Agenda packet — Lake Elsinore City Council, July 23, 2024 (part 1 of 4)

City of Lake Elsinore
City Council Meeting
Agenda – Final

Steve Manos, Mayor
Brian Tisdale, Mayor Pro Tem
Timothy J. Sheridan, Council Member
Natasha Johnson, Council Member
Robert E. Magee, Council Member
Jason Simpson, City Manager
Meeting Date:

July 23, 2024

Closed Session: 5:00 PM
Public Session: 7:00 PM

Cultural Center
183 N. Main Street
Lake Elsinore, CA 92530

The City of Lake Elsinore appreciates your attendance. Citizens’ comments, input and interests provide the City Council with valuable information regarding issues of the community.

Meeting Information
Meetings are held on the 2 nd and 4 th Tuesday of every month, and the agenda is posted 72 hours prior to each meeting outside of City Hall. The agenda and related reports are also available on the City’s website at www.Lake-Elsinore.org. Meetings are conducted in person, televised live on Spectrum Cable Station Channel 29 and Frontier Cable Channel 31, and streamed online at http://www.lake-elsinore.org/city-government/city-council/webcast-videos. If you are attending the meeting in person, please park in the parking lot across the street from the Cultural Center to assist us in limiting the impact of meetings on the Downtown Business District. Thank you for your cooperation.

Public Comments – Addressing the City Council
Any person wishing to address the City Council on items not included on the Agenda may do so during Public Comments for 1 minute at the beginning of the meeting or during Public Comments for 3 minutes at the end of the meeting. We respectfully ask those interested in addressing the City Council to either submit a request to speak online at http://www.lake-elsinore.org/city- government/agendas-and-minutes or complete and present a “Request to Speak” form to the City Clerk at the meeting. This Form is available on the table located inside the Council Chamber.

Members of the public may also provide comments on Agenda items by noting the item on the “Request to Speak” form and will be called to address the City Council when the item is considered by the City Council during the meeting.

Written Communications
If you would like to submit written public comments, you may do so prior to the meeting either by entering them online at the link above or emailing them to the City Clerk at calvarez@lake- elsinore.org. Any written communications or additional documents distributed to the City Council within 72 hours of the meeting will also be made available to the public in accordance with Government Code Section 54957.5.

Accessibility Accommodations
In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the City Clerk’s Department at (951) 6743124 Ext. 269, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 2

Dream Extreme 2040 is the City’s FIRST long-term strategic plan to assist the City in its pursuit of achieving its vision. The plan is a living document that will be updated regularly and serve as the framework to guide all decision-making over the next 20 years by identifying key Anchors, Aspirations, and Strategies.

Our Vision is the City of Lake Elsinore will be the ultimate destination where all can live, work, play, build futures, and fulfill dreams.

The Anchors are the City of Lake Elsinore’s unique community assets and opportunities: The Lake, Downtown, and Action and Adventure.

• The Lake: Lake Elsinore is a vital community asset. Protecting, enhancing, and celebrating the Lake is critical to Lake Elsinore’s City and community health.

• Downtown: Enhancing and creating the highest quality downtown experience will serve to create a strong sense of place that will shape the City’s identity as a place where residents and visitors can live, work, and play.

• Action and Adventure: Lake Elsinore’s programs, facilities, and natural environment will define the City as a destination for action and adventure for both visitors and residents.

Our Aspirations are broad, long-term goals that encapsulate what we hope to achieve in Lake Elsinore’s future. The City has identified 4 key aspirations to work towards.

Items on the agenda that align with Aspirations from the Dream Extreme 2040 Plan are noted by the Aspiration’s icon to highlight City Council actions that help the City pursue its goals.

To read the plan and learn more about its implementation in the City, visit www.Lake-Elsinore.org/DreamExtreme2040.

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 3

CALL TO ORDER

The regular meeting of the City Council will be called to order.

ROLL CALL

PUBLIC COMMENTS ON CLOSED SESSION ITEMS

CLOSED SESSION - 5:00 P.M.

A. CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION

Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Gov’t Code Section 54956.9: 2 potential cases

B. CONFERENCE WITH REAL PROPERTY NEGOTIATORS

(Gov’t Code Section 54956.8)
Property: APNs: 371-100-015
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Liberty Founders, LLC Under negotiation: Price and terms of payment

C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 374-174-018, 374-263-002, -003, -005 and -006 Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and LiLi
Under negotiation: Price and terms of payment

D. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 374-263-001
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and David E. Reynolds Under negotiation: Price and terms of payment

E. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 374-262-013
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Brian V. Lam Under negotiation: Price and terms of payment

F. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 373-270-001, -002, and -003
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Gregory/Holly Scrimshaw Under negotiation: Price and terms of payment

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 4

G. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 378-282-014 and -015
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Hoang Oanh Trust dated 4/14/2021 Under negotiation: Price and terms of payment

H. CONFERENCE WITH REAL PROPERTY NEGOTIATOR

(Gov’t Code Section 54956.8)
Property: APN 375-240-014, -015, -016, -017, -018 and -019 Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Mike/Philip Latorre Under negotiation: Price and terms of payment

RECESS

The City Council will recess to Closed Session.

RECONVENE/CALL TO ORDER - 7:00 P.M.

The Regular Meeting of the City Council will reconvene and the Regular Meeting of the Successor Agency will be called to order.

PLEDGE OF ALLEGIANCE

ROLL CALL

CLOSED SESSION REPORT

PRESENTATIONS/CEREMONIALS

1) Certificates of Appreciation from Rice Canyon Elementary School PTA

2) Calfire 2024 Second Quarter Statistical Update

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE

(Please read & complete a Request to Address the City Council/Successor Agency form prior to the start of the meeting and turn it in to the City Clerk/Clerk. The Mayor/Chair or City Clerk/Clerk will call on you to speak.)

CITY COUNCIL CONSENT CALENDAR

3) Minutes of the Regular City Council Meeting of July 9, 2024

Approve the Minutes.

4) CC Warrant Report Dated June 24, 2024 to June 30, 2024

Receive and file.

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 5

5) CC Warrant Report Dated July 01, 2024 to July 07, 2024

Receive and file.

6) CC Warrant Report Dated July 08, 2024 to July 14, 2024

Receive and file.

7) CC Investment Report for June 2024

Receive and file the Investment Report for June 2024.

8) Mary McDonald Riley Street Senior Apartments Project Budget, Loan Agreement (ARPA), expenditure of Low- and Moderate-Income Housing Asset Funds (LMIHAF) and Affordability Covenants for the Project Located at 200 North Riley Street

Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, ACTING AS HOUSING SUCCESSOR TO THE FORMER

REDEVELOPMENT AGENCY, APPROVING A CONSTRUCTION BUDGET, AN

ARPA LOAN AGREEMENT WITH RIVERSIDE COUNTY AND THE EXPENDITURE OF UP TO $3,687,500 FROM THE CITY’S LOW AND MODERATE INCOME

HOUSING ASSET FUND (LMIHAF) FOR CONSTRUCTION AND DEVELOPMENT OF THE MARY McDONALD RILEY STREET SENIOR APARTMENTS PROJECT

AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH INCLUDING APPROVAL OF LONG-TERM USE AND AFFORDABILITY COVENANTS.

9) Purchase of Vacant Real Property for Open Space/Habitat Preservation Purposes (APN 371-100-015) for $206,041.76 Plus Closing Costs

Approve the purchase of approximately 8.91 acres of vacant property (APN 371-100- 015) for $206,041.76, plus closing costs, for open space/habitat preservation purposes consistent with the Western Riverside County Multiple Species Habitat Conservation Plan (MSHCP) and authorize the City Manager to execute the Agreement and Escrow Instructions for the Purchase and Sale of Real Property and such other ancillary documents as may be necessary to complete the purchase, in such final form as approved by the City Attorney.

10) Agreement With American Lady Vet Services for Annual Lake Maintenance and Liquid Algaecide Treatment

Approve and authorize the City Manager to execute the Contractor Services Agreement with American Lady Vet Services, Inc., in an amount not to exceed $443,125 in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not to exceed a 10% contingency amount of $44,313 for uncertainties and adjustments.

11) Professional Services Agreement with Kimley-Horn and Associates, Inc. for Environmental Documentation for the Riverside Drive Apartments Project.

Approve and authorize the City Manager to execute an agreement/contract with Kimley-Horn, Inc. in an amount not to exceed $78,600 to prepare California Environmental Quality Act (CEQA) Compliance documents, in such final form as approved by the City Attorney.

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 6

12) Reimbursement Agreement with Pulte Homes for Pavement Improvements

Approve and authorize the City Manager to execute a reimbursement agreement with Pulte Home, Inc. in the amount of $128,915.20 for pavement improvements in such final form as approved by the City Attorney.

13) Final Map 38116, Lakeside

1. Approve Final Map 38116 subject to the City Engineer’s acceptance as being true and correct;

2. Authorize the City Clerk to sign the map and arrange for recordation of Final Map 38116; and

3. Authorize the City Manager to execute the Construction Agreements for Street Improvements and Monumentation.

14) Grant of Easement to Southern California Edison near Lake Street

Approve and authorize City Manager to process the easement documents and instruct staff to forward the documents to Southern California Edison for recordation.

15) Professional Services Agreement to Provide Plan Check of Temescal Canyon Road Realignment Segment C Design

Approve and authorize City Manager to execute an Agreement for Professional Services in the amount up to $70,824.05, plus 10% contingency, to provide an engineering plan check of Temescal Canyon Road Segment C design, in such final form as approved by the City Attorney.

16) Notice of Completion for Serenity Park Fitness Trail

Accept the improvements for the Serenity Park Fitness Trail project completed by Cotter Construction and authorize the City Clerk to file the Notice of Completion with the County Recorder.

17) Amendment No. 1 to the Agreement for Contractor Services with Prudential Overall Supply for Additional Employee Uniform, Shop Towels, and Logo Mat Services

Approve and authorize the City Manager to execute Amendment No. 1 to the Agreement with Prudential Overall Supply for additional employee uniforms, shop towels, and logo mat services and to increase compensation by an additional $2,784.00 for a total not to exceed $23,784.00 per Fiscal Year in such final form as approved by the City Attorney.

18) Amendment No. 1 to the Agreement for Contractor Services with Safety-Kleen Systems, Inc. for Additional Environmental Services

Approve and authorize the City Manager to execute Amendment No. 1 to the Agreement with Safety-Kleen Systems, Inc. to increase compensation by an additional $3,031.24 for a total not to exceed $13,031.24 per Fiscal Year for additional environmental services in such final form as approved by the City Attorney.

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 7

SUCCESSOR AGENCY CONSENT CALENDAR

19) Minutes of the Regular Successor Agency Meeting of July 9, 2024

Approve the Minutes.

20) SA Warrant Report Dated June 24, 2024 to June 30, 2024

Receive and file.

21) SA Warrant Report Dated July 01, 2024 to July 07, 2024

Receive and file.

22) SA Warrant Report Dated July 08, 2024 to July 14, 2024

Receive and file.

23) SA Investment Report for June 2024

Receive and file.

24) On-call and Construction Contractor Services Agreement in Support of Successor Agency of the Redevelopment Agency of the Agency of Lake Elsinore Minor Construction, Maintenance, and Operations

Approve and authorize the Executive Director to execute an agreement with United Carports, LLC for minor construction, maintenance, and operations in an amount not to exceed $150,000.00 in such final form as approved by the Agency Attorney.

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES

CITY MANAGER COMMENTS

CITY ATTORNEY COMMENTS

CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED

ADJOURNMENT

The Lake Elsinore City Council will adjourn to the next Regular meeting of Tuesday, August 13, 2024 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.

City Council Agenda - Final July 23, 2024

City of Lake Elsinore Page 8

AFFIDAVIT OF POSTING

I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, do hereby affirm that a copy of the forgoing agenda was posted at City Hall at 5:00 p.m. on Thursday, July 18, 2024.

_________________________
Candice Alvarez, MMC
City Clerk

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Gov’t Code Section 54956.9: 2 potential cases

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATORS
(Gov’t Code Section 54956.8)
Property: APNs: 371-100-015
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Liberty Founders, LLC Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 374-174-018, 374-263-002, -003, -005 and -006 Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and LiLi
Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 374-263-001
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and David E. Reynolds Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 374-262-013
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Brian V. Lam Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 373-270-001, -002, and -003
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Gregory/Holly Scrimshaw Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 378-282-014 and -015
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Hoang Oanh Trust dated 4/14/2021
Under negotiation: Price and terms of payment

Page 1 of 1 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
Date:July 23, 2024
Subject: CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 375-240-014, -015, -016, -017, -018 and -019 Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Mike/Philip Latorre Under negotiation: Price and terms of payment

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Candice Alvarez, MMC, City Clerk
Date:July 23, 2024
Subject:Certificates of Appreciation from Rice Canyon Elementary School PTA City Council

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Candice Alvarez, MMC, City Clerk
Date:July 23, 2024
Subject:Minutes of the Regular City Council Meeting of July 9, 2024 Recommendation
Approve the Minutes.

Attachments
Attachment 1- Draft Minutes
City Clerk’s Office

City of Lake Elsinore
City Council Meeting
Minutes – Draft

Steve Manos, Mayor
Brian Tisdale, Mayor Pro Tem
Timothy J. Sheridan, Council Member
Natasha Johnson, Council Member
Robert E. Magee, Council Member
Jason Simpson, City Manager
Meeting Date:

July 09, 2024

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 Meeting of the City Council was called to order at 7:00 p.m.

PLEDGE OF ALLEGIANCE

Council Member Sheridan led the Pledge of Allegiance.

ROLL CALL

Present: 5 - Council/Agency Members Sheridan, Johnson, and Magee; Mayor Pro Tem/Vice Chair Tisdale; and Mayor/Chair Manos

Absent: 0 - None

PRESENTATIONS/CEREMONIALS

1) Riverside County Sheriff's Office 2024 Second Quarter Statistical Update

Captain Rayls presented the update.

2) Recognition of Battalion Chief Scott Wetherholt

Mayor Manos presented a Certificate of Recognition to Battalion Chief Scott Wetherholt.

3) Recognition of Battalion Chief Jeff Roberts

Mayor Manos presented a Certificate of Recognition to Battalion Chief Jeff Roberts.

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE

Douglas Norfolk was called to speak.

Ace Vallejos was called to speak.

City Council Minutes - Draft July 09, 2024

City of Lake Elsinore Page 2

CITY COUNCIL CONSENT CALENDAR

A motion was made by Council Member Johnson, seconded by Mayor Pro Tem Tisdale to approve the City Council Consent Calendar with Item No. 14 being removed for discussion. The motion carried by the following vote:

Aye: 5 Council Members Sheridan, Johnson, and Magee; Mayor Pro Tem Tisdale; and Mayor Manos
Nay: 0 None

4) Minutes of the Special City Council Meeting of June 18, 2024 and Regular City Council Meeting of June 25, 2024

Approve the Minutes.

This item was approved on the City Council Consent Calendar.

5) CC Warrant Report Dated June 17, 2024, to June 23, 2024

Receive and file.

This item was approved on the City Council Consent Calendar.

6) Amendment No. 2 to On -call Services Agreement with Ak Security Alarm, LLC. for Minor Construction and Repair Services.

Approve and authorize the City Manager to execute Amendment No. 2 to the Agreement for On- Call Services with AK Security Alarm, LLC. for minor construction and repair services in an amount not to exceed $550,000.00 per fiscal year in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

7) Agreement with Engineering Resources of Southern California Inc. for the Civil Engineering Services of the New City Library Project (CIP Project Z20003)

Approve and authorize the City Manager to execute a Professional Services Agreement for $127,385.00 for the Civil Engineering Services of the New City Library Project (CIP Project Z20003) in such final form as approved by the City Attorney and authorize the City Manager to approve change orders up to 10% of the agreement for $12,738.50.

This item was approved on the City Council Consent Calendar.

8) Independent Contractor Agreement for Instruction with National Junior Basketball League

Approve and authorize the City Manager to execute an agreement/contract with National Junior Basketball League in an amount not to exceed $60,000 for basketball league, practices, games, and instruction in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not exceeding a 10% contingency of $6,000 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft July 09, 2024

City of Lake Elsinore Page 3

9) Independent Contractor Agreement for Instruction with Lorena Hancock

Approve and authorize the City Manager to execute an agreement with Lorena Hancock in an amount not to exceed $50,000 for recreation classes in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not exceeding a 10% contingency of $5,000 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

10) Professional Services Agreement for Heyday Records & Events

Approve and authorize the City Manager to execute an agreement/contract with Heyday Records & Events in an amount not to exceed $100,000 for Live Performance Support Services in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not exceeding a 10% contingency of $10,000 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

11) Professional Services Agreement with Searle Creative Group for On -call Marketing and Design Services

Approve and authorize the City Manager to execute a Professional Services Agreement with Searle Creative Group in an amount not to exceed $35,000 for on -call marketing and design services for fiscal year 2024/25 in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

12) Professional Services Agreement with Fehr & Peers for On -call Traffic Engineering Services

Approve and authorize the City Manager to execute an agreement with Fehr & Peers in an amount not to exceed $132,000 for on -call traffic engineering services in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

13) Professional Services Agreement with Lynn Merrill & Associates, Inc. for Technical Support for the City’s National Pollutant Discharge Elimination System (NPDES) Compliance

Approve and authorize the City Manager to execute a Professional Services Agreement with Lynn Merrill and Associates for NPDES related compliance and consulting in an amount not to exceed $44,000 for a two- year contract term in final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft July 09, 2024

City of Lake Elsinore Page 4

14) Approve Placing Delinquent Refuse Bills on the FY 2024-2025 Tax Roll

Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, AFFIRMING THE REPORT OF DELINQUENT RESIDENTIAL REFUSE FEES AND DIRECTING THEIR COLLECTION ON THE PROPERTY TAX ROLLS.

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

15) Purchase of Real Property for Drainage Purposes (APN 378-030-027)

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

ELSINORE, CALIFORNIA, APPROVING THE ACQUISITION OF ONE

RIVERSIDE COUNTY TAX-DEFAULTED PROPERTY FOR THE APPROXIMATE PURCHASE PRICE OF $90,887.19 PLUS ASSOCIATED ADMINISTRATIVE COSTS FOR ASSESSOR’S PARCEL NUMBER (APN) 378-030-027; and

2. Approve and authorize the City Manager to enter into a purchase agreement for the Acquisition of the property in final form as approved by the City attorney.

This item was approved on the City Council Consent Calendar.

ITEM REMOVED FROM THE CITY COUNCIL CONSENT CALENDAR FOR DISCUSSION

14) Approve Placing Delinquent Refuse Bills on the FY 2024-2025 Tax Roll

Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, AFFIRMING THE REPORT OF DELINQUENT RESIDENTIAL REFUSE FEES AND DIRECTING THEIR COLLECTION ON THE PROPERTY TAX ROLLS.

City Engineer Habib presented the staff report.

A motion was made by Council Member Johnson, seconded by Council Member Magee to adopt the Resolution. The motion carried by the following vote:

Aye: 5 Council Members Sheridan, Johnson, and Magee; Mayor Pro Tem Tisdale; and Mayor Manos
Nay: 0 None

SUCCESSOR AGENCY CONSENT CALENDAR

A motion was made by Vice Chair Tisdale, seconded by Agency Member Johnson to approve the Successor Agency Consent Calendar . The motion carried by the following vote:

Aye: 5 Agency Members Sheridan, Johnson, and Magee; Vice Chair Tisdale; and Chair Manos
Nay: 0 None

16) Minutes of the Regular Successor Agency Meeting of June 25, 2024

Approve the Minutes.

This item was approved on the Successor Agency Consent Calendar.

City Council Minutes - Draft July 09, 2024

City of Lake Elsinore Page 5

17) SA Warrant Report Dated June 17, 2024 to June 23, 2024

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

PUBLIC HEARING

18) Resolution of Necessity and Authorization to Commence Eminent Domain Proceedings to Acquire Easements in and to Real Property Necessary for the Murrieta Creek Regional Trail Project

1. Conduct a public hearing on the proposed Resolution of Necessity; and

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

ELSINORE, CALIFORNIA, FINDING AND DETERMINING THE PUBLIC

INTEREST AND NECESSITY FOR ACQUIRING AND AUTHORIZING THE

CONDEMNATION OF EASEMENTS IN AND TO CERTAIN REAL PROPERTY WITHIN THE CITY OF LAKE ELSINORE.

The Public Hearing was opened at 7:27 p.m.

City Clerk Alvarez noted that t wo written communications were received, entered into the record, and distributed to the City Council.

City Engineer Habib presented the staff report.

There were no speakers.

The Public Hearing was closed at 7:36 p.m.

A motion was made by Mayor Pro Tem Tisdale, seconded by Council Member Johnson to adopt the Resolution. The motion carried by the following vote:

Aye: 5 Council Members Sheridan, Johnson, and Magee; Mayor Pro Tem Tisdale; and Mayor Manos
Nay: 0 None

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - THREE MINUTES

Darren Hagen was called to speak.

CITY MANAGER'S COMMENTS

City Manager Simpson recognized Battalion Chiefs Wetherholt and Roberts and thanked them for their service to the City.

CITY ATTORNEY COMMENTS

City Attorney Leibold had no comments.

City Council Minutes - Draft July 09, 2024

City of Lake Elsinore Page 6

CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED

Council Member Magee provided updates from the Riverside County Transportation Commission; invited the community to attend the Lake Elsinore Car Cruise from 4:00 – 8:00 p.m. on Saturday, July 27, 2024 on Historic Downtown Main Street; and reminded residents to protect their pets in the heat.

Council Member Johnson recognized Battalion Chiefs Wetherholt and Roberts; reported on her attendance at the Western Riverside County Regional Conservation Authority meeting on July 1, 2024; shared an update on the State Route 91 at Bundy Canyon undercrossing, mountain Lion and Bundy Canyon project, and Mountain Lion Biology; reported on the Southwest Riverside County Higher Education Coalition meeting; provided updates from the Homeless Task Force; and encouraged the community to donate toys for the COPS for kids Christmas in July Toy Drive.

Council Member Sheridan provided updates from the Legislature and California Courts.

Mayor Pro Tem Tisdale congratulated Battalion Chiefs Wetherholt and Roberts and encouraged residents to report any suspicious activities or crimes.

Mayor Manos shared the grand opening of Ringside Bar & Grill on June 29, 2024; announced that the Main Street Pedestrian Safety Improvements and Information Technology Infrastructure Project will be underway from July 2024 through February 2025; and shared the success of the July 4th weekend events at Diamond Stadium featuring the World’s Largest Rubber Duck.

ADJOURNMENT

The Lake Elsinore City Council adjourned at 8:14 p.m. to the next Regular meeting of Tuesday, July 23, 2024 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.

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REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:July 9, 2024
Subject: CC Warrant Report Dated June 24, 2024 to June 30, 2024 Recommendation
Receive and File.

Discussion
The Warrant Report lists all general checks issued since the prior Warrant Report.

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORECITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 210,972.43 $
103 THE ANCHOR 4,083.17
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 18,259.29 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 14,924.02 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 750.06 180 LAUNCH POINTE 59,883.75
300 INSURANCE SERVICES 765,757.00
305 INFORMATION SYSTEMS SERVICE 80,117.07
310 SUPPORT SERVICE 355.69
315 FLEET SERVICE 16,959.28
320 FACILITIES SERVICE 17,738.61
330 CFD 2015-2S MAINTENANCE SERVICES 1,152.70
331 CFD 2006-1 IA-CC SUMMERLY IMPROVEMENT 787.19
332 CFD 2006-1 IA-B SUMMERLY IMPROVEMENT 787.19
333 CFD 2015-4 TERRACINA IMPROVEMENT 787.19
334 CFD 2015-5 TRIESTE IMPROVEMENT 766.64
335 CFD 2003-2 IA-E CANYON HILLS IMPROVEMENT 766.64
336 CFD 2006-1 IA-FF SUMMERLY IMPROVEMENT 766.64
337 CFD 2016-2 CANYON HILLS IMPROVEMENT 744.31
338 CFD 2006-1 IA-JJ SUMMERLY IMPROVEMENT 766.65
339 CFD 2006-1 IA-KK SUMMERLY IMPROVEMENT 787.19
340 CFD 2006-1 IA-EE SUMMERLY IMPROVEMENT 766.64
342 CFD 2007-5S RED KITE SERVICES 562.28
343 CFD 2006-2S VISCAYA SERVICES 562.28
344 CFD 2005-2S ALBERHILL RANCH SERVICES 562.28
345 CFD 2003-2 IA-D CANYON HILLS IMPROVEMENT 1,553.83
347 CFD 2006-1 IA-A SUMMERLY IMPROVEMENT 1,349.47
350 CFD 98-1 SUMMERHILL IMPROVEMENT 787.19
351 CFD 2006-1 IA-II SUMMERLY IMPROVEMENT 787.19
354 CFD 90-2 TUSCANY HILLS IMPROVEMENT 4,207.45
357 CFD 2003-2 IA-A CANYON HILLS IMPROVEMENT 1,302.81
358 CFD 2007-4S MAKENNA SERVICES 562.28
359 CFD 2021-1 IA-2 TUSCANY VALLEY & CREST IMPROVEMENT 674.21 361 CFD 2022-2 LAKESHORE IMPROVEMENT 654.58
362 CFD 2006-8S RUNNING DEER ESTATES SERVICES 562.28
363 CFD 2023-1 LAKESIDE IMPROVEMENT 654.58
366 CFD 2005-6 CITY CENTER TOWNHOMES IMPROVEMENT 562.28 367 CFD 2006-1S SUMMERLY SERVICES 562.28
368 CFD 2006-2 VISCAYA IMPROVEMENT 562.28
369 CFD 2004-3 IA-1 ROSETTA CANYON IMPROVEMENT 787.19
370 CFD 2006-1 IA-HH SUMMERLY IMPROVEMENT 787.19
371 CFD 2005-1 SERENITY IMPROVEMENT 787.19
Attachment 1 1 of 2
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORECITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
372 CFD 2005-2 IA-A ALBERHILL RANCH IMPROVEMENT 787.19
373 CFD 2005-5S WASSON CANYON SERVICES 562.28
374 CFD 2005-4 LAKEVIEW VILLAS IMPROVEMENT 281.14
375 CFD 2006-4 ROSETTA HILLS IMPROVEMENT 281.14
376 CFD 2006-3 LA STRADA IMPROVEMENT 562.28
377 CFD 2006-6 TESSARA IMPROVEMENT 337.37
378 CFD 2006-8 RUNNING DEER ESTATES IMPROVEMENT 744.31
379 CFD 2022-1 ALBERHILL IMPROVEMENT 654.58
384 CFD 2003-2 IA-B CANYON HILLS IMPROVEMENT 2,698.94
385 CFD 2004-3 IA-2 ROSETTA CANYON IMPROVEMENT 787.19
386 CFD 2007-4 MAKENNA IMPROVEMENT 744.31
387 CFD 2007-5 RED KITE IMPROVEMENT 744.31
390 CFD 2003-2 IA-C CANYON HILLS IMPROVEMENT 2,024.21
392 CFD 95-1 CIVIC CENTER IMPROVEMENT 787.19
394 CFD 2005-5 WASSON CANYON IMPROVEMENT 562.28
395 CFD 2018-1 WASSON CANYON II IMPROVEMENT 531.66
396 CFD 2019-2 NICHOLS RANCH IMPROVEMENT 756.10
397 CFD 2019-1 WESTLAKE IMPROVEMENT 756.10
398 CFD 2021-1 IA-1 TUSCANY VALLEY & CREST IMPROVEMENT 674.21 500 CAPITAL IMPROVEMENT PLAN 247,119.61
620 COST RECOVERY TRUST DEPOSITS 20.00
631 DESTRATIFICATION EQUIPMENT REPLACEMENT 8,957.31
650 CFD 2003-1S LAW,FIRE, PARAMEDIC SERVICES 787.19
651 CFD 2006-5S PARK, OPEN SPACE, STORM DRAIN SERVICES 562.28 652 CFD 2007-1S LAW,FIRE, PARAMEDIC SERVICES 562.28
653 CFD 2009-1S PARK,OPEN SPACE,STREET LIGHT SERVICES 562.28 655 CFD 2015-1S LAW, FIRE, PARAMEDIC SERVICES 694.47
GRAND TOTAL 1,492,052.68 $
Attachment 1 2 of 2
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA24002989 ADVANTEC CONSULTING ENGINEERS, INC 1,155.00$ APA24002990 ANIMAL FRIENDS OF THE VALLEY 21,000.00
APA24002991 ARDURRA GROUP, INC. 240.00
APA24002992 ATKINSON, ANDELSON, LOYA, RUUD & ROMO 12,461.73 APA24002994 AZTECA CLEANING SERVICES LLC 26,226.24
APA24002995 BLACK TIE LAUNDRY 317.92
APA24002996 BLANKINSHIP & ASSOCIATES, INC. 2,090.00
APA24002997 CALIFORNIA, DEPARTMENT OF JUSTICE 245.00
APA24002998 CED LAGUNA 92.38
APA24002999 CHARLES ABBOTT ASSOCIATES, INC. 12,963.64
APA24003000 CHARTER COMMUNICATIONS 629.98
APA24003001 CONCENTRA 118.00
APA24003002 COTTER CONSTRUCTION, INC. 1,700.00
APA24003003 ENSURITY MOBILE CORP. 1,094.04
APA24003004 ERRANTE HITO 443.08
APA24003005 EVMWD 37,665.67
APA24003006 EXCEL LANDSCAPE, INC. 700.00
APA24003007 EXCLUSIVE RECOVERY, INC. 562.00
APA24003008 FCG CONSULTANTS, INC. 47,000.20
APA24003009 FEHR & PEERS 7,745.00
APA24003010 FRANCIS, MICHAEL J., MAI 9,350.00
APA24003011 FRONTIER CALIFORNIA - INTERNET 841.92
APA24003012 FRONTIER CALIFORNIA, INC. 63.22
APA24003013 GREAT AMERICA FINANCIAL SERVICES 349.07
APA24003014 HANCOCK, LORENA 4,597.50
APA24003016 HIT PRINT, INC. 1,097.14
APA24003017 IHEARTMEDIA ENTERTAINMENT INC. 1,666.67
APA24003018 INNOVATIVE DOCUMENT SOLUTIONS 6.62
APA24003019 KELLEN'S BAIT 85.50
APA24003020 LED LIGHTING SOLUTIONS 11,418.72
APA24003021 M & M AIR CONDITIONING 944.81
APA24003022 MICHAEL BAKER INTERNATIONAL, INC. 34,323.00 APA24003023 MURRIETA LOCK & SAFE, INC. 1,138.23
APA24003024 NSIDEOUT 1,770.00
APA24003025 O'REILLY AUTO STORES INC/FIRST CALL 373.68
APA24003026 PRESS-ENTERPRISE, THE 763.35
APA24003027 PRUDENTIAL OVERALL SUPPLY 463.73
APA24003028 ROBBINS PEST MANAGEMENT, INC. 3,785.00
APA24003029 SAFEGUARD BY FONTIS 587.98
APA24003030 SAN DIEGO ICE COMPANY, INC. 284.46
APA24003031 SHRED-IT USA, LLC 84.00
APA24003032 SIGN DESIGN 109.11
APA24003033 SOUTHERN CALIFORNIA EDISON CO. 38,465.29
Attachment 2 1 OF 4
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA24003034 STAPLES ADVANTAGE 1,355.50
APA24003035 STC TRAFFIC, INC. 9,085.00
APA24003036 STENO SOLUTIONS TRANSCRIPTION SERVICES, INC, 183.15 APA24003037 STK ARCHITECTURE, INC. 24,400.00
APA24003038 TYLER TECHNOLOGIES, INC. 60,000.00
APA24003039 WEST COAST SERVICES 1,325.00
APA24003040 WILSON MIKAMI CORPORATION 2,145.00
7115 AK SECURITY ALARM LLC 25,332.34
7116 AMAZON BUSINESS 5,220.83
7117 AREA 63 PRODUCTIONS 5,187.50
7118 CALIFORNIA JPIA 765,757.00
7119 DOWNS ENERGY 12,782.68
7120 ENDRESEN DEVELOPMENT, INC. 4,985.88
7121 ENDRESEN DEVELOPMENT, INC. 4,199.80
7122 ENDRESEN DEVELOPMENT, INC. 18,306.39
7123 ENDRESEN DEVELOPMENT, INC. 5,200.84
7124 ENDRESEN DEVELOPMENT, INC. 24,092.50
7125 ENDRESEN DEVELOPMENT, INC. 10,519.12
7126 ENDRESEN DEVELOPMENT, INC. 9,065.08
7127 ENDRESEN DEVELOPMENT, INC. 8,632.44
7128 ENDRESEN DEVELOPMENT, INC. 13,244.09
7129 ENGINEERING RESOURCES OF SO CA 9,839.75
7130 HALO BRANDED SOLUTIONS, INC 1,807.47
7131 HALO BRANDED SOLUTIONS, INC 1,044.97
7132 HALO BRANDED SOLUTIONS, INC 1,005.93
7133 HALO BRANDED SOLUTIONS, INC 783.09
7134 KPA SERVICES, LLC 2,042.51
7135 LAKE ELSINORE TIRE & AUTO, INC. 999.41
7136 PALMS PARK LLC 1,725.22
7137 PROSTAFF, LLC 19,687.50
7139 PURSUIT ELECTRIC, INC. 4,491.00
7140 SD FLAGS, BANNERS AND SIGNS 12,727.50
7141 SECURITAS SECURITY SERVICES USA, INC. 3,130.80
7142 SOUTHERN CALIFORNIA EDISON - SCE INSTALL 3,539.10
7143 SPICER CONSULTING GROUP 50,990.64
7147 WKE, INC. 20,975.21
7148 BARROZO, ANTHONY 291.15
7149 BASUBAS, EDGARDO 2,136.72
7150 BLOCK, DIANE 739.30
7151 BOBO, LAWRENCE 739.30
7152 BOONE, ROBERT 739.30
7153 BRADY, ROBERT A. 1,033.20
7154 CASTANEDA, FRANCISCO 184.72
7155 CHADD, DANIEL 2,824.84
7156 CHIPMAN, ROBIN 1,438.01
Attachment 2 2 OF 4
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
7157 DAVIS, CLAUDIA 2,136.72
7158 DAVIS, RITA 526.44
7159 DOUGLAS, JOSE A. 1,573.82
7160 ELKINS, MARIAN C. 291.15
7161 ESPINOZA, GUILLERMO PEREZ 492.58
7162 FAZZIO, JON 492.58
7163 FERGUSON, DAVID 2,105.94
7164 FOSTER, MAUREEN 492.58
7165 GIRON, DIANA 708.41
7166 GOMEZ, GUADALUPE 2,093.07
7167 GONZALES, RAMON 526.44
7168 GORDON, CAROL 161.43
7169 GULBRANSEN, ARLINE 184.72
7170 HANSEN, VI M. 184.72
7171 HOFFARTH, GARY 492.58
7172 HOUTZ, WILLIAM 167.79
7173 JECTER, MICHELE 739.30
7174 KILROY, PAT 739.30
7175 LEON, CHARLES KIM 291.15
7176 LEPPER, LUCIUS 291.15
7177 MACHOTT, RICHARD J. 739.30
7178 MAGEE, KIMBERLY 291.15
7179 MCDANIELS, DELORES 291.15
7180 MILLER, CORDIE 575.02
7181 MOLENDYK, RONALD 739.30
7182 NORTH, EDWARD L. 492.58
7183 ODONNELL, RAYMOND 291.15
7184 OROZCO, JERRY 1,438.01
7185 PAYNE, WILLIAM 654.66
7186 PEREZ, SHAR-MARIE 2,093.07
7187 PORCHE, DANA 492.58
7188 PREISENDANZ, ROLFE 739.30
7189 RAMIREZ, FRANCES 575.02
7190 REDMEIER, MICHAEL D. 739.30
7191 REID, SUSAN 739.30
7192 RUSSELL, LAWRENCE 739.3
7193 SANTA CRUZ, MARY 1,422.62
7194 SAPP, DAVID 656.20
7195 SOLORZANO, LEONEL 1,495.88
7196 STORAASLI, PEGGY 291.15
7197 TAYLOR, GRANT 526.44
7198 TEYLER, KENNETH 167.79
7199 THOMPSON, RITA 1,438.01
7200 TURK, JILL 739.30
Attachment 2 3 OF 4
JUNE 24, 2024 TO JUNE 30, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
7201 UNSWORTH, NOLA 989.86
7202 WAITE, DENNIS 1,438.01
7203 WATENPAUGH, RICHARD 739.30
7204 WILKIE, RAE 167.79
7205 YATES, GRANT 2,105.94
143592 SHERIFF'S SPECIAL EVENTS 500.00
143593 HEYDAY 6,650.00
143594 LAST CHANCE PERFORMANCE MARINE, INC. 854.39
143595 MANOS, STEVE 620.42
DFT240638 FRONTIER CALIFORNIA - INTERNET 477.69
DFT240639 FRONTIER CALIFORNIA - INTERNET 691.37
DFT240663 TASC 802.80
GRAND TOTAL 1,492,052.68 $
Attachment 2 4 OF 4

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:July 23, 2024
Subject:CC Warrant Report Dated July 01, 2024 to July 07, 2024 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued since the prior Warrant Report.

