Agenda packet — La Quinta City Council, October 15, 2024 (part 1 of 2)

CITY COUNCIL AGENDA Page 1 of 7 OCTOBER 15, 2024

CITY COUNCIL
AGENDA

CITY HALL COUNCIL CHAMBER
78495 Calle Tampico, La Quinta
REGULAR MEETING ON TUESDAY, OCTOBER 15, 2024
3:00 P.M. CLOSED SESSION | 4:00 P.M. OPEN SESSION
Members of the public may listen to this meeting by tuning-in live via www.laquintaca.gov/livemeetings.

CALL TO ORDER
ROLL CALL: Councilmembers: Fitzpatrick, McGarrey, Peña, Sanchez, and Mayor Evans

PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the City Council on any matter not listed on the agenda pursuant to the “Public Comments – Instructions” listed at the end of the agenda.

The City Council values your comments; however, in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by the Brown Act [Government Code § 54954.2(b)].

CONFIRMATION OF AGENDA

CLOSED SESSION

1. CONFERENCE WITH LEGAL COUNSEL – ANTICIPATED LITIGATION; SIGNIFICANT EXPOSURE TO LITIGATION PURSUANT TO PARAGRAPH (2) OR (3) OF SUBDIVISION (d) OF GOVERNMENT CODE SECTION 54956.9 (NUMBER OF POTENTIAL CASES: 1)

2. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION; PURSUANT TO PARAGRAPH (1) OF SUBDIVISION (d) OF GOVERNMENT CODE SECTION 54956.9;
CASES NAMES AND NUMBERS – MULTIPLE (listed below, all in U.S. Bankruptcy Court, District of Delaware)
City Council agendas and staff reports
are available on the City’s
web page: www.LaQuintaCA.gov
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CITY COUNCIL AGENDA Page 2 of 7 OCTOBER 15, 2024

CASE NAME: CASE NUMBER
SilverRock Development Company, LLC 24-11647
SilverRock Lifestyle Residences, LLC 24-11648
SilverRock Lodging, LLC 24-11650
SilverRock Luxury Residences, LLC 24-11652
SilverRock Phase I, LLC 24-11654
RGC PA 789, LLC 24-11657

RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.

REPORT ON ACTION(S) TAKEN IN CLOSED SESSION

PLEDGE OF ALLEGIANCE

ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS

1. ARTS AND MUSIC LINE PROJECT UPDATE – PRESENTATION BY COACHELLA

VALLEY ASSOCIATION OF GOVERNMENTS ASSISTANT DIRECTOR OF

TRANSPORTATION RANDY BOWMAN

2. LA QUINTA ART CELEBRATION – NOVEMBER 2024 EVENT SUMMARY

PRESENTATION BY EVENT PRODUCER PAUL ANDERSON WITH SCOPE EVENTS

3. TALUS DEVELOPMENT PROJECT (FORMERLY SILVERROCK) – STATUS UPDATE

CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.

PAGE

1. APPROVE COUNCIL MEETING MINUTES OF SEPTEMBER 17, 2024 9

2. APPROVE COUNCIL MEETING MINUTES OF OCTOBER 1, 2024 21

3. EXCUSE ABSENCE OF COMMISSIONER HUNDT FROM THE OCTOBER 8, 2024, PLANNING COMMISSION MEETING
33 4. ADOPT RESOLUTION DESIGNATING SPEED LIMITS FOR DUNE PALMS

ROAD FROM MILES AVENUE TO FRED WARING DRIVE
[RESOLUTION NO. 2024-038]
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CITY COUNCIL AGENDA Page 3 of 7 OCTOBER 15, 2024

5. ADOPT RESOLUTION AUTHORIZING THE CITY OF LA QUINTA TO JOIN WITH

OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE CALIFORNIA ASSET

MANAGEMENT TRUST AND TO INVEST IN SHARES OF THE TRUST AND IN INDIVIDUAL PORTFOLIOS [RESOLUTION NO. 2024-039]
47 6. APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENTS AND

AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENTS FOR TRACT MAP NO. 32201, A RESIDENTIAL DEVELOPMENT LOCATED AT THE NORTHWEST CORNER OF AVENUE 60 AND MADISON STREET
113

7. ACCEPT OFF-SITE IMPROVEMENTS ASSOCIATED WITH THE DIAMANTE RESIDENTIAL DEVELOPMENT, TRACT MAP NO. 30138, LOCATED ON THE NORTH SIDE OF AVENUE 52 WEST OF MADISON STREET
127

8. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED AUGUST 31, 2024
129

9. APPROVE DEMAND REGISTERS DATED SEPTEMBER 27 AND
OCTOBER 4, 2024
135

BUSINESS SESSION
PAGE

1. APPROVE AMENDMENT NO. 1 TO AGREEMENT FOR CONTRACT SERVICES WITH THE AMERICAN EXPRESS GOLF TOURNAMENT FOR 2025 THROUGH 2027 FOR IN-KIND SERVICES FOR HOSTING THE GOLF TOURNAMENT IN

LA QUINTA
151

2. APPROVE AMENDMENT NO. 1 TO AGREEMENT WITH COUNTY OF

RIVERSIDE FOR ANIMAL SHELTER, FIELD, AND LICENSING SERVICES FOR FISCAL YEAR 2024/25
161
STUDY SESSION – None
PUBLIC HEARINGS – None

DEPARTMENTAL REPORTS
PAGE

1. CITY MANAGER – MARKETING QUARTERLY REPORT JULY-SEPTEMBER 2024
177

2. CITY ATTORNEY

3. CITY CLERK

4. COMMUNITY SERVICES

5. DESIGN AND DEVELOPMENT

6. FINANCE

7. PUBLIC SAFETY

8. PUBLIC WORKS
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CITY COUNCIL AGENDA Page 4 of 7 OCTOBER 15, 2024

MAYOR’S AND COUNCIL MEMBERS’ ITEMS

REPORTS AND INFORMATIONAL ITEMS

1. CVAG CONSERVATION COMMISSION (Evans)

2. CVAG ENERGY AND ENVIRONMENTAL RESOURCES COMMITTEE (Evans)

3. CVAG EXECUTIVE COMMITTEE (Evans)

4. VISIT GREATER PALM SPRINGS CONVENTION AND VISITORS BUREAU (Evans)

5. IMPERIAL IRRIGATION DISTRICT – COACHELLA VALLEY ENERGY COMMISSION (Evans)

6. LEAGUE OF CALIFORNIA CITIES DELEGATE (Evans)

7. COACHELLA VALLEY WATER DISTRICT JOINT POLICY COMMITTEE (Evans)

8. SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENTS (Evans)

9. GREATER CV CHAMBER OF COMMERCE INFORMATION EXCHANGE COMMITTEE (Evans)

10. ECONOMIC DEVELOPMENT SUBCOMMITTEE (Evans & Fitzpatrick)

11. DESERT SANDS UNIFIED SCHOOL DISTRICT COMMITTEE (Evans & Sanchez)

12. DESERT RECREATION DISTRICT COMMITTEE (Fitzpatrick & McGarrey)

13. COACHELLA VALLEY UNIFIED SCHOOL DISTRICT COMMITTEE (Fitzpatrick & Peña)

14. RIVERSIDE COUNTY TRANSPORTATION COMMISSION (Fitzpatrick)

15. CVAG TRANSPORTATION COMMITTEE (Fitzpatrick)

16. IMPERIAL IRRIGATION DISTRICT – ENERGY CONSUMERS ADVISORY COMMITTEE (McGarrey)

17. COACHELLA VALLEY MOUNTAINS CONSERVANCY (McGarrey)

18. LEAGUE OF CALIFORNIA CITIES – ENVIRONMENTAL QUALITY POLICY COMMITTEE (McGarrey)

19. LEAGUE OF CALIFORNIA CITIES – EXECUTIVE COMMITTEE RIVERSIDE COUNTY DIVISION (McGarrey)

20. CANNABIS AD HOC COMMITTEE (Peña & Sanchez)

21. CVAG PUBLIC SAFETY COMMITTEE (Peña)

22. CVAG HOMELESSNESS COMMITTEE (Peña)

23. COACHELLA VALLEY MOSQUITO AND VECTOR CONTROL DISTRICT (Peña)

24. SUNLINE TRANSIT AGENCY (Peña)

25. ANIMAL CAMPUS COMMISSION (Sanchez)

26. LEAGUE OF CALIFORNIA CITIES – PUBLIC SAFETY COMMITTEE (Sanchez)

27. RIVERSIDE LOCAL AGENCY FORMATION COMMISSION (Sanchez)

28. ART PURCHASE COMMITTEE (Sanchez & McGarrey)

29. CALIFORNIA JOINT POWERS INSURANCE AUTHORITY (Sanchez)

30. SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENTS REGIONAL COUNCIL (Sanchez)

31. PALM SPRINGS AIRPORT COMMISSION MEETING MINUTES OF SEPTEMBER 12, 2024 SPECIAL MEETING, AND SEPTEMBER 18, 2024 MEETING 183

ADJOURNMENT
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CITY COUNCIL AGENDA Page 5 of 7 OCTOBER 15, 2024
The next regular meeting of the City Council will be held on November 5, 2024, at 4:00 p.m. at the City Hall Council Chamber, 78495 Calle Tampico, La Quinta, CA 92253.

DECLARATION OF POSTING
I, Monika Radeva, City Clerk of the City of La Quinta, do hereby declare that the foregoing Agenda for the La Quinta City Council meeting was posted on the City’s website, near the entrance to the Council Chamber at 78495 Calle Tampico, and the bulletin board at the La Quinta Cove Post Office at 51321 Avenida Bermudas, on October 10, 2024.

DATED: October 10, 2024
MONIKA RADEVA, City Clerk
City of La Quinta, California
Public Notices
 Agenda packet materials are available for public inspection: 1) at the Clerk’s Office at La Quinta City Hall, located at 78495 Calle Tampico, La Quinta, California 92253; and 2) on the City’s website at www.laquintaca.gov/councilagendas, in accordance with the Brown Act [Government Code § 54957.5; AB 2647 (Stats. 2022, Ch. 971)].  The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk’s office at (760) 777-7123, 24- hours in advance of the meeting and accommodations will be made.  If background material is to be presented to the City Council during a City Council meeting, please be advised that 15 copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this takes place prior to the beginning of the meeting.

PUBLIC COMMENTS - INSTRUCTIONS
Members of the public may address the City Council on any matter listed or not listed on the agenda as follows:

WRITTEN PUBLIC COMMENTS can be provided either in-person during the meeting by submitting 15 copies to the City Clerk, it is requested that this takes place prior to the beginning of the meeting; or can be emailed in advance to [email protected], no later than 12:00 p.m., on the day of the meeting. Written public comments will be distributed to Council, made public, and will be incorporated into the public record of the meeting, but will not be read during the meeting unless, upon the request of the Mayor, a brief summary of public comments is asked to be reported.

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CITY COUNCIL AGENDA Page 6 of 7 OCTOBER 15, 2024

If written public comments are emailed, the email subject line must clearly state “Written Comments” and should include: 1) full name, 2) city of residence, and 3) subject matter.

VERBAL PUBLIC COMMENTS can be provided in-person during the meeting by completing a “Request to Speak” form and submitting it to the City Clerk; it is requested that this takes place prior to the beginning of the meeting. Please limit your comments to three (3) minutes (or approximately 350 words). Members of the public shall be called upon to speak by the Mayor.

In accordance with City Council Resolution No. 2022-027, a one-time additional speaker time donation of three (3) minutes per individual is permitted; please note that the member of the public donating time must: 1) submit this in writing to the City Clerk by completing a “Request to Speak” form noting the name of the person to whom time is being donated to, and 2) be present at the time the speaker provides verbal comments.

Verbal public comments are defined as comments provided in the speakers’ own voice and may not include video or sound recordings of the speaker or of other individuals or entities, unless permitted by the Mayor.

Public speakers may elect to use printed presentation materials to aid their comments; 15 copies of such printed materials shall be provided to the City Clerk to be disseminated to the City Council, made public, and incorporated into the public record of the meeting; it is requested that the printed materials are provided prior to the beginning of the meeting. There shall be no use of Chamber resources and technology to display visual or audible presentations during public comments, unless permitted by the Mayor.

All writings or documents, including but not limited to emails and attachments to emails, submitted to the City regarding any item(s) listed or not listed on this agenda are public records. All information in such writings and documents is subject to disclosure as being in the public domain and subject to search and review by electronic means, including but not limited to the City’s Internet Web site and any other Internet Web-based platform or other Web-based form of communication. All information in such writings and documents similarly is subject to disclosure pursuant to the California Public Records Act [Government Code § 7920.000 et seq.].

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CITY COUNCIL AGENDA Page 7 of 7 OCTOBER 15, 2024

TELECONFERENCE ACCESSIBILITY – INSTRUCTIONS
Teleconference accessibility may be triggered in accordance with AB 2449 (Stats. 2022, Ch. 285), codified in the Brown Act [Government Code § 54953], if a member of the City Council requests to attend and participate in this meeting remotely due to “just cause” or “emergency circumstances,” as defined, and only if the request is approved. In such instances, remote public accessibility and participation will be facilitated via Zoom Webinar as detailed at the end of this Agenda.
*** TELECONFERENCE PROCEDURES – PURSUANT TO AB 2449***

APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT Verbal public comments via Teleconference – members of the public may attend and participate in this meeting by teleconference via Zoom and use the “raise your hand” feature when public comments are prompted by the Mayor; the City will facilitate the ability for a member of the public to be audible to the City Council and general public and allow him/her/them to speak on the item(s) requested. Please note – members of the public must unmute themselves when prompted upon being recognized by the Mayor, in order to become audible to the City Council and the public.

Only one person at a time may speak by teleconference and only after being recognized by the Mayor.

ZOOM LINK: https://us06web.zoom.us/j/86171130130
Meeting ID: 861 7113 0130
Or join by phone: (253) 215 – 8782
Written public comments – can be provided in person during the meeting or emailed to the City Clerk’s Office at [email protected] any time prior to the adjournment of the meeting, and will be distributed to the City Council, made public, incorporated into the public record of the meeting, and will not be read during the meeting unless, upon the request of the Mayor, a brief summary of any public comment is asked to be read, to the extent the City Clerk’s Office can accommodate such request.

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CITY COUNCIL MINUTES Page 1 of 12 SEPTEMBER 17, 2024

CITY COUNCIL

MINUTES
TUESDAY, SEPTEMBER 17, 2024

CALL TO ORDER
A regular meeting of the La Quinta City Council was called to order at 3:30 p.m. by Mayor Evans.

PRESENT: Councilmembers Fitzpatrick, McGarrey, Peña, Sanchez, and Mayor Evans ABSENT: None
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None

CONFIRMATION OF AGENDA
Councilmembers stated they would like to comment on Consent Calendar Item Nos. 10 through 15.

Councilmember McGarrey said she will recuse herself and abstain from discussion and vote on Consent Calendar Item No. 22 due to a potential conflict of interest stemming from a business relationship, i.e., her employer, Southern California Gas Company, is listed on the Demand Register, and requested that the item be pulled for a separate vote.

Council concurred.

CLOSED SESSION

1. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION; PURSUANT TO PARAGRAPH (1) OF SUBDIVISION (d) OF GOVERNMENT CODE SECTION 54956.9;
CASES NAMES AND NUMBERS – MULTIPLE (listed below, all in U.S.

Bankruptcy Court, District of Delaware)
CASE NAME: CASE NUMBER
SilverRock Development Company, LLC 24-11647
SilverRock Lifestyle Residences, LLC 24-11648
SilverRock Lodging, LLC 24-11650
SilverRock Luxury Residences, LLC 24-11652
SilverRock Phase I, LLC 24-11654
RGC PA 789, LLC 24-11657

COUNCIL RECESSED THE OPEN SESSION PORTION OF THE MEETING AND MOVED INTO CLOSED SESSION AT 3:32 P.M.

CONSENT CALENDAR ITEM NO. 19
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CITY COUNCIL MINUTES Page 2 of 12 SEPTEMBER 17, 2024

MAYOR EVANS RECONVENED THE OPEN SESSION PORTION OF THE CITY COUNCIL MEETING AT 4:07 P.M. WITH ALL MEMBERS PRESENT
REPORT ON ACTION(S) TAKEN IN CLOSED SESSION:

City Attorney Ihrke reported no actions were taken on Closed Session Item No. 1 that require reporting pursuant to Government Code section 54957.1 (Brown Act).

Council’s authorization remains in place for the City Attorney, in coordination with the City Attorney’s Office, to defend and protect the interests of the City in the multiple bankruptcy cases filed by SilverRock Development Company and its responsive affiliates as reported out for Closed Session Item No. 2 from the August 6, 2024 Council meeting.

PLEDGE OF ALLEGIANCE
Mayor Pro Tem Peña led the audience in the Pledge of Allegiance.

PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
PUBLIC SPEAKER: Alena Callimanis, La Quinta – spoke about the Read With Me volunteer program, which assists children from low income, limited English speaking environments to develop to their fullest potential by learning to read, comprehend, and speak English while understanding that people care about them as individuals, and noted what is required to become a volunteer, and the dates of volunteer recruitment events that will be held at the Wellness Center.

PUBLIC SPEAKER: Jeff Fishbein, Chair of the La Quinta Chamber of Commerce, Coldwell Banker Realtor, and La Quinta resident – provided an update on Chamber events and activities, including the upcoming State-of-the-City event scheduled for September 19, 2024, at the La Quinta Resort & Club; noted awards for Business of the Year, Non-Profit of the Year, Volunteer of the Year, etc.; and announced new businesses.

ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS  AUTISM CENTER CERTIFICATION – added announcement
Mayor Evans said La Quinta is the third city in the Coachella Valley receiving the Certified Autism Center Recognition.

1. HUNGER ACTION MONTH – SEPTEMBER 2024 – PRESENTATION BY FIND

FOOD BANK PRESIDENT AND CHIEF EXECUTIVE OFFICER DEBBIE

ESPINOSA AND DEVELOPMENT AND COMMUNITY RELATIONS MANAGER

RACHEL ANDERSON
Chief Executive Officer Espinosa with Find Food Bank spoke about the importance of aiding Hunger Action Month; the efforts and objectives; encouraged the community to join 10 CLICK HERE to Return to Agenda
CITY COUNCIL MINUTES Page 3 of 12 SEPTEMBER 17, 2024
the movement to help end hunger this month by volunteering or donating; and the benefits of Senate Bill 1383, food recycling.

2. PROCLAMATION IN RECOGNITION OF CONSTITUTION WEEK –
SEPTEMBER 16-22, 2024, COMMEMORATING THE SIGNING OF THE UNITED

STATES CONSTITUTION
Constitution Week Committee Chair Rhonda Fleming-Latkovic, representative of the Cahuilla Chapter of the National Society Daughters of the American Revolution (NSDAR), accompanied by a fellow NSDAR representative Rosemary Hallick, explained that this is a non-political organization formed in 1890, which promotes historical preservation, education, and patriotism; and spoke about the organization’s membership and efforts to commemorate the US Constitution and emphasize its importance.

Council presented the NSDAR representatives with a proclamation in recognition of Constitution Week celebrating the 237th anniversary of the signing of the U.S.

Constitution in September 1787.

3. CERTIFICATE OF RECOGNITION HONORING LA QUINTA HIGH SCHOOL

TEACHER FRANK CEJA AS THE RECIPIENT OF THE AIR AND SPACE FORCES ASSOCIATION 2024 TEACHER OF THE YEAR AWARD
Mr. Ceja explained how he learned of his nomination; the parameters of the award; and thanked the Council for the recognition. Students of Mr. Ceja, Abigail Westland and Thomas Hensel, provided their experience of Mr. Ceja’s talent as a teacher.

Council presented Mr. Ceja with a Certificate of Recognition honoring him as the recipient of the Air and Space Forces Association 2024 Teacher of the Year award.

4. TALUS DEVELOPMENT PROJECT (FORMERLY SILVERROCK) – STATUS UPDATE
City Manager McMillen said on August 5, 2024, SilverRock Development Company LLC (SDC) and its affiliates petitioned for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware, which automatically put a hold on the foreclosure sale and plans to move forward with a new developer.

Following Council’s unanimous direction during its August 6, 2024, meeting, Mr. McMillen and City Attorney Ihrke have coordinated for the defense and protection of La Quinta’s interests in the bankruptcy case filed by SDC.

These interests have included and will continue to include, among other items:
 Ensuring the City’s right to approve any developer of the project going forward.  Maintaining the City’s oversight and approval rights for the development of the project. This includes phasing, schedules, and financing. 11 CLICK HERE to Return to Agenda
CITY COUNCIL MINUTES Page 4 of 12 SEPTEMBER 17, 2024
 Facilitating, through the bankruptcy court proceeding, an expeditious plan to protect and secure the site, update estimates and appraisals, and create a plan to identify new qualified development entity’s that can fully fund and resume construction of the project as soon as possible.

In a special meeting on September 9, 2024, Council unanimously voted to ratify and approve a professional services agreement with Whiteford, Taylor & Preston LLP to represent the City as special counsel and local Delaware counsel in connection with the bankruptcy.

The City has been and will continue to be diligent in asserting its position and interest in the bankruptcy proceedings with the goal of resolving the case quickly and having the project move forward.

City Manager McMillen asked the City Attorney to provide some additional detail regarding Bankruptcies in general as well as some specifics with respect to these current proceedings.

City Attorney Ihrke said bankruptcy proceedings are highly specialized in the litigation world; they are governed by Federal Law and have specific courts with specific jurisdiction for bankruptcy cases; they generally follow two tracks, either voluntary and involuntary bankruptcy petitions; in this case, SDC filed for voluntary bankruptcy under the U.S. bankruptcy code, and this is the proceeding in which the City and several other parties, also known as “creditors” are participating. As noted by City Manager McMillen, the filing of the bankruptcy case places an immediate “stay” or “freeze” on all other state and federal lawsuits, all property transfers or foreclosures, and performing under existing (or “executory”) contracts. While the “stay” temporary protects the debtor (here being SDC) from having to pay certain obligations, the debtor must also get court approval in order to do any business. Therefore, it is important for the City to be very involved, and most importantly for a plan to emerge out of bankruptcy, the court must approved it.

Mr. Ihrke noted bankruptcy cases move quickly, particularly at the beginning; to date there have already been three court hearings:
a. “First Day Hearing” on August 13, 2024 – included perfunctory motions, such as to consolidate all of the bankruptcy petitions filed by the SDC entities. b. “Emergency Motion for ‘Debtor In Possession Financing,’” or “DIP Financing” on September 3, 2024 – brought by SDC and opposed by the City and several other creditors because, among other reasons, the proposed financing terms by an outside lender, who is not a current creditor in these proceedings or party to the lawsuit, were very expensive, severe, and not favorable to the existing creditors; and the court denied that motion.
c. “Second Day Hearing” on September 11, 2024 – included a motion to appoint legal counsel to represent SDC, which was granted; as well as a motion to grant a one12 CLICK HERE to Return to Agenda CITY COUNCIL MINUTES Page 5 of 12 SEPTEMBER 17, 2024
week extension for SDC to file its financing statements and schedules required for a bankruptcy proceeding, to set forth the liabilities and the assets to move the proceeding forward, which was also granted by the court, and the statements are due to be filed with the court by midnight on September 18, 2024. d. The court temporarily allowed for the appointment of a “Chief Restructuring Officer” or “CRO” as allowed under the bankruptcy law, which acts as an independent “supervisor,” (i.e., not the “debtor” SDC itself), to oversee payment of expenses while the bankruptcy case is pending (such as payments for security fencing) and coordinates with parties to the bankruptcy proceeding to facilitate and recommend to the court a plan to emerge out of bankruptcy.

In this regard, the City Attorney Ihrke stated that he, the City Manager, and Special Counsel for the City have been significantly involved and communicating with the “CRO” in all aspects of these duties to ensure the Talus site does not fall into further disrepair, project construction can restart as soon as possible, and the City’s right is preserved and exercised to approve the next developer to take over the project under the operative agreements, once the bankruptcy proceedings have been resolved.

Another unique aspect of bankruptcy proceedings is that there is a U.S. Trustee’s Office which participates in the case; City Attorney Ihrke explained this is a federal office, under the U.S. Department of Justice, and it participates like a party but also has certain obligations and duties as provided in bankruptcy law; one of those obligations includes “convening and presiding at a meeting of creditors,” with the first meeting held on September 12, 2024; the court may not participate in this meeting, and this is not an official bankruptcy court proceeding; the U.S. Trustee was clear that the purpose of the meeting is for him to ask questions of the debtors, and in this case, the U.S. Trustee did ask questions of SDC representatives, including SDC’s representatives Robert Green and Fred Schuster; the U.S.

Trustee also made it clear that other parties may question witnesses, but they are not required to; and regardless of whether questions are asked or not, all objections and right to question witnesses are preserved for when the parties appear in open court; because the U.S. Bankruptcy Court granted SDC the oneweek extension to file its financial statements, the U.S. Trustee continued the September 12, 2024, meeting of creditors, to a future date that has not yet been set, as he wanted to interview SDC after its financial statements and schedules were filed, and the U.S. Trustee had an opportunity to examine them.

Mr. Ihrke noted regular updates will be provided continuously in future public meetings to keep the Council and the public informed on how the bankruptcy proceedings are progressing.

Mayor Pro Tem Peña asked that a summary of the events to date on the bankruptcy proceedings be posted on the City’s website to keep the public informed. 13 CLICK HERE to Return to Agenda
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Councilmember Fitzpatrick asked why the court venue was not moved from Delaware to California. Mr. Ihrke explained the reason jurisdiction and venue in Delaware is appropriate for the bankruptcy proceedings is because SDC and its affiliates are registered LLCs in the State of Delaware; the U.S. Bankruptcy Court in Delaware has very experienced judges because many companies incorporate in Delaware, and bankruptcy proceedings end up prosecuted in Delaware frequently; after conducting due diligence, and conferring with the City Manager and the Special Counsel, it was decided that it made sense to keep the case in Delaware to avoid a delay in proceeding and to keep the case moving along.

Mayor Evans acknowledged that the Talus development progress is an important topic of discussion for La Quinta; and said protecting the City’s interests is imperative and a top priority, and the City is conducting its due diligence to see this through, knowing that this is not an easy process, but it is necessary; the City has complied with the Development Agreement, and it was the SDC’s deficiencies that led up to these proceedings; the City has not lost hundreds of millions as my be stated or read on social media, and the securing of funding and finances is the developer’s obligation, which is the reason there are creditors; the City is actively participating in the bankruptcy proceedings representing and protecting the City’s best interests.

CONSENT CALENDAR

1. APPROVE COUNCIL MEETING MINUTES DATED AUGUST 6, 2024

2. APPROVE COUNCIL SPECIAL MEETING MINUTES DATED AUGUST 6, 2024

3. APPROVE COUNCIL SPECIAL MEETING MINUTES DATED SEPTEMBER 9, 2024

4. EXCUSE ABSENCES OF (1) COMMISSIONER HUNDT FROM THE AUGUST 13, 2024, PLANNING COMMISSION MEETING, (2) COMMISSIONER HERNANDEZ FROM THE SEPTEMBER 10, 2024, PLANNING COMMISSION MEETING, AND (3) COMMISSIONERS LEE, MAST, AND WAY FROM THE AUGUST 14, 2024, FINANCIAL ADVISORY COMMISSION MEETING

5. AUTHORIZE OVERNIGHT TRAVEL FOR ONE TRAFFIC SIGNAL TECHNICIAN

TO ATTEND THE INTERNATIONAL MUNICIPAL SIGNAL ASSOCIATION CERTIFICATION PROGRAM IN ONTARIO, CALIFORNIA, OCTOBER 7-10, 2024

6. ADOPT ORDINANCE NOS. 616 AND 617 ON SECOND READING APPROVING (1) ZONE CHANGE 2017-0002 AND (2) DEVELOPMENT AGREEMENT 2021- 0001, RESPECTIVELY, FOR THE TRAVERTINE PROJECT CONSISTING OF 1,200 RESIDENTIAL UNITS, 45,000 SQUARE FOOT HOTEL WITH 100 VILLAS,

SPA AND WELLNESS CENTER AND OTHER COMMERCIAL AND
RECREATIONAL USES; CEQA: ENVIRONMENTAL IMPACT REPORT (EA 14 CLICK HERE to Return to Agenda
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2017-0008, SCH # 2018011023) HAS BEEN PREPARED FOR THE PROPOSED PROJECT; LOCATION: SOUTH OF AVENUE 60, WEST OF MADISON
STREET, AND NORTH OF AVENUE 64

7. ADOPT RESOLUTION TO APPROVE FINAL TARCT MAP AND SUBDIVISION IMPROVEMENT AGREEMENT ASSOCIATED WITH TRACT MAP NO. 38083, LOCATED ON THE SOUTH SIDE OF AVENUE 54 BETWEEN MADISON AND MONROE STREETS [RESOLUTION NO. 2024-035]

8. ACCEPT ON-SITE IMPROVEMENTS ASSOCIATED WITH THE FLORESTA RESIDENTIAL DEVELOPMENT, TRACT MAP NO. 36762, LOCATED AT THE NORTHEAST CORNER OF AVENUE 52 AND JEFFERSON STREET

9. ACCEPT OFF-SITE AND ON-SITE IMPROVEMENTS ASSOCIATED WITH THE SOLTERRA RESIDENTIAL DEVELOPMENT, TRACT MAP NO. 37359,

LOCATED ON THE SOUTHWEST CORNER OF AUTO CENTRE DRIVE AND

LA QUINTA DRIVE

10. ACCEPT LA QUINTA LANDSCAPE RENOVATION IMPROVEMENTS
PROJECT NO. 2016-03I, LOCATED AT THE CACTUS FLOWER
DEVELOPMENT; AND REALLOCATE FUNDING TO CITYWIDE IRRIGATION UPGRADE PROJECT NO. 2024-15

11. ACCEPT DUNE PALMS ROAD PAVEMENT REHABILITATION PROJECT NO. 2021-01, LOCATED ON DUNE PALMS ROAD, FROM MILES AVENUE TO

FRED WARING DRIVE

12. ACCEPT FISCAL YEAR 2022/23 PAVEMENT MANAGEMENT PLAN CITYWIDE SLURRY SEAL IMPROVEMENTS PROJECT NO. 2023-15,

LOCATED IN VARIOUS LOCATIONS

13. AWARD CONTRACT TO ONYX PAVING COMPANY, INC. FOR FISCAL YEAR 2024/25 PAVEMENT MANAGEMENT PLAN PROJECT NO. 2024-12 FOR FRED

WARING DRIVE AND MISCELLANEOUS LOCATIONS

14. ALLOCATE FUNDING AND AWARD CONTRACT TO GRANITE

CONSTRUCTION COMPANY FOR THE SILVERROCK TEMPORARY GOLF
CART PATH PAVING PROJECT NO. 2024-13

15. RATIFY AND APPROVE AGREEMENT FOR CONTRACT SERVICES WITH VARIABLE SPEED SOLUTIONS, INC. FOR CIVIC CENTER LAKE PUMP REPLACEMENT PROJECT NO. 2024-16

16. APPROVE AMENDMENT NO. 2 TO AGREEMENT FOR CONTRACT SERVICES WITH DESERT LIMNOLOGISTS DBA SOUTHWEST AQUATICS, INC. FOR LAKE MAINTENANCE SERVICES PROJECT NO. 2019-11; AND AUTHORIZE 15 CLICK HERE to Return to Agenda
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THE PUBLIC WORKS DEPARTMENT TO UTILIZE THIS VENDOR AS SELECT

SOURCE FOR EXTRA LAKE MAINTENANCE SERVICES FOR FISCAL YEAR 2024/25

17. APPROVE AMENDMENT NO. 1 TO AGREEMENT FOR EMERGENCY

SERVICES COORDINATOR SERVICES WITH COUNTY OF RIVERSIDE

EMERGENCY MANAGEMENT DEPAR

18. AUTHORIZE PUBLIC WORKS DEPARTMENT TO UTILIZE TRI-STATE MATERIALS TO PURCHASE UP TO $250,000 OF MATERIALS FOR FISCAL YEAR 2024/25

19. RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2024

20. APPROVE DEMAND REGISTERS DATED AUGUST 2, 9, AND 16, 2024

21. APPROVE DEMAND REGISTERS DATED AUGUST 23, 30, AND SEPTEMBER 6, 2024

22. APPROVE DEMAND REGISTERS FOR SOUTHERN CALIFORNIA GAS COMPANY DATED JULY 5, AUGUST 9, AND SEPTEMBER 6, 2024
CONSENT CALENDAR – COMMENTS
ITEM NO. 10: Councilmember Fitzpatrick said the landscape renovation improvements in the Cactus Flower development look beautiful and she was pleased to see them completed.

