Agenda packet — Lake Elsinore City Council, May 23, 2023 (part 7 of 7)

mitigation by the project, allowing the project to move forward when construction funding is available.

Fiscal Impact
The Summerhill Extension project is programmed in the City’s CIP budget. The immediate fiscal impact to the City under the Credit Reservation Agreement is 10% of the total purchase price, or $128,350. The $1,155,150 remaining balance of the purchase price will be due within 14 days of the notice of credit availability. If credits are not available by March 31, 2024, the City can elect to extend the agreement or receive a full refund of the deposit.

Attachments
Attachment 1- Letter from McCollum and Sweetwater
Exhibit A- Summerhill Drive Extension Credit Reservation Agreement McCollum & Sweetwater
Mitigation and Conservation Banking
www.mccollum.com/mitigation
May 8, 2023
Mr. Remon Habib
City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530
RE: Riverpark Mitigation Bank Credit Reservation Agreement Dear Mr. Habib:

Thank you for your request to purchase 1.51 re-establishment CDFW mitigation Credits and

1.51 rehabilitation CDFW mitigation Credits at the Riverpark Mitigation Bank at $1,283,500.00 to satisfy certain mitigation requirements for resource impacts on the Summerhill Drive Extension Project. The Bank Sponsor is working with the IRT to release Credits from Phase C of the bank. Meanwhile, in response to your request to reserve Credits from that upcoming release, please execute the accompanying Riverpark Mitigation Bank Credit Reservation Agreement and remit to EIP III Credit Co., LLC, via wire or ACH payment, the deposit amount specified below.

Payment By ACH or Wire
Email [email protected] to request wire instructions.

Including the project name in your request is helpful.

EIP III Credit Co., LLC 1.51 Credit re-establishment
and

1.51 Credit rehabilitation
$ 1,283,500.00
Deposit due on or before May 22, 2023 $ -128,350.00
Remaining total due within 14 days of notice of
Credit availability
$ 1,155,150.00
223 Town Center Parkway #1881 1064 Chalcedony St
Spring Hill, TN 37174 San Diego, CA 92109
(916) 708-2727 * [email protected] (619) 742-2068 * [email protected] Mr. Remon Habib
May 8, 2023

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A PDF copy of the signed Riverpark Mitigation Bank Credit Reservation Agreement may be delivered via email to:

Michael McCollum
[email protected]
With a cc of your transmittal to:

Joseph Williams
[email protected]
We will notify you when Phase C credits are released by the IRT and provide instructions for forwarding the balance due and closing the transaction.

Thank you for your interest in the Riverpark Mitigation Bank. Please contact me if you have questions.

Sincerely,
Michael McCollum
(916) 708-2727
attachments: Riverpark Mitigation Bank Credit Reservation Agreement cc: Mr. Joseph Williams, Ecosystem Investment Partners / via email

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Riverpark
Mitigation
Bank

RIVERPARK MITIGATION BANK

CREDIT RESERVATION AGREEMENT
This Reservation Agreement (“Agreement”) is made and entered into this ___ day of May, 2023 (“Effective Date”) by and between EIP III Credit Co., LLC, a Delaware limited liability company (“Bank Sponsor”) and CITY OF LAKE ELSINORE (“Project Proponent”). Bank Sponsor and Project Proponent may be referred to individually as “Party” or collectively as the “Parties.” The Parties agree as follows:

1. INTRODUCTION.

1.1. Riverpark Mitigation Bank. The Riverpark Mitigation Bank (“Mitigation Bank” or “Bank”) has been authorized by the Army Corps of Engineers, Los Angeles District (“Corps”), United States Fish and Wildlife Service (“USFWS”), California Regional Water Quality Control Board, Region 8 (“RWQCB”) and the California Department of Fish and Wildlife (“CDFW”), collectively the Interagency Review Team, or “IRT”, pursuant to a Mitigation Bank Enabling Instrument (“BEI”) that was fully executed on October 25, 2019, to operate as a mitigation bank with credits (“Credits”) available for sale. The Credits consist of Waters of the U.S., Waters of the State, and Covered Habitat Credits.

1.2. Project Proponent. Project Proponent is seeking to implement the Summerhill Drive Extension Project (“Project”) located within the City of Lake Elsinore, Riverside County, California, which may impact jurisdictional waters, wildlife, and/or habitat values, and seeks to reserve Credits from the Mitigation Bank to compensate for the loss. Project Proponent alone shall be responsible for obtaining the approval of the applicable agencies to mitigate the impacts of its Project(s). In that regard, Bank Sponsor has made no, and makes no, representation, warranty, or guaranty that the applicable agencies will approve the Mitigation Bank as suitable mitigation for the Project.

1.3. Purpose. The purpose of this Agreement is to grant Project Proponent an exclusive right to purchase 1.51 re-establishment Credits and 1.51 rehabilitation Credits from the Bank.

1.4. Purchase and Sale Agreements. Bank Sponsor and Project Proponent shall execute a Purchase and Sale Agreement (“Exhibit A”) to provide the Project Proponent with the required Credit amounts indicated in Section 2 below. This form of Purchase and Sale Agreement is as required by the Riverpark Bank Enabling Instrument, and this transaction shall be reported

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by the Bank Sponsor to the regulatory agencies in accordance with the Riverpark Bank Enabling Instrument.

1.5. Effective Date. The effective date (“Effective Date”) of this Agreement shall be the date that a duly executed copy of this Agreement is entered into by both Parties as indicated by the date entered above and equal to the date of the last signature provided on Page 5 of this Agreement.

2. RESERVATION. Upon execution of this Agreement and delivery of the Reservation Payment (defined below), Bank Sponsor hereby grants Project Proponent an exclusive right (the “Reservation”) to purchase 1.51 re-establishment Credits and 1.51 rehabilitation Credits from the Bank when they become available as provided for in Section 2.2. Project Proponent must exercise his/her/its right to reserve the Credits and provide the Reservation Payment by May 19, 2023.

2.1. Reservation Term. The term (“Reservation Term”) of the Reservation shall commence on the Effective Date and, unless sooner terminated as provided herein, shall end March 31, 2024.

2.2. Exercise. The Reservation shall be exercised by executing the Agreement for Sale of Credits, which is attached as Exhibit A. Such exercise and payment of the remaining Purchase Price balance must be made within 14 days of Bank Sponsor providing notice to Project Proponent that the IRT has released a sufficient number of Credits to satisfy the Reservation and all Credits reserved for other project proponents as of the Effective Date (“Credit Release Notice”).

3. PURCHASE AND SALE. If Project Proponent exercises the Reservation, Bank Sponsor shall sell, and Project Proponent shall buy, the Credits on the terms and conditions as set forth below and in the Agreement for Sale of Credits (Exhibit A).

3.1. Purchase Price. The purchase price (“Purchase Price”) shall be an amount equal to One Million Two Hundred Eighty-three Five Hundred dollars ($1,283,500.00), which is based upon Four Hundred Twenty-five Thousand dollars ($425,000.00) per Credit.

3.2. Project Proponent shall provide payment of One Hundred Twenty-eight Thousand Three Hundred Fifty dollars ($128,350.00), which is 10% of the total Purchase Price (“Reservation Payment”), in accordance with Section 2, above. The Reservation Payment is nonrefundable except as described in Section 3.3 below. The remaining Purchase Price balance, $1,155,150.00, must be made within 14 days of Bank Sponsor providing Credit Release Notice to Project Proponent. Upon Credit Release Notice, should Project Proponent fail to exercise his/her right to purchase the total number of Credits reserved (i.e., partial purchase), at the election of the Bank Sponsor this reservation may be declared terminated and the Reservation Payment shall remain nonrefundable.

3.3 Refund and Credit Release Requests. If Bank Sponsor receives the full amount of the Reservation Payment in accordance with the Provisions of Section 3.1 but does not provide Project Proponent the Credit Release Notice by the end of the Reservation Term, then Bank Sponsor would, at the election of the Project Proponent, either: (a) extend the Agreement, or (b) refund to the Project Proponent the Reservation Payment.

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3.4. Termination. If Bank Sponsor has not received the Reservation Payment by May 19, 2023, Bank Sponsor shall automatically be released from its obligation to reserve the Credits for Project Proponent, and Project Proponent shall have no further right to any of the Credits from Bank Sponsor.

In the event of a termination under this Section 3.4, the Parties shall have no further rights or obligations with respect to each other.

4. LIMITATION OF OBLIGATIONS, RIGHTS OF PROJECT PROPONENT.

4.1. Limitation of Obligations. Project Proponent shall have no obligation whatsoever by reason of the use of the Mitigation Bank, to support, pay for, monitor, report on, sustain, continue in perpetuity, or otherwise be obligated or liable for the success or continued expense or maintenance in perpetuity of that site.

4.2. Limitation of Rights. Nothing in this Agreement shall result in Project Proponent having any right, title, or interest in the Mitigation Bank greater than that specifically granted by this Agreement. Project Proponent’s sole right shall be to purchase Credits from the Bank Sponsor that serve as the required mitigation for the Project.

4.3. Joint Use. Bank Sponsor shall reserve the Credits for the sole use of the Project Proponent. This reservation shall in no way restrain Bank Sponsor from selling mitigation values or credits at the Mitigation Bank to others, so long as the aggregate number of mitigation values or credits sold to all parties, including Project Proponent, does not exceed the aggregate number of mitigation values or credits that are either anticipated in future credit releases or authorized for sale.

4.4. Project Approvals. Project Proponent alone shall be responsible for obtaining the approval of the applicable agencies to mitigate the impacts of the Project with the Mitigation Bank. In that regard, neither Bank Sponsor nor the Bank make any representation, warranty, or guaranty that the applicable agencies will approve the Mitigation Bank as suitable mitigation for the Project. Notwithstanding the foregoing, Bank Sponsor shall reasonably cooperate with Project Proponent's efforts to obtain applicable agencies’ approval for use of the Credits by providing information required by applicable agencies and executing documents required by the applicable agencies. Bank Sponsor shall not be obligated to bear any cost greater than a nominal expense or incur any additional liability in connection with such cooperation.

4.5. Limitations on Assignment; Transfer. Project Proponent acknowledges that Bank Sponsor is not willing to sell mitigation values or the Credits which could be resold in competition with the remaining mitigation values or Credits available for sale within the Mitigation Bank. This Reservation Agreement applies solely to the Project and cannot be transferred to another entity or another project.

5. MISCELLANEOUS PROVISIONS

5.1. Notices. Any notices, requests, demands, or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been

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duly given on the date of service if served personally (FedEx and similar services shall be considered to be personal service) or by telephone facsimile or other electronic transmission (provided that the sender of a telephone facsimile or other electronic transmission has received a return receipt signed by the Party so notified, or has other written evidence of receipt), and upon the second business day after mailing, if mailed to the Party to whom notice is to be given, by firstclass mail, registered or certified, postage prepaid, return receipt requested, and properly addressed as follows:

Bank Sponsor:

Joseph Williams
EIP III Credit Co., LLC
5550 Newbury Street, Suite B
Baltimore, MD 21209
Telephone: (410) 982-0240
Email: [email protected]
Project Proponent:

Remon Habib
City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530
Telephone: (951) 674-3124
Email [email protected]
Any Party may change its address for purposes of this section by giving the other Party written notice of the new address in the manner set forth above.

5.2. Modification. No waiver, alteration, modification, or termination of this Agreement shall be valid unless made in writing.

5.3. Payments. Any and all obligations of the Project Proponent under this Agreement, whether financial or otherwise, shall be payable solely from the revenues, income, rents, and receipts earned by the Project Proponent. Nothing herein shall be deemed to prevent the Project Proponent from making any payments from any other legally available source. The financial obligations of the Project Proponent payable after the current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made available.

5.4. Jurisdiction. The Parties hereby consent to the exclusive jurisdiction of Riverside County, California in any action on a claim arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement. Each Party further agrees that personal jurisdiction over him or her may be effected by service of process by registered or certified mail addressed as provided in Section 5.1 of this Agreement, and that when so made shall be as if served upon him or her personally within the State of California.

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5.5. Non-Binding Mediation. In the event that the Parties are unable to resolve any differences concerning the terms of this Agreement, the Parties agree to participate in nonbinding mediation concerning such differences prior to the commencement of litigation.

5.6. Governmental Immunity and Limitations. No term or condition of this Agreement shall be construed or interpreted as a waiver, expressed or implied, of any of the immunities, rights, benefits, protections, or other provisions of the California Constitution or the Federal Tort Claims Act, 28 U.S.C. §§ 1346(b) and 2671 et seq., as applicable now and hereafter amended.

5.7. Interpretation; Entire Agreement. The headings or captions to the sections of this Agreement are not a part of the Agreement and shall have no effect upon the construction or interpretation of any part thereof. This Agreement sets forth the entire understanding between the Parties as to the subject matter of the Agreement and merges all prior discussions, negotiations, letters of understanding, or other promises, whether oral or in writing.

5.8. Attorneys' Fees. In the event any of the Parties shall commence legal proceedings for the purpose of enforcing any provision or condition hereof, or by reason of any breach arising under the provisions hereof, then the prevailing Party in such proceeding shall be entitled to court costs and reasonable attorneys' fees. Without limiting the generality of the foregoing, the prevailing Party shall be entitled to recover its attorneys' fees and other legal expenses incurred in connection with a bankruptcy or other insolvency-related proceeding of the other Party (and including such fees and expenses incurred in efforts, whether successful or not, to obtain adequate protection, annulment, modification, or termination of the automatic stay).

IN WITNESS WHEREOF, the Parties have executed this Credit Reservation Agreement as of the Effective Date.

BANK SPONSOR
EIP III CREDIT CO., LLC, a Delaware
limited liability company
By: ________________________________
Name: Aidan Riordan
Its: Chief Operating Officer
Date: _______________________

PROJECT PROPONENT
City of Lake Elsinore
By: ________________________________
Name: Richard J. MacHott
Its: Planning Manager

Date: _________________________
Name: Jason Simpson
Its: City Manager

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EXHIBIT A

DRAFT CREDIT PURCHASE AND SALE AGREEMENT TEMPLATE
Riverpark
Mitigation
Bank

AGREEMENT FOR SALE OF CREDITS
This Agreement is entered into this ____ day of _________, 2023, by and between EIP III CREDIT CO., LLC, a Delaware limited liability company (Bank Sponsor) and CITY OF LAKE ELSINORE (Project Proponent), jointly referred to as the “Parties,” as follows:

RECITALS
A. The Bank Sponsor has developed the Riverpark Mitigation Bank (Bank) located in Riverside County, California; and
B. The Bank has been developed pursuant to a Bank Enabling Instrument (BEI) entered into by and between Bank Sponsor, the Los Angeles District of the U.S.

Army Corps of Engineers (USACE) (File No. SPL-2015-00318), United States Fish and Wildlife Service (USFWS), the California Regional Water Quality Control Board, Region 8 (Regional Water Boards), and the California Department of Fish and Wildlife (CDFW) (Tracking No. 1798-2015-01-R6), on December 17, 2019, and

C. Project Proponent is seeking to implement the project described on Exhibit “A” attached hereto (Project), which would unavoidably and adversely impact Riverine Wetland, and seeks to compensate for the loss of Riverine Wetland by purchasing Credits from Bank Sponsor; and

D. Project Proponent has been authorized by CDFW: EPIMs-RIV-15993- R6 to purchase from the Bank 1.51 re-establishment CDFW mitigation Credits, and

1.51 rehabilitation CDFW mitigation Credits; and RWQCB: SARWQCB R8-2022- 0052 to purchase from the Bank 1.23 re-establishment CDFW mitigation Credits, and

1.26 rehabilitation CDFW mitigation Credits (which is a subset of the 1.51 reestablishment CDFW mitigation Credit and 1.51 rehabilitation Credit and not in addition to the 1.51 CDFW re-establishment Credit and 1.51 CDFW rehabilitation Credit) and USACE: SPL-2021-00291-GS to purchase from the Bank ____ reestablishment USACE mitigation Credits and ____ rehabilitation USACE mitigation Credits (which is a subset of the 1.51 re-establishment CDFW mitigation Credit and

1.51 rehabilitation Credit and not in addition to the 1.51 CDFW re-establishment Credit and 1.51 CDFW rehabilitation Credit), upon confirmation by the Bank Sponsor of Credit availability/adequate balance of Credits remaining for Transfer; and E. Project Proponent desires to purchase from Bank Sponsor and Bank Sponsor desires to sell to Project Proponent 1.51 re-establishment CDFW mitigation Credits and 1.51 rehabilitation CDFW mitigation Credits; NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

1. Bank Sponsor hereby sells to Project Proponent and Project Proponent hereby purchases from Bank Sponsor 1.51 re-establishment CDFW mitigation Credits and 1.51 rehabilitation CDFW mitigation Credits. The Bank Sponsor will upon receipt of the Purchase Price deliver to Project Proponent an executed Bill of Sale in the manner and form as attached hereto and marked Exhibit “B”. The Purchase Price for said Credits shall be paid by ACH payment or wire transfer of funds according to written instructions provided by Bank Sponsor to Project Proponent.

2. The sale and transfer herein are not intended as a sale or transfer to Project Proponent of a security, license, lease, easement, or possessory or non-possessory interest in real property, nor the granting of any interest of the foregoing.

3. Project Proponent shall have no obligation whatsoever by reason of the purchase of the Credits, to support, pay for, monitor, report on, sustain, continue in perpetuity, or otherwise be obligated or liable for the success or continued expense or maintenance in perpetuity of the Credits sold, or the Bank. Pursuant to the BEI and any amendments thereto, Bank Sponsor shall monitor and make reports to the appropriate agency or agencies on the status of any Credits sold to Project Proponent. Bank Sponsor shall be fully and completely responsible for satisfying any and all conditions placed on the Bank or the Credits by all state or federal jurisdictional agencies.

4. The Credits sold and transferred to Project Proponent shall be nonrefundable, non-transferable and non-assignable to any project other than the one listed herein and shall not be used as compensatory mitigation for any other project or purpose, except as set forth herein.

5. Project Proponent must exercise his/her/its right to purchase the Credits within 14 days of the date this Agreement is provided to the Project Proponent. Without Bank Sponsor approval, after the 14-day period this Agreement will be considered null and void.

6. Upon purchase of the Credits specified in Recital D above, the Bank Sponsor shall submit to the parties listed in the Notices section of the BEI, copies of the:
a) Agreement for Sale of Credits; b) Bill of Sale; c) Payment Receipt; and d) an updated ledger. The updated ledger must detail: i) Project Proponent; ii) Project Name; iii) Status (sale complete/sale not complete); iv) Credit Sale Date; v) Permitting Agency File/Tracking Number; vi); vii) Total Number of Credits Authorized to Sell; viii) Total Number of Credits Sold to Date (inclusive); and ix) Balance of all Credits Available. The ledger should include all sales data from bank establishment to the present.

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

BANK SPONSOR
EIP III CREDIT CO., LLC, a Delaware limited liability company By: ___________________________________
Name: Aidan Riordan
Its: Chief Operating Officer

PROJECT PROPONENT

CITY OF LAKE ELSINORE
By: ____________________________________
Name: Richard J. MacHott
Its: Planning Manager

Exhibit “A”

DESCRIPTION OF PROJECT TO BE MITIGATED
Name of Project:

Summerhill Drive Extension Project
Project Location:

City of Lake Elsinore, Riverside County, CA
Permitting Agencies File/Tracking Number:

CDFW: EPIMs-RIV-15993-R6 [Operation of Law]
RWQCB: SARWQCB R8-2022-0052
USACE: SPL-2021-00291-GS
Project Description:

The Project consists of the extension of Summerhill Drive from its existing terminus north of Ponte Russo to its proposed terminus at Greenwald Avenue, which is necessary to provide secondary fire access to the Tuscany South Development in compliance with the State of California Fire Code, Appendix D-107.1, which states developments of one- or two-family dwellings where the number of dwelling units exceeds 30 shall be provided with two separate and approved fire apparatus access roads. Under current conditions, the Tuscany South Development has only one fire access road and not two. The extension to Summerhill Drive will provide the City and the Tuscany South Development with its second, approved access road in compliance with state law.

Additionally, the extension of Summerhill Drive will comply with the requirements contained in the Tuscany Hills Specific Plan. The road extension will cover approximately three-quarters (3/4) of a mile (approximately 4,100 linear feet).

The City of Lake Elsinore Circulation Element and the Tuscany Hills Specific Plan identifies Summerhill Drive as a secondary roadway which would be a four-lane road with a total 90-foot wide right-of-way. The roadway would consist of a 14-foot wide median with four, 11-foot wide travel lanes, two six (6)-foot wide bike lanes, and a five (5) to ten (10)-foot wide sidewalk and transition zone. The Circulation Element identifies the bike lanes as Class II bikeways, which are considered as restricted right-of-way for the exclusive or semi-exclusive use of bicycles with the permitting of vehicle parking and vehicle/pedestrian cross flows. The Class II bikeways are the principal provision of bicycle travel in the City.

Species/Habitat Affected:

General and focused biological surveys were conducted for the Study Area by GLA in 2019 in order to characterize and identify the presence of state- or federally listed plants and animals, or suitable habitat for listed species. A summary of biological survey results is provided below.

Plant Species
No state-listed, threatened, or endangered plant species were observed within the Study Area during biological surveys conducted in 2019, and none are expected to occur onsite.

Wildlife Species
One federal and state-listed endangered species, the least Bell’s vireo (Vireo belli pusillus) [LBV], was detected on site during focused surveys conducted for the southwestern willow flycatcher (Empidonax traillii extimus) [flycatcher] and LBV in 2019. One nesting pair of LBV was identified onsite within Drainage F along the southeastern edge of the Project. The LBV was nesting in willow scrub habitat within the drainage.

The Project site is located within the Stephens’ Kangaroo Rat Habitat Conservation Plan (SKR HCP) fee area. Pursuant to the SKR HCP, the Applicant will pay the appropriate mitigation fee pursuant to Riverside County Ordinance No. 663.10.

Additionally, focused surveys for the burrowing owl (Athene cunicularia) were conducted by GLA in 2019, and the burrowing owl was confirmed absent from the Project site. As the Project site has the potential to support burrowing owls, a preconstruction burrowing owl survey will be conducted within 30 days prior to commencing Project activities, pursuant to the MSHCP.

Finally, GLA conducted focused surveys for potentially listed fairy shrimp within the Project site. No listed threatened or endangered fairy shrimp were identified during focused wet season or dry season surveys.

Credits to be Purchased:

1.51 re-establishment

1.51 rehabilitation
Method of payment:

Wire Transmittal __X ACH Payment ____

“Exhibit B”

BILL OF SALE
Riverpark Mitigation Bank
Contract # 23__-RP
Permitting Agency File/Tracking No(s). CDFW: EPIMs-RIV-15993-R6, RWQCB:

SARWQCB: R8-2022-0052, and USACE: SPL-2021-00291-GS
In consideration of $1,283,500.00, receipt of which is hereby acknowledged, EIP III Credit Co., LLC (Bank Sponsor), does hereby bargain, sell and transfer to CITY OF LAKE ELSINORE (Project Proponent), for the Summerhill Drive Extension project, 1.51 re-establishment CDFW mitigation Credits, and 1.51 rehabilitation CDFW mitigation Credits; and RWQCB: SARWQCB R8-2022-0052 to purchase from the Bank 1.23 reestablishment CDFW mitigation Credits, and 1.26 rehabilitation CDFW mitigation Credits (which is a subset of the 1.51 re-establishment CDFW mitigation Credit and 1.51 rehabilitation Credit and not in addition to the 1.51 CDFW re-establishment Credit and

1.51 CDFW rehabilitation Credit) and USACE: SPL-2021-00291-GS to purchase from the Bank ____ re-establishment USACE mitigation Credits and ____ rehabilitation USACE mitigation Credits (which is a subset of the 1.51 re-establishment CDFW mitigation Credit and 1.51 rehabilitation Credit and not in addition to the 1.51 CDFW reestablishment Credit and 1.51 CDFW rehabilitation Credit)in the Riverpark Mitigation Bank in Riverside County, California, developed, and approved under the authority of the Los Angeles District of the U.S. Army Corps of Engineers (USACE), United States Fish and Wildlife Service (USFWS), the California Regional Water Quality Control Board, Region 8 (Regional Water Boards), and the California Department of Fish and Wildlife (CDFW), as mitigation for the Project described in Attachment 1.

