Agenda packet, first session — Glendale City Council, October 11, 2022 (part 2 of 2)

City of Glendale
Salary Exhibit A ‐ Eff 10/09/2022 ‐ GMAP COLA Updates ‐ Pending Approval Salary Range Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Ste p 9 Step 10 6001 14,036.79 14,808.81 15,623.29 16,482.57 17,389.12 18,345.51 ‐ ‐ ‐ ‐ 6002 12,482.37 13,168.90 13,893.19 14,657.32 15,463.47 16,313.96 ‐ ‐ ‐ ‐ 6003 16,693.93 17,612.10 18,580.76 19,602.70 20,680.85 21,818.29 ‐ ‐ ‐ ‐ 6004 15,105.12 15,935.90 16,812.37 17,737.05 18,712.59 19,741.79 ‐ ‐ ‐ ‐ 6005 13,431.15 14,169.87 14,949.21 15,771.42 16,638.84 17,553.98 ‐ ‐ ‐ ‐ 6100 7,302.93 7,697.03 8,112.15 8,550.39 9,011.75 9,498.33 ‐ ‐ ‐ ‐ 6101 8,000.75 8,401.16 8,821.53 9,262.92 9,726.38 10,212.96 ‐ ‐ ‐ ‐ 6102 8,664.94 9,063.24 9,480.46 9,916.60 10,372.70 10,849.83 ‐ ‐ ‐ ‐ 6103 8,747.96 9,150.47 9,571.89 10,012.23 10,472.54 10,953.87 ‐ ‐ ‐ ‐ 6104 8,296.06 8,743.76 9,215.63 9,713.77 10,238.19 10,790.98 ‐ ‐ ‐ ‐ 6105 9,005.44 9,455.24 9,928.16 10,424.20 10,945.46 11,493.00 ‐ ‐ ‐ ‐ 6106 9,710.62 10,244.49 10,807.79 11,402.62 12,030.02 12,692.11 ‐ ‐ ‐ ‐ 6107 10,429.45 10,961.23 11,520.32 12,107.79 12,725.74 13,375.22 ‐ ‐ ‐ ‐ 6108 7,302.93 7,697.03 8,112.15 8,550.39 9,011.75 9,498.33 ‐ ‐ ‐ ‐ 6109 8,000.75 8,401.16 8,821.53 9,262.92 9,726.38 10,212.96 ‐ ‐ ‐ ‐ 6110 8,664.94 9,063.24 9,480.46 9,916.60 10,372.70 10,849.83 ‐ ‐ ‐ ‐ 6111 8,747.96 9,150.47 9,571.89 10,012.23 10,472.54 10,953.87 ‐ ‐ ‐ ‐ 6112 8,296.06 8,743.76 9,215.63 9,713.77 10,238.19 10,790.98 ‐ ‐ ‐ ‐ 6113 9,005.44 9,455.24 9,928.16 10,424.20 10,945.46 11,493.00 ‐ ‐ ‐ ‐ 6114 9,710.62 10,244.49 10,807.79 11,402.62 12,030.02 12,692.11 ‐ ‐ ‐ ‐ 6115 10,429.45 10,961.23 11,5 20.32 12,107.79 12,725.74 13,375.22 ‐ ‐ ‐ ‐ 6200 6,445.37 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 7000 15,748.88 16,614.32 17,529.52 18,494.49 19,511.53 20,487.10 ‐ ‐ ‐ ‐ 7001 14,349.37 15,140.17 15,972.81 16,850.69 17,777.27 18,666.14 ‐ ‐ ‐ ‐ 7002 12,072.16 12,737.30 13,437.55 14,176.27 15,256.75 16,019.59 ‐ ‐ ‐ ‐ 7100 7,356.36 7,762.21 8,188.50 8,638.69 9,112.79 9,615.23 ‐ ‐ ‐ ‐ 7101 9,476.51 9,999.49 10,548.50 11,129.41 11,741.07 12,386.86 ‐ ‐ ‐ ‐ 7102 5,771.00 6,078.00 6,417.00 6,782.00 7,154.00 7,540.00 ‐ ‐ ‐ ‐ 7200 7,356.36 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8000 15.00 15.83 16.70 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8001 16.54 17.45 18.41 19.42 ‐ ‐ ‐ ‐ ‐ ‐ 8002 24.13 25.46 26.86 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8003 35.00 ‐ ‐ ‐ ‐ 113.58 ‐ ‐ ‐ ‐ 8004 18.25 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8005 23.65 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8006 16.00 16.88 17.81 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8007 18.25 19.25 20.31 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8008 15.58 16.44 17.34 18.29 ‐ ‐ ‐ ‐ ‐ ‐ 8009 15.00 ‐ ‐ ‐ ‐ 34.99 ‐ ‐ ‐ ‐ 8010 11.34 11.96 12.61 13.31 14.04 14.82 ‐ ‐ ‐ ‐ 8011 16.40 17.29 18.27 19.25 20.24 21.49 ‐ ‐ ‐ ‐ 8012 15.09 16.67 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8013 15.00 15.83 16.70 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8014 16.25 17.14 18.09 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8015 18.54 19.56 20.64 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8016 21.15 22.31 23.54 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8017 15.00 15.83 16.70 17.61 18.58 19.60 ‐ ‐ ‐ ‐ 8018 15.58 16.44 17.34 18.29 ‐ ‐ ‐ ‐ ‐ ‐ 8019 27.53 29.04 30.64 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8021 15.00 15.83 16.70 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8022 17.11 18.05 19.04 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8023 19.52 20.59 21.73 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8024 22.27 23.49 24.79 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8026 34.13 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8027 15.03 15.86 16.73 17.65 18.62 ‐ ‐ ‐ ‐ ‐ 8028 17.11 18.05 19.04 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8029 19.52 20.59 21.73 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8031 15.00 15.83 16.70 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8033 18.00 18.99 20.03 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8039 15.00 ‐ ‐ ‐ ‐ 34.99 ‐ ‐ ‐ ‐ 9/21/2022 Page 11 of 11
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Item Type: Action Item

Approved for October 11, 2022 calendar

AGENDA ITEM

CITY OF GLENDALE, CALIFORNIA

REPORT TO THE CITY COUNCIL

Report: City of Glendale Investment Policy

1. Resolution adopting the City Investment Policy for Fiscal Year 2022-2023

COUNCIL ACTION

EXECUTIVE SUMMARY
The City Treasurer presents for Council review and acceptance the Investment Policy of the City for Fiscal Year 2022-2023.

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COUNCIL PRIORITIES
N/A

RECOMMENDATION
The City Treasurer’s Office recommends that City Council review and adopt the City Investment Policy for Fiscal Year 2022-2023.

BACKGROUND
Annually, the Glendale City Treasurer is required to present the annual Investment Report to the Council in a public meeting and any recommended changes to the Investment Policy, which was last approved in September of 2021.

ANALYSIS
There are no proposed changes to the City Investment Policy.

STAKEHOLDERS/OUTREACH
N/A

FISCAL IMPACT
No Fiscal Impact.

ENVIRONMENTAL REVIEW (CEQA/NEPA)
This item is considered a ministerial activity and therefore, not subject to CEQA review.

CAMPAIGN DISCLOSURE
This item is exempt from campaign disclosure requirements.

ALTERNATIVES
Alternative 1: Council adopts current Investment Policy. Alternative 2: Council recommends changes to Investment Policy. Alternative 3: The City Council may consider any other alternative not proposed by staff.

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ADMINISTRATIVE ACTION

Prepared by:

Araz Khodabakhshi, Treasury & Investment Services Operations Specialist

Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS
Investment Policy of the City of Glendale
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RESOLUTION NO. __________________

RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE, CALIFORNIA

APPROVING THE INVESTMENT POLICY FOR THE CITY TREASURER

IN THE INVESTMENT OF CITY FUNDS
WHEREAS, the Council of the City of Glendale has previously adopted an Investment Policy for the City Treasurer in the Investment of City Funds; WHEREAS, it is in the best interest of the City from time to time to review, revise, and if necessary, readopt the Investment Policy; and
WHEREAS, both the City Treasurer and Investment Policy Advisory Committee have determined that a revision to the policy is appropriate to better diversify the Investment Policy of the City of Glendale.

NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE, CALIFORNIA:

SECTION 1.The Investment Policy of the City of Glendale, as revised and dated October 11, 2022, is hereby approved and adopted as the Investment Policy of the City of Glendale.

SECTION 2.The City Treasurer shall retain a copy of the Investment Policy in the office of the City Treasurer.

Adopted this 11th day of October , 2022. _________________________________
Mayor
ATTEST:
_______________________
City Clerk
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STATE OF CALIFORNIA )

COUNTY OF LOS ANGELES ) SS

CITY OF GLENDALE )
I, SUZIE ABAJIAN, Ph.D., City Clerk of the City of Glendale, do hereby certify that the foregoing Resolution No. ___________ was adopted by the Council of the City of Glendale, California, at a regular meeting held on the 11th day of October , 2022, by the following vote:

Ayes:

Noes:

Absent:

Abstain:
________________________
City Clerk
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INVESTMENT POLICY OF THE CITY OF GLENDALE, CALIFORNIA
October 2022
SECTION 1. PURPOSE
The purpose of this policy statement is to set forth the investment and operational policies for the management of the public funds of the City of Glendale, California. These policies have been adopted by, and can be changed only by, a majority vote of the City Council.

These policies are designed to ensure the prudent management of public funds, the availability of operating and capital funds when needed, and an investment return competitive with those of comparable funds and financial market indexes.

A copy of this statement will be provided to all investment dealers and investment managers doing business with the City of Glendale, and will be provided to other interested parties on request. Receipt of this policy, including confirmation that it has been reviewed by persons dealing directly with the City of Glendale’s account will be received prior to any organization providing investment services to the City of Glendale.

SECTION 2. STATUTORY AUTHORITY
City of Glendale Charter (Article XI, Section 2) provides that “The City Treasurer shall receive and safely keep and pay out as directed in this Charter all moneys belonging to the city and all moneys received by or coming in to the hands of any officer, board, department or employee of the city and shall keep an exact account of receipts and disbursement.” California State Government Codes Section 53607 and 53608 provide the authority for the legislative body of the local agency to invest the funds of the local agency or to delegate the full responsibility to the treasurer of the local agency. As per Resolution No. 16,949, dated 14 September 1971, the elected City Treasurer of the City of Glendale is authorized to invest and reinvest City funds and to sell or exchange securities so purchased.

SECTION 3. ORGANIZATION
The organization of the investment functions of the City of Glendale shall consist of the City Council, the City Treasurer and an Investment Policy Advisory Committee. The responsibilities of these groups are as follows:

1. The City Council
This group is the elected body responsible for the administration and investment of the investment assets of the City of Glendale. To assist them in discharging their responsibilities, the City Council shall supervise the actions of the elected City Treasurer as chair of the Investment Policy Advisory Committee. 220 of 307

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SECTION 3. ORGANIZATION (Continued)

2. The Elected City Treasurer
The elected City Treasurer is the investment officer of the City of Glendale and is granted full authority and responsibility by the City Council in the purchase, sale, assignment, exchange and transfer of securities and for the safe custody of security holdings, subject to Council policies, rules, regulations and directives consistent with regulatory and statutory limitations. In the absence of the City Treasurer, the Deputy City Treasurer shall perform the duties of investment as directed by the City Treasurer. The City Charter provides for the replacement of the elected City Treasurer in case of death or permanent disability.

3. The Investment Policy Advisory Committee
The Investment Policy Advisory Committee is presently composed of seven (7) members: The elected City Treasurer as chairperson, the City Manager or his/her designee, the Director of Finance and Administrative Services, the Internal Auditor, a Department Head designated by the City Manager, a City Attorney representative, and a citizen representative. The committee reviews the monthly reports presented to the City Council and confers with the City Treasurer if there are any concerns that need to be addressed. (See Committee Charter for further information concerning the duties of the committee.) SECTION 4. INVESTMENT PHILOSOPHY
Except where specifically directed by the State Constitution, statutes, or regulations, the general investment policies of the City of Glendale will be guided by the “prudent investor” rule. Those with investment responsibility for public funds are fiduciaries and, as such, “shall exercise the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds,” considering probable safety of their capital first as well as probable income. Public funds for the City of Glendale will be pooled for maximum investment objective. This policy is applicable, but not limited to all funds listed below:

General Fund Monies
Electric Funds Monies (not Bonds)
Water Fund Monies (not Bonds)
Capital Outlay Fund
Sewer Funds
Refuse Fund
Redevelopment Bonds, Bond reserve funds, deferred compensation and retirement funds are directed by the Director of Finance and Administrative Services via Trust Agents. 221 of 307

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SECTION 5. INVESTMENT OBJECTIVES
The investment objective is as follows:
a. Objective - The primary investment objectives of this portfolio are preservation of principal and liquidity; income or yield is a SECONDARY objective.
b. Risk tolerance - Because most of the principal of the fund will be paid out over the course of the fiscal year, volatility of principal is not permitted. Financial risk is not acceptable, and because of the short investment time horizon of the funds, exposure to interest rate risk and purchasing power risk will be minimal.
c. Rate of return - The annual time-weighted rate of return of this portfolio should at least meet the annual total return on three-month Treasury bills.
d. ESG Responsibilities - In addition to and subordinate to the Safety, Liquidity, and Yield investment objectives, investments that support sound environmental, social and governance (ESG) objectives are also considered. Investments in entities that support these objectives through practices that emphasize the following:
 Environmental consideration such as Climate Change, Carbon Emissions, Air and Water Pollution, Deforestation and Energy Efficiency.
 Social Considerations such as Community Relations, Diversity, Labor Standards and specifically Human Rights.
 Governance considerations such as Board Composition, Corruption and Lobbying that does not aligns with the city’s ESG policy.

There is no one specific and exhaustive list of ESG issues that should be considered, the specifics above are a baseline, and additional issues should be considered from a moral and ethical perspective. Specific issues that will be considered include refraining from investments in entities that engage in direct production and/or drilling of fossil fuels, entities that lobby and deny the Holocaust and Genocide and entities that discriminate based on race, color, religion, sex (including gender identity, sexual orientation) national origin, age or disability.

SECTION 6. INVESTMENT POLICY GUIDELINES
Prohibited Investments include:
a. Loans with an agreement for the collateral to be repurchased by the borrower (repurchase agreements from the perspective of the public body).
b. Futures and options for the sole purpose of hedging interest rate risk. c. Purchases on margin or short sales.
d. Derivative securities that are, in effect, a leveraged bet on future movements of interest rates or some price index. Collateralized Mortgage Obligations (CMO’s), because of their complexity and prepayment rate uncertainty.
e. Lending securities with an agreement to buy them back after a stated period of time (reverse repurchase agreements from the perspective of the public body). 222 of 307

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SECTION 7. EXECUTIONS

The responsibility for the execution of security transactions shall rest with the elected City Treasurer and/or his/her designated deputy/staff. The selection of the broker-dealer/securities trader shall be on a best execution basis as determined by the City Treasurer.

Security orders shall be placed on the basis of accepted investment practices. A periodic review of the capital adequacy of institutions shall be undertaken by the elected City Treasurer.

Receipts for the confirmation of trades of authorized securities will include information on trade date, par value, maturity, interest rate, price, yield, settlement date, description of securities purchased, agency’s name, amount due, and third-party custodial information. Confirmations will be received within three business days after the trade.

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SECTION 8. PERSONAL CONDUCT

The City Council of the City of Glendale is acutely aware of the responsibilities that the staff has in administering the investment assets of the City of Glendale. Therefore, the integrity of the staff and all others involved in making investment decisions must be unquestioned.

Members of the City Council, the City Manager, Department Heads, members of the investment staff, members of the Investment policy Committee and other city committees or commissions may not have a direct or indirect interest in or gains or profits of any investment made by the City of Glendale and may not receive any pay or emolument for services other than as designated compensation and authorized expenses.

City of Glendale’s assets shall be governed in their personal investment activities by the codes of conduct established by the applicable state statutes, the National Association of Securities Dealers (NASD), and the Securities and Exchange Commission (SEC), and the code of Ethics and Standards of professional conduct of the Association for Investment Management and Research.

All persons responsible for investment decisions or who are involved in the management of the City of Glendale’s assets are prohibited from accepting invitations to functions if the cost is borne by the brokers or dealers, corporations, or the system local clearing banks. Exceptions to this rule are invitations that have been extended to other members of the investment community and are made for the express purpose of presenting topics pertinent to the investment of the City of Glendale’s assets.

SECTION 9. REPORTING REQUIREMENTS

A. Monthly

The City Treasurer shall submit a written monthly investment report to the City Council, the City Manager, the Investment Policy Advisory Committee, the Director of Finance and Administrative Services, the Internal Auditor, and the General Accounting Section.

Items required in that report include:

 Type of Investment
 Name of Issuer
 Date of Purchase
 Date of Maturity
 Cost of security or amount of deposit
 Par Value
 Market Value
 Book Value
 Effective Rate of Return
 Accrued Interest
 Average maturity
 All investment transactions
 Statement relating that the report adheres to the current investment policy  Statement that there are sufficient funds to meet the next six month obligations

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SECTION 9. REPORTING REQUIREMENTS (continued)

B. Quarterly

The City Treasurer shall submit a written quarterly investment report to the City Council. The detailed monthly investment report satisfies as the quarterly report. Distribution as indicated in Section 9A of this policy.

C. Annually

Annually the City Treasurer shall appear before the City Council to submit the annual investment report, which will include a review of the past year, and a general decision of strategies for the coming year.

SECTION 10. CASH AND INVESTMENT INSTRUMENTS

City active and inactive deposits may be kept in checking accounts and savings accounts at financial institutions as identified in California State Government Code Section 53648 provided that they are adequately secured with proper collateral as prescribed by Government Code Sections 53656 and/or 53658.

Funds may be automatically swept from the above accounts into investment instruments provided those investment instruments are allowable investments as listed in this section, and limited to the percentage of investment participation prescribed for each investment instrument.

Allowable investments for the portfolio of the City of Glendale are limited by California State Government Code Sections 53601 et seq.; 53635. They are further restricted by the City Treasurer’s investment strategy. Percentages of Investment Participation and percentages of Maximum Participation apply at the time of purchase. Purchase transactions may not exceed $10,000,000, nor exceed five-year maturities.

Exceptions can only be approved by City Council. The investment instruments and percentage of participation permitted by this policy are:

 U.S. Treasury Securities

United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest.

Maximum Maturity: 5 Years

Investment Participation: 100%
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SECTION 10. CASH AND INVESTMENT INSTRUMENTS (continued)

 Federal Agencies Securities

Obligations issued by banks for cooperatives, federal land banks, federal intermediate credit banks, federal home loan banks, the Federal Home Loan Bank Board, the Tennessee Valley Authority, or in obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the Federal National Mortgage Association; or in guaranteed portions of Small Business Administration notes; or in obligations, participations, or other instruments of, or issued by, a federal agency or United States government-sponsored enterprise.

Maximum Maturity: 5 Years

Investment Participation: 100%

 State of California and California Local Agencies

Registered California warrants, treasury notes or bonds of this state, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled or operated by the state or by a department, board, agency, or authority of the state.

Bonds, notes, warrants or other evidences of indebtedness of any local agency within California including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the local agency, or by a department, board, agency, or authority of the local agency. Investments under this section must be rated “A” or better by a nationally recognized rating service.

Investment Participation: 15%

Maximum Exposure: 5% per Issuer

 Obligations of Other States

Registered treasury notes or bonds of any of the other 49 states, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states.

Investment Participation 10%

Maximum Exposure 5% per Issuer

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SECTION 10. CASH AND INVESTMENT INSTRUMENTS (continued)

 Medium Term Notes

Medium term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Notes eligible for investment under this subsection must be rated “A+” or better by a nationally recognized rating service.

If the credit rating of a security falls below the “BBB” grade, it must be sold and removed from the City Portfolio unless the City Council approves the City Treasurer’s recommendation that the security should be retained. City Treasurer will monitor and report status of such security to City Council at each Quarterly Review.

Maximum Maturity: 5 Years

Investment Participation: 30%

Maximum Exposure: 5% per Issuer

 Commercial Paper

Commercial Paper ranked A-1, P-1, F-1 by one of the major rating agencies and issued by a domestic corporation having assets in excess of $500,000,000 and having an “A” or better rating on its long term debentures as determined by a recognized national rating agency.

Maximum Maturity: 270 Days

Investment Participation: 25%

Credit Requirement A-1, P-1, F-1 (Per Moody’s/ S & P/ Fitch)

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SECTION 10. CASH AND INVESTMENT INSTRUMENTS (continued)

 Bankers’ Acceptances-Domestic/Foreign

Bills of exchange or time drafts drawn on and accepted by a commercial bank, typically created from a letter of credit issued in a foreign trade transaction. Eligibility is limited to U.S. banking corporations.

Maximum Maturity: 180 Days

Investment Participation: 30%

Maximum Exposure: 10% per bank

Credit Requirement: A-1, P-1, F-1 (Per Moody’s / S&P/ Fitch)

 Time Deposits (FDIC Insured or Collateralized Certificates of Deposits)

Time deposits, non-negotiable and collateralized in accordance with the California Government Code, may be purchased through banks or savings and loan associations. No more than 10% of the investment portfolio may be invested in this investment instrument.

Maximum Maturity: 1 Year

Investment Participation: 10%

Maximum Exposure: 5% per Issuer

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SECTION 10. CASH AND INVESTMENT INSTRUMENTS (continued)

 Negotiable Certificates of Deposit

Negotiable certificates of deposit issued by a nationally or state-chartered bank, a savings association or a federal association, a state or federal credit union, or by a state-licensed branch of a foreign bank.

Purchases of negotiable certificates of deposit may not exceed 30 percent of the agency’s money which may be invested pursuant to this section.

Maximum Maturity: 1 Year

Investment Participation: 30%

Maximum Exposure: 5% per Issuer

Credit Requirement: A-1, P-1, F-1 (Per Moody’s / S&P/ Fitch)

 Money Market Mutual Funds

California Government Code Section 53601 (k) permits public agencies to invest 20% of their portfolio in mutual funds or money market. The City chooses to use money market mutual funds as described in California Government Code Section 53601 (k) (2), to the exclusion of other types of mutual funds. Money market funds are limited to a maximum dollar-weighted average maturity of 90 days; each investment must have a remaining maturity of thirteen months or less at time of purchase; and the fund must strive to maintain a constant net asset value of $1.00. These restrictions are designed to protect assets from a loss in value that can result from substantial increases in interest rates.

The California Government Code Section 53601 (k) (2) permits public agencies to invest in “shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1, et seq.) as long as the company shall have met either of the following criteria:
(A) Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations or (B) Retained an investment advisor registered or exempt from registration with the Securities and Exchange Commission with no less than five years’ experience investing in the securities and obligations authorized by subdivisions (a) to (j), inclusive, or subdivisions (m) or (n) and with assets under management in excess of five hundred million dollars ($500,000,000).

Investment Participation: 20 %

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SECTION 10. CASH AND INVESTMENT INSTRUMENTS (continued)  LAIF (Local Agency Investment Fund), State of California Investment Pool A pooled investment fund managed by the State Treasurer’s Office, which operates like a money market fund for the exclusive benefit of governmental entities within California.