Mayor Evans said in addition to the landscape renovation improvements at Cactus Flower, the City also added pickle ball courts and table tennis; this is also the 7th and final phase of the north La Quinta landscape renovation project the City has been working on for several years, which was completed ahead of schedule in 8 years instead of the anticipated 10 years, and required a substantial financial investment to complete these improvements which was made possible thanks to the residents voting to approve Measure G for additional sales tax in 2016.

ITEM NO. 15: Council requested presentation of the staff reports.

Maintenance and Operations Superintendent Hansen said the replacement pump for the Civic Center Campus lake, which operates the fountain, is currently in fabrication, staff has been servicing the lake more frequently while the pump is not operational to maintain the aquatic and wildlife, even though the lake was not intended to be an animal habitat.

Councilmembers noted there is another pump which circulates the lake water and is operational while the fountain pump is in the process of replacement; the wildlife (turtles, 16 CLICK HERE to Return to Agenda
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fish, etc.) inhabiting the lake has been brought in by the public, not the City, and the ducks are being fed by the public as well, which is not best practices as it oftentimes makes them ill and results in excessive breeding and increased duck population; and the City has had to continuously care for the lake habitat, and has consulted with the Wildlife Conservation and the Living Desert; and explained that lake aeration systems are quite complex.

ITEM NOS. 11, 12, and 13: Mayor Evans said the City continues to make substantial financial investments in pavement management, rehabilitation, and enhancements to ensure La Quinta’s roads infrastructure is well maintained and improved.

ITEM NO. 14: Councilmember Sanchez requested a summary of this project’s scope related to the SilverRock temporary golf cart path paving.

City Manager McMillen said this project is the most cost-effective way to properly mitigate the dust at the Talus (formerly SilverRock) development, and to protect the City’s recent investment in a new golf cart fleet; it will provide a 3/4 of a mile, 10-foot wide, double-lane temporary golf cart path through the Talus development, which will eventually change once it is built out.

MOTION – A motion was made and seconded by Councilmembers Peña/Sanchez to approve Consent Calendar Item Nos. 1-21 as presented, with Item No. 6 adopting Ordinance Nos. 616 and 617, and Item No. 7 adopting Resolution No. 2024-035. Motion passed unanimously.

COUNCILMEMBER McGARREY RECUSED HERSELF, AND SAID SHE WILL

ABSTAIN FROM THE DISCUSSION AND VOTE ON CONSENT CALENDAR ITEM NO. 22 DUE TO A POTENTIAL CONFLICT OF INTEREST STEMMING

FROM A BUSINESS RELATIONSHIP WITH HER EMPLOYER SOUTHERN

CALIFORNIA GAS COMPANY, WHICH IS A PAYEE ON THE DEMAND

REGISTER
MOTION – A motion was made and seconded by Councilmembers Fitzpatrick/Sanchez to approve Consent Calendar Item No. 22 as presented. Motion passed: ayes – 4, noes – 0, abstain – 1 (McGarrey), absent – 0.

City Clerk Radeva said WRITTEN PUBLIC COMMENTS were received from La Quinta resident Alena Callimanis on Consent Calendar Item No. 6, adopting Ordinance Nos. 616 and 617, approving a zone change and a development agreement, respectively, related to the Travertine project, which were distributed to Council, made public, published on the City’s website, and included in the public record of this meeting.

ITEM NO. 6: Mayor Evans noted that although she was not present for the first reading of these Ordinances, she is familiar with the project, and it is legally permitted for her to participate in the vote regarding the second reading and adoption of the Ordinances. 17 CLICK HERE to Return to Agenda
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BUSINESS SESSION

1. ADOPT RESOLUTION ADOPTING FACILTIY NAMING POLICY
Community Services Management Analyst Calderon presented the staff report, which is on file in the Clerk’s Office.

Council discussed clarifying requirements for consideration regarding “currently” being a full-time La Quinta resident for minimum of 10 years or “have been a full-time resident,” if the individual has moved away at the time the nomination is received [page 454, Requirements for Consideration, item (i)]; the City’s recently updated awards programs provide opportunities to recognize and acknowledge non-residents who have contributed greatly to the community; businesses rather than individuals that have contributed; future Councils may revoke name changes with a four-fifths supermajority vote; naming of public amenities is allowed under the Policy, as opposed to public buildings, which is prohibited; omitting from the Policy, the renaming of City streets due to its complexity, and there is a Street Name Change process already in place under the Planning Division; including cityowned fire stations in the Policy to be eligible for naming; referencing that monetary donations would be subject to the City’s Sponsorship Policy, which is separate and apart from this Policy; clarify the language that the City cannot preclude a name also being used outside of La Quinta limits [page 454, item (e)]; regarding Qualifications clarify that the applicants do not make the “determination” to rename, but are rather making the “request” [page 453, item (d)]; regarding Criteria enumerating mountains, vistas, etc., clarify that only City-owned property is eligible [page 455, item (d)]; establish a framework and budgets for materials, design, and consistency of naming plaques; application fee; source of funding for renaming a facility; the existing Tree Memorial Program will remain as is and will not be merged under the umbrella of this Policy; clarify that all renaming proposals will be considered by Council as a Business Session Item [page 456, item (b)(iii)]; support for requirement for 100 supporting signatures; add a requirement for phone number and email of applicant to application; being flexible in the future to include non-full-time residents; and grandfather the Fred Wolff Preserve, Bear Creek Trail, and Wolff Waters by including them in the list of sacred facilities.

Council reached a consensus to bring this item back as a Business Item for further consideration, after the inclusion of the recommendations and direction provided by Council in its discussion above, and after review by the Arts and Community Services Commission.

MOTION – A motion was made and seconded by Councilmembers McGarrey/Sanchez to continue this Facility Naming Policy to be revised per Council’s comments provided in the discussion above, presented to the Arts and Community Services Commission for consideration and comments, and brought back to Council at a future meeting. Motion passed unanimously.
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2. APPROVE DISTINGUISHED CITIZEN AWARD NOMINEE
Community Services Management Analyst Calderon presented the staff report, which is on file in the Clerk’s Office.

Council noted that this award is a surprise to Mr. Donato.

MOTION – A motion was made and seconded by Councilmembers Peña/Sanchez to approve the nomination of La Quinta resident Will Donato to be recognized with the Distinguished Citizen award. Motion passed unanimously.

STUDY SESSION – None
PUBLIC HEARINGS – None
DEPARTMENTAL REPORTS – All reports are on file in the City Clerk’s Office.

Mayor Evans noted that the Police quarterly report indicated that response times have improved greatly, and invited Riverside County Sheriff’s Department Lieutenant Velasco, La Quinta’s Police Chief, to explain the factors behind the response improvement, as well as the citation numbers, which he did.

Councilmember Fitzpatrick noted that the Fire Department response times have also improved.

MAYOR’S AND COUNCIL MEMBERS’ ITEMS
Mayor Evans thanked staff for the 9/11 Candlelight Vigil and the August 26, 2024 vigil honoring the three-year anniversary of the death of Marine Corporal Hunter Lopez in Afghanistan; reported on her attendance at the All Valley Mayors and County and Tribal Chairpersons Luncheon held on September 13, 2024, at the Renaissance Esmeralda Resort & Spa in Indian Wells; meeting with Laura James and David Powell of Coachella Valley Economic Partnership (CVEP); her update on La Quinta at the Rotary dinner; and ribbon cutting at Fortune’s Restaurant.

Councilmember Sanchez said September 9th was California’s 174th birthday; in 1850, California was the 31st state to join the United States.

Councilmember McGarrey reported on her attendance at the Do The Right Thing event, and suggested that the student honored there be invited to, and honored at a La Quinta Council meeting.
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REPORTS AND INFORMATIONAL ITEMS
La Quinta’s representative for 2024, Mayor Evans reported on her participation in the following organizations’ meetings:
 CVAG COACHELLA VALLEY CONSERVATION COMMISSION
 CVAG ENERGY AND SUSTAINABILITY COMMITTEE
La Quinta’s representative for 2024, Councilmember Fitzpatrick reported on her participation in the following organizations’ meetings:
 CVAG TRANSPORTATION COMMITTEE
 DESERT RECREATION DISTRICT COMMITTEE (Fitzpatrick & McGarrey)  RIVERSIDE COUNTY TRANSPORTATION COMMISSION
La Quinta’s representative for 2024, Councilmember McGarrey reported on her participation in the following organization’s meeting:
 IID ENERGY CONSUMERS’ ADVISORY COMMITTEE
La Quinta’s representative for 2024, Mayor Pro Tem Peña reported on his participation in the following organization’s meeting:
 CV MOSQUITO AND VECTOR CONTROL DISTRICT BOARD OF TRUSTEES La Quinta’s representative for 2024, Councilmember Sanchez reported on his participation in the following organizations’ meetings:
 ANIMAL CAMPUS COMMISSION
 SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENTS REGIONAL

COUNCIL

ADJOURNMENT
There being no further business, a motion was made and seconded by Councilmembers Fitzpatrick/McGarry to adjourn at 6:14 p.m. Motion passed unanimously.

Respectfully submitted,
MONIKA RADEVA, City Clerk
City of La Quinta, California
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CITY COUNCIL

MINUTES
TUESDAY, OCTOBER 1, 2024

CALL TO ORDER
A regular meeting of the La Quinta City Council was called to order at 3:00 p.m. by Mayor Evans.

PRESENT: Councilmembers Fitzpatrick, McGarrey, Peña, Sanchez, and Mayor Evans ABSENT: None
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA – Confirmed

CLOSED SESSION

1. ANNUAL PUBLIC EMPLOYEE PERFORMANCE EVALUATION PURSUANT TO GOVERNMENT CODE SECTION 54957, COUNCIL APPOINTED POSITION – CITY MANAGER

2. ANNUAL PERFORMANCE EVALUATION PURSUANT TO GOVERNMENT CODE SECTION 54957, COUNCIL APPOINTED POSITION – CITY ATTORNEY

3. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION; PURSUANT TO PARAGRAPH (1) OF SUBDIVISION (d) OF GOVERNMENT CODE SECTION 54956.9;
Cases names and numbers – multiple (listed below, all in U.S. Bankruptcy Court, District of Delaware)
CASE NAME: CASE NUMBER
SilverRock Development Company, LLC 24-11647
SilverRock Lifestyle Residences, LLC 24-11648
SilverRock Lodging, LLC 24-11650
SilverRock Luxury Residences, LLC 24-11652
SilverRock Phase I, LLC 24-11654
RGC PA 789, LLC 24-11657

COUNCIL RECESSED THE OPEN SESSION PORTION OF THE MEETING AND MOVED INTO CLOSED SESSION AT 3:02 P.M.

MAYOR EVANS RECONVENED THE OPEN SESSION PORTION OF THE CITY COUNCIL MEETING AT 4:03 P.M. WITH ALL MEMBERS PRESENT
CONSENT CALENDAR ITEM NO. 221 CLICK HERE to Return to Agenda CITY COUNCIL MINUTES Page 2 of 11 OCTOBER 1, 2024
REPORT ON ACTION(S) TAKEN IN CLOSED SESSION:

City Attorney Ihrke said the Council considered only Closed Session Item No. 3 and will reconvene back into Closed Session to consider Closed Session Item Nos. 1 and 2, after the Open Session of the meeting; and reported the following pursuant to Government Code section 54957.1 (Brown Act).
 CLOSED SESSION ITEM NO. 3 – no new reportable action on this matter; a brief summary of the bankruptcy proceedings status for SilverRock Development Company and its affiliates will be provided under the Announcements, Presentations, and Written Communications section of the Agenda, as Presentation No. 5.

PLEDGE OF ALLEGIANCE
Councilmember McGarrey led the audience in the Pledge of Allegiance.

PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
PUBLIC SPEAKER: Melissa Labayog, La Quinta (received donated time from resident Kelly Baucom) – said she recently sold her home in La Quinta; speaking to Council to assist former neighbors in Highland Palms in objecting to special event permits being issued in her former residential neighborhood; provided reasons for the objections to large events in small neighborhoods; and spoke of the legal case/trial against her for protesting the special events.

City Clerk Radeva said WRITTEN PUBLIC COMMENTS were received from La Quinta resident Kelly Baucom commenting on special event permits in residential neighborhoods, which were distributed to Council, made public, published on the City’s website, and included in the public record of this meeting.

ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS

1. INTRODUCE NEW CITY STAFF MEMBERS
City Manager McMillen introduced the following new City employees:

Employee Name Title Department Hire Date
Scott Nespor Senior Planner Design & Development Oct. 2023 Lucas Reyes Marketing & Communications Specialist City Manager Oct. 2023 Manuel Elizalde Administrative Technician Community Services Dec. 2023 Seiri Samaguey Chavez Administrative Technician Community Services Dec. 2023 22 CLICK HERE to Return to Agenda
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Enrique Cardenas Administrative Technician Community Services Jan. 2024 Samuel Salinas Recreation Leader Community Services March 2024 Adriana Sanchez Recreation Leader Community Services March 2024 Lisa Chastain Management Analyst Public Safey March 2024 Adam Viramontes Traffic Signal Technician Public Works May 2024 David Eastlick Maintenance & Operations Superintendent Public Works July 2024 Dominique Hunter Code Compliance Officer Public Safety Aug. 2024 Jose Cisneros Code Compliance Officer Public Safety Sept. 2024 Sergio Torres-Zazueta Code Compliance Officer Public Safety Sept. 2024 City Manager McMillen introduced the following promoted City employees:

Employee Name Title Department Hire Date
Celeste Villanueva Permit Technician Design & Development Dec. 2023 Cole Woods Senior Code Compliance Officer Public Safety June 2024 Oscar Mojica Deputy City Clerk City Clerk Aug. 2024
Olivia Rodriguez Management Specialist City Clerk Aug. 2024 Jack Lima Assistant Planner Design & Development Aug. 2024

2. PROCLAMATION IN RECOGNITION OF NATIONAL FIRE PREVENTION WEEK – OCTOBER 6-12, 2024
Council presented a proclamation in recognition and observance of National Fire Prevention Week; this year’s theme is “Smoke alarms: make them work for you,” and the campaign aims to remind the public of the importance of having working smoke alarms at home.

Riverside County Fire Department La Quinta Division Battalion Chief Justin Karp, accompanied by Supervising Fire Marshal Chris Cox and Fire Systems Inspector Leilani Rojas accepted the proclamation, thanked Council for the recognition, and briefly spoke about the importance of fire safety and prevention.

3. PROCLAMATION IN RECOGNITION OF CODE ENFORCEMENT OFFICERS’ APPRECIATION WEEK – OCTOBER 6-12, 2024
Council presented a proclamation in recognition and observance of Code Enforcement Officer Appreciation Week; and thanked the La Quinta Code Enforcement team for ensuring the safety, health, and welfare of residents, and maintaining the aesthetic appearance of the City, which attracts new businesses, visitors, and promotes job creation. The La Quinta Code Enforcement team accepted the proclamation.

4. PROCLAMATION IN RECOGNITION OF CHARLIE COOPER AS THE 2024 US JUNIOR BOY’S WHEELCHAIR SINGLES CHAMPION
Council proclaimed October 1, 2024, as the “Charlie Cooper Day” and presented a proclamation honoring La Quinta resident Charlie Cooper for winning the 2024 US Open Junior Boy’s Wheelchair Singles championship on September 6, 2024, at Flushing 23 CLICK HERE to Return to Agenda
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Meadows in New York; recognized him for making it his mission to inspire others who may think that health issues make participating in sports prohibitive; for bringing awareness to wheelchair tennis and helping to grow the sport locally and worldwide; and for his resilience in using his disability and ability to inspire others because Charlie believes “you get one life and you have to live the best of it and work to inspire others because that is the right thing to do.”

5. TALUS DEVELOPMENT PROJECT (FORMERLY SILVERROCK) – STATUS UPDATE
City Attorney Ihrke said on August 5, 2024, SilverRock Development Company LLC and its affiliates, collectively referred to as “SDC,” voluntarily petitioned for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware; and per Council’s direction and approval, the City retained Special Counsel who has continuously been working with the City Manager and City Attorney throughout these proceedings.

Mr. Ihrke noted bankruptcy cases move quickly, particularly in the beginning; and since the last update, provided at the September 17, 2024, Council meeting, one hearing was held in U.S. Bankruptcy Court on September 27, 2024, in which the court granted an Interim Order authorizing the debtors, in this case SDC, to obtain Debtor-In-Possession (or “DIP”) Financing, and Scheduling of Final Hearing. This action can be summarized as the “First step” in the City-led negotiated DIP Financing that would be provided to the Chief Restructuring Officer (CRO) with the ability to have funding to clean up the site and begin remediation at the Talus project site. The CRO is an independent “supervisor,” it is not the debtors (SDC), who administers and oversees the management of the debtors’ estate and proposed reorganization plan to come out of the bankruptcy proceedings.

This was a thoroughly negotiated DIP Financing package led by the City, after the bankruptcy court previously denied an originally proposed DIP Financing motion, which involved a financing company that was not a party to the proceedings and had proposed very expensive and severe financing terms that were not acceptable to the judge.

Following the court’s denial, the City led the effort in meeting with the debtors, the CRO, and major constituents to the lawsuit, to come up with this alternative financing plan. In summary, the court’s Interim Order accepting the DIP Financing, authorized the City to issue an initial payment of up to $250,000 of a proposed total of $2 million that the City would commit; the total $2 million is pending the Final Order from the court, expected later this month.

The DIP Financing funds must be used for specific items relating to the property and getting the project secured and running again, with those items in a budget approved by the City, such as costs to secure the site, remedial construction work and clean-up, and dust and erosion control to name a few. The City’s DIP Financing is in the form of a loan, bearing interest at the current Local Agency Investment Fund (LAIF) rate set by the State (currently at 4.55%), to be secured by deeds of trust, and final payment of all City-loaned funds is currently set for March 15, 2025, or perhaps repaid earlier or later, depending on the status of the case and the bankruptcy court’s approval of a bankruptcy reorganization 24 CLICK HERE to Return to Agenda
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plan. The DIP Financing allows other funding to be provided by other parties, such as existing creditors in this bankruptcy proceeding and RD Olson, as the primary contractor of the project site, who is a major constituent involved with the DIP Financing terms.

Mr. Ihrke noted that the City Manager, City Attorney, and Special Counsel for the City have been working with the CRO, the debtors, other major constituents, and their respective legal counsel, in connection with this DIP Financing package to ensure the Talus site does not fall into further disrepair, project construction can restart as soon as possible, and most importantly, that the City’s right is preserved and exercised to approve the next developer to take over the project under the operative agreements.

Finally, Mr. Ihrke said the City Manager, City Attorney, and the City Clerk’s Office are coordinating to have these summary updates, per Council’s request, published on the City’s website.

City Manager McMillen said the City has a lot of control over the Talus project as it still owns approximately 400 acres of land surrounding the perimeter of the project site; the center core construction of the commercial project components, roughly 130 acres, is what is subject to the bankruptcy proceedings; Mr. McMillen is in constant communications with Jason Herthel, President and Chief Operating Officer of the hotel operator, Montage, who continuous to stress the importance of this project for the company, as Montage has expressed strong interest to have a presence in the Coachella Valley, and particularly in La Quinta; Mr. McMillen is also in constant communications with RD Olson and Granite Construction, the major contractors of the project site, and they both have expressed interest in completing the construction they started. Mr.

McMillen noted, last week, that the City Manager, the Building Official, the CRO, and RD Olsen, conducted a thorough walk-through of the project site to identify the priority items that need to be addressed immediately to secure the assets, not only to protect the adjacent properties, but also to protect what has been constructed to date from further exposure to the elements to ensure the integrity and value of the construction can be preserved, even though some elements of the construction will require removal due to its exposure to the elements over the last year or so; currently, there is a lot of collaboration in working with all parties involved to ensure this process moves along smoothly and quickly, and the City is in a favorable position to facilitate it.

CONSENT CALENDAR

1. ADOPT RESOLUTION DESIGNATING SPEED LIMITS FOR JEFFERSON STREET, FROM DUNBAR DRIVE TO AVENUE 50 [RESOLUTION NO. 2024-036]

2. ADOPT RESOLUTION TO ACKNOWLEDGE RECEIPT OF RIVERSIDE COUNT FIRE DEPARTMENT’S ANNUAL INSPECTION REPORT FOR FISCAL YEAR 2023/24 PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 13146.4 [RESOLUTION NO. 2024-037]
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3. APPROVE AGREEMENT FOR CONTRACT SERVICES WITH CONVERGINT

TECHNOLOGIES, LLC TO PROVIDE PUBLIC SAFETY CAMERA SYSTEM

MAINTENANCE

4. APPROVE PURCHASE OF 815 RESIDENTIAL STEET NAME SIGNS FORM

PACIFIC PRODUCTS & SERVICES, LLC

5. AUTHORIZE OVERNIGHT TRAVEL FOR MAINTENANCE AND OPERATIONS

WORKER TO ATTEND THE MAINTENANCE SUPERINTENDENTS

ASSOCIATION NATIONAL CONFERENCE IN MESA, ARIZONA, OCTOBER 28-31, 2024

6. AUTHORIZE OVERNIGHT TRAVEL FOR TREE CODE COMPLIANCE

OFFICERS TO ATTEND THE CALIFORNIA ASSOCIATION OF

ENFORCEMENT OFFICERS ACADEMY IN CARLSBAD, CALIFORNIA,
OCTOBER 21-25, DECEMBER 9-13, AND JANUARY 13-17, 2024

7. AUTHORIZE OVERNIGHT TRAVEL FOR SENIOR BUILDING INSPECTOR

AND BUILDING INSPECTOR TO ATTEND THE CALIFORNIA BUILDING OFFICIAL’S EDUCATION WEEK IN COSTA MESA, CALIFORNIA, OCTOBER 28-31, 2024

8. AUTHORIZE OVERNIGHT TRAVEL FOR MARKETING MANAGER TO
ATTEND THE 2025 VISIT CALIFORNIA FORUM IN LOS ANGELES,
CALIFORNIA, MARCH 2-6, 2025

9. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JULY 31, 2024

10. APPROVE DEMAND REGISTERS DATED SEPTEMBER 13 AND 20, 2024 CONSENT CALENDAR ITEM NO. 1 – COMMENTS
Councilmember McGarrey said the proposed Jefferson Street speed limit changes recommended under this item will make the speed limits along this street segment consistent.

MOTION – A motion was made and seconded by Councilmembers Fitzpatrick/McGarrey to approve the Consent Calendar as presented, with Item Nos. 1 and 2 adopting Resolutions No. 2024-036 and 2024-037 respectively. Motion passed unanimously.

BUSINESS SESSION

1. APPROVE FIRST ROUND OF COMMUNITY SERVICES GRANTS FOR FISCAL YEAR 2024/25
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Community Services Management Analyst Calderon presented the staff report, which is on file in the Clerk’s Office.

Staff noted the Council’s Ad hoc committee for this round of grant applications review was comprised of Mayor Pro Tem Peña and Councilmember McGarrey. Mayor Evans explained the process of awarding grants through the Community Services Grant Program.

The following PUBLIC SPEAKERS, listed in the order in which they spoke, provided an overview of the objectives, services, and programs their respective organizations offer to the community:
 Desert Healthcare District and Foundation – Jeff Hocker, Chief Executive Officer and Executive Producer
 Alzheimer’s Coachella Valley (ACV) – Linda Barrack, Executive Consultant  RiteCare Childhood Language Center – Mark Flint, Chairman  La Quinta Historical Society – Linda Williams, President  Shay’s Warriors, Life After Cancer – Shay Moraga, President, and Dr. Sonja Fung, ND, Naturopathic Doctor of Live Well Clinic
 HARC, Inc. – Jenna LeComte-Hinely, Chief Executive Officer, and Luz Moreno, Board Secretary, President, Flying Doctors
 JFK Memorial Foundation (Ophelia Project) – Peter Sturgeon, President and Chief Executive Officer
 Friends of the Palm Springs Animal Shelter – Bart Verry, Director of Development  Pegasus Therapeutic Riding Center – Jennifer Heggie, Executive Director  La Quinta High School Girls Golf – Ryan Flores, Athletic Director Council discussed getting additional information from HARC, Inc. on La Quinta specific activities; suggested HARC, Inc. participate in the second round of Community Services Grants; survey methodology and data from HARC, Inc., and the varied use of the data; increasing ACV funding; use of the Wellness Center by Shay’s Warriors; and success of the Ophelia Project.

The following organizations provided additional information regarding the specific services they offer:
 HARC, Inc. – Jenna LeComte-Hinely, Chief Executive Officer  Alzheimer’s Coachella Valley – Lisa Ford, Business Development Manager  Shay’s Warriors - Shay Moraga, President
Council recommended that HARC, Inc. apply for the next round of Community Services grants and provide more detailed information; and expressed consensus to increase the proposed grant funding for Alzheimer’s Coachella Valley and Shay’s Warriors from $2,500 to $5,000.

MOTION – A motion was made and seconded by Councilmembers Sanchez/Fitzpatrick to approve first round Community Services Grants for fiscal year 2024/25 as detailed below for a total combined grant funding of $31,000 as follows:
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 Alzheimer’s Coachella Valley $5,000
 Desert Healthcare District & Foundation $ 500 (starter grant)  Friends of the Palm Springs Animal Shelter $ 500 (starter grant)  HARC, Inc. $ 0
 JFK Memorial Foundation (Ophelia Project) $5,000
 La Quinta Historical Society $5,000
 La Quinta High School Girls Golf $2,500
 Pegasus Therapeutic Reding Center $5,000
 RiteCare Childhood Language Center $2,500
 Shay’s Warriors $5,000
Motion passed unanimously.

2. APPROVE VETERAN NOMINATIONS FOR INCLUSION ON VETERANS’

ACKNOWLEDGEMENT MONUMENT AT CIVIC CENTER CAMPUS
Community Services Management Analyst Calderon introduced Administrative Technician Seiri Chavez who presented the staff report, which is on file in the Clerk’s Office.

Council discussed reaching out to the VFW, the Palm Retirement Community, the memory care facility, and other veteran associations to reach all La Quinta veterans.

MOTION – A motion was made and seconded by Councilmembers Fitzpatrick/McGarrey to approve the eight veteran nominations detailed below, for inclusion on the City’s Veterans Acknowledgement Monument at Civic Center Campus:
 Daniel C. Bianca
 Rudy M. Quevedo
 Taylor F. Tuvell
 Laurence R. Adams
 Erik B. Jenkins
 George D. Kentner
 John I. Tatham
 Robert N. Greco
Motion passed unanimously.

STUDY SESSION

1. REVIEW CITY OF LA QUINTA DRAFT STRATEGIC PLAN
City Attorney Ihrke said Mayor Pro Tem Peña has a potential source of income from a company called Secure Energy Sources, which could potentially, in the future, be a conflict of interest pursuant to the Political Reform Act; no income has been received as of yet; because this item is for general discussion only and Council will take no action on the draft strategic plan, Mayor Pro Tem Peña can participate in the discussion. 28 CLICK HERE to Return to Agenda
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City Attorney Ihrke advised, if there are any questions or discussions regarding the provisions of energy through the Imperial Irrigation District (IID) or alternative provisions of electrical power, that the Council defer those questions to the end of the discussion so that Mayor Pro Tem Peña can rescues himself and leave the dais.

Marketing and Communications Specialist Barkas presented the staff report, which is on file in the Clerk’s Office.

PUBLIC SPEAKER: Linda Williams, La Quinta – explained the role of the Historical Society and the Museum regarding historic preservation and ownership of documents and artifacts; stated the archive building should be mentioned in sections referencing preservation; suggested delineating the responsibilities of the Historical Society versus the La Quinta Museum versus the City of La Quinta; noted a protocol is in place for the Museum to use items stored by the Historical Society, and work done to establish procedures for use by future members; and might be helpful to include the background and evolution of the Historical Society and the Museum.

PUBLIC SPEAKER: Dale Tyerman, La Quinta – said there is a tremendous amount of work to be done, encourages Staff and Council to make sure there is adequate financial and other resources to complete the goals and objectives of the Strategic Plan, and to prioritize objectives.

Council discussed adding to the Plan section regarding preserving La Quinta’s history, specifics on the action items to accomplish this goal; including environmental stewardship in the sustainability category; building communication into every part of this Plan; the difficulty of navigating the City website, making tracking this difficult if people cannot find it; linking the Plan to the GEM, or QR codes to the Plan within the GEM; support for the intern program, the business lists, and civic boot camp for children and adults on local government; linking a list of City businesses to the electron GEM publication; means to communicate with the full range of the public; holding community meetings in small segments of the City, and varying times, e.g. weekends or evenings; recognition that residents are busy, and not motivated to attend City meetings unless they have an issue; prioritizing the focus area tasks; adding fluid timelines of the 13 focus areas; support for the tracking of focus area tasks; holding quarterly Study Session overview of the Plan by Council, with detailed examination of a few immediately relevant items; and including Plan review at the annual joint Council, Boards, and Commissions meeting.

MAYOR PRO TEM PEÑA RECUSED HIMSELF FROM DISCUSSION ON

ELECTRICAL POWER ITEMS DUE TO A POTENTIAL CONFLICT OF INTEREST

STEMMING FROM A POSSIBLE FUTURE SOURCE OF INCOME FROM

SECURE ENERGY SOURCE, AS STATED ABOVE BY THE CITY ATTORNEY, AND LEFT THE DAIS AT 6:45 P.M.

Council discussed the energy component and IID grid being critical; pros and cons of hiring an energy expert, a City employee, to attend all meetings and conferences on the subject, and offer solutions and educate the community; the seriousness of the lack of 29 CLICK HERE to Return to Agenda
CITY COUNCIL MINUTES Page 10 of 11 OCTOBER 1, 2024
power, and cost of upgrades; and in favor of the Plan’s maneuverable software and the dashboard.

MAYOR PRO TEM PEÑA RETURNED TO THE DIAS AT 6:55 P.M. FOR THE

REMAINDER OF THE CITY COUNCIL MEETING
PUBLIC HEARINGS – None
DEPARTMENTAL REPORTS – All reports are on file in the City Clerk’s Office.