Bank Sponsor represents and warrants that it has good title to the Credits, has good right to sell the same, and that they are free and clear of all claims, liens, or encumbrances.

Bank Sponsor covenants and agrees with the Project Proponent to warrant and defend the sale of the Credits hereinbefore described against all and every person and persons whomsoever lawfully claiming or to claim the same.

DATED: ______________________________________
EIP III CREDIT CO., LLC, a Delaware limited liability company By: ___________________________________
Name: Aidan Riordan
Its: Chief Operating Officer
Attachment 1
Riverpark Mitigation Bank
WETLAND CREDITS: PAYMENT RECEIPT

PROJECT PROPONENT INFORMATION
Name:

City of Lake Elsinore
Address:
130 South Main Street
Lake Elsinore, CA 92530
Phone Number: (951) 674-3124
Contact:

Remon Habib
Email [email protected]

PROJECT INFORMATION
Project Description:

Project Location:

City of Lake Elsinore, Riverside County, CA
Agency File/Tracking Number(s):

CDFW: EPIMs-RIV-15993-R6 [Operation of Law]
RWQCB: SARWQCB R8-2022-0052
USACE: SPL-2021-00291-GS
Species/Habitat Affected:

Plant Species
No state-listed, threatened, or endangered plant species were observed within the Study Area during biological surveys conducted in 2019, and none are expected to occur onsite.

Credits to be Purchased:

1.51 re-establishment

1.51 rehabilitation

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REPORT TO SUCCESSOR AGENCY
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Candice Alvarez, MMC, Secretary
Date: May 23, 2023
Subject: Minutes of the Regular Successor Agency Meeting of May 9, 2023 Recommendation
Approve the Minutes.

Attachments
Attachment 1 -Draft Minutes
City of Lake Elsinore
City Council Meeting
Minutes – Draft
Natasha Johnson, Mayor
Steve Manos, Mayor Pro Tem
Brian Tisdale, Council Member
Timothy J. Sheridan, Council Member
Robert E. Magee, Council Member
Jason Simpson, City Manager
Meeting Date:

May 09, 2023
Closed Session: NONE
Public Session: 7:00 PM
Cultural Center
183 N. Main Street
Lake Elsinore, CA 92530
CALL TO ORDER - 7:00 P.M.

The Regular Meetings of the City Council and the Successor Agency were called to order at 7:00 p.m.

PLEDGE OF ALLEGIANCE
Council Member Sheridan led the Pledge of Allegiance.

MOMENT OF SILENCE

ROLL CALL

Present: 4 - Council/Agency Members Sheridan and Magee; Mayor Pro Tem/Vice Chair Manos; and Mayor/Chair Johnson

Absent: 1 - Council/Agency Member Tisdale

PRESENTATIONS/CEREMONIALS
1) Public Works Week
Present a Proclamation proclaiming the week of May 21-27, 2023, as “National Public Works Week” in the City of Lake Elsinore.

Mayor Johnson presented the Proclamation to Public Works Manager Rick DeSantiago and Public Works Superintendent Francisco Diaz.

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - ONE MINUTE
Ace Vallejos was called to speak.

Dylan Stark was called to speak.

City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 2 :

CITY COUNCIL CONSENT CALENDAR
A motion was made by Council Member Magee, seconded by Mayor Pro Tem Manos to approve the City Council Consent Calendar with Agenda Item No. 6 being removed for discussion. The motion carried by the following vote:

Aye: 4 Council Members Sheridan and Magee; Mayor Pro Tem Manos; and Mayor Johnson
Nay: 0 None

Absent: 1 Council Member Tisdale
2) Minutes of the Regular City Council Meeting of April 25, 2023 Approve the Minutes.

This item was approved on the City Council Consent Calendar. 3) CC Warrant Report Dated Apr 07, 2023 to Apr 13, 2023 Receive and File.

This item was approved on the City Council Consent Calendar. 4) CC Warrant Report Dated Apr 14, 2023 to Apr 20, 2023 Receive and File.

This item was approved on the City Council Consent Calendar. 5) On-call Services Agreement With Area 63 Productions, LLC Approve and authorize the City Manager to execute the On-Call Services Agreement with Area 63 Productions, LLC for On-Call Training and RV Repair Services in an amount not to exceed $80,000 per fiscal year, and in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar. 6) Notice of Decision - Planning Commission Approval of Planning Application No. 2018-64 Approving Design Review for 344 Detached Single-Family Residences and Related Improvements in Tract No. 28214-9 of the Murdock Alberhill Ranch Specific Plan
Receive and file the Notice of Decision for Planning Application No. 2018-64 approved by the Planning Commission on April 18, 2023.

This item was removed from the City Council Consent Calendar for discussion.

City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 3 :
7) Professional Services Agreement with HELIX Environmental Planning, Inc. for Environmental Documentation for The Cove Project
Approve and authorize the City Manager to execute an Agreement for Professional Services with HELIX Environmental Planning, Inc. to prepare California Environmental Quality Act (CEQA) compliance documents in the amount not to exceed $53,400, in such final form as approved by City Attorney.

This item was approved on the City Council Consent Calendar. 8) Amendment No. 1 With Dost Engineering for SB 821 Bicycle and Pedestrian Facilities Program Downtown Project
Approve and Authorize the City Manager to execute Amendment No. 1 to the Agreement for Professional Services with Dost Engineering for an additional $9,600.00 bringing the total contract amount to $57,500 in final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar. 9) Agreement for Wildland Protection Services
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE

THE CALIFORNIA DEPARTMENT OF FORESTRY AND FIRE AGREEMENT FOR WILDLAND PROTECTION SERVICES FOR THE FISCAL YEAR 2023-2024.

This item was approved on the City Council Consent Calendar.

ITEMS REMOVED FROM THE CITY CONSENT AGENDA FOR DISCUSSION 6) Notice of Decision - Planning Commission Approval of Planning Application No. 2018-64 Approving Design Review for 344 Detached Single-Family Residences and Related Improvements in Tract No. 28214-9 of the Murdock Alberhill Ranch Specific Plan
Receive and file the Notice of Decision for Planning Application No. 2018-64 approved by the Planning Commission on April 18, 2023.

A motion was made by Mayor Pro Tem Manos, seconded by Council Member Magee to receive and file the Notice of Decision. The motion carried by the following vote:

Aye: 4 Council Members Sheridan and Magee; Mayor Pro Tem Manos; and Mayor Johnson
Nay: 0 None

Absent: 1 Council Member Tisdale
City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 4 :

SUCCESSOR AGENCY CONSENT CALENDAR
A motion was made by Agency Member Magee, seconded by Agency Member Sheridan to approve the Successor Agency Consent Calendar. The motion carried by the following vote:

Aye: 4 Agency Members Sheridan and Magee; Vice Chair Manos; and Chair Johnson
Nay: 0 None

Absent: 1 Agency Member Tisdale
10) Minutes of the Regular Successor Agency Meeting of April 25, 2023 Approve the Minutes.

This item was approved on the Successor Agency Consent Calendar. 11) SA Warrant Report Dated Apr 07, 2023 to Apr 13, 2023 Receive and File.

This item was approved on the Successor Agency Consent Calendar. 12) SA Warrant Report Dated Apr 14, 2023 to Apr 20, 2023 Receive and File.

This item was approved on the Successor Agency Consent Calendar.

PUBLIC HEARINGS
13) Planning Application No. 2018-02 (New Ventures) – A Request for Approval of Tentative Tract Map No. 38616 and a Conditional Use Permit to Subdivide an Approximately 0.34-Acre Parcel into One Lot for Condominium Purposes and to Convert an Existing Apartment Complex into Five Residential Condominium Units Located at the Northwest Corner of Graham Avenue and Lowell Street

1. Find that the proposed project is exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15301(k) (Existing Facilities);

2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING
APPLICATION NO. 2018-02 (CONDITIONAL USE PERMIT NO. 2023-03 AND TENTATIVE TRACT MAP NO. 38616) IS CONSISTENT WITH THE WESTERN

RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT CONSERVATION PLAN (MSHCP);
City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 5 :

3. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING TENTATIVE TRACT MAP NO. 38616 TO SUBDIVIDE AN APPROXIMATELY 0.34-ACRE PARCEL INTO ONE LOT FOR

CONDOMINIUM PURPOSES AND TO CONVERT AN EXISTING APARTMENT COMPLEX INTO FIVE RESIDENTIAL CONDOMINIUM UNITS LOCATED AT APN:
374-183-018; and

4. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2023- 03 TO ESTABLISH A FIVE-UNIT RESIDENTIAL CONDOMINIUM ON AN APPROXIMATELY 0.34-ACRE PARCEL LOCATED AT APN: 374-183-018.

The Public Hearing was opened at 7:15 p.m.

Interim Assistant Community Director Abraham presented the staff report.

There were no speakers.

The Public Hearing was closed at 7:17 p.m.

A motion was made by Mayor Pro Tem Manos, seconded by Council Member Magee to approve Staff’s recommendations. The motion carried by the following vote:

Aye: 4 Council Members Sheridan and Magee; Mayor Pro Tem Manos; and Mayor Johnson
Nay: 0 None

Absent: 1 Council Member Tisdale
14) Planning Application No. 2019-47 (Tentative Parcel Map No. 38614) – a Request to Subdivide an 8.46-acre Site into Four (4) Parcels Ranging in Size From 0.97 Acres to 2.9 Acres, and One (1) 1.6-acre Remainder Parcel Located on the Southeast Corner of Riverside Drive and Collier Ave

1. Find that the proposed project is exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15183(A);

2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING
APPLICATION NO. 2019-47 (TENTATIVE PARCEL MAP NO. 38614) IS

CONSISTENT WITH THE WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT CONSERVATION PLAN (MSHCP); and

3. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING TENTATIVE PARCEL MAP NO. 38614 TO SUBDIVIDE AN 8.46 ACRE SITE INTO FOUR PARCELS RANGING IN SIZE FROM

0.97 ACRES TO 2.9 ACRES AND ONE 1.6-ACRE REMAINDER PARCEL.

The Public Hearing was opened at 7:18 p.m.

Interim Assistant Community Director Abraham presented the staff report.

City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 6 :

Jeanie Corral was called to speak.

The Public Hearing was closed at 7:22 p.m.

A motion was made by Mayor Pro Tem Manos, seconded by Council Member Magee to approve Staff’s recommendations. The motion carried by the following vote:

Aye: 4 Council Members Sheridan and Magee; Mayor Pro Tem Manos; and Mayor Johnson
Nay: 0 None

Absent: 1 Council Member Tisdale

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - THREE MINUTES
Jeanie Corral was called to speak.

CITY MANAGER'S COMMENTS
City Manager Simpson had no comments.

CITY ATTORNEY COMMENTS
City Attorney Leibold had no comments.

CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED
Council Member Sheridan reported on his attendance at the Riverside Transit Agency Transportation Now meeting on April 26, 2023, Board of Directors meeting on April 27, 2023, and Budget & Finance Committee meeting on May 3, 2023; and encouraged residents to volunteer to raise a service dog in-training.

Council Member Magee invited residents to attend the SCCA Autocross weekend on Saturday and Sunday, May 13-14, 2023 at Diamond Stadium; and invited the community to participate in the 10th Annual Lake Elsinore Dream Extreme Fishing Derby on May 19-21, 2023 at Launch Pointe.

Mayor Pro Tem Manos reported on his attendance at the Southern California Association of Governments Regional Conference & General Assembly May 4-5, 2023; and commented on the algae test results and lake levels.

Mayor Johnson advised that the City is collaborating with Senator Padilla and Senator Feinstein regarding appropriations to reduce the phosphorus levels in the lake; reported on her attendance at the Western Riverside County Regional Conservation Authority meeting on May 1, 2023 and the Animal Friends of the Valleys meeting on Thursday, May 4, 2023; encouraged residents to use the Alert LE app; congratulated the Lake Elsinore Valley Chamber of Commerce Students of the Year; and shared her participation in the Cops 4 Kids Golf Tournament which was held on May 5, 2023.

City Council Minutes - Draft May 09, 2023
City of Lake Elsinore Page 7 :

ADJOURNMENT
The Lake Elsinore City Council adjourned at 7:42 p.m. to the next Regular meeting of Tuesday, May 23, 2023 in the Cultural Center located at 183 N. Main Street. Closed Session will commence at 5:00 p.m. or such later time as noticed on the Agenda, and the regular Open Session business meeting will commence at 7:00 p.m.

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY BOARD OF THE REDEVELOPMENT AGENCY OF

THE CITY OF LAKE ELSINORE
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: May 23, 2023
Subject: SA Warrant Report Dated Apr 21, 2023, to Apr 27, 2023 Recommendation
Receive and File.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the abovementioned period.

Attachments
Attachment 1 - SA Warrant Summary
Attachment 2 - SA Warrant List
APR 21, 2023 TO APR 27, 2023 CITY OF LAKE ELSINORE SA WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III $ 9,509.31
540 SARDA DIAMOND STADIUM 124,770.95
GRAND TOTAL $ 134,280.26
Attachment 1 1 of 1
APR 21, 2023 TO APR 27, 2023 CITY OF LAKE ELSINORE SA WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
5502 LEIBOLD, MCCLENDON & MANN, PC $ 4,473.06
5487 AK SECURITY ALARM $ 41,897.58
5493 ENDRESEN $ 7,500.00
5510 ENDRESEN $ 11,325.00
5498 ENDRESEN $ 38,997.20
5490 ENDRESEN $ 4,744.32
5495 ENDRESEN $ 5,887.24
5489 ENDRESEN $ 1,144.25
5496 ENDRESEN $ 2,700.00
5499 ENDRESEN $ 8,167.54
5494 ENDRESEN $ 800.00
5492 ENDRESEN $ 1,521.40
APA23003897 HDL COREN & CONE $ 5,036.25
APA23003922 SOUTHERN CALIFORNIA EDISON $ 86.42
GRAND TOTAL $ 134,280.26
Attachment 2 1 OF 1

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY BOARD OF THE REDEVELOPMENT AGENCY OF

THE CITY OF LAKE ELSINORE
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: May 23, 2023
Subject: SA Warrant Report Dated Apr 28, 2023, to May 04, 2023 Recommendation
Receive and File.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the abovementioned period.

Attachments
Attachment 1 - SA Warrant Summary
Attachment 2 - SA Warrant List
APR 28, 2023 TO MAY 04, 2023 CITY OF LAKE ELSINORE SA WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III $ -
540 SARDA DIAMOND STADIUM 265,379.54
GRAND TOTAL $ 265,379.54
Attachment 1 1 of 1
APR 28, 2023 TO MAY 04, 2023 CITY OF LAKE ELSINORE SA WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA23003988 UNIQUE BUILDERS OF CALIFORNIA $ 164,965.60
APA23003966 LAKE ELSINORE STORM $ 61,636.75
APA23003945 CED LAGUNA $ 31.19
APA23003935 AMBER AIR CONDITIONING $ 38,746.00
GRAND TOTAL $ 265,379.54
Attachment 2 1 OF 1

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY

OF LAKE ELSINORE
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: May 23, 2023
Subject: SA Investment Report for April 2023
Recommendation
Receive and file the Investment Report for April 2023.

Discussion
The Investment Report lists all funds invested for the City of Lake Elsinore. It includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. The Review of the Investment Performance for the quarter ended March 31, 2023, is included.

Fiscal Impact
No fiscal impact.

Attachments
Attachment 1- Investment Report for April 2023

CITY OF LAKE ELSINORE

INVESTMENT REPORT

C I T Y O F L A K E E L S I N O R E

INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS
AS OF April 30, 2023

BANK DEPOSITS

IN TRANSIT

OUTSTANDING
CHECKS
BOOK

CASH ACCOUNTS
Bank Accounts:

BALANCE BALANCE
General Checking Account $ 3,967,554 $ 101,872 $ (162,631) $ 3,906,795 Cash On Hand:

Cashier Drawers #1 & #2
City of Lake Elsinore Petty Cash Fund
-
-
-
-
-
-
300
2,000
Total Cash Accounts 3,967,554 101,872 (162,631) 3,909,095

INVESTMENTS
Local Agency Investment Funds 63,559,580 - - 63,559,580 CAMP Investments:

CAMP Pool Account 342,105
27,304,176
1,133,455
1,536,023
1,052,836
5,011,578
11,424,535
900,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
342,105
27,304,176
1,133,455
1,536,023
1,052,836
5,011,578
11,424,535
900,000
U.S. Treasury Bond / Note
Supra-National Agency Bond / Note
Municipal Bond / Note
Federal Agency Commercial Mortgage-Backed Security
Federal Agency Bond / Note
Corporate Note
Certificate of Deposit
Asset-Backed Security 2,952,992 2,952,992
Sub-total Investments 115,217,279 - - 115,217,279
Market Value Adjustment:

Unrealized Gain/(Loss) at 03/31/2023 (2,162,400) - - (2,162,400) Total Investments 113,054,880
117,022,434
- - 113,054,880
Total Pooled Cash and Investments $ $ 101,872 $ (162,631) $ 116,963,974 TOTAL POOLED CASH AND INVESTMENTS $ 116,963,974
I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 28, 2022. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures.

Jason P. Simpson
City Manager
May 12, 2023
Date

C I T Y O F L A K E E L S I N O R E

POOLED CASH AND INVESTMENTS BY FUND
AS OF April 30, 2023

FUND NO FUND NAME
General
AMOUNT
100
101
102
106
107
108
110
112
114
115
117
118
119
135
140
160
180
202
203
205
211
221
231
232
300
305
310
315
320
331
332
333
334
335
336
337
338
339
340
345
346
347
350
354
355
$ 20,246,086
Supplemental Law Enforcement 8,333
Measure Z 18,110,918
629,289
60,217
Affordable Housing In Lieu
Developer Agreement Revenue
American Rescue Plan 9,395,048
1,104,646
1,590,745
53,561
State Gas Tax
Measure A
SB1186 CASP Education Program
Traffic Safety 8,968
Community Center DIF 143,664
246,841
17,429
Lake Side Facility DIF
Animal Shelter DIF
Lighting & Landscape Maintenance - Dist. No. 1
Geothermal
860,371
11,723
PEG Grant 77,247
Launch Pointe 1,102,022
La Strada RBBD 23,908
E.L.S.P. - S.T.I.F. 3,371,464
141,351
3,087,936
60,327
Traffic Impact Fee
Storm Drain C.I.P.

Quimby Park C.I.P.

Library C.I.P. 1,320,838
551,332
1,530,270
2,344,997
10,895
City Fire Protection
Insurance Service
Information Systems Service
Support Service
Fleet Service 291,926
2,304,336
40,852
Facilities Service
CFD 2006-1CC Summerly Improvement Area CC
CFD 2006-1 Improvement Area B, Summerly
CFD 2015-3 Terracina
27,304
1,362
CFD 2015-5 Trieste - Far West Industries
CFD 2003-2E Canyon Hills Improvement Area E
CFD 2006-1FF Summerly Improvement Area FF
CFD 2016-2 Canyon Hills
CFD 2006-1 IA-JJ Summerly Improvement Area
CFD 2006-1 IA-KK Summerly Improvement Area
CFD 2006-1 IA-EE Summerly Improvement Area
CFD 2003-2 Improvement Area D, Canyon Hills
CFD 2014-1 Southshore
39,783
11,765
33,921
158,135
51,371
21,871
48,944
527,848
68,141
CFD 2006-1 Improvement Area A, Summerly
CFD 98-1 Summerhill
56,743
337,808
611,541
269,587
CFD 90-2 Tuscany Hills
RAD 2021-1 Canyon Hills Improvement

C I T Y O F L A K E E L S I N O R E

POOLED CASH AND INVESTMENTS BY FUND
AS OF April 30, 2023

FUND NO FUND NAME AMOUNT
357 16,973
361
362
363
366
368
369
370
371
372
374
375
377
378
384
385
386
387
388
390
392
394
395
500
540
603
604
605
606
608
617
CFD 2003-2 Canyon Hills Improvement Area
CFD 2022-2 Lakeshore Improvement
CFD 2006-8S Running Deer Estates Services
CFD 2022-3 Lakeside
13,533
10,222
20,448
CFD 2005-6 City Center Townhomes
CFD 2006-2 Viscaya
85,585
136,611
410,918
34,094
CFD 2004-3 Area 1 Rosetta Canyon Improvement Area
CFD 2006-1 IA-HH Summerly Improvement
CFD 2005-1 Serenity 157,050
411,404
1,632
CFD 2005-2 Alberhill Ranch Improvement Area
CFD 2005-4 Lakeview Villas
CFD 2006-4 Clurman 121,445
CFD 2006-6 Tessara 19,176
CFD 2006-8 Running Deer Estates
CFD 2003-2 Area B Canyon Hills Improvement Area
CFD 2004-3 Area 2 Rosetta Canyon Improvement Area
CFD 2007-4 Mekenna Court
29,225
574,212
485,481
37,313
CFD 2007-5 Red Kite 26,391
CFD 2007-6 Holiday Inn Express
CFD 2003-2 Area C Canyon Hills Improvement Area
CFD 95-1 City Center
2,249
80,960
19,639
CFD 2005-5 (2012A) Wasson Canyon
CFD 2018-1 Wasson Canyon II Improvement Area
Capital Improvement Plan
100,431
4,547
5,300,773
1,302,377
58,773
Successor To RDA Diamond Stadium
Endowment Trust - Carl Graves
Endowment Trust - Korn Memorial
Public Improvement Trust
33,685
1,675,842
256,795
1,509,433
27,855,215
Mobile Source Air Polution Reduction
Trust Deposit & Pre Paid Expense
Successor Agency Housing
620
631
655
Cost Recovery System 4,635,561
509,665
12,652
Lake Destratification Equipment Replacement
CFD 2015-1s Law, Fire, Paramedic Services
Total Pooled Cash & Investments $ 116,963,974

C I T Y O F L A K E E L S I N O R E

SUMMARY OF POLICY LIMITATIONS
FOR THE MONTH ENDING April 30, 2023

MAXIMUM

PERCENTAGE

DIVERSIFICATION

PERCENTAGE

CURRENT

TYPES OF SECURITIES BALANCE
CAMP - Pooled Sweep Account
U.S. Treasury Bond / Note
Unlimited
Unlimited
30%

0.30% $
$
$
$
$
342,105

23.70%

0.98%
27,304,176
1,133,455
1,536,023
1,052,836
Supra-National Agency Bond / Note
Municipal Bond / Note Unlimited
40%

1.33%
Federal Agency Collaterized Mortgage Obligation 0.91%
(1) Federal Agency Bond / Note
Corporate Note
Unlimited
30%

4.35%

9.92%

0.78%

2.56%
$
$
$
$
5,011,578
11,424,535
Negotiable Certificates of Deposit 900,000
Asset-Backed Security / Collaterized Mortgage
30%
20% 2,952,992
(2) LAIF (Local Agency Investment Funds)
TOTAL
$150 Million 55.16% $
$
63,559,580
100.00% 115,217,279
Note:
(1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies.

