Indio City Council
August 20, 2025

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ARTICLE 5

OBLIGATIONS OF CITY

5.1Processing During Third Party Litigation. The filing of any third-party lawsuit(s) against the City or Developer relating to this Agreement, the Project Approvals, or other development issues affecting the Project or the Project Site, shall not delay or stop the development, processing, or construction of the Project or the issuance of Subsequent Approvals unless the third party obtains an injunction or other court order preventing the activity.

5.2Reserved.

5.3Expedited Processing. The parties agree that Developer must be able to proceed rapidly with the development of the Property and, accordingly, that expedited City review of Subsequent Approvals, including but not limited to improvement plans, final maps, modifications to Project Approvals, building permits and construction inspections, is essential to the successful completion of the Project. Accordingly, to the extent that the applications and submittals are in conformity with the Project Approvals, Applicable Rules, and this Agreement, and adequate funding exists therefor, City agrees to provide adequate City resources to diligently accept, review, and take action on all subsequent applications and submittals made to City by Developer in furtherance of the Project. Similarly, to the extent that adequate funding exists therefor, City shall provide adequate City resources to promptly review and approve improvement plans, conduct construction inspections, and accept completed public facilities.

Developer agrees to reimburse the City for all costs associated with providing expedited services, above and beyond those costs covered by the City’s Processing Fees. In the event City does not have adequate resources, City shall authorize the use of “contract labor” for inspection and plan review purposes, which shall be reimbursed by Developer, pursuant to a mutually agreeable reimbursement agreement that also specifies any fee credit to Developer to avoid Developer paying more than once for the same plan check, inspection, or other City service. City shall consult with Developer concerning the selection of the most knowledgeable, efficient and available “contract labor” for purposes of providing inspection and plan review duties for the City and the Project; provided, however, that City shall retain the exclusive right to select any “contract labor” it deems suitable.

ARTICLE 6

MUTUAL OBLIGATIONS

6.1Notice of Completion or Revocation. Upon the Parties’ completion of performance or revocation of this Agreement, a written statement acknowledging such completion or revocation, signed by the appropriate agents of City and Developer, shall be recorded in the Office of the Recorder of the County of Riverside, California.

6.2Estoppel. Each Party hereto shall provide, upon the request of the other Party and within thirty (30) days of such request, a signed estoppel certificate in a reasonable form for the benefit of third parties.

6.3Good Faith and Fair Dealing. The Parties shall cooperate with each other and act in good faith in complying with the provisions of this Agreement. In their course of

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performance under this Agreement, the Parties shall cooperate and shall undertake such actions as may be reasonably necessary and appropriate to implement the Project as contemplated by this Agreement.

6.4Other Necessary Acts. Each Party shall execute, acknowledge, and deliver to the other all further instruments and documents and shall take such further actions as may be reasonably necessary to carry out this Agreement in order to provide and secure to each Party the full and complete enjoyment of its rights and privileges hereunder.

6.5Compliance with Financing Plan. Developer shall at all times comply with applicable provisions of the Financing Plan and Developer and City shall each at all times comply with their respective obligations under applicable provisions of the Financing Mechanism.

ARTICLE 7
ANNUAL REVIEW OF DEVELOPER’S COMPLIANCE

7.1Procedure. The annual review required by Government Code Section 65865.1 shall be conducted for the purposes and in the manner stated in those laws as further provided herein (“Annual Review”). As part of each Annual Review, Developer must demonstrate good faith compliance with the provisions of the Development Agreement. Not more than sixty (60) days and not less than forty-five (45) days prior to the Annual Review Date, City shall provide Developer with written notice for Developer to provide a letter to the City containing substantial evidence to show compliance with this Agreement. Within sixty (60) days after Developer submits its letter, City shall review the information submitted by Developer and all other available evidence on Developer’s compliance with this Agreement. All such other available evidence shall, upon receipt of by the City be made available as soon as possible to Developer.

City shall notify Developer in writing whether Developer has complied with the terms of this Agreement. If the City finds that Developer has not complied with the provisions of the Development Agreement, City may issue a finding of noncompliance. City’s finding of compliance or noncompliance may be appealed to the City Council within ten (10) days after the issuance of such finding, and upon the filing of such an appeal, the City shall schedule a City Council hearing in accordance with the City’s Municipal Code. The issuance of a finding of compliance or finding of noncompliance by the City and the expiration of the appeal period without appeal, or the confirmation of the issuance of the finding on such appeal, will conclude the review for the applicable period and such determination will be final, subject only to judicial review.

7.2Noncompliance and Cure. If City finds that Developer is not in compliance, City must specify in writing to the Developer the respects in which the Developer has failed to comply, and must set forth terms of compliance and specify a reasonable time for the Developer to meet the terms of compliance. Unless alleged noncompliance is an immediate threat to public health and safety, City shall grant a cure period of at least sixty (60) days and shall extend the sixty (60) day period if Developer is proceeding in good faith to cure the noncompliance and additional time is reasonably needed for Developer to prosecute such cure to completion. If Developer does not comply with any terms of compliance within the prescribed time limits, this Agreement will be subject to termination or modification by the City as applicable. Developer

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shall have the right to appeal any determination of non-compliance, and upon any unsuccessful appeal to the City Council, to seek judicial review.

7.3Effect on Permitted Transferees. If Developer has transferred a portion of the Project to a Permitted Transferee (other than a Developer Affiliate) pursuant to ARTICLE 9 of this Agreement, then the Annual Review shall be conducted separately with respect to each such Permitted Transferee. If such Annual Review results in a final determination that such Permitted Transferee has not complied with this Agreement, such determination and any resulting termination or modification of this Agreement by the City shall be effective only as to the Permitted Transferee to whom the determination is made and the portions of the Project Site in which such Permitted Transferee has an interest. Such Permitted Transferee shall have the right to appeal the City’s determination of non-compliance, as described above. Such a termination or modification shall have no effect on Developer or any other Permitted Transferees which have an ownership interest in the Property, and which are in compliance with this Agreement.

ARTICLE 8
AMENDMENT; TERMINATION

8.1Amendment or Termination of Agreement. This Agreement may be amended from time to time or canceled in whole or in part by mutual consent of both Parties in writing in accordance with the provisions of the Development Agreement Statute. Review and approval of an amendment to this Agreement shall be strictly limited to consideration of only those provisions to be added or modified. All amendments to this Agreement shall automatically become part of the Project Approvals. Notwithstanding the foregoing, no Insubstantial Modification or Operating Memorandum approved pursuant to Section 8.3, or the approval of a Subsequent Approval pursuant to Section 2.7, shall require an amendment to this Agreement.

Upon approval, any such amendment shall be deemed to be incorporated automatically into the Project and the Vested Elements under this Agreement (subject to any conditions set forth in the amendment or Subsequent Approval).

8.2Expiration; Termination.

8.2.1 Expiration of Term. Except as otherwise expressly provided in this Agreement, this Agreement shall be deemed terminated and of no further effect upon the expiration of the Term of this Agreement as set forth in Section 1.3; provided however, that such expiration shall not affect any right, duty, or expiration date arising from the Project Approvals (other than this Agreement) and, provided further that such expiration shall not relieve or release Developer from any obligation or liability for any Developer Event of Default arising prior to such expiration. As to any specific lot containing a residential dwelling within the Project, this Agreement shall terminate as to such lot upon the issuance by the City of a certificate of occupancy for the dwelling and the close of escrow of the initial sale of that dwelling.

8.2.2 Survival of Obligations. Upon the expiration or termination of this Agreement as provided herein, neither Party shall have any further right or obligation with respect to the Property under this Agreement except with respect to any obligation that is specifically set forth as surviving the expiration or termination of this Agreement.

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8.2.3 Termination by City. Notwithstanding any other provision of this Agreement, City shall not have the right to terminate this Agreement with respect to all or any portion of the Property before the expiration of the Term unless the City complies with all termination procedures set forth in the Development Agreement Statute and there is an alleged Developer Event of Default and such Developer Event of Default is not cured pursuant to ARTICLE 7 or ARTICLE 10 and Developer has first been afforded an opportunity to be heard regarding the alleged default before the City Council, and this Agreement is terminated only with respect to that portion of the Property to which the default applies. In the event of such termination by the City, the Project Approvals with respect to such portion of the Property shall automatically terminate and be of no further force or effect notwithstanding any provision to the contrary in the Project Approvals.

8.3Insubstantial Modifications and Operating Memoranda. The Parties acknowledge that refinements and further development of the Project may demonstrate that minor changes are appropriate with respect to the details of the Project development and the performance of the parties under this Agreement. The parties desire to retain a certain degree of flexibility with respect to the details of the Project development and with respect to those items covered in general terms under this Agreement, and thus desire to provide a streamlined method of approving insubstantial modifications to, or clarifications of the Parties responsibilities and obligations under this Agreement. Therefore, any minor modification or clarification to this Agreement which does not modify (i) the Term of this Agreement; (ii) permitted uses of the Project Site, (iii) maximum density or intensity of use, except as specifically allowed in the Specific Plan, (iv) provisions for the reservation or dedication of land, (v) conditions, terms, restrictions or requirements for subsequent discretionary actions, or (vi) monetary obligations of Developer (hereinafter an “Insubstantial Modification”), and that can be processed under CEQA as exempt from CEQA, or with the preparation of an Addendum to the EIR, shall not require a public hearing or City Council approval prior to the parties executing a modification to this Agreement. Either Party may propose an Insubstantial Modification, consent to which shall not be unreasonably withheld, conditioned, or delayed by the other Party. Upon receiving a written request from the Developer for a modification to this Agreement, the City Manager or a designated representative will evaluate the request. The evaluation will consider: (1) whether the requested modification falls under the definition of an “Insubstantial Modification”; (2) whether the requested modification aligns with Applicable Rules (excluding that portion of this Agreement sought to be modified); and (3) whether the requested modification aligns with the objectives of this Agreement. The City Manager will not unreasonably withhold a decision, but will also ensure the City's interests are adequately protected. If the City Manager or designee determines that the requested modification is an “Insubstantial Modification” that is consistent with Applicable Rules and tends to promote the goals of this Agreement, the proposed modification will be approved by the City as an Insubstantial Modification, and a written modification will be executed by the Parties and attached to this Agreement as an operating memorandum (“Operating Memorandum”). Neither an Operating Memorandum nor an Insubstantial Modification shall be deemed an “amendment” to this Agreement under Government Code Section 65858.

8.4Amendments to Project Approvals. Notwithstanding any other provision of this Agreement, Developer may seek and City may review and grant amendments or modifications to the Project Approvals (including the Subsequent Approvals) subject to the

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following (except that the procedures for amendment of this Agreement are set forth in Section 8.1). Project Approvals (except for this Agreement) may be amended or modified from time to time, but only at the written request of Developer (at the City’s discretion, subject to the terms of this Agreement) or with the written consent of Developer (at its sole discretion) and in accordance with Section 3.4 and relevant provisions of the City Municipal Code. All amendments to the Project Approvals shall automatically become part of the Project Approvals.

The permitted uses of the Property, the intensity of use, the maximum height and size of the proposed buildings, provisions for reservation or dedication of land for public purposes, the conditions, terms, restrictions and requirements for subsequent discretionary actions, the provisions for Public Improvements and financing of Public Improvements, and the other terms and conditions of development as set forth in all such amendments shall automatically become Vested Elements pursuant to this Agreement (subject to any conditions set forth in the amendments) without requiring an amendment to this Agreement. Amendments to the Project Approvals shall be governed by the Project Approvals and the Applicable Rules, subject to Section 3.4. City shall not request, process, or consent to any amendment to the Project Approvals that would affect the Property or the Project without Developer’s prior written consent.

ARTICLE 9
TRANSFER AND ASSIGNMENT; RELEASE; RIGHTS OF MORTGAGEES;

CONSTRUCTIVE NOTICE

9.1Right to Assign. Provided that there does not then exist a Developer Event of Default, Developer shall have the right at any time during the Term, subject to the provisions of this Section 9.1, to sell, mortgage, hypothecate, assign, or transfer all or a portion of its rights, duties, and obligations arising under this Agreement (each, a “Transfer”) to any person, partnership, joint venture, firm, or corporation (each, a “Transferee”). No Transfer shall be permitted unless made pursuant to a sale, assignment, or other transfer of all or a portion of Developer’s interest in the Property. Notwithstanding any other provision of this Agreement to the contrary, each of the following Transfers are permitted and shall not require City consent under this Section 9.1:

9.1.1 Any Transfer for financing purposes to secure the funds necessary for construction and/or permanent financing of the Project;

9.1.2 An assignment of this Agreement to a Developer Affiliate; provided such Developer Affiliate executes and delivers to the City a recordable Assignment and Assumption Agreement substantially in the form attached hereto as Exhibit F and otherwise reasonably acceptable to City (“Assignment and Assumption Agreement”); or

9.1.3 Dedications and grants of easements and rights of way required in accordance with the Project Approvals.

Any and all other Transfers hereunder, other than the sale of a residential lot to a homebuyer or the transfer of open space lots to a community or homeowners association, shall require the prior written consent of the City, which consent shall not be unreasonably withheld or delayed. City’s withholding of consent shall be deemed reasonable if, in light of the proposed

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Transferee’s experience, reputation and financial resources, such Transferee would not, in City’s reasonable determination, be able to perform the obligations proposed to be assumed by such Transferee. Such determination shall be made by the City will be appealable to the City Council and subject to judicial review. If City consents to any such Transfer, the Transferee shall, in addition to any other conditions upon such consent, execute and deliver to City an Assignment and Assumption Agreement. Notwithstanding any other provision of this Agreement, any Transfer or attempted Transfer in violation of this Section 9.1 shall be null and void. Any Transfer consented to by City, or permitted without City’s consent pursuant to this Section 9.1, is herein referred to as a “Permitted Transfer” and the Transferee of a Permitted Transfer is herein referred to as a “Permitted Transferee.”

9.2Release upon Permitted Transfer. Effective upon any Permitted Transfer pursuant to Section 9.1, except for a Permitted Transfer to a Developer Affiliate pursuant to Section 9.1.2, Developer shall be released from its obligations under Agreement with respect to the Property, or portion thereof so transferred, only after the City's written confirmation of successful transfer of obligations to the Transferee. Thereafter, a default under this Agreement by Developer shall not be considered or acted upon by City as a default by the Permitted Transferee and shall not affect the Permitted Transferee’s rights or obligations hereunder.

Likewise, a default by a Permitted Transferee shall not be considered or acted upon by the City as a default by Developer and shall not affect Developer’s retained rights and obligations hereunder. The City is entitled to enforce each and every such obligation assumed by the Permitted Transferee directly against the Permitted Transferee as if the Permitted Transferee were an original signatory to this Agreement with respect to such obligation. A Permitted Transfer to a Developer Affiliate shall not relieve or release Developer from any of its obligations hereunder unless otherwise specifically agreed to in writing by the City in its sole discretion, which shall not be unreasonably withheld. Notwithstanding the foregoing provisions of this Section or any other provision of this Agreement to the contrary, a Permitted Transfer shall not relieve or release Developer from: (a) any indemnity obligations of Developer hereunder arising or accruing from any events occurring prior to the Permitted Transfer; or (b) any liability of Developer for any Developer Event of Default occurring prior to the Permitted Transfer unless otherwise specifically agreed to in writing by City, in its sole discretion, which shall not be unreasonably withheld.

9.3Rights of Mortgagees; Not Obligated to Construct; Right to Cure Default.

9.3.1 Mortgagee Protection. This Agreement shall not prevent or limit Developer in any manner, at Developer’s sole discretion, from encumbering the Property or any portion thereof or any improvement thereon by any mortgage, deed of trust, or other security device securing financing with respect to the Property (“Mortgage”). This Agreement shall be superior and senior to any lien placed upon the Property or any portion thereof after the date of recording this Agreement, including the lien of any Mortgage. Notwithstanding the foregoing, no breach hereof shall defeat, render invalid, diminish, or impair the lien of any Mortgage made in good faith and for value, but all of the terms and conditions contained in this Agreement shall be binding upon and effective against and inure to the benefit of any person or entity, including any deed of trust beneficiary or mortgagee (“Mortgagee”) who acquires title to the Property, or any portion thereof, by foreclosure, trustee’s sale, deed in lieu of foreclosure, or otherwise.

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9.3.2 Mortgagee Not Obligated. Notwithstanding the provisions of Section 9.3.1, no Mortgagee (including a Mortgagee who obtains title to Developer’s interest in the Property or the Project or any portion thereof as a result of foreclosure proceedings or transfer in lieu of foreclosure) shall in any way be obligated by the provisions of this Agreement to construct or complete the Project, unless the Mortgagee expressly assumes such obligation by written notice to City or by written agreement with City. Nothing in this Agreement shall be deemed to construe, permit, or authorize any such Mortgagee to devote the Property or the Project or any portion thereof to any uses or to construct any improvements thereon other than those uses or improvements provided for or authorized by this Agreement, or by the Project Approvals and Applicable Rules, and only to the extent Mortgagee complies with the terms of this Agreement and executes and delivers to the City, in a form and with terms reasonably acceptable to City, an assumption agreement of Developer’s obligations hereunder.

9.3.3 Notice of Default to Mortgagee, Right of Mortgagee to Cure. If City timely receives a notice from a Mortgagee requesting a copy of any Notice of Default given to Developer hereunder and specifying the address for service thereof, then City shall deliver to such Mortgagee, concurrently with service thereon to Developer, any notice given to Developer with respect to any claim by the City that Developer has committed a default, and if the City makes a determination of noncompliance hereunder, City shall likewise serve notice of such noncompliance on such Mortgagee concurrently with service thereof on Developer. If Developer does not cure or remedy the claimed default within the applicable cure period set forth in this Agreement, then City shall provide notice of such (“Developer Non-Cure Notice”) to each Mortgagee who has previously made a written request to the City therefore. Each such Mortgagee shall (insofar as the rights of the City are concerned) have the right, at its option, to cure or remedy or commence to cure or remedy any such default within (a) fifteen (15) days (with respect to monetary defaults only) after receipt of the Developer Non-Cure Notice, or (b) sixty (60) days (with respect to non-monetary defaults), after receipt of the Developer Non- Cure Notice unless a further extension of time to cure is granted in writing by City. In case of a default which is not susceptible of being cured by such Mortgagee (including a bankruptcy of Developer), such Event of Default does not have to be cured. If a Mortgagee is required to obtain possession of the Property (or a portion thereof) in order to cure or remedy any claimed Event of Default, the time to cure shall be tolled so long as the Mortgagee is attempting in good faith to obtain possession, including by appointment of a receiver or foreclosure, and the Mortgagee shall be deemed to have timely cured or remedied the claimed Event of Default, provided the Mortgagee commences the proceedings necessary to obtain possession within sixty (60) days after receipt of the Developer Non-Cure Notice, diligently pursues such proceedings to completion, and after obtaining possession diligently completes such cure or remedy.

9.4Constructive Notice. Every person or entity who now or hereafter owns or acquires any right, title, or interest in or to any portion of the Project or the Project Site and undertakes any development activities at the Project Site is, and shall be, constructively deemed to have consented and agreed to, and is obligated by, all of the terms and conditions of this Agreement, whether or not any reference to this Agreement is contained in the instrument by which such person acquired an interest in the Project or the Project Site.

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ARTICLE 10
ENFORCEMENT OF AGREEMENT; REMEDIES FOR DEFAULT; DISPUTE

RESOLUTION

10.1Events of Default. Subject to any extensions of time by mutual consent of the Parties, in writing, and subject to the provisions of Section 11.6 regarding Permitted Delays and a Mortgagee’s right to cure pursuant to Section 9.3, any failure by either Party (a “Defaulting Party”) to perform any material term or provision of this Agreement shall constitute an event of default by the Defaulting Party (“Event of Default”) (i) if such Defaulting Party does not cure such failure within sixty (60) days (such sixty (60) day period is not in addition to any sixty (60) day cure period under Section 7.2, if Section 7.2 is applicable) following written notice of default from the other Party (“Notice of Default”), where such failure is of a nature that can be cured within such sixty (60) day period, or (ii) if such failure is not of a nature which can be cured within such sixty (60) day period, the Defaulting Party does not within such sixty (60) day period commence efforts to cure such failure, or thereafter does not within a reasonable time prosecute to completion such cure. Any Notice of Default given hereunder shall specify in detail the nature of the failures in performance that the noticing Party claims constitutes the Event of Default, all facts constituting substantial evidence of such failure, and the manner in which such failure may be satisfactorily cured in accordance with the terms and conditions of this Agreement. During the time periods herein specified for cure of a failure of performance, the Defaulting Party shall not be considered to be in default for purposes of (a) termination of this Agreement, (b) institution of legal proceedings with respect thereto, or (c) issuance of any Subsequent Approval with respect to the Project. The waiver by either Party of any Event of Default under this Agreement shall not operate as a waiver of any subsequent breach of the same or any other provision of this Agreement.

10.2Meet and Confer. During the time periods specified in Section 10.1 for cure of a failure of performance, the Parties shall meet and confer in a timely and responsive manner, in person and with the participation of the City Manager and Developer representatives that include the division president or vice-president of land (or equivalent leadership positions) and the project manager, to attempt to resolve any matters prior to litigation or other action being taken, including without limitation any action in law or equity; provided, however, nothing herein shall be construed to extend the time period for this meet and confer obligation beyond the sixty (60) day cure period referred to in Section 10.1 (even if the sixty (60) day cure period itself is extended pursuant to Section 10.1(ii)) unless the Parties agree otherwise in writing. The inability of the Parties to timely meet and confer or to resolve any matter pursuant to this Section 10.2 shall not be deemed an Event of Default hereunder, provided that the Parties have made good faith efforts to meet, confer, and resolve the matter.

10.3Remedies and Termination. If, after notice and expiration of the cure periods and procedures set forth in Sections 10.1 and 10.2 (subject to the provisions of Section 10.2), the alleged Event of Default is not cured, the non-Defaulting Party, at its option, may institute legal proceedings pursuant to Section 10.4 and/or terminate this Agreement pursuant to Section 8.2.3 or Section 10.4.2 (as applicable). In the event that this Agreement is terminated pursuant to Section 8.2.3 or Section 10.4.2 and litigation is instituted that results in a final decision that such termination was improper, then this Agreement shall immediately be reinstated as though it had never been terminated.

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10.4Legal Action by Parties.

10.4.1 Remedies. Either Party may, in addition to any other rights or remedies, institute legal action to cure, correct, or remedy any Event of Default, enforce any covenant or agreement herein, enjoin any threatened or attempted violation thereof, enforce by specific performance the obligations and rights of the Parties hereto, or obtain any remedies consistent with the purpose of this Development Agreement. Without limiting the foregoing, in the event of a Developer Event of Default (that is not timely cured in accordance with Section 10.1), City may cease and terminate all processing of any applications for Subsequent Approvals. All remedies shall be cumulative and not exclusive of one another, and the exercise of any one or more of these remedies shall not constitute a waiver or election with respect to any other available remedy.

10.4.2 Limited Damages. Except as expressly set forth in this Section 10.4.2, neither Party shall be liable in damages for any default under this Agreement, it being expressly understood and agreed that, except as set forth below, the sole legal remedy available to either Party for a breach or violation of this Development Agreement by the other Party shall be an action in mandamus, specific performance, or other injunctive or declaratory relief to enforce the provisions of this Agreement by the other Party or to terminate this Agreement. This limitation on damages shall not preclude actions by a Party to enforce payments of monies or the performance of obligations requiring an obligation of money from the other Party pursuant to any of the following: (a) to make any payment due for the New Substation; (b) to make any payment due under any indemnity in this Agreement; (c) to advance or reimburse monies required under this Agreement; or (d) to pay attorneys’ fees and costs as set forth in Section 10.5 or when required by an arbitrator or a court with jurisdiction. In no event shall either Party be liable hereunder for any consequential, special, or punitive damages. Notwithstanding anything to the contrary contained in this Agreement, in no event shall: (i) any partner, officer, director, member, shareholder, employee, affiliate, manager, representative, or agent of Developer be personally liable for any breach of this Agreement by Developer or for any amount which may become due to the City under the terms of this Agreement; or (b) any board, commission, department, member, commissioner, officer, agent, or employee of the City be personally liable for any breach of this Agreement by City or for any amount which may become due to Developer under the terms of this Agreement.

10.5Attorneys’ Fees. Should any legal action be brought by either Party against the other for default under this Agreement or to enforce or interpret any provision hereof, the Party prevailing in such action shall be entitled to recover against the non-prevailing Party its reasonable attorneys’ fees and costs incurred in such action. The provisions of this Section 10.5 shall survive the expiration or termination of this Agreement.

10.6No Waiver. No waiver of any provision of this Agreement shall be binding unless executed in writing by the Party making the waiver. No waiver of any provision of this Agreement shall be deemed to constitute a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver unless the written waiver so specifies.

Except as otherwise expressly provided in this Agreement, any failure or delay by a Party in asserting any of its rights or remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies, nor shall it deprive any such Party of its right to

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institute and maintain any actions or proceedings that it may deem necessary to protect, assert, or enforce any such rights or remedies.

ARTICLE 11

MISCELLANEOUS PROVISIONS

11.1Entire Agreement. This Agreement, including the preamble paragraph, Recitals, and Exhibits constitute the entire understanding and agreement between the Parties with respect to the subject matter of this Agreement.

11.2Binding Covenants; Run With the Land. All of the provisions, agreements, rights, powers, standards, terms, covenants, and obligations contained in this Agreement shall be binding upon the Parties and their respective successors (by merger, reorganization, consolidation, or otherwise) and assigns, devisees, administrators, representatives, lessees, and all of the persons or entities acquiring the Property or any portion thereof, or any interest therein, whether by operation of law or in any manner whatsoever, and shall inure to the benefit of the Parties and their respective successors (by merger, consolidation, or otherwise) and assigns. All of the provisions of this Agreement shall be enforceable as equitable servitudes and constitute covenants running with the land pursuant to applicable law, including but not limited to, Section 1468 of the Civil Code of the State of California.

11.3Applicable Law and Venue. This Agreement has been executed and delivered in and shall be interpreted, construed, and enforced in accordance with the laws of the State of California, without reference to any of its conflict of laws principles. All rights and obligations of the Parties under this Agreement are to be performed in the County of Riverside. The exclusive venue for any disputes or legal actions hereunder or arising out of or in connection with this Agreement shall be the Superior Court of California in and for the County of Riverside and all Parties waive their respective rights to change venue pursuant to Section 394 of the Code of Civil Procedure.

11.4Construction of Agreement. The Parties have mutually negotiated the terms and conditions of this Agreement and its terms and provisions have been reviewed and revised by legal counsel for both City and Developer. Accordingly, no presumption or rule that ambiguities shall be construed against the drafting Party shall apply to the interpretation or enforcement of this Agreement. Language in this Agreement shall be construed as a whole and in accordance with its true meaning. As used herein: (a) the singular shall include the plural (and vice versa) and the masculine or neuter gender shall include the feminine gender (and vice versa) where the context so requires; (b) locative adverbs such as “herein,” “hereto,” “hereof,” and “hereunder” shall refer to this Agreement in its entirety and not to any specific section or paragraph; (c) the terms “include,” “including,” and similar terms shall be construed as though followed immediately by the phrase “but not limited to;” (d) “shall” and “must” are mandatory and “may” is permissive; and (e) “or” is not necessarily exclusive. Each reference in this Agreement to this Agreement shall be deemed to refer to this Agreement as amended from time to time pursuant to the provisions of this Agreement, as applicable, whether or not the particular reference refers to such possible amendment.

