Agenda packet — Eastvale City Council, June 25, 2025 (part 7 of 7)

Notwithstanding the foregoing, to the extent that moneys are available for the payment of Rental Payments due under the Lease Agreement in any of the funds and accounts established under the Indenture (including as a result of the availability of insurance proceeds), such Rental Payments will not be abated as provided above but, rather, will be payable by the City as a special obligation payable solely from said funds and accounts.

Substitution, Addition and Removal of Property
General. The Authority and the City may amend the Lease Agreement to substitute alternate property for any portion of the Property, to release a portion of the Property from the Lease Agreement or to add additional property to the encumbrance of the Lease Agreement, with the written consent of the Insurer (so long as the Insurer is not in default on any obligation under the Policy) and upon compliance with all of the conditions set forth in the Lease Agreement and described below. After a substitution or release, the portion of the Property for which the substitution or release has been effected will be released from the leasehold encumbrance of the Lease Agreement.

The Lease Agreement provides that there will be no reduction in or abatement of the Base Rental Payments due from the City thereunder as a result of such substitution, release or addition. Any such 2103
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substitution, release or addition is subject to the following specific conditions precedent to such substitution, release or addition:
(a) a Written Certificate of the City to the effect that the Property, as constituted after such substitution, release or addition: (i) has an annual fair rental value at least equal to the maximum Base Rental Payments payable by the City in any Rental Period, and (ii) has a useful life in excess of the final maturity of any Outstanding Bonds.
(b) with respect to any substituted or added property, the City obtains or causes to be obtained a CLTA or ALTA title insurance policy or policies with respect to the Property (as such term will be defined after such substitution or addition) that when taken together with other title insurance policies covering portions of the Property other than such substituted or added property, will be in an amount at least equal to the aggregate principal amount of any Outstanding Bonds, of the type and with the endorsements described in the Lease Agreement; and
(c) the City, the Authority and the Trustee execute, and the City causes to be recorded with the County of Riverside Recorder, any document necessary to reconvey to the City the portion of the Property being released and to include any substituted or added real property in the description of the Property contained in the Lease Agreement and in the Ground Lease.

See the captions “THE PROJECT” and “THE PROPERTY,” as well as APPENDIX B— “SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—NO CONSEQUENTIAL DAMAGES; USE OF THE PROPERTY; SUBSTITUTION OR RELEASE— Substitution or Release of, or Addition to, the Property.” Action on Default
Should the City default under the Lease Agreement, the Trustee, as assignee of the Authority under the Lease Agreement, may terminate the Lease Agreement and recover certain damages from the City, or may retain the Lease Agreement and hold the City liable for all Base Rental Payments thereunder on an annual basis, and will have the right to re-enter and re-let the Property. In the event such re-letting occurs, the City would be liable for any resulting deficiency in Base Rental Payments. See “RISK FACTORS—Limited Recourse on Default; No Acceleration of Base Rental.”
For purposes of certain actions of Bond Owners under the Indenture and the Lease Agreement, such as certain consents and amendments and the direction of remedies following default, Bond Owners do not act alone and may not control such matters to the extent such matters are not supported by the requisite number of the Owners of all Bonds.

In the event of a default under the Lease Agreement, there is no right under any circumstances to accelerate the Base Rental Payments or otherwise declare any Base Rental Payments not then in default to be immediately due and payable. There is no right under the Indenture to accelerate debt service payments on the Bonds in the event of a default under the Indenture or the Lease Agreement.

For a description of the events of default and permitted remedies of the Trustee (as assignee of the Authority) contained in the Lease Agreement and the Indenture, see APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—DEFAULTS AND REMEDIES” and “—THE INDENTURE—DEFAULT AND LIMITATIONS OF LIABILITY.”
No Reserve Fund
The Authority has not funded a debt service reserve fund for the Series 2025A Bonds. 2104
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Capitalized Interest Fund
Debt service on the Series 2025A Bonds through [May 1, 2028] will be paid from capitalized interest.

On the second Business Day immediately preceding each Interest Payment Date, the Trustee will transfer from the Capitalized Interest Fund to the Interest Fund, the following amounts on the dates set forth below. All amounts remaining in the Capitalized Interest Fund following [May 1, 2028] will be transferred to the Interest Fund.

Date Amount
November 1, 2025 $
May 1, 2026
November 1, 2026
May 1, 2027
November 1, 2027
May 1, 2028
See the captions “SOURCES AND USES OF FUNDS,” “DEBT SERVICE SCHEDULE” and “THE PROJECT—The Project,” as well as APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE INDENTURE—SECURITY FOR THE BONDS; FLOW OF FUNDS—Flow of Funds.”
Additional Bonds
Pursuant to the Indenture, the Authority may issue Additional Bonds payable from the Base Rental Payments on a parity with the outstanding Bonds upon satisfaction of certain conditions, including, but not limited to, the following:
(a) The issuance of such Additional Bonds has been authorized under and pursuant to the Indenture and provided for by a Supplemental Indenture, which shall specify, among other things, the following:
(1) the application of the proceeds of the sale of such Additional Bonds; (2) the principal amount, designation, and denominations of such Series of Additional Bonds; (3) the date, the maturity date or dates, the interest payment dates and the dates on which mandatory sinking fund redemptions, if any, are to be made for such Additional Bonds; provided, however, that (i) the serial Bonds of such Series of Additional Bonds must be payable as to principal annually on May 1 of each year in which principal falls due, and the Term Bonds of such Series of Additional Bonds must have annual mandatory sinking fund redemptions on May 1, (ii) the Additional Bonds must be payable as to interest semiannually on May 1 and November 1 of each year, except that the first installment of interest may be payable on either May 1 or November 1 and shall be for a period of not longer than twelve months and the interest must be payable thereafter semiannually on May 1 and November 1, (iii) all Additional Bonds of a Series of like maturity must be identical in all respects, except as to number or denomination (and provided that such Bonds may accrue interest at different rates), and (iv) serial maturities of serial Bonds or mandatory sinking fund redemptions for term Bonds, or any combination thereof, will be established as appropriate to provide for the redemption or payment of such Additional Bonds on or before their respective maturity dates; (4) the redemption premiums and terms, if any, for such Additional Bonds; and (5) if necessary; that from such proceeds or other sources an amount shall be deposited in a reserve fund or account so that following such deposit there will be on deposit in a reserve fund or 2105
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account an amount at least equal to the Reserve Fund Requirement for such Series of Additional Bonds, if any, after issuance of the Additional Bonds;
(b) The Authority and the City shall be in compliance with all agreements, conditions, covenants and terms contained in the Indenture, in the Lease Agreement and in the Ground Lease required to be observed or performed by it;
(c) The Ground Lease and the Lease Agreement shall have been amended, to the extent necessary, (i) so as to increase the Base Rental Payments payable by the City thereunder by an aggregate amount equal to the principal of and interest on such Additional Bonds, payable at such times and in such manner as may be necessary to provide for the payment of the principal of and interest on such Additional Bonds; provided, however, that no such amendment shall be made such that the sum of Base Rental Payments, including any increase in the Base Rental Payments as a result of such amendment, plus Additional Rental Payments, in any Rental Period shall be in excess of the annual fair rental value of the Property after taking into account the use of the proceeds of any Additional Bonds issued in connection therewith (evidence of the satisfaction of such condition shall be made by a Written Certificate of the City); and (ii) to include provisions for the prepayment of Base Rental Payments attributable to such Additional Bonds; and Notwithstanding satisfaction of the other conditions to the issuance of Additional Bonds set forth in the Indenture, no such issuance may occur if an event of default (within the meaning of the Lease Agreement) (or any event which, once all notice or grace periods have passed, would constitute such event of default) exists unless such event of default shall be cured upon such execution or issuance.

See APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE INDENTURE—ISSUANCE OF BONDS; APPLICATION OF PROCEEDS—Conditions for the Issuance of Additional Bonds” and “—Procedure for the Issuance of Additional Bonds.” Insurance
General. The Lease Agreement requires that the City maintain certain insurance coverages on the Property for loss due to property damage, title defect, loss of use and other liability as described below. Under the Lease Agreement, the City may self-insure for the coverages required under the captions “Property Insurance,” “General Liability Insurance,” and “Workers’ Compensation Insurance.” The City self-insures up to certain amounts and purchases additional coverage from commercial carriers as described in Appendix A hereto under “INFORMATION REGARDING THE CITY OF EASTVALE — Risk Management.” Property Insurance. The Lease Agreement requires the City to maintain or cause to be maintained fire, lightning and special extended coverage insurance (which includes coverage for vandalism and malicious mischief, but need not include coverage for earthquake damage) on all improvements constituting any part of the Property, which with respect to any portion of the Property for which initial construction of improvements thereon has not been completed, initially may be in the form of a builder’s risk policy providing coverage in an amount not less than the construction costs expended for such projects and, if no builder’s risk policy is in effect in an amount not less than 100% of the replacement cost of such improvements. Such property insurance required to be maintained pursuant to the Lease Agreement may be subject to a deductible in an amount not to exceed $500,000.

General Liability Insurance. The Lease Agreement requires the City to maintain or cause to be maintained a standard commercial general liability insurance policy or policies in protection of the City, the Authority and their respective members, officers, agents and employees. Said policy or policies shall provide for indemnification of said parties against direct or contingent loss or liability for damages for bodily and personal injury, death or property damage occasioned by reason of the use or ownership of the Property. Said policy or policies shall provide coverage in the minimum liability limits of $1,000,000 for personal injury or death of each person and $3,000,000 for personal injury or deaths of two or more persons in a single accident 2106
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or event, and in a minimum amount of $500,000 for damage to property (subject to a deductible clause of not to exceed $100,000) resulting from a single accident or event. Such commercial general liability and property damage insurance may, however, be in the form of a single limit policy in the amount of $3,000,000 covering all such risks.

Rental Interruption Insurance. The Lease Agreement requires the City to maintain rental interruption insurance to cover the Authority’s loss, total or partial, of Base Rental Payments resulting from the loss, total or partial, of the use of any part of the Property as a result of any of the hazards covered by the casualty insurance described above under “— Property Insurance,” in an amount sufficient at all times to pay an amount not less than the product of two times the maximum amount of Base Rental Payments scheduled to be paid during any Rental Period. The City’s obligations in the Lease Agreement may be satisfied by selfinsurance, provided such self-insurance complies with the provisions thereof. Notwithstanding the foregoing, the City will not be required to obtain rental interruption insurance with respect to Property until the City has received a certificate of occupancy for Project.

Workers’ Compensation Insurance. The City is also required to maintain or cause to be maintained workers’ compensation insurance issued by a responsible carrier authorized under the laws of the State to insure employers against liability for compensation under the California Labor Code, or any act enacted as an amendment or supplement thereto or in lieu thereof, such workers’ compensation insurance to cover all persons employed by the City in connection with the Property and to cover full liability for compensation under any such act.

Title Insurance. The City shall provide, at its own expense, one or more CLTA or ALTA title insurance policies for the Property, in the aggregate amount of not less than the initial aggregate principal amount of the Bonds. Said policy or policies shall insure (a) the fee interest of the City in the Property, (b) the Authority’s ground leasehold estate in the Property under the Ground Lease, and (c) the City’s leasehold estate under the Lease in the Property, subject only to Permitted Encumbrances. All Net Insurance Proceeds received under said policy or policies shall be deposited with the Trustee and applied as provided in the Indenture.

See APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—INSURANCE.”
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BOND INSURANCE
[TO COME]

SOURCES AND USES OF FUNDS
The sources and uses of funds with respect to proceeds of the Series 2025A Bonds and other available amounts are shown below.

Sources
Principal Amount of Series 2025A Bonds $ __________
Plus Net Original Issue Premium
Total Sources $
Uses
Project Fund $
Capitalized Interest Fund(1)
Underwriter’s Discount
Costs of Issuance(2)
Total Uses $

(1) To fund a portion of capitalized interest through [May 1, 2028]. (2) Includes legal, municipal advisory, rating agency, printing fees, the premiums for the Insurance Policy and the Reserve Surety Policy and other miscellaneous costs of issuance.

Source: The Underwriter.
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DEBT SERVICE SCHEDULE
Following is the annual schedule of debt service due with respect to the Series 2025A Bonds, assuming no optional or extraordinary redemption:

Bond Year Ending
May 1 Principal Interest Total
(1) $ $ $
Total $ __________ $ $

(1) Debt service on the Series 2025A Bonds through [May 1, 2028] will be paid from capitalized interest. See the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS— Capitalized Interest Fund.”
Source: The Underwriter.
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THE FINANCING PLAN
A portion of the proceeds of the Series 2025A Bonds will be used to finance the costs of the acquisition, construction and/or installation of certain capital improvement projects within the City, including but not limited to, the design and development of the Civic Center Project, which includes the City Hall, Library, and Police Station buildings, as well as a Civic Plaza, Park, Amphitheater, and associated subterranean and surface parking, associated facilities and equipment (collectively, the “Civic Center Project” or the “Project”). A breakdown of the estimated cost of the Civic Center Project by component is set forth in the following table. Of the total cost of the Project, approximately $137.3 million will be funded from cash and approximately $50 will be funded from the net proceeds of the Series 2025A Bonds. See the caption “THE PROJECT.”
Project Component Component Cost
City Hall(1) $ 62,292,353
Library(2) 38,223,604
Police Station(3) 43,226,835
Civic Plaza and Park(4) 24,663,050
Contingency(5) 18,880,615
Total $ 187,286,456

(1) The City Hall building and approximately 12 surface parking spaces constitute the Property subject to the Lease Agreement.
(2) Includes approximately 5 surface parking spaces.
(3) Includes approximately 6 surface parking spaces and an approximately 28,810 square foot single level subterranean parking garage.
(4) Includes the Amphitheater and other site improvements. (5) Contingency is allocated among the Project components as follows: $6.9 million to City Hall, $4.2 million to the Library, $4.9 to the Police Station, and $2.8 million to Civic Plaza, Park, Amphitheater, and other site improvements.

Source: The City.

THE CIVIC CENTER PROJECT
Description of the Project. The Civic Center Project is located at the northwestern corner of Hamner Avenue and Limonite Avenue in the City, and consists of the design, construction and furnishing of three buildings (City Hall, Police Department, and Library), an approximately 4.3 acre open space area including a Civic Plaza, Park, and Amphitheater, and approximately 23 surface parking spaces.

The City Hall building is planned to be an approximately 52,340 square foot, three story building which will house the City Council chambers and various City departments including the City Manager’s office, City Clerk, finance, and development services. The City Hall building and approximately 12 surface parking spaces located adjacent to the building constitute the Property subject to the Lease Agreement.

The City Hall building will be located directly adjacent to the new Police Department building, which is also part of the Project but which will not be part of the leased Property. The Police Department building will be an approximately 22,021 square foot, two story building plus one level of subterranean parking which will serve as the Police Department headquarters in the City, and will be operated by the Riverside County Sheriff. Approximately six surface parking spaces will be located adjacent to the Police Department building and will be fenced off and restricted to use by the County Sheriff in connection with operation of the Police Department facility.
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The Library building will also be two stories and approximately 25,599 square feet, and will be operated by the County under agreement with the City. Approximately five surface parking spaces will be located adjacent to the Library building. The Library building is not a part of the leased Property.

The Civic Plaza will consist of approximately 46,771 square feet of open space located between the City Hall, Library, and Police Station buildings. The Park will consist of approximately 101,703 (drive lane exclude) square of open space located to the west of the City Hall and Library buildings and will include walking paths, seating and eating areas, open area grass, and trees. The Park also includes an 5,380 square foot outdoor amphitheater with seating for approximately 406 people, located directly adjacent to the northwest corner of the City Hall building.

Design and Construction of the Project. The City has retained M. Arthur Gensler, Jr. and Associates (“Gensler”) to provide architectural, planning and pre-design services for the Project and Griffin Structures as the owner representative/program manager for the Project.

The total cost of the Project (including furniture, fixtures and equipment) is expected to be approximately $187.3 million, which is expected to be financed with the proceeds of the Series 2025A Bonds and other funds of the City as described under the caption “THE FINANCING PLAN.” The design phase of the Project was completed in March 2025, and requests for bids were sent to prequalified contractors in April, 2025. Bids were opened in June 2025 and the general construction contract (the “Construction Contract”) was awarded to [Clark Construction] (the “Contractor”) on [June 25], 2025.

Construction of the Project is scheduled to begin in August, 2025. The construction contract currently identifies a 25-month construction schedule, with completion of the Project currently expected in September 2027. As of June 16, 2025, the City had expended approximately $9.8 million on design, engineering and related soft costs, all of which the City expects to seek reimbursement for from the proceeds of the Series 2025A Bonds.

The Property leased under the Ground Lease and the Lease Agreement includes the City Hall building, approximately 23 surface parking spaces and 66 subterranean parking spaces (sometimes referred to herein as the “Leased Portion of the Project”). See “THE PROPERTY,” below.

The City has funded a portion of the capitalized interest on the Series 2025A Bonds through [May 1, 2028], which is calculated to equal the Base Rental Payments through the estimated completion of the Project.

Should the Project not be timely completed and if the City does not have beneficial use and occupancy of the Leased Portion of the Project prior to the date through which capitalized interest has been funded, the City’s Base Rental Payments under the Lease Agreement may be subject to abatement.

The Construction Contract entered into by the City for the Project provides that the Contractor will be required to pay liquidated damages of $22,260 per day to the City in the event the Project is not substantially completed within 730 calendar days of the commencement of construction, or in the event final completion does not occur within 760 days of commencement of construction. The City currently expects construction to begin in August, 2025. However, certain force majeure and other provisions of the Construction Contract may prohibit or reduce the collection of liquated damages. In the event of abatement of all or a portion of the Rental Payments due to non-delivery of the Leased Portion of the Project, the City is required under the Lease Agreement to continue to make Rental Payments from such liquidated damages or any proceeds of any completion or performance bonds or other moneys paid to the City by the various contractors. The City can make no assurances regarding the availability, amounts or timing of funds that could be collected as liquidated damages or from the proceeds of any completion or performance bonds. See the captions “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS—Abatement” and “RISK FACTORS— Abatement.”
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THE PROPERTY
The Property leased under the Ground Lease and the Lease Agreement consists of the City Hall building, approximately 23 surface parking spaces and 66 subterranean parking spaces (defined above as the “Leased Portion of the Project”). As described further under the caption “THE CIVIC CENTER PROJECT,” construction on the Civic Center Project is expected to begin in August, 2025 and is expected to be completed in September 2027. The real property on which the Civic Center Project will be constructed is currently vacant land located at the northwestern corner of Hamner Avenue and Limonite Avenue in the City.

The City Hall building will house the City Council chambers and various City departments including the City Manager’s office, City Clerk, finance, and development services. The City currently operates the majority of its City departments, including the City Council chambers, at space leased by the City in a retail shopping center located at 12363 Limonite Avenue in the City.

THE AUTHORITY
The Authority was established pursuant to Article 1 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the California Government Code and a Joint Exercise of Powers Agreement, dated as of January 8, 2025, by and between the City and the Eastvale Parking Authority (the “Parking Authority”). The governing board of the Authority is comprised of all of the individuals who currently are members of the City Council of the City. The Authority is qualified to assist in the financing of certain public improvements and to issue the Series 2025A Bonds pursuant to the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the “Bond Law”). The Authority has no taxing power. The Authority and the City are each separate and distinct legal entities, and the debts and obligations of each such entity are not debts or obligations of the other entity.

THE CITY
The City of Eastvale (the “City”) was incorporated on October 1, 2010 and is one of the newest cities in the State. The City is located in northwestern Riverside County in the Inland Empire region of Southern California. The City is surrounded by the cities of Chino and Ontario within San Bernardino County to the north and west and the cities of Corona, Norco, and Jurupa Valley in Riverside County to the south and east.

The City has a total area of 13.1 square miles, of which 12.5 square miles is land and 0.6 square miles is water (the Santa Ana River).

Animal control, library, and public safety (fire and police) services are provided to the City and its residents through contracts with the County of Riverside (the “County”). Other services are provided directly through other agencies, including water and sewer service through the Jurupa Community Services District, parks and recreation through the Jurupa Community Services District and Jurupa Area Recreation and Parks District and public transit through the Riverside Transit Agency. The City has franchise agreements for electricity service through Southern California Edison, natural gas through SoCalGas, refuse collection through Waste Management and cable service through state franchise agreements with Charter Communications, DirecTV, and Frontier.

As of January 1, 2025, the City had a population of 69,799. The proximity of three heavily commercialized counties (two of the City’s borders are adjacent to San Bernardino County, and the city is within 8 miles of the Los Angeles County and Orange County borders), and the fact that the City is roughly squared between Interstate 15 and California State Routes 91, 60, and 71, has made the City popular with commuters to these three counties for employment.
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For more detailed operational, financial and demographic information regarding the City, see APPENDIX A“THE CITY OF EASTVALE.” A copy of the financial statements of the City for the fiscal year ended June 30, 2024 is attached hereto as Appendix C which should be read in its entirety. See APPENDIX C—“ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024.”

RISK FACTORS
The following factors, along with the other information in this Official Statement, should be considered by potential investors in evaluating the purchase of the Series 2025A Bonds. However, they do not purport to be an exhaustive listing of risks and other considerations which may be relevant to an investment in the Series 2025A Bonds. In addition, the order in which the following factors are presented is not intended to reflect the relative importance of any such risks.

General Considerations – Security for the Series 2025A Bonds The Series 2025A Bonds are special obligations of the Authority, payable solely from Base Rental Payments and the other assets pledged under the Indenture. Neither the faith and credit or the Authority, the City, or the State, or any political subdivision thereof, nor the taxing power of the City or the State, or any political subdivision thereof, is pledged to the payment of the Bonds. The Authority has no taxing power.

The obligation of the City to make the Base Rental Payments does not constitute a debt of the City or the State or of any political subdivision thereof within the meaning of any constitutional or statutory debt limit or restriction, and does not constitute an obligation for which the City or the State is obligated to levy or pledge any form of taxation or for which the City or the State has levied or pledged any form of taxation.

Although the Lease Agreement does not create a pledge, lien or encumbrance upon the funds of the City, the City is obligated under the Lease Agreement to pay the Base Rental Payments and Additional Rental Payments from any source of legally available funds and the City has covenanted in the Lease Agreement that it will take such action as may be necessary to include all Base Rental Payments and Additional Rental Payments due under the Lease Agreement in its annual budgets and to make necessary annual appropriations for all such Rental Payments, subject to abatement. The City is currently liable and may become liable on other obligations payable from its general revenues. See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Indebtedness.”
The City has the capacity to enter into other obligations which may constitute additional charges against its revenues. To the extent that additional obligations are incurred by the City, the funds available to make Base Rental Payments may be decreased. In the event the City’s revenue sources are less than its total obligations, the City could choose to fund other activities before making Base Rental Payments and other payments due under the Lease Agreement. The same result could occur if, because of California Constitutional limits on expenditures, the City is not permitted to appropriate and spend all of its available revenues. The City has exceeded its annual limitation on appropriations under Article XIIIB of the State Constitution each year since 2021, because of the City’s high sales tax revenues. See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Constitutional Appropriations Limit.” Also see “CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS—Article XIIIB of the State Constitution.”
Abatement
In the event of substantial interference with the City’s right to use and occupy any portion of the Property by reason of non-delivery of the Project or by reason of damage to, or destruction or condemnation of the Property, or any defects in title to the Property, Rental Payments will be subject to abatement. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS—Abatement.” In the 2113
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event of non-delivery of the Leased Portion of the Project or if the Leased Portion of the Project cannot be completed during the period of time in which proceeds of the City’s rental interruption insurance and any liquidated damages received by the City are available in lieu of Rental Payments, plus the period for which funds are available from the funds and account established under the Indenture, there could be insufficient funds to make payments to Owners in full. Furthermore, in the event that all or a portion of the Property, if damaged or destroyed by an insured casualty, could not be replaced during the period of time in which proceeds of the City’s rental interruption insurance will be available in lieu of Rental Payments, plus the period for which funds are available from the funds and accounts established under the Indenture, or in the event that casualty insurance proceeds are insufficient to provide for complete repair or replacement of such portion of the Property or redemption of the Series 2025A Bonds, there could be insufficient funds to make payments to Owners in full.

It is not always possible to predict the circumstances under which abatement of rental may occur. In addition, there is no statute, case or other law specifying how such an abatement of rental should be measured.

For example, it is not clear whether fair rental value is established as of commencement of the Lease Agreement or at the time of the abatement. If the latter, it may be that the value of the Property is substantially higher or lower than its value at the time of issuance of the Series 2025A Bonds. Abatement, therefore, could have an uncertain and material adverse effect on the security for and payment of the Series 2025A Bonds.

If damage, destruction, title defect or eminent domain proceedings with respect to the Property results in abatement of the Rental Payments related to such Property and if such abated Rental Payments, if any, together with moneys from rental interruption or use and occupancy insurance (in the event of any insured loss due to damage or destruction), and eminent domain proceeds, if any, are insufficient to make all payments of principal and interest with respect to the Series 2025A Bonds during the period that the Property is being replaced, repaired or reconstructed, then all or a portion of such payments of principal and interest may not be made. Under the Lease Agreement and the Indenture, no remedy is available to the Series 2025A Bond Owners for nonpayment under such circumstances.

As described above under “THE PROJECT” and “THE PROPERTY,” the Property leased under the Ground Lease and the Lease Agreement consists of the new City Hall component of the Civic Center Project.

The City has funded capitalized interest for the Series 2025A Bonds through [May 1, 2028], which is calculated to equal the Base Rental Payments coming due through the rental period during which the Project is expected to be completed. Should the Leased Portion of the Project not be timely completed and if the City does not have beneficial use and occupancy of the Leased Portion of the Project prior to the period through which capitalized interest has been funded, the City’s Rental Payments under the Lease Agreement may be subject to abatement. See the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS—Abatement.”
Natural Disasters and Climate Change
General. The occurrence of any natural disaster in the City, including, without limitation, fire, windstorm, drought, earthquake, landslide, mudslide or flood, could have an adverse material impact on the economy within the City, its General Fund and the revenues available for the payment of Base Rental Payments. The occurrence of natural disasters in the City could result in substantial damage to the City and the Property which, in turn, could substantially reduce General Fund revenues and affect the ability of the City to make Base Rental Payments or cause an abatement in Base Rental Payments. Reduced ability to pay Base Rental Payments could affect the payment of the principal of and interest on the Series 2025A Bonds. The City maintains liability insurance and property casualty insurance (for losses other than from seismic events) for the Property. See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Risk Management” in Appendix A hereto. However, there can be no assurance that specific losses will be covered by insurance or, if covered, that claims will be paid in full by the applicable insurers. 2114
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Seismic Activity. According to the Safety Element (the “Safety Element”) dated March 2024 of the City’s General Plan, there are three major, known faults located in the County: the San Andreas, San Jacinto, and Elsinore faults. The San Andreas and San Jacinto are two of California’s most active faults. Several properties within the City and its sphere of influence are directly impacted by the southernmost section of the San Andreas fault and/or secondary faults and fractures. These faults pose geologic and seismic hazards in the form of earthquakes, fault rupture, liquefaction, and landslides. The most recent earthquake along this stretch of the fault occurred more than 300 years ago leading scientists to suggest that it has accumulated a substantial amount of tectonic stress and is likely to produce a large (7 to 8 magnitude) earthquake in the near future. For more information, see the Safety Element of the City’s General Plan on file with the City Clerk.

Flooding. The City’s Local Hazards Mitigation Plan (the “LHMP”) dated July 2023, identified flooding as having limited damage/injuries severity and likely probability. Portions of the City are located within the 100- and 500-year floodplains including the Santa Ana riverbeds as well as some residential properties adjacent to this area, Crossroads Riverview Park, Prado Basin Park, Eastvale Community Park, Swan Lake, and a portion of I-15. No portion of the Property subject to the Ground Lease and the Lease Agreement are within a 100-year flood plain.

Wildfires. The State is periodically subject to wildfires. When wildfires scorch land, they destroy all vegetation on mountains and hillsides. As a result, when heavy rain falls in the winter, there is nothing to stop the rain from penetrating directly into the soil. In addition, waxy compounds in plants and soil that are released during fires create a natural barrier in the soil that prevents rain water from seeping deep into the ground. The result is erosion, mudslides, and excess water running off the hillsides often causing flash flooding. According to the Safety Element of the City’s General Plan, wildfires are a primary concern given the City’s generally dry climate, location within a semi-rural setting, the abundance of dry, low-lying dry brush and chaparral on the hillsides, the frequency of high wind velocity from Santa Ana winds and the steep terrain in portions of the City. Wildfires are of special concern in communities that are located in the Wildland-Urban Interface (the “WUI”) which is commonly described as the area where human development meets and intermingles with undeveloped wild land dry brush near homes and/or vegetative fuels. This results in creation of a wildfire hazard area that poses significant risks to life, property, and infrastructure. Additionally, fires outside the City can impact residents as smoke and air pollution from wildfires can be a severe health hazard, especially for more vulnerable health impaired populations.

Fire Hazard Severity Zone Maps. On March 24, 2025, CAL Fire released an updated Fire Hazard Severity Zone (“FHSZ”) map for the Southern California region which evaluates “Hazard,” being the likelihood and expected fire behavior over a 30 to 50-year period without considering mitigation measures such as home hardening, recent wildfire or fuel reduction efforts. On the other hand, “Risk” is the potential damage a fire can do to the area under existing conditions, accounting for any modifications such as fuel reduction projects, defensible space, and ignition resistant building construction. Pursuant to Sections 4201- 4204 of the California Public Resources Code, the State Fire Marshal is mandated to classify the state responsibility areas (the “SRAs”), where the state has financial responsibility for wildfire protection and prevention, into FHSZs. These zones are classified as either “Moderate,” “High” or “Very High” and are based on statewide criteria and severity of fire hazard that is expected to prevail in those areas. Each zone embraces relatively homogeneous lands and is based on fuel loading, slope, fire weather, and other relevant factors present, including areas where winds have been identified as a major cause of wildfire spread. In areas designated as the local responsibility areas (the “LRAs”), where local agencies have financial responsibility for wildfire protection and prevention, local agencies must adopt a FHSZ map and all three FHSZ classes. The LRAs map process will happen after the SRAs map process has been completed, which is estimated to occur in the summer of 2025. For more information, see the CAL Fire website. No portion of the Property is located within a High or Very High FHSZ. However, there is a risk of property within the City being destroyed by wildfires or urban fires, and no assurance can be given as to the severity or frequency of wildfires or urban fires within the vicinity of the City.
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Property Tax Relief for Properties Affected by Natural Disasters. On January 16, 2025, Governor Gavin Newsom issued Executive Order N-10-25 (the “Governor’s Order) which canceled penalties, costs and interest on overdue property taxes (including special taxes) within certain Los Angeles County zip codes affected by the Palisades and Eaton Fires during calendar year 2025. This will likely cause a delay in the payment of property taxes by certain property owners in the areas affected by the Governor’s Order, unless such property owners within the affected areas pay their property taxes voluntarily or have mortgage impound accounts. In the event of a major fire or other natural disaster affecting the City, a similar order affecting the City could impact the City’s receipt of property tax revenues with respect to properties located in affected areas.

Climate Change. According to the Safety Element and LHMP, climate change caused by human activities may have adverse effects on the City. Climate change can also result in more variable weather patterns, which can lead to longer and more severe droughts as well as increased risk of flooding. Projections of the impacts of global climate change on the City are complex and depend on many factors that are outside the City’s control. The various scientific studies that forecast the amount and timing of adverse impacts of climate change are based on assumptions contained in such studies, but actual events may vary materially.

Also, the scientific understanding of climate change and its effects continues to evolve. Accordingly, the City is unable to forecast with certainty when adverse impacts of climate change will occur or the extent of such impacts. The City expects to continue to consider the effects of climate change in its own planning and to participate in regional planning initiatives. While the impacts of climate change may be mitigated by the City’s past and future investment in adaptation strategies, the City can give no assurance about the net effects of those strategies and whether the City will be required to take additional adaptive mitigation measures.

Particular potential impacts of climate change on the City include worsening air quality, increased flooding, and heatwaves.

Hazardous Substances
The City knows of no existing hazardous substances which require remedial action on or near the Property. However, it is possible such substances do currently or potentially exist and that the City is not aware of them.

According to the LHMP, the existing City Hall facility, Fire Station 27, and three schools are within a 1-miles proximity to the I-15 transportation corridor which could be at risk from a hazardous materials spill caused by a transportation incident. If a tanker spill did occur in this area, the existing City Hall facility and potentially three schools would be either evacuated or required to shelter in place affecting the capability to provide critical services. There would be limited damage to buildings but a high potential of contamination to staff. Additionally, depending on the type of hazardous material involved, a spill along this transportation corridor could have a significant impact on the retail base located in this area of the City.

According to the City’s Safety Element, most hazardous materials in the region are being transported on truck routes along major roadways that pass through the City, such as I-15 along the eastern border of the City. The most vulnerable areas along this route are the on-/off-ramps and interchanges. Since 1970, there have been no reported roadway hazardous materials incidents in the City.

Hazardous materials and waste within the City are managed by the Certified Unified Program Agency (“CUPA”), a local administrative agency within the Riverside County Division of Environmental Health. The CUPA consolidates, coordinates, and makes consistent the regulatory activities of several hazardous materials and hazardous waste programs, including Hazardous Materials Management, California Accidental Release Prevention, Hazardous Waste Management, Underground Storage Tanks, Aboveground Storage Tanks, and Emergency Response. Several state agencies monitor hazardous materials/waste facilities. Potential and known contamination sites are monitored and documented by the Regional Water Quality Control Board (“RWQCB”) and the California Department of Toxic Substances Control (“DTSC”). 2116
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Owners and operators of real property may be required by law to remedy conditions of the property relating to releases or threatened releases of hazardous substances. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, sometimes referred to as “CERCLA” or the “Superfund Act,” is the most well-known and widely applicable of these laws, but California laws with regard to hazardous substances are also stringent and similar. Under many of these laws, the owner (or operator) is obligated to remedy a hazardous substance whether or not the owner (or operator) has anything to do with creating or handling the hazardous substance. Further, such liabilities may arise not simply from the existence of a hazardous substance but from the method of handling it. All of these possibilities could significantly and adversely affect the operations and finances of the City, may result in the reduction in the assessed value of property, and therefor property tax revenue.

Cybersecurity
The City, like many other public and private entities, relies on a large and complex technology environment to conduct its operations. As a recipient and provider of personal, private, or sensitive information, the City is subject to multiple cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized access to the City’s digital systems for the purposes of misappropriating assets or information or causing operational disruption and damage. The City has adopted various policies regarding cybersecurity, including policies with respect to appropriate use and of email and technology, as well as the handling of sensitive personally identifiable information. The City has also heavily invested in software’s and programs such as Cylance, ESET, and Knowbe4 Cyber Security to prevent ransomware attacks. To date, the City has not experienced an attack on its computer operating systems which resulted in a breach of its cybersecurity systems. However, no assurances can be given that the City’s efforts to manage cyber threats and attacks will be successful or that any such attack will not materially impact the operations or finances of the City. See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Risk Management” in Appendix A hereto for more information with respect to the City’s cybersecurity insurance coverage.

Substitution, Addition and Removal of Property; Additional Bonds The Authority and the City may amend the Lease Agreement to substitute alternate real property for any portion of or add additional real property to the Property or to release a portion of the Property from the Lease Agreement, upon compliance with all of the conditions set forth in the Lease Agreement. After a substitution or release, the portion of the Property for which the substitution or release has been effected will be released from the leasehold encumbrance of the Lease Agreement. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS―Substitution, Addition and Removal of Property.” Moreover, the Authority may issue Additional Bonds secured by Base Rental Payments which are increased from current levels.

Although the Lease Agreement requires, among other things, that the Property, as constituted after such substitution or release, have an annual fair rental value at least equal to the maximum Base Rental Payments payable by the City in any Rental Period, it does not require that such Property have an annual fair rental value equal to the annual fair rental value of the Property prior to such substitution or release. Thus, a portion of the Property could be replaced with less valuable real property, or could be released altogether.

Such a replacement or release could have an adverse impact on the security for the Series 2025A Bonds, particularly if an event requiring abatement of Base Rental Payments were to occur subsequent to such substitution or release. See APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS— THE LEASE AGREEMENT—NO CONSEQUENTIAL DAMAGES; USE OF THE PROPERTY; SUBSTITUTION OR RELEASE—Substitution or Release of, or Addition to, the Property.” The Indenture requires, among other things, that upon the issuance of Additional Bonds, the Ground Lease and the Lease Agreement will be amended, to the extent necessary, so as to increase the Base Rental 2117
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Payments payable by the City thereunder by an aggregate amount equal to the principal of and interest on such Additional Bonds; provided, however, that no such amendment will be made such that the sum of Base Rental Payments, including any increase in the Base Rental Payments as a result of such amendment, plus Additional Rental Payments, in any Rental Period is in excess of the annual fair rental value of the Property after taking into account the use of the proceeds of any Additional Bonds issued in connection therewith.

Limited Recourse on Default; No Acceleration of Base Rental Failure by the City to make Base Rental Payments or other payments required to be made under the Lease Agreement, or failure to observe and perform any other terms, covenants or conditions contained in the Lease Agreement or in the Indenture for a period of 30 days or such additional time as is reasonable required, with the written approval of the Insurer (so long as the Insurer is not in default on any obligations under the Insurance Policy), to correct any such default after notice by the Authority to the City, constitute events of default under the Lease Agreement and permit the Trustee or the Authority to pursue any and all remedies available. In the event of a default, notwithstanding anything in the Lease Agreement or in the Indenture to the contrary, there is no right under any circumstances to accelerate the Base Rental Payments or otherwise declare any Base Rental Payments not then in default to be immediately due and payable, nor do the Authority or the Trustee have any right to re-enter or re-let the Property except as described in the Lease Agreement.

The enforcement of any remedies provided in the Lease Agreement and the Indenture could prove both expensive and time consuming. If the City defaults on its obligation to make Base Rental Payments with respect to the Property, the Trustee, as assignee of the Authority, may retain the Lease Agreement and hold the City liable for all Base Rental Payments thereunder on an annual basis and enforce any other terms or provisions of the Lease Agreement to be kept or performed by the City.

Alternatively, the Trustee may terminate the Lease Agreement, retake possession of the Property and proceed against the City to recover damages pursuant to the Lease Agreement. Due to the specialized nature of the Property or any property substituted therefor pursuant to the Lease Agreement and the restrictions on its use, no assurance can be given that the Trustee will be able to re-let the Property so as to provide rental income sufficient to make all payments of principal of, interest and premium, if any, on the Series 2025A Bonds when due, and the Trustee is not empowered to sell the Property for the benefit of the Owners of the Series 2025A Bonds. Any suit for money damages would be subject to limitations on legal remedies against cities in California, including a limitation on enforcement of judgments against funds needed to serve the public welfare and interest. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS” and APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—DEFAULTS AND REMEDIES.”
Limitations on Remedies Available; Bankruptcy
The enforceability of the rights and remedies of the Owners and the obligations of the City may become subject to the following: the federal bankruptcy code and applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or affecting the enforcement of creditors’ rights generally, now or hereafter in effect; usual equitable principles which may limit the specific enforcement under state law of certain remedies; the exercise by the United States of America of the powers delegated to it by the Federal Constitution; and the reasonable and necessary exercise, in certain exceptional situations, of the police power inherent in the sovereignty of the State and its governmental bodies in the interest of servicing a significant and legitimate public purpose.

