Agenda packet — Lake Elsinore City Council, August 26, 2025 (part 1 of 6)

City of Lake Elsinore
City Council Meeting
Agenda – Final

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 26, 2025

Closed Session: NONE
Public Session: 7:00 PM

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

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

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

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

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

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

Accessibility Accommodations
In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the City Clerk’s Department at (951) 674-3124, Option 6, at least 48 hours before the meeting, to make reasonable arrangements to ensure accessibility.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 2

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

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

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

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

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

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

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

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

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

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 3

CALL TO ORDER - 7:00 P.M.

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

PLEDGE OF ALLEGIANCE

ROLL CALL

PRESENTATIONS/CEREMONIALS

1) Business in Action Monthly Spotlight – Aaron Ford and Chevrolet of Lake Elsinore

Recognize Aaron Ford and Chevrolet of Lake Elsinore as the City of Lake Elsinore’s Business in Action Monthly Spotlight for August 2025.

2) Recognition of Captain Jim Rayls

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE

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

CITY COUNCIL CONSENT CALENDAR

3) Minutes of the Regular City Council Meeting of August 12, 2025

Approve the Minutes.

4) CC Warrant Report Dated July 28, 2025 to August 03, 2025

Receive and file.

5) CC Warrant Report Dated August 04, 2025 to August 10, 2025

Receive and file.

6) CC Investment Report for July 2025

Receive and file the Investment Report for July 2025.

7) Second Reading and Adoption of an Ordinance for Annexation No. 26 Into Community Facilities District No. 2015- 2 (Maintenance Services) for Cambern Apartments

Adopt 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.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 4

8) Second Reading and Adoption of an Ordinance for Annexation No. 24 into Community Facilities District No. 2015-2 (Maintenance Services) for Evergreen

Adopt 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.

9) Second Reading and Adoption of an Ordinance for Formation of Community Facilities District No. 2025-2 (Cambern Apartments Services) of the City of Lake Elsinore

Adopt 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.

10) Client Services Agreement with Michael Baker Inc. for wage compliance in connection with ARPA Loan for Mary McDonald Riley Street Project

Approve and authorize the City Manager to execute a Client Services Agreement with Michael Baker, Inc. in the amount of $88,690 for wage compliance in connection with the ARPA Loan for the Mary McDonald Riley Street Project in such final form as approved by the City Attorney.

11) Emergency Management Performance Grant (FY24 - EMPG) From the California Office of Emergency Services (CAL-OES) for the Fiscal Year 2025-2026

1. Approve the application and authorize acceptance of the Emergency Management Performance Grant (FY-24 EMPG), and

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

ELSINORE, CALIFORNIA, AUTHORIZING DESIGNATED CITY EMPLOYEES TO

EXECUTE EMERGENCY MANAGEMENT AND HOMELAND SECURITY GRANT

DOCUMENTS FOR AND ON BEHALF OF THE CITY OF LAKE ELSINORE FOR

THE PURPOSE OF OBTAINING CERTAIN FEDERAL FINANCIAL ASSISTANCE AND/OR STATE FINANCIAL ASSISTANCE FOR FISCAL YEAR 2025-26.

12) Professional Services Agreement with Creative Industries Media Group for Video Production and Video Streaming Services

Approve and authorize the City Manager to execute a Professional Services Agreement with Creative Industries Media Group for Video Production and Video Live Streaming Services in an amount not to exceed $70,000 per year for three years, with two twelve -
month extension options, in such final form as approved by the City Attorney.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 5

13) Fiscal Year 2025-2026 Revised Operating Budget Status Report

1. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FY 2025 -2026 ANNUAL OPERATING BUDGET FOR REORGANIZATION ADJUSTMENTS; and

2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FY2025 -2026 SCHEDULE OF AUTHORIZED POSITIONS FOR REORGANIZATION ADJUSTMENTS.

14) Notice of Decision – Planning Commission Approval of Planning Application No. 2025-10 (Vista Lago Global Academy) for a Commercial Design Review to Allow Temporary Modular Classroom Buildings for a New Public Charter School located within a Portion of the Parking Lot at Alberhill Ranch Community Park at 28200 Lake Street

Receive and File the Notice of Decision for Planning Application No. 2025- 10 approved by the Planning Commission on August 5, 2025.

15) Professional Services Agreement with Michael Baker International Inc. for On - call Contract Planning Services

Approve and authorize the City Manager to execute an Agreement for Professional Services with Michael Baker International, Inc. to provide on- call contract planning services in the amount not to exceed $180,000 per year for three years, with two twelve-month extension options, in such final form as approved by the City Attorney.

16) 2025 Lake Elsinore Small Business Walk Survey Results

Receive and file the 2025 Lake Elsinore Small Business Walk Survey Results.

17) Amendment No. 1 to the Professional Services Agreements for Engineering Plan Check Services

Approve and authorize the City Manager to execute Amendment No. 1 to the Professional Services Agreements for Engineering Plan Check Services with Charles Abbott Associates, Inc., Engineering Resources of Southern California (ERSC), and Michael Baker International, Inc. to provide on-
call plan checking services in an
amount not to exceed $100,000 each in such final form as approved by the City Attorney.

18) Riverside County Transportation Commission Funding Agreement Under the SB 821 Bicycle and Pedestrian Facilities Program

Approve and authorize the City Manager to execute an agreement with Riverside County Transportation Commission accepting funding of $360,381.50 through the SB 821 Bicycle and Pedestrian Facilities Program for the Spring Street Sidewalk Improvement Project in such final form as approved by the City Attorney.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 6

19) Amendment No. 1 for the Professional Services Agreement with Albert A. Webb Associates for Engineering Traffic Consulting Services

Approve and authorize the City Manager to execute Amendment No. 1 to the Agreement for Professional Services with Albert A. Webb Associates for On- Call Engineering Traffic Consulting Services in the amount of $80,000 in such final form as approved by the City Attorney.

20) Master Subscription Agreement with Nearmap US, Inc. for Aerial Imagery Software Services

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.

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.

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.

SUCCESSOR AGENCY CONSENT CALENDAR

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

Approve the Minutes.

24) SA Investment Report for July 2025

Receive and file the Investment Report for July 2025.

25) SA Warrant Report Dated July 28, 2025 to August 03, 2025

Receive and file.

26) SA Warrant Report Dated August 04, 2025 to August 10, 2025

Receive and file.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 7

PUBLIC HEARINGS

27) Change Proceedings for Community Facilities District No. 2021 -1 of the City of Lake Elsinore (Tuscany Valley/Crest)

1. Conduct a public hearing;

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

ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2021- 1 OF THE CITY OF LAKE

ELSINORE (TUSCANY VALLEY/CREST), APPROVING AN AMENDED AND

RESTATED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR EACH OF IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO. 2 OF

THE DISTRICT AND INCREASING THE AUTHORIZED BONDED
INDEBTEDNESS FOR EACH OF IMPROVEMENT AREA NO. 1 AND
IMPROVEMENT AREA NO. 2 OF THE DISTRICT AND CALLING ELECTIONS THEREIN;

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

ELSINORE, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2021- 1 OF THE CITY OF LAKE

ELSINORE (TUSCANY VALLEY/CREST), CERTIFYING THE RESULTS OF THE AUGUST 26, 2025, SPECIAL ELECTIONS; and

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2021 - 1 OF

THE CITY OF LAKE ELSINORE (TUSCANY VALLEY/CREST) AUTHORIZING THE LEVY OF SPECIAL TAXES WITHIN IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO. 2 OF THE DISTRICT.

28) Request to Amend Pipe Dreamz's Development Agreement to Revise the Community Benefit Fees

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

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE DEVELOPMENT AGREEMENT AMENDMENT (DA- 2025-08) FOR PIPE
DREAMZ LOCATED AT 31881 CORYDON ROAD, SUITE 160 AND 31875 CORYDON ROAD, SUITE 120 (APN: 370-051-031 AND 370-051-008).

BUSINESS ITEM

29) First Reading of Local Responsibility Area Fire Map Ordinance

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ADOPTING THE FIRE

HAZARD SEVERITY ZONES AS RECOMMENDED BY THE CALIFORNIA

DEPARTMENT OF FORESTRY AND FIRE PROTECTION PURSUANT TO
GOVERNMENT CODE SECTION 51178.

