Lake Elsinore City Council
August 26, 2025

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Yu Tagai, City Engineer
Date:August 26, 2025
Subject:Master Subscription Agreement with Nearmap US, Inc. for Aerial Imagery Software Services
Recommendation
Approve and authorize the City Manager to execute an agreement with Nearmap US, Inc. in an amount not to exceed $55,650 over a three-year term for aerial imagery software services in such final form as approved by the City Attorney.

Background
Nearmap is a leading provider of high-resolution aerial imagery and geospatial content, serving government agencies, utilities, construction firms, and other industries that rely on up-to-date location intelligence. Nearmap’s aerial imagery provides high resolution imagery that is updated up to three (3) times per calendar year using flyover technology.

Nearmap captures and delivers frequently updated vertical (top-down), oblique (angled), and 3D data. The imagery is processed and hosted in the cloud network, allowing users to instantly access, analyze, and integrate it into GIS platforms such as Esri ArcGIS, AutoCAD, and other mapping systems. Nearmap’s frequent capture program ensures that users can see changes over time, improve decision-making, and reduce the need for costly site visits.

Discussion
Nearmap is actively used by neighboring jurisdictions such as the County of Riverside and Cities of Menifee, Wildomar, and Temecula. This software will be used by each department as it can integrate with other software such ArcGIS and AutoCAD.

Agreement with Nearmap US, Inc.

Nearmap services will provide the following:
•Nearmap Vertical Offline Copy – Provides high-resolution, top-down aerial imagery that can be downloaded and stored locally for offline use.
•Nearmap Oblique for ArcGIS – Integration with Esri products. •Nearmap Oblique for Government – Orthogonal and oblique imagery optimized for government users, enabling property assessment, emergency response, and planning workflows.
•3D Export Pro – A 3D aerial content export tool that allows users to download textured mesh, point cloud, and digital surface models for use in CAD and GIS software.

Fiscal Impact
Funds have been budgeted in the Operations and Maintenance for Fiscal Year 2025-2026.

Attachments
Attachment 1 – Agreement
Exhibit A - Proposal
Engineering
4 MASTER SUBSCRIPTION AGREEMENT
THIS MASTER SUBSCRIPTION AGREEMENT IS ENTERED INTO BY AND BETWEEN NEARMAP AND CUSTOMER. BY

EXECUTING AN ORDER FORM ATTACHED TO THIS MASTER SUBSCRIPTION AGREEMENT OR INCORPORATING THIS

MASTER SUBSCRIPTION AGREEMENT BY REFERENCE, NEARMAP AND CUSTOMER AGREE TO BE BOUND BY THIS

MASTER SUBSCRIPTION AGREEMENT, THE ORDER FORM, AND ALL TERMS INCORPORATED BY REFERENCE (COLLECTIVELY, THE “AGREEMENT”). THIS AGREEMENT BECOMES EFFECTIVE UPON THE EARLIER OF CUSTOMER ACCESSING OR USING ANY NEARMAP PRODUCTS OR AS SET FORTH ON THE ORDER FORM (“EFFECTIVE DATE”). IF

CUSTOMER DOES NOT AGREE TO THIS MASTER SUBSCRIPTION AGREEMENT, CUSTOMER MUST NOT ACCESS OR USE ANY NEARMAP PRODUCTS. CAPITALIZED TERMS NOT DEFINED IN THIS MASTER SUBSCRIPTION AGREEMENT HAVE THE MEANINGS GIVEN TO THEM IN THE ORDER FORM.

1. DEFINITIONS

1.1. “Affiliate” means (a) if Customer contracts with Nearmap AU, a “Subsidiary” or “Related Party,” each as defined in the Corporations Act; or (b) if Customer contracts with Nearmap US, an entity that, directly or indirectly, controls, is controlled by, or is under common control with a party. As used herein, “control” means the power to direct the management or affairs of an entity or the beneficial ownership of fifty percent (50%) or more of the voting equity securities or other equivalent voting interests of an entity.

1.2. “APIs” means Nearmap’s application programming interfaces made available by Nearmap under the Agreement.

1.3. “Applicable Laws” means all existing and future federal, state, provincial, regional, territorial and local laws, international treaties, statutes, statutory instruments, ordinances, regulations, rules, executive orders, supervisory requirements, directives, circulars, opinions, interpretive letters and other office releases, guidelines, and policies with the force of law, of or by any government, or any governmental authority, department, or agency thereof (including all federal and state banking laws, regulations, guidance, and policies), or any court of competent jurisdiction that are applicable to the parties in their performance of their obligations or exercise of their rights under the Agreement.

1.4. “Authorized User” means Customer’s employees, agents, independent contractors, and consultants that use the Products on Customer’s behalf; provided that, to the extent Customer desires its agents, independent contractors, and consultants to be Authorized Users, it must receive Nearmap’s prior, written consent (email to suffice).

1.5. “Confidential Information” has the meaning set forth in Section 10.1.

1.6. “Corporations Act” means Corporations Act 2001 (Cth) of Australia, as amended.

1.7. “Customer” has the meaning set forth in the applicable Order Form.

1.8. “Customer Data” means information, data, and other content, in any form or medium, that is uploaded to, or otherwise received by, the Platform, directly (including via a third-party provider) from an Authorized User.

1.9. “De-identified Data” has the meaning set forth in Section 3.4.

1.10. “Derivative Works” means a work that is based upon another work, such as a revision, modification, or any other form in which the original work may be recast, transformed, or adapted and that if prepared without the authorization of the owner of the copyright in the original work, would constitute a copyright infringement.

1.11. “Documentation” means any end user technical documentation provided by Nearmap for the Products located at https://help.nearmap.com.

1.12. “Feedback” has the meaning set forth in Section 4.2.

1.13. “Fees” has the meaning set forth in Section 5.1.

1.14. “Nearmap” means (a) if Customer is located in Australia or New Zealand, as determined by Customer’s billing address set forth in an Order Form, then the Nearmap contracting entity is Nearmap Australia Pty Ltd (ABN 16 120 677 250) (NZCN 6603574) (“Nearmap AU”), with offices located at Level 4, Tower One, International Towers, 100 Barangaroo Avenue, Barangaroo NSW 2000; or (b) if Customer is located in the United States of America, Canada, or any other jurisdiction other than Australia or New Zealand, as determined by Customer’s billing address set forth in an Order Form, then the Nearmap contracting entity is Nearmap US, Inc. (“Nearmap US”), with offices located at 1850 Ashton Blvd, Ste 500, Lehi, UT 84043.

1.15. “Nearmap Data” means any data made available by or on behalf of Nearmap to the Customer in connection with the APIs or a Platform.

1.16. “Nearmap Policies” has the meaning set forth in Section 2.9.

1.17. “Order Form” means a written document or electronic form, including any order, statement of work, proposal, quote, schedule, or other such documentation, whether or not labeled “Order Form,” that details the Products, including quantities, specifications, pricing, payment terms, and any other pertinent terms and conditions agreed upon by both parties.

1.18. “Output” has the meaning set forth in Section 2.1.1. 5 1.19. “Personal Data” means any data or information that is linked or reasonably linkable to an identified or identifiable natural person.

1.20. “Platform” means Nearmap’s online web-based application provided by Nearmap, as further described in the “Products” section of an Order Form.

1.21. “Privacy Policy” has the meaning set forth in Section 13.

1.22. “Process” or “Processing” means any operation or set of operations performed, whether by manual or automated means, on information or on sets of information, such as the collection, use, storage, disclosure by transmission, dissemination or otherwise making available, alignment or combination, analysis, restriction, deletion, or modification of information.

1.23. “Products” means, collectively, the API and Platform.

1.24. “Product-Specific Terms” means the terms and conditions governing the use of specific then-current Products generally available to Nearmap customers via the Nearmap website at https://www.nearmap.com/us/en/legal/product-specific-terms.

1.25. “Service Level Agreement” means the service level agreement provided by Nearmap for the Platform, as further described at https://www.nearmap.com/legal/service-level-agreement.

1.26. “Subscription Term” means the term specified on the Order Form, including without limitation in the “License Term,” “Subscription Term,” or “Subscription Period” section of the Order Form, together with any renewal terms.

1.27. “Support Policy” has the meaning set forth in Section 2.6.

1.28. “Territory” means, as applicable, Australia, Canada, New Zealand, and/or the United States of America. Coverage by Nearmap within the Territory is outlined at https://www.nearmap.com/us/en/current-aerial-maps-coverage for Canada and the United States of America, at https://www.nearmap.com/au/coverage for Australia, and at https://www.nearmap.com/nz/coverage for New Zealand.

1.29. “Third-Party Services” has the meaning set forth in Section 3.5.

1.30. “Usage Data” has the meaning set forth in Section 3.4.

2. NEARMAP PRODUCTS AND SERVICES

2.1. Access to Products. Subject to and conditioned on Customer’s and its Authorized Users’ compliance with the terms and conditions of the Agreement:

2.1.1. Platform. To the extent Customer elects to use the Platform or the Platform is specified in an Order Form, Nearmap hereby grants Customer a non-exclusive, non-sublicensable (unless otherwise permitted in this Agreement), royalty-free, non-transferable (except in compliance with Section 14.1) right to access and use the Platform in the Territory during the Subscription Term to: (a) use the Platform and the Nearmap Data for Customer’s internal business purposes subject to any further limitations set forth in an Order Form; (b) create Derivative Works of the Nearmap Data (subject to Section 2.2), strictly in the form of reports, presentations, maps or other documents for internal purposes only that are fixed in a non-manipulable medium (the “Output”); and (c) use, and make a reasonable number of copies of, the Documentation solely in connection with the exercise of Customer’s rights under this Section 2.1.1, solely for use by Authorized Users in accordance with the Documentation and the terms and conditions herein.

2.1.2. API. To the extent Customer elects to use an API or an API is specified in an Order Form, Nearmap hereby grants to Customer a non-exclusive, non-sublicensable (unless otherwise permitted in this Agreement), royalty-free, and non-transferable (except in compliance with Section 14.1) right and license in the Territory during the Subscription Term to: (a) access and use the APIs to receive Nearmap Data; (b) use the Nearmap Data for Customer’s internal business purposes subject to any further limitations set forth in an Order Form; (c) create Output for internal purposes only; and (d) use, and make a reasonable number of copies of, the Documentation solely in connection with the exercise of Customer’s rights under this Section 2.1.2.

2.1.3. Other Rights Reserved. Other than as expressly set out in Sections 2.1.1 and 2.1.2, Customer may not use the Platform, an API, or Nearmap Data for any other purpose without Nearmap’s prior written consent, and all other rights therein and thereto are hereby reserved by Nearmap.

2.2. Nearmap Attribution. If Customer creates Output, Customer must expressly acknowledge Nearmap in a reasonably prominent manner on each Output (by displaying the Nearmap logo or such other attribution as reasonably requested by Nearmap), as the source of any data underlying the Output. Unless otherwise permitted in writing by Nearmap, Customer must not remove or cause to be removed any Nearmap logo, watermark, or other Nearmap attribution in any Output.

Customer must include all requisite legends indicating and preserving Nearmap’s rights in and to the Products. All Output must include the following copyright notice on the work: “Created with [TITLE OF PRODUCT]© [year] Nearmap US, Inc.”, if the Nearmap contracting entity is Nearmap US; or “Created with [TITLE OF PRODUCT]© [year] Nearmap Australia Pty Ltd”, if the Nearmap contracting entity is Nearmap AU.
6 2.3. Authorized Users. Authorized Users may use the Products on Customer’s behalf, provided Customer remains liable and responsible for the acts and omissions of each such Authorized User. Customer acknowledges and agrees that each Authorized User must have its own unique password and cannot share such password with any other users. If Customer is given passwords to access the Products on Nearmap’s systems, Customer shall require that all Authorized Users keep user ID and password information strictly confidential and not share such information with any unauthorized person.

Customer shall be responsible for any and all actions taken using Customer’s accounts and passwords.

2.4. Use by Affiliates. Each of Customer’s Affiliates will be entitled to access and use the Products in accordance with the terms and conditions of this Master Subscription Agreement, provided that such Affiliate executes a separate Order Form with Nearmap.

2.5. General Restrictions. Customer shall not, and shall not allow or induce any third party (including any Authorized User) to:
(a) sell, rent, lease, or use the Products for time sharing purposes; (b) use the Products to help develop, or help provide to any third party, any product or service similar to or competitive with the Products, or copy any ideas, features, functions, documentation, content, audio or visual material, images, graphics, photos, digital media, or other materials or content of any type that are provided by, derived from, or based on the Products; (c) reverse engineer, decompile, disassemble, or otherwise seek to obtain the source code of the Products; (d) copy, modify, or create Derivative Works from the Products or any Documentation (except as permitted in Section 2.1.1(b) or Section 2.1.2(c)); (e) remove or obscure any copyright or proprietary or other notice contained in the Products or Documentation; (f) create an internal or commercial imagery dataset or Derivative Works composed principally of the Nearmap Data; (g) unless otherwise stated in an Order Form, make the Products publicly accessible or viewable; (h) use the Products for the purpose of product development, tuning, training, or modification of internal models, generation of aggregated analysis, or creation of data elements related to the Products; (i) create any Derivative Works from the Products combined with any third party imagery or based on any third party imagery; (j) propagate any virus, Trojan horse, or other malware or programming routine intended to damage any system or data; (k) access or use the Products in a manner intended to circumvent or exceed service account limitations, contractual usage limits, or requirements; (l) disrupt, disable, interfere with, or disrupt the integrity or performance of the Products or the data contained therein, including through excessive use; (m) use any Products in a manner that violates any Applicable Law, regulation, or legal requirement or obligation; (n) use any Products in violation of any third-party rights of privacy or intellectual property rights; (o) use or permit the use of any tools in order to probe, scan, or attempt to penetrate or benchmark any Products; (p) post, upload, transmit, or provide any Customer Data that Nearmap reasonably deems to be unlawful, harmful, abusive, or otherwise objectionable; (q) attempt to gain unauthorized access to the Products or its related systems or networks; (r) utilize any machine learning products, including any open-source products, in connection with the use of the Products; or (s) use the Products except as expressly permitted by the Agreement.

2.6. Support; Improvements. Customer acknowledges that Nearmap may improve and modify the features and functionality of the Products during the Subscription Term. Nearmap will provide Customer with commercially reasonable notice of any changes made to a material feature or functionality of the Products and will provide support to Customer in accordance with its then-current support policies generally available to Nearmap customers via the Nearmap website:
https://support.nearmap.com (“Support Policy”). Notwithstanding the foregoing, Nearmap has no obligation to provide Customer with any additional support, but if Nearmap and Customer agree to do so, Nearmap may charge Customer reasonable additional fees for the additional support provided to Customer by Nearmap.

2.7. Product-Specific Terms. For any Products listed on an Order Form, the applicable Product-Specific Terms are hereby incorporated into the Agreement by reference.

2.8. Service Level Agreement. Nearmap’s uptimes, metrics, and provision of the Products are in accordance with the system status located at: https://www.nearmap.com/status (“Status”). Customer may subscribe to receive optional Status updates. Nearmap will provide the Platform in accordance with the availability obligations, service credits, and other terms set forth in the Service Level Agreement.

2.9. Nearmap Policies. Nearmap reserves the right to update its Product-Specific Terms, Support Policy, Documentation, and Privacy Policy (collectively “Nearmap Policies”) at any time in its sole discretion provided that any updates shall not materially diminish the level of privacy, support, or obligations set forth in such Nearmap Policies during the Subscription Term in which Nearmap updates such Nearmap Policies.

3. CUSTOMER’S OBLIGATIONS; CUSTOMER DATA

3.1. Customer Obligations. Customer is solely responsible for the accuracy, content, and legality of all Customer Data.

Customer represents and warrants to Nearmap that: (a) Customer’s use of the Products and all Customer Data is and will be at all times compliant with all Applicable Laws; (b) Customer has provided all required notices and obtained and will maintain (and acknowledges it is solely responsible for obtaining and maintaining) all necessary consents as may be required by Applicable Laws to grant the Customer Data rights granted to Nearmap in Section 3.3, and Process such Customer Data as contemplated by the Agreement; (c) Nearmap’s use of the Customer Data does not infringe or otherwise violate the rights of any third party, including any intellectual property rights, fiduciary duty, and/or privacy rights; (d) Customer will access the APIs using only the login credentials and API key(s) assigned to Customer and as provided by Nearmap; (e) Customer will comply with any limits placed on access to and use of the APIs in the Order Form or in the Documentation, including any rate or data limits on queries to the API; and (f) Customer is responsible for all activities that occur with respect to the Products, use of the Products, and compliance with the Agreement. Customer is responsible for, and will hold confidential, all login credentials, including usernames and passwords, for administrator accounts, as well as the accounts of the Authorized Users. Nearmap will not be responsible for any damages, losses, or liability to Customer, Authorized Users, or anyone else due to such information not being kept confidential by Customer or the Authorized Users, or if such information is correctly provided by an unauthorized third-party logging into and accessing the products.

3.2. Customer Restrictions. Unless otherwise agreed to in writing, Customer is prohibited from uploading, or otherwise 7 providing, directly or indirectly (including via a third-party provider or an Authorized User) by or through the Products, or provided by Customer to Nearmap to input into the Products, Customer Data that includes any sensitive information, including a social security number, passport number, driver’s license number, or similar identifier, credit card or debit card number, or any other similar information which may be subject to specific data privacy and security laws. Nearmap does not make any representations as to the adequacy of the Products to Process Customer Data or to satisfy any legal or compliance requirements which may apply to Customer Data, other than as described herein.

3.3. Rights in Customer Data. As between the parties, Customer shall retain all right, title and interest (including all patent, copyright, trade secret, and other intellectual property rights) in and to Customer Data. Customer hereby grants to Nearmap a non-exclusive, worldwide, irrevocable, transferable, sublicensable (through multiple tiers), fully paid-up, royalty-free right and license to use, copy, store, transmit, modify, and display Customer Data in order to: (a) provide the Products to Customer; (b) perform such other actions as authorized or instructed by Customer in writing (email to suffice); and (c) as otherwise permitted by Applicable Laws. Nearmap will not share Customer Data with any third parties, except with (i) Nearmap’s Affiliates, (ii) a subcontractor for a business purpose pursuant to a written agreement, provided that Nearmap shall be liable to Customer for the acts or omissions of any subcontractor to whom Nearmap has disclosed or permitted to access Customer Data as if they were the acts or omissions of Nearmap; and (iii) to third parties as necessary to comply with Applicable Laws.

3.4. Usage Data and De-identified Data. Customer acknowledges and agrees that Nearmap may create, collect, analyze, retain, and use data and other information that results or is derived from (a) Customer’s use of the Products (“Usage Data”); and (b) Customer Data that is used solely in a deidentified manner such that the information is no longer Personal Data under Applicable Laws (“De-identified Data”), for the purposes of developing, maintaining, operating, improving, or providing the Products. For clarity, Usage Data and De-identified Data, and all intellectual property and proprietary rights therein, shall be exclusively owned by Nearmap. In the event Customer gains or retains any interest in the Usage Data or De-identified Data, Customer hereby irrevocably assigns to Nearmap any and all right, title, and interest in and to any Usage Data or De-identified Data.

3.5. Third Party Application Service Providers. Customer may be able to access and use certain third-party services or products (e.g., a third-party service that integrates with Nearmap via opt-in or uses Nearmap’s APIs) through or with its use of the Products (“Third-Party Services”). IF CUSTOMER USES ANY THIRD-PARTY SERVICES, CUSTOMER AGREES TO SUCH THIRD-PARTY SERVICES’ TERMS AND CONDITIONS AND NEARMAP WILL NOT BE RESPONSIBLE FOR ANY ACT OR OMISSION OF ANY PROVIDER OF SUCH THIRD-PARTY SERVICES. NEARMAP DOES NOT WARRANT OR PROVIDE DIRECT SUPPORT FOR ANY THIRD-PARTY SERVICES. CUSTOMER

ACKNOWLEDGES AND AGREES THAT NEARMAP WILL HAVE NO RESPONSIBILITY OR LIABILITY FOR THE ACTS OR OMISSIONS OF ANY AUTHORIZED USERS IN CONNECTION WITH ANY THIRD-PARTY SERVICES.

4. IP OWNERSHIP

4.1. Ownership.

4.1.1. Nearmap Ownership. Customer agrees that Nearmap or the providers of Third-Party Services own and retain all right, title, and interest (including all patent, copyright, trade secret, and other intellectual property rights) in and to (a) the Products, Documentation, Nearmap Data, Usage Data, De-identified Data, and any and all related and underlying technology, documentation, content, audio or visual material, images, graphics, photos, digital media, or other materials or content of any type, trademarks, and other information and (b) any idea, discovery, design, method, material, formula, trade secret, invention (including any discovery of a new technology and any improvement to existing technology), know-how, innovation, writing, work of authorship, compilation, and other development or improvement, whether or not patented or patentable, copyrightable, or reduced to practice or writing and all intellectual property rights thereto.

4.1.2. Customer Ownership. Subject to Section 6.4, Customer may continue using the Output provided that Nearmap may, by written notice to Customer at any time, limit Customer’s use of certain Output or require Customer to cease using certain Output (and delete any copies of them) if Nearmap forms the view, in Nearmap’s sole and absolute discretion, that Customer’s use of the Output may infringe the rights of any third party. For the avoidance of doubt, Nearmap will continue to own all rights in and to any Nearmap Data embedded in any Output, but all other rights in and to the Output will belong to Customer.

4.1.3. Feedback. In the event Customer or its Authorized Users provide Nearmap with any suggestions, ideas, improvements, or other feedback with respect to any aspect of the Products (“Feedback”), Customer hereby irrevocably assigns to Nearmap any and all right, title, and interest in and to any Feedback.

5. FEES AND PAYMENT

5.1. Fees and Payment. All undisputed fees set forth in the Order Form (the “Fees”) shall be paid by Customer within thirty (30) days of Nearmap’s provision of an invoice to Customer. All Fees are due and payable in advance at the start of the applicable Subscription Term (and each renewal term), and except as set forth in an Order Form, all payments shall be made in the currency detailed in the invoice provided by Nearmap via ACH, credit card, or such other method as Nearmap communicates to Customer. Except as expressly set forth in Section 7.1, or 9.1(iii), all Fees are non- refundable. Any late payments shall be subject to a service charge equal to the maximum amount allowed by law (plus the costs of collection and reasonable attorneys’ fees). Nearmap’s other contractual and/or statutory rights, claims, and remedies remain unaffected. Fees for the Products are based on units purchased during the Subscription Term and not actual usage. Customer acknowledges and agrees that the number of units purchased cannot be decreased during a Subscription Term and that the units purchased will not roll over to the next Renewal Subscription Term.

5.2. Excess Fees. Customer is responsible for paying all actual excess fees incurred by Nearmap based on: excess data, storage, processing, API calls, and access fees charged by Nearmap’s third-party cloud service providers as a result of Customer’s use in excess of the amount(s) permitted in the Agreement. 8 5.3. Fee Dispute. If Customer has a good faith belief that a particular invoice is incorrect, Customer must contact Nearmap in writing (email to suffice) within sixty (60) days of such invoice date detailing the basis of the dispute. Customer may only withhold payment on the timely disputed amount in accordance with this Section. Any payment not received by Nearmap by the due date and not subject to a good faith dispute may accrue late charges at the maximum rate permitted by law, from the date such payment was due until the date paid. Nearmap’s other contractual and/or statutory rights, claims, and remedies remain unaffected.

5.4. Taxes. If Customer contracts with (a) Nearmap AU, Customer will be responsible for the payment of any and all local, state, federal, or foreign taxes, levies, and duties of any nature, including value-added, sales, use, withholding taxes, and applicable goods and services tax (GST) under A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Law) of Australia and its associated regulations, as amended; or (b) Nearmap US, Customer will be responsible for the payment of any and all local, state, federal, or foreign taxes, levies, and duties of any nature, including value-added, sales, use, and withholding taxes. If GST is payable on a supply made by Nearmap, Customer must pay as additional consideration an amount equal to the amount of GST payable on that supply. Customer is responsible for paying all taxes, excluding only taxes based on Nearmap's net income. If Nearmap has the legal obligation to pay or withhold taxes for which Customer is responsible under this Section 5.4, the appropriate amount shall be invoiced to and paid by Customer unless Customer is exempt from paying such taxes or subject to a reduced state of withholding tax and the Customer provides Nearmap with proof of a valid tax exemption certificate authorized by the appropriate taxing authority.

5.5. Audit. During the Subscription Term and for two (2) years after termination or expiration of the Agreement, Customer shall maintain accurate and complete records regarding its access and use of the Products. Customer shall permit Nearmap (or its auditors) access to such records, books, systems and Authorized Users to confirm compliance with the Agreement.

Nearmap will give at least thirty (30) days’ prior written notice of an audit and will not conduct an audit more than once per calendar year unless non-compliance findings are noted, in which case the audit period may be extended. If an audit results in findings of non-compliance, Nearmap may, at its discretion: (a) invoice any additional license fees due based on the Fees set forth in the applicable Order Form; (b) recover the reasonable cost of the audit if additional Fees exceed five percent (5%) of the Fees paid during the audit period; and (c) terminate the Agreement in accordance with Section 6.2.

Customer must pay all invoices issued under this Section 5.5 within thirty (30) days following the date of invoice.

6. TERM; TERMINATION; SUSPENSION

6.1. Subscription Term. The initial term of the Products shall begin on the Effective Date of the subscription specified in the Order Form and extend for the Subscription Term specified in the applicable Order Form. Upon the expiration of the initial term specified in the applicable Order Form, the term will automatically renew for successive terms of twelve (12) months each unless either party provides the other party at least thirty (30) days written notice prior to the expiration of the then- current Subscription Term of its intention not to renew the Subscription Term.

6.2. Termination. Either party may terminate the Agreement if the other party (a) fails to cure any material breach of the Agreement (including a failure to pay Fees) within thirty (30) days after written notice (such notice must contain sufficient detail as to the nature of the breach and state the intent to terminate and email notice is valid only in the case of termination for non-payment of Fees); (b) ceases operation without a successor; (c) seeks protection under any bankruptcy, receivership, trust deed, creditors’ arrangement, composition, or comparable proceeding, or if any such proceeding is instituted against that party (and not dismissed within sixty (60) days thereafter); or (d) if applicable, a party suspends payment of its debts generally, or is or becomes unable to pay its debts when they are due, or is or becomes unable to pay its debts within the meaning of the Corporations Act.

6.3. Suspension of Products. Upon written notice (email to suffice) to Customer, in addition to any of its other rights or remedies, Nearmap may immediately suspend Customer’s access to the Products if (a) except as provided in Section

5.1, Customer’s account is ten (10) days or more overdue until such amounts are paid in full; (b) Customer is in material breach of any term in this Agreement, provided that such suspension will be narrowly tailored to address the cause of suspension for only the duration needed for Customer to cure such breach; (c) there is an attack on the Products, the Products are accessed or manipulated by a third party, or there is another event for which Nearmap reasonably believes that the suspension of Customer’s access to the Products is necessary to protect Nearmap’s network or its other customers; (d) Nearmap is required to do so by law (e.g., where providing access to Customer or an Authorized User may be, or become, unlawful); or (e) a licensor, supplier, or provider of Third-Party Services offering its products or services to Nearmap has terminated its relationship with Nearmap or ceased to offer such products or services.

