Agenda packet — Lake Elsinore City Council, April 22, 2025 (part 3 of 3)

U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Managed Account Security Transactions & Interest

PAYDOWNS
03/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 3.79 0.00 3.79 0.07 0.05 3.79 03/01/25
03/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 584.36 0.00 584.36 24.20 7.83 584.36 03/01/25 03/15/25 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 9,867.15 0.00 9,867.15 0.23 0.10 9,867.15 03/15/25 03/15/25 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 6,471.73 0.00 6,471.73 1.34 0.63 6,471.73 03/15/25 03/15/25 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 9,573.64 0.00 9,573.64 0.97 0.55 9,573.64 03/15/25 03/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 1,669.76 0.00 1,669.76 0.37 0.10 1,669.76 03/15/25 03/15/25 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 7,321.61 0.00 7,321.61 0.77 0.46 7,321.61 03/15/25 03/15/25 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 12,707.52 0.00 12,707.52 0.00 0.00 12,707.52 03/15/25 03/16/25 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 14,877.52 0.00 14,877.52 2.44 1.21 14,877.52 03/16/25 03/16/25 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 2,968.70 0.00 2,968.70 0.07 0.02 2,968.70 03/16/25 03/21/25 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 3,365.20 0.00 3,365.20 0.71 0.14 3,365.20 03/21/25

0.00 24.39 58.02 72,574.39 72,574.39 72,574.39 Transaction Type Sub-Total SELL
03/06/25 US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 801,055.66 2,130.87 803,186.53 14,276.36 (1,833.82) FIFO 825,000.00 03/03/25 03/06/25 US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 364,116.21 968.58 365,084.79 1,787.11 (3,705.25) FIFO 375,000.00 03/03/25 03/06/25 US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 388,390.63 1,033.15 389,423.78 15,125.01 2,971.51 FIFO 400,000.00 03/03/25 03/06/25 US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 582,585.94 1,549.72 584,135.66 16,945.31 2,877.64 FIFO 600,000.00 03/03/25

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U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Managed 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
5,682.32 310.08 48,133.79 2,141,830.76 2,136,148.44 2,200,000.00 Transaction Type Sub-Total (151,252.32) 126,610.93 (24,641.39) 48,191.81 334.47 Managed Account Sub-Total Total Security Transactions $48,191.81 ($24,641.39)$126,610.93 ($151,252.32) $334.47

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U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
442,285.89 Opening Balance
03/03/25 03/03/25 Purchase - Interest 13063D3N6 1.00 4,846.00 447,131.89 03/04/25 03/04/25 Purchase - Interest 025816CS6 1.00 3,825.00 450,956.89 03/04/25 03/04/25 Purchase - Interest 3130AK5E2 1.00 281.25 451,238.14 03/05/25 03/05/25 Purchase - Interest 02665WFQ9 1.00 8,800.00 460,038.14 03/06/25 03/06/25 Purchase - Principal 91282CFB2 1.00 2,136,148.44 2,596,186.58 03/06/25 03/06/25 Purchase - Interest 91282CFB2 1.00 5,682.32 2,601,868.90 03/06/25 03/06/25 Redemption - Interest 91282CEV9 1.00 (15,464.43) 2,586,404.47 03/06/25 03/06/25 Redemption - Principal 91282CEV9 1.00 (2,565,117.19) 21,287.28 03/10/25 03/10/25 Purchase - Interest 771196BT8 1.00 4,370.60 25,657.88 03/10/25 03/10/25 Purchase - Principal 771196BT8 1.00 410,000.00 435,657.88 03/12/25 03/12/25 Purchase - Interest 037833DB3 1.00 11,237.50 446,895.38 03/12/25 03/12/25 Redemption - Principal 571676AY1 1.00 (114,875.80) 332,019.58 03/14/25 03/14/25 Purchase - Interest 09290DAA9 1.00 18,212.50 350,232.08 03/17/25 03/17/25 Purchase - Interest 002824BM1 1.00 4,359.38 354,591.46 03/17/25 03/17/25 Purchase - Interest 084664CZ2 1.00 5,462.50 360,053.96 03/17/25 03/17/25 Purchase - Interest 650036DT0 1.00 1,413.75 361,467.71 03/17/25 03/17/25 Purchase - Interest 02582JJZ4 1.00 771.08 362,238.79 03/17/25 03/17/25 Purchase - Interest 02582JKD1 1.00 1,786.92 364,025.71 03/17/25 03/17/25 Purchase - Interest 02582JKH2 1.00 2,157.37 366,183.08 03/17/25 03/17/25 Purchase - Interest 05522RDG0 1.00 678.58 366,861.66 03/17/25 03/17/25 Purchase - Interest 05522RDH8 1.00 747.00 367,608.66