City Council Agenda - Final August 26, 2025

City of Lake Elsinore Page 8

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES

CITY MANAGER COMMENTS

CITY ATTORNEY COMMENTS

CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED

ADJOURNMENT

The Lake Elsinore City Council will adjourn to the next Regular meeting of Tuesday, September 9, 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.

AFFIDAVIT OF POSTING

I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, do hereby affirm that a copy of the foregoing agenda was posted at City Hall at 5:00 p.m. on Thursday, August 21, 2025.

_________________________
Candice Alvarez, MMC
City Clerk

1)
Business in Action Monthly Spotlight – Aaron Ford and Chevrolet of Lake Elsinore Recognize

Aaron

Ford

and

Chevrolet

Lake

Elsinore

the

City

Lake

Elsinore’s
Business in Action Monthly Spotlight for August 2025.

Page 1 of 2 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Gina Gonzalez, Director of Economic Development and Legislative Affairs Date:August 26, 2025
Subject:Business in Action Monthly Spotlight – Aaron Ford and Chevrolet of Lake Elsinore
Recommendation
Recognize Aaron Ford and Chevrolet of Lake Elsinore as the City of Lake Elsinore’s Business in Action Monthly Spotlight for August 2025.

Background
The City of Lake Elsinore’s Business in Action Monthly Spotlight highlights outstanding local businesses that contribute to the community’s economic growth, exceptional customer service, and community involvement. For the month of August 2025, the City is proud to recognize Aaron Ford and Chevrolet of Lake Elsinore for its dedication to successful automotive sales and services and its active engagement in supporting local events and charities.

Discussion
Aaron Ford and Chevrolet of Lake Elsinore, a family-owned business, has been serving the Lake Elsinore community with passion and excellence for over two years. Known for being a trusted customer-centric full-service dealership with a diverse inventory of new and used vehicles including commercial fleet vehicles and a certified service, collision repair and GM parts center with strong sales on-line and at the dealerships, Aaron Ford and Chevrolet of Lake Elsinore has built a loyal customer base and a reputation for their community engagement, competitive pricing, and commitment to customer satisfaction.

August Monthly Spotlight

Page 2 of 2 ends

Beyond its core services, Aaron Ford and Chevrolet of Lake Elsinore are deeply committed to the local community. The business has cultivated a reputation as not just an auto dealership, but as active, enthusiastic contributors to the community fabric. Their commitment to Lake Elsinore celebrates the people who make the city vibrant through event ticket giveaways and sponsoring events and local charities, like hosting Easter festivities and honoring veterans on Veterans Day, and through ongoing acknowledgements and themed events. Their commitment to quality products and services, as well as their dedication to giving back, exemplifies the values of a thriving local business.

By recognizing Aaron Ford and Chevrolet of Lake Elsinore as the Business in Action Monthly Spotlight, the City aims to celebrate their contributions and encourage other businesses to follow their example in supporting and enhancing the Lake Elsinore community.

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

Attachments
None.

Economic Development
2)
Recognition of Captain Jim Rayls

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Candice Alvarez, MMC, City Clerk
Date:August 26, 2025
Subject:Recognition of Captain Jim Rayls
Attachments
Attachment 1- Certificate of Recognition
City Clerk's Office

3)
Minutes of the Regular City Council Meeting of August 12, 2025 Approve the Minutes.

Page 1 of 1 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Candice Alvarez, MMC, City Clerk
Date:August 26, 2025
Subject:Minutes of the Regular City Council 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.

4)
CC Warrant Report Dated July 28, 2025 to August 03, 2025 Receive and file.

Page 1 of 1 ends

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

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
Administrative Services
JULY 28, 2025 TO AUGUST 03, 2025 CITY OF LAKE ELSINORECITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 2,051,541.53 $
103 THE ANCHOR 2,865.08
110 GAS TAX 1,287.70
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 42,322.79 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 4,908.99 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 25,000.00 180 LAUNCH POINTE 187,206.02
300 INSURANCE SERVICE 2,196.54
305 INFORMATION SYSTEMS SERVICE 129,553.02
310 SUPPORT SERVICE 4,179.62
315 FLEET SERVICE 74,844.92
320 FACILITIES SERVICE 41,433.57
500 CAPITAL IMPROVEMENT PLAN 1,023,238.12
617 HOUSING 7,744.00
620 COST RECOVERY TRUST DEPOSITS (17.00)
631 DESTRATIFICATION EQUIPMENT REPLACEMENT 5,534.19
GRAND TOTAL 3,603,839.09 $
Attachment 1 1 of 1
JULY 28, 2025 TO AUGUST 03, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26000191 ALL AMERICAN ASPHALT 592,877.68 $
APA26000192 ANEEN CONSTRUCTION, INC. 124,129.51
APA26000193 AUTOZONE PARTS, INC. 92.52
APA26000194 CED LAGUNA 31.54
APA26000195 CENTURY LINK 40.64
APA26000196 CONCENTRA 724.00
APA26000197 CORNWELL TOOLS 1,611.39
APA26000198 CR&R, INC. 406.00
APA26000199 DAVID EVANS AND ASSOCIATES, INC. 38,872.29
APA26000200 DISCOUNT HAULING & CLEANUP SERVICE 26,865.00 APA26000201 DISPENSING TECHNOLOGY CORPORATION 6,932.81
APA26000202 DUSTIN THOMPSON PHOTOGRAPHY 750.00
APA26000203 EXCEL LANDSCAPE, INC. 5,937.79
APA26000204 FIX AUTO LAKE ELSINORE 1,207.00
APA26000205 FRONTIER CALIFORNIA - INTERNET 799.73
APA26000206 FRONTIER CALIFORNIA, INC. 5,320.81
APA26000207 GOLDSTAR ASPHALT PRODUCTS 191.40
APA26000208 GREAT AMERICA FINANCIAL SERVICES 4,179.62
APA26000210 HEYDAY 23,000.00
APA26000212 LESJWA 25,000.00
APA26000213 ONBOARD 54,600.00
APA26000214 O'REILLY AUTO STORES INC/FIRST CALL 11,943.33 APA26000215 PRECISION SURVEY SUPPLY, LLC 6,150.00
APA26000216 PROFESSIONAL SAFE CRACKING 550.00
APA26000217 RAPID FIRE SAFETY & SECURITY LLC 300.00
APA26000218 RIVERSIDE COUNTY OFFICE OF ECONOMIC DEVELOPMENT 4,000.00 APA26000219 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 241,333.28 APA26000220 RUFF RUFF PET PRODUCTS, INC. 445.77
APA26000221 SAN DIEGO ICE COMPANY, INC. 349.11
APA26000222 SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENTS 10,183.00 APA26000223 SOUTHERN CALIFORNIA EDISON CO. 41,595.36
APA26000224 STORYLAND STUDIOS DBA PLAINJOE STUDIOS 15,750.00 APA26000225 UNITED TOWING SERVICE, INC. 150.00
APA26000226 VULCAN MATERIALS COMPANY 1,096.30
APA26000227 WALMART COMMUNITY 386.36
APA26000228 WEST COAST SERVICES 1,325.00
APA26000229 WILLSCOT MOBILE MINI 1,319.55
9609 CALPERS RETIREES 52,387.19
9666 AMAZON BUSINESS 2,286.81
9667 AMERICAN MATERIAL COMPANY 244.14
9668 BMW MOTORCYCLES OF RIVERSIDE 589.03
Attachment 2 1 OF 3
JULY 28, 2025 TO AUGUST 03, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
9669 BMW MOTORCYCLES OF RIVERSIDE 34.93
9670 CHEN RYAN ASSOCIATES, INC. 3,149.27
9671 DOWNS ENERGY 140.38
9672 ENDRESEN DEVELOPMENT, INC. 9,795.66
9673 ENDRESEN DEVELOPMENT, INC. 9,990.66
9674 ENDRESEN DEVELOPMENT, INC. 10,133.16
9675 ENDRESEN DEVELOPMENT, INC. 9,810.66
9676 GMS ELEVATOR SERVICES, INC. 360.00
9677 KPA SERVICES, LLC 1,663.27
9678 LAKE ELSINORE TIRE & AUTO, INC. 2,915.63
9679 LAKE ELSINORE VALLEY CHAMBER OF COMMERCE 13,500.00 9680 LEIBOLD, MCCLENDON & MANN, PC 50,554.70
9681 MICHAEL BAKER INTERNATIONAL, INC. 21,318.84
9683 PROSTAFF, LLC 21,525.00
9684 RIGHTWAY SITE SERVICES, INC. 325.00
9685 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 71,452.00 9686 STAPLES ADVANTAGE 234.67
9687 STAPLES ADVANTAGE 9.69
9688 STAPLES ADVANTAGE 47.61
9689 STAPLES ADVANTAGE 19.78
9690 STAPLES ADVANTAGE 50.01
9691 STAPLES ADVANTAGE 230.40
9692 WEST COAST ARBORISTS, INC. 8,932.00
143850 MCDANIELS, DELORES 426.70
143851 AREIZAGA, MELANIE R. 3,800.00
143852 AMERICAN ALLIANCE DRUG TESTING 20.00
143853 CENTRAL CLEANERS 340.00
143854 EVMWD 54,613.53
DFT260026 FRONTIER CALIFORNIA - INTERNET 494.51
DFT260027 CHARTER COMMUNICATIONS 714.77
DFT260040 FRONTIER CALIFORNIA - INTERNET 480.98
DFT260047 CHARTER COMMUNICATIONS 1,399.00
DFT260064 CALPERS 1,309,170.41
DFT260068 PAYCHEX OF NEW YORK, LLC 2,270.30
DFT260069 MISSION SQUARE RETIREMENT 7,913.61
DFT260070 MISSION SQUARE RETIREMENT 549.20
DFT260071 NATIONWIDE TRUST COMPANY, FSB 482.02
DFT260072 STATE DISBURSEMENT UNIT 245.53
DFT260073 STATE DISBURSEMENT UNIT 134.30
DFT260074 INTERNAL REVENUE SERVICE 198.50
DFT260075 INTERNAL REVENUE SERVICE 134,249.06
DFT260076 FRANCHISE TAX BOARD 29,030.73
Attachment 2 2 OF 3
JULY 28, 2025 TO AUGUST 03, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
DFT260077 CALPERS 79,977.31
DFT260078 CALPERS 79,598.83
PR07312025 NET PAYROLL 355,582.52
GRAND TOTAL 3,603,839.09 $
Attachment 2 3 OF 3
5)
CC Warrant Report Dated August 04, 2025 to August 10, 2025 Receive and file.