6.4. Effect of Termination. Upon termination or expiration, Customer agrees to: (a) stop all uses of the Products, Nearmap Data, and any Output; (b) permanently delete the Products, Nearmap Data, and any Output from all devices and systems of all Authorized Users (provided that, however, Customer may retain one copy of the Output and Nearmap Data included therein for compliance, regulatory, and archival purposes as required by Applicable Laws provided that such Output and Nearmap Data included therein shall remain subject to the confidentiality and non-use obligations set forth herein for so long as such Output and the Nearmap Data included therein is retained); and (c) within five (5) days of such termination, ensure that an officer of Customer certifies in writing that all applicable copies of the Products, Nearmap Data, and Output have been permanently deleted or destroyed. Except as otherwise set forth herein, termination of the Agreement is not an exclusive remedy and the exercise by either party of any remedy under the Agreement will be without prejudice to any other remedies it may have under the Agreement, by law, or otherwise. Except in the case of Customer’s termination for Nearmap’s material breach pursuant to Section 6.2, Customer shall pay to Nearmap all Fees accrued or payable to Nearmap upon the effective date of termination in accordance with Section 5.

6.5. Customer Data. Customer acknowledges that if Customer or an Authorized User deletes or modifies Customer Data from the Products, Customer Data may still reside in Nearmap’s systems, applications, databases, and servers (including as backups and/or archives). Customer acknowledges that Customer’s deletion or modification of Customer Data during any Subscription Term may have an adverse impact on Customer’s use of the Products (and Nearmap is not liable with respect thereto).

6.6. Survival. The following Sections shall survive any expiration or termination of the Agreement: 2.2, 3, 4, 5, 6.4, 6.5, 7.2, 8, 9, 10, 12, and 14.
9 7. LIMITED WARRANTY; DISCLAIMER

7.1. Limited Warranty. Nearmap warrants that (a) it will provide the Products in a manner consistent with general industry standards reasonably applicable to the provision thereof; and (b) Nearmap will not materially decrease the overall functionality of the Products. Nearmap’s sole liability (and Customer’s sole and exclusive remedy) for any breach of the warranties set forth in Section 7.1(a) and 7.1(b) shall be, in Nearmap’s sole discretion and at no additional charge to Customer, to use commercially reasonable efforts to offer Customer an error correction or work-around so that the Product(s) materially conform(s) to the warranty, or if Nearmap determines such remedies to be impracticable, Nearmap may terminate the remaining Subscription Term and Customer shall receive as its sole remedy and Nearmap’s entire liability shall be, a refund of any prepaid Fees for Products not used as of the date of the warranty claim. The limited warranty set forth in this Section 7.1 shall not apply: (a) unless Customer makes a written claim in accordance with Section 14.7 within thirty (30) days of the date on which the condition giving rise to the claim first appeared, (b) if the error was caused by misuse, unauthorized modifications or third-party hardware, software, or services, (c) if the decrease in functionality is caused by the combination of the Products with any services, hardware, connection, interface, data, or business processes not provided by Nearmap, or (d) to the Products provided on a no- charge or evaluation basis.

7.2. Warranty Disclaimer. EXCEPT FOR THE WARRANTIES SET FORTH IN THIS SECTION 7, THE PRODUCTS, AND

ANY AND ALL RELATED AND UNDERLYING TECHNOLOGY, CONTENT, AUDIO OR VISUAL MATERIAL, IMAGES,

GRAPHICS, PHOTOS, DIGITAL MEDIA OR OTHER MATERIALS OR CONTENT OF ANY TYPE, TRADEMARKS, AND OTHER INFORMATION ARE PROVIDED “AS IS” AND NEARMAP AND ITS THIRD-PARTY PROVIDERS, AGENTS,

MANDATARIES, AND AFFILIATES HEREBY DISCLAIM, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE

LAW, ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, OF MERCHANTABILITY,

OR THAT THE PRODUCTS AND ANY AND ALL RELATED AND UNDERLYING TECHNOLOGY, CONTENT, AUDIO

OR VISUAL MATERIAL, IMAGES, GRAPHICS, PHOTOS, DIGITAL MEDIA OR OTHER MATERIALS OR CONTENT OF

ANY TYPE, TRADEMARKS, AND OTHER INFORMATION, OR ANY RESULTS OF OR THE USE THEREOF, WILL MEET CUSTOMER’S OR ANY OTHER PERSON’S REQUIREMENTS, OPERATE WITHOUT INTERRUPTION, BE

COMPATIBLE OR WORK WITH ANY PRODUCTS, SYSTEM OR OTHER SERVICES, OR BE SECURE, ACCURATE, CORRECT, RELIABLE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE. ADDITIONALLY, NEARMAP STRICTLY DISCLAIMS ALL WARRANTIES WITH RESPECT TO ANY THIRD-PARTY PRODUCTS. CUSTOMER IS SOLELY RESPONSIBLE FOR ITS AND ITS AUTHORIZED USERS’ INTERACTIONS AND SHARING OF INFORMATION WITH OTHER USERS.

7.3. Notwithstanding any other provision, the rights of a party under this Agreement are in addition to and do not exclude or limit any other rights or remedies under the Australian Consumer Law in the Competition and Consumer Act 2010 (Cth), to the extent the Customer contracts with Nearmap AU.

8. LIMITATION OF LIABILITY.

8.1. NEITHER PARTY SHALL BE LIABLE, UNDER ANY LEGAL OR EQUITABLE THEORY OF LAW, WITH RESPECT TO

ANY SUBJECT MATTER OF THE AGREEMENT FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR

PUNITIVE DAMAGES OF ANY KIND, INCLUDING LOST PROFITS, BUSINESS, CONTRACTS, REVENUE, GOODWILL,

PRODUCTION, AND ANTICIPATED SAVINGS OR DATA, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES IN ADVANCE.

8.2. EXCEPT WITH RESPECT TO (A) EITHER PARTY’S OBLIGATIONS UNDER SECTION 9 (INDEMNIFICATION) (WHICH SHALL BE LIMITED IN THE AGGREGATE TO TWO TIMES (2X) THE FEES PAID BY CUSTOMER TO NEARMAP UNDER THE APPLICABLE ORDER FORM DURING THE TWELVE (12) MONTH PERIOD PRIOR TO WHEN THE CLAIM AROSE); (B) EITHER PARTY’S OBLIGATIONS UNDER SECTION 10 (CONFIDENTIAL INFORMATION) (WHICH SHALL BE LIMITED IN THE AGGREGATE TO TWO TIMES (2X) THE FEES PAID BY CUSTOMER TO NEARMAP UNDER THE APPLICABLE ORDER FORM DURING THE TWELVE (12) MONTH PERIOD PRIOR TO WHEN THE CLAIM AROSE); (C) CUSTOMER’S PAYMENT OBLIGATIONS UNDER THE AGREEMENT; (D) CUSTOMER’S BREACH OF SECTION 2.5 (GENERAL RESTRICTIONS); OR (E) EITHER PARTY’S GROSS

NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD AS DETERMINED BY A COURT OF FINAL AND COMPETANT JURISDICTION: EACH PARTY’S AGGREGATE LIABILITY SHALL IN NO EVENT EXCEED THE FEES PAID BY CUSTOMER TO NEARMAP UNDER THE APPLICABLE ORDER FORM DURING THE TWELVE (12) MONTH PERIOD PRIOR TO WHEN THE CLAIM AROSE.

8.3. THE LIMITATIONS UNDER THIS SECTION 8 APPLY WITH RESPECT TO ALL LEGAL THEORIES, WHETHER IN CONTRACT, TORT OR OTHERWISE, AND TO THE EXTENT PERMITTED BY LAW. THE PROVISIONS OF THIS SECTION 8 ALLOCATE THE RISKS UNDER THE AGREEMENT BETWEEN THE PARTIES, AND THE PARTIES

HAVE RELIED ON THESE LIMITATIONS IN DETERMINING WHETHER TO ENTER INTO THE AGREEMENT AND THE PRICING FOR THE PRODUCTS.

9. INDEMNIFICATION.

9.1. Nearmap Indemnification. Nearmap shall defend Customer at Nearmap’s expense against any claims, costs, damages, losses, liabilities and expenses (including reasonable attorneys’ fees and costs) arising from the direct infringement of a U.S. and Australia registered intellectual property rights asserted against Customer by a third party based upon Customer’s use of the Products as delivered by Nearmap in accordance with the terms of the Agreement and Nearmap shall indemnify and hold Customer harmless against all reasonable costs (including attorneys’ fees) finally awarded against Customer by a court of competent jurisdiction, or agreed in a written settlement agreement signed by Nearmap, provided that Nearmap shall have received from Customer: (a) prompt written notice of such claim (but in any event notice in sufficient time for Nearmap to respond without prejudice); (b) the exclusive right to control and direct the investigation, defense, or settlement (if applicable) of such claim (as long as such settlement releases Customer from any and all liability); and (c) all reasonable necessary cooperation of Customer. If Customer’s use of any Products is, or in Nearmap’s opinion is likely to be, enjoined due to the type of infringement specified above, or if required by settlement, or Nearmap exercises its right to require Customer to limit or cease using Output under Section 4.1.2, Nearmap may, in its sole and reasonable discretion: (i) substitute substantially functionally similar products or services; (ii) procure for Customer the right to continue using the Products; or if (i) and (ii) are commercially impracticable, (iii) terminate the Agreement and refund to Customer any unused, prepaid Fees paid by Customer for the terminated period. The foregoing 10 indemnification obligation of Nearmap shall not apply to the extent that the alleged infringement arises from: (1) any modification of the Products by any other party other than Nearmap; (2) access to or use of any Products in combination with any hardware, system, software, network, or other products, materials, or services not provided by Nearmap; (3) use of the Products in breach of the Agreement; or (4) Customer Data. THIS SECTION 9.1 SETS FORTH NEARMAP’S SOLE LIABILITY AND CUSTOMER’S SOLE AND EXCLUSIVE REMEDY WITH RESPECT TO ANY CLAIM OF INTELLECTUAL PROPERTY INFRINGEMENT.

9.2. Customer Indemnification. Customer agrees to defend, indemnify and hold harmless Nearmap and its affiliates, licensors, and suppliers, and Nearmap’s and their respective employees, contractors, agents, officers, and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including reasonable attorneys’ fees and costs) arising from: (a) Customer’s and any Authorized User’s use of the Products; and (b) Customer’s violation of Section 2.5 (General Restrictions).

10. CONFIDENTIALITY.

10.1. Confidential Information. Each party, as a receiving party, agrees to retain in confidence the non-public information and know-how disclosed to it pursuant to the Agreement which is either designated in writing as proprietary and/or confidential, if disclosed in writing, or if disclosed orally, is designated in writing (which may be via email) as confidential within thirty (30) days of the oral disclosure or should reasonably be understood to be confidential by the recipient (the “Confidential Information”). Notwithstanding any failure to so designate them, the Products, the Documentation, the Usage Data, the De-identified Data, the Nearmap Data, the Feedback, and the commercial terms of the Agreement as set forth in any Order Form shall be Nearmap’s Confidential Information. Each party agrees to: (a) preserve and protect the confidentiality of the other party’s Confidential Information, using at least the same degree of care which it uses to prevent the disclosure of its own confidential information of like importance, but in no event less than reasonable care; (b) refrain from using the other party’s Confidential Information except as contemplated herein; and (c) not disclose such Confidential Information to any third party except to employees, officers, affiliates, controlling stockholders, agents, advisors, subcontractors, and other representatives as is reasonably required in connection with the exercise of its rights and obligations under the Agreement (and only subject to binding use and disclosure restrictions at least as protective as those set forth herein). Each party agrees to promptly notify the other party of any unauthorized disclosure or use of any Confidential Information and to assist the other party in remedying such unauthorized use or disclosure by taking such steps as are reasonably requested.

10.2. Exceptions. Notwithstanding the foregoing, Confidential Information shall not include information which is: (a) already publicly known without breach of the Agreement; (b) discovered, created or independently developed by the receiving party without use of, reliance upon, or reference to, the Confidential Information of the disclosing party, as shown in records of the receiving party; (c) otherwise known to the receiving party through no wrongful conduct of the receiving party, or (d) required to be disclosed by law or court order or by the listing rules of any stock exchange where the recipient's securities are listed or quoted; provided that the receiving party shall provide prompt notice thereof and commercially reasonable assistance to the disclosing party to enable the disclosing party to seek a protective order or otherwise prevent or restrict such disclosure. Moreover, either party hereto may disclose any Confidential Information hereunder to such party’s agents, attorneys and other representatives (and only subject to confidentiality obligations at least as protective as those set forth herein) or any court of competent jurisdiction as reasonably required to resolve any dispute between the parties hereto. Each party agrees and acknowledges that any breach or threatened breach of this Section 10 may cause irreparable injury to the disclosing party and that, in addition to any other remedies that may be available, in law, in equity or otherwise, the disclosing party shall be entitled to seek injunctive relief against the threatened breach of the Agreement or the continuation of any such breach by the receiving party, without the necessity of proving actual damages or posting any bond, in addition to any other rights or remedies provided by law.

11. SECURITY. Each party shall comply with all Applicable Laws. Nearmap shall use reasonable physical, technical, and administrative procedures, which procedures may include SOC 2 certification or the equivalent thereof depending on the Product, designed to protect, safeguard and help prevent loss, misuse, and unauthorized access, disclosure, alteration or destruction of Customer Data, and will choose these safeguards based on the sensitivity of the information that is collected, Processed, and stored and the current state of applicable technology. Upon Customer’s written request, Nearmap shall, not more than once per rolling twelve (12) months, respond to a reasonable security questionnaire provided by Customer regarding Nearmap’s compliance with the obligations set forth in this Section 11. All Nearmap’s responses and information provided in response to Customer’s security questionnaires are Confidential Information under this Agreement. In lieu of completing Customer’s security questionnaire, Nearmap may make available to Customer information regarding Nearmap’s compliance with the obligations set forth in this Section 11 in the form of a copy of the summary of Nearmap’s the then- current applicable security audit report.

12. PUBLICITY. Except as otherwise agreed in writing (email to suffice), neither party may use the other party’s name, logos, or marks without such party’s written pre-approval in each case.

13. DATA PROCESSING. Nearmap’s data security and privacy practices form an integral part of Nearmap's product engineering and service delivery principles. Customer understands and acknowledges that to the extent Nearmap Processes any Personal Data, Nearmap shall do so in accordance with its privacy notice, which is available at https://www.nearmap.com/us/en/legal/privacy-policy (if contracting with Nearmap US) or https://www.nearmap.com/au/en/legal/privacy-policy (if contracting with Nearmap AU) (“Privacy Policy”); provided, however, that to the extent Customer Data includes any information which is defined as “personal data,” “personal information,” “personal identifiable information,” or similarly defined data or information under Applicable Laws, Nearmap will Process such information as a data “processor” or “service provider” (each term, as applicable) and a list of Nearmap’s sub-processors will be made available upon Customer’s written request (email to suffice).

14. GENERAL TERMS

14.1. Assignment. The Agreement will bind and inure to the benefit of each party’s permitted successors and assigns. Neither party may assign the Agreement except upon the advance written consent of the other party, except that either party may assign the Agreement without such consent in connection with a merger, reorganization, acquisition, or other transfer of all or substantially all of such party’s assets or voting securities (other than, in the case of Customer, to an entity that is 11 reasonably deemed to be a direct competitor of Nearmap). Any attempt to transfer or assign the Agreement except as expressly authorized under this Section 14.1 will be null and void.

14.2. Force Majeure. Neither party shall be liable to the other for any delay or failure to perform any obligation under the Agreement if the delay or failure is due to unforeseen events which occur after the signing of the Agreement and which are beyond the reasonable control of such party, such as a strike, blockade, war, act of terrorism, riot, natural disaster, or failure or diminishment of power or telecommunications or data networks or services.

14.3. Subcontractors. Nearmap may use the services of subcontractors for performance of services under the Agreement, provided that Nearmap remains responsible for such subcontractors’ compliance with the terms of the Agreement.

14.4. Independent Contractors. The parties to the Agreement are independent contractors. There is no relationship of partnership, joint venture, employment, franchise, or agency created hereby between the parties. Neither party will have the power to bind the other or incur obligations on the other party’s behalf without the other party’s prior written consent.

14.5. Severability. If any provision of the Agreement shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited to the minimum extent necessary so that the Agreement shall otherwise remain in effect.

14.6. Governing Law and Venue; Waiver of Jury Trial.

14.6.1. If Customer contracts with Nearmap AU, then the Agreement and any disputes arising out of or related hereto shall be governed by and construed in accordance with the laws of the State of New South Wales, Australia, without giving effect to its conflicts of laws rules, the United Nations Convention on the International Sale of Goods, or the Uniform Computer Information Transactions Act. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court in New South Wales). The jurisdiction and venue for actions related to the subject matter hereof shall be the state and federal courts located in New South Wales, Australia and both parties hereby submit to the personal jurisdiction of such courts. Each party also hereby waives any right to jury trial in connection with any action or litigation in any way arising out of or related to the Agreement.

14.6.2. If Customer contracts with Nearmap US, then the Agreement and any disputes arising out of or related hereto shall be governed by and construed in accordance with the laws of the State of Utah, United States of America, without giving effect to its conflicts of laws rules, the United Nations Convention on the International Sale of Goods, or the Uniform Computer Information Transactions Act. The jurisdiction and venue for actions related to the subject matter hereof shall be the state and United States federal courts located in Salt Lake County, Utah except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court in Salt Lake County) and both parties hereby submit to the personal jurisdiction of such courts. Each party also hereby waives any right to jury trial in connection with any action or litigation in any way arising out of or related to the Agreement.

14.7. Notice. Notwithstanding anything to the contrary herein, any notice or communication required or permitted under the Agreement shall be in writing to the parties at the addresses set forth in the applicable Order Form or at such other address as may be given in writing by either party to the other in accordance with this Section. A notice shall be deemed to have been received by the addressee (a) if given by hand, immediately upon receipt; (b) if given by overnight courier service, immediately upon receipt; or (c) if given by registered or certified mail, postage prepaid and return receipt requested, the fourth day (excluding holidays) after such notice is deposited in the mail. In addition, any legal notices to Nearmap must be delivered to the following email address: [email protected] but, notwithstanding earlier receipt via email, legal notices will be deemed received when the physical notice is received as set forth in the preceding sentence.

14.8. Order of Precedence. In the event of any conflict between this Master Subscription Agreement, an Order Form, and the Product-Specific Term, the order of precedence shall be (a) Order Form; (b) this Master Subscription Agreement; and (c) the Product-Specific Terms (unless expressly stated otherwise in the Product-Specific Terms), in order of appearance.

14.9. Amendments; Waivers. All supplements, modifications, or amendments of the Agreement shall be executed in writing by a duly authorized representative of each party to the Agreement. No waiver will be implied from conduct or failure to enforce or exercise rights under the Agreement, nor will any waiver be effective unless in writing signed by a duly authorized representative on behalf of the party claimed to have waived. Purchase orders (and similar documents) issued by Customer are for administrative purposes only (e.g., setting forth products and services ordered and associated fees) and any additional or different terms or conditions contained in any such order shall not apply (even if the order is accepted, or performed on by Nearmap).

14.10. Interpretation. The words “hereof,” “herein,” and “hereunder” and words of similar import, when used in the Agreement, will refer to the Agreement as a whole and not to any particular provision of the Agreement. Terms defined in the singular will have correlative meanings when used in the plural, and vice versa. The headings herein are for convenience of reference only, do not constitute part of the Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in the Agreement is made to a section, exhibit, or schedule, such reference will be to a section, exhibit, or schedule to the Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in the Agreement, they will be deemed to be followed by the words “without limitation,” unless preceded by the word “not.” If a link herein redirects to a geographic-specific link, including but not limited to geographic- specific sites for Australia, New Zealand, and Canada, that geographic-specific link shall be given the same effect as if it were explicitly included in the Agreement in lieu of the link from which the redirect occurred that is set forth in the Agreement.

14.11. No Third-Party Rights. There are no third-party beneficiaries to the Agreement.

14.12. Export Compliance. Each party shall comply with all applicable export and re-export control and trade and economic sanctions laws, including the Export Administration Regulations maintained by the U.S. Department of Commerce, trade and economic sanctions maintained by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), and the International Traffic in Arms Regulations maintained by the U.S. State Department. Neither party, nor any of its 12 subsidiaries or any person acting on its behalf or owning fifty percent (50%) or more of its equity securities or other equivalent voting interests, is (a) a person on the List of Specially Designated Nationals and Blocked Persons or any other list of sanctioned persons administered by OFAC or any other governmental entity, or (b) a national or resident of, or a segment of the government of, any country or territory for which the United States of America has embargoed goods or imposed trade sanctions.

14.13. Compliance with Anti-corruption Laws. Each party shall comply with the U.S. Foreign Corrupt Practices Act and any Applicable Laws related to anti-corruption of other countries, to the extent applicable. Each party shall not, at any time, directly or indirectly (through a subcontractor or other third party), pay, offer, give, or promise to pay or give, or authorize the payment of, any monies or any other thing of value to influence the improper performance of any individual government officials and employees of state-owned enterprises.

14.14. Entire Agreement. The Agreement is the complete and exclusive statement of the mutual understanding of the parties and supersedes and cancels all previous written and oral agreements and communications, relating to the subject matter of the Agreement. Unless expressly agreed between the parties in writing in an Order Form, the terms, conditions, or provisions of any purchase order, invoice, or other administrative document issued by Customer in connection with the Agreement will not modify, alter, or expand the rights, duties, or obligations of the parties under, or will not otherwise modify, the Agreement, irrespective of the timing of its issuance or any failure of Nearmap to object to such terms, conditions, or provisions. 13 ADDENDUM TO MASTER SUBSCRIPTION AGREEMENT
(GOVERNMENT CUSTOMERS)

1. Section 1.1 (Affiliate) of the Agreement is deleted in its entirety and replaced with the following:
“ “Affiliate” means an entity that, directly or indirectly, controls, is controlled by, or is under common control with a party. As used herein, “control” means the power to direct the management or affairs of an entity or the beneficial ownership of fifty percent (50%) or more of the voting equity securities or other equivalent voting interests of an entity.”

2. Section 1.6 (Corporations Act) of the Agreement is deleted in its entirety and replaced with “Intentionally Omitted”.

3. Section 1.14 (Nearmap) of the Agreement is deleted in its entirety and replaced with the following:
“ “Nearmap” means Nearmap US, Inc. (“Nearmap US”), with offices located at 1850 Ashton Blvd, Ste 500, Lehi, UT 84043.”

4. Section 1.28 (Territory) of the Agreement is deleted in its entirety and replaced with the following:
“ “Territory” means the United States of America. Coverage by Nearmap within the Territory is outlined at https://www.nearmap.com/us/en/current-aerial-maps-coverage.”

5. Section 2.2 (Nearmap Attribution) of the Agreement is deleted in its entirety and replaced with the following:
“2.2 Nearmap Attribution. If Customer creates Output, Customer must expressly acknowledge Nearmap in a reasonably prominent manner on each Output (by displaying the Nearmap logo or such other attribution as reasonably requested by Nearmap), as the source of any data underlying the Output. Unless otherwise permitted in writing by Nearmap, Customer must not remove or cause to be removed any Nearmap logo, watermark, or other Nearmap attribution in any Output.

Customer must include all requisite legends indicating and preserving Nearmap’s rights in and to the Products. All Output must include the following copyright notice on the work: “Created with [TITLE OF PRODUCT]©[year] Nearmap US, Inc.”.

6. A new section 2.10 (Data Use for Government Customers) is inserted into the Agreement as follows:
“2.10 Government Products. Where the Customer purchases unlimited allowance Products, if set forth in the applicable Order Form, that are exclusively offered to government customers (“Government Products”), these Government Products will be subject to Nearmap’s Fair Use Policy, which is available at https://www.nearmap.com/legal/fair-use-policy. The following conditions will apply to the Customer's use of Government Products: (a) the amount of Nearmap Data used by Customer when accessing the Government Products will be monitored and then calculated at the end of every Subscription Term based on the total data of all Authorized Users who access and use Customer's Nearmap account during the Subscription Term; and (b) if the Customer elects to download and/or export Government Products available to Customer through the Platform, this will be applied to the calculation of the Licensee’s use of the Government Products.”

7. Section 5.1 (Fees and Payment) is deleted in its entirety and replaced with the following:
“5.1 Fees and Payment. All undisputed fees set forth in the Order Form (the “Fees”) shall be paid in accordance with the payment terms outlined in the Order Form. All Fees are due and payable in advance at the start of the applicable Subscription Term (and each renewal term), and except as set forth in an Order Form, all payments shall be made in the currency detailed in the invoice provided by Nearmap via ACH, credit card, or such other method as Nearmap communicates to Customer. Except as expressly set forth in Section 7.1, or 9.1(iii), all Fees are nonrefundable. Fees for the Products are based on units purchased during the Subscription Term and not actual usage. Customer acknowledges and agrees that the number of units purchased cannot be decreased during a Subscription Term and that the units purchased will not roll over to the next Renewal Subscription Term.

8. Section 5.2 (Excess Fees) of the Agreement is deleted in its entirety and replaced with the following:
“5.2 Excess Fees. With the exception of Government Products, Customer is responsible for paying all actual excess fees incurred by Nearmap based on: excess data, storage, processing, API calls, and access fees charged by Nearmap’s third- party cloud service providers as a result of Customer’s use in excess of the amount(s) permitted in the Agreement.”

9. Section 5.4 (Taxes) of the Agreement is deleted in its entirety and replaced with the following:
“5.4 Taxes. Customer will be responsible for the payment of any and all local, state, federal, levies, and duties of any nature, including value-added, sales, use, and withholding taxes. Customer is responsible for paying all taxes, excluding only taxes based on Nearmap's net income. If Nearmap has the legal obligation to pay or withhold taxes for which Customer is responsible under this Section 5.4, the appropriate amount shall be invoiced to and paid by Customer unless Customer is exempt from paying such taxes or subject to a reduced state of withholding tax and the Customer provides Nearmap with proof of a valid tax exemption certificate authorized by the appropriate taxing authority.”

10. Section 5.5 (Audit) of the Agreement is deleted in its entirety and replaced with “Intentionally Omitted”.

11. Section 6.2 (Termination) of the Agreement is deleted in its entirety and replaced with the following:
“6.2 Termination. Either party may terminate the Agreement if the other party (a) fails to cure any material breach of the Agreement (including a failure to pay Fees) within thirty (30) days after written notice (such notice must contain sufficient detail as to the nature of the breach and state the intent to terminate and email notice is valid only in the case of termination 14 for non-payment of Fees); (b) ceases operation without a successor; (c) seeks protection under any bankruptcy, receivership, trust deed, creditors’ arrangement, composition, or comparable proceeding, or if any such proceeding is instituted against that party (and not dismissed within sixty (60) days thereafter); or (d) if applicable, a party suspends payment of its debts generally, or is or becomes unable to pay its debts when they are due.