Investment Participation: Maximum (Set by LAIF)
(Currently, $75 MM per account)
 Los Angeles County Treasury Pool
A pooled investment fund managed by the Los Angeles County Treasurer’s Office, which operates like a money market fund for the exclusive benefit of governmental entities within Los Angeles County.

Investment Participation: 10%
SECTION 11. INTERNAL CONTROLS
A system of internal controls will be maintained to assure compliance with Federal and State regulations, city council direction, and prudent cash management procedures.

1. Investment Policy Advisory Committee Review. Quarterly review of procedure and adherence to this Investment Policy will be performed.

2. Separation of Duties. Every care will be taken to ensure that investment duties will be conducted according to this policy. Reporting of the investment transactions will be conducted by the Deputy City Treasurer within the investment tracing system. All transactions, interest received, etc. will be submitted to the Director of Finance and Administrative Services. Additionally, the internal Audit Department will receive monthly reports for their review.

3. Annual Audit. There will be an annual audit conducted by an independent outside auditing firm to ensure compliance with all regulations and the investment policy of the city.

SECTION 12. AUTHORIZED FINANCIAL INSTITUTIONS AND DEALERS The elected City Treasurer shall maintain a list of qualified institutions and dealers who provide investment services and are located in the State of California. Qualified institutions and dealers are defined as “primary” dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by California law.
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All financial institutions and dealers seeking to become a provider of investment services with the City of Glendale will be considered. The financial institution(s) and/or dealer(s) will provide audited financial statements, proof of National Association of Security Dealers certification, trading resolution, proof of state of California registration, completed authorization to trade agreement and signed statement of having read and agreeing to comply with the City of Glendale’s investment policy BEFORE THEY WILL BE CONSIDERED. The City Treasurer will accept and review proposals from financial institutions and/or dealers on an ongoing basis.

SECTION 13. RISK TOLERANCE
The City of Glendale recognizes that investment risks can result from issuer defaults, market price changes or various technical complications leading to temporary illiquidity. Portfolio diversification is employed as a way to control risk. The City Treasurer is expected to display prudence in the selection of securities as a way to minimize default risk. No individual investment transaction shall be undertaken which jeopardizes the total capital position of the overall portfolio. The Treasurer shall periodically establish guidelines and strategies to control risks of default, market price changes and illiquidity.

The City Treasurer (as investment officer), acting in accordance with written policies and the “prudent investor” standard and exercising due diligence, shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided that substantial deviations from expectations are reported by the Treasurer to the City Council within three days of discovery. Mutually agreeable remedial action will be taken by the Treasurer and reported at the next Investment Policy Advisory Committee meeting.

It is explicitly recognized that in a diversified portfolio, occasional measured losses may occur, and must be considered within the context of overall investment return.

SECTION 14. SAFEKEEPING
Securities purchased from broker/dealers should be held in a third party custodian/safekeeping account.

Said securities should be held in a manner that establishes the governmental entity’s right of ownership.

SECTION 15. STATEMENT OF INVESTMENT POLICY
The investment policy shall be reviewed annually by the Investment Policy Advisory Committee, and submitted to the City Council on an annual basis with or without changes. 231 of 307

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APPENDIX A

GLOSSARY
AGENCIES: Federal agency securities
BANKERS’ ACCEPTANCES: A draft or Bill of Exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer.

BROKER: A broker brings buyers and sellers together for a commission paid by the initiator of the transaction or by both sides; he does not position. In the money market, brokers are active in markets in which banks buy and sell money and in interdealer markets.

COLLATERAL: Securities, evidence of deposit or other property which a borrower pledges to secure repayment of a loan. Also refers to securities pledges by a bank to secure deposits of public monies.

CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate.

Large denomination CD’s are typically negotiable.

COUPON: The annual rate of interest that a bond’s issuer promises to pay the bondholder on the bond’s face value. A certificate attached to a bond evidencing interest due on a payment date.

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

DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipts (also called free). Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipts is delivery of securities with an exchange of signed receipt for the securities.

DEBENTURES: A bond secured only by the general credit of the issuer.

DISCOUNT: The difference between the cost price of a security and its value at maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount.

DISCOUNT SECURITIES: Non-interest bearing money market instruments that are issued at discount and redeemed at maturity for full face value, e.g. U.S. Treasury bills.

DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns.

FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply credit to various classes of institutions and individuals, e.g. S & L’s, small business firms, students, farmers, farm cooperatives, and exporters.

FEDERAL FUNDS RATE: The rate of interest at which Federal funds are traded. This rate is currently pegged by the Federal Reserve through open-market operations.

FEDERAL DEPOSIT INSURANCE COPRORATION (FDIC): A federal agency that insures bank deposits, currently up to $250,000. Per depositor.
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14 14

APPENDIX A
GLOSSARY (continued)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA): FNMA like GNMA, was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working under the auspices of the Department of Housing & Urban Development, H.U.D. It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder-owned corporation. The corporation’s purchases include a variety of adjustable mortgages and second loans in addition to fixed-rate mortgages. FNMA’s securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: (GNMA or Ginnie Mae): Securities guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loans associations and other institutions. Security holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are backed by FHA, VA or FMHM mortgages. The term pass-throughs is often used to describe Ginnie Maes.

LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes.

LOCAL AGENCY INVESTMENT FUND (LAIF): Funds from local governmental units may be remitted to the California State Treasurer for deposit in this special fund for the purpose of investment.

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

MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase – reverse repurchase agreements that establishes each party’s rights in the transactions. A master agreement will often specify, among other things, the right of the buyer-lender to liquidate the underlying securities in the event of default by the seller-borrower.

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

MONEY MARKET: The market in which short-term debt instruments (bills, commercial paper, bankers’ acceptances, etc.) are issued and traded.

PORTFOLIO: Collection of securities held by an investor.

PRIMARY DEALER: A group of government securities dealers that submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) registered securities broker-dealers, banks, and a few unregulated firms.

RATE OF RETURN: The yield obtainable on a security based on its purchase price of its current market price. This may be the amortized yield to maturity on a bond or the current income return. 233 of 307

15 15

APPENDIX A
GLOSSARY (continued)
REPURCHASE AGREEMENT (RP or REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. The security “buyer” in effect lends the “seller” money for the period of the agreement, and the terms of the agreement are structured to compensate him for this. Dealers use RP extensively to finance their positions. Exception:

When the Federal Reserve Bank is said to be doing RP, it is lending money, that is, increasing bank reserves.

SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the banks’ vaults for protection.

SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution.

SEC RULE 15C3-1: See uniform net capital rule.

SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect investors in securities transactions by administering securities legislation.

TREASURY BILLS: A non-interest bearing security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three month, six month, or one year.

TREASURY NOTES: Intermediate term coupon bearing U.S. Treasury securities having initial maturities of from one to ten years.

YIELD: The rate of annual income return on an investment, expressed as a percentage. a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond.

UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker-dealers in securities maintain a maximum ratios of indebtedness to liquid capital of 15 to 1: also called net capital rule and net capital ratio. Indebtedness covers al money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.
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16 16

APPENDIX B
Guidelines
The City Treasurer, as the investment officer of the city, utilizes many tools to perform the duties vested in that position.

Some of those tools include:

The Treasurers’ Handbook issued by the California Municipal Treasurers’ Association (CMTA) The California State Government Code Secs. 53600 et seq.

The Public Investor issued by the Government Finance Officers’ Association (GFOA) TRACKER Portfolio Accounting & Reporting. This is a web-based portfolio accounting and reporting investment tool for institutional investors.

BLOOMBERG L.P. This tool provides financial software tools, such as analytics and equity trading platform, data services, and news to financial companies and organizations.

Annual conferences of the California Municipal Treasurers’ Association (CMTA) and Government Investment Officers Association (GIOA). These conferences keep the treasurers current on legislation by way of monthly bulletins.

Investing Public Funds a publication by Girard Miller obtained through the Government Finance Officers’ Association (GFOA).

These tools are referred to on a frequent basis by both the City Treasurer and the Deputy City Treasurer.

They should be considered the “bibles” of investing by anyone involved in that duty.

There are many other reference books available in the Treasurer’s office for utilization in case of a short- term (or long-term) absence of the elected City Treasurer. 235 of 307

8c
Item Type: Action Item

Approved for October 11, 2022 calendar

AGENDA ITEM

CITY OF GLENDALE, CALIFORNIA

REPORT TO THE CITY COUNCIL

Report: Report: City Treasurer’s Annual Review of the City Portfolio

1. Motion accepting Report for Fiscal Year ending June 30, 2022

COUNCIL ACTION

EXECUTIVE SUMMARY

The City Treasurer presents for Council review and acceptance the Annual Report of the City Portfolio for the fiscal year ending June 2022.
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2 8c

COUNCIL PRIORITIES
N/A

RECOMMENDATION
The City Treasurer’s Office recommends that City Council review and accept the City Treasurer’s annual report of the City Portfolio for fiscal year 2021-2022.

ANALYSIS
Key statistics for the City Portfolio for the past year: The Portfolio totaled $974 million, up $199 million from last year; the Portfolio rate of return ended at 1.74% (with a 12-month average of 1.49%), up 28 basis points from 1.46% the previous year. Interest earnings totaled $11.7 million, down $1.1 million from $12.8 million last year.

STAKEHOLDERS/OUTREACH
N/A

FISCAL IMPACT
No Fiscal Impact.

ENVIRONMENTAL REVIEW (CEQA/NEPA)
This item is considered a ministerial activity and therefore, not subject to CEQA review.

CAMPAIGN DISCLOSURE
This item is exempt from campaign disclosure requirements.

ALTERNATIVES
Alternative 1: Council to file the report. Alternative 2: The City Council may consider any other alternative not proposed by staff.

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3 8c

ADMINISTRATIVE ACTION

Prepared by:

Araz Khodabakhshi, Treasury & Investment Services Operations Specialist

Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS

1. City Treasurer’s Annual Report As of June 30, 2022 2. June 2022 Monthly Report of City Investments

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C:\INETPUB\WWWROOT\MULTITENANT\TEMP\CC_10112022_MOTION_8C1.PDF MOTION
Moved by Council Member , seconded by Council Member , that the City Treasurer’s Annual Investment Report for the Fiscal Year ending June 30, 2022, outlining a review of the investment portfolio, is hereby accepted.

Vote as Follows:

Ayes:

Noes:

Absent:

Abstain:
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C
ity Treasurer’s Annual Report
As of June 30,
2022
Rafi Manoukian CPA, MBA
City Treasurer
240 of 307

City Treasurer’s Office
Ø Functions:
v Investments
v Banking Relationship
v Trustee Responsibilities
Ø The City Treasurer’s Office acts as the banker for the City and handles the City’s banking relationship which consists of contract administration, daily treasury management, and reconciliation of all bank accounts.

Ø The City Treasurer’s Office acts as Trustee of various City Street Improvement Bonds. Currently, all Street Improvement Bonds are retired.

Page 1 ends

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General Investment policies will be guided by the “Prudent Investor” rule, which states that those with investment responsibility “shall exercise the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds.”
Investment Objectives
1 – Preservation of Principal
2 – Ensuring Liquidity
3 – Yield
Risk Tolerance
Volatility of the Principal not Permitted.

Rate of Return
Should at least meet the annual total return on Three-Month Treasury Bills.

Investment Philosophy & Objectives

Page 3 ends

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EXHIBIT A
City & GRA/Successor Agency
Portfolio Holdings
(balances in 000’s)

Page 4 ends

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EXHIBIT B
Total City Investments and Cash
(balances in 000’s)

Page 5 ends

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EXHIBIT C
Asset Allocation

City Portfolio
June 2021 $774.5
June 2022 $974.3

Page 6 ends

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EXHIBIT D
Credit Ratings
(Long-Term Investments
)

Page 7 ends

AAA
AA+
AA
AA-
A+ A
A-
BBB+
45 40
35 30
25 20
15 10
5 0
AAA AA+ AA AA- A+ A A- BBB+
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
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EXHIBIT
E
Investment Maturities
Percentage of Portfolio

Page 8 ends

within 1 yr within 2 yrs within 3 yrs within 4 yrs within 5 yrs 0%
10%
20%
30%
40%
50%
60%

34.9%

11.1% 9.9%

17.7%

26.3%
FY-2021 FY-2022
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EXHIBIT F
Yield to Maturity (Quarterly)

Page 9 ends

6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22

0.00 0.20

0.40 0.60

0.80 1.00

1.20 1.40

1.60 1.80

2.00 2.20

2.40 2.60

2.80 3.00
City Rate of Return
Five Year T-Bills
Two Year T-Bills
Three Month T-Bills
City's Yield to Maturity vs. 3-mo, 2-yr, and 5-yr T-Bills 248 of 307

EXHIBIT G
End of Year Key Statistics

Page 10 ends

June
2013
June
2014
June
2015
June
2016
June
2017
June
2018
June
2019
June
2020
June
2021
June
2022
Portfolio @ Par
($ millions) $372.9 $381.5 $432.2 $583.7 $681.6 $713.5 $822.2 $775.4 $775.0 $974.0 Interest
Earnings
(YTM - $
millions) $2.3 $3.3 $3.9 $5.4 $7.4 $11.7 $14.6 $17.6 $12.8 $11.7 Rate of Return
(YTM) 0.70% 0.94% 1.20% 1.30% 1.61% 2.06% 2.36% 1.92% 1.46% 1.74% Weighted
Average
Maturity
(In Months) 21.3 22.7 25.2 19.7 23.9 24.9 22.6 15.9 18.4 27.7 249 of 307

EXHIBIT H
Yield Comparison of Surrounding Cities
(June 2022)

Page 11 ends

City of BurbankCity of GlendaleCity of Los Angeles
LA County Pooled Investment
City of PasadenaCity of TorranceCity of Ontario
City of Santa MonicaCity of Laguna BeachCity of Beverly Hills

1.90 1.80

1.70 1.60

1.50 1.40

1.30 1.20

1.10 1.00

0.90 0.80

0.70 0.60

0.50 0.40

0.30 0.20

0.10 0.00
250 of 307

Asset Category
Face Amount/Shares
Market Value
Book Value
% of Portfolio
YTM @ Cost
Days To Maturity
Corporate
180,126,000.00
175,298,144.13
180,302,399.24

18.57 2.45
775
Federal Agency Callable Bonds
272,950,000.00
255,439,012.55
272,825,646.01

28.10 1.30
1,447
Federal Agency Term Notes
67,375,000.00
66,885,967.49
67,864,418.57

6.99 2.45
623
LA County Pool
76,058,654.84
76,058,654.84
76,058,654.84

7.83 0.94
1 LAIF - City
64,000,000.00
64,000,000.00
64,000,000.00

6.59 0.75
1 LAIF - GFA
64,000,000.00
64,000,000.00
64,000,000.00

6.59 0.75
1 Obligations of Other States
66,795,000.00
64,319,727.35
66,562,610.33

6.86 2.41
1,048
State & Municipal Bonds
69,975,000.00
67,531,410.10
68,752,197.28

7.08 2.52
854
Treasury Notes
113,000,000.00
107,614,639.00
110,415,963.75

11.37 2.07
906
Total / Average
974,279,654.84
941,147,555.46
970,781,890.02
100.00

1.74 830
Date
City Treasurer Rafi Manoukian, CPA, MBA

This report reflects the complete City of Glendale Investment Portfolio. It is in full compliance with the City's Investment Policy. A copy of the investment policy is available in the office of the City Treasurer. The City Treasurer hereby certifies that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months.

CITY OF GLENDALE

Investment Report

Portfolio Summary

June 2022
07/25/22

Page 1 ends

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City of Glendale
Distribution
Group By: Asset Category
Average By: Face Amount/Shares
Portfolio / Report Group: City of Glendale
As of: 6/30/2022
Corporate 180,126,000.00 2.451 180,053,654.41 775 18.49 175,298,144.13 180,302,399.24 2.04 Federal Agency Callable Bonds 272,950,000.00 1.299 272,782,250.00 1,447 28.02 255,439,012.55 272,825,646.01 3.85 Federal Agency Term Notes 67,375,000.00 2.459 67,992,397.82 619 6.92 66,885,967.49 67,864,418.57 1.64 LA County Pool 76,058,654.84 0.940 76,058,654.84 1 7.81 76,058,654.84 76,058,654.84 0.00 LAIF - City 64,000,000.00 0.750 64,000,000.00 1 6.57 64,000,000.00 64,000,000.00 0.00 LAIF - GFA 64,000,000.00 0.750 64,000,000.00 1 6.57 64,000,000.00 64,000,000.00 0.00 Obligations of Other States 66,795,000.00 2.424 66,553,725.80 1,052 6.86 64,319,727.35 66,562,610.33 2.77 State & Municipal Bonds 69,975,000.00 2.535 68,892,066.15 868 7.18 67,531,410.10 68,752,197.28 2.31 Treasury Notes 113,000,000.00 2.069 110,057,378.89 910 11.60 107,614,639.00 110,415,963.75 2.45 TOTAL / AVERAGE 974,279,654.84 1.747 970,390,127.91 832 100 941,147,555.46 970,781,890.02 2.21 Asset Category Face
Amount/Shares
YTM @
Cost Cost Value Days To
Maturity
% of
Portfolio Market Value Book Value
Duration
To
Maturity