MAYOR’S AND COUNCIL MEMBERS’ ITEMS
Councilmember Fitzpatrick reported on her and other Councilmembers’ attendance at the Riverside County Student-of-the-Month event; Indio’s State of the City event; and, the Neighborhood Watch meeting.

Mayor Evans reported on her and other Councilmembers’ attendance at the 100th birthday party for Eldon Cronk; the Environmental Summit; and the RiteCare Learning Center.

Mayor Evans asked that an item be added to a future agenda creating a grant program for La Quinta businesses to apply for funds to become certified under the Autism certification program.

Councilmember Peña reported on his and other Councilmembers’ attendance volunteering at the FIND Food Bank food packaging event; attending the Ronald McDonald Gala; and the League of California Cities Golf Tournament.

REPORTS AND INFORMATIONAL ITEMS
La Quinta’s representative for 2024, Mayor Evans reported on her participation in the following organizations’ meetings:
 CVAG EXECUTIVE COMMITTEE
 VISIT GREATER PALM SPRINGS CONVENTION AND VISITORS’ BUREAU La Quinta’s representative for 2024, Mayor Pro Tem Peña reported on his participation in the following organizations’ meetings:
 CVAG PUBLIC SAFETY COMMITTEE
 CVAG HOMELESSNESS COMMITTEE
 SUNLINE TRANSIT AGENCY
CLOSED SESSION – Continued

1. ANNUAL PUBLIC EMPLOYEE PERFORMANCE EVALUATION PURSUANT TO GOVERNMENT CODE SECTION 54957, COUNCIL APPOINTED POSITION – CITY MANAGER
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CITY COUNCIL MINUTES Page 11 of 11 OCTOBER 1, 2024

2. ANNUAL PERFORMANCE EVALUATION PURSUANT TO GOVERNMENT CODE SECTION 54957, COUNCIL APPOINTED POSITION – CITY ATTORNEY

COUNCIL RECESSED THE OPEN SESSION PORTION OF THE MEETING AND MOVED INTO CLOSED SESSION AT 7:05 P.M.

MAYOR EVANS RECONVENED THE OPEN SESSION PORTION OF THE CITY COUNCIL MEETING AT 7:51 P.M. WITH ALL MEMBERS PRESENT
REPORT ON ACTION(S) TAKEN IN CLOSED SESSION:

Mayor Evans reported the following pursuant to Government Code section 54957.1 (Brown Act):
 CLOSED SESSION ITEM NO. 1 – Council completed the City Manager’s annual performance evaluation and unanimously reaffirmed his appointment.  CLOSED SESSION ITEM NO. 2 – Council completed the City Attorney’s annual performance evaluation and unanimously reaffirmed his appointment.

Council thanked City Manager McMillen and City Attorney Ihrke for their efforts in representing and protecting La Quinta’s interests in relation to the Talus project.

ADJOURNMENT
There being no further business, a motion was made and seconded by Councilmembers Sanchez/McGarrey to adjourn at 7:52 p.m.

Motion passed unanimously.

Respectfully submitted,
MONIKA RADEVA, City Clerk
City of La Quinta, California
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City of La Quinta
CITY COUNCIL MEETING: October 15, 2024

STAFF REPORT
AGENDA TITLE: EXCUSE ABSENCE OF COMMISSIONER HUNDT FROM THE OCTOBER 8, 2024, PLANNING COMMISSION MEETING

RECOMMENDATION
Excuse absence of Commissioner Kevin Hundt from the October 8, 2024, Planning Commission meeting.

EXECUTIVE SUMMARY
 Commissioner Hundt requested to be excused from the October 8, 2024, Planning Commission meeting due to previously scheduled travel.
 Commissioner Hundt has two excused absences for fiscal year 2024/25.

FISCAL IMPACT
Absent members do not receive any meeting compensation.

BACKGROUND/ANALYSIS
Section 2.06.090 of the La Quinta Municipal Code states: “If any member of a board, commission or committee absents him or herself from two consecutive regular meetings or absents him or herself from a total of three regular meetings within any fiscal year, his/her office shall become vacant and shall be filled as any other vacancy. A board, commission or committee member may request advance permission from the city council to be absent at one or more regular meetings due to extenuating circumstances, and/or may request the city council to excuse an absence after-the-fact where such extenuating circumstances prevented the member from seeking advance permission to be absent. If such permission or excuse is granted by the city council, the absence shall not be counted toward the above-stated limitations on absences.”

ALTERNATIVES
Council may deny this request, which would result in the absences being counted toward the Commissioners’ limitation on absences as noted above.

Prepared by: Monika Radeva, City Clerk
Approved by: Jon McMillen, City Manager
CONSENT CALENDAR ITEM NO. 3
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City of La Quinta
CITY COUNCIL MEETING: October 15, 2024

STAFF REPORT
AGENDA TITLE: ADOPT RESOLUTION DESIGNATING SPEED LIMITS FOR DUNE

PALMS ROAD FROM MILES AVENUE TO FRED WARING DRIVE

RECOMMENDATION
Adopt a resolution approving legal speed limits on Dune Palms Road, from Miles Avenue to Fred Waring Drive, as recommended in the 2024 Engineering and Traffic Survey.

EXECUTIVE SUMMARY  The City Traffic Engineer recommended a speed survey be conducted on Dune Palms Road from Miles Avenue to Fred Waring Drive due to recent changes made reducing the roadway configuration from 4 lanes to 2 lanes (road diet).  The engineering and speed survey accounts for prevailing speed, accident history, and roadway characteristics not apparent to the motorist.  The survey designated that this segment have a 10 miles per hour (mph) speed limit reduction. (Attachment 1).

FISCAL IMPACT
There is no fiscal impact as the speed limit signs are within the approved annual budget.

BACKGROUND / ANALYSIS
In order to enforce speed limits using radar, speed limits must be set in accordance with the California Vehicle Code (CVC). Per the CVC, vehicle speeds are determined by the behavior of a majority of drivers during normal driving conditions. Jurisdictions may not establish arbitrary speed limits.

The City recently restriped the roadway from its former 4 lane configuration without bike/cart lanes to its current configuration of 2 lanes with new bike/cart lanes on Dune Palms Road, between Miles Avenue and Fred Waring Drive. As such, it was desirable to resurvey the prevailing speeds and determine if speed limit adjustments were necessary for this segment of Dune Palms Road.

CONSENT CALENDAR ITEM NO. 4
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The street segment was re-surveyed in 2024 and has shown a reduction in prevailing speeds and as such the speed limit was reduced by 10 mph.

The 2024 Engineering and Traffic Survey presents the following recommended speed limit for this street segment:

Street Segment Posted Proposed
Dune Palms Rd. Miles Ave. to Fred Waring Dr. 45 35
Staff requests approval for the recommended speed limit. This speed limit reduction will help drivers maintain safe and consistent speeds for this street segment and will match the speed limit on Adams Street, between Miles Avenue and Fred Waring Drive, which is similarly configured.

ALTERNATIVES
No alternative is recommended.

Prepared by: Carley Escarrega, Administrative Technician Approved by: Bryan McKinney, Public Works Director/City Engineer 36 CLICK HERE to Return to Agenda
RESOLUTION NO. 2024 - XXX

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

LA QUINTA, CALIFORNIA, DESIGNATING SPEED LIMIT
WHEREAS, the California Vehicle Code authorizes cities to designate and regulate speed zones within their jurisdictions; and
WHEREAS, the City Council finds it appropriate to designate the speed limit on the following local street to facilitate safe and orderly traffic flow; and WHEREAS, said designation shall be made by resolution; and WHEREAS, the City Council finds it appropriate to designate the speed limits for 1 street segment; and
WHEREAS, in accordance with the provisions of Title 12.20.020 of the La Quinta Municipal Code, an engineering and traffic survey has been performed on the specified street; and
WHEREAS, the following designated prima facie speed limit is based on the results of the 2024 Engineering and Traffic Survey, included as Exhibit A, and incorporated herewith by this reference:

Street Segment Speed Limit
(mph)
Dune Palms Road Miles Avenue to Fred Waring Drive 35
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta, California that the aforementioned prima facie speed limit is most appropriate to facilitate the orderly movement of traffic and to be reasonably safe.

PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta City Council held on this 15th day of October, 2024, by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
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Resolution No. 2024 – XXX
Designate Speed Limit on Dune Palms Road, from Miles Avenue to Fred Waring Drive Adopted: October 15, 2024

Page 2 of 2 ends

________________________
LINDA EVANS, Mayor
City of La Quinta, California
ATTEST:
_________________________
MONIKA RADEVA, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
___________________________
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California
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October 1, 2024
Mr. Bryan McKinney, P.E.

City Engineer
Public Works Department
City of La Quinta
78-495 Calle Tampico
La Quinta, CA 92253
Subject: 2024 Engineering and Traffic Survey – Jefferson Street Dear Mr. McKinney:

As requested, Willdan has completed a review of the recommended speed zone on one segment of Dune Palms in the City of La Quinta. The Engineering and Traffic Study dated January 5, 2017, is hereby amended to include the updated speed limit for the segment listed below that supersede the previous speed limit recommendation. 27 — Dune Palms — Miles to Fred Waring
We are pleased to submit the enclosed recommendation and supporting documentation for the above segment. The Engineering and Traffic Survey for the above segments were conducted in accordance with applicable provisions of the CVC, following procedures outlined in the California Manual on Uniform Traffic Control Devices (California MUTCD) dated November 2014, and as required by Section 627 of the California Vehicle Code.

The Report is intended to satisfy the requirements of Section 40802 of the CVC to enable the continued use of radar for traffic speed enforcement.

We appreciate the opportunity to serve the City of La Quinta, and the assistance and cooperation afforded to us during the course of this study.

Very truly yours,

WILLDAN
Nicolle Spann, P.E., T.E.

Traffic Engineer
Enclosure
RESOLUTION NO. 2024-XXX

EXHIBIT A
ADOPTED: OCTOBER 15, 2024
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Table 1
Street Segments with Recommended Speed Changes

NO STREET FROM TO
POSTED
SPEED
LIMIT
NEW
POSTED
SPEED
LIMIT
CHANGE
27 Dune Palms Miles Fred Waring 45 35 10 mph reduction
Table 2
Speed/Collision Data Summary Table
ID Street Segment Dist.
(Mi.) Dir. 85%
Speed
10 Mi.

Pace
% in
Pace ADT
Accident Rate
Exp. Act.

Posted
Speed
Limit
Prop.

Speed
Limit
Remarks
27 Dune Palms Miles to Fred
Waring .48 N/S 42 33-42 81 4,876 1.24 0.00 45 35 *
* See “Segments with Special Conditions” Section for Comments 2024 Engineering and Traffic Survey Amendment
City of La Quinta

Page 2 ends

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SEGMENT WITH SPECIAL CONDITIONS
The following segment surveyed had recommended speed limits that were 5 miles per hour (mph) or more below the critical speed due to conditions not readily apparent to the driver.

This segment is discussed below.

Segment 27 – Dune Palms – Miles to Fred Waring
This segment is currently posted at 45 mph and has one through lanes in each direction with an ADT of 4,876 vehicles per day. The adjacent land is residential with some commercial along the 0.48- mile-long segment. The 85th percentile speed is 42 mph and would normally justify a 40- mph posted speed limit. This segment is identified as a land or facility that generates high concentrations of bicycles and pedestrians. The segment has bike lane and golf cart presence along the corridor and used by 3 schools in the area.

Because this segment is established as a land or facility that generates high concentrations of bicycles and pedestrians, an additional 5 mph reduction can be applied.

It is recommended that the speed limit be posted at 35 mph for the above reasons. This recommendation falls within the limitations requiring the recommendation be no more than 12.4 mph under the 85th percentile speed.
2024 Engineering and Traffic Survey Amendment
City of La Quinta

Page 3 ends

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CITY OF LA QUINTA

ENGINEERING & TRAFFIC SURVEY
STREET: Dune Palms Road between Miles Avenue and Fred Waring Drive DATE: 9/29/24 TIME: 1:00 PM OBSERVER: Steve Libring LOCATION: 27 PART I: HIGHWAY & ROADWAY CHARACTERISTICS
Sight Distance Obstructions?
(yes or no) S/B N/B Notes

1. Horizontal No No

2. Vertical No No

3. Superelevation (%) None None

4. Shoulder Conditions (paved or unpaved) Paved Paved

5. Profile Conditions (grade,%)

6. Commercial Driveway Characteristics
(at grade, dustpan, etc) At-Grade At-Grade Limited driveways on each side of roadway

7. Pedestrian Traffic in the Roadway without
sidewalks (yes or no) No No Sidewalks on both sides

8. Adjacent Land Use
(residential, commercial, office, etc)
Residential &
Commercial
Residential &
Commercial

9. Intersection Spacing and Offsets
(spacing, feet-offsets, yes or no) No offsets
Signals at Fred
Waring Drive and at
Miles Avenue

10. Pavement Condition
(good, satisfactory, poor) New New

11. Truck Traffic (heavy, moderate, light) Light Light

12. Channelization (# of lanes, divided,
undivided, painted, or raised median)
1 lane with bike/cart
lane, divided with a
painted median
1 lane with bike/cart
lane, divided with a
painted median
12’ painted median

13. Street Width and Alignment
(width, feet – straight or curved) 64’ 64’

14. Street Length 2,530 ft. segment

15. Average Daily Traffic 4,876 total - collected
9/10 thru 9/17/2024

16. Traffic Flow Characteristics
(heavy, moderate, light) Light Light

17. Uniformity with the Community
(yes or no) Yes Yes

18. Heavy On-Street Parking Turnover
(yes or no) No No No parking allowed on both sides

19. Street Lighting Only at signals
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CITY OF LA QUINTA

ENGINEERING & TRAFFIC SURVEY
STREET: Dune Palms Road between Miles Avenue and Fred Waring Drive LOCATION: 27
Direction Bi-directional Northbound *
Eastbound *
Southbound *
Westbound *
PART II: PREVAILING SPEED MEASUREMENT
Location of Radar Measurement
Date of Radar Measurement 9/16/2024
Time of Radar Measurement (24 hour) 1:00 PM TO 2:00 PM
50%ile (mph) 85%ile (mph) 38 42
10 mph Pace (% of Vehicles) 33-42 (81%)
Posted Limit Prevailing Limit 45 mph 45 mph
PART III: ACCIDENT RECORDS
Time Period Evaluated 1/1/2019 TO 12/31/2021
Number of
Accidents Midblock 0
Midblock
Accident Rate
(Acc/MVM)
Expected-Statewide/Year 1.24 per MVM
Actual 0.00 per MVM
PART IV: ADDITIONAL REMARKS
High Bike and Ped Generators – 2 schools at Miles, one at Blackhawk RECOMMENDED SPEED LIMIT 35 mph
* May be used in cases where two or more separate roadways are provided.

CERTIFICATION: I, Nicolle Spann do hereby certify that this Engineering and Traffic Survey within the City of La Quinta was performed under my supervision and is accurate and complete. I am duly registered in the State of California as a Professional Engineer (Traffic).
10/1/2024 TE 2933
Nicolle Spann Date State Registration Number
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City of La Quinta
CITY COUNCIL MEETING: October 15, 2024

STAFF REPORT
AGENDA TITLE: ADOPT RESOLUTION AUTHORIZING THE CITY OF LA QUINTA TO

JOIN WITH OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE CALIFORNIA

ASSET MANAGEMENT TRUST AND TO INVEST IN SHARES OF THE TRUST AND IN

INDIVIDUAL PORTFOLIOS

RECOMMENDATION
Adopt a resolution authorizing the City of La Quinta to join with other public agencies as a participant of the California Asset Management Trust and to invest in shares of the Trust and in individual portfolios

EXECUTIVE SUMMARY
 California Asset Management Program (CAMP) is a California Joint Powers Authority (JPA) established in 1989 to provide California public agencies with professional investment services.
 The CAMP Pool is a permitted investment under California Government Code Section 53601(p).
 The City became an Investor in CAMP in 2018.
 By joining the JPA, the City becomes a Participant in the plan which would confer voting rights as well as the ability to nominate a Trustee to the Board.

FISCAL IMPACT – None.

BACKGROUND/ANALYSIS
CAMP was created in 1989 when two public agencies formed the California Asset Management Trust (Trust) with the objective of meeting local government investment needs at a reasonable cost. The Trust’s activities are directed by a Board of Trustees, all of whom are finance officials of California public agencies. As a result, the Trust is accountable solely to its public agency Shareholders.

Initially, the Trust was formed to assist California public agencies with investing proceeds of tax-exempt bonds and complying with the arbitrage regulations. Responding to the needs of its Shareholders, the Trust was later modified to provide for the investment of operating funds and capital reserves.

CONSENT CALENDAR ITEM NO. 5
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The Trust’s Cash Reserve Portfolio (Pool) is a short-term portfolio which, in order of priority, seeks to preserve principal, provide daily liquidity, and earn a high level of income. The Pool is a long-established short-term investment alternative for California public agencies and is only permitted to invest in the same securities as allowed by California Government Code Section 53601. As of August 31, 2024, the Pool has almost $19 billion in public agency assets under management.

Some of the key benefits of the Pool, as identified within the Program Guide (Attachment 1), are as follows:
 Safety: Standard and Poor’s (S&P), one of the nationally recognized rating agencies, reviews the assets of the Pool each week. For the Pool to maintain the S&P AAA” rating1 the Pool must meet certain credit rating standards and not exceed the average maturity allowed by S&P. In addition, a third-party custodian holds all cash and securities.  Daily liquidity: Shareholders may make withdrawals on any business day (same day if CAMP is notified by 11:00 a.m. Pacific Time), and there is no limit on the number of transactions.
 Competitive yields, which in the rising rate environment of 2022-2024 at times outperformed the Local Agency Investment Fund (LAIF) by 100 basis points or more.

Interest is earned daily and credited monthly.
 Monthly statements.

CAMP is governed by a seven-member Board of Trustees comprised of California public finance officials. The Board is subject to the provisions of the Ralph M. Brown Act (Government Code Section 54950-54963), with regards to public meetings and records.

CAMP’s Investment Adviser, PFM Asset Management LLC (PFMAM), provides day-to-day portfolio management and program administrative services. PFMAM specializes in providing investment management services to public agencies. CAMP assets are held with custodian U.S. Bank National Association.

ALTERNATIVES
City Council could elect to remain as Investors in the Pool, instead of Participants with voting rights.

Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. CAMP Program Guide
1 Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management.

According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor's website.
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RESOLUTION NO. 2024 – XXX

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA

QUINTA, CALIFORNIA, AUTHORIZING THE CITY OF LA QUINTA
(THE “PUBLIC AGENCY”) TO JOIN WITH OTHER PUBLIC

AGENCIES AS A PARTICIPANT OF THE CALIFORNIA ASSET

MANAGEMENT TRUST AND TO INVEST IN SHARES OF THE

TRUST AND IN INDIVIDUAL PORTFOLIOS
WHEREAS, Section 6509.7 of Title 1, Division 7, Chapter 5 of the Government Code of the State of California (the “Joint Exercise of Powers Act”) provides that, if authorized by their legislative or other governing bodies, two or more public agencies that have the authority to invest funds in their treasuries may, by agreement, jointly exercise that common power; and
WHEREAS, under Sections 6500 and 6509.7(b) of the Joint Exercise of Powers Act, a “public agency” includes, but is not limited to, any California county, county board of education, county superintendent of schools, city, public corporation, public district, regional transportation commission, state department or agency, any joint powers authority formed pursuant to the Joint Exercise of Powers Act by public agencies or any nonprofit corporation whose membership is confined to public agencies or public officials; and
WHEREAS, public agencies that constitute local agencies, as that term is defined in Sections 53600 of Title 5, Division 2, Part 1, Chapter 4, Article 2 of the Government Code of the State of California (the “California Government Code”), are authorized pursuant to Section 53601(p), to invest all money belonging to, or in the custody of, a local agency not required for its immediate need in shares of beneficial interest issued by a joint powers authority organized pursuant to Section 6509.7 of the California Government Code that invests in the securities and obligations authorized in subdivisions (a) to (q), inclusive, of Government Code Section 53601; and WHEREAS, the California Asset Management Trust (the “Trust”) was established, pursuant to and in accordance with the Joint Exercise of Powers Act, by a Declaration of Trust, made as of December 15, 1989, as subsequently amended from time to time (the “Declaration of Trust”), as a vehicle for public agencies to jointly exercise their common power to invest the proceeds of debt issues and Public Agency surplus funds; and WHEREAS, pursuant to and in accordance with the Joint Exercise of Powers Act, the Public Agency desires to join the other public agencies which are or will be Participants of the Trust by adopting and executing the Declaration of Trust, provided hereto as Exhibit A, and incorporated herewith by this reference, and which is on file in the office of the Finance Director/City Treasurer; and
WHEREAS, the Public Agency is a “public agency” as that term is defined in Sections 6500 and 6509.7(b) of the Joint Exercise of Powers Act and a “local agency” as that term is defined in Section 53600 of the California Government Code; and 49 CLICK HERE to Return to Agenda
Resolution No. 2024 – xxx
Authorizing City as Participant of the California Asset Management Trust and to Invest in Shares of the Trust and in Individual Portfolios
Adopted: October 15, 2024

Page 2 of 3 ends

WHEREAS, the Public Agency is otherwise permitted to be a Participant of the Trust and to invest funds in the Trust and in the individual portfolios to be managed by the Investment Adviser to the Trust (“Individual Portfolios”); and WHEREAS, a program guide describing the Trust and the Individual Portfolios (the “Program Guide”) is on file in the office of the Finance Director/City Treasurer.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta, California, as follows:

SECTION 1: The Public Agency shall join with other public agencies pursuant to and in accordance with the Joint Exercise of Powers Act by executing the Declaration of Trust, incorporated as Exhibit A to this Resolution, and thereby becoming a Participant in the Trust, which Declaration of Trust is hereby approved and adopted. The City Manager is hereby authorized to execute, and the City Clerk is hereby authorized to attest and deliver, the Declaration of Trust.

SECTION 2: The Public Agency is hereby authorized to purchase shares in the Trust from time to time with available funds of the Public Agency, and to redeem some or all of those shares from time to time as such funds are needed.

SECTION 3 The Public Agency is hereby authorized to invest available funds of the Public Agency from time to time in one or more Individual Portfolios managed by the Investment Adviser to the Trust and described in the Program Guide.

SECTION 4: The appropriate officers, agents and employees of the Public Agency are hereby authorized and directed in the name and on behalf of the Public Agency to take all actions and to make and execute any and all certificates, requisitions, agreements, notices, consents, warrants and other documents, and any changes, amendments, modifications, or waivers thereto which they, or any of them, might deem necessary or appropriate in order to accomplish the purposes of this Resolution.

SECTION 5: This resolution shall go into effect upon adoption and the City Clerk shall certify to the adoption of this Resolution.

SECTION 6: Severability – if any section, subsection, subdivision, sentence, clause, phrase, or portion of this Resolution is, for any reason, held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Resolution. The City Council hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof.
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Resolution No. 2024 – xxx
Authorizing City as Participant of the California Asset Management Trust and to Invest in Shares of the Trust and in Individual Portfolios
Adopted: October 15, 2024

Page 3 of 3 ends

PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta City Council held on this 15th day of October, 2024, by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

________________________
LINDA EVANS, Mayor
City of La Quinta, California
ATTEST:
_________________________
MONIKA RADEVA, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
___________________________
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California
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© 2022 California Asset Management Program

CALIFORNIA ASSET

MANAGEMENT TRUST

DECLARATION

OF TRUST
Dated as of December 15, 1989, as amended and restated as of October 25, 2022 RESOLUTION NO. 2024-XXX

EXHIBIT A
ADOPTED: OCTOBER 15, 2024
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-iTable of Contents
ARTICLE I. DEFINITIONS..............................................................................................2 ARTICLE II. NAME, PURPOSE AND REPRESENTATIONS .......................................4 Section 2.1. Name. ...................................................................................................4 Section 2.2. Purpose.................................................................................................4 Section 2.3. Representations of Participants and Investors. ......................................4 ARTICLE III. TRUSTEES .................................................................................................4 Section 3.1. Initial Trustees.......................................................................................4 Section 3.2. Number, Qualification, Election and Term of Trustees.........................5 Section 3.3. Resignation and Removal. .....................................................................5 Section 3.4. Vacancies. .............................................................................................5 ARTICLE IV. POWERS OF TRUSTEES ..........................................................................6 Section 4.1. General. ................................................................................................6 Section 4.2. Investments...........................................................................................6 Section 4.3. Legal Title. ............................................................................................6 Section 4.4. Issuance and Redemption of Shares. .....................................................7 Section 4.5. Borrowing Money and Lending Trust Property. ....................................7 Section 4.6. Delegation and Committees. .................................................................7 Section 4.7. Collection and Payment.........................................................................7 Section 4.8. Expenses and Limits Thereon. ..............................................................7 Section 4.9. Litigation...............................................................................................7 Section 4.10. Manner of Acting and By-Laws. ..........................................................8 Section 4.11. Miscellaneous Powers..........................................................................8 ARTICLE V. INVESTMENT ADVISORY AND OTHER SERVICES TO
TRUST ...................................................................................................8 Section 5.1. Investment Adviser and Approval of Agreements. ................................8 Section 5.2. Other Activities of Investment Adviser. ................................................9 53 CLICK HERE to Return to Agenda
-iiSection 5.3. Other Services to the Trust. ..................................................................9 ARTICLE VI. LIMITATIONS OF LIABILITY...............................................................10 Section 6.1. No Personal Liability...........................................................................10 Section 6.2. Non-Liability and Indemnification of Trustees and Others. ................10 Section 6.3. Surety Bond Required. ........................................................................10 Section 6.4. No Duty of Investigation and Notice in Trust Instruments.................10 Section 6.5. Reliance on Experts.............................................................................11 Section 6.6. Immunity from Liability, Limited Waiver of Sovereign Immunity of Certain Participants. ...................................................11 Section 6.7. Further Restriction of Duties and Liabilities........................................11 ARTICLE VII. SHARES OF BENEFICIAL INTEREST................................................11 Section 7.1. Beneficial Interest................................................................................11 Section 7.2. Rights of the Shareholders...................................................................12 Section 7.3. Establishment of a Trust. ....................................................................12 Section 7.4. Register of Shares................................................................................12 Section 7.5. Transfer of Shares. ..............................................................................13 Section 7.6. Notices................................................................................................13 Section 7.7. Approval Powers.................................................................................13 Section 7.8. Series and Classes of Shares.................................................................13 ARTICLE VIII. REDEMPTIONS....................................................................................15 Section 8.1. Redemptions. ......................................................................................15 Section 8.2. Suspension of Right of Redemption....................................................15 Section 8.3. Redemptions to Reimburse Trust for Loss on Nonpayment for Shares or for Other Charges. .....................................................15 Section 8.4. Redemptions Pursuant to Constant Net Asset Value Policy. ...............16 Section 8.5. Redemptions in Kind. .........................................................................16 Section 8.6. Minimum Investment..........................................................................16 54 CLICK HERE to Return to Agenda
-iiiARTICLE IX. DETERMINATION OF NET ASSET VALUE, NET
INCOME AND DISTRIBUTIONS ....................................................16 Section 9.1. By-Laws to Govern Net Asset, Net Income and Distribution Procedures. .................................................................16 ARTICLE X. DURATION, TERMINATION AND AMENDMENT............................16 Section 10.1. Duration............................................................................................16 Section 10.2. Termination of Trust.........................................................................17 Section 10.3. Amendment Procedure. ....................................................................17 Section 10.4. Merger, Consolidation and Sale of Assets. .........................................18 ARTICLE XI. MISCELLANEOUS ..................................................................................18 Section 11.1. Governing Law..................................................................................18 Section 11.2. Counterparts. ....................................................................................18 Section 11.3. Adoption by California Public Agencies. ...........................................18 Section 11.4. Certificates. .......................................................................................18 Section 11.5. Provisions in Conflict with Law or Regulations. ................................19 Section 11.6. Index and Headings for Reference Only............................................19 Section 11.7. Successors in Interest. .......................................................................19 55 CLICK HERE to Return to Agenda
1 THIS DECLARATION OF TRUST, made as of December 15, 1989, by the Initial Participants, is amended and restated as of October 25, 2022. Capitalized terms used herein shall have the meanings specified in Article I.

WITNESSETH
WHEREAS, Section 6502 of the Act provides that “if authorized by their legislative or other governing bodies, two or more public agencies by agreement may jointly exercise any power common to the contracting parties”; and
WHEREAS, Section 6509.7(a) of the Act provides that “two or more public agencies that have the authority to invest funds in their treasuries may, by agreement, jointly exercise that common power”; and
WHEREAS, Section 6500 of the Act defines “Public Agency” to include “the federal government or any federal department or agency, this state, another state or any state department or agency, a county, county board of education, county superintendent of schools, city, public corporation, public district, regional transportation commission of this state or another state, a federally recognized Indian tribe, or any joint powers authority formed pursuant to this article by any of these agencies”; and WHEREAS, Section 6509.7(b) of the Act provides that in addition to those public agencies listed in Section 6500, the definition of “Public Agency” also includes “a nonprofit corporation whose membership is confined to public agencies or public officials”; and WHEREAS, the Initial Participants are both California Public Agencies and are both authorized to invest funds pursuant to the Government Code of the State of California; and WHEREAS, the Initial Participants have been authorized by their legislative or other governing bodies, and desire to agree by this Declaration of Trust, to jointly exercise their common power to invest funds through creation of the Trust as a separate entity under the Act; and WHEREAS, the Initial Participants anticipate that other California Public Agencies as defined by the Act, as it may be amended from time to time, may wish to become Participants by adopting and executing this Declaration of Trust and thus becoming parties to it; and WHEREAS, Section 6509.7(a) of the Act provides that Public Agencies’ funds invested pursuant to an agreement entered into under the Act may be invested as authorized under subdivision (p) of Section 53601 of the California Government Code (“Section 53601"); and WHEREAS, Section 53601 of the California Government Code, subdivision (p), makes shares of beneficial interest issued by the Trust eligible investments for Public Agencies; and WHEREAS, Public Agencies that do not wish to become parties to this Declaration of Trust, but that wish to acquire Shares of Beneficial Interest issued by the Trust, may do so on terms provided hereunder and in accordance with the By-Laws governing the Trust.

NOW, THEREFORE, the Initial Participants hereby declare that all money and property contributed to the Trust established under this Declaration of Trust shall be held and managed in trust for 56 CLICK HERE to Return to Agenda
2 the benefit of holders, from time to time, of the Shares of Beneficial Interest issued hereunder and subject to the provisions hereof.

ARTICLE I. DEFINITIONS
Except as otherwise expressly provided for in this Declaration of Trust, or unless the context otherwise requires, as used throughout this Declaration of Trust the following terms shall have the respective meanings specified below.

Act: The Joint Exercise of Powers Act, Section 6500 et seq. of Title 1, Division 7, Chapter 5 of the Government Code of the State of California.

Affiliate: As to any person, any other person who owns beneficially, directly or indirectly, 1% of the outstanding capital stock or equity interest of such person or of any other person who controls, is controlled by or is under common control with such person, or is an officer, retired officer, director, employee, partner or Trustee of such person or of any other person who controls, is controlled by or is under common control with such person.