6.2.1. Non Appropriation of Funding. Nearmap acknowledges that the terms of the Agreement are contingent upon appropriation of Federal, State, or other sources of funding being provided to Customer, and that funding is on a fiscal year basis and subject to annual appropriations. Should Customer not receive funding during the Subscription Term, Customer shall be permitted to terminate the remaining Subscription Term of the Agreement at the end of the current appropriation period without further obligation or penalty, upon no less than thirty (30) days written notice before the end of the current appropriation period. Customer agrees to submit certified evidence to Nearmap of such non-appropriation of funding. Such termination will not affect Customer’s obligation with Fees during the current fiscal year for which funding is received and any termination of the Agreement will not entitle Customer to a refund of any prepaid Fees. Customer agrees that it will use best efforts to obtain sufficient funds, including but not limited to, requesting in its budget for each fiscal period during the Subscription Term sufficient funds to meet its obligations under the Agreement.”

12. Section 7.3 (Limited Warranty, Disclaimer) is deleted in its entirety and replaced with “Intentionally Omitted”.

13. Section 9.2 (Customer Indemnification) of the Agreement is deleted in its entirety and replaced with “Intentionally Omitted”.

14. Section 13 (Data Processing) of the Agreement is deleted in its entirety and replaced with the following:
“13. DATA PROCESSING. Nearmap’s data security and privacy practices form an integral part of Nearmap's product engineering and service delivery principles. Customer understands and acknowledges that to the extent Nearmap Processes any Personal Data, Nearmap shall do so in accordance with its privacy notice, which is available at https://www.nearmap.com/us/en/legal/privacy-policy (“Privacy Policy”); provided, however, that to the extent Customer Data includes any information which is defined as “personal data,” “personal information,” “personal identifiable information,” or similarly defined data or information under Applicable Laws, Nearmap will Process such information as a data “processor” or “service provider” (each term, as applicable) and a list of Nearmap’s sub-processors will be made available upon Customer’s written request (email to suffice).”

15. Section 14.6 (Governing Law and Venue; Waiver of Jury Trial) is deleted in its entirety and replaced with the following:
“14.6 Governing Law and Venue; Waiver of Jury Trial. The Agreement and any disputes arising out of or related hereto shall be governed by and construed in accordance with the laws of the State of Utah, United States of America, without giving effect to its conflicts of laws rules, the United Nations Convention on the International Sale of Goods, or the Uniform Computer Information Transactions Act. The jurisdiction and venue for actions related to the subject matter hereof shall be the state and United States federal courts located in Salt Lake County, Utah except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court in Salt Lake County) and both parties hereby submit to the personal jurisdiction of such courts. Each party also hereby waives any right to jury trial in connection with any action or litigation in any way arising out of or related to the Agreement.”

16. Section 14.8 (Order of Precedence) is amended to insert the following language at the end of the section:
“If Customer purchases the Products through a reseller, the terms and conditions under this Agreement will apply. This Agreement between Nearmap and Customer supersedes all terms and conditions attached to Customer’s and/or reseller’s purchase order.”
15 FAIR USE POLICY
General

1. It is important to Nearmap that all customers are able to access the Products and Services. Accordingly, we have devised a Fair Use Policy that applies to the data usage of the Products and Services.

2. In this Fair Use Policy:
a. Excessive Use has the meaning given to that term in section 7 of this Fair Use Policy; b. Fair Use Policy means this policy;
c. Nearmap, we, us or our means Nearmap US, Inc.;
d. Products has the meaning given to that term in Your Nearmap Agreement; e. Services has the meaning given to that term in Your Nearmap Agreement; f. You or Your means any customer of Nearmap;
g. Your Nearmap Agreement means the agreement pursuant to which Nearmap provides You with various products and services; and h. Unreasonable Use has the meaning given to that term in section 5 of this Fair Use Policy.

3. We reserve the right to vary the terms of this Fair Use Policy from time to time.

4. This Fair Use Policy is in addition to Your Nearmap Agreement and in the event of any inconsistency between the terms of this Fair Use Policy and the terms and conditions of Your Nearmap Agreement, Your Nearmap Agreement prevails.

Unreasonable Use

5. We consider Your use of the Products and Services unreasonable where You use it in a manner which is reasonably considered by Nearmap to be fraudulent use, to be contrary to Your Nearmap Agreement or to adversely affect other Nearmap customers’ use of or access to the Products and Services.

6. Among other things, “fraudulent use” includes resupply of the Products and Services without Nearmap’s consent so that someone else may access or use the Products and Services or take advantage of the Products and Services.

Excessive Use

7. Excessive Use is a continuing and unreasonably disproportionate use of the Products and Services when compared to other average individual named users.

Nearmap’s Rights

8. Where Your use of the Products and Services constitutes Unreasonable Use and/or Excessive Use, Nearmap may contact You to discuss changing Your usage pattern so that it conforms with this Fair Use Policy, or to upgrade to a more suitable Product or Service (if applicable).

9. If, after Nearmap has contacted You, Your Unreasonable Use and/or Excessive Use continues, Nearmap may, without further notice to You:
a. restrict Your access to low resolution imagery for the remainder of the month; and/or b. restrict Your access to low resolution imagery for the remainder of the month until Your data allowance is reset at the beginning of the next month (if applicable); and/or
c. restrict Your access for the remainder of the month; and/or d. restrict Your access to Nearmap until Your data allowance is reset at the beginning of the next month (if applicable); and/or e. immediately cease Your access to Nearmap; and/or
f. exercise any other right available to Nearmap under the terms of Your Nearmap Agreement. 1 PRODUCT ALLOWANCE COVERAGE SEATS
Nearmap Vertical Offline Copy - Subscription NA Nationwide NA Nearmap Oblique for ArcGIS NA Nationwide NA
Nearmap Oblique for Government NA Nationwide Unlimited
3D Export Pro 5 sq.mile/Year Nationwide NA
Total USD $55,650.00

NEW SUBSCRIPTION QUOTE
Nearmap US, Inc.
1850 W Ashton Blvd, Suite 500
Lehi, UT 84043, USA
Phone: +1 (801) 609 7250
Customer Name City of Lake Elsinore, CA Quote Number Q105510 Contract Commencement Contract commences upon
signing of quote.

Quote Expiry 08/01/2025
Subscription Term 36 Month Account Rep Chandler Wilkins [email protected]
Subscription Start Date 07/10/2025 Payment Term Net 30
Payment Method Invoice
Bill To City of Lake Elsinore, CA
City of Lake Elsinore, CA
130 South Main Street,
Lake Elsinore, California, 92530
(951) 674-3124
[email protected]
Ship To City of Lake Elsinore, CA
City of Lake Elsinore, CA
130 South Main Street,
Lake Elsinore, California, 92530
(951) 674-3124
[email protected]

2 ACCEPTANCE OF Q105510 will constitute an Agreement with Nearmap By selecting “Yes” or signing below, you acknowledge that (a) you have read, understood and agree to the Master Subscription Agreement attached to this Quote,(b) the Product-Specific Terms which can be found at https://www.nearmap.com/us/en/legal/product-agreements, (c) you have the authority to agree to this New Subscription Quote and (d) you agree to pay the fees set forth herein plus any applicable tax(es) as set forth in the resultant invoice(s). This New Subscription Quote constitutes a binding commitment for the Contract Term stated above. You acknowledge that the Coverage Area by Nearmap is outlined at https://www.nearmap.com/us/en/current-aerial-maps-coverage.

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If printed, please sign, scan and email to: [email protected] 3 Schedule 1
Additional Terms and Conditions
21) Amendment No. 1 to the Contractor Services Agreements for On- call Geotechnical Testing Services

Approve and authorize the City Manager to execute Amendment No. 1 with LOR Geotechnical Group, Inc. in an amount not to exceed $20,000 and Amendment No. 1 with ALTA California Geotechnical, Inc. in an amount not to exceed $20,000 for on- call geotechnical testing services in such final form as approved by the City Attorney.

REPORT TO CITY COUNCIL

To: Honorable Mayor and Members of the City Council

From: Jason Simpson, City Manager

Prepared by: Yu Tagai, City Engineer

Date: August 26, 2025

Subject: Amendment No. 1 to the Contractor Services Agreement s for On -call Geotechnical Testing Services

Recommendation

Approve and authorize the City Manager to execute Amendment No. 1 with LOR Geotechnical Group, Inc. in an amount not to exceed $20,000 and Amendment No. 1 with ALTA California Geotechnical, Inc. in an amount not to exceed $ 20,000 for on-call geotechnical testing services in such final form as approved by the City Attorney.

Background

The Engineering Department , as part of construction activities related to CIP Projects such as pavement rehabilitation, sidewalk improvements, and other projects , requires specific expertise related to geotechnical and material testing. Because the need for these services is dependent on the activity level of the CIP projects, the City uses contract engineering firms that have the flexibility to provide staff to accommodate the fluctuation in workload.

Discussion

The Engineering Department CIP related activities have had an increase in scope of work and additional construction-related activities. Due to this increase each contract requires an increase in compensation. The distribution of total funds is based on prior year’s activity and anticipated projects that will require geotechnical testing services.

Amendment No. 1 will increase each consultant’s compensation to add an additional $20,000.

Amendment No. 1 On-Call Geotechnical Services

Fiscal Impact

Agreements will be funded through the City’s adopted CIP Program.

Attachments

Attachment 1- Amendment No. 1 LOR Geotechnical Group Inc.

Attachment 2 – Original Agreement with LOR Geotechnical Group Inc.

Attachment 3 - Amendment No. 1 ALTA California Geotechnical Inc.

Attachment 4 – Original Agreement with ALTA California Geotechnical Inc.

Engineering

AMENDMENT NO. 1

TO AGREEMENT FOR CONTRACTOR SERVICES

LOR Geotechnical Group, Inc.

On-Call Geotechnical Services

This Amendment No. 1 to Agreement for Contractor Services is made and entered into as of 8/26/2025, by and between the City of Lake Elsinore, a municipal corporation (“City), and LOR Geotechnical Group, Inc., a Corporation (“Consultant”).

RECITALS

A. The City and Consultant have entered into that certain Agreement for Contractor Services dated as of 2/14/2023, (the “Original Agreement”). Except as otherwise defined herein, all capitalized terms used herein shall have the meanings set forth for such terms in the Original Agreement.

B. The Original Agreement provided for compensation in an amount of Sixty Thousand dollars ($60,000.00).

C. The parties now desire to increase the payment for such services as set forth in this Amendment No 1.

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, City and Consultant agree as follows:

1. Section 3, Compensation, of the Original Agreement is hereby amended to add the following:

Notwithstanding the foregoing, for purposes of Amendment No. 1 and the term thereof, compensation to be paid to Consultant shall be in accordance with the Schedule of Charges set forth in Consultant’s Original Agreement.

In no event shall Consultant’s compensation related to Amendment No. 1 exceed Twenty Thousand dollars ($20,000) without additional written authorization from City Council. Total compensation shall not exceed Eighty Thousand dollars ($80,000) annually during each fiscal year for the term of the Agreement.

Notwithstanding any provision of Consultant’s Proposal to the contrary, out of pocket expenses shall be reimbursed at cost without inflator or administrative charge. Payment by the City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

2. Except for the changes specifically set forth herein, all other terms and conditions of the Original Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be executed on the respective dates set forth below.

“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation
“CONSULTANT”
LOR Geotechnical Group, Inc. a Corporation

City Manager
Date:

John P. Leuer, President

Date: __
ATTEST:

City Clerk
APPROVED AS TO FORM:

City Attorney

Assistant City Manager

AGREEMENT FOR CONTRACTOR SERVICES
LOR Geotechnical Group, Inc.

ON-CALL GEOTECHNICAL SERVICES

This Agreement for Contractor Services (On- Call) (the “Agreement”) is made and entered into as of February 14, 2023 by and between the City of Lake Elsinore , a municipal corporation ( the “City”) and LOR Geotechnical Group, Inc. , a Corporation (the “Contractor”).

RECITALS

A. The City has determined that it requires the following services:

Engineering On-call Geotechnical Testing Services

B. The City has prepared a request for a proposals and Contractor has submitted to City a proposal, dated December 15, 2022, both of which are attached hereto as Exhibit A (collectively, the "Contractor's Proposal") and incorporated herein, to provide services and related work to the City pursuant to the terms of this Agreement.

C. Contractor possesses the skill , experience, ability , background, certification and knowledge to perform the services and related work described in this Agreement on the terms and conditions Agreement.

AGREEMENT

1. Scope of Services. Contractor shall perform the services and related work described in Contractor's Proposal (Exhibit A) . Contractor shall provide such services and related work at the time, place, and in the manner specified in Contractor's Proposal (Exhibit A) , subject to the direction of the City through its staff that it may provide from time to time . Contractor acknowledges that the Scope of Services provides for 24 hour-a-day, 7 day-a-week, on-call and minor construction support on an as needed basis.

2. Time of Performance.

a. Time of Essence . Time is of the essence in the performance of this Agreement. The time for completion of the services and related work to be performed by Contractor is an essential condition of this Agreement. Contractor shall prosecute regul arly and diligently the services and related work contemplated pursuant to this Agreement consistent with Contractor 's Proposal (Exhibit A) and shall provide, furnish and pay all labor, materials, necessary tools , expendable equipment, and all taxes, utility and transportation services required to perform such the services and related work.

b. Performance Schedule. Contractor shall commence the services and related work pursuant to this Agreement upon receipt of a written notice to proceed and shall perform all services and related work within the time period(s) established in the Contractor's Proposal (Exhibit A). When requested by Contractor , extensions to the time period(s) specified may be approved in writing by the City Manager .

DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

c. Term and Compliance with Task/Work Order System. Unless earlier terminated as provided elsewhere in this Agreement, this Agreement shall continue in full force and effect for a period commencing on February 14, 2023 and ending June 30, 2024 . The City may, at its sole discretion, extend the term of this Agreement on a 12-month basis not to exceed 2 additional twelve (12) month renewal terms by giving written notice thereof to Contractor not less than thirty (30) days before the end of the contract term, such notice to be exercised by the City Manager.

Contractor hereby agrees and acknowledges that any and all work or services performed pursuant to this Agreement shall be based upon the issuance of a Task/Work Order by the City. Contractor acknowledges that it is not guaranteed any minimum or specific amount of work or services as all work or services shall be authorized through a Task/Work Order issued by the City.

3. Compensation. Compensation to be paid to Contractor shall be in accordance with the fees set forth in Contractor's Proposal (Exhibit A) , which is attached hereto and incorporated herein by reference . In no event shall Contractor's annual compensation exceed Sixty Thousand dollars ($60,000) without additional written authorization from the City . Notwithstanding any provision of Contractor's Proposal to the contrary, out of pocket expenses set forth in Exhibit A shall be reimbursed at cost without an inflator or administrative charge. Payment by City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

4. Method of Payment. Contractor shall promptly submit billings to the City describing the services and related work performed during the preceding month to the extent that such services and related work were performed. Contractor's bills shall be segregated by project task, if applicable, such that the City receives a separate accounting for work done on each individual task for which Contractor provides services. Contractor's bills shall include a brief description of t he services performed, the date the services were performed, the number of hours spent and by whom, and a description of any reimbursable expenditures. City shall pay Contractor no later than forty -five (45) days after receipt of the monthly invoice by City staff.

5. Background Checks . At any time during the term of this Agreement, the City reserves the right to make an independent investigation into the background of Contractor’s personnel who perform work required by this Agreement, including but not limited to their references, character, address history, past employment, education, social security number validation, and criminal or police records, for the purpose of confirming that such personnel are lawfully employed, qualified to provide the subject service or pose a risk to the safety of persons or property in and around the vicinity of where the services will be rendered or City Hall. If the City makes a reasonable determination that any of Contractor’s prospective or then current personnel is deemed objectionable, then the City may notify Contractor of the same.

Contractor shall not use that personnel to perform work required by this Agreement , and if necessary, shall replace him or her with a suitable worker.

6. Suspension or Termination.

a. The City may at any time, for any reason, with or without cause, suspend or terminate this Agreement, or any portion hereof , by serving upon the Contractor at least ten (10) days prior written notice. Upon receipt of such notice, the Contractor shall immediately cease all work under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement, such suspension or termination shall not make void or invalidate the remainder of this Agreement.

b. In the event this Agreement is terminated pursuant to this Section, the City shall pay to Contractor the actual value of the work performed up to the time of termination, provided that the work performed is of value to the City. Upon termination of the Agreement pursuant to this DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

Section, the Contractor will submit an invoice to the City, pursuant to Section entitled "Method of Payment" herein.

7. Plans, Reports, Documents

a. Ownership of Documents . All plans, studies, documents and other writings prepared by and for Contractor, its officers, employees and agents and subcontractors in the course of implementing this Agreement, except working notepad internal documents, shall become the property of the City upon payment to Contractor for such work , and the City shall have the sole right to use such materials in its discretion without further compensation to Contractor or to any other party. Contractor shall, at Contractor's expense, provide such reports, plans, studies, documents and other writings to City upon written request. City shall have sole determination of the public’s rights to documents under the Public Records Act, and any third -party requests of Contractor shall be immediately referred to City, without any other actions by Contractor.

b. Licensing of Intellectual Property. This Agreement creates a nonexclusive and perpetual license for City to copy, use, modify, reuse, or sublicense any and all copyrights , designs, and other intellectual property embodied in plans, specifications, studies, drawings, estimates, and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Contractor under this Agreement ("Documents & Data"). Contractor shall require that all subcontractors agree in writing that City is granted a nonexclusive and perpetual license for any Documents & Data the subcontractor prepares under this A greement. Contractor represents and warrants that Contractor has the legal right to license any and all Documents & Data. Contractor makes no such representation and warranty in regard to Documents & Data, which were prepared by design professionals other than Contractor or provided, to Contractor by the City. City shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at City's sole risk.

c. Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents & Data either created by or provided to Contractor in connection with the performance of this Agreement shall be held confidential by Contractor. Contractor shall not, without the prior written consent of City, use such materials for any purposes other than the performance of the services under this Agreement. Nor shall such materials be disclosed to any person or entity not connected with the performance of the services under this Agreement. Nothing furnished to Contractor, which is otherwise known to Contractor or is generally known, or has become known, to the related industry shall be deemed confidential. Contractor shall not use City 's name or insignia, photographs relating to project for which Contractor's services are rendered, or any publicity pertaining to the Contractor's services under this Agreement in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of City.

8. Contractor's Books and Records.

a. Contractor shall maintain any and all ledgers, books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or relating to charges for services, or expenditures and disbursements charged to City for a minimum period of three (3) years, or for any longer period required by law , from the date of final payment to Contractor to this Agreement.

b. Contractor shall maintain all documents and records which demonstrate performance under this Agreement for a minimum period of three (3) years, or for any longer period DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

required by law, from the date of termination or completion of this Agreement.

c. Any rec ords or documents required to be maintained pursuant to this Agreement shall be made available for inspection or audit, at any time during regular business hours, upon written request by the City Manager, City Attorney, City Auditor or a designated representative of these officers. Copies of such documents shall be provided to the City for inspection at City Hall when it is practical to do so. Otherwise, unless an alternative is mutually agreed upon, the records shall be available at Contractor's address indicated for receipt of notices in this Agreement.

d. Where City has reason to believe that such records or documents may be lost or discarded due to dissolution, disbandment or termination of Contractor's business, City may, by written request by any of the above- named officers, require that custody of the records be given to the City and that the records and documents be maintained in City Hall. Access to such records and documents shall be granted to any party authorized by Contractor, Contractor's representatives, or Contractor's successor-in-interest.

9. Independent Contractor.

a. Contractor is and shall at all times remain as to the City a wholly independent contractor pursuant to California Labor Code Section 3353. The personnel performing the services under this Agreement on behalf of Contractor shall at all times be under Contractor’s exclusive direction and contr ol. Neither City nor any of its officers, employees, or agents shall have control over the conduct of Contractor or any of Contractor’s officers, employees, or agents, except as set forth in this Agreement. Contractor shall not at any time or in any manner represent that it or any of its officers, employees, or agents are in any manner officers, employees, or agents of the City.

Contractor shall not incur or have the power to incur any debt, obligation, or liability whatsoever against City, or bind City in any manner .

b. Notwithstanding any other federal, state and local laws, codes, ordinances and regulations to the contrary, Contractor and any of its employees, agents, and subcontractors providing service under this Agreement shall not qualify for or become entitled to, and hereby agree to waive any claims to, any compensation, benefit, or any incident of employment by City, including but not limited to eligibility to enroll in PERS as an employee of City and entitlement to any contribution to be paid by City for employer contribution and/or employee contributions for PERS benefits.

10. PERS Eligibility Indemnification. In the event that Contractor or any employee, agent, or subcontractor of Contractor providing services under this Agreement claims or is determined by a court of competent jurisdiction or the California Public Employees Retirement System (PERS) to be eligible for enrollment in PERS as an employee of the City, Contractor shall indemnify, defend, and hold harmless City for the payment of any employee and/or employer contributions for PERS benefits on behalf of Contractor or its employees, agents, or subcontractors, as well as for the payment of any penalties and interest on such contributions, which would otherwise be the responsibility of City.

11. Interests of Contractor. Contractor (including principals, associates and management employees) covenants and represents that it does not now have any investment or interest in real property and shall not acquire any interest, direct or indirect, in the area covered by this Agreement or any other source of income, interest in real property or investment which would be affected in any manner or degree by the performance of Contractor's services hereunder. Contractor further covenants and represents that in the performance of its duties hereunder no person having any such interest shall perform any services under this Agreement.

DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

Contractor is not a designated employee within the meaning of the Political Ref orm Act because Contractor:

a. will conduct research and arrive at conclusions with respect to his/her rendition of information, advice, recommendation or counsel independent of the control and direction of the City or of any City official, other than normal agreement monitoring ; and

b. possesses no authority with respect to any City decision beyond rendition of information, advice, recommendation or counsel. (FPPC Reg. 18700(a) (2).)

12. Ability of Contractor . City has relied upon the training and ability of Contractor to perform the services hereunder as a material inducement to enter into this Agreement. Contractor shall therefore provide properly skilled personnel to perform all services under this Agreement. All work performed by Contractor under this Agreement shall be in accordance with applicable legal requirements and shall meet the standard of quality ordinarily to be expected of competent contractors in Contractor 's field of expertise.

13. Compliance with Laws .

a. Contractor shall comply with all local, state and federal laws and regulations applicable to the services required hereunder, including any rule, regulation or bylaw governing the conduct or performance of Contractor and/or its employees, officers, or board members.

b. Contractor represents that it has obtained and will maintain at all times during the term of this Agreement all professional and/or business licenses, certifications and/or permits necessary for performing the services described in this Agreement, including a City business license.

14. Licenses. Contractor represents and warrants to City that it has the licenses, permits, qualifications, insurance and approvals of whatsoever nature, which are legally required of Contractor to practice its profession. Contractor represents and warrants to City that Contractor shall , at its sole cost and expense, keep in effect or obtain at all times during the term of this Agreement, any licenses, permits, insurance and approvals which are legally required of Contractor to practice its profession.

Contractor shall maintain a City of Lake Elsinore business license.

15. Indemnity. Contractor shall indemnify, defend, and hold harmless the City and its officials, officers, employees, agents, and volunteers from and against any and all losses, liability, claims, suits, actions, damages, and causes of action arising out of any personal injury, bodily injury, loss of life, or damage to property, or any violation of any federal, state, or municipal law or ordinance, to the extent caused, in whole or in part, by the willful misconduct or negligent acts or omissions of Contractor or its employees, subcontractors, or agents, by acts for which they could be held strictly liable, or by the quality or character of their work . The foregoing obligation of Contractor shall not apply when (1) the injury, loss of life, damage to property, or violation of law arises from the sole negligence or willful misconduct of the City or its officers, employees, agents, or volunteers and (2) the actions of Contractor or its employees, subcontractor, or agents have contributed in no part to the injury, loss of life, damage to property, or violation of law. It is understood that the duty of Contractor to indemnify and hold harmless includes the duty to defend as set forth in Section 2778 of the California Civil Code. Acceptance by City of insurance certificates and endorsements required under this Agreement does not relieve Contractor from liability under this indemnification and hold harmless clause. This indemnification and hold harmless clause shall apply to any damages or claims for damages whether or not such insurance policies shall have been determined to apply . By execution of this Agreement , Contractor acknowledges and agrees to the provisions of this Section and that it is a material element of consideration.

DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

16. Insurance Requirements .

a. Insurance. Contractor, at Contractor's own cost and expense, shall procure and maintain, for the duration of the contract, unless modified by the City's Risk Manager, the following insurance policies.

i. Workers' Compensation Coverage. Contractor shall maintain Workers' Compensation Insurance and Employer's Liability Insurance for his/her employees in accordance with the laws of the State of California. In addition, Contractor shall require each subcontractor to similarly maintain Workers' Compensation Insurance and Employer's Liability Insurance in accordance with the laws of the State of California for all of the subcontractor's employees. Any notice of cancellation or non- renewal of all Workers' Compensation policies must be received by the City at least thirty (30) days prior to such change. The insurer shall agree to waive all rights of subrogation against City, its officers, agents, employees and volunteers for losses arising from work performed by Contractor for City . In the event that Contractor is exempt from Worker's Compensation Insurance and Employer's Liability Insurance for his/her employees in accordance with the laws of the State of California, Contractor shall submit to the City a Certificate of Exemption from Workers Compensation Insurance in a form approved by the City Attorney.

ii. General Liability Coverage. Contractor shall maintain commercial general liability insurance in an amount not less than one million dollars ($1,000 ,000) per occurrence for bodily injury , personal injury and property damage . If a commercial general liability insurance form or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to the work to be performed under this Agreement or the general aggregate limit shall be at least twice the required occurrence limit. Required commercial general liability coverage shall be at least as broad as Insurance Services Office Commercial General Liability occurrence form CG 0001 (ed. 11/88) or Insurance Services Office form number GL 0002 (ed. 1/73) covering comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability. No endorsement may be attached limiting the coverage.

iii. Automobile Liability Coverage. Contractor shall maintain automobile liability insurance covering bodily injury and property damage for all activities of the Contractor arising out of or in connection with the work to be performed under this Agreement, including coverage for owned, hired and non-owned vehicles, in an amount of not less than one million dollars ($1,000,000) combined single limit for each occurrence. Automobile liability coverage must be at least as broad as Insurance Services Office Automobile Liability form CA 0001 (ed. 12/90) Code 1 ("any auto"). No endorsement may be attached limiting the coverage.

b. Endorsements. Each general liability and automobile liability insurance policy shall be with insurers possessing a Best's rating of no less than A:VII and shall be endorsed with the following specific language :

i. Notwithstanding any inconsistent statement in any required insurance policies or any subsequent endorsements attached thereto, the protection offered by all policies, except for Workers’ Compensation, shall bear an endorsement whereby it is provided that, the City and its officers, employees, servants, volunteers and agents and independent contractors, including without limitation, the City Manager and City Attorney, are named as additional insureds. Additional insureds shall be entitled to the full benefit of all insurance policies in the same manner and to the same extent as any other insureds and there shall be no limitation to the benefits conferred upon them other than policy limits to coverages.

ii. This policy shall be considered primary insurance as respects the City , DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

its elected or appointed officers, officials, employees, agents and volunteers . Any insurance maintained by the City , including any self -insured retention the City may have, shall be considered excess insurance only and shall not contribute with it.

iii. This insurance shall act for each insured and additional insured as though a separate policy had been written for each, except with respect to the limits of liability of the insuring company.

iv. The insurer waives all rights of subrogation against the City, its elected or appointed officers , officials, employees or agents.

v. Any failure to comply with reporting provisions of the policies shall not affect coverage provided to the City, its elected or appointed officers, officials, employees, agents or volunteers.

vi. The insurance provided by this Policy shall not be suspended, voided, canceled, or reduced in coverage or in limits except after thirty (30) days written notice has been received by the City.

c. Deductibles and Self -Insured Retentions . Any deductibles or self -insured retentions must be declared to and approved by the City . At the City's option, Contractor shall demonstrate financial capability for payment of such deductibles or self -insured retentions.

d. Certificates of Insurance. Contractor shall provide certificates of insurance with original endorsements to City as evidence of the insurance coverage required herein. Certificates of such insurance shall be filed with the City on or before commencement of performance of this Agreement. Current certification of insurance shall be kept on file with the City at all times during the term of this Agreement.