Page 2 ends

252 of 307

CUSIP/Ticker Description Settlement Date Maturity Date Cost Value Face Amount/Shares Market Value Book Value Bullet/Callable Coupon Rate YTM @ Cost Credit Rating 1 Credit Rating 2 % of Portfolio LAIF-CITY CA Local Agency Inv. Fund LGIP-Quarterly 6/30/2013 N/A 64,000,000.00 64,000,000.00 64,000,000.00 64,000,000.00 N/A 0.750 0.750 NR NR 6.57 LAIF-GFA CA Local Agency Inv. Fund LGIP-Quarterly 6/30/2013 N/A 64,000,000.00 64,000,000.00 64,000,000.00 64,000,000.00 N/A 0.750 0.750 NR NR 6.57 04 - LAIF$75 M (Set by LAIF) 128,000,000.00 128,000,000.00 128,000,000.00 128,000,000.00 0.750 0.750 13.14 LACPIF LA County Pool LGIP 6/30/2013 N/A 76,058,654.84 76,058,654.84 76,058,654.84 76,058,654.84 N/A 0.940 0.940 NR NR 7.81 05 - LA County Pool 10% 76,058,654.84 76,058,654.84 76,058,654.84 76,058,654.84 0.940 0.940 7.81 9128282P4 T-Note 1.875 7/31/2022 10/19/2017 7/31/2022 4,978,320.31 5,000,000.00 5,001,565.00 4,999,615.08 Bullet 1.875 1.970 Moodys-Aaa Fitch-AAA 0.51 912828L24 T-Note 1.875 8/31/2022 11/14/2017 8/31/2022 4,961,328.13 5,000,000.00 5,001,155.00 4,998,630.69 Bullet 1.875 2.045 Moodys-Aaa Fitch-AAA 0.51 912828TY6 T-Note 1.625 11/15/2022 1/16/2018 11/15/2022 4,844,140.63 5,000,000.00 4,986,330.00 4,987,806.92 Bullet 1.625 2.311 Moodys-Aaa Fitch-AAA 0.51 912828WE6 T-Note 2.75 11/15/2023 3/20/2019 11/15/2023 8,115,312.50 8,000,000.00 7,967,184.00 8,034,098.88 Bullet 2.750 2.420 Moodys-Aaa Fitch-AAA 0.82 91282CCG4 T-Note 0.25 6/15/2024 4/7/2022 6/15/2024 4,752,340.00 5,000,000.00 4,737,305.00 4,778,344.30 Bullet 0.250 2.592 Moodys-Aaa Fitch-AAA 0.51 9128286Z8 T-Note 1.75 6/30/2024 4/11/2022 6/30/2024 4,908,593.75 5,000,000.00 4,875,000.00 4,917,610.40 Bullet 1.750 2.602 Moodys-Aaa Fitch-AAA 0.51 912828Y87 T-Note 1.75 7/31/2024 4/1/2022 7/31/2024 4,924,218.75 5,000,000.00 4,870,510.00 4,932,223.81 Bullet 1.750 2.421 Moodys-Aaa Fitch-AAA 0.51 912828YM6 T-Note 1.5 10/31/2024 4/13/2021 10/31/2024 5,175,390.63 5,000,000.00 4,825,585.00 5,115,484.66 Bullet 1.500 0.501 Moodys-Aaa Fitch-AAA 0.51 91282CDH1 T-Note 0.75 11/15/2024 3/31/2022 11/15/2024 4,778,125.00 5,000,000.00 4,735,545.00 4,799,156.90 Bullet 0.750 2.508 Moodys-Aaa Fitch-AAA 0.51 91282CDN8 T-Note 1 12/15/2024 4/1/2022 12/15/2024 4,806,054.69 5,000,000.00 4,755,080.00 4,823,703.91 Bullet 1.000 2.491 Moodys-Aaa Fitch-AAA 0.51 91282CDS7 T-Note 1.125 1/15/2025 3/31/2022 1/15/2025 4,815,625.00 5,000,000.00 4,761,525.00 4,832,058.03 Bullet 1.125 2.500 Moodys-Aaa S&P-AA+ 0.51 91282CDS7 T-Note 1.125 1/15/2025 5/4/2022 1/15/2025 4,771,093.75 5,000,000.00 4,761,525.00 4,784,313.26 Bullet 1.125 2.900 Moodys-Aaa S&P-AA+ 0.51 91282CDZ1 T-Note 1.5 2/15/2025 5/4/2022 2/15/2025 4,812,500.00 5,000,000.00 4,800,195.00 4,822,998.53 Bullet 1.500 2.911 Fitch-AAA Moodys-Aaa 0.51 91282CAB7 T-Note 0.25 7/31/2025 2/9/2022 7/31/2025 4,769,140.63 5,000,000.00 4,586,720.00 4,794,811.90 Bullet 0.250 1.622 Moodys-Aaa Fitch-AAA 0.51 91282CAB7 T-Note 0.25 7/31/2025 3/16/2022 7/31/2025 4,712,109.38 5,000,000.00 4,586,720.00 4,736,859.10 Bullet 0.250 2.022 Moodys-Aaa Fitch-AAA 0.51 91282CAJ0 T-Note 0.25 8/31/2025 2/8/2022 8/31/2025 4,760,742.19 5,000,000.00 4,575,195.00 4,786,876.50 Bullet 0.250 1.641 Moodys-Aaa Fitch-AAA 0.51 91282CAJ0 T-Note 0.25 8/31/2025 3/16/2022 8/31/2025 4,705,859.38 5,000,000.00 4,575,195.00 4,730,526.24 Bullet 0.250 2.021 Moodys-Aaa Fitch-AAA 0.51 91282CAT8 T-Note 0.25 10/31/2025 2/9/2022 10/31/2025 4,748,242.19 5,000,000.00 4,553,320.00 4,774,343.55 Bullet 0.250 1.651 Moodys-Aaa Fitch-AAA 0.51 91282CBQ3 T-Note 0.5 2/28/2026 3/1/2021 2/28/2026 9,843,632.60 10,000,000.00 9,108,200.00 9,885,273.45 Bullet 0.500 0.820 Moodys-Aaa Fitch-AAA 1.03 91282CDQ1 T-Note 1.25 12/31/2026 1/11/2022 12/31/2026 4,935,546.88 5,000,000.00 4,620,705.00 4,941,583.81 Bullet 1.250 1.520 Moodys-Aaa None 0.51 91282CEN7 T-Note 2.75 4/30/2027 6/13/2022 4/30/2027 4,939,062.50 5,000,000.00 4,930,080.00 4,939,643.83 Bullet 2.750 3.020 Moodys-Aaa None 0.51 06 - Treasury Notes 100% 110,057,378.89 113,000,000.00 107,614,639.00 110,415,963.75 1.185 2.069 11.60 89236TCQ6 Toyota Motor Credit 2.8 7/13/2022 2/16/2018 7/13/2022 3,053,015.04 3,072,000.00 3,072,045.43 3,071,846.51 Bullet 2.800 2.950 Moodys-A1 S&P-A+ 0.32 89236TEC5 Toyota Motor Credit 2.15 9/8/2022 12/18/2017 9/8/2022 4,930,750.00 5,000,000.00 4,996,909.70 4,997,189.86 Bullet 2.150 2.462 Moodys-A1 S&P-A+ 0.51 037833DC1 Apple Inc 2.1 9/12/2022 9/22/2017 9/12/2022 4,964,850.00 5,000,000.00 4,996,301.90 4,998,567.68 Bullet 2.100 2.250 Moodys-Aaa S&P-AA+ 0.51 57629WBR0 Massmutual Global Funding 2.5 10/17/2022 2/9/2018 10/17/2022 1,080,343.00 1,100,000.00 1,099,483.73 1,098,747.74 Bullet 2.500 2.910 Moodys-Aa3 S&P-AA+ 0.11 57629WBR0 Massmutual Global Funding 2.5 10/17/2022 2/14/2018 10/17/2022 3,112,905.31 3,168,000.00 3,166,513.14 3,164,479.88 Bullet 2.500 2.900 Moodys-Aa3 S&P-AA+ 0.33 57629WBR0 Massmutual Global Funding 2.5 10/17/2022 1/18/2019 10/17/2022 2,186,977.50 2,250,000.00 2,248,943.99 2,244,978.47 Bullet 2.500 3.300 Moodys-Aa3 S&P-AA+ 0.23 594918BH6 Microsoft Corp 2.65 11/3/2022 11/3/2017 11/3/2022 5,079,694.80 5,000,000.00 4,996,447.50 5,005,499.20 Bullet 2.650 2.311 Moodys-Aaa S&P-AAA 0.51 166764AB6 Chevron Corp 2.355 12/5/2022 12/7/2017 12/5/2022 4,963,100.00 5,000,000.00 4,995,124.60 4,996,803.62 Bullet 2.355 2.513 Moodys-Aa2 S&P-AA- 0.51 931142DU4 Wal-Mart Stores Inc 2.35 12/15/2022 12/15/2017 12/15/2022 4,988,070.00 5,000,000.00 4,994,044.25 4,998,902.39 Bullet 2.350 2.400 Moodys-Aa2 S&P-AA 0.51 037833DE7 Apple Inc 2.4 1/13/2023 1/12/2018 1/13/2023 4,939,200.00 5,000,000.00 4,991,360.90 4,993,444.12 Bullet 2.400 2.660 Moodys-Aaa S&P-AA+ 0.51 037833BU3 Apple Inc 2.85 2/23/2023 4/24/2018 2/23/2023 4,935,350.00 5,000,000.00 4,994,971.10 4,991,287.26 Bullet 2.850 3.140 Moodys-Aaa S&P-AA+ 0.51 30231GAR3 Exxon Mobil Corp 2.726 3/1/2023 3/1/2018 3/1/2023 1,977,468.00 2,000,000.00 1,998,454.64 1,996,989.15 Bullet 2.726 2.970 Moodys-Aa2 S&P-AA- 0.21 084670BR8 Berkshire Hathaway Inc 2.75 3/15/2023 3/15/2018 3/15/2023 4,942,361.35 5,000,000.00 4,988,266.15 4,991,856.09 Bullet 2.750 2.999 Moodys-Aa2 S&P-AA 0.51 931142DH3 Walmart Inc 2.55 4/11/2023 4/11/2018 4/11/2023 4,887,145.00 5,000,000.00 4,997,758.80 4,982,385.72 Bullet 2.550 3.040 Moodys-Aa2 S&P-AA 0.51 931142DH3 Walmart Inc 2.55 4/11/2023 3/23/2020 4/11/2023 5,031,000.00 5,000,000.00 4,997,758.80 5,007,930.88 Bullet 2.550 2.338 Moodys-Aa2 S&P-AA 0.51 594918AT1 Microsoft Corp 2.375 5/1/2023 5/24/2018 5/1/2023 1,927,240.00 2,000,000.00 1,991,333.28 1,987,691.74 Bullet 2.375 3.177 Moodys-Aaa S&P-AAA 0.21 931142EK5 Walmart Inc 3.4 6/26/2023 1/4/2019 6/26/2023 5,061,230.00 5,000,000.00 5,009,882.60 5,013,527.56 Bullet 3.400 3.105 Moodys-Aa2 S&P-AA 0.51 742718EB1 Proctor & Gamble 3.1 8/15/2023 9/12/2018 8/15/2023 4,580,708.50 4,583,000.00 4,600,011.55 4,582,476.19 Bullet 3.100 3.111 Moodys-Aa3 S&P-AA- 0.47 89236TFN0 Toyota Motor Credit 3.45 9/20/2023 10/10/2018 9/20/2023 4,968,250.00 5,000,000.00 5,007,072.30 4,992,141.61 Bullet 3.450 3.591 Moodys-A1 S&P-A+ 0.51 64952WCN1 New York Life Global 2.9 1/17/2024 3/1/2019 1/17/2024 4,966,140.00 5,000,000.00 4,943,542.30 4,989,251.40 Bullet 2.900 3.050 Moodys-Aaa S&P-AA+ 0.51 594918BX1 Microsoft Corp 2.875 2/6/2024 2/14/2019 2/6/2024 5,014,610.00 5,000,000.00 4,983,995.45 5,004,709.27 Bullet 2.875 2.812 Moodys-Aaa S&P-AAA 0.51 57629WBV1 Massmutual Global Funding 3.6 4/9/2024 6/25/2019 4/9/2024 3,679,095.00 3,500,000.00 3,489,676.79 3,566,418.66 Bullet 3.600 2.460 Moodys-Aa3 S&P-AA+ 0.36 64952WDG5 New York Life Global 2.875 4/10/2024 4/10/2019 4/10/2024 4,818,982.55 4,805,000.00 4,739,756.70 4,809,974.63 Bullet 2.875 2.812 Moodys-Aaa S&P-AA+ 0.49 40139LAF0 Guardian Life 2.9 5/6/2024 5/7/2019 5/6/2024 5,019,680.00 5,000,000.00 4,922,453.65 5,007,285.70 Bullet 2.900 2.815 Moodys-Aa2 S&P-AA+ 0.51 40139LAF0 Guardian Life 2.9 5/6/2024 1/17/2020 5/6/2024 2,607,741.36 2,520,000.00 2,480,916.64 2,557,755.03 Bullet 2.900 2.050 Moodys-Aa2 S&P-AA+ 0.26 931142DV2 Walmart Inc 2.65 12/15/2024 5/4/2022 12/15/2024 5,631,198.72 5,662,000.00 5,588,070.42 5,633,035.20 Bullet 2.650 2.867 Moodys-Aa2 S&P-AA 0.58 637639AB1 National Securities Clearing Corp1.5 4/23/2025 3/25/2021 4/23/2025 5,072,050.00 5,000,000.00 4,695,869.40 5,049,709.66 Bullet 1.500 1.137 Moodys-Aaa S&P-AA+ 0.51 90327QD89 USAA Capital Corp 3.375 5/1/2025 6/15/2022 5/1/2025 4,926,539.70 5,000,000.00 4,949,035.55 4,927,588.13 Bullet 3.375 3.920 Moodys-Aa1 S&P-AA 0.51 637639AE5 National Securities Clearing Corp0.75 12/7/2025 3/1/2021 12/7/2025 4,935,000.00 5,000,000.00 4,526,258.30 4,953,134.33 Bullet 0.750 1.030 Moodys-Aaa S&P-AA+ 0.51 66815L2A6 NW Mutual Global 0.8 1/14/2026 8/11/2021 1/14/2026 2,478,400.00 2,500,000.00 2,237,831.20 2,482,714.66 Bullet 0.800 1.000 Moodys-Aaa S&P-AA+ 0.26 64952WDW0 New York Life Global FDG 0.85 1/15/2026 3/2/2021 1/15/2026 4,940,880.00 5,000,000.00 4,511,373.45 4,956,988.54 Bullet 0.850 1.100 Moodys-Aaa S&P-AA+ 0.51 57629WCH1 Massmutual Global Funding 3.4 3/8/2026 4/5/2021 3/8/2026 2,921,682.44 2,654,000.00 2,586,210.84 2,854,538.51 Bullet 3.400 1.280 Moodys-Aa3 S&P-AA+ 0.27 40139LBD4 Guardian Life 1.25 5/13/2026 6/10/2021 5/13/2026 3,494,567.31 3,473,000.00 3,115,583.73 3,489,949.17 Bullet 1.250 1.120 Moodys-Aa2 S&P-AA+ 0.36 40139LBD4 Guardian Life 1.25 5/13/2026 8/9/2021 5/13/2026 1,212,516.00 1,200,000.00 1,076,504.60 1,210,175.55 Bullet 1.250 1.025 Moodys-Aa2 S&P-AA+ 0.12 64952WCH4 New York Life Global2.35 7/14/2026 1/6/2022 7/14/2026 5,159,600.00 5,000,000.00 4,710,700.00 5,142,672.73 Bullet 2.350 1.615 Moodys-Aaa S&P-AA+ 0.51 64952WCH4 New York Life Global2.35 7/14/2026 1/12/2022 7/14/2026 3,885,911.83 3,800,000.00 3,580,132.00 3,877,080.26 Bullet 2.350 1.825 Moodys-Aaa S&P-AA+ 0.39 57629WDE7 Massmutual Global Funding 1.2 7/16/2026 7/16/2021 7/16/2026 5,012,000.00 5,000,000.00 4,490,584.10 5,009,706.46 Bullet 1.200 1.151 Moodys-Aa3 S&P-AA+ 0.51 02079KAC1 Alphabet Inc 1.998 8/15/2026 3/10/2022 8/15/2026 4,992,150.00 5,000,000.00 4,733,519.85 4,992,693.05 Bullet 1.998 2.035 S&P-AA+ Moodys-Aa2 0.51 037833DN7 Apple Inc 2.05 9/11/2026 1/12/2022 9/11/2026 5,087,430.00 5,000,000.00 4,716,747.10 5,078,753.74 Bullet 2.050 1.659 Moodys-Aaa S&P-AA+ 0.51 66815L2F5 NW Mutual Global 1.75 1/11/2027 3/23/2022 1/11/2027 3,526,680.60 3,690,000.00 3,345,360.42 3,535,893.49 Bullet 1.750 2.740 Moodys-Aaa S&P-AA+ 0.38 478160CE2 Johnson and Johnson 2.95 3/3/2027 3/9/2022 3/3/2027 4,328,468.00 4,154,000.00 4,045,797.40 4,317,635.65 Bullet 2.950 2.059 Moodys-Aaa S&P-AAA 0.43 478160CE2 Johnson and Johnson 2.95 3/3/2027 4/25/2022 3/3/2027 1,973,640.00 2,000,000.00 1,947,904.38 1,974,621.25 Bullet 2.950 3.245 Moodys-Aaa S&P-AAA 0.21 City of Glendale
Portfolio Holdings
Portfolio Details
Report Format: By Transaction
Group By: Asset Class
Average By: Face Amount / Shares
Portfolio / Report Group: City of Glendale
As of 6/30/2022
04 - LAIF$75 M (Set by LAIF)
05 - LA County Pool 10%
06 - Treasury Notes 100%
08 - Corporate Bonds 30%

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CUSIP/Ticker Description Settlement Date Maturity Date Cost Value Face Amount/Shares Market Value Book Value Bullet/Callable Coupon Rate YTM @ Cost Credit Rating 1 Credit Rating 2 % of Portfolio 037833CR9 Apple Inc 3.2 5/11/2027 5/11/2022 5/11/2027 4,940,550.00 5,000,000.00 4,945,113.30 4,942,177.88 Bullet 3.200 3.461 Moodys-Aaa S&P-AA+ 0.51 85440KAC8 Stanford University 1.289 6/1/2027 6/2/2022 6/1/2027 1,818,482.40 1,995,000.00 1,792,522.20 1,821,190.62 Bullet 1.289 3.220 Moodys-Aaa S&P-AAA 0.20 08 - Corporate Bonds 30% 180,053,654.41 180,126,000.00 175,298,144.13 180,302,399.24 2.435 2.451 18.49 3135G0T78 FNMA 2 10/5/2022 10/6/2017 10/5/2022 5,000,000.00 5,000,000.00 4,999,527.20 5,000,000.00 Bullet 2.000 2.000 Moodys-Aaa S&P-AA+ 0.51 3135G0T94 FNMA 2.375 1/19/2023 1/23/2018 1/19/2023 4,976,675.00 5,000,000.00 4,994,506.00 4,997,401.22 Bullet 2.375 2.475 Moodys-Aaa S&P-AA+ 0.51 3130ADMX7 FHLB 2.5 3/10/2023 3/12/2018 3/10/2023 4,950,000.00 5,000,000.00 4,991,345.80 4,993,064.69 Bullet 2.500 2.715 Moodys-Aaa S&P-AA+ 0.51 313383QR5 FHLB 3.25 6/9/2023 9/26/2018 6/9/2023 5,037,650.00 5,000,000.00 5,010,469.35 5,007,543.16 Bullet 3.250 3.076 Moodys-Aaa S&P-AA+ 0.51 3137EAEN5 FHLMC 2.75 6/19/2023 7/11/2018 6/19/2023 4,979,300.00 5,000,000.00 4,987,816.30 4,995,938.03 Bullet 2.750 2.840 Moodys-Aaa S&P-AA+ 0.51 3130AFBD8 FHLB 3.125 7/25/2023 11/9/2018 7/25/2023 4,990,100.00 5,000,000.00 5,004,069.25 4,997,753.93 Bullet 3.125 3.171 Moodys-Aaa S&P-AA+ 0.51 313383YJ4 FHLB 3.375 9/8/2023 9/17/2018 9/8/2023 5,091,825.00 5,000,000.00 5,023,065.20 5,021,983.42 Bullet 3.375 2.975 Moodys-Aaa S&P-AA+ 0.51 3130AF4K0 FHLB 3.15 10/10/2023 11/9/2018 10/10/2023 5,990,400.00 6,000,000.00 6,006,013.86 5,997,503.79 Bullet 3.150 3.185 Moodys-Aaa S&P-AA+ 0.62 3130A0F70 FHLB 3.375 12/8/2023 12/13/2018 12/8/2023 5,104,835.00 5,000,000.00 5,019,661.35 5,030,281.83 Bullet 3.375 2.920 Moodys-Aaa S&P-AA+ 0.51 3130AQT52 FHLB 1.25 2/28/2024-23 2/28/2022 2/28/2024 5,000,000.00 5,000,000.00 4,861,073.75 5,000,000.00 Callable 1.250 1.250 Moodys-Aaa S&P-AA+ 0.51 3130AGWK7 FHLB 1.5 8/15/2024 3/9/2022 8/15/2024 4,990,950.00 5,000,000.00 4,836,940.65 4,992,099.04 Bullet 1.500 1.576 Moodys-Aaa S&P-AA+ 0.51 3130AQTA1 FHLB 1.4 8/28/2024-23 2/28/2022 8/28/2024 5,000,000.00 5,000,000.00 4,833,429.75 5,000,000.00 Callable 1.400 1.400 Moodys-Aaa S&P-AA+ 0.51 3130ARBE0 FHLB 2 9/24/2024-22 3/24/2022 9/24/2024 5,000,000.00 5,000,000.00 4,897,825.65 5,000,000.00 Callable 2.000 2.000 Moodys-Aaa S&P-AA+ 0.51 3130AQZF3 FHLB 2 2/28/2025-23 2/28/2022 2/28/2025 5,000,000.00 5,000,000.00 4,852,930.30 5,000,000.00 Callable 2.000 2.000 Moodys-Aaa S&P-AA+ 0.51 3130AR4D0 FHLB 2 3/10/2025-22 3/10/2022 3/10/2025 5,000,000.00 5,000,000.00 4,863,145.30 5,000,000.00 Callable 2.000 2.000 Moodys-Aaa S&P-AA+ 0.51 3130AQT94 FHLB 1.6 8/28/2025-23 2/28/2022 8/28/2025 5,000,000.00 5,000,000.00 4,781,430.05 5,000,000.00 Callable 1.600 1.600 Moodys-Aaa S&P-AA+ 0.51 3130APQG3 FHLB 1.2 11/18/2025-22 11/18/2021 11/18/2025 5,000,000.00 5,000,000.00 4,713,416.85 5,000,000.00 Callable 1.200 1.200 Moodys-Aaa S&P-AA+ 0.51 3130AQU76 FHLB 1.6 11/28/2025-23 2/28/2022 11/28/2025 5,000,000.00 5,000,000.00 4,799,771.15 5,000,000.00 Callable 1.600 1.600 Moodys-Aaa S&P-AA+ 0.51 3130AEB74 FHLB 3.125 12/12/2025 2/1/2022 12/12/2025 6,740,486.96 6,375,000.00 6,370,176.23 6,701,864.58 Bullet 3.125 1.589 Moodys-Aaa S&P-AA+ 0.65 3130ALVL5 FHLB 0.91 12/30/2025-21 4/1/2021 12/30/2025 5,000,000.00 5,000,000.00 4,649,383.60 5,000,000.00 Callable 0.910 0.910 Moodys-Aaa S&P-AA+ 0.51 3130AKPQ3 FHLB 0.58 1/28/2026-22 3/19/2021 1/28/2026 9,838,500.00 10,000,000.00 9,199,294.40 9,881,057.43 Callable 0.580 0.921 Moodys-Aaa S&P-AA+ 1.03 3130AKYG5 FHLB 0.555 2/18/2026-21 2/18/2021 2/18/2026 10,000,000.00 10,000,000.00 9,178,964.00 10,000,000.00 Callable 0.555 0.555 Moodys-Aaa S&P-AA+ 1.03 3130ALB94 FHLB 0.63 2/26/2026-21 2/26/2021 2/26/2026 5,000,000.00 5,000,000.00 4,599,522.70 5,000,000.00 Callable 0.630 0.630 Moodys-Aaa S&P-AA+ 0.51 3130ALDN1 FHLB 0.8 3/16/2026-21 3/16/2021 3/16/2026 5,000,000.00 5,000,000.00 4,613,677.05 5,000,000.00 Callable 0.800 0.800 Moodys-Aaa S&P-AA+ 0.51 3130AMZA3 FHLB 1 3/30/2026-21 6/30/2021 3/30/2026 5,000,000.00 5,000,000.00 4,650,913.20 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130AQBQ5 FHLB 1.5 3/30/2026-22 12/30/2021 3/30/2026 5,000,000.00 5,000,000.00 4,731,837.45 5,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 0.51 3135G0K36 FNMA 2.125 4/24/2026 2/15/2022 4/24/2026 5,051,100.00 5,000,000.00 4,821,188.15 5,046,588.23 Bullet 2.125 1.870 Moodys-Aaa S&P-AA+ 0.51 3135G0K36 FNMA 2.125 4/24/2026 3/9/2022 4/24/2026 5,089,075.86 5,000,000.00 4,821,188.15 5,082,396.65 Bullet 2.125 1.676 Moodys-Aaa S&P-AA+ 0.51 3130AMCB6 FHLB 1 5/22/2026-22 5/26/2021 5/22/2026 5,000,000.00 5,000,000.00 4,637,656.20 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130AMNH1 FHLB 1.08 6/9/2026-21 6/9/2021 6/9/2026 5,000,000.00 5,000,000.00 4,651,993.95 5,000,000.00 Callable 1.080 1.080 Moodys-Aaa S&P-AA+ 0.51 3130AQ3G6 FHLB 1.5 6/17/2026-22 12/17/2021 6/17/2026 5,000,000.00 5,000,000.00 4,722,245.85 5,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 0.51 3130AMYP1 FHLB 1.125 7/15/2026-21 7/15/2021 7/15/2026 5,000,000.00 5,000,000.00 4,645,301.20 5,000,000.00 Callable 1.125 1.125 Moodys-Aaa S&P-AA+ 0.51 3130AQM83 FHLB 1.6 7/27/2026-22 1/27/2022 7/27/2026 5,000,000.00 5,000,000.00 4,709,743.30 5,000,000.00 Callable 1.600 1.600 Moodys-Aaa S&P-AA+ 0.51 3130AN4R8 FHLB 1.125 7/29/2026-21 7/29/2021 7/29/2026 5,000,000.00 5,000,000.00 4,642,189.75 5,000,000.00 Callable 1.125 1.125 Moodys-Aaa S&P-AA+ 0.51 3130ANBR0 FHLB 1.05 8/12/2026-22 8/12/2021 8/12/2026 5,000,000.00 5,000,000.00 4,625,587.75 5,000,000.00 Callable 1.050 1.050 Moodys-Aaa S&P-AA+ 0.51 3130ANET3 FHLB 1 8/12/2026-21 8/12/2021 8/12/2026 5,000,000.00 5,000,000.00 4,626,076.50 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130ANND8 FHLB 1.05 8/26/2026-21 8/26/2021 8/26/2026 5,000,000.00 5,000,000.00 4,640,595.45 5,000,000.00 Callable 1.050 1.050 Moodys-Aaa S&P-AA+ 0.51 3130ANM56 FHLB 1.05 8/27/2026-21 8/27/2021 8/27/2026 7,400,000.00 7,400,000.00 6,874,457.92 7,400,000.00 Callable 1.050 1.050 Moodys-Aaa S&P-AA+ 0.76 3130ANTD2 FHLB 1 9/16/2026-21 9/16/2021 9/16/2026 5,000,000.00 5,000,000.00 4,611,544.00 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130ANSB7 FHLB 1 9/17/2026-22 9/17/2021 9/17/2026 5,000,000.00 5,000,000.00 4,524,338.70 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130ANUN8 FHLB 1.04 9/21/2026-21 9/21/2021 9/21/2026 5,000,000.00 5,000,000.00 4,649,871.30 5,000,000.00 Callable 1.040 1.040 Moodys-Aaa S&P-AA+ 0.51 3130ANUZ1 FHLB 1.06 9/28/2026-21 9/28/2021 9/28/2026 10,000,000.00 10,000,000.00 9,231,456.20 10,000,000.00 Callable 1.060 1.060 Moodys-Aaa S&P-AA+ 1.03 3130AP6D2 FHLB 1 9/30/2026-22 9/30/2021 9/30/2026 3,900,000.00 3,900,000.00 3,591,572.60 3,900,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.40 3130AP6D2 FHLB 1 9/30/2026-22 9/30/2021 9/30/2026 5,000,000.00 5,000,000.00 4,604,580.25 5,000,000.00 Callable 1.000 1.000 Moodys-Aaa S&P-AA+ 0.51 3130APDR3 FHLB 1.2 10/14/2026-22 10/14/2021 10/14/2026 5,000,000.00 5,000,000.00 4,651,603.00 5,000,000.00 Callable 1.200 1.200 Moodys-Aaa S&P-AA+ 0.51 3130APD28 FHLB 1.15 10/19/2026-22 10/19/2021 10/19/2026 5,000,000.00 5,000,000.00 4,612,436.05 5,000,000.00 Callable 1.150 1.150 Moodys-Aaa S&P-AA+ 0.51 3130APAY1 FHLB 1.1 10/21/2026-22 10/21/2021 10/21/2026 5,000,000.00 5,000,000.00 4,633,875.60 5,000,000.00 Callable 1.100 1.100 Moodys-Aaa S&P-AA+ 0.51 3130AP4H5 FHLB 1.15 10/26/2026-21 10/26/2021 10/26/2026 5,000,000.00 5,000,000.00 4,644,983.75 5,000,000.00 Callable 1.150 1.150 None S&P-AA+ 0.51 3130APGP4 FHLB 1.15 10/28/2026-22 10/28/2021 10/28/2026 4,993,750.00 5,000,000.00 4,623,997.10 4,994,588.58 Callable 1.150 1.176 Moodys-Aaa S&P-AA+ 0.51 3130APKQ7 FHLB 1.25 11/10/2026-22 11/10/2021 11/10/2026 5,000,000.00 5,000,000.00 4,651,356.55 5,000,000.00 Callable 1.250 1.250 Moodys-Aaa None 0.51 3130APRJ6 FHLB 1.5 11/23/2026-22 11/23/2021 11/23/2026 5,000,000.00 5,000,000.00 4,618,460.65 5,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 0.51 3130APQW8 FHLB 1.5 11/24/2026-22 11/24/2021 11/24/2026 10,000,000.00 10,000,000.00 9,365,727.40 10,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 1.03 3130APW43 FHLB 1.5 12/2/2026-22 12/2/2021 12/2/2026 5,000,000.00 5,000,000.00 4,689,595.10 5,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 0.51 3130APXD2 FHLB 1.55 12/17/2026-22 12/17/2021 12/17/2026 5,000,000.00 5,000,000.00 4,712,435.95 5,000,000.00 Callable 1.550 1.550 Moodys-Aaa S&P-AA+ 0.51 3130AQ5C3 FHLB 1.55 12/22/2026-22 12/22/2021 12/22/2026 5,000,000.00 5,000,000.00 4,711,686.60 5,000,000.00 Callable 1.550 1.550 Moodys-Aaa S&P-AA+ 0.51 3130AQAB9 FHLB 1.625 12/30/2026-22 12/30/2021 12/30/2026 5,000,000.00 5,000,000.00 4,700,154.85 5,000,000.00 Callable 1.625 1.625 Moodys-Aaa S&P-AA+ 0.51 3130AQEW9 FHLB 1.5 1/14/2027-22 1/14/2022 1/14/2027 5,000,000.00 5,000,000.00 4,697,511.00 5,000,000.00 Callable 1.500 1.500 Moodys-Aaa S&P-AA+ 0.51 3130AQJ87 FHLB 1.6 1/19/2027-22 1/19/2022 1/19/2027 5,000,000.00 5,000,000.00 4,712,542.70 5,000,000.00 Callable 1.600 1.600 Moodys-Aaa S&P-AA+ 0.51 3130AQM26 FHLB 1.7 1/27/2027-23 1/27/2022 1/27/2027 5,000,000.00 5,000,000.00 4,686,620.65 5,000,000.00 Callable 1.700 1.700 S&P-AA+ None 0.51 3130AQHG1 FHLB 1.61 1/28/2027-22 1/28/2022 1/28/2027 5,000,000.00 5,000,000.00 4,675,537.00 5,000,000.00 Callable 1.610 1.610 Moodys-Aaa S&P-AA+ 0.51 3130AQPE7 FHLB 1.9 2/17/2027-22 2/17/2022 2/17/2027 6,650,000.00 6,650,000.00 6,302,404.03 6,650,000.00 Callable 1.900 1.900 Moodys-Aaa S&P-AA+ 0.68 3130AQRH8 FHLB 2 2/25/2027-22 2/25/2022 2/25/2027 5,000,000.00 5,000,000.00 4,706,690.40 5,000,000.00 Callable 2.000 2.000 Moodys-Aaa S&P-AA+ 0.51 3130ARA68 FHLB 2.35 3/29/2027-22 3/29/2022 3/29/2027 5,000,000.00 5,000,000.00 4,825,568.05 5,000,000.00 Callable 2.350 2.350 Moodys-Aaa S&P-AA+ 0.51 09 - Federal Agencies 100% 340,774,647.82 340,325,000.00 322,324,980.04 340,690,064.58 1.564 1.529 34.93 882806EQ1 Texas Tech University 2.761 2/15/2023 2/27/2019 2/15/2023 5,011,350.00 5,000,000.00 5,000,050.00 5,001,801.59 Bullet 2.761 2.700 Moodys-Aa1 S&P-AA+ 0.51 88213AHK4 Texas A&M University 2.734 5/15/2023 7/17/2018 5/15/2023 4,940,500.00 5,000,000.00 4,991,400.00 4,989,233.98 Bullet 2.734 3.000 Moodys-Aaa S&P-AAA 0.51 64972HN81 New York City Trans. Revenue Bonds 3.11 7/15/2023 7/27/2018 7/15/2023 4,985,000.00 5,000,000.00 4,992,750.00 4,996,857.77 Bullet 3.110 3.176 Moodys-Aa3 S&P-AA 0.51 451174AA4 Idaho Energy Resources Authority 2.297 9/1/2023 5/21/2019 9/1/2023 1,311,750.00 1,325,000.00 1,310,743.00 1,321,374.04 Bullet 2.297 2.545 Moodys-Aa2 Fitch-AA 0.14 882723A74 Texas State GO Bonds 2.531 10/1/2023 10/3/2018 10/1/2023 3,236,555.00 3,325,000.00 3,306,878.75 3,302,791.77 Bullet 2.531 3.110 Moodys-Aaa S&P-AAA 0.34 605581LJ4 Mississippi State GO Bonds 3.408 11/1/2023 11/7/2018 11/1/2023 1,500,000.00 1,500,000.00 1,506,735.00 1,500,000.00 Bullet 3.408 3.408 Moodys-Aa2 S&P-AA 0.15 6500358M3 New York State Urban Dev 3.1 3/15/2024 7/3/2019 3/15/2024 1,301,435.00 1,255,000.00 1,245,951.45 1,271,875.62 Bullet 3.100 2.265 Moodys-Aa2 Fitch-AA+ 0.13 6500357B8 New York State Urban Dev 2.88 3/15/2024 4/24/2019 3/15/2024 1,511,580.00 1,500,000.00 1,483,860.00 1,504,043.60 Bullet 2.880 2.710 Moodys-Aa2 S&P-AA+ 0.15 88213AKB0 Texas A&M University 2.549 5/15/2024 5/15/2019 5/15/2024 1,921,817.40 1,915,000.00 1,892,020.00 1,917,556.06 Bullet 2.549 2.473 Moodys-Aaa S&P-AAA 0.20 91417KN23 University of Colorado 2.649 6/1/2024 6/12/2019 6/1/2024 1,121,032.00 1,100,000.00 1,084,292.00 1,108,130.21 Bullet 2.649 2.240 Moodys-Aa1 Fitch-AA+ 0.11 92778WKR6 Virginia State College Revenue Bond 0.61 9/1/2025 2/9/2021 9/1/2025 5,017,500.00 5,000,000.00 4,558,600.00 5,012,181.68 Bullet 0.610 0.532 Moodys-Aa1 S&P-AA+ 0.51 64985TBA8 New York State Urban Dev 2.25 3/15/2026 1/12/2022 3/15/2026 5,138,850.00 5,000,000.00 4,741,100.00 5,123,442.48 Bullet 2.250 1.560 Moodys-Aa2 Fitch-AA+ 0.51 6500358P6 New York State Urban Dev 3.35 3/15/2026 7/6/2021 3/15/2026 3,646,500.00 3,300,000.00 3,247,101.00 3,573,882.66 Bullet 3.350 1.050 Moodys-Aa2 Fitch-AA+ 0.34 10 - Municipal - Other States 10%
09 - Federal Agencies 100%