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11.5Project Is a Private Undertaking; No Joint Venture or Partnership. The development proposed to be undertaken by Developer on the Project Site is a private development, except for that portion to be devoted to Public Improvements to be constructed by Developer. Developer is not a state or governmental actor with respect to any activity conducted by the Developer hereunder. City has no interest in, responsibility for, or duty to third persons concerning any of said Improvements. Nothing in this Agreement, in any actions or negotiations leading to this Agreement, in any acts or omissions under this Agreement, or otherwise is intended to or does establish the City and Developer as partners, co-venturers, or principal and agent with one another.

11.6Force Majeure. Subject to the limitations set forth below, performance by any Party of its obligations hereunder shall be excused and the required date for performance thereof shall be extended day for day during any period of “Permitted Delay” as hereinafter defined, subject, however, to the requirement that Developer must promptly communicate with the City concerning the delay and provide reasonable documentation of Developer’s good faith efforts to diligently pursue performance as required under this Agreement. For purposes hereof, Permitted Delay shall mean delay beyond the reasonable control and without the fault of the Party claiming the delay (and despite the good faith efforts of such Party) first arising after the Effective Date (except for item (xii) below) including, but not limited to: (i) acts of God; (ii) civil commotion; (iii) riots; (iv) strikes, picketing, or other labor disputes; (v) shortages of materials or supplies; (vi) damage to work in progress by reason of fire, floods, earthquake, or other casualties; (vii) an Event of Default of the other Party; (viii) restrictions imposed or mandated by any regulatory authorities, utility providers, or other public agencies, or delays in obtaining any Third-Party Agency Approvals; (ix) enactment of conflicting state or federal laws or regulations, (x) judicial decisions or similar legal incapacity to perform, (xi) epidemics and pandemics, including COVID 19-induced restrictions on the ability of any Party to perform its obligations of this Agreement; (xii) litigation brought by a third party attacking the validity of this Agreement; and (xiii) delays caused by the City.

11.7Recordation. Pursuant to Section 65868.5 of the Development Agreement Statute the City shall cause this Agreement to be recorded with the Riverside County Recorder within ten (10) days after execution of the Agreement or any amendment thereto, with costs to be borne by Developer.

11.8Signature in Counterparts. This Agreement may be executed in duplicate counterpart originals, each of which is deemed to be an original, and all of which when taken together shall constitute one and the same instrument.

11.9Computation of Time; Time of the Essence. All references in this Agreement to “days” shall mean calendar days unless expressly referred to as “business days.” The time in which any act is to be done under this Agreement is computed by excluding the first day, and including the last day, unless the last day is a Saturday, Sunday, or holiday, and then that day is also excluded. If the day for performance of any obligation under this Agreement is a Saturday, Sunday, or holiday, then the time for performance of that obligation shall be extended to the first following day that is not a Saturday, Sunday, or holiday under the laws of California.

Introduction of Ordinance No. 1821, to approve a Development Agreement f... Page 934 of 1094 -32-

11.10Notices. Any notice, demand, or other communication required to be given by Developer or City pursuant to this Agreement shall be in writing and shall be sufficiently given if (a) addressed as set forth below and (b) delivered in one of the following ways, and shall be deemed to have been delivered or received (i) three (3) days after the date when deposited in the United States registered or certified mail, return receipt requested, with postage prepaid (except in the event of a postal disruption, by strike or otherwise, in the United States), (ii) when personally delivered, (iii) when sent by electronic means, provided receipt was promptly confirmed in writing by another means of notice allowed in this Section 11.10 within one (1) business day, or (iv) one business day after the date deposited with a nationally recognized courier service (e.g., Federal Express) for next day delivery. The current principal office addresses and email addresses of the City and Developer are as follows:

To City: City of Indio
100 Civic Center Mall
Indio, California 92201
Attn: Bryan Montgomery
E-mail: [email protected]
With a copy to: Cole Huber LLP
2855 E Guasti Rd
Suite 402
Ontario, CA 91761
Attn: Steven Graham Pacifico
E-mail: [email protected]
To Developer: Pulte Group
27401 Los Altos, Suite 400
Mission Viejo, CA 92691
Attention: Darren Warren, Vice President of
Land, Southern California Division
E-mail: [email protected]
With a copy to: Don Sajor, Esq.

Pulte Group
Area General Counsel and Vice President-West Area
27401 Los Altos, Suite 400
Mission Viejo, CA 92691
E-mail: [email protected]
And to: James D. Vaughn, Esq.

Procopio
200 Spectrum Center Drive, Suite 1650
Irvine, CA 92618
Email: [email protected]

Introduction of Ordinance No. 1821, to approve a Development Agreement f... Page 935 of 1094 -33-
Either Party to this Agreement may at any time, upon written notice delivered via certified mail or email to the other Party, designate any other person or address in substitution of the person and address to which such notice or communication shall be given.

If failure to respond to a specified notice, request, demand, or other communication within a specified period would result in a deemed approval, a conclusive presumption, a prohibition against further action or protest, or other adverse result specifically provided under this Agreement, the notice, request, demand, or other communication shall state clearly and unambiguously on the first page, with reference to the applicable provisions of this Agreement, that failure to respond in a timely manner could have a specified adverse result.

11.11No Third Party Beneficiaries. This Agreement and all provisions hereof is made and entered into for the sole protection and benefit of City, Developer, and their successors and assigns. No other person shall have right of action based upon any provision in this Agreement.

11.12Conflict of Interest. No member, official, or employee of City shall make any decision relating to this Agreement which affects his or her personal interest or the interest of any corporation, partnership, or association in which he or she is directly or indirectly interested.

11.13Severability. If any term, provision, covenant, or condition of this Agreement or its application to any Party or circumstance is held by a court of competent jurisdiction to be invalid, void, or unenforceable to any extent, the remaining provisions of this Agreement or the application of the term, provision, condition, or covenant to persons or circumstances other than those as to whom or which it is invalid or unenforceable, shall not be affected and shall continue in full force and effect to the fullest extent permitted by law, unless enforcement of the remaining portions of the Agreement would be unreasonable or grossly inequitable under all the circumstances or would frustrate the purposes of this Agreement.

11.14Further City Actions. Except as may be otherwise specifically provided herein, whenever any approval, notice, direction, consent, request, waiver, or other action by the City is required or permitted under this Agreement, such action may be given, made, or taken by the Designee. The Designee is authorized to execute and deliver, on behalf of the City and to take any action necessary or desirable to effectuate the provisions and intent of this Agreement.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

DEVELOPER:

PULTE HOME COMPANY, LLC,
a Michigan limited liability company,
By:________________________________
Darren Warren, Vice President

Introduction of Ordinance No. 1821, to approve a Development Agreement f... Page 936 of 1094 -34-
CITY:

CITY OF INDIO, a California
municipal corporation
By:_________________________________
Name: Bryan H. Montgomery
Title: City Manager
ATTEST:

CITY CLERK
________________________
Sabdi Sanchez, MMC
Dir. Of City Clerk Services

APPROVED AS TO FORM

COLE HUBER LLP
________________________
Steven Graham Pacifico
City Attorney

Introduction of Ordinance No. 1821, to approve a Development Agreement f... Page 937 of 1094 City of Indio
City Council
August 20, 2025

STAFF REPORT

To: City Council
From: Bryan H. Montgomery, City Manager
Prepared by: Jonathan Nicks, Assistant City Manager
Subject: each 2025-14, No. Resolution IPFA No. 10514 Resolution City and authorizing the issuance and sale of Lease Revenue Bonds, Series 2025A to finance the Police Headquarters

RECOMMENDATION:

1. Hold a Public Hearing 2. City Council Adoption of Resolution No. 10514 authorizing the execution and delivery of a First Amendment to Lease Agreement in connection with the issuance of not to exceed $35,000,000 in Lease Revenue Bonds and approving related documents and actions therewith. 3. Indio Public Finance Authority Board of Directors Adoption of Resolution No. 2025-14 authorizing the issuance of Lease Revenue Bonds in an amount not to exceed $35,000,000 and approving related documents and actions therewith.

SUMMARY:

Approving the attached resolutions allows the City and the Indio Public Financing Authority to issue the Lease Revenue Bonds, Series 2025A Bonds (the “2025A Bonds”) to finance the new Police Department Headquarters facility (the “Project”).

BACKGROUND INFORMATION:

Staff recommends the issuance and sale of the lease revenue bonds to finance the construction of the Police Department Headquarters building.

The City recently completed construction of the current Public Safety Campus consisting of a fire station, a one-story communication dispatch center, and a two-story public safety services building, which supports both fire and police services such as code enforcement, property and evidence, and fire prevention services. The next phase of the Public Safety Campus project will construct a new Police Headquarters facility. The Headquarters will be the primary facility for Police Officers, Sergeants, Community Service Officers, support staff, and Command staff including locker rooms, works stations, offices, gym / training area, meeting areas, interview rooms, and public areas.

The Police Headquarters facility is estimated at $45 million. It is estimated that about $30 million in Lease Revenue Bonds (LRB) could be obtained and that would equate to about $2M in annual debt payments. Additionally, a total of $10 million had been allocated in FY26 CIP Budget with some funds encumbered to start the design process. Another $5-6 million is anticipated to be available from remaining reserve and contingency funds from previous facility projects.

AGENDA ITEM #11.2
City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 938 of 1094 In August 2022, the City and the Indio Public Financing Authority issued $119.45 million in Lease Revenue Bonds, Series 2022A (the “2022A Bonds”) to fund a new public safety campus, which includes a public safety services building, a replacement fire station, and a new dispatch center. The financing also covered construction of a new city hall and library and refinanced prior outstanding bonds to reduce cashflow costs.

The 2022A Bonds, and the upcoming 2025A Bonds, are both payable from semi-annual lease payments the City makes to the Authority. These payments, assigned to the Trustee under a sublease for the City properties listed below (the “Leased Properties”), are a General Fund obligation of the City and must be appropriated annually by the City Council. They are not secured by a lien or pledge on any specific City revenues.

Initial Leased Properties:

 City Hall *
 City Hall and Library Campus **
 Berger Building
 Burr Street Park
 Indio Sports Park
 North Jackson Park
 Police Department Building *
 Police Headquarters Building **
 Senior Center
 Shadow Hills Fire Station No. 4
 South Jackson Park
 Teen Center
 Terra Lago Fire Station No. 5
*Slated to be demolished upon completion of new facilities. **Upon completion, properties will secure the 2022A Bonds and the 2025A Bonds.

Staff obtained an underlying credit rating for the 2025A Bonds from Standard & Poor’s (“S&P”). S&P affirmed the City’s existing ‘A+’ rating with a stable outlook and also affirmed the ‘A+’ rating on the outstanding 2022A Bonds. Staff, in coordination with its consultants, is also securing municipal bond insurance (rated ‘AA’ by S&P) and a debt service reserve fund surety for the 2025A Bonds. It is expected that all of the 2025A Bonds will be backed by both a municipal bond insurance policy and a debt service reserve fund surety.

Information on the City’s General Fund and related risks is provided to investors in the offering document for the 2025A Bonds (the Preliminary Official Statement). Additional details on the legal and disclosure documents are outlined below.

Bond Sizing (Not-to-Exceed Amounts):

In order to authorize the sale of the 2025A Bonds, staff must provide not-to-exceed amounts in the City Resolution and the Authority Resolution. In order to provide staff with maximum flexibility in determining the optimal size of the 2025A Bonds, staff requests the following limits: a not to exceed principal amount of $35 million; a not to exceed true interest cost of 6.0%; a not to exceed Underwriter’s discount of 0.6% and a final maturity date of November 1, 2055. These limits have been included in the City Resolution and Authority Resolution to create a reasonable amount of

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 939 of 1094 flexibility for the City and the Authority, even though the final principal amount, true interest cost and underwriter’s discount are anticipated to be less.

Good Faith Estimates:

The good faith estimates discussed below, with respect to the 2025A Bonds, are provided in accordance with California Government Code Section 5852.1. Such good faith estimates have been provided by Fieldman, Rolapp & Associates, Inc., the City’s Municipal Advisor, in consultation with the Underwriter and are based on assumptions of the estimated principal amount of the 2025A Bonds and on market interest rates prevailing at the time the estimate is prepared. The estimates are provided as follows:

Principal Amount: The Municipal Advisor informed the City that based on the City’s financing plan and current market conditions, the good faith estimate of the aggregate principal amount of the 2025A Bonds to be sold (the Estimated Principal Amount) is $30,000,000.

True Interest Cost of the 2025A Bonds: The Municipal Advisor informed the City that its good faith estimate of the true interest cost of the 2025A Bonds, which is the rate necessary to discount the amounts payable on the respective principal and interest payment to the purchase price received for the 2025A Bonds, is 5.04%.

Finance Charge of the 2025A Bonds: The Municipal Advisor informed the City that its good faith estimates of the finance charge for the 2025A Bonds, which is the sum of all fees and charges paid to third parties, or costs associated with the 2025A Bonds, is $731,363. Such fees and charges include fees for bond and disclosure counsel, municipal advisor, trustee, rating agency, title insurance, municipal bond insurance, debt service reserve policy, printing and underwriting.

Detailed estimates of these fees for each party are below:
 Underwriting: $180,000 (0.6% of par)
 Municipal Bond Insurance: $210,821
 Debt Service Reserve Policy: $39,561
 City of Indio Staff Time: $15,000
 City of Indio Counsel: $7,500
 Bond/Disclosure Counsel: $100,000
 Municipal Advisor: $63,500
 Trustee & Trustee’s Counsel: $8,250
 Title Insurance: $31,241
 Dissemination Agent: $2,000
 Rating Agency (S&P): $39,500
 Statistics: $550
 Printing: $2,000
 Contingency: $31,439

These fees are all paid for with bond proceeds.

Amount of Proceeds to be Received: The Municipal Advisor informed the City that its good faith estimates of the amount of proceeds expected to be received by the City for sale of the 2025A Bonds less the finance charge of the 2025A Bonds and any reserves or capitalized interest paid or funded with proceeds of the 2025A Bonds, is $29,268,673.

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 940 of 1094 Total Payment Amount: The Municipal Advisor informed the City that its good faith estimate of the total payment amount, which means the sum total of all payments the City will make to pay debt service on the 2025A Bonds less capitalize interest, calculated to the final maturity of the 2025A Bonds, is $59,269,438.

The foregoing estimates constitute good faith estimates only. The actual principal amount of the 2025A Bonds issued and sold, the true interest cost, the finance charges, the amount of proceeds received, and the total payment amount may differ from such good faith estimates due to:

1. The actual date of the sale of the 2025A Bonds being different than the date assumed for purposes of such estimates;

2. The actual principal amount of the 2025A Bonds sold being different from the Estimated Principal Amount;

3. The actual amortization of the 2025A Bonds being different than the amortization assumed for purposes of such estimates;

4. The actual market interest rates at the time of sale of the 2025A Bonds being different than those estimated for purposes of such estimates;

5. Other market conditions; or

6. Alterations in the City’s financing plan, delays in the financing, additional legal work (including federal tax law due diligence), or a combination of such factors.

The actual date of sale of the 2025A Bonds and the actual principal amount of 2025A Bonds sold will be determined by the City and the Authority based on the timing of the need for proceeds of the 2025A Bonds and other factors. The actual interest rates and amortization of the 2025A Bonds will depend on market interest rates at the time of sale. Market interest rates are affected by economic and other factors beyond the control of the City and the Authority. If market rates change so that the transaction the terminate can Authority the and City the beneficial, financially longer no is transaction at any time before the 2025A Bonds are sold to the Underwriter.

Bond Financing Legal Structure and Documents to be Approved by the City Council and the Indio Public Financing Authority:

Legal Structure: The Authority is the issuer of the proposed 2025A Bonds. In connection with the issuance of the 2025A Bonds, the City will enter into a First Amendment to Ground Lease with the Authority. The City and Authority originally entered into the Ground Lease in connection with the issuance of the 2022A Bonds, under which the City leased certain City-owned property (Leased Property), to the Authority. Under a First Amendment to Lease Agreement, the Authority will continue to lease the Leased Property back to the City. The City will agree to make rental payments to the Authority for the beneficial use and occupancy of the Leased Property. Such rental amounts will be calculated to be sufficient in time and amount to pay the debt service payments on the 2025A Bonds. Pursuant to an Assignment Agreement, the Authority assigned certain rights under the Lease Agreement to U.S. Bank Trust Company, N.A., as trustee (the “Trustee”) for the 2022A Bonds and the 2025A Bonds, including the right to receive the rental payments under the Lease Agreement. Due to the fact the Series 2025A Bonds will be secured by lease payments on the yet to be completed Police Headquarters Building, the City will be required to fund capitalized interest on the Series 2025A through May 1, 2026, which represents the expected time period of construction (November 2025) to complete the City Hall plus an additional 6 months.

The 2025A Bonds will be issued pursuant to a Supplemental Indenture of Trust among the City, the Authority, and the Trustee. The City and the Authority originally entered into the Indenture in connection with the issuance of the 2022A Bonds. The Supplemental Indenture will govern key terms of the 2025A Bonds, including repayment dates, redemption provisions, interest rates, and the rights and remedies of bondholders.

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 941 of 1094

These legal documents are drafted to allow for the issuance of additional series of 2025A Bonds to finance later phases of the Projects and/or other City improvements. The issuance of additional bonds will require approval by both the City Council and the Authority. The documents also allow for the substitution of property for the initial Leased Property, subject to certain conditions.

Disclosure Documents: Staff and the City’s financing team have prepared a Preliminary Official Statement in connection with the offering of the 2025A Bonds. The Preliminary Official Statement present material information relating to the 2025A Bonds and the City’s finances and operations and will be used in the offering of the 2025A Bonds to potential investors.

The United States Securities Exchange Commission has stated that elected officials have certain responsibilities under federal securities law. If City Council members during their review of the Preliminary Official Statement determine that it contains any material false statements or omissions of material information, they should bring this to the attention of staff.

To comply with federal securities law, the City will enter into a Continuing Disclosure Agreement in connection with the issuance of the 2025A Bonds. Under the Continuing Disclosure Agreement, the City will agree to annually provide certain financial information relating to the City and notices of certain enumerated events to the market. Such information will be provided through the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access website.

FINANCIAL SUMMARY:

Current FY Financial
Impact:
$965,238 In current year budget: N/A
Current FY General
Fund Impact:
$965,238 Budget adjustment: N/A
Next FY Financial
Impact:
$1,975,400 Strategic Objective: Public Safety
Source of funds: General Fund Fund-Org-Object
Reference:

Various

Additional Financial Details:

Like the 2022A Bonds, debt service payment on the 2025A Bonds is a liability of the General Fund.

Debt service payments will be made over thirty years in semi-annual payments and will be due semi-annually on November 1st and May 1st of each year with the first payment due on November 1, 2026. The estimated annual debt service schedule of the 2025A Bonds is provided below.

All financing-related costs will be paid from Bond proceeds. The estimated annual payment is $965,238 in the initial partial year (FY 2025/26). The average net annual payment is approximately $1,975,648 from FY 2026/27 through FY 2055/56.

While no specific General Fund revenue source is dedicated to paying debt, the City's capacity to pay future bond debt is conceptually reliant on availability of Measure X sales tax revenue. Measure X receipts have historically been dedicated for one-time capital expenditures, like road maintenance, except for $8 million used to pay existing 2016 Bond and 2022A Bonds debt. For FY 2025/26, Measure X sales tax receipts are expected to total $18 million. While actual receipts will fluctuate with the economy, after covering the 2016 Bonds, 2022A Bonds, and estimated 2025A Bonds debt,

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 942 of 1094 approximately $8 million will remain available, on average, for other city priorities. As sales tax collection increases, so will the amount of discretionary Measure X resources.

ATTACHMENTS:

City Resolution, 4922-1424-2052_3
Authority Resolution, 4896-6371-2004_3
First Amendment to Ground Lease, 4922-8758-3236_3
First Amendment to Lease Agreement, 4918-2306-3556_3
Official Statement, 4937-3786-3939_6
Continuing Disclosure Agreement, 4915-9296-6148_3

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 943 of 1094 Bond Purchase Agreement (Piper Sandler) - Indio Lease Revenue Bonds Series 2025A-c1

APPROVAL(S):

Steven Graham Pacifico, City Attorney Approved - 12 Aug 2025 Ruby D. Walla, Director of Finance Approved - 13 Aug 2025 Bryan H. Montgomery, City Manager Approved - 13 Aug 2025

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 944 of 1094 1 4922-1424-2052v3/200973-0005
RESOLUTION NO. 10514

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO, CALIFORNIA

AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO

LEASE AGREEMENT IN CONNECTION WITH THE ISSUANCE BY THE INDIO PUBLIC

FINANCING AUTHORITY OF LEASE REVENUE BONDS, APPROVING THE ISSUANCE

OF SUCH BONDS IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $35,000,000, AND AUTHORIZING THE EXECUTION OF

NECESSARY DOCUMENTS AND CERTIFICATES AND RELATED ACTIONS WHEREAS, the City of Indio, California (the “City”) is a municipal corporation and general law city duly organized and existing under and pursuant to the Constitution and laws of the State of California (the “State”);
WHEREAS, in order to prepay certain lease obligations of the City and finance the costs of the acquisition, construction and/or installation of a new City public safety campus (the “Public Safety Project”) and City Hall and library (the “City Hall and Library Project”) and related improvements, facilities and equipment the Indio Public Financing Authority (the “Authority”) issued its Indio Public Financing Authority Lease Revenue Bonds, Series 2022A” (the “2022A Bonds”) pursuant to an Indenture, dated as of August 1, 2022 (the “2022 Indenture”), by and among the Authority, the City and U.S. Bank Trust Company, National Association (the “Trustee”); and WHEREAS, in order to facilitate the issuance of the 2022A Bonds, the City and the Authority entered into a Ground Lease, dated as of August 1, 2022 (the “2022 Ground Lease”), pursuant to which the City leases certain real property (which real property consists of assets generally described as Fire Station # 5, the Teen Center, the Police Department Building, Fire Station #4, City Hall, the Berger Building, Burr Street Park, the Senior Center Building, North Jackson Park, Indio Sports Park, South Jackson Park, the Public Safety Project and the City Hall and Library Project (“Leased Assets”)) to the Authority, and a Lease Agreement, dated as of August 1, 2022 (the “2022 Lease Agreement”), pursuant to which the Authority subleased the Lease Assets to the City; and
WHEREAS, the Authority and the City desire to issue a series of Additional Bonds (as defined in the 2022 Indenture) to finance the costs of the acquisition, construction and/or installation of additional City facilities, consisting of a new police headquarters (the “Police Headquarters Project”); and
WHEREAS, the Authority and the City have determined that it would be in the best interests of the Authority, the City and residents of the City to authorize the preparation, sale and delivery of the “Indio Public Financing Authority Lease Revenue Bonds, Series 2025A” (the “Bonds”) for the purpose of financing the Police Headquarters Project; and WHEREAS, in order to facilitate the issuance of the Bonds, the City and the Authority desire to enter into a First Amendment to Ground Lease (the “First Amendment to Ground Lease”), which amends the 2022 Ground Lease, and a First Amendment to Lease Agreement (the “First Amendment to Lease Agreement”), which amends the 2022 Lease Agreement; and WHEREAS, pursuant to the 2022 Ground Lease, as amended by the First Amendment to Ground Lease, the City will lease the Leased Assets to the Authority and, pursuant to the 2022 Lease

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 945 of 1094 Agreement, as amended by the First Amendment to Lease Agreement, the City will lease the Leased Assets back from the Authority, and pay certain Base Rental Payments (as defined in the 2022 Lease Agreement), which are pledged to the owners of 2022A Bonds and the Bonds by the Authority pursuant to the 2022 Indenture, as supplemented by the First Supplemental Indenture (the “First Supplemental Indenture”) to be entered into by the City, the Authority and the Trustee in connection with the issuance of the Bonds; and
WHEREAS, in connection with the issuance of the 2022A Bonds, the Authority and the Trustee entered into an Assignment Agreement in order to provide, among other things, that all rights to receive the Base Rental Payments have been assigned without recourse by the Authority to the Trustee; and
WHEREAS, the Bonds will be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, commencing with Section 6584 of the California Government Code (the “Act”); and WHEREAS, the City and the Authority desire to provide for the negotiated sale of the Bonds; and
WHEREAS, the City and the Authority have selected Piper Sandler & Co. (the “Underwriter”) to purchase the Bonds from the Authority pursuant to a Bond Purchase Agreement (the “Bond Purchase Agreement”); and
WHEREAS, Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended (“Rule 15c2-12”), requires that, in order to be able to purchase or sell the Bonds, the Underwriter thereof must have reasonably determined that the City has undertaken in a written agreement or contract for the benefit of the holders of the Bonds to provide disclosure of certain financial information and certain enumerated events on an ongoing basis; and WHEREAS, in order to cause such requirement to be satisfied, the City desires to enter into a Continuing Disclosure Agreement (the “Continuing Disclosure Agreement”) with Willdan Financial Services, as dissemination agent for each series of the Bonds; and WHEREAS, a form of the Preliminary Official Statement with respect to the Bonds (the “Preliminary Official Statement”) has been prepared; and WHEREAS, the City is a member of the Authority and the Police Headquarters Project is located within the boundaries of the City; and
WHEREAS, the City has, prior to the consideration of this resolution, held a public hearing on the financing of the Police Headquarters Project with the proceeds of the issuance of the Bonds in accordance with Section 6586.5 of the Act, which hearing was held at 100 Civic Center Mall, Indio, California on August 20, 2025; and
WHEREAS, notice of such hearing was published once in The Desert Sun, a newspaper of general circulation in the City, at least five days prior to the hearing (in accordance with Section 6586.5 of the Act); and
WHEREAS, the City Council has been presented with the form of each document referred to herein relating to the financing contemplated hereby, and the City Council desires to authorize and direct the execution of such documents and the consummation of such financing; and

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 946 of 1094 WHEREAS, all acts, conditions and things required by the laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of such financing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such financing for the purpose, in the manner and upon the terms herein provided.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF INDIO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

1. Each of the above recitals is true and correct. Following a duly noticed and conducted public hearing, the City Council hereby finds and determines that there are significant public benefits to the citizens of the City through the use of the Act to assist the City with respect to the subject matter hereof through the approval of the issuance of the Bonds and otherwise hereunder within the meaning of Section 6586(a)-(d), inclusive, of the Act, in that the issuance of the Bonds and related transactions will result in more efficient delivery of local agency services to residential and commercial development.

2. The forms of the First Amendment to Ground Lease and First Amendment to Lease Agreement, on file with the City Clerk, are hereby approved, and the Mayor of the City (or in his absence, the Mayor Pro Tem), the City Manager or their designee, and the Director of Finance or their designee (the “Authorized Officers”), are each hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the First Amendment to Ground Lease and First Amendment to Lease Agreement in substantially said forms, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the term of the 2022 Ground Lease, as amended by the First Amendment to Ground Lease, and 2022 Lease Agreement, as amended by the First Amendment to Lease Agreement, shall terminate no later than November 1, 2055 (provided that such term may be extended as provided therein) and the true interest cost applicable to the interest components of the Base Rental Payments with respect to the Bonds shall not exceed 6.00%.

