2024 1.649 AA+ 1.770 1.799

4.840 72.232.985. 67 03/10/2024 03/16/2024 1.803 AA+ 1.939 1.967

4.717 72,467,428.44 03/17/2024 03/23/2024 1.786 AA+ 1.921 1.949

4.801 72,433,289. 31 03/24/2024 03/30/2024 1.767 AA+ 1.902 1.930

4.800 72,437,912.49 03/31/2024 03/31/2024 1.766 AA+ 1.899 1.926 * Weighted by: Base Market Value + Accrued.
16 PUBLIC
11111 TRUST
Credit Events
Base Currency: USD 01/01/2024 - 03/31/2024
City of Beaumont, CA (257428)
Return to Table of Contents Dated: 04/15/2024
Upgrade
Account
Description Effective Date Agency Old Value New Value Event Type City of Beaumont, CA
532457CJ5 ELI LILL Y AND CO 02/07/2024 S&P
Outlook Changed
NA
A+ Upgr ade
Account
dentifier Description
Effective Date
Agency Old Value New Value Event Type
City of Beaumo nt, CA 91282CJP7 UNITED STATES TREASURY 01/09/2024 Fitch Stable Off Outlo ok Cha nged City of Beaumont, CA 91282CKE0 UNITED STATES TREASURY 03/15/2024 Fitch Stable Off Outlook Changed * Grouped by: Even t Type . * G ro ups Sorted by: Event Type . * Filtered By: Agency # DBRS and Agen cy # Moodys. 8082 40 66 abed
17 Additional Disclosur e:

This inform ation is for the sol e purposes of th e cli ent and is not intend ed to pr ovid e specific advic e or rec omm endations. Pl eas e r eview th e c ontents of this information c arefully. Sh ould you have any questions reg arding the inform ation pr es ent ed, calcul ation method ol ogy, i nv estm ent p ortfolio, security detail, or any other fac et of this inform ation, please fe el free to contact us.

Public Trust Advisors, LLC (Public Trust) statements and r eports are int ended to detail our investm ent advis ory activity as well as the activity of certain cli ent accounts manag ed by Public Trust. Th e cust odian bank m aintains the c ontrol of assets and execut es and settles all inv estment trans acti ons. The cust odian statement is th e official record of security and cash h oldings transacti ons. Public Trust recognizes that clients may use th ese r eports to facilitat e rec ord k eeping; th erefor e, it is r ecommend ed that the client rec oncile this inf ormation with th eir custodi an bank st at em ent. Many custodians us e a s ettlement date basis th at may result in the need to reconcil e du e to a timing differ enc e. The und erlying market valu e, amortiz ed cost, and accru ed int erest may diff er between the custodian and this statement or r eport . This can be attributed to diff erences in calcul ation method ol ogies and pricing sources used.

Public Trust d oes n ot have the auth ority to withdraw funds fr om or deposit funds to th e custodi an. Our cli ents retain responsibility for their intemal acc ounting policies, implem enting and enf orcing int ernal c ontrols, and generating ledger entries or otherwise recording trans actions . The t otal market value represents prices obtained from vari ous s ources; it m ay be impacted by the frequency at which prices are rep orted, and such prices are n ot guarante ed . Pric es receiv ed fr om pricing vendors are g ener ally bas ed on current m arket qu ot es but when such qu ot es are not av ail able, the pricing vendors use a variety of techniqu es to estimate v alue. These estimates, particularly f or fixed -income securities, may be based on c ertain minimum princip al amounts (e .g. $1 milli on) and may n ot r eflect all the factors that aff ect th e value of the security including liquidity risk. The pric es pr ovided are no t firm bids or offers . Certain s ecurities m ay reflect N/A or un availabl e wher e the price f or such security is generally n ot available from a pricing source . The mark et value of a security, including th ose priced at par value, may diffe r from its purchase price and may n ot closely r eflect the v alue at which the security may be s old or purchased based on various mark et factors . The s ecurities in this investment portf oli o, including sh ares of mutual funds, are not guaranteed or otherwise pr ot ected by Public Trust, the FDIC (except f or certain n on-n egotiable certificates of dep osit), or any governm ent agency unless sp ecifically st ated otherwise.

Clien ts may be permitt ed to est ablish on e or more unmanag ed accounts for the purpos es of cli ent r eporting. Clients may also be permitt ed to pr ovide ext ernally man aged ass ets for the purp os es of cli ent r eporting . Public Trust defines unmana ged accounts or assets as one where the in vestment direction rem ains the sole responsibility of the clie nt rather than the I nvestment Man ager. Unmanaged accounts or external as sets do not r eceive ongoing supervisio n a nd monitoring s ervices. The I nv estm ent Manager do es not make any investme nt recommendations and may n ot ch arge a f ee for reporting on these accounts or ass ets. Th e prim ary purpose f or this ser vice is to include unman aged accounts or assets owned by the cli ent in th e p erformance rep orts pr ovid ed by th e In vestment M anager. The I nv estm ent Manager assum es no liability for the und erlying perf ormance of any unman aged ac counts or assets, a nd it is the cli ent's sol e resp on sibility for the ac curacy or correctness of any such perf ormance.

Beginning and ending balances are bas ed on m ark et v alu e plus accrued int erest on a trade d ate basis . Stat em ents and r eports mad e availabl e to the end user eith er fr om Public Trust or thr ough the online r eporting platf orm may prese nt information and portfolio analytics using various opti onal m eth ods including, but n ot limited to, hist oric al c ost, amortized cost, and market value. All inf ormati on is assumed to be correct, but the accur acy h as not bee n confirme d and the refore is not guaranteed to be correct. Inform ation is obt ain ed fr om third party sourc es that may or may not be verified. Th e d ata in this rep ort is unaudited and is only applicable f or th e dat e d enot ed on the repo rt. Market values ma y change day-to-d ay based on numerous circumstanc es such as tr ading volum e, news released ab out the und erlying issu er, issu er performanc e, etc. Underlying market values may be priced via nume rous aspe cts as certain se curities are sh ort term in nature and n ot r eadily traded . P erformance results ar e shown n et of all f ees and exp ens es and r eflect the reinvestment of dividends and other earnings.

Many facto rs affe ct performa nce including changes in m ark et c onditi ons and inter est rat es and in response to oth er economic, p olitical, or financial d ev el opments . Investment involves risk including the possible loss of principa l. No assurance can be given that the perform anc e obj ectiv es of a giv en strategy will be achieved. Past perf ormance is no guarant ee of future r esults . Any financial and/or investment decision may incur losses .

The investment advisor providing the se se rvices is Public Trust Advisors, LLC, an investment adviser registered with th e U .S. Securities and Exchang e Commissi on (SEC) under the Inv estment Advisers Act of 1940, as ame nded. Registratio n with the SEC do es not imply a certain level of skill or training . Public Trust is requir ed to maintain a written discl osure brochure of our b ackground and business experi ence. If you w ould like to r eceive a copy of our curre nt disclosure brochure , Privacy Po licy, or Code of Ethics, or have any questions regarding y our account please cont act us . 908Z Jo 001. abed
Public Trust Advisors
717 17th St. Suite 1850
De nve r, CO 80202

PUBLIC
AGENCY

RETIREMENT

SERVICES
PARS
CITY OFBEAUMONT Account Report for the Period
PARS Post -Employment Benefits Trust
Elizabeth Gibbs
City Manager
City of Beaumont
550 East 6th St.

Beaumont, CA 92223
Account Summary
Source
3/1/2024 to 3/31/2024
Balance as of Balance as of
3/1/2024 Contributions Earnings Expenses Distributions Transfers 3/31/2024

PENSION
$2,723,363.17 $0.00 $59,036.69 $1,316.72 $0.00 $0.00 $2,781,083.14 Totals
$2,723,363.17 50.00 $59,036.69 $1,316.72 $0.00 $0.00 $2,781,083.14 Investment Selection
Source
PENSION Moderate - Strategic Blend
Investment Objective
Source

PENSION
The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments.

Investment Return
Source
1 -Month 3 -Months
Annualized Return
1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date

PENSION

2.17%

4.12%

13.82%
3/14/2022
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.

Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.

Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org

Page 101 of 2805 ends

BAUME ONTA -c A L I F O R N I
Staff Report
TO: City Council
FROM: Jennifer Ustation, Finance Director
DATE May 7, 2024
SUBJECT: Approval of TriPointe Homes 2016-3 PayGo Funds Reimbursement Request in the Amount of $1,142,729.60
Description TriPointe Homes IE-SD, Inc. has submitted a request for the 2016-3 PayGo funds to reimburse TUMF Fees paid in the amount of $1,142,729.60.

Background and Analysis:

As per the Settlement Agreement between the City of Beaumont and TriPointe Homes IE-SD, Inc (TriPonte Homes) formally known as Pardee Homes dated February 7, 2017, section 4 paragraph 5 states "all facilities special taxes levied and collected from real property within CFD No. 2016-2 and CFD No. 2016-3 prior to the issuance of bonds shall be disbursed to Pardee for payment of costs eligible to be financed under the Mello -Roos Act and such Resolutions pursuant to the CFD Nos. 2016-2 and 2016-3 Acquisition Agreement." Special taxes levied and collected prior to issuance of bonds are also known as "PayGo" funds.

Section 5 of the Settlement Agreement states that "The City currently does not participate in the Transportation Uniform Mitigation Fee ("TUMF") program administered by the Western Riverside Council of Governments ("WRCOG"), but may elect to join the program in the future, in which case TUMF may be levied and collected with respect to future development in Sundance and Tournament Hills and shall also be deemed a "DIF" pursuant to this Agreement. In addition, if the City adds development impact fees that are applicable to Sundance and Tournament Hills and which may be reimbursed with the proceeds of special taxes and bonds of IA Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3, those, too, shall be deemed a DIF pursuant to which (i) the City shall identify capital improvements that are included in the DIF and/or TUMF program (each, a "DIF" Improvement"), (ii) Pardee shall either design and construct the DIF improvements or advance funds to the City for the City's design and construction of the DIF Improvements, (III) Pardee shall receive credit against DIFs and TUMF in an amount equal to the costs incurred by Pardee with respect to the DIF Improvements and the amount advanced by Pardee to the City of the DIF Improvements and (iv) the costs incurred by Pardee and funds advanced by Pardee for the DIF Improvements

Page 102 of 2805 ends

shall be reimbursed with the proceeds of special taxes and/or bonds of IA Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3."
On March 20, 2018, the City Council approved an Improvement and Credit/Reimbursement Agreement Transportation Uniform Mitigation Fee between the City of Beaumont and Pardee Homes for the Pennsylvania Avenue Widening Project.

The agreement in the amount of $3,016,820 allowed Pardee to deliver TUMF improvements by means of providing "the DIF" to the City to offset against Developer's obligation to pay the applicable TUMF for the Project in accordance with the TUMF Administrative Plan adopted by WRCOG.

TriPointe Homes has submitted a request to receive PayGo funds in the amount of the PayGo balance of $1,142,729.60 from CFD 2016-3 to reimburse TUMF costs in association with the TUMF Credit Agreement for the Pennsylvania Widening Project.

Fiscal Impact:

The estimated cost to prepare this report is $150. The $1,142,729.60 reimbursement of PayGo funds will reduce the 2016-3 balance within the CFD Facilities fiduciary fund.

Recommended Action:

Approve TriPointe Homes 2016-3 PayGo Funds Reimbursement Request in the amount of $1,142,729.60.

Attachments:

A. TriPointe Homes Reimbursement Request for 2016-3 PayGo Funds

Page 103 of 2805 ends

try Pointe
City of Beaumont March 28, 2024
550 E. Sixth Street
Beaumont, CA 92223
Attention: Jennifer Ustation
Re: City of Beaumont CFD No. 93-1: Request for Reimbursement -of Pay Go bond proceeds associated with improvement Area 2016-3
Pursuant to the Settlement Agreement dated February 7, 2017, by and between the Community Facilities District No. 93-1 of the City of Beaumont ("CFD No. 93-1"), the City of Beaumont a municipal corporation organized and existing under the laws and Constitutions of the State of California ("City"), and Tri Pointe Homes (TPH), a California Corporation, TPH is hereby requesting Pay Go funds reimbursement from TUMF fees paid in Improvement Area 2016-3 in the amount of $1,142,729.60
For more information regarding this reimbursement, please refer to the attached Settlement Agreement executed on February 7, 2017, and email backup.

Please wire the funds to Tri Pointe Homes IE-SD, Inc. per the attached wire instructions.

If you have any questions or require any additional information, please do not hesitate to contact Jeff Chambers at (949) 677-1080.

Kind Regards,
Michael C. Taylor
Division President
Tri Pointe Homes IE-SD, Inc.

TriPointe Hornes.corn 951.246.2010
by Design 1250 Corona Pointe Court, Corona, CA 92879

Page 104 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z Jo 801. abed
COMMUNITY FACILITIES DISTRICT NO. 93-1 (SUNDANCE - IMPROVEMENT AREA 2016-3) -
Parde e Ch eck I nformation
IA
PA
Permit
APN
Community
Name
Tract
Number
Release
Legal L ot
Address
Summary of
Fees Date
Check Number
Check Date
Permit Date
TUMF
TUMF Credit
2016-3
31 YES
408330013
ELAN
31470-3
Models
23 1519 OVERPARK L ANE
5/1/2018
2782022
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330014
ELAN
31470-3
Mod els
24 1515 OVERPARK LANE _
5/1/2018
2782022
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330015
ELAN
31470-3
Models
25 1513 OVERPARK LANE
5/1/2018
2782022
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 ,YES
408330005
MIRA
31470-3
Mod els
15 1516 OVERPARK LANE
3/29/2018
2782021
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
409330006
MIRA
31470-3
M odels
16 1514 OVERPARK LANE
3/29/2018
2782021
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330007
MIRA
31470-3
M od els
17 1512 OVERPARK LANE
3/29/2018
2782021
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330009
AVID
31470-3
Models
19 1529 OVERPARK LANE
5/1/2018
2782023
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330010
AVID
31470-3
Models
20 1527 OVERPARK LANE
5/1/2018
2782023
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330011
AVID
31470-3
M od els
21 1525 OVERPARK LANE
5/1/2018
2782023
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330001
VITA
31470-3
Models
11 1528 O VERPARK LANE
3/29/2018
2782024
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330002
VITA
31470-3
Models
12 1526 OVERPARK LANE
3/29/2018
2782024
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408330003
VITA
31470-3
Models
13 1524 OVERPARK LANE
3/29/2018
2782024
5/2/2018
5/10/2018
N/A
N/A
2016-3
31 YES
408340020
MIRA
31470-3
1-54 (PA 31)
54 1539 SKYSTONE WAY (C-10)
9/24/2015
2791119
11/14/2018
9/18/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340021
AVID
31470-3
1-55 (PA 31)
55 1541 SKYSTONE WAY (C-10)
9/24/2018
2791119
11/14/2018
9/18/2018
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408340015
MIRA
31470-3
1-49
49 1525 SKYSTONE WAY (2-1)
9/24/2018
2788887
9/26/2018
10/18/2018
$ 8,873.00
$ (8,873.001
$ (8,873.00)
2016-3
31 YES
408340017
AVID
31470-3
2-1
51 1531 SKYSTONE WAY
9/24/2018
2788887
9/26/2018
10/18/2018
$ 8,873.00
2016-3
31 YES
408340016
AVID
31470-3
2-1
50 1529SKYSTONE WAY
9/24/2018
2788887
9/26/2018
10/18/2018
$ 8,873 .00
$ (8 ,873 .00)
2016-3
31 YES
408340014
AVID
31470-3
2-1
48 1523SKYSTONE WAY
9/24/2018
2788887
9/26/2018
10/18/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340438
AVID
31470-3
2-1
72 1577TRAILVIEW DRIVE
9/24/2018
2788887
9/26/2018
10/18/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340029
ELAN
31470-3
4-1 (PA 31)
63 1532 SKYSTONE WAY
9/24/2018
2789234
10/3/2018
11/6/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
406340030
ELAN
31470-3
4-1 (PA 31)
64 1530 SKYSTONE WAY
9/24/2018
2789234
10/3/2018
11/6/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340011
ELAN
31470-3
4-1 (PA 31)
65 1528 SKYSTONE WAY
9/24/2018
2789234
10/3/2018
11/6/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408340032
ELAN
31470-3
4-1 (PA 31)
66 1524 SKYSTONE WAY
9/24/2018
2789234
10/3/2018
11/6/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340033
ELAN
31470-3
4-1 (PA 31)
67 1522 SKYSTONE WAY
9/24/2018
2789234
10/3/2018
11/6/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340023
MIRA
31470-3
3-1
57 1546SKYST ONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408340025
MIRA
31470-3
3-1
59 1542 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408340026
MIRA
31470-3
3-1
60 1540 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
40834002'
MIRA
31470-3
3-1
61 1538 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408340028
MIRA
31470-3
3-1
62 1536 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408340022
MIRA
31470-3
3-1
56 1545 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408340019
MIRA
31470-3
3-1
53 1537 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
11/28/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350027
VITA
31470-3
1-2
99 1546 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350026
VITA
31470-3
1-2
98 1542 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350025
VITA
31470-3
1-2 -
97 1538 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350026
VITA
31470-3
1-2
96 1534 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350035
VITA
31470-3
1-2
107
1549 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350036
VITA
31470-3
1-2
108
1543 VILLA GE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350037
VITA
31470-3
1-2
109
1537 VILLAGE GREEN WAY
10/12/2018
2792045
12/7/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350038
V ITA
31470-3
1-2
110
1533 VILLAGE GREEN WAY
10/ 2/2018
2792045
12/7/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350031 VITA
31470-3
1-1
103
1567 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350032 VITA
31470-3
1-1
104
1563 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350033 VITA
31470-3
1-1
105
1555 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350034 VITA
31470-3
1-1
106
1551 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3 _
31 YES
408350030 VITA
-VITA
31470-3
1-1
102
1564 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350029
31470-3
1- 1
101
1556 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408350028 VITA
31470-3
1-1
100
1550 VILLAGE GREEN WAY
10/12/2018
2792061
12/10/2018
12/12/2018
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350076 ELAN
31470-3
4-3 (PA 31)
181
1536TRAILVIEW DRIVE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408330021 MIRA
31470-3
3-2
131
1535 WINDING SUN DRIVE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340013 AVID
31470-3
2-2
47 1524 GREEN GLEN LANE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408340010 AVID
31470-3
2-2
44 1532 GREEN GLEN LANE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350069 AVID
31470-3
1-174
174
1543 GLEN BRIGHT DRIVE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350015 VITA
31470-3
1-87
87 1514 WINDING SUN DRIVE (C-3)
1/10/2019
2793680
1/16/2019
1/18/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408340011 AVID
31470-3
2-2
45 1530 GREEN GLEN LANE (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340001 AV ID
31470-3
1-35
35 1538 GLENBRIGHT DRIVE (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873.00
$ (8,873.00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z Jo 901. abed
2016-3
31 YES
408350014
VITA
31470-3
1-86
86 1516 WINDING SUN DRIVE (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350016
VITA
31470-3
1-88
88 1512 WINDING SUN DRIVE (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408350023
VITA
31470-3
1-95
95 1530 VILLAGE GREEN WAY (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350045
VITA
31470-3
1-117
117
1513 VILLAGE GREEN WAY (C-4)
2/12/2019
2794929
2/15/2019
2/21/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350050
VITA
31470-3
1-122
122
1513 WINDING SUN DRIVE (C-4)
2/12/203.9
2794929
2/15/2019
2/21/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 —
408340016
AVID
31470-3
2-1
50 1529 SKYSTONE WAY (C-5)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 -
408340016
AVID
31470-3
2-1
50 1529 SKYSTONE WAY (C-5)
City ref und as l ot # 50 was duplicat e -Wir e f und
3/19/2019
$ (8,873.00)
$ 8,873 .00
2016-3
31 YES
408350002
ELAN
31470-3
4-2 (PA 31)
74 1561 TRAILVIEW DRIVE (C-)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340012
AVID
31470-3
2-2
46 1526 GREEN GLEN LANE (C-5)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408340009
AVID
31470-3
2-2
43 1534 GREEN GLEN LANE (C-5)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340008
AVID
31470-3
2-2
42 1538 GREEN GLEN LANE (C-5)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408330021
VITA
31470-3
1-31
31 1522 SUMMERFIELD WAY (C-5)
3/8/2019
2795984
3/15/2019
3/19/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408350006
ELAN
31470-3
1-78 (PA 31)
78 1537 TRAILVIEW DRIVE (C-6)
4/5/2019
2797073
4/12/2019
4/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408330054
AVID
31470-3
1-165
165
1509SUMMERFIELD WAY (C-6)
4/5/2019
2797073
4/12/2019
4/18/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408330056
AVID
31470-3
1-167
167
1521 SUMMERFIELD WAY (C-6)
4/5/2019
2797073
4/12/2019
4/18/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408350064
AVID
31470-3
1-169
169
1527 GLENBRIGHT DRIVE (C-6)
4/5/2019
2797073
4/12/2019
4/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350040
VITA
31470-3
1-112
112
1527 VILLAGE GREEN WAY (C-6)
4/5/2019
2797073
4/12/2019
4/18/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350072
ELAN
31470-3
4-2 (PA 31)
177
1556TRAILVIEW DRIVE (C-7)
6/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350004
ELAN
31470.3
1-76 (PA 31)
76 1545 TRAILVIEW DRIVE (C-7)
6/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350078
ELAN
31470-3
1-183 (PA 31)
183
1530 TRAILVIEW DRIVE (C-7)
5/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873 .00
$ (8,873 .00),
$ (8,873.00)
2016-3
31 YES
408330017
AVID
31470-3
1-27
27 1510 SUMMERFIELD WAY (C-7)
6/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873.00
2016-3
31 YES
408330020
AVID
31470-3
1-30
30 1518 SUMMERFIELD WAY (C-7)
6/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350080
VITA
31470-3
1-185
185
1522 GRANDVIEW DRIVE (C-7)
6/4/2019
2799310
6/5/2019
6/14/2019
$ 8,873.00
$ (8,873.00)
20163
31 YES
408340024
MIRA
31470-3
3-1
58 1544 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
7/3/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408340013
MIRA
31470-3
3-1
52 1533 SKYSTONE WAY
9/24/2018
2791119
11/14/2018
7/3/2019
$ 8,873 .00
$ (8,873.00)
2016-3
31 YES
408350001
ELAN
31470-3
4-2 (PA 31)
73 1567 TRAILVIEW DRIVE (0-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350003
ELAN
31470-3
1-75 (PA 31)
75 1553 TRAILVIEW DRIVE (0-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873 .00
$ (8,873 .00) ,
2016-3
31 YES
408350009
ELAN
31470-3
1-81 (PA 31)
81 1525 TRAILVIEW DRIVE (C-8)
6/27/2013
2800250
6/27/2019
7/3/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408330018
AVID
31470-3
1-28
28 1514 SUMMERFIELD WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408330019
AV ID
31470-3
1-29
29 1516SUMMERFIELD WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873 .00
$ (8,873 .00)
2016-3
31 YES
408340004
AVID
31470.3
1-38
38 1552 GLENBRIGHT DRIVE (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873 .00)
2016-3
31 YES
408330055
AVID
31470-3
1-166
166
1513 SUMMERFIELD WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340002
VITA
31470-3
1-36
36 1540 GLENBRIGHT DRIVE (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019,
$ 8,873.00
$ (8,873.00)
$ (8,873.00)
2016-3 X31
YES
408350021
VITA
31470-3