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CUSIP/Ticker Description Settlement Date Maturity Date Cost Value Face Amount/Shares Market Value Book Value Bullet/Callable Coupon Rate YTM @ Cost Credit Rating 1 Credit Rating 2 % of Portfolio 88213ABX2 Texas A&M University 2.933 5/15/2026 2/2/2022 5/15/2026 1,576,110.00 1,500,000.00 1,474,650.00 1,568,903.17 Bullet 2.933 1.700 Moodys-Aaa S&P-AAA 0.15 574193VR6 State of Maryland GO Bond 3.15 6/1/2026 6/22/2022 6/1/2026 5,852,301.00 5,950,000.00 5,922,035.00 5,852,843.77 Bullet 3.150 3.601 Moodys-Aaa S&P-AAA 0.61 419792YR1 State of Hawaii GO Bond 0.893 8/1/2026 4/7/2022 8/1/2026 1,751,832.90 1,910,000.00 1,726,009.70 1,760,257.78 Bullet 0.893 2.950 Moodys-Aa2 S&P-AA+ 0.20 010268CN8 Alabama Federal Aid 1.268 9/1/2026 2/2/2022 9/1/2026 2,935,290.00 3,000,000.00 2,749,560.00 2,941,017.92 Bullet 1.268 1.760 Moodys-Aa2 S&P-AAA 0.31 419792A97 State of Hawaii GO Bond 1.283 10/1/2026 4/7/2022 10/1/2026 1,627,622.50 1,750,000.00 1,601,530.00 1,633,898.27 Bullet 1.283 2.960 Moodys-Aa2 S&P-AA+ 0.18 64971XH27 NYC Transitional2.02 2/1/2027 2/7/2022 2/1/2027 5,009,400.00 5,000,000.00 4,634,300.00 5,008,661.43 Bullet 2.020 1.980 Moodys-Aa1 S&P-AAA 0.51 64990FS88 New York State Dormitory 2.558 2/15/2027 4/20/2022 2/15/2027 2,391,050.00 2,465,000.00 2,335,661.45 2,394,029.82 Bullet 2.558 3.235 Moodys-Aa1 Fitch-AA+ 0.25 64990FD68 New York State Dormitory1.538 3/15/2027 3/16/2022 3/15/2027 4,766,250.00 5,000,000.00 4,514,500.00 4,779,826.71 Bullet 1.538 2.540 S&P-AA+ Fitch-AA+ 0.51 10 - Municipal - Other States 10% 66,553,725.80 66,795,000.00 64,319,727.35 66,562,610.33 2.335 2.424 6.86 798170AE6 San Jose CA Successor Agency 2.63 8/1/2022 1/19/2018 8/1/2022 4,998,750.00 5,000,000.00 5,000,600.00 4,999,975.83 Bullet 2.630 2.636 Fitch-AA S&P-AA 0.51 802629AX3 Santa Rosa Reg. Revenue Bonds 2.4 8/1/2022 8/24/2017 8/1/2022 987,489.75 975,000.00 975,156.00 975,221.67 Bullet 2.400 2.125 Fitch-AA S&P-AA+ 0.10 798135H44 City of San Jose GO Bonds 2.3 9/1/2022 7/25/2019 9/1/2022 2,239,596.00 2,225,000.00 2,225,712.00 2,225,810.89 Bullet 2.300 2.080 Moodys-Aa1 S&P-AA+ 0.23 13063DSU3 CA State GO Bonds 4 3/1/2023 3/24/2020 3/1/2023 5,189,350.00 5,000,000.00 5,087,050.00 5,043,098.32 Bullet 4.000 2.651 Moodys-Aa2 S&P-AA- 0.51 91412HDK6 University of CA Regents 3.333 5/15/2023 6/5/2018 5/15/2023 1,500,000.00 1,500,000.00 1,500,855.00 1,500,000.00 Bullet 3.333 3.333 Moodys-Aa3 Fitch-AA- 0.15 91412HBK8 University of CA Regents 3.297 5/15/2023 6/5/2018 5/15/2023 2,000,000.00 2,000,000.00 2,004,520.00 2,000,000.00 Bullet 3.297 3.297 Moodys-Aa2 Fitch-AA 0.21 7976465B8 San Francisco City & County GO Bonds 2.621 6/1 2/26/2019 6/15/2023 470,000.00 470,000.00 467,452.60 470,000.00 Bullet 2.621 2.621 Moodys-Aaa S&P-AAA 0.05 798170AF3 San Jose CA Successor Agency 2.828 8/1/2023 8/9/2018 8/1/2023 4,937,700.00 5,000,000.00 4,972,700.00 4,986,395.43 Bullet 2.828 3.100 Fitch-AA S&P-AA 0.51 798135H51 City of San Jose GO Bonds 2.3 9/1/2023 7/25/2019 9/1/2023 2,013,260.00 2,000,000.00 1,985,620.00 2,003,786.04 Bullet 2.300 2.130 Moodys-Aa1 S&P-AA+ 0.21 13063DDG0 CA State GO Bonds 2.25 10/1/2023 2/15/2019 10/1/2023 1,357,599.10 1,390,000.00 1,375,460.60 1,381,213.97 Bullet 2.250 2.790 Moodys-Aa2 S&P-AA- 0.14 91412GTF2 CA State GO Bonds 3.789 5/15/2024 11/13/2019 5/15/2024 1,067,800.00 1,000,000.00 1,008,200.00 1,028,232.83 Bullet 3.789 2.200 Moodys-Aa2 S&P-AA 0.10 088006JY8 City of Beverly Hills Revenue Bonds 0.73 6/1/2024 10/15/2020 6/1/2024 750,000.00 750,000.00 713,460.00 750,000.00 Bullet 0.730 0.730 S&P-AA+ None 0.08 13032UXL7 CA State Health Facs Fin Revenue Bonds 0.752 6/1/2 11/4/2020 6/1/2024 2,000,000.00 2,000,000.00 1,906,180.00 2,000,000.00 Bullet 0.752 0.752 Moodys-Aa3 S&P-AA- 0.21 13077DMK5 California State University Revenue Bonds 0.685 11 9/17/2020 11/1/2024 1,000,000.00 1,000,000.00 938,460.00 1,000,000.00 Bullet 0.685 0.685 Moodys-Aa2 S&P-AA- 0.10 77781RCQ4 Roseville Financial Authority 0.887 2/1/2025 9/29/2020 2/1/2025 1,506,765.00 1,500,000.00 1,405,380.00 1,504,039.38 Bullet 0.887 0.781 Fitch-AA S&P-AA 0.15 91412HGE7 University of CA Revenue Bonds 0.883 5/15/2025 2/4/2021 5/15/2025 5,526,990.80 5,420,000.00 5,037,727.40 5,491,966.91 Bullet 0.883 0.417 Moodys-Aa2 S&P-AA 0.56 13032UVC9 CA ST Health Fac Fin Authority 2.211 6/1/2025 4/4/2022 6/1/2025 2,947,860.00 3,000,000.00 2,898,720.00 2,951,790.83 Bullet 2.211 2.789 Moodys-Aa3 S&P-AA- 0.31 13032UC22 CA ST Health Fac Fin Authority 2.991 6/1/2025 4/7/2022 6/1/2025 2,000,000.00 2,000,000.00 1,975,020.00 2,000,000.00 Bullet 2.991 2.991 Moodys-Aa3 S&P-AA- 0.21 088006JZ5 City of Beverly Hills Revenue Bonds 0.83 6/1/2025 10/15/2020 6/1/2025 675,000.00 675,000.00 626,271.75 675,000.00 Bullet 0.830 0.830 S&P-AA+ None 0.07 13032UXM5 CA State Health Facs Fin Revenue Bonds 0.952 6/1/2 11/4/2020 6/1/2025 1,750,000.00 1,750,000.00 1,630,860.00 1,750,000.00 Bullet 0.952 0.952 Moodys-Aa3 S&P-AA- 0.18 91412GU94 University of CA Revenue Bonds 3.063 7/1/2025 4/8/2022 7/1/2025 2,644,672.80 2,640,000.00 2,607,316.80 2,644,344.12 Bullet 3.063 3.004 Moodys-Aa2 S&P-AA 0.27 91412GU94 University of CA Revenue Bonds 3.063 7/1/2025 5/5/2022 7/1/2025 3,146,064.40 3,160,000.00 3,120,879.20 3,146,741.24 Bullet 3.063 3.210 Moodys-Aa2 S&P-AA 0.32 798135E88 City of San Jose GO Bonds 2.45 9/1/2025 6/15/2022 9/1/2025 4,270,379.40 4,410,000.00 4,313,200.50 4,272,163.31 Bullet 2.450 3.500 Moodys-Aa1 S&P-AA+ 0.45 13032UC30 CA ST Health Fac Fin Authority 3.044 6/1/2026 4/7/2022 6/1/2026 1,500,000.00 1,500,000.00 1,472,130.00 1,500,000.00 Bullet 3.044 3.044 Moodys-Aa3 S&P-AA- 0.15 54438CYL0 LA Comm Coll Dist GO Bonds 1.174 8/1/2026 4/27/2022 8/1/2026 4,616,400.00 5,000,000.00 4,558,650.00 4,632,167.76 Bullet 1.174 3.110 Moodys-Aaa S&P-AA+ 0.51 802498ZA6 Santa Monica Malibu USD 0.849 8/1/2026 3/18/2022 8/1/2026 1,217,196.40 1,295,000.00 1,163,544.55 1,222,263.13 Bullet 0.849 2.302 Moodys-Aa1 S&P-AA+ 0.13 072024XD9 Bay Area Toll Authority Revenue Bond 1.433 4/1/202 5/12/2022 4/1/2027 2,082,342.50 2,315,000.00 2,088,083.70 2,088,729.18 Bullet 1.433 3.700 Moodys-Aa3 S&P-AA 0.24 91412HGF4 University of CA Revenue Bonds 1.316 5/15/2027 5/16/2022 5/15/2027 4,496,850.00 5,000,000.00 4,472,200.00 4,509,256.44 Bullet 1.316 3.530 Moodys-Aa2 S&P-AA 0.51 11- Municipal - State and Local 15% 68,892,066.15 69,975,000.00 67,531,410.10 68,752,197.28 2.183 2.535 7.18 Total / Average 970,390,127.91 974,279,654.84 941,147,555.46 970,781,890.02 1.623 1.747 100 11- Municipal - State and Local 15%