3. The form of the First Supplemental Indenture, on file with the City Clerk, is hereby approved, and the Authorized Officers are each hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the First Supplemental Indenture in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the aggregate amount of the Bonds shall not exceed $35,000,000, the final maturity date of the Bonds shall be no later than November 1, 2055, and the true interest cost applicable to the Bonds shall not exceed 6.00%; provided, further, that such changes, insertions and omissions shall be consistent with the terms of the Bonds established at negotiated sale pursuant to the Bond Purchase Agreement.

4. The Bond Purchase Agreement, on file with the City Clerk, is hereby approved and the Authorized Officers are, and each of them is, hereby authorized and directed, for and in the name of the City, to execute and deliver the acceptance thereof set forth in the Bond Purchase Agreement, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve, such requirement or approval to be conclusively evidenced by the execution of the Bond Purchase Agreement by such Authorized Officer; provided, however, that such changes,

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 947 of 1094 insertions and omissions shall not result in an aggregate underwriter’s discount in excess of 0.60% of the aggregate principal amount of the Bonds (not including any original issue discount or premium).

5. The issuance of not to exceed $35,000,000 aggregate principal amount of the Bonds, in one or more series, in the principal amounts, bearing interest at the rates and maturing on the dates as specified in the applicable Indenture as finally executed, is hereby approved.

6. The form of the Preliminary Official Statement, on file with the City Clerk, with such changes, insertions and omissions therein as may be approved by an Authorized Officer, is hereby approved, and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. The Authorized Officers are each hereby authorized to certify on behalf of the City that the Preliminary Official Statement is deemed final as of its date, within the meaning of Rule 15c2-12 (except for the omission of certain final pricing, rating and related information as permitted by Rule 15c2-12).

7. The preparation and delivery of an Official Statement, and its use in connection with the offering and sale of the Bonds, is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof. The Authorized Officers are each hereby authorized and directed, for and in the name of and on behalf of the City, to execute the final Official Statement and any amendment or supplement thereto for and in the name and on behalf of the City.

8. The form of Continuing Disclosure Agreement, on file with the City Clerk, is hereby approved, and the Authorized Officers are each hereby authorized and directed, for and in the name and on behalf of the City, to enter into the Continuing Disclosure Agreement with Willdan Financial Services, as dissemination agent, or another third party, as selected by an Authorized Officer, in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced to the execution and delivery thereof.

9. The City Council hereby approves and appoints Stradling Yocca Carlson & Rauth LLP, as Bond and Disclosure Counsel, Fieldman, Rolapp & Associates, Inc., as Municipal Advisor, and U.S.

Bank Trust Company, National Association as Trustee, each to provide such services to the City as may be required to issue the Bonds. The Authorized Officers are hereby authorized to enter into contracts or to sign such other documentation as is necessary or appropriate to evidence such engagements and retain such services in connection with the Bonds.

10. Each of the Authorized Officers is authorized to select a municipal bond insurer to insure payments of the principal of and interest on the Bonds and to provide a reserve account insurance policy, so long as such Authorized Officer determines that obtaining the municipal bond insurance policy and/or reserve account insurance policy provided thereby will result in a lower interest rate or yield to maturity with respect to the Bonds. Bond Counsel is hereby directed to make all changes to the First Supplemental Indenture, the First Amendment to Ground Lease, the First Supplement to Lease Agreement, the Bond Purchase Agreement, the Continuing Disclosure Agreement, the Preliminary Official Statement and the final Official Statement as are necessary to reflect the selection of a municipal bond insurer and the reasonable comments thereof.

11. The officers, employees and agents of the City are hereby authorized and directed, jointly

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 948 of 1094 and severally, to do any and all things which they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution, including, but not limited to, adding property to, substituting property for or removing property from the Leased Assets, and taking any and all actions in order to clear any title exceptions to the Leased Assets. All actions heretofore taken by the officers, employees and agents of the City with respect to the transactions set forth above are hereby approved, confirmed and ratified.

12. The City Council hereby approves the execution and delivery of all agreements, documents, certificates and instruments referred to herein with electronic signatures as may be permitted under the California Uniform Electronic Transactions Act and digital signatures as may be permitted under Section 16.5 of the California Government Code using DocuSign.

14. In accordance with Government Code Section 5852.1, there has been presented to this City Council in the Staff Report accompanying this Resolution certain good faith estimates provided to the City by its municipal advisor with respect to the Bonds. The City Council hereby finds that the requirements of Section 5852.1 have been satisfied.

15. This resolution shall take effect immediately upon its passage.

PASSED, APPROVED AND ADOPTED this 20th of August, 2025, by the following vote:

AYES:

NOES:
_______________________________

GLENN MILLER, MAYOR
ATTEST:
________________________________

SABDI SANCHEZ

DIRECTOR OF CITY CLERK SERVICES

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RESOLUTION NO. 2025-14

RESOLUTION OF THE INDIO PUBLIC FINANCING AUTHORITY AUTHORIZING THE

ISSUANCE OF LEASE REVENUE BONDS IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $35,000,000 AND

AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND

CERTIFICATES AND RELATED ACTIONS
WHEREAS, in order to prepay certain lease obligations of the City of Indio, California (the “City”) and to finance the costs of the acquisition, construction and/or installation of a new City public safety campus (the “Public Safety Project”) and City Hall and library (the “City Hall and Library Project”) and related improvements, facilities and equipment, the Indio Public Financing Authority’s (the “Authority”) issued its Indio Public Financing Authority Lease Revenue Bonds, Series 2022 (the “2022A Bonds”) pursuant to an Indenture, dated as of August 1, 2022 (the “2022 Indenture”), by and among the Authority, the City and U.S. Bank Trust Company, National Association (the “Trustee”); and
WHEREAS, in connection with the issuance of the 2022A Bonds, the Authority and the City entered into a Ground Lease, dated as of August 1, 2022 (the “2022 Ground Lease”), pursuant to which the City leased to the Authority certain real property and improvements thereon (which real property and improvements consist of assets generally described as Fire Station # 5, the Teen Center, the Police Department Building, Fire Station #4, City Hall, the Berger Building, Burr Street Park, the Senior Center Building, North Jackson Park, Indio Sports Park, South Jackson Park, the Public Safety Project and the City Hall and Library Project (the “Leased Assets”), and a Lease Agreement, dated as of August 1, 2022 (the “2022 Lease Agreement”), pursuant to which the Authority subleased the Leased Assets to the City; and
WHEREAS, the Authority and the City desire to issue a series of Additional Bonds (as defined in the 2022 Indenture) to finance the costs of the acquisition, construction and/or installation of additional City facilities, consisting of a new police headquarters (the “Police Headquarters Project”); and
WHEREAS, the Authority and the City have determined that it would be in the best interests of the Authority, the City and residents of the City to authorize the preparation, sale and delivery of the “Indio Public Financing Authority Lease Revenue Bonds, Series 2025A” (the “Bonds”) for the purpose of financing the Police Headquarters Project; and WHEREAS, in order to facilitate the issuance of the Bonds, the City and the Authority desire to enter into a First Amendment to Ground Lease (the “First Amendment to Ground Lease”), which amends the 2022 Ground Lease, and a First Amendment to Lease Agreement (the “First Amendment to Lease Agreement”), which amends the 2022 Lease Agreement; and WHEREAS, pursuant to the 2022 Ground Lease, as amended by the First Amendment to Ground Lease, the City will lease the Leased Assets to the Authority and, pursuant to the 2022 Lease Agreement, as amended by the First Amendment to Lease Agreement, the City will lease the Leased Assets back from the Authority, and pay certain Base Rental Payments (as defined in the 2022 Lease Agreement), which are pledged to the owners of 2022A Bonds and the Bonds by the Authority pursuant to the 2022 Indenture, as supplemented by the First Supplemental Indenture (the “First Supplemental Indenture”) to be entered into by the City, the Authority and the Trustee in connection

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 950 of 1094 with the issuance of the Bonds; and
WHEREAS, in connection with the issuance of the 2022A Bonds, the Authority and the Trustee entered into an Assignment Agreement (the “2022 Assignment Agreement”) in order to provide, among other things, that all rights to receive the Base Rental Payments have been assigned without recourse by the Authority to the Trustee; and
WHEREAS, the Bonds will be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, commencing with Section 6584 of the California Government Code (the “Act”); WHEREAS, the City and the Authority desire to provide for the negotiated sale of the Bonds; WHEREAS, the City and the Authority have selected Piper Sandler & Co. (the “Underwriter”) to purchase the Bonds from the Authority pursuant to a Bond Purchase Agreement (the “Bond Purchase Agreement”);
WHEREAS, a form of the Preliminary Official Statement with respect to the Bonds (the “Preliminary Official Statement”) has been prepared;
WHEREAS, the City is a member of the Authority and the Police Headquarters Project is located within the boundaries of the City;
WHEREAS, the City has, prior to the consideration of this resolution, held a public hearing on the financing of the Police Headquarters Project with the proceeds of the issuance of the Bonds in accordance with Section 6586.5 of the Act, which hearing was held at 100 Civic Center Mall, Indio, California on August 20, 2025;
WHEREAS, notice of such hearing was published once in The Desert Sun, a newspaper of general circulation in the City, at least five days prior to the hearing in accordance with Section 6586.5 of the Act;
WHEREAS, the Board of Directors of the Authority (the “Board of Directors”) has been presented with the form of each document referred to herein, and the Board of Directors desires to authorize and direct the execution of such documents and the consummation of such financing; and WHEREAS, all acts, conditions and things required by the laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of such financing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the Authority is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such financing for the purpose, in the manner and upon the terms herein provided.

NOW, THEREFORE, THE INDIO PUBLIC FINANCING AUTHORITY DOES HEREBY

RESOLVE, DETERMINE AND ORDER AS FOLLOWS

1. All of the recitals herein contained are true and correct and the Board of Directors so finds.

The Board of Directors has determined and hereby finds that the Authority’s assistance in financing the Police Headquarters Project by the issuance of the Bonds will result in significant public benefits of the types described in Section 6586 (a) through (d), inclusive, of the Act, in that the issuance of the Bonds and related transactions will result in more efficient delivery of local agency services to

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2. The forms of the First Amendment to Ground Lease and First Amendment to Lease Agreement, on file with the Secretary of the Authority, are hereby approved, and the Chair, the Executive Director of the Authority and the Treasurer of the Authority, and any designee thereof (the “Authorized Officers”), are each hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the First Amendment to Ground Lease and the First Amendment to Lease Agreement, respectively, in substantially said forms, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the term of the 2022 Lease Agreement, as amended by the First Amendment to Lease Agreement, and the 2022 Ground Lease, as amended by the First Amendment to Ground Lease, shall terminate no later than November 1, 2055 (provided that such term may be extended as provided therein) and the true interest cost applicable to the interest components of the Base Rental Payments with respect to the Bonds shall not exceed 6.00%.

3. The form of the First Supplemental Indenture, on file with the Secretary of the Authority, is hereby approved, and the Authorized Officers are each hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the First Supplemental Indenture in substantially said form, with such changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the aggregate amount of the Bonds shall not exceed $35,000,000, the final maturity date of the Bonds shall be no later than November 1, 2055, and the true interest cost applicable to the Bonds shall not exceed 6.00%; provided, further, that such changes, insertions and omissions shall be consistent with the terms of the Bonds established at negotiated sale pursuant to the Bond Purchase Agreement.

4. The issuance of not to exceed $35,000,000 aggregate principal amount of the Bonds, in one or more series, in the principal amounts, bearing interest at the rates and maturing on the dates as specified in the applicable Indenture as finally executed, is hereby approved.

5. The Bond Purchase Agreement on file with the Secretary of the Authority is hereby approved. The Authorized Officers are, and each of them is, hereby authorized and directed, for and in the name of the Authority to execute and deliver the Bond Purchase Agreement in substantially said form, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution of the Bond Purchase Agreement by such Authorized Officer; provided, however, that such changes, insertions and omissions shall not result in an aggregate underwriter’s discount in excess of 0.60% of the aggregate principal amount of the Bonds (not including any original issue discount or premium).

6. The form of Preliminary Official Statement, on file with the Secretary of the Authority, with such changes, insertions and omissions therein as may be approved by an Authorized Officer, is hereby approved, and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. The Authorized Officers are each hereby authorized to certify on behalf of the Authority that the Preliminary Official Statement is deemed final as of its date, within the meaning of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended (except for the omission of certain final pricing, rating and related information as permitted by such Rule 15c2-12).

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7. The Authorized Officers are each hereby authorized and directed to furnish, or cause to be furnished, to prospective investors for the Bonds a reasonable number of copies of the Preliminary Official Statement.

8. The preparation, execution and delivery of an Official Statement, and its use in connection with the offering and sale of the Bonds, is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof. The Authorized Officers are each hereby authorized and directed, for and in the name of and on behalf of the Authority, to execute the final Official Statement and any amendment or supplement thereto for and in the name and on behalf of the Authority.

9. The Board of Directors hereby approves and appoints Stradling Yocca Carlson & Rauth LLP, as Bond and Disclosure Counsel, Fieldman, Rolapp & Associates, Inc., as Municipal Advisor, and U.S. Bank Trust Company, National Association as Trustee, each to provide such services to the Authority as may be required to issue the Bonds. The Authorized Officers are hereby authorized to enter into contracts or to sign such other documentation as is necessary or appropriate to evidence such engagements and retain such services in connection with the Bonds.

10. Each of the Authorized Officers is authorized to select a municipal bond insurer to insure payments of the principal of and interest on the Bonds and to provide a reserve account insurance policy, so long as such Authorized Officer determines that obtaining the municipal bond insurance policy and/or reserve account insurance policy provided thereby will result in a lower interest rate or yield to maturity with respect to the Bonds. Bond Counsel is hereby directed to make all changes to the First Supplemental Indenture, the First Amendment to Ground Lease, the First Amendment to Lease Agreement, the Bond Purchase Agreement, the Preliminary Official Statement and the final Official Statement as are necessary to reflect the selection of a municipal bond insurer and the reasonable comments thereof.

11. The officers and agents of the Authority are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution, including but not limited to, adding property to, substituting property for, or removing property from the Leased Assets, and taking any and all actions in order to clear any title exceptions to the Leased Assets. All actions heretofore taken by the officers and agents of the Authority with respect to the transactions set forth above are hereby approved, confirmed and ratified.

12. The Board of Directors hereby approves the execution and delivery of all agreements, documents, certificates and instruments referred to herein with electronic signatures as may be permitted under the California Uniform Electronic Transactions Act and digital signatures as may be permitted under Section 16.5 of the California Government Code using DocuSign.

13. In accordance with Government Code Section 5852.1, there has been presented to this Board of Directors in the Staff Report accompanying this Resolution certain good faith estimates provided to the Authority by its municipal advisor with respect to the Bonds. The Board of Directors hereby finds that the requirements of Section 5852.1 have been satisfied.

City Resolution No. 10514 and IPFA Resolution No. 2025-14, each authoriz... Page 953 of 1094

14. This resolution shall take effect immediately upon its passage.

PASSED, APPROVED AND ADOPTED this 20th of August, 2025, by the following vote:

AYES:

NOES:
_______________________________

GLENN MILLER, CHAIR
ATTEST:
________________________________

SABDI SANCHEZ

DIRECTOR OF CITY CLERK SERVICES

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Draft of 8/8/25
4922-8758-3236v3/200973-0005
RECORDING REQUESTED BY:

Indio Public Financing Authority
AND WHEN RECORDED RETURN TO:

Stradling Yocca Carlson & Rauth LLP
660 Newport Center Drive, Suite 1600
Newport Beach, California 92660
Attention: Brian Forbath, Esq.
[Space above for Recorder’s use.]
This First Amendment to Ground Lease is recorded for the benefit of the City of Indio and is exempt from California documentary transfer tax pursuant to Section 11928 of the California Revenue and Taxation Code and from recording fees pursuant to Sections 6103, 27383 and 27388.1 (a)(2)(D) and (d)(2) of the California Government Code. Lease term less than 35 years.

FIRST AMENDMENT TO GROUND LEASE
Dated as of September 1, 2025
amending and supplementing the

GROUND LEASE
dated as of August 1, 2022
by and between

CITY OF INDIO
and

INDIO PUBLIC FINANCING AUTHORITY
Relating to
$__________

INDIO PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2025A

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FIRST AMENDMENT TO GROUND LEASE
This First Amendment to Ground Lease (the “First Amendment to Ground Lease”) is dated as of September 1, 2025, and is entered into by and between the CITY OF INDIO (the “City”), a municipal corporation and general law city duly organized and existing under and by virtue of the Constitution and laws of the State of California (the “City”), and the INDIO PUBLIC FINANCING AUTHORITY (the “Authority”), a joint exercise of powers entity duly organized and existing under the laws of the State of California (the “Authority”), and supplements and amends the Ground Lease, dated as of August 1, 2022 (the “2022 Ground Lease”), recorded on August 4, 2022 in the Official Records of the County of Riverside as Instrument No. 2022-0345101.

WITNESSETH:

WHEREAS, the Authority and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), have entered into an Indenture, dated as of August 1, 2022, as supplemented and amended from time to time in accordance with its terms (the “Indenture”), providing for the issuance of bonds secured on a parity thereunder; and
WHEREAS, in order to provide for the payment of the bonds issued under the Indenture, the City and the Authority have entered into the 2022 Ground Lease, pursuant to which the City leased to the Authority certain real property owned by the City, together with the City-owned improvements located thereon, as described in Exhibit A thereto (collectively, the “Property”); and WHEREAS, pursuant to Sections 3.05 and 3.06 of the Indenture, the Authority may at any time issue Additional Bonds (as defined in the Indenture) pursuant to a Supplemental Indenture (as defined in the Indenture); and
WHEREAS, the City has determined it is in the public interest and will benefit the inhabitants of the City that the City finance the costs of the acquisition, design, construction, installation, improvement, replacement and equipping of certain capital improvement projects of the City (collectively, the “2025A Project”) described in Exhibit C to the First Amendment to Lease Agreement (as defined below); and
WHEREAS, to finance the 2025A Project, the City will enter into this First Amendment to Ground Lease with the Authority pursuant to which the City and the Authority will confirm that the lease to the Authority of the Property is also made in consideration of the issuance by the Authority of its Indio Public Financing Authority Lease Revenue Bonds, Series 2025A (the “Series 2025A Bonds”); and
WHEREAS, concurrently with the execution of this First Amendment to Ground Lease, the Authority and the City are entering into a First Amendment to Lease Agreement, dated as of September 1, 2025 (the “First Amendment to Lease Agreement”), which supplements and amends the Lease Agreement, dated as of August 1, 2022 (the “2022 Lease Agreement” and as supplemented and amended by the First Amendment to Lease Agreement, and it may be further amended from time to time, the “Lease Agreement”), pursuant to which the Authority will lease the Property to the City and the City is required to make Base Rental Payments sufficient to pay debt service on the bonds issued under the Indenture, including the Series 2025A Bonds; and

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WHEREAS, to provide funds to finance the 2025A Project, the City has requested the Authority to issue the Series 2025A Bonds, pursuant to the Indenture, as supplemented and amended by a First Supplemental Indenture, dated as of September 1, 2025, by and between the Authority and the Trustee; and
WHEREAS, the 2022 Ground Lease may be amended pursuant to Section 7.03 of the 2022 Ground Lease and Section 10.07 of the 2022 Lease Agreement; and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this First Amendment to Ground Lease do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this First Amendment to Ground Lease;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto agree as follows:

Section 1.Definitions. Except as otherwise defined herein, or unless the context clearly otherwise requires, words and phrases defined in the Lease Agreement shall have the same meaning in this First Amendment to Ground Lease.

Section 2.Amendment to Section 6.01 of the 2022 Ground Lease. Section 6.01 of the 2022 Ground Lease is hereby amended and restated in its entirety to read as follows:

Term. The term of this Ground Lease shall commence as of the date of issuance of the Series 2022A Bonds and shall remain in full force and effect from such date to and including the Termination Date, unless such term is extended or sooner terminated as hereinafter provided.

Section 3.Amendment to Section 6.02 of the 2022 Ground Lease. Section 6.02 of the 2022 Ground Lease is hereby amended and restated in its entirety to read as follows:

Extension; Early Termination. If, on the Termination Date, the Bonds shall not be fully paid, or provision therefor made in accordance with Article X of the Indenture, or the Indenture shall not be discharged by its terms, or if the Rental Payments payable under the Lease Agreement shall have been abated at any time, or amounts that are owed to the Insurer pursuant to the Terms of the Insurance Policy, the Reserve Surety Policy, the Series 2025A Insurance Policy, the Series 2025A Reserve Surety Policy, the Lease Agreement or the Indenture, then the term of this Ground Lease shall be automatically extended until the date upon which all Bonds shall be fully paid, or provision therefor made in accordance with Article X of the Indenture, and the Indenture shall be discharged by its terms, except that the term of this Ground Lease shall in no event be extended beyond the Maximum Lease Term.

If, prior to the Termination Date, all Bonds shall be fully paid, or provisions therefor made in accordance with Article X of the Indenture, and the Indenture shall be discharged by its terms, the term of this Ground Lease shall end simultaneously therewith. Subject to Section 9.04 of the Lease Agreement, no termination, assignment (other than to the Trustee in accordance with the Indenture and the Assignment Agreement), transfer, release, disposition or sublease of the Ground

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Lease, the Property or any portion thereof shall be permitted without the prior written consent of the Insurer.

Section 4.Effectiveness of First Amendment to Ground Lease. This First Amendment to Ground Lease shall be effective on the Delivery Date of the Series 2025A Bonds.

Section 5.Survival of 2022 Ground Lease. Except as otherwise amended hereby, the 2022 Ground Lease shall remain in full force and effect.

Section 6.Severability. In the event any provision of this First Amendment to Ground Lease shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof.

Section 7.Captions. The captions or headings in this First Amendment to Ground Lease are for convenience only and in no way define, limit or describe the scope or intent of any provisions or sections of this First Amendment to Ground Lease.

Section 8.Execution In Counterparts. This First Amendment to Ground Lease may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

Section 9.Applicable Law. This First Amendment to Ground Lease shall be governed by and construed in accordance with the laws of the State of California. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the Authority and the City have caused this First Amendment to Ground Lease to be executed by their respective officers hereunto duly authorized, all as of the day and year first above written.

CITY OF INDIO
By:

Bryan H. Montgomery
City Manager
ATTEST:

Sabdi Sanchez
Director of City Clerk Services

INDIO PUBLIC FINANCING AUTHORITY
By:

Bryan H. Montgomery
Executive Director
ATTEST:

Sabdi Sanchez
Director of City Clerk Services

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CERTIFICATE OF ACCEPTANCE
This is to certify that the interest in the Property conveyed under the First Amendment to Ground Lease to the Indio Public Financing Authority, a joint exercise of powers entity duly organized and existing under the laws of the State of California, is hereby accepted by the undersigned officer or agent on behalf of the Board of Directors of the Indio Public Financing Authority, pursuant to authority conferred by resolution of the said Board of Directors adopted on August 20, 2025, and the grantee consents to recordation thereof by its duly authorized officer.

Dated: September __, 2025

INDIO PUBLIC FINANCING AUTHORITY
By:

Bryan H. Montgomery
Executive Director

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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA )
) ss.

COUNTY OF RIVERSIDE )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal

SIGNATURE OF NOTARY PUBLIC

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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA )
) ss.

COUNTY OF RIVERSIDE )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal

SIGNATURE OF NOTARY PUBLIC

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EXHIBIT A

DESCRIPTION OF THE PROPERTY
Real property in the City of Indio, County of Riverside, State of California, described as follows:

PARCEL 1 (Senior Center):

THE WESTERLY 220 FEET OF THAT PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO

BASE AND MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 22; THENCE NORTH 0° 17' 00" EAST ON THE EASTERLY LINE OF SAID SOUTHEAST QUARTER 807.08 FEET TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 89° 27' 40" WEST 696.60 FEET; THENCE NORTH 0° 07' 41" EAST 274.66 FEET; THENCE SOUTH 89° 27' 40" WEST, 649.79 FEET TO A POINT IN THE WESTERLY LINE OF SAID EAST HALF; THENCE SOUTH 0° 01' 45" EAST ON SAID WESTERLY LINE TO THE NORTHWEST CORNER OF THE SOUTH

HALF OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION; THENCE EASTERLY ON THE NORTH LINE OF SAID SOUTH HALF OF THE

SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION TO THE EAST LINE THEREOF; THENCE NORTH 0° 17' 00" EAST ON SAID EAST LINE OF THE POINT OF BEGINNING.

EXCEPTING THEREFROM THOSE PORTIONS THEREOF CONVEYED TO THE CITY OF INDIO BY DEEDS RECORDED MARCH 8, 1965 AS INSTRUMENT NO. 26234 AND JANUARY 11, 1971 AS INSTRUMENT NO. 2418, BOTH OF OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 608-230-024
PARCEL 2 (Portion of North Jackson Park):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF SOUTHEAST QUARTER OF SECTION 14, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND

MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,

AS SHOWN BY UNITED STATES GOVERNMENT SURVEY, PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION; THENCE NORTH 1° 31' 50" EAST, ALONG THE EASTERLY LINE OF SAID SECTION, 1326.40 FEET; THENCE SOUTH 89° 43' WEST, ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP ON FILE IN BOOK 21, PAGES 68 AND 69 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, 503 FEET FOR THE POINT OF BEGINNING, SAID

POINT BEING THE SOUTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND

CONVEYED TO INDIO SCHOOL DISTRICT, OF RIVERSIDE COUNTY, BY DEED RECORDED DECEMBER 23, 1953 IN BOOK 1537, PAGE 477 OF OFFICIAL RECORDS;

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THENCE NORTH 1° 31' 50" WEST, ALONG THE EASTERLY LINE OF SAID PARCEL SO CONVEYED TO INDIO SCHOOL DISTRICT, OF RIVERSIDE COUNTY, 982.7 FEET TO THE

SOUTHERLY LINE OF THE COACHELLA VALLEY STORM WATER CHANNEL RIGHT OF

WAY, AS CONVEYED TO COACHELLA VALLEY STORM WATER DISTRICT OF RIVERSIDE COUNTY, BY DEED RECORDED MAY 7, 1921 IN BOOK 545, PAGE 399 OF DEEDS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA; THENCE NORTHWESTERLY

ALONG SAID SOUTHERLY LINE, ON A CURVE CONCAVE TO THE SOUTHWEST AND HAVING A RADIUS OF 4636.10 FEET, AN ARC DISTANCE OF 442.34 FEET; THENCE SOUTH 1° 31' 50" EAST, 1129.24 FEET TO THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP HEREINABOVE REFERRED TO; THENCE NORTH 89° 43' EAST, ALONG SAID NORTHERLY LINE, 414 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THAT PORTION CONVEYED TO INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY, BY GRANT DEED RECORDED JANUARY 25, 1955 IN BOOK 1684, PAGE 354 OF OFFICIAL RECORDS.