Under Chapter 9 of the United States Bankruptcy Code (Title 11, United States Code) (the “Bankruptcy Code”), which governs bankruptcy proceedings of public entities such as the City, no involuntary bankruptcy petition may be filed against a public entity. However, upon satisfaction of certain prerequisite conditions, a voluntary bankruptcy petition may be filed by the City. The filing of a bankruptcy petition results in a stay against enforcement of remedies under agreements to which the bankrupt entity is a party. A 2118
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bankruptcy filing by the City could thus limit remedies under the Lease Agreement. A bankruptcy debtor may choose to assume or reject executory contracts and leases, such as the Lease Agreement. In the event of rejection of a lease by debtor lessee, the leased property is returned to the lessor and the lessor has a claim for a limited amount of the resulting damages.

Under the Indenture, the Trustee holds a security interest in the Base Rental Payments for the benefit of the Owners of the Bonds, but such security interest arises only when the Base Rental Payments are actually received by the Trustee following payment by the City. The Property is not subject to a security interest, mortgage or any other lien in favor of the Trustee for the benefit of Owners. In the event of a bankruptcy filed by the City and the subsequent rejection of the Lease Agreement by the City, the Authority would recover possession of the Property and the Trustee, as assignee of the Authority, would have a claim for damages against the City. The Trustee’s claim would constitute a secured claim only to the extent of Revenues in the possession of the Trustee; the balance of such claim would be unsecured.

Bankruptcy proceedings would subject the Owners of the Series 2025A Bonds to judicial discretion and interpretation of their rights in bankruptcy or otherwise, and consequently entail risks of delay, limitation, or modification of their rights with respect to the Series 2025A Bonds. In a bankruptcy case, the amount recovered by Owners of the Series 2025A Bonds could be affected by whether the Lease Agreement is determined to be a “true lease” or a loan or other financing arrangement (a “financing lease”), and the Owners’ recovery could be reduced in either case. If the Lease Agreement is determined by the bankruptcy court to constitute a “true lease” (rather than a financing lease), the City could choose not to perform under the Lease Agreement by rejecting it and the claim of the Owners could be substantially limited pursuant to Section 365 of the Bankruptcy Code to a fraction of the scheduled amount of Base Rental Payments, and that reduced claim amount could be impaired as an unsecured claim under a plan of adjustment. If a bankruptcy court were to treat the Lease Agreement as a financing lease then, under a plan of adjustment, the priority, payment terms, collateral, payment dates, payment sources, covenants and other terms or provisions of the Lease Agreement and the Series 2025A Bonds may be altered. Such a plan could be confirmed even over the objections of the Trustee and the Owners, and without their consent. For example, the amount of the Base Rental Payments from the City might be substantially reduced because of the power of the bankruptcy court under the Bankruptcy Code to adjust secured claims to the value of their collateral, which, as described above, could be limited to the Base Rental Payments held by the Trustee. In addition there can be a substantial disparity in treatment based on the nature of the Property. Whether the Lease Agreement is characterized by the bankruptcy court as a true lease or a financing lease, either scenario could result in the Owners not receiving the full amount of the principal and interest due on the Series 2025A Bonds.

The opinions of counsel, including Bond Counsel, delivered in connection with the issuance of the Series 2025A Bonds will be so qualified. Bankruptcy proceedings, or the exercising of powers by the federal or state government, if initiated, could subject the Owners to judicial discretion and interpretation of their rights in bankruptcy or otherwise and consequently may entail risks of delay, limitation, or modification of their rights.

Possible Insufficiency of Insurance Proceeds
The Lease Agreement obligates the City to keep in force various forms of insurance, subject to deductibles, for repair or replacement of the Property in the event of damage, destruction or title defects, subject to certain exceptions. The Authority and the City make no representation as to the ability of any insurer to fulfill its obligations under any insurance policy obtained pursuant to the Lease Agreement, and no assurance can be given as to the adequacy of any such insurance to fund necessary repair or replacement or to pay principal of and interest on the Series 2025A Bonds when due. In addition, certain risks, such as earthquakes and floods, are not required to be insured under the Lease Agreement, and therefore, are not carried by the City. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS—Insurance.”
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Loss of Tax Exemption
As discussed under the heading “TAX MATTERS,” the interest (and original issue discount) on the Series 2025A Bonds could become includable in gross income for purposes of federal income taxation retroactive to the date of delivery of the Series 2025A Bonds, as a result of acts or omissions of the Authority or the City in violation of their covenants in the Indenture and the Lease Agreement. Should such an event of taxability occur, the Series 2025A Bonds would not be subject to a special redemption and would remain Outstanding until maturity or until redeemed under the redemption provisions contained in the Indenture.

No Liability of Authority to the Owners
Except as expressly provided in the Indenture, the Authority will not have any obligation or liability to the Owners of the Series 2025A Bonds with respect to the payment when due of the Base Rental Payments by the City, or with respect to the performance by the City of other agreements and covenants required to be performed by it contained in the Lease Agreement or the Indenture, or with respect to the performance by the Trustee of any right or obligation required to be performed by it contained in the Indenture.

Risks Associated with Bond Insurance
[In the event that the Authority defaults in the payment of principal of or interest on the Insured Series 2025A Bonds as a result of the failure of the City to pay the Base Rental Payments when due, the Owners of the Insured Series 2025A Bonds will have a claim under the Policy for such payments. See the caption “BOND INSURANCE.” In the event that the Insurer becomes obligated to make payments with respect to the Insured Series 2025A Bonds, no assurance can be given that such event will not adversely affect the market for the Insured Series 2025A Bonds. In the event that the Insurer is unable to make payment of principal of and interest on the Insured Series 2025A Bonds when due under the Policy, the Insured Series 2025A Bonds will be payable solely from Base Rental Payments and amounts held in certain funds and accounts established under the Indenture, as described under the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS.”
The Insurer is expected to insure a majority of the Series 2025A Bonds and will therefore have the ability to direct the actions of the Trustee give consents and waivers and take other actions without regard to the views of the owners of the Series 2025A Bonds. As a result, Owners of the Series 2025A Bonds may be limited in the rights and remedies they are able to exercise in the event of a default by the Authority under the Indenture. The Insurer may have different business and other interests than the Owners of the Series 2025A Bonds.

The long-term rating on the Insured Series 2025A Bonds is dependent in part on the financial strength of the Insurer and its claims-paying ability. The Insurer’s financial strength and claims-paying ability are predicated upon a number of factors which could change over time. If the long-term ratings of the Insurer are lowered, such event could adversely affect the market for the Insured Series 2025A Bonds. See the caption “RATINGS.”
None of the City, the Authority or the Underwriter have made an independent investigation of the claims-paying ability of the Insurer and no assurance or representation regarding the financial strength or projected financial strength of the Insurer is being made by the City, the Authority or the Underwriter in this Official Statement. Therefore, when making an investment decision with respect to the Insured Series 2025A Bonds, potential investors should carefully consider the ability of the City to pay Base Rental Payments, which secure the Insured Series 2025A Bonds, assuming that the Policy is not available for that purpose, and the claims-paying ability of the Insurer through final maturity of the Insured Series 2025A Bonds.

So long as the Policy remains in effect and the Insurer is not in default of its obligations thereunder, the Insurer has certain notice, consent and other rights under the Indenture and will have the right to control all 2120
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remedies for default under the Indenture. The Insurer is not required to obtain the consent of the Owners with respect to the exercise of remedies.]
Dependence on State for Certain Revenues
On May 14, 2025, the Governor released the May Revision to his proposed 2025-26 California state budget (the “2025-26 May Revision”). The following is drawn from the Department of Finance (“DOF”) and Legislative Analyst’s Office (“LAO”) summaries of the 2025-26 May Revision.

The 2025-26 May Revision reports that the State is facing a budgetary shortfall in 2025 of approximately $12 billion. The shortfall is driven by a substantial slowdown in Gross Domestic Product (GDP) growth combined with lower job growth and higher unemployment as well as reduced personal income and capital gains taxes driven by reduced stock prices, driven primarily by high tariffs. In addition, expenditures in the Medi-Cal program—the state’s health care program for low-income individuals—have increased significantly and continue to outpace revenues. Unlike the last two years, during which the State also faced budget deficits, this year’s approach includes a significant number of reductions to ongoing programs that result in greater savings in future years.

To provide for a balanced budget over two fiscal years, the 2024 Budget Act reflected withdrawals from the Budget Stabilization Account (“BSA”) of $5.1 billion in 2024-25 and $7.1 billion in 2025-26.

Despite the downgraded revenue forecast, the 2025-26 May Revision maintains the planned withdrawal of approximately $7.1 billion from the BSA. Accounting for withdrawals, the 2025-26 May Revision reflects total reserve balances of approximately $15.7 billion at the end of 2025-26. This consists of $11.2 billion in the BSA and $4.5 billion in the Special Fund for Economic Uncertainties.

The City cannot predict the extent of the budgetary problems the State may encounter in future fiscal years, and it is not clear what measures would be taken by the State to balance its budget, as required by law.

In addition, the City cannot predict the impact that State budgets will have on the City’s finances and operations or what actions will be taken in the future by the State Legislature and the Governor to deal with changing State revenues and expenditures. Current and future State budgets will be affected by international, national and State economic conditions and other factors over which the City has no control.

A number of the City’s revenues are collected and dispersed by the State (such as sales taxes and the VLF) or allocated in accordance with State law (most importantly, property taxes). Therefore, State budget decisions can have an impact on City finances. In the event of a material economic downturn in the State, there can be no assurance that any resulting revenue shortfalls to the State will not reduce revenues to local governments (including the City) or shift financial responsibility for programs to local governments as part of the State’s efforts to address any such related State financial difficulties.

See “CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS—Proposition 1A” and “—Proposition 22” below. 2121
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CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS Principal of and interest on the Series 2024 Bonds are payable from Base Rental Payments made from the City’s General Fund. See the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2024 BONDS.” Articles XIIIA, XIIIB, XIIIC and XIIID of the State Constitution, Propositions 62, 111, 218, 1A and 22, and certain other provisions of law discussed below are included in this Official Statement to describe the potential effect of these Constitutional and statutory measures on the ability of the City to levy taxes and spend tax proceeds for operating and other purposes.

Article XIIIA of the State Constitution
On June 6, 1978, State voters approved Proposition 13, which added Article XIIIA to the State Constitution. Article XIIIA, as amended, limits the amount of any ad valorem tax on real property to 1% of the full cash value thereof, except that additional ad valorem taxes may be levied to pay debt service: (i) on indebtedness approved by the voters prior to December 1, 1978; (ii) on bonded indebtedness approved by a two-thirds vote on or after December 1, 1978, for the acquisition or improvement of real property; or (iii) bonded indebtedness incurred by a school district, community college district or county office of education for the construction, reconstruction, rehabilitation or replacement of school facilities, including the furnishing and equipping of school facilities or the acquisition or lease of real property for school facilities, approved by 55% of the voters voting on the proposition. Article XIIIA defines full cash value to mean “the county assessor’s valuation of real property as shown on the 1975-76 tax bill under “full cash value,” or thereafter, the appraised value of real property when purchased, newly constructed, or a change in ownership has occurred after the 1975 assessment.” This full cash value may be increased at a rate not to exceed 2% per year to account for inflation.

Article XIIIA has subsequently been amended to permit reduction of the “full cash value” base in the event of declining property values caused by damage, destruction or other factors, including a general economic downturn, to provide that there would be no increase in the “full cash value” base in the event of reconstruction of property damaged or destroyed in a disaster, and in other minor or technical ways.

Legislation Implementing Article XIIIA
Legislation has been enacted and amended a number of times since 1978 to implement Article XIIIA.

Under current law, local agencies are no longer permitted to levy directly any property tax (except to pay voter-approved indebtedness). The 1% property tax is automatically levied by counties and distributed according to a formula among taxing agencies.

Increases in assessed valuation resulting from reappraisals of property due to new construction, change in ownership or from the 2% annual adjustment are allocated among the various jurisdictions in the “taxing area” based upon their respective “situs.” Any such allocation made to a local agency continues as part of its allocation in future years.

All taxable property is shown at full cash value on the tax rolls. Consequently, the tax rate is expressed as $1 per $100 of taxable value. All taxable property value included in this Official Statement is shown at 100 percent of taxable value (unless noted differently) and all tax rates reflect the $1 per $100 of taxable value.

Article XIIIB of the State Constitution
In addition to the limits that Article XIIIA imposes on property taxes that may be collected by local governments, certain other revenues of the State and most local governments are subject to an annual “appropriations limit” imposed by Article XIIIB which effectively limits the amount of such revenues that such entities are permitted to spend. Article XIIIB, approved by the voters in June 1979, was modified 2122
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substantially by Proposition 111 in 1990. The appropriations limit of each government entity applies to “proceeds of taxes,” which consist of tax revenues and the investment proceeds thereof, State subventions and certain other funds, including proceeds from regulatory licenses, user charges or other fees to the extent that such proceeds exceed “the cost reasonably borne by such entity in providing the regulation, product or service.” “Proceeds of taxes” excludes tax refunds and some benefit payments such as unemployment insurance. No limit is imposed on the appropriation of funds which are not “proceeds of taxes,” such as reasonable user charges or fees, and certain other non-tax funds. Article XIIIB also does not limit appropriation of local revenues to pay debt service on bonds existing or authorized as of October 1, 1979, or subsequently authorized by the voters (such as the Bonds), appropriations required to comply with mandates of courts or the federal government, appropriations for qualified capital outlay projects, and appropriation by the State of revenues derived from any increase in gasoline taxes and motor vehicle weight fees above January 1, 1990 levels. The appropriations limit may also be exceeded in case of emergency; however, the appropriations limit for the next three years following such emergency appropriation must be reduced to the extent by which it was exceeded, unless the emergency arises from civil disturbance or natural disaster declared by the Governor, and the expenditure is approved by two-thirds of the legislative body of the local government.

If the aggregate “proceeds of taxes” for the preceding two-year period exceeds the aggregate limit, the excess must be returned to the agency’s taxpayers through tax rate or fee reductions over the following two years.

The City has exceeded its annual limitation on appropriations under Article XIIIB of the State Constitution each year since 2021, because of the City’s high sales tax revenues. See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Constitutional Appropriations Limit.” Articles XIIIC and XIIID of the State Constitution
On November 5, 1996, State voters approved Proposition 218, known as the “Right to Vote on Taxes Act.” Proposition 218 adds Articles XIIIC and XIIID to the State Constitution and contains a number of interrelated provisions affecting the ability of the City to levy and collect both existing and future taxes, assessments and property-related fees and charges. The interpretation and application of Proposition 218 will ultimately be determined by the courts with respect to a number of the matters discussed below, and it is not possible at this time to predict with certainty the outcome of such determination.

Article XIIIC requires that all new local taxes be submitted to the electorate before they become effective. Taxes for general governmental purposes of the City require a majority vote and taxes for specific purposes, even if deposited in the City’s General Fund, require a two-thirds vote. The voter approval requirements of Proposition 218 reduce the flexibility of the City to raise revenues for the General Fund, and no assurance can be given that the City will be able to impose, extend or increase such taxes in the future to meet increased expenditure needs.

Article XIIID also adds several provisions making it generally more difficult for local agencies to levy and maintain property-related fees, charges, and assessments for municipal services and programs, such as hearings and stricter and more individualized benefit requirements and findings. These provisions include, among other things: (i) a prohibition against assessments which exceed the reasonable cost of the proportional special benefit conferred on a parcel; (ii) a requirement that assessments must confer a “special benefit,” as defined in Article XIIID, over and above any general benefits conferred; (iii) a majority protest procedure for assessments which involves the mailing of notice and a ballot to the record owner of each affected parcel, a public hearing and the tabulation of ballots weighted according to the proportional financial obligation of the 2123
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affected party; and (iv) a prohibition against fees and charges which are used for general governmental services, including police, fire or library services, where the service is available to the public at large in substantially the same manner as it is to property owners. If the City is unable to continue to collect these revenues, the services and programs funded with these revenues would have to be curtailed and/or the City’s General Fund might have to be used to support them. The City is unable to predict whether or not in the future it will be able to continue all existing services and programs funded by the fees, charges and assessments in light of Proposition 218 or, if these services and programs are continued, which amounts (if any) would be used from the City’s General Fund to continue to support such activities.

Article XIIIC also removes limitations on the initiative power in matters of reducing or repealing local taxes, assessments, fees or charges. This extension of the initiative power is not limited to taxes imposed on or after November 6, 1996, the effective date of Proposition 218, and could result in retroactive repeal or reduction in any existing taxes, assessments, fees and charges, subject to overriding federal constitutional principles relating to the impairments of contracts. Legislation implementing Proposition 218 provides that the initiative power provided for in Proposition 218 “shall not be construed to mean that any owner or beneficial owner of a municipal security, purchased before or after (the effective date of Proposition 218) assumes the risk of, or in any way consents to, any action by initiative measure that constitutes an impairment of contractual rights” protected by the United States Constitution. However, no assurance can be given that the voters of the City will not, in the future, approve an initiative or initiatives which reduce or repeal local taxes, assessments, fees or charges currently comprising a substantial part of the City’s General Fund.

Although a portion of the City’s General Fund revenues are derived from taxes purported to be governed by Proposition 218, all of such taxes were imposed in accordance with the requirements of Proposition 218. No assurance can be given that the voters of the City will not, in the future, approve an initiative or initiatives which reduce or repeal local taxes, assessments, fees or charges which support the City’s General Fund.

Proposition 62
Proposition 62 was adopted by the voters at the November 4, 1986, general election and: (a) requires that any new or higher taxes for general governmental purposes imposed by local governmental entities such as the City be approved by a two-thirds vote of the governmental entity’s legislative body and by a majority vote of the voters of the governmental entity voting in an election on the tax; (b) requires that any special tax (defined as taxes levied for other than general governmental purposes) imposed by a local governmental entity be approved by a two-thirds vote of the voters of the governmental entity voting in an election on the tax; (c) restricts the use of revenues from a special tax to the purposes or for the service for which the special tax was imposed; (d) prohibits the imposition of ad valorem taxes on real property by local governmental entities except as permitted by Article XIIIA; (e) prohibits the imposition of transaction taxes and sales taxes on the sale of real property by local governmental entities; and (f) requires that any tax imposed by a local governmental entity on or after July 1, 1985, be ratified by a majority vote of the voters voting in an election on the tax within two years of the adoption of the initiative or be terminated by November 15, 1988.

California appellate court cases have overturned the provisions of Proposition 62 pertaining to the imposition of taxes for general government purposes. However, the California Supreme Court upheld Proposition 62 in its decision on August 28, 1995 in Fresno County Transportation Authority v. Guardino.

This decision reaffirmed the constitutionality of Proposition 62. Certain matters regarding Proposition 62 were not addressed in the Court’s decision, such as what remedies exist for taxpayers subject to a tax not in compliance with Proposition 62, and whether the decision applies to charter cities. The City has not experienced any substantive adverse financial impact as a result of the passage of Proposition 62. 2124
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Proposition 1A
Proposition 1A, proposed by the State Legislature in connection with the State’s fiscal year 2004-05 budget, approved by the voters in November 2004 and generally effective in State fiscal year 2006-07, provides that the State may not reduce any local sales tax rate, limit existing local government authority to levy a sales tax rate or change the allocation of local sales tax revenues, subject to certain exceptions.

Proposition 1A generally prohibits the State from shifting to schools or community colleges any share of property tax revenues allocated to local governments for any fiscal year, as set forth under the laws in effect as of November 3, 2004. Any change in the allocation of property tax revenues among local governments within a county must be approved by two-thirds of both houses of the Legislature. Proposition 1A provides, however, that beginning in State fiscal year 2008-09, the State may shift to schools and community colleges up to 8% of local government property tax revenues, which amount must be repaid, with interest, within three years, if the Governor proclaims that the shift is needed due to a severe state financial hardship, the shift is approved by two-thirds of both houses and certain other conditions are met. The State also will not be able to borrow from local property tax revenues for more than two fiscal years within a period of ten fiscal years. In addition, the State cannot reduce the local sales tax rate or restrict the authority of local governments to impose or change the distribution of the State-wide local sales tax. The State may also approve voluntary exchanges of local sales tax and property tax revenues among local governments within a county. Proposition 1A also provides that if the State reduces the motor vehicle license fee rate currently in effect, 0.65% of vehicle value, the State must provide local governments with equal replacement revenues. Further, Proposition 1A requires the State, beginning July 1, 2005, to suspend State mandates affecting cities, counties and special districts, excepting mandates relating to employee rights, schools or community colleges, in any year that the State does not fully reimburse local governments for their costs to comply with such mandates.

Proposition 1A may result in increased and more stable City revenues. The magnitude of such increase and stability is unknown and would depend on future actions by the State. However, Proposition 1A could also result in decreased resources being available for State programs. This reduction, in turn, could affect actions taken by the State to resolve budget difficulties. Such actions could include increasing State taxes, decreasing spending on other State programs or other action, some of which could be adverse to the City.

Many of the provisions of Proposition 1A have been superseded by Proposition 22 enacted in November 2010 and described below.

Proposition 22
On November 2, 2010, the voters of the State approved Proposition 22, known as “The Local Taxpayer, Public Safety, and Transportation Protection Act” (“Proposition 22”). Proposition 22, among other things, broadens the restrictions established by Proposition 1A. While Proposition 1A permits the State to appropriate or borrow local property tax revenues on a temporary basis during times of severe financial hardship, Proposition 22 amends Article XIII of the State Constitution to prohibit the State from appropriating or borrowing local property tax revenues under any circumstances. The State can no longer borrow local property tax revenues on a temporary basis even during times of severe financial hardship. Proposition 22 also prohibits the State from appropriating or borrowing proceeds derived from any tax levied by a local government solely for the local government’s purposes. Furthermore, Proposition 22 restricts the State’s ability to redirect redevelopment agency property tax revenues to school districts and other local governments and limits uses of certain other funds although this provision no longer has any meaningful impact given the statewide dissolution of redevelopment agencies. Proposition 22 is intended to stabilize local government revenue sources by restricting the State government’s control over local revenues. The City cannot predict whether Proposition 22 will have a beneficial effect on the City’s financial condition. 2125
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Proposition 26
On November 2, 2010, State voters also approved Proposition 26. Proposition 26 amends Article XIIIC of the State Constitution to expand the definition of “tax” to include “any levy, charge, or exaction of any kind imposed by a local government” except the following: (a) a charge imposed for a specific benefit conferred or privilege granted directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of conferring the benefit or granting the privilege; (b) a charge imposed for a specific government service or product provided directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of providing the service or product; (c) a charge imposed for the reasonable regulatory costs to a local government for issuing licenses and permits, performing investigations, inspections, and audits, enforcing agricultural marketing orders, and the administrative enforcement and adjudication thereof; (d) a charge imposed for entrance to or use of local government property, or the purchase, rental or lease of local government property; (e) a fine, penalty or other monetary charge imposed by the judicial branch of government or a local government as a result of a violation of law; (f) a charge imposed as a condition of property development; and (g) assessments and property-related fees imposed in accordance with the provisions of Article XIIID. Proposition 26 provides that the local government bears the burden of proving by a preponderance of the evidence that a levy, charge, or other exaction is not a tax, that the amount is no more than necessary to cover the reasonable costs of the governmental activity, and that the manner in which those costs are allocated to a payor bear a fair or reasonable relationship to the payor’s burdens on, or benefits received from, the governmental activity. The City does not believe that Proposition 26 will adversely affect its General Fund revenues.

See APPENDIX A—“CITY OF EASTVALE—CITY FINANCIAL INFORMATION—Other Franchise Fees” for information regarding the potential impact of the California Supreme Court’s decision in Robert Zolly et al. v. City of Oakland, relating to franchises awarded by the City of Oakland for recycling and municipal waste services challenged under Proposition 26.

Possible Future Initiatives
Articles XIIIA, XIIIB, XIIIC and XIIID and Propositions 218, 111, 62, 1A, 22 and 26 were each adopted as measures that qualified for the ballot pursuant to the State’s initiative process. From time to time other initiative measures could be adopted, further affecting revenues of the City or the City’s ability to expend revenues. The nature and impact of these measures cannot be anticipated by the City.

TAX MATTERS
In the opinion of Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Series 2025A Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals. However, it should be noted that with respect to applicable corporations as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended (the “Code”), generally certain corporations with more than $1,000,000,000 of average annual adjusted financial statement income, interest (and original issue discount) with respect to the Series 2025A Bonds might be taken into account in determining adjusted financial statement income for purposes of computing the alternative minimum tax imposed by Section 55 of the Code on such corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Series 2025A Bonds is exempt from State personal income tax.

Bond Counsel’s opinion as to the exclusion from gross income for federal income tax purposes of interest (and original issue discount) on the Series 2025A Bonds is based upon certain representations of fact and certifications made by the Authority and others and is subject to the condition that the Authority comply 2126
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with all requirements of the Code that must be satisfied subsequent to the issuance of the Series 2025A Bonds to assure that interest (and original issue discount) on the Series 2025A Bonds will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause interest (and original issue discount) on the Series 2025A Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Series 2025A Bonds. The Authority has covenanted to comply with all such requirements.

In the opinion of Bond Counsel, the difference between the issue price of a Series 2025A Bond (the first price at which a substantial amount of the Series 2025A Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity of such Series 2025A Bond constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Beneficial Owner before receipt of cash attributable to such excludable income. The amount of original issue discount deemed received by a Beneficial Owner will increase the Beneficial Owner’s basis in the applicable Series 2025A Bond. The amount of original issue discount that accrues to the Beneficial Owner of a Series 2025A Bond is excluded from the gross income of such Beneficial Owner for federal income tax purposes, is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals, and is exempt from State personal income tax.

The amount by which a Series 2025A Bond Owner’s original basis for determining loss on sale or exchange in the applicable Series 2025A Bond (generally, the purchase price) exceeds the amount payable on maturity (or on an earlier call date) constitutes amortizable bond premium, which must be amortized under Section 171 of the Code; such amortizable bond premium reduces the Series 2025A Bond Owner’s basis in the applicable Series 2025A Bond (and the amount of tax-exempt interest received with respect to the Series 2025A Bonds), and is not deductible for federal income tax purposes. The basis reduction as a result of the amortization of bond premium may result in a Series 2025A Bond Owner realizing a taxable gain when a Series 2025A Bond is sold by the Owner for an amount equal to or less (under certain circumstances) than the original cost of the Series 2025A Bond to the Owner. Purchasers of the Series 2025A Bonds should consult their own tax advisors as to the treatment, computation and collateral consequences of amortizable bond premium.

The IRS has initiated an expanded program for the auditing of tax-exempt bond issues, including both random and targeted audits. It is possible that the Series 2025A Bonds will be selected for audit by the IRS. It is also possible that the market value of the Series 2025A Bonds might be affected as a result of such an audit of the Series 2025A Bonds (or by an audit of similar municipal obligations). No assurance can be given that in the course of an audit, as a result of an audit, or otherwise, Congress or the IRS might not change the Code (or interpretation thereof) subsequent to the issuance of the Series 2025A Bonds to the extent that it adversely affects the exclusion from gross income of interest (and original issue discount) on the Series 2025A Bonds or their market value.

SUBSEQUENT TO THE ISSUANCE OF THE SERIES 2025A BONDS THERE MIGHT BE

FEDERAL, STATE OR LOCAL STATUTORY CHANGES (OR JUDICIAL OR REGULATORY

CHANGES TO OR INTERPRETATIONS OF FEDERAL, STATE OR LOCAL LAW) THAT AFFECT THE FEDERAL, STATE OR LOCAL TAX TREATMENT OF THE SERIES 2025A BONDS, INCLUDING THE

IMPOSITION OF ADDITIONAL FEDERAL INCOME OR STATE TAXES BEING IMPOSED ON OWNERS OF TAX-EXEMPT STATE OR LOCAL OBLIGATIONS, SUCH AS THE SERIES 2025A BONDS. THESE CHANGES COULD ADVERSELY AFFECT THE MARKET VALUE OR LIQUIDITY OF THE SERIES 2025A BONDS. NO ASSURANCE CAN BE GIVEN THAT SUBSEQUENT TO THE ISSUANCE OF THE SERIES 2025A BONDS STATUTORY CHANGES WILL NOT BE INTRODUCED

OR ENACTED OR JUDICIAL OR REGULATORY INTERPRETATIONS WILL NOT OCCUR HAVING THE EFFECTS DESCRIBED ABOVE. BEFORE PURCHASING ANY OF THE SERIES 2025A BONDS,

ALL POTENTIAL PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING

POSSIBLE STATUTORY CHANGES OR JUDICIAL OR REGULATORY CHANGES OR 2127
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INTERPRETATIONS, AND THEIR COLLATERAL TAX CONSEQUENCES RELATING TO THE SERIES 2025A BONDS.

Bond Counsel’s opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. Bond Counsel has not undertaken to determine, or to inform any person, whether any such actions or events are taken or do occur. The Indenture and the Tax Certificate relating to the Series 2025A Bonds permit certain actions to be taken or to be omitted if a favorable opinion of Bond Counsel is provided with respect thereto. Bond Counsel expresses no opinion as to the effect on the exclusion from gross income of interest (and original issue discount) for federal income tax purposes with respect to any Series 2025A Bond if any such action is taken or omitted based upon the advice of counsel other than Stradling Yocca Carlson & Rauth LLP.

Although Bond Counsel has rendered an opinion that interest (and original issue discount) on the Series 2025A Bonds is excluded from gross income for federal income tax purposes provided that the Authority continues to comply with certain requirements of the Code, the ownership of the Series 2025A Bonds and the accrual or receipt of interest (and original issue discount) on the Series 2025A Bonds may otherwise affect the tax liability of certain persons. Bond Counsel expresses no opinion regarding any such tax consequences. Accordingly, before purchasing any of Series 2025A Bonds, all potential purchasers should consult their tax advisors with respect to collateral tax consequences relating to the Series 2025A Bonds.

Should interest (and original issue discount) on the Series 2025A Bonds become includable in gross income for federal income tax purposes, the Series 2025A Bonds are not subject to early redemption and will remain outstanding until maturity or until redeemed in accordance with the Indenture.

A complete copy of the proposed form of opinion of Bond Counsel is attached hereto as Appendix D.

CERTAIN LEGAL MATTERS
The validity of the Series 2025A Bonds and certain other legal matters are subject to the approving opinion of Stradling Yocca Carlson & Rauth LLP, Bond Counsel. Stradling Yocca Carlson & Rauth LLP, is also acting as Disclosure Counsel for the City. A complete copy of the proposed form of Bond Counsel opinion is contained in Appendix D hereto. Bond Counsel undertakes no responsibility for the accuracy, completeness or fairness of this Official Statement. Bond and Disclosure Counsel will receive compensation from the City contingent upon the sale and delivery of the Series 2025A Bonds. From time to time, Bond Counsel represents the Underwriter on matters unrelated to the Series 2025A Bonds. Certain legal matters will be passed upon for the Underwriter by Hawkins Delafield & Wood LLP, for the Trustee by its counsel, and for the Insurer by its counsel. Counsel to the Underwriter will receive compensation contingent upon the issuance of the Series 2025A Bonds.

ABSENCE OF LITIGATION
To the best knowledge of the City and the Authority, there is no action, suit or proceeding pending or threatened either restraining or enjoining the execution or delivery of the Series 2025A Bonds, the Lease Agreement, the Ground Lease or the Indenture, or in any way contesting or affecting the validity of the foregoing or any proceedings of the Authority or the City taken with respect to any of the foregoing. 2128
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UNDERWRITING
The Series 2025A Bonds are being purchased by Bofa Securities, Inc. (the “Underwriter”). The Underwriter will purchase the Series 2025A Bonds from the Authority at an aggregate purchase price of $__________ (representing the principal amount of the Series 2025A Bonds, plus net original issue premium of $________ and less an Underwriter’s discount of $_________). The purchase agreement relating to the Series 2025A Bonds provides that the Underwriter will purchase all of the Series 2025A Bonds if any are purchased. The obligation to make such purchase is subject to certain terms and conditions set forth in such purchase agreement, the approval of certain legal matters by counsel and certain other conditions.

BofA Securities, Inc. has entered into a distribution agreement with its affiliate Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”). As part of this arrangement, BofA Securities, Inc. may distribute securities to MLPF&S, which may in turn distribute such securities to investors through the financial advisor network of MLPF&S. As part of this arrangement, BofA Securities, Inc. may compensate MLPF&S as a dealer for their selling efforts with respect to the Series 2025A Bonds.

The initial offering prices that are stated on the inside front cover page of this Official Statement may be changed from time to time by the Underwriter. The Underwriter may offer and sell the Series 2025A Bonds to certain dealers (including dealers depositing Series 2025A Bonds into investment trusts), dealer banks, banks acting as agent and others at prices lower than said public offering prices.

The Underwriter and its affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, advisory, investment management, principal investment, hedging, financing and brokerage services. The Underwriter and its affiliates have, from time to time, performed, and may in the future perform, various advisory and investment banking services for the Authority, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the Underwriter and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and credit default swaps) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve securities and instruments of the Authority.

The Underwriter and its affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

RATINGS
S&P Global Ratings, a Standard & Poor’s Financial Services LLC business (“S&P”) is expected to assign a rating of “___” to the Insured Series 2025A Bonds based upon the delivery of the municipal bond insurance policy by the Insurer at the time of issuance of the Insured Series 2025A Bonds. S&P has assigned the Series 2025A Bonds the rating of “___” without regard to the delivery of the Policy. Such ratings reflect only the views of S&P and any desired explanation of the significance of such ratings should be obtained from S&P. Generally, a rating agency bases its ratings on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance such ratings will continue for any given period of time or that such rating will not be revised downward or withdrawn entirely by the rating agency, if in the judgment of such rating agency, circumstances so warrant. Any such downward revision or withdrawal of the rating may have an adverse effect on the market price of the Series 2025A Bonds. None of the Authority, the City or the Underwriter has undertaken any responsibility either to bring to the attention of 2129
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the owners of the Series 2025A Bonds a proposed change in or withdrawal of the ratings or to oppose any such proposed revision or withdrawal.

MUNICIPAL ADVISOR
Urban Futures, Inc., Walnut Creek, California (the “Municipal Advisor”), served as municipal advisor to the Authority and the City with respect to the sale of the Series 2025A Bonds. The Municipal Advisor will receive compensation contingent upon the sale and delivery of the Series 2025A Bonds. The Municipal Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or to assume any responsibility for the accuracy, completeness or fairness of the information contained in this Official Statement.

The Municipal Advisor is an independent advisory firm and is not engaged in the business of underwriting, trading or distributing municipal or other public securities.

CONTINUING DISCLOSURE
The City has covenanted for the benefit of the Owners of the Series 2025A Bonds to provide annually certain financial information and operating data relating to the Series 2025A Bonds and the City (the “Annual Report”), and to provide notices of the occurrence of certain enumerated events. For a complete listing of items of information which will be provided in each Annual Report and further description of the City’s undertaking with respect to the Annual Report and certain enumerated events, see APPENDIX E—“FORM OF CONTINUING DISCLOSURE AGREEMENT.” The Annual Report is to be provided by the City not later than nine months following the end of the City’s fiscal year (which presently ends on June 30), commencing with the report for the fiscal year ending June 30, 2025 and due March 31, 2026. The Annual Report will be filed by the City with the Municipal Securities Rulemaking Board. These covenants have been made in order to assist the Underwriter in complying with SEC Rule 15c2-12(b)(5).

Within the last five years, the City has not failed to comply with continuing disclosure obligations related to any of the Authority’s or the City’s outstanding obligations pursuant to SEC Rule 15c2-12(b)(5).

FINANCIAL STATEMENTS OF THE CITY
Included herein as Appendix C is the Annual Comprehensive Financial Report of the City for the Fiscal Year ended June 30, 2024, together with the report thereon dated December 18, 2024 of Rogers, Anderson, Malody & Scott, LLP, certified public accountants (the “Auditor”). The Auditor has not undertaken to update the audited financial statements of the City or its report or to take any action intended or likely to elicit information concerning the accuracy, completeness or fairness of the statements made in this Official Statement, and no opinion is expressed by the Auditor with respect to any event subsequent to its report dated December 18, 2024.

MISCELLANEOUS
References are made herein to certain documents and reports which are brief summaries thereof which do not purport to be complete or definitive and reference is made to such documents and reports for full and complete statements of the contents thereof. Copies of the Indenture, the Lease Agreement, the Ground Lease and other documents are available, upon request, and upon payment to the City of a charge for copying, mailing and handling, from the City Clerk at the City of Eastvale, 12363 Limonite Avenue, suite 910, Eastvale, California 91752.

Any statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to be construed as 2130
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a contract or agreement between the Authority or the City and the purchasers or Owners of any of the Series 2025A Bonds.

The execution and delivery of this Official Statement have been duly authorized by the Authority and the City.

EASTVALE PUBLIC FINANCING AUTHORITY
By:

Executive Director

CITY OF EASTVALE
By:

City Manager
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APPENDIX A

THE CITY OF EASTVALE
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TABLE OF CONTENTS
PAGE
INFORMATION REGARDING THE CITY ................................................................................................... A-1 General .......................................................................................................................................................... A-1 City Council .................................................................................................................................................. A-1 City Management .......................................................................................................................................... A-2 Employee and Employee Relations .............................................................................................................. A-2 Risk Management ......................................................................................................................................... A-3 CITY FINANCIAL INFORMATION .............................................................................................................. A-4 Management Discussion and Analysis ......................................................................................................... A-4 Accounting and Financial Reporting ............................................................................................................ A-5 Financial Policies .......................................................................................................................................... A-7 Budget Procedure, Current Budget and Historical Budget Information ....................................................... A-9 Comparative Change in Fund Balance of the City General Fund ............................................................... A-15 Comparative General Fund Balance Sheets of the City .............................................................................. A-17 Constitutional Appropriations Limit ........................................................................................................... A-18 Tax and Fee Revenues By Source .............................................................................................................. A-19 Sales Taxes ................................................................................................................................................. A-19 Property Taxes ............................................................................................................................................ A-21 Intergovernmental Revenues ...................................................................................................................... A-23 Franchise Fees............................................................................................................................................. A-24 Licenses, Permits and Fees ......................................................................................................................... A-24 Other Revenue Sources ............................................................................................................................... A-24 Transient Occupancy Tax ........................................................................................................................... A-25 Long-Term Liabilities ................................................................................................................................. A-25 Retirement System ...................................................................................................................................... A-25 Other Post-Employment Benefits ............................................................................................................... A-30

ECONOMIC AND DEMOGRAPHIC INFORMATION REGARDING
THE CITY AND THE COUNTY .................................................................................................................. A-33 Population ................................................................................................................................................... A-33 Employment and Industry ........................................................................................................................... A-33 Largest Employers ...................................................................................................................................... A-34 Per Capital Personal Income ....................................................................................................................... A-35 Taxable Transactions .................................................................................................................................. A-35 2133
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INFORMATION REGARDING THE CITY
General
The City of Eastvale (the “City”) was incorporated on October 1, 2010 and is one of the newest cities in the State of California. The City is located in northwestern Riverside County in the Inland Empire region of Southern California. The City is surrounded by the cities of Chino and Ontario within San Bernardino County to the north and west and the cities of Corona, Norco, and Jurupa Valley in Riverside County to the south and east. The City has a total area of 13.1 square miles, of which 12.5 square miles is land and 0.6 square miles is water (the Santa Ana River).