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Description CUSIP/Ticker Settlement Date Maturity Date Beginning Face Amount/Shares Beginning Cost Value Buy Principal Sell Principal Interest/Dividends Ending Cost Value Apple Inc 2.1 9/12/2022 037833DC1 9/22/2017 9/12/2022 5,000,000.00 4,964,850.00 0.00 0.00 0.00 4,964,850.00 Microsoft Corp 2.65 11/3/2022 594918BH6 11/3/2017 11/3/2022 5,000,000.00 5,079,694.80 0.00 0.00 0.00 5,079,694.80 Chevron Corp 2.355 12/5/2022 166764AB6 12/7/2017 12/5/2022 5,000,000.00 4,963,100.00 0.00 0.00 58,875.00 4,963,100.00 Wal-Mart Stores Inc 2.35 12/15/2022 931142DU4 12/15/2017 12/15/2022 5,000,000.00 4,988,070.00 0.00 0.00 58,750.00 4,988,070.00 Toyota Motor Credit 2.15 9/8/2022 89236TEC5 12/18/2017 9/8/2022 5,000,000.00 4,930,750.00 0.00 0.00 0.00 4,930,750.00 Apple Inc 2.4 1/13/2023 037833DE7 1/12/2018 1/13/2023 5,000,000.00 4,939,200.00 0.00 0.00 0.00 4,939,200.00 Massmutual Global Funding 2.5 10/17/2022 57629WBR0 2/9/2018 10/17/2022 1,100,000.00 1,080,343.00 0.00 0.00 0.00 1,080,343.00 Massmutual Global Funding 2.5 10/17/2022 57629WBR0 2/14/2018 10/17/2022 3,168,000.00 3,112,905.31 0.00 0.00 0.00 3,112,905.31 Toyota Motor Credit 2.8 7/13/2022 89236TCQ6 2/16/2018 7/13/2022 3,072,000.00 3,053,015.04 0.00 0.00 0.00 3,053,015.04 Exxon Mobil Corp 2.726 3/1/2023 30231GAR3 3/1/2018 3/1/2023 2,000,000.00 1,977,468.00 0.00 0.00 0.00 1,977,468.00 Berkshire Hathaway Inc 2.75 3/15/2023 084670BR8 3/15/2018 3/15/2023 5,000,000.00 4,942,361.35 0.00 0.00 0.00 4,942,361.35 Walmart Inc 2.55 4/11/2023 931142DH3 4/11/2018 4/11/2023 5,000,000.00 4,887,145.00 0.00 0.00 0.00 4,887,145.00 Apple Inc 2.85 2/23/2023 037833BU3 4/24/2018 2/23/2023 5,000,000.00 4,935,350.00 0.00 0.00 0.00 4,935,350.00 Microsoft Corp 2.375 5/1/2023 594918AT1 5/24/2018 5/1/2023 2,000,000.00 1,927,240.00 0.00 0.00 0.00 1,927,240.00 Proctor & Gamble 3.1 8/15/2023 742718EB1 9/12/2018 8/15/2023 4,583,000.00 4,580,708.50 0.00 0.00 0.00 4,580,708.50 Toyota Motor Credit 3.45 9/20/2023 89236TFN0 10/10/2018 9/20/2023 5,000,000.00 4,968,250.00 0.00 0.00 0.00 4,968,250.00 Walmart Inc 3.4 6/26/2023 931142EK5 1/4/2019 6/26/2023 5,000,000.00 5,061,230.00 0.00 0.00 85,000.00 5,061,230.00 Massmutual Global Funding 2.5 10/17/2022 57629WBR0 1/18/2019 10/17/2022 2,250,000.00 2,186,977.50 0.00 0.00 0.00 2,186,977.50 Microsoft Corp 2.875 2/6/2024 594918BX1 2/14/2019 2/6/2024 5,000,000.00 5,014,610.00 0.00 0.00 0.00 5,014,610.00 New York Life Global 2.9 1/17/2024 64952WCN1 3/1/2019 1/17/2024 5,000,000.00 4,966,140.00 0.00 0.00 0.00 4,966,140.00 New York Life Global 2.875 4/10/2024 64952WDG5 4/10/2019 4/10/2024 4,805,000.00 4,818,982.55 0.00 0.00 0.00 4,818,982.55 Guardian Life 2.9 5/6/2024 40139LAF0 5/7/2019 5/6/2024 5,000,000.00 5,019,680.00 0.00 0.00 0.00 5,019,680.00 Massmutual Global Funding 3.6 4/9/2024 57629WBV1 6/25/2019 4/9/2024 3,500,000.00 3,679,095.00 0.00 0.00 0.00 3,679,095.00 Guardian Life 2.9 5/6/2024 40139LAF0 1/17/2020 5/6/2024 2,520,000.00 2,607,741.36 0.00 0.00 0.00 2,607,741.36 Walmart Inc 2.55 4/11/2023 931142DH3 3/23/2020 4/11/2023 5,000,000.00 5,031,000.00 0.00 0.00 0.00 5,031,000.00 National Securities Clearing Corp0.75 12/7/2025 637639AE5 3/1/2021 12/7/2025 5,000,000.00 4,935,000.00 0.00 0.00 18,750.00 4,935,000.00 New York Life Global FDG 0.85 1/15/2026 64952WDW0 3/2/2021 1/15/2026 5,000,000.00 4,940,880.00 0.00 0.00 0.00 4,940,880.00 National Securities Clearing Corp1.5 4/23/2025 637639AB1 3/25/2021 4/23/2025 5,000,000.00 5,072,050.00 0.00 0.00 0.00 5,072,050.00 Massmutual Global Funding 3.4 3/8/2026 57629WCH1 4/5/2021 3/8/2026 2,654,000.00 2,921,682.44 0.00 0.00 0.00 2,921,682.44 Guardian Life 1.25 5/13/2026 40139LBD4 6/10/2021 5/13/2026 3,473,000.00 3,494,567.31 0.00 0.00 0.00 3,494,567.31 Massmutual Global Funding 1.2 7/16/2026 57629WDE7 7/16/2021 7/16/2026 5,000,000.00 5,012,000.00 0.00 0.00 0.00 5,012,000.00 Guardian Life 1.25 5/13/2026 40139LBD4 8/9/2021 5/13/2026 1,200,000.00 1,212,516.00 0.00 0.00 0.00 1,212,516.00 NW Mutual Global 0.8 1/14/2026 66815L2A6 8/11/2021 1/14/2026 2,500,000.00 2,478,400.00 0.00 0.00 0.00 2,478,400.00 New York Life Global2.35 7/14/2026 64952WCH4 1/6/2022 7/14/2026 5,000,000.00 5,159,600.00 0.00 0.00 0.00 5,159,600.00 Apple Inc 2.05 9/11/2026 037833DN7 1/12/2022 9/11/2026 5,000,000.00 5,087,430.00 0.00 0.00 0.00 5,087,430.00 New York Life Global2.35 7/14/2026 64952WCH4 1/12/2022 7/14/2026 3,800,000.00 3,885,911.83 0.00 0.00 0.00 3,885,911.83 Johnson and Johnson 2.95 3/3/2027 478160CE2 3/9/2022 3/3/2027 4,154,000.00 4,328,468.00 0.00 0.00 0.00 4,328,468.00 Alphabet Inc 1.998 8/15/2026 02079KAC1 3/10/2022 8/15/2026 5,000,000.00 4,992,150.00 0.00 0.00 0.00 4,992,150.00 NW Mutual Global 1.75 1/11/2027 66815L2F5 3/23/2022 1/11/2027 3,690,000.00 3,526,680.60 0.00 0.00 0.00 3,526,680.60 Johnson and Johnson 2.95 3/3/2027 478160CE2 4/25/2022 3/3/2027 2,000,000.00 1,973,640.00 0.00 0.00 0.00 1,973,640.00 Walmart Inc 2.65 12/15/2024 931142DV2 5/4/2022 12/15/2024 5,662,000.00 5,631,198.72 0.00 0.00 75,021.50 5,631,198.72 Apple Inc 3.2 5/11/2027 037833CR9 5/11/2022 5/11/2027 5,000,000.00 4,940,550.00 0.00 0.00 0.00 4,940,550.00 Stanford University 1.289 6/1/2027 85440KAC8 6/2/2022 6/1/2027 0.00 0.00 1,818,482.40 0.00 0.00 1,818,482.40 USAA Capital Corp 3.375 5/1/2025 90327QD89 6/15/2022 5/1/2025 0.00 0.00 4,926,539.70 0.00 0.00 4,926,539.70 Sub Total/Average Corporate 173,131,000.00 173,308,632.31 6,745,022.10 0.00 296,396.50 180,053,654.41 FHLB 0.555 2/18/2026-21 3130AKYG5 2/18/2021 2/18/2026 10,000,000.00 10,000,000.00 0.00 0.00 0.00 10,000,000.00 FHLB 0.63 2/26/2026-21 3130ALB94 2/26/2021 2/26/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 0.8 3/16/2026-21 3130ALDN1 3/16/2021 3/16/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 0.58 1/28/2026-22 3130AKPQ3 3/19/2021 1/28/2026 10,000,000.00 9,838,500.00 0.00 0.00 0.00 9,838,500.00 FHLB 0.91 12/30/2025-21 3130ALVL5 4/1/2021 12/30/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1 5/22/2026-22 3130AMCB6 5/26/2021 5/22/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.08 6/9/2026-21 3130AMNH1 6/9/2021 6/9/2026 5,000,000.00 5,000,000.00 0.00 0.00 27,000.00 5,000,000.00 FHLB 1 3/30/2026-21 3130AMZA3 6/30/2021 3/30/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.125 7/15/2026-21 3130AMYP1 7/15/2021 7/15/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.125 7/29/2026-21 3130AN4R8 7/29/2021 7/29/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.05 8/12/2026-22 3130ANBR0 8/12/2021 8/12/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1 8/12/2026-21 3130ANET3 8/12/2021 8/12/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.05 8/26/2026-21 3130ANND8 8/26/2021 8/26/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.05 8/27/2026-21 3130ANM56 8/27/2021 8/27/2026 7,400,000.00 7,400,000.00 0.00 0.00 0.00 7,400,000.00 FHLB 1 9/16/2026-21 3130ANTD2 9/16/2021 9/16/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 City of Glendale
Date To Date
Portfolio Activity Details
Report Format: By Transaction
Group By: Asset Category
Portfolio / Report Group: City of Glendale
Begin Date: 5/31/2022, End Date: 6/30/2022
Corporate
Federal Agency Callable Bonds

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Description CUSIP/Ticker Settlement Date Maturity Date Beginning Face Amount/Shares Beginning Cost Value Buy Principal Sell Principal Interest/Dividends Ending Cost Value FHLB 1 9/17/2026-22 3130ANSB7 9/17/2021 9/17/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.04 9/21/2026-21 3130ANUN8 9/21/2021 9/21/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.06 9/28/2026-21 3130ANUZ1 9/28/2021 9/28/2026 10,000,000.00 10,000,000.00 0.00 0.00 0.00 10,000,000.00 FHLB 1 9/30/2026-22 3130AP6D2 9/30/2021 9/30/2026 3,900,000.00 3,900,000.00 0.00 0.00 0.00 3,900,000.00 FHLB 1 9/30/2026-22 3130AP6D2 9/30/2021 9/30/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.2 10/14/2026-22 3130APDR3 10/14/2021 10/14/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.15 10/19/2026-22 3130APD28 10/19/2021 10/19/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.1 10/21/2026-22 3130APAY1 10/21/2021 10/21/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.15 10/26/2026-21 3130AP4H5 10/26/2021 10/26/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.15 10/28/2026-22 3130APGP4 10/28/2021 10/28/2026 5,000,000.00 4,993,750.00 0.00 0.00 0.00 4,993,750.00 FHLB 1.25 11/10/2026-22 3130APKQ7 11/10/2021 11/10/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.2 11/18/2025-22 3130APQG3 11/18/2021 11/18/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.5 11/23/2026-22 3130APRJ6 11/23/2021 11/23/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.5 11/24/2026-22 3130APQW8 11/24/2021 11/24/2026 10,000,000.00 10,000,000.00 0.00 0.00 0.00 10,000,000.00 FHLB 1.5 12/2/2026-22 3130APW43 12/2/2021 12/2/2026 5,000,000.00 5,000,000.00 0.00 0.00 37,500.00 5,000,000.00 FHLB 1.55 12/17/2026-22 3130APXD2 12/17/2021 12/17/2026 5,000,000.00 5,000,000.00 0.00 0.00 38,750.00 5,000,000.00 FHLB 1.5 6/17/2026-22 3130AQ3G6 12/17/2021 6/17/2026 5,000,000.00 5,000,000.00 0.00 0.00 37,500.00 5,000,000.00 FHLB 1.55 12/22/2026-22 3130AQ5C3 12/22/2021 12/22/2026 5,000,000.00 5,000,000.00 0.00 0.00 38,750.00 5,000,000.00 FHLB 1.625 12/30/2026-22 3130AQAB9 12/30/2021 12/30/2026 5,000,000.00 5,000,000.00 0.00 0.00 40,625.00 5,000,000.00 FHLB 1.5 3/30/2026-22 3130AQBQ5 12/30/2021 3/30/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.5 1/14/2027-22 3130AQEW9 1/14/2022 1/14/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.6 1/19/2027-22 3130AQJ87 1/19/2022 1/19/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.7 1/27/2027-23 3130AQM26 1/27/2022 1/27/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.6 7/27/2026-22 3130AQM83 1/27/2022 7/27/2026 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.61 1/28/2027-22 3130AQHG1 1/28/2022 1/28/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.9 2/17/2027-22 3130AQPE7 2/17/2022 2/17/2027 6,650,000.00 6,650,000.00 0.00 0.00 0.00 6,650,000.00 FHLB 2 2/25/2027-22 3130AQRH8 2/25/2022 2/25/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.25 2/28/2024-23 3130AQT52 2/28/2022 2/28/2024 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.6 8/28/2025-23 3130AQT94 2/28/2022 8/28/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.4 8/28/2024-23 3130AQTA1 2/28/2022 8/28/2024 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 1.6 11/28/2025-23 3130AQU76 2/28/2022 11/28/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 2 2/28/2025-23 3130AQZF3 2/28/2022 2/28/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 2 3/10/2025-22 3130AR4D0 3/10/2022 3/10/2025 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 2 9/24/2024-22 3130ARBE0 3/24/2022 9/24/2024 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 2.35 3/29/2027-22 3130ARA68 3/29/2022 3/29/2027 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 Sub Total/Average Federal Agency Callable Bonds 272,950,000.00 272,782,250.00 0.00 0.00 220,125.00 272,782,250.00 FNMA 2 10/5/2022 3135G0T78 10/6/2017 10/5/2022 5,000,000.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 FHLB 2.125 6/10/2022 313379Q69 11/30/2017 6/10/2022 5,000,000.00 5,006,650.00 0.00 5,000,000.00 53,125.00 0.00 FNMA 2.375 1/19/2023 3135G0T94 1/23/2018 1/19/2023 5,000,000.00 4,976,675.00 0.00 0.00 0.00 4,976,675.00 FHLB 2.5 3/10/2023 3130ADMX7 3/12/2018 3/10/2023 5,000,000.00 4,950,000.00 0.00 0.00 0.00 4,950,000.00 FHLMC 2.75 6/19/2023 3137EAEN5 7/11/2018 6/19/2023 5,000,000.00 4,979,300.00 0.00 0.00 68,750.00 4,979,300.00 FHLB 3.375 9/8/2023 313383YJ4 9/17/2018 9/8/2023 5,000,000.00 5,091,825.00 0.00 0.00 0.00 5,091,825.00 FHLB 3.25 6/9/2023 313383QR5 9/26/2018 6/9/2023 5,000,000.00 5,037,650.00 0.00 0.00 81,250.00 5,037,650.00 FHLB 3.15 10/10/2023 3130AF4K0 11/9/2018 10/10/2023 6,000,000.00 5,990,400.00 0.00 0.00 0.00 5,990,400.00 FHLB 3.125 7/25/2023 3130AFBD8 11/9/2018 7/25/2023 5,000,000.00 4,990,100.00 0.00 0.00 0.00 4,990,100.00 FHLB 3.375 12/8/2023 3130A0F70 12/13/2018 12/8/2023 5,000,000.00 5,104,835.00 0.00 0.00 84,375.00 5,104,835.00 FHLB 3.125 12/12/2025 3130AEB74 2/1/2022 12/12/2025 6,375,000.00 6,740,486.96 0.00 0.00 99,609.38 6,740,486.96 FNMA 2.125 4/24/2026 3135G0K36 2/15/2022 4/24/2026 5,000,000.00 5,051,100.00 0.00 0.00 0.00 5,051,100.00 FHLB 1.5 8/15/2024 3130AGWK7 3/9/2022 8/15/2024 5,000,000.00 4,990,950.00 0.00 0.00 0.00 4,990,950.00 FNMA 2.125 4/24/2026 3135G0K36 3/9/2022 4/24/2026 5,000,000.00 5,089,075.86 0.00 0.00 0.00 5,089,075.86 Sub Total/Average Federal Agency Term Notes 72,375,000.00 72,999,047.82 0.00 5,000,000.00 387,109.38 67,992,397.82 LA County Pool LGIP LACPIF 6/30/2013 N/A 76,034,514.56 76,034,514.56 58,654.84 34,514.56 58,654.84 76,058,654.84 Sub Total/Average LA County Pool 76,034,514.56 76,034,514.56 58,654.84 34,514.56 58,654.84 76,058,654.84 CA Local Agency Inv. Fund LGIP-Quarterly LAIF-CITY 6/30/2013 N/A 64,000,000.00 64,000,000.00 0.00 0.00 0.00 64,000,000.00 Sub Total/Average LAIF - City 64,000,000.00 64,000,000.00 0.00 0.00 0.00 64,000,000.00 CA Local Agency Inv. Fund LGIP-Quarterly LAIF-GFA 6/30/2013 N/A 64,000,000.00 64,000,000.00 0.00 0.00 0.00 64,000,000.00 Sub Total/Average LAIF - GFA 64,000,000.00 64,000,000.00 0.00 0.00 0.00 64,000,000.00 Texas A&M University 2.734 5/15/2023 88213AHK4 7/17/2018 5/15/2023 5,000,000.00 4,940,500.00 0.00 0.00 0.00 4,940,500.00 New York City Trans. Revenue Bonds 3.11 7/15/2023 64972HN81 7/27/2018 7/15/2023 5,000,000.00 4,985,000.00 0.00 0.00 0.00 4,985,000.00 Texas State GO Bonds 2.531 10/1/2023 882723A74 10/3/2018 10/1/2023 3,325,000.00 3,236,555.00 0.00 0.00 0.00 3,236,555.00 Mississippi State GO Bonds 3.408 11/1/2023 605581LJ4 11/7/2018 11/1/2023 1,500,000.00 1,500,000.00 0.00 0.00 0.00 1,500,000.00 Texas Tech University 2.761 2/15/2023 882806EQ1 2/27/2019 2/15/2023 5,000,000.00 5,011,350.00 0.00 0.00 0.00 5,011,350.00 New York State Urban Dev 2.88 3/15/2024 6500357B8 4/24/2019 3/15/2024 1,500,000.00 1,511,580.00 0.00 0.00 0.00 1,511,580.00 Texas A&M University 2.549 5/15/2024 88213AKB0 5/15/2019 5/15/2024 1,915,000.00 1,921,817.40 0.00 0.00 0.00 1,921,817.40 Idaho Energy Resources Authority 2.297 9/1/2023 451174AA4 5/21/2019 9/1/2023 1,325,000.00 1,311,750.00 0.00 0.00 0.00 1,311,750.00

LAIF - GFA
Obligations of Other States
Federal Agency Term Notes
LA County Pool
LAIF - City

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Description CUSIP/Ticker Settlement Date Maturity Date Beginning Face Amount/Shares Beginning Cost Value Buy Principal Sell Principal Interest/Dividends Ending Cost Value University of Colorado 2.649 6/1/2024 91417KN23 6/12/2019 6/1/2024 1,100,000.00 1,121,032.00 0.00 0.00 14,569.50 1,121,032.00 New York State Urban Dev 3.1 3/15/2024 6500358M3 7/3/2019 3/15/2024 1,255,000.00 1,301,435.00 0.00 0.00 0.00 1,301,435.00 Virginia State College Revenue Bond 0.61 9/1/2025 92778WKR6 2/9/2021 9/1/2025 5,000,000.00 5,017,500.00 0.00 0.00 0.00 5,017,500.00 New York State Urban Dev 3.35 3/15/2026 6500358P6 7/6/2021 3/15/2026 3,300,000.00 3,646,500.00 0.00 0.00 0.00 3,646,500.00 New York State Urban Dev 2.25 3/15/2026 64985TBA8 1/12/2022 3/15/2026 5,000,000.00 5,138,850.00 0.00 0.00 0.00 5,138,850.00 Alabama Federal Aid 1.268 9/1/2026 010268CN8 2/2/2022 9/1/2026 3,000,000.00 2,935,290.00 0.00 0.00 0.00 2,935,290.00 Texas A&M University 2.933 5/15/2026 88213ABX2 2/2/2022 5/15/2026 1,500,000.00 1,576,110.00 0.00 0.00 0.00 1,576,110.00 NYC Transitional2.02 2/1/2027 64971XH27 2/7/2022 2/1/2027 5,000,000.00 5,009,400.00 0.00 0.00 0.00 5,009,400.00 New York State Dormitory1.538 3/15/2027 64990FD68 3/16/2022 3/15/2027 5,000,000.00 4,766,250.00 0.00 0.00 0.00 4,766,250.00 State of Hawaii GO Bond 1.283 10/1/2026 419792A97 4/7/2022 10/1/2026 1,750,000.00 1,627,622.50 0.00 0.00 0.00 1,627,622.50 State of Hawaii GO Bond 0.893 8/1/2026 419792YR1 4/7/2022 8/1/2026 1,910,000.00 1,751,832.90 0.00 0.00 0.00 1,751,832.90 New York State Dormitory 2.558 2/15/2027 64990FS88 4/20/2022 2/15/2027 2,465,000.00 2,391,050.00 0.00 0.00 0.00 2,391,050.00 State of Maryland GO Bond 3.15 6/1/2026 574193VR6 6/22/2022 6/1/2026 0.00 0.00 5,852,301.00 0.00 0.00 5,852,301.00 Sub Total/Average Obligations of Other States 60,845,000.00 60,701,424.80 5,852,301.00 0.00 14,569.50 66,553,725.80 Santa Rosa Reg. Revenue Bonds 2.4 8/1/2022 802629AX3 8/24/2017 8/1/2022 975,000.00 987,489.75 0.00 0.00 0.00 987,489.75 San Jose CA Successor Agency 2.63 8/1/2022 798170AE6 1/19/2018 8/1/2022 5,000,000.00 4,998,750.00 0.00 0.00 0.00 4,998,750.00 University of CA Regents 3.297 5/15/2023 91412HBK8 6/5/2018 5/15/2023 2,000,000.00 2,000,000.00 0.00 0.00 0.00 2,000,000.00 University of CA Regents 3.333 5/15/2023 91412HDK6 6/5/2018 5/15/2023 1,500,000.00 1,500,000.00 0.00 0.00 0.00 1,500,000.00 San Jose CA Successor Agency 2.828 8/1/2023 798170AF3 8/9/2018 8/1/2023 5,000,000.00 4,937,700.00 0.00 0.00 0.00 4,937,700.00 CA State GO Bonds 2.25 10/1/2023 13063DDG0 2/15/2019 10/1/2023 1,390,000.00 1,357,599.10 0.00 0.00 0.00 1,357,599.10 San Francisco City & County GO Bonds 2.621 6/1 7976465B8 2/26/2019 6/15/2023 470,000.00 470,000.00 0.00 0.00 6,159.35 470,000.00 City of San Jose GO Bonds 2.3 9/1/2022 798135H44 7/25/2019 9/1/2022 2,225,000.00 2,239,596.00 0.00 0.00 0.00 2,239,596.00 City of San Jose GO Bonds 2.3 9/1/2023 798135H51 7/25/2019 9/1/2023 2,000,000.00 2,013,260.00 0.00 0.00 0.00 2,013,260.00 CA State GO Bonds 3.789 5/15/2024 91412GTF2 11/13/2019 5/15/2024 1,000,000.00 1,067,800.00 0.00 0.00 0.00 1,067,800.00 CA State GO Bonds 4 3/1/2023 13063DSU3 3/24/2020 3/1/2023 5,000,000.00 5,189,350.00 0.00 0.00 0.00 5,189,350.00 California State University Revenue Bonds 0.685 11 13077DMK5 9/17/2020 11/1/2024 1,000,000.00 1,000,000.00 0.00 0.00 0.00 1,000,000.00 Roseville Financial Authority 0.887 2/1/2025 77781RCQ4 9/29/2020 2/1/2025 1,500,000.00 1,506,765.00 0.00 0.00 0.00 1,506,765.00 City of Beverly Hills Revenue Bonds 0.73 6/1/2024 088006JY8 10/15/2020 6/1/2024 750,000.00 750,000.00 0.00 0.00 2,737.50 750,000.00 City of Beverly Hills Revenue Bonds 0.83 6/1/2025 088006JZ5 10/15/2020 6/1/2025 675,000.00 675,000.00 0.00 0.00 2,801.25 675,000.00 CA State Health Facs Fin Revenue Bonds 0.752 6/1/2 13032UXL7 11/4/2020 6/1/2024 2,000,000.00 2,000,000.00 0.00 0.00 7,520.00 2,000,000.00 CA State Health Facs Fin Revenue Bonds 0.952 6/1/2 13032UXM5 11/4/2020 6/1/2025 1,750,000.00 1,750,000.00 0.00 0.00 8,330.00 1,750,000.00 University of CA Revenue Bonds 0.883 5/15/2025 91412HGE7 2/4/2021 5/15/2025 5,420,000.00 5,526,990.80 0.00 0.00 0.00 5,526,990.80 Santa Monica Malibu USD 0.849 8/1/2026 802498ZA6 3/18/2022 8/1/2026 1,295,000.00 1,217,196.40 0.00 0.00 0.00 1,217,196.40 CA ST Health Fac Fin Authority 2.211 6/1/2025 13032UVC9 4/4/2022 6/1/2025 3,000,000.00 2,947,860.00 0.00 0.00 33,165.00 2,947,860.00 CA ST Health Fac Fin Authority 2.991 6/1/2025 13032UC22 4/7/2022 6/1/2025 2,000,000.00 2,000,000.00 0.00 0.00 8,973.00 2,000,000.00 CA ST Health Fac Fin Authority 3.044 6/1/2026 13032UC30 4/7/2022 6/1/2026 1,500,000.00 1,500,000.00 0.00 0.00 6,849.00 1,500,000.00 University of CA Revenue Bonds 3.063 7/1/2025 91412GU94 4/8/2022 7/1/2025 2,640,000.00 2,644,672.80 0.00 0.00 0.00 2,644,672.80 LA Comm Coll Dist GO Bonds 1.174 8/1/2026 54438CYL0 4/27/2022 8/1/2026 5,000,000.00 4,616,400.00 0.00 0.00 0.00 4,616,400.00 University of CA Revenue Bonds 3.063 7/1/2025 91412GU94 5/5/2022 7/1/2025 3,160,000.00 3,146,064.40 0.00 0.00 0.00 3,146,064.40 Bay Area Toll Authority Revenue Bond 1.433 4/1/202 072024XD9 5/12/2022 4/1/2027 2,315,000.00 2,082,342.50 0.00 0.00 0.00 2,082,342.50 University of CA Revenue Bonds 1.316 5/15/2027 91412HGF4 5/16/2022 5/15/2027 5,000,000.00 4,496,850.00 0.00 0.00 0.00 4,496,850.00 City of San Jose GO Bonds 2.45 9/1/2025 798135E88 6/15/2022 9/1/2025 0.00 0.00 4,270,379.40 0.00 0.00 4,270,379.40 Sub Total/Average State & Municipal Bonds 65,565,000.00 64,621,686.75 4,270,379.40 0.00 76,535.10 68,892,066.15 T-Note 1.875 7/31/2022 9128282P4 10/19/2017 7/31/2022 5,000,000.00 4,978,320.31 0.00 0.00 0.00 4,978,320.31 T-Note 1.875 8/31/2022 912828L24 11/14/2017 8/31/2022 5,000,000.00 4,961,328.13 0.00 0.00 0.00 4,961,328.13 T-Note 1.625 11/15/2022 912828TY6 1/16/2018 11/15/2022 5,000,000.00 4,844,140.63 0.00 0.00 0.00 4,844,140.63 T-Note 2.75 11/15/2023 912828WE6 3/20/2019 11/15/2023 8,000,000.00 8,115,312.50 0.00 0.00 0.00 8,115,312.50 T-Note 0.5 2/28/2026 91282CBQ3 3/1/2021 2/28/2026 10,000,000.00 9,843,632.60 0.00 0.00 0.00 9,843,632.60 T-Note 1.5 10/31/2024 912828YM6 4/13/2021 10/31/2024 5,000,000.00 5,175,390.63 0.00 0.00 0.00 5,175,390.63 T-Note 1.25 12/31/2026 91282CDQ1 1/11/2022 12/31/2026 5,000,000.00 4,935,546.88 0.00 0.00 31,250.00 4,935,546.88 T-Note 0.25 8/31/2025 91282CAJ0 2/8/2022 8/31/2025 5,000,000.00 4,760,742.19 0.00 0.00 0.00 4,760,742.19 T-Note 0.25 7/31/2025 91282CAB7 2/9/2022 7/31/2025 5,000,000.00 4,769,140.63 0.00 0.00 0.00 4,769,140.63 T-Note 0.25 10/31/2025 91282CAT8 2/9/2022 10/31/2025 5,000,000.00 4,748,242.19 0.00 0.00 0.00 4,748,242.19 T-Note 0.25 7/31/2025 91282CAB7 3/16/2022 7/31/2025 5,000,000.00 4,712,109.38 0.00 0.00 0.00 4,712,109.38 T-Note 0.25 8/31/2025 91282CAJ0 3/16/2022 8/31/2025 5,000,000.00 4,705,859.38 0.00 0.00 0.00 4,705,859.38 T-Note 0.75 11/15/2024 91282CDH1 3/31/2022 11/15/2024 5,000,000.00 4,778,125.00 0.00 0.00 0.00 4,778,125.00 T-Note 1.125 1/15/2025 91282CDS7 3/31/2022 1/15/2025 5,000,000.00 4,815,625.00 0.00 0.00 0.00 4,815,625.00 T-Note 1.75 7/31/2024 912828Y87 4/1/2022 7/31/2024 5,000,000.00 4,924,218.75 0.00 0.00 0.00 4,924,218.75 T-Note 1 12/15/2024 91282CDN8 4/1/2022 12/15/2024 5,000,000.00 4,806,054.69 0.00 0.00 25,000.00 4,806,054.69 T-Note 0.25 6/15/2024 91282CCG4 4/7/2022 6/15/2024 5,000,000.00 4,752,340.00 0.00 0.00 6,250.00 4,752,340.00 T-Note 1.75 6/30/2024 9128286Z8 4/11/2022 6/30/2024 5,000,000.00 4,908,593.75 0.00 0.00 43,750.00 4,908,593.75 T-Note 1.125 1/15/2025 91282CDS7 5/4/2022 1/15/2025 5,000,000.00 4,771,093.75 0.00 0.00 0.00 4,771,093.75 T-Note 1.5 2/15/2025 91282CDZ1 5/4/2022 2/15/2025 5,000,000.00 4,812,500.00 0.00 0.00 0.00 4,812,500.00 T-Note 2.75 4/30/2027 91282CEN7 6/13/2022 4/30/2027 0.00 0.00 4,939,062.50 0.00 0.00 4,939,062.50 Sub Total/Average Treasury Notes 108,000,000.00 105,118,316.39 4,939,062.50 0.00 106,250.00 110,057,378.89 Total / Average 956,900,514.56 953,565,872.63 21,865,419.84 5,034,514.56 1,159,640.32 970,390,127.91 State & Municipal Bonds
Treasury Notes