Investment in LAIF may not exceed $75 million in each agency. (2) Local Agency Investment Fund

C I T Y O F L A K E E L S I N O R E

LOCAL AGENCY INVESTMENT FUND

TRANSACTION SUMMARY
FOR THE MONTH ENDING April 30, 2023
Yield Purchase Date Maturity Rate

2.870% Daily 24-Hour
Investment Beginning Balance Net Increase/(Decrease) Ending Balance 63,559,580
Total Investments Held with
Local Agency Investment Fund: $ 67,511,627 $ (3,952,047) $ Note:

Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained.

PMIA/LAIF Performance Report
as of 05/10/23
Quarterly Performance
Quarter Ended 03/31/23
PMIA Average Monthly
Effective Yields(1)
(2) April 2.74
March
February

2.870

2.831

2.624
LAIF Apportionment Rate :
(2) LAIF Earnings Ratio : 0.00007493902135155
(1) LAIF Fair Value Factor : 0.986510329

2.87 2.63
275
(1) PMIA Daily :
(1) PMIA Quarter to Date :
(1) PMIA Average Life :

Pooled Money Investment Account
Monthly Portfolio Composition (1)
03/31/23
$191.2 billion
Corporate
Bonds

0.24%
Commercial
Time Paper
Deposits 4.47%

2.74%
Loans

0.20%
Certificates of
Deposit/Bank Notes

6.48%
Agencies

21.72%
Treasuries

64.15%
Chart does not include $3,085,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.

Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).

Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
CAMP
Investment Portfolio
Account Statement - Transaction Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
CAMP Pool Asset Summary
Opening Market Value
Purchases
Redemptions
Unsettled Trades
Change in Value
15,909.15
1,441,509.69
(1,115,313.75)

0.00 April 30, 2023 March 31, 2023
CAMP Pool 342,105.09 15,909.15
CAMP Managed Account 50,236,941.15 50,363,475.91

0.00 Total $50,579,046.24 $50,379,385.06
Closing Market Value
Cash Dividends and Income
CAMP Managed Account
$342,105.09
Asset Allocation 593.86
CAMP Pool

0.68%
Opening Market Value
Purchases
Redemptions
Unsettled Trades
Change in Value
50,363,475.91
1,110,434.56
(1,420,712.24)

0.00 183,742.92
Closing Market Value $50,236,941.15
Cash Dividends and Income 58,285.30
CAMP Managed
Account

99.32%

Page 1 ends

Managed Account Summary Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Transaction Summary - Money Market
Opening Market Value
Transaction Summary - Managed Account Account Total
$15,909.15 Opening Market Value $50,363,475.91 Opening Market Value $50,379,385.06 Purchases
Redemptions
1,441,509.69
(1,115,313.75)
Maturities/Calls (304,362.63)
(1,116,349.61)
1,110,434.56

0.00 Principal Dispositions
Principal Acquisitions
Unsettled Trades
Change in Current Value 183,742.92
_______________________________________________ _______________________________________________ ____________________________________________________ Closing Market Value $342,105.09 Closing Market Value $50,236,941.15 Closing Market Value $50,579,046.24 Dividend 593.86
Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received
Less Purchased Interest Related to Interest/Coupons
Plus Net Realized Gains/Losses
48,297.34
(718.44)
10,706.40
Closing Cash Balance $0.00
Total Cash Basis Earnings $58,285.30
Earnings Reconciliation (Accrual Basis) Managed Account Total Cash Transactions Summary- Managed Account Ending Amortized Value of Securities
Ending Accrued Interest
Plus Proceeds from Sales
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Coupons/Dividends Received
Less Cost of New Purchases
Less Beginning Amortized Value of Securities
Less Beginning Accrued Interest
Dividends
51,424,871.26
265,395.61
1,118,328.64
304,362.63
46,318.31
(1,111,153.00)
(51,690,828.28)
(236,084.47)

0.00 51,766,976.35
265,395.61
2,233,642.39
304,362.63
46,318.31
Maturities/Calls
Sale Proceeds
Coupon/Interest/Dividend Income
Principal Payments
Security Purchases
245,000.00
1,118,328.64
46,318.31
59,362.63
(1,111,153.00)
(357,856.58)

0.00 (2,552,662.69) Net Cash Contribution
(51,706,737.43) Reconciling Transactions
(236,084.47)
593.86
Total Accrual Basis Earnings $121,210.70 $121,804.56

Page 2 ends

Portfolio Summary and Statistics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Account Summary Sector Allocation
5A .B7S4 %
Cert of Deposit

1.78%
Corporate Note

21.72%
Fed Agy Bond /
Note
Description Par Value Market Value Percent
U.S. Treasury Bond / Note
Supra-National Agency Bond / Note
Municipal Bond / Note
Federal Agency Commercial
Mortgage-Backed Security
Federal Agency Bond / Note
Corporate Note
Certificate of Deposit
Asset-Backed Security
Managed Account Sub-Total
Accrued Interest
28,800,000.00
1,135,000.00
1,535,000.00
1,075,000.00
27,128,034.93
1,087,638.03
1,453,178.65
1,030,405.05

53.63 2.15

2.87 2.04

9.39%
5,025,000.00
11,420,000.00
900,000.00
2,953,311.74
52,843,311.74
4,749,778.66
10,984,152.66
899,898.30
2,903,854.87
50,236,941.15 99.32%
265,395.61
50,502,336.76
342,105.09
50,844,441.85 100.00%

9.39 21.72

1.78 Federal Agency
Commercial
Mortgage-Backed
Security

5.74 2.04%
Joint Powers
Authority

0.68%
Muni Bond / Note

2.87%
Supra-National
Agency Bond / Note

2.15%
Total Portfolio
CAMP Pool
Total Investments
52,843,311.74
342,105.09
53,185,416.83

0.68 US TSY Bond / Note

53.63%
Unsettled Trades 0.00 0.00
Maturity Distribution Characteristics

40.67% Yield to Maturity at Cost 2.86%

4.15%
990
Yield to Maturity at Market
Weighted Average Days to Maturity

20.98%

14.82%

11.44%

9.32%

2.77%

0.00%
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

Page 3 ends

Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Issuer Summary Credit Quality (S&P Ratings)
Market Value
of Holdings
222,932.03
441,682.08
353,745.58
388,633.20
744,502.98
431,048.93
452,878.30
225,138.27
373,375.50
78,087.80
342,105.09
247,491.80
285,896.15
206,659.58
96,743.00
380,625.72
63,454.63
218,377.80
94,742.70
502,675.22
1,562,115.93
464,144.65
289,710.50
129,909.57
3,753,923.13
220,285.13
356,436.21
106,926.59
393,627.60
171,267.59
24,237.88
Issuer

ABBOTT LABORATORIES
AMAZON.COM INC
Percent

0.44 0.87

0.70 0.77

1.47 0.85

0.90 0.45

0.74 0.15

0.68 0.49

0.57 0.41

0.19 0.75

0.13 0.43

0.19 0.99

3.09 0.92

0.57 0.26

7.41 0.44

0.70 0.21

0.78 0.34

0.05 0.19
A
NR

2.14%
BBB+

2.67%
AAAm

0.68%
AAA

8.23%
AA3.30%
A+

2.23%
A6.61%
AA

3.71%

AMERICAN EXPRESS CO

AMERICAN HONDA FINANCE

APPLE INC

BANK OF AMERICA CO

BERKSHIRE HATHAWAY INC

BMW FINANCIAL SERVICES NA LLC

BRISTOL-MYERS SQUIBB CO

CALIFORNIA STATE UNIVERSITY
CAMP Pool

CAPITAL ONE FINANCIAL CORP

CARMAX AUTO OWNER TRUST

CATERPILLAR INC

CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT

CHARLES SCHWAB
CINTAS CORPORATION NO. 2

CITIGROUP INC

DEERE & COMPANY

DISCOVER FINANCIAL SERVICES

FANNIE MAE

FEDERAL HOME LOAN BANKS

FLORIDA STATE BOARD OF ADMIN FIN CORP

FORD CREDIT AUTO OWNER TRUST

FREDDIE MAC

3.64%
AA+

66.79%

GENERAL DYNAMICS CORP

GM FINANCIAL CONSUMER AUTOMOBILE TRUST

GM FINANCIAL LEASINGTRUST

GOLDMAN SACHS GROUP INC

HARLEY-DAVIDSON MOTORCYCLE TRUST

HOME DEPOT INC
HONDA AUTO RECEIVABLES 95,578.02

Page 4 ends

Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Market Value
of Holdings
127,553.40
222,121.58
600,846.53
486,791.50
466,204.52
129,211.60
736,504.50
394,506.40
730,994.75
383,612.80
303,368.00
384,705.39
450,239.40
166,489.93
393,912.80
393,894.38
120,412.50
205,986.00
58,089.00
Issuer Percent

0.25 0.44

1.19 0.96

0.92 0.26

1.46 0.78

1.45 0.76

0.60 0.76

0.89 0.33

0.78 0.78

0.24 0.41

0.11 0.18

0.07 1.25

0.76 0.89

1.73 53.62

0.41 0.16

0.43 HYUNDAI AUTO RECEIVABLES

IBM CORP

INTER-AMERICAN DEVELOPMENT BANK

INTL BANK OF RECONSTRUCTION AND DEV

JP MORGAN CHASE & CO

LOS ANGELES COMMUNITY COLLEGE DISTRICT

MICROSOFT CORP

MORGAN STANLEY

NATIONAL AUSTRALIA BANK LTD

NATIONAL RURAL UTILITIES CO FINANCE CORP

NEW YORK ST URBAN DEVELOPMENT CORP

NISSAN AUTO RECEIVABLES

NORDEA BANK ABP

PACCAR FINANCIAL CORP

PNC FINANCIAL SERVICES GROUP
Roche Holding AG

SAN JUAN UNIFIED SCHOOL DISTRICT

STATE OF CALIFORNIA

STATE OF CONNECTICUT

STATE OF MINNESOTA

TARGET CORP

THE BANK OF NEW YORK MELLON CORPORATION

THE WALT DISNEY CORPORATION

TORONTO-DOMINION BANK

TOYOTA MOTOR CORP

UNITED STATES TREASURY

UNITEDHEALTH GROUP INC

UNIVERSITY OF CALIFORNIA

USAA CAPITAL CORP
92,227.00
37,212.76
631,067.52
384,894.00
449,658.90
877,058.81
27,128,034.93
206,270.78
79,343.25
218,874.15
Total $50,579,046.24 100.00%

Page 5 ends

Managed Account Detail of Securities Held

US TREASURY N/B NOTES
DTD 01/31/2022 0.875% 01/31/2024
91282CDV0
912828YY0
912828ZW3
912828ZW3
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBW0
91282CBW0
91282CCP4
91282CCP4
5,125,000.00 AA+
500,000.00 AA+
250,000.00 AA+
450,000.00 AA+
150,000.00 AA+
350,000.00 AA+
400,000.00 AA+
450,000.00 AA+
650,000.00 AA+
825,000.00 AA+
75,000.00 AA+
950,000.00 AA+
200,000.00 AA+
250,000.00 AA+
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
01/13/23
08/05/20
04/01/21
03/01/21
07/01/21
06/02/21
12/02/21
08/03/21
11/02/21
09/01/21
02/10/22
01/04/22
09/01/22
05/03/22
01/17/23
08/07/20
04/05/21
03/04/21
07/07/21
06/07/21
12/06/21
08/05/21
11/04/21
09/07/21
02/14/22
01/06/22
09/06/22
05/05/22
4,929,609.37 4.68
534,414.06 0.18
245,156.25 0.72
443,654.30 0.58
147,052.73 0.82
344,859.38 0.70
387,968.75 1.13
446,167.97 0.57
632,251.95 1.05
814,236.33 0.68
71,458.01 1.92
926,843.75 1.33
179,007.81 3.53
226,250.00 3.03
11,149.00
2,924.72
208.91
376.03
188.02
438.71
501.38
564.05
814.74
1,034.10

1.53 4,983,225.80
513,063.21
247,523.33
446,821.12
148,245.67
346,995.14
392,106.01
447,677.92
638,600.56
818,341.00
72,474.95
4,972,050.53
479,921.90
231,015.62
415,828.13
137,250.00
320,250.00
366,000.00
411,750.00
594,750.00
754,875.00
68,695.31

US TREASURY NOTES
DTD 12/31/2019 1.750% 12/31/2024

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025

US TREASURY N/B NOTES
DTD 04/30/2021 0.750% 04/30/2026

19.36 933,900.89
182,501.59
231,788.60
870,140.63
181,375.00
226,718.75

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026
310.77
US TREASURY N/B NOTES 388.47
DTD 07/31/2021 0.625% 07/31/2026

Page 6 ends

Managed Account Detail of Securities Held

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026
91282CCP4
91282CCP4
91282CCP4
91282CCP4
912828U24
912828U24
912828U24
912828U24
91282CEN7
91282CFB2
750,000.00 AA+
800,000.00 AA+
900,000.00 AA+
900,000.00 AA+
250,000.00 AA+
975,000.00 AA+
2,100,000.00 AA+
9,500,000.00 AA+
1,200,000.00 AA+
800,000.00 AA+
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
08/01/22
07/05/22
06/02/22
08/08/22
11/01/22
01/04/23
12/05/22
01/13/23
01/31/23
03/02/23
08/04/22
07/08/22
06/06/22
08/15/22
11/04/22
01/06/23
12/07/22
01/17/23
02/03/23
03/06/23
690,468.75 2.74
732,343.75 2.84
819,035.16 2.94
819,562.50 3.04
228,144.53 4.39
907,092.77 3.96
1,954,066.41 3.92
8,922,578.13 3.72
1,155,421.88 3.70
746,531.25 4.44
1,165.40
1,243.09
1,398.48
1,398.48
2,306.63
8,995.86
19,375.69
87,651.93

89.67 701,500.62
745,884.12
836,606.03
833,970.05
230,787.38
912,635.23
1,968,771.32
8,965,533.69
1,157,928.86
748,393.35
680,156.25
725,500.00
816,187.50
816,187.50
236,328.12
921,679.69
1,985,156.25
8,980,468.75
1,161,750.00
774,000.00

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026

US TREASURY N/B NOTES
DTD 04/30/2022 2.750% 04/30/2027
US TREASURY N/B NOTES 5,469.61
DTD 07/31/2022 2.750% 07/31/2027
Security Type Sub-Total 28,800,000.00 27,304,175.79 3.35 148,014.63 27,505,276.44 27,128,034.93 Supra-National Agency Bond / Note

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
459058JM6
4581X0DZ8
500,000.00 AAA
635,000.00 AAA
Aaa
Aaa
11/17/20
09/15/21
11/24/20
09/23/21
498,925.00 0.32
634,530.10 0.52
545.14
335.14
499,796.78
634,780.91
486,791.50
INTER-AMERICAN DEVEL BK NOTES 600,846.53
DTD 09/23/2021 0.500% 09/23/2024
Security Type Sub-Total 1,135,000.00 1,133,455.10 0.43 880.28 1,134,577.69 1,087,638.03

Page 7 ends

Managed Account Detail of Securities Held

CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
20772KJW0
157411TK5
650036DT0
91412HGE7
341271AD6
341271AD6
341271AD6
60412AVJ9
798306WP7
54438CYK2
13077DQD7
13063D3N6
60,000.00 AA100,000.00 AA325,000.00 NR
85,000.00 AA
65,000.00 AA
85,000.00 AA
160,000.00 AA
100,000.00 AAA
130,000.00 NR
140,000.00 AA+
85,000.00 AA200,000.00 AAAa3
Aa1
NR
05/29/20
11/06/19
12/16/20
07/10/20
09/03/20
09/03/20
09/03/20
08/11/20
10/16/20
10/30/20
07/09/21
03/09/23
06/11/20
12/05/19
12/23/20
07/16/20
09/16/20
09/16/20
09/16/20
08/25/20
10/29/20
11/10/20
07/29/21
03/15/23
60,000.00 2.00
100,000.00 2.10
325,000.00 0.87
85,000.00 0.88
65,459.55 1.11
85,563.55 1.12
160,000.00 1.26
100,000.00 0.63
130,000.00 0.85
140,000.00 0.77
85,000.00 0.86
200,000.00 4.85
399.60
525.25
361.29
346.09
272.57
356.43
670.93
157.50
276.90
270.55
366.35
1,238.42
60,000.00
100,000.00
325,000.00
85,000.00
65,208.10
85,255.19
160,000.00
100,000.00
130,000.00
140,000.00
85,000.00
200,000.00
58,089.00
96,743.00
303,368.00
79,343.25
60,745.75
79,436.75
149,528.00
92,227.00
120,412.50
129,211.60
78,087.80
205,986.00

CHAFFEY UHSD, CA TXBL GO BONDS
DTD 12/05/2019 2.101% 08/01/2024

NY ST URBAN DEV CORP TXBL REV BONDS
DTD 12/23/2020 0.870% 03/15/2025

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
Aa2
Aa3
Aa3
Aa3
Aaa
Aa2
Aaa
Aa2
Aa2

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025

MN ST TXBL GO BONDS
DTD 08/25/2020 0.630% 08/01/2025

SAN JUAN USD, CA TXBL GO BONDS
DTD 10/29/2020 0.852% 08/01/2025

LOS ANGELES CCD, CA TXBL GO BONDS
DTD 11/10/2020 0.773% 08/01/2025

CA ST UNIV TXBL REV BONDS
DTD 07/29/2021 0.862% 11/01/2025

CA ST MUNICIPAL BONDS
DTD 03/15/2023 4.846% 03/01/2027
Security Type Sub-Total 1,535,000.00 1,536,023.10 1.60 5,241.88 1,535,463.29 1,453,178.65 Federal Agency Commercial Mortgage-Backed Security
FHMS K043 A2 3137BGK24 250,000.00 AA+ Aaa 03/19/20 03/25/20 262,382.81 1.95 637.92 254,195.11 243,500.91 DTD 03/01/2015 3.062% 12/01/2024

Page 8 ends

Managed Account Detail of Securities Held

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
3137EAEW5
3137EAEY1
3137EAEZ8
3135G06H1
3137EAFA2
3130AJHU6
3135G03U5
3137EAEU9
3135G05X7
225,000.00 AA+
525,000.00 AA+
325,000.00 AA+
350,000.00 AA+
325,000.00 AA+
300,000.00 AA+
350,000.00 AA+
350,000.00 AA+
425,000.00 AA+
350,000.00 AA+
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
09/02/20
09/02/20
10/14/20
11/03/20
11/23/20
12/02/20
04/15/20
04/22/20
07/21/20
08/25/20
09/04/20
09/04/20
10/16/20
11/05/20
11/25/20
12/04/20
04/16/20
04/24/20
07/23/20
08/27/20
225,041.09 0.24
524,826.75 0.26
323,787.75 0.25
349,685.00 0.28
324,629.50 0.29
299,703.00 0.28
348,264.00 0.60
349,279.00 0.67
422,883.50 0.48
348,362.00 0.47

82.81 193.23

16.93 225,004.86
524,979.51
324,814.01
349,945.68
324,929.07
299,941.14
349,320.45
349,714.60
424,057.79
349,239.37
221,196.83
516,125.92
317,791.83
341,588.45
316,350.13
291,764.70
326,193.70
326,692.45
392,185.75
321,953.45

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023

FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023

FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
425.35
347.57
306.25

82.64 FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025

54.69 FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
442.71
FANNIE MAE NOTES 240.63
DTD 08/27/2020 0.375% 08/25/2025

Page 9 ends

Managed Account Detail of Securities Held

FEDERAL HOME LOAN BANK NOTES
DTD 09/11/2020 0.375% 09/04/2025
3130AK5E2
3137EAEX3
3135G06G3
150,000.00 AA+
700,000.00 AA+
650,000.00 AA+
Aaa
Aaa
Aaa
09/10/20
09/23/20
11/09/20
09/11/20
09/25/20
11/12/20
149,550.00 0.44
697,893.00 0.44
647,673.00 0.57

89.06 277.08
149,787.99
698,988.09
648,823.08
137,950.95
642,864.60
597,119.90

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
FANNIE MAE NOTES 1,570.83
DTD 11/12/2020 0.500% 11/07/2025
Security Type Sub-Total
Corporate Note
5,025,000.00 5,011,577.59 0.42 4,129.78 5,019,545.64 4,749,778.66

PNC BANK NA CORP NOTES (CALLABLE)
DTD 01/23/2019 3.500% 01/23/2024
693475AV7
808513BN4
400,000.00 A105,000.00 AA3
A2
02/12/19
03/16/21
02/15/19
03/18/21
402,848.00 3.34
104,947.50 0.77
3,811.11

94.06 400,379.30
104,984.58
393,912.80
CHARLES SCHWAB CORP NOTES 100,456.02
(CALLABLE)
DTD 03/18/2021 0.750% 03/18/2024

BANK OF NY MELLON CORP NOTES
(CALLABLE)
06406RAS6 210,000.00 A A1 04/19/21 04/26/21 209,775.30 0.54 14.58 209,925.99 200,290.02 DTD 04/26/2021 0.500% 04/26/2024

MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
61746BDQ6
02665WCZ2
38141EC23
400,000.00 A400,000.00 A400,000.00 BBB+A1
A3
A2
07/19/19
07/11/19
07/08/19
07/23/19
07/15/19
07/11/19
422,916.00 2.59
398,016.00 2.51
418,632.00 2.84

86.11 3,306.67
4,833.89
404,788.42
399,536.08
403,687.70
394,506.40
388,633.20
393,627.60

AMERICAN HONDA FINANCE CORP NOTE
DTD 06/27/2019 2.400% 06/27/2024

GOLDMAN SACHS GROUP INC (CALLABLE)
BONDS
DTD 07/08/2014 3.850% 07/08/2024

BMW US CAPITAL LLC CORPORATE NOTES
DTD 08/12/2021 0.750% 08/12/2024
05565EBU8
254687FK7
70,000.00 A A2
A2
08/09/21
09/03/19
08/12/21
09/06/19
69,993.70 0.75
398,368.00 1.84
115.21 69,997.30 66,525.62

WALT DISNEY COMPANY/THE (CALLABLE)
DTD 09/06/2019 1.750% 08/30/2024
400,000.00 BBB+ 1,186.11 399,563.31 384,894.00

Page 10 ends

Managed Account Detail of Securities Held

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 09/10/2021 0.625% 09/10/2024
24422EVU0 100,000.00 A A2
A1
09/07/21 09/10/21
10/29/20
03/04/22
03/10/22
03/28/22
99,935.00 0.65
182,894.25 0.73
79,919.20 2.29
410,000.00 2.13
24,956.25 2.76

88.54 743.75
285.00
1,238.34

30.00 99,970.47
178,271.99
79,950.38
410,000.00
24,971.92
94,742.70
166,489.93
76,178.08
393,894.38
24,237.88

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66
025816CQ0
771196BT8
437076CM2
175,000.00 A+
80,000.00 BBB+
410,000.00 AA
10/22/20
03/01/22
03/03/22
03/24/22

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.250% 03/04/2025
A2

ROCHE HOLDINGS INC (CALLABLE)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025
Aa2
HOME DEPOT INC (CALLABLE) CORPORATE A2
NOTE
25,000.00 A
DTD 03/28/2022 2.700% 04/15/2025

CITIGROUP INC CORP NOTES
DTD 04/27/2015 3.300% 04/27/2025
172967JP7
17252MAP5
225,000.00 BBB+
65,000.00 AA3A3
08/28/20
04/26/22
09/01/20
05/03/22
249,738.75 0.88
64,985.70 3.46