17. Notices. Any notice required to be given under this Agreement shall be in writing and either served personally or sent prepaid, first class mail. Any such notice shall be addressed to the other party at the address set forth below. Notice shall be deemed communic ated within 48 hours from the time of mailing if mailed as provided in this section.

If to City: City of Lake Elsinore
Attn: City Manager
130 South Main Street
Lake Elsinore, CA 92530
With a copy to: City of Lake Elsinore
Attn: City Clerk
130 South Main Street
Lake Elsinore, CA 92530

If to Contractor: LOR Geotechnical Group, Inc.

Attn: John P. Leuer
6121 Quail Valley Court
Riverside, CA 92507

DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

18. Assignment and Subcontracting . The parties recognize that a substantial inducement to City for entering into this Agreement is the reputation, experience and competence of Contractor.

Contractor shall be fully responsible to City for all acts or omissions of any subcontractors .

Assignments of any or all rights, duties or obligations of the Contractor under this Agreement will be permitted only with the express consent of the City. Contractor shall not subcontract any portion of the work to be performed under this Agreement without the written authorization of the City . If City consents to such subcontract, Contractor shall be fully responsible to City for all acts or omissions of those subcontractors. Nothing in this Agreement shall create any contractual relationship between City and any subcontractor nor shall it create any ob ligation on the part of the City to pay or to see to the payment of any monies due to any such subcontractor other than as otherwise is required by law.

19. Waiver. Waiver of a breach or default under this Agreement shall not constitute a continuing waiver of a subsequent breach of the same or any other provision under this Agreement.

20. Litigation Expenses and Attorneys' Fees . If either party to this Agreement commences any legal action against the other party arising out of this Agreement, the prevailing party shall be entitled to recover its reasonable litigation expenses, including court costs, expert witness fees, discovery expenses, and attorneys' fees.

21. Mediation. The parties agree to make a good faith attempt to resolve any disputes arising out of this Agreement through mediation prior to commencing litigation. The parties shall mutually agree upon the mediator and share the costs of mediation equally. If the parties are unable to agree upon a mediator, the dispute shall be submitted to JAMS or its successor in interest. JAMS shall provide the parties with the names of five qualified mediators. Each party shall have the option to strike two of the five mediators selected by JAMS and thereafter the mediator remaining shall hear the dispute. If the dispute remains unresolved after mediation, either party may commence litigation.

22. Prohibited Interests. Contractor maintains and warrants that it has not employed nor retained any company or person, other than a bona fide em ployee working solely for Contractor, to solicit or secure this Agreement. Further, Contractor warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Contractor, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, City shall have the right to rescind this Agreement without liability. For the term of this Agreement, no member, officer or employee of City, during the term of his or her service with City, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom.

23. Equal Opportunity Employment. Contractor represents that it is an equal opportunity employer and it shall not discriminate against any subcontractor, employee or applicant for employment because of race, religion, color, national origin, handicap, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination.

24. Prevailing Wages. Contractor is aware of the requirements of California Labor Code Section 1720, et seq., and 1770, et seq., as well as California Code of Regulations, Title 8, Section 16000, et seq., ("Prevailing Wage Laws"), which require the payment of prevailing wage rates and the performance of other requirements on "public works" and "maintenance" projects . Contractor agrees to fully comply with all applicable federal and state labor laws (includi ng, without limitation, if applicable, the Prevailing Wage Laws). It is agreed by the parties that, in connection with the work or services provided pursuant to this Agreement, Contractor shall bear all risks of payment or non - payment of prevailing wages under California law, and Contractor hereby agrees to defend, DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

indemnify, and hold the City, and its officials, officers, employees, agents, and volunteers, free and harmless from any claim or liability arising out of any failure or alleged failure to comply with the Prevailing Wage Laws. The foregoing indemnity shall survive termination of this Agreement.

25. Severability. If any term or portion of this Agreement is held to be invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall continue in full force and effect.

26. Controlling Law Venue. This Agreement and all matters relating to it shall be governed by the laws of the State of California and any action brought relating to this Agreement shall be held exclusively in a state court in the County of Riverside.

27. Authority to Enter Agreement. Contractor has all requisite power and authority to conduct its business and to execute, deliver, and perform the Agreement. Each party warrants that the individuals who have signed this Agreement have the legal power, right, and authority to make this Agreement and to bind each respective party. The City Manager is authorized to enter into an amendment or otherwise take action on behalf of the City to make the following modifications to the Agreement: (a) a name change; (b) grant extensions of time; (c) non-monetary changes in the scope of services; and/or (d) suspend or terminate the Agreement.

28. Counterparts. This Agreement may be executed in several counterparts , each of which shall constitute one and the same instrument and shall become binding upon the parties when at least one copy hereof shall have been signed by both parties hereto. In approving this Agreement, it shall not be necessary to produce or account for more than one such counterpart.

29. Entire Agreement; Incorporation; Conflict . This Agreement contains the entire understanding between the parties relating to the obligations described herein. Al l prior or contemporaneous understandings, agreements, representations and statements, oral or written, are superseded in total by this Agreement and shall be of no further force or effect. Contractor’s Proposal is incorporated only for the description of the scope of services and/or the schedule of performance and no other terms and conditions from such proposal shall apply to this Agreement unless specifically agreed to in writing. In the event of conflict, this Agreement shall take precedence over those contained in the Contractor’s Proposal.

30. Amendments. This Agreement may be modified or amended only by a written document executed by both Contractor and City and approved as to form by the City Attorney.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written above.

DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation

City Manager

ATTEST:

City Clerk

APPROVED AS TO FORM:

City Attorney

Assistant City Manager

“CONTRACTOR”
LOR Geotechnical Group, Inc., a Corporation

By: John P. Leuer
Its: President

Attachments: Exhibit A – Contractor’s Proposal
DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767 3/20/2023 | 5:23 PM PDT
4/2/2023 | 8:45 AM PDT
4/2/2023 | 4:47 PM PDT
4/2/2023 | 5:17 PM PDT
4/3/2023 | 7:53 AM PDT

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

INSURER(S) AFFORDING COVERAGE
INSURER F :

INSURER E :

INSURER D :

INSURER C :

INSURER B :

INSURER A :

NAIC #
NAME:

CONTACT
(A/C, No):

FAX
E-MAIL
ADDRESS:

PRODUCER
(A/C, No, Ext):

PHONE

INSURED
REVISION NUMBER:CERTIFICATE NUMBER:COVERAGES
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

OTHER:
(Per accident)
(Ea accident)
$
$
N / A
SUBR
WVD
ADDL
INSD

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. $ $
$
$PROPERTY DAMAGE
BODILY INJURY (Per accident)
BODILY INJURY (Per person)

COMBINED SINGLE LIMIT

AUTOS ONLY

AUTOSAUTOS ONLY

NON-OWNED

SCHEDULEDOWNED

ANY AUTO

AUTOMOBILE LIABILITY
Y / N

WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY
OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
DESCRIPTION OF OPERATIONS below
If yes, describe under

ANY PROPRIETOR/PARTNER/EXECUTIVE
$
$
$
E.L. DISEASE - POLICY LIMIT
E.L. DISEASE - EA EMPLOYEE
E.L. EACH ACCIDENT
ER
OTH-

STATUTE
PER

LIMITS(MM/DD/YYYY)

POLICY EXP
(MM/DD/YYYY)

POLICY EFF

POLICY NUMBERTYPE OF INSURANCELTR
INSR
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

EXCESS LIAB
UMBRELLA LIAB $EACH OCCURRENCE
$AGGREGATE
$
OCCUR

CLAIMS-MADE
DED RETENTION $
$PRODUCTS - COMP/OP AGG
$GENERAL AGGREGATE
$PERSONAL & ADV INJURY
$MED EXP (Any one person)
$EACH OCCURRENCE

DAMAGE TO RENTED
$PREMISES (Ea occurrence)

COMMERCIAL GENERAL LIABILITY

CLAIMS-MADE OCCUR
GEN'L AGGREGATE LIMIT APPLIES PER:

POLICY PRO-

JECT LOC

CERTIFICATE OF LIABILITY INSURANCE

DATE (MM/DD/YYYY)

CANCELLATION

AUTHORIZED REPRESENTATIVE
ACORD 25 (2016/03)
© 1988-2015 ACORD CORPORATION. All rights reserved.

CERTIFICATE HOLDER
The ACORD name and logo are registered marks of ACORD
HIRED

AUTOS ONLY
11/8/2022
AssuredPartners Design Professionals Insurance Services, LLC 3697 Mt. Diablo Blvd Suite 230
Lafayette CA 94549
The Certificate Team
[email protected]
License#: 6003745
Travelers Property Casualty Company of America
25674
LORGEOT-01
Berkley Insurance Company
32603
LOR Geotechnical Group, Inc.
6121 Quail Valley Court
Riverside CA 92507
895883120
A
X
2,000,000
X
1,000,000
X
Contractual Liab
10,000
Included
2,000,000
4,000,000
X
Y
Y
6800J450578
4/15/2022
4/15/2023
4,000,000
A
X
Y
UB8P249798
4/15/2022
4/15/2023
1,000,000
1,000,000
1,000,000
B
Professional Liability
AEC-9054086-04
4/15/2022
4/15/2023
Per Claim
Aggregate Limit
$2,000,000
$2,000,000
Re: All Operations of the Named Insured
City of Lake Elsinore is named as an additional insured as respects general liability as required per written contract or agreement. 30 Day Notice of Cancellation
City of Lake Elsinore
130 S. Main Street
Lake Elsinore CA 92530
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767 CERTIFICATE OF LIABILITY INSURANCE Acct#: 2706991

DATE (MM/DD/YYYY)
11/09/2022
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.

THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A stat ement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

PRODUCER

LOCKTON AFFINITY, LLC
P.O. BOX 879610
KANSAS CITY, MO 64187-9610

CONTACT
NAME: LOCKTON AFFINITY, LLC
PHONE
(A/C, No, Ext):

FAX
(A/C, No): 913-652-7599
E-MAIL
ADDRESS:

INSURER(S) AFFORDING COVERAGE NAIC #
INSURER A : Old Republic Insurance Company 24147

INSURED
LOR Geotechnical Group, Inc.
6121 Quail Valley Court
Riverside, CA 92507
INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED N AMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

INSR

LTR TYPE OF INSURANCE ADDL
INSD
SUBR

WVD POLICY NUMBER

POLICY EFF
(MM/DD/YYYY)

POLICY EXP
(MM/DD/YYYY) LIMITS
COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $

CLAIMS-
MADE

OCCUR
OCCUR

DAMAGE TO RENTED
PREMISES (Ea occurrence) $
MED EXP (Any one person) $
PERSONAL & ADV INJURY $
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $

POLICY PRO-
JECT
LOC PRODUCTS - COMP/OP AGG $
OTHER:
$
A AUTOMOBILE LIABILITY X X L248941-22 02/01/2022 02/01/2023 COMBINED SINGLE LIMIT (Ea accident) $ 1,000,000
X ANY AUTO BODILY INJURY (Per person) $
OWNED

AUTOS ONLY
HIRED

AUTOS ONLY

SCHEDULED
AUTOS

NON-OWNED

AUTOS ONLY
BODILY INJURY (Per accident) $

PROPERTY DAMAGE
(Per accident) $
$

UMBRELLA LIAB

EXCESS LIAB
OCCUR

CLAIMS-MADE
EACH OCCURRENCE $
AGGREGATE $
DED RETENTION $ $

WORKERS COMPENSATION
AND EMPLOYERS’ LIABILITY Y/N

ANYPROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
If yes, describe under
DESCRIPTION OF OPERATIONS below

N / A

PER

STATUTE
OTH-
ER
E.L. EACH ACCIDENT $
E.L. DISEASE - EA EMPLOYEE $
E.L. DISEASE - POLICY LIMIT $

DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) GPBR: 2FL4 POLICY PROVIDES PROTECTION FOR ANY AND ALL OPERATIONS/JOBS PERFORMED BY THE NAMED INSURED WHERE REQUIRED BY WRITTEN CONTRACT. CERTIFICATE HOLDER IS AN ADDITIONAL INSURED WHERE REQUIRED BY WRITTEN CONTRACT. WAIVER OF SUBROGATION INCLUDED BY WRITTEN CONTRACT. INSURANCE IS PRIMARY AND NON-CONTRIBUTORY.

City of Lake Elsinore, its elected or appointed officers, officials, employees, agents and volunteers are additional insured Project: any and all projects

CERTIFICATE HOLDER CANCELLATION

City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

AUTHORIZED REPRESENTATIVE

© 1988-2016 ACORD CORPORATION. All rights reserved.

ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767 L248941-22

OLD REPUBLIC INSURANCE COMPANY

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ADDITIONAL INSURED ENDORSEMENT

This endorsement modifies insurance provided under the following:

BUSINESS AUTO COVERAGE FORM

Schedule

Person(s) or
Organization(s):

Any person(s) or organization(s) as required by written contract or agreement.

1. SECTION II – COVERED AUTOS LIABILITY COVERAGE, A. Coverage, 1. Who Is An Insured is amended to include the person(s) or organization(s) designated in the Schedule above but only for damages:

a. Which are covered by this insurance; and

b. Which you have agreed to provide in a written contract.

2. The limits of insurance afforded to such person(s) or organization(s) will be:

a. The minimum limits of insurance which you agreed to provide, or

b. The limits of insurance of this policy
whichever is less.

CA 560 002 1213

DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767 POLICY NUMBER: L248941-22
COMMERCIAL AUTO CA 04 44 10 13

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT
CAREFULLY.

WAIVER OF TRANSFER OF RIGHTS OF RECOVERY AGAINST OTHERS TO

US (WAIVER OF SUBROGATION)
This endorsement modifies insurance provided under the following:

AUTO DEALERS COVERAGE FORM

BUSINESS AUTO COVERAGE FORM

MOTOR CARRIER COVERAGE FORM

With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by the endorsement.

This endorsement changes the policy effective on the inception date of the policy unless another date is indicated below.

SCHEDULE

The Transfer Of Rights Of Recovery Against Others
To Us condition does not apply to the person(s) or
organization(s) shown in the Schedule, but only to the
extent that subrogation is waived prior to the "accident" or the "loss" under a contract with that person or
organization.

CA 04 44 10 13 © Insurance Services Office, Inc., 2011 Page 1 of 1 Named Insured: LOR Geotechnical Group, Inc.

Endorsement Effective Date:

Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

Name(s) Of Person(s) Or Organization(s):

City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530

DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767  

 
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767  

 
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

COMMERCIAL GENERAL LIABILITY
c. Method Of Sharing
If all of the other insurance permits contribution
by equal shares, we will follow this method also.

Under this approach each insurer contributes
equal amounts until it has paid its applicable
limit of insurance or none of the loss remains,
whichever comes first.

If any of the other insurance does not permit
contribution by equal shares, we will contribute
by limits. Under this methoo, each insurer's
share is based on the ratio of its applicable limit
of insurance to the total applicable limits of
insurance of all insurers.
d. Primary And Non-Contributory Insurance If
Required By Written Contract
If you specifically agree in a written contract or
agreement that the insurance afforded to an
insured under this Coverage Part must apply on
a primary basis, or a primary and non­
contributory basis. this insurance is primary to
other insurance that is available to such insured
which covers such insured as a named insured,
and we will not share with that other insurance,
provided that:
(1) The "bodily injury'' or "property damage" for
which coverage is sought occurs; and
(2) The "personal and advertising injury" for
which coverage is sought is caused by an
offense that is committed;
subsequent to the signing of that contract or
agreement by you.

5. Premium Audit
a. We will compute all premiums for this Coverage
Part in accordance with our rules and rates.
b. Premium shown in this Coverage Part as
advance premium is a deposit premium only. At
the close of each audit perioo we will compute
the earned premium for that period and send
notice to the first Named Insured. The due date
for audit and retrospective premiums is the date
shown as the due date on the bill. If the sum of
the advance and audit premiums paid for the
policy period is greater than the earned
premium, we will return the excess to the first
Named Insured.
c. The first Named Insured must keep records of
the information we need for premium
computation, and send us copies at such times
as we may request.

6. Representations
By accepting this policy, you agree:
a. The statements in the Declarations are
accurate and complete;
b. Those statements are based upon
representations you made to us; and
c. We have issued this policy in reliance upon
your representations.

The unintentional omission of, or unintentional error
in, any information provided by you which we relied
upon in issuing this policy will not prejudice your
rights under this insurance. However, this provision
does not affect our right to collect additional
premium or to exercise our rights of cancellation or
nonrenewal in accordance with applicable insurance
laws or regulations.

7. Separation Of Insureds
Except with respect to the Limits of Insurance, and
any rights or duties specifically assigned in this
Coverage Part to the first Named Insured, this
insurance applies:
a. As if each Named Insured were the only
Named Insured; and
b. Separately to each insured against whom claim
is made or "suit" is brought.

8. Transfer Of Rights Of Recovery Against Others
To Us
If the insured has rights to recover all or part of any payment we have made under this Coverage Part,
those rights are transferred to us. The insured must
do nothing after loss to impair them. At our request,
the insured will bring "suit" or transfer those rights
to us and help us enforce them.

9. When We Do Not Renew
If we decide not to renew this Coverage Part, we will
mail or deliver to the first Named Insured shown in
the Declarations written notice of the nonrenewal
not less than 30 days before the expiration date.

If notice is mailed, proof of mailing will be sufficient proof of notice.

SECTION V - DEFINITIONS

1. "Advertisement" means a notice that is broadcast or
published to the general public or specific market
segments about your goods, products or services
for the purpose of attracting customers or
supporters. For the purposes of this definition:
a. Notices that are published include material
placed on the Internet or on similar electronic
means of communication; and
b. Regarding websites, only that part of a website
that is about your goods, prooucts or services
for the purposes of attracting customers or
supporters is considered an advertisement.

Includes copyrighted material of Insuran ce Services Office, Inc. with its permiss ion.

Policy #
6800J450578
6800J450578
6800J450578
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

COMM E RCI AL G ENERA L LIAB ILI T Y
that i s av a ilab le to any o f y our " em p loyee s "o ccup at ional therapi st or o ccup at ional fo r "bod i ly injury " that ari s e s out o f pr ov idin gthe rapy as s ist an t, p h y s i c a l ther ap i s t o r or f a i li ng t o prov ide "i ncidental me dic a ls p ee c h- language p a th olo gi st ; or s e r v i c e s " to any p e rs on t o the e x tent n ot(b ) F i rst ai d o r "Good Sama ri tan s e r v i c e s " s ubje c t to P ar ag r ap h 2.a. (1) o f S e c tio n II –by any o f y our " em p loyee s " or " v olunteer Wh o I s An Insur ed.w orke rs ", oth e r th an an em ployed o r v o lunteer d o ctor. An y s uc h " em p loyee s " K. M ED I C AL PAYM EN T S – INCREASE D LI M IT or " v ol untee r w orkers" prov idin g or fa il in g The f o llo wing r e pla ces P aragrap h 7. o fto prov ide fi r s t aid or "Good Sama ri tan SE CTI O N II I – L IMIT S O F I N SURA NCE:s e r v i c e s " during th ei r w ork h ours fo r yo u

7. Su bje ct to P aragrap h 5. abov e, th e Medic a lwil l b e d ee m ed t o b e a c ti ng within th e s co pe o f thei r em ploy m ent b y y ou o r Ex pens e L im i t i s the mo s t w e wil l pay und e r pe rfo rm in g dutie s r elated to t he c o ndu ct C ov erage C fo r al l me di c al ex pens e s o f yo ur bus ine s s . be c aus e o f " bodily inj ury " s us tained b y any one pers on, and w ill be th e highe r o f:3. The fo llowing r epla c e s the la st s e nt en c e o f Pa r ag r aph 5. o f SE CTIO N I II – L IMIT S O F a. $10, 00 0; orINSU R A N CE :
b . The am o unt s how n i n th e D e clarat ion s o fFo r t he p urpo s es o f d eterm i ni ng th e th i s C ov erage P art fo r Medica l E x pens eappl i cable E a c h Occurrenc e L im i t , all r e la ted Lim i t.a ct s or om i s s ions c om m i tted i n prov iding o r fa il in g t o pr ov ide "inci dent al me dical L . AM END MEN T OF EXCES S INS URA NCE s e rv i ce s ", fi r s t a id or "Good Sama ri tan COND I T ION – P ROF ES SI ONAL L IA BIL I TY s e rv i ce s " to any one p er s on wil l b e deemed The f ol lo wing i s added t o P ar ag r aph 4.b . ,to b e one " o cc urrence ". Ex ces s Insu r ance , o f SE CTI O N IV –4. The fol lowing ex clu s ion is ad ded t o CO MM ERCIAL GENE R AL L IA BI LIT Y Pa r a graph 2., Ex clus ion s, o f SE CTION I – COND I T ION S :

CO V ER AGE S – C O VER AGE A – BODI L Y Thi s in s uranc e is ex c e s s ov er any o f the oth e rINJU RY A ND P ROP ERT Y DAM AGE i nsur an c e, wh eth e r prim ary, ex ces s , c o nti ng entL IA BI LI TY: or on a ny other b a s i s , that i s Pr o fe ss ionalSa le O f Ph armac eu ticals Lia bil ity or s im i la r c ov e rag e, t o th e ex tent t h e "Bo dily inj ury " o r "pr op e rty d am age " ari s ing lo ss i s n o t s ub ject to th e pro fe s s ional s e rv i c e s ou t o f t h e v iola t ion o f a p enal s ta tute o r ex clusion o f C o v erage A or Co v e r age B. ordi nanc e r elatin g t o the s a le of M . B LA NKET W AIVER OF SUBRO GATION –pharma c eut i c al s c om m i tt ed b y, o r w i th t he W H EN R E QUI RED BY WRI TT E N C ON T RACTk now ledg e o r c o n s ent o f t he in s ur ed. O R AG R EEMEN T5. The f ol lo wing i s a dd ed t o th e D EFIN I TION S The f ol lo w ing is add ed to P a ragraph 8., Tra nsfe rSe ctio n:

O f Ri g h t s O f Re co very Again st O the r s T o U s ,"In ci dent al m ed i c al s e rv i ce s " m ea ns : o f SE CTION IV – C O MMERCIAL GEN ERAL a . Med i c al , s urgic a l, d en tal , lab orato ry, x - L IA BI LI TY CO ND I T ION S:
r ay o r n ursing s erv i ce or tr eatm en t, If the i nsur ed h a s agreed in a wri tten c o n tr a ct o radv i c e o r ins tru ction, o r the r ela ted ag r ee ment to w aiv e that i nsur ed ' s right o ffu rni s hing o f food or be v e rag es; or r e cov e ry against any p ers on o r o rg anizat io n, w e b . The fur nishin g o r di s pens i ng o f drug s o r w aiv e our r ight o f r e c ov e ry agai nst s uch p ers o nm ed i c al , d en tal, or s ur gi cal s u pplie s o r or o r ganizatio n, but only f o r p ay men ts w e m akeappl ia nc e s . be c aus e o f:

6. The f ol lo w i ng is added t o Par agraph 4.b . , a. "Bo dily injury " o r "property d am age " thatE xces s Ins u r ance , o f SE CTI O N IV – o ccurs ; o rCO M M ERCI AL GENE R AL LI A B ILI T Y b . "Pe rs o nal and a dv e rti s ing injury " c aus ed b yCOND I TION S :
an o ffe n s e th at i s c om m it ted ;Thi s i nsur an c e i s ex c e s s ov e r any v al id an d s ubs equent to th e s igni ng o f that c o ntra ct o rcol le c ti ble oth e r i ns ur ance , w h ether p rim a ry, ex c e ss , c o nti ng ent o r on any other b a sis, ag r ee ment.

CG D3 79 02 19 ú 20 17 T he Tra v e le rs In d e mn ity C o mp a ny . All righ ts re se rv e d . Pa ge 5 o f 6 I nc lud es co py rig ht e d ma te ria l o f I nsur a nce Se rv ice s O f f ice , Inc. w it h its p e rm is sio n.

Policy #
6800J450578
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

WORKERS COMPENSATION
AND

EMPLOYERS LIABILITY POLICY
ENDORSEMENT WC 99 03 76 ( A)
POLICY NUMBER:

WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS

ENDORSEMENT

CALIFORNIA
(BLANKET WAIVER)
We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule.

The additional premium for this endorsement shall be % of the California workers' compensation pre- mium.

Schedule
Person or Organization Job Description
This endorsement changes the policy to which it is attached and is effective on the date issued unless otherwise stated.
(The information below is required only when this endorsement is issued subsequent to preparation of the policy.)
Insurance Company Countersigned by
DATE OF ISSUE: Page 1 of 1
Any Person or organization for which the insured has agreed by written contract executed prior to loss to furnish this waiver.

UB8P249798
Travelers Property Casualty Company of America
11/8/2022
DocuSign Envelope ID: A5EC4359-A9F6-4CBA-A43F-CAAF2AEFD57B DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

CITY OF LAKE ELSINORE

TO BE POSTED IN A CONSPICUOUS PLACE
Business Name:

Business Location:

Owner Name(s):

BUSINESS LICENSE NO.

Issue Date:

Description:

Expiration Date:

BUSINESS LICENSE
THIS IS YOUR LICENSE • NOT TRANSFERABLE
6121 QUAIL VALLEY CT Business Type:

RIVERSIDE, CA 92507
LOR GEOTECHNICAL GROUP, INC.
6121 QUAIL VALLEY CT
RIVERSIDE, CA 92507-0763
This business license is issued for revenue purposes only and does not grant authorization to operate a business. This business license is issued without verification that the holder is subject to or exempted from licensing by the state, county, federal government, or any other governmental agency.

Administrative Services - Licensing
130 South Main Street, Lake Elsinore, CA 92530
PH (951) 674-3124
LOR GEOTECHNICAL GROUP, INC.

LOR GEOTECHNICAL GROUP, INC.

CONSULTING SERVICES

ENGINEERING CONSULTING SERVICES
027264
11/9/2022 11/30/2023
Starting January 1, 2021, Assembly Bill 1607 requires the prevention of gender -based discrimination of business establishments. A full notice is available in English or other languages by going to: https://www.dca.ca.gov/publications/ DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

EXHIBIT A

EXHIBIT A

CONTRACTOR'S PROPOSAL
[ATTACHED]
DocuSign Envelope ID: 7A9159E3-CD4D-40C0-9440-5516A6C8D767

AMENDMENT NO. 1

TO AGREEMENT FOR CONTRACTOR SERVICES

ALTA California Geotechnical, Inc.