1.93 93
1524 VILLAGE GREEN WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
2016-3
31 YES
408350022
VITA
31470-3
1-94
94 1526 VILLAGE GREEN WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350039
VITA
31470-3
1-111
111
1531 VILLAGE GREEN WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350041
VITA
31470-3
1-113
113
1525 VILLAGE GREEN WAY (C-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408350044
VITA
31470-3
1-116
116
1517 VILLAGE GREEN WAY (0-8)
6/27/2019
2800250
6/27/2019
7/3/2019
$ 8,873.00
$ (8,873.00)
2016-3
31 YES
408340007
ELAN
31470-3
1-41 (PA 31)
41 1540 GREEN GLEN L ANE (C-9)
8/19/2019
2802331
8/21/2019
8/26/2019
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408340005
AVID
31470-3
2-3
39 1556 GLENBRIGHT DRIVE (C-9)
8/19/2019
2802331
8/21/2019
8/26/2019
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
408350042
VITA
31470-3
1-114
114
1523 VILLAGE GREEN WAY (C-9)
8/19/2019
2802331
8/21/2019
8/26/2019
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
408350043
VITA
31470-3
1-115
115
1519 VILLAGE GREEN WAY (C-9)
8/19/2019
2802331
8/21/2019
8/26/2019
$ 9,146.00
$ (9,146 .00)
20163
31 YES
408350013
ELAN
31470-3
1-85 (PA 31)
85 1509 TRAILVIEW DRIVE (C-10)
10/23/2019
2805961
11/22/2019
12/5/2019
$ 9,146 .00
$ (9,146.00)
2016-3
31 YES
408330022
ELAN
31470-3
1-32 (PA 31)
32 1526 SUM MERFIELD WAY (C-10)
10/23/2019
2805961
11/22/2019
12/5/2019
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408340006
MIRA
31470-3
1-40
40 1560 GLENBRIGHT DRIVE (C-10)
11/21/2019
2805962
11/22/2019
12/5/2019
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408350081
MIRA
31470-3
1-186
186
1524 GRANDVIEW DRIVE (C-10)
11/21/2019
2805962
,11/22/2019
12/5/2019
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408320007
MIRA
31470-3
1-7
7 1561 GARDENVIEW TRAIL (C-10)
11/21/2019
2805962
11/22/2019
12/5/2019
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408320008
AVID
31470-3
1-8
8 1557 GARDENVIEW TRAIL (C -10)
11/21/2019
2805962
11/22/2019
12/5/2019
$ 9,146 .00
$ (9,146.00)
2016-3
30 YES
408360037
M IRA
31470-4
2-100 (PA 30)
100
1625 PARK RUN LANE (C-12 & 13)
12/3/2019
2806831
12/13/2019
12/13/2019
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360004
ELAN
31470-4
2-1 (PA 30)
1 1644 PARK RUN LANE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146,00
$ (9,146.00)
2016-3
30 YES
408360005
ELAN
31470-4
2-2 (PA 30)
2 1640 PARK RUN LANE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360031
ELAN
51470-4
2-94 (PA 30)
94 1659 PARK RUN LANE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360032
ELAN
31470-4
2-95 (PA 30)
95 1653 PARK RUN LANE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
408360033
MIRA
31470-4
2-96 (PA 30)
96 1645 PARK RUN LA NE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
408360006
VITA
31470-4
2-3 (PA 30)
3 1636 PARK RUN LANE (C-11)
12/3/2019
2806803
12/11/2019
1/28/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360027
VITA
31470-4
2-90 (PA 30)
90 1546 SKY VISTA WAY (C-12)
12/3/2019
2806805
12/11/2019
1/30/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360023 VITA
31470-4
2-91 (PA 30)
91 1548 SKY VISTA WAY (C-12)
12/3/2019
2806805
12/11/2019
1/30/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360023' VITA
31470-4
2-86 (PA 30)
86 1538 SKY VISTA WAY (C-12)
12/3/2019
2806805
12/11/2019
1/30/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360024 VITA
31470-4
2-87 (PA 30)
87 1540 SKY VISTA WAY (C-12)
12/3/2019
2806805
12/11/2019
1/30/2020
$ 9,146.00
$ (9,146.00

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z Jo LO I- abed
2016-3
30 YES
408360026'41TA
31470-4
2-89 (PA 30)
89 1544 SKY VISTA WAY (C-12)
12/3/2019
2806805
12/11/2019
1/30/2020
$ 9,146.00 ,
$ (9,146.00)
2016-3 130
YES
408360029
ELAN
31470-4
2-92 (PA 30)
92 1669 PARK RUN LANE (C-12)
12/3/2019
2806805
1/30/2020
1/30/2020
$ 9,146 .00
$ (9,146.00)
2016-3
30 YES
408550030
ELAN
31470-4
2-93 (PA 30)
93 1661. PARK RUN LANE (C -12 A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408350079
MIRA
31470-3
1-184
184
1520 GRANDVIEW DRIVE (C -12A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
406350083
MIRA
31470-3
1-188
188
1530 GRANDVIEW DRIVE (C -12A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408330024
AVID
31470-3
1-34
34 1532 GLENBRIGHT DRIVE (C -12A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
408350046
VITA
31470-3
1-118
118
1509 VILLAGE GREEN WAY (C -12A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
406360025
VITA.
31470-4
2-88 (PA 30)
88 1542 SKY VIST A WAY (C -12A)
1/22/2020
2808673
2/5/2020
2/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360011
ELAN
31470-4 _
2-8 (PA 30)
8 1549 NEWLAND DRIVE (C-12 & 13)
12/3/2019
2806831
12/13/2019
2/25/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
40 8360038
ELAN
31470-4
2-101 (PA 30)
101
1548 NEWLAND DRIVE (C-12 & 13)
12/3/2019
2806831
12/13/2019
2/25/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360039
ELAN
31470-4
2-102 (PA 30)
102
1544 NEWL AND DRIVE (C-12 & 13)
12/3/2019
2806831
12/13/2019
2/25/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
408360010
ELAN
31470-4
2-7 (PA 30)
7 1620 PARK RUN LANE (C-12 & 13)
12/3/2019
2806831
12/13/2019
2/25/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
439360013
ELAN
31470-4
2-10 (PA 30)
10 1545 NEWLAND DRIVE (C-12 & 13)
12/3/2016
2806831
12/13/2019
2/25/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
MIRA
31470-3
1-164
164
1537 GRANDVIEW DRIVE (C-14)
3/19/2020
Credit Card
3/19/20203/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
ELAN
31470-4
2-4
4 1632 PARK RUN LANE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
VITA
31470-3
1-92
92 1520 VILLAGE GREEN WAY (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146.00
_
$ (9,146.00)
2016-3
31 YES
VITA
31470-3
1-91
91 1518 VILLAGE GREEN WAY (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
AVID
31470-3
1-175
175
1547 GLENBRIGHT DRIVE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146 .00
$ (9146.00)
2016-3
31 YES
VITA
31470-3
1-176
176
1559 GLENBRIGHT DRIVE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
MIRA
31470-4
2-97
97 1641 PARK RUN LANE (C-14)
_ 3/19/2020
Credit C ard
3/19/2020
3/20/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
ELAN
31470-4
2-98
98 1635 PARK RUN LANE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
ELAN
31470-3
1-178
178
1548TRAILVIEW DRIVE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
M IRA
31470-3
1-163
163
1535 GRANDVIEW DRIVE (C-14)
3/19/2020
Credit Card
3/19/2020
3/20/2020
$ 9,146 .00
$ (9,146.00)
2016-3
30 YES
ELAN
31470-4
2-105
105
1536 NEWLAND DRIVEjC-15)
3/19/2020
Credit Card
4/09/202024/22/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
VITA
31470-4
2-120
120
1675 CAPRI WAY (C-15)
3/19/2020
Credit Card
4/09/20202
4/22/2020
$ 9,146 .00
$ (9,146.00)
2016-3
31 YES
VITA
31470-3 _
1-121
121
1511 WINDING SUN DRIVE (C-15)
3/19/2020
Cr edit Card
4/09/20202
4/22/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
ELAN
31470-3
1-84
84 1511 TRAILVIEW DRIVE (C-16)
5/6/2020
Cr edit Card
5/14/2020
5/19/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
ELAN
31470-3
1-82
82 1521TRAILVIEW DRIVE (C-16)
5/6/2020
Credit Card
5/14/20205/19/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
_
ELAN
31470-3
1-182
182
1532 TRAILVIEW DRIVE (C-16)
5/6/2020
Cr edit Card
5/14/20205/19/2020
$ 9,146.00
_
$ (9,146.00)
2016-3
31 YES
AVID
31470-3
1-33
33 1530 GLENBRIGHT DR. (C-16)
5/6/2020
Cr edit Card
5/14/20205/19/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
AVID
31470-3
1-37
37 1544 GLENBRIG HT DR. (C-17)
6/9/2020
Credit Card
6/9/20206/23/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
30 YES
MIRA
31470-4
2-12
12 1541 NEWL AND DR. (C-17)
6/9/2020
Cr edit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
VITA
31470-3
1-89
89 1510 VILLAGE GREEN WAY (C-17)
6/9/2020
Cr edit C ard
6/9/2020
6/23/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
VITA
31470-3
1-90
90 1516 VILLAGE GREEN WAY (C-17)
6/9/2020
Credit Card
6/9/20206/23/2020
$ 9,146 .00
$ (9,146.00)
2016-3
31 YES
VITA
31470-3
1-119
119
1505 VILLAGE GREEN WAY (C-17)
6/9/2020
Credit Card
6/9/2020
6/23/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
VITA
31470-3
1-120
120
1507 WINDING SUN DRIVE (C-17)
6/9/2020
Cr edit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
AVID
31470-3
1-168
168
1525 SUMMERFIELD WAY (C-17)
6/9/2020
Credit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
AVID
31470-3
1-170
170
GLENBRIGHT DRIVE (C-17)
6/9/2020
Credit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
AVID
31470-3
1-172
172
11531
1537 GLENBRIGHT DRIVE (C-17)
6/9/2020
Credit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
MIRA
31470-3
1-187
187
1526 GRANDVIEW DRIVE (C-17)
6/9/2020
Credit Card
6/9/2020
6/23/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
MIRA
31470-3
1-158
158
1523 GRANDVIEW DRIVE (C-18)
6/2/2020
Credit Card
6/3/2020
6/21/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
MIRA
31470-4
2-103
103
1542 NEWLAND DRIVE (C-18)
6/2/2020
Credit Card
6/3/2020
6/21/2020
$ 9,146.00
$ (9,146 .00)
2016-3
30 YES
MIRA
31470-4
2-9
9 1547NEWLAND DRIVE (C-18)
6/2/2020
Credit Card
6/3/20206/21/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
AVID
31470-3
171
1533 GLENBRIGHT DRIVE (C-18)
6/2/2020
Credit Card
6/3/2020
6/21/2020
$ 9,146 .00
$ (9,146.00)
2016-3
31 YES
AVID
31470-3
173
1541 GLENBRIGHT DRIVE (C-18)
6/2/2020
Credit Card
6/3/2020
6/21/2020
$ 9,146 .00
$ (9,146.00)
2016-3
30 YES
AVID
31470-4
2-135
135
1676 SPRING RUN LANE (C-18)
6/2/2020
Credit Card
6/3/2020
6/21/2020
$ 9,146.00
$ (9,146.00)
2016-3
31 YES
ELAN
31470-3
1-83
83 1517Trailview Drive (5-19)
6/22/2020
Credit Card
6/25/2020
7/10/2020
$ 9,146.00
$ (9,146 .00)
2016-3
31 YES
ELAN
31470-3
1-77
77 1541Trailview Drive (5-19)
6/22/2020
Credit Card
6/25/20207/10/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
30 YES
ELAN
31470-4
2-6
6 1624 Park Run Lane (5-19)
6/22/2020
Credit Card
6/25/2020
7/10/2020
$ 9,146 .00
$ (9,146 .00)
2016-3
31 YES
ELAN
31470-3
1-80
80 1527Trailvie w Driv e (5-19)
6/22/2020
Credit Card
6/25/2020
7/10/2020
$ 9,146 .00
$ (9,146.00)
$ (9,146.00)
2016-3
31 YES
MIRA
31470-3
1-162
162
1533 Grandv iew Drive (5-19)
6/22/2020
Credit Card
6/25/2020
7/10/2020
$ 9,146 .00
2016-3
31 YES
VITA
31470-3
1-123
123
1515 Windin g Sun Driv e (5-19)
6/22/2020
Credit Card
6/25/2020
7/10/2020
$ 9,146.00
$ (9,146.00)
2016-3
30 YES
ELAN
31470-4
2-5
5 1628 Park Run Lane (5-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-150
150
1536 Winding Sun Drive (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
ELAN
31470-4
2-104
104
1540 Newland Drive(S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
ELAN
31470-4
2-99
99 1631 Park Ru n La ne (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-114
114
1656 Capri Way (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478.00
_
$ (9,478 .00)
2016-3
31 YES
ELAN
31470-3
1-180
180
1542 Tra ilvie w Drive (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-159
159
1525 Grandview Drive (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ _ 9,478.00
$ (9,478.00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923- AE426E4BD78F 908Z Jo 80I- abed
2016-3
31 YES
ELAN
31470-3
1-79
79 1533 Trailview Drive (5-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478.00
$ (9,478 .001
2016-3
31 YES
MIRA
31470-3
1-160
160
1527 Grandview Dri ve (S-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
ELAN
31470-3
1-179
179
1544 Trailview Drive (5-20)
7/15/2020
Credit Card
7/16/2020
7/17/2020
$ 9,478.00
$ (9,478.00
2016-3
31 YES
MIRA
31470-3
1-161
161
1531 Grandvi ew Dri ve (S-20)
7/15/2020
Cr edit Card
7/16/2020
7/17/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 _
YES
_
VITA
31470-3
1-124
124
1519 Winding Sun Dri ve (S-21)
8/11/2020
Credit Card
8/25/2020
9/22/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
VITA
31470-3
1-125
125
1521 Winding Sun Drive (S-21)
8/11/2020
Credit Card
8/25/2020
9/22/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
MIR A
31470-4
2-13
13 1539 Newland Drive (5-22)
8/26/2020
Credit Card
8/28/2020
9/2/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
VITA
31470-3
2-113
113
1652 Capri Way (S-22)
8/26/2020
Credit Card
8/28/2020
9/2/2020
$ 9,478.00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-157
157
1521 Grandview Drive (5-23)
9/21/2020
Credit Card
10/19/2020
10/20/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-44
44 1575 Village Green Way (S-23)
9/21/2020
Credit Card
10/19/2020
10/20/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
31 VES
VITA
31470-3
1-126
126
1523 Winding Sun Dri ve (5-24)
10/27/2020
Credit Card
10/27/2020
10/27/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
ELAN
31470-4
2-11
11 1543 N ewl and Dri ve (S-24)
10/27/2020
Credit Card
10/27/2020
10/27/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-151
151
1534 Winding Sun Drive (5 -24)
10/27/2020
Credit Card
10/27/2020
10/27/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-119
119
1676 Capri Way (S-25)
10/16/2020
Credit Card
10/29/2020
11/6/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-85
85 1536 Sky Vista Way (S-25)
10/16/2020
Credit Card
10/29/2020
11/6/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-121
121
1671 Capri Way (5-25)
10/16/2020
Credit Card
10/29/2020
11/6/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-124
124
1659 Capri Way (S-25)
10/16/2020
Credit Card
10/29/2020
11/6/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-112
112
1646 Capari Way (S-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-122
122
1665 Capri Way (S-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-123
123
1661 Capri Way (5-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-125
125
1653 Capri Way (S-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-126
126
1647 Capri Way (S-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-106
106
1533 H ollygate Trail (5-26)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-107
107
1537 H olly gate Trail (5-27)
11/17/2020
Cr edit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-108
108
1541 Hollygate Trail (S-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-109
109
1545 Hollygat e Trail (5-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-110
110
1549 Hollyg ate Trail (S-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-111
111
1640 Capri Way (S-27)
11/17/2020
Cr edit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-115
115
1660 Capri Way (S-27)
11/17/2020
Cr edit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-116
116
1664 Capri Way (5-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-117
117
1668 Capri Way (S-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-118
118
1672 Capri Way (5-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-127
127
1645 Capri Way (S-27)
11/17/2020
Credit Card
11/18/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-15
15 1535 Newland Drive (5-28)
10/29/2020
Credit Card
11/18/2020
12/2/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-16
16 1531 Newland Drive (5-28)
10/29/2020
Cr edit Card
11/18/2020
12/2/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-17
17 1529 Newland Drive (S-28)
10/29/2020
Credit Card
11/18/2020
12/2/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-18
18 1525 Newland Drive (S-28)
10/29/2020
Credit Card
11/18/2020
12/2/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
A VID
31470-4
2-19
19 1523 Newland Drive (S-28)
10/29/2020
Credit Card
11/18/2020
12/2/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-40
40 1586 Village Green Way (5-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-41
41 1582 Village Green Way (S-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-42
42 1580 Village Green Way (S-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-45
45 1577 Village Green Way (5-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-46
46 1581 Village Green Way (5-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-47
47 1585 Village G reen Way (S-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 _
YES
VITA
31470-4
2-43
43 1576 Village Green Way (S-29)
11/17/2020
Credit Card
11/17/2020
11/25/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-131
131
1656 Spring Run Lan e (5-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470.4
2-132
132
1660 Spring R un Lane (5-30)
11/17/2020
Cr edit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470.4
2-37
37 1596 Village Green Way (S-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470.4
2-38
38 1592 Village Green Way (5-30)
11/17/2020
Cr edit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-39
39 1588 Village Green Way (5-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-49
49 1591 Village Green Way (S-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-50
50 1597 Village Green Way (S-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-51
51 1601 Village Green Way (S-30)
11/17/2020
Credit C ard
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-34
34 1608 Village Green Way (S-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-33
33 1612 Village Green Wa y (S-30)
11/17/2020
Credit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-53
53 1607 Village Green Way (S-30)
11/17/2020
Cre dit Card
12/2/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
ELAN
31470-4
2-14
14 1537 Newland Drive (S-31)
11/25/2020
Credit Card
12/2/2020
12/8/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-136
136
1680 Spring Run Lane (S-31)
11/25/2020
Cre dit Card
12/2/2020
12/8/2020
$ 9,478.00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-153
153
1528 Winding Sun Drive (S-31)
11/25/2020
Credit Card
12/2/2020
12/8/2020
$ 9,478 .00_
$ (9,478.00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z Jo 601. abed
2016-3
30 YES
AVID
31470-4
2-151
151
1609 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-150
150
1613 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
_2-148
148
1621 Spring R un Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-147
147
1627 Spring Run Lane (S-32)
11/25/2020
Cr edit Card
12/9/202012/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-146
146
1633 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/202012/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-145
145
1639 Spring Run Lane (S-32)
11/25/2020
Cr edit Card
12/9/2020
12/18/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-128
128
1644 Spring Run Lane (S-32)
11/25/2020
Cr edit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-129
129
1648 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-143
143
1649 Spring Run Lan e (S-32)
11/25/2020
Credit C ard
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-130
130
1652 S pring Run Lane (S-32)
11/25/2020
Cr edit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-142
142
1653 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-141
141
1657 Spring Run lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-140
140
1661 Spring Run Lane (S-32)
11/25/2020
Credit C ard
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-139
139
1669 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-134
134
1672 Spring Run Lane (S-32)
11/25/2020
Cr edit Card
12/9/2020
12/18/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-138
138
1677 Spring Run Lane (S-32)
11/25/2020
Credit Card
12/9/2020
12/18/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 -
AVID
31470-4
2-135
135
1676 Spring Run Lan e (S-33)
Duplicate
Credit Card
12/9/2020
6/12/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 -
AVID
31470-4
2-135
135
1676 Spring Run Lane (S-33)
Credit issue
Credit Card
$ (9,478 .00)
$ 9,478.00
2016-3
33 YES
VITA
31470-5
2-80
80 1524 Sky Vista Way (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
33 YES
VITA
31470-5
2-81
81 1526 Sky Vista Way (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
33 YES
VITA
31470-5
2-82
82 1530 Sky Vista Way (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
33 YES
VITA
31470-5
2-84
84 1534 Sky Vista Way (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
33 YES
VITA
31470-5
2-54
54 1611 Village Gre en W ay (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
33 YES
VITA
31470-5
2-56
56 1619 Village Gr een Way (S-33)
12/2/2020
Cr edit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
33 YES
VITA
31470-5
V4
70 1504 SKY VISTA WAY (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
33 YES
VITA
31470-5
V4
71 1506 SKY VISTA WAY (S-33)
12/2/2020
Credit Card
12/9/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-79
79 1522 SKY VISTA W AY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-83
83 1532 SKY VISTA WAY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-137
r 137
1685 SPRING RUN LANE (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-149
149
1617 SPRING RUN L ANE (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
AVID
31470-4
2-133
133
1666 SPRING RUN LANE (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
AVID
31470-4
2-144
144
1645 SPRING RUN LANE (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-36
36 1600 VILLA GE GREEN WAY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-48
48 1589 VILLAGE GREEN WAY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-35
35 1606 VILLAGE GREEN WAY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
2-52
52 1605 VILLAGE GREEN WAY (S-34)
12/3/2020
Credit Card
12/10/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
2-55
55 1615 VILLA GE GREEN W AY (5-35)
Cr edit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V3
57 1623 VILLAGE GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V3
58 1627 VILLAGE GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA _
314704
V3
59 1631 VILLAGE GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V3
60 1635 VILLAGE GREEN WAY (S-35)
Cr edit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V3
61 1639 V ILLA GE GREEN W AY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V3
62 1643 VILLAGE GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V3
63 1647 VILLAG E GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478.00
2016-3
30 YES
VITA
31470-4
V3
64 1655 V ILLA GE GREE N WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V4
65 1661 VILLAGE GREEN WAY (S-35)
Cr edit Card
12/16/202012/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V4
66_
1667 VILLAGE GREEN WAY (S-35)
Cr edit Card
12/16/202012/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
314704
V4
67 1675 V ILLAGE GREEN WAY (S-35)
Credit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
314704
V4
68 1677 VILLAGE GREEN WAY (S-35)
Cr edit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V4
69 1679 VILLAGE GREEN WAY (S-35)
Cr edit C ard
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
ELAN
31470-3
1-71
71 1579 TRAILVIEW DRIV E (S-36)
12/7/2020
Credit Card
12/17/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
ELAN
31470-3
1-70
70 1583 TRAILV IEW DRIV E (S-36)
12/7/2020
Credit Card
12/17/202012/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
ELAN
31470-3
1-69
69 1589 TRAILVIEW DRIV E (S-36)
12/7/2020
Credit Card
12/17/202012/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
ELAN
31470-3
1-68
68 1595 TRAILVIEW DRIVE (S-36)
12/7/2020
Credit Card
12/17/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-134
134
1543 WINDING SUN DRIVE (S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-156
156
1522 WINDING SUN DRIVE (5-37)
12/16/2020
Credit Card
12/18/202012/21/2020
$ 9,478.00
2016-3
31 YES
MIRA
31470-3
1-132
132
1537 WINDING SUN DRIVE (S-37)
12/16/2020
Cre dit Card
12/18/202012/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-152
152
1530 WINDING SUN DRIV E (S-37)
12/16/2020
Cre dit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES _
MIRA
31470-3
1-154
154
1526 WINDING SUN DRIVE (S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z Jo 01-1- abed
2016-3
31 'VES
MIRA
31470-3
1-155
155
1524 WINDING SUN DRIVE (5-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-68
127
1525 WINDING SUN DRIVE (S-37)
12/16/2020
Cr edit Card
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-128
128
1527 WINDIN G SUN DRI VE (0-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-129
129
1529 WINDING SUN DRIVE (S37)
12/16/2020
Cr edit C ard
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-130
130
1531 WINDING SUN DRIVE {S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-133
133
1541 WINDING SUN DRIVE (5-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-135
135
1545 WINDING SUN DRIVE (5-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
31 YES
MIRA
31470-3
1-136
136
1547 WINDING SUN DRIVE (S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-147
147
1546 WINDIN G SUN DRI VE (S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-148
148
1544 WINDING SUN DRIVE (S-37)
12/16/2020
Credit Card
12/18/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
31 YES
MIRA
31470-3
1-149
149
1540 WINDING SUN DRIVE (S-37)
12/16/2020
Credit Card
12/18/202012/21/2020
$ 9,478.00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V2
35 Cr edit C ard
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V2
52 Cr edit Card
12/16/2020
12/21/2020
$ 9,478.00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V2
53 Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V2
54 Credit Card
12/16/202012/21/2020
$ 9,478 .00
$ (9,478.00)
2016-3
30 YES
VITA
31470-4
V2
55 Credit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V2
56 Cr edit Card
12/16/2020
12/21/2020
$ 9,478 .00
$ (9,478 .00)
2016-3
30 YES
VITA
31470-4
V5
20 1597 TRAIL VIEW DRIVE (V-5)
8/6/2021
9/9/2021
$ 9,810.00
$ (9,810.00)
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V5
21 1603 TRAIL VIEW DRIVE (V-5)
8/6/2021
9/9/2021
$ 9,810.00
2016-3
30 YES
VITA
31470-4
V5
22 1607 TRAILVIEW DRIVE (V-5)
8/6/2021
9/9/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V5
23 1609 TRAILVIEW DRIVE ( V-5)
8/6/2021
9/9/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470.4
V5
24 1611 TRAIL VIEW DRIVE ( V-5)
8/6/2021
9/9/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V5
25 1615 TRAILVIEW DRIVE (V-5)
8/6/2021
9/9/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 VES
VITA
31470-4
V5
26 1619 TR AIL VIEW DRIVE (V-5)
8/6/2021
9/9/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V5
31 1620 VILLAGE GREEN WAY (V-5)
8/6/2021
9/9/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V5
32 1616 VILLAGE GREEN WAY (V-5)
8/6/2021
9/9/2021
$ 9,810 .00
$ (9,810.00)
2016-3
31 YES
VITA
31470-3
V5
18 1508 OVERPARK LANE (V-5)
8/6/2021
9/9/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
31 YES
VITA
31470-3
V5
26 1509 OVERPARK LANE (V-5)
8/6/2021
9/9/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V6
152
1610 TRAILVIEW DRIVE (V-6)
9/13/2021
9/28/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
V ITA
31470-4
V6
153
1614 TRAILVIEW DRIVE (V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V6
154
1618 TR AILVIEW DRI VE (V-6)
9/13/2021
9/28/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V6
155
1622 TRAILVIEW DRIVE (V-6)
9/13/2021
9/28/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V6
156
1630 TRAILVIEW DRI VE (V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V6
_
157
1636 TRAILVIEW DRI VE (V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V6
158
1644 TRAILVIEW DRIVE ( V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ ,9,810 .00)
2016-3
30 YES
VITA
31470.4
V6
159
1648 TRAILVIEW DRIVE (V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V6
160
1656 TRAILVIEW DRI VE (V-6)
9/13/2021
9/28/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V7
76 1516 SKY VISTA WAY (V-7)
10/12/2021
10/20/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V7
77 1518 SKY VISTA WAY (V-7)
10/12/2021
10/20/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V7
78 1520 SKY VISTA WAY (V-7)
10/12/2321
10/20/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V7
161
1660 TRAILVIEW DRIVE (V-7)
10/12/2021
10/20/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V7
162
1668 TRAILVIEW DRIVE (V-7)
10/12/2021
10/20/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V7
163
1674 TRAILVIEW DRIVE (V-7)
10/12/2021
10/20/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V7
164
1682 TRAILVIEW DRIVE (V-7)
10/12/2021
10/20/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V8
72 1508 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V8
73 1510 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470.4
V8
74 1512 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470.4
V8
75 1514 SKY V ISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V8
165
1515 SKY V ISTA WAY (V -8)
10/28/2021
11/19/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V8
166
1513 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V8
167
1511 SKY VISTA WAY (V -8)
10/28/2021
11/19/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V8
168
1509 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V8
169
1507 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V8
170
1505 SKY VISTA WAY (V-8)
10/28/2021
11/19/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
_
31470-4
V9
171
1506 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
V ITA
31470-4
V9
172
1508 KYLEMORE WAY (V-9)
11/15/2321
12/6/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V9
173
1510 KYLEM ORE WA Y (V -91
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V9
174
1512 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V9
175
1514 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810 .00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 1Q
CD
2016-3
30 YES
VITA
31470-4
V9
176
1518 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810 .00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V9
177
1517 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V9
178
1513 KYLE MORE WAY (V-9)
11/15/2021
-
12/6/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V9
179
1511 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810 .00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V9
180
1509 KYLEMORE W AY ( V-9)
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V9
181
1509 KYLEMORE WAY (V-9)
11/15/2021
12/6/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V10
27 1519 ROCKMONT LANE (V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V10
28 1517 ROCKMONT L ANE (V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V10
29 1515 ROCKMONT LANE (1-10)
11/15/2021
12/22/2021
$ 9,810 .00
$ (9,810 .00)
201. 6-3
30 YES
VITA
31470-4
V10
30 1513 ROCK MONT LANE (V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V10
182
1510 ROCKM ONT LANE ( V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V10
183
1514 ROCKMONT LANE (V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
21470-4
V10
184
1516 RO CKMONT LANE (V-10)
1I/15/2021
12/22/2021
$ 9,810.00
$ (9,810.00)
2016-3
30 YES
VITA
31470-4
V10
185
1518 ROCK MONT LANE (V-10)
11/15/2021
12/22/2021
$ 9,810.00
$ (9,810 .00)
2016-3
30 YES
VITA
31470-4
V10
186
1520 ROCKMONT LANE (V-10)
11/15/2021
12/22/2021
$ 9,810 .00
$ (9,810.00)
2016-3
33 YES
VITA
31470-5
V11
42 1558 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810 .00)
2016-3
33 YES
VITA
31470-5
V11
43 1556 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810.00)
$ (9,810 .00)
2016-3
33 YES
VITA
31470-5
V11
44 1554 SUNSWEPT WAY ( V-11)
1/25/2022
2/9/2022
$ 9,810 .00
2016-3
33 YES
VITA
31470-5
V11
45 1552 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810 .00)
2016-3
33'
YES
VITA
31470-5
V11
46 1555 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810 .00)
2016-3
33 YES
VITA
31470-5
V11 I
47 1557 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810.00)
2016-3
33 YES
VITA
31470-5
V11
48 1557 SUNSWEPT WAY (V-11)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810.00)
2016-3
33 YES
VITA
31470.5
V12
38 1566 SUNSWEPT W AY ( V-12)
1/25/2022
2/16/2022
$ 9,810.00
$ (9,810.00)
2016-3
33 YES
VITA
31470-5
V12
39 1564 SUNSWEPT WAY (V-12)
1/25/2022
2/16/2022
$ 9,810.00
$ (9,810.00)
2016-3
33 YES
VITA
31470-5
V12
40 1562 SUNSWEPT WAY (V-12)
1/25/2022
2/1.6/2022
$ 9,810 .00
$ (9,810 .00)
2016-3
33 YES
VITA
31470-5
V12
41 1560 SUNSWEPT WAY (V-12)
1/25/2022
2/16/2022
_
$ 9,810.00
$ (9,810.00)
2016-3
33 YES
VITA
31470-5
V12
49 1561 SUNSWEPT WAY (V-12)
1/25/2022
2/16/2022
$ 9,810 .00
$ (9,810.00)
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
1/12
50 1563 SUNSWEPT W AY (V-12)
1/25/2022
2/16/2022
$ 10,104.00
2016-3
33 YES
VITA
31470-5
V13
74 1576 DAWNRIDGE DRIVE ( V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V13
75 1574 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
1/13
76 1572 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V13
77 1570 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V13
78 1571 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V13
79 1573 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V13
80 1575 DAWNRIDGE DRIVE (V-13)
2/17/2022
3/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V14
70 71
1586 DAWNRID GE DRI VE ( V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
1582 DAWNRIDGE DRIVE (V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
72 1580 DAWNRIDGE DRIVE (V-14
3/4/2022
3/21/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
73 1578 DAWNRIDGE DRI VE (V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
81 _
1577 DAWNRIDGE DRIVE (V-14)
3/4/2022
3/21/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
VITA
51470-5
V14
82 1579 DAWNRIDGE DRIVE (V-14)
3/4/2022
3/21/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
83 1581 DAWNRIDGE DRIVE (V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
84 1585 DA WNRIDGE DRIVE ( V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V14
125
1564 PENWOOD LANES./ -14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104 .00'
2016-3
33 YES
VITA
31470-5
V14
126
1562 PENWOOD LANE (V-14)
3/4/2022
3/21/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V15
65 1598 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
$ (10,104.00)
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V15
66 1596 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
2016-3
33 YES
VITA
31470-5
V15
67 1594 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V15
68 1592 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V15
69 1590 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V15 _
85 1587 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
VITA
31470-5
V15
86 1591 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V15
87 1593 DAWNRIDGE DRIVE (V-15)
3/31/2022
4/13/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
18 1678 PARK VILLAGE DRIVE (V-16)
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
19 1682 PARK VILLAG E DRIV E (V-16)
4/15/2022
5/12/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
20 1686 PARK VILLAGE DRIV E (V -16)
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
21 1690 PARK VILLAGE DRIVE (V -16)
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
22 1598 SUNSWEPT WAY (V-16)
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
VITA
31470-5
V16
23 1596 SUNSWEPT WAY (V-16)
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104.00)