APN: A PORTION OF 610-230-001
PARCEL 3 (Portion of North Jackson Park):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER SECTION 14, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND

MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,

AS SHOWN BY UNITED STATES GOVERNMENT SURVEY, PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION; THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE OF SAID SECTION, 1,326.40 FEET FOR THE TRUE POINT OF BEGINNING; THENCE SOUTH 89° 43' WEST ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP ON FILE IN BOOK 21, PAGES 68 AND 69, OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, A DISTANCE OF 160 FEET; THENCE NORTH 1° 31' 50" WEST AND PARALLEL WITH THE EASTERLY LINE OF SAID SECTION 455.00 FEET; THENCE NORTH 68° 50' WEST, 377.46 FEET, MORE OR LESS, TO A

POINT ON THE EASTERLY LINE OF THAT CERTAIN PARCEL CONVEYED TO THE CITY OF INDIO, BY DEED RECORDED MARCH 4, 1954 IN BOOK 1561, PAGE 15 OF OFFICIAL

RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, SAID POINT OF BEGINNING PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE TRUE POINT OF BEGINNING HEREINABOVE DESCRIBED; THENCE SOUTH 89° 43' WEST ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, 503.00 FEET; THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE

OF SAID CERTAIN PARCEL OF LAND CONVEYED TO THE CITY OF INDIO, A DISTANCE OF 605.25 FEET TO SAID POINT;
THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE OF SAID CERTAIN PARCEL OF LAND CONVEYED TO THE CITY OF INDIO, 377.45 FEET, MORE OR LESS, TO

A POINT ON THE SOUTHWESTERLY LINE OF THE COACHELLA VALLEY STORM

WATER CHANNEL RIGHT OF WAY, AS CONVEYED TO COACHELLA VALLEY COUNTY WATER DISTRICT BY DEED RECORDED MAY 7, 1921 IN BOOK 545, PAGE 399 OF DEEDS,

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RECORDS OF RIVERSIDE COUNTY, CALIFORNIA; THENCE SOUTHEASTERLY ALONG A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 4636.10 FEET, AN ARC DISTANCE OF 563.71 FEET, MORE OR LESS, TO THE EASTERLY LINE OF SAID SECTION; THENCE SOUTH 1° 31' 50" EAST ALONG THE EASTERLY LINE OF SAID SECTION 739.64 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA, BY GRANT DEED RECORDED AUGUST 10, 1955 IN BOOK 1779 PAGE 59 OF OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA, BY GRANT DEED RECORDED JULY 31, 1969 AS INSTRUMENT NO. 77985 OF OFFICIAL RECORDS.

APN: 610-230-004 AND A PORTION OF 610-230-001
PARCEL 4 (Portion of South Jackson Park):

PARCEL 2 OF PARCEL MAP NO. 19183, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 114, PAGES 46, 47 AND 48 OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 612-020-010
PARCEL 5 (Portion of South Jackson Park):

THAT PORTION OF THE SOUTH HALF OF LOT 4 OF COACHELLA LAND & WATER CO’S SUBDIVISION OF SECTION 25, TOWNSHIP 5 SOUTH, RANGE 7 EAST, IN THE CITY OF

INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 4, PAGE 53 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 4 AS SHOWN BY RECORD OF SURVEY RECORDED IN BOOK 12, PAGE 62 OF RECORD OF SURVEYS, RIVERSIDE COUNTY RECORDS; THENCE NORTH 0° 38' EAST, ALONG THE WESTERLY LINE OF SAID LOT, 213.66 FEET; THENCE NORTH 89° 55' 15" EAST 411.00 FEET; THENCE NORTH 0° 38' EAST 110.00 FEET TO THE SOUTHERLY LINE OF THAT CERTAIN PARCEL CONVEYED TO THE INDIO SCHOOL DISTRICT BY DEED RECORDED OCTOBER 1, 1952 IN BOOK 1404, PAGE 411.00 OF OFFICIAL RECORDS; THENCE NORTH 89° 55' 15" EAST,

ALONG THE SOUTHERLY LINE OF SAID PARCEL SO CONVEYED TO THE INDIO SCHOOL DISTRICT, 281.54 FEET TO THE SOUTHEAST CORNER OF THAT CERTAIN

PARCEL CONVEYED TO THE INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY BY DEED RECORDED NOVEMBER 19, 1953 IN BOOK 1527, PAGE 551 OF OFFICIAL RECORDS; THENCE NORTH 0° 38' EAST, ALONG THE EASTERLY LINE OF SAID PARCEL

CONVEYED TO THE INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY BY DEED RECORDED NOVEMBER 19, 1953 IN BOOK 1527, PAGE 551 OF OFFICIAL RECORDS, 324.61 FEET, MORE OR LESS, TO THE NORTHERLY LINE OF THE SOUTH HALF OF SAID LOT 4 AS SHOWN BY SAID RECORD OF SURVEY; THENCE NORTH 89° 50' 30" EAST, ALONG THE NORTHERLY LINE OF THE SOUTH HALF OF SAID LOT, 590.35 FEET TO THE

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EASTERLY LINE OF SAID LOT 4; THENCE SOUTH 0° 01' EAST, ALONG THE EASTERLY LINE OF SAID LOT, 650.84 FEET TO THE SOUTHEAST CORNER THEREOF; THENCE WEST, ALONG THE SOUTHERLY LINE OF SAID LOT, 1290.19 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THE WESTERLY 15 FEET CONVEYED TO THE COUNTY OF RIVERSIDE, BY DEED RECORDED MAY 19, 1948 AS INSTRUMENT NO. 2672 IN BOOK 913, PAGE 126 OF OFFICIAL RECORDS.

APN: 612-020-003
PARCEL 6 (Portion of Indio Sports Park):

PARCEL 2 OF PARCEL MAP NO. 21216, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 139, PAGES 31 AND 32 OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 611-125-026
PARCEL 7 (Shadow Hills Fire Station):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF SECTION 9 AND THE NORTHWEST QUARTER OF SECTION 10, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF

CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF LOT 35 OF TRACT NO. 32390-1 AS FILED IN BOOK 388, PAGES 45 THROUGH 56 OF MAPS OF SAID COUNTY; THENCE NORTH 80° 20' 03" WEST ALONG THE NORTHERLY LINE OF LOT "B" OF SAID TRACT, A DISTANCE OF 162.41 FEET; THENCE CONTINUING ALONG SAID NORTHERLY LINE OF LOT "B" SOUTH 89° 46' 21" WEST, A DISTANCE OF 160.00 FEET TO THE WEST LINE OF SAID SECTION 10; THENCE SOUTH 89° 52' 45" WEST AND PARALLEL WITH THE NORTHERLY LINE OF SAID SECTION 9, DISTANCE OF 30.00 FEET; THENCE NORTH 00° 13' 28" WEST PARALLEL WITH AND 30.00 FEET WEST OF THE EAST LINE OF SAID SECTION 9, A DISTANCE OF 236.35 FEET; THENCE SOUTH 86° 45' 48" EAST, A DISTANCE OF 164.43

FEET TO THE BEGINNING OF A TANGENT

CURVE CONCAVE NORTHERLY, HAVING A RADIUS OF 1902.00 FEET; THENCE EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 03° 27' 51", AN ARC DISTANCE OF 114.99 FEET; THENCE NORTH 89° 46' 21" EAST, A DISTANCE OF 70.94 FEET TO THE NORTHWEST CORNER OF LOT "C" OF SAID TRACT; THENCE SOUTH 00° 13' 28" EAST, A DISTANCE OF 250.91 FEET TO THE TRUE POINT OF BEGINNING.

APN: 691-400-001

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PARCEL 8 (Police Department Building):

THAT CERTAIN PROPERTY BEING A PORTION OF PARCEL 1 OF PARCEL MAP NO. 37806, IN THE CITY OF INDIO, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 250 OF PARCEL MAPS, PAGES 33 THROUGH 35, INCLUSIVE, RIVERSIDE COUNTY RECORDS, DECEMBER 11, 2020, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 1, ALSO BEING A POINT ON THE EAST RIGHT-OF-WAY LINE OF JACKSON STREET, 43.00 FEET WIDE (HALF WIDTH);
THENCE SOUTH 00°35'30" WEST LAONG THE SAID EAST RIGHT-OF-WAY LINE, A DISTANCE OF 325.84 FEET; THENCE LEAVING SAID EAST RIGHT-OF-WAY LINE, SOUTH 89°24'30" EAST, A DISTANCE OF 256.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, SOUTH 00°35'30" WEST, A DISTANCE OF 7.50 FEET; THENCE SOUTH 89°24'30" EAST, A DISTANCE OF 74.50 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.50 FEET; THENCE NORTH 89°24'30" WEST, A DISTANCE OF 50.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.00 FEET TO ITS INTERSECTION WITH THE NORTH LINE OF SAID PARCEL 1; THENCE ALONG SAID NORTH LINE, SOUTH 89°56'44" WEST, A DISTANCE OF 280.52 FEET TO THE POINT OF BEGINNING.

APN: A PORTION OF 612-70-004
PARCEL 9 (Portion of Burr Street Park):

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO BASE AND MERIDIAN, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE

WESTERLY, ON THE NORTHERLY LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION, 295.1 FEET;

THENCE SOUTHERLY, PARALLEL WITH THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION, 295.1 FEET; THENCE EASTERLY, PARALLEL WITH THE

NORTHERLY LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF THE SAID SECTION, 295.1 FEET, TO THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE NORTHERLY, ON

THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION, TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THE EASTERLY RECTANGULAR 30 FEET, GRANTED TO THE COUNTY OF RIVERSIDE BY DEED FILED FOR RECORD NOVEMBER 9, 1954 AS INSTRUMENT NO. 54-58644.

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ALSO EXCEPTING THEREFROM THE WESTERLY 20 FEET OF THE EASTERLY 50 FEET OF THE NORTHERLY 185 FEET, GRANTED TO THE COUNTY OF RIVERSIDE BY DEED FILED FOR RECORD FEBRUARY 10, 1964 AS INSTRUMENT NO. 64-16992, OFFICIAL RECORDS.

APN: 606-070-015
PARCEL 10 (Portion of Burr Street Park):

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN;

THENCE EASTERLY ALONG THE NORTHERLY LINE OF SAID SOUTHEAST QUARTER, 364.9 FEET; THENCE SOUTHERLY, 295.1 FEET; THENCE EASTERLY, 265.1 FEE; THENCE SOUTHERLY, 184.9 FEET; THENCE WESTERLY, 150 FEET; THENCE SOUTHERLY, 30 FEET; THENCE WESTERLY, 180 FEET; THENCE SOUTHERLY, 150 FEET; THENCE WESTERLY, 140 FEET; THENCE NORTHERLY, 161.4 FEET; THENCE WESTERLY, 160 FEET; THENCE NORTHERLY, 498.6 FEET; TO THE POINT BEGINNING.

EXCEPTING THEREFROM THOSE PORTION CONVEYED TO MT. CALVARY HOLY CHURCH, A CALIFORNIA NON-PROFIT CORPORATION, DESCRIBED AS PARCEL 2 IN DEED RECORDED JULY 6, 1995 AS INSTRUMENT NO. 95-217719 OF OFFICIAL RECORDS

IN THE OFFICE OF THE RIVERSIDE COUNTY RECORDED, STATE OF CALIFORNIA AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE NORTH ON THE WEST LINE OF SAID SOUTHEAST QUARTER 231.28 FEET; THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID SOUTHEAST QUARTER 300.00 FEET;

THENCE SOUTH PARALLEL WITH THE WEST LINE OF SAID SOUTHEAST QUARTER 231.28 FEET; THENCE WEST ON THE SOUTH LINE OF SAID SOUTHEAST QUARTER 300.00 FEET TO THE POINT OF BEGINNING;
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE

NORTH ON THE WEST LINE OF SAID SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER , 161.40 FEET; THENCE EAST, PARALLEL TO THE SOUTH LINE OF THE NORTHWEST QUARTER 160 FEET; THENCE SOUTH

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PARALLEL WITH THE WEST LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER, 161.40 FEET TO THE SOUTH LINE OF THE NORTHWEST QUARTER; THENCE WEST ON SAID SOUTH LINE 160 FEET TO THE POINT

OF BEGINNING

EXCEPT THAT PORTION CONVEYED TO THE CITY OF INDIO BY DEED RECORDED FEBRUARY 21, 1992 AS INSTRUMENT NO. 92-58644, OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM THOSE PORTION CONVEYED TO COACHELLA VALLEY

WATER DISTRICT, A PUBLIC AGENCY OF THE STATE OF CALIFORNIA, IN DEED RECORDED AUGUST 31, 2005 AS INSTRUMENT NO. 05-721633 OF OFFICIAL RECORDS IN

THE OFFICE OF THE RIVERSIDE COUNTY RECORDED, STATE OF CALIFORNIA MORE PARTICULARLY DESCRIBED AS FOLLOWS:

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

ALL THAT PORTION OF THAT PROPERTY AS DESCRIBED IN INSTRUMENT NO. 04- 565280 AS RECORDED ON JULY 21, 2004, OFFICIAL RECORDS OF RIVERSIDE COUNTY, STATE OF CALIFORNIA;
LYING SOUTHERLY OF THE FOLLOWING DESCRIBED LINE;

BEGINNING AT THE MOST NORTHEAST CORNER OF THAT PROPERTY DESCRIBED AS PARCEL NO. 2, IN INSTRUMENT NO. 217719, AS RECORDED ON JULY 6, 1995, OFFICIAL RECORDS OF RIVERSIDE COUNTY; THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID NORTHWEST QUARTER A DISTANCE OF 330.00 FEET TO THE WEST LINE OF BURR STREET (60 FEET WIDE).

ALSO EXCEPTING THAT PORTION CONVEYED TO THE CITY OF INDIO BY DEED RECORDED FEBRUARY 21, 1992 AS INSTRUMENT NO. 92-58644 OF OFFICIAL RECORDS.

APN: 606-070-028
PARCEL 11 (Teen Center):

THAT PORTION OF THE SOUTHEAST QAURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF

CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QAURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER;
THENCE SOUTH 89 DEGREES 08' 00" WEST, 370.85 FEET ON THE SOUTH LINE OF SAID SECTION 22 TO THE SOUTHWEST CORNER OF THE LAND DESCRIBED IN DEED TO

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WILLIAM T. VAN CULIN RECORDED FEBRUARY 9, 1949 AS INSTRUMENT NO. 1003 OF OFFICAL RECORDS, AND THE TRUE POINT OF BEGINNING;
THENCE NORTH 00 DEGREES 12" 00" WEST, 510.50 FEET ON THE WEST LINE OF LAST SAID LAND AND THE LAND DESCRIBED IN DEED TO DALTON D. POLLARD, ET UX, RECORDED MARCH 17, 1949 AS INSTRUMENT NO. 2314 OF OFFICIAL RECORDS TO THE SOUTH LINE OF THE LAND DESCRIBED IN DEED TO FELIX A. ESPESO, ET UX, RECORDED OCTOBER 23, 1950 AS INSTRUMENT NO. 2759 OF OFFICIAL RECORDS;

THENCE WEST ON SAID SOUTH LINE AND ON THE SOUTH OF THE LAND DESCRIBED IN DEED TO LEONARD NEWCOMB, ET UX, RECORDED DECEMBER 10, 1948 AS INSTRUMENT NO. 1483 OF OFFICIAL RECORDS, TO THE WEST LINE OF SAID SOUTHEAST QURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE SOUTH ON SAID WEST LINE TO THE SOUTH LINE OF SAID SECTION 22; THENCE EAST ON SAID SOUTH LINE TO THE TRUE POINT OF BEGINNING;

EXCEPT THAT PORTION LYING SOUTH OF THE NORTH LINE OF THE LAND DESCRIBED IN QUITCLAIM DEED TO THE CITY OF INDIO RECORDED JUNE 27, 1974 AS INSTRUMENT NO. 80034 OF OFFICIAL RECORDS.

APN: 608-230-001
PARCEL 12 (Berger Building):

PARCEL 1 OF PARCEL MAP NO. 17410, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 92, PAGE(S) 52, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

APN: 611-075-019
PARCEL 13 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 10 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THE EAST 10 FEET THEREOF FOR ALLEY PURPOSES; TOGETHER WITH THAT PORTION OF AN ALLEY BEING A PORTION OF SAID LOT 10 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020

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PARCEL 14 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 11 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THE EAST 10 FEET THEREOF FOR ALLEY PURPOSES; TOGETHER WITH THAT PORTION OF AN ALLEY BEING A PORTION OF SAID LOT 11 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020
PARCEL 15 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 12 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;

TOGETHER WITH THAT PORTION OF THE NORTHERLY HALF OF BLISS AVENUE LYING ADJACENT TO SAID LOT 12 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020
PARCEL 16 (Portion of City Hall):

LOT 22 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA.

APN: 611-173-013
PARCEL 17 (Portion of City Hall):

LOTS 23 AND 24 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;

TOGETHER WITH THAT PORTION OF THE NORTHERLY HALF OF BLISS AVENUE LYING ADJACENT TO SAID LOT 24 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: 611-173-012

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PARCEL 18 (Portion of Indio Sports Park):

PARCEL “2” DESCRIBED IN EXHIBIT “A” AS SHOWN ON CERTIFICATE OF COMPLIANCE LOT LINE ADJUSTMENT NO. LLA 2017-11 EVIDENCED BY DOCUMENT RECORDED DECEMBER 29, 2017, AS INSTRUMENT NO. 2017-0549767 OF OFFICIAL

RECORDS, BEING MORE PARTICULARLY DESCRIBED IN THE DOCUMENT AS FOLLOWS:

PARCEL 1 OF PARCEL MAP NO. 21216, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, FILED IN BOOK 139, PAGES 31 AND 32 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID RIVERSIDE COUNTY; EXCEPTING THEREFROM THAT PORTION OF SAID PARCEL 1 OF PARCEL MAP NO. 21216, DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT ON THE GENERALLY WESTERLY LINE OF SAID PARCEL 1 OF PARCEL MAP NO. 21216, SAID POINT BEING AN ANGLE POINT IN SAID LINE LOCATED AT THE EASTERLY TERMINUS OF THAT CERTAIN COURSE SHOWN AS "NORTH 89° 40' 57" EAST 184.87 FEET” ON SAID PARCEL MAP NO. 21216; THENCE ALONG SAID GENERALLY WESTERLY LINE THROUGH THE FOLLOWING COURSES: SOUTH 89° 40' 57" WEST 184.87 FEET; THENCE NORTH 00° 01' 22" WEST 259.36 FEET; THENCE NORTH 89° 42' 22" EAST 164.44 FEET TO AN ANGLE POINT THEREIN; THENCE LEAVING SAID GENERALLY WESTERLY LINE SOUTH 04° 31' 46" EAST 259.99 FEET TO THE POINT OF BEGINNING;
ALSO EXCEPTING THEREFROM THAT PORTION OF SAID PARCEL 1, DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT ON THE GENERALLY NORTHERLY LINE OF SAID PARCEL 1,

SAID POINT BEING AN ANGLE POINT IN SAID LINE LOCATED AT THE WESTERLY

TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 89°’42’50" EAST, 335.43 FEET AS SHOWN ON SAID PARCEL MAP; THENCE ALONG SAID GENERALLY NORTHERLY LINE, NORTH 89°42'50" EAST, 335.43-FEET TO

THE NORTHERLY TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 0°03’09" EAST, 128.12 FEET, AS SHOWN ON SAID PARCEL MAP; THENCE ALONG LAST SAID COURSE, SOUTH 0°03’09" WEST, 21.30 FEET; THENCE PARALLEL WITH SAID GENERALLY NORTHERLY LINE, SOUTH 89°42'50" WEST, 335.16

FEET TO THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 0°41’13" WEST, 179.59 FEET, AS SHOWN ON SAID PARCEL MAP; THENCE ALONG LAST SAID COURSE, NORTH 0°41’13" WEST A DISTANCE OF 21.30 FEET TO THE POINT OF BEGINNING.

APN: 611-125-044
PARCEL 19 (Terra Lago Fire Station):

LOT “HH” OF TRACT NO. 31601-2, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 387, PAGES 29

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THROUGH 33 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 696-030-064 FKA 601-650-064
PARCEL 20 (Portion of City Hall and Library Project):

TRACT ONE:

LOTS 1, 2, 3, AND 4 IN BLOCK H OF INDIO TOWNSITE, HQ THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO;

TOGETHER WITH THE SOUTHERLY HALF OF BLISS AVENUE AND ALLEY WAYS PER RESOLUTION NO. 2622, RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 73-138062 OF OFFICIAL RECORDS.

TRACT TWO:

LOTS 13, 14, 15 AND 16 IN BLOCK H OF INDIO TOWNSITE, IN THE CITY OF INDIO,

COUNTY OF RIVERSHDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO;

TOGETHER WITH THE SOUTHERLY HALF OF BLISS AVENUE AND ALLEY WAYS PER RESOLUTION NO. 2622, RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 73-138062 OF OFFICIAL RECORDS.

APN: 611-212-041
PARCEL 21 (Public Safety Campus Project):

THAT CERTAIN PROPERTY BEING A PORTION OF PARCEL 1 OF PARCEL MAP NO. 37806, IN THE CITY OF INDIO, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 250 OF PARCEL MAPS, PAGES 33 THROUGH 35, INCLUSIVE, RIVERSIDE COUNTY RECORDS, DECEMBER 11, 2020;

EXCEPTING THEREFROM THAT PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 1, ALSO BEING A POINT ON THE EAST RIGHT-OF-WAY LINE OF JACKSON STREET, 43.00 FEET WIDE (HALF WIDTH);
THENCE SOUTH 00°35'30" WEST LAONG THE SAID EAST RIGHT-OF-WAY LINE, A DISTANCE OF 325.84 FEET; THENCE LEAVING SAID EAST RIGHT-OF-WAY LINE, SOUTH 89°24'30" EAST, A DISTANCE OF 256.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, SOUTH 00°35'30" WEST, A DISTANCE OF 7.50 FEET; THENCE SOUTH 89°24'30" EAST, A DISTANCE OF 74.50 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.50 FEET; THENCE NORTH 89°24'30" WEST, A DISTANCE OF 50.00

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FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.00 FEET TO ITS INTERSECTION WITH THE NORTH LINE OF SAID PARCEL 1; THENCE ALONG SAID NORTH LINE, SOUTH 89°56'44" WEST, A DISTANCE OF 280.52 FEET TO THE POINT OF BEGINNING.

APN: A PORTION OF 612-70-004

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Draft of 8/8/25
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_________________________________________________________________________________

FIRST AMENDMENT TO LEASE AGREEMENT
Dated as of September 1, 2025
amending and supplementing the

LEASE AGREEMENT
dated as of August 1, 2022
by and between

CITY OF INDIO
and

INDIO PUBLIC FINANCING AUTHORITY
Relating to
$__________

INDIO PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2025A
_________________________________________________________________________________

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TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS .............................................................................................................. 2 Section 1.01 Definitions......................................................................................................... 2 ARTICLE II AMENDMENTS AND EFFECTIVENESS ................................................................. 3 Section 2.01 Amendment to Capitalized Interest and Base Rental Payment Schedule in Exhibit B ...........................................................................................................3 Section 2.02 Amendment to Section 2.02 of the 2022 Lease Agreement.............................. 3 Section 2.03 Amendment to Section 3.06 of the 2022 Lease Agreement.............................. 3 Section 2.04 Amendment to Section 6.03 of the 2022 Lease Agreement.............................. 4 Section 2.05 Amendment to Section 8.11 of the 2022 Lease Agreement.............................. 5 Section 2.06 Effectiveness of First Amendment to Lease Agreement................................... 5 ARTICLE III USE OF PROCEEDS .................................................................................................... 5 Section 3.01 Use of Proceeds of the Series 2025A Bonds..................................................... 5 ARTICLE IV PREPAYMENT............................................................................................................. 5 Section 4.01 Prepayment........................................................................................................ 5 ARTICLE V MISCELLANEOUS...................................................................................................... 6 Section 5.01 Survival of 2022 Lease Agreement................................................................... 6 Section 5.02 Binding Effect ................................................................................................... 6 Section 5.03 Validity and Severability................................................................................... 6 Section 5.04 California Law .................................................................................................. 6 Section 5.05 Section Headings............................................................................................... 6 Section 5.06 Execution........................................................................................................... 6 Signatures .................................................................................................................................S-1 EXHIBIT A LEGAL DESCRIPTION........................................................................................A-1 EXHIBIT B CAPITALIZED INTEREST AND BASE RENTAL PAYMENT SCHEDULE ..B-1 EXHIBIT C DESCRIPTION OF 2025A PROJECT ..................................................................C-1

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FIRST AMENDMENT TO LEASE AGREEMENT
This First Amendment to Lease Agreement (the “First Amendment to Lease Agreement”), dated as of September 1, 2025, is by and between the INDIO PUBLIC FINANCING AUTHORITY (the “Authority”), a joint exercise of powers entity duly organized and existing under and by virtue of the laws of the State of California, as lessor, and the CITY OF INDIO (the “City”), a municipal corporation and general law city duly organized and existing under and by virtue of the Constitution and laws of the State of California, as lessee, and supplements and amends the Lease Agreement, dated as of August 1, 2022 (the “2022 Lease Agreement”), by and between the Authority and the City, as evidenced by that certain Memorandum of Lease Agreement recorded on August 4, 2022 in the Official Records of the County of Riverside as Instrument No. 2022-034502 (as supplemented and amended by this First Amendment to Lease Agreement, the “Lease Agreement”).