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U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
03/17/25 03/17/25 Purchase - Interest 14041NGB1 1.00 1,010.63 368,619.29 03/17/25 03/17/25 Purchase - Interest 14041NGD7 1.00 1,804.83 370,424.12 03/17/25 03/17/25 Purchase - Interest 14318MAD1 1.00 357.52 370,781.64 03/17/25 03/17/25 Purchase - Interest 161571HT4 1.00 1,741.50 372,523.14 03/17/25 03/17/25 Purchase - Interest 254683CY9 1.00 1,149.33 373,672.47 03/17/25 03/17/25 Purchase - Interest 254683CZ6 1.00 1,437.92 375,110.39 03/17/25 03/17/25 Purchase - Interest 31680EAD3 1.00 1,612.92 376,723.31 03/17/25 03/17/25 Purchase - Interest 344928AD8 1.00 458.65 377,181.96 03/17/25 03/17/25 Purchase - Interest 362554AC1 1.00 6.65 377,188.61 03/17/25 03/17/25 Purchase - Interest 36265QAD8 1.00 694.31 377,882.92 03/17/25 03/17/25 Purchase - Interest 41285JAD0 1.00 587.81 378,470.73 03/17/25 03/17/25 Purchase - Interest 44935FAD6 1.00 1.03 378,471.76 03/17/25 03/17/25 Purchase - Interest 65480JAC4 1.00 334.78 378,806.54 03/17/25 03/17/25 Purchase - Interest 891940AC2 1.00 794.29 379,600.83 03/17/25 03/17/25 Purchase - Principal 650036DT0 1.00 325,000.00 704,600.83 03/17/25 03/17/25 Purchase - Principal 14318MAD1 1.00 9,867.15 714,467.98 03/17/25 03/17/25 Purchase - Principal 362554AC1 1.00 2,968.70 717,436.68 03/17/25 03/17/25 Purchase - Principal 36265QAD8 1.00 14,877.52 732,314.20 03/17/25 03/17/25 Purchase - Principal 344928AD8 1.00 7,321.61 739,635.81 03/17/25 03/17/25 Purchase - Principal 41285JAD0 1.00 9,573.64 749,209.45 03/17/25 03/17/25 Purchase - Principal 65480JAC4 1.00 6,471.73 755,681.18 03/17/25 03/17/25 Purchase - Principal 891940AC2 1.00 12,707.52 768,388.70