DocuSign En velope ID: D7AB4D43-074D-4BOE-9923- AE426E4BD78F 908Z Jo Z II- abed
2016-3 33
YES
VITA
31470-5
V16
24 1594 SUNSWEPT WAY (V-16)_
4/15/2022
5/12/2022
$ 10,104.00
$ (10,104 .00)
$ (10,104 .00)
2016-3 33
YES
VITA
51470-5
V16
64 1597 SUNSWEPT WAY (V-16)
4/15/2022
5/12/2022
$ 10,104 .00
2016-3 31
YES
ROSA
31470-3

R - MODELS
1590 SUNP ARK DRIVE (R -M)
1/25/2022--
2/28/2022
$ 9,810 .00
$ (9,810 .00)
$ (9,810 .00)
2016-3 31
YES
ROSA
31470-3

R -MODELS
1588 SUNP ARK DRIVE (R -M)
1/25/2022
2/28/2022
$ 9,810.00
2016-3 31
YES
ROSA
31470-3

R -MODELS
1584 SUNPARK DRIVE (R - M)
1/25/2022
2/28/2022
$ 9,810 .00
$ (9,810 .00
2016-3 33
YES
ROSA
31470-5 _
R1
124
1560 LISMORE LANE (R-1)
3/30/2022
4/6/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
31 127
1560 PENWOOD L ANE (R-1)
3/30/2022
4/6/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
31 128
1556 PENWOOD LANE (R-1)
3/30/2022
4/6/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
Rl
129
1554 PENWOOD LANE (R-1)
3/30/2022
4/6/2022
$ 10,104.00
$ (10,104 .00)
2016-3
YES
ROSA
31470-5
R1
130
1551 PENWOOD LANE (R-1)
3/30/2022
4/6/2022
$ 10,104 .00
$ (10,104 .00)
® 2016-3
-
YES
ROSA
31470-5
61 131
1553 LISMORE LANE (R-1)
3/30/2022
4/6/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
31 132
1555 LISMORE LANE (R-1)
3/30/2022
4/6/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
31 133
1557 LIS MORE LANE (R-1)
3/30/2022
4/6/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R1
134
1559 LISMORE LANE (R-1)
3/30/2022
4/6/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R2
33 1576 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R2
34 1574 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ 10,104 .00)
2016-3 ®YES
-
ROSA
31470-5
R2
®1572
SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ (10,104 .00)
2016-3
ROSA
31470-5
R2
36 1570 SUNSWEPT WAY (R-2)
4/12/2022_
4/20/2022
$ 10,104.00
$ (10,104 .00)
2016-3 ®®-
2016-3 33
YES
RO SA
ROSA
31470-5
R2
37 1568 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ (10,104 .00)
31470-5
R2
51 1569 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R2
52 1571 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R2
53 1573 SUNSWEPT W AY (R-2)
4/12/2022
4/20/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R2
54 1575 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R2
55 1577 SUNSWEPT WAY (R-2)
4/12/2022
4/20/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
RO SA
31470-5
R3
29 1584 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R3
30 1582 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R3
31 1580 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R3
32 1578 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R3
56 1579 SUNSWEPT W AY (R-3)
4/12/2022
4/28/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R3
57 1581 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104 .00
$ (10,104.00)
2016-3 MR=
2016-3 33
RO SA
31470-5
R3
1583 SUNSWEPT WAY (R-3)
4/12/2022
4/28/2022
$ 10,104.00
$ (10,104 .00)
ROSA
31470-5
59 1585 SUNSWEPT WAY (R-3)
4/12/2022_
4/28/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33

4. ROSA
31470-5
25 1592 SUNSWEPT WAY (R-4)
4/18/2022
5/23/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R4
26 1590 SUNSWEPT W AY (R-4)
4/18/2022
5/23/2022
$ 10,104.00
$ (10,104 .00)
2016-3 ®®
2016-3
-
ROSA
31470-5
R4
27 1588 SUNSWEPT W AY 8-4)
4/18/2022
5/23/2022
$ 10,104.00
$ (10,104.00)
ROSA
31470-5
28 1586 SUNSWEPT W AY (R-4)
4/18/2022
5/23/2022
$ 10,104 .00
$ (10,104 .00)
®YES
2016-3
YES
ROSA
:1470-5
1 60
1587 SUNSWEPT WAY (R-4)
4/18/2022
5/23/2022
$ 10,104 .00
$ (10,104.00)
EOM ®YES
-
ROSA
31470-5
R4
61 1591 SUNSWEPT WAY (R-4)
4/18/2022
5/23/2022
$ 10,104 .00
$ 10,104.00
$ 10,104.00)
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R4
62 1593 SUNSWEPT W AY (R-4)
4/18/2022
5/23/2022
2016-3 33
YES
ROSA
31470-5
R4
63 1595 SUNSWEPT WAY (R-4)
4/18/2022
5/23/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
RO SA
31470-5
R5
121
1568 LISMORE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
RO SA
31470-5
R5
122
1564 LISMORE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
331470-5
R5
123
1562 LISMO RE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R5
135
1561 LISMORE LA NE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
35 136
1563 LISMO RE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104 .00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R5
137
1565 LISM ORE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
35 138
1567 LISMORE LANE (R-5)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R6
139
1569 LISMORE LANE (R-6)
11/18/2022
12/1/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
_
YES
ROSA
31470-5
R6
116
1580 LISMORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R6
117
1578 LISMORE LANE (3-6)
11/23/2022
12/15/2022
$ 10,104 .00
$ 10,104.00)
2016-3 33
YES
RO SA
31470-5
R6
118
1574 LISMORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
RO SA
314705
R6
119
1572 LISM ORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R6
120
1570 LISMORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES
ROSA
31470-5
R6
140
1571 LISMORE LANE R-6
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R6
141
1573 LISM ORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104.00)
2016-3 33
YES _
ROSA
31470-5
R6
142
1575 LISMORE LANE (R- 6)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R6
143
1579 LISMORE LANE R-6)
11/23/2022
12/15/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R6
144
1583 LISMORE LANE (R-6)
11/23/2022
12/15/2022
$ 10,104 .00
$ (10,104 .00)
2016-3 33
YES
ROSA
31470-5
R7
109
1630 BEACON DRIVE (R-7)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)

D ocuSign Envelope ID: D7AB4D43-074D-4BOE-9923-AE426E4BD78F 908Z Jo £ I- I- abed
2016-3
33 YES
ROSA
31470-5
R7
110
1638 BEACON DRIVE (R-7)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5
R7
111
1644 BEACON DRIVE (R -7L
11/23/2022
12/15/2022
$ 10,104.00
$ (.10,104 .00)
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5
R7
112
1648 BE AC ON DRIVE (R-7)
11/23/2022
12/15/2022
$ 10,104.00
2016-3
33 YES
ROSA
31470-5
R7
113
1650 BEACON DRIVE (R-7)
11/23/2022
_
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5
R7
114
1652 BE ACON DRIVE (R-7)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
ROSA
31470-5
R7
115
1584 LIS MORE LANE (R-7)
11/23/2022
12/15/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
R OSA
31470-5
R8
191
1562 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5
R8
192
1560 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
ROSA
31470-5
R8
193
1558 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
ROSA
31470-5
R8
194
1556 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
R OSA
31470-5
98 195
1559 TURNIN GCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
ROSA _
31470-5
R8
196
1561 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
R OSA
31470-5
38 197
1563 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5_
98 198
1565 TURNIN GCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
ROSA
31470-5
38 199
1567 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
_
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
ROSA
31470-5
R8
200
1567 TURNINGCREST LANE (R-8)
12/8/2022
12/19/2022
$ 10,104.00
$ (10,104.00)
2016-3
31 YES
LINA
31470-3

L -MODELS
4 1580 SUNPARK DRIVE (L -M)
1/25/2022
2/9/2022
$ 9,810.00
$ 59,810 .00)
2016-3
31 YES
LINA
31470-3

L -MODELS
5 1565 GARDENVIEW TRAIL (L -M)
1/25/2022
2/9/2022
$ 9,810.00
$ (9,810.00)
2016-3
31 YES
LINA
31470-3

L -MODELS
6 1563 GARDENVIEW TRAIL (L -M)
1/25/2022
2/9/2022
$ 9,810.00
$ 59,810.00)
2016-3
33 YES
LINA
31470-5
L1
159
1634 EASTON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
11 160
1636 EASTON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L1
161
1640 EAST ON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
11 162
1642 EAST ON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
11 163
1641 EAST ON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470.5
11 164
1639 EAST ON LANE (L-1)
_
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
Ll
165
1635 EASTON LANE (L-1)
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
Ll
166
1635 EASTON LANE (L-1)
4/28/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L2
156
1620 EASTON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L2
157
1626 EASTON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L2
158
1630 EASTON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L2
167
1631 EAST ON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104 .00
$ (10,104.00
2016-3
33 YES
LINA
31470-5
L2
168
1627 E ASTON LANE (L-2)
4/19/2027
4/28/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L2
169
1623 EASTON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L2
170
1621 EASTON LANE (L-2)
4/19/2022
4/28/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L3
153
1562 PARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L3
154
1560 P ARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L3
155
1558 PARK HAVEN DRIVE (L-3)
4/26/202},
5/24/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L3
171
1557 PARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L3
172
1559 PARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L3
173
1561 PARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L3
174
1563 PARK HAVEN DRIVE (L-3)
4/26/2022
5/24/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L4
149
1570 PARK HAVEN DRIVE (L-4)
, 4/26/2022
5/27/2023
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L4
150
1568 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L4
151
1566 PA RK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L4
152
1564 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L4
175
1565 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L4
176
1567 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104 .00
$ (10,104.00)1
2016-3
33 YES
LINA
31470-5
L4
177
1569 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L4
178
1571 PARK HAVEN DRIVE (L-4)
4/26/2022
5/27/2023
$ 10,104.00
$ (10,104.00)
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
15 145
1584 PA RK HAVEN DRIVE (L-5)
4/26/2022
6/27/2022
$ 10,104 .00
2016-3
33 YES
LINA
31470-5
L5
146
1580 PARK HAVEN DRIVE (L-5)
4/26/2027
6/27/2022
$ 10,104 .00
$ (10,104.00(.
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
15 147
1576 PARK HAVEN DRIVE (L-5)
4 /26/2022
6/27/2022
$ 10,104 .00
2016-3
33 YES
LINA
31470-5
L5
148
1572 PARK HAVEN DRIVE (L-5)
4/26/2022
6/27/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L5
179
1575 PARK HAVEN DRIVE(1-5)
4/26/2022
6/27/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
15 _
180
1577 PARK HAVEN DRIVE (L-5)
4/26/2022
6/27/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L5
181
1581 PARK HAVEN DRIVE (L-5)
4/26/2022
6/27/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L5
182
1585 PA RK HAVEN DRIVE (L-5)
4/26/2022
6/27/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
13 1658 PARK VILLAG E DRIV E (L-6)
12/8/202.2
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
14 1662 PARK V ILLAGE DRIV E (L-6)
12/8/2022
12/29/2022
$ 10,104.00
i $ (10,104.00)

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F 908Z JO 17I- I- abed
2016-3
33 YES
LINA
31470-5
L6
15 1664 PARK VILLAGE DRIVE (1-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
16 1666 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
17 1670 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.001
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
88 1667 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104.00
2016-3
33 YES
LINA
31470-5
L6
89 1665 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L6
90 1663 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L6
91 1659 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L6
92 1655 PARK VILLAGE DRIVE (L-6)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
7 1628 PARK VILLAGE DRIVE (1-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
8 1634 PARK VILLAGE DRIVE (L-7)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
9 1640 PARK VILLAGE DRIVE (L-7)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
10 1644 PARK VILLAGE DRIVE (L-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LIN A
31470-5
L7
11 1648 PARK VILLAGE DRIVE (L-7)
12/3/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
12 1650 PARK VILLAGE DRIVE LL -7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L7
93 1649 PARK VILLAGE DRI VE (L-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
94 1645 PARK VILLAGE DRIVE (L-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L7
95 1641 PARK VILLAGE DRI VE (L-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L7
96 1639 PARK VILLAGE DRI VE (L-7)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
183
1584 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104.00
$ 10,104.00'$
$ (10,104 .00)
(10,104.00)
2016-3
33 YES
LINA
31470-5
18 184
1580 TURNIN GCREST LANE (L-8)
12/3/2022
12/29/2022
2016-3
33 YES
LINA
31470-5
L8
185
1576TURNIN GCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
186
1574 TURNINGCREST L ANE (1-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
18 187
1570 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
188
1568 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
189
1566 TURNIN GCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
LB
190
1564TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470.5
L8
201
1571 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
202
1575 TURNIN GCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
203
1577 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
18 204
1581 TURNINGCREST LANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L8
205
1583 TURNINGCREST L ANE (L-8)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L9
103
1588 BEACON DRIVE (L-9)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L9
104
1592 BEACON DRIVE (L-9)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L9
105
1596 BEA CON DRIVE (L-9)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L9
106
1612 BE ACON DRIVE (L-9)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104.00)
2016-3
33 YES
LINA
31470-5
L9
107
1618 BE ACON DRIVE (L-9)
12/8/2022
12/29/2022
$ 10,104.00
$ (10,104 .00)
2016-3
33 YES
LINA
31470-5
L9
108
1620 BEACON DRI VE (L-9)
12/8/2022
12/29/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
31 YES
VITA
31470-3
V17
137
1555 WINDING SUN DRI VE
11/8/2022
12/8/2022
$ 10,104.00
$ (10,104.00)
2016-3
31 YES
VITA
31470-3
V17
138
1557 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104 .00
$ (10,104.00)
2016-3
31 YES
VITA
31470-3
V17
139
1559 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
31 YES
VITA
31470-3
V17
140
1561 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
31 YES
VITA
31470-3
V17
141
1563 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
31 YES
VITA
31470-3
V17
144
1560 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104.00
$ (10,104.00)
2016-3
31 YES
VITA
31470-3
V17
145
1558 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104.00
$ (10,104 .00)
2016-3
31 YES
VITA
31470-3
V17
146
1558 WINDING SUN DRIVE
11/8/2022
12/8/2022
$ 10,104 .00
$ (10,104 .00)
2016-3
31 YES
ROSA
31470-3
R4C
14 1520 OVERPARK LANE
3/7/2023
3/21/2023
$ 10,104 .00
$ (10,104.00)
2016-3
31 YES
ROSA
31470-3
R4C
22 1523 OVERPARK LANE
3/7/2023
3/21/20231
$ 10,104.00
$ (10,104.00)
$
$
Total
569
$ 5,352,286 .00
$ 15,352,286.00)

DocuSign Envelope ID: D7AB4D43-074D-4BOE-9923-AE426E4BD78F EXECUTION COPY.

SETTLEMENT AGREEMENT
This SETTLEMENT AGREEMENT ("Agreement") is made and effective this 7th day of February, 2017 ("Effective Date"), by and among the COMMUNITY FACILITIES DISTRICT NO. 93-1 OF THE CITY OF BEAUMONT, a community facilities district created in accordance with Section 53311 et. seq. of the Government Code of the State of California ("CFD No. 93-1"), the CITY OF BEAUMONT a municipal corporation organized and existing under the laws and Constitution of the State of California ("City"), and PARDEE HOMES, a California Corporation ("Pardee") (collectively, the "Parties," and individually, a "Party").

RECITALS
A. Pardee is the master developer of two master -planned communities in the City commonly referred to as "Sundance" and "Tournament Hills." Both Sundance and Tournament Hills are located within CFD No. 93-1.