Page 1 of 1 ends

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

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
Administrative Services
AUGUST 04, 2025 TO AUGUST 10, 2025CITY OF LAKE ELSINORE CITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 1,173,086.58 $
103 THE ANCHOR 7,574.35
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 68,122.43 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 16,478.85 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 596.52 180 LAUNCH POINTE 119,865.80
305 INFORMATION SYSTEMS SERVICE 1,734.35
310 SUPPORT SERVICE 4,681.97
315 FLEET SERVICE 8,266.18
320 FACILITIES SERVICE 33,263.09
330 CFD 2015-2S MAINTENANCE SERVICES 1,942.49
331 CFD 2006-1 IA-CC SUMMERLY IMPROVEMENT 835.13
332 CFD 2006-1 IA-B SUMMERLY IMPROVEMENT 835.13
333 CFD 2015-4 TERRACINA IMPROVEMENT 607.56
334 CFD 2015-5 TRIESTE IMPROVEMENT 813.33
336 CFD 2006-1 IA-FF SUMMERLY IMPROVEMENT 813.33
337 CFD 2016-2 CANYON HILLS IMPROVEMENT 789.64
338 CFD 2006-1 IA-JJ SUMMERLY IMPROVEMENT 813.33
339 CFD 2006-1 IA-KK SUMMERLY IMPROVEMENT 835.13
340 CFD 2006-1 IA-EE SUMMERLY IMPROVEMENT 813.33
342 CFD 2007-5S RED KITE SERVICES 596.52
343 CFD 2006-2S VISCAYA SERVICES 596.52
344 CFD 2005-2S ALBERHILL RANCH SERVICES 596.52
345 CFD 2003-2 IA-D CANYON HILLS IMPROVEMENT 1,648.47
347 CFD 2006-1 IA-A SUMMERLY IMPROVEMENT 1,431.65
350 CFD 98-1 SUMMERHILL IMPROVEMENT 835.13
351 CFD 2006-1 IA-II SUMMERLY IMPROVEMENT 835.13
355 RAD 2021-1 CANYON HILLS IMPROVEMENT 2,279.85
357 CFD 2003-2 IA-A CANYON HILLS IMPROVEMENT 1,073.74
358 CFD 2007-4S MAKENNA SERVICES 596.52
359 CFD 2021-1 IA-2 TUSCANY VALLEY & CREST IMPROVEMENT 715.28 361 CFD 2022-2 LAKESHORE IMPROVEMENT 694.44
362 CFD 2006-8S RUNNING DEER ESTATES SERVICES 789.64
363 CFD 2023-1 LAKESIDE IMPROVEMENT 694.44
364 CFD 2023-2 COASTAL MISSION TRAIL IMPROVEMENT 707.30 366 CFD 2005-6 CITY CENTER TOWNHOMES IMPROVEMENT 596.52 367 CFD 2006-1S SUMMERLY SERVICES 596.52
368 CFD 2006-2 VISCAYA IMPROVEMENT 1,108.02
369 CFD 2004-3 IA-1 ROSETTA CANYON IMPROVEMENT 835.13
370 CFD 2006-1 IA-HH SUMMERLY IMPROVEMENT 835.13
371 CFD 2005-1 SERENITY IMPROVEMENT 835.13
372 CFD 2005-2 IA-A ALBERHILL RANCH IMPROVEMENT 835.13
Attachment 1 1 of 2
AUGUST 04, 2025 TO AUGUST 10, 2025CITY OF LAKE ELSINORE CITY WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
373 CFD 2005-5S WASSON CANYON SERVICES 596.52
374 CFD 2005-4 LAKEVIEW VILLAS IMPROVEMENT 298.26
375 CFD 2006-4 ROSETTA HILLS IMPROVEMENT 298.26
376 CFD 2006-3 LA STRADA IMPROVEMENT 596.52
377 CFD 2006-6 TESSARA IMPROVEMENT 357.91
378 CFD 2006-8 RUNNING DEER ESTATES IMPROVEMENT 596.52
379 CFD 2022-1 ALBERHILL IMPROVEMENT 694.44
380 CFD 2015-4S TERRACINA SERVICES 835.13
384 CFD 2003-2 IA-B CANYON HILLS IMPROVEMENT 3,676.64
385 CFD 2004-3 IA-2 ROSETTA CANYON IMPROVEMENT 835.13
386 CFD 2007-4 MAKENNA IMPROVEMENT 789.64
387 CFD 2007-5 RED KITE IMPROVEMENT 789.64
390 CFD 2003-2 IA-C CANYON HILLS IMPROVEMENT 2,147.48
394 CFD 2005-5 WASSON CANYON IMPROVEMENT 596.52
395 CFD 2018-1 WASSON CANYON II IMPROVEMENT 564.03
396 CFD 2019-2 NICHOLS RANCH IMPROVEMENT 802.15
397 CFD 2019-1 WESTLAKE IMPROVEMENT 802.15
398 CFD 2021-1 IA-1 TUSCANY VALLEY & CREST IMPROVEMENT 715.28 500 CAPITAL IMPROVEMENT PLAN 267,965.02
631 DESTRATIFICATION EQUIPMENT REPLACEMENT 3,844.22
650 CFD 2003-1S LAW,FIRE, PARAMEDIC SERVICES 835.13
651 CFD 2006-5S PARK, OPEN SPACE, STORM DRAIN SERVICES 596.52 652 CFD 2007-1S LAW,FIRE, PARAMEDIC SERVICES 596.52
653 CFD 2009-1S PARK,OPEN SPACE,STREET LIGHT SERVICES 2,242.16 655 CFD 2015-1S LAW, FIRE, PARAMEDIC SERVICES 948.95
GRAND TOTAL 1,755,521.99 $
Attachment 1 2 of 2
AUGUST 04, 2025 TO AUGUST 10, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26000230 ACTION SPORTS CANOPIES 2,217.19 $
APA26000231 ADVANCED HEATING AND AIR CONDITIONING 1,496.00 APA26000232 AMBER AIR CONDITIONING, INC. 70,197.50
APA26000233 ASCENT ENVIRONMENTAL, INC 11,103.75
APA26000234 AZTECA CLEANING SERVICES LLC 21,445.60
APA26000235 BEGINNERS EDGE SPORTS TRAINING, LLC 1,890.00 APA26000236 BERRYDUNN 11,802.00
APA26000237 BIO-TOX LABORATORIES 2,925.80
APA26000238 BURKE, WILLIAMS & SORENSEN, LLP 511.50
APA26000239 CALIFORNIA OUTDOOR HOSPITALITY ASSOC 7,997.50 APA26000240 CALIFORNIA, DEPARTMENT OF JUSTICE 420.00
APA26000241 CALIFORNIA, DEPARTMENT OF JUSTICE 420.00
APA26000242 CAMPGROUND VIEWS, INC 2,538.00
APA26000243 CDW GOVERNMENT, INC. 8,754.38
APA26000244 CED LAGUNA 127.48
APA26000245 CHARTER COMMUNICATIONS 57.64
APA26000246 CONCENTRA 309.00
APA26000247 COUNTY OF RIVERSIDE DEPT. OF ENVIRONMENTAL HEALTH 681.00 APA26000248 DISCOUNT HAULING & CLEANUP SERVICE 11,980.00 APA26000249 DUSTIN THOMPSON PHOTOGRAPHY 500.00
APA26000250 EWING 6,523.72
APA26000251 EXCEL LANDSCAPE, INC. 29,948.00
APA26000252 FACILITRON 7,800.00
APA26000253 FEHR & PEERS 4,070.00
