Cupertino City Council
November 18, 2025

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Revision Date: November 18, 2025
[A] 113.1 General. In order to hear and decide appeals of orders, decisions or determinations made by the building official relative to application and interpretation of this code, there shall be and is hereby created a board of appeals. The board of appeals shall be appointed by the applicable governing authority and shall hold office at its pleasure. The board shall adopt rules of procedure for conducting its business and shall render all decisions and finding in writing to the appellant with a duplicate copy to the Building Official. In the event where no such board of appeals has been established, the City Council shall serve as said appeals board.
[A] 113.2 Limitations on authority. An application for appeal shall be based on a claim that the true intent of this code or the rules legally adopted thereunder have been incorrectly interpreted, the provisions of this code do not fully apply or an equivalent or better form of construction is proposed. The board shall not have authority to waive requirements of this code.
[A] 113.3 Qualifications for Board of Appeals. The Board shall consist of members who are qualified by experience and training to pass on matters pertaining to building construction and are not employees of the City of Cupertino.
[A] 113.4 Administration. The building official shall take action without delay in accordance with the decision of the board.

16.04.130 Section 114 - Violations.

Adopt Section [A] 114 of the 2025 California Building Code to read as follows:
[A] 114.1 Unlawful acts. It shall be unlawful for any person, firm or corporation to erect, construct, alter, extend, repair, move, remove, demolish or occupancy any building, structure or equipment regulated by the codes identified in this title, or cause same to be done, in conflict with or in violation of any of the provisions of this code. [A] 114.2 Notice of violation. The building official is authorized to serve a notice of violation or order on the person responsible for the erection, construction, alteration, extension, repair, moving, removal, demolition or occupancy of a building or structure in violation of any provisions of any code identified in this title, or in violation of a permit or certificate issued under the provisions of this code. Such order shall direct the discontinuance of the illegal action or condition and the abatement of the violation. [A] 114.3 Prosecution of violation. If the notice of violation is not complied with promptly, the building official is authorized to request the legal counsel of the City of Cupertino to 518
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institute the appropriate proceeding at law or in equity to restrain, correct or abate such violation, or to require the removal or termination of the unlawful occupancy of the building or structure in violation of the provisions of this code or of the order or direction made pursuant thereto.
[A] 114.4 Violation penalties. Any person who violates a provision of this code or fails to comply with any of the requirements thereof or who erects, constructs, alters or repairs a building or structure in violation of the approved construction documents or directive of the building official, or of a permit or certificate issued under the provisions of this code, shall be subject to penalties as prescribed by law.

16.04.140 Section 115 - Stop Work Order.

Adopt Section [A] 115 of the 2025 California Building Code to read as follows:
[A] 115.1 Authority. Whenever the Building Official finds any work regulated by this code being performed in a manner either contrary to the provisions of any code identified in this title or dangerous or unsafe, the Building Official is authorized to issue a stop work order. [A] 115.2 Issuance. The stop work order shall be in writing and shall be given to the owner of the property involved, or to the owner’s agent, or to the person doing the work. Upon issuance of a stop work order, the cited work shall immediately cease. The stop work order shall state the reason for the order, and the conditions under which the cited work will be permitted to resume.
[A] 115.3 Emergencies. Where an emergency exists, the building official shall not be required to give a written notice prior to stopping the work. [A] 115.4 Failure to comply. Any person who shall continue any work after having been served with a stop work order, except such work as that person is directed to perform to remove a violation or unsafe condition, shall be subject to fines established by the authority having jurisdiction.

16.04.160 Section 116 – Unsafe Structures and Equipment.

Adopt Section [A] 116 of the 2025 California Building Code to read as follows:
[A] 116.1 Unsafe conditions. Structures or existing equipment that are or hereafter become unsafe, insanitary or deficient because of inadequate means of egress facilities, inadequate light and ventilation, or that constitute a fire hazard, or are otherwise dangerous to human 519
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life or the public welfare, or that involve illegal or improper occupancy or inadequate maintenance, shall be deemed an unsafe condition. Unsafe structures shall be taken down and removed or made safe, as the building official deems necessary and as provided for in this section. A vacant structure that is not secured against unauthorized entry shall be deemed unsafe.
[A] 116.2 Record. The building official shall cause a report to be filed on an unsafe condition. The report shall state the occupancy of the structure and the nature of the unsafe condition.
[A] 116.3 Notice. If an unsafe condition is found, the building official shall serve on the owner of the structure, or the owner’s authorized agent, a written notice that describes the condition deemed unsafe and specifies the required repairs or improvements to be made to abate the unsafe condition, or that requires the unsafe structure to be demolished within a stipulated time. Such notice shall require the person thus notified to declare immediately to the building official acceptance or rejection of the terms of the order. [A] 116.4 Method of service. Such notice shall be deemed properly served where a copy thereof is served in accordance with one of the following methods:

1. A copy is delivered to the owner personally.

2. A copy is sent by certified or registered mail addressed to the owner at the last known address with the return receipt requested.

3. A copy is delivered in any other manner as prescribed by local law.

If the certified or registered letter is returned showing that the letter was not delivered, a copy thereof shall be posted in a conspicuous place in or about the structure affected by such notice. Service of such notice in the foregoing manner on the owner’s authorized agent shall constitute service of notice on the owner.
[A] 116.5 Restoration or abatement. Where the structure or equipment determined to be unsafe by the building official is restored to a safe condition, the owner, the owner’s authorized agent, operator or occupant of a structure, premises or equipment deemed unsafe by the building official shall abate or cause to be abated or corrected such unsafe conditions either by repair, rehabilitation, demolition or other approved corrective action.

To the extent that repairs, alterations or additions are made or a change of occupancy occurs during the restoration of the structure, such repairs, alterations, additions and change of occupancy shall comply with the requirements of the California Existing Building Code.

16.04.220 Chapter 5 – General Building Heights and Areas. 520
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Amend and Adopt Section 501.2 of the 2025 California Building Code and amend to read as follows:
502.1 Address Identification. New and existing buildings shall be provided with approved address identification. The address identification shall be legible and placed in a position that is visible from the street or road fronting the property. Address identification characters shall contrast with their background. Address numbers shall be Arabic numbers or alphabetical letters. Numbers shall not be spelled out. Each character shall be a minimum of 4 inches high with a minimum stroke width of ½ inch. Where required by the fire code official, address identification shall be provided in additional approved locations to facilitate emergency response. Where access is by means of a private road and the building address cannot be viewed from the public way, a monument, pole or other approved sign or means shall be used to identify the structure. Address identification shall be maintained.

No Certificate of Occupancy or final building approval for new construction or alterations shall be granted until the building or residence has a street address number posted.

Subdivisions and Planned Developments shall submit a numbering schedule for approval by the Building Department and the Fire Department. All commercial buildings having a single address assigned with multi-suite arrangements shall have the suite-numbering system approved or assigned by the Building Department with an approved copy to the Fire Department for emergency use.

16.04.260 Chapter 9 – Fire Protection and Life Safety Systems.

Amend Section 903.2 of the 2025 California Building Code to read as follows:
903.2 Where required. Approved automatic sprinkler systems in new and existing buildings and structures shall be provided in the locations described in this Section or in Sections 903.2.1 through 903.2.18 whichever is the more restrictive and Sections 903.2.14 through 903.2.21.

For the purposes of this section, firewalls and fire barriers used to separate building areas shall be constructed in accordance with the California Building Code and shall be without openings or penetrations.

1. An approved automatic sprinkler system shall be provided throughout all new buildings and structures, other than Group R occupancies, except as follows:

Exceptions:
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a. Buildings and structures not located in any Wildland-Urban Interface and not exceeding 1,200 square feet of fire area.
b. Buildings and structures located in any Wildland-Urban Interface Fire Area and not exceeding 500 square feet of fire area.
c. Group S-2 or U occupancies, including photovoltaic support structures, used exclusively for vehicle parking which meet all of the following conditions:
i. Noncombustible construction.
ii. Maximum 5,000 square feet in building area.
iii. Structure is open on not less than three (3) sides or not less than 75% of structure perimeter.
iv. Minimum of 10 feet separation from existing buildings, or similar structures, unless area is separated by fire walls complying with CBC 706. d. Canopies, constructed in accordance with CBC 406.7.2, used exclusively for weather protection of vehicle fueling pads per CBC 406.7.1 and not exceeding 5,000 square feet of fire area.
e. Temporary Construction Trailers less than 2,500 square feet permitted for a period of not more than one year.

2. An automatic sprinkler system shall be installed throughout all new buildings with a Group R fire area.

Exception: Detached Accessory Dwelling Unit, provided that all of the following are met:
a. The unit meets the definition of an Accessory Dwelling Unit as defined in the Government Code Section 65852.2.
b. The existing primary residence does not have automatic fire sprinklers. c. The accessory detached dwelling unit does not exceed 1,200 square feet in size. d. The unit is on the same lot as the primary residence. e. The unit meets all apparatus access and water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

3. An approved automatic fire sprinkler system shall be installed in new manufactured homes (as defined in California Health and Safety Code Sections 18007 and 18009) and multifamily manufactured homes with two dwelling units (as defined in California Health and Safety Code Section 18008.7) in accordance with Title 25 of the California Code of Regulations.

4. An automatic sprinkler system shall be installed throughout existing buildings with a Group R fire area when additions are made causing the fire area to exceed 3,600 square feet.
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Exception: Additions where all of the following are met:
a. Building addition does not exceed 500 square feet.
b. The resultant structure meets all water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

5. An automatic sprinkler system shall be provided throughout existing Group A, B, E, F, L, M, S and U buildings and structures, when additions are made that increase the fire area to more than 3,600 square feet or that create conditions described in Sections 903.2.1 through 903.2.18.

6. Any change in the character of occupancy or in use of any building with a building area equal to or greater than 3,600 square feet which, in the opinion of the fire code official or Building Official, would place the building into a more hazardous division of the same occupancy group or into a different group of occupancies and constitutes a greater degree of life safety1 or increased fire risk2, shall require the installation of an approved automatic fire sprinkler system.
1 Life Safety – Shall include, but not limited to: Increased occupant load, public assembly areas, public meeting areas, churches, indoor amusement attractions, buildings with complex exiting systems due to increased occupant loads, large schools/day-care facilities, large residential care facilities with non-ambulatory; 2 Fire Risks – Shall include, but not limited to: High-piled combustible storage, woodworking operations, hazardous operations using hazardous materials, increased fuel loads (storage of moderate to highly combustible materials), increased sources of ignition (welding, automotive repair with the use of flammable liquids and open flames).

Add Section 903.2.11.7 to the 2025 California Building Code to read as follows:
903.2.11.7 Chemical Fume Hood Fire Protection. Approved automatic fire extinguishing systems shall be provided in chemical fume hoods in the following cases:

1. Existing hoods having interiors with a flame spread index greater than 25 in which flammable liquids are handled.

2. If a hazard assessment determines that an automatic extinguishing system is required for the chemical fume hood, then the applicable automatic fire protection system standard shall be followed.

Amend Section 907.8 of the 2025 California Building Code to read as follows:
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907.8 Inspection, testing and maintenance. The maintenance and testing schedules and procedures for fire alarm and fire detection systems shall be in accordance with Sections 907.8.1 through 907.8.4 of the 2025 California Fire Code and NFPA 72. Records of inspection, testing and maintenance shall be documented using NFPA 72 record of inspection and testing forms.

16.04.300 Chapter 15 - Roof Assemblies and Rooftop Structures.

Amend Section 1505.1.1 of the 2025 California Building Code to read as follows:
1505.1.1 Roofing requirements within Fire hazard Severity Zones or in the WildlandUrban Interface (WUI). Roofing requirements for structures located within Fire Hazard Severity Zones or in the Wildland-Urban Interface (WUI) shall also comply with Sections 504.2 and 507.1 of the 2025 California Wildland-Urban Interface Code.

Amend Section 1505.1.2 of the 2025 California Building Code to read as follows:
1505.1.2 Roof coverings within all other areas other than Fire Hazard Severity Zones or a Wildland-Urban Interface (WUI). The entire roof covering of every existing structure where more than 50 percent of the total roof area is replaced within any one-year period, the entire roof covering o every new structure, and any roof covering applied in the alteration, repair or replacement of the roof of every existing structure, shall be a fireretardant roof covering that is at least Class A fire classification.

16.04.320 Chapter 17 – Special Inspection and Tests.

Amend Section 1705.3 Exception #1 of the 2025 California Building Code to read as follows:
1705.3 Concrete Construction. The special inspections and verifications for concrete construction shall be as required by this section and Table 1705.3.

Exceptions: Special inspections and tests shall not be required for:

1. Isolated spread concrete footings of buildings three stories or less above grade plane that are fully supported on earth or rock, where the structural design of the footing is based on a specified compressive strength, f’c, no greater than 2,500 pound per square inch (psi) (17.2 Mpa).
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16.04.340 Chapter 19 – Concrete.

Delete Section 1905.6 of the 2025 California Building Code and ACI 318 Section 14.1.4 and replace with the following:
1905.6 ACI 318, Section 14.1.4.

14.1.4 - Plain concrete in structures assigned to Seismic Design Category C, D, E or F.

14.1.4.1- Structures assigned to Seismic Design Category C, D, E or F shall not have elements of structural plain concrete, except as follows:
(a) Isolated footings of plain concrete supporting pedestals or columns are permitted, provided the projection of the footing beyond the face of the supported member does not exceed the footing thickness.

Exception:

In detached one and two-family dwelling three stories or less in height, the projection of the footing beyond the face of the supported member is permitted to exceed the footing thickness.
(b) Plain concrete footing supporting walls are permitted, provided the footings have at least two continuous longitudinal reinforcing bars. Bars shall not be smaller than No. 4 and shall have a total area of not less than 0.002 times the gross crosssectional area of the footing. A minimum of one bar shall be provided at the top and bottom of the footing. Continuity of reinforcement shall be provided at corners and intersections.

Exception:

In detached one and two-family dwellings three stores or less in height and constructed with stud bearing walls, plain concrete footings with at least two continuous longitudinal reinforcing bars not smaller than No. 4 are permitted to have a total area of less than 0.002 times the gross cross–sectional area of the footing.

16.04.360 Chapter 23 – Wood.

Amend Table 2308.6.3(1) 2308.10.3(1) of the 2025 California Building Code, to add a new footnote "b" to the end of California Building Code Table 2308.10.3(1) to read as follows:
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b. In Seismic Design Categories D0, D1, and D2, Methods GB, SFB, HPS and PBS is not permitted and the use of Method PCP is limited to one-story buildings and structures.

Add Section 2308.10.3.1 to the 2025 California Building Code to read as follows:
2308.10.3.1 Limits on methods GB, SFB, HPS, PBS and PCP. In Seismic Design Categories D, E, and F, Methods GB, SFB, HPS, and PBS are not permitted for use as intermittent braced wall panels, but gypsum board is permitted to be installed when required by this Section to be placed on the opposite side of the studs from other types of braced wall panel sheathing.

In Seismic Design Categories D, E, and F the use of Method PCP is limited to one-story building and structures.

CHAPTER 16.06 RESIDENTIAL CODE
Section

16.06.010 Adoption of the 2025 California Residential Code based on the 2024 International Residential Code.

16.06.015 Adoption of Appendix Chapters.

16.06.020 Section R319 – Emergency Escape and Rescue Openings.

16.06.040 Section R309 – Automatic Fire Sprinkler Systems.

16.06.050 Section R330 – Energy Storage Systems

16.06.060 Chapter 4 – Foundations.

16.06.080 Chapter 6 – Wall Construction.

16.06.100 Chapter 9 – Roof Assemblies.

16.06.120 Chapter 10 – Chimneys and Fireplaces – Spark Arrestors.

16.06.140 Appendix CI – Swimming Pool Safety Act

16.06.010 Adoption of the 2025 California Residential Code based on the 2024 International Residential Code.

A. Except as otherwise provide in this chapter, the provisions of the 2025 California Residential Code and specified Appendices and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.
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B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.06.015 Adoption of Appendix Chapters.

The following Appendix Chapters from the 2025 California Residential Code are hereby adopted:

Appendix BG: Sound Transmission.

Appendix CI: Swimming Pool Safety Act.

16.06.020 Section R319 – Emergency Escape and Rescue Openings.

Amend Section R319.1 of the 2025 California Residential Code to delete Exception #2.

16.06.040 Section R309 - Automatic Fire Sprinkler Systems.

Amend Section R309.1 of the 2025 California Residential Code to read as follows:

R309.1 Townhouse automatic fire sprinkler systems. An automatic residential fire sprinkler system shall be installed in all new townhouses and in existing townhouses when additions are made that increase the building area to more than 3,600 square feet.

Exception: One or more additions made to a building after January 1, 2011 that does not total more than 1,000 square feet of building area.

Amend Section R309.2 of the 2025 California Residential Code to read as follows:

R309.2 One- and two-family dwellings automatic sprinkler systems. An automatic sprinkler system shall be installed in all new one- and two-family dwellings, rebuild of existing one- and two-family dwellings as defined by the Building Official, and existing one- and two-family dwellings when additions are made that increase the fire area to more than 3,600 square feet.

Exceptions:

1. Detached Accessory Dwelling Unit, provided that all of the following are met:

1.1.The unit meets the definition of an Accessory Dwelling Unit as defined in the Government Code Section 65852.2.
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1.2.The existing primary residence does not have automatic fire sprinklers.

1.3.The accessory detached dwelling unit does not exceed 1,200 square feet in size.

1.4.The unit is on the same lot as the primary residence.

1.5.The unit meets all apparatus access and water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

2. When additions are made to existing structures, causing the fire area to exceed 3,600 square feet, and all of the following are met:

2.1.Building addition does not exceed 500 square feet.

2.2.The resultant structure meets all water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

16.06.050 Section R330 – Energy Storage Systems.

Amend Section R330.3.1 of the 2025 California Residential Code to read as follows:

R330.3.1 Spacing. Individual ESS units shall be separated from each other by not less than 3 feet except where separation distances are documented to be adequate based on largescale fire testing complying with Section 1207.1.7 of the 2025 California Fire Code.

Amend Section R330.4 of the 2025 California Residential Code to read as follows:

R330.4 Locations. ESS Shall be installed only in the following locations:

1. Detached garages and detached accessory structures.

2. Attached garages separated from the dwelling unit living space in accordance with Section R302.6.

3. Outdoors or on the exterior side of exterior walls located not less than 3 feet from doors and windows directly entering the dwelling unit and shall not be located below or above any emergency escape and rescue openings.

4. Enclosed utility closets, basements, storage or utility spaces within dwelling units with finished or noncombustible walls and ceilings. Walls and ceiling of unfinished wood-framed construction shall be provided with not less than 5/8-inch Type X gypsum wallboard. Openings into the dwelling shall be equipped with solid wood doors not less than 1-3/8 inches in thickness, solid or honeycomb-core steel doors not less than 1-3/8 inches in thickness, or door with a 20-minute fire protection rating. Doors shall be self-latching and equipped with a self-closing or an 528
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automatic-closing device. Penetrations through the required gypsum wallboard into the dwelling shall be protected as required by Section R302.11, Item 4.

ESS shall not be installed in sleeping rooms, or closets or spaces opening directly into sleeping rooms. (Material based on NFPA 855 2023 Ed.)
Amend Section R330.7 of the 2025 California Residential Code to read as follows:

R330.7 Fire detection. Rooms and areas within dwelling units, basements and attached garages in which ESS are installed shall be protected by smoke alarms in accordance with Section R310. A heat detector, listed and interconnected to the smoke alarms, shall be installed in locations within dwelling units and attached garages where smoke alarms cannot be installed based on their listing.
[SFM] ESS installed in Group R-3 and townhomes shall comply with the following:

1. Rooms and areas within dwellings units, sleeping units, basements and attached garages in which ESS are installed shall be protected by smoke alarms in accordance with Section R310.

2. A listed heat alarm interconnected to the smoke alarms shall be installed in locations within dwelling units, sleeping units and attached garages where smoke alarms cannot be installed based on their listing.

Exceptions:

1. A listed heat detector may be used in place of a heat alarm, so long as it is interconnected with devices that provide an audible alarm at all sleeping areas.

2. A fire sprinkler associated with an approved automatic sprinkler system that triggers an audible alarm upon activation of the waterflow switch, may be used in place of a heat alarm.

16.06.060 Chapter 4 – Foundations.

Amend Section R403.1 of the 2025 California Residential Code to read as follows:

R403.1 General. All exterior walls shall be supported on continuous solid or fully grouted masonry or concrete footings, or other approved structural systems which shall be of sufficient design to accommodate all loads according to Section R301 and to transmit the resulting loads to the soil within the limitations as determined from the character of the soil.

Footings shall be supported on undisturbed natural soils or engineered fill. Concrete 529
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footings shall be designed and constructed in accordance with the provisions of Section R403 or in accordance with ACI 332.

Amend Section R403.1.1 of the 2025 California Residential Code to read as follows:

R403.1.1 Minimum size. Minimum sizes for concrete and masonry footings shall be as set forth in Tables R403.1(1) through Table R403.1(3) and Figure R403.1.3, as applicable, but not less than 12 inches in width and 6 inches in depth. The footing width, W, shall be based on the load-bearing value of the soil in accordance with Table R401.4.1(1). Footing projections, P, shall be not less than 2 inches and shall not exceed the thickness of the footing. Footing thickness and projection for fireplaces shall be in accordance with Section R10001.2. The size of footings supporting piers and columns shall be based on the tributary load and allowable soil pressure in accordance with Table R401.4.1(1).

Delete Figure R403.1(2) and Figure R403.1(3).

Delete Section R403.2 in its entirety.

16.06.080 Chapter 6 – Wall Construction.

Amend Section R602.10.4 of the 2025 California Residential Code, to add a new footnote "f" to the end of CRC Table R602.10.4 to read as follows:
f. In Seismic Design Categories D0, D1, and D2, Methods GB, SFB, HPS, PBS, and CSSFB are not permitted and the use of Method PCP is limited to one-story single family dwellings and accessory structures.

Add a new subsection R602.10.4.5 to the 2025 California Residential Code, to read as follows:

R602.10.4.5 Limits on methods GB, SFB, HPS, PBS, CS-SFB and PCP. In Seismic Design Categories D0, D1, and D2, Methods GB, SFB, HPS, PBS, and CS-SFB are not permitted for use as intermittent braced wall panels, but gypsum board is permitted to be installed when required by this Section to be placed on the opposite side of the studs from other types of braced wall panel sheathing. In Seismic Design Categories D0, D1, and D2, the use of Method PCP is limited to one-story single family dwellings and accessory structures.

16.06.100 Chapter 9 – Roof Assemblies.
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Adopt and Amend Section R902.1 of the 2025 California Residential Code to read as follows:

R902.1.2 Roof coverings in all other areas other than Fire Hazard Severity Zones or a Wildland-Urban Interface (WUI) area. The entire roof covering of every existing structure where more than 50 percent of the total roof area is replaced within any one-year period, the entire roof covering of every new structure, and any roof covering applied in the alteration, repair or replacement of the roof of every existing structure, shall be a fire-retardant roof covering that is Class A fire classification.

16.06.120 Chapter 10 – Chimneys and Fireplaces - Spark Arrestors.

In new construction or when alterations, repairs or additions requiring a permit and having a valuation in excess of one thousand dollars occur, all new and existing fireplace chimneys shall terminate in a substantially constructed spark arrestor complying with the requirements of the 2025 California Residential Code Section R1003.9.2.

16.06.140 Appendix CI – Swimming Pool Safety Act
Amend and Adopt Appendix CI100 115922 (a) of the 2025 California Residential Code to read as follows:
115922. (a) Except as provided in Section 115925, subject to subdivision (b), and consistent with Section 1596.814, when a building permit is issued for the construction of a new swimming or spa or the remodeling of an existing swimming pool or spa at a private single-family home, the respective swimming pool or spa shall be equipped with two of the following seven drowning prevention safety features:

1. An enclosure that meets the requirements of Section 115923 and isolates the swimming pool or spa from the private single-family home.

2. Removable mesh fencing that meets American Society for Testing and Materials (ASTM) Specifications F2286 standards in conjunction with a gate that is selfclosing and self-latching and can accommodate a key lockable device.

3. A manually operated or power-operated safety pool cover that is accompanied by a label verifying that the cover meets the specifications of the ASTM International F1346-23 standard.

4. Exit alarms on the private single-family home’s doors and windows that provide direct access to the swimming pool or spa without any intervening enclosure.

Whenever any door or window is opened or left ajar, exit alarms shall make 531
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either an audible, continuous alarm sound or a repeating verbal warning, such as a repeating notification that “the door to the pool is open.” An exit alarm may be battery operated or connected to the electrical wiring of the building.

5. A self-closing, self-latching device with a release mechanism placed no lower than 54 inches above the floor on the private single-family home’s doors providing direct access to the swimming pool or spa.

6. An alarm in good repair and operable as designed that, when placed in a swimming pool or spa, will sound upon detection of accidental or unauthorized entrance into the water. The alarm shall meet and be independently certified to the ASTM Standard F2208 “Standard Safety Specification for Residential Pool Alarms,” which includes surface motion, pressure, sonar laser and infrared type alarms. A swimming protection alarm feature designed for individual use, including an alarm attached to a child that sounds when the child exceeds a certain distance or becomes submerged in water, is not a qualifying drowning prevention safety feature.

7. Other means of protection, if the degree of protection afforded is equal to or greater than that afforded by any of the feature set forth above and has been independently verified by an approved testing laboratory as meeting standards for those features established by the ASTM or the American Society of Mechanical Engineers (ASME).
(b) The requirements of subdivision (a) are not satisfied by any of the following:

1. An exit alarm and a self-closing, self-latching device on the same door.

2. An exit alarm and a door latch on separate doors.

3. A safety pool cover and an alarm described in paragraph (6) of subdivision (a). (c) Before the issuance of a final approval for the completion of permitted construction or remodeling work, the local building code official shall inspect the drowning safety prevention features required by this section and, if no violations are found, shall give final approval.
[Title 16 – Chapter 16.08 – No Change]
CHAPTER 16.10: WILDLAND-URBAN INTERFACE CODE
Section
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16.10.010 Adoption of the 2025 California Wildland-Urban Interface Code based on the 2024 International Wildland-Urban Interface Code.

16.10.015 Adoption of Appendix Chapters.

16.10.020 Section 101.3.1 - Application

16.10.010 Adoption of the 2025 California Wildland-Uban Interface Code based on the 2024 International Wildland-Urban Interface Code.

A. Except as otherwise provided in this chapter, the provisions of the 2025 California Wildland-Urban Interface Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.10.015 Adoption of Appendix Chapters.

No Appendix Chapters from the 2025 California Wildland-Urban Interface Code have been adopted.

16.10.020 Chapter 1 – Administration
Amend Section 101.3.1 of the 2025 California Wildland-Urban Interface Code to read as follows:
101.3.1 Application. New Buildings located in any Fire Hazard Severity Zone or WildlandUrban Interface (WUI) Fire Area designated by the enforcing agency constructed after the application date shall comply with the provisions of this code. This shall include all new buildings with residential, commercial, educational, institutional or similar occupancy type use, which shall be referred to in this code as “applicable buildings,” as well as new buildings and structures accessory to those applicable buildings.

Exceptions:

1. Group U occupancy accessory buildings of any size located at least 50 feet from an applicable building on the same lot.
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2. Group U occupancy agricultural buildings, as defined in Section 202 of the California Building Code of any size located at least 50 feet from an applicable building.

3. Group C occupancy special buildings conforming to the limitations specified in Section 450.4.1 of the California Building Code.

4. New accessory buildings and miscellaneous structures specified in Section 504.11 shall comply only with the requirements of that section.

5. Additions to and remodels of building originally constructed prior to July 1, 2008.

6. Land or water area acquired or managed for one or more of the following purposes or uses:

1. Habitat for endangered or threatened species, or any species that is a candidate for listing as an endangered or threatened species by the state or federal government.

2. Lands kept in a predominantly natural state as habitat for wildlife, plant, or animal communities.

3. Open space lands that are environmentally sensitive parklands.

4. Other lands having scenic values, as declared by the local agency, or by state or federal law.
[Title 16 – Chapter 16.12 – No Change]
CHAPTER 16.16: ELECTRICAL CODE
Section

16.16.010 Adoption of the 2025 California Electrical Code based on the 2023 National Electrical Code.

16.16.015 Adoption of Appendix Chapters.

16.16.020 Article 100 – Definitions.

16.16.030 Electrical Work.

16.16.040 Electrical Fee Schedule.

16.16.050 Interpretation.

16.16.060 Electrical Maintenance Program.
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16.16.010 Adoption of the 2025 California Electrical Code based on the 2023 National Electrical Code.

A. Except as otherwise provided in this chapter, the provisions of the 2025 California Electrical Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.16.015 Adoption of Appendix Chapters.

No Appendix Chapters from the 2025 California Electrical Code have been adopted.

16.16.020 Article 100 – Definitions.

Amend Article 100 of the 2025 California Electrical Code with the following definitions added:

Electrical Contractors. For the purpose of this article, an Electrical Contractor shall be a person holding a valid electrical contractor's license issued by the State of California.

Journeyman Electrician. A journeyman electrician is an electrician qualified by training and experience to do electrical work in conjunction with new construction and/or rework of existing systems.

Maintenance Electrician. A maintenance electrician in an electrician qualified by training and experience to do the recurring work required to keep a facility in such condition that it may be utilized at its designated capacity and efficiency, to do repair work or replacement or overhaul of constituent parts or materials to keep or restore a facility to a condition substantially equivalent to its original or design capacity or efficiency.

16.16.030 Electrical Work.

Electrical work shall be done only by:
a. Electrical contractors who are in compliance with the state licensing laws and whose employees are under the direct supervision of a qualified journeyman electrician; 535
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b. A general building contractor if scope of work involves at least two unrelated trades or crafts other than framing or carpentry, or if the general building contractor holds the appropriate license classification;
c. Maintenance electrician.

16.16.040 Electrical Fee Schedule.

Electrical fees shall be paid to the city as set forth in the latest resolution adopted by the city.

16.16.050 Interpretation.

A. The language used in this code, and the California Electrical Code, which is made a part of this code by reference, is intended to convey the common and accepted meaning familiar to the electrical industry.

B. The Building Official or his assistants is authorized to determine the intent and meaning of any provisions of this code. Such determination shall be made in writing and a record kept, which record shall be open to the public.

16.16.060 Electrical Maintenance Program.

Any person regularly employing one or more full-time qualified electricians for the purpose of installation, alteration, maintenance or repair on any property which such person owns or occupies, may designate a qualified electrician as a maintenance electrician. Upon being approved by the Chief Building Official, the maintenance electrician shall make monthly or quarterly reports to the city covering all installations, additions, or alterations. All such work shall be installed and done in accordance with the provisions of the Electrical Code, and shall be subject to the payment of fees, and to inspection by the electrical inspector to the same extent as similar work performed by other persons and for which such inspection is provided.

CHAPTER 16.20: PLUMBING CODE
Section
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16.20.010 Adoption of the 2025 California Plumbing Code based on the 2024 Uniform Plumbing Code.

16.20.015 Adoption of Appendix Chapters.

16.20.020 Name Insertion.

16.20.010 Adoption of the 2025 California Plumbing Code based on the 2024 Uniform Plumbing Code.

A. Except as otherwise provided in this chapter, the provisions of the 2025 California Plumbing Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.20.015 Adoption of Appendix Chapters.

No Appendix Chapters from the 2025 California Plumbing Code have been adopted:

16.20.020 Name Insertion.

The names “Cupertino” and/or “California” shall be inserted in the appropriate places provided therefor in each and every section of such California Plumbing Code wherein either the name of the city or state is left blank.

CHAPTER 16.24: MECHANICAL CODE
Section

16.24.010 Adoption of the 2025 California Mechanical Code based on the 2024 Uniform Mechanical Code.

16.24.015 Adoption of Appendix Chapters.

16.24.020 Name Insertion.
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16.24.010 Adoption of the 2025 California Mechanical Code based on the 2024 Uniform Mechanical Code.

A. Except as otherwise provided in this chapter, the provisions of the 2025 California Mechanical Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.24.015 Adoption of Appendix Chapters.

No Appendix Chapters from the 2 2025 California Mechanical Code have been adopted.

16.24.020 Name Insertion.

The names “Cupertino” and/or “California” shall be inserted in the appropriate places provided therefor in each and every section of such California Mechanical Code wherein either the name of the city or state is left blank.
[Title 16 – Chapter 16.28 – No Change]
[Title 16 – Chapter 16.32 – No Change]
[Title 16 – Chapter 16.36 – No Change]
CHAPTER 16.40: FIRE CODE
Section

16.40.010 Adoption of the 2025 California Fire Code and 2024 International Fire Code.

16.40.015 Adoption of Appendix Chapters.
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16.40.020 Chapter 1 – Administration.

16.40.040 Chapter 2 – Definitions.

16.40.080 Chapter 5 – Fire Service Features.

16.40.100 Chapter 7 – Fire and Smoke Protection Features.

16.40.120 Chapter 9 – Fire Protection and Life Safety Systems.

16.40.140 Chapter 12 – Energy Systems.

16.40.160 Chapter 33 – Fire Safety During Construction and Demolition.

16.40.180 Chapter 41 – Temporary Heating and Cooking Operations.

16.40.200 Chapter 50 – Hazardous Materials – General Provisions.

16.40.220 Chapter 54 – Corrosive Materials.

16.40.240 Chapter 56 – General – Explosives and Fireworks.

16.40.260 Chapter 57 – Flammable and Combustible Liquids.

16.40.280 Chapter 58 – Flammable Gases and Flammable Cryogenic Fluids.

16.40.300 Chapter 60 – Highly Toxic and Toxic Materials.

16.40.320 Chapter 61 – Liquefied Petroleum Gases.

16.40.340 Chapter 64 – Pyrophoric Materials.

16.40.360 Appendix B – Fire-Flow Requirements for Buildings

16.40.380 Appendix C – Fire Hydrant Locations and Distribution

16.40.400 Appendix D – Fire Apparatus Access Roads

16.40.010 Adoption of the 2025 California Fire Code and 2024 International Fire Code.

A. Except as otherwise provided in this chapter, the provisions of the 2025 California Fire Code and also the 2024 International Fire Code, and specified Appendices and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified, added or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official and the Fire Code Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.40.015 Adoption of Appendix Chapters.

The following Appendix Chapters from the 2025 California Fire Code are hereby adopted.

Appendix B: Fire-Flow Requirement for Buildings.
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Appendix C: Fire Hydrant Locations and Distribution.

Appendix D: Fire Apparatus Access Roads
Appendix P: Temporary Haunted Houses, Ghost Walks and Similar Amusement Uses.

16.40.020 Chapter 1 - Administration.

Add Section 101.3.1 to the 2025 California Fire Code to read as follows:
101.3.1 Administration. The City Manager, through the powers vested by the City Council, shall have the authority to delegate any and all responsibility for the maintenance and enforcement of the provisions of this Code to whichever legal entity he feels best serves the interests of the City.

Wherever the words “Chief,” “Fire Marshal, “fire code official,” “Fire Department,” “Fire Prevention Bureau,” “Fire Chief,” and other such similar words are used, they shall mean and refer to such legal entity designated by the City Manager of Cupertino under the authority of the City Council of Cupertino.

Wherever the words “municipality,” “jurisdiction,” or “city” are used, they shall mean the City of Cupertino.

Wherever the words “Executive Body” are used, they shall mean the City Council of Cupertino.

Wherever the words “Administrator” or “Executive” are used, they shall mean the City Manager of Cupertino.

Wherever the words “District Attorney” or “Corporation Counsel” are used, they shall mean the City Attorney of Cupertino.

Wherever the words “Board of Appeal” are used, they shall mean the City Council of Cupertino or the body appointed by the Council to pass on matters pertaining to fire safety.

Amend Table 105.5.9 of the 2025 California Fire Code to read as follows:

TABLE 105.5.9

PERMIT AMOUNTS FOR COMPRESSED GASES

TYPE OF GAS AMOUNT
(cubic feet at NTP)
Carbon dioxide used in carbon dioxide 875 (100lb)
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enrichment systems
Carbon dioxide used in insulated liquid
carbon dioxide beverage dispensing
applications
875 (100 lb)
Corrosive 200
Flammable (except cryogenic fluids and
liquefied petroleum gases)
200
Highly toxic Any Amount
Moderately toxic Any Amount
Other Health Hazard Materials Any Amount
Inert and simple asphyxiant 6,000
Oxidizing (including oxygen) 504
Pyrophoric Any Amount
Toxic Any Amount
Amend Table 105.5.22 of the 2025 California Fire Code to read as follows:

TABLE 105.5.22

PERMIT AMOUNTS FOR HAZARDOUS MATERIALS

TYPE OF MATERIAL AMOUNT
Combustible liquids See Section 105.5.18
Corrosive materials
Gases See Section 105.5.9
Liquids 55 gallons
Solids 500 pounds
Explosive materials See Section 105.5.16
Flammable materials
Gases See Section 105.5.9
Liquids See Section 105.5.18
Solids 100 pounds
Highly toxic materials
Gases See Section 105.5.9
Liquids Any Amount
Solids Any Amount
Moderately toxic materials
Gases See Section 105.5.9
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Other health hazard materials
Gases See Section 105.5.9
Liquids 55 gallons
Solids 500 pounds
Oxidizing materials
Gases See Section 105.5.9
Liquids
Class 4 Any Amount
Class 3 1 gallona
Class 2 10 gallons
Class 1 55 gallons
Solids
Class 4 Any Amount
Class 3 10 poundsb
Class 2 100 pounds
Class 1 500 pounds
Organic peroxides
Liquids
Class I Any Amount
Class II Any Amount
Class III 1 gallon
Class IV 2 gallons
Class V No Permit Required
Solids
Class I Any Amount
Class II Any Amount
Class III 10 pounds
Class IV 20 pounds
Class V No Permit Required
Pyrophoric materials
Gases Any Amount
Liquids Any Amount
Solids Any Amount
Toxic materials
Gases See Section 105.5.9
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Liquids 10 gallons
Solids 100 pounds
Unstable (reactive) materials
Liquids
Class 4 Any Amount
Class 3 Any Amount
Class 2 5 gallons
Class 1 10 gallons
Solids
Class 4 Any Amount
Class 3 Any Amount
Class 2 50 pounds
Class 1 100 pounds
Water-reactive materials
Liquids
Class 3 Any Amount
Class 2 5 gallons
Class 1 55 gallons
Solids
Class 3 Any Amount
Class 2 50 pounds
Class 1 500 pounds
For SI: 1 gallon = 3.785 L, 1 pound = 0.454 kg.
a. 22 gallons when Table 5003.1.1(1) Note k applies and hazard identification signs in accordance with Section 5003.5 are provided for quantities of 22 gallons or less. b. 220 pounds when Table 5003.1.1(1) Note k applies and hazard identification signs in accordance with Section 5003.5 are provided for quantities of 220 pounds or less.