The City provides a wide range of services including City Clerk, Communications, Planning, Economic Development, Public Works, Engineering, Building, Code Enforcement, Community Services and Recreation, and internal administrative services including Finance, Human Resources, and Risk Management. Animal control, library, and public safety (fire and police) services are provided to the City and its residents through contracts with the County of Riverside (the “County”). See the caption “CITY FINANCIAL INFORMATION—Management Discussion and Analysis—Public Safety.” Other services are provided directly through other agencies, including water and sewer service through the Jurupa Community Services District, parks and recreation through the Jurupa Community Services District and Jurupa Area Recreation and Parks District and public transit through the Riverside Transit Agency. The City has franchise agreements for electricity service through Southern California Edison, natural gas through SoCalGas, refuse collection through Waste Management and cable service through state franchise agreements with Charter Communications, DirecTV, and Frontier.

For additional economic and demographic information regarding the City, see the caption “ECONOMIC AND DEMOGRAPHIC INFORMATION REGARDING THE CITY” in this Appendix A.

City Council
The City is a general law city and has a Council-Manager form of municipal government. The City Council has five members, who are elected on a nonpartisan basis. The five Councilmembers are elected by district and serve four-year staggered terms, and the Mayor and Mayor Pro Tempore are selected annually by the City Council to serve a one-year term. The Mayor and City Council serve as the legislative and policymaking body of the City. Based upon their own studies and investigations, and the advice and recommendations of the City Manager and his staff, the City Council makes basic, long-range policy decisions for the City. The City Council uses study sessions and committee meetings, beyond regular City Council meetings, to help determine policy. The City Council appoints the City Manager to act as the City’s chief executive officer and a City Attorney to be the legal adviser for the City.
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The current City Council members and their respective current terms are as follows:

Name and Office District Term
Todd Rigby, Councilmember 1 2022-2026
Christian Dinco, Councilmember 2 2024-2028
Clint Lorimore, Councilmember 3 2022-2026
Jocelyn Yow, Mayor Pro Tem 4 2022-2026
Mike McMinn, Mayor 5 2024-2028

Source: City of Eastvale.

City Management
Summary information regarding certain City executive staff is described below.

City Manager. Mark Orme is the City Manager of the City and the Executive Director of the Authority.

The City Manager holds the responsibility of administering programs in accordance with policies established by the City Council and within the guidelines of the annual budget adopted by the Council.

Mr. Orme has an extensive and successful history of working in local government, to include over twenty-five years of working within the City Manager’s Office. Having served in the capacity of City Manager for over a decade, Mr. Orme continues to be a leader and ensure excellence in the profession, as exemplified by him being a credentialed City Manager through the International City Manager’s Association for many years.

Since arriving at the City of Eastvale in 2022, Mr. Orme has brought about the stability and direction necessary for the organization and City Council to see the pinnacle Civic Center project through development, construction, and public use.

Mr. Orme received his B.A. in Political Science from the University of California at Riverside in 1995 and his Masters of Business Administration from the University of Redlands in 2002. Mr. Orme is also an ICMA Credentialed City Manager since 2019.

Finance Director/City Treasurer. Amanda Wells is the Finance Director/City Treasurer of the City and the Treasurer of the Authority. The Finance Department is responsible for the safekeeping, accounting and management of the financial operations of the City in accordance with the City’s municipal code, policies, and state and federal statutes. The Finance Department processes cash receipts, accounts receivable and accounts payable, oversees the issuance and renewals of business registrations, invests the City’s funds, prepares and monitors the City’s budget and coordinates the City’s financial audits. In addition, the Finance Department provides fiscal support to the public, the City Council, the City Manager and other City departments.

Ms. Wells was hired by the City in 2019 and was appointed as the City’s Director of Finance/City Treasurer in January 2020 after serving as Accounting Manager and Acting Finance Director. Prior to the City of Eastvale, Ms. Wells served 14 years in the City of Rialto, starting in the Finance Department as an Accounting Assistant and working her way through all divisions of the department and settling in the Finance Manager position. She holds a bachelor’s degree in Psychology and a master’s degree in Public Administration with a concentration in Public Financial Management from Cal State San Bernardino. Wells is a member of the California Society of Municipal Finance Officers and the Government Finance Officers Association.

Employee and Employee Relations
As of June 30, 2024 the City employed a staff of approximately 64 full-time and 6 part-time employees.

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Risk Management
The City is a member of the Public Entity Risk Management Authority (“PERMA”), a joint powers insurance authority formed under Section 990 of the California Government Code for the purpose of jointly funding programs of insurance coverage for its members. PERMA is comprised of thirty-two participating member agencies: twenty-one cities, four transit agencies and seven special districts. The City participates in the liability, workers compensation, property, auto physical damage, cyber liability, employment practices, and crime insurance programs of PERMA.

The liability program provides coverage up to $50 million per occurrence for personal injury, bodily injury, property damage and public officials’ errors and omissions. The City has selected a $25,000 self-insured retention for this coverage and participates in risk sharing pools for losses up to $1 million, followed by PERMA’s membership in the Public Risk Innovation Solutions and Management (PRISM) for excess liability coverage. PERMA has a $1 million retention and PRISM provides coverage up to $50 million.

The workers compensation program provides statutory benefits for employee injuries arising out of and in the course of employment, and employers’ liability coverage. The City has selected a $50,000 self-insured retention for this coverage. The pooled coverage limit, per accident, is $500,000 with excess coverage providing statutory limits for workers’ compensation and $5,000,000 for employers’ liability through a combination of pooling and excess coverage. PERMA is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX) for excess coverage.

The property insurance program is a group purchased commercial insurance for property, boiler & machinery, and pollution coverage. The City has selected a $10,000 retention. Commercial property coverage is written on a replacement cost basis and all risk, eliminating the traditional commercial “named peril” policy.

The auto physical damage insurance program is also group purchased under a master insurance policy with accumulated values from all participants resulting in lower rates for members. Auto physical damage coverage is written on an agreed amount basis.

The Cyber Liability program provides coverage for information security & privacy liability, privacy notification costs, regulatory defense & penalties, website media content liability, cyber extortion, first party data protection & business interruption losses.

The Employment Practices Liability program provides coverage for employment related lawsuits, such as wrongful termination and discrimination, through participation in the Employment Risk Management Authority (ERMA). ERMA provides $1,000,000 in employment practices liability coverage and additional coverage is available through PRISM, PERMA’s excess insurer for liability coverage.

The crime insurance program provides public employee theft including faithful performance of duty, forgery or alteration, and computer fraud coverage under a master insurance policy.

For more information with respect to the insurance requirements under the Lease Agreement, see the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025 BONDS—Insurance” in this Official Statement.

See Note 11 to City’s Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2024 set forth in Appendix B for more information regarding the City’s insurance coverage.

Development in the City
New development in the City (completed, underway, or planned) includes development adjacent to the Civic Center Project, including up to 2,500 planned residential units to be developed by New Home Company 2136
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and Quarterra over the next three years as well as future planned retail and commercial space on approximately 10 acres located to the southeast of the Civic Center Project.

The City’s first hotel, a Staybridge Suites with 119 guest rooms, opened in January 2025, and a Walmart Superstore of 170,995 square feet with 16-pump fuel stations is under construction and expected to be completed in early 2026.

In October 2024, a new 320-foot bridge over the Cucamonga Creek Channel was completed, known as the “Limonite Gap Closure Project” or the “Limonite Gap Bridge.” The Limonite Gap Bridge connects Limonite Avenue from Archibald Avenue to Hellman Avenue, creating a direct passage for vehicles, bicycles, and pedestrians between Eastvale, Chino, and surrounding communities and providing a new east-west connection between the 15 and 71 highways.

CITY FINANCIAL INFORMATION
Management Discussion and Analysis
Public Safety. Public Safety is the City’s largest expenditure, making up 48.5% of total General Fund operational expenditures. As the City contracts for Public Safety with Riverside County, the City Council only controls the level of service and has no control over the costs to provide those services. The Riverside County Sheriff charges the City a level rate for patrol services which is fully burdened and rolls in administrative costs and operational costs, such as vehicles and evidence. The City currently contracts for 96 hours of patrol daily; total daily patrol hours will increase to 108 daily patrol hours on July 1, 2025. The City also contracts for a myriad of dedicated services, including a traffic unit, zone policing unit, motor unit, community service officers, commercial enforcement, and sergeants to oversee the units. Dedicated positions are not backfilled when a Sheriff employee is unable to attend work for the day; as a result, the hourly rate for dedicated positions is lower.

The City is also responsible for providing miscellaneous supplies and equipment for dedicated positions, whereas the patrol rate includes all rollup costs. The rate for law enforcement services is expected to increase 9% for the 2025-26 fiscal year. The 2024-25 fiscal year saw a 7% rate increase and 2023-24 included a 2.45% increase.

According to the Riverside County Sheriff’s Office, rates continue to rise due to labor negotiation efforts to bring pay in line with local agency police department pay schedules. Although the City Council has no control over the rates charged by the Riverside County Sheriff’s Office, the City Council can control the number of patrol hours and dedicated services included in the contract by lowering or increasing services to be provided by the Riverside County Sheriff’s Office.

Similarly, the City Council controls the level of service for Fire Service provision, but not the cost to provide service. Fire Services are provided through a contract with Riverside County Fire, which in turn contracts Fire Services to CalFIRE. Riverside County is not the hiring agency for the bulk of fire services and does not participate in state-wide labor negotiations for CalFIRE staff. Similar to law enforcement, the City contracts for basic fire services such as fire apparatus and dedicated staff to support fire safety efforts such as building inspections. Riverside County sets the minimum staffing levels for fire apparatus; the City has no control over the number of staff assigned to an engine or ladder truck. The City Council can control the number of fire apparatus and dedicated services included in the contract by lowering or increasing services as necessary.

In 2018, the City Council established a committed Public Safety Rate Increase Stabilization Reserve, which now totals $3.0 million. The funding level is described in the City’s Fund Balance Reserve Policy. See the caption “—Financial Policies.”
Pension and OPEB. The City’s pension liability remains low compared to other surrounding cities, primarily due to the City’s relatively recent incorporation date and the larger number of PEPRA employees versus classic (37 to 12 as of the June 30, 2023 valuation). The City’s miscellaneous plan is 90.0% funded and PEPRA is funded at 87.2%. Combined, the City’s unfunded accrued liability is $506,333 for both plans. Several 2137
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years ago, the City Council established a committed Pension Obligation reserve, which now totals $2.5 million.

The funding level is described in the City’s Fund Balance Reserve Policy.

Similar to pension, the City’s Other Post Employment Benefit (“OPEB”) liability remains low. This is primarily due to limited retiree benefits, a small staff, and a small pool of active retirees, which totals ten retired members and beneficiaries. Health benefits are provided through CalPERS. The City provides the Public Employees’ Medical & Hospital Care Act (PEMHCA) minimum benefits to eligible retirees in accordance with CalPERS requirements, which is $158 for calendar year 2025. The City’s annual contribution for retiree medical is projected to be $41,845 by fiscal year 2037-38. The City annually funds OPEB at the full actuarially determined contribution, which totals around $75,000 per fiscal year. See “CITY FINANCIAL INFORMATION—Retirement Systems” and “—Other Post-Employment Benefits.” Appropriations Limit. The City has exceeded its annual Gann Appropriations Limit each year since 2021, because of the City’s high sales tax revenues. In 2021, the Eastvale voters passed Measure A, approving a temporary increase to the appropriations limit. The temporary limit expired in March 2025. However, after Measure A was passed in 2021, AB137 was approved by the California Legislature and added section 7902.2 to the California Government Code. Section 7902.2 allows cities and counties to calculate proceeds of taxes from the Local Revenue Fund and Local Revenue Fund 2011 and subsequently increase the appropriations limit for the applicable fiscal year based on those calculations. The City then notifies the California Director of Finance, which then requires the appropriations limit of the State be reduced by the amounts reported by cities and counties. The City calculates the normal appropriations limit and then applies the calculations specified in 7902.2 to arrive at the new appropriations limit. These calculations are specified in detail each year in the City’s budget document. See “CITY FINANCIAL INFORMATION—Constitutional Appropriations Limit.” Sales Tax Revenues. The City has a concentration of sales tax from one producer within the City (referred to herein as the “Largest Taxpayer”). This significant increase in sales tax revenues started in early 2021, and since then the City Council has utilized only a portion of the sales tax revenues from the Largest Taxpayer for operating expenditures. Historically, the City Council utilized 100% of the sales tax revenues from the Largest Taxpayer as non-operating revenues. However, when it became apparent that the revenue source would likely continue into the future, City Council switched to a 50/50 model, allocating 50% of the Largest Taxpayer sales tax revenues to operating expenses and the remainder to non-operating expenditures, such as capital expenditures. Currently, the City Council utilizes 60% of the Largest Taxpayer’s sales tax revenues for operating expenditures and utilizes the remaining 40% for non-operating expenditures, such as capital expenditures. See “CITY FINANCIAL INFORMATION—Sales Taxes.” Accounting and Financial Reporting
The City maintains its accounting records in accordance with Generally Accepted Accounting Principles (“GAAP”) and the standards established by the Governmental Accounting Standards Board (“GASB”).

The City’s government-wide financial statements include a statement of net position and a statement of activities. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. The City does not currently have any business-type activity. Certain eliminations have been made as prescribed by GASB Statement No. 34 in regard to interfund activities, payables, and receivables. All internal balances in the statement of net position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. Governmental activities which normally are supported by taxes and intergovernmental revenues are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Currently, the City does not have any business-type activities.

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function or segment. Program revenues include charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, as well as grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental, proprietary, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

The City does not have any proprietary funds.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Accordingly, all of the City’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the statement of net position. The statement of activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The types of transactions reported as program revenues for the City are reported in three categories: (1) charges or services, (2) operating grants and contributions, and (3) capital grants and contributions.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified-accrual basis of accounting, revenues are recognized in these funds when susceptible to accrual (i.e., when they are both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the City considers property taxes collected after year-end as available if they are collected within 60 days of the end of the current fiscal period.

Other revenue susceptible to accrual includes sales tax, state gasoline taxes, investment earnings, and certain other intergovernmental revenues. Expenditures in the governmental funds are generally recognized in the accounting period in which the related fund liability is incurred. However, debt service principal and interest expenditures on general long-term debt, including lease liabilities, as well as expenditures related to compensated absences, and claims and judgments, and postemployment benefits are recognized later based on specific accounting rules applicable to each, generally when payment is due. General capital asset acquisitions, including entering into contracts giving the City the right to use lease assets, are reported as expenditures in governmental funds. Issuance of long-term debt and financing through leases are reported as other financing sources.

The City reports the following major governmental funds: the General Fund, the Miscellaneous Grants Fund, the TUMF Fund and the Capital Project Fund (Capital Projects). As a general rule, the effect of interfund activity has been eliminated from the government- wide financial statements except for the effect of interfund services provided and used.

The City maintains sixteen individual governmental funds for financial reporting purposes. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the General Fund, Miscellaneous Grants Fund, TUMF Fund and Capital Projects Fund, which as indicated above are considered major funds. Data from the remaining governmental funds are combined into a single, aggregated presentation.

The General Fund is the government’s primary operating fund and accounts for all financial resources of the general government not accounted and reported in another fund. The General Fund accounts for all revenues and expenditures used to finance the traditional services associated with a municipal government, such 2139
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as general government, public safety, public works, community development, and community services and recreation.

Because the General Fund is the City’s primary operating fund, the City expects to pay Base Rental Payments from amounts in the General Fund. See the captions “—Budget Procedures, Current Budget and Historical Budget Information,” “—Comparative Change in Fund balance of the City” and “—Comparative General Fund Balance Sheets of the City” for more information regarding historical and projected results of the City’s General Fund. Information on the other governmental funds of the City as of June 30, 2024 is set forth in Appendix B.

Financial Policies
General. The City Council has adopted a comprehensive set of financial management policies to provide for: (i) budget policies and guidelines; (ii) financial forecasting; (iii) fund balance reserves; (iv) capital financing and debt management; and (v) investment management. A summary of these City Council policies is set forth below.

Fund Balance Reserve Policies. City Council approved an updated Fund Balance Reserve Policy on January 22, 2025. The updates memorialized practices that the City has undertaken over the past five years. The City has established a General Fund Operating Reserve fund balance policy which provides that at the end of each fiscal year, the General Fund should have a minimum fund balance of 50% of the current year’s General Fund annual budgeted operating expenditures, as calculated by the Finance Director.

Additionally, the City’s General Structural Fire Fund has an Operating Reserve fund balance policy that establishes a 75% Operating Reserve; at the end of each fiscal year, the Fire Fund should have a minimum assigned fund balance of 75% of the current year’s Fire Fund annual budgeted operating expenditures. The policy also provides for additional annual surpluses to be contributed to Capital Replacement reserves for future maintenance, including technology, fleet, streets, facilities, and catch basins. The General Fund also carries a minimum unassigned fund balance of 5% of the current fiscal year’s General und annual budgeted operating expenditures. Finally, the General Fund carries a pension obligation reserve, a public safety rate increase reserve, and a debt service reserve.

Although the debt service reserve policy is set at 50% of annual debt ser, currently 50% is Series 2025A held in the committed debt service reserve and the other 50% is held in the Operating Reserve. The City currently has 100% of the estimated debt service for the Series 2025A Bonds on deposit in the debt service reserve; once the Series 2025A Bonds are issued, 50% of the annual debt service amount will be moved to the Operating Reserve. Following issuance of the Series 2025A Bonds, the City’s policies will require funding of the debt service reserve with 50% of Bond debt service and the remaining 50% of annual debt service in the Operating Reserve.

These target amounts have been established in order to provide a reasonable level of assurance that the City’s day-to-day operations will be able to continue even if circumstances occur where revenues are insufficient to cover expenditures. The City’s policy establishes the priority for spending reserves and authorizes and directs the Finance Director/City Treasurer to prepare financial reports which accurately categorize fund balance as per GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions.

The City sets aside certain other fund balances as reserves to save and plan for the future. Many fund balances other than the General Fund are set aside and unavailable for general use due to the nature of the revenues for which they were received (i.e., Gas Tax, Measure A, Fire Fund, and Landscape Maintenance). The remaining fund balances can be set aside or committed for other purposes as determined by the City Council.

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Five-Year Forecast. A five-year forecast, including revenues and expenditures, is prepared annually for all funds to provide strategic perspective to each annual budget process. The five-year forecast is updated during the annual budget process and again during the annual mid-year review. The model forecasts conservative revenue increases and known increases to expenditures based on economic projections. The model can be adjusted to reflect expected service increases based on the City Council’s strategic plan; staff utilizes the model to project service increases and related costs to assist the City Council in making prudent financial decisions related to the timing of service increase implementation, particularly with public safety. The model utilizes the Capital Improvement Plan and staff calculates available fund balance in all funds for the complete five-year period. This ensures that capital projects are adequately planned for and funded.

Interim Financial Reporting. Starting in 2020 and continuing currently, Finance staff prepares a quarterly interim financial report that details the City’s budget to actuals performance. The report is filed quarterly with a City Council agenda. The report includes several summary schedules, General Fund Summary by Category and Department, Operating Summary, Other Funds Summary, Available Resources, Contingency Calculation, and Appropriation Limit Summary. The fourth quarter report, while issued before audited financials are available, includes detailed narrative about the General Fund and is available in early Fall each year.

Capital Financing and Debt Management Policy. The City has adopted a debt management policy (the “Debt Management Policy”) in compliance with California Government Code Section 8855. The Debt Management Policy provides that all debt issued, including use of the lease-purchase method, will be repaid within a period not to exceed 120% of the expected useful lives of the improvements financed by the debt and in no event should exceed the lesser of 30 years or the period of time until the sunset of a revenue source used to repay the bonds. The Debt Management Policy also provides that the City will refrain from utilizing longterm borrowing to finance current operational costs and that short-term borrowing may be utilized for the temporary funding of operational cash flow deficits or anticipated revenues, where anticipated revenues are defined as an assured revenue source with the anticipated amount based on conservative estimates. The City may issue short-term debt when there is a defined repayment source and amortization of principal. In anticipation of issuing debt and to ensure compliance with SB1029, the City Council adopted an updated Debt Management and Disclosure Policy on January 22, 2025. The updates primarily expanded the existing policy by clarifying the policy’s objective and added additional detail regarding debt considerations, debt capacity, debt term, inter-fund borrowing, internal controls, and disclosure procedures.

Investment Policy. The City invests cash balances in conformance with the City Council adopted Investment Policy (the “Investment Policy”). The Investment Policy provides that the investment of the funds of the City shall be guided by the goals of safety, liquidity, diversification and return on investments in that order of priority. The Investment Policy also provides that investments will be made only in those instruments specifically authorized by California State laws (Government Code sections 53600-53609), and to no greater an extent than those authorized by those laws. The City generally limits investments in any one issuer, except U.S.

Treasuries, Federal Agencies, supranational, and pooled funds (i.e., money market funds, local government investment pools, and the Local Agency Investment Fund (LAIF)), to no more than 5% regardless of security type.

The City Treasurer is required to submit a quarterly investment report to the City Council; however, in order to comply with Government Code sections 53607 and 53646 the City currently issues a monthly investment report.

The majority of unrestricted cash is combined into several pooled investment bank accounts to facilitate effective management of the City’s resources. The Finance Director/City Treasurer invests temporarily idle funds in accordance with Government Code Sections 53600 et al, 16429.1 and 53684 and an Investment Policy approved by the City Council and each year, the current policy was last updated on July 24, 2024. Permissible investments include obligations of the U.S. Government, Federal, State, and Local Agencies, Government Sponsored Enterprises, Medium Term Corporate Notes, Certificates of Deposit, Bankers’ Acceptances, Commercial Paper rated A-1 by Standard and Poor’s Corporation, P-1 by Moody’s Investors Service or F-1 by 2141
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Fitch Ratings, State of California Local Agency Investment Fund, Repurchase Agreements, Supranational, and Money Market Mutual Funds.

At June 30, 2024, the City had an investment portfolio with a market value of $157,508,838 and at May 31, 2025 the City had an investment portfolio with a market value of $212,281,066. The following table presents a summary of the City’s investment portfolio as of such dates.

TABLE 1

CITY OF EASTVALE

SUMMARY OF INVESTMENTS
(AS OF JUNE 30, 2024 AND JANUARY 31, 2025)
Investment Type
Market Value
As of June 30, 2024 As of May 31,2025
Local Agency Investment Fund $ 11,492,346 $ 61,846,159
California Asset Management Program 104,558,284 134,509,005 Money Market Mutual Funds 3,038,986 67,831
Federal Agency Bonds 1,942,761 0
Federal Agency Securities 6,793,491 8,147,437
Commercial Paper 168,083 0
Medium-Term Notes 6,305,164 7,231,788
U.S. Treasury 18,650,950 20,918,299
Asset-Backed Securities 2,071,013 2,610,529
Bank Notes 928,400 937,570
Municipal Obligations 841,224 284,202
Negotiable Certificates of Deposit 718,136 364,385
Total $ 157,508,838 $ 2,365,917,205

Source: City of Eastvale.

For additional information with respect to the City’s cash and investments, see Note 3 to the audited financial statements for fiscal year 2023-24 attached to the Official Statement as Appendix B.

Budget Procedure, Current Budget and Historical Budget Information Budget Procedure. The City strives to maintain a balanced budget. Per the City’s adopted Budget policy, the total appropriations shall not exceed the total of estimated revenues. Unassigned fund balance may only be utilized for non-operating one-time expenditures, replacement of temporary declines in revenue, or to offset future increases in revenue not yet recognized.

The City’s budgetary process begins in January of each year, starting with building budget targets and key projections followed by one City Council goal setting budget workshop session. The Finance Department works in cooperation with all City departments to formulate revenue projections for the upcoming fiscal year.

From this, the individual departments use the projected revenues to prioritize and recommend the next fiscal year’s objectives. The City Manager’s Office and the Finance Department review each budget proposal, revenue assumptions, and all current financial obligations, before preparing the proposed document for the City Council.

Additionally, the Finance Department projects fund balances for the next five years, which provides a guideline for funding within the Capital Improvement Plan. At this time revenue and expenditure estimates and projected fund balances are also keyed into the City’s long term planning model. The draft budget is prepared for the City Manager’s review. The City Council reviews the Proposed Budget, through a series of workshops, with the final adoption scheduled during the second City Council meeting in June. 2142
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The City Council may modify appropriations at any time with majority approval. The City Manager is authorized to transfer budgeted appropriations in any sum of appropriated funds between accounts, departments, programs and funds, provided no change is made to the total amount of appropriations for the City. At year end, all unencumbered budgeted amounts lapse, subject to requests for budget rollovers to the next fiscal year, which are limited to non-operating expenditures. Outstanding encumbrances related to capital improvement projects are generally carried forward into the new fiscal year with City Manager approval.

Department heads are responsible for maintaining control of expenditures in the expedient administration of programs. If increased budget appropriation needs are identified at an interim period during the fiscal year the following procedures are implemented. If additional appropriations are not required, Department Heads may request approval from the City Manager to transfer budget appropriations between accounts, departments, or programs. If additional appropriations are required, formal budgetary authority via resolution will be requested from the City Council.

Fiscal Year 2025-26 Adopted Budget. The City’s budget for fiscal year 2025-26 (the “2025-26 Budget”) was adopted by the City Council on [June 25], 2025. The 2025-26 adopted General Fund Budget consists of both the General Fund and Structural Fire Fund and included $88.0 million in revenues and $84.8 million in expenditures, inclusive of interfund transfers. Furthermore, in the 2025-26 Budget, the General Fund is projected to complete the 2025-26 fiscal year with a $3.2 million overall budget surplus, which is the result of operating revenues being projected to exceed operating expenditures by $14.4 million and non-operating expenditures being projected to exceed non-operating revenues by $11.3 million, primarily due to project appropriations from reserve.

The projected revenues for the General Fund in the 2025-26 Budget total $88,046,971, consisting of operating revenues of $67,519,371 and non-operating revenues of $20,527,600. The principal revenue sources for the General Fund are sales and use taxes, franchise fees, intergovernmental revenues, and property taxes.

Sales tax is the City’s largest revenue contributor, comprising approximately 56% of the total General Fund revenues in the 2025-26 Budget. [Approximately 74% of the City’s fiscal year 2023-24 sales tax revenue was produced by a single business operating in the City. This percentage represents the total sales tax produced by the single business, in addition to a back payment attributable to the single business. Excluding the back payments for both fiscal year 2021-22 and 2022-23, the percentage generated by a single business in the City totaled 69% of all sales tax revenues.] See the caption “—Sales Tax—Concentration of Sales Tax Revenues.” Although property tax is often a top revenue source for municipalities, this category is the third largest for the City, totaling only approximately 6% of total revenues in the 2025-26 Budget. Intergovernmental is the third largest revenue source at 8% and is comprised primarily of property taxes received in lieu of vehicle license fees.

See the caption “—Tax and Fee Revenues By Source.”
Prior to incorporation, a revenue neutrality agreement was entered into with the County of Riverside and adopted by the City Council and Riverside County Board of Supervisors. The agreement was first approved in 2009 and subsequently amended in 2011 and 2013. The current amended agreement requires the City to annually pay a mitigation fee to the County. The base amount was established at $384,351 and increases annually by the Consumer Price Index. The mitigation fee for fiscal year 2023-24 was $556,342. Up to 50% of the mitigation fee may be paid from the City’s Structural Fire Fund. In addition, as compensation for Mutual Aid for Regional Fire Services, any accumulated available fund balances in excess of $500,000 must be paid to the County of Riverside. Currently, the fund has accumulated $19.5 million as of June 30, 2024. The City holds the funds in assigned and committed reserves. The first is the Operating Reserve described above in the fund balance section and the second is a committed reserve to build and operate a third fire station. The General Fund also holds a committed reserve for the purchase of a fire truck for the third fire station. City staff has met with County staff to discuss the accumulation of a balance in the Structural Fire Fund, and have agreed that the City’s construction of a third fire station meets the mutual aid intent of the Revenue Neutrality Agreement.

Budget Considerations Regarding the Project and the Series 2025 Bonds. Since fiscal year 2025, the City has included projected Series 2025A Bond debt service and operational costs associated with the Project in 2143
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its five-year financial planning model. The City reserved $6.5 million in annual debt service and approximately $3.0 million to operate the Project facilities within the five-year outlook and ensured that projected General Fund revenues would be adequate to pay these costs during the forecast period.

Capital Improvement Plan. In connection with the adoption of its annual budget, the City by policy adopts a five-year budget plan for capital improvements (the “Capital Improvement Plan”) which includes cost estimates, methods of financing, time schedules, and future operating or maintenance costs. Projects included in the Capital Improvement Plan are infrastructure, improvements, maintenance, and equipment that exceed $50,000 in cost and will have a useful life of at least ten years. The Capital Improvement Plan does not appropriate funds in future years, but rather, it functions as a budgeting and planning tool which supports actual appropriations that are made through adoption of the budget.

The City’s adopted Capital Improvement Plan for fiscal year 2025-26 (the “2025-26 CIP”) covers capital projects from fiscal years 2025-26 through 2029-30. Over such five-year period, the 2025-26 CIP includes approximately $365.7 million in capital projects and for fiscal year 2025-26 in particular, funds have been appropriated for capital projects totaling approximately $110.4 million.

For the Project, staff utilized the most recent construction estimate to project budget, however because the budget is an estimate the budget will likely require adjustments after bids are received. The 2025-26 CIP includes $203.6 million in budget for the Project through fiscal year 2026-27. The sources are a combination of existing General Fund reserves specific to the project, development impact fee reserves and future revenues, and bond proceeds. At this time, staff expects the General Fund to initially provide $156.3 million, currently a combination of cash reserves and fiscal year 2025-26 non-operating revenues, to the Project. Staff expect to recommend the adoption of a development impact fee nexus study and fee schedule during the summer of 2025 to the City Council. The new development impact fees may generate up to $49.4 million in funds specific to the Project as development continues throughout the City. Staff plan to propose to the City Council a General Fund loan to the development impact fee funds. The interfund loan will provide an additional funding source for the Project, however because fees are contingent upon development the flow of revenue is unknown. See the caption “THE PROJECT—Plan of Finance” in this Official Statement.

The remaining projects described in the 2025-26 CIP are expected to be financed from a variety of funding and revenues sources, including the General Fund, gas tax revenues received by the City, revenues received from the County’s Measure A sales tax, development impact fees and various other federal and state funding sources. Other projects within the 2025-26 CIP that are expected to utilize General Funds include Civic Center Parking Structure ($4.5 million). A majority of these projects will utilize reserves and/or future nonoperating General Fund revenues. 2144
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TABLE 2

CITY OF EASTVALE

CAPITAL IMPROVEMENT PLAN
(FISCAL YEARS 2024-25 THROUGH 2029-30)
Project Description
Fiscal Year
2025-26
Fiscal Year
2026-27
Fiscal Year
2027-28
Fiscal Year
2028-29
Fiscal Year
2029-30
Land, Building &
Improvements(1) $ 94,605,455 $150,779,375 $ 16,263,995 $ 1,000,000 $ 0 Roadway
Safety/Traffic
Improvements(2) 279,000 1,766,800 132,000 27,831,505 132,000 Street Improvements(2) 8,370,000 23,346,850 12,834,150 6,550,000 2,800,000 Citywide
Maintenance(2) 1,975,000 1,850,000 4,400,000 5,400,000
Accessibility
Projects(2) 455,635 1,078,300 1,003,500 250,000 250,000 Total $110,382,090 $178,371,650 $ 33,635,645 $37,291,505 $ 6,082,000

(1) Includes approximately $90.1 million for the Project in fiscal year 2025-26 and $113.5 for the Project in fiscal year 2026-27.

See the caption “THE PROJECT—Plan of Finance” in this Official Statement. (2) Expected to be funded primarily using grants and special funds.

Source: City of Eastvale.

Historical and Preliminary Budget Information. Tables 3 below presents the final General Fund budgets for fiscal years 2022-23 and 2023-24 and the audited results for fiscal years 2022-23 and 2023-24.

Table 4 presents the adopted and amended General Fund budget for fiscal year 2024-25 and the adopted General Fund budget for fiscal year 2025-26.
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TABLE 3

CITY OF EASTVALE

GENERAL FUND BUDGETS TO ACTUAL COMPARISONS (ON A BUDGETARY BASIS) Final
Fiscal Year
2022-23 Budget
Audited
Fiscal Year
2022-23 Results
Final
Fiscal Year
2023-24 Budget
Audited
Fiscal Year
2023-24 Results

REVENUES
Taxes(1) $ 61,467,500 $ 66,296,731 $ 70,087,700 $ 74,221,086 Licenses, Permits, and Fees 2,624,650 2,425,431 2,428,600 3,901,518 Fines and Forfeitures 598,000 772,663 577,500 774,612
Intergovernmental(2) 5,751,000 6,257,848 6,271,000 6,657,860 Investment Earnings 1,600,000 2,812,380 2,450,000 6,626,119 Other 403,210 163,986 153,210 375,309
Total revenues $ 72,444,360 $ 78,729,039 $ 81,968,010 $ 92,556,504

EXPENDITURES
General Government $ 7,396,642 $ 5,938,748 $ 9,046,889 $ 7,043,890 Public Safety 21,266,688 19,870,428 22,773,792 21,550,236 Public Works 733,691 275,437 1,942,776 587,627
Community Development 7,697,320 5,420,907 8,281,619 5,764,415 Revenue Neutrality(3) 556,200 545,433 640,000 556,342
Capital Outlay 27,000 910,661 2,000 831,070
Debt Service(4)
Principal -- 496,867 -- 495,149
Interest -- 3,815 -- 27,885
Total expenditures $ 37,677,541 $ 33,462,296 $ 42,687,076 $ 36,856,614 Excess of Revenues over Expenditures(5) $ 34,766,819 $ 45,266,743 $ 39,280,934 $ 55,699,890

OTHER FINANCING SOURCES (USES)
Transfers in $ 293,075 $ 298,240 $ 531,786 $ 531,786
Transfers out(6) (12,758,836) (12,761,462) (12,276,922) (15,247,922) Leases (As Lessee)(7)-- 909,321 338,200 830,711
Total other financing sources (uses) $ (12,465,761) $ (11,553,901) $ (11,406,936) $ (13,885,425) Net Change in fund balance $ 22,301,058 $ 33,712,842 $ 27,873,998 $ 41,814,465 Fund Balance, Beginning of Year(8) $ 110,556,933 $110,556,933 $144,569,775 $ 110,556,933 Fund Balance, End of Year(8) $ 132,857,991 $ 144,269,775 $ 172,443,773 $ 144,569,775

(1) See Table 7.
(2) Consists primarily of property tax in lieu of VLF. See the captions “—Tax and Fee Revenues by Source” and “— Intergovernmental Revenues.”
(3) Revenue neutrality is an annual mitigation fee payment to the County of Riverside to mitigate the impact of the City’s incorporation on the County’s General Fund.
(4) GASB 87 required the City, beginning in 2020-21, to record leases as a right to use an underlying asset, as a result the budget is included in an operating category, but the expenditures are recorded in debt service (principal and interest expense). (5) Excess budget surplus has been annually set aside for special projects, in particular for the Civic Center Project. (6) Transfers out are primarily contributions to the City’s capital replacement reserves and Capital Improvement Project funds. (7) In fiscal year 2020-21, the City was required to implement GASB 87, relating to leases. This resulted in the City recording offsetting entries to revenue and expense to present the full amortized cost of the right to use a lease asset. (8) See footnote (8) to Table 5 regarding the City’s plans to use a portion of the General Fund balance for the Civic Center Project and construction of a fire station.

Source: City of Eastvale Audited Financial Statements for fiscal years 2022-23 and 2023-24. 2146
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TABLE 4

CITY OF EASTVALE
ADOPTED FISCAL YEAR 2024-25 BUDGET (ON A BUDGETARY BASIS) Adopted
Fiscal Year
2024-25 Budget
Amended
Fiscal Year
2024-25 Budget
Proposed
Fiscal Year
2025-26 Budget

REVENUES
Taxes $ 62,535,800 $ 63,635,800 $ 63,877,800
Licenses, Permits, and Fees 4,626,750 8,116,750 8,526,300 Fines and Forfeitures 895,000 1,110,000 1,095,000
Intergovernmental 6,425,000 6,460,000 7,075,000
Investment Earnings 4,020,000 6,120,000 6,760,000
Other 240,060 240,060 205,060
Total revenues $ 78,742,610 $ 85,682,610 $ 87,539,160

EXPENDITURES
General Government $ 13,040,468 $ 13,812,006 $ 15,605,235 Public Safety 23,026,633 22,611,633 26,277,275
Public Works 6,105,839 6,600,339 6,865,549
Community Development 3,401,204 3,438,204 3,693,988
Revenue Neutrality 600,000 600,000 600,000
Capital Outlay 691,500 1,745,850 712,500
Debt Service(1)
Principal - - -
Interest - - -
Total expenditures $ 46,865,644 $ 48,808,032 $ 53,754,547 Excess of Revenues over Expenditures $ 31,876,966 $ 36,874,578 $ 33,784,613

OTHER FINANCING SOURCES (USES)
Transfers $ 510,406 $ 510,406 $ 507,811
Transfers out (12,231,499) (12,231,499) (31,072,992)
Leases (As Lessee) - - -
Total other financing sources (uses) $ (11,721,093) $ (11,721,093) $ (30,565,181) Net Change in fund balance $ 20,155,873 $ 25,153,485 $ 3,219,432 Fund Balance, Beginning of Year(1) $186,027,445 $186,027,445 $211,180,930 Fund Balance, End of Year(1) $206,183,318 $211,180,930 $214,400,362

(1) See footnote (8) to Table 5 regarding the City’s plans to use a portion of the General Fund balance for the Civic Center Project and construction of a fire station.

Source: City of Eastvale Adopted Fiscal Year 2024-25 Budget, Adopted Fiscal Year 2024-25 Mid-Year Budget, and Proposed Fiscal Year 2025-26 Budget.
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Comparative Change in Fund Balance of the City General Fund The table below presents the City’s audited General Fund Statement of Revenues, Expenditures and Change in Fund Balance for fiscal years 2019-20 through 2023-24.

