Clayton City Council
December 20, 2022

AGENDA

REGULAR JOINT MEETINGS
* * *

CLAYTON CITY COUNCIL
and

CLAYTON SUCCESSOR & SUCCESSOR HOUSING

AGENCIES
* * *
TUESDAY, December 20, 2022
6:00 P.M.
and
7:00 P.M.
*** NOTICE***
Members of the public will be able to participate either in-person at Hoyer Hall, Clayton Community Library
6125 Clayton Road, Clayton, CA 94517
or
remotely via Zoom.

Mayor: Jeff Wan
Vice Mayor: Jim Diaz
Council Members
Peter Cloven
Holly Tillman
Kim Trupiano
• A complete packet of information containing staff reports and exhibits related to each public item is available for public review on the City’s website at www.claytonca.gov • Agendas are posted at: 1) City Hall, 6000 Heritage Trail; 2) Library, 6125 Clayton Road; 3) Ohm’s Bulletin Board, 1028 Diablo Street, Clayton; and 4) City Website at www.claytonca.gov • Any writings or documents provided to a majority of the City Council after distribution of the Agenda Packet and regarding any public item on this Agenda is available for review on the City’s website at www.claytonca.gov
• If you have a physical impairment that requires special accommodation to participate, please call the City Clerk’s office at least 72 hours in advance of the meeting at (925) 673-7300. _____________________________________________________________________________________________ Agenda December 20, 2022 Page 2
Instructions for Virtual City Council Meeting – December 20 Tonight’s meeting will be available to the public both in-person and remotely via Zoom. As a courtesy, and technology permitting, members of the public may continue to provide live remote oral comment via the Zoom video conferencing platform. However, the City cannot guarantee that the public’s access to teleconferencing technology will be uninterrupted, and technical difficulties may occur from time to time.

To follow or participate in the meeting:

1. Videoconference: to follow the meeting on-line, click here to register:
https://us02web.zoom.us/webinar/register/WN_suxMeIgbQNWPGzIqaBNXFw After clicking on the URL, please take a few seconds to submit your first and last name, and e-mail address then click “Register”, which will approve your registration and a new URL to join the meeting will appear.

Phone-in: Once registered, you will receive an e-mail with instructions to join the meeting telephonically, and then dial Telephone: 877 853 5257 (Toll Free)

2. using the Webinar ID and Password found in the e-mail.

E-mail Public Comments: If preferred, please e-mail public comments to the City Clerk, Ms.

Calderon at [email protected] by 5 PM on the day of the City Council meeting. All E-mail Public Comments will be forwarded to the entire City Council.

For those who choose to attend the meeting via videoconferencing or telephone shall have 3 minutes for public comments.

Location:

Videoconferencing Meeting (this meeting via teleconferencing is open to the public) To join this virtual meeting on-line click here:
https://us02web.zoom.us/webinar/register/WN_suxMeIgbQNWPGzIqaBNXFw To join on telephone, you must register in the URL above, which sends an e-mail to your inbox, and then dial (877) 853-5257 using the Webinar ID and Password found in the e-mail. * CITY COUNCIL *
December 20, 2022
6:00 P.M.

1. CALL TO ORDER AND ROLL CALL – Mayor Wan.

2. CLOSED SESSION
A. Public Employee Appointment (Gov. Code 54957)
Title: Interim City Manager
B. Conference with Labor Negotiators (Gov. Code 54957.6) Agency designated representatives: Mayor Wan and Vice Mayor Diaz Unrepresented Employee: Interim City Manager
- Short Recess -
* * * * *
7:00 P.M.

3. CALL TO ORDER AND ROLL CALL – Mayor Wan.

4. PLEDGE OF ALLEGIANCE – led by Mayor Wan.

5. CONSENT CALENDAR
Consent Calendar items are typically routine in nature and are considered for approval by one single motion of the City Council. Members of the Council, Audience, or Staff wishing an item removed from the Consent Calendar for purpose of public comment, question, discussion or alternative action may request so through the Mayor.
(a) Approve the minutes of the City Council’s regular meeting of December 6, 2022. (City Clerk) (View here)
(b) Approve the Financial Demands and Obligations of the City. (Finance) (View here) (c) Adopt a Resolution of the City Council of the City of Clayton Allowing for Video and Teleconference Meetings as Needed during the COVID-19 State of Emergency Under AB 361. (City Manager) (View here)
(d) Adoption of a Resolution Approving a Debt Management Policy. (Interim Finance Director) (View here)
_____________________________________________________________________________________________ Agenda December 20, 2022 Page 4
(e) Adopt a Resolution Renewing Signature Authorizations For Investing City Funds In The Local Agency Investment Fund. (Interim Finance Director) (View here) (f) City Council Approval of Declaring Certain Police Department Equipment as Surplus. (Police Chief) (View here)
(g) Adopt a Resolution of the City Council of the City of Clayton Amending a Professional Services Agreement with GovInvest for Interim Finance Director Services and for a Comprehensive Fee Update in the Amount of $35,875 for a Total Not-To-Exceed Amount of $65,875. (City Manager) (View here) (h) Receive and File the Quarterly Financial Reports on the City’s Investment Portfolio for the Periods Ending March 31, 2022, June 30, 2022 and September 30, 2022. (Interim Finance Director) (View here)

6. RECOGNITIONS AND PRESENTATIONS – None.

7. REPORTS
(a) City Manager/Staff
(b) City Council - Reports from Council liaisons to Regional Committees, Commissions and Boards.
(c) County Connection update – Keith Haydon, City Council's designated liaison

8. PUBLIC COMMENT ON NON - AGENDA ITEMS
Members of the public may address the City Council on items within the Council’s jurisdiction (which are not on the agenda) at this time. To assure an orderly meeting and an equal opportunity for everyone, each speaker is limited to 3 minutes, enforced at the Mayor’s discretion. In accordance with State Law, no action may take place on any item not appearing on the posted agenda. The Council may respond to statements made or questions asked or may at its discretion request Staff to report back at a future meeting concerning the matter.

Public comment and input on Public Hearing, Action Items and other Agenda Items will be allowed when each item is considered by the City Council.

9. PUBLIC HEARINGS – None.

10. ACTION ITEMS
(a) Resolution ##-2022 Amending the Order of Business Taken up by the City Council at City Council Meetings Pursuant to Clayton Municipal Code Section

2.04.070. (City Attorney) (View here)
_____________________________________________________________________________________________ Agenda December 20, 2022 Page 5
(b) Appoint Two Members to the Community Financial Sustainability Committee as Recommended by the City Council’s Budget & Audit Subcommittee. (City Manager) (View here)
(c) Discuss and approve City Council Committees and Assignments for Standing/Ad-Hoc Committees and Liaison Positions. (City Manager) (View here) (d) Request by Mayor Wan to Discuss Potential Solar Lease Project and Provide Direction to Staff. (City Manager) (View here)

11. COUNCIL ITEMS – limited to Council requests and directives for future meetings.

12. CLOSED SESSION – None.

13. ADJOURNMENT
The next regularly scheduled meeting of the City Council will be January 17, 2023. # # # # #
_____________________________________________________________________________________________ Agenda December 20, 2022 Page 6
* CLAYTON SUCCESSOR and SUCCESSOR HOUSING AGENCIES *
December 20, 2022

1. CALL TO ORDER AND ROLL CALL – Chairman Wan.

2. CONSENT CALENDAR
Consent Calendar items are typically routine in nature and are considered for approval by the Board with one single motion. Members of the Board, Audience or Staff wishing an item pulled from the Consent Calendar for purpose of public comment, question or discussion may request so through the Chair.
(a) Approve the minutes of the regular meeting of December 7, 2021. (Secretary) (View here)
(b) Adopt a Resolution to Approve and Adopt the Recognized Obligation Payment Schedule for the Year Ending June 30, 2024 (ROPS 2023-2024), Pursuant to the Dissolution Act. (City Manager) (View here)

3. PUBLIC COMMENT ON NON - AGENDA ITEMS
Members of the public may address the Board on items within the Board’s jurisdiction, (which are not on the agenda) at this time. To assure an orderly meeting and an equal opportunity for everyone, each speaker is limited to 3 minutes, enforced at the Chair’s discretion. In accordance with State Law, no action may take place on any item not appearing on the posted agenda. The Board may respond to statements made or questions asked or may at its discretion request Staff to report back at a future meeting concerning the matter.

Public comment and input on Public Hearing, Action Items and other Agenda Items will be allowed when each item is considered by the Board.

4. PUBLIC HEARINGS – None.

5. ACTION ITEMS – None.

6. BOARD ITEMS – limited to requests and directives for future meetings.

7. ADJOURNMENT – the next regular Successor Agency meeting will be scheduled as needed. # # # # #
Agenda Item: 5(a)
____________________________________________________________________________ City Council Minutes December 6, 2022 Page 1

MINUTES
OF THE

REGULAR MEETING

CLAYTON CITY COUNCIL
TUESDAY, December 6, 2022

1. CALL TO ORDER THE CITY COUNCIL – The meeting was called to order at 7:00 p.m. by Mayor Cloven via a hybrid meeting format live in-person and Zoom videoconference and broadcast from Hoyer Hall, Clayton Community Library, 6125 Clayton Road, Clayton, California. Councilmembers present: Mayor Cloven, Vice Mayor Tillman, and Councilmembers Diaz, Wan, and Wolfe. Councilmembers absent: None. Staff present:

City Manager Reina Schwartz, City Attorney Mala Subramanian, and City Clerk/HR Manager Janet Calderon.

2. PLEDGE OF ALLEGIANCE – led by Mayor Cloven.

3. CONSENT CALENDAR
Vice Mayor Tillman noted corrections needed to the Resolution of Consent Calendar Item 3(e).

It was moved by Vice Mayor Tillman, seconded by Councilmember Wolfe, to approve the Consent Calendar items 3(a) – 3(d), 3(f) – 3(h), as submitted and Consent Calendar Item 3(e) as amended. (Passed 5-0).
(a) Approved the minutes of the City Council’s regular meeting of November 15, 2022. (b) Approved the Financial Demands and Obligations of the City. (Finance) (c) Adopted Resolution No. 81-2022 of the City Council of the City of Clayton Allowing for Video and Teleconference Meetings as Needed during the COVID-19 State of Emergency Under AB 361. (City Manager)
(d) Approved Cancellation of January 3, 2023 City Council meeting. (City Manager) (e) Adopted Resolution No. 82-2022 Approving the Results of the Canvass of Returns in the November 2022 Clayton General Municipal Election Declaring Two Citizens Elected to the City Council of Clayton, California for Full Four-Year Terms of Office. (City Clerk) (f) Adopted Resolution No. 83-2022 Appointing one (1) Citizen to the Trails and Landscape Committee for term of office commencing December 1, 2022 through December 31, 2024. (City Clerk)
(g) Approved by Minute Order the Purchase of Replacement AED Units at a Net Cost of $11,708 from the Rainy Day Fund. (Chief of Police)
____________________________________________________________________________ City Council Minutes December 6, 2022 Page 2
(h) Adopted Resolution No. 84-2022 of the City Council of the City of Clayton Authorizing the City Manager to Execute Deed Restrictions Applicable to Clayton Community Park and The Grove Park Parcels to Ensure Public Recreational Use of Both Facilities Through June 30, 2048 (Clayton Community Park) and June 30, 2049 (The Grove Park), in Accordance with the California Department of Parks and Recreation’s Office of Grants and Local Services’ (OGAL) Proposition 68 Grant Programs (CEQA Status: Categorical Exemption, Class 2). (Community Development Director)

4. RECOGNITIONS AND PRESENTATIONS
(a) Information Only – No Action Requested.
• Human Rights Day – December 10
(b) Certificates of Recognition to public school students for exemplifying the “Do the Right Thing” character trait of “Respect” during the month of October 2022. (Mayor Cloven)
Councilmember Wolfe and Mt. Diablo Elementary School Principal Katie Sanchez presented certificates to Jackson Ring and Kyle Hunt.

Councilmember Wolfe and Diablo View Middle School Principal Peter Fong presented certificates to Lexi Gonzalez and Austin Kirkham.

5. REMARKS BY OUTGOING CITY COUNCIL MEMBERS
Councilmember Carl Wolfe thanked the City Manager, City Attorney, Police, Maintenance and Administrative staff for their assistance. He also thanked current and previous Councilmembers and Planning Commissioners. He also congratulated Jeff Wan on his re-election and Kim Trupiano on her election. In closing, he thanked the community for their support.

Mayor Cloven thanked Councilmember Wolfe for his volunteerism to the community and service as a City Councilmember.

Vice Mayor Tillman thanked Councilmember Wolfe for welcoming her to the City Council. She also thanked him for his service as Mayor in 2021.

Alexia Lopez, District Representative, Senator Glazer, presented a Senate Resolution to Councilmember Wolfe and a Certificate of Recognition to Mayor Cloven.

6. OATHS OF OFFICE BY NEWLY ELECTED CITY COUNCIL MEMBERS Jeff Wan and Kim Trupiano.
(City Clerk)
Mayor Cloven announced a short recess from 7:25 pm to 7:44 pm Agenda Item: 5(a)
____________________________________________________________________________ City Council Minutes December 6, 2022 Page 3

7. ANNUAL REORGANIZATION OF CLAYTON CITY COUNCIL
Mayor Cloven opened public comment.

Dane Horton expressed his support in Jeff Wan rotating to the position of Mayor.

Mayor Cloven closed public comment.
(a) Election of Mayor by the City Council
[Mayor Cloven, to conduct the election]
Mayor Cloven opened the nominations for Mayor. Councilmember Diaz nominated Jeff Wan for the office of Mayor.

Mayor Cloven then nominated Holly Tillman for the office of Mayor.

On call by Mayor Cloven, the election of Jeff Wan as Mayor passed. (Passed 3-1-1 vote; Cloven, No and Tillman, Abstain).
(b) Election of Vice Mayor by the City Council
[Newly elected Mayor to conduct the election]
Mayor Wan opened nominations for Vice Mayor. Councilmember Trupiano nominated Jim Diaz for the position of Vice Mayor. There were no other nominations and Mayor Wan closed the nominations.

On call by Mayor Wan, the election of Jim Diaz as Vice Mayor passed. (Passed 4-1 vote; Cloven, No).
(c) Recognitions and remarks by new Mayor and Council Members.

Councilmember Trupiano thanked her family and supporters.

Mayor Wan thanked his family, and candidates Miller and Billeter. Mayor Wan noted his goals during his term will be to address staffing vacancies, budget short-falls, and reducing polarization and heated rhetoric.

8. REPORTS
(a) City Manager Reina Schwartz congratulated the City Council and noted “No Report”. (b) City Council - Reports from Council liaisons to Regional Committees, Commissions and Boards.

Councilmember Tillman attended the Clayton Business and Community Association general membership meeting, attended the Elected Women’s Luncheon, volunteered with the Clayton Business and Community Association downtown decorating event, met with the Community Development Director, met with the Ad-Hoc Committee regarding the City Manager firm interviews, attended the Cal Cities Leadership Workshop, ____________________________________________________________________________ City Council Minutes December 6, 2022 Page 4
attended the Budget/Audit Committee meeting, met with the City Manager, and met with former Mayor Cloven.

Councilmember Cloven indicated “no report” due to having COVID.

Vice Mayor Diaz attended the Clayton Business and Community Association general membership meeting, volunteered with the Clayton Business and Community Association downtown decorating event, attended the East Bay Regional Communications System Authority (EBRCS) meeting, met with the Police Chief and met with the City Manager.

Councilmember Trupiano attended the Clayton Business and Community Association general membership meeting, attended the elected Women’s Luncheon, volunteered with the Clayton Business and Community Association downtown decorating event, attended the Clayton Business and Community Association tree lighting event, met with City Manager, and attended Karen Mitchoff’s retirement dinner.

Mayor Wan answered many phone calls with constituents.

9. PUBLIC COMMENT ON NON - AGENDA ITEMS – None.

10. PUBLIC HEARINGS – None.

11. ACTION ITEMS – None.

12. CLOSED SESSION – None.

13. COUNCIL ITEMS
Councilmember Tillman requested a future agenda item regarding City Council policy on rotation of Mayor.

Mayor Wan requested a future agenda item to include Order of Agenda items, and proposal of a Solar Lease arrangement.

14. ADJOURNMENT– on call by Mayor Cloven, the City Council adjourned its meeting at 8:06 p.m.

The next regularly scheduled meeting of the City Council will be December 20, 2022.

Agenda Item: 5(a)
____________________________________________________________________________ City Council Minutes December 6, 2022 Page 5
# # # # #
Respectfully submitted,
________________________________
Janet Calderon, City Clerk

APPROVED BY THE CLAYTON CITY COUNCIL
______________________________________
Jeff Wan, Mayor
# # # # #
Agenda Item: 5(b)

STAFF REPORT
TO: HONORABLE MAYOR AND COUNCILMEMBERS
FROM: JENNIFER GIANTVALLEY, ACCOUNTING TECHNICIAN
DATE: 12/20/2022
SUBJECT: FINANCIAL DEMANDS AND OBLIGATIONS OF THE CITY
RECOMMENDATION:

It is recommended the City Council, by minute action, approve the financial demands and obligations of the City for the purchase of services and goods in the ordinary course of operations.

Attachments:

1. Obligation report dated 12/20/22 (2 pages)

2. Payroll Reconciliation Summary report PPE 12/11/22 (2 pages) Attached Report Purpose Amount
Obligations, Dated 12/20/22 Accounts Payable $ 344,632.27 Payroll Reconciliation Summary Payroll, Taxes $ 95,052.71 Total Required $ 439,684.98
City of Clayton Obligations for 12/20/2022
Vendor name Invoice date Invoice number Invoice description Amount Payment method American Fidelity Assurance Company 12/15/2022 2151316A FSA PPE 12/11/22 $75.00 Bank draft Authorize.net 12/15/2022 November22 Online bankcard gateway fee November 2022 $32.70 Bank draft CalPERS Retirement 12/15/2022 112722 Retirement PPE 11/27/22 $18,617.13 Bank draft CalPERS Retirement 12/15/2022 121122 Retirement PPE 12/11/22 $18,627.39 Bank draft Mission Square Retirement 12/15/2022 121122 457 Plan contributions PPE 12/11/22 $1,263.46 Bank draft Nationwide 12/15/2022 121122 457 Plan contribution PPE 12/11/22 $500.00 Bank draft US Bank Cal Card 12/15/2022 Stmt end 11/22/22 Cal Card Statement end 11/22/22 $7,791.97 Bank draft Advanced Elevator Solutions, Inc 12/15/2022 50467 Elevator Service November 2022 $128.00 Check Apex Technology Management 12/15/2022 APXQ29745 IT Security, Communication, & Infrastructure Svcs $9,701.64 Check Axon Enterprise, Inc 12/15/2022 INUS119918 Basic to Pro Conversion $408.00 Check Best Best & Kreiger LLP 12/15/2022 952157-952159 Legal svcs November 2022 $13,180.00 Check Cintas Corporation 12/15/2022 5135751611, etc Restock first aid, PW uniforms 11/25-12/8/22 $280.24 Check City of Concord 12/15/2022 95564 Dispatch Svcs January 2023 $26,921.86 Check CLEARS, Inc. 12/15/2022 2023 Member dues 2023 $50.00 Check Comcast Business 12/15/2022 120522 Internet 12/10/22-1/9/23 $232.52 Check Comcast Business (PD) 12/15/2022 159831187 PD Internet November 2022 $960.74 Check CR Fireline, Inc 12/15/2022 122723 EH fire sprinkler inspection $975.00 Check CR Fireline, Inc 12/15/2022 122724 Library fire sprinkler inspection $975.00 Check CR Fireline, Inc 12/15/2022 122727 CH fire sprinkler inspection $1,275.00 Check Critical Reach, Inc 12/15/2022 2466 APBnet Annual Support Fee 2023 $235.00 Check Dillon Electric Inc 12/15/2022 4779 Assemble, install 2 light poles $2,733.60 Check Geoconsultants, Inc. 12/15/2022 19411 Well monitoring November 2022 $1,546.50 Check Gilbert Palomino 12/15/2022 CAP0425 Deposit refund $3,024.00 Check Hammons Supply Company 12/15/2022 121482 Janitorial supplies November 2022 $62.64 Check Health Care Dental Trust 12/15/2022 323317 Dental December 2022 $1,611.67 Check Hinderliter de Llamas & Associates 12/15/2022 SIN023383 Sales Tax Q2 FY23 $1,077.39 Check JAM Services 12/15/2022 163642 Streetlight poles (4) $4,241.25 Check JJR Enterprises for Caltronics Business Systems 12/15/2022 3561844 Copier usage 7/18/22-8/17/22 $99.48 Check JJR Enterprises for Caltronics Business Systems 12/15/2022 3632237 Copier usage 10/18/22-11/17/22 $79.94 Check Landscape Care Company 12/15/2022 28610 Diablo Estates Landscaping $6,580.00 Check Landscape Care Company 12/15/2022 28611 Diablo Estates Irrigation repair $232.40 Check Landscape Care Company 12/15/2022 28616 Diablo Estates Irrigation repair $330.50 Check LarryLogic Productions 12/15/2022 2060 Planning Commision Meeting Production 11/22/22 $320.00 Check LarryLogic Productions 12/15/2022 2063 CC meeting/Budget Committee mtg production 11/28/22, 12/6/22 $1,080.00 Check Matthew Polewaczyk 12/15/2022 Interview/Interrogat Mileage reimbursement for training $26.63 Check Matthew Polewaczyk 12/15/2022 Radar/Lidar Mileage reimbursement for training $26.00 Check Moore Iacofano Golstman, Inc 12/15/2022 78449 Housing Element svcs November 2022 $22,790.00 Check MPA 12/15/2022 918-30186 Life/LTD December 2022 $1,497.11 Check MSR Mechanical, LLC 12/15/2022 SVC005920,6255,6273. CH, EH, Library HVAC services $18,473.77 Check Occupational Health Centers of California 12/15/2022 77486423 PD Pre-employment exam $141.00 Check Pacific Telemanagement Svc 12/15/2022 2097171 Courtyard pay phone December 2022 $70.00 Check PG&E 12/15/2022 7293447797-6 Energy 7/19/22-11/15/22 $117,814.65 Check Pond M Solutions 12/15/2022 7281 Fountain maintenance October 2022 $650.00 Check Pond M Solutions 12/15/2022 7316 Fountain maintenance November 2022 $650.00 Check Precision Civil Engineering (PCE) 12/15/2022 27481 21-359 Pre-approved ADU Plans $2,523.75 Check

City of Clayton Obligations for 12/20/2022
Rex Lock & Safe, Inc. 12/15/2022 134391 Keys $90.00 Check Rural Pig Management, Inc 12/15/2022 CC120122 Pig control December 2022 $3,000.00 Check SCA of CA, LLC 12/15/2022 104558CS Street sweeping November 2022 $4,500.00 Check SEFNCO 12/15/2022 CAP0476 Overpayment for project work $2,694.00 Check Site One Landscape Supply, LLC 12/15/2022 124986061-001 Sand $937.67 Check Site One Landscape Supply, LLC 12/15/2022 125401088-001 Irrigation parts $113.99 Check Site One Landscape Supply, LLC 12/15/2022 125401088-002 Irrigation parts $90.96 Check Staples Business Credit 12/15/2022 1645588449 Office supplies $278.82 Check State Water Resources Control Board 12/15/2022 SW-0241837 SWRCB annual permit fee FY 2023 $10,602.00 Check Swenson's Mobile Fleet Repair 12/15/2022 5262-4,5677-80,5729 PW vehicle svcs, destination fee $3,724.64 Check T J Communications 12/15/2022 1528 Hoyer Hall IT installation $3,417.07 Check US Bank Trust National Assoc 12/15/2022 2158525 Successor Agency Interest Payment $8,855.00 Check Verizon Wireless 12/15/2022 9921866541 PW cell phones 11/2/22-12/1/22 $200.40 Check Voler Strategic Advisors, Inc 12/15/2022 1714 Strategic Communications support November 2022 $5,000.00 Check Voler Strategic Advisors, Inc 12/15/2022 1715 Strategic Communications support December 2022 $5,000.00 Check Western Exterminator 12/15/2022 171894C Pest control December 2022 $512.45 Check Workers.com 12/15/2022 135041 Seasonal workers week end 11/27/22 $2,804.44 Check Workers.com 12/15/2022 135089 Seasonal workers week end 12/4/22 $2,897.90 Check $344,632.27

Payroll Totals
Payroll Checks Check Type Count Net Check Dir Dep Amount Net Amount Regular 35 0.00 72,132.61 72,132.61
Regular 1 110.82 0.00 110.82
Totals 36 110.82 72,132.61 72,243.43 ĺ 72,243.43
Payroll Checks Check Type Agency Type Count Net Check Dir Dep Amount Net Amount Agency EFSDU 1 0.00 358.15 358.15
Agency Regular 1 0.00 663.50 663.50
Totals 2 0.00 1,021.65 1,021.65 ĺ 1,021.65
Total Net Payroll Liability 110.82 73,154.26 73,265.08 ĺ 73,265.08 Tax Liability
CA and Related Taxes Tax Id Rate Frequency Wage Cap Wages EE Amount ER Amount CA SDI - Employee EXEMPT Semi-Weekly 102,892.64 93,983.01 California SITW Semi-Weekly 101,379.18 101,379.18 4,977.01 Totals 4,977.01 0.00 ĺ 4,977.01
CASUI and Related Taxes Tax Id Rate Frequency Wage Cap Wages EE Amount ER Amount CA Edu & Training 0.001000 Quarterly 102,892.64 4,356.87 4.36 California SUI 0.020000 Quarterly 102,892.64 4,356.87 87.14 Totals 0.00 91.50 ĺ 91.50
FITW and Related Taxes Tax Id Rate Frequency Wage Cap Wages EE Amount ER Amount EE Medicare High
Income
Semi-Weekly 8,909.63 8,909.63 80.19
Federal Income Tax Semi-Weekly 101,379.18 101,379.18 13,048.43 Medicare Semi-Weekly 102,892.64 102,892.64 1,492.00
Medicare - Employer Semi-Weekly 102,892.64 102,892.64 1,491.94 OASDI Semi-Weekly 4,891.60 4,891.60 303.28
OASDI - Employer Semi-Weekly 4,891.60 4,891.60 303.28
Totals 14,923.90 1,795.22 ĺ 16,719.12
Total Tax Liability 19,900.91 1,886.72 ĺ 21,787.63
Transfers
Type Date Source Account Amount
Dir Dep 12/15/2022 09825 04799* 72,132.61
Total Payroll Liability 95,052.71 ĺ 95,052.71
Paylocity Corporation
(888) 873-8205
Run on 12/12/2022 at 6:21 PM
User: JGiantvalley
Payroll Summary
City of Clayton

Check Date: 12/16/2022
Pay Period: 11/28/2022 to 12/11/2022
Process: 2022121601
Tax 12/15/2022 21,787.63
Trust 12/15/2022 110.82
Trust Agency 12/15/2022 1,021.65
Totals Transfers 95,052.71 ĺ 95,052.71
Tax Deposits
Required Tax Deposits Tax Due On Amount
( Deposit made by Service Bureau ) California SITW 12/21/2022 4,977.01 ( Deposit made by Service Bureau ) Federal Income Tax 12/21/2022 16,719.12 ( Deposit made by Service Bureau ) California SUI 1/31/2023 91.50 Total Tax Deposits 21,787.63
Paylocity Corporation
(888) 873-8205
Run on 12/12/2022 at 6:21 PM
User: JGiantvalley
Payroll Summary
City of Clayton

Check Date: 12/16/2022
Pay Period: 11/28/2022 to 12/11/2022
Process: 2022121601
Agenda Item: 5(c)

AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: CITY MANAGER
DATE: December 20, 2022
SUBJECT: Adopt a Resolution of the City Council of the City of Clayton Allowing for Video and Teleconference Meetings as Needed during the COVID-19 State of Emergency Under AB 361
___________________________________________________________________________

RECOMMENDATION
Adopt a Resolution of the City Council allowing for video and teleconference meetings as needed during the COVID-19 state of emergency under AB 361.

BACKGROUND
Last year, the State Legislature passed, and Governor Newsom signed AB 361 which continues many of the provisions related to the Brown Act that were in place under Executive Orders, which expired September 30, 2021 that allowed for video and teleconferencing during the state of emergency. Since AB 361 has been signed into law, the City can continue to meet virtually until such time as the Governor declares the State of Emergency due to COVID-19 over and measures to promote social distancing are no longer recommended by the County Health Officer.

On September 20, 2021, February 2, 2022, March 1, 2022, April 15, 2022, June 14, 2022, July 5, 2022, August 9, 2022, September 1, 2022, October 4, 2022, and December 7, 2022 the Contra Costa County Health Officer issued recommendations for safely holding public meetings and continues to encourage on-line meetings over inperson public meetings if feasible. If in-person meetings occur, the County Health Officer recommends physical distancing of six feet of separation between all attendees to the extent possible. The proposed resolution provides that the City Council and all subsidiary City boards and commissions may choose to hold fully virtual video and teleconference meetings while the state of emergency is still in effect and physical distancing is recommended.

Subject: Resolution Allowing for Video and Teleconference Meetings during the COVID-19 State of Emergency Under AB 361
Date: December 20, 2022

In order to continue to be able to hold video and teleconference meetings as needed for COVID/public-health related reasons, the City Council will need to review and make findings every thirty days that the state of emergency continues to directly impact the ability of the members to meet safely in person and that state or local officials continue to impose or recommend measures to promote physical distancing.

FISCAL IMPACT
None.

Attachments
Resolution of the City Council Allowing for Video and Teleconference Meetings during the COVID-19 State of Emergency Under AB 361
Recommendations for Safely Holding Public Meetings (issued 12/07/2022 by Contra Costa County Health Officer)
Resolution ##-2022 AB 361 December 20, 2022
RESOLUTION NO. ##-2022

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLAYTON

ALLOWING FOR VIDEO AND TELECONFERENCE MEETINGS DURING THE COVID-19 STATE OF EMERGENCY UNDER AB 361
WHEREAS, on March 4, 2020, the Governor of the State of California proclaimed a State of Emergency for COVID-19;
WHEREAS, AB 361 was passed by the State Legislature and signed by Governor Newsom and went into effect immediately and allows the City to continue to meet virtually until such time as the Governor declares the State of Emergency due to COVID-19 over and measures to promote physical distancing are no longer recommended; WHEREAS, on September 20, 2021, February 2, 2022, March 1, 2022, April 15, 2022, June 14, 2022, July 5, 2022, August 9, 2022, September 1, 2022, October 4, 2022, and December 7, 2022 the Contra Costa County Health Officer issued recommendations for safely holding public meetings and encourages on-line meetings if feasible and if in person meetings occur then recommends physical distancing of six feet of separation to the extent possible and masking for all attendees;
WHEREAS, in light of this recommendation, the City Council desires for itself and for all other City legislatives bodies that are subject to the Brown Act to be able to choose to meet via video and/or teleconference as necessary; and WHEREAS, pursuant to AB 361 the City Council will review the findings required to be made at least every 30 days.

NOW THEREFORE BE IT RESOLVED the City Council hereby finds on behalf of itself and all other City legislative bodies: (1) a state of emergency has been proclaimed by the Governor; (2) the state of emergency continues to directly impact the ability of the City’s legislative bodies to meet safely in person; and (3) local health officials continue to recommend measures to promote physical distancing.

BE IT FURTHER RESOLVED that the City Council and all other City legislative bodies may continue to meet via video and/or teleconference as needed during the COVID-19 emergency.

PASSED AND ADOPTED by the Clayton City Council, State of California, on this 6th day of December 2022, by the following vote.

Resolution ##-2022 AB 361 December 20, 2022
AYES:

NOES:

ABSENT:

ABSTAIN:

THE CITY COUNCIL OF CLAYTON,
CA
Jeff Wan, Mayor
ATTEST:
_________________________________
Janet Calderon, City Clerk
Recommendations for safely holding public meetings
Each local government agency is authorized to determine whether to hold public meetings in person, on-line (teleconferencing only), or via a combination of methods. The following are recommendations from the Contra Costa County Health Officer to minimize the risk of COVID 19 transmission during a public meeting.

1. Online meetings (i.e. teleconferencing meetings) are encouraged, where practical, as these meetings present the lowest risk of transmission of SARS CoV-2, the virus that causes COVID 19. This is particularly important when community prevalence rates are high. Our current trends as of December 7, 2022 in Covid-19 case rate, test positivity, Covid-19 hospitalizations, and Covid-19 wastewater surveillance are increasing. In addition to this, the predominant variant of Covid-19 being identified continues to be the Omicron variant and it’s subvariants the impact of which on the spread of Covid-19 has shown to dramatically increase COVID-19 transmission.

2. If a local agency determines to hold in-person meetings, offering the public the opportunity to attend via a call-in option or an internet-based service option is recommended, when possible, to give those at higher risk of and/or higher concern about COVID-19 an alternative to participating in person.

3. A written safety protocol should be developed and followed. It is recommended that the protocol require social distancing, where feasible – i.e. six feet of separation between attendees; and consider requiring or strongly encouraging face masking of all attendees and encouraging attendees to be up-to-date on their COVID-19 vaccine.

4. Seating arrangements should allow for staff and members of the public to easily maintain at least six-foot distance from one another at all practicable times.

5. Consider holding public meetings outdoors. Increasing scientific consensus is that outdoor airflow reduces the risk of COVID-19 transmission compared to indoor spaces. Hosting events outdoors also may make it easier to space staff and members of the public at least 6 feet apart. If unable to host outdoors, consider ways to increase ventilation and flow of the indoor space to reduce the risk of COVID-19 while indoors.

6. Current evidence is unclear as to the added benefit of temperature checks in addition to symptom checks. We encourage focus on symptom checks as they may screen out individuals with other Covid-19 symptoms besides fever and help reinforce the message to not go out in public if you are not feeling well.

7. Consider a voluntary attendance sheet with names and contact information to assist in contact tracing of any cases linked to a public meeting.

Revised 12-7-2022
Sefanit Mekuria, MD, MPH
Deputy Health Officer, Contra Costa County
Agenda Item: 5(d)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: Nitish Sharma, Finance Director (Interim)
DATE: December 20, 2022
SUBJECT: Adoption of a Resolution Approving a Debt Management Policy ___________________________________________________________________________

RECOMMENDATION
It is respectfully recommended that the City Council adopt a Resolution approving a City of Clayton Debt Management Policy in order to comply with the requirements of Senate Bill 1029 (SB 1029).

BACKGROUND
The City of Clayton (City) currently has publicly issued debt (non-General Fund) and has followed debt covenants, as well as procedures for post-debt issuance compliance. In the past, maintaining and abiding by these policies were “best practices” for debt issuers, but are now mandated for local agencies that wish to issue debt under recent changes to the State of California Government Code (SB 1029). The new requirements apply to any debt issued by local agencies in the State following the effective date of January 1, 2017. While the City has not issued debt during that time, nor are there any current plans to issue debt, it is a best practice for the City to have a debt management policy related to existing debt and to be prepared in case there is a point at which the City wishes to enter into new debt. Attachment 1 describes the State California Debt and Investment Advisory Commission’s (CDIAC) guidance to issuers of public debt on how to comply with SB 1029.

Pursuant to SB 1029, which was codified at Government Code Section 8855(i), each local agency desiring to issue debt must certify that it has adopted a compliant debt management policy. To be compliant, a debt management policy must include the following:

1. The purposes for which the debt proceeds may be used;

2. The types of debt that may be issued;
Subject: Adoption of a Debt Management Policy
Date: December 20, 2022
Page | 2
2 3. The relationship of the debt to, and integration with, the issuer’s capital improvement program or budget;

4. Policy goals related to the issuer’s planning goals and objectives; and

5. The internal control procedures that the issuer has implemented, or will implement, to ensure that the proceeds of the proposed debt issuance will be directed to the intended use.

DISCUSSION
Attachment 2, the proposed City of Clayton Debt Management Policy, would establish a debt management policy and ensure compliance with SB 1029 requirements by the City, as well as the Clayton Local Successor Agency and the Clayton Public Facilities Financing Authority (CFA). The establishment of a single debt policy document will facilitate review by those requiring submittal of, or access to, the document. A single comprehensive debt policy will facilitate review by entities such as CDIAC, credit rating agencies, bond counsel and disclosure counsel, investors in the City’s debt, and the general public. The creation of a single document will also increase government transparency by making it easier to access relevant information on how public debt is managed.

Attachment 2a to the Proposed Debt Management Policy addresses the procedural requirements for any interfund loans if they were to be authorized by the City Council.

Interfund loans can only be authorized by City Council action.

In preparing the City’s debt policy, the City has used a template created by the Government Finance Officers Association (GFOA), a professional organization that provides a spectrum of “best practices” guidance to government finance professionals.

FISCAL IMPACTS
There is no financial impact on this item. The approval of this staff report and attachments will ensure the City is incompliance with the regulatory agencies.

ATTACHMENTS

1. Resolution: Approving the Debt Management Policy

2. Debt Management Policy
2a. Internal Loan Policy and Procedures (amendment to the Debt Management Policy)

3. CDIAC Guidance on SB 1029

4. GFOA Best Practices
CITY OF CLAYTON RESOLUTION ##-2022
CITY OF CLAYTON SUCCESSOR AGENCY RESOLUTION SA##-2022

CITY OF CLAYTON PUBLIC FACILITIES FINANCING AUTHORITY RESOLUTION FA##-2022

A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

CLAYTON, THE CLAYTON SUCCESSOR AGENCY AND THE CITY OF

CLAYTON PUBLIC FACILITIES FINANCING AUTHORITY APPROVING THE

ADOPTION OF A DEBT MANAGEMENT POLICY
WHEREAS, Senate Bill 1029 (SB 1029), which became effective on January 1, 2017, amended California Government Code 8855 to add certain requirements related to the issuance and administration of debt by local agencies such as the City of Clayton (the “City”), the Clayton Redevelopment Successor Agency (the “Successor Agency”) and the City of Clayton Public Facilities Financing Authority (the “Authority”), including the requirement to adopt a debt policy meeting the requirements of California Government Code 8855 prior to issuing any debt; and
WHEREAS, the City, the Successor Agency and the Authority wish at this time to approve a debt policy that is compliant with California Government Code 8855 to govern future issuances of debt by the City, the Successor Agency and the Authority, respectively; and
NOW, THEREFORE, the City Council of the City, the Clayton Redevelopment Successor Agency, and the Board of Directors of the City of Clayton Public Facilities Financing Authority resolve as follows:

1. Approval of Debt Management Policy. The City Council, the Successor Agency Board of Directors and the Board of Directors of the Public Facilities Financing Authority hereby jointly approve and adopt the Debt Management Policy in the form presented to the meeting at which this Resolution is adopted. The Debt Management Policy shall govern the issuance and administration of debt issued by the City, the Successor Agency, and the Authority, all in accordance with, and subject to, the conditions set forth in such policy.

2. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption.

PASSED and ADOPTED this 20th day of December 2022, by the following vote:

AYES:

NOES:

ABSENT:
2 ABSTAINED:

Jeff Wan,
Mayor/
Successor Agency Chair/
Authority Chair
Attest:

Janet Calderon
City Clerk/
Successor Agency Secretary/
Authority Secretary
City of Clayton
Debt Management Policy
December, 2022
Page i

TABLE OF CONTENTS
I. Policy ......................................................................................................................... 1 II. Purpose and Scope..................................................................................................... 1 III. Application................................................................................................................. 1 A. Definitions...................................................................................................... 1 B. Objectives....................................................................................................... 1 C. Types of Indebtedness..................................................................................... 2 D. Debt Management Responsibility.................................................................... 3 E. Uses and Limits of Indebtedness...................................................................... 3 F. Method of Sale............................................................................................... 4 G. Interfund Loans............................................................................................... 5 H. Financing Professionals................................................................................... 6 I. Structuring Debt Finance.................................................................................... 7 J. Refunding Bonds................................................................................................ 9 K. Debt Administration........................................................................................ 9 L. Relationship of Debt to Capital Improvement Program and Budget................ 10 IV. References............................................................................................................... 11

I. POLICY
The City of Clayton (“City”) debt management policy governs the issuance and management of all debt and lease financing activity by the City.