By-Laws: The By-Laws of the Trust made as of December 15, 1989, as amended and restated from time to time.

Cash Reserve Portfolio: A short-term money market portfolio of the Trust which is divided into two Series of Shares, the Participant Shares Series and the Investor Shares Series.

Certificate of Determination: An instrument, a copy of which is attached hereto as Exhibit A and incorporate by reference here, which has been approved by a majority of the Trustees establishing a Class or Series of Shares of a particular Class and setting forth therein the relative rights, preferences, approval powers, and terms and conditions of each Series or Class, as may be provided in such instrument.

Class. The designation of Shares issued by the Trust which currently includes two classes known as the “Cash Reserve Portfolio Class of Shares” and the “Term Portfolio Class of Shares.” Declaration of Trust: The Declaration of Trust made as of December 15, 1989, by the Initial Participants, as amended and restated as of October 25, 2022.

Information Statement: A disclosure document which describes in detail the management, policies and operations of the Pool, risks attendant to investments in the Trust, and other matters related to the Trust and the Pool.

Initial Participants: Monterey Peninsula Water Management District and Placer County.

Investment Advisory Agreement: The Amended and Restated Investment Advisory Agreement made as of May 14, 2004, by and between the Trust and PFM Asset Management LLC, as further amended and restated from time to time, and last amended and restated as of January 1, 2023.

Investor Agreement. An agreement entered into between the Investor and the Trust in connection with the Investor’s purchase of shares of Investor Shares Series. 57 CLICK HERE to Return to Agenda
3 Investor Shares Series: Shares in the Trust held by Investors. Shares of Investor Shares Series have no voting rights.

Investors: Public Agencies that acquire Shares of Investor Shares Series issued by the Trust without executing the Declaration of Trust and on such other terms as provided in the Declaration of Trust and By-Laws.

Participant Shares Series: Shares in the Trust held by Participants. Shares of Participant Shares Series have voting rights conferring approval powers in proportion to the number of full and fractional Shares held by each Participant.

Participants: Initial Participants and any subsequent Participants that are Public Agencies that join the Trust by executing the Declaration of Trust and who may acquire shares of Participant Shares Series.

Program Guide. Information consisting of the Information Statement and additional information provided to Investors and Participants in the Trust.

Public Agency: As that term is defined in Section 6500 and Section 6509.7 of the Act.

Series: Subdivision of Shares within a Class. Each Series has rights, privileges, preferences and restrictions applicable to that Series as more fully set forth in a Certificate of Determination with respect to such Series.

The Shares issued by the Trust within the Cash Reserve Portfolio Class of Shares are currently designated into two Series, the Participant Shares Series and Investor Shares Series. The Shares issued by the Trust within the Term Portfolio Class of Shares are from time to time designated into a Series, and each such Series is designated into two Subseries, the Participant Shares Subseries and the Investor Shares Subseries.

Shareholders: Public Agencies that own Shares of a Class within the Trust or a Series within a Class.

Shares: Units of beneficial interests issued by the Trust and generally refers to shares of any one or more Series or Classes, or of all Series and Classes, as may apply.

Term Portfolio: A fixed-rate, fixed-term money market portfolio of the Trust , and each Series designated therein, each such Series constituting a pool of assets for purposes of Section 53601. Each such Series is divided into two Subseries of Shares, the Participant Shares Subseries and the Investor Shares Subseries.

Trust: The California Asset Management Trust formed pursuant to Section 6502 of the Act.

Trustees: Individuals appointed by the Board of Trustees and approved by Participants pursuant to the Declaration of Trust and By-Laws to manage the Trust’s activities on behalf of the Trust. So for as may be practicable, the Trustees shall conduct the Trust’s activities, execute all documents and sue or be sued under that name, which name (and the word “Trust” wherever used herein) shall refer to the Trustees as Trustees, and not as individuals or personally, and shall not refer to the officers, employees, agents or Participants of the Trust. If the Trustees determine that the use of that name is not advisable, they may use another designation or adopt another name under which the Trust may hold property or conduct its activities.
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4 ARTICLE II. NAME, PURPOSE AND REPRESENTATIONS
Section 2.1. Name.

The name of the trust created hereby is CALIFORNIA ASSET MANAGEMENT TRUST. The Trust shall constitute a separate public entity within the meaning of Section 6507 of the Act.

Section 2.2. Purpose.

The purpose of the Trust is to provide California Public Agencies, both the Participants and the Investors, with an instrumentality or agency to pool their proceeds of debt issues and other funds and to facilitate the investment of and accounting for such funds. Public Agencies of the State of California, authorized under the Act, as may be amended from time to time, or other applicable California statutes, as shall be in effect from time to time, to enter into joint arrangements of this nature, may become Participants after their governing bodies have adopted and executed this Declaration of Trust. Investors may invest in the Shares of the Trust without becoming Participants by executing an Investor Agreement containing the representations and warranties, waivers, covenants and agreements referenced herein as applicable to the Investors.

Section 2.3. Representations of Participants and Investors.

Each Participant and each Investor (by execution of an Investor Agreement), represents and warrants to the other Participants and Investors, but only as to itself, as follows:
(a) The Shareholder is duly organized and validly existing as a Public Agency of the State of California, as that term is defined in Sections 6500 and 6509.7(b) of the Act, as may be amended from time to time, and has full legal right, power and authority to enter into this Declaration of Trust or the Investor Agreement, as may be applicable, to observe and perform its obligations hereunder or thereunder and to invest its assets as provided herein or therein; and by all necessary official actions the Shareholder has duly authorized and approved the execution of this Declaration of Trust or the applicable Investor Agreement, as the case may be, the observance and performance of its obligations hereunder or thereunder and the investment of its assets as provided herein or therein. (b) This Declaration of Trust with respect to each Participant and Investor Agreement with respect to each Investor constitutes a legal, valid and binding obligation of the Shareholder enforceable against the Shareholder in accordance with its respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors rights generally, and by the application of equitable remedies in appropriate cases.

ARTICLE III. TRUSTEES
Section 3.1. Initial Trustees.

By the execution of this Declaration of Trust, the Initial Participants appoint the following five individuals to serve as initial Trustees:

Bruce Buel
Earl Corin
Nancy E. Hicks
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5 James S. Kennedy
Robert C. Leland
Section 3.2. Number, Qualification, Election and Term of Trustees.

The number of Trustees shall be fixed from time to time by resolution of the Trustees; provided, however, that the number of Trustees shall not be less than three and not greater than fifteen and shall not be less than the number of classes of California Public Agencies entitled to representation on the Board of Trustees as provided in the By-Laws. All Trustees shall be members of the governing body, officers or full-time employees of California Public Agencies. Other than the initial Trustees and Trustees named to fill vacancies as provided in Section 3.4., the Trustees shall be appointed by the Board of Trustees and approved annually by the Participants. Except in the event of resignations or removals pursuant to Section 3.3., each Trustee shall hold office until his or her successor is appointed and approved by the Board of Trustees and the Participants and qualified to serve as Trustee. Each Trustee shall either sign this Declaration of Trust or agree in writing to be bound by it.

Section 3.3. Resignation and Removal.

Any Trustee may resign his or her trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered to the other Trustees, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. A Trustee who has ceased to be qualified as provided in the By-Laws, who has died, who has been judged incompetent or bankrupt, or for whom a guardian or conservator has been appointed, shall be deemed to have resigned as of the date of such disqualification, death, adjudication or appointment. Any Trustee may be removed, with or without cause, by the action of two-thirds of the remaining Trustees. Upon the resignation or removal of a Trustee, such former Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust property held in the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee, his or her legal representative shall execute and deliver such documents as the remaining Trustees shall require as provided in the preceding sentence.

The Superior Court of the City and County of San Francisco, California, may at the suit of any Participants holding at least 10% of the Shares, remove from office any Trustee in case of fraudulent or dishonest acts or gross abuse of authority or discretion with reference to the Trust and may bar from reelection any Trustee so removed for a period determined by the Court.

Section 3.4. Vacancies.

The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the disqualification, death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. No such vacancy shall operate to annul this Declaration of Trust or to remove any existing agency created pursuant to the terms of this Declaration of Trust. In the case of an existing vacancy, including a vacancy existing by reason of an increase in the number of Trustees, the remaining Trustees shall fill such vacancy by the appointment of such other person as they in their discretion shall see fit and as is qualified as provided herein and in the By-Laws. If there shall be no remaining Trustee, any Participant may petition the Superior Court of the City and County of San Francisco to appoint a Trustee who is qualified as provided herein and by the By-Laws. Any such appointment shall not become effective, however, until the person appointed shall have accepted in writing such appointment and agreed in writing to be bound by the terms of this Declaration of Trust. An appointment of a Trustee may be made in anticipation of a vacancy to occur at a later date by reason of 60 CLICK HERE to Return to Agenda
6 resignation, provided that such appointment shall not become effective prior to such resignation.

Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided in this Section 3.4., the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust.

ARTICLE IV. POWERS OF TRUSTEES
Section 4.1. General.

The Trustees shall have exclusive and absolute control over the Trust property and over the affairs of the Trust to the same extent as if the Trustees were the sole owners of the Trust property in their own right, but with such powers of delegation as may be permitted by this Declaration of Trust. The Trustees shall have power to conduct the affairs of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of California, and to do all such other things and execute all such instruments as the Trustees deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of a power to the Trustees. The enumeration of any specific power herein shall not be construed as limiting the aforesaid powers. Such powers of the Trustees may be exercised without order of or resort to any court.

Notwithstanding the foregoing, the investment powers of the Trustees under this Declaration of Trust shall be subject to any restrictions upon the manner of exercising such powers imposed by the laws of the State of California, including Section 53635 of Title 5, Division 7, Part 1, Chapter 4, Article 2 of the Government Code, as in effect on the date of adoption of this Declaration of Trust by the Initial Participants and as may be amended from time to time. In the event that such Initial Participants (or any successor Participants designated as described below) cease to be parties to this Declaration of Trust, the Trustees shall designate other Participants as successor Participants for purposes of this Section.

Section 4.2. Investments.

The Trustees shall have the power to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, lend or otherwise deal in or dispose of investments of every nature and kind, provided such investment is (in the sole and absolute discretion of the Trustees) consistent with the investment objectives and policies set forth in the Trust’s Program Guide including the Information Statement, as most recently amended or supplemented, and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more persons, firms, associations or corporations to exercise any of such rights, powers and privileges in respect of any of such investments.

Section 4.3. Legal Title.

Legal title to all the Trust property shall be vested in the Trustees as joint tenants, except that the Trustees shall have power to cause legal title to any Trust property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other person as nominee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected. The right, title and interest of the Trustees in the Trust property shall vest automatically in each person who may hereafter become a Trustee. Upon the resignation, removal, incapacity, disqualification or death of a Trustee such Trustee shall automatically cease to have any right, title or interest in any of the 61 CLICK HERE to Return to Agenda
7 Trust property, and the right, title and interest of such Trustee in the Trust property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 4.4. Issuance and Redemption of Shares.

The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and, subject to the provisions hereof, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust, whether capital or surplus or otherwise, to the full extent now or hereafter permitted by California law.

Section 4.5. Borrowing Money and Lending Trust Property.

Subject to applicable law, the Trustees shall have power to borrow money or otherwise obtain credit and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person and to lend Trust property.

Section 4.6. Delegation and Committees.

The Trustees shall have power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the same extent as such delegation is permitted by law and consistent with the By-Laws.

Section 4.7. Collection and Payment.

The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust property; to prosecute, defend, compromise or abandon any claims relating to the Trust property; to foreclose any security interest securing any obligation by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 4.8. Expenses and Limits Thereon.

The Trustees shall have the power to incur and pay any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration of Trust. The Trustees shall fix the compensation of all officers and employees who are not Trustees.

Section 4.9. Litigation.

The Trustees shall have the power to engage in and to prosecute, defend, compromise, abandon, or adjust, by arbitration or otherwise, any actions, suits, proceedings, disputes, claims, and demands relating to the Trust or the Trust property, and, out of the Trust property, to pay or to satisfy any debts, claims or expenses incurred in connection therewith, including those of litigation, and such power shall include without limitation the power of the Trustees or any appropriate committee thereof, in the exercise of their or its good faith business judgment, consenting to dismiss any action, suit, proceeding, dispute, claim, or demand, derivative or otherwise, brought by any person, including a Participant or an Investor in such Participant’s or Investor’s own name or in the name of the Trust, whether or not the Trust or any of the 62 CLICK HERE to Return to Agenda
8 Trustees may be named individually therein or the subject matter arises by reason of business for or on behalf of the Trust.

Section 4.10. Manner of Acting and By-Laws.

Except as otherwise provided herein or in the By-Laws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum being present). The Trustees may adopt By-Laws not inconsistent with this Declaration of Trust to provide for the conduct of the affairs of the Trust and may amend or repeal such By-Laws.

Section 4.11. Miscellaneous Powers.

The Trustees shall have the power to: (a) employ or contract with such persons as the Trustees may deem desirable for the transaction of the affairs of the Trust; (b) to the extent permitted by law, enter into joint ventures, partnerships and any other combinations or associations; (c) remove Trustees or fill vacancies in or add to their number, elect and remove such officers and appoint and terminate such agents or employees as they consider appropriate, and appoint from their own number and others, and terminate, any one or more committees which may exercise some or all of the power and authority of the Trustees as the Trustees may determine; (d) purchase, and pay for out of Trust property, insurance policies insuring the Trustees, officers, employees, agents, Participants, investment advisers, distributors, or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such person against such liability; (e) to the extent permitted by law, indemnify any person with whom the Trust has dealings to such extent as the Trustees shall determine; (f) determine and change the fiscal year of the Trust and the method by which its accounts shall be kept; and (g) adopt a seal for the Trust but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

In addition to these specific powers, the Trustees shall also have all other powers consistent with the Act and the laws of California governing California business trusts and reasonably necessary from time to time to carry out the purposes of the Trust as set forth in Section 2.2.

ARTICLE V. INVESTMENT ADVISORY AND OTHER SERVICES TO TRUST Section 5.1. Investment Adviser and Approval of Agreements.

The Trustees are responsible for the general policies of the Trust and for such general supervision of the business of the Trust conducted by all officers, agents, employees, advisers, managers or independent contractors of the Trust as may be necessary to insure that such business conforms to the provisions of this Declaration of Trust. However, the Trustees shall not be required personally to conduct all the business of the Trust, and consistent with their ultimate responsibility as stated above, the Trustees shall have the power to appoint, employ or contract with any person (including one or more of themselves or any corporation, partnership, or Trust in which one or more of them may be directors, officers, stockholders, partners or trustees) as the Trustees may deem necessary or proper for the transaction of the business of the Trust. The Trustees may in their discretion, from time to time, enter into an investment advisory or management contract whereby the other party to such contract shall undertake to furnish the Trust such management, investment advisory or supervisory, administrative, accounting, legal, statistical, research, and promotional facilities and services, and such other facilities and services, if any, as the Trustees may in their discretion determine. The Trustees may authorize the investment adviser to effect 63 CLICK HERE to Return to Agenda
9 purchases, sales, loans or exchanges of portfolio securities of the Trust on behalf of the Trustees or may authorize any officer, employee or Trustee to effect such purchases, sales, loans or exchanges pursuant to recommendations of the investment adviser, all without further action by the Trustees. Any such purchases, sales, loans and exchanges shall be deemed to have been authorized by all of the Trustees.

The Trustees shall have the power to determine the compensation and other terms of employment or contract of the investment adviser or any other person whom they may employ or with whom they may contract; provided, however, that any determination to employ or contract with any Trustee or any person of which a Trustee is an Affiliate, shall be valid only if made, approved or ratified by a majority of the Trustees who are not Affiliates of such person. The Trustees may exercise broad discretion in allowing the investment adviser to administer and regulate the operations of the Trust, to act as agent for the Trust, to execute documents on behalf of the Trustees, and to make decisions which conform to general policies and general principles previously established by the Trustees.

Section 5.2. Other Activities of Investment Adviser.

Subject to and as limited by the terms and conditions of any Investment Advisory Agreement or other agreement between the Trust and the investment advisor, the investment adviser shall not be required to administer the investment activities of the Trust as its sole and exclusive function and may have other business interests and may engage in other activities similar or in addition to those relating to the Trust, including the rendering of services and advice to other persons and the management of other investments (including investments of the investment adviser and its Affiliates).

The investment adviser shall be required to use its best efforts to present a continuing and suitable investment program to the Trust which is consistent with the investment policies and objectives of the Trust.

Section 5.3. Other Services to the Trust.

The Trustees may, from time to time in their discretion, enter into contracts or agreements with independent contractors to carry out the following functions: (l) transfer agent and dividend disbursing agent; (2) administrator, to maintain the books and records of the Trust, to supervise all aspects of the Trust’s operations, including periodic updating of the Trust’s Program Guide and Information Statement, to prepare the Trust’s tax returns and periodic reports to Shareholders, to compute the Trust’s daily net asset value and yield, to provide office space, equipment and facilities necessary for the Trust’s operations and to provide such other administrative services as the Trustees may require; (3) distributor, to act as the Trust’s sales agent for the distribution of the Shares, (4) customer service agent, to provide information to California Public Agencies which are Participants or Investors or are interested in becoming Participants or Investors; (5) custodian bank, to hold all money and securities constituting the Trust property; (6) independent certified public accountants, to perform an annual audit and provide such other services as the Trustees may require, and (7) legal counsel. The foregoing specific list shall not prevent the Trustees from employing other persons to provide such advice, assistance or services as the Trustees may, from time to time, require to carry out the purposes of the Trust as set forth in Section 2.2. 64 CLICK HERE to Return to Agenda
10 ARTICLE VI. LIMITATIONS OF LIABILITY
Section 6.1. No Personal Liability.

No Participant shall be subject to any personal liability whatsoever to any person in connection with the Trust property or the acts, obligations or affairs of the Trust. Subject to Section 6.2., no Trustee, officer, employee or agent of the Trust shall be subject to any personal liability whatsoever to any person in connection with Trust property or the acts, obligations or affairs of the Trust, and all such persons shall look solely to the Trust property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Participant, Trustee, officer, employee, or agent, as such, of the Trust, made a party to any suit or proceeding to enforce any such liability, shall be held to any personal liability. The Trust shall indemnify and hold each Participant harmless from and against all claims and liabilities to which such Participant may become subject by reason of its being or having been a Participant and shall reimburse such Participant for all legal and other expenses reasonably incurred by it in connection with any such claim or liability; provided that such indemnity or reimbursement shall be made from assets (or proceeds thereof or income therefrom) of the one or more Series of Shares of the Trust in respect of which such claim or liability arose and not from the assets (or proceeds or income therefrom) of any other Series of Shares of the Trust. The rights accruing to a Participant under this Section 6.1. shall not exclude any other right to which such Participant may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a Participant in any appropriate situation even though not specifically provided herein.

Section 6.2. Non-Liability and Indemnification of Trustees and Others.

No Trustee, officer, employee or agent of the Trust shall be liable to the Trust, to its Shareholders, or to any Participant, Trustee, officer, employee or agent thereof for any action or failure to act (including, without limitation, the failure to compel, in any way, any former or acting Trustee to redress any breach of trust), except for its, his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of duty. Each Trustee, officer, employee and agent of the Trust shall be indemnified as provided in the By-Laws and to the fullest extent provided by California law.

Section 6.3. Official Bond Required.

The Trustees shall obtain an official bond in such amounts and with such terms as they shall determine pursuant to Section 6505.1 of Title 1, Division 7, Chapter 5 of the Government Code of the State of California.

Section 6.4. No Duty of Investigation and Notice in Trust Instruments.

No purchaser, lender, transfer agent or other person dealing with the Trustees or any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by such officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of such officer, employee or agent. Every obligation, contract, instrument, certificate, Share or other security of the Trust and undertaking, and every other document executed in connection with the Trust, shall be conclusively presumed to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Trust.

Every written obligation, contract, instrument, certificate, Share or other security of the Trust or undertaking made or issued by the Trustees shall recite that it is executed by them not individually, but as Trustees under this Declaration of Trust, and that the obligations of any such instruments are not binding 65 CLICK HERE to Return to Agenda
11 upon any of the Trustees or Participants individually, but bind only the Trust property, but the omission of such recital shall not operate to bind the Trustees or Participants individually.

Section 6.5. Reliance on Experts.

Each Trustee, officer and employee of the Trust shall, in the performance of his or her duties, be fully protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of its officers or employees or by the investment adviser, administrator, transfer agent, custodian, distributor accountants, appraisers or other experts or consultants selected with reasonable care by the Trustees, officers or employees of the Trust.

Section 6.6. Immunity from Liability, Limited Waiver of Sovereign Immunity of Certain Participants.

All of the privileges and immunities from liability, all exemptions from laws, ordinances and rules, and all pension, relief, disability, workmen’s compensation, and other benefits which apply to the activity of Trustees, officers, agents or employees of the Initial Participants and any additional Participants when performing their functions within the territorial limits of their respective Public Agencies, shall apply to them to the same degree and extent while engaged in the performance of any of their functions and duties associated with the Trust; provided however, that notwithstanding the foregoing, any Participant that is a federally recognized Indian tribe agrees (a) to a limited waiver of its sovereign immunity solely for the purpose of authorizing another Participant or Participants, including the Trustees, to initiate an action against it to enforce any right under the Declaration of Trust, to seek provisional remedies and to enforce an award or judgment rendered in any such action; and (b) to waive its sovereign immunity from any liability or judgment arising from any such action, but any such waiver shall be limited to and co-extensive with the immunity afforded a Participant that is a California Public Agency but not a federally recognized Indian tribe. The Trust, acting through one or more service providers, with the consent of the Board President, shall be authorized to negotiate and to enter into agreements with federally recognized Indian tribes on behalf of the Trust consistent with the above waivers as required to address terms and conditions.

Section 6.7. Further Restriction of Duties and Liabilities.

Without limiting the foregoing provisions of this Article VI, the Trustees, officers, employees, agents, and Participants of the Trust shall in no event have any greater duties or liabilities than those imposed by applicable law as shall be in effect from time to time.

ARTICLE VII. SHARES OF BENEFICIAL INTEREST
Section 7.1. Beneficial Interest.

The interest of the Shareholders hereunder shall be divided into transferable units to be called Shares. The number of Shares authorized hereunder is unlimited. Except as otherwise provided in this Section 7.1. and in Section 7.8. hereof, each Share shall represent an equal proportionate interest in the net assets of the applicable pool of securities within the Trust. Each Share of any Class of Shares created by the Trustees, whether or not the Trustees have created more than one Series of Shares of such Class, shall represent an equal proportionate interest in the assets of that Class with each other Share in that Class.

The Trustees may divide or combine the Shares of any Class into a greater or lesser number of Shares of 66 CLICK HERE to Return to Agenda
12 that Class or any Series of that Class without thereby changing the proportionate interests of each Share of that Class in the assets of that Class.

There is hereby established and designated two Classes of Shares known as the “Cash Reserve Portfolio” Class and the “Term Portfolio” Class. These Classes of Shares shall be divided into two Series of Shares, within the same portfolios, a “Participant Shares Series” and an “Investor Shares Series.” Subject to the provisions of Section 7.8. hereof, the Trustees may authorize the creation of additional Classes of Shares (the proceeds of which may be invested in other portfolios with investment objectives different from the “Cash Reserve Portfolio” Class and the “Term Portfolio” Class) and such series of Shares of such additional Classes as the Trustees may deem appropriate. All Shares issued hereunder, including, without limitation, Shares issued in connection with a dividend in Shares or a division of Shares, shall be fully paid and nonassessable. Except as expressly provided herein, or in the action of the Trustees in creating any new Series of a Class, no division of Shares into Series shall result in the creation of a preference as to dividends or distributions or a preference in the event of any liquidation, termination or winding up of the Trust. All references to Shares in this Declaration of Trust shall be deemed to be Shares of any one or more Series or Classes, or of all Series and Classes, as the context may require.

Section 7.2. Rights of the Shareholders.

The ownership of the Trust property of every description and the right to conduct the affairs of the Trust herein before described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition, division, dividend or distribution of any property, profits, rights or interests of the Trust nor can they be called upon to assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of the Shares beyond their beneficial interests in the Shares. The Shares shall be personal property giving only the rights specifically set forth in this Declaration of Trust. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may determine.

Section 7.3. Establishment of a Trust.

It is the intention of the Trustees and the Shareholders to create the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees and the Shareholders to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a partnership or a joint stock association.

Section 7.4. Register of Shares.

A register shall be kept at the principal office of the Trust or at such place as the Trustees shall designate containing the names and addresses of all the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Such register shall be conclusive as to which California Public Agencies are the holders of the Shares and which California Public Agencies shall be entitled to receive distributions or otherwise to exercise or enjoy the rights of Participants or Investors.

No Shareholder shall be entitled to receive payment of any distribution, nor to have rights given to it as herein or in the By-Laws provided, until its correct name and address has been given to the transfer agent or such other officer or agent of the Trustee as shall keep the register. The Trustees, in their discretion, may but need not authorize the issuance of Share certificates and promulgate appropriate rules and regulations as to their use.
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13 Section 7.5. Transfer of Shares.

Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereunto duly authorized in writing, upon delivery to the transfer agent of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor any transfer agent nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. No Shares may be transferred to a transferee other than a California Public Agency or the Trust itself. Any attempted transfer to any other person shall be void and of no effect.

Section 7.6. Notices.

Any and all notices and communications to which a Shareholder may be entitled shall be deemed duly given or made if delivered in person, by email or other electronic communication with respect to which a record of delivery of the notice shall be obtained and maintained, or mailed, postage prepaid, addressed to the Shareholder of record at its address as recorded on the register of the Trust. In addition to any other notice or communication to which a Shareholder may be entitled, each Shareholder shall be entitled to notice of any amendment to this Declaration of Trust or of any matter which is approved by the Participants.

Section 7.7. Approval Powers.

The following matters taken by the Trustees shall require the approval of a majority of the holders of outstanding voting Shares: (i) the appointment of Trustees as provided in Section 3.2., (ii) liquidation of any Class of Shares or Participant Shares Series as provided in Section 7.8.(e), (iii) termination of the Trust as provided in Section 10.2., (iv) amendment of this Declaration of Trust to the extent provided in Section 10.3., (v) merger, consolidation or sale of assets of the Trust as provided in Section 10.4., (vi) a change in the investment restrictions or fundamental policies set forth in the Program Guide and Information Statement, except as set forth therein, and (vii) such additional matters relating to the Trust as may be required by this Declaration of Trust or the By-Laws or as the Trustees may consider necessary or desirable. Only Participants shall be entitled to exercise such approval powers in proportion to the number of full and fractional Shares held by each Participant. Investors shall have no voting rights.

Shares shall not be cumulated for the purpose of approving Trustees. Until Shares are issued, the Trustees may exercise all rights of the Participants and may take any action required by law, this Declaration of Trust or the By-Laws to be taken by the Participants. The By-Laws may include further provisions for the approval of the Participants and related matters.

Section 7.8. Series and Classes of Shares.

The following provisions are applicable regarding the Series or Classes of Shares of the Trust established and designated by Section 7.1. hereof and shall be applicable if the Trustees shall establish and designate additional Classes or Series of a Class as provided in that Section:
(a) The number of Shares of each Series or Class that may be issued shall be unlimited. (b) All consideration received by the Trust for the issue or sale of Shares of a particular Class (whether or not Shares of such Class have been divided into Series), together with all assets in which such 68 CLICK HERE to Return to Agenda
14 consideration is invested or reinvested, all income, earnings, profits and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to Shares of that Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the hooks of account of the Trust. In the event that there are any assets, income, earnings, profits, or proceeds thereof, or funds or payments of the Trust which are not readily identifiable as belonging to any particular Class, the Trustees shall allocate them among any one or more of the Classes established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable.

Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Classes for all purposes.
(c) The assets belonging to each particular Class shall be charged with the liabilities of the Trust in respect of that Class, as will all expenses, costs, charges and reserves attributable to that Class, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Class shall be allocated and charged by the Trustees to and among any one or more of the Classes established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders in all Classes for all purposes.
(d) Except as otherwise provided in the Certificate of Determination of the Trustees creating a Series of Shares of a particular Class, all dividends and distributions on Shares of a particular Class shall be distributed pro rata to the holders of that Class in proportion to the number of Shares of that Class held by such holders at the date and time of record established in the By-Laws for the payment of such dividends or distributions.
(e) In the event of the liquidation of a particular Series of a Class or of an entire Class, the Participants or Investors in that Series or Class, as the case may be, which is being liquidated shall be entitled to receive, when and as declared by the Trustees, the excess of the assets belonging to Shares of that Class over the liabilities attributable to Shares of the Class. The holders of Shares of any such Class shall not be entitled thereby to any distribution upon liquidation of any other Series or Class. The assets so distributable to the Participants or Investors, as the case may be, in any Class shall be distributed among such Participants or Investors in proportion to the number of Shares of that Class, whether in one or more Series, held by them and recorded on the books of the Trust. The liquidation of any particular Series or Class in which there are Shares then outstanding held by Participants may be authorized by an instrument in writing, without a meeting, signed by a majority of the Trustees then in office, subject to the affirmative vote of a majority of the outstanding voting Shares of that Series or Class held by Participants. (f) The Trustees shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to convert or exchange such Shares for or into Shares of one or more other Series or Class in accordance with such requirements and procedures as may be established by the Trustees. (g) The Trustees shall have the power to determine the designations, preferences, privileges, limitations and rights, including approval and dividend rights, of each Series or Class of Shares. Subject to the provisions of this Section 7.8., all Shares of all Series or Classes shall have identical rights and privileges.
(h) The establishment and designation of any Series or Class of Shares in addition to those established and designated in Section 7.1. hereof shall be effective upon the execution by a majority of the then Trustees of an instrument setting forth such establishment and designation and the relative rights, 69 CLICK HERE to Return to Agenda
15 preferences, approval powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of such Series or Class or as otherwise provided in such instrument. At any time that there are no Shares outstanding of any particular Series or Class previously established and designated, the Trustees may by an instrument executed by a majority of their number abolish that Series or Class and the establishment and designation thereof. Each instrument referred to in this paragraph shall constitute an amendment to this Declaration of Trust.

ARTICLE VIII. REDEMPTIONS
Section 8.1. Redemptions.

In case any Shareholder at any time desires to dispose of its Shares, it may deposit a written request or other such form of request as the Trustees may from time to time authorize, at the office of the transfer agent or at the office of any bank or trust company, either in or outside of California which is a member of the Federal Reserve System and which the transfer agent has designated in writing for that purpose, to have the Shares redeemed by the Trust at the net asset value thereof per Share next determined after such deposit as provided in the By-Laws. Payment for redemption shall be made to the Shareholder within the number of business days specified in the Trust’s current Program Guide and Information Statement, unless the date of payment is postponed pursuant to Section 8.2. hereof, in which event payment may be delayed beyond such period.

Section 8.2. Suspension of Right of Redemption.