82.50 235,585.68
64,990.44
218,377.80
CINTAS CORPORATION NO. 2 CORP NOTE 63,454.63
(CALL
1,121.25
DTD 05/03/2022 3.450% 05/01/2025

USAA CAPITAL CORP CORPORATE NOTES
DTD 05/26/2022 3.375% 05/01/2025
90327QD89
369550BG2
225,000.00 AA
225,000.00 AAa1A3
05/23/22
10/16/20
05/26/22
10/20/20
224,264.25 3.49
252,247.50 0.80
3,796.88
3,631.25
224,497.82
236,597.57
218,874.15
GENERAL DYNAMICS CORP (CALLABLE) 220,285.13

CORP NO
DTD 05/11/2018 3.500% 05/15/2025

JPMORGAN CHASE & CO (CALLABLE) CORP
NOTE
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7
023135BQ8
315,000.00 A475,000.00 AAA1
A1
05/24/21
06/03/20
06/01/21
06/05/20
315,000.00 0.82
474,767.25 0.81
1,081.50
1,562.22
315,000.00
474,902.51
298,566.77
AMAZON INC CORP NOTES (CALLABLE) 441,682.08
DTD 06/03/2020 0.800% 06/03/2025

Page 11 ends

Managed Account Detail of Securities Held

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
DTD 06/09/2022 3.500% 06/09/2025
63254ABD9 250,000.00 AA50,000.00 AAa3
A2
05/31/22 06/09/22
05/04/22
250,000.00 3.50
49,986.50 3.46
3,451.39
651.67
250,000.00
49,990.79
243,382.75
NATIONAL RURAL UTIL COOP CORPORATE 48,870.00
NOTES
63743HFE7 04/27/22
DTD 05/04/2022 3.450% 06/15/2025

IBM CORP CORPORATE NOTES
DTD 07/27/2022 4.000% 07/27/2025
459200KS9
06051GFS3
002824BM1
225,000.00 A225,000.00 A225,000.00 AAA3
A2
A1
07/20/22
08/18/20
09/24/20
07/27/22
08/20/20
09/28/20
225,000.00 4.00
256,918.50 0.93
257,845.50 0.86
2,350.00
2,179.69
1,114.06
225,000.00
239,537.31
239,810.06
222,121.58
220,072.95
222,932.03

BANK OF AMERICA CORP NOTES
DTD 07/30/2015 3.875% 08/01/2025

ABBOTT LABORATORIES CORPORATE

NOTES (CAL
DTD 03/22/2017 3.875% 09/15/2025

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06051GKE8
46647PCV6
91324PEC2
05565EBW4
14913R2U0
87612EBM7
225,000.00 A175,000.00 A225,000.00 A+A2
A1
A3
A2
A2
A2
12/01/21
02/16/22
05/17/21
08/12/21
01/11/22
01/19/22
12/06/21
02/24/22
05/19/21
08/16/21
01/13/22
01/24/22
225,000.00 1.53
175,000.00 2.60
224,608.50 1.19
174,947.50 1.26
223,863.75 1.81
39,932.00 1.99
1,386.56
845.18
225,000.00
175,000.00
224,761.49
174,965.45
224,158.89
39,949.29
210,975.98
167,637.75
206,270.78
158,612.65
206,659.58
37,212.76

JPMORGAN CHASE & CO CORP NOTES
(CALLABLE
DTD 02/24/2022 2.595% 02/24/2026

UNITEDHEALTH GROUP INC (CALLABLE)
CORPOR
DTD 05/19/2021 1.150% 05/15/2026
1,193.13
BMW US CAPITAL LLC (CALLABLE) 480.03

CORPORATE
DTD 08/12/2021 1.250% 08/12/2026
175,000.00
225,000.00
40,000.00
A
A
A

CATERPILLAR FINL SERVICE CORPORATE
NOTES
DTD 01/10/2022 1.700% 01/08/2027
1,200.63
TARGET CORP CORP NOTES (CALLABLE) 229.67
DTD 01/24/2022 1.950% 01/15/2027

Page 12 ends

Managed Account Detail of Securities Held

BANK OF NY MELLON CORP (CALLABLE)
CORPOR
06406RBA4 475,000.00 A A1 01/26/22 01/28/22 473,945.50 2.10 2,569.62 474,210.28 430,777.50 DTD 01/26/2022 2.050% 01/26/2027

MICROSOFT CORP CORP NOTES (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9
025816CS6
750,000.00 AAA
300,000.00 BBB+
Aaa
A2
03/14/23
01/13/23
03/17/23
01/18/23
721,942.50 4.36
277,203.00 4.59
5,843.75
1,211.25
722,830.40
278,762.16
736,504.50
AMERICAN EXPRESS CO CORP NOTES 277,567.50
(CALLABLE
DTD 03/04/2022 2.550% 03/04/2027

BERKSHIRE HATHAWAY CORP NOTES
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
084664CZ2
808513BW4
63254ABE7
475,000.00 AA
300,000.00 A500,000.00 AAAa2A2
03/15/22
02/17/23
01/13/23
03/17/22
02/22/23
01/18/23
466,089.00 2.70
284,925.00 4.66
488,325.00 4.50
1,395.97
825.00
468,092.02
285,608.86
489,075.17
452,878.30
280,169.70
487,612.00

CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
Aa3 7,701.53
DTD 06/09/2022 3.905% 06/09/2027

APPLE INC (CALLABLE) BONDS
DTD 09/12/2017 2.900% 09/12/2027
037833DB3
89236TKQ7
775,000.00 AA+
375,000.00 A+
Aaa
A1
01/19/23
02/08/23
01/23/23
02/10/23
741,062.75 3.94
376,282.50 4.55
3,059.10
5,251.30
743,027.22
376,225.40
744,502.98
TOYOTA MOTOR CREDIT CORP CORPORATE 381,643.88
NOTES
DTD 01/12/2023 4.625% 01/12/2028

NATIONAL RURAL UTIL COOP CORP NOTES
(CAL
DTD 02/07/2018 3.400% 02/07/2028
637432NP6
110122DE5
350,000.00 A375,000.00 A+A1
A2
02/17/23
03/09/23
02/22/23
03/13/23
329,189.00 4.76
358,263.75 4.93
2,776.67
2,884.38
329,970.42
358,718.09
334,742.80
BRISTOL-MYERS SQUIBB CO CORP NOTES 373,375.50
(CALL
DTD 07/15/2020 3.900% 02/20/2028
Security Type Sub-Total 11,420,000.00 11,424,534.90 2.80 75,709.55 11,332,294.76 10,984,152.66

Page 13 ends

Managed Account Detail of Securities Held

TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 A A1 10/27/22 10/31/22
11/03/22
450,000.00 5.58
450,000.00 5.53
12,740.00 450,000.00 449,658.90

NORDEA BANK ABP NEW YORK CERT DEPOS
DTD 11/03/2022 5.530% 11/03/2025
65558UYF3 450,000.00 AA- Aa3 11/02/22 12,304.25 450,000.00 450,239.40 Security Type Sub-Total
Asset-Backed Security
900,000.00 900,000.00 5.56 25,044.25 900,000.00 899,898.30 GMALT 2021-1 A4
DTD 02/24/2021 0.330% 02/20/2025
36261RAD0
380144AD7
44933LAC7
65480BAC1
89190GAC1
43815GAC3
14314QAC8
44935FAD6
254683CP8
362554AC1
72,974.77 NR
35,000.00 AAA
52,611.70 AAA
255,049.67 AAA
259,398.26 AAA
100,000.00 NR
83,277.34 AAA
80,000.00 AAA
195,000.00 AAA
85,000.00 AAA
Aaa
NR
02/17/21
05/18/21
04/20/21
06/15/21
06/08/21
11/16/21
04/13/21
11/09/21
09/20/21
10/13/21
02/24/21
05/26/21
04/28/21
06/23/21
06/14/21
11/24/21
04/21/21
11/17/21
09/27/21
10/21/21
72,963.76 0.33
34,997.05 0.41
52,606.17 0.38
255,045.35 0.33
259,370.32 0.26
99,978.92 0.89
83,259.39 0.52
79,982.14 0.75
194,958.25 0.58
84,997.83 0.68

7.36 4.38
72,969.78
34,998.48
52,608.70
255,047.21
259,382.17
99,986.18
83,266.92
79,987.91
194,971.62
84,998.50
72,636.05
34,290.54
51,056.52
245,734.49
250,606.27
95,578.02
80,390.07
76,496.88
183,589.36
80,912.64
GMALT 2021-2 A4
DTD 05/26/2021 0.410% 05/20/2025
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
NR 8.89
NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
Aaa
NR

37.41 29.97

24.44 19.25

26.31 50.27

24.08 TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
Aaa
CARMX 2021-2 A3 NR
DTD 04/21/2021 0.520% 02/17/2026
HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
NR
DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
Aaa
GMCAR 2021-4 A3 Aaa
DTD 10/21/2021 0.680% 09/16/2026

Page 14 ends

Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Security Type/Description S&P Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Value Asset-Backed Security
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1
65480JAC4
36265QAD8
891940AC2
14041NGB1
41285JAD0
344928AD8
254683CY9
210,000.00 AAA
140,000.00 AAA
275,000.00 AAA
245,000.00 AAA
245,000.00 AAA
170,000.00 NR
130,000.00 AAA
320,000.00 NR
NR
Aaa
NR
07/12/22
09/20/22
10/04/22
01/24/23
10/27/22
02/13/23
03/28/23
04/04/23
07/20/22
09/28/22
10/12/22
01/30/23
11/03/22
02/23/23
03/31/23
04/11/23
209,995.04 3.97
139,971.03 4.46
274,954.93 4.82
244,999.88 4.63
244,961.56 4.95
169,982.88 5.05
129,986.44 4.65
319,981.44 4.31
370.53
277.51
552.29
504.16
539.00
381.56
268.67
766.22
209,995.86
139,974.71
274,960.05
244,999.89
244,965.37
169,983.53
129,986.68
319,981.65
205,506.08
138,970.90
275,523.57
244,808.66
247,491.80
171,267.59
129,909.57
319,085.86
NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
NR
COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
NR
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
Aaa
FORDO 2023-A A3 NR
DTD 03/31/2023 4.650% 02/15/2028
DCENT 2023-A1 A Aaa
DTD 04/11/2023 4.310% 03/15/2028
Security Type Sub-Total 2,953,311.74
52,843,311.74
2,952,992.38 2.93

2.86 3,892.30 2,953,065.21
51,424,871.26
2,903,854.87
Managed Account Sub-Total 50,236,941.15
Joint Powers Authority
CAMP Pool
51,315,594.79 265,395.61
342,105.09 AAAm NR 342,105.09 0.00 342,105.09 342,105.09 Liquid Sub-Total 342,105.09 342,105.09 0.00 342,105.09 342,105.09 Securities Sub-Total
Accrued Interest
Total Investments
$53,185,416.83 $51,657,699.88 2.86% $265,395.61 $51,766,976.35 $50,579,046.24 $265,395.61
$50,844,441.85

Page 15 ends

Managed Account Fair Market Value & Analytics

US TREASURY N/B NOTES
DTD 01/31/2022 0.875% 01/31/2024

US TREASURY NOTES
DTD 12/31/2019 1.750% 12/31/2024

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025

US TREASURY N/B NOTES
DTD 04/30/2021 0.750% 04/30/2026

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026

US TREASURY N/B NOTES
91282CDV0
912828YY0
912828ZW3
912828ZW3
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBW0
91282CBW0
91282CCP4
91282CCP4
91282CCP4
91282CCP4
91282CCP4
5,125,000.00 CITIGRP
500,000.00 WELLS_F
250,000.00 GOLDMAN
450,000.00 MERRILL
150,000.00 CITIGRP
350,000.00 JPM_CHA
400,000.00 CITIGRP
450,000.00 JPM_CHA
650,000.00 BNP_PAR
825,000.00 CITIGRP
75,000.00 BMO

97.02 95.98

92.41 92.41

91.50 91.50

91.59 91.59

90.69 90.69

90.69 4,972,050.53
479,921.90
231,015.62
415,828.13
137,250.00
320,250.00
366,000.00
411,750.00
594,750.00
754,875.00
68,695.31
42,441.16
(54,492.16)
(14,140.63)
(27,826.17)
(9,802.73)
(24,609.38)
(21,968.75)
(34,417.97)
(37,501.95)
(59,361.33)
(2,762.70)
(56,703.12)
2,367.19
(11,175.27)
(33,141.31)
(16,507.71)
(30,992.99)
(10,995.67)
(26,745.14)
(26,106.01)
(35,927.92)
(43,850.56)
(63,466.00)
(3,779.64)
(63,760.26)
(1,126.59)
(5,069.85)
(21,344.37)
(20,384.12)
(20,418.53)

0.76 1.65

2.17 2.17

2.66 2.66

2.96 2.96

3.23 3.23

3.23 4.95

4.27 3.94

3.94 3.75

3.75 3.75

3.75 3.74

3.74 3.69

3.69 3.69

3.69 3.69
950,000.00 CITIGRP
200,000.00 BMO
870,140.63
181,375.00
226,718.75
680,156.25
725,500.00
816,187.50
250,000.00 HSBC 468.75
750,000.00 BMO (10,312.50)
(6,843.75)
(2,847.66)
800,000.00 HSBC
DTD 07/31/2021 0.625% 07/31/2026
US TREASURY N/B NOTES 900,000.00 MERRILL
DTD 07/31/2021 0.625% 07/31/2026

Page 16 ends

Managed Account Fair Market Value & Analytics

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026

US TREASURY N/B NOTES
DTD 04/30/2022 2.750% 04/30/2027

US TREASURY N/B NOTES
91282CCP4
912828U24
912828U24
912828U24
912828U24
91282CEN7
91282CFB2
900,000.00 BMO
250,000.00 BMO

90.69 94.53

94.53 94.53

94.53 96.81

96.75 816,187.50
236,328.12
921,679.69
1,985,156.25
8,980,468.75
1,161,750.00
774,000.00
(3,375.00)
8,183.59
(17,782.55)
5,540.74

3.23 3.41

3.41 3.41

3.41 3.76

4.02 3.69

3.66 3.66

3.61 3.58
975,000.00 BMO 14,586.92
31,089.84
57,890.62
6,328.12
9,044.46
2,100,000.00 HSBC
9,500,000.00 JPM_CHA
1,200,000.00 BNP_PAR
800,000.00 BMO
16,384.93
14,935.06
3,821.14
27,468.75 25,606.65
DTD 07/31/2022 2.750% 07/31/2027
Security Type Sub-Total 28,800,000.00 27,128,034.93 (176,140.86) (377,241.51) 2.78 3.92 Supra-National Agency Bond / Note

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023

INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
459058JM6
4581X0DZ8
500,000.00 TD 97.36

94.62 486,791.50
600,846.53
(12,133.50)
(33,683.57)
(13,005.28)
(33,934.38)

0.57 1.40

5.04 635,000.00 JPM_CHA 4.52
Security Type Sub-Total
Municipal Bond / Note
1,135,000.00 1,087,638.03 (45,817.07) (46,939.66) 1.03 4.75 CT ST TXBL GO BONDS 20772KJW0
157411TK5
650036DT0
91412HGE7
60,000.00 SIEBERT
100,000.00 RBC

96.82 96.74

93.34 93.35
58,089.00
96,743.00
303,368.00
79,343.25
(1,911.00)
(3,257.00)
(21,632.00)
(5,656.75)
(1,911.00)
(3,257.00)
(21,632.00)
(5,656.75)

1.16 1.24

1.87 1.94

4.83 4.81

4.62 4.32
DTD 06/11/2020 1.998% 07/01/2024

CHAFFEY UHSD, CA TXBL GO BONDS
DTD 12/05/2019 2.101% 08/01/2024

NY ST URBAN DEV CORP TXBL REV BONDS
DTD 12/23/2020 0.870% 03/15/2025

UNIV OF CAL TXBL REV BONDS
325,000.00 WELLS_F
85,000.00 JPM_CHA 04/15/25
DTD 07/16/2020 0.883% 05/15/2025

Page 17 ends

Managed Account Fair Market Value & Analytics

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025

MN ST TXBL GO BONDS
DTD 08/25/2020 0.630% 08/01/2025

SAN JUAN USD, CA TXBL GO BONDS
DTD 10/29/2020 0.852% 08/01/2025

LOS ANGELES CCD, CA TXBL GO BONDS
DTD 11/10/2020 0.773% 08/01/2025

CA ST UNIV TXBL REV BONDS
341271AD6
341271AD6
341271AD6
60412AVJ9
798306WP7
54438CYK2
13077DQD7
13063D3N6
65,000.00 MERRILL
85,000.00 MERRILL
160,000.00 MERRILL
100,000.00 MORGAN_
130,000.00 KEYBANC
140,000.00 MERRILL
85,000.00 JPM_CHA
200,000.00 WELLS_F

93.46 93.46

93.46 92.23

92.63 92.29

91.87 102.99
60,745.75
79,436.75
149,528.00
92,227.00
120,412.50
129,211.60
78,087.80
205,986.00
(4,713.80)
(6,126.80)
(10,472.00)
(7,773.00)
(9,587.50)
(10,788.40)
(6,912.20)
5,986.00
(4,462.35)
(5,818.44)
(10,472.00)
(7,773.00)
(9,587.50)
(10,788.40)
(6,912.20)
5,986.00

2.14 2.14

2.14 2.24

2.24 2.24

2.47 3.54

4.46 4.46

4.46 4.29

4.32 4.40

4.33 4.00
DTD 07/29/2021 0.862% 11/01/2025

CA ST MUNICIPAL BONDS
DTD 03/15/2023 4.846% 03/01/2027
Security Type Sub-Total 1,535,000.00 1,453,178.65 (82,844.45) (82,284.64) 2.21 4.42 Federal Agency Commercial Mortgage-Backed Security
FHMS K043 A2
DTD 03/01/2015 3.062% 12/01/2024
FHMS K054 A2
DTD 04/20/2016 2.745% 01/01/2026
FHMS K058 A2
3137BGK24
3137BNGT5
3137BSP72
250,000.00 CITIGRP
275,000.00 BAIRD
550,000.00 BREAN

97.40 95.94

95.10 243,500.91
263,829.16
523,074.98
(18,881.90)
215.88
(10,694.20)
215.88

1.51 2.48

3.09 4.77

4.36 (3,764.86) (3,764.86) 4.27
DTD 11/09/2016 2.653% 08/01/2026
Security Type Sub-Total 1,075,000.00 1,030,405.05 (22,430.88) (14,243.18) 2.56 4.41 Federal Agency Bond / Note

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023

FREDDIE MAC NOTES
3137EAEW5
3137EAEW5
225,000.00 NOMURA
525,000.00 WELLS_F

98.31 98.31
221,196.83
516,125.92
(3,844.26)
(8,700.83)
(3,808.03)
(8,853.59)

0.36 0.36

5.09 5.09
DTD 09/04/2020 0.250% 09/08/2023

Page 18 ends

Managed Account Fair Market Value & Analytics

FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023

FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025

FEDERAL HOME LOAN BANK NOTES
DTD 09/11/2020 0.375% 09/04/2025

FREDDIE MAC NOTES
3137EAEY1
3137EAEZ8
3135G06H1
3137EAFA2
3130AJHU6
3135G03U5
3137EAEU9
3135G05X7
3130AK5E2
3137EAEX3
3135G06G3
325,000.00 WELLS_F
350,000.00 CITIGRP
325,000.00 NOMURA
300,000.00 CITIGRP
350,000.00 CITIGRP
350,000.00 CITIGRP
425,000.00 WELLS_F
350,000.00 BARCLAY
150,000.00 WELLS_F
700,000.00 CITIGRP
650,000.00 BARCLAY

97.78 97.60

97.34 97.25

93.20 93.34

92.28 91.99

91.97 91.84

91.86 317,791.83
341,588.45
316,350.13
291,764.70
326,193.70
326,692.45
392,185.75
321,953.45
137,950.95
642,864.60
597,119.90
(5,995.92)
(8,096.55)
(8,279.37)
(7,938.30)
(22,070.30)
(22,586.55)
(30,697.75)
(26,408.55)
(11,599.05)
(55,028.40)
(50,553.10)
(7,022.18)
(8,357.23)
(8,578.94)
(8,176.44)
(23,126.75)
(23,022.15)
(31,872.04)
(27,285.92)
(11,837.04)
(56,123.49)
(51,703.18)

0.47 0.52

0.58 0.60

1.95 1.97

2.22 2.32

2.34 2.39

2.51 5.05

5.02 5.00

4.99 4.16

4.17 4.04

4.03 4.00

3.98 3.92
DTD 09/25/2020 0.375% 09/23/2025

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
Security Type Sub-Total
Corporate Note
5,025,000.00 4,749,778.66 (261,798.93) (269,766.98) 1.52 4.46

PNC BANK NA CORP NOTES (CALLABLE)
DTD 01/23/2019 3.500% 01/23/2024

CHARLES SCHWAB CORP NOTES
(CALLABLE)
693475AV7
808513BN4
400,000.00 CITIGRP
105,000.00 CSFB
12/23/23
02/18/24

98.48 95.67
393,912.80
100,456.02
(8,935.20)
(4,491.48)
(6,466.50)
(4,528.56)

0.65 0.80

5.65 5.85
DTD 03/18/2021 0.750% 03/18/2024

BANK OF NY MELLON CORP NOTES
(CALLABLE)
06406RAS6 210,000.00 JPM_CHA 03/26/24 95.38 200,290.02 (9,485.28) (9,635.97) 0.91 5.36 DTD 04/26/2021 0.500% 04/26/2024

Page 19 ends

Managed Account Fair Market Value & Analytics

MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024

AMERICAN HONDA FINANCE CORP NOTE
DTD 06/27/2019 2.400% 06/27/2024

GOLDMAN SACHS GROUP INC (CALLABLE)
BONDS
DTD 07/08/2014 3.850% 07/08/2024

BMW US CAPITAL LLC CORPORATE NOTES
DTD 08/12/2021 0.750% 08/12/2024

WALT DISNEY COMPANY/THE (CALLABLE)
DTD 09/06/2019 1.750% 08/30/2024

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
61746BDQ6
02665WCZ2
38141EC23
400,000.00 WELLS_FA
400,000.00 WELLS_FA
400,000.00 SUSQ

98.63 97.16

98.41 394,506.40
388,633.20
393,627.60
(28,409.60)
(9,382.80)
(25,004.40)
(10,282.02)
(10,902.88)
(10,060.10)

0.97 1.15

0.93 5.31

4.95 04/08/24 5.24
07/30/24
05565EBU8
254687FK7
24422EVU0
70,000.00 GOLDMAN
400,000.00 JPM_CHAS
100,000.00 HSBC

95.04 96.22

94.74 66,525.62
384,894.00
94,742.70
(3,468.08)
(13,474.00)
(5,192.30)
(3,471.68)
(14,669.31)
(5,227.77)

1.28 1.24

1.36 4.78

4.70 4.66
DTD 09/10/2021 0.625% 09/10/2024

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 02/06/2020 1.800% 02/06/2025

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.250% 03/04/2025

ROCHE HOLDINGS INC (CALLABLE)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025

HOME DEPOT INC (CALLABLE) CORPORATE
NOTE
69371RQ66
025816CQ0
771196BT8
437076CM2
175,000.00 MERRILL
80,000.00 BARCLAY
410,000.00 DEUTSCH
25,000.00 MORGAN_

95.14 95.22

96.07 96.95
166,489.93
76,178.08
393,894.38
24,237.88
(16,404.32)
(3,741.12)
(16,105.62)
(718.37)
(11,782.06)
(3,772.30)
(16,105.62)
(734.04)