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
Administrative Services
JULY 01, 2024 TO JULY 07, 2024 CITY OF LAKE ELSINORECITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 714,779.66 $
103 THE ANCHOR 3,929.93
110 GAS TAX 31,693.36
121 TOTAL ROAD IMPROVEMENT PROGRAM 1,230.00
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 27,678.61 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 2,050.00 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 10,287.50 180 LAUNCH POINTE 100,787.45
300 INSURANCE SERVICES (14,045.70)
305 INFORMATION SYSTEMS SERVICE 26,830.03
310 SUPPORT SERVICE 792.61
315 FLEET SERVICE 16,215.03
320 FACILITIES SERVICE 29,505.10
500 CAPITAL IMPROVEMENT PLAN 170,414.83
620 TRUST DEPOSIT - B.A.M. (17.00)
GRAND TOTAL 1,122,131.41 $
Attachment 1 1 of 1
JULY 01, 2024 TO JULY 07, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA25000001 ACTION GAS & WELDING SUPPLY 214.36 $
APA25000002 AIRWAVE COMMUNICATION 21,286.59
APA25000003 AMERICAN LADY VETS, INC 28,500.00
APA25000004 ASCENT ENVIRONMENTAL, INC 7,550.00
APA25000005 BEAR SAVER 6,555.97
APA25000006 BLACK TIE LAUNDRY 2,082.06
APA25000008 CENTURY LINK 51.66
APA25000009 CHARTER COMMUNICATIONS 218.09
APA25000010 CHARTER COMMUNICATIONS 475.00
APA25000011 CINTAS CORPORATION NO. 2 228.70
APA25000012 CREATIVE INDUSTRIES MEDIA GROUP 2,885.25
APA25000013 EXCEL LANDSCAPE, INC. 21,598.00
APA25000014 FRONTIER CALIFORNIA - INTERNET 135.35
APA25000015 FRONTIER CALIFORNIA, INC. 5,260.25
APA25000016 GOLDSTAR ASPHALT PRODUCTS 143.55
APA25000017 HDL HINDERLITER, DE LLAMAS & ASSOCIATES 928.84 APA25000018 HELIX ENVIRONMENTAL PLANNING INC. 7,082.98
APA25000019 INTERSTATE STRIPING, INC. 82,438.02
APA25000020 KNORR SYSTEMS, INC. 4,735.19
APA25000021 LAKE ELSINORE UNIFIED SCHOOL DISTRICT 290.62 APA25000022 LAKE ELSINORE UNIFIED SCHOOL DISTRICT 297.00 APA25000023 LIEBERT CASSIDY WHITMORE 4,890.00
APA25000024 LIUNA LOCAL 777 780.00
APA25000025 PACIFIC PRODUCTS & SERVICES LLC 5,926.88
APA25000026 RIGHTWAY SITE SERVICES, INC. 4,829.97
APA25000027 RIVERSIDE COUNTY TRANSPORTATION & LAND MANAGEMENT 24,398.50 APA25000028 ROW TRAFFIC SAFETY, INC 443.70
APA25000029 SOUTHERN CALIFORNIA EDISON CO. 64,610.14
APA25000030 SOUTHERN CALIFORNIA GAS CO. 65.86
APA25000031 TOTAL CLEAN 10,287.50
APA25000032 URBAN FUTURES, INC. 12,830.63
APA25000033 VULCAN MATERIALS COMPANY 1,137.33
APA25000034 WILSON MIKAMI CORPORATION 63,967.76
APA25000035 ZONDA ADVISORY 18,000.00
7206 ALVAREZ ENTERPRISE SERVICES 11,180.51
7207 AMAZON BUSINESS 8,552.36
7208 CALIFORNIA DEPARTMENT OF TRANSPORTATION 11,944.35
7209 CHEN RYAN ASSOCIATES, INC. 23,126.20
7210 CM WASH EQUIPMENT 4,737.67
7211 ENDRESEN DEVELOPMENT, INC. 1,490.58
7212 ENDRESEN DEVELOPMENT, INC. 576.00
7213 ENDRESEN DEVELOPMENT, INC. 576.00
7214 ENDRESEN DEVELOPMENT, INC. 576.00
Attachment 2 1 OF 2
JULY 01, 2024 TO JULY 07, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
7215 ENDRESEN DEVELOPMENT, INC. 576.00
7216 ENDRESEN DEVELOPMENT, INC. 576.00
7217 ENDRESEN DEVELOPMENT, INC. 576.00
7218 ENDRESEN DEVELOPMENT, INC. 10,658.16
7219 MITY-LITE, INC. 1,234.49
7220 QUADIENT LEASING USA, INC. 792.61
7222 SECURITAS SECURITY SERVICES USA, INC. 3,130.80
7223 SOCAL BOAT AND TRAILER, INC. 321.07
DFT250001 MISSION SQUARE RETIREMENT 8,297.05
DFT250002 MISSION SQUARE RETIREMENT 380.77
DFT250003 NATIONWIDE TRUST COMPANY, FSB 1,147.74
DFT250004 INTERNAL REVENUE SERVICE 198.50
DFT250005 STATE DISBURSEMENT UNIT 392.30
DFT250006 STATE DISBURSEMENT UNIT 134.30
DFT250007 FRANCHISE TAX BOARD 28,171.10
DFT250008 INTERNAL REVENUE SERVICE 140,970.87
DFT250009 PAYCHEX OF NEW YORK, LLC 1,790.77
DFT250010 COLONIAL LIFE 102.36
DFT250011 TASC 4,212.90
DFT250012 CALPERS 78,493.04
PR07032024 NET PAYROLL 372,089.16
GRAND TOTAL 1,122,131.41 $
Attachment 2 2 OF 2

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:July 23, 2024
Subject:CC Warrant Report Dated July 08, 2024 to July 14, 2024 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued since the prior Warrant Report.

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
Administrative Services
JULY 08, 2024 TO JULY 14, 2024 CITY OF LAKE ELSINORECITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 1,747,680.62 $
103 THE ANCHOR 161,950.68
105 MISC. GENERAL PROJECTS 27,124.17
110 GAS TAX 40,606.16
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 33,052.81 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 4,431.05 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 36,406.03 180 LAUNCH POINTE 34,762.14
305 INFORMATION SYSTEMS SERVICE 8,897.69
310 SUPPORT SERVICE 7,979.43
315 FLEET SERVICE 11,185.34
320 FACILITIES SERVICE 4,369.57
330 CFD 2015-2S MAINTENANCE SERVICES 313.79
387 CFD 2007-5 RED KITE IMPROVEMENT 2,000.00
500 TRUST DEPOSIT - B.A.M. 494,531.61
620 COST RECOVERY TRUST DEPOSITS 20.00
653 CFD 2009-1S PARK,OPEN SPACE,STREET LIGHT SERVICES 1,643.30 GRAND TOTAL 2,616,954.39 $
Attachment 1 1 of 1
JULY 08, 2024 TO JULY 14, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA25000036 AMERICAN FORENSIC NURSES, INC. 1,088.00 $
APA25000037 BARCODES LLC 1,507.00
APA25000038 BIG DUCK LLC 3,475.00
APA25000039 BLAIS & ASSOCIATES, INC. 27,124.17
APA25000040 CALIFORNIA, DEPARTMENT OF JUSTICE 113.00
APA25000041 CALIFORNIA, DEPARTMENT OF JUSTICE 385.00
APA25000042 CDW GOVERNMENT, INC. 426.82
APA25000043 CHARTER COMMUNICATIONS 999.00
APA25000044 CHARTER COMMUNICATIONS 55.64
APA25000045 CITY CLERKS ASSOCIATION OF CALIFORNIA 750.00 APA25000046 CORODATA RECORDS MANAGEMENT, INC. 139.75
APA25000048 CRIME SCENE STERI-CLEAN, LLC 330.00
APA25000049 DAVID EVANS AND ASSOCIATES, INC. 4,147.72
APA25000050 EGP CONSULTING, INC. 22,004.66
APA25000051 FEHR & PEERS 4,667.50
APA25000052 FERGUSON 177.71
APA25000053 FRONTIER CALIFORNIA - INTERNET 920.93
APA25000054 GENERAL UPHOLSTERY 3,140.00
APA25000055 GREAT AMERICA FINANCIAL SERVICES 3,230.25
APA25000056 HEMET FENCE CORP 2,000.00
APA25000057 HIT PRINT, INC. 5,709.38
APA25000058 HUNSAKER & ASSOCIATES IRVINE, INC. 12,400.68 APA25000059 HVS 10,500.00
APA25000060 INNOVATIVE DOCUMENT SOLUTIONS 2,749.18
APA25000061 INTERPRETERS UNLIMITED 15.00
APA25000062 LESJWA 29,150.00
APA25000063 MARIPOSA ECO CONSULTING INC 600.00
APA25000064 MIG 66,821.68
APA25000065 PUBLIC SAFETY ENTERPRISE COMMUNICATION 820.98 APA25000066 QUICK CRETE PRODUCTS CORP. 14,594.26
APA25000067 RIVERSIDE COUNTY TRANSPORTATION & LAND MANAGEMENT 40,606.16 APA25000068 ROBBINS PEST MANAGEMENT, INC. 70.00
APA25000069 SAS CONSTRUCTION 308,750.00
APA25000070 SERVPRO OF CHINO 4,325.00
APA25000071 SHRED-IT USA, LLC 85.60
APA25000072 SOCIAL WORK ACTION GROUP 161,252.02
APA25000073 SOUTHERN CALIFORNIA EDISON CO. 39,803.70
APA25000074 SOUTHERN CALIFORNIA GAS CO. 699.15
APA25000075 STK ARCHITECTURE, INC. 3,516.94
APA25000076 SWANK MOTION PICTURES, INC. 1,215.00
APA25000077 TESLA ENERGY 519.04
APA25000078 TYLER TECHNOLOGIES, INC. 80.00
APA25000079 UNITED CARPORTS, LLC 52,600.00
Attachment 2 1 OF 2
JULY 08, 2024 TO JULY 14, 2024 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA25000080 VERIZON WIRELESS (#1) 3,274.29
APA25000081 VERIZON WIRELESS (#2) 4,157.59
APA25000082 WILLSCOT MOBILE MINI 1,319.55
APA25000083 WILSON MIKAMI CORPORATION 7,575.00
7224 AMAZON BUSINESS 179.47
7225 CUSIP GLOBAL SERVICES 91.00
7226 DERRIGO STUDIES, INC 4,600.00
7227 DOWNS ENERGY 7,927.14
7228 ENDRESEN DEVELOPMENT, INC. 2,204.52
7229 ENDRESEN DEVELOPMENT, INC. 9,778.16
7230 ENDRESEN DEVELOPMENT, INC. 576.00
7231 ENDRESEN DEVELOPMENT, INC. 576.00
7232 ENDRESEN DEVELOPMENT, INC. 10,783.16
7233 ENDRESEN DEVELOPMENT, INC. 18,050.00
7234 ENDRESEN DEVELOPMENT, INC. 576.00
7235 ENDRESEN DEVELOPMENT, INC. 576.00
7236 ENDRESEN DEVELOPMENT, INC. 10,258.16
7237 HALO BRANDED SOLUTIONS, INC 979.47
7238 LYNN MERRILL AND ASSOCIATES, INC. 6,168.09
7239 LYNN MERRILL AND ASSOCIATES, INC. 952.73
7240 LYNN MERRILL AND ASSOCIATES, INC. 135.21
7242 PALMS PARK LLC 4,000.00
7243 PROSTAFF, LLC 9,187.50
7245 QUADIENT FINANCE USA, INC. 2,000.00
7246 REGIONAL CONSERVATION AUTHORITY 347,352.00
7247 RENTERIA, YARABITH BUENFIL 1,143.75
7248 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 1,304,674.78 7249 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 1,815.53 7250 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 11,474.04 7251 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 6,154.18 7252 WILMINGTON TRUST, NATIONAL ASSOCIATION 2,000.00
143596 BACA, ROXANN 55.68
143597 CYNTHIA LEYVA 1,782.00
143598 DE VRIES, DAVID 451.33
143599 FIZER, PAUL 180.00
143600 GUETA, YISSEL 100.96
143601 SIMPSON, JASON 118.20
143602 THERIOT, JILL 120.99
DFT250022 CHARTER COMMUNICATIONS 39.99
GRAND TOTAL 2,616,954.39 $
Attachment 2 2 OF 2

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:July 23, 2024
Subject:CC Investment Report for June 2024
Recommendation
Receive and file the Investment Report for June 2024.

Discussion
The Investment Report is a listing of all funds invested for the City as of the date shown on the report.

Fiscal Impact
No fiscal impact.

Attachments
Attachment 1 - Investment Report for June 2024
Administrative Services

CITY OF LAKE ELSINORE

INVESTMENT REPORT

BANK DEPOSITS OUTSTANDING BOOK

CASH ACCOUNTS BALANCE IN TRANSIT PAYMENTS BALANCE
Bank Accounts:

General Checking Account 2,469,307 $ 624,595 $ (8,728) $ 3,085,174 $ Cash On Hand:

Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 2,000 Total Cash Accounts 2,469,307 624,595 (8,728) 3,087,474

INVESTMENTS
Local Agency Investment Funds 94,146,410 - - 94,146,410 CAMP Investments:

CAMP Pool Account 88,805 - - 88,805 U.S. Treasury Bond / Note 22,321,837 - - 22,321,837 Supra-National Agency Bond / Note - - - - Municipal Bond / Note 1,396,023 - - 1,396,023 Federal Agency Commercial Mortgage-Backed Security 7,816,737 - - 7,816,737 Federal Agency Bond / Note 2,266,362 - - 2,266,362 Corporate Note 12,376,028 - - 12,376,028 Certificate of Deposit 900,000 - - 900,000 Asset-Backed Security 5,595,314 - - 5,595,314 Sub-total Investments 146,907,515 - - 146,907,515 Market Value Adjustment:

Unrealized Gain/(Loss) at 4/30/2024 (921,476) - - (921,476) Total Investments 145,986,039 - - 145,986,038 Total Pooled Cash and Investments 148,455,346 $ 624,595 $ (8,728) $ 149,073,512$ TOTAL POOLED CASH AND INVESTMENTS 149,073,512$
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 11, 2024. 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 July 15, 2024
City Manager Date

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 JUNE 30, 2024

FUND NO FUND NAME AMOUNT
100 General 18,252,321 $
102 Measure Z 22,582,938
106 Affordable Housing In Lieu 1,370,841
107 Developer Agreement Revenue 529,144
108 American Rescue Plan 5,412,593
109 Road Maintenance and Rehabilitation (SB1) 1,789,314 110 State Gas Tax 877,342
111 TUMF C.I.P. 63,146
112 Measure A 840,282
114 SB1186 CASP Education Program 68,176
115 Traffic Safety 11,677
116 City Hall-Public Works DIF 319,496
117 Community Center DIF 431,408
118 Lake Side Facility DIF 643,415
119 Animal Shelter DIF 168,536
121 T.R.I.P.-2014A 520
135 Lighting & Landscape Maintenance - Dist. No. 1 1,708,741 140 Geothermal 12,172
160 PEG Grant 1,922
202 La Strada RBBD 24,824
203 E.L.S.P. - S.T.I.F. 3,500,625
205 Traffic Impact Fee 696,248
211 Storm Drain C.I.P. 3,345,440
221 Quimby Park C.I.P. 91,712
231 Library C.I.P. 1,105,351
232 City Fire Protection 994,860
300 Insurance Service 305,710
305 Information Systems Service 3,190,826
310 Support Service 37,452
315 Fleet Service 196,551
320 Facilities Service 2,416,460
331 CFD 2006-1CC Summerly Improvement Area CC 146,761
332 CFD 2006-1 Improvement Area B, Summerly 117,141
334 CFD 2015-5 Trieste - Far West Industries 116,912
335 CFD 2003-2E Canyon Hills Improvement Area E 137,349 336 CFD 2006-1FF Summerly Improvement Area FF 139,312
337 CFD 2016-2 Canyon Hills 862,770
338 CFD 2006-1 IA-JJ Summerly Improvement Area 230,933
339 CFD 2006-1 IA-KK Summerly Improvement Area 175,745
340 CFD 2006-1 IA-EE Summerly Improvement Area 201,377
345 CFD 2003-2 Improvement Area D, Canyon Hills 1,568,091 346 CFD 2014-1 Southshore 70,752
347 CFD 2006-1 Improvement Area A, Summerly 182,019
350 CFD 98-1 Summerhill 932,629
351 CFD 2006-1 IA-II Summerly Improvement 234,266
354 CFD 90-2 Tuscany Hills 1,036,521

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 JUNE 30, 2024

FUND NO FUND NAME AMOUNT

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 JUNE 30, 2024
355 RAD 2021-1 Canyon Hills Improvement 897,038
357 CFD 2003-2 Canyon Hills Improvement Area 580,121
361 CFD 2022-2 Lakeshore Improvement 13,632
363 CFD 2022-3 Lakeside 3,476
364 CFD 2023-2 Coastal Mission Trail Improvement 8,504
366 CFD 2005-6 City Center Townhomes 217,429
368 CFD 2006-2 Viscaya 451,469
369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 1,418,945 370 CFD 2006-1 IA-HH Summerly Improvement 217,236
371 CFD 2005-1 Serenity 534,504
372 CFD 2005-2 Alberhill Ranch Improvement Area 1,278,155 374 CFD 2005-4 Lakeview Villas 7,169
375 CFD 2006-4 Clurman 254,408
377 CFD 2006-6 Tessara 97,466
378 CFD 2006-8 Running Deer Estates 108,348
384 CFD 2003-2 Area B Canyon Hills Improvement Area 1,584,670 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 1,469,742 386 CFD 2007-4 Mekenna Court 122,057
387 CFD 2007-5 Red Kite 95,263
388 CFD 2007-6 Holiday Inn Express 6,002
389 CFD 88-3 (2008A) West Lake Elsinore Series A 1,092
390 CFD 2003-2 Area C Canyon Hills Improvement Area 552,866 392 CFD 95-1 City Center 126,610
394 CFD 2005-5 (2012A) Wasson Canyon 236,711
395 CFD 2018-1 Wasson Canyon II Improvement Area 5,003
396 CFD 2018-2 Nichols Ranch Improvement Area 196,124
397 CFD 2018-3 Village at Lakeshore 231,531
500 Capital Improvement Plan 6,234,911
510 Successor To RDA Area I, II, & III 9,669,473
603 Endowment Trust - Carl Graves 63,399
604 Endowment Trust - Korn Memorial 34,976
605 Public Improvement Trust 2,120,285
606 Mobile Source Air Polution Reduction 122,625
608 Trust Deposit & Pre Paid Expense 1,553,407
617 Successor Agency Housing 36,215,996
620 Cost Recovery System 4,742,248
631 Lake Destratification Equipment Replacement 458,002 Total Pooled Cash & Investments 149,073,512$

MAXIMUM DIVERSIFICATION CURRENT

TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE
CAMP - Pooled Sweep Account Unlimited 0.06% 88,805 $
U.S. Treasury Bond / Note Unlimited 15.19% 22,321,837 $ Supra-National Agency Bond / Note 30% 0.00% - $
Municipal Bond / Note Unlimited 0.95% 1,396,023 $
Federal Agency Collaterized Mortgage Obligation 40% 5.32% 7,816,73 7$ Federal Agency Bond / Note Unlimited 1.54% (1) 2,266,362$ Corporate Note 30% 8.42% 12,376,028 $
Negotiable Certificates of Deposit 30% 0.61% 900,000 $
Asset-Backed Security / Collaterized Mortgage 20% 3.81% 5,595,314 $ LAIF (Local Agency Investment Funds) $150 Million 64.09% (2) 94,146,410$ TOTAL 100.00% 146,907 ,515$
Note:
(1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency.

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 JUNE 30, 2024

Local Agency Investment Fund

June 4.480
May 4.332
April 4.272
March 4.232
February 4.122
January 4.012
LAIF Apportionment Rate(2): 4.30
LAIF Earnings Ratio(2): 0.00011755619077389
LAIF Administrative Cost(1)*: 0.27
PMIA Average Life(1): 226
LAIF Fair Value Factor(1): 0.994191267
PMIA Daily(1): 4.22
PMIA Quarter to Date(1): 4.12
Treasuries

56.98%
Agencies

23.22%
Certificates of
Deposit/Bank Notes

9.18%
Time
Deposits

3.14%
Commercial
Paper

6.84%
Corporate
Bonds

0.42%
Loans

0.22%
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). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.

Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 7/10/24
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 03/31/24
Chart does not include $1,943,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.

Pooled Money Investment Account
Monthly Portfolio Composition (1)
5/31/24
$162.3 billion

Yield Purchase Date Maturity Rate

4.480% Daily 24-Hour
Investment Beginning Balance Net Increase/(Decrease) Ending Balance Total Investments Held with
Local Agency Investment Fund: 80,146,410$ 14,000,000 $ 94,146,410 $ Note:

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

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 JUNE 30, 2024
CAMP
Investment Portfolio

For the Month Ending June 30, 2024Account Statement - Transaction Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
312,890.23
3,285,354.95
(3,509,439.91)

0.00 $88,805.27
CAMP Pool
Unsettled Trades 0.00
1,677.00 Cash Dividends and Income
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
51,723,392.89
3,488,073.51
(3,212,080.28)
198,686.45
$52,198,072.57
CAMP Managed Account
Unsettled Trades 0.00
101,187.70 Cash Dividends and Income
June 30, 2024 May 31, 2024
Asset Summary
CAMP Pool 88,805.27 312,890.23
CAMP Managed Account 52,198,072.57 51,723,392.89
$52,286,877.84 $52,036,283.12 Total
Asset Allocation

0.17%
CAMP Pool

99.83%
CAMP Managed
Account

Page 1 ends

For the Month Ending June 30, 2024Managed Account Summary Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dividend
Closing Market Value
Redemptions
Purchases
Opening Market Value
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Closing Market Value
Opening Market Value
Account Total
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Dividends
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
Reconciling Transactions
Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary- Managed Account
$312,890.23
3,285,354.95
(3,509,439.91)
$88,805.27
1,677.00
$51,723,392.89
(373,362.93)
(2,838,717.35)
3,488,073.51

0.00 198,686.45
$52,198,072.57
$52,036,283.12
$52,286,877.84
90,222.67
(17,113.38)
28,078.41
$101,187.70
316,297.80
2,843,442.02
84,200.20
58,362.93
(3,505,186.89)
202,883.94

0.00 Managed Account Total
52,942,503.35 53,031,308.62
329,637.31
2,843,442.02
374,660.73
84,200.20
(3,505,186.89)
(52,688,139.35)
(261,969.47)

0.00 329,637.31
6,352,881.93
374,660.73
84,200.20
(6,790,541.84)
(53,001,029.58)
(261,969.47)
1,677.00
Total Accrual Basis Earnings $119,147.90 $120,824.90
Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance
$0.00 Closing Cash Balance

Page 2 ends

For the Month Ending June 30, 2024
Portfolio Summary and Statistics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Account Summary
Percent Par Value Market ValueDescription
U.S. Treasury Bond / Note 23,525,000.00 22,313,070.15 42.68 Municipal Bond / Note 1,395,000.00 1,354,197.05 2.59 Federal Agency Commercial
Mortgage-Backed Security
7,947,901.51 7,812,521.09 14.94
Federal Agency Bond / Note 2,275,000.00 2,151,470.53 4.11 Corporate Note 12,420,000.00 12,093,783.12 23.13
Certificate of Deposit 900,000.00 901,796.39 1.72
Asset-Backed Security 5,596,123.15 5,571,234.24 10.66 Managed Account Sub-Total 54,059,024.66 52,198,072.57 99.83% Accrued Interest 329,637.31
Total Portfolio 54,059,024.66 52,527,709.88
CAMP Pool 88,805.27 88,805.27 0.17
Total Investments 54,147,829.93 52,616,515.15 100.00%
Unsettled Trades 0.00 0.00
Sector Allocation

10.66%
ABS

1.72%
Cert of Deposit

23.13%
Corporate Note

4.11%
Fed Agy Bond /
Note

14.94%
Federal Agency
Commercial
Mortgage-Backed
Security

0.17%
Joint Powers
Authority

2.59%
Muni Bond / Note

42.68%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

1.83%

4.64%

10.29%

31.12%

29.51%

22.61%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1083

3.92%

4.80%

Page 3 ends

For the Month Ending June 30, 2024
Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Credit Quality (S&P Ratings)

5.43%
A

3.79%
A+

3.53%
A-

3.64%
AA

63.13%
AA+

5.80%
AA-

10.71%
AAA

0.17%
AAAm

1.45%
BBB+

2.35%
NR
Issuer Summary
Percentof HoldingsIssuer
Market Value
222,124.50 0.42 ABBOTT LABORATORIES
375,413.63 0.72 ADOBE INC
336,717.30 0.64 AIR PRODUCTS & CHEMICALS
455,986.23 0.87 AMAZON.COM INC
1,457,945.12 2.80 AMERICAN EXPRESS CO
730,308.08 1.40 APPLE INC
790,266.77 1.51 BANK OF AMERICA CO
445,140.08 0.85 BERKSHIRE HATHAWAY INC
771,176.93 1.47 BLACKROCK INC
230,689.76 0.44 BMW FINANCIAL SERVICES NA LLC
361,091.25 0.69 BRISTOL-MYERS SQUIBB CO
80,328.40 0.15 CALIFORNIA STATE UNIVERSITY
88,805.27 0.17 CAMP Pool
726,456.71 1.39 CAPITAL ONE FINANCIAL CORP
208,687.80 0.40 CARMAX AUTO OWNER TRUST
207,750.60 0.40 CATERPILLAR INC
99,818.00 0.19 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 286,387.50 0.55 CHARLES SCHWAB
405,319.46 0.78 CHASE ISSURANCE
63,959.29 0.12 CINTAS CORPORATION NO. 2
419,643.00 0.80 CISCO SYSTEMS INC
770,231.25 1.47 CITIGROUP INC
375,077.25 0.72 DEERE & COMPANY
856,545.34 1.64 DISCOVER FINANCIAL SERVICES
1,478,852.44 2.84 FANNIE MAE
141,896.25 0.27 FEDERAL HOME LOAN BANKS
350,731.12 0.67 FIFTH THIRD AUTO TRUST
297,578.30 0.57 FLORIDA STATE BOARD OF ADMIN FIN CORP 128,779.51 0.25 FORD CREDIT AUTO OWNER TRUST
8,343,242.93 15.97 FREDDIE MAC
221,365.35 0.42 GENERAL DYNAMICS CORP
310,495.05 0.59 GM FINANCIAL CONSUMER AUTOMOBILE TRUST

Page 4 ends

For the Month Ending June 30, 2024Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Percentof HoldingsIssuer
Market Value
399,649.20 0.76 GOLDMAN SACHS GROUP INC
169,168.62 0.32 HARLEY-DAVIDSON MOTORCYCLE TRUST
396,673.35 0.76 HOME DEPOT INC
445,227.95 0.85 HONDA AUTO RECEIVABLES
32,122.46 0.06 HYUNDAI AUTO RECEIVABLES
221,827.28 0.42 IBM CORP
171,540.78 0.33 JP MORGAN CHASE & CO
59,111.70 0.11 LOCKHEED MARTIN CORP
723,738.75 1.38 MICROSOFT CORP
730,680.00 1.40 NATIONAL AUSTRALIA BANK LTD
381,093.35 0.73 NATIONAL RURAL UTILITIES CO FINANCE CORP 314,788.50 0.60 NEW YORK ST URBAN DEVELOPMENT CORP
194,313.72 0.37 NISSAN AUTO RECEIVABLES
450,107.10 0.86 NORDEA BANK ABP
171,197.25 0.33 PACCAR FINANCIAL CORP
400,779.92 0.77 ROCHE HOLDINGS INC
124,069.40 0.24 SAN JUAN UNIFIED SCHOOL DISTRICT
200,364.00 0.38 STATE OF CALIFORNIA
60,000.00 0.11 STATE OF CONNECTICUT
95,267.10 0.18 STATE OF MINNESOTA
37,202.80 0.07 TARGET CORP
84,300.11 0.16 TEXAS INSTRUMENTS INC
441,090.23 0.84 THE BANK OF NEW YORK MELLON CORPORATION 451,689.29 0.86 TORONTO-DOMINION BANK
666,671.05 1.28 TOYOTA MOTOR CORP
22,313,070.15 42.68 UNITED STATES TREASURY
209,029.73 0.40 UNITEDHEALTH GROUP INC
81,983.35 0.16 UNIVERSITY OF CALIFORNIA
221,310.23 0.42 USAA CAPITAL CORP
$52,286,877.84 Total 100.00%

Page 5 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

US TREASURY NOTES
DTD 12/31/2019 1.750% 12/31/2024
49,117.19 50,391.90 2.38 53,441.41 08/07/2008/05/20AaaAA+ 50,000.00 912828YY0 0.18

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
47,648.44 49,772.06 0.34 49,031.25 04/05/2104/01/21AaaAA+ 50,000.00 912828ZW3 0.72

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
423,421.88 430,714.45 1,149.46 418,658.20 01/06/2301/04/23AaaAA+ 450,000.00 912828U24 3.96

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
8,938,906.25 9,141,899.31 24,266.30 8,922,578.13 01/17/2301/13/23AaaAA+ 9,500,000.00 912828U24 3.72

US TREASURY NOTES
DTD 04/30/2022 2.750% 04/30/2027
1,143,187.44 1,170,233.23 5,559.78 1,155,421.88 02/03/2301/31/23AaaAA+ 1,200,000.00 91282CEN7 3.70