II. PURPOSE AND SCOPE
The purpose of the policy is to promote sound and uniform practices for issuing and managing bonds and other forms of indebtedness, to provide information and guidance to decision makers regarding the appropriate types and uses of debt and other repayment obligations of the City, and to comply with Government Code section 8855(i), which became effective January 1, 2017.

This policy applies to all City elected officials, executives, employees, interns, volunteers, contractors, vendors, suppliers, members of the public, and other persons who participate in City programs and services.

III. APPLICATION
A. Definitions:
a. While an effort has been made to define terms when used, municipal debt uses a specialized vocabulary. A Glossary of Municipal Securities Terms can be found on the website of the regulatory agency the Municipal Securities Rulemaking Board, at http://www.msrb.org/Glossary.

B. Objectives:
a. To help maintain the financial stability of the City by encouraging sound decision-making so that its long-term financial
commitments are affordable and do not create undue risk or burden.
b. To protect the City’s credit rating and minimize the City’s borrowing costs.
c. To meet the requirements of state and federal law and regulation, including federal requirements regarding disclosure and administration of tax-exempt indebtedness.
d. To incorporate best practices into the City’s issuance and administration of its indebtedness.
e. To ensure that the City’s debt is consistent with the City’s planning goals and objectives and capital improvement program or budget, as applicable.

C. Types of Indebtedness.

The following are types of debt the City may issue orincur. a. Voter-approved indebtedness: The City can issue general obligation bonds with approval of 2/3 of those voting at an election. Such bonds would be repaid out of a supplemental property tax, levied based on the value of property. The amount of general obligation bonds the City can issue is limited by State law. General obligation bonds would be an appropriate method of financing capital improvements of Citywide benefit. The City could also seek 2/3 approval of a parcel or other special taxes (levied on a basis other than assessed valuation) structured to secure bonds. Most commonly, community facilities districts are formed, and bonds secured by the levy of special taxes within such districts, which are issued under the Mello- Roos Community Facilities Act, discussed below.
b. General Fund lease obligations: Long-term obligations secured by lease payments from a City’s general fund do not require voterapproval under California law (the State Constitutional Debt Limit).

Lease obligations can take the form of publicly offered lease revenue bonds issued by the City/Authority or certificates of participation or may take the form of financing leases that are privately placed with a bank.

There is no legal limitation on the amount of such obligations a City can incur, although there are practical budget limitations of debt affordability. In addition, the structure of the obligation is subject to various conditions articulated in the case law that established this exception to voter approval.
c. Cashflow borrowings: The City can issue tax and revenue anticipation notes that are repaid out of current year revenues to smooth any temporary cash shortages.
d. Assessment and Mello-Roos community facilities district special tax bonds: The City can form assessment districts with a weighted majority property-owner approval of the levy of assessments within such districts, to finance projects that provide special benefit to the properties within such districts. Similarly, property- owners of undeveloped land can approve Mello-Roos special taxes to finance public improvements; if there are at least 12 registered voters within the boundary of a Mello-Roos community facilities district, the vote is by the registered voters. Mello-Roos community facilities districts can be formed on property that has more than 12 registered voters based on a registered voter election. Both techniques are generally referred to as land-secured debt.

D. Debt Management Responsibility
a. The Finance Director (FD) is the City official responsible for the following:

1. Debt issuance and management, recognizing that assigned staff may be assigned the day-to-day responsibilities.

2. Working with the City Manager, City Attorney and other staff deemed appropriate in formulating the City’s debt management plans, seeking City Council approval to execute such plans, and ensuring the appropriate debt management.

3. Keeping the City Council informed of City’s debt-related activities through informational reports, briefings, or workshops.

E. Uses and Limits on Indebtedness

1. Debt provides a tool for financing capital projects that are too large to accommodate as part of the annual budget, to share the cost of major improvements between current and future taxpayers or ratepayers and/or to accelerate the delivery of a project when compared to funding on a pay-as-you-go- basis. On the other hand, debt service represents a fixed cost that will compete with other expenditures in the City’s budget and cannot be deferred in any given year. In order to achieve the proper balance in its use of debt, the City will follow the following policy goals:

1. Except to alleviate cash-flow timing issues within a fiscal year, the City will not use debt to finance operating expenses. The City may consider use of debt in the event of an extraordinary expense, such as the financing of a major judgment.

2. The City will plan for capital improvements and maintenance as part of its budgeting process, seeking to set funds aside in advance of need so that most capital projects can be financed on a “pay-as-yougo” basis. Debt financing will be reserved for extraordinary capital expenditures.

3. The City believes that prudent amounts of debt can be an equitable and cost-effective means of financing major infrastructure and capital project needs. The City will evaluate the benefit and risks of each proposed issuance of new debt on a case-by-case basis, considering such factors as the City’s overall fiscal health, the potential impact of increased debt service on then current service

levels and other long-term considerations such as funding requirements for pensions and other post-employment retirement benefits. In general, debt may be considered to finance such projects if it meets one or more of the following minimum criteria:
i. It meets the City’s goal of distributing the payments for the asset over its useful life so that benefits more closely match costs for both current and future
residents.
ii. The need for the project is compelling in terms of ongoing cost savings or the need for public safety or services, and the size of the project makes funding
out of existing resources or near-term revenues is
impractical.

4. At such time that lease revenue bonds or other obligations that will be repaid from the General Fund are considered, the City should evaluate the affordability of the debt, specifically considering the amount of annual debt service as a percentage of General Fund appropriations and consider adopting limits on the amount of such debt. This policy defers the setting of affordability targets until the practical need arises, rather than recommending establishing such limits in a vacuum.

5. Debt that is backed by the General Fund (but expected to be paid out of other revenues) may be deducted from this calculation, provided that the City expects that the available revenues will be at least sufficient to cover debt service for the remaining life of the obligations.

F. Method of Sale
a. Bonds and other obligations can be sold at a public offering through either a competitive or negotiated sale.
b. Under a competitive sale, the terms of the bonds are determined by the City, with the assistance of its municipal advisor and bond counsel, and the sale is awarded to the underwriter judged to have submitted the lowest true interest cost, which takes into account interest rates and any discounts or premiums, including the underwriters’ spread (their compensation). Under a negotiated sale, the City selects its underwriter in advance, based on proposals received or by other means. The City, its bond counsel, and municipal advisor works with the underwriter in structuring,

marketing and finally offering an issue to investors.
c. An alternative method of obtaining financing is through a private placement with a bank or other private lender. The City will consider privately placing its debt for small and/or short-term borrowings or in instances where difficult credit or disclosure considerations or other special circumstances so warrant or where a private placement presents better terms than a public bond sale. d. In addition, the City can sometimes obtain loans from State or federal agencies for specific purposes such as energy
conservation purposes, often at lower interest rates than can be obtained through either the public bond market or from private lenders. When considering such loans, the City will consider the all-in cost of the loan, the other terms of the loan, and the compatibility of the loan with any outstanding City debt obligations.

G. Interfund Loans
a. In lieu of issuing bonds or otherwise borrowing from third parties, there may be situations where the most appropriate means for the City to borrow money will be through a loan from a well-capitalized City fund. Such Interfund Loans can be seen as an alternative investment of temporarily surplus City funds, which normally would be invested at a short-term rate as part of the City’s pooled investment program.
b. In approving any new Interfund Loan, the City Council will adopt a resolution that sets forth the terms of the loan, which will include the following:

1. The terms of the loan, including the interest rate and payment terms, the term and any other conditions that may be required to describe the loan or meet legal
requirements.

2. The terms under which the loan will be repaid such as frequency of payment (monthly, semiannually, annually), interest calculation method (360/365, monthly, annually), date of repayment (first of the month, last day of the month, etc.), prepayment penalty, prepayment/early repayment/
accelerated payment options and other payment terms.

3. Periodic payment amount.

4. The maturity date of the loan.

5. If there is a possibility that the loan will be repaid from the proceeds of tax-exempt bonds, a statement of such
expectations so as to satisfy the federal tax law
requirements for reimbursement bonds.

H. Financing Professionals
a. The Finance Director (FD) will be responsible for recommending the various professionals required for a financing, based on prior experience, recommendations, or a request for proposal process, as he or she deems appropriate.

1. Bond and Disclosure Counsel: Bond counsel prepares the various legal documents for a transaction and renders a variety of opinions, including an opinion regarding the taxexemption of bonds. For all public sales of debt, the City will retain the services of disclosure counsel to prepare the official statement. The FD will also determine whether to select another law firm to provide the services of disclosure counsel or to assign such duties to bond counsel.

2. Municipal Advisor: A municipal financial advisor assists in evaluating financing options, structuring of debt offerings, making recommendations as to the method of sale,
conducting competitive bond sales, and assisting with
bringing negotiated bond sales to market, including making recommendations to the City on proposed interest rates, prices and yields in light of market conditions and the characteristics of the bonds. The City will utilize a
registered municipal advisor for its public debt offerings (i.e., bond sales).

3. Underwriter: If the City elects to sell its debt through a competitive sale, the underwriter will be selected based on the best bid. When the City issues its debt through a
negotiated sale, it will select one or more underwriters. The City may establish a pool of underwriters upon which it may draw and make assignments from that pool as the FD believes is appropriate.

4. Other: Other financial professionals or firms may be required and/or advantageous depending on the particular bond issued. For example, a verification agent is typically necessary for refundings, while Mello-Roos financings
commonly make use of special tax consultants, market
absorption consultants and appraisers. The FD will be

responsible for selecting such firms as he or she deems appropriate and based on the advice of the other financial professionals assigned to the transaction.

I. Structuring Debt Financing
a. Term and Structure: Long-term debt financing of capital projects will be amortized over a period no longer than the useful life of the assets being financed and should generally not exceed thirty years from the date of issuance. Debt service will generally be structured to be level over the length of the bonds. Alternate debt structures may be used to wrap new debt around existing debt to create overall level debt service or to achieve other financial planning goals appropriate to the specific project. The dates for which debt service is scheduled (typically semi- annually) will take into account the cashflows of the revenues that will service such debt.
b. Debt Service Reserve Fund: To the extent required by the market, e.g., for assessment bonds or community facilities special tax bonds, or otherwise beneficial in lowering the City’s net cost of funds, the City may fund a debt service reserve fund out of bond proceeds no greater than the amount allowed under federal tax law.
c. Capitalized Interest: Funding interest payments out of bond proceeds during construction is required for a lease revenue obligation where the leased asset is the project being financed.

The City will consider leasing an existing municipal asset (an “asset transfer”) in order to reduce or eliminate the need to capitalize interest. In other occasions, the City will consider capitalizing interest when it is appropriate to begin the payment of debt service after project completion or otherwise align net debt service payments with the source of funds paying the debt. d. Variable Rate Debt: To maintain a predictable debt service burden, the City will give preference to debt that carries a fixed interest rate. It may be appropriate to issue variable rate debt to diversify the City’s debt portfolio, provide greater prepayment flexibility or improve the match of variable-rate assets (investments in the City’s treasury) to liabilities. The City’s cost for administering variable rate debt, including the renewal or replacement of bank facilities, should be considered when comparing fixed and variable rate debt. Prior to issuing variable rate bonds, the City may amend or supplement this policy to further address variable rate considerations. Any staff report

recommending variable rate debt will clearly lay out the basis for this particular recommendation.
e. Disclosure: For all public sales of debt, the City will retain the services of disclosure counsel (who may also serve as bond counsel) to prepare the Official Statement to be used in connection with the offering and sale of debt. The FD and other appropriate staff will be asked to review this document to ensure that it is accurate and does not fail to include information that such staff and officials think might be material to an investor. The City will make every effort to ensure the fullest disclosure possible in the City’s disclosure documents, including, as appropriate, seeking staff training in disclosure matters. A Preliminary Official Statement will be released to the market only after the completion of the “due diligence” meetings with appropriate staff and approval in form by the City Council. Use of disclosure counsel may also be appropriate in private placements in some circumstances. f. Credit Ratings: The FD, in consultation with the municipal advisor and other members of the financing team, will evaluate and make recommendations regarding the number of credit ratings to seek on any given bond issue. The City will work to maintain its current credit ratings and to increase ratings when the opportunity to do so exists; the FD will periodically communicate with the agencies rating the City’s debt so that they will remain well-informed. g. Credit Enhancement: The City will consider the use of credit enhancements such as bond insurance on a case-by-case basis.

The cost-benefit of insurance will be evaluated through the final maturity and through the first optional call date, recognizing that municipal bonds are commonly refunded prior to maturity. The City will consider the use of a surety policy in lieu of a cash-funded reserve, but in doing so will consider estimated earnings on a cashfunded reserve and the cost of replacing that surety at the time of a potential refunding, if applicable.
h. Derivatives: The City may use derivative-like investment products to invest bond funds, but only upon staff’s analysis of the investment as part of the staff report transmitting the financing and specific approval as part of the City Council action.

J. Refunding Bonds
a. In order to provide for the potential for refunding its bonds in the future, and absent compelling reasons to the contrary, the City will

structure its bond issues with an optional call no longer than 36 months from the date of issuance. Such compelling reasons to deviate from this policy would be a taxable bond issue, where the additional interest cost required for an optional call may outweigh the likely benefits or a bond issue that would mature only a few years after the optional call date, making a refunding impractical. When structuring its bond issues, the City will take into account the coupon structure of its debt (i.e., discount bonds or premium bonds that mature after the call date) and its impact on its option to execute a refunding for savings in the future. b. The City will periodically review its outstanding debt portfolio to identify opportunities to achieve net economic benefits from refunding its bonds. Recognizing that the City’s ability to refund its debt is limited because of the market practice of making most fixed-rate bond issues non-callable for their first eight to ten years, and the elimination of the ability to refund federally tax-exempt bonds on a federally tax-exempt basis substantially before the call date (an “advance refunding,” which was eliminated by the 2017 Tax Act), the City will seek to deploy its refunding options prudently. At a minimum, the City will seek to achieve net present value (“NPV”) savings equal to at least three percent (3%) of the par amount of the bonds that are refunded. A higher threshold may be warranted if the City doesn’t receive 100% of the savings benefit (such as when refunding tax allocation bonds) and/or if it must incur significant non-contingent costs relative to the potential savings. c. When it is practical to consider a partial refunding, the analysis will be performed on a maturity-by-maturity basis. Other factors that may be considered are the length of the period before the call date (the longer the period the higher the savings target should be), the length of time after the call date (savings are more difficult to realize for a short maturity, and thus the target could be lower), and any other factors that assist in considering the value of a call option.
d. The City may also consider a refunding for a non-economic purpose, including the retirement of an indenture for more desirable covenants, a change in tax status, or to change the type of debt instrument.

K. Debt Administration
a. The FD and their staff shall be responsible for ensuring that the City’s debt is administered in accordance with its terms, federal and State law and regulations, and best industry practices.

1. Tax-Exemption: Tax-exempt bond issues are subject to various IRS rules and regulations regarding the use of bond proceeds.

The City will make sure that the use of facilities financed with tax-exempt bonds are not used for ineligible private activities and will consult with bond counsel whenever it identifies a change in use, enters into a longterm contract involving the project, or otherwise undertakes an action that could change the tax-exempt status of its bonds. The City shall periodically review and will comply with the specific post issuance compliance procedures identified in the tax documents for its tax-exempt financings. The City will retain an arbitrage rebate consultant to assist in calculating any earnings on bond proceeds in excess of the rate on its bonds, and to calculate whether arbitrage should be rebated to the Federal Government.

2. Continuing Disclosure: Under federal law, the City must commit to providing continuing disclosure to investors in any of its debt that is sold to underwriters to be offered to the public. All existing and future City debt should be compliant with the requirements of the Continuing Disclosure Certificates executed at the time of issuance, including the annual filing with the Municipal Securities Rulemaking Board (“MSRB”) Electronic Municipal Market Access (“EMMA”) website of the City’s Comprehensive Annual Financial Report and any other required operating and financial data; and the filing of notices of any enumerated events set out in the Continuing Disclosure Certificates. All such filings will be made within the time requirements set forth in the Continuing Disclosure Certificates. The City may retain a consultant to assist in preparing and filing required reports and notices.

3. Investment of Bond Proceeds: Investments of bond
proceeds shall generally be consistent with the City's Investment Policy as modified from time to time, and with the requirements contained in the governing bond documents.

4. State Reporting Requirements: The City will file any reports required by State law, including the Annual Debt Transparency Report to the California Debt and Investment Advisory Commission required of all debt issued after January 1, 2017, pursuant to Government Code section 8855(k) and Mello- Roos special tax bonds reporting required by Government Code section 53359.5(b).

L. Relationship of Debt to Capital Improvement Program and Budget a. The City is committed to long-term capital planning and devotes a significant amount of resources towards capital improvement projects. The City may issue debt for the purposes stated in this policy and to implement policy decisions incorporated in the City’s capital improvement program. The City shall integrate its debt issuances with the goals of its capital improvement program by considering when projects are needed in furtherance of the City’s

public purposes in determining the timing of debt issuance. b. The City shall seek to avoid the use of debt to fund recurring infrastructure and facilities improvements in circumstances when the sole purpose of such debt financing is to reduce annual budgetary expenditures.

Internal Control Procedures
a. The FD or designee will monitor the expenditure of bond proceeds to ensure they were used for the purpose and authority for which the bonds were issued.
b. When reasonable, proceeds of debt will be held by a third-party trustee or fiscal agent and the City will submit written requisitions for such proceeds. The City will submit a requisition only after obtaining the signature of the FD. In those cases where the proceeds of debt are not held by a third-party trustee or fiscal agent, the FD shall be responsible for approving expenditures in the same manner as the approval for the expenditures for City revenues.

This Policy is intended to guide and regulate the City's issuance of debt.

This policy should be reviewed and updated periodically to reflect changes in the market, the identification of other best practices, and to incorporate the City’s own experience or changing circumstances.

While adherence to this policy is generally required, it is recognized that changes in the capital markets, the City’s needs, and other unforeseen circumstances may from time-to-time produce situations that are not covered by the policy or will require modifications or exceptions to best achieve policy goals. Any deviations from this policy that is recommended by staff should be highlighted in the staff report transmitting the resolution for approval of the financing and such resolution, as approved by the City Council, shall supersede anything in this policy to the contrary.

IV, REFERENCES
California Government Code Section
8855(i) 2135.19 California Government
Code Section 8855(k) 2135.20
California Government
att 2a policy on interfund loans.doc Page 1 of 3

INTERFUND LOAN PROCEDURES
Background
Periodically, the City authorizes and makes internal loans between funds. This document describes the process for making, documenting and following up on these loans.

Basic Principles
• An interfund loan and its terms can only be established by City Council. • Two types of interfund loans are defined. A “budget” loan and a “formal” loan. • A fund that has a short-term cash shortfall that is covered by another fund does not require Council action and is not considered to have an interfund loan. This cash shortfall will be reported as a due to and due from only for year-end reporting purposes. • A budget loan cannot involve any enterprise fund. Loans involving enterprise funds must always be formal loans in order to ensure preservation of the enterprise nature of the fund.
• A formal loan is recorded as a loan in the financial records of the City and is expected to be repaid according to specified terms. A budget loan is only identified as a loan in the budget document, often with unspecified terms. A budget loan may or may not have high expectations of repayment.
• As part of the documentation requirement for a formal loan, information would be included showing the receiving fund has the ability to repay the loan. Periodic reviews may also be done during the term of the loan to determine continued ability to repay the loan. • A budget loan is always recorded in the financial records of the City as a fund transfer out (expenditure) of the paying fund and a fund transfer in (revenue) of the receiving fund, since the repayment plan is uncertain or not formally documented. • The accounting procedures described herein are for financial reporting purposes. • The budget document will have a section identifying all formal and budget interfund loans. • From a budget perspective, loans, whether formal or budgetary, will be recorded as receipts (receiving fund) or expenditures (loaning fund) through the operating transfer.

Funds available will always be impacted.

Formal Interfund Loan
Basic Process
A formal interfund loan (one that can be recorded on the books and treated as a loan, not as a transfer in/out) must be established by way of an ordinance, either 1) a separate authorizing ordinance, or 2) a related ordinance which incorporates the loan terms, such as an appropriation ordinance. If the loan involves an enterprise fund, a separate ordinance is required.

An authorizing ordinance must contain the following information:

1. The purpose of the loan and the amount.

2. The lending and receiving funds.
att 2a policy on interfund loans.doc Page 2 of 3

3. The terms of the loan, including the interest rate and payment terms, the term and any other conditions that may be required to describe the loan or meet legal requirements.

4. A promissory note, authorized by the ordinance to be executed by the appropriate parties.

Recording
Accounting will record the loan on the financial records of the City based on the documentation which includes repayment terms and budgetary appropriation for repayment.

Normally, the loan will result in a loan receivable and a decline in cash and funds available for appropriation in the lending fund; and a loan payable, and an increase in cash and funds available in the receiving fund. The recording of a formal loan will not impact fund balance or retained earnings in either the lending or receiving fund. There will be a review done prior to the loan approval verifying the ability of the receiving fund(s) to repay the lending fund the money owed. If there is reason to believe the situation has changed during the term of the loan, additional information may be required to show the receiving fund still has the ability to meet the repayment requirements. If there appears to be an issue with repayment of the loan, Accounting will request a memo formalizing Management’s expectations. In the event there is significant Management concern regarding repayment, all or part of the loan may be considered to be uncollectable. In this situation, the uncollectible portion will be recorded as an expense of the lending fund and a revenue of the receiving fund. If there appears to be possibility of collection in the future, this loan may then be converted to a budget loan for collection. This would be recorded as an expense to the lending fund and a revenue to the receiving fund.

The accounting treatment of an interfund loan is determined by Governmental Accounting Statement number 34, paragraph 81 and 112a. The authoritative literature does not allow long term liabilities to be recorded in governmental funds however interfund loans are not considered long term as long as they are repaid in a “reasonable time” period. The City has had discussions with our external auditors and GASB technical staff on what a “reasonable time” is for repayment and determined as many as three to five years could be a reasonable repayment term. The emphasis from the GASB point of view was more on the intent and ability to repay the loan.

Budgeting
A formal loan will be budgeted as an interfund transfer since the budget uses a modified accrual basis for all funds.

Budgetary Interfund Loans
Basic Process
Budget loans are authorized by City Council, usually during the budget process, and are documented by way of notation in the budget document. They will typically be reported as a att 2a policy on interfund loans.doc Page 3 of 3
transfer out of the lending fund and a transfer in of the receiving fund. Comments will usually be placed in the budget document or recorded elsewhere during the budget discussions which identify the transaction as intended to be repaid. Terms of the loan are often not specified as City Council usually just indicates that the principal be repaid.

The Finance Department will maintain a register of all such loans and any terms including the date of the loan, the funds involved, the purpose and any intended repayment information.

Recording
If established during the budget process, the loan will be reported in the fund summaries for both the lending and receiving funds and should also appear in the appropriation ordinance, typically as a transfer out.

The Finance Department will maintain a list of all such loans and any terms. At a minimum, the information should include the date of the loan, the funds involved, the purpose and any intended repayments terms. A list of all preexisting and proposed budget loans is to be included in a special section of the budget. However, a budget loan is not recorded on the books of the City as a loan.

The Finance Department shall include repayment of budget loans in the proposed budget when repayment is deemed appropriate. The Finance Department should raise the issue of whether or not particular budget loans should continue to be noted, if repayment is not likely to occur. Management should periodically review budget loans with the Council Management and Finance Committee.

Budgeting
A budget loan will be budgeted as an interfund transfer.

Monitoring Responsibilities
Monitoring to ensure repayment is a shared responsibility between the department operation (if any) receiving a loan, the Finance Department and the City Finance Director. Once informed and advised of the existence and terms of a budget loan by the Finance Department, the Department receiving the loan is responsible for including any repayment in their subsequent annual budget request(s). The Finance Department will be responsible, on a citywide basis, for ensuring budget loan repayment amounts are included in department budget requests.

The Finance Director is responsible for reviewing the annual budget to aid in determining the appropriate budget loan repayment. The Finance Director will maintain a list of the status of all formal loans and prepare a report identifying each loan and its status at the end of each year. Accounting will review the status list and compare it to amounts recorded in the City’s financial records, making adjustment as appropriate. The Finance Director will maintain backup documentation on all loan terms and conditions. The register will also contain a copy of the ordinance(s) establishing the loan and any backup documentation.

CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION
Guidance on Complying with SB 1029
Release Date: December 28, 2016
On October 26, 2016, the California Debt and Investment Advisory Commission (CDIAC) issued a Request for Comment on the implementation of Chapter 307, Statutes of 2016 (Senate Bill 1029, Hertzberg). The comments received have helped CDIAC develop guidance for issuers of public debt seeking to comply with the requirements of SB 1029.

The guidance offered in this letter dated December 28, 2016 is based upon CDIAC’s current understanding of the information required and its ability to receive that information from issuers. It is likely that CDIAC will offer additional guidance and ultimately adopt regulations in the future as both it and issuers adapt to the requirements of SB 1029.

CDIAC is making every effort to provide intuitive, on-line processes that will minimize the efforts of issuers while maximizing compliance and the quality of the information provided. It is committed to working with issuers and members of the public finance community to achieve these outcomes.

Guidance on Government Code section 8855(i)
Government Code section 8855(i) requires any issuer of public debt to provide to CDIAC no later than 30 days prior to the sale of any debt issue a report of the proposed issuance. CDIAC provides issuers the ability to submit this Report of Proposed Debt Issuance electronically.

Effective January 1, 2017, issuers must certify on the Report of Proposed Debt Issuance that they have adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with those policies. The issuer’s local debt policies must include (A) through (E), below. If the issuer has received certification from another governmental entity that will use the proceeds of the debt issue, then the issuer may rely on a certification by that other governmental entity that it has adopted local debt policies that include (C), (D) and (E), below.

A) The purposes for which the debt proceeds may be used.

B) The types of debt that may be issued.

C) The relationship of the debt to, and integration with, the issuer’s capital improvement program or budget, if applicable.

D) Policy goals related to the issuer’s planning goals and objectives.

E) The internal control procedures that the issuer has implements, or will implement, to ensure that the proceeds of the proposed debt issuance will be directed to the intended use.
1 Section 8855(i) reads “The report of proposed debt issuance shall include a certification by the issuer that it has adopted local debt policies…” For the purposes of applying this section issuers should understand the term “local debt” as being debt issued for the benefit of a local agency.

As a result, section 8855(i), as it specifically relates to debt policies, does not apply to state agencies, instrumentalities of the state, or to non-governmental entities such as for-profit or not-for-profit organizations that may issue or receive proceeds from a debt issuance. Similarly, the term “other governmental entity” in section 8855(i)(2) means an entity of local government.

Issuers should interpret the meaning of the term “adopted” in section 8855(i) to mean by act of the governing body. If the issuer’s governing body has taken an action to delegate the authority to “adopt” local debt policies to administrative staff, the actions of these staff may meet the requirements of section 8855(i)(1). An issuer’s local debt policies may be contained within a single document or be the composite of more than one documents. Irrespective of the form, the local debt policies must be adopted by the issuer.

In order to comply with section 8855(i)(1), then, the issuer must certify on the Report of Proposed Debt Issuance that it has adopted local debt policies concerning the use of debt and that the contemplated debt issuance is consistent with those local debt policies. Issuers will be able to make this certification after January 1, 2017 using the Report of Proposed Debt Issuance. The new form will include the following statement followed by three acceptable responses in the form checkboxes.
“The issuer certifies that it has complied with GC section 8855(i) with respect to local debt policies. YES NO NA ”
For issuers that issue debt for their own purposes that respond to this statement with a YES response are confirming that they certify that they have adopted local debt policies in compliance with section 8855(i). A response of NO indicates that they cannot certify that they have adopted local debt policies in compliance with section 8855(i)(1). Issuers that are not issuing local debt, such as the state or instrumentality of the state, may respond NA because they do not issue local debt.

If the issuer is a conduit issuer, a YES response means that the issuer certifies that it has adopted local debt policies in compliance with section 8855(i)(1). Furthermore, the local debt policies include (A) through (E) of section 8855(i)(1) OR the issuer is certifying that it has adopted local debt policies in compliance with section 8855(i)(1) and the policies include (A) and (B) AND they have relied upon a certification from the other governmental entity that it has adopted local debt policies in compliance with section 8855(i)(1) and the local debt policies of the other government entity includes (C), (D) and (E). A NO response means that it does not certify that it has adopted local debt policies in compliance with section 8855(i) or it has not received a certification from the other governmental entity that it has. An NA response indicates that the entity that will use the proceeds of the sale of debt is a non-governmental entity (e.g., a private non-profit) or the conduit is not itself an issuer of local debt (e.g. state instrumentality).

2 It is incumbent upon the issuer to interpret and apply subparts (A) through (E) to their local debt policies as it is for the governmental entity that may use proceeds from the sale of debt to interpret and apply subparts (C), (D) and (E) to their local debt policies.

Guidance on Government Code section 8855(k)
Effective January 1, 2017, state and local issuers will be required to submit an annual debt transparency report for any issue of debt for which they have submitted a Report of Final Sale during the reporting period. The annual debt transparency report is due to CDIAC within seven (7) months of the close of the reporting period, defined as July 1st to June 30th. This provision makes January 31st the effective deadline for submittal of the annual debt transparency report.

Issuers will continue to submit an annual debt transparency report to CDIAC on or before January 31st each year until the later date on which the debt is no longer outstanding or the proceeds have been fully spent. Debt issued between January 1, 2017 and June 30, 2017, and reported to CDIAC on or after January 21, 2017 will be required to submit an annual debt transparency report no later than January 31, 2018.

CDIAC will provide an online form to enable issuers to submit information to CDIAC in compliance with section 8855(k). CDIAC is in the process of both creating the form and developing the underlying functional applications to support data submission and reporting. It is very likely that the form and the process for complying with SB 1029 using the form will evolve over time as CDIAC and issuers adapt to this new reporting requirement.

At a minimum, the annual debt transparency report will require issuers to include:

A) Debt authorized during the reporting period, which shall include:
a. Debt authorized at the beginning of the reporting period. b. Debt authorized and issued during the reporting period. c. Debt authorized but not issued at the end of the reporting period. d. Debt authority that has lapsed during the reporting period.

B) Debt outstanding during the reporting period, which shall include the following:
a. Principal balance at the beginning of the reporting period. b. Principal paid during the reporting period.
c. Principal outstanding at the end of the reporting period.

C) The use of proceeds of issued debt during the reporting period, which shall include the following:
a. Debt proceeds available at the beginning of the reporting period. b. Proceeds spent during the reporting and the purposes for which it was spent. c. Debt proceeds remaining at the end of the reporting period.

In compliance with section 8855(k)(1)(A), issuers must provide in their annual debt transparency report to CDIAC the “debt authorized during the reporting period”. Issuers should understand the term “authorized” to mean a formal action of the governing body or a vote of the electorate or taxpayers establishing a maximum amount to be borrowed. In the case of certain loans, commercial paper programs, and some refunding programs, this action may be a 3 resolution of the governing body establishing a maximum limit that the issuer may borrow. For debt issued in more than one sale or transaction that will generate more than one Report of Final Sale, the “debt authorized” should be understood to mean to total amount approved by the voters or taxpayers or by act of the governing body. For debt issued in a single sale or transactions, the “debt authorized” is expected to equal the amount of the debt reported on the Report of Final Sale.

Issuers submitting a Report of Final Sale between January 21, 2017 and June 30, 2017, must include in their annual debt transparency report, due on or before January 31, 2018, the following information:
1) The total amount of debt authorized as of January 1, 2017; 2a) The amount of additional debt authorized during the reporting period; 2b) The amount issued between January 1, 2017 and June 30, 2017 from the authority available in 1) and 2a), combined;
3) The amount of debt authorized that was not issued between January 1, 2017 and June 30, 2017 (logically, the result of (1 plus 2a) minus 2b); and, 4) The amount of debt authority (represented by (1 plus 2a)) that has lapsed between January 1, 2017 and June 30, 2017.

The term “authority that has lapsed” will mean authority that is no longer valid and, therefore, does not provide a legal basis to issue debt, including authority that has expired or that the issuer has taken an action to revoke.

In subsequent years, the amount of debt authorized at the beginning of the period will be equivalent to the amount of debt authorized but not issued at the end of the prior reporting period less any authority that has lapsed.

An issuer that has received authority during the reporting period, but has not issued debt based upon that authority and has not, therefore, submitted a Report of Final Sale is not required to submit an annual debt transparency report with respect to that authority. Once it does issue debt and submits a Report of Final Sale it will be obligated to submit an annual debt transparency report within seven (7) months of the close of the reporting period during which it issued the debt. There may be circumstances in which an issuer has available authority based upon a ballot measure or act of the governing body even though it has paid off or fully refunded the debt previously issued under that authority. In this case, the issuer would not be required to submit an annual debt transparency report.

Issuers must provide on the annual debt transparency report the debt outstanding during the reporting period. Issuers should understand the term “debt outstanding” to mean the original principal received from the sale of debt that has not been fully repaid to debtholders.

In the case of a zero-coupon bond or capital appreciation structure, issuers should consider the original principal to be the full accreted value of the bonds at the end of the reporting period.

Because of the nature of capital appreciation structure an issuer’s annual debt transparency report is likely to report an increase in the “debt outstanding” year over year. 4 Issuers submitting a Report of Final Sale between January 1, 2017 and June 30, 2017, must include in their annual debt transparency report, due on or before January 31, 2018, the following information:
1) The original principal received on the date of sale. 2) The amount of the principal paid off between January 1, 2017 and June 30, 2017. 3) The amount of principal remaining as of June 30, 2017.

Issuers must provide on the annual debt transparency report the use of debt proceeds during the reporting period. Issuers should understand the term “proceeds” to mean all funds received from the sale of debt inclusive of premium and discount.

Issuers submitting a Report of Final Sale between January 21, 2017 and June 30, 2017, must include in their annual debt transparency report, due on or before January 31, 2018, the following information:
1) Debt proceeds available upon the date of settlement. 2) The amount of proceeds spent between the date of settlement and June 30, 2017 and the purposes for which these proceeds were spent.
3) The amount of proceeds remaining as of June 30, 2017.

CDIAC does not anticipate defining or categorizing “purposes” for which the proceeds were spent. Instead, CDIAC will provide a reporting form that will enable issuers to self-identify categories of “purpose” on their annual debt transparency report.

Issuers must continue to submit annual debt transparency reports until the debt has been paid off or the bond proceeds have fully spent.

There are special considerations issuers of refunding debt must take into account. If the issuer fully refunds a debt with a refunding debt, the issuer must submit an annual debt transparency report on both the refunding debt and a final annual report on the refunded debt. If there are any proceeds left in the refunded debt, the issuer must continue to report on the refunded debt until the proceeds have been spent. If the issuer partially refunds a debt with a refunding debt, the issuer must report on the refunded debt and the refunding debt until either the debtholders are full repaid or the proceeds have been fully spent, whichever is later. In other words, even though the proceeds of the refunding debt were used to pay off the refunded debt, the issuer must take the approach that the purpose of the annual debt transparency report is to account for the use of proceeds received from the original debt issuance.

If the refunding debt includes new money, the issuer must report the use of proceeds of the portion of refunding debt used to refund the refunded debt as “refunding <debt identifier>” AND the use of new money proceeds for their intended uses. If the refunding debt includes no new money, the issuer must report the use of proceeds of the refunding debt as “refunding <debt identifier>”. The debt identifier is currently the CDIAC Issue Number. 5 In reporting on the use of proceeds that are received from the sale of debt but are comingled with other funds not received from the sale of debt, the issuer should report on the proceeds from the sale of debt only.

Issuers of conduit bonds must report on the use of proceeds as used by the borrower. Conduit issuers should not report that the proceeds were “lent to a borrower”, but for the purposes to which the borrower used the proceeds. The issuer may wish to assign responsibility to the borrower to report on the use of proceeds. Conduit issuers issuing lease revenue bonds must also comply with section 8855(k).
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Agenda Item: 5(e)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: Nitish Sharma, Finance Director (Interim)
DATE: December 20, 2022
SUBJECT: Adopt a Resolution Renewing Signature Authorizations For Investing City Funds In The Local Agency Investment Fund
___________________________________________________________________________

RECOMMENDATION
Staff respectfully recommends that the City Council approve the proposed Resolution renewing signature authority to invest monies in the Local Agency Investment Fund (“LAIF”) in accordance with Section 16429.1 of the California Government Code on behalf of the City.

The LAIF is a pooled investment fund managed by the State of California Treasures Office.

BACKGROUND
The LAIF is a voluntary program created by State statute in 1977 as an investment alternative for California’s local governments. This program is administered by the State Treasurer’s Office with monies from the LAIF invested with State monies through the Pooled Money Investment Account (“PMIA”). This program offers local agencies the opportunity to participate in a major portfolio that invests billions of dollars using the investment expertise of the State Treasurer’s Office investment staff. LAIF has 2,385 participants and $29.8 billion as of September 30, 2022. At the end of each calendar quarter, all interest earned in the Fund is distributed by LAIF to the participating governmental agencies directly proportionate to their respective amounts deposited in the Fund and the length of time such amounts remained therein. Prior to the distribution, an amount equal to the reasonable costs of making the investments, not to exceed one-half of 1 percent of the earnings of the Fund, are deducted from the interest earnings. A statement is sent to all fund participants showing balances and transactions for the month.

DISCUSSION
As of September 30, 2022, the City had $1.5 million invested in LAIF. Investing in LAIF is an authorized investment in the City’s Investment Policy that meets the investment objective of safety. Under Federal Law, the State of California cannot declare bankruptcy, specifically 2 Section 16429.3 of the State Government Code states that money’s placed with the Treasurer for deposit in the LAIF shall not be subject to impound or seizure by any State official or State agency. California Government Code Section 16429.4 was added in 2002 and states that the State cannot withhold LAIF monies if they fail to adopt a budget by the June 30th deadline.

Due to staff turnover and title changes staff is requesting the approval of a new Resolution which will renew authorization to invest monies not required for immediate cash flow needs in the LAIF and designate those authorized to complete such transactions.

The following City employees will be allowed to create or approve transactions with LAIF pursuant to the proposed Resolution:

Interim Finance Director or Finance Director
City Clerk
Assistant to the City Manager
The changes are to add the title of “Interim Finance Director” and the City Clerk to the authorization list. The City Manager shall oversee the transactions.

FISCAL IMPACTS
Approval of this resolution will allow the City staff to invest the excess funds and can earn interest. These funds are liquid and can be available for use within one day.

ATTACHMENTS
Resolution
Resolution ##-2022 LAIF 1 December 20, 2022
RESOLUTION NO. ##-2022

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLAYTON

DESIGNATING CITY PERSONNEL AUTHORIZED TO INVEST MONIES IN THE

LOCAL AGENCY INVESTMENT FUND (LAIF)

THE CITY COUNCIL
City of Clayton, California
WHEREAS, Pursuant to Chapter 730 of the statues of 1976 Section 16429.1 was added to the California Government Code to create a Local Agency Investment Fund in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City of Clayton does hereby find that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein as in the best interests of the City of Clayton; and WHEREAS, this Resolution supersedes and replaces prior authorities stipulated in Resolution No. 53-2021.

NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Clayton does hereby authorize the deposit and withdrawal of City of Clayton monies in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein, and verification by the State Treasurer’s Office of all banking information provided in that regard.

BE IT FURTHER RESOLVED, that the following City of Clayton officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund.