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U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
03/17/25 03/17/25 Purchase - Principal 44935FAD6 1.00 1,669.76 770,058.46 03/18/25 03/18/25 Purchase - Interest 43815QAC1 1.00 1,442.67 771,501.13 03/21/25 03/21/25 Purchase - Interest 438123AC5 1.00 401.63 771,902.76 03/21/25 03/21/25 Purchase - Interest 43815GAC3 1.00 6.22 771,908.98 03/21/25 03/21/25 Purchase - Principal 43815GAC3 1.00 3,365.20 775,274.18 03/24/25 03/24/25 Purchase - Interest 3137EAEX3 1.00 1,312.50 776,586.68 03/25/25 03/25/25 Purchase - Interest 3136BQDE6 1.00 1,830.71 778,417.39 03/25/25 03/25/25 Purchase - Interest 3137BNGT5 1.00 593.58 779,010.97 03/25/25 03/25/25 Purchase - Interest 3137BSP72 1.00 1,215.96 780,226.93 03/25/25 03/25/25 Purchase - Interest 3137BTUM1 1.00 1,029.31 781,256.24 03/25/25 03/25/25 Purchase - Interest 3137BXQY1 1.00 1,477.67 782,733.91 03/25/25 03/25/25 Purchase - Interest 3137F1G44 1.00 1,486.38 784,220.29 03/25/25 03/25/25 Purchase - Interest 3137HACX2 1.00 2,208.71 786,429.00 03/25/25 03/25/25 Purchase - Interest 3137HAD45 1.00 1,730.98 788,159.98 03/25/25 03/25/25 Purchase - Interest 3137HAMH6 1.00 3,100.00 791,259.98 03/25/25 03/25/25 Purchase - Interest 3137HAMS2 1.00 2,000.00 793,259.98 03/25/25 03/25/25 Purchase - Interest 3137HAQ74 1.00 1,975.00 795,234.98 03/25/25 03/25/25 Purchase - Interest 3137HAST4 1.00 1,515.63 796,750.61 03/25/25 03/25/25 Purchase - Interest 3137HB3D4 1.00 760.35 797,510.96 03/25/25 03/25/25 Purchase - Interest 3137HB3G7 1.00 1,113.75 798,624.71 03/25/25 03/25/25 Purchase - Interest 3137HBC69 1.00 1,578.20 800,202.91 03/25/25 03/25/25 Purchase - Interest 3137HBLV4 1.00 1,104.90 801,307.81

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U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Account Statement

Page 33 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending March 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate 415,719.68
415,719.68
415,719.68
528,453.66
3,108.54

0.00 (5,924,970.39)
6,070,770.15
269,919.92
2,003.76
415,719.68

0.00 (3,114,368.16)
3,087,801.95
442,285.89
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
March January-March

4.47%

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U.S. Bancorp Asset Management, Inc.
30)
Proposed Resolution and Discussion of Other Actions Opposing the State of California Interfering with the City’s Land Use Authority

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

CALIFORNIA, OPPOSING THE STATE OF CALIFORNIA INTERFERING WITH THE CITY’S LAND USE AUTHORITY; and

2. Discuss and consider providing staff with additional direction on actions intended to address the State’s interference with the City’s land use authority.

Page 1 of 4 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Gina Gonzalez, Director of Economic Development and Legislative Affairs Date:April 22, 2025
Subject:Proposed Resolution and Discussion of Other Actions Opposing the State of California Interfering with the City’s Land Use Authority Recommendation

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

CALIFORNIA, OPPOSING THE STATE OF CALIFORNIA INTERFERING WITH THE CITY’S LAND USE AUTHORITY; and

2. Discuss and consider providing staff with additional direction on actions intended to address the State’s interference with the City’s land use authority.

Background
Housing mandates imposed by the California Legislature aimed at increasing housing density and circumventing housing development processes directly undermine community input, proper environmental review, and planning decisions made at the local level.

The League of California Cities supports efforts by cities to adopt resolutions that oppose State- level rules that erode local control. Other organizations, such as the Association of California Cities-Orange County (ACC-OC) with 25 city members, has identified housing as a top priority, indicating potentially significant support for this effort.

Discussion
Cities and counties in California value having local control over their land use and services, including public safety. These local agencies adopt general plans and zoning codes to establish a blueprint for future housing densities and the necessary infrastructure to plan for the growth outlined in the general plan, as well as to provide a framework for the establishment of public facilities, including parks, libraries, senior centers, other recreational amenities, and police and fire stations.