On-Call Geotechnical Services

This Amendment No. 1 to Agreement for Contractor Services is made and entered into as of 8/26/2025, by and between the City of Lake Elsinore, a municipal corporation (“City), and ALTA California Geotechnical, Inc., a Corporation (“Consultant”).

RECITALS

A. The City and Consultant have entered into that certain Agreement for Contractor Services dated as of 2/14/2023, (the “Original Agreement”). Except as otherwise defined herein, all capitalized terms used herein shall have the meanings set forth for such terms in the Original Agreement.

B. The Original Agreement provided for compensation in an amount of Sixty Thousand dollars ($60,000.00).

C. The parties now desire to increase the payment for such services as set forth in this Amendment No 1.

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, City and Consultant agree as follows:

1. Section 3, Compensation, of the Original Agreement is hereby amended to add the following:

Notwithstanding the foregoing, for purposes of Amendment No. 1 and the term thereof, compensation to be paid to Consultant shall be in accordance with the Schedule of Charges set forth in Consultant’s Original Agreement.

In no event shall Consultant’s compensation related to Amendment No. 1 exceed Twenty Thousand dollars ($20,000) without additional written authorization from City Council. Total compensation shall not exceed Eighty Thousand dollars ($80,000) annually during each fiscal year for the term of the Agreement.

Notwithstanding any provision of Consultant’s Proposal to the contrary, out of pocket expenses shall be reimbursed at cost without inflator or administrative charge. Payment by the City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

2. Except for the changes specifically set forth herein, all other terms and conditions of the Original Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be executed on the respective dates set forth below.

“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation
“CONSULTANT”
ALTA California Geotechnical, Inc. a
Corporation

City Manager
Date:

Scott Gray, President

Date: __
ATTEST:

City Clerk
APPROVED AS TO FORM:

City Attorney

Assistant City Manager

AGREEMENT FOR CONTRACTOR SERVICES
Alta California Geotechnical, Inc.

ON-CALL GEOTECHNICAL SERVICES

This Agreement for Contractor Services (On- Call) (the “Agreement”) is made and entered into as of February 14, 2023 by and between the City of Lake Elsinore , a municipal corporation ( the “City”) and Alta California Geotechnical , Inc., a Corporation (the “Contractor”).

RECITALS

A. The City has determined that it requires the following services:

Engineering On-call Geotechnical Testing Services

B. The City has prepared a request for a proposals and Contractor has submitted to City a proposal, dated January 12, 2023, both of which are attached hereto as Exhibit A (collectively, the "Contractor's Proposal") and incorporated herein, to provide services and related work to the City pursuant to the terms of this Agreement.

C. Contractor possesses the skill , experience, ability , background, certification and knowledge to perform the services and related work described in this Agreement on the terms and conditions Agreement.

AGREEMENT

1. Scope of Services. Contractor shall perform the services and related work described in Contractor's Proposal (Exhibit A) . Contractor shall provide such services and related work at the time, place, and in the manner specified in Contractor's Proposal (Exhibit A) , subject to the direction of the City through its staff that it may provide from time to time. Contractor acknowledges that the Scope of Services provides for 24 hour-a-day, 7 day-a-week, on-call and minor construction support on an as needed basis.

2. Time of Performance.

a. Time of Essence . Time is of the essence in the performance of this Agreement. The time for completion of the services and related work to be performed by Contractor is an essential condition of this Agreement. Contractor shall prosecute regularly and diligently the services and related work contemplated pursuant to this A greement consistent with Contractor 's Proposal (Exhibit A) and shall provide, furnish and pay all labor, materials, necessary tools , expendable equipment, and all taxes, utility and transportation services required to perform such the services and related work.

b. Performance Schedule. Contractor shall commence the services and related work pursuant to this Agreement upon receipt of a written notice to proceed and shall perform all services and related work within the time period(s) established in the Contractor's Proposal (Exhibit A). When requested by Contractor , extensions to the time period(s) specified may be approved in writing by the City Manager .

DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

c. Term and Compliance with Task/Work Order System. Unless earlier terminated as provided elsewhere in this Agreement, this Agreement shall continue in full force and effect for a period commencing on February 14, 2023 and ending June 30, 2024 . The City may, at its sole discretion, extend the term of this Agreement on a 12-month basis not to exceed 2 additional twelve (12) month renewal terms by giving written notice thereof to Contractor not less than thirty (30) days before the end of the contract term, such notice to be exercised by the City Manager.

Contractor hereby agrees and acknowledges that any and all work or services performed pursuant to this Agreement shall be based upon the issuance of a Task/Work Order by the City. Contractor acknowledges that it is not guaranteed any minimum or specific amount of work or services as all work or services shall be authorized through a Task/Work Order issued by the City.

3. Compensation. Compensation to be paid to Contractor shall be in accordance with the fees set forth in Contractor's Proposal (Exhibit A) , which is attached hereto and incorporated herein by reference . In no event shall Contractor's annual compensation exceed Sixty Thousand dollars ($60,000) without additional written authorization from the City . Notwithstanding any provision of Contractor's Proposal to the contrary, out of pocket expenses set forth in Exhibit A shall be reimbursed at cost without an inflator or administrative charge. Payment by City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

4. Method of Payment. Contractor shall promptly submit billings to the City describing the services and related work performed during the preceding month to the extent that such services and related work were performed. Contractor's bills shall be segregated by project task, if applicable, such that the City receives a separate accounting for work done on each individual task for which Contractor provides services. Contractor's bills shall include a brief description of t he services performed, the date the services were performed, the number of hours spent and by whom, and a description of any reimbursable expenditures. City shall pay Contractor no later than forty -five (45) days after receipt of the monthly invoice by City staff.

5. Background Checks . At any time during the term of this Agreement, the City reserves the right to make an independent investigation into the background of Contractor’s personnel who perform work required by this Agreement, including but not limited to their references, character, address history, past employment, education, social security number validation, and criminal or police records, for the purpose of confirming that such personnel are lawfully employed, qualified to provide the subject service or pose a risk to the safety of persons or property in and around the vicinity of where the services will be rendered or City Hall. If the City makes a reasonable determination that any of Contractor’s prospective or then current personnel is deemed objectionable, then the City may notify Contractor of the same.

Contractor shall not use that personnel to perform work required by this Agreement , and if necessary, shall replace him or her with a suitable worker.

6. Suspension or Termination.

a. The City may at any time, for any reason, with or without cause, suspend or terminate this Agreement, or any portion hereof , by serving upon the Contractor at least ten (10) days prior written notice. Upon receipt of such notice, the Contractor shall immediately cease all work under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement, such suspension or termination shall not make void or invalidate the remainder of this Agreement.

b. In the event this Agreement is terminated pursuant to this Section, the City shall pay to Contractor the actual value of the work performed up to the time of termination, provided that the work performed is of value to the City. Upon termination of the Agreement pursuant to this DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

Section, the Contractor will submit an invoice t o the City, pursuant to Section entitled " Method of Payment" herein.

7. Plans, Reports, Documents

a. Ownership of Documents . All plans, studies, documents and other writings prepared by and for Contractor, its officers, employees and agents and subcontractors in the course of implementing this Agreement, except working notepad internal documents, shall become the property of the City upon payment to Contractor for such work , and the City shall have the sole right to use such materials in its disc retion without further compensation to Contractor or to any other party. Contractor shall, at Contractor's expense, provide such reports, plans, studies, documents and other writings to City upon written request. City shall have sole determination of the public’s rights to documents under the Public Records Act, and any third -party requests of Contractor shall be immediately referred to City, without any other actions by Contractor.

b. Licensing of Intellectual Property. This Agreement creates a nonexclusive and perpetual license for City to copy, use, modify, reuse, or sublicense any and all copyrights , designs, and other intellectual property embodied in plans, specifications, studies, drawings, estimates, and other documents or works of authors hip fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Contractor under this Agreement ("Documents & D ata"). Contractor shall require that all subcontractors agree in writing that City is granted a nonexclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Contractor represents and warrants that Contractor has the legal right to license any and all Documents & Data. Contractor makes no such representation and warranty in regard to Documents & Data, which were prepared by design professionals other than Contractor or provided, to Contractor by the City. City shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at City's sole risk.

c. Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents & Data either created by or provided to Contractor in connection with the performance of this Agreement shall be held confidential by Contractor. Contractor shall not, without the prior written consent of City, use such materials for any purposes other than the performance of the services under this Agreement. Nor shall such materials be disclosed to any person or entity not connected with the performance of the services under this Agreement. Nothing furnished to Contractor, which is otherwise known to Contractor or is generally known, or has become known, to the related industry shall be deemed confidential. Contractor shall not use City 's name or insignia, photographs relating to project for which Contractor's services are rendered, or any publicity pertaining to the Contractor's services under this Agreement in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of City.

8. Contractor's Books and Records.

a. Contractor shall maintain any and all ledgers, books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or relating to charges for services, or expenditures and disbursements charged to City for a minimum period of three (3) years, or for any longer period required by law , from the date of final payment to Contractor to this Agreement.

b. Contractor shall maintain all documents and records which demonstrate performance under this Agreement for a minimum period of three (3) years, or for any longer period DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

required by law, from the date of termination or completion of this Agreement.

c. Any rec ords or documents required to be maintained pursuant to this Agreement shall be made available for inspection or audit, at any time during regular business hours, upon written request by the City Manager, City Attorney, City Auditor or a designated representative of these officers. Copies of such documents shall be provided to the City for inspection at City Hall when it is practical to do so. Otherwise, unless an alternative is mutually agreed upon, the records shall be available at Contractor's address indicated for receipt of notices in this Agreement.

d. Where City has reason to believe that such records or documents may be lost or discarded due to dissolution, disbandment or termination of Contractor's business, City may, by written request by any of the above- named officers, require that custody of the records be given to the City and that the records and documents be maintained in City Hall. Access to such records and documents shall be granted to any party authorized by Contractor, Contractor's representatives, or Contractor's successor-in-interest.

9. Independent Contractor.

a. Contractor is and shall at all times remain as to the City a wholly independent contractor pursuant to California Labor Code Section 3353. The personnel performing the services under this Agreement on behalf of Contractor shall at all times be under Contractor’s exclusive direction and contr ol. Neither City nor any of its officers, employees, or agents shall have control over the conduct of Contractor or any of Contractor’s officers, employees, or agents, except as set forth in this Agreement. Contractor shall not at any time or in any manner represent that it or any of its officers, employees, or agents are in any manner officers, employees, or agents of the City.

Contractor shall not incur or have the power to incur any debt, obligation, or liability whatsoever against City, or bind City in any manner .

b. Notwithstanding any other federal, state and local laws, codes, ordinances and regulations to the contrary, Contractor and any of its employees, agents, and subcontractors providing service under this Agreement shall not qualify for or become entitled to, and hereby agree to waive any claims to, any compensation, benefit, or any incident of employment by City, including but not limited to eligibility to enroll in PERS as an employee of City and entitlement to any contribution to be paid by City for employer contribution and/or employee contributions for PERS benefits.

10. PERS Eligibility Indemnification. In the event that Contractor or any employee, agent, or subcontractor of Contractor providing services under this Agreement claims or is determined by a court of competent jurisdiction or the California Public Employees Retirement System (PERS) to be eligible for enrollment in PERS as an employee of the City, Contractor shall indemnify, defend, and hold harmless City for the payment of any employee and/or employer contributions for PERS benefits on behalf of Contractor or its employees, agents, or subcontractors, as well as for the payment of any penalties and interest on such contributions, which would otherwise be the responsibility of City.

11. Interests of Contractor. Contractor (including principals, associates and management employees) covenants and represents that it does not now have any investment or interest in real property and shall not acquire any interest, direct or indirect, in the area covered by this Agreement or any other source of income, interest in real property or investment which would be affected in any manner or degree by the performance of Contractor's services hereunder. Contractor further covenants and represents that in the performance of its duties hereunder no person having any such interest shall perform any services under this Agreement.

DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

Contractor is not a designated employee within the meaning of the Political Ref orm Act because Contractor:

a. will conduct research and arrive at conclusions with respect to his/her rendition of information, advice, recommendation or counsel independent of the control and direction of the City or of any City official, other than normal agreement monitoring ; and

b. possesses no authority with respect to any City decision beyond rendition of information, advice, recommendation or counsel. (FPPC Reg. 18700(a) (2).)

12. Ability of Contractor . City has relied upon the training and ability of Contractor to perform the services hereunder as a material inducement to enter into this Agreement. Contractor shall therefore provide properly skilled personnel to perform all services under this Agreement. All work performed by Contractor under this Agreement shall be in accordance with applicable legal requirements and shall meet the standard of quality ordinarily to be expected of competent contractors in Contractor 's field of expertise.

13. Compliance with Laws .

a. Contractor shall comply with all local, state and federal laws and regulations applicable to the services required hereunder, including any rule, regulation or bylaw governing the conduct or performance of Contractor and/or its employees, officers, or board members.

b. Contractor represents that it has obtained and will maintain at all times during the term of this Agreement all professional and/or business licenses, certifications and/or permits necessary for performing the services described in this Agreement, including a City business license.

14. Licenses. Contractor represents and warrants to City that it has the licenses, permits, qualifications, insurance and approvals of whatsoever nature, which are legally required of Contractor to practice its profession. Contractor represents and warrants to City that Contractor shall , at its sole cost and expense, keep in effect or obtain at all times during the term of this Agreement, any licenses, permits, insurance and approvals which are legally required of Contractor to practice its profession.

Contractor shall maintain a City of Lake Elsinore business license.

15. Indemnity. Contractor shall indemnify, defend, and hold harmless the City and its officials, officers, employees, agents, and volunteers from and against any and all losses, liability, claims, suits, actions, damages, and causes of action arising out of any personal injury, bodily injury, loss of life, or damage to property, or any violation of any federal, state, or municipal law or ordinance, to the extent caused, in whole or in part, by the willful misconduct or negligent acts or omissions of Contractor or its employees, subcontractors, or agents, by acts for which they could be held strictly liable, or by the quality or character of their work . The foregoing obligation of Contractor shall not apply when (1) the injury, loss of life, damage to property, or violation of law arises from the sole negligence or willful misconduct of the City or its officers, employees, agents, or volunteers and (2) the actions of Contractor or its employees, subcontractor, or agents have contributed in no part to the injury, loss of life, damage to property, or violation of law. It is understood that the duty of Contractor to indemnify and hold harmless includes the duty to defend as set forth in Section 2778 of the California Civil Code. Acceptance by City of insurance certificates and endorsements required under this Agreement does not relieve Contractor from liability under this indemnification and hold harmless clause. This indemnification and hold harmless clause shall apply to any damages or claims for damages whether or not such insurance policies shall have been determined to apply . By execution of this Agreement , Contractor acknowledges and agrees to the provisions of this Section and that it is a material element of consideration.

DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

16. Insurance Requirements .

a. Insurance. Contractor, at Contractor's own cost and expense, shall procure and maintain, for the duration of the contract, unless modified by the City's Risk Manager, the following insurance policies.

i. Workers' Compensation Coverage. Contractor shall maintain Workers' Compensation Insurance and Employer's Liability Insurance for his/her employees in accordance with the laws of the State of California. In addition, Contractor shall require each subcontractor to similarly maintain Workers' Compensation Insurance and Employer's Liability Insurance in accordance with the laws of the State of California for all of the subcontractor's employees. Any notice of cancellation or non- renewal of all Workers' Compensation policies must be received by the City at least thirty (30) days prior to such change. The insurer shall agree to waive all rights of subrogation against City, its officers, agents, employees and volunteers for losses arising from work performed by Contractor for City . In the event that Contractor is exempt from Worker's Compensation Insurance and Employer's Liability Insurance for his/her employees in accordance with the laws of the State of California, Contractor shall submit to the City a Certificate of Exemption from Workers Compensation Insurance in a form approved by the City Attorney.

ii. General Liability Coverage. Contractor shall maintain commercial general liability insurance in an amount not less than one million dollars ($1,000 ,000) per occurrence for bodily injury , personal injury and property damage . If a commercial general liability insurance form or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to the work to be performed under this Agreement or the general aggregate limit shall be at least twice the required occurrence limit. Required commercial general liability coverage shall be at least as broad as Insurance Services Office Commercial General Liability occurrence form CG 0001 (ed. 11/88) or Insurance Services Office form number GL 0002 (ed. 1/73) covering comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability. No endorsement may be attached limiting the coverage.

iii. Automobile Liability Coverage. Contractor shall maintain automobile liability insurance covering bodily injury and property damage for all activities of the Contractor arising out of or in connection with the work to be performed under this Agreement, including coverage for owned, hired and non-owned vehicles, in an amount of not less than one million dollars ($1,000,000) combined single limit for each occurrence. Automobile liability coverage must be at least as broad as Insurance Services Office Automobile Liability form CA 0001 (ed. 12/90) Code 1 ("any auto"). No endorsement may be attached limiting the coverage.

b. Endorsements. Each general liability and automobile liability insurance policy shall be with insurers possessing a Best's rating of no less than A:VII and shall be endorsed with the following specific language :

i. Notwithstanding any inconsistent statement in any required insurance policies or any subsequent endorsements attached thereto, the protection offered by all policies, except for Workers’ Compensation, shall bear an endorsement whereby it is provided that, the City and its officers, employees, servants, volunteers and agents and independent contractors, including without limitation, the City Manager and City Attorney, are named as additional insureds. Additional insureds shall be entitled to the full benefit of all insurance policies in the same manner and to the same extent as any other insureds and there shall be no limitation to the benefits conferred upon them other than policy limits to coverages.

ii. This policy shall be considered primary insurance as respects the City , DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

its elected or appointed officers, officials, employees, agents and volunteers . Any insurance maintained by the City , including any self -insured retention the City may have, shall be considered excess insurance only and shall not contribute with it.

iii. This insurance shall act for each insured and additional insured as though a separate policy had been written for each, except with respect to the limits of liability of the insuring company.

iv. The insurer waives all rights of subrogation against the City, its elected or appointed officers , officials, employees or agents.

v. Any failure to comply with reporting provisions of the policies shall not affect coverage provided to the City, its elected or appointed officers, officials, employees, agents or volunteers.

vi. The insurance provided by this Policy shall not be suspended, voided, canceled, or reduced in coverage or in limits except after thirty (30) days written notice has been received by the City.

c. Deductibles and Self -Insured Retentions . Any deductibles or self -insured retentions must be declared to and approved by the City . At the City's option, Contractor shall demonstrate financial capability for payment of such deductibles or self -insured retentions.

d. Certificates of Insurance. Contractor shall provide certificates of insurance with original endorsements to City as evidence of the insurance coverage required herein. Certificates of such insurance shall be filed with the City on or before commencement of performance of this Agreement. Current certification of insurance shall be kept on file with the City at all times during the term of this Agreement.

17. Notices. Any notice required to be given under this Agreement shall be in writing and either served personally or sent prepaid, first class mail. Any such notice shall be addressed to the other party at the address set forth below. Notice shall be deemed communic ated within 48 hours from the time of mailing if mailed as provided in this section.

If to City: City of Lake Elsinore
Attn: City Manager
130 South Main Street
Lake Elsinore, CA 92530
With a copy to: City of Lake Elsinore
Attn: City Clerk
130 South Main Street
Lake Elsinore, CA 92530

If to Contractor: Alta California Geotechnical, Inc.

Attn: Scott Gray
170 North Maple Street, Suite 108
Corona, CA 92880

DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

18. Assignment and Subcontracting . The parties recognize that a substantial inducement to City for entering into this Agreement is the reputation, experience and competence of Contractor.

Contractor shall be fully responsible to City for all acts or omissions of any subcontractors .

Assignments of any or all rights, duties or obligations of the Contractor under this Agreement will be permitted only with the express consent of the City. Contractor shall not subcontract any portion of the work to be performed under this Agreement without the written authorization of the City . If City consents to such subcontract, Contractor shall be fully responsible to City for all acts or omissions of those subcontractors. Nothing in this Agreement shall create any contractual relationship between City and any subcontractor nor shall it creat e any obligation on the part of the City to pay or to see to the payment of any monies due to any such subcontractor other than as otherwise is required by law.

19. Waiver. Waiver of a breach or default under this Agreement shall not constitute a continuing waiver of a subsequent breach of the same or any other provision under this Agreement.

20. Litigation Expenses and Attorneys' Fees . If either party to this Agreement commences any legal action against the other party arising out of this Agreement, the prevailing party shall be entitled to recover its reasonable litigation expenses, including court costs, expert witness fees, discovery expenses, and attorneys' fees.

21. Mediation. The parties agree to make a good faith attempt to resolve any disputes arising out of this Agreement through mediation prior to commencing litigation. The parties shall mutually agree upon the mediator and share the costs of mediation equally. If the parties are unable to agree upon a mediator, the dispute shall be submitted to JAMS or its successor in interest. JAMS shall provide the parties with the names of five qualified mediators. Each party shall have the option to strike two of the five mediators selected by JAMS and thereafter the mediator remaining shall hear the dispute. If the dispute remains unresolved after mediation, either party may commence litigation.

22. Prohibited Interests. Contractor maintains and warrants that it has not employed nor retained any company or person, other than a bona fide em ployee working solely for Contractor, to solicit or secure this Agreement. Further, Contractor warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Contractor, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, City shall have the right to rescind this Agreement without liability. For the term of this Agreement, no member, officer or employee of City, during the term of his or her service with City, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom.

23. Equal Opportunity Employment. Contractor represents that it is an equal opportunity employer and it shall not discriminate against any subcontractor, employee or applicant for employment because of race, religion, color, national origin, handicap, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination.

24. Prevailing Wages. Contractor is aware of the requirements of California Labor Code Section 1720, et seq., and 1770, et seq., as well as California Code of Regulations, Title 8, Section 16000, et seq., ("Prevailing Wage Laws"), which require the payment of prevailing wage rates and the performance of other requirements on "public works" and "maintenance" projects . Contractor agrees to fully comply with all applicable federal and state labor laws (includi ng, without limitation, if applicable, the Prevailing Wage Laws). It is agreed by the parties that, in connection with the work or services provided pursuant to this Agreement, Contractor shall bear all risks of payment or non - payment of prevailing wages under California law, and Contractor hereby agrees to defend, DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

indemnify, and hold the City, and its officials, officers, employees, agents, and volunteers, free and harmless from any claim or liability arising out of any failure or alleged failure to comply with the Prevailing Wage Laws. The foregoing indemnity shall survive termination of this Agreement.

25. Severability. If any term or portion of this Agreement is held to be invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall continue in full force and effect.

26. Controlling Law Venue. This Agreement and all matters relating to it shall be governed by the laws of the State of California and any action brought relating to this Agreement shall be held exclusively in a state court in the County of Riverside.

27. Authority to Enter Agreement. Contractor has all requisite power and authority to conduct its business and to execute, deliver, and perform the Agreement. Each party warrants that the individuals who have signed this Agreement have the legal power, right, and authority to make this Agreement and to bind each respective party. The City Manager is authorized to enter into an amendment or otherwise take action on behalf of the City to make the following modifications to the Agreement: (a) a name change; (b) grant extensions of time; (c) non-monetary changes in the scope of services; and/or (d) suspend or terminate the Agreement.

28. Counterparts. This Agreement may be executed in several counterparts , each of which shall constitute one and the same instrument and shall become binding upon the parties when at least one copy hereof shall have been signed by both parties hereto. In approving this Agreement, it shall not be necessary to produce or account for more than one such counterpart.

29. Entire Agreement; Incorporation; Conflict . This Agreement contains the entire understanding between the parties relating to the obligations described herein. Al l prior or contemporaneous understandings, agreements, representations and statements, oral or written, are superseded in total by this Agreement and shall be of no further force or effect. Contractor’s Proposal is incorporated only for the description of the scope of services and/or the schedule of performance and no other terms and conditions from such proposal shall apply to this Agreement unless specifically agreed to in writing. In the event of conflict, this Agreement shall take precedence over those contained in the Contractor’s Proposal.

30. Amendments. This Agreement may be modified or amended only by a written document executed by both Contractor and City and approved as to form by the City Attorney.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written above.

DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation

City Manager

ATTEST:

City Clerk

APPROVED AS TO FORM:

City Attorney

Assistant City Manager

“CONTRACTOR”
Alta California Geotechnical, Inc., a Corporation

By: Scott Gray
Its: President

Attachments: Exhibit A – Contractor’s Proposal
DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9 3/23/2023 | 3:12 PM PDT
3/27/2023 | 3:00 PM PDT
3/27/2023 | 5:37 PM PDT
3/29/2023 | 4:59 PM PDT
3/29/2023 | 5:21 PM PDT

CITY OF LAKE ELSINORE

TO BE POSTED IN A CONSPICUOUS PLACE
Business Name:

Business Location:

Owner Name(s):

BUSINESS LICENSE NO.

Issue Date: Expiration Date:

BUSINESS LICENSE
THIS IS YOUR LICENSE • NOT TRANSFERABLE
170 N MAPLE ST #100 Business Type:

CORONA, CA 92880-1749

ALTA CALIFORNIA GEOTECHNICAL
170 N MAPLE ST #100
CORONA, CA 92880-1749
This business license is issued for revenue purposes only and does not grant authorization to operate a business. This business license is issued without verification that the holder is subject to or exempted from licensing by the state, county, federal government, or any other governmental agency.

Administrative Services - Licensing
130 South Main Street, Lake Elsinore, CA 92530
PH (951) 674-3124

ALTA CALIFORNIA GEOTECHNICAL

DAVID MURPHY

PROFESSIONAL/GEOLOGIST-GEOTECHNIC
AL
021713
8/1/2022 7/31/2023
Starting January 1, 2021, Assembly Bill 1607 requires the prevention of gender -based discrimination of business establishments. A full notice is available in English or other languages by going to: https://www.dca.ca.gov/publications/ DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

INSURER(S) AFFORDING COVERAGE
INSURER F :

INSURER E :

INSURER D :

INSURER C :

INSURER B :

INSURER A :

NAIC #
NAME:

CONTACT
(A/C, No):

FAX
E-MAIL
ADDRESS:

PRODUCER
(A/C, No, Ext):

PHONE

INSURED
REVISION NUMBER:CERTIFICATE NUMBER:COVERAGES
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

OTHER:
(Per accident)
(Ea accident)
$
$
N / A
SUBR
WVD
ADDL
INSD

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. $ $
$
$PROPERTY DAMAGE
BODILY INJURY (Per accident)
BODILY INJURY (Per person)

COMBINED SINGLE LIMIT

AUTOS ONLY

AUTOSAUTOS ONLY

NON-OWNED

SCHEDULEDOWNED

ANY AUTO

AUTOMOBILE LIABILITY
Y / N

WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY
OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
DESCRIPTION OF OPERATIONS below
If yes, describe under

ANY PROPRIETOR/PARTNER/EXECUTIVE
$
$
$
E.L. DISEASE - POLICY LIMIT
E.L. DISEASE - EA EMPLOYEE
E.L. EACH ACCIDENT
ER
OTH-

STATUTE
PER

LIMITS(MM/DD/YYYY)

POLICY EXP
(MM/DD/YYYY)

POLICY EFF

POLICY NUMBERTYPE OF INSURANCELTR
INSR
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

EXCESS LIAB
UMBRELLA LIAB $EACH OCCURRENCE
$AGGREGATE
$
OCCUR

CLAIMS-MADE
DED RETENTION $
$PRODUCTS - COMP/OP AGG
$GENERAL AGGREGATE
$PERSONAL & ADV INJURY
$MED EXP (Any one person)
$EACH OCCURRENCE

DAMAGE TO RENTED
$PREMISES (Ea occurrence)

COMMERCIAL GENERAL LIABILITY

CLAIMS-MADE OCCUR
GEN'L AGGREGATE LIMIT APPLIES PER:

POLICY PRO-

JECT LOC

CERTIFICATE OF LIABILITY INSURANCE

DATE (MM/DD/YYYY)

CANCELLATION

AUTHORIZED REPRESENTATIVE
ACORD 25 (2016/03)
© 1988-2015 ACORD CORPORATION. All rights reserved.