Add Section 105.5.60 to the 2025 California Fire Code to read as follows:
105.5.60 Institutions. An operational permit is required to operate any health facility as defined in Section 1250 of the California Health and Safety Code, with an occupant load of more than six (6) persons, or to operate any jail or facility where personal liberties of the occupants are restrained. See California Code of Regulations Title 24 Part 2. 543
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Add Section 105.5.61 to the 2025 California Fire Code to read as follows:
105.5.61 Residential care facility. An operational permit is required to operate any residential care or service facility, as described in the California Building Code, accommodating more than six (6) persons.

Amend Section 105.6.4 of the California Fire Code to read as follows:
105.6.4 Cryogenic fluids. A construction permit is required for installation of or alteration to cryogenic fluid storage systems where the system capacity exceeds the amounts listed in Table 105.5.11. Maintenance performed in accordance with this code is not considered to be an alteration and does not require a construction permit.

Add Section 108.2.1 of the 2025 California Fire Code to read as follows:
108.2.1 Construction permit fees. Construction permit fees and plan review fees for fire hydrant systems, fire extinguishing systems and fire alarm systems shall be paid to the Santa Clara County Fire Department in accordance with the following table based on valuation.

The valuation shall be limited to the value of the system for which the permit is being issued.

Plan review fees are 65% of the Permit Fee amount. For the purposes of determining the total fee amount for each permit, the plan review fee shall be added to the Permit Fee.

TOTAL VALUATIONS PERMIT FEE
$1.00 TO $500.00 $23.50
$501.00 TO $2,000.00 $23.50 for the first $500.00 plus $3.05 for each additional $100.00, or fraction thereof, to and including $2,000.00 $2001.00 TO $25,000.00 $69.25 for the first $2,000.00 plus $14.00 for each additional $1,000.00 or fraction thereof, to and including $25,000.00
$25,001.00 TO $50,000.00 $391.25 for the first $25,000.00 plus $10.10 for each additional $1,000.00, or fraction thereof, to and
including $50,000.00
$50,001.00 TO $100,000.00 $643.75 for the first $50,000.00 plus $7.00 for each additional $1,000.00, or fraction thereof, to and
including $100,000.00
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$100,001.00 to $500,000.00 $993.75 for the first $100,000.00 plus $5.60 for each additional $1,000.00, or fraction thereof, to and
including $500,000.00
$500,001 to $1,000,000.00 $3,233.75 for the first $500,000.00 plus $4.75 for each additional $1,000.00, or fraction thereof, to and
including $1,000,000.00
$1,000,001 and up $5,608.75 for the first $1,000,000.00 plus $3.15 for each additional $1,000.00, or fraction thereof
Additional re-inspections, in connection with the permits above, are to be paid at $120.00 for each occurrence at the discretion of the fire code official.

Cancelled inspections without advance notice are to be paid at $120.00 for each occurrence.

Add Section 108.2.2 the 2025 California Fire Code to read as follows:
108.2.2 Operational permit fees. Operational permit fees shall be paid to the Santa Clara County Fire Department as follows:

FACILITY TYPE PERMIT FEE

1. Institutional
A. More than 6 persons $75.00 - Annually
B. Over 50 persons $100.00 - Annually

2. Day Care Facilities
More than 6 clients $35.00 - Annually

3. Places of Assembly
A. 50-300 persons $50.00 - Annually
B. Over 300 persons $85.00 - Annually

4. Temporary Membrane Structures, Tents and Canopies
(Only those requiring permits in accordance with Section 105.6. 47).
$85.00 – Each
occurrence
Add Section 109.5 to the 2025 California Fire Code to read as follows:
109.5 Final Inspection. No final inspection as to all or any portion of a development shall be 545
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deemed completed until the installation of the required fire protection facilities and access ways have been completed and approved. No final certificate of occupancy may be granted until the Fire Department issues notice of final clearance of such fire protection facilities and access ways to the Building Department.

16.40.040 Chapter 2 - Definitions.

Add the following definitions:

CORROSIVE LIQUID. Corrosive liquid is:

1. any liquid which, when in contact with living tissue, will cause destruction or irreversible alteration of such tissue by chemical action; or

2. any liquid having a pH of 2 or less or 12.5 or more; or

3. any liquid classified as corrosive by the U.S. Department of Transportation; or

4. any material exhibiting the characteristics of corrosivity in accordance with Title 22, California Code of Regulations §66261.22.

HEALTH HAZARD - OTHER. is a hazardous material which affects target organs of the body, including but not limited to, those materials which produce liver damage, kidney damage, damage to the nervous system, act on the blood to decrease hemoglobin function, deprive the body tissue of oxygen or affect reproductive capabilities, including mutations (chromosomal damage) sensitizers or teratogens (effect on fetuses).

LARGE-SCALE FIRE TESTING. Testing a representative energy storage system that induces a significant fire into the device under test and evaluates whether the fire will spread to adjacent energy storage system units, surrounding equipment, or through an adjacent fire-resistance-rated barrier.

MODERATELY TOXIC GAS. A chemical or substance that has a median lethal concentration (LC50) in air more than 2000 parts per million but not more than 7500 parts per million by volume of gas or vapor, when administered by continuous inhalation for an hour, or less if death occurs within one hour, to albino rats weighing between 200 and 300 grams each.

SPILL CONTROL. That level of containment that is external to and separate from the primary containment and is capable of safely and securely containing the contents of the largest container and prevents the materials from spreading to other parts of the room.

Amend the following definitions:
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SECONDARY CONTAINMENT. Secondary containment is that level of containment that is external to and separate from primary containment and is capable of safely and securely containing the material, without discharge, for a period of time reasonably necessary to ensure detection and remedy of the primary containment failure.

WORKSTATION. A defined space or an independent principal piece of equipment using flammable or unstable (Class 3 or 4 as ranked by NFPA 704 hazardous materials where a specific function, laboratory procedure or research activity occurs. Approved or listed hazardous materials storage cabinets, flammable liquid storage cabinets or gas cabinets serving a workstation are included as part of the workstation. A workstation is allowed to contain ventilation equipment, fire protection devices, detection devices, electrical devices, and other processing and scientific equipment.

16.40.080 Chapter 5 - Fire Service Features.

Amend Section 503.1 of the 2025 California Fire Code to read as follows:
503.1 Where required. Fire apparatus access roads shall be provided and maintained in accordance with Sections 503.1.1 through 503.1.3 and in accordance with the Fire Department access Standards.

Amend Section 503.1.1 of the 2025 California Fire Code to read as follows:
503.1.1 Buildings and facilities. Approved fire apparatus access roads shall be provided for every facility, building or portion of a building hereafter constructed or moved into or within the jurisdiction. The fire apparatus access road shall comply with the requirements for this section and shall extend to within 150 feet (45 720 mm) of all portions of the facility and all portions of the exterior walls of the first story of the building as measured by an approved route around the exterior of the building or facility.

Exceptions:

1. In other than R-3 or U occupancies, when the building is equipped throughout with an approved automatic sprinkler system, installed in accordance with Sections 903.3.1.1 or 903.3.1.2, the dimension may be increased to a maximum of 300 feet when approved by the fire code official.

2. When there are not more than two Group R-3 or accessory Group U occupancies, the dimension may be increased to a maximum of 200 feet. 547
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3. When apparatus roads cannot be installed because of topography, waterways, nonnegotiable grades or other similar conditions, an approved alternative means of fire protection shall be provided.

Amend Section 503.2.1 of the 2025 California Fire Code to read as follows:
503.2.1 Dimensions. Fire apparatus access roads shall have an unobstructed width of not less than 20 feet (6096 mm) for engines and 26 feet (7925mm) for aerial fire apparatus, exclusive of shoulders, except for approved gates or barricades in accordance with Sections 503.5.1 and 503.6. The unobstructed vertical clearance shall be a minimum of 13 feet 6 inches (4115 mm) or as determined by the fire code official.

Exception: When there are not more than two residential parcels, having only Group R, Division 3, or Group U occupancy structures, the access road width may be modified by the fire code official.

Amend Section 503.2.4 of the 2025 California Fire Code as follows:
503.2.4 Turning radius. The required turning radius of a fire apparatus access road shall be a minimum of 30 feet inside, and a minimum of 50 feet outside.

Amend Section 503.2.7 of the 2025 California Fire Code as follows:
503.2.7 Grade. The maximum grade of a fire department apparatus access road shall not exceed 15-percent, unless approved by the fire code official.

Amend Section 503.5 of the 2025 California Fire Code as follows:
503.5 Required gates or barricades. The fire code official is authorized to require the installation and maintenance of gates or other approved barricades across fire apparatus access roads, trails, or other accessways, not including the public streets, alleys, or highways.

The minimum width for commercial applications is 20 feet (6096 mm), and 12 feet (4268 mm) for single-family dwellings. Electric gate operators, where provided, shall be listed in accordance with UL 325. Gates intended for automatic operation shall be designed, constructed, and installed to comply with the requirements of ASTM F2200.

Amend Section 503.6 of the 2025 California Fire Code as follows:
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503.6 Security gates. The installation of security gates across a fire apparatus access road shall be approved by the fire code official. Where security gates are installed, they shall have an approved means of emergency operation. The security gates and the emergency operation shall be maintained operational at all times. Electric gate operators, where provided, shall be listed in accordance with UL 325. Gates intended for automatic operation shall be designed, constructed and installed to comply with the requirements of ASTM F2200. The minimum width for commercial applications is 20 feet (6096 mm), and 12 feet (4268 mm) for single-family dwellings.

Add Section 504.5 to the 2025 California Fire Code to read as follows:
504.5 Access Control Devices. When access control devices including bars, grates, gates, electric or magnetic locks or similar devices, which would inhibit rapid fire department emergency access to or within the building are installed, such devices shall be approved by the fire code official. All electrically powered access control devices shall be provided with an approved means for deactivation or unlocking from a single location or otherwise approved by the fire code official. Access control devices must also comply with Chapter

10. Amend Section 505.1 of the 2025 California Fire Code to read as follows:
505.1 Address identification. New and existing buildings shall be provided with approved address identification. The address identification shall be legible and placed in a position that is visible from the street or road fronting the property. Address identification characters shall contrast with their background. Address numbers shall be Arabic numbers or alphabetical letters. Numbers shall not be spelled out. Each character shall be not less than 4 inches (153 mm) high with a minimum stroke width of 1/2 inch (12.7 mm). Where required by the fire code official, address identification shall be provided in additional approved locations to facilitate emergency response. Where access is by means of a private road and the building cannot be viewed from the public way, a monument, pole or other sign or means shall be used to identify the structure. Address identification shall be maintained.

The following is a guideline for adequate address number dimensions:
• The number posted up to 49 feet from the public street shall be of one solid color which is contrasting to the background and be at least six (6) inches high with a half (½) inch stroke.
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• The number posted from 50 to 100 feet from the public street shall be of one solid color which is contrasting to the background and be at least six (6) inches high with a one (1) inch stroke.
• The number posted over 100 to 199 feet from the public street shall be of one solid color which is contrasting to the background and be at least ten (10) inches high with a one and a half (1½) inch stroke.
• The number posted over 200 to 299 feet from the public street shall be of one solid color which is contrasting to the background and be at least eighteen (18) inches high with a two (2) inch stroke.
• The number posted over 300 to 400 feet from the public street shall be of one solid color which is contrasting to the background and be at least twenty-four (24) inches high with a two and a half (2½) inch stroke.

Amend Section 510.1 of the 2025 California Fire Code to read as follows:
510.1 Emergency responder communications enhancement system in new buildings.

Approved in-building emergency responder communication enhancement system (ERCES) for emergency responders shall be provided within all buildings meeting any one of the following conditions:

1. There are more than 3 stories above grade plane (as defined by the Building Code Section 202);

2. The total building area is 30,000 square feet or more;

3. The total basement area is 5,000 square feet or more;

4. Where required by the fire code official and radio coverage signal strength levels are not consistent with the minimum levels set forth in Section 510.4.1 Exceptions:

1. Where approved by the fire code official, a wired communication system in accordance with Section 907.2.13.2 shall be permitted to be installed or maintained in lieu of an approved radio coverage system.

2. Where it is determined by the fire code official that the radio coverage system is not needed.

3. In facilities where emergency responder communications coverage is required and such systems, components or equipment required could have a negative impact on the normal operations of that facility, the fire code official shall have the authority to accept an automatically activated emergency responder communications coverage system.
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4. Buildings and areas of buildings that have minimum radio coverage signal strength levels of the Silicon Valley Regional Interoperability Authority (SVRIA) P25 Phase 2 700 MHz Digital Trunked Radio System within the building in accordance with Section 510.4.1 without the use of an indoor radio coverage system.

The radio coverage system shall be installed and maintained in accordance with Sections 510.4 through 510.6.4 of this code and with the applicable provisions of NFPA 1225, Standard for Emergency Services Communications.

In-building ERCES within the building shall be based upon the existing coverage levels of the public safety communication systems utilized by the jurisdiction, measured at the exterior of the building. The ERCES, where required, shall be of a type determined by the fire code official and the frequency license holder(s). This section shall not require improvement of the existing public safety communication systems.

Add Section 510.1.1 to the 2025 California Fire Code to read as follows:
510.1.1 Obstruction by new buildings. No obstruction of the public safety system backhaul shall be allowed without an approved mitigating plan.

Amend Section 510.3.1 of the 2025 California Fire Code to read as follows:
510.3 Permit required. A construction permit, for the installation of, or modification to, inbuilding emergency responder communications enhancement systems and related equipment is required as specified in Section 105.6.5. Maintenance performed in accordance with this code is not considered a modification and does not require a permit.

A frequency change made to an existing system is considered to be new construction and will require a construction permit
Amend Section 510.4 of the 2025 California Fire Code to read as follows:
510.4 Technical requirements. Systems, components and equipment required to provide in-building emergency responder radio coverage communication enhancement shall be listed in accordance with UL2524 and shall comply with the current Emergency Responders Communications Enhancement Systems Standard Details & Specification enforced by the Santa Clara County Fire Department. Systems, components and equipment required to provide the in-building emergency responder communications enhancement system shall comply with Sections 510.4.1 through 510.4.2.8. 551
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Amend Section 510.4.2 of the 2025 California Fire Code to read as follows:
510.4.2 System design. The in-building emergency responder communications enhancement system shall be designed in accordance with Sections 510.4.2.1 through 510.4.2.8 and NFPA 1225l and the current Emergency Responder Communications Enhancement Systems Details and Specification enforced by the Santa Clara County Fire Department.

Amend Section 510.5 of the 2025 California Fire Code to read as follows:
510.5 Installation requirement. The installation of the emergency responder radio coverage system shall be in accordance with NFPA 1225 and the current Emergency Responder Communication Enhancement Systems Standard Details & Specification enforced by the Santa Clara County Fire Department.

Amend Section 510.5.2 of the 2025 California Fire Code to read as follows:
510.5.2 Approval prior to installation. Communications enhancement systems capable of operating on frequencies licensed to any public safety agency by the FCC or other radio licensing authority shall not be installed without prior coordination and approval of the fire code official and the agency FCC license holder or systems administrator.

Amend Section 510.5.4 of the 2025 California Fire Code to read as follows:
510.5.4 Acceptance test procedure. Where an in-building emergency responder communications enhancement system is required, and upon completion of installation, the building owner shall have the radio system tested to verify that two-way coverage on each floor of the building is not less than 95 percent. Final system acceptance will require ERRCS power level and DAQ testing with agency FCC license holder, systems administrators, or designee.

16.40.100 Chapter 7 – Fire and Smoke Protection Features.

Add Section 703.3 to the 2025 California Fire Code to read as follows:
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703.3 Fire-resistant penetrations and joints. In high-rise buildings, in buildings assigned to Risk Category III or IV, or in fire areas containing Group R occupancies with an occupant load greater than 100, and other occupancies as determined necessary special inspections for through-penetrations, membrane penetration firestops, fire resistant joint systems and perimeter fire containment systems that are tested and listed in accordance with CBC Sections 714.4.1.2, 714.5.1.2, 715.3.1 and 715.4 shall be in accordance with Section 1705.18.1 or 1705.18.2.

16.40.120 Chapter 9 – Fire Protection and Life Safety Systems.

Amend Section 901.6.2 of the 2025 California Fire Code to read as follows:
901.6.2 Integrated testing. Where two or more fire protection or life safety systems are interconnected, the intended response of subordinate fire protection and life safety systems shall be verified when required testing of the initiating system is conducted. In addition, integrated testing shall be performed in accordance with Sections 901.6.2.1 and 901.6.2.2.
901.6.2.1 High-rise buildings. For high-rise buildings, integrated testing shall comply with NFPA 4, with an integrated test performed prior to issuance of the certificate of occupancy and at intervals not exceeding 10 years, unless otherwise specified by an integrated system test plan prepared in accordance with NFPA 4. If an equipment failure is detected during integrated testing, a repeat of the integrated test shall not be required, except as necessary to verify operation of fire protection or life safety functions that are initiated by equipment that was repaired or replaced. For existing buildings, the testing timeframe shall be specified by the integrated systems test plan prepared in accordance with NFPA 4 as approved by the fire code official. 901.6.2.2 Smoke control systems. Where a fire alarm system is integrated with a smoke control system as outlined in Section 909, integrated testing shall comply with NFPA 4, with an integrated test performed prior to issuance of the certificate of occupancy and at intervals not exceeding 10 years, unless otherwise specified by an integrated system test plan prepared in accordance with NFPA 4. If an equipment failure is detected during integrated testing, a repeat of the integrated test shall not be required, except as necessary to verify operation of fire protection or life safety functions that are initiated by equipment that was repaired or replaced. For existing buildings, the testing timeframe shall be specified by the integrated systems test plan prepared in accordance with NFPA 4 as approved by the fire code official.
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Amend Section 901.6.3 of the 2025 California Fire Code to read as follows:
901.6.3 Records Information. Records of all system inspections, tests and maintenance required by the referenced standard shall be maintained on the premises for a minimum of five years. See 907.7 & 907.8 for fire alarm system inspection, testing and maintenance documentation requirements.

Amend Section 903.2 of the 2025 California Fire Code to read as follows:
903.2 Where required. Approved automatic sprinkler systems in new and existing buildings and structures shall be provided in the locations described in this Section or in Sections 903.2.1 through 903.2.18 whichever is the more restrictive and Sections 903.2.14 through 903.2.21.

For the purposes of this section, firewalls and fire barriers used to separate building areas shall be constructed in accordance with the California Building Code and shall be without openings or penetrations.

1. An approved automatic sprinkler system shall be provided throughout all new buildings and structures, other than Group R occupancies, except as follows:

Exceptions:
a. Buildings and structures not located in any Wildland-Urban Interface and not exceeding 1,200 square feet of fire area.
b. Buildings and structures located in any Wildland-Urban Interface Fire Area and not exceeding 500 square feet of fire area.
c. Group S-2 or U occupancies, including photovoltaic support structures, used exclusively for vehicle parking which meet all of the following conditions:
i.Noncombustible construction.
ii.Maximum 5,000 square feet in building area.
iii.Structure is open on not less than three (3) sides or not less than 75% of structure perimeter.
iv.Minimum of 10 feet separation from existing buildings, or similar structures, unless area is separated by fire walls complying with CBC 706. d. Canopies, constructed in accordance with CBC 406.7.2, used exclusively for weather protection of vehicle fueling pads per CBC 406.7.1 and not exceeding 5,000 square feet of fire area.
e. Temporary Construction Trailers less than 2,500 square feet permitted for a period of not more than one year.
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2. An automatic sprinkler system shall be installed throughout all new buildings with a Group R fire area.

Exception:

Detached Accessory Dwelling Unit, provided that all of the following are met:
a. The unit meets the definition of an Accessory Dwelling Unit as defined in the Government Code Section 65852.2.
b. The existing primary residence does not have automatic fire sprinklers. c. The accessory detached dwelling unit does not exceed 1,200 square feet in size. d. The unit is on the same lot as the primary residence. e. The unit meets all apparatus access and water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

3. An approved automatic fire sprinkler system shall be installed in new manufactured homes (as defined in California Health and Safety Code Sections 18007 and 18009) and multifamily manufactured homes with two dwelling units (as defined in California Health and Safety Code Section 18008.7) in accordance with Title 25 of the California Code of Regulations.

4. An automatic sprinkler system shall be installed throughout existing buildings with a Group R fire area when additions are made causing the fire area to exceed 3,600 square feet.

Exception: Additions where all of the following are met:
a. Building addition does not exceed 500 square feet.
b. The resultant structure meets all water supply requirements of Chapter 5 and Appendix B of the 2025 California Fire Code.

5. An automatic sprinkler system shall be provided throughout existing Group A, B, E, F, L, M, S and U buildings and structures, when additions are made that increase the fire area to more than 3,600 square feet or that create conditions described in Sections 903.2.1 through 903.2.18.

6. Any change in the character of occupancy or in use of any building with a building area equal to or greater than 3,600 square feet which, in the opinion of the fire code official or Building Official, would place the building into a more hazardous division of the same occupancy group or into a different group of occupancies and constitutes a greater degree of life safety1 or increased fire risk2, shall require the installation of an approved automatic fire sprinkler system. 1 Life Safety – Shall include, but not limited to: Increased occupant load, public assembly areas, public meeting areas, churches, indoor amusement attractions, 555
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buildings with complex exiting systems due to increased occupant loads, large schools/day-care facilities, large residential care facilities with non-ambulatory; 2 Fire Risks – Shall include but not limited to: High-piled combustible storage, woodworking operations, hazardous operations using hazardous materials, increased fuel loads (storage of moderate to highly combustible materials), increased sources of ignition (welding, automotive repair with the use of flammable liquids and open flames).

Add Section 903.2.11.7 to the 2025 California Fire Code to read as follows:
903.2.11.7 Chemical Fume Hood Fire Protection. Approved automatic fire extinguishing systems shall be provided in chemical fume hoods in the following cases:

1. Existing hoods having interiors with a flame spread index greater than 25 in which flammable liquids are handled

2. If a hazard assessment determines that an automatic extinguishing system is required for the chemical fume hood, then the applicable automatic fire protection system standard shall be followed.

Amend Section 907.8 of the 2025 California Fire Code to read as follows:
907.8 Inspection, testing and maintenance. The maintenance and testing schedules and procedures for fire alarm and fire detection systems shall be in accordance with Sections 907.8.1 through 907.8.4 and NFPA 72. Records of inspection, testing and maintenance shall be documented using NFPA 72 record of inspection and testing forms.

Amend Section 909.22.1 of the 2025 California Fire Code to read as follows:
909.22.1 Schedule. A routine maintenance and operational testing program shall be initiated immediately after the smoke control system has passed the acceptance tests. A written schedule for routine maintenance and operational testing shall be established and operational testing must occur at least annually.

16.40.140 Chapter 12 – Energy Systems.

SECTION 1202 DEFINITIONS
Amend Section 1202.1 of the 2025 California Fire Code to read as follows:
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1202.1 Definitions. The following terms are defined in Chapter 2:

BATTERY SYSTEM, STATIONARY STORAGE.

BATTERY TYPES.

CAPACITOR ENERGY STORAGE SYSTEM.

CRITICAL CIRCUIT.

EMERGENCY POWER SYSTEM.

ENERGY STORAGE MANAGEMENT SYSTEMS.

ENERGY STORAGE SYSTEM (ESS).

ENERGY STORAGE SYSTEM, ELECTROCHEMICAL.

ENERGY STORAGE SYSTEM, MOBILE.

ENERGY STORAGE SYSTEM, WALK-IN UNIT.

ENERGY STORAGE SYSTEM CABINET.

ENERGY STORAGE SYSTEM COMMISSIONING.

ENERGY STORAGE SYSTEM DECOMMISSIONING.

FUEL CELL POWER SYSTEM, STATIONARY.

LARGE-SCALE FIRE TESTING.

PORTABLE GENERATOR.

STANDBY POWER SYSTEM.

Amend Section 1207.1.5 of the 2025 California Fire Code to read as follows:
1207.1.7 Large-scale fire test. Where required elsewhere in Section 1207, large-scale fire testing shall be conducted in accordance with NFPA 855, and UL 9540A. The testing shall be conducted or witnessed and reported by an approved testing laboratory and show that a fire involving one ESS will not propagate to an adjacent ESS, and where installed within buildings, enclosed areas and walk-in units will be contained within the room, enclosed area or walk-in unit for a duration equal to the fire-resistance rating of the room separation specified in Section 1207.7.4. The test report shall be provided to the fire code official for review and approval in accordance with Section 104.2.2
Amend Section 1207.2.2.1 of the California Fire Code to read as follows:
1207.2.2.1 Ongoing inspection and testing. Systems that monitor and protect the ESS installation shall be inspected and tested in accordance with the manufacturer’s instructions and the operation and maintenance manual. Inspection and testing records shall be 557
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maintained in the operation and maintenance manual and made available to the fire code official upon request.

Amend Section 1207.5.2 of the 2025 California Fire Code to read as follows:
1207.5.2 Maximum allowable quantities. Fire areas within rooms, areas and walk-in units containing electrochemical ESS shall not exceed the maximum allowable quantities in Table 1207.5. The allowable number of fire areas, maximum allowable quantity, and fireresistance rating of fire-barriers shall comply with Table 1207.5.1.

Exceptions:

Where approved by the fire code official, rooms, areas and walk-in units containing electrochemical ESS that exceed the amounts in Table 1207.5 shall be permitted based on a hazardous mitigation analysis in accordance with Section 1207.1.6 and large-scale fire testing complying with Section 1207.1.7.

1. Lead-acid and nickel-cadmium battery systems installed in facilities under the exclusive control of communications utilities and operating at less than 50 VAC and 60 VDC in accordance with NFPA 76.

2. Dedicated-use buildings in compliance with Section 1207.7.1.

TABLE 1207.5.1

DESIGN AND NUMBER OF ESS FIRE AREAS

STORY PERCENTAGE
OF

MAXIMUM

ALLOWABLE

QUANTITY

PER FIRE
AREA
NUMBER

OF FIRE
AREAS
PER
STORY
FIRERESISTANCE

RATING FOR
FIRE

BARRIERS IN
HOURS
Above grade plan Higher than 9
7-9
6 5
4 3
2 1
25 50
50 50
75 100
100
100
1 2
2 2
4 6
6 6
3 2
2 2
2 2
2 2
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Below grade plan 1
2 Lower than 2
100
50 Not Allowed
4 2
Not Allowed
3 3
Not Allowed
Amend Section 1207.5.5 of the 2025 California Fire Code to read as follows:
1207.5.5 Fire suppression systems. Rooms and areas within buildings and walk-in units containing electrochemical ESS shall be protected by an automatic fire suppression system designed and installed in accordance with one of the following:

1. Automatic sprinkler system designed and installed in accordance with Section 903.3.1.1 for ESS units (groups) with a maximum stored energy capacity of 50 kWh, as described in Section 1207.5.1, shall be designed with a minimum density of 0.3 gpm/ft2 (1.14 L/min) based over the area of the room or 2,500 square-foot (232 m2) design area, whichever is larger, unless a lower density is approved based on large-scale fire testing in accordance with Section 1207.1.7.

2. Automatic sprinkler system designed and installed in accordance with Section 903.3.1.1 for ESS units (groups) exceeding 50 kWh shall use a density based on large-scale fire testing complying with Section 1207.1.7.

3. The following alternative automatic fire-extinguishing systems designed and installed in accordance with Section 904, provided that the installation is approved by the fire code official based on large-scale fire testing complying with Section 1207.1.7:

3.1. NFPA 12, Standard on Carbon Dioxide Extinguishing Systems.

3.2. NFPA 15, Standard for Water Spray Fixed Systems for Fire Protection.

3.3. NFPA 750, Standard on Water Mist Fire Protection Systems.

3.4. NFPA 2001, Standard on Clean Agent Fire-Extinguishing Systems.

3.5. NFPA 2010, Standard for Fixed Aerosol Fire-Extinguishing Systems.

Exceptions:

1. Fire suppression systems for lead-acid and nickel-cadmium battery systems at facilities under the exclusive control of communications utilities that operate at less than 50 VAC and 60 VDC shall be provided where required by NFPA 76.

2. Lead-acid and nickel-cadmium systems that are used for DC power for control of substations and control or safe shutdown of generating stations under the exclusive control of the electric utility, and located outdoors or in building spaces used exclusively for such installations, shall not be required to have a fire suppression system installed.
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3. Lead-acid battery systems in uninterruptable power supplies listed and labeled in accordance with UL 1778, utilized for standby power applications, which is limited to not more than 10 percent of the floor area on the floor on which the ESS is located, shall not be required to have a fire suppression system. (Material based on NFPA 855 2023 Ed.)
Amend Section 1207.11.3 of the 2025 California Fire Code to read as follows:
1207.11.3 Location. ESS shall be installed only in the following locations:

1. Detached garages and detached accessory structures.

2. Attached garages separated from the dwelling unit living space and sleeping units in accordance with Section R302.6.

3. Outdoors or on the exterior side of the exterior walls not less than 3 feet (914 mm) from doors and windows directly entering the dwelling unit and not below or above any emergency escape and rescue openings.

4. Enclosed utility closets, basements, storage or utility spaces within dwelling units with finished or noncombustible walls and ceilings. Walls and ceilings of unfinished wood-framed construction shall be provided with not less than 5/8-inch (15.9 mm) Type X gypsum wallboard.

5. ESS shall not be installed in sleeping rooms, closets, spaces opening directly into sleeping rooms or in habitable spaces of dwelling units.

Amend Section 1207.11.6 of the 2025 California Fire Code to read as follows:
1207.11.6 Fire detection. ESS installed in Group R-3 and R-4 occupancies shall comply with the following:

1. Rooms and areas within dwellings units, sleeping units, basements and attached garages in which ESS are installed shall be protected by smoke alarms in accordance with Section 907.2.11.

2. A listed heat alarm interconnected to the smoke alarms shall be installed in locations within dwelling units, sleeping units and attached garages where smoke alarms cannot be installed based on their listing.

Exceptions:

1. A listed heat detector may be used in place of a heat alarm, so long as it is interconnected with devices that provide an audible alarm at all sleeping areas. 560
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2. A fire sprinkler associated with an approved automatic sprinkler system that triggers an audible alarm upon activation of the waterflow switch, may be used in place of a heat alarm.

16.40.160 Chapter 33 – Fire Safety During Construction and Demolition.

Amend Section 3303.5 of the 2025 California Fire Code to read as follows:
3303.5 Fire watch. Where required by the fire code official or the site safety plan established in accordance with Section 3303.1, a fire watch shall be provided for building demolition and for building construction. Fire watch is not intended to facilitate occupancy during ongoing construction in a new building.

Add Section 3303.7 to the 2025 California Fire Code to read as follows:
3303.7 Fire Walls. When firewalls are required in combustible construction, the wall construction shall be completed (with all openings protected) immediately after the building is sufficiently weather protected at the location of the wall(s).

Amend Section 3307.1.2 of the 2025 California Fire Code to read as follows:
3307.1.2 Stairways Required. Each level above the first story in multi-story buildings that require two exit stairways shall be provided with at least two usable exit stairways after the floor decking is installed. The stairways shall be continuous and discharge to grade level. Stairways serving more than two floor levels shall be enclosed (with openings adequately protected) after exterior walls/windows are in place. Exit stairs in new and in existing, occupied buildings shall be lighted and maintained clear of debris and construction materials at all times.

Exception: For multi-story buildings, one of the required exit stairs may be obstructed on not more than two contiguous floor levels for the purposes of stairway construction (i.e., installation of gypsum board, painting, flooring, etc.).

Add section 3307.1.4 to the 2025 California Fire Code to read as follows:
3307.1.4 Required Means of Egress. All buildings under construction shall have at least one unobstructed means of egress. All means of egress shall be identified in the written site safety plan as required by Section 3303.1.
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Add Section 3307.6 to the 2025 California Fire Code to read as follows:
3307.6 Fire Department Access Roadways: All construction sites shall be accessible by fire department apparatus by means of roadways having an all-weather driving service of not less than 20ft. of unobstructed width. The roads shall have the ability to withstand the live loads of fire apparatus, and have a minimum 13ft. 6 in. of vertical clearance. Dead end fire access roads in excess of 150 ft. in length shall be provided with approved turnarounds.

When approved by the Fire Code Official, temporary access roadways may be utilized until such time that the permanent roadways are installed. As a minimum, the roadway shall consist of a compacted sub base and six (6) inches of road base material (Class 2 aggregate base rock) both compacted to a minimum 95% and sealed. The perimeter edges of the roadway shall be contained and delineated by curb and gutter or other approved method. The use of geotextile reinforcing fabric underlayment or soils lime-treatment may be required if so determined by the project civil engineer. Provisions for surface drainage shall also be provided where necessary. The integrity of the roadway shall be maintained at all times.

Add Section 3313 to the 2025 California Fire Code to read as follows:

Section 3313 Completion Before Occupancy
3313.1 Completion before occupancy. In buildings where an automatic sprinkler system is required by this code or the California Building Code, it shall be unlawful to occupy any portion of a building or structure until the automatic sprinkler system installation has been tested and approved.

In new buildings of combustible construction where, automatic fire sprinkler systems are required to be installed, the system shall be placed in service as soon as possible.

Immediately upon the completion of sprinkler pipe installation on each floor level, the piping shall be hydrostatically tested and inspected. After inspection approval from the Fire department, each floor level of sprinkler piping shall be connected to the system supply riser and placed into service with all sprinkler heads uncovered. Protective caps may be installed on the active sprinklers during the installation of drywall, texturing and painting, but shall be removed immediately after this work is completed. For system activation notification, an exterior audible waterflow alarm shall be installed and connected to the sprinkler waterflow device prior to installation of the monitoring system. 562
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For buildings equipped with fire sprinkler systems that are undergoing alterations, the sprinkler system(s) shall remain in service at all times except when system modifications are necessary. Fire sprinkler systems undergoing modifications shall be returned to service at the end of each workday unless otherwise approved by the fire department. The General contractor or his/her designee shall check the sprinkler control valve(s) at the end of each workday to confirm that the system has been restored to service.

16.40.180 Chapter 41 – Temporary Heating and Cooking Operations.

Amend Section 4103.1 of the 2025 California Fire Code to read as follows:
4103.1 Portable unvented heaters. Portable unvented fuel-fired heating equipment shall be prohibited in occupancies in Groups A, B, E, I, R-1, R-2, R2.1, R2.2, R-3, R3.1 and R-4 and ambulatory care facilities.

Exceptions:

1. Portable unvented fuel-fired heaters listed and labeled in accordance with UL 647 are permitted to be used in one and two-family dwellings, where operated and maintained in accordance with the manufacturer’s instructions.

2. Portable outdoor gas-fired heating appliances in accordance with Section 4103.1.2.

Amend Section 4103.1.2.1.1 of the 2025 California Fire Code to read as follows:
4103.1.2.1.1 Prohibited locations. The storage or use of portable outdoor gas-fired heating appliances is prohibited in any of the following locations:

1. Inside of any occupancy where connected to the fuel gas container.

2. Inside of tents, canopies and membrane structures.

3. On exterior balconies, and rooftops.

Add Section 4106 to the 2025 California Fire Code to read as follows:

Section 4106 Immersion Heaters
Section 4106.1 Immersion Heaters. All electrical immersion heaters used in dip tanks, sinks, vats and similar operations shall be provided with approved over-temperature controls and low liquid level electrical disconnects. Manual reset of required protection devices shall be provided.

16.40.200 Chapter 50 - Hazardous Materials – General Provisions. 563
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Amend Section 5001.2.2.2 of the 2025 California Fire Code to read as follows:
5001.2.2.2 Health Hazards The material categories listed in this section are classified as health hazards. A material with a primary classification as a health hazard can also pose a physical hazard.

1. Highly toxic and toxic materials.

2. Corrosive materials.

3. Moderately toxic gas.

4. Other health hazards.

Add Section 5001.5.3 to the 2025 California Fire Code to read as follows:
5001.5.3 Hazardous materials business plan (HMBP). Where required by the fire code official, facilities shall submit a Hazardous Materials Business Plan (HMBP) as required by California Health & Safety Code (HSC), Chapter 6.95, Sections 25500 through 25545, and Title 19, Division 2, Chapter 4. He HMBP shall be electronically submitted in accordance with the fire code official’s requested timeframe and no less frequently than is required by the HSC.

Amend Section 5002.1 of the 2025 California Fire Code to read as follows:
5002.1 Definitions. The following terms are defined in Chapter 2:

BOILING POINT.

CEILING LIMIT.

CHEMICAL.

CHEMICAL NAME.

CLOSED CONTAINER.

CONTAINER.

CONTROL AREA.

CORROSIVE LIQUIDS
CYLINDER.

DAY BOX.

DEFLAGRATION.

DESIGN PRESSURE.

DETACHED BUILDING.
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DISPENSING.