Interim Finance Director or Finance Director
City Clerk
Assistant to the City Manager
Passed, Approved and adopted by the City Council of the City of Clayton at a regular meeting of said Council held on December 20, 2022 by the following vote:

Resolution ##-2022 LAIF 2 December 20, 2022
AYES:

NOES:

ABSENT:

ABSTAIN:

CITY COUNCIL OF CLAYTON, CA
______________________________
Jeff Wan, Mayor
ATTEST:
___________________________________
Janet Calderon, City Clerk
Agenda Item: 5(f)

AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCILMEMBERS
FROM: Police Chief McEachin
DATE: December 20, 2022
SUBJECT: City Council Approval of Declaring Certain Police Department Equipment as Surplus
___________________________________________________________________________

RECOMMENDATION
It is recommended that City Council approve the surplus of the following items, which are no longer of use to the Clayton Police Department.
• 1971 Plymouth Satellite classic police car
• 1998 Smart Radar trailer
• 2 Talon handheld radar units
• 2 Canon digital cameras
• 1 Vehicle jump start box
• 20 Streamlight flashlights
• 8 Kyocera cellphones
• 9 iPhones
• 1 Mobile Data Computer car mount
• 1 Casio digital calculator

BACKGROUND
The 1971 Plymouth Satellite classic patrol car was a vision of retired Clayton Police Chief Dan Lawrence. Chief Lawrence wanted a vehicle that resembled the original Clayton Police cars that were used at the inception of the Clayton Police Department in 1972. Chief Lawrence intended on using the car during the City’s parades and downtown events, as well as at car shows spotlighting classic emergency vehicles. Many people with ties to Clayton played a role in making Chief Lawrence’s vision a reality. Two of those people were Kevin McLaughlin and his son, Matt, owners of numerous classic police cars, and former Clayton residents. The McLaughlin’s obtained and installed most of the emergency equipment that is Subject: City Council Approval to Declare Certain Police Department Equipment as Surplus Date: December 20, 2022

still in the vehicle. The City of Clayton purchased the car from its previous owner for $800.

The City also invested $250 to help get the car running, for a total out-of-pocket investment to the City of $1,050. All other costs were absorbed by those that assisted in obtaining the vehicle and restoring it. The vehicle is in mechanical disrepair and is no longer used in community events. The McLaughlin’s own multiple classic emergency vehicles and enter them in classic emergency vehicle shows throughout California. They would welcome the donation back of the vehicle and ensure that the vehicle remains relevant on the classic car show circuit.

The 1998 Smart Radar trailer was used in the late 1990’s-early 2000’s to alert motorists of their speed. It utilized Stalker radar gun technology. In the late 2000’s-early 2010’s, we attempted to repair the trailer so that it could be used again, but it was decided that it would be cost-prohibitive to repair it.

All other items have either been replaced with newer models or are no longer needed due to obsolete technology.

FISCAL IMPACT
There is no cost to the City to remove these items from our equipment inventory. The only savings to the City by declaring these items surplus would be any costs associated with getting them back in mechanical working order. In general, none of the items have any material value if they were offered for auction or sale. From a more practical standpoint, it will free up space currently taken up by the storage of these items.

Agenda Item: 5(g)

AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCILMEMBERS
FROM: REINA SCHWARTZ, CITY MANAGER
DATE: December 20, 2022
SUBJECT: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLAYTON

AMENDING A PROFESSIONAL SERVICES AGREEMENT WITH

GOVINVEST FOR INTERIM FINANCE DIRECTOR SERVICES AND FOR A COMPREHENSIVE FEE UPDATE IN THE AMOUNT OF $35,875 FOR A TOTAL NOT-TO-EXCEED AMOUNT OF $65,875
___________________________________________________________________________

RECOMMENDATION
It is recommended the City Council adopt the attached Resolution amending a professional services agreement with the firm GovInvest for Interim Finance Director services and for a comprehensive fee update.

BACKGROUND
As has been previously discussed with the City Council, the City has faced significant turnover in the Finance Director role over the past four years. The most recent Finance Director left the City near the beginning of September 2022. Since September, the City has been contracting with a company called GovInvest to provide an Interim Finance Director, Nitish Sharma.

Since September, the City has been recruiting for a permanent Finance Director. The first recruitment round did not yield a viable candidate. The City is now in the middle of a second round of recruitment and will hold preliminary interviews on December 19th. Even if this round of recruitment is successful, it will likely be at least 6-8 weeks at the earliest before a new Finance Director might be on board.

Additionally, since the FY2022/23 budget and Master Fee schedule were adopted in June 2022, there has been an item on staff’s workplan to complete a comprehensive user fee review and update. Given the staffing challenges, that update has not yet been started.

Subject: Resolution of the City Council of the City of Clayton Amending a Professional Services Agreement with GovInvest for Interim Finance Director Services and Comprehensive Fee Update Date: December 20, 2022
Page: 2 of 2

DISCUSSION
Given the delay in bringing a full-time Finance Director on board, the initial contract with GovInvest for the Interim Finance Director needs to be amended to increase the total compensation that can be spent under the agreement requiring City Council approval. It is estimated that the additional hours by the Interim Finance Director will be at least another 80 hours, but likely more. The proposed amendment to the compensation authorized in the Agreement would provide funding for up to 120 hours or $21,000, for the Interim Finance Director.

With respect to the comprehensive fee update, the City has received a proposal from GovInvest to perform the update. GovInvest has the expertise needed to perform the update and the organizational capacity needed for that work. The anticipated time needed to perform the update is up to 85 hours, for a cost of $14,875.

FISCAL IMPACT
The initial agreement with GovInvest for Interim Finance Director services was executed for a total not-to-exceed of $30,000. With the additional compensation of up to $21,000 for Interim Finance Director and $14,875 for the comprehensive fee update, the new not-toexceed amount will be $65,875.

The additional cost for the Interim Finance Director will be covered by the savings from the full-time Finance Director position being vacant. So, although the hourly rate is higher for the Interim via the agreement, the net cost is about the same as there are no benefit costs and there are fewer hours being spent.

The cost for the fee update can also be absorbed within the existing budget appropriation as the City has not been able to find a full-time Senior Accountant to fill the position that was added to the budget this year. The savings from filling that with a less-than-full-time annuitant should be sufficient to cover the cost of the fee update.

Attachments: 1. Resolution

2. First Amendment to Professional Services Agreement with GovInvest

3. Professional Services Agreement with GovInvest
Resolution ##-2022 GovInvest Amend Page 1 July 19, 2022 RESOLUTION ##-2022

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLAYTON, CA AMENDING

THE PROFESSIONAL SERVICES AGREEMENT WITH GOVINVEST FOR INTERIM

FINANCE DIRECTOR SERVICES AND FOR A COMPREHENSIVE FEE UPDATE IN THE AMOUNT OF $35,875 FOR A REVISED NOT-TO-EXCEED TOTAL OF $65,875 WHEREAS, this is not a project as defined by CEQA;
WHEREAS, the full-time position of Finance Director is currently vacant; WHEREAS, recruitment continues for a full-time Finance Director; WHEREAS, the City is in need of a comprehensive review of its user fees; WHEREAS, GovInvest is a firm that has the expertise and capacity to assist the City in these needed areas; and
WHEREAS no additional budget resources are requested at this time.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Clayton hereby authorizes the City Manager to execute the attached amendment to the Professional Services Agreement with GovInvest for Interim Finance Director services and Comprehensive Fee Update in the amount of $35,875 for a revised not-to-exceed total of $65,875.
* * * * *
ADOPTED ON the 20th day of December, 2022 by the City Council of the City of Clayton by the following vote count:

AYES:

NOES:

ABSENT:

ABSTAIN

THE CITY COUNCIL OF CLAYTON, CA
_________________________________
Jeff Wan, Mayor
ATTEST
_________________________
Janet Calderon, City Clerk

FIRST AMENDMENT TO PROFESSIONAL SERVICES AGREEMENT BETWEEN CITY OF

CLAYTON, CALIFORNIA, AND GOVINVEST
This Amendment to the Professional Services Agreement (“First Amendment”) is entered into effective January 1, 2023 by and amongst the City of Clayton, California ("City''), a municipalcorporation, andGovInvest, a Corporation ("Consultant").

RECITALS
A. WHEREAS, in September 2022 the City and Consultant entered into a Professional Services Agreement to provide financial support services to the City ("Agreement"); B. WHEREAS, additional work is needed beyond the compensation identified in the original Agreement; and
C. WHEREAS, the City and Consultant mutually desire to amend certain provisions of the Agreement which the parties hereby acknowledge and agree as follows:

AGREEMENT
Nowtherefore, the partiesagree as follows:

1. Section 1. Services. Of the Agreement is amended by adding supplemental scope as attached herein as Attachment 1 to this Amendment including a comprehensive fee update.

2. Subdivision b of Section 2. Compensation of the Agreement is hereby amended to read as follows:
b. In no event shall the total amount paid for services rendered by Consultant under this Agreement exceed the sum of sixty-five thousand eight hundred seventy-five dollars ($65,875).

3. Except as otherwise specifically set forth in this Agreement, the remaining provisions of the Agreement including all prior amendments shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this First Amendment to the Professional Services Agreement on the date above written.

CITY OF CLAYTON, CALIFORNIA
By:

Reina J. Schwartz
City Manager

GOVINVEST
By: _________________________
Printed Name: ____________________
Title: ____________________________
ATTEST:

Janet Calderon, City Clerk
Attachment 1

Services Proposed:

Based on our conversations with Clayton our understanding of your key needs and ojbectives, we are proposing the following GovInvest solutions:

GovInvest Itermin Finance Director Services - $14,000
• Up to 80 hours of support
• Oversee A/P, AR, Payroll
• Bank Reconciliations/Investments Rec
• Staff Oversight/Audit Paperwork
• Treasury Management
• Mid-Year Budget Update/Review
• Additional A la Carte Hours Available - $175 per hour GovInvest Book of Fees Consulting - $14,875
• Up to 85 hours of support
• Work and meet with City staff to ensure that the study will be both accurate and appropriate to the City’s needs. Review project schedules and answer any questions pertaining to the successful development of the study.
• Meet with staff and conduct interviews as needed to gain an understanding of the City’s processes and operations. Conduct a comprehensive review of the City’s existing fees, rates and charges.
• Identify the total cost of providing each City service at the appropriate activity level and in a manner consistent with all applicable laws, statutes, rules and regulations governing. the collection of fees, rates, and charges by public entities including, but not limited to, Proposition 26 and Proposition 218.
• Compare service costs with existing recovery levels. This should include any service areas where the City is currently charging for services as well as areas where perhaps the City should charge, considering the City’s practices, or the practices of similar or neighboring cities.
• Recommend potential new fees and charges for services the City currently provides but does not have any fees and/or charges established. Recommendations based on practices by surrounding cities that may charge for similar services, industry best practices, or the consultant’s professional opinion.
• Recommend appropriate fees and charges based on the firm’s analysis together with the appropriate subsidy percentage of those fees where full cost recovery may be unrealistic.
• Prepare a report that identifies each fee service, its full cost, recommended and current cost recovery levels. The report will identify the direct cost, the indirect cost, and the overhead cost for each service.
• Prepare a report that identifies the present fees, recommended fees, percentage change, cost recovery percentage, revenue impact and fee comparison with other County cities or other California cities that are comparable to the City of Clayton. • Provide a computer-based model in Microsoft Excel for adjusting these fees and charges for the City’s current and future needs and provide the City with an electronic copy of the final comprehensive study, including related schedules and cost documentation in a format that can be edited and updated by City staff to accommodate changes in the organization or changes in costs. The requirements of the models should allow for:
o Additions, revisions, or removal of the direct and overhead costs so the comprehensive fee study can be easily adapted to a range of activities, both simple and complex.
o The ability of the City to continuously update the model and fees from year to year as the organization changes.
• Prepare and deliver presentation to the City Council to facilitate their understanding of the plan and its implication for the City and make necessary adjustments as requested.

Agenda Item: 5(h)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: Nitish Sharma, Finance Director (Interim)
DATE: December 5, 2022
SUBJECT: Receive and File the Quarterly Financial Reports on the City’s Investment Portfolio for the Periods Ending March 31, 2022, June 30, 2022 and September 30, 2022
___________________________________________________________________________

RECOMMENDATION
Staff respectfully recommends that the Committee receive and file the Quarterly Financial Reports on the City’s investment portfolio for the periods ending March 31, 2022, June 30, 2022, and September 30, 2022.

BACKGROUND
All local agencies are required to file regular financial reports with their legislative body on the status of their investment portfolio. One of the roles of the City’s Finance Department is to manage investments of the City to ensure that cash flow needs are met while maximizing the investment portfolio.

Under section 53646(b)(1) of the Government Code, the City Finance Department may prepare, and the City Treasurer approve a quarterly financial report to the City Council on the City’s investment portfolio. This report includes:

1. The type of investment, issuer, date of maturity, and par and dollar amount invested on all securities, investments and funds held by the City;

2. A current market value as of the date of the report;

3. A stated compliance of the portfolio to the statement of the City’s adopted investment policy, or manner in which the portfolio is not in compliance; and

4. A statement denoting the ability of the local agency to meet its pool’s expenditure requirements for the next six months or provide an explanation as to why sufficient money shall or may not be available. Once a year, the statement of investment policy is included in the report.
2 The attached quarterly reports were prepared by UBS Financial Services, with a revised format that provides enhanced reporting with more analysis, better graphics, and an expanded analysis of the City’s Investment Portfolio. UBS Financial Services is a Warren, New Jersey based firm with municipal clients throughout California and the United States.

These reports were initially presented to the City Council’s Budget and Audit Subcommittee on December 5, 2022. At that time, several corrections were identified.

Those corrections have been incorporated here. At that meeting on December 5th, staff also presented to the Committee a draft of a new Investment Policy. After discussion with the Committee, staff is working on revisions to the policy. In order to avoid delaying the reporting of investment reports to the City Council any further, those reports are presented here, and the proposed new Investment Policy will be presented in January or February 2023.

DISCUSSION
The attached quarterly financial reports summarize the status of pooled treasury investments as of March 31, 2022, June 30, 2022, and September 30, 2022. For the most recent quarter, the City-held treasury investments consisted of investments with a book value of $12.8 million.

The largest amount of the City’s portfolio continues to be invested in CDs as well as in 100% liquid investments, including a checking account, and pooled investment funds.

Historically, it had been the City’s practice to focus much of its investing in two municipal “pooled” investment funds: 1) the Local Agency Investment Fund (LAIF), and 2) the California Asset Management Program (CAMP) as well as in certificates of deposit. Staff continue to seek to increase portfolio returns through other higher-yielding investments.

The following is a summary of total investment by type.

Report Date: October 1, 2021 through December 31, 2021
Investment Type Market Value Percent of
Portfolio
CAMP $891,041 5.63%
LAIF $2,997,392 18.94%
UBS Cash Holding $32,123 0.20%
CDs (Insured) $9,074,269 57.35%
US Federal Agency Bonds $1,562,125 9.87%
Bank of America - Checking $1,265,597 8%
Totals $15,822,547 100%
3 Report Date: January 1, 2022 through March 30, 2022
Investment Type Market Value Percent of
Portfolio
CAMP $891,313 5.82%
LAIF $2,999,117 19.58%
CDs (Insured) $8,863,782 57.87%
US Federal Agency Bonds $233,509 1.52%
US Treasury Notes $1,269,764 8.29%
Bank of America - Checking $1,058,985 6.91%
Totals $15,316,470 100%
Report Date: April 1 ,2022 through June 30, 2022
Investment Type Market Value Percent of
Portfolio
CAMP $893,135 5.53%
LAIF $3,001,481 18.60%
CDs (Insured) $8,758,702 54.26%
US Federal Agency Bonds $727,312 4.51%
US Treasury Notes $1,254,611 7.77%
Bank of America - Checking $1,505,617 9.33%
Totals $16,140,858 100%
Report Date: July 1, 2022 through September 30, 2022
Investment Type Market Value Percent of
Portfolio
CAMP $898,049 5.98%
LAIF $1,507,100 10.03%
CDs (Insured) $8,644,101 57.54%
US Federal Agency Bonds $699,951 4.66%
US Treasury Notes $1,227,370 8.17%
Bank of America - Checking $2,045,989 13.62%
Totals $15,022,560 100%
In the most recent quarter (July 1, 2022 through September 30, 2022), the returns on the City’s portfolio were 1.66%, up slightly from the previous quarter ending 06/30/2022 when the Yield to Maturity (YTM) was 1.32%. The investment average duration is 2.32 years, this 4 is the same as six months ago. The Portfolio consists of $8.6 million of Insured CDs, $1.2 million of US Treasuries and $700,000 of US Federal Agency Bonds. The expected Annual Cash Flow is $155,126, this should be expected to move higher as lower investment rates mature and funds are reinvested into higher yielding investments.

It should be noted that the gain or loss within a given quarter is not an issue since the City intends to hold the securities to maturity. The “Book Value” represents what the City paid for the security whereas “Market Value” is a constantly changing amount based on the current value. Market values fluctuate with changes in interest rates, and price has an inverse relationship to interest rates. Thus, while the City is required to calculate market values on an ongoing basis, at maturity the investment will achieve the stated “Yield to Maturity” based on the Book Value, or what the City paid for the security. Overall, the book value of the portfolio exceeds market value by $682,333. Increasing interest rates decrease the value of the portfolio, although a loss would not be realized unless certain assets were to be sold prior to the maturity date.

In the current quarter, staff will continue to evaluate liquidity needs and, where possible, continue the investment in higher yielding securities. At the same time, the fixed income market is experiencing significant instability and sharply rising yields. This will likely be reflected in lower market values to be reported in the next quarterly report.

FISCAL IMPACTS
The investment portfolio, as a whole, earned returns at least consistent with the revenue estimates contained in the budget, and the portfolio yield of 1.66% exceeded the LAIF yield of 1.513%, which is the City’s benchmark for evaluating returns on the portfolio.

ATTACHMENTS

1. Investment Portfolio Review from UBS

2. Consolidated Investment Summary December 2021 through September 2022

3. UBS Quarterly Investment Report as of March 31, 2022

4. UBS Quarterly Investment Report as of June 30, 2022

5. UBS Quarterly Investment Report as of September 30, 2022  October 12, 2022
Investment Portfolio Review
Prepared for:

City of Clayton
Market Overview - In the US, more persistent inflation in services and shelter is dashing hopes that a decline in gasoline prices and a normalization in goods supply would drive a sustained easing in price trends. Labor market supply remains short of pre-COVID trend levels, and the Federal Reserve remains committed to raising interest rates until inflation falls.

Meanwhile, the labor market remains tight. Job growth in August slowed to 315,000 new payrolls from 500,000 in July, and the unemployment rate ticked up to 3.7% from 3.5%. But absolute growth is still strong, jobless claims have actually started falling, and the labor market remains fundamentally unbalanced, with significantly greater demand for labor than available supply.

Currently, there are around 6 million unemployed but 11.2 million job openings, according to the latest JOLTS data. Participation has been recovering and in August reached 62.4%, the highest since the pandemic, but it is still a full percentage point (or 1.6 million people) below pre-pandemic levels.

Ten-year US Treasury yields have risen 120 basis points since the beginning of August, while UK 10-year gilts rose over 100bps in a mere three days in late September. The fiscal monetary tensions in the UK rippled through the US market, initially pushing US rates higher, followed by the largest one day decline (30bps) in US 10-year yields since March 2020.

Unfortunately, this volatility will persist as we enter the fourth quarter, as liquidity continues to abate into year-end. Low liquidity and high volatility will remain a sheer reminder that central banks do not operate in a vacuum and volatility is here to stay over the next several months.

The market’s projected path of the federal funds rate is now aligned to the Fed’s new dot plot, with

4. % expected by year-end and a peak of 4.5% in March 2023. Core inflation will remain persistently elevated over the next several months, and regardless of the potential belowconsensus inflation prints, they are unlikely to alter the Fed’s or the market’s current projected year-end fed funds rate of 4.25%. So, fighting the Fed in the short term is not advised. However, with the market now pricing north of 4% as the terminal rate, it is not a question of level, but a question of sustainability.

Current Portfolio Observations - Current Yield is 1.66%, this is up 0.34% from 6 months ago, the average duration is 2.32 years, this is the same as 6 months ago. The Portfolio consists of $8.6 million of Insured CDs, $1.2 million if US Treasuries and $700,000 of US Federal Agency Bonds.

Expected Annual Cash Flow is $155,126, this should be expected to move higher as lower investment rates mature and funds are reinvested into higher yielding investments.

Portfolio Considerations

1. Breakeven Analysis on selling some lower yielding investments and reinvesting the funds into higher yielding options.

2. Based on Investment Policy, consider High Grade Corporate Bonds, yields are +5.00% and spreads are attractive based on historical averages.

3. Bank and Credit Unions CDs in the 2yr-5yr range are also attractive options for excess liquidity, yields range from 4.00% to 4.50%.

City of Clayton
Investment Holdings Summary
Qtr. Ending: December 31, 2021
ATTACHMENT 1
Investment Account Investment Type Institution Cost Basis Rate Current Yield Market Value
(holding all
seucrities until
maturity)
Percentage of
Portfolio
CAMP Local Agency Pool California Asset Management Program $ 891,040.81 $ 891,040.81 5.63% LAIF Local Agency Pool Local Agency Investment Fund $ 2,997,391.62 0.23% 0.23% $ 2,997,391.62 18.94% UBS Financial Services Inc. Cash UBS Cash Holding $ 32,122.86 n/a n/a $ 32,122.86 Fixed Income Certificates of Deposit $ 9,074,269.43 varies by holding varies by holding $ 9,074,269.43 Fixed Income U.S. Federal Agencies $ 1,562,125.12 varies by holding varies by holding $ 1,562,125.12 Total UBS Finanical Services $ 10,668,517.41 $ 10,668,517.41 67.43% Bank of America Checking (General Ledger - book value) 1,265,596.94 0.00% 0.00% 1,265,596.94 8.00% Total Investment Portfolio 15,822,546.78 15,822,546.78
Budgeted
(10/1/2021 to
12/31/2021)
Actuals
(10/1/2021 to
12/31/2021) YTD Variance
General Fund $ 21,500 $ 41,543 48%
Hank Stratford, City Treasurer Nitish Sharma, Finance Director (Interim) I verify that this investment portfolio is in conformity with State laws and the City of Clayton's investment policy. The City's cash management program provides sufficient liquidity to meet the next six month's expenditures.

Budget to Actual Analysis of Interest Revenue
10/1/2021- 12/31/2021
City of Clayton
Investment Holdings Summary
Qtr. Ending: March 31, 2022
ATTACHMENT 1
Investment Account Investment Type Institution Cost Basis Rate Current Yield Market Value
(holding all
seucrities until
maturity)
Percentage of
Portfolio
CAMP Local Agency Pool California Asset Management Program $ 891,313.03 $ 891,313.03 5.82% LAIF Local Agency Pool Local Agency Investment Fund $ 2,999,117.23 0.32% 0.32% $ 2,999,117.23 19.58% UBS Financial Services Inc.

Fixed Income Certificates of Deposit $ 8,863,781.68 varies by holding varies by holding $ 8,863,781.68 Fixed Income U.S. Federal Agencies $ 233,509.28 varies by holding varies by holding $ 233,509.28 Fixed Income U.S. Treasuries $ 1,269,763.87 $ 1,269,763.87 Total UBS Finanical Services $ 10,367,054.83 $ 10,367,054.83 67.69% Bank of America Checking (General Ledger - book value) 1,058,985.42 0.00% 0.00% 1,058,985.42 6.91% Total Investment Portfolio 15,316,470.51 15,316,470.51
Budgeted
(1/1/2022 to
3/31/2022)
Actuals
(1/1/2022 to
3/31/2022) YTD Variance
General Fund $ 21,500 $ 28,323 24%
Hank Stratford, City Treasurer Nitish Sharma, Finance Director (Interim) I verify that this investment portfolio is in conformity with State laws and the City of Clayton's investment policy. The City's cash management program provides sufficient liquidity to meet the next six month's expenditures.

Budget to Actual Analysis of Interest Revenue
1/1/2022- 3/31/2022
City of Clayton
Investment Holdings Summary
Qtr. Ending: June 30, 2022
ATTACHMENT 1
Investment Account Investment Type Institution Cost Basis Rate Current Yield Market Value
(holding all
seucrities until
maturity)
Percentage of
Portfolio
CAMP Local Agency Pool California Asset Management Program $ 893,135.02 $ 893,135.02 5.53% LAIF Local Agency Pool Local Agency Investment Fund $ 3,001,480.61 0.75% 0.75% $ 3,001,480.61 18.60% UBS Financial Services Inc.

Fixed Income Certificates of Deposit $ 8,758,702.45 varies by holding varies by holding $ 8,758,702.45 Fixed Income U.S. Federal Agencies $ 727,312.19 varies by holding varies by holding $ 727,312.19 Fixed Income U.S. Treasuries $ 1,254,611.02 $ 1,254,611.02 Total UBS Finanical Services $ 10,740,625.66 $ 10,740,625.66 66.54% Bank of America Checking (General Ledger - book value) 1,505,617.26 0.00% 0.00% 1,505,617.26 9.33% Total Investment Portfolio 16,140,858.55 16,140,858.55
Budgeted
(4/1/2022 to
6/30/2022)
Actuals
(4/1/2022 to
6/30/2022) YTD Variance
General Fund $ 21,500 $ 22,862 6%
* Actual amount does not include GASB 31 Adjustment (market value adjustments) Hank Stratford, City Treasurer Nitish Sharma, Finance Director (Interim) I verify that this investment portfolio is in conformity with State laws and the City of Clayton's investment policy. The City's cash management program provides sufficient liquidity to meet the next six month's expenditures.

Budget to Actual Analysis of Interest Revenue
4/1/2022-06/30/2022
City of Clayton
Investment Holdings Summary
Qtr. Ending: September 30, 2022
ATTACHMENT 1
Investment Account Investment Type Institution Cost Basis Rate Current Yield Market Value
(holding all
seucrities until
maturity)
Percentage of
Portfolio
CAMP Local Agency Pool California Asset Management Program $ 898,049.04 $ 898,049.04 5.98% LAIF Local Agency Pool Local Agency Investment Fund $ 1,507,100.01 1.35% 1.35% $ 1,507,100.01 10.03% UBS Financial Services Inc.

Fixed Income Certificates of Deposit $ 8,644,100.78 varies by holding varies by holding $ 8,644,100.78 Fixed Income U.S. Federal Agencies $ 699,951.19 varies by holding varies by holding $ 699,951.19 Fixed Income U.S. Treasuries $ 1,227,370.18 $ 1,227,370.18 Total UBS Finanical Services $ 10,571,422.15 $ 10,571,422.15 70.37% Bank of America Checking (General Ledger - book value) 2,045,989.09 0.00% 0.00% 2,045,989.09 13.62% Total Investment Portfolio 15,022,560.29 15,022,560.29
Budgeted
(7/1/2022 to
9/30/2022)
Actuals
(7/1/2022 to
9/30/2022) YTD Variance
General Fund $ 21,500 $ 29,530 27%
Hank Stratford, City Treasurer Nitish Sharma, Finance Director (Interim) I verify that this investment portfolio is in conformity with State laws and the City of Clayton's investment policy. The City's cash management program provides sufficient liquidity to meet the next six month's expenditures.

Budget to Actual Analysis of Interest Revenue
7/1/2022-9/30/2022
James Dill
908-470-6200
Financial Advisor:

Warren, NJ 070596868Branch office:184 Liberty Corner RoadSuite 101 UBS Client Reviewas of March 31, 2022Prepared forCity of ClaytonAccounts included in this reviewAccount Name TypeEX XX244 • City of Clayton • Business Service AccountRisk profile:Return Objective: Current Income and Capital Appreciation Conservative
What's insideBond summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Bond holdings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Expected cash flow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10House View - Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Important information about this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Bond summary
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of March 31, 2022Bond overviewTotal quantity 10,656,000Total market value $10,341,851.75Total accrued interest $25,203.08Total market value plus accrued interest $10,367,054.83Total estimated annual bond interest $136,916.50Average yield to maturityAverage coupon 1.31%

1.92%1.32%1.92%
Average current yieldAverage yield to worstAverage modified duration 2.24Average effective maturity 2.26 Investment type allocationInvestment type Taxable ($) Total ($) Tax-exempt /
deferred ($)
% of
bond
port.

Certificates of deposit 8,863,781.68 0.00 8,863,781.68 85.50U.S. federal agencies 233,509.28 0.00 233,509.28 2.25U.S. treasuries 1,269,763.87 0.00 1,269,763.87 12.25Total $10,367,054.83 $0.00 $10,367,054.83 100% Credit quality of bond holdings
Effective credit rating
% of
port.

Value on
Issues 03/31/2022 ($)
A Aaa/AAA/AAA 5 1,503,273.15 14.52B Aa/AA/AA 0 0.00 0.00C A/A/A 0 0.00 0.00D Baa/BBB/BBB 0 0.00 0.00E Non-investment grade 0 0.00 0.00F Certificate of deposit 48 8,863,781.68 85.48G Not rated 0 0.00 0.00Total 53 $10,367,054.83 100% Bond maturity schedule
$ Millions
Cash, mutual funds and some preferred securities are not included.

Includes all fixed income securities in the selected porfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 2 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond summary - as of March 31, 2022 (continued)Expected bond cash flow $ Thousands
Total taxable income: $116,526.00Total expected bond cash flow: $116,526.00Cash flows displayed account for known events such as maturities and mandatory puts.

Includes all fixed income securities in the selected porfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 3 of 17 Bond holdings
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of March 31, 2022Summary of bond holdingsMaturityYear Yield to
maturity (%)
Yield to
worst (%)
Unrealized
Issues gain/loss ($) Mkt. value ($)
Est. annual
income ($)
Adjusted
cost basis ($)
Modified
duration
Current
Quantity yield (%) % of bond portfolio maturing
2022 9 1,625,000 38,818.00 2.38% 0.70 % 0.70 % 0.32 1,625,000 8,365.00 1,641,141.512023 16 3,293,000 49,692.00 1.51% 1.51 % 1.51 % 1.15 3,292,225 -4,044.48 3,297,442.352024 6 1,343,000 11,152.50 0.86% 2.27 % 2.27 % 2.30 1,343,000 -45,152.09 1,298,965.212025 10 2,293,000 15,534.50 0.72% 2.55 % 2.55 % 3.35 2,295,446.3 -143,229.06 2,156,454.142026 9 1,722,000 15,369.50 0.96% 2.57 % 2.57 % 4.13 1,719,300 -112,176.82 1,609,514.402027 3 380,000 6,350.00 1.75% 2.64 % 2.64 % 4.66 380,000 -16,882.10 363,537.222028 0 0 NA NA NA2029 0 0 NA NA NA2030 0 0 NA NA NA2031 0 0 NA NA NA2032 0 0 NA NA NA2033 0 0 NA NA NA2034 0 0 NA NA NA2035 0 0 NA NA NA2036 0 0 NA NA NA2037 0 0 NA NA NA2038 0 0 NA NA NA2039 0 0 NA NA NA2040 0 0 NA NA NA2041 0 0 NA NA NA2042 0 0 NA NA NA2043 0 0 NA NA NA2044 0 0 NA NA NA2045 0 0 NA NA NA2046 0 0 NA NA NA2047 0 0 NA NA NA2048 0 0 NA NA NA2049 0 0 NA NA NA2050 0 0 NA NA NA2051 0 0 NA NA NA2051 + 0 0 NA NA NAOther 0 0 NA NA NATotal 53 10,656,000 $136,916.50 1.32% 1.92 % 1.92 % 2.24 $10,654,971.30 $-313,119.55 $10,367,054.83Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 4 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of March 31, 2022 (continued)
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)
Details of bond holdings

1.92%1.92%
07/05/2024 NA 2.24 $10,654,971.3 NA $10,341,851.75
$-313,119.55
10,656,000

1.32% $25,203.08

1.31% $136,916.50 100%
$10,367,054.83
Total Bond PortfolioMaturing 2022
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
197,000 197,000.00 100.024
2,560.19

2.65%

2.65% 47.28
04/04/2022 0.01 197,047.28 1.91%

0.46%
SALLIE MAE BANK UT US RT 5,220.50 0.46%02.6500% MAT 04/04/22 FIXEDRATE CD /UT CD
97,000 97,000.00 100.035
179.38

2.25%

2.25% 33.95
04/07/2022 0.01 97,033.95 0.94%

0.42%
LIVE OAK BKG CO NC US RT 2,182.50 0.42%02.2500% MAT 04/07/22 FIXEDRATE CD /NC CD
145,000 145,000.00 100.314
102.69

2.35%

2.34% 455.74
06/20/2022 0.22 145,455.74 1.41%

0.93%
FIRST NATL BK OF M TX US RT 3,407.50 0.93%02.3500% MAT 06/20/22 FIXEDRATE CD /TX CD
246,000 246,000.00 100.846

0.00 3.15%

3.12% 2,081.16
07/29/2022 NA 248,081.16 2.40%
NA
BANK OF NEW ENGLAN NH US RT 7,749.00 NA03.1500% MAT 07/29/22 FIXEDRATE CD /NH CD
247,000 247,000.00 100.528
843.86

2.15%

2.14% 1,304.16
08/01/2022 0.33 248,304.16 2.40%

0.58%
ALLY BK UT US RT 02.1500% MAT 5,310.50 0.58%08/01/22 FIXED RATE CD /UT CD
100,000 100,000.00 100.510
292.05

2.05%

2.04% 510.00
08/08/2022 0.35 100,510.00 0.97%

0.61%
ENERBANK UT US RT 02.0500% 2,050.00 0.61%MAT 08/08/22 FIXED RATE CD /UT CD
247,000 247,000.00 100.633
357.30

2.20%

2.19% 1,563.51
09/07/2022 0.43 248,563.51 2.40%

0.75%
FIRST BK HIGHLAND IL US RT 5,434.00 0.75%02.2000% MAT 09/07/22 FIXEDRATE CD /IL CD
99,000 99,000.00 100.729
1,110.43

2.30%

2.28% 721.71
10/04/2022 0.50 99,721.71 0.96%

0.87%
CAPITAL ONE BANK U VA US RT 2,277.00 0.87%02.3000% MAT 10/04/22 FIXEDRATE CD /VA CD
247,000 247,000.00 100.667
2,330.60

2.10%

2.09% 1,647.49
10/18/2022 0.54 248,647.49 2.40%

0.88%
COMMERCIAL SVGS BK IA US RT 5,187.00 0.88%02.1000% MAT 10/18/22 FIXEDRATE CD /IA CD
Total 2022 1,625,000 2.39% 07/29/2022 $38,818.00

2.38%

0.70%0.70%

0.32 $1,625,000.00
$8,365.00
$1,633,365.00
$7,776.51

15.79%
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 5 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of March 31, 2022 (continued)Maturing 2023 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
248,000 248,000.00 100.690
180.73

1.90%

1.89% 1,711.20
01/17/2023 0.79 249,711.20 2.41%

1.03%
WELLS FARGO NATL B NV US RT 4,712.00 1.03%01.9000% MAT 01/17/23 FIXEDRATE CD /NV CD
145,000 145,000.00 100.686
513.26

1.90%

1.89% 994.70
01/23/2023 0.80 145,994.70 1.41%

1.05%
GOLDMAN SACHS BANK NY US RT 2,755.00 1.05%01.9000% MAT 01/23/23 FIXEDRATE CD /NY CD
250,000 250,000.00 99.311
106.85

0.30%

0.30% -1,722.50
02/07/2023 0.85 248,277.50 2.40%

1.11%
TEXAS CAP BK NA DA TX US RT 750.00 1.11%00.3000% MAT 02/07/23 FIXEDRATE CD /TX CD
250,000 250,000.00 101.315
308.56

2.65%

2.62% 3,287.50
02/14/2023 0.86 253,287.50 2.45%

1.14%
INDUSTRIAL & COML NY US RT 6,625.00 1.14%02.6500% MAT 02/14/23 FIXEDRATE CD /NY CD
200,000 200,000.00 101.372

44.38 2.70%

2.66% 2,744.00
02/28/2023 0.90 202,744.00 1.96%

1.19%
BELMONT SVGS BK MA US RT 5,400.00 1.19%02.7000% MAT 02/28/23 FIXEDRATE CD /MA CD
250,000 250,000.00 100.150

0.00 1.45%

1.45% 375.00
03/31/2023 NA 250,375.00 2.42%
NA
BANK LEUMI NY US RT 01.4500% 3,625.00 NAMAT 03/31/23 FIXED RATE CD /NY CD
200,000 200,000.00 101.607
2,717.26

2.90%

2.85% 3,214.00
04/11/2023 1.00 203,214.00 1.96%

1.32%
CITIBANK, NA SD US RT 02.9000% 5,800.00 1.32%MAT 04/11/23 FIXED RATE CD /SD CD
150,000 150,000.00 100.064
960.82

1.40%

1.40% 96.00
04/17/2023 1.02 150,096.00 1.45%

1.34%
CAPITAL ONE BK NA VA US RT 2,100.00 1.34%01.4000% MAT 04/17/23 FIXEDRATE CD /VA CD
100,000 100,000.00 99.960
587.67

1.30%

1.30% -40.00
04/17/2023 1.03 99,960.00 0.97%

1.34%
SYNCHRONY BK UT US RT 1,300.00 1.34%01.3000% MAT 04/17/23 FIXEDRATE CD /UT CD
100,000 100,000.00 101.381
1,038.22

2.65%

2.61% 1,381.00
05/08/2023 1.07 101,381.00 0.98%

1.38%
GOLDMAN SACHS BANK UT US RT 2,650.00 1.38%02.6500% MAT 05/08/23 FIXEDRATE CD /UT CD
200,000 200,000.00 98.190

30.69 0.20%

0.20% -3,620.88
05/15/2023 1.11 196,379.12 1.90%

1.83%
COMENITY BANK DE US RT 400.00 1.83%00.2000% MAT 05/15/23 JUMBOCD - HELD AT UBS /DE CD
100,000 100,000.00 102.142

0.00 3.20%

3.13% 2,142.00
07/31/2023 NA 102,142.00 0.99%
NA
ENERBANK UT US RT 03.2000% 3,200.00 NAMAT 07/31/23 FIXED RATE CD /UT CD
200,000 200,000.00 98.110

54.79 0.25%

0.25% -3,780.00
08/21/2023 1.37 196,220.00 1.90%

1.63%
THIRD FED S&L ASSN OH US RT 500.00 1.63%00.2500% MAT 08/21/23 FIXEDRATE CD /OH CD
500,000 499,225.00 96.965
286.74

0.13%

0.13% -14,400.00
10/15/2023 1.52 484,825.00 4.69%

2.14%
625.00 2.14%

NR/NR/NR
US TSY NOTE 00.125 % DUE Aaa/AAA/NR10/15/23 DTD 10/15/20 FC04/15/21 150,000 150,000.00 97.724
170.55

0.25%

0.26% -3,414.00
10/16/2023 1.52 146,586.00 1.42%

1.75%
NEW YORK CMNTY BK NY US RT 375.00 1.75%00.2500% MAT 10/16/23 FIXEDRATE CD /NY CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 6 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of March 31, 2022 (continued)Maturing 2023 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 250,000.00 102.795
2,261.30

3.55%

3.45% 6,987.50
12/28/2023 1.67 256,987.50 2.48%

1.91%
BANK OF BARODA NY US RT 8,875.00 1.91%03.5500% MAT 12/28/23 FIXEDRATE CD /NY CD
Total 2023 3,293,000 1.53% 05/30/2023 $49,692.00

1.51%

1.51%1.51%

1.15 $3,292,225.00
$-4,044.48
$3,288,180.52
$9,261.83

31.79%
Maturing 2024
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
197,000 197,000.00 101.199
415.59

2.75%

2.72% 2,362.03
05/03/2024 2.02 199,362.03 1.93%

2.16%
WELLS FARGO BK NA SD US RT 5,417.50 2.16%02.7500% MAT 05/03/24 FIXEDRATE CD /SD CD
198,000 198,000.00 95.816
149.18