1.75 1.73

1.75 1.84

4.70 4.99

4.35 4.34
02/01/25
02/10/25
03/15/25
DTD 03/28/2022 2.700% 04/15/2025

CITIGROUP INC CORP NOTES
DTD 04/27/2015 3.300% 04/27/2025
CINTAS CORPORATION NO. 2 CORP NOTE
(CALL
172967JP7
17252MAP5
225,000.00 MKTX 97.06

97.62 218,377.80
63,454.63
(31,360.95)
(1,531.07)
(17,207.88)
(1,535.81)

1.95 1.85

4.87 65,000.00 KEYBANC 04/01/25 4.71
DTD 05/03/2022 3.450% 05/01/2025

USAA CAPITAL CORP CORPORATE NOTES
DTD 05/26/2022 3.375% 05/01/2025
90327QD89 225,000.00 MERRILL 97.28 218,874.15 (5,390.10) (5,623.67) 1.93 4.82

Page 20 ends

Managed Account Fair Market Value & Analytics

GENERAL DYNAMICS CORP (CALLABLE)

CORP NO
DTD 05/11/2018 3.500% 05/15/2025

JPMORGAN CHASE & CO (CALLABLE) CORP
NOTE
DTD 06/01/2021 0.824% 06/01/2025

AMAZON INC CORP NOTES (CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
369550BG2
46647PCH7
225,000.00 JPM_CHA
315,000.00 JPM_CHA
03/15/25
06/01/24
05/03/25

97.90 94.78
220,285.13
298,566.77
(31,962.37)
(16,433.23)
(16,312.44)
(16,433.23)

1.81 1.09

4.59 3.44
023135BQ8
63254ABD9
475,000.00 GOLDMAN
250,000.00 CITIGRP

92.99 97.35
441,682.08
243,382.75
(33,085.17)
(6,617.25)
(33,220.43)
(6,617.25)

1.99 2.03

4.34 4.83
DTD 06/09/2022 3.500% 06/09/2025

NATIONAL RURAL UTIL COOP CORPORATE
NOTES
63743HFE7 50,000.00 RBC 97.74 48,870.00 (1,116.50) (1,120.79) 2.05 4.58 DTD 05/04/2022 3.450% 06/15/2025

IBM CORP CORPORATE NOTES
DTD 07/27/2022 4.000% 07/27/2025

BANK OF AMERICA CORP NOTES
DTD 07/30/2015 3.875% 08/01/2025

ABBOTT LABORATORIES CORPORATE

NOTES (CAL
DTD 03/22/2017 3.875% 09/15/2025

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025

JPMORGAN CHASE & CO CORP NOTES
(CALLABLE
DTD 02/24/2022 2.595% 02/24/2026

UNITEDHEALTH GROUP INC (CALLABLE)
CORPOR
459200KS9
06051GFS3
002824BM1
225,000.00 JPM_CHA
225,000.00 MERRILL
225,000.00 US_BANC

98.72 97.81

99.08 222,121.58
220,072.95
222,932.03
(2,878.42)
(36,845.55)
(34,913.47)
(2,878.42)
(19,464.36)
(16,878.03)

2.15 2.16

2.06 4.60

4.91 06/15/25 4.28
12/06/24
02/24/25
04/15/26
07/12/26
06051GKE8
46647PCV6
91324PEC2
05565EBW4
225,000.00 MERRILL
175,000.00 JPM_CHA
225,000.00 CITIGRP
175,000.00 MITSU

93.77 95.79

91.68 90.64
210,975.98
167,637.75
206,270.78
158,612.65
(14,024.02)
(7,362.25)
(18,337.72)
(16,334.85)
(14,024.02)
(7,362.25)
(18,490.71)
(16,352.80)

1.58 1.78

2.90 3.14

4.08 4.19

4.09 4.34
DTD 05/19/2021 1.150% 05/15/2026

BMW US CAPITAL LLC (CALLABLE)

CORPORATE
DTD 08/12/2021 1.250% 08/12/2026

Page 21 ends

Managed Account Fair Market Value & Analytics

CATERPILLAR FINL SERVICE CORPORATE
NOTES
14913R2U0 225,000.00 JPM_CHA 91.85 206,659.58 (17,204.17) (17,499.31) 3.57 4.10 DTD 01/10/2022 1.700% 01/08/2027

TARGET CORP CORP NOTES (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027

BANK OF NY MELLON CORP (CALLABLE)
CORPOR
87612EBM7
06406RBA4
40,000.00 CITIGRP 12/15/26
12/26/26

93.03 90.69
37,212.76 (2,719.24) (2,736.53) 3.50

3.52 3.99
475,000.00 DEUTSCH 430,777.50 (43,168.00) (43,432.78) 4.80 DTD 01/26/2022 2.050% 01/26/2027

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.550% 03/04/2027

BERKSHIRE HATHAWAY CORP NOTES
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027

CHARLES SCHWAB CORP NOTES
(CALLABLE)
594918BY9
025816CS6
084664CZ2
808513BW4
63254ABE7
750,000.00 GOLDMAN
300,000.00 RBS
11/06/26
02/01/27
02/15/27
01/01/27

98.20 92.52

95.34 93.39

97.52 736,504.50
277,567.50
452,878.30
280,169.70
487,612.00
14,562.00
364.50
13,674.10
(1,194.66)
(15,213.72)
(5,439.16)
(1,463.17)

3.33 3.59

3.64 3.47

3.78 3.82

4.70 3.60

5.18 4.57
475,000.00 SEEL (13,210.70)
(4,755.30)
(713.00)
300,000.00 BARCLAY
500,000.00 CBAA
DTD 09/24/2021 3.300% 04/01/2027

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
DTD 06/09/2022 3.905% 06/09/2027

APPLE INC (CALLABLE) BONDS
DTD 09/12/2017 2.900% 09/12/2027

TOYOTA MOTOR CREDIT CORP

CORPORATE NOTES
037833DB3
89236TKQ7
775,000.00 TD 06/12/27 96.06 744,502.98
381,643.88
3,440.23
5,361.38
1,475.76
5,418.48

3.89 4.23

3.89 375,000.00 WELLS_F 101.77 4.20
DTD 01/12/2023 4.625% 01/12/2028

NATIONAL RURAL UTIL COOP CORP NOTES
(CAL
DTD 02/07/2018 3.400% 02/07/2028

BRISTOL-MYERS SQUIBB CO CORP NOTES
(CALL
637432NP6
110122DE5
350,000.00 MORGAN_
375,000.00 MKTX
11/07/27
11/20/27

95.64 99.57
334,742.80
373,375.50
5,553.80 4,772.38 4.19

4.19 4.42
15,111.75 14,657.41 4.00
DTD 07/15/2020 3.900% 02/20/2028

Page 22 ends

Managed Account Fair Market Value & Analytics

TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.600% 10/27/2025

NORDEA BANK ABP NEW YORK CERT
DEPOS
89115B6K1
65558UYF3
450,000.00 TD 99.92 449,658.90
450,239.40
(341.10)
239.40
(341.10)
239.40

3.19 2.32

5.59 450,000.00 WELLS_F 100.05 5.51
DTD 11/03/2022 5.530% 11/03/2025
Security Type Sub-Total
Asset-Backed Security
900,000.00 899,898.30 (101.70) (101.70) 2.75 5.55
GMALT 2021-1 A4
DTD 02/24/2021 0.330% 02/20/2025
GMALT 2021-2 A4
DTD 05/26/2021 0.410% 05/20/2025
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
HART 2021-C A3
36261RAD0
380144AD7
44933LAC7
65480BAC1
89190GAC1
43815GAC3
14314QAC8
44935FAD6
254683CP8
362554AC1
14318MAD1
72,974.77 RBC 99.54

97.97 97.04

96.35 96.61

95.58 96.53

95.62 94.15

95.19 97.86
72,636.05
34,290.54
51,056.52
245,734.49
250,606.27
95,578.02
80,390.07
76,496.88
183,589.36
80,912.64
205,506.08
(327.71)
(706.51)
(333.73)
(707.94)

0.13 0.46

0.58 0.68

0.68 1.01

0.70 0.97

1.35 1.04

1.53 0.59

1.41 1.65

1.85 1.62

2.56 1.79

2.23 2.39

2.16 4.56
35,000.00 SOCGEN
52,611.70 BARCLAY
255,049.67 MITSU
259,398.26 CITIGRP
100,000.00 MERRILL
83,277.34 MERRILL
80,000.00 SMBC
(1,549.65)
(9,310.86)
(8,764.05)
(4,400.90)
(2,869.32)
(3,485.26)
(11,368.89)
(4,085.19)
(4,488.96)
(1,552.18)
(9,312.72)
(8,775.90)
(4,408.16)
(2,876.85)
(3,491.03)
(11,382.26)
(4,085.86)
(4,489.78)
DTD 11/17/2021 0.740% 05/15/2026
DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
CARMX 2022-3 A3
195,000.00 CITIGRP
85,000.00 JPM_CHA
210,000.00 RBC
DTD 07/20/2022 3.970% 04/15/2027

Page 23 ends

Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Security Type/Description Next Call
Date
Market
Price
Market
Value
Unreal G/L
On Cost
Unreal G/L
Amort Cost
Effective
Duration
YTM
Dated Date/Coupon/Maturity CUSIP Par Broker at Mkt
Asset-Backed Security
NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
DCENT 2023-A1 A
65480JAC4
36265QAD8
891940AC2
14041NGB1
41285JAD0
344928AD8
254683CY9
140,000.00 WELLS_F
275,000.00 RBC

99.26 100.19

99.92 138,970.90
275,523.57
244,808.66
247,491.80
171,267.59
129,909.57
319,085.86
(1,000.13)
568.64
(1,003.81)
563.52

1.89 1.84

2.03 2.28

2.11 2.27

2.66 4.66

4.77 4.65

4.70 4.87

4.67 4.38
245,000.00 MERRILL
245,000.00 RBC
(191.22)
2,530.24
1,284.71
(76.87)
(191.23)
2,526.43
1,284.06
(77.11)
101.02
100.75

99.93 170,000.00 JPM_CHA
130,000.00 BNP_PAR
320,000.00 RBC 99.71 (895.58) (895.79)
DTD 04/11/2023 4.310% 03/15/2028
Security Type Sub-Total 2,953,311.74 2,903,854.87
50,236,941.15
(49,137.51) (49,210.34) 1.58

2.48 3.53
Managed Account Sub-Total 52,843,311.74 (1,078,653.64) (1,187,930.11) 4.15 Joint Powers Authority
CAMP Pool 342,105.09 1.00 342,105.09 0.00 0.00 0.00
Liquid Sub-Total 342,105.09 342,105.09 0.00 0.00 0.00
Securities Sub-Total
Accrued Interest
Total Investments
$53,185,416.83 $50,579,046.24
$265,395.61
$50,844,441.85
($1,078,653.64) ($1,187,930.11) 2.48 4.15%

Page 24 ends

Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Transaction Type Principal
Proceeds
Accrued
Interest
Realized G/L Realized G/L
Cost Amort Cost
Sale
Trade Method
BUY
Settle Security Description CUSIP Par Total
04/04/23
04/06/23
04/11/23
04/11/23
04/12/23
04/14/23
DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
FHMS K058 A2
DTD 11/09/2016 2.653% 08/01/2026
FHMS K054 A2
254683CY9 320,000.00
550,000.00
275,000.00
(319,981.44)
(526,839.84)
(263,613.28)

0.00 (319,981.44)
(527,285.69)
(263,885.87)
3137BSP72
3137BNGT5
(445.85)
(272.59)
DTD 04/20/2016 2.745% 01/01/2026
Transaction Type Sub-Total

INTEREST
1,145,000.00 (1,110,434.56) (718.44) (1,111,153.00)
04/01/23 04/01/23 CHARLES SCHWAB CORP NOTES
(CALLABLE)
808513BW4 300,000.00 0.00 4,950.00 4,950.00
DTD 09/24/2021 3.300% 04/01/2027
FHMS K043 A2
DTD 03/01/2015 3.062% 12/01/2024

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027

HOME DEPOT INC (CALLABLE)

CORPORATE NOTE
04/01/23
04/14/23
04/15/23
04/15/23
04/15/23
04/25/23
04/14/23
04/15/23
04/15/23
04/15/23
3137BGK24
3130AJHU6
254683CP8
65480JAC4
437076CM2
250,000.00
350,000.00
195,000.00
140,000.00
25,000.00

0.00 0.00

0.00 637.92
875.00

94.25 637.92
875.00

94.25 520.33
337.50
520.33
337.50
DTD 03/28/2022 2.700% 04/15/2025
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
HART 2021-C A3
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
44933LAC7
14318MAD1
41285JAD0
44935FAD6
891940AC2
57,128.64
210,000.00
170,000.00
80,000.00
245,000.00

0.00 0.00

0.00 18.09
694.75
715.42

49.33 18.09
694.75
715.42

49.33 DTD 11/17/2021 0.740% 05/15/2026
TAOT 2023-A A3 945.29 945.29
DTD 01/30/2023 4.630% 09/15/2027

Page 25 ends

Managed Account Security Transactions & Interest

INTEREST
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/16/23
04/16/23
04/16/23
04/20/23
04/20/23
04/20/23
04/21/23
04/22/23
04/26/23
04/15/23
04/15/23
04/15/23
04/15/23
04/15/23
04/16/23
04/16/23
04/16/23
04/20/23
04/20/23
04/20/23
04/21/23
04/22/23
04/26/23
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027

FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
GMALT 2021-1 A4
DTD 02/24/2021 0.330% 02/20/2025
GMALT 2021-2 A4
DTD 05/26/2021 0.410% 05/20/2025

INTL BK OF RECON AND DEV NOTE
DTD 04/20/2021 0.125% 04/20/2023
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026

FANNIE MAE NOTES
14314QAC8 89,088.86 0.00 38.61 38.61
344928AD8
65480BAC1
14041NGB1
89190GAC1
362554AC1
36265QAD8
3137EAEY1
36261RAD0
380144AD7
459058JV6
43815GAC3
3135G03U5
06406RAS6
130,000.00
273,072.88
245,000.00
278,383.99
85,000.00
275,000.00
325,000.00
85,000.00
35,000.00

0.00 0.00

0.00 0.00
251.88

75.09 251.88

75.09 1,010.63

60.32 1,010.63

60.32 48.17 48.17
1,104.58
203.13

23.38 1,104.58
203.13

23.38 11.96 11.96
154.35

73.33 154.35
100,000.00 73.33
350,000.00
210,000.00
1,093.75
525.00
1,093.75
525.00
DTD 04/24/2020 0.625% 04/22/2025

BANK OF NY MELLON CORP NOTES
(CALLABLE)
DTD 04/26/2021 0.500% 04/26/2024

CITIGROUP INC CORP NOTES
DTD 04/27/2015 3.300% 04/27/2025

MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
04/27/23
04/29/23
04/27/23
04/29/23
172967JP7
61746BDQ6
225,000.00
400,000.00

0.00 0.00
3,712.50
7,750.00
3,712.50
7,750.00

Page 26 ends

Managed Account Security Transactions & Interest

INTEREST
04/30/23
04/30/23
04/30/23
04/30/23

US TREASURY N/B NOTES
DTD 04/30/2021 0.750% 04/30/2026

US TREASURY N/B NOTES
91282CBW0 1,025,000.00
1,200,000.00

0.00 3,843.75 3,843.75
91282CEN7 0.00 16,500.00 16,500.00
DTD 04/30/2022 2.750% 04/30/2027
Transaction Type Sub-Total

MATURITY
7,352,674.37 0.00 46,318.31 46,318.31
04/20/23 04/20/23 INTL BK OF RECON AND DEV NOTE
DTD 04/20/2021 0.125% 04/20/2023
459058JV6 245,000.00 245,000.00 0.00 245,000.00 507.15 0.00 Transaction Type Sub-Total

PAYDOWNS
245,000.00 245,000.00 0.00 245,000.00 507.15 0.00
04/15/23
04/15/23
04/15/23
04/15/23
04/20/23
04/15/23
04/15/23
04/15/23
04/15/23
04/20/23
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
NAROT 2021-A A3
14314QAC8
44933LAC7
89190GAC1
65480BAC1
36261RAD0
5,811.52
4,516.94
5,811.52
4,516.94

0.00 0.00

0.00 5,811.52
4,516.94

1.25 0.48

2.04 0.30

1.82 0.00

0.00 0.00

0.00 0.00
18,985.73
18,023.21
12,025.23
18,985.73
18,023.21
12,025.23
18,985.73
18,023.21
12,025.23
DTD 06/23/2021 0.330% 10/15/2025
GMALT 2021-1 A4
DTD 02/24/2021 0.330% 02/20/2025
Transaction Type Sub-Total
SELL
59,362.63 59,362.63 0.00 59,362.63 5.89 0.00
04/04/23
04/06/23
04/11/23
04/11/23
04/12/23
04/14/23

US TREASURY N/B NOTES
DTD 01/31/2022 0.875% 01/31/2024

US TREASURY N/B NOTES
91282CDV0
91282CDV0
91282CDV0
325,000.00
550,000.00
275,000.00
315,465.82
534,101.56
266,782.23
549.90
943.89
485.24
316,015.72
535,045.45
267,267.47
2,856.45
5,070.31
2,266.60
110.24
367.56
FIFO
FIFO
(140.10) FIFO
DTD 01/31/2022 0.875% 01/31/2024
Transaction Type Sub-Total 1,150,000.00 1,116,349.61 1,979.03 1,118,328.64 10,193.36 337.70

Page 27 ends

Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Transaction Type
Trade Settle
Principal
Proceeds
Accrued
Interest
Realized G/L Realized G/L Sale
Security Description CUSIP Par Total Cost Amort Cost Method Managed Account Sub-Total
Total Security Transactions
310,277.68 47,578.90 357,856.58 10,706.40 337.70
$310,277.68 $47,578.90 $357,856.58 $10,706.40 $337.70

Page 28 ends

Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Trade
Date
Settlement
Date
Share or
Unit Price
Dollar Amount
of Transaction
Total
Transaction Description Shares Owned
CAMP Pool
Opening Balance
04/03/23
04/11/23
04/11/23
04/11/23
04/12/23
04/12/23
04/12/23
04/12/23
04/14/23
04/14/23
04/14/23
04/14/23
04/14/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
15,909.15
20,859.15
336,324.97
336,874.87
16,893.43
550,994.99
551,938.88
551,493.03
24,653.19
25,528.19
26,013.43
292,795.66
29,182.38
28,909.79
29,112.92
29,450.42
30,461.05
30,499.66
31,194.41
31,288.66
31,540.54
31,588.71
04/03/23
04/11/23
04/11/23
04/11/23
04/12/23
04/12/23
04/12/23
04/12/23
04/14/23
04/14/23
04/14/23
04/14/23
04/14/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
Purchase - Interest 808513BW4
Purchase - Principal 91282CDV0
Purchase - Interest 91282CDV0
Redemption - Principal 254683CY9
Purchase - Principal 91282CDV0
Purchase - Interest 91282CDV0
Redemption - Interest 3137BSP72
Redemption - Principal 3137BSP72
Purchase - Interest 3130AJHU6
Purchase - Interest 91282CDV0
Purchase - Principal 91282CDV0
Redemption - Principal 3137BNGT5
Redemption - Interest 3137BNGT5
Purchase - Interest 3137EAEY1
Purchase - Interest 437076CM2
Purchase - Interest 14041NGB1
Purchase - Interest 14314QAC8
Purchase - Interest 14318MAD1
Purchase - Interest 254683CP8
Purchase - Interest 344928AD8
Purchase - Interest 362554AC1

1.00 1.00

1.00 4,950.00
315,465.82
549.90
(319,981.44)
534,101.56
943.89
(445.85)
(526,839.84)
875.00
485.24
266,782.23
(263,613.28)
(272.59)
203.13
337.50
1,010.63

38.61 694.75

94.25 251.88

48.17

Page 29 ends

Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Trade
Date
Settlement
Date
Share or
Unit Price
Dollar Amount
of Transaction
Total
Transaction Description Shares Owned
CAMP Pool
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/20/23
04/20/23
04/20/23
04/20/23
04/20/23
04/21/23
04/24/23
04/25/23
04/25/23
04/25/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/17/23
04/20/23
04/20/23
04/20/23
04/20/23
04/20/23
04/21/23
04/24/23
04/25/23
04/25/23
04/25/23
Purchase - Interest 36265QAD8
Purchase - Interest 41285JAD0
Purchase - Interest 44933LAC7
Purchase - Interest 44935FAD6
Purchase - Interest 65480BAC1
Purchase - Interest 65480JAC4
Purchase - Interest 89190GAC1
Purchase - Interest 891940AC2
Purchase - Principal 14314QAC8
Purchase - Principal 44933LAC7
Purchase - Principal 65480BAC1
Purchase - Principal 89190GAC1
Purchase - Interest 459058JV6
Purchase - Interest 380144AD7
Purchase - Interest 36261RAD0
Purchase - Principal 459058JV6
Purchase - Principal 36261RAD0
Purchase - Interest 43815GAC3
Purchase - Interest 3135G03U5
Purchase - Interest 3137BGK24
IP Fees March 2023

1.00 1.00

1.00 1.00
1,104.58
715.42
32,693.29
33,408.71
33,426.80
33,476.13
33,551.22
34,071.55
34,131.87
35,077.16
40,888.68
45,405.62
63,428.83
82,414.56
82,568.91
82,580.87
82,604.25
327,604.25
339,629.48
339,702.81
340,796.56
341,434.48
337,493.19
337,273.73

18.09 49.33

75.09 520.33

60.32 945.29
5,811.52
4,516.94
18,023.21
18,985.73
154.35

11.96 23.38
245,000.00
12,025.23

73.33 1,093.75
637.92
(3,941.29)
U.S. Bank Fees February 2023 (219.46)

Page 30 ends

Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
For the Month Ending April 30, 2023
Trade
Date
Settlement
Date
Share or
Unit Price
Dollar Amount
of Transaction
Total
Transaction Description Shares Owned
CAMP Pool
04/26/23
04/27/23
04/28/23
04/26/23
04/27/23
05/01/23
Purchase - Interest 06406RAS6
Purchase - Interest 172967JP7

1.00 1.00

1.00 525.00
3,712.50
593.86
337,798.73
341,511.23
Accrual Income Div Reinvestment - Distributions 342,105.09 Closing Balance 342,105.09
Month of Fiscal YTD
April January-April
Opening Balance
Purchases
Redemptions (Excl. Checks)
Check Disbursements
15,909.15
1,441,509.69
(1,115,313.75)

0.00 46,870.41
24,304,746.21
(24,009,511.53)

0.00 Closing Balance
Average Monthly Balance
Monthly Distribution Yield
342,105.09
144,709.93

4.97%
Closing Balance 342,105.09 342,105.09
Cash Dividends and Income 593.86 23,432.23

Page 31 ends

Review of Investment Performance
CAMP Accounts
City of Lake Elsinore
Investment Performance Review
For the Quarter Ended March 31, 2023
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public Market Update
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Current Market Themes
▸ The U.S. economy is characterized by:
▹ Lingering inflation that remains well above the Fed’s long-term inflation target ▹ A labor market showing the first signs of moderation
▹ Greater economic uncertainty following the surprise failure of Silicon Valley Bank and Signature Bank
▸ Fed policy tightening may be nearly complete
▹ The most recent FOMC statement noted that “some additional policy firming may be appropriate,” but the need for more rate hikes has become less clear ▹ Although the Fed acknowledged the impact of the recent bank failures, their March updated Summary of Economic Projections were little changed from December ▹ The Fed has maintained that they will keep rates elevated for some time, but the market is pricing in rate cuts beginning mid-year
▸ Bond markets saw unprecedented volatility in March
▹ In a classic “flight to quality,” Treasury yields fell sharply, with the 2-year Treasury yield falling from 5.07% on March 8 to under 4.00% on March 17
▹ The curve inversion from 3 months to 10 years reached the deepest levels in over 40 years ▹ Credit yield spreads widened, especially those on banks, but not nearly to levels seen during the global financial crisis
1 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Fed’s Updated Projections Reflect Little Change From December Change in Real GDP Unemployment Rate
December Projections March Projections December Projections March Projections 3%
2%
1%
0%
8%
6%
4%
2%
0%