US TREASURY NOTES
DTD 07/31/2022 2.750% 07/31/2027
356,074.20 365,791.50 4,306.32 362,329.10 05/05/2305/01/23AaaAA+ 375,000.00 91282CFB2 3.62

US TREASURY NOTES
DTD 07/31/2022 2.750% 07/31/2027
379,812.48 381,295.91 4,593.41 373,265.62 03/06/2303/02/23AaaAA+ 400,000.00 91282CFB2 4.44

US TREASURY NOTES
DTD 07/31/2022 2.750% 07/31/2027
569,718.72 573,970.17 6,890.11 565,640.63 07/07/2307/03/23AaaAA+ 600,000.00 91282CFB2 4.30

US TREASURY NOTES
DTD 07/31/2022 2.750% 07/31/2027
783,363.24 796,637.01 9,473.90 786,779.30 06/06/2306/02/23AaaAA+ 825,000.00 91282CFB2 3.97

US TREASURY NOTES
DTD 11/30/2022 3.875% 11/30/2027
1,152,601.56 1,171,063.81 3,856.47 1,170,501.95 01/05/2401/02/24AaaAA+ 1,175,000.00 91282CFZ9 3.98

US TREASURY NOTES
DTD 11/30/2022 3.875% 11/30/2027
1,177,125.00 1,186,390.38 3,938.53 1,184,109.38 12/05/2312/01/23AaaAA+ 1,200,000.00 91282CFZ9 4.24

US TREASURY NOTES
DTD 02/28/2023 4.000% 02/29/2028
393,875.00 394,028.89 5,347.83 393,640.63 04/05/2404/03/24AaaAA+ 400,000.00 91282CGP0 4.45

US TREASURY NOTES
DTD 02/28/2023 4.000% 02/29/2028
590,812.50 602,261.08 8,021.74 602,507.81 02/06/2402/02/24AaaAA+ 600,000.00 91282CGP0 3.89

US TREASURY NOTES
DTD 02/28/2023 4.000% 02/29/2028
1,329,328.13 1,336,470.21 18,048.91 1,335,287.11 03/06/2403/01/24AaaAA+ 1,350,000.00 91282CGP0 4.30

Page 6 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

US TREASURY NOTES
DTD 02/28/2023 4.000% 02/29/2028
2,412,484.37 2,386,066.47 32,755.43 2,383,390.63 05/06/2405/01/24AaaAA+ 2,450,000.00 91282CGP0 4.79

US TREASURY NOTES
DTD 06/30/2021 1.250% 06/30/2028
2,565,593.75 2,569,777.51 98.51 2,565,253.91 06/11/2406/06/24AaaAA+ 2,900,000.00 91282CCH2 4.39 128,309.42 22,313,070.15 22,606,763.89 4.03 22,321,836.94 23,525,000.00 Security Type Sub-Total Municipal Bond / Note

CT ST TXBL GO BONDS
DTD 06/11/2020 1.998% 07/01/2024
60,000.00 60,000.00 599.40 60,000.00 06/11/2005/29/20Aa3AA- 60,000.00 20772KJW0 2.00

CHAFFEY UHSD, CA TXBL GO BONDS
DTD 12/05/2019 2.101% 08/01/2024
99,818.00 100,000.00 875.42 100,000.00 12/05/1911/06/19Aa1AA- 100,000.00 157411TK5 2.10

NY ST URBAN DEV CORP TXBL REV BONDS
DTD 12/23/2020 0.870% 03/15/2025
314,788.50 325,000.00 832.54 325,000.00 12/23/2012/16/20NRNR 325,000.00 650036DT0 0.87

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
81,983.35 85,000.00 95.90 85,000.00 07/16/2007/10/20Aa2AA 85,000.00 91412HGE7 0.88

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
62,395.45 65,095.90 408.85 65,459.55 09/16/2009/03/20Aa3AA 65,000.00 341271AD6 1.11

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
81,594.05 85,117.61 534.65 85,563.55 09/16/2009/03/20Aa3AA 85,000.00 341271AD6 1.12

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
153,588.80 160,000.00 1,006.40 160,000.00 09/16/2009/03/20Aa3AA 160,000.00 341271AD6 1.26

MINNESOTA ST-F-UNREF MUNICIPAL
BONDS
DTD 08/25/2020 0.630% 08/01/2025
95,267.10 100,000.00 262.50 100,000.00 05/07/2405/07/24AaaAAA 100,000.00 60412AK85 5.30

SAN JUAN USD, CA TXBL GO BONDS
DTD 10/29/2020 0.852% 08/01/2025
124,069.40 130,000.00 461.50 130,000.00 10/29/2010/16/20Aa2NR 130,000.00 798306WP7 0.85

CA ST UNIV TXBL REV BONDS
DTD 07/29/2021 0.862% 11/01/2025
80,328.40 85,000.00 122.12 85,000.00 07/29/2107/09/21Aa2AA- 85,000.00 13077DQD7 0.86

Page 7 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

CA ST MUNICIPAL BONDS
DTD 03/15/2023 4.846% 03/01/2027
200,364.00 200,000.00 3,230.67 200,000.00 03/15/2303/09/23Aa2AA- 200,000.00 13063D3N6 4.85 8,429.95 1,354,197.05 1,395,213.51 1.98 1,396,023.10 1,395,000.00 Security Type Sub-Total Federal Agency Commercial Mortgage-Backed Security
FHMS K043 A2
DTD 03/01/2015 3.062% 12/01/2024
240,897.11 244,948.44 622.27 255,948.07 03/25/2003/19/20AaaAA+ 243,868.94 3137BGK24 1.95 FHMS K054 A2
DTD 04/20/2016 2.745% 01/01/2026
265,348.76 268,704.62 629.06 263,613.28 04/14/2304/11/23AaaAA+ 275,000.00 3137BNGT5 4.37 FHMS K058 A2
DTD 11/09/2016 2.653% 08/01/2026
523,885.05 535,397.78 1,215.96 526,839.84 04/12/2304/06/23AaaAA+ 550,000.00 3137BSP72 4.02 FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
361,458.82 367,163.12 1,045.93 363,453.25 05/24/2305/19/23AaaAA+ 374,996.09 3137BTUM1 4.31 FHMS K064 A2
DTD 05/15/2017 3.224% 03/01/2027
526,662.46 526,488.74 1,477.67 518,804.69 08/18/2308/16/23AaaAA+ 550,000.00 3137BXQY1 4.98

FHLMC MULTIFAMILY STRUCTURED P
DTD 07/01/2017 3.243% 04/01/2027
525,933.24 533,387.13 1,486.38 527,033.20 06/13/2306/08/23AaaAA+ 550,000.00 3137F1G44 4.44 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
395,827.32 396,743.07 1,606.16 396,742.69 12/14/2312/06/23AaaAA+ 396,745.88 3137HBC69 4.86 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
435,542.85 437,281.80 1,740.78 437,279.71 07/27/2307/19/23AaaAA+ 437,290.60 3137HAD45 4.78 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
548,362.33 554,421.29 2,208.71 555,493.40 07/20/2307/13/23AaaAA+ 550,000.00 3137HACX2 4.59 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
534,912.64 542,419.21 1,920.42 540,675.78 07/31/2307/18/23AaaAA+ 550,000.00 3136BQDE6 4.58 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
497,049.35 490,473.11 1,975.00 489,032.00 10/19/2310/11/23AaaAA+ 500,000.00 3137HAQ74 5.26 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
792,911.26 789,907.58 3,100.00 788,165.60 09/14/2309/07/23AaaAA+ 800,000.00 3137HAMH6 4.99

Page 8 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
374,269.41 364,512.38 1,515.63 363,043.88 10/31/2310/25/23AaaAA+ 375,000.00 3137HAST4 5.60 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
498,198.56 494,849.51 2,000.00 494,023.50 09/28/2309/20/23AaaAA+ 500,000.00 3137HAMS2 5.07 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
181,077.57 179,538.14 760.35 179,479.62 11/21/2311/14/23AaaAA+ 180,000.00 3137HB3D4 5.14 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
274,542.66 274,293.53 1,113.75 274,209.93 12/07/2311/28/23AaaAA+ 275,000.00 3137HB3G7 4.93 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
286,422.34 292,683.00 1,104.90 292,899.71 02/08/2402/01/24AaaAA+ 290,000.00 3137HBLV4 4.34 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
549,219.36 549,998.37 2,201.38 549,998.35 06/13/2406/05/24AaaAA+ 550,000.00 3137HDJJ0 4.80 27,724.35 7,812,521.09 7,843,210.82 4.68 7,816,736.50 7,947,901.51 Security Type Sub-Total Federal Agency Bond / Note

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
404,228.98 424,553.26 708.33 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
331,481.85 349,622.83 459.38 348,362.00 08/27/2008/25/20AaaAA+ 350,000.00 3135G05X7 0.47

FEDERAL HOME LOAN BANK NOTES
DTD 09/11/2020 0.375% 09/04/2025
141,896.25 149,893.62 182.81 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
661,405.50 699,481.34 714.58 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
612,457.95 649,368.73 487.50 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 2,552.60 2,151,470.53 2,272,919.78 0.49 2,266,361.50 2,275,000.00 Security Type Sub-Total Corporate Note

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For the Month Ending June 30, 2024Managed Account Detail of Securities Held

GOLDMAN SACHS GROUP INC (CALLABLE)
BONDS
DTD 07/08/2014 3.850% 07/08/2024
399,649.20 400,000.00 7,400.56 418,632.00 07/11/1907/08/19A2BBB+ 400,000.00 38141EC23 2.84

BMW US CAPITAL LLC CORPORATE NOTES
DTD 08/12/2021 0.750% 08/12/2024
69,598.41 69,999.76 202.71 69,993.70 08/12/2108/09/21A2A 70,000.00 05565EBU8 0.75

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 02/06/2020 1.800% 02/06/2025
171,197.25 176,112.58 1,268.75 182,894.25 10/29/2010/22/20A1A+ 175,000.00 69371RQ66 0.73

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.250% 03/04/2025
78,266.96 79,981.86 585.00 79,919.20 03/04/2203/01/22A2BBB+ 80,000.00 025816CQ0 2.29

ROCHE HOLDINGS INC (CALLABLE)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025
400,779.92 410,000.00 2,695.20 410,000.00 03/10/2203/03/22Aa2AA 410,000.00 771196BT8 2.13

HOME DEPOT INC (CALLABLE) CORPORATE
NOTE
DTD 03/28/2022 2.700% 04/15/2025
24,512.10 24,988.69 142.50 24,956.25 03/28/2203/24/22A2A 25,000.00 437076CM2 2.76 CINTAS CORPORATION NO. 2 CORP NOTE
(CALL
DTD 05/03/2022 3.450% 05/01/2025
63,959.29 64,996.03 373.75 64,985.70 05/03/2204/26/22A3A- 65,000.00 17252MAP5 3.46

USAA CAPITAL CORP CORPORATE NOTES
DTD 05/26/2022 3.375% 05/01/2025
221,310.23 224,791.16 1,265.63 224,264.25 05/26/2205/23/22Aa1AA 225,000.00 90327QD89 3.49

GENERAL DYNAMICS CORP (CALLABLE)

CORP NO
DTD 05/11/2018 3.500% 05/15/2025
221,365.35 229,357.57 1,006.25 252,247.50 10/20/2010/16/20A3A- 225,000.00 369550BG2 0.80

AMAZON INC CORP NOTES (CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025
455,986.23 474,957.00 295.56 474,767.25 06/05/2006/03/20A1AA 475,000.00 023135BQ8 0.81

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
DTD 06/09/2022 3.500% 06/09/2025
245,744.50 250,000.00 534.72 250,000.00 06/09/2205/31/22Aa2AA- 250,000.00 63254ABD9 3.50

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For the Month Ending June 30, 2024Managed Account Detail of Securities Held

NATIONAL RURAL UTIL COOP CORPORATE
NOTES
DTD 05/04/2022 3.450% 06/15/2025
49,026.30 49,995.86 76.67 49,986.50 05/04/2204/27/22A2A- 50,000.00 63743HFE7 3.46

IBM CORP CORPORATE NOTES
DTD 07/27/2022 4.000% 07/27/2025
221,827.28 225,000.00 3,850.00 225,000.00 07/27/2207/20/22A3A- 225,000.00 459200KS9 4.00

BANK OF AMERICA CORP NOTES
DTD 07/30/2015 3.875% 08/01/2025
221,355.00 231,994.87 3,632.81 256,918.50 08/20/2008/18/20A1A- 225,000.00 06051GFS3 0.93

ABBOTT LABORATORIES CORPORATE

NOTES (CAL
DTD 03/22/2017 3.875% 09/15/2025
222,124.50 231,660.71 2,567.19 257,845.50 09/28/2009/24/20Aa3AA- 225,000.00 002824BM1 0.86

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
220,224.60 225,000.00 239.06 225,000.00 12/06/2112/01/21A1A- 225,000.00 06051GKE8 1.53

JPMORGAN CHASE & CO CORP NOTES
(CALLABLE
DTD 02/24/2022 2.595% 02/24/2026
171,540.78 175,000.00 1,602.05 175,000.00 02/24/2202/16/22A1A- 175,000.00 46647PCV6 2.60

UNITEDHEALTH GROUP INC (CALLABLE)
CORPOR
DTD 05/19/2021 1.150% 05/15/2026
209,029.73 224,853.24 330.63 224,608.50 05/19/2105/17/21A2A+ 225,000.00 91324PEC2 1.19

BMW US CAPITAL LLC (CALLABLE)

CORPORATE
DTD 08/12/2021 1.250% 08/12/2026
161,091.35 174,977.76 844.62 174,947.50 08/16/2108/12/21A2A 175,000.00 05565EBW4 1.26

CATERPILLAR FINL SERVICE CORPORATE
NOTES
DTD 01/10/2022 1.700% 01/08/2027
207,750.60 224,425.32 1,838.13 223,863.75 01/13/2201/11/22A2A 225,000.00 14913R2U0 1.81

TARGET CORP CORP NOTES (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
37,202.80 39,965.27 359.67 39,932.00 01/24/2201/19/22A2A 40,000.00 87612EBM7 1.99

BANK OF NY MELLON CORP (CALLABLE)
CORPOR
DTD 01/26/2022 2.050% 01/26/2027
441,090.23 474,457.14 4,192.53 473,945.50 01/28/2201/26/22A1A 475,000.00 06406RBA4 2.10

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For the Month Ending June 30, 2024Managed Account Detail of Securities Held

MICROSOFT CORP CORP NOTES (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
723,738.75 731,255.54 9,968.75 721,942.50 03/17/2303/14/23AaaAAA 750,000.00 594918BY9 4.36

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.550% 03/04/2027
280,176.00 285,225.85 2,486.25 277,203.00 01/18/2301/13/23A2BBB+ 300,000.00 025816CS6 4.59

BERKSHIRE HATHAWAY CORP NOTES
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
445,140.08 470,178.09 3,216.81 466,089.00 03/17/2203/15/22Aa2AA 475,000.00 084664CZ2 2.70

CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
286,387.50 289,903.07 2,475.00 284,925.00 02/22/2302/17/23A2A- 300,000.00 808513BW4 4.66

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
DTD 06/09/2022 3.905% 06/09/2027
484,935.50 492,185.11 1,193.19 488,325.00 01/18/2301/13/23Aa2AA- 500,000.00 63254ABE7 4.50

APPLE INC (CALLABLE) BONDS
DTD 09/12/2017 2.900% 09/12/2027
730,308.08 751,586.71 6,804.93 741,062.75 01/23/2301/19/23AaaAA+ 775,000.00 037833DB3 3.94

TOYOTA MOTOR CREDIT CORP CORPORATE
NOTES
DTD 01/12/2023 4.625% 01/12/2028
371,473.88 375,920.66 8,141.93 376,282.50 02/10/2302/08/23A1A+ 375,000.00 89236TKQ7 4.55

NATIONAL RURAL UTIL COOP CORP NOTES
(CAL
DTD 02/07/2018 3.400% 02/07/2028
332,067.05 334,877.26 4,760.00 329,189.00 02/22/2302/17/23A1A- 350,000.00 637432NP6 4.76

TEXAS INSTRUMENTS INC CORP NOTE
(CALLABL
DTD 11/18/2022 4.600% 02/15/2028
84,300.11 86,551.45 1,477.11 87,043.40 05/18/2305/11/23Aa3A+ 85,000.00 882508BV5 4.04

BRISTOL-MYERS SQUIBB CO CORP NOTES
(CALL
DTD 07/15/2020 3.900% 02/20/2028
361,091.25 362,677.30 5,321.88 358,263.75 03/13/2303/09/23A2A 375,000.00 110122DE5 4.93

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For the Month Ending June 30, 2024Managed Account Detail of Securities Held

LOCKHEED MARTIN CORP NOTES
(CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028
59,111.70 59,915.95 341.17 59,892.00 05/25/2305/23/23A2A- 60,000.00 539830BZ1 4.49

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 07/14/2023 4.950% 07/14/2028
375,077.25 377,325.45 8,610.94 377,865.00 07/25/2307/21/23A1A 375,000.00 24422EXB0 4.78

CITIBANK NA CORP NOTES (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
770,231.25 746,767.23 11,122.42 746,280.00 10/04/2310/02/23Aa3A+ 750,000.00 17325FBB3 5.92

AIR PRODUCTS & CHEMICALS CORP NOTES
(CAL
DTD 02/08/2024 4.600% 02/08/2029
336,717.30 339,579.93 6,212.56 339,547.80 02/08/2402/06/24A2A 340,000.00 009158BH8 4.63

CISCO SYSTEMS INC CORPORATE NOTES
(CALLA
DTD 02/26/2024 4.850% 02/26/2029
419,643.00 419,862.08 7,072.92 419,853.00 02/26/2402/21/24A1AA- 420,000.00 17275RBR2 4.86

BLACKROCK FUNDING INC CORPORATE

NOTES (C
DTD 03/14/2024 4.700% 03/14/2029
49,753.35 49,914.29 698.47 49,909.50 03/14/2403/05/24Aa3AA- 50,000.00 09290DAA9 4.74

BLACKROCK FUNDING INC CORPORATE

NOTES (C
DTD 03/14/2024 4.700% 03/14/2029
721,423.58 725,336.09 10,127.85 725,355.25 03/14/2403/06/24Aa3AA- 725,000.00 09290DAA9 4.69

ADOBE INC CORP NOTES (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
170,187.51 169,785.21 1,972.00 169,775.60 04/04/2404/02/24A1A+ 170,000.00 00724PAF6 4.83

ADOBE INC CORP NOTES (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
205,226.12 204,707.63 2,378.00 204,694.55 04/04/2404/01/24A1A+ 205,000.00 00724PAF6 4.83

HOME DEPOT INC CORPORATE NOTES
(CALLABLE
DTD 06/25/2024 4.750% 06/25/2029
124,053.75 124,196.09 98.96 124,193.75 06/25/2406/17/24A2A 125,000.00 437076DC3 4.90

HOME DEPOT INC CORPORATE NOTES
(CALLABLE
DTD 06/25/2024 4.750% 06/25/2029
248,107.50 248,631.48 197.92 248,627.50 06/25/2406/18/24A2A 250,000.00 437076DC3 4.88

Page 13 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par
129,983.05 12,093,783.12 12,328,897.29 3.62 12,376,027.70 12,420,000.00 Security Type Sub-Total Certificate of Deposit

TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.600% 10/27/2025
451,689.29 450,000.00 17,500.00 450,000.00 10/31/2210/27/22A1A 450,000.00 89115B6K1 5.58

NORDEA BANK ABP NEW YORK CERT DEPOS
DTD 11/03/2022 5.530% 11/03/2025
450,107.10 450,000.00 4,009.25 450,000.00 11/03/2211/02/22Aa3AA- 450,000.00 65558UYF3 5.53 21,509.25 901,796.39 900,000.00 5.56 900,000.00 900,000.00 Security Type Sub-Total Asset-Backed Security
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
2,406.80 2,412.81 0.41 2,412.62 04/28/2104/20/21NRAAA 2,412.88 44933LAC7 0.38 NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
55,723.56 56,309.40 8.26 56,308.73 06/23/2106/15/21AaaAAA 56,309.69 65480BAC1 0.33 TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
52,350.47 52,901.32 6.11 52,897.40 06/14/2106/08/21NRAAA 52,903.10 89190GAC1 0.26 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
39,148.41 39,954.38 9.77 39,949.11 11/24/2111/16/21AaaNR 39,957.53 43815GAC3 0.89 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
18,395.20 18,596.59 4.30 18,593.93 04/21/2104/13/21NRAAA 18,597.95 14314QAC8 0.52 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
29,715.66 30,238.02 9.95 30,234.08 11/17/2111/09/21NRAAA 30,240.83 44935FAD6 0.75 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
192,927.54 194,981.45 50.27 194,958.25 09/27/2109/20/21AaaAAA 195,000.00 254683CP8 0.58 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
37,149.17 38,017.26 10.77 38,016.73 10/21/2110/13/21AaaAAA 38,017.70 362554AC1 0.68 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
190,292.60 192,680.79 339.98 192,678.92 07/20/2207/12/22NRAAA 192,683.47 14318MAD1 3.97 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
138,590.16 139,982.02 277.51 139,971.03 09/28/2209/20/22AaaAAA 140,000.00 65480JAC4 4.46

Page 14 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par
Asset-Backed Security
GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
273,345.88 274,970.93 552.29 274,954.93 10/12/2210/04/22NRAAA 275,000.00 36265QAD8 4.82 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
242,846.70 244,999.92 504.16 244,999.88 01/30/2301/24/23NRAAA 245,000.00 891940AC2 4.63 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
243,193.13 244,974.45 539.00 244,961.56 11/03/2210/27/22NRAAA 245,000.00 14041NGB1 4.95 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
169,168.62 169,987.70 381.56 169,982.88 02/23/2302/13/23AaaNR 170,000.00 41285JAD0 5.05 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
128,779.51 129,989.93 268.67 129,986.44 03/31/2303/28/23NRAAA 130,000.00 344928AD8 4.65 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
320,400.93 319,946.65 625.16 319,934.02 08/22/2308/15/23NRAAA 320,000.00 43815QAC1 5.42 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
315,108.06 319,986.05 612.98 319,981.44 04/11/2304/04/23AaaNR 320,000.00 254683CY9 4.31 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
168,965.47 169,969.68 361.91 169,961.51 06/16/2306/08/23NRAAA 170,000.00 05522RDG0 4.79 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
189,215.28 189,986.74 411.24 189,983.15 06/14/2306/07/23NRAAA 190,000.00 02582JJZ4 4.87 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
483,263.58 489,912.61 962.58 489,887.64 05/24/2305/17/23NRAAA 490,000.00 14041NGD7 4.43 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
348,509.74 349,962.34 766.89 349,952.72 06/28/2306/21/23AaaAAA 350,000.00 254683CZ6 4.93 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
85,678.61 84,986.90 133.88 84,985.03 11/08/2311/01/23AaaNR 85,000.00 438123AC5 5.67 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
350,731.12 349,982.03 860.22 349,978.30 08/23/2308/15/23AaaAAA 350,000.00 31680EAD3 5.53 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
405,319.46 404,903.69 928.80 404,887.73 09/15/2309/07/23NRAAA 405,000.00 161571HT4 5.17

Page 15 ends

For the Month Ending June 30, 2024Managed Account Detail of Securities Held

Page 16 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
U.S. Treasury Bond / Note
(1,274.71)(4,324.22) 49,117.19 98.23 WELLS_F 50,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024

5.38 0.50
(2,123.62)(1,382.81) 47,648.44 95.30 GOLDMAN 50,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025

5.13 1.00
(7,292.57) 4,763.68 423,421.88 94.09 BMO 450,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026

4.65 2.33
(202,993.06) 16,328.12 8,938,906.25 94.09 JPM_CHA 9,500,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026

4.65 2.33
(27,045.79)(12,234.44) 1,143,187.44 95.27 BNP_PAR 1,200,000.00 91282CEN7US TREASURY NOTES DTD 04/30/2022 2.750% 04/30/2027

4.55 2.74
(9,717.30)(6,254.90) 356,074.20 94.95 MORGAN_ 375,000.00 91282CFB2US TREASURY NOTES DTD 07/31/2022 2.750% 07/31/2027

4.52 2.95
(1,483.43) 6,546.86 379,812.48 94.95 BMO 400,000.00 91282CFB2US TREASURY NOTES DTD 07/31/2022 2.750% 07/31/2027

4.52 2.95
(4,251.45) 4,078.09 569,718.72 94.95 CITIGRP 600,000.00 91282CFB2US TREASURY NOTES DTD 07/31/2022 2.750% 07/31/2027

4.52 2.95
(13,273.77)(3,416.06) 783,363.24 94.95 HSBC 825,000.00 91282CFB2US TREASURY NOTES DTD 07/31/2022 2.750% 07/31/2027

4.52 2.95
(18,462.25)(17,900.39) 1,152,601.56 98.09 CITIGRP 1,175,000.00 91282CFZ9US TREASURY NOTES DTD 11/30/2022 3.875% 11/30/2027

4.48 3.23
(9,265.38)(6,984.38) 1,177,125.00 98.09 HSBC 1,200,000.00 91282CFZ9US TREASURY NOTES DTD 11/30/2022 3.875% 11/30/2027

4.48 3.23
(153.89) 234.37 393,875.00 98.47 JPM_CHA 400,000.00 91282CGP0US TREASURY NOTES DTD 02/28/2023 4.000% 02/29/2028

4.46 3.41
(11,448.58)(11,695.31) 590,812.50 98.47 CITIGRP 600,000.00 91282CGP0US TREASURY NOTES DTD 02/28/2023 4.000% 02/29/2028

4.46 3.41
(7,142.08)(5,958.98) 1,329,328.13 98.47 CITIGRP 1,350,000.00 91282CGP0US TREASURY NOTES DTD 02/28/2023 4.000% 02/29/2028

4.46 3.41
26,417.90 29,093.74 2,412,484.37 98.47 HSBC 2,450,000.00 91282CGP0US TREASURY NOTES DTD 02/28/2023 4.000% 02/29/2028

4.46 3.41
(4,183.76) 339.84 2,565,593.75 88.47 BMO 2,900,000.00 91282CCH2US TREASURY NOTES DTD 06/30/2021 1.250% 06/30/2028

4.43 3.89
(8,766.79) 4.55 (293,693.74) 22,313,070.15 23,525,000.00 Security Type Sub-Total 2.90

Page 17 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

0.00 0.00 60,000.00 100.00 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024

1.98 0.01
(182.00)(182.00) 99,818.00 99.82 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024

4.19 0.09
(10,211.50)(10,211.50) 314,788.50 96.86 WELLS_F 325,000.00 650036DT0NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025

5.45 0.71
(3,016.65)(3,016.65) 81,983.35 96.45 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025

5.08 0.80
(2,700.45)(3,064.10) 62,395.45 95.99 MERRILL 65,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025

5.42 1.00
(3,523.56)(3,969.50) 81,594.05 95.99 MERRILL 85,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025

5.42 1.00
(6,411.20)(6,411.20) 153,588.80 95.99 MERRILL 160,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025

5.42 1.00
(4,732.90)(4,732.90) 95,267.10 95.27 MORGAN_ 100,000.00 60412AK85MINNESOTA ST-F-UNREF MUNICIPAL BONDS
DTD 08/25/2020 0.630% 08/01/2025

5.17 1.09
(5,930.60)(5,930.60) 124,069.40 95.44 KEYBANC 130,000.00 798306WP7SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025

5.23 1.09
(4,671.60)(4,671.60) 80,328.40 94.50 JPM_CHA 85,000.00 13077DQD7CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025

5.17 1.33
364.00 364.00 200,364.00 100.18 WELLS_F 200,000.00 13063D3N6CA ST MUNICIPAL BONDS DTD 03/15/2023 4.846% 03/01/2027

4.77 2.50
(41,826.05) 5.02 (41,016.46) 1,354,197.05 1,395,000.00 Security Type Sub-Total 1.07 Federal Agency Commercial Mortgage-Backed Security
(4,051.33)(15,050.96) 240,897.11 98.78 CITIGRP 243,868.94 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024

6.01 0.41
(3,355.86) 1,735.48 265,348.76 96.49 BAIRD 275,000.00 3137BNGT5FHMS K054 A2 DTD 04/20/2016 2.745% 01/01/2026

5.18 1.37
(11,512.73)(2,954.79) 523,885.05 95.25 BREAN 550,000.00 3137BSP72FHMS K058 A2 DTD 11/09/2016 2.653% 08/01/2026

5.06 2.00

Page 18 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Federal Agency Commercial Mortgage-Backed Security
(5,704.30)(1,994.43) 361,458.82 96.39 CITIGRP 374,996.09 3137BTUM1FHMS K061 A2 DTD 01/30/2017 3.347% 11/01/2026

4.99 2.13
173.72 7,857.77 526,662.46 95.76 MORGAN_ 550,000.00 3137BXQY1FHMS K064 A2 DTD 05/15/2017 3.224% 03/01/2027

4.92 2.40
(7,453.89)(1,099.96) 525,933.24 95.62 CITIGRP 550,000.00 3137F1G44FHLMC MULTIFAMILY STRUCTURED P DTD 07/01/2017 3.243% 04/01/2027

4.95 2.54
(915.75)(915.37) 395,827.32 99.77 JPM_CHA 396,745.88 3137HBC69FHMS KJ48 A1 DTD 12/01/2023 4.858% 05/01/2028

4.92 3.12
(1,738.95)(1,736.86) 435,542.85 99.60 JPM_CHA 437,290.60 3137HAD45FHMS KJ46 A1 DTD 07/01/2023 4.777% 06/01/2028

4.89 2.68
(6,058.96)(7,131.07) 548,362.33 99.70 JPM_CHA 550,000.00 3137HACX2FHMS K505 A2 DTD 07/01/2023 4.819% 06/01/2028

4.90 3.45
(7,506.57)(5,763.14) 534,912.64 97.26 JPM_CHA 550,000.00 3136BQDE6FNA 2023-M6 A2 DTD 07/01/2023 4.190% 07/01/2028

4.95 3.60
6,576.24 8,017.35 497,049.35 99.41 BMO 500,000.00 3137HAQ74FHMS K508 A2 DTD 10/01/2023 4.740% 08/01/2028

4.90 3.61
3,003.68 4,745.66 792,911.26 99.11 WELLS_F 800,000.00 3137HAMH6FHMS K506 A2 DTD 09/01/2023 4.650% 08/01/2028

4.89 3.59
9,757.03 11,225.53 374,269.41 99.81 MORGAN_ 375,000.00 3137HAST4FHMS K509 A2 DTD 10/01/2023 4.850% 09/01/2028

4.90 3.68
3,349.05 4,175.06 498,198.56 99.64 MERRILL 500,000.00 3137HAMS2FHMS K507 A2 DTD 09/01/2023 4.800% 09/01/2028

4.90 3.64
1,539.43 1,597.95 181,077.57 100.60 JPM_CHA 180,000.00 3137HB3D4FHMS K510 A2 DTD 11/01/2023 5.069% 10/01/2028

4.91 3.70
249.13 332.73 274,542.66 99.83 MERRILL 275,000.00 3137HB3G7FHMS K511 A2 DTD 12/01/2023 4.860% 10/01/2028

4.90 3.75
(6,260.66)(6,477.37) 286,422.34 98.77 JPM_CHA 290,000.00 3137HBLV4FHMS K514 A2 DTD 02/01/2024 4.572% 12/01/2028

4.88 3.84
(779.01)(778.99) 549,219.36 99.86 MORGAN_ 550,000.00 3137HDJJ0FHMS K522 A2 DTD 06/01/2024 4.803% 05/01/2029

4.84 4.31
(4,215.41) 4.96 (30,689.73) 7,812,521.09 7,947,901.51 Security Type Sub-Total 3.09 Federal Agency Bond / Note

Page 19 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Federal Agency Bond / Note
(20,324.28)(18,654.52) 404,228.98 95.11 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025

5.18 1.06
(18,140.98)(16,880.15) 331,481.85 94.71 BARCLAY 350,000.00 3135G05X7FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025

5.16 1.15
(7,997.37)(7,653.75) 141,896.25 94.60 WELLS_F 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025

5.16 1.18
(38,075.84)(36,487.50) 661,405.50 94.49 CITIGRP 700,000.00 3137EAEX3FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025

5.05 1.23
(36,910.78)(35,215.05) 612,457.95 94.22 BARCLAY 650,000.00 3135G06G3FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025

4.97 1.35
(114,890.97) 5.08 (121,449.25) 2,151,470.53 2,275,000.00 Security Type Sub-Total 1.22 Corporate Note
(350.80)(18,982.80) 399,649.20 99.91 SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC (CALLABLE) BONDS
DTD 07/08/2014 3.850% 07/08/2024

7.66 0.03
(401.35)(395.29) 69,598.41 99.43 GOLDMAN 70,000.00 05565EBU8BMW US CAPITAL LLC CORPORATE NOTES DTD 08/12/2021 0.750% 08/12/2024

5.68 0.12
(4,915.33)(11,697.00) 171,197.25 97.83 MERRILL 175,000.00 69371RQ66PACCAR FINANCIAL CORP CORPORATE NOTES
DTD 02/06/2020 1.800% 02/06/2025