B. The Tournament Hills property is subject to the "Pre -Annexation and Development Agreement No. 02 -DA -01 Between the City of Beaumont and Oak Valley Partners, L.P. and Pardee Homes" ("Tournament Bills Development Agreement"). The Tournament Hills Development Agreement was recorded as Instrument No. 2003-323467 in the Riverside County Recorder's Office on May 6, 2003.

C. The Sundance property is subject to the "Development Agreement No. 04 -DA -06 Between the City of Beaumont and Pardee Homes (Sundance Specific Plan)" ("Sundance Development Agreement"). The Sundance Development Agreement was recorded as Instrument No. 2006-0172944 in the Riverside County Recorder's Office on March 10, 2006. The Tournament Hills Development Agreement and Sundance Development Agreement are hereinafter collectively referred to as the "Development Agreements." D. The City has previously formed CFD No. 93-1 and, pursuant to the Development Agreements, completed the proceedings necessary to authorize and levy special taxes on real property located in and to issue bonds with respect to Improvement Area Nos. 8, 8A, 8B, 8C, 8D, 8E and 8F within Sundance and 17A, 17B, 17C and 17D within Tournament Hills. Bonds issued with respect to Improvement Area Nos. 8C, 8D, 8E, 17C and 17D will be used to fund the construction, acquisition and installation of various facilities as specified in the proceedings (the "Authorized Facilities").

E. The Parties entered into an agreement dated August 17, 2010 entitled Community Facilities District Energy and Water Conservation Agreement, as amended by a First Amendment dated as of March 15, 2011 (the "CFD Agreement").

F. The Parties entered into separate Facilities and Fee Credit Agreements dated as of July 21, 2015 with respect to IA Nos. 8E and 8F and IA No. 17D (each, a "Facilities and Fee Credit Agreement").

G. Pardee has completed construction of all homes and other facilities within Improvement Area Nos. 8, 8A, 8B, 8C, 8D, 17A, 17B and 17C and is currently constructing

Page 115 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4BOE-9923-AE426E4BD78F homes and facilities in Improvement Area No. 8E and the portion of Sundance to be included in CFD No. 2016-2 (defined below). Pardee has yet to commence home construction in Improvement Area Nos. 8F and 17D and in the portion of Sundance to be included in CFD No. 2016-3 (defined below).

11. Pardee entered into the Development Agreements, which provide for the financing of public facilities through the establishment of community facilities districts, and has been paying special taxes levied by the City under the Mello -Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5, of the Government Code of the State of California ("Mello -Roos Act") on real property owned by Pardee within CFD No. 93-1, with the understanding that these taxes and/or bond proceeds issued within CFD No. 93-1 would be used for improvements benefiting the Sundance and Tournament Ilills communities.

I. A dispute has arisen between Pardee and the City related to the infrastructure financing provisions of the Development Agreements, the IA Nos. 8E, 8F and 17D Facilities and Fee Credit Agreements and the administration of Improvement Areas Nos. 8, 8A, 8B, 8C, 8D, 8E, 17A, 17B and 17C (collectively, the "Claims").

J. Without any admissions of any type or nature concerning the Claims, the Parties hereby desire to resolve the dispute and to settle and compromise the Claims upon the terms and conditions hereinafter set forth solely in order to avoid the risk, expense and uncertainty of litigation.

AGREEMENT
NOW, THEREFORE, in consideration of the covenants and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Recitals Incorporated. The Recitals set forth above are incorporated by this reference as though fully set forth herein.

2. Issuance of Bonds. The City will use commercially, reasonable efforts to issue certain bonds of CFD No. 93-1 in connection with Improvement Area Nos. 8C, 8D and 17C by September 1, 2017. If such bonds cannot be issued partially or fully through a public offering or a private placement to qualified, third -party investor, the Parties intend for such bonds to be sold through a private placement to Pardee. In that case, such bonds will be issued subject to the following conditions:
(a) Par amounts will be the maximum amount that can be funded given the annual special tax revenues from each Improvement Area and the other parameters described below, not to exceed the amounts permitted by CFD 93-1 formation documents;
(b) Bonds will comply with the terms of the existing Indenture of Trust, dated as of January 15, 1994, entered into by CFD 93-1 and the original trustee, as supplemented and applicable to the bonds (the "CFD 93-1 Indenture");

Page 116 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4BDE-9923-AE426E4BD78F (c)
The value -to -lien ratio in Improvement Area Nos. 8C, 8D and 17C shall be 3:1 or greater based on the assessed values of all taxable property in the Improvement Areas. However, if requested by Pardee, the value -to -lien ratio shall be based on an appraisal, conducted in accordance with the guidelines of the California Debt and Investment Advisory Commission, of all taxable property in the applicable Improvement Area in the aggregate of 3:1 or greater;
(d) Pardee will be responsible for advancing all reasonable third -party costs of issuance consisting of the costs of bond counsel, trustee, trustee counsel, placement agent, financial advisor, special tax consultant and appraiser, if necessary, which advances and Pardee's third -party costs incurred with respect to the authorization of the Improvement Areas and issuance of the bonds shall be included in the amount of the bonds. Pardee shall not be responsible for paying for City staff time in connection with the proposed bond issuances; (e) The bonds will be issued to reimburse Pardee for eligible costs consistent with the Mello -Roos Act and the improvement area formation documents for Improvement Area Nos. 8C, 8D and 17C ("Project Costs"). Prior to the issuance of the bonds, Pardee will submit, in a form acceptable to the City, all documentation necessary to establish that Pardee has incurred and paid reasonable Project Costs. The City will audit and confirm that the costs and expenses claimed by Pardee are Project Costs and Pardee will exchange completed facilities and other Project Costs for the bonds. Pardee is not required to pay cash other than for costs of issuance or to satisfy other conditions of issuance pursuant to existing legal documents; (f) If required by the CND 93-1 Indenture, Pardee will pay cash for the portion of the bonds attributable to the debt service reserve fund, provided, however, that at the request of Pardee, the bonds may be issued on a subordinate basis to any existing bonds if that will eliminate such requirement, or the reserve fund shall be funded over time from improvement area special taxes as provided below; (g) There will be no public offering document for the bonds; (h) Bonds will be issued to Pardee as physical delivery bonds:
(i) Bonds will be priced at a mutually -agreeable "market" rate as determined by the independent financial advisor selected by the City in consultation with the City's bond and tax counsel;
(j) The bonds will be structured to have at least 110% coverage from the special taxes levied to pay for the costs of the public facilities plus administrative expenses. Special taxes levied to pay for maintenance services will not be pledged to the bonds;
(k) The bonds will have 10 year call protection;
(1) Parity bonds will be permitted;
3

Page 117 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F (m)
City may consult the United States Securities and Exchange Commission ("SEC") on bond structure and issuance prior to sale, and the City may delay the private placement based on these consultations if the City determines in its sole discretion that proceeding with the sale could adversely affect the City's exposure in connection with the currently pending SEC investigation; (n) Assuming bonds and expenditures comply with federal tax laws, interest on bonds will be intended to be tax exempt, provided, however, that the bonds shall be issued on a taxable basis if it is reasonably determined they cannot be issued on a tax-exempt basis and such issuance shall not constitute grounds to declare a Default pursuant to Section 10 of this Agreement; and
(o) CFD No. 93-1 and the City shall strictly account for the expenditure of bond proceeds according to generally accepted accounting practices for public agencies in Southern California.

Any bonds issued by CFD No. 93-1 to Pardee in connection with Improvement Areas 8C, 8D and 17C will be issued with the following transfer restrictions:
(p)
(q)
No transfer of the bonds is permitted until the currently pending SEC investigation is concluded and thereafter may only be transferred subject to a "traveling big boy" letter; and
No bonds shall be transferred until such time as a reserve fund has been established for such series of bonds in an amount at least equal to the lesser of: (i) 10% of outstanding par amount of the bonds, (ii) 125% of average annual debt service on the bonds, and (iii) maximum annual debt service on the bonds. Such reserve fund may be funded with the proceeds of special taxes collected within the corresponding Improvement Areas as described in Subsection (f) above or Section 6 below.

The Parties acknowledge that due to the currently pending SEC investigation, the ability of the City to issue bonds through a public offering or private placement with third parties and the timing of such a bond sale is at this time uncertain and that it is unlikely that such an issuance of the bonds could occur in Fiscal Year 2016-17. The City will keep Pardee updated on discussions with the SEC related to the bond sale and will use commercially reasonable efforts to issue the bonds.

3. Disbursement of Remaining Bond Proceeds. The Trustee of CFD No. 93-1 is in possession of certain bond proceeds acquired from CFD No. 93-1's issuances of bonds in connection with Improvement Area Nos. 8C and 17B. which amount is estimated to be not less than $3,300,000 ("Remaining Bond Proceeds"). Pardee will submit, in a form acceptable to the City, all documentation necessary to establish that Pardee has incurred and paid or will incur and pay reasonable costs and expenses that would have been or are qualified as Project Costs. The City will audit and confirm that the costs and expenses claimed by Pardee qualify as Project Costs. Upon confirmation that the costs and expenses claimed by Pardee qualify as Project Costs, the City shall take reasonable efforts to ensure that the Remaining Bond Proceeds are 4

Page 118 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F disbursed to Pardee in an amount equal to the costs and expenses claimed by Pardee that qualify as Project Costs. In no event shall Pardee be entitled to receive special taxes collected within and proceeds of bonds issued for Improvement Area Nos. 8C and 17B prior to the date of this Agreement in excess of the amount of the Remaining Bond Proceeds held by the Trustee.

4. Creation of New CFD No. 2016-2 and CFD No. 2016-3. City Staff will recommend the proposed formation of a new Community Facilities District intended to encompass Planning Areas 35, 36, 38 and 39 in Sundance as described in Resolution No. 2016- 34 adopted by the City Council on September 6, 2016 ("CFD No. 2016-2") and a new Community Facilities District intended to encompass Planning Areas 30, 31, 33 and 34 in Sundance as described in Resolution No. 2016-37 adopted by the City Council on September 20, 2016 ("CFD No. 2016-3"). A public hearing on the formation of CFD No. 2016-2 had been scheduled originally for October 18, 2016 and shall be continued to February 7, 2017. A public hearing on the formation of CFD No. 2016-3 had been scheduled originally for November 1, 2016 and shall be continued to February 7, 2017. Pardee shall pay all costs of formation of CFD No. 2016-2 and CFD No. 2016-3, and has previously deposited $100,000 with the City to pay for all or a portion of such costs.

The CFD No. 2016-2 and CFD No. 2016-3 special taxes to be levied by the City will be based on an effective tax rate not to exceed 2.05% and 2.00%, respectively, inclusive of the Public Safety, Maintenance Services and Facilities special taxes, using pricing information provided by Pardee and reasonably verified by the City.

The Parties intend that the annual Public Safety special tax in CFD No. 2016-2 and CFD No. 2016-3 shall be $419 per dwelling unit ("Unit") in Fiscal Year 2016-17 and shall increase annually thereafter by the greater of 5% or the corresponding change in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for Urban Wage Earners and Clerical Workers, Subgroup "All Items," for the Los Angeles -Riverside -Orange County area, 1982 — 84 = 100, or successor or equivalent index in case such index is no longer published ("CPI") from the prior year.

The Parties intend that the annual Maintenance Services special tax in CFD No. 2016-2 and CFD No. 2016-3 shall be $333 per Unit and $79 per Unit, respectively, in Fiscal Year 2016-17 and shall increase annually by the greater of 2% or the corresponding change in the CPI from the prior year.

The Parties intend that the Facilities special tax rate for CFD No. 2016-2 and CFD No. 2016-3 shall be as set forth in Resolution No. 2016-34 and Resolution No. 2014-37, respectively, and shall not escalate. All Facilities special taxes levied and collected from real property within CFD No. 2016-2 and CFD No. 2016-3 prior to the issuance of bonds shall be disbursed to Pardee for payment of costs eligible to be financed under the Mello -Roos Act and such Resolutions pursuant to the CFD Nos. 2016-2 and 2016-3 Acquisition Agreement (defined below).

Pardee agrees to defend and indemnify the City, CFD No. 93-1, CFD No. 2016-2, CFD No. 2016-3 and/or any of their officers, successors, affiliates, agents, attorneys and assigns, with counsel of City's choosing, from any action or proceeding challenging or relating to the 5

Page 119 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F City's efforts to form CFD No. 2016-2 and CFD No. 2016-3, to issue bonds of CFD No. 93-1 on behalf of Improvement Area Nos. 8C, 8D, 8E, 8F, 17C and 17D, to issue bonds of CFD No. 2016-2 and CFD No. 2016-3 or the use of bond proceeds from the issuance of bonds of CFD No. 93-1, CFD No. 2016-2 and CFD No. 2016-3 as provided in this Agreement. The foregoing indemnity provision does not apply to any existing action, proceeding, administrative investigation or administrative action of any kind that currently includes or is later expanded to include those matters covered by this indemnity provision.

5. Funding and Construction in Lieu of Fee Obligation. Development in Sundance and Tournament hills is currently subject to the City development impact fees described in Exhibit "A" hereto (each, a "DIF" and, collectively, "DIFs"), as well as other City fees. The City currently does not participate in the Transportation Uniform Mitigation Fee ("TUMF") program administered by the Western Riverside Council of Governments ("WRCOG"), but may elect to join the program in the future, in which case TUMF may be levied and collected with respect to future development in Sundance and Tournament Hills and shall also be deemed a "DIF" pursuant to this Agreement. In addition, if the City adds development impact fees that are applicable to Sundance and Tournament Hills and which may be reimbursed with the proceeds of special taxes and bonds of IA Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3, those, too, shall be deemed a DIF pursuant to this Agreement. Pardee and the City intend to establish through this Agreement the parameters pursuant to which (i) the City shall identify capital improvements that are included in the DIF and/or TUMF program (each, a "DIF Improvement"), (ii) Pardee shall either design and construct the DIF Improvements or advance funds to the City for the City's design and construction of the DIF Improvements, (iii) Pardee shall receive credit against DIFs and TUMF in an amount equal to the costs incurred by Pardee with respect to the DIF Improvements and the amount advanced by Pardee to the City for the DIF Improvements and (iv) the costs incurred by Pardee and funds advanced by Pardee for the DIF Improvements shall be reimbursed with the proceeds of special taxes and/or bonds of IA Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3.

The City and Pardee shall enter into funding and acquisition agreements with respect to IA Nos. 8C, 8D, 8E, 8F, 17C and 17D and CFD Nos. 2016-2 and 2016-3 (each, an "Acquisition Agreement"). The Acquisition Agreements for IA Nos. 8E, 8F and 17D shall supersede in their entirety the Facilities and Fee Credit Agreements currently in effect for those Improvement Areas. The Acquisition Agreements for IA Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3 shall identify (i) the specific DIF Improvements and (ii) the other improvements that may be constructed by Pardee ("Acquisition Improvements") to be financed with the proceeds of the special taxes and bonds of those Improvement Areas and CFDs. The Parties anticipate that the DIF Improvements will benefit either Sundance or Tournament Hills in some manner while also providing a significant public benefit to other areas of the City. The Acquisition Agreements will identify which DIF Improvements will be constructed by Pardee and which will be constructed by the City with advances of funds from Pardee. The Acquisition Agreements will identify the timing of construction of each DIF Improvement and the timing of advances to be made by Pardee for DIF Improvements to be constructed by the City ("Advances"). The schedule for construction of, or Advances for DIF Improvements, shall be such that Pardee will not be required to expend more than $8,109,831 in 2017, $6,467,334 in 2018, $6,416,006 in 2019, $5,868,507 in 2020 and $4,208,900 in 2021; provided, however, if required expenditures are less than that amount in one calendar year, the maximum required 6

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DocuSign Envelope ID: D7AB4D43-074D-4130E-9923-AE426E4BD78F expenditures may exceed that amount by the same amount in the subsequent calendar year. The maximum amount of annual expenditures and Advances in the preceding sentence that have not been incurred or paid by Pardee shall be adjusted each time the amount of the DIFs listed in Exhibit "A" are increased or decreased through the addition of new DIFs, the deletion of any DIF listed therein or through increases in the existing DIFs in accordance with applicable law.

The amount of each adjustment shall equal the percentage change from the total amount listed in Exhibit "A" or, if previously adjusted, from the total amount after the immediately preceding adjustment. The Acquisition Agreements shall specify the DIFs for which Pardee will receive credit with respect to each DIF Improvement. An example of an exhibit that would be attached to each Acquisition Agreement with the information outlined above is attached hereto as Exhibit "B". Under no circumstances shall Pardee be required to expend more on a DIF Improvement than the total obligation of all development within IAs 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3 for the corresponding DIF(s) for which credit is granted, net of any DIF credits already granted Pardee pursuant to the Development Agreements or other agreements with the City. The DIF Improvements and Acquisition Improvements, and discrete components thereof, shall be acquired by the City with the proceeds of the special taxes and bonds of IAs 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3 in accordance with the Acquisition Agreements. If the City elects to participate in the TUMF Program and the DIF Improvements include one or more facilities in the TUMF Program, the parties agree to negotiate in good faith and execute a TUMF Credit Agreement to the extent determined necessary by the City, in the form required by WRCOG's TUMF Administrative Plan and subject to those changes necessary to conform to the terms of this Agreement and each applicable Acquisition Agreement.

6. No Distribution of Current Balance in Unspent Tax Revenues ("Paygo") to Pardee. Pursuant to the CFD Agreement, the City deferred Pardee's payment of fees for 435 dwelling units in an amount totaling $6,017,745. The CFD Agreement provides for reimbursement of the deferred fees to the City from 20% of the proceeds of bonds issued by the City for Improvement Areas within Sundance and Tournament Hills. To date, the City has received $654,433 in reimbursement from the proceeds of bonds issued for Improvement Area No. 17B. Despite the City's delay in the issuance of bonds for Improvement Area Nos. 8C, 8D and 17C, Pardee agrees that the City may retain "Paygo" special taxes collected in those Improvement Areas and Improvement Area No. 8E through fiscal year 2015-16 in the amount of $3,208,512 as reimbursement of an equal amount of fees deferred pursuant to the CFD Agreement. The City shall also be entitled to retain all Paygo taxes levied and collected in Improvement Area Nos. 8C, 8D, 8E and 17C in fiscal year 2016-17 and thereafter to offset a portion of the deferred fees until such time as it has collected an additional $2,154,800 which together with Paygo special taxes previously collected and kept by the City shall be deemed to equal the total amount of the deferred fees owed to the City. If, however, the CFD No. 93-1 is unable to issue bonds prior to September 1, 2017 as described in Section 2 of this Agreement, Pardee is entitled to receive 100% of Paygo special taxes, collected in and after fiscal year 2017/2018, to fund Project Costs until CFD No. 93-1 issues bonds as described in Section 2 of this Agreement. The bonds to be issued for Improvement Area Nos. 8C, 8D, 8E and 17C shall be sized so that. assuming no delinquencies in the payment of special taxes. the City will be fully reimbursed for the remaining deferred fees in not more than three (3) years. If bonds are sold to the public or third parties such that proceeds are received by CFD No. 93-1, the City shall at its election be entitled to payment of the outstanding deferred fees from the proceeds of such bonds. 7

Page 121 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F

7. Development Impact Fees. The City will retain the $2,504,836 in DIFs paid by Pardee in Improvement Area No. 8E. Pardee shall pay all DIF and other permit fees in Improvement Area Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3, including fees that were previously deferred from Improvement Area No. 8E, and in future CFDs upon the issuance of building permits or when otherwise due under its conditions of development. As of December 31, 2016 a total of $3,199.682 in DIF in Improvement Area No. 8E had been deferred.

Pardee shall reimburse the City for the deferred fees within the earlier of (i) 60 days following the formation of CFD Nos. 2016-2 and 2016-3 or (ii) 10 business days following the payment to Pardee of the Remaining Bond Proceeds. All DIFs paid by Pardee for development within Improvement Area Nos. 8E, 8F and 17D and CFD Nos. 2016-2 and 2016-3 on and after January 1, 2017 shall be applied as a credit against, and shall reduce by an equal amount the funds Pardee is required to expend and Advances Pardee is required to make for DIF Improvements.

Similarly, funds Pardee is required to expend and Advances Pardee is required to make for DIF Improvements shall be applied as a credit against DIFs Pardee would otherwise be required to pay. The first priority for the use of facilities special taxes and bond proceeds (to the extent that there is available cash proceeds) from the foregoing CFDs and Improvement Areas shall be the reimbursement of DIFs paid previously by Pardee, the second priority shall be the acquisition of DIF Improvements and discrete portions thereof and the third priority shall be the acquisition of Acquisition Improvements and discrete portions thereof.

8. Release of All Claims by Pardee. Except for the warranties provided in this Agreement as well as covenants and obligations created by this Agreement, Pardee, on behalf of itself and its officers, successors, affiliates, agents, attorneys and assigns, forever releases and discharges the City, CFD No. 93-1, and their respective officers, successors, affiliates, agents, attorneys and assigns from any and all claims, demands, disputes, damages, liabilities, actions, causes of action, and other rights to relief, both legal and equitable, of every kind and nature, whether known or unknown, past or present, which Pardee has, had or may have against any one or more of the City and CFD No. 93-1, arising out of or related in any way to the Claims, including, but not limited to, the prior expenditures of bond and special tax proceeds.

The foregoing release is expressly conditioned upon the occurrence of each of the following events (the "Release Conditions"):

1. The formation of CFD Nos. 2016-2 and 2016-3 and the City's and Pardee's execution of Acquisition Agreements for each such CFD as well as IA Nos. 8E and 8F and 17D;

2. The payment to Pardee of the Remaining Bond Proceeds; and

3. The public offering or private placement of bonds for IA Nos. 8C, 8D and 17C with third parties or the private placement of such bonds with Pardee.

In the event that any of the foregoing conditions precedent fail to occur, the release contained in this section shall be deemed void ab initio.

9. Waiver of Civil Code Section 1542. Pardee, on behalf of itself and their officers, successors, affiliates, agents, attorneys and assigns, expressly waives all rights they may 8

Page 122 of 2805 ends

DocuSign Envelope ID: D7AB4D43-074D-4130E-9923-AE426E4BD78F have, or claim to have, under the provisions of Civil Code Section 1542 which provides in relevant part:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE

CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER

FAVOR AT THE TIME OF EXECUTING TIIE RELEASE, WHICH IF

KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS
OR HER SETTLEMENT WITII TIIE DEBTOR."

10. Default. Failure by either party to perform any material action or covenant required by this Agreement within the time periods provided herein following notice and failure to cure as described hereafter, constitutes a "Default" under this Agreement. A party claiming a Default shall give written notice of Default to the other party specifying the Default complained of. Except as otherwise expressly provided in this Agreement, the claimant shall not institute any proceeding against any other party, and the other party shall not be in Default, if such party within thirty (30) days from receipt of such notice cures such default, or if the nature of such Default is such that it cannot reasonably be cured within such thirty (30) day period, then the claimant shall not institute any proceeding against any other party, and the other party shall not be in Default, if such party shall, with due diligence, commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with diligence, as soon as reasonably possible.

11. Dispute Resolution and Mediation. The Parties agree that differences of opinion regarding the obligations of the Parties under this Agreement shall be discussed as soon as practically possible following awareness of a conflict. Before commencing any legal action, the Parties shall attempt early resolution of conflicts through mediation administered through the rules and procedures of the American Arbitration Association. The Parties agree that documented willingness to participate in mediation is a condition precedent of any later legal action.

12. Notices. Any document or notice required or permitted under this Agreement shall be in writing and shall be deemed duly delivered if delivered or addressed as set forth below: (a) Upon personal delivery; or (b) as of the third day after depositing such document or notice in the United States mail, certified mail, return receipt requested, postage prepared; or (c) as of the first business day after depositing such notice with a nationally recognized overnight courier services expenses prepaid. All documents and notices shall be addressed as follows:

I'o the City:

City of Beaumont
550 East 6th Street
Beaumont, CA 92223
Attention: City Manager, City Clerk
To Pardee:

Pardee Homes
1250 Corona Pointe Court, Suite 600
With a Copy to:

Slovak Baron Empey Murphy & Pinkney
1800 E. Tahquitz Canyon Way
Palm Springs, CA 92262
Attention: John O. Pinkney, Esq.