W I T N E S S E T H:

WHEREAS, the Authority and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), have entered into an Indenture, dated as of August 1, 2022 (the “2022 Indenture”), providing for the issuance of bonds secured on a parity thereunder; and WHEREAS, in order to provide for the payment of the bonds issued under the 2022 Indenture, the City and the Authority have entered into the Ground Lease, dated as of August 1, 2022 (the “2022 Ground Lease”), pursuant to which the City leased to the Authority certain real property belonging to the City described in Exhibit A to the 2022 Ground Lease (collectively, the “Property”), and the 2022 Lease Agreement, pursuant to which the Authority subleased the Property to the City; and
WHEREAS, pursuant to Sections 3.05 and 3.06 of the 2022 Indenture, the Authority may at any time issue Additional Bonds pursuant to a Supplemental Indenture (as defined in the 2022 Indenture); and
WHEREAS, pursuant to Section 10.07 of the 2022 Lease Agreement, the 2022 Lease Agreement may be amended to provide for the issuance of Additional Bonds (as defined in the 2022 Indenture) and to make such other changes or modifications as the Authority or the City may deem desirable or necessary, and which shall not materially adversely affect the interests of the Owners; and
WHEREAS, the City has determined in Resolution No. _____ that it is in the public interest and will benefit the citizens of the City to have the Authority issue its Indio Public Financing Authority Lease Revenue Bonds, Series 2025A in the aggregate principal amount of $__________ as Additional Bonds pursuant to the 2022 Indenture, as amended and supplemented by the First Supplemental Indenture dated as of September 1, 2025 (the “First Supplemental Indenture”), by and among the Authority, the City and the Trustee, to finance the costs of the acquisition, design, construction, installation, improvement, replacement and equipping of certain capital improvement projects of the City described in Exhibit C hereto (collectively, the “2025A Project”); and WHEREAS, to finance the 2025A Project, the City and the Authority will enter into a First Amendment to Ground Lease, dated as of even date herewith (the “First Amendment to Ground Lease”), which supplements and amends the 2022 Ground Lease, and into this First Amendment to

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Lease Agreement pursuant to which the City will agree to make Base Rental Payments sufficient to pay debt service on the Series 2022A Bonds and the Series 2025A Bonds; and WHEREAS, to provide funds to finance the 2025A Project, the Authority has issued the Series 2025A Bonds pursuant to the Indenture (as defined herein); and WHEREAS, in recognition of the issuance of the Series 2025A Bonds, the Base Rental Payments shall be increased as described herein from those set forth in the 2022 Lease Agreement; and
WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this First Amendment to Lease Agreement do exist, have happened and have been performed in a regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this First Amendment to Lease Agreement.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS
Section 1.01Definitions. Except as otherwise provided in Section 1.01 of this First Amendment to Lease Agreement, all terms used herein which are defined in the 2022 Lease Agreement shall have the meanings assigned to them therein. Unless the context otherwise requires, the terms defined in this Section shall for all purposes hereof and of any supplement and amendment of the Lease Agreement have the meanings herein specified. All other capitalized terms used herein without definition shall have the meanings as set forth in the Indenture. “Base Rental Payment Schedule” means the schedule of Base Rental Payments payable to the Authority from the City pursuant to Section 3.01 of the 2022 Lease Agreement and attached hereto as Exhibit B, as from time to time amended as permitted in the Lease Agreement. “Delivery Date” means, with respect to the Series 2025A Bonds, September __, 2025. “Ground Lease” means the Ground Lease, dated as of August 1, 2022, as amended by the First Amendment to Ground Lease, dated as of September 1, 2025, each by and between the City and the Authority, as originally executed and as it may from time to time be further amended in accordance with to the provisions thereof and of the Lease Agreement. “Indenture” means the Indenture, dated as of August 1, 2022, as originally executed, as supplemented by the First Supplemental Indenture, dated as of September 1, 2025, each by and among the Authority, the City and the Trustee, and as it may from time to time be further amended or supplemented in accordance with the provisions thereof. “Lease Agreement” means the Lease Agreement, dated as of August 1, 2022, as originally executed, as supplemented and amended by this First Amendment to Lease Agreement, dated as of September 1, 2025, each by and between the City and the Authority, and as it may from time to time be further amended in accordance with the provisions thereof.

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“Series 2025A Bonds” means the Indio Public Financing Authority Lease Revenue Bonds, Series 2025A issued under the Indenture.
“Termination Date” means November 1, 20__.

ARTICLE II

AMENDMENTS AND EFFECTIVENESS
Section 2.01Amendment to Capitalized Interest and Base Rental Payment Schedule in Exhibit B. The Base Rental Payment Schedule as shown in Exhibit B of the 2022 Lease Agreement, is hereby amended and supplemented by deleting Exhibit B in its entirety and substituting the attached Exhibit B therefor.

Section 2.02Amendment to Section 2.02 of the 2022 Lease Agreement. Section 2.02 of the 2022 Lease Agreement is hereby amended and restated in its entirety to read as follows:

Term; Occupancy. The term of this Lease Agreement shall commence on the Delivery Date and shall end on the Termination Date, unless such term is extended or sooner terminated as hereinafter provided. If on the Termination Date the Bonds shall not be fully paid, or provision therefor made in accordance with Article X of the Indenture, or the Indenture shall not be discharged by its terms, or if the Rental Payments shall remain due and payable or shall have been abated at any time and for any reason, or amounts are owed to the Insurer pursuant to the terms of the Insurance Policy, the Reserve Surety Policy, the Series 2025A Insurance Policy, the Series 2025A Reserve Surety Policy, this Lease Agreement or the Indenture, then the term of this Lease Agreement shall be extended until the date upon which (i) all Bonds shall be fully paid, or provision therefor made in accordance with Article X of the Indenture, or (ii) the Indenture shall be discharged by its terms and all Rental Payments shall have been paid in full. Notwithstanding the foregoing, the term of this Lease Agreement shall in no event be extended more than ten years beyond the Termination Date, such extended date being the “Maximum Lease Term.” If prior to the Termination Date, all Bonds shall be fully paid, or provision therefor made in accordance with Article X of the Indenture, the Indenture shall be discharged by its terms and all Rental Payments shall have been paid in full, the term of this Lease Agreement shall end simultaneously therewith. Subject to Section 9.04 hereof, no termination, assignment (other than to the Trustee in accordance with the Indenture and the Assignment Agreement), transfer or sublease of this Lease Agreement or the Ground Lease shall be permitted without the prior written consent of the Insurer.

Section 2.03Amendment to Section 3.06 of the 2022 Lease Agreement. Section 3.06 of the 2022 Lease Agreement is hereby amended and restated in its entirety to read as follows:

Rental Abatement.
(a) In the Event of Non-Delivery of the Projects. To the extent described below, the amount of Rental Payments due hereunder shall be abated during any period in which by reason of delay in the completion of the portions of the Projects being constructed on the Property there is substantial interference with the City’s use and occupancy of the Projects; provided, however, that the Rental Payments due for any Rental Period shall not exceed the annual fair rental value of that portion of the Property available for use and occupancy by the City during such Rental Period. The City and the Authority shall calculate such abatement and shall provide the Trustee with a certificate

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setting forth such calculation and the basis therefor. Such abatement shall continue until the substantial completion of the portions of the Projects being constructed on the Property, and the term of this Lease Agreement shall be extended as provided in Section 2.02 hereof, except that the term shall in no event be extended beyond the Maximum Lease Term. Notwithstanding the foregoing, the City shall remain obligated to make Rental Payments hereunder, as an obligation of the City payable from a special fund, (i) to the extent there are proceeds of any completion or performance bonds or moneys paid to the City by the contractors or any other person as liquidated damages as a result of any defect or delay in completion of the portion of the Projects being constructed on the Property, or (ii) to the extent that amounts in the Reserve Fund or the Capitalized Interest Fund are available to pay Lease Payments which would otherwise be abated under this Section 3.06(a). Any amounts received by the City as liquidated damages shall be deposited by the City immediately upon receipt in the Base Rental Payment Fund.
(b) In the Event of Damage, Destruction, Condemnation or Title Defect. Except as otherwise specifically provided in this Section, during any period in which, by reason of material damage to, or destruction or condemnation of, the Property, or any defect in title to the Property, there is substantial interference with the City’s right to use and occupy any portion of the Property, Rental Payments shall be abated proportionately, and the City waives the benefits of Civil Code Sections 1932(1), 1932(2) and 1933(4) and any and all other rights to terminate this Lease Agreement by virtue of any such interference, and this Lease Agreement shall continue in full force and effect. The amount of such abatement shall be agreed upon by the City and the Authority; provided, however, that the Rental Payments due for any Rental Period shall not exceed the annual fair rental value of that portion of the Property available for use and occupancy by the City during such Rental Period. The City and the Authority shall calculate such abatement and shall provide the Trustee with a certificate setting forth such calculation and the basis therefor. Such abatement shall continue for the period commencing with the date of interference resulting from such damage, destruction, condemnation or title defect and, with respect to damage to or destruction of the Property, ending when such use and occupancy are restored; and the term of this Lease Agreement shall be extended as provided in Section 2.02 hereof, except that the term shall in no event be extended beyond the Maximum Lease Term.

Notwithstanding the foregoing, to the extent that moneys are available for the payment of Rental Payments in any of the funds and accounts established under the Indenture, Rental Payments shall not be abated as provided above but, rather, shall be payable by the City as a special obligation payable solely from said funds and accounts.

Section 2.04Amendment to Section 6.03 of the 2022 Lease Agreement. Section 6.03 of the 2022 Lease Agreement is hereby amended and restated in its entirety to read as follows:

Control by Insurer Upon Default. Anything herein or in the Indenture to the contrary notwithstanding, so long as the Insurance Policy or the Series 2025A Insurance Policy is in full force and effect and the Insurer has not defaulted on its obligations thereunder, upon the occurrence and continuance of a default or an event of default: (a) the Insurer shall be entitled to control and direct the enforcement of all rights and remedies granted to the Owners of the Insured Series 2022A Bonds or the Insured Series 2025A Bonds or the Trustee for the benefit of the Owners of the Insured Series 2022A Bonds or the Insured Series 2025A Bonds hereunder and under the Ground Lease; (b) no default or event of default may be waived without the Insurer’s written consent; and (c) the Insurer shall be deemed to be the sole and exclusive owner of the Insured Series 2022A Bonds and the Insured 2025A Bonds for all purposes hereunder and under the Ground Lease, including, without

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limitations, all approvals, consents, waivers, institution of any action and the direction of all remedies.

Section 2.05Amendment to Section 8.11 of the 2022 Lease Agreement. Section 8.11 of the 2022 Lease Agreement is hereby amended and restated in its entirety to read as follows:

No Additional Obligations. Without the written consent of the Insurer, the City shall not issue or incur, directly or indirectly, any additional certificates, notes, bonds or other indebtedness in addition to the Insured Series 2022A Bonds or the Insured Series 2025A Bonds that are (i) payable from or secured by the Base Rental Payments payable under this Lease Agreement or (ii) secured by, or granted a lien on, the Property.

Section 2.06Effectiveness of First Amendment to Lease Agreement. This First Amendment to Lease Agreement shall be effective on the Delivery Date of the Series 2025A Bonds.

ARTICLE III

USE OF PROCEEDS
Section 3.01Use of Proceeds of the Series 2025A Bonds. The parties hereto agree that the proceeds of the Series 2025A Bonds will be used to pay the costs of the 2025A Project and to pay for costs of issuance of the Series 2025A Bonds.

ARTICLE IV

PREPAYMENT
Section 4.01Prepayment.
(a) The City may prepay all or a portion of the Base Rental Payments attributable to the Series 2025A Bonds which are payable on or after November 1, 20__, from any source of available funds, on any date on or after November 1, 20__, by paying (i) all or a portion, as selected by the City, of the principal components of such Base Rental Payments, and (ii) the accrued but unpaid interest component of such Base Rental Payments to be prepaid to the date of such prepayment.
(b) The City may prepay, from any source of available funds, all or any portion of the Base Rental Payments attributable to the Series 2025A Bonds by depositing with the Trustee moneys or securities as provided, and subject to the terms and conditions set forth, in Article X of the Indenture sufficient to make such Base Rental Payments when due or to make such Base Rental Payments through a specified date on which the City has a right to prepay such Base Rental Payments pursuant to subsection (a) of this Section, and to prepay such Base Rental Payments on such prepayment date, at a prepayment price determined in accordance with subsection (a) of this Section.
(c) If less than all of the Base Rental Payments attributable to the Series 2025A Bonds are prepaid pursuant to this Section then, as of the date of such prepayment pursuant to subsection (a) of this Section, or the date of a deposit pursuant to subsection (b) of this Section, the principal and interest components of such Base Rental Payments shall be recalculated in order to take

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such prepayment into account. The City agrees that if, following a partial prepayment of such Base Rental Payments, the Property is damaged or destroyed or taken by eminent domain, or a defect in title to the Property is discovered, the City shall not be entitled to, and by such prepayment waives the right of, abatement of such prepaid Base Rental Payments and the City shall not be entitled to any reimbursement of such Base Rental Payments.
(d) Prepayments of Base Rental Payments attributable to the Series 2025A Bonds made pursuant to this Section shall be applied to the redemption of Series 2025A Bonds as directed by the City and as provided in Section 15.01 of the Indenture. (e) Before making any prepayment pursuant to this Article, the City shall give written notice to the Authority and the Trustee specifying the date on which the prepayment will be made, which date shall be not less than 45 nor more than 60 days from the date such notice is given to the Authority.

ARTICLE V

MISCELLANEOUS
Section 5.01Survival of 2022 Lease Agreement. Except as otherwise amended hereby, the 2022 Lease Agreement shall remain in full force and effect.

Section 5.02Binding Effect. This First Amendment to Lease Agreement shall inure to the benefit of and shall be binding upon the Authority and the City and their respective successors and assigns.

Section 5.03Validity and Severability. If for any reason this First Amendment to Lease Agreement shall be held by a court of competent jurisdiction to be void, voidable or unenforceable by the Authority or by the City, or if for any reason it is held by such a court that any of the covenants and conditions of the City hereunder, including the covenant to pay Rental Payments, is unenforceable for the full term hereof; then and in such event the Lease Agreement is and shall be deemed to be a Lease Agreement under which the Rental Payments are to be paid by the City annually in consideration of the right of the City to possess, occupy and use the Property, and all of the terms, provisions and conditions of the Lease Agreement, except to the extent that such terms, provisions and conditions are contrary to or inconsistent with such holding, shall remain in full force and effect.

Section 5.04California Law. This First Amendment to Lease Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of California.

Section 5.05Section Headings. All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this First Amendment to Lease Agreement.

Section 5.06Execution. This First Amendment to Lease Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all together shall constitute but one and the same First Amendment to Lease Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

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IN WITNESS WHEREOF, the Authority and the City have caused this First Amendment to Lease Agreement to be executed by their respective officers thereunto duly authorized, all as of the day and year first above written.

CITY OF INDIO
By:

Bryan H. Montgomery
City Manager
ATTEST:

Sabdi Sanchez
Director of City Clerk Services

INDIO PUBLIC FINANCING AUTHORITY
By:

Bryan H. Montgomery
Executive Director
ATTEST:

Sabdi Sanchez
Director of City Clerk Services

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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA )
) ss.

COUNTY OF RIVERSIDE )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal

SIGNATURE OF NOTARY PUBLIC

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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA )
) ss.

COUNTY OF RIVERSIDE )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal

SIGNATURE OF NOTARY PUBLIC

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EXHIBIT A

DESCRIPTION OF THE PROPERTY
Real property in the City of Indio, County of Riverside, State of California, described as follows:

PARCEL 1 (Senior Center):

THE WESTERLY 220 FEET OF THAT PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO

BASE AND MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 22; THENCE NORTH 0° 17' 00" EAST ON THE EASTERLY LINE OF SAID SOUTHEAST QUARTER 807.08 FEET TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 89° 27' 40" WEST 696.60 FEET; THENCE NORTH 0° 07' 41" EAST 274.66 FEET; THENCE SOUTH 89° 27' 40" WEST, 649.79 FEET TO A POINT IN THE WESTERLY LINE OF SAID EAST HALF; THENCE SOUTH 0° 01' 45" EAST ON SAID WESTERLY LINE TO THE NORTHWEST CORNER OF THE SOUTH

HALF OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION; THENCE EASTERLY ON THE NORTH LINE OF SAID SOUTH HALF OF THE

SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION TO THE EAST LINE THEREOF; THENCE NORTH 0° 17' 00" EAST ON SAID EAST LINE OF THE POINT OF BEGINNING.

EXCEPTING THEREFROM THOSE PORTIONS THEREOF CONVEYED TO THE CITY OF INDIO BY DEEDS RECORDED MARCH 8, 1965 AS INSTRUMENT NO. 26234 AND JANUARY 11, 1971 AS INSTRUMENT NO. 2418, BOTH OF OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 608-230-024
PARCEL 2 (Portion of North Jackson Park):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF SOUTHEAST QUARTER OF SECTION 14, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND

MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,

AS SHOWN BY UNITED STATES GOVERNMENT SURVEY, PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION; THENCE NORTH 1° 31' 50" EAST, ALONG THE EASTERLY LINE OF SAID SECTION, 1326.40 FEET; THENCE SOUTH 89° 43' WEST, ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP ON FILE IN BOOK 21, PAGES 68 AND 69 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, 503 FEET FOR THE POINT OF BEGINNING, SAID

POINT BEING THE SOUTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND

CONVEYED TO INDIO SCHOOL DISTRICT, OF RIVERSIDE COUNTY, BY DEED RECORDED DECEMBER 23, 1953 IN BOOK 1537, PAGE 477 OF OFFICIAL RECORDS;

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THENCE NORTH 1° 31' 50" WEST, ALONG THE EASTERLY LINE OF SAID PARCEL SO CONVEYED TO INDIO SCHOOL DISTRICT, OF RIVERSIDE COUNTY, 982.7 FEET TO THE

SOUTHERLY LINE OF THE COACHELLA VALLEY STORM WATER CHANNEL RIGHT OF

WAY, AS CONVEYED TO COACHELLA VALLEY STORM WATER DISTRICT OF RIVERSIDE COUNTY, BY DEED RECORDED MAY 7, 1921 IN BOOK 545, PAGE 399 OF DEEDS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA; THENCE NORTHWESTERLY

ALONG SAID SOUTHERLY LINE, ON A CURVE CONCAVE TO THE SOUTHWEST AND HAVING A RADIUS OF 4636.10 FEET, AN ARC DISTANCE OF 442.34 FEET; THENCE SOUTH 1° 31' 50" EAST, 1129.24 FEET TO THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP HEREINABOVE REFERRED TO; THENCE NORTH 89° 43' EAST, ALONG SAID NORTHERLY LINE, 414 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THAT PORTION CONVEYED TO INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY, BY GRANT DEED RECORDED JANUARY 25, 1955 IN BOOK 1684, PAGE 354 OF OFFICIAL RECORDS.

APN: A PORTION OF 610-230-001
PARCEL 3 (Portion of North Jackson Park):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER SECTION 14, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND

MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,

AS SHOWN BY UNITED STATES GOVERNMENT SURVEY, PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION; THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE OF SAID SECTION, 1,326.40 FEET FOR THE TRUE POINT OF BEGINNING; THENCE SOUTH 89° 43' WEST ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, AS SHOWN BY MAP ON FILE IN BOOK 21, PAGES 68 AND 69, OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, A DISTANCE OF 160 FEET; THENCE NORTH 1° 31' 50" WEST AND PARALLEL WITH THE EASTERLY LINE OF SAID SECTION 455.00 FEET; THENCE NORTH 68° 50' WEST, 377.46 FEET, MORE OR LESS, TO A

POINT ON THE EASTERLY LINE OF THAT CERTAIN PARCEL CONVEYED TO THE CITY OF INDIO, BY DEED RECORDED MARCH 4, 1954 IN BOOK 1561, PAGE 15 OF OFFICIAL

RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, SAID POINT OF BEGINNING PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE TRUE POINT OF BEGINNING HEREINABOVE DESCRIBED; THENCE SOUTH 89° 43' WEST ALONG THE NORTHERLY LINE OF NORTH INDIO RANCHOS, 503.00 FEET; THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE

OF SAID CERTAIN PARCEL OF LAND CONVEYED TO THE CITY OF INDIO, A DISTANCE OF 605.25 FEET TO SAID POINT;
THENCE NORTH 1° 31' 50" WEST ALONG THE EASTERLY LINE OF SAID CERTAIN PARCEL OF LAND CONVEYED TO THE CITY OF INDIO, 377.45 FEET, MORE OR LESS, TO

A POINT ON THE SOUTHWESTERLY LINE OF THE COACHELLA VALLEY STORM

WATER CHANNEL RIGHT OF WAY, AS CONVEYED TO COACHELLA VALLEY COUNTY WATER DISTRICT BY DEED RECORDED MAY 7, 1921 IN BOOK 545, PAGE 399 OF DEEDS,

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RECORDS OF RIVERSIDE COUNTY, CALIFORNIA; THENCE SOUTHEASTERLY ALONG A CURVE CONCAVE TO THE SOUTHWEST WITH A RADIUS OF 4636.10 FEET, AN ARC DISTANCE OF 563.71 FEET, MORE OR LESS, TO THE EASTERLY LINE OF SAID SECTION; THENCE SOUTH 1° 31' 50" EAST ALONG THE EASTERLY LINE OF SAID SECTION 739.64 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA, BY GRANT DEED RECORDED AUGUST 10, 1955 IN BOOK 1779 PAGE 59 OF OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE STATE OF CALIFORNIA, BY GRANT DEED RECORDED JULY 31, 1969 AS INSTRUMENT NO. 77985 OF OFFICIAL RECORDS.

APN: 610-230-004 AND A PORTION OF 610-230-001
PARCEL 4 (Portion of South Jackson Park):

PARCEL 2 OF PARCEL MAP NO. 19183, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 114, PAGES 46, 47 AND 48 OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 612-020-010
PARCEL 5 (Portion of South Jackson Park):

THAT PORTION OF THE SOUTH HALF OF LOT 4 OF COACHELLA LAND & WATER CO’S SUBDIVISION OF SECTION 25, TOWNSHIP 5 SOUTH, RANGE 7 EAST, IN THE CITY OF

INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 4, PAGE 53 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 4 AS SHOWN BY RECORD OF SURVEY RECORDED IN BOOK 12, PAGE 62 OF RECORD OF SURVEYS, RIVERSIDE COUNTY RECORDS; THENCE NORTH 0° 38' EAST, ALONG THE WESTERLY LINE OF SAID LOT, 213.66 FEET; THENCE NORTH 89° 55' 15" EAST 411.00 FEET; THENCE NORTH 0° 38' EAST 110.00 FEET TO THE SOUTHERLY LINE OF THAT CERTAIN PARCEL CONVEYED TO THE INDIO SCHOOL DISTRICT BY DEED RECORDED OCTOBER 1, 1952 IN BOOK 1404, PAGE 411.00 OF OFFICIAL RECORDS; THENCE NORTH 89° 55' 15" EAST,

ALONG THE SOUTHERLY LINE OF SAID PARCEL SO CONVEYED TO THE INDIO SCHOOL DISTRICT, 281.54 FEET TO THE SOUTHEAST CORNER OF THAT CERTAIN

PARCEL CONVEYED TO THE INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY BY DEED RECORDED NOVEMBER 19, 1953 IN BOOK 1527, PAGE 551 OF OFFICIAL RECORDS; THENCE NORTH 0° 38' EAST, ALONG THE EASTERLY LINE OF SAID PARCEL

CONVEYED TO THE INDIO SCHOOL DISTRICT OF RIVERSIDE COUNTY BY DEED RECORDED NOVEMBER 19, 1953 IN BOOK 1527, PAGE 551 OF OFFICIAL RECORDS, 324.61 FEET, MORE OR LESS, TO THE NORTHERLY LINE OF THE SOUTH HALF OF SAID LOT 4 AS SHOWN BY SAID RECORD OF SURVEY; THENCE NORTH 89° 50' 30" EAST, ALONG THE NORTHERLY LINE OF THE SOUTH HALF OF SAID LOT, 590.35 FEET TO THE

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EASTERLY LINE OF SAID LOT 4; THENCE SOUTH 0° 01' EAST, ALONG THE EASTERLY LINE OF SAID LOT, 650.84 FEET TO THE SOUTHEAST CORNER THEREOF; THENCE WEST, ALONG THE SOUTHERLY LINE OF SAID LOT, 1290.19 FEET TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THE WESTERLY 15 FEET CONVEYED TO THE COUNTY OF RIVERSIDE, BY DEED RECORDED MAY 19, 1948 AS INSTRUMENT NO. 2672 IN BOOK 913, PAGE 126 OF OFFICIAL RECORDS.

APN: 612-020-003
PARCEL 6 (Portion of Indio Sports Park):

PARCEL 2 OF PARCEL MAP NO. 21216, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 139, PAGES 31 AND 32 OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 611-125-026
PARCEL 7 (Shadow Hills Fire Station):

ALL THAT PORTION OF THE NORTHEAST QUARTER OF SECTION 9 AND THE NORTHWEST QUARTER OF SECTION 10, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF

CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF LOT 35 OF TRACT NO. 32390-1 AS FILED IN BOOK 388, PAGES 45 THROUGH 56 OF MAPS OF SAID COUNTY; THENCE NORTH 80° 20' 03" WEST ALONG THE NORTHERLY LINE OF LOT "B" OF SAID TRACT, A DISTANCE OF 162.41 FEET; THENCE CONTINUING ALONG SAID NORTHERLY LINE OF LOT "B" SOUTH 89° 46' 21" WEST, A DISTANCE OF 160.00 FEET TO THE WEST LINE OF SAID SECTION 10; THENCE SOUTH 89° 52' 45" WEST AND PARALLEL WITH THE NORTHERLY LINE OF SAID SECTION 9, DISTANCE OF 30.00 FEET; THENCE NORTH 00° 13' 28" WEST PARALLEL WITH AND 30.00 FEET WEST OF THE EAST LINE OF SAID SECTION 9, A DISTANCE OF 236.35 FEET; THENCE SOUTH 86° 45' 48" EAST, A DISTANCE OF 164.43

FEET TO THE BEGINNING OF A TANGENT

CURVE CONCAVE NORTHERLY, HAVING A RADIUS OF 1902.00 FEET; THENCE EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 03° 27' 51", AN ARC DISTANCE OF 114.99 FEET; THENCE NORTH 89° 46' 21" EAST, A DISTANCE OF 70.94 FEET TO THE NORTHWEST CORNER OF LOT "C" OF SAID TRACT; THENCE SOUTH 00° 13' 28" EAST, A DISTANCE OF 250.91 FEET TO THE TRUE POINT OF BEGINNING.

APN: 691-400-001

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PARCEL 8 (Police Department Building):

THAT CERTAIN PROPERTY BEING A PORTION OF PARCEL 1 OF PARCEL MAP NO. 37806, IN THE CITY OF INDIO, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 250 OF PARCEL MAPS, PAGES 33 THROUGH 35, INCLUSIVE, RIVERSIDE COUNTY RECORDS, DECEMBER 11, 2020, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 1, ALSO BEING A POINT ON THE EAST RIGHT-OF-WAY LINE OF JACKSON STREET, 43.00 FEET WIDE (HALF WIDTH);
THENCE SOUTH 00°35'30" WEST LAONG THE SAID EAST RIGHT-OF-WAY LINE, A DISTANCE OF 325.84 FEET; THENCE LEAVING SAID EAST RIGHT-OF-WAY LINE, SOUTH 89°24'30" EAST, A DISTANCE OF 256.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, SOUTH 00°35'30" WEST, A DISTANCE OF 7.50 FEET; THENCE SOUTH 89°24'30" EAST, A DISTANCE OF 74.50 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.50 FEET; THENCE NORTH 89°24'30" WEST, A DISTANCE OF 50.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.00 FEET TO ITS INTERSECTION WITH THE NORTH LINE OF SAID PARCEL 1; THENCE ALONG SAID NORTH LINE, SOUTH 89°56'44" WEST, A DISTANCE OF 280.52 FEET TO THE POINT OF BEGINNING.

APN: A PORTION OF 612-70-004
PARCEL 9 (Portion of Burr Street Park):

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO BASE AND MERIDIAN, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE

WESTERLY, ON THE NORTHERLY LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION, 295.1 FEET;

THENCE SOUTHERLY, PARALLEL WITH THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION, 295.1 FEET; THENCE EASTERLY, PARALLEL WITH THE

NORTHERLY LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF THE SAID SECTION, 295.1 FEET, TO THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE NORTHERLY, ON

THE EASTERLY LINE OF THE NORTHWEST QUARTER OF SAID SECTION, TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM THE EASTERLY RECTANGULAR 30 FEET, GRANTED TO THE COUNTY OF RIVERSIDE BY DEED FILED FOR RECORD NOVEMBER 9, 1954 AS INSTRUMENT NO. 54-58644.