CERTIFICATE HOLDER
The ACORD name and logo are registered marks of ACORD
HIRED

AUTOS ONLY
3/21/2023
Patriot Growth Insurance Services, LLC
10805 Holder St
Ste 350
Cypress CA 90630
Carrie Boggs
714-733-6200
[email protected]
Valley Forge Insurance Company
20508
ALTACAL-01
Continental Casualty Co.
20443
Alta California Geotechnical, Inc.
170 North Maple Street, Suite 108
Corona CA 92880
Pacific Insurance Co., Ltd.
36056
160764668
A
X
2,000,000
X
1,000,000
10,000
2,000,000
4,000,000
X
6025043316
12/8/2022
12/8/2023
4,000,000
A
1,000,000
X
X
6025043316
12/8/2022
12/8/2023
B
X
X
1,000,000
6025043400
12/8/2022
12/8/2023
1,000,000
X
10,000
A
X
6025043350
12/8/2022
12/8/2023
1,000,000
1,000,000
1,000,000
C
A
Error & Omissions
Pollution Liability
01OH0482701-22
6025043316
12/8/2022
12/8/2022
12/8/2023
12/8/2023
Each Claim
Each Pollution
Pollution Aggregate
2,000,000
2,000,000
4,000,000
RE: On-call Geotechnical Services.

Proof of Insurance.

City of Lake Elsinore
130 South Main Street
Lake Elsinore CA 92530
DocuSign Envelope ID: D9397004-BF34-44EC-942B-8076D67CE4B9 22)
Acquisition of One (1) City Replacement Fleet Vehicle
Approve and authorize the City Manager to execute a Purchase Order with Diamond Chevrolet for $84,642.91 for the purchase of one (1) City replacement fleet vehicle 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 of $8,464 for uncertainties and adjustments.

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Rick De Santiago, Public Works Manager
Date:August 26, 2025
Subject:Acquisition of One (1) City Replacement Fleet Vehicle Recommendation
Approve and authorize the City Manager to execute a Purchase Order with Diamond Chevrolet for $84,642.91 for the purchase of one (1) City replacement fleet vehicle 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 of $8,464 for uncertainties and adjustments.

Background
The City of Lake Elsinore has historically purchased and owned all fleet vehicles and equipment.

The City maintains a fleet of vehicles and equipment for various departments, including light, medium, and heavy-duty vehicles. The City owns 76 light and medium-duty vehicles.

The City reviews its vehicle replacement needs twice a year, once during budget preparation and again as the mid-year budget approaches. During the mid-year review, staff also consider opportunities to re-task vehicles to maximize their value.

Discussion
Staff is requesting a replacement fleet vehicle. In November 2017, the City purchased a 2017 Chevrolet Tahoe for municipal use. After eight years of service and accumulating 120,534 miles, the vehicle has reached the end of its reliable operational life.

City Fleet Vehicle Purchase

The companies listed below submitted proposals. The proposals for the purchase of one (1) 2025 Chevrolet Tahoe are listed below:

Company Amount
Diamond Chevrolet $84,642.91
Simpson Chevrolet of Irvine $84,798.06
Paradise Chevrolet Cadillac $86,303.16
Fiscal Impact
Funds are available in the Internal Service Fund for FY25-26.

Attachments
Attachment 1 - Quote
Public Works

23)
Minutes of the Regular Successor Agency Meeting of August 12, 2025 Approve the Minutes.

REPORT TO SUCCESSOR AGENCY
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Candice Alvarez, MMC, Secretary
Date:August 26, 2025
Subject:Minutes of the Regular Successor Agency Meeting of August 12, 2025 Recommendation
Approve the Minutes.

Attachments
Attachment 1 - Draft Minutes
City Clerk's Office

City of Lake Elsinore
City Council Meeting
Minutes – Draft

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

August 12, 2025

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

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

CALL TO ORDER

The Regular Meeting of the City Council was called to order at 5:00 p.m.

ROLL CALL

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

Absent: 0 - None

PUBLIC COMMENTS FOR CLOSED SESSION ITEMS

There were no speakers.

CLOSED SESSION - 5:00 P.M

A. CONFERENCE WITH LABOR NEGOTIATOR
(Gov’t Code Section 54957.6)
City negotiator: City Manager Jason Simpson
Employee organization: Lake Elsinore Chapter of Laborer’s International Union of North America, Local 777

B. CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APN 374-072-013
Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Ignacio Munguia Rodriguez and Blanca Delgado
Under negotiation: Price and terms of payment

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 2

C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Gov’t Code Section 54956.8)
Property: APNs: 389-210-063, 389-210-067, 389-210-068, 389-220-001, 389-220-002 Agency negotiator: City Manager Simpson
Negotiating parties: City of Lake Elsinore and Mohr Affinity Under negotiation: Price and Terms of Payment

RECONVENE/CALL TO ORDER

The Regular Meeting of the City Council reconvened and the Regular Meeting of the Successor Agency was called to order at 7:00 p.m.

PLEDGE OF ALLEGIANCE

Mayor Tisdale led the Pledge of Allegiance.

ROLL CALL

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

Absent: 0 - None

CLOSED SESSION REPORT

Assistant City Attorney Mann reported that all three items were discussed; however, no reportable action was taken.

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE

There were no speakers.

CITY COUNCIL CONSENT CALENDAR

A motion was made by Council Member Johnson, seconded by Council Member Manos, to approve the City Council Consent Calendar, with Mayor Pro Tem Magee abstaining from voting on Item Nos. 19 and 20. The motion carried by the following vote:

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

1) Minutes of the Regular City Council Meeting of July 22, 2025

Approve the Minutes.

This item was approved on the City Council Consent Calendar.

2) CC Warrant Report Dated June 16, 2025 to June 22, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 3

3) CC Warrant Report Dated June 23, 2025 to June 29, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

4) CC Warrant Report Dated June 30, 2025 to July 06, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

5) CC Warrant Report Dated July 07, 2025 to July 13, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

6) CC Warrant Report Dated July 14, 2025 to July 20, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

7) CC Warrant Report Dated July 21, 2025 to July 27, 2025

Receive and file.

This item was approved on the City Council Consent Calendar.

8) Public Works Construction Agreement with Van Engineering Inc. for the Construction of the Parking Lot Project (CIP Project No. Z40037)

Approve and authorize the City Manager to execute the Public Works Construction Agreement with Van Engineering, Inc. in an amount not to exceed $526,292.00 in such final form as approved by the City Attorney; authorize the City Manager to execute change orders not to exceed the 10% contingency amount of $52,692.00; and authorize the City Manager to accept the improvements into the City Maintained System and the City Clerk to file the Notice of Completion with the County Recorder for the listed project.

This item was approved on the City Council Consent Calendar.

9) Amendment No. 1 to Representation Letter (Rutan & Tucker, LLP)

Approve and authorize the City Manager to execute Amendment No. 1 to the Representation Letter with Rutan & Tucker, LLP to provide Special Counsel services to the City in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 4

10) Appointment of City Council Subcommittees for the Development of Cultural Resources Management and Resource Agency Management Plans

Appoint Mayor Brian Tisdale and Mayor Pro Tem Robert E. Magee to a Subcommittee focused on developing a Cultural Resources Management Plan, and appoint Council Members Steve Manos and Timothy J. Sheridan to a Subcommittee tasked with developing a Resource Agency Management Plan.

This item was approved on the City Council Consent Calendar.

11) Section 8 Project-Based Voucher Program Agreement to Enter into a Housing Assistance Payments (AHAP) Contract for New Construction; and Section 8 Project-Based Voucher Program Housing Assistance Payments Contract – New Construction Part I and II between City of Lake Elsinore and the Housing Authority of the County of Riverside for the Mary McDonald Riley Street Project

1. Approve the attached form of the Section 8 Project-Based Voucher Program Agreement to Enter into a Housing Assistance Payments Contract for New Construction by and between the City of Lake Elsinore, a municipal corporation, and the Housing Authority of the County of Riverside (AHAP Contract) for Mary McDonald Riley Street Project located in the City of Lake Elsinore;

2. Approve the attached form of the Section 8 Project-Based Voucher Program Housing Assistance Payments Contract - New Construction or Rehabilitation Part 1 and 2 of HAP Contract (HAP Contract); and

3. Authorize the City Manager or designee, to execute an AHAP Contract and a HAP Contract, each substantially conforming in form and substance to the attached AHAP Contract and HAP Contract, subject to approval as to form by the City Attorney; and to take all necessary steps to implement the AHAP Contract and HAP Contract, including, but not limited to, signing subsequent necessary and relevant documents, subject to approval as to form by City Attorney.

This item was approved on the City Council Consent Calendar.

12) Agreement with Engineering Resources of Southern California, Inc. for Civil Engineering Services for the Graham Street Parking Lot Project

Approve and authorize the City Manager to execute a professional Services Agreement with Engineering Resources of Southern California, Inc. in the amount of $62,085.00 for Civil Engineering Services for the Graham Street Parking Lot Project in such final form as approved by the City Attorney, approve and authorize the City Manager to change orders up to 10% of the agreement in an amount not to exceed $6,208.00, and approve and authorize the City Manager to accept the improvements into the City Maintained System and the City Clerk file the Notice of Completion with the County Recorder.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 5

13) Agreement with Hester Roofing for the Fourth Floor Canopy Roofing on the New City Hall Project (CIP Project No. Z20006)

Approve and authorize the City Manager to execute an Agreement with Hester Roofing for fourth floor canopy roofing, bid set ‘G’, on the New City Hall Project (CIP Project #Z20006in an amount not-to-exceed $148,200.00 in such final form as approved by the City Attorney, authorize the City Manager to execute change orders not to exceed a 10% contingency amount of $14,820.00 for construction uncertainties and adjustments, and authorize the City Clerk to file the notice of completion and return withheld retention to the contractor once the entire scope of work is complete.

This item was approved on the City Council Consent Calendar.

14) License Agreement for Seasonal Sales Lot on Dexter Road

Approve and authorize the City Manager to execute a License Agreement with ABC Tree Farms, LLC for the temporary seasonal use of the City-owned vacant and unimproved lot at 18614 Dexter Road for seasonal sales in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

15) On-call Agreement with Talimar Systems, Inc. for Minor Construction and Office Furniture Installation

Approve and authorize the City Manager to execute an On-Call Services Agreement with Talimar Systems, Inc. for minor construction and office furniture installation in an amount not to exceed $181,857.19 in such final form approved by the City Attorney and authorize the City Manager to execute change orders not exceeding a 10% contingency of $18,185.72 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

16) On-call Services Agreement with ALV for Lake Water Quality Services

Approve and authorize the City Manager to execute an on-call services agreement with ALV for lake water quality services in an amount not to exceed $206,000.00 in such final form approved by the City Attorney, and authorize the City Manager to execute change orders not exceeding a 10% contingency of $20,600.00 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

17) Agreement with Endresen Development for the Block Wall Around the New City Senior Housing Project (CIP Project No. Z20026)

Approve and authorize the City Manager to execute a Public Works Construction Agreement with Endresen Construction in an amount not to exceed $109,225.22 for the Block Wall around the new City Senior Housing Project in such final form as approved by the City Attorney, authorize the City Manager to execute change orders not to exceed the 10% contingency amount of $10,922.52, and authorize the City Clerk to record the Notice of Completion once work is completed.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 6

18) Notice of Decision – Planning Commission Approval of Planning Application No. 2018-59 (Ministerio Puerta Del Cielo/Amazing Church) – A Conditional Use Permit Amendment (CUP-2025-04) to Expand Church Operations to Increase the Main Sanctuary Area and Reallocate Existing Church Operations for an Existing Church Located at 31712 Casino Drive, Units 5C, 6A through 6C, 7C, and 8A through 8B

Receive and File the Notice of Decision for Planning Application No. 2018-59 approved by the Planning Commission on July 15, 2025.

This item was approved on the City Council Consent Calendar.

19) Agreement with Metrocell Construction, Inc. for the ATP Cycle 4 Murrieta Creek Multi-Use Trail Project (ATPL 5074(021) / CIP Project No. Z30010)

Approve and authorize the City Manager to execute a Public Works Construction Agreement with Metrocell Construction, Inc. in the amount of $2,996,533.20 for the ATP Cycle 4 Murrieta Creek Multi-Use Trail Project, ATPL-5074(021)/CIP NO. Z30010 in such final form as approved by the City Attorney, authorize the City Manager to execute change orders not to exceed a 10% contingency amount of $299,653.32, and authorize the City Clerk to record the Notice of Completion once it is determined that the work is complete and the improvements are accepted into the City-maintained pedestrian network.

This item was approved on the City Council Consent Calendar.

Aye: 4 Council Members Manos, Sheridan, and Johnson; and Mayor Tisdale Nay: 0 None

Absent: 0 None
Abstained: 1 Mayor Pro Tem Magee

20) Amendment No. 2 to Professional Services Agreement with Chen Ryan Associates for the Murrieta Creek Multi-use Trail Project

Approve and authorize the City Manager to execute Amendment No. 2 to the Professional Services Agreement with Chen Ryan Associates for Geotechnical Testing Support and Construction Support services for the Murrieta Creek Multi-Use Trail Project in the amount of $110,365 for a total contract amount not to exceed $712,008.83 in such final form as approved by City Attorney and authorize the City Manager to execute change orders not to exceed a 10% contingency of $11,036.50 for unanticipated costs.

This item was approved on the City Council Consent Calendar.

Aye: 4 Council Members Manos, Sheridan, and Johnson; and Mayor Tisdale Nay: 0 None

Absent: 0 None
Abstained: 1 Mayor Pro Tem Magee

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 7

21) Agreement with Shapiro Property Services, Inc. (DBA Paul Davis Restoration) for On-Call Construction and Repair Services

Approve and authorize the City Manager to execute an agreement with Shapiro Property Services, Inc. (DBA Paul Davis Restoration) in an amount not to exceed $200,000 for On-Call construction and repair services in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

22) Agreement with Precision Concrete Cutting for Concrete Cutting and Sidewalk Survey Services

Approve and authorize the City Manager to execute an On-Call Services Agreement with Precision Concrete Cutting for $175,000 per fiscal year 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 of $17,500 for unforeseen additional work.

This item was approved on the City Council Consent Calendar.

23) On-call Services Agreements for Citywide Landscape Maintenance Services to RP Landscape & Irrigation, Inc. and to Excel Landscape, Inc.

Approve and authorize the City Manager to execute an On-Call Services Agreement with RP Landscape & Irrigation in the amount of $937,883.64 and authorize the City Manager to execute change orders not to exceed a 15% contingency of $140,682.55 for unforeseen repairs and additional work, and approve and authorize the City Manager to execute an On-Call Services Agreement with Excel Landscape in the amount of $561,732.00 and authorize the City Manager to execute change orders not to exceed a 15% contingency of $84,259.80 in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

SUCCESSOR AGENCY CONSENT CALENDAR

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

Aye: 5 Agency Member Manos, Sheridan, and Johns on; Mayor Pro Tem Magee; and Mayor Tisdale
Nay: 0 None

24) Minutes of the Regular Successor Agency Meeting of July 22, 2025

Approve the Minutes.

This item was approved on the Successor Agency Consent Calendar.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 8

25) SA Warrant Report Dated June 16, 2025 to June 22, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

26) SA Warrant Report Dated June 23, 2025 to June 29, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

27) SA Warrant Report Dated June 30, 2025 to July 06, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

28) SA Warrant Report Dated July 07, 2025 to July 13, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

29) SA Warrant Report Dated July 14, 2025 to July 20, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

30) SA Warrant Report Dated July 21, 2025 to July 27, 2025

Receive and file.

This item was approved on the Successor Agency Consent Calendar.

PUBLIC HEARINGS

31) Public Hearing and Election for Annexation Proceedings for Annexation No. 24 Into Community Facilities District No. 2015-2 (Maintenance Services) for PM 38195 & 38281 (Evergreen)

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

ELSINORE, CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE

QUALIFIED ELECTORS THE QUESTION OF LEVYING A SPECIAL TAX WITHIN

THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 24);

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

ELSINORE, CALIFORNIA, DECLARING ELECTION RESULTS FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 24); and

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 9

3. Introduce by title only and waive further reading of AN ORDINANCE AMENDING ORDINANCE NO. 2016-1359 OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 OF THE CITY OF

LAKE ELSINORE (MAINTENANCE SERVICES) AUTHORIZING THE LEVY OF SPECIAL TAXES.

The Public Hearing was opened at 7:05 p.m.

There were no speakers.

The Public Hearing was closed at 7:06 p.m.

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 1. The motion carried by the following vote:

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

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 2. The motion carried by the following vote:

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

A motion was made by Council Member Johnson, seconded by Council Member Manos to introduce by title only and waive further reading of the Ordinancein Recommendation No. 3. The motion carried by the following vote:

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

32) Public Hearing and Election for Annexation Proceedings for Annexation No. 26 Into Community Facilities District No. 2015-2 (Maintenance Services) for APN Nos. 377-380-003 & 377-100-003 (Cambern Apartments)

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

ELSINORE, CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE

QUALIFIED ELECTORS THE QUESTION OF LEVYING A SPECIAL TAX WITHIN

THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 26);

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

ELSINORE, CALIFORNIA, DECLARING ELECTION RESULTS FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 26); and

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 10

3. Introduce by title only and waive further reading of AN ORDINANCE AMENDING ORDINANCE NO. 2016-1359 OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 OF THE CITY OF

LAKE ELSINORE (MAINTENANCE SERVICES) AUTHORIZING THE LEVY OF SPECIAL TAXES.

The Public Hearing was opened at 7:09 p.m.

There were no speakers.

The Public Hearing was closed at 7:11 p.m.

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 1. The motion carried by the following vote:

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

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 2. The motion carried by the following vote:

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

A motion was made by Mayor Pro Tem Magee, seconded by Council Member Manos to introduce by title only and waive further reading of the Ordinance in Recommendation No. 3. The motion carried by the following vote:

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

33) Establishment of Community Facilities District No. 2025-1 of the City of Lake Elsinore (Canyon Hills Heights)

1. Hold a public hearing for establishing Community Facilities District No. 2025-1 of the City of Lake Elsinore (Canyon Hills Heights);

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

ELSINORE, CALIFORNIA, ESTABLISHING COMMUNITY FACILITIES DISTRICT NO. 2025-1 OF THE CITY OF LAKE ELSINORE (CANYON HILLS HEIGHTS),

AUTHORIZING THE LEVY OF A SPECIAL TAX THEREIN, CALLING AN

ELECTION AND APPROVING AND AUTHORIZING CERTAIN ACTIONS
RELATED THERETO;

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 11

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

ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2025-1 OF THE CITY OF LAKE

ELSINORE (CANYON HILLS HEIGHTS) DETERMINING THE NECESSITY TO

INCUR BONDED INDEBTEDNESS IN AN AMOUNT NOT TO EXCEED
$14,000,000 WITHIN COMMUNITY FACILITIES DISTRICT NO. 2025-1 OF THE

CITY OF LAKE ELSINORE (CANYON HILLS HEIGHTS) AND CALLING AN ELECTION THEREIN;

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

ELSINORE, CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2025-1 OF THE CITY OF

LAKE ELSINORE (CANYON HILLS HEIGHTS) CERTIFYING ELECTION RESULTS; and

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING IN ITS

CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2025-1 OF THE CITY OF LAKE ELSINORE (CANYON HILLS HEIGHTS) AUTHORIZING THE LEVY OF SPECIAL TAXES.

The Public Hearing was opened at 7:13 p.m.

There were no speakers.

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

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 2. The motion carried by the following vote:

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

A motion was made by Council Member Manos, seconded by Mayor Pro Tem Magee to adopt the Resolution in Recommendation No. 3. The motion carried by the following vote:

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

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 4. The motion carried by the following vote:

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

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 12

A motion was made by Council Member Johnson, seconded by Council Member Manos to introduce by title only and waive further reading of the Ordinance in Recommendation No. 5. The motion carried by the following vote:

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

34) Formation of Community Facilities District No. 2025-2 (Cambern Apartments Services) of the City of Lake Elsinore

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

ELSINORE, CALIFORNIA, ESTABLISHING COMMUNITY FACILITIES DISTRICT NO. 2025-2 (CAMBERN APARTMENTS SERVICES) OF THE CITY OF LAKE

ELSINORE, AUTHORIZING THE LEVY OF SPECIAL TAX THEREIN, CALLING

AN ELECTION AND APPROVING AND AUTHORIZING CERTAIN ACTIONS RELATED THERETO;

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

ELSINORE, CALIFORNIA, DECLARING ELECTION RESULTS FOR
COMMUNITY FACILITIES DISTRICT NO. 2025-2 (CAMBERN APARTMENTS SERVICES); and

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING IN ITS

CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2025-2 (CAMBERN APARTMENTS SERVICES) OF THE CITY OF LAKE ELSINORE AUTHORIZING THE LEVY OF SPECIAL TAXES.

The Public Hearing was opened at 7:19 p.m.

There were no speakers.

The Public Hearing was closed at 7:20 p.m.

A motion was made by Council Member Johnson, seconded by Council Member Manos to adopt the Resolution in Recommendation No. 1. The motion carried by the following vote:

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

A motion was made by Council Member Manos, seconded by Mayor Pro Tem Magee to adopt the Resolution in Recommendation No. 2. The motion carried by the following vote:

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

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 13

A motion was made by Council Member Manos, seconded by Mayor Pro Tem Magee to introduce by title only and waive further reading of the Ordinance in Recommendation No. 3. The motion carried by the following vote:

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

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - THREE MINUTES

Nicolle Bryant was called to speak.

Cliff Lans was called to speak.

CITY ATTORNEY COMMENTS

Assistant City Attorney Mann had no comments.

CITY MANAGER'S COMMENTS

City Manager Simpson deferred to Economic Development and Legislative Affairs Director Gonzalez to present an update on the City’s economic development efforts.

CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED

Council Member Sheridan advised that he will raise the speaker’s concern with the Lake Elsinore Unified School District ; advised that he was unable to attend the Riverside Transit Agency Administration & Operations Committee meeting on August 6, 2025 and that he will attend the Board of Directors meeting on August 24, 2025, and reminded the community that youth ride free through the end of the year; shared updates on upcoming Lake Elsinore Storm games; and invited the community to attend the Third Ruth Atkins Speaker Series event at 7:00 p.m. on September 24, 2025 in the Lake Elsinore Cultural Center.

Council Member Manos addressed the speaker’s comment regarding Riverside Drive; spoke on the Dream Extreme Future Leaders program and encouraged Lake Elsinore high school juniors and seniors to apply to participate in the program; and advised that he will not be in attendance at the August 26, 2025 City Council meeting.

Council Member Johnson advised that she did not attend the Western Riverside County Regional Conservation Authority meeting on August 4, 2025 and advised that a Special Board Workshop will be held on September 5, 2025 replacing the regular September meeting; invited the community to attend the next Homeless Task Force meeting at 9:00 a.m. on August 28, 2025; encouraged the public to report issues and submit requests using the Alert LE app; and welcomed Lake Elsinore students back to school which returned in session on August 11, 2025.

Mayor Pro Tem Magee advised that the Riverside County Transportation Commission will meet on August 13, 2025 to discuss federal formula funding, noting projects that impact residents ; and reminded pet owners to keep their pets safe in the heat.

City Council Minutes - Draft August 12, 2025

City of Lake Elsinore Page 14

Mayor Tisdale reported on his attendance at the Western Riverside Council of Governments TUMF Zone Executive Committee – Southwest Zone meeting on August 11, 2025; thanked staff for all of their work on the items listed on the agenda; shared an update on the Lakeshore Drive sidewalk project; encouraged residents to honor a special veteran at the Lake Elsinore Diamond Stadium by purchasing a veterans memorial engraved brick to be unveiled at the Veterans Day observance ceremony on Tuesday, November 11, 2025; shared important dates related to the August 26, 2025 Special Election; and shared a video highlighting attendance at this year’s Live at the Lakefront summer concert series events.

ADJOURNMENT

The Lake Elsinore City Council adjourned at 8:16 p.m. to the next Regular meeting of Tuesday, August 26, 2025 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.

24) SA Investment Report for July 2025

Receive and file the Investment Report for July 2025.

REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY

OF THE CITY OF LAKE ELSINORE

To: Honorable Agency Chair and Members of the Successor Agency

From: Jason Simpson, Executive Director

Prepared by: Shannon Buckley, Assistant Executive Director

Date: August 26, 2025

Subject: SA Investment Report for July 2025

Recommendation

Receive and file the Investment Report for July 2025.

Discussion

The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. The review of the Investment Performance for the quarter ended June 30, 2025, is included.

Fiscal Impact

No fiscal impact.

Attachments

Attachment 1 - Investment Report July 2025

Administrative Services

Investment Performance Review
For the Quarter Ended June 30, 2025
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF LAKE ELSINORE

Market Update
2 Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of June 30, 2025. ▸ U.S. economy is resilient but showing signs of cooling ▹ Headline employment data belies underlying weakening
▹ Inflat
ion remained rangebound but does not yet reflect the full impact of tariffs ▹ Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment ▸ Fed remains on hold but may cut rates later this year ▹ The Fed’s June “dot plot” implies 50 bps of cuts in the back half of 2025 but members are split
between 0 and 2 cuts this year
▹ Fed Chair Powell stated the effect, size, and duration of tariffs are all highly uncertain making staying on hold the appropriate thing to do as they wait to learn more ▸ Treasury yields whipsawed by tariff announcements in Q2 ▹ Concerns over the budget bill, debt ceiling, and monetary policy added to volatility ▹ The yi
eld curve continued to steepen between 2 years and 10 years ▹ Credit spreads widened sharply following tariff fears but tightened to levels near historic tights by quarter end

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
3 China +10%

3.7%
China +10%
Canada/Mexico +25%
Canadian energy +10%

11.5%
USMCA exemption for
Canada/Mexico

5.6%
Steel &
aluminum
+25%

6.6%
+10% reciprocal
tariff

13.4%
China
+50%

27.5%
China to 125%
Pause on other
reciprocal tariffs

26.9%
China to 30%

12.6%
Steel &
aluminum +25%

13.2%
Add appliances to steel
& aluminum

13.4%
New reciprocal tariffs
announced and set for
implementation Aug 1st
0%
5%
10%
15 %
20%
25%
30%
3-Feb 17-Feb 3-Mar 17-Mar 31-Mar 14-Apr 28-Apr 12-May 26-May 9-Jun 23-Jun 7-Jul Effective Tariff Rate
Select Activity from February 3, 2025 to July 8, 2025
Uncertainty Remains Exceptionally High
Source: Bloomberg Finance L.P. as of July 8, 2025. Yellow dots represent activity impacting effective tariff rate.