5.53 0.60
(1,714.90)(1,652.24) 78,266.96 97.83 02/01/25BARCLAY 80,000.00 025816CQ0AMERICAN EXPRESS CO CORP NOTES (CALLABLE
DTD 03/04/2022 2.250% 03/04/2025

5.55 0.59
(9,220.08)(9,220.08) 400,779.92 97.75 02/10/25DEUTSCH 410,000.00 771196BT8ROCHE HOLDINGS INC (CALLABLE)

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

5.47 0.61
(476.59)(444.15) 24,512.10 98.05 03/15/25MORGAN_ 25,000.00 437076CM2HOME DEPOT INC (CALLABLE) CORPORATE NOTE
DTD 03/28/2022 2.700% 04/15/2025

5.24 0.71
(1,036.74)(1,026.41) 63,959.29 98.40 04/01/25KEYBANC 65,000.00 17252MAP5CINTAS CORPORATION NO. 2 CORP NOTE (CALL
DTD 05/03/2022 3.450% 05/01/2025

5.43 0.75

Page 20 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
(3,480.93)(2,954.02) 221,310.23 98.36 MERRILL 225,000.00 90327QD89USAA CAPITAL CORP CORPORATE NOTES DTD 05/26/2022 3.375% 05/01/2025

5.40 0.83
(7,992.22)(30,882.15) 221,365.35 98.38 03/15/25JPM_CHA 225,000.00 369550BG2GENERAL DYNAMICS CORP (CALLABLE)

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

5.41 0.71
(18,970.77)(18,781.02) 455,986.23 96.00 05/03/25GOLDMAN 475,000.00 023135BQ8AMAZON INC CORP NOTES (CALLABLE) DTD 06/03/2020 0.800% 06/03/2025

5.29 0.85
(4,255.50)(4,255.50) 245,744.50 98.30 CITIGRP 250,000.00 63254ABD9NATIONAL AUSTRALIA BK/NY CORPORATE NOTES
DTD 06/09/2022 3.500% 06/09/2025

5.38 0.94
(969.56)(960.20) 49,026.30 98.05 RBC 50,000.00 63743HFE7NATIONAL RURAL UTIL COOP CORPORATE NOTES
DTD 05/04/2022 3.450% 06/15/2025

5.56 0.95
(3,172.72)(3,172.72) 221,827.28 98.59 JPM_CHA 225,000.00 459200KS9IBM CORP CORPORATE NOTES DTD 07/27/2022 4.000% 07/27/2025

5.36 1.05
(10,639.87)(35,563.50) 221,355.00 98.38 MERRILL 225,000.00 06051GFS3BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025

5.43 1.06
(9,536.21)(35,721.00) 222,124.50 98.72 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES CORPORATE

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

4.97 0.95
(4,775.40)(4,775.40) 220,224.60 97.88 12/06/24MERRILL 225,000.00 06051GKE8BANK OF AMERICA CORP NOTES (CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025

3.05 0.44
(3,459.22)(3,459.22) 171,540.78 98.02 02/24/25JPM_CHA 175,000.00 46647PCV6JPMORGAN CHASE & CO CORP NOTES (CALLABLE
DTD 02/24/2022 2.595% 02/24/2026

3.84 0.65
(15,823.51)(15,578.77) 209,029.73 92.90 04/15/26CITIGRP 225,000.00 91324PEC2UNITEDHEALTH GROUP INC (CALLABLE) CORPOR
DTD 05/19/2021 1.150% 05/15/2026

5.17 1.78
(13,886.41)(13,856.15) 161,091.35 92.05 07/12/26MITSU 175,000.00 05565EBW4BMW US CAPITAL LLC (CALLABLE)

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

5.27 2.01

Page 21 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
(16,674.72)(16,113.15) 207,750.60 92.33 JPM_CHA 225,000.00 14913R2U0CATERPILLAR FINL SERVICE CORPORATE NOTES
DTD 01/10/2022 1.700% 01/08/2027

4.97 2.46
(2,762.47)(2,729.20) 37,202.80 93.01 12/15/26CITIGRP 40,000.00 87612EBM7TARGET CORP CORP NOTES (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027

4.91 2.39
(33,366.91)(32,855.27) 441,090.23 92.86 12/26/26DEUTSCH 475,000.00 06406RBA4BANK OF NY MELLON CORP (CALLABLE) CORPOR
DTD 01/26/2022 2.050% 01/26/2027

5.04 2.42
(7,516.79) 1,796.25 723,738.75 96.50 11/06/26GOLDMAN 750,000.00 594918BY9MICROSOFT CORP CORP NOTES (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027

4.75 2.25
(5,049.85) 2,973.00 280,176.00 93.39 02/01/27RBS 300,000.00 025816CS6AMERICAN EXPRESS CO CORP NOTES (CALLABLE
DTD 03/04/2022 2.550% 03/04/2027

5.22 2.50
(25,038.01)(20,948.92) 445,140.08 93.71 02/15/27SEEL 475,000.00 084664CZ2BERKSHIRE HATHAWAY CORP NOTES (CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027

4.80 2.55
(3,515.57) 1,462.50 286,387.50 95.46 01/01/27BARCLAY 300,000.00 808513BW4CHARLES SCHWAB CORP NOTES (CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027

5.09 2.41
(7,249.61)(3,389.50) 484,935.50 96.99 CBAA 500,000.00 63254ABE7NATIONAL AUSTRALIA BK/NY CORPORATE NOTES
DTD 06/09/2022 3.905% 06/09/2027

5.02 2.80
(21,278.63)(10,754.67) 730,308.08 94.23 06/12/27TD 775,000.00 037833DB3APPLE INC (CALLABLE) BONDS DTD 09/12/2017 2.900% 09/12/2027

4.87 2.82
(4,446.78)(4,808.62) 371,473.88 99.06 WELLS_F 375,000.00 89236TKQ7TOYOTA MOTOR CREDIT CORP

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

4.92 3.23
(2,810.21) 2,878.05 332,067.05 94.88 11/07/27MORGAN_ 350,000.00 637432NP6NATIONAL RURAL UTIL COOP CORP NOTES (CAL
DTD 02/07/2018 3.400% 02/07/2028

4.97 3.15
(2,251.34)(2,743.29) 84,300.11 99.18 01/15/28JPM_CHA 85,000.00 882508BV5TEXAS INSTRUMENTS INC CORP NOTE (CALLABL
DTD 11/18/2022 4.600% 02/15/2028

4.85 3.26

Page 22 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
(1,586.05) 2,827.50 361,091.25 96.29 11/20/27MKTX 375,000.00 110122DE5BRISTOL-MYERS SQUIBB CO CORP NOTES (CALL
DTD 07/15/2020 3.900% 02/20/2028

5.03 3.16
(804.25)(780.30) 59,111.70 98.52 04/15/28BARCLAY 60,000.00 539830BZ1LOCKHEED MARTIN CORP NOTES (CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028

4.87 3.51
(2,248.20)(2,787.75) 375,077.25 100.02 CITIGRP 375,000.00 24422EXB0JOHN DEERE CAPITAL CORP CORPORATE NOTES
DTD 07/14/2023 4.950% 07/14/2028

4.94 3.63
23,464.02 23,951.25 770,231.25 102.70 08/29/28BARCLAY 750,000.00 17325FBB3CITIBANK NA CORP NOTES (CALLABLE) DTD 09/29/2023 5.803% 09/29/2028

5.09 3.72
(2,862.63)(2,830.50) 336,717.30 99.03 01/08/29BARCLAY 340,000.00 009158BH8AIR PRODUCTS & CHEMICALS CORP NOTES (CAL
DTD 02/08/2024 4.600% 02/08/2029

4.84 4.06
(219.08)(210.00) 419,643.00 99.92 01/26/29CITIGRP 420,000.00 17275RBR2CISCO SYSTEMS INC CORPORATE NOTES (CALLA
DTD 02/26/2024 4.850% 02/26/2029

4.87 4.09
(160.94)(156.15) 49,753.35 99.51 02/14/29CITIGRP 50,000.00 09290DAA9BLACKROCK FUNDING INC CORPORATE

NOTES (C
DTD 03/14/2024 4.700% 03/14/2029

4.82 4.16
(3,912.51)(3,931.67) 721,423.58 99.51 02/14/29MERRILL 725,000.00 09290DAA9BLACKROCK FUNDING INC CORPORATE

NOTES (C
DTD 03/14/2024 4.700% 03/14/2029

4.82 4.16
402.30 411.91 170,187.51 100.11 03/04/29SEEL 170,000.00 00724PAF6ADOBE INC CORP NOTES (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

4.77 4.20
518.49 531.57 205,226.12 100.11 03/04/29MERRILL 205,000.00 00724PAF6ADOBE INC CORP NOTES (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

4.77 4.20
(142.34)(140.00) 124,053.75 99.24 05/25/29MORGAN_ 125,000.00 437076DC3HOME DEPOT INC CORPORATE NOTES (CALLABLE
DTD 06/25/2024 4.750% 06/25/2029

4.92 4.43
(523.98)(520.00) 248,107.50 99.24 05/25/29PNC 250,000.00 437076DC3HOME DEPOT INC CORPORATE NOTES (CALLABLE
DTD 06/25/2024 4.750% 06/25/2029

4.92 4.43

Page 23 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
(282,244.58) 5.07 (235,114.17) 12,093,783.12 12,420,000.00 Security Type Sub-Total 2.47 Certificate of Deposit
1,689.29 1,689.29 451,689.29 100.38 TD 450,000.00 89115B6K1TORONTO DOMINION BANK NY CERT DEPOS
DTD 10/31/2022 5.600% 10/27/2025

5.20 1.28
107.10 107.10 450,107.10 100.02 WELLS_F 450,000.00 65558UYF3NORDEA BANK ABP NEW YORK CERT DEPOS
DTD 11/03/2022 5.530% 11/03/2025

5.51 1.31
1,796.39 5.35 1,796.39 901,796.39 900,000.00 Security Type Sub-Total 1.29 Asset-Backed Security
(6.01)(5.82) 2,406.80 99.75 BARCLAY 2,412.88 44933LAC7HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025

0.59 0.04
(585.84)(585.17) 55,723.56 98.96 MITSU 56,309.69 65480BAC1NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025

1.14 0.19
(550.85)(546.93) 52,350.47 98.96 CITIGRP 52,903.10 89190GAC1TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025

1.02 0.17
(805.97)(800.70) 39,148.41 97.98 MERRILL 39,957.53 43815GAC3HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026

2.20 0.42
(201.39)(198.73) 18,395.20 98.91 MERRILL 18,597.95 14314QAC8CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026

1.20 0.18
(522.36)(518.42) 29,715.66 98.26 SMBC 30,240.83 44935FAD6HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026

1.68 0.32
(2,053.91)(2,030.71) 192,927.54 98.94 CITIGRP 195,000.00 254683CP8DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026

1.07 0.21
(868.09)(867.56) 37,149.17 97.72 JPM_CHA 38,017.70 362554AC1GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026

1.73 0.45
(2,388.19)(2,386.32) 190,292.60 98.76 RBC 192,683.47 14318MAD1CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027

4.44 0.67
(1,391.86)(1,380.87) 138,590.16 98.99 WELLS_F 140,000.00 65480JAC4NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027

4.84 0.87
(1,625.05)(1,609.05) 273,345.88 99.40 RBC 275,000.00 36265QAD8GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027

5.03 0.81

Page 24 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Asset-Backed Security
(2,153.22)(2,153.18) 242,846.70 99.12 MERRILL 245,000.00 891940AC2TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027

4.93 1.04
(1,781.32)(1,768.43) 243,193.13 99.26 RBC 245,000.00 14041NGB1COMET 2022-A3 A DTD 11/03/2022 4.950% 10/15/2027

5.19 1.22
(819.08)(814.26) 169,168.62 99.51 JPM_CHA 170,000.00 41285JAD0HDMOT 2023-A A3 DTD 02/23/2023 5.050% 12/15/2027

5.20 0.97
(1,210.42)(1,206.93) 128,779.51 99.06 BNP_PAR 130,000.00 344928AD8FORDO 2023-A A3 DTD 03/31/2023 4.650% 02/15/2028

4.93 1.25
454.28 466.91 320,400.93 100.13 MERRILL 320,000.00 43815QAC1HAROT 2023-3 A3 DTD 08/22/2023 5.410% 02/18/2028

5.37 1.48
(4,877.99)(4,873.38) 315,108.06 98.47 RBC 320,000.00 254683CY9DCENT 2023-A1 A DTD 04/11/2023 4.310% 03/15/2028

4.76 1.60
(1,004.21)(996.04) 168,965.47 99.39 MERRILL 170,000.00 05522RDG0BACCT 2023-A1 A1 DTD 06/16/2023 4.790% 05/15/2028

4.96 1.74
(771.46)(767.87) 189,215.28 99.59 RBC 190,000.00 02582JJZ4AMXCA 2023-1 A DTD 06/14/2023 4.870% 05/15/2028

4.99 1.74
(6,649.03)(6,624.06) 483,263.58 98.63 RBC 490,000.00 14041NGD7COMET 2023-A1 A DTD 05/24/2023 4.420% 05/15/2028

4.81 1.75
(1,452.60)(1,442.98) 348,509.74 99.57 MERRILL 350,000.00 254683CZ6DCENT 2023-A2 A DTD 06/28/2023 4.930% 06/15/2028

5.05 1.82
691.71 693.58 85,678.61 100.80 JPM_CHA 85,000.00 438123AC5HAROT 2023-4 A3 DTD 11/08/2023 5.670% 06/21/2028

5.45 1.76
749.09 752.82 350,731.12 100.21 JPM_CHA 350,000.00 31680EAD3FITAT 2023-1 A3 DTD 08/23/2023 5.530% 08/15/2028

5.47 1.59
415.77 431.73 405,319.46 100.08 JPM_CHA 405,000.00 161571HT4CHAIT 2023-A1 A DTD 09/15/2023 5.160% 09/15/2028

5.14 2.03
1,526.73 1,529.30 411,510.97 100.37 CITIGRP 410,000.00 02582JKD1AMXCA 2023-3 A DTD 09/19/2023 5.230% 09/15/2028

5.13 2.03
(256.54)(254.13) 179,721.70 99.85 MERRILL 180,000.00 05522RDH8BACCT 2023-A2 A2 DTD 12/14/2023 4.980% 11/15/2028

5.02 2.18
3,873.99 3,877.38 498,775.91 100.76 BARCLAY 495,000.00 02582JKH2AMXCA 2024-1 A DTD 04/23/2024 5.230% 04/16/2029

5.05 2.53
(24,079.82) 4.76 (24,263.82) 5,571,234.24 5,596,123.15 Security Type Sub-Total 1.54

Page 25 ends

For the Month Ending June 30, 2024Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
54,059,024.66 52,198,072.57 (474,227.23) (744,430.78) 4.80 Managed Account Sub-Total 2.54 Joint Powers Authority

0.00 0.00 88,805.27 1.00 88,805.27 CAMP Pool 0.00
88,805.27 88,805.27 0.00 0.00 Liquid Sub-Total 0.00 Total Investments $52,616,515.15
$329,637.31
$52,286,877.84
Accrued Interest
Securities Sub-Total $54,147,829.93 ($474,227.23) ($744,430.78) 4.80% 2.54

Page 26 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
06/13/24 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 (549,998.35) (880.55) (550,878.90) 550,000.00 06/05/24 06/11/24 US TREASURY NOTES
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 (2,565,253.91) (16,232.83) (2,581,486.74) 2,900,000.00 06/06/24 06/25/24 HOME DEPOT INC CORPORATE NOTES
(CALLABLE
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 (124,193.75) 0.00 (124,193.75) 125,000.00 06/17/24 06/25/24 HOME DEPOT INC CORPORATE NOTES
(CALLABLE
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 (248,627.50) 0.00 (248,627.50) 250,000.00 06/18/24 (17,113.38) (3,505,186.89)(3,488,073.51) 3,825,000.00 Transaction Type Sub-Total

INTEREST
06/25/24 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 0.00 3,100.00 3,100.00 800,000.00 06/01/24 06/25/24 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 0.00 2,208.71 2,208.71 550,000.00 06/01/24 06/25/24 FHMS K054 A2
DTD 04/20/2016 2.745% 01/01/2026
3137BNGT5 0.00 629.06 629.06 275,000.00 06/01/24
06/25/24 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 0.00 1,741.71 1,741.71 437,523.47 06/01/24 06/25/24 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 0.00 760.35 760.35 180,000.00 06/01/24
06/25/24 FHLMC MULTIFAMILY STRUCTURED P
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 0.00 1,486.38 1,486.38 550,000.00 06/01/24 06/25/24 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 0.00 1,608.12 1,608.12 397,229.54 06/01/24 06/25/24 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 0.00 1,975.00 1,975.00 500,000.00 06/01/24 06/25/24 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 0.00 1,920.42 1,920.42 550,000.00 06/01/24 06/25/24 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 0.00 1,515.63 1,515.63 375,000.00 06/01/24

Page 27 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

INTEREST
06/25/24 FHMS K043 A2
DTD 03/01/2015 3.062% 12/01/2024
3137BGK24 0.00 623.33 623.33 244,283.12 06/01/24
06/25/24 FHMS K058 A2
DTD 11/09/2016 2.653% 08/01/2026
3137BSP72 0.00 1,215.96 1,215.96 550,000.00 06/01/24 06/25/24 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 0.00 2,000.00 2,000.00 500,000.00 06/01/24 06/25/24 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 0.00 1,113.75 1,113.75 275,000.00 06/01/24 06/25/24 FHMS K064 A2
DTD 05/15/2017 3.224% 03/01/2027
3137BXQY1 0.00 1,477.67 1,477.67 550,000.00 06/01/24 06/25/24 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 0.00 1,104.90 1,104.90 290,000.00 06/01/24 06/25/24 FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 0.00 1,047.93 1,047.93 375,712.67 06/01/24 06/03/24 AMAZON INC CORP NOTES (CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025
023135BQ8 0.00 1,900.00 1,900.00 475,000.00 06/03/24 06/06/24 BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06051GKE8 0.00 1,721.25 1,721.25 225,000.00 06/06/24 06/09/24 NATIONAL AUSTRALIA BK/NY

CORPORATE NOTES
DTD 06/09/2022 3.500% 06/09/2025
63254ABD9 0.00 4,375.00 4,375.00 250,000.00 06/09/24 06/09/24 NATIONAL AUSTRALIA BK/NY

CORPORATE NOTES
DTD 06/09/2022 3.905% 06/09/2027
63254ABE7 0.00 9,762.50 9,762.50 500,000.00 06/09/24 06/15/24 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 0.00 676.84 676.84 204,587.81 06/15/24
06/15/24 NATIONAL RURAL UTIL COOP

CORPORATE NOTES
DTD 05/04/2022 3.450% 06/15/2025
63743HFE7 0.00 862.50 862.50 50,000.00 06/15/24
06/15/24 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 0.00 21.10 21.10 34,223.25 06/15/24
06/15/24 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 0.00 1,612.92 1,612.92 350,000.00 06/15/24

Page 28 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

INTEREST
06/15/24 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 0.00 1,437.92 1,437.92 350,000.00 06/15/24 06/15/24 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 0.00 9.79 9.79 22,598.32 06/15/24
06/15/24 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 0.00 503.75 503.75 130,000.00 06/15/24
06/15/24 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 0.00 747.00 747.00 180,000.00 06/15/24
06/15/24 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 0.00 678.58 678.58 170,000.00 06/15/24
06/15/24 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 0.00 1.74 1.74 5,481.70 06/15/24
06/15/24 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 0.00 1,741.50 1,741.50 405,000.00 06/15/24 06/15/24 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 0.00 1,149.33 1,149.33 320,000.00 06/15/24 06/15/24 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 0.00 1,010.63 1,010.63 245,000.00 06/15/24 06/15/24 NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
65480BAC1 0.00 18.94 18.94 68,866.64 06/15/24
06/15/24 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 0.00 1,786.92 1,786.92 410,000.00 06/15/24 06/15/24 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 0.00 1,804.83 1,804.83 490,000.00 06/15/24 06/15/24 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 0.00 771.08 771.08 190,000.00 06/15/24
06/15/24 TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
89190GAC1 0.00 14.17 14.17 65,396.39 06/15/24
06/15/24 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 0.00 2,157.37 2,157.37 495,000.00 06/15/24 06/15/24 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 0.00 94.25 94.25 195,000.00 06/15/24
06/15/24 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 0.00 945.29 945.29 245,000.00 06/15/24

Page 29 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

INTEREST
06/15/24 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 0.00 715.42 715.42 170,000.00 06/15/24
06/15/24 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 0.00 520.33 520.33 140,000.00 06/15/24
06/16/24 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 0.00 23.71 23.71 41,843.76 06/16/24
06/16/24 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 0.00 1,104.58 1,104.58 275,000.00 06/16/24 06/18/24 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 0.00 1,442.67 1,442.67 320,000.00 06/18/24 06/21/24 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 0.00 32.74 32.74 44,640.91 06/21/24
06/21/24 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 0.00 401.63 401.63 85,000.00 06/21/24
06/30/24 US TREASURY NOTES
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 0.00 18,125.00 18,125.00 2,900,000.00 06/30/24 06/30/24 US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 0.00 62.50 62.50 50,000.00 06/30/24
06/30/24 US TREASURY NOTES
DTD 12/31/2019 1.750% 12/31/2024
912828YY0 0.00 437.50 437.50 50,000.00 06/30/24
84,200.20 84,200.20 0.00 17,552,387.58 Transaction Type Sub-Total

MATURITY
06/01/24 JPMORGAN CHASE CORP NOTES
(CALLED, OMD 6
DTD 06/01/2021 0.824% 06/01/2024
46647PCH7 315,000.00 1,297.80 316,297.80 0.00 0.00 315,000.00 06/01/24 1,297.80 0.00 0.00 316,297.80 315,000.00 315,000.00 Transaction Type Sub-Total

PAYDOWNS
06/25/24 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 483.66 0.00 483.66 0.00 0.00 483.66 06/01/24 06/25/24 FHMS K043 A2
DTD 03/01/2015 3.062% 12/01/2024
3137BGK24 414.18 0.00 414.18 (20.51) 0.00 414.18 06/01/24

Page 30 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

PAYDOWNS
06/25/24 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 232.87 0.00 232.87 0.01 0.00 232.87 06/01/24 06/25/24 FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 716.58 0.00 716.58 22.06 0.00 716.58 06/01/24 06/15/24 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 3,982.42 0.00 3,982.42 0.89 0.00 3,982.42 06/15/24 06/15/24 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 4,000.37 0.00 4,000.37 0.86 0.00 4,000.37 06/15/24 06/15/24 NAROT 2021-A A3
DTD 06/23/2021 0.330% 10/15/2025
65480BAC1 12,556.95 0.00 12,556.95 0.21 0.00 12,556.95 06/15/24 06/15/24 TAOT 2021-B A3
DTD 06/14/2021 0.260% 11/17/2025
89190GAC1 12,493.29 0.00 12,493.29 1.35 0.00 12,493.29 06/15/24 06/15/24 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 3,068.82 0.00 3,068.82 0.32 0.00 3,068.82 06/15/24 06/15/24 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 11,904.34 0.00 11,904.34 0.28 0.00 11,904.34 06/15/24 06/16/24 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 3,826.06 0.00 3,826.06 0.10 0.00 3,826.06 06/16/24 06/21/24 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 4,683.39 0.00 4,683.39 1.00 0.00 4,683.38 06/21/24

0.00 0.00 6.57 58,362.93 58,362.93 58,362.92 Transaction Type Sub-Total SELL
06/05/24 LOS ANGELES CCD, CA TXBL GO BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 134,232.00 372.76 134,604.76 (5,768.00) (5,768.00) FIFO 140,000.00 06/05/24 06/11/24 US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 235,146.48 366.85 235,513.33 7,001.95 (1,683.82) FIFO 250,000.00 06/06/24 06/11/24 US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 329,205.08 513.59 329,718.67 3,582.03 (5,449.03) FIFO 350,000.00 06/06/24 06/11/24 US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 1,975,230.47 3,081.52 1,978,311.99 21,164.06 (34,816.02) FIFO 2,100,000.00 06/06/24 06/25/24 US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 164,903.32 389.95 165,293.27 2,091.80 (2,544.84) FIFO 175,000.00 06/18/24

Page 31 ends

For the Month Ending June 30, 2024Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
4,724.67 (50,261.71) 28,071.84 2,843,442.02 2,838,717.35 3,015,000.00 Transaction Type Sub-Total (275,993.23) 73,109.29 (202,883.94) 28,078.41 (50,261.71)Managed Account Sub-Total Total Security Transactions $28,078.41 ($202,883.94)$73,109.29 ($275,993.23) ($50,261.71)

Page 32 ends

For the Month Ending June 30, 2024Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
312,890.23 Opening Balance
06/03/24 06/03/24 Purchase - Interest 023135BQ8 1.00 1,900.00 314,790.23 06/03/24 06/03/24 Purchase - Principal 46647PCH7 1.00 316,297.80 631,088.03 06/06/24 06/06/24 Purchase - Interest 06051GKE8 1.00 1,721.25 632,809.28 06/06/24 06/06/24 Individual Portfolio Interest 54438CYK2 from 6/5/2024 1.00 372.76 633,182.04 06/06/24 06/06/24 Individual Portfolio Maturity 54438CYK2 from 6/5/2024 1.00 134,232.00 767,414.04 06/10/24 06/10/24 Purchase - Interest 63254ABD9 1.00 4,375.00 771,789.04 06/10/24 06/10/24 Purchase - Interest 63254ABE7 1.00 9,762.50 781,551.54 06/11/24 06/11/24 Purchase - Principal 912828U24 1.00 2,539,582.03 3,321,133.57 06/11/24 06/11/24 Purchase - Interest 912828U24 1.00 3,961.96 3,325,095.53 06/11/24 06/11/24 Redemption - Principal 91282CCH2 1.00 (2,565,253.91) 759,841.62 06/11/24 06/11/24 Redemption - Interest 91282CCH2 1.00 (16,232.83) 743,608.79 06/13/24 06/13/24 Redemption - Interest 3137HDJJ0 1.00 (880.55) 742,728.24 06/13/24 06/13/24 Redemption - Principal 3137HDJJ0 1.00 (549,998.35) 192,729.89 06/17/24 06/17/24 Purchase - Interest 63743HFE7 1.00 862.50 193,592.39 06/17/24 06/17/24 Purchase - Interest 02582JJZ4 1.00 771.08 194,363.47 06/17/24 06/17/24 Purchase - Interest 02582JKD1 1.00 1,786.92 196,150.39 06/17/24 06/17/24 Purchase - Interest 02582JKH2 1.00 2,157.37 198,307.76 06/17/24 06/17/24 Purchase - Interest 05522RDG0 1.00 678.58 198,986.34 06/17/24 06/17/24 Purchase - Interest 05522RDH8 1.00 747.00 199,733.34 06/17/24 06/17/24 Purchase - Interest 14041NGB1 1.00 1,010.63 200,743.97 06/17/24 06/17/24 Purchase - Interest 14041NGD7 1.00 1,804.83 202,548.80

Page 33 ends

For the Month Ending June 30, 2024Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
06/17/24 06/17/24 Purchase - Interest 14314QAC8 1.00 9.79 202,558.59 06/17/24 06/17/24 Purchase - Interest 14318MAD1 1.00 676.84 203,235.43 06/17/24 06/17/24 Purchase - Interest 161571HT4 1.00 1,741.50 204,976.93 06/17/24 06/17/24 Purchase - Interest 254683CP8 1.00 94.25 205,071.18 06/17/24 06/17/24 Purchase - Interest 254683CY9 1.00 1,149.33 206,220.51 06/17/24 06/17/24 Purchase - Interest 254683CZ6 1.00 1,437.92 207,658.43 06/17/24 06/17/24 Purchase - Interest 31680EAD3 1.00 1,612.92 209,271.35 06/17/24 06/17/24 Purchase - Interest 344928AD8 1.00 503.75 209,775.10 06/17/24 06/17/24 Purchase - Interest 362554AC1 1.00 23.71 209,798.81 06/17/24 06/17/24 Purchase - Interest 36265QAD8 1.00 1,104.58 210,903.39 06/17/24 06/17/24 Purchase - Interest 41285JAD0 1.00 715.42 211,618.81 06/17/24 06/17/24 Purchase - Interest 44933LAC7 1.00 1.74 211,620.55 06/17/24 06/17/24 Purchase - Interest 44935FAD6 1.00 21.10 211,641.65 06/17/24 06/17/24 Purchase - Interest 65480BAC1 1.00 18.94 211,660.59 06/17/24 06/17/24 Purchase - Interest 65480JAC4 1.00 520.33 212,180.92 06/17/24 06/17/24 Purchase - Interest 89190GAC1 1.00 14.17 212,195.09 06/17/24 06/17/24 Purchase - Interest 891940AC2 1.00 945.29 213,140.38 06/17/24 06/17/24 Purchase - Principal 14314QAC8 1.00 4,000.37 217,140.75 06/17/24 06/17/24 Purchase - Principal 14318MAD1 1.00 11,904.34 229,045.09 06/17/24 06/17/24 Purchase - Principal 44935FAD6 1.00 3,982.42 233,027.51 06/17/24 06/17/24 Purchase - Principal 44933LAC7 1.00 3,068.82 236,096.33 06/17/24 06/17/24 Purchase - Principal 362554AC1 1.00 3,826.06 239,922.39

Page 34 ends

For the Month Ending June 30, 2024Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
06/17/24 06/17/24 Purchase - Principal 65480BAC1 1.00 12,556.95 252,479.34 06/17/24 06/17/24 Purchase - Principal 89190GAC1 1.00 12,493.29 264,972.63 06/18/24 06/18/24 Purchase - Interest 43815QAC1 1.00 1,442.67 266,415.30 06/21/24 06/21/24 Purchase - Interest 438123AC5 1.00 401.63 266,816.93 06/21/24 06/21/24 Purchase - Interest 43815GAC3 1.00 32.74 266,849.67 06/21/24 06/21/24 Purchase - Principal 43815GAC3 1.00 4,683.39 271,533.06 06/25/24 06/25/24 Purchase - Interest 3137HBC69 1.00 1,608.12 273,141.18 06/25/24 06/25/24 Purchase - Interest 3137HB3G7 1.00 1,113.75 274,254.93 06/25/24 06/25/24 Purchase - Interest 3137HB3D4 1.00 760.35 275,015.28 06/25/24 06/25/24 Purchase - Interest 3137HAST4 1.00 1,515.63 276,530.91 06/25/24 06/25/24 Purchase - Interest 3137HAQ74 1.00 1,975.00 278,505.91 06/25/24 06/25/24 Purchase - Interest 3137HAMS2 1.00 2,000.00 280,505.91 06/25/24 06/25/24 Purchase - Interest 3137HAMH6 1.00 3,100.00 283,605.91 06/25/24 06/25/24 Purchase - Interest 3137HAD45 1.00 1,741.71 285,347.62 06/25/24 06/25/24 Purchase - Interest 3137HACX2 1.00 2,208.71 287,556.33 06/25/24 06/25/24 Purchase - Interest 3137F1G44 1.00 1,486.38 289,042.71 06/25/24 06/25/24 Purchase - Interest 3137BXQY1 1.00 1,477.67 290,520.38 06/25/24 06/25/24 Purchase - Interest 3137BTUM1 1.00 1,047.93 291,568.31 06/25/24 06/25/24 Purchase - Interest 3137BSP72 1.00 1,215.96 292,784.27 06/25/24 06/25/24 Purchase - Interest 3137BNGT5 1.00 629.06 293,413.33 06/25/24 06/25/24 Purchase - Interest 3137BGK24 1.00 623.33 294,036.66 06/25/24 06/25/24 Purchase - Interest 3136BQDE6 1.00 1,920.42 295,957.08

Page 35 ends

For the Month Ending June 30, 2024Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
06/25/24 06/25/24 Purchase - Interest 3137HBLV4 1.00 1,104.90 297,061.98 06/25/24 06/25/24 Purchase - Interest 912828U24 1.00 389.95 297,451.93 06/25/24 06/25/24 Purchase - Principal 912828U24 1.00 164,903.32 462,355.25 06/25/24 06/25/24 Purchase - Principal 3137BGK24 1.00 414.18 462,769.43 06/25/24 06/25/24 Purchase - Principal 3137BTUM1 1.00 716.58 463,486.01 06/25/24 06/25/24 Purchase - Principal 3137HAD45 1.00 232.87 463,718.88 06/25/24 06/25/24 Purchase - Principal 3137HBC69 1.00 483.66 464,202.54 06/25/24 06/25/24 Redemption - Principal 437076DC3 1.00 (124,193.75) 340,008.79 06/25/24 06/25/24 Redemption - Principal 437076DC3 1.00 (248,627.50) 91,381.29 06/26/24 06/26/24 IP Fees May 2024 1.00 (4,017.19) 87,364.10 06/26/24 06/26/24 U.S. Bank Fees April 2024 1.00 (235.83) 87,128.27 06/28/24 07/01/24 Accrual Income Div Reinvestment - Distributions 1.00 1,677.00 88,805.27

Page 36 ends

For the Month Ending June 30, 2024Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate 88,805.27
88,805.27
88,805.27
377,026.46
4,685.88

0.00 (12,148,257.50)
12,120,289.81
116,772.96
1,677.00
88,805.27

0.00 (3,509,439.91)
3,285,354.95
312,890.23
Monthly Distribution Yield
Average Monthly Balance
Closing Balance
Fiscal YTDMonth of
Cash Dividends and Income
Closing Balance
Check Disbursements
Redemptions (Excl. Checks)
Purchases
Opening Balance
Closing Balance
June January-June

5.43%

Page 37 ends

Page 1 of 5 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
Date:July 23, 2024
Subject:Mary McDonald Riley Street Senior Apartments Project Budget, Loan Agreement (ARPA), expenditure of Low- and Moderate-Income Housing Asset Funds (LMIHAF) and Affordability Covenants for the Project Located at 200 North Riley Street
Recommendation
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, ACTING AS HOUSING SUCCESSOR TO THE FORMER REDEVELOPMENT

AGENCY, APPROVING A CONSTRUCTION BUDGET, AN ARPA LOAN AGREEMENT WITH RIVERSIDE COUNTY AND THE EXPENDITURE OF UP TO $3,687,500 FROM THE CITY’S

LOW AND MODERATE INCOME HOUSING ASSET FUND (LMIHAF) FOR CONSTRUCTION AND DEVELOPMENT OF THE MARY McDONALD RILEY STREET SENIOR APARTMENTS

PROJECT AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH INCLUDING APPROVAL OF LONG-TERM USE AND AFFORDABILITY COVENANTS.