EXCESS FLOW CONTROL.

EXHAUSTED ENCLOSURE.

EXPLOSION.

FLAMMABLE VAPORS OR FUMES.

GAS CABINET.

GAS ROOM.

HANDLING.

HAZARDOUS MATERIALS.

HEALTH HAZARD.

HEALTH HAZARD – OTHER.

IMMEDIATELY DANGEROUS TO LIFE AND HEALTH (IDLH).

INCOMPATIBLE MATERIALS.

LIQUID.

LOWER EXPLOSIVE LIMIT (LEL).

LOWER FLAMMABLE LIMIT (LFL).

MAXIMUM ALLOWABLE QUANTITY PER CONTROL AREA.

MODERATELY TOXIC GAS.

NORMAL TEMPERATURE AND PRESSURE (NTP).

OUTDOOR CONTROL AREA.

PERMISSIBLE EXPOSURE LIMIT (PEL).

PESTICIDE.

PHYSICAL HAZARD.

PRESSURE VESSEL.

SAFETY CAN.

SAFETY DATA SHEET (SDS).

SECONDARY CONTAINMENT.

SEGREGATED.

SOLID.

SPILL CONTROL.

STORAGE, HAZARDOUS MATERIALS.

SYSTEM.

TANK, ATMOSPHERIC.

TANK, PORTABLE.

TANK, STATIONARY.

TANK VEHICLE.

UNAUTHORIZED DISCHARGE.

USE (MATERIAL).
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VAPOR PRESSURE.

Add Section 5003.1.3.1 to the 2025 California Fire Code to read as follows:
5003.1.3.1 Highly Toxic, Toxic, Moderately Toxic Gases and Similarly Used or Handled Materials. The storage, use and handling of highly toxic, toxic and moderately toxic gases in amounts exceeding Table 6004.2.1.4 shall be in accordance with this chapter and Chapter

60. Any toxic, highly toxic or moderately toxic material that is used or handled as a gas or vapor shall be in accordance with the requirements for toxic, highly toxic or moderately toxic gases.

Add Section 5003.1.5 to the 2025 California Fire Code to read as follows:
5003.1.5 Other Health Hazards. The storage, use and handling of materials classified as other health hazards including carcinogens, irritants and sensitizers in amounts exceeding 810 cubic feet for gases, 55 gallons for liquids and 5,000 pounds for solids shall be in accordance with this Section 5003.

Add Section 5003.1.6 to the 2025 California Fire Code to read as follows:
5003.1.6 Additional Spill Control and Secondary Containment Requirements. In addition to the requirements set forth in Section 5004.2, an approved containment system is required for any quantity of hazardous materials, that are liquids or solids at normal temperature, and pressure (NTP) where a spill is determined to be a plausible event and where such an event would endanger people, property or the environment. The approved containment system may be required to include a combination of spill control and secondary containment meeting the design and construction requirements set forth in Section 5004.2.

Amend Section 5003.2.2.1 of the 2025 California Fire Code to read as follows:
5003.2.2.1 Design and Construction. Piping, tubing, valves, fittings and related components used for hazardous materials shall be in accordance with the following:

1. Piping, tubing, valves, fittings and related components shall be designed and fabricated from materials that are compatible with the material to be contained and shall be of adequate strength and durability to withstand the pressure, structural and seismic stress, and exposure to which they are subject. 566
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2. Piping and tubing shall be identified in accordance with ASME A13.1 and the Santa Clara County Fire Chiefs Marking Requirements and Guidelines for Hazardous Materials and Hazardous Waste to indicate the material conveyed.

3. Manual valves or automatic remotely activated fail-safe emergency shutoff valves shall be installed on supply piping and tubing and provided with ready access at the following locations:

3.1.The point of use.

3.2.The tank, cylinder or bulk source.

4. Manual emergency shutoff valves and controls for remotely activated emergency shutoff valves shall be identified and the location shall be clearly visible, accessible and indicated by means of a sign.

5. Backflow prevention or check valves shall be provided where the backflow of hazardous materials could create a hazardous condition or cause the unauthorized discharge of hazardous materials.

6. Where gases or liquids having a hazard ranking of:

Health hazard Class 3 or 4
Flammability Class 4
Reactivity Class 4
In accordance with NFPA 704 are carried in pressurized piping above 15 pounds per square inch gauge (psig) (103 Kpa), an approved means of leak detection and emergency shutoff or excess flow control shall be provided. Where the piping originates from within a hazardous material storage room or area, the excess flow control shall be located within the storage room or area. Where the piping originates from a bulk source, the excess flow control shall be located as close to the bulk source as practical.

Exceptions:

1. Piping for inlet connections designed to prevent backflow.

2. Piping for pressure relief devices.

7. Secondary containment or equivalent protection from spills or leaks shall be provided for piping for liquid hazardous materials and for highly toxic and toxic corrosive gases above threshold quantities listed in Tables 6004.2.1.4. Secondary containment, or secondary, containment, or equivalent protection from spills or leaks shall be provided for liquid hazardous materials and highly toxic corrosive gases above threshold quantities listed in Tables 6004. Secondary containment includes but is not limited to double-walled piping.
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Exceptions:

1. Secondary containment is not required for toxic corrosive gases if the piping is constructed of inert materials.

2. Piping under sub-atmospheric conditions if the piping is equipped with an alarm and fail-safe-to-close valve activated by a loss of vacuum.

8. Expansion chambers shall be provided between valves whenever the regulated gas may be subjected to thermal expansion. Chambers shall be sized to provide protection for piping and instrumentation and to accommodate the expansion of regulated materials.

Amend Section 5003.2.2.2 of the 2025 California Fire Code to read as follows:
5003.2.2.2 Additional Regulation for Supply Piping for Health Hazard Materials. Supply piping and tubing for gases and liquids having a health hazard ranking of 3 or 4 shall be in accordance with ASME B31.3 and the following:

1. Piping and tubing utilized for the transmission of toxic, highly toxic, or highly volatile corrosive liquids and gases shall have welded or brazed connections throughout except for connections within an exhausted enclosure if the material is a gas, or an approved method of drainage or containment is provided for connections if the material is a liquid.

2. Piping and tubing shall not be located within corridors, within any portion of a means of egress required to be enclosed in fire-resistance-rated construction or in concealed spaces in areas not classified as Group H Occupancies.

3. All primary piping for toxic, highly toxic and moderately toxic gases shall pass a helium leak test of 1x10-9 cubic centimeters/second where practical, or shall pass testing in accordance with an approved, nationally recognized standard. Tests shall be conducted by a qualified "third party" not involved with the construction of the piping and control systems.

Exception: Piping and tubing within the space defined by the walls of corridors and the floor or roof above or in concealed space above other occupancies when installed in accordance with Section 415.11 of the California Building Code for H-5 Occupancies.

Add Section 5003.5.2 to the 2025 California Fire Code to read as follows:
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5003.5.2 Ventilation Ducting. Ducts venting hazardous materials operations shall be labeled with the hazard class of the material being vented and the direction of flow.

Add Section 5003.5.3 to the 2025 California Fire Code to read as follows:
5003.5.3 "H" Occupancies. In "H" occupancies, all piping and tubing may be required to be identified when there is any possibility of confusion with hazardous materials transport tubing or piping. Flow direction indicators are required.

Amend Section 5003.10.4 of the 2025 California Fire Code to read as follows:
5003.10.4 Elevators utilized to transport hazardous materials. 5003.10.4.1 When transporting hazardous materials, elevators shall have no other passengers other than in the individual(s) handling the chemical transport cart. 5003.10.4.1.1 When transporting cryogenic or liquefied compressed gases, there shall be no occupants in the elevator.
5003.10.4.2 Hazardous materials liquid containers shall have a maximum capacity of 20 liters (5.28 gal).
5003.10.4.3 Toxic, moderately toxic and highly toxic gases shall be limited to a container of a maximum water capacity of 1 lb.
5003.10.4.4 When transporting cryogenic or liquefied compressed gases means shall be provided to prevent the elevator from being summoned to other floors.

Amend Section 5004.2.1 of the 2025 California Fire Code to read as follows:
5004.2.1 Spill control for hazardous material liquids. Rooms, buildings or areas used for storage of hazardous material liquids shall be provided with spill control to prevent the flow of liquids to adjoining areas. Floors in indoor locations and similar surfaces in outdoor locations shall be constructed to contain a spill from the largest single vessel by one of the following methods:

1. Liquid-tight sloped or recessed floors in indoor locations or similar areas in outdoor locations.

2. Liquid-tight floors in indoor and outdoor locations or similar areas provided with liquid-tight raised or recessed sills or dikes.
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3. Sumps and collection systems, including containment pallets in accordance with Section 5004.2.3.

4. Other approved engineered systems
Except for surfacing, the floors, sills, dikes, sumps and collection systems shall be constructed of noncombustible material, and the liquid-tight seal shall be compatible with the material stored. When liquid-tight sills or dikes are provided, they are not required at perimeter openings having an open-grate trench across the opening that connects to an approved collection system.

Amend Section 5004.2.2.2 of the 2025 California Fire Code to read as follows:
5004.2.2.2 Incompatible Materials. Incompatible materials shall be separated from each other in independent secondary containment systems.

16.40.220 Chapter 54 – Corrosive Materials.

Amend Section 5402.1 of the 2025 California Fire Code to read as follows:
5402.1 Definitions. The following terms are defined in Chapter 2:

CORROSIVE.

CORROSIVE LIQUIDS.

16.40.240 Chapter 56 - General – Explosives and Fireworks.

Amend Section 5601.1.3 of the 2025 California Fire Code to read as follows:
5601.1.3 Fireworks. The possession, manufacture, storage, sale, handling, and use of fireworks, including those fireworks classified as Safe and Sane by the California State Fire Marshal, are prohibited.

Exception(s):

1. Storage and handling of fireworks as allowed in Section 5604.

2. The use of fireworks for fireworks displays pyrotechnics before a proximate audience and pyrotechnic special effects in motion pictures, television, theatrical or group entertainment productions as allowed in
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Title 19, Division 1, Chapter 6 Fireworks reprinted in Section 5608 and health and Safety Code Division 11.

16.40.260 Chapter 57 – Flammable and Combustible Liquids.

Amend section 5704.2.7.5.8 of the 2025 California Fire Code to read as follows:
5704.2.7.5.8 Overfill Prevention. An approved means or method in accordance with Section 5704.2.9.7.5 shall be provided to prevent the overfill of all Class I, II and IIIA liquid storage tanks. Storage tanks in refineries, bulk plants or terminals regulated by Sections 5706.4 or 5706.7 shall have overfill protection in accordance with API 2350.

Exception: Outside aboveground tanks with a capacity of 1320 gallons (5000 L) or less need only comply with Section 5704.2.9.7.5 (Item 1, Sub-item 1.1).

An approved means or method in accordance with Section 5704.2.9.7.5 shall be provided to prevent the overfilling of Class IIIB liquid storage tanks connected to fuel-burning equipment inside buildings.

Exception: Outside aboveground tanks with a capacity of 1320 gallons (5000 L) or less need only comply with Section 5704.2.9.7.5 (Item 1, Sub-item 1.1).

Add Section 5704.2.7.5.9 to the 2025 California Fire Code to read as follows:
5704.2.7.5.9 Automatic and/or Remote Filling of Tanks. Systems that automatically fill flammable or combustible liquid tanks shall be equipped with overfill protection, approved by the fire code official, that sends an alarm signal to a constantly attended location and immediately stops the filling of the tank. The alarm signal and automatic shutoff shall be tested on an annual basis and records of such testing shall be maintained on-site for a period of five (5) years.

Amend Section 5704.2.9.6.1 of the 2025 California Fire Code as follows:
5704.2.9.6.1 Locations where above-ground tanks are prohibited. Storage of Class I and II liquids in above-ground tanks outside of buildings is prohibited in all locations of the City of Cupertino which are residential or congested commercial areas as determined by the fire code official.

Amend Section 5706.2.4.4 of the 2025 California Fire Code as follows:
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5706.2.4.4 Locations where above-ground tanks are prohibited. Storage of Class I and II liquids in above-ground tanks outside of buildings is prohibited in all locations of the City of Cupertino which are residential or congested commercial areas as determined by the fire code official.

16.40.280 Chapter 58 - Flammable Gases and Flammable Cryogenic Fluids.

Amend Section 5806.2 of the 2025 California Fire Code to read as follows:
5806.2 Limitations. Storage of flammable cryogenic fluids in stationary containers outside of buildings is prohibited in all locations of the City of Cupertino which are residential or congested commercial areas as determined by the fire code official.

16.40.300 Chapter 60 – Highly Toxic and Toxic Materials.

Amend Chapter 60 of the 2025 California Fire Code to read as follows:

Chapter 60 title is amended to read as follows:

Chapter 60 Highly Toxic Material, Toxic Materials, and Moderately Toxic Gases Amend Section 6001.1 of the 2025 California Fire Code to read as follows:
6001.1 Scope. The storage and use of highly toxic, toxic and/or moderately toxic materials shall comply with this chapter. Compressed gases shall also comply with Chapter 53.

Exceptions:

1. Display and storage in Group M and storage in Group S occupancies complying with Section 5003.1 1.

2. Conditions involving pesticides or agricultural products as follows:

2.1 Application and release of pesticide, agricultural products and materials intended for use in weed abatement, erosion control, soil amendment or similar applications when applied in accordance with the manufacturer’ s instruction and label directions.
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2.2 Transportation of pesticides in compliance with the Federal Hazardous Materials Transportation Act and regulations thereunder.

2.3 Storage in dwellings or private garages of pesticides registered by the U.S.

Environ- mental Protection Agency to be utilized in and around the home, garden, pool, spa and patio.

Amend Section 6002.1 of the 2025 California Fire Code to read as follows:

Section 6002.1 Definitions.

The following terms are defined in Chapter 2:

CONTAINMENT SYSTEM.

CONTAINMENT VESSEL.

EXCESS FLOW VALVE.

HIGHLY TOXIC.

MODERATELY TOXIC GAS.

OZONE-GAS GENERATOR.

PHYSIOLOGICAL WARNING THERESHOLD.

REDUCED FLOW VALVE.

TOXIC.

Amend Section 6004 of the 2025 California Fire Code to read as follows:

Section 6004 Highly Toxic, Moderately Toxic, And Toxic Compressed Gases Amend Section 6004.1 of the 2025 California Fire Code to read as follows:
6004.1 General. The storage and use of highly toxic, toxic, and moderately toxic compressed gases shall comply with this section.

Amend Section 6004.1.1 of the 2025 California Fire Code to read as follows:
6004.1.1 Special limitations for indoor storage and use by occupancy. The indoor storage and use of highly toxic, toxic and moderately toxic compressed gases in certain occupancies shall be subject to the limitations contained in Sections 6004.1.1.1 through 6004.1.1.3.
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6004.1.1.1 Group A, E, I or U occupancies. Highly toxic, toxic and moderately toxic compressed gases shall not be stored or used within Group A, E, I or U occupancies.

Exception: Cylinders not exceeding 20 cubic feet (0.556m3) at normal temperature and pressure (NTP) are allowed within gas cabinets or fume hoods. 6004.1.1.2 Group R occupancies. Highly toxic, toxic and moderately toxic compressed gases shall not be stored or used in Group R occupancies. 6004.1.1.3 Offices, retail sales and classrooms. Highly toxic, toxic and moderately toxic compressed gases shall not be stored or used in offices, retail sales or classroom portions of Group B, F, M or S occupancies.

Exception: In classrooms of Group B occupancies, cylinders with a capacity not exceeding 20 cubic feet (0.566 m3) at NTP are allowed in gas cabinets or fume hoods.

Amend Section 6004.2 of the 2025 California Fire Code to read as follows:
6004.2 Indoor Storage and Use. The indoor storage or use of highly toxic, toxic or moderately toxic compressed gases shall be in accordance with Sections 6004.2.1 through 6004.2.2.10.3.

Amend Section 6004.2.1 of the 2025 California Fire Code to read as follows:
6004.2.1 Applicability. The applicability of regulations governing the indoor storage and use of highly toxic, toxic, and moderately toxic compressed gases shall be as set forth in Sections 6004.2.1.1 through 6004.2.1.4.

Add Section 6004.2.1.4 to the 2025 California Fire Code to read as follows:
6004.2.1.4 Quantities exceeding the minimum threshold quantities, but not exceeding the maximum allowable quantities per control area. The indoor storage or use of highly toxic, toxic and moderately toxic gases in amounts not exceeding the minimum threshold quantities per control area set forth in Table 6004.2.1.4 but not exceeding maximum allowable quantity per control area set forth in Table 5003.1.1(2) shall be in accordance with Sections 5001, 5003, 6001, and 6004.1 and 6004.4.

Add Table 6004.2.1.4 to the 2025 California Fire Code to read as follows:
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Minimum Threshold Quantities for Highly Toxic, Toxic and Moderately Toxic Gases for Indoor Storage and Use
Highly Toxic 20
Toxic 405 cubic feet
Moderately Toxic 405 cubic feet
Add Section 6004.4 to the 2025 California Fire Code to read as follows:
6004.4 General indoor requirements. The general requirements applicable to the indoor storage and use of highly toxic, toxic and moderately toxic compressed gases shall be in accordance with Sections 6004.4 through 6004.4.8.2.

Add Section 6004.4.1 to the 2025 California Fire Code to read as follows:
6004.4.1 Cylinder and tank location. Cylinders shall be located within gas cabinets, exhausted enclosures or gas rooms. Portable and stationary tanks shall be located within gas rooms or exhausted enclosures.

Exceptions:

1. Where a gas detection system is provided in accordance with 6004.4.8.

Add Section 6004.4.2 to the 2025 California Fire Code to read as follows:
6004.4.2. Ventilated areas. The room or area in which gas cabinets or exhausted enclosures are located shall be provided with exhaust ventilation. Gas cabinets or exhausted enclosures shall not be used as the sole means of exhaust for any room or area.

Add Section 6004.4.3 to the 2025 California Fire Code to read as follows:
6004.4.3. Piping and controls. In addition to the requirements of Section 5003.2.2, piping and controls on stationary tanks, portable tanks, and cylinders shall comply with the following requirements:

1. Stationary tanks, portable tanks, and cylinders in use shall be provided with a means of excess flow control on all tank and cylinder inlet or outlet connections.

Exceptions:

1. Inlet connections designed to prevent backflow.

2. Pressure relief devices.
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Add Section 6004.4.4 to the 2025 California Fire Code to read as follows:
6004.4.4 Gas rooms. Gas rooms shall comply with Section 5003.8.4 and both of the following requirements:

1. The exhaust ventilation from gas rooms shall be directed to an exhaust system.

2. Gas rooms shall be equipped with an approved automatic sprinkler system.

Alternative fire- extinguishing systems shall not be used.

Add Section 6004.4.5 to the 2025 California Fire Code to read as follows:
6004.4.5 Treatment systems. The exhaust ventilation from gas cabinets, exhausted enclosures and gas rooms, required in Section 6004.4.1 shall be directed to a treatment system. The treatment system shall be utilized to handle the accidental release of gas and to process exhaust ventilation. The treatment system shall be designed in accordance with Sections 6004.2.2.7.1 through 6004.2.2.7.5 and Chapter 5 of the California Mechanical Code.

Exceptions:

1. Highly toxic, toxic, and moderately toxic gases—storage. A treatment system is not required for cylinders, containers and tanks in storage where all of the following controls are provided:

1.1 Valve outlets are equipped with gas- tight outlet plugs or caps.

1.2 Hand wheel-operated valves have handles secured to prevent movement.

1.3 Approved containment vessels or containment systems are provided in accordance with Section 6004.2.2.3.

2. Highly toxic, toxic, and moderately toxic gases —use. Treatment systems are not required for highly toxic, toxic, and moderately toxic gases supplied by stationary tanks, portable tanks, or cylinders where a gas detection system complying with Section 6004.4.8 and listed or approved automatic-closing fail- safe valves are provided. The gas detection system shall have a sensing interval not exceeding 5 minutes. Automatic-closing fail- safe valves shall be located immediately adjacent to cylinder valves and shall close when gas is detected at the permissible exposure limit (PEL) by a gas sensor monitoring the exhaust system at the point of discharge from the gas cabinet, exhausted enclosure, ventilated enclosure or gas room.

Add Section 6004.4.5.1 to the 2025 California Fire Code to read as follows:
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6004.4.5.1. Design. Treatment systems shall be capable of diluting, absorbing, containing, neutralizing, burning or otherwise processing the contents of the largest single vessel of compressed gas. Where a total containment system is used, the system shall be designed to handle the maximum anticipated pressure of release to the system when it reaches equilibrium.

Add Section 6004.4.5.2 to the 2025 California Fire Code to read as follows:
6004.4.5.2. Performance. Treatment systems shall be designed to reduce the maximum allowable dis- charge concentrations of the gas to one-half immediate by dangerous to life and health (IDLH) at the point of discharge to the atmosphere. Where more than one gas is emitted to the treatment system, the treatment system shall be designed to handle the worst-case release based on the release rate, the quantity and the IDLH for all compressed gases stored or used.

Add Section 6004.4.5.3 to the 2025 California Fire Code to read as follows:
6004.4.5.3. Sizing. Treatment systems shall be sized to process the maximum worst-case release of gas based on the maximum flow rate of release from the largest vessel utilized.

The entire contents of the largest compressed gas vessel shall be considered.

Add Section 6004.4.5.4 to the 2025 California Fire Code to read as follows:
6004.4.5.4 Stationary tanks. Stationary tanks shall be labeled with the maximum rate of release for the compressed gas contained based on valves or fittings that are inserted directly into the tank. Where multiple valves or fittings are provided, the maximum flow rate of release for valves or fittings with the highest flow rate shall be indicated. Where liquefied compressed gases are in contact with valves or fittings, the liquid flow rate shall be utilized for computation purposes. Flow rates indicated on the label shall be converted to cubic feet per minute (cfm/min) (m3/s) of gas at normal temperature and pressure (NTP).

Add Section 6004.4.5.5 to the 2025 California Fire Code to read as follows:
6004.4.5.5 Portable tanks and cylinders. The maximum flow rate of release for portable tanks and cylinders shall be calculated based on the total release from the cylinder or tank within the time specified in Table 6004.2.2.7.5. Where portable tanks or cylinders are equipped with approved excess flow or reduced flow valves, the worst-case release shall 577
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be determined by the maximum achievable flow from the valve as determined by the valve manufacturer or compressed gas supplier. Reduced flow and excess flow valves shall be permanently marked by the valve manufacturer to indicate the maximum design flow rate. Such markings shall indicate the flow rate for air under normal temperature and pressure.

Add Section 6004.4.6 to the 2025 California Fire Code to read as follows:
6004.4.6. Emergency power. Emergency power shall be provided for the following systems in accordance with Section 1203:

1. Exhaust ventilation system.

2. Treatment system.

3. Gas detection system.

4. Smoke detection system.

Add Section 6004.4.6.1 to the 2025 California Fire Code to read as follows:
6004.4.6.1. Fail-safe systems. Emergency power shall not be required for mechanical exhaust ventilation and treatment systems where approved fail-safe systems are installed and designed to stop gas flow.

Add Section 6004.4.7 to the 2025 California Fire Code to read as follows:
6004.4.7 Automatic fire detection system. An approved automatic fire detection system shall be installed in rooms or areas where highly toxic, toxic, and moderately toxic compressed gases are stored or used. Activation of the detection system shall sound a local alarm. The fire detection system shall comply with Section 907.

Add Section 6004.4.8 to the 2025 California Fire Code to read as follows:
6004.4.8. Gas detection system. A gas detection system complying with Section 916 shall be provided to detect the presence of gas at or below the PEL or ceiling limit of the gas for which detection is provided.

Exceptions:

1. A gas detection system is not required for toxic and moderately toxic gases when the physiological warning threshold level for the gas is at a level below the accepted PEL for the gas.
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2. A gas detection system is not required for highly toxic, toxic, and moderately toxic gases where cylinders, portable tanks, and all non-continuously welded connections are within a gas cabinet or exhausted enclosures.

Add Section 6004.4.8.1 to the 2025 California Fire Code to read as follows:
6004.4.8.1. Alarms. The gas detection system shall initiate a local alarm and transmit a signal to an approved location.

Add Section 6004.4.8.2 to the 2025 California Fire Code to read as follows:
6004.4.8.2. Shut off of gas supply. The gas detection system shall automatically close the shut off valve at the source on gas supply piping and tubing related to the system being monitored for whichever gas is detected.

Exception: Automatic shutdown is not required for highly toxic, toxic, and moderately toxic compressed gas systems where all of the following controls are provided:

1. Constantly attended / supervised.

2. Provided with emergency shutoff valves that have ready access.

16.40.320 Chapter 61 – Liquefied Petroleum Gases.

Amend Section 6104.2 of the 2025 California Fire Code as follows:
6104.2 Maximum capacity within established limits. Within the limits established by law restricting the storage of liquefied petroleum gas for the protection of heavily populated or congested areas, the aggregate capacity of any one installation shall not exceed a water capacity of 2,000 gallons (7,570 L) in all locations of the City of Cupertino which are residential or congested commercial areas as determined by the fire code official.

Exception: LPG may be used for industrial operations or when natural gas would not provide a viable substitute for LPG. Portable containers for temporary heating and/or cooking uses may be permitted if stored and handled in accordance with this code.

Facilities in commercial areas for refueling portable or mobile LPG containers may be approved by the fire code official on a case-by-case basis.

16.40.340 Chapter 64 – Pyrophoric Materials.

Add Section 6405.3.1 to the 2025 California Fire Code to read as follows:
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6405.3.1 Silane distribution systems automatic shutdown. Silane distribution systems shall automatically shut down at the source upon activation of the gas detection system at levels above the alarm level and/or failure of the ventilation system for the silane distribution system.

16.40.360 Appendix B – Fire-Flow Requirements for Buildings.

Amend Section B105.2 of Appendix B of the 2025 California Fire Code to read:

B105.2 Buildings other than one- and two-family dwellings, Group R-3 and R-4 buildings and townhouses. The minimum fire-flow and flow duration for buildings other than one- and two-family dwellings, Group R-3 and R-4 buildings and townhouses shall be as specified in Tables B105.1(2) and B105.2.

Exceptions: [SFM] Group B, S-2 and U occupancies having a floor area not exceeding 1,000 square feet, primarily constructed of noncombustible exterior walls with wood or steel roof framing, having a Class A roof assembly, with uses limited to the following or similar uses:

1. California State Parks buildings of an accessory nature (restrooms).

2. Safety roadside rest areas (SRRA), public restrooms.

3. Truck inspection facilities (TIF), CHP office space and vehicle inspection bays.

4. Sand/salt storage buildings, storage of sand and salt.

The maximum fire flow reduction for all commercial buildings greater than 30,000 square feet and residential podium buildings shall not exceed 25 percent of the fire flow specified in Table B105.1(2). The maximum fire flow reduction for all other buildings shall not exceed 50 percent of the fire flow specified in Table B105.1(2).

16.40.380 Appendix C – Fire Hydrant Locations and Distribution.

Amend Section C102 of Appendix C of the 2025 California Fire Code to read:

C102.1 Minimum number of fire hydrants for a building. The number of fire hydrants available to a building shall be not less than the minimum specified in Table C102.1, utilizing the base fire flow without fire sprinkler reduction. 580
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16.40.400 Appendix D – Fire Apparatus Access Roads.

Delete Section D103.1 of the 2025 California Fire Code:

Amend Section D103.2 of the 2025 California Fire Code to read as follows:

D103.2 Grade. The maximum grade of a fire department apparatus access road shall not exceed 15-percent, unless approved by the fire code official.

Amend Section D103.3 of the 2025 California Fire Code to read as follows:

D103.3 Turning radius. The required turning radius of a fire apparatus access roads shall be a minimum of 30 feet inside, and a minimum of 50 feet outside.

Amend Section D103.4 of the 2025 California Fire Code to read as follows:

D103.4 Dead ends. Dead-end fire apparatus access roads and/or driveways in excess of 150 feet (45 720 mm) shall be provided with width and turnaround provisions in accordance with Santa Clara County Fire Department apparatus access and turnaround standards.

Amend Section D103.6 of the 2025 California Fire Code to read as follows:

D103.6 Signs. Where required by the Fire Code Official, fire apparatus access roads shall be designated and marked as a fire lane as set forth in Section 22500.1 of the California Vehicle Code and the Santa Clara County Fire Department A-6 Standard. Signs shall have a minimum dimension of 12 inches (305 mm) wide by 18 inches (457 mm) high and have red letters on a white reflective background. Signs shall be posted on one or both sides of the fire apparatus road as required by Section D103.6.1 or D103.6.2.

CHAPTER 16.42: PROPERTY MAINTENANCE CODE

16.42.010 Adoption of the 2024 International Property Maintenance Code A. The provisions of the 2024 International Property Maintenance Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter and is by such reference adopted. 581
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B. One (1) copy of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection. [Title 16 – Chapter 16.52 – No Change]
CHAPTER 16.54: ENERGY CODE
Section

16.54.010 Adoption of the 2025 California Energy Code.

16.54.020 Local Energy Code Amendments.

16.54.010 Adoption of 2025 California Energy Code.

A. The provisions of the 2025 California Energy Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter and is by such reference adopted.

B. One (1) copy of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

16.54.020 Local Energy Code Amendments.

A. Amendments to Subchapter 1 (All Occupancies – General Provisions) Amend Section 100.1(b) of the 2025 California Energy Code to add the following definitions:

ELECTRIC HEATING APPLIANCE is a device that produces heat energy to create a warm environment by the application of electric power to resistance elements, refrigerant compressors, or dissimilar material junctions, as defined in the California Mechanical Code.
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B. Amendments to Subchapter 4 (Nonresidential and Hotel/Motel Occupancies – Mandatory Requirements for Lighting Systems and Equipment, and Electrical Power Distribution Systems)
Amend Section 130.0 of the 2025 California Energy Code To read as follows:

SECTION 130.0 – LIGHTING SYSTEMS AND EQUIPMENT, AND ELECTRICAL POWER DISTIBUTIONS SYSTEMS – GENERAL
(a) The design and installation of all lighting systems and equipment in nonresidential and hotel/motel buildings, outdoor lighting, and electrical power distribution systems within the scope of Section 100.0(a), shall comply with the applicable provisions of Sections 130.0 through 130.6.

NOTE: The requirements of Sections 130.0 through 130.6 apply to newly constructed buildings. Section 141.0 specifies which requirements of Sections 130.0 through 130.6 also apply to additions and alterations to existing buildings. (b) – (c): Subsections 130.0(b) – (c) are adopted without modification.

Amend Subchapter 4 of the 2025 California Energy Code to add Section 130.6 to be numbered, entitled, and to read as follows:

SECTION 130.6 ELECTRIC READINESS REQUIREMENTS FOR SYSTEMS USING

GAS OR PROPANE
Where nonresidential systems using gas or propane are installed, the construction drawings shall indicate electrical infrastructure and physical space accommodation the future installation of an electric heating appliance in the following ways, as certified by a registered design professional or licensed electrical contractor. (a) Branch circuit wiring, electrically isolated and designed to serve all electric heating appliances in accordance with manufacturer requirements and the California Electrical Code, including the appropriate voltage, phase, minimum amperage, and an electrical receptacle or junction box within five feet of the appliance that is accessible with no obstructions. Appropriately sized conduit may be installed in lieu of conductors; and
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(b) Labeling of both ends of the unused conductors or conduit shall be with “For Future Electrical Appliance”; and
(c) Reserved circuit breakers in the electrical panel for each branch circuit, appropriately labeled (e.g. “Reserved for Future Electric Range”), and positioned on the opposite end of the panel supply conductor connection; and (d) Connected subpanels, panelboards, switchboards, busbars, ad transformers shall be size to serve the future electric heating appliance. The electrical capacity requires shall be adjusted for demand factors in accordance with the California Electric Code; and
(e) Physical space for future electric heating appliances, including equipment footprint, and if needed a pathway reserved for routing of ductwork to heat pump evaporator(s), shall be depicted on the construction drawings. The footprint necessary for future electric heating appliance may overlap with non-structural partitions and with the location of currently designed combustion equipment. [Title 16 – Chapter 16.56 – No Change]
Chapter 16.58: GREEN BUILDING STANDARDS CODE
Section

16.58.010 Adoption of the 2025 California Green Building Standards Code.

16.58.015 Adoption of Appendix Chapters.

16.58.020 Local Amendments.

16.58.030 Title.

16.58.040 Scope.

16.58.100 Mandatory Requirements.

16.58.110 Project Types.

16.58.120 Residential Projects.

15.58.130 Residential New Construction – Equal To or Less Than Nine (9) Homes.

16.58.140 Residential New Construction – Greater than Nine (9) Homes.

16.58.150 Major Multi-Family Residential Renovations/Additions

16.58.160 Non-Residential New Construction, Small.

16.58.170 Non-Residential New Construction, Medium.
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16.58.180 Non-Residential New Construction, Large.

16.58.190 Non-Residential Renovation/Additions, Minor.

16.58.200 Non-Residential Renovations/Additions, Major.

16.58.210 Tenant Improvements.

16.58.220 Mixed-Use.

16.58.230 Table 101.10 – Added.

16.58.240 Alternate Green Building Standards.

16.58.250 Verification.

16.58.260 Exemptions.

16.58.280 Definitions.

16.58.300 Compliance with Local Water-Efficient Landscape Ordinance – Residential.

16.58.310 Compliance with Local Water-Efficient Landscape Ordinance – NonResidential.

16.58.400 Electrical Vehicle (EV) Charging – Residential.

16.58.010 Adoption of the 2025 California Green Building Standards Code.

A. The provisions of the 2025 California Green Building Standards Code and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, and, except as to additions, deletions and amendments hereinafter described, such code is hereby adopted and made a part hereof, the same as if fully set forth in this Chapter.

1. In accordance with California Health and Safety Code Sections 17958.7 and 18941.5, express findings that modifications to the California Green Building Standards Code are reasonably necessary because of local climatic, geological, or topographical conditions are either already on file with the California Building Standards Commission or will be filed prior to the effective date of the ordinance codified in this Chapter.

B. One (1) copy of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and is made available for public inspection.

16.58.015 Adoption of Appendix Chapters.

No Appendix Chapters from the 2025 California Green Building Standards Code have been adopted.
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16.58.020 Local Amendments.

The following provisions of this Chapter shall constitute local amendments to the crossreferenced provisions of the 2025 California Green Building Standards Code and shall be deemed to amend the cross-referenced sections of said Code with the respective provisions set forth in this Chapter.

16.58.030 Title.

Amend Section 101.1 of the 2025 California Green Building Standards Code to read as follows:
101.1 Title. These regulations shall be known as the California Green Building Standards Code as amended by the City of Cupertino and may be cited as such and will be referred to herein as “this code.” The California Green Building Standards Code as amended by the City of Cupertino is an amendment to Part 11 of 12 parts of the official compilation and publication of the adoption, amendment, and repeal of building regulations to the California Code of Regulations, Title 24, also referred to as the California Building Standards Code.

16.58.040 Scope.

Amend Section 101.3 of the 2025 California Green Building Standards Code to read as follows:
101.3 Scope. The provisions of this code shall apply to the planning, design, operation, construction, use and occupancy of every newly constructed building or structure, unless otherwise indicated in this code for the City of Cupertino.

The California Green Building Standards Code also is hereby amended to apply to additions, renovations and tenant improvements of privately-owned buildings and structures in accordance with the provisions of this Chapter.

It is not the intent that this code substitute or be identified as meeting the certification requirements of any private, third-party green building program.

16.58.100 Mandatory Requirements.
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Amend Section 101.10 of the 2025 California Green Building Standards Code to read as follows:
101.10 Mandatory Requirements. This code contains mandatory green building measures. In addition, this Chapter contains required minimum green building measures as amended by the City of Cupertino. All new buildings and structures, additions, renovations and tenant improvements subject to requirements in Table 101.10 shall comply with the mandatory measures of the 2025 California Green Building Standards Code as adopted by the state in addition to local amendments included in this code, regardless of height or number of stories, unless specifically exempted by this code.

16.58.110 Project Types.

Add Section 101.10.1 of the 2025 California Green Building Standards Code to read as follows:
101.10.1 Project Types - as set forth in Table 101.10.

16.58.120 Residential Projects.

Add Section 101.10.1.1 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1 Residential Projects - as set forth in Table 101.10.

16.58.130 Residential New Construction – Equal To or Less than Nine (9) Homes.

Add Section 101.10.1.1.1 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.1 Residential New Construction - Equal To or Less than Nine (9) Homes - as set forth in Table 101.10.

16.58.140 Residential New Construction – Greater than Nine (9) Homes.

Add Section 101.10.1.1.2 of the 2025 California Green Building Standards Code to read as follows:
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101.10.1.1.2 Residential New Construction - Greater than Nine (9) Homes or More - as set forth in Table 101.10.

16.58.150 Major Multi-Family Residential Renovations/Additions.

Add Section 101.10.1.1.3 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.3 Major Multi-Family Residential Renovations/Additions - as set forth in Table101.10. Requirements shall only apply to the area of renovation/addition.

16.58.160 Non-Residential New Construction, Small.

Add Section 101.10.1.1.4 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.4 Non-Residential New Construction, Small - as set forth in Table 101.10.

16.58.170 Non-Residential New Construction, Medium.

Add Section 101.10.1.1.5 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.5 Non-Residential New Construction, Medium - as set forth in Table 101.10.

16.58.180 Non-Residential New Construction, Large.

Add Section 101.10.1.1.6 of the 2025 California Green Building Standards Code to read as follows
101.10.1.1.6 Non-Residential New Construction, Large - as set forth in Table 101.10.

16.58.190 Non-Residential Renovations/Additions, Minor.

Add Section 101.10.1.1.7 of the 2025 California Green Building Standards Code to read as follows:
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101.10.1.1.7 Non-Residential Renovations/Additions, Minor – as set forth in Table 101.10.