With a Copy to:

Jackson Tidus
2030 Main Street, Suite 1200
9

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DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F Corona, CA 92879 Irvine, CA 92614
Attention: Mike Taylor, Jeff Chambers Attention: Michael L. Tidus, Esq.

13. No Assignment of Rights. Pardee represents and warrants that it is the true holder of all rights and remedies released by this Agreement, and that it has not assigned nor transferred any of those rights or remedies to any other individual or entity.

14. Exclusive Remedy. By executing this Agreement, the parties agree that, except as otherwise stated herein, the rights and remedies provided in this Agreement shall be the sole and exclusive rights and remedies surviving as between them relating to the Claims.

15. Authority to Execute. By signature below, each signatory signifies that he or she is an authorized signatory of the Party on behalf of whom he or she executes this Agreement.

16. Duplicate Originals. This Agreement may be signed in counterparts and the executed counterparts thereof shall together form the executed Agreement. A copy of a fully executed counterpart of this Agreement, including an electronic or facsimile transmission of a fully executed counterpart, may serve as an original, fully executed counterpart.

17. Governing Law. This Agreement is entered into in the State of California and is governed by the laws of the State of California.

18. No Admission of Liability. The Parties agree that neither the execution of this Agreement nor the terms of the Agreement shall be construed as an admission of liability by any Party or an admission of any claim against a Party.

19. No Representation by Parties. This Agreement contains the sole and entire agreement and understanding of the Parties with respect to the entire subject matter of the Agreement, and any and all prior discussions, negotiations, commitments, or understandings related to this Agreement, if any, are merged in this Agreement. No representations, oral or otherwise, express or implied, other than those contained in this Agreement, have been or shall be deemed to have been made by any Party. No other agreement shall be deemed to exist or to bind the Parties with respect to the subject matter of this Agreement.

20. Amendments/Modifications. No provision of this Agreement may be amended or modified except by a writing executed by each Party.

21. Successors. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and to their respective heirs. executors, administrators, successors and permitted assigns.

22. No Third Party Beneficiaries. There shall be no third party beneficiaries of this Agreement.

23. Headings. The headings of the paragraphs of this Agreement are inserted solely for convenience of reference and are not a part of and are not intended to govern, limit or aid in the construction of any terms or provision hereof.
10

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DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F

24. No Waiver. Failure or delay on the part of the Parties to enforce any right, power, or privilege under this Agreement shall not be deemed to constitute a waiver of such right, power, or privilege, or of any other right, power, or privilege.

25. Provisions Equalh Construed. This Agreement was drafted by the mutual enterprise of the Parties and shall not be construed in favor of or against any party, but shall be construed equally as to both parties.

26. Consultation with Counsel. The undersigned hereto declare and represent that each has had the opportunity to consult with legal counsel of their own choosing concerning the advisability of entering into this Agreement; that they have read and understood the contents of this Agreement; and that they execute the same of their own free will. Each party's attorney has reviewed this Agreement and has approved this Agreement as to form and substance.

CITY OF BEAUMONT
on Parton
City Manager
ATTEST:
/ y l
By: (Nicole Wheelwright
Assistant City Clerk,

PARDEE HOMES, A CALIFOR A

CORPORATION
By: Mike Taylor
Division Preside

COMMUNITY FACILITIES DISTRICT
NO. 93-L12F THE CITY OF BEAUMONT
.4
By: 'P6dd Parton
City Manager
I1

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DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F APPROVED AS TO FORM:

SLOVAK BARON EMPEY MURPHY &

PINKNEY
By 4ohn O. P ney, Esq.

City Attorney
12

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DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F

EXECUTION COPY
EXHIBIT "A"
Schedule of DIFs
(Fee amount as of 2/7/17 per EDU)
Traffic Signal $ 180.10
RR X' ing $ 203.64
Fire Station $ 532.42
Fair Share BRB $10.946.39
Sewer Capacity $ 3,194.45
Recycled Water $ 786.64
Regional Park $ 923.90
Upper Potero Sew. $ 251.66
South Trunk Main 90.15
Total Per EDU: $17,109.35
Al -

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DocuSign Envelope ID: D7AB4D43-074D-4B0E-9923-AE426E4BD78F

EXECUTION COPY
EXHIBIT "B"
Example of Acquisition Agreement Exhibit
CFD Improvement
(1) Highland Springs
from to
and
improvements to
the Highland
Springs/I-10
interchange
(2) Expansion of City
sewer treatment
plant capacity from
_mgd to
mgd
(3) Westside Fire
Station
(4) Additional
improvements to
the Sundance Park
within the SCE
Easement in excess
of those required by
conditions of
approval
Development Impact Constructing Construction/Advance
Fee Satisfied Party Schedule
Road and Bridge,
Traffic Signal and
Railroad Crossing Fees
Sewer and Recycled
Water Fees
Fire, Emergency
Preparedness and Basic
Services Fees
Regional Park Fee
B-1

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BAUME ONTA -C A L I F O R N I
Staff Report
TO: City Council
FROM: Lisa Leach, CPA, Assistant Finance Director
DATE May 7, 2024
SUBJECT: 2024 City of Beaumont Financial Policies Manual Description Proposed 2024 City of Beaumont Financial Policies with added language.

Background and Analysis:

Financial policies provide guidelines for financial decision -making and are central to a strategic, long-term approach to financial management. Governments adopt formal financial policies to institutionalize good financial management practices, clarify strategic intent, promote long-term thinking, manage risks, and set decision -making boundaries. GFOA best practices recommend governments formally adopt financial policies. Financial policies, which are adopted by City Council, provide written guidance for how local government officials and staff should approach fiscal issues and core financial areas.

As part of the budget process, each year, the City's financial policies will be reviewed and updated by the finance department and prepared for City Council adoption. The financial policies will also be used during the Citywide audits to assess compliance and risk and will be included in the City's budget book. Attached is the proposed Financial Policies with recommended updates and changes in red.

The Financial Policies Manual has been reviewed by legal and bond counsel for adherence to State laws.

Fiscal Impact:

There is no fiscal impact with this report.

Recommended Action:

Approve the 2024 City of Beaumont Financial Policies Manual

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Attachments:

A. 2024 City of Beaumont Financial Policies Manual

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City of Beaumont
Finance Department
Policies and Procedures Manual
Council Adopted TBD May 16, 2023

BEAUMONT

CALIFORNIA
1

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Introduction 7
Accounting Policies 8
Introduction 8
Scope 8
Responsibility 8
Accounting Standards 8
Measurement Focus 9
Basis of Accounting 9
Assets, Liabilities and Fund Equity 10
Taxes and Other Significant Revenues 13
Chart of Accounts 16
Periodic Journal Entries 16
Financial Reports 17
Independent Audits 17
Financial Management Policies 18
Introduction 18
Scope 18
Responsibility 18
Financial Policy Goals 18
Affiliated Agencies 19
Annual Budget 19
Budget Goals 19
Budget Appropriations 20
Appropriations Limit 20
Proposition 218 20
Budget Control and Monitoring 21
Review Council Actions 21
Additional Operating Budget Direction 22
Fund Balances 23
Fund Management 25
Enterprise Funds 26
Financial Planning Goals 26
Financial Plans and Forecasts 26
Capital and Other Asset Plans 27
Revenue Goals 27
Revenue Collections 27
Development Impact Fee Revenues 28
Unfunded Mandates 28
Debt Management 28
Risk Management 29
Interest Earnings 29
Independent Audits 30
Internal Control 30
Budget Adoption Procedures 30
Statement of Investment Policy 32
Introduction 32
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Governing Authority 32
Scope 32
Responsibility 33
Pooling of Funds 33
Objectives 33
Standard of Care 33
Indemnification 34
Ethics and Conflicts of Interest 34
Delegation of Authority 34
Finance Committee 35
Authorized Financial Institutions, Depositories, Broker Dealers, and Competitive Transactions35 Security Safekeeping and Delivery Procedures 36
Internal Controls 36
Authorized Investments 36
Bond Proceeds 42
Note on Credit Quality Requirements 42
Note on Maximum Maturity Limitation 42
Note on Diversification Requirements' 42
Note on Other Requirements: 42
Prohibited Investments and Practices 42
Managing Portfolio and Investment Risks 43
Performance Standards & Evaluation 44
Reporting and Disclosure 44
Policy Review and Adoption 45
City of Beaumont Investment Policy 45
Glossary of Terms 45
Capital Assets Policies 55
Objectives 55
Overview 55
Responsibility 56
Definitions 56
Capital Expenditure Definition and Capitalization Policy (Accounting and Financial Reporting)57 Capitalization Valuations 58
Depreciation 59
Inventory Control 56
Impairment 61
Disposal of Fixed Assets 62
Capital Improvement Policies 64
Introduction 64
Scope 64
Responsibility 64
New Construction 64
Capital Project Funding and Construction Categories 65
Capital Project Financing 65
Five -Year Capital Improvements Plan 66
Utility Coordination 66
Five -Year Capital Improvements Plan (CIP) Preparation 66 3

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Capital Project Priority Criteria Considerations 67
Capital Projects Priority Ranking 68
2018-03 Restated Bond Accounting Policies And Procedures 69 Purpose 69
Distribution and Training 69
Timeliness 70
Project Cost Approval Processing 70
Trustee Notification 70
Payment Check Processing and Reviews 71
Recordkeeping 71
Exhibit A 72
Schedule 1 73
Restated Bond Disclosure Procedures and Policies 74
Purpose 74
Distribution 74
Background 74
Engagement of Outside Disclosure Counsel 75
Disclosure Process 76
Land Assessment/Tax-Backed Securities 77
Formal "Page Turning" Session 78
Recordkeeping 79
Governing Principles for City Officials and Staff 79
Annual Continuing Disclosure Requirements 81
Training 83
Certificate of Receipt and Understanding 83
Exhibit A 84
Purchasing and Procurement Procedures 90
Ordinance Summary 90
Public Projects 92
Alternative Procedure 92
Informal Competitive Bidding 92
Exemptions to Competitive Procurement Procedures for Professional Services (3.02.05) 93 Why Purchase Orders? 93
Purchase Order Exceptions 93
Requisition Approval Timing 94
City Departments 94
Approval Levels 94
Finance Department 95
Invoices 95
Purchase Order Changes 95
Vendor Limit 95
Recycled Content Paper and Recovered Organic Waste Product Procurement Requirements 96 Standard Management Procedure and Purpose 96
Grant Policies and Procedures 105
Definition and Purpose 105
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Scope 105
Central Responsibility 105
Grant Application Procedures 106
Grant Acceptance Procedures 107
Grant Master File and Fiscal File 108
Grant Monitoring and Reporting 109
Indirect Costs 110
Personnel 111
Grant -Related Procurement ad Policy Issues 111
Classification of Grant Revenue 113
Year-end Procedures 113
Grant Closeout 113
Detailed Federal Grant Procurement Policy 114
City Manager Exemption 125
Appendix A 126
Appendix B 126
Attachment A 129
Confidential Funds 130
Unclaimed Money Policy 133
Purpose 133
Policy 134
Procedures 134
Attachment 1 135
Attachment 2 137
Attachment 3 138
Cal- Card Program 139
Objectives 147
Procedures 147
Cal -Card Areas of Responsibility 147
Approving Manager 148
Procedures for Cardholders 149
Procedures for Approving Managers 151
Electronic Funds Policy 152
Introduction 152
Incoming EFTs: 153
Outgoing EFTS: 153
Fedwire Payments to Vendors (Domestic or International) 154 Employee Direct Deposits 154
When Fraud is Identified 155
Banking Definitions 155
Policy and Procedure Management 156
Deposit -Based Funds Policy 157
Purpose 157
Policy 157
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Procedures 158
Commented []M1]: We will update the table of contents once all changes are approved.
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Introduction
The City of Beaumont has adopted Aaccounting, Ffinancial management, !investment, Ffixed asset, Grant, Procurement, Budget, and CGapital !improvement and various other policies to provide the framework for managing the City's financial resources and assuring uniformity in all Financial operations. These policies are designed to:

1. Contribute to the confidence in the City operations and the commitment of the City Council, City Manager, and staff to sound financial practices.

2. Save time and energy of the City Council and appointed officials. Once certain financial decisions are made at the policy level, those policies may be applied to individual situations and issues.

3. Direct attention of the City Council, City Manager, department heads and the public to the City's total financial condition and link day-to-day operations with long-range financial planning.

4. Contribute to the stability and expeditious handling of the City's financial affairs. The City Council, City Manager and department heads may change overtime, but sound financial accounting policies will be in existence to guide whoever holds these positions. 7

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Accounting Policies
Introduction
The City's accounting policies are the specific principles, guidelines, basis, conventions, rules, regulations and practices applied by the City of Beaumont in accounting for the collection and disbursement of financial resources and in preparing and presenting accurate financial statements of fiscal transactions. Sound and practical accounting policies are the foundation of accurate accounting and reporting of financial information. The City's accounting policies help ensure that the institutional memory of how and why things were done in the past is not lost and serve as an important tool to capture how things are currently done. Accounting policies provide guidelines to support daily operations and sound administrative and policy decision making.

Scope
The City's accounting policies apply to all personnel, departments, divisions, and offices of the City government as well as all associated accounting funds under the direct authority of the City of Beaumont. These accounting funds include, but are not limited to, the General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Debt Service Funds, Capital Projects Funds, Private -Purpose Trust Funds and Agency Trust Funds. These accounting policies are also applicable to the City's blended component units, including the Beaumont Utility Authority, the Beaumont Parking Authority, Beaumont Financing Authority, and the Beaumont Public Improvement Authority.

Responsibility
The City Manager is ultimately responsible for the City's implementation and compliance with these policies unless the City Council authorizes exceptions. Under the direction of the City Manager, the Finance Director will review, develop, and implement a system of processes and procedures to ensure compliance with these policies throughout the entire organization. The City Manager will work with the Finance Director to ensure these policies are updated on a timely basis.

Accounting Standards
The annual budget and audited financial statements of the City of Beaumont are prepared in conformity with Generally Accepted Accounting Principles (GAAP) as applicable to government entities. Generally Accepted Accounting Principles (GAAP) are national accounting standards adopted by the Governmental Accounting Standards Board (GASB). The Governmental Accounting Standards Board (GASB) is the nation-wide accepted standards body for establishing governmental accounting and financial reporting principles.

The City also complies with Financial Accounting Standard Board (FASB) Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) of the Committee on Accounting Procedure.
8 Formatted: Indent: First line: 0"

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Beaumont's budget and audited financial statements present the financial position of the City government and its blended component units. Blended component units are entities for which the City is considered to be financially accountable. This includes the Beaumont Utility Authority, the Beaumont Finance Authority, Beaumont Parking Authority, and the Beaumont Public Improvement Authority. These organizations are technically separate legal government entities but are in substance part of the City of Beaumont's government operations. The City Council acts as the board of directors for the Beaumont Utility Authority, Beaumont Parking Authority, the Beaumont Financing Authority, and the Beaumont Public Improvement Authority. City employees serve as the staff for all four of these governmental units. The budget and other financial information from these government entities is combined with the budget and financial data of the City of Beaumont.

The Beaumont Utility Authority, Beaumont Parking Authority, Beaumont Financing Authority and the Beaumont Public Improvement Authority have a June 30 date for the end of their fiscal year.

Measurement Focus
The accounting and reporting treatment applied to a Fund is determined by its measurement focus. All Governmental Funds (General Fund, Special Revenue Funds and Debt Service Funds) are accounted for on a flow of current financial resources measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets.

Governmental Fund operating statements and budgets present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.

All Proprietary Funds (Internal Service Funds and Enterprise Funds) and all Fiduciary Funds are accounted for on a flow of economic resources measurement focus. This means that all assets and all liabilities (whether current or non -current) associated with this activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary Funds operating statements present increases (revenues) and decreases (expenses) in net total assets.

Basis of Accounting
Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the City's financial statements. The Basis of Accounting relates to the timing of revenue recognition in the City's financial statements regardless of Measurement Focus applied.

The accounting basis in the City's annual budget is the same as accounting basis in the City's annual audited financial statements.

1. Governmental Fund Types (Tax Supported Activities). The modified accrual basis of accounting is used by the City of Beaumont to apply revenues to expenditures in its Governmental Funds. Under the modified accrual basis of accounting revenues are recorded when they become measurable and available to pay for expenditures of the current period. "Measurable" means that the amount of the transaction can be determined. "Available" means collectible within the current period or soon enough thereafter to pay liabilities.

Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the providers have been met.

Taxes, intergovernmental revenues, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and are therefore recognized as revenues 9

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of the current fiscal period. Only the portion of special assessments receivable due within the current period is considered to be susceptible to the accrual as revenue of the current period.

All other revenue items are considered to be measurable and available only when cash is received by the City.

The City of Beaumont considers all revenues available if they are collected within sixty (60) days after the end of the fiscal year. Revenues that are accrued include property taxes, franchise fees, interest revenue and charges for service. Sales taxes and motor vehicle license fees collected and held by the state at year end on behalf of the City are also recognized as revenue. Licenses, permits and fines are accrued when received as they are not measurable until received in cash. Investment earnings are recorded as earned. Other receipts and taxes become measurable and available when cash is received by the government and are recognized as revenue at that time.

Entitlements and shared revenues are recorded at the time of receipt or earlier if accrual criteria are met. Expenditure -driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.

The City reports deferred revenue on its balance sheet. Deferred revenues arise when potential revenue meets the asset recognition criteria but does not meet both the "measurable" and "available" revenue criteria for recognition in the current period. Deferred revenues also arise when the City receives resources before it has a legal claim to them, such as when grant monies are received prior to the incurring of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the City has a legal claim to resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized.

2. Proprietary Fund Types (Business -Type Activities) and Fiduciary Fund Types (Resources Held in Trust). Expenditures are generally recognized in Enterprise Funds, Internal Service Funds, Private Purpose Trust Funds, and Agency Trust Funds under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include principal and interest on general long-term debt which is recognized when due. Certain compensation absences and claims and judgments are recognized when the obligations are expected to be liquidated with expendable available financial resources.

Under this method revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.

Assets, Liabilities and Fund Equity

1. Cash and Investments. Cash and cash equivalents represent the City's cash bank accounts including, but not limited to, certificates of deposit, money market funds and cash management pools for reporting purposes. Additionally, investments with maturities of three months or less when purchased are included as cash equivalents.

The City maintains a cash and investment pool that is available for use by all Funds. Interest earnings as a result of this pooling are distributed to the appropriate funds based on month - end cash balances in each fund. Cash is divided into three risk levels in accordance with standards that have been developed by the Governmental Accounting Standards Board 10

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(GASB) in Statement No. 3:

A. Category 1 Investments. Insured or collateralized investments with securities held by the City of Beaumont or by its agent in the City's name.

B. Category 2 Investments. Collateralized investments with securities held by the pledging financial institution's trust department or agent in the City's name.

C. Category 3 Investments. Uncollateralized investments. This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent, but not in the City of Beaumont' name.

In accordance with Governmental Accounting Standards Board (GASB) 31, all City investments are stated at fair value. Fair value is based on the quoted market prices as of the valuation date. Aside from investments clearly identified as belonging to a specific fund, any unrealized gain/loss resulting from the valuation will be recognized within the General Fund to the extent cash and investments' balance exceeds the cumulative value of those investments subject to Governmental Accounting Standards Board (GASB) 31.

The fair value of the City's investment in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 is reported in the City's financial records and financial statements at amounts based on the pro -rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio).

The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

2. Internal Controls. The internal control structure of the City of Beaumont is designed to ensure that the assets of the City are protected from loss, theft, or misuse. It is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls within the City of Beaumont address the following issues:

A. Control of Collusion. Collusion occurs where two or more employees work in conjunction to defraud the City. The City has an organizational structure and operational policies and procedures that are designed to prevent collusion.

B. Separation of Transaction Authority from Accounting and Record Keeping. The City has segregated job duties so that the person who authorizes or performs the transactions is different from the person who records or otherwise accounts for the transaction. The City's Finance Department has divided duties and record keeping among employees with a Finance Director overseeing day-to-day operations.

C. Custodial Safekeeping. Funds collected by the City are deposited into the bank once a week. Any small amounts of cash held at the end of the day are placed in a safe.

Securities purchased from any bank or dealer (including appropriate collateral) for short- term or long-term cash investments are placed with an independent third party for custodial safekeeping.
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D. Avoidance of Physical Delivery of Securities. The City avoids the physical delivery of securities. Book -entry securities are easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities.

E. Clear Delegation of Authority to Subordinate Staff Members. Staff members in the Finance Department have a clear understanding of their authority and responsibilities to avoid improper actions. Clear designation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities.

F. Written Confirmation of Transactions for Investments and Wire Transfers. Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions are supported by written communications and approved by the authorized supervisor. Written communications may be via —email if on letterhead and if the safekeeping institution has a list of authorized signatures.

G. Wire Transfer Agreement with Lead Bank. The City has a wire transfer agreement with its bank that addresses controls, security provisions and responsibilities of each party making and receiving wire transfers.

3. Accounts Receivable. Billed but unpaid services provided to individuals or non - Government entities are recorded as "accounts receivable." The Proprietary Funds include a year-end accrual for services through the end of the fiscal year, which have not yet been billed.

Accounts receivables are reported in net of an allowance for uncollectible accounts in the Enterprise Funds.

4. Compensated Absences. It is the City's policy to permit employees to accumulate earned (but unused vacation), sick pay and compensatory time benefits up to the limits imposed in the City of Beaumont Personnel Manual. Vested or accumulated vacation, holiday and sick leave along with any compensatory time that is expected to be paid with expendable available financial resources is reported as an expenditure and fund liability in the Governmental Fund that will pay for it. Amounts not expected to be liquidated with expendable available financial resources are reported in the General Long -Term Debt Account Group. No expenditure is reported for these amounts. Vested leaves in Enterprise Funds are recorded as an expense and liability as the benefits accrue.

5. Long -Term Liabilities. The City reports long-term debt of Governmental Funds at face value. Long-term liabilities for all Governmental Funds and Fiduciary Funds do not affect net current assets and are not included on their respective balance sheets in previous years. Long- term liabilities of proprietary and non -expendable trust funds are accounted for in the respective funds.

6. Inventory. Inventory is valued at the cost that approximates market, using first -in, first -out (FIFO) method. The consumption method is used to account for the inventory of Governmental Funds including the General Fund, Special Revenue Funds and Capital Projects Funds. The value of the City's office supply inventory is not considered material and as a result, no inventory value is shown in the City's financial statements or in the annual budget.
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7. Bond Discounts. In Governmental Funds, bond premiums, discounts, and issuance costs are recognized in the current period. Bond discounts are presented as a reduction of the face amount of the bonds payable. Issuance costs are reported as an expenditure of the period. For Proprietary Funds, bond premiums and discount, with issuance costs, are deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are reported net of the applicable bond premium or discount. Issuance costs are reported as deferred charges.

8. Called Developer Bonds. Revenues from called developer bonds arising from contract defaults are deferred and recognized as revenues when the related costs to complete the project are incurred by the City.

9. Unappropriated Fund Balance and Unreserved Cash and Investments. The Unappropriated Fund Balance in Governmental Funds and Unreserved Cash and Investments balances in Proprietary Funds indicate that portion of Fund Equity which is available for appropriation in future periods. Restricted Fund Balances or Reserved Fund Equity indicates that a portion of Fund Balance or Fund Equity has been segregated for specific purposes or is not available for appropriation. Reservations of retained earnings are limited to outside third -party restrictions.

10. Contributed Capital. Contributed capital are non -cash assets recorded in Enterprise Funds and General Fund and primarily represents infrastructure such as water lines, sewer lines or assets received from other funds, developers, or customers. Contributed capital designations in the Enterprise Funds cannot be spent for operating or capital needs.

Taxes and Other Revenues

1. Property Taxes. Riverside County is responsible for the assessment, collection and apportionment of property taxes for all taxing jurisdictions. Property tax is imposed on real property (land and permanently attached improvements such as buildings) and tangible personal property (moveable property) located within the state. The California property tax is ad valorem, based on the value of the property rather than on a fixed amount or benefit to the property or persons. Intangible assets and rights are not subject to taxation except to the extent that they are necessary to put real property interests to beneficial or productive use.