Background
On May 17, 2022, the Planning Commission approved Planning Application No. 2021-02 (Planning Design Review No. 2021-03) for the construction of a 16-Unit apartment complex and related improvements located at 200 N. Riley Street (APN: 374-162-036) (“Project”).

The Project site is vacant land owned by the City, in its capacity as Housing Successor, and is located at the northeast corner of the intersection of Riley St. and Heald Avenue more specifically referred to as 200 North Riley Street (Assessor Parcel Number: 374-162-036) (the “Property”).

The Project totals 17,372 sq. ft. with two (2) buildings including 16 one-bedroom units which will be restricted to extremely low income senior households with incomes less than 30% of area median income at affordable rents. Additional improvements consist of recreational amenities including a picnic and BBQ area, parking lot, trash enclosure and other ancillary and related improvements. Frontage and landscape improvements along both Heald and North Riley, including a retrofit of the historic Mary McDonald Gazebo are also be included as part of the Project.

Mary McDonald Riley Street Apartments

Page 2 of 5 ends

City staff has prepared a budget for the development of the Project totaling $8,687,500 (copy attached as Attachment 4 (“Budget”). To fund construction of the Project, the City applied for and received an award of American Rescue Plan Act (“ARPA”) funds in the amount of $5,000,000 from the County of Riverside (“County”) (“ARPA Loan”) for construction and development costs of the Project. The form of the ARPA Loan Agreement between the City and the County has been approved by the City Attorney and is attached as Attachment 5 (“ARPA Loan Agreement”).

Construction and development costs in excess of the ARPA Loan are proposed to be funded by the City, as Housing Successor, from the Low and Moderate Income Housing Asset Fund (LMIHAF). Accordingly, staff proposes using $3,687,500 in LMIHAF, along with the ARPA Loan funds, to develop the Project. The City Manager, or his designee, will oversee the construction of the Project and the disbursement of ARPA Loan funds and LMIHAF, and enter into construction and other contracts in aggregate amounts not to exceed the Budget.

As required by applicable law governing the use of LMIHAF, the City proposes to record a Use Restriction With Affordability Covenants in the form attached as Attachment 7 (“Use Restriction”) restricting the use and occupancy of the Project to senior households (62+) whose gross income does not exceed 30% of Area Median Income (AMI), as published annually by the California Department of Housing and Community Development (HCD). The Use Restriction also requires that the units in the Project be rented at an “affordable rent,” in an amount not to exceed the amount permitted by applicable law.

In addition, the Project has been awarded fifteen Project Based Section 8 Vouchers (“Vouchers”), for a 20-year period, by the Housing Authority of the County of Riverside. A copy of the award letter is attached as Attachment 8. The Vouchers will serve as an operating subsidy for the Project, assisting the City in operating a financially feasible Project restricted to occupancy by Extremely Low Income Senior Households.

Discussion
ARPA Loan Documents
The attached Loan Agreement for the Use of American Rescue Plan Act (ARPA) Funds (“Loan Agreement”) between the County of Riverside (“County”) and the City obligates the County to provide the City with $5,000,000 in ARPA funds (“ARPA Loan”) to finance a portion of the development of the Project. The Loan Agreement requires that the City execute a promissory note (“Note”) in the amount of the ARPA Loan, as well as a deed of trust (“Deed”) to be recorded against the Property. In addition, the City must execute a Covenant Agreement to be recorded against the Property. The City must also provide the County with an Environmental Indemnity (Attachment 6). The Loan Agreement, Note, Deed, Covenant Agreement and Environmental Indemnity are collectively referred to as the “ARPA Loan Documents.”

Mary McDonald Riley Street Apartments

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The ARPA Loan Documents require that fifteen (15) of the units to be constructed in the Project be restricted to occupancy by seniors 62 or over whose household income does not exceed 30% of area median income for the County of Riverside as published by HCD adjusted for actual family size (“Extremely Low Income Senior Households”) for 55 years. The sixteenth unit is required to house a residential manager for the Project.

The ARPA Loan is repayable upon the later to occur of July 1, 2079, or 55 years from the date of recordation of the Covenant Agreement. The ARPA Loan does not bear any interest. The ARPA Loan will be forgiven at the end of the term if the City and the Project have complied with the ARPA Loan Documents and the law and guidelines applicable to the ARPA program.

The ARPA Loan Agreement also requires that the County be permitted to provide input regarding all Project media releases, and that any City publicity regarding the Project refer to the County’s contribution. Further, the County’s name shall be prominently displayed on all signs and similar printed materials regarding the Project.

Budget and Expenditure of LMIHAF

Staff has worked closely with the City’s construction consultant to prepare a development and construction budget in the aggregate amount of $8,687,500. The Budget excludes operating reserves and related operating expenses, which will be finalized and presented to the City Council at a later date.

Staff recommends that the City Council authorize the City Manager to enter into construction and other development contracts in an aggregate amount not to exceed $8,687,500, and to draw down and disburse ARPA Loan funds in connection therewith in compliance with the ARPA Loan Agreement, subject to the review and approval of the City Manager.

Staff further recommends that the City Council appropriate and authorize the expenditure of up to $3,687,500 from the LMIHAF for construction and development costs of the Project, subject to the review and approval of the City Manager prior to any expenditure thereof.

The expenditure of LMIHAF for the development of units restricted to occupancy by senior households earning not more than 30% of AMI will assist the City in complying with the proportionality requirements of the California Health & Safety Code (HSC). Section 34176.1(a)(3)(A) of the HSC requires that the City, as Housing Successor, expend at least 30% of LMIHAF (after expenditure for certain administrative expenses) for the development of rental housing affordable to and occupied by households earning 30% or less of the area median income.

Mary McDonald Riley Street Apartments

Page 4 of 5 ends

Use Restriction With Affordability Covenants (LMIHAF)

California law requires that LMIHAF be used primarily for affordable housing and that a covenant be recorded against the Project restricting the use and occupancy of the Project. The attached Use Restriction requires that 15 units be restricted to occupancy by senior (62+) households whose gross income does not exceed 30% of AMI for the County of Riverside adjusted for actual family size for 55 years. The remaining Unit in the Project will be occupied by the on-site manager.

The Covenant further restricts the rent that can be charged to the Extremely Low Income Senior Households to a monthly amount not to exceed 30% of 30% of AMI, adjusted for household size appropriate to the unit.

Timing
Upon the approval of the ARPA Loan Documents, Budget, expenditure of LMIHAF and Use Restriction, City staff will work with the County to close the ARPA Loan within 30-45 days, and commence construction of the Project shortly thereafter. The Deed, Covenant Agreement, and Use Restriction will be recorded against the Project upon closing of the ARPA Loan. The ARPA Loan Documents require that construction be completed within 24 months from the effective date of the ARPA Loan Agreement.

Environmental Determination
The Project is exempt from the California Environmental Quality Act (Cal. Publ. Res. Code §§21000 et seq.: “CEQA”) and the State CEQA Guidelines (14. Cal. Code Regs §§15000 et seq.), specifically pursuant to Section 15332 (Class 32 – In-Fill Development Projects) because the Project is consistent with the applicable General Plan designation and policies, as well as zoning designation and regulations, the Project is within the City’s boundaries and on a site less than five acres surrounded by urban uses, the Property has no value as habitat, and approval of the Project will not result in any significant effects relating to traffic, noise, air quality, or water quality and the Project is adequately served by all required utilities and public services.

Resolution
Adoption of the attached Resolution approves the following in connection with the Mary McDonald Riley Street Senior Apartments affordable housing project:
(1) That certain Loan Agreement for the Use of American Rescue Plan Act (ARPA) Funds and Related Agreements in substantially the form attached to the Staff Report and authorize the City Manager and City Attorney to jointly make necessary and appropriate revisions without increasing the City’s financial commitment. (2) The expenditure of up to $3,687,500 from the Low and Moderate Income Housing Asset Fund (LMIHAF) for construction and development costs, approval of a development and construction budget in an aggregate amount not to exceed $8,687,500, and authorize the City Manager to enter into construction and other development contracts up to the amount of the budget.

Mary McDonald Riley Street Apartments

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(3) That certain Use Restriction With Affordability Covenants for the Mary McDonald Riley Street Senior Apartments affordable housing project in substantially the form attached and authorize the City Manager and City Attorney to jointly make necessary and appropriate revisions without increasing the City’s financial commitment.

Fiscal Impact
The time and costs related to this project will be covered by the County ARPA Loan and City LMIHAF funding. No General Funds have been allocated, nor will they be used in the development of the Project.

Attachments
Attachment 1 - Vicinity Map
Attachment 2 - Aerial Map
Attachment 3 - Resolution
Attachment 4 - Development Budget
Attachment 5 - Loan Agreement for the Use of American Rescue Plan Act (ARPA) Funds between the County of Riverside and the City of Lake Elsinore
Attachment 6 - Environmental Indemnity
Attachment 7 - Use Restriction With Affordability Covenants (Low and Moderate Income Housing Asset Funds) for the Mary McDonald Riley Senior Apartments Affordable Housing Project
Attachment 8 - Housing Authority of the County of Riverside Award Letter – Section 8 Project Based Vouchers
City Attorney’s Office

RILEY ST

HEALD AVE

SPRING ST

LANGSTAFF ST

SUMNER AVE

RILEY ST

HEALD AVE

SPRING ST

LANGSTAFF ST

SUMNER AVE
Mary McDonald Riley Street Senior Apartments
Project Site

VICINITY MAP

PROJECT SITE
´

RILEY ST

HEALD AVE
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community

RILEY ST

HEALD AVE
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community
Mary McDonald Riley Street Senior Apartments
Project Site

AERIAL MAP

PROJECT SITE
´
RESOLUTION NO. 2024-___

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, ACTING AS HOUSING SUCCESSOR TO THE FORMER

REDEVELOPMENT AGENCY, APPROVING A CONSTRUCTION BUDGET, AN

ARPA LOAN AGREEMENT WITH RIVERSIDE COUNTY AND THE
EXPENDITURE OF UP TO $3,687,500 FROM THE CITY’S LOW AND

MODERATE INCOME HOUSING ASSET FUND (LMIHAF) FOR
CONSTRUCTION AND DEVELOPMENT OF THE MARY McDONALD RILEY

STREET SENIOR APARTMENTS PROJECT AND MAKING CERTAIN

FINDINGS IN CONNECTION THEREWITH INCLUDING APPROVAL OF LONG-

TERM USE AND AFFORDABILITY COVENANTS
WHEREAS, the City of Lake Elsinore (“City”) is a municipal corporation organized and
WHEREAS, as of February 1, 2012, the City elected to act as the successor to the housing assets and functions of the former Redevelopment Agency of the City of Lake Elsinore in accordance with HSC Section 34176.1(a)(3)(A) (“Housing Successor”); and WHEREAS, an approximately 5,641 square foot portion of APN 374-162-036 located on the northeast corner of Heald Avenue and Riley Street is home to the Mary McDonald historic landmark and was previously conveyed to the City for historic preservation purposes following approval by the Riverside Countywide Oversight Board and the California Department of Finance; and

WHEREAS, the remainder portion of APN 374-162-036 comprised of approximately 17,775 square feet (the “Property”) was purchased by the City in its capacity as the Housing Successor for affordable senior housing; and
WHEREAS, on May 17, 2022, the Planning Commission approved Planning Application No. 2021-02 (Planning Design Review No. 2021-03) for the construction of a 16-Unit apartment complex and related improvements located at 200 N. Riley Street (APN: 374-162-036) (“Project”); and
WHEREAS, City staff has prepared a budget totaling $8,687,500 (“Budget”) and a proposed financing plan for the for the development of the Project; and WHEREAS, the City has applied for and received an award of American Rescue Plan Act (“ARPA”) funds in the amount of $5,000,000 from the County of Riverside (“County”) (“ARPA Loan”) for construction and development costs of the Project as set forth in the ARPA Loan Agreement in such form as approved by the City Attorney and to be presented to the Riverside County Board of Supervisors on July 30, 2024; and
WHEREAS, in accordance with the Dissolution Law, the Housing Successor has established a Low and Moderate Income Housing Asset Fund (“LMIHAF”), the proceeds of which can only be used for affordable housing purposes; and
WHEREAS, there are sufficient funds in the LMIHAF to allocate the expenditure of up to $3,687,500 for the development of the Project on the Property; and Reso. No. 2024-___

Page 2 of 4 ends

3 7
7 0
0 WHEREAS, development of the Project on the Property for affordable housing purposes serves the common benefit of the functions of the Housing Successor and assists the City in meeting the State mandate to provide its regional fair share of housing affordable to extremely low income households; and
WHEREAS, staff desires that the City Manager, or his designee, be authorized to enter into construction and other development contracts for the Project in an aggregate amount not to exceed the Project Budget, disburse ARPA Loan funds in connection therewith in an aggregate amount not to exceed $5,000,000, in compliance with the ARPA Loan Agreement, and expend up to $3,687,500 from the LMIHAF for construction and development costs of the Project; and WHEREAS, in accordance with California law, the City Attorney has prepared a Use Restriction With Affordability Covenants (Low and Moderate Income Housing Asset Funds) (“Use Restriction”), restricting the use and occupancy of 15 units in the Project to senior households (62+) whose gross income does not exceed 30% of area median income (AMI), as published annually by the California Department of Housing and Community Development (HCD) and requiring the 15 restricted units in the Project be rented at an “affordable rent” for a period of 55 years; and
WHEREAS, the proposed Project is exempt from the California Environmental Quality Act (Cal. Publ. Res. Code §§21000 et seq.: “CEQA”) and the State CEQA Guidelines (14. Cal. Code Regs §§15000 et seq.), specifically pursuant to Section 15332 (Class 32 – In-Fill Development Projects) because the Project is consistent with the applicable General Plan designation and policies, as well as zoning designation and regulations, the Project is within the City’s boundaries and on a site less than five acres surrounded by urban uses, the Property has no value as habitat, and approval of the Project will not result in any significant effects relating to traffic, noise, air quality, or water quality and the Project is adequately served by all required utilities and public services.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

ACTING AS SUCCESSOR TO THE HOUSING ASSETS AND FUNCTIONS OF THE FORMER

REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE UNDER HEALTH & SAFETY CODE SECTION 34176(a)(1), DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

SECTION 1.The Recitals set forth above are true and correct and incorporated herein by reference.

SECTION 2.That certain Loan Agreement for the Use of American Rescue Plan Act (ARPA) Funds by and between the City and the County and related agreements in substantially the forms presented to the City Council, with such minor changes as may be mutually agreed upon by the City Manager (or his duly authorized representative), in consultation with the City Attorney, and the loan set forth therein for $5,000,000 to be secured by the Property, are approved.

SECTION 3.The Budget for development and construction of the Project on the Property in the form presented to the City Council is approved.

SECTION 4. Allocation of $3,687,500 from the LMIHAF to fund the development of the Project is approved, and the City Manager (or his duly authorized representative), is authorized Reso. No. 2024-___

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3 7
7 0
0 and directed to to disburse such funds from the LMIHAF as needed to pay contracts and other expenses incurred in connection with the Project in accordance with the Budget.

SECTION 5. The Use Restriction in substantially the form presented to the City Council, with such minor changes as may be mutually agreed upon by the City Attorney, is approved.

SECTION 6.The Project is exempt from the California Environmental Quality Act (Cal.

Publ. Res. Code §§21000 et seq.: “CEQA”) and the State CEQA Guidelines (14. Cal. Code Regs §§15000 et seq.), specifically pursuant to Section 15332 (Class 32 – In-Fill Development Projects), because the Project is consistent with the applicable General Plan designation and policies, as well as zoning designation and regulations, the Project is within the City’s boundaries and on a site less than five acres surrounded by urban uses, the Property has no value as habitat, and approval of the Project will not result in any significant effects relating to traffic, noise, air quality, or water quality and the Project is adequately served by all required utilities and public services..

SECTION 7.Upon approval by the City Council, the City Manager (or his duly appointed designee) is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest, the ARPA Loan Agreement on behalf of the City, including documents in the form of Attachments to the ARPA Loan Agreement, and the Use Restriction. In such regard, the City Manager (or his duly appointed designee) is authorized to sign the final versions of the ARPA Loan Agreement and Use Restriction after completion of any such non-substantive, minor revisions agreed to by the City Attorney. Copies of the final form of the Agreements, when duly executed and attested, shall be placed on file in the office of the City Clerk.

SECTION 8.In addition, the City Manager is authorized and directed to do any and all things, including, without limitation, the draw down and expenditure of ARPA Loan funds and LMIHAF, and to execute any and all additional documents, including, without limitation, construction contracts, which he may deem necessary or advisable to effectuate this Resolution, including all contracts and documents, which, in consultation with the City Attorney, he may deem necessary or advisable in order to carry out and implement the development of the Project on the Property and otherwise effectuate the purposes of this Resolution and to administer the City’s obligations, responsibilities and duties to be performed under the ARPA Loan Agreement and Use Restriction. The City Manager is further authorized and directed to do any and all things, and to execute any and all documents, to insure that the Property shall be utilized by the City in accordance with the Community Redevelopment Law (Part 1(commencing with Section 33000)), as amended by Health and Safety Code Section 34176.1, and, in particular, for the development of affordable housing in accordance with Health and Safety Code Section 34176.1(a)((3)(A).

SECTION 9.If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The City Council hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof.

SECTION 10.The City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original resolutions.

SECTION 11.This Resolution shall take effect immediately upon its adoption.

Reso. No. 2024-___

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3 7
7 0
0 Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 23rd day of July 2024.

Steve Manos
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 Resolution No. 2024-___ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of July 23, 2024 and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Candice Alvarez, MMC
Environmental/Surveyor/
Design/Engineering/PM
Professional Services
$624,000
E
arthwork $250,000
Site Utilities $300,000
Roads Sidewalks (Paving) $400,000
Landscape, Irrigation, (LV Lighting) $350,000
$1,300,000
Concrete $325,000
Masonry $175,000
Metals $175,000
Carpentry $750,000
F Carpentry $100,000
Insulation $350,000
Roofing $400,000
Doors $50,000
Windows $480,000
Stucco $400,000
Drywall $400,000
Tile Work $160,000
Flooring $225,000
Paint $175,000
Cabinets $225,000
Fire Suppression System $200,000
Appliances $160,000
Blinds Shades $72,000
Elevators $185,000
Plumbing $340,000
HVAC $300,000
Electrical $450,000
$6,097,000
FF&Es $166,500
Contingency $500,000
Total $8,687,500
Mary McDonald Riley Street Senior Housing Construction Costs

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NO FEE FOR RECORDING PURSUANT
TO GOVERNMENT CODE SECTION 6103
Order No.

Escrow No.

Loan No.

RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:

County of Riverside
Housing and Workforce Solutions
3403 10th Street, Suite 300
Riverside, CA 92501
Attn: Juan Garcia
SPACE ABOVE THIS LINE FOR RECORDER’S USE

LOAN AGREEMENT FOR THE USE OFAMERICAN RESCUE PLAN ACT (ARPA) FUNDS This LOAN AGREEMENT FOR THE USE OF AMERICAN RESCUE PLAN ACT FUNDS (“Agreement”) is made and entered into this ______ day of __________ 2024 by and between the COUNTY OF RIVERSIDE, a political subdivision of the State of California (“COUNTY”) and CITY OF LAKE ELSINORE, a California municipal corporation within the geographical boundaries of the COUNTY (“BORROWER”). The COUNTY and BORROWER may be individually referred to herein as a “Party” and collectively as the “Parties.” This Agreement, for the use of funding under the American Rescue Plan Act of 2021 (Pub.L. 117-2), amending Title VI of the Social Security Act (42 U.S.C. 801 et seq.), hereinafter “ARPA” or “Act”, is made and entered into as of the Effective Date (defined herein).

W I T N E S S E T H:

WHEREAS, the Act provides that ARPA funds may be used to cover costs that are necessary expenditures incurred due to the public health emergency with respect to the COVID- 19 pandemic;
WHEREAS, on October 19, 2021, via Minute Order 3.5, the Board of Supervisors of the County of Riverside approved allocating $50,000,000 in ARPA funds to increase shelter capacity, permanent supportive housing units, and affordable housing to help address homelessness;

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WHEREAS, the purpose of this Agreement is, among other things, for COUNTY to provide financial assistance to BORROWER in the maximum amount of Five Million Dollars ($5,000,000.00) consisting of ARPA funds, to pay a portion of the costs to develop and construct a multi-family affordable rental housing project for seniors whose household incomes do not exceed 30% of the area median income for the County of Riverside, consisting of a total of sixteen (16) units, including fifteen (15) affordable rental housing units and one (1) residential manager’s unit (“Project”), on an approximately 17,755 square feet of vacant land situated at the southeast corner of Riley Street and Heald Avenue, in the City of Lake Elsinore in the County of Riverside, formerly identified as a portion of Assessor’s Parcel Number (“APN”) 374-162- 036 as more specifically described in the legal description and depicted on the site map attached hereto as Exhibit A and incorporated herein by this reference (“Property”); and WHEREAS, the ARPA-assisted activities described herein comply with the objectives required under the ARPA in that they are necessary to assist populations experiencing food and housing insecurity as a result of impacts due to the COVID-19 public health emergency.

NOW, THEREFORE, based upon the foregoing Recitals and for good and valuable consideration, the receipt and sufficiency of which is acknowledged by all Parties, the COUNTY and BORROWER hereby agree as follows:

1. PURPOSE. The aforementioned Recitals are true and correct and incorporated herein by this reference. COUNTY has agreed to lend up to appraised amount of the Property and no more than a maximum total amount of Five Million Dollars ($5,000,000.00) in ARPA Act funds (“ARPA Loan”) to BORROWER upon the satisfaction of the terms and conditions set forth herein, including but not limited to the conditions precedent to distribution of the ARPA Loan set forth in Section 11 below. Subject also to Section 48 below, BORROWER shall undertake and complete the ARPA activities required herein and as set forth in Exhibits A and A-1, and shall utilize the ARPA Loan, as required herein and pursuant to the Act, ARPA Final Rule that became effective April 1, 2022, and the regulations as set forth in 31 CFR 35 (collectively, “ARPA Rules”). The Project will serve seniors 62 years and older whose

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household incomes do not exceed 30% of the area median income for the County of Riverside adjusted for actual family size (“Qualified Population”).

2. BORROWER’S OBLIGATIONS. Upon the commencement of the Effective Date (defined in Section 55 below), BORROWER hereby agrees to undertake and complete the following activities within the time period(s) set forth herein and in Exhibit A-1:
a. Satisfy the conditions precedent to distribution of the ARPA Loan set forth in Section 11 below.
b. Acquire the Property in accordance with the timeline set forth in Exhibit A and A-1.
c. Operate the Project in such a manner so that it will remain available to Qualified Populations for the Affordability Period as defined in Section 13 below without regard to (i) the term of the promissory note or (ii) transfer of ownership.
d. Maintain the Project in compliance with ARPA Rules, applicable local, state, federal laws, codes and regulations as further described in Section 17 below until the expiration of the Term of this Agreement set forth in Section 6 below, and the Affordability Period set forth in Section 13 below.

3. RESERVED.

4. ARPA ACT LOAN. Subject to BORROWER’s satisfaction of the conditions precedent to disbursement of the ARPA Loan set forth in Section 11 below, COUNTY shall provide financing to BORROWER in the form of a loan in the amount of $5,000,000.00 (“ARPA Loan”), pursuant to the following terms and conditions:
a. Term of ARPA Loan. The maturity date of the ARPA Loan shall be the later to occur of (i) July 1, 2079, or (ii) fifty-five (55) years from the recordation of the Covenant Agreement in the Official Records upon close of escrow for acquisition of the Property (the “ARPA Loan Term”). The term, “Official Records” used herein shall mean the Official Records of the Recorder’s Office of the County of Riverside.

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b. Principal. The total amount of the ARPA Loan shall not exceed $5,000,000.00, and shall be evidenced by a Promissory Note, substantially conforming in form and substance to the Promissory Note attached hereto and incorporated herein as Exhibit C (“ARPA Note”), which note shall be secured by a Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents), substantially conforming in form and substance to the Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) attached hereto and incorporated herein as Exhibit B (“ARPA Deed of Trust”). c. Interest. The interest rate shall be zero percent (0%) simple interest per annum. d. Repayment. The terms of the ARPA Note shall be as follows:
i. That the ARPA Loan will accrue simple interest at a rate of zero percent (0%) per annum, as more specifically set forth in the ARPA Note.
ii. The ARPA Note shall be deferred and forgiven at the end of the Term of the Agreement if the BORROWER has complied with the terms of the ARPA Loan and the ARPA Rules.
iii. Security. The Covenant Agreement, ARPA Deed of Trust and this Agreement shall be respectively in a first, second, and third priority lien position, each for the benefit of COUNTY, securing a loan in the amount of $5,000,000 (“ARPA Loan”).
e. Prepayment. Prepayment of principal and/or interest under the ARPA Note may occur at any time without penalty; provided, however (i) the requirements of Section 17, “Compliance with Laws and Regulations”, shall remain in full force and effect for the term of the Agreement specified in Section 6 below; and (ii) the requirements set forth in the Covenant Agreement, attached hereto as Exhibit E, shall remain in effect until the expiration of the Affordability Period.

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5. PRIOR COUNTY APPROVAL.
a. Except as otherwise expressly provided in this Agreement, approvals required of the COUNTY shall be deemed granted by the written approval of the Director of Housing and Workforce Solutions, or designee. Notwithstanding the foregoing, the Director may, in their sole discretion, refer to the governing body of the COUNTY any item requiring COUNTY approval; otherwise, “COUNTY approval” means and refers to approval by the Director of HHPWS, or designee.
b. The Director of HWS, or designee, shall have the right to make changes to the attachments to this Agreement in order to ensure that all such attachments are consistent with the terms and provisions of this Agreement.

6. TERM OF AGREEMENT. This Agreement shall become effective upon the Effective Date, as defined in Section 55 below, and unless terminated earlier pursuant to the terms hereof, shall continue in full force and effect until the later to occur of (i) July 1, 2079 or (ii) fifty-five (55) years from the recordation of the Notice of Completion in the Official Records for the last building for which rehabilitation is completed for the Project (“Term of Agreement”).

7. BORROWER’S REPRESENTATIONS. BORROWER represents and warrants to COUNTY as follows:
a. Authority. BORROWER has full right, power and lawful authority to enter into this Agreement and accept the ARPA Loan and undertake all obligations as provided herein. The execution, performance, and delivery of this Agreement by BORROWER have been fully authorized by all requisite actions on the part of BORROWER.
b. No Conflict. To the best of BORROWER’s knowledge, BORROWER’s execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under contract, agreement or order to which BORROWER is a party or by which it is bound.
c. No Bankruptcy. BORROWER is not the subject of a bankruptcy proceeding.

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d. Prior to Closing. BORROWER shall, upon learning of any fact or condition which would cause any of the warranties and representations in this Section 7 not to be true as of close of escrow, immediately give written notice of such fact or condition to COUNTY. Such exception(s) to a representation shall not be deemed a breach by BORROWER hereunder, but shall constitute an exception which COUNTY shall have the right to approve or disapprove if such exception would have an effect on the value and/or operation of the Project.

8. COMPLETION SCHEDULE. BORROWER shall proceed consistent with the Implementation Schedule set forth in Exhibit A-1, as such schedule may be amended pursuant to Section 10, and subject to Force Majeure Delays as defined in Section 9.

9. FORCE MAJEURE DELAYS. “Force Majeure” means event(s) beyond the reasonable control of BORROWER, and which could not have been reasonably anticipated, which prevent(s) BORROWER from complying with any of its obligations under this Agreement, including, but not limited to: acts of God, acts of war, acts or threats of terrorism, civil disorders, strikes, labor disputes, pandemics such as COVID-19, flood, fire, explosion, earthquake or other similar acts.
“Force Majeure Delay” is delay due to Force Majeure that, in each case, (i) materially adversely affects the performance by BORROWER of its obligations hereunder, (ii) is not reasonably foreseeable and is beyond BORROWER's reasonable control, (iii) despite the exercise of reasonable diligence, cannot be prevented, avoided or removed by BORROWER and is not attributable to the negligence, willful misconduct or bad faith of BORROWER, and (iv) is not the result of the failure of BORROWER to perform any of its obligations under this Agreement. Notwithstanding the foregoing, a Force Majeure Delay shall not be deemed to have occurred unless BORROWER has notified COUNTY in writing of such occurrence within thirty (30) days after such occurrence, and has provided COUNTY with the details of such event and the length of the anticipated delay within an additional fifteen (15) days thereafter.

BORROWER shall diligently attempt to remove, resolve, or otherwise eliminate such event,

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keep COUNTY advised with respect thereto, and shall commence performance of its obligations hereunder immediately upon such removal, resolution or elimination. During the occurrence and continuance of a Force Majeure Delay, BORROWER shall be excused from performance of its obligations under this Agreement to the extent the Force Majeure prevents BORROWER from performing such obligations.

10. EXTENSION OF TIME. COUNTY may grant an extension to the Implementation Schedule set forth in Exhibit A-1 for the purpose of completing BORROWER's activities which cannot be completed as outlined in Exhibit A-1. BORROWER shall request said extension in writing, stating the reasons therefore, which extension must be first approved in writing by the COUNTY in its reasonable discretion. The Director of HWS, or designee, may extend all pending deadlines in the Implementation Schedule on two (2) or fewer occasions, so long as the aggregate duration of such administrative time extensions is no greater than ninety (90) days. Every term, condition, covenant, and requirement of this Agreement shall continue in full force and effect during the period of any such extension.

11. CONDITIONS PRECEDENT TO DISTRIBUTION OF ARPA ACT LOAN FUNDS. COUNTY, through its Department of HWS, shall: (1) make payments of the ARPA Loan funds to BORROWER as designated in Exhibit A subject to Borrower’s satisfaction of the conditions precedent set forth below, and (2) monitor the Project to ensure compliance with applicable federal regulations and the terms of this Agreement. COUNTY shall not disburse any ARPA Loan funds pursuant to this Agreement until the following conditions precedent have been satisfied:
a. BORROWER has completed the National Environmental Policy Act (NEPA) process, including the Environmental Assessment (EA) Report and Findings incorporated in the EA and in the Finding of No Significant Impact (FONSI) for the Project, and has been approved by COUNTY as the responsible entity for purposes of the subject NEPA review;
b. BORROWER executes this Agreement and delivers it to COUNTY for recordation in the Official Records;

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c. BORROWER provides COUNTY with evidence of insurance as required herein;
d. BORROWER executes the ARPA Deed of Trust, substantially conforming in form and substance to the Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) attached hereto as Exhibit B, in recordable form, and delivers such document to the County of Riverside for recordation in the Official Records;
e. BORROWER executes the ARPA Note, substantially conforming in form and substance to the Promissory Note attached hereto as Exhibit C and delivers to COUNTY;
f. BORROWER executes the Covenant Agreement, substantially conforming in form and substance to the Covenant Agreement attached hereto and incorporated herein as Exhibit E, in recordable form, and delivers to the County of Riverside for recordation in the Official Records; g. COUNTY executes and records the Requests for Notice of Default, conforming in form and substance to Exhibit F attached hereto; h. BORROWER provides, at its expense, an American Land Title Association (ALTA) lender’s policy in favor of COUNTY, insuring the Covenant Agreement as a first priority lien against the Property; and i. BORROWER is not in default under the terms of this Agreement or any other agreement related to the financing of the Project;
j. If Davis Bacon and/or prevailing wages are required to be paid, BORROWER hires a qualified professional firm to review and monitor Davis Bacon and/or prevailing wage compliance for all submissions of contractors certified payrolls to COUNTY. In the event that the Project requires prevailing wages, BORROWER shall comply with, and shall require its contractors and subcontractors performing work on the Project, to pay prevailing wages, use a skilled and trained workforce, and adhere to any applicable labor regulations

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and all State laws in connection with the construction of the Project, including but not limited to Chapter 1 (commencing with Section 1720) of Part 7 of Division 2 of the Labor Code, and Chapter 2.9 (commencing with Section 2600) of Part 1 of Division 2 of the Public Contract Code. BORROWER agrees and acknowledges that it is the responsibility of BORROWER to obtain a legal determination, at BORROWER’s sole cost and expense, as to whether prevailing wages must be paid during the construction of the Project. If the Project is subject to prevailing wages, then BORROWER shall be solely responsible to pay its contractors and subcontractors the required prevailing wage rates. BORROWER agrees to indemnify, defend, and hold COUNTY harmless from and against any and all liability arising out of and related to BORROWER’s failure to comply with any and all applicable Davis Bacon and/or State prevailing wage requirements;
k. BORROWER agrees to verify that BORROWER, and its principals, or any/all persons, contractors, consultants, businesses, etc. (“Developer Associates”), that BORROWER is conducting business with, are not presently debarred, proposed for debarment, suspended, declared ineligible, or voluntarily excluded from participation or from receiving federal contracts or federally approved subcontracts or from certain types of federal financial and nonfinancial assistance and benefits with the Excluded Parties Listing System (“EPLS”). EPLS records are located at www.sam.gov; and
l. BORROWER shall search and provide a single comprehensive list of Developer Associates (individuals and firms) and print and maintain evidence of the search results of each Developer Associate as verification of compliance with this requirement, as provided in Exhibit G, “Contractor Debarment Certification Form”, which is attached hereto and incorporated herein by this reference.