0.25%

0.26% -8,284.32
06/11/2024 2.16 189,715.68 1.83%

2.21%
BMW BANK NORTH AME UT US RT 495.00 2.21%00.2500% MAT 06/11/24 FIXEDRATE CD /UT CD
250,000 250,000.00 96.119
229.79

0.55%

0.57% -9,702.50
07/29/2024 04/29/2022 2.30 240,297.50 2.32%

2.27%2.27%
100.00
BMO HARRIS BK NA IL US RT 1,375.0000.5500% MAT 07/29/24 FIXEDRATE CD /IL CD
250,000 250,000.00 96.140
193.15

0.60%

0.62% -9,650.00
08/12/2024 2.32 240,350.00 2.32%

2.28%
TOYOTA FINL SVGS B NV US RT 1,500.00 2.28%00.6000% MAT 08/12/24 FIXEDRATE CD /NV CD
250,000 250,000.00 96.017

75.34 0.55%

0.57% -9,957.50
08/12/2024 2.34 240,042.50 2.32%

2.28%
UBS BANK UT US RT 00.5500% 1,375.00 2.28%MAT 08/12/24 FIXED RATE CD /UT CD
198,000 198,000.00 94.990

54.25 0.50%

0.53% -9,919.80
12/11/2024 04/11/2022 2.67 188,080.20 1.82%

2.42%2.42%
100.00
TEXAS EXCHANGE BK TX US RT 990.0000.5000% MAT 12/11/24 FIXEDRATE CD /TX CD
Total 2024 1,343,000 0.85% 08/03/2024 $11,152.50

0.86%

2.27%2.27%

2.30 $1,343,000.00
$-45,152.09
$1,297,847.91
$1,117.30

12.55%
Maturing 2025
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 259,817.50 96.771
1,589.04

1.45%

1.50% -17,890.00
04/22/2025 2.94 241,927.50 2.34%

2.55%
CPTL ONE NATL ASSN VA US RT 3,625.00 2.55%01.4500% MAT 04/22/25 FIXEDRATE CD /VA CD
250,000 250,000.00 95.866
1,205.14

1.15%

1.20% -10,335.00
04/29/2025 2.98 239,665.00 2.32%

2.55%
FLAGSTAR BANK, FSB MI US RT 2,875.00 2.55%01.1500% MAT 04/29/25 FIXEDRATE CD /MI CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 7 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of March 31, 2022 (continued)Maturing 2025 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 250,000.00 93.636
222.26

0.55%

0.59% -15,910.00
07/21/2025 3.23 234,090.00 2.26%

2.57%
DELTA NATL B&T CO NY US RT 1,375.00 2.57%00.5500% MAT 07/21/25 FIXEDRATE CD /NY CD
150,000 150,000.00 93.653

73.97 0.60%

0.64% -9,520.50
08/13/2025 3.32 140,479.50 1.36%

2.57%
LIVE OAK BKG CO NC US RT 900.00 2.57%00.6000% MAT 08/13/25 FIXEDRATE CD /NC CD
149,000 149,000.00 93.408

6.74 0.55%

0.59% -9,822.08
08/28/2025 05/28/2022 3.37 139,177.92 1.35%

2.57%2.57%
100.00
USALLIANCE FED CRE NY US RT 819.5000.5500% MAT 08/28/25 FIXEDRATE CD /NY CD
200,000 200,000.00 93.127

24.66 0.50%

0.54% -13,746.00
09/22/2025 3.40 186,254.00 1.80%

2.58%
STATE BK IL US RT 00.5000% MAT 1,000.00 2.58%09/22/25 FIXED RATE CD /IL CD
250,000 250,000.00 93.368

0.00 0.40%

0.43% -16,580.00
10/30/2025 04/30/2022 NA 233,420.00 2.26%
NANA
100.00
JPMORGAN CHASE BK DE US RT 1,000.0000.4000% MAT 10/30/25 STEPRATE CD /DE CD
150,000 150,000.00 93.224
317.50

0.60%

0.64% -10,164.00
11/24/2025 3.55 139,836.00 1.35%

2.56%
900.00 2.56%

NR/NR/NR
FFCB BOND 00.600 % DUE 112425 Aaa/AAA/AA+DTD 112420 FC 05242021 100,000 100,000.00 94.423
290.41

1.00%

1.06% -5,577.00
12/15/2025 3.59 94,423.00 0.91%

2.59%
BARCLAYS BK DE US RT 01.0000% 1,000.00 2.59%MAT 12/15/25 FIXED RATE CD /DE CD
544,000 536,628.80 92.453
507.18

0.38%

0.41% -33,684.48
12/31/2025 3.67 502,944.32 4.86%

2.49%
2,040.00 2.49%

NR/NR/NR
US TSY NOTE 00.375 % DUE Aaa/AAA/NR12/31/25 DTD 12/31/20 FC06/30/21 Total 2025 2,293,000 0.68% 09/13/2025 $15,534.50

0.72%

2.55%2.55%

3.35 $2,295,446.30
$-143,229.06
$2,152,217.24
$4,236.90

20.81%
Maturing 2026
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
245,000 245,000.00 92.381

0.00 0.50%

0.54% -18,666.55
01/29/2026 3.78 226,333.45 2.19%

2.59%
MERRICK BK UT US RT 00.5000% 1,225.00 2.59%MAT 01/29/26 FIXED RATE CD /UT CD
100,000 100,000.00 93.285

70.78 0.52%

0.56% -6,715.00
02/12/2026 3.78 93,285.00 0.90%

2.35%
520.00 2.35%

NR/NR/NR
FHLB NTS 00.520 % DUE 021226 Aaa/NR/AA+DTD 021221 FC 08122021 94,000 94,000.00 92.746

43.52 0.65%

0.70% -6,818.76
03/05/2026 06/05/2022 3.85 87,181.24 0.84%

2.60%2.60%
100.00
BANKUNITED NA FLOR FL US RT 611.0000.6500% MAT 03/05/26 FIXEDRATE CD /FL CD
135,000 135,000.00 93.741

0.00 0.95%

1.01% -8,449.65
03/31/2026 03/31/2022 NA 126,550.35 1.22%
NANA
100.00
BANKUNITED NA FLOR FL US RT 1,282.5000.9500% MAT 03/31/26 FIXEDRATE CD /FL CD
248,000 248,000.00 93.543
852.03

0.95%

1.02% -16,013.36
05/19/2026 3.99 231,986.64 2.24%

2.61%
STATE BANK OF INDI NY US RT 2,356.00 2.61%00.9500% MAT 05/19/26 FIXEDRATE CD /NY CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 8 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of March 31, 2022 (continued)Maturing 2026 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
300,000 297,300.00 93.516
652.62

0.88%

0.94% -16,752.00
06/30/2026 4.11 280,548.00 2.71%

2.49%
2,625.00 2.49%

NR/NR/NR
US TSY NOTE 00.875 % DUE Aaa/AAA/NR06/30/26 DTD 06/30/21 FC12/31/21 250,000 250,000.00 93.095
195.21

0.95%

1.02% -17,262.50
08/18/2026 4.28 232,737.50 2.25%

2.62%
GREENSTATE CREDIT IA US RT 2,375.00 2.62%00.9500% MAT 08/18/26 LICUSHARE CERTIFICATE /IA CD
150,000 150,000.00 93.918
570.21

1.25%

1.33% -9,123.00
12/10/2026 4.49 140,877.00 1.36%

2.63%
SYNCHRONY BANK UT US RT 1,875.00 2.63%01.2500% MAT 12/10/26 FIXEDRATE CD /UT CD
200,000 200,000.00 93.812

6.85 1.25%

1.33% -12,376.00
12/30/2026 4.59 187,624.00 1.81%

2.64%
MEDALLION BK UT US RT 2,500.00 2.64%01.2500% MAT 12/30/26 FIXEDRATE CD /UT CD
Total 2026 1,722,000 0.89% 06/24/2026 $15,369.50

0.96%

2.57%2.57%

4.13 $1,719,300.00
$-112,176.82
$1,607,123.18
$2,391.22

15.54%
Maturing 2027
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
80,000 80,000.00 95.928
164.93

1.75%

1.82% -3,257.60
02/16/2027 4.62 76,742.40 0.74%

2.64%
NELNET BK UT US RT 01.7500% 1,400.00 2.64%MAT 02/16/27 FIXED RATE CD /UT CD
50,000 50,000.00 96.611
111.92

1.90%

1.97% -1,694.50
02/16/2027 4.61 48,305.50 0.47%

2.64%
SALLIE MAE BANK UT US RT 950.00 2.64%01.9000% MAT 02/16/27 FIXEDRATE CD /UT CD
250,000 250,000.00 95.228
142.47

1.60%

1.68% -11,930.00
02/18/2027 08/18/2022 4.68 238,070.00 2.30%

2.64%2.64%
100.00
HARDIN CNTY SVGS B IA US RT 4,000.0001.6000% MAT 02/18/27 FIXEDRATE CD /IA CD
Total 2027 380,000 1.67% 02/18/2027 $6,350.00

1.75%

2.64%2.64%

4.66 $380,000.00
$-16,882.10
$363,117.90
$419.32

3.51%
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)

1.92%1.92%
07/05/2024 NA 2.24 $10,654,971.3 NA $10,341,851.75
$-313,119.55
10,656,000

1.32% $25,203.08

1.31% $136,916.50 100%
Total Bond Portfolio
$10,367,054.83
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 9 of 17 Expected cash flow
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation from 04/01/2022 to 03/31/2023Summary of expected cash flows 2022 2023
April May June July August September October November March Total ($) Total Portfolio 20,135 7,274 13,004 6,410 9,946 8,700 16,369 6,459 12,028 5,937 5,871 4,393 116,526 December January February
Taxable 20,135 7,274 13,004 6,410 9,946 8,700 16,369 6,459 12,028 5,937 5,871 4,393 116,526 Taxable U.S. income 20,135 6,106 8,579 6,410 9,946 8,196 16,369 5,271 7,578 5,937 5,871 3,897 Interest payments 20,135 6,106 8,579 6,410 9,946 8,196 16,369 5,271 7,578 5,937 5,871 3,897 104,295 Taxable non-U.S. income 1,168 4,425 504 1,188 4,450 496 Interest payments 1,168 4,425 504 1,188 4,450 496 12,231Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 10 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 04/01/2022 to 03/31/2023 (continued)Details of expected cash flows 2022 2023
April May June July August September October November December January February March Total ($) Total Portfolio 20,135 7,274 13,004 6,410 9,946 8,700 16,369 6,459 12,028 5,937 5,871 4,393 116,526TaxableTaxable U.S. incomeInterest payments 2022 2023 Quantity April May June July August September October November December January February March Total ($) ALLY BK UT US RT 02.1500%MAT 08/01/22 FIXED RATE CD
247,000.00 2,633.43
Aug 01
2,633.43
BANK LEUMI NY US RT01.4500% MAT 03/31/23FIXED RATE CD
250,000.00 1,817.47
Sep 30
1,807.53
Mar 31
3,625.00
BANK OF NEW ENGLAN NHUS RT 03.1500% MAT07/29/22 FIXED RATE CD 246,000.00 636.90
Apr 30
658.13
May 31
636.90
Jun 30
615.67
Jul 29
2,547.62
BANKUNITED NA FLOR FL USRT 00.6500% MAT 03/05/26FIXED RATE CD 94,000.00 154.01
Jun 05
154.01
Sep 05
152.33
Dec 05
150.66
Mar 05
611.00
BANKUNITED NA FLOR FL USRT 00.9500% MAT 03/31/26FIXED RATE CD 135,000.00 105.41
Apr 30
108.92
May 31
105.41
Jun 30
108.92
Jul 31
108.92
Aug 31
105.41
Sep 30
108.92
Oct 31
105.41
Nov 30
108.92
Dec 31
108.92
Jan 31

98.38 Feb 28
108.92
Mar 31
1,282.50
BARCLAYS BK DE US RT01.0000% MAT 12/15/25FIXED RATE CD
100,000.00 498.63
Jun 15
501.37
Dec 15
1,000.00
BELMONT SVGS BK MA US RT02.7000% MAT 02/28/23FIXED RATE CD 200,000.00 458.63
Apr 28
443.84
May 28
458.63
Jun 28
443.84
Jul 28
458.63
Aug 28
458.63
Sep 28
443.84
Oct 28
458.63
Nov 28
443.84
Dec 28
458.63
Jan 28
458.63
Feb 28
4,985.75
BMO HARRIS BK NA IL US RT00.5500% MAT 07/29/24FIXED RATE CD 250,000.00 339.04
Apr 29
342.81
Jul 29
346.58
Oct 29
346.58
Jan 29
1,375.00
BMW BANK NORTH AME UTUS RT 00.2500% MAT06/11/24 FIXED RATE CD 198,000.00 246.82
Jun 11
248.18
Dec 11
495.00
CAPITAL ONE BANK U VA USRT 02.3000% MAT 10/04/22FIXED RATE CD 99,000.00 1,135.38
Apr 04
1,141.62
Oct 04
2,277.00
CAPITAL ONE BK NA VA USRT 01.4000% MAT 04/17/23FIXED RATE CD 150,000.00 1,047.12
Apr 15
1,052.88
Oct 15
2,100.00
CITIBANK, NA SD US RT02.9000% MAT 04/11/23FIXED RATE CD 200,000.00 2,892.05
Apr 11
2,907.95
Oct 11
5,800.00
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 11 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 04/01/2022 to 03/31/2023 (continued)Interest payments 2022 2023 Quantity April May June July August September October November December January February March Total ($) COMENITY BANK DE US RT00.2000% MAT 05/15/23JUMBO CD - HELD AT UBS 200,000.00 33.97
Apr 03

32.88 May 03

33.97 Jun 03

32.88 Jul 03

33.97 Aug 03

33.97 Sep 03

32.88 Oct 03

33.97 Nov 03

32.88 Dec 03

33.97 Jan 03

33.97 Feb 03

30.68 Mar 03
400.00
COMMERCIAL SVGS BK IA USRT 02.1000% MAT 10/18/22FIXED RATE CD 247,000.00 2,586.39
Apr 18
2,600.61
Oct 18
5,187.00
CPTL ONE NATL ASSN VA USRT 01.4500% MAT 04/22/25FIXED RATE CD 250,000.00 1,807.53
Apr 22
1,817.47
Oct 22
3,625.00
DELTA NATL B&T CO NY USRT 00.5500% MAT 07/21/25FIXED RATE CD 250,000.00 681.85
Jul 31
693.15
Jan 31
1,375.00
ENERBANK UT US RT02.0500% MAT 08/08/22FIXED RATE CD
100,000.00 1,016.58
Aug 07
1,022.19
ENERBANK UT US RT03.2000% MAT 07/31/23FIXED RATE CD
100,000.00 263.01
Apr 30
271.78
May 31
263.01
Jun 30
271.78
Jul 31
271.78
Aug 31
263.01
Sep 30
271.78
Oct 31
263.01
Nov 30
271.78
Dec 31
271.78
Jan 31
245.48
Feb 28
271.78
Mar 31
3,200.00
FFCB BOND 00.600 % DUE112425 DTD 112420 FC05242021
150,000.00 450.00
May 24
450.00
Nov 24
900.00
FHLB NTS 00.520 % DUE021226 DTD 021221 FC08122021
100,000.00 260.00
Aug 12
260.00
Feb 12
520.00
FIRST BK HIGHLAND IL US RT02.2000% MAT 09/07/22FIXED RATE CD 247,000.00 2,739.33
Sep 07
2,739.33
FIRST NATL BK OF M TX US RT02.3500% MAT 06/20/22FIXED RATE CD 145,000.00 289.40
Apr 20
280.07
May 20
289.40
Jun 20
858.88
FLAGSTAR BANK, FSB MI USRT 01.1500% MAT 04/29/25FIXED RATE CD 250,000.00 1,433.56
Apr 29
1,441.44
Oct 29
2,875.00
GOLDMAN SACHS BANK NYUS RT 01.9000% MAT01/23/23 FIXED RATE CD 145,000.00 1,366.18
Jul 22
1,388.82
Jan 22
2,762.55
GOLDMAN SACHS BANK UTUS RT 02.6500% MAT05/08/23 FIXED RATE CD 100,000.00 1,314.11
May 08
1,335.89
Nov 08
2,650.00
GREENSTATE CREDIT IA US RT00.9500% MAT 08/18/26LICU SHARE CERTIFICATE 250,000.00 201.71
Apr 01
195.21
May 01
201.71
Jun 01
195.21
Jul 01
201.71
Aug 01
201.71
Sep 01
195.21
Oct 01
201.71
Nov 01
195.21
Dec 01
201.71
Jan 01
201.71
Feb 01
182.19
Mar 01
2,375.00
HARDIN CNTY SVGS B IA USRT 01.6000% MAT 02/18/27FIXED RATE CD 250,000.00 339.73
Apr 18
328.77
May 18
339.73
Jun 18
328.77
Jul 18
339.73
Aug 18
339.73
Sep 18
328.77
Oct 18
339.73
Nov 18
328.77
Dec 18
339.73
Jan 18
339.73
Feb 18
306.85
Mar 18
4,000.00
INDUSTRIAL & COML NY USRT 02.6500% MAT 02/14/23FIXED RATE CD 250,000.00 562.67
Apr 14
544.52
May 14
562.67
Jun 14
544.52
Jul 14
562.67
Aug 14
562.67
Sep 14
544.52
Oct 14
562.67
Nov 14
544.52
Dec 14
562.67
Jan 14
562.67
Feb 14
6,116.78
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 12 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 04/01/2022 to 03/31/2023 (continued)Interest payments 2022 2023 Quantity April May June July August September October November December January February March Total ($) JPMORGAN CHASE BK DE USRT 00.4000% MAT 10/30/25STEP RATE CD 250,000.00 495.89
Apr 30
504.11
Oct 31
1,000.00
LIVE OAK BKG CO NC US RT00.6000% MAT 08/13/25FIXED RATE CD 150,000.00 76.44
Apr 01

73.97 May 01

76.44 Jun 01

73.97 Jul 01

76.44 Aug 01

76.44 Sep 01

73.97 Oct 01

76.44 Nov 01

73.97 Dec 01

76.44 Jan 01

76.44 Feb 01

69.04 Mar 01
900.00
LIVE OAK BKG CO NC US RT02.2500% MAT 04/07/22FIXED RATE CD 97,000.00 185.36
Apr 01
221.24
MEDALLION BK UT US RT01.2500% MAT 12/30/26FIXED RATE CD 200,000.00 212.33
Apr 30
205.48
May 30
212.33
Jun 30
205.48
Jul 30
212.33
Aug 30
212.33
Sep 30
205.48
Oct 30
212.33
Nov 30
205.48
Dec 30
212.33
Jan 30
198.63
Feb 28
205.48
Mar 30
2,500.00
MERRICK BK UT US RT00.5000% MAT 01/29/26FIXED RATE CD
245,000.00 100.68
Apr 30
104.04
May 31
100.68
Jun 30
104.04
Jul 31
104.04
Aug 31
100.68
Sep 30
104.04
Oct 31
100.68
Nov 30
104.04
Dec 31
104.04
Jan 31

93.97 Feb 28
104.04
Mar 31
1,225.00
NELNET BK UT US RT01.7500% MAT 02/16/27FIXED RATE CD
80,000.00 694.25
Aug 16
705.75
Feb 16
1,400.00
NEW YORK CMNTY BK NY USRT 00.2500% MAT 10/16/23FIXED RATE CD 150,000.00 186.99
Apr 16
188.01
Oct 16
375.00
SALLIE MAE BANK UT US RT01.9000% MAT 02/16/27FIXED RATE CD 50,000.00 471.10
Aug 16
478.90
Feb 16
950.00
SALLIE MAE BANK UT US RT02.6500% MAT 04/04/22FIXED RATE CD 197,000.00 2,603.10
Apr 03
2,617.40
SYNCHRONY BANK UT US RT01.2500% MAT 12/10/26FIXED RATE CD 150,000.00 934.93
Jun 10
940.07
Dec 10
1,875.00
SYNCHRONY BK UT US RT01.3000% MAT 04/17/23FIXED RATE CD 100,000.00 648.22
Apr 17
651.78
Oct 17
1,300.00
TEXAS CAP BK NA DA TX USRT 00.3000% MAT 02/07/23FIXED RATE CD 250,000.00 371.92
Aug 07
378.08
Feb 07
750.00
TEXAS EXCHANGE BK TX USRT 00.5000% MAT 12/11/24FIXED RATE CD 198,000.00 84.08
Apr 11

81.37 May 11

84.08 Jun 11

81.37 Jul 11

84.08 Aug 11

84.08 Sep 11

81.37 Oct 11

84.08 Nov 11

81.37 Dec 11

84.08 Jan 11

84.08 Feb 11

75.95 Mar 11
990.00
THIRD FED S&L ASSN OH USRT 00.2500% MAT 08/21/23FIXED RATE CD 200,000.00 247.95
Aug 19
252.05
Feb 19
500.00
TOYOTA FINL SVGS B NV USRT 00.6000% MAT 08/12/24FIXED RATE CD 250,000.00 743.84
Aug 12
756.16
Feb 12
1,500.00
UBS BANK UT US RT00.5500% MAT 08/12/24FIXED RATE CD
250,000.00 116.78
Apr 11
113.01
May 11
116.78
Jun 11
113.01
Jul 11
116.78
Aug 11
116.78
Sep 11
113.01
Oct 11
116.78
Nov 11
113.01
Dec 11
116.78
Jan 11
116.78
Feb 11
105.48
Mar 11
1,375.00
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 13 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 04/01/2022 to 03/31/2023 (continued)Interest payments 2022 2023 Quantity April May June July August September October November December January February March Total ($) US TSY NOTE 00.125 % DUE10/15/23 DTD 10/15/20 FC04/15/21 500,000.00 312.50
Apr 15
312.50
Oct 15
625.00
US TSY NOTE 00.375 % DUE12/31/25 DTD 12/31/20 FC06/30/21 544,000.00 1,020.00
Jun 30
1,020.00
Dec 31
2,040.00
US TSY NOTE 00.875 % DUE06/30/26 DTD 06/30/21 FC12/31/21 300,000.00 1,312.50
Jun 30
1,312.50
Dec 31
2,625.00
USALLIANCE FED CRE NY USRT 00.5500% MAT 08/28/25FIXED RATE CD 149,000.00 69.60
Apr 28

67.36 May 28

69.60 Jun 28

67.36 Jul 28

69.60 Aug 28

69.60 Sep 28

67.36 Oct 28

69.60 Nov 28

67.36 Dec 28

69.60 Jan 28

69.60 Feb 28

62.87 Mar 28
819.50
WELLS FARGO BK NA SD USRT 02.7500% MAT 05/03/24FIXED RATE CD 197,000.00 460.12
Apr 03
445.27
May 03
460.12
Jun 03
445.27
Jul 03
460.12
Aug 03
460.12
Sep 03
445.27
Oct 03
460.12
Nov 03
445.27
Dec 03
460.12
Jan 03
460.12
Feb 03
415.59
Mar 03
5,417.50
WELLS FARGO NATL B NV USRT 01.9000% MAT 01/17/23FIXED RATE CD 248,000.00 400.20
Apr 17
387.29
May 17
400.20
Jun 17
387.29
Jul 17
400.20
Aug 17
400.20
Sep 17
387.29
Oct 17
400.20
Nov 17
387.29
Dec 17
400.20
Jan 17
3,950.33
Total Interest payments 20,135 6,106 8,579 6,410 9,946 8,196 16,369 5,271 7,578 5,937 5,871 3,897 104,295Taxable non-U.S. incomeInterest payments 2022 2023 Quantity April May June July August September October November December January February March Total ($) BANK OF BARODA NY US RT03.5500% MAT 12/28/23FIXED RATE CD 250,000.00 4,425.34
Jun 28
4,449.66
Dec 28
8,875.00
STATE BANK OF INDI NY USRT 00.9500% MAT 05/19/26FIXED RATE CD 248,000.00 1,168.32
May 19
1,187.68
Nov 19
2,356.00
STATE BK IL US RT 00.5000%MAT 09/22/25 FIXED RATE CD
200,000.00 504.11
Sep 22
495.89
Mar 22
1,000.00
Total Interest payments 1,168 4,425 504 1,188 4,450 496 12,231 2022 2023
April May June July August September October November December January February March Total ($) Total Portfolio 20,135 7,274 13,004 6,410 9,946 8,700 16,369 6,459 12,028 5,937 5,871 4,393 116,526Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 14 of 17 House View: Executive summary
• Market volatility remains elevated as high inflation and rising interest rates are bringing down global growth expectations. Inflation looks set toremain at above-average levels and economic growth looks set to continueslowing on the back of higher interest rates. In this more challengingenvironment, there are still clear winners, in our opinion. • We face significant geopolitical and economic uncertainty. The war in Ukraine has caused a humanitarian crisis. Sanctions have been imposed,disrupting commodity flows and creating extreme volatility in somemarkets. Cease-fire talks have yet to yield results. • On an asset class level, we prefer commodities and commodity-related investments. Within equities, we believe value-oriented companies willoutperform. Investors should ensure portfolios are well diversified, withexposure to alternatives such as hedge funds and private markets. • With extremely negative real wage growth across the major economies, consumers can only maintain consumer spending levels by reducingsavings rates or increasing borrowing rates. If that happens, the outcomeis a soft landing. If consumers stop using savings or borrowing to supportconsumption, before real incomes stabilize, then economic slump is likely. • Central banks need to reduce inflation to stabilize real incomes. The risk is that interest rate increases are occurring as inflation is being driven moreby factors that will not respond to rate increases. This means they need tolower demand to squeeze corporate profit margins, without loweringdemand as far as creating job insecurity and elevate precautionary savings. • Economies are experiencing consumption inequality as lower-income groups have fewer resources available to support spending. If consumerspending patterns change, the shift is likely to be more abrupt than isnormally the case—because any shift is more likely to be driven bysentiment and concerns about the future, rather than a gradual change inlabor market conditions.

Global economic outlook
Month in review
Source: UBS, as of 30 September 2022
The views expressed in this slide belong to CIO Americas, GWM Tactical preferences
EquitiesFixed income Foreign exchangeReal assetsUS sectors • US large-cap value• UK equity• Australia equity• Agency MBS• USD• CAD• CHF• Oil• Broad commodities• Energy• Healthcare• Consumer Staples Asset Classes Most Preferred Least Preferred
Preferred Investment Views
• US large-cap growth• US gov’t bonds (int.)• EUR• GBP• Gold• Consumer discretionary• Materials 2021 2022E 2023E
US 5.7 1.6 0.5
Eurozone 5.3 2.9 0.8
China 8.1 2.7 4.6
Latin America 6.7 2.9 1.7
World 6.2 3.0 3.0
Economic forecasts (real GDP, in %) Report created on: October 11, 2022 Page 15 of 17 Important information about this report
Disclosures applicable to accounts at UBS Financial Services Inc.This section contains important disclosures regarding theinformation and valuations presented here. Allinformation presented is subject to change at any timeand is provided only as of the date indicated. Theinformation in this report is for informational purposesonly and should not be relied upon as the basis of aninvestment or liquidation decision. UBS FS accountstatements and official tax documents are the onlyofficial record of your accounts and are not replaced,amended or superseded by any of the informationpresented in these reports. You should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise.UBS FS offers a number of investment advisory programsto clients, acting in our capacity as an investmentadviser, including fee-based financial planning,discretionary account management, non-discretionaryinvestment advisory programs, and advice on theselection of investment managers and mutual fundsoffered through our investment advisory programs.When we act as your investment adviser, we will have awritten agreement with you expressly acknowledgingour investment advisory relationship with you anddescribing our obligations to you. At the beginning ofour advisory relationship, we will give you our Form ADVbrochure(s) for the program(s) you selected that providesdetailed information about, among other things, theadvisory services we provide, our fees, our personnel,our other business activities and financial industryaffiliations and conflicts between our interests and yourinterests.In our attempt to provide you with the highest qualityinformation available, we have compiled this reportusing data obtained from recognized statistical sourcesand authorities in the financial industry. While webelieve this information to be reliable, we cannot makeany representations regarding its accuracy orcompleteness. Please keep this guide as your AdvisoryReview.Please keep in mind that most investment objectives arelong term. Although it is important to evaluate yourportfolio's performance over multiple time periods, webelieve the greatest emphasis should be placed on thelonger period returns.Please review the report content carefully and contactyour Financial Advisor with any questions.Portfolio: For purposes of this report "portfolio" isdefined as all of the accounts presented on the coverpage or the header of this report and does notnecessarily include all of the client's accounts held atUBS FS or elsewhere.Tax lots: This report displays security tax lots as eitherone line item (i.e., lumped tax lots) or as separate tax lot level information. If you choose to display security taxlots as one line item, the total cost equals the total valueof all tax lots. The unit cost is an average of the totalcost divided by the total number of shares. If the shareswere purchased in different lots, the unit price listeddoes not represent the actual cost paid for each lot. Theunrealized gain/loss value is calculated by combining thetotal value of all tax lots plus or minus the total marketvalue of the security.If you choose to display tax lot level information asseparate line items on the Portfolio Holdings report, thetax lot information may include information fromsources other than UBS FS. The Firm does notindependently verify or guarantee the accuracy orvalidity of any information provided by sources otherthan UBS FS. As a result this information may not beaccurate and is provided for informational purposesonly. Clients should not rely on this information inmaking purchase or sell decisions, for tax purposes orotherwise. See your monthly statement for additionalinformation.Pricing: All securities are priced using the closing pricereported on the last business day preceding the date ofthis report. Every reasonable attempt has been made toaccurately price securities; however, we make nowarranty with respect to any security's price. Please referto the back of the first page of your UBS FS accountstatement for important information regarding thepricing used for certain types of securities, the sources ofpricing data and other qualifications concerning thepricing of securities. To determine the value of securitiesin your account, we generally rely on third partyquotation services. If a price is unavailable or believed tobe unreliable, we may determine the price in good faithand may use other sources such as the last recordedtransaction. When securities are held at anothercustodian or if you hold illiquid or restricted securities forwhich there is no published price, we will generally relyon the value provided by the custodian or issuer of thatsecurity.Estimated Annual Income: The Estimated AnnualIncome is the annualized yearly per shareDividends/interest paid and multiplied by the quantity ofshares held in the selected account(s). For savingsproduct & sweep funds this value is not calculated and isdisplayed as 0.Current Yield: Current yield is defined as the estimatedannual income divided by the total market value.Bond Rating: These ratings are obtained fromindependent industry sources and are not verified byUBS FS. Securities without rating information are leftblank. Rating agencies may discontinue ratings on highyield securities.NR: When NR is displayed under bond rating column, no ratings are currently available from that rating agency.High Yield: This report may designate a security as ahigh yield fixed income security even though one ormore rating agencies rate the security as an investmentgrade security. Further, this report may incorporate arating that is no longer current with the rating agency.For more information about the rating for any high yieldfixed income security, or to consider whether to hold orsell a high yield fixed income security, please contactyour financial advisor or representative and do not makeany investment decision based on this report.Credit/Event Risk: Investments are subject to event riskand changes in credit quality of the issuer. Issuers canexperience economic situations that may have adverseeffects on the market value of their securities.Interest Rate Risk: Bonds are subject to market valuefluctuations as interest rates rise and fall. If sold prior tomaturity, the price received for an issue may be less thanthe original purchase price.Reinvestment Risk: Since most corporate issues payinterest semiannually, the coupon payments over the lifeof the bond can have a major impact on the bond's totalreturn.Call Provisions: When evaluating the purchase of acorporate bond, one should be aware of any featuresthat may allow the issuer to call the security. This isparticularly important when considering an issue that istrading at a premium to its call price, since the returnmay be negatively impacted if the issue is redeemed.Should an issue be called, investors may be faced withan earlier than anticipated reinvestment decision, andmay be unable to reinvest their principal at equallyfavorable rates.Effective Maturity: Effective maturity is the expectedredemption due to pre-refunding, puts, or maturity anddoes not reflect any sinking fund activity, optional orextraordinary calls. Securities without a maturity date areleft blank and typically include Preferred Securities,Mutual Funds and Fixed Income UITs.Yields: Yield to Maturity and Yield to Worst arecalculated to the worst call.Accrued Interest: Interest that has accumulatedbetween the most recent payment and the report datemay be reflected in market values for interest bearingsecurities.Bond Averages: All averages are weighted averagescalculated based on market value of the holding, notincluding accrued interest.Tax Status: "Taxable" includes all securities held in ataxable account that are subject to federal and/or state or local taxation. "Tax-exempt" includes all securitiesheld in a taxable account that are exempt from federal,state and local taxation. "Tax-deferred" includes allsecurities held in a tax-deferred account, regardless ofthe status of the security.Taxability unknown: Taxability unknown items mayinclude, but not to be limited to, Money Market interest,ordinary interest, and ordinary dividends. The valueshown for interest bearing securities that have beendeposited or received in your account includes accruedinterest, where applicable.Cash Flow: This Cash Flow analysis is based on thehistorical dividend, coupon and interest payments youhave received as of the Record Date in connection withthe securities listed and assumes that you will continueto hold the securities for the periods for which cashflows are projected. The attached may or may notinclude principal paybacks for the securities listed. Thesepotential cash flows are subject to change due to avariety of reasons, including but not limited to,contractual provisions, changes in corporate policies,changes in the value of the underlying securities andinterest rate fluctuations. The effect of a call on anysecurity(s) and the consequential impact on its potentialcash flow(s) is not reflected in this report. Payments thatoccur in the same month in which the report isgenerated -- but prior to the report run ("As of") date --are not reflected in this report. In determining thepotential cash flows, UBS FS relies on informationobtained from third party services it believes to bereliable. UBS FS does not independently verify orguarantee the accuracy or validity of any informationprovided by third parties. Although UBS FS generallyupdates this information as it is received, the Firm doesnot provide any assurances that the information listed isaccurate as of the Record Date. Cash flows formortgage-backed, asset-backed, factored, and otherpass-through securities are based on the assumptionsthat the current face amount, principal pay-down,interest payment and payment frequency remainconstant. Calculations may include principal payments,are intended to be an estimate of future projectedinterest cash flows and do not in any way guaranteeaccuracy.Expected Cash Flow reporting for Puerto RicoIncome Tax Purposes: Expected Cash Flow reportingmay be prepared solely for Puerto Rico income taxpurposes only. If you have received expected cash flowreporting for Puerto Rico income tax purposes only andare NOT subject to Puerto Rico income taxes, you havereceived this reporting in error and you should contactyour Financial Advisor immediately. Both the Firm andyour Financial Advisor will rely solely upon yourrepresentations and will not make the determination ofwhether you are subject to Puerto Rico income taxes. Ifyou have received this reporting and you are NOTsubject to Puerto Rico income taxes, the information Report created on: October 11, 2022 Page 16 of 17
Disclosures applicable to accounts at UBS Financial Services Inc. (continued) provided in this reporting is inaccurate and should notbe relied upon by you or your advisers. Neither UBS FSnor its employees or associated persons provide tax orlegal advice. You should consult with your tax and/orlegal advisors regarding your personal circumstances.Bond sensitivity analysis: This analysis uses ModifiedDuration which approximates the percentage pricechange of a security for a given change in yield. Thehigher the modified duration of a security, the higher itsrisk.  For callable securities, modified duration does notaddress the impact of changing interest rates on abond's expected cash flow as a result of a call orprepayment.Gain/Loss: The gain/loss information may includecalculations based upon non-UBS FS cost basisinformation. The Firm does not independently verify orguarantee the accuracy or validity of any informationprovided by sources other than UBS FS. In addition, ifthis report contains positions with unavailable cost basis,the gain/(loss) for these positions are excluded in thecalculation for the Gain/(Loss). As a result these figuresmay not be accurate and are provided for informationalpurposes only. Clients should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise. Rely only on year-end tax formswhen preparing your tax return. See your monthlystatement for additional information.Accounts Included in this Report: The account listingmay or may not include all of your accounts with UBSFS. The accounts included in this report are listed underthe "Accounts included in this review" shown on thefirst page or listed at the top of each page. If an accountnumber begins with "@" this denotes assets or liabilitiesheld at other financial institutions. Information aboutthese assets, including valuation, account type and costbasis, is based on the information you provided to us, orprovided to us by third party data aggregators orcustodians at your direction. We have not verified, andare not responsible for, the accuracy or completeness ofthis information.Account name(s) displayed in this report and labels usedfor groupings of accounts can be customizable"nicknames" chosen by you to assist you with yourrecordkeeping or may have been included by yourfinancial advisor for reference purposes only. The namesused have no legal effect, are not intended to reflect anystrategy, product, recommendation, investmentobjective or risk profile associated with your accounts orany group of accounts, and are not a promise orguarantee that wealth, or any financial results, can orwill be achieved. All investments involve the risk of loss,including the risk of loss of the entire investment.For more information about account or group names, orto make changes, contact your Financial Advisor.

Account changes: At UBS, we are committed tohelping you work toward your financial goals. So thatwe may continue providing you with financial advicethat is consistent with your investment objectives, pleaseconsider the following two questions:1) Have there been any changes to your financialsituation or investment objectives?2) Would you like to implement or modify anyrestrictions regarding the management of your account?If the answer to either question is "yes," it is importantthat you contact your Financial Advisor as soon aspossible to discuss these changes. For MAC advisoryaccounts, please contact your investment managerdirectly if you would like to impose or change anyinvestment restrictions on your account.ADV disclosure: A complimentary copy of our currentForm ADV Disclosure Brochure that describes theadvisory program and related fees is available throughyour Financial Advisor. Please contact your FinancialAdvisor if you have any questions.Important information for former Piper Jaffray andMcDonald Investments clients: As an accommodationto former Piper Jaffray and McDonald Investmentsclients, these reports include performance history fortheir Piper Jaffray accounts prior to August 12, 2006 andMcDonald Investments accounts prior to February 9,2007, the date the respective accounts were convertedto UBS FS. UBS FS has not independently verified thisinformation nor do we make any representations orwarranties as to the accuracy or completeness of thatinformation and will not be liable to you if any suchinformation is unavailable, delayed or inaccurate.For insurance, annuities, and 529 Plans, UBS FS relies oninformation obtained from third party services it believesto be reliable. UBS FS does not independently verify orguarantee the accuracy or validity of any informationprovided by third parties. Information for insurance,annuities, and 529 Plans that has been provided by athird party service may not reflect the quantity andmarket value as of the previous business day. Whenavailable, an "as of" date is included in the description.Investors outside the U.S. are subject to securities andtax regulations within their applicable jurisdiction thatare not addressed in this report. Nothing in this reportshall be construed to be a solicitation to buy or offer tosell any security, product or service to any non-U.S.investor, nor shall any such security, product or servicebe solicited, offered or sold in any jurisdiction wheresuch activity would be contrary to the securities laws orother local laws and regulations or would subject UBS toany registration requirement within such jurisdiction.Performance History prior to the account's inception atUBS Financial Services, Inc. may have been included inthis report and is based on data provided by third party sources. UBS Financial Services Inc. has notindependently verified this information nor does UBSFinancial Services Inc. guarantee the accuracy or validityof the information.Important information about brokerage andadvisory services. As a firm providing wealthmanagement services to clients, UBS Financial ServicesInc. offers investment advisory services in its capacity asan SEC-registered investment adviser and brokerageservices in its capacity as an SEC-registered brokerdealer. Investment advisory services and brokerageservices are separate and distinct, differ in material waysand are governed by different laws and separatearrangements. It is important that clients understand theways in which we conduct business, that they carefullyread the agreements and disclosures that we provide tothem about the products or services we offer. For moreinformation, please review client relationship summaryprovided at ubs.com/relationshipsummary. UBS FS All Rights Reserved. Member SIPC.