Taxable property includes land, improvements, and other properties that are accounted for on the property tax rolls, which are primarily maintained by the Riverside County Assessor. Tax rolls contain an entry for each parcel of land, including parcel number, owner's name, and value.

The amount of the tax is based on an annually determined assessed valuation. The property tax is paid to the county tax collector and allocated to local taxing agencies. The property tax is guaranteed by placing a lien on the real property. For this reason, types of properties are distinguished as secured or unsecured.

Certain special exemptions to the standard assessment rules are provided in the State Constitution and state law. These exemptions include federal and state-owned property, municipal owned property except property outside the legal boundaries of the agency, homeowners' property tax exemption, property owned, irrevocably dedicated to religious, 13

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hospital, cemeteries and schools and the California Air Patrol; Williamson Act; disabled veterans; and other exemptions.

Property taxes are levied in equal installments on November 1 and February 1. They become delinquent respectively on December 10 and April 10. The lien date is March 1 of each year.

Property taxes are accounted for in the City of Beaumont General Fund. The City is permitted by Article XIIIA of the State of California Constitution (known as Proposition 13) to levy a maximum of $1.00 per $100 of full cash value. Property tax revenues are recognized when they become measurable and available to finance current liabilities. The City considers property taxes as available if they are collected within 60 days after the end of the fiscal year.

Property tax on the unsecured roll is due on the March 1 lien date and become delinquent if unpaid on August 31. However, unsecured property taxes are not susceptible to year-end accrual. Taxes on individual pieces of property may be delinquent up to five years before the property is sold for delinquent taxes.

Under state statute, the County Treasurer, acting as a tax collector, must settle and disburse all current tax collections to all taxing units by the end of March following the taxing year.

Delinquent taxes are collected throughout the year and dispersed to the taxing units on a routine basis.

The City receives property taxes under the "Teeter Plan." The Teeter Plan allows cities to collect 100% of assessed taxes each year in lieu of receiving only those taxes collected by the County. Riverside County receives the penalties and interest when delinquent taxes are collected in future years. The County benefits by charging interest substantially higher than market rates when the delinquent taxes are collected.

2. Sales and Use Taxes. California sales tax is imposed on retailers for the privilege of selling tangible personal property. A portion of the tax is a state tax, and a portion is locally imposed.

The tax base for the sales tax is the retail price of tangible personal property. Tangible personal property is any material asset, such as household goods and business equipment which is readily moveable and not permanently attached to real property. Sales tax applies to a transaction if (1) the seller's registered place of business in California participates in the sale and (2) title to the goods passes to the customer within the state.

The use tax complements the sales tax. It is imposed on the storage or use, or other consumption in California of property purchased from a retailer in cases where the sales tax is not collected. While sales tax is imposed on the seller, the use tax is imposed on the purchaser and at the same rates as the sales tax. The use tax was first imposed in 1935, in order to discourage buying from out of state solely for the purpose of avoiding state sales tax, and thereby placing California retailers at a competitive disadvantage. On April 25, 2019, Governor Newsom signed AB 147, which imposes the obligation to collect applicable transactions and use tax on all sales made for delivery in any city or county that impose a transactions and use tax and applies to a retailer whether inside or outside of California if, during the preceding or current calendar year, the total combined sales of tangible personal property in California or for delivery in California by the retailer and all persons related to the retailer exceed $500,000.

Sales and use taxes are collected by the California Department of Tax and Fee administration (CDTFA) and remitted to the City quarterly. Sales and use taxes are recorded as revenues when received by the California Department of Tax and Fee administration (CDTFA).

3. Franchise Fees. Franchise fees collected by Southo n California Edit n d The r c 14

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Company are remitted to the City each year on April 15. Cable television franchise fees from Management are remitted quarterly to the City. Revenue received from the Gas Company for the ability to lay and use pipes and appurtenances for the transmitting and distribution of gas pursuant to Ordinance No. 339. Revenue is remitted on a yearly basis, anticipated in April, for the prior year.

Revenue received from Southern California Edison for the use, construction, and transmission and distribution of electricity to the public for all purposes pursuant to Ordinance No. 251. Revenue is remitted on a yearly basis, anticipated in April, for the prior year.

Revenue received from Waste Management for the exclusive franchise to collect, remove, and dispose of solid waste in the City's service area pursuant to the Collection Services Agreement for the Provision of Residential and Commercial Garbage, Recyclable Materials and Organic Wase Collection Services. Revenue is remitted on a quarterly basis.

Cable and Video franchise fees are collected from Charter and Frontier as "rent" or "toll" for the use of the streets and rights -of -way of a municipality. Payments are received on a quarterly basis. Additionally, Franchises are required to remit payment for the support of Public, Educational, and Governmental Access (PEG) fee. These payments are remitted on a quarterly basis.

4. Utility User Tax (UUT)
A Utility User Tax is imposed for the consumption of utility services, including (but not limited to) electricity, gas, water, sewer, telephone, sanitation, and cable television. This tax is the responsibility of the consumer. The tax is collected by the utility company as part of its normal billing processes and remitted to the City on the consumer's behalf. The revenue received from this tax can be used for general business purposes. Revenue is received on a monthly basis for monies collected in the prior month.

5. Transient Occupancy Tax (TOT)
A Transient Occupancy Tax is imposed on occupants staying in room(s) within a hotel, motel, inn, etc for a period less than 30 days. Owners of these establishments are responsible for collecting TOT from it's consumers and remitting the funds back to the City. Revenue is received on a quarterly basis.

6. Business License Tax
The City imposes a business license tax on person(s) or entities for the privilege of conducting business within the City. The tax is most commonly based on gross receipts or levied at a flat rate. However, the business license tax can also be based on number/type of employees, units/spaces for rent, manufacturing weight, etc.... Malority of revenue is received between June and July as business license renewals are due June 30 of each year. However, revenues are received throughout the year due to new applications and late renewals.

7. Other Revenues
Outside of taxes, the City earns revenues through regulatory fees and services rendered. These revenues are received throughout the year Below is a listing of other revenue sources buis not inclusive of all revenues.
15 Formatted: Not Highlight
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Regulatory fees linclude the following:
• Building and zoning permits;
• Zoning Variances and changes;
• Building and safety inspections;
• Fire inspections;
• Planning services;
• Permits;
• Alarm permits;
• Pet licenses;
Services provided include but are not limited to:
• School Resource Officers;
• Livescan services;
• Graduation patrol;
• Football patrol;
• Park rentals;
• Building rentals
Chart of Accounts
The City Chart of Accounts is a carefully arranged system classifying financial transactions for budgeting, accounting, and reporting purposes. The Chart of Accounts does the following:

1. Defines each account in order to assure uniform treatment in the classification recording and summarization of accounting transactions.

2. Provides a consistent basis for reporting accounting financial and related information to facilitate effective and meaningful communications with the public, bond investors, City departments City Manager and City Council.

3. Provide flexibility for other reporting needs as required for ongoing operations of the City.

Periodic Journal Entries
The Finance Director is responsible for seeing that the following journal entries are prepared and posted as appropriate to the General Ledger:

1. Monthly or Quarterly Postings to General Ledger. Monthly postings to the General Ledger include, but are not limited to, payroll related postings, including deferred compensation and contributions to the California Public Employees' Retirement System, tax receipts, wire transfers, bank account charges, investment earnings, transfers between funds, voided and non -sufficient fund checks, budget appropriation changes, reconciliation adjustments and miscellaneous entries including reclassifications.

2. Annual Postings to General Ledger. Annual postings to the General Ledger include, 16 Commented [L2]: Fix to "Include"

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but are not limited to, accounts payable from invoices, accounts receivable from billings, grant accruals and/or deferrals, land transactions, fiscal agent activity on Community Facilities District (CFD) bonds or other bond issues, interest on notes receivable, capital asset transactions, reimbursements due to and due from accounts, deferred revenue and other accruals as required.

Financial Reports
The City staff prepares appropriate monthly financial statements reflecting the operations of individual Funds for internal use by the City Council, City Manager, department heads and the general public. The City adheres to a policy of full and open public disclosure of all financial documents.

Independent Audits
An independent audit of the City's financial statements is conducted each year by an independent Certified Public Accounting firm. The City also participates in a number of federal and state assisted grant programs, which are subject to annual financial and compliance audits. 17

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Financial Management Policies
Introduction
The City of Beaumont is accountable to the community for the use of public dollars. Municipal resources will be used wisely to ensure adequate funding for the services, public facilities, and infrastructure necessary to meet the community's present and future needs. Financial management policies serve as the blueprint to achieve the fiscal stability and accountability required to meet the City's goals and objectives.

Scope
The City's financial management policies apply to all personnel, departments, divisions, and offices of the City government as well as all associated accounting funds under the direct authority of the City of Beaumont. These accounting funds include, but are not limited to, the General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Debt Service Funds, Capital Projects Funds, Private -Purpose Trust Funds and Agency Trust Funds. These financial management policies are also applicable to the City's blended component units, including the Beaumont Utility Authority, Beaumont Parking Authority, Beaumont Financing Authority and Beaumont Public Improvement Authority.

Responsibility
The City Manager is ultimately responsible for the City's implementation and compliance with these policies, unless the City Council authorizes exceptions. Under the direction of the City Manager, the Finance Director will review, develop, and implement a system of processes and procedures to ensure compliance with these policies throughout the entire organization. The City Manager will work with the Finance Director to ensure these policies are updated on a timely basis.

Financial Policy Goals
The objectives for comprehensive management policies are to:

4. Guide City Council and City Management decisions that have significant fiscal impact.

5. Support the planning for financial sustainability and long-term needs.

6. Maintain and protect City assets and infrastructure.

7. Set forth operating principles that minimize the financial risk in providing City services.

8. Optimize the efficiency and effectiveness of services to reduce the costs and improve service quality.

9. Employ balanced and fair revenue policies that provide adequate funding for desired programs.
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10. Promote sound financial management by providing accurate and timely information on the City's financial condition to the City Council and community.

11. Maintain and enhance the City's credit ratings and prevent default on any municipal financial obligations.

12. Ensure the legal and ethical use of financial resources consistent with Council policy through an effective system of internal controls.

13. Promote cooperation and coordination within the City, and other governments and with the private sector in the financing and delivery of services.

14. Provide the appropriate level of accountability in the use of public resources.

Affiliated Agencies
If agencies have been created through Council action, intergovernmental agreements, and state and federal laws, they should be managed with the same financial standards as City agencies.

To protect the City's fiscal status and avoid an adverse effect on the City, affiliated agencies will be accountable for financial compliance and reporting standards as described in the City's Financial Management Policies. The City may audit financial records or performance data to ensure funds are spent in accordance with Council directions and policies. Affiliated agencies include, but are not limited to, agencies created by Council action, agencies with leadership appointed by the City Council and agencies that receive a majority of funds from the City.

Annual Budget
The annual budget is the primary mechanism for the implementation of City Council policies and the achievement of their goals and objectives. The budget is a policy document, operations guide, financial plan and a communications device. It is the single most important means of setting spending policies and priorities of the City. It constitutes approval by the City Council of service levels and operating programs and provides resources to finance them. Expenditures must be kept within total appropriations for all Accounting Funds.

Budget Goals
The City will develop and implement a budget process that will:

1. Make prudent use of public resources.

2. Include financial forecast information for resources, uses and ending fund balances to ensure that the City is planning adequately for current and future needs.

3. Provide adequate opportunity for public review and input.

4. Provide adequate opportunity for City Council review and deliberations.

5. Provide information on accomplishments and service levels vis-a-vis community needs. 19

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6. Comply with City Code, State of California Local Budget Law, bond covenants and other promulgations.

The City Manager will develop and present a proposed City budget to the Mayor and City Council for consideration and adoption. The City Manager's proposed budget will opine on the short and long-term financial condition of the City, identify policy and financial and service issues, identify any use of one-time funds to support ongoing operations or key changes from previous years, identify funding requirements and sources of funds, provide supplemental information on programs and service areas, include budget and performance details for all City organizations and related recommendations to the City's vision and goals.

The Finance Department will issue guidelines and rules for the preparation and review of the department budget requests to the Mayor and City Council, including a proposed annual budget process and calendar. The proposed process and calendar will support community input and Council deliberations.

Budget Appropriations
All Accounting Funds are included in the annual budget and all revenues and other financing sources are appropriated by the City Council each fiscal year in the annual budget. All Accounting Funds included in the City's annual audited financial statements are reviewed by the City's independent certified public accountants. The accounting basis in the City's annual budget is the same as the accounting basis used by the City's annual audited financial statements. Annual operating budgets in the General Fund and Enterprise Funds are carefully reviewed to ensure that budget appropriations are conservative because the City feels government units' function more efficiently under conservative budgets than where excess funds are made available.

Appropriations Limit
Under Article XIIIB of the California Constitution (the GANN Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must be either refunded to the State Controller or returned to the taxpayers through revised tax rates, revised fee schedules or other refund arrangements.

Proposition 218
Proposition 218, approved by the voters in November 1996, regulates the City's ability to impose, increase and extend taxes, assessments, and fees. Any new, increased, or extended taxes, assessments, and fees subject to the provisions of Proposition 218 maybe subject to a protest hearing process. Additionally, Proposition 218 provides that these taxes, assessments, and fees are subject to the voter initiative process and may be rescinded in the future by the voters.

Therefore, the City's ability to finance the services for which the taxes, assessments and fees are imposed may be significantly impaired. Under Proposition 218:

1. Revenues derived from a property related fee must not exceed the funds required to provide the proportionate cost of the property related service. (The total cost limitation) 20

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2. Revenues derived from the fee must not be used for any purpose other than for that which the fee is imposed. (The proportional cost limitation)

3. Fees may not be imposed for a service unless the services is actually used by, or immediately available to, the owner of the property subject to the fee. Fees based on potential or future use of a service are not permitted and stand-by charges must be classified as assessment subject to the ballot protest and proportionality requirements for assessments. (The future services prohibition)

4. No fee or charge may be imposed for general governmental services, such as police, fire, ambulance, or libraries, where the service is available to the public in substantially the same manner as it is to property owners. (The general government service prohibition) A public agency has the burden to prove compliance with these provisions if a fee is challenged in court.

Budget Control and Monitoring
The City Council appropriations and control points will be at the department level within each accounting fund. These City Council adopted appropriations and employee counts cannot be exceeded without City Council approval. The City Manager will have the authority to amend budgets within a departmental appropriation but changes in employee counts must be approved by the City Council. The Finance Department will maintain a system of tools for departments to manage their budgets and for financial monitoring and control of the City's budget during the fiscal year. This system will provide the departments, Mayor and City Council with information on revenue, expenditures and budget performance at both the department and fund level. The system will include provisions for amending the budget during the year in order to comply with this policy and State of California budgetary statutes.

The City Manager, through the Finance Department, will periodically report to the City Council financial status reports on revenues and expenditures to date, and the estimated year-end fund balances. The City Manager will, on a quarterly basis, review all City financial operations, report to Council on financial results and recommend financial actions necessary to meet the adopted budget's financial planning goals.

The mid -year budget monitoring report, audited financial statements, audit opinion and management letter will be presented to the Mayor and City Council for review and discussion as an action item on a City Council agenda. Any additional financial resources, whether additional projected revenues produced them or higher beginning fund balances, should be set aside for the next budget cycle. Any negative financial results should be highlighted, and a proposed plan of action should be provided to the Mayor and City Council for review and approval. General Fund discretionary resources that exceed budgeted amounts should be added to the General Fund contingency, except for funds allocated to infrastructure maintenance or replacement.

Review Council Actions
The City Manager, through the Finance Department, will review any proposed City Council actions. The objective of these reviews will be to ensure compliance with the City's budget direction and identify financial and service issues for the Council. The Finance Department will 21

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identify financial and service issues for the City Council. The Finance Department will establish and issue procedures and forms to submit fiscal impact statements for proposed Council actions.

Additional Operating Budget Direction

1. Balanced Budget. Financial resources shall be equal to or exceed expenditures in each accounting fund. Each City fund must identify on -going financial resources that at least match expected ongoing requirements. One-time resources and non -recurring ending balances may either be applied to reserves or used to fund one-time expenditures; they will not be used to fund ongoing programs, except as provided in Section 2. Each year the Finance Director will provide the City Council with the amount of discretionary revenue that is estimated to be non -recurring for the General Fund.

2. One-time Funds. One-time funds can be used for ongoing expenditures only as a plan for:
(1) Transitioning to a permanent funding source,
(2) leading to organized program elimination, or
(3) as part of verifiable plan to address an existing recessionary period. Scenario 3 should be documented in the City's multi -year financial forecast.

3. General Discretionary Revenues. Unless otherwise explicitly stated by the Mayor and City Council, the City will not dedicate discretionary revenues for specific purposes in the General Fund. This will preserve the ability of the Mayor and Council to determine the best use of available revenues to meet changing service requirements.

4. Transfers Between Funds. A schedule of all transfers between funds will be identified, explained,. and appropriated in the Proposed and Adopted Budget. Any additional budget transfers between accounting funds will require City Council action.

5. Efficiency and Effectiveness. The City will optimize the efficiency and effectiveness of its services to reduce costs and improve service quality. The City will coordinate its service delivery with other applicable public and private service providers and seek the most cost- effective method for service delivery.

6. Self-Supporting/Full Cost Recovery Basis. The City will attempt to recover the costs of services providing a private benefit to users through the imposition of user fees and charges. The fees and charges will be based on cost accounting standards consistent with state or federal law when applicable. Fees and charges should include full costs i.e., direct, indirect, depreciation, interest charges, etc. and the Finance Director will ensure an annual user fee and charges schedule is regularly updated and approved by Council.

7. Recovery of Indirect or Overhead Costs. The City will endeavor to recover indirect or overhead costs through their allocation towards the calculation of user fees and charges or inter -fund charge. However, a reasonable cost allocation methodology must be used consistent with Generally Accepted Accounting Principles (GAAP).

8. Contingencies. The City will budget a contingency account for each operating fund adequate to address reasonable but unforeseen requirements within the fiscal year.

9. Unexpended Appropriations at the End of the Fiscal Year. Unexpended 22

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appropriations cannot be used in subsequent fiscal years unless re -appropriated by the City Council.

Fund Balances

1. Definition and Purpose.

A. Governmental Funds. Accountants employ the term "Fund Balance" to describe the net assets of Governmental Funds calculated in accordance with generally accepted accounting principles (GAAP). Budget professionals commonly use this same term to describe the net assets of Governmental Funds calculated on a government's budgetary basis. In both cases, "Fund Balance" is intended to serve as a measure of the financial resources available in a Governmental Fund. It is essential the City of Beaumont maintain adequate levels of fund balance to provide working capital, mitigate current and future risks (e.g., revenue shortfalls and unanticipated expenditures) and to ensure stable tax rates.

Fund balance levels are also a crucial consideration in long-term financial planning.

B. Enterprise and Fiduciary Funds. The "Cash and Investment Fund Balance" is that portion of fund equity that can be used for operating, capital and debt service expenditures, and is intended to serve as a measure of the financial resources available in an Enterprise Fund. It is essential the City of Beaumont maintain adequate levels of cash and investment fund balances to provide working capital, mitigate current and future risks (e.g., revenue shortfalls and unanticipated expenditures) and to ensure stable utility rates.

Cash and investment fund balance levels are also a crucial consideration in long-term financial planning.

Credit rating agencies carefully monitor levels of fund balance in a government's General Fund to evaluate a government's continued creditworthiness. Those interested primarily in a government's creditworthiness or economic conditions are likely to favor higher levels of fund balance. Opposing pressures often come from employee unions, taxpayers, and citizens' groups, which may view high levels of fund balance as "excessive."

2. Classification of Governmental Fund Balances.

Governmental Fund balances are classified into the following categories:

A. Nonspendable Fund Balances. Non -Spendable Fund Balances consist of items that cannot be spent because they are not in spendable form, such as prepaid items and inventories, items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds.

B. Restricted Fund Balances. Restricted Fund Balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributions, laws or regulations of other governments, as well as restrictions imposed by law through constitutional provisions or enabling legislation.

C. Committed Fund Balances. Committed Fund Balances encompass the portion of net fund resources, the use of which is constrained by limitations that the government imposes upon itself at its highest level of decision making, normally the governing body 23

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through City Council resolutions, etc., and that remain binding unless removed in the same manner.

D. Assigned Fund Balances. Assigned Fund Balances encompass the portion of net fund resources reflecting the government's intended use of resources. Assignment of resources can be done by the highest level of decision making or by a committee or official designated for that purpose. The City Council has authorized the City Manager for that purpose.

E. Unassigned Fund Balances. This category is for any balances that have no restrictions placed upon them.

3. Fund Balance Policy Considerations.

In establishing a policy governing the level of unrestricted (unreserved) fund balance in governmental funds and cash and investment fund balance in its Enterprise Funds, the City Council takes into consideration the following factors:

A. The predictability of its revenues and the volatility of its expenditures (i.e., higher levels of unrestricted (unreserved) fund balance may be needed if significant revenue sources are subject to unpredictable fluctuations or if operating expenditures are highly volatile).

B. The availability of resources in other funds as well as the potential drain upon General Fund resources from other funds (i.e., the availability of resources in other funds may reduce the amount of unrestricted (unreserved) fund balance needed in the General Fund, just as deficits in other funds may require that a higher level of unrestricted (unreserved) fund balance be maintained in the General Fund.

C. Liquidity (i.e., disparity between financial resources actually become available to make payments and the average maturity of related liabilities may require that a higher level of resources be maintained.)
D. Designations (i.e., the City of Beaumont may wish to maintain higher levels of Unrestricted (unreserved) fund balance to compensate for any portion of unrestricted (unreserved) fund balance already designated for a specific purpose).

4. Fund Balance Policies.

A. General Fund Reserves or Ending Fund Balance Policy. Working Capital Reserve Requirement to remain at 16% of the operating budget. This allows sufficient cash flow throughout the year when revenue receipts are not timely to expenditures. Budget Stabilization Reserve set at $5M to provide city staff time to address an economic downturn without having to dip into the Working Capital Reserve. Emergency Disaster Reserve set at $1M to provide funds that may not be available within the budget to address unforeseen emergency disaster brought upon by nature or human. NOTE: The Government Finance Officers Association recommends, at a minimum, that general purpose governments, regardless of size, maintain unrestricted fund balance in their General Fund of no less than two months of regular General Fund of no less than two months of regular General Fund operating revenues or regular General Fund operating expenditures.
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B. Enterprise Reserves or Ending Fund Balance. The City will show adequate progress towards increasing Enterprise Fund reserves or Unassigned Fund Balance ultimately to 25% of the Enterprise Fund Balance. The City has established a Repair and Replace Reserve. Any funds remaining from a budget year will first address any shortfalls in the operating reserve requirement. Any surplus funds over the operating requirement will be placed in the Repair and Replace fund to meet ongoing capital maintenance needs.

These fund balances will be maintained for the following purposes:
a) Provide sufficient working capital to meeting daily cash needs to avoid using short- term debt instruments.
b) Provide a reserve to absorb emergency expenditures caused by natural disasters such as fire, flood, or earthquake.
c) Cover any unanticipated deficit resulting from a shortfall in actual revenues in a given budget year or unanticipated cuts by the State Legislature and Governor of City revenues.

When expenditures are incurred for purposes for which both restricted and unrestricted fund balances are available, the City's policy is to apply restricted fund balances first, then unrestricted fund balances as they are needed.

When expenditures are incurred for purposes where only unrestricted fund balances are available, the City uses unrestricted resources in the following order: committed, assigned, and unassigned.

When the unrestricted (unreserved) fund balance of the General Fund exceeds the amount needed for the above purposes, the City Manager through the Finance Department will bring an item to Council for options of use that meet the strategic goals that have been established within the budget process.

Restricted (reserved) fund balances in the General Fund, Special Revenue Funds, and Capital Projects Funds will be separated out and identified in the City's accounting records, financial statements, budgets, and audit reports. This same policy is followed with respect to restricted amounts in the cash and investment balances of the Enterprise Funds. The purpose of this policy is to show the City Council, staff, and the public what funds in these balances are unrestricted and what funds are to be used for specific purposes.