APA26000254 FRONTIER CALIFORNIA, INC. 474.54
APA26000255 FRONTIER CALIFORNIA, INC. 90.53
APA26000256 GREAT AMERICA FINANCIAL SERVICES 539.39
APA26000257 HANCOCK, LORENA 3,602.25
APA26000258 HAZZARD BACKFLOW, INC. 4,850.00
APA26000259 HELIX ENVIRONMENTAL PLANNING INC. 308.75
APA26000260 HEMET FENCE CORP 9,900.00
APA26000261 INNOVATIVE DOCUMENT SOLUTIONS 2,142.58
APA26000262 KELLEN'S BAIT 636.30
APA26000263 KNORR SYSTEMS, INC. 1,388.00
APA26000264 MIG 5,913.00
APA26000265 MINUTEMAN PRESS 3,033.90
APA26000266 NSIDEOUT 1,492.50
APA26000267 O'REILLY AUTO STORES INC/FIRST CALL 414.10
APA26000269 SHRED-IT USA, LLC 85.60
APA26000270 SOUTHERN CALIFORNIA EDISON CO. 125,491.72
APA26000271 STAUFFER LAWN EQUIPMENT 1,137.87
Attachment 2 1 OF 3
AUGUST 04, 2025 TO AUGUST 10, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26000272 STEVE'S TOWING 800.00
APA26000273 SUNBELT RENTALS, INC. 6,681.14
APA26000274 SWANK MOTION PICTURES, INC. 975.00
APA26000275 TRI-STAR ELECTRIC 7,998.00
APA26000277 WAXIE SANITARY SUPPLY 1,626.72
9693 AK SECURITY ALARM LLC 14,316.00
9694 AMAZON BUSINESS 2,186.51
9695 AREA 63 PRODUCTIONS 8,325.00
9696 BMW MOTORCYCLES OF RIVERSIDE 449.28
9697 DELONE, MARIA JAZMINE 2,336.25
9698 DOWNS ENERGY 7,181.23
9699 ENDRESEN DEVELOPMENT, INC. 576.00
9700 ENDRESEN DEVELOPMENT, INC. 18,778.33
9701 ENDRESEN DEVELOPMENT, INC. 10,000.00
9702 ENDRESEN DEVELOPMENT, INC. 21,750.00
9703 ENDRESEN DEVELOPMENT, INC. 576.00
9704 ENDRESEN DEVELOPMENT, INC. 576.00
9705 ENDRESEN DEVELOPMENT, INC. 576.00
9706 ENDRESEN DEVELOPMENT, INC. 21,750.00
9707 ENDRESEN DEVELOPMENT, INC. 576.00
9708 ENDRESEN DEVELOPMENT, INC. 12,686.41
9709 ENDRESEN DEVELOPMENT, INC. 17,400.00
9710 ENDRESEN DEVELOPMENT, INC. 25,332.38
9711 ENDRESEN DEVELOPMENT, INC. 17,400.00
9712 ENDRESEN DEVELOPMENT, INC. 21,750.00
9713 ENDRESEN DEVELOPMENT, INC. 576.00
9714 ENDRESEN DEVELOPMENT, INC. 576.00
9715 ENDRESEN DEVELOPMENT, INC. 576.00
9716 GENERAL UPHOLSTERY 4,000.00
9717 LAKE ELSINORE TIRE & AUTO, INC. 799.99
9718 QUADIENT FINANCE USA, INC. 2,000.00
9719 REGIONAL CONSERVATION AUTHORITY 151,250.50
9720 RENTERIA, YARABITH BUENFIL 1,147.50
9721 RENTERIA, YARABITH BUENFIL 1,147.50
9722 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 3,877.73 9723 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 832,383.28 9724 SECURITAS SECURITY SERVICES USA, INC. 3,196.80
9725 SECURITAS SECURITY SERVICES USA, INC. 3,196.80
9726 SMER RESEARCH 1, LLC 18,501.22
9727 SMER RESEARCH 1, LLC 16,096.74
9728 SOUTHERN CALIFORNIA GAS CO. 13.24
9729 SOUTHERN CALIFORNIA GAS CO. 14.79
Attachment 2 2 OF 3
AUGUST 04, 2025 TO AUGUST 10, 2025 CITY OF LAKE ELSINORE CITY WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
9730 SOUTHERN CALIFORNIA GAS CO. 30.18
9731 SOUTHERN CALIFORNIA GAS CO. 52.15
9732 SOUTHERN CALIFORNIA GAS CO. 58.76
9733 SOUTHERN CALIFORNIA GAS CO. 96.13
9734 SOUTHERN CALIFORNIA GAS CO. 110.10
9735 SOUTHERN CALIFORNIA GAS CO. 14.79
9736 SOUTHERN CALIFORNIA GAS CO. 14.79
9737 SPICER CONSULTING GROUP 53,231.78
9741 TC SPORTS MANAGEMENT, LLC 31,633.33
143857 DIAZ, FRANCISCO 46.43
143858 EMPLOYMENT DEVELOPMENT DEPARTMENT, STATE OF CALIFORNIA2,002.00 143859 EVMWD 38,908.12
143863 GONZALES, HECTOR 150.00
GRAND TOTAL 1,755,521.99 $
Attachment 2 3 OF 3
6) CC Investment Report for July 2025

Receive and file the Investment Report for July 2025.

Page 1 of 1 ends

REPORT TO CITY COUNCIL

To: Honorable Mayor and Members of the City Council

From: Jason Simpson, City Manager

Prepared by: Shannon Buckley, Assistant City Manager

Date: August 26, 2025

Subject: CC Investment Report for July 2025

Recommendation

Receive and file the Investment Report for July 2025.

Discussion

The Investment Report lists all general funds invested for the City as the date shown on the report.

The Review of the Investment Performance for the quarter ending 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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 7)
Second Reading and Adoption of an Ordinance for Annexation No. 26 Into Community Facilities District No. 2015-2 (Maintenance Services) for Cambern Apartments
Adopt 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.

Page 1 of 2 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:August 26, 2025
Subject:Second Reading and Adoption of an Ordinance for Annexation No. 26 Into Community Facilities District No. 2015-2 (Maintenance Services) for Cambern Apartments
Recommendation
Adopt 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
Background
At the August 12, 2025, Council meeting, this ordinance was introduced for first reading.

Discussion
This is the required second reading and adoption. The Ordinance will become effective 30 days from the date of adoption.

Fiscal Impact
There is no fiscal impact associated with the recommended action of this item.