Fiscal Policy Adds
to Uncertainty
Debt Ceiling
Fund
ing Freezes
Tax Reform
Budget/Spending

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
4 Source: CBO: Estimated Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office . and Bloomberg Finance L.P., as of July 1, 2025.

Impacts of Reconciliation Bill
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2010 2014 2018 2022 2026 2030 2034
U.S. Deficit to GDP
Bloomberg Economics Forecast
Homeland Security
Medicare & Medicaid
Agriculture, Nutrition, and Forestry
Congressional Budget Office (CBO)
Select Sectors FY 2025 - FY 2034
Increase
deficit by $4.6 trillion
Decrease deficit by $120 billion
Increase deficit by $129 billion
Decrease deficit by $1.1 trillion
Total Deficit Impact: $3.3 Trillion Increase
Other Spending Cuts
Decrease deficit by $371 billion
TCJA & Tax Cuts
Armed Services
Increase deficit by $149 billion

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
5 Moody’s Downgrades United States to Aa1
Source: Moody’s Ratings, as of May 2025.
▸ Rationale for downgrade
▹ Large fiscal deficits which have led to increases in government debt and interest payment ratios to levels significantly above those of Aaa-rated peers ▹ High deficit-to-GDP and debt-to-GDP ratios that are expected to rise further due to increased interest payments on debt, rising entitlement spending, and relatively low new revenue generation
▸ Rationale for stable outlook
▹ Exceptional credit strengths such as the size, resilience and dynamism of its economy and the role of the US dollar as the global reserve currency ▸ The downgrade is generally expected to have a minimal impact on markets ▹ S&P and Fitch previously downgraded the United States in 2011 and 2023, respectively
▹ United States has been on credit watch negative by Moody’s since November of 2023
▹ The dollar remains the world’s reserve currency and Treasuries remain highly liquid ▹ Moody’s also downgraded the U.S. government sponsored enterprises, and several banks and insurance companies whose rating was tied to the US government
Aaa Aa1
United States

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
6 Economic Momentum Slows Amid Uncertainty
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis. The shading represents the deciles of each data point using 30 years of historical data.
*Median forecasts sourced from Bloomberg Finance L.P. as of July 9, 2025.

Fed Chair Powell : “Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective.”
2023 2024 2025
CPI YoY 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.5 2.4 2.6 2.7 2.9 3.0 2.8 2.4 2.3 2.4 Unemployment
Rate 3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2 U.S. Real GDP QoQ 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.4 -0.5 2.1% Est.*
Consumption QoQ 4.9 1.0 2.5 3.5 1.9 2.8 3.7 4.0 0.5 1.9% Est.*
Worse Neutral Better

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
7 The Fed’s Dual Mandate Gets More Complicated
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.

Sep-25

3.2%
Dec-25

3.3%
Jun-26

3.0%
May-25

2.7%
1%
2 %
3%
4%
5%
6 %
Jun-23 Jun-24 Jun-25 Jun-26
Core PCE Inflation (YoY)
Average Forecast Actual
Jun-25

4.1%
Sep-25

4.4%
De
c-25

4.5%
Jun-26

4.5%
3%
4%
5%
Jun-23 Jun-24 Jun-25 Jun-26
Unemployment Rate
Median Forecast Actual
Fed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
8 1.4%

1.6%

1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Mar Projections Jun Projections

3.0%

2.4%

2.1% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 Longer
Run
PCE Inflation
Mar Projections Jun Projections
Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.

4.5% 4.5% 4.4% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 Longer
Run
Unemployment Rate
Mar Projections Jun Projections

3.9% 3.6% 3.4%

3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 Longer
Run
Federal Funds Rate
Mar Projections Jun Projections
Fed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
9 2025 Longer Term2026
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-25 FOMC Projections
Mar-25 Median
Jun-25 Median
2027

3.0%2 cut s 1 cuts 1 cut
Fed’s Latest “Dot Plot” Shows Divergent Views
0 Cuts
2 Cuts
Fed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.” Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
10 Treasury Volatility Wanes

3.25%

3.50%

3.75%

4.00%

4.25%
Apr-25 May-25 Jun-25 Jul-25
2-Year Treasury Yield
April 1, 2025 through July 1, 2025
Close
4/2 – 4/9:

Reciprocal
Tariffs
Intra-day Trading Range
5/16:

Moody’s
downgrade
6/12:

Iran-Israel
5/2:

Strong Payrolls
Report
Source: Bloomberg Finance L.P., as of July 1, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
11 Source: Bloomberg Finance L.P., as of June 30, 2025.

U.S. Treasury Yield Curve Steepens

4.29%

3.72%

3.80%

3.99%

4.23%

4.77%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
June 30, 2025
March 31, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
12 Source: ICE BofA Indices via Bloomberg Finance L.P., as of June 30, 2025. Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life.

Spread Narrowing Has Helped Performance
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%
Mar-25 Apr-25 May-25 Jun-25
ABS Excess Return vs. Treasuries
Underperformance Outperformance

0.4%

0.6%

0.8%

1.0%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
1-5 Yr. AAA-A Corporate

0.4%

0.6%

0.8%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
-0.3%
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%
Mar-25 Apr-25 May-25 Jun-25
Corporate Excess Return vs. Treasuries

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
13 Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%
-0.1%

0.0%

0.1%

0.2%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Corporate Notes A-AAA Yield Spreads

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
Sector Yield Spreads

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
14 Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%
-0.1%

0.0%

0.1%

0.2%
Mar-25 Apr-25 May-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
2 bps
53 bps
43 bps 56 bps

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
15 -0.25%

0.00%

0.25%

0.50%

0.75%

1.00%
2Q25 YTD 1-Year
Excess Returns
1-5 Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA
Fixed-Income Index Excess Returns
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of June 30, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
16 1-5 Year Indices
Fixed-Income Index Total Returns in 2Q 2025

1.36%

1.27% 1.32%

1.68%

1.89%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Second Quarter 2025 Returns

6.07%

5.72%

6.03%

7.06%

7.53%

0.0%

2.0%

4.0%

6.0%

8.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

3.39%

3.01%

2.73%

3.73%

3.88%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
YTD 2025 Returns
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of June 30, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
17 Monetary Policy (Global):
• The Fed held rates steady in Q2 amid healthy
labor markets and tariff-driven inflation concerns.
• The “dot plot” still signals 50 bps in cuts for 2025
but views have diverged as seven members are
calling for no cuts in 2025.
• Other major central banks (except Japan)
continued cutting rates as global inflation cools,
though tariffs pose inflation risks and cloud the
outlook.

Economic Growth (Global):
• U.S. growth turned negative in early 2025, driven
by a historically high trade deficit and weaker
consumer spending. Strong inventory build and
fixed investment helped offset this weakness.
• The drag to GDP from net exports is expected to
reverse, but declining consumer confidence may
dampen spending and investment.
• Escalating trade and geopolitical tensions create
the potential for slower global growth.

Inflation (U.S.):
• Inflation has moved closer to the Fed’s 2% target,
but tariff-driven price pressures may emerge as
businesses deplete pre-tariff inventories.
• Fed Chair Powell said that he does expect tariffs
to impact inflation but that the size, duration, and
time of tariff effects are highly uncertain.

Financial Conditions (U.S.):
• Financial conditions swung sharply during the
quarter as the tariff rollout caused equities to sell
off, credit spreads to widen, and heightened
Treasury volatility.
• The announcement of tariff pauses sparked a risk-
on trade resulting in equities near record highs
and credit spreads tightening beyond long-run
averages.
• The evolving fiscal landscape and persistent
uncertainty may lead to tightening financial
conditions over the next 6-12 months.

Consumer Spending (U.S.):
• Consumer sentiment remains subdued due to
expectations of higher prices, weaker labor
markets, and tepid growth. Sentiment has
improved slightly since April amid tariff negotiation
progress but remains low.
• A sharp labor market downturn remains the
biggest threat to consumer spending.
• Tariff-driven inflation increases present additional
risks such as slower real wage growth and
reduced spending.

Labor Markets (U.S.):
• The labor market remains healthy, though early
signs of cooling are emerging, particularly in rising
jobless claims.
• Monthly job gains have slowed but still match
labor force growth. Slower population growth may
lower the job creation rate needed to maintain
stable unemployment.
• With hiring and quits rates low, any acceleration in
layoffs may result in job seekers remaining
unemployed for longer.

Factors to Consider for 6-12 Months
Stance Unfavorable to
Risk Assets
Stance Favorable to
Risk Assets Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly
Positive Positive
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
18 PFM Asset Management | pfmam.com
Portfolio Review:

CAMP-LAKE ELSINORE CITY FUNDS
19 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Snapshot
Total market value includes accrued interest and balances invested in CAMP, as of June 30, 2025.

Yield and duration calculations exclude balances invested in CAMP.

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

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹
Credit Quality - S&P
14% 16%
38%
31%
2%5%
34%
27%
23%
10%
0%
10%
20%
30%
40%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 42%
Corporate | 23%
Agency CMBS | 16%
ABS | 13%
Federal Agency | 3%
Negotiable CD | 2%
Municipal | 2%
Joint Powers Authority | 1%
Sector Allocation
AAA | 11%
AAAm | 1%
AA+ | 62%
AA | 1%
AA- | 4%
A-1+ | 1%
A+ | 5%
A | 5%
A- | 6%
BBB+ | 1%
Not Rated | 4%
Portfolio Statistics
Portfolio Effective Duration 2. 47 years
Benchmark Effective Duration 2.48 years
Portfolio Credit Quality AA
Yield At Market 4.03%
Yield At Cost 4.19%
Total Market Value $55,993,407.19
$55,438,074.67Managed Account Sub-Total
$293,111.44Pool
$262,221.08Accrued Interest
20 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Account Summary

0.5%

12.9%

22.8%

1.7%

1.5%

15.8%

3.3%

41.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
CAMP - $293,111
ABS - $7,229,222
Corporate - $12,785,420
Negotiable CD - $924,627
Municipal - $831,776
Agency CMBS - $8,847,152
Federal Agency - $1,833,602
U.S. Treasury - $23,248,498
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *S
ector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 21 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended June 30, 2025, the account(s) managed by PFM Asset Management ("PFMAM") we
re in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 22 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Portfolio Activity - CAMP-LAKE ELSINORE CITY FUNDS
Net Activity by Sector
($
millions)
U.S. Treasury
Federal Agency
Municipal
Agency CMBS
Corporate
ABS
U.S. Treasury
Fe
deral Agency
Municipal
Agency CMBS
Corporate
ABS
($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
ABS $1,957,119
Corporate $684,116
Agency CMBS $172,018
Municipal ($85,000)
Federal Agency ($423,375)
U.S. Treasury ($1,687,447)
$617,431Total Net Activity
Sales/Maturities Purchases
23 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Characteristics
Historical Sector Allocation - CAMP-LAKE ELSINORE CITY FUNDS Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 45%
4%
16%
2%
2%
22%
10%
1%
Mar-25
42%
3%
16%
2%
2%
23%
13%
1%
Jun-25
24 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.1.

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

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

The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.4.

0.0%

2.0%

4.0%

6.0%

8.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned² $48 2,368 $1,825,881 $3,922,467 $4,874,517 $8,000,272 Change in Market Value $384,559 $1,583,109 $1,950,371 ($467,851) $957,741 $866,927Total Dollar Return $3,408,990 $5,872,838 $4,406,666 $8,958,013 Total Return³
Portfolio 1.57% 6.48% 3.72% 1.27% 1.94%
Benchmark⁴ 1.36% 6.07% 3.23% 0.92% 1.61%
3 Months 1 Year 3 Years 5 Years 10 Years
Difference 0.21% 0.41% 0.49% 0.35% 0.34%
25 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Performance
The lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.1.

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

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings - CAMP-LAKE ELSINORE CITY FUNDS
Accrual Basis Earnings
Interest Earned²
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$482,368
$32
,535
$82,497
$597,400
1 Year
$1,825,881
($3
6,432)
$343,431
$2,132,880
3 Years
$3,922,467
($1
,119,401)
$1,007,440
$3,810,507
5 Year
$4,874,517
($6
95,512)
$857,538
$5,036,543
10 Year¹
$8,000,272
($5
03,739)
$845,409
$8,341,941
26 Fixed – Income Sector Outlook – 3Q 2025
Sector Our Investment Preferences

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

R E A S U R I E S
T-Bill
T-No
te

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

S U P R A N AT I O N A L S
C O RP

O R AT E S
Financials
Indu
strials

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

M U N I C I P A L S
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
27 Issuer Distribution
PFM Asset Management | pfmam.com
28 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Summary
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 41.7%
United States Treasury 41.7% AA / Aa / AA
Federal Agency 3.3%
Federal Home Loan Banks 0.3% AA / Aa / NR
Federal Home Loan Mortgage Corp 1.2% AA / Aa / AA
Federal National Mortgage Association 1.8% AA / Aa / AA Agency CMBS 15.9%
Federal Home Loan Mortgage Corp 14.9% AA / Aa / AA
Federal National Mortgage Association 0.9% AA / Aa / AA Municipal 1.5%
California State University 0.2% AA / Aa / NR
San Juan Unified School District 0.2% NR / Aa / NR
State Board of Administration Finance C 0.6% AA / Aa / AA State of California 0.4% AA / Aa / AA
State of Minnesota 0.2% AAA / Aaa / AAA
Negotiable CD 1.7%
Nordea Bank Abp 0.8% AA / Aa / AA
Toronto-Dominion Bank 0.8% A / A / NR
Corporate 23.0%
Abbott Laboratories 0.4% AA / Aa / NR
Adobe Inc 0.7% A / A / NR
Air Products and Chemicals Inc 0.6% A / A / NR
American Express Co 0.5% A / A / A
Analog Devices Inc 0.7% A / A / A
Apple Inc 1.4% AA / Aaa / NR
Bank of America Corp 1.5% A / A / AA
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 23.0%
Bank of New York Mellon Corp 0.8% A / Aa / AA
Bayerische Motoren Werke AG 0.3% A / A / NR
Berkshire Hathaway Inc 0.8% AA / Aa / A
BlackRock Inc 1.4% AA / Aa / NR
Bristol-Myers Squibb Co 0.7% A / A / NR
Caterpillar Inc 0.4% A / A / A
Charles Schwab Corp 0.5% A / A / A
Cisco Systems Inc 0.8% AA / A / NR
Citigroup Inc 1.4% A / Aa / A
Deere & Co 0.7% A / A / A
Home Depot Inc 0.7% A / A / A
Honda Motor Co Ltd 0.7% A / A / NR
International Business Machines Corp 0.4% A / A / A
Lockheed Martin Corp 0.1% A / A / A
Mars Inc 0.2% A / A / NR
Microsoft Corp 1.4% AAA / Aaa / NR
Morgan Stanley 1.0% A / Aa / AA
National Australia Bank Ltd 0.9% AA / Aa / NR
National Rural Utilities Cooperative Fi 0.6% A / A / A
PACCAR Inc 0.7% A / A / NR
State Street Corp 0.4% A / Aa / AA
Target Corp 0.1% A / A / A
Texas Instruments Inc 0.2% A / Aa / NR
Toyota Motor Corp 0.7% A / A / A
UnitedHealth Group Inc 0.4% A / A / A
Wells Fargo & Co 0.7% BBB / A / A
29 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Summary
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 13.0%
American Express Co 2.0% AAA / NR / AAA
BA Credit Card Trust 1.1% AAA / Aaa / AAA
Bank of America Corp 0.1% NR / Aaa / AAA
Capital One Financial Corp 1.3% AAA / NR / AAA
CarMax Inc 0.1% AAA / NR / AAA
Citigroup Inc 1.0% AAA / Aaa / NR
Discover Card Execution Note Trust 1.2% AAA / Aaa / AAA Fifth Third Auto Trust 0.6% AAA / Aaa / NR
Ford Credit Auto Owner Trust 0.2% AAA / NR / AAA
GM Financial Consumer Automobile Receiv 0.4% AAA / Aaa / AAA Harley-Davidson Inc 0.2% NR / Aaa / AAA
Honda Auto Receivables Owner Trust 0.9% AAA / Aaa / AAA JPMorgan Chase & Co 0.7% AAA / NR / AAA
Mercedes-Benz Auto Receivables Trust 1.0% NR / Aaa / AAA Nissan Auto Receivables Owner Trust 0.1% AAA / Aaa / NR Porsche Innovative Lease Owner 0.2% AAA / NR / AAA
Toyota Auto Receivables Owner Trust 0.3% AAA / NR / AAA Verizon Master Trust 0.7% NR / Aaa / AAA
WF Card Issuance Trust 0.9% AAA / NR / AAA
100.0%Total
30 Portfolio Transactions
PFM Asset Management | pfmam.com
31 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
4/1/2025 4/4/2025 900,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 886,009.36 3.87% 4/8/2025 4/9/2025 550,000.00 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 555,426.50 4.62% 4/15/2025 4/23/2025 290,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE) 4.97% 4/23/2029 290,000.00 4.97% 4/15/2025 4/24/2025 190,000.00 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 190,528.68 4.41% 4/16/2025 4/23/2025 110,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE) 4.97% 4/23/2029 110,088.00 4.95% 4/22/2025 4/24/2025 200,000.00 857477DB6 STATE STREET CORP (CALLABLE) 4.83% 4/24/2030 200,000.00 4.83% 4/29/2025 5/8/2025 115,000.00 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 114,987.15 4.15% 5/1/2025 5/6/2025 1,500,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 1,493,765.11 3.65% 5/5/2025 5/8/2025 400,000.00 69371RT71 PACCAR FINANCIAL CORP 4.55% 5/8/2030 399,380.00 4.59% 5/6/2025 5/12/2025 80,000.00 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 79,994.48 4.35% 5/6/2025 5/14/2025 90,000.00 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 89,986.75 4.28% 5/6/2025 5/9/2025 600,000.00 06051GMT3 BANK OF AMERICA CORP (CALLABLE) 4.62% 5/9/2029 600,000.00 4.62% 5/14/2025 5/21/2025 100,000.00 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 99,989.29 4.61% 6/2/2025 6/5/2025 900,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 888,171.38 3.98% 6/3/2025 6/10/2025 485,000.00 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 484,991.95 4.34% 6/5/2025 6/12/2025 250,000.00 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 249,999.05 4.31% 6/12/2025 6/16/2025 400,000.00 032654BE4 ANALOG DEVICES INC (CALLABLE) 4.50% 6/15/2030 399,648.00 4.52% 32 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
6/18/2025 6/26/2025 550,000.00 17305EHA6 CCCIT 2025-A1 A 4.30% 6/21/2030 549,850.79 4.31% Total BUY 7,710,000.00 7,682,816.49 0.00

INTEREST
4/1/2025 4/1/2025 808513BW4 CHARLES SCHWAB CORP (CALLABLE) 3.30% 4/1/2027 4,950.00 4/1/2025 4/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 4/1/2025 4/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 592.24 4/1/2025 4/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,571.12 4/1/2025 4/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 4/1/2025 4/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 4/1/2025 4/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 4/1/2025 4/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 4/1/2025 4/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 4/1/2025 4/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,026.88 4/1/2025 4/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 4/1/2025 4/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 4/1/2025 4/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 4/1/2025 4/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 33 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
4/1/2025 4/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 4/1/2025 4/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 4/1/2025 4/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 4/1/2025 4/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 4/1/2025 4/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,728.81 4/1/2025 4/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,834.39 4/4/2025 4/4/2025 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 9,000.00 4/15/2025 4/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 4/15/2025 4/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 4/15/2025 4/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 430.28 4/15/2025 4/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 4/15/2025 4/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 324.88 4/15/2025 4/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 4/15/2025 4/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 4/15/2025 4/15/2025 437076CM2 HOME DEPOT INC (CALLABLE) 2.70% 4/15/2025 337.50 4/15/2025 4/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 547.52 4/15/2025 4/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 34 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
4/15/2025 4/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 4/15/2025 4/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 4/15/2025 4/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 4/15/2025 4/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 4/15/2025 4/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 310.73 4/15/2025 4/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 4/15/2025 4/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 745.26 4/15/2025 4/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 4/16/2025 4/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4.97 4/16/2025 4/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 634.55 4/18/2025 4/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 4/20/2025 4/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,039.81 4/21/2025 4/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3.75 4/21/2025 4/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 4/30/2025 4/30/2025 91282CEN7 US TREASURY N/B 2.75% 4/30/2027 2,750.00 5/1/2025 5/1/2025 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE) 3.45% 5/1/2025 1,121.25 5/1/2025 5/1/2025 13077DQD7 CALIFORNIA ST UNIV-B 0.86% 11/1/2025 366.35 35 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
5/1/2025 5/1/2025 90327QD89 USAA CAPITAL CORP 3.37% 5/1/2025 3,796.88 5/1/2025 5/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 5/1/2025 5/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 5/1/2025 5/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 5/1/2025 5/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,830.67 5/1/2025 5/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 5/1/2025 5/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 5/1/2025 5/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,567.44 5/1/2025 5/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 5/1/2025 5/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 5/1/2025 5/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 5/1/2025 5/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 5/1/2025 5/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,727.45 5/1/2025 5/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 5/1/2025 5/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 5/1/2025 5/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 5/1/2025 5/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,024.81 36 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
5/1/2025 5/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 5/1/2025 5/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 5/1/2025 5/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 591.12 5/1/2025 5/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 5/3/2025 5/3/2025 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 12,442.50 5/7/2025 5/7/2025 3135G06G3 FANNIE MAE 0.50% 11/7/2025 1,625.00 5/15/2025 5/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 5/15/2025 5/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 5/15/2025 5/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 5/15/2025 5/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 5/15/2025 5/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 5/15/2025 5/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 5/15/2025 5/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 5/15/2025 5/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 692.33 5/15/2025 5/15/2025 912828U24 US TREASURY N/B 2.00% 11/15/2026 750.00 5/15/2025 5/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 291.21 5/15/2025 5/15/2025 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 375.28 37 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
5/15/2025 5/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 5/15/2025 5/15/2025 91324PEC2 UNITEDHEALTH GROUP INC (CALLABLE) 1.15% 5/15/2026 1,293.75 5/15/2025 5/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 284.95 5/15/2025 5/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 5/15/2025 5/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 5/15/2025 5/15/2025 539830BZ1 LOCKHEED MARTIN CORP (CALLABLE) 4.45% 5/15/2028 1,335.00 5/15/2025 5/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 5/15/2025 5/15/2025 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) 3.50% 5/15/2025 3,937.50 5/15/2025 5/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 505.45 5/15/2025 5/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 400.81 5/15/2025 5/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 5/16/2025 5/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 570.30 5/16/2025 5/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3.24 5/18/2025 5/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 5/20/2025 5/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 5/20/2025 5/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 77.33 5/21/2025 5/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 38 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
5/21/2025 5/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 1.28 6/1/2025 6/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 6/1/2025 6/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 6/1/2025 6/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 6/1/2025 6/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 6/1/2025 6/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 6/1/2025 6/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 6/1/2025 6/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,834.37 6/1/2025 6/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 6/1/2025 6/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 6/1/2025 6/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 6/1/2025 6/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 6/1/2025 6/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,022.62 6/1/2025 6/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 6/1/2025 6/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 6/1/2025 6/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 6/1/2025 6/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 39 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
6/1/2025 6/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 6/1/2025 6/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,562.59 6/1/2025 6/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 576.58 6/1/2025 6/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,725.71 6/3/2025 6/3/2025 023135BQ8 AMAZON.COM INC (CALLABLE) 0.80% 6/3/2025 1,900.00 6/9/2025 6/9/2025 63254ABE7 NATIONAL AUSTRALIA BK/NY 3.90% 6/9/2027 9,762.50 6/10/2025 6/10/2025 63254ABD9 NATIONAL AUSTRALIA BK/NY 3.50% 6/10/2025 4,375.00 6/15/2025 6/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 260.42 6/15/2025 6/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 6/15/2025 6/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 6/15/2025 6/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 6/15/2025 6/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 6/15/2025 6/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 6/15/2025 6/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 463.74 6/15/2025 6/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 372.25 6/15/2025 6/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 490.51 6/15/2025 6/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 40 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
6/15/2025 6/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 6/15/2025 6/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,582.64 6/15/2025 6/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 6/15/2025 6/15/2025 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 862.50 6/15/2025 6/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 6/15/2025 6/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 259.05 6/15/2025 6/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 6/15/2025 6/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 6/15/2025 6/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 642.47 6/16/2025 6/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 512.35 6/16/2025 6/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 1.66 6/16/2025 6/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 342.40 6/18/2025 6/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,345.38 6/20/2025 6/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 371.36 6/20/2025 6/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 6/20/2025 6/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 6/21/2025 6/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 41 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
6/25/2025 6/25/2025 437076DC3 HOME DEPOT INC (CALLABLE) 4.75% 6/25/2029 8,906.25 6/30/2025 6/30/2025 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 124,687.50 6/30/2025 6/30/2025 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 50,625.00 6/30/2025 6/30/2025 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 96,687.50 Total INTEREST 0.00 505,460.07 0.00

MATURITY
4/15/2025 4/15/2025 25,000.00 437076CM2 HOME DEPOT INC (CALLABLE) 2.70% 4/15/2025 25,000.00 5/1/2025 5/1/2025 225,000.00 90327QD89 USAA CAPITAL CORP 3.37% 5/1/2025 225,000.00 5/1/2025 5/1/2025 65,000.00 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE) 3.45% 5/1/2025 65,000.00 5/15/2025 5/15/2025 85,000.00 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 85,000.00 5/15/2025 5/15/2025 225,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) 3.50% 5/15/2025 225,000.00 6/3/2025 6/3/2025 475,000.00 023135BQ8 AMAZON.COM INC (CALLABLE) 0.80% 6/3/2025 475,000.00 6/10/2025 6/10/2025 250,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY 3.50% 6/10/2025 250,000.00 6/15/2025 6/15/2025 50,000.00 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 50,000.00 Total MATURITY 1,400,000.00 1,400,000.00 0.00

PAYDOWNS
4/1/2025 4/25/2025 489.37 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 489.37 5.95 42 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

PAYDOWNS
4/1/2025 4/25/2025 910.70 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 910.74 0.04 4/1/2025 4/25/2025 339.44 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 339.44 0.01 4/1/2025 4/25/2025 2.78 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 2.78 0.03 4/1/2025 4/25/2025 741.91 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 741.90 10.75 4/15/2025 4/15/2025 6,936.85 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,936.85 0.65 4/15/2025 4/15/2025 9,995.94 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,995.94 0.56 4/15/2025 4/15/2025 13,717.81 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 13,717.81 4/15/2025 4/15/2025 10,177.80 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,177.80 0.10 4/15/2025 4/15/2025 7,606.38 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,606.38 0.46 4/16/2025 4/16/2025 15,997.22 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 15,997.22 1.27 4/16/2025 4/16/2025 3,045.44 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,045.44 0.02 4/21/2025 4/21/2025 3,375.72 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,375.72 0.13 5/1/2025 5/25/2025 788.44 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 788.44 10.86 5/1/2025 5/25/2025 3.14 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 3.14 0.03 5/1/2025 5/25/2025 1,198.11 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,198.11 5/1/2025 5/25/2025 438.70 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 438.70 0.01 5/1/2025 5/25/2025 6,357.02 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 6,357.02 69.42 43 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