TABLE 5

CITY OF EASTVALE

GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES

AND CHANGE IN FUND BALANCES
2019-20 2020-21 2021-22 2022-23 2023-24
Revenues
Taxes(1) $ 22,597,633 $45,431,170 $ 58,752,698 $ 66,296,731 $ 74,221,086 Licenses, permits and fees 3,389,989 3,039,760 2,427,776 2,425,431 3,901,518 Fines and forfeitures 651,945 595,230 552,598 772,663 774,612 Intergovernmental(2) 5,028,263 5,275,642 5,597,716 6,257,848 6,657,860 Investment earnings 2,075,304 148,987 (92,197) 2,812,380 6,626,119 Miscellaneous 426,642 223,048 750,594 163,986 375,309
Total revenues $ 34,169,776 $ 54,713,837 $ 67,989,185 $ 78,729,039 $ 92,556,504

Expenditures
Current
General government(3) $ 5,214,980 $ 6,152,485 $ 9,409,171 $ 5,938,748 $ 7,043,890 Public safety 16,268,278 15,343,918 17,394,916 19,870,428 21,550,236 Public works 203,234 415,553 368,711 275,437 587,627
Community development 4,603,183 4,117,452 5,269,010 5,420,907 5,764,415 Revenue neutrality(4) 498,222 504,864 524,455 545,433 556,342 Capital outlay 918,169 222,791 90,074 910,661 831,070
Debt service(5)
Principal retirement -- 2,006 271,400 496,867 495,149
Interest and fiscal charges -- 323 16,749 3,815 27,885
Total expenditures $ 27,706,066 $ 26,759,392 $ 33,344,486 $ 33,462,296 $ 36,856,614

Excess of revenues over
(under) expenditures $ 6,463,710 $ 27,954,445 $ 34,644,699 $ 45,266,743 $ 55,699,890 Other financing sources (uses):

Transfers in(6) $ 631,506 $ 185,546 $ 7,414,812 $ 298,240 $ 531,786 Transfers out(7) (1,381,354) (1,989,215) (6,594,781) (12,761,462) (15,247,922) Subscription/lease acquisition -- 956,617 -- 909,321 830,711 Total other financing sources
(uses) $ (749,848) $ (847,052) $ 820,031 $ (11,553,901) $ (13,885,425)

Net change in fund balance $ 5,713,862 $ 27,107,393 $ 35,464,730 $ 33,712,842 $ 41,814,465

Fund balance – beginning $ 42,270,948 $ 47,984,810 $ 75,092,203 $ 110,556,933 $ 144,269,775 Fund balance – ending(8) $ 47,984,810 $ 75,092,203 $110,556,933 $ 144,269,775 $ 186,084,240

(1) See Table 7 under “—Tax and Fee Revenues by Source” for a discussion regarding certain top tax revenues sources. See “Sales Taxes—Concentration of Sales Tax Revenues” for a discussion of the increase in sales tax revenues received by the City starting in fiscal year 2020-21.
(2) Consists primarily of property tax in lieu of VLF. See the captions “—Tax and Fee Revenues by Source” and “— Intergovernmental Revenues.”
(3) Increase in General Government expenditures in fiscal year 2021-22 due to several factors, including payment of $2.6 million under a Developer Agreement to Tarpon Properties for traffic infrastructure and payment of $3.8 million under a streetlight acquisition and LED retrofit loan.
(4) Revenue neutrality is an annual mitigation fee payment to the County of Riverside to mitigate the impact of the City’s incorporation on the County’s General Fund.
[Footnotes continue on following page]
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[Footnotes continue from previous page]
(5) GASB 87 required the City, beginning in 2020-21, to record leases as a right to use an underlying asset, as a result the budget is included in an operating category, but the expenditures are recorded in debt service (principal and interest expense). (6) Transfers in to the City’s General Fund of $7,414,812 in fiscal year 2021-22 primarily consisted of $7.36 million of American Rescue Plan Act State and Local Fiscal Recovery Funds as a reimbursement for Law Enforcement contract expenditures. (7) Includes transfers out of $6,563,000, $12,720,759 and $15,228,282 in fiscal years 2021-22, 2022-23 and 2023-24, respectively, from the City’s General Fund to the Capital Projects Fund. (8) $101 million of the fiscal year 2023-24 ending General Fund balance is reserved the Civic Center Project and construction of a fire station.

Source: City of Eastvale Audited Financial Statements for fiscal years 2019-20 through 2023-24. 2149
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Comparative General Fund Balance Sheets of the City
The table below presents the City’s audited General Fund Balance Sheets for fiscal years 2019- 20 through 2023-24.

TABLE 6

CITY OF EASTVALE

GENERAL FUND BALANCE SHEETS
2019-20 2020-21 2021-22 2022-23 2023-24
Assets
Cash and investments $ 49,160,040 $ 72,328,162 $110,583,002 $141,180,149 $ 181,976,064 Receivables:

Accounts 56,665 966,613 824,959 73,085 36,381
Intergovernmental 3,751,801 9,775,947 8,445,436 10,526,510 10,351,863 Interest 145,522 97,430 101,955 135,320 307,115
Loan -- 75,000 -- -- --
Lease -- 601,733 580,039 556,949 532,407
Due from other funds(1) 510,364 539,084 719,058 1,028,620 4,806,737 Prepaid costs 94,389 92,329 260,181 -- --
Total Assets $ 53,718,781 $ 84,476,298 $121,514,630 $153,500,633 $ 198,010,567

Liabilities, Deferred Inflows of
Resources, and Fund Balances
Liabilities
Accounts payable $ 5,417,834 $ 4,813,791 $ 6,464,054 $ 4,680,759 $ 6,202,533 Accrued liabilities 117,528 181,749 303,136 426,923 566,011 Deposits payable -- 3,661,360 3,523,500 3,441,650 4,459,102 Total liabilities $ 5,535,362 $ 8,656,900 $ 10,290,690 $ 8,549,332 $ 11,227,646 Deferred Inflows of Resources
Unavailable revenue $ 198,609 $ 138,761 $ 113,187 $ 114,232 $ 214,088 Lease related items -- 588,434 553,820 567,294 484,593
Total Deferred Inflows of
Resources $ 198,609 $ 727,195 $ 667,007 $ 681,526 $ 698,681 Fund Balances
Nonspendable(2) $ 94,389 $ 92,329 $ 260,181 -- --
Restricted(3) 10,268,695 11,445,158 14,473,114 $ 16,875,651 $ 19,543,967 Committed(4) 3,000,000 30,745,000 78,955,029 109,900,929 93,515,029 Assigned(5)-- -- -- -- 50,588,664
Unassigned(6) 34,621,726 32,809,716 16,868,609 17,493,195 22,436,580 Total fund balances $ 47,984,810 $ 75,092,203 $110,556,933 $144,269,775 $ 186,084,240 Total Liabilities, Deferred
Inflows of Resources, and Fund
Balances $ 53,718,781 $ 84,476,298 $121,514,630 $153,500,633 $ 198,010,567

(1) Increase in fiscal year 2023-24 due to a negative cash entry to cover negative fund balances in special revenue funds. $5.4 million is attributable to reimbursable grant funds that were not eligible for reimbursement in the 2023-24 fiscal year. The remaining balance is attributable to several special district funds with negative fund balances, primarily the City’s landscape maintenance districts and community facilities districts for which expenditures exceed the maximum permitted assessment or special tax levy, as applicable. (2) Represents amounts that are not in a spendable form (such as inventory) or are required to be maintained intact. (3) Represents amounts constrained to restricted purposes by their providers (such as grantors, bondholders and higher levels of government) through constitutional provisions or by enabling legislation. (4) Represents amounts contracted to specific purposes by a government itself using the highest level of decision-making authority (i.e., the City Council). To be reported as committed, amounts cannot be used for any other purpose unless the highest level of decision-making authority takes the same action to remove or change the constraint. (5) Represents amounts a government intends to use for a specific purpose. The City Council has delegated the authority to assign unrestricted fund balance to the City Manager or the City Manager’s designee per the City Council’s Fund Balance Reserve Policy.
(6) Represents amounts that are available for any purpose.

Source: City of Eastvale Audited Financial Statements for fiscal years 2019-20 through 2023-24. 2150
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Constitutional Appropriations Limit
As described further under the caption “CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS—Article XIIIB of the State Constitution” in this Official Statement, the City is subject to the constitutional appropriations limit, also known as the “Gann Appropriations Limit.” Under Article XIIIB of the State Constitution, the appropriations limit of each government entity applies to “proceeds of taxes,” which consist of tax revenues and the investment proceeds thereof, State subventions and certain other funds, including proceeds from regulatory licenses, user charges or other fees to the extent that such proceeds exceed “the cost reasonably borne by such entity in providing the regulation, product or service.” “Proceeds of taxes” excludes tax refunds and some benefit payments such as unemployment insurance. No limit is imposed on the appropriation of funds which are not “proceeds of taxes,” such as reasonable user charges or fees, and certain other non-tax funds. Article XIIIB also does not limit appropriation of local revenues to pay debt service on bonds existing or authorized as of October 1, 1979, or subsequently authorized by the voters, appropriations required to comply with mandates of courts or the federal government, appropriations for qualified capital outlay projects, and appropriation by the State of revenues derived from any increase in gasoline taxes and motor vehicle weight fees above January 1, 1990 levels.

The State and each local government entity has its own appropriations limit. Each year, the limit is adjusted to allow for changes, if any, in the cost of living, the population of the jurisdiction, and any transfer to or from another government entity of financial responsibility for providing services. Proposition 111 requires that each local government’s actual appropriations be tested against its limit every two years. If the aggregate “proceeds of taxes” for the preceding two-year period exceeds the aggregate limit, the excess must be returned to the agency’s taxpayers through tax rate or fee reductions over the following two years.

The voters of the City at the first municipal election held on November 6, 2012 established a permanent appropriation limit of $15,518,412, which was established without the VLF revenues, which were rescinded by the State earlier in 2012 and before the appropriations limit was adopted, and as a result the VLF revenues were not included in the appropriations limit calculation. The VLF revenues were reinstated in fiscal year 2017-18, which caused the City’s revenues to increasingly approach the appropriations limit each subsequent fiscal year.

On March 2, 2021, the voters of the City passed a measure to temporarily increase the City’s appropriations limit for a period of four years to $33,000,000 as of March 3, 2021. As the temporary limit is only valid for a period of four years, the City continues to calculate the City’s previous appropriations limit; once the temporary limit expires the previous limit will be re-enacted at the adjusted level unless another measure is passed by the City’s voters to again temporarily increase the limit.

Effective July 2021 and September 2021, government code 7902.2.2 was updated via AB 137 and AB 163. The code update allows cities and counties to calculate the appropriations limit with consideration taken to the amount of sales and vehicle license fee revenue generated through the Local Revenue Fund (LRF). The update allows cities and counties exceeding the appropriations limit due to specific LRF revenues to increase the appropriations limit for a given fiscal year by notifying the State’s Director of Finance and subsequently requesting the State to reduce the State appropriations limit by the same amount. The City has utilized this section of the government code to recalculate the appropriations limit and notify the State of the overages since fiscal year 2023-24.

Largely due to the recent increase in sales tax received by the City described under the caption “—Sales Taxes,” the City has recently exceeded is constitutional appropriations limit and a significant portion of the new sales tax revenue has therefore been restricted to various capital improvements. The City calculated an appropriations limit of $42,562,311 for fiscal year 2024-25. The City’s appropriations that are subject to the limit are $48,555,657. Total general fund appropriations for fiscal year 2024-25 are 162.5% of the limit. 2151
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Tax and Fee Revenues By Source
The City derives its General Fund tax revenues from a variety of sources including sales and use taxes, ad valorem property taxes, franchise fees, a real property transfer tax and transient occupancy taxes. The City’s total actual General Fund tax and fee revenues by source for the five most recently completed fiscal years and budgeted information for fiscal years 2024-25 and 2025-26 are set forth below.

TABLE 7

CITY OF EASTVALE

GENERAL FUND TAX AND FEE REVENUES BY SOURCE
Revenue Category 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25(4) 2025-26(4) Sales and Use Tax $ 9,609,575 $ 10,348,979 $ 44,710,286 $47,356,371 $58,319,348(3) $ 50,100,000 $ 49,200,000 Property Tax 9,406,503 9,956,295 11,263,993 12,383,700 13,200,998 13,285,800 14,137,800 Franchise Fee(1) 1,544,629 1,644,840 1,971,912 6,556,660 2,700,740 2,635,000 2,805,000 Property Taxes in Lieu
of VLF(2)
6,097,008 6,301,448 6,367,511 6,077,206 6,632,569 6,460,000 7,075,000 Total $ 25,113,086 $ 26,606,722 $ 62,341,790 $ 65,817,277 $78,152,914 $ 72,840,800 $ 76,134,100

(1) Includes a one-time payment in fiscal year 2022-23 of $4,000,000 from Waste Management. (2) Property taxes in lieu of Department of Motor Vehicles license fees are recorded in the City’s audited financial statements as intergovernmental revenues. See the captions “—Property Taxes” and “—Intergovernmental Revenues.” (3) Includes a one-time retroactive payment in fiscal year 2023-24 of $9,700,000. (4) Budgeted.

Source: City of Eastvale.

Sales Taxes
General. During fiscal year 2023-24, sales and use tax (“sales tax”) receipts of approximately $58.3 million provided the largest tax revenue source for the City, contributing approximately 75% of total General Fund revenues. [General Fund sales tax revenues of approximately $50.1 million are budgeted to be received during fiscal year 2024-25.] A sales tax is imposed on retail sales or consumption of personal property. The basic sales tax rate is established by the State Legislature, and local overrides may be approved by voters. The current total sales tax rate in the City is 7.75%, which includes the 7.00% sales tax rate established by the State Legislature, a 0.5% sales tax rate for the County’s Measure A (passed in 1988) and 0.25% for the Riverside County Transportation Authority’s voter-approved sales tax rate. County Measure A and Riverside County Transportation Authority sales taxes are restricted to specific transportation related uses.

Top Sales Tax Producers. The table below sets forth the top twenty-five sales tax producers as of December 2024 in alphabetical order.
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TABLE 8

CITY OF EASTVALE
TOP 25 SALES TAX PRODUCERS
(as of December, 2024)
7 Eleven McDonalds
Amazon Com Services Ralphs
Amazon MFA Rivian
Best Buy Rugby Hardwood
Chevron Shamrock Foods Company
Chick Fil A Target
Costco W/ Gas TJ Maxx
Dicks Sporting Goods Ulta Beauty
Home Depot Vons Fuel
Home Goods W.W. Grainger
In N Out Burger Walmart Distribution
Kohls Yamibuy
Lennox Industries

Source: City of Eastvale and HdL.

Concentration of Sales Tax Revenues. A local business changed its business structure during fiscal year 2020-21, which lead to a significant increase in sales tax revenues to the City. The business, referred to herein as the “Largest Taxpayer,” changed from an out-of-state corporation to an in-state corporation. The business structure change shifted the sales tax allocation from a statewide allocation through the County sales tax pool, where the tax was distributed pro-rata throughout the State, to a local sales tax allocation based upon the businesses’ point-of-sale or fulfillment of the sale. The change caused an increase in sales tax received by the City of approximately 225%, or approximately $30.0 million, over the City’s regular recurring sales tax revenues. It is unknown if the business will continue to operate as an in-state corporation. Additionally, the business is located at a leased 2.0 million square foot facility under a lease that the City has been informed has a remaining term of approximately 6 years. The Largest Taxpayer recently opened another 4.0 million square foot facility approximately 4.0 miles from the Eastvale location. The Largest Taxpayer has also opened other facilities within the last year located within a ten-mile radius of the City.

There have been legislative attempts to redistribute e-commerce sales tax revenues among all California cities, and, therefore, there can be no assurances that such increased sales tax revenues will continue to be allocated to the City in the future. The League of California Cities’ legislative office and a working group have recommended several proposals for online sales tax distribution, including a proposal for a 50/50 split between fulfillment center host cities and the County sales tax pools and a proposal for a 60/40 split, with either 60% or 40% of sales tax remaining with host cities and the remainder returning to the County pools. No finalized plans have been made to recommend legislation to the League of California Cities General Assembly. A redistribution of e-commerce sales tax within the City would affect and reduce revenues from several businesses located within the City, including sales taxes paid by the Largest Taxpayer, but would also bring new sales tax to the City for online transactions made by residents and businesses. The California Department of Tax and Fee Administration (CDTFA) estimated a 50% sales tax reduction for Eastvale resulting from the 50/50 split proposal, but highlighted that the department does not have adequate access to data to make a reasonable projection. Similarly, no data is available for the 60/40 split proposals described above. The League of California Cities working group also recommended a phased implementation over five years, but no specific legislation has been drafted.

Accordingly (and also to address the City’s constitutional appropriations limit described under the caption “— Constitutional Appropriations Limit”), the City is currently using up to 60% of these additional revenues for operating costs, future and current, and the remaining 40% for one-time capital improvement projects including for the Project. See the captions “—Constitutional Appropriations Limit” in this Appendix A and “RISK FACTORS— Dependence on State for Certain Revenues.” Also see “THE PROJECT.” 2153
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Sales Tax Abatement Agreements. In accordance with the Eastvale Municipal Code, the City provides sales tax rebates to a local sales tax generator based on sales tax generated at a site developed within the City.

The City entered into a 20-year economic development agreement on March 22, 2023 for sales tax rebates with Rivian, LLC, in order to establish a significant tax-generating business, jobs, and occupancy of property within City boundaries. The rebates are calculated based on the total taxes generated by the business. The City will pay 65% of local sales taxes paid by Rivian for the first 20 quarters and the percentage drops to 50% for the remainder of the agreement term. For fiscal year 2023-24, the City abated local sales tax totaling $98,697.

The City is not negotiating or currently planning for any other sales tax abatement agreements.

Property Taxes
During fiscal year 2023-24, property tax receipts of approximately $13.2 million provided the second largest tax revenue source of the City, contributing approximately 17% of total General Fund revenues. [General Fund property tax revenues of approximately $13.3 million are budgeted to be received during fiscal year 2024-

25.] Such amounts do not include property taxes in lieu of VLF, as described under the caption “— Intergovernmental Revenues.”
In California, property which is subject to ad valorem taxes is classified as “secured” or “unsecured.” The secured classification includes property on which any property tax levied by a county becomes a lien on that property. A tax levied on unsecured property does not become a lien against the taxed unsecured property, but may become a lien on certain other property owned by the taxpayer. Every tax which becomes a lien on secured property has priority over all other liens, arising pursuant to State Law, on the secured property, regardless of the time of the creation of other liens. The valuation of property is determined as of January 1 each year, and installments of taxes levied upon secured property are due November 1 and February 1 and become delinquent on the following December 10 and April 10, respectively. Taxes on unsecured property are due July 1, and become delinquent August 31.

Secured and unsecured properties are entered separately on the assessment roll maintained by the county assessor. The method of collecting delinquent taxes is substantially different for the two classifications of property. The exclusive means of enforcing the payment of delinquent taxes with respect to property on the secured roll is the sale of the property securing the taxes of the State for the amount of taxes that are delinquent.

The taxing authority has four methods of collecting unsecured personal property taxes: (1) a civil action against the taxpayer; (2) filing a certificate in the office of the county clerk specifying certain facts in order to obtain a judgment lien on certain property of the taxpayer; (3) filing a certificate of delinquency for record in the County Recorder’s Office in order to obtain a lien on certain property of the taxpayer, and (4) seizure and sale of personal property, improvement or possessory interest belonging or taxable to the assessee.

A ten percent penalty is added to delinquent taxes which have been levied with respect to property on the secured roll. In addition, beginning on the July 1 following a delinquency, interest begins accruing at the rate of 1 1/2% per month on the amount delinquent. Such property may thereafter be redeemed by the payment of the delinquent taxes and the ten percent penalty, plus interest at the rate of 1 1/2% per month to the time of redemption. If taxes are unpaid for a period of five years or more, the property is deeded to the State and then is subject to sale by the county tax collector. A ten percent penalty also applies to the delinquent taxes or property on the unsecured roll, and further, an additional penalty of 1 1/2% per month accrues with respect to such taxes beginning on the varying dates related to the tax billing date.

Legislation enacted in 1984 (Section 75 et seq. of the Revenue and Taxation Code of the State of California), provides for the supplemental assignment and taxation of property as of the occurrence of a change in ownership or completion of new construction. Previously, statutes enabled the assessment of such changes only as of the next tax lien date following the change and thus delayed the realization of increased property taxes from the new assessment for up to 14 months. Collection of taxes based on supplemental assessments occurs throughout the year. Taxes due are prorated according to the amount of time remaining in the tax year, with the 2154
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exception of tax bills dated January 1 through May 31, which are calculated on the basis of the remainder of the current fiscal year and the full 12 months of the next fiscal year.

In the past, the State Legislature has shifted property taxes from cities, counties and special districts to the Educational Revenue Augmentation Fund. The term “ERAF” is often used as a shorthand reference for this shift of property taxes. In 1992-93 and 1993-94, in response to serious budgetary shortfalls, the State Legislature and administration permanently redirected over $3 billion of property taxes from cities, counties, and special districts to schools and community college districts. The 2004-05 State budget included an additional $1.3 billion shift of property taxes from certain local agencies, including the City, to occur in fiscal years 2004-05 and 2005-06. See “CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS—Proposition 1A” and “—Proposition 22” for a description of certain limitations on the State’s authority over local government revenue sources.

The table below sets forth the secured and unsecured assessed valuations for property in the City for the fiscal years 2014-15 through 2024-25.

TABLE 9

CITY OF EASTVALE

ASSESSED VALUATION
FISCAL YEARS 2014-15 THROUGH 2024-25
(in thousands)
Fiscal Year
Residential
Property
Commercial
Property
Industrial
Property Other
Total
Assessed
Valuation
Less TaxExempt
Property
Total Taxable
Assessed
Valuation
2014-15 $ 6,464,576 $ 242,419 $ 408,625 $495,062 $7,610,682 $(18,594) $7,592,088 2015-16 6,866,359 261,470 440,387 489,328 8,057,544 (19,868) 8,037,676 2016-17 7,251,789 272,192 465,414 491,561 8,480,956 (24,368) 8,456,588 2017-18 7,663,784 288,085 642,081 486,943 9,080,893 (26,206) 9,054,687 2018-19 8,055,727 325,604 896,230 541,404 9,818,965 (28,597) 9,790,368 2019-20 8,356,245 385,613 1,015,665 662,736 10,420,259 (36,163) 10,384,096 2020-21 8,731,141 432,684 1,126,015 646,112 10,935,952 (39,047) 10,896,905 2021-22 9,162,997 478,897 1,253,529 562,394 11,457,817 -- 11,457,817 2022-23 9,677,094 488,326 1,447,137 658,297 12,270,854 -- 12,270,854 2023-24 10,060,619 579,445 2,138,417 576,065 13,354,545 -- 13,354,545 2024-25 10,349,586 627,488 2,219,003 648,955 13,845,032 -- 13,845,032

Source: City of Eastvale Audited Financial Statements for fiscal years 2014-15 through 2023-24; the City for fiscal year 2024-25.

The County operates under a statutory program entitled Alternate Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds (the “Teeter Plan”). Under the Teeter Plan local taxing entities receive 100% of their tax levies net of delinquencies, but do not receive interest or penalties on delinquent taxes collected by the County. The City’s share of the ad valorem property tax levy is included in the County’s Teeter Plan.

As a result, the City currently receives 100% of such levy and is not impacted by delinquencies in payment.

However, the County may choose to discontinue the Teeter Plan at any time.

The 10 largest property taxpayers in the City for fiscal year 2023-24 based on total assessed valuation, the land use and the percentage of the City’s total assessed value attributable to each are shown in the below table. The information in Table 10 has been obtained from third-party sources and is included for general information purposes only. The City has not verified the information in Table 10 and does not guarantee the accuracy of such information.
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TABLE 10

CITY OF EASTVALE

TOP TEN PRINCIPAL PROPERTY TAXPAYERS
2023-24 ASSESSED VALUATION
Property Owner Secured Unsecured Total
% of
Total(1)
Primary
Use

1. DPIF California 27 Archibald
Avenue (2)
473,393,507 473,393,501 3.56% Industrial

2. Tarpon Property Ownership 2
LLC (2)(3)
322,082,489 322,082,489 2.42 Industrial
3 Amazon Com Services LLC (4) 232,021,038 232,021,038 1.74 Unsecured

4. LRE Eastvale 220,000,000 220,000,000 1.65 Industrial

5. BPP Pacific Industrial
California Reit
169,840,962 169,840,962 1.28 Industrial

6. Homecoming at Eastvale 151,759,229 283,879 152,043,108 1.14 Residential

7. Providence Owner LLC (2) 139,230,000 139,230,000 1.05 Industrial

8. First Industrial LP (2) 112,120,855 112,120,855 0.84 Industrial

9. AMB Institutional Alliance
Fund III (2)
100,282,176 100,282,176 0.75 Industrial

10. Rexford Industrial Realty (2) 87,164,172 87,164,172 0.66 Industrial Totals 1,7758,873,384 232,304,917 2,008,178,301 15.09%

(1) 2024-25 Local Assessed Valuation (secured and unsecured): $13,307,044,346. (2) Has pending assessment appeals on parcels.
(3) Tarpon Property Ownership 2 LLC owns a commercial shopping center which includes retail and commercial uses, including an Amazon distribution facility, a Costco warehouse, and other uses. (4) Unsecured value of property owned by Amazon Com Services LLC includes value of equipment located at a 2.0 million square foot distribution facility located at a portion of the property owned by Tarpon Property Ownership 2 LLC.

Source: HdL Coren and Cone.

Intergovernmental Revenues
General. During fiscal year 2023-24, intergovernmental revenues of approximately $6.7 million (consisting of approximately $6.3 million of property taxes in lieu of VLF, as described further below) contributed approximately 7.0% of total General Fund revenues. [General Fund intergovernmental revenues of approximately $6.5 million (consisting of approximately $6.4 million of property taxes in lieu of VLF) are budgeted to be received during fiscal year 2024-25.]
Property Taxes In Lieu of VLF. The City’s intergovernmental revenues consist primarily of property taxes in lieu of Vehicle License Fees (“VLF”). VLF revenue was a subvention collected by the State and allocated to cities and counties based on a statutory formula. Several years ago, VLF were reduced by approximately two-thirds. However, the State continued to remit to cities and counties the same amount that those local agencies would have received if the VLF had not been reduced, known as the “VLF backfill.” The State VLF backfill was phased out, and as of fiscal year 2011-12, all of the VLF is now received through an inlieu payment from State property tax revenues referred to as Property Taxes in lieu of VLF. Calculations are now based on property valuations; therefore, as property valuations within the City grow so does the City’s VLF allocation. See the caption “—Property Taxes” above.

Other. The City also receives other General Fund revenue from other government agencies, principally from the State and Federal governments. These revenues include monies called subventions, as well as grants for specific projects, and reimbursements related to State mandated activities or disaster/emergency declarations.

These revenues can fluctuate from year-to-year for on-going programs and activities.

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Edison were located within assessment districts established by Jurupa Community Services District. However, the City has taken over administration of such assessment districts; accordingly, in fiscal year 2022-23 the City moved these revenues into special revenue funds to properly account for such revenues.

Franchise Fees
The City imposes fees on gas, electric, and cable television companies operating within the City. The City also imposes a franchise fee for refuse services. The fees range from 1% to 8% of gross receipts derived from business activities conducted within the City.

During fiscal year 2023-24, franchise fee receipts of approximately $2.7 million contributed approximately 4.2% of total General Fund Revenues. [General Fund franchise fee revenues of approximately $2.6 million are budgeted to be received during fiscal year 2024-25.] Franchise fees relating to recycling and solid waste collection have been the subject of recent litigation.

In the case of Robert Zolly et al. v. City of Oakland, two franchises awarded by the City of Oakland for recycling and municipal waste services were subject to challenge under Proposition 26. The City of Oakland argued that the franchise fees fell within the exception of Proposition 26 described under (d) above (“a charge for entrance to or use of local government property, or the purchase, rental, or lease of local government property”). In its ruling issued on August 11, 2022, in Robert Zolly et al. v. City of Oakland, the California Supreme Court found that the City of Oakland had failed to demonstrate that the right to use city streets for travel (i.e., to haul recyclable and municipal waste), as others use them, is a property right for which a fee can be imposed. The City’s current solid waste franchise fees generate approximately $1.6 million annually, and are budgeted to produce $1.65 million in fiscal year 2025-26. The City’s solid waste franchise fee has not been challenged and the City is evaluating the potential risk to this revenue stream. See “CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS—Proposition 26.” Licenses, Permits and Fees
The City collects both fixed fee and deposit-based permits for planning, building and safety, and engineering services for residential and commercial development. In February 2024, the City adopted a new user fee study that substantially reduced the number of administrative deposits the City collects in favor of fixed fees. The fees are based on the type of development activity and were adopted by resolution resulting from a Citywide comprehensive user fee and rate study.

During fiscal year 2023-24, revenues from licenses, permits and fees of approximately $3.9 million contributed approximately 4.2% of total General Fund revenues. [General Fund revenues from licenses and permits of approximately $5.5 million are budgeted to be received during fiscal year 2024-25.] Other Revenue Sources
Fines and Forfeitures. Revenues from fines and forfeitures consists of traffic fines, parking citations and code enforcement citations. [This category of revenue is budgeted at $1.1 million for fiscal year 2024-25.] Investment Earnings. Revenues from investment earnings consist of interest earnings on City investments. [The 2024-25 budget includes $6.1 million in investment earnings; this level of interest is not expected to continue as the City begins to spend cash reserves to fund the Civic Center Project.] Other. Other sources of General Fund revenue for the City include reimbursements for special events, recovery from damage to City properties, donations, sale of City assets, and other miscellaneous revenue sources.

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Transient Occupancy Tax
General. When the City was incorporated, it adopted the County’s transient occupancy tax rate of 10%; however, the City has not historically received any transient occupancy tax revenues because until recently there have not been any hotels located within the City. The first hotel within the City opened in July 2024. The City currently estimates the new hotel will generate approximately $250,000 in transient occupancy tax revenues for fiscal year 2024-25, with the first full year of collections expected to be fiscal year 2025-26.

The City entered into a transient occupancy tax sharing and settlement agreement with the hotel operator on November 13, 2024. The City will rebate to the operator 80% of the transient occupancy tax generated by the hotel for ten years or until the operator is paid $6.0 million, whichever occurs first. In total, the City has paid $59,184 for two months of collected transient occupancy tax.

Long-Term Liabilities
Long-Term Debt. The City’s long-term obligations payable from the General Fund currently consist of various real property and equipment leases, as well as subscriptions with an aggregate total liability as of June 30, 2024 of approximately $1.3 million and compensated absences for employees.

For additional information with respect to the City’s outstanding long-term obligations, see Notes 7 and 8 to the audited financial statements for fiscal year 2023-24 attached to the Official Statement as Appendix B.

Short-Term Debt. The City currently has no short-term debt outstanding.

Retirement System
This caption contains certain information relating to the California Public Employees Retirement System (“CalPERS”). The information is primarily derived from information produced by CalPERS, its independent accountants and actuaries. The City has not independently verified the information provided by CalPERS and makes no representations nor expresses any opinion as to the accuracy of the information provided by CalPERS.

The annual comprehensive financial reports of CalPERS are available on its Internet website at www.calpers.ca.gov. The CalPERS website also contains CalPERS’ most recent actuarial valuation reports and other information concerning benefits and other matters. Such information is not incorporated by reference herein. The City cannot guarantee the accuracy of such information. Actuarial assessments are “forwardlooking” statements that reflect the judgment of the fiduciaries of the pension plans, and are based upon a variety of assumptions, one or more of which may not materialize or be changed in the future. Actuarial assessments will change with the future experience of the pension plans.

Plan Description. All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (“Plan”) administered by CalPERS. The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles.

Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City participates in one miscellaneous rate plan. Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS’ website, at www.calpers.ca.go.
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Benefits Provided. CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan operates under the provisions of the California Public Employees’ Retirement Law (“PERL”), the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.

The Plan’s provisions and benefits in effect at June 30, 2024, are summarized as follows:

Miscellaneous Plan
Hire date Prior to January 1, 2013 On or after January 1, 2013 Benefit formula 2.0% @ 60 2.0% @ 62
Benefit vesting schedule 5 years of service 5 years of service Benefit payments Monthly for life Monthly for life
Minimum retirement age 50 52
Monthly benefits, as a % of eligible compensation 1.092% to 2.418% 1.0% to 2.5% Required employee contribution rates 7.00% 7.75%
Required employer contribution rates(1) 10.19% 7.96%

(1) As described under “—Contributions” below, CalPERS no longer collects required contributions for the unfunded portion of pension liability based on a percentage of payroll.

Employees Covered. As of the June 30, 2023 actuarial valuation date, the following employees were covered by the benefit terms of the Plan:

Description
Inactive employees or beneficiaries currently receiving benefits 10 Inactive employees entitled to but not yet receiving benefits 43 Active employees 49
Total 102

Source: City of Eastvale.

Contributions. Section 20814(c) of PERL requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contributions requirements are classified as plan member contributions.

The required employer contribution is comprised of a Normal Cost component and a component equal to an amortized amount of the unfunded liability or Annual Unfunded Accrued Liability (“UAL”) Payment. The “Normal Cost” is the annual cost of service earned by active employees for the upcoming fiscal year, which is expressed as a percentage of payroll. The Annual UAL Payment is the amortized dollar amount needed to fund 2159
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past service credit earned (or accrued) for members who are currently receiving benefits, active members, and for members entitled to deferred benefits, as of the valuation date. The UAL Payment is a fixed dollar annual payment, billed monthly.

Beginning with fiscal year 2017-18, CalPERS began collecting employer contributions toward the Plan’s unfunded liability as dollar amounts instead of the prior method of a contribution rate. According to CalPERS, this change was to address potential funding issues that could arise from a declining payroll or reduction in the number of active members in the Plan. Funding the unfunded liability as a percentage of payroll could lead to the underfunding of the Plan. Due to stakeholder feedback regarding internal needs for total contributions expressed as an estimated percentage of payroll, the CalPERS reports include such results in the contribution projection set forth in the tables below. CalPERS indicates that these results are provided for information purposes only and contributions toward the unfunded liability will continue to be collected as set dollar amounts.

Employer contributions by the City to the Plan for the fiscal year ended June 30, 2024 were $452,959.

The actual employer payments of $451,400 made to CalPERS by the City during the measurement period ended June 30, 2023 differed from the City’s proportionate share of the employer’s contributions of $145,045 by $306,355, which is being amortized over the expected average remaining service lifetime in the Public Agency Cost-Sharing Multiple Employer Plan.

The tables below are derived from the City of Eastvale Annual Valuation Reports with valuation dates as of June 30, 2023 and delivered in July 2024 (the “2024 Reports”) and show the required and projected employer contributions for the next six fiscal years. Projected results reflect the adopted changes to the discount rates described in the 2024 Reports. Such projections also assume that all actuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, or funding will occur during the projection period. The projected Normal Cost percentages in the projections below does not reflect that the Normal Cost will decline over the time as new employees are hired into PEPRA or other lower cost benefit tiers.

The foregoing projections assumed the investment return for fiscal year 2023-24 would be 6.80% and beyond. CalPERS announced a preliminary net investment return of 9.3% for fiscal year 2023-24. As a result, the actual contribution requirements for fiscal year 2025-26 and the following years shown below can be expected to differ from such projections. No assurance can be provided that the City’s CalPERS plan expenses will not increase significantly in the future.

Miscellaneous Plan
Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2023-24 and Beyond) Fiscal Year 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 Normal Cost % 10.19% 10.2% 10.2% 10.2% 10.2% 10.2%
UAL Payment $16,054 $21,000 $25,000 $29,000 $30,000 $30,000

Source: CalPERs Miscellaneous Plan of the City of Eastvale Annual Valuation Report as of June 30, 2023.

PEPRA Miscellaneous Plan
Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2023-24 and Beyond) Fiscal Year 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 Normal Cost % 7.96% 8.0% 8.0% 8.0% 8.0% 8.0%
UAL Payment $13,362 $18,000 $22,000 $26,000 $27,000 $27,000

*
Illustrative only and based on the projected payroll shown.

Source: CalPERs PEPRA Miscellaneous Plan of the City of Eastvale Annual Valuation Report as of June 30, 2023. 2160
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Total Pension Liability. The City’s total pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The total pension liability of the Plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the total pension liability is as follows:

Valuation Date June 20, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Actuarial Cost Method
Asset Valuation Method Fair Value of Assets
Actuarial Assumptions
Discount Rate 6.90%
Inflation 2.50%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table(1) Derived using CalPERS’ membership data for all funds Post Retirement Benefit Increase The lesser of contract COLA up to 2.30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies, 2.30% thereafter

(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP- 2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

Pension Plan Fiduciary Net Position. Information about the Plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The Plan’s fiduciary net position and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.

The City maintains a Pension Obligation reserve, which is not included in the Plan assets but is available to pay the City’s pension liabilities. See the caption “CITY FINANCIAL INFORMATION—Management Discussion and Analysis—Pension and OPEB” and “—Financial Policies.” Proportionate Share of Total Pension Liability. The following table shows the City’s proportionate share of the Plan’s total pension liability over the measurement period.

Increase (Decreases)
Proportionate
Share of Total
Pension Liability
Proportionate Share
of Fiduciary Net
Position
Proportionate
Share of Total
Pension Liability
Balance at June 30, 2022 $ 2,329,459 $ 2,275,780 $ 53,679 Balance at June 30, 2023 3,789,783 3,489,039 300,744
Net Changes During Fiscal Year 2022-23 $ 1,460,324 $ 1,213,259 $ 247,065 Sensitivity of the Net Pension Liability to Changes in the Discount Rate. The following presents the City’s proportionate share of the total pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.9 percent, as well as what the total pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:
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Miscellaneous
Discount Rate
-1% (5.90%)
Current
Discount Rate
(6.90%)
Discount Rate
+1% (7.90%)
Plan’s Net Pension Liability/(Asset) $813,296 $300,744 $(121,130) Detailed information about each of the Miscellaneous and PEPRA Miscellaneous Plans’ fiduciary net position is available in the separately issued CalPERS financial reports and can be obtained on the CalPERS website.

Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions. On June 25, 2012, the Governmental Accounting Standards Board approved GASB Statement No. 68 (“GASB 68”) with respect to pension accounting and financial reporting standards for state and local governments and pension plans. GASB 68 states that, for pensions within the scope of the statement, a cost-sharing employer that does not have a special funding situation is required to recognize a net pension liability, deferred outflows of resources, deferred inflows of resources related to pensions, and pension expense based on its proportionate share of the net pension liability for benefits provided through the pension plan. While the accounting standard changed financial statement reporting requirements, they do not impact funding policies of the pension systems.

The audited financial statements of the City for fiscal year 2023-24 attached hereto as Appendix B reflect the application of the GASB 68.

As of the start of the measurement period (July 1, 2022), the City’s total pension liability was $53,679.

For the measurement period ending June 30, 2023 (the measurement date), the City incurred a pension expense of $447,618.

At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions as follows:

Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Pension contributions subsequent to measurement date $ 452,959 -- Changes in proportion 129,006 --
Differences in actual contributions vs. proportionate share of contributions 364,276 $ --
Difference between expected and actual experience 15,364 (2,383) Differences between projected and actual earnings on plan investments 48,693 --
Changes in assumptions 18,157 --
Totals $ 1,028,455 $ (1,770,950)
The amounts above are net of outflows and inflows recognized in the fiscal year 2022-23 measurement period expense. Contributions subsequent to the measurement date of $452,959 reported with deferred outflows of resources will be recognized as a reduction of the total pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:
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Measurement
Period Ended
June 30:

Deferred Outflows/(Inflows) of
Resources, Net
2025 $253,379
2026 184,503
2026 133,834
2028 1,397
Thereafter --
Funded Status. The tables below are derived from the 2024 Reports and show the funded status of the City’s defined benefit pension plan as of the valuation dates shown.

Miscellaneous Plan
Valuation
Date
Accrued
Liability
Share of Pool’s
Market Value of
Assets
Unfunded
Accrued
Liability Funded Ratio
Annual
Covered
Payroll
06/30/2014 $219,472 $226,757 $(7,285) 103.3% $577,490
06/30/2015 245,222 244,265 957 99.6 252,356
06/30/2016 314,231 287,126 27,105 91.4 396,472
06/30/2017 415,624 391,831 23,793 94.3 323,701
06/30/2018 737,558 687,483 50,075 93.2 751,888
06/30/2019 957,237 895,251 61,986 93.5 1,102,706
06/30/2020 1,165,904 1,070,740 95,164 91.8 995,302
06/30/2021 1,597,916 1,719,162 (121,246) 107.6 925,624
06/30/2022 2,281,791 2,089,078 192,713 91.6 1,184,732
06/30/2023 2,674,878 2,406,237 268,641 90.0 1,581,815

Source: CalPERs Miscellaneous Plan of the City of Eastvale Annual Valuation Report as of June 30, 2023.