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Description CUSIP/Ticker Beginning Book Accrued Interest Interest/Dividends Interest Earned During Period-BV Difference in Accrued Interest Ending Book Accrued Interest Corporate 1,065,837.67 296,396.50 347,090.62 59,204.14 1,125,041.81 Federal Agency Callable Bonds 839,763.08 220,125.00 287,379.18 64,423.46 904,186.54 Federal Agency Term Notes 616,113.12 387,109.38 136,416.53 -238,388.28 377,724.84 LA County Pool 0.00 58,654.84 58,654.84 0.00 0.00
LAIF - City 71,960.55 0.00 46,395.62 46,395.62 118,356.17 LAIF - GFA 71,960.55 0.00 46,395.62 46,395.62 118,356.17 Obligations of Other States 309,508.48 14,569.50 117,283.05 100,123.11 409,631.59 State & Municipal Bonds 374,005.95 76,535.10 135,340.37 73,553.97 447,559.92 Treasury Notes 287,919.72 106,250.00 183,445.53 15,246.71 303,166.43 Total / Average 3,637,069.12 1,159,640.32 1,358,401.36 166,954.35 3,804,023.47 Portfolio / Report Group: City of Glendale
Begin Date: 5/31/2022, End Date: 6/30/2022
City of Glendale
Date To Date
Investment Earnings Summary
Report Format: By Totals
Group By: Asset Category

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CITY OF GLENDALE, CALIFORNIA

REPORT TO THE CITY COUNCIL

AGENDA ITEM
Report: Grayson Power Plant (GPP) Unit 9 Continuous Emission Monitoring System (CEMS) Replacement Project.

1. Resolution authorizing an alternative procurement method, dispensing with competitive bidding and authorizing the City Manager, or his designee, to negotiate and execute a design-build contract with Cemtek Environmental Inc. dba CEMTEK KVB-Enertec (CEMTEK) for the GPP Unit 9 CEMS Replacement Project in an amount not to exceed $530,000.

2. Resolution of Appropriation.

COUNCIL ACTION
Item Type: Action Item
Approved for October 11, 2022 Calendar

EXECUTIVE SUMMARY
The Grayson Power Plant (GPP) Unit 9 has a Continuous Emissions Monitoring System (CEMS) to comply with applicable local, state, and federal air pollution regulations and permit conditions. Major components of the existing GPP Unit 9 CEMS, installed in 2003, in particular the analyzers, are past their design life requiring replacement due to parts obsolescence. GPP Unit 9, being the City newest and most reliable unit, is highly relied upon by Glendale Water & Power (GWP) to provide the City with local dispatchable generation.

GWP staff is requesting City Council approval to utilize the “design-build” method of procurement, dispense with competitive bidding, and authorize the City Manager, or his designee, to negotiate and execute a design-build contract with CEMTEK in an amount not to exceed $530,000 to replacement the GPP Unit 9 CEMS, and approve a resolution of appropriations to fully fund the project.

COUNCIL PRIORITIES
Exceptional Customer Service: GWP will be able to ensure uninterrupted service and increase the reliability of the City’s power supply.

Infrastructure & Mobility: GWP will be able to provide a more reliable source of electric generation for the City of Glendale.
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Sustainability: A reliable and working CEMS would ensure better emission monitoring which would in turn result to responsibly minimize the impact to the environment.

RECOMMENDATION
Adopt a Resolution authorizing an alternative procurement method, dispensing with competitive bidding and authorizing the City Manager, or his designee, to negotiate and execute a design-build contract with CEMTEK for the GPP Unit 9 CEMS Replacement Project in an amount not-to-exceed $530,000, and adopt a Resolution of Appropriation to fully fund the project.

BACKGROUND
GWP generates, transmits, and distributes electricity to over 88,000 residential, commercial, and industrial customers in Glendale. GPP Unit 9, commissioned in 2004, is Glendale’s newest and most reliable local gas turbine generator designed to generate up to 48 megawatts of electricity.

The GPP Unit 9 CEMS is a Title V air permit requirement and an integral part of the unit providing the necessary feedback to properly report emissions to regulatory agencies such as the South Coast Air Quality Management District (SCAQMD) and the Environmental Protection Agency (EPA). The CEMS helps GWP operate the unit in the most environmentally responsible way possible. It consists of five flue gas analyzers, a natural gas flow rate meter, a sample transport, conditioning and calibration units and the data acquisition, reduction, and recoding units. The flue gas analyzers are highly sensitive, microprocessor-based analytical devices comprised of several components used to measure and convert the concentration of specific constituents into an electrical signal. The equipment is housed in a climate controlled enclosure, a CEMS shelter.

Over the course of the past 17 years since its commissioning in 2004, GWP has been able to maintain the CEMS including the original analyzers through periodic preventative maintenance and the repair/replacement of a few analyzer and conditioning system components. The work has been accomplished with support from Horiba Instruments Inc. (Horiba), the original supplier of the CEMS (except for the natural gas flow rate meter) and the original equipment manufacturer of the analyzers.

However, with the analyzers at their end-of-life and Horiba discontinuing their manufacturing, a replacement of the CEMS is necessary to address the fact that analyzer replacement parts are either in low inventory, have to be ordered from Japan, which have a long lead time, or are no longer available (obsolete).

The GPP Unit 9 CEMS Replacement Project will replace the flue gas analyzers, the sample transport, the conditioning and calibration units, and the data acquisition, reduction, and recording units. The existing CEMS shelter, calibration gas bottles and associated regulators, sample line cable trays, load center and circuit breakers, and the plant data acquisition and handling system (DAHS) will be reused. 261 of 307

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ANALYSIS
Alternative Project Delivery Method
GWP recommends using the “Design-Build” project delivery method rather than the traditional “Design-Bid-Build” method for the GPP Unit 9 CEMS Replacement Project, due to the high level of technical complexity of the project and the time savings that can be achieved using the Design-Build method, and because the project requires expertise that the City does not have.

Design Build procurement is an “alternative project delivery method” under the City’s Alternative Project Delivery Method Ordinance (Chapter 4.13 of the Glendale Municipal Code). The Ordinance requires an alternative project delivery method to be authorized by the City Council before utilizing the alternative project delivery method. GWP recommends that that City Council authorize the use of the Design-Build procurement method for the GPP Unit 9 CEMS Replacement Project, and authorize GWP to dispense with competitive bidding and negotiate and award a contract with CEMTEK for the project.

Under the traditional method of Design-Bid-Build, the project would requirement multiple procurement, contract negotiation, and approval processes which, along with additional administrative processes and project coordination, would extend the project’s delivery date. In contrast, Design Build project delivery method is streamlined. The Design- Build procurement method means the City would enter into one contract for the design and development of plans and the supply and installation of the CEMS equipment.

With the Design Build method, the City can achieve time savings compared to the City’s traditional construction method. This is a critical consideration as Grayson Unit 9 is critical to GWP’s power supply. Allowing procurement and installation to begin relatively soon after the start of engineering will help reduce the procurement window, and allow the new CEMS to be installed quickly to continue to meet Title V requirements.

Additionally, using the Design-Build method will minimize project cost and risk by integrating the design and construction processes, avoiding the communication gap and potential errors that can occur when the engineering and construction work are separated between two contractors. On September 2, 2022, the General Manager of GWP obtained the City Manager’s approval for the proposed alternative procurement method for the Balance of Site Contractor, as required by Glendale Municipal Code Section 4.13.070 (See Exhibit A).

Dispensing with Competitive Bidding
Although Horiba offers a newer replacement model analyzer, it no longer has a local field service technician to support GWP in a timely manner. Horiba has also moved its Irvine, California repair facility to Houston, Texas. As such, for onsite support, the regional field service technician must be dispatched from their Houston office. To minimize potential downtime, GWP requires a vendor who has local field service technicians that can be onsite within hours of an emergency service call. Horiba, at this time, does not provide this service nor does it see the need to.

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Article VI Section 9 of the Charter states that: “upon recommendation of the City Manager, the council may dispense with competitive bidding for any contract when it determines that it is in the best interests of the city so to do and acts by resolution setting forth the reason for such action.” In accordance with the Glendale Charter, staff recommends dispensing with competitive bidding and executing a Design-Build contract with CEMTEK for the following reasons:

1. CEMS integration is a highly specialized service that must strictly adhere to the applicable local, state and federal regulations and permit requirements.

2. After the decommissioning of GPP Units 1-8, and until new units are constructed and commissioned at the site, GPP Unit 9 will be GWP’s only source of dispatchable local generation. Having a reliable CEMS, and the necessary local support, will be critical in helping to minimize potential downtime and to maximize the unit’s availability to generate power for the City when it is needed the most.

3. CEMTEK is a leading local CEMS integrator. For the past 35 years, CEMTEK has installed many CEMS in the SCAQMD area. CEMTEK has extensive experience, having completed services to power plants for the Cities of Pasadena, Burbank, Riverside, Anaheim and the Los Angeles Department of Water & Power Scattergood and Haynes Facilities. CEMTEK has ongoing projects with Southern California Edison. CEMTEK has successfully replaced a Horiba CEMS for the City of Pasadena, just recently, and has installed and services many different analyzers from different manufacturers such as Rosemount, AMETEK, Thermo Scientific, ABB, Teledyne Technologies, etc.

4. CEMTEK has a robust full-service team from consulting, engineering and design, permitting, training and emergency support that can complete the project from start to finish and provide the necessary onsite support to maintain the new CEMS.

5. CEMTEK has large stocks of CEMS spare parts and equipment to execute the project with minimal interruption to the operation and availability of the unit.

CEMTEK can deliver the equipment within 20 weeks of receiving the order and complete the installation, commissioning, and training in an additional two weeks.

6.The City’s standard bidding process, which takes approximately three to six months for a contract in place and the long lead time of equipment (20 weeks), will not allow for this project to be completed alongside the Grayson Repowering Project – Unit 9 Separation work which is scheduled to commence in the Spring of 2023. In doing so, it will allow for Unit 9 to be available in operation for the 2023 Summer peak demand.

7. CEMTEK’s proposal includes an industry standard 12-month warranty from start-up or 18 months from shipment, whichever occurs first.

CEMTEK’s scope of work includes project management; evaluation and field verification of existing site conditions; engineering and design; factory acceptance testing; shipping, and all necessary labor, material, and equipment to complete the replacement work.

GWP will be responsible for providing utilities and calibration gases, receiving and inspecting new equipment when it arrives at the GPP, moving the new equipment to the GPP Unit 9 CEMS shelter for CEMTEK to install, and disposing of the removed old equipment, and providing a remote access connection to the plant DAHS for remote 263 of 307

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support and software warranty purposes. GWP will also be responsible for providing third-party services such as onsite testing for regulatory purposes.

CEMTEK’s proposed payment schedule for the equipment is ten percent upon award, 25% upon transmittal and acceptance of engineering drawings, 35% upon receipt of major material at CEMTEK factory, and 30% upon shipment of equipment. Field Services will be billed upon completion and based on time and material rates, subject to a five percent retention.

STAKEHOLDERS/OUTREACH
Not applicable.

FISCAL IMPACT
The GPP Unit 9 CEMS Replacement Project is estimated to cost $530,000, which was not included as a part of the FY 2022-23 approved budget. Therefore, staff is requesting for an appropriation of $270,000 from City’s Net Position fund balance. The appropriation request is outlined below:

Existing Appropriation
Amount Account String Funding Source
$260,000.00 GL: 51200-5830-GWP-0020
PL: GWP00459AN
GWP Electric
Depreciation
Fund
Requesting Appropriation
Amount From (Account String) To (Account String) Funding Source $270,000.00 GL: 27900-5810-GWP-
0000
GL: 51200-5830-GWP-
0020
PL: GWP00459AN
GWP Electric
Depreciation
Fund

ENVIRONMENTAL REVIEW
This project is Categorically Exempt under the provision of the California Environmental Quality Act (CEQA) pursuant to the California Code of Regulations, Title 14, Division 6, Chapter 3, Article 19, Section 15301 which exempts “the operation, repair, maintenance, permitting, leasing, licensing, or minor alteration of existing public or private structures, facilities, mechanical equipment, or topographical features, involving negligible or no expansion of existing or former use.”

CAMPAIGN DISCLOSURE
The names and business addresses of the members of the board of directors, the chairperson, CEO, COO, CFO, subcontractors and any person or entity with more than ten percent interest in the company proposed for contract in this Agenda item report are attached in Exhibit B, in accordance with the City Campaign Finance Ordinance No. 5744.
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ALTERNATIVES
Alternative 1: Dispense with competitive bidding and authorize the funding, negotiations and execution of a Design-Build contract with CEMTEK to replacement the GPP Unit 9 CEMS as recommending herein. This would help minimize potential downtime of the unit and maximize its availability to serve the City.

Alternative 2: Do not adopt, dispense with competitive bidding or authorize the funding, negotiations, and executions of the contract as recommended herein.

This would increase the risk of a prolong outage with GPP Unit 9 and delay the project.

Alternative 3: Consider any other alternative not proposed by staff.

ADMINISTRATIVE ACTION
Prepared by:

Scott Mellon, Assistant General Manager - Power Management Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS / ATTACHMENTS
Exhibit A: Alternative Project Deliver Method Memo to City Manager dated September 2, 2022
Exhibit B: Campaign Disclosure Form for CEMTEK.
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1 RESOLUTION NO.

A RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE, CALIFORNIA

AUTHORIZING THE GENERAL MANAGER OF GLENDALE WATER & POWER

DEPARTMENT TO UTILIZE AN ALTERNATIVE PROJECT DELIVERY METHOD PURSUANT TO CHAPTER 4.13 OF THE GLENDALE MUNICIPAL CODE,

DISPENSING WITH COMPETITIVE BIDDING, AND AUTHORIZING THE CITY

MANAGER TO NEGOTIATE AND EXECUTE A DESIGN BUILD CONTRACT WITH CEMTEK ENVIRONMENTAL INC. DBA CEMTEK KVB-ENERTEC FOR TE GRAYSON POWER PLANT UNIT 9 CEMS REPLACEMENT PROJECT
WHEREAS, the Grayson Power Plant (“GPP”) has a Continuous Emissions Monitoring System (CEMS), to comply with applicable local, state, and federal air pollution regulations and permit conditions; and
WHEREAS, major components of the existing CEMS for Grayson Power Plant Unit 9, installed in 2003, are past their design life and require replacement, due to parts obsolescence; and
WHEREAS, the original equipment manufacturer and original supplier of the CEMS, Horiba Instruments, Inc. (“Horiba”), has discontinued manufacturing of the City’s CEMS model, and replacement parts are low inventory or have to be ordered from Japan, with a long lead time; and further, Horiba no longer has a field office in California; and
WHEREAS, the proposed GPP Unit 9 CEMS Replacement Project will replace the fuel gas analyzers, the sample transport, the conditioning and calibration units, and the data acquisition, reduction, and recording units of the CEMS and will re-use existing CEMS equipment where possible; and
WHEREAS, timely procurement and installation of the CEMS equipment is necessary in order to continue to meet Title V air quality requirements and to allow the City to continue to utilize Grayson Unit No. 9, which is critical to Glendale’s power supply; and
WHEREAS, due to the high level of technical complexity of the project and the time savings that can be achieved using the Design-Build procurement method, and because the Balance of Site work requires expertise that the City does not have, the General Manager of Glendale Water & Power (“GWP”) has proposed utilizing an “alternative project delivery method” for the Balance of Site work – to wit, a Design-Build contract, as authorized under Chapter 4.13 of the Glendale Municipal Code (“GMC”); and
WHEREAS, on September 2, 2022, the General Manager of GWP submitted a memorandum to the City Manager, as required by GMC Section 4.13.070(A)(1), describing the proposed GPP Unit 9 CEMS Replacement Project’s attributes and stating the reasons and justifications for proposing the Design-Build method of project delivery reasons and justifications per GMC Section 4.13.060(A) and (B), including that the project has a high level of technical complexity; requires expertise that the city staff does not 266 of 307

2 have; and that the alternative project delivery method will achieve or improve the project’s schedule by minimizing the project delivery time; and
WHEREAS, on September 2, 2022, the City Manager, as required by GMC Section

4.13.070(A)(2), approved the use of the proposed alternative project delivery method for the proposed GPP Unit 9 CEMS Replacement Project; and
WHEREAS, having received the City Manager’s approval and having satisfied one or more reasons under GMC Section 4.13.060(A), and one or more justifications under GMC Section 4.13.060(B), the use of the Design-Build contracting method for the GPP Unit 9 CEMS Replacement Project, meets the procedural and substantive requirements for using an alternative project delivery method; and WHEREAS, Article VI, Section 9 of the Glendale City Charter states that “upon recommendation of the City Manager, the council may dispense with competitive bidding for any contract when it determines that it is in the best interests of the city to do so and acts by resolution setting forth the reason for such action”; and WHEREAS, City staff recommends dispensing with competitive bidding and negotiating and executing a contract with CEMTEK Environmental Inc. dba CEMTEK KVB-Enertec (CEMTEK) for the GPP Unit 9 CEMS Replacement Project, for an amount not to exceed $530,000, for the following reasons:
•CEMS integration is a highly specialized service that must strictly adhere to the applicable local, state and federal regulations and permit requirements.
•After the decommissioning of GPP Units 1-8, and until new units are constructed and commissioned at the site, GPP Unit 9 will be GWP’s only source of dispatchable local generation. Having a reliable CEMS, and the necessary local support, will be critical in helping to minimize potential downtime and to maximize the unit’s availability to generate power for the City when it is needed the most.
•CEMTEK is a leading local CEMS integrator. For the past 35 years, CEMTEK has installed many CEMS in the Southern California Air Quality Management District area. CEMTEK has extensive experience, having completed services to power plants for the Cities of Pasadena, Burbank, Riverside, Anaheim and the Los Angeles Department of Water & Power’s Scattergood and Haynes Facilities. CEMTEK has ongoing projects with Southern California Edison. CEMTEK has successfully replaced a Horiba CEMS for the City of Pasadena, just recently, and has installed and services many different analyzers from different manufacturers such as Rosemount, AMETEK, Thermo Scientific, ABB, Teledyne Technologies, etc.
•CEMTEK has a robust full-service team from consulting, engineering and design, permitting, training and emergency support that can complete the project from start to finish and provide the necessary onsite support to maintain the new CEMS.
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3 •CEMTEK has a large stock of CEMS spare parts and equipment to execute the project with minimal interruption to the operation and availability of the unit. CEMTEK can deliver the equipment within 20 weeks of receiving the order and complete the installation, commissioning, and training in an additional two weeks.
•The City’s standard bidding process, which takes approximately three to six months for a contract to be in place and the long lead time of equipment (20 weeks), will not allow for this project to be completed alongside the Grayson Repowering Project – Unit 9 Separation work which is scheduled to commence in the Spring of 2023. In doing so, it will allow for Unit 9 to be available in operation for the 2023 Summer peak demand.
•CEMTEK’s proposal includes an industry standard 12-month warranty from start-up or 18 months from shipment, whichever occurs first.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GLENDALE:

1. The foregoing facts are deemed to be true and correct, and are a basis for (i) authorizing the use of the alternative project delivery method through a Design-Build Contract for the GPP Unit 9 CEMS Replacement Project; and (ii) dispensing with competitive bidding and authorizing the City Manager, or his designee, to negotiate and execute a Design-Build contract with CEMTEK for said Project, as described herein and in the September 27, 2022 staff report to the City Council.