BORROWER agrees to submit the following documentation to COUNTY, 180 days from

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close of escrow:
1) Service Plan;
2) Management Plan; and
3) Funding commitments and sources ad uses for the proposed modifications to the existing buildings for the proposed intended use.

12. DISBURSEMENT OF FUNDS. COUNTY'S Board of Supervisors shall determine the final disbursement and distribution of all funds received by COUNTY under the ARPA Act. Disbursement of ARPA Act funds shall occur upon the satisfaction of conditions set forth in Section 11. COUNTY shall deposit the sum specified in Section 1 into escrow upon receipt of escrow instructions and wire.

13. TERMS OF AFFORDABILITY. The Project shall remain occupied and available to Qualified Populations, pursuant to Section 18 below, Exhibit A, and the Covenant Agreement attached hereto as Exhibit E, until the later of (i) fifty-five (55) years from the recordation of the Notice of Completion in the Official Records, or (ii) July 1, 2079 (“Affordability Period”).

14. INSURANCE. Without limiting or diminishing BORROWER’S obligation to indemnify or hold COUNTY harmless, BORROWER or its general contractor for the Project (“General Contractor”), shall procure and maintain or cause to be maintained, at its sole cost and expense, the following insurance coverages during the Term of this Agreement. a. Builder’s All Risk (Course of Construction) Insurance. BORROWER shall cause General Contractor to provide a policy of Builder’s All Risk (Course of Construction) insurance coverage including (if the work is located in an earthquake or flood zone or if required on financed or bond financing arrangements) coverage for earthquake and flood, covering the COUNTY, BORROWER, General Contractor and every subcontractor, of every tier, for the entire Project, including property to be used in the construction of the work while such property is at off-site storage locations or while in transit or temporary off-site storage. Such policy shall include, but not be limited to, coverage for fire, collapse, faulty workmanship, debris removal, expediting

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expense, fire department service charges, valuable papers and records, trees, grass, shrubbery and plants. If scaffolding, false work and temporary buildings are insured separately by the General Contractor or others, evidence of such separate coverage shall be provided to COUNTY prior to the start of the work.

Such policy shall be written on a completed value form. Such policy shall also provide coverage for temporary structures (on-site offices, etc.), fixtures, machinery and equipment being installed as part of the work. BORROWER shall require that General Contractor shall be responsible for any and all deductibles under such policy. Upon request by COUNTY, BORROWER , on behalf of General Contractor, shall declare all terms, conditions, coverages and limits of such policy. If the COUNTY so provides, in its sole discretion, the All Risk (Course of Construction) insurance for the Project, then BORROWER shall cause the General Contractor to assume the cost of any and all applicable policy deductibles (currently, $50,000 per occurrence) and shall insure its own machinery, equipment, tools, etc. from any loss of any nature whatsoever.
b. Workers’ Compensation Insurance. If BORROWER or General Contractor have employees as defined by the State of California, BORROWER or General Contractor, as applicable, shall maintain statutory Workers' Compensation Insurance (Coverage A) as prescribed by the laws of the State of California.

Policy shall include Employers’ Liability (Coverage B) including Occupational Disease with limits not less than $1,000,000 per person per accident. The policy shall be endorsed to waive subrogation in favor of The County of Riverside.
c. Commercial General Liability Insurance. Borrower shall maintain Commercial General Liability insurance coverage, including but not limited to, premises liability, contractual liability, products and completed operations liability, personal and advertising injury, and cross liability coverage, covering

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claims which may arise from or out of BORROWER’S performance of its obligations hereunder. Policy shall name the County of Riverside, its Agencies, Boards, Districts, Special Districts, and Departments, their respective directors, officers, Board of Supervisors, employees, elected or appointed officials, agents or representatives as Additional Insured. Policy’s limit of liability shall not be less than $2,000,000 per occurrence combined single limit. If such insurance contains a general aggregate limit, it shall apply separately to this agreement or be no less than two (2) times the occurrence limit.
d. Vehicle Liability Insurance. If vehicles or mobile equipment are used in the performance of the obligations under this Agreement, then BORROWER shall maintain liability insurance for all owned, non-owned or hired vehicles so used in an amount not less than $1,000,000 per occurrence combined single limit.

If such insurance contains a general aggregate limit, it shall apply separately to this agreement or be no less than two (2) times the occurrence limit. Policy shall name the County of Riverside, its Agencies, Boards, Districts, Special Districts, and Departments, their respective directors, officers, Board of Supervisors, employees, elected or appointed officials, agents or representatives as Additional Insured or provide similar evidence of coverage approved by COUNTY’s Risk Manager.
e. General Insurance Provisions – All Lines.
(i) Any insurance carrier providing insurance coverage hereunder shall be admitted to the State of California and have an A M BEST rating of not less than A: VIII (A:8) unless such requirements are waived, in writing, by COUNTY Risk Manager. If COUNTY’s Risk Manager waives a requirement for a particular insurer such waiver is only valid for that specific insurer and only for one policy term.

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(ii) BORROWER, or Borrower on behalf of General Contractor, must declare its insurance self-insured retentions. If such self-insured retentions exceed $500,000 per occurrence such retentions shall have the prior written consent of COUNTY Risk Manager before the commencement of operations under this Agreement. Upon notification of self-insured retention unacceptable to COUNTY, and at the election of COUNTY’s Risk Manager, BORROWER’s or General
Contractor’s, as applicable, carriers shall either: (a) reduce or eliminate such self-insured retention as respects this Agreement with COUNTY, or (b) procure a bond which guarantees payment of losses and related investigations, claims administration, and defense costs and expenses. (iii) BORROWER shall cause BORROWER’s and General Contractor’s insurance carrier(s) to furnish the County of Riverside with copies of the Certificate(s) of Insurance and Endorsements effecting coverage as required herein, and 2) if requested to do so orally or in writing by COUNTY Risk Manager, provide copies of policies including all Endorsements and all attachments thereto, showing such insurance is in full force and effect. Further, said Certificate(s) and policies of insurance shall contain the covenant of the insurance carrier(s) that thirty (30) days written notice shall be given to the County of Riverside prior to any material modification, cancellation, expiration or reduction in coverage of such insurance. In the event of a material modification, cancellation, expiration, or reduction in coverage, this Agreement shall terminate forthwith, unless the County of Riverside receives, prior to such effective date, another Certificate of Insurance and copies of endorsements, including all endorsements and attachments thereto evidencing coverages set forth herein and the insurance required herein is in full force and effect. BORROWER shall not commence or

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continue construction of the Project until COUNTY has been furnished Certificate(s) of Insurance and copies of endorsements and if requested, copies of policies of insurance including all endorsements and any and all other attachments as required in this Section. An individual authorized by the insurance carrier on its behalf shall sign the original endorsements for each policy and the Certificate of Insurance.
(iv)It is understood and agreed to by the parties hereto that BORROWER’s insurance shall be construed as primary insurance, and COUNTY's insurance and/or deductibles and/or self-insured retentions or self- insured programs shall not be construed as contributory. (v) If, during the term of this Agreement or any extension thereof, there is a material change in the scope of services; or, there is a material change in the equipment to be used in the performance of the scope of work which will add additional exposures (such as the use of aircraft, watercraft, cranes, etc.); or, the term of this Agreement, including any extensions thereof, exceeds five (5) years, COUNTY reserves the right to adjust the types of insurance required under this Agreement and the monetary limits of liability for the insurance coverages currently required herein, if; in COUNTY Risk Manager's reasonable judgment, the amount or type of insurance carried by BORROWER has become inadequate.
(vi) BORROWER shall pass down the insurance obligations contained herein to all tiers of subcontractors working under this Agreement. (vii) The insurance requirements contained in this Agreement may be met with a program(s) of self-insurance acceptable to COUNTY.

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(viii) BORROWER agrees to notify COUNTY of any claim by a third party or any incident or event that may give rise to a claim arising from the performance of this Agreement.

16. FINANCIAL AND PROJECT RECORDS. BORROWER shall maintain financial, programmatic, statistical, and other supporting records of its operations and financial activities sufficient to establish compliance with subsection 601(d) of the Social Security Act, as amended, (42 U.S.C. 801(d)), in accordance with the requirements of the ARPA, and the regulations as amended and promulgated thereunder, which records shall be open to inspection and audit by authorized representatives of COUNTY, the California Department of Finance, and the United States Department of the Treasury Office of Inspector General, during regular working hours.

COUNTY, state, and federal representatives have the right of access, with at least forty-eight (48) hours prior notice, to any pertinent books, documents, papers, or other records of BORROWER, in order to make audits, examinations, excerpts, and transcripts. Said records shall be retained for such time as may be required by the ARPA, but in no event no less than five (5) years after the Project completion date as evidenced by recordation of the Notice of Completion, or after final payment is made, whichever is later, to support reported expenditures and to participate in COUNTY, state, and federal audits; except that records of individual income verifications, Project rents, and Project inspections must be retained for the most recent five (5) year period, until five (5) years after the Affordability Period terminates. If any litigation, claim, negotiation, audit, or other action has been started before the expiration of the regular period specified, the records must be retained until completion of the action and resolution of all issues which arise from it, or until the end of the regular period, whichever is later.

17. COMPLIANCE WITH LAWS AND REGULATIONS. By executing this Agreement, BORROWER hereby certifies that it will adhere to and comply with ARPA Rules and all federal, state and local laws, regulations and ordinances. In particular, BORROWER shall comply with the following as they may be applicable to BORROWER in connection with the ARPA Loan:

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a. Compliance with Executive Order 11246 of September 24, 1965, entitled "Equal Employment Opportunity", as amended by Executive Order 11375 of October 13, 1967, and as supplemented in Department of Labor Regulations (41 CFR Part 60). The BORROWER will not discriminate against any employee or applicant for employment because of race, color, religion, sex, or national origin. BORROWER shall ensure that all qualified applicants will receive consideration for employment without regard to race, color, religion, sex or national origin. The BORROWER will take affirmative action to ensure that applicants are employed and the employees are treated during employment, without regard to their race color, religion, sex, or national origin. Such actions shall include, but are not limited to, the following: employment, up-grading, demotion, or transfer; recruitment or recruitment advertising; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The BORROWER agrees to post in a conspicuous place, available to employees and applicants for employment, notices to be provided by the County setting forth the provisions of this non-discrimination clause; b. Executive Order 11063, as amended by Executive Order 12259, and implementing regulations at 24 CFR Part 107;
c. Section 504 of the Rehabilitation Act of 1973 (Pub. L. 93-112), as amended, and implementing regulations;
d. The Age Discrimination Act of 1975 (Pub. L. 94-135), as amended, and implementing regulations;
e. The regulations, policies, guidelines and requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 200) as they relate to the acceptance and use of federal funds under the federally-assigned program;
f. Title VI of the Civil Rights Act of 1964 (Pub. L. 88-352) and implementing regulations issued at 24 CFR Part 1;

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g. Title VIII of the Civil Rights Act of 1968 (Pub. L. 90-284) as amended; h.Rights to Data and Copyrights: Contractors and consultants agree to comply with all applicable provisions pertaining to the use of data and copyrights pursuant to 48 CFR Part 27.404-3, Federal Acquisition Regulations (FAR). i.Air Pollution Prevention and Control (formally known as the Clean Air Act) (42 U.S.C.A. 7401 et seq.) and the Federal Water Pollution Control Act (33 U.S.C.A. Section 1251 et seq.), as amended: Contracts and subgrants of amounts in excess of $100,000 shall contain a provision that requires the recipient to agree to comply with all applicable standards, orders or regulations issued pursuant to the Clean Air Act (42 U.S.C.A. 7401 et seq.) and the Federal Water Pollution Control Act as amended (33 U.S.C.A. Section 1251 et seq.).

Violations shall be reported to the Federal awarding agency and the Regional Office of the Environmental Protection Agency (EPA).
j.Anti-Lobbying Certification (31 U.S.C.A. 1352): The language of the certification set forth below shall be required in all contracts or subcontracts entered into in connection with this grant activity and all BORROWERS shall certify and disclose accordingly. This certification is a material representation of fact upon which reliance was placed when this transaction was made or entered into. Submission of this certification is a prerequisite for making or entering into this transaction imposed by. Section 1352, Title 31, U.S. code.

Any person who fails to file the required certification shall be subject to a civil penalty of not less than $10,000 and no more than $100,000 for such failure. “The undersigned certifies, to the best of his or her knowledge or belief, that:

No Federal appropriated funds have been paid or will be paid, by or on behalf of it, to any person for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with the awarding of any Federal contract, the making of any Federal grant, the making

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of any Federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any Federal contract, grant, loan, or cooperative agreement;
If any funds other than Federal appropriated funds have been paid or will be paid to any person for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with this Federal contract, grant loan or cooperative agreement, he/she will complete and submit Standard Form – LLL, “Disclosure Form to Report Lobbying,” in accordance with its instructions.”
k.Debarment and Suspension (Executive Orders (E.O.) 12549 and 12689): No contract award shall be made to parties listed on the governmentwide exclusions in the System for Award Management (SAM), in accordance with OMB guidelines at 2 CFR 180 that implement Executive Orders (E.O.s) 12549 and 12689, “Debarment and Suspension.” SAM Exclusions contains the names of parties debarred, suspended, or otherwise excluded by agencies, as well as parties declared ineligible under statutory or regulatory authority other than E.O. 12549. Contractors with awards that exceed the small purchase threshold shall provide the required certification regarding its exclusion status and that of its principal employees.
l.Drug-Free Workplace Requirements: The Anti-Drug Abuse Act of 1988 (41 U.S.C.A. Section 8101-8103) requires grantees (including individuals) of federal agencies, as a prior condition of being awarded a grant, to certify that they will provide drug-free workplaces. Each potential recipient must certify that it will comply with drug-free workplace requirements in accordance with the Act and with HUD's rules at 2 CFR Part 2424.
m.Access to Records and Records Retention: The BORROWER or Contractor, and any sub-consultants or sub-contractors, shall allow all duly authorized

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Federal, State, and/or County officials or authorized representatives access to the work area, as well as all books, documents, materials, papers, and records of the BORROWER or Contractor, and any sub-consultants or sub-contractors, that are directly pertinent to a specific program for the purpose of making audits, examinations, excerpts, and transcriptions. The BORROWER or Contractor, and any sub-consultants or sub-contractors, further agree to maintain and keep such books, documents, materials, papers, and records, on a current basis, recording all transactions pertaining to this agreement in a form in accordance with generally acceptable accounting principles. All such books and records shall be retained for such periods of time as required by law, provided, however, notwithstanding any shorter periods of retention, all books, records, and supporting detail shall be retained for a period of at least five (5) years after the expiration of the term of this Agreement, or final payment is made, whichever is later.
n.Federal Employee Benefit Clause: No member of or delegate to the Congress of the United States, and no Resident Commissioner shall be admitted to any share or part of this agreement or to any benefit to arise from the same. o.Energy Efficiency: Mandatory standards and policies relating to energy efficiency which are contained in the State energy conservation plan issued in compliance with the Energy Policy and Conservation Act (Pub. L. 94 - 163, Dec. 22, 1975; 42 U.S.C.A. Section 6201, et. seq., 89 Stat.871). p.Procurement of Recovered Materials (2 CFR 200.322.): A non-Federal entity that is a state agency or agency of a political subdivision of a state and its contractors must comply with 42 U.S.C. Section 6002 of the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act.

The requirements of Section 6002 include procuring only items designated in guidelines of the Environmental Protection Agency (EPA) at 40 CFR Part 247 that contain the highest percentage of recovered materials practicable,

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consistent with maintaining a satisfactory level of competition, where the purchase price of the item exceeds $10,000 or the value of the quantity acquired by the preceding fiscal year exceeded $10,000; procuring solid waste management services in a manner that maximizes energy and resource recovery; and establishing an affirmative procurement program for procurement of recovered materials identified in the EPA guidelines. The requirements of 2 CFR 200.322, as amended effective November 12, 2020, are hereby included in this Agreement as appropriate and to the extent consistent with law.
q. Other Federal requirements and nondiscrimination. As set forth in 24 CFR part 5, sub part A, BORROWER is required to include the following requirements:
nondiscrimination and equal opportunity under Section 282 of the Act; disclosure; debarred, suspended, or ineligible contractors; and drug-free workplace.
r. Affirmative marketing and minority outreach program. BORROWER must adopt affirmative marketing procedures and requirements. These must include:
(i) Methods for informing the public, owners, and potential tenants about Federal fair housing laws and the affirmative marketing policy (e.g., the use of the Equal Housing Opportunity logotype or slogan in press releases and solicitations for owners, and written communication to fair housing and other groups).
(ii) Requirements and practices that BORROWER must adhere to in order to carry out the affirmative marketing procedures and requirements (e.g., use of commercial media, use of community contacts, use of the Equal Housing Opportunity logotype or slogan, and display of fair housing poster).
(iii)Procedures to be used by BORROWER to inform and solicit applications from persons in the housing market area who are not likely

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to apply without special outreach (e.g., use of community organizations, employment centers, fair housing groups, or housing counseling agencies).
(iv)Records that will be kept describing actions taken by BORROWER to affirmatively market units and records to assess the results of these actions.
(v) A description of how BORROWER will annually assess the success of affirmative marketing actions and what corrective actions will be taken where affirmative marketing requirements are not met.
(vi)BORROWER must prescribe procedures to establish and oversee a minority outreach program to ensure the inclusion, to the maximum extent possible, of minorities and women, and entities owned by minorities and women, including, without limitation, real estate firms, construction firms, appraisal firms, management firms, financial institutions, investment banking firms, underwriters, accountants, and providers of legal services, in all contracts entered into by BORROWER with such persons or entities, public and private, in order to facilitate the activities of COUNTY to provide affordable housing authorized under this Act or any other Federal housing law. Section 24 CFR 85.36(e) provided affirmative steps to assure that minority business enterprises and women business enterprises are used when possible in the procurement of property and services. The steps include:
(1) Placing qualified small and minority businesses and women’s business enterprises on solicitation lists.
(2) Assuring that small and minority businesses, and women’s business enterprises are solicited whenever they are potential sources.

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(3) Dividing total requirements, when economically feasible, into smaller tasks or quantities to permit maximum participation by small and minority business, and women’s business enterprises. (4) Establishing delivery schedules, where the requirement permits, which encourage participation by small and minority business, and women’s business enterprises.
(5) Using the services and assistance of the Small Business Administration, and the Minority Business Development
Agency of the Department of Commerce.
(6) Requiring the prime contractor, if subcontracts are to be let, to take the affirmative steps listed in (1) through (5) above of this section.
s. Displacement, relocation, and acquisition. The relocation requirements of Title II and the acquisition requirements of Title III of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, and the implementing regulations at 24 CFR Part 42. BORROWER must ensure that it has taken all reasonable steps to minimize the displacement of persons as a result of this Project.
t. Lead-based paint. The ARPA-Assisted Units are subject to the lead-based paint requirements of 24 CFR Part 35 issued pursuant to the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4821, et seq.). The lead-based paint provisions of 24 CFR 982.401 (j), except 24 CFR 982.401 (j)(1)(i), also apply, irrespective of the applicable property standard under §92.251. u. Labor. Every contract for the construction of housing that includes twelve (12) or more units assisted with ARPA funds must contain a provision requiring the payment of not less than the wages prevailing in the locality, as predetermined by the Secretary of Labor pursuant to the Davis-Bacon Act (40 U.S.C. 276a- 276a-5), to all laborers and mechanics employed in the development of any

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part of the housing. Such contracts must also be subject to the overtime provisions, as applicable, of the Contract Work Hours and Safety Standards Act (40 U.S.C. 327-332). BORROWER must apply most current wage rate determination at the date of execution of this Agreement. v. Model Energy Code published by the Council of American Building Officials. w. Consultant Activities. No person providing consultant services in an employer- employee type relationship shall receive more than a reasonable rate of compensation for personal services paid with ARPA funds. x. Uniform Administrative Requirements of 2 CFR Part 200 as now in effect and as may be amended from time to time. Federal awards expended as a recipient or a subrecipient, as defined therein, would be subject to single audit. The payments received for goods or services provided as a vendor would not be considered Federal awards.
y. BORROWER shall include written agreements that include all provisions of Section 17 if BORROWER provides ARPA funds to for-profit owners or developers, non-profit owners or developers, sub-recipients, homeowners, homebuyers, tenants receiving tenant-based rental assistance, or contractors. z. Immigration requirements of Federal Register, Vol. 62, No. 221, Department of Justice Interim Guidance on Verification of Citizenship, Qualified Alien Status and Eligibility Under Title IV of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (“PRWORA”). Final Attorney General’s Order issued pursuant to PRWORA is specified under Federal Register Vol. 66, No. 10, Department of Justice Final Specification of Community Programs Necessary for Protection of Life or Safety Under Welfare Reform Legislation.
aa. BORROWER shall comply with all applicable local, state and federal laws in addition to the above-mentioned laws.

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18. PROJECT REQUIREMENTS. BORROWER shall make the Project available to persons and households whose incomes do not exceed 30% of the area median income for the County of Riverside (“Qualified Population”).

If BORROWER intends to use the Project for a use other than to provide shelter and services to the Qualified Populations, BORROWER shall utilize the Property for another ARPA-Eligible Activity. BORROWER shall provide COUNTY with sixty (60) days notice of conversion for another ARPA-Eligible Activity. The approval of the alternate ARPA- Eligible Activity shall not be unreasonably withheld by COUNTY. If the Project is not used to provide shelter and services to the Qualified Populations and BORROWER does not intend to use the Property for another ARPA-Eligible Activity, then COUNTY and BORROWER mutually agree that this Agreement will self-terminate and any ARPA Loan funds drawn shall be returned within thirty (30) calendar days. Upon such termination, this Agreement shall become null and void. COUNTY and BORROWER shall be released and discharged respectively from their obligations under this Agreement. All cost incurred by each party on the Project will be assumed respectively.

19. INTENTIONALLY OMITTED

20. INTENTIONALLY OMITTED.

21. FEDERAL REQUIREMENTS. BORROWER shall comply with the provisions of the ARPA Act and any amendments thereto and all applicable federal regulations and guidelines now or hereafter enacted pursuant to the Act in addition to the federal provisions attached hereto as Exhibit H.

22. SALE, ASSIGNMENT OR OTHER TRANSFER OF THE PROJECT.

BORROWER hereby covenants and agrees not to sell, assign, transfer or otherwise dispose of the Project or any portion thereof, without obtaining the prior written consent of the COUNTY, which consent shall be conditioned upon receipt by the COUNTY of reasonable evidence satisfactory to the COUNTY that the transfer of the Project complies with ARPA Rules and qualifies as an ARPA-Eligible Activity, that transferee has assumed in writing and in full, and is reasonably capable of performing and complying with the BORROWER’s duties and obligations under this Agreement, provided, however Borrower shall not be released of all obligations Commented [A1]: FYI to City: Any transfer will still need to be in compliance with ARPA Rules and must be an ARPA eligible activity.

Commented [A2R2]: Okay

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hereunder which accrue from and after the date of such sale unless agreed to in a writing signed by COUNTY .

23. INDEPENDENT CONTRACTOR. BORROWER and its agents, servants and employees shall act at all times in an independent capacity during the term of this Agreement, and shall not act as, shall not be, nor shall they in any manner be construed to be agents, officers, or employees of COUNTY.

24. NONDISCRIMINATION. Borrower shall abide by 24 CFR 570.602 which requires that no person in the United States shall on the grounds of race, color, national origin, religion, or sex be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance made available pursuant to the Act. Under the Act, Section 109 directs that the prohibitions against discrimination of the basis of age under the Age Discrimination Act and the prohibitions against discrimination of the basis of disability under Section 504 shall apply to programs or activities receiving Federal financial assistance under Title I programs. The policies and procedures necessary to ensure enforcement of Section 109 are codified in 24 CFR Part 6. In addition, BORROWER shall not discriminate on the basis of race, gender, religion, national origin, ethnicity, sexual orientation, age or disability in the solicitation, selection, hiring or treatment of any contractors or consultants, to participate in subcontracting/subconsulting opportunities.

BORROWER understands and agrees that violation of this clause shall be considered a material breach of this Agreement and may result in termination, debarment or other sanctions. This language shall be incorporated into all contracts between BORROWER and any contractor, consultant, subcontractor, subconsultants, vendors and suppliers. BORROWER shall comply with the provisions of the California Fair Employment and Housing Act (Government Code Sections 12900 et seq.), the Federal Civil Rights Act of 1964 (P.L. 88-352), as amended, and all Administrative Rules and Regulations issued pursuant to said Acts and Orders with respect to its use of the Property.

BORROWER herein covenants by and for itself, its successors and assigns, and all persons claiming under or through them, that this Covenant is made and accepted upon and subject to the

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following conditions: There shall be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Property, nor shall the transferee itself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees of the Property.

BORROWER, its successors and assigns, shall refrain from restricting the rental, sale, or lease of the Property or any portion thereof, on the basis of race, color, creed, religion, sex, sexual orientation, marital status, national origin, or ancestry of any person. Every deed, lease, and contract entered into with respect to the Property, or any portion thereof, after the date of this Agreement shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:
a. In deeds: “The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the premises herein conveyed, nor shall the grantee or any person claiming under or through him or her, establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the premises herein conveyed. The foregoing covenants shall run with the land.”

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b. In leases: “The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: That there shall be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased.”
c. In contracts: “There shall be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the land, nor shall the transferee itself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees of the land.” In addition to the obligations and duties of BORROWER set forth herein, BORROWER shall, upon notice from COUNTY, promptly pay to COUNTY all fees and costs, including administrative and attorneys’ fees, incurred by COUNTY in connection with responding to or defending any discrimination claim brought by any third party and/or local, state or federal

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government entity, arising out of or in connection with this Agreement or the Covenant Agreement attached hereto.

25. PROHIBITION AGAINST CONFLICTS OF INTEREST:
a. BORROWER and its assigns, employees, agents, consultants, officers and elected and appointed officials shall become familiar with and shall comply with the conflict of interest provisions in OMB Circular A-110, 24 CFR 85.36, 24 CFR 84.42, 24 CFR 92.356 and Policy Manual #A-11, attached hereto as Exhibit E and by this reference incorporated herein.
b. BORROWER understands and agrees that no waiver or exception can be granted to the prohibition against conflict of interest except upon written approval of HUD pursuant to 24 CFR 92.356(d). Any request by BORROWER for an exception shall first be reviewed by COUNTY to determine whether such request is appropriate for submission to HUD. In determining whether such request is appropriate for submission to HUD, COUNTY will consider the factors listed in 24 CFR 92.356(e).
c. Prior to any funding under this Agreement, BORROWER shall provide COUNTY with a list of all employees, agents, consultants, officers and elected and appointed officials who are in a position to participate in a decision-making process, exercise any functions or responsibilities, or gain inside information with respect to the ARPA activities funded under this Agreement.

BORROWER shall also promptly disclose to COUNTY any potential conflict, including even the appearance of conflict that may arise with respect to the ARPA activities funded under this Agreement.
d. Any violation of this section shall be deemed a material breach of this Agreement, and the Agreement shall be immediately terminated by COUNTY.

26. INTENTIONALLY OMITTED.

27. PROJECT MONITORING AND EVALUATION.

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a. Inspections. During the Affordability Period, COUNTY will perform on-site inspections of the Project to determine compliance with the property standards and to verify the information submitted by the owners in accordance with requirements. The on-site inspections must occur within 12 months after Covenant Agreement and at least once every 3 years thereafter during the Affordability Period. If there are observed deficiencies for any of the inspectable items in the property standards established by COUNTY, a follow- up on-site inspection to verify that deficiencies are corrected must occur within 12 months. COUNTY may establish a list of non-hazardous deficiencies for which correction can be verified by third party documentation (e.g., paid invoice for work order) rather than re-inspection. Health and safety deficiencies must be corrected immediately. COUNTY must adopt a more frequent inspection schedule for properties that have been found to have health and safety deficiencies

28. MONITORING FEE. BORROWER shall not be required to pay an annual compliance monitoring fee to the COUNTY.

29. ACCESS TO PROJECT SITE. COUNTY, state and/or federal awarding agencies shall have the right to access the Project site and the Property at all reasonable times, and upon completion of the Project upon reasonable written notice to BORROWER, to review the operation of the Project in accordance with this Agreement.

30. EVENTS OF DEFAULT. The occurrence of any of the following events shall constitute an "Event of Default" under this Agreement:
a. Monetary Default. (1) BORROWER’s failure to pay when due any sums payable under this Agreement, the Covenant Agreement, the ARPA Note or any advances made by COUNTY under this Agreement; (2) BORROWER’s or any agent of BORROWER’s use of ARPA Act funds for costs other than those costs permitted under this Agreement or for uses inconsistent with terms and restrictions set forth in this Agreement; (3) BORROWER’s or any agent of

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BORROWER’s failure to make any other payment of any assessment or tax due under this Agreement, and /or (4) default under the terms of any senior loan documents or any other instrument or document secured against the Property;
b. Non-Monetary Default. (1) Discrimination by BORROWER or BORROWER's agent(s) on the basis of characteristics prohibited by this Agreement or applicable law; (2) the imposition of any encumbrances or liens on the Project without COUNTY’s prior written approval that are prohibited under this Agreement or that have the effect of reducing the priority or invalidating the lien of the ARPA Deed of Trust; (3) BORROWER’s failure to obtain and maintain the insurance coverage required under this Agreement; (4) any material default under this Agreement, the ARPA Loan Deed of Trust, Covenant Agreement, ARPA Note or any document executed by the County in connection with this Agreement, and /or (5) a default under the terms of any senior loan documents or any other instrument or document secured against the Property or the Project;
c. General Performance of Loan Obligations. Any substantial or continuous or repeated breach by BORROWER or BORROWER’s agents of any material obligations of BORROWER under this Agreement;
d. General Performance of Other Obligations. Any substantial or continuous or repeated breach by BORROWER or BORROWER’s agents of any material obligations of BORROWER related to the Project imposed by any other agreement with respect to the financing, development, or operation of the Project; whether or not COUNTY is a party to such agreement; but only following any applicable notice and cure periods with respect to any such obligation;
e. Representations and Warranties. A determination by COUNTY that any of BORROWER's representations or warranties made in this Agreement, any

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statements made to COUNTY by BORROWER, or any certificates, documents, or schedules supplied to COUNTY by BORROWER were false in any material respect when made, or that BORROWER concealed or failed to disclose a material fact to COUNTY.
f. Damage to Project. In the event that the Project is materially damaged or destroyed by fire or other casualty, and BORROWER receives an award or insurance proceeds sufficient for the repair or reconstruction of the Project, and BORROWER does not use such award or proceeds to repair or reconstruct the Project.
g. Bankruptcy, Dissolution and Insolvency. BORROWER's or general partner and co-general partner of BORROWER's (1) filing for bankruptcy, dissolution, or reorganization, or failure to obtain a full dismissal of any such involuntary filing brought by another party before the earlier of final relief or ninety (90) days after such filing; (2) making a general assignment for the benefit of creditors; (3) applying for the appointment of a receiver, trustee, custodian, or liquidator, or failure to obtain a full dismissal of any such involuntary application brought by another party before the earlier of final relief or ninety (90) days after such filing; (4) insolvency; or (5) failure, inability or admission in writing of its inability to pay its debts as they become due.

31. NOTICE OF DEFAULT AND OPPORTUNITY TO CURE. Formal notices, demands and communications between the COUNTY and the BORROWER shall be sufficiently given if dispatched by registered or certified mail, postage prepaid, return receipt requested, to the principal offices of the COUNTY and the BORROWER, as designated in Section 53, below. Such written notices, demands and communications may be sent in the same manner to such other addresses as either party may from time to time designate by mail as provided in this Section 31. Any notice that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, shall be deemed delivered upon its transmission; any notice that is personally delivered (including by means of professional messenger service,

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courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service), shall be deemed received on the documented date of receipt by the recipient; and any notice that is sent by registered or certified mail, postage prepaid, return receipt required shall be deemed received on the date of delivery thereof.
a. Subject to the Force Majeure Delay, as provided in Section 9, failure or delay by BORROWER to perform any term or provision of this Agreement after notice and an opportunity to cure constitutes a default under this Agreement.