Report created on: October 11, 2022 Page 17 of 17
James Dill
908-470-6200
Financial Advisor:

Warren, NJ 070596868Branch office:184 Liberty Corner RoadSuite 101 UBS Client Reviewas of June 30, 2022Prepared forCity of ClaytonAccounts included in this reviewAccount Name TypeEX XX244 • City of Clayton • Business Service AccountRisk profile:Return Objective: Current Income and Capital Appreciation Conservative
What's insideBond summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Bond holdings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Expected cash flow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9House View - Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Important information about this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Bond summary
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of June 30, 2022Bond overviewTotal quantity 11,200,000Total market value $10,721,990.27Total accrued interest $18,635.40Total market value plus accrued interest $10,740,625.67Total estimated annual bond interest $164,286.00Average yield to maturityAverage coupon 1.50%

3.00%1.53%3.00%
Average current yieldAverage yield to worstAverage modified duration 2.35Average effective maturity 2.37 Investment type allocationInvestment type Taxable ($) Total ($) Tax-exempt /
deferred ($)
% of
bond
port.

Certificates of deposit 8,758,702.45 0.00 8,758,702.45 81.55U.S. federal agencies 727,312.19 0.00 727,312.19 6.77U.S. treasuries 1,254,611.02 0.00 1,254,611.02 11.68Total $10,740,625.66 $0.00 $10,740,625.66 100% Credit quality of bond holdings
Effective credit rating
% of
port.

Value on
Issues 06/30/2022 ($)
A Aaa/AAA/AAA 6 1,981,923.22 18.48B Aa/AA/AA 0 0.00 0.00C A/A/A 0 0.00 0.00D Baa/BBB/BBB 0 0.00 0.00E Non-investment grade 0 0.00 0.00F Certificate of deposit 48 8,758,702.45 81.52G Not rated 0 0.00 0.00Total 54 $10,740,625.67 100% Bond maturity schedule
$ Millions
Cash, mutual funds and some preferred securities are not included.

Includes all fixed income securities in the selected porfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 2 of 16 Bond holdings
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of June 30, 2022Summary of bond holdingsMaturityYear Yield to
maturity (%)
Yield to
worst (%)
Unrealized
Issues gain/loss ($) Mkt. value ($)
Est. annual
income ($)
Adjusted
cost basis ($)
Modified
duration
Current
Quantity yield (%) % of bond portfolio maturing
2022 6 1,186,000 28,007.50 2.36% 1.78 % 1.78 % 0.18 1,186,000 892.64 1,193,155.862023 16 3,214,000 54,072.00 1.70% 2.68 % 2.68 % 0.93 3,213,225 -34,049.01 3,184,603.122024 6 1,343,000 11,152.50 0.87% 3.30 % 3.30 % 2.05 1,343,000 -67,844.93 1,276,505.382025 10 2,293,000 15,534.50 0.74% 3.27 % 3.27 % 3.11 2,295,446.3 -182,325.97 2,115,340.092026 10 1,937,000 20,959.50 1.18% 3.31 % 3.31 % 3.85 1,934,300 -156,500.56 1,778,848.202027 6 1,227,000 34,560.00 2.90% 3.52 % 3.52 % 4.47 1,227,000 -37,153.20 1,192,173.022028 0 0 NA NA NA2029 0 0 NA NA NA2030 0 0 NA NA NA2031 0 0 NA NA NA2032 0 0 NA NA NA2033 0 0 NA NA NA2034 0 0 NA NA NA2035 0 0 NA NA NA2036 0 0 NA NA NA2037 0 0 NA NA NA2038 0 0 NA NA NA2039 0 0 NA NA NA2040 0 0 NA NA NA2041 0 0 NA NA NA2042 0 0 NA NA NA2043 0 0 NA NA NA2044 0 0 NA NA NA2045 0 0 NA NA NA2046 0 0 NA NA NA2047 0 0 NA NA NA2048 0 0 NA NA NA2049 0 0 NA NA NA2050 0 0 NA NA NA2051 0 0 NA NA NA2051 + 0 0 NA NA NAOther 0 0 NA NA NATotal 54 11,200,000 $164,286.00 1.53% 3.00 % 3.00 % 2.35 $11,198,971.30 $-476,981.03 $10,740,625.67Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 3 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of June 30, 2022 (continued)
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)
Details of bond holdings

3.00%3.00%
11/13/2024 NA 2.35 $11,198,971.3 NA $10,721,990.27
$-476,981.03
11,200,000

1.53% $18,635.40

1.50% $164,286.00 100%
$10,740,625.67
Total Bond PortfolioMaturing 2022
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
246,000 246,000.00 100.117

0.00 3.15%

3.15% 287.82
07/29/2022 NA 246,287.82 2.30%
NA
BANK OF NEW ENGLAN NH US RT 7,749.00 NA03.1500% MAT 07/29/22 FIXEDRATE CD /NH CD
247,000 247,000.00 100.038
2,167.85

2.15%

2.15% 93.86
08/01/2022 0.08 247,093.86 2.30%

1.70%
ALLY BK UT US RT 02.1500% MAT 5,310.50 1.70%08/01/22 FIXED RATE CD /UT CD
100,000 100,000.00 100.034
803.15

2.05%

2.05% 34.00
08/08/2022 0.10 100,034.00 0.93%

1.72%
ENERBANK UT US RT 02.0500% 2,050.00 1.72%MAT 08/08/22 FIXED RATE CD /UT CD
247,000 247,000.00 100.074
1,712.08

2.20%

2.20% 182.78
09/07/2022 0.18 247,182.78 2.31%

1.79%
FIRST BK HIGHLAND IL US RT 5,434.00 1.79%02.2000% MAT 09/07/22 FIXEDRATE CD /IL CD
99,000 99,000.00 100.125
542.74

2.30%

2.30% 123.75
10/04/2022 0.26 99,123.75 0.92%

1.81%
CAPITAL ONE BANK U VA US RT 2,277.00 1.81%02.3000% MAT 10/04/22 FIXEDRATE CD /VA CD
247,000 247,000.00 100.069
1,037.40

2.10%

2.10% 170.43
10/18/2022 0.29 247,170.43 2.31%

1.86%
COMMERCIAL SVGS BK IA US RT 5,187.00 1.86%02.1000% MAT 10/18/22 FIXEDRATE CD /IA CD
Total 2022 1,186,000 2.36% 08/31/2022 $28,007.50

2.36%

1.78%1.78%

0.18 $1,186,000.00
$892.64
$1,186,892.64
$6,263.22

11.07%
Maturing 2023
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
248,000 248,000.00 99.856
167.82

1.90%

1.90% -357.12
01/17/2023 0.54 247,642.88 2.31%

2.16%
WELLS FARGO NATL B NV US RT 4,712.00 2.16%01.9000% MAT 01/17/23 FIXEDRATE CD /NV CD
145,000 145,000.00 99.840
1,200.12

1.90%

1.90% -232.00
01/23/2023 0.55 144,768.00 1.35%

2.18%
GOLDMAN SACHS BANK NY US RT 2,755.00 2.18%01.9000% MAT 01/23/23 FIXEDRATE CD /NY CD
250,000 250,000.00 100.237
290.41

2.65%

2.64% 592.50
02/14/2023 0.62 250,592.50 2.34%

2.27%
INDUSTRIAL & COML NY US RT 6,625.00 2.27%02.6500% MAT 02/14/23 FIXEDRATE CD /NY CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 4 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of June 30, 2022 (continued)Maturing 2023 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
200,000 200,000.00 100.252

29.59 2.70%

2.69% 504.00
02/28/2023 0.65 200,504.00 1.87%

2.32%
BELMONT SVGS BK MA US RT 5,400.00 2.32%02.7000% MAT 02/28/23 FIXEDRATE CD /MA CD
250,000 250,000.00 99.268
903.77

1.45%

1.46% -1,830.00
03/31/2023 NA 248,170.00 2.31%
NA
BANK LEUMI NY US RT 01.4500% 3,625.00 NAMAT 03/31/23 FIXED RATE CD /NY CD
200,000 200,000.00 100.319
1,271.23

2.90%

2.89% 638.00
04/11/2023 0.76 200,638.00 1.87%

2.48%
CITIBANK, NA SD US RT 02.9000% 5,800.00 2.48%MAT 04/11/23 FIXED RATE CD /SD CD
150,000 150,000.00 99.120
437.26

1.40%

1.41% -1,320.00
04/17/2023 0.78 148,680.00 1.39%

2.52%
CAPITAL ONE BK NA VA US RT 2,100.00 2.52%01.4000% MAT 04/17/23 FIXEDRATE CD /VA CD
100,000 100,000.00 99.041
263.56

1.30%

1.31% -959.00
04/17/2023 0.78 99,041.00 0.92%

2.52%
SYNCHRONY BK UT US RT 1,300.00 2.52%01.3000% MAT 04/17/23 FIXEDRATE CD /UT CD
100,000 100,000.00 100.030
384.79

2.65%

2.65% 30.00
05/08/2023 0.83 100,030.00 0.93%

2.61%
GOLDMAN SACHS BANK UT US RT 2,650.00 2.61%02.6500% MAT 05/08/23 FIXEDRATE CD /UT CD
200,000 200,000.00 97.358

29.59 0.20%

0.21% -5,284.16
05/15/2023 0.87 194,715.84 1.82%

3.27%
COMENITY BANK DE US RT 400.00 3.27%00.2000% MAT 05/15/23 JUMBOCD - HELD AT UBS /DE CD
171,000 171,000.00 100.137

14.05 3.00%

3.00% 234.27
06/29/2023 0.92 171,234.27 1.60%

2.85%
DEPARTMENT OF COMM DC US RT 5,130.00 2.85%03.0000% MAT 06/29/23 LICUSHARE CERTIFICATE /DC CD
100,000 100,000.00 100.318

0.00 3.20%

3.19% 318.00
07/31/2023 NA 100,318.00 0.94%
NA
ENERBANK UT US RT 03.2000% 3,200.00 NAMAT 07/31/23 FIXED RATE CD /UT CD
200,000 200,000.00 97.008
179.45

0.25%

0.26% -5,984.00
08/21/2023 1.12 194,016.00 1.81%

2.93%
THIRD FED S&L ASSN OH US RT 500.00 2.93%00.2500% MAT 08/21/23 FIXEDRATE CD /OH CD
500,000 499,225.00 96.465
129.78

0.13%

0.13% -16,900.00
10/15/2023 1.27 482,325.00 4.50%

2.93%
625.00 2.93%

NR/NR/NR
US TSY NOTE 00.125 % DUE Aaa/AAA/NR10/15/23 DTD 10/15/20 FC04/15/21 150,000 150,000.00 96.527

77.05 0.25%

0.26% -5,209.50
10/16/2023 1.27 144,790.50 1.35%

3.00%
NEW YORK CMNTY BK NY US RT 375.00 3.00%00.2500% MAT 10/16/23 FIXEDRATE CD /NY CD
250,000 250,000.00 100.684

48.63 3.55%

3.53% 1,710.00
12/28/2023 1.44 251,710.00 2.35%

3.08%
BANK OF BARODA NY US RT 8,875.00 3.08%03.5500% MAT 12/28/23 FIXEDRATE CD /NY CD
Total 2023 3,214,000 1.70% 06/09/2023 $54,072.00

1.70%

2.68%2.68%

0.93 $3,213,225.00
$-34,049.01
$3,179,175.99
$5,427.13

29.65%
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 5 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of June 30, 2022 (continued)Maturing 2024 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
197,000 197,000.00 99.141
400.75

2.75%

2.77% -1,692.23
05/03/2024 1.78 195,307.77 1.82%

3.23%
WELLS FARGO BK NA SD US RT 5,417.50 3.23%02.7500% MAT 05/03/24 FIXEDRATE CD /SD CD
198,000 198,000.00 94.310

25.77 0.25%

0.27% -11,266.20
06/11/2024 1.91 186,733.80 1.74%

3.29%
BMW BANK NORTH AME UT US RT 495.00 3.29%00.2500% MAT 06/11/24 FIXEDRATE CD /UT CD
250,000 250,000.00 94.477
233.56

0.55%

0.58% -13,807.50
07/29/2024 07/29/2022 2.05 236,192.50 2.20%

3.31%3.31%
100.00
BMO HARRIS BK NA IL US RT 1,375.0000.5500% MAT 07/29/24 FIXEDRATE CD /IL CD
250,000 250,000.00 94.493
567.12

0.60%

0.63% -13,767.50
08/12/2024 2.06 236,232.50 2.20%

3.31%
TOYOTA FINL SVGS B NV US RT 1,500.00 3.31%00.6000% MAT 08/12/24 FIXEDRATE CD /NV CD
250,000 250,000.00 94.362

71.58 0.55%

0.58% -14,095.00
08/12/2024 2.09 235,905.00 2.20%

3.31%
UBS BANK UT US RT 00.5500% 1,375.00 3.31%MAT 08/12/24 FIXED RATE CD /UT CD
198,000 198,000.00 93.325

51.53 0.50%

0.54% -13,216.50
12/11/2024 07/11/2022 2.42 184,783.50 1.72%

3.34%3.34%
100.00
TEXAS EXCHANGE BK TX US RT 990.0000.5000% MAT 12/11/24 FIXEDRATE CD /TX CD
Total 2024 1,343,000 0.85% 08/03/2024 $11,152.50

0.87%

3.30%3.30%

2.05 $1,343,000.00
$-67,844.93
$1,275,155.07
$1,350.31

11.89%
Maturing 2025
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 259,817.50 94.852
685.27

1.45%

1.53% -22,687.50
04/22/2025 2.71 237,130.00 2.21%

3.38%
CPTL ONE NATL ASSN VA US RT 3,625.00 3.38%01.4500% MAT 04/22/25 FIXEDRATE CD /VA CD
250,000 250,000.00 94.008
488.36

1.15%

1.22% -14,980.00
04/29/2025 2.74 235,020.00 2.19%

3.39%
FLAGSTAR BANK, FSB MI US RT 2,875.00 3.39%01.1500% MAT 04/29/25 FIXEDRATE CD /MI CD
250,000 250,000.00 91.789
565.07

0.55%

0.60% -20,527.50
07/21/2025 2.97 229,472.50 2.14%

3.40%
DELTA NATL B&T CO NY US RT 1,375.00 3.40%00.5500% MAT 07/21/25 FIXEDRATE CD /NY CD
150,000 150,000.00 91.742

71.51 0.60%

0.65% -12,387.00
08/13/2025 3.08 137,613.00 1.28%

3.39%
LIVE OAK BKG CO NC US RT 900.00 3.39%00.6000% MAT 08/13/25 FIXEDRATE CD /NC CD
149,000 149,000.00 91.491

4.49 0.55%

0.60% -12,678.41
08/28/2025 08/28/2022 3.12 136,321.59 1.27%

3.39%3.39%
100.00
USALLIANCE FED CRE NY US RT 819.5000.5500% MAT 08/28/25 FIXEDRATE CD /NY CD
200,000 200,000.00 91.226
273.97

0.50%

0.55% -17,548.00
09/22/2025 3.15 182,452.00 1.70%

3.39%
STATE BK IL US RT 00.5000% MAT 1,000.00 3.39%09/22/25 FIXED RATE CD /IL CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 6 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of June 30, 2022 (continued)Maturing 2025 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 250,000.00 91.394

0.00 0.40%

0.44% -21,515.00
10/30/2025 10/30/2022 NA 228,485.00 2.13%
NANA
100.00
JPMORGAN CHASE BK DE US RT 1,000.0000.4000% MAT 10/30/25 STEPRATE CD /DE CD
150,000 150,000.00 91.972

90.00 0.60%

0.65% -12,042.00
11/24/2025 3.31 137,958.00 1.29%

3.11%
900.00 3.11%

NR/NR/NR
FFCB BOND 00.600 % DUE 112425 Aaa/AAA/AA+DTD 112420 FC 05242021 100,000 100,000.00 92.290

41.10 1.00%

1.08% -7,710.00
12/15/2025 3.34 92,290.00 0.86%

3.38%
BARCLAYS BK DE US RT 01.0000% 1,000.00 3.38%MAT 12/15/25 FIXED RATE CD /DE CD
544,000 536,628.80 91.246

0.00 0.38%

0.41% -40,250.56
12/31/2025 3.42 496,378.24 4.63%

3.03%
2,040.00 3.03%

NR/NR/NR
US TSY NOTE 00.375 % DUE Aaa/AAA/NR12/31/25 DTD 12/31/20 FC06/30/21 Total 2025 2,293,000 0.68% 09/13/2025 $15,534.50

0.74%

3.27%3.27%

3.11 $2,295,446.30
$-182,325.97
$2,113,120.33
$2,219.76

19.71%
Maturing 2026
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
245,000 245,000.00 90.330

0.00 0.50%

0.55% -23,691.50
01/29/2026 3.54 221,308.50 2.06%

3.37%
MERRICK BK UT US RT 00.5000% 1,225.00 3.37%MAT 01/29/26 FIXED RATE CD /UT CD
100,000 100,000.00 90.670
199.33

0.52%

0.57% -9,330.00
02/12/2026 3.52 90,670.00 0.85%

3.28%
520.00 3.28%

NR/NR/NR
FHLB NTS 00.520 % DUE 021226 Aaa/NR/AA+DTD 021221 FC 08122021 94,000 94,000.00 90.632

41.85 0.65%

0.72% -8,805.92
03/05/2026 09/05/2022 3.60 85,194.08 0.79%

3.37%3.37%
100.00
BANKUNITED NA FLOR FL US RT 611.0000.6500% MAT 03/05/26 FIXEDRATE CD /FL CD
135,000 135,000.00 91.497

0.00 0.95%

1.04% -11,479.05
03/31/2026 06/30/2022 NA 123,520.95 1.15%
NANA
100.00
BANKUNITED NA FLOR FL US RT 1,282.5000.9500% MAT 03/31/26 FIXEDRATE CD /FL CD
215,000 215,000.00 97.309
245.04

2.60%

2.67% -5,785.65
04/14/2026 3.59 209,214.35 1.95%

3.36%
COMENITY CAP BK UT US RT 5,590.00 3.36%02.6000% MAT 04/14/26 FIXEDRATE CD /UT CD
248,000 248,000.00 91.297
271.10

0.95%

1.04% -21,583.44
05/19/2026 3.75 226,416.56 2.11%

3.36%
STATE BANK OF INDI NY US RT 2,356.00 3.36%00.9500% MAT 05/19/26 FIXEDRATE CD /NY CD
300,000 297,300.00 91.926

0.00 0.88%

0.95% -21,522.00
06/30/2026 3.87 275,778.00 2.57%

3.03%
2,625.00 3.03%

NR/NR/NR
US TSY NOTE 00.875 % DUE Aaa/AAA/NR06/30/26 DTD 06/30/21 FC12/31/21 250,000 250,000.00 90.712
188.70

0.95%

1.05% -23,220.00
08/18/2026 4.03 226,780.00 2.12%

3.36%
GREENSTATE CREDIT IA US RT 2,375.00 3.36%00.9500% MAT 08/18/26 LICUSHARE CERTIFICATE /IA CD
150,000 150,000.00 91.214
102.74

1.25%

1.37% -13,179.00
12/10/2026 4.25 136,821.00 1.28%

3.40%
SYNCHRONY BANK UT US RT 1,875.00 3.40%01.2500% MAT 12/10/26 FIXEDRATE CD /UT CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 7 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of June 30, 2022 (continued)Maturing 2026 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
200,000 200,000.00 91.048

0.00 1.25%

1.37% -17,904.00
12/30/2026 4.35 182,096.00 1.70%

3.40%
MEDALLION BK UT US RT 2,500.00 3.40%01.2500% MAT 12/30/26 FIXEDRATE CD /UT CD
Total 2026 1,937,000 1.09% 06/16/2026 $20,959.50

1.18%

3.31%3.31%

3.85 $1,934,300.00
$-156,500.56
$1,777,799.44
$1,048.76

16.58%
Maturing 2027
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
80,000 80,000.00 92.936
513.97

1.75%

1.88% -5,651.20
02/16/2027 4.35 74,348.80 0.69%

3.41%
NELNET BK UT US RT 01.7500% 1,400.00 3.41%MAT 02/16/27 FIXED RATE CD /UT CD
50,000 50,000.00 93.573
348.77

1.90%

2.03% -3,213.50
02/16/2027 4.34 46,786.50 0.44%

3.41%
SALLIE MAE BANK UT US RT 950.00 3.41%01.9000% MAT 02/16/27 FIXEDRATE CD /UT CD
250,000 250,000.00 92.251
131.51

1.60%

1.73% -19,372.50
02/18/2027 08/18/2022 4.44 230,627.50 2.15%

3.41%3.41%
100.00
HARDIN CNTY SVGS B IA US RT 4,000.0001.6000% MAT 02/18/27 FIXEDRATE CD /IA CD
100,000 100,000.00 97.432

23.42 2.85%

2.93% -2,568.00
04/27/2027 10/27/2022 4.49 97,432.00 0.91%

3.43%3.43%
100.00
USALLIANCE FED CRE NY US RT 2,850.0002.8500% MAT 04/27/27 LICUSHARE CERTIFICATE /NY CD
247,000 247,000.00 98.100
1,258.68

3.00%

3.06% -4,693.00
04/29/2027 04/29/2023 4.43 242,307.00 2.26%

3.43%3.43%
100.00
MORGAN STANLEY BK UT US RT 7,410.0003.0000% MAT 04/29/27 FIXEDRATE CD /UT CD
500,000 500,000.00 99.669

49.86 3.59%

3.60% -1,655.00
06/29/2027 12/29/2022 4.53 498,345.00 4.65%

3.66%3.66%
100.00
17,950.00

NR/NR/NR
FHLB BOND 03.590 % DUE 062927 Aaa/NR/AA+DTD 062922 FC 12292022 Total 2027 1,227,000 2.84% 05/04/2027 $34,560.00

2.90%

3.52%3.52%

4.47 $1,227,000.00
$-37,153.20
$1,189,846.80
$2,326.22

11.10%
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)

3.00%3.00%
11/13/2024 NA 2.35 $11,198,971.3 NA $10,721,990.27
$-476,981.03
11,200,000

1.53% $18,635.40

1.50% $164,286.00 100%
Total Bond Portfolio
$10,740,625.67
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 12, 2022 Page 8 of 16 Expected cash flow
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation from 07/01/2022 to 06/30/2023Summary of expected cash flows 2022 2023
July August September October November December January February June Total ($) Total Portfolio 7,526 10,726 9,853 21,199 7,611 22,118 7,090 6,632 5,448 16,086 6,089 20,750 141,127 March April May
Taxable 7,526 10,726 9,853 21,199 7,611 22,118 7,090 6,632 5,448 16,086 6,089 20,750 141,127 Taxable U.S. income 7,526 10,726 9,349 21,199 6,424 17,668 7,090 6,632 4,952 16,086 4,921 16,324 Interest payments 7,526 10,726 9,349 21,199 6,424 17,668 7,090 6,632 4,952 16,086 4,921 16,324 128,896 Taxable non-U.S. income 504 1,188 4,450 496 1,168 4,425 Interest payments 504 1,188 4,450 496 1,168 4,425 12,231Includes all fixed income securities in the selected portfolio.Report created on: October 12, 2022 Page 9 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 07/01/2022 to 06/30/2023 (continued)Details of expected cash flows 2022 2023
July August September October November December January February March April May June Total ($) Total Portfolio 7,526 10,726 9,853 21,199 7,611 22,118 7,090 6,632 5,448 16,086 6,089 20,750 141,127TaxableTaxable U.S. incomeInterest payments 2022 2023 Quantity July August September October November December January February March April May June Total ($) ALLY BK UT US RT 02.1500%MAT 08/01/22 FIXED RATE CD
247,000.00 2,633.43
Aug 01
2,633.43
BANK LEUMI NY US RT01.4500% MAT 03/31/23FIXED RATE CD
250,000.00 1,817.47
Sep 30
1,807.53
Mar 31
3,625.00
BANK OF NEW ENGLAN NHUS RT 03.1500% MAT07/29/22 FIXED RATE CD 246,000.00 615.67
Jul 29
615.67
BANKUNITED NA FLOR FL USRT 00.6500% MAT 03/05/26FIXED RATE CD 94,000.00 154.01
Sep 05
152.33
Dec 05
150.66
Mar 05
154.01
Jun 05
611.00
BANKUNITED NA FLOR FL USRT 00.9500% MAT 03/31/26FIXED RATE CD 135,000.00 108.92
Jul 31
108.92
Aug 31
105.41
Sep 30
108.92
Oct 31
105.41
Nov 30
108.92
Dec 31
108.92
Jan 31

98.38 Feb 28
108.92
Mar 31
105.41
Apr 30
108.92
May 31
105.41
Jun 30
1,282.50
BARCLAYS BK DE US RT01.0000% MAT 12/15/25FIXED RATE CD
100,000.00 501.37
Dec 15
498.63
Jun 15
1,000.00
BELMONT SVGS BK MA US RT02.7000% MAT 02/28/23FIXED RATE CD 200,000.00 443.84
Jul 28
458.63
Aug 28
458.63
Sep 28
443.84
Oct 28
458.63
Nov 28
443.84
Dec 28
458.63
Jan 28
458.63
Feb 28
3,624.66
BMO HARRIS BK NA IL US RT00.5500% MAT 07/29/24FIXED RATE CD 250,000.00 342.81
Jul 29
346.58
Oct 29
346.58
Jan 29
339.04
Apr 29
1,375.00
BMW BANK NORTH AME UTUS RT 00.2500% MAT06/11/24 FIXED RATE CD 198,000.00 248.18
Dec 11
246.82
Jun 11
495.00
CAPITAL ONE BANK U VA USRT 02.3000% MAT 10/04/22FIXED RATE CD 99,000.00 1,141.62
Oct 04
1,141.62
CAPITAL ONE BK NA VA USRT 01.4000% MAT 04/17/23FIXED RATE CD 150,000.00 1,052.88
Oct 15
1,047.12
Apr 15
2,111.51
CITIBANK, NA SD US RT02.9000% MAT 04/11/23FIXED RATE CD 200,000.00 2,907.95
Oct 11
2,892.05
Apr 11
5,800.00
Includes all fixed income securities in the selected portfolio.Report created on: October 12, 2022 Page 10 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 07/01/2022 to 06/30/2023 (continued)Interest payments 2022 2023 Quantity July August September October November December January February March April May June Total ($) COMENITY BANK DE US RT00.2000% MAT 05/15/23JUMBO CD - HELD AT UBS 200,000.00 32.88
Jul 03

33.97 Aug 03

33.97 Sep 03

32.88 Oct 03

33.97 Nov 03

32.88 Dec 03

33.97 Jan 03

33.97 Feb 03

30.68 Mar 03

33.97 Apr 03

32.88 May 03
379.18
COMENITY CAP BK UT US RT02.6000% MAT 04/14/26FIXED RATE CD 215,000.00 459.45
Jul 14
474.77
Aug 14
474.77
Sep 14
459.45
Oct 14
474.77
Nov 14
459.45
Dec 14
474.77
Jan 14
474.77
Feb 14
428.82
Mar 14
474.77
Apr 14
459.45
May 14
474.77
Jun 14
5,590.00
COMMERCIAL SVGS BK IA USRT 02.1000% MAT 10/18/22FIXED RATE CD 247,000.00 2,600.61
Oct 18
2,600.61
CPTL ONE NATL ASSN VA USRT 01.4500% MAT 04/22/25FIXED RATE CD 250,000.00 1,817.47
Oct 22
1,807.53
Apr 22
3,625.00
DELTA NATL B&T CO NY USRT 00.5500% MAT 07/21/25FIXED RATE CD 250,000.00 681.85
Jul 31
693.15
Jan 31
1,375.00
DEPARTMENT OF COMM DCUS RT 03.0000% MAT06/29/23 LICU SHARECERTIFICATE 171,000.00 421.64
Jul 29
435.70
Aug 29
435.70
Sep 29
421.64
Oct 29
435.70
Nov 29
421.64
Dec 29
435.70
Jan 29
421.64
Feb 28
407.59
Mar 29
435.70
Apr 29
421.64
May 29
435.70
Jun 29
5,130.00
ENERBANK UT US RT02.0500% MAT 08/08/22FIXED RATE CD
100,000.00 1,016.58
Aug 07
1,022.19
ENERBANK UT US RT03.2000% MAT 07/31/23FIXED RATE CD
100,000.00 271.78
Jul 31
271.78
Aug 31
263.01
Sep 30
271.78
Oct 31
263.01
Nov 30
271.78
Dec 31
271.78
Jan 31
245.48
Feb 28
271.78
Mar 31
263.01
Apr 30
271.78
May 31
263.01
Jun 30
3,200.00
FFCB BOND 00.600 % DUE112425 DTD 112420 FC05242021
150,000.00 450.00
Nov 24
450.00
May 24
900.00
FHLB BOND 03.590 % DUE062927 DTD 062922 FC12292022
500,000.00 8,975.00
Dec 29
8,975.00
Jun 29
17,950.00
FHLB NTS 00.520 % DUE021226 DTD 021221 FC08122021
100,000.00 260.00
Aug 12
260.00
Feb 12
520.00
FIRST BK HIGHLAND IL US RT02.2000% MAT 09/07/22FIXED RATE CD 247,000.00 2,739.33
Sep 07
2,739.33
FLAGSTAR BANK, FSB MI USRT 01.1500% MAT 04/29/25FIXED RATE CD 250,000.00 1,441.44
Oct 29
1,433.56
Apr 29
2,875.00
GOLDMAN SACHS BANK NYUS RT 01.9000% MAT01/23/23 FIXED RATE CD 145,000.00 1,366.18
Jul 22
1,388.82
Jan 22
2,762.55
GOLDMAN SACHS BANK UTUS RT 02.6500% MAT05/08/23 FIXED RATE CD 100,000.00 1,335.89
Nov 08
1,314.11
May 08
2,650.00
GREENSTATE CREDIT IA US RT00.9500% MAT 08/18/26LICU SHARE CERTIFICATE 250,000.00 195.21
Jul 01
201.71
Aug 01
201.71
Sep 01
195.21
Oct 01
201.71
Nov 01
195.21
Dec 01
201.71
Jan 01
201.71
Feb 01
182.19
Mar 01
201.71
Apr 01
195.21
May 01
201.71
Jun 01
2,375.00
Includes all fixed income securities in the selected portfolio.Report created on: October 12, 2022 Page 11 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 07/01/2022 to 06/30/2023 (continued)Interest payments 2022 2023 Quantity July August September October November December January February March April May June Total ($) HARDIN CNTY SVGS B IA USRT 01.6000% MAT 02/18/27FIXED RATE CD 250,000.00 328.77
Jul 18
339.73
Aug 18
339.73
Sep 18
328.77
Oct 18
339.73
Nov 18
328.77
Dec 18
339.73
Jan 18
339.73
Feb 18
306.85
Mar 18
339.73
Apr 18
328.77
May 18
339.73
Jun 18
4,000.00
INDUSTRIAL & COML NY USRT 02.6500% MAT 02/14/23FIXED RATE CD 250,000.00 544.52
Jul 14
562.67
Aug 14
562.67
Sep 14
544.52
Oct 14
562.67
Nov 14
544.52
Dec 14
562.67
Jan 14
562.67
Feb 14
4,446.92
JPMORGAN CHASE BK DE USRT 00.4000% MAT 10/30/25STEP RATE CD 250,000.00 504.11
Oct 31
495.89
Apr 30
1,000.00
LIVE OAK BKG CO NC US RT00.6000% MAT 08/13/25FIXED RATE CD 150,000.00 73.97
Jul 01

76.44 Aug 01

76.44 Sep 01

73.97 Oct 01

76.44 Nov 01

73.97 Dec 01

76.44 Jan 01

76.44 Feb 01

69.04 Mar 01

76.44 Apr 01

73.97 May 01

76.44 Jun 01
900.00
MEDALLION BK UT US RT01.2500% MAT 12/30/26FIXED RATE CD 200,000.00 205.48
Jul 30
212.33
Aug 30
212.33
Sep 30
205.48
Oct 30
212.33
Nov 30
205.48
Dec 30
212.33
Jan 30
198.63
Feb 28
205.48
Mar 30
212.33
Apr 30
205.48
May 30
212.33
Jun 30
2,500.00
MERRICK BK UT US RT00.5000% MAT 01/29/26FIXED RATE CD
245,000.00 104.04
Jul 31
104.04
Aug 31
100.68
Sep 30
104.04
Oct 31
100.68
Nov 30
104.04
Dec 31
104.04
Jan 31

93.97 Feb 28
104.04
Mar 31
100.68
Apr 30
104.04
May 31
100.68
Jun 30
1,225.00
MORGAN STANLEY BK UT USRT 03.0000% MAT 04/29/27FIXED RATE CD 247,000.00 3,715.15
Oct 29
3,694.85
Apr 29
7,410.00
NELNET BK UT US RT01.7500% MAT 02/16/27FIXED RATE CD
80,000.00 694.25
Aug 16
705.75
Feb 16
1,400.00
NEW YORK CMNTY BK NY USRT 00.2500% MAT 10/16/23FIXED RATE CD 150,000.00 188.01
Oct 16
186.99
Apr 16
375.00
SALLIE MAE BANK UT US RT01.9000% MAT 02/16/27FIXED RATE CD 50,000.00 471.10
Aug 16
478.90
Feb 16
950.00
SYNCHRONY BANK UT US RT01.2500% MAT 12/10/26FIXED RATE CD 150,000.00 940.07
Dec 10
934.93
Jun 10
1,875.00
SYNCHRONY BK UT US RT01.3000% MAT 04/17/23FIXED RATE CD 100,000.00 651.78
Oct 17
648.22
Apr 17
1,300.00
TEXAS EXCHANGE BK TX USRT 00.5000% MAT 12/11/24FIXED RATE CD 198,000.00 81.37
Jul 11

84.08 Aug 11

84.08 Sep 11

81.37 Oct 11

84.08 Nov 11

81.37 Dec 11

84.08 Jan 11

84.08 Feb 11

75.95 Mar 11

84.08 Apr 11

81.37 May 11

84.08 Jun 11
990.00
THIRD FED S&L ASSN OH USRT 00.2500% MAT 08/21/23FIXED RATE CD 200,000.00 247.95
Aug 19
252.05
Feb 19
500.00
TOYOTA FINL SVGS B NV USRT 00.6000% MAT 08/12/24FIXED RATE CD 250,000.00 743.84
Aug 12
756.16
Feb 12
1,500.00
UBS BANK UT US RT00.5500% MAT 08/12/24FIXED RATE CD
250,000.00 113.01
Jul 11
116.78
Aug 11
116.78
Sep 11
113.01
Oct 11
116.78
Nov 11
113.01
Dec 11
116.78
Jan 11
116.78
Feb 11
105.48
Mar 11
116.78
Apr 11
113.01
May 11
116.78
Jun 11
1,375.00
Includes all fixed income securities in the selected portfolio.Report created on: October 12, 2022 Page 12 of 16 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 07/01/2022 to 06/30/2023 (continued)Interest payments 2022 2023 Quantity July August September October November December January February March April May June Total ($) US TSY NOTE 00.125 % DUE10/15/23 DTD 10/15/20 FC04/15/21 500,000.00 312.50
Oct 15
312.50
Apr 15
625.00
US TSY NOTE 00.375 % DUE12/31/25 DTD 12/31/20 FC06/30/21 544,000.00 1,020.00
Dec 31
1,020.00
Jun 30
2,040.00
US TSY NOTE 00.875 % DUE06/30/26 DTD 06/30/21 FC12/31/21 300,000.00 1,312.50
Dec 31
1,312.50
Jun 30
2,625.00
USALLIANCE FED CRE NY USRT 00.5500% MAT 08/28/25FIXED RATE CD 149,000.00 67.36
Jul 28

69.60 Aug 28

69.60 Sep 28

67.36 Oct 28

69.60 Nov 28

67.36 Dec 28

69.60 Jan 28

69.60 Feb 28

62.87 Mar 28

69.60 Apr 28

67.36 May 28

69.60 Jun 28
819.50
USALLIANCE FED CRE NY USRT 02.8500% MAT 04/27/27LICU SHARE CERTIFICATE 100,000.00 234.25
Jul 27
242.05
Aug 27
242.05
Sep 27
234.25
Oct 27
242.05
Nov 27
234.25
Dec 27
242.05
Jan 27
242.05
Feb 27
218.63
Mar 27
242.05
Apr 27
234.25
May 27
242.05
Jun 27
2,850.00
WELLS FARGO BK NA SD USRT 02.7500% MAT 05/03/24FIXED RATE CD 197,000.00 445.27
Jul 03
460.12
Aug 03
460.12
Sep 03
445.27
Oct 03
460.12
Nov 03
445.27
Dec 03
460.12
Jan 03
460.12
Feb 03
415.59
Mar 03
460.12
Apr 03
445.27
May 03
460.12
Jun 03
5,417.50
WELLS FARGO NATL B NV USRT 01.9000% MAT 01/17/23FIXED RATE CD 248,000.00 387.29
Jul 17
400.20
Aug 17
400.20
Sep 17
387.29
Oct 17
400.20
Nov 17
387.29
Dec 17
400.20
Jan 17
2,762.65
Total Interest payments 7,526 10,726 9,349 21,199 6,424 17,668 7,090 6,632 4,952 16,086 4,921 16,324 128,896Taxable non-U.S. incomeInterest payments 2022 2023 Quantity July August September October November December January February March April May June Total ($) BANK OF BARODA NY US RT03.5500% MAT 12/28/23FIXED RATE CD 250,000.00 4,449.66
Dec 28
4,425.34
Jun 28
8,875.00
STATE BANK OF INDI NY USRT 00.9500% MAT 05/19/26FIXED RATE CD 248,000.00 1,187.68
Nov 19
1,168.32
May 19
2,356.00
STATE BK IL US RT 00.5000%MAT 09/22/25 FIXED RATE CD
200,000.00 504.11
Sep 22
495.89
Mar 22
1,000.00
Total Interest payments 504 1,188 4,450 496 1,168 4,425 12,231 2022 2023
July August September October November December January February March April May June Total ($) Total Portfolio 7,526 10,726 9,853 21,199 7,611 22,118 7,090 6,632 5,448 16,086 6,089 20,750 141,127Includes all fixed income securities in the selected portfolio.Report created on: October 12, 2022 Page 13 of 16 House View: Executive summary
• Market volatility remains elevated as high inflation and rising interest rates are bringing down global growth expectations. Inflation looks set toremain at above-average levels and economic growth looks set to continueslowing on the back of higher interest rates. In this more challengingenvironment, there are still clear winners, in our opinion. • We face significant geopolitical and economic uncertainty. The war in Ukraine has caused a humanitarian crisis. Sanctions have been imposed,disrupting commodity flows and creating extreme volatility in somemarkets. Cease-fire talks have yet to yield results. • On an asset class level, we prefer commodities and commodity-related investments. Within equities, we believe value-oriented companies willoutperform. Investors should ensure portfolios are well diversified, withexposure to alternatives such as hedge funds and private markets. • With extremely negative real wage growth across the major economies, consumers can only maintain consumer spending levels by reducingsavings rates or increasing borrowing rates. If that happens, the outcomeis a soft landing. If consumers stop using savings or borrowing to supportconsumption, before real incomes stabilize, then economic slump is likely. • Central banks need to reduce inflation to stabilize real incomes. The risk is that interest rate increases are occurring as inflation is being driven moreby factors that will not respond to rate increases. This means they need tolower demand to squeeze corporate profit margins, without loweringdemand as far as creating job insecurity and elevate precautionary savings. • Economies are experiencing consumption inequality as lower-income groups have fewer resources available to support spending. If consumerspending patterns change, the shift is likely to be more abrupt than isnormally the case—because any shift is more likely to be driven bysentiment and concerns about the future, rather than a gradual change inlabor market conditions.