Attachments
Attachment 1 - Location Map
Ordinance Adoption CFD 2015-2 Tax Levy

Page 2 of 2 ends

Attachment 2 - Ordinance
Administrative Services
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COMMUNITY FACILITIES DISTRICT NO. 2015-2
ANNEXATION NO. 26

PROJECT MAP

ORDINANCE NO. 2025-__
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
WHEREAS, pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”), on July 28, 2015, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) adopted Resolution No. 15-078 establishing Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, County of Riverside, State of California (the "CFD No. 2015-2") for the purpose of levying special taxes on parcels of taxable property therein for the purpose of providing certain services (the “Services”), which are necessary to meet increased demands placed upon the City and are described in Exhibit A attached hereto; and WHEREAS, on May 10, 2016, the City Council adopted Ordinance No. 2016-1359 entitled, “An Ordinance of the City of 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 tax” (“Ordinance No. 2015-1359”), pursuant to which the City Council levied special taxes with the CFD No. 2015-2; and WHEREAS, on June 24, 2025, the City Council adopted Resolution No. 2025-33 entitled “A Resolution of the City Council of the City of Lake Elsinore Declaring its Intention to Annex Territory into Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, Adopting a Map of the Area to be Proposed (Annexation No. 26) and Authorizing the Levy of a Special Taxes Therein” (the “Resolution of Intention”) declaring its intention to annex certain territory to the CFD No. 2015-2 and to levy special taxes within that territory to provide the Services as described in the Resolution of Intention and setting a special public hearing on the proposed annexation for August 12, 2025; and
WHEREAS, notice was published as required by the Act relative to the intention of the City Council to annex certain territory to the CFD No. 2015-2, to levy special taxes therein to provide the Services, and to set the time and place of said public hearing; and WHEREAS, on August 12, 2025, at the time and place specified in said published notice, the City Council opened and held a public hearing as required by the Act relative to the annexation of territory in to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services by the CFD No. 2015-2; and
WHEREAS, at said public hearing all persons desiring to be heard on all matters pertaining to the annexation of territory to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services therein were heard, and a full and fair hearing was held; and
WHEREAS, subsequent to said public hearing, the City Council adopted Resolution No. 2025-058 entitled “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)” (the “Resolution Calling the Election”) on August 12, 2025 wherein the City Ord. No. 2025-____

Page 2 of 25 ends

3 9
2 8
9 Council submitted the question of levying a special tax in territory proposed to be annexed to the CFD No. 2015-2 at the rate and according to the method of apportionment described therein; and WHEREAS, at said special election on August 12, 2025, the qualified electors of the territory proposed to be annexed to the CFD No. 2015-2 approved said propositions as described in the Resolution Calling the Special Election by more than the two-thirds vote required by the Act; and
WHEREAS, subsequent to said special election, the City Council adopted Resolution No. 2025-059 entitled “A Resolution of the City Council of the City of Lake Elsinore, California, Declaring the Election Results for Community Facilities District No. 2015-2 (Maintenance Services) (Annexation No. 26)” wherein the City Council determined that the territory proposed to be annexed was added to the CFD No. 2015-2 (such territory being referred to herein as “Annexation No. 26”).

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) OF THE CITY OF LAKE ELSINORE, DOES ORDAIN AS FOLLOWS:

Section 1.Recitals. The foregoing recitals are true and correct.

Section 2.Amendment to Exhibit B of Ordinance No. 2016-1359. Ordinance No. 2016-1359 is hereby amended by including Exhibit B to Ordinance No. 2016-1359 attached hereto.

Section 3.Amendment to Section 2 of Ordinance No. 2016-1359. Section 2 of Ordinance No. 2016-1359 is hereby amended by deleting it in its entirety and replacing it with the following:

Section 2.By the passage of this Ordinance, the City Council authorizes and levies special taxes within the District which are subject to taxation which are identified in Exhibit B attached hereto, pursuant to Sections 53328 and 53340 of the Act at the rates and in accordance with the rate and method of
apportionment set forth in Exhibit A attached hereto, which is incorporated by reference herein (the “Rate and Method”). The special taxes are hereby levied commencing the fiscal year specified in the Rate and Method and in each fiscal year thereafter so long as the services authorized to be financed by the District, are provided through such financing within the District.

Section 4.Future Annexations. The annexation of additional territory into the CFD No. 2015-2 was contemplated as part of the adoption of Resolution No. 15-066. The boundaries of the territory within which any property may annex to the CFD No. 2015-2 are more particularly described and shown on that certain map entitled “Boundaries – Potential Annexation Area Community Facilities District No. 2015-2 (Maintenance Services) City of Lake Elsinore, County of Riverside, State of California,” as recorded on August 19, 2015 in Book 78 of Maps of Assessment and Community Facilities District, at Page 74, and as Document No. 2015-0369598 in the official records of the County of Riverside. Following a public hearing and the adoption of resolutions Ord. No. 2025-____

Page 3 of 25 ends

3 9
2 8
9 required by the Act for any additional annexations of property within said potential annexation area, Revised Exhibit B of Ordinance No. 2016-1359 shall be further amended to include any additional territory annexed to the CFD No. 2015-2. The City Council hereby authorizes and directs the officers, employees, and agents of the City to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Section 4 of this Ordinance to further include Exhibit B to Ordinance No. 2016-1359.

Section 5.Severability. If for any reason any portion of this Ordinance is found to be invalid, or if the special taxes found inapplicable to any particular parcel within the CFD No. 2015- 2, by a court of competent jurisdiction, the balance of this Ordinance and the application of the special tax to the remaining parcels within the CFD No. 2015-2 shall not be affected.

Section 6.Authorization to Publish Ordinance. The Mayor shall sign this Ordinance and the City Clerk shall attest thereto and shall, within fifteen (15) days of its adoption, cause it or a summary of it to be published at least once in The Press Enterprise, a newspaper of general circulation published and circulated in the City and the CFD No. 2015-2.

Section 7. Effective Date. This Ordinance shall take effect and shall be in force thirty (30) days after the date of its adoption, at which time Revised Exhibit B will include Exhibit B to Ordinance No. 2016-1359 and Section 2 of Ordinance No. 2016-1359 will be amended as described herein.

Section 8. Certification. The City Clerk shall certify to the passage of this Ordinance and shall cause a synopsis of the same to be published according to law.

Passed and Adopted by the City Council of the City of Lake Elsinore at a regular meeting held on 26th day of August 2025 by the following vote:

Brian Tisdale
Mayor
Attest:

Candice Alvarez, MMC
City Clerk
Ord. No. 2025-____

Page 4 of 25 ends

3 9
2 8
9 STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Ordinance No. 2025-____ was introduced at the regular City Council meeting of August 12, 2025, and adopted at the regular meeting of August 26, 2025, by the following roll call vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk

EXHIBIT A

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

OF THE CITY OF LAKE ELSINORE
A Special Tax (the “Special Tax”) shall be levied on and collected from each Assessor’s Parcel (defined below) in Community Facilities District No. 2015-2 (Maintenance Services) (the “CFD No. 2015-2” or “CFD”; defined below), in each Fiscal Year, (defined below), commencing in the Fiscal Year beginning July 1, 2015, in an amount determined by the City Council of the City of Lake Elsinore, acting ex officio as the legislative body of CFD No. 2015-2, by applying the rate and method of apportionment set forth below.