1.9% 1.8% 4.5% 4.6% 4.6%

4.0%

1.2%

0.4%
2023 2024 2025 Longer
Run
2023 2024 2025 Longer
Run
PCE Inflation Federal Funds Rate
December Projections March Projections December Projections March Projections 6%
5%
4%
3%
2%
1%
0%
6%
5%
4%
3%
2%
1%
0%

5.1%

4.3%

3.3%

3.1%

2.5% 2.5% 2.1% 2.0%
2023 2024 2025 Longer
Run
2023 2024 2025 Longer
Run
Source: Federal Reserve, latest economic projections as of March 2023. 2 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Market Events Drive Large Yield Moves
Major Economic and Market Events
and the Daily Change in the 2-Year U.S. Treasury Yield
Jan 6th
Weak wage growth
hints inflation may
be cooling
Feb 3rd Mar 10th
Silicon Valley
Bank closed by
regulators
Mar 21st
Market prices in
expected 25 bps rate
hike
Strong jobs report
raises questions of
more rate hikes
Mar 15th
Bank crisis spills
over to Europe
▼-21 bps ▲ +18bps ▼-30 bps ▼-27 bps ▲ +25 bps
January 2023 April
Jan 18th
Producer
prices show
Feb 6th Mar 13th Mar 17th
Market weighs
weaker economic
prospects
Mar 22nd
Fed rate hike
accompanied
by softer tone
Markets continue
to stew on strong
economic data
Market digests
weekend action on
strong decline two failed banks
▼-12 bps ▲ +18bps ▼-57 bps ▼-33 bps ▼-21 bps
▼/▲ Changes in 2-Year Treasury
3 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Bond Markets Saw Unprecedented Volatility in March
The surprise failure of two large U.S. banks caused volatility in the markets. In a classic “flight to quality”, Treasury yields fell sharply, with the 2-year Treasury yield falling from

5.07% on March 8 to 4.03% on March 31.
2-Year Treasury Fixed Income Market Volatility
Daily High and Low Yield ICE BofA MOVE Index
250
200
150
100
50 5.5%

5.0%

4.5%

4.0%

3.5%

3.0%
The “MOVE index,” which measures volatility in
the bond market, eclipsed the level seen in the
early days of the COVID pandemic
Average daily yield
changes of over 20 bps
0 Jan-23 Feb-23 Mar-23 Apr-23 2019 2020 2021 2022 2023
Source: Bloomberg, ICE BofA Indices. As of 03/31/2023.
4 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Market Expectations Evolve Amid Changing Policy Environment Implied Federal Funds Rate
6%
5%
4%
3%
2%
1%
1-Year Range
March 31, 2023
February 28, 2023
Median FOMC Projections
0%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Source: Bloomberg, Federal Reserve latest economic projection as of 03/31/2023. 5 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
As Economic Uncertainty Increased, Longer-Term Interest Rates Fell U.S. Treasury Yield Curve

6.0%

5.0% 4.86%

4.03%

4.69%

4.0%

3.0%

2.0%

1.0%

0.0%

3.79%

3.57% 3.47%

3.65%
1 Year Range
March 31, 2023
December 31, 2022
3mo 2yr 5yr 7yr 10yr 30yr
Maturity
Source: Bloomberg, as of 03/31/2022.
6 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Sector Yield Spreads
Federal Agency Yield Spreads Corporate Notes A-AAA Yield Spreads

0.8%

0.6%

0.4%

0.2%

0.0%
-0.2%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%
Bullet Callable
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mortgage-Backed Securities Yield Spreads Asset-Backed Securities AAA Yield Spreads

2.0% 1.6%

1.5%

1.0%

0.5%

0.0%
Agency MBS AAA CMBS Index

1.2%

0.8%

0.4%

0.0%
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of 03/31/2023. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities.
7 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Corporate Yield Spreads Modestly Wider, Led By Financials Investment Grade Corporate Spreads Difference Between Financial and 1-5 Year U.S. Corporate Index Industrial Corporate Yield Spreads 1-5 Year U.S. Corporate Index Financials Industrials
400
350
300
250
200
150
100
50 200
180
160
140
120
100
80 Although financials led corporate
spreads wider, they remain far
below previous peaks
60 40 0
20 -50
0 -100
Jan-23 Feb-23 Mar-23 Apr-23 2003 2007 2011 2015 2019 2023 Source: Bloomberg, ICE BofA Indices as of 03/31/2023.
8 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Fixed-Income Markets in Q1 2023
1-5 Year Indices Quarterly Returns 10-Year Average

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

2.5%

2.12%

2.0%

1.82%

1.73% 1.68% 1.68% 1.65%

1.47% 1.5%

1.0%

0.5%

0.0%

1.28%

0.87% 0.83%
Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of 03/31/2023. 9 © PFM Asset Management LLC | pfmam.com
Portfolio Review
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Snapshot
Portfolio Snapshot¹
Portfolio Statistics Sector Allocation
Total Market Value
Managed Account Sub-Total
Accrued Interest
$50,615,469.53
$50,363,475.91
$236,084.47
$15,909.15
U.S. Treasury | 56%
Corporate | 22%
Pool Federal Agency | 9%
ABS | 5%
Municipal | 3%
Supranational | 3%
Negotiable CD | 2%
Agency CMBS | 1%
JointPowers Authority | <1%
Portfolio Effective Duration
Benchmark Effective Duration
Yield At Cost

2.49 years

2.50 years

2.86%
Yield At Market 4.19%
Portfolio Credit Quality AA
Credit Quality - S&P Duration Distribution
Portfolio
35%
Benchmark
44%
AAA | 9%
50%
40%
30%
20%
10%
0%
AAAm | <1%
AA+ | 67%
AA| 4%
AA- | 4%
A+ | 2%
A | 3%
A- | 7%
BBB+ | 3%
Not Rated | 2%
27%
20% 19% 21%
13% 12%
4% 4%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs

1. Total market value includes accrued interest and balances invested in CAMP, as of March 31, 2023.

Yield and duration calculations exclude balances invested in CAMP.

The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Treasury Index. Source: Bloomberg.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio. 10 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Account Summary
Sector Allocation Analytics
U.S. Treasury - $28,258,952 55.8%
Federal Agency - $4,737,812
Agency CMBS - $244,241
Supranational - $1,331,104
Municipal - $1,452,290
Negotiable CD - $923,749
Corporate - $11,007,698
ABS - $2,643,715

9.4%

0.5%

2.6%

2.9%

1.8%

21.7%

5.2%
Joint Powers Authority - $15,909 0.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Portf olio Allocation Sector Limit for Analysis*
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 11 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Compliance
Certificate of Compliance
During the reporting period for the quarter ended March 31, 2023, the account(s) managed by PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management LLC
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM"). 12 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Portfolio Activity
Net Activity by Sector
($ millions)
Sector Net Activity
$16,597,985
$2,857,928
$446,608
U.S. Treasury
Corporate U.S. Treasury
Corporate
ABS
Municipal $200,000
Federal Agency
Negotiable CD
Total Net Activity
($146,479)
($251,495)
$19,704,546
ABS
Municipal
Federal Agency
Negotiable CD
($5.0) $0.0 $5.0 $10.0 $15.0 $20.0
Sales/Maturities Purchases
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding. 13 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Characteristics
Historical Sector Allocation
7% 5%
22%
27%
2%
3%
3%
4%
4%
1%
9%
4%
1%
16%
56%
37%
Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 14 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Performance
Portfolio Performance
Portfolio Benchmark

2.0%

1.5%

1.0%

0.5%

0.0%
-0.5%
-1.0%
-1.5%
3 Months 1 Year 3 Years 5 Years 10 Years
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned²
Change in Market Value
Total Dollar Return
Total Return³
$214,314
$512,195
$726,509
$533,424
($414,670)
$118,754
$1,551,623
($2,147,816)
($596,193)
$3,172,989
($392,216)
$2,780,773
$5,354,955
($1,265,272)
$4,089,683
Portfolio 1.79%

1.82%
-0.03%
-0.21%
-0.38%

0.17%
-0.83%
-1.41%

0.58%

1.34%

1.10%

0.24%

1.11%

0.87%

0.24%
Benchmark⁴
Difference

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

4. The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Treasury Index. Source: Bloomberg. 15 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Performance
Quarterly Sector Performance
Total Return by Sector Contribution to Total Return
Price Returns Income Returns U.S. Treasury | 1.22%
Federal Agency | 0.16%
Agency CMBS | 0.01%
Supranational | 0.04%
Municipal | 0.06%
Negotiable CD | 0.05%
Commercial Paper | <0.01%
Corporate | 0.31%
ABS | 0.07%

0.34%

0.10%

1.91% Cash | 0.11%

1.45%
U.S. Treasury
Federal Agency
Agency CMBS
Supranational
Municipal

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

0.80%

0.58%

0.09%

1.25%

0.31%

1.87%

1.15%
Negotiable CD 1.01%
Commercial Paper
Corporate

0.00%

0.67%

0.93%

0.60%
ABS 0.71%

3.96%
Cash 0.00%
-2.0% -0.4% 1.2% 2.8% 4.4% 6.0%
Return Return

1. Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS).

2. Income returns calculated as interest earned on investments during the period.

3. Price returns calculated as the change in market value of each security for the period.

4. Returns are presented on a periodic basis.
16 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Performance
Accrual Basis Earnings
Accrual Basis Earnings 3 Months 1 Year 3 Years 5 Year 10 Year¹ Interest Earned² $214,314
($105,869)
$120,176
$228,620
$533,424
($421,689)
$119,088
$230,823
$1,551,623
$87,991
$3,172,989
$176,302
$66,728
$5,354,955
Realized Gains / (Losses)³ $416,702
Change in Amortized Cost
Total Earnings
($15,055)
$1,624,558
($207,251)
$3,416,019 $5,564,406

1. The lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Realized gains / (losses) are shown on an amortized cost basis. 17 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Market Update
Fixed-Income Sector Outlook – 2Q 2023
Sector Our Investment Preferences

C O M M E R C I A L P A P E R
/ C D

T R E A S U R I E S
T-Bill
T-Note

F E D E R A L A G E N C I E S
Bullets
Callables

S U P R A N A T I O N A L S

C O R P O R A T E S
Financials
Industrials

S E C U R I T I Z E D
Asset-Backed
Agency Mortgage-Backed
Agency CMBS

M U N I C I P A L S
Slightly
Negative
Slightly Current outlook Outlook one quarter ago Positive Negative Neutral Positive 18 © PFM Asset Management LLC | pfmam.com
Issuer Distribution
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Summary
Issuer Diversification
Security Type / Issuer
U.S. Treasury
Market Value (%) S&P / Moody's / Fitch Security Type / Issuer Market Value (%) S&P / Moody's / Fitch

55.8% Corporate 21.8%
UNITED STATES TREASURY 55.8% AA / Aaa / AAA ABBOTT LABORATORIES AMAZON.COM INC

0.4%

0.9%

0.7%

0.8%

1.5%

0.9%

0.4%

0.7%

0.4%

0.8%

0.1%

0.4%

0.2%

0.4%

0.8%

0.0%

0.4%

0.9%

1.5%

0.8%

1.5%

0.8%

AA / A / NR

AA / A / AA

BBB / A / A

A / A / A
Federal Agency 9.4%

AMERICAN EXPRESS CO

AMERICAN HONDA FINANCE

APPLE INC
FANNIE MAE 3.1%

0.9%

5.4%

0.5%
AA / Aaa / AAA
AA / Aaa / NR
AA / Aaa / AAA

FEDERAL HOME LOAN BANKS
FREDDIE MAC AA / Aaa / NR

A / A / AA
AA / Aa / A

A / A / NR

A / A / A

BANK OF AMERICA CO

BERKSHIRE HATHAWAY INC

BMW FINANCIAL SERVICES NA LLC

BRISTOL-MYERS SQUIBB CO

CATERPILLAR INC
Agency CMBS
FREDDIE MAC 0.5% AA / Aaa / AAA
Supranational 2.6%

INTER-AMERICAN DEVELOPMENT BANK

INTL BANK OF RECONSTRUCTION AND DEV
Municipal

1.2%

1.4%

2.9%
AAA / Aaa / AAA
AAA / Aaa / AAA CHARLES SCHWAB A / A / A
CINTAS CORPORATION NO. 2

CITIGROUP INC

A / A / NR

BBB / A / A

A / A / A
CALIFORNIA STATE UNIVERSITY 0.2%

0.2%
AA / Aa / NR
CHAFFEY JOINT UNION HIGH SCHOOL AA / Aa / NR

DISTRICT

DEERE & COMPANY

GENERAL DYNAMICS CORP

GOLDMAN SACHS GROUP INC

HOME DEPOT INC

A / A / NR

BBB / A / A

A / A / A
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.6%

0.3%
AA / Aa / AA

LOS ANGELES COMMUNITY COLLEGE

DISTRICT
AA / Aaa / NR

NEW YORK ST URBAN DEVELOPMENT CORP

SAN JUAN UNIFIED SCHOOL DISTRICT

STATE OF CALIFORNIA

0.6%

0.2%

0.4%

0.1%

0.2%

1.8%

NR / NR / AA
NR / Aa / NR
AA / Aa / AA
AA / Aa / AA
AAA / Aaa / AAA
AA / Aa / AA

IBM CORP A / A / NR

A / A / AA
AAA / Aaa / NR

A / A / A

JP MORGAN CHASE & CO

MICROSOFT CORP

STATE OF CONNECTICUT MORGAN STANLEY
STATE OF MINNESOTA NATIONAL AUSTRALIA BANK LTD AA / Aa / NR

UNIVERSITY OF CALIFORNIA A / A / A
Negotiable CD

NATIONAL RURAL UTILITIES CO FINANCE
CORP

PACCAR FINANCIAL CORP

PNC FINANCIAL SERVICES GROUP
Roche Holding AG

0.3%

0.8%

A / A / NR
A / A / A NORDEA BANK ABP 0.9%

0.9%
AA / Aa / AA
TORONTO-DOMINION BANK A / A / NR AA / Aa / AA
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.
19 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Summary
Issuer Diversification
Security Type / Issuer
Corporate
Market Value (%) S&P / Moody's / Fitch

21.8%
TARGET CORP 0.1%

1.2%

A / A / A

THE BANK OF NEW YORK MELLON

CORPORATION

A / A / AA

THE WALT DISNEY CORPORATION

TOYOTA MOTOR CORP

UNITEDHEALTH GROUP INC

USAA CAPITAL CORP
ABS

0.8%

0.4%

5.2%

BBB / A / A

A / A / A

A / A / A
AA / Aa / NR

CAPITAL ONE FINANCIAL CORP

CARMAX AUTO OWNER TRUST

DISCOVER FINANCIAL SERVICES

FORD CREDIT AUTO OWNER TRUST

0.5%

0.6%

0.4%

0.3%

0.7%

AAA / NR / AAA

AAA / NR / AAA
AAA / Aaa / NR

AAA / NR / AAA
GM FINANCIAL CONSUMER AUTOMOBILE AAA / Aaa / AAA
TRUST

GM FINANCIAL LEASINGTRUST

HARLEY-DAVIDSON MOTORCYCLE TRUST

HONDA AUTO RECEIVABLES

HYUNDAI AUTO RECEIVABLES

NISSAN AUTO RECEIVABLES

TOYOTA MOTOR CORP

0.2%

0.3%
AAA / Aaa / AAA
NR / Aaa / AAA
NR / Aaa / AAA

AAA / NR / AAA
AAA / Aaa / NR

AAA / NR / AAA

0.2%

0.3%

0.8%

1.0%
Total 100.0%
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.
20 © PFM Asset Management LLC | pfmam.com
Portfolio Transactions
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)
BUY
1/4/2023
1/13/2023
1/13/2023
1/13/2023
1/13/2023
1/19/2023
1/24/2023
1/31/2023
2/8/2023
2/13/2023
2/17/2023
2/17/2023
3/2/2023
3/9/2023
3/9/2023
3/14/2023
1/6/2023 975,000.00
9,500,000.00
7,000,000.00
300,000.00
500,000.00
775,000.00
245,000.00
1,200,000.00
375,000.00
170,000.00
350,000.00
300,000.00
800,000.00
375,000.00
200,000.00
750,000.00
912828U24
912828U24
91282CDV0
025816CS6
63254ABE7
037833DB3
891940AC2
91282CEN7
89236TKQ7
41285JAD0
637432NP6
808513BW4
91282CFB2
110122DE5
13063D3N6
594918BY9
US TREASURY NOTES 2.00%

2.00%

0.87%

2.55%

3.90%

2.90%

4.63%

2.75%

4.62%

5.05%

3.40%

3.30%

2.75%

3.90%

4.84%

3.30%
11/15/2026
11/15/2026
1/31/2024
3/4/2027
909,893.87
8,955,644.43
6,761,419.84
280,050.50
490,440.21
749,241.15
244,999.88
1,164,082.10
377,631.46
169,982.88
329,684.83
288,802.50
748,597.55
359,198.13
200,000.00
724,761.25

3.96%

3.72%

4.68%

4.59%

4.50%

3.94%

4.63%

3.70%

4.55%

5.05%

4.76%

4.66%

4.44%

4.93%

4.85%

4.36%
1/17/2023
1/17/2023
1/18/2023
1/18/2023
1/23/2023
1/30/2023
2/3/2023

US TREASURY NOTES

US TREASURY N/B NOTES

AMERICAN EXPRESS CO CORP NOTES (CALLABLE

NATIONAL AUSTRALIA BK/NY CORPORATE NOTES

APPLE INC (CALLABLE) BONDS
6/9/2027
9/12/2027
9/15/2027
4/30/2027
1/12/2028
12/15/2027
2/7/2028
TAOT 2023-A A3

US TREASURY N/B NOTES
2/10/2023
2/23/2023
2/22/2023
2/22/2023
3/6/2023

TOYOTA MOTOR CREDIT CORP CORPORATE NOTES
HDMOT 2023-A A3

NATIONAL RURAL UTIL COOP CORP NOTES (CAL

CHARLES SCHWAB CORP NOTES (CALLABLE)

US TREASURY N/B NOTES
4/1/2027
7/31/2027
2/20/2028
3/1/2027
3/13/2023
3/15/2023
3/17/2023

BRISTOL-MYERS SQUIBB CO CORP NOTES (CALL

CA ST MUNICIPAL BONDS
MICROSOFT CORP CORP NOTES (CALLABLE) 2/6/2027
21 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)
BUY
3/28/2023 3/31/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 129,986.44 4.65% Total BUY

INTEREST
1/1/2023
23,945,000.00 22,884,417.02 0.00
1/1/2023 310,000.00
60,000.00
250,000.00
400,000.00
225,000.00
195,000.00
40,000.00
105,956.15
140,000.00
295,000.00
210,000.00
325,000.00
245,000.00
70,079.91
341271AD6
20772KJW0
3137BGK24
38141EC23
14913R2U0
254683CP8
87612EBM7
14314QAC8
65480JAC4
65480BAC1
14318MAD1
89190GAC1
14041NGB1
44933LAC7

FL ST BOARD OF ADMIN TXBL REV BONDS

CT ST TXBL GO BONDS

1.25%

1.99%

3.06%

3.85%

1.70%

0.58%

1.95%

0.52%

4.46%

0.33%

3.97%

0.26%

4.95%

0.38%
7/1/2025 1,949.90
599.40
637.92
7,700.00
1,912.50

94.25 1/1/2023 1/1/2023 7/1/2024
1/1/2023 1/25/2023
1/8/2023
FHMS K043 A2 12/1/2024
1/8/2023 GOLDMAN SACHS GROUP INC (CALLABLE) BONDS 7/8/2024

CATERPILLAR FINL SERVICE CORPORATE NOTES
DCENT 2021-A1 A1
1/8/2023 1/8/2023 1/8/2027
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
1/15/2023
9/15/2026
1/15/2027
2/17/2026
5/17/2027
10/15/2025
4/15/2027
11/17/2025
10/15/2027
9/15/2025

TARGET CORP CORP NOTES (CALLABLE)
CARMX 2021-2 A3
390.00

45.91 NAROT 2022-B A3 520.33
NAROT 2021-A A3 81.13
CARMX 2022-3 A3 694.75
TAOT 2021-B A3 70.42
COMET 2022-A3 A 1,010.63
HART 2021-A A3 22.19
22 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

INTEREST
1/15/2023
1/16/2023
1/16/2023
1/20/2023
1/20/2023
1/21/2023
1/21/2023
1/23/2023
1/26/2023
1/27/2023
1/31/2023
1/31/2023
2/1/2023
1/15/2023
1/16/2023
1/16/2023
1/20/2023
1/20/2023
1/21/2023
1/21/2023
1/23/2023
1/26/2023
1/27/2023
1/31/2023
1/31/2023
2/1/2023
80,000.00
85,000.00
44935FAD6
362554AC1
36265QAD8
380144AD7
36261RAD0
3137EAEU9
43815GAC3
693475AV7
06406RBA4
459200KS9
91282CDV0
91282CCP4
157411TK5
60412AVJ9
54438CYK2
798306WP7
06051GFS3
HART 2021-C A3 0.74%

0.68%

4.82%

0.41%

0.33%

0.37%

0.88%

3.50%

2.05%

4.00%

0.87%

0.62%

2.10%

0.63%

0.77%

0.85%

3.87%
5/15/2026
9/16/2026
8/16/2027
5/20/2025
2/20/2025
7/21/2025
1/21/2026
1/23/2024
1/26/2027
7/27/2025
1/31/2024
7/31/2026
8/1/2024

49.33 GMCAR 2021-4 A3 48.17
1,104.58

11.96 275,000.00
35,000.00
GMCAR 2022-4 A3
GMALT 2021-2 A4
85,000.00 GMALT 2021-1 A4 23.38
425,000.00
100,000.00
400,000.00
475,000.00
225,000.00
7,000,000.00
3,800,000.00
100,000.00
100,000.00
140,000.00
130,000.00
225,000.00
FREDDIE MAC NOTES 796.88
HAROT 2021-4 A3 73.33

PNC BANK NA CORP NOTES (CALLABLE)

BANK OF NY MELLON CORP (CALLABLE) CORPOR

IBM CORP CORPORATE NOTES

US TREASURY N/B NOTES

CHAFFEY UHSD, CA TXBL GO BONDS

MN ST TXBL GO BONDS
7,000.00
4,868.75
4,500.00
30,625.00
11,875.00
1,050.50
2/1/2023 2/1/2023 8/1/2025 315.00
2/1/2023 2/1/2023 LOS ANGELES CCD, CA TXBL GO BONDS

SAN JUAN USD, CA TXBL GO BONDS

BANK OF AMERICA CORP NOTES
8/1/2025 541.10
2/1/2023 2/1/2023 8/1/2025 553.80
2/1/2023 2/1/2023 8/1/2025 4,359.38
23 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

INTEREST
2/1/2023 2/25/2023
2/6/2023
250,000.00
175,000.00
70,000.00
175,000.00
65,730.34
140,000.00
314,935.32
210,000.00
100,007.55
295,000.00
245,000.00
245,000.00
195,000.00
80,000.00
275,000.00
85,000.00
35,000.00
3137BGK24
69371RQ66
05565EBU8
05565EBW4
44933LAC7
65480JAC4
89190GAC1
14318MAD1
14314QAC8
65480BAC1
891940AC2
14041NGB1
254683CP8
44935FAD6
36265QAD8
362554AC1
380144AD7
FHMS K043 A2 3.06%