State Interference with City’s Land Use Authority

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The State, through the Regional Housing Needs Allocation (RHNA) process, has mandated that cities update the Housing Element of their General Plan to demonstrate that the city can accommodate the building of a set number of new dwelling units without regard to the unique characteristics of a community.

Adding to the formulaic imposition found in the RHNA, a myriad of legislation has also been adopted by the State, further eroding local control. The list is long:
•SB 330 (Housing Crisis Act of 2019);
•AB 1763 (Density Bonuses for 100 Percent Affordable Projects); •AB 1485 (Reduced planning standards);
•SB 35 (Imposes Ministerial Approval Process);
•AB 101 (Housing Development and Housing 2019-20 Budget Act); •AB 1783 (Farmworker Housing);
•AB 68 (Accessory Dwelling Units);
•AB 881 (Processing Timelines, Ordinance Prohibitions and Triplexes); •SB 13 (Owner-Occupancy Prohibitions and Fee Limitations); •AB 1486 (Surplus Lands Act Process Amendments);
•SB 6 (Available Residential Land);
•AB 1255 (Surplus Public Land Inventor);
•AB 1483 (Housing Impact Fee Data Collection and Reporting); •SB 744 (No Place Like Home Projects); and
•AB 1743 (Welfare Exemption)
At the core of these laws is the move to a “by right” model for housing development that cuts out public participation and requires approval of development that fails to account for the resources needed for those occupying the current and future housing in the communities they are located in.

The result is an unfair and punitive unfunded State mandate which has created inconsistencies in the planning processes and zoning laws, resulting in spot zoning, creating non-transparent processes in planning from the general public, consolidating power in the State with no checks and balances in the planning process, and also assuming one-size fits all regulations that do not work well in communities that have sizable undeveloped lands like Lake Elsinore.

Examples of the impacts are discussed below.

State Interference with City’s Land Use Authority

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1. Erosion of Local Zoning Power
California has passed a series of laws (like SB 9, SB 10, and AB 2011) that limit local governments' ability to:
•Restrict density (e.g., mandating that single-family zones must allow duplexes or more units).
•Block or delay multi-family housing projects if they comply with objective zoning standards. •Deny certain types of affordable housing even if local land-use plans have not been updated.

Impact: Local governments have lost discretion over zoning, project approvals, and design standards in many cases.

2. State Override of Local Plans
As mentioned above, cities must meet housing targets set through the RHNA process. If a city’s Housing Element (a required part of its General Plan) is not compliant, the State can:
•Strip it of zoning authority through the “builder’s remedy”, allowing developers to bypass local zoning laws entirely for certain projects.
•Penalize cities by cutting access to state housing funds or imposing fines.

Impact: This takes away leverage cities traditionally had to pace growth, maintain infrastructure capacity, or preserve neighborhood character (design, landscaping, roadways, etc.).

3. Mandated Timelines and Streamlining
California laws have imposed strict deadlines and so-called “streamlining” measures, such as:
•SB 35: Requires cities that have not met their housing goals to streamline approval for qualifying projects.
•CEQA exemptions for certain types of housing (e.g., infill affordable housing) limit cities’ ability to require full environmental reviews and its impacts to be mitigated on a community.

Impact: These timelines reduce the local ability to negotiate, revise, or deny projects, even when there are infrastructure or community concerns.

4. Tension with Local Political Will
Housing mandates often conflict with local resident sentiment. As a result, local officials have:
•Delayed updates to housing plans
•Resisted density increases
•Challenged state mandates in court (e.g., Huntington Beach’s multiple lawsuits) State Interference with City’s Land Use Authority

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Impact: This undermines the traditional democratic decision-making at the local level and can deepen distrust between state and local governments.

Staff recommends the City Council consider a Resolution opposing the State’s mandates that increasingly require nearly automatic approval of housing development with only limited environmental review, resulting in unfunded impacts on public safety, municipal services, public schools, and healthcare facilities.