All of the real property in CFD No. 2015-2, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

A. DEFINITIONS
“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on any Assessor’s Parcel Map, or if the land area is not shown on the Assessor’s Parcel Map, the land area as shown on the applicable Final Map, or if the area is not shown on the applicable Final Map, the land area shall be calculated by the Administrator.
“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation, annexation, and administration of CFD No. 2015-2 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2015-2, or any designee thereof associated with fulfilling the CFD No. 2015-2 disclosure requirements; the costs associated with responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2015-2 or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees including payment of a proportional share of salaries and benefits of any City employees and City overhead whose duties are related to the administration and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-2 for any other administrative purposes of CFD No. 2015-2, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes. “Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee. “Approved Property” means all Assessor’s Parcels of Taxable Property that are included in a Final Map that was recorded prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied, and that have not been issued a building permit on or prior to the March 1 preceding the Fiscal year in which the special tax is being levied.
“Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.
“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means that identification number assigned to a parcel by the County Assessor of the County.
“Building Square Footage” or “BSF” means the floor area square footage reflected on the original construction building permit issued for construction of a building of Non-Residential Property and any Building Square Footage subsequently added to a building of such Taxable Property after issuance of a building permit for expansion or renovation of such building. “Calendar Year” means the period commencing January 1 of any year and ending the following December 31.
“CFD” or “CFD No. 2015-2” means the City of Lake Elsinore Community Facilities District No. 2015-2 (Maintenance Services).
“City” has the meaning set forth in the preamble.
“Contingent Special Tax B Requirement” means that amount required in any Fiscal Year, if the POA is unable to maintain the Service(s) to: (i) pay the costs of Services incurred or otherwise payable in the Calendar Year commencing in such Fiscal Year; (ii) fund an operating reserve for the costs of Services as determined by the Administrator; less a credit for funds available to reduce the annual Special Tax B (Contingent) levy as determined by the Administrator. “County” means the County of Riverside.
“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section G.
“Final Map” means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which building permits may be issued without further subdivision. “Fiscal Year” means the period from and including July 1 st of any year to and including the following June 30th.
“Land Use Category” or “LUC” means any of the categories contained in Section B hereof to which an Assessor’s Parcel is assigned consistent with the land use approvals that have been received or proposed for the Assessor’s Parcel as of March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Maximum Special Tax” means either Maximum Special Tax A and/or Maximum Special Tax B (Contingent), as applicable.
“Maximum Special Tax A” means the Maximum Special Tax A, as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.
“Maximum Special Tax B (Contingent)” means the Maximum Special Tax B (Contingent), as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.
“Multi-Family Residential Property” means any Assessor’s Parcel of residential property that consists of a building or buildings comprised of attached Residential Units sharing at least one common wall with another unit.
“Non-Residential Property” or “NR” means all Assessor's Parcels of Taxable Property for which a building permit(s) was issued for a non-residential use. The Administrator shall make the determination if an Assessor’s Parcel is Non-Residential Property. “Property Owner’s Association” or “POA” means the property owner’s association or homeowner’s association established to maintain certain landscaping within a Tax Zone. “Proportionately” means for Taxable Property that is: (i) Developed Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Developed Property with the same Tax Zone, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Approved Property with the same Tax Zone, and (iii) Undeveloped Property that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre is the same for all Parcels of Undeveloped Property with the same Tax Zone. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator. “Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units. “Service(s)” means services permitted under the Mello-Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2015-2 as set forth in the documents adopted by the City Council at the time the CFD was formed. “Single Family Residential Property” means any residential property other than Multi-Family Residential Property on an Assessor’s Parcel.
“Special Tax(es)” means the Special Tax A and/or Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.
“Special Tax A” means the annual special tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Special Tax A Requirement. "Special Tax A Requirement" means for each Tax Zone, that amount to be collected in any Fiscal Year to pay for certain costs as required to meet the needs for such Tax Zone of CFD No. 2015-2 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for maintenance services including but not limited to (i) maintenance and lighting of parks, parkways, streets, roads and open space, (ii) maintenance and operation of water quality improvements, (iii) public street sweeping, (iv) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses. Under no circumstances shall the Special Tax A Requirement include funds for Bonds.
“Special Tax B (Contingent)” means the Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Contingent Special Tax B Requirement, if required.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2015-2, which are not Exempt Property.
“Taxable Unit” means a Residential Unit, Building Square Footage, or an Acre. "Tax Zone" means a mutually exclusive geographic area, within which particular Special Tax rates may be levied pursuant to this Rate and Method of Apportionment of Special Tax. Appendix C identifies the Tax Zone in CFD No. 2015-2 at formation; additional Tax Zones may be created when property is annexed into the CFD.
"Tax Zone 1" means the specific geographic area identified on the CFD Boundary Map as Tax Zone 1. "Tract(s)" means an area of land within a subdivision identified by a particular tract number on a Final Map approved for the subdivision.
“Undeveloped Property” means, for each Fiscal Year, all Taxable Property not classified as Developed Property or Approved Property.

B. ASSIGNMENT TO LAND USE CATEGORIES
For each Fiscal Year, all Assessor’s Parcels of Taxable Property within CFD No. 2015-2 shall be classified as Developed Property, Approved Property, or Undeveloped Property, and shall be subject to the levy of Special Taxes as determined pursuant to Sections C and D below. Assessor’s Parcels of Developed Property and Approved Property shall be classified as either Residential Property or Non-Residential Property. Residential Property shall be further classified as Single Family Residential Property or Multi-Family Residential Property and the number of Residential Units shall be determined by the Administrator.

C. MAXIMUM SPECIAL TAX RATES
For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Residential Property, all such Assessor’s Parcels shall be assigned the number of Residential Unit(s) constructed or to be constructed thereon as specified in or shown on the building permit(s) issued or Final Map as determined by the Administrator. For Parcels of undeveloped property zoned for development of single family attached or multi-family units, the number of Residential Units shall be determined by referencing the condominium plan, apartment plan, site plan or other development plan, or by assigning the maximum allowable units permitted based on the underlying zoning for the Parcel. Once a single family attached or multi-family building or buildings have been built on an Assessor's Parcel, the Administrator shall determine the actual number of Residential Units contained within the building or buildings, and the Special Tax A levied against the Parcel in the next Fiscal Year shall be calculated by multiplying the actual number of Residential Units by the Maximum Special Tax per Residential Unit identified for the Tract below or as included in Appendix A as each Annexation occurs.

For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Non-Residential Property, all such Assessor’s Parcels shall be assigned the number of Building Square Footage or Acres as shown on the Final Map as determined by the Administrator. Once the Administrator determines the actual number of Building Square Footage or Acres for the Assessor’s Parcels, the Special Tax A levied against the Assessor’s Parcel in the next Fiscal Year shall be calculated by multiplying the number of Building Square Footage or Acres by the Maximum Special Tax per Taxable Unit identified for the Tax Zone below or as included in Appendix A as each Annexation occurs.

1. Special Tax A
a. Developed Property
(i) Maximum Special Tax A
The Maximum Special Tax A for each Assessor’s Parcel of Developed Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zones annexed and included in Appendix A. The Maximum Special Tax A for Developed Property for Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 1 below:

TABLE 1

MAXIMUM SPECIAL TAX A RATES

DEVELOPED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121
(ii) Increase in the Maximum Special Tax A
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. (iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax A that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax A that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acreage designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final.
b. Approved Property
The Maximum Special Tax A for each Assessor’s Parcel of Approved Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Approved property Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 2 below:

TABLE 2

MAXIMUM SPECIAL TAX A RATES

APPROVED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Approved Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.
c. Undeveloped Property
The Maximum Special Tax A for each Assessor’s Parcel of Undeveloped Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Undeveloped Property for Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 3 below:

TABLE 3

MAXIMUM SPECIAL TAX A RATES

UNDEVELOPED PROPERTY
Tax Zone Tracts Taxable Unit Maximum Special Tax A
1 LLA-2014-2743 Acre $121
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

2. Special Tax B (Contingent)
(i) Maximum Special Tax B (Contingent)
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 1 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for each Tax Zones annexed and included in Appendix A. The Maximum Special Tax B (Contingent) for Fiscal Year 2015- 2016 within Tax Zone 1 is identified in Table 4 below:

TABLE 4

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

DEVELOPED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0
(ii) Increase in the Maximum Special Tax B (Contingent) On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. (iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax B (Contingent) that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax B (Contingent) that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acreage designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final. b. Approved Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 5 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 5 below:

TABLE 5

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

APPROVED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0
On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Approved Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. c. Undeveloped Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 6 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 6 below:

TABLE 6

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

UNDEVELOPED PROPERTY
Tax Zone
Tracts Taxable Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Acre $0
On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

D. METHOD OF APPORTIONMENT OF ANNUAL SPECIAL TAX

1. Special Tax A
Commencing with Fiscal Year 2015-2016 and for each following Fiscal Year, the Council shall determine the Special Tax A Requirement and shall levy the Special Tax A on all Assessor’s Parcels of Taxable Property until the aggregate amount of Special Tax A equals the Special Tax A Requirement for each Tax Zone. The Special Tax A shall be levied for each Fiscal Year as follows:

First: The Special Tax A shall be levied Proportionately on all Assessor’s Parcels of Developed Property within each Tax Zone up to 100% of the applicable Maximum Special Tax to satisfy the Special Tax A Requirement for such Tax Zone;
Second: If additional moneys are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first step has been completed, the Special Tax A shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax A for Approved Property;
Third: If additional monies are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first two steps has been completed, the Special Tax A shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax A for Undeveloped Property.