Global economic outlook
Month in review
Source: UBS, as of 30 September 2022
The views expressed in this slide belong to CIO Americas, GWM Tactical preferences
EquitiesFixed income Foreign exchangeReal assetsUS sectors • US large-cap value• UK equity• Australia equity• Agency MBS• USD• CAD• CHF• Oil• Broad commodities• Energy• Healthcare• Consumer Staples Asset Classes Most Preferred Least Preferred
Preferred Investment Views
• US large-cap growth• US gov’t bonds (int.)• EUR• GBP• Gold• Consumer discretionary• Materials 2021 2022E 2023E
US 5.7 1.6 0.5
Eurozone 5.3 2.9 0.8
China 8.1 2.7 4.6
Latin America 6.7 2.9 1.7
World 6.2 3.0 3.0
Economic forecasts (real GDP, in %) Report created on: October 12, 2022 Page 14 of 16 Important information about this report
Disclosures applicable to accounts at UBS Financial Services Inc.This section contains important disclosures regarding theinformation and valuations presented here. Allinformation presented is subject to change at any timeand is provided only as of the date indicated. Theinformation in this report is for informational purposesonly and should not be relied upon as the basis of aninvestment or liquidation decision. UBS FS accountstatements and official tax documents are the onlyofficial record of your accounts and are not replaced,amended or superseded by any of the informationpresented in these reports. You should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise.UBS FS offers a number of investment advisory programsto clients, acting in our capacity as an investmentadviser, including fee-based financial planning,discretionary account management, non-discretionaryinvestment advisory programs, and advice on theselection of investment managers and mutual fundsoffered through our investment advisory programs.When we act as your investment adviser, we will have awritten agreement with you expressly acknowledgingour investment advisory relationship with you anddescribing our obligations to you. At the beginning ofour advisory relationship, we will give you our Form ADVbrochure(s) for the program(s) you selected that providesdetailed information about, among other things, theadvisory services we provide, our fees, our personnel,our other business activities and financial industryaffiliations and conflicts between our interests and yourinterests.In our attempt to provide you with the highest qualityinformation available, we have compiled this reportusing data obtained from recognized statistical sourcesand authorities in the financial industry. While webelieve this information to be reliable, we cannot makeany representations regarding its accuracy orcompleteness. Please keep this guide as your AdvisoryReview.Please keep in mind that most investment objectives arelong term. Although it is important to evaluate yourportfolio's performance over multiple time periods, webelieve the greatest emphasis should be placed on thelonger period returns.Please review the report content carefully and contactyour Financial Advisor with any questions.Portfolio: For purposes of this report "portfolio" isdefined as all of the accounts presented on the coverpage or the header of this report and does notnecessarily include all of the client's accounts held atUBS FS or elsewhere.Tax lots: This report displays security tax lots as eitherone line item (i.e., lumped tax lots) or as separate tax lot level information. If you choose to display security taxlots as one line item, the total cost equals the total valueof all tax lots. The unit cost is an average of the totalcost divided by the total number of shares. If the shareswere purchased in different lots, the unit price listeddoes not represent the actual cost paid for each lot. Theunrealized gain/loss value is calculated by combining thetotal value of all tax lots plus or minus the total marketvalue of the security.If you choose to display tax lot level information asseparate line items on the Portfolio Holdings report, thetax lot information may include information fromsources other than UBS FS. The Firm does notindependently verify or guarantee the accuracy orvalidity of any information provided by sources otherthan UBS FS. As a result this information may not beaccurate and is provided for informational purposesonly. Clients should not rely on this information inmaking purchase or sell decisions, for tax purposes orotherwise. See your monthly statement for additionalinformation.Pricing: All securities are priced using the closing pricereported on the last business day preceding the date ofthis report. Every reasonable attempt has been made toaccurately price securities; however, we make nowarranty with respect to any security's price. Please referto the back of the first page of your UBS FS accountstatement for important information regarding thepricing used for certain types of securities, the sources ofpricing data and other qualifications concerning thepricing of securities. To determine the value of securitiesin your account, we generally rely on third partyquotation services. If a price is unavailable or believed tobe unreliable, we may determine the price in good faithand may use other sources such as the last recordedtransaction. When securities are held at anothercustodian or if you hold illiquid or restricted securities forwhich there is no published price, we will generally relyon the value provided by the custodian or issuer of thatsecurity.Estimated Annual Income: The Estimated AnnualIncome is the annualized yearly per shareDividends/interest paid and multiplied by the quantity ofshares held in the selected account(s). For savingsproduct & sweep funds this value is not calculated and isdisplayed as 0.Current Yield: Current yield is defined as the estimatedannual income divided by the total market value.Bond Rating: These ratings are obtained fromindependent industry sources and are not verified byUBS FS. Securities without rating information are leftblank. Rating agencies may discontinue ratings on highyield securities.NR: When NR is displayed under bond rating column, no ratings are currently available from that rating agency.High Yield: This report may designate a security as ahigh yield fixed income security even though one ormore rating agencies rate the security as an investmentgrade security. Further, this report may incorporate arating that is no longer current with the rating agency.For more information about the rating for any high yieldfixed income security, or to consider whether to hold orsell a high yield fixed income security, please contactyour financial advisor or representative and do not makeany investment decision based on this report.Credit/Event Risk: Investments are subject to event riskand changes in credit quality of the issuer. Issuers canexperience economic situations that may have adverseeffects on the market value of their securities.Interest Rate Risk: Bonds are subject to market valuefluctuations as interest rates rise and fall. If sold prior tomaturity, the price received for an issue may be less thanthe original purchase price.Reinvestment Risk: Since most corporate issues payinterest semiannually, the coupon payments over the lifeof the bond can have a major impact on the bond's totalreturn.Call Provisions: When evaluating the purchase of acorporate bond, one should be aware of any featuresthat may allow the issuer to call the security. This isparticularly important when considering an issue that istrading at a premium to its call price, since the returnmay be negatively impacted if the issue is redeemed.Should an issue be called, investors may be faced withan earlier than anticipated reinvestment decision, andmay be unable to reinvest their principal at equallyfavorable rates.Effective Maturity: Effective maturity is the expectedredemption due to pre-refunding, puts, or maturity anddoes not reflect any sinking fund activity, optional orextraordinary calls. Securities without a maturity date areleft blank and typically include Preferred Securities,Mutual Funds and Fixed Income UITs.Yields: Yield to Maturity and Yield to Worst arecalculated to the worst call.Accrued Interest: Interest that has accumulatedbetween the most recent payment and the report datemay be reflected in market values for interest bearingsecurities.Bond Averages: All averages are weighted averagescalculated based on market value of the holding, notincluding accrued interest.Tax Status: "Taxable" includes all securities held in ataxable account that are subject to federal and/or state or local taxation. "Tax-exempt" includes all securitiesheld in a taxable account that are exempt from federal,state and local taxation. "Tax-deferred" includes allsecurities held in a tax-deferred account, regardless ofthe status of the security.Cash Flow: This Cash Flow analysis is based on thehistorical dividend, coupon and interest payments youhave received as of the Record Date in connection withthe securities listed and assumes that you will continueto hold the securities for the periods for which cashflows are projected. The attached may or may notinclude principal paybacks for the securities listed. Thesepotential cash flows are subject to change due to avariety of reasons, including but not limited to,contractual provisions, changes in corporate policies,changes in the value of the underlying securities andinterest rate fluctuations. The effect of a call on anysecurity(s) and the consequential impact on its potentialcash flow(s) is not reflected in this report. Payments thatoccur in the same month in which the report isgenerated -- but prior to the report run ("As of") date --are not reflected in this report. In determining thepotential cash flows, UBS FS relies on informationobtained from third party services it believes to bereliable. UBS FS does not independently verify orguarantee the accuracy or validity of any informationprovided by third parties. Although UBS FS generallyupdates this information as it is received, the Firm doesnot provide any assurances that the information listed isaccurate as of the Record Date. Cash flows formortgage-backed, asset-backed, factored, and otherpass-through securities are based on the assumptionsthat the current face amount, principal pay-down,interest payment and payment frequency remainconstant. Calculations may include principal payments,are intended to be an estimate of future projectedinterest cash flows and do not in any way guaranteeaccuracy.Expected Cash Flow reporting for Puerto RicoIncome Tax Purposes: Expected Cash Flow reportingmay be prepared solely for Puerto Rico income taxpurposes only. If you have received expected cash flowreporting for Puerto Rico income tax purposes only andare NOT subject to Puerto Rico income taxes, you havereceived this reporting in error and you should contactyour Financial Advisor immediately. Both the Firm andyour Financial Advisor will rely solely upon yourrepresentations and will not make the determination ofwhether you are subject to Puerto Rico income taxes. Ifyou have received this reporting and you are NOTsubject to Puerto Rico income taxes, the informationprovided in this reporting is inaccurate and should notbe relied upon by you or your advisers. Neither UBS FSnor its employees or associated persons provide tax orlegal advice. You should consult with your tax and/orlegal advisors regarding your personal circumstances.Bond sensitivity analysis: This analysis uses Modified Report created on: October 12, 2022 Page 15 of 16
Disclosures applicable to accounts at UBS Financial Services Inc. (continued) Duration which approximates the percentage pricechange of a security for a given change in yield. Thehigher the modified duration of a security, the higher itsrisk.  For callable securities, modified duration does notaddress the impact of changing interest rates on abond's expected cash flow as a result of a call orprepayment.Gain/Loss: The gain/loss information may includecalculations based upon non-UBS FS cost basisinformation. The Firm does not independently verify orguarantee the accuracy or validity of any informationprovided by sources other than UBS FS. In addition, ifthis report contains positions with unavailable cost basis,the gain/(loss) for these positions are excluded in thecalculation for the Gain/(Loss). As a result these figuresmay not be accurate and are provided for informationalpurposes only. Clients should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise. Rely only on year-end tax formswhen preparing your tax return. See your monthlystatement for additional information.Accounts Included in this Report: The account listingmay or may not include all of your accounts with UBSFS. The accounts included in this report are listed underthe "Accounts included in this review" shown on thefirst page or listed at the top of each page. If an accountnumber begins with "@" this denotes assets or liabilitiesheld at other financial institutions. Information aboutthese assets, including valuation, account type and costbasis, is based on the information you provided to us, orprovided to us by third party data aggregators orcustodians at your direction. 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Report created on: October 12, 2022 Page 16 of 16
James Dill
908-470-6200
Financial Advisor:

Warren, NJ 070596868Branch office:184 Liberty Corner RoadSuite 101 UBS Client Reviewas of September 30, 2022Prepared forCity of ClaytonAccounts included in this reviewAccount Name TypeEX XX244 • City of Clayton • Business Service AccountRisk profile:Return Objective: Current Income and Capital Appreciation Conservative
What's insideBond summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Bond holdings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Expected cash flow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10House View - Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Important information about this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Bond summary
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of September 30, 2022Bond overviewTotal quantity 11,225,000Total market value $10,541,638.28Total accrued interest $29,783.87Total market value plus accrued interest $10,571,422.15Total estimated annual bond interest $174,605.00Average yield to maturityAverage coupon 1.59%

4.19%1.66%4.19%
Average current yieldAverage yield to worstAverage modified duration 2.23Average effective maturity 2.32 Investment type allocationInvestment type Taxable ($) Total ($) Tax-exempt /
deferred ($)
% of
bond
port.

Certificates of deposit 8,644,100.78 0.00 8,644,100.78 81.77U.S. federal agencies 699,951.19 0.00 699,951.19 6.62U.S. treasuries 1,227,370.18 0.00 1,227,370.18 11.61Total $10,571,422.15 $0.00 $10,571,422.15 100% Credit quality of bond holdings
Effective credit rating
% of
port.

Value on
Issues 09/30/2022 ($)
A Aaa/AAA/AAA 6 1,927,321.37 18.22B Aa/AA/AA 0 0.00 0.00C A/A/A 0 0.00 0.00D Baa/BBB/BBB 0 0.00 0.00E Non-investment grade 0 0.00 0.00F Certificate of deposit 48 8,644,100.78 81.78G Not rated 0 0.00 0.00Total 54 $10,571,422.15 100% Bond maturity schedule
$ Millions
Cash, mutual funds and some preferred securities are not included.

Includes all fixed income securities in the selected porfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 2 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond summary - as of September 30, 2022 (continued)Expected bond cash flow $ Thousands
Total taxable income: $155,126.17Total expected bond cash flow: $155,126.17Cash flows displayed account for known events such as maturities and mandatory puts.

Includes all fixed income securities in the selected porfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 3 of 17 Bond holdings
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation as of September 30, 2022Summary of bond holdingsMaturityYear Yield to
maturity (%)
Yield to
worst (%)
Unrealized
Issues gain/loss ($) Mkt. value ($)
Est. annual
income ($)
Adjusted
cost basis ($)
Modified
duration
Current
Quantity yield (%) % of bond portfolio maturing
2022 2 346,000 7,464.00 2.16% 2.92 % 2.92 % 0.03 346,000 -110.67 349,350.802023 16 3,214,000 54,072.00 1.71% 3.94 % 3.94 % 0.68 3,213,225 -53,162.25 3,169,267.882024 7 1,458,000 14,890.00 1.08% 4.29 % 4.29 % 1.76 1,458,000 -84,510.41 1,374,643.642025 13 3,043,000 42,659.50 1.52% 4.32 % 4.32 % 2.78 3,045,446.3 -245,522.15 2,805,137.482026 10 1,937,000 20,959.50 1.22% 4.34 % 4.34 % 3.59 1,934,300 -211,845.91 1,725,095.552027 6 1,227,000 34,560.00 3.03% 4.57 % 4.57 % 4.21 1,227,000 -87,181.63 1,147,926.802028 0 0 NA NA NA2029 0 0 NA NA NA2030 0 0 NA NA NA2031 0 0 NA NA NA2032 0 0 NA NA NA2033 0 0 NA NA NA2034 0 0 NA NA NA2035 0 0 NA NA NA2036 0 0 NA NA NA2037 0 0 NA NA NA2038 0 0 NA NA NA2039 0 0 NA NA NA2040 0 0 NA NA NA2041 0 0 NA NA NA2042 0 0 NA NA NA2043 0 0 NA NA NA2044 0 0 NA NA NA2045 0 0 NA NA NA2046 0 0 NA NA NA2047 0 0 NA NA NA2048 0 0 NA NA NA2049 0 0 NA NA NA2050 0 0 NA NA NA2051 0 0 NA NA NA2051 + 0 0 NA NA NAOther 0 0 NA NA NATotal 54 11,225,000 $174,605.00 1.66% 4.19 % 4.19 % 2.23 $11,223,971.30 $-682,333.02 $10,571,422.15Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 4 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of September 30, 2022 (continued)
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)
Details of bond holdings

4.19%4.19%
01/23/2025 NA 2.23 $11,223,971.3 NA $10,541,638.28
$-682,333.02
11,225,000

1.66% $29,783.87

1.59% $174,605.00 100%
$10,571,422.15
Total Bond PortfolioMaturing 2022
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
99,000 99,000.00 99.993
1,116.67

2.30%

2.30% -6.93
10/04/2022 0.01 98,993.07 0.94%

2.91%
CAPITAL ONE BANK U VA US RT 2,277.00 2.91%02.3000% MAT 10/04/22 FIXEDRATE CD /VA CD
247,000 247,000.00 99.958
2,344.81

2.10%

2.10% -103.74
10/18/2022 0.04 246,896.26 2.34%

2.93%
COMMERCIAL SVGS BK IA US RT 5,187.00 2.93%02.1000% MAT 10/18/22 FIXEDRATE CD /IA CD
Total 2022 346,000 2.16% 10/14/2022 $7,464.00

2.16%

2.92%2.92%

0.03 $346,000.00
$-110.67
$345,889.33
$3,461.47

3.28%
Maturing 2023
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
248,000 248,000.00 99.549
167.82

1.90%

1.91% -1,118.48
01/17/2023 0.29 246,881.52 2.34%

3.42%
WELLS FARGO NATL B NV US RT 4,712.00 3.42%01.9000% MAT 01/17/23 FIXEDRATE CD /NV CD
145,000 145,000.00 99.505
528.36

1.90%

1.91% -717.75
01/23/2023 0.31 144,282.25 1.37%

3.48%
GOLDMAN SACHS BANK NY US RT 2,755.00 3.48%01.9000% MAT 01/23/23 FIXEDRATE CD /NY CD
250,000 250,000.00 99.644
290.41

2.65%

2.66% -890.00
02/14/2023 0.37 249,110.00 2.36%

3.61%
INDUSTRIAL & COML NY US RT 6,625.00 3.61%02.6500% MAT 02/14/23 FIXEDRATE CD /NY CD
200,000 200,000.00 99.590

29.59 2.70%

2.71% -820.00
02/28/2023 0.41 199,180.00 1.89%

3.70%
BELMONT SVGS BK MA US RT 5,400.00 3.70%02.7000% MAT 02/28/23 FIXEDRATE CD /MA CD
250,000 250,000.00 98.785

0.00 1.45%

1.47% -3,037.50
03/31/2023 NA 246,962.50 2.34%
NA
BANK LEUMI NY US RT 01.4500% 3,625.00 NAMAT 03/31/23 FIXED RATE CD /NY CD
200,000 200,000.00 99.477
2,733.15

2.90%

2.92% -1,046.00
04/11/2023 0.51 198,954.00 1.89%

3.91%
CITIBANK, NA SD US RT 02.9000% 5,800.00 3.91%MAT 04/11/23 FIXED RATE CD /SD CD
150,000 150,000.00 98.655
966.58

1.40%

1.42% -2,017.50
04/17/2023 0.53 147,982.50 1.40%

3.91%
CAPITAL ONE BK NA VA US RT 2,100.00 3.91%01.4000% MAT 04/17/23 FIXEDRATE CD /VA CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 5 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of September 30, 2022 (continued)Maturing 2023 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
100,000 100,000.00 98.602
591.23

1.30%

1.32% -1,398.00
04/17/2023 0.53 98,602.00 0.94%

3.91%
SYNCHRONY BK UT US RT 1,300.00 3.91%01.3000% MAT 04/17/23 FIXEDRATE CD /UT CD
100,000 100,000.00 99.245
1,052.74

2.65%

2.67% -755.00
05/08/2023 0.58 99,245.00 0.94%

3.92%
GOLDMAN SACHS BANK UT US RT 2,650.00 3.92%02.6500% MAT 05/08/23 FIXEDRATE CD /UT CD
200,000 200,000.00 97.562

29.59 0.20%

0.20% -4,875.54
05/15/2023 0.61 195,124.46 1.85%

4.18%
COMENITY BANK DE US RT 400.00 4.18%00.2000% MAT 05/15/23 JUMBOCD - HELD AT UBS /DE CD
171,000 171,000.00 99.312

14.05 3.00%

3.02% -1,176.48
06/29/2023 0.73 169,823.52 1.61%

3.94%
DEPARTMENT OF COMM DC US RT 5,130.00 3.94%03.0000% MAT 06/29/23 LICUSHARE CERTIFICATE /DC CD
100,000 100,000.00 99.336

0.00 3.20%

3.22% -664.00
07/31/2023 NA 99,336.00 0.94%
NA
ENERBANK UT US RT 03.2000% 3,200.00 NAMAT 07/31/23 FIXED RATE CD /UT CD
200,000 200,000.00 96.668

57.53 0.25%

0.26% -6,664.00
08/21/2023 0.87 193,336.00 1.83%

4.09%
THIRD FED S&L ASSN OH US RT 500.00 4.09%00.2500% MAT 08/21/23 FIXEDRATE CD /OH CD
500,000 499,225.00 95.820
286.89

0.13%

0.13% -20,125.00
10/15/2023 1.01 479,100.00 4.54%

4.27%
625.00 4.27%

NR/NR/NR
US TSY NOTE 00.125 % DUE Aaa/AAA/NR10/15/23 DTD 10/15/20 FC04/15/21 150,000 150,000.00 96.047
171.58

0.25%

0.26% -5,929.50
10/16/2023 1.02 144,070.50 1.37%

4.16%
NEW YORK CMNTY BK NY US RT 375.00 4.16%00.2500% MAT 10/16/23 FIXEDRATE CD /NY CD
250,000 250,000.00 99.229
2,285.62

3.55%

3.58% -1,927.50
12/28/2023 1.19 248,072.50 2.35%

4.18%
BANK OF BARODA NY US RT 8,875.00 4.18%03.5500% MAT 12/28/23 FIXEDRATE CD /NY CD
Total 2023 3,214,000 1.70% 06/09/2023 $54,072.00

1.71%

3.94%3.94%

0.68 $3,213,225.00
$-53,162.25
$3,160,062.75
$9,205.13

29.98%
Maturing 2024
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
115,000 115,000.00 98.690

40.96 3.25%

3.29% -1,506.50
02/26/2024 1.37 113,493.50 1.08%

4.21%
CITY & CNTY CREDIT MN US RT 3,737.50 4.21%03.2500% MAT 02/26/24 CREDITUNION SHARE CERT /MN CD
197,000 197,000.00 97.713
400.75

2.75%

2.81% -4,505.39
05/03/2024 1.54 192,494.61 1.83%

4.24%
WELLS FARGO BK NA SD US RT 5,417.50 4.24%02.7500% MAT 05/03/24 FIXEDRATE CD /SD CD
198,000 198,000.00 93.499
150.53

0.25%

0.27% -12,871.98
06/11/2024 1.65 185,128.02 1.76%

4.26%
BMW BANK NORTH AME UT US RT 495.00 4.26%00.2500% MAT 06/11/24 FIXEDRATE CD /UT CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 6 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of September 30, 2022 (continued)Maturing 2024 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 250,000.00 93.308
237.33

0.55%

0.59% -16,730.00
07/29/2024 10/29/2022 1.79 233,270.00 2.21%

4.38%4.38%
100.00
BMO HARRIS BK NA IL US RT 1,375.0000.5500% MAT 07/29/24 FIXEDRATE CD /IL CD
250,000 250,000.00 93.436
201.37

0.60%

0.64% -16,410.00
08/12/2024 1.81 233,590.00 2.22%

4.30%
TOYOTA FINL SVGS B NV US RT 1,500.00 4.30%00.6000% MAT 08/12/24 FIXEDRATE CD /NV CD
250,000 250,000.00 93.320

71.58 0.55%

0.59% -16,700.00
08/12/2024 1.84 233,300.00 2.21%

4.28%
UBS BANK UT US RT 00.5500% 1,375.00 4.28%MAT 08/12/24 FIXED RATE CD /UT CD
198,000 198,000.00 92.027

51.53 0.50%

0.54% -15,786.54
12/11/2024 10/11/2022 2.17 182,213.46 1.73%

4.31%4.31%
100.00
TEXAS EXCHANGE BK TX US RT 990.0000.5000% MAT 12/11/24 FIXEDRATE CD /TX CD
Total 2024 1,458,000 1.04% 07/21/2024 $14,890.00

1.08%

4.29%4.29%

1.76 $1,458,000.00
$-84,510.41
$1,373,489.59
$1,154.05

13.03%
Maturing 2025
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
250,000 250,000.00 98.010
708.90

3.45%

3.52% -4,975.00
02/28/2025 2.30 245,025.00 2.32%

4.32%
MOUNTAIN AMERICA C UT US RT 8,625.00 4.32%03.4500% MAT 02/28/25 LICUSHARE CERTIFICATE /UT CD
250,000 259,817.50 93.093
1,598.97

1.45%

1.56% -27,085.00
04/22/2025 2.45 232,732.50 2.21%

4.33%
CPTL ONE NATL ASSN VA US RT 3,625.00 4.33%01.4500% MAT 04/22/25 FIXEDRATE CD /VA CD
250,000 250,000.00 92.316
1,213.01

1.15%

1.25% -19,210.00
04/29/2025 2.48 230,790.00 2.19%

4.33%
FLAGSTAR BANK, FSB MI US RT 2,875.00 4.33%01.1500% MAT 04/29/25 FIXEDRATE CD /MI CD
250,000 250,000.00 90.051
229.79

0.55%

0.61% -24,872.50
07/21/2025 2.72 225,127.50 2.14%

4.35%
DELTA NATL B&T CO NY US RT 1,375.00 4.35%00.5500% MAT 07/21/25 FIXEDRATE CD /NY CD
150,000 150,000.00 89.918

71.51 0.60%

0.67% -15,123.00
08/13/2025 2.83 134,877.00 1.28%

4.34%
LIVE OAK BKG CO NC US RT 900.00 4.34%00.6000% MAT 08/13/25 FIXEDRATE CD /NC CD
250,000 250,000.00 97.452

0.00 3.40%

3.49% -6,370.00
08/15/2025 NA 243,630.00 2.31%
NA
CONNEXUS CREDIT UN WI US RT 8,500.00 NA03.4000% MAT 08/15/25 LICUSHARE CERTIFICATE /WI CD
149,000 149,000.00 89.639

4.49 0.55%

0.61% -15,437.89
08/28/2025 11/28/2022 2.87 133,562.11 1.27%

4.35%4.35%
100.00
USALLIANCE FED CRE NY US RT 819.5000.5500% MAT 08/28/25 FIXEDRATE CD /NY CD
250,000 250,000.00 99.027
246.58

4.00%

4.04% -2,432.50
09/22/2025 03/21/2023 2.79 247,567.50 2.35%

4.35%4.35%
100.00
KEMBA FINL CREDIT OH US RT 10,000.0004.0000% MAT 09/22/25 CREDITUNION SHARE CERT /OH CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 7 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of September 30, 2022 (continued)Maturing 2025 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
200,000 200,000.00 89.349

21.92 0.50%

0.56% -21,302.00
09/22/2025 2.89 178,698.00 1.70%

4.35%
STATE BK IL US RT 00.5000% MAT 1,000.00 4.35%09/22/25 FIXED RATE CD /IL CD
250,000 250,000.00 89.438

0.00 0.40%

0.45% -26,405.00
10/30/2025 10/30/2022 NA 223,595.00 2.12%
NANA
100.00
JPMORGAN CHASE BK DE US RT 1,000.0000.4000% MAT 10/30/25 STEPRATE CD /DE CD
150,000 150,000.00 88.761
315.00

0.60%

0.68% -16,858.50
11/24/2025 3.04 133,141.50 1.26%

4.46%
900.00 4.46%

NR/NR/NR
FFCB BOND 00.600 % DUE 112425 Aaa/AAA/AA+DTD 112420 FC 05242021 100,000 100,000.00 90.059
293.15

1.00%

1.11% -9,941.00
12/15/2025 3.08 90,059.00 0.85%

4.35%
BARCLAYS BK DE US RT 01.0000% 1,000.00 4.35%MAT 12/15/25 FIXED RATE CD /DE CD
544,000 536,628.80 88.441
510.00

0.38%

0.42% -55,509.76
12/31/2025 3.16 481,119.04 4.56%

4.22%
2,040.00 4.22%

NR/NR/NR
US TSY NOTE 00.375 % DUE Aaa/AAA/NR12/31/25 DTD 12/31/20 FC06/30/21 Total 2025 3,043,000 1.46% 08/25/2025 $42,659.50

1.52%

4.32%4.32%

2.78 $3,045,446.30
$-245,522.15
$2,799,924.15
$5,213.33

26.56%
Maturing 2026
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
245,000 245,000.00 88.074

0.00 0.50%

0.57% -29,218.70
01/29/2026 3.29 215,781.30 2.05%

4.35%
MERRICK BK UT US RT 00.5000% 1,225.00 4.35%MAT 01/29/26 FIXED RATE CD /UT CD
100,000 100,000.00 87.583

69.33 0.52%

0.59% -12,417.00
02/12/2026 3.26 87,583.00 0.83%

4.54%
520.00 4.54%

NR/NR/NR
FHLB NTS 00.520 % DUE 021226 Aaa/NR/AA+DTD 021221 FC 08122021 94,000 94,000.00 88.261

41.85 0.65%

0.74% -11,034.66
03/05/2026 12/05/2022 3.35 82,965.34 0.79%

4.36%4.36%
100.00
BANKUNITED NA FLOR FL US RT 611.0000.6500% MAT 03/05/26 FIXEDRATE CD /FL CD
135,000 135,000.00 88.961

0.00 0.95%

1.07% -14,902.65
03/31/2026 09/30/2022 NA 120,097.35 1.14%
NANA
100.00
BANKUNITED NA FLOR FL US RT 1,282.5000.9500% MAT 03/31/26 FIXEDRATE CD /FL CD
215,000 215,000.00 94.270
245.04

2.60%

2.76% -12,319.50
04/14/2026 3.36 202,680.50 1.92%

4.35%
COMENITY CAP BK UT US RT 5,590.00 4.35%02.6000% MAT 04/14/26 FIXEDRATE CD /UT CD
248,000 248,000.00 88.670
864.94

0.95%

1.07% -28,098.40
05/19/2026 3.48 219,901.60 2.09%

4.35%
STATE BANK OF INDI NY US RT 2,356.00 4.35%00.9500% MAT 05/19/26 FIXEDRATE CD /NY CD
300,000 297,300.00 88.566
656.25

0.88%

0.99% -31,602.00
06/30/2026 3.60 265,698.00 2.52%

4.20%
2,625.00 4.20%

NR/NR/NR
US TSY NOTE 00.875 % DUE Aaa/AAA/NR06/30/26 DTD 06/30/21 FC12/31/21 250,000 250,000.00 87.872
188.70

0.95%

1.08% -30,320.00
08/18/2026 3.79 219,680.00 2.08%

4.35%
GREENSTATE CREDIT IA US RT 2,375.00 4.35%00.9500% MAT 08/18/26 LICUSHARE CERTIFICATE /IA CD
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 8 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Bond holdings - as of September 30, 2022 (continued)Maturing 2026 Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
150,000 150,000.00 88.162
575.34

1.25%

1.42% -17,757.00
12/10/2026 3.98 132,243.00 1.25%

4.37%
SYNCHRONY BANK UT US RT 1,875.00 4.37%01.2500% MAT 12/10/26 FIXEDRATE CD /UT CD
200,000 200,000.00 87.912

0.00 1.25%

1.42% -24,176.00
12/30/2026 4.11 175,824.00 1.67%

4.37%
MEDALLION BK UT US RT 2,500.00 4.37%01.2500% MAT 12/30/26 FIXEDRATE CD /UT CD
Total 2026 1,937,000 1.09% 06/15/2026 $20,959.50

1.22%

4.34%4.34%

3.59 $1,934,300.00
$-211,845.91
$1,722,454.09
$2,641.46

16.34%
Maturing 2027
Effective rating/
Underlying rating
(Mdy/Fitch/S&P) Quantity Coupon
Effective
maturity
Call date/
Call price ($)
Est. annual
income ($)/
Curr. yield (%)
YTM (%)/
YTW (%)
Modified
duration
Market
price ($)
Mkt. value ($)/
Accr. interest ($)
% of
bond
port.

Adjusted
cost basis ($)/
Unreal. g/l ($)
80,000 80,000.00 89.594
172.60

1.75%

1.95% -8,324.80
02/16/2027 4.12 71,675.20 0.68%

4.39%
NELNET BK UT US RT 01.7500% 1,400.00 4.39%MAT 02/16/27 FIXED RATE CD /UT CD
50,000 50,000.00 90.187
117.12

1.90%

2.11% -4,906.50
02/16/2027 4.11 45,093.50 0.43%

4.38%
SALLIE MAE BANK UT US RT 950.00 4.38%01.9000% MAT 02/16/27 FIXEDRATE CD /UT CD
250,000 250,000.00 88.926
131.51

1.60%

1.80% -27,685.00
02/18/2027 10/18/2022 4.20 222,315.00 2.11%

4.38%4.38%
100.00
HARDIN CNTY SVGS B IA US RT 4,000.0001.6000% MAT 02/18/27 FIXEDRATE CD /IA CD
100,000 100,000.00 93.605

23.42 2.85%

3.04% -6,395.00
04/27/2027 10/27/2022 4.26 93,605.00 0.89%

4.40%4.40%
100.00
USALLIANCE FED CRE NY US RT 2,850.0002.8500% MAT 04/27/27 LICUSHARE CERTIFICATE /NY CD
247,000 247,000.00 94.261
3,126.41

3.00%

3.18% -14,175.33
04/29/2027 04/29/2023 4.15 232,824.67 2.21%

4.40%4.40%
100.00
MORGAN STANLEY BK UT US RT 7,410.0003.0000% MAT 04/29/27 FIXEDRATE CD /UT CD
500,000 500,000.00 94.861
4,537.36

3.59%

3.78% -25,695.00
06/29/2027 12/29/2022 4.25 474,305.00 4.50%

4.81%4.81%
100.00
17,950.00

NR/NR/NR
FHLB BOND 03.590 % DUE 062927 Aaa/NR/AA+DTD 062922 FC 12292022 Total 2027 1,227,000 2.84% 05/04/2027 $34,560.00

3.03%

4.57%4.57%

4.21 $1,227,000.00
$-87,181.63
$1,139,818.37
$8,108.43

10.81%
Effective rating/
Underlying rating
(Mdy/Fitch/S&P)
Mkt. value ($)/
Accr. interest ($)
Adjusted
cost basis ($)/
Unreal. g/l ($)
Call date/
Coupon Call price ($)
Modified
duration
YTM (%)/
YTW (%)
Est. annual
income ($)/
Quantity Curr. yield (%)
Effective
maturity
% of
bond
port.

Market
price ($)

4.19%4.19%
01/23/2025 NA 2.23 $11,223,971.3 NA $10,541,638.28
$-682,333.02
11,225,000

1.66% $29,783.87

1.59% $174,605.00 100%
Total Bond Portfolio
$10,571,422.15
Includes all fixed-rate securities in the selected portfolio. Average yields and durations exclude Structured Product, Pass-Through, Perpetual Preferred, and Foreign securities.Report created on: October 11, 2022 Page 9 of 17 Expected cash flow
City of ClaytonPrepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation from 10/01/2022 to 09/30/2023Summary of expected cash flows 2022 2023
October November December January February March April May September Total ($) Total Portfolio 23,235 10,209 24,678 9,711 9,183 7,885 18,684 8,649 23,348 6,273 7,532 5,740 155,126 June July August
Taxable 23,235 10,209 24,678 9,711 9,183 7,885 18,684 8,649 23,348 6,273 7,532 5,740 155,126 Taxable U.S. income 23,235 9,022 20,228 9,711 9,183 7,390 18,684 7,481 18,922 6,273 7,532 5,236 Interest payments 23,235 9,022 20,228 9,711 9,183 7,390 18,684 7,481 18,922 6,273 7,532 5,236 142,895 Taxable non-U.S. income 1,188 4,450 496 1,168 4,425 504 Interest payments 1,188 4,450 496 1,168 4,425 504 12,231Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 10 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 10/01/2022 to 09/30/2023 (continued)Details of expected cash flows 2022 2023
October November December January February March April May June July August September Total ($) Total Portfolio 23,235 10,209 24,678 9,711 9,183 7,885 18,684 8,649 23,348 6,273 7,532 5,740 155,126TaxableTaxable U.S. incomeInterest payments 2022 2023 Quantity October November December January February March April May June July August September Total ($) BANK LEUMI NY US RT01.4500% MAT 03/31/23FIXED RATE CD
250,000.00 1,807.53
Mar 31
1,807.53
BANKUNITED NA FLOR FL USRT 00.6500% MAT 03/05/26FIXED RATE CD 94,000.00 152.33
Dec 05
150.66
Mar 05
154.01
Jun 05
154.01
Sep 05
611.00
BANKUNITED NA FLOR FL USRT 00.9500% MAT 03/31/26FIXED RATE CD 135,000.00 108.92
Oct 31
105.41
Nov 30
108.92
Dec 31
108.92
Jan 31

98.38 Feb 28
108.92
Mar 31
105.41
Apr 30
108.92
May 31
105.41
Jun 30
108.92
Jul 31
108.92
Aug 31
105.41
Sep 30
1,282.50
BARCLAYS BK DE US RT01.0000% MAT 12/15/25FIXED RATE CD
100,000.00 501.37
Dec 15
498.63
Jun 15
1,000.00
BELMONT SVGS BK MA US RT02.7000% MAT 02/28/23FIXED RATE CD 200,000.00 443.84
Oct 28
458.63
Nov 28
443.84
Dec 28
458.63
Jan 28
458.63
Feb 28
2,263.56
BMO HARRIS BK NA IL US RT00.5500% MAT 07/29/24FIXED RATE CD 250,000.00 346.58
Oct 29
346.58
Jan 29
339.04
Apr 29
342.81
Jul 29
1,375.00
BMW BANK NORTH AME UTUS RT 00.2500% MAT06/11/24 FIXED RATE CD 198,000.00 248.18
Dec 11
246.82
Jun 11
495.00
CAPITAL ONE BANK U VA USRT 02.3000% MAT 10/04/22FIXED RATE CD 99,000.00 1,141.62
Oct 04
1,141.62
CAPITAL ONE BK NA VA USRT 01.4000% MAT 04/17/23FIXED RATE CD 150,000.00 1,052.88
Oct 15
1,047.12
Apr 15
2,111.51
CITIBANK, NA SD US RT02.9000% MAT 04/11/23FIXED RATE CD 200,000.00 2,907.95
Oct 11
2,892.05
Apr 11
5,800.00
CITY & CNTY CREDIT MN USRT 03.2500% MAT 02/26/24CREDIT UNION SHARE CERT 115,000.00 307.19
Oct 26
317.43
Nov 26
307.19
Dec 26
317.43
Jan 26
317.43
Feb 26
286.71
Mar 26
317.43
Apr 26
307.19
May 26
317.43
Jun 26
307.19
Jul 26
317.43
Aug 26
317.43
Sep 26
3,737.50
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 11 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 10/01/2022 to 09/30/2023 (continued)Interest payments 2022 2023 Quantity October November December January February March April May June July August September Total ($) COMENITY BANK DE US RT00.2000% MAT 05/15/23JUMBO CD - HELD AT UBS 200,000.00 32.88
Oct 03