PEPRA Miscellaneous Plan
Valuation
Date
Accrued
Liability
Share of Pool’s
Market Value of
Assets
Unfunded
Accrued
Liability Funded Ratio
Annual
Covered
Payroll
06/30/2014 $14,268 $15,183 $(915) 106.4% $183,217
06/30/2015 39,543 37,673 1,870 95.3 218,427
06/30/2016 97,581 87,565 10,016 89.7 286,205
06/30/2017 152,473 143,004 9,469 93.8 297,411
06/30/2018 95,124 78,654 16,470 82.7 442,260
06/30/2019 191,530 169,846 21,684 88.7 705,761
06/30/2020 301,051 270,194 30,857 89.8 842,358
06/30/2021 660,432 718,666 (58,234) 108.8 1,767,498
06/30/2022 1,396,361 1,234,515 161,846 88.4 2,384,723
06/30/2023 1,857,946 1,620,254 237,692 87.2 2,925,172

Source: CalPERs PEPRA Miscellaneous Plan of the City of Eastvale Annual Valuation Report as of June 30, 2023.

Other Post-Employment Benefits
Plan Description. The City’s defined benefit postemployment healthcare plan (the “OPEB Plan”) provides medical benefits to eligible retired employees and qualified dependents. The OPEB Plan is part of the 2163
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Public Agency portion of the California Employers’ Retiree Benefit Trust Fund (“CERBT”), an agent multipleemployer plan administered by CalPERS, which acts as a common investment and administrative agent for participating public employers within the State of California. A menu of benefit provisions as well as other requirements is established by State statute within the PERL. CalPERS issues an Annual Comprehensive Financial Report. The Annual Comprehensive Financial Report is issued in aggregate and includes the sum of all CalPERS plans. Copies of the CalPERS ACFR may be obtained from the CalPERS Executive Office, 400 P Street, Sacramento, California 95814.

Funding Policy. The contribution requirements of the City are established and may be amended by the City Council.

Employees Covered. As of December 31, 2023, actuarial valuation, the following current and former employees were covered by the benefit terms under the OPEB Plan:

Active employee 55
Inactive employees or beneficiaries currently receiving benefits 1 Inactive employees entitled to, but not yet receiving benefits -- Total Number of Participants 56

Source: City of Eastvale Audited Financial Statements for fiscal year 2023-24.

Contributions. The City’s annual contribution to the OPEB Plan is based on the actuarially determined contribution. For the fiscal year ended June 30, 2024, the City’s cash contributions were $65,624.

Total OPEB Liability. The City’s total OPEB liability (asset) was measured as of June 30, 2024 and the total OPEB liability (asset) used to calculate the total OPEB liability (asset) was determined by an actuarial valuation dated December 31, 2023 based on the following actuarial methods and assumptions.

Actuarial Assumptions
Discount Rate 5.75%
Inflation 2.50%
Salary Increases 3.00% per year
Investment Rate of Return 5.75%, net of expenses
Mortality Rate(1) Derived using CalPERS Membership Data for all funds Pre-Retirement Turnover(1) Derived using CalPERS Membership Data for all funds Healthcare-Trend Rate 6.5% in 2025 decreasing to 3.9% by 2075

(1) Derived from data collected during 1997 to 2011 CalPERS Experience Study dated January 2014 and post-retirement mortality information was derived from the 2007 to 2011 CalPERS Experience Study. The Experience Study Reports may be access on the CalPERS website www.calpers.ca.gov under Forms and Publications.

Changes in the OPEB Liability (Asset). The changes in the total OPEB liability(asset) for the City in the fiscal year ending June 30, 2024 are as follows:
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Increase (Decrease)
Total OPEB
Liability
(a)
Plan Fiduciary
Net Position
(b)
Total OPEB
Liability/(Asset)
(c)=(a)-(b)
Balance at Fiscal Year Ending June 30, 2023 $ 227,257 $ 276,405 $ (49,148) Changes During the Period
Service Cost 63,142 -- 63,142
Interest Cost 16,772 -- 16,772
Actual and Expected Experience Difference (11,029) -- (11,029) Changes of Assumptions (21,455) -- (21,455)
Contributions - Employer -- 65,624 (65,624)
Net Investment Income -- 23,386 (23,386)
Benefit Payments (2,441) (2,441) --
Administrative Expense -- (148) 148
Net Changes 44,989 86,421 (41,432)
Balance at Fiscal Year Ending June 30, 2023 $ 272,246 $ 362,826 $ (90,580) Sensitivity of Total OPEB Liability to Changes in the Discount. The following presents the total OPEB liability (asset) of the City calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

Discount Rate 1% Lower
(4.75%)
Valuation Discount Rate
(5.75%)
Discount Rate 1% Higher
(6.75%)
$(37,715) $(90,580) $(132,260)
The following presents the total OPEB liability (asset) of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

Trend Rate 1% Lower
(5.5%)
Valuation Trend Rate
(6.5%)
Trend Rate 1% Higher
(7.5%)
$(143,077) $(90,580) $(19,316)
For additional information with respect to the City’s OPEB plan, including with respect to actuarial methods and assumptions used to determine the total OPEB liability, recognition of deferred outflows and inflows of resources and OPEB expense and deferred outflow/inflow of resources to OPEB, see Note 10 to the audited financial statements for fiscal year 2023-24 attached hereto as Appendix B.

GASB Statement No. 75. In June 2015, GASB issued Statement No. 75, which became effective for fiscal years beginning after June 15, 2017. The primary objective of Statement No. 75 is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (i.e., OPEB). Statement No. 75 is also intended to improve information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. Statement No. 75 results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for all postemployment benefits (pensions and OPEB) with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency.

More specifically, Statement No. 75 requires the liability of employers to be measured as the portion of the present value of projected benefit payments to be provided to current active and inactive employees that is attributed to those employees’ past periods of service (total OPEB liability), less the amount of the OPEB plan’s 2165
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fiduciary net position. Statement No. 75 requires the recognition of the total OPEB liability in the Statement of Net Position.

ECONOMIC AND DEMOGRAPHIC INFORMATION REGARDING

THE CITY AND THE COUNTY
Population
The following table shows the population growth for the City and the County for the years shown:

TABLE 11

CITY OF EASTVALE

CITY AND COUNTY POPULATION
CALENDAR YEARS 2020-24
Calendar Year City County
2024 68,884 2,442,378
2023 69,123 2,428,580
2022 69,797 2,427,832
2021 70,401 2,419,165
2020 69,685 2,418,185

Source: State of California, Department of Finance, E-4 Population Estimates for Cities, Counties, and the State, 2021-2024, with 2020 Census Benchmark. Sacramento, California, May 2024.

Employment and Industry
The following table shows certain employment statistics for the City, the County and the State for calendar years 2019 through 2023.

TABLE 12

CITY OF EASTVALE
CITY, COUNTY AND STATE AVERAGE ANNUAL EMPLOYMENT STATISTICS(1) CALENDAR YEARS 2019 THROUGH 2023
City County State
Year Labor Force Employed
Unemployment
Rate
Unemployment
Rate
Unemployment
Rate
2023 35,100 33,900 3.5% 4.8% 4.8%
2022 34,700 33,700 3.0 4.2 4.3
2021 34,100 32,200 5.6 7.3 7.3
2020 33,800 30,900 8.5 10.2 10.1
2019 32,200 31,300 3.0 4.3 4.1

(1) Not seasonally adjusted. Figures represent the 12-month average for each such year.

Source: California Employment Development Department, Labor Market Information Division. 2166
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The following table shows the distribution of the labor force in the County from 2019 through 2023.

TABLE 13

COUNTY OF RIVERSIDE

ANNUAL AVERAGE EMPLOYMENT BY INDUSTRY
CALENDAR YEARS 2019-2023
2019 2020 2021 2022 2023
Total Farm 12,900 11,800 11,400 11,300 10,900
Mining and Lodging 500 400 400 500 400
Construction 68,100 66,800 70,900 73,900 74,100
Manufacturing 45,200 43,000 43,700 44,900 45,200
Trade, Transportation and Utilities 169,600 173,200 188,100 197,900 196,700 Information 6,500 5,300 5,300 5,500 5,600
Financial Activities 21,600 20,900 21,400 22,500 21,100 Professional and Business Services 73,700 71,500 77,200 78,600 76,300 Educational and Health Services 115,300 119,600 124,600 131,700 143,900 Leisure and Hospitality 97,800 77,600 88,600 101,100 104,200 Other Services 23,300 19,900 21,800 24,400 25,500
Government 132,100 124,000 119,800 121,700 128,100
Total All Industries 766,500 734,000 773,200 813,900 832,000 Total Civilian Labor Force 1,106,200 1,118,900 1,130,500 1,145,700 1,157,900

Source: California Employment Development Department, Labor Market Information Division.

Largest Employers
The following table lists the major area employers within the City for the fiscal year ending June 30, 2024.

TABLE 14

CITY OF EASTVALE

MAJOR AREA EMPLOYERS
FISCAL YEAR ENDING JUNE 30, 2024
Employer
Number of
Employees
Percent of Total
Employment (%)
Amazon Fulfillment Center 4,958 14.21
Walmart Distribution 1,029 2.95
Corona-Norco Unified School District 794 2.28
Costco 353 1.01
Ingram Micro 282 0.81
Grainger Distribution Center 240 0.69
Home Depot 191 0.55
Komar Distribution Services 160 0.46
Albertson 85 0.24
City of Eastvale 69 0.20
Total Top 10 Employers 8,161 23.38%
Total City Labor Force 34,900

Source: City of Eastvale, as shown in the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024. 2167
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Per Capital Personal Income
The City is part of the Riverside-San Bernardino-Ontario Metropolitan Statistical Area, as determined by the United States Office of Management and Budget. The following table shows the annual per capita personal income for the Riverside-San Bernardino-Ontario Metropolitan Statistical Area, the State and the United States from 2019 through 2023:

TABLE 15

RIVERSIDE-SAN BERNARDINO-ONTARIO METROPOLITAN STATISTICAL AREA,

STATE OF CALIFORNIA AND THE UNITED STATES
PER CAPITA PERSONAL INCOME(1)
CALENDAR YEARS 2019 THROUGH 2023
Year MSA State U.S.
2023 $52,553 $81,255 $69,810
2022 49,908 76,941 66,244
2021 50,700 76,882 64,460
2020 46,540 70,098 59,123
2019 42,138 64,219 55,566

(1) Dollar estimates in current dollars (not adjusted for inflation).

Source: U.S. Bureau of Economic Analysis, CAINC1 County and MSA personal income summary: personal income, population, per capita personal income (accessed Friday, December 6, 2024).

Taxable Transactions
A summary of taxable sales within the City, by type of business, during the past five years for which data is available is shown in the following table.

TABLE 16

CITY OF EASTVALE
TAXABLE TRANSACTION VALUATION(1)
CALENDAR YEARS 2019-2023
Business 2019 2020 2021(2) 2022 2023
Motor Vehicle and Parts Dealers $ 6,103 $ 6,116 $ 6,194 $ 6,051 $ 6,065 Home Furnishings and Appliance Stores 44,239 41,830 62,862 56,499 47,408 Building Material, Garden Equip & Supplies 63,882 79,247 0 0 86,713 Food and Beverage Stores 56,453 51,317 61,686 71,241 64,911 Gasoline Stations 35,085 23,392 46,741 65,684 62,559
Clothing and Clothing Accessories Stores 24,811 24,936 41,285 43,172 44,713 General Merchandise Stores 192,564 195,766 250,227 299,554 289,749 Food Services and Drinking Places 87,462 86,413 115,708 131,379 150,605 Other Retail Group 39,623 32,676 2,866,480 2,924,084 2,995,720 Total Retail and Food Services 550,227 652,697 3,451,188 3,597,667 3,748,448 All Other Outlets 287,624 541,697 381,823 398,706 403,044 Total All Outlets 837,852 332,086 3,833,112 3,996,374 4,151,493

(1) In thousands of dollars (‘000s).
(2) See the caption “CITY FINANCIAL INFORMATION—Sales Taxes—Concentration of Sales Tax Revenues” for a discussion regarding the increase in sales tax revenues generated in the City beginning in calendar year 2021.

Source: California Department of Tax and Fee Administration. 2168
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The number of sales permits and the valuation of taxable transaction in the City subject to sales tax are presented in the following table.

TABLE 17

CITY OF EASTVALE

PERMIT NUMBERS AND TAXABLE TRANSACTION VALUATION
CALENDAR YEARS 2019-2023
Year
No. of
Retail and Food
Services Permits
Retail and Food
Services Stores
No. of
Total Permits Total All Outlets
2023 928 $3,748,448,579 1,544 $4,151,493,493
2022 912 3,597,667,843 1,494 3,996,374,127
2021 827 3,451,188,665 1,430 3,833,112,212
2020(2) 905 541,697,561 1,523 873,784,151
2019 793 550,227,731 1,278 837,852,099

(1) See the caption “CITY FINANCIAL INFORMATION—Sales Taxes—Concentration of Sales Tax Revenues” for a discussion regarding the increase in sales tax revenues generated in the City beginning in calendar year 2021.

Source: California Department of Tax and Fee Administration. 2169
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APPENDIX B

SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS
The following is a brief summary of the provisions of the Indenture, the Ground Lease, the Lease Agreement and the Assignment Agreement. This summary is not intended to be definitive, and Owners of the Series 2025A Bonds should refer to the documents for the complete text thereof. Copies of the documents summarized herein are available from the City.
[TO COME]
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APPENDIX C

ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024
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APPENDIX D

PROPOSED FORM OF BOND COUNSEL OPINION
___________, 2025
Eastvale Public Financing Authority
Eastvale, California
Re: $__________ Eastvale Public Financing Authority Lease Revenue Bonds, Series 2025A (Civic Center Project)
Ladies and Gentlemen:

We have acted as bond counsel to the Eastvale Public Financing Authority (the “Authority”) in connection with the issuance by the Authority of $__________ Eastvale Public Financing Authority Lease Revenue Bonds, Series 2025A (Civic Center Project) (the “Bonds”), pursuant to the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the “Bond Law”), and pursuant to an Indenture, dated as of July 1, 2025 (the “Indenture”), by and among the Authority, the City of Eastvale (the “City”) and U.S. Bank Trust Company, National Association, as Trustee.

The Bonds will be principally secured by base rental payments to be made by the City pursuant to a Lease Agreement, dated as of July 1, 2025 (the “Lease”), by and between the Authority and the City. We have examined the law and such certified proceedings and other documents, agreements, opinions and matters as we deem necessary to render this opinion. This opinion is based on current statutory and constitutional law and published court decisions as of the date hereof. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Indenture.

As to questions of fact material to our opinion, we have relied upon representations of the Authority contained in the Indenture and in the certified proceedings and certifications of public officials and others furnished to us, without undertaking to verify the same by independent investigation.

We have assumed the genuineness of all documents and signatures presented to us, the authenticity of documents submitted as originals and the conformity to originals of documents submitted as copies. We have not undertaken to verify independently, and have assumed, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions referred to in the preceding paragraphs of this opinion. Furthermore, we have assumed compliance with all covenants and agreements contained in the Indenture, the Lease and the Ground Lease. We call attention to the fact that the rights and obligations under the Bonds, the Indenture, the Lease, the Ground Lease, the Assignment Agreement and the Tax Certificate may be limited by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, by the application of equitable principles and the exercise of judicial discretion in appropriate cases and by the limitations on legal remedies against cities and public agencies in the State of California.

We express no opinion herein with respect to any indemnification, contribution, choice of law, choice of forum, penalty or waiver provisions contained in the Bonds, the Indenture, the Lease, the Ground Lease or the Assignment Agreement; nor do we express any opinion with respect to the state or quality of title to any of the real or personal property described in the Indenture, the Lease or the Ground Lease, or the accuracy or sufficiency of the description contained therein, or the remedies available to enforce liens on, any such property contained therein. [Additionally, we express no opinion with respect to the municipal bond insurance policy relating to the Insured Bonds.]
Based upon the foregoing we are of the opinion, under existing law, as follows:
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1. The Authority is a joint exercise of powers authority duly organized and validly existing under the laws of the State of California with the full power to enter into the Indenture and the Lease, to perform the agreements on its part contained therein and to issue the Bonds.

2. The Indenture and the Lease have each been duly authorized and approved by the Authority and the Indenture and the Lease constitute the valid and binding obligations of the Authority enforceable against the Authority in accordance with their respective terms. The Indenture creates a valid pledge of the Base Rental Payments and other moneys pledged under the Indenture, subject to the provisions of the Indenture.

3. The Indenture and the Lease have each been duly authorized and approved by the City and the Indenture and the Lease constitute the valid and binding obligations of the City enforceable against the City in accordance with their respective terms.

4. The Bonds have been duly and validly authorized by the Authority and are legal, valid and binding limited obligations of the Authority, enforceable in accordance with their terms and the terms of the Indenture. The Bonds are limited obligations of the Authority payable solely from the Base Rental Payments and other moneys pledged under the Indenture as provided in the Indenture, but are not a debt of the City, the State of California or any other political subdivision thereof within the meaning of any constitutional or statutory limitation, and, neither the faith and credit nor the taxing power of the City, the State of California, or any of its political subdivisions is pledged for the payment thereof. The Authority has no taxing power.

5. Under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals; however, it should be noted that with respect to applicable corporations as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended (the “Code”), interest (and original issue discount) with respect to the Bonds might be taken into account in determining adjusted financial statement income for purposes of computing the alternative minimum tax imposed on such corporations.

6. Interest (and original issue discount) on the Bonds is exempt from personal income taxes imposed in the State of California.

7. The difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to such Bond constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Bond Owner before receipt of cash attributable to such excludable income. The amount of original issue discount deemed received by a Bond Owner will increase the Bond Owner’s basis in the applicable Bond. Original issue discount that accrues to the Bond Owner is excluded from the gross income of such owner for federal income tax purposes, is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals (as described in paragraph (5) above) and is exempt from State of California personal income tax.

8. The amount by which a Bond Owner’s original basis for determining loss on sale or exchange in the applicable Bond (generally the purchase price) exceeds the amount payable on maturity (or on an earlier call date) constitutes amortizable Bond premium which must be amortized under Section 171 of the Code; such amortizable Bond premium reduces the Bond Owner’s basis in the applicable Bond (and the amount of tax-exempt interest received), and is not deductible for federal income tax purposes. The basis reduction as a result of the amortization of Bond premium may result in a Bond Owner realizing a taxable gain when a Bond is sold by the owner for an amount equal to or less (under certain circumstances) than the original cost of the Bond to the owner. Purchasers of the Bonds should consult their own tax advisors as to the treatment, computation and collateral consequences of amortizable bond premium. 2173
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The opinions expressed in paragraphs (5) and (7) above as to the exclusion from gross income for federal income tax purposes of interest (and original issue discount) on the Bonds are based upon certain representations of fact and certifications made by the District and others and are subject to the condition that the Authority and the City comply with all requirements of the Code, that must be satisfied subsequent to the issuance of the Bonds to assure that such interest (and original issue discount) will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause interest (and original issue discount) on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Authority and the City have covenanted to comply with all such requirements. Except as set forth in paragraphs (5), (6), (7) and (8) above, we express no opinion as to any tax consequences related to the Bonds.

Certain requirements and procedures contained or referred to in the Indenture, the Lease and Tax Certificate may be changed, and certain actions may be taken, under the circumstances and subject to the terms and conditions set forth in the Indenture, the Lease and Tax Certificate, upon the advice or with the approving opinion of counsel nationally recognized in the area of tax-exempt obligations. We express no opinion as to the effect on the exclusion of interest (and original issue discount) on the Bonds from gross income for federal income tax purposes on and after the date on which any such change occurs or action is taken upon the advice or approval of counsel other than Stradling Yocca Carlson & Rauth LLP.

Our opinion is limited to matters governed by the laws of the State of California and federal law. We assume no responsibility with respect to the applicability or the effect of the laws of any other jurisdiction.

The opinions expressed herein are based upon an analysis of existing statutes, regulations, rulings and judicial decisions and cover certain matters not directly addressed by such authorities. We call attention to the fact that the foregoing opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. We have not undertaken to determine, or to inform any person, whether such actions or events are taken (or not taken) or do occur (or do not occur). Our engagement with respect to the Bonds terminates upon their issuance, and we disclaim any obligation to update the matters set forth herein.

We express no opinion herein as to the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds. We expressly disclaim any duty to advise the owners of the Bonds with respect to the matters contained in the Official Statement and any other offering material relating to the Bonds.

Respectfully submitted,
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APPENDIX E

FORM OF CONTINUING DISCLOSURE AGREEMENT
This Continuing Disclosure Agreement, dated as of July __, 2025 (the “Disclosure Agreement”) is by and between the City of Eastvale (the “City”) and Urban Futures, Inc. (the “Dissemination Agent”), in connection with the issuance of the Eastvale Public Financing Authority’s (the “Authority”) $__________ Lease Revenue Bonds, Series 2025A (Civic Center Project) (the “Bonds”).

WHEREAS, the Bonds are being issued pursuant to an Indenture, dated as of July 1, 2025 (the “Indenture”), by and among the Authority, the City and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

WHEREAS, the Bonds are payable from the base rental payments to be made by the City under the Lease Agreement, dated as of July 1, 2025 (the “Lease Agreement”), between the City, as lessee, and the Authority, as lessor; and
WHEREAS, this Disclosure Agreement is being entered into by the City for the benefit of the Owners and Beneficial Owners of the Bonds and in order to assist the Underwriter in complying with the Rule (defined below).

NOW, THEREFORE, the City and the Dissemination Agent agree as follows:

SECTION 1. Definitions. In addition to the definitions set forth in the Indenture, which apply to any capitalized term used in this Disclosure Agreement unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Comprehensive Financial Report provided by the City pursuant to, and as described in, Sections 2 and 3 of this Disclosure Agreement. “Beneficial Owner” shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.
“Disclosure Representative” shall mean the City Manager of the City, the Director of Finance of the City, or their designee, or such other officer or employee as the City shall designate in writing from time to time.
“Dissemination Agent” shall mean Urban Futures, Inc., or any successor Dissemination Agent designated in writing by the City and which has filed with the City a written acceptance of such designation. “Financial Obligation” means a (a) debt obligation; (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (c) guarantee of (a) or (b). The term “Financial Obligation” shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule. “Listed Events” shall mean any of the events listed in Section 4(a) and (b) of this Disclosure Agreement.
“MSRB” shall mean the Municipal Securities Rulemaking Board, which has been designated by the Securities and Exchange Commission as the sole repository of disclosure information for purposes of the Rule, 2175
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or any other repository of disclosure information that may be designated by the Securities and Exchange Commission as such for purposes of the Rule in the future. “Official Statement” shall mean the Official Statement relating to the Bonds, dated ______, 2025. “Repository” shall mean the Electronic Municipal Market Access system of the Municipal Securities Rulemaking Board, which can be found at http://emma.msrb.org. “Rule” shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. “State” shall mean the State of California.
“Underwriter” shall mean the original Underwriter of the Bonds required to comply with the Rule in connection with the offering of the Bonds.

SECTION 2. Provision of Annual Reports.
(a) The City shall, or shall cause the Dissemination Agent, not later than nine months following the end of the City’s fiscal year (which presently ends on June 30) (the “Annual Report Date”), commencing with the report for the fiscal year ending June 30, 2025 due March 31, 2026, provide to the MSRB an Annual Report which is consistent with the requirements of Section 3 of this Disclosure Agreement. The Annual Report shall be provided to the MSRB in an electronic format as prescribed by the MSRB and shall be accompanied by identifying information as prescribed by the MSRB. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may include by reference other information as provided in Section 3 of this Disclosure Agreement; provided that the audited financial statements of the City may be submitted separately from and later than the balance of the Annual Report if they are not available by the date required above for the filing of the Annual Report.

The Annual Report shall be provided at least annually notwithstanding any fiscal year longer than 12 calendar months. The City’s fiscal year is currently effective from July 1 to the immediately succeeding June 30 of the following year. The City will promptly notify the MSRB and the Dissemination Agent (if other than the City) of a change in the fiscal year dates. The City shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by it hereunder. The Dissemination Agent may conclusively rely upon such certification of the City and shall have no duty or obligation to review such Annual Report. (b) If by five (5) Business Days prior to the Annual Report Date, the Dissemination Agent (if other than the City) has not received a copy of the Annual Report, the Dissemination Agent shall notify the City of such non-receipt.
(c) If the Dissemination Agent is unable to verify that an Annual Report has been provided to the MSRB by the Annual Report Date, the Dissemination Agent shall provide in a timely manner to the MSRB (with a copy to the Trustee and the Underwriter) a notice, in substantially the form attached as Exhibit A. (d) Unless the City has done so pursuant to Section 3(a) above, the Dissemination Agent (if other than the City) shall:
(i) determine each year prior to the Annual Report Date the then-applicable rules and electronic format prescribed by the MSRB for the filing of annual continuing disclosure reports; and 2176
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(ii) if the Dissemination Agent is other than the City, file a certificate with the City to the effect that the Annual Report has been provided pursuant to this Disclosure Agreement, stating, to the extent it can confirm such filing of the Annual Report, the date it was provided.

SECTION 3. Content of Annual Reports. The City’s Annual Report shall contain or include by reference the following:
(a) The City’s audited financial statements, prepared in accordance with generally accepted auditing standards for municipalities in the State of California. If the City’s audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 2(a), the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available.
(b) Information for the immediately preceding Fiscal Year (unless otherwise noted below) of the general type contained in Appendix A to the Official Statement, in the following charts and tables:
(i) Table 5 (General Fund Statement of Revenues, Expenditures and Changes in Fund Balances),
(ii) Table 6 (General Fund Balance Sheets),
(iii) Table 7 (General Fund Tax and Fee Revenues by Source), (iv) Table 8 (Top 25 Sales Tax Producers) (most recent data available), (v) Table 9 (Assessed Valuation), and
(vi) Table 10 (Top Ten Principal Property Taxpayers).

Financial information relating to the City referenced in this Section 3 may be updated from time to time, and such updates may involve displaying data in a different format or table or eliminating data that is no longer available.

Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the City or related public entities, which have been submitted to the MSRB or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the MSRB. The City shall clearly identify each such other document so included by reference.

SECTION 4. Reporting of Significant Events.
(a) Pursuant to the provisions of this Section 4, the City shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) business days after the event:

1. Principal and interest payment delinquencies;

2. Unscheduled draws on debt service reserves reflecting financial difficulties;

3. Unscheduled draws on credit enhancements reflecting financial difficulties;

4. Substitution of credit or liquidity providers, or their failure to perform; 2177
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5. Issuance by the Internal Revenue Service of proposed or final determination of taxability or of a Notice of Proposal Issue (IRS Form 5701-TEB);

6. Tender Offers;

7. Defeasances;

8. Rating changes;

9. Bankruptcy, insolvency, receivership or similar proceedings; and Note: For the purposes of the event identified in subparagraph (9), the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governmental body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person.

10. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the obligated person, any of which reflect financial difficulties.
(b) Pursuant to the provisions of this Section 4, the City shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material, in a timely manner not more than ten (10) business days after occurrence:

1. unless described in Section 4(a)(5), adverse tax opinions or other material notices or determinations by the Internal Revenue Service with respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds;

2. modifications to the rights of Bondholders;

3. bond calls;

4. release, substitution or sale of property securing repayment of the Bonds;

5. non-payment related defaults;

6. the consummation of a merger, consolidation, or acquisition involving the City or the Authority or the sale of all or substantially all of the assets of the City or the Authority, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms;

7. appointment of a successor or additional trustee or the change of the name of a trustee; and

8. incurrence of a Financial Obligation of the obligated person, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect Bond Owners.
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(c) If the City determines that knowledge of the occurrence of a Listed Event under subsection (b) would be material under applicable federal securities laws, and if the Dissemination Agent is other than the City, the City shall promptly notify the Dissemination Agent in writing. Such notice shall instruct the Dissemination Agent to file a notice of such occurrence with the MSRB in an electronic format as prescribed by the MSRB in a timely manner not more than ten (10) Business Days after the event. (d) If the City determines that the Listed Event under subsection (b) would not be material under applicable federal securities laws and if the Dissemination Agent is other than the City, the City shall so notify the Dissemination Agent in writing and instruct the Dissemination Agent not to report the occurrence. (e) The City hereby agrees that the undertaking set forth in this Disclosure Agreement is the responsibility of the City and, if the Dissemination Agent is other than the City, the Dissemination Agent shall not be responsible for determining whether the City’s instructions to the Dissemination Agent under this Section 5 comply with the requirements of the Rule.

SECTION 5. Identifying Information for Filings with the MSRB. All documents provided to the MSRB under this Disclosure Agreement shall be accompanied by identifying information as prescribed by the MSRB.

SECTION 6. Termination of Reporting Obligation. The obligations of the City, the Trustee and the Dissemination Agent under this Disclosure Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the City shall give notice of such termination in the same manner as for a Listed Event under Section 4(a).

SECTION 7. Dissemination Agent. The City may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Agreement, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The Dissemination Agent shall not be responsible in any manner for the form or content of any notice or report prepared by the City pursuant to this Disclosure Agreement. The Dissemination Agent may resign by providing thirty days written notice to the City and the Trustee. The Dissemination Agent shall not be responsible for the content of any report or notice prepared by the City and shall have no duty to review any information provided to it by the City. The Dissemination Agent shall have no duty to prepare any information report nor shall the Dissemination Agent be responsible for filing any report not provided to it by the City in a timely manner and in a form suitable for filing.

SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the City may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, provided that, in the opinion of nationally recognized bond counsel, such amendment or waiver is permitted by the Rule; provided, the Dissemination Agent shall have first consented to any amendment that modifies or increases its duties or obligations hereunder. In the event of any amendment or waiver of a provision of this Disclosure Agreement, the City shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the City. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event under Section 4(a), and (ii) the Annual Report for the year in which the change is made shall present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.

SECTION 9. Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the City from disseminating any other information, using the means of dissemination set forth in this 2179
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Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the City chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the City shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

SECTION 10. Default. In the event of a failure of the City to comply with any provision of this Disclosure Agreement, any Owners or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement shall not be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the City to comply with this Disclosure Agreement shall be an action to compel performance.

No Bond Owner or Beneficial Owner may institute such action, suit or proceeding to compel performance unless they shall have first delivered to the City satisfactory written evidence of their status as such, and a written notice of and request to cure such failure, and the City shall have refused to comply therewith within a reasonable time.

SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement, and the City agrees, to the extent permitted by law, to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorney’s fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent’s negligence or willful misconduct. The Dissemination Agent shall also be entitled to any further protections and limitations from liability afforded to the Trustee under the Indenture as if such provisions were fully set forth herein. The Dissemination Agent shall be paid compensation by the City for its services provided hereunder in accordance with its schedule of fees as amended from time to time and all expenses, legal fees and advances made or incurred by the Dissemination Agent in the performance of its duties hereunder. In performing its duties hereunder, the Dissemination Agent shall not be deemed to be acting in any fiduciary capacity for the City, the Bond Owners, or any other party. The obligations of the City under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds.

SECTION 12. Notices. Any notices or communications to or among any of the parties to this Disclosure Agreement may be given as follows:

City: City of Eastvale
12363 Limonite Avenue, Suite 910
Eastvale, California 91752
Attention: City Manager
Dissemination Agent: Urban Futures, Inc.
1470 Maria Ln, Suite 315
Walnut Creek, California 94596
Attention: Michael Busch
SECTION 13. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the City, the Dissemination Agent, if any, the Underwriter and Owners and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. 2180
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SECTION 14. Signature. This Disclosure Agreement has been executed by the undersigned on the date hereof, and such signature binds the City to the undertaking herein provided.

CITY OF EASTVALE
By:

City Manager
URBAN FUTURES, INC., as Dissemination Agent
By:

Authorized Officer
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EXHIBIT A

NOTICE TO MUNICIPAL SECURITIES RULEMAKING BOARD

OF FAILURE TO FILE ANNUAL REPORT
Name of Issuer: Eastvale Public Financing Authority
Name of Issue: Eastvale Public Financing Authority Lease Revenue Bonds, Series 2025A (Civic Center Project)
Date of Issuance: July __, 2025
NOTICE IS HEREBY GIVEN that the City of Eastvale (the “City”) has not provided an Annual Report with respect to the above-named Bonds as required by the Continuing Disclosure Agreement, dated as of July __, 2025, by and between the City and Urban Futures, Inc. [The City anticipates that the Annual Report will be filed by __________.]
Dated: __________
[DISSEMINATION AGENT]
By: _______________________

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APPENDIX F

BOOK-ENTRY ONLY SYSTEM
The information in this section concerning DTC and DTC’s book-entry only system has been obtained from sources that the Authority believes to be reliable, but the Authority takes no responsibility for the completeness or accuracy thereof. The following description of the procedures and record keeping with respect to beneficial ownership interests in the Series 2025A Bonds, payment of principal, premium, if any, accreted value and interest on the Series 2025A Bonds to DTC Participants or Beneficial Owners, confirmation and transfers of beneficial ownership interests in the Series 2025A Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC.

1. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the Series 2025A Bonds (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for each maturity of the Securities in the aggregate principal amount of such maturity, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

2. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has an S&P Global Ratings highest rating: “AA+.” The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. The information set forth on such website is not incorporated herein by reference.

3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records.

Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.
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4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners.

In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.

6. Redemption notices shall be sent to DTC. If less than all of the Securities within a maturity are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed.

7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Authority as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

8. Principal, redemption price and interest payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the Authority or the Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Paying Agent, or the Authority, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal, redemption price and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Authority or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

9. If applicable, a Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to tender/remarketing agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to tender/remarketing agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to tender/remarketing agent’s DTC account.

10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Authority or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

11. The Authority may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC. 2184
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APPENDIX G

SPECIMEN MUNICIPAL BOND INSURANCE POLICY
2185
City of Eastvale
Proposed Issuance of Eastvale Public Financing Authority Lease Revenue Bonds, Series 2025A
June 25, 2025
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2 Civic Center Project – 2025A Lease Revenue Bonds
 2025A Bonds are being issued to
finance a portion of the Civic
Center Project
 Project includes City Hall, Library,
Police Station buildings, Civic Plaza,
Park, Amphitheater, and parking,
associated facilities and equipment
 Total estimated cost of $187.3
million
 2025A Bonds expected to fund
$50 million of Project costs
 Bonds secured by base rental
payments made by City pursuant
to Lease Agreement
 Leased Asset: City Hall Building
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3 Select Financing Statistics*
Sources & Uses*
Sources
Par Amount $55,950,000
Premium 2,466,889
Total Sources $58,416,887
Uses
Project Fund $50,000,000
Capitalized Interest Fund 7,905,049
Issuance Costs 511,838
Total Uses $58,416,887
 Fixed-rate, tax-exempt borrowing
 30-year term (Final maturity May 1, 2055)
 First principal payment: May 1, 2029
 Capitalized interest through May 1, 2028
 10-year optional redemption date (May 1, 2035)
 Estimated annual payments of $3.9 million
 True interest cost of 4.82%
*Preliminary, as of 6/12/2025, and assuming “AA” category credit rating; subject to change 2025A Bonds Debt Service*
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052 2054 Millions
Principal Interest Capitalized Interest 2188
4 Recommended Actions
 Conduct a public hearing with respect to the issuance of the 2025A Bonds
 Adopt City Council and Authority Resolutions Authorizing the issuance of Eastvale Public Financing Authority Lease Revenue Bonds in an amount not to exceed $65 million
 Resolutions authorize execution and delivery of legal and financing documents
 Indenture of Trust
 Lease Agreement
 Ground Lease
 Assignment Agreement
 Bond Purchase Agreement
 Preliminary Official Statement with Continuing Disclosure Agreement 2189
5 Next Steps
 2025A Bonds are expected to be sold on or around the week of July 14 Month Description
June 25 City Council Meeting to Approve Financing
June 27 Post Preliminary Official Statement
(Make Available to Prospective Investors)
Week of July 14 Pricing of 2025A Bonds
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AGENDA STAFF REPORT
City Council/Eastvale Public Financing Authority Meeting

CITY COUNCIL/EASTVALE PUBLIC FINANCING AUTHORITY BUSINESS Agenda Item No. 13.1
June 25, 2025
Construc1on Contract Award to Clark Construc1on Group and Professional Services Agreements Approval with Geocon West, Inc. for the Eastvale Civic Center project
Prepared By:

Jimmy Chung, Public Works Director/ City Engineer
Recommended Action(s)
Staff recommends that the City Council:

1. Adopt the a#ached resolu$on approving the project plans and specifica$ons and awarding the Construc$on Contract to Clark Construc$on Group - California LP, the lowest responsive and responsible bidder, in accordance with unit bid prices in the amount of $135,151,000 plus a 10% contingency of $13,515,100 for a total not-to-exceed amount of $148,666,100;

2. Approve the Professional Services Agreement with Geocon West, Inc. in the amount of $131,770 plus a 10% con$ngency of $13,177 for a total not-to-exceed amount of $144,947 for the geotechnical observation and testing services;

3. Approve the payment of water and sewer capacity charges to Jurupa Community Services District (JCSD) in the amount of $1,271,632.75; and

4. Authorize the City Manager to execute all necessary documents to complete the project, including, but not limited to, the Notice of Completion.

Summary
Following City Council’s adop$on of the prequalified contractor list on April 9, 2025, the No$ce Invi$ng Bids (NIB) was published on the City’s website and PlanetBids on April 10, 2025. In accordance with the Public Contract Code, the NIB was also published in the local newspaper on 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
2191
April 15 and April 22, 2025. A mandatory pre-bid mee$ng was held on April 17, 2025, with par$cipa$on from all prequalified general contractors. During the bidding period, six addenda were issued to clarify and revise the original contract documents.

Bid opening occurred on June 6, 2025, with the following results:

NAME OF BIDDER BASE BID AMOUNT
Clark Construction
Group
$135,151,000
Swinerton Builders $136,542,200
Bernards Bros., Inc. $140,250,000
The Whiting-Turner
Contracting Company
$159,227,694
McCarthy Building
Companies, Inc.
$159,279,000
PCL Construction
Services, Inc.

Did Not Submit
Bids were received from five (5) of the prequalified general contractors. Upon review, City staff determined that Clark Construc$on Group (Clark) submi#ed the lowest responsive and responsible bid, with a total base bid of $135,151,000. Clark holds valid Class A and B Contractor’s Licenses in the State of California with no enforcement actions.

Clark Construc$on has an extensive track record of successfully delivering complex, ground-up public facili$es throughout California. Over the past 30 years, Clark has partnered with clients to deliver over $3 billion in civic and public safety projects. Notably, Clark recently completed the Long Beach Civic Center and is currently construc$ng the Garden Grove Civic Center—both highly relevant to the City’s project.

Assuming $mely execu$on of the construc$on contract, work is expected to commence in August 2025. The contract allows for 730 calendar days to complete the project. City staff will coordinate with the City's Communica$ons Division to ensure that the public receives regular construc$on updates throughout the duration of the project.

Background
Project Description
The Eastvale Civic Center project has been one of the City’s highest priority capital projects. This comprehensive development is designed to create a centralized civic campus that includes a new City Hall (Capital Improvement Project No. 95011), public library (CIP No. 95012), police sta$on (CIP No. 95014), and associated site improvements (CIP No. 95023). These Civic Center projects reflect the City’s long-term vision for improved public service delivery and community engagement. A rendering illustra$ng the project vision is included in A#achment 1, and project highlights are listed below:

City Hall: a three-story building that includes public counter spaces, an outdoor amphitheater, a council chamber that could be converted into a stage for performances, conference rooms, and office spaces. it is approximately 52,340 SF.
12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
2192
Library: a two-story building featuring book collec$on areas for all ages, group study rooms, activity spaces, offices, and an occupiable terrace. it is approximately 25,599 SF.