Requirements shall only apply to the scope of work of renovation/addition.

16.58.200 Non-Residential Renovations/Additions, Major.

Add Section 101.10.1.1.8 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.8 Non-Residential Renovations/Additions, Major - as set forth in Table 101.10.

Requirements shall only apply to the area of renovation/addition.

16.58.210 Tenant Improvements.

Add Section 101.10.1.1.9 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.9 Tenant Improvements. Except as specified herein, the provisions of this code shall apply to the applicable tenant or occupant improvements to a project.

16.58.220 Mixed-Use.

Add Section 101.10.1.1.9 of the 2025 California Green Building Standards Code to read as follows:
101.10.1.1.9 Mixed-Use - as set forth in Table 101.10.

16.58.230 Table 101.10 – Added.

Add Table 101.10 of the 2025 California Green Building Standards Code to read as follows:

Project Type Minimum Green Building
Requirement
Required Verification
A. NEW CONSTRUCTION
Residential
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Single Family and Multi-Family
homes equal to or less than 9
homes:
• CALGreen Building Code in
accordance with CALGreen’s
minimum thresholds. City Review
Single Family and Multi-Family
homes greater than 9 homes:
• GPR certified at minimum 50
points or
• LEED Silver or
Alternate Reference Standard
per Section 101.10.2
Third Party GPR or
LEED certification as
applicable
Alternate Reference
Standard: See Section
101.10.2
Non-Residential
Small, Less than 25,000 SF:
• CALGreen Building Code *
per Chapter 5 of the California
Green Building Standards Code
City Review
Mid-Size, from 25,000 to 50,000
SF:
• LEED Certified or
• Alternate Reference Standard
per Section 101.10.2
Third Party LEED
Certification Alternate
Reference Standard:

See Section 101.10.2
Large, Greater than 50,000 SF:
• LEED Silver or
• Alternate Reference Standard
per Section 101.10.2
Third Party LEED
Certification
Alternate Reference
Standard: See Section
101.10.2
B. RENOVATIONS AND ADDITIONS
Residential
Single-Family
• CALGreen Building Code in
accordance with CALGreen’s
minimum thresholds.

City Review
Multi-Family (minor):
• CALGreen Building Code in
accordance with CALGreen’s
minimum thresholds.

City Review
Multi-family (major): Renovations
and/or additions with a Floor Area
Ratio (FAR) increase ≥ 50% and at
least 35,000 square feet, and that
replace or substantially alter the HVAC
system and at least two of the
following: building envelope, hot water
system and lighting system.
• GPR minimum 50 pts or
• LEED Certified or
• LEED EBOM Certified or
• Alternate Reference Standard
per Section 101.10.2
Third Party GPR or
LEED Certification as
applicable
Alternate Reference
Standard: See Section
101.10.2
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Non-Residential
Minor: Renovations and/or additions
that do not meet the higher thresholds
for "major renovations and additions"
outlined as defined in (ii) below.
• CALGreen Building Code in
accordance with CALGreen’s
minimum thresholds.

City Review
Major: Renovations and/or additions
that comprise at least 35,000 square
feet, and replace or substantially alter
the HVAC system and two of the
following: building envelope, hot
water system, and lighting system.
• LEED Certified (applicable
only to the area of renovation/
addition) or
• LEED EBOM Certified or
• Alternate Reference Standard
per Section 101.10.2
Third Party LEED
Certification
Alternate Reference
Standard: See Section
101.10.2
Mixed-Use
For new and renovation/addition projects with residential and non-residential components, the use shall comply by either:

1. 1. Meeting the applicable requirements for each use; or

2. 2. Meeting the applicable requirements for the use that comprises the majority of the project’s square footage where uses are attached and/or combined in a building.

Notes:
“Major” renovations and/or additions apply only to the area of the renovation/addition unless the LEED EBOM Certified option is selected.
*Chapter 5 of the California Green Building Standards Code (Cal Green Mandatory) requirements shall only be applied to elements included in the scope of a project, unless otherwise required by the California Green Building Standards Code.
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16.58.240 Alternate Green Building Standards.

Add Section 101.10.2 of the 2025 California Green Building Standards Code to read as follows:
101.10.2 Alternate Green Building Standards. The applicant may request to apply an alternate green building standard for a project in lieu of the minimum standards per Table 101.10. In making a determination in response to an application under this section, the Building Official may allow an alternate standard if he/she finds that the proposed alternative standard complies with all of the following:

A. Addresses a comprehensive scope of green building issues including energy efficiency, water efficiency, resource efficient materials, and healthy building practices;
B. Applies standards that are, when taken as a whole, as stringent as the GPR and LEED standards;
C. Includes a formalized certification process that incorporates third party verification; and
D. The project will advance the purposes of this Chapter.

16.58.250 Verification.

Amend Section 102.3 of the 2025 California Green Building Standards Code to read as follows:
102.3 Verification. Documentation of conformance for applicable green building measures shall be provided to the City of Cupertino. Verification that the project meets the applicable environmental standards occurs through either the Third-Party process or City Review per the requirements in Table 101.10. The following lists the verification requirements for Third Party verification, and alternative methods:

A. Third Party Certification. A project will be required to meet the Third-Party certification process if the City determines that the project meets or exceeds the applicable thresholds listed in Table 101.10. The applicant shall submit all of the following to the City, in addition to other application requirements, to assist the City in determining compliance with the green building requirements:
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1. Planning Application. A green building checklist that includes cross-references to appropriate locations in the construction documents for all prerequisites and selected points or credits that demonstrates that the proposed project meets the applicable minimum requirements.

2. Building Permit.
a. Proof of project registration with administrating body of the applicable reference standard, and
b. A green building checklist that includes cross-references to appropriate locations in the construction documents for all prerequisites and selected points or credits; that demonstrate that the proposed project meets the applicable minimum requirements, and

3. Green Building Deposit. The green building deposit in an amount that may be set from time to time by resolution of the City Council. The applicant may provide the deposit in the form of cash or in any other form that the City finds acceptable to meet the purposes of this Section. The full amount of the deposit shall be returned upon the certification document being provided per 102.3 (A)(4). If however, the project does not meet the requirements of this Chapter, as applied to the project, then the City shall retain the full amount of the deposit and shall use the deposit solely to advance the purposes of this Chapter.

4. Time Limit. Within 18 months of Final Occupancy - Provide certification document for LEED, GPR or alternate rating standard in a form accepted by the City per Table 101.10. The Building Official may grant a one-time 6-month extension.

16.58.260 Exemptions.

Added Section 102.3.1 of the 2025 California Green Building Standards Code to read as follows:
102.3.1 Exemptions. The Building Official shall determine the maximum feasible threshold of compliance reasonably achievable for the project. Projects that are exempted from the requirements of the California Green Building Standards Code as amended by the City of Cupertino shall meet the requirement in section A and at least one of the requirements in sections B-D:

A. Projects that demonstrate that it is not feasible for the project to fully meet the green building requirements and that the purposes of this chapter will have been achieved 593
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to the maximum extent possible shall be exempted only for the specific rating system prerequisite that has been determined to be infeasible.

B. Projects that demonstrate compliance with this code but which will conflict with the Cupertino General Plan and/or Municipal Code Ordinance, such as those requiring historic preservation as determined by the Director of Community Development; or C. Projects that demonstrate compliance with this code but which will conflict with the California Building Standards Code; or
D. Projects with atypical energy-related design requirements and/or patterns of use that make compliance with the thresholds of this code infeasible.

16.58.280 Definitions.

Amend Section 202 of the 2025 California Green Building Standards Code to add or amend the following definitions:

Affordable Housing. Residential buildings that entirely consist of units below market rate and whose rents or sales prices are governed by local agencies to be affordable based on area median income.

Decision maker. The person or entity with final approval authority overthe underlying project.

Direct Current Fast Charging (DCFC). A parking space provided with electrical infrastructure that meets the following conditions:

A. A minimum of 48 kVa (480 volt, 100-ampere) capacity wiring.

B. Electric vehicle supply equipment (EVSE) located within three (3) feet of the parking space providing a minimum capacity of 80-ampere.

Feasible. Capable of being accomplished in a successful manner within a reasonable period of time, taking into account economic, environmental, social, and technological factors.

Green Building Checklist. A checklist, typically with prerequisites and credits and/or points that is developed by the administrators of green building certification systems and used to determine whether a development project can achieve certification.

Green Point Rated (GPR). A residential green building rating system developed by Build It Green. Projects can use any of the adopted GPR checklists that most appropriately apply to the project type proposed.

Leadership in Energy and Environmental Design (LEED). A green building rating system developed by the U.S. Green Building Council for residential and non594 CC 11-18-2025
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residential projects. Projects can use any of the adopted LEED checklists that most appropriately apply to the project type proposed.

Minimum Green Building Requirement. The minimum green building requirement that applies to a particular project, as listed in column 2 of Table 101.10.

Required Verification. The standards that correspond to the requirements of a particular green building rating system and project type, as listed in column 3 of Table 101.10, for which verification procedures are fully set forth in Section 102.3.

16.58.300 Compliance with Local Water - Efficient Landscape Ordinance - Residential.

Add Section 4.304.1.1 of the 2025 California Green Building Standards Code to read as follows:

4.304.1.1 Compliance with Local Water-Efficient Landscape Ordinance. Residential projects must comply with the City of Cupertino’s Landscape Ordinance, pursuant to Chapter 14.15 of the Cupertino Municipal Code.

16.58.310 Compliance with Local Water - Efficient Landscape Ordinance - NonResidential.

Add Section 5.304.1.1 of the 2025 California Green Building Standards Code to read as follows:

5.304.1.1 Compliance with Local Water-Efficient Landscape Ordinance. Non-residential projects must comply with the City of Cupertino’s Landscape Ordinance, pursuant to Chapter 14.15 of the Cupertino Municipal Code.

16.58.400 Electric Vehicle (EV) Charging – Residential.

Amend Section 4.106.4 of the 2025 California Green Building Standards Code to read as follows:

4.106.4 Electric vehicle (EV) charging for new construction. New construction shall comply with Section 4.106.4.1 or 4.106.4.2. Electric vehicle supply equipment (EVSE) shall be installed in accordance with the California Electrical Code. Calculation for spaces shall be rounded up to the nearest whole number.

Exceptions:
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1. On a case-by-case basis, where the local enforcing agency has determined EV charging and infrastructure are not feasible based upon one or more of the following conditions:

1.1. Where there is no local utility power supply or the local utility is unable to supply adequate power.

1.2. Where there is evidence suitable to the local enforcing agency substantiating that additional local utility infrastructure design requirements, directly related to the implementation of Section

4.106.4, may increase construction cost by an average of $4,500 per parking space for market rate housing or $400 per parking space for affordable housing. EV infrastructure shall be provided up to the level that would not exceed this cost for utility service.

2. Accessory Dwelling Units (ADU) and Junior Accessory Dwelling Units (JADU) without additional parking facilities and without electrical panel upgrade or new panel installation. Detached ADUs, attached ADUs, and JADUs without additional parking but with electrical panel upgrades or new panels must have reserved breakers and electrical capacity according to the requirements of 4.106.4.1.

3. Multifamily residential R-2 building projects that have approved entitlements before the code effective date.

4.106.4.1 New one- and two-Family Dwellings and Town-Houses with Private Garages. For each dwelling unit, a dedicated 208/240-volt branch circuit shall be installed in a raceway. The raceway shall not be less than trade size 1 (nominal 1-inch inside diameter). The raceway shall originate at the main service or subpanel and shall terminate into a listed cabinet, box or other enclosure in close proximity to the proposed location of an EV charger. Raceways are required to be continuous at enclosed, inaccessible or concealed areas and spaces. The branch circuit and associated overcurrent protective device shall be rated at 40 amperes minimum. Other electrical components, including a receptacle or blank cover, related to this section shall be installed in accordance with the California Electrical Code.

Exception: A raceway is not required if a minimum 40-ampere 208/240-volt dedicated EV branch circuit is installed in close proximity to the proposed location of an EV charger at the time of original construction in accordance with the California Electrical Code.

4.106.4.1.1 Identification. The service panel and subpanel circuit directory shall identify the overcurrent protective device designated for future EV charging purposes as “EV READY” in accordance with the California 596
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Electrical Code. The receptacle or blank cover shall be identified as “EV READY.”
[Title 16 – Chapter 16.60 – No Change]
CHAPTER 16.62: HISTORICAL BUILDING CODE
A. Except as otherwise provided in this chapter, the provisions of the 2025 California Historical Building Code and specified Appendices and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

CHAPTER 16.64: EXISTING BUILDING CODE
A. Except as otherwise provided in this chapter, the provisions of the 2025 California Existing Building Code and specified Appendices and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.

B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.

CHAPTER 16.68: REFERENCED STANDARDS CODE
A. The provisions of the 2025 California Referenced Standards Code and specified Appendices and each and all of the regulations, provisions, conditions and terms of the code is referred to as if fully set forth in this chapter, except such portions as are hereinafter deleted, modified or amended by this ordinance, and is by such adopted by reference.
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B. One (1) copy of each volume of the code therefore is on file in the office of the Building Official pursuant to Health and Safety Code Section 18942 and are made available for public inspection.
[Title 16 – Chapter 16.70 – No Change]
[Title 16 – Chapter 16.72 – No Change]
[Title 16 – Chapter 16.74 – No Change]
CHAPTER 16.80: PLACARDS
Amend Section 16.80 of the Cupertino Municipal Code to read as follows:

Section

16.80.010 Intent

16.80.020 Application of Provisions

16.80.030 Definitions

16.80.040 Safety Assessment Placards

16.80.050 Stop Work Order Placard

16.80.060 Other Placards – General

16.80.070 Violations and Enforcement

16.80.080 Enforcement of Other Laws Unaffected

16.80.010 Intent.

This chapter establishes the authority of the Building Official, Code Enforcement Officer, and/or City Manager or their designee, to post notices which notify the general public of pending actions and/or safety issues. Such notices or placards also serve to provide immediate notice to responsible parties, property owner(s) and/or any other party which may have an interest in responding to the content of the notice and/or placard.

16.80.020 Application of Provisions.
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The provisions of this chapter are applicable to all buildings and structures of all occupancies regulated by the City of Cupertino. The Council may extend the provisions as necessary.

16.80.030 Definitions
“Notice” is any written communication issued in accordance with Title 1 of this code. “Placard” is a written notice which is directly posted on any conspicuous location or area of any real property and/or public right-of-way, and which communicates or provides notice of a particular action or fining by the Building Official, Code Enforcement Officer, and/or City Manager or their designee.
“Stop Work Order” is a written directive and command to cease performing an action or work activity, and/or which orders specified actions to immediately come to a complete halt.
“Safety assessment” is a visual, non-destructive examination of a building or structure for the purpose of determining the condition for continued occupancy.

16.80.040 Safety Assessment Placards
Safety assessment placards are used to indicate the condition of a structure for continued occupancy. The chapter further authorizes the Building Official and his or her authorized representatives to post the appropriate placard at each entry point to a building or structure upon completion of a safety assessment.

The following are verbal descriptions of the official jurisdiction placards to be used to designate the condition for continued occupancy of buildings or structures. Copies of actual placards are attached in Exhibit A-1, Exhibit A-2, and A-3.

1. INSPECTED – LAWFUL OCCUPANCY PERMITTED is to be posted on any building or structure wherein no apparent structural hazard has been found. This placard is not intended to mean that there is no damage to the building or structure.

2. RESTRICTED USE is to be posted on each building or structure that has been damaged wherein the damage has resulted in some form of restriction to the continued occupancy. The individual who posts this placard will note in general terms the type of damage encountered and will clearly and concisely note the restrictions on continued occupancy.
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3. UNSAFE – DO NOT ENTER OR OCCUPY is to be posted on each building or structure that has been damage such that continued occupancy poses a threat to life safety. Buildings or structures posted with this placard shall not be entered under any circumstance except as authorized in writing by the Building Official, or his or her authorized representative. Safety assessment teams shall be authorized to enter these buildings at any time. This placard is not to be used or considered as a demolition order. The individual who posts this placard will note in general terms the type of damage encountered.

This ordinance number, the name of the jurisdiction, its address, and phone number shall be permanently affixed to each placard.

Once it has been attached to a building or structure, a placard is not to be removed, altered or covered until done so by an authorized representative of the Building Official. It shall be unlawful for any person, firm or corporation to alter, remove, cover or deface a placard unless authorized pursuant to this section.

16.80.050 Stop Work Order Placard
Stop Work Order:

1. Addresses any work regulated by this code, and/or the California Building Code being performed in a manner contrary to provisions, or in a dangerous or unsafe manner.

2. Is issued in accordance with Section 16.04.010 of this code and Section 115 of the 2025 California Building Code.

3. May be initially issued verbally and then shortly thereafter followed in written form.

4. Placard shall be given to the owner of the property, the owner’s authorized agent or the person performing the work, and/or posted at the property in a conspicuous area or place. Upon issuance, the listed work shall immediately cease. The Stop Work Order shall state the reason for the directive and the conditions under which the work is authorized to resume. A copy of actual placard is attached in Exhibit B-1.

16.80.060 Other Placards – General
Under the ordinances of the City, the Building Official, Code Enforcement Officer, and/or City Manager or their designee, may post notices as outlined in Title 1 and/or 600
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placards in accordance with this chapter, as deemed necessary to keep the community safe, promote the welfare and general health and safety of the residents and public atlarge, to promote justice and/or to effect the objectives of this code.

16.80.070 Violations and Enforcement

1. Any person or responsible party who defaces, obliterates, tears down, removes, alters, tampers with or destroys any placard as posted by Building Official, Code Enforcement Officer, and/or City Manager or their designee, including violation(s) of section 1.04.040, is in violation of the terms of this chapter and subject to the enforcement actions of this section.

2. Any violation of any provision of this chapter constitutes a public nuisance, which may be resolved and/or abated pursuant to section

16.80.050 (C) of this code.

3. Enforcement. Notwithstanding the provisions of the California Building Code, and provisions of California Penal Code section 616, or any other authority, any person who violates the provisions of this chapter shall also be subject to enforcement under Chapter 1.10, including but not limited to section 1.10.070 (C), and to prosecution under Chapter 1.12.

16.80.080 Enforcement of Other Laws Unaffected
Nothing in this chapter shall affect the powers of the City or authorized law enforcement officers to prosecute violators of any stature of the State of California or other ordinances of the City.
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RESOLUTION NO. 25-XXX

A RESOLUTION OF THE COUNCIL OF THE CITY OF CUPERTINO

MAKING FINDINGS RELATING TO LOCAL CLIMATIC,

GEOGRAPHICAL, OR TOPOGRAPHICAL CONDITIONS
SUPPORTING AMENDMENTS AND CHANGES TO THE 2025
CALIFORNIA BUILDING STANDARDS CODE.

WHEREAS, the City Council of the City of Cupertino, intends to pass an ordinance adopting the California Building Standards Code which consists of the 2025 editions of the California Building Code, Residential Code, Electrical Code, Mechanical Code, Plumbing Code, Energy Code, Wildland-Urban Interface Code, Historical Building Code, Fire Code, Existing Building Code, Green Building Standards Code, Referenced Standards Code, Uniform Housing Code, and 2024 Property Maintenance Code, and making modifications and changes thereto; and
WHEREAS, as more specifically set forth in the memorandum of Sean Hatch, the City’s Building Official, a departure from the Building Standards Code is reasonably necessary due to local climatic, geological, or topographical conditions; WHEREAS, as more specifically set forth in the memorandum of Sean Hatch, the City’s Building Official, a departure from the Building Standards Code is reasonably necessary due to local climatic, geological, or topographical conditions; and NOW, THEREFORE, BE IT RESOLVED that:

1. The City Council does hereby find the following facts to be true:

A. The Bay Area region is a densely populated area with buildings constructed over and near a vast array of fault systems capable of producing major earthquakes, including, but not limited to the recent 1989 Loma Prieta Earthquake; B. Cupertino is situated adjacent to active earthquake faults capable of producing substantial seismic events. The San Andreas and Sargent-Berocal faults run through the lower foothills and the Monta Vista Fault is closer to the valley floor area. The Hayward fault is North East of the City which would also presents a risk to Cupertino in the event of an earthquake;
C. Vehicular traffic through Cupertino is significant, and continues to increase as Cupertino is an employment center as well as the location of residential projects; 606
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Resolution No. 25-XXX

D. Cupertino is divided by major freeways and expressways, the occurrence of a major earthquake could impact the ability of fire crews to respond to emergencies should one or more of the freeways or expressways collapse, be substantially damaged, or become gridlocked;
E. Fire suppression capabilities would be severely limited should the water system be damaged during an earthquake;
F. Cupertino experiences low humidity, high winds and warm temperatures during the summer months creating conditions which are particularly conducive to the ignition and spread of grass, brush and structural fires; G. Cupertino’s topography contains remote, steep hillsides which further limits the ability of emergency responders to extinguish or control wildland or structural fires;
H. The local geographic, topographic and climatic conditions require amendments to the California Codes to establish more restrictive conditions to improve structural integrity of the buildings in the event of a seismic incident and provide other protections to protect against the increased risk of fire.

2. The City Council hereby finds the following facts from prior exceptions to the Code to continue to be true:

A. The wastewater treatment facilities serving Silicon Valley cities are operating at or near maximum capacity. The discharge of treated wastewater into San Francisco Bay is detrimental to its sensitive ecosystem; and B. Cooling coil and comfort cooling equipment condensate waste discharge does not contain pollutants which require treatment before being discharged into sanitary sewers or the ground.

3. Based on the above facts, the City Council makes the following finding: that Cupertino’s local geographic, topographic and climatic conditions require amendments to the California Codes to establish more restrictive conditions to improve structural integrity of the buildings in the event of a seismic incident, provide other protections to protect against the increased risk of fire, and protect the San Francisco Bay as more specifically set forth in the memorandum from Sean Hatch, the City’s Building Official and as summarized in the chart attached hereto as Exhibit A.

4. Based on the above finding, the City Council determines that it is necessary to make local amendments to the California Codes based upon the local conditions. 607
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Resolution No. 25-XXX

BE IT FURTHER RESOLVED that this Resolution is not a project under the requirements of the California Environmental Quality Act, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment. In the event that this Resolution is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment.

Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action would have no or only a de minimis effect on the environment. In addition, the adoption of this Resolution is regulatory action authorized by state law to assure the maintenance, restoration, enhancement, or protection of the environment and is therefore exempt from CEQA under CEQA Guidelines section 15308.

The foregoing determination is made by the City Council in its independent judgment.

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino on this 18th day of November, 2025, by the following vote:

Members of the City Council
AYES: Chao, Moore, Mohan, Fruen, Wang
NOES: None
ABSENT: None
ABSTAIN: None
SIGNED:
________
Liang Chao, Mayor
City of Cupertino
________________________
Date
ATTEST:
________
Kirsten Squarcia, City Clerk
________________________
Date
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EXHIBIT A

MATRIX TABLE FOR JUSTIFICATION AND FINDINGS FOR LOCAL AMENDMENTS

MUNICIPAL
CODE

SECTION

TITLE ADDED
TO
CALIF.

CODE

DELETED
FROM
CALIF.

CODE
ADDED
OR

AMENDED
FROM
CALIF.

CODE

JUSTIFICATION

16.02 Reference changes were made to reference the 2025 California Administrative Code. (State Mandated)
X
A

16.04.010
through

16.04.015
Reference changes were made to reference the 2025 California Building Code based on the 2024 International Building Code (State Mandated). Removed section 16.04.015 to not adopt any appendix chapters and the Historical, Existing and Reference codes are now in their own part (Staff Clean-up).

X

16.04.040
through

16.04.140
Reference changes were made to reference and updated to match the administrative requirements within the 2025 California Building Code. (State Mandated) X

16.04.220
through

16.04.300
These sections previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Building Code. Changes in this section to reference the WildlandUrban Interface requirements to the new Part 7 book within Title 24. (State Mandated)X

16.04.320
Results from studies after the 1994 Northridge earthquake indicated that a lot of the damages were attributed to lack of quality control during construction. The proposed amendment improves quality control during construction and therefore needs to be incorporated into the Code. This proposed amendment is a continuation of an amendment adopted during the previous code adoption cycle. (Local Amendment)
X C

16.04.340
through

16.04.360
These sections previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Building Code. (Local Amendment) X D

16.06.010
This section previously existed in the Municipal Code. Only a reference change is made to reference the 2025 California Residential Code based on the 2024 International Residential Code. (State Mandated)
X
A

16.06.015
This section previously existed in the Municipal Code. This section modifies the CBC by adopting specific appendix chapters in the code. A reference change is made to reference the 2025 California Residential Code. (State Mandated and Local Amendment) X

16.06.020
through

16.06.050
These sections previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Residential Code. (Local Amendment and State Mandated) X 609
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16.06.060 This section was deleted due to the creation of the Wildland-Urban Interface code book (Part 7) where all the WUI requirements are now located for reference. (State Mandated) X

16.06.060
This section previously existed in the Municipal Code. Reference changes made to reference the 2025 California Residential Code.

This proposed amendment to the CRC is made to be consistent with TUCC amendment that modifies the plain concrete provisions in CBC Section 1905.1.7 and ACI 318 Section 14.1.4. (Local Amendment)
X B

16.06.080
This amendment existed in the previous Municipal Code. Reference changes were made to be consistent with the new section and table in the 2025 CRC Code. The amendment modifies the CBC and CRC to limit the use of gypsum wallboard and Portland cement or stucco as shearwalls.

The proposed amendment addresses the problem of poor performance of gypsum wallboard and Portland cement plaster as wall bracing materials in high seismic areas. This amendment reflects the recommendations by the Structural Engineers Association of Southern California (SEAOSC) and the Los Angeles City Joint Task Force that investigated the poor performance of these bracing materials that were observed in 1994 Northridge earthquake. (Local Amendment) X B

16.06.100 These sections previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Residential Code. (Local Amendment) X A

16.06.120
These sections previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Residential Code. (Local Amendment) X

16.06.140
Adoption of Swimming Pool Safety Act. Updated to match Health and Safety Code 115922 and amendments per SB522. (State Mandated) X

16.10.010
through

16.10.020
Section shows the adoption of the new 2025 California Wildland-Urban Interface Code with minor amendments per SCCFD. Based on the 2024 International Wildland-Urban Interface Code. (State Mandated)
X

16.16.010
through

16.16.060
These sections previously existed in the Municipal Code. The reference changes were made to reference the 2025 California Electrical Code based on the 2023 National Electrical Code. (State Mandated)
X

16.16.030
Language from the previous code is revised to reflect when general building contractors are allowed to do electrical work. The municipal code is now consistent with the requirements of the Business and Professions Code Section 7057(b). (Local Amendment) X

16.20.010
and

16.20.020
This section previously existed in the Municipal Code. The reference changes were made to reference the 2025 California Plumbing Code based on the 2024 Uniform Plumbing Code. (State Mandated)
X

16.20.015 Removed the adoption of any appendix from the 2025 California Plumbing Code. (Staff Cleanup) X 610
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16.24.010
through

16.24.030
This section previously existed in the Municipal Code. The reference changes were made to reference the 2025 California Mechanical Code based on the 2024 Uniform Mechanical Code. (State Mandated)
X

16.40 Reference changes are made to reference the 2025 California Fire Code based on the 2024 International Fire Code. (State Mandated and Local Amendment) X E

16.42 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2024 International Property Maintenance Code. (Local Amendment) X A

16.54 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Energy Code. Removed the electric make ready provisions added because these provisions are now part of the 2025 CA Energy Code. (State Mandated / Local Amendment / Staff Clean-up)
X

16.58 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Green Building Standards Code. Amended electrical vehicle requirements to match up with the Tier II requirements as required within the Housing Element. (State Mandated / Local Amendment / Staff Clean-up)
X
F

16.62 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Historical Building Code. (State Mandated) X A

16.64 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Existing Building Code. (State Mandated) X

16.68 This Chapter previously existed in the Municipal Code. Reference changes were made to reference the 2025 California Referenced Standards Code. (State Mandated) X

16.80 Amended the chapter to clearly define the differences between safety assessment, stop work, and code enforcement placards. (Local Amendment)
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Resolution No. 25-XXX

KEY TO JUSTIFICATIONS FOR AMENDMENTS TO TITLE 24 OF THE CALIFORNIA CODE OF REGULATIONS A This amendment is necessary for administrative clarification and does not modify a Building Standard pursuant to California Health and Safety Code Sections 17958.

This amendment establishes administrative standards for the effective enforcement of building standards throughout the City of Cupertino.

B This proposed amendment has been voted for approval by the local Tri-chapter Uniform Code Committee (TUCC) and addresses the problem of poor performance of plain or under-reinforced concrete footings during a seismic event. This amendment reflects the recommendations by the Structural Engineers Association of Southern California (SEAOSC) and the Los Angeles City Joint Task Force that investigated the poor performance of plain and under-reinforced concrete footings observed in 1994 Northridge earthquake and based on the following:

1. The San Francisco Bay area is densely populated and located in an area of high seismic activity. Cupertino is bounded by the Hayward and San Andreas faults capable of producing major earthquakes.

2. Concern for fire-life safety associated with a structural failure due to a seismic event considering the increasing number of buildings in the region, the use of new structural systems, the poor performance of certain materials, and the quality of construction.

3. Severe seismic events could disrupt communications, damage gas mains, cause extensive electrical hazards, and place extreme demands on the limited and widely dispersed resources of the Fire Department to meet the fire life-safety needs of the community.

4. The local geographic, topographic and climatic conditions pose an increase hazard in acceleration, spread, magnitude and severity of potential fires in the City of Cupertino, and may cause a delayed response from emergency responders, allowing further growth of the fire.

C Results from studies after the 1994 Northridge earthquake indicated that a lot of the damages were attributed to lack of quality control during construction. The proposed amendment improves quality control during construction and therefore needs to be incorporated into the Code. Revise CBC Section 1705.3 exception No. 1 to allow special inspection not to be required for isolated spread footing where the structural design of the footing is based on a specified compressive strength, f’c, no greater than 2,500 psi. This proposed amendment is a continuation of an amendment adopted during the previous code adoption cycle.

D ISSUE:

Revise section 1905.1.7. ACI 318 Section 14.1.4 that allows the use of plain concrete in residential structures assigned to Seismic Design Category C, D, E or F.

RATIONALE:

The proposed amendment addresses the problem of poor performance of plain or under-reinforced concrete footings during a seismic event. This amendment reflects the recommendations by the Structural Engineers Association of Southern California (SEAOSC) and the Los Angeles City Joint Task Force that investigated the poor performance of plain and under-reinforced concrete footings observed in 1994 Northridge earthquake.

E Local Amendments to our Fire Code were developed by the Santa Clara County Fire Marshals Association and endorsed by the Santa Clara County Fire Chiefs Association. The amendments have been provided to all Cities within the Santa Clara County Fire Department jurisdiction, which includes Campbell, Los Gatos, Los Altos Hills, Saratoga and Monte Sereno and will be included in each of their City’s code adoption packages for consistency of enforcement.

F The local Amendments for our all-electric Reach Codes and Green Building Standards Codes were driven by Silicon Valley Clean Energy through the Bay Area Reach Codes Initiative and the City of Cupertino’s approved Housing Element. 612
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CITY OF CUPERTINO
Agenda Item
25-14323 Agenda Date:
11/18/2025 Agenda #:

11. Subject: Microsoft Volume Licensing Program Agreement with Dell Marketing L. P., for licensing of Microsoft programs, systems, and databases for a total amount not to exceed $341,458, including a 10% contingency in the amount $31,042.

Approve a Microsoft Volume Licensing Program Agreement with Dell Marketing L. P. (Attachment A), utilizing Riverside County’s statewide competitively awarded Microsoft Enterprise Agreement for licensing of Microsoft programs, systems, and databases for a total amount not to exceed $341,458, including a 10% contingency in the amount of $31,042, for a 3-year term beginning from January 1, 2026, to December 31, 2028.

CITY OF CUPERTINO Page 1 of 1 Printed on 11/12/2025
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1 INNOVATION TECHNOLOGY DEPARTMENT

CITY HALL
10300 TORRE AVENUE, CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3311
CUPERTINO.GOV

CITY COUNCIL STAFF REPORT
Date: November 18, 2025
Subject
Microsoft Volume Licensing Program Agreement with Dell Marketing L.P., for licensing of Microsoft programs, systems, and databases for a total amount not to exceed $341,458, including a 10% contingency in the amount $31,042.

Recommended Action
Approve a Microsoft Volume Licensing Program Agreement with Dell Marketing L. P. (Attachment A), utilizing Riverside County’s statewide competitively awarded Microsoft Enterprise Agreement for licensing of Microsoft programs, systems, and databases for a total amount not to exceed $341,458, including a 10% contingency in the amount $31,042, for a 3-year term beginning from January 1, 2026, to December 31, 2028.

Background
The City has adopted a standardized approach that utilizes Microsoft products for our server, storage, and desktop environments. This includes software solutions, encompassing Office365, Windows Operating Systems, SQL databases, and various office productivity tools. The implementation and maintenance of a Licensing Program Agreement (Attachment A) enables the City to efficiently manage and oversee these computing environments while retaining flexibility to purchase new licenses when required.

To optimize cost‐efficiency and service quality, the City leveraged a “piggyback” contract utilizing the County of Riverside’s Microsoft Enterprise Agreement which was competitively procured in 2024. The result of the County of Riverside procurement identified a select group of Licensing Solution Providers that could provide the identified licensing and support. In September 2025, staff solicited bids and identified Dell Marketing L.P. as the lowest bidder from the Cooperative procurement. Utilizing the Riverside‐negotiated Microsoft Agreement, with Dell as the awarded vendor, 614
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2 results in substantially reduced per‐ license costs, ensuring fiscal alignment with the City’s streamlined budgetary parameters.

Reasons for Recommendation and Available Options
The County of Riverside Microsoft Master Agreement is used by over 900 government agencies for the purchase of Microsoft software licenses, software maintenance and cloud services. Common desktop products that are purchased include but are not limited to Microsoft Windows, Microsoft Office, Microsoft Visio, and Microsoft Project.

Common enterprise products include but are not limited to Microsoft windows server, Microsoft Server, and Microsoft System Center. Common cloud subscription services include but are not limited to Microsoft Office 365, Microsoft lntune, and Microsoft Azure.

These Licensing Solution Provider Agreements (the "Agreement") are intended to be available and leveraged by government agencies throughout the State of California (the "Enrolled Affiliates"). This type of Agreement allows agencies to lock in pricing for the length of their enrollment, amortize the cost of new licenses and support across multiple years, provide unlimited access to all Microsoft software, and allow flexibility to raise and lower commitments on hosted services. Like the County of Riverside, other government entities are challenged to keep their software current while minimizing the associated costs.

Based on the procurement research outlined above, staff recommend moving forward with awarding Dell Marketing LP. a three-year award, which will provide access to the County of Riverside negotiated advantageous volume pricing for Microsoft licenses. If Council does not approve the Microsoft Enterprise Software Licensing Agreement, the City risks losing access to essential Microsoft systems, technical support, and security updates needed for daily operations. Non-approval would expose the City to compliance and cybersecurity risks while disrupting core business functions resulting in losing access to Microsoft Office suite including Outlook. It would also forfeit the cost savings and administrative efficiencies achieved through the County of Riverside’s cooperative pricing, resulting in higher future expenses.

Sustainability Impact
No sustainability impact.

Fiscal Impact
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3 No fiscal impact. Microsoft programs, systems, and databases services ongoing budget was approved as part of FY18, this agenda item is solely for Council approval of the Agreement.

City Work Program (CWP) Item/Description
None
Council Goal:

Public engagement & transparency, environmental sustainability, and fiscal strategy California Environmental Quality Act
No California Environmental Quality Act impact.
_____________________________________
Prepared by: Tommy Yu, CGCIO, Infrastructure Manager
Reviewed by: Teri Gerhardt, CGCIO, Chief Technology Officer Floy Andrews, Interim City Attorney
Approved for Submission by: Tina Kapoor, Interim City Manager Attachments:

A – Microsoft Volume Licensing Program Draft Agreement
B – Licensing Solution Provider Agreement
C – Quote
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ProgramSignForm(MSSign)(NA,LatAm)ExBRA,MLI(ENG)(May2020) Page 1 of 2 Document X20-12883
Program Signature Form
MBA/MBSA number AMD000470944
Agreement number 8084445
Note: Enter the applicable active numbers associated with the documents below. Microsoft requires the associated active number be indicated here, or listed below as new.

Affiliate,
Government Partner, Institution, or other party entering into a volume licensing program agreement.

This signature form and all contract documents identified in the table below are entered into between the Customer and the Microsoft Affiliate signing, as of the effective date identified below.

Contract Document Number or Code
Enterprise Enrollment (Indirect) X20-10637
Product Selection Form 3097608.004_PSF
Enterprise Amendment M97 - (88537453)
By signing below, Customer and the Microsoft Affiliate agree that both parties (1) have received, read and understand the above contract documents, including any websites or documents incorporated by reference and any amendments and (2) agree to be bound by the terms of all such documents.

Customer
Name of Entity (must be legal entity name)* City of Cupertino Signature*
Printed First and Last Name*
Printed Title
Signature Date*
Tax ID
* indicates required field

ATTACHMENT A
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ProgramSignForm(MSSign)(NA,LatAm)ExBRA,MLI(ENG)(May2020) Page 2 of 2 Document X20-12883
Microsoft Affiliate
Microsoft Corporation
Signature
Printed First and Last Name
Printed Title
Signature Date
(date Microsoft Affiliate countersigns)
Agreement Effective Date
Optional 2nd Customer signature or Outsourcer signature (if applicable) Customer
Name of Entity (must be legal entity name)*
Signature*
Printed First and Last Name*
Printed Title
Signature Date*
* indicates required field
Outsourcer
Name of Entity (must be legal entity name)*
Signature*
Printed First and Last Name*
Printed Title
Signature Date*
* indicates required field
If Customer requires additional contacts or is reporting multiple previous Enrollments, include the appropriate form(s) with this signature form.
channel partner or Microsoft account manager, who must submit them to the following address. When the signature form is fully executed by Microsoft, Customer will receive a confirmation copy.