2. Special Tax B (Contingent)
Commencing with Fiscal Year 2015-2016 and for each following Fiscal Year, the Council shall determine the Contingent Special Tax B Requirement and shall levy the Special Tax on all Assessor’s Parcels of Taxable Property until the aggregate amount of Special Tax B (Contingent) equals the Contingent Special Tax B Requirement. The Special Tax B (Contingent) shall be levied for each Fiscal Year as follows:

First: The Special Tax shall be levied Proportionately on all Assessor’s Parcels of Developed Property for a Tax Zone up to 100% of the applicable Maximum Special Tax B (Contingent) to satisfy the Contingent Special Tax B Requirement;
Second: If additional moneys are needed to satisfy the Contingent Special Tax B Requirement after the first step has been completed, the Special Tax B (Contingent) shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Approved Property;
Third: If additional monies are needed to satisfy the Contingent Special Tax B Requirement after the first two steps has been completed, the Special Tax B (Contingent) shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Undeveloped Property.

E. FUTURE ANNEXATIONS
It is anticipated that additional properties will be annexed to CFD No. 2015-2 from time to time. As each annexation is proposed, an analysis will be prepared to determine the annual cost for providing Services. Based on this analysis, the property to be annexed, pursuant to California Government Code section 53339 et seq. will be assigned to the appropriate Maximum Special Tax rate for the Tax Zone when annexed and included in Appendix A.

F. TERM OF SPECIAL TAX
For each Fiscal Year, the Special Taxes shall be levied as long as the Services are being provided.

G. EXEMPTIONS
The City shall classify as Exempt Property within CFD No. 2015-2, any Assessor’s Parcel in any of the following categories; (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by any public entity; (ii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement; (iii) Assessor’s Parcels which are privately owned but are encumbered by or restricted solely for public uses; or (iv) any Assessor’s Parcel which is in use in the performance of a public function as determined by the Administrator.

H. APPEALS
Any property owner claiming that the amount or application of the Special Taxes are not correct may file a written notice of appeal with the City not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representative(s) of CFD No. 2015-2 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative’s decision requires that the Special Tax for an Assessor’s Parcel be modified or changed in favor of the property owner, a cash refund shall not be made, but an adjustment shall be made to the Special Tax on that Assessor’s Parcel in the subsequent Fiscal Year(s).

I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2015-2 may collect the Special Tax at a different time or in a different manner if necessary to meet its financial obligations.

APPENDIX A

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

COST ESTIMATE
Special Tax A Services - The estimate breaks down the costs of providing one year's maintenance services for Fiscal Year 2025-26. These services are being funded by the levy of Special Tax A for Community Facilities District No. 2015-2.

TAX ZONE 30
APNs 377-100-003 and 377-380-003
Item Description Estimated Cost
1 Lighting $1,363
2 Streets $4,866
3 Drainage $5,586
4 Parks $2,947
5 Graffiti $358
6 Reserves $1,081
7 Admin $2,418
Total $18,619
Special Tax B Contingent Services –The estimate in the table below breaks down the costs of providing one year’s contingent services for Fiscal Year 2025-26. If necessary, these services will be funded by the levy of Special Tax B (Contingent) for Community Facilities District No. 2015-2 Tax Zone 30.

TAX ZONE 30 (CONTINGENT SERVICES)
APNs 377-100-003 and 377-380-003
Item Description Estimated Cost
1 Drainage $5,967
2 Reserves $597
3 Admin $1,045
Total $7,609
TAX ZONE 30
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Single Family Residential Property RU $244 $100
Multi-Family Residential Property Acre $5,449 $2,227
Non-Residential Property Acre $5,449 $2,227
TAX ZONE 30
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $5,449 $2,227

TAX ZONE SUMMARY
Annexation
Tax
Zone
Tract
APN
Fiscal
Year
Maximum
Special Tax A
Maximum
Special Tax B Subdivider
Original 1 LLA-2014-2743 2015-16 $121 / Acre $0 / Acre Tractor Supply 1 2 36682 2016-17 $354 / RU $102 / RU Pardee Homes
2 3 PM 29996 2017-18 $951 / Acre $165 / Acre Pasadena Industrial Park, LLC 3 4 PM 36551 2017-18 $2,671 / Acre $201 / Acre ARI Chaney Street, LLC 4 5 TR 32996 2017-18 $378 / RU $321 / RU LE Cottage Lane, LLC 5 6 365-030-001 2018-19 $1,004/ Acre $0 / Acre Lake Elsinore CCR, LLC 6 7 TR 33267 2019-20 $350 / RU $56 / RU Pardee Homes
7 8 PM 37284 2019-20 $1,953 / Acre $0 / Acre Central Plaza 8 9 TR 37305 2019-20 $951 / RU $384 / RU Nichols Rd Partners, LLC 8 10 TR 37305; Lot 169 2019-20 $2,600 / Acre $0 / Acre Nichols Rd Partners, LLC 9 11 TR 32129 & 30698 2020-21 $541 / RU $69 / RU
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
10 12 TR 33370 2021-22 $294 / RU $30 / RU JLJ. LLC
11 13 PM 37534 2021-22 $1,113 / Acre $0 / Acre SRZ Yuma, LLC 12 14 TR 33725 2021-22 $749 / RU $87 / RU SPT-AREP III Tuscany Associates 12 15 TR 25475 2021-22 $594 / RU $62 / RU SPT-AREP III Tuscany Associates 13 16 LLA 2019-007 2021-22 $407 / Acre $0 / Acre Wal-Mart Real Estate Business Trust
14 17 TR 38008 2021-22 $366 / RU $123 / RU Tri Pointe Homes IE-SD, Inc. 15 18 TPM 37751 2021-22 $2,188 / Acre $2,540 / Acre Boos-Up Lake Elsinore 16 19 PM 37710 2021-22 $1,034 / Acre $0 / Acre Pennington Industrial, LLC 17 20 TR 37280 2022-23 $323 / RU $5 / RU Lake Elsinore Lakeshore, LLC and Erin Crowder
18 21 TR 38116 2022-23 $387 / RU $82 / RU Tri Pointe Homes IE-SD, Inc. 19 22 TR 38378 2023-24 $358 / RU $7 / RU Vista Emerald, LLC 20 23 TR 28214-9 2023-24 $647 / RU $19 / RU Pulte Home Co. 21 24 BLD-2023-0026B 2023-24 $739 / Acre $288 / Acre Lake Street Properties, LP 22 25 TPM 37710 2024-25 $5,569 / Acre $755 / Acre RA & B Development, LLC 23 26 TTM 34249 2025-26 $792 / RU $216 / RU Tri Pointe Homes IE-SD, Inc. 24 27 PM 38195 & PM
38281 2025-26 $1,594 / Acre $0 / Acre
Cambern and Central North, LLC,
& Evergreen-Cambern and
Central South Land, LLC
28 TTM 33725 2025-26 $821 / RU $221 / RU25 29 TTM 25475 2025-26 $604 / RU $157 / RU KB Home California
Management Services
26 30 377-100-003,
377-380-003 2025-26 $5,449 / Acre $2,227 / Acre Cambern Avenue Development Holding Company, LLC

ESCALATION OF MAXIMUM SPECIAL TAXES
On each July 1, commencing on July 1, 2016 the Maximum Special Tax shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

DESCRIPTION OF AUTHORIZED SERVICES
The services which may be funded with proceeds of the special tax of CFD No. 2015-2, as provided by Section 53313 of the Act, will include all costs attributable to maintaining, servicing, cleaning, repairing and/or replacing landscaped areas (may include reserves for replacement) in public street right-of-ways, public landscaping, public open spaces and other similar landscaped areas officially dedicated for public use. These services including the following:
(a) maintenance and lighting of parks, parkways, streets, roads and open space, which maintenance and lighting services may include, without limitation, furnishing of electrical power to street lights; repair and replacement of damaged or inoperative light bulbs, fixtures and standards; maintenance (including irrigation and replacement) of landscaping vegetation situated on or adjacent to parks, parkways, streets, roads and open space; maintenance and repair of irrigation facilities; maintenance of public signage; graffiti removal from and maintenance and repair of public structures situated on parks, parkways, streets, roads and open space; maintenance and repair of playground or recreation program equipment or facilities situated on any park; and
(b) maintenance and operation of water quality improvements which include storm drainage and flood protection facilities, including, without limitation, drainage inlets, catch basin inserts, infiltration basins, flood control channels, fossil fuel filters, and similar facilities. Maintenance services may include but is not limited to the repair, removal or replacement of all or part of any of the water quality improvements, fossil fuel filters within the public right-of-way including the removal of petroleum hydrocarbons and other pollutants from water runoff, or appurtenant facilities, clearing of inlets and outlets; erosion repairs; and cleanup to improvements, and other items necessary for the maintenance, servicing; or both of the water quality basin improvements within flood control channel improvements; and
(c) public street sweeping, on the segments of the arterials within the boundaries of CFD No. 2015-2; as well as local roads within residential subdivisions located within CFD No. 2015-2; and any portions adjacent to the properties within CFD No. 2015-2; and In addition to payment of the cost and expense of the forgoing services, proceeds of the special tax may be expended to pay “Administrative Expenses,” as said term is defined in the Rate and Method of Apportionment.