PAYDOWNS
5/15/2025 5/15/2025 9,720.47 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 9,720.47 0.09 5/15/2025 5/15/2025 12,921.17 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,921.17 5/15/2025 5/15/2025 9,912.32 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,912.32 0.54 5/15/2025 5/15/2025 7,368.51 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,368.51 0.43 5/15/2025 5/15/2025 6,569.13 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 6,569.13 0.26 5/15/2025 5/15/2025 6,600.59 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,600.59 0.59 5/16/2025 5/16/2025 14,427.71 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 14,427.71 1.09 5/16/2025 5/16/2025 2,797.72 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 2,797.72 0.02 5/18/2025 5/18/2025 21,579.27 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 21,579.27 2.72 5/21/2025 5/21/2025 1,741.81 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 1,741.81 0.06 6/1/2025 6/25/2025 372.13 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 372.13 0.01 6/1/2025 6/25/2025 747.04 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 747.04 9.74 6/1/2025 6/25/2025 923.81 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 923.81 6/1/2025 6/25/2025 32.27 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 32.27 0.34 6/1/2025 6/25/2025 5,166.27 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 5,166.27 50.01 6/15/2025 6/15/2025 6,321.83 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,321.83 0.54 6/15/2025 6/15/2025 20,981.32 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 20,981.32 0.82 44 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

PAYDOWNS
6/15/2025 6/15/2025 12,807.23 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,807.23 0.01 6/15/2025 6/15/2025 9,924.71 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,924.71 0.52 6/15/2025 6/15/2025 7,297.19 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,297.19 0.42 6/15/2025 6/15/2025 9,121.66 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 9,121.66 0.09 6/16/2025 6/16/2025 13,858.71 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 13,858.71 1.02 6/16/2025 6/16/2025 2,707.81 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 2,707.81 0.02 6/18/2025 6/18/2025 20,594.68 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 20,594.68 2.53 Total PAYDOWNS 286,618.13 286,618.16 172.16
SELL
4/1/2025 4/4/2025 475,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 464,665.24 -1,824.28 4/8/2025 4/9/2025 550,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 558,492.47 5,707.98 4/15/2025 4/23/2025 100,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 101,638.44 970.40 4/16/2025 4/23/2025 400,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 406,663.12 3,990.95 4/22/2025 4/24/2025 25,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 25,419.10 97.00 4/22/2025 4/24/2025 150,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 152,514.64 1,495.24 5/1/2025 5/6/2025 1,150,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 1,177,531.19 11,208.38 5/1/2025 5/6/2025 75,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 73,852.36 -40.83 45 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
5/5/2025 5/8/2025 400,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 404,859.38 702.36 5/6/2025 5/9/2025 200,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 202,779.55 679.86 5/6/2025 5/9/2025 400,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 405,559.11 5,589.66 5/12/2025 5/12/2025 200,000.00 91282CEN7 US TREASURY N/B 2.75% 4/30/2027 195,538.73 -1,192.32 6/2/2025 6/4/2025 425,000.00 3137EAEU9 FREDDIE MAC 0.37% 7/21/2025 423,374.55 -2,158.92 6/5/2025 6/12/2025 50,000.00 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 49,958.62 -86.39 6/12/2025 6/16/2025 250,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 253,696.50 2,611.83 6/18/2025 6/26/2025 475,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 482,224.23 4,611.48 Total SELL 5,325,000.00 5,378,767.23 32,362.40
46 Portfolio Holdings
PFM Asset Management | pfmam.com
47 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Da
ted Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 75,000.00 AA+ Aa1 1/13/2023 1/17/2023 70,441.41 3.72 191.58 73,127.9373,363.08

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 2,450,000.00 AA+ Aa1 5/1/2024 5/6/2024 2,383,390.63 4.79 32,755.43 2,468,279.452,402,251.93

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 225,000.00 AA+ Aa1 3/1/2024 3/6/2024 222,547.85 4.30 3,008.15 226,678.73223,360.18

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 400,000.00 AA+ Aa1 4/3/2024 4/5/2024 393,640.63 4.45 5,347.83 402,984.40395,657.78

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,300,000.00 AA+ Aa1 8/1/2024 8/5/2024 1,173,960.94 3.96 44.16 1,210,116.701,201,481.29

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 225,000.00 AA+ Aa1 7/1/2024 7/3/2024 198,641.60 4.49 7.64 209,443.28204,778.50

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,275,000.00 AA+ Aa1 9/4/2024 9/6/2024 1,169,364.26 3.59 43.31 1,186,845.231,190,797.79

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,900,000.00 AA+ Aa1 6/6/2024 6/11/2024 2,565,253.91 4.39 98.51 2,699,491.102,646,785.21

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,400,000.00 AA+ Aa1 10/1/2024 10/7/2024 2,211,468.75 3.51 81.52 2,234,061.602,246,593.26

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,200,000.00 AA+ Aa1 10/31/2024 11/5/2024 1,182,093.75 4.14 122.28 1,200,750.001,184,719.04

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 2,600,000.00 AA+ Aa1 12/3/2024 12/6/2024 2,565,773.44 4.10 264.95 2,601,625.002,570,238.70

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,475,000.00 AA+ Aa1 2/3/2025 2/6/2025 1,444,693.36 4.33 150.31 1,475,921.881,447,576.43

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,375,000.00 AA+ Aa1 1/2/2025 1/7/2025 1,344,653.32 4.36 140.12 1,375,859.381,348,068.87

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 1,500,000.00 AA+ Aa1 5/1/2025 5/6/2025 1,476,796.88 3.65 132.47 1,472,403.001,477,596.78

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 6/2/2025 6/5/2025 875,566.41 3.98 79.48 883,441.80875,963.38 48 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 4/1/2025 4/4/2025 878,414.06 3.87 79.48 883,441.80879,556.65

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 2,650,000.00 AA+ Aa1 3/3/2025 3/6/2025 2,565,117.19 4.06 234.04 2,601,245.302,570,949.93 23,850,000.00 22,721,818.39 42,781.26 23,205,716.58Security Type Sub-Total 4.11 22,939,738.80 Negotiable CD

TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 A- A2 10/27/2022 10/31/2022 450,000.00 5.60 17,430.00 451,670.40450,000.00

NORDEA BANK ABP NEW YORK
DTD 11/03/2022 5.530% 11/03/2025
65558UYF3 450,000.00 A-1+ P-1 11/2/2022 11/3/2022 450,000.00 5.53 4,009.25 451,516.95450,000.00 900,000.00 900,000.00 21,439.25 903,187.35Security Type Sub-Total 5.57 900,000.00 Municipal

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 160,000.00 AA Aa2 9/3/2020 9/16/2020 160,000.00 1.26 1,006.40 160,000.00160,000.00

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 65,000.00 AA Aa2 9/3/2020 9/16/2020 65,459.55 1.11 408.85 65,000.0065,000.00

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 85,000.00 AA Aa2 9/3/2020 9/16/2020 85,563.55 1.12 534.65 85,000.0085,000.00

MINNESOTA ST-F-UNREF
DTD 08/25/2020 0.630% 08/01/2025
60412AK85 100,000.00 AAA Aaa 5/7/2024 5/7/2024 100,000.00 0.63 262.50 99,695.90100,000.00

SAN JUAN CA UNIF SCH
DTD 10/29/2020 0.852% 08/01/2025
798306WP7 130,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 0.85 461.50 129,595.83130,000.00

CALIFORNIA ST UNIV-B
DTD 07/29/2021 0.862% 11/01/2025
13077DQD7 85,000.00 AA- Aa2 7/9/2021 7/29/2021 85,000.00 0.86 122.12 84,012.3085,000.00 CA ST
DTD 03/15/2023 4.846% 03/01/2027
13063D3N6 200,000.00 AA- Aa2 3/9/2023 3/15/2023 200,000.00 4.85 3,230.67 202,444.80200,000.00 825,000.00 826,023.10 6,026.69 825,748.83Security Type Sub-Total 1.93 825,000.00 49 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Joint Powers Authority
CAMP Pool 293,111.44 AAAm NR 293,111.44 0.00 293,111.44293,111.44 293,111.44 293,111.44 0.00 293,111.44Security Type Sub-Total 293,111.44 Federal Agency

FANNIE MAE
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 350,000.00 AA+ Aa1 8/25/2020 8/27/2020 348,362.00 0.47 459.38 347,854.50349,950.81

FEDERAL HOME LOAN BANK
DTD 09/11/2020 0.375% 09/04/2025
3130AK5E2 150,000.00 AA+ Aa1 9/10/2020 9/11/2020 149,550.00 0.44 182.81 148,933.35149,984.19

FREDDIE MAC
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 700,000.00 AA+ Aa1 9/23/2020 9/25/2020 697,893.00 0.44 714.58 693,622.30699,903.91

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 650,000.00 AA+ Aa1 11/9/2020 11/12/2020 647,673.00 0.57 487.50 641,347.85649,836.66 1,850,000.00 1,843,478.00 1,844.27 1,831,758.00Security Type Sub-Total 0.49 1,849,675.57 Corporate

IBM CORP
DTD 07/27/2022 4.000% 07/27/2025
459200KS9 225,000.00 A- A3 7/20/2022 7/27/2022 225,000.00 4.00 3,850.00 224,900.55225,000.00

BANK OF AMERICA CORP
DTD 07/30/2015 3.875% 08/01/2025
06051GFS3 225,000.00 A- A1 8/18/2020 8/20/2020 256,918.50 0.93 3,632.81 224,878.95225,537.65

ABBOTT LABORATORIES
(CALLABLE)
DTD 03/22/2017 3.875% 09/15/2025
002824BM1 225,000.00 AA- Aa3 9/24/2020 9/28/2020 257,845.50 0.86 2,567.19 224,650.58225,000.00

UNITEDHEALTH GROUP INC
(CALLABLE)
DTD 05/19/2021 1.150% 05/15/2026
91324PEC2 225,000.00 A+ A2 5/17/2021 5/19/2021 224,608.50 1.19 330.63 218,697.30224,931.55

BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
05565EBW4 175,000.00 A A2 8/12/2021 8/16/2021 174,947.50 1.26 844.62 169,190.35174,988.28

CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
14913R2U0 225,000.00 A A2 1/11/2022 1/13/2022 223,863.75 1.81 1,838.13 217,151.33224,653.74

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 359.67 38,742.4439,978.97 50 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate

BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
06406RBA4 475,000.00 A Aa3 1/26/2022 1/28/2022 473,945.50 2.10 4,192.53 460,500.15474,668.64

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 750,000.00 AAA Aaa 3/14/2023 3/17/2023 721,942.50 4.36 9,968.75 742,295.25738,468.15

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
025816CS6 300,000.00 A- A2 1/13/2023 1/18/2023 277,203.00 4.59 2,486.25 292,071.90290,749.27

BERKSHIRE HATHAWAY FIN
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
084664CZ2 475,000.00 AA Aa2 3/15/2022 3/17/2022 466,089.00 2.70 3,216.81 462,982.50471,956.98

CHARLES SCHWAB CORP
(CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
808513BW4 300,000.00 A- A2 2/17/2023 2/22/2023 284,925.00 4.66 2,475.00 295,790.40293,578.60

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.905% 06/09/2027
63254ABE7 500,000.00 AA- Aa2 1/13/2023 1/18/2023 488,325.00 4.50 1,193.19 498,748.00494,845.57

APPLE INC (CALLABLE)
DTD 09/12/2017 2.900% 09/12/2027
037833DB3 775,000.00 AA+ Aaa 1/19/2023 1/23/2023 741,062.75 3.94 6,804.93 758,264.65758,915.90

TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
89236TKQ7 375,000.00 A+ A1 2/8/2023 2/10/2023 376,282.50 4.55 8,141.93 379,498.13375,659.34

NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
637432NP6 350,000.00 A- A1 2/17/2023 2/22/2023 329,189.00 4.76 4,760.00 343,069.65339,087.34

TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
882508BV5 85,000.00 A+ Aa3 5/11/2023 5/18/2023 87,043.40 4.04 1,477.11 86,360.8586,113.70

BRISTOL-MYERS SQUIBB CO
(CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
110122DE5 375,000.00 A A2 3/9/2023 3/13/2023 358,263.75 4.93 5,321.88 373,267.88366,062.07

LOCKHEED MARTIN CORP
(CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028
539830BZ1 60,000.00 A- A2 5/23/2023 5/25/2023 59,892.00 4.49 341.17 60,673.7459,937.61

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 07/19/2024 4.968% 07/14/2028
61690U8E3 525,000.00 A+ Aa3 7/18/2024 7/19/2024 525,525.00 4.94 12,099.15 531,269.55525,366.87 51 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 375,000.00 A A1 7/21/2023 7/25/2023 377,865.00 4.78 8,610.94 384,120.00376,750.39

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 750,000.00 A+ Aa3 10/2/2023 10/4/2023 746,280.00 5.92 11,122.42 784,097.25747,460.42

AIR PRODUCTS & CHEMICALS
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
009158BH8 340,000.00 A A2 2/6/2024 2/8/2024 339,547.80 4.63 6,212.56 344,871.52339,664.04

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 420,000.00 AA- A1 2/21/2024 2/26/2024 419,853.00 4.86 7,072.92 430,312.68419,890.19

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 50,000.00 AA- Aa3 3/5/2024 3/14/2024 49,909.50 4.74 698.47 51,053.4549,931.15

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 725,000.00 AA- Aa3 3/6/2024 3/14/2024 725,355.25 4.69 10,127.85 740,275.03725,273.00

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 205,000.00 A+ A1 4/1/2024 4/4/2024 204,694.55 4.83 2,378.00 210,187.94204,763.84

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 170,000.00 A+ A1 4/2/2024 4/4/2024 169,775.60 4.83 1,972.00 174,302.19169,826.68

WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 290,000.00 BBB+ A1 4/15/2025 4/23/2025 290,000.00 4.97 2,722.46 294,057.97290,000.00

WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 110,000.00 BBB+ A1 4/16/2025 4/23/2025 110,088.00 4.95 1,032.66 111,539.23110,083.02

BANK OF AMERICA CORP
(CALLABLE)
DTD 05/09/2025 4.623% 05/09/2029
06051GMT3 600,000.00 A- A1 5/6/2025 5/9/2025 600,000.00 4.62 4,006.60 603,803.40600,000.00

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 250,000.00 A A2 6/18/2024 6/25/2024 248,627.50 4.88 197.92 255,202.50248,880.97

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 125,000.00 A A2 6/17/2024 6/25/2024 124,193.75 4.90 98.96 127,601.25124,342.32

AMERICAN HONDA FINANCE
DTD 09/05/2024 4.400% 09/05/2029
02665WFQ9 400,000.00 A- A3 9/3/2024 9/5/2024 399,520.00 4.43 5,671.11 398,060.40399,592.27 52 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate

MARS INC (CALLABLE)
DTD 03/12/2025 4.800% 03/01/2030
571676AY1 115,000.00 A A2 3/5/2025 3/12/2025 114,875.80 4.83 1,671.33 116,476.83114,882.59

STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.834% 04/24/2030
857477DB6 200,000.00 A Aa3 4/22/2025 4/24/2025 200,000.00 4.83 1,799.32 203,675.40200,000.00

PACCAR FINANCIAL CORP
DTD 05/08/2025 4.550% 05/08/2030
69371RT71 400,000.00 A+ A1 5/5/2025 5/8/2025 399,380.00 4.59 2,679.44 404,908.40399,397.16

ANALOG DEVICES INC (CALLABLE)
DTD 06/16/2025 4.500% 06/15/2030
032654BE4 400,000.00 A- A2 6/12/2025 6/16/2025 399,648.00 4.52 750.00 403,143.60399,651.89 12,610,000.00 12,512,417.90 144,726.71 12,640,693.19Security Type Sub-Total 4.23 12,535,890.16 Agency CMBS
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 246,890.66 AA+ Aa1 4/11/2023 4/14/2023 236,667.84 4.32 564.76 244,243.25244,807.29 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 550,000.00 AA+ Aa1 4/6/2023 4/12/2023 526,839.84 3.98 1,215.96 539,818.40542,095.38 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 365,891.26 AA+ Aa1 5/19/2023 5/24/2023 354,628.68 4.29 1,020.53 361,567.16361,389.80 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 550,000.00 AA+ Aa1 8/16/2023 8/18/2023 518,804.69 4.94 1,477.67 541,626.25534,991.62 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 550,000.00 AA+ Aa1 6/8/2023 6/13/2023 527,033.20 4.42 1,486.38 541,261.05539,209.56 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 385,059.03 AA+ Aa1 12/6/2023 12/14/2023 385,055.95 4.86 1,558.85 390,428.29385,057.99 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 550,000.00 AA+ Aa1 7/13/2023 7/20/2023 555,493.40 4.59 2,208.71 559,847.20553,323.89 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 433,132.10 AA+ Aa1 7/19/2023 7/27/2023 433,121.31 4.78 1,724.23 436,614.49433,125.54 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 525,324.72 AA+ Aa1 7/18/2023 7/31/2023 516,418.82 4.58 1,830.55 525,337.33519,844.17 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 500,000.00 AA+ Aa1 10/11/2023 10/19/2023 489,032.00 5.25 1,975.00 508,525.50492,550.90 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 800,000.00 AA+ Aa1 9/7/2023 9/14/2023 788,165.60 4.99 3,100.00 811,510.40792,117.76 53 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 375,000.00 AA+ Aa1 10/25/2023 10/31/2023 363,043.88 5.60 1,515.63 382,643.25366,611.22 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 500,000.00 AA+ Aa1 9/20/2023 9/28/2023 494,023.50 5.07 2,000.00 509,475.00495,891.30 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 275,000.00 AA+ Aa1 11/28/2023 12/7/2023 274,209.93 4.93 1,113.75 280,966.95274,442.27 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 180,000.00 AA+ Aa1 11/14/2023 11/21/2023 179,479.62 5.14 760.35 184,810.68179,635.10 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 290,000.00 AA+ Aa1 2/1/2024 2/8/2024 292,899.71 4.34 1,104.90 293,719.54292,134.78 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 550,000.00 AA+ Aa1 6/5/2024 6/13/2024 549,998.35 4.80 2,201.38 561,927.85550,000.00 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 440,000.00 AA+ Aa1 7/16/2024 7/25/2024 442,702.04 4.58 1,730.67 448,495.08442,263.24 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 495,000.00 AA+ Aa1 8/7/2024 8/15/2024 499,630.23 4.33 1,873.99 501,485.00498,882.06 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
3137HKXJ8 190,000.00 AA+ Aa1 4/15/2025 4/24/2025 189,993.35 4.41 698.25 191,687.39189,993.70 8,751,297.78 8,617,241.94 31,161.56 8,815,990.06Security Type Sub-Total 4.72 8,688,367.57 ABS
GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 214.23 AAA Aaa 10/13/2021 10/21/2021 214.23 0.68 0.06 213.89214.23 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 69,180.07 AAA NR 7/12/2022 7/20/2022 69,178.44 3.97 122.06 69,027.4669,179.46 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 63,745.55 AAA Aaa 9/20/2022 9/28/2022 63,732.35 4.46 126.36 63,719.9263,740.20 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 113,696.78 AAA NR 10/4/2022 10/12/2022 113,678.15 4.82 228.34 113,817.53113,688.61 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 153,708.74 AAA NR 1/24/2023 1/30/2023 153,708.66 4.63 316.30 153,773.60153,708.70 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 245,000.00 AAA NR 10/27/2022 11/3/2022 244,961.56 4.95 539.00 245,283.71244,982.23 54 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 100,270.17 NR Aaa 2/13/2023 2/23/2023 100,260.08 5.05 225.05 100,472.02100,265.02 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 88,768.60 AAA NR 3/28/2023 3/31/2023 88,759.34 4.65 183.46 88,864.2988,763.62 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 277,826.05 AAA NR 8/15/2023 8/22/2023 277,768.77 5.42 542.76 279,603.58277,792.48 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 320,000.00 NR Aaa 4/4/2023 4/11/2023 319,981.44 4.31 612.98 319,696.64319,989.81 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 170,000.00 AAA NR 6/8/2023 6/16/2023 169,961.51 4.79 361.91 170,718.76169,977.50 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 190,000.00 AAA NR 6/7/2023 6/14/2023 189,983.15 4.87 411.24 190,971.28189,990.16 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 490,000.00 AAA NR 5/17/2023 5/24/2023 489,887.64 4.42 962.58 490,452.27489,935.13 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 350,000.00 AAA Aaa 6/21/2023 6/28/2023 349,952.72 4.93 766.89 352,117.50349,971.85 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 85,000.00 NR Aaa 11/1/2023 11/8/2023 84,985.03 5.67 133.88 85,902.6184,990.02 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 322,449.54 AAA Aaa 8/15/2023 8/23/2023 322,429.55 5.53 792.51 324,958.20322,437.00 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 405,000.00 AAA NR 9/7/2023 9/15/2023 404,887.73 5.17 928.80 409,651.43404,924.77 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 410,000.00 AAA NR 9/12/2023 9/19/2023 409,981.67 5.23 953.02 414,615.37409,987.92 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 100,000.00 AAA NR 5/14/2025 5/21/2025 99,989.29 4.61 140.86 100,875.9099,989.91 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 180,000.00 NR Aaa 12/7/2023 12/14/2023 179,975.83 4.98 398.40 181,889.46179,983.27 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 495,000.00 AAA NR 4/16/2024 4/23/2024 494,898.53 5.23 1,150.60 504,831.69494,898.53 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 115,000.00 NR Aaa 4/29/2025 5/8/2025 114,987.15 4.15 212.11 115,213.67114,987.82 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 80,000.00 NR Aaa 5/6/2025 5/12/2025 79,994.48 4.35 106.33 80,357.4479,994.90 55 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 550,000.00 NR Aaa 4/8/2025 4/9/2025 553,673.83 4.62 1,168.44 557,200.05553,514.81 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 415,000.00 NR Aaa 3/25/2025 3/31/2025 414,982.16 4.51 571.89 416,779.94414,984.15 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 90,000.00 AAA Aaa 5/6/2025 5/14/2025 89,986.75 4.28 160.50 90,472.8689,987.15 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 250,000.00 AAA NR 6/5/2025 6/12/2025 249,999.05 4.31 568.68 251,655.25250,000.00 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
92970QAJ4 485,000.00 AAA NR 6/3/2025 6/10/2025 484,991.95 4.34 1,227.86 488,725.29484,993.62 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 550,000.00 AAA Aaa 6/18/2025 6/26/2025 549,850.79 4.31 328.47 553,119.05549,851.26 7,164,859.74 7,167,641.83 14,241.34 7,214,980.66Security Type Sub-Total 4.76 7,167,724.13 55,951,157.52 54,588,621.16 262,221.08 55,438,074.67Managed Account Sub Total Securities Sub Total
Accrued Interest
$56,244,268.96 $54,881,732.60 $262,221.08 $55,731,186.11 $262,221.08
54,906,396.23
$55,199,507.67

4.19 4.19%
Total Investments $55,993,407.19
56 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.

While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

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

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

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

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.

Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com.

Further distribution is not permitted without prior written consent. 57 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Appendix
Important Disclosures
This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Trust’s investment objectives, risks, charges and expenses before investing in the Trust. This and other information about the Trust is available in the Trust’s current Information Statement, which should be read carefully before investing. A copy of the Trust’s Information Statement may be obtained by calling 1-800-729-7665 or is available on the Trust’s website at www.camponline.com. While the Cash Reserve Portfolio seeks to maintain a stable net asset value of $1.00 per share and the CAMP Term Portfolio seeks to achieve a net asset value of $1.00 per share at the stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Trust. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.

Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

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

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

ICE Bank of America Indices provided by Bloomberg Financial Markets.

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

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

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

MBS maturities are represented by expected average life. 58 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.
59 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

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

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

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

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

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

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

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

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 60 The Federal Open Market Committee (FOMC)
maintained the target range for the federal funds rate at

4.25-4.5% during both meetings in Q2, citing resilience in the labor market and marginal improvements in an
otherwise sticky inflation picture.

U.S. Treasury yields in the intermediate-term (2-7
years) moved lower over the quarter. The change in
yields reflected ongoing market sensitivity to domestic policy uncertainty, with a continued focus on the
potential impacts of taxes, tariffs, immigration, and
deregulation. However, progress on trade negotiations
and lower recession probabilities kept the declines in
check. As a result of the Treasury rally, total returns were strong for the quarter.

Federal Agency & supranational spreads remained
low throughout Q2. Both sectors produced slightly
positive excess returns for the quarter. Issuance
remained light and the incremental income from the
sectors is near zero.

Investment-Grade (IG) corporate bond spreads
spiked early in the quarter on tariff announcements, but as external stressors eased much of the widening
retraced. Demand for new issuance remains strong
while net issuance is predicted to decrease over the
balance of the year. Lower-quality issuers outperformed as did banks and other financials.

Asset-Backed Securities spreads retraced over
quarter, but to a lesser degree than most other
sectors. ABS showed the impact of the slower
decrease in spreads by posting more modest excess
returns over the quarter. We expect the sector to
continue generating value from carry going forward.

Mortgage-Backed Securities performance was
strong across all structures and coupons as rate
volatility moderated over the quarter. Likewise,
Agency-backed commercial MBS (CMBS) also
posted strong performance for the quarter and saw
positive excess returns.

Short-term credit (commercial paper and negotiable
bank CDs) yields on the front end of the yield curve
rose slightly in response to the approaching Treasury
“X-Date” (estimated date for Treasury to exhaust
funds under the debt ceiling) while yields fell modestly on the long end as demand shifted into longer-term
Treasury notes. Yield spreads tightened over the
quarter in response to moderated issuance and
strong demand.

For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended June 30, 2025
Market Update
Fixed-Income Sector Commentary – 2Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
16 U.S. Treasury volatility is expected to continue given both fiscal and monetary policy uncertainty. The
potential impact of further policy changes on
economic growth, inflation, and labor markets are
unknown. We expect to see an ongoing steepening of
the yield curve given the expectation for future Fed
rate cuts.

Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.

Taxable Municipals continue to see little activity due
to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.

Investment-Grade Corporate bond fundamentals
and valuations weakened while technicals have
moved to modestly favorable. Progress on trade
negotiations and lower recession odds should provide
upward pressure on fundamentals moving forward.

We will selectively evaluate opportunities with a focus on industry and credit quality while analyzing rich
holdings to tactically reduce allocations in the sector for accounts where it makes sense.

Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
stabilize heading into Q3 as issuance quiets over the
summer, but overall heightened volatility presents an
opportunity to add allocations at more attractive
levels.

Mortgage-Backed Securities are expected to
underperform over the short term, while rich current
valuations will keep returns over the year positive. We may use any meaningful spread widening to add at
more attractive levels.

Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q3 will continue to be subject
to ongoing debt ceiling dynamics or the Fed’s decision
to slow the pace of quantitative tightening. Given the
positively sloped shape of the money market yield
curve, we favor a mix of floating rate in the front end with fixed rate in longer maturities.

Fixed-Income Sector Outlook – 3Q 2025
For the Quarter Ended June 30, 2025
Market Update
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
17 25)
SA Warrant Report Dated July 28, 2025 to August 03, 2025 Receive and file.