Fund Management
Creation of new funds or elimination of existing funds shall be done by the Finance Department or City Council action. A review and report by the Finance Department will be required prior to City Council action. The Finance Department will conduct an annual review and, as part of the budget, explain the purpose of each fund and assess if each fund is needed.

Departments or programs that are primarily funded by user fees and charges should be segregated into their own funds or fund accounts to assist in cost accounting and ensuring fees and charges are recovering an adequate portion of costs. 25

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Enterprise Funds
Budgets for Enterprise Funds will include the required level of debt service coverage for the fund and a description of the relationship between operating budgets and construction budgets.

Financial Planning Goals
The City of Beaumont will prepare long-range financial plans to guide the Mayor and City Council in adopting the City budget and to assist the City Council in ensuring the delivery of needed services through inevitable economic cycles. The financial plans will help the Mayor, Council and community evaluate the financial impact of all programs within the regional and local economic conditions. The plans will also assist in coordinating funding needs among enterprise, special revenue, and General Fund functions.

Financial planning and budgeting will be based on the following principles:

1. Revenue estimates will be prepared on a conservative basis to minimize the possibility that economic fluctuations could surprise the City and jeopardize ongoing serve delivery during the fiscal year.

2. Expenditure estimates will anticipate needs that are reasonably predicable.

3. Forecasts will rely on a common set of basic economic assumptions that will be established, updated, and distributed by the Finance Department.

Financial Plans and Forecasts
Prior to the initiation of the annual budget process, the Finance Department will prepare an annual City financial assessment report. This report will include a comprehensive overview of the City's financial condition.

Five-year financial forecasts and plans will be prepared annually for the General Fund, General Fund departments, major Enterprise Funds, Special Revenue Funds, and other funds that materially affect the City. Plans will be based on current service levels and funding sources, as well as anticipated changes to service levels and funding. If appropriate, the plans will identify additional resources needed to continue current service levels or identified service adjustments.

General Fund departments will forecast and monitor their own revenues and expenditures. The Finance Department will assist departments in developing appropriate systems, will retain fiscal oversight responsibility for the entire City and will publish regular financial status reports on revenues and expenditures.

Enterprise Fund and Special Revenue Fund forecasts will identify any impact on rates. The forecasts will discuss how standards for debt service coverage and operating reserves are established and maintained. Departments that manage Enterprise and Special Revenue Funds will prepare and coordinate with the Finance Department on the presentation of regular status reports on revenues and expenditures.
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Capital and Other Asset Plans
The departments that are responsible for major infrastructure and utility improvements will complete 10 or 20 -year master plans to support growth and replacement needs. The master plans must support and reconcile with the City's major planning documents.

The City will annually prepare a Citywide five-year Capital Improvements Plan (CIP) that provides the Mayor and City Council with an overview of the condition of its infrastructure. It should include prioritized department needs for capital replacement, additions, and major maintenance, along with the potential impacts of not funding certain projects. The plan will include estimated project costs and operating costs and will identify funding sources. Staff will ensure the proposed funding is in fact an eligible source under state law. It will highlight what projects are fully funded and which ones are not.

The City will annually adopt a Capital Budget that will include estimated resources and capital expenditures based on the first year of the current Capital Improvements Plan. Other major asset categories critical to service delivery such as facilities, fleet and technology will also have master plans to ensure their timely replacement.

The City will identify and include full costs of future maintenance needs and operating costs of new capital improvements and equipment prior to funding as part of the Capital Budget.

In general, all assets will be maintained at a level that protects capital investment and minimizes future maintenance and replacement costs. A high priority will be placed on maintenance where deferring maintenance will result in greater costs to restore or replace neglected facilities such as roads. Each department with major capital assets will maintain accurate information on the condition and lifespan of its major assets to assist in long-term planning, such as a pavement management index. Each department with major capital assets will develop replacement costs data for major assets to assist in City asset management and investment decisions.

Maintenance and operations of major capital assets should be given priority over acquisition of new assets.

Revenue Goals

1. The City will maximize and diversify its revenue base to raise sufficient revenue to support essential City services and to maintain services during periods of declining economic activity.

The City's overall revenue structure will be designed to recapture some of the financial benefits resulting from City economic and community development investments. Revenue collection efforts that produce positive net income for City service delivery will be the highest budget priority.

2. Departments that primarily or exclusively operate with non -General Fund revenue will minimize reliance on General Fund support for discrete programs that are not supported with fees.

Revenue Collections
The City will use all coctfect vecost-effective means available to collect revenues due. 27

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The Finance Department is responsible for ensuring all Accounts Receivable are properly pursued and accounted for, which includes an aging of each receivable and the development of a bad debt policy. The Finance Department will ensure, on an annual basis, that a report is provided to the City Council on the condition of the City's collection efforts and any accounts receivable and the development of a bad debt policy. The Finance Department will ensure, on an annual basis, that a report is provided to Council on the condition of the City's collection efforts and whether any accounts receivable should be written off.

The Mayor and City Council must approve any fee waivers.

Development Impact Fee Revenues
The City seeks to recover some of the cost of growth through development impact fees on new developments in the City of Beaumont. As Beaumont's population grows, the demand for the expansion of public infrastructure and the purchase of capital equipment needed to serve new development in the City increases.

State law allows (State Mitigation Fee Act, Government Code 66000 et. seq.) and fairness dictates that the new residents creating the need for expanded infrastructure and additional equipment capital costs should make a contribution to their acquisition in the form of development impact fees.

Development impact fees are collected by the City of Beaumont for the expansion of public infrastructure and facilities and the purchase of capital equipment needed for new development in the City. All development impact fees are deposited in separate special revenue and expenditure accounts in a separate Special Revenue Fund specifically designated for the particular development impact fee. Development impact fees can only be spent for capital purchases due to growth and are not used for salary or maintenance or operation expenditures.

Unfunded Mandates
The City will oppose state or federal actions that mandate expenditures that the Mayor and City Council consider unnecessary and unfunded. The City will pursue intergovernmental funding to support the incremental cost of such mandates.

Debt Management
Public borrowing through lease -purchase agreements, general obligation (GO) bonds, revenue bonds, certificates of participation (COP) or other legal debt instruments may be in the public's best interest. However, the City will pursue policies that will not saddle the City and its residents with excessive public debt and will carefully scrutinize any public borrowing proposals. Therefore, the City Council, City Manager or other staff members must use debt in a wise and judicious manner.

Where public borrowing is considered appropriate by the City Council. It will be done in compliance with California law and in accordance with the following policies:

1. Debt is limited to equipment purchases and major capital projects. It is not used for general operating expenses. It is the policy of the City to maintain cash balances at a sufficient level for general operating costs (those items normally funded in the City's annual operating budget and having a useful life of less than one year). Short-term securities may be issued in cases where the City's normal cash flow has been disrupted as a result of 28

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natural disaster or unexpected delays in the receipt of federal or state revenues.

2. The maturity date for any debt does not exceed the reasonable expected useful life of the equipment or capital improvement being financed.

3. When practical, the City will develop, authorize, and issue revenue, special fee or other self-supporting debt instruments instead of incurring long term obligations payable from General Fund revenues.

4. Coverage for revenue bonds or special fee debt instruments shall be determined based on advice of the City's Municipal Advisor, Bond Counsel and Underwriters in a manner to best align with the City's financing goals of achieving the lowest cost of borrowing, financial flexibility and security for bond owners.

5. The City will maintain good communication with the public and City Council regarding its financial condition.

6. The City will regularly evaluate its adherence to its debt policies. The City will promote effective communications with bond rating agencies and others in the bond marketplace based on full disclosure.

7. The City will adhere to its Beaumont amended and restated disclosure procedures.

To the extent feasible, debt issuances will be packaged and planned to minimize issuance fees and interest rates.

Risk Management
The City will maintain adequate levels of insurance and implement a risk management program for public liability, workers' compensation, and related exposures. The program will emphasize avoidance of risk whenever possible, funding for losses which cannot be avoided and transfer of risk to third parties whenever appropriate.

The risk management program will include the systematic and continuous identification of loss perils and exposures, the analysis of these in terms of frequency and severity probabilities, the appropriate application of sound risk control procedures and the financing of potential claims and administration costs within the City budget.

The City will use outside claims administrators.

As part of the annual budget process, staff will segregate and report to the Mayor and City Council the past results of the risk management program, its relative financial status and plans for the future. Resources will be established to fund open claims liabilities, incurred but not reported (IBNR) claims and a catastrophic reserve or insurance as annual recommended by an independent actuary, or as authorized by Generally Accepted Accounting Principles (GAAP).

Interest Earnings
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The Finance Department will assign interest earnings and expenses to the appropriate accounting fund based on available cash balances consistent with generally accepted accounting principles (GAAP). Investment policies will be reviewed annually and brought to the Mayor and Council for approval.

Independent Audits
Staff will regularly use competitive processes to select and rotate new independent auditors that will be responsible for the annual audit of financial records in accordance with state and federal guidelines and generally accepted auditing standards.

The Comprehensive Annual Financial Report (CAFR) or audited financial statements along with the Management Letter and responses from management, will be completed and shared with the City Council.

Internal Control
The City Manager, through the Finance Director, will be responsible for implementing and maintaining a comprehensive system of internal controls that provides reasonable assurance that the City is operating in a way that is consistent with the desires of the City Council. Separation of duties, administrative policies and procedures, accounting and reporting tools and an overall organizational culture will be designed and encouraged to ensure the public's assets are protected and the City's business practices are in compliance with state and federal law, sound ethical principles, best management practices and City Council policy.

Budget Adoption Procedures
Budgetary procedures for the City have been established by the City Council, which require the legal adoption of a budget for all Accounting Funds. The following are the administrative procedures followed by the City in its budgetary process. (Please also see Figure 1.)

1. Budget Preparation. Department heads meet with employees and prepare proposed operating and capital budgets, as well as department goals and performance standards for the coming fiscal year based on guidance provided by the Finance Director, City Manager and City Council. The department heads submit these proposed budgets along with proposed goals and performance standards to City Manager no later than March 1. The Finance Director and City Manager takes information prepared by department heads and prepares the proposed budget for the coming fiscal year for the City Council.

2. Budget Presentation. During the month of May, the City Manager, authorized by the City Council to act as the Budget Officer, submits a proposed operating and capital budget for all Governmental, Proprietary, Fiduciary Funds and other accounting funds to the City Council for the subsequent fiscal year. The budget documents illustrate proposed financing sources along with the proposed operating and capital budget expenditures.

3. Budget Work Meetings. The Finance and Audit Committee will hold one or more public meetings to review the long-term fiscal forecast and the City Council will hold one or more public budget work meetings to review the proposed annual budget. 30

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Figure 1
Annual Budget
Annual Budget Event
Time
Comments
Department heads submit
proposed operating and capital
budgets, goals and performance
standards to City Manager.

March 1
City Manager and Finance Director take
information prepared by department heads
and prepare the proposed budget for
coming fiscal year.

City Manager presents
proposed budget to City
Council.

May and June
Proposed operating and capital budgets for
all Accounting Funds are distributed to
public, press and City Council. Copies are
available for public review at City Hall and on
City website.

City Council reviews budget in
work meetings
May and June
City Council conducts reviews during
work meetings.

Public Hearing
June
Public is invited to comment on proposed
annual budget. City Council makes final
budget changes. City Manager incorporates
changes made by City Council into final
budget document.

Budget Adoption by City Council
June 30
Final budget is adopted by the City Council.

Since City revenues are highly dependent
upon the actions of the State Legislature,
final budget adoption may be delayed in
any given year until state budget is
adopted.

4. Budget Public Hearing. A public hearing is held to receive comments on all aspects of the proposed budget. A notice in the local newspaper precedes the hearing. This notice is given at least ten days before the hearing and includes the time, date and place of the hearing. All budget documents are required to be available at least seven days prior to the public hearing.

5. Budget Adoption. A final budget is adopted by the City Council for the subsequent fiscal year beginning July 1. Since city revenues are highly dependent upon the actions of the State Legislature, final budget adoption may be delayed in any given year until the Governor and State Legislature adopt a state budget.
31

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Statement of Investment Policy
Introduction
In accordance with the charter of the City of Beaumont and under authority granted by the City Council, the City Manager is designated the responsibility for investing the unexpended cash in the City Treasury and the overall conduct of the City's investment program. The intent of this Investment Policy is to formalize the framework for the investment activities that shall be exercised to ensure the effective and judicious fiscal and investment management of the City's funds. The City's portfolio shall be designed and managed in such a manner as to comply with state and local laws, provide for daily cash flow requirement, ensure consistency with the prioritized objectives of safety, liquidity, and return, and in a manner consistent with prudent investment management and worthy of the public trust.

Governing Authority
The City's investment program shall be managed in conformance with federal, state, and other legal requirements, including California Government Code Sections 16429.1-16429.4, 53600- 53609, and 53630- 53686. This Investment Policy was endorsed and adopted by the City Council and is effective May 18, 2021. This Investment Policy shall replace all previous versions.

Scope
The City's investment policies apply to all personnel, departments, divisions, and offices of the City government as well as all associated accounting funds under the direct authority of the City of Beaumont. These accounting funds include, but are not limited to, the General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Debt Service Funds, Capital Projects Funds, Private -Purpose Trust Funds and Agency Trust Funds. These investment policies are also applicable to the City's blended component units, including the Succes.,or Agency to the Beaumont Redevelopment Agency, Beaumont Utility Authority, Beaumont Conservation Authority and Beaumont Public Improvement Authority, Beaumont Financing Authority, and Beaumont Parking Authority.,
The City commingles its investable assets to maximize interest earnings and to increase efficiencies with respect to investment pricing, safekeeping, and administration. Investment 32

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income will be allocated to the various funds based on their respective percentage participation in the total fund and in accordance with generally accepted accounting principles.

Proceeds arising from the issuance of debt shall be invested in accordance with the provisions of their governing bond documents and in a manner consistent with the City's general investment philosophy as outlined in this Investment Policy.

Responsibility
The City Manager is ultimately responsible for the City's implementation and compliance with these policies unless the City Council authorizes exceptions. Under the direction of the City Manager, the Finance Director will review, develop and implement a system of processes and procedures to ensure compliance with these policies throughout the entire organization. The City Manager will work with the Finance Director to ensure these policies are updated on a timely basis.

Pooling of Funds
The City of Beaumont consolidates cash balances from all eligible funds to maximize investment earnings. Funds held by the Trustee are not eligible to be pooled. The City schedules its collection of receipts, deposits of funds and disbursements of monies to ensure maximum availability of cash for temporary investment purposes. Investment income is allocated to the various Funds based on their respective participation and in accordance with Generally Accepted Accounting Principles (GAAP).

Objectives
The prioritized objectives of the City's investment program are to preserve principal (safety), ensure sufficient liquidity (liquidity), and generate a market rate of return (return).

1. Safety: Safety of principal is the foremost investment objective of the City's investment program. Investment shall be undertaken in a manner designed to ensure the preservation of capital in overall portfolio growth. The City shall seek to preserve principal by mitigating credit risk and interest rate risk.

2. Liquidity: The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. Because not all liquidity needs can be anticipated, the investment portfolio shall focus on securities with active secondary and resale markets.

3. Return: The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints of safety and liquidity.

Set forth in section 17 of this Investment Policy are certain strategies and principles utilized by the City to manage investment risks.

Standard of Care
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The standard of prudence to be used by City investment officials shall be the "Prudent Investor Standard" and shall be applied in the context of managing the overall portfolio. As set forth in the California Government Code 53600.3, the Prudent Investor Standard states:
"...all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law." Consistent with the objectives set forth in section vi of this Investment Policy, in addition to safeguarding invested principal and ensuring sufficient liquidity for the City, a prudent investor should also seek to optimize portfolio return subject to these constraints.

Indemnification
The City Manager, Finance Director, Finance Committee, City Council and other authorized persons responsible for managing or overseeing City funds, acting in accordance within written procedures and the intent and scope of this Investment Policy and exercising due diligence, shall be relieved of personal liability for an individual security's credit risk or market price changes, provided that deviations from expectations are reported in a timely manner and appropriate action is taken to control adverse developments.

Ethics and Conflicts of Interest
Officers and employees involved in the investment process will refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial investment decisions. Consistent with the requirements of the California fair Political Practices Commission, employees and investment officials will disclose any material interest in financial institutions with which they conduct business. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers will refrain from undertaking personal investment transactions with the same individual with whom business s is conducted on behalf of the City of Beaumont.

Delegation of Authority
The authority to manage the City's investment program is provided by the California Government Code Sections 53600 et seq. Authority to manage the City's investment program is granted to the City Manager and his or her designee. Responsibility for the operation of the investment program is hereby delegated to the Finance Director, who shall act in accordance with this investment policy. The Finance Director shall establish procedures for the operation consistent with this investment policy and may authorize other finance department staff to initiate investment transactions. All participants in the investment process shall seek to act responsibly as custodians 34

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of the public trust. No officer or designee may engage in an investment transaction except as provided under the terms of this policy and supporting procedures.

The City may contract with one or more external investment managers to assist in the management of the City's investment portfolio in a manner consistent with the City's objectives.

Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Investment Policy. Such managers must be registered under the Investment Advisers Act of 1940 and specialize in the management of public funds fixed income portfolios.

Finance Committee
A Finance Committee is established to provide general oversight and direction concerning policy related issues concerning management of the City's investment portfolio. The committee shall meet quarterly unless circumstances require more frequent meetings.

Authorized Financial Institutions, Depositories, Broker Dealers, and Competitive Transactions
In circumstances where the investment portfolio is managed internally, the requirements set forth in Sections A and B, below, shall apply:

1. The City shall maintain a list of financial institutions and depositories authorized to provide investment services. In addition, the City shall maintain a list of approved security broker/dealers selected by conducting a process of due diligence. These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission ("SEC") Rule 15C3-1 (uniform net capital rule). The Finance Director will determine which financial institutions are authorized to provide investment services to the City. Institutions eligible to transact investment business with the City include:
a) Primary government dealers as designated by the Federal Reserve System b) Regional broker/dealers qualified under SEC Rule 15C3-1 c) Nationally or state -chartered banks
d) The Federal Reserve Bank
e) Direct Issuers of securities eligible for purchase

2. Investment staff shall review broker/dealers who would like to transact with the City to determine if they are adequately capitalized and make markets in the securities appropriate to the City's needs. The Investment Officer shall send a copy of the current investment policy to all broker/dealers approved to transact with the City. Financial institutions which desire to become qualified broker/dealers for investment transactions (and which are not transacting solely through an investment advisor) must provide the City with a statement certifying that the institution has reviewed the California Government Code Section 53600 et seq. and the City's Investment Policy. The selection of broker/dealers shall be at the sole discretion of the City. 35

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3. Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the investment adviser, provided such broker/dealers meet the requirements set forth in section A, above.

4. Public deposits will be made only in qualified public depositories as established by State statutes. Deposits will be insured by the Federal Deposit Insurance Corporation (FDIC), or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with state statutes. A written contract of deposit of public funds must be obtained from the financial institution, indicating the institution's policy and process of FDIC insurance and collateralization.

5. It is the policy of the City to require competitive bidding from at least three broker/dealers for investment transactions that are not classified as "new issue" securities whenever possible and practical. Such competitive bidding can be executed through competitive bidding or through the use of a nationally recognized trading platform. In such circumstances where competitive price comparisons are not available, best efforts will be made to document quotations for comparable or alternative securities.

Security Safekeeping and Delivery Procedures
Third -Party safekeeping: To protect against fraud, embezzlement, or losses caused by collapse of an individual securities dealer and to enhance access to securities and interest payments, all securities owned by the City shall be held in safekeeping by a third -party bank trust department acting as agent for the City under the terms of a duly executed custody agreement. In connection with the City's annual independent audit, securities held in custody are audited to verify investment holdings. No outside broker/dealer or advisor may have access to the City funds, accounts or investments, and any transfer of funds to or through an outside broker/dealer must be approved by the City Council.

Delivery -Versus -Payment: All trades of marketable securities shall be cleared and settled on a standard delivery -versus -payment ("DVP") basis to ensure that securities are deposited in the City's safekeeping account prior to the release of funds.

Internal Controls
A system of internal controls has been established to prevent losses of public funds arising from fraud, employee error, misrepresentation by third parties, or unanticipated changes in financial markets. Internal controls deemed most important include control of collusion, separation of transaction authority from accounting and record keeping, custodial safekeeping, avoiding physical delivery of securities, clear delegation of authority to subordinate staff members, written confirmation of transactions for investments and wire transfers and development of a wire transfer agreement with the lead bank and third -party custodian. Furthermore, an independent analysis by an external auditor shall be conducted annually to review internal control, account activity, and compliance with policies procedures, and applicable laws.

Authorized Investments
The investment of City funds shall be made in accordance with Sections 53600 et seq. of the California Government Code and in accordance with this Investment Policy. Permitted 36

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investments for the City shall include the following security types and related credit quality, maturity, and diversification constraints.

1. Municipal Bonds: Bonds issued by the City, the State of California, any other of the 49 states in addition to California, and any local agency within the state of California. This authorization includes the ability to invest in obligations payable solely out of the revenues from a revenue -producing property owned, controlled, or operated by a state or any local agency in the state of California or by a department, board, agency, or authority of a state or any local agency in the state of California.
a) Credit Quality: Securities in this category shall have a minimum credit rating of A (or its equivalent) by at least one nationally recognized statistical rating organization at the time of purchase.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer.

No more than 30% of the portfolio may be invested in this category.

2. U.S. Treasury Obligations: United States Treasury bills, notes, bonds, and certificates of indebtedness or those for which the faith and credit of the United States are pledged for the payment of principal and interest.
a) Credit Quality: No minimum credit rating required for securities in this category. b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: There are no dollar or percentage limits on securities in this category.

3. Federal Agency and Government Sponsored Enterprise Obligations: Federal agency or United States government -sponsored -enterprise obligations, participants, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government -sponsored enterprises. a) Credit Quality: No minimum rating required for securities in this category. b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: There are no dollar or percentage limits individual issuers in this category.

4. Commercial Paper: Commercial paper of "prime" quality and issued by a corporation organized and operating in the United States with total assets of at least $500 million. a) Credit Quality: Securities in this category must be rated "A-1" (or the equivalent) or higher by at least one nationally recognized statistical rating organization. In addition, debt other than commercial paper (if any) issued by corporations in this category must 37

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be rated at least "A" (or the equivalent) or better by at least one nationally recognized statistical rating organization.
b) Maximum Maturity: 270 days at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the City's portfolio may be invested in any single issuer of commercial paper. For purposes of this issuer limitation, holdings of commercial paper and medium -term notes of a single issuer shall be limited to 10% of total portfolio assets. No more than 25% of the total portfolio may be invested cumulatively in commercial paper or asset -backed commercial paper as defined in Section 6, below. No more than 10% of the outstanding commercial paper of any single issuer may be purchased.

5. Asset -Backed Commercial Paper: Asset -Backed Commercial paper of "prime" quality and issued by an entity organized within the United States as a special purpose corporation, trust, or limited liability company.
a) Credit Quality: Securities in this category must be rated "A-1" (or the equivalent) or higher by at least one nationally recognized statistical rating organization. In addition, the issuing entity must have program wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond. b) Maximum Maturity: 270 days at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the City's portfolio may be invested in any single issuer of commercial paper. For purposes of this issuer limitation, holdings of commercial paper and medium -term notes of a single issuer shall be limited to 10% of total portfolio assets. No more than 25% of the total portfolio may be invested cumulatively in asset -backed commercial paper or commercial paper as defined in Section 5, above. No more than 10% of the outstanding commercial paper of any single issuer may be purchased.

6. Federally Insured Time Deposits: Non-negotiable certificates of deposit in state or federal chartered deposit insurance.
a) Credit Quality: Securities in this category shall be limited to the maximum amount covered by federal deposit insurance.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer of non-negotiable or negotiable certificates of deposit. No more than 15% of the portfolio may be invested in any combination of non-negotiable certificates of deposit as set forth in subsections 6, 7, and 8 hereto. No more than 30% of the portfolio may be invested in any combination of non-negotiable or negotiable certificates of deposit.