Microsoft Corporation
Dept. 551, Volume Licensing
6880 Sierra Center Parkway
Reno, Nevada 89511
USA
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EA20261EnrGov(US)SLG(ENG)(Aug2025) Page 1 of 10
Document X20-10637
Enterprise Enrollment State and Local
Enterprise Enrollment number
(Microsoft to complete) 88537453 Framework ID(if applicable) Previous Enrollment number
(Reseller to complete) 53381734
This Enrollment must be attached to a signature form to be valid.

This Enrollment consists of: (1) these terms and conditions, (2) the terms of the Enterprise Agreement identified on the signature form, (3) the Product Selection Form, (4) the Product Terms, (5) the Microsoft Products and Services Data Protection Addendum, (6) any Supplemental Contact Information Form, Previous Agreement/Enrollment form, and other forms that may be required, and (7) any order submitted under this Enrollment. This Enrollment may only be entered into under a 2011 or later Enterprise Agreement. By entering into this Enrollment, Enrolled Affiliate agrees to be bound by the terms and conditions of the Enterprise Agreement.

All terms used but not defined are located at http://www.microsoft.com/licensing/contracts. In the event of any conflict the terms of this Agreement control.

Effective date. If Enrolled Affiliate is renewing Software Assurance or Subscription Licenses from one or more previous Enrollments or agreements, then the effective date will be the day after the first prior Enrollment or agreement expires or terminates. If this Enrollment is renewed, the effective date of the renewal term will be the day after the Expiration Date of the initial term. Otherwise, the effective date will be the date this Enrollment is accepted by Microsoft.
anniversary of the effective date of the applicable initial or renewal term for each year this Enrollment is in effect.

Term. The initial term of this Enrollment will expire on the last day of the month, 36 full calendar months from the effective date of the initial term. The renewal term will expire 36 full calendar months after the effective date of the renewal term.

Terms and Conditions

1. Definitions.

Terms used but not defined in this Enrollment will have the definition in the Enterprise Agreement. The following definitions are used in this Enrollment:

Product Terms and chosen by Enrolled
Affiliate under this Enrollment.

Enrolled Affiliate using eligible Government Community Cloud Services to provide solutions to a Government or a qualified member of the Community, or (3) a Customer with Customer Data that is subject to Government regulations for which Customer determines and Microsoft agrees that the use of 619
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Document X20-10637
Community Cloud Service.

Product Terms and chosen by Enrolled Affiliate under this Enrollment. Enterprise Online Services are treated as Online Services, except as noted.
any Desktop Platform Product that Microsoft designates as an Enterprise Product in the Product Terms and chosen by Enrolled Affiliate under this Enrollment. Enterprise Products must be licensed for all Qualified Devices and Qualified Users on an Enterprise-wide basis under this program.

Government.
cal Entity, or Tribal Entity acting in its governmental capacity.
-tenant data centers for exclusive use by or for the Community and offered in accordance with the National Institute of Standards and Technology (NIST) Special Publication 800-145. Microsoft Online Services that are Government Community Cloud Services are designated as such in the Use Rights and Product Terms.
o known as line of business device) means any device that: (1) is not useable in its deployed configuration as a general purpose personal computing device (such as a personal computer), a multi-function server, or a commercially viable substitute for one of these systems; and (2) only employs an industry or task-specific software program (e.g. a computer-aided design program used by an architect or Microsoft software or third-party software. If the device performs desktop functions (such as email, word processing, spreadsheets, database, network or Internet browsing, or scheduling, or personal finance), then the desktop functions: (1) may only be used for the purpose of supporting the Industry Program functionality; and (2) must be technically integrated with the Industry Program or employ technically enforced policies or architecture to operate only when used with the Industry Program functionality. one or more operating system environments. Examples of Managed Devices can be found in the Product Terms.
is: (1) a personal desktop computer, portable computer, workstation, or similar device capable of running Windows Pro locally (in a physical or virtual operating system environment), or (2) a device used to access any device that is: (1) designated
as a server and not used as a personal computer, (2) an Industry Device, or (3) not a Managed Device. At its option, the Enrolled Affiliate may designate any device excluded above (e.g., Industry Device) that is as a Qualified Device for all or a subset of
Enterprise Products or Online Services the Enrolled Affiliate has selected.

Qualified Device, or (2) accesses any server software requiring an Enterprise Product Client Access License or any Enterprise Online Service. It does not include a person who accesses server software or an Online Service solely under a License identified in the Qualified User exemptions in the Product Terms. n entity authorized by Microsoft to resell Licenses under this program and engaged by an Enrolled Affiliate to provide pre- and post-transaction assistance related to this agreement; -ups in the Product Terms,
the License reserved by Enrolled Affiliate prior to use and for which Microsoft will make the Online Service available for activation.
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"State/Local Entity" means (1) any agency of a state or local government in the United States, or (2) any United States county, borough, commonwealth, city, municipality, town, township, special purpose district, federally recognized tribal entity performing tribal governmental functions and eligible for funding and services from the U.S. Department of Interior by virtue of its status as an Indian tribe.
s of service for each
Product and version published for that licensing program at the Volume Licensing Site and updated from time to time. The Use Rights include the Product-Specific License Terms, the License Model terms, the Universal License Terms, the Data Protection Terms, and the Other Legal Terms. The Use Rights supersede the terms of any end user license agreement (on-screen or otherwise) that accompanies a Product.
http://www.microsoft.com/licensing/contracts or a successor site.

2. Order requirements.
a. Minimum order requirements. Qualified Users or Qualified Devices. The initial order must include at least 250 Licenses for Enterprise Products or Enterprise Online Services.
(i) Enterprise commitment. Enrolled Affiliate must order enough Licenses to cover all Qualified Users or Qualified Devices, depending on the License Type, with one or more Enterprise Products or a mix of Enterprise Products and the corresponding Enterprise Online Services (as long as all Qualified Devices not covered by a License are only used by users covered with a user License).
(ii) Enterprise Online Services only. If no Enterprise Product is ordered, then Enrolled Affiliate need only maintain at least 250 Subscription Licenses for Enterprise Online Services. b. Additional Products. Upon satisfying the minimum order requirements above, Enrolled Affiliate may order Additional Products.
c. Use Rights for Enterprise Products. For Enterprise Products, if a new Product version has more restrictive use rights than the version that is current at the start of the applicable initial or renewal term of the Enrollment, those more restrictive use rights will not apply to Enrolled d. Country of usage. Enrolled Affiliate must specify the countries where Licenses will be used on its initial order and on any additional orders.
e. Resellers. Enrolled Affiliate must choose and maintain a Reseller authorized in the United States. Enrolled Affiliate will acquire its Licenses through its chosen Reseller. Orders must be submitted to the Reseller who will transmit the order to Microsoft. The Reseller and Enrolled Affiliate determine pricing and payment terms as between them, and Microsoft will invoice the Reseller based on those terms.
price. Resellers and other third parties do not have authority to bind or impose any obligation or liability on Microsoft.
f. Adding Products.
(i) Adding new Products not previously ordered. New Enterprise Products or Enterprise Online Services may be added at any time by contacting a Microsoft Account Manager or Reseller. New Additional Products, other than Online Services, may be used if an order is placed in the month the Product is first used. For Additional Products that are Online Services, an initial order for the Online Service is required prior to use. 621
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(ii) Adding Licenses for previously ordered Products. Additional Licenses for previously ordered Products other than Online Services may be added at any time but must be included in the next true-up order. Additional Licenses for Online Services must be ordered prior to use, unless the Online Services are (1) identified as eligible for true-up in the Product Terms or (2) included as part of other Licenses. g. True-up requirements. Enrolled Affiliate must submit an annual true-up order that accounts for any changes since the initial order or last order. If there are no changes, then an update statement must be submitted instead of a true-up order. (i) Enterprise Products. For Enterprise Products, Enrolled Affiliate must determine the number of Qualified Devices and Qualified Users (if ordering user-based Licenses) at the time the true-up order is placed and must order additional Licenses for all Qualified Devices and Qualified Users that are not already covered by existing Licenses, including any Enterprise Online Services.
(ii) Additional Products. For Additional Products that have been previously ordered under this Enrollment, Enrolled Affiliate must determine the maximum number of Additional Products used since the latter of the initial order, the last true-up order, or the prior anniversary date and submit a true-up order that accounts for any increase. (iii) Online Services. For Online Services identified as eligible for true-up in the Product Terms, Enrolled Affiliate may place a reservation order for the additional Licenses prior to use and payment may be deferred until the next true-up order. Microsoft will provide a report of Reserved Licenses ordered but not yet invoiced to Enrolled Affiliate and its Reseller. Reserved Licenses will be invoiced retrospectively to the month in which they were ordered.
(iv) Subscription License reductions. Enrolled Affiliate may reduce the quantity of Subscription Licenses at the Enrollment anniversary date on a prospective basis if permitted in the Product Terms, as follows:
1) For Subscription Licenses that are part of an Enterprise-wide purchase, Licenses may be reduced as long as (a) the initial order minimum requirements are maintained and (b) the total quantity of Licenses and Software Assurance for an applicable group meets or exceeds the quantity of Qualified Devices and Qualified Users (if ordering user-based Licenses) identified on the Product Selection Form, and includes any additional Qualified Devices and Qualified Users added in any prior true-up orders.

Step-up Licenses do not count towards this total count. 2) For Enterprise Online Services in a given Product pool that are not a part of an Enterprise-wide purchase, Licenses can be reduced as long as (a) the initial order minimum requirements are maintained and (b) all then-active users of each Online Service are included the total quantity of Licenses remaining after the reduction. An Enrolled Affiliate may reduce Licenses for Online Services on or before the Enrollment anniversary date and place a reservation order for such licenses within 90 days after the anniversary date; however, any licenses ordered as described in this section will be invoiced to the Enrolled Affiliate for the time period the licenses were made available. Subscription Licenses ordered upfront may not be reduced. 3) For Additional Products available as Subscription Licenses, Enrolled Affiliate may reduce the Licenses. If the L
use of the applicable Subscription License will be cancelled.

Invoices will be adjusted to reflect any reductions in Subscription Licenses at the true-up order Enrollment anniversary date and effective as of such date. (v) Update statement. An update statement must be submitted instead of a true-up order if, since the initial order or last truechanged the number of Qualified Devices and Qualified Users licensed with Enterprise Products or Enterprise Online Services; and (2) has not increased its usage of Additional 622
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Products. This update statement must be signed by Enrolled Affiliat representative.
(vi) True-up order period. The true-up order or update statement must be received by Microsoft between 60 and 30 days prior to each Enrollment anniversary date. The last true-up order or update statement during an Enrollment term is due within 30 days prior to the Expiration Date, and any license reservations within this 30-day period will not be accepted. Enrolled Affiliate may submit true-up orders more often to account for increases in Product usage, but an annual true-up order or update statement must still be submitted during the annual order period.
(vii)Late true-up order. If the true-up order or update statement is not received when due, Microsoft may invoice Reseller for all Reserved Licenses not previously invoiced and Subscription License reductions cannot be reported until the following Enrollment anniversary date (or at Enrollment renewal, as applicable). h. Step-up Licenses. For Licenses eligible for a step-up under this Enrollment, Enrolled Affiliate may step-up to a higher edition or suite as follows:
(i) For step-up Licenses included on an initial order, Enrolled Affiliate may order according to the true-up process.
(ii) If step-up Licenses are not included on an initial order, Enrolled Affiliate may step-up initially by following the process described in the Section title -up Licenses, by following the true-up order
process.
i. Clerical errors. Microsoft may correct clerical errors in this Enrollment, and any documents submitted with or under this Enrollment, by providing notice by email and a reasonable opportunity for Enrolled Affiliate to object to the correction. Clerical errors include minor mistakes, unintentional additions and omissions. This provision does not apply to material terms, such as the identity, quantity or price of a Product ordered. j. Verifying compliance. Microsoft may, in its discretion and at its expense, verify compliance with this Enrollment as set forth in the Enterprise Agreement.

3. Pricing.
a. Price Levels. For both the initial and
b. Setting Prices. Unless otherwise expressly agreed to by the parties and except for Online Services designated in the Product Terms as being exempt from fixed pricing, Enrolled As long as
for Resellers
for each Product or Service ordered will be fixed throughout the applicable initial or renewal to Resellers are reestablished at the beginning of the
renewal term.

4. Payment terms.

For the initial or renewal order,
installments.
remaining installments will be invoiced on each subsequent Enrollment anniversary date. Subsequent orders are invoiced upon acceptance of the order and Enrolled Affiliate may elect to pay annually or upfront for Online Services and upfront for all other Licenses. 623
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5. End of Enrollment term and termination.
a. General. At the Expiration Date, Enrolled Affiliate must immediately order and pay for Licenses for Products it has used but has not previously submitted an order, except as otherwise provided in this Enrollment.
b. Renewal option. At the Expiration Date of the initial term, Enrolled Affiliate may request to renew Products and Services under this Enrollment for one additional 36-month term.

Microsoft may make changes to this program that will make it necessary for Customer and its Enrolled Affiliates to enter into new agreements or Enrollments in order to renew. In order for a renewal request to be considered, Microsoft must receive a Renewal Form, Product Selection Form, and renewal request prior to or at the Expiration Date. Microsoft will review a renewal request made under this section in good faith and may accept or reject such request in its sole discretion.
c. If Enrolled Affiliate elects not to renew.
(i) Software Assurance. If Enrolled Affiliate elects not to renew Software Assurance for any Product under its Enrollment, then Enrolled Affiliate will not be permitted to order Software Assurance later without first acquiring a new License with Software Assurance. (ii) Online Services eligible for an Extended Term. For Online Services identified as eligible for an Extended Term in the Product Terms, the following options are available at the end of the Enrollment initial or renewal term.
1) Extended Term. Licenses for Online Services will automatically expire in accordance with the terms of the Enrollment. An extended term option that allows Online Services to continue month-toTerm, Online Services will be invoiced monthly at the then-current published price as of the Expiration Date plus a 3% administrative fee for up to one year. If Enrolled Affiliate wants an Extended Term, Enrolled Affiliate must submit a request to Microsoft at least 30 days prior to the Expiration Date.
2) Cancellation during Extended Term. At any time during the first twelve months of the Extended Term, Enrolled Affiliate may terminate the Extended Term by submitting a notice of cancellation to Microsoft for each Online Service. Thereafter, Microsoft may condition the continued use of each Online Service on the acceptance of new terms by the Enrolled Affiliate. Enrolled Affiliate will be notified in writing of any new terms at least 60 days before any such changes take effect. Enrolled Affiliate acknowledges and agrees that after the notice described in this section, its continued use of each Online Service after the effective date provided in the notice will constitute its acceptance of the new terms. If Enrolled Affiliate does not agree to the new terms, it must stop using the Online Services and terminate the Extended Term as provided in end of the month following 30 days after Microsoft has received the notice. (iii) Subscription Licenses and Online Services not eligible for an Extended Term. If Enrolled Affiliate elects not to renew, the Licenses will be cancelled and will terminate as of the Expiration Date. Any associated media must be uninstalled and destroyed and est written
certification to verify compliance.
d. Termination for cause. Any termination for cause of this Enrollment will be subject to the section of the Agreement. In addition, it shall be a breach of this Enrollment if Enrolled Affiliate or any Affiliate in the Enterprise that uses Government Community Cloud Services fails to meet and maintain the conditions of membership in the definition of Community.
e. Early termination. Any e
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For Subscription Licenses, in the event of a breach by Microsoft, or if Microsoft terminates an Online Service for regulatory reasons, Microsoft will issue Reseller a credit for any amount paid in advance for the period after termination.

6. Government Community Cloud.
a. Community requirements. If Enrolled Affiliate purchases Government Community Cloud Services, Enrolled Affiliate certifies that it is a member of the Community and agrees to use Government Community Cloud Services solely in its capacity as a member of the Community and, for eligible Government Community Cloud Services, for the benefit of end users that are members of the Community. Use of Government Community Cloud Services by an entity that is not a member of the Community or to provide services to non-Community members is strictly Community Cloud Services without notice. Enrolled Affiliate acknowledges that only Community members may use Government Community Cloud Services. b. All terms and conditions applicable to non-Government Community Cloud Services also apply to their corresponding Government Community Cloud Services, except as otherwise noted in the Use Rights, Product Terms, and this Enrollment.
c. Enrolled Affiliate may not deploy or use Government Community Cloud Services and corresponding non-Government Community Cloud Services in the same domain. d. Use Rights for Government Community Cloud Services. For Government Community Cloud Services, notwithstanding anything to the contrary in the Use Rights:
(i) Government Community Cloud Services will be offered only within the United States. (ii) Additional European Terms, as set forth in the Use Rights, will not apply. (iii) References to geographic areas in the Use Rights with respect to the location of Customer Data at rest, as set forth in the Use Rights, refer only to the United States. 625
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Enrollment Details

1. Make an election for including Affiliates in the Enterprise (Required).

Check only one box in this section. If no boxes are checked, Microsoft will deem the Enterprise to include the Enrolled Affiliate only. If more than one box is checked, Microsoft will deem the Enterprise to include the largest number of Affiliates:

Enrolled Affiliate only.

All Affiliates. All Affiliates of Enrolled Affiliate are hereby included in the Enterprise. Enrolled Affiliate represents that its Affiliates are entire offices, bureaus, agencies, departments, or other entities, not partial offices, bureaus, agencies, or departments, or other partial entities. Enrolled Affiliate may order Products for use by its Affiliates. If it does, the licenses granted to Enrolled Affiliate under this Enrollment will apply to such Affiliates, but Enrolled Affiliate will have the sole right to enforce the Agreement and this Enrollment against Microsoft. Enrolled Affiliate will remain responsible for all obligations under this Enrollment and for Enrolled Affiliate including. Only the Enrolled Affiliate and the Affiliates listed below will be included in the Enterprise. Enrolled Affiliate represents that its Affiliates are entire offices, bureaus, agencies, departments, or other entities, not partial offices, bureaus, agencies, or departments, or other partial entities. Enrolled Affiliate may order Products for use by its Affiliates. If it does, the licenses granted to Enrolled Affiliate under this Enrollment will apply to such Affiliates, but Enrolled Affiliate will have the sole right to enforce the Agreement and this Enrollment against Microsoft. Enrolled Affiliate will remain The following Affiliates are included in the Enterprise:

Notwithstanding anything to the contrary in the Agreement, the parties acknowledge and agree to the following:

Each party will comply with all laws and regulations applicable to the import or export of the Products, including, without limitation, trade laws of the U.S., EU, and UK, such as the U.S. Export Administration Regulations, sanctions regulations administered by the U.S. Office of Foreign Assets Control, the EU Dual Use Regulation 2021/821, and/or other end- . Customer will not, and will ensure its Affiliates will not, take any action that causes Microsoft to violate applicable Trade Laws. Microsoft may suspend or terminate this Enrollment immediately without notice to the extent that Microsoft reasonably believes that performance would cause it to violate Trade Laws or put it at risk of becoming subject to sanctions and penalties under such laws. Customer remains responsible Compliance Supplemental Terms incorporated herein by reference.

2. Contact information.

Each party will notify the other in writing if any of the information in the following contact information page(s) changes. The asterisks (*) indicate required fields. By providing contact information, Enrolled Affiliate consents to its use for purposes of administering this Enrollment by Microsoft, its Affiliates, and other parties that help administer this Enrollment. The personal information provided in connection with this Enrollment will be used and protected in accordance with the privacy statement available at https://privacy.microsoft.com/privacystatement. a. Primary contact. This contact is the primary contact for the Enrollment from within Enrolled may also be an Online Administrator for Volume Licensing 626
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in the Microsoft 365 Admin Center (MAC)and may grant online access to others. The primary contact will be the default contact for all purposes unless separate contacts are identified for specific purposes
Name of entity (must be legal entity name)* City of Cupertino Contact name: First* Tommy Middle Last* Yu
Contact email address* [email protected]
Street address* 10300 Torre Avenue
City* Cupertino
State* CA
Postal code* 95014-3202-
(Please provide the zip + 4, e.g. xxxxx-xxxx)
Country* United States
Phone* 408-777-3189
Tax ID
Work or School (WSA) Account ID
* indicates required fields
b. Notices contact and Online Administrator. This contact (1) receives the contractual notices, (2) is the Online Administrator for Volume Licensing in the Microsoft 365 Admin Center (MAC)and may grant online access to others, and (3) is authorized to order Reserved Licenses for eligible Online Servies, including adding or reassigning Licenses and stepping-up prior to a true-up order.

Same as primary contact (default if no information is provided below, even if the box is not checked).

Contact name: First* Tommy Middle Last* Yu
Contact email address* [email protected]
Street address* 10300 Torre Avenue
City* Cupertino
State* CA
Postal code* 95014-3202-
(Please provide the zip + 4, e.g. xxxxx-xxxx)
Country* United States
Phone* 408-777-3189
Work or School (WSA) Account ID
Language preference. Choose the language for notices. English This contact is a third party (not the Enrolled Affiliate). Warning: This contact receives personally identifiable information of the Customer and its Affiliates. * indicates required fields
c. Online Services Manager. This contact is authorized to manage the Online Services ordered under the Enrollment and (for applicable Online Services) to add or reassign Licenses and step-up prior to a true-up order.

Same as notices contact and Online Administrator (default if no information is provided below, even if box is not checked)
Contact name: First* Tommy Middle Last* Yu
Contact email address* [email protected]
Phone* 408-777-3189
Work or School (WSA) Account ID
This contact is from a third party organization (not the entity). Warning: This contact receives personally identifiable information of the entity.
* indicates required fields
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d. Reseller information. Reseller contact for this Enrollment is:

Reseller company name* Dell Inc.

Street address (PO boxes will not be accepted)* One Dell Way City* Round Rock
State* TX
Postal code* 78682
Country* United States
Contact name* Government ContractAdmin*
Phone* 847-465-3700
Contact email address* [email protected]
* indicates required fields
By signing below, the Reseller identified above confirms that all information provided in this Enrollment is correct.

Signature*
Printed name*
Printed title*
Date*
* indicates required fields
Changing a Reseller. If Microsoft or the Reseller chooses to discontinue doing business with each other, Enrolled Affiliate must choose a replacement Reseller. If Enrolled Affiliate or the Reseller intends to terminate their relationship, the initiating party must notify Microsoft and the other party using a form provided by Microsoft at least 90 days prior to the date on which the change is to take effect.
e. If Enrolled Affiliate requires a separate contact for any of the following, attach the Supplemental Contact Information form. Otherwise, the notices contact and Online Administrator remains the default.
(i) Additional notices contact
(ii) Software Assurance manager
(iii) Subscriptions manager
(iv) Customer Support Manager (CSM) contact

3. Financing elections.

Is a purchase under this Enrollment being financed through MS Financing? Yes, No.

If a purchase under this Enrollment is financed through MS Financing, and Enrolled Affiliate chooses not to finance any associated taxes, it must pay these taxes directly to Microsoft.

Jordan Ortiz
Sr. Analyst
11/7/2025
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VL Central Amendments M97 Blue

Amendment to Contract Documents
Enrollment Number
AMD000470944
signature form. It amends the Enrollment or Agreement identified above. All terms used but not defined in this Amendment will have the same meanings provided in that Enrollment or Agreement.

Enterprise Enrollment
Invoice for Quoted Price
Amendment ID M97
The price quoted to Enrolled Affiliate is a fixed price based on an estimated order submission date.

Microsoft will invoice Enrolled Affiliate based on this fixed price quote. If this order is submitted later than the estimated order submission date, Enrolled Affiliate will be charged for net new Monthly Subscriptions (including Online Services) for the period during which these services were not provided.

For Indirect models, Pricing to Enrolled Affiliate is agreed between Enrolled Affiliate and Enrolled SKU Number SKU Description Existing Quantity Incremental quantities
T6A-00024 O365 E1 Sub Per Use 115 0
AAA-10758 O365 E3 FSA Renewal
Sub Per User 248 0
AAA-10842 O365 E3 Sub Per User 2 0
SY9-00004 O365 E5 Sub Per User 14 0
7LS-00002 Planner & Project P3 Sub
Per User 3 0
SEJ-00002 Power Apps Premium
Sub Per User 2 0
NK4-00002 Power BI Pro Sub Per
User 1 1
NYG-00001 Teams AC with Dial Out
US/CA Sub Add-on 364 1
AAA-12416 CCAL Bridge O365 FSA
Renewal Sub Per User 282 0
AAA-12414 CCAL Bridge O365 Sub
Per User 96 1
83I-00001 M365 Copilot Sub Addon
5 0
1O4-00001 Power Automate
Premium Sub Per User 0 7
6E6-00003 Entra ID P2 Sub Per
User 3 0
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Except for changes made by this Amendment, the Enrollment or Agreement identified above remains unchanged and in full force and effect. If there is any conflict between any provision in this Amendment and any provision in the Enrollment or Agreement identified above, this Amendment shall control.

Microsoft Internal Use Only:
"(M97)EnrAmend(Ind)(InvoiceforQuotedPrice)
(WW)(ENG)(Dec2024)(IU).docx"
M97 Blue
This Amendment must be attached to a signature form to be valid. 632
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Previous Enrollment(s)/Agreement(s) Form
Entity Name: City of Cupertino
Contract that this form is attached to: State Local Government entity
Government Partner, Institution, or other party entering into a volume licensing program agreement.

Please provide a description of the previous Enrollment(s), Agreement(s), Purchasing Account(s), and/or Affiliate Registration(s) being renewed or consolidated into the new contract identified above. a. Entity may select below any previous contract(s) from which to transfer MSDN subscribers to this new contract. Entity shall ensure that each MSDN subscriber transferred is either properly licensed under the new contract or is removed. b. Entity may select below only one previous contract from which to transfer the Software Assurance (SA) Benefit contact details, i.e., benefits contact (not the SA manager) and the program codes, to this new contract.
c. An Open License cannot be used to transfer either the SA Benefit details or MSDN subscribers.
d. The date of the earliest expiring Enrollment/Agreement that contains SA or Online Services will be the effective date of the new contract (or SA coverage period for Select Plus). e. Please insert the number of the earliest expiring Enrollment/Agreement with SA or Online Services in the appropriate fields of the new contract.

Enrollment/Agreement/
Purchasing Account/Affiliate
Registration Description
Enrollment/Agreement/
Purchasing Account/Affiliate
Registration Public Customer
Number
Transfer
SA Benefit
Contact
Transfer
MSDN
Subscribers
Standard Enrollment 53381734 X X
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Enterprise Agreement State and Local
Not for Use with Microsoft Business Agreement or Microsoft Business and Services Agreement This Microsoft Enterprise Agreement (“Agreement”) is entered into between the entities identified on the signature form.

Effective date. The effective date of this Agreement is the earliest effective date of any Enrollment entered into under this Agreement or the date Microsoft accepts this Agreement, whichever is earlier.

This Agreement consists of (1) these Agreement terms and conditions, including any amendments and the signature form and all attachments identified therein, (2) the Product Terms applicable to Products licensed under this Agreement, (3) any Affiliate Enrollment entered into under this Agreement, and (4) any order submitted under this Agreement.

Please note: Documents referenced in this Agreement but not attached to the signature form may be found at http://www.microsoft.com/licensing/contracts and are incorporated in this Agreement by reference, including the Product Terms and Use Rights. These documents may contain additional terms and conditions for Products licensed under this Agreement and may be changed from time to time. Customer should review such documents carefully, both at the time of signing and periodically thereafter, and fully understand all terms and conditions applicable to Products licensed.

Terms and Conditions

1. Definitions.
“Affiliate” means
a. with regard to Customer,
(i) any government agency, department, office, instrumentality, division, unit or other entity of the state or local government that is supervised by or is part of Customer, or which supervises Customer or of which Customer is a part, or which is under common supervision with Customer;
(ii) any county, borough, commonwealth, city, municipality, town, township, special purpose district, or other similar type of governmental instrumentality established by the laws of Customer’s state and located within Customer’s state jurisdiction and geographic boundaries; and
(iii) any other entity in Customer’s state expressly authorized by the laws of Customer’s state to purchase under state contracts; provided that a state and its Affiliates shall not, for purposes of this definition, be considered to be Affiliates of the federal government and its Affiliates; and
b. with regard to Microsoft, any legal entity that Microsoft owns, that owns Microsoft, or that is under common ownership with Microsoft.
“Customer” means the legal entity that has entered into this Agreement with Microsoft. “Customer Data” means all data, including all text, sound, software, image, or video files that are provided to Microsoft by, or on behalf of, an Enrolled Affiliate and its Affiliates through use of Online Services. "day" means a calendar day, except for references that specify “business day”. “Enrolled Affiliate” means an entity, either Customer or any one of Customer’s Affiliates that has entered into an Enrollment under this Agreement.

ATTACHMENT B
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“Enrollment” means the document that an Enrolled Affiliate submits under this Agreement to place orders for Products.
“Enterprise” means an Enrolled Affiliate and the Affiliates for which it is responsible and chooses on its Enrollment to include in its enterprise.
“Fixes” means Product fixes, modifications or enhancements, or their derivatives, that Microsoft either releases generally (such as Product service packs) or provides to Customer to address a specific issue. “License” means the right to download, install, access and use a Product. For certain Products, a License may be available on a fixed term or subscription basis (“Subscription License”). Licenses for Online Services will be considered Subscription Licenses.
“Microsoft” means the Microsoft Affiliate that has entered into this Agreement or an Enrollment and its Affiliates, as appropriate.
“Online Services” means the Microsoft-hosted services identified as Online Services in the Product Terms. “Product” means all products identified in the Product Terms, such as all Software, Online Services and other web-based services, including pre-release or beta versions. “Product Terms” means the document that provides information about Microsoft Products and Professional Services available through volume licensing. The Product Terms document is published on the Volume Licensing Site and is updated from time to time.
“SLA” means Service Level Agreement, which specifies the minimum service level for Online Services and is published on the Volume Licensing Site.
“Software” means licensed copies of Microsoft software identified on the Product Terms. Software does not include Online Services, but Software may be part of an Online Service. “Software Assurance” is an offering by Microsoft that provides new version rights and other benefits for Products as further described in the Product Terms.
“Trade Secret” means information that is not generally known or readily ascertainable to the public, has economic value as a result, and has been subject to reasonable steps under the circumstances to maintain its secrecy.
“use” or “run” means to copy, install, use, access, display, run or otherwise interact. “Use Rights” means, with respect to any licensing program, the use rights or terms of service for each Product and version published for that licensing program at the Volume Licensing Site and updated from time to time. The Use Rights include the Product-Specific License Terms, the License Model terms, the Universal License Terms, the Data Protection Terms, and the Other Legal Terms. The Use Rights supersede the terms of any end user license agreement (on-screen or otherwise) that accompanies a Product.
“Volume Licensing Site” means http://www.microsoft.com/licensing/contracts or a successor site.

2. How the Enterprise program works.
a. General. The Enterprise program consists of the terms and conditions on which an Enrolled Affiliate may acquire Product Licenses. Under the Enterprise program, Customer and its Affiliates may order Licenses for Products by entering into Enrollments. b. Enrollments. The Enterprise program gives Customer and/or its Affiliates the ability to enter into one or more Enrollments to order Products. Subscription Enrollments may be available for some of these Enrollments. Notwithstanding any other provision of this Agreement, only Enrolled Affiliates identified in an Enrollment will be responsible for complying with the terms of that Enrollment, including the terms of this Agreement incorporated by reference in that Enrollment.
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c. Licenses. The types of Licenses available are (1) Licenses obtained under Software Assurance (L&SA), and (2) Subscription Licenses. These License types, as well as additional License Types, are further described in the Product List.

3. Licenses for Products.
a. License Grant. Microsoft grants the Enterprise a non-exclusive, worldwide and limited right to download, install and use software Products, and to access and use the Online Services, each in the quantity ordered under an Enrollment. The rights granted are subject to the terms of this Agreement, the Use Rights and the Product Terms. Microsoft reserves all rights not expressly granted in this Agreement.
b. Duration of Licenses. Subscription Licenses and most Software Assurance rights are temporary and expire when the applicable Enrollment is terminated or expires, unless the Enrolled Affiliate exercises a buy-out option, which is available for some Subscription Licenses.

Except as otherwise noted in the applicable Enrollment or Use Rights, all other Licenses become perpetual only when all payments for that License have been made and the initial Enrollment term has expired.
c. Applicable Use Rights. The latest Use Rights as updated from time to time, apply to the use of all Products, subject to the following exceptions.
(i) For products with metered usage-based pricing (e.g. metered Microsoft Azure Services) Material adverse changes published after the start of a calendar month will apply beginning the following month.
(ii) For Versioned Software. Material adverse changes published after the date a Product is first licensed will not apply to any licenses for that Product acquired during the applicable Enrollment term unless the changes are published with the release of a new version and Customer chooses to update to that version. Renewal of Software Assurance does not change which Use Rights apply to perpetual Licenses acquired during a previous term or Enrollment
(iii) For all other Products (e.g. Office 365 services). Material adverse changes published after the start of the subscription term will not apply to any licenses for that Product acquired during the applicable Enrollment term.
(iv) For use rights granted through Software Assurance. Material adverse changes published after the date a Product is first licensed will not apply to any licenses for that Product during the applicable enrollment term unless the changes are published with the release of a new version and Customer chooses to update to that version. d. Downgrade rights. Enrolled Affiliate may use an earlier version of a Product other than Online Services than the version that is current on the effective date of the Enrollment. For Licenses acquired in the current Enrollment term, the Use Rights for the current version apply to the use of the earlier version. If the earlier Product version includes features that are not in the new version, then the Use Rights applicable to the earlier version apply with respect to those features.
e. New Version Rights under Software Assurance. Enrolled Affiliate must order and maintain continuous Software Assurance coverage for each License ordered. With Software Assurance coverage, Enterprise automatically has the right to use a new version of a licensed Product as soon as it is released, even if Enrolled Affiliate chooses not to use the new version immediately. (i) Except as otherwise permitted under an Enrollment, use of the new version will be subject to the new version’s Use Rights.
(ii) If the License for the earlier version of the Product is perpetual at the time the new version is released, the License for the new version will also be perpetual. Perpetual Licenses 636
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obtained through Software Assurance replace any perpetual Licenses for the earlier version.
f. License confirmation. This Agreement, the applicable Enrollment, Enrolled Affiliate’s order confirmation, and any documentation evidencing transfers of perpetual Licenses, together with proof of payment, will be Enrolled Affiliate’s evidence of all Licenses obtained under an Enrollment.
g. Reorganizations, consolidations and privatizations. If the number of Licenses covered by an Enrollment changes by more than ten percent as a result of (1) a reorganization, consolidation or privatization of an entity or an operating division, (2) a privatization of an Affiliate or an operating division of Enrolled Affiliate or any of its Affiliates, or (3) a consolidation including a merger with a third party that has an existing agreement or Enrollment, Microsoft will work with Enrolled Affiliate in good faith to determine how to accommodate its changed circumstances in the context of this Agreement.

4. Making copies of Products and re-imaging rights.
a. General. Enrolled Affiliate may make as many copies of Products, as it needs to distribute them within the Enterprise. Copies must be true and complete (including copyright and trademark notices) from master copies obtained from a Microsoft approved fulfillment source.

Enrolled Affiliate may use a third party to make these copies, but Enrolled Affiliate agrees it will be responsible for any third party’s actions. Enrolled Affiliate agrees to make reasonable efforts to notify its employees, agents, and any other individuals who use the Products that the Products are licensed from Microsoft and subject to the terms of this Agreement. b. Copies for training/evaluation and back-up. For all Products other than Online Services, Enrolled Affiliate may: (1) use up to 20 complimentary copies of any licensed Product in a dedicated training facility on its premises for purposes of training on that particular Product, (2) use up to 10 complimentary copies of any Products for a 60-day evaluation period, and (3) use one complimentary copy of any licensed Product for back-up or archival purposes for each of its distinct geographic locations. Trials for Online Services may be available if specified in the Use Rights.
c. Right to re-image. In certain cases, re-imaging is permitted using the Product media. If the Microsoft Product is licensed (1) from an original equipment manufacturer (OEM), (2) as a full packaged Product through a retail source, or (3) under another Microsoft program, then media provided under this Agreement may generally be used to create images for use in place of copies provided through that separate source. This right is conditional upon the following:
(i) Separate Licenses must be acquired from the separate source for each Product that is reimaged. (ii) The Product, language, version, and components of the copies made must be identical to the Product, language, version, and all components of the copies they replace, and the number of copies or instances of the re-imaged Product permitted remains the same. (iii) Except for copies of an operating system and copies of Products licensed under another Microsoft program, the Product type (e.g., Upgrade or full License) re-imaged must be identical to the Product type licensed from the separate source. (iv) Enrolled Affiliate must adhere to any Product-specific processes or requirements for reimaging identified in the Product Terms.

Re-imaged Products remain subject to the terms and use rights of the License acquired from the separate source. This subsection does not create or extend any Microsoft warranty or support obligation.
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5. Transferring and reassigning Licenses.
a. License transfers. License transfers are not permitted, except that Customer or an Enrolled Affiliate may transfer only fully paid perpetual Licenses to:
(i) an Affiliate, or
(ii) a third party solely in connection with the transfer of hardware or employees to whom the Licenses have been assigned as part of (1) a privatization of an Affiliate or agency or of an operating division of Enrolled Affiliate or an Affiliate, (2) a reorganization, or (3) a consolidation.