1.80%

0.75%

1.25%

0.38%

4.46%

0.26%

3.97%

0.52%

0.33%

4.63%

4.95%

0.58%

0.74%

4.82%

0.68%

0.41%
12/1/2024
2/6/2025
637.92
2/6/2023 PACCAR FINANCIAL CORP CORPORATE NOTES

BMW US CAPITAL LLC CORPORATE NOTES

BMW US CAPITAL LLC (CALLABLE) CORPORATE
HART 2021-A A3
1,575.00
262.50
1,093.75

20.81 2/12/2023
2/12/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/16/2023
2/16/2023
2/20/2023
2/12/2023
2/12/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
2/16/2023
2/16/2023
2/20/2023
8/12/2024
8/12/2026
9/15/2025
5/17/2027
11/17/2025
4/15/2027
2/17/2026
10/15/2025
9/15/2027
10/15/2027
9/15/2026
5/15/2026
8/16/2027
9/16/2026
5/20/2025
NAROT 2022-B A3 520.33
TAOT 2021-B A3 68.24
CARMX 2022-3 A3 694.75
CARMX 2021-2 A3 43.34
NAROT 2021-A A3 81.13
TAOT 2023-A A3 472.65
1,010.63

94.25 COMET 2022-A3 A
DCENT 2021-A1 A1
HART 2021-C A3 49.33
GMCAR 2022-4 A3 1,104.58
GMCAR 2021-4 A3 48.17
GMALT 2021-2 A4 11.96
24 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

INTEREST
2/20/2023
2/21/2023
2/24/2023
2/25/2023
2/28/2023
3/1/2023
2/20/2023
2/21/2023
2/24/2023
2/25/2023
2/28/2023
3/25/2023
3/4/2023
85,000.00
100,000.00
175,000.00
350,000.00
400,000.00
250,000.00
80,000.00
36261RAD0
43815GAC3
46647PCV6
3135G05X7
254687FK7
3137BGK24
025816CQ0
025816CS6
3130AK5E2
3137EAEW5
24422EVU0
771196BT8
037833DB3
14318MAD1
14041NGB1
084664CZ2
44935FAD6
GMALT 2021-1 A4 0.33%

0.88%

2.59%

0.37%

1.75%

3.06%

2.25%

2.55%

0.37%

0.25%

0.62%

2.13%

2.90%

3.97%

4.95%

2.30%

0.74%
2/20/2025
1/21/2026
2/24/2026
8/25/2025
8/30/2024
12/1/2024
3/4/2025

23.38 HAROT 2021-4 A3 73.33
2,270.63
656.25

JPMORGAN CHASE & CO CORP NOTES (CALLABLE

FANNIE MAE NOTES

WALT DISNEY COMPANY/THE (CALLABLE)
FHMS K043 A2
3,500.00
637.92
3/4/2023 AMERICAN EXPRESS CO CORP NOTES (CALLABLE

AMERICAN EXPRESS CO CORP NOTES (CALLABLE

FEDERAL HOME LOAN BANK NOTES

FREDDIE MAC NOTES
900.00
3/4/2023 3/4/2023 300,000.00
150,000.00
750,000.00
100,000.00
410,000.00
775,000.00
210,000.00
245,000.00
475,000.00
80,000.00
3/4/2027 3,825.00
3/4/2023 3/4/2023 9/4/2025 281.25
3/8/2023 3/8/2023 9/8/2023 937.50
3/10/2023
3/10/2023
3/12/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/10/2023
3/10/2023
3/12/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023

JOHN DEERE CAPITAL CORP CORPORATE NOTES

ROCHE HOLDINGS INC (CALLABLE) CORPORATE

APPLE INC (CALLABLE) BONDS
CARMX 2022-3 A3
9/10/2024
3/10/2025
9/12/2027
4/15/2027
10/15/2027
3/15/2027
5/15/2026
312.50
4,370.60
11,237.50
694.75
COMET 2022-A3 A 1,010.63
5,462.50

49.33 BERKSHIRE HATHAWAY CORP NOTES (CALLABLE)
HART 2021-C A3
25 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

INTEREST
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/16/2023
3/16/2023
3/18/2023
3/20/2023
3/20/2023
3/21/2023
3/23/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/15/2023
3/16/2023
3/16/2023
3/18/2023
3/20/2023
3/20/2023
3/21/2023
3/23/2023
289,336.83
325,000.00
225,000.00
140,000.00
245,000.00
296,281.73
170,000.00
94,444.15
61,330.92
195,000.00
275,000.00
85,000.00
105,000.00
85,000.00
35,000.00
100,000.00
635,000.00
65480BAC1
650036DT0
002824BM1
65480JAC4
891940AC2
89190GAC1
41285JAD0
14314QAC8
44933LAC7
254683CP8
36265QAD8
362554AC1
808513BN4
36261RAD0
380144AD7
43815GAC3
4581X0DZ8
NAROT 2021-A A3 0.33%

0.87%

3.87%

4.46%

4.63%

0.26%

5.05%

0.52%

0.38%

0.58%

4.82%

0.68%

0.75%

0.33%

0.41%

0.88%

0.50%
10/15/2025
3/15/2025
9/15/2025
5/17/2027
9/15/2027
11/17/2025
12/15/2027
2/17/2026
9/15/2025
9/15/2026
8/16/2027
9/16/2026
3/18/2024
2/20/2025
5/20/2025
1/21/2026
9/23/2024

79.57 NY ST URBAN DEV CORP TXBL REV BONDS

ABBOTT LABORATORIES CORPORATE NOTES (CAL
NAROT 2022-B A3
1,413.75
4,359.38
520.33
945.29

64.19 TAOT 2023-A A3
TAOT 2021-B A3
HDMOT 2023-A A3 524.64
CARMX 2021-2 A3 40.93
HART 2021-A A3 19.42
DCENT 2021-A1 A1 94.25
GMCAR 2022-4 A3 1,104.58
GMCAR 2021-4 A3 48.17

CHARLES SCHWAB CORP NOTES (CALLABLE)
GMALT 2021-1 A4
393.75

23.38 GMALT 2021-2 A4 11.96
HAROT 2021-4 A3 73.33
INTER-AMERICAN DEVEL BK NOTES 1,587.50
26 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

INTEREST
3/23/2023 3/23/2023 700,000.00 3137EAEX3 FREDDIE MAC NOTES 0.37%

0.59%
9/23/2025
3/17/2023
1,312.50
Total INTEREST

MATURITY
28,503,102.90 140,174.82 0.00
3/17/2023 3/17/2023 250,000.00 22552G3C2 CREDIT SUISSE NEW YORK CERT DEPOS 251,495.49 Total MATURITY

PAYDOWNS
250,000.00 251,495.49 0.00
1/15/2023
1/15/2023
1/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
3/15/2023
3/15/2023
3/15/2023
1/15/2023 4,349.57
10,064.68
5,948.60
4,399.42
5,563.40
5,663.17
18,653.59
16,263.95
17,897.74
4,202.28
44933LAC7
89190GAC1
14314QAC8
44933LAC7
14314QAC8
65480BAC1
89190GAC1
65480BAC1
89190GAC1
44933LAC7
HART 2021-A A3
TAOT 2021-B A3
CARMX 2021-2 A3
HART 2021-A A3
CARMX 2021-2 A3
NAROT 2021-A A3
TAOT 2021-B A3
NAROT 2021-A A3
TAOT 2021-B A3
HART 2021-A A3

0.38%

0.26%

0.52%

0.38%

0.52%

0.33%

0.26%

0.33%

0.26%

0.38%
9/15/2025
11/17/2025
2/17/2026
9/15/2025
2/17/2026
10/15/2025
11/17/2025
10/15/2025
11/17/2025
9/15/2025
4,349.57
10,064.68
5,948.60
4,399.42
5,563.40
5,663.17
18,653.59
16,263.95
17,897.74
4,202.28
1/15/2023
1/15/2023
2/15/2023
2/15/2023
2/15/2023
2/15/2023
3/15/2023
3/15/2023
3/15/2023
27 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized
Par ($) CUSIP Security Description Coupon G/L (BV)

PAYDOWNS
3/15/2023 3/15/2023 5,355.29 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,355.29 Total PAYDOWNS
SELL
98,361.69 98,361.69 0.00
1/4/2023
1/4/2023
1/4/2023
1/19/2023
2/8/2023
2/8/2023
3/2/2023
3/8/2023
3/9/2023
3/14/2023
3/14/2023
3/28/2023
Total SELL
1/6/2023 500,000.00
325,000.00
75,000.00
912828XX3
912828XX3
912828XX3
037833DT4
89236TJK2
89236TKC8
3137EAEW5
91282CDV0
91282CDV0
912828U24
912828U24
91282CDV0
US TREASURY NOTES 2.00%

2.00%

1.12%

3.95%

0.25%

0.87%

2.00%

0.87%
6/30/2024
6/30/2024
6/30/2024
5/11/2025
6/18/2026
6/30/2025
9/8/2023
481,708.71
313,110.66
72,256.30
-26,812.33
-14,971.13
-3,133.80
-38,443.02
-15,253.63
-1,529.50
-3,711.14
-1,178.02
-2,072.43
580.75
1/6/2023 US TREASURY NOTES
1/6/2023 US TREASURY NOTES
1/23/2023
2/10/2023
2/10/2023
3/6/2023
550,000.00
145,000.00
100,000.00
150,000.00
200,000.00
400,000.00
350,000.00
50,000.00

APPLE INC (CALLABLE) CORP NOTES

TOYOTA MOTOR CREDIT CORP CORPORATE NOTES

FREDDIE MAC NOTES
513,293.00
129,755.43
98,833.89
146,478.92
192,551.62
385,287.04
328,392.32
46,913.19
3/15/2023
3/13/2023
3/17/2023
3/17/2023
3/31/2023
US TREASURY N/B NOTES 1/31/2024
1/31/2024
11/15/2026
11/15/2026
1/31/2024

US TREASURY N/B NOTES

US TREASURY NOTES
US TREASURY NOTES 552.32
125,000.00
2,970,000.00
US TREASURY N/B NOTES 121,433.14
2,830,014.22
102.58
-105,869.35
28 © PFM Asset Management LLC | pfmam.com
Portfolio Holdings
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
U.S. Treasury

US TREASURY N/B NOTES
DTD 01/31/2022 0.875% 01/31/2024
91282CDV0
912828YY0
912828ZW3
912828ZW3
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBC4
91282CBW0
91282CBW0
91282CCP4
91282CCP4
91282CCP4
6,275,000.00
500,000.00
450,000.00
250,000.00
350,000.00
825,000.00
450,000.00
650,000.00
400,000.00
150,000.00
950,000.00
75,000.00
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
1/13/2023 1/17/2023 6,035,765.62 4.68
534,414.06 0.18
443,654.30 0.58
245,156.25 0.72
344,859.38 0.70
814,236.33 0.68
446,167.97 0.57
632,251.95 1.05
387,968.75 1.13
147,052.73 0.82
926,843.75 1.33
71,458.01 1.92
819,035.16 2.94
179,007.81 3.53
819,562.50 3.04
9,100.48
2,199.59
282.81
157.11
329.94
777.71
424.21
612.74
377.07
141.40
2,991.71
236.19
932.32
207.18
932.32
6,082,476.29
513,705.66
446,700.56
247,429.40
346,902.68
818,136.11
447,606.47
638,249.81
391,863.12
148,191.69
933,459.82
72,405.77
6,075,964.53
479,609.40
414,703.13
230,390.62
318,937.50
751,781.25
410,062.50
592,312.50
364,500.00
136,687.50
865,984.37
68,367.19

US TREASURY NOTES
DTD 12/31/2019 1.750% 12/31/2024
8/5/2020
3/1/2021
4/1/2021
6/2/2021
9/1/2021
8/3/2021
8/7/2020
3/4/2021
4/5/2021
6/7/2021
9/7/2021
8/5/2021

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
11/2/2021 11/4/2021
US TREASURY NOTES 12/2/2021 12/6/2021
DTD 12/31/2020 0.375% 12/31/2025

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
7/1/2021
1/4/2022
7/7/2021
US TREASURY N/B NOTES 1/6/2022
DTD 04/30/2021 0.750% 04/30/2026

US TREASURY N/B NOTES
DTD 04/30/2021 0.750% 04/30/2026
2/10/2022 2/14/2022

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026
900,000.00
200,000.00
900,000.00
6/2/2022
9/1/2022
6/6/2022
9/6/2022
835,003.82
182,059.34
832,301.22
811,687.50
180,375.00
811,687.50

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026
US TREASURY N/B NOTES 8/8/2022 8/15/2022
DTD 07/31/2021 0.625% 07/31/2026
29 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
U.S. Treasury

US TREASURY N/B NOTES
DTD 07/31/2021 0.625% 07/31/2026
91282CCP4
91282CCP4
91282CCP4
912828U24
912828U24
912828U24
912828U24
91282CEN7
91282CFB2
750,000.00
250,000.00
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
8/1/2022
5/3/2022
7/5/2022
8/4/2022
5/5/2022
7/8/2022
690,468.75 2.74
226,250.00 3.03
732,343.75 2.84
1,954,066.41 3.92
907,092.77 3.96
228,144.53 4.39
8,922,578.13 3.72
1,155,421.88 3.70
746,531.25 4.44
28,410,332.04 3.40
776.93 700,274.86
231,328.33
676,406.25
US TREASURY N/B NOTES 225,468.75
DTD 07/31/2021 0.625% 07/31/2026
258.98
US TREASURY N/B NOTES 828.73
DTD 07/31/2021 0.625% 07/31/2026
800,000.00 744,516.40 721,500.00

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
2,100,000.00
975,000.00
12/5/2022 12/7/2022
1/4/2023 1/6/2023
15,895.03
7,379.83
1,892.27
71,906.07
13,856.35
3,646.41
136,143.38
1,965,728.93
911,189.37
1,974,656.25
US TREASURY NOTES 916,804.69
DTD 11/15/2016 2.000% 11/15/2026

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
250,000.00 11/1/2022 11/4/2022
1/13/2023 1/17/2023
1/31/2023 2/3/2023
230,341.95 235,078.12

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
9,500,000.00
1,200,000.00
800,000.00
8,953,142.66
1,157,064.38
747,395.79
8,932,968.75
1,156,500.00
770,375.04

US TREASURY N/B NOTES
DTD 04/30/2022 2.750% 04/30/2027

US TREASURY N/B NOTES
DTD 07/31/2022 2.750% 07/31/2027
3/2/2023 3/6/2023
Security Type Sub-Total 29,950,000.00 28,577,474.43 28,122,808.34 Supranational

INTL BK OF RECON AND DEV NOTE
DTD 04/20/2021 0.125% 04/20/2023
459058JV6
459058JM6
4581X0DZ8
245,000.00
500,000.00
635,000.00
1,380,000.00
AAA
AAA
AAA
Aaa 4/13/2021 4/20/2021 244,492.85 0.23
498,925.00 0.32
634,530.10 0.52
1,377,947.95 0.40
136.96
440.97

70.56 244,986.80
499,767.33
634,768.05
1,379,522.18
244,412.25
485,567.00
600,476.32
1,330,455.57

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
Aaa 11/17/2020 11/24/2020
INTER-AMERICAN DEVEL BK NOTES Aaa 9/15/2021 9/23/2021
DTD 09/23/2021 0.500% 09/23/2024
Security Type Sub-Total 648.49
30 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Negotiable CD
TORONTO DOMINION BANK NY CERT 89115B6K1
DEPOS
DTD 10/31/2022 5.600% 10/27/2025
450,000.00
450,000.00
900,000.00
A A1 10/27/2022 10/31/2022
11/2/2022 11/3/2022
450,000.00 5.58
450,000.00 5.53
900,000.00 5.56
10,640.00
10,230.50
20,870.50
450,000.00
450,000.00
900,000.00
449,739.00
453,139.65
902,878.65
NORDEA BANK ABP NEW YORK CERT 65558UYF3
DEPOS
DTD 11/03/2022 5.530% 11/03/2025
AA- Aa3
Security Type Sub-Total
Municipal

CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
20772KJW0 60,000.00
100,000.00
325,000.00
AAAANRAa3
Aa1
NR
5/29/2020 6/11/2020
11/6/2019 12/5/2019
12/16/2020 12/23/2020
60,000.00 2.00
100,000.00 2.10
325,000.00 0.87
299.70
350.17
125.67
60,000.00
100,000.00
325,000.00
58,020.60
96,740.00
302,646.50
CHAFFEY UHSD, CA TXBL GO BONDS 157411TK5
DTD 12/05/2019 2.101% 08/01/2024

NY ST URBAN DEV CORP TXBL REV
BONDS
650036DT0
DTD 12/23/2020 0.870% 03/15/2025

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7
341271AD6
85,000.00
85,000.00
AA
AA
Aa2
Aa3
7/10/2020 7/16/2020
9/3/2020 9/16/2020
85,000.00 0.88
85,563.55 1.12
283.54
267.32
85,000.00
85,264.86
79,092.50
FL ST BOARD OF ADMIN TXBL REV 79,186.00
BONDS
DTD 09/16/2020 1.258% 07/01/2025

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6
341271AD6
54438CYK2
160,000.00
65,000.00
140,000.00
AA
AA
Aa3
Aa3
9/3/2020 9/16/2020
9/3/2020 9/16/2020
160,000.00 1.26
65,459.55 1.11
140,000.00 0.77
503.20
204.42
180.37
160,000.00
65,215.98
140,000.00
149,056.00
60,554.00
128,746.80

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025

LOS ANGELES CCD, CA TXBL GO
BONDS
DTD 11/10/2020 0.773% 08/01/2025
AA+ Aaa 10/30/2020 11/10/2020
SAN JUAN USD, CA TXBL GO BONDS 798306WP7 Aa2 10/16/2020 10/29/2020 DTD 10/29/2020 0.852% 08/01/2025
130,000.00
100,000.00
NR 130,000.00 0.85
100,000.00 0.63
184.60
105.00
130,000.00
100,000.00
119,988.70
MN ST TXBL GO BONDS 60412AVJ9 AAA Aaa 8/11/2020 8/25/2020 91,890.00 DTD 08/25/2020 0.630% 08/01/2025
31 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Municipal

CA ST UNIV TXBL REV BONDS
DTD 07/29/2021 0.862% 11/01/2025
13077DQD7
13063D3N6
85,000.00
200,000.00
AAAAAa2
Aa2
7/9/2021 7/29/2021
3/9/2023 3/15/2023
85,000.00 0.86
200,000.00 4.85
1,536,023.10 1.60
305.29 85,000.00
200,000.00
77,776.70
CA ST MUNICIPAL BONDS 205,352.00
DTD 03/15/2023 4.846% 03/01/2027
430.76
Security Type Sub-Total 1,535,000.00 3,240.04 1,535,480.84 1,449,049.80 Joint Powers Authority
CAMP Pool 15,909.15 AAAm NR 15,909.15 0.00 15,909.15 15,909.15 Security Type Sub-Total 15,909.15 15,909.15 0.00 15,909.15 15,909.15 Federal Agency

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
3137EAEW5
3137EAEY1
3137EAEZ8
3135G06H1
3137EAFA2
3130AJHU6
3135G03U5
3137EAEU9
3135G05X7
225,000.00
525,000.00
325,000.00
350,000.00
325,000.00
300,000.00
350,000.00
350,000.00
425,000.00
350,000.00
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
AA+
Aaa
Aaa
9/2/2020
9/2/2020
9/4/2020
9/4/2020
225,041.09 0.24
524,826.75 0.26
323,787.75 0.25
349,685.00 0.28
324,629.50 0.29
299,703.00 0.28
348,264.00 0.60
349,279.00 0.67
422,883.50 0.48
348,362.00 0.47

35.94 83.85
225,005.98
524,974.78
324,780.80
349,937.06
324,918.94
299,933.01
349,291.89
349,702.75
424,022.98
349,212.43
220,536.23
514,584.52
316,844.13
340,590.60
315,434.60
290,929.50
325,178.70
325,835.30
390,681.25
320,782.70

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023

FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
Aaa 10/14/2020 10/16/2020
Aaa 11/3/2020 11/5/2020
186.20
352.43
279.86
243.75
811.81
966.15
309.90
131.25

FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
Aaa 11/23/2020 11/25/2020

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
Aaa
Aaa
Aaa
Aaa
Aaa
12/2/2020 12/4/2020
4/15/2020 4/16/2020
4/22/2020 4/24/2020
7/21/2020 7/23/2020
8/25/2020 8/27/2020

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
32 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Federal Agency

FEDERAL HOME LOAN BANK NOTES
DTD 09/11/2020 0.375% 09/04/2025
3130AK5E2
3137EAEX3
3135G06G3
150,000.00
700,000.00
650,000.00
5,025,000.00
AA+
AA+
AA+
Aaa
Aaa
Aaa
9/10/2020 9/11/2020
9/23/2020 9/25/2020
11/9/2020 11/12/2020
149,550.00 0.44
697,893.00 0.44
647,673.00 0.57
5,011,577.59 0.42

42.19 149,780.57
698,953.43
648,784.75
5,019,299.37
137,386.50
640,225.60
594,000.55
4,733,010.18

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025

58.33 1,300.00
4,801.66

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
Security Type Sub-Total
Corporate

PNC BANK NA CORP NOTES
(CALLABLE)
DTD 01/23/2019 3.500% 01/23/2024
693475AV7
808513BN4
06406RAS6
400,000.00
105,000.00
210,000.00
AAAA3
A2
A1
2/12/2019 2/15/2019
3/16/2021 3/18/2021
4/19/2021 4/26/2021
402,848.00 3.34
104,947.50 0.77
209,775.30 0.54
2,644.44

28.44 400,427.52
104,983.14
209,919.84
392,482.80
99,888.71
199,771.32

CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 03/18/2021 0.750% 03/18/2024

BANK OF NY MELLON CORP NOTES
(CALLABLE)
452.08
DTD 04/26/2021 0.500% 04/26/2024

MORGAN STANLEY CORP NOTES
DTD 04/28/2014 3.875% 04/29/2024
61746BDQ6
02665WCZ2
400,000.00
400,000.00
AAA1
A3
7/19/2019 7/23/2019
7/11/2019 7/15/2019
422,916.00 2.59
398,016.00 2.51
6,544.44
2,506.67
405,183.07
399,503.18
395,051.60
AMERICAN HONDA FINANCE CORP 388,121.20
NOTE
DTD 06/27/2019 2.400% 06/27/2024

GOLDMAN SACHS GROUP INC
(CALLABLE) BONDS
DTD 07/08/2014 3.850% 07/08/2024
38141EC23
05565EBU8
254687FK7
24422EVU0
400,000.00
70,000.00
400,000.00
100,000.00
BBB+
A
A2
A2
A2
A2
7/8/2019 7/11/2019
8/9/2021 8/12/2021
418,632.00 2.84
69,993.70 0.75
398,368.00 1.84
99,935.00 0.65
3,550.56

71.46 404,010.23
69,997.13
399,536.40
99,968.69
393,069.60
66,240.58
384,575.60
94,694.50

BMW US CAPITAL LLC CORPORATE
NOTES
DTD 08/12/2021 0.750% 08/12/2024

WALT DISNEY COMPANY/THE
(CALLABLE)
DTD 09/06/2019 1.750% 08/30/2024
BBB+
A
9/3/2019 9/6/2019 602.78
JOHN DEERE CAPITAL CORP 36.46