By this Resolution, the City would also encourage all 482 California cities to oppose these unfunded mandates and unrealistic goals set by the State and preserve local control.

Fiscal Impact
There is no immediate fiscal impact associated with this action.

However, unfunded mandates thrust upon the City by the State limit the City's ability to provide vital services to its residents and businesses. While this resolution does not have a direct fiscal impact, the issue itself has a significant fiscal impact on the city's ability to govern itself.

Attachments
Attachment 1 – Resolution
Economic Development
RESOLUTION NO. 2025-

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

CALIFORNIA, OPPOSING THE STATE OF CALIFORNIA INTERFERING WITH THE CITY’S LAND USE AUTHORITY
WHEREAS, cities and counties in California value having local control over their land use and services, including public safety; and
WHEREAS, local agencies adopt general plans and zoning codes to establish a blueprint for future housing densities and the necessary infrastructure to plan for the growth outlined in the general plan, as well as to provide a framework for the establishment of public facilities, including parks, libraries, senior centers, other recreational amenities, and police and fire stations; and WHEREAS, the State, through the Regional Housing Needs Allocation (RHNA) process, has mandated that cities update the Housing Element of their General Plan to demonstrate that the city can accommodate the building of a set number of new dwelling units without regard to the unique characteristics of a community; and
WHEREAS, the State of California, through the adoption of various laws, including:
• SB 330 (Housing Crisis Act of 2019);
• AB 1763 (Density Bonuses for 100 Percent Affordable Projects); • AB 1485 (Reduced planning standards);
• SB 35 (Imposes Ministerial Approval Process);
• AB 101 (Housing Development and Housing 2019-20 Budget Act); • AB 1783 (Farmworker Housing);
• AB 68 (Accessory Dwelling Units);
• AB 881 (Processing Timelines, Ordinance Prohibitions and Triplexes); • SB 13 (Owner-Occupancy Prohibitions and Fee Limitations); • AB 1486 (Surplus Lands Act Process Amendments);
• SB 6 (Available Residential Land);
• AB 1255 (Surplus Public Land Inventor);
• AB 1483 (Housing Impact Fee Data Collection and Reporting); • SB 744 (No Place Like Home Projects); and
• AB 1743 (Welfare Exemption)
has imposed a “by right” model for housing development that cuts out public participation and requires approval of development that fails to account for the resources needed for those occupying the current and future housing in the communities they are located in. The result is an unfair and punitive unfunded State mandate which has created inconsistencies in the planning processes and zoning laws, resulting in spot zoning, creating non-transparent processes in planning from the general public, consolidating power in the State with no checks and balances in the planning process, and also assuming one-size fits all regulations that do not work well in communities that have sizable undeveloped lands like Lake Elsinore.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:

Section 1. The recitals above are true and correct and incorporated herein by this reference.

CC Reso. No. 2025-____

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1 Section 2. The City is opposed to being mandated to approve the building of additional housing units with limited environmental review and the unfunded imposition of increased impacts to traffic, public safety and other municipal services, public schools, and healthcare facilities.

Section 3. The City hereby encourages all 482 California cities to oppose this unfunded mandate of providing higher-density housing to meet unrealistic goals set by the State of California by adopting this resolution under their own city’s name, and collectively meeting with the Governor and legislators to reverse this mandate that will devastate municipal services statewide and reduce the quality of life of all Californians.

Section 4. By adopting this resolution, California cities are united in preserving local control and will pursue all available avenues to achieve that goal.

Section 5. This Resolution shall take effect immediately upon its adoption.

Section 6. The City Clerk shall certify to the adoption of this Resolution and enter it into the book of original Resolutions.

Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 22nd day of April 2025.

Brian Tisdale
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. 2025-____ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of April 22, 2025 and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Candice Alvarez, MMC
City Clerk

Lake Elsinore City CouncilApril 22, 2025

Lake Elsinore City Council
April 22, 2025