Upon such transfer, Customer or Enrolled Affiliate must uninstall and discontinue using the licensed Product and render any copies unusable.
b. Notification of License Transfer. Enrolled Affiliate must notify Microsoft of a License transfer by completing a license transfer form, which can be obtained from http://www.microsoft.com/licensing/contracts and sending the completed form to Microsoft before the License transfer. No License transfer will be valid unless Enrolled Affiliate provides to the transferee, and the transferee accepts in writing, documents sufficient to enable the transferee to ascertain the scope, purpose and limitations of the rights granted by Microsoft under the licenses being transferred (includingthe applicable Use Rights, use and transfer restrictions, warranties and limitations of liability). Any License transfer not made in compliance with this section will be void.
c. Internal Assignment of Licenses and Software Assurance. Licenses and Software Assurance must be assigned to a single user or device within the Enterprise. Licenses and Software Assurance may be reassigned within the Enterprise as described in the Use Rights.

6. Term and termination.
a. Term. The term of this Agreement will remain in effect unless terminated by either party as described below. Each Enrollment will have the term provided in that Enrollment. b. Termination without cause. Either party may terminate this Agreement, without cause, upon 60 days’ written notice. In the event of termination, new Enrollments will not be accepted, but any existing Enrollment will continue for the term of such Enrollment and will continue to be governed by this Agreement.
c. Mid-term termination for non-appropriation of Funds. Enrolled Affiliate may terminate this Agreement or an Enrollment without liability, penalty or further obligation to make payments if funds to make payments under the Agreement or Enrollment are not appropriated or allocated by the Enrolled Affiliate for such purpose.
d. Termination for cause. Without limiting any other remedies it may have, either party may terminate an Enrollment if the other party materially breaches its obligations under this Agreement, including any obligation to submit orders or pay invoices. Except where the breach is by its nature not curable within 30 days, the terminating party must give the other party 30 days’ notice of its intent to terminate and an opportunity to cure the breach.

If Microsoft gives such notice to an Enrolled Affiliate, Microsoft also will give Customer a copy of that notice and Customer agrees to help resolve the breach. If the breach affects other Enrollments and cannot be resolved between Microsoft and Enrolled Affiliate, together with Customer’s help, within a reasonable period of time, Microsoft may terminate this Agreement and all Enrollments under it. If an Enrolled Affiliate ceases to be Customer’s Affiliate, it must promptly notify Microsoft, and Microsoft may terminate the former Affiliate’s Enrollment. If an Enrolled Affiliate terminates its Enrollment as a result of a breach by Microsoft, or if Microsoft terminates an Enrollment because Enrolled Affiliate ceases to be Customer’s Affiliate, then Enrolled Affiliate will have the early termination rights described in the Enrollment. 638
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e. Early termination. If (1) an Enrolled Affiliate terminates its Enrollment as a result of a breach by Microsoft, or (2) if Microsoft terminates an Enrollment because the Enrolled Affiliate has ceased to be an Affiliate of Customer, or (3) Enrolled Affiliate terminates an Enrollment for nonappropriation of funds, or (4) Microsoft terminates an Enrollment for non-payment due to nonappropriation of funds, then the Enrolled Affiliate will have the following options:
(i) It may immediately pay the total remaining amount due, including all installments, in which case, the Enrolled Affiliate will have perpetual rights for all Licenses it has ordered; or (ii) It may pay only amounts due as of the termination date, in which case the Enrolled Affiliate will have perpetual Licenses for:
1) all copies of Products (including the latest version of Products ordered under SA coverage in the current term) for which payment has been made in full, and 2) the number of copies of Products it has ordered (including the latest version of Products ordered under Software Assurance coverage in current term) that is proportional to the total of installment payments paid versus total amounts due (paid and payable) if the early termination had not occurred. (iii) In the case of early termination under subscription Enrollments, Enrolled Affiliate will have the following options:
1) For eligible Products, Enrolled Affiliate may obtain perpetual Licenses as described in the section of the Enrollment titled “Buy-out option,” provided that Microsoft receives the buy-out order for those Licenses within 60 days after Enrolled Affiliate provides notice of termination.
2) In the event of a breach by Microsoft, if Customer chooses not to exercise a buy-out option, Microsoft will issue Enrolled Affiliate a credit for any amount paid in advance for Subscription Licenses that the Enterprise will not be able to use to do the termination of the Enrollment.

Nothing in this section shall affect perpetual License rights acquired either in a separate agreement or in a prior term of the terminated Enrollment. f. Effect of termination or expiration. When an Enrollment expires or is terminated, (i) Enrolled Affiliate must order Licenses for all copies of Products it has run for which it has not previously submitted an order. Any and all unpaid payments for any order of any kind remain due and payable. Except as provided in the subsection titled “Early termination,” all unpaid payments for Licenses immediately become due and payable. (ii) Enrolled Affiliate’s right to Software Assurance benefits under this Agreement ends if it does not renew Software Assurance.
g. Modification or termination of an Online Service for regulatory reasons. Microsoft may modify or terminate an Online Service where there is any current or future government requirement or obligation that: (1) subjects Microsoft to any regulation or requirement not generally applicable to businesses operating in the jurisdiction; (2) presents a hardship for Microsoft to continue operating the Online Service without modification; and/or (3) causes Microsoft to believe these terms or the Online Service may conflict with any such requirement or obligation.
h. Program updates. Microsoft may make changes to this program that will make it necessary for Customer and its Enrolled Affiliates to enter into new agreements and Enrollments at the time of an Enrollment renewal.
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7. Use, ownership, rights, and restrictions.
a. Products. Unless otherwise specified in a supplemental agreement, use of any Product is governed by the Use Rights specific to each Product and version and by the terms of the applicable supplemental agreement.
b. Fixes. Each Fix is licensed under the same terms as the Product to which it applies. If a Fix is not provided for a specific Product, any use rights Microsoft provides with the Fix will apply. c. Non-Microsoft software and technology. Enrolled Affiliate is solely responsible for any nonMicrosoft software or technology that it installs or uses with the Products or Fixes. d. Restrictions. Enrolled Affiliate must not (and is not licensed to) (1) reverse engineer, decompile, or disassemble any Product or Fix; (2) install or use non-Microsoft software or technology in any way that would subject Microsoft’s intellectual property or technology to any other license terms; or (3) work around any technical limitations in a Product or Fix or restrictions in Product documentation. Customer must not (and is not licensed to) (1) separate and run parts of a Product or Fix on more than one device, upgrade or downgrade parts of a Product or Fix at different times, or transfer parts of a Product or Fix separately; or (2) distribute, sublicense, rent, lease, lend any Products or Fixes, in whole or in part, or use them to offer hosting services to a third party.
e. Reservation of rights. Products and Fixes are protected by copyright and other intellectual property rights laws and international treaties. Microsoft reserves all rights not expressly granted in this agreement. No rights will be granted or implied by waiver or estoppel. Rights to access or use Software on a device do not give Customer any right to implement Microsoft patents or other Microsoft intellectual property in the device itself or in any other software or devices.

8. Confidentiality.
“Confidential Information” is non-public information that is designated “confidential” or that a reasonable person should understand is confidential, including Customer Data. Confidential Information does not include information that (1) becomes publicly available without a breach of this agreement, (2) the receiving party received lawfully from another source without a confidentiality obligation, (3) is independently developed, or (4) is a comment or suggestion volunteered about the other party’s business, products or services.

Each party will take reasonable steps to protect the other’s Confidential Information and will use the other party’s Confidential Information only for purposes of the parties’ business relationship. Neither party will disclose that Confidential Information to third parties, except to its employees, Affiliates, contractors, advisors and consultants (“Representatives”) and then only on a need-to-know basis under nondisclosure obligations at least as protective as this agreement. Each party remains responsible for the use of the Confidential Information by its Representatives and, in the event of discovery of any unauthorized use or disclosure, must promptly notify the other party.

A party may disclose the other’s Confidential Information if required by law; but only after it notifies the other party (if legally permissible) to enable the other party to seek a protective order.

Neither party is required to restrict work assignments of its Representatives who have had access to Confidential Information. Each party agrees that the use of information retained in Representatives’ unaided memories in the development or deployment of the parties’ respective products or services does not create liability under this Agreement or trade secret law, and each party agrees to limit what it discloses to the other accordingly.

These obligations apply (1) for Customer Data until it is deleted from the Online Services, and (2) for all other Confidential Information, for a period of five years after a party receives the Confidential Information. 640
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9. Privacy and compliance with laws.
a. Enrolled Affiliate consents to the processing of personal information by Microsoft and its agents to facilitate the subject matter of this Agreement. Enrolled Affiliate will obtain all required consents from third parties under applicable privacy and data protection law before providing personal information to Microsoft.
b. Personal information collected under this agreement (1) may be transferred, stored and processed in the United States or any other country in which Microsoft or its service providers maintain facilities and (2) will be subject to the privacy terms specified in the Use Rights.

Microsoft will abide by the requirements of European Economic Area and Swiss data protection law regarding the collection, use, transfer, retention, and other processing of personal data from the European Economic Area and Switzerland.
c. U.S. export. Products and Fixes are subject to U.S. export jurisdiction. Enrolled Affiliate must comply with all applicable international and national laws, including the U.S. Export Administration Regulations and International Traffic in Arms Regulations, and end-user, end use and destination restrictions issued by U.S. and other governments related to Microsoft products, services and technologies.

10. Warranties.
a. Limited warranties and remedies.
(i) Software. Microsoft warrants that each version of the Software will perform substantially as described in the applicable Product documentation for one year from the date the Enterprise is first licensed for that version. If it does not and the Enterprise notifies Microsoft within the warranty term, then Microsoft will, at its option (1) return the price Enrolled Affiliate paid for the Software license, or (2) repair or replace the Software. (ii) Online Services. Microsoft warrants that each Online Service will perform in accordance with the applicable SLA during the Enterprise’s use. The Enterprise’s remedies for breach of this warranty are in the SLA.

The remedies above are the Enterprise’s sole remedies for breach of the warranties in this section. Customer waives any breach of warranty claims not made during the warranty period. b. Exclusions. The warranties in this agreement do not apply to problems caused by accident, abuse, or use in a manner inconsistent with this Agreement, including failure to meet minimum system requirements. These warranties do not apply to free, trial, pre-release, or beta products, or to components of Products that Enrolled Affiliate is permitted to redistribute. c. Disclaimer. Except for the limited warranties above, Microsoft provides no other warranties or conditions and disclaims any other express, implied, or statutory warranties, including warranties of quality, title, non-infringement, merchantability, and fitness for a particular purpose.

11. Defense of third party claims.

The parties will defend each other against the third-party claims described in this section and will pay the amount of any resulting adverse final judgment or approved settlement, but only if the defending party is promptly notified in writing of the claim and has the right to control the defense and any settlement of it. The party being defended must provide the defending party with all requested assistance, information, authority, and must take all reasonable action to mitigate its losses arising from the third-party claim. The defending party will reimburse the other party for reasonable out-of-pocket expenses it incurs in providing assistance.

This section describes the parties’ sole remedies and entire liability for such claims. a. By Microsoft. Microsoft will defend Enrolled Affiliate against any third-party claim to the extent it alleges that a Product or Fix made available by Microsoft for a fee and used within the scope 641
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of the license granted (unmodified from the form provided by Microsoft and not combined with anything else) misappropriates a trade secret or directly infringes a patent, copyright, trademark or other proprietary right of a third party. If Microsoft is unable to resolve a claim of infringement under commercially reasonable terms, it may, at its option, either (1) modify or replace the Product or Fix with a functional equivalent; or (2) terminate Enrolled Affiliate’s license and refund any prepaid license fees (less depreciation on a five-year, straight-line basis) for perpetual licenses and any amount paid for Online Services for any usage period after the termination date. Microsoft will not be liable for any claims or damages due to Enrolled Affiliate’s continued use of a Product or Fix after being notified to stop due to a third-party claim. b. By Enrolled Affiliate. To the extent permitted by applicable law, Enrolled Affiliate will defend Microsoft against any third-party claim to the extent it alleges that: (1) any Customer Data or non-Microsoft software hosted in an Online Service by Microsoft on Enrolled Affiliate's behalf misappropriates a trade secret or directly infringes a patent, copyright, trademark, or other proprietary right of a third party; or (2) Enrolled Affiliate’s use of any Product or Fix, alone or in combination with anything else, violates the law or damages a third party.

12. Limitation of liability.

For each Product, each party’s maximum, aggregate liability to the other under this Agreement is limited to direct damages finally awarded in an amount not to exceed the amounts Enrolled Affiliate paid for the applicable Products during the term of this Agreement, subject to the following:
a. Online Services. For Online Services, Microsoft’s maximum liability to Enrolled Affiliate for any incident giving rise to a claim will not exceed the amount Enrolled Affiliate paid for the Online Service during the 12 months before the incident. b. Free Products and Distributable Code. For Products provided free of charge and code that Enrolled Affiliate is authorized to redistribute to third parties without separate payment to Microsoft, Microsoft’s liability is limited to direct damages finally awarded up to US$5,000. c. Exclusions. In no event will either party be liable for indirect, incidental, special, punitive, or consequential damages, or for loss of use, loss of business information, loss of revenue, or interruption of business, however caused or on any theory of liability. d. Exceptions. No limitation or exclusions will apply to liability arising out of either party’s (1) confidentiality obligations (except for all liability related to Customer Data, which will remain subject to the limitations and exclusions above); (2) defense obligations; or (3) violation of the other party’s intellectual property rights.

13. Verifying compliance.
a. Right to verify compliance. Enrolled Affiliate must keep records relating to all use and distribution of Products by Enrolled Affiliate and its Affiliates. Microsoft has the right, at its expense, to the extent permitted by applicable law, to verify such compliance with the Product’s license terms. Microsoft will engage an independent auditor and Enrolled Affiliate must provide the independent auditor with any information the auditor reasonably requests in furtherance of the verification, including visible access to systems running the Products and evidence of Licenses for Products Enrolled Affiliate hosts, sublicenses, or distributes to third parties.

Enrolled Affiliate must provide, without undue delay, the foregoing information and access upon request of the independent auditor
b. Verification process. Microsoft will notify Enrolled Affiliate at least 30 calendar days in advance of its intent to verify Enrolled Affiliate’s compliance with the license terms for the Products Enrolled Affiliate use or distribute. The independent auditor is subject to a confidentiality obligation sufficient to cover the auditor’s engagement with Enrolled Affiliate for the verification process. Enrolled Affiliate may, at its discretion, also require a mutually agreeable confidentiality agreement with the independent auditor for access to premises, data 642
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and systems. Such confidentiality agreement between Enrolled Affiliate and auditor must be completed within fourteen (14) days of such request, and shall not restrict the ability for the independent auditor to accurately verify compliance and share the resulting information with Microsoft. Any information collected will be used solely for purposes of determining Enrolled Affiliate’s compliance. This verification will take place during normal business hours and the auditor will make best efforts not to interfere with Enrolled Affiliate’s operations during the course of the audit.
c. Remedies for non-compliance. If verification reveals any use of Products without applicable license rights, then within 30 days Enrolled Affiliate must order sufficient licenses to cover its use, and, if such use or distribution is determined to be in excess of Enrolled Affiliate’s existing licenses by 5% or more of the audited environment(s) in aggregate, then Enrolled Affiliate must reimburse Microsoft for the costs Microsoft incurred in obtaining the verification and acquire the necessary additional licenses. Such licenses will be obtained at 125% of the price, based on the then-current price list. The use percentage is based on the total number of Products used without applicable liscense rights (as described above) compared to the total Product use. If it is verified that Product use is sufficiently licensed, Microsoft will not require the Enterprise to engage in another verification for at least one year. By exercising the rights and procedures described above, Microsoft does not waive its rights to enforce its rights under these Additional Use Rights and Restrictions or to protect its intellectual property by any other legal or contractual means.

14. Miscellaneous.
a. Use of contractors. Microsoft may use contractors to perform services but will be responsible for their performance subject to the terms of this Agreement. b. Microsoft as independent contractor. The parties are independent contractors. Enrolled Affiliate and Microsoft each may develop products independently without using the other’s Confidential Information.
c. Notices. Notices to Microsoft must be sent to the address on the signature form. Notices must be in writing and will be treated as delivered on the date shown on the return receipt or on the courier or fax confirmation of delivery. Microsoft may provide information to Enrolled Affiliate about upcoming ordering deadlines, services, and subscription information in electronic form, including by email to contacts provided by Enrolled Affiliate. Emails will be treated as delivered on the transmission date.
d. Agreement not exclusive. Customer is free to enter into agreements to license, use or promote non-Microsoft products.
e. Amendments. Any amendment to this Agreement must be executed by both parties, except that Microsoft may change the Product Terms and the Use Rights from time to time in accordance with the terms of this Agreement. Any conflicting terms and conditions contained in an Enrolled Affiliate’s purchase order will not apply. Microsoft may require Customer to sign a new agreement or an amendment before an Enrolled Affiliate enters into an Enrollment under this agreement.
f. Assignment. Either party may assign this Agreement to an Affiliate but must notify the other party in writing of the assignment. Any other proposed assignment must be approved by the non-assigning party in writing. Assignment will not relieve the assigning party of its obligations under the assigned agreement. Any attempted assignment without required approval will be void.
g. Applicable law; dispute resolution. The terms of this Agreement will be governed by the laws of Customer’s state, without giving effect to its conflict of laws. Disputes relating to this Agreement will be subject to applicable dispute resolution laws of Customer’s state. 643
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h. Severability. If any provision in this agreement is held to be unenforceable, the balance of the agreement will remain in full force and effect.
i. Waiver. Failure to enforce any provision of this agreement will not constitute a waiver. Any waiver must be in writing and signed by the waiving party. j. No third-party beneficiaries. This Agreement does not create any third-party beneficiary rights.
k. Survival. All provisions survive termination or expiration of this Agreement except those requiring performance only during the term of the Agreement. l. Management and Reporting. Customer and/or Enrolled Affiliate may manage account details (e.g., contacts, orders, Licenses, software downloads) at:
https://www.microsoft.com/licensing/servicecenter (or a successor site). Upon the effective date of this Agreement and any Enrollments, the contact(s) identified for this purpose will be provided access to this site and may authorize additional users and contacts. m. Order of precedence. In the case of a conflict between any documents in this Agreement that is not expressly resolved in those documents, their terms will control in the following order from highest to lowest priority: (1) this Enterprise Agreement, (2) any Enrollment, (3) the Product Terms, (4) orders submitted under this Agreement, and (5) any other documents in this Agreement. Terms in an amendment control over the amended document and any prior amendments concerning the same subject matter.
n. Free Products. It is Microsoft's intent that the terms of this Agreement and the Use Rights be in compliance with all applicable federal law and regulations. Any free Product provided to Enrolled Affiliate is for the sole use and benefit of the Enrolled Affiliate and is not provided for use by or personal benefit of any specific government employee. o. Voluntary Product Accessibility Templates. Microsoft supports the government’s obligation to provide accessible technologies to its citizens with disabilities as required by Section 508 of the Rehabilitation Act of 1973, and its state law counterparts. The Voluntary Product Accessibility Templates (“VPATs”) for the Microsoft technologies used in providing the Online Services can be found at Microsoft’s VPAT page. Further information regarding Microsoft’s commitment to accessibility can be found at http://www.microsoft.com/enable. p. Natural disaster. In the event of a “natural disaster,” Microsoft may provide additional assistance or rights by posting them on http://www.microsoft.com at such time. q. Copyright violation. Except as set forth in the section above entitled “Transferring and reassigning Licenses”, the Enrolled Affiliate agrees to pay for, and comply with the terms of this Agreement and the Use Rights, for the Products it uses. Except to the extent Enrolled Affiliate is licensed under this Agreement, it will be responsible for its breach of this contract and violation of Microsoft’s copyright in the Products, including payment of License fees specified in this Agreement for unlicensed use.
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Customer: City of Cupertino
Contract: Riverside County Master Agreement - ITARC-00934 (8084445) Date of Issue: 11/7/2025 Microsoft Enterprise Agreement (EA) #: Rnwl est of 53381734 Quote Expires: 12/6/2025 (expires 12/31/2025)
Product Description Mfg# Quantity Unit Price Ext. Price Visual Studio Pro with GitHub ALng SA QEK-00003 7 $316.00 $2,212.00 SQL Server Standard Core ALng SA 2L 7NQ-00292 11 $663.50 $7,298.50 Win Server DC Core ALng SA 2L 9EA-00278 48 $142.50 $6,840.00 Win Server Standard Core ALng SA 2L 9EM-00270 24 $21.87 $524.88 Annual Payment Section 1: $16,875.38
Product Description Mfg# Quantity Months Unit Price Ext. Price CCAL Bridge O365 FSA Sub Per User AAA-12416 282 12 $1.46 $4,940.64 CCAL Bridge O365 Sub Per User AAA-12414 97 12 $1.72 $2,002.08 M365 Copilot Sub Add-on 83I-00001 5 12 $31.25 $1,875.00 O365 E5 Existing Customer Sub Per User SY9-00004 14 12 $34.83 $5,851.44 O365 E3 FSA Renewal Sub Per User AAA-10758 248 12 $17.92 $53,329.92 O365 E3 Existing Customer Sub Per User AAA-10842 2 12 $21.08 $505.92 O365 E1 Existing Customer Sub Per User T6A-00024 115 12 $9.16 $12,640.80 Entra ID P2 Sub Per User 6E6-00003 3 12 $7.01 $252.36
Azure prepayment (commercial) - replacing unused Azure-Government on expiring EA at renewal time, with Azure-commercial/global - Microsoft can then move the credit card billing from the card to your new EA that starts 1/1/2026 (unless you do it with SWO before then). 6QK-00001 1 12 $104.16 $1,249.92 Azure Standard Support (commercial) W6T-00003 1 12 $104.16 $1,249.92 Power Apps Premium Sub Per User SEJ-00002 2 12 $18.33 $439.92 Power Automate Premium Sub Per User 1O4-00001 7 12 $13.75 $1,155.00 Power BI Pro Sub Per User NK4-00002 2 12 $10.90 $261.60 Planner & Project P3 Sub Per User 7LS-00002 3 12 $23.37 $841.32 Teams AC with Dial Out US/CA Sub Add-on NYG-00001 365 12 $0.00 $0.00 Annual Payment Section 2: $86,595.84
Notes: Total Annual Payment Yr 1 $103,471.22
Microsoft Enterprise Agreement (EA) Master#: 8084445 Total Annual Payment Yr 2 $103,471.22 Microsoft Enterprise Agreement (EA) Enrollment#: Future/TBD Total Annual Payment Yr 3 $103,471.22 Total of 3 years of Payments $310,413.66
Preliminary pricing based upon July 2025 price list - will update as time gets closer Notes:

Quote prepared by: Chris A Johnson
Section 1- Licenses and Software Assurance
Section 2- Monthly Subscriptions

ATTACHMENT C
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CITY OF CUPERTINO
Agenda Item
25-14491 Agenda Date:
11/18/2025 Agenda #:

12. Subject: Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 CITY OF CUPERTINO Page 1 of 1 Printed on 11/12/2025
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CITY COUNCIL STAFF REPORT
Meeting: November 18, 2025
Subject
Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Recommended Action
Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Reasons for Recommendation
Background
On May 20, 2025, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment reports, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.

The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report."
Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly.

Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending September 30, 2025. The report is as of October 22, 2025. 647
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2 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments.

While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report subcommittee.

The City’s General Ledger cash and investments balance totaled $301.4 million, reflecting a $16.3 million decrease from the prior quarter. The previously reported balance for the quarter ending June 30, 2025, has also been adjusted to reflect year-end entries, including mark-to-market adjustments to investment holdings and other standard year-end accounting procedures. These adjustments are largely non-cash and do not represent realized gains or losses but are necessary to present the fair market value of the City’s investment portfolio in accordance with accounting standards.

Cash and Investments – General Ledger Balance (Unaudited) Fund Type Quarter Ending
June 30, 2025
Quarter Ending
September 30, 2025
General Fund 212,456,330 189,306,285
Special Revenue 44,834,252 46,012,976
Debt Service 0 2,676,600
Capital Projects 41,674,608 42,460,112
Enterprise 10,083,012 11,475,916
Internal Service 8,706,561 9,479,401
Total $317,754,763 $301,411,291
The City pools cash for all funds except restricted funds. However, the City accounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration.

The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values. 648
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3 Cash and Investments – Bank Balance
Quarter Ending
June 30, 2025
Quarter Ending
September 30,
2025
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 51,674,890 5,268,303 2% Workers' Compensation Checking (Wells Fargo) 40,923 22,912 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1(BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 68,055,207 68,800,823 23%
Investments
Investments (Chandler) 172,701,432 202,164,870 67%
Restricted for Pension2(PARS) 24,320,860 25,665,064 9%
Total Cash and Investments3 $316,793,313 $301,921,972 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. 4 Beginning December 31, 2024, Investment amount reflect cost value.

Wells Fargo Accounts
The City, in collaboration with Chandler and Wells Fargo's relationship manager, continues to evaluate options to maximize investment opportunities for excess funds held in the City's operating account. As previously reported, the operating account was converted to a "Government Advantage Checking" account, which offers full FDIC insurance and an interest rate of 3% through March 31, 2025. As of the end of the September 2025 quarter, there has been no change to the interest rate.

Notable disbursements from this account include:
- A $3.6 million lump-sum payment to CalPERS for the City’s annual Unfunded Accrued Liability (UAL) obligation (July 29, 2025)
- A $2.1 million premium payment to PLAN JPA for the City’s annual liability and property insurance coverage (August 15, 2025)
- A $27.8 million transfer to the City’s investment portfolio (September 30, 2025) To support the effective deployment of funds and minimize idle cash balances, the City has developed an internal cash flow model that projects monthly cash inflows and outflows. This model enables the City to maintain a lower balance in its operating account while still meeting operational needs. The model also incorporates expected seasonal fluctuations in major revenue sources (e.g., property and sales tax) and expenditure patterns (e.g., CalPERS UAL and insurance obligations). 649
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4 To maintain daily liquidity, the City utilizes the Local Agency Investment Fund (LAIF) as a buffer for short-term needs. The combination of the Government Advantage Checking account and LAIF, along with the City's investment portfolio, provides a diversified and flexible approach to managing public funds in alignment with the City’s Investment Policy objectives of safety, liquidity, and return.

Staff will continue refining the cash flow model and evaluating investment options to enhance returns while prioritizing that adequate liquidity is preserved for City operations.

Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.

The City's LAIF account had a balance of $68.8 million. The quarterly interest rate was

4.34%.

Investment Portfolio
In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide:
 Safety to ensure the preservation of capital in the overall portfolio  Sufficient liquidity for cash needs
 A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in highquality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective.

The portfolio's total market value was $205.1 million, compared to $175.1 million at the end of the previous quarter. The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases. In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management.
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5 Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre-fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs.

Contributions made to the trust can only be used to fund retirement plans.

Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 3, 2024, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies.

Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon. The strategic asset allocation ranges for this investment objective are:

The Section 115 Pension Trust had a balance of $25.7 million, an increase of $1.3 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $45.1 million, an increase of $2.4 million from the prior quarter mainly due to investment gains. The quarterly investment return for OPEB Trust was 5.63% and Pension Trust was 5.61%.

Compliance
All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

City Work Program Item/Description
None
City Council Goal
Fiscal Strategy
California Environmental Quality Act
Not applicable.
_____________________________________
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6 Prepared by: __________________
Jonathan Orozco
Finance Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Tina Kapoor
Interim City Manager
Attachments:

A – Chandler Investment Report September 2025
B – Chandler Custodial Statement September 2025
C – PARS Pension and OPEB Account Statement September 2025 D – LAIF Account Statement September 2025
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INVESTMENT REPORT
City of Cupertino | As of September 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. 653 CC 11-18-2025
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TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
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ECONOMIC UPDATE
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


Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.

The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.

The US Treasury yield curve flattened in September, as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

ECONOMIC UPDATE
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-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, remaining below the prepandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
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0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
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0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
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0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6% in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient, but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
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-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
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0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
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40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to

49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although drops in new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.

Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.

Source: Institute for Supply Management

SURVEY BASED MEASURES
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Components of GDP 9/24 12/24 3/25 6/25

2.7% 2.6% 0.4% 1.7%

0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%

0.5% 0.3% -0.4% -0.4%

0.4% 0.3% 0.2% 0.3%

3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increased at an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
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Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Sep-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

BOND YIELDS
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ACCOUNT PROFILE
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OBJECTIVES
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 668
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PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19)
City of Cupertino 0.30% 1.30% 4.93% 4.41% 5.88% 4.92% 1.53% -- 2.33% Benchmark Return 0.24% 1.14% 4.57% 3.77% 5.24% 4.46% 1.15% -- 2.06% City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.21
Average Coupon 3.10%
Average Purchase YTM 3.32%
Average Market YTM 3.38%
Average Credit Quality* AA+
Average Final Maturity 2.56
Average Life 2.27
End Values as
of 06/30/2025
End Values as
of 09/30/2025
Market Value 173,784,957.99 204,001,801.31
Accrued Interest 1,267,966.53 1,106,379.00
Total Market Value 175,052,924.52 205,108,180.31
Income Earned 1,570,445.77 1,646,763.62
Cont/WD 0.00 27,800,000.00
Par 174,552,255.38 204,299,921.15
Book Value 173,154,444.93 202,688,318.55
Cost Value 172,701,432.17 202,164,869.60
United States 37.43%
FHLMC 10.76%
Farm Credit System 2.59%
International Bank for Recon and Dev 2.39%
UnitedHealth Group Incorporated 1.43%
Toyota Motor Corporation 1.39%
Guardian Life Global Funding 1.33%
The Home Depot, Inc. 1.29%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. **Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 16 669
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669 of 935

PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.65 2.56 2.98
Average Modified Duration 2.48 2.21 2.54
Average Purchase Yield 3.32% 3.73%
Average Market Yield 3.66% 3.38% 4.03%
Average Quality** AA+ AA+ AA+
Total Market Value 205,108,180 175,052,925
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 17 670
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SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 37.43% 41.62%
Corporate 24.29% 26.43%
Cash 12.89% 0.00%
Agency CMBS 10.76% 11.78%
ABS 6.40% 8.06%
Supras 3.58% 4.74%
Agency 3.53% 5.90%
Muni Bonds 0.88% 1.02%
Money Mkt Fd 0.24% 0.45%
18 671
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DURATION ALLOCATION
City of Cupertino | Account #10659 | As of September 30, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 15.8% 1.4% 9.3% 19.5% 10.8% 33.1% 10.0% 0.0% 0.0% 19 672
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ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 37.43%
Cash Cash 13.63%
FHLMC Agency CMBS 10.76%
Farm Credit System Agency 2.59%
International Bank for Recon and Dev Supras 2.39%
UnitedHealth Group Incorporated Corporate 1.43%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.33%
The Home Depot, Inc. Corporate 1.29%
Inter-American Development Bank Supras 1.19%
New York Life Insurance Company Corporate 1.18%
Caterpillar Inc. Corporate 1.10%
Royal Bank of Canada Corporate 1.01%
Massachusetts Mutual Life Insurance Corporate 0.97%
Morgan Stanley Corporate 0.97%
Federal Home Loan Banks Agency 0.93%
Simon Property Group, Inc. Corporate 0.91%
Amazon.com, Inc. Corporate 0.90%
State of California Muni Bonds 0.88%
Chubb Limited Corporate 0.87%
Honda Motor Co., Ltd. Corporate 0.86%
Chase Issuance Trust ABS 0.84%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.78%
PepsiCo, Inc. Corporate 0.75%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0.74%
JPMorgan Chase & Co. Corporate 0.74%
The Progressive Corporation Corporate 0.74%
Realty Income Corporation Corporate 0.71%
20 673
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ISSUERS
City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio
Deere & Company Corporate 0.71%
American Express Credit Master Trust ABS 0.70%
Marsh & McLennan Companies, Inc. Corporate 0.70%
WF Card Issuance Trust ABS 0.68%
GM Financial Securitized Term ABS 0.66%
Honda Auto Receivables Owner Trust ABS 0.62%
Metropolitan Life Global Funding I Corporate 0.53%
Toyota Auto Receivables Owner Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.50%
John Deere Owner Trust ABS 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Mercedes-Benz Auto Receivables Trust ABS 0.46%
Meta Platforms, Inc. Corporate 0.45%
Met Tower Global Funding Corporate 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.30%
Wells Fargo & Company Money Mkt Fd 0.21%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
Receivable Cash 0.00%
Payable Cash -0.74%
TOTAL 100.00%
21 674
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QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 23.28% 13.30%
AA 56.92% 65.23%
A 16.64% 18.44%
NA 3.16% 3.03%
Rating 09/30/2025 06/30/2025
Aaa 20.99% 10.52%
Aa 57.92% 66.43%
A 16.60% 18.37%
NA 4.49% 4.68%
Rating 09/30/2025 06/30/2025
AAA 26.36% 15.47%
AA 52.84% 61.31%
A 10.00% 11.68%
NA 10.80% 11.54%
City of Cupertino | Account #10659 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
22 675
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0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 15.8% 1.4% 9.3% 19.5% 10.8% 33.1% 10.0% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 35.0% 27.7% 22.6% 12.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Compared to the Benchmark
23 676
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3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 1.30% 4.41% 5.88% 4.92% 1.53% 2.33% City of Cupertino Net of Fees 1.29% 4.33% 5.81% 4.86% 1.46% 2.25% Benchmark 1.14% 3.77% 5.24% 4.46% 1.15% 2.06%
*Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of September 30, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 24 677
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HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.32%
25 678
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PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.90% 2.43%
Average Market Yield 3.86% 2.41%
Average Quality** AAA AAA
Total Market Value 74,825,162 120,488,632
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 26 679
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SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
LAIF 91.95% 56.48%
Cash 8.05% 43.52%
27 680
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CONSOLIDATED INFORMATION
28 681
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PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 1.87 1.76
Average Modified Duration 1.62 1.50
Average Purchase Yield 3.47% 3.20%
Average Market Yield 3.51% 3.37%
Average Quality** AA+ AA+
Total Market Value 279,933,343 295,541,556
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 682
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SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 27.39% 24.58%
LAIF 24.68% 23.13%
Corporate 17.77% 15.61%
Cash 11.59% 17.82%
Agency CMBS 7.88% 6.96%
ABS 4.69% 4.76%
Supras 2.62% 2.80%
Agency 2.58% 3.49%
Muni Bonds 0.64% 0.60%
Money Mkt Fd 0.18% 0.27%
30 683
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PORTFOLIO HOLDINGS
31 684
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 11,321.44 03/10/2022

2.34%
11,318.93
11,320.94

99.92 4.46%
11,312.23

11.67 0.01%
(8.71)
Aaa/NA
AAA

0.96 0.04
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 138,229.02 07/12/2022

3.77%
138,215.82
138,225.17

99.86 4.30%
138,040.49
229.77

0.07%
(184.68)
Aaa/NA
AAA

1.38 0.26
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 34,070.08 04/05/2022

3.13%
34,062.96
34,068.20

99.88 4.30%
34,027.96

44.01 0.02%
(40.24)
Aaa/AAA
NA

1.38 0.10
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024

5.41%
609,983.04
609,990.77
100.71

4.26%
614,338.81
1,466.71

0.30%
4,348.04
NA/AAA
AAA

1.63 0.59
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 335,295.97 10/12/2022

5.15%
335,269.95
335,286.57
100.33

4.32%
336,408.01
758.51

0.16%
1,121.44
Aaa/NA
AAA

1.71 0.40
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,033,485.85 11/21/2023

5.65%
1,029,287.31
1,031,057.18
100.64

4.18%
1,040,049.73
2,370.13

0.51%
8,992.54
NA/AAA
AAA

2.55 0.61
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 704,600.12 -- 5.64%
706,344.26
705,486.61
101.18

4.06%
712,936.59
1,109.75

0.35%
7,449.98
Aaa/NA
AAA

2.73 0.69
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 915,551.72 11/29/20233.88%
934,935.67
926,018.94
101.50

3.93%
929,293.51
2,421.13

0.46%
3,274.57
NA/AAA
AAA

3.13 0.72
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024

4.58%
858,798.83
853,527.89
101.23

3.89%
860,430.18
1,881.33

0.42%
6,902.29
Aaa/NA
AAA

1.13 1.07
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024

5.13%
499,765.63
499,842.14
101.09

4.09%
505,436.15
1,102.22

0.25%
5,594.01
Aaa/NA
AAA

3.13 1.17
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 535,000.00 05/14/20245.27%
534,935.00
534,954.69
101.36

3.89%
542,272.47
1,018.13

0.27%
7,317.78
NA/AAA
AAA

3.14 0.94
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 -- 4.97%
1,307,922.66
1,308,566.19
100.63

4.04%
1,318,267.28
2,647.29

0.65%
9,701.09
Aaa/NA
AAA

3.22 0.73
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024

4.61%
1,689,742.61
1,689,829.12
100.95

3.88%
1,706,001.09
3,455.11

0.84%
16,171.97
NA/AAA
AAA

3.30 1.23
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/20245.18%
694,894.43
694,923.69
101.18

3.92%
703,192.66
600.02

0.34%
8,268.97
Aaa/AAA
NA

3.41 0.89
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024

4.93%
784,955.96
784,967.72
101.69

3.88%
798,305.67
1,720.02

0.39%
13,337.95
Aaa/AAA
NA

3.62 1.53
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025

4.28%
1,419,974.30
1,419,976.32
100.96

3.92%
1,433,565.26
2,701.16

0.70%
13,588.94
NA/AAA
AAA

4.54 2.36
32 685
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025

4.33%
1,364,977.34
1,364,978.76
101.07

3.94%
1,379,588.30
2,632.93

0.68%
14,609.54
NA/AAA
AAA

4.62 2.43
12,955,384.70 101.01 13,063,466.38 6.40% 3.18
Total ABS 12,932,554.19 4.80% 12,943,020.90 3.99% 26,169.89 120,445.49 1.22 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/20244.85%
1,870,050.00
1,872,486.51
101.62

3.65%
1,905,355.59
42,552.08

0.93%
32,869.09
Aa1/AA+
AA+

1.52 1.43
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/20244.55% 2,412,552.00
2,406,964.03
101.64