Police Sta$on: a two-story building with one level below grade secured parking. it is approximately 22, 021 SF.

Site Improvement: An approximately 2.8 acre Civic Park with an amphitheater and a central hardscape Civic Plaza and associated site work around the three buildings: City Hall, library, and police station.

Project Delivery
The City is using the design-bid-build project delivery method to design and construc$on the Eastvale Civic Center project. This approach requires the City to select an architectural firm to design the building, then select a general contractor to construct the building, through a compe$$ve process. State law requires that public works projects such as the design and construc$on of the Civic Center follow certain procedures to help achieve transparency and cost effec$veness. One requirement is that the City must accept the bid (proposal) of the general contractor that provides the lowest cost responsive, responsible bid to construct the building. A responsive bid is one that fully complies with all of the bid requirements, and a responsible bidder is one whose past performance, reputation, and financial capability is deemed acceptable.

To ensure the successful comple$on on of this large-scale project, it was determined that using a prequalifica$on process would be valuable for selec$ng the most qualified general contractor while s$ll awarding the project to the contractor that provides the most compe$$ve pricing. At its April 9, 2025 mee$ng, City Council adopted the list of prequalified contractors to bid on the Eastvale Civic Center project that is comprised of six (6) general contractors listed below, in alphabetical order:

1. Benards Bros, Inc.

2. Clark Construction Group

3. McCarthy Bulding Companies, Inc.

4. PCL Construction Services, Inc.

5. Swinerton Builders

6. Whiting-Turner Contracting Company
Gensler serves as the architect of record and has provided comprehensive architectural, engineering, and interior design services for the project. The construc$on documents were completed and delivered on March 27, 2025, and subsequently used to adver$se the project for construc$on bidding. The plans and specifica$ons for the project are on file at the City's Public Works Department and are available upon request.

A resolu$on has been prepared which, if adopted would, approve of the plans and specifica$ons for the Eastvale Civic Center project, and award the contract to Clark Construction Group – California LP.

Adop$ng a resolu$on for this project is recommended to create a record that the City’s legisla$ve body approved the plans and specifica$ons in advance of construc$on, for the purposes of design immunity under Government Code section 830.6.

Geotechnical Observation and Testing Services
Geocon West, Inc. (Geocon) will be providing geotechnical observa$on and tes$ng services for the project. The scope of services includes full-time observation and testing during site grading activities, founda$on (foo$ng) inspec$ons, responses to RFIs and issuance of pad cer$fica$on le#ers. Geocon 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
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will also provide observa$on and tes$ng during backfill of both wet and dry u$li$es, as well as for offsite improvements. A final report will be prepared upon completion of the work.

Water and Sewer Capacity Charges to Jurupa Community Services District (JCSD) JCSD (Jurupa Community Services District) is a u$lity service provider for the City of Eastvale.

Services provided by JCSD include water, sewer, wastewater, parks and recrea$on, graffi$ abatement, and more. The Civic Center project requires new water and sewer connec$ons. As such, water and sewer capacity charges are due to JCSD. A statement outlining these charges has been provided by JCSD, based on the rates and fees detailed in their Customer Guide (see A#achment

5.2). These capacity charges are used by JCSD to fund the infrastructure necessary to deliver water and sewer services to new developments.

The Water Capacity Charge, also known as the water connec$on charge, is calculated based on the size of the water meter, which determines the flow capacity available to the customer. The Sewer Capacity Charge is based on Equivalent Dwelling Units (EDUs), a standardized unit used to es$mate the amount of sewage generated by various types of buildings or land uses.

Environmental
The environment impacts associated with the development of the Civic Center site were assessed in the Program Environmental Impact Report (PEIR) prepared for the Leal Master Plan, and the Addendum to that PEIR prepared for the Amendment to the Leal Master Plan which was adopted by the City Council on May 11, 2022.

Strategic Plan Action - Priority Level: 1 | Target #: 5 | Goal #: 1 The proposed contract contribute to the development of Downtown Eastvale, which can significantly a#ract businesses and retailers to establish their presence in the City and create a “Destination Eastvale” with high-quality and unique businesses.

Fiscal Impact
The total fiscal impact for the construc$on contract is $148,666,100. The project is inclusive of four CIP projects, City Hall (95011), Library (95012), Police Sta$on (95014), and Civic Center Site Improvement (95023). During the Fiscal Year 2025-26 budget process, budget was iden$fied for the Civic Center Project and broken down by the specific components of the project (buildings and site features). The budget was based on the original conserva$ve cost es$mate received by the city's cost es$mator consultant and as a result the total budget is higher than necessary and relies on more bond proceeds than will be necessary. Once the contracts and bonds are finalized, staff will adjust the budget to reflect the new cost es$mates and sources of funding. The proposed Fiscal Year 2025-26 budget is included for approval by City Council on the same agenda as this item and specific amounts for each component of the Civic Center Project are listed below.

FY 2025-26 Project Budget
Fund Account
City Hall
(95011-0000)
Library
(95012-0000)
Police Station
(95014-0000)
Civic Center
Site
Improvement
(95023-0000)
Debt Service Fund 500-500-6650 20,883,540 10,110,015 22,805,000 7,000,000 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
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Public Facilities: City Hall
DIF
292-500-6650 15,221,915
Public Facilities: Library
DIF
296-500-6650 9,889,985
Police Facilities DIF 295-500-6650 4,195,000
Total $36,105,455 $20,000,000 $27,000,000 $7,000,000
Prior City Council/Commission Action
On July 28, 2021, Council authorized staff to start the RFP process for an Owner Representative/Program Manager and Bridging Architect.

On November 2021, the City Council approved a contract with Griffin Structures and subconsultants, LPA (architects), Urban Arena (architects), and Circle Pointe (communica$ons) in the amount of $4,580,000 for outreach, design up to Design Development, and Construc$on Administration
On May 11, 2022, the City Council approved the Downtown Eastvale Master Plan Amendment (Leal Master Plan Amendment) project and the associated Development Agreement.

On October 12, 2022 the City Council authorized the City Manager to execute a contract amendment with Gensler architectural services for $230,000, for a combined amount not-to-exceed $250,000, to perform planning and pre-design services for Downtown Eastvale.

On October 12, 2022, the City Council authorized the City Manager to execute the First Amendment to the Agreement with Griffin Structures to reduce the Scope of Services, retaining Griffin as the Owner Representa$ve/Program Manager for the Civic Center project and elimina$ng subconsultants, and reducing the total compensa$on amount to $1,845,353 and modifying the delivery method.

On November 30, 2022, the City Council held a workshop on the Civic Center Public Infrastructure Project and set the building sizes for the Civic Center Campus.

On May 10, 2023, the City Council authorized the City Manager to execute the Third Amendment to the Agreement with Gensler to provide to expand the scope of work to full architectural and design services for the Civic Center project.

On April 9, 2025, the City Council adopted the list of prequalified contractors to bid on the Eastvale Civic Center project.

Attachment(s)
Attachment 1 - Project Rendering
A#achment 2 - DraR Resolu$on Approving the Construc$on Plans and Specifica$ons and Awarding a Contract to Clark Construction Group - California LP
Attachment 3.1 - Construction Contract with Clark Construction Group Attachment 3.2 - Contractor's Bid
Attachment 4 - PSA for Geocon
12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
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Attachment 5.1 - Statement from JCSD
Attachment 5.2 - Customer Guide for rates, charges, and deposits 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
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4931-2503-6878 v2
RESOLUTION NO. 25-XX

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EASTVALE APPROVING

THE CONSTRUCTION PLANS AND SPECIFICATIONS AND AWARDING A CONTRACT TO CLARK CONSTRUCTION GROUP – CALIFORNIA, LP FOR

CONSTRUCTION OF THE EASTVALE CIVIC CENTER PROJECT
WHEREAS, bids have been invited for the performance of work for the City of Eastvale generally described as the Eastvale Civic Center Project, as more particularly described in the plans and specifications for construction of said project on file in the office of the Public Works Department; and WHEREAS, bids for construction of said project were received and opened on June 6, 2025 in accordance with law; and
WHEREAS, the bid of Clark Construction Group – California, LP in the amount of $135,151,000 is the lowest responsive bid received for the project;
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Eastvale does hereby resolve, determine, and order as follows:

SECTION 1. The above recitals are true and correct and are incorporated as a material part of this resolution.

SECTION 2. The City Council hereby approves the plans and specifications for construction of the Eastvale Civic Center Project on file in the office of the Public Works Department.

SECTION 3. The City Council accepts the bid of Clark Construction Group – California, LP for the Eastvale Civic Center Project in the amount of $135,151,000 and awards to Clark Construction Group – California, LP the contract for construction of the Eastvale Civic Center Project, in accordance with the plans and specifications on file in the office of the Public Works Department, in the amount of $135,151,000.

SECTION 4. The City Council approves and authorizes the City Manager to execute the construction contract and any required construction change orders up to the authorized project budget on behalf of the City, and authorizes the Finance Director to pay all proper claims for performance of the contract.
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PASSED, APPROVED AND ADOPTED this 25th day of June 2025. __________________________________________
Mike McMinn
Mayor
APPROVED AS TO FORM: ATTEST:
__________________________________________ __________________________________________ Erica Vega Marc A. Donohue, MMC
City Attorney Government Services Director/City Clerk
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STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) §

CITY OF EASTVALE )

I, Marc A. Donohue, City Clerk/Communications Director of the City of Eastvale, California, do hereby certify that the foregoing City Council Resolution No. 25-XX, was duly adopted by the City Council of the City of Eastvale, California, at a meeting held on the 25th day of June, 2025, by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
____________________________________
Marc A. Donohue, MMC
Government Services Director/City Clerk
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DOCUMENT 00 5200

AGREEMENT
THIS AGREEMENT, dated this 25th day of June, 2025, by and between Clark Construction Group – California, LP whose place of business is located at 611 Anton Boulevard, Suite 1100, Costa Mesa, California 92626 (Contractor), and CITY OF EASTVALE, a political subdivision of the State of California (Owner), acting under and by virtue of the authority vested in Owner by the laws of the State of California.

WHEREAS, Owner, by its Resolution No.25-XX adopted on the 25 day of June, 2025, awarded to Contractor the following Contract:

CIVIC CENTER PROJECT
at 6065 PREMIER PLACE, EASTVALE, CALIFORNIA 92880
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, Contractor and Owner agree as follows:

ARTICLE 1 SCOPE OF WORK OF THE CONTRACT

1.01 Work of the Contract
A. Contractor shall complete all work specified in the Contract Documents, in accordance with the Specifications, Drawings, and all other terms and conditions of the Contract Documents (Work).

1.02 Price for Completion of the Work
A. Owner shall pay Contractor the following Contract Sum (Contract Sum) for completion of Work in accordance with Contract Documents as set forth in Contractor’s Bid, attached hereto.

B. The Contract Sum includes all allowances (if any).

C. The Contract Sum is all inclusive and includes all Work; all federal, state, and local taxes on materials and equipment, and labor furnished by Contractor, its subcontractors, subconsultants, architects, engineers, and" vendors or otherwise arising out of Contractor's performance of the Work, including any increases in any such taxes during the term of this Agreement; and any duties, fees, and royalties imposed with respect to any materials and equipment, labor or services. The taxes covered hereby include (but are not limited' to) occupational, sales, use, excise, unemployment, FICA, and income taxes, customs, duties, and any and all other taxes on any item or service that is part of the Work, whether such taxes are normally included in the price of such item or service or are normally stated separately. Notwithstanding the foregoing, each party shall bear such state or local inventory, real property, personal property or fixtures taxes as may be properly assessed against it by applicable taxing authorities.

COMMENCEMENT AND COMPLETION OF WORK

1.03 Commencement of Work
A. Contractor shall commence Work on the date established in the Notice to Proceed (Commencement Date).

B. Owner reserves the right to modify or alter the Commencement Date.

1.04 Completion of Work
A. Contractor shall achieve Substantial Completion of the entire Work within 730 Days from the Commencement Date.
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B. Contractor shall achieve Final Completion of the entire Work within 760 days from the Commencement Date.

ARTICLE 2 PROJECT REPRESENTATIVES

2.01 Owner’s Project Manager
A. Owner has designated Steve Chaky with Griffin Structures as its Project Manager to act as Owner’s Representative in all matters relating to the Contract Documents. If Project Manager is an employee of Owner, Project Manager is the beneficiary of all Contractor obligations to Owner including, without limitation, all releases and indemnities.

B. Project Manager shall have final authority over all matters pertaining to the Contract Documents and shall have sole authority to modify the Contract Documents on behalf of Owner, to accept work, and to make decisions or actions binding on Owner, and shall have sole signature authority on behalf of Owner.

C. Owner may assign all or part of the Project Manager’s rights, responsibilities and duties to a Construction Manager, or other Owner Representative.

2.02 Contractor’s Project Manager and Other Key Personnel A. Contractor has designated Carlos Gonzales, P.E. as its Project Manager to act as Contractor’s Representative in all matters relating to the Contract Documents.

B. Contractor has designated the following other Key Personnel for the Project:

Name Position
Kindayl Lake Senior Safety Manager

2.03 Owner Rights Regarding its Consultants
A. Notwithstanding any provision of the Contract Documents that identifies a specific Owner consultant (such as Architect, Construction Manager, or other) to perform one or more specific tasks (such as reviewing Contractor submittals, approving Contractor applications for payment, etc.), as between Owner and Contractor, Owner may, in its sole discretion, either cause the task to be performed by its own forces, or cause it to be performed by any consultant it elects, provided only that tasks requiring a specific license be performed by properly licensed persons.

Additionally, as between Owner and Contractor, Owner may change the identity of any of its consultants at any time in its sole discretion, and will provide reasonable notice thereof to Contractor.

ARTICLE 3 LIQUIDATED DAMAGES FOR DELAY IN COMPLETION OF WORK

3.01 Liquidated Damage Amounts
Owner and Contractor recognize that time is of the essence of this Agreement and that Owner will suffer financial loss in the form of Contract administration expenses (such as project management and consultant expenses), if all or any part of the Work is not completed within the times specified above, plus any extensions thereof allowed in accordance with the Contract Documents. Contractor and Owner agree that because of the nature of the Project, it would be impractical or extremely difficult to fix the amount of actual damages incurred by Owner because of a delay in completion of all or any part of the Work.

Accordingly, Owner and Contractor agree that as liquidated damages for delay Contractor shall pay Owner:

3.1.1 Twenty two thousand two hundred and sixty dollars ($22,260) for each Day that expires after the time specified herein for Contractor to achieve Substantial 2202
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00 5200 - 3 City of Eastvale Civic Center Project
Completion of the entire Work, until achieved.

3.1.2 Twenty two thousand two hundred and sixty dollars ($22,260) each Day that expires after the time specified herein for Contractor to achieve Final Completion of the entire Work, until achieved.

These measures of liquidated damages shall apply cumulatively and except as provided below, shall be presumed to be the damages suffered by Owner resulting from delay in completion of the Work. Contractor and Owner further understand and agree that liquidated damages are not intended to constitute a penalty against Contractor.

3.2 Liquidated damages for delay shall only cover administrative, overhead, interest on bonds, and general loss of public use damages suffered by Owner as a result of delay. Liquidated damages shall not cover the cost of completion of the Work, damages resulting from defective work, lost revenues or costs of substitute facilities, or damages suffered by others who then seek to recover their damages from Owner (for example, delay claims of other contractors, subcontractors, tenants, or other third-parties), and defense costs thereof.

ARTICLE 4 RESERVED
ARTICLE 5 CONTRACTOR’S REPRESENTATIONS
In order to induce Owner to enter into this Agreement, Contractor makes the following representations and warranties:

5.1 Contractor has visited the Site and has examined thoroughly and understood the nature and extent of the Contract Documents, Work, Site, locality, actual conditions, as-built conditions, and all local conditions, and federal, state and local laws and regulations that in any manner may affect cost, progress, performance or furnishing of Work or which relate to any aspectof the means, methods, techniques, sequences or procedures of construction to be employed by Contractor and safety precautions and programs incident thereto.

5.2 Contractor has examined thoroughly and understood all reports of exploration and tests of subsurface conditions, as-built drawings, drawings, products specifications or reports, available for Bidding purposes, of physical conditions, including Underground Facilities, which have been made available for Bidders or which may appear in the Drawings.

Contractor accepts the determination set forth in these Documents and Document 00 72 00 of the limited extent of the information contained in such materials upon which Contractor may be entitled to rely. Contractor agrees that except for the information so identified, Contractor does not and shall not rely on any other information contained in such reports anddrawings.

5.3 Contractor has conducted or obtained and has understood all such examinations, investigations, explorations, tests, reports and studies (in addition to or to supplement those referred to in paragraph 5.2 of this Agreement) that pertain to the subsurface conditions, as-built conditions, Underground Facilities and all other physical conditions at or contiguous to the Site or otherwise that may affect the cost, progress, performance or furnishing of Work, as Contractor considers necessary for the performance or furnishing of Work at the Contract Sum, within the Contract Time and in accordance with the other terms and conditions of the Contract Documents, including specifically the provisions of Document 00 72 00; and no additional examinations, investigations, explorations, tests, reports, studies or similar information or data are or will be required by Contractor for such purposes.

5.4 Contractor has correlated its knowledge and the results of all such observations, examinations, investigations, explorations, tests, reports and studies with the terms and conditions of the Contract Documents.
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ARTICLE 6 CONTRACT DOCUMENTS

6.01 Contract Documents consist of the following documents, including all changes, Addenda, and Modifications thereto:

Document 00 5100 Notice of Award
Document 00 5200 Agreement
Document 00 5500 Notice to Proceed
Document 00 6000 et seq. Project Forms
Document 00 6113.13 Construction Performance Bond
Document 00 6113.16 Construction Labor and Material Payment Bond Document 00 6290 Escrow Agreement for Security Deposits Document 00 6530 Release of Claims
Document 00 6536 Guaranty
Document 00 7200 General Conditions
Document 00 7301 Supplementary Conditions
Document 00 7316 Supplementary Conditions – Insurance and Indemnification
Document 00 7324 CARB IUOR Diesel Fueled Fleets Regulation Document 00 7380 Apprenticeship Program
Document 00 9113 Addenda
Addendum No. 1, issued on 4/17/2025
Addendum No. 2, issued on 4/25/2025
Addendum No. 3, issued on 5/08/2025
Addendum No. 4, issued on 5/23/2025
Addendum No. 5, issued on 5/28/2025
Addendum No. 6, issued on 6/02/2025
Drawings, Table, Schedules, and Technical Specifications listed in Document 00 0115 01 1000 Summary
01 1000 Summary Rider
01 1300 Delegated Design Requirements
01 1400 Work Restrictions
01 2100 Allowances
01 2500 Substitution Procedures
01 2600 Contract Modification Procedures
01 2600 Contract Modification Procedures Rider
01 2613 Requests for Interpretation
01 2613 Requests for Interpretation - Rider
01 2900 Payment Procedures
01 2900 Payment Procedures Rider
01 3100 Project Management and Coordination
01 3200 Construction Progress Documentation
01 3300 Submittal Procedures
01 4000 Quality Requirements
01 4100 Regulatory Requirements
01 4200 References
01 4200 References Rider
01 4523 Testing and Inspection
01 5000 Temporary Facilities and Controls
01 5600 Site Security and Safety
01 5723 Temporary Storm Water Pollution Control
01 6000 Product Requirements
01 7300 Execution
01 7419 Construction Waste Management and Disposal
01 7419 Construction Waste Management and Disposal Rider 01 7700 Closeout Procedures
01 7700 Closeout Procedures Rider
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01 7823 Operation and Maintenance Data
01 7839 Project Record Documents
01 7900 Demonstration and Training
01 8113.14 Sustainable Design Requirements – LEED v4 BD+C 01 8113.15 LEED Scorecard
01 8119 Indoor Air Quality (IAQ) Management
01 8123 Calgreen Requirements
01 8133 Sustainable Design Requirements – Embodied Carbon 01 9113 General Commission Requirements
All Division 02 through Division 33 and appendices identified in Table of Contents or added by Addendum.

All Bid Set Drawings as listed on the sheet index Vol 1 and 2, or added by Addendum.

6.02 There are no Contract Documents other than those listed above. The Contract Documents may only be amended, modified or supplemented as provided in Document 00 7200 (General Conditions).

ARTICLE 7 MISCELLANEOUS

7.01 Terms and abbreviations used in this Agreement are defined in Document 00 7200 (General Conditions) and Section 01 4200 (References and Definitions) and will have the meaning indicated therein.

7.02 Contractor and Owner understand and agree that in no instance are the persons signing this Agreement for or on behalf of Owner or acting as an employee, agent, or representative of Owner, liable on this Agreement or any of the Contract Documents, or upon any warranty of authority, or otherwise. Contractor and Owner further understand and agree that liability of Owner is limited and confined to such liability as authorized or imposed by the Contract Documents or applicable law.

7.03 Contractor shall not assign any portion of the Contract Documents without the Owner’s prior approval. Any assignment of any portion of the Contract Documents without the Owner’s prior written approval shall be deemed null and void. Contractor may subcontract portions of the Contract Documents only in compliance with the Subcontractor Listing Law, California Public Contract Code Section 4100, et seq.

7.04 Pursuant to Labor Code Section 1771.1(a), Contractor represents that it and all of its Subcontractors are currently registered and qualified to perform public work pursuant to Labor Code Section 1725.5. Contractor covenants that any additional or substitute Subcontractors will be similarly registered and qualified.

7.05 In entering into a public works contract or a subcontract to supply goods, services or materials pursuant to a public works contract, Contractor or Subcontractor offers and agrees to assign to the awarding body all rights, title and interest in and to all causes of action it may have under Section 4 of the Clayton Act (15 U.S.C. § 15) or under the Cartwright Act (Chapter 2 (commencing with § 16700) of Part 2 of Division 7 of the Business and Professions Code), arising from purchases of goods, services or materials pursuant to the public works contract or the subcontract. This assignment shall be made and become effective at the time Owner tenders final payment to Contractor, without further acknowledgment by the parties.

7.06 Copies of the general prevailing rates of per diem wages for each craft, classification, or type of worker needed to execute the Contract, as determined by Director of the State of California Department of Industrial Relations, are on file outside of General Contractor’s Job Site trailer, may be obtained from the California Department of Industrial Relations website [http://www.dir.ca.gov/OPRL/DPreWageDetermination.htm] and are deemed included in the Contract Documents, and shall be made available to any interested party on request. Pursuant to Labor Code Sections 1860 and 1861, in accordance with Labor Code Section 3700, every contractor will be required to secure the payment of compensation to Contractor’s employees.

Contractor represents that it is aware of the provisions of Labor Code Section 3700 that require every employer to be insured against liability for workers’ compensation or to undertake selfinsurance in accordance with the provisions of that Code, and Contractor shall comply with such 2205
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provisions before commencing the performance of the Work of the Contract Documents.

7.07 Should any part, term or provision of this Agreement or any of the Contract Documents, or any document required herein or therein to be executed or delivered, be declared invalid, void or unenforceable, all remaining parts, terms and provisions shall remain in full force and effect and shall in no way be invalidated, impaired or affected thereby. If the provisions of any law causing such invalidity, illegality or unenforceability may be waived, they are hereby waived to the end that this Agreement and the Contract Documents may be deemed valid and binding agreements, enforceable in accordance with their terms to the greatest extent permitted by applicable law. In the event any provision not otherwise included in the Contract Documents is required to be included by any applicable law, that provision is deemed included herein by this reference (or, if such provision is required to be included in any particular portion of the Contract Documents, that provision is deemed included in that portion).

7.08 This Agreement and the Contract Documents shall be deemed to have been entered into in the City of Eastvale, State of California, and governed in all respects by California law (excluding choice of law rules). The exclusive venue for all disputes or litigation hereunder shall be in the Superior Court for the County of Riverside, California.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement in quadruplicate on the date and year first-above written.

CITY OF EASTVALE:

Mark Orme, City Manager
ATTEST:

Marc Donohue, City Clerk
APPROVED AS TO FORM:

Erica Vega, City Attorney
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CONTRACTOR:

By:

Name:

Title: (If Corporation: Chairman, President
or Vice President)
By:

Name:

Title: (If Corporation: Chairman, President
or Vice President)
Address:

Two signatures are required if a corporation.

END OF DOCUMENT
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March 27, 2025
Issue for Bid
Subcontractors List 00 4336 - 1 City of Eastvale Civic Center Project 4857-4522-6911 v2
DOCUMENT 00 4336

SUBCONTRACTORS LIST
The Subcontractors List must include the names of all subcontractors who will perform any portion of Work, including labor, rendering of service, or specially fabricating and installing a portion of the Work or improvement according to detailed drawings contained in the plans and specifications, in excess of one half of one percent (0.5%) of the total Bid amount.

A. Audio-visual subcontractors must have been prequalified with Owner. The following audio visual subcontractors are prequalified to perform audio-visual work for the project:

1. Avidex Industries LLC.

2. Paralleltek,LLC (dba Tangram Technology).

3. Western A/V.

4. Paladin Technologies (USA) Inc.

5. RTS Solutionz Inc., (dba Solutionz Inc).

6. Golden Star Technologies, Inc.

7. EDIM Group, Inc. (dba EIDIM AV Technology).

B. The project will require the work of a qualified subcontractor to perform security-related work. Owner will issue an addendum concerning security-related work and qualification requirements for security subcontractors.

Name of Subcontractor
and Location of Place of
Business
Description of Work Subcontractor’s
License No.

DIR Registration
Number
2226
March 27, 2025
Issue for Bid
Subcontractors List 00 4336 - 2 City of Eastvale Civic Center Project 4857-4522-6911 v2
(Bidder to attach additional sheets if necessary)
(PUBLIC CONTRACT CODE §4100 ET SEQ.)

END OF DOCUMENT
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Name of Subcontractor and Location of Place of Business Description of Work Subcontractor's License Number DIR Registration Number Paralleltek, LLC dba Tangram Technology --- 1375 Dove St, 300, Newport Beach, CA 92660 A/V 997318 1000041013 Soundproof San Diego Inc. --- 10977 San Diego Mission Road, San Diego, CA 92108 Acoustical Treatment & Ceilings 1028422 1000043556 J.T. Wimsatt Contracting Co., Inc. --- 28064 Avenue Stanford Ste B, Valencia, CA 91355 Cast-in-Place Concrete 721022 1000000144 Paladin Technologies --- 5625 Copley Drive, San Diego, CA 92111 Communications 1092094 1000914462 Poous Prefabricated Systems Inc --- 3605 Maplewood Avenue, Los Angeles, CA 90066 Demountable Glass Partitions 1062640 1000881707 Design Hardware --- 6053 West 3rd Street, Los Angeles, CA 90036 Doors, Frames & Hardware 842952 1000008483 Calex Engineering Co. --- 2764 South Vista Avenue, Bloomington, CA 92316 Earthwork 1035841 1000007257 Helix Electric, Inc --- 6795 Flanders Drive, San Diego, CA 92121 Electrical 483309 1000000019 KONE Inc. --- 1540 Scenic Avenue, Ste 100, Costa Mesa, CA 92626 Elevators 179166 1000003806 Best Contracting Services, Inc. --- 695 Town Center Dr, Suite 1200, Costa Mesa, CA 92626 Expansion Joints 456263 1000000563 West Point Fire Protection INC --- 15039 Moonglow Drive, Ramona, CA 92065 Fire Suppression 1081530 1000829320 Golden Glass, Inc. --- 1221 East Orangethorpe Avenue, Fullerton, CA 92831 Glass Glazing 661928 1000004338 Perez Construction Group, Inc. --- 14538 Central Ave, Suite A, Chino, CA 91710 Gypsum Board Assemblies 985998 1000004414 Control Air Enterprises LLC --- 5200 East La Palma Avenue, Anaheim, CA 92807 HVAC 1053402 1000379532 BrightView Landscape Development, Inc. --- 2000 South Yale Street, Santa Ana, CA 92704 Landscaping 133947 1000003004 Haxton Masonry --- 7138 East 29th Street, Yuma, AZ 85365 Masonry 777133 1000002517 Best Contracting Services, Inc. --- 695 Town Center Dr, Suite 1200, Costa Mesa, CA 92626 Metal Panels & Sheet Metal 456263 1000000563 ISEC, Incorporated --- 20 Centerpointe Dr 140, Suite 140, Suite 140, La Palma, CA 90623 Millwork 333609 1000004089 Pecoraro Inc. --- 1728 India Street, San Diego, CA 92101 Paint and Coatings 868925 1000003195 A.O. Reed & Co., LLC --- 4740 Bryson Street, Anaheim, CA 92807 Plumbing 7731 1000000157 Nucor Harris Rebar - Lakeside, CA --- 12751 Vigilante Road, Lakeside, CA 92040 Reinforcing Steel 638636 10000007035 Best Contracting Services, Inc. --- 695 Town Center Dr, Suite 1200, Costa Mesa, CA 92626 Roofing and Waterproofing 456263 1000000563 KAR Construction --- 1306 Brooks Street, Ontario, CA 91762 Site Concrete 595709 1000000930 Steelfab Oregon, Inc. --- 31975 Rolland Drive, Tangent, OR 97389 Steel 1063161 1000905684 Martin Bros./Marcowall, Inc. --- 17104 S Figueroa St, Gardena, CA 90248 Terra Cotta 246274 1000006679 Corradini Corp --- 2970 Airway Avenue, Costa Mesa, CA 92626 Terrazzo Flooring 219047 1000000739 Michael Surface Solutions, Inc. --- 7101 Schirra Court, Bakersfield, CA 93313 Tiling 1088958 1000877947 Bulldog Paving, Inc. --- 12223 Highland Ave #602, Rancho Cucamonga, CA 91739 Unit Paving 982752 1000013293 Murray Company --- 2919 Victoria St., Rancho Dominguez, CA 90221 Water Utilities 162382 1000008261 2233

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January 1, 2025

HAXTON MASONRY, INC
2/28/2026
12442
http://www.arb.ca.gov/doors/compliance_cert1.html
1/6/25, 12:00 PM California Air Resources Board: Off-Road Diesel-Fueled Fleets Regulation https://ssl.arb.ca.gov/ssldoors/doors_reporting/perm/php/certificate.php 1/1 2238
- 1 -
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AGREEMENT FOR SERVICES

GEOTECHNICAL OBSERVATION AND TESTING SERVICES

FOR CIVIC CETNER PROJECT
This Agreement for Services (“Agreement”) is entered into as of this ____ day of _________, 2025 by and between the City of Eastvale, a municipal corporation (“City”) and Geocon West, Inc., a _California corporation__________________ (“Contractor”).

City and Contractor are sometimes hereinafter individually referred to as “Party” and hereinafter collectively referred to as the “Parties.”

RECITALS
A. City is undertaking a major construction project involving the construction of a new civic center at Eastvale City Hall, 12363 Limonite Avenue, Suite 910, Eastvale, CA 91752. This project consists of a new Civic Center for the City of Eastvale, California consisting of a 2-story Public Library, 3-story City Hall and a 2-story Police Station with 1 level of below grade secured parking. The northwest of the site will be occupied by a Public Park which includes an Amphitheater. The project is known as the “Eastvale Civic Center Project,” and is referred to herein as the “Project.” B. City requires professional assistance relating to the Project.

C. City has sought, by direct negotiation the performance of the services defined and described particularly in Section 2 of this Agreement.

D. The Parties desire to formalize the selection of Contractor for performance of those services defined and described particularly in Section 2 of this Agreement and desire that the terms of that performance be as particularly defined and described herein.

OPERATIVE PROVISIONS
NOW, THEREFORE, in consideration of the mutual promises and covenants made by the Parties and contained here and other consideration, the value and adequacy of which are hereby acknowledged, the Parties agree as follows:

SECTION 1. TERM OF AGREEMENT.

Subject to the provisions of Section 20 "Termination of Agreement" of this Agreement, the Term of this Agreement is for 36 months commencing on the date first ascribed above. If the engagement of Contractor is not extended by mutual written consent of City and Contractor, then this Agreement shall be terminated at the end of the Term, provided that Contractor shall not be relieved of any of the obligations or covenants contained in this Agreement until the tasks provided for within the Scope of Services, and any Additional Services expressly agreed to, have been completed. It is further provided that the obligations or covenants contained in Sections 6, 7, 15-18, 20, 24-34 shall continue in full force and effect after termination of this Agreement due to completion, end of Term, or termination by the parties.
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SECTION 2. SCOPE OF SERVICES.

Contractor agrees to perform the services set forth in Exhibit “A” “Scope of Services” (hereinafter, the “Services”) and made a part of this Agreement by this reference.

During the period of this Agreement, upon request by City, Contractor, shall provide information related to Services that is reasonably necessary to assist City in its coordination of the efforts of others performing services related to the Services or Project.

Contractor shall, at no cost to City, prepare any necessary rework occasioned by Contractor’s failure to provide the services specified in Exhibit A in a satisfactory manner, due to any act or omission attributable to Contractor, or its agents, including subcontractors.

SECTION 3. ADDITIONAL SERVICES.

Contractor shall not be compensated for any work rendered in connection with its performance of this Agreement that are in addition to or outside of the Services unless such additional services are authorized in advance and in writing in accordance with Section 26 “Administration and Implementation” or Section 28 “Amendment” of this Agreement. If and when such additional work is authorized, such additional work shall be deemed to be part of the Services.

SECTION 4. COMPENSATION AND METHOD OF PAYMENT.
(a) Subject to any limitations set forth in this Agreement, City agrees to pay Contractor the amounts specified in Exhibit “B” “Compensation” and made a part of this Agreement by this reference. The total compensation, including reimbursement for actual expenses, shall not exceed One Hundred Thirty One Thousand Seven Hundred Seventy Dollars ($131,770), unless additional compensation is approved in writing in accordance with Section 26 “Administration and Implementation” or Section 28 “Amendment” of this Agreement.
(b) Each month Contractor shall furnish to City an original invoice for all work performed and expenses incurred during the preceding month. The invoice shall detail charges by the following categories: labor (by sub-category), travel, materials, equipment, supplies, and subcontractor contracts. Subcontractor charges shall be detailed by the following categories: labor, travel, materials, equipment and supplies. If the compensation set forth in subsection (a) and Exhibit “B” include payment of labor on an hourly basis (as opposed to labor and materials being paid as a lump sum), the labor category in each invoice shall include detailed descriptions of task performed and the amount of time incurred for or allocated to that task. City shall independently review each invoice submitted by the Contractor to determine whether the work performed and expenses incurred are in compliance with the provisions of this Agreement. In the event that no charges or expenses are disputed, the invoice shall be approved and paid according to the terms set forth in subsection (c). In the event any charges or expenses are disputed by City, the original invoice shall be returned by City to Contractor for correction and resubmission. In the event that a payment dispute arises between the parties, Contractor 2240
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shall provide to City full and complete access to Contractor’s labor cost records and other direct cost data, and copies thereof if requested by City. (c) City may withhold payment of a portion of an invoice because of defective work not remedied or because of unsatisfactory work performed by Contractor. When the foregoing grounds are removed by Contractor, payment shall be made for amounts withheld because of them.
(d) Except as to any charges for work performed or expenses incurred by Contractor which are disputed by City, City will use its best efforts to cause Contractor to be paid within thirty (30) days of receipt of Contractor’s correct and undisputed invoice. (e) Payment to Contractor for work performed pursuant to this Agreement shall not be deemed to waive any defects in work performed by Contractor. (f) In no event shall Contractor be entitled to compensation over and above the original fee identified in Section 4(a) where changes in the scope of services or the time for performance are necessitated by the acts of or failures to act of Contractor, or any subcontractor agent, or other person performing under it.

SECTION 5. INSPECTION AND FINAL ACCEPTANCE.

City may inspect and accept or reject any of Contractor’s work under this Agreement, either during performance or when completed. City shall reject or finally accept Contractor’s work within sixty (60) days after submitted to City. City shall reject work by a timely written explanation, otherwise Contractor’s work shall be deemed to have been accepted. City’s acceptance shall be conclusive as to such work except with respect to latent defects, fraud and such gross mistakes as amount to fraud. Acceptance of any of Contractor’s work by City shall not constitute a waiver of any of the provisions of this Agreement including, but not limited to, Section 16 “Indemnification” and Section 17 “Insurance.”
SECTION 6. OWNERSHIP OF DOCUMENTS.

All original maps, models, designs, drawings, photographs, studies, surveys, reports, data, notes, computer files, software, systems, networks, data, reports, estimates, opinions, recommendations, specifications, reports, estimates, summaries, files and other documents (collectively “Files”) prepared, developed or discovered by Contractor in the course of providing the Services pursuant to this Agreement shall become the sole property of City and may be used, reused or otherwise disposed of by City without the permission of the Contractor. Upon completion, expiration or termination of this Agreement, Contractor shall turn over to City all such Files.

If and to the extent that City utilizes for any purpose not related to this Agreement any maps, models, designs, drawings, photographs, studies, surveys, reports, data, notes, computer files, files or other documents prepared, developed or discovered by Contractor in the course of providing the Services pursuant to this Agreement, Contractor’s representations in Section 9 “Standard of Performance” of this Agreement shall not extend to such use of the maps, models, designs, drawings, photographs, 2241
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studies, surveys, reports, data, notes, computer files, files or other documents.

All final work product developed by Contractor in the course of providing the Services pursuant to this Agreement shall become the sole property of City and may be used, reused or otherwise disposed of by City without the permission of the Contractor. Upon completion, expiration or termination of this Agreement, Contractor shall turn over to City all such final work product if paid for by the City. This provision specifically excludes Contractors’ work notes and drafts, which are owned by Contractor, not City.

SECTION 7. CONTRACTOR'S BOOKS AND RECORDS.
(a) Contractor shall maintain any and all documents and records demonstrating or relating to Contractor’s performance of the Services. Contractor shall maintain any and all ledgers, books of account, invoices, vouchers, canceled checks, or other documents or records evidencing or relating to the Services, including expenditures and disbursements charged to City pursuant to this Agreement. Any and all such documents or records shall be maintained in accordance with generally accepted accounting principles and shall be sufficiently complete and detailed so as to permit an accurate evaluation of the services provided by Contractor pursuant to this Agreement. Any and all such documents or records shall be maintained for three (3) years from the date of execution of this Agreement and to the extent required by laws relating to audits of public agencies and their expenditures. In accordance with California Government Code Section 8546.7, if the total compensation in Section 4 exceeds ten thousand dollars ($10,000.00), this Agreement and the Contractor's books and records related to this Agreement shall be subject to the examination and audit of the State Auditor, at the request of City or as part of any audit of the City, for a period of three (3) years after final payment under the Agreement.
(b) Any and all records or documents required to be maintained pursuant to this section shall be made available for inspection, audit and copying, at any time during regular business hours, upon request by City or its designated representative. Copies of such documents or records shall be provided directly to the City for inspection, audit and copying when it is practical to do so; otherwise, unless an alternative is mutually agreed upon, such documents and records shall be made available at Contractor’s address indicated for receipt of notices in this Agreement.
(c) Where City has reason to believe that any of the documents or records required to be maintained pursuant to this section may be lost or discarded due to dissolution or termination of Contractor’s business, City may, by written request, require that custody of such documents or records be given to the City. Access to such documents and records shall be granted to City, as well as to its successors-in-interest and authorized representatives.