33.97 Nov 03

32.88 Dec 03

33.97 Jan 03

33.97 Feb 03

30.68 Mar 03

33.97 Apr 03

32.88 May 03
278.36
COMENITY CAP BK UT US RT02.6000% MAT 04/14/26FIXED RATE CD 215,000.00 459.45
Oct 14
474.77
Nov 14
459.45
Dec 14
474.77
Jan 14
474.77
Feb 14
428.82
Mar 14
474.77
Apr 14
459.45
May 14
474.77
Jun 14
459.45
Jul 14
474.77
Aug 14
474.77
Sep 14
5,590.00
COMMERCIAL SVGS BK IA USRT 02.1000% MAT 10/18/22FIXED RATE CD 247,000.00 2,600.61
Oct 18
2,600.61
CONNEXUS CREDIT UN WI USRT 03.4000% MAT 08/15/25LICU SHARE CERTIFICATE 250,000.00 721.92
Oct 31
698.63
Nov 30
721.92
Dec 31
721.92
Jan 31
652.05
Feb 28
721.92
Mar 31
698.63
Apr 30
721.92
May 31
698.63
Jun 30
721.92
Jul 31
721.92
Aug 31
698.63
Sep 30
8,500.00
CPTL ONE NATL ASSN VA USRT 01.4500% MAT 04/22/25FIXED RATE CD 250,000.00 1,817.47
Oct 22
1,807.53
Apr 22
3,625.00
DELTA NATL B&T CO NY USRT 00.5500% MAT 07/21/25FIXED RATE CD 250,000.00 693.15
Jan 31
681.85
Jul 31
1,375.00
DEPARTMENT OF COMM DCUS RT 03.0000% MAT06/29/23 LICU SHARECERTIFICATE 171,000.00 421.64
Oct 29
435.70
Nov 29
421.64
Dec 29
435.70
Jan 29
421.64
Feb 28
407.59
Mar 29
435.70
Apr 29
421.64
May 29
435.70
Jun 29
3,836.96
ENERBANK UT US RT03.2000% MAT 07/31/23FIXED RATE CD
100,000.00 271.78
Oct 31
263.01
Nov 30
271.78
Dec 31
271.78
Jan 31
245.48
Feb 28
271.78
Mar 31
263.01
Apr 30
271.78
May 31
263.01
Jun 30
271.78
Jul 31
2,665.21
FFCB BOND 00.600 % DUE112425 DTD 112420 FC05242021
150,000.00 450.00
Nov 24
450.00
May 24
900.00
FHLB BOND 03.590 % DUE062927 DTD 062922 FC12292022
500,000.00 8,975.00
Dec 29
8,975.00
Jun 29
17,950.00
FHLB NTS 00.520 % DUE021226 DTD 021221 FC08122021
100,000.00 260.00
Feb 12
260.00
Aug 12
520.00
FLAGSTAR BANK, FSB MI USRT 01.1500% MAT 04/29/25FIXED RATE CD 250,000.00 1,441.44
Oct 29
1,433.56
Apr 29
2,875.00
GOLDMAN SACHS BANK NYUS RT 01.9000% MAT01/23/23 FIXED RATE CD 145,000.00 1,388.82
Jan 22
1,396.37
GOLDMAN SACHS BANK UTUS RT 02.6500% MAT05/08/23 FIXED RATE CD 100,000.00 1,335.89
Nov 08
1,314.11
May 08
2,650.00
GREENSTATE CREDIT IA US RT00.9500% MAT 08/18/26LICU SHARE CERTIFICATE 250,000.00 195.21
Oct 01
201.71
Nov 01
195.21
Dec 01
201.71
Jan 01
201.71
Feb 01
182.19
Mar 01
201.71
Apr 01
195.21
May 01
201.71
Jun 01
195.21
Jul 01
201.71
Aug 01
201.71
Sep 01
2,375.00
HARDIN CNTY SVGS B IA USRT 01.6000% MAT 02/18/27FIXED RATE CD 250,000.00 328.77
Oct 18
339.73
Nov 18
328.77
Dec 18
339.73
Jan 18
339.73
Feb 18
306.85
Mar 18
339.73
Apr 18
328.77
May 18
339.73
Jun 18
328.77
Jul 18
339.73
Aug 18
339.73
Sep 18
4,000.00
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 12 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 10/01/2022 to 09/30/2023 (continued)Interest payments 2022 2023 Quantity October November December January February March April May June July August September Total ($) INDUSTRIAL & COML NY USRT 02.6500% MAT 02/14/23FIXED RATE CD 250,000.00 544.52
Oct 14
562.67
Nov 14
544.52
Dec 14
562.67
Jan 14
562.67
Feb 14
2,777.05
JPMORGAN CHASE BK DE USRT 00.4000% MAT 10/30/25STEP RATE CD 250,000.00 504.11
Oct 31
495.89
Apr 30
1,000.00
KEMBA FINL CREDIT OH US RT04.0000% MAT 09/22/25CREDIT UNION SHARE CERT 250,000.00 273.97
Oct 01
849.32
Nov 01
821.92
Dec 01
849.32
Jan 01
849.32
Feb 01
767.12
Mar 01
849.32
Apr 01
821.92
May 01
849.32
Jun 01
821.92
Jul 01
849.32
Aug 01
849.32
Sep 01
9,452.05
LIVE OAK BKG CO NC US RT00.6000% MAT 08/13/25FIXED RATE CD 150,000.00 73.97
Oct 01

76.44 Nov 01

73.97 Dec 01

76.44 Jan 01

76.44 Feb 01

69.04 Mar 01

76.44 Apr 01

73.97 May 01

76.44 Jun 01

73.97 Jul 01

76.44 Aug 01

76.44 Sep 01
900.00
MEDALLION BK UT US RT01.2500% MAT 12/30/26FIXED RATE CD 200,000.00 205.48
Oct 30
212.33
Nov 30
205.48
Dec 30
212.33
Jan 30
198.63
Feb 28
205.48
Mar 30
212.33
Apr 30
205.48
May 30
212.33
Jun 30
205.48
Jul 30
212.33
Aug 30
212.33
Sep 30
2,500.00
MERRICK BK UT US RT00.5000% MAT 01/29/26FIXED RATE CD
245,000.00 104.04
Oct 31
100.68
Nov 30
104.04
Dec 31
104.04
Jan 31

93.97 Feb 28
104.04
Mar 31
100.68
Apr 30
104.04
May 31
100.68
Jun 30
104.04
Jul 31
104.04
Aug 31
100.68
Sep 30
1,225.00
MORGAN STANLEY BK UT USRT 03.0000% MAT 04/29/27FIXED RATE CD 247,000.00 3,715.15
Oct 29
3,694.85
Apr 29
7,410.00
MOUNTAIN AMERICA C UTUS RT 03.4500% MAT02/28/25 LICU SHARECERTIFICATE 250,000.00 732.53
Oct 01
732.53
Nov 01
708.90
Dec 01
732.53
Jan 01
732.53
Feb 01
661.64
Mar 01
732.53
Apr 01
708.90
May 01
732.53
Jun 01
708.90
Jul 01
732.53
Aug 01
732.53
Sep 01
8,648.63
NELNET BK UT US RT01.7500% MAT 02/16/27FIXED RATE CD
80,000.00 705.75
Feb 16
694.25
Aug 16
1,400.00
NEW YORK CMNTY BK NY USRT 00.2500% MAT 10/16/23FIXED RATE CD 150,000.00 188.01
Oct 16
186.99
Apr 16
375.00
SALLIE MAE BANK UT US RT01.9000% MAT 02/16/27FIXED RATE CD 50,000.00 478.90
Feb 16
471.10
Aug 16
950.00
SYNCHRONY BANK UT US RT01.2500% MAT 12/10/26FIXED RATE CD 150,000.00 940.07
Dec 10
934.93
Jun 10
1,875.00
SYNCHRONY BK UT US RT01.3000% MAT 04/17/23FIXED RATE CD 100,000.00 651.78
Oct 17
648.22
Apr 17
1,300.00
TEXAS EXCHANGE BK TX USRT 00.5000% MAT 12/11/24FIXED RATE CD 198,000.00 81.37
Oct 11

84.08 Nov 11

81.37 Dec 11

84.08 Jan 11

84.08 Feb 11

75.95 Mar 11

84.08 Apr 11

81.37 May 11

84.08 Jun 11

81.37 Jul 11

84.08 Aug 11

84.08 Sep 11
990.00
THIRD FED S&L ASSN OH USRT 00.2500% MAT 08/21/23FIXED RATE CD 200,000.00 252.05
Feb 19
247.95
Aug 19
502.74
TOYOTA FINL SVGS B NV USRT 00.6000% MAT 08/12/24FIXED RATE CD 250,000.00 756.16
Feb 12
743.84
Aug 12
1,500.00
Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 13 of 17 City of Clayton
Prepared for City of ClaytonRisk profile: ConservativeReturn Objective: Current Income and Capital Appreciation Expected cash flow - from 10/01/2022 to 09/30/2023 (continued)Interest payments 2022 2023 Quantity October November December January February March April May June July August September Total ($) UBS BANK UT US RT00.5500% MAT 08/12/24FIXED RATE CD
250,000.00 113.01
Oct 11
116.78
Nov 11
113.01
Dec 11
116.78
Jan 11
116.78
Feb 11
105.48
Mar 11
116.78
Apr 11
113.01
May 11
116.78
Jun 11
113.01
Jul 11
116.78
Aug 11
116.78
Sep 11
1,375.00
US TSY NOTE 00.125 % DUE10/15/23 DTD 10/15/20 FC04/15/21 500,000.00 312.50
Oct 15
312.50
Apr 15
625.00
US TSY NOTE 00.375 % DUE12/31/25 DTD 12/31/20 FC06/30/21 544,000.00 1,020.00
Dec 31
1,020.00
Jun 30
2,040.00
US TSY NOTE 00.875 % DUE06/30/26 DTD 06/30/21 FC12/31/21 300,000.00 1,312.50
Dec 31
1,312.50
Jun 30
2,625.00
USALLIANCE FED CRE NY USRT 00.5500% MAT 08/28/25FIXED RATE CD 149,000.00 67.36
Oct 28

69.60 Nov 28

67.36 Dec 28

69.60 Jan 28

69.60 Feb 28

62.87 Mar 28

69.60 Apr 28

67.36 May 28

69.60 Jun 28

67.36 Jul 28

69.60 Aug 28

69.60 Sep 28
819.50
USALLIANCE FED CRE NY USRT 02.8500% MAT 04/27/27LICU SHARE CERTIFICATE 100,000.00 234.25
Oct 27
242.05
Nov 27
234.25
Dec 27
242.05
Jan 27
242.05
Feb 27
218.63
Mar 27
242.05
Apr 27
234.25
May 27
242.05
Jun 27
234.25
Jul 27
242.05
Aug 27
242.05
Sep 27
2,850.00
WELLS FARGO BK NA SD USRT 02.7500% MAT 05/03/24FIXED RATE CD 197,000.00 445.27
Oct 03
460.12
Nov 03
445.27
Dec 03
460.12
Jan 03
460.12
Feb 03
415.59
Mar 03
460.12
Apr 03
445.27
May 03
460.12
Jun 03
445.27
Jul 03
460.12
Aug 03
460.12
Sep 03
5,417.50
WELLS FARGO NATL B NV USRT 01.9000% MAT 01/17/23FIXED RATE CD 248,000.00 387.29
Oct 17
400.20
Nov 17
387.29
Dec 17
400.20
Jan 17
1,574.97
Total Interest payments 23,235 9,022 20,228 9,711 9,183 7,390 18,684 7,481 18,922 6,273 7,532 5,236 142,895Taxable non-U.S. incomeInterest payments 2022 2023 Quantity October November December January February March April May June July August September Total ($) BANK OF BARODA NY US RT03.5500% MAT 12/28/23FIXED RATE CD 250,000.00 4,449.66
Dec 28
4,425.34
Jun 28
8,875.00
STATE BANK OF INDI NY USRT 00.9500% MAT 05/19/26FIXED RATE CD 248,000.00 1,187.68
Nov 19
1,168.32
May 19
2,356.00
STATE BK IL US RT 00.5000%MAT 09/22/25 FIXED RATE CD
200,000.00 495.89
Mar 22
504.11
Sep 22
1,000.00
Total Interest payments 1,188 4,450 496 1,168 4,425 504 12,231 2022 2023
October November December January February March April May June July August September Total ($) Total Portfolio 23,235 10,209 24,678 9,711 9,183 7,885 18,684 8,649 23,348 6,273 7,532 5,740 155,126Includes all fixed income securities in the selected portfolio.Report created on: October 11, 2022 Page 14 of 17 House View: Executive summary
• Market volatility remains elevated as high inflation and rising interest rates are bringing down global growth expectations. Inflation looks set toremain at above-average levels and economic growth looks set to continueslowing on the back of higher interest rates. In this more challengingenvironment, there are still clear winners, in our opinion. • We face significant geopolitical and economic uncertainty. The war in Ukraine has caused a humanitarian crisis. Sanctions have been imposed,disrupting commodity flows and creating extreme volatility in somemarkets. Cease-fire talks have yet to yield results. • On an asset class level, we prefer commodities and commodity-related investments. Within equities, we believe value-oriented companies willoutperform. Investors should ensure portfolios are well diversified, withexposure to alternatives such as hedge funds and private markets. • With extremely negative real wage growth across the major economies, consumers can only maintain consumer spending levels by reducingsavings rates or increasing borrowing rates. If that happens, the outcomeis a soft landing. If consumers stop using savings or borrowing to supportconsumption, before real incomes stabilize, then economic slump is likely. • Central banks need to reduce inflation to stabilize real incomes. The risk is that interest rate increases are occurring as inflation is being driven moreby factors that will not respond to rate increases. This means they need tolower demand to squeeze corporate profit margins, without loweringdemand as far as creating job insecurity and elevate precautionary savings. • Economies are experiencing consumption inequality as lower-income groups have fewer resources available to support spending. If consumerspending patterns change, the shift is likely to be more abrupt than isnormally the case—because any shift is more likely to be driven bysentiment and concerns about the future, rather than a gradual change inlabor market conditions.

Global economic outlook
Month in review
Source: UBS, as of 30 September 2022
The views expressed in this slide belong to CIO Americas, GWM Tactical preferences
EquitiesFixed income Foreign exchangeReal assetsUS sectors • US large-cap value• UK equity• Australia equity• Agency MBS• USD• CAD• CHF• Oil• Broad commodities• Energy• Healthcare• Consumer Staples Asset Classes Most Preferred Least Preferred
Preferred Investment Views
• US large-cap growth• US gov’t bonds (int.)• EUR• GBP• Gold• Consumer discretionary• Materials 2021 2022E 2023E
US 5.7 1.6 0.5
Eurozone 5.3 2.9 0.8
China 8.1 2.7 4.6
Latin America 6.7 2.9 1.7
World 6.2 3.0 3.0
Economic forecasts (real GDP, in %) Report created on: October 11, 2022 Page 15 of 17 Important information about this report
Disclosures applicable to accounts at UBS Financial Services Inc.This section contains important disclosures regarding theinformation and valuations presented here. Allinformation presented is subject to change at any timeand is provided only as of the date indicated. Theinformation in this report is for informational purposesonly and should not be relied upon as the basis of aninvestment or liquidation decision. UBS FS accountstatements and official tax documents are the onlyofficial record of your accounts and are not replaced,amended or superseded by any of the informationpresented in these reports. You should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise.UBS FS offers a number of investment advisory programsto clients, acting in our capacity as an investmentadviser, including fee-based financial planning,discretionary account management, non-discretionaryinvestment advisory programs, and advice on theselection of investment managers and mutual fundsoffered through our investment advisory programs.When we act as your investment adviser, we will have awritten agreement with you expressly acknowledgingour investment advisory relationship with you anddescribing our obligations to you. At the beginning ofour advisory relationship, we will give you our Form ADVbrochure(s) for the program(s) you selected that providesdetailed information about, among other things, theadvisory services we provide, our fees, our personnel,our other business activities and financial industryaffiliations and conflicts between our interests and yourinterests.In our attempt to provide you with the highest qualityinformation available, we have compiled this reportusing data obtained from recognized statistical sourcesand authorities in the financial industry. While webelieve this information to be reliable, we cannot makeany representations regarding its accuracy orcompleteness. Please keep this guide as your AdvisoryReview.Please keep in mind that most investment objectives arelong term. Although it is important to evaluate yourportfolio's performance over multiple time periods, webelieve the greatest emphasis should be placed on thelonger period returns.Please review the report content carefully and contactyour Financial Advisor with any questions.Portfolio: For purposes of this report "portfolio" isdefined as all of the accounts presented on the coverpage or the header of this report and does notnecessarily include all of the client's accounts held atUBS FS or elsewhere.Tax lots: This report displays security tax lots as eitherone line item (i.e., lumped tax lots) or as separate tax lot level information. If you choose to display security taxlots as one line item, the total cost equals the total valueof all tax lots. The unit cost is an average of the totalcost divided by the total number of shares. If the shareswere purchased in different lots, the unit price listeddoes not represent the actual cost paid for each lot. Theunrealized gain/loss value is calculated by combining thetotal value of all tax lots plus or minus the total marketvalue of the security.If you choose to display tax lot level information asseparate line items on the Portfolio Holdings report, thetax lot information may include information fromsources other than UBS FS. The Firm does notindependently verify or guarantee the accuracy orvalidity of any information provided by sources otherthan UBS FS. As a result this information may not beaccurate and is provided for informational purposesonly. Clients should not rely on this information inmaking purchase or sell decisions, for tax purposes orotherwise. See your monthly statement for additionalinformation.Pricing: All securities are priced using the closing pricereported on the last business day preceding the date ofthis report. Every reasonable attempt has been made toaccurately price securities; however, we make nowarranty with respect to any security's price. Please referto the back of the first page of your UBS FS accountstatement for important information regarding thepricing used for certain types of securities, the sources ofpricing data and other qualifications concerning thepricing of securities. To determine the value of securitiesin your account, we generally rely on third partyquotation services. If a price is unavailable or believed tobe unreliable, we may determine the price in good faithand may use other sources such as the last recordedtransaction. When securities are held at anothercustodian or if you hold illiquid or restricted securities forwhich there is no published price, we will generally relyon the value provided by the custodian or issuer of thatsecurity.Estimated Annual Income: The Estimated AnnualIncome is the annualized yearly per shareDividends/interest paid and multiplied by the quantity ofshares held in the selected account(s). For savingsproduct & sweep funds this value is not calculated and isdisplayed as 0.Current Yield: Current yield is defined as the estimatedannual income divided by the total market value.Bond Rating: These ratings are obtained fromindependent industry sources and are not verified byUBS FS. Securities without rating information are leftblank. Rating agencies may discontinue ratings on highyield securities.NR: When NR is displayed under bond rating column, no ratings are currently available from that rating agency.High Yield: This report may designate a security as ahigh yield fixed income security even though one ormore rating agencies rate the security as an investmentgrade security. Further, this report may incorporate arating that is no longer current with the rating agency.For more information about the rating for any high yieldfixed income security, or to consider whether to hold orsell a high yield fixed income security, please contactyour financial advisor or representative and do not makeany investment decision based on this report.Credit/Event Risk: Investments are subject to event riskand changes in credit quality of the issuer. Issuers canexperience economic situations that may have adverseeffects on the market value of their securities.Interest Rate Risk: Bonds are subject to market valuefluctuations as interest rates rise and fall. If sold prior tomaturity, the price received for an issue may be less thanthe original purchase price.Reinvestment Risk: Since most corporate issues payinterest semiannually, the coupon payments over the lifeof the bond can have a major impact on the bond's totalreturn.Call Provisions: When evaluating the purchase of acorporate bond, one should be aware of any featuresthat may allow the issuer to call the security. This isparticularly important when considering an issue that istrading at a premium to its call price, since the returnmay be negatively impacted if the issue is redeemed.Should an issue be called, investors may be faced withan earlier than anticipated reinvestment decision, andmay be unable to reinvest their principal at equallyfavorable rates.Effective Maturity: Effective maturity is the expectedredemption due to pre-refunding, puts, or maturity anddoes not reflect any sinking fund activity, optional orextraordinary calls. Securities without a maturity date areleft blank and typically include Preferred Securities,Mutual Funds and Fixed Income UITs.Yields: Yield to Maturity and Yield to Worst arecalculated to the worst call.Accrued Interest: Interest that has accumulatedbetween the most recent payment and the report datemay be reflected in market values for interest bearingsecurities.Bond Averages: All averages are weighted averagescalculated based on market value of the holding, notincluding accrued interest.Tax Status: "Taxable" includes all securities held in ataxable account that are subject to federal and/or state or local taxation. "Tax-exempt" includes all securitiesheld in a taxable account that are exempt from federal,state and local taxation. "Tax-deferred" includes allsecurities held in a tax-deferred account, regardless ofthe status of the security.Taxability unknown: Taxability unknown items mayinclude, but not to be limited to, Money Market interest,ordinary interest, and ordinary dividends. The valueshown for interest bearing securities that have beendeposited or received in your account includes accruedinterest, where applicable.Cash Flow: This Cash Flow analysis is based on thehistorical dividend, coupon and interest payments youhave received as of the Record Date in connection withthe securities listed and assumes that you will continueto hold the securities for the periods for which cashflows are projected. The attached may or may notinclude principal paybacks for the securities listed. Thesepotential cash flows are subject to change due to avariety of reasons, including but not limited to,contractual provisions, changes in corporate policies,changes in the value of the underlying securities andinterest rate fluctuations. The effect of a call on anysecurity(s) and the consequential impact on its potentialcash flow(s) is not reflected in this report. Payments thatoccur in the same month in which the report isgenerated -- but prior to the report run ("As of") date --are not reflected in this report. In determining thepotential cash flows, UBS FS relies on informationobtained from third party services it believes to bereliable. UBS FS does not independently verify orguarantee the accuracy or validity of any informationprovided by third parties. Although UBS FS generallyupdates this information as it is received, the Firm doesnot provide any assurances that the information listed isaccurate as of the Record Date. Cash flows formortgage-backed, asset-backed, factored, and otherpass-through securities are based on the assumptionsthat the current face amount, principal pay-down,interest payment and payment frequency remainconstant. Calculations may include principal payments,are intended to be an estimate of future projectedinterest cash flows and do not in any way guaranteeaccuracy.Expected Cash Flow reporting for Puerto RicoIncome Tax Purposes: Expected Cash Flow reportingmay be prepared solely for Puerto Rico income taxpurposes only. If you have received expected cash flowreporting for Puerto Rico income tax purposes only andare NOT subject to Puerto Rico income taxes, you havereceived this reporting in error and you should contactyour Financial Advisor immediately. Both the Firm andyour Financial Advisor will rely solely upon yourrepresentations and will not make the determination ofwhether you are subject to Puerto Rico income taxes. Ifyou have received this reporting and you are NOTsubject to Puerto Rico income taxes, the information Report created on: October 11, 2022 Page 16 of 17
Disclosures applicable to accounts at UBS Financial Services Inc. (continued) provided in this reporting is inaccurate and should notbe relied upon by you or your advisers. Neither UBS FSnor its employees or associated persons provide tax orlegal advice. You should consult with your tax and/orlegal advisors regarding your personal circumstances.Bond sensitivity analysis: This analysis uses ModifiedDuration which approximates the percentage pricechange of a security for a given change in yield. Thehigher the modified duration of a security, the higher itsrisk.  For callable securities, modified duration does notaddress the impact of changing interest rates on abond's expected cash flow as a result of a call orprepayment.Gain/Loss: The gain/loss information may includecalculations based upon non-UBS FS cost basisinformation. The Firm does not independently verify orguarantee the accuracy or validity of any informationprovided by sources other than UBS FS. In addition, ifthis report contains positions with unavailable cost basis,the gain/(loss) for these positions are excluded in thecalculation for the Gain/(Loss). As a result these figuresmay not be accurate and are provided for informationalpurposes only. Clients should not rely on thisinformation in making purchase or sell decisions, for taxpurposes or otherwise. Rely only on year-end tax formswhen preparing your tax return. See your monthlystatement for additional information.Accounts Included in this Report: The account listingmay or may not include all of your accounts with UBSFS. The accounts included in this report are listed underthe "Accounts included in this review" shown on thefirst page or listed at the top of each page. If an accountnumber begins with "@" this denotes assets or liabilitiesheld at other financial institutions. Information aboutthese assets, including valuation, account type and costbasis, is based on the information you provided to us, orprovided to us by third party data aggregators orcustodians at your direction. We have not verified, andare not responsible for, the accuracy or completeness ofthis information.Account name(s) displayed in this report and labels usedfor groupings of accounts can be customizable"nicknames" chosen by you to assist you with yourrecordkeeping or may have been included by yourfinancial advisor for reference purposes only. The namesused have no legal effect, are not intended to reflect anystrategy, product, recommendation, investmentobjective or risk profile associated with your accounts orany group of accounts, and are not a promise orguarantee that wealth, or any financial results, can orwill be achieved. All investments involve the risk of loss,including the risk of loss of the entire investment.For more information about account or group names, orto make changes, contact your Financial Advisor.

Account changes: At UBS, we are committed tohelping you work toward your financial goals. So thatwe may continue providing you with financial advicethat is consistent with your investment objectives, pleaseconsider the following two questions:1) Have there been any changes to your financialsituation or investment objectives?2) Would you like to implement or modify anyrestrictions regarding the management of your account?If the answer to either question is "yes," it is importantthat you contact your Financial Advisor as soon aspossible to discuss these changes. For MAC advisoryaccounts, please contact your investment managerdirectly if you would like to impose or change anyinvestment restrictions on your account.ADV disclosure: A complimentary copy of our currentForm ADV Disclosure Brochure that describes theadvisory program and related fees is available throughyour Financial Advisor. Please contact your FinancialAdvisor if you have any questions.Important information for former Piper Jaffray andMcDonald Investments clients: As an accommodationto former Piper Jaffray and McDonald Investmentsclients, these reports include performance history fortheir Piper Jaffray accounts prior to August 12, 2006 andMcDonald Investments accounts prior to February 9,2007, the date the respective accounts were convertedto UBS FS. UBS FS has not independently verified thisinformation nor do we make any representations orwarranties as to the accuracy or completeness of thatinformation and will not be liable to you if any suchinformation is unavailable, delayed or inaccurate.For insurance, annuities, and 529 Plans, UBS FS relies oninformation obtained from third party services it believesto be reliable. UBS FS does not independently verify orguarantee the accuracy or validity of any informationprovided by third parties. Information for insurance,annuities, and 529 Plans that has been provided by athird party service may not reflect the quantity andmarket value as of the previous business day. Whenavailable, an "as of" date is included in the description.Investors outside the U.S. are subject to securities andtax regulations within their applicable jurisdiction thatare not addressed in this report. Nothing in this reportshall be construed to be a solicitation to buy or offer tosell any security, product or service to any non-U.S.investor, nor shall any such security, product or servicebe solicited, offered or sold in any jurisdiction wheresuch activity would be contrary to the securities laws orother local laws and regulations or would subject UBS toany registration requirement within such jurisdiction.Performance History prior to the account's inception atUBS Financial Services, Inc. may have been included inthis report and is based on data provided by third party sources. UBS Financial Services Inc. has notindependently verified this information nor does UBSFinancial Services Inc. guarantee the accuracy or validityof the information.Important information about brokerage andadvisory services. As a firm providing wealthmanagement services to clients, UBS Financial ServicesInc. offers investment advisory services in its capacity asan SEC-registered investment adviser and brokerageservices in its capacity as an SEC-registered brokerdealer. Investment advisory services and brokerageservices are separate and distinct, differ in material waysand are governed by different laws and separatearrangements. It is important that clients understand theways in which we conduct business, that they carefullyread the agreements and disclosures that we provide tothem about the products or services we offer. For moreinformation, please review client relationship summaryprovided at ubs.com/relationshipsummary. UBS FS All Rights Reserved. Member SIPC.

Report created on: October 11, 2022 Page 17 of 17
Agenda Item: 10(a)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: MALA SUBRAMANIAN, CITY ATTORNEY
DATE: DECEMBER 20, 2022
SUBJECT: RESOLUTION ##-2022 AMENDING THE ORDER OF BUSINESS

TAKEN UP BY THE CITY COUNCIL AT CITY COUNCIL MEETINGS
PURSUANT TO CLAYTON MUNICIPAL CODE SECTION 2.04.070
___________________________________________________________________________

RECOMMENDATION
Staff recommends that the City Council consider whether to adopt Resolution ##- 2022.

BACKGROUND
Clayton Municipal Code section 2.04.070 authorizes the City Council to establish the order of business it takes up at its public meeting by adopting a resolution. At the December 6, 2022 Council Meeting, Mayor Wan requested the Council consider updating this Resolution.

DISCUSSION
The attached Resolution as requested by Mayor Wan amends the order of business to move public comment earlier in the meeting and eliminates Council reports. There is a new item for Mayor and City Manager Announcements and Upcoming Events. A few detailed items from consent calendar have also been removed since there is a catch-all category within the consent calendar. The Resolution with revisions in redline format and as a clean version is attached.

ATTACHMENT

1. Resolution ##--2022 (redline version)

2. Resolution ##-2022 (clean version)
Resolution ##-2022 Order of the Agenda Page 1 of 4 December 20, 2022 RESOLUTION NO. ##-2022

A RESOLUTION AMENDING THE ORDER OF BUSINESS TAKEN UP BY THE

CITY COUNCIL AT CITY COUNCIL MEETINGS PURSUANT TO CLAYTON MUNICIPAL CODE SECTION 2.04.070

THE CITY COUNCIL
City of Clayton, California
WHEREAS, section 2 04.070 of the Clayton Municipal Code authorizes the City Council to establish the order of the business it takes up at its public meetings by duly adopting a resolution to that effect; and
WHEREAS, the City Council wishes to adopt and amend the order of business to more accurately reflect the current priorities and needs of the Council and the departments and groups that report at meetings.

NOW THEREFORE, BE IT RESOLVED, the City Council of Clayton does determine the foregoing recitals are true and correct and hereby sets forth the following as the official Order of Business of the City Council:

A. Regular City Council Agenda

1. Meeting cCalled to oOrder/Roll Call

2. Pledge of Allegiance

2. Study Session (if needed)

3. Public Comment on Non-Agenda Items

34. Closed Session (if needed)
a. Litigation Session
b. Personnel Session

4. Pledge to the Flag

5. Consent Calendar as follows:
"NOTICE TO THE PUBLIC"
Resolution ##-2022 Order of the Agenda Page 2 of 4 December 20, 2022 All matters listed under Item 5, Consent Calendar, are
considered to be routine by the City Council and will be enacted by one motion in the form listed below. There
will be no separate discussion of these items. If
discussion is required, that item will be removed from
the consent calendar and will be considered
separately. Vote may be by roll call.
a. Approval of minutes
b. Approval of warrants
c. Payments on public works projects
d. Authorization for call for bids
e. Approval of final tract maps and acceptance of
dedications.
f. Claims against the City
g. Award of bids
h. Adoption of Ordinances that have been introduced at
previous council meetings as an action item
i. Resolutions
j.c. Such other routine items as the Council may add by resolution to the consent calendar procedure

6. Recognitions and PresentationsCeremonial Matters

7. City Manager and Staff Reports

8. Mayor and City Manager Announcements and Upcoming Events a. Staff
b. Council
c. Other

8. Public Comment Period

9. Public Hearings
Resolution ##-2022 Order of the Agenda Page 3 of 4 December 20, 2022

10. Action Items

11. Closed Session (if needed)

12. Council Items
131. Adjourn
B. Successor Agency Agenda

1. Call to Order

2. Consent Calendar

3. Public Hearings

4. Action Items

5. Adjourn
C. Geological Hazard Abatement District

1. Call to Order

2. Consent Calendar

3. Public Hearings

4. Action Items

5. Adjourn
The foregoing order of business may be formally changed from time to time by duly adopted resolution of the City Council.

PASSED, APPROVED and ADOPTED by the City Council of Clayton, California at a regular public meeting thereof held on the 20th day of December, 2022 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Resolution ##-2022 Order of the Agenda Page 4 of 4 December 20, 2022

THE CITY COUNCIL OF CLAYTON, CA
___________________________________
Jeff Wan, Mayor
ATTEST:
_________________________
Janet Calderon, City Clerk
Resolution ##-2022 Order of the Agenda Page 1 of 3 December 20, 2022 RESOLUTION NO. ##-2022

A RESOLUTION AMENDING THE ORDER OF BUSINESS TAKEN UP BY THE

CITY COUNCIL AT CITY COUNCIL MEETINGS PURSUANT TO CLAYTON MUNICIPAL CODE SECTION 2.04.070

THE CITY COUNCIL
City of Clayton, California
WHEREAS, section 2 04.070 of the Clayton Municipal Code authorizes the City Council to establish the order of the business it takes up at its public meetings by duly adopting a resolution to that effect; and
WHEREAS, the City Council wishes to adopt and amend the order of business to more accurately reflect the current priorities and needs of the Council and the departments and groups that report at meetings.

NOW THEREFORE, BE IT RESOLVED, the City Council of Clayton does determine the foregoing recitals are true and correct and hereby sets forth the following as the official Order of Business of the City Council:

A. Regular City Council Agenda

1. Meeting Called to Order

2. Pledge of Allegiance

3. Public Comment on Non-Agenda Items

4. Closed Session (if needed)

5. Consent Calendar as follows:
"NOTICE TO THE PUBLIC"
All matters listed under Item 5, Consent Calendar, are
considered to be routine by the City Council and will be enacted by one motion in the form listed below. There
will be no separate discussion of these items. If
discussion is required, that item will be removed from
the consent calendar and will be considered
separately. Vote may be by roll call.
a. Approval of minutes
Resolution ##-2022 Order of the Agenda Page 2 of 3 December 20, 2022 b. Approval of warrants
c. Such other routine items

6. Recognitions and Presentations

7. City Manager and Staff Reports

8. Mayor and City Manager Announcements and Upcoming Events

9. Public Hearings

10. Action Items

11. Closed Session (if needed)

12. Council Items

13. Adjourn
B. Successor Agency Agenda

1. Call to Order

2. Consent Calendar

3. Public Hearings

4. Action Items

5. Adjourn
C. Geological Hazard Abatement District

1. Call to Order

2. Consent Calendar

3. Public Hearings

4. Action Items

5. Adjourn
The foregoing order of business may be formally changed from time to time by a duly adopted resolution of the City Council.

Resolution ##-2022 Order of the Agenda Page 3 of 3 December 20, 2022 PASSED, APPROVED and ADOPTED by the City Council of Clayton, California at a regular public meeting thereof held on the 20th day of December, 2022 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

THE CITY COUNCIL OF CLAYTON, CA
___________________________________
Jeff Wan, Mayor
ATTEST:
_________________________
Janet Calderon, City Clerk
ell

AGENDA REPORT
TO: HONORABLE COMMITTEE MEMBERS
FROM: Reina J. Schwartz, City Manager
DATE: December 20, 2022
SUBJECT: Appoint Two Members to the Community Financial Sustainability Committee as Recommended by the City Council’s Budget & Audit Subcommittee

RECOMMENDATION
Consider the recommendation from the Budget & Audit Subcommittee to appoint by Minute Order two members to the Community Financial Sustainability Committee for two-year terms of office expiring December 31, 2024.

BACKGROUND
On October 18, 2022, the City Council established the Community Financial Sustainability Committee via Resolution 76-2022.

Staff advertised the Committee positions on the City’s website, at the City’s three (3) posting areas and on social media accounts. Applications were initially due by November 7, 2022, but the application period was extended to provide the biggest pool possible. The City Council’s Budget & Audit Subcommittee reviewed applications and held interviews of the three applicants on December 5, 2022 and December 14, 2022 (applications attached).

The Budget & Audit Committee recommends appointing Hank Stratford and Howard Kaplan to the Community Financial Sustainability Committee for two-year terms expiring December 31, 2024.

With these appointments, the Committee will still need three additional members for the Committee to be fully seated and to achieve a quorum for meeting. The call for volunteers has been re-posted to the City’s website and social media sites on Monday December 12th and the City will continue to solicit volunteers for this Committee.

FISCAL IMPACT
None other than staff time to support the Committee.

Attachments:

1. Press Release and Application

2. Committee Member Applications
Agenda Item: 10(b)

Agenda Item: 10(c)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: REINA J. SCHWARTZ, CITY MANAGER
DATE: DECEMBER 20, 2022
SUBJECT: Discuss and approve City Council Committees and Assignments for Standing/Ad-Hoc Committees and Liaison Positions
___________________________________________________________________________

RECOMMENDATION
Staff recommends that the City Council discuss and approve City Council Committees and Assignments for Standing/Ad Hoc Committees and Liaison positions for 2023.

BACKGROUND
At the City Council meeting of November 1, 2022, Vice Mayor Tillman requested that information be brought back to the City Council for discussion City Council Assignments, Standing/Ad-Hoc Committees and Liaisons.

DISCUSSION
Attached for the City Council’s information are the current City Council Assignments, Standing/Ad-Hoc Committees and Liaisons for 2022. Also attached is Mayor Wan’s proposal for changes to Committees and 2023 Council Assignments.

FISCAL IMPACTS
Unknown.

ATTACHMENTS
Attachment 1: 2022 City Council Assignments, Standing/Ad-Hoc Committees, and Liaisons.

Attachment 2: Proposed 2023 City Council Assignments for Standing/Ad Hoc Committees and Liaison Positions
1 CITY COUNCIL ASSIGNMENTS

STANDING/AD-HOC COMMITTEES/LIAISONS

CITY OF CLAYTON
2022
Association of Bay Area Governments (ABAG) Mayor Cloven Alternate: Carl Wolfe
Budget/Audit Standing Committee Jeff Wan/Vice Mayor Tillman Alternate: Jim Diaz
Citizens Corps Council (CERT) Jim Diaz
Alternate: Jeff Wan
Clayton Financing Authority [CFA]* President – Mayor Cloven *[offices automatically go to Mayor & Vice Mayor, per Bylaws] Vice President–Vice Mayor Tillman Community Park Sports Fields Ad-Hoc Committee Mayor Cloven/Jeff Wan Contra Costa Water District [CCWD] Liaison Jim Diaz
Alternate: Vice Mayor Tillman
Central Contra Costa Transit Authority [CCCTA] Keith Haydon Alternate: Carl Wolfe
Do the Right Thing /Unsung Heroes Program Carl Wolfe/Mayor Cloven Downtown Activities Committee Carl Wolfe/Jim Diaz
East Bay Division - League of California Cities Mayor Cloven Alternate: Jim Diaz
East Contra Costa County Habitat Conservancy Carl Wolfe Alternate: Jeff Wan
Economic Development Committee Mayor Cloven/Jeff Wan
Alternate: Carl Wolfe
2 Endeavor Hall Marketing Committee Jim Diaz, Carl Wolfe Alternate: Vice Mayor Tillman
Garbage & Recycling Committee Jim Diaz, Vice Mayor Tillman Interview Committees:
a. Planning Commission applicants City Council
b. Trails and Landscaping Committee applicants Mayor Cloven Vice Mayor Tillman
Clayton Library Foundation Liaison Vice Mayor Tillman
Alternate: CW Wolfe
Mayors’ Conference – Contra Costa County Mayor & Council Mt. Diablo School District Liaison Committee Jeff Wan, Vice Mayor Tillman Alternate: Carl Wolfe
Oakhurst Geological Hazard Abatement District [GHAD] Chair – Jim Diaz Vice Chair– Carl Wolfe
Trails and Landscaping Committee (TLC) Liaison Vice Mayor Tillman Alternate: Jeff Wan
TRANSPAC Mayor Cloven
Alternate: Carl Wolfe
* * * *
Revised: 04 January 2022
Original Adoption: 17 December 2004
1 CITY COUNCIL ASSIGNMENTS

STANDING/AD-HOC COMMITTEES/LIAISONS

ASSOCIATION OF BAY AREA GOVERNMENTS (ABAG)
Created in 1961, ABAG is the regional council of governments for the larger Bay Area, as required by state law. It partners with local governments to provide planning and research related to land use, housing, environmental and water resource protection, disaster resilience, energy efficiency and hazardous waste mitigation, risk management, financial services and staff training. ABAG is the determiner/distributor of the Regional Housing Needs Allocation (RHNA) numbers funneled by the state of California to local governments in the Bay Area.

ABAG convenes its General Assembly once each year in April at which a voting delegate participates from each of the 9 counties and 101 members cities/towns. Clayton’s representative attends that assembly and may become selected for greater involvement on ABAG’s Executive Board or as one of its governing officers. ► Public meetings of the General Assembly and the Executive Board are held in San Francisco at the Bay Area Metro Center Board Room. Currently, these meetings are virtual. * * *
City Budget/Audit Committee
Offers initial feedback to the City Manager and the Finance Manager regarding the staff recommended City Budget for each fiscal year, typically meeting in the spring. It also offers initial feedback to staff on the Mid-Year Budget Review process conducted in approximately February each year.

The Audit Committee meets with the City’s contract independent auditor in the summer of each year during the field audit, and again in early fall with the City Manager and Finance Manager for initial review of the Comprehensive Annual Financial Report (CAFR). ► Meetings when called are held at Clayton City Hall during the workweek (daytime).

Currently, these meetings are virtual.
* * *
Citizens Corps Council (CERT)
The City’s Community Emergency Response Team (CERT) is comprised of local volunteers/residents willing and trained to render assistance during local disaster events. CERT is adjunct to the Clayton Police Department. The Council liaison interfaces and interacts with the CERT team and the Council liaison is ideally CERT-certified [trained] as well. ► Meetings are held at the Clayton police station (infrequently). 2 Clayton Financing Authority (CFA)
A joint exercise of powers agency established in December 1990 by the City as a separate legal public entity. It functions as a local financing authority initially created to issue redevelopment tax allocation bonds at a more favorable negotiated basis than a public basis. The CFA has the authority to incur, issue and manage public debt.
► Public meetings are held in the City Council Chambers on an as-needed basis, normally on a 1st or 3rd Tuesday evening following a City Council meeting. Currently, these meetings are virtual.
* * *
Community Park Sports Field Ad-hoc Committee
Meets as warranted to partner with organized community sports groups (e.g. CVLL, MDSA) for mutual capital improvement and/or maintenance of the public sports fields at Clayton Community Park.
► Meetings are held in the field or at Clayton City Hall, as necessary. * * *
Contra Costa Water District (CCWD) Liaison
Council liaisons assigned will monitor agendas and actions of the CCWD Board of Directors, and possibly attend its public meetings to address potential financial, community or stakeholder impacts. Clayton resides in Division 3 of this independent special public district. ► CCWD Board meetings are held the 1st and 3rd Wednesdays of each month at 6:30 p.m. at 1331 Concord Avenue, Concord. Currently, these meetings are virtual. * * *
Central Contra Costa Transit Authority (CCCTA)
Formed in 1980 as a joint powers agency (JPA), CCCTA provides fixed-route and paratransit bus services within Central Contra Costa County. Its Board consists of 11 members from each incorporated city in Central County and the county. A city’s voting representative may be an elected official or other public official or a private person [per CCCTA]. ► The Board meets the 3rd Thursday of each month at 9:00 a.m. at the CCCTA offices in Concord. Additional CCCTA committee meetings may be required for attendance each month.