3.68%
2,439,262.13
45,916.67

1.20%
32,298.10
Aa1/AA+
AA+

1.60 1.50
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/20234.73% 2,789,612.00
2,794,489.60
101.87

3.70%
2,852,380.27
48,922.22

1.40%
57,890.68
Aa1/AA+
AA+

2.13 1.98
7,072,214.00 101.72 7,196,997.99 3.53% 1.79
Total Agency 7,075,000.00 4.70% 7,073,940.13 3.68% 137,390.97 123,057.87 1.67

AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021

1.36%
687,451.17
656,626.98

98.82 3.87%
642,340.27
1,437.04

0.31%
(14,286.71)
Aa1/AA+
AAA

0.90 0.84
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022

4.36%
950,664.06
981,278.65

98.83 3.82%
988,277.20
2,703.33

0.48%
6,998.55
Aaa/AA+
AA+

1.90 1.75
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024

4.86%
1,913,359.38
1,937,737.14

99.53 3.88%
1,990,610.80
6,285.00

0.98%
52,873.66
Aa1/AAA
AA+

3.24 2.83
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024

4.70%
1,228,178.44
1,244,586.43

98.84 3.90%
1,273,028.29
3,824.29

0.62%
28,441.86
Aa1/AA+
AA+

3.32 3.04
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024

4.74%
1,801,718.75
1,856,103.77

94.85 3.94%
1,896,993.00
3,766.67

0.93%
40,889.23
Aa1/AA+
AAA

3.32 3.06
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024

4.50%
2,465,830.08
2,488,427.42

99.29 3.87%
2,531,946.26
7,841.25

1.24%
43,518.83
Aaa/AA+
AA+

3.32 3.00
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025

4.25%
2,431,738.28
2,440,763.84

98.62 3.90%
2,465,436.25
7,302.08

1.21%
24,672.41
Aa1/AAA
AA+

3.48 3.12
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,978,803.56 09/19/2024

3.82%
1,909,081.65
1,924,520.08

96.96 3.90%
1,918,668.51
4,917.33

0.94%
(5,851.56)
Aa1/AA+
AAA

3.65 3.19
33 686
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024

4.47%
2,039,382.82
2,079,108.26

96.08 3.93%
2,113,763.52
5,105.83

1.04%
34,655.26
Aa1/AA+
AAA

3.73 3.38
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024

4.00%
1,488,375.00
1,512,695.53

94.65 3.93%
1,514,448.48
3,233.33

0.74%
1,752.95
Aa1/AA+
AAA

3.90 3.56
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025

4.21%
1,407,011.72
1,413,817.21

95.07 3.95%
1,426,036.35
3,243.75

0.70%
12,219.14
Aa1/AA+
AAA

3.99 3.62
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.13
1,822,853.66

92.45 3.99%
1,849,057.40
3,448.33

0.91%
26,203.74
Aa1/AA+
AAA

4.32 4.02
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025

3.96%
1,348,652.34
1,350,741.77

89.88 3.99%
1,348,220.40
1,846.25

0.66%
(2,521.37)
Aa1/AA+
AAA

4.57 4.18
21,481,521.82 96.53 21,958,826.72 10.76% 3.51
Total Agency CMBS 22,766,803.56 4.28% 21,709,260.74 3.92% 54,954.49 249,565.98 3.18 CASH
CCYUSD US DOLLAR 27,800,000.00 --

0.00%
27,800,000.00
27,800,000.00

1.00 0.00%
27,800,000.00

0.00 13.63%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD US DOLLAR (1,500,000.00) -- (1,500,000.00)
(1,500,000.00)

1.00 0.00%
(1,500,000.00)

0.00 (0.74%)

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD US DOLLAR 1,934.43 -- 1,934.43
1,934.43

1.00 0.00%
1,934.43

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
26,301,934.43 1.00 26,301,934.43 12.89% 0.00
Total Cash 26,301,934.43 0.00% 26,301,934.43 0.00% 0.00 0.00 0.00

CORPORATE
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/20211.09%
1,866,900.00
1,874,010.79

98.24 3.93%
1,841,971.03
7,239.58

0.90%
(32,039.76)
A1/AA
AA0.610.60
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 -- 1.37%
1,025,051.35
1,033,587.04

98.20 4.11%
1,016,375.40
4,496.50

0.50%
(17,211.64)
A2/A+
A

0.62 0.61
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 1,385,000.00 06/15/20211.13%
1,384,390.60
1,384,913.23

97.99 4.01%
1,357,121.97
4,457.97

0.67%
(27,791.26)
A1/A+
A+

0.71 0.70
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/20211.15%
1,002,230.00
1,000,359.20

97.78 4.07%
977,846.15
2,500.00

0.48%
(22,513.05)
Aa3/AA+
AA+

0.79 0.77
34 687
CC 11-18-2025
687 of 935

HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58989V2D5 MET TOWER GLOBAL FUNDING

1.25 09/14/2026 770,000.00 09/07/20211.27%
769,291.60
769,864.99

97.50 3.95%
750,737.36
454.51

0.37%
(19,127.63)
Aa3/AAAA0.96

0.93 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021

1.09%
349,338.50
349,872.84

97.46 3.76%
341,116.15
142.92

0.17%
(8,756.69)
Aa2/AA
AA

0.96 0.94
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/20221.90% 1,113,728.90
1,114,674.92

97.37 4.01%
1,085,643.68
4,645.83

0.53%
(29,031.24)
Aa3/AAAA1.28

1.24 808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/20222.46%
959,729.90
959,919.77

97.84 4.03%
939,235.16
1,829.33

0.46%
(20,684.60)
A2/AA1.42

1.38 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/20222.30%
1,614,693.15
1,614,910.94

97.92 3.78%
1,581,386.91
1,650.89

0.78%
(33,524.03)
Aa2/AA
A+

1.45 1.41
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/20245.04%
998,930.00
999,422.94
101.74

3.88%
1,017,352.43
19,027.78

0.50%
17,929.49
A2/A
A+

1.62 1.52
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/20254.66%
1,429,571.00
1,429,675.01
101.63

3.89%
1,453,368.49
15,515.50

0.71%
23,693.48
A1/A
A+

2.27 2.12
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/20234.90%
944,083.35
944,553.47
102.31

3.87%
966,788.09
2,815.31

0.47%
22,234.62
Aa3/A+
NA

2.44 2.21
61690U8E3 MORGAN STANLEY BANK NA

4.968 07/14/2028 1,950,000.00 07/17/20244.97%
1,950,000.00
1,950,000.00
101.48

4.44%
1,978,827.47
20,720.70

0.97%
28,827.47
Aa3/A+
AA2.791.68
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024

4.68%
1,481,235.00
1,486,203.54
101.01

4.05%
1,515,215.97
10,937.50

0.74%
29,012.43
A2/A
NA

3.34 2.84
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/20244.69%
2,019,920.00
2,015,635.85
102.77

4.05%
2,055,363.44
16,500.00

1.01%
39,727.59
A1/A
AA3.343.03
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/20244.72%
1,455,495.00
1,467,122.19
100.01

4.00%
1,500,192.24
5,000.00

0.74%
33,070.05
A2/A
A

3.42 3.15
64952WFG3 NEW YORK LIFE GLOBAL FUNDING

5.0 06/06/2029 1,000,000.00 07/01/2024

5.12%
994,880.00
996,177.07
102.84

4.16%
1,028,377.03
15,972.22

0.50%
32,199.96
Aa1/AA+
AAA

3.68 3.29
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/20243.93%
1,593,203.89
1,608,445.33

96.46 3.99%
1,604,108.53
14,445.00

0.79%
(4,336.80)
A2/A
A

3.71 3.43
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/20244.93%
992,260.00
994,200.32
102.41

4.05%
1,024,063.81
12,666.67

0.50%
29,863.49
A2/A
A

3.73 3.29
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/20244.69%
1,419,212.41
1,429,375.22

99.37 4.18%
1,453,754.59
12,354.22

0.71%
24,379.37
A3/ANA3.79

3.45 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024

4.53%
1,497,675.00
1,498,236.51
101.78

3.99%
1,526,659.29
13,875.00

0.75%
28,422.78
A1/A+
NA

3.79 3.36
35 688
CC 11-18-2025
688 of 935

HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/20244.27%
1,496,610.00
1,497,522.69
100.19

4.47%
1,502,901.09
11,908.50

0.74%
5,378.40
A1/A
AA3.812.61
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/20244.29%
1,498,710.00
1,499,057.31
100.35

4.49%
1,505,190.86
12,101.17

0.74%
6,133.55
A1/AAA3.81

2.61 30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/20244.33%
910,584.09
910,903.56
101.27

3.94%
923,598.01
5,010.93

0.45%
12,694.45
Aa3/AANA3.87

3.45 171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 -- 4.44%
1,765,746.34
1,762,426.46
101.97

4.09%
1,784,421.36
10,397.92

0.87%
21,994.90
A2/A
A

3.87 3.43
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/20243.94%
1,906,080.00
1,925,891.25

95.41 4.17%
1,908,253.10
7,347.22

0.94%
(17,638.15)
A2/A+
A

3.87 3.60
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/20244.29%
1,758,102.50
1,756,466.68
100.52

4.25%
1,759,181.67
5,561.11

0.86%
2,714.99
A3/ANA3.93

3.56 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING

4.179 09/26/2029 1,205,000.00 09/23/20244.18%
1,205,000.00
1,205,000.00

99.95 4.19%
1,204,411.91
699.40

0.59%
(588.09)
Aa1/AA+
NA

3.99 3.63
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/20244.74%
1,198,092.00
1,198,426.37
102.43

4.05%
1,229,120.40
21,306.67

0.60%
30,694.03
A2/A
A+

4.13 3.66
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 1,365,000.00 12/02/20244.61%
1,364,221.95
1,364,349.78
101.57

4.19%
1,386,376.24
20,232.33

0.68%
22,026.46
Aa1/AA+
AAA

4.18 3.72
89236TNA9 TOYOTA MOTOR CREDIT CORP

4.95 01/09/2030 1,445,000.00 01/06/2025

5.00%
1,441,907.70
1,442,356.47
103.01

4.17%
1,488,490.73
16,292.38

0.73%
46,134.26
A1/A+
A+

4.28 3.79
63743HFX5

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025

4.88%
1,002,873.61
1,002,495.80
103.01

4.19%
1,030,082.76
7,425.00

0.50%
27,586.96
A2/NA
A

4.36 3.80
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/20254.69% 1,397,340.00
1,397,628.75
101.62

4.25%
1,422,736.50
2,893.33

0.70%
25,107.75
A3/AA4.45

3.92 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/20254.58%
998,670.00
998,777.07
100.97

4.31%
1,009,734.11
18,200.00

0.49%
10,957.04
Aa3/AA+
AA+

4.60 4.04
66815L2W8 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/20254.51% 1,004,040.00
1,003,795.29
101.53

4.23%
1,015,312.75
15,077.78

0.50%
11,517.46
Aa1/AA+
AAA

4.67 4.11
828807DK0 SIMON PROPERTYGROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025

4.32%
1,853,380.00
1,856,820.25

93.13 4.25%
1,862,533.72
11,188.89

0.91%
5,713.47
A3/A
NA

4.79 4.40
40139LBN2 GUARDIAN LIFE GLOBAL FUNDING

4.327 10/06/2030 1,500,000.00 09/30/2025

4.33%
1,500,000.00
1,500,000.00
100.00

4.33%
1,500,000.00

0.00 0.74%

0.00 NA/NA
NA

5.02 4.45
36 689
CC 11-18-2025
689 of 935

HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 49,583,000.00 3.96%
49,163,177.84
49,243,078.88

99.99 4.12%
49,547,850.42
352,890.07

24.29%
304,771.53

3.21 2.82

MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,499.43 --

2.10%
52,499.43
52,499.43

1.00 2.10%
52,499.43

0.00 0.03%

0.00 NA/NA
NA

0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 438,129.54 --

3.69%
438,129.54
438,129.54

1.00 3.69%
438,129.54

0.00 0.21%

0.00 Aaa/AAAm
NA

0.00 0.00
Total Money Market
Fund 490,628.97 3.52%
490,628.97
490,628.97

1.00 3.52%
490,628.97

0.00 0.24%

0.00 0.00

0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024

4.38%
1,749,169.80
1,747,420.65
102.61

3.76%
1,785,448.80
13,050.00

0.88%
38,028.15
Aa2/AAAA3.84

3.48 Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,747,420.65
102.61

3.76%
1,785,448.80
13,050.00

0.88%
38,028.15

3.84 3.48

SUPRANATIONAL
459058JL8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
1,400,000.00 --

0.60%
1,393,501.23
1,399,897.80

99.72 4.24%
1,396,079.68
2,975.00

0.68%
(3,818.12)
Aaa/AAA
NA

0.08 0.07
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/20210.97%
2,448,733.20
2,458,759.79

98.33 3.95%
2,419,007.13
9,626.46

1.19%
(39,752.66)
Aaa/AAA
NA

0.55 0.54
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024

4.25%
1,721,510.00
1,726,215.36
100.53

3.73%
1,759,210.15
31,080.00

0.86%
32,994.78
Aaa/AAA
NA

4.04 3.65
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,700,000.00 03/14/2025

4.20%
1,694,220.00
1,694,837.25
101.48

3.76%
1,725,172.09
2,142.71

0.85%
30,334.84
Aaa/AAA
NA

4.47 4.05
Total Supranational 7,310,000.00 2.45%
7,257,964.43
7,279,710.20

99.87 3.91%
7,299,469.04
45,824.17

3.58%
19,758.84

2.23 2.03
37 690
CC 11-18-2025
690 of 935

HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

US TREASURY
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 1,950,000.00 -- 0.49%
1,928,106.03
1,949,623.51

99.68 4.14%
1,943,837.12
2,040.08

0.95%
(5,786.39)
Aa1/AA+
AA+

0.08 0.08
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/20210.76%
2,209,658.20
2,248,582.01

99.39 4.11%
2,236,289.06
2,835.55

1.10%
(12,292.95)
Aa1/AA+
AA+

0.17 0.16
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021

0.75%
2,456,445.31
2,496,890.77

98.81 4.01%
2,470,244.15
1,579.48

1.21%
(26,646.62)
Aa1/AA+
AA+

0.34 0.33
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021

0.80%
2,493,652.34
2,499,255.08

98.25 3.82%
2,456,210.93
7,846.47

1.20%
(43,044.16)
Aa1/AA+
AA+

0.58 0.57
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/20211.19%
1,379,054.68
1,395,780.80

97.24 3.72%
1,361,314.07

33.65 0.67%
(34,466.73)
Aa1/AA+
AA+

1.00 0.98
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/20211.25%
1,391,468.75
1,398,137.18

97.27 3.72%
1,361,773.43
6,591.03

0.67%
(36,363.74)
Aa1/AA+
AA+

1.08 1.05
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/20234.01%
2,525,097.66
2,510,206.07
100.78

3.70%
2,519,531.25
32,274.59

1.24%
9,325.18
Aa1/AA+
AA+

1.21 1.15
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/20244.77%
2,283,109.38
2,291,322.68
101.23

3.67%
2,328,390.63
47,790.98

1.14%
37,067.95
Aa1/AA+
AA+

1.54 1.45
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/20244.65%
3,186,500.00
3,192,713.70
101.30

3.66%
3,241,750.02
54,391.30

1.59%
49,036.32
Aa1/AA+
AA+

1.62 1.53
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --

3.18%
3,260,312.50
3,253,505.79

99.35 3.63%
3,228,925.77
26,693.27

1.58%
(24,580.03)
Aa1/AA+
AA+

1.75 1.67
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/20223.12%
393,218.75
397,487.59

98.44 3.64%
393,750.00
1,853.26

0.19%
(3,737.59)
Aa1/AA+
AA+

1.83 1.76
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 -- 3.28%
4,468,902.34
4,488,032.34

99.07 3.63%
4,458,339.86
12,042.47

2.19%
(29,692.49)
Aa1/AA+
AA+

1.92 1.84
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 -- 4.31%
3,421,152.34
3,438,295.45
100.96

3.62%
3,483,287.12
390.97

1.71%
44,991.67
Aa1/AA+
AA+

2.00 1.90
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/20223.81%
852,656.25
851,152.99
100.53

3.62%
854,482.42
11,069.16

0.42%
3,329.44
Aa1/AA+
AA+

2.17 2.03
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 -- 3.67%
2,775,107.42
2,761,464.55
100.55

3.62%
2,765,146.48
26,930.20

1.36%
3,681.93
Aa1/AA+
AA+

2.25 2.12
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023

3.81%
2,957,929.69
2,980,283.88

99.73 3.62%
2,992,031.25
17,690.22

1.47%
11,747.37
Aa1/AA+
AA+

2.34 2.21
38 691
CC 11-18-2025
691 of 935

HOLDINGS REPORT
City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 -- 4.01%
3,699,113.28
3,699,636.39
100.88

3.61%
3,732,664.04
12,674.03

1.83%
33,027.66
Aa1/AA+
AA+

2.42 2.28
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/20244.62%
2,249,867.19
2,264,590.93
101.52

3.66%
2,335,039.07
260.65

1.14%
70,448.14
Aa1/AA+
AA+

3.50 3.23
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/20244.41%
1,985,546.88
1,989,160.16
101.99

3.68%
2,039,765.62
21,480.98

1.00%
50,605.46
Aa1/AA+
AA+

3.75 3.41
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024

3.45%
3,527,480.47
3,521,675.16

99.76 3.69%
3,491,523.42
10,864.99

1.71%
(30,151.74)
Aa1/AA+
AA+

3.92 3.61
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 -- 3.83%
4,925,039.06
4,939,651.87

99.29 3.69%
4,964,648.45
480.77

2.43%
24,996.58
Aa1/AA+
AA+

4.00 3.70
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/20244.17%
2,993,789.06
2,994,925.75
101.59

3.70%
3,047,695.32
51,786.68

1.49%
52,769.57
Aa1/AA+
AA+

4.08 3.67
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 -- 4.53%
4,369,171.88
4,373,575.74
102.59

3.71%
4,513,781.27
48,648.10

2.21%
140,205.53
Aa1/AA+
AA+

4.25 3.82
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/20254.34%
3,983,906.25
3,985,971.14
102.12

3.72%
4,084,687.52
28,641.30

2.00%
98,716.38
Aa1/AA+
AA+

4.34 3.91
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 -- 4.01%
4,496,958.99
4,497,249.54
101.16

3.71%
4,552,207.02
15,414.36

2.23%
54,957.48
Aa1/AA+
AA+

4.41 4.01
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 2,500,000.00 07/09/20253.95%
2,491,406.25
2,491,799.03
100.61

3.73%
2,515,332.03
24,482.00

1.23%
23,533.00
Aa1/AA+
AA+

4.75 4.26
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 3,000,000.00 --

3.71%
2,988,222.66
2,988,353.55

99.48 3.74%
2,984,531.25
9,312.85

1.46%
(3,822.30)
Aa1/AA+
AA+

4.92 4.45
Total US Treasury 76,100,000.00 3.51%
75,692,873.61
75,899,323.65
100.35

3.72%
76,357,178.56
476,099.41

37.43%
457,854.91

2.74 2.52
Total Portfolio 204,299,921.15 3.32%
202,164,869.60
202,688,318.55

86.90 3.38%
204,001,801.31
1,106,379.00
100.00%
1,313,482.76

2.56 2.21
Total Market Value +
Accrued 205,108,180.31
39 692
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HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 5,268,302.69 03/31/20250.00%
5,268,302.69
5,268,302.69

1.00 0.00%
5,268,302.69

0.00 7.04%

0.00 NA/NA
NA

0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 22,911.92 04/30/20250.00%
22,911.92
22,911.92

1.00 0.00%
22,911.92

0.00 0.03%

0.00 NA/NA
NA

0.00 0.00
CCYUSD US DOLLAR 733,124.59 -- 733,124.59
733,124.59

1.00 0.00%
733,124.59

0.00 0.98%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 6,024,339.20 0.00%
6,024,339.20
6,024,339.20

1.00 0.00%
6,024,339.20

0.00 8.05%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 68,800,823.11 -- 4.20%
68,800,823.11
68,800,823.11

1.00 4.20%
68,800,823.11

0.00 91.95%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 68,800,823.11 4.20%
68,800,823.11
68,800,823.11

1.00 4.20%
68,800,823.11

0.00 91.95%

0.00 0.00

0.00 Total Portfolio 74,825,162.31 3.90%
74,825,162.31
74,825,162.31

1.00 3.86%
74,825,162.31

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 74,825,162.31
40 693
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TRANSACTIONS
41 694
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TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/10/2025 91282CNK3 2,500,000.00

UNITED STATES
TREASURY 3.875
06/30/2030

99.656 3.95% (2,491,406.25) (2,632.47) (2,494,038.72) 0.00 Purchase 08/20/2025 828807DK0 2,000,000.00

SIMON PROPERTY
GROUP LP 2.65
07/15/2030

92.669 4.32% (1,853,380.00) (5,152.78) (1,858,532.78) 0.00 Purchase 09/04/2025 91282CNX5 2,500,000.00

UNITED STATES
TREASURY 3.625
08/31/2030

99.656 3.70% (2,491,406.25) (1,001.38) (2,492,407.63) 0.00 Purchase 09/08/2025 3137FTZQ3 1,500,000.00 FHMS K-110 A2 1.477 04/25/2030 89.910 3.96% (1,348,652.34) (430.79) (1,349,083.13) 0.00 Purchase 09/29/2025 91282CNX5 500,000.00

UNITED STATES
TREASURY 3.625
08/31/2030

99.363 3.77% (496,816.41) (1,452.00) (498,268.41) 0.00
Purchase 10/06/2025 40139LBN2 1,500,000.00

GUARDIAN LIFE

GLOBAL FUNDING

4.327 10/06/2030
100.000 4.33% (1,500,000.00) 0.00 (1,500,000.00) 0.00
Total Purchase 10,500,000.00 (10,181,661.25) (10,669.42) (10,192,330.67) 0.00 TOTAL
ACQUISITIONS 10,500,000.00 (10,181,661.25) (10,669.42) (10,192,330.67) 0.00

DISPOSITIONS
Sale 07/10/2025 3137EAEX3 (600,000.00)

FEDERAL HOME LOAN

MORTGAGE CORP

0.375 09/23/2025

99.187 0.46% 595,122.00 668.75 595,790.75 (4,770.83)
Sale 07/10/2025 91282CAM3 (1,200,000.00)

UNITED STATES
TREASURY 0.25
09/30/2025

99.105 0.56% 1,189,265.63 827.87 1,190,093.50 (9,903.52) Sale 08/20/2025 91282CAT8 (500,000.00)

UNITED STATES
TREASURY 0.25
10/31/2025

99.234 0.49% 496,171.88 380.43 496,552.31 (3,596.43)
Sale 09/04/2025 3135G06G3 (2,000,000.00)

FEDERAL NATIONAL

MORTGAGE
ASSOCIATION 0.5
11/07/2025

99.345 0.56% 1,986,900.00 3,250.00 1,990,150.00 (12,894.69) 42 695
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TRANSACTION LEDGER
City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 09/04/2025 3135G06G3 (500,000.00)

FEDERAL NATIONAL

MORTGAGE
ASSOCIATION 0.5
11/07/2025

99.345 0.56% 496,725.00 812.50 497,537.50 (3,223.67)
Sale 09/04/2025 459058JL8 (1,000,000.00)

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025

99.445 0.60% 994,450.00 1,750.00 996,200.00 (5,403.99)
Total Sale (5,800,000.00) 5,758,634.51 7,689.55 5,766,324.06 (39,793.14) TOTAL
DISPOSITIONS (5,800,000.00) 5,758,634.51 7,689.55 5,766,324.06 (39,793.14) 43 696
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TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/31/2025 90LAIF$00 745,615.67
Local Agency
Investment Fund State
Pool

1.000 4.26% (745,615.67) 0.00 (745,615.67) 0.00
Total Purchase 745,615.67 (745,615.67) 0.00 (745,615.67) 0.00 TOTAL
ACQUISITIONS 745,615.67 (745,615.67) 0.00 (745,615.67) 0.00 44 697
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IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 45 698
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BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 46 699
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED

PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075

CITY OF CUPERTINO -

CHANDLER ASSET MANAGEMENT

ACCOUNT NUMBER

MONTHLY STATEMENT
SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DEREK JOHNSON
TELEPHONE NUMBER:

ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
27425 SE
700
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Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.

ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE

PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED.

TRADE CONFIRMS

PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER.

UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION

YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE.
701
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TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE
REPORT NAME ___________ NUMBER ______
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 18 STATEMENT OF TRANSACTIONS ...................................................................... 19 702
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PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED

INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 27,800,000.00 27,800,000.00 13.63
CASH EQUIVALENTS 490,628.97 490,628.97 0.24 0.00 17,253 3.52 1,934.43 BONDS AND NOTES 173,872,306.29 175,709,262.18 86.13 1,836,955.89 6,236,531 3.55 1,106,430.27 ===================================================================================================================================== TOTAL INVESTMENTS 202,162,935.26 203,999,891.15 100.00 1,836,955.89 6,253,784 3.07 1,108,364.70 TOTAL ACCRUALS 1,108,364.70 1,108,364.70
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 203,271,299.96 205,108,255.85 1,836,955.89 6,253,784 3.07 1,108,364.70 703
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PAGE 2

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ PRINCIPAL CASH 27,800,000.00 27,800,000.00 13.63
CASH EQUIVALENTS ______________________________________________________________________________________________________________________________________ 438,129.54 ALLSPRING 100% TREASURY 438,129.54 438,129.54 0.21 0.00 1,839.12 MONEY MARKET FUND - #008 1.0000 1.0000
52,499.43 PRINCIPAL PUBLIC DEPOSIT SWEEP 52,499.43 52,499.43 0.03 0.00 95.31 PROGRAM 1.0000 1.0000
====================================================================================================================================== TOTAL CASH EQUIVALENTS 490,628.97 490,628.97 0.24 0.00 1,934.43 BOND & NOTES ______________________________________________________________________________________________________________________________________ 1,875,000 AMAZON.COM INC 1,866,900.00 1,841,981.25 0.90 24,918.75- 7,239.58 DTD 05/12/21 1.000 05/12/2026 99.5680 98.2390
MOODY'S RATING A1
CUSIP 023135BX3
1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,433,561.00 0.70 13,586.70 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 100.9550
DTD 05/13/2025 4.280% 04/15/2030

NON CALLABLE
CUSIP 02582JKP4
1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,759,187.50 0.86 1,085.00 5,561.11 MEDIUM TERM NOTE 100.4630 100.5250
DTD 09/05/2024 4.400% 09/05/2029

NON CALLABLE
MOODY'S RATING A3
CUSIP 02665WFQ9
1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,505,190.00 0.74 6,480.00 12,101.17 DTD 07/23/18 07/23/2029 99.9140 100.3460
MOODY'S RATING A1
CUSIP 06051GHM4
704
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PAGE 3

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 860,429.50 0.42 1,630.67 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 101.2270
DTD 12/14/2023 4.980% 11/15/2028

NON CALLABLE

MOODY'S RATING AAA
CUSIP 05522RDH8
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 798,305.75 0.39 13,349.79 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.6950
DTD 06/13/2024 4.930% 05/15/2029

NON CALLABLE

MOODY'S RATING AAA
CUSIP 05522RDJ4
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,581,391.85 0.78 33,301.30- 1,650.89 DTD 03/15/2022 2.300% 03/15/2027 99.9810 97.9190

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,194.05 0.34 8,299.62 600.02 ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.1790
DTD 06/11/2024 5.180% 02/26/2029

CALLABLE

MOODY'S RATING AAA
CUSIP 096919AD7
1,740,000 CALIFORNIA STATE 1,749,169.80 1,785,448.80 0.88 36,279.00 13,050.00 GENERAL OBLIGATION 100.5270 102.6120
DTD 11/05/2024 4.500% 08/01/2029

NON CALLABLE
MOODY'S RATING AA2
CUSIP 13063EGT7
1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,017,350.00 0.50 18,420.00 19,027.78 MEDIUM TERM NOTE 99.8930 101.7350
DTD 05/14/2024 5.000% 05/14/2027

NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
705
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PAGE 4

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,229,124.00 0.60 31,032.00 21,306.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 102.4270

NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAU4
960,000 CHARLES SCHWAB CORP 959,729.90 939,235.20 0.46 20,494.70- 1,829.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 97.8370

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,706,004.30 0.84 16,261.69 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.9470
DTD 01/31/2024 4.600% 01/16/2029

NON CALLABLE
CUSIP 161571HV9
1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,784,422.50 0.87 18,676.16 10,397.92 DTD 07/31/2024 4.650% 08/15/2029 100.8998 101.9670

CALLABLE
MOODY'S RATING A2
CUSIP 171239AL0
1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,273,033.44 0.62 44,855.00 3,824.29 SER K089 CL A2 *24 DAY DELAY* 95.3555 98.8380
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
1,978,803.56 FED HOME LN MTG CORP 1,909,081.66 1,918,667.72 0.94 9,586.06 4,917.33 SER K093 CL A2 *24 DAY DELAY* 96.4766 96.9610
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,426,035.00 0.70 19,023.28 3,243.75 SER K099 CL A2 *24 DAY DELAY* 93.8008 95.0690
DTD 10/01/19 2.595 09/25/2029
CUSIP 3137FPJG1
706
CC 11-18-2025
706 of 935
PAGE 5

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,852,388.00 1.40 62,776.00 48,922.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.8710

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133EPC60
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,439,264.00 1.20 26,712.00 45,916.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.6360

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,905,356.25 0.93 35,306.25 42,552.08 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.6190

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3130B0TY5
1,500,000 FEDERAL HOME LOAN MORTGAGE CORP 1,348,652.34 1,348,215.00 0.66 437.34- 1,846.25 CMO SER 2020-K110 CL A2 89.9102 89.8810
DTD 06/01/2020 1.477% 04/25/2030

NON CALLABLE
CUSIP 3137FTZQ3
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,897,000.00 0.93 95,281.25 3,766.67 CMO SER K748 CL A2 90.0860 94.8500
DTD 03/01/2022 2.260% 01/25/2029

NON CALLABLE
CUSIP 3137H5YC5
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 642,343.00 0.31 45,108.17- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 98.8220
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 988,280.00 0.48 37,615.94 2,703.33 SER K068 CL A2 *24 DAY DELAY* 95.0664 98.8280
DTD 10/01/17 3.244 08/25/2027

MOODY'S RATING AAA
CUSIP 3137FBBX3
707
CC 11-18-2025
707 of 935
PAGE 6

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,990,620.00 0.98 77,260.62 6,285.00 SER K087 CL A2 *24 DAY DELAY* 95.6680 99.5310
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,531,946.00 1.24 66,115.92 7,841.25 SER K088 CL A2 *24 DAY DELAY* 96.6992 99.2920
DTD 03/01/19 3.690 01/25/2029

MOODY'S RATING AAA
CUSIP 3137FKZZ2
2,500,000 FHLMC MULTIFAMILY STRUCTURED P 2,431,738.28 2,465,425.00 1.21 33,686.72 7,302.08 SER K091 CL A2 *24 DAY DELAY* 97.2695 98.6170
DTD 04/01/19 3.505 03/25/2029
CUSIP 3137FLN91
2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,113,760.00 1.04 74,377.18 5,105.83 SER K095 CL A2 *24 DAY DELAY* 92.6992 96.0800
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,514,448.00 0.74 26,073.00 3,233.33 SER K098 CL A2 *24 DAY DELAY* 93.0235 94.6530
DTD 10/01/19 2.425 08/25/2029
CUSIP 3137FPHK4
2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,810,078.13 1,849,060.00 0.91 38,981.87 3,448.33 SER K106 CL A2 *24 DAY DELAY* 90.5039 92.4530
DTD 03/01/20 2.069 01/25/2030
CUSIP 3137FRUT6
34,070.11 GM FINANCIAL SECURITIZED TERM 34,062.99 34,027.86 0.02 35.13- 44.01 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.8760
DTD 04/13/2022 3.100% 02/16/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 362585AC5
708
CC 11-18-2025
708 of 935
PAGE 7

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,318,266.10 0.65 10,343.44 2,647.29 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.6310
DTD 01/17/2024 4.850% 12/18/2028

CALLABLE

MOODY'S RATING AAA
CUSIP 36268GAD7
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,204,409.55 0.59 590.45- 699.40 MEDIUM TERM NOTE 100.0000 99.9510
DTD 09/26/2024 4.179% 09/26/2029

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBJ1
1,663,000 HOME DEPOT INC 1,593,203.89 1,604,113.17 0.79 10,909.28 14,445.00 DTD 06/17/19 2.950 06/15/2029 95.8030 96.4590
MOODY'S RATING A2
CUSIP 437076BY7
1,000,000 HOME DEPOT INC 992,260.00 1,024,060.00 0.50 31,800.00 12,666.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 102.4060

CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 542,270.65 0.27 7,335.65 1,018.13 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.3590
DTD 05/21/2024 5.270% 11/20/2028

CALLABLE
CUSIP 437930AC4
704,600.12 HONDA AUTO RECEIVABLES OWNER 706,344.27 712,935.54 0.35 6,591.27 1,109.75 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.1830
DTD 11/08/2023 5.670% 06/21/2028

NON CALLABLE

MOODY'S RATING AAA
CUSIP 438123AC5
709
CC 11-18-2025
709 of 935
PAGE 8

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 614,337.10 0.30 4,354.06 1,466.71 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.7110
DTD 05/22/2024 5.410% 05/17/2027

CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,419,016.40 1.19 29,716.80- 9,626.46 DTD 04/20/21 0.875 04/20/2026 99.5420 98.3340

MOODY'S RATING AAA
CUSIP 4581X0DV7
1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,759,205.00 0.86 37,695.00 31,080.73 DTD 10/16/2024 3.875% 10/16/2029 98.3720 100.5260

NON CALLABLE

MOODY'S RATING AAA
CUSIP 459058LN1
1,400,000 INTL BK RECON & DEVELOP 1,393,501.23 1,396,080.00 0.68 2,578.77 2,975.00 DTD 10/28/20 0.500 10/28/2025 99.5358 99.7200

MOODY'S RATING AAA
CUSIP 459058JL8
1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,725,177.00 0.85 30,957.00 2,142.71 DTD 03/20/2025 4.125% 03/20/2030 99.6600 101.4810

NON CALLABLE

MOODY'S RATING AAA
CUSIP 459058LR2
1,430,000 JOHN DEERE CAPITAL CORPORATION 1,429,571.00 1,453,366.20 0.71 23,795.20 15,515.50 DTD 01/09/2025 4.650% 01/07/2028 99.9700 101.6340

NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXZ7
11,321.46 JOHN DEERE OWNER TRUST 11,318.95 11,312.29 0.01 6.66- 11.67 ASSET BCKD SEC SER 2022-A CL A3 99.9778 99.9190
DTD 03/16/2022 2.320% 09/16/2026

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47787JAC2
710
CC 11-18-2025
710 of 935
PAGE 9

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 138,229.03 JOHN DEERE OWNER TRUST 138,215.83 138,041.04 0.07 174.79- 229.77 ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.8640
DTD 07/20/2022 3.740% 02/16/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47800AAC4
335,295.96 JOHN DEERE OWNER TRUST 335,269.95 336,409.14 0.16 1,139.19 758.51 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.3320
DTD 10/19/2022 5.090% 06/15/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 47800BAC2
500,000 JOHN DEERE OWNER TRUST 499,765.63 505,435.00 0.25 5,669.37 1,102.22 ASSET BCKD SEC SER 2024-A CL A3 99.9531 101.0870
DTD 03/19/2024 4.960% 11/15/2028

CALLABLE

MOODY'S RATING AAA
CUSIP 47800RAD5
1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,502,895.00 0.74 6,285.00 11,908.50 DTD 07/23/18 07/23/2029 99.7740 100.1930
MOODY'S RATING A1
CUSIP 46647PAV8
1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,422,736.00 0.70 25,396.00 2,893.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 101.6240

CALLABLE
MOODY'S RATING A3
CUSIP 571748CA8
1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 1,009,730.00 0.49 11,060.00 18,200.00 MEDIUM TERM NOTE 99.8670 100.9730
DTD 05/07/2025 4.550% 05/07/2030

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 57629TBX4
711
CC 11-18-2025
711 of 935
PAGE 10

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 977,850.00 0.48 24,380.00- 2,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 97.7850
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 966,791.70 0.47 22,708.35 2,815.31 DTD 03/09/2023 4.875% 03/09/2028 99.9030 102.3060

CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
915,551.73 MERCEDES-BENZ AUTO RECEIVABLES TRUST 934,935.67 929,294.16 0.46 5,641.51- 2,421.13 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.5010
DTD 10/25/2023 5.950% 11/15/2028

CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,085,642.05 0.53 28,086.85- 4,645.83 144A PRIV PLCMT 1.875 01/11/2027 99.8860 97.3670
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 750,734.60 0.37 18,557.00- 454.51 144A PRIV PLCMT 1.250 09/14/2026 99.9080 97.4980
MOODY'S RATING AA3
CUSIP 58989V2D5
912,000 META PLATFORMS INC 910,584.09 923,600.64 0.45 13,016.55 5,010.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 101.2720

CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,978,821.00 0.97 28,821.00 20,720.70 DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 101.4780

CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
712
CC 11-18-2025
712 of 935
PAGE 11

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 NATIONAL RURAL UTILS COOP 1,002,873.61 1,030,080.00 0.50 27,206.39 7,425.00 MEDIUM TERM NOTE 100.2874 103.0080
DTD 02/07/2025 4.950% 02/07/2030

CALLABLE
MOODY'S RATING A2
CUSIP 63743HFX5
1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,028,380.00 0.50 33,500.00 15,972.22 MEDIUM TERM NOTE 99.4880 102.8380
DTD 06/06/2024 5.000% 06/06/2029