The Trustees may declare a suspension of the right of redemption or postpone the date of payment or redemption for the whole or any part of any period (i) during which the New York Stock Exchange is closed other than customary weekend and holiday closings, (ii) during which trading on the New York Stock Exchange is restricted, or (iii) during which an emergency exists as a result of which disposal by the Trust of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Trust fairly to determine the value of its net assets. Such suspension shall take effect at such time as the Trustees shall specify, but not later than the close of business on the business day next following the declaration of suspension, and thereafter there shall be no right of redemption or payment on redemption until the Trustees shall declare the suspension at an end, except that the suspension shall terminate in any event on the first day on which the New York Stock Exchange shall have reopened or the period specified in (ii) or (iii) shall have expired (as to which the determination of the Trustees shall be conclusive). In the case of a suspension of the right of redemption, a Shareholder may either withdraw its request for redemption or receive payment based on the net asset value existing after the termination of the suspension.

Section 8.3. Redemptions to Reimburse Trust for Loss on Nonpayment for Shares or for Other Charges.

The Trustees shall have the power to redeem Shares owned by any Shareholder to the extent necessary (i) to reimburse the Trust for any loss it has sustained by reason of the failure of such Shareholder to make full payment for Shares purchased by such Shareholder, or (ii) to collect any charge relating to a transaction effected for the benefit of such Shareholder which is applicable to Shares as provided in the Program Guide and Information Statement. Any such redemption shall be effected at the redemption price determined in accordance with Section 8.1. hereof. 70 CLICK HERE to Return to Agenda
16 Section 8.4. Redemptions Pursuant to Constant Net Asset Value Policy.

The following provisions shall apply to any Series, or multiple Series of a Class or Classes of Shares invested in the same portfolio, of investments of the Trust during any period that the Trustees, in their discretion, establish a policy of maintaining a constant net asset value per Share. If for any reason the net income of the Trust attributable to such Shares invested in the same portfolio shall, at the time of any determination thereof in accordance with Section 9.1. hereof, be a negative amount, then the Trustees shall have power to cause the number of outstanding Shares of such Series or multiple Series of a Class or Classes of Shares invested in the same portfolio to be reduced by requiring each Shareholder to contribute to the capital of the Trust such Shareholder’s proportionate part of the total number of Shares which have an aggregate current net asset value equal as nearly as may be practicable to the amount of the Trust’s net loss in respect of such portfolio. Each Shareholder, by becoming a registered holder of Shares, agrees to make any such contribution which may be required.

Section 8.5. Redemptions in Kind.

Payment for Shares redeemed pursuant to Section 8.1. may, at the option of the Trustees, or such officer or officers as they may duly authorize for the purpose, in their complete discretion be made in cash, or in kind, or partially in cash and partially in kind. In case of payment in kind, the Trustees, or their delegate, shall have absolute discretion as to what security or securities shall be distributed in kind and the amount of the same, and the securities shall be valued for purposes of distribution at the figure at which they were appraised in computing the net asset value of the Shares.

Section 8.6. Minimum Investment.

The Trustees shall have the power to fix the minimum investment for Shareholders expressed in dollars or Shares, or both. Whenever a Shareholder’s investment is less than the minimum established by the Trustees, the Trustees may redeem the Shares of such Shareholder, provided thirty days prior notice is given to such Shareholder. If the Trustees increase the minimum investment to an amount greater than it was at the time of the investment of any Shareholder, the investment of such Shareholder shall not be redeemed solely because it is less than such minimum amount without such Shareholder’s consent.

ARTICLE IX. DETERMINATION OF NET ASSET VALUE, NET INCOME AND

DISTRIBUTIONS
Section 9.1. By-Laws to Govern Net Asset, Net Income and Distribution Procedures.

The Trustees, in their absolute discretion, may prescribe and shall set forth in the By-Laws such bases and times for determining the per Share net asset value of Class of the Shares that is a separate pool, the net income of the Trust, and the declaration and payment of distributions, as they may deem necessary or desirable. If authorized by the By-Laws such provisions may be set forth in the Information Statement.

ARTICLE X. DURATION, TERMINATION AND AMENDMENT
Section 10.1. Duration.

The Trust shall continue without limitation of time but subject to the provisions of this Article X. 71 CLICK HERE to Return to Agenda
17 Section 10.2. Termination of Trust.
(a) The Trust may be terminated by the vote of the majority of the authorized Trustees, subject to approval of the holders of not less than two-thirds of the holders of outstanding voting Shares. Upon the termination of the Trust:
(i) The Trust shall carry on no activities except for the purpose of winding up its affairs; (ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration of Trust shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the Trust property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the Trust property shall require approval in accordance with Section

10.4. hereof; and
(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Trust property, in cash or in kind or partly in cash and partly in kind, among the Shareholders according to their respective beneficial interests. (b) After termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination, and the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

Section 10.3. Amendment Procedure.
(a) This Declaration of Trust may be amended by the vote of the Trustees, subject to approval of such amendment by the holders of a majority of outstanding voting Shares. The Trustees may also amend this Declaration of Trust without such approval to change the name of the Trust or any Series or Class, to establish and designate additional Series or Classes, to supply any omission herein or to correct or supplement any ambiguous, defective or inconsistent provision hereof, or if they deem it necessary, to conform this Declaration of Trust to the requirements of applicable laws or regulations, or to eliminate or reduce any taxes which may be payable by the Trust or the Shareholders, but the Trustees shall not be liable for failing to do so.
(b) No amendment may be made under this Section 10.3. which would change any rights with respect to any Share by reducing the amount payable thereon upon liquidation of the Trust, or by diminishing or eliminating any approval rights pertaining thereto, except with the vote of a majority of the Trustees and the approval of the holders of two-thirds of the outstanding voting Shares. Nothing in this Declaration of Trust shall permit its amendment to impair the exemption from personal liability of the Participants, Trustees, officers, employees and agents of the Trust or to permit assessments upon the Shareholders.
(c) A certificate signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if applicable, by the majority of the outstanding voting Shares, or 72 CLICK HERE to Return to Agenda
18 a copy of the Declaration of Trust as amended, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust.

Section 10.4. Merger, Consolidation and Sale of Assets.

To the extent permitted by law, the Trust may merge into or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust property, including its good will, upon such terms and conditions and for such consideration when and as authorized by vote of a majority of the Trustees and approved by the holders of two-thirds of the outstanding voting Shares.

ARTICLE XI. MISCELLANEOUS
Section 11.1. Governing Law.

This Declaration of Trust is executed by the Initial Participants and delivered in the State of California and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and consented according to the laws of the State of California.

Section 11.2. Counterparts.

This Declaration of Trust may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall be constituted one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 11.3. Adoption by California Public Agencies.

A Public Agency of the State of California may become a Participant of this Trust by taking appropriate action to adopt this Declaration of Trust, furnishing the Trust with satisfactory evidence that such action has been taken, and signing a counterpart of this Declaration of Trust. A copy of this Declaration of Trust may be adopted through incorporation by reference into an ordinance or resolution of such Public Agency, and a certified copy of such ordinance or resolution shall constitute satisfactory evidence of adoption contemplated by this Section.

Section 11.4. Certificates.

Any certificate executed by an individual who, according to the records of the Trust, appears to be a Trustee hereunder, or Secretary or Assistant Secretary of the Trust, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of any instrument or writing, (c) the form of any vote passed at a meeting of Trustees, (d) the number of Trustees present or voting at any meeting, (e) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (f) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.
73 CLICK HERE to Return to Agenda
19 Section 11.5. Provisions in Conflict with Law or Regulations. (a) The provisions of this Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with applicable laws and regulations, the conflicting provisions shall be deemed superseded by such laws or regulations to the extent necessary to eliminate such conflict; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.
(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable, such invalidity or unenforceability shall pertain only to such provision and shall not in any manner affect any other provision of this Declaration of Trust in any jurisdiction.

Section 11.6. Index and Headings for Reference Only.

The index and headings preceding the text, articles and sections hereof have been inserted for convenience and reference only and shall not be construed to affect the meaning, construction or effect of this Declaration of Trust.

Section 11.7. Successors in Interest.

This Declaration of Trust and the By-Laws shall be binding upon and inure to the benefit of the undersigned Initial Participants and their successors and assigns, and every Shareholder and its successors and assigns.

IN WITNESS WHEREOF, the undersigned have executed this Declaration of Trust as of the date first herein above set forth.

MONTEREY PENINSULA WATER PLACER COUNTY

MANAGEMENT DISTRICT
By: /s/ Dick Heuer By: /s/ Alex Ferreira
Name: Dick Heuer Name: Alex Ferreira
Title: Chairman Title: Chairman, Board of Supervisors
The undersigned Public Agency hereby represents that the governing body of the undersigned has duly adopted by appropriate action the Declaration of Trust of the California Asset Management Trust dated as of December 15, 1989, as amended and restated as of October 25, 2022; hereby executes such Declaration of Trust and, by such execution, hereby becomes a party to and Participant of the Trust and agrees to be bound by all the provisions of the Declaration of Trust.

Date:

Public Agency:

By:

Name:

Title: _______________________________________
City of La Quinta
Jon McMillen
City Manager
October 16, 2024
ATTEST:

Date: October 16, 2024
By: _________________________
Name: Monika Radeva
Title: City Clerk
74 CLICK HERE to Return to Agenda
A-1

EXHIBIT A

AMFENDED AND RESTATED CERTIFICATE OF DETERMINATION

OF CALIFORNIA ASSET MANAGEMENT TRUST
(PARTICIPANT SHARES SERIES AND INVESTOR SHARES SERIES OF THE CASH

RESERVE PORTFOLIO CLASS AND THE TERM PORTFOLIO CLASS)
We, the undersigned Trustees of the California Asset Management Trust (“Trust”), a California Joint Exercise of Powers Authority, formed pursuant to Section 6500 of the Joint Exercise of Powers Act, Title 1, Division 7, Chapter 5 of the Government of the State of California, and a common law trust established under a Declaration of Trust dated as of December 15, 1989, as amended and restated as of February 28, 2005 (“Declaration of Trust”) (capitalized terms used herein, unless otherwise provided, have the meaning assigned in the Declaration of Trust), do hereby adopt the following:

WHEREAS, the Declaration of Trust authorizes the Trustees to divide the shares of beneficial interest (“Shares”) into any number of Classes and Series of Classes and determine the rights, preferences, privileges and restrictions granted to or imposed upon any of the such Classes or Series of Classes of Shares; and
WHEREAS, the Declaration of Trust authorizes two Series of Shares of the Cash Reserve Portfolio Class and the Term Portfolio Class, consisting of Participant Shares Series and Investor Shares Series with each Share representing an equal proportionate Share in the net assets of the Class; and WHEREAS, the Participant Share Series consists of Shares issued and outstanding to Participants in the Trust with rights, preference, privileges and restrictions as more fully set forth herein and in the Declaration of Trust and By-Laws; and
WHEREAS, the Trustees wish to designate the rights, preferences, privileges and restrictions of the Participant Shares Series and the Investor Share Series.

NOW, THEREFORE, BE IT RESOLVED, as follows:
(a) Participant Shares Series. The rights, preferences, privileges and restrictions granted to or imposed upon the Participant Shares Series are as follows:

1. Voting Rights. Except as otherwise expressly provided by law, the By-Laws as adopted as of December 15, 1989, as amended and restated as of October 25, 2022, (“By-Laws”), or the Declaration of Trust, Participant Shares have exclusive voting rights on the following matters: (a) the appointment of Trustees, (b) liquidation of any Participant Shares Series, or any Class of Shares held in whole or in part by Participants, (c) termination of the Trust, (d) amendment of the Declaration of Trust, (e) merger, consolidation or sale of assets of the Trust, (f) change in the investment restrictions or fundamental policies set forth in the Information Statement, and (g) such other matters relating to the Trust as may be required by the By-Laws or the Declaration of Trust or as the Trustees may consider necessary or desirable to obtain the approval of the holders of the Participant Shares Series; and

2. Dividends. The holders of the Participant Shares Series shall be entitled to receive dividends and distributions as may be determined by the Trustees, in accordance with the By-Laws and the Declaration of Trust, and all such dividends and distributions shall be distributed pro rata to each 75 CLICK HERE to Return to Agenda
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holder of the Participant Shares Series in proportion to the number of Shares of the Participant Shares Series held by such holder at the date and time of record established by the By-Laws for the payment of such dividends and distributions; and

3. Liquidation. In the event of any liquidation of the Participant Shares Series of any Class, each holder of the Participant Shares Series shall be entitled to receive, when and as declared by the Trustees in accordance with the By-Laws and the Declaration of Trust, the net asset value of each Share of the Participant Shares Series held by the Participant. The holders of the Participant Shares Series shall not be entitled to any distribution upon liquidation of any other Series of any Class. The assets so distributable to the holders of the Participant Shares Series shall be distributed in proportion to the number of Shares of the Participant Shares Series of such Class held by each holder and recorded on the books of the Trust; and

4. Redemption. The holder of the Participant Shares Series shall have the right at any time to redeem Shares of the Participant Shares Series at the net asset value per Share with payment for the Shares of the Participant Shares Series redeemed to be made by the Trustees to such holder either in cash or in kind or partially in cash and partially in kind, as may be determined by the Trustees, in their complete discretion, or by such officer or officers as the Trustees may duly authorize for this purpose.

RESOLVED, FURTHER,
(b) Investor Shares Series. The rights, preferences, privileges and restrictions granted to or imposed upon the Investor Shares Series are as follows:

1. Voting Rights. Except as otherwise expressly provided by law, the Investor Shares Series shall have no voting rights; and

2. Dividends. The holders of the Investor Shares Series of a Class of Shares shall be entitled to receive dividends and distributions as may be determined by the Trustees, in accordance with the By-Laws and the Declaration of Trust, and all such dividends and distributions shall be distributed pro rata to each holder of the Investor Shares Series of such Class in proportion to the number of Shares of the Investor Shares Series held by such holder at the date and time of record established by the By-Laws for the payment of such dividends and distributions; and

3. Liquidation. In the event of any liquidation of the Investor Shares Series of a Class, each holder of the Investor Shares Series of such Class shall be entitled to receive, when and as declared by the Trustees, in accordance with the By-Laws and the Declaration of Trust, the net asset value of each share of the Investor Shares Series of such Class. The holders of the Investor Shares Series shall not be entitled to any distribution upon liquidation of any other Series. The assets so distributable to the holders of the Investor Shares Series of a Class shall be distributed in proportion to the number of Shares of the Investor Shares Series held by each holder and recorded on the books of the Trust; and

4. Redemption. The holder of the Investor Shares Series of a Class shall have the right at any time to redeem Shares of the Investor Shares Series of such Class at the net asset value per Share with payment for the Shares of the Investor Shares Series redeemed to be made by the Trustees to such holder either in cash or in kind or partially in cash and partially in kind, as may be determined by the Trustees, in their complete discretion, or by such officer or officers as the Trustees may duly authorize for this purpose.
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A-3

VERIFICATIONS BY WRITTEN DECLARATION OF

AMENDED AND RESTATED CERTIFICATE OF DETERMINATION
Steve Dial declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ Steve Dial
Name: Steve Dial
Karen Adams declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ Karen Adams
Name: Karen Adams
André Douzdjian declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ André Douzdjian
Name: André Douzdjian
Duane Wolterstorff declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ Duane Wolterstorff
Name: Duane Wolterstorff
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A-4
Lauren Warrem declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ Lauren Warrem
Name: Lauren Warrem
Jordan Kaufman declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ Jordan Kaufman
Name: Jordan Kaufman
David Persselin declares under penalty of perjury under the laws of the State of California that he has read the foregoing Amended and Restated Certificate and knows the contents thereof and that the same is true of his own knowledge.

Dated: October 25, 2022
By: /s/ David Persselin
Name: David Persselin
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ONE CALIFORNIA STREET
SUITE 1000

SAN FRANCISCO
CALIFORNIA 94111
213 MARKET STREET

HARRISBURG
PENNSYLVANIA 17101
PHONE (800) 729-7665
FAX (888) 535-0120
www.camponline.com
CAMP® is a registered trademark and the CAMP logos and designs are trademarks owned by the California Asset Management Trust (Trust).
79 CLICK HERE to Return to Agenda

PROGRAM
GUIDE
January 12, 2023
This Program Guide includes an Information Statement that contains important information on the California Asset Management Trust. Please read the Information Statement carefully before you invest in the Trust. © 2023 California Asset Management Program
ATTACHMENT 1
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CAMP®
Program Guide—January 12, 2023

CONTENTS
Part 1
Key Facts
Part 1 presents key facts about the Portfolios, including information on costs, minimums, policies, and how to
place transaction orders. Part 1 is descriptive, not
definitive, and is qualified by the information contained in Part 2.

Terms
Terms Used in This Document 1
Portfolio Summaries
Cash Reserve Portfolio (including the
Participant Shares and Investor Shares Series) 2
CAMP Term Portfolio 4
Investing
Opening an Account 6
Buying Shares—CAMP Cash Reserve Portfolio 6
Redeeming Shares—CAMP Cash Reserve Portfolio 8
Buying Shares—CAMP Term Portfolio 9
Redeeming Shares—CAMP Term Portfolio 9
Policies Concerning Withdrawals 10
Additional Account Features 10
Policies Specific to the CAMP Term Portfolios 11
Tax Information 12
Use of Amortized Cost 12
Financial Highlights 12
Part 2
Information Statement
Part 2 contains supplemental information to Parts 1 and 3.

Some of this information further defines or qualifies
information presented in Part 1. There is also information on additional topics, such as the history of the Trust and a list of the Trustees. Parts 1, 2, and 3 together constitute the offering document for the Pool, Term, and Individual
Portfolios.

General Information
The Trust 13
Overview of the Declaration of Trust 14
The Trustees 15
Participant and Trustee Liability 17
Service Providers 17
Expenses of the Trust 19
Tax Matters 19
Arbitrage Rebate Compliance 20
The Portfolios
Information Common to All Portfolios 22
Information Specific to the
CAMP Cash Reserve Portfolio 25
Information Specific to the CAMP Term Portfolio 27
Part 3
Individual Portfolios
Part 3 presents key facts about an Individual Portfolio investment and is qualified by the information contained in Part 2.

General Information
Purpose 29
Investment Policies 29
Opening an Individual Portfolio 29
Individual Portfolio Transactions 29
Arbitrage Rebate Compliance 30
Individual Portfolio Costs 30
Custodian 30
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Part 1
Terms Used in This Document
Account Application The form to open a CAMP
account.

ACH Automated clearing house is a secure payment
transfer system that connects all U.S. financial
institutions. The ACH network acts as the central
clearing facility for all Electronic Fund Transfer (EFT) transactions that occur nationwide.

Advisory Agreement Investment advisory agreement
between the Investment Adviser and the Trust.

Act California Joint Exercise of Powers Act (California Government Code Section 6500 et seq.).

Board The Trust’s Board of Trustees. These individuals
are employees of California Public Agencies which are
Participants in the Trust.

Business Day Any day on which both the bond market
(as determined by the Securities Industry and Financial Markets Association “SIFMA”) and the Custodian are
open for business. The Trust may close early on any
days when the bond market closes early. In light of
anticipated limited availability for money market
securities and fixed income settlement capacity
limitations, the Trust will not be open for business on Good Friday even if the primary trading markets are
open.

California Asset Management Program or CAMP or
Program The Program consisting of the Trust and
Individual Portfolios.

Cash Reserve Portfolio A short-term portfolio and cash
management vehicle (the “Pool”) designed to earn a high rate of return while preserving principal, providing
liquidity, and seeking a stable NAV of $1.00.

Custodian U.S. Bank National Association or the
designated bank, agent, or trust company responsible for safeguarding financial assets of the Trust and the
Individual Portfolios.

Connect The Investment Adviser’s web-based
information and transaction service.

FINRA Financial Industry Regulatory Authority.

Individual Portfolio Professionally managed
investment accounts which Shareholders may establish
by separate agreement with the Investment Adviser.

Internal Revenue Code The Internal Revenue Code of
1986, as amended.

Investment Adviser PFM Asset Management LLC, the
Trust’s investment adviser, administrator, and
transfer agent.

Investor Agreement The Agreement to become an
Investor and purchase shares of the Investor Shares
Series.

Investors Shareholders that invest in the Trust’s
Portfolios without joining the Trust.

JPA Joint Exercise of Powers Authority. The Trust is a
JPA.

MSRB Municipal Securities Rulemaking Board.

NAV Net asset value.

NRSRO Nationally recognized statistical-rating
organization.

Officers Executive officers of the Trust.

PFMAM PFM Asset Management LLC
Pacific Time The local West Coast time, either daylight or standard depending on time of year.

Participants Shareholders that invest in the Trust’s
Portfolios who have joined the Trust.

Pool The Trust’s Cash Reserve Portfolio.

Portfolios The Cash Reserve Portfolio and Term
Portfolio which are each professionally managed
investment portfolios.

Public Agency As defined in California Government
Code, Section 6500, and includes, but is not limited to, the federal government or any federal department or
agency, this state, another state or any state department or agency, a county, county board of education, county
superintendent of schools, city, public corporation, public district, regional transportation commission of this state or another state, a federally recognized Indian tribe, or any joint powers authority formed pursuant to this article by any of these agencies.

Shares Series Reference to the Participant Shares Series and the Investor Shares Series of the Cash Reserve
Portfolio, or series of the CAMP Term Portfolio when
applicable and, collectively, the “Shares Series,” where applicable.

Shares Units representing an equal proportionate share
of beneficial interest in the Portfolios of the Trust.

Shareholders Public agencies that invest in the Trust’s Portfolios.

Standard & Poor’s Standard & Poor’s Rating Agency.

Term The Trust’s CAMP Term Portfolio or individual
series thereof.

Trust California Asset Management Trust.

Trustees Members of the Board of Trustees of the Trust.

USBAM U.S. Bancorp Asset Management, Inc.

U.S. Bank U.S. Bank National Association
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Cash Reserve Portfolio Participant Shares and Investor Shares Investment Objective
The objective of the Cash Reserve Portfolio is to earn a high rate of return while preserving principal, providing liquidity, and seeking a stable NAV of $1.00.

For proceeds of debt issuances invested in the Pool, the objective of the Trust is to invest and account for such proceeds in compliance with the arbitrage rebate and
yield restriction requirements as set forth in the Internal Revenue Code and the related U.S. Treasury regulations.

Principal Investment Strategies
The Cash Reserve Portfolio invests exclusively in the
following types of investments, all of which are
authorized investments for Public Agencies pursuant to
California Government Code Section 53601:
• U.S. Government and agency obligations
• Repurchase agreements collateralized by U.S.

Government and agency obligations
• Bankers’ acceptances
• Negotiable certificates of deposit
• Commercial paper
• Corporate notes
• Supranationals
• Asset-Backed Securities
• Money Market Funds
The Investment Adviser may adjust exposure to interest
rate risk, typically seeking to protect against possible rises in interest rates and to preserve yield when interest rates appear likely to fall.

The Pool is managed to maintain a dollar-weighted
average maturity of no more than 60 days and a dollarweighted average life (final maturity, adjusted for demand features but not interest rate adjustments) of no more than 120 days. In addition, it only buys
investments that have a remaining maturity of three
hundred ninety-seven (397) days or less at the time of
purchase (except for variable-rate notes issued by the
U.S. Government or its agencies or instrumentalities,
which must have remaining maturities of 762 days or
less.

The Pool has received a rating of AAAm from Standard
& Poor’s.

For a more complete description of authorized
investments and investment restrictions for the
Portfolio, see the “Authorized Investments” section in
Section 2 of this document.

Main Risks
As with any similar pooled investment, there are several factors that could hurt the Pool’s performance, cause
Shareholders to lose money, or cause the Pool’s
performance to be less than that of other investments.
• Interest rate risk When short-term interest rates fall, the Pool’s yield is likely to fall. When interest rates rise, especially if the rise is sharp or unexpected, the Pool’s share price could fall.
• Credit risk The issuer of a security could fail to pay interest or principal in a timely manner. The credit
quality of the Pool’s holdings could change rapidly
in certain markets, and the default or decline in
credit quality of even a single investment could
cause the Pool’s share price to fall.
• Liquidity risk The Pool’s share price could fall
during times when there are abnormal levels of
redemption requests or markets are illiquid.
• Management risk Performance could be hurt by
decisions made by the Investment Adviser, such as
choice of investments or timing of buy/sell decisions.

An investment in the Pool is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any
other government agency. Although the Pool seeks to
preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Pool.

Portfolio Summary
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Management
Investment Adviser PFM Asset Management LLC.

The features of the Pool are summarized below.

Fees and Expenses
These are the fees and expenses Shareholders will pay
when they buy and hold Shares in this Pool. The figures shown here do not reflect the effects of any voluntary
expense reductions. Going forward, actual expenses may
be higher or lower. The Investment Adviser is obligated to reimburse the Pool for the amount by which annual
operating expenses, including investment management,
custodian, legal, and audit fees, exceed 0.22% of average daily net assets. There were no reimbursements to the
Pool for the year ended December 31, 2021.

Annual Pool Operating Expenses
(Fees and expenses shown are based on the prior year’s
audited financial statements and may be subject to certain fee waivers or recoupment thereof.)
Management and administrative fees 0.10%
Other operating expenses 0.01%
Total annual operating expenses 0.11%
For a more complete description of the fees and
expenses for this Portfolio, see the Expenses of the
Trust section in Part 2 of this document.

Past Performance
All performance figures shown here assume that
dividends were reinvested. Figures shown are for the
five most recent audited calendar years. For current
yield information, call (800) 729-7665. Past
performance may not indicate future results.

Calendar Year Total Returns (%)
Cash Reserve Portfolio
Purchase and Sale of Pool Shares
Minimum Initial Investment No minimum.

Minimum Account Balance No minimum.

Minimum Holding Period 1 day.

You can place orders to buy or sell Shares by wire, ACH transfer, check or via the Internet using Connect.

Placing Orders
To place orders, contact us at:

Online www.camponline.com
Phone (800) 729-7665
Wire transfer orders can be processed the same Business Day if they are received and accepted by the Investment Adviser by 11:00 a.m. Pacific Time and if the Pool’s
Custodian receives federal funds by wire prior to the
close of business. Wire orders received after 11:00 a.m.

Pacific Time are processed on the next Business Day.

ACH transfer orders are processed on the next Business
Day if requested by 1:00 p.m. Pacific Time. ACH orders
received after 1:00 p.m. Pacific Time are processed on
the second Business Day after the Business Day on
which they are received.

For more complete information on buying and selling
Shares, see “Buying Shares” and “Redeeming Shares.”
For information on the potential tax consequences of
investing in the Pool, see “Tax Information.”

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%
2017 2018 2019 2020 2021
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CAMP Term Portfolio
Investment Objective
To provide an investment subject to pre-set redemptions occurring from 60 days to one year from the date of
investment, and that will produce the highest earnings
consistent with maintaining safety of principal at
maturity and meeting the redemption schedule. The
CAMP Term Portfolio seeks to assure the return of
principal on the planned maturity date, although principal value may fluctuate prior to that date, and therefore may be greater or less than $1.00 a share. There may be a
penalty for early withdrawal, and the NAV prior to a preset redemption may be more or less than $1.00 a share.

The securities will be valued using market values to
determine fair value of the Portfolio. The CAMP Term
Portfolio does not offer daily liquidity and therefore does not qualify under GASB Statement No. 79 to utilize
amortized cost for external GAAP financial reporting.

Rather, it utilizes market prices to determine fair value for external GAAP financial reporting in accordance with GASB Statement No. 31. Annual financial statements
issued for the Portfolio will include a statement of net position and statement of changes in net position.

The Portfolio may also maintain a rating from a NRSRO
and implement corresponding policies and procedures
designed to comply with additional rating guidelines to achieve the Portfolio’s investment objective.

Principal Investment Strategies
The Term Portfolio invests exclusively in the following types of investments, all of which are authorized
investments for Public Agencies pursuant to California
Government Code Section 53601:
• U.S. Government and agency obligations
• Repurchase agreements collateralized by U.S.

Government and agency obligations
• Bankers’ acceptances
• Negotiable certificates of deposit
• Commercial paper
• Corporate notes
• Supranationals
• Asset-Backed Securities
• Money Market Funds
For a more complete description of authorized
investments and investment restrictions for the
Portfolio, see the “Authorized Investments” section in
Section 2 of this document.

Main Risks
As with any similar pooled investment, there are several factors that could hurt the Portfolio’s performance, cause you to lose money, or cause the Portfolio’s performance to trail that of other investments.
• Credit risk The issuer of a security could fail to pay interest or principal in a timely manner. The credit
quality of the Portfolio’s holdings could change
rapidly in certain markets, and the default or decline
in credit quality of even a single holding could cause
the Portfolio’s share price to fall.
• Early redemption risk Early redemption penalties
charged to a Shareholder by the Portfolio could
reduce or eliminate investment gains and could mean
that the amount that Investor receives back is less
than the initial investment.
• Management risk Performance could be hurt by
decisions made by the Investment Adviser, such as
choice of investments or investment maturities or
timing of buy/sell decisions.

An investment in the Portfolio is not insured or
guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although
the Portfolio seeks to preserve the value of your
investment on the planned redemption date at $1.00 per
share, it is possible to lose money by investing in the Portfolio.

Past Performance
The performance of each individual series of the
Portfolio and of each Shareholder’s individual
investment therein may vary. Past performance may not
indicate future results.

Management
Investment Adviser PFM Asset Management LLC
Fees and Expenses
These are the fees and expenses you will pay when you
buy and hold shares in this Portfolio. The figures shown on the following page do not reflect the effects of any voluntary expense reductions which would lower
expenses.
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Annual Portfolio Operating Expenses
(Fees and expenses shown may be subject to certain fee
waivers)
Management and administrative fees 0.15%
Other operating expenses 0.07%
Maximum total annual operating expenses 0.22%
The Portfolio may charge significant fees/penalties for any redemptions prior to the agreed upon redemption
date. As these charges are based on protecting the
interests of other Portfolio Shareholders, the actual
amount of the fees cannot be stated in advance.

For a more complete description of the fees and
expenses for this Portfolio, see the Expenses of the
Trust section in Part 2 of this document.

Purchase and Sale of CAMP Term Portfolio
Shares
Minimum Investment $1,000,000.

Minimum Term 60 days. Premature withdrawal may
result in a fee/penalty.

Maximum Term 1 year.

Placing Orders
Prior to placing any order, call CAMP’s toll-free number to discuss the amount and term of your investment and to get information on the projected yield. Once your
investment has been approved, you can place orders to
buy Term shares by redeeming available Pool shares.

Any additional funds needed to cover the purchase of
shares may be sent to the Shareholder’s Pool account via separate wire, or automated clearing house (ACH)
transfer.

All transactions for purchases in a CAMP Term series are dependent upon funds being available in the
Shareholder’s Pool account from which the transaction
originated.

To arrange or place orders, contact us at:

Phone 800-729-7665
Orders can be processed the same day if funds are
available in the Shareholder’s Pool account by 10:00 am Pacific Time. Otherwise, they are processed on the next business day so long as funds are made available in the Shareholder’s Pool account.

For more complete information on buying and redeeming
shares, see “Buying Shares—CAMP Term Portfolio” and
“Redeeming Shares—CAMP Term Portfolio.” For
information on the potential tax consequences of investing in the Portfolio, see “Tax Information.”
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Opening an Account
Eligible Shareholders
The Trust is a JPA and a California common law trust. The Trust will not accept funds for investment from sources other than California Public Agencies.