Currently, these meetings are virtual.
* * *
3 “Do the Right Thing” Program
Developed in the summer of 2010 and adopted by the City Council in partnership with the Clayton Business and Community Association (CBCA) and the local MDUSD public and charter schools, members promote and coordinate the bi-monthly recognition of students exhibiting the seven (7) chosen character traits of Integrity, Responsibility, Inclusion, Courage, Kindness, Self-Discipline, and Respect.
► Program coordination meetings with MDUSD and CBCA are held when necessary. * * *
Downtown Activities Committee
Members interface and coordinate as necessary with various community and civic groups hosting/holding community events in the Clayton Town Center (e.g. CBCA, Historical Society, Concerts in The Grove).
► Meetings held when necessary, usually at Clayton City Hall. * * *
East Bay Division – Cal Cities (formerly League of California Cities) One of the 16 regional divisions of the League of California Cities, the East Bay Division functions as a grassroots advocacy core of elected and appointed public officials to monitor and engage on state legislation impacting cities. The East Bay Division includes 33 city representatives in Alameda and Contra Costa counties.
► Meetings are hold in the evening on the 4th Thursday of each month rotated at various locations within member cities. Currently, these meetings are virtual. * * *
East Contra Costa County Habitat Conservancy
A joint exercise of powers authority (JPA) formed by the cities of Brentwood, Clayton, Oakley, Pittsburg and Contra Costa County to implement its Habitat Conservation Plan (HCP). The HCP is designed to protect natural resources in eastern Contra Costa County while improving and streamlining the environmental permitting process for impacts on endangered species. Each city representative is a voting member of the JPA Board of Directors. ► Public meetings are usually scheduled the 4th Monday of every other month at 2:00 p.m. at host city rotation sites. Currently, these meetings are virtual. * * *
4 Economic Development Committee
A City committee that meets as necessary with the City Manager and Community Development Director to consider proposals or offers for the private purchase/lease and/or development of City-owned real properties in the Clayton Town Center. The committee does not meet with private developers seeking development of private properties. ► Meetings held at Clayton City Hall on an as-needed basis. * * *
Endeavor Hall Marketing Committee
Created to brainstorm and evaluate ways and means to promote greater utilization and rental of this publicly-restored facility in the Clayton Town Center. Topics range from promotional materials to facility upgrades and improvements.
► Meetings held at Clayton City Hall on an as-desired basis. * * *
Garbage & Recycling Committee
Serves as the initial sounding board between the City and the City’s exclusive franchise agreement operator (presently, Republic Services) regarding solid waste management and collection services terms and conditions and customer rates in Clayton. ► Meetings held at Clayton City Hall when needed.
* * *
Interview Committees
a. Planning Commission applicants
The City Council, as a whole, interviews citizen applicants for consideration for appointment to vacancies or term of office expirations on this statutory land use body. ► Interviews are held when needed at a public meeting of the City Council. Currently, these meetings are virtual.
* *
b. Trail and Landscaping Committee applicants
Sub-committee of the City Council interviews citizen applicants for consideration and recommendation to the City Council for appointment to this citizen advisory committee. ► Interview are scheduled and held when needed at Clayton City Hall. Currently, these meetings are virtual.
* * *
5 Clayton Library Foundation Liaison
Attends, shares information, and receives issues of concern with the Foundation’s Board of Directors regarding the City’s ownership and maintenance of this public facility. The Council liaison is not a member of the Library Foundation Board. ► Foundation Board meetings are held the 2nd Tuesday of each month at 7:00 p.m. in the Clayton Community Library. Currently, these meetings are virtual. * * *
Mayors’ Conference – Contra Costa County
Established in 1951, the Conference provides an educational forum for local elected public officials and a place to network and exchange information. The Conference also serves as the Contra Costa City Selection Committee [state law] to appoint city representation to area-wide agencies. Each city designates its own voting delegate, usually its mayor as the name implies. ► Public meetings are held on the first Thursday of each month. The meeting location rotates among the 19 Contra Costa cities/towns. Currently, these meetings are virtual. * * *
Mt. Diablo School District Liaison Committee
Interfaces with and communicates to Mount Diablo Unified School District (MDUSD) elected officials on issues of mutual benefit or concern. Monitors public activities and actions of the school district to report on matters of public interest or impact to the community or the public school campuses.
► Meetings are held when necessary.
* * *
Oakhurst Geological Hazard Abatement District (GHAD)
The Clayton City Council serves as the Board of Directors for this special public district. The District oversees the demarcated geological hazard abatement area overlapping portions of the incorporated city, essentially the Oakhurst Development area. It has the authority, but not the obligation, to abate or repair geological hazards or damages to public infrastructure or open space properties within the District.
► Public meetings are held in the Council Chambers as necessary, usually following a regularlyscheduled City Council meeting. Currently, these meetings are virtual. * * *
6 Trails and Landscaping Committee (TLC) Liaison
The Citywide Landscaping Maintenance District is a legally-formed community facilities district (CFD 2007-1). The City Council functions as the District’s governing body and appoints up to 11 residents to the District’s citizens’ advisory committee. The current Vice Mayor automatically serves as the Council’s liaison to attend the TLC’s meetings and assist in the exchange of information, City policies, and concerns with committee members. ► Public meetings of the TLC are scheduled for the 3rd Monday of each month at 7:00 p.m. in the Council Chambers. However, meetings more often occur as necessary. Currently, these meetings are virtual.
* * *

TRANSPAC
The Regional Transportation Planning Committee (RTPC) for Central Contra Costa County. It is responsible for the development of transportation plans, projects and programs for the Central County areas. It also appoints two (2) of its representatives to the Central Contra Costa Transportation Authority (CCTA). Its Board is comprised of elected public officials from each of the 5 cities in Central County (Clayton, Concord, Martinez, Pleasant Hill, and Walnut Creek) plus the county supervisor representing the Central County area. ► Public meetings are usually held the 2nd Thursday of every other month at 9:00 a.m. in at Pleasant Hill City Hall. Currently, these meetings are virtual. * * *
* * * * *
Date: 25 January 2022
Proposed 2023 City Council Assignments
Standing/Ad Hoc Committees/Liaisons
Committees Main Alternate Main Alternate Main Alternate Association of Bay Area Governments (ABAG) Wan Diaz Cloven Wolfe Wolfe Cloven Budget/Audit Standing Committee Wan/Trupiano Diaz Tillman/Wan Diaz Tillman/Wan Diaz Citizens Corps Council (CERT) Diaz Trupiano Diaz Wan Diaz Wan Clayton Financing Authority (CFA) Wan/Diaz Cloven/Tillman Wolfe/Cloven Community Park Sports Fields Ad Hoc Committee Wan/Diaz Cloven/Wan Wolfe/Wan Contra Costa Water District (CCWD) Liaison Diaz Tillman Diaz Tillman Diaz Tillman Central Contra Costa Transit Authority (CCCTA) Diaz Trupiano Haydon Wolfe Haydon Wolfe Do the Right Thing / Unsung Heroes Program Cloven/Tillman Wolfe/Cloven Wolfe/Cloven Eliminate Downtown Activities Committee Wolfe/Diaz Wolfe/Diaz East Bay Division - League of California Cities Trupiano Diaz Cloven Diaz Diaz Cloven East Contra Costa County Habitat Conservancy Trupiano Wan Wolfe Wan Wolfe Wan Eliminate Economic Development Committee Cloven/Wan Wolfe Cloven/Wan Wolfe Eliminate Endeavor Hall Marketing Committee Diaz/Wolfe Tillman Diaz/Wolfe Tillman Garbage & Recycling Committee Wan/Trupiano Diaz/Tillman Diaz/Tillman Interview Committees - Planning Commission Council Council Council Interview Committees - Trails and Landscaping Tillman Trupiano Cloven Tillman Cloven Wan Clayton Library Foundation Liaison Trupiano Tillman Tillman Wolfe Tillman Cloven Mayor's Conference - Contra Costa County Mayor and Council Mayor and Council Mayor and Council Mt. Diablo School District Liaison Wan/Tillman Cloven Wan/Tillman Wolfe Wan/Tillman Wolfe Oakhurst Geological Hazard Abatement District (GHAD) Trupiano Cloven Diaz Wolfe Tillman Cloven Eliminate Ad hoc Public Safety Committee Diaz/Tillman
Trails and Landscape Committee (TLC) Liaison Tillman Trupiano Tillman Wan Cloven Wan TRANSPAC Trupiano Cloven Cloven Wolfe Cloven Wolfe
Add Ad Hoc City Manager Recruitment Committee Wan/Tillman Add Concerts in the Park Committee Diaz/Trupiano
Add Internship/Training Committee Wan/Trupiano
2023 2022 2021
1 CITY COUNCIL ASSIGNMENTS

STANDING/AD-HOC COMMITTEES/LIAISONS

ASSOCIATION OF BAY AREA GOVERNMENTS (ABAG)
Created in 1961, ABAG is the regional council of governments for the larger Bay Area, as required by state law. It partners with local governments to provide planning and research related to land use, housing, environmental and water resource protection, disaster resilience, energy efficiency and hazardous waste mitigation, risk management, financial services and staff training. ABAG is the determiner/distributor of the Regional Housing Needs Allocation (RHNA) numbers funneled by the state of California to local governments in the Bay Area.

ABAG convenes its General Assembly once each year in April at which a voting delegate participates from each of the 9 counties and 101 members cities/towns. Clayton’s representative attends that assembly and may become selected for greater involvement on ABAG’s Executive Board or as one of its governing officers.
► Public meetings of the General Assembly and the Executive Board are held in San Francisco. * * *
City Budget/Audit Committee
Offers initial feedback to the City Manager and the Finance Manager regarding the staff recommended City Budget for each fiscal year, typically meeting in the spring. It also offers initial feedback to staff on the Mid-Year Budget Review process conducted in approximately February each year.

The Audit Committee meets with the City’s contract independent auditor in the summer of each year during the field audit, and again in early fall with the City Manager and Finance Manager for initial review of the Comprehensive Annual Financial Report (CAFR). ► Meetings when called are held at Clayton City Hall during the workweek (daytime). * * *
Citizens Corps Council (CERT)
The City’s Community Emergency Response Team (CERT) is comprised of local volunteers/residents willing and trained to render assistance during local disaster events. CERT is adjunct to the Clayton Police Department. The Council liaison interfaces and interacts with the CERT team and the Council liaison is ideally CERT-certified [trained] as well. ► Meetings are held at the Clayton police station (infrequently). 2 Clayton Financing Authority (CFA)
A joint exercise of powers agency established in December 1990 by the City as a separate legal public entity. It functions as a local financing authority initially created to issue redevelopment tax allocation bonds at a more favorable negotiated basis than a public basis. The CFA has the authority to incur, issue and manage public debt.
► Public meetings are held in the City Council Chambers on an as-needed basis, normally on a 1st or 3rd Tuesday evening following a City Council meeting. * * *
Community Park Sports Field Ad-hoc Committee
Meets as warranted to partner with organized community sports groups (e.g. CVLL, MDSA) for mutual capital improvement and/or maintenance of the public sports fields at Clayton Community Park.
► Meetings are held in the field or at Clayton City Hall, as necessary. * * *
Contra Costa Water District (CCWD) Liaison
Council liaisons assigned will monitor agendas and actions of the CCWD Board of Directors, and possibly attend its public meetings to address potential financial, community or stakeholder impacts. Clayton resides in Division 3 of this independent special public district. ► CCWD Board meetings are held the 1st and 3rd Wednesdays of each month at 6:30 p.m. in Concord.
* * *
Central Contra Costa Transit Authority (CCCTA)
Formed in 1980 as a joint powers agency (JPA), CCCTA provides fixed-route and paratransit bus services within Central Contra Costa County. Its Board consists of 11 members from each incorporated city in Central County and the county. A city’s voting representative may be an elected official or other public official or a private person [per CCCTA]. ► The Board meets the 3rd Thursday of each month at 9:00 a.m. at the CCCTA offices in Concord.

Additional CCCTA committee meetings may be required for attendance each month. * * *
“Do the Right Thing” Program/”Unsung Heroes” Program
Developed in the summer of 2010 and adopted by the City Council in partnership with the Clayton Business and Community Association (CBCA) and the local MDUSD public and charter schools, members promote and coordinate the bi-monthly recognition of students exhibiting the six (6) chosen character traits of Responsibility, Respect, Kindness, Self-Discipline, Integrity, and Courage.
“Unsung Heroes” Program Committee
3 Created with the benevolent mission to periodically recognize community members or business persons who have or are performing under-the-radar acts of service to others or to the Clayton community. Its Program has yet to be defined or established. ► Meetings held at Clayton City Hall when necessary.
► Program coordination meetings with MDUSD and CBCA are held when necessary.

Downtown Activities Committee
Members interface and coordinate as necessary with various community and civic groups hosting/holding community events in the Clayton Town Center (e.g. CBCA, Historical Society, Concerts in The Grove).
► Meetings held when necessary, usually at Clayton City Hall. * * *
East Bay Division – League of California Cities
One of the 16 regional divisions of the League of California Cities, the East Bay Division functions as a grassroots advocacy core of elected and appointed public officials to monitor and engage on state legislation impacting cities. The East Bay Division includes 33 city representatives in Alameda and Contra Costa counties.
► Meetings are hold in the evening on the 4th Thursday of each month rotated at various locations within member cities.
* * *
East Contra Costa County Habitat Conservancy
A joint exercise of powers authority (JPA) formed by the cities of Brentwood, Clayton, Oakley, Pittsburg and Contra Costa County to implement its Habitat Conservation Plan (HCP). The HCP is designed to protect natural resources in eastern Contra Costa County while improving and streamlining the environmental permitting process for impacts on endangered species. Each city representative is a voting member of the JPA Board of Directors. ► Public meetings are usually scheduled the 4th Monday of every other month at 2:00 p.m. at host city rotation sites.
* * *
Economic Development Committee
A City committee that meets as necessary with the City Manager and Community Development Director to consider proposals or offers for the private purchase/lease and/or development of City-owned real properties in the Clayton Town Center. The committee does not meet with private developers seeking development of private properties. ► Meetings held at Clayton City Hall on an as-needed basis. * * *
4 Endeavor Hall Marketing Committee
Created to brainstorm and evaluate ways and means to promote greater utilization and rental of this publicly-restored facility in the Clayton Town Center. Topics range from promotional materials to facility upgrades and improvements.
► Meetings held at Clayton City Hall on an as-desired basis. * * *
Garbage & Recycling Committee
Serves as the initial sounding board between the City and the City’s exclusive franchise agreement operator (presently, Republic Services) regarding solid waste management and collection services terms and conditions and customer rates in Clayton. ► Meetings held at Clayton City Hall when needed.
* * *
Interview Committees
a. Planning Commission applicants
The City Council, as a whole, interviews citizen applicants for consideration for appointment to vacancies or term of office expirations on this statutory land use body. ► Interviews are held when needed at a public meeting of the City Council. * *
b. Trail and Landscaping Committee applicants
Sub-committee of the City Council interviews citizen applicants for consideration and recommendation to the City Council for appointment to this citizen advisory committee. ► Interview are scheduled and held when needed at Clayton City Hall. * * *
Clayton Library Foundation Liaison
Attends, shares information, and receives issues of concern with the Foundation’s Board of Directors regarding the City’s ownership and maintenance of this public facility. The Council liaison is not a member of the Library Foundation Board. ► Foundation Board meetings are held the 3rd Wednesday of each month at 7:00 p.m. in the Clayton Community Library.
* * *
Mayors’ Conference – Contra Costa County
Established in 1951, the Conference provides an educational forum for local elected public officials and a place to network and exchange information. The Conference also serves as the Contra Costa City Selection Committee [state law] to appoint city representation to area-wide agencies. Each city designates its own voting delegate, usually its mayor as the name implies. 5 ► Public meetings are held on the first Thursday of each month. The meeting location rotates among the 19 Contra Costa cities/towns.
* * *
Mt. Diablo School District Liaison Committee
Interfaces with and communicates to Mount Diablo Unified School District (MDUSD) elected officials on issues of mutual benefit or concern. Monitors public activities and actions of the school district to report on matters of public interest or impact to the community or the public school campuses.
► Meetings are held when necessary.
* * *
Oakhurst Geological Hazard Abatement District (GHAD)
The Clayton City Council serves as the Board of Directors for this special public district. The District oversees the demarcated geological hazard abatement area overlapping portions of the incorporated city, essentially the Oakhurst Development area. It has the authority, but not the obligation, to abate or repair geological hazards or damages to public infrastructure or open space properties within the District.
► Public meetings are held in the Council Chambers as necessary, usually following a regularlyscheduled City Council meeting. * * *
Trails and Landscaping Committee (TLC) Liaison
The Citywide Landscaping Maintenance District is a legally-formed community facilities district (CFD 2007-1). The City Council functions as the District’s governing body and appoints up to 11 residents to the District’s citizens’ advisory committee. The current Vice Mayor automatically serves as the Council’s liaison to attend the TLC’s meetings and assist in the exchange of information, City policies, and concerns with committee members. ► Public meetings of the TLC are scheduled for the 3rd Monday of each month at 7:00 p.m. in the Council Chambers. However, meetings more often occur as necessary. * * *

TRANSPAC
The Regional Transportation Planning Committee (RTPC) for Central Contra Costa County. It is responsible for the development of transportation plans, projects and programs for the Central County areas. It also appoints two (2) of its representatives to the Central Contra Costa Transportation Authority (CCTA). Its Board is comprised of elected public officials from each of the 5 cities in Central County (Clayton, Concord, Martinez, Pleasant Hill, and Walnut Creek) plus the county supervisor representing the Central County area. 6 ► Public meetings are usually held the 2nd Thursday of every other month at 9:00 a.m. in at Pleasant Hill City Hall.
* * *
“Unsung Heroes” Program Committee
Created with the benevolent mission to periodically recognize community members or business persons who have or are performing under-the-radar acts of service to others or to the Clayton community. Its Program has yet to be defined or established. ► Meetings held at Clayton City Hall when necessary.
* * * * *
City Manager Recruitment AdHoc Committee
Select and interact with executive recruiter for City Manager recruitment beginning in November 2022.
► Meetings held at Hoyer Hall when necessary.

Concerts in the Park Program Committee
To manage the summer concerts in The Grove Park. Activities include soliciting and securing bands and sponsors, working with city staff on permits, and other administrative efforts as needed.
► Meetings held at Clayton City Hall when necessary.

Internship/Training Program Committee
To promote and secure the acquisition of interns from local communities to support city operations and provide training and educational opportunities. ► Meetings held at Clayton City Hall when necessary.

Date: December 20, 2022
Agenda Item: 10(d)
1 AGENDA REPORT
TO: HONORABLE MAYOR AND COUNCIL MEMBERS
FROM: REINA J. SCHWARTZ, CITY MANAGER
DATE: DECEMBER 20, 2022
SUBJECT: Request by Mayor Wan to Discuss Potential Solar Lease Project and Provide Direction to Staff
___________________________________________________________________________

RECOMMENDATION
Discuss a potential solar lease project as requested by Mayor Wan and provide direction to staff if needed.

BACKGROUND
At the City Council meeting of December 6, 2022, Mayor Wan requested that an item be placed on the Agenda to discuss a potential solar lease project. Per Mayor Wan, the request is to discuss policy direction to work with Oakhurst Golf and Country Club in determining potential feasibility of leasing city-owned land to Oakhurst with the following guidelines: Oakhurst assumes all cost of infrastructure necessary, nominal lease cost to Oakhurst, City will receive a portion of energy generated with the option to add additional capacity.

FISCAL IMPACTS
Unknown at this time.

Successor Agency Agenda Item: 2(a)
______________________________________________________________________________ Minutes December 7, 2021 Page 1

MINUTES
OF THE

REGULAR MEETING
CLAYTON SUCCESSOR and SUCCESSOR HOUSING AGENCIES
December 7, 2021

1. CALL TO ORDER & ROLL CALL - the meeting was called to order at 8:18 p.m. by Chair Cloven on a virtual web meeting and telephonically (877) 853-5257. Board members present: Chair Cloven, Vice Chair Tillman, and members Diaz, Wan and Wolfe. Members absent: None. Staff present: City Manager Reina Schwartz, City Attorney Mala Subramanian, and City Clerk/HR Manager Janet Calderon.

2. CONSENT CALENDAR- It was moved by Board Member Diaz, seconded by Board Member Wolfe, to approve the Consent Calendar as submitted (Passed; 5-0 vote). (a) Approve the minutes of the regular meeting of January 5, 2021. (b) Adopted Resolution No. SA02-2021 to Approve and Adopt the Recognized Obligation Payment Schedule for the year ending June 30, 2023 (ROPS 2022/2023), Pursuant to the Dissolution Act. (Finance Director)

3. PUBLIC COMMENT ON NON - AGENDA ITEMS
Members of the public may address the Board on items within the Board’s jurisdiction, (which are not on the agenda) at this time. To assure an orderly meeting and an equal opportunity for everyone, each speaker is limited to 3 minutes, enforced at the Chair’s discretion. In accordance with State Law, no action may take place on any item not appearing on the posted agenda. The Board may respond to statements made or questions asked, or may at its discretion request Staff to report back at a future meeting concerning the matter.

Public comment and input on Public Hearing, Action Items and other Agenda Items will be allowed when each item is considered by the Board.

4. PUBLIC HEARINGS – None.

5. ACTION ITEMS – None.

6. BOARD ITEMS – None..

7. ADJOURNMENT – on call by Chair Cloven, the Board adjourned its meeting at 8:21 p.m.
# # #
Successor Agency Agenda Item: 2(a)
______________________________________________________________________________ Minutes December 7, 2021 Page 2
Respectfully submitted,
______________________________
Janet Calderon, Secretary
Approved by the
Clayton Successor and Successor Housing
Agencies Board
________________________________
Peter Cloven, Chair
Successor Agency Agenda Item: 2(b)

STAFF REPORT
TO: CITY OF CLAYTON SUCCESSOR AGENCY BOARD
FROM: REINA J. SCHWARTZ, CITY MANAGER
DATE: DECEMBER 20, 2022
SUBJECT: ADOPT A RESOLUTION TO APPROVE AND ADOPT THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE YEAR ENDING JUNE 30, 2024 (ROPS 2023-2024),

PURSUANT TO THE DISSOLUTION ACT

RECOMMENDATION
It is recommended the Successor Agency Board adopt the attached Resolution approving the 17th Recognized Obligation Payment Schedule (ROPS 2023-2024) covering the timeframe July 1, 2023 through June 30, 2024 pursuant to Section 31471(h) and 34177(l)(1) of the California Redevelopment Law – the Dissolution Act, [ABx1 26 and AB 1484].

BACKGROUND
Under the Dissolution Act, “enforceable obligations” of the former redevelopment agency (e.g.

Clayton Redevelopment Agency) include the following financial arrangements (the ROPS of a city or county):
• Bonds
• Loans
• Payments required by state or federal government
• Obligations to employees
• Judgments or settlements
• Binding and legally enforceable agreements entered into before AB1x26 • Contracts for Redevelopment Agency (RDA) administration, Successor Agency administration, and Oversight Board administration
Subject: Adopt a Resolution to Approve and Adopt the Recognized Obligation Payment Schedule for the Year Ending June 30, 2024 (ROPS 2023-2024), Pursuant to the Dissolution Act Date: December 20, 2022
Page: 2 of 3
The monies to fund payment of the requested ROPS enforceable obligations are issued by the Contra Costa County Auditor-Controller’s Office (CAC) to Clayton’s Redevelopment Obligation Retirement Fund. As its name implies, this fund replaces the former Redevelopment Agency’s three Funds and functions as the repository for sufficient tax increment revenues in the amounts identified and approved in subsequent ROPS to effectively “retire” all former Clayton Redevelopment Agency debts and contractual obligations over a multi-year period. Once all identified and certified debts and obligations have been satisfied, the Successor Agency is then dissolved.

Pursuant to California Health and Safety Code section 34179(j), on and after July 1, 2018, in each county where more than one oversight board was created (including Contra Costa County), there shall be only one County Oversight Board staffed by the County Auditor-Controller. The Countywide Oversight Board of Contra Costa County is comprised of a seven-member board consisting of one member from each of the following groups: County Board of Supervisors, Mayors Conference, Special Districts, the Superintendent of Schools, Community College District, a member of the public, and a former employee of a County public agency. Following this re-organization of the Oversight Board, commencing July 1, 2018, the Department of Finance (DOF) only recognizes actions taken by the newly established Countywide Oversight Board.

DISCUSSION
Prior Recognized Obligation Payment Schedule
A DOF Determination Letter dated April 12, 2022, made one modification to the Clayton Oversight Board-approved ROPS 2022-2023; the allowable amount for administrative recovery was reduced from $250,000 to $196,338 due to the relatively small dollar amount the Successor Agency requires to meet its obligations. Following the DOF’s approval this resulted in the Clayton Successor Agency receiving $480,386 in June 2022 for enforceable obligations through the six-month period ending December 31, 2022. Also, pursuant to the DOF’s April 13, 2022 determination letter, the Clayton Successor Agency expects to receive $80,193 in January 2023 for enforceable obligations through the six-month period ending June 30, 2023.

Current Recognized Obligation Payment Schedule
Included herein, as Attachment 1 to this staff report, is the 17th Recognized Obligation Payment Schedule (ROPS 2023-2024). Pursuant to California Health & Safety Code section 34177(o)(1), commencing with the ROPS 2016-2017 and thereafter, agencies were authorized to submit an annual ROPS to the DOF and the CAC by February 1, 2016 and each February 1st thereafter.

Following the annual submission of an approved ROPS, the DOF has been directed to make its determination of approval by the following April 15th.

On this annual ROPS, the Successor Agency is requesting Redevelopment Property Tax Trust Fund (RPTTF) monies to pay for local obligations totaling $516,255 and $129,485 for the six-month periods ending December 31, 2023 and June 30, 2024, respectively. In addition to RPTTF, the Successor Agency is requesting authorization to use other unencumbered Successor Agency balances to make Subject: Adopt a Resolution to Approve and Adopt the Recognized Obligation Payment Schedule for the Year Ending June 30, 2024 (ROPS 2023-2024), Pursuant to the Dissolution Act Date: December 20, 2022
Page: 3 of 3
payments on enforceable obligations consistent with the law and the DOF’s April 13, 2022 determination letter.

For the six-month period ending December 31, 2023, the Successor Agency is requesting authorization to make payments on the following enforceable obligations:
• Principal and interest on the 2014 Refunding Tax Allocation Bonds; • Trustee and other professional service fees directly related to the bonds; • Administrative costs under California Health & Safety Code section 34171(b).

Immediately thereafter, for the six-month period ending June 30, 2024, the Successor Agency is requesting authorization to make payments on the following enforceable obligations:
• Interest on the 2014 Refunding Tax Allocation Bonds, and • Administrative costs under California Health & Safety Code section 34171(b).

FISCAL IMPACT
Once approved by the DOF, ROPS 2023-2024 will be in place for the Successor Agency to make payments on agreements and other obligations of the former Redevelopment Agency for the period July 1, 2023, through June 30, 2024. Absent of this approval, the Successor Agency is not permitted to make such payments which would cause the Successor Agency to be in breach of legal bond covenants.

Attachments:

1. Successor Agency Resolution approving the ROPS 2023-2024 Resolution (3 pp.) o Exhibit A: Recognized Obligation Payment Schedule (ROPS 2023-2024) ____________________________________________________________________________________ Resolution No. SA##-2022 ROPS 23_24 1 December 20, 2022 RESOLUTION NO. SA##-2022

A RESOLUTION APPROVING AND ADOPTING THE

RECOGNIZED OBLIGATION PAYMENT SCHEDULE
FOR THE TIME PERIOD OF JULY 01, 2023 THROUGH JUNE 30,
2024 (ROPS 2023-2024), PURSUANT TO SECTION 31471(h)
AND 34177(l)(1) OF THE CALIFORNIA REDEVELOPMENT LAW

THE CITY COUNCIL (AS SUCCESSOR AGENCY)
City of Clayton, California
WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.; the "Redevelopment Law"), the City Council (the "City Council") of the City of Clayton (the "City") adopted in accordance with the California Community Redevelopment Law, City Ordinance No. 243 on July 20, 1987, adopting the Redevelopment Plan for the Clayton Redevelopment Project Area (the "Redevelopment Plan"), as amended from time to time; and
WHEREAS, the Redevelopment Agency of the City of Clayton (the "Agency") is responsible for implementing the Redevelopment Plan pursuant to said Redevelopment Law; and
WHEREAS, Assembly Bill X1 26 (the "Dissolution Act") and Assembly Bill X1 27 (the "Alternative Redevelopment Program Act") were enacted by the State of California on June 28, 2011, to significantly modify the Community Redevelopment Law and to end the existence of or modify continued operation of redevelopment agencies throughout the state (Health & Safety Code §33000, et seq.; the "Redevelopment Law"); and WHEREAS, on December 29th, 2011, the California Supreme Court ruled that the Dissolution Act is largely constitutional, and the Alternative Redevelopment Program Act is unconstitutional meaning all California redevelopment agencies, including the Clayton Redevelopment Agency, were terminated and automatically dissolved on February 1st, 2012 pursuant to the Dissolution Act; and
WHEREAS, on January 17th, 2012, by Resolution No. 03-2012, the Clayton City Council did exercise its priority right and took action to become the Successor Agency and the Successor Housing Agency of the former Clayton Redevelopment Agency; and WHEREAS, December 1, 2022, the California Department of Finance (DOF) posted instructions for completing the Recognized Obligation Payment Schedule covering the time period of July 1, 2023 through June 30, 2024 (ROPS 2023-2024), including the requirement that the ROPS 2023-2024 must be approved by the Countywide Oversight Board and submitted electronically to the DOF by February 1st, 2023; and ____________________________________________________________________________________ Resolution No. SA##-2022 ROPS 23_24 2 December 20, 2022 WHEREAS, pursuant to California Health and Safety Code section 34179(j), on and after July 1, 2018 in each county where more than one oversight board was created, there shall be only one County Oversight Board; and
WHEREAS, the Countywide Oversight Board shall be staffed by the County Auditor-Controller (CAC), by another county entity selected by the CAC, or by a city within the county that the CAC may select after consulting with the DOF; and WHEREAS, commencing July 1st, 2018, the DOF will only recognize actions taken by the Countywide Oversight Board; and
WHEREAS, the CAC instructed local Successor Agencies, including the City of Clayton Successor Agency, to prepare the ROPS 2023-2024 to be presented to the newly established Countywide Oversight Board for approval at a forthcoming meeting to be scheduled in January 2023; and
WHEREAS, the City of Clayton Successor Agency Board has reviewed and duly considered the Staff Report, the proposed ROPS 2023-2024, plus documents and other written evidence presented at the meeting.

NOW, THEREFORE, BE IT RESOLVED that the City Council of Clayton, California, and serving as the Successor Agency Board, does hereby find the above Recitals are true and correct and have served, together with the supporting documents, as the basis for the findings and approvals set forth below.

BE IT FURTHER RESOLVED that the Successor Agency Board does hereby approve and adopt the ROPS 2023-2024, attached hereto as “Exhibit A” and incorporated herein as if fully set forth in this Resolution.

BE IT FURTHER RESOLVED that the Successor Agency Board authorizes and directs its City Manager or the City Manager's designee to: (1) post the ROPS 2023-2024 (Exhibit A) on the City’s website; (2) designate a City representative to submit the approved ROPS to the Countywide Oversight board for approval and to whom all questions related to the ROPS can be directed; (3) notify, by mail or electronic means, the County Auditor-Controller, the State Department of Finance, and the State Controller’s Office of the Countywide Oversight Board’s action to adopt the ROPS 2023- 2024, and to provide those persons with the internet website location of the posted schedule and the contact information for the City's designated contact; and (4) to take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution and to implement the ROPS on behalf of the Successor Agency and City.
____________________________________________________________________________________ Resolution No. SA##-2022 ROPS 23_24 3 December 20, 2022 BE IT FURTHER RESOLVED that if any section, subsection, subdivision, paragraph, sentence, clause or phrase of this Resolution or of Exhibit A, or any part thereof is for any reason held to be unconstitutional, invalid or ineffective, such decision shall not affect the validity or effectiveness of the remaining portions of this Resolution, Exhibit A or any part thereof. The Successor Agency Board hereby declares that it would have passed each section, subsection, subdivision, paragraph, sentence, clause, or phrase of this Resolution or of Exhibit A irrespective of the fact that one or more sections, subsections, subdivision, paragraphs, sentences, clauses or phrases be declared unconstitutional, invalid or ineffective. To this end the provisions of this Resolution and of Exhibit A are declared to be severable.

AND BE IT FURTHER RESOLVED that this Resolution shall and does take immediate effect upon its adoption.

PASSED, APPROVED AND ADOPTED by the Successor Agency Board of Clayton, California at a regular public meeting thereof held on the 20th day of December 2022 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

THE CITY COUNCIL OF CLAYTON, CA
Serving as the Clayton Successor Agency Board

________________________________
Jeff Wan, Chair
ATTEST:
________________________________
Janet Calderon, Clerk
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: Clayton
County: Contra Costa
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
23-24A Total
(July -
December)
23-24B Total
(January -
June)
ROPS 23-24
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 37,044 $ - $ 37,044 B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds 37,044 - 37,044
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 479,211 $ 129,485 $ 608,696 F RPTTF 354,211 4,485 358,696
G Administrative RPTTF 125,000 125,000 250,000
H Current Period Enforceable Obligations (A+E) $ 516,255 $ 129,485 $ 645,740 Certification of Oversight Board Chairman:

Name Title
Pursuant to Section 34177 (o) of the Health and Safety
code, I hereby certify that the above is a true and
accurate Recognized Obligation Payment Schedule for
the above named successor agency. /s/
Signature Date
Clayton
Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024

A B C D E F G H I J K L M N O P Q R S T U V W
Item
#
Project
Name
Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired
ROPS
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds
RPTTF
Admin
RPTTF
$1,040,225 $645,740 $- $- $37,044 $354,211 $125,000 $516,255 $- $- $- $4,485 $125,000 $129,485 4 Fiscal
Agent
Fees (US
Bank
Trustee)
Fees 11/01/
1996
08/01/2024 US
Bank
Paying Agent
Fees
All 2,400 N $2,400 - - - 2,400 - $2,400 - - - - - $-
7 Successor
Agency
Functions
Admin
Costs
06/25/
2014
08/01/2024 City of
Clayton
Expenses for
Successor
Agency Operation
All 250,000 N $250,000 - - - - 125,000 $125,000 - - - - 125,000 $125,000 16 Refunding
Tax
Allocation
Bonds
2014
Refunding
Bonds
Issued
After 6/
27/12
06/25/
2014
08/01/2024 US
Bank
Bonds issued to
refund the 1996
and 1999 nonhousing RDA Tax
Allocation Bonds
All 787,825 N $393,340 - - 37,044 351,811 - $388,855 - - - 4,485 - $4,485 Clayton
Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.

A B C D E F G H
ROPS 20-21 Cash Balances
(07/01/20 - 06/30/21)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.

Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/20)
RPTTF amount should exclude "A" period distribution
amount.
- -
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
- 646,816
3 Expenditures for ROPS 20-21 Enforceable Obligations
(Actual 06/30/21)
609,749
4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
37,044
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
No entry required 23
6 Ending Actual Available Cash Balance (06/30/21)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $- $-
Clayton
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024
Item # Notes/Comments
4 7
16 Transmitted via e-mail
April 13, 2022
Katherine Korsak, Finance Director
City of Clayton
6000 Heritage Trail
Clayton, CA 94517
2022-23 Annual Recognized Obligation Payment Schedule
Pursuant to Health and Safety Code (HSC) section 34177 (o) (1), the City of Clayton Successor Agency (Agency) submitted an annual Recognized Obligation Payment Schedule for the period July 1, 2022 through June 30, 2023 (ROPS 22-23) to the California Department of Finance (Finance) on January 26, 2022. Finance has completed its review of the ROPS 22-23.

Based on a sample of line items reviewed and application of the law, Finance made the following determinations:
• The claimed administrative costs exceed the allowance by $53,662.

HSC section 34171 (b) (3) limits the fiscal year Administrative Cost Allowance (ACA) to three percent of actual RPTTF distributed in the preceding fiscal year or $250,000, whichever is greater; not to exceed 50 percent of the Redevelopment Property Tax Trust Fund (RPTTF) distributed in the preceding fiscal year. As a result, the Agency’s maximum ACA is $196,338 for fiscal year 2022-23. Although $250,000 is claimed for ACA, only $196,338 is available pursuant to the cap.

Therefore, as noted in the table below, $53,662 in excess ACA is not allowed:

Administrative Cost Allowance (ACA) Calculation
Actual RPTTF distributed for fiscal year 2021-22 $642,676 Less distributed Administrative RPTTF (250,000)
RPTTF distributed for 2021-22 after adjustments $392,676 ACA Cap for 2022-23 per HSC section 34171 (b) $196,338
ACA requested for 2022-23 250,000
ACA in Excess of the Cap ($53,662)
Additionally, Finance notes the Oversight Board (OB) has approved an amount that appears excessive, given the number and nature of the obligations listed on the ROPS. HSC section 34179 (i) requires the OB to exercise a fiduciary duty to the taxing entities. Therefore, Finance encourages the OB to apply adequate oversight when evaluating the administrative resources necessary to successfully wind-down the Agency.

Pursuant to HSC section 34186, successor agencies are required to report differences between actual payments and past estimated obligations (prior period adjustments) for the July 1, 2019 through June 30, 2020 (ROPS 19-20) period. The ROPS 19-20 prior period adjustment (PPA) will offset the ROPS 22-23 RPTTF distribution. The amount of RPTTF authorized includes the PPA resulting from the County Auditor-Controller’s review of the PPA form submitted by the Agency.

The Agency’s maximum approved RPTTF distribution for the reporting period is $560,579, as summarized in the Approved RPTTF Distribution table (see Attachment).

RPTTF distributions occur biannually, one distribution for the July 1, 2022 through December 31, 2022 period (ROPS A period), and one distribution for the January 1, 2023 through June 30, 2023 period (ROPS B period), based on Finance's approved amounts.

Since this determination is for the entire ROPS 22-23 period, the Agency is authorized to receive up to the maximum approved RPTTF through the combined ROPS A and B period distributions.

Except for the adjusted item, Finance approves the remaining items listed on the ROPS 22-23 at this time. If the Agency disagrees with our determination with respect to any items on the ROPS 22-23, except items which are the subject of litigation disputing our previous or related determinations, the Agency may request a Meet and Confer within five business days from the date of this letter. The Meet and Confer process and guidelines are available on our website:
http://dof.ca.gov/Programs/Redevelopment/Meet_And_Confer/ The Agency must use the RAD App to complete and submit its Meet and Confer request form.

Absent a Meet and Confer, this is our final determination regarding the obligations listed on the ROPS 22-23. This determination only applies to items when funding was requested for the 12-month period. If a determination by Finance in a previous ROPS is currently the subject of litigation, the item will continue to reflect the determination until the matter is resolved.

The ROPS 22-23 form submitted by the Agency and this determination letter will be posted on our website:
http://dof.ca.gov/Programs/Redevelopment/ROPS/
Katherine Korsak
April 13, 2022