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ALSO EXCEPTING THEREFROM THE WESTERLY 20 FEET OF THE EASTERLY 50 FEET OF THE NORTHERLY 185 FEET, GRANTED TO THE COUNTY OF RIVERSIDE BY DEED FILED FOR RECORD FEBRUARY 10, 1964 AS INSTRUMENT NO. 64-16992, OFFICIAL RECORDS.

APN: 606-070-015
PARCEL 10 (Portion of Burr Street Park):

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN;

THENCE EASTERLY ALONG THE NORTHERLY LINE OF SAID SOUTHEAST QUARTER, 364.9 FEET; THENCE SOUTHERLY, 295.1 FEET; THENCE EASTERLY, 265.1 FEE; THENCE SOUTHERLY, 184.9 FEET; THENCE WESTERLY, 150 FEET; THENCE SOUTHERLY, 30 FEET; THENCE WESTERLY, 180 FEET; THENCE SOUTHERLY, 150 FEET; THENCE WESTERLY, 140 FEET; THENCE NORTHERLY, 161.4 FEET; THENCE WESTERLY, 160 FEET; THENCE NORTHERLY, 498.6 FEET; TO THE POINT BEGINNING.

EXCEPTING THEREFROM THOSE PORTION CONVEYED TO MT. CALVARY HOLY CHURCH, A CALIFORNIA NON-PROFIT CORPORATION, DESCRIBED AS PARCEL 2 IN DEED RECORDED JULY 6, 1995 AS INSTRUMENT NO. 95-217719 OF OFFICIAL RECORDS

IN THE OFFICE OF THE RIVERSIDE COUNTY RECORDED, STATE OF CALIFORNIA AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE NORTH ON THE WEST LINE OF SAID SOUTHEAST QUARTER 231.28 FEET; THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID SOUTHEAST QUARTER 300.00 FEET;

THENCE SOUTH PARALLEL WITH THE WEST LINE OF SAID SOUTHEAST QUARTER 231.28 FEET; THENCE WEST ON THE SOUTH LINE OF SAID SOUTHEAST QUARTER 300.00 FEET TO THE POINT OF BEGINNING;
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION; THENCE

NORTH ON THE WEST LINE OF SAID SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER , 161.40 FEET; THENCE EAST, PARALLEL TO THE SOUTH LINE OF THE NORTHWEST QUARTER 160 FEET; THENCE SOUTH

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PARALLEL WITH THE WEST LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER, 161.40 FEET TO THE SOUTH LINE OF THE NORTHWEST QUARTER; THENCE WEST ON SAID SOUTH LINE 160 FEET TO THE POINT

OF BEGINNING

EXCEPT THAT PORTION CONVEYED TO THE CITY OF INDIO BY DEED RECORDED FEBRUARY 21, 1992 AS INSTRUMENT NO. 92-58644, OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM THOSE PORTION CONVEYED TO COACHELLA VALLEY

WATER DISTRICT, A PUBLIC AGENCY OF THE STATE OF CALIFORNIA, IN DEED RECORDED AUGUST 31, 2005 AS INSTRUMENT NO. 05-721633 OF OFFICIAL RECORDS IN

THE OFFICE OF THE RIVERSIDE COUNTY RECORDED, STATE OF CALIFORNIA MORE PARTICULARLY DESCRIBED AS FOLLOWS:

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN BERNARDINO BASE AND MERIDIAN, DESCRIBED AS FOLLOWS:

ALL THAT PORTION OF THAT PROPERTY AS DESCRIBED IN INSTRUMENT NO. 04- 565280 AS RECORDED ON JULY 21, 2004, OFFICIAL RECORDS OF RIVERSIDE COUNTY, STATE OF CALIFORNIA;
LYING SOUTHERLY OF THE FOLLOWING DESCRIBED LINE;

BEGINNING AT THE MOST NORTHEAST CORNER OF THAT PROPERTY DESCRIBED AS PARCEL NO. 2, IN INSTRUMENT NO. 217719, AS RECORDED ON JULY 6, 1995, OFFICIAL RECORDS OF RIVERSIDE COUNTY; THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID NORTHWEST QUARTER A DISTANCE OF 330.00 FEET TO THE WEST LINE OF BURR STREET (60 FEET WIDE).

ALSO EXCEPTING THAT PORTION CONVEYED TO THE CITY OF INDIO BY DEED RECORDED FEBRUARY 21, 1992 AS INSTRUMENT NO. 92-58644 OF OFFICIAL RECORDS.

APN: 606-070-028
PARCEL 11 (Teen Center):

THAT PORTION OF THE SOUTHEAST QAURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 7 EAST, SAN

BERNARDINO MERIDIAN, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF

CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF, DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QAURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER;
THENCE SOUTH 89 DEGREES 08' 00" WEST, 370.85 FEET ON THE SOUTH LINE OF SAID SECTION 22 TO THE SOUTHWEST CORNER OF THE LAND DESCRIBED IN DEED TO

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WILLIAM T. VAN CULIN RECORDED FEBRUARY 9, 1949 AS INSTRUMENT NO. 1003 OF OFFICAL RECORDS, AND THE TRUE POINT OF BEGINNING;
THENCE NORTH 00 DEGREES 12" 00" WEST, 510.50 FEET ON THE WEST LINE OF LAST SAID LAND AND THE LAND DESCRIBED IN DEED TO DALTON D. POLLARD, ET UX, RECORDED MARCH 17, 1949 AS INSTRUMENT NO. 2314 OF OFFICIAL RECORDS TO THE SOUTH LINE OF THE LAND DESCRIBED IN DEED TO FELIX A. ESPESO, ET UX, RECORDED OCTOBER 23, 1950 AS INSTRUMENT NO. 2759 OF OFFICIAL RECORDS;

THENCE WEST ON SAID SOUTH LINE AND ON THE SOUTH OF THE LAND DESCRIBED IN DEED TO LEONARD NEWCOMB, ET UX, RECORDED DECEMBER 10, 1948 AS INSTRUMENT NO. 1483 OF OFFICIAL RECORDS, TO THE WEST LINE OF SAID SOUTHEAST QURTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE SOUTH ON SAID WEST LINE TO THE SOUTH LINE OF SAID SECTION 22; THENCE EAST ON SAID SOUTH LINE TO THE TRUE POINT OF BEGINNING;

EXCEPT THAT PORTION LYING SOUTH OF THE NORTH LINE OF THE LAND DESCRIBED IN QUITCLAIM DEED TO THE CITY OF INDIO RECORDED JUNE 27, 1974 AS INSTRUMENT NO. 80034 OF OFFICIAL RECORDS.

APN: 608-230-001
PARCEL 12 (Berger Building):

PARCEL 1 OF PARCEL MAP NO. 17410, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 92, PAGE(S) 52, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

APN: 611-075-019
PARCEL 13 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 10 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THE EAST 10 FEET THEREOF FOR ALLEY PURPOSES; TOGETHER WITH THAT PORTION OF AN ALLEY BEING A PORTION OF SAID LOT 10 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020

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PARCEL 14 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 11 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THE EAST 10 FEET THEREOF FOR ALLEY PURPOSES; TOGETHER WITH THAT PORTION OF AN ALLEY BEING A PORTION OF SAID LOT 11 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020
PARCEL 15 (Portion of City Hall and Portion of City Hall and Library Project):

LOT 12 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;

TOGETHER WITH THAT PORTION OF THE NORTHERLY HALF OF BLISS AVENUE LYING ADJACENT TO SAID LOT 12 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: A PORTION OF 611-173-020
PARCEL 16 (Portion of City Hall):

LOT 22 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA.

APN: 611-173-013
PARCEL 17 (Portion of City Hall):

LOTS 23 AND 24 IN BLOCK G OF INDIO, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO COUNTY, CALIFORNIA;

TOGETHER WITH THAT PORTION OF THE NORTHERLY HALF OF BLISS AVENUE LYING ADJACENT TO SAID LOT 24 AS VACATED BY RESOLUTION NO. 2622 AND AS FURTHER DESCRIBED IN DOCUMENT RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 138062 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY.

APN: 611-173-012

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PARCEL 18 (Portion of Indio Sports Park):

PARCEL “2” DESCRIBED IN EXHIBIT “A” AS SHOWN ON CERTIFICATE OF COMPLIANCE LOT LINE ADJUSTMENT NO. LLA 2017-11 EVIDENCED BY DOCUMENT RECORDED DECEMBER 29, 2017, AS INSTRUMENT NO. 2017-0549767 OF OFFICIAL

RECORDS, BEING MORE PARTICULARLY DESCRIBED IN THE DOCUMENT AS FOLLOWS:

PARCEL 1 OF PARCEL MAP NO. 21216, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, FILED IN BOOK 139, PAGES 31 AND 32 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID RIVERSIDE COUNTY; EXCEPTING THEREFROM THAT PORTION OF SAID PARCEL 1 OF PARCEL MAP NO. 21216, DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT ON THE GENERALLY WESTERLY LINE OF SAID PARCEL 1 OF PARCEL MAP NO. 21216, SAID POINT BEING AN ANGLE POINT IN SAID LINE LOCATED AT THE EASTERLY TERMINUS OF THAT CERTAIN COURSE SHOWN AS "NORTH 89° 40' 57" EAST 184.87 FEET” ON SAID PARCEL MAP NO. 21216; THENCE ALONG SAID GENERALLY WESTERLY LINE THROUGH THE FOLLOWING COURSES: SOUTH 89° 40' 57" WEST 184.87 FEET; THENCE NORTH 00° 01' 22" WEST 259.36 FEET; THENCE NORTH 89° 42' 22" EAST 164.44 FEET TO AN ANGLE POINT THEREIN; THENCE LEAVING SAID GENERALLY WESTERLY LINE SOUTH 04° 31' 46" EAST 259.99 FEET TO THE POINT OF BEGINNING;
ALSO EXCEPTING THEREFROM THAT PORTION OF SAID PARCEL 1, DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT ON THE GENERALLY NORTHERLY LINE OF SAID PARCEL 1,

SAID POINT BEING AN ANGLE POINT IN SAID LINE LOCATED AT THE WESTERLY

TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 89°’42’50" EAST, 335.43 FEET AS SHOWN ON SAID PARCEL MAP; THENCE ALONG SAID GENERALLY NORTHERLY LINE, NORTH 89°42'50" EAST, 335.43-FEET TO

THE NORTHERLY TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 0°03’09" EAST, 128.12 FEET, AS SHOWN ON SAID PARCEL MAP; THENCE ALONG LAST SAID COURSE, SOUTH 0°03’09" WEST, 21.30 FEET; THENCE PARALLEL WITH SAID GENERALLY NORTHERLY LINE, SOUTH 89°42'50" WEST, 335.16

FEET TO THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF NORTH 0°41’13" WEST, 179.59 FEET, AS SHOWN ON SAID PARCEL MAP; THENCE ALONG LAST SAID COURSE, NORTH 0°41’13" WEST A DISTANCE OF 21.30 FEET TO THE POINT OF BEGINNING.

APN: 611-125-044
PARCEL 19 (Terra Lago Fire Station):

LOT “HH” OF TRACT NO. 31601-2, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 387, PAGES 29

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THROUGH 33 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF RIVERSIDE COUNTY, CALIFORNIA.

APN: 696-030-064 FKA 601-650-064
PARCEL 20 (Portion of City Hall and Library Project):

TRACT ONE:

LOTS 1, 2, 3, AND 4 IN BLOCK H OF INDIO TOWNSITE, HQ THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO;

TOGETHER WITH THE SOUTHERLY HALF OF BLISS AVENUE AND ALLEY WAYS PER RESOLUTION NO. 2622, RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 73-138062 OF OFFICIAL RECORDS.

TRACT TWO:

LOTS 13, 14, 15 AND 16 IN BLOCK H OF INDIO TOWNSITE, IN THE CITY OF INDIO,

COUNTY OF RIVERSHDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 10, PAGE 461 OF MAPS, RECORDS OF SAN DIEGO;

TOGETHER WITH THE SOUTHERLY HALF OF BLISS AVENUE AND ALLEY WAYS PER RESOLUTION NO. 2622, RECORDED OCTOBER 23, 1973 AS INSTRUMENT NO. 73-138062 OF OFFICIAL RECORDS.

APN: 611-212-041
PARCEL 21 (Public Safety Campus Project):

THAT CERTAIN PROPERTY BEING A PORTION OF PARCEL 1 OF PARCEL MAP NO. 37806, IN THE CITY OF INDIO, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 250 OF PARCEL MAPS, PAGES 33 THROUGH 35, INCLUSIVE, RIVERSIDE COUNTY RECORDS, DECEMBER 11, 2020;

EXCEPTING THEREFROM THAT PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 1, ALSO BEING A POINT ON THE EAST RIGHT-OF-WAY LINE OF JACKSON STREET, 43.00 FEET WIDE (HALF WIDTH);
THENCE SOUTH 00°35'30" WEST LAONG THE SAID EAST RIGHT-OF-WAY LINE, A DISTANCE OF 325.84 FEET; THENCE LEAVING SAID EAST RIGHT-OF-WAY LINE, SOUTH 89°24'30" EAST, A DISTANCE OF 256.00 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, SOUTH 00°35'30" WEST, A DISTANCE OF 7.50 FEET; THENCE SOUTH 89°24'30" EAST, A DISTANCE OF 74.50 FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.50 FEET; THENCE NORTH 89°24'30" WEST, A DISTANCE OF 50.00

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FEET; THENCE ALONG A LINE PARALLEL WITH SAID EAST RIGHT-OF-WAY LINE, NORTH 00°35'30" EAST, A DISTANCE OF 168.00 FEET TO ITS INTERSECTION WITH THE NORTH LINE OF SAID PARCEL 1; THENCE ALONG SAID NORTH LINE, SOUTH 89°56'44" WEST, A DISTANCE OF 280.52 FEET TO THE POINT OF BEGINNING.

APN: A PORTION OF 612-70-004

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EXHIBIT B

CAPITALIZED INTEREST AND BASE RENTAL PAYMENT SCHEDULE
I. CAPITALIZED INTEREST PAYMENTS
A portion of the interest on the portion of the 2022A Bonds issued to finance the Public Safety Campus Project and a portion of the interest on the 2025A Bonds shall be paid from the Capitalized Interest Fund established under the Indenture on the following dates and in the following amounts:

Date 2022A Bonds 2025A Bonds
November 1, 2022 $ 731,582.40
May 1, 2023 1,513,618.75
November 1, 2023 1,513,618.75
May 1, 2024 1,513,618.75
November 1, 2024 1,513,618.75
May 1, 2025 1,513,618.75
November 1, 2025 252,269.79
May 1, 2026 --
II. TOTAL BASE RENTAL PAYMENTS
Interest Payment Date*
Principal
Component
Interest
Component
Total
Base Rental
* Base Rental Payments to be made no later than the Base Rental Deposit Date preceding each Interest Payment Date.

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III. COMPONENTS OF THE TOTAL BASE RENTAL PAYMENTS
For illustrative purposes only, the components of the Base Rental Payments attributable to the Public Safety Campus Project, the City Hall and Library Project, the refunding of the 2012 Bonds and the 2025A Project are set forth below.

Public Safety Campus Project
Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental
11/1/2022 - $ 731,582.40 $ 731,582.40
5/1/2023 - 1,513,618.75 1,513,618.75
11/1/2023 - 1,513,618.75 1,513,618.75
5/1/2024 -- 1,513,618.75 1,513,618.75
11/1/2024 - 1,513,618.75 1,513,618.75
5/1/2025 - 1,513,618.75 1,513,618.75
11/1/2025 $1,020,000 1,513,618.75 2,533,618.75
5/1/2026 - 1,488,118.75 1,488,118.75
11/1/2026 1,070,000 1,488,118.75 2,558,118.75
5/1/2027 - 1,461,368.75 1,461,368.75
11/1/2027 1,125,000 1,461,368.75 2,586,368.75
5/1/2028 - 1,433,243.75 1,433,243.75
11/1/2028 1,180,000 1,433,243.75 2,613,243.75
5/1/2029 - 1,403,743.75 1,403,743.75
11/1/2029 1,240,000 1,403,743.75 2,643,743.75
5/1/2030 - 1,372,743.75 1,372,743.75
11/1/2030 1,300,000 1,372,743.75 2,672,743.75
5/1/2031 - 1,340,243.75 1,340,243.75
11/1/2031 1,365,000 1,340,243.75 2,705,243.75
5/1/2032 - 1,306,118.75 1,306,118.75
11/1/2032 1,435,000 1,306,118.75 2,741,118.75
5/1/2033 - 1,270,243.75 1,270,243.75
11/1/2033 1,505,000 1,270,243.75 2,775,243.75
5/1/2034 - 1,232,618.75 1,232,618.75
11/1/2034 1,580,000 1,232,618.75 2,812,618.75
5/1/2035 - 1,193,118.75 1,193,118.75
11/1/2035 1,660,000 1,193,118.75 2,853,118.75
5/1/2036 - 1,149,543.75 1,149,543.75
11/1/2036 1,750,000 1,149,543.75 2,899,543.75
5/1/2037 - 1,103,606.25 1,103,606.25
11/1/2037 1,840,000 1,103,606.25 2,943,606.25
5/1/2038 - 1,055,306.25 1,055,306.25
11/1/2038 1,935,000 1,055,306.25 2,990,306.25
5/1/2039 - 1,004,512.50 1,004,512.50
11/1/2039 2,035,000 1,004,512.50 3,039,512.50
5/1/2040 - 951,093.75 951,093.75
11/1/2040 2,145,000 951,093.75 3,096,093.75
5/1/2041 - 894,787.50 894,787.50

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Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental
11/1/2041 2,255,000 894,787.50 3,149,787.50
5/1/2042 - 835,593.75 835,593.75
11/1/2042 2,375,000 835,593.75 3,210,593.75
5/1/2043 - 773,250.00 773,250.00
11/1/2043 2,500,000 773,250.00 3,273,250.00
5/1/2044 - 707,625.00 707,625.00
11/1/2044 2,630,000 707,625.00 3,337,625.00
5/1/2045 - 638,587.50 638,587.50
11/1/2045 2,770,000 638,587.50 3,408,587.50
5/1/2046 - 565,875.00 565,875.00
11/1/2046 2,915,000 565,875.00 3,480,875.00
5/1/2047 - 489,356.25 489,356.25
11/1/2047 3,070,000 489,356.25 3,559,356.25
5/1/2048 - 408,768.75 408,768.75
11/1/2048 3,230,000 408,768.75 3,638,768.75
5/1/2049 - 333,918.75 333,918.75
11/1/2049 3,380,000 333,918.75 3,713,918.75
5/1/2050 - 255,750.00 255,750.00
11/1/2050 3,535,000 255,750.00 3,790,750.00
5/1/2051 - 174,168.75 174,168.75
11/1/2051 3,700,000 174,168.75 3,874,168.75
5/1/2052 - 88,950.00 88,950.00
11/1/2052 3,870,000 88,950.00 3,958,950.00
$60,415,000 $59,677,807.40 $ 120,092,807.40

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City Hall and Library Project
Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental
11/1/2022 - $ 556,446.56 $ 556,446.56
5/1/2023 - 1,151,268.75 1,151,268.75
11/1/2023 $655,000 1,151,268.75 1,806,268.75
5/1/2024 - 1,134,893.75 1,134,893.75
11/1/2024 690,000 1,134,893.75 1,824,893.75
5/1/2025 - 1,117,643.75 1,117,643.75
11/1/2025 725,000 1,117,643.75 1,842,643.75
5/1/2026 - 1,099,518.75 1,099,518.75
11/1/2026 760,000 1,099,518.75 1,859,518.75
5/1/2027 - 1,080,518.75 1,080,518.75
11/1/2027 795,000 1,080,518.75 1,875,518.75
5/1/2028 - 1,060,643.75 1,060,643.75
11/1/2028 835,000 1,060,643.75 1,895,643.75
5/1/2029 - 1,039,768.75 1,039,768.75
11/1/2029 880,000 1,039,768.75 1,919,768.75
5/1/2030 - 1,017,768.75 1,017,768.75
11/1/2030 925,000 1,017,768.75 1,942,768.75
5/1/2031 - 994,643.75 994,643.75
11/1/2031 970,000 994,643.75 1,964,643.75
5/1/2032 - 970,393.75 970,393.75
11/1/2032 1,015,000 970,393.75 1,985,393.75
5/1/2033 - 945,018.75 945,018.75
11/1/2033 1,070,000 945,018.75 2,015,018.75
5/1/2034 - 918,268.75 918,268.75
11/1/2034 1,120,000 918,268.75 2,038,268.75
5/1/2035 - 890,268.75 890,268.75
11/1/2035 1,180,000 890,268.75 2,070,268.75
5/1/2036 - 859,293.75 859,293.75
11/1/2036 1,240,000 859,293.75 2,099,293.75
5/1/2037 - 826,743.75 826,743.75
11/1/2037 1,305,000 826,743.75 2,131,743.75
5/1/2038 - 792,487.50 792,487.50
11/1/2038 1,375,000 792,487.50 2,167,487.50
5/1/2039 - 756,393.75 756,393.75
11/1/2039 1,445,000 756,393.75 2,201,393.75
5/1/2040 - 718,462.50 718,462.50
11/1/2040 1,520,000 718,462.50 2,238,462.50
5/1/2041 - 678,562.50 678,562.50
11/1/2041 1,600,000 678,562.50 2,278,562.50
5/1/2042 - 636,562.50 636,562.50
11/1/2042 1,685,000 636,562.50 2,321,562.50
5/1/2043 - 592,331.25 592,331.25
11/1/2043 1,775,000 592,331.25 2,367,331.25
5/1/2044 - 545,737.50 545,737.50

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Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental
11/1/2044 1,865,000 545,737.50 2,410,737.50
5/1/2045 - 496,781.25 496,781.25
11/1/2045 1,965,000 496,781.25 2,461,781.25
5/1/2046 - 445,200.00 445,200.00
11/1/2046 2,070,000 445,200.00 2,515,200.00
5/1/2047 - 390,862.50 390,862.50
11/1/2047 2,175,000 390,862.50 2,565,862.50
5/1/2048 - 333,768.75 333,768.75
11/1/2048 2,290,000 333,768.75 2,623,768.75
5/1/2049 - 273,656.25 273,656.25
11/1/2049 2,410,000 273,656.25 2,683,656.25
5/1/2050 - 210,393.75 210,393.75
11/1/2050 2,535,000 210,393.75 2,745,393.75
5/1/2051 - 143,850.00 143,850.00
11/1/2051 2,670,000 143,850.00 2,813,850.00
5/1/2052 - 73,762.50 73,762.50
11/1/2052 2,810,000 73,762.50 2,883,762.50
TOTAL $44,355,000 $44,947,384.06 $89,302,384.06

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Refunding of the 2012 Bonds
Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental
11/1/2022 $ 810,000 $ 179,612.71 $ 989,612.71
5/1/2023 351,362.50 351,362.50
11/1/2023 630,000 351,362.50 981,362.50
5/1/2024 335,612.50 335,612.50
11/1/2024 665,000 335,612.50 1,000,612.50
5/1/2025 318,987.50 318,987.50
11/1/2025 700,000 318,987.50 1,018,987.50
5/1/2026 301,487.50 301,487.50
11/1/2026 735,000 301,487.50 1,036,487.50
5/1/2027 283,112.50 283,112.50
11/1/2027 775,000 283,112.50 1,058,112.50
5/1/2028 263,737.50 263,737.50
11/1/2028 815,000 263,737.50 1,078,737.50
5/1/2029 243,362.50 243,362.50
11/1/2029 855,000 243,362.50 1,098,362.50
5/1/2030 221,987.50 221,987.50
11/1/2030 900,000 221,987.50 1,121,987.50
5/1/2031 199,487.50 199,487.50
11/1/2031 950,000 199,487.50 1,149,487.50
5/1/2032 175,737.50 175,737.50
11/1/2032 1,000,000 175,737.50 1,175,737.50
5/1/2033 150,737.50 150,737.50
11/1/2033 1,050,000 150,737.50 1,200,737.50
5/1/2034 124,487.50 124,487.50
11/1/2034 1,105,000 124,487.50 1,229,487.50
5/1/2035 96,862.50 96,862.50
11/1/2035 1,165,000 96,862.50 1,261,862.50
5/1/2036 66,281.25 66,281.25
11/1/2036 1,230,000 66,281.25 1,296,281.25
5/1/2037 33,993.75 33,993.75
11/1/2037 1,295,000 33,993.75 1,328,993.75
$14,680,000 $6,514,087.71 $ 21,194,087.71

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2025A Project
Interest Payment Date
Principal
Component
Interest
Component
Total
Base Rental

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EXHIBIT C
DESCRIPTION OF 2025A PROJECT
A new police headquarters to be located at the property known as Assessor’s Parcel Number 612-070-004 (northeast of the intersection between Jackson Street and Dr. Carreon Blvd. within the City) and adjacent to the site of the City’s existing Fire Station Number 1.

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Draft dated 8/11/25
4937-3786-3939v6/200973-0005
PRELIMINARY OFFICIAL STATEMENT DATED _____, 2025
NEW ISSUE—BOOK-ENTRY ONLY RATINGS:

S&P: “AA” (INSURED 2025A BONDS)
S&P: “A+” (UNDERLYING/UNINSURED 2025A BONDS)
(See “RATINGS” herein)
In the opinion of Stradling Yocca Carlson & Rauth LLP, Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Series 2025A Bonds described herein is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals. In the further opinion of Bond Counsel, interest (and original issue discount) on the Series 2025A Bonds is exempt from State of California personal income tax. See the caption “TAX MATTERS” with respect to tax consequences relating to the Series 2025A Bonds, including with respect to the alternative minimum tax imposed on certain large corporations.
$30,000,000
 Preliminary, subject to change.

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This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold, nor may offers to buy them be accepted, prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

INDIO PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2025A
Dated: Date of Delivery Due: November 1, as shown on inside cover The Indio Public Financing Authority Lease Revenue Bonds, Series 2025A (the “Series 2025A Bonds”) are payable from base rental payments (the “Base Rental Payments”) to be made by the City of Indio (the “City”) for the right to use certain City-owned property as described herein (the “Property”) pursuant to a Lease Agreement, dated as of August 1, 2022, as amended and supplemented by a First Amendment to Lease Agreement, dated as of September 1, 2025 (collectively, the “Lease Agreement”), each by and between the City, as lessee, and the Indio Public Financing Authority (the “Authority”), as lessor. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS.” The Series 2025A Bonds are payable from the Base Rental Payments on a parity with payments made by the City with respect to the Indio Public Financing Authority Lease Revenue Bonds, series 2022A (the “Series 2022A Bonds”) and any additional bonds issued under the Indenture (as defined below) in the future.