BORROWER must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence.
b. COUNTY shall give written notice of default to BORROWER, specifying the default complained of by COUNTY. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failures or delays by COUNTY in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by COUNTY in asserting any of its rights and remedies shall not deprive COUNTY of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies.
c. If a monetary event of default occurs, prior to exercising any remedies hereunder, COUNTY shall give BORROWER written notice of such default.

BORROWER shall have a period of ten (10) days after such notice is given within which to cure the default prior to exercise of remedies by COUNTY. d. If a non-monetary event of default occurs, prior to exercising any remedies hereunder, COUNTY shall give BORROWER written notice of such default.

If the default is reasonably capable of being cured within thirty (30) days, BORROWER shall have such period to effect a cure prior to exercise of

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remedies by COUNTY. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and BORROWER (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then BORROWER shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party, but in no event no more than sixty (60) days from the date of the notice of default. In no event shall COUNTY be precluded from exercising remedies if its security becomes or is about to become materially jeopardized by any failure to cure a default or the default is not cured within sixty (60) days after the first notice of default is given. e. Any cure tendered by BORROWER’S Affiliate shall be accepted or rejected on the same basis as if tendered by BORROWER.

32. COUNTY REMEDIES. Upon the occurrence of an Event of Default, after notice and opportunity to cure, COUNTY's obligation to disburse ARPA funds shall terminate, and COUNTY shall also have the right, but not the obligation to, in addition to other rights and remedies permitted by this Agreement or applicable law, proceed with any or all of the following remedies in any order or combination COUNTY may choose in its sole discretion:
a. Terminate this Agreement, in which event the entire ARPA Loan amount as well as any other monies advanced to BORROWER by COUNTY under this Agreement including administrative costs, shall immediately become due and payable to COUNTY at the option of COUNTY.
b. Bring an action in equitable relief (1) seeking the specific performance by BORROWER of the terms and conditions of this Agreement, and/or (2) enjoining, abating, or preventing any violation of said terms and conditions, and/or (3) seeking declaratory relief.
c. Accelerate the ARPA Loan and demand immediate full payment of the principal payment outstanding and all accrued interest under the ARPA Note,

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as well as any other monies advanced to BORROWER by COUNTY under this Agreement.
d. Enter the Project and take any remedial actions necessary in its judgment with respect to hazardous materials that COUNTY deems necessary to comply with hazardous materials laws or to render the Project suitable for occupancy, which costs shall be due and payable by BORROWER to COUNTY.
e. Enter upon, take possession of, and manage the Project, either in person, by agent, or by a receiver appointed by a court, and collect rents and other amounts specified in the assignment of rents in the Deed of Trust and apply them to operate the Project or to pay off the ARPA Loan or any advances made under this Agreement, as provided for by the ARPA Deed of Trust. f. Pursue any other remedies allowed at law or in equity.

33. RESERVED.

34. BORROWER’S WARRANTIES. BORROWER represents and warrants (1) that it has access to professional advice and support to the extent necessary to enable BORROWER to fully comply with the terms of this Agreement, and to otherwise carry out the Project, (2) that it is duly organized, validly existing and in good standing under the laws of the State of California, (3) that it has the full power and authority to undertake the Project and to execute this Agreement, (4) that the persons executing and delivering this Agreement are authorized to execute and deliver such documents on behalf of BORROWER and (5) that neither BORROWER nor any of its principals is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in connection with the transaction contemplated by this Agreement.

35. BORROWER’S CERTIFICATION. BORROWER certifies, to the best of its knowledge and belief, that:
a. No federally appropriated funds have been paid or will be paid, by or on behalf of the undersigned, to any person for influencing or attempting to influence an officer or employee of any agency, a member of Congress, an officer or

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employee of Congress, or an employee of a member of Congress in connection with the awarding of any federal contract, the making of any federal grant, the making of any federal loan, the entering into of any cooperative agreement, and the extension, continuation, review, amendment, or modification of any federal contract, grant, loan, or cooperative agreement.
b. If any funds other than federally appropriated funds have been paid or will be paid to any person for influencing or attempting to influence an officer or employee of any agency, a member of Congress, an officer or employee of Congress, or an employee of a member of Congress in connection with this federal contract, grant, loan, or cooperative agreement, the undersigned shall complete and submit Standard Form-LLL, "Disclosure Form to Report Lobbying," in accordance with its instructions.
c. The undersigned shall require that the language of this certification be included in the award documents for all sub-awards at all tiers (including subcontracts, sub-grants, and contracts under grants, loans, and cooperative agreements) and that BORROWER shall certify and disclose accordingly. This certification is a material representation of fact upon which reliance was placed when this transaction was made or entered into.

36. HOLD HARMLESS AND INDEMNIFICATION. BORROWER shall indemnify and hold harmless the County of Riverside, its Agencies, Boards, Districts, Special Districts and Departments, their respective directors, officers, Board of Supervisors, elected and appointed officials, employees, agents and representatives (collectively the “Indemnified Parties”) from any liability whatsoever, based or asserted upon any services of BORROWER, its officers, employees, subcontractors, agents or representatives arising out of their performance under this Agreement, including but not limited to property damage, bodily injury, or death or any other element of any kind or nature whatsoever arising from the performance of BORROWER, its officers, agents, employees, subcontractors, agents or representatives under this Agreement.

BORROWER shall defend, at its sole expense (including all costs and fees including, but not

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limited, to attorney fees, cost of investigation, defense and settlements or awards), the County of Riverside, its Agencies, Districts, Special Districts and Departments, their respective directors, officers, Board of Supervisors, elected and appointed officials, employees, agents and representatives in any claim or action based upon such alleged acts or omissions.

With respect to any action or claim subject to indemnification herein by BORROWER, BORROWER shall, at their sole cost, have the right to use counsel of their own choice and shall have the right to adjust, settle, or compromise any such action or claim without the prior consent of COUNTY; provided, however, that any such adjustment, settlement or compromise in no manner whatsoever limits or circumscribes BORROWER’S indemnification to COUNTY as set forth herein.

BORROWER’s obligation hereunder shall be satisfied when BORROWER has provided to COUNTY the appropriate form of dismissal relieving COUNTY from any liability for the action or claim involved.

The specified insurance limits required in this Agreement shall in no way limit or circumscribe BORROWER’s obligations to indemnify and hold harmless COUNTY herein from third party claims.

In the event there is conflict between this clause and California Civil Code Section 2782, this clause shall be interpreted to comply with Civil Code 2782. Such interpretation shall not relieve BORROWER from indemnifying COUNTY to the fullest extent allowed by law.

BORROWER’s obligations set forth in this Section 36 shall survive the expiration or earlier termination of this Agreement.

37. TERMINATION.
a. BORROWER. BORROWER may terminate this Agreement prior to disbursement of any ARPA Loan funds by COUNTY in accordance with the applicable ARPA Act regulations.
b. COUNTY. Notwithstanding the provisions of Section 37(a), COUNTY may suspend or terminate this Agreement upon written notice to BORROWER of

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the action being taken and the reason for such action in the event one of the following events occur:
(i) In the event BORROWER fails to perform the covenants herein contained at such times and in such manner as provided in this Agreement after the applicable notice and cure provision hereof; or (ii) In the event there is a conflict with any federal, state or local law, ordinance, regulation or rule rendering any material provision, in the judgment of COUNTY of this Agreement invalid or untenable; or (iii)In the event the ARPA funding identified in Section 1 above is terminated or otherwise becomes unavailable.
c. This Agreement may be terminated or funding suspended in whole or in part for cause. Cause shall be based on the failure of BORROWER to materially comply with either the terms or conditions of this Agreement after the expiration of all applicable notice and cure provisions hereof. Upon suspension of funding, BORROWER agrees not to incur any costs related thereto, or connected with, any area of conflict from which COUNTY has determined that suspension of funds is necessary.
d. Upon expiration or earlier termination of this Agreement, BORROWER shall transfer to COUNTY any unexpended ARPA funds in its possession at the time of expiration of the Agreement as well as any accounts receivable held by BORROWER which are attributable to the use of ARPA funds awarded pursuant to this Agreement.

38. AFFORDABILITY RESTRICTIONS. COUNTY and BORROWER, on behalf of its successors and assigns, hereby declare their express intent that the restrictions set forth in this Agreement shall continue in full force and effect for the duration of the Affordability Period (as defined in Section 13 above). Each and every contract, deed or other instrument hereafter executed covering and conveying the Property or any portion thereof shall be held conclusively to have been executed, delivered and accepted subject to such restrictions, regardless of whether

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such restrictions are set forth in such contract, deed or other instrument. BORROWER shall execute and record as a lien against the Property, a Covenant Agreement, substantially conforming in form and substance to the Covenant Agreement attached hereto as Exhibit E and incorporated herein by this reference, setting forth the affordability use and income restriction required in this Agreement.

39. MECHANICS LIENS AND STOP NOTICES. If any claim of mechanics lien is filed against the Project or a stop notice affecting the ARPA Loan is served on COUNTY, BORROWER must, within twenty (20) calendar days of such filing or notification of service, either pay and fully discharge the lien or stop notice, obtain a release of the lien or stop notice by delivering to COUNTY a surety bond in sufficient form and amount, or provide COUNTY with other assurance reasonably satisfactory to COUNTY that the lien or stop notice will be paid or discharged.

40. ENTIRE AGREEMENT. It is expressly agreed that this Agreement embodies the entire agreement of the parties in relation to the subject matter hereof, and that no other agreement or understanding, verbal or otherwise, relative to this subject matter, exists between the parties at the time of execution.

41. AUTHORITY TO EXECUTE. The persons executing this Agreement or exhibits attached hereto on behalf of the parties to this Agreement hereby warrant and represent that they have the authority to execute this Agreement and warrant and represent that they have the authority to bind the respective parties to this Agreement to the performance of its obligations hereunder.

42. WAIVER. Failure by a party to insist upon the strict performance of any of the provisions of this Agreement by the other party, or the failure by a party to exercise its rights upon the default of the other party, shall not constitute a waiver of such party’s rights to insist and demand strict compliance by the other party with the terms of this Agreement thereafter.

43. INTERPRETATION AND GOVERNING LAW. This Agreement and any dispute arising hereunder shall be governed by and interpreted in accordance with the laws of the State of California. This Agreement shall be construed as a whole according to its fair language

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and common meaning to achieve the objectives and purposes of the parties hereto, and the rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement, all parties having been represented by counsel in the negotiation and preparation hereof.

44. JURISDICTION AND VENUE. Any action at law or in equity arising under this Agreement or brought by a party hereto for the purpose of enforcing, construing or determining the validity of any provision of this Agreement shall be filed in the Superior Court of Riverside County, State of California, and the parties hereto waive all provisions of law providing for the filing, removal or change of venue to any other court or jurisdiction.

45. SEVERABILITY. Each paragraph and provision of this Agreement is severable from each other provision, and if any provision or part thereof is declared invalid, the remaining provisions shall nevertheless remain in full force and effect.

46. MINISTERIAL ACTS. COUNTY's Director of HWS, or designee, is authorized to take such ministerial actions as may be necessary or appropriate to implement the terms, provisions, and conditions of this Agreement as it may be amended from time to time by both parties.

47. MODIFICATION OF AGREEMENT. COUNTY or BORROWER may consider it in its best interest to change, modify or extend a term or condition of this Agreement, provided such change, modification or extension is agreed to in writing by the other party. Any such change, extension or modification, which is mutually agreed upon by COUNTY and BORROWER shall be incorporated in written amendments to this Agreement. Such amendments shall not invalidate this Agreement, nor relieve or release COUNTY or BORROWER from any obligations under this Agreement, except for those parts thereby amended. No amendment to this Agreement shall be effective and binding upon the parties, unless it expressly makes reference to this Agreement, is in writing, is signed and acknowledged by duly authorized representatives of all parties, and approved by the COUNTY.

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48. CONDITIONAL COMMITMENT.
a. Construction. BORROWER must demonstrate that it is working towards obtaining financing to reconstruct the Project in accordance with the scheduled Completion Deadline.
b. Completion. The Project must be completed no later than two (2) years from the Effective Date of this Agreement (the “Completion Deadline”). If BORROWER is unable to meet the condition as required by this Section 48 including any extension, then COUNTY and BORROWER mutually agree that this Agreement will self-terminate and any ARPA Loan funds disbursed to BORROWER to date shall be returned to COUNTY within thirty (30) calendar days of such termination. Upon such termination, this Agreement shall become null and void. COUNTY and BORROWER shall be released and discharged respectively from their obligations under this Agreement, except for those provisions which by their terms survive termination. All costs incurred by each party on the Project will be assumed respectively.

49. INTENTIONALLY OMITTED.

50. INTENTIONALLY OMITTED.

51. EXHIBITS AND ATTACHMENTS. Each of the attachments and exhibits attached hereto is incorporated herein by this reference.

52. MEDIA RELEASES. BORROWER agrees to allow COUNTY to provide input regarding all media releases regarding the Project. Any publicity generated by BORROWER for the Project must make reference to the contribution of COUNTY in making the Project possible.

COUNTY’s name shall be prominently displayed in all pieces of publicity generated by BORROWER, including flyers, press releases, posters, signs, brochures, and public service announcements. BORROWER agrees to cooperate with COUNTY in any COUNTY-generated publicity or promotional activities with respect to the Project.

53. NOTICES. All notices, requests, demands and other communication required or desired to be served by either party upon the other shall be addressed to the respective parties as

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set forth below or the such other addresses as from time to time shall be designated by the respective parties and shall be sufficient if sent by United States first class, certified mail, postage prepaid, or express delivery service with a receipt showing the date of delivery.

COUNTY BORROWER
Director HWS City Manager
County of Riverside City of Lake Elsinore
3403 10th Street, Suite 300 130 South Main Street
Riverside, CA 92501 Lake Elsinore, CA 92530

54. COUNTERPARTS. This Agreement may be signed by the different parties hereto in counterparts, each of which shall be an original but all of which together shall constitute one and the same agreement.

55. EFFECTIVE DATE. The effective date of this Agreement is the date the parties execute the Agreement (“Effective Date”). If the parties execute the Agreement on more than one date, then the last date the Agreement is executed by a party shall be the Effective Date.

56. FURTHER ASSURANCES. BORROWER shall execute any further documents consistent with the terms of this Agreement, including documents in recordable form, as the COUNTY may from time to time find necessary or appropriate to effectuate its purposes in entering into this Agreement.

57. NONLIABILITY OF OFFICIALS AND EMPLOYEES. No member, official, employee or consultant of the COUNTY shall be personally liable to the BORROWER, or any successor in interest, in the event of any default or breach by the COUNTY or for any amount which may become due to the BORROWER or to its successor, or on any obligations under the terms of this Agreement. No member, official, employee or consultant of the BORROWER shall be personally liable to the COUNTY, or any successor in interest, in the event of any default or breach by the BORROWER or for any amount which may become due to the COUNTY or to its successor, or on any obligations under the terms of this Agreement.

58. CONSTRUCTION AND INTERPRETATION OF AGREEMENT.
a. The language in all parts of this Agreement shall in all cases be construed simply, as a whole and in accordance with its fair meaning and not strictly for

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or against any party. The parties hereto acknowledge and agree that this Agreement has been prepared jointly by the parties and has been the subject of arm’s length and careful negotiation over a considerable period of time, that each party has been given the opportunity to independently review this Agreement with legal counsel, and that each party has the requisite experience and sophistication to understand, interpret, and agree to the particular language of the provisions hereof. Accordingly, in the event of an ambiguity in or dispute regarding the interpretation of this Agreement, this Agreement shall not be interpreted or construed against the party preparing it, and instead other rules of interpretation and construction shall be utilized.
b. If any term or provision of this Agreement, the deletion of which would not adversely affect the receipt of any material benefit by any party hereunder, shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall not be affected thereby and each other term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. It is the intention of the parties hereto that in lieu of each clause or provision of this Agreement that is illegal, invalid, or unenforceable, there be added as a part of this Agreement an enforceable clause or provision as similar in terms to such illegal, invalid, or unenforceable clause or provision as may be possible.
c. The captions of the articles, sections, and subsections herein are inserted solely for convenience and under no circumstances are they or any of them to be treated or construed as part of this instrument.
d. References in this instrument to this Agreement mean, refer to and include this instrument as well as any riders, exhibits, addenda and attachments hereto (which are hereby incorporated herein by this reference) or other documents expressly incorporated by reference in this instrument. Any references to any covenant, condition, obligation, and/or undertaking “herein,” “hereunder,” or

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“pursuant hereto” (or language of like import) means, refer to, and include the covenants, obligations, and undertakings existing pursuant to this instrument and any riders, exhibits, addenda, and attachments or other documents affixed to or expressly incorporated by reference in this instrument. e. As used in this Agreement, and as the context may require, the singular includes the plural and vice versa, and the masculine gender includes the feminine and vice versa.

59. TIME OF ESSENCE. Time is of the essence with respect to the performance of each of the covenants and agreements contained in this Agreement.

60. BINDING EFFECT. This Agreement, and the terms, provisions, promises, covenants and conditions hereof, shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

61. NO THIRD PARTY BENEFICIARIES. The parties to this Agreement acknowledge and agree that the provisions of this Agreement are for the sole benefit of COUNTY and BORROWER, and not for the benefit, directly or indirectly, of any other person or entity, except as otherwise expressly provided herein.

62. ENTIRE AGREEMENT, WAIVERS AND AMENDMENTS.
a. This Agreement shall be executed in three duplicate originals each of which is deemed to be an original. This Agreement, including all attachments hereto and exhibits appended to such attachments shall constitute the entire understanding and agreement of the parties.
b. This Agreement integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the parties with respect to all or any part of the Property. c. All waivers of the provisions of this Agreement must be in writing and signed by the appropriate authorities of the COUNTY or the BORROWER, and all amendments hereto must be in writing and signed by the appropriate authorities of the COUNTY and the BORROWER. This Agreement and any provisions

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hereof may be amended by mutual written agreement by the BORROWER and the COUNTY.
(SIGNATURES ON THE NEXT PAGE)
S-1
IN WITNESS WHEREOF, COUNTY and BORROWER have executed this Agreement as of the dates written below.

COUNTY: BORROWER:

COUNTY OF RIVERSIDE, a political CITY OF LAKE ELSINORE, subdivision of the State of California a municipal corporation By: __________________________ By:_________________________________ Heidi Marshall, Director HWS Jason Simpson, City Manager

Date:___________________________ Date:___________________________ (Above signatures need to be notarized)
APPROVED AS TO FORM: ATTEST:

MINH C. TRAN
County Counsel
By:____________________________________
Candice Alvarez, MMC, City Clerk
By: APPROVED AS TO FORM:

Amrit P. Dhillon
Deputy County Counsel
By:

Barbara Leibold, City Attorney
1 of 6 Exhibit “A”

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

STATE OF CALIFORNIA
COUNTY OF __________________
On _____________________________, 2024, before me, ,
personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

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

WITNESS my hand and official seal.

Signature of Notary Public
2 of 6 Exhibit “A”

STATE OF CALIFORNIA
COUNTY OF ___________________
On _____________________________, 2024, before me, ,
personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

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

WITNESS my hand and official seal.

Signature of Notary Public
3 of 6 Exhibit “A”
EXHIBIT “A”
Borrower:City of Lake Elsinore
Address:130 South Main Street, Lake Elsinore, CA 92530
Project Title:Riley Street Apartments (“Project”)
Location: APN: 374-162-036
Project Description:

BORROWER proposes to utilize $5,000,000 in ARPA funds to pay a portion of the costs to develop and construct a multi-family affordable rental housing project consisting of sixteen (16) total units, including fifteen (15) affordable rental housing units and one (1) residential manager’s unit on an approximately 17,755 square feet of vacant land situated on the southeast corner of Riley Street and Heald Avenue, in the City of Lake Elsinore in the County of Riverside, also identified as portions of APN 374-162-036 (“Property”).

Fifteen (15) one-bedroom units shall be rented to seniors 62+ years whose household income does not exceed 30% of the area median income for the County of Riverside, adjusted by family size at the time of occupancy (“Qualified Population”).
4 of 6 Exhibit “A”
Legal Description of Property:

Real Property in the City of Lake Elsinore, County of Riverside, State of California, described as follows:

ALL OF LOTS 2, 4, 6 AND 8, ALL IN BLOCK 51 OF S. D. HEALD'S RESUBDIVISION AS SHOWN BY MAP ON FILE IN BOOK 8 PAGE 378 OF OFFICIAL RECORDS OF SAN DIEGO COUNTY, CALIFORNIA.

EXCEPTING THEREFROM ANY PORTION OF SAID LAND LYING EASTERLY AND SOUTHEASTERLY OF

THE WESTERLY AND NORTHWESTERLY BOUNDARY LINE DESCRIBED WITHIN THAT CERTAIN

QUITCLAIM DEED CONVEYED TO RIVERSIDE COUNTY FLOOD CONTROL AND WATER CONSERVATION DISTRICT BY DOCUMENT RECORDED OCTOBER 26, 1993 AS INSTRUMENT NO. 1993-420648 OF OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM ANY PORTION OF SAID LAND LYING WITHIN THAT CERTAIN QUITCLAIM DEED CONVEYED TO CITY OF LAKE ELSINORE BY DOCUMENT RECORDED JULY 23, 2019 AS INSTRUMENT NO. 2019-0273768 OF OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM ANY PORTION OF SAID LAND LYING WITHIN THAT CERTAIN GRANT

DEED CONVEYED TO JOSE LUIS MORALES GUITRON, A MARRIED MAN BY DOCUMENT RECORDED OCTOBER 24, 2018 AS INSTRUMENT NO. 2018-0419883 OF OFFICIAL RECORDS.

NOTE: THE ABOVE DESCRIPTION DESCRIBING PARCEL B IS FOR IDENTIFICATION PURPOSES ONLY AND HAS BEEN PROVIDED FOR THE ACCOMMODATION OF THIS REPORT. SAID DESCRIPTION IS

NOT INSURABLE PURSUANT TO THE SUBDIVISION MAP ACT OF THE STATE OF CALIFORNIA AND SHOULD NOT BE RELIED UPON TO CONVEY OR ENCUMBER SAID LAND.
[portion of APN: 374-162-036]
5 of 6 Exhibit “A”
Exhibit A-1

IMPLEMENTATION SCHEDULE
Milestone Completion Date

1. Construction Start Deadline October 1, 2024

2. Completion of Project May 1, 2026

3. Project Open to the Public June 15, 2026 Commented [A3]: City: Please update implementation
schedule. FYI - NEPA is scheduled for BOS date 7/9/24.
6 of 6 Exhibit “A”
Sources and Uses of Funds:

Sources:

County ARPA Loan $5,000,000
City of Lake Elsinore LMIHAF monies $ 3,687,500
Total Sources $8,687,500
EXHIBIT “B”

DEED OF TRUST
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EXEMPT RECORDING FEE CODE 6103

RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:

County of Riverside
Housing and Workforce Solutions
3403 10th Street, Suite 300
Riverside, CA 92501
Attn. Juan Garcia

SPACE ABOVE THIS LINE FOR RECORDER'S USE

DEED OF TRUST, SECURITY

AGREEMENT AND FIXTURE FILING
(WITH ASSIGNMENT OF RENTS)
This DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING (WITH ASSIGNMENT OF RENTS) is made this ______ day of __________ 2024 by CITY OF LAKE ELSINORE, a municipal corporation within the geographical boundaries of the COUNTY, (hereinafter referred to as “Trustor”), whose address is 130 South Main Street, City of Lake Elsinore, California 92530, Attention: City Clerk. The trustee is Housing and Workforce Solutions (“Trustee”). The beneficiary is the County of Riverside, a political subdivision of the State of California, (hereinafter called “Beneficiary”), whose address is 3403 10th Street, Suite 300, Riverside, CA 92501.

WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to Trustee, its successors and assigns, in Trust, with POWER OF SALE TOGETHER WITH RIGHT OF ENTRY AND POSSESSION the following property (the “Trust Estate”):
(A) That certain fee interest in the real property in the City of Riverside, County of Riverside, State of California more particularly described in Exhibit A attached hereto and incorporated herein by this reference (such interest in real property is hereafter referred to as the “Subject Property”);
(B) All buildings, structures and other improvements now or in the future located or to be constructed on the Subject Property (the “Improvements”); (C) all tenements, hereditaments, appurtenances, privileges, franchises and other rights and interests now or in the future benefiting or otherwise relating to the Subject Property or the Improvements, including easements, rights-of-way and development rights (the “Appurtenances”). (The Appurtenances, together with the Subject Property and the Improvements, are hereafter referred to as the “Real Property”);
(D) All rents, issues, income, revenues, royalties and profits now or in the future payable with respect to or otherwise derived from the Trust Estate or the Trustor's use, management, operation leasing or occupancy of the Trust Estate, including those past due and unpaid (the “Rents”);
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(E) all present and future right, title and interest of Trustor in and to all inventory, equipment, fixtures and other goods (as those terms are defined in Division 9 of the California Uniform Commercial Code (the “UCC”), and whether existing now or in the future) now or in the future located at, upon or about, or affixed or attached to or installed in, the Real Property, or used or to be used in connection with or otherwise relating to the Real Property or the ownership, use, development, construction, maintenance, management, operation, marketing, leasing or occupancy of the Real Property, including furniture, furnishings, theater equipment, seating, machinery, appliances, building materials and supplies, generators, boilers, furnaces, water tanks, heating ventilating and air conditioning equipment and all other types of tangible personal property of any kind or nature, and all accessories, additions, attachments, parts, proceeds, products, repairs, replacements and substitutions of or to any of such property, but not including personal property of Trustor (the “Goods,” and together with the Real Property, the “Property”); and (F) all present and future right, title and interest of Trustor in and to all accounts, general intangibles, chattel paper, deposit accounts, money, instruments and documents (as those terms are defined in the UCC) and all other agreements, obligations, rights and written material (in each case whether existing now or in the future) now or in the future relating to or otherwise arising in connection with or derived from the Property or any other part of the Trust Estate or the Ownership, use, development, construction, maintenance, management, operation, marketing, leasing, occupancy, sale or financing of the Property or any other part of the Trust Estate, including (to the extent applicable to the Property or any other portion of the Trust Estate) (i) permits, approvals and other governmental authorizations, (ii) improvement plans and specifications and architectural drawings, (iii) agreements with contractors, subcontractors, suppliers, project managers, supervisors, designers, architects, engineers, sales agents, leasing agents, consultants and property managers, (iv) takeout, refinancing and permanent loan commitments, (v) warranties, guaranties, indemnities and insurance policies, together with insurance payments and unearned insurance premiums, (vi) claims, demands, awards, settlements, and other payments arising or resulting from or otherwise relating to any insurance or any loss or destruction of, injury or damage to, trespass on or taking, condemnation (or conveyance in lieu of condemnation) or public use of any of the Property, (vii) license agreements, service and maintenance agreements, purchase and sale agreements and purchase options, together with advance payments, security deposits and other amounts paid to or deposited with Trustor under any such agreements, (viii) reserves, deposits, bonds, deferred payments, refunds, rebates, discounts, cost savings, escrow proceeds, sale proceeds and other rights to the payment of money, trade names, trademarks, goodwill and all other types of intangible personal property of any kind or nature, and (ix) all supplements, modifications, amendments, renewals, extensions, proceeds, replacements and substitutions of or to any of such property (the “Intangibles”).

Trustor further grants to Trustee and Beneficiary, pursuant to the UCC, a security interest in all present and future right, title and interest of Trustor in and to all Goods and Intangibles used in operation of the Real Property and all of the Trust Estates described above in which a security interest may be created under the UCC (collectively, the “Personal Property”). This Deed of Trust constitutes a security agreement under the UCC, conveying a security interest in the Personal Property to Trustee and Beneficiary. Solely with respect to the Trust Estate, Trustee and Beneficiary shall have, in addition to all rights and remedies provided herein, all the rights and remedies of a “secured party” under the UCC and other applicable California law. Trustor covenants and agrees that this Deed of Trust constitutes a fixture filing under Section 9334 and 9502(b) of the UCC.
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FOR THE PURPOSE OF SECURING, in such order of priority as Beneficiary may elect, the following:
i. due, prompt and complete observance, performance and discharge of each and every condition, obligation, covenant and agreement contained herein or contained in the following:
(a) that certain Promissory Note in favor of the Beneficiary (“County” therein) executed by Trustor (“Borrower” therein) of even date herewith (the “ARPA Note”) in the principal amount of $_______________.
(b) that certain Loan Agreement for the Use of ARPA Act Funds dated __________________, 2024 and recorded in the Official Records (“Official Records”) of the County of Riverside concurrently herewith, between Trustor (“Borrower” therein) and Beneficiary (“County” therein) (the “ARPA Loan Agreement”); and (c) that certain Covenant Agreement dated __________________, 2024, and recorded concurrently herewith in the Official Records, between Trustor (“Borrower” therein) and Beneficiary (“County” therein) (“Covenant Agreement”). ii. payment of indebtedness of the Trustor to the Beneficiary not to exceed ______________________Dollars (the “ARPA Loan”) according to the terms of the ARPA Note.

Said ARPA Note, ARPA Loan Agreement and Covenant Agreement (collectively, referred to as the “Secured Obligations”) and all of their terms are incorporated herein by reference and this conveyance shall secure any and all extensions, amendments, modifications or renewals thereof however evidenced, and additional advances evidenced by any note reciting that it is secured hereby. The ARPA Note, ARPA Loan Agreement and Covenant Agreement as used herein shall mean, refer to and include the ARPA Note, ARPA Loan Agreement and Covenant Agreement, as well as any riders, exhibits, addenda, implementation agreements, amendments, or attachments thereto (which are hereby incorporated herein by this reference). Any capitalized term not otherwise defined herein shall have the meaning ascribed to such term in the ARPA Loan Agreement.

The ARPA Loan evidenced by the ARPA Note and secured by this Deed of Trust is being made pursuant to the American Rescue Plan Act of 2021 (Pub.L. No. 117-2) ("ARPA"). Pursuant to the ARPA Loan Agreement, the maturity date of the ARPA Loan shall be the later to occur of (i) July 1, 2079 or (ii) fifty five (55) years from recordation of the Covenant Agreement for the last building completed as part of the Project (as defined in the ARPA Loan Agreement) (“ARPA Loan Term”).

TRUSTOR COVENANTS that the Trustor is lawfully seized of the estate hereby conveyed and has the right to grant and convey the fee interest of the Property. Trustor warrants and will defend generally the title to the Property against all claims and demands, subject to such encumbrances of record.

AND TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES:
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1. That Trustor shall pay the ARPA Note at the time and in the manner provided therein, and perform the obligations of the Trustor as set forth in the ARPA Loan Agreement and Covenant Agreement at the time and in the manner respectively provided therein.

2. That Trustor shall not permit or suffer the use of any of the property for any purpose other than the use set forth in the ARPA Loan Agreement and Covenant Agreement.

3. That the Secured Obligations are incorporated in and made a part of the Deed of Trust. Upon default of a Secured Obligation, and after the giving of notice and the expiration of any applicable cure period, the Beneficiary, at its option, may declare the whole of the indebtedness secured hereby to be due and payable.

4. That all rents, profits and income from the property covered by this Deed of Trust are hereby assigned to the Beneficiary for the purpose of discharging the debt hereby secured.

Permission is hereby given to Trustor so long as no default exists hereunder after the giving of notice and the expiration of any applicable cure period, to collect such rents, profits and income for use in accordance with the provisions of the ARPA Loan Agreement and Covenant Agreement. 4a. That upon default hereunder or under any of the Secured Obligations and after giving notice and opportunity to cure, Beneficiary shall be entitled to the appointment of receiver by any court having jurisdiction, without notice, to take possession and protect the Property described herein and operate same and collect the rents, profits and income therefrom

5. Payment of Principal and Interest; Prepayment and Late Charges. Trustor shall promptly pay when due the principal of and interest on the debt evidenced by the ARPA Note and any late charges due under the ARPA Note. Payments on the ARPA Note shall be deferred annually and forgiven at the end of the Term of the Agreement if the BORROWER has complied with the terms of the ARPA Loan

6. Taxes and Insurance. Trustor shall pay before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Deed of Trust, directly to the person owed payment. Trustor shall promptly furnish to Beneficiary receipts evidencing the payments.
a. Should Trustor fail to make any payment or to do any act herein provided, then Beneficiary or Trustee, but without obligation so to do and upon written notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge, or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his or her reasonable fees.

7. Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary under Section 5 shall be applied: first, to interest due; second, to principal due; and last, to any late charges due under the ARPA Note. 5 of 12

8. Prior Deeds of Trust; Charge; Liens. Trustor shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Deed of Trust, and leasehold payments or ground rents, if any, subject to applicable cure periods directly to the person owed payment. Trustor shall pay these obligations in the manner provided in Section

6. a. Except for the liens permitted in writing by the Beneficiary, Trustor shall promptly discharge any other lien which shall have attained priority over this Deed of Trust unless Trustor: (1) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Beneficiary; (2) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Beneficiary's opinion operate to prevent the enforcement of the lien; or (3) bond around the lien (4) secures from the holder of the lien an agreement satisfactory to Beneficiary subordinating the lien to this Deed of Trust. Except for the liens approved herein, if Beneficiary determines that any part of the Property is subject to a lien which may attain priority over this Deed of Trust, Beneficiary may give Trustor a notice identifying the lien. Trustor shall satisfy such lien or take one or more of the actions set forth above within 30 days of the giving of notice.