Account Opening Process
• Complete the appropriate Account Application. To
obtain additional forms, call (800) 729-7665 or visit
www.camponline.com to download them.
• If Participant Shares are being purchased for the
initial account, provide a copy of an ordinance or
resolution authorizing participation in the Trust, and
execute a conformed copy of the Declaration of Trust.
• If Investor Shares are being purchased, execute a
copy of the Investor Agreement. To obtain a copy of
the Investor Agreement, call (800) 729-7665 or visit
www.camponline.com. Complete a separate Account
Application, signed by an authorized person, for each
account.
• Provide a completed IRS W-9 form.

Send the above documents via U.S. mail to:

CAMP Client Services Group
P. O. Box 11760
Harrisburg, PA 17108-1760
Please note: UPS and Federal Express will not deliver
packages to a P.O. Box. If using one of these shipping
methods, please contact CAMP at (800) 729-7665 for an
alternative delivery address.

Or send by fax to:
(888) 535-0120
Buying Shares—CAMP Cash Reserve Portfolio
Once a Shareholder’s application has been accepted, an
investment in the Pool can be made using one of the
methods in the table on the following page. Funds used to purchase investments must be in U.S. dollars and must be drawn on a U.S. Bank or a U.S. branch of a foreign bank.

All investments must meet the terms described in the
Portfolio Summary.

Special Requirements for the Proceeds of Debt Issues.

Shareholders are advised to invest proceeds of tax-exempt borrowings by same-day wire transfer as any other method could result in delays in investing funds and, for rebate calculation purposes, may limit the Investment Adviser’s ability to track the investment of all the proceeds of a debt issue through a single account from the time of actual
settlement on the debt issue.

Unless all proceeds from a particular debt issue are
invested through the Trust immediately upon receipt by the Shareholder, and unless the recommended withdrawal
procedures are followed, the Investment Adviser may
decline to provide arbitrage compliance assistance or may require additional information from the Shareholder,
otherwise, the Investment Adviser may not be able to
complete a rebate calculation report or may have to qualify the rebate calculation report. The Trust may accept the proceeds of debt issues which previously have been
deposited or invested outside of the Trust, subject to the preparation of a rebate calculation report for the period prior to deposit with the Trust. The Investment Adviser will provide instructions and assistance in arranging for preparation of this report (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).

Investing
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Method Instructions Additional information
Wire (same-day
settlement)
• Initiate the transaction on the Internet at
www.camponline.com or by calling the Investment
Adviser at (800) 729-7665 before 11:00 a.m.

Pacific Time.
• Provide the following information:
− Shareholder’s account name and account
number
− Amount being wired
− Whether the transfer is by Federal funds
wire (preferred) or bank wire
− Name of bank sending wire
• Instruct your bank to initiate the wire on the
same day to U.S. Bank National Association.

Detailed instructions can be obtained on the
Internet at www.camponline.com or by calling
the Investment Adviser at (800) 729-7665.
• The Pool does not charge fees for receiving
wires. However, the sending bank may
charge for wiring funds. To reduce potential
charges, use ACH transfers as described
below.
• Important—A Shareholder must initiate an
Internet transaction or notify the Investment
Adviser by telephone of a deposit before
11:00 a.m., Pacific Time, and a Federal
Reserve wire or bank wire convertible to
Federal Funds on a same-day basis must be
received that day by the Custodian if the
investment is to begin earning income that
day.

ACH transfer (settles
next Business Day)
• Before making your first transfer, call the
Investment Adviser at (800) 729-7665 and
register for ACH transfers.
• A Shareholder may initiate an Internet
transaction at www.camponline.com or call the
Investment Adviser at (800) 729-7665 prior to
1:00 p.m., Pacific Time, and give instructions
for the movement of funds from its financial
institution to its Pool account.
• Funds will transfer overnight and begin
earning income the next Business Day.
• Funds may be transferred to the Trust by
ACH according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in writing
of any changes to the specified banking
instructions.

Check (settles two or
more Business Days
after the order arrives)
• Instructions for depositing checks by mail are
available by contacting the Investment Adviser
at (800) 729-7665.
• Checks will be deposited when received by the
Custodian, and proceeds will be invested when
they are converted to Federal Funds. This
procedure may take two or more Business
Days.
• It is not advisable to use checks for
investment of proceeds of tax-exempt
borrowings.

Online • Before making your first online transaction,
submit a Contact Record Form, which may be
obtained either by calling the Investment
Adviser at (800) 729-7665 or by visiting
www.camponline.com.
• Use Connect to place wire or ACH orders with
the Investment Adviser.
• Instruct your bank to initiate the wire on the
same day to U.S. Bank National Association.

Detailed instructions can be obtained on the
Internet at www.camponline.com or by calling
the Investment Adviser at (800) 729-7665.
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Redeeming Shares—CAMP Cash Reserve Portfolio
A Shareholder may withdraw all or any portion of the funds in its Pool account at any time by redeeming Shares.

Shares will be redeemed at the NAV per share next
determined after receipt of a request for withdrawal in proper form. The NAV determination is made at the
conclusion of each Business Day. Funds may be
withdrawn in any of the ways shown below.

Method Instructions Additional information
Wire (same-day
settlement)
• Initiate the transaction on the Internet at
www.camponline.com or call the Investment
Adviser at (800) 729-7665 on any Business
Day to request a withdrawal and the transfer of
proceeds. Funds will be transferred to the Trust
according to the written banking instructions
provided by an authorized person.
• If your request is received before 11:00 a.m.

Pacific Time, funds will be wired on that same
day.
• Requests received after 11:00 a.m. Pacific
Time will be processed on the following
Business Day.
• Funds may be transferred to the Trust by
wire according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in
writing of any changes to the specified
banking instructions.

ACH transfer (settles
next Business Day)
• Before making your first transfer, call the
Investment Adviser at (800) 729-7665 and
register for ACH transfers.
• Initiate the transaction on the Internet at
www.camponline.com or by calling the
Investment Adviser at (800) 729-7665 before
1:00 p.m. Pacific Time.
• Funds will transfer overnight and be
available the next Business Day.
• Funds will remain invested in the
Shareholder’s Pool account until the day
they are transferred.
• Funds may be transferred from the Trust by
ACH according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in
writing of any changes to the specified
banking instructions.

Check • Upon request, the Investment Adviser will
provide a Shareholder with a supply of checks
imprinted with the Shareholder’s name and
account number for each Pool account.
• Checks may be made payable to anyone and
deposited by the payee as with any other
check.
• When these checks are presented to the
Custodian for payment, the Trust will redeem
the appropriate number of full or fractional
Shares from the Shareholder’s Pool account to
cover the amount of the check.
• There is currently no charge for
checkwriting.
• Funds will continue to earn income until the
check clears.
• If you use checks, you will receive images of
checks paid with monthly statements.
• Do not use a check to withdraw all available
funds or to close your account. Please
contact the Investment Adviser for
instructions on how to fully redeem your
shares.
• You may be charged a fee for writing a
check that is returned for insufficient funds.
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Buying Shares—CAMP Term Portfolio
Once your application to open a CAMP Term Portfolio
account has been accepted, you may invest in the CAMP
Term Portfolio by authorizing the Investment Adviser to invest funds in a CAMP Term Portfolio account.

Prior to placing any order, call us to discuss the amount and term of your investment and to get information on the
projected yield. Each investment will be given its own
projected yield. Yields may vary according to the term of the investment and the interest rates available at the time of investment.

The Investment Adviser may refuse any investment or
limit the size of an investment.

Redeeming Shares—CAMP Term Portfolio
Funds may be withdrawn only as described in the table
below. Be sure that one or more bank accounts have been pre-authorized to receive redemptions proceeds. If there is more than one pre-authorized bank account, call 800 729- 7665 in advance to let the Trust know which account is to receive redemption proceeds.

Type of
Redemption
Instructions Additional information
Maturity • No action required. Proceeds will be
automatically transferred to the Pool
account from which funds for the
original purchase were withdrawn.
• Redemption value per share will equal the
purchase price plus dividends (at the
projected yield) minus any losses incurred
by the series (not counting those resulting
from premature redemptions).

Premature
Redemption
Redemption prior to
maturity date
• Send a letter to the Investment Adviser
requesting redemption prior to the
maturity date. Alternatively, you can
notify the Investment Adviser by calling
(800) 729-7665 and following up with
written confirmation of your instructions.
• 7 days after we receive your request,
redemption proceeds will be transferred
to your Pool account from which funds
for the original purchase were
withdrawn.
• Premature redemption amounts must be for
the entire investment or, for partial
redemptions, must be in increments of
$100,000.
• Redemption value per share will equal the
purchase price plus dividends earned to
date minus any losses incurred by the
Term series and any premature
redemption penalty.

Planned Early
Redemption
Redemption prior to
maturity date
• At the time an order for shares is
placed, Shareholders may submit a
request for redemption on a Planned
Early Redemption Date prior to the
termination date for the Term series
without the imposition of a penalty.
• No action necessarily required.

Proceeds will be automatically
transferred to the Pool account from
which funds for the original purchase
were withdrawn.
• The redemption value per share for shares
being redeemed on a Planned Early
Redemption Date is equal to the original
purchase price for such shares plus
dividends thereon, less such shares’
allocation of any losses incurred by the
Term series (other than losses resulting
from Premature Redemption of shares of
the series).
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Special Withdrawal Procedures for Proceeds of
Tax-Exempt Obligations
It is recommended that checks payable to the Shareholder and wire transfers to the Shareholder’s account be used only to reimburse the Shareholder for project costs already incurred and that appropriate documentation of such
reimbursement be retained by the Shareholder to maintain a clear audit trail of the expenditure of funds for rebate calculation purposes. Failure to follow this procedure
could result in additional rebate calculation costs and/or issuance of a qualified rebate calculation report or a rebate exceptions compliance report.

If, at the time the debt instruments are issued, a Shareholder expects to make rebate payments and designates this on
Schedule A - Bond Issue Information of the Account
Application, the Investment Adviser will track withdrawals and will notify the Shareholder when cumulative
withdrawals from an account total the amount of the
original proceeds of a debt issue deposited in that account.

Within five days of such notice, the Investment Adviser will provide an estimate of the Shareholder’s rebate
obligation, if any, with respect to the account. To the extent the Shareholder has rebate liability, it is
recommended that the Shareholder open a separate account and fund it in an amount at least equal to the estimated rebate liability or reserve an amount equal to the estimated rebate liability in its project funds.

Upon receiving the above-described notification, the
Shareholder should promptly request preparation of a
rebate calculation report by calling the Investment Adviser at (800) 729-7665 (see Part 3 - Rebate Calculation Services for the Proceeds of Debt Issues).

Upon completion of the rebate calculation report, the
Investment Adviser will provide the Shareholder with
copies of the rebate calculation report. The Investment Adviser recommends that the Shareholder open a separate account to deposit the rebate amount identified in the rebate calculation report. It is further recommended that the
Shareholder withdraw the balance in the separate account and make the required rebate payment within sixty (60)
days of the installment computation date (as defined in the applicable U.S. Treasury regulations).

A Shareholder could be liable for rebate payments in
addition to the amount identified in the rebate calculation report if, among other things, the date of the rebate
calculation report does not correspond with an installment computation date, if payment of the amount is not made
within sixty (60) days of the installment computation date, or if some future action by the Shareholder changes the yield of the related tax-exempt obligations.

It is advisable that a Shareholder not withdraw all of its funds prior to completion of rebate estimates and a rebate calculation report in order to track all earnings accurately and to fulfill its rebate obligation. Failure by the
Shareholder to follow these guidelines may result in the Shareholder having to fulfill its rebate obligation from other sources of funds and may make it impossible for the Investment Adviser to prepare an unqualified rebate
calculation report.

If a Shareholder withdraws funds from the Program prior to the end of a rebate calculation period and reinvests them elsewhere, the Investment Adviser will be unable to issue an unqualified rebate calculation report.

Emergencies: Right to Suspend Withdrawals
The Declaration of Trust permits the Trustees to suspend the right of withdrawal from the Trust or to postpone the date of payment of redemption proceeds if the New York
Stock Exchange is closed other than for customary
weekend and holiday closings, if trading on the New York Stock Exchange is restricted, or if, in the opinion of the Trustees, an emergency exists such that disposal of the Trust’s securities or determination of its net asset value is not reasonably practicable.

If the right of withdrawal is suspended, a Shareholder may either withdraw its request for that withdrawal or receive payment based on the net asset value of the Trust next
determined after termination of the suspension of the right of withdrawal.

Other Redemption Policies
The Trust may redeem Shares owned by a Shareholder to
reimburse the Trust for any failure by that Shareholder to make full payment for Shares purchased by the
Shareholder.

Redemption payments may be made in whole or in part in
securities or other property of the Trust. Shareholders receiving any such securities or other property on
redemption will bear any costs of sale.

Additional Account Features
The Trust offers certain additional account features at no extra charge, including:
• Statements Confirmations of each investment in and
withdrawal from a Trust account will be made
available online at www.camponline.com within two
days of the transaction. A statement of each account
will be mailed (or obtained online at
www.camponline.com) each month to each
Shareholder. This statement will show the dividend
paid and the account balance as of the statement date.

The statement will also show total income earned
during the year. Any checks the Shareholder has
written against a Trust account which have been paid
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by the Trust and canceled during the month will be
returned to the writer by U.S. Bank National
Association.
• Information Services Toll-free telephone service
((800) 729-7665) is available to provide Shareholders
with information including current yield, up-to-date
account information and transaction history, and to
receive instructions for the investment or withdrawal
of funds.
• Technical Assistance Technical and operational
assistance ((800) 729-7665) is available to
Shareholders and Public Agency officials who are
considering the Trust for investment purposes.
• Estimated Earnings on the Proceeds of Debt Issue
and Projected Draws Upon request, the Investment
Adviser will provide estimates of future earnings on
the proceeds of a debt issue for Shareholders. This
estimate will be based on the projected drawdown
schedule provided by the Shareholder. The Investment
Adviser may request estimates of project drawdown
schedules from Shareholders from time to time to
facilitate efficient investment of funds.
• Website Account information and information
regarding the Trust can be found at
www.camponline.com. A password and user
identification is required to initiate a transaction or access account information. The system can be
accessed through the Trust’s website by selecting
“Access Your Account.” Instructions on how to obtain
a password and user identification can be received by
contacting investor services at (800) 729-7665.
• Information on Portfolio Holdings The Trust
discloses a summary of each Portfolio’s holdings
online monthly and a full description of holdings in the annual audited financial reports.

For our policy on the disclosure of Portfolio holdings, see Part 2.

Rights the Trust reserves
The Trust reserves the right to do any of the following:
• Add, change, or remove account minimums at any
time without advance notice.
• Reject any investment or limit the size of any
Shareholder’s account.
• Limit the frequency of purchases for any reason.
• Establish a minimum check amount, or terminate,
suspend, or alter check writing privileges.

Policies Specific to the CAMP Term Portfolio
Dividends and Distributions
A projected dividend rate is determined when shares are purchased, and the dividend is declared and paid on the maturity or on the planned redemption date.

Dividends on shares in the series constituting the CAMP Term Portfolio shall be paid on the termination date of the series, except for dividends on shares redeemed pursuant to a planned early redemption or a premature redemption
before the termination date, which will be paid when such dividends on shares in the series are redeemed.

The yield for any CAMP Term Portfolio investment is
determined by dividing the expected net income per share for the period from the settlement date to the termination date by the purchase price per share, dividing this result by the actual number of days between the settlement date and termination date, and then multiplying the result by
365/366.

For more detail about Dividends and Distributions,
see Part 2.

Premature Redemption Penalty
Shareholders may be charged a premature redemption
penalty equal to (i) all penalty charges, losses, banking fees and other costs (including, without limitation, interest paid on funds borrowed to pay the redemption) associated with amending, terminating, selling or otherwise affecting any of the investments in the series and (ii) an amount sufficient to maintain the projected yield on the remaining shares to the stated termination date for the series or to the planned early redemption dates, as the case may be, less any losses affecting projected yield attributable to such shares.

Allocation of Losses
Any losses incurred by a CAMP Term Portfolio series
(other than losses resulting from Premature Redemptions of shares of the series or in the normal course of portfolio management) will be allocated among all shares of the
series outstanding at the time such loss is incurred. Such a loss may result from a default on an investment or from a sale of an investment. If such a loss occurs, the redemption value per share could be lower than that on which the
projected yield was quoted at the time of issuance of the share.

Calculating Share Price
Any losses incurred by a CAMP Term Portfolio series
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in a manner that produces a share price of at least $1.00 on the termination date.

The Investment Adviser, on behalf of CAMP, determines
the net asset value of the shares of the Portfolio at the close of each Business Day for the purpose of computing
expenses and fees. The net asset value per share for each series of the Portfolio is calculated by dividing the total value of investments and other assets less any liabilities by the total outstanding shares of the series as of the day the calculation is made.

Tax Information
We suggest that you check with your tax advisor before
investing in the Trust or an Individual Portfolio. Relevant considerations include:
• Section 115(1) of the Internal Revenue Code, which
provides that the gross income of a state or political
subdivision does not include income derived from the
exercise of any essential government function.
• Section 148 of the Internal Revenue Code (and related regulations) covering rebate requirements, which may
apply to anyone investing tax-exempt or tax-credit bond proceeds.
• Section 148 of the Internal Revenue Code (and related regulations) covering arbitrage limitations or rebate
requirements under which states and municipalities
may be required to pay the U.S. Treasury a portion of
earnings they derive from the investment of certain
funds.

Use of Amortized Cost
The Board of Trustees has determined, in consultation with the Investment Adviser, that it will manage the Trust’s Cash Reserve Portfolio in accordance with GASB 79 requirements, as applicable, for continued use of amortized cost.

Financial Highlights
The Trust’s financial statements are audited by Ernst & Young LLP and are included in the CAMP Annual Report for the
Trust’s most recent fiscal year end. The Annual Report is available upon request or on the Trust’s website
(www.camponline.com).
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Part 2 – Information Statement
General Information
The Trust
History
The California Asset Management Trust was established in 1989 as a California JPA and as a California common law trust to meet local government investments needs. The Trust is responsible for the management of the Cash Reserve and Term Portfolios. The Trust’s activities are directed by the Board. Because the Trust is accountable only to its Public Agency Shareholders, it has adapted over time to meet their changing needs. Initially, the Trust was formed to assist California public agencies with investing proceeds of tax-exempt debt issues and complying with the arbitrage regulations.

Responding to needs of its Shareholders, the Trust was later expanded to include investment of operating funds and capital reserves.

In 2005, in response to changes in the law and the needs of California Public Agencies for a more flexible investment option, the Trust was amended to create two new Shares Series: Investor Shares and Participant Shares. Participant Shares are available to California Public Agencies that have joined the JPA as members. Shares of the Investor Shares are available to California Public Agencies that have not joined the JPA as a member. Shares of both Series are invested in the same portfolios. As such, the Participant and Investor Shares will realize the same investment results. Please review Parts 1 and 2 of the Program Guide carefully for a more detailed description of the respective rights, privileges, preferences, and restrictions of investment in any Portfolios of the Trust.

Additionally, in 2005, in response to a change in the law, the Trust was amended to expand the definition of Public Agency to include certain California nonprofit corporations, membership of which is limited to California Public Agencies or public officials, and again in 2021 to include federally recognized Indian tribes. These changes allow California nonprofit corporations and federally recognized Indian Tribes that meet the expanded definition of Public Agency to either join or invest in the JPA.

Organization and Purpose
The Trust is a JPA and Public Agency created by the Declaration of Trust and established under the provisions of the Act for the purpose of exercising the common power of its Participants to invest funds. The Trust cannot accept funds for investment from other sources.

The Trust provides Shareholders a Cash Reserve and a Term portfolio for comprehensive investment management and accounting services. For proceeds of tax-exempt debt issues, the Trust also offers Arbitrage Rebate calculations. Public Agencies invest in the Pool by contributing assets to the Trust, which are used to purchase Shares in the Pool.

Shares of the Pool and Term are currently divided into two Shares Series: “Participant Shares” and “Investor Shares.” Public Agencies may invest in the Pool and Term by formally joining the Trust or by not joining the Trust and only purchasing shares of the Investor Shares Series which have no voting rights. Participants must become parties to the Declaration of Trust, dated as of December 15, 1989, as amended and restated as of October 25, 2022.

Public Agencies that own Participant Shares have voting rights on matters affecting the operation of the Trust. Public Agencies may also invest in the Pool and Term without joining the Trust. Public Agencies that own Investor Shares have rights similar to the Participant Shares except that voting rights are reserved for owners of the Participant Shares.

The Trust seeks to provide Shareholders with the following features through the Portfolios:

Preservation of Principal Investments in the Portfolios are made only in high-quality investments in which Public Agencies are permitted by California statute to invest their funds and in accordance with other investment policies of the Trust designed to preserve capital. While the Pool seeks to maintain a stable NAV of $1.00 per Share and Term seeks to maintain $1.00 upon planned maturity date, it is possible to lose money investing in either the Pool or Term. An investment in the Portfolios is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Liquidity Investments in the Pool may be made at any time, and Shareholders may withdraw funds from the Pool on any Business Day. Term Portfolio investments are structured to provide liquidity on the predetermined maturity date. 94 CLICK HERE to Return to Agenda
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Income The Pool seeks to earn a high rate of income consistent with preserving principal and maintaining liquidity. Term seeks to produce the highest earnings consistent with maintaining safety of principal at maturity and meeting the redemption schedule of Shareholders.

Arbitrage Rebate Compliance For the proceeds of tax-exempt debt issues, the Trust is designed to assist Shareholders in complying with certain arbitrage rebate requirements of the Internal Revenue Code. Investments are purchased and investment documentation is maintained in accordance with requirements of the Internal Revenue Code, and rebate calculation reports are prepared by the Investment Adviser upon request in a manner and at such times as to enable Shareholders to comply with these requirements. The Trust is also designed to assist Shareholders in determining whether they have satisfied the expenditure test for any available exceptions to the arbitrage rebate requirements and to provide calculations of penalties due in lieu of rebate payments.

Convenience The Trust offers the option of investing by electronic funds transfer or check. Shareholders that invest the proceeds of debt issues in the Pool do not have to schedule investment maturities to meet project draw schedules.

Shareholders can use the Internet to check account balances and activity and to initiate transactions.

Professional Management Investments in the Portfolios are managed by investment professionals who are experienced in managing local government investment pools like the Trust and who follow both general economic and current market conditions affecting interest rates.

Diversification The Shares of the Pool and Term represent beneficial interests in diversified portfolios of certain highquality instruments authorized for investment by Public Agencies by the California Government Code Section 53601 (a) through (q).

Accounting, Safekeeping and Separate Accounts The Trust does all of the bookkeeping and safekeeping associated with the ownership of securities accounts for each Shareholder’s funds to facilitate Shareholder’s compliance with governmental accounting and auditing requirements.

A Public Agency can also enter into a separate agreement with the Investment Adviser to manage a separate portfolio that is not part of the Trust. These Individual Portfolios allow a Public Agency to invest its funds in a segregated account (not within the Trust) for a term that is longer than the average maturity of the Pool or Term.

The Trust also provides record keeping and custodial and arbitrage rebate calculation services for the proceeds of debt issues.

For further information or assistance, call toll free (800) 729-7665.

The Declaration of Trust
The Trust is a JPA and a separate Public Agency established as a common law trust under the laws of the State of California by execution of a Declaration of Trust by two California Public Agencies as the initial Participants in the Trust. Additional Public Agencies have become Participants in the Trust by enacting an ordinance or passing a resolution to adopt the Declaration of Trust and by signing a conformed copy of the Declaration of Trust. As of the date of these materials, January 12, 2023, 120 Public Agencies were Participants in the Trust. Additional Public Agencies may become Participants by following the same procedure as outlined above in this paragraph.

Copies of the Declaration of Trust and the By-Laws of the Trust may be obtained from the Investment Adviser or online at www.camponline.com and should be read carefully before joining the Trust. All descriptions contained in this Information Statement are subject to and limited by provisions set forth in the Declaration of Trust and the By-Laws.

The Declaration of Trust permits the Trustees to issue an unlimited number of Shares. The Trustees, in their discretion, may authorize the division of Shares into one or more Shares Series. The Trust consists of one class known as the Cash Reserve Portfolio and one class known as Term. Each Portfolio consists of two Shares Series known as Participant Shares and Investor Shares. Participant Shares are issued to Public Agencies that have joined the Trust, and, as Participants in the Trust, they have certain voting rights provided by the Declaration of Trust. Investor Shares are issued to Public Agencies that invest in the Trust but have not become a party to the Declaration of Trust. Investor Shares are similar to Participant Shares but lack voting rights. Both the Participant Shares and the Investor Shares represent an equal proportionate interest in the respective Portfolio.

The Shares of each Shares Series are only payable from that portion of the Trust’s assets held by the Trust. Each Share represents an equal proportionate interest in the Trust with each other outstanding Share. Upon redeeming Shares, a 95 CLICK HERE to Return to Agenda
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Shareholder receives the current net asset value per Share. If liquidation should occur, Shareholders will be entitled to receive their proportionate share of the assets of the applicable Portfolio less any liabilities of the that Portfolio including, but not limited to, all expenses, costs, charges, and reserves attributable to that Portfolio, as well as their proportionate share of any general assets and liabilities of the Trust. The Shares of each Shares Series are fully paid and non-assessable, except as set forth in Part 2 under “Participant and Trustee Liability,” and have no preemptive or conversion rights.

Shareholders can sell shares or purchase additional Shares in accordance with the procedures outlined in Part 1 of this Program Guide. The Trust also permits transfers of Shares directly between eligible California Public Agencies; however, the Trust reserves the right to require Shareholders to provide proof of authorization, evidence of the genuineness of such authorization, and such other matters as may reasonably be required in order to effect such purchases and sales. Upon such delivery, the transaction will be recorded on the register of the Trust. Until such record is made, the Shareholder of record will be deemed to be the holder of such Shares for all purposes, and neither the Trustees nor any transfer agent officer, employee, or agent of the Trust will be affected by any notice of the proposed transfer. No Shares may be transferred to a transferee other than a Public Agency, or to the Trust itself.

For all matters requiring action by the Shareholders, such action will be taken by a vote of the Participant Shares Series Shareholders, who will be entitled to that number of votes equal to the number of full and fractional Participant Shares held by each Participant Shares Series Shareholder.

The Trust may be terminated by the vote of a majority of its Trustees with the approval of the holders of two-thirds of the Shares of the Participant Shares Series. Upon the termination of the Trust, and after paying or adequately providing for the payment of all liabilities and upon receipt of such releases, indemnities, and refunding agreements as they may deem necessary for their protection, the Trustees may distribute the remaining Trust assets, in cash or in kind or partly in cash and partly in kind, among the Shareholders according to their respective beneficial interests.

The Declaration of Trust may be amended by the vote of the Trustees, with the approval of the holders of a majority of the Shares of the Participant Shares Series. The Trustees may also amend the Declaration of Trust without the approval of Participants for the following reasons: to change the name of the Trust or any Series; to establish additional Series or classes of Shares; to supply omissions or correct or supplement ambiguous, defective, or inconsistent provisions; or, if they deem it necessary, to conform the Declaration of Trust to the requirements of applicable laws and regulations or to eliminate or reduce any taxes which may be payable by the Trust or the Participants, but the Trustees will not be liable for failing to do so. No amendment may be made which would change any rights of any Shares by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any approval rights pertaining thereto except with the vote of a majority of the Trustees and the approval of the holders of two-thirds of the Shares of the Participant Shares Series.

The Trustees
The Trust is currently governed by a Board of seven Trustees, all of whom are officials or employees of Public Agencies that are Participants in the Trust. The Trustees are appointed pursuant to, and are provided authority under, the Declaration of Trust. The Trustees are responsible for setting overall policies and procedures for the Trust and for hiring and supervising the activities of the Investment Adviser, the Custodian, and other agents of the Trust and monitoring the investment performance of the Portfolios and the method of valuing Shares. The names and business addresses of the current Trustees and Officers of the Trust and their principal occupations and other affiliations during the past five years are as follows:

Karen D. Adams, CPA—Ms. Adams has served as a Trustee since February 2010 and is the Treasurer of the Trust.

Since October 2002, Ms. Adams has served as the Treasurer-Tax Collector, Merced County, 2222 M Street, Merced, California 95340. Ms. Adams was Assistant Treasurer-Tax Collector, Merced County, October 1996 – October 2002.

Past President, California Association of County Treasurers and Tax Collectors (CACTTC); Member of the Government Finance Officers Association (GFOA), Government Investment Officers Association (GIOA), California Municipal Treasurers Association (CMTA), California Revenue Officers Association (CROA); Finance Committee Member, Merced County Community Foundation; Past President of Kiwanis Club of Greater Merced; and Past Treasurer of Business & Professional Women (BPW).
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Steve Dial—Mr. Dial has served as a Trustee since August 2002 and is the President of the Trust. Since February 2006, Mr. Dial has served as the Deputy Executive Director and Chief Financial Officer, San Joaquin Council of Governments (SJCOG), 555 East Weber Avenue, Stockton, California 95202, and SJCOG’s subsidiaries: SJCOG, Inc., Commute Connection, Inc., and the San Joaquin County Transportation Authority. In 2009, Mr. Dial was designated Treasurer and Controller for SJCOG. From 1985 to February 2006, he was Director of Administration and Chief Financial Officer for SJCOG.

Former Chair, Financial Affairs Committee, National Association of Regional Councils; Board Member of the Child Abuse Prevention Council of San Joaquin County; Past Treasurer of the Leadership Stockton Alumni Association; Past President of the Board of Directors for United Cerebral Palsy of San Joaquin County; Past Vice President of the United Way of San Joaquin County; and Member of the Government Finance Officers Association (GFOA) and California Society of Municipal Finance Officers (CSMFO).

André Douzdjian—Mr. Douzdjian has served as a Trustee since May 2014. Since October 2019, Mr. Douzdjian has served as the Chief Financial Officer, San Diego Association of Governments (SANDAG), 401 B Street, Suite 800, San Diego, California 92101. Mr. Douzdjian served as the Director of Finance for SANDAG from June 2012 – October 2019. Prior to June 2012, he worked in the private sector, and from 1991 – 2000 was the Financial Services Manager for SANDAG.

Member of the Government Finance Officers Association (GFOA), American Institute of Certified Public Accountants (AICPA); CFO, Roundtable of San Diego; and Former Treasurer of the Entrepreneurs Organization, San Diego Chapter.

Jordan Kaufman—Mr. Kaufman has served as a Trustee since January 2022. Since January 2015, Mr. Kaufman has served as the elected Treasurer-Tax Collector, Kern County, 1115 Truxtum Avenue, Bakersfield, California 93301. Mr.

Kaufman was the Assistant Treasurer-Tax Collector 2006 – 2015 and the Deputy County Administrative Officer 1995 – 2006.

President, California Association of County Treasurers and Tax Collectors (CACTTC); Treasurer and past President, Kern County Management Council; Treasurer and past President United Way of Kern County; Treasurer Boy Scouts of America Southern Sierra Council; Commissioner, California Statewide Communities Development Authority (CSCDA); Statutory Trustee, past elected Trustee, past Chairman, Kern County Employees Retirement Association (KCERA); Member, Rotary Club of Bakersfield, Downtown; and Adjunct Professor, California State University Bakersfield.

David Persselin—Mr. Persselin has served as a Trustee since January 2022. Since January 2014, Mr. Persselin has served as the Finance Director/Treasurer, City of Fremont, 3300 Capitol Avenue, Fremont, California 94537. January 2012 – May 2016, Mr. Persselin was an Adjunct Faculty/Lecturer at San Jose State University. He was the Assistant Finance Director, City of Pleasanton, 2011 – 2013, and from 2001 – 2011 worked for the City of San Jose.