The Series 2025A Bonds are being issued to provide funds to (i) finance the costs of the acquisition, construction and installation of certain capital improvements of the City, as described herein, (ii) fund capitalized interest on a portion of the Series 2025A Bonds through May 1, 2026, (iii) purchase a municipal bond insurance policy to guarantee payment of the principal of and interest on the Insured Series 2025A Bonds when due, (iv) purchase a debt service reserve insurance policy for deposit in the Reserve Fund for the Series 2025A Bonds, and (v) pay the costs incurred in connection with the issuance of the Series 2025A Bonds. See “SOURCES AND USES OF FUNDS.” The City has covenanted under the Lease Agreement to make all Base Rental Payments provided for therein, to include all such payments in its annual budgets, and to make all the necessary annual appropriations for such Base Rental Payments. The City’s obligation to make Base Rental Payments is subject to abatement during any period in which, by reason of non-delivery of the Projects (as defined herein) or by reason of material damage to, or destruction or condemnation of, the Property, or any defects in title to the Property, there is substantial interference with the City’s right to use and occupy any portion of the Property. See “RISK FACTORS—Abatement.” The Series 2025A Bonds are being issued in fully registered book-entry only form, initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Interest on the Series 2025A Bonds is payable semiannually on May 1 and November 1 of each year, commencing November 1, 2025. Purchasers will not receive certificates representing their interest in the Series 2025A Bonds. Individual purchases of the Series 2025A Bonds may be made in principal amounts of $5,000 or integral multiples thereof. Principal of and interest and premium, if any, on the Series 2025A Bonds will be paid by U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) to DTC for subsequent disbursement to DTC Participants who are obligated to remit such payments to the Beneficial Owners of the Series 2025A Bonds. See “THE SERIES 2025A BONDS—Book-Entry Only System” herein.

The Series 2025A Bonds will be issued pursuant to an Indenture, dated as of August 1, 2022, as amended and supplemented by a First Supplemental Indenture, dated as of September 1, 2025 (collectively, the “Indenture”), each by and among the City, the Authority and the Trustee. The Series 2022A Bonds, the Series 2025A Bonds and any additional bonds issued pursuant to the Indenture (“Additional Bonds”) are collectively referred to herein as the “Bonds.” See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS.”
The Series 2025A Bonds are subject to optional, extraordinary and mandatory sinking fund redemption prior to maturity. See “THE SERIES 2025A BONDS—Redemption.”
The scheduled payment of principal of and interest on the Series 2025A Bonds maturing on November 1 of the years ___ through ___, inclusive (the “Insured 2025A Bonds”), when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Insured Series 2025A Bonds by Build America Mutual Assurance Company. [BAM LOGO]
The Bonds are special obligations of the Authority, payable solely from Base Rental Payments and the other assets pledged therefor under the Indenture. Neither the faith and credit nor the taxing power of the Authority, the City or the State of California, or any political subdivision thereof, is pledged to the payment of the Bonds.

The obligation of the City to make the Base Rental Payments does not constitute a debt of the City or the State of California or of any political subdivision thereof within the meaning of any constitutional or statutory debt limit or restriction, and does not constitute an obligation for which the City or the State of California is obligated to levy or pledge any form of taxation or for which the City or the State of California has levied or pledged any form of taxation. The Authority has no power to tax.

THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.

The Series 2025A Bonds will be offered when, as and if issued and received by the Underwriter, subject to the approval as to their validity by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel. Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, is also acting as Disclosure Counsel to the City. Certain legal matters will be passed upon for the City and the Authority by the City Attorney of the City, for the Underwriter by Best Best & Krieger LLP, Los Angeles, California for the Trustee by its counsel and for the Insurer by its counsel. It is anticipated that the Series 2025A Bonds will be available in book-entry form through the facilities of DTC in New York, New York on or about September __, 2025. [Piper Logo]
Dated: _______, 2025

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$30,000,000

INDIO PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2025A

MATURITY SCHEDULE
BASE CUSIP†: 45571L
Maturity Date
(November 1) Principal Amount Interest Rate Yield Price CUSIP† $__________ _____% Term Bonds due November 1, 20__ Yield: _____% Price: _____ CUSIP† _____ $__________ _____% Term Bonds due November 1, 20__ Yield: _____% Price: _____ CUSIP† _____  Preliminary, subject to change.

I Insured Bonds.
† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright(c) 2025 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the City, the Authority nor the Underwriter is responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the applicable Bonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds.

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No dealer, broker, salesperson or other person has been authorized by the City or the Authority to give any information or to make any representations in connection with the offer or sale of the Series 2025A Bonds other than those contained herein and, if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Authority. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Series 2025A Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale.

This Official Statement is not to be construed as a contract with the purchasers or Owners of the Series 2025A Bonds.

Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact.

The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as a part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.

This Official Statement and the information contained herein are subject to completion or amendment without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City or the Authority or any other parties described herein since the date hereof. The Series 2025A Bonds may not be sold nor may an offer to buy be accepted prior to the time this Official Statement is delivered in final form.

This Official Statement is being submitted in connection with the sale of the Series 2025A Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the City. All summaries of documents and laws are made subject to the provisions thereof and do not purport to be complete statements of any or all such provisions.

Certain statements included or incorporated by reference in this Official Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as “plan,” “expect,” “estimate,” “project,” “budget,” “intend” or similar words. Such forward-looking statements include, but are not limited to, certain statements contained in the information under the caption “RISK FACTORS” and in APPENDIX A – “THE CITY OF INDIO.”

THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH

FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER

FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE

MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE CITY DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THE FORWARD-LOOKING STATEMENTS SET FORTH IN THIS OFFICIAL STATEMENT. IN

EVALUATING SUCH STATEMENTS, POTENTIAL INVESTORS SHOULD SPECIFICALLY CONSIDER THE VARIOUS

FACTORS WHICH COULD CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS.

IN CONNECTION WITH THE OFFERING OF THE SERIES 2025A BONDS, THE UNDERWRITER MAY

OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2025A BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE SERIES 2025A BONDS TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT

AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE COVER PAGE

HEREOF AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.

THE SERIES 2025A BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS

AMENDED, IN RELIANCE UPON AN EXEMPTION CONTAINED IN SUCH ACT AND HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.

Build America Mutual Assurance Company (the “Insurer”) makes no representation regarding the Series 2025A Bonds or the advisability of investing in the Series 2025A Bonds. In addition, the Insurer has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding the Insurer, supplied by the Insurer and presented under the heading “BOND INSURANCE” and “Appendix G - SPECIMEN MUNICIPAL BOND INSURANCE POLICY.”
A wide variety of other information, including financial information, concerning the City is available from publications and website of City. Any such information that is inconsistent with the information set forth in this Official Statement should be disregarded.

No such information is a part of or incorporated into this Official Statement, except as expressly noted.

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CITY OF INDIO

COUNTY OF RIVERSIDE, CALIFORNIA

CITY COUNCIL/AUTHORITY BOARD OF DIRECTORS
Glenn Miller, Mayor/ Chair of the Authority
Elaine Holmes, Mayor Pro Tem/Vice Chair of the Authority Waymond Fermon, Councilmember/Director
Oscar Ortiz, Councilmember/Director
Benjamin Guitron, Councilmember/Director
_____________

CITY OFFICIALS
Bryan Montgomery, City Manager/Executive Director
Jonathan Nicks, Assistant City Manager
Ruby Walla, Director of Finance
Steven Graham, City Attorney/General Counsel
Cynthia Hernandez, City Clerk/Secretary
_____________

BOND COUNSEL AND DISCLOSURE COUNSEL
Stradling Yocca Carlson & Rauth LLP
Newport Beach, California
_____________

MUNICIPAL ADVISOR
Fieldman, Rolapp & Associates, Inc.

Irvine, California
_________________

TRUSTEE
U.S. Bank Trust Company, National Association
Los Angeles, California

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TABLE OF CONTENTS
Page
i
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INTRODUCTION .................................................................................................................................................1 General...............................................................................................................................................................1 Bondholders’ Risks............................................................................................................................................3 Other Information in this Official Statement .....................................................................................................3 THE SERIES 2025A BONDS ...............................................................................................................................3 General...............................................................................................................................................................3 Registration, Transfers and Exchanges..............................................................................................................4 Redemption ........................................................................................................................................................4 Book-Entry Only System...................................................................................................................................6 SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS...........................................6 Pledge of Revenues............................................................................................................................................6 Base Rental Payments........................................................................................................................................7 Additional Rental Payments ..............................................................................................................................8 Abatement ..........................................................................................................................................................8 Substitution, Addition and Removal of Property...............................................................................................9 Action on Default.............................................................................................................................................10 Reserve Fund ...................................................................................................................................................11 Capitalized Interest Fund .................................................................................................................................11 Additional Bonds .............................................................................................................................................11 Insurance ..........................................................................................................................................................12 BOND INSURANCE ..........................................................................................................................................14 Bond Insurance Policy .....................................................................................................................................14 Build America Mutual Assurance Company ...................................................................................................14 SOURCES AND USES OF FUNDS...................................................................................................................16 DEBT SERVICE SCHEDULE............................................................................................................................17 THE POLICE HEADQUARTERS PROJECT....................................................................................................17 THE PROPERTY ................................................................................................................................................18 The Projects .....................................................................................................................................................18 The Property Other than the Projects...............................................................................................................19 THE AUTHORITY .............................................................................................................................................21 THE CITY ...........................................................................................................................................................21 RISK FACTORS .................................................................................................................................................22 General Considerations – Security for the Series 2025A Bonds .....................................................................22 Abatement ........................................................................................................................................................22 Natural Disasters and Climate Change ............................................................................................................23 Hazardous Substances......................................................................................................................................24 Cybersecurity ...................................................................................................................................................24 Substitution, Addition and Removal of Property; Additional Bonds ..............................................................25 Limited Recourse on Default; No Acceleration of Base Rental ......................................................................25 Limitations on Remedies Available; Bankruptcy ............................................................................................26 Possible Insufficiency of Insurance Proceeds..................................................................................................27 Loss of Tax Exemption....................................................................................................................................27 No Liability of Authority to the Owners..........................................................................................................27 Risks Associated with Bond Insurance............................................................................................................27 Dependence on State for Certain Revenues.....................................................................................................28 CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS.............29 Article XIIIA of the State Constitution............................................................................................................29

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Legislation Implementing Article XIIIA .........................................................................................................30 Article XIIIB of the State Constitution............................................................................................................30 Articles XIIIC and XIIID of the State Constitution.........................................................................................31 Proposition 62 ..................................................................................................................................................32 Proposition 1A .................................................................................................................................................32 Proposition 22 ..................................................................................................................................................33 Proposition 26 ..................................................................................................................................................33 Possible Future Initiatives................................................................................................................................33 TAX MATTERS..................................................................................................................................................33 CERTAIN LEGAL MATTERS ..........................................................................................................................35 ABSENCE OF LITIGATION .............................................................................................................................36 UNDERWRITING ..............................................................................................................................................36 RATINGS ............................................................................................................................................................36 MUNICIPAL ADVISOR.....................................................................................................................................36 CONTINUING DISCLOSURE...........................................................................................................................37 FINANCIAL STATEMENTS OF THE CITY....................................................................................................37 MISCELLANEOUS ............................................................................................................................................37 APPENDIX A THE CITY OF INDIO ........................................................................................................A-1 APPENDIX B SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS............................................B-1

APPENDIX C ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024...........................................................................C-1 APPENDIX D PROPOSED FORM OF BOND COUNSEL OPINION ....................................................D-1 APPENDIX E FORM OF CONTINUING DISCLOSURE AGREEMENT ..............................................E-1 APPENDIX F BOOK-ENTRY ONLY SYSTEM .....................................................................................F-1 APPENDIX G SPECIMEN MUNICIPAL BOND INSURANCE POLICY..............................................G-1

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OFFICIAL STATEMENT
$30,000,000

INDIO PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2025A

INTRODUCTION
General
This Official Statement (which includes the cover page, inside cover page and the appendices hereto) (the “Official Statement”), provides certain information concerning the sale and delivery of $30,000,000 * aggregate principal amount of Indio Public Financing Authority Lease Revenue Bonds, Series 2025A (the “Series 2025A Bonds”).

The net proceeds of the sale of the Series 2025A Bonds will be used to (i) finance the costs of the acquisition, construction and installation of certain capital improvements of the City of Indio (the “City”), as described herein, (ii) fund capitalized interest on a portion of the Series 2025A Bonds through May 1, 2026, (iii) purchase a municipal bond insurance policy to guarantee payment of the principal of and interest on the Insured Series 2025A Bonds (as defined herein) when due, as described under the caption “BOND INSURANCE,” (iv) purchase a debt service reserve insurance policy for deposit in the Reserve Fund for the Series 2025A Bonds, and (v) pay the costs incurred in connection with the issuance of the Series 2025A Bonds. See “SOURCES AND USES OF FUNDS” herein.

On August 4, 2022, the Indio Public Financing Authority (the “Authority”) issued its $119,450,000 Indio Public Financing Authority Lease Revenue Bonds, Series 2022A (the “Series 2022A Bonds”) pursuant to an Indenture, dated as of August 1, 2022 (the “Original Indenture”), by and among the Authority, the City and U.S. Bank Trust Company, National Association (the “Trustee”). The Series 2025A Bonds will be issued pursuant to the Original Indenture, as amended and supplemented by a First Supplemental Indenture, dated as of September 1, 2025 (the “First Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) by and among the Authority, the City and the Trustee.

The Series 2025A Bonds are equally and ratably payable from base rental payments (the “Base Rental Payments”) to be made by the City for the right to use certain real property (as further described under the caption “THE PROPERTY”) (the “Property”) pursuant to a Lease Agreement, dated as of August 1, 2022, as amended and supplemented by the First Amendment to Lease Agreement, dated as of September 1, 2025 (collectively, the “Lease Agreement”), each between the City, as lessee, and the Authority, as lessor, on a parity with the payments made by the City with respect to the Series 2022A Bonds. Pursuant to the Indenture, the Authority may issue additional bonds (the “Additional Bonds”) payable from the Base Rental Payments on a parity with the Series 2022A Bonds and the Series 2025A Bonds (the Series 2022A Bonds and the Series 2025A Bonds and any such Additional Bonds being collectively referred to as the “Bonds”).

Pursuant to a Ground Lease, dated as of August 1, 2022, as amended and supplemented by a First Amendment to Ground Lease, dated as of September 1, 2025 (collectively, the “Ground Lease”), each by and between the City and the Authority, the City has leased the Property to the Authority. The Authority has subleased the Property to the City under the Lease Agreement. The Lease Agreement obligates the City to make Base Rental Payments to the Authority.

The Trustee and the Authority have entered into an Assignment Agreement, dated as of August 1, 2022, pursuant to which the Authority has assigned to the Trustee for the benefit of the Bond  Preliminary, subject to change

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Owners substantially all of the Authority’s right, title and interest in and to the Ground Lease and the Lease Agreement, including its rights to receive the Base Rental Payments due under the Lease Agreement and to enforce any remedies in the event of a default under the Lease Agreement by the City.

The City has covenanted under the Lease Agreement to take such action as may be necessary to include all Rental Payments, which are comprised of Base Rental Payments and Additional Rental Payments (which include taxes and assessments affecting the Property, administrative costs of the Authority relating to the Property, fees and expenses of the Trustee, amounts payable to the Insurer (as defined herein) pursuant to the Indenture that are not payable from Base Rental Payments, and other amounts payable under the Lease Agreement), due under the Lease Agreement as a separate line item in its annual budgets and to make the necessary annual appropriations therefor, subject to abatement as described herein.

Base Rental Payments are subject to complete or partial abatement in the event and to the extent that there is substantial interference with the City’s right to use and occupy the Property or any portion thereof, including but not limited to non-delivery of the Projects (as defined herein). See “RISK FACTORS— Abatement.” Abatement of Base Rental Payments under the Lease Agreement, to the extent that payment is not made from alternative sources as set forth below, would result in all Bond Owners receiving less than the full amount of principal of and interest on the Bonds. To the extent that proceeds of insurance are available, Base Rental Payments (or a portion thereof) may be made from such proceeds of insurance during periods of abatement.

Payment of the principal of and interest on the Series 2025A Bonds maturing on November 1 of the years ___ through ___, inclusive (the “Insured 2025A Bonds”), will be insured by a municipal bond insurance policy (the “Policy”) to be issued by Build America Mutual Assurance Company (“BAM” or the “Insurer”) concurrently with the issuance of the Insured Series 2025A Bonds. See the caption “BOND INSURANCE.” A specimen of the Policy is set forth in Appendix G.

The Series 2025A Bonds are special obligations of the Authority, payable solely from Base Rental Payments and the other assets pledged therefor under the Indenture. Neither the faith and credit nor the taxing power of the Authority, the City or the State of California (the “State”), or any political subdivision thereof, is pledged to the payment of the Series 2025A Bonds. The Authority has no power to tax.

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

The City has agreed to provide, or cause to be provided, to the Municipal Securities Rulemaking Board for purposes of Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission (“SEC Rule 15c2-12(b)(5)”) certain annual financial information and operating data and, in a timely manner, notice of certain listed events. These covenants have been made in order to assist the Underwriter in complying with SEC Rule 15c2-12(b)(5). See “CONTINUING DISCLOSURE” herein for a description of the specific nature of the annual report and notices of listed events and a summary description of the terms of the disclosure agreement pursuant to which such reports are to be made.

U.S. Bank Trust Company, National Association, Los Angeles, California, will act as Trustee with respect to the Series 2025A Bonds. The Series 2025A Bonds will be issued subject to the approval as to their legality by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel. Certain legal matters will be passed upon for the City and the Authority by the City Attorney of the City of Indio and by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Disclosure Counsel. Certain legal matters will be passed upon for the Underwriter by Best Best & Krieger LLP, Los Angeles, California. The City’s

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financial statements for the fiscal year ended June 30, 2024 included as Appendix C hereto have been audited by The Pun Group, LLP (the “Auditor”). See APPENDIX C—“ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024” herein. The Auditor has not undertaken to update the audited financial statements of the City or its report or to take any action intended or likely to elicit information concerning the accuracy, completeness or fairness of the statements made in this Official Statement.

Certain events could affect the ability of the City to make the Base Rental Payments when due. See “RISK FACTORS” for a discussion of certain factors that should be considered, in addition to other matters set forth herein, in evaluating an investment in the Series 2025A Bonds.

Bondholders’ Risks
Certain events could affect the ability of the City to make the Base Rental Payments when due. See “RISK FACTORS” for a discussion of certain factors that should be considered, in addition to other matters set forth herein, in evaluating an investment in the Series 2025A Bonds.

The presentation of information, including tables of receipt of revenues, is intended to show recent historical information and, except for a budget discussion for Fiscal Years 2024-25 and 2025-26, is not intended to indicate future or continuing trends in the financial position or other affairs of the City. No representation is made that past experience, as it might be shown by such financial and other information, will necessarily continue or be repeated in the future. See Appendix A for financial and operating information related to the City.

Other Information in this Official Statement
The summaries or references to the Indenture, the Lease Agreement, the Ground Lease, the Assignment Agreement and other documents, agreements and statutes referred to herein, and the description of the Series 2025A Bonds included in this Official Statement, do not purport to be comprehensive or definitive, and such summaries, references and descriptions are qualified in their entireties by reference to each such document or statute. All capitalized terms used in this Official Statement (unless otherwise defined herein) which are defined in the Indenture or the Lease Agreement shall have the meanings set forth therein, some of which are summarized in APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS.” THE SERIES 2025A BONDS
General
The Series 2025A Bonds will be issued in fully registered form without coupons in denominations of $5,000 or any integral multiple thereof. The Series 2025A Bonds will be dated as of and bear interest (calculated on the basis of a 360-day year comprised of twelve 30-day months) from the dated date thereof at the rates set forth on the inside cover page hereof. Interest on the Series 2025A Bonds will be paid semiannually on May 1 and November 1 (each, an “Interest Payment Date”) of each year, commencing November 1, 2025.

Interest on the Series 2025A Bonds will be payable from the Interest Payment Date next preceding the date of authentication thereof unless (i) a Series 2025A Bond is authenticated on or before an Interest Payment Date and after the close of business on the fifteenth day of the month next preceding such Interest Payment Date, whether or not such day is a Business Day (the “Record Date”), in which event it will bear interest from such Interest Payment Date, (ii) a Series 2025A Bond is authenticated on or before the first Record Date, in which event interest thereon will be payable from the dated date thereof, or (iii) interest on any Series 2025A Bond is in default as of the date of authentication thereof, in which event interest thereon will be payable from the date to which interest has been paid in full, payable on each Interest Payment Date. Interest will be paid in

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lawful money of the United States on each Interest Payment Date to the Persons in whose names the ownership of the Series 2025A Bonds is registered on the Registration Books at the close of business on the immediately preceding Record Date, except as provided below. Interest will be paid by check of the Trustee mailed by first class mail, postage prepaid, on each Interest Payment Date to the Owners at their respective addresses shown on the Registration Books as of the close of business on the preceding Record Date or by wire transfer to Owners of more than $1,000,000 in principal amount of Series 2025A Bonds who have provided account information and wiring instructions satisfactory to the Trustee.

The principal of the Series 2025A Bonds will be payable in lawful money of the United States of America upon presentation and surrender thereof upon maturity or earlier redemption at the Office of the Trustee. The Series 2025A Bonds will be subject to redemption as set forth herein.

Registration, Transfers and Exchanges
The Series 2025A Bonds will be issued as fully registered bonds, registered in the name of Cede & Co. as nominee of DTC, and will be available to actual purchasers of the Series 2025A Bonds (the “Beneficial Owners”) in the denominations set forth above, under the book-entry system maintained by DTC, only through brokers and dealers who are or act through DTC Participants (as defined in Appendix F) as described herein.

Beneficial Owners will not be entitled to receive physical delivery of the Series 2025A Bonds. See “THE SERIES 2025A BONDS—Book-Entry Only System.”
Redemption
Extraordinary Redemption from Condemnation Award or Insurance Proceeds. The Series 2025A Bonds shall be subject to redemption, in whole or in part, on any date, in denominations of $5,000 or any integral multiple thereof, from and to the extent of: (i) Net Insurance Proceeds received with respect to all or a portion of the Property, deposited by the Trustee in the Redemption Fund pursuant to the Indenture, and (ii) eminent domain proceeds received pursuant to the Lease Agreement, at a Redemption Price equal to the principal amount of the Series 2025A Bonds to be redeemed, plus accrued interest thereon to the date of redemption, without premium.

Optional Redemption. The Series 2025A Bonds maturing on or after November 1, 20__, are subject to optional redemption, in whole or in part, on any date on or after November 1, 20__, in denominations of $5,000 or any integral multiple thereof, from and to the extent of prepaid Base Rental Payments paid pursuant to the Lease Agreement, at a Redemption Price equal to the principal amount of the Series 2025A Bonds to be redeemed, plus accrued interest thereon to the date of redemption, without premium.

Mandatory Sinking Fund Redemption. The Series 2025A Bonds with a stated maturity on November 1, 20__ are subject to mandatory sinking fund redemption in part (by lot) on each November 1 on and after November 1, 20__, in integral multiples of $5,000 at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption, without premium, in accordance with the following schedule:

Redemption Date
(November 1)
Principal
Amount
* Final Maturity.

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The Series 2025A Bonds with a stated maturity on November 1, 20__ are subject to mandatory sinking fund redemption in part (by lot) on each November 1 on and after November 1, 20__, in integral multiples of $5,000 at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption, without premium, in accordance with the following schedule:

Redemption Date
(November 1)
Principal
Amount
* Final Maturity.

In the event of a partial optional redemption or extraordinary mandatory redemption of any of the Term Bonds, each of the remaining mandatory sinking fund payments for such Term Bonds will be reduced, as nearly as practicable, on a pro rata basis in the amount of $5,000 or any integral multiple thereof as directed by an Authorized City Representative.

Selection of Bonds for Redemption. Whenever provision is made in the Indenture for the redemption of less than all of the Bonds, the Trustee shall select the Bonds to be redeemed from all Bonds not previously called for redemption (a) with respect to any optional redemption of Bonds of a Series, among maturities of Bonds of such Series as directed in a Written Request of the Authority provided to the Trustee at least 30 but no more than 60 days prior to the date of such redemption, (b) with respect to any redemption from and to the extent of any insurance proceeds or condemnation award received with respect to all or a portion of the Property and the corresponding provision of any Supplemental Indenture pursuant to which Additional Bonds are issued, among maturities of all Series of Bonds on a pro rata basis as nearly as practicable, as directed in a Written Request of the Authority provided to the Trustee at least 30 but no more than 60 days prior to the date of such redemption, and (c) with respect to any other redemption of Additional Bonds, among maturities as provided in the Supplemental Indenture pursuant to which such Additional Bonds are issued, and by lot among Bonds of the same Series with the same maturity in any manner which the Trustee in its sole discretion deems appropriate and fair. For purposes of such selection, all Bonds will be deemed to be comprised of separate $5,000 denominations and such separate denominations will be treated as separate Bonds which may be separately redeemed.

Notice of Redemption. Notice of redemption shall be given by the Trustee, not less than 20 nor more than 60 days prior to the redemption date (i) as to Series 2025A Bonds not registered in the name of a Securities Depository or its nominee, to the respective Owners of the Series 2025A Bonds designated for redemption at their addresses appearing on the Registration Books, (ii) as to Series 2025A Bonds registered in the name of a Securities Depository or its nominee, to such Securities Depository for such Series 2025A Bonds, and (iii) the Information Services. Notice of redemption to the Owners pursuant to (i) above shall be given by mail at their addresses appearing on the Registration Books, or any other method agreed upon by such Owner and the Trustee. Notice of redemption to the Securities Depositories pursuant to (ii) above and the Information Services pursuant to (iii) above shall be given by electronically secure means, or any other method agreed upon by such entities and the Trustee.

Such notice will state the date of the notice, the redemption date, the redemption place and the Redemption Price and shall designate the CUSIP numbers, the Series 2025A Bond numbers and the maturity or maturities (except in the event of redemption of all of the Series 2025A Bonds of such maturity or maturities in whole) of the Series 2025A Bonds to be redeemed, and will require that such Series 2025A Bonds be then surrendered at the principal corporate trust office of the Trustee for redemption at the Redemption Price, giving notice also that further interest on such Series 2025A Bonds will not accrue from

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and after the date fixed for redemption. Neither the failure to receive any notice so given, nor any defect in such notice, will affect the validity of the proceedings for the redemption of the Series 2025A Bonds or the cessation of accrual of interest thereon from and after the date fixed for redemption.

With respect to any notice of optional redemption of the Series 2025A Bonds, such notice may state that such redemption is conditional upon the receipt by the Trustee, on or prior to the date fixed for such redemption, of moneys sufficient to pay the principal of, premium if any, and interest on the Series 2025A Bonds to be redeemed and upon other conditions set forth therein and that, if such money has not been so received or such other conditions have not been satisfied, said notice is of no force and effect and the Trustee is not required to redeem such Series 2025A Bonds. If any condition stated in the redemption notice for an optional redemption have not been satisfied on or prior to the redemption date: (i) the redemption notice will be of no force and effect, (ii) the Authority will not be required to redeem such Series 2025A Bonds, (iii) the redemption will not be made, and (iv) the Trustee will within a reasonable time thereafter give notice to the persons in the manner in which the conditional redemption notice was given that such condition or conditions were not met and that the redemption was canceled.

Partial Redemption of Bonds. Upon surrender of any Bonds redeemed in part only, the Authority will execute and the Trustee will authenticate and deliver to the Owner thereof, at the expense of the Authority, a new Bond or Bonds of the same Series in authorized denominations equal in aggregate principal amount representing the unredeemed portion of the Bonds surrendered.