2. The General Manager of GWP is authorized to utilize the Design-Build contract method for GPP Unit 9 CEMS Replacement Project.

3. The City Manager is further authorized to negotiate and execute a Design- Build contract with CEMTEK Environmental, Inc. dba CEMTECK KVB- Enertec for the GPP Unit 9 CEMS Replacement Project, for an amount not to exceed $530,000. The form of such contract shall be subject to the approval of the City Attorney.

Adopted this _____________ day of __________________________, 2022. ___________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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4 STATE OF CALIFORNIA )
) SS

COUNTY OF LOS ANGELES )
I, Dr. Suzie Abajian, City Clerk of the City of Glendale, do certify that the foregoing Resolution No. __________ was adopted by the Council of the City of Glendale, California, at a regular meeting held on the ________ day of __________________, 2022, by the following vote:

Ayes:

Noes:

Absent:

Abstain:
_______________________________
City Clerk
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3 2
1 0
RESOLUTION NO. ___________

RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE

MAKING AN APPROPRIATION
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE:

SECTION 1: That the sum of $270,000 is hereby appropriated and/or transferred from the following accounts to the following accounts:

ACCOUNTS DESCRIPTION FROM TO
27900-5810-GWP-0000-P0000-
T0000-F0000-0000-0000-
51200-5830-GWP-0020- P0000-
T0000-F0000-0000-0000-
GWP00459AN
Net Position, Electric Surplus Fund,
Glendale Water & Power
Other Improvements, Electric Depreciation
Fund, Glendale Water & Power, Project,
PM Unit #9 CEMS Analyzers
$270,000
$270,000
To appropriate funding for the GPP Unit 9 CEMS Replacement Project.

SECTION 2: The Director of Finance / Information Technology is authorized to make such other revisions, individual appropriation line-items, changes in summaries, fund totals, grand totals, and other portions of the budget document as necessary to reflect and implement the changes specified in this resolution.

SECTION 3: The City Clerk shall certify to the adoption of this Resolution.

Adopted this________day of _______________, 2022.
_______________________________
Mayor
ATTEST:
___________________________________
City Clerk 09/15/2022
270,000

STATE OF CALIFORNIA )

COUNTY OF LOS ANGELES ) SS

CITY OF GLENDALE )
I, Suzie Abajian, City Clerk of the City of Glendale, do hereby certify that the foregoing Resolution No._________was adopted by the Council of the City of Glendale, California, at a regular meeting held on the__________ day of _______________, 2022, and that the same was adopted by the following vote:

Ayes:

Noes:

Absent:

Abstain:
________________________________
City Clerk
Director of Finance / Information Technology
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EXHIBIT A
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City of Glendale

DISCLOSURE - CAMPAIGN FINANCE ORDINANCE
The City Council adopted Ordinance No. 5744, “Campaign Finance Ordinance,” which became effective on September 9, 2011, and amended it with Ordinance No. 5768, which became effective on March 15, 2012 (“the Ordinance”). The Ordinance prohibits: (1) A contractor* (including a subcontractor**)― who has a contract with the City of Glendale (“City”), Economic Development Department (“EDD”), or the Housing Authority of the City of Glendale (“HA”) and that contract is subject to approval by the City Council, EDD, or HA― from making a contribution to a City Council member, EDD member, HA member, City Clerk, or City Treasurer; and (2) Council members, EDD members, and HA members from voting on matters concerning a contract with a person who has provided a campaign contribution.

The Ordinance applies to a contractor whose contract requires the City Council’s, EDD's, or HA’s approval. A contract with the City, EDD, or HA is known as a “City Contract.” The Ordinance also applies to a subcontractor who has a subcontract through a City Contract. The Ordinance excludes a competitively bid contract awarded to the lowest responsible bidder.

To assist members of the City Council, EDD, and HA before they vote on a matter regarding a City Contract, the Ordinance requires City staff to prepare this report which discloses certain information about: the contractor receiving the City Contract, and the subcontractor(s) working under the City Contract.

A contractor must provide the information listed below when: A subcontractor must provide the information listed below when:
•The City Contract has a total anticipated or actual value of $50,000 or more; or • The subcontract through a City Contract has a total anticipated or actual value of $25,000 or more; or
• A combination or series of City Contracts have a value of $50,000 or more. • A combination or series of subcontract s, for the same or different projects, have an aggregate value of $25,000 or
more. Information that must be disclosed: ● Name of the person, entity, or organization (i.e., the Contractor or Subcontractor) ● Name of the Chief Executive Officer/Pres
ident
● Chief Op
erating Officer
● Chief Financial Officer
● Chairperson
● All members
of the Board of Directors
● All persons who own more than 10% of the person, en
tity, or organization
● Name of any
campaign committee owned or controlled by the person, entity, or organi zation Please complete the following disclosure form:

Contractor(s)*:

Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer / President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
*“Contractor” is the person, entity, or organization that is the party, or prospective party, to the contract with the City, EDD, or HA or any member of that person’s, entity’s, or organization’s Board of Direct ors, its Chairperson, Chief Executive Officer, Chief Financial Officer, Chief Operat ing Officer, any person with an ownership interest of more than ten percent (10%) in that person, entit y, or organization, and any campaign committee that is o wned or controlled by that person, entity, or organization. Above please disclose these persons’ name and business address.

CEMTEK Environmental, Inc. DBA CEMTEK KVB-Enertec 3041 S. Orange Avenue, Santa Ana, CA 92707 Ty Smith 3041 S. Orange Avenue Santa Ana CA 92707

EXHIBIT B
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Rev. 6/7/12 J:\FILES\DOCFILES\ORD\CAMPAIGN CONTRIBUTION\DISCLOSURE FORM – CONTRACTOR – 6-7-12.doc Subcontractor(s)**:

Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer / President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
** “Subcontractor” is the person, entity, or organization that has entered into a contract for the performance of all or a portion of the work undertaken under an agreement with an architect, design professional, engineer, or gener al or prime contract, usually by a general or prime contrac tor. Subcontractor includes any member of that person’s, entity’s, or organization’s Board of Directors, its Chairperson, Chief Executive Officer, Chief Financ ial Officer, Chief Operating Officer, any person with an ownership interest of more than ten percent (10%) in that person, entity, or organization, and any campaign committee that is owned or controlled by that person, entity, or organization. Above please disclose these persons’ name and business address.

Campaign Committee owned or controlled by:

Title Business Address City State Zip

CERTIFICATION
On behalf of the above-named Contractor Subcontractor:
• I acknowledge that I have a continuing obligation to update this disclosure form if I substitute― or if I select additional ― architec ts, design professionals, contractors, or subcontractors within ten (10) days of the selection or change; and • I hereby certify that:
I have identified all persons for which the Ordinance requires disclosure; The information in this disclosure f
orm (and any attachment to this form) is true, accurate, correct, and complete; and I have been legally authorized to submit this disclosure form.

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at: , California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:
x
1 July 11th 22 Santa Ana
3041 S. Orange Avenue Santa Ana, CA 92707
714-437-7100 [email protected]
Ingrid Shultz
Ty Smith
President 3041 S. Orange Avenue Santa Ana CA 92707
Waterson Electric
Clinton Waterson PO BOX 3774 Orange CA 92865
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CITY OF GLENDALE, CALIFORNIA

REPORT TO THE CITY COUNCIL

AGENDA ITEM
Report: Report Regarding Potential Ban on Gas-Powered Lawn and Landscaping Equipment

1.Motion to Note and File report of a ban on gas-powered lawn and landscaping equipment.

2.Motion providing direction regarding next steps on Consideration of ban on gas- powered lawn and landscaping equipment.

COUNCIL ACTION
Item Type: Action Item
Approved for October 11, 2022 calendar

EXECUTIVE SUMMARY
California Assembly Bill No. 1346 introduces the ban on gas-powered small off-road engines (SOREs) used in lawn and garden equipment due to their highly polluting nature. This act would ban the sale of such equipment in California by 2024, or whenever the California Air Resources Board deems it necessary. Many cities have banned the sale and/or use of gas-powered leaf blowers.

Implementing a ban on all gas-powered small off-road engines would be one of the most progressive ordinances in the state. However, implementation is challenging because of enforcement for the City and transitional challenges for the affected businesses and organizations.
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COUNCIL PRIORITIES
Environmental Stewardship: Gas-powered landscaping equipment, Small Off-Road Engines (SOREs), and generator engines produce high levels of air pollutants that contribute to climate change and affect users’ health. Action regarding using such equipment would impact Glendale’s environment and the health of its community.

RECOMMENDATION
Staff respectfully recommend that City Council provide feedback, and note and file this report regarding the Consideration of a ban on gas-powered lawn and landscaping equipment. Staff also recommend that City Council provide direction on whether or not staff should investigate any type of ban on gas-powered SOREs.

If City Council wishes to pursue a ban on gas-powered SOREs, staff recommend that City Council provides direction on:
- Type of ban - a ban on the sale of the items or a ban on the use of the items. - Scope of ban - should the ban focus solely on leaf blowers or gas-powered SOREs?

BACKGROUND
California Assembly Bill No. 1346 (AB 1346) bans gas-powered small off-road engines (SOREs), typically used in lawn and garden equipment1.  SOREs are spark-ignition engines rated at or below 19 kilowatts2. It is equipment like lawnmowers, leaf blowers, golf carts, chainsaws, and other equipment used in landscaping, logging, airport ground support, and commercial utility equipment.

The ban on SOREs comes in place due to high levels of air pollutants, such as oxides of nitrogen (NOx), reactive organic gases (ROG), and particulate matter (PM). For instance, 1 hour of operating a lawn mower emits as much smog-forming pollution as a 2017 Toyota Camry driving 300 miles, and 1 hour of leaf blower use is equivalent to driving 1,100 miles3.

The California Air Resources Board (CARB) is required to set emission requirements for all SOREs to zero by 2024, or whenever it determines it is feasible4. In December of 2022, CARB approved updates to its SOREs regulations, with 2024 and subsequent model years to have zero emission standards for the first phase5. Essentially, it bans the sale of gas-powered SOREs by 2024. To support businesses, $30 million will be available to sole proprietors and other small landscaping businesses to assist in the purchase of zero-emission SOREs6.

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Although AB 1346 and the updated CARB regulations address new equipment, it does not regulate the use of existing SOREs. In the absence of State regulation, it is within the City Council’s authority to establish regulations specifically within the City7.

AB 1346 and the updated CARB regulations include a ban on the sale of gas-powered generators and large pressure washers, with implementation commencing in 20288.

This report does not cover bans on gas-powered generators and large power washers.

Currently, multiple air districts9 and cities have implemented initiatives and policies to reduce the use of gas-powered lawn equipment. Many Air Districts, like the Santa Barbara, San Joaquin, and South Coast Air Districts, offer incentives and rebates for companies to electrify their gas-powered landscaping equipment. Some Air Districts, like Antelope Valley and South Coast Air Districts, offered incentives for residents to upgrade their landscaping equipment to electric. Cities like Berkeley, Beverly Hills, West Hollywood, and recently Pasadena and South Pasadena ban the use of gas-powered blowers, with some cities, like Del Mar, Laguna Beach, and Santa Monica, taking it further and banning both gas and electric blowers10. The City and Country of San Francisco introduced the Healthier, Cleaner, Quieter Communities Act that would ban the use of gas-powered equipment for landscaping11. LA County is investigating a similar ban for unincorporated communities, along with incentives for electric equipment12.

ANALYSIS
Considerations
Extension of the Ban

Despite AB 1346 banning gas-powered SOREs sales, most city bans on gas-powered lawn equipment are specifically on leaf-blowers as a noise nuisance and include the ban as part of the city’s noise ordinance. Most city governments do not ban other gas- powered landscaping equipment, such as lawnmowers, trimmers, and chainsaws. If San Francisco implements the Healthier, Cleaner, Quieter Communities Act, it would represent one of the strictest bans in the state, covering leaf blowers and other landscaping equipment. LA County may also consider the ban of other gas-powered SOREs in addition to leaf-blowers.

Enforcement

Enforcement remains one of the top challenges of implementing a ban on gas-powered lawn equipment. Enforcement challenges include:
•Deciding how the ban is enforced. Is it enforced as a zoning violation or considered a citation?
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•Deciding who enforces the ordinance. Is it the police or is it an inspector? •Allocating enforcement resources. How many employees and how often are these inspectors deployed to enforce the ordinance?
•Deciding who is penalized. Are the landscapers penalized or the entity that commissioned the work?
Some cities, such as South Pasadena and West Hollywood, penalize the person or organization that commissioned the work and authorized the use of gas-powered equipment. West Hollywood hired a code enforcement technician to manage the gas- powered leaf blower ban.

Business Transition

Another consideration of a ban is the challenges associated with transitioning to all- electric equipment for landscaping businesses and organizations. These challenges revolve around infrastructure, acquiring equipment, and training.

Businesses transitioning to electric landscaping equipment need infrastructure for charging and storing equipment. Their infrastructure needs to handle increased electricity demand, have adequate ventilation, and meet Fire Codes. For instance, the City of Glendale’s Community Services and Parks (CSP) department changed its operations and upgraded facilities to safely and adequately charge new electric equipment.

Acquiring electric landscaping equipment is another challenge. Businesses, local governments, and other landscaping organizations would compete for rebates from the South Coast Air Quality Management District (AQMD). In addition, to meet the same operating power and duration as gas-powered equipment, companies and organizations will need to buy additional batteries and equipment to serve as charged backups.

For businesses and residents, equipment rebates, as well as battery buy-down rebate programs, are available through the South Coast (AQMD). However, funding for lawn and garden equipment exchange program is currently closed and may reopen in the future, dependent upon funding availability from the State of California.

While many cities do not offer rebates but refer to the South Coast AQMD rebate program, some others do. The City of San Mateo provides rebates of up to 50% of the purchase of an electric leaf blower for residents, and commercial companies can receive rebates of up to 75%13. In 2021, the Town Council of Yountville allocated $30,000 for an incentive program to help residents and businesses purchase electric 279 of 307

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leaf blowers and vacuums14.  Redwood City offers rebates for electric lawn care equipment for residents and commercial operators15.

Additionally, staff training is a hurdle. Training includes teaching staff to use the new electric equipment and balancing job efficiency with battery longevity. Using a tool at a higher setting allows for more power but drains the battery faster, resulting in more frequent charging.

Technology and Battery Recycling

Lastly, technological availability and recycling accessibility are additional considerations.

A list of electric landscaping equipment is in Exhibit 2.

Most hand-held, backpack, and push landscaping equipment have electric battery- powered alternatives available. These types of equipment are likely to be used frequently. For equipment that is used occasionally, like sod cutters and large wide area ride-on lawn mowers, finding electric alternatives is difficult or not available.

Then, there is the concern of battery replacement and recycling. Many manufacturers offer warranties on their products varying from 1 to 5 years. Glendale residents can drop off batteries at the Household Hazardous Waste Center. The Small Business Program at the Household Hazardous Waste Center allows businesses to set up an account at a subsidized cost to dispose of hazardous waste16. LA County has four permanent collection centers for hazardous and electronic waste that businesses can access17.

Potential Ban Approaches

Type of Ban

1. Ban on the use of gas-powered leaf blowers and/or SOREs The first type of ban the City Council can consider is to ban the use of gas-powered leaf blowers and/or SOREs.

Many cities first approach this ban by addressing their parks and landscaping facilities.

For instance, Pasadena’s leaf blower ban started with its staff and facilities, and LA County would implement a gas-powered SORE ban on their park facilities first. Then, cities typically expand the ban to other organizations that operate in the city after a couple of years.

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Community Services and Parks has been transitioning to electric landscaping equipment for the past few years, with the mini-park facilities converted. The rest of the park system is currently being converted, which will take approximately two additional years.

Most cities have a ban specifically on gas-powered leaf blowers. If the City Council were to pursue such a ban, it would be aligned with many other cities. A ban focusing on gas- powered leaf blowers would likely be a faster and easier transition for organizations since electric leaf blowers are available and comprise only one piece of equipment to update.

If the City of Glendale pursues a ban on the use of gas-powered equipment, the ban would require a transitional approach. This approach allows companies and organizations a few years to transition their commonly used and easily electrified equipment, like backpack leaf blowers and push lawnmowers.

For many companies and organizations affected, electric landscaping equipment is available to meet their business’s needs, but funding to acquire the equipment and develop any necessary infrastructure may be a hurdle. Enforcement of such a ban would likely require more City resources.

2. Ban on the sale of gas-powered SOREs
Alternatively, the City can pursue a ban on the sale of new gas-powered SOREs. It aligns with AB 1346 and would likely be easier to enforce. However, it does not prohibit the use of gas-powered SOREs in Glendale.

A ban on the sale of new gas-powered SOREs would be one of the most progressive bans in the state, along with what San Francisco introduced and LA County is evaluating.

STAKEHOLDERS/OUTREACH
Stakeholder outreach has yet to occur. Depending on the direction that council will like to take, staff will focus outreach on the affected groups. Suppose council directs staff to investigate a ban on the sale or use of gas powered leaf blowers or gas powered SOREs.

In that case, staff will provide a report to the Sustainability Commission so they may provide their recommendations for council to consider.

FISCAL IMPACT
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There is no fiscal impact associated with this report.

ENVIRONMENTAL REVIEW (CEQA/NEPA)
This item is considered a ministerial activity and therefore, not subject to CEQA review.

CAMPAIGN DISCLOSURE
This item is exempt from campaign disclosure requirements.

ALTERNATIVES

1. Direct Staff to investigate a ban on the sale of gas-powered leaf blowers.

2. Direct Staff to investigate a ban on the sale of gas-powered SOREs.

3. Direct Staff to investigate a ban on the use of gas-powered leaf blowers.

4. Direct Staff to investigate a ban on the use of gas-powered SOREs.

5. Direct Staff to not move further with a ban on the sale nor the use of gas- powered SOREs.

6. City Council may choose an alternative not put forward by staff.

ADMINISTRATIVE ACTION
Prepared by:

Elizabeth Harris, Administrative Associate
Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS

1. Report Citation List

2. Sampling of Electric Landscaping Equipment
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M O T I O N
Moved by Council Member _________________________, seconded by Council Member ___________________________, that the Council of the City of Glendale, California hereby notes and files the Report to Council dated October 11, 2022 pertaining to a potential ban on gas-powered lawn and landscaping equipment.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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M O T I O N
Moved by Council Member , seconded by Council Member , that with respect to the Report to Council dated October 11, 2022 pertaining to a Potential Ban on Gas-Powered Lawn and Landscaping Equipment, the Council hereby directs staff as follows:
•[Direct Staff to investigate a ban on the sale of gas-powered leaf blowers.] •[Direct Staff to investigate a ban on the sale of gas-powered small off-road engines (SOREs)].
•[Direct Staff to investigate a ban on the use of gas-powered leaf blowers.] •[Direct Staff to investigate a ban on the use of gas-powered SOREs.] •[Direct Staff to not move further with a ban on the sale nor the use of gas- powered SOREs.]
•[Other alternative:]
Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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Potential ban on Gas-Powered Lawn Equipment Citation List

1. https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=2021202 20AB1346

2. https://ww2.arb.ca.gov/our-work/programs/small-off-road-engines-sore

3. California Air Resources Board Small Off-Road Engines (SORE) fact sheet

4. https://a24.asmdc.org/press-releases/20210909-bill-phase-out-gas-power ed-landscaping-equipment-passes-legislature

5. https://ww2.arb.ca.gov/news/carb-approves-updated-regulations-requiring- most-new-small-road-engines-be-zero-emission-2024

6. https://www.pasadenanow.com/main/city-council-bans-gas-powered-leaf-b lowers

7. https://www.pasadenanow.com/main/city-council-bans-gas-powered-leaf-b lowers

8. https://ww2.arb.ca.gov/news/carb-approves-updated-regulations-requiring- most-new-small-road-engines-be-zero-emission-2024

9. https://ww2.arb.ca.gov/our-work/programs/zero-emission-landscaping-equ ipment/zero-emission-landscaping-equipment-incentive

10.https://hdsupplysolutions.com/s/leaf_blower_noise_regulation

11.https://sfbayca.com/2022/03/04/san-francisco-targets-fossil-fuel-powered-l andscaping-tools-for-extinction/

12.https://kathrynbarger.lacounty.gov/l-a-county-supervisors-take-step-to-ban -gas-powered-leaf-blowers-in-unincorporated-communities/

13.https://www.cityofsanmateo.org/4544/Electric-Leaf-Blower-Rebate

14.https://www.townofyountville.com/departments-services/public-works/elect ric-leaf-blower-incentive-program

15.https://www.redwoodcity.org/departments/public-works/environmental-initi atives/environmental-initiatives-rebates

16.https://www.glendaleca.gov/government/departments/fire-department/fire- prevention/environmental-management-center/household-hazardous-waste

17.https://dpw.lacounty.gov/epd/hhw/Permanent
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Sampling of Electric Landscaping Equipment and Manufacturers Electric Leaf Blowers
Electric Leaf Blower Gas Leaf Blower
What is it? A gardening tool that propels
air out of a nozzle to move
yard debris such as leaves
that works on electricity.

A gardening tool that propels
air out of a nozzle to move
yard debris such as leaves
that works on gasoline
Style Hand-held, corded, cordless,
backpack
Hand-held, backpack
Highlights Less mobility in the case of
corded electric blower, light
weight, no emission, less
noise
More powerful, weighs more,
noise and air pollution.

Costs $35-$150 $60-$500
Wind Speed 50-130 mph 150 mph
Pros Light, cheap, no pollution,
less noisy
Runs well. Great for
everything from patios to
garages, to large driveways
and yards.

Cons May sometimes overheat
and stop blowing.

Noisy, heavy, more
expensive, needs gasoline,
messy, air pollution.