Member of the Government Finance Officers Association (GFOA), California Society of Municipal Finance Officers (CSMFO), and International City/County Management Association (ICMA).

Lauren Warrem—Ms. Warrem has served as a Trustee since January 2022. Prior to January 2022, Ms. Warrem served as a Trustee from 2017 – 2019. Since March 2019, Ms. Warrem has served as the Chief Deputy Treasurer, San Diego County, 1600 Pacific Highway, Room 152, San Diego, California 92101. Ms. Warrem worked as the Finance Director/City Treasurer, City of Vista, from April 2015 – February 2019. Prior to April 2015, Ms. Warrem worked in the private sector, and from 2001 – 2012 she worked at the San Diego Association of Governments (SANDAG), Finance Manager 2001 – 2009 and Director of Finance 2009 – 2012.

Member of the Government Finance Officers Association (GFOA), California Society of Municipal Finance Officers (CSMFO), and California Municipal Treasurers Association (CMTA).

Duane Wolterstorff, CPA—Mr. Wolterstorff has served as a Trustee since May 2014. Since November 2000, Mr.

Wolterstorff has served as the Senior Director, Planning and Facilities, Modesto City Schools, 426 Locust Street, Modesto, California, 95351.

Secretary and Administrative Executive of Salida Area Public Facilities Financing Agency (SAPFFA) and Schools Infrastructure Financing Agency (SIFA); Treasurer of the Youth Committee and member of the Finance Committee, Pacific Association, USA Track and Field; Member of California Society of Certified Public Accountants (CalCPA) and American Institute of Certified Public Accountants (AICPA). 97 CLICK HERE to Return to Agenda
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The Trustees are appointed by the Board of Trustees and each must be a member of the governing body, officer, or fulltime employee of a Public Agency that is a Participant in the Trust, and the appointment must be approved annually by the Participants. Except in the case of resignation or removal, each Trustee holds office until such person’s successor is appointed. In order to assure representation on the Board of the several classes of Public Agencies participating in the Trust, at least one of the Trustees must be either a member of the governing body, an officer, or a full-time employee of each of the following: a California county, a city, and a public district (including a JPA), as long as there is at least one Public Agency from that class that is a Participant of the Trust. The Officers of the Trust serve at the discretion of the Board. No Trustee or Officer has an immediate family member serving as a Trustee or Officer of the Trust.

The present Trustees and Officers, or other persons on CAMP official business upon approval of the Trustees, serve without compensation but all are reimbursed by the Trust for reasonable travel and other out-of-pocket expenses incurred in connection with their duties as Trustees and Officers.

Participant and Trustee Liability
Under California law, members of a common law trust may be held personally liable for the obligations of the trust if they are deemed to control the management of the trust. Because the Board has ultimate control over all matters relating to the Trust, the Trust does not believe that Participants would be deemed to have such control. The Declaration of Trust contains an express disclaimer of Participant liability for acts or obligations of the Trust. The Declaration of Trust also provides that the Trust will indemnify each Participant against all claims and liabilities out of the assets of the Series of the Trust in respect of which such claim or liability arose.

The Declaration of Trust provides that no Trustee, officer, employee, or agent of the Trust will be liable for any action or failure to act that does not involve bad faith, willful misfeasance, gross negligence, or reckless disregard of duty. Each Trustee, officer, employee, and agent of the Trust will be indemnified by the Trust against claims and liabilities as provided in the By-Laws and to the fullest extent provided by California law. The Trustees may also purchase, and pay out of Trust assets, insurance policies insuring the Trustees, Officers, Agents, Participants, employees, investment advisers, distributors, or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such person in such capacity.

The Act provides that all immunities from liability which apply to the activity of officers, agents or employees of Participants when performing their functions within the territorial limits of their respective Public Agencies will apply to them to the same extent while engaged in the performance of any of their functions associated with the Trust.

Under the Declaration of Trust, the Trustees may obtain insurance or establish self-insurance funds to cover certain liabilities. This may be done on a joint basis with other similar entities, and the Trust may contribute more than its pro rata share of such insurance premiums or self-insurance funds.

Services Providers
Investment Adviser and Administrator PFMAM, an investment advisory firm with offices at One California Street, Suite 1000, San Francisco, California 94111 and 213 Market Street, Harrisburg, Pennsylvania 17101, is the Trust’s investment adviser and administrator. The daily management of the investment affairs and research relating to the Portfolios is conducted by or under the supervision of the Investment Adviser. PFMAM is an investment adviser registered with the U.S. Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and a subsidiary of USBAM. USBAM is a subsidiary of U.S. Bank. U.S. Bank is a separate entity and subsidiary of U.S. Bancorp Shares of the Portfolios are distributed by the Investment Adviser’s affiliate, PFM Fund Distributors, Inc., a member of FINRA and subject to the rules of the MSRB. The Investment Adviser is also the investment manager and/or program administrator for 17 other local government investment pool programs, which provide services similar to those provided by the Trust.

Advisory Services. The Investment Adviser manages the investment of the assets of the Trust’s Portfolios, including the placement of orders for the purchase and sale of investments, pursuant to an Advisory Agreement. The Investment Adviser obtains and evaluates such information and advice relating to the economy and the securities markets as it considers necessary or useful to manage continuously the assets of the Trust in a manner consistent with the Trust’s investment objectives and policies. The Investment Adviser also administers and maintains the Trust’s website which provides access to Connect. The Investment Adviser also serves as the rebate calculation agent for the Program, which requires, among other duties, collecting relevant information from, and sending notices to, Shareholders, and making calculations and 98 CLICK HERE to Return to Agenda
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preparing rebate reports. Rebate calculation services are subject to a separate agreement, and separate fee schedule, between each Shareholder and the Investment Adviser. The Advisory Agreement will remain in effect until the specified termination date, unless terminated sooner, and may not be assigned by the Investment Adviser without the consent of the Trustees. The Advisory Agreement may be terminated by either party, at any time and without penalty, upon at least one hundred eighty (180) days prior written notice to the other party.

Investment Transactions. The Investment Adviser is responsible for decisions to buy and sell securities for the Trust and arranges for the execution of security transactions on behalf of the Trust. Purchases of securities are made from broker/ dealers, underwriters, and issuers. Sales prior to maturity are made to dealers and other persons. Money market securities bought from dealers are generally traded on a “net” basis, with dealers acting as principal for their own accounts without a stated commission, although the price of the instrument usually includes a profit to the dealer. Thus, the Trust does not normally incur any brokerage commission expense on such transactions. Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter’s commission or discount. When securities are purchased or sold directly from or to an issuer, no commissions or discounts are paid.

The policy of the Trust regarding purchases and sales of securities is that primary consideration will be given to obtaining the most favorable price and efficient execution of transactions. In seeking to implement this policy, the Investment Adviser will effect transactions with those dealers whom the Investment Adviser believes provide the most favorable price and efficient execution. If the Investment Adviser believes such price and execution can be obtained from more than one dealer, it may give consideration to placing portfolio transactions with those dealers who also furnish research and other services to the Trust. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments; wire services; and appraisals or evaluations of portfolio securities. The services received by the Investment Adviser from dealers may be of benefit in the management of accounts of some or all of its other clients and may not in all cases benefit the Trust directly. While such services are useful and important in supplementing its own research and facilities, the Investment Adviser believes the value of such services is not determinable and does not significantly reduce its expenses.

The Trust does not reduce the management fee paid to the Investment Adviser by any amount that may be attributable to the value of such services.

Administrative Services. The Investment Adviser also provides the following administrative services to the Trust in accordance with the Advisory Agreement:
• Customer Service. Operation of an Internet website and a toll-free telephone facility to be used exclusively by Shareholders or by Public Agencies interested in investing in the Trust. • Administration and Marketing. Maintenance of the books and records of the Portfolios, including Shareholder account records; supervision, under the general direction of the Trustees, of all administrative aspects of operations; periodic updating and preparation of the Information Statement; preparation of tax returns, financial statements, and reports for all Portfolios; supervision and coordination of the activities of the Custodian; determination of dividends and net asset value of each Portfolio in accordance with the policies of the Trust; provision of office space, equipment, and personnel to administer the Trust; distribution to Public Agencies of the Program Guide; preparation and distribution of other explanatory and promotional materials; and provision of technical assistance and guidance to Public Agencies considering use of the Trust as an investment vehicle.
• Shareholder Account Reports. Preparation and provision to Shareholders of confirmation of each Shareholder investment and redemption transaction and of monthly statements summarizing transactions, earnings, and assets of each Shareholder account.
• Rebate Calculation Services. Preparation and provision to Shareholders, upon request, of interim rebate calculation estimates and of rebate calculation reports and rebate exceptions compliance reports to Shareholders in the Trust. If applicable, provision of notice to Shareholders prior to any expenditure test date related to any exception from rebate requirements and preparation of an exception compliance report.

Custodian U.S. Bank National Association, Minneapolis, Minnesota, is the custodian for the Trust. The Custodian holds cash and securities of the Portfolios and also acts as the check clearing and disbursing agent for the Pool and Term. In addition to internal governance, numerous federal agencies, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB), supervise and inspect U.S. Bank and its parent company, U.S. Bancorp, to ensure sound banking practices and to protect clients. Appropriate information barriers relating to activities and data exist to facilitate fully independent and segregated oversight of client assets as custodian. The Custodian does not participate in determining the investment policies of the Trust or in investment decisions. The 99 CLICK HERE to Return to Agenda
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Investment Adviser may not invest funds of the Portfolios with, nor buy or sell any securities through, any affiliated service provider. Securities purchased under certain repurchase agreements may be held by other custodians agreed to by the Trust and the other parties to the repurchase agreements.

Trust Counsel Nossaman LLP, with an office at 50 California Street, 34th Floor, San Francisco, California 94111, is legal counsel to the Trust for certain matters.

Auditor The financial statements of the Trust are audited annually by Ernst & Young LLP with an office at 560 Mission Street, Suite 1600, San Francisco, California 94105. The fiscal year for the Trust ends December 31.

Expenses of the Trust
The Trust has entered into arrangements for the Pool and Term for investment management, custodial, legal, accounting, audit, and rebate calculation services. The Trust also pays for organizational expenses, insurance premiums, Trustees’ expenses, and other expenses not expressly assumed by the Investment Adviser. All expenses related to operation of the Portfolios are paid from the income of the Portfolios (see “Dividends”).

For the services provided to the Pool by the Investment Adviser, effective January 1, 2023, the Investment Adviser is paid a monthly fee based on the following percentages of the average daily net assets of the Pool:

Average Cash Reserve Portfolio Daily Net Assets Annual Rate First $1 billion 0.145%
Next $1 billion 0.110%
Next $2 billion 0.100%
Next $2 billion 0.095%
Next $4 billion 0.085%
Next $5 billon 0.80%
In excess of $15 billion 0.075%
The Investment Adviser may, from time to time, waive some or all of its fees. Such waiver will have the effect of increasing the yield of the Pool during the period the fees are waived.

For the services provided to Term by the Investment Adviser, the Investment Adviser is paid a monthly fee based on the following percentages of the average daily net assets of Term:

Average Term Portfolio Daily Net Assets Annual Rate
All Assets 0.150%
Under the Advisory Agreement, the Investment Adviser has agreed to reimburse the Pool and Term for the amount by which the “annual operating expenses” of the Pool exceed 0.22% of its average daily net assets. “Annual operating expenses” generally include all expenses of the Pool (including investment management, administration, marketing, custodial, legal, accounting, and audit fees), other than any reserves established by the Trustees to pay for extraordinary costs.

As of December 31, 2022, the Pool had reserved $156,855 to pay for extraordinary costs that it may incur from time to time, such as special legal, audit, and consulting fees. The Trustees may determine to reserve additional amounts, not expected to exceed, on an annual basis, 0.02% of the average daily net assets of the Pool, for those and other similar purposes in the future.

Tax Matters
Pursuant to Section 115(1) of the Internal Revenue Code, federal gross income does not include income derived from the exercise of any essential governmental function that accrues to a state or any political subdivision of a state. In the opinion of Counsel to the Trust, the Trust is not subject to Federal or California income tax upon the income realized by it. 100 CLICK HERE to Return to Agenda
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Arbitrage Rebate: General The Internal Revenue Code generally requires issuers of tax-exempt obligations to rebate to the federal government their arbitrage profits derived from investment of gross proceeds in non-purpose obligations.

Various exceptions from the rebate requirements are available, and each Shareholder should consult with its bond counsel to determine whether and to what extent appropriate exceptions might be available. The investment by Shareholders of gross proceeds of debt issues in the Trust will be an investment in a non-purpose obligation and will be taken into account in determining any rebate liability.

Treatment of Administrative Costs of the Portfolios U.S. Treasury Regulations Title 26 Section 1.148-5 limits the ability for the expenses of an external commingled fund, like the Pool, to be treated as qualified administrative costs within the arbitrage rebate and yield restriction liability calculations. The limitations apply to an external commingled fund in which an individual Shareholder owns more than 10% of the beneficial interest of the fund. From time to time, the Pool may contain one or more Shareholders that individually own more than 10% of the beneficial interest of the fund.

Therefore, Shareholders should consider the use of the gross yields of the Pool in all arbitrage rebate and yield restriction liability calculations.

The limitations regarding an external commingled fund in which an individual Shareholder owns more than 10% of the beneficial interest of the fund applies only to the Pool and not the Term Portfolio. The 10% rule in U.S. Treasury Regulations Title 26 Section 1.148-5 is not followed by Term.

The foregoing summary of federal income tax matters affecting Shareholders in the Portfolios does not purport to be complete. Shareholders should consult their bond counsel for advice as to the application of federal income tax law to their particular investment in the Portfolios.

Arbitrage Rebate Compliance
To further the objective of providing Shareholders with simplified arbitrage rebate compliance for proceeds of tax-exempt borrowings, the Trust has adopted the following recommended set of practices. The Trust strongly recommends that they be followed to minimize the Shareholder’s rebate compliance costs.

1. A Shareholder should deposit all the proceeds of a debt issue subject to arbitrage rebate in the Trust on the same day as they are received by the Shareholder. This will enable the Investment Adviser to track the investment and expenditure of these funds.

2. A Shareholder should identify all the proceeds of a debt issue subject to the same yield at the time of initial investment. A separate account should be established for each fund or group of funds having a different yield by completing an Account Application. The Investment Adviser will provide advice on the number and type of accounts that will be needed to provide a clear audit trail.

3. Federal tax law requires issuers of tax-exempt obligations either to make certain rebate payments to the Federal government or to meet certain expenditure guidelines. If the Shareholder expects to meet one of the expenditure exceptions, it should notify the Investment Adviser when making its initial investment so the Investment Adviser can provide information regarding the expenditure of the proceeds of an issue.

4. If the Shareholder expects to make rebate payments, it should note that Federal tax law requires issuers of taxexempt obligations to meet certain rebate payment requirements at least every five years. However, a Shareholder may need to account for its rebate liability on an annual basis. The Investment Adviser will provide estimates of rebate amounts at any time for a Shareholder, and the Investment Adviser will provide a rebate calculation report more frequently than every five years if requested. There will be a separate charge for each rebate calculation report (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).

5. If the Shareholder is eligible and has elected to pay a penalty in lieu of making rebate payments, it should notify the Investment Adviser by designating this on Schedule A - Bond Issue Information when making its initial investment.

6. It is recommended that Shareholders not draw down the entire proceeds of a debt issue account before providing for any rebate requirement or penalty payment.

If any Shareholder and any parties related to the Shareholder own more than ten percent (10%) of the Shares of the Pool, such ownership may adversely affect the rebate liability of all Shareholders (see “Tax Matters”).

Documentation of Market Price The Investment Adviser will follow certain procedures to document that investments are purchased at a “market price” in accordance with requirements of the Internal Revenue Code and related rulings and 101 CLICK HERE to Return to Agenda
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regulations. These procedures include obtaining three bids or offers for all securities transactions on the secondary market, documenting transaction prices using independent pricing services, and following practices to avoid making “prohibited payments” or receiving “imputed receipts” (as these terms are used in the applicable U.S. Treasury regulations) that improperly reduce the yield on investments.

Rebate Exception Services for the Proceeds of Debt Issues Upon initial investment of the proceeds of a debt issue, a Shareholder should inform the Investment Adviser, by designating on Schedule A - Bond Issue Information, if it expects to qualify for an expenditure exception to the Federal rebate requirements or if it has elected to pay a penalty in lieu of rebate. If the Investment Adviser has been so informed thirty (30) days before any expenditure test date related to such an exception from the rebate requirements, the Investment Adviser will provide a notice to the Shareholder that tracks the cumulative percentage of proceeds of a debt issue drawn from funds invested in the Trust from any debt issue whose proceeds are then invested in the Trust and compares the cumulative percentage of funds drawn to the requirements of the exception to assist the Shareholder in determining its eligibility for such exception. Thirty (30) days after any expenditure test date, the Investment Adviser will provide a report (a “rebate exceptions compliance report”) to such Shareholder showing the cumulative percentage of the proceeds of a debt issue (including investment income) actually drawn and calculating the penalty, if any, due to the Internal Revenue Service if actual amounts drawn do not meet the expenditure test.

Rebate Calculation Services for the Proceeds of Debt Issues With respect to proceeds of tax-exempt borrowings invested in the Trust, including funds whose cash flows are tracked through Shareholder accounts in the Trust, the Investment Adviser will, upon request, provide interim rebate calculation estimates to enable Shareholders to estimate rebate liabilities for financial reporting purposes. There is no charge for these estimates.

The Investment Adviser will provide each Shareholder who so requests with a rebate calculation report for any given report period that summarizes calculations of
• the allowable investment yield,
• investment activities for the Report Period, and
• a calculation of the rebate liability at the end of the Report Period using the methodology prescribed by the applicable U.S. Treasury regulations.

When an account for the proceeds of a debt issue is opened, the Investment Adviser will request certain information from a Shareholder, including information necessary to permit scheduling of the rebate calculation report or Rebate Exceptions Compliance Report. The Investment Adviser will require additional information from a Shareholder, including copies of the official statement, non-arbitrage or tax certificate, debt issue resolution, and similar documents, before the first such rebate calculation report or Rebate Exceptions Compliance Report can be prepared.

Normally, the rebate calculation report will be completed and furnished to the Shareholder for each debt issue no later than thirty (30) days after the Installment Computation Date, provided that the Shareholder has authorized its preparation and provided the necessary information to the Investment Adviser, but a Shareholder may request that a rebate calculation report be completed at shorter intervals. Every effort will be made to honor such requests, although no assurance can be given that reports can be completed in a shorter time period.

If an account is opened for the proceeds of a debt issue that have been invested outside of the Trust, the Investment Adviser will require a rebate calculation report from the date of debt issuance to the date of investment in the Trust.

There will be a separate charge for each rebate calculation report. The fee for a rebate calculation report prepared by the Investment Adviser will be billed separately to the Shareholder at the following rates for debt issues, the proceeds of which are invested exclusively through the Trust from their date of issuance until the date of calculation of the rebate calculation report:

One-time set-up fee, per debt issue:................. $ 250 Each rebate calculation report, per debt issue:..$3,000 There will be additional charges for refundings requiring allocations of transferred proceeds and for other calculations involving more extensive services. For proceeds of tax-exempt debt issues invested outside the Trust, due to differences of elapsed time since the issuance of the debt, types of investments, volume and type of transactions, number of funds, and 102 CLICK HERE to Return to Agenda
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condition and availability of records, the Investment Adviser cannot charge a standard fee. However, at the request of the Shareholder, the Investment Adviser will provide an estimated cost based on the Shareholder’s specific circumstances.

In addition to the rebate calculation services offered by the Investment Adviser, Shareholders also have the option of contracting directly with another service provider for rebate calculation services. If another service provider is used, the scope of the services provided and the fees charged are entirely the responsibility of the Shareholder and its service provider.

Information Common to All Portfolios
Authorized Investments
The Investment Adviser will invest available cash in the Cash Reserve Portfolio and Term Portfolio exclusively in the following investments, which are authorized investments under the California Government Code Section 53601. It is noted that certain other investment types, although authorized by the applicable sections of the California Government Code, may not be approved for inclusion in this investment policy. Except as otherwise provided in sub-paragraph (1) under “Investment Restrictions” below, a change in authorized investments requires approval of the Trustees and the Participants holding a majority of the outstanding Participant Shares of the Trust. (1) United States Treasury notes, bonds, bills, or certificates of indebtedness or other obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. (2) Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises.
(3) Repurchase agreements with respect to securities described in paragraphs (1) and (2) above, provided that the term of any such repurchase agreement shall be one year or less at the time of purchase. (4) Bills of exchange or time drafts drawn on and accepted by a commercial bank (otherwise known as bankers’ acceptances) which are eligible for purchase by the Federal Reserve System, provided that such bankers’ acceptances may not exceed one hundred eighty (180) days maturity or forty percent (40%) of the assets of the Portfolio and no more than ten percent (10%) of the Portfolio’s assets are invested in the bankers’ acceptances of any one commercial bank and further provided that the accepting bank has the highest short-term letter and numerical rating as provided by at least one NRSRO.
(5) Negotiable certificates of deposit issued by a nationally or state-chartered bank or by a savings association or a federal association (as defined in Section 5102 of the California Financial Code), a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign bank, provided that no more than thirty percent (30%) of the assets of the Portfolio may be invested in certificates of deposit and further provided that the deposits in any one institution shall not exceed the shareholders’ equity of such institution. (6) Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by at least one NRSRO, provided that its maturity may not exceed two hundred seventy (270) days. No more than forty percent (40%) of the assets of the Portfolio may be invested in eligible commercial paper; if assets of the Portfolio fall below $100,000,000, no more than twenty-five percent (25%) of assets may be invested in eligible commercial paper; and no more than ten percent (10%) of the Portfolio’s total investment assets may be invested in the commercial paper and the medium-term notes of any single corporate issuer. The entity that issues the commercial paper shall meet all of the following conditions either in (a) or (b) as follows: (a) the entity is organized and operating in the United States as a general corporation, has total assets in excess of five hundred million dollars ($500,000,000), and has debt other than commercial paper, if any, that is rated in a rating category of “A” or its equivalent or higher by at least one NRSRO or (b) the entity is organized within the United States as a special purpose corporation, trust, or limited liability company, has program wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond, and has commercial paper that is rated “A-1” or higher, or the equivalent, by at least one NRSRO. (7) United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank, with a maximum remaining maturity of 397 days or less, and eligible for purchase and sale within 103 CLICK HERE to Return to Agenda
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the United States. Investments shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO and shall not exceed 30 percent of the assets of the Portfolio. (8) Medium-term notes, defined as all corporate and depository institution debt securities, with a maximum remaining maturity of 397 days or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Investments shall be rated in a rating category of “A” or its equivalent or better by an NRSRO and shall not exceed 30 percent of the assets of the Portfolio. No more than 10 percent (10%) of the Portfolio’s total investment assets may be invested in the commercial paper and the medium-term notes of any single issuer. (9) A mortgage passthrough security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable passthrough certificate, or consumer receivable-backed bond.

Investments shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO, have a maximum remaining maturity of 397 days or less, and shall not exceed 20 percent of the assets of the Portfolio. (10) Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.). The company shall have met either of the following criteria: (a) attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs or (b) retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000).

The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include commission that the companies may charge and shall not exceed 20 percent of the assets of the Portfolio.

Obligations of Agencies or Instrumentalities of the United States Government Certain short-term obligations of agencies or instrumentalities of the United States Government purchased for the Portfolios may be backed only by the issuing agency or instrumentality and may not be backed by the full faith and credit of the United States Government. For example, Fannie Mae and Freddie Mac have agreements with the U.S. Treasury to provide them with capital in exchange for senior preferred stock. Securities issued by the Federal Home Loan Banks are supported only by the credit of the agency and not by the United States Government, and securities issued by the Federal Farm Credit System are supported by the agency’s right to borrow money from the U.S. Treasury under certain circumstances.

Repurchase Agreements A repurchase agreement involves the sale of securities to the Portfolio and the concurrent agreement by the seller to repurchase the securities within a specified period of time at an agreed upon price, thereby establishing the yield during the buyer’s holding period. The yield established for the repurchase agreement is determined by current short-term rates and may be more or less than the interest rate on the underlying securities. The securities underlying a repurchase agreement are, in effect, collateral under the agreement. Securities purchased by the Portfolio and subject to repurchase agreements are limited to the obligations of the United States Government and agencies of the United States but may have maturities longer than one year. At the time a repurchase agreement is made, the underlying securities will have a market value at least equal to one hundred and two percent (102%) of the price plus the price differential. If an agreement is in effect for more than one day, the Investment Adviser is responsible for monitoring the value of the underlying securities, and, in the event their value drops below one hundred and two percent (102%) of the price plus price differential, the counterparty to the repurchase transaction is required to provide additional securities or money within one Business Day so that the value of the collateral is not less than one hundred and two percent (102%) of the price plus price differential. All securities underlying repurchase agreements are required to be delivered to the Custodian or to another custodian agreed to by the Trust and the counterparty. At the expiration of each agreement, the Custodian receives payment of the price plus price differential as a condition for the transfer of the underlying securities to the counterparty. If the counterparty fails to pay the agreed upon price plus price differential on the repurchase date, the risks to the Portfolio would include any difference between the liquidation value of the underlying securities and the price plus price differential, any costs of disposing of such securities, any costs related to foreclosure, and any loss resulting from a delay in foreclosing on such securities.

Funds placed by the Trust into the Portfolios will be invested in accordance with the prudent investor standard set forth in Section 53600.3 of the California Government Code. The Portfolios will not invest in any inverse floaters, range notes or mortgage derived, interest-only strips, or in any security that could result in a zero-interest accrual if held to maturity.

The Trust is not registered as an investment company under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) and, accordingly, is not subject to the provisions of the Investment Company Act of 1940 and the rules and regulations promulgated thereunder including rules relating to registered money market mutual funds. 104 CLICK HERE to Return to Agenda
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The authorizing statute, charter, or bylaws of a Public Agency or the trust indenture or ordinance or resolution under which the debt obligations of a Public Agency are issued or its funds are invested may contain investment restrictions which prohibit or otherwise limit investment in one or more of the above-described investments. Accordingly, Public Agencies should consult with their legal counsel or financial adviser regarding the legality of investing bond proceeds under the Trust prior to participating in the Trust or investing in the Shares issued by the Trust.

Investment Restrictions
The Trustees have adopted the following investment restrictions and fundamental policies, which, except as otherwise provided in (1) below, may be changed only by approval of the Trustees and the Shareholders holding a majority of the outstanding Participant Shares of the Portfolios. The Trust will not:
(1) Purchase any securities other than those described under “Investment Objectives and Policies” unless California law at some future date redefines the types of securities which are legal investments for some or all classes of Shareholders, in which case the permitted investments for the Portfolios may be changed by the Trustees to conform to California law, provided that prior written notification is given to Shareholders of the Trust. (2) Invest in securities of any issuer in which a Trustee, Officer, employee, agent, or adviser of the Trust is an officer, director, or ten percent (10%) shareholder unless such investment is periodically authorized by resolutions adopted by a majority of the Trustees who are not officers, directors, or ten percent (10%) shareholders of such issuer. (3) Make loans, except that the Portfolios may enter into repurchase agreements. (4) Borrow money or pledge, hypothecate, or mortgage its assets to an extent greater than twenty percent (20%) of the market value of the total assets of the Portfolios, and then only as a temporary measure for extraordinary or emergency purposes to facilitate withdrawal requests which might otherwise require untimely dispositions of portfolio securities.

All such borrowings may be secured only by the assets of the Portfolios and must be repaid before the Portfolios make any additional investments. Interest paid on such borrowings will reduce net income of the Portfolios. (5) Purchase any security or enter into a repurchase agreement if, as a result, more than ten percent (10%) of the Portfolios’ total assets would be invested in securities subject to restrictions on resale, securities for which there is no readily available market, and repurchase agreements with maturities exceeding seven (7) days and not terminable at approximately the carrying value before that time.
(6) Purchase the securities of any single issuer (other than obligations issued and guaranteed as to principal and interest by the government of the United States, its agencies, or instrumentalities) if, as a result, more than ten percent (10%) of the Portfolios’ total assets would be invested in the securities of any one issuer. (7) Invest more than 5% of net assets in illiquid investments. Illiquid investments are securities that cannot be sold or disposed of in the ordinary course of business at approximately the value ascribed to it by the Trust. Illiquid investments include:
• Restricted investments (those that, for legal reasons, cannot be freely sold). • Fixed time deposits with a maturity of more than seven days that are subject to early withdrawal penalties. • Any repurchase agreement maturing in more than seven days and not terminable at approximately the carrying value in the Trust before that time.
• Other investments that are not readily marketable at approximately the carrying value in the Trust.

If the 5% limitation on investing in illiquid securities is adhered to at the time of investment but later increases beyond 5%, resulting from a change in the values of the Trust’s portfolio securities or total assets, the Trust shall then bring the percentage of illiquid investments back into conformity as soon as practicably possible. The Trust believes that these liquidity requirements are reasonable and appropriate to assure that the securities in which the Trust invests are sufficiently liquid to meet reasonably foreseeable redemptions of Shares.

Any percentage limitation or rating requirement described under “Authorized Investments” will be applied at the time of purchase.
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Procedures for Investment in the Trust
Public Agencies have two options for investing in the Trust. One option is for a Public Agency to become a Participant in the Trust by adopting an ordinance/resolution thereby becoming a member of the JPA. A copy of a sample ordinance/resolution can be obtained by contacting the Investment Adviser and is available on the Trust’s website (www.camponline.com). Participation in the Trust requires the formal approval of the governing body of the Public Agency by ordinance/resolution, as appropriate, and execution of the Declaration of Trust. In addition to the rights provided to all Shareholders, Participants are provided approval rights on certain matters as provided in the Declaration of Trust. Public Agencies should consult with their legal counsel regarding the required form of action (ordinance/resolution) and the procedures for enactment or adoption of the ordinance/resolution. No representation is made as to the legal sufficiency of the model form for any given Public Agency. Only members of the governing body, officers, or full-time employees of a Public Agency that is a Participant in the Trust may serve as a Trustee of the Trust.

Alternatively, a Public Agency may purchase Investor Shares of any of the Trust’s Portfolios without joining the Trust.

Such purchase requires authorization by the Public Agency and execution of the Investor Agreement. A copy of the Investor Agreement can be obtained by contacting the Investment Adviser and is available on the Trust’s website (www.camponline.com). Public Agencies owning Investor Shares are provided certain rights with regard to their Shares; however, Investors do not have the approval rights provided to Participants under the Declaration of Trust.

For the proceeds of debt issues, to provide for the investment in the Trust, the Public Agency should either list the Trust in the permitted investments section of the trust indenture or state that bond proceeds can be invested in a permitted investment under Section 53601 of the California Government Code. Sample language is available on the online at www.camponline.com.

Every prospective Shareholder in the Trust (or the applicable trustee of a debt issue) must complete an Account Application (available online at www.camponline.com or by calling the Investment Adviser at (800) 729-7665) and an appropriate Checkwriting Authorization if check writing is desired and forward them along with, if a Participant, (i) a certified copy of the ordinance/resolution as adopted and (ii) an executed copy of the Declaration of Trust, or if an Investor, a completed and executed Investor Agreement, to the Program Administrator via U.S. mail at the following address:

California Asset Management Program
P. O. Box 11760
Harrisburg, Pennsylvania 17101
Please note: UPS and Federal Express will not deliver packages to a P.O. Box. If using one of these shipping methods, please contact CAMP at (800) 729-7665 for an alternative delivery address.