7. Collateralized Time Deposits: Non-negotiable certificates of deposit in state or federally 38

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chartered banks, savings and loans, or credit unions in excess of federal deposit insurance limits which are fully collateralized in accordance with state law. a) Credit Quality: Securities in this category exceeding federal deposit insurance limits shall be collateralized in accordance with state law and be issued by institutions which have long-term debt obligations rated "A" (or the equivalent) or better and short-term debt obligations, if any, rated "Al" (or the equivalent) or better by at least two nationally recognized statistical rating agencies.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer of non-negotiable or negotiable certificates of deposit. No more than 15% of the portfolio may be invested in any combination of non-negotiable certificates of deposit as set forth in subsections 7, 8, and 9 hereto. No more than 30% of the portfolio may be invested in any combination of non-negotiable or negotiable certificates of deposit.

8. Certificate of Deposit Placement Services: Non-negotiable certificates of deposit at a commercial bank, savings bank, savings and loan association, or credit union that that uses a private sector entity to assist in the placement of deposits (e.g., CDARS). a) Credit Quality: The full amount of each deposit and the interest that may accrue on each such deposit shall at all times be insured by federal deposit insurance. b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer of non-negotiable or negotiable certificates of deposit. No more than 15% of the portfolio may be invested in any combination of non-negotiable certificates of deposit as set forth in subsections 7, 8, and 9 hereto. No more than 30% of the portfolio may be invested in any combination of non-negotiable or negotiable certificates of deposit.

9. Negotiable Certificates of Deposit: Negotiable certificates of deposit issued by a nationally or state -chartered bank, a savings association, or a federal association (as defined by Section 5102 of the Financial Code), a state or federal credit union, or a federally licensed or state -licensed branch of a foreign bank.
a) Credit Quality: Securities in this category exceeding federal deposit insurance limits shall be issued by institutions which have long-term debt obligations rated "A" (or the equivalent) or better and short-term debt obligations, if any, rated "A-1" (or the equivalent) or better by at least two nationally recognized statistical rating agencies. b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer of non-negotiable or negotiable certificates of deposit. No more than 30% of the portfolio may be invested in any combination of non-negotiable or negotiable 39

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certificates of deposit.

10. Repurchase Agreements: Repurchase agreements with specific terms and conditions may be transacted with banks and brokers. Such investments must be subject to a "Master Repurchase Agreement" substantially in the form developed by the Securities Industry and Financial Markets Association ("SIFMA").
a) Credit Quality: Repurchase agreements shall be collateralized with U.S. Treasury and Federal Agency securities (as authorized herein) maintained at a value of at least 102% of the market value of the repurchase agreement. Securities used as collateral for repurchase agreements shall be delivered to the City's custodian bank. b) Maximum Maturity: 1 year at the time of entry.
c) Diversification: There are no dollar or percentage limits on securities in this category.

11. Medium -Term Corporate Notes: Medium -term corporate notes shall mean all corporate and depository institution debt securities issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.
a) Credit Quality: Securities in this category shall be rated in the "A" category or better by at least two nationally recognized statistical rating organizations at the time of purchase.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 5% of the portfolio may be invested in any single issuer. No more than 10% of the total portfolio may be invested in the commercial paper and medium -term notes of a single issuer. No more than 30% of the portfolio may be invested in this category.

12. Money Market Mutual Funds: Money market mutual funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15U.S.C. Sec. 80a- 1 et seq.) meeting the credit quality requirements set forth below or retaining an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years' experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). a) Credit Quality: Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations. b) Maximum Maturity: No maturity restrictions apply.
c) Diversification: No more than 20% of the portfolio may be invested in this category.

13. Mortgage Pass -Through and Asset -Backed Securities: Mortgage pass -through securities, collateralized mortgage obligations, mortgage -backed or other pay -through bond, equipment lease -backed certificate, consumer receivable pass -through certificate, or consumer receivable -backed bonds meeting the requirements set forth below. 40

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a) Credit Quality: Securities eligible for investment under this subdivision not issued or guaranteed by an agency or issuer identified in subdivision (2) or (3) shall be rated in a rating category of "AA" or its equivalent or better by an NRSRO and have a maximum remaining maturity of five years or less.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: With the exception of obligations issued or guaranteed by an agency or issuer identified in subdivision (2) or (3)by Federal Agencies and Government Sponsorcd Entcrpriccs as spccificd in cubccction 3 hcrcto, no more than 5% of the portfolio may be invested in any single issuer. No more than 10% of the total portfolio may be invested in this category.

14. State of California Local Agency Investment Fund: The State of California Local Agency Investment Fund ("LAIF") managed by the State of California Treasurer's Office. a) Credit Quality: No credit rating requirements exist for LAIF. In addition, should LAIF invest in securities or instruments prohibited or not specifically authorized by the City's Investment policy, the City is not prohibited from investing in LAIF provided sufficient information is available to allow the City to understand the risks associated with investing in LAIF.
b) Maximum Maturity: No maturity restrictions apply.
c) Diversification: The City may invest up to the maximum amount permitted by California state law.

15. Joint Powers Authority Pools: Shares of beneficial interest issued by a joint powers authority organized pursuant to Section 6509.7 that invests in securities authorized by California Government Code Section 53601 subdivisions (a) to (r), inclusive, and that has retained an investment adviser that is registered or exempt from registration with the Securities and Exchange Commission having not less than five years of experience investing in the securities and obligations authorized by California Government Code Section 53601 and having at least five hundred million dollars ($500,000,000) under management. a) Credit Quality: There are no credit rating requirements for Joint Powers Authority Pools.
b) Maximum Maturity: No maturity restrictions apply.
c) Diversification: The City may invest up to the maximum amount permitted by California law.

16. Supranational Securities: United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter -American Development Bank eligible for purchase and sale within the United States. a) Credit Quality: Securities in this category shall be rated in the "AA" category or better by at least one nationally recognized statistical rating organization at the time of 41

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purchase.
b) Maximum Maturity: Five years at the time of purchase as measured by the settlement date.
c) Diversification: No more than 10% of the portfolio may be invested in any single issuer. No more than 15% of the portfolio may be invested in this category.

Bond Proceeds: Proceeds arising from the issuance of debt shall be invested in accordance with the provisions of their governing bond documents and in a manner consistent with the City's general investment philosophy as outlined in this Investment Policy. Bond proceeds are not eligible as a part of the City's pooled funds. Securities authorized by the bond indenture or similar investment documents that are not authorized by the City's Investment Policy will be considered approved investments for bond proceeds when the bond indenture or similar authorizing document is approved by the City Council. Bond reserve funds, escrow funds and any funds approved by the City Council may be invested in securities with maturity limits of five years or an appropriate longer period. The bond indenture shall provide any specific restrictions or limitations on either the nature or the duration of the investments and should be the governing document.

Note on Credit Quality Requirements: Should the credit rating of a security owned by the City be downgraded to a level below that required by this Investment Policy, the City will review the credit situation and determine if such securities should be sold or retained in the portfolio based upon its remaining term to maturity, the credit outlook for the issuer, and other relevant facts and circumstances. If the decision is made to retain a downgraded security, it will be closely monitored by the City and reported quarterly to the Finance Committee.

Note on Maximum Maturity Limitation: The five-year maturity limitation of this Investment Policy shall be measured as of the transaction settlement date. In accordance with section 53601 of the California Government Code, this five-year maturity limitation may be extended if deemed prudent by the Investment Officer and provided that the City Council has approved such investment either specifically or as part of an investment program approved by the legislative body no less than three months prior to the investment.

Note on Diversification Requirements: The diversification requirements set forth above relating to the maximum allowable percentage for a particular issuer or investment type shall apply at the time of purchase. Due to fluctuations in the aggregate invested balance, these maximum percentages may be exceeded from time to time and shall not require liquidation to realign the portfolio. However, consideration should be given to this matter when future purchases are made.

Note on Other Requirements: Should any investment fall out of compliance with any other guidelines of this policy after its purchase, the City will review the situation and determine if such securities should be sold or retained in the portfolio based upon its remaining term to maturity, the credit outlook for the issuer, and other relevant facts and circumstances. If the decision is made to retain such a security, it will be closely monitored by the City and reported quarterly to the Finance Committee.

Prohibited Investments and Practices
Provided below are certain prohibited investments and investment practices intended to help safeguard invested balances.
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1. In accordance with California Government Code section 53601.6, investments in inverse floaters, range notes, mortgage -derived interest -only strips are prohibited. In addition, the purchase of any security that could result in zero interest accrual if held to maturity is also prohibited except for the purchase securities issued or backed by the United States government in the event of, and for the duration of, a period of negative market interest rates.

2. Investments not specifically described herein are prohibited.

3. The purchase or sale of securities on margin is prohibited.

4. The purchase of securities denominated in foreign currencies is prohibited.

5. The purchase or sale of securities done solely to speculate on the direction of future interest rates is prohibited.

Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirements of this policy. At maturity or liquidation, any such monies shall be reinvested only as provided for in this policy.

Managing Portfolio and Investment Risks
Safety of principal is the foremost investment objective of the City. Each investment transaction shall seek to ensure that capital losses are avoided, whether from securities default, broker/dealer default, or erosion of market value. The overall program shall be designed and managed with a degree of professionalism that is worthy of the public trust. In a diversified portfolio, it must be recognized that occasional measured losses are inevitable and must be considered within the context of the overall portfolio's investment return, provided that adequate diversification has been implemented. The City shall seek to preserve principal by mitigating credit risk and market risk as set forth below.

Mitigating Credit Risk: Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City shall seek to mitigate credit risk by adopting the following strategies:

1. Adhering to the diversification requirements set forth in Section XIII of this policy which limits the amount of the total portfolio that may be invested in any single issuer.

2. Utilizing an active management strategy that allows for the sale of securities prior to their scheduled maturity dates for purposes of improving the portfolio's credit quality, liquidity, yield, or return profile in response to changing market conditions or City circumstances.

3. Reviewing downgraded securities. Should the credit rating of a security owned by the City be downgraded to a level below that required by this Investment Policy, the City will review the credit situation and determine if such securities should be sold or retained in the portfolio based upon its remaining term to maturity, the credit outlook for the issuer, and other relevant facts and circumstances.

4. Monitoring any downgraded securities. If the decision is made to retain a downgraded security, it will be closely monitored by the City and reported quarterly to the Investment Committee.
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Mitigating Interest Rate Risk: Market risk is the risk that the value of a security or portfolio will fluctuate due to changes in the general level of interest rates. The City understands that while longer -term portfolios have the potential to generate higher investment returns over time, they also exhibit a greater volatility of return. In addition, the City further recognizes certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded call options, will affect the market risk characteristics of the portfolio differently. Accordingly, the City will mitigate market risk by adopting the following strategies:

1. The City shall maintain sufficient balances in short-term investments to provide liquidity for expected and contingent expenditures thereby limiting the need to sell securities prior to maturity. Liquidity funds shall be maintained in short-term investments such as LAIF, deposit accounts collateralized in accordance with state law, and money market funds and instruments with minimal market risk.

2. Longer -term securities shall be scheduled to mature in advance of known expenditure requirements whenever possible.

3. The City shall avoid the purchase of securities for the sole purpose of short-term speculation.

4. The maximum stated final maturity of any security in the portfolio shall be five years, except as otherwise stated in this Investment Policy.

5. The maximum percentage of callable securities (excluding securities with "make whole" call provisions) held in the portfolio shall be 20%.

6. The weighted average duration of the actively managed portion of the portfolio, i.e., non - liquidity funds, shall be maintained in a range of +/- 25% the duration of a market benchmark as selected by the City based upon the City's risk tolerances and investment objectives.

Performance Standards & Evaluation
Consistent with the City's circumstances and risk tolerances, the investment performance objective for the managed portfolio shall be to earn a total rate of return over market cycles that is approximately equal to the return on the City's chosen benchmark index.

Reporting and Disclosure
In accordance with Government Code Section 53646(8)(1), the City Treasurer shall submit to the Finance Committee a quarterly report that will then be taken to the City Council. The report shall include a complete description of the portfolio, the type of investments, the issuers, maturity dates, par values and the current market values of each component of the portfolio, including funds managed for the City of Beaumont by third party contract managers. The report will also include the source of the portfolio valuation. As specified in Government Code 53646(e), if all funds are placed in the Local Agency Investment Fund (LAIF), FDIC insured accounts and/or county investment pool, the foregoing report elements may be replaced by copies of the latest statements from such institutions. The report must also include a certification that (1) all investment actions executed since the last report have been in full compliance with the investment policy, and, (2) the City of Beaumont will meet its expenditures obligations within the cash flow needs. 44

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Policy Review and Adoption
The City of Beaumont's investment policy shall be adopted by resolution of the City Council on, at minimum, an annual basis. This investment policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity, and return as well as its relevance to current law and financial and economic trends. In accordance with Senate Bill 564 and Senate Bill 866, effective January 1, 1996, the City staff brings forward each year the City's Investment Policy for review by the City Council. Any amendments to the policy shall be forwarded to City Council for approval.

City of Beaumont Investment Policy
Glossary of Terms
This Glossary of Terms is provided for general reference purposes only and does not constitute or reflect an exhaustive or exclusive list of terms and definitions that may be applicable to the City of Beaumont's Investment Policy Statement. The definitions included herein do not modify or otherwise amend or supersede any of the terms of this Investment Policy Statement or applicable State or Federal law.

ACCRUED INTEREST: The amount of interest that is earned but unpaid since the last interest payment date.

ADJUSTABLE -RATE NOTE: (See Floating Rate Note)
AGENCY SECURITIES: (See U.S. Government Agency Securities) AMORTIZATION: The systematic reduction of the amount owed on a debt issue through periodic payments of principal.

ASSET -BACKED COMMERCIAL PAPER: A short-term investment vehicle with a maturity date that is typically between 90 and 270 days. A bank or other financial institution typically issues the security itself. The notes are backed by the company's physical assets such as trade receivables.

Companies will use an asset -backed commercial paper to fund short-term financing needs.

AVERAGE LIFE: The average length of time that an issue of serial bonds and/or term bonds with a mandatory sinking fund feature is expected to be outstanding.

ASKED PRICE: The price at which securities are offered from a seller.

ASSET BACKED SECURITIES (ABS): (See Receivable -Backed Securities) BANKERS' ACCEPTANCE (BA): Negotiable money market instruments issued primarily to finance international trade. These are time drafts in which a bank "accepts" as its financial responsibility to pay the principal at maturity even if the importer does not. In essence, these are bank obligations collateralized by goods being shipped between an exporter and an importer.

BASIS POINT: When a yield is expressed as percentage terms (e.g., 2.25%), the digits to the 45

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right of the decimal point are known as basis points. One basis point equals 1/100 of one percent.

Basis points are used more often to describe changes in yields on bonds, notes and other fixed - income securities.

BENCHMARKS: Indexes created to include multiple securities representing some aspect of the total market. Benchmarks are often used as a standard against which the performance of a security, mutual fund, or investment manager may be measured.

BID PRICE: The price at which a buyer offers to buy a security.

BOND INDENTURE: The contract associated with a bond. The terms of a bond indenture include a description of the bond features, restrictions placed on the issuer, and the actions that will be triggered if the issuer fails to make timely payments.

BOND PROCEEDS: The proceeds from the sale of bonds, notes, and other obligations issued by an entity, and reserves and funds maintained by an entity for debt service purposes.

BOOK ENTRY: The system, maintained by the Federal Reserve, by which most money market securities are "delivered" to an investor's custodian bank. The Federal Reserve maintains a computerized record of the ownership of these securities and records any changes in ownership corresponding to payments made over the Federal Reserve wire (delivery versus payment). The owners of these securities do not receive physical certificates.

BOOK VALUE: The original cost of the investment, plus accrued interest and amortization of any premium or discount.

BROKER: A broker brings buyers and sellers together and is compensated for his/her service.

CALLABLE BONDS: Bonds that may be redeemed by the issuing company prior to the maturity date.

CALL PRICE: The price at which an issuer may redeem a bond prior to maturity. The price is usually at a slight premium to the bond's original issue price to compensate the holder for loss of income and ownership.

CALL RISK: The risk to a bondholder that a bond may be redeemed prior to maturity.

CAPITAL GAIN/LOSS: The profit or loss realized from the sale of a capital asset.

CERTIFICATE OF DEPOSIT (CD or NCD): A deposit of funds at a bank for a specified period of time that earns interest at a specified rate. Commonly known as "CDs" or "negotiable CDs." CERTIFICATE OF DEPOSIT PLACEMENT SERVICES: The purpose of the Certificate of Deposit Account Registry Service (CDARS) is to help people who invest in certificate of deposits (CDs) keep their money insured while also staying below the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 per depositor per bank.

COLLATERAL: Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public moneys.
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COLLATERLIZED TIME DEPOSIT: A Time Deposit supported by collateral.

COLLATERALIZED MORTGAGE OBLIGATION (CMO): A type of mortgage -backed security that contains a pool of mortgages bundled together and sold as an investment. Organized by maturity and level of risk, CMOs receive cash flows as borrowers repay the mortgages that act as collateral on these securities. In turn, CMOs distribute principal and interest payments to their investors based on predetermined rules and agreements.

COMMERCIAL PAPER (CP): Short-term unsecured promissory notes issued by corporations for maturities of 270 days or less.

CONVEXITY: A measure of a bond's price sensitivity to changing interest rates. A high convexity indicates greater sensitivity of a bond's price to interest rate changes.

CREDIT OUTLOOK: (See Rating Outlook)
CREDIT QUALITY: The measurement of the financial strength of a bond issuer. This measurement helps an investor to understand an issuer's ability to make timely interest payments and repay the loan principal upon maturity. Generally, the higher the credit quality of a bond issuer, the lower the interest rate paid by the issuer because the risk of default is lower. Credit quality ratings are provided by nationally recognized statistical rating organizations.

CREDIT RISK: The risk to an investor that an issuer will default in the payment of interest and/or principal on a security.

CREDIT WATCH: Indicates that a company's credit is under review and credit ratings are subject to change. Positive (+) credit watch indicates that the credit rating is under review for possible upgrade. Negative credit watch (-) indicates that the credit rating is under review for possible downgrade. Evolving/Neutral credit watch indicates that credit rating is under review with direction uncertain.

COUPON: The rate at which a bond pays interest.

CURRENT YIELD: The annual income from an investment divided by the current market value.

Since the mathematical calculation relies on the current market value rather than the investor's cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.

CUSTODIAN: A bank or other financial institution that keeps custody of stock certificates and other assets.

DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account.

DELIVERY VERSUS PAYMENT (DVP): Delivery of securities with a simultaneous exchange of money for the securities.

DERIVATIVE: A security whose interest rate of principal amount may vary and are determined by a market index or a combination of market indexes.
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DISCOUNT: The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as Treasury bills and bankers' acceptances, are known as discount securities. They sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION: An investment principle designed to spread the risk in a portfolio by dividing investments among different sectors, industries and companies.

DOLLAR -WEIGHTED AVERAGE MATURITY: A calculation that expresses the "average maturity" of an investment portfolio using each investment's maturity weighted by the size of that investment.

DOWNGRADE: A negative change in the credit rating of a security.

DURATION: A measure of the timing of the cash flows, such as the interest payments and the principal repayment, to be received from a given fixed -income security. This calculation is based on three variables: term to maturity, coupon rate and yield to maturity. The duration of a security is a useful indicator of its price volatility for given changes in interest rates.

EMBEDDED CALL OPTION: A feature of a financial instrument that lets issuers take specified actions at some future time. Embedded call options are provisions included in some fixed -income securities that allow the issuer to call back (redeem) the issue at a date earlier than the legal final maturity date.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

FEDERAL FUNDS RATE: Interest rate charged by banks with excess reserves at a Federal Reserve district bank to banks needing overnight loans to meet reserve requirements. A target rate is set by the FOMC.

FEDERAL OPEN MARKET COMMITTEE (FOMC): This committee sets 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: A U.S. centralized banking system, which has supervisory powers over the 12 Federal Reserve banks and member banks.

FEDERALLY INSURED TIME DEPOSIT: A Time Deposit insured by the FDIC.

FITCH, INC: (see Nationally Recognized Statistical Rating Organization) FIXED -INCOME SECURITIES: Securities that return a fixed income over a specified period.

FLOATING RATE NOTE: A debt security whose interest rate is reset periodically (monthly, 48

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quarterly, annually) and is based on a market index (e.g., Treasury bills, LIBOR, etc.).

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP): GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP aims to improve the clarity, consistency, and comparability of the communication of financial information.

INTEREST: The amount earned while owning a debt security, generally calculated as a percentage of the principal amount.

INTEREST RATE RISK: The risk of potential investment losses that result from a change in interest rates.

INTERNAL CONTROLS: An internal control structure designed to ensure that the assets of the entity are protected from loss, theft, or misuse. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits requires estimates and judgments by management.

INVERSE FLOATER: A bond or other type of debt whose coupon rate has an inverse relationship to a benchmark rate. An inverse floater adjusts its coupon payment as the interest rate changes.

INVESTMENT COMPANY ACT OF 1940: Federal legislation which sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations.

INVESTMENT MANAGERS: An investment manager is a person or organization that makes investment decisions about portfolios of securities on behalf of clients under the investment objectives and parameters the client has defined.

JOINT POWERS AUTHORITY (JPA): An entity permitted under the laws of some U.S. states, whereby two or more public authorities (e.g., local governments, or utility or transport districts), not necessarily located in the same state, may jointly exercise any power common to all of them.

LETTER OF CREDIT: A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

LIQUIDITY: The speed and ease with which an investment can be converted to cash.

LOCAL AGENCY: County, city, city and county, including a chartered city or county, school district, community college district, public district, county board of education, county superintendent of schools, or any public or municipal corporation.

MAKE -WHOLE CALL PROVISION: A type of call provision on a bond allowing the issuer to pay off remaining debt early. The issuer typically has to make a lump -sum payment to the investor.

The payment is derived from a formula based on the net present value (NPV) of previously scheduled coupon payments and the principal that the investor would have received. 49

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MARGIN: The collateral that an investor is required to deposit with their broker or an exchange to cover the credit risk the holder poses for the broker or the exchange when trading with borrowed or leveraged funds.

MARK -TO -MARKET: The market valuation for every security in a portfolio used in determining its total market value and the Net Asset (NAV) in the case of mutual funds or other pooled investment products.

MARKET RISK: The risk that changes in overall market conditions or interest rate may adversely affect current market prices.

MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold.

MASTER REPURCHASE AGREEMENT: A written contract between the parties of a repurchase agreement establishing each party's rights in all current and future transactions until termination of the contract by either party.

MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.

MEDIUM -TERM NOTES (MTN): Debt securities issued by a corporation or depository institution with a maturity ranging from nine months to five years. The term "medium -term note" refers to the time it takes for an obligation to mature and includes other corporate debt securities originally issued for maturities longer than five years, but which have now fallen within the five- year maturity range. MTNs issued by banks are also called "bank notes." MONEY MARKET: The market in which short-term debt instruments (Treasury bills, discount notes, commercial paper, bankers' acceptances, etc.) are issued and traded.

MONEY MARKET MUTUAL FUNDS: An investment company that pools money from investors and invests in a variety of short-term money market instruments.

MOODY'S INVESTORS SERVICE, INC: (See Nationally Recognized Rating Services) MORTGAGE DERIVED INTEREST ONLY STRIP: A security based solely on the interest payments from a pool of mortgages. Once the principal on the mortgages or bonds has been repaid, interest payments stop, and the value of the 10 falls to zero.

MORTGAGE PASS -THROUGH SECURITIES: A security created when one or more mortgage holders form a collection (pool) of mortgages and sells shares or participation certificates in the pool. The cash flow from the collateral pool is "passed through" to the security holder as monthly payments of principal, interest, and pre -payments.

MUNICIPAL BONDS: Bonds, notes and other securities issued by a state, municipality, or county.

NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO): Firms that review the creditworthiness of the issuers of debt securities and express their opinion in the form of letter ratings (e.g., AAA, AA, A, BBB, etc.). The primary rating agencies are the following:

Standard & Poor's Corporation; Moody's Investor Services, Inc.; and Fitch, Inc. 50

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Beaumont City CouncilMay 7, 2024

Beaumont City Council
May 7, 2024