Electric Leaf Blowers
Brand
Weight (in
Pounds) Battery Size Max Runtime Air Volume Warranty

EGO Power+
Cordless Leaf
Blower

7.5 56-Volt 90 Minutes 530 CFM 5 Years
DEWALT Leaf
Blower 9.88 20-Volt 87 Minutes 450 CFM 3 Years
SnapFresh
Leaf Blower 2.7 20-Volt 20 Minutes 420 CFM 1 Year
BLACK+DECK
ER Lithium
Sweeper

3.7 20-Volt 10 Minutes 100 CFM 2 Years
Greenworks
Cordless Leaf
Blower

3.27 40-Volt 15 Minutes 420 CFM 4 Years
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Other Zero Emission Corded Leaf Blower Brands:
• Aavix
• Aleko Products
• Black and Decker
• Buffalo Pro Series
• Craftsman
• Earthwise
• Greenworks
• Homelite
• Lawnmaster
• PowerSmart
• Remington
• Ryobi
• Stihl
• Sun Joe
• Toro
• Weed Eater
• Worx
• Yard Force
Electric Lawn Mowers
Brand Mower Type
Cutting
Width Battery Size Max Runtime Warranty

Mean Green
EVO Ride On 74 inches 14.5 kWh, 22
kWh, 35 kWh 8 hours
DR Battery-
Powered Lawn
Mower PULSE
Push 21 inches 62 Volt 60 minutes
2 year
residential, 90
days
commercial
STIHL iMOW
RMI 632 PC-L Robotic 194 Wh 150 minutes
3 years
residential, 2
years
commercial
Worth
Gardening PRO
84 V Cordless
Lawn Mower
Push 19 inches 84 Volt 120 minutes
Ryobi 115 AH
Zero Turn
Electric Riding
Lawn Mower
Ride On 54 inches 48 Volt 3.5 Acres 3 years
Other Electric Lawn Mower Brands
• Aleko Products
• American Lawn
Mower
• Black and Decker
• Craftsman
• Cub Cadet
• DeWalt
• DR Power
• DuroStar
• Earthwise
• Echo
• EGO
• Fiskars
• Gardena
• Gravely
• Great States
• Greenworks
• Commercial
• Husqvarna
• HyperTough
• Jacobsen
• Kobalt
• LawnMaster
• LawnMaster
• McCulloch
• McLane
• Mean Green
• Outsunny
• ProMow
• Remington
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• Robomow
• Ryobi
• Scotts
• Snapper
• Stihl
• Sun Joe
• Worth Garden
• Worx
String Trimmers
Brand
Machine
Weight
Cutting
Diameter Battery Size Max Runtime Warranty

Worx 20 V
Power Share
GT
Revolution
12” String
Trimmer

5.5 lbs
12 inches 20 Volt 3 years
Ego Power+
STX 3800
Commercial
String Trimmer

12.79 lbs
15 inches (extra) 56
VOLT 2 years
Husqvarna
336LiC Battery
String Trimmer

6.61 bs
13 inches 40 Volt 1 year
Pellenc String
Trimmer
Excelion Alpha

6.8 lbs

15.75 inches 260 battery or
530 battery
260 battery -
40 min to 1.75
hours
520 battery –

1.5 to 3.5
hours
2 years

Other Electric String Trimmers:
• Black and Decker
• Black and Decker
• Craftsman
• Craftsman
• DeWalt
• Dewalt
• Earthwise
• Earthwise
• Echo
• Echo
• EGO
• EGO
• Greenworks
• Greenworks
• Greenworks
Commercial
• Greenworks Pro
• Hart
• Homelite
• Homelite
• Husqvarna
• Husqvarna
• Kobalt
• Lawnmaster
• Lawnmaster
• Lynxx
• Makita
• Milwaukee
• Oregon
• Oregon Professional
Series*
• Pellenc
• Portland
• Poulan Pro
• PowerSmart
• PowerSmart
• Redback
• Remington
• Remington
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• Ryobi
• Ryobi
• Scotts
• Snapper
• Snapper
• Stihl
• Stihl
• Stihl
• Sun Joe
• Sun Joe
• Toro
• Toro
• Troy-Bilt
• Weed Eater
• Weed Eater
• Wen
• Worth Garden
• Worth Garden
• Worx
• Worx
• Yard Force
• Yard Force
• Zombi
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CITY OF GLENDALE, CALIFORNIA

REPORT TO THE CITY COUNCIL

AGENDA ITEM
Report: Findings regarding Approval of Design Review Case No. PDR 2101078 for a three-story, 82-room hotel at 1633 Victory Boulevard

1. Resolution Adopting a Subsequent Mitigated Negative Declaration and a Mitigation Monitoring and Reporting Program

2. Motion Sustaining the Design Review Board's Decision to Approve the Design Review Case and Making Findings in Support Thereof.

COUNCIL ACTION
Item Type: Action Calendar
Approved for October 11, 2022 calendar

EXECUTIVE SUMMARY
The Council held a duly noticed public hearing on September 27, 2022 to hear appeals of Design Review Board Case No. PDR 2101078 pertaining to a 3-story, 82-room hotel at 1633 Victory Blvd. At the conclusion of the hearing, the Council voted 3-2 to approve the project with a modification of the conditions imposed by the Design Review Board.

The Council continued the matter and directed the staff to draft revised findings and conditions of approval consistent with their direction. 290 of 307

28f
3 6
9 3

COUNCIL PRIORITIES
N/A.

RECOMMENDATION
That the Council adopt the resolution approving the CEQA document and the motion approving DRB Case No. PDR 2101078 with findings and conditions.

BACKGROUND
The Council held a duly noticed public hearing on September 27, 2022 to hear appeals of Design Review Board Case No. PDR 2101078 (“Design Review Case”) pertaining to a 3-story, 82-room hotel at 1633 Victory Blvd. (“Project”). At the conclusion of the hearing, the Council voted 3-2 to approve the Design Review Case with a modification of the conditions imposed by the Design Review Board (“DRB”). The Council continued the matter and directed the staff to draft revised findings and conditions of approval consistent with its direction.

ANALYSIS
This matter was heard for two appeals of the DRB’s approval of the Design Review Case.

The applicant appealed certain conditions imposed by the DRB and another appellant appealed the approval of the Design Review Case. The Council approved the Design Review Case, but removed DRB Condition No. 1 which required the reduction of the massing at the second and third level expansions at the eastern and western facades to be more consistent with the Original Project.

The Council also added the following condition (Condition No. 13):

The block wall that spans the entire length of the north property line, extending to the Winchester Avenue right-of-way shall be set back a minimum of 3 feet from the western property line (right-of-way along Winchester Avenue), and a the first five to ten feet of the wall shall be constructed with a combination of concrete blocks finished with stucco and wrought iron (e.g. three-foot tall block wall and three-foot tall wrought iron above) to enhance the line-of-site between pedestrians walking on Winchester Avenue and the adjacent driveway.

The Council’s approval also sustains and adopts the DRB’s findings pertaining to the Subsequent Mitigated Negative Declaration (“SMND”) for the Project, and a resolution adopting those findings is included with this item.

Finally, the City Attorney recommends the addition of a condition to require the applicant to defend and indemnify the City in the event of a legal challenge to the project approvals (Condition No. 14). This is a fairly standard condition imposed on project approvals that the City Attorney will be seeking for all project approvals that come before Council.
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38f
3 6
9 3

STAKEHOLDERS/OUTREACH
N/A.

FISCAL IMPACT
There is no fiscal impact associated with this report.

ENVIRONMENTAL REVIEW (CEQA/NEPA)
As noted above, the SMND was prepared for the Project. The Design Review Board adopted the SMND and imposed a Mitigation Monitoring and Reporting Plan. This Council action will sustain the adoption of the SMND, make CEQA findings, and adopt the MMRP.

CAMPAIGN DISCLOSURE
The names and business addresses of the members of the board of directors, the chairperson, CEO, COO, CFO, Subcontractors and any person or entity with more than 10% interest in the companies affected by this item are attached as Exhibit 1.

ALTERNATIVES
Alternative 1: The Council can adopt the resolution adopting the SMND and MMRP and the motion approving the Design Review Case, making findings, and imposing conditions.

Alternative 2: The Council can choose not to adopt the SMND, MMRP and the Design Review Case. If the Council does not adopt the resolution and motion it will need to provide further direction.

Alternative 3: The Council can modify the proposed motion consistent with evidence in the Design Review Case.

Alternative 4: The Council can take another action not proposed by staff.

ADMINISTRATIVE ACTION
Prepared by:

Michael J. Garcia, City Attorney
Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS

1. Campaign Finance Disclosure
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1 C:\inetpub\wwwroot\multitenant\temp\CC_10112022_Resolution_4f1.pdf

A RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE,

CALIFORNIA, ADOPTING A SUBSEQUENT MITIGATED NEGATIVE

DECLARATION AND MITIGATION MONITORING AND REPORTING

PROGRAM PREPARED PURSUANT TO THE CALIFORNIA

ENVIRONMENTAL QUALITY ACT FOR THE PROJECT LOCATED
AT 1633 VICTORY BOULEVARD, GLENDALE, CALIFORNIA
WHEREAS, the City of Glendale, as the lead agency, prepared an Initial Study on behalf of Design Review Case No. PDR 2101078 for the development of a 42,310 square foot, three- story, 82 room hotel with a two level subterranean garage containing 67 parking spaces to be located at 1633 Victory Boulevard (the “Project”), and on April 28, 2022, the Deputy Director of Community Development approved preparation of a Subsequent Mitigated Negative Declaration, and Mitigation, Monitoring and Reporting Program (“MMRP”) pursuant to the California Environmental Quality Act; and
WHEREAS, the Subsequent Mitigated Negative Declaration and MMRP were made available for a 20-day public review and comment period, and twenty-two public comments were received; and
WHEREAS, the Glendale Design Review Board (“DRB”) adopted the Subsequent Mitigated Negative Declaration and granted design review approval for the Project on July 14, 2022; and
WHEREAS, the City Council heard appeals of the DRB’s approval of the Project and Subsequent Mitigated Negative Declaration on September 27, 2022; and WHEREAS, the City Council exercising its independent judgment, has read, reviewed and analyzed the Initial Study and all reports and appendices in connection with the Subsequent Mitigated Negative Declaration for the Project, has considered public testimony and based thereon the City Council finds and determines that the proposed Subsequent MMRP will reduce all impacts to a less than significant level and that the Subsequent Mitigated Negative Declaration and MMRP were prepared in compliance with the California Environmental Quality Act; and
WHEREAS, the Glendale Planning Division has been identified as the custodian of record for the Subsequent Mitigated Negative Declaration and MMRP.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE AS FOLLOWS:

SECTION 1. The recitals as set forth herein above are true and correct.

SECTION 2. The Council finds that the Subsequent Mitigated Negative Declaration reflects the independent judgment and analysis of the City of Glendale as the lead agency.

SECTION 3. On the basis of the whole of the record including the Initial Study, the comments and responses thereto on the Subsequent Mitigated Negative Declaration and testimony received during hearings on the Project, the Council finds that there is no substantial evidence that the Project will have a significant effect on the environment that cannot be mitigated through the measures proposed in the MMRP for the Project. 293 of 307

2 C:\inetpub\wwwroot\multitenant\temp\CC_10112022_Resolution_4f1.pdf SECTION 4. The Subsequent Mitigated Negative Declaration prepared for the Project to be located at 1633 Victory Boulevard, is hereby adopted and approved as being prepared in conformance with the California Environmental Quality Act (CEQA) with the following mitigation measures, monitoring and reporting actions (MMRP) imposed to reduce identified impacts to less than significant levels:

GEO -1In the event that paleontological resources are unearthed during the proposed project-related subsurface activities all earth-disturbing work within a 100-meter radius must be temporary suspended or redirected until a paleontologist has evaluated the nature and significance of the find. After the find has been appropriately mitigated, work in the area may resume.

Monitoring Action: Onsite monitoring during grading and excavation activities
Timing: During any site grading or excavation activities (site inspection)
Responsibility: Director of Community Development
HAZ – 1A soil management plan (SMP) shall be prepared prior to issuance of any grading permit on the subject property. The SMP shall require that a geologist/environmental professional be on-site during site grading and excavation activities to monitor for potentially impacted soils not identified during the Phase II assessment prepared by Conservation Consulting International (CCI) and to perform South Coast Air Quality Management District (SCAQMD) Rule 1166 monitoring. The SMP shall also include recommended actions for handling and disposing of potentially impacted soils, if identified during site grading and excavation activities.

Monitoring Action: Preparation of Soil Management Plan
Onsite monitoring during grading and
excavation activities
Timing: Prior to issuance of grading permit (plan review) During any site grading or excavation activities
(site inspection)
Responsibility: Director of Public Works
Director of Community Development
NOISE -1 The hours of operation for the outdoor terrace shall be limited to between 8:00 AM and 8:00 PM Monday through Sunday.

Monitoring Action: After issuance of a certificate of occupancy Timing: Ongoing
Responsibility: Director of Community Development
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3 C:\inetpub\wwwroot\multitenant\temp\CC_10112022_Resolution_4f1.pdf NOISE -2 The use of amplified sound shall be strictly prohibited.

Monitoring Action: Upon Complaints to Neighborhood Code Enforcement
Timing: Ongoing
Responsibility: Director of Community Development
TRIBAL-1 Prior to the issuance of demolition, grading or building permits for the project, the applicant shall submit written verification that a qualified archaeological monitor has been retained to monitor ground disturbance necessary to prepare the ground surface.

Monitoring Action: Plan review
Timing: Prior to issuance of development permits (plan
review).

Responsibility: Director of Community Development

TRIBAL-2 A Tribal representative, procured by the Fernandeño Tataviam Band of Mission Indians, shall monitor soil-disturbances occurring within the initial five (5) feet [in depth] of excavation from the surface.

Monitoring Action: Site Inspection
Timing: During ground disturbing activities
Responsibility: Tribal Representative
SECTION 5. The proposed Subsequent Mitigated Negative Declaration prepared was published and duly noticed as required by law.

Adopted this _______ day of __________________________, 2022. ___________________________
Mayor
ATTEST:
____________________________
City Clerk
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4 C:\inetpub\wwwroot\multitenant\temp\CC_10112022_Resolution_4f1.pdf

STATE OF CALIFORNIA )
) SS

COUNTY OF LOS ANGELES )
I, Suzie Abajian, Ph.D., City Clerk of the City of Glendale, certify that the foregoing Resolution was adopted by the City Council of the City of Glendale, California, at a regular meeting held on the ___________ day of _________________, 2022, and that same was adopted by the following vote:

Ayes:

Noes:

Absent:

Abstain:
____________________________
City Clerk
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c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf MOTION
Moved by Council Member _____________________________, seconded by Council Member _________________________, that upon review and consideration of all documents, materials and exhibits relative to the appeal of the Design Review Board’s (DRB) approval of Design Review Board Case No. PDR 2101078, located at 1633 Victory Boulevard (the “Design Review Case”), and after having conducted a public hearing on the appeal on September 27, 2022, pursuant to the Glendale Municipal Code, 1995 (“GMC”), and after having reviewed the materials, and receiving testimony, the Council of the City of Glendale, California, based upon all of the evidence in the record, hereby SUSTAINS the Design Review Board’s decision to APPROVE the Design Review Case based on the findings and conclusions set forth in the September 27, 2022 Report to Council from the Director of Community Development, including any attachments thereto, and based on the following findings and amended conditions of approval:

FINDINGS
In approving the Design Review Case, the Council hereby makes the following findings:

1.Site Planning
The proposed site planning is appropriate, as modified by any proposed conditions, to the site and its surroundings for the following reasons:
a. Similar to the Original Project, the Revised Project's building footprint follows the square shape of the lot. While the Revised Project proposes to reduce the northern interior setback to 11-feet, 6-inches, the proposed street and interior setbacks of the building will comply with the Zoning Code. b. Traffic circulation onto and within the site will remain the same as the Original Project. Access into the subterranean garage will be via an existing alley located west of the project site and away from the Victory Boulevard/Winchester Avenue intersection.
c. The revised outdoor terrace at the second level is appropriately sited on the 297 of 307

c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf building. As recommended by staff, the landscape planter is conditioned to span the entire length of the outdoor terrace and the 7-foot tall screen wall with acoustical panels be returned to the planter to visually obscure and buffer potential noise onto the neighboring property.
d. Ground cover and shrubs will be provided along the right-of-ways to provide texture and pedestrian interest at the street level. As recommended by staff, a condition for the landscaped design at the northern interior yard is to be revised to include a similar variety of canopy trees, shrubs and ground cover as was provided by the Original Project to provide visual relief for the abutting parcel. e. The paved walkway at the northern interior yard is conditioned to be eliminated and return the layered landscaping design that was provided by the Original Project, and the portions of the paved walkway providing emergency egress out of the building and onto the public alley are conditioned to remain.

2.Massing and Scale
a. With the exception of the rooftop mechanical equipment screens conditioned to be lowered and the utility service structures (e.g. stairwells and elevator shaft), the Project is three stories high and has an overall height of 35-feet. The building height relates to the varied urban context along Victory Boulevard, as the site is surrounded by an existing 3-story, multi-family residential building to the southeast, a one-story, commercial/industrial buildings to the south and across the street, and a one-story gas station to the northwest. However, to the north and along Winchester Avenue, there is an existing single-family residential neighborhood consisting of multiple one-story, single-family dwellings. The north side of the Original Project was only one story high with an outdoor terrace and pool above. This scale related to the neighborhood context and provided a transitional mass that reflected the sale of the abutting one-story single- family residence. The Revised Project will continue a 3-story profile along the western, eastern and northern facades to provide additional hotel guestrooms, and will eliminate the Original Design's stepped down transition toward the adjoining single-family neighborhood. This design, however, is not inconsistent with 298 of 307

c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf existing development in the vicinity of the Revised Project. b. The Revised Project proposes to expand the building footprint closer to the northern interior property line and continue the hotel's 3-story profile along the western, eastern and northern facades. The northern facade is designed with a long continuous walls that are conditioned to provide more articulation. c. The Revised Project’s design employs a variety of architectural strategies to avoid overbearing forms, such as variations in building height, recessed volumes and with conditions incorporated, the final design will break up/articulate all street facing facades.

3.Building Design and Detailing:

Finish materials incorporated in the Revised Project include the primary use of stone veneer at the ground level and laminate panels (Trespa Meteon) with a wood-like appearance at the recessed front entry. At the second and third level of the building, the elevations are clad with smooth stucco painted with a variety of colors (dark blue, white, and light grey), and laminate panels (Trespa Meteon) at limited areas at the southern (Victory Boulevard) and northern facades to add visual variety. As conditioned the overall pattern and placement of materials at the north facade will be redesigned at the upper floor levels (second and third) to improve the hierarchy of applied finishes, as well as improve the appearance of the facade.

4.CEQA
A Subsequent Mitigated Negative Declaration (“SMND”) for the Revised Project was prepared and circulated April 28, 2022 to May 19, 2022 for a 20-day review period. The Council has adopted the SMND and the Mitigation Monitoring and Reporting Program (“MMRP”), and has reviewed the SMND and MMRP and considered all testimony and materials presented prior to taking this action.
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c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf CONDITIONS:

In approving the Design Review Case, the Council imposes the following conditions of approval:

1. At the outdoor terrace at the second level along the northern façade, the landscape planter and 7-foot tall acoustic screen wall shall span the entire length of the terrace and to buffer the neighboring property from views and potential noise.

2. Provide window openings at the ground level of the Winchester (east) façade to enhance the pedestrian experience and to avoid a blank wall at the street.

3. If allowed by Building & Safety, relocate the egress staircase at the east side of the courtyard to reduce or eliminate its visibility from the street and neighboring properties. If this is not possible, provide a privacy screen at the north side of the upper landing and a solid railing for the entire run of the staircase.

4. The landscape design at the northern interior yard should be revised to re- introduce a layered design that includes a variety of canopy trees, shrubs and ground cover, and return the previously-approved landscape buffer.

5. The paved walkway at the northern interior yard should be removed and replaced with layered landscaping. Portions of the paved walkway providing emergency egress out of the building and onto the public alley located at the northwestern portion of the lot should remain to comply with Fire and Building & Safety codes.

6. Raise the height of the proposed concrete masonry unit (CMU) wall along the northern interior property line to be 8-feet high. Clad the wall with stucco on both sides to allow the wall to reflect the stucco cladding of the hotel building.

7. Relocate the backflow preventer located at the street front yard along Winchester Avenue to the parking garage or at the north side of the alley.

8. Prior to & Building & Safety plan check submittal, the rooftop mechanical screens are to be lowered to comply with the Zoning Code and for applicant provide plans demonstrating how the roof top equipment will be adequately obscured from view.

9. The overall pattern and placement of materials at the north facade should be redesigned at the upper floor levels (second and third) to improve the hierarchy of applied finishes, as well as improve the appearance of the façade.

10. Provide greater articulation and design character at the north façade, possibly by providing variation in parapet heights, changes in wall plane, incorporation 300 of 307

c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf of windows featuring high sill heights to preclude views toward the neighbors to the north, and/or other design revision to achieve this goal.

11. Revise the design of the street façade at the lobby to make it more distinctive and inviting, possibly by widening its street frontage, incorporating additional architectural design features, and/or other design changes to achieve this goal.

12. Prior to Building & Safety plan check submittal, a lighting plan shall be provided to staff demonstrating lighting detail that are appropriate to the building design and shielded to avoid spillover onto adjacent properties.

13. The block wall that spans the entire length of the north property line, extending to the Winchester Avenue right-of-way shall be set back a minimum of 3 feet from the western property line (right-of-way along Winchester Avenue), and a the first five to ten feet of the wall shall be constructed with a combination of concrete blocks finished with stucco and wrought iron (e.g. three-foot tall block wall and three-foot tall wrought iron above) to enhance the line-of-site between pedestrians walking on Winchester Avenue and the adjacent driveway.

14. The Revised Project owner(s)/applicant(s), and its/their successors and assigns (the “Applicant”), shall indemnify the City of Glendale, its agents, officers and employees (collectively the “City”) from any claim, action, liability or proceeding against the City to attack, set aside, void or annul the Revised Project or any of the proceedings, acts or determinations taken, done or made as a result of City's processing and/or approval of the Revised Project, as specified below. The Applicant's obligation to indemnify shall apply to any lawsuit or challenge against the City alleging failure to comply with the California Environmental Quality Act or compliance with the requirements of any other federal, state, or local laws, including but not limited to general plan and zoning requirements.

Each Applicant's obligation to indemnify the City shall include, but not be limited to, payment of all court costs and attorneys' fees, costs of any judgments or awards against the City, damages, and/or settlement costs, which arise out of City's processing and/or approval of the Project, except that an applicant shall only be responsible for indemnifying the City in the amount of liability which is equal to the proportion of fault caused by the Applicant, as determined by a court. Where any court action results in a ruling for the plaintiff/petitioner, the Applicant and the City shall request a determination 301 of 307

c:\inetpub\wwwroot\multitenant\temp\cc_10112022_motion_4f2.pdf on the percentage contribution of fault from the court which adjudicated the underlying challenge to the Revised Project.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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City of Glendale, Community Development Department (9/12/11)

PROPERTY ADDRESS: 1633 Victory Blvd, Glendale, CA 91201 ENTITLEMENTS REQUESTED: 84-Unit Hotel
I hereby acknowledge, on behalf of the applicant(s) and owner(s)/lessor(s) for the project above, that the applicant seeking entitlement has received the campaign finance disclos
ure forms related to applicants seeking entitlement before the City Council, Redevelopment Agency and Hous
ing Authority. I acknowledge it is the applicant’s
responsibility to review t
he requirements of the City’s campaign finance ordinance, including its disclosure obligations and its applicability to the applicant and its contractors and subcontractors
, which include architects, engineers, design professionals, prime or general contractors
, and subcontractors retained by the applicant at the time the application
is pending before the Council, Redevelopment Agency or Housing Authority.

Executed on 3
/6/2021 at Glendale, California
Applicant’s Signature_________________________________, Print Applicant’s Full Name Anand Desai

ACKNOWLEDGMENT OF RECEIPT OF

CAMPAIGN FINANCE DISCLOSURE
(To Be Submitted at Time of Application Submittal)
Submit to Permit Services Center, 633 E. Broadway, Rm. 101. For more information call 818-54
8-3200.
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Glendale City CouncilOctober 11, 2022

Glendale City Council
October 11, 2022