There is no limit to the number of accounts that can be opened by a Shareholder. Additional Account Applications are provided for this purpose. The Investment Adviser will notify the Public Agency of its approval of the application(s) and the account number(s) assigned. The Trust and the Investment Adviser each reserve the right to reject any application in their sole discretion.

Instructions provided by the Shareholder in the Account Application will remain in effect until the Investment Adviser receives written notification from the Shareholder to change them. Any changes to addresses, account applications, names or signatures of authorized officials, or other critical information will require appropriate documentation. Instructions or forms may be obtained by calling the Investment Adviser at (800) 729-7665 or online at www.camponline.com.

Information Specific to the CAMP Cash Reserve Portfolio Investment Restrictions
The Trust’s investment policies and objectives require that all Pool investments have a remaining maturity of three hundred ninety-seven (397) days or less at the time of purchase (except for variable rate notes issued by the U.S. Government or its agencies or instrumentalities, which must have remaining maturities of 762 days or less), and that the dollar-weighted average maturity of Pool investments will not exceed sixty (60) days, and that the dollar-weighted average life (portfolio maturity computed to final maturity without regard to interest rate adjustments on investments) will not exceed one hundred 106 CLICK HERE to Return to Agenda
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twenty (120) days. The repurchase date of a repurchase agreement is used to determine its maturity. Debt obligations purchased by the Pool may have interest rates that are periodically adjusted at specified intervals or whenever a reference rate or index changes. These adjustable-rate securities may have demand features which give the Pool the right to demand repayment of principal on specified dates or after giving a specified notice. Adjustable-rate securities and securities with demand features that meet the definition of “Adjustable Rate Government Securities” in Rule 2a-7 of the Investment Company Act of 1940 Rules and Regulations may be deemed to have maturities shorter than their stated maturity dates.

Dividends
Net income of the Pool shall be determined on the accrual basis as of the conclusion of each Business Day and declared as dividends to each Shareholder at the time of such determination in proportion to the number of shares in the Pool then held by each Shareholder.

Net income of the Pool shall consist of interest earned, plus any discount ratably amortized to the date of maturity plus or minus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses of the Pool including the fees payable to the Investment Advisor/ Administrator, and others who provide services to the Pool. Dividends declared by the Pool are paid to Shareholders as of the last Business Day of each calendar month in the form of additional shares which are credited to each Shareholder’s account. If the net income of the Pool at the time of such determination is a negative amount, the Trust shall have the power and authority (i) to allocate such negative amount among such Shareholders in proportion to the number of shares held at the time of such determination and to offset the allocable share of each Shareholder of such negative amount against any income accrued to such Shareholder, and/or (ii) reduce the number of outstanding shares of the Pool by reducing the number of shares of each Shareholder by that number of shares which represents the amount of its allocable share of such negative amount which is not offset against income accrued to such Shareholder.

Valuation of Shares
The Investment Adviser, on behalf of the Pool, determines the NAV of Shares of the Pool as of 11:00 a.m. Pacific Time on each Business Day. The NAV per Share of the Pool is computed by dividing the total value of the securities and other assets of the Pool, less any liabilities, by the total number of outstanding Shares of the Pool. Liabilities include all accrued expenses and fees of the Pool, including fees of the Investment Adviser, Custodian, and others who provide services to the Pool, which are accrued daily (see “Expenses of the Trust”).

For the purposes of calculating the NAV per Share of the Pool, the By-Laws of the Trust provide that investments held by the Pool be valued at original cost, plus or minus any amortized discount or premium.

The result of this calculation will be a per Share value which is rounded to the nearest penny. Accordingly, the price at which Pool Shares are sold or redeemed will not reflect unrealized gains or losses on Pool securities which amount to less than $.005 per Share. The Pool will endeavor to minimize the amount of such gains or losses. However, if unrealized gains or losses were to exceed $.005 per Share, the amortized cost method of verification would not be used, and the NAV per Share of the Pool would change from $1.00.

It is a fundamental policy of the Pool to maintain a NAV of $1.00 per Share, but for the reasons discussed here, there can be no assurance that the NAV of the Pool’s Shares will not vary from $1.00 per Share. The market value basis NAV per Share for a Pool may be affected by general changes in interest rates resulting in increases or decreases in the value of securities held by the Pool. The market value of such securities will tend to vary inversely to changes in prevailing interest rates.

Thus, if interest rates rise after a security is purchased, such a security, if sold, might be sold at a price less than its amortized cost. Similarly, if interest rates decline, such a security, if sold, might be sold at a price greater than its amortized cost. If a security is held to maturity, no loss or gain is normally realized as a result of these price fluctuations; however, withdrawals by Investors could require the sale of Pool securities prior to maturity.

The Investment Adviser and the Trustees will periodically monitor, as they deem appropriate and at such intervals as are reasonable in light of current market conditions, the relationship between the amortized cost value per Share and a NAV per Share based upon available indications of market value. In the event that the difference between the amortized cost basis NAV per Share and market value basis NAV per Share exceeds 1/2 of 1 percent, the Investment Adviser and the Trustees will consider what, if any, corrective action should be taken to minimize any material dilution or other unfair results which might arise from differences between the two. This action may include the reduction of the number of outstanding Shares by having each Shareholder proportionately contribute Shares to the Pool’s capital, suspension or rescission of dividends, declaration of a special capital distribution, sales of Pool securities prior to maturity to reduce the average maturity or to 107 CLICK HERE to Return to Agenda
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realize capital gains or losses, transfers of Pool securities to a separate account, or redemptions of Shares in kind in an effort to maintain the net asset value at $1.00 per Share. If the number of outstanding Shares is reduced in order to maintain a constant NAV of $1.00 per Share, Shareholders will contribute proportionately to the Pool’s capital the number of Shares that represents the difference between the amortized cost valuation and market valuation of the Pool. Each Shareholder will be deemed to have agreed to such contribution by its investment in the Pool.

To minimize the possible adverse effects of changes in interest rates and to help maintain a stable NAV of $1.00 per Share, the Pool will maintain a dollar-weighted average portfolio maturity of not more than sixty (60) days and a dollar-weighted average life of not more than one hundred twenty (120) days and will not purchase any security with a remaining maturity of more than three hundred ninety-seven (397) days and will only invest in securities determined by the Investment Adviser to be of high-quality with minimal credit risk.

Yield
Current yield information for the Pool may, from time to time, be quoted in reports, literature, and advertisements published by the Trust. The current yield of the Pool, which is also known as the current annualized yield or the current seven-day yield, represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a value of one Share (normally $1.00 per share) over a seven-day base period expressed as a percentage of the value of one Share at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365/7.

The Trust may also quote a current effective yield of the Pool from time to time. The current effective yield represents the current yield compounded to assume reinvestment of dividends. The current effective yield is computed by adding 1 to the net change in account value (exclusive of capital changes and income other than investment income) over a seven-day base period, raising the sum to a power of 365/7, and subtracting 1 from the result. The current effective yield will normally be slightly higher than the current yield because of the compounding effect of the assumed reinvestment.

The Trust also may publish a “monthly distribution yield” on each Shareholder’s month-end account statement or provide it to Shareholders upon request. The monthly distribution yield represents the net change in the value of a hypothetical account with a value of one Share (normally $1.00 per Share) resulting from all dividends declared during a month by the Pool expressed as a percentage of the value of one Share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

At the request of the Trustees or Shareholders, the Trust may also quote the current yield of the Pool from time to time on bases other than seven days for the information of its Shareholders.

The yields quoted by the Trust or any of its representatives should not be considered a representation of the yield of the Pool in the future since the yield is not fixed. Actual yields will depend on the type, quality, yield, and maturities of securities held by the Pool, changes in interest rates, market conditions, and other factors.

Since the yield on the Pool may fluctuate daily, Shareholders should consult with their counsel or financial adviser as to the appropriateness of investing proceeds of tax-exempt bonds in the Pool in the event that covenants with bondholders or provisions of the Internal Revenue Code restrict the yield on investment of the bond proceeds.

Information Specific to the CAMP Term Portfolio
Maturity
The CAMP Term Portfolio is a fixed-term investment portfolio of the California Asset Management Program with a maturity of up to one year, depending on the termination date of any particular series within the Portfolio.

Dividends
Dividends on shares in the series constituting the CAMP Term Portfolio shall be paid on the termination date of the series, except for dividends on shares redeemed pursuant to a planned early redemption or a premature redemption before the termination date, which will be paid when such dividends on shares in the series are redeemed. For the purpose of calculating dividends for any series, net income shall consist of interest earned, plus any discount ratably amortized to the date of maturity, plus or minus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses of that series. 108 CLICK HERE to Return to Agenda
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Dividends on shares of the series of the CAMP Term Portfolio which are declared and paid are equal to the projected yield for such shares to the redemption date, less any losses affecting projected yield attributable to such shares (other than losses resulting from premature redemptions of shares of the series). Dividends on shares of the series of the CAMP Term Portfolio declared and paid on a premature redemption date are equal to the projected yield for such shares to the premature redemption date, less any losses affecting projected yield attributable to such shares and less a premature redemption penalty, if any. Investors may be charged a premature redemption penalty equal to (i) all penalty charges, losses, banking fees and other costs (including, without limitation, interest paid on funds borrowed to pay the redemption) associated with amending, terminating, selling or otherwise affecting any of the investments in the series and (ii) an amount sufficient to maintain the projected yield on the remaining shares to the stated termination date for the series or to the planned early redemption dates, as the case may be, less any losses affecting projected yield attributable to such shares.

Any excess net income of a series of a CAMP Term Portfolio on the termination date will be distributed as an additional dividend to the shares of the series that were issued over the life of the series and the excess net income will be allocated on a pro rata basis based on the average shares outstanding during that time period. Investments may be distributed to Shareholders in any series in lieu of cash whenever the Trust determines that such distribution would be in the best interest of Shareholders of the CAMP Term Portfolio.

Valuation of Shares
For the purpose of calculating the net asset value per share of the series constituting the CAMP Term Portfolio each Business Day, investments held therein shall be valued using the amortized cost method. The amortized cost method of valuation shall mean the acquisition cost of the investment as adjusted for the amortization of premiums or accretion of discounts, regardless of the impact of fluctuating interest rates on the market value of the investment. Amortized cost valuation provides certainty in valuation but may result in periods during which the value of an investment, as determined by amortized cost, is higher or lower than the price that would be received if the investment were sold. For external periodend reporting, all assets will be valued at fair value determined in good faith by the Trust or adviser acting under contract with the Program as required under statutory and applicable accounting standards. Such fair value-based determinations will only be used to satisfy applicable external reporting standards unless the Trust or adviser has determined that use of the fair value method instead of the amortized cost method would be in the best interest of the holders of outstanding shares of a series of the CAMP Term Portfolio.

The redemption value per share will be determined on any day when redemption is made and on the termination date of a series of the CAMP Term Portfolio. Except as otherwise provided below, the redemption value per share is equal to the original purchase price for such share, plus dividends thereon, less such share’s allocation of any losses incurred by the series (other than losses resulting from premature redemptions of shares of the series). The redemption value per share for shares redeemed on a premature redemption date is equal to the original purchase price for such share, plus dividends thereon, less such share’s allocation of any losses incurred by the series, less a premature redemption penalty, if any, determined as described in the “Dividends” section above.

Each CAMP Term Series provides for a fixed-rate, fixed-term investment by Shareholders, but the market value of the underlying assets will, prior to their maturity, tend to fluctuate inversely with the direction of interest rates. It is the intent of the CAMP Term Portfolio to manage each of its series in a manner that produces a share price of at least $1.00 on the termination date for the Shareholder that redeems on said date.

Yield
The projected yield quoted for any investment in the CAMP Term Portfolio is determined by dividing the expected net income per share for the period from the settlement date to the termination date by the purchase price per share, dividing this result by the actual number of days between the settlement date and the termination date, and multiplying the result by 365.
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Part 3 – Individual Portfolios
Purpose
Individual Portfolios are designed to offer California Public Agencies a comprehensive program to meet their investment needs. Shareholders may invest in longer-term investments in a manner that the Investment Adviser will coordinate with the Public Agency. Created pursuant to separate agreements between the Shareholder, the Investment Adviser, and the Custodian, these Individual Portfolios will be managed solely by the Investment Adviser in accordance with specific instructions from the Shareholder. Individual Portfolios are designed to complement investment in the Pool by providing specific investments for surplus funds or for a portion of the proceeds of a debt issue where liquidity is not needed or where specific expenditures are to be funded. For proceeds of debt issues, an Individual Portfolio may be appropriate for Shareholders with relatively lengthy project drawdown schedules, or for Shareholders that wish to match expected construction draws more closely with investment maturities to fix earnings on some or all of their funds. Individual Portfolios may also be appropriate for the investment of debt service reserve funds and certain funds subject to investment yield restrictions. The Investment Adviser will assist each Shareholder in evaluating the possible use of an Individual Portfolio. For further information, call the Investment Adviser at (800) 729-7665. In order to establish an Individual Portfolio, the Shareholder must first establish an account with the Trust either as a Participant or an Investor. The Custodian will hold assets in an Individual Portfolio in a separate account in the Shareholder’s name. However, Individual Portfolios are not assets of the Trust and are not under the management or supervision of the Board of Trustees.

Investment Policies
Assets in an Individual Portfolio may be invested in those investments that are legal investments for the Shareholder under the California Government Code and the Shareholder’s investment policy or are permitted under the terms of related debt issue documents, if any. Individual Portfolios are not governed by the investment policy of the Trust. The Investment Adviser will invest assets in the Individual Portfolios in accordance with the prudent investor standard of the California Government Code. A Shareholder should discuss the characteristics of specific investments in an Individual Portfolio with the Investment Adviser.

Opening an Individual Portfolio
The Investment Adviser offers advice on Individual Portfolio investments to Shareholders in order to provide Shareholders with the benefits of coordinating the investments in an Individual Portfolio with investing in the Pool and the economies achieved by using the Trust’s Custodian. Accordingly, before Public Agency funds are invested in an Individual Portfolio, the Public Agency must first join the Trust or become an Investor (See Part 1 - Investing). A Shareholder may then open an Individual Portfolio by signing a separate agreement with PFM Asset Management LLC and U.S. Bank National Association, Minneapolis, Minnesota. Shareholders should contact the Investment Adviser directly at (800) 729-7665 regarding investments in an Individual Portfolio.

Individual Portfolio Transactions
The Investment Adviser will arrange for the execution of all security transactions in an Individual Portfolio on behalf of the Shareholder. Individual Portfolio transactions are normally conducted through the Shareholder’s pre-designated Pool account using the Pool’s convenient and economic cash management tools. In arranging for security transactions, the Investment Adviser will give primary consideration to obtaining the most favorable price and efficient execution of transactions. Investment transactions can only be executed on Business Days during normal operating hours.

Individual Portfolio Investments The Investment Adviser will purchase investments for an Individual Portfolio based upon specific instructions received from the Shareholder. When investing the proceeds of debt issues, the Investment Adviser will request a schedule of expected withdrawals, which will be used in managing investments to help assure adequate liquidity. Investment purchases for an Individual Portfolio are settled by the Custodian using funds made available from the Shareholder’s pre-designated Pool account (see Part 1 - Investing). 110 CLICK HERE to Return to Agenda
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Individual Portfolio Withdrawals Shareholders may arrange for the sale of investments in an Individual Portfolio by contacting the Investment Adviser directly at (800) 729-7665. Sales made prior to maturity will be made at the current market price which may be lower or higher than the investment’s book value. Proceeds and earnings from the maturity, sale, or coupon payment of any investment in a Shareholder’s Individual Portfolio will be deposited automatically into the Shareholder’s pre-designated Pool account where they may be withdrawn by the Shareholder in accordance with Pool withdrawal procedures (see Part 1 - Investing).

Arbitrage Rebate Compliance
The Investment Adviser has agreed to provide arbitrage rebate compliance services for proceeds of tax-exempt debt issues invested in the Trust and will provide similar services for funds invested in an Individual Portfolio.

The Investment Adviser has agreed to manage Individual Portfolios that the Shareholder designates for the proceeds of a debt issue in accordance with arbitrage rebate regulations. At the Shareholder’s request, the Investment Adviser will provide arbitrage rebate compliance services for the proceeds of tax-exempt debt issues to include funds in both the Shareholder’s Pool, Term, and Individual Portfolio accounts (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).

Since the yield on an Individual Portfolio may not be fixed, Shareholders should consult with their counsel or financial adviser as to the appropriateness of investing proceeds of tax-exempt bonds in an Individual Portfolio in the event that covenants with bondholders or provisions of the Internal Revenue Code restrict the yield on investment of the bond proceeds.

Individual Portfolio Costs
All costs associated with an Individual Portfolio will be charged separately to the Shareholder that has set up the Individual Portfolio. Unless an alternative fee schedule has been negotiated, for services provided to Individual Portfolios by the Investment Adviser, the Shareholder will be billed a fee, in monthly installments, based on the following percentages of the average daily net assets of each Individual Portfolio:

Average Daily Net Assets Annual Rate
First $25 million 0.10%
Over $25 million 0.08%
Individual Portfolios will also be charged an annual custody administration fee of $200, plus a portfolio market value-based fee of 1/3 basis point (0.00333%), plus applicable custody transaction fees. A detailed schedule of custody fees is available upon request.

All Individual Portfolios of a single Shareholder will be aggregated to determine the fee for that Shareholder.

Custodian
The Trust has arranged for its Custodian, U.S. Bank National Association, Minneapolis, Minnesota, to provide custody for assets of each Individual Portfolio.

The Custodian holds cash and securities of each Individual Portfolio in a separate account in the name of the appropriate Shareholder. The Custodian does not participate in determining investment decisions for the Individual Portfolios. The Investment Adviser may invest in the Custodian’s obligations and may buy or sell securities through the Custodian.

For further information or assistance regarding Individual Portfolios, please call the Investment Adviser at (800) 729- 7665.
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ONE CALIFORNIA STREET
SUITE 1000

SAN FRANCISCO
CALIFORNIA 94111
213 MARKET STREET

STAFF REPORT
AGENDA TITLE: APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENTS AND

AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENTS FOR TRACT MAP NO. 32201, A RESIDENTIAL DEVELOPMENT LOCATED AT THE NORTHWEST CORNER OF AVENUE 60 AND MADISON STREET

RECOMMENDATION
Approve Assignment and Assumption Agreements and Amendment to Subdivision Improvement Agreements for Tract Map No. 32201, and authorize the City Manager to execute said agreements.

EXECUTIVE SUMMARY
 SC Homes Fund, LLC has sold its interest in this tract to a new developer, Crestwood Corporation (Crestwood) and desires to assign the subdivision improvement obligations to Crestwood.
 Crestwood requests approval of Assignment and Assumption Agreements and Amendment to Subdivision Improvement Agreements (Agreements) for Tract Map No. 32201.

FISCAL IMPACT
There is no fiscal impact to the City. Crestwood has submitted replacement securities to guarantee construction of the improvements.

BACKGROUND/ANALYSIS
Tract Map No. 32201 is a residential development located at the northwest corner of Avenue 60 and Madison Street (Attachment 1).

In February 2016, SC Homes Fund, LLC entered into Subdivision Improvement Agreements for Tract Map No. 32201. SC Homes Fund, LLC has sold its interest in this tract to Crestwood. The City will release SC Homes Fund’s securities upon executing the Agreements (Attachment 2).

CONSENT CALENDAR ITEM NO. 6
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ALTERNATIVES
Staff does not recommend an alternative.

Prepared by: Amy Yu, Associate Engineer
Approved by: Bryan McKinney, P.E., Public Works Director / City Engineer Attachments: 1. Vicinity Map

2. Assignment and Assumption Agreements and Amendment to Subdivision Improvement Agreements for Tract No. 32201
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V I C I N I T Y M A P

NOT TO SCALE
TRACT MAP NO. 32201
ATTACHMENT 1
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F220

ASSIGNMENT AND ASSUMPTION AGREEMENT
AND

AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT
TRACT MAP NO. 32201 OFF-SITE IMPROVEMENTS
This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT (“Assignment & Amendment”) is made and entered into as of the ___ day of ________, 20___, by and among the CITY OF LA QUINTA, a municipal corporation of the State of California (“City”), SC HOMES FUND, LLC, a Delaware limited liability company (“Assignor”), and CRESTWOOD CORPORATION, a California corporation (“Assignee”).

RECITALS
A. City and Assignor entered into that certain Subdivision Improvement Agreement, dated February 22, 2016 (“SIA”), pursuant to which Assignor, as the “Subdivider” defined in the SIA, agreed to plan for, install, and construct certain public and/or private improvements on Tract Map No. 32201 (“Tract”), as more fully described in Exhibit “A” of the SIA (“Improvements”).

B. Assignor desires to sell its interest in the Tract to Assignee. In conjunction with such transfer, Assignor desires to assign the SIA, and all of Assignor’s rights and obligations thereunder, to Assignee and Assignee desire to assume Assignor’s position with respect to the SIA and all of Assignor’s rights and obligations under the SIA subject to the terms of this Assignment & Amendment.

C. In connection with the foregoing described assignment and assumption, the City and Assignee have agreed to certain modifications to the SIA as set forth herein to be effective upon full execution of this Assignment & Amendment by all the parties hereto.

AGREEMENT
NOW, THEREFORE, in consideration of the foregoing Recitals and the covenants and promises hereinafter contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Assignment and Assumption. Assignor hereby transfers and assigns to Assignee all of the Assignor’s rights, title, and interest in and to, and obligations under, the SIA, and Assignee hereby assumes all rights, title, and interest in and to, and obligations under, the SIA. City hereby consents to the foregoing assignment and assumption.

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F220 -2-

2. Replacement of Improvement Security. Pursuant to the SIA, Assignor has furnished the City security for the Improvements in the form of:
(a) Faithful Performance Bond in the amount of $198,356 for the following improvements:

OFF-SITE IMPROVEMENTS Performance Security Labor & Materials Security Improvement Description Amount Amount
Street $78,414 $78,414
Sidewalk $15,135 $15,135
Landscaping $56,720 $56,720
Standard 10% Contingency $15,027 $15,027
Professional Fees, Design 10% $16,530 $16,530
Professional Fees, Construction 10% $16,530 $16,530
TOTAL $198,356 $198,356
(b) Other (Specify type and amount): ______________________________ For purposes of this Assignment & Amendment, such security in the aggregate shall be hereinafter referred to as “Improvement Security.” Assignee hereby warrants that within five (5) days of this executed Assignment & Amendment, it shall replace Assignor’s Improvement Security with security of its own in an amount equal to the Improvement Security, unless the City otherwise determines at its discretion and in writing that such security can be issued at a lesser amount. Assignee’s security shall be in full compliance with the terms and conditions stated in the SIA for such security. The City agrees that upon receipt of evidence that Assignee has obtained such new security in a form satisfactory to the City, the City shall release Assignor’s Improvement Security.

3. Solvency. As a material inducement to the City to enter into the Assignment & Amendment, Assignee hereby represents and warrants to City, and City hereby relies on Assignee’s representation and warranty, that Assignee is solvent and has the financial capability of fulfilling each and every obligation and duty it takes on by way of the Assignment & Amendment.

4. Incorporation of SIA Provisions. The SIA, and each provision therein, unless otherwise modified in writing, is incorporated in this Assignment & Amendment in its entirety and Assignee agrees and warrants that it assumes and is bound by each obligation found in the SIA in the same manner as Assignor prior to this Assignment & Amendment.

5. Counterparts. This Agreement may be executed in one or more counterparts, which, taken together, shall constitute one complete and enforceable agreement.
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F220

ASSIGNMENT AND ASSUMPTION AGREEMENT
AND

AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT
TRACT MAP NO. 32201 ON-SITE IMPROVEMENTS
This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT (“Assignment & Amendment”) is made and entered into as of the ___ day of ________, 20___, by and among the CITY OF LA QUINTA, a municipal corporation of the State of California (“City”), SC HOMES FUND, LLC, a Delaware limited liability company (“Assignor”), and CRESTWOOD CORPORATION, a California corporation (“Assignee”).

ON-SITE IMPROVEMENTS Performance Security
Improvement Description Amount
Rough Grading $56,340
Street $149,379
Storm Drain $48,354
Water $10,900
Sewer $18,000
Dry Utilities $142,500
Landscaping $66,212
Monumentation $10,000
Standard 10% Contingency $50,168
Professional Fees, Design 10% $55,185
Professional Fees, Construction 10% $55,185
TOTAL $662,223
(b) Other (Specify type and amount):

1. Faithful Performance Bond for Fugitive Dust Control = $10,000 For purposes of this Assignment & Amendment, such security in the aggregate shall be hereinafter referred to as “Improvement Security.” Assignee hereby warrants that within five (5) days of this executed Assignment & Amendment, it shall replace Assignor’s Improvement Security with security of its own in an amount equal to the Improvement Security, unless the City otherwise determines at its discretion and in writing that such security can be issued at a lesser amount. Assignee’s security shall be in full compliance with the terms and conditions stated in the SIA for such security. The City agrees that upon receipt of evidence that Assignee has obtained such new security in a form satisfactory to the City, the City shall release Assignor’s Improvement Security.

5. Counterparts. This Agreement may be executed in one or more counterparts, which, taken together, shall constitute one complete and enforceable agreement.
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City of La Quinta
CITY COUNCIL MEETING: October 15, 2024

STAFF REPORT
AGENDA TITLE: ACCEPT OFF-SITE IMPROVEMENTS ASSOCIATED WITH THE DIAMANTE RESIDENTIAL DEVELOPMENT, TRACT MAP NO. 30138, LOCATED ON THE NORTH SIDE OF AVENUE 52 WEST OF MADISON STREET

RECOMMENDATION
Accept the off-site improvements associated with Tract Map No. 30138, Diamante; authorize staff to release performance security upon receipt of warranty bond; and direct staff to release the labor and materials security 90 days after City Council acceptance of the off-site improvements.

EXECUTIVE SUMMARY
 Diamante is a residential project located on the north side of Avenue 52 west of Madison Street (Attachment 1).
 La Quinta 47, LLC (Developer) has requested release of the performance, labor and materials securities.
 Since all off-site improvements have been completed, staff recommends acceptance, and release of the performance, labor and materials securities.

FISCAL IMPACT – None.

BACKGROUND/ANALYSIS
The Developer has completed all off-site improvements required by Tract Map No. 30138.

The improvements include pavement, signing and striping, sidewalk, landscaping, and setting monumentation. Staff inspected the off-site improvements and verified they meet City-approved plans and standards.

ALTERNATIVES
Accepting improvements is a ministerial action necessary for the release of the improvement securities. Since the improvements have been inspected and meet City standards, staff does not recommend an alternative action.

Prepared by: Amy Yu, Associate Engineer
Approved by: Bryan McKinney, P.E., Public Works Director/City Engineer Attachment: 1. Vicinity Map
CONSENT CALENDAR ITEM NO. 7
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NOT TO SCALE
Tract Map No. 30138
ATTACHMENT 1 128 CLICK HERE to Return to Agenda
City of La Quinta
CITY COUNCIL MEETING: October 15, 2024

STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED AUGUST 31, 2024

RECOMMENDATION
Receive and file revenue and expenditure report dated August 31, 2024.

EXECUTIVE SUMMARY
 The report summarizes the City’s year-to-date (YTD) revenues and period expenditures for August 2024 (Attachment 1).
 These reports are also reviewed by the Financial Advisory Commission.

FISCAL IMPACT – None

BACKGROUND/ANALYSIS
Below is a summary of the column headers used on the Revenue and Expenditure Summary Reports:

Original Total Budget – represents revenue and expenditure budgets the Council adopted in June 2024 for fiscal year 2024/25.

Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year. The 2023/24 operating and Capital Improvement Project carryovers to 2024/25 will be processed after the year-end audit is completed.

Period Activity – represents actual revenues received and expenditures outlaid in the reporting month.

Fiscal Activity – represents actual revenues received and expenditures outlaid YTD.

Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount.

Percent Used – represents the percentage activity as compared to budget YTD.

CONSENT CALENDAR ITEM NO. 8
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Revenues are not received uniformly throughout the year, resulting in peaks and valleys.

For example, large property tax payments are usually received in December and May.

Similarly, Redevelopment Property Tax Trust Fund payments are typically received in January and June. Any timing imbalance of revenue receipts versus expenditures is funded from the City’s cash flow reserve. Unlike revenues, expenditures are more likely to be consistent from month to month. However, large debt service payments or CIP expenditures can cause swings.

Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director
Attachment: 1. Revenue and Expenditure Report for August 31, 2024

MTD YTD
Percent of
Budget YTD
Percent of
Budget
General Fund (GF) 794,749 $ $ 1,650,618 2.00% 2,178,268 $ 2.78% All Funds $ 1,913,235 $ 3,928,010 2.50% 3,956,540 $ 3.20%

MTD YTD
Percent of
Budget YTD
Percent of
Budget
General Fund $ 1,978,768 $ 2,681,243 3.22% 2,141,585 $ 2.94% Payroll (GF) $ 1,163,621 $ 1,655,959 11.72% 1,148,020 $ 8.57% All Funds $ 4,955,569 $ 7,284,396 4.99% 6,355,580 $ 5.38% August 2024 Expenditures Comparison to 2023
August 2024 Revenues Comparison to 2023
General Fund Non-General Fund
Transient Occupancy (Hotel) Tax $ 354,318 Allocated Interest $ 532,231 Misc. Revenue(1) $ 212,276 Gas Tax $ 195,181
STVR Registration Fees $ Coachella Valley Water District (CVWD) 76,500 (3) $ 117,646 Misc. Reimbursements(2) $ Non-Allocated Interest (Pension Fund) 66,471 $ 92,829 Franchise Taxes - Burrtec $ SilverRock Green Fees 51,178 $ 88,358 General Fund Non-General Fund
Parks Landscape Maintenance Contract 107,663 $ Capital Improvement Program (CIP) - Construction(5) $ 908,161 Membership Dues(4) $ Developer Reimbursements 77,863 $ 400,000 Professional Services (Clerk) $ Software Licenses 56,441 (6) $ 276,221 Marketing and Tourism Promotions $ Machinery and Equipment 54,291 (7) $ 273,065 Electricity (Buildings) $ SilverRock Maintenance 48,783 $ 200,237 (7)Machinery: Audio-Visual upgrades for council chambers and other City Hall meeting rooms Top Five Revenue/Income Sources for August
Top Five Expenditures/Outlays for August
(1)Misc. Revenue: National Opioids Settlement payments
(3) CVWD:Turf conversion rebates related to north La Quinta landscape project (4)Membership: Coachellla Valley Assoc. of Governments and CoStar (2)Misc. Reimbursements: SB90 recovered costs from state-mandated programs (5)CIP Construction: Dune Palms bridge
(6)Software: Tyler ERP 10, Tyler EnerGov, Tracker, Granicus 130 CLICK HERE to Return to Agenda
For Fiscal: 2024/25 Period Ending: 08/31/2024

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La Quinta City CouncilOctober 15, 2024

La Quinta City Council
October 15, 2024