SECTION 8. INDEPENDENT CONTRACTOR.
(a) Contractor is and shall at all times remain a wholly independent contractor and not an officer, employee or agent of City. Contractor shall have no authority to bind 2242
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City in any manner, nor to incur any obligation, debt or liability of any kind on behalf of or against City, whether by contract or otherwise.
(b) The personnel performing the Services under this Agreement on behalf of Contractor shall at all times be under Contractor’s exclusive direction and control. Neither City, nor any elected or appointed boards, officers, officials, employees or agents of City, shall have control over the conduct of Contractor or any of Contractor’s personnel.

Contractor shall not at any time or in any manner represent that Contractor or any of Contractor’s personnel are in any manner officials, officers, or employees of City. (c) Neither Contractor, nor any of Contractor’s personnel shall obtain any rights to retirement, health care or any other benefits which may otherwise accrue to City’s employees. Contractor expressly waives any claim Contractor, its officers, employees, agents or subcontractors, may have to any such rights. Contractor’s indemnity obligations in Section 16 “Indemnification” of this Agreement include the obligation to indemnify the City from and against any liability that may arise related to claims that Contractor, its officers, employees, agents or subcontractors, are entitled to retirement, health care or any other benefits that accrue to City employees. This provision shall survive the expiration or earlier termination of this Agreement.

SECTION 9. STANDARD OF PERFORMANCE.

Contractor represents that it has the qualifications, experience and facilities necessary to properly perform the Services required under this Agreement in a thorough, competent and professional manner. Contractor shall at all times faithfully, competently and to the best of its ability, experience and talent, perform all Services. In meeting its obligations under this Agreement, Contractor shall employ, at a minimum, generally accepted standards and practices utilized by persons engaged in providing services similar to the Services required of Contractor under this Agreement. In addition to the general standards of performance set forth this section, additional specific standards of performance and performance criteria may be set forth in Exhibit “A” “Scope of Services” that shall also be applicable to Contractor’s work under this Agreement. Where there is a conflict between a general and a specific standard of performance or performance criteria, the specific standard or criteria shall prevail over the general.

City’s review of software, systems, networks, drawings, designs, specifications, reports, opinions, recommendations and incidental consulting work or materials furnished under this Agreement will not in any way relieve Contractor of responsibility for the professional and/or technical adequacy of its work. Neither City’s review, acceptance of, nor payment for, any of the services will be construed to operate as a waiver of any rights under this Agreement or of any cause of action arising out of the performance of this Agreement.

SECTION 10. COMPLIANCE WITH APPLICABLE LAWS; PERMITS AND LICENSES.

Contractor shall keep itself informed of and comply with all applicable federal, state and local laws, statutes, codes, ordinances, regulations and rules in effect during the term of this Agreement. Contractor shall obtain any and all licenses, permits and 2243
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authorizations necessary to perform the Services set forth in this Agreement at Contractor’s sole cost unless otherwise specified in this Agreement. Neither City, nor any elected or appointed boards, officers, officials, employees or agents of City, shall be liable, at law or in equity, as a result of any failure of Contractor to comply with this section.

SECTION 11. PREVAILING WAGE & LABOR LAWS
Contractor shall keep itself fully informed of, and at all times shall observe and comply with, all applicable provisions of federal, state, and local laws, ordinances, and regulations which in any manner affect those engaged or employed on any work, or the materials and equipment that may be used in any work, or in any way affect the performance of any work, and of all orders and decrees of agencies having any jurisdiction or authority over work performed under this Agreement including, but not limited to, those related to equal opportunity employment and the following:
(a) Prevailing Wage: To the extent that the work and services, or any portions thereof, to be provided by Contractor or its sub-contractors under this Agreement is subject to California prevailing wage laws, Contractor shall pay prevailing wages to its Employees on any agreement in excess of one-thousand dollars ($1,000.00). Copies of the general prevailing rates of per diem wages for each craft, classification, or type of worker needed to execute the Agreement, as determined by the Director of the State of California Department of Industrial Relations, are on file at the District’s Offices, and may be obtained from the California Department of Industrial Relations website, [http://www.dir.ca.gov/OPRL/DPreWageDetermination.htm]. Contractor shall comply with the eight (8) hours per day, forty (40) hours per week/overtime/working hours restrictions for all employees, pursuant to the California Labor Code. Contractor and all subcontractors shall keep and maintain accurate employee payroll records for work and services performed under the Agreement. The payroll records shall be certified and submitted as required by law, including Labor Code Sections 1771.4 (if applicable) and 1776, including to the Labor Commissioner, no less frequently than monthly. Contractor shall comply fully with Labor Code Section 1777.5 in the hiring of apprentices for work relating to the Agreement. If the Agreement exceeds two-thousand dollars ($2,000) and is funded with federal funds, then Contractor shall pay federal Davis Bacon wages and comply with applicable federal requirements.
(b) Contractor shall comply with Section 12101 through 12901 of Title 22, California Administrative Code. Contractor shall warn all persons at the work site of their exposure to chemicals known to the state to cause cancer or birth defects or other reproductive harm. Contractor shall be responsible for compliance by its subcontractors with this article.
(c) Contractor stipulates and agrees that pursuant to the provisions of Labor Code, Sections 1810 through 1815, eight (8) hours labor shall constitute a legal day's work, and no worker shall be required or permitted to work more than eight (8) hours in any one (1) calendar day and forty (40) hours in any one (1) calendar week, except as provided under Section 1815. Nothing in this provision shall be construed to relate to wage determination or in any way affect contractual provisions related to compensation. 2244
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(d) Notwithstanding the Labor Code provisions set forth above, pursuant to Labor Code, Section 1815, work performed by employees of Contractor in excess of eight (8) hours per day and forty (40) hours during any one (1) week shall be permitted provided that compensation shall be made for all hours worked in excess of eight (8) hours per day at no less than one and one-half (1-1/2) times the basic rate of pay. (e) Contractor shall be allowed to substitute securities for any monies withheld to ensure performance under this Agreement pursuant to Section 22300 of the California Public Contracts Code.
(f) To the extent required, Contractor shall be licensed under the provisions of Chapter 9, Division 3, of the Business and Professions Code of the State of California, and all other applicable federal, state, and local requirements to do the type of work contemplated in this Agreement and shall be skilled and regularly engaged in the general class or type of work called for under the Agreement.

If any discrepancy or inconsistency should be discovered between the Agreement and any law, ordinance, regulation, order, or decree, Contractor shall immediately report the same in writing to Central San. Contractor shall require and be responsible for the compliance by subcontractors of all tiers with the above provisions of this article.

Failure of Contractor to comply with this Section 11, or any federal, state, and local laws, ordinances, and regulations which in any manner affect those engaged or employed on any work, or the materials and equipment that may be used in any work, or in any way affect the performance of any work, and of all orders and decrees of agencies having any jurisdiction or authority over work performed under this Agreement, shall constitute a material breach of this Agreement.
(g) Contractor shall perform the work in full compliance with applicable local, state, and federal safety requirements including but not limited to Occupational Safety and Health Administration requirements, and shall assume sole and complete responsibility during the course of completion of the Services for job site safety of Contractor’s employees and subcontractor’s employees and their property, applicable at all times, and not limited to normal working hours. Nothing in this Section requires Contractor to be responsible for job site safety of City’s property or City’s personnel or the property or personnel of any third parties over which Contractor has no authority or control.

SECTION 12. NONDISCRIMINATION.

Contractor shall not discriminate, in any way, against any person on the basis of race, religious creed, color, national origin, ancestry, physical disability, mental disability, medical condition, genetic information, marital status, sex, gender, gender identity, gender expression, age, sexual orientation, or military and veteran status in connection with or related to the performance of this Agreement.

SECTION 13. UNAUTHORIZED ALIENS.
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Contractor hereby promises and agrees to comply with all of the provisions of the Federal Immigration and Nationality Act, 8 U.S.C.A. §§ 1101, et seq., as amended, and in connection therewith, shall not employ unauthorized aliens as defined therein. Should Contractor so employ such unauthorized aliens for the performance of the Services, and should the any liability or sanctions be imposed against City for such use of unauthorized aliens, Contractor hereby agrees to and shall reimburse City for the cost of all such liabilities or sanctions imposed, together with any and all costs, including attorneys' fees, incurred by City.

SECTION 14. CONFLICTS OF INTEREST.
(a) Contractor represents that neither it, nor any officer or principal of its firm, has or shall acquire any interest, directly or indirectly, which would conflict in any manner with the interests of City or which would in any way hinder Contractor’s performance of the Services. Contractor further represents that in the performance of this Agreement, no person having any such interest shall be employed by it as an officer, employee, agent or subcontractor without the express written consent of the City Manager. Contractor agrees to at all times avoid conflicts of interest or the appearance of any conflicts of interest with the interests of City in the performance of this Agreement. (b) City understands and acknowledges that Contractor is, as of the date of execution of this Agreement, independently involved in the performance of non-related services for other governmental agencies and private parties. Contractor is unaware of any stated position of City relative to such projects. Any future position of City on such projects shall not be considered a conflict of interest for purposes of this section. (c) City understands and acknowledges that Contractor will perform nonrelated services for other governmental agencies and private Parties following the completion of the Services under this Agreement. Any such future service shall not be considered a conflict of interest for purposes of this section.

SECTION 15. CONFIDENTIAL INFORMATION; RELEASE OF INFORMATION. (a) All dealings of the parties under this Agreement, as well as information gained or work product produced by Contractor in performance of this Agreement shall be considered confidential by Contractor, unless such information is in the public domain or already known to Contractor. Contractor shall not release or disclose any such information or work product to persons or entities other than City without prior written authorization from the City Manager, except as may be required by law. (b) Contractor, its officers, employees, agents or subcontractors, shall not, without prior written authorization from the City Manager or unless requested by the City Attorney of City, voluntarily provide declarations, letters of support, testimony at depositions, response to interrogatories or other information concerning the work performed under this Agreement. Response to a subpoena or court order shall not be considered "voluntary" provided Contractor gives City prompt notice of such court order or subpoena.
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(c) If Contractor, or any officer, employee, agent or subcontractor of Contractor, provides any information or work product in violation of this Agreement, then City shall have the right to reimbursement and indemnity from Contractor for any damages, costs and fees, including attorney's fees, caused by or incurred as a result of Contractor’s conduct.

Contractor shall promptly notify City should Contractor, its officers, employees, agents or subcontractors, be served with any summons, complaint, subpoena, notice of deposition, request for documents, interrogatories, request for admissions or other discovery request, court order or subpoena from any party regarding this Agreement and the work performed thereunder. City retains the right, but has no obligation, to represent Contractor or be present at any deposition, hearing or similar proceeding. Contractor agrees to cooperate fully with City and to provide City with the opportunity to review any response to discovery requests provided by Contractor. However, this right to review any such response does not imply or mean the right by City to control, direct, or rewrite said response. Contractor shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law or for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

SECTION 16. INDEMNIFICATION; LIMITATION OF LIABILITY.
(a) Indemnification for Professional Liability. Where the law establishes a professional standard of care for Contractor’s services, to the fullest extent permitted by law, Contractor shall indemnify, protect, defend and hold harmless City and any and all of its officials, employees and agents (“Indemnified Parties”) from and against any and all liability (including liability for claims, suits, actions, arbitration proceedings, administrative proceedings, regulatory proceedings, losses, expenses or costs of any kind, whether actual, alleged or threatened, including reasonable attorneys’ fees and costs, court costs, interest, defense costs, and expert witness fees) to the extent caused by, in whole or in part, any negligent act, error or omission or willful misconduct of Contractor, or by any individual or entity for which Contractor is legally liable, including but not limited to officers, agents, employees or subcontractors of Contractor, in the performance of professional services under this Agreement.
(b) Indemnification for Other than Professional Liability. Other than in the performance of professional services and to the full extent permitted by law, Contractor shall indemnify, protect, defend and hold harmless City, and any and all of its employees, officials and agents from and against any liability (including liability for claims, suits, actions, arbitration proceedings, administrative proceedings, regulatory proceedings, losses, expenses or costs of any kind, whether actual, alleged or threatened, including reasonable attorneys’ fees and costs, court costs, interest, defense costs, and expert witness fees), where the same arise out of, are a consequence of, or are in any way attributable to, in whole or in part, the performance of this Agreement by Contractor, or by any individual or entity for which Contractor is legally liable, including but not limited to officers, agents, employees or subcontractors of Contractor. 2247
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(c) Indemnification from Subcontractors. Contractor agrees to obtain executed indemnity agreements with provisions identical to those set forth in this section from each and every subcontractor or any other person or entity involved by, for, with or on behalf of Contractor in the performance of this Agreement naming the Indemnified Parties as additional indemnitees. In the event Contractor fails to obtain such indemnity obligations from others as required herein, Contractor agrees to be fully responsible according to the terms of this section. Failure of City to monitor compliance with these requirements imposes no additional obligations on City and will in no way act as a waiver of any rights hereunder. This obligation to indemnify and defend City as set forth herein is binding on the successors, assigns or heirs of Contractor and shall survive the termination of this Agreement or this section.
(d) Indemnification from Design Professionals. Contractors meeting the definition of a design professional, per California Civil Code § 2782.8(c), shall indemnify, protect, defend and hold harmless City, and any and all of its officials, employees and agents, from and against any and all claims, demands, costs, or liability that arise out of, pertain to, or relate to the negligence, recklessness, or willful misconduct of Contractor.

To the extent Civil Code section 2782.8 is applicable to Contractor’s scope of services set forth herein, in no event shall the cost to defend charged to Contractor exceed Contractor’s proportionate share of fault. However, notwithstanding the previous sentence, in the event one or more defendants is unable to pay its share of defense costs due to bankruptcy or dissolution of the business, the design professional shall meet and confer with other parties regarding unpaid defense costs. (e) Intellectual Property Indemnification. City does not authorize the impermissible use of any patent or the reproduction of any copyrighted material by Contractor which exceeds “fair use” in the performance of this Agreement. Contractor is solely responsible for any such infringement. Contractor shall indemnify, protect, defend and hold harmless City from any and all losses, damage, costs, expenses, and attorneys’ fees suffered or incurred as a result of or in connection with any claims or actions based upon infringement or alleged infringement of any patent, copyright, or trade secret, and arising out of the use of the equipment or materials utilized to perform under this Agreement or specified by or procured by Contractor, or out of the processes or actions employed by, or on behalf of, Contractor in connection with the performance of this Agreement.
(f) City’s Negligence. The provisions of paragraphs (a) to (e) of this Section 16 do not apply to claims occurring as a result of City’s sole negligence. The provisions of this section shall not release City from liability arising from negligence or willful acts or omissions of City or any and all of its officials, employees and agents. (g) Insurance. Submission of insurance certificates or submission of other proof of compliance with the insurance requirements does not relieve Contractor from liability under this Section. The obligations of this Section shall apply whether or not such insurance policies shall have been determined to be applicable to any of such damages or claims for damages.
(h) Limitation of Liability.
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Except as otherwise provided in this Agreement, City's obligations under this Agreement shall be limited to the payment of the compensation provided for in Section 4 of this Agreement.

Notwithstanding any other provision of this Agreement, in no event shall either party be liable, regardless of whether any claim is based on contract, tort or otherwise, for any special, consequential, indirect or incidental damages, lost profits or revenue, arising out of or in connection with this Agreement, or the Services described in Exhibit A.

City shall not be responsible for any damage to persons or property as a result of the use, misuse or failure of any equipment used by Contractor, or by any of its employees, even though such equipment be furnished, rented or loaned to Contractor by City. The acceptance or use of such equipment by Contractor or any of its employees shall be construed to mean that Contractor accepts full responsibility for and shall exonerate, indemnify, defend and save harmless City from and against any and all claims for any damage or injury of any type, including attorneys' fees, arising from the use, misuse or failure of such equipment, whether such damage be to Contractor, its employees, City employees or third parties, or to property belonging to any of the above.

Nothing in this Agreement shall constitute a waiver or limitation of any right or remedy, whether in equity or at law, which City or Contractor may have under this Agreement or any applicable law. All rights and remedies of City or Contractor, whether under this Agreement or other applicable law, shall be cumulative.

SECTION 17. INSURANCE.

Contractor agrees to obtain and maintain in full force and effect during the term of this Agreement the insurance policies set forth in Exhibit “C” “Insurance” and made a part of this Agreement. All insurance policies shall be subject to approval by City as to form and content. These requirements are subject to amendment or waiver if so approved in writing by the City Manager. Contractor agrees to provide City with copies of required policies upon request.

SECTION 18. ASSIGNMENT.

The expertise and experience of Contractor are material considerations for this Agreement. City has an interest in the qualifications and capability of the persons and entities who will fulfill the duties and obligations imposed upon Contractor under this Agreement. In recognition of that interest, Contractor shall not assign or transfer this Agreement or any portion of this Agreement or the performance of any of Contractor’s duties or obligations under this Agreement without the prior written consent of the City.

Any attempted assignment shall be ineffective, null and void, and shall constitute a material breach of this Agreement entitling City to any and all remedies at law or in equity, including termination of this Agreement pursuant to Section 20 “Termination of Agreement.” City acknowledges, however, that Contractor, in the performance of its duties pursuant to this Agreement, may utilize subcontractors. 2249
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SECTION 19. SUBCONTRACTORS; DESIGNATION AND CONTINUITY OF PERSONNEL.
(a) No subcontract shall be awarded or an outside consultant engaged by Contractor unless prior written approval is obtained from City. No additional approval shall be required for subcontracting with or engagement of any outside consultant set forth in an exhibit to this Agreement (Exhibit A), subject to subd. (b) below. (b) If any subcontract is awarded or an outside consultant is engaged by Contractor to perform work and/or provide services that are subject to California prevailing wage laws, where such prevailing wage work was not initially anticipated, Contractor shall notify City in writing of the subcontract and/or outside consultant, the scope of work said subcontractor or outside consultant will perform, and any other information City deems reasonably necessary to complete and file the required Form PWC-100 or any other documents.
(c) Contractor shall make every reasonable effort to maintain the stability and continuity of Contractor’s staff and subcontractors, if any, assigned to perform the Services. Contractor shall notify City of any changes in Contractor’s staff and subcontractors, if any, assigned to perform the Services prior to and during any such performance. Contractor designates to have immediate responsibility for the performance of the Services and for all matters relating to performance under this Agreement. Contractor designates the following persons for the indicated functions:

Substitution of any of these assigned personnel shall require the prior written approval of City. If City determines that a proposed substitution is not acceptable, then, at the request of City, Contractor shall substitute with a person acceptable to City.

SECTION 20. TERMINATION OF AGREEMENT.
(a) City may terminate this Agreement, with or without cause, at any time by giving thirty (30) days written notice of termination to Contractor. In the event such notice is given, Contractor shall cease immediately all work in progress. (b) Contractor may terminate this Agreement for cause at any time upon thirty (30) days written notice of termination to City.
(c) If either Contractor or City fail to perform any material obligation under this Agreement, then, in addition to any other remedies, either Contractor, or City may terminate this Agreement immediately upon written notice. (d) Upon termination of this Agreement by either Contractor or City, all property belonging exclusively to City which is in Contractor’s possession shall be returned to City. 2250
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Contractor shall furnish to City a final invoice for work performed and expenses incurred by Contractor, prepared as set forth in Section 4 “Compensation and Method of Payment” of this Agreement. This final invoice shall be reviewed and paid in the same manner as set forth in Section 4 “Compensation and Method of Payment” of this Agreement.

SECTION 21. DEFAULT.

In the event that Contractor is in default under the terms of this Agreement, the City shall not have any obligation or duty to continue compensating Contractor for any work performed after the date of default. Instead, the City may give notice to Contractor of the default and the reasons for the default. The notice shall include the timeframe in which Contractor may cure the default, or if the City elects, it may immediately terminate the Agreement pursuant to Section 20(c). The opportunity to cure timeframe, should the City elect to provide one, is presumptively thirty (30) days, but may be reduced or extended if circumstances warrant. During the period of time that Contractor is in default, the City shall hold all invoices and shall, when the default is cured, proceed with payment on the invoices. In the alternative, the City may, in its sole discretion, elect to pay some or all of the outstanding invoices during the period of default. If Contractor does not cure the default, the City may take necessary steps to terminate this Agreement under Section 20 “Termination of Agreement.” Any failure on the part of the City to give notice of the Contractor’s default shall not be deemed to result in a waiver of the City’s legal rights or any rights arising out of any provision of this Agreement.

SECTION 22. EXCUSABLE DELAYS.

Contractor shall not be liable for damages, including liquidated damages, if any, caused by delay in performance or failure to perform due to causes beyond the control of Contractor. Such causes include, but are not limited to, acts of God, acts of the public enemy, acts of federal, state or local governments, acts of City, court orders, fires, floods, epidemics, strikes, embargoes, and unusually severe weather. The term and price of this Agreement shall be equitably adjusted for any delays due to such causes.

SECTION 23. COOPERATION.
(a) Cooperation by City. City, without cost to Contractor, will provide all pertinent information reasonably available to it which is necessary for performance by Contractor under this Agreement, including pertinent plans, reports and data. City does not guarantee or ensure the accuracy of any reports, information, and/or data so provided.

To the extent that any reports, information, and/or other data so provided was supplied to City by person or persons not employees of City, any liability resulting from inaccuracies and/or omissions contained in said reports, information or data shall be limited to liability on behalf of the party who prepared the information for City or otherwise supplied that information, report or data to City.
(b) Cooperation by Contractor. There may be other contractors, consultants, agents or forces of City working in the same area where work under the Agreement will be performed. Contractor must anticipate that is work may be interfered with or suspended from time to time on account of the concurrent performance of work by other 2251
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contractors, consultants, agents or forces of City, and Contractor shall fully cooperate with such other parties to avoid any delay or hindrance of their work. City may require that certain facilities be used concurrently by Contractor and other persons.

Should Contractor sustain any loss, damage, or delay through any act or omission of any other contractor or any sub-consultant of any such other contractor, Contractor shall have no claim against City therefore, other than an extension of time, but shall have recourse solely to such other contractor or sub-consultant.

SECTION 24. NOTICES.

All notices required or permitted to be given under this Agreement shall be in writing and shall be personally delivered, or sent by certified mail, postage prepaid and return receipt requested, addressed as follows:

To City: City of Eastvale
Attn: Public Works Director
12363 Limonite Ave., Suite 910
Eastvale, CA 91752
To Contractor: Geocon West, Inc.

Attn: Lisa Battiato
41571 Corning Place, Ste. 101
Murrieta, CA 92562
Notice shall be deemed effective on the date personally delivered or, if mailed, three (3) days after deposit of the same in the custody of the United States Postal Service.

SECTION 25. AUTHORITY TO EXECUTE.

Each of the signatories hereto represents and warrants that he or she is competent and authorized to enter into this Agreement on behalf of the Party for whom he or she purports to sign. Each Party hereto agrees to defend, indemnify, and hold harmless the other Parties hereto against all claims, suits, actions, and demands, including necessary expenses of investigation and reasonable attorneys' fees and costs, arising out of claims that its signatory was not competent or so authorized to execute this Agreement.

SECTION 26. ADMINISTRATION AND IMPLEMENTATION.

This Agreement shall be administered and executed by the City Manager or his or her designated representative. The City Manager shall have the authority to issue interpretations and to make amendments to this Agreement, including amendments that commit additional funds, consistent with Section 28 “Amendment” and the City Manager’s contracting authority under the Eastvale Municipal Code. 2252
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4923-1828-1806 v5
SECTION 27. BINDING EFFECT.

This Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of the Parties.

SECTION 28. AMENDMENT.

No amendment to or modification of this Agreement shall be valid unless made in writing and approved by the Contractor and by the City. The City Manager shall have the authority to approve any amendment to this Agreement if it does not exceed the amount that may be approved administratively pursuant to the Eastvale Municipal Code. The Parties agree that the requirement for written modifications cannot be waived and that any attempted waiver shall be void. The City’s City Manager may, but is not required to, make minor amendments not affecting substantive terms without further authorization from the City Council. The City Council hereby authorizes the City Manager to execute any such amendments as required by this Agreement or that do not otherwise reduce City’s rights under this Agreement. All other amendments shall be approved by the City Council.

SECTION 29. WAIVER.

Waiver by any Party to this Agreement of any term, condition, or covenant of this Agreement shall not constitute a waiver of any other term, condition, or covenant. Waiver by any Party of any breach of the provisions of this Agreement shall not constitute a waiver of any other provision nor a waiver of any subsequent breach or violation of any provision of this Agreement. Acceptance by City of any work by Contractor shall not constitute a waiver of any of the provisions of this Agreement.

SECTION 30. LAW TO GOVERN; VENUE.

This Agreement shall be interpreted, construed and governed according to the laws of the State of California. In the event of litigation between the Parties, venue in state trial courts shall lie exclusively in the County of Riverside, California. In the event of litigation in a U.S. District Court, venue shall lie exclusively in the Central District of California, in Riverside.

SECTION 31. ATTORNEYS FEES, COSTS AND EXPENSES.

In the event litigation or other proceeding is required to enforce or interpret any provision of this Agreement, the prevailing Party in such litigation or other proceeding shall be entitled to an award of reasonable attorney's fees, costs and expenses, in addition to any other relief to which it may be entitled.

SECTION 32. ENTIRE AGREEMENT.

This Agreement, including the attached Exhibits "A" through "C", is the entire, complete, final and exclusive expression of the Parties with respect to the matters addressed therein and supersedes all other agreements or understandings, whether oral or written, or entered into between Contractor and City prior to the execution of this 2253
- 16 -
4923-1828-1806 v5
Agreement. No statements, representations or other agreements, whether oral or written, made by any Party which are not embodied herein shall be valid and binding.

SECTION 33. SEVERABILITY.

If any term, condition or covenant of this Agreement is declared or determined by any court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions of this Agreement shall not be affected thereby and the Agreement shall be read and construed without the invalid, void or unenforceable provision(s).

SECTION 34. NO THIRD-PARTY BENEFICIARIES.

There are no intended third-party beneficiaries to this Agreement. Nothing in the Agreement or the attachments and/or exhibits incorporated herein shall operate to confer rights or benefits on persons or entities not party to the Agreement.

SECTION 35. CONFLICTING TERMS.

Except as otherwise stated herein, if the terms of this Agreement conflict with the terms of any Exhibit hereto, or with the terms of any document incorporated by reference into this Agreement, the terms of this Agreement shall control.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date and year first-above written.
[SIGNATURES ON FOLLOWING PAGE]
2254
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4923-1828-1806 v5

CITY OF EASTVALE
___________________________
Mark Orme
City Manager
ATTEST:
___________________________
Marc Donohue
City Clerk

APPROVED AS TO FORM
_______________________________
Erica Vega
City Attorney
GEOCON WEST, INC.
____
________________
________________
2255
4923-1828-1806 v5 A-1
EXHIBIT "A"

SCOPE OF SERVICES
2256
4923-1828-1806 v5
C-1
EXHIBIT "B"

COMPENSATION
2257
4923-1828-1806 v5
C-1
EXHIBIT "C"

INSURANCE
A. Insurance Requirements. Contractor shall provide and maintain insurance, acceptable to the City, in full force and effect throughout the term of this Agreement, against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Services by Contractor, its agents, representatives or employees. Insurance is to be placed with insurers with a current A.M.

Best's rating of no less than A:VII.

Contractor shall provide the following scope and limits of insurance:

1. Minimum Scope of Insurance. Coverage shall be at least as broad as:
(1) Commercial General Liability. Insurance Services Office form Commercial General Liability coverage (Occurrence Form CG 0001). (2) Automobile. Insurance Services Office form number CA 0001 (Ed. 1/87) covering Automobile Liability, including code 1 "any auto" and endorsement CA 0025, or equivalent forms subject to the written approval of the City. (3) Workers’ Compensation. Workers' Compensation insurance as required by the Labor Code of State of California covering all persons providing Services on behalf of the Contractor and all risks to such persons under this Agreement. (4) Professional Liability. Professional liability insurance appropriate to the Contractor’s profession. This coverage may be written on a “claims made” basis. The professional liability insurance required by this Agreement must be endorsed to be applicable to claims based upon, arising out of or related to Services performed under this Agreement. The insurance must be maintained for at least three (3) consecutive years following the completion of Contractor’s services or the termination of this Agreement. During this additional three (3) year period, Contractor shall annually and upon request of the City submit written evidence of this continuous coverage.

2. Minimum Limits of Insurance. Contractor shall maintain limits of insurance no less than:
(1) Commercial General Liability. $1,000,000 general aggregate for bodily injury, personal injury and property damage. (2) Automobile. $1,000,000 per accident for bodily injury and property damage. A combined single limit policy with aggregate limits in an amount of not less than $2,000,000 shall be considered equivalent to the said required minimum limits set forth above.
2258
4923-1828-1806 v5
C-2
(3) Workers' Compensation. Workers' Compensation as required by the Labor Code of the State of California of not less than $1,000,000 per occurrence. (4) Professional Liability. $1,000,000 per claim.

B. Other Provisions. Insurance policies required by this Agreement shall contain the following provisions:

1. All Policies. Each insurance policy required by this Agreement shall be endorsed and state the coverage shall not be suspended, voided, cancelled by the insurer or either Party to this Agreement, reduced in coverage or in limits except after 30 days' prior written notice by certified mail, return receipt requested, has been given to City.

2. Commercial General Liability and Automobile Liability Coverages. (1) City, and its respective elected and appointed officers, officials, and employees and volunteers are to be covered as additional insureds as respects: liability arising out of activities Contractor performs; products and completed operations of Contractor; premises owned, occupied or used by Contractor; or automobiles owned, leased, hired or borrowed by Contractor. The coverage shall contain no special limitations on the scope of protection afforded to City, and their respective elected and appointed officers, officials, or employees. (2) Contractor’s insurance coverage shall be primary insurance with respect to City, and its respective elected and appointed, its officers, officials, employees and volunteers. Any insurance or self-insurance maintained by City, and its respective elected and appointed officers, officials, employees or volunteers, shall apply in excess of, and not contribute with, Contractor’s insurance. (3) Contractor’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability.
(4) Any failure to comply with the reporting or other provisions of the insurance policies, including breaches of warranties, shall not affect coverage provided to City, and its respective elected and appointed officers, officials, employees or volunteers.

3. Workers' Compensation Coverage. Unless the City Manager otherwise agrees in writing, the insurer shall agree to waive all rights of subrogation against City, and its respective elected and appointed officers, officials, employees and agents for losses arising from work performed by Contractor. 2259
4923-1828-1806 v5
C-3
C. Other Requirements. Contractor agrees to deposit with City, at or before the effective date of this Agreement, certificates of insurance necessary to satisfy City that the insurance provisions of this contract have been complied with. The City may require that Contractor furnish City with copies of original endorsements effecting coverage required by this Exhibit “C”. The certificates and endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. City reserves the right to inspect complete, certified copies of all required insurance policies, at any time.

1. Contractor shall furnish certificates and endorsements from each subcontractor pursuant to the terms included in this Exhibit “C” to the extent applicable to the subcontractor’s scope of work and trade.

2. Any deductibles or self-insured retentions must be declared to and approved by City. At the option of City, either the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects City or its respective elected or appointed officers, officials, employees and volunteers, or the Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims.

3. The procuring of such required policy or policies of insurance shall not be construed to limit Contractor’s liability hereunder nor to fulfill the indemnification provisions and requirements of this Agreement.
2260
DATE: SERVICE ADDRESS:

NAME:

ATTN:

ADDRESS:

TRACT NO.: Civic Center JOB NUMBER:

NO. OF UNITS: SIZE OF METERS:

WATER CHARGES:
600.00.4401 WATER FACILITIES FEES
600.00.4401 WATER FACILITIES FEES - Landscape / Non-Potable 600.00.4401 WATER FACILITIES FEES
SEWER CHARGES:
601.00.4401 SEWER FACILITIES FEES
200.00.4107 SEWER LATERAL INSPECTION FEES
200.00.4109 SEWER MAPPING FEES
200.00.4605 SEWER FRONT FOOTAGE FEES
200.00.4106 INLAND EMPIRE BRINELINE SEWER CAPACITY FEES DEPOSITS:
100.2302 ADVANCE DEPOSIT - WATER/SEWER AVAILABILITY - 10 100.2302 ADVANCE DEPOSIT - PLAN CHECK - 20
100.2302 ADVANCE DEPOSIT- INSPECTION SERVICES-30
100.2302 ADVANCE DEPOSIT- ADMINISTRATION - 40
100.2302 ADVANCE DEPOSIT - ENGINEERING SERVICES - 50
100.2302 ADVANCE DEPOSIT - RESEARCH & MONITORING - 55
100.2302 ADVANCE DEPOSIT - LEGAL - 60
100.2302 ADVANCE DEPOSIT- ANNEXATION - 90
100.2302 ADVANCE DEPOSIT- MISC. - 95
MISC. CHARGES:
100.00.4009 METER FEES
200.00.4107 INDUSTRIAL WASTE REVIEW
100.00.4008 FIRE-FLOW FEES
100.2302 PAST DUE - WATER/SEWER AVAILABILITY - 10
100.2302 PAST DUE - PLAN CHECK - 20
100.2302 PAST DUE- INSPECTION SERVICES - 30
100.2302 PAST DUE- ADMINISTRATION - 40
100.2302 PAST DUE - ENGINEERING SERVICES - 50
100.2302 PAST DUE - RESEARCH & MONITORING - 55
100.2302 PAST DUE - LEGAL - 60
100.2302 PAST DUE - ANNEXATION - 90
100.00.4022 FIRE SERVICE FEE
100.00.4022
TOTAL
JCSD Statement
5/27/2025
City of Eastvale Eastvale Civic Center
City of Eastvale Eastvale, CA
12363 Limonite Avenue, #910 Requested By: Nicole Smith
Eastvale, CA 91752 Finance:
$129,485.00
Dev. Supervisor:

D2510190
3 3" Domestic & 2" Irrigation
AMOUNT

PER UNIT
$776,916.00
$295,647.00
$30,000.00
$10,500.00
$3,835.82
$1,895.78
$65.45
Rates are good through June 30, 2025. Water-Recycled Water-Sewer Capacity Charges are subject to increase on July 1st.

FIRE SERVICE FEE
$1,271,632.75
$891.20
$22,396.50
2261
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
METER SIZE # of Services
3/4" @ = $0.00
1" @ = $0.00
1 1/2" @ = $0.00
2" @ = $0.00
3" @ = $776,916.00
4" @ = $0.00
6" @ = $0.00
8" @ = $0.00
10" @ = $0.00
$776,916.00
Total Water Capacity Charges Due: $776,916.00
$404,640.00
$809,285.00
$1,294,854.00
SUB-TOTAL WATER:
$3,398,989.00

JCSD - WATER CAPACITY CHARGE WORKSHEET

WATER CAPACITY CHARGES

WATER - DOMESTIC

CAPACITY CHARGE
$16,187.00
$40,463.00
$80,930.00
$129,485.00
$258,972.00 3
5/27/2025 2262
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
METER SIZE # of Services
3/4" @ = $0.00
1" @ = $0.00
1 1/2" @ = $0.00
2" @ = $129,485.00
3" @ = $0.00
4" @ = $0.00
6" @ = $0.00
8" @ = $0.00
10" @ = $0.00
$129,485.00
$129,485.00

JCSD - NON-POTABLE LANDSCAPE CAPACITY CHARGES WORKSHEET

NON-POTABLE / LANDSCAPE CAPACITY CHARGES

FACILITY CHARGE
$16,187.00
$40,463.00
$80,930.00
$129,485.00 1
$258,972.00
$404,640.00
Total Non-Potable / Landscape Capacity Charges Due:
$809,285.00
$1,294,854.00
SUB-TOTAL WATER:
$3,398,989.00
5/27/2025 2263
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
# of Services
@ = $295,647.00
Bellegrave Area B Surcharge @ = $0.00
$295,647.00
= $0.00
$0.00
$295,647.00
City Hall -
Library -

JCSD - SEWER CAPACITY CHARGES WORKSHEET

SEWER FACILITIES FEES
SEWER

CAPACITY CHARGE
$9,537.00 31
SEWER CAPACITY CHARGE- CFD NO. 1 / INLAND EMPIRE BRINE LINE $12,805.00
9 EDUs
Police Station - 8 EDUs
14 EDUs
TOTAL SEWER:

Total Sewer Capacity Charges:

TOTAL IEBL:

Summary and Capacity Fee Calculation Sheet Attached Flow Charge 5/27/2025 2264
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
WATER
8" Waterline @ LF. = $0.00
12" Waterline @ LF. = $0.00
16" Waterline @ LF. = $0.00
$0.00
8" Waterline @ LF. = $0.00
12" Waterline @ LF. = $0.00
16" Waterline @ LF. = $0.00
$0.00
SEWER
6" Sewerline @ LF. = $0.00
8" Sewerline @ LF. = $0.00
10" Sewerline @ LF. = $0.00
12" Sewerline @ LF. = $0.00
$0.00
$30,000.00 = $30,000.00
$30,000.00
$30,000.00
$10,500.00
$40,500.00
Sub-Total Water:

JCSD Determination of Inspection Deposits
Estimated Cost Per L.F.
$4.96
$6.00
$7.92
Sub-Total Inspection:
35% Adminstration Deposit:

TOTAL INSPECTION DEPOSIT DUE:
$4.32
$4.32
$4.64
$5.04
Sub-Total Sewer:

Minimum Deposit Requirement

NON-POTABLE WATER
Sub-Total Non-Potable:

Estimated Cost Per L.F.
$4.96
$6.00
$7.92
2265
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
METER SIZE # of Meters
3/4" @ = $0.00
1" @ = $0.00
1 1/2" @ = $0.00
2" @ = $0.00
3" @ = $0.00
4" @ = $0.00
6" @ = $0.00
$0.00
METER SIZE # of Meters
3/4" @ = $0.00
1" @ = $0.00
1 1/2" @ = $0.00
2" @ 1 = $896.75
$896.75
METER SIZE # of Meters
3/4" - Short @ 3 = $999.03
$999.03
Total Meter Fees: $1,895.78
$699.41
$896.75
SUB-TOTAL :

JCSD - METER FEE WORKSHEET

DOMESTIC METER FEES

FEE PER METER
$347.34
$369.02

FIRE SERVICE INDICATOR METER FEES

FEE PER METER
$333.01
$369.02

NON-POTABLE / IRRIGATION METER FEES

FEE PER METER
$347.34
SUB-TOTAL:
$699.41
$896.75
SUB-TOTAL:
2266
DEVELOPER: City of Eastvale
PROJECT: Eastvale Civic Center (City Hall-Police-Library) JCSD PN: D2510190
METER SIZE # of Meters
4" @ = $0.00
6" @ 3 = $22,396.50
8" @ = $0.00
10" @ = $0.00
$22,396.50
$22,396.50

FIRE SERVICE METER FEES

FEE PER METER
$7,465.50

JCSD- METER & LANDSCAPE FACILITIES FEE WORKSHEET
$6,000.00
$10,000.00
$14,000.00
SUB-TOTAL:

Total Fire Service Fees:
2267

RATES, CHARGES, AND DEPOSITS
11201 HARREL STREET | JURUPA VALLEY, CA 91752
(951) 685-7434 | WWW.JCSD.US
EFFECTIVE JULY 1, 2024
2268
Meter Size
5/8 Inch
¾ Inch
1 Inch
1 ½ Inch
2 Inch
3 Inch
4 Inch
6 Inch
8 Inch
10 Inch
16-20
24-30
40-50
80-100
128-160
240-300
$43.01
$43.01
$66.30
$124.56
$194.47
$415.86
$742.13
$1,522.81
$3,270.62
$4,901.89
GPM Monthly Base Charge
HCF Tier Structure
Tier 1: 0-12 HCF
Tier 2: 13-20 HCF
Tier 3: 21-30 HCF
Tier 4: Over 30 HCF
$1.22
$3.03
$3.56
$3.79
Rate
Uniform Rate per HCF $2.22
Rate
Potable Rate per HCF $2.33
Rate
Non-Potable Rate per HCF $1.51
Rate

FIXED MONTHLY WATER SERVICE RATES
(RESOLUTION NO. 3012)

TIERED HCF R ATES

SINGLE-FAMILY RESIDENTIAL

UNIFORM HCF R ATE

MULTI-FAMILY, INSTITUTIONAL, COMMERCIAL, INDUSTRIAL

UNIFORM POTABLE

WATER IRRIGATION RATE

UNIFORM NON- POTABLE

WATER IRRIGATION RATE

MONTHLY WATER USAGE RATES
(RESOLUTION NO. 3012)
HCF: Hundred Cubic Feet
HCF Rate Structure
HCF Rate Structure
HCF Tier Structure
2269
Rate Structure
Monthly Base
Rate Structure
Meter Size
Charge
Charge
Charge
New Service Charge
Monthly Base Charge per EDU:
*Usage Rate Per HCF Charge Per Unit:

Uniform Rate per HCF
4 Inch
6 Inch
8 Inch
10 Inch
MONTHLY BASE CHARGE + USAGE RATE = MONTHLY SEWER CHARGES MONTHLY BASE CHARGE + UNAUTHORIZED USAGE RATE = MONTHLY WATER CHARGES HYDRANT METER DEPOSIT: $1,200 MONTHLY
BASE CHARGE (2-INCH METER): $194.47
$26.69
$2.46
$3.79
$6,000.00
$7,465.50
$10,000.00
$14,000.00
Units Rate Unauthorized Use
(RESOLUTION NO. 2511)
All
All
Private Fire Protection Charge $35.96
$7.44
$24.80
1st Unauthorized Use per HCF
2nd Unauthorized Use per HCF

FIXED MONTHLY WASTEWATER SERVICE RATES
(RESOLUTION NO. 3011)
*Maximum usage charge is 8 units for residential and institutional customers.