CORPORATE NOTES
9/7/2021 9/10/2021
DTD 09/10/2021 0.625% 09/10/2024
33 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Corporate

PACCAR FINANCIAL CORP

CORPORATE NOTES
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66
025816CQ0
771196BT8
437076CM2
175,000.00
80,000.00
410,000.00
25,000.00
A+
BBB+
AA
A1
A2
10/22/2020 10/29/2020 182,894.25 0.73
79,919.20 2.29
410,000.00 2.13
24,956.25 2.76
481.25 178,423.71
79,948.17
410,000.00
24,970.74
166,429.73
75,933.12
391,755.41
24,187.50

AMERICAN EXPRESS CO CORP

NOTES (CALLABLE
DTD 03/04/2022 2.250% 03/04/2025
3/1/2022 3/4/2022 135.00
509.90
311.25

ROCHE HOLDINGS INC (CALLABLE)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025
Aa2
A2
3/3/2022 3/10/2022
HOME DEPOT INC (CALLABLE) 3/24/2022 3/28/2022

CORPORATE NOTE
A
DTD 03/28/2022 2.700% 04/15/2025

CITIGROUP INC CORP NOTES
DTD 04/27/2015 3.300% 04/27/2025
172967JP7
90327QD89
225,000.00
225,000.00
BBB+
AA
A3 8/28/2020 9/1/2020
5/23/2022 5/26/2022
249,738.75 0.88
224,264.25 3.49
3,176.25
3,164.06
236,022.50
224,477.21
217,125.90
USAA CAPITAL CORP CORPORATE 217,997.10
NOTES
Aa1
DTD 05/26/2022 3.375% 05/01/2025
CINTAS CORPORATION NO. 2 CORP

NOTE (CALL
DTD 05/03/2022 3.450% 05/01/2025
17252MAP5
369550BG2
65,000.00
225,000.00
315,000.00
475,000.00
250,000.00
50,000.00
AAA3
A3
4/26/2022 5/3/2022
10/16/2020 10/20/2020
5/24/2021 6/1/2021
64,985.70 3.46
252,247.50 0.80
315,000.00 0.82
474,767.25 0.81
250,000.00 3.50
49,986.50 3.46
934.38
2,975.00
865.20
64,990.05
237,106.23
315,000.00
474,898.68
250,000.00
49,990.44
63,522.68
220,095.45
298,597.95
440,467.03
242,419.00
48,522.25

GENERAL DYNAMICS CORP
(CALLABLE) CORP NO
DTD 05/11/2018 3.500% 05/15/2025
JPMORGAN CHASE & CO (CALLABLE) 46647PCH7

CORP NOTE
DTD 06/01/2021 0.824% 06/01/2025
A- A1

AMAZON INC CORP NOTES
(CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025
023135BQ8
63254ABD9
63743HFE7
AA
AAAA1 6/3/2020 6/5/2020 1,245.562,722.22
507.92

NATIONAL AUSTRALIA BK/NY

CORPORATE NOTES
DTD 06/09/2022 3.500% 06/09/2025
Aa3
A2
5/31/2022 6/9/2022
NATIONAL RURAL UTIL COOP 4/27/2022 5/4/2022

CORPORATE NOTES
DTD 05/04/2022 3.450% 06/15/2025
34 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Corporate

IBM CORP CORPORATE NOTES
DTD 07/27/2022 4.000% 07/27/2025
459200KS9
06051GFS3
002824BM1
225,000.00
225,000.00
225,000.00
AAA3
A2
A1
7/20/2022 7/27/2022
8/18/2020 8/20/2020
9/24/2020 9/28/2020
225,000.00 4.00
256,918.50 0.93
257,845.50 0.86
1,600.00
1,453.13
387.50
225,000.00
240,067.23
240,382.61
222,448.73
220,001.40
222,825.15

BANK OF AMERICA CORP NOTES
DTD 07/30/2015 3.875% 08/01/2025
ABBOTT LABORATORIES AACORPORATE NOTES (CAL
DTD 03/22/2017 3.875% 09/15/2025

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06051GKE8
46647PCV6
91324PEC2
05565EBW4
14913R2U0
87612EBM7
06406RBA4
594918BY9
025816CS6
225,000.00
175,000.00
225,000.00
175,000.00
225,000.00
40,000.00
AAA2
A1
A3
A2
A2
A2
A1
Aaa
A2
12/1/2021 12/6/2021
2/16/2022 2/24/2022
5/17/2021 5/19/2021
8/12/2021 8/16/2021
1/11/2022 1/13/2022
1/19/2022 1/24/2022
1/26/2022 1/28/2022
3/14/2023 3/17/2023
1/13/2023 1/18/2023
225,000.00 1.53
175,000.00 2.60
224,608.50 1.19
174,947.50 1.26
223,863.75 1.81
39,932.00 1.99
473,945.50 2.10
721,942.50 4.36
277,203.00 4.59
1,099.69
466.74
977.50
297.74
881.88
164.67
1,758.16
3,781.25
573.75
225,000.00
175,000.00
224,755.04
174,964.59
224,140.17
39,948.17
210,806.55
166,674.73
204,341.18
156,920.58
205,272.23
36,981.84

JPMORGAN CHASE & CO CORP

NOTES (CALLABLE
DTD 02/24/2022 2.595% 02/24/2026

UNITEDHEALTH GROUP INC
(CALLABLE) CORPOR
DTD 05/19/2021 1.150% 05/15/2026
A+

BMW US CAPITAL LLC (CALLABLE) A

CORPORATE
DTD 08/12/2021 1.250% 08/12/2026

CATERPILLAR FINL SERVICE

CORPORATE NOTES
DTD 01/10/2022 1.700% 01/08/2027
A

TARGET CORP CORP NOTES
(CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
A

BANK OF NY MELLON CORP
(CALLABLE) CORPOR
DTD 01/26/2022 2.050% 01/26/2027
475,000.00
750,000.00
300,000.00
A 474,192.94
722,238.47
278,308.03
426,122.98
735,940.50
277,332.30

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
AAA
AMERICAN EXPRESS CO CORP BBB+

NOTES (CALLABLE
DTD 03/04/2022 2.550% 03/04/2027
35 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
Corporate
BERKSHIRE HATHAWAY CORP NOTES 084664CZ2
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
475,000.00
300,000.00
500,000.00
AA
AAa2A2
3/15/2022 3/17/2022
2/17/2023 2/22/2023
1/13/2023 1/18/2023
466,089.00 2.70
284,925.00 4.66
488,325.00 4.50
485.56 467,945.46
285,307.15
488,856.67
448,794.25
276,603.90
489,807.00

CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
808513BW4
63254ABE7
4,950.00
NATIONAL AUSTRALIA BK/NY 6,074.44

CORPORATE NOTES
AA- Aa3
DTD 06/09/2022 3.905% 06/09/2027

APPLE INC (CALLABLE) BONDS
DTD 09/12/2017 2.900% 09/12/2027
037833DB3
89236TKQ7
775,000.00
375,000.00
AA+
A+
Aaa
A1
1/19/2023 1/23/2023
2/8/2023 2/10/2023
741,062.75 3.94
376,282.50 4.55
1,186.18
3,805.99
742,425.85
376,246.82
739,968.45
TOYOTA MOTOR CREDIT CORP 379,041.00

CORPORATE NOTES
DTD 01/12/2023 4.625% 01/12/2028

NATIONAL RURAL UTIL COOP CORP

NOTES (CAL
DTD 02/07/2018 3.400% 02/07/2028
637432NP6
110122DE5
350,000.00
375,000.00
A- A1
A2
2/17/2023 2/22/2023
3/9/2023 3/13/2023
329,189.00 4.76
358,263.75 4.93
1,785.00
1,665.63
66,860.13
329,625.67
358,439.92
332,439.10
BRISTOL-MYERS SQUIBB CO CORP 367,566.75

NOTES (CALL
DTD 07/15/2020 3.900% 02/20/2028
A+
Security Type Sub-Total
Agency CMBS
11,420,000.00 11,424,534.90 2.80 11,332,201.72 10,940,837.65 FHMS K043 A2 3137BGK24 250,000.00 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 1.95 637.92 254,412.10 243,603.55 DTD 03/01/2015 3.062% 12/01/2024
Security Type Sub-Total 250,000.00 262,382.81 1.95 637.92 254,412.10 243,603.55 36 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
ABS
GMALT 2021-1 A4
DTD 02/24/2021 0.330% 02/20/2025
36261RAD0
380144AD7
44933LAC7
65480BAC1
89190GAC1
43815GAC3
14314QAC8
44935FAD6
254683CP8
362554AC1
14318MAD1
65480JAC4
36265QAD8
891940AC2
14041NGB1
41285JAD0
85,000.00
35,000.00
57,128.64
273,072.88
278,383.99
100,000.00
89,088.86
80,000.00
195,000.00
85,000.00
210,000.00
140,000.00
275,000.00
245,000.00
245,000.00
170,000.00
NR Aaa
NR
NR
Aaa
NR
2/17/2021 2/24/2021
5/18/2021 5/26/2021
4/20/2021 4/28/2021
6/15/2021 6/23/2021
6/8/2021 6/14/2021
84,987.17 0.33
34,997.05 0.41
57,122.63 0.38
273,068.26 0.33
278,354.01 0.26
99,978.92 0.89
89,069.66 0.52
79,982.14 0.75
194,958.25 0.58
84,997.83 0.68
209,995.04 3.97
139,971.03 4.46
274,954.93 4.82
244,999.88 4.63
244,961.56 4.95
169,982.88 5.05

8.57 84,993.92
34,998.42
57,125.27
273,070.16
278,366.17
99,985.76
89,077.39
79,987.59
194,970.93
84,998.47
209,995.77
139,974.20
274,959.29
244,999.88
244,964.73
169,983.24
84,252.35
34,177.29
55,424.05
262,799.39
268,579.06
95,414.99
86,011.81
76,374.26
183,240.37
80,596.32
205,584.83
138,969.18
275,665.50
244,676.21
247,525.53
171,302.59
GMALT 2021-2 A4
DTD 05/26/2021 0.410% 05/20/2025
AAA
AAA
AAA
AAA
NR

4.38 HART 2021-A A3 9.65
DTD 04/28/2021 0.380% 09/15/2025
NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025

40.05 32.17

24.44 20.59

26.31 50.27

24.08 370.53
277.51
552.29
504.16
539.00
381.56
TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
Aaa 11/16/2021 11/24/2021
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
NR
NR
NR
4/13/2021 4/21/2021
11/9/2021 11/17/2021
9/20/2021 9/27/2021
HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
Aaa
GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
Aaa 10/13/2021 10/21/2021
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
NR
Aaa
NR
NR
NR
Aaa
7/12/2022 7/20/2022
9/20/2022 9/28/2022
10/4/2022 10/12/2022
1/24/2023 1/30/2023
10/27/2022 11/3/2022
2/13/2023 2/23/2023
NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
37 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity
S&P
Rating
Moody's Trade Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
CUSIP Par Rating Date Value
ABS
FORDO 2023-A A3 344928AD8 130,000.00 AAA NR 3/28/2023 3/31/2023 129,986.44 4.65 16.79 129,986.45 130,238.44 DTD 03/31/2023 4.650% 02/15/2028
Security Type Sub-Total 2,692,674.37 2,692,367.68 2.71 2,882.35 2,692,437.64 2,640,832.17 Managed Account Sub Total
Securities Sub Total
Accrued Interest
53,152,674.37
$53,168,583.52
51,615,166.07 2.86 236,084.47 51,690,828.28
$51,706,737.43
50,363,475.91
$50,379,385.06
$236,084.47
$51,631,075.22 2.86% $236,084.47
Total Investments $50,615,469.53
38 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com. © 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 39 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Appendix
Important Disclosures
This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Trust's investment objectives, risks, charges, and expenses before investing in the Trust. This and other information about the Trust is available in the Trust's current Information Sheet, which should be read carefully before investing. A copy of the Trust's information Statement may be available by calling 1-800-729-7665 or is available on the Trust's website at www.camponline.com. While the Cash Reserve Portfolio seeks to maintain a stable net asset value of $1.00 per share and the CAMP TERM Portfolio seeks to achieve a net asset value of $1.00 per share at the stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC.

Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimated market value.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.

Money market fund/cash balances are included in performance and duration computations.

Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

MBS maturities are represented by expected average life. 40 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Agencies: Federal agency securities and/or Government-sponsored enterprises.

Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.

Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added or subtracted from the overall portfolio performance.

Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not.

FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Interest Rate: Interest per year divided by principal amount and expressed as a percentage.

Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

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

Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Par Value: The nominal dollar face amount of a security.

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.
41 © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2023
CITY OF LAKE ELSINORE Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions are binding on its members.

Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.

U.S. Treasury: The department of the U.S. government that issues Treasury securities.

Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis.

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 42 © PFM Asset Management LLC | pfmam.com

Page 1 of 3 ends

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Barbara Leibold, City Attorney
Candice Alvarez, MMC, City Clerk
Date: May 23, 2023
Subject: Planning Commission Terms
Recommendation
Option 1

1. Extend the terms of office for Planning Commissioners as follows:
• Commissioners Peters to June 30, 2027 (currently June 30, 2026) • Commissioner Carroll to June 30, 2025 (currently June 30, 2024) • Commission Gray to June 30, 2025 (currently June 30, 2024) (see discussion in staff report regarding follow-up two year term)
• the currently vacant seat for District 4 to June 30, 2025 (currently June 30, 2026) • the soon-to-be-vacant seat for District 5 to June 30, 2025 (currently June 30, 2024); and

2. Introduce by title only and waive further reading of AN ORDINANCE OF THE CITY COUNCIL

OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING AND RESTATING IN ITS ENTIRETY CHAPTER 2.24 (PLANNING COMMISSION) OF THE LAKE ELSINORE MUNICIPAL CODE.

Or
Option 2

1. Extend the terms of office for Planning Commissioners as follows:
• Commissioners Peters to December 31, 2026 (currently June 30, 2026) • Commissioner Carroll to December 31, 2024 (currently June 30, 2024) • Commission Gray to December 31, 2024 (currently June 30, 2024) (see discussion in staff report regarding follow-up two year term)
• the currently vacant seat for District 4 to December 31, 2024 (currently June 30, 2026) • the soon-to-be-vacant seat for District 5 to December 31, 2024 (currently June 30, 2024); and
Planning Commission Terms

Page 2 of 3 ends

2. Introduce by title only and waive further reading of AN ORDINANCE OF THE CITY COUNCIL

OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING AND RESTATING IN ITS ENTIRETY CHAPTER 2.24 (PLANNING COMMISSION) OF THE LAKE ELSINORE MUNICIPAL CODE; and

3. Amend Council Policy No. 200-5A Section G(1) regarding the selection of a Chair and Vice Chair.

Background
On January 27, 1975, the City Council adopted Ordinance No. 539 establishing the City’s Planning Commission and Design Review Board, providing for the appointment and removal of the Members, and prescribing their powers and duties.

On February 1, 2018, the City Council adopted Ordinance No. 1387 amending Lake Elsinore Municipal Code Chapter 2.09 providing for the election of five Members of the City Council by Districts.

After the establishment of the Measure Z Citizens Committee by Ordinance No. 1439 adopted by the voters of the City of Lake Elsinore on November 30, 2020, the City Council revised Council Policy No. 200-5A regarding Commission Appointments to formalize the City Council’s direction to convert to “by district” Commission appointments and allow Council Members to appoint someone from outside of their District should they not receive an acceptable application from anyone within their District.

Matthew Dobler, a resident of District 4, submitted a letter of resignation from the Planning Commission effective April 19, 2023. Rendell Klaarenbeek, a resident of District 5, submitted a letter of resignation from the Planning Commission effective June 30, 2023.

Discussion
Lake Elsinore Municipal Code Section 2.24.040 states “three members’ terms will expire on June 30, 1976, and two members’ terms will expire on June 30, 1978,” meaning that three of the current members' terms (for Commissioners Carroll and Gray and the soon-to-be-vacant seat for District 5) will currently expire on June 30, 2024 and two members’ terms (for Commissioners Peters and the currently vacant seat for District 4) will currently expire June 30, 2026.

However, since the City Council switched to district elections and converted to district Commission appointments, staff is recommending that the Commission’s term expirations be reassigned to align with the terms of office for the appointing Council Member.

The chart below summarizes the two options proposed by Staff for consideration:

Planning Commission Terms

Page 3 of 3 ends

Planning Commissioners Representing
District
Current
Term Ends
Option 1 Option 2
Jodi Peters District 1 6/30/2026 6/30/2027 12/31/2026
Michael Carroll District 2 6/30/2024 6/30/2025 12/31/2024 John Gray District 3** 6/30/2024 6/30/2025 12/31/2024
Vacant
(formerly Matthew Dobler)
District 4 6/30/2026 6/30/2025 12/31/2024
Rendell Klaarenbeek
(resignation effective 6/30/2023)
District 5 6/30/2024 6/30/2025 12/31/2024
** Appointment of a Planning Commissioner for District 3 for the term beginning 7/1/2025 (Option 1) or 1/1/2025 (Option 2) will be for a two-year term in order to align that Commissioner’s term with the City Council 2026 election cycle for District 3.

Option 1 provides for a Council Member, during the first six months of their term, to meet with the sitting Commissioner or seek a new Commissioner; however, the June term expiration date is not consistent with Measure Z Citizen Committee Members’ terms.

Under Option 2, a recently elected Council Members would appoint a new Commissioner almost immediately after the beginning of the Council Member’s term (that is, by December or January following the November elections). While this would result in the Planning Commissioners’ terms being consistent with Measure Z Citizen Committee Members’ terms; there is concern about potential delays in the appointment process occasioned by the holiday season.

Selection of Option 2 will require a minor revision to Council Policy No. 200-5A regarding the timing of selection of the Planning Commission’s Chair and Vice Chair. If Option 2 is selected by the City Council, a revised policy will be presented to the City Council for consideration in connection with the second reading of the ordinance amendment.

Fiscal Impact
There is no fiscal impact associated with this item.

Attachments
Attachment 1 - Ordinance
ORDINANCE NO. 2023 – _____

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING AND RESTATING IN ITS ENTIRETY CHAPTER 2.24 (PLANNING

COMMISSION) OF THE LAKE ELSINORE MUNICIPAL CODE
Whereas, the City Planning Commission was established by the City Council under Chapter 2.24 of the Lake Elsinore Municipal Code in accordance with state law; and Whereas, commencing in 2018, the City Council of the City transitioned from “at large” elections to election by Council district and on May 25, 2022, the City Council revised City Council Policy 200-5A to transition the appointment of Planning Commissioner from “at large” to Council district; and
Whereas, to implement the Council district appointment schedule, the City Council desires to amend Chapter 2.24 and adjust the terms of the existing Planning Commissioners; and Whereas, in order to sync the Planning Commission terms and appointments by district to the City Council election cycle as envisioned by City Council Policy and this Ordinance, the terms of Planning Commissioners presently serving through June 30, 2024 shall be extended to [June 30, 2025 (Option 1) or December 31, 2024 (Option 2) and the terms of Planning Commissioners serving through June 30, 2026 shall be extended to [June 30, 2027 (Option 1) or December 31, 2026 (Option 2)]; and
Whereas, to further in order to sync the Planning Commission terms and appointments by district to the City Council election cycle as envisioned by City Council Policy and this Ordinance, the Planning Commissioner appointed from District 3 shall serve a 2-year term commencing [July 1, 2025 (Option 1) or December 31, 2024 (Option 2)] and expiring [June 30, 2027 (Option 1) or December 31, 2026 (Option 2)] and, thereafter, the Planning Commissioner appointed from District 3 shall serve a four-year term as set forth in Section 2.24.040 of the Code.

NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES ORDAIN AS FOLLOWS:

Section 1. Chapter 2.24 Planning Commission of the Lake Elsinore Municipal Code is amended and restated in its entirety, as follows:

Chapter 2.24

PLANNING COMMISSION
Sections:

2.24.010 Created.

2.24.020 Membership.

2.24.030 Appointment – Removal.

2.24.040 Term of office.

2.24.050 Powers and duties.

2.24.060 Approval of obligations, expenses.

2.24.070 Compensation.

2.24.010 Created.

A City Planning Commission is created with membership, powers and duties as provided herein.

Unless another official or body is designated to perform a function or make a particular decision as provided in Title 17 of this code, the Planning Commission shall serve as the City’s Planning Agency within the meaning of the California Planning and Zoning laws, Government Code Section 65100 et seq.

2.24.020 Membership.

The Planning Commission shall consist of five members. Unless otherwise specifically provided by law, all members of the Planning Commission shall be at least 18 years of age and legally reside within the City limits at all times during their term. No member of any commission shall be a city employee or city official, nor shall any person be a member of more than one commission at any one time.

2.24.030 Appointment – Removal.

Except as provided hereinbelow, the members of the Planning Commission shall be appointed by the City Council “by district” with one member appointed from each of the five City Council Districts. Planning Commission members must reside in the Council District from which they are appointed. In the event the representative Council Member determines that there is no qualified applicant from the Council Member’s District, that Council Member may nominate and the City Council may appoint a Planning Commission member from any remaining qualified applicants residing in the City but outside that Council District. All Planning Commission appointments and reappointments shall be made at a regularly scheduled City Council meeting, and require an affirmative vote of not less than a majority of the Council present. Planning Commissioners serve at the pleasure of the City Council and may be removed by an affirmative vote of not less than a majority of the Council present at a regularly scheduled meeting.

2.24.040 Term of office.

The members of the Planning Commission shall be appointed for a term of four years.

Commencing [July 1, 2025 (Option 1) or January 1, 2025 (Option 2)] the term of the Planning Commissioners from City Council Districts 2, 3 and 5 shall expire [June 30, 2029 (Option 1) or December 31, 2028 (Option 2)] and the term of the Planning Commissioners from City Council Districts 1 and 3 shall commence [July 1, 2027 (Option1) or January 1, 2027 (Option 2)] and shall expire [June 30, 2031 (Option 1) or December 31, 2030 (Option 2)].

2.24.050 Powers and duties.

The Planning Commission shall have the powers and duties set forth in Title 7, Chapters 3 and 4 of the California Government Code and such additional duties, powers and functions as the City Council may from time to time provide.

2.24.060 Rules of procedure and administrative matters.

Procedural rules and administrative matters regarding Commission appointments, vacancies, meetings, obligations and expenses shall be governed by polices adopted by City Council resolution.

2.24.070 Compensation.

The City Council shall from time to time, by resolution, fix the compensation of Planning Commissioners.

Section 2. CEQA. This Ordinance is exempt from the California Environmental Quality Act in accordance with Section 15061(b) (3) there is no possibility that the activity in question may have a significant effect on the environment.

Section 3. Severability. If any provision of this Ordinance or its application is held invalid by a court of competent jurisdiction, such invalidity shall not affect other provisions, sections, or applications of the Ordinance which can be given effect without the invalid provision or application, and to this end each phrase, section, sentence, or word is declared to be severable.

Section 4. Effective Date. This Ordinance shall become effective at 12:01 a.m. on the thirty-first (31st) day after the date of adoption.

Section 5. Certification. The City Clerk shall certify to the passage of this Ordinance and shall cause a synopsis of the same to be published according to law.

Passed and Adopted on this _____day of __________ , 2023.

Natasha Johnson
Mayor
Attest:

Candice Alvarez, MMC
City Clerk

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Ordinance No. 2023-____ was introduced by the City Council of the City of Lake Elsinore, California, at the Regular meeting of May 23, 2023 and adopted at the Regular meeting of _________ ___, 2023 and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Candice Alvarez, MMC
City Clerk

Lake Elsinore City CouncilMay 23, 2023

Lake Elsinore City Council
May 23, 2023