Effect of Notice of Redemption. Notice having been given as aforesaid, and moneys for the Redemption Price, and the interest to the applicable date fixed for redemption, having been set aside in the Redemption Fund, the Bonds will become due and payable on said date, and, upon presentation and surrender thereof at the principal corporate trust office of the Trustee, said Bonds will be paid at the Redemption Price thereof, together with interest accrued and unpaid to said date.

If, on said date fixed for redemption, moneys for the Redemption Price of all the Bonds to be redeemed, together with interest to said date, will be held by the Trustee so as to be available therefor on such date, and, if notice of redemption thereof has been given as aforesaid and not canceled, then, from and after said date, interest on said Bonds will cease to accrue and become payable. All moneys held by or on behalf of the Trustee for the redemption of Bonds will be held in trust for the account of the Owners of the Bonds so to be redeemed without liability to such Owners for interest thereon. All Bonds paid at maturity or redeemed prior to maturity pursuant to the provisions of the Indenture will be canceled upon surrender thereof and destroyed.

Book-Entry Only System
DTC will act as securities depository for the Series 2025A Bonds. The Series 2025A Bonds will be issued as fully-registered bonds registered in the name of Cede & Co. (DTC’s partnership nominee). One fully-registered Series 2025A Bond will be issued for each maturity of the Series 2025A Bonds, each in the initial aggregate principal amount of such maturity, and will be deposited with DTC. See APPENDIX F— “BOOK-ENTRY ONLY SYSTEM.”
SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2025A BONDS Pledge of Revenues
The Series 2025A Bonds are equally and ratably payable from and secured by Base Rental Payments and certain amounts on deposit in the Base Rental Payment Fund, the Interest Fund, the Capitalized Interest Fund, the Principal Fund, the Reserve Fund and the Redemption Fund established under the Indenture on a parity with the Series 2022A Bonds. Base Rental Payments will be payable by the City from any and all legally available funds, however, the City expects that its General Fund will be the primary source of funds to

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make Base Rental Payments. See “RISK FACTORS” and APPENDIX A—THE CITY OF INDIO for a description of such available funds and the potential risks associated with the availability of such funds to make Base Rental Payments. The City covenants in the Lease Agreement to take such action as may be necessary to include all Base Rental Payments and Additional Rental Payments due under the Lease Agreement in its annual budgets and to make the necessary annual appropriations therefor.

The Authority, pursuant to the Assignment Agreement, has assigned to the Trustee for the benefit of the Bond Owners all of the Authority’s right, title and interest in and to the Ground Lease and the Lease Agreement, including, without limitation, its right to receive Base Rental Payments to be paid by the City under and pursuant to the Lease Agreement; provided that, the Authority will retain the rights to indemnification, to give approvals and consents under the Lease Agreement and the Ground Lease and to payment or reimbursement of its reasonable costs and expenses under the Lease Agreement. The City will pay Base Rental Payments directly to the Trustee, as assignee of the Authority. See “—Base Rental Payments” below. Pursuant to the Indenture, the Authority may issue Additional Bonds payable from the Base Rental Payments on a parity with the Series 2022A Bonds and the Series 2025A Bonds. See APPENDIX B— “SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE INDENTURE—ISSUANCE OF BONDS; APPLICATION OF PROCEEDS—Conditions for the Issuance of Additional Bonds” and “— Procedure for the Issuance of Additional Bonds.”
Subject only to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in the Indenture, all of the Base Rental Payments and any other amounts (including proceeds of the sale of the Bonds) held in the Base Rental Payment Fund, the Interest Fund, the Capitalized Interest Fund, the Principal Fund, the Reserve Fund and the Redemption Fund are pledged by the Authority pursuant to the Indenture to secure the payment of the principal of and interest on the Bonds in accordance with their terms, the provisions of the Indenture and the Act. Said pledge constitutes a first lien on such assets.

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

Base Rental Payments
Rental Payments (defined in the Lease Agreement as collectively, the Base Rental Payments and the Additional Rental Payments) will be paid by the City to the Authority for and in consideration of the right to use and occupy the Property and in consideration of the continued right to the quiet use and enjoyment thereof during each Rental Period for which such Rental Payments are to be paid. Each Base Rental Payment will be deposited with the Trustee no later than the 25th day of the month next preceding each Interest Payment Date (the “Base Rental Deposit Date”) on which such Base Rental Payment is due. All Base Rental Payments will be paid directly by the City to the Trustee, and if received by the Authority at any time will be transferred by the Authority to the Trustee within one Business Day after the receipt thereof. All Base Rental Payments received by the Trustee will be deposited by the Trustee in the Base Rental Payment Fund.

Pursuant to the Indenture, on the Business Day immediately preceding each Interest Payment Date and on the Business Day immediately preceding each Principal Payment Date, the Trustee will transfer amounts in the Base Rental Payment Fund as are necessary to the Interest Fund and the Principal Fund to provide for the payment of and the interest on and principal of the Bonds.

The Base Rental due under the Lease Agreement is calculated to be sufficient to pay the principal of and interest on the Series 2022A Bonds and the Series 2025A Bonds. The debt service schedules for the Series 2022A Bonds and the Series 2025A Bonds are set forth below under the heading “DEBT SERVICE SCHEDULE.”

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

Additional Rental Payments
For the right to use and occupy the Property, the Lease Agreement requires the City to pay, as Additional Rental payments thereunder, in addition to the Base Rental Payments, such amounts as shall be required for the payment of the following:
(i) All taxes and assessments of any type or nature charged to the Authority or the City or affecting the Property or the respective interests or estates of the Authority or the City therein. (ii) All reasonable administrative costs of the Authority relating to the Property including, but without limiting the generality of the foregoing, salaries, wages, fees and expenses, compensation and indemnification of the Trustee payable by the Authority under the Indenture, fees of auditors, accountants, attorneys or engineers, and all other necessary and reasonable administrative costs of the Authority or charges required to be paid by it in order to maintain its existence or to comply with the terms of the Indenture or the Lease Agreement or to defend the Authority and its members, officers, agents and employees.
(iii) Insurance premiums for all insurance required pursuant to the Lease Agreement. (iv) Any amounts with respect to the Lease Agreement or the Bonds required to be rebated to the federal government in accordance with section 148(f) of the Internal Revenue Code of 1986; (v) All amounts payable to the Insurer pursuant to the Indenture not payable from Base Rental Payments; and
(vi) All other payments required to be paid by the City under the provisions of the Lease Agreement or the Indenture.

Amounts constituting Additional Rental Payments payable under the Lease Agreement will be paid by the City directly to the person or persons to whom such amounts are payable. The City will pay all such amounts when due or at such later time as such amounts may be paid without penalty or, in any other case, within 60 days after notice in writing from the Trustee to the City stating the amount of Additional Rental Payments then due and payable and the purpose thereof.

Abatement
Base Rental Payments and Additional Rental Payments are paid by the City in each Rental Period for and in consideration of the right to use and occupy the Property. Base Rental Payments and Additional Rental Payments may be abated in the event of non-delivery of the Projects or in the event of damage, destruction, condemnation or title defect affecting the Property, each as described further below. The Trustee cannot terminate the Lease Agreement in the event of such substantial interference. Abatement of Base Rental Payments and Additional Rental Payments is not an event of default under the Lease Agreement and does not permit the Trustee to take any action or avail itself of any remedy against the City. See APPENDIX B— “SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—RENTAL PAYMENTS—Rental Abatement.”

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In the Event of Non-Delivery of the Projects. To the extent described below, the amount of Rental Payments due under the Lease Agreement will be abated during any period in which by reason of delay in the completion of the portions of the Projects being constructed on the Property there is substantial interference with the City’s use and occupancy of the Projects; provided, however, that the Rental Payments due for any Rental Period may not exceed the annual fair rental value of that portion of the Property available for use and occupancy by the City during such Rental Period. The City and the Authority will calculate such abatement and provide the Trustee with a certificate setting forth such calculation and the basis therefor. Such abatement will continue until the substantial completion of the portions of the Projects being constructed on the Property, and the term of the Lease Agreement will be extended until the date upon which (i) all Bonds shall be fully paid, or provision therefor made in accordance with the Indenture, or (ii) the Indenture shall be discharged by its terms and all Rental Payments shall have been paid in full. Notwithstanding the foregoing, the term of the Lease Agreement will in no event be extended beyond the Maximum Lease Term. Notwithstanding the foregoing, the City will remain obligated to make Rental Payments under the Lease Agreement, as an obligation of the City payable from a special fund, (i) to the extent there are proceeds of any completion or performance bonds or moneys paid to the City by the contractors or any other person as liquidated damages as a result of any defect or delay in completion of the portion of the Projects being constructed on the Property, or (ii) to the extent that amounts in the Reserve Fund or the Capitalized Interest Fund are available to pay Rental Payments which would otherwise be abated under the Lease Agreement in the event of non-delivery of the Projects. Any amounts received by the City as liquidated damages will be deposited by the City immediately upon receipt in the Base Rental Payment Fund.

In the Event of Damage, Destruction, Condemnation or Title Defect. Except as otherwise specifically provided in the Lease Agreement, during any period in which, by reason of material damage to, or destruction or condemnation of, the Property, or any defect in title to the Property, there is substantial interference with the City’s right to use and occupy any portion of the Property, Rental Payments are subject to abatement proportionately, and the City waives the benefits of Civil Code Sections 1932(1), 1932(2) and 1933(4) and any and all other rights to terminate the Lease Agreement by virtue of any such interference, and the Lease Agreement will continue in full force and effect. The amount of such abatement will be agreed upon by the City and the Authority; provided, however, that the Rental Payments due for any Rental Period may not exceed the annual fair rental value of that portion of the Property available for use and occupancy by the City during such Rental Period. Any such abatement will continue for the period commencing with the date of interference resulting from such damage, destruction, condemnation or title defect and, with respect to damage to or destruction of the Property, ending when such use and occupancy is restored. In the event of abatement, the term of the Lease Agreement will be extended until the date upon which (i) all Bonds shall be fully paid, or provision therefor made in accordance with the Indenture, or (ii) the Indenture shall be discharged by its terms and all Rental Payments shall have been paid in full. Notwithstanding the foregoing, the term of the Lease Agreement will in no event be extended beyond the Maximum Lease Term.

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

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

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

Release of Properties Other Than the Projects and the Refunded Bonds Properties. The Lease Agreement provides that, upon completion of construction of the Projects, the City may release the portions of the Property other than the Projects and the related real property upon which the Projects are located and the Refunded Bonds Properties (defined below) from the Ground Lease and the Lease Agreement, subject to certain requirements under the Lease Agreement and without the consent of the Insurer. After any such release, the Projects and the related real property upon which the Projects are located and the Refunded Bonds Properties will constitute the Property leased under the Ground Lease and the Lease Agreement. The “Refunded Bonds Properties” consist of North Jackson Park, South Jackson Park and the Indio Sports Park.

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

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

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For a description of the events of default and permitted remedies of the Trustee (as assignee of the Authority) contained in the Lease Agreement and the Indenture, see APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—DEFAULTS AND REMEDIES” and “—THE INDENTURE—DEFAULT AND LIMITATIONS OF LIABILITY.”
Reserve Fund
The Indenture establishes a Reserve Fund and a Series 2025A Bonds Account therein, which is required to be maintained in an amount equal to $____________ (the “Reserve Fund Requirement”). Moneys in the Series 2025A Bonds Account of the Reserve Fund will be held in trust as a reserve for the payment when due of all debt service payments on the Series 2025A Bonds. The City will acquire the Reserve Surety Policy from the Insurer in the amount of the Reserve Fund Requirement for deposit into the Series 2025A Account of the Reserve Fund to satisfy the Reserve Fund Requirement with respect to the Series 2025A Bonds. Amounts in the Series 2025A Bonds Account of the Reserve Fund shall be applied solely to the payment of principal of and interest on the Series 2025A Bonds.

The Indenture also establishes a Series 2022A Bonds Account in the Reserve Fund. Amounts within the Series 2022A Bonds Account of the Reserve Fund are not available to pay debt service payments with respect to the Series 2025A Bonds and amounts within the Series 2025A Bonds Account are not available to pay debt service on the Series 2022A Bonds or any Additional Bonds issued in the future.

See APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE INDENTURE—SECURITY FOR THE BONDS; FLOW OF FUNDS—Flow of Funds.” Capitalized Interest Fund
A portion of the debt service on the Series 2022A Bonds (which was calculated to be the portion of the Base Rental Payments attributable to the Public Safety Campus Project) in the Fiscal Years ending June 30, 2022 through June 30, 2026 is being paid from capitalized interest. A portion of the debt service on the Series 2025A Bonds (which was calculated to be the portion of the Base Rental Payments attributable to the Police Headquarters Project) in the Fiscal Year ending June 30, 2026 will be paid from capitalized interest. On the second Business Day immediately preceding each Interest Payment Date, the Trustee will transfer from the Capitalized Interest Fund to the Interest Fund, the following amounts on the dates set forth below. All amounts remaining in the Capitalized Interest Fund following May 1, 2026 will be transferred to the Interest Fund.

Date 2022A Bonds 2025A Bonds
November 1, 2025 $252,269.79
May 1, 2026 --
See the captions “SOURCES AND USES OF FUNDS,” “DEBT SERVICE SCHEDULE,” “THE POLICE HEADQUARTERS PROJECT,” “THE PROPERTY—The Public Safety Campus Project,” as well as APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE INDENTURE— SECURITY FOR THE BONDS; FLOW OF FUNDS—Flow of Funds.”
Additional Bonds
Pursuant to the Indenture, the Authority may issue Additional Bonds payable from the Base Rental Payments on a parity with the outstanding Series 2022A Bonds and Series 2025A Bonds upon satisfaction of certain conditions, including, but not limited to, the following:

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(a) The Authority shall be in compliance with all agreements, conditions, covenants and terms contained in the Indenture, in the Lease Agreement and in the Ground Lease required to be observed or performed by it;
(b) The City shall be in compliance with all agreements, conditions, covenants and terms contained in the Indenture, in the Lease Agreement and in the Ground Lease required to be observed or performed by it;
(c) The Ground Lease and the Lease Agreement shall have been amended, to the extent necessary, (i) so as to increase the Base Rental Payments payable by the City thereunder by an aggregate amount equal to the principal of and interest on such Additional Bonds, payable at such times and in such manner as may be necessary to provide for the payment of the principal of and interest on such Additional Bonds; provided, however, that no such amendment shall be made such that the sum of Base Rental Payments, including any increase in the Base Rental Payments as a result of such amendment, plus Additional Rental Payments, in any Rental Period shall be in excess of the annual fair rental value of the Property after taking into account the use of the proceeds of any Additional Bonds issued in connection therewith (evidence of the satisfaction of such condition shall be made by a Written Certificate of the City); and (ii) to include provisions for the prepayment of Base Rental Payments attributable to such Additional Bonds; and (d) The City shall have provided the Insurer written notice of the proposed issuance of such Additional Bonds and shall have received prior written consent of the Insurer with respect to such Additional Bonds.

Notwithstanding satisfaction of the other conditions to the issuance of Additional Bonds set forth in the Indenture, no such issuance may occur if (1) an event of default (within the meaning of the Lease Agreement) (or any event which, once all notice or grace periods have passed, would constitute such event of default) exists unless such event of default shall be cured upon such execution or issuance or (2) the Reserve Fund is not fully funded at the Reserve Requirement.

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

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

Rental Interruption Insurance. The Lease Agreement requires the City to maintain rental interruption insurance to cover the Authority’s loss, total or partial, of Base Rental Payments resulting from the loss, total or partial, of the use of any part of the Property as a result of any of the hazards covered by the casualty insurance described above under “— Property Insurance,” in an amount sufficient at all times to pay an amount not less than the product of two times the maximum amount of Base Rental Payments scheduled to be paid during any Rental Period. The City is not permitted to self-insure its obligation to maintain rental interruption insurance. Notwithstanding the foregoing, the City will not be required to obtain rental interruption insurance with respect to the portions of the Property on which the Public Safety Campus Project and the City Hall and Library Project are located until the City has received a certificate of occupancy for the Public Safety Campus Project or the City Hall and Library Project, respectively.

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

Title Insurance. The City shall provide, at its own expense, one or more CLTA or ALTA title insurance policies for the Property, in the aggregate amount of not less than the initial aggregate principal amount of the Bonds. Said policy or policies shall insure (a) the fee interest of the City in the Property, (b) the Authority’s ground leasehold estate in the Property under the Ground Lease, and (c) the City’s leasehold estate under the Lease in the Property, subject only to Permitted Encumbrances. All Net Insurance Proceeds received under said policy or policies shall be deposited with the Trustee and applied as provided in the Indenture. So long as any of the Bonds remain Outstanding, each policy of title insurance obtained pursuant to the Indenture or the Lease Agreement or required thereby shall provide that all proceeds thereunder shall be payable to the Trustee for the benefit of the Bond Owners.

See APPENDIX B—“SUMMARY OF THE PRINCIPAL LEGAL DOCUMENTS—THE LEASE AGREEMENT—INSURANCE.”

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BOND INSURANCE
Bond Insurance Policy
Concurrently with the issuance of the Bonds, Build America Mutual Assurance Company (previously defined as “BAM” or the “Insurer”) will issue its Municipal Bond Insurance Policy for the Insured Series 2025A Bonds (the “Policy”). The Policy guarantees the scheduled payment of principal of and interest on the Insured Series 2025A Bonds when due as set forth in the form of the Policy included as an exhibit to this Official Statement.

The Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law.

Build America Mutual Assurance Company
BAM is a New York domiciled mutual insurance corporation and is licensed to conduct financial guaranty insurance business in all fifty states of the United States and the District of Columbia. BAM provides credit enhancement products to issuers in the U.S. public finance markets. BAM will only insure municipal bonds, as defined in Section 6901 of the New York Insurance Law, which are most often issued by states, political subdivisions, integral parts of states or political subdivisions or entities otherwise eligible for the exclusion of income under section 115 of the U.S. Internal Revenue Code of 1986, as amended. No member of BAM is liable for the obligations of BAM.

The address of the principal executive offices of BAM is: 200 Liberty Street, 27th Floor, New York, New York 10281, its telephone number is: 212-235-2500, and its website is located at: www.bambonds.com.

BAM is licensed and subject to regulation as a financial guaranty insurance corporation under the laws of the State of New York and in particular Articles 41 and 69 of the New York Insurance Law.

BAM’s financial strength is rated “AA/Stable” by S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC (“S&P”). An explanation of the significance of the rating and current reports may be obtained from S&P at https://www.spglobal.com/en/. The rating of BAM should be evaluated independently. The rating reflects S&P’s current assessment of the creditworthiness of BAM and its ability to pay claims on its policies of insurance. The above rating is not a recommendation to buy, sell or hold the Bonds, and such rating is subject to revision or withdrawal at any time by S&P, including withdrawal initiated at the request of BAM in its sole discretion. Any downward revision or withdrawal of the above rating may have an adverse effect on the market price of the Bonds. BAM only guarantees scheduled principal and scheduled interest payments payable by the issuer of the Bonds on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the Policy), and BAM does not guarantee the market price or liquidity of the Bonds, nor does it guarantee that the rating on the Bonds will not be revised or withdrawn.

Capitalization of BAM
BAM’s total admitted assets, total liabilities, and total capital and surplus, as of March 31, 2025 and as prepared in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services were $482.1 million, $246.4 million and $235.7 million, respectively.

BAM is party to a first loss reinsurance treaty that provides first loss protection up to a maximum of 15% of the par amount outstanding for each policy issued by BAM, subject to certain limitations and restrictions.

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BAM’s most recent Statutory Annual Statement, which has been filed with the New York State Insurance Department and posted on BAM’s website at www.bambonds.com, is incorporated herein by reference and may be obtained, without charge, upon request to BAM at its address provided above (Attention:

Finance Department). Future financial statements will similarly be made available when published.

BAM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding BAM, supplied by BAM and presented under the heading “BOND INSURANCE”.

Additional Information Available from BAM
Credit Insights Videos. For certain BAM-insured issues, BAM produces and posts a brief Credit Insights video that provides a discussion of the obligor and some of the key factors BAM’s analysts and credit committee considered when approving the credit for insurance. The Credit Insights videos are easily accessible on BAM's website at https://bambonds.com/insights/#video. (The preceding website address is provided for convenience of reference only. Information available at such address is not incorporated herein by reference.)
Credit Profiles. Prior to the pricing of bonds that BAM has been selected to insure, BAM may prepare a pre-sale Credit Profile for those bonds. These pre-sale Credit Profiles provide information about the sector designation (e.g. general obligation, sales tax); a preliminary summary of financial information and key ratios; and demographic and economic data relevant to the obligor, if available. Subsequent to closing, for any offering that includes bonds insured by BAM, any pre-sale Credit Profile will be updated and superseded by a final Credit Profile to include information about the gross par insured by CUSIP, maturity and coupon. BAM pre-sale and final Credit Profiles are easily accessible on BAM's website at https://bambonds.com/credit- profiles. BAM will produce a Credit Profile for all bonds insured by BAM, whether or not a pre-sale Credit Profile has been prepared for such bonds. (The preceding website address is provided for convenience of reference only. Information available at such address is not incorporated herein by reference.) Disclaimers. The Credit Profiles and the Credit Insights videos and the information contained therein are not recommendations to purchase, hold or sell securities or to make any investment decisions.

Credit-related and other analyses and statements in the Credit Profiles and the Credit Insights videos are statements of opinion as of the date expressed, and BAM assumes no responsibility to update the content of such material. The Credit Profiles and Credit Insight videos are prepared by BAM; they have not been reviewed or approved by the issuer of or the underwriter for the Series 2025A Bonds, and the Authority, the City and the Underwriter assume no responsibility for their content.

BAM receives compensation (an insurance premium) for the insurance that it is providing with respect to the Bonds. Neither BAM nor any affiliate of BAM has purchased, or committed to purchase, any of the Bonds, whether at the initial offering or otherwise.

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

Sources
Principal Amount of Series 2025A Bonds
Plus Net Original Issue Premium
Plus Prior Funds on Hand
Total Sources
Uses
Project Fund
Capitalized Interest Fund(1)
Underwriter’s Discount
Costs of Issuance(2)
Total Uses
(1) To fund a portion of capitalized interest through May 1, 2026. (2) Includes legal, municipal advisory, rating agency, printing fees, the premiums for the Insurance Policy and the Reserve Surety Policy, and other miscellaneous costs of issuance.

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DEBT SERVICE SCHEDULE
Following is the annual schedule of debt service due with respect to the Series 2022A Bonds and the Series 2025A Bonds:

Series 2022A Bonds Series 2025A Bonds
Fiscal Year Debt Service Principal Interest(2)
Aggregate Debt
Service
2026(1) $ 8,284,375 $ $ $
2027 8,279,125
2028 8,277,625
2029 8,274,500
2030 8,274,375
2031 8,271,875
2032 8,271,625
2033 8,268,250
2034 8,266,375
2035 8,260,625
2036 8,260,369
2037 8,259,463
2038 8,252,138
2039 6,918,700
2040 6,910,463
2041 6,907,906
2042 6,900,506
2043 6,897,738
2044 6,893,944
2045 6,883,731
2046 6,881,444
2047 6,876,294
2048 6,867,756
2049 6,870,113
2050 6,863,719
2051 6,854,163
2052 6,850,731
2053 6,842,713
2054 --
2055 --
Total $ 210,720,638
(1) A portion of the debt service on the Series 2022A Bonds and the Series 2025A Bonds in the Fiscal Year ending June 30, 2026 will be paid from capitalized interest. See the caption “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2022A BONDS—Capitalized Interest Fund.” Source: The Underwriter.

THE POLICE HEADQUARTERS PROJECT
The Police Headquarters Project consists of the design, construction and furnishing of a new approximately 28,000 square foot headquarters building for the Indio Police Department. As described further under the caption “THE PROPERTY,” the Police Headquarters Project is located on the same parcel of real property as the Public Safety Campus Project (as defined below) and will consist of a portion of the Property under the Ground Lease and the Lease Agreement.

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The total cost of the Police Headquarters Project (including furniture, fixtures and equipment) is expected to be approximately $45 million, approximately $30 million of which is expected to be financed with the proceeds of the Series 2025A Bonds and approximately $15 million of which is expected from the City’s General Fund. The City Council has previously budgeted a total of $10 million across fiscal years 2024-25 and 2025-26 to begin the design process of the Police Headquarters Project. The design phase of Police Headquarters Project is currently underway, and the City currently expects to release a request for construction bids in early 2026, with construction currently expected to begin in May 2026. The City currently anticipates an approximately 24-month construction period for the Police Headquarters Project.

In October 2024, the City awarded a contract to Holt Architects to begin the design of the Police Headquarters Project, and in November 2024 the City awarded a contract to Tilden-Coil Constructors to project pre-construction management services. Similar to the process for the Public Safety Campus and City Hall and Library Projects, the City currently expects to award a contract to Tilden-Coil Constructors to serve as the construction manager for the Police Headquarters Project pursuant to a construction manager multi- prime contract. Under the construction manager multi-prime contract, Tilden-Coil is expected to oversee the design and construction of the Police Headquarters Project, working with the City’s architect and contractors to review plans, invoices and change orders. The City expects to enter into separate construction contracts with various contractors for all aspects of the construction of the Police Headquarters Project.

THE PROPERTY
A description of each of the properties consisting of the Property initially leased under the Ground Lease and the Lease Agreement are described below.

The Projects
The Police Headquarters Project. A portion of the Property under the Ground Lease and the Lease Agreement consists of the Police Headquarters Project, a portion of the costs of the acquisition, construction and installation of which the net proceeds of the Series 2025A Bonds are expected to finance. The Police Headquarters Project is located on the same parcel of real property as the Public Safety Campus Project. As described further under the caption “THE POLICE HEADQUARTERS PROJECT,” construction on the Police Headquarters Project is expected to begin in mid-2026 and the City currently expects an approximately 24- month construction period.

The Public Safety Campus Project. One of the Projects financed from a portion of the proceeds of the Series 2022A Bonds consists of the City’s public safety campus (the “Public Safety Campus Project”), which was completed in 2024. The Public Safety Campus Project consisted of the design, construction and furnishing of three separate buildings totaling approximately 43,000 square feet: Fire Station Number 86, totaling approximately 13,500 square feet; a new dispatch center totaling approximately 7,000 square feet; and a new public safety services building totaling approximately 22,000 square feet. The Public Safety Campus Project is located generally on a portion of the property known as Assessor’s Parcel Number 612-070-004 (northeast of the intersection between Jackson Street and Dr. Carreon Blvd/Avenue 47 within the City) and adjacent to the site of the City’s existing Fire Station Number 1.

The total cost of the Public Safety Campus Project (including furniture, fixtures and equipment) was approximately $52 million, all of which was financed with the proceeds of the Series 2022A Bonds.

The City Hall and Library Project. The second of the Projects financed from a portion of the proceeds of the Series 2022A Bonds consists of the City’s new City Hall and City Library (the “City Hall and Library Project”), as described below. As described below, the City Hall and Library Project and the related real property upon which the proposed new City Hall and City Library Project are located is part of the Property leased under the Ground Lease and the Lease Agreement.