UNIFORM HYDRANT (CONSTRUCTION) RATE
(RESOLUTION NO. 3012)
An EDU is a unit of
measure for the sewage
generated from
particular buildings,
structures or uses.

FIRE SERVICE METERS PRIVATE PROTECTION FIXED MONTHLY SERVICE 2270
$291.34
$315.93
$348.76
$702.81
$873.69
Actual Cost
Actual Cost
Actual Cost
Actual Cost
Actual Cost
Meter
Charge
Meter Size
¾ Inch
1 Inch
$7,500
$7,500
Deposit
Meter Size
5/8 Inch
¾ Inch
1 Inch
1 ½ Inch
2 Inch
3 Inch
4 Inch
6 Inch
8 Inch
10 Inch
$11,320
$11,320
$28,297
$56,597
$90,554
$181,108
$282,979
$565,962
$905,537
$2,377,032
Facility
Component*
$4,867
$4,867
$12,166
$24,333
$38,931
$77,864
$121,661
$243,323
$389,317
$1,021,957
Water Resources
Component*
$16,187
$16,187
$40,463
$80,930
$129,485
$258,972
$404,640
$809,285
$1,294,854
$3,398,989
TOTAL Capacity
Charge*

WATER CAPACITY CHARGES
(RESOLUTION NO. 2627)
NEW SERVICE INSTALLATION – WATER ONLY
(SINGLE LOT)

SEWER CAPACITY CHARGES
(RESOLUTION NO. 2628)
FACILITY COMPONENT + WATER RESOURCES COMPONENT = TOTAL CAPACITY CHARGE *Subject to annual adjustment per Engineering News Record – Construction Cost Index on July 1st. *Subject to annual adjustment per Engineering News Record – Construction Cost Index on July 1st.

FULL INSTALLATION DEPOSIT (WATER SERVICE)
Sewer Capacity Charge Charge Bellegrave Ave. (Area B) Charge Per EDU $9,537 Per EDU $12,805
2271

FLAT RATE & DEPOSIT BASED FEES
Description / Item
Water Availability Letters – Tracts/Parcel Maps/Plot Plans Water / Sewer Inspection Fee (Single Lot)
Water / Sewer Mapping Fee (Single Lot)
Drop-In Charge Meter Installation (Single Lot)
Hydraulic Analysis
Fire Flow
Water Supply Assessments (WSA)
CFD Formation
LMD Formation
Inter-Agency Community Facilities Agreement
$200.00
$50.00
$100.00
$250.00
$2,800
$5,000
$25,000
$50,000
$8,000
$5,000
Flat Rate Deposit
Plan Check
Plot Plans
Landscape Plans
Tracts / Parcel Maps
$7,000
$7,000
$6000 + $1,500/sheet
Deposit
*Deposits are calculated based on the quantities and/or information provided to Jurupa Community Services District at the time of submittal. If quantities and/or information changes during the plan check process, fees and deposits will be adjusted accordingly. If costs exceed the deposit amount, the customer will be billed for the difference.

LAFCO Annexation $25,000
2272
11201 HARREL STREET | JURUPA VALLEY, CA 91752
(951) 685-7434 | WWW.JCSD.US

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2273

AGENDA STAFF REPORT
City Council/Eastvale Public Financing Authority Meeting

CITY COUNCIL/EASTVALE PUBLIC FINANCING AUTHORITY BUSINESS Agenda Item No. 13.2
June 25, 2025
Establishing a Community Facili1es District (CFD) and Authorizing the Levy of Special Taxes Therein – Community Facili1es District No. 2025-01 (Limonite)
Prepared By:

Amanda Wells, Finance Director/City Treasurer
Recommended Action(s)
Staff recommends that the City Council:

1. Approve and Adopt the Resolu!on Declaring Results of a Special Elec!on and Direc!ng the Recording of a Special Tax Lien for Community Facilities District No. 2025-01 (Limonite); and

2. Introduce the proposed Ordinance en!tled: AN ORDINANCE OF THE CITY COUNCIL FO THE

CITY OF EASTVALE, CALIFORNIA, AUTHORIZING THE LEVY OF SPECIAL TAXES IN A COMMUNITY FACILITIES DISTRICT (CITY OF EASTVALE COMMUNITY FACILITIES DISTRICT NO. 2025-01 (LIMONITE))
Summary
The owners of the property within the proposed boundary of CFD No. 2025-01 are required to finance the costs of maintenance and ligh!ng of parks, parkways, streets, roads, and open space; and flood and storm protec!on services, etc., as a condi!on rela!ng to the industrial development generally located along Limonite Avenue from Hellman Avenue in the west to east of Archibald Avenue (the “Project”). A resolu!on of inten!on to form CFD 2025-01 was adopted by the Council on February 12, 2025, and a Public Hearing was held by the City Council on March 23, 2025. This is the next step in the process to finalize the establishment of the CFD, which will levy special taxes to generate funds for the City to provide the services described in the Resolu!on of Inten!on. Ballots 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
2274
were mailed to property owners in late May 2025 for a special landowner elec!on to be conducted by the City tonight, June 25, 2025. If at least 2/3 of the property owner votes are in favor of the proposed special tax, the City Council will need to introduce/waive the first reading by !tle only of the Ordinance levying the special taxes tonight, and will need to formally adopt said Ordinance on August 13, 2025.

Background
The Mello-Roos Community Facili!es Act of 1982 (the "Mello-Roos Act") provides local jurisdic!ons with an alterna!ve method of financing public capital facili!es and services. Special tax districts formed pursuant to the Mello-Roos Act are referred to as Community Facilities Districts, or CFDs.

The City has received pe!!ons from landowners represen!ng more than 10 percent of the area of land proposed to be included within the community facili!es district and not proposed to be exempt from the special tax reques!ng that the City conduct proceedings to consider the approval of the formation of CFD No. 2025-01, to fund ongoing public and maintenance services within the CFD.

The CFD will fund the long-term maintenance/services in perpetuity by levying an annual special tax which will be collected on the property tax bill. The funds collected will be transferred to the City, which the City will use to perform the maintenance/services.

Environmental
Establishing a CFD is not a project subject to review under the California Environmental Quality Act.

Strategic Plan Action - Priority Level: 3 | Target #: C | Goal #: H Ensure that City revenues align with expenditures.

Fiscal Impact
There is no current fiscal-year impact to the General Fund as a result of this ac!on. All CFD forma!on costs are borne by the applicant. Once the CFD is formed, ongoing maintenance and district administration will be funded by the special tax levy.

Prior City Council/Commission Action
City Council adopted a Resolu!on of Inten!on form Community Facili!es District No. 2025-01 (Limonite) on February 12, 2025. The Resolu!on of Inten!on set a public hearing, which was held on March 26, 2025. On that same date, City Council adopted a Resolu!on Establishing the Forma!on of Community Facili!es District No. 2025-01 (Limonite) and adopted a Resolu!on Calling a Special Election for Community Facilities District No. 2025-01 (Limonite) for tonight, June 25, 2025.

Attachment(s)
Attachment 1 - Resolution: Certifying Election Results
Attachment 2 - Ordinance
Attachment 3 - Boundary Map
Attachment 4 - Rate and Method of Apportionment
Attachment 5 - Attachment C to Rate and Method of Apportionment 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 | eastvaleca.gov
2275
RESOLUTION NO. 25-XX

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EASTVALE, STATE

OF CALIFORNIA, DECLARING RESULTS OF A SPECIAL ELECTION AND

DIRECTING THE RECORDING OF A SPECIAL TAX LIEN

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)
WHEREAS, this City Council (the “City Council”) of the City of Eastvale (the “City”) adopted a resolution entitled “A Resolution of the City Council of the City of Eastvale, State of California, Establishing the Formation of a Community Facilities District” (the “Resolution of Formation”), ordering the formation of the City of Eastvale, Community Facilities District No. 2025-01 (Limonite) (the “District”), defining the public services (the “Services”) to be provided by the District, authorizing the levy of a special tax on property within the District and preliminarily establishing an appropriations limit for the District, all pursuant to the Mello-Roos Community Facilities Act of 1982 (Sections 53311 and following, California Government Code; hereafter referred to as the “Act”); and WHEREAS, under the provisions of the Resolution of Formation, and pursuant to the resolution entitled “A Resolution of the City Council of the City of Eastvale, State of California, Calling a Special Election for a Community Facilities District” (the “Resolution Calling the Special Election”) heretofore adopted by this City Council, the propositions of the levy of the special tax and the establishment of the appropriations limit were submitted to the qualified electors of the District as required by the provisions of the Act; and WHEREAS, pursuant to the terms of the Resolution Calling the Special Election, which are by this reference incorporated herein, the special election has been held and the City Clerk has on file a Canvass and Statement of Results of Special Election, (the “Canvass”) a copy of which is attached hereto as Exhibit A; and
WHEREAS, this City Council has been informed of the Canvass, finds it appropriate and wishes to complete its proceedings for the District.

NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Eastvale, as follows:

SECTION 1. The City Council hereby finds that the facts set forth in the recitals to this Resolution are true and correct and establish the factual basis for the City Council’s adoption of this Resolution.

SECTION 2. The issues presented at the special election were the levy of a special tax within the District and the approval of an annual appropriations limit of not to exceed an amount equal to $1,750,000 pursuant to the Resolution of Formation.

SECTION 3. The City Council hereby approves the Canvass and finds that it shall be a permanent part of the record of its proceedings for the District. Pursuant to the Canvass, the issues presented at the special election were approved by the qualified electors of the District by more than two-thirds (2/3) of the votes cast at the special election.
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SECTION 4. Pursuant to the voter approval, the District is hereby declared to be fully formed with the authority to levy the special taxes and to have the established appropriations limit, all as heretofore provided in these proceedings and in the Act. It is hereby found that all prior proceedings and actions taken by this City Council with respect to the District were valid and in conformity with the Act.

SECTION 5. The City Clerk is hereby directed to complete, execute and cause to be recorded in the office of the County Recorder of the County of Riverside a notice of special tax lien in the form required by the Act, such recording to occur no later than fifteen (15) days following adoption of this Resolution by the City Council.

SECTION 6. This Resolution shall take effect immediately upon its adoption.

APPROVED AND ADOPTED this 25
th day of June 2025.
__________________________________________
Mike McMinn
Mayor
APPROVED AS TO FORM: ATTEST:
__________________________________________ __________________________________________ Erica Vega Marc A. Donohue, MMC
City Attorney Government Services Director/City Clerk
2277

STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) §

CITY OF EASTVALE )

I, Marc A. Donohue, Government Services Director/City Clerk of the City of Eastvale, California, do hereby certify that the foregoing City Council Resolution No. 25-XX, was duly adopted by the City Council of the City of Eastvale, California, at a meeting held on the 25 th day of June 2025, by
the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
____________________________________
Marc A. Donohue, MMC
Government Services Director/City Clerk
2278

EXHIBIT A

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)

CANVASS AND STATEMENT OF RESULT OF SPECIAL ELECTION
I hereby certify that on June 25, 2025, I canvassed the returns of the special election held on June 25, 2025, in the City of Eastvale Community Facilities District No. 2025-01 (Limonite) of the City of Eastvale and the total number of ballots cast in such special election and the total number of votes cast for and against the measure are as follows and the totals as shown for and against the measure are full, true and correct:

Qualified
Landowner
Votes
Votes
Cast
Votes
YES
Votes
NO
City of Eastvale
Community Facilities District No. 2025-01
(Limonite)
Special Tax Election, June 25, 2025 __247__ _____ _____ _____ BALLOT MEASURE: Shall the City of Eastvale be authorized to annually levy a special tax solely on lands within the City of Eastvale Community Facilities District No. 2025-01 (Limonite) (the “District”) in accordance with the rate and method contained in the Resolution of Formation for the District adopted by the City Council on March 26, 2025, commencing with the City’s fiscal year 2025/26, to pay for the costs of maintenance and lighting of parks, parkways, streets, roads, and open space; flood and storm protection services; maintenance and operation of any real property or other tangible property with an estimated useful life of five or more years; and related appurtenances, and to pay the costs of the City in administering the District, and shall the annual appropriations limit of the District be established in an amount equal to $1,750,000?
Yes: __________
No: __________
IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND on June 25, 2025.

By:

City Clerk
City of Eastvale
2279
ORDINANCE NO. 25-XX

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EASTVALE,

CALIFORNIA, AUTHORIZING THE LEVY OF SPECIAL TAXES IN A

COMMUNITY FACILITIES DISTRICT

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)
WHEREAS, this City Council (the “City Council”) of the City of Eastvale (the “City”) on February 12, 2025, adopted Resolution No. 25-10 entitled “A Resolution of the City Council of the City of Eastvale, State of California, Declaring its Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes” (the “Resolution of Intention”) and has conducted proceedings (the “Proceedings”) to establish the City of Eastvale Community Facilities District No. 2025-01 (Citywide Maintenance and Services) (the “District”) pursuant to the Mello-Roos Community Facilities Act of 1982 (Sections 53311 and following, California Government Code; hereafter referred to as the “Act”) to finance the costs of police protection services; fire protection and suppression services; maintenance and lighting of parks, parkways, streets, roads, and open space; flood and storm protection services; maintenance and operation of any real property or other tangible property with an estimated useful life of five or more years; and related appurtenances (the “Services”) as provided in the Act; and WHEREAS, the Resolution of Intention called for a public hearing to be held on March 26, 2025, or as soon thereafter as the matter may be heard; and
WHEREAS, on March 26, 2025, and as part of the Proceedings, this City Council held a public hearing under the Act relative to the determination to proceed with the formation of the District and the rate and method of apportionment of the special tax (the “Special Tax”) to be levied within the District to finance the Services and, at such hearing, all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of the Special Tax were heard, substantial evidence was presented and considered by this City Council, and a full and fair public hearing was held; and WHEREAS, upon the conclusion of the hearing, this City Council adopted a resolution entitled “A Resolution of the City Council of the City of Eastvale, State of California, Establishing the Formation of a Community Facilities District” (the “Resolution of Formation”), whereby the City Council (i) established the District, (ii) authorized the levy of the Special Tax within the District, and (iii) preliminarily established an appropriations limit for the District, all pursuant to the Act; and WHEREAS, on June 25, 2025, a special election was held among the landowner voters within the District at which the landowner voters approved the proposition relating to the levy of Special Taxes within the District and the establishment of an appropriations limit for the District by the two-thirds vote required by the Act, which approval has been confirmed by resolution of this City Council; and WHEREAS, the City Council ordered the recordation with the County Recorder of the County of Riverside of a Notice of Special Tax Lien (the “Notice”).

NOW, THEREFORE, the City Council of the City of Eastvale, DOES HEREBY ORDAIN as follows:
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By the passage of this Ordinance, the City Council hereby authorizes and levies the Special Tax within the District pursuant to the Act, at the rate and in accordance with the rate and method of apportionment of Special Tax set forth in the Resolution of Formation, which rate and method is by this reference incorporated herein. The Special Tax is hereby levied commencing in fiscal year 2025/26 and in each fiscal year thereafter to pay for the Services for the District and all costs of administering the District, as contemplated by the Resolution of Formation and the Proceedings.

1. The City’s Finance Director or designee or employee or consultant of the City is hereby authorized and directed each fiscal year to determine the specific Special Tax to be levied for the next ensuing fiscal year for each parcel of real property within the District, in the manner and as provided in the Resolution of Formation.

2. Exemptions from the levy of the Special Tax shall be as provided in the Resolution of Formation and the applicable provisions of the Act. In no event shall the Special Tax be levied on any parcel within the District in excess of the maximum Special Tax specified in the Resolution of Formation.

3. All of the collections of the Special Tax shall be used as provided in the Act and in the Resolution of Formation, including, but not limited to, the payment of the costs of the Services, the payment of the costs of the City in administering the District, and the costs of collecting and administering the Special Tax.

4. The Special Tax shall be collected in the same manner as ordinary ad valorem taxes are collected and shall have the same lien priority and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes; provided, however, that the City Council may provide for other appropriate methods of collection by resolution(s) of the City Council.

The Finance Director of the City is hereby authorized and directed to provide all necessary information to the auditor/tax collector of the County of Riverside in order to effect proper billing and collection of the Special Tax, so that the Special Tax shall be included on the secured property tax roll of the County of Riverside for fiscal year 2025/26 and for each fiscal year thereafter until no longer required to pay for the Services or until otherwise terminated by the City.

5. If for any reason any portion of this ordinance is found to be invalid, or if the special tax is found inapplicable to any particular parcel within the District by a court of competent jurisdiction, the balance of this ordinance and the application of the special tax to the remaining parcels within the District shall not be affected.

6. The Mayor shall sign this Ordinance and the City Clerk shall cause the same to be published immediately after its passage at least once in a newspaper of general circulation for the City.

7. If any section, sub-section, subdivision, paragraph, clause or phrase in this Ordinance, or any part thereof, is for any reason held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections or portions of this Ordinance or any part thereof. The City Council hereby declares that it would have passed each section, sub-section, subdivision, paragraph, sentence, clause or phrase of this Ordinance, irrespective of the fact that any one or more sections, sub-sections, subdivisions, paragraphs, sentences, clauses or phrases may be declared invalid or unconstitutional. 2281

8. This Ordinance shall become effective thirty (30) days following adoption.

INTRODUCED and first read on the 25
th day of June 2025; and PASSED, APPROVED AND ORDAINED this 13 th day of August 2025.
_______________________________________
Mike McMinn
Mayor
APPROVED AS TO FORM: ATTEST:
_____________________________________ ________________________________________ Erica Vega Marc A. Donohue, MMC
City Attorney Government Services Director/City Clerk
2282

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) §

CITY OF EASTVALE )

I, Marc A. Donohue, Government Services Director/City Clerk of the City of Eastvale, California, do hereby certify that the foregoing Ordinance No. 25-XX, was introduced at a regular meeting of the City Council of the City of Eastvale held on the 25th of June, 2025, and was passed by the City Council of the City of Eastvale at a regular meeting held on the ___ day of ______________, 2025 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
____________________________________
Marc A. Donohue, MMC
Government Services Director/City Clerk
2283
2284
City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 1

RATE AND METHOD OF APPORTIONMENT

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)
A Special Tax, as hereinafter defined, shall be levied and collected in City of Eastvale Community Facilities District No. 2025-01 (Limonite) (“CFD No. 2025-01”) each Fiscal Year commencing in Fiscal Year 2024/25, in an amount determined by the application of the procedures below. All Taxable Property, as hereinafter defined, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent and in the manner herein provided.

A. DEFINITIONS
The terms hereinafter set forth have the following meaning:
“Acre or Acreage” means the land area of an Assessor’s Parcel as shown on an Assessor’s Parcel Map or in the Assessor’s Data for each Assessor’s Parcel. In the event the Assessor’s Parcel Map or Assessor’s Data shows no Acreage, the Acreage for any Assessor’s Parcel shall be determined by the CFD Administrator based upon the applicable final map, parcel map, condominium plan, or other recorded County parcel map. If the preceding maps are not available, the Acreage of an Assessor’s Parcel may be determined utilizing GIS.
“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State. “Administrative Expenses” means the actual or reasonably estimated costs directly related to the administration of CFD No. 2025-01 including, but not limited to, the following: the costs of computing the Annual Special Tax Requirement and of preparing the Special Tax collection schedules; the costs of collecting the Special Tax, including any charges levied by the County Auditor’s Office, Tax Collector’s Office or Treasurer’s Office; the costs of the City or designee in complying with the disclosure requirements of the California Government Code (including the Act), including public inquiries regarding the Special Tax; the costs of the City or designee related to an appeal of the Special Tax; and the costs of commencing and pursuing to completion any action arising from any delinquent Special Tax in CFD No. 2025-01. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2025-01 for any other administrative purposes, including, but not limited to, attorney’s fees. “Annual Services” means the services listed in Attachment A, hereto. “Annual Services Costs” means the respective amounts determined by the CFD Administrator required to fund the Annual Services authorized to be funded by CFD No. 2025-01 for the applicable yearly period.
“Annual Special Tax” means the amount levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Annual Special Tax Requirement. “Annual Special Tax Requirement” means that amount with respect to CFD No. 2025-01 determined by the City Council or designee as required in any Fiscal Year to pay: (1) the 2285
City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 2 Administrative Expenses, (2) the Annual Services Costs, (3) any amount required to establish or replenish any reserve or replacement fund established in connection with CFD No. 2025-01, and (4) any reasonably anticipated delinquent Special Tax based on the delinquency rate for any Special Tax levied in the previous Fiscal Year.
“Assessor’s Data” means Assessor’s Parcel Number, Acreage, or other information contained in the records of the County Assessor for each Assessor’s Parcel. “Assessor’s Parcel” or “Parcel” means a lot or parcel shown in an Assessor’s Parcel Map and/or Assessor’s Data with an assigned Assessor’s Parcel Number. “Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means, with respect to an Assessor’s Parcel, that number assigned to such Assessor’s Parcel by the County Assessor for purposes of identification. “City” means the City of Eastvale, California.
“City Council” means the City Council of the City, acting as the legislative body of CFD No. 2025-01. “CFD Administrator” means an official of the City, or designee thereof, responsible for determining the Annual Special Tax Requirement and the Contingent Special Tax Requirement and providing for the levy and collection of the Special Taxes.
“CFD No. 2025-01” means the City of Eastvale Community Facilities District No. 2025-01 (Limonite). “Contingent Services” means the services listed in Attachment B, hereto. “Contingent Services Costs” means the respective amounts determined by the CFD Administrator required to fund the Contingent Services authorized to be funded by CFD No. 2025-01 for the applicable yearly period.
“Contingent Special Tax” means the amount levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Contingent Special Tax Requirement. “Contingent Special Tax Requirement” means that amount with respect to CFD No. 2025-01 determined by the City Council or designee as required in any Fiscal Year to pay: (1) the Administrative Expenses, (2) the Contingent Services Costs, (3) any amount required to establish or replenish any reserve or replacement fund established in connection with CFD No. 2025-01, and (4) any reasonably anticipated delinquent Special Tax based on the delinquency rate for any Special Tax levied in the previous Fiscal Year.
“County” means the County of Riverside.
“County Assessor” means the County Assessor of the County. “Development Area” means one of the six development areas within CFD No. 2025-01, as shown on Attachment C, hereto.
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 3 “Exempt Property” means all Assessors’ Parcels within the boundary of CFD No. 2025-01 which are exempt from the Special Tax pursuant to Section E.
"Final Subdivision Map" means a subdivision of property created by recordation of a final subdivision map, parcel map or lot line adjustment, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 4120.
“Fiscal Year” means the period starting July 1 and ending on the following June 30. “GIS” means a geographic information system.
“Maximum Annual Special Tax” means the maximum Special Tax authorized to fund the Annual Special Tax Requirement in any Fiscal Year that may apply to Taxable Property as described in Section C.
“Maximum Contingent Special Tax” means the maximum Special Tax authorized to fund the Contingent Special Tax Requirement in any Fiscal Year that may apply to Taxable Property as described in Section C.
“Open Space Property” means property within the boundaries of CFD No. 2025-01 which (i) has been designated with specific boundaries and Acreage on a Final Subdivision Map as open space, (ii) is classified by the County Assessor as open space, (iii) has been irrevocably offered for dedication as open space to the federal government, the State, the County, the City, or any other public agency, or (iv) is encumbered by an easement or other restriction required by the City limiting the use of such property to open space.
“Property Owner’s Association” means any property owner’s association. As used in this definition, a Property Owner’s Association includes any home-owner’s association, condominium owner’s association, master or sub-association or non-residential owner’s association. “Property Owner’s Association Property” means any property within the boundaries of CFD No. 2025-01 which is (a) owned by a Property Owner’s Association or (b) designated with specific boundaries and acreage on a Final Subdivision Map as property owner association property. “Proportionately” means for Taxable Property that the ratio of the Annual Special Tax levy to the Maximum Annual Special Tax is equal for all Assessors’ Parcels of Taxable Property levied within each property land use classification within CFD No. 2025-01, and that the Contingent Special Tax levy to the Maximum Contingent Special Tax is equal for all Assessors’ Parcels of Taxable Property levied within each property land use classification within CFD No. 2025-01. “Public Property” means any property within the boundaries of CFD No. 2025-01 which (i) is owned by a public agency or a public utility, (ii) has been irrevocably offered for dedication to a public agency or a public utility, or (iii) is designated with specific boundaries and Acreage on a Final Subdivision Map as property which will be owned by a public agency or a public utility. For purposes of this definition, a public agency or public utility includes the federal government, the State, the County, the City, school districts, or any other public agency or public utility. 2287
City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 4 “Special Tax(es)” means, individually or collectively, the Annual Special Tax and/or the Contingent Special Tax.
“State” means the State of California.
“Tax Escalation Factor” means for Tax Zone No. 1, a factor equal to 3% that will be applied annually after Fiscal Year 2024/25 to increase the Maximum Annual Special Tax and the Maximum Contingent Special Tax shown in Section C.
“Taxable Property” means all of the Assessor’s Parcels within the boundaries of CFD No. 2025-01 that are not Exempt Property.
“Welfare Exempt Property” means, in any Fiscal Year, all Parcels within the boundaries of CFD No. 2025-01 that (a) have been granted a welfare exemption by the County under subdivision (g) of Section 214 of the Revenue and Taxation Code indicated in the Assessor’s Data finalized as of January 1 of the previous Fiscal Year, and (b) are exempt from the Special Tax pursuant to Section 53340(c) of the Act.

B. DETERMINATION OF TAXABLE PARCELS
Each Fiscal Year, the CFD Administrator shall determine the valid Assessor’s Parcel Numbers for all Taxable Property within CFD No. 2025-01. If any Assessor’s Parcel Numbers are no longer valid, the CFD Administrator shall determine the new Assessor’s Parcel Number or Numbers in effect for the then-current Fiscal Year. To the extent a Parcel or Parcels of Taxable Property are subdivided, consolidated, or otherwise reconfigured, the Maximum Annual Special Tax and the Maximum Annual Contingent Special Tax shall be assigned to the new Assessor’s Parcels Numbers pursuant to Section C. The CFD Administrator shall also determine: (i) the Development Area within which each Parcel is located by referencing Attachment C, hereto; (ii) the number of Acres each Parcel contains; and (iii) the Annual Special Tax Requirement and, if applicable, the Annual Contingent Special Tax Requirement, for the Fiscal Year.

C. MAXIMUM ANNUAL SPECIAL TAX RATES
The Maximum Annual Special Tax and the Maximum Contingent Special Tax for each Assessor’s Parcel of Taxable Property within CFD No. 2025-01 shall be assigned below:

1. Maximum Annual Special Tax
The Maximum Annual Special Tax for each Assessor’s Parcel of Taxable Property within all Development Areas within CFD 2025-01 shall be assigned according to Table 1, below:
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 5 TABLE 1

MAXIMUM ANNUAL SPECIAL TAX RATES
FISCAL YEAR 2024/25*
*On July 1 of each Fiscal Year, commencing on July 1, 2025, the Maximum Annual Special Tax rates shall be increased by Tax Escalation Factor.

2. Maximum Contingent Special Tax
The Maximum Contingent Special Tax for each Assessor’s Parcel of Taxable Property within each Development Area within CFD 2025-01shall be assigned according to Table 2, below:

TABLE 2

MAXIMUM CONTINGENT SPECIAL TAX RATES
FISCAL YEAR 2024/25*
*On July 1 of each Fiscal Year, commencing on July 1, 2025, the Maximum Contingent Special Tax rates shall be increased by Tax Escalation Factor.

D. METHOD OF APPORTIONMENT OF THE SPECIAL TAXES

1. Annual Special Tax
All Taxable Property shall be subject to the Annual Special Tax. The Annual Special Tax shall be levied by the CFD Administrator each Fiscal Year.

The Annual Special Tax Requirement shall be apportioned to each Parcel within CFD No. 2025- 01 by the method shown below.

First: Determine the Annual Special Tax Requirement.

Second: Levy the Annual Special Tax on each Parcel of Developed Property, Proportionately, up to the applicable Maximum Annual Special Tax.

Property Type
Maximum
Annual Special
Tax Per
Taxable Property $ 464.45 Acre
Property Type
Development
Area
Maximum
Contingent
Special Tax Per
Campus $673.43 Acre
Homestead 3,273.47 Acre
Merge 1,904.06 Acre
Ranch 1,548.62 Acre
Transwestern 1,680.86 Acre
WalMart 2,654.20 Acre
Taxable Property
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 6 Third: If additional monies are needed to satisfy the Annual Special Tax Requirement after the second step has been completed, the Annual Special Tax shall be levied Proportionately on all Undeveloped Property at a rate up to 100% of the Maximum Annual Special Tax.

2. Contingent Special Tax
If applicable, as determined by the City, all Taxable Property shall be subject to the Contingent Special Tax. The Contingent Special Tax shall be levied by the CFD Administrator each Fiscal Year in which the City deems it applicable.

The Contingent Special Tax Requirement shall be apportioned to each Parcel within CFD No. 2025-01 by the method shown below.

First: Determine the Contingent Special Tax Requirement.

Second: Levy the Contingent Special Tax on each Parcel Developed Property, Proportionately, up to the applicable Maximum Contingent Special Tax.

Third: If additional monies are needed to satisfy the Contingent Special Tax Requirement after the second step has been completed, the Contingent Special Tax shall be levied Proportionately on all Undeveloped Property at a rate up to 100% of the Maximum Contingent Special Tax.

E. EXEMPTIONS
Notwithstanding any other provision of this Rate and Method of Apportionment of Special Tax, no Special Tax shall be levied on Open Space Property, Property Owner’s Association Property, Assessor’s Parcels comprising detention basins or roads, or with public or utility easements making impractical their utilization for any use other than the purposes set forth in the easement, or Public Property, except as otherwise provided in Sections 53317.3, 53317.5 and 533401 of the Act.

No Special Tax shall be levied on any Assessor’s Parcel in any Fiscal Year in which such Assessor’s Parcel is classified as Welfare Exempt Property.

F. APPEAL OF SPECIAL TAX LEVY
Any property owner may file a written appeal of the Special Tax with the CFD Administrator claiming that the amount or application of the Special Tax is not correct. The appeal must be filed not later than one calendar year after having paid the Special Tax that is disputed, and the appellant must be current in all payments of the Special Tax. In addition, during the term of the appeal process, all Special Tax levied must be paid on or before the payment date established when the levy was made.

The appeal must specify the reasons why the appellant claims the Special Tax is in error. The CFD Administrator shall review the appeal, meet with the appellant if the CFD Administrator deems necessary, and advise the appellant of its determination.

If the property owner disagrees with the CFD Administrator’s decision relative to the appeal, the owner may then file a written appeal with the City Council whose subsequent decision shall be final and binding on all interested parties. If the decision of the CFD Administrator or subsequent decision 2290
City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 7 by the City Council requires the Special Tax to be modified or changed in favor of the property owner, then an adjustment shall be made to credit the Special Tax in future years.

This procedure shall be exclusive and its exhaustion by any property owner shall be a condition precedent to filing any legal action by such owner.

G. INTERPRETATIONS OF RATE AND METHOD OF APPORTIONMENT
The City reserves the right to make minor administrative and technical changes to this document that do not materially affect the rates and method of apportioning the Special Tax. In addition, the interpretation and application of any section of this document shall be at the City’s discretion.

Interpretations may be made by the City Council by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this Rate and Method of Apportionment of Special Tax.

H. MANNER AND DURATION OF SPECIAL TAX
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided that the City may directly bill the Special Tax, may collect the Special Tax at a different time or in a different manner if needed to meet the financial obligations of CFD No. 2025- 01, and may collect delinquent Special Taxes through available methods.

The Special Tax shall be levied commencing in Fiscal Year 2024/25 to the extent necessary to satisfy the Annual Special Tax Requirement and shall be levied each Fiscal Year thereafter for as long as required to satisfy the Annual Special Tax Requirement.

I. PREPAYMENT OF SPECIAL TAX
The Special Tax may not be prepaid.
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Community Facilities District No. 2025-01 (Limonite) Page 8

ATTACHMENT A

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)

DESCRIPTION OF ANNUAL SERVICES
Annual Services
 Maintenance of the irrigation system, meter, and all landscaping within the median on Limonite Avenue from Hellman to 1,100 feet east of the intersection of Limonite Avenue and Taylor Way.  Maintenance of the irrigation system, meter, and all landscaping within the median on Limonite Avenue from the point 1,100 feet east of the intersection of Limonite Avenue and Taylor to Archibald Avenue Way excluding the cost of water.
 Maintenance of the trees and landscaping as necessary in the median in Limonite Avenue between Hellman Avenue and Archibald Avenue.
 Landscape, irrigation, and trail maintenance of the trail in the Edison corridor to the southeast of the Walmart parcel between Limonite Avenue and Archibald Avenue and the trail along the Edison Corridor on the south portion of the Transwestern parcel.  Maintenance of the shredded bark mulch in the median and other mulch areas as necessary.  Maintenance of the trees in the Edison corridor to the southeast of the Walmart parcel between Limonite Avenue and Archibald Avenue and the trail along the Edison Corridor on the south portion of the Transwestern parcel.
 Maintenance of 84-Watt LED Street Lights.
 Maintenance of 34-Watt LED Pedestrian Lights.
 Contribution of the maintenance of the traffic signals within the District.  Graffiti Removal within the boundary of the Community Facilities District in the public right-of-way.  Maintenance of the irrigation system, meter, greenery, and other landscaping within the parkway slope areas near the Limonite Bridge.

General
CFD No. 2025-01 may fund any of the following related to the services in this Description of Annual Services: obtaining, constructing, furnishing, operating and maintaining equipment, apparatus or facilities related to providing the services and/or equipment, apparatus, facilities or fixtures in areas to be maintained, paying the salaries and benefits of personnel necessary or convenient to provide the services, payment of insurance costs and other related expenses and the provision of reserves for repairs and replacements and for the future provision of services. It is expected that the services will be provided by the City, either with its own employees or by contract with third parties, or any combination thereof.

The services to be financed by the CFD are in addition to those provided in the territory of CFD No. 2025-01 before the date of creation of CFD No. 2025-01 and will not supplant services already available within that territory when CFD No. 2025-01 is created.
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 9 Administrative Expenses
The administrative expenses to be funded by CFD No. 2025-01 include the direct and indirect expenses incurred by the City in carrying out its duties with respect to CFD No. 2025-01 (including, but not limited to, the levy and collection of the special taxes) including the fees and expenses of attorneys, any fees of the County related to CFD No. 2025-01 or the collection of special taxes, an allocable share of the salaries of the City staff directly related thereto and a proportionate amount of the City's general administrative overhead related thereto, any amounts paid by the City from its general fund with respect to CFD No. 2025-01 or the services authorized to be financed by CFD No. 2025-01, and expenses incurred by the City in undertaking action to foreclose on properties for which the payment of special taxes is delinquent, and all other costs and expenses of the City in any way related to CFD No. 2025-01.

Other
The incidental expenses that may be funded by CFD No. 2025-01 include, in addition to the expenses identified above, the payment or reimbursement to the City of all costs associated with the establishment and administration of CFD No. 2025-01.
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 10

ATTACHMENT B

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)

DESCRIPTION OF CONTINGENT SERVICES
Contingent Services
 Maintenance of the irrigation system, meter, greenery, and other landscaping within the parkway areas.
 Maintenance of the irrigation system, meter, greenery and landscaping within the privately owned areas.
 Maintenance of the mulch within the slope, parkway, and private landscaped areas.  Maintenance of the trees in the Limonite Avenue parkway.  Additional water meters required to remove the parkways from private maintenance.  Additional water backflow preventer required to remove the parkways from private maintenance.  Additional fertilizer injectors required to remove the parkways from private maintenance.  Landscape maintenance of the Modular Wetlands area.
 Maintenance of the irrigation system and controller.

General
CFD No. 2025-01 may fund any of the following related to the services in this Description of Contingent Services: obtaining, constructing, furnishing, operating and maintaining equipment, apparatus or facilities related to providing the services and/or equipment, apparatus, facilities or fixtures in areas to be maintained, paying the salaries and benefits of personnel necessary or convenient to provide the services, payment of insurance costs and other related expenses and the provision of reserves for repairs and replacements and for the future provision of services. It is expected that the services will be provided by the City, either with its own employees or by contract with third parties, or any combination thereof.

Administrative Expenses
The administrative expenses to be funded by CFD No. 2025-01 include the direct and indirect expenses incurred by the City in carrying out its duties with respect to CFD No. 2025-01 (including, but not limited to, the levy and collection of the special taxes) including the fees and expenses of attorneys, any fees of the County related to CFD No. 2025-01 or the collection of special taxes, an allocable share of the salaries of the City staff directly related thereto and a proportionate amount of the City's general administrative overhead related thereto, any amounts paid by the City from its general fund with respect to CFD No. 2025-01 or the services authorized to be financed by CFD No. 2025-01, and expenses 2294
City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 11 incurred by the City in undertaking action to foreclose on properties for which the payment of special taxes is delinquent, and all other costs and expenses of the City in any way related to CFD No. 2025-01.

Other
The incidental expenses that may be funded by CFD No. 2025-01 include, in addition to the expenses identified above, the payment or reimbursement to the City of all costs associated with the establishment and administration of CFD No. 2025-01.
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City of Eastvale
Community Facilities District No. 2025-01 (Limonite) Page 12

ATTACHMENT C

CITY OF EASTVALE
COMMUNITY FACILITIES DISTRICT NO. 2025-01
(LIMONITE)

MAP OF DEVELOPMENT AREAS
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Eastvale City CouncilJune 25, 2025

Eastvale City Council
June 25, 2025