9. Priority of ARPA Deed of Trust. The ARPA Deed of Trust shall be in a second priority lien position, behind the Covenant Agreement (first priority) and ahead of the ARPA Loan Agreement (third priority).

10. Hazard or Property Insurance. Trustor shall keep the improvements now existing or hereafter erected on the Property insured against loss of fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Beneficiary reasonably requires insurance. This insurance shall be maintained in the amounts and for the periods as required in the ARPA Loan Agreement. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval which shall not be unreasonably withheld. If Trustor fails to maintain coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property in accordance with Section 12.
a. All insurance policies and renewals shall be reasonably acceptable to Beneficiary and shall include a standard mortgagee clause. All requirements hereof pertaining to insurance shall be deemed satisfied if the Trustor complies with the insurance requirements under the ARPA Loan Agreement. Trustor shall promptly give to Beneficiary certificates of insurance showing the coverage is in full force and effect and that Beneficiary is named as additional insured. In the event of loss, Trustor shall give prompt notice to the insurance carrier, the Senior Lien Holder, if any, and Beneficiary. Beneficiary may make proof of loss if not made promptly by the Senior Lien Holder, if any, or the Trustor.
b. Unless Beneficiary and Trustor otherwise agree in writing and subject to the rights of senior lenders, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided Trustor determines that such restoration or repair is economically feasible and there is no default continuing beyond the expiration of all applicable cure periods. If Trustor determines that such restoration or repair is not economically feasible or if a default exists after expiration of all applicable cure periods, the insurance proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Trustor. If the Property is abandoned by Trustor, or if Trustor fails to respond to Beneficiary within 30 days from the date notice is 6 of 12
mailed by Beneficiary to Trustor that the insurance carrier offers to settle a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance proceeds at Beneficiary’s option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. c. Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of Note. If under Section 27 the Property is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Beneficiary to the extent of the sums secured by this Deed of Trust immediately prior to the acquisition. d. Notwithstanding the above, the Beneficiary's rights to collect and apply the insurance proceeds hereunder shall be subject and subordinate to the rights of a Senior Lien Holder, if any, to collect and apply such proceeds in accordance with any Senior Lien Holder Deed of Trust.

11. Preservation, Maintenance and Protection of the Property; Trustor's Loan Application; Leaseholds. Trustor shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property; normal wear and tear excepted. Trustor shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Beneficiary's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Deed of Trust or Beneficiary's security interest. Trustor may cure such a default and reinstate, as provided in Section 23, by causing the action or proceeding to be dismissed with a ruling that, in Beneficiary's good faith determination, precludes forfeiture of the Trustor's interest in the Property or other material impairment of the lien created by this Deed of Trust or Beneficiary's security interest. Trustor shall also be in default if Trustor, during the loan application process, gave materially false or inaccurate information or statements to Beneficiary (or failed to provide Beneficiary with any material information) in connection with the loan evidenced by the ARPA Note, including, but not limited to representations concerning Trustor’s use of Property for transitional housing. If this Deed of Trust is on a leasehold, Trustor shall comply with all provisions of the lease. If Trustor acquires fee title to the Property, the leasehold and the fee title shall not merge unless Beneficiary agrees to the merger in writing. a. The Trustor acknowledges that this Property is subject to certain use and occupancy restrictions (which may be further evidenced by a separate agreement recorded in the land records where the Property is located), limiting the Property's use to transitional housing. The use and occupancy restrictions may limit the Trustor's ability to rent the Property. The violation of any use and occupancy restrictions may, if not prohibited by federal law, entitle the Beneficiary to the remedies provided in Section 27 hereof.

12. Protection of Beneficiary's Rights in the Property. If Trustor fails to perform the covenants and agreements contained in this Deed of Trust, or there is a legal proceeding that may significantly affect Beneficiary's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then, subject to notice to Trustor and any applicable grace periods or cure periods, Beneficiary may do and pay for whatever is necessary to protect the value of the Property and Beneficiary's rights in the Property.

Beneficiary's actions may include paying any sums secured by a lien which has priority over this Deed of Trust, appearing in court, paying reasonable attorneys' fees, and entering on the Property to make repairs. Although Beneficiary may take action under this Section 12, Beneficiary does not have to do so.
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a. Any amounts disbursed by Beneficiary under this Section 12 shall become additional debt of Trustor secured by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the ARPA Note rate and shall be payable, with interest, upon notice from Beneficiary to Trustor requesting payment.

13. Reserved.

14. Inspection. Beneficiary or its agent may make reasonable entries upon and inspections of the Property. Beneficiary shall give Trustor at least forty-eight (48) hours advanced notice in connection with an inspection specifying reasonable cause for the inspection.

15. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Beneficiary, subject to the terms of a Senior Lien Holder Deed of Trust, if any. a. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, whether or not then due, with any excess paid to Trustor. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Deed of Trust immediately before the taking, unless Trustor and Beneficiary otherwise agree in writing, the sums secured by this Deed of Trust shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Trustor. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Trustor and Beneficiary otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Deed of Trust whether or not the sums are then due. Notwithstanding the foregoing, so long as the value of Beneficiary’s lien is not impaired, any condemnation proceeds may be used by Trustor for repair and/or restoration of the Project.
b. If the Property is abandoned by Trustor, or if, after notice by Beneficiary to Trustor that the condemner offers to make an award or settle a claim for damages, Trustor fails to respond to Beneficiary within 30 days after the date the notice is given, Beneficiary is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust, whether or not then due. c. Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments referred to in Sections 5 and 6 or change the amount of such payments.

16. Trustor Not Released; Forbearance By Beneficiary Not a Waiver. Except in connection with any successor in interest approved by Beneficiary in writing, extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Beneficiary to any successor in interest of Trustor shall not operate to release the liability of the original Trustor or Trustor’s successors in interest. Beneficiary shall not be required to commence 8 of 12
proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Trustor or Trustor’s successors in interest. Any forbearance by Beneficiary in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.

17.Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Deed of Trust shall bind and benefit the successors and assigns of Beneficiary and Trustor, subject to the provisions of Section 22. Trustor’s covenants and agreements shall be joint and several.

18. Loan Charges. If the loan secured by this Deed of Trust is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then:
(a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Trustor which exceeded permitted limits will be promptly refunded to Trustor. Beneficiary may choose to make this refund by reducing the principal owed under the ARPA Note or by making a direct payment to Trustor. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note.

19. Notices. Any notice to Trustor provided for in this Deed of Trust shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Trustor’s mailing address stated herein or any other address Trustor designates by notice to Beneficiary. Any notice to Beneficiary shall be given by first class mail to Beneficiary’s address stated herein or any other address Beneficiary designates by notice to Trustor. Any notice required to be given to a Senior Lien Holder shall be given by first class mail to such other address the Senior Lien Holder designates by notice to the Trustor.

Any notice provided for in this Deed of Trust shall be deemed to have been given to Trustor or Beneficiary when given as provided in this Section.

20. Governing Law; Severability. This Deed of Trust shall be governed by federal law and the laws of the State of California. In the event that any provision or clause of this Deed of Trust or the ARPA Note conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision. To this end the provisions of this Deed of Trust and the ARPA Note are declared to be severable. Any action at law or in equity arising under this Deed of Trust or brought by a party hereto for the purpose of enforcing, construing or determining the validity of any provision of this Agreement shall be filed in the Superior Court of Riverside County, State of California, and the parties hereto waive all provisions of law providing for the filing, removal or change of venue to any other court or jurisdiction.

21. Trustor's Copy. Trustor shall be given one conformed copy of the ARPA Note and of this Deed of Trust.

22. Transfer of the Property or a Beneficial Interest in Trustor. Except as otherwise allowed under the ARPA Loan Agreement, if all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Trustor is sold or transferred and Trustor is not a natural person) without Beneficiary's prior written consent (including a transfer of all or any part 9 of 12
of the Property to any person who, at initial occupancy of the Property, does not use the Property for affordable housing) Beneficiary may, at its option, require immediate payment in full of all sums secured by this Deed of Trust. However, this option shall not be exercised by Beneficiary if exercise is prohibited by federal law as of the date of this Deed of Trust. Nothing in this Deed of Trust shall be deemed to require Beneficiary’s approval of a transfer of a limited partnership interest in the Trustor or of a conveyance of an easement interest in the Property for utility purposes.
a. If Beneficiary exercises the aforementioned option, Beneficiary shall give Trustor and the Senior Lien Holder, prior written notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Trustor must pay all sums secured by this Deed of Trust. If Trustor fails to pay these sums prior to the expiration of this period, Beneficiary may invoke any remedies permitted by this Deed of Trust without further notice or demand on Trustor.
b. Reserved.

23. Trustor's Right to Reinstate. If Trustor meets certain conditions, Trustor shall have the right to have enforcement of this Deed of Trust discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Deed of Trust; or (b) entry of a judgment enforcing this Deed of Trust. Those conditions are that Trustor: (a) pays Beneficiary all sums which then would be due under this Deed of Trust and the ARPA Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Deed of Trust, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Beneficiary may reasonably require to assure that the lien of this Deed of Trust, Beneficiary's rights in the Property and Trustor's obligation to pay the sums secured by this Deed of Trust shall continue unchanged. Upon reinstatement by Trustor, this Deed of Trust and the obligations secured hereby shall remain fully effective as if no acceleration had occurred.

However, this right to reinstate shall not apply in the case of acceleration under Section 22.

24. Reserved.

25. No Assignment. The ARPA Note and this Deed of Trust shall not be assigned by Trustor without the Beneficiary’s prior written consent and the consent of the Senior Lien Holder, if any.

26. Hazardous Substances. Trustor shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Trustor shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses, construction, and to maintenance of the Property. a. Trustor shall promptly give Beneficiary written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Trustor has actual knowledge. If Trustor learns, or is notified in writing by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the 10 of 12
Property is necessary, Trustor shall promptly take all necessary remedial actions in accordance with Environmental Law.
b. As used in this Section 26, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials, excluding household products in normal quantities. As used in this Section 26, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection.

27. Acceleration; Remedies. Beneficiary shall give notice to Trustor prior to acceleration following Trustor's breach of any covenant or agreement in this Deed of Trust. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, which shall not be more than ten (10) calendar days from the date of the mailing of the notice for a monetary default, or a date, which shall not be more than thirty (30) calendar days from the mailing of the notice for a non-monetary default, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall further inform Trustor of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Trustor to acceleration and sale. If the default is not cured by the Trustor on or before the date specified in the notice, and the Senior Lien Holder or the investor limited partner have not cured the default within that same period, subject to any non-recourse provisions set forth in Section 8 of the Note, then Beneficiary at its option may require immediate payment in full of all sums secured by this Deed of Trust without further demand and may invoke the power of sale and any other remedies permitted by applicable law.

Beneficiary shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 27, including, but not limited to, reasonable attorneys' fees and costs of title evidence. a. If Beneficiary invokes the power of sale, Beneficiary or Trustee shall mail copies of a notice of sale in the manner prescribed by applicable law to Trustor, the Senior Lien Holder, if any, and to the other persons prescribed by applicable law. Trustee shall give notice of sale by public advertisement for the time and in the manner prescribed by applicable law. Trustee, without demand on Trustor, shall sell the Property at public auction to the highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Beneficiary or its designee may purchase the Property at any sale. b. Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this Deed of Trust; and (c) any excess to the person or persons legally entitled to it.

28. Release. Upon payment of all sums secured by this Deed of Trust, or upon forgiveness of all sums at the end of the ARPA Loan Term as provided in the ARPA Note and ARPA Loan Agreement, Beneficiary shall release this Deed of Trust without charge to Trustor. 11 of 12
Trustor shall pay any recordation costs. The lien of the Covenant Agreement shall not be released or reconveyed until the expiration of the term set forth therein notwithstanding the payment of all sums secured by this Deed of Trust.

29. Substitute Trustee. Beneficiary, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Deed of Trust is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law.

30. Reserved.

31. Reserved.

32. Reserved.

33. Removal, Demolition or Alteration of Personal Property and Fixtures. Except to the extent permitted by the following sentence, no personal property or fixtures shall be removed, demolished or materially altered without the prior written consent of the Beneficiary.

Trustor may remove and dispose of, free from the lien of this Deed of Trust, such personal property and fixtures as from time to time become worn out or obsolete, providing that, (a) the same is done in the ordinary course of business, and (2) either (i) at the time of, or prior to, such removal, any such personal property or fixtures are replaced with other personal property or fixtures which are free from liens other than encumbrances permitted hereunder and which have a value at least equal to that of the replaced personal property and fixtures (and by such removal replacement Trustor shall be deemed to have subjected such replacement personal property and fixtures to the lien of this Deed of Trust), or (ii) such personal property and fixtures may not require replacement if functionally, economically or operationally obsolete and so long as the fair market value of and operational efficiency of the Project is not reduced or adversely effected thereby. [Remainder of Page Blank]
[Signatures on Following Page]
S-1
BY SIGNING BELOW, TRUSTOR accepts and agrees to the terms and covenants contained in this Deed of Trust.

TRUSTOR:

CITY OF LAKE ELSINORE, a municipal corporation
By: _______________________________
Jason Simpson, City Manager
Date: ____________
ATTEST:

By:____________________________________
Candice Alvarez, MMC, City Clerk
APPROVED AS TO FORM:

By:

Barbara Leibold, City Attorney

(Signature needs to be notarized)

STATE OF CALIFORNIA
COUNTY OF _______________
On _____________________________, 2024, before me, ,
personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

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

WITNESS my hand and official seal.

Signature of Notary Public
EXHIBIT “A”

LEGAL DESCRIPTION OF PROPERTY
Real Property in the City of Lake Elsinore, County of Riverside, State of California, described as follows:

ALL OF LOTS 2, 4, 6 AND 8, ALL IN BLOCK 51 OF S. D. HEALD'S RESUBDIVISION AS SHOWN BY MAP ON FILE IN BOOK 8 PAGE 378 OF OFFICIAL RECORDS OF SAN DIEGO COUNTY, CALIFORNIA.

EXCEPTING THEREFROM ANY PORTION OF SAID LAND LYING EASTERLY AND SOUTHEASTERLY OF

THE WESTERLY AND NORTHWESTERLY BOUNDARY LINE DESCRIBED WITHIN THAT CERTAIN

QUITCLAIM DEED CONVEYED TO RIVERSIDE COUNTY FLOOD CONTROL AND WATER CONSERVATION DISTRICT BY DOCUMENT RECORDED OCTOBER 26, 1993 AS INSTRUMENT NO. 1993-420648 OF OFFICIAL RECORDS.

ALSO EXCEPTING THEREFROM ANY PORTION OF SAID LAND LYING WITHIN THAT CERTAIN GRANT

DEED CONVEYED TO JOSE LUIS MORALES GUITRON, A MARRIED MAN BY DOCUMENT RECORDED OCTOBER 24, 2018 AS INSTRUMENT NO. 2018-0419883 OF OFFICIAL RECORDS.

NOTE: THE ABOVE DESCRIPTION DESCRIBING PARCEL B IS FOR IDENTIFICATION PURPOSES ONLY AND HAS BEEN PROVIDED FOR THE ACCOMMODATION OF THIS REPORT. SAID DESCRIPTION IS

NOT INSURABLE PURSUANT TO THE SUBDIVISION MAP ACT OF THE STATE OF CALIFORNIA AND SHOULD NOT BE RELIED UPON TO CONVEY OR ENCUMBER SAID LAND.
[portion of APN: 374-162-036]
EXHIBIT “C”
Exhibit “E”
PROMISSORY NOTE (ARPA Loan) $5,000,000.00 Riverside, CA In installments as hereafter stated, for value received, City of Lake Elsinore, a municipal corporation within the geographical boundaries of the COUNTY (“Borrower”), promises to pay the COUNTY OF RIVERSIDE, a political subdivision of the State of California (“COUNTY”), or order, at 3403 10th Street, Suite 300, Riverside, CA 92501, the sum of Five Million Dollars (U.S. $5,000,000.00) (the “ARPA Loan” or “Note Amount”) which at the time of payment is lawful for the payment of public and private debts.

This Promissory Note (“Note”) is given in accordance with that certain Loan Agreement for the Use of ARPA Act funds executed by COUNTY and Borrower, dated as of _____________________, 2024 and recorded in the Official Records of the County of Riverside (“Official Records”) on or about the date hereof (the “ARPA Loan Agreement”). Except to the extent otherwise expressly defined in this Note, all capitalized terms shall have the meanings ascribed to such terms in the ARPA Loan Agreement. The Note is secured by a Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) executed by Borrower for the benefit of the County dated as of __________, 2024, and recorded on or about the date hereof in the Official Records (the “ARPA Deed of Trust” of “Deed of Trust”). The rights and obligations of the Borrower and COUNTY under this Note shall be governed by the ARPA Loan Agreement and the following terms:
(1) The ARPA Loan evidenced by this Note and secured by the Deed of Trust are being made pursuant to the American Rescue Plan Act (Pub.L No. 117-2), hereinafter ("ARPA ").

Borrower agrees for itself, its successors and assigns, that the use of the Property shall be subject to the restrictions set forth in ARPA regulations, the ARPA Loan Agreement and that certain Covenant Agreement dated on or about the date hereof and recorded concurrently herewith in the Official Records, between Borrower and County. (2) That the ARPA Loan will not accrue any interest per annum, and shall be deferred if the Project is in compliance with the ARPA Loan Agreement and forgiven in its entirety at the end of the Term of the ARPA Loan Agreement.
(3) This Note may be prepaid in whole or in part by the undersigned at any time without prepayment penalty or premium, provided however notwithstanding such prepayment, Borrower shall be required to adhere to the affordability restrictions contained in the Covenants until the expiration of the term contained therein. (4) Subject to the provisions and limitations of this Paragraph 4, the obligation to repay the Note Amount is a nonrecourse obligation of Borrower and its officers. Neither Borrower nor its officers shall have any personal liability for repayment of the Note Amount, except as provided in this Paragraph 4. The sole recourse of the County shall be the exercise of its rights against the Property (or any portion thereof) and any related security for the ARPA Loan; provided, however, that the foregoing shall not (i) constitute a waiver of any other obligation evidenced by this Note or the Deed of Trust; (ii) limit the right of the COUNTY to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under this Note and the Deed of Trust or any action or proceeding hereunder so long as no judgment in the nature of a deficiency judgment shall be asked for or taken against Borrower; (iii) release or impair either this Note or the Deed of Trust; (iv) prevent or in any way hinder the COUNTY from exercising, or constitute a defense, an affirmative defense, a counterclaim or other basis for relief in respect of the exercise of, Exhibit “E”
any other remedy against the mortgaged Property or any other instrument securing this Note or as prescribed by law or in equity in case of default; (v) prevent or in any way hinder the COUNTY from exercising, or constitute a defense, an affirmative defense, a counterclaim or other basis for relief in respect of the exercise of, its remedies in respect of any deposits, insurance proceeds, condemnation awards or other monies or other collateral or letters of credit securing this Note; or (vi) affect in any way the validity of any guarantee or indemnity from any person of all or any of the obligations evidenced and secured by this Note and the Deed of Trust. Notwithstanding the first sentence of this Section 4, the COUNTY may recover directly from Borrower or, unless otherwise prohibited by any applicable law, from any other party: (a) any damages, costs and expenses incurred by the COUNTY as a result of fraud, misrepresentation or any criminal act or acts of Borrower, or any officer, director or employee of Borrower; (b) any damages, costs and expenses incurred by the COUNTY as a result of any misappropriation of funds provided to pay costs as described in the ARPA Loan Agreement for the operation of the Project, or proceeds of insurance policies or condemnation proceeds; and (c) any misappropriation of proceeds resulting in the failure to pay taxes, assessments, or other charges that could create statutory liens on the Project and that are payable or applicable prior to any foreclosure under the Deed of Trust.
(5) The occurrence of any of the following events shall constitute an "Event of Default" under this Note after notice and opportunity to cure pursuant to the terms set forth in the ARPA Loan Agreement:
a. Monetary Default. (1) Borrower’s failure to pay when due any sums payable under the ARPA Note or any advances made by COUNTY under this Agreement, (2) Borrower’s or any agent of Borrower’s use of ARPA funds for costs other than those costs permitted under the ARPA Loan Agreement or for uses inconsistent with terms and restrictions set forth in this Agreement, and/or (3) Borrower’s or any agent of Borrower’s failure to make any other payment of any assessment or tax due under the ARPA Loan Agreement;
b. Non-Monetary Default - Operation. (1) Discrimination by Borrower or Borrower’s agent on the basis of characteristics prohibited by this Agreement or applicable law, (2) the imposition of any encumbrances or liens on the Project without COUNTY’s prior written approval that are prohibited under this agreement or that have the effect of reducing the priority or invalidating the lien of the ARPA Deed of Trust, (3) Borrower’s failure to obtain and maintain the insurance coverage required under the ARPA Loan Agreement, (4) any material default under the ARPA Loan Agreement, ARPA Deed of Trust with Assignment of Rents, Covenant Agreement, ARPA Note, or any document executed by the Borrower in connection with this Agreement, and/or (4) default past any applicable notice and cure period under the terms of the ARPA Deed of Trust or any other instrument or document secured against the Property; c. General Performance of Loan Obligations. Any substantial or continuous or repeated breach by Borrower or Borrower’s agents of any material obligations on Borrower imposed in the ARPA Loan Agreement; and Exhibit “E”
d. General Performance of Other Obligations. Any substantial or continuous or repeated breach by Borrower or Borrower’s agents of any material obligations on the Project imposed by any other agreement with respect to the financing, development, or operation of the Project; whether or not COUNTY is a party to such agreement.
(6) COUNTY shall give written notice of default to Borrower, specifying the default complained of by the COUNTY. Borrower shall have ten (10) calendar days from the mailing of the notice for a monetary default, and thirty (30) calendar days from the mailing of the notice for any other default, by which such action to cure must be taken or commenced if a cure cannot reasonable be rendered within the applicable cure period..

Delay in giving such notice shall not constitute a waiver of any default nor shall it change the time of default.
(7) Any failures or delays by COUNTY in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies.

Delays by COUNTY in asserting any of its rights and remedies shall not deprive COUNTY of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert, or enforce any such rights or remedies. (8) If the rights created by this Note shall be held by a court of competent jurisdiction to be invalid or unenforceable as to any part of the obligations described herein, the remaining obligations shall be completely performed and paid. In the event that any provision or clause of this Note conflicts with applicable law, such conflict will not affect other provisions of this Note which can be given effect without the conflicting provision, and to this end the provisions of the Note are declared to be severable. (9) Borrower hereby waives diligence, presentment, protest and demand, notice of protest, dishonor and nonpayment of this Note, and expressly agrees that, without in any way affecting the liability of Borrower hereunder, the COUNTY may extend any maturity date or the time for payment of any installment due hereunder, accept additional security, release any party liable hereunder and release any security now or hereafter securing this Note. Borrower further waives, to the full extent permitted by law, the right to plead any and all statutes of limitations as a defense to any demand on this Note, or on any deed of trust, security agreement, guaranty or other agreement now or hereafter securing this Note. (10) Should default be made in payment of principal and interest when due and such default shall continue beyond the applicable notice and cure period provided in the ARPA Loan Agreement, the whole sum of principal and interest shall become immediately due at the option of the holder of this Note. Principal and interest are payable in lawful money of the United States. If action be instituted on this Note, the undersigned promises to pay such sums as the Court may fix as attorney’s fees.
(11) This Note has been negotiated and entered in the State of California, and shall be governed by, construed and enforced in accordance with the internal laws of the State of California, applied to contracts made in California by California domiciliaries to be wholly performed in California. Any action at law or in equity arising under this Note or brought by a party hereto for the purpose of enforcing, construing or determining the validity of any provision of this Note shall be filed in the Superior Court of Riverside County, State of California, Exhibit “E”
and the parties hereto waive all provisions of law providing for the filing, removal or change of venue to any other court or jurisdiction.
(12) No modification, rescission, waiver, release or amendment of any provision of this Note shall be made except by a written agreement executed by Borrower and the duly authorized representative of the COUNTY.
(13) The COUNTY may, in its sole and absolute discretion, assign its rights under this Note and its right to receive repayment of the Note Amount without obtaining the consent of Borrower.
(14) In no event shall Borrower assign or transfer any portion of this Note or any rights herein without the prior express written consent of the COUNTY, which consent the COUNTY may give or withhold in its sole and absolute discretion. In the absence of specific written agreement by the COUNTY, no unauthorized assignment or transfer, or approval thereof by the COUNTY, shall be deemed to relieve Borrower or any other party from any obligations under the ARPA Loan Agreement or this Note. This provision shall not affect or diminish the COUNTY’s assignment rights under this Note. (15) Except as to the permitted deeds of trust identified herein, Borrower shall not encumber the Property for the purpose of securing financing either senior or junior in priority or subordinated to the Deed of Trust without the prior written approval of the COUNTY in its sole and absolute discretion.
(16) The relationship of Borrower and the COUNTY pursuant to this Note is that of debtor and creditor and shall not be, or be construed to be, a joint venture, equity venture, partnership or other relationship.
(17) (a) Formal notices, demands and communications between the County and Borrower shall be deemed sufficiently given if made in writing and dispatched by any of the following methods to the addresses of the COUNTY and Borrower as set forth below: (i) registered or certified mail, postage prepaid, return receipt requested (in which event, the notice shall be deemed delivered on the date of receipt thereof); (ii) electronic facsimile transmission, followed on the same day by delivery of a “hard” copy via first-class mail, postage prepaid (in which event, the notice shall be deemed delivered on the date of its successful facsimile transmission as evidenced by a facsimile confirmation or “kick-out” sheet); or (iii) personal delivery, including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service (in which event, the notice shall be deemed delivered on the documented date of receipt).

Such written notices, demands and communications may be sent in the same manner to such other addresses as either party may from time to time designate by mail. (b) The address of the COUNTY for purposes of receiving notices pursuant to this Note shall be 3403 10th Street, Suite 300, Riverside, California 92501, Attention:

Director HWS. The facsimile number for the COUNTY’s receipt of notices is (951) 352-4852.
(c) The address of Borrower for purposes of receiving notices pursuant to this Note is 130 South Main Street, Lake Elsinore, CA 92530, Attn: City Manager.

Exhibit “E”
(18) The captions and headings in this Note are for convenience only and are not to be used to interpret or define the provisions hereof.
(19) The undersigned, if comprising more than one person or entity, shall be jointly and severally liable hereunder.
(20) This Note shall be binding upon Borrower and its heirs, successors and assigns, and shall benefit the COUNTY and its successors and assigns.

IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year first set forth above.

BORROWER:

Young Scholars for Academic Empowerment, dba
TruEvolution Inc.,
a nonprofit public benefit corporation,
By: _______________________________
Gabriel Maldonado, Chief Executive Officer
Date: ____________
BORROWER:

CITY OF LAKE ELSINORE, a municipal corporation
By: _______________________________
Jason Simpson, City Manager
Date: ____________
ATTEST:

By:____________________________________
Candice Alvarez, MMC, City Clerk
APPROVED AS TO FORM:

By:

Barbara Leibold, City Attorney
Exhibit “E”
EXHIBIT “D”
Prohibition Against Conflicts of Interest
§ 92.356 Conflict of interest.
(a) Applicability. In the procurement of property and services by participating jurisdictions, State recipients, and sub-recipients, the conflict of interest provisions in 24 CFR 85.36 and 24 CFR

84.42, respectively, apply. In all cases not governed by 24 CFR 85.36 and 24 CFR 84.42, the provisions of this section apply.
(b) Conflicts prohibited. No persons described in paragraph (c) of this section who exercise or have exercised any functions or responsibilities with respect to activities assisted with ARPA funds or who are in a position to participate in a decision making process or gain inside information with regard to these activities, may obtain a financial interest or benefit from a ARPA-Assisted activity, or have an interest in any contract, subcontract or agreement with respect thereto, or the proceeds thereunder either for themselves or those with whom they have family or business ties, during their tenure or for one year thereafter.
(c) Persons covered. The conflict of interest provisions of paragraph (b) of this section apply to any person who is an employee, agent, consultant, officer, or elected official or appointed official of COUNTY, State recipient, or sub-recipient which are receiving ARPA funds. (d) Exceptions: Threshold requirements. Upon the written request of the recipient, HUD may grant an exception to the provisions of paragraph (b) of this section on a case-by-case basis when it determines that the exception will serve to further the purposes of the ARPA Act and the effective and efficient administration of COUNTY's program or project. An exception may be considered only after the recipient has provided the following:
(1) A disclosure of the nature of the conflict, accompanied by an assurance that there has been public disclosure of the conflict and a description of how the public disclosure was made; and
(2) An opinion of the recipient's attorney that the interest for which the exception is sought would not violate State or local law.
(e) Factors to be considered for exceptions. In determining whether to grant a requested exception after the recipient has satisfactorily met the requirements of paragraph (d) of this section, HUD shall consider the cumulative effect of the following factors, where applicable:
(1) Whether the exception would provide a significant cost benefit or an essential degree of expertise to the program or project which would otherwise not be available; (2) Whether the person affected is a member of a group or class of low-income persons intended to be the beneficiaries of the assisted activity, and the exception will permit such person to receive generally the same interests or benefits as are being made available or provided to the group or class;
Exhibit “E”
(3) Whether the affected person has withdrawn from his or her functions or responsibilities, or the decision making process with respect to the specific assisted activity in question;
(4) Whether the interest or benefit was present before the affected person was in a position as described in paragraph (c) of this section; (5) Whether undue hardship will result either to COUNTY or the person affected when weighed against the public interest served by avoiding the prohibited conflict; (6) Any other relevant considerations.
(f) Owners/Participants and Developers.
(1) No owner, developer, or sponsor of a project assisted with ARPA funds (or officer, employee, agent or consultant of the owner, developer, or sponsor) whether private, for profit or non-profit (including a community housing development organization (CHDO) when acting as an owner, developer or sponsor) may occupy an ARPA-Assisted affordable housing unit in a project.

This provision does not apply to an individual who receives ARPA funds to acquire or rehabilitate his or her principal residence or to an employee or agent of the owner or developer of a rental housing project who occupies a housing unit as the project manager or maintenance worker. (2) Exceptions. Upon written request of owner or developer, COUNTY may grant an exception to the provisions of paragraph (f)(1) of this section on a case-by-case basis when it determines that the exception will serve to further the purpose of the ARPA Act and the effective and efficient administration of the owner’s or developer’s ARPA-Assisted project. In determining whether to grant a requested exception, COUNTY shall consider the following factors:
(i) Whether the person receiving the benefit is a member of a group or class of low-income persons intended to be the beneficiaries of the assisted housing, and the exception will permit such person to receive generally the same interests or benefits as are being made available or provided to the group or class;
(ii) Whether the person has withdrawn from his or her functions or responsibilities, or the decision making process with respect to the specific assisted housing in question;
(iii) Whether the tenant protection requirements of § 92.253 are being observed; (iv) Whether the affirmative marketing requirements of § 92.351 are being observed and followed; and
(v) Any other factor relevant to COUNTY’s determination, including the timing of the requested exception.

Exhibit “E”
Community Development Block Grant
Policy Manual, I.D. # A-11
TOPIC:CONFLICT OF INTEREST CODE

RIVERSIDE COUNTY
Housing & Workforce Solutions
DATE: MARCH 1999
This Conflict of Interest Code is written to comply with Federal Regulations (24 CFR Part 85). These Regulations. "Administrative Requirements for Grants and Cooperative Agreements to State, Local and Federally Recognized Indian Tribal Governments" require that grantees and sub-grantees will maintain a written code of standards of conduct governing the performance of their employees engaged in the award and administration of contracts.
1) No employee, officer, or agent of the grantee shall participate in the selection, in the award or in the administration of a contract supported by Federal Funds if a conflict of interest, real or apparent, would be involved.
2) Such a conflict will arise when:
i) The employee, officer or agent;
ii) Any member of the immediate family;
iii) His/Her partners; or
iv) An organization which employs, or is about to employ any of the above has a financial or other interest in the firm's selection for award.
3) The grantee's or sub-grantee's officers, employees or agents will neither solicit nor accept gratuities, favors or anything of monetary value from contractors or parties to sub-agreements except as noted in Section 4.
4) A grantee's or sub-grantee's officers, employees or agents will be presumed to have a financial interest in a business if their financial interest exceeds the following:
i) Any business entity in which the official has a direct or indirect investment worth one thousand dollars ($1,000) or more.
ii) Any real property in which the official has a direct or indirect interest worth one thousand dollars ($1,000) or more.
iii) Any source of income, other than gifts and other than loans by a commercial lending institution in the regular course of business on terms available to the public without regard to official status, aggregating two hundred fifty dollars ($250) or more in value provided to, received by or promised to the official within 12 months prior to the time when the decision is made.
iv) Any business entity in which the official is a director, officer, partner, trustee, employee, or holds any position of management.
v) Any donor of, or any intermediary or agent for a donor of, a gift or gifts aggregating two hundred fifty dollars ($250) or more in value provided to, received by, or promised to the official within 12 months prior to the time when the decision is made. 5) For purposes of Section 4, indirect investment or interest means any investment or interest owned by the spouse or dependent child of an official, by an agent on behalf of an official, or by a business entity or trust in which the official, the official's agents, spouse, and dependent children own directly, indirectly, or beneficially a 10-percent interest or more.

Exhibit “E”
EXHIBIT “E”
Covenant Agreement

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Lake Elsinore City CouncilJuly 23, 2024

Lake Elsinore City Council
July 23, 2024