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFG3
1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,386,375.90 0.68 22,153.95 20,232.33 DTD 12/05/2024 4.600% 12/05/2029 99.9430 101.5660

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFK4
1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 1,015,310.00 0.50 11,270.00 15,077.78 MEDIUM TERM NOTE 100.4040 101.5310
DTD 06/03/2025 4.600% 06/03/2030

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 66815L2W8
1,500,000 PEPSICO INC 1,497,675.00 1,526,655.00 0.75 28,980.00 13,875.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 101.7770

CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,500,000 PROGRESSIVE CORP 1,455,495.00 1,500,195.00 0.74 44,700.00 5,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 100.0130
MOODY'S RATING A2
CUSIP 743315AV5
713
CC 11-18-2025
713 of 935
PAGE 12

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 PROLOGIS LP 1,481,235.00 1,515,210.00 0.74 33,975.00 10,937.50 DTD 02/01/20 4.375 02/01/2029 98.7490 101.0140
MOODY'S RATING A2
CUSIP 74340XBL4
1,463,000 REALTY INCOME CORP 1,419,212.41 1,453,753.84 0.71 34,541.43 12,354.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 99.3680

CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,055,360.00 1.01 35,440.00 16,500.00 MEDIUM TERM NOTE 100.9960 102.7680

CONVERTIBLE
DTD 01/19/2024 4.950% 02/01/2029

NON CALLABLE
MOODY'S RATING A1
CUSIP 78016HZV5
2,000,000 SIMON PROPERTY GROUP LP 1,853,380.00 1,862,540.00 0.91 9,160.00 11,188.89 DTD 07/09/20 2.650 07/15/2030 92.6690 93.1270
MOODY'S RATING A3
CUSIP 828807DK0
1,033,485.85 TOYOTA AUTO RECEIVABLES OWNER 1,029,287.32 1,040,048.49 0.51 10,761.17 2,370.13 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.6350
DTD 08/15/2023 5.160% 04/17/2028

CALLABLE
CUSIP 89231FAD2
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,357,119.95 0.67 27,270.65- 4,457.97 MED TERM NOTE 99.9560 97.9870
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,488,494.50 0.73 46,586.80 16,292.38 MEDIUM TERM NOTE 99.7860 103.0100
DTD 01/09/2025 4.950% 01/09/2030

NON CALLABLE
MOODY'S RATING A1
CUSIP 89236TNA9
714
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PAGE 13

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,228,940.00 1.58 31,372.50- 26,693.27 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.3520
MOODY'S RATING AA1
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 393,752.00 0.19 533.25 1,853.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.4380
MOODY'S RATING AA1
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,458,330.00 2.19 10,572.34- 12,042.47 DTD 08/31/2022 3.125% 08/31/2027 99.3090 99.0740
MOODY'S RATING AA1
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,483,292.50 1.71 62,140.16 390.97 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.9650
MOODY'S RATING AA1
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 854,479.50 0.42 1,823.25 11,069.16 DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.5270
MOODY'S RATING AA1
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,765,152.50 1.36 9,954.92- 26,930.20 DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.5510
MOODY'S RATING AA1
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,992,020.00 1.47 34,090.31 17,690.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 99.7340
MOODY'S RATING AA1
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,732,671.00 1.83 33,557.72 12,674.03 DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.8830
MOODY'S RATING AA1
CUSIP 91282CGP0
715
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PAGE 14

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,552,200.00 2.23 55,241.01 15,414.36 DTD 02/28/2023 4.000% 02/28/2030 99.9324 101.1600
MOODY'S RATING AA1
CUSIP 91282CGQ8
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,519,525.00 1.24 5,572.66- 32,274.59 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.7810
MOODY'S RATING AA1
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,335,029.00 1.14 85,161.81 260.65 DTD 03/31/2024 4.125% 03/31/2029 97.8203 101.5230
MOODY'S RATING AA1
CUSIP 91282CKG5
2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,328,382.00 1.14 45,272.62 47,790.98 DTD 04/15/2024 4.500% 04/15/2027 99.2656 101.2340
MOODY'S RATING AA1
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,241,760.00 1.59 55,260.00 54,391.30 DTD 05/15/2024 4.500% 05/15/2027 99.5781 101.3050
MOODY'S RATING AA1
CUSIP 91282CKR1
2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,039,760.00 1.00 54,213.12 21,480.98 DTD 06/30/2024 4.250% 06/30/2029 99.2774 101.9880
MOODY'S RATING AA1
CUSIP 91282CKX8
3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,491,530.00 1.71 35,950.47- 10,864.99 DTD 08/31/2024 3.625% 08/31/2029 100.7852 99.7580
MOODY'S RATING AA1
CUSIP 91282CLK5
5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,964,650.00 2.43 39,610.94 480.77 DTD 09/30/2024 3.500% 09/30/2029 98.5008 99.2930
MOODY'S RATING AA1
CUSIP 91282CLN9
716
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PAGE 15

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,047,700.00 1.49 53,910.94 51,786.68 DTD 10/31/2024 4.125% 10/31/2029 99.7930 101.5900
MOODY'S RATING AA1
CUSIP 91282CLR0
4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,513,784.00 2.21 144,612.12 48,648.10 DTD 12/31/2024 4.375% 12/31/2029 99.2994 102.5860
MOODY'S RATING AA1
CUSIP 91282CMD0
4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,084,680.00 2.00 100,773.75 28,641.30 DTD 01/31/2025 4.250% 01/31/2030 99.5977 102.1170
MOODY'S RATING AA1
CUSIP 91282CMG3
2,500,000 UNITED STATES TREASURY NOTES 2,491,406.25 2,515,325.00 1.23 23,918.75 24,482.00 DTD 06/30/2025 3.875% 06/30/2030 99.6563 100.6130
CUSIP 91282CNK3
3,000,000 UNITED STATES TREASURY NOTES 2,988,222.66 2,984,520.00 1.46 3,702.66- 9,312.85 DTD 08/31/2025 3.625% 08/31/2030 99.6074 99.4840
MOODY'S RATING AA1
CUSIP 91282CNX5
2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,908,260.00 0.94 2,180.00 7,347.22 DTD 07/25/19 2.875 08/15/2029 95.3040 95.4130
MOODY'S RATING A2
CUSIP 91324PDS8
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 1,016,380.35 0.50 8,671.00- 4,496.50 DTD 05/19/21 1.150 05/15/2026 99.0388 98.2010
MOODY'S RATING A2
CUSIP 91324PEC2
1,950,000 US TREASURY NOTE 1,928,106.03 1,943,838.00 0.95 15,731.97 2,040.08 DTD 10/31/20 0.250 10/31/2025 98.8772 99.6840
MOODY'S RATING AA1
CUSIP 91282CAT8
717
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PAGE 16

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,250,000 US TREASURY NOTE 2,209,658.20 2,236,297.50 1.10 26,639.30 2,843.07 DTD 11/30/20 0.375 11/30/2025 98.2070 99.3910
MOODY'S RATING AA1
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,470,250.00 1.21 13,804.69 1,579.48 DTD 02/01/21 0.375 01/31/2026 98.2578 98.8100
MOODY'S RATING AA1
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,456,200.00 1.20 37,452.34- 7,889.34 DTD 04/30/21 0.750 04/30/2026 99.7461 98.2480
MOODY'S RATING AA1
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,361,318.00 0.67 17,736.68- 33.84 DTD 09/30/21 0.875 09/30/2026 98.5039 97.2370
MOODY'S RATING AA1
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,361,780.00 0.67 29,688.75- 6,591.03 DTD 11/01/21 1.125 10/31/2026 99.3906 97.2700
CUSIP 91282CDG3
350,000 WALMART INC 349,338.50 341,117.00 0.17 8,221.50- 142.92 DTD 09/17/21 1.050 09/17/2026 99.8110 97.4620
MOODY'S RATING AA2
CUSIP 931142ER0
1,365,000 WELLS FARGO CARD ISSUANCE TRUST 1,364,977.34 1,379,591.85 0.68 14,614.51 2,632.93 ASSET BCKD SEC SER 2025-A1 CL A 99.9984 101.0690
DTD 06/10/2025 4.340% 05/15/2030

NON CALLABLE
CUSIP 92970QAJ4
====================================================================================================================================== TOTAL BOND & NOTES 173,872,306.29 175,709,262.18 86.13 1,836,955.89 1,106,430.27 718
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PAGE 17

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ====================================================================================================================================== TOTAL INVESTMENTS 202,162,935.26 203,999,891.15 100.00 1,836,955.89 1,108,364.70 TOTAL ACCRUALS 1,108,364.70 1,108,364.70
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 203,271,299.96 205,108,255.85 719
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PAGE 18

CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH SUMMARY

DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00

RECEIPTS
NET INTEREST COLLECTED 0.00 843,908.89
OTHER CASH RECEIPTS 27,800,000.00 0.00
TRANSFER RECEIPTS 843,908.89 0.00
SALES 3,755,835.70 0.00
CASH MANAGEMENT SALES 1,857,912.07 0.00
TOTAL CASH RECEIPTS 34,257,656.66 843,908.89

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 10,460.42- 0.00
TRANSFER DISBURSEMENTS 0.00 843,908.89-
PURCHASES 4,336,875.00- 0.00
CASH MANAGEMENT PURCHASES 2,110,321.24- 0.00
TOTAL CASH DISBURSEMENTS 6,457,656.66- 843,908.89-
======================================================================================================================================== ENDING BALANCE 27,800,000.00 0.00
________________________________________________________________________________________________________________________________________ 720
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PAGE 19

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 173,540,434.86
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH EQUIVALENTS
09/02/25 INTEREST RECEIVED 2,360.74
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 8/1/25 TO 8/31/25
09/02/25 INTEREST RECEIVED 100.11

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 8/1/25 TO 8/31/25
09/30/25 2,110,221.13 CASH SWEEP PURCHASES FOR STMT PERIOD 2,110,221.13- 2,110,221.13 AS 100% TREAS MM FD-SVC CL #008
15 TRANSACTIONS
09/30/25 100.11 CASH SWEEP PURCHASES FOR STMT PERIOD 100.11- 100.11

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
09/30/25 1,857,912.07- CASH SWEEP SALES FOR STMT PERIOD 1,857,912.07 1,857,912.07- AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS

BONDS & NOTES
09/15/25 INTEREST RECEIVED 5,064.67
AMER EXPR CREDIT ABS 4.280% 4/15/30
CUSIP 02582JKP4
$0.00357/PV ON 1,420,000.00 PV
DUE 9/15/25
09/05/25 INTEREST RECEIVED 38,500.00
AMERICAN HONDA MTN 4.400% 9/05/29
CUSIP 02665WFQ9
INTEREST ON 1,750,000.000 UNITS
721
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PAGE 20

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 3,225.04
BANK OF AMERICA ABS 4.930% 5/15/29
CUSIP 05522RDJ4
$0.00411/PV ON 785,000.00 PV
DUE 9/15/25
09/15/25 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
09/15/25 INTEREST RECEIVED 3,527.50
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 850,000.00 PV
DUE 9/15/25
09/24/25 0.02- SHARE ADJUSTMENT
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
09/25/25 INTEREST RECEIVED 30.45
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00006/PV ON 11,383.46 PV
DUE 9/25/25
09/25/25 11,383.46- PAID DOWN 11,383.46 11,382.89- 0.57 BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
09/25/25 INTEREST RECEIVED 3,000.08
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
$0.00432/PV ON 695,000.00 PV
DUE 9/25/25
722
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PAGE 21

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/03/25 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
09/15/25 INTEREST RECEIVED 6,478.33
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 1,690,000.00 PV
DUE 9/15/25
09/25/25 INTEREST RECEIVED 3,243.75
FED HOME LN MTG CORP 2.595% 9/25/29
CUSIP 3137FPJG1
$0.00216/PV ON 1,500,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 4,922.71
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
$0.00246/PV ON 1,980,970.06 PV
DUE 9/25/25
09/25/25 2,166.5- PAID DOWN 2,166.50 2,090.16- 76.34
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
09/25/25 INTEREST RECEIVED 3,824.29
FED HOME LN MTG CORP 3.563% 1/25/29
CUSIP 3137FL6P4
$0.00297/PV ON 1,288,000.00 PV
DUE 9/25/25
09/04/25 2,000,000- SOLD 1,986,900.00 1,994,160.00- 7,260.00- FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
AT $99.3450 ON TRADE DATE 09/03/2025
TO SETTLE ON 09/04/2025

MARKETAXESS CORPORATION
723
CC 11-18-2025
723 of 935
PAGE 22

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/04/25 ACCRUED INTEREST ON SALE 3,250.00
FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
09/04/25 500,000- SOLD 496,725.00 498,540.00- 1,815.00- FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
AT $99.3450 ON TRADE DATE 09/03/2025
TO SETTLE ON 09/04/2025

MARKETAXESS CORPORATION
09/04/25 ACCRUED INTEREST ON SALE 812.50
FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
09/25/25 INTEREST RECEIVED 3,448.33
FHLMC MULTIFAMILY ST 2.069% 1/25/30
CUSIP 3137FRUT6
$0.00172/PV ON 2,000,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 3,233.33
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
$0.00202/PV ON 1,600,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 5,105.83
FHLMC MULTIFAMILY ST 2.785% 6/25/29
CUSIP 3137FNAE0
$0.00232/PV ON 2,200,000.00 PV
DUE 9/25/25
724
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724 of 935
PAGE 23

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 7,302.08
FHLMC MULTIFAMILY ST 3.505% 3/25/29
CUSIP 3137FLN91
$0.00292/PV ON 2,500,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 7,841.25
FHLMC MULTIFAMILY ST 3.690% 1/25/29
CUSIP 3137FKZZ2
$0.00308/PV ON 2,550,000.00 PV
DUE 9/25/25
09/25/25 INTEREST RECEIVED 6,285.00
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
$0.00314/PV ON 2,000,000.00 PV
DUE 9/25/25
09/08/25 1,500,000 PURCHASED 1,348,652.34- 1,348,652.34 FHLMC SER K110 CMO 1.477% 4/25/30
CUSIP 3137FTZQ3
AT $89.9102 ON TRADE DATE 09/03/2025
TO SETTLE ON 09/08/2025
WACHOVIA CAPITAL MARKETS, LLC.
09/08/25 ACCRUED INTEREST ON PURCHASE 430.79-
FHLMC SER K110 CMO 1.477% 4/25/30
CUSIP 3137FTZQ3
725
CC 11-18-2025
725 of 935
PAGE 24

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 INTEREST RECEIVED 3,766.67
FHLMC SER K748 CMO 2.260% 1/25/29
CUSIP 3137H5YC5
$0.00188/PV ON 2,000,000.00 PV
DUE 9/25/25
09/16/25 INTEREST RECEIVED 124.92
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00032/PV ON 48,357.40 PV
DUE 9/16/25
09/16/25 14,287.29- PAID DOWN 14,287.29 14,284.31- 2.98 GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
09/16/25 INTEREST RECEIVED 5,294.58
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00404/PV ON 1,310,000.00 PV
DUE 9/16/25
09/26/25 INTEREST RECEIVED 25,178.48
GUARDIAN LIFE MTN 4.179% 9/26/29
CUSIP 40139LBJ1
INTEREST ON 1,205,000.000 UNITS
09/18/25 INTEREST RECEIVED 2,349.54
HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
$0.00439/PV ON 535,000.00 PV
DUE 9/18/25
09/22/25 INTEREST RECEIVED 3,564.64
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00443/PV ON 754,421.36 PV
DUE 9/21/25
726
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726 of 935
PAGE 25

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/22/25 49,821.24- PAID DOWN 49,821.24 49,944.56- 123.32- HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
TO SETTLE ON 09/22/2025
09/15/25 INTEREST RECEIVED 2,750.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00451/PV ON 610,000.00 PV
DUE 9/15/25
09/23/25 INTEREST RECEIVED 35,071.00
INTL BK RECON & DEV 4.125% 3/20/30
CUSIP 459058LR2
INTEREST ON 1,700,000.000 UNITS
09/04/25 1,000,000- SOLD 994,450.00 995,358.02- 908.02- INTL BK RECON & DEVE 0.500% 10/28/25
CUSIP 459058JL8
AT $99.4450 ON TRADE DATE 09/03/2025
TO SETTLE ON 09/04/2025

TORONTO DOMINION SECURITIES (U
09/04/25 ACCRUED INTEREST ON SALE 1,750.00
INTL BK RECON & DEVE 0.500% 10/28/25
CUSIP 459058JL8
09/15/25 INTEREST RECEIVED 1,587.61
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00151/PV ON 374,289.62 PV
DUE 9/15/25
09/15/25 38,993.66- PAID DOWN 38,993.66 38,990.63- 3.03 JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
AT $107,699.0034 ON TRADE DATE 09/15/2025
727
CC 11-18-2025
727 of 935
PAGE 26

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 43.23
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00010/PV ON 22,359.17 PV
DUE 9/15/25
09/15/25 11,037.71- PAID DOWN 11,037.71 11,035.27- 2.44 JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $380,475.5081 ON TRADE DATE 09/15/2025
09/15/25 INTEREST RECEIVED 486.29
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00074/PV ON 156,028.15 PV
DUE 9/15/25
09/15/25 17,799.12- PAID DOWN 17,799.12 17,797.42- 1.70 JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
09/15/25 INTEREST RECEIVED 2,066.67
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
$0.00413/PV ON 500,000.00 PV
DUE 9/15/25
09/15/25 INTEREST RECEIVED 32,550.00
MARSH & MCLENNAN COS 4.650% 3/15/30
CUSIP 571748CA8
INTEREST ON 1,400,000.000 UNITS
09/09/25 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
728
CC 11-18-2025
728 of 935
PAGE 27

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 4,827.69
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00439/PV ON 973,652.74 PV
DUE 9/15/25
09/15/25 58,101.01- PAID DOWN 58,101.01 59,331.12- 1,230.11- MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
AT $3.0645 ON TRADE DATE 09/15/2025
09/15/25 INTEREST RECEIVED 4,812.50
P/P MET TOWER GLOBAL 1.250% 9/14/26
CUSIP 58989V2D5
INTEREST ON 770,000.000 UNITS
09/02/25 INTEREST RECEIVED 30,000.00
PROGRESSIVE CORP 4.000% 3/01/29
CUSIP 743315AV5
INTEREST ON 1,500,000.000 UNITS
09/15/25 INTEREST RECEIVED 4,762.92
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00366/PV ON 1,107,656.56 PV
DUE 9/15/25
09/15/25 74,170.71- PAID DOWN 74,170.71 73,869.39- 301.32 TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
09/02/25 INTEREST RECEIVED 70,312.50
U.S. TREASURY NOTES 3.125% 8/31/27
CUSIP 91282CFH9
INTEREST ON 4,500,000.000 UNITS
729
CC 11-18-2025
729 of 935
PAGE 28

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/30/25 INTEREST RECEIVED 87,500.00
U.S. TREASURY NOTES 3.500% 9/30/29
CUSIP 91282CLN9
INTEREST ON 5,000,000.000 UNITS
09/02/25 INTEREST RECEIVED 63,437.50
U.S. TREASURY NOTES 3.625% 8/31/29
CUSIP 91282CLK5
INTEREST ON 3,500,000.000 UNITS
09/04/25 2,500,000 PURCHASED 2,491,406.25- 2,491,406.25 U.S. TREASURY NOTES 3.625% 8/31/30
CUSIP 91282CNX5
AT $99.6563 ON TRADE DATE 09/03/2025
TO SETTLE ON 09/04/2025

MERRILL LYNCH,PIERCE,FENNER
09/04/25 ACCRUED INTEREST ON PURCHASE 1,001.38-
U.S. TREASURY NOTES 3.625% 8/31/30
CUSIP 91282CNX5
09/29/25 500,000 PURCHASED 496,816.41- 496,816.41
U.S. TREASURY NOTES 3.625% 8/31/30
CUSIP 91282CNX5
AT $99.3633 ON TRADE DATE 09/26/2025
TO SETTLE ON 09/29/2025
BICWFSLUS33 WELLS FARGO SECURI
09/29/25 ACCRUED INTEREST ON PURCHASE 1,452.00-
U.S. TREASURY NOTES 3.625% 8/31/30
CUSIP 91282CNX5
09/02/25 INTEREST RECEIVED 90,000.00
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
INTEREST ON 4,500,000.000 UNITS
730
CC 11-18-2025
730 of 935
PAGE 29

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/02/25 INTEREST RECEIVED 74,000.00
U.S. TREASURY NOTES 4.000% 2/29/28
CUSIP 91282CGP0
INTEREST ON 3,700,000.000 UNITS
09/30/25 INTEREST RECEIVED 47,437.50
U.S. TREASURY NOTES 4.125% 3/31/29
CUSIP 91282CKG5
INTEREST ON 2,300,000.000 UNITS
09/30/25 INTEREST RECEIVED 71,156.25
U.S. TREASURY NOTES 4.125% 9/30/27
CUSIP 91282CFM8
INTEREST ON 3,450,000.000 UNITS
09/30/25 INTEREST RECEIVED 6,125.00
US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
INTEREST ON 1,400,000.000 UNITS
09/17/25 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
09/15/25 INTEREST RECEIVED 4,936.75
WELLS FARGO CARD ABS 4.340% 5/15/30
CUSIP 92970QAJ4
$0.00362/PV ON 1,365,000.00 PV
DUE 9/15/25

OTHER CASH RECEIPTS
09/30/25 ADDITION TO ACCOUNT 27,800,000.00

CONTRIBUTION TO FUND ACCOUNT

CITY OF CUPERTINO
731
CC 11-18-2025
731 of 935
PAGE 30

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

TRANSFER RECEIPTS
09/02/25 ADDITION TO ACCOUNT 330,210.85

TRANSFER FROM INCOME
09/03/25 ADDITION TO ACCOUNT 11,760.00

TRANSFER FROM INCOME
09/04/25 ADDITION TO ACCOUNT 4,811.12

TRANSFER FROM INCOME
09/05/25 ADDITION TO ACCOUNT 38,500.00

TRANSFER FROM INCOME
09/09/25 ADDITION TO ACCOUNT 22,603.59

TRANSFER FROM INCOME
09/15/25 ADDITION TO ACCOUNT 76,297.21

TRANSFER FROM INCOME
09/16/25 ADDITION TO ACCOUNT 24,814.07

TRANSFER FROM INCOME
09/17/25 ADDITION TO ACCOUNT 1,837.50

TRANSFER FROM INCOME
09/18/25 ADDITION TO ACCOUNT 2,349.54

TRANSFER FROM INCOME
09/22/25 ADDITION TO ACCOUNT 38,627.14

TRANSFER FROM INCOME
09/24/25 ADDITION TO ACCOUNT 8.50

TRANSFER FROM INCOME
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PAGE 31

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 ADDITION TO ACCOUNT 56,144.14

TRANSFER FROM INCOME
09/26/25 ADDITION TO ACCOUNT 25,178.48

TRANSFER FROM INCOME
09/30/25 ADDITION TO ACCOUNT 210,766.75

TRANSFER FROM INCOME

INVESTMENT MANAGEMENT EXPENSES
09/08/25 INVESTMENT MGMT FEE 10,460.42-

PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2508CUPERTIN CUPERTIN 08 25

CITY OF CUPERTINO

TRANSFER DISBURSEMENTS
09/02/25 TRANSFER TO PRINCIPAL 330,210.85-
09/03/25 TRANSFER TO PRINCIPAL 11,760.00-
09/04/25 TRANSFER TO PRINCIPAL 4,811.12-
09/05/25 TRANSFER TO PRINCIPAL 38,500.00-
09/09/25 TRANSFER TO PRINCIPAL 22,603.59-
09/15/25 TRANSFER TO PRINCIPAL 76,297.21-
09/16/25 TRANSFER TO PRINCIPAL 24,814.07-
09/17/25 TRANSFER TO PRINCIPAL 1,837.50-
09/18/25 TRANSFER TO PRINCIPAL 2,349.54-
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 32

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/22/25 TRANSFER TO PRINCIPAL 38,627.14-
09/24/25 TRANSFER TO PRINCIPAL 8.50-
09/25/25 TRANSFER TO PRINCIPAL 56,144.14-
09/26/25 TRANSFER TO PRINCIPAL 25,178.48-
09/30/25 TRANSFER TO PRINCIPAL 210,766.75-
================================================================================================================= ENDING BALANCE 27,800,000.00 174,362,935.26
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 9/1/2025 to 9/30/2025 Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.

Cupertino, CA 95014
Account Summary
Source 9/1/2025 Contributions Earnings Expenses Distributions Transfers 9/30/2025 OPEB 1001 $44,008,415.65 $0.00 $1,109,184.38 $11,508.63 $0.00 $0.00 $45,106,091.40 PENSION 1002 $25,041,425.51 $0.00 $630,183.17 $6,544.38 $0.00 $0.00 $25,665,064.30 Totals $69,049,841.16 $0.00 $1,739,367.55 $18,053.01 $0.00 $0.00 $70,771,155.70 Investment Selection
Source
OPEB

PENSION
Investment Objective
Source
OPEB

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB 2.52% 5.63% 12.11% 16.60% 8.69% 8.43% 6/21/2010
PENSION 2.52% 5.61% 12.10% 16.52% 8.62% - 3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.

Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.

Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital.

Account Report for the Period
Balance as of
City of Cupertino - OPEB
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital.

City of Cupertino - PEN
Plan's Inception Date
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CITY OF CUPERTINO
Agenda Item
25-14492 Agenda Date:
11/18/2025 Agenda #:

13. Subject: OpenGov Budget Format Review Presentation and Finalize Recommendations a. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation numbers 15, 17, 18, 19, and 30 b. Approve OpenGov budget format recommendations
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ADMINISTRATIVE SERVICES DEPARTMENT

CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3220 • FAX: (408) 777-3109
CUPERTINO.GOV

CITY COUNCIL STAFF REPORT
Meeting: November 18, 2025
Subject
OpenGov Budget Format Review Presentation and Finalize Recommendations.

Recommended Action

1. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation numbers 15, 17, 18, 19, and

30. 2. Approve OpenGov budget format.

Background
As a best practice, major changes to the City’s budget document and format have historically been presented to the City Council for their review and feedback. Most recently, the City Council approved major changes to the FY14 and FY15 budget documents and its format such as organizational changes, budgeting philosophy, cost allocation and internal service fund changes, added new financial policies, and updated program narratives/format changes. For further details on these changes, please see the FY 2013-14 Adopted Budget pages 9-17 and FY 2014-15 Adopted Budget pages 8-10.

Reasons for Recommendation and Available Options
During the last round of budget preparation for FY 2024-25 review, feedback was received on the budget document from City Council, residents and City staff through budget sessions, community outreach and internal budget meetings. Additionally, the City’s internal auditors identified the need to improve and streamline the annual budget process. That feedback also indicated a need to reassess the City's Performance Measures to focus on outcomes that reflect the City’s priorities rather than workload indicators. 738
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2 The graphic below provides a high level-level overview of key dates related to the Budget Format Report and Implementation Action Plan (IAP).

In fall 2024, the City engaged Baker Tilly US, LLP to conduct a comprehensive review of its Budget Document and Performance Measures. The primary objective of this engagement was to enhance clarity and accessibility, to strategically align the City's annual budget document, and to improve the effectiveness of performance measures in tracking progress toward key citywide goals.

On March 4, 2025, the Draft Budget Format IAP was presented to the City Council. This plan included 32 recommendations that were prioritized 1-3, with 1 being the highest priority.

At this meeting the City Council recommended the following edits to the draft IAP, with staff committing to bring back an updated IAP before the next budget adoption:
 Item 12, Remove the full financial policies to retain in an appendix with the budget and any revision dates
 Item 15, Review the architecture and links in OpenGov to ensure accuracy  Item 18, Eliminate the program budget information in the departmental sections (pages 23 to 29) – Hold off on this for a while
 Capital Improvement Program (CIP) item - set as a priority one, if possible 739
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3  Quarterly tracking of the CIP priorities - set as a priority two instead of priority three
 Item 26, Special Projects Policy - set as a priority one instead of a priority three  Conduct a study session to review the Performance Measures Updates in Q1 On April 28, 2025, the updated IAP was presented to the Audit Committee.

On May 6, 2025, the Final Budget IAP was presented to the City Council. Staff then began to address Priority 1 and 2 items as listed in the IAP.

On July 28, 2025, the Audit Committee formed a Budget Format Sub-Committee which has met four times since its formation. The topics of discussion at these Sub-Committee meetings included:
 Review, provide, and finalize budget format changes based on sample OpenGov Budgets from other agencies and the draft Proposed FY 2025-26 Budget  Review, provide, and finalize CIP budget format recommendations  Explore options for a budget format informational video  Draft and Publish Interactive Budget Format Community Survey  Create a Budget Format Focus Group for additional feedback on prototype OpenGov budget format
Staff worked with the Budget Format Sub-Committee to create an Interactive Budget Format Survey to gather the community’s feedback to help guide the City’s transition from presenting the annual budget in a static PDF format to a more interactive and accessible format using OpenGov Stories. This survey was distributed from September 23, 2025 through October 14, 2025.

A high-level overview of the survey results are as follows:

Highest Areas of Concern Staff Response
See a clear breakdown of revenue vs
expense
Pg. 63 Financial Overview by Fund and
pgs. 77-82 General Fund Financial
schedules
See department accomplishments A full list of accomplishments is included in each department section
See a specific spending category Can be found at the beginning of every department page such as pg. 138 and
pg.141 or OpenGov)
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4 Highest Areas of Concern Staff Response
Eliminating the PDF document The PDF document will still be available Ease of finding information* *This was discussed in the Budget Format group
Loss of content Will have all the information plus more Data presentation Will mostly mirror the budget book, but we will look to enhance with drill down
capabilities
Year over Year Comparisons book and OG Found on every department and program page such as on pg. 138 and pg. 141
Charts and graphs showing spending Found on every department page such as on pg. 137 and available on OpenGov
Explanatory notes or plain language
summaries
Each program has its own summary
section such as pg. 140
Ability to filter by department Currently have in OpenGov transparency portal and each department is shown
separately in the budget
Searchable line items or categories Currently have search option through filters in OpenGov transparency portal,
but will try to enhance this feature
Downloadable option for detailed data Currently have in OpenGov Mobile-friendly Currently available in OpenGov draft but will enhance this feature
The Budget Format Focus Group – consisting of 5 community members in addition to the Budget Format Sub-Committee – met on October 15, 2025. This Focus Group discussed the City’s transition to a more interactive and accessible format using OpenGov Stories.

During the session, the group reviewed results from the Budget Format Survey. The goal of this Focus Group was to collect community feedback on the interactive budget and ensure it met residents’ needs.

The following are highlights and takeaways from the Focus Group meeting:
 There was concern about whether staff would keep the PDF version of the budget document. Staff confirmed that the PDF will still be available, and added an interactive budget as an additional option.
 Searchable line items or categories are useful
 Enhanced Artificial Intelligence options should be provided  Charts that show up as images are not mobile-friendly Below is a high-level overview of what enhancements have been made from the PDF document to the current draft online OpenGov version:
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5  Created an interactive table of contents linking to all budget sections  Embedded individual Financial Policies as PDFs
 Inclusion of the CIP book
 Created navigation menu pages for departments and divisions  Added links to CIP dashboard and CWP dashboard on the City Strategic Vision and Council Goals page
 Added division summaries
Please note the draft OpenGov version is not available to the public as staff is awaiting Audit Committee and City Council approval of the new format.

On October 27th, 2025, the Audit Committee received the Budget Format Review presentation and recommended the OpenGov Format for Council consideration at tonight’s meeting.

The link below contains a video that provides a high-level overview of the recommended budget format changes utilizing OpenGov stories:
https://records.cupertino.org/WebLink/Browse.aspx?id=1219796&dbid=0&repo=CityOf Cupertino
Next Steps
With Council approval, staff will implement the budget format items as listed in the Budget Document and Performance Measures Improvements IAP. Staff anticipate publishing the FY 2025-26 Adopted Budget in OpenGov stories in the first half of 2026.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

City Work Program (CWP) Item/Description
None.

Council Goal:

Public Engagement & Transparency and Fiscal Strategy
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: Toni Oasay-Anderson, Acting Budget Manager Reviewed by: Kristina Alfaro, Director of Administrative Services Approved for Submission by: Tina Kapoor, Interim City Manager 742
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6 Attachment:

A – Sample Current Budget: Council & Commissions Department Overview through budget financials page
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CITY OF CUPERTINO
Agenda Item
25-14506 Agenda Date:
11/18/2025 Agenda #:

14. Subject: First Amendment to Managed Detection and Response (MDR) Security Services Agreement with Arctic Wolf Networks, Inc., for a total amount of $266,548, including a 2% contingency, for a total not to exceed of $486,100
Approve a First Amendment to the Managed Detection and Response (MDR) Security Services Agreement with Arctic Wolf Networks, Inc., for a total amount of $266,548, including a 2% contingency, for a total not to exceed of $486,100, for a term ending on July 12, 2029.

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761 of 935
Prepared For: Quote #: Q-460959 - 1
Bill Mitchell Expiration Date: 5/28/2026
[email protected] Payment Terms: Net 30
Billing Cycle: Annual
Arctic Wolf Networks, Inc. Platform Location: United States Quote Term (Months): 12 8939 Columbine Rd, Suite 150 Committed Term (Months): 36 Eden Prairie, MN 55347 Terms: Standard Terms
Shipment Outside US/CA/UK/EU:

Transaction Type: Direct
Prepared By: Lara Manikowski Bill To: Ship To:

Email: [email protected] IT Billing City of Cupertino City of Cupertino Phone: [email protected] 10300 Torre Ave
City of Cupertino Cupertion, CA 95014
10300 Torre Ave. US
Cupertino, CA 95014
US
Item Description - Subscription Item Quantity Subscription Start Date
Subscription
End Date
Annual List
Price
List Total Discount
%
Net Total
Arctic Wolf Plus User License - Silver (MDR, MR) AW-PLUSUSER-SILVER412 7/13/2026 7/12/2027 $295.00 $121,540.00 56 $53,489.96 Arctic Wolf Plus Server License - Silver (MDR,
MR)
AW-PLUSSERVER-SILVER80 7/13/2026 7/12/2027 $295.00 $23,600.00 56 $10,386.40 Arctic Wolf MDR Log Retention - 1 year AW-MDR-1YR 492 7/13/2026 7/12/2027 $14.40 $7,084.80 53 $3,340.68 Arctic Wolf MDR Data Explorer AW-MDR-EXPLR 492 7/13/2026 7/12/2027 $30.00 $14,760.00 53 $6,971.64 Arctic Wolf 200 Series Sensor AW-MDR-2XX-S 3 7/13/2026 7/12/2027 $3,000.00 $9,000.00 53 $4,241.82 Arctic Wolf MDR Office 365 user license AW-MDR-O365 354 7/13/2026 7/12/2027 $22.50 $7,965.00 57 $3,462.12 Arctic Wolf IR JumpStart Retainer AW-IR-JSR-B 1 7/13/2026 7/12/2027 $5,000.00 $5,000.00 80 $1,000.00 Arctic Wolf Security Operations Warranty - $1M
(Enrollment Required)
AW-WARRANTY10001 7/13/2026 7/12/2027 $0.00 $0.00 $0.00 Arctic Wolf Aurora Platform AW-PLATFORMBASE1 7/13/2026 7/12/2027 $15,000.00 $15,000.00 100 $0.00 Subtotal Subscription Fees* USD 82,892.62
Subtotal One-Time Fees USD 0.00
Total Fees USD 82,892.62
Year 2 USD 87,037.25
Year 3 USD 91,389.11
*The Net Total price for each item in the table above will increase by 5.0% on (i) the annual anniversary of the Subscription Start Date or (ii) the end of any prepaid, in full multi-year Committed Term (the "Increase"). Thereafter, pricing for any subsequent renewals is as set forth in the Agreement.

The Subscription Term under this Order Form is for a thirty-six (36) month period (the “Committed Term”) as set forth above, beginning on the Subscription Start Date set forth in the table above (the “Table”). The Subscription set forth herein reflects the Fees payable during the first twelve (12) months of the Committed Term. Fees for the remaining two (2) years of the Committed Term are subject to the Increase and payable in accordance with the terms set forth herein. In the event a purchase order reflecting a oneyear Subscription Term is issued, a subsequent Order Form may be issued upon request and for administrative purposes only, for the remaining two annual periods of the Committed Term. Acceptance of this Order Form is a legal obligation for a three (3) year Committed Term.

Invoice Schedule
All payments below are due and payable in accordance with the Payment Terms listed above.

Invoice 1 includes the entirety of the Subtotal Subscription Fees and Subtotal One-Time Fees listed above and shall be invoiced on the Order Form Effective Date.

Invoice 2 includes the entirety of the Subtotal Subscription Fees set forth in the Table, plus the Increase, and shall be invoiced thirty (30) days prior to the first anniversary of the Subscription Start Date.

Invoice 3 includes the entirety of the Subtotal Subscription Fees payable on Invoice 2, plus the Increase, and shall be invoiced thirty (30) days prior to the second anniversary of the Subscription Start Date.

Terms
This Order Form and the applicable agreement for the product or Solutions listed herein and located at https://www.arcticwolf.com/terms/ (or equivalent agreement executed by the parties), as may be amended from time to time (collectively the "Agreement") is entered into between Arctic Wolf and the customer listed in the signature panel below ("Customer"). Acceptance of this Order Form is acceptance of any updated terms in the Agreement, unless otherwise set forth in your Agreement. Customer acknowledges and accepts the terms of the Agreement by executing this Order Form or by issuing a Purchase Order ("PO") for the products or Solutions referenced herein. The Order Form Effective Date is the earlier of : (i) the date of first signature below or (ii) the date of receipt of a PO. Unless otherwise defined in this Order Form, all defined terms shall have the same meaning as set forth in the Agreement.

Q-460959 - 1