The above services shall be limited to those provided within the boundaries of CFD No. 2015-2 or for the benefit of the properties within the boundaries of CFD No. 2015-2, as the boundary is expanded from time to time by anticipated annexations, and said services may be financed by proceeds of the special tax of CFD No. 2015-2 only to the extent that they are in addition to those provided in the territory of CFD No. 2015-2 before CFD No. 2015-2 was created.

APPENDIX C

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

PROPOSED BOUNDARIES AND POTENTIAL ANNEXATION AREA BOUNDARIES

EXHIBIT B
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) SPECIAL TAX FISCAL YEAR 2025-26
(Effective as of August 26, 2025)

ASSESSOR'S PARCEL NUMBERS
Annexation Zone Owner Assessor's Parcel Numbers
Original 1 Tractor Supply 377-120-068
1 2 Pardee Homes See Below
2 3 Pasadena Industrial Park, LLC 377-120-032, -043 thru -047, -069, and -071
3 4 ARI Chaney Street, LLC 377-140-028 thru -030, -032 thru -035, -038 thru -041, -044 thru -046
4 5 LE Cottage Lane, LLC See Next Page
5 6 Lake Elsinore CCR, LLC 365-030-048
6 7 Pardee Home See Next Page
7 8 Central Plaza 377-081-002 thru -009
8 9 Nichols Rd Partners, LLC
389-200-038 (por.),
389-210-008 (por.), 389-210-032,
389-210-034, and 389-210-036 (por.)
8 10 Nichols Rd Partners, LLC 389-200-046, -049, and -053 9 11
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
See Next Page
10 12 JLJ, LP See Next Page
11 13 SRZ Yuma, LLC 377-081-035
12 14 SPT AREP III Tuscany Associates
349-240-006, -043, -044, -045, -046,
-047, -054, -055, -056 and
349-380-024, -025
12 15 SPT AREP III Tuscany Associates 349-240-034, -038, -072, -075 13 16 Wal-Mart Real Estate Business Trust 377-090-052, -053, -054, -055, -056, -057
14 17 Tri Pointe Homes IE-SD, Inc. 363-940-038
15 18 Boos-Up Lake Elsinore 377-243-024
16 19 Pennington Industrial, LLC 377-160-051, -052, -053 17 20 Lake Elsinore Lakeshore, LLC and
Erin Crowder 379-230-001 and 379-230-002
18 21 Tri Pointe Homes IE-SD, Inc. 379-060-005, -022, and -027 19 22 Vista Emerald, LLC 370-050-019, -020, -032
20 23 Pulte Home Co. See Next Page
21 24 Lake Street Properties, LP 390-130-050
22 25 RA & B Development, LLC 377-220-037
23 26 Tri Pointe Homes IE-SD, Inc. 365-230-005, -006, -009, -011, and - 012
24 27
Cambern and Central North, LLC, &
Evergreen-Cambern and Central South
Land, LLC
377-020-030, 377-020-031, 377-020-
032, 377-020-034, & 377-020-035
2825 29 KB Home California Management Services See Next Page 26 30 Cambern Avenue Development Holding
Company, LLC
377-100-003, 377-380-003
EXHIBIT B (cont.)
ANNEXATION NO. 1

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
358710001 358710002 358710003 358710004 358710005 358710006 358710007 358710008 358710009 358710010 358710011 358710012 358710013 358710014 358710015 358710016 358710017 358710018 358710019 358710020 358710021 358710022 358710023 358710024 358710025 358710026 358710027 358710028 358710029 358710030 358710031 358710032 358710033 358710034 358710035 358710036 358710037 358710038 358710039 358710040 358710041 358711001 358711002 358711003 358711004 358711005 358711006 358711007 358712001 358712002 358712003 358712004 358712005 358712006 358712007 358712008 358712009 358712010 358712011 358712012 358712013 358712014 358712015 358712016 358712017 358712018 358712019 358712020 358712021 358712022 358712023 358712024 358712025 358712026

ANNEXATION NO. 4

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
379490004 379490005 379490006 379490007 379490008 379490009 379490010 379491001 379491002 379491003 379491004 379491005 379491006 379491007 379491008 379491010 379491011 379491012 379491013 379491014 379491017 379491018 379491019 379491020 379491021 379491022 379491023 379491024 379491025 379491026 379491027 379491028 379491029 379491030 379491031 379491032 379491033 379491034 379491035 379491036 379491037
ANNEXATION NO. 6

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
379051001 379051002 379051003 379051004 379051005 379051006 379051007 379051009 379051010 379051011 379051013 379051014 379051015 379051016 379051018 379051019 379051020 379051021 379051023 379051024 379051025 379051026 379051027 379051028 379051029 379051031 379051032 379051033 379051034 379051035 379051036 379051037 379051038 379051040 379051041 379051042 379051043 379051045 379051046 379051047 379051048 379051049 379051051 379051052 379051053 379051054 379051055 379051056 379051057 379051058 379051061 379051062 379051063 379051064 379051066 379051067 379051068 379051069 379051071 379051072 379051073 379051074 379051075 379051077 379051078 379051079 379051080 379051081 379051083 379051084 379051085 379051086 379051087 379051089 379051090 379051091 379051092 379052001 379052002 379052003 379052004 379052005 379052006 379052007 379052008 379052009 379052011 379052012 379052013 379052014 379052016 379052017 379052018 379052019 379052020 379052022 379052023 379052024 379052025 379052026 379052027 379052028 379052029 379052031 379052032 379052033 379052034 379052035 379052036 379052037 379052038 379052039 379052040 379052042 379052043 379052044 379052045 379052046 379052047 379052049 379052050 379052051 379052052 379052053 379052054 379052056 Assessor's Parcel Numbers
379052057 379052058 379052059 379052060 379052061 379052062 379052064 379052065 379052066 379052067 379052068 379052087 379052088 379052089 379052090 379052091 379052092 379052094 379052095 379052096 379052097 379052098 379053001 379053002 379053003 379053004 379053005 379053006 379053007 379053008 379053009 379053010 379053011 379053012 379053014 379053015 379053016

ANNEXATION NO. 9

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
347110021 347580007 347580001 347580002 347580003 347580004 347580005 347580006 347581001 347581002 347581003 347581004 347581005 347581006 347581007 347581008 347582001 347582002 347582003 347582004 347582005 347582006 347582007 347582008 347582009 347580010 347582023 347582019 347582018 347582017 347582016 347582015 347582014 347582013 347582012 347582021 347560012 347560013 347560014 347560015 347560016 347560017 347560018 347560019 347560043 347560020 347560021 347560022 347560023 347560024 347560025 347560026 347560027 347560028 347560044 347560029 347560030 347560031 347560032 347560033 347560034 347560035 347560036 347560037 347560038 347560039 347560040 347560041 347560042 347560001 347560002 347560003 347560004 347560005 347560006 347560007 347560008 347560009 347560010 347560011 347570001 347570002 347570003 347570004 347570005 347570006 347570007 347570008 347570009 347570010 347570011 347570012 347570013 347570014 347561001 347561002 347561003 347561004 347561005 347561006 347561007 347561008 347561009 347561010 347561011 347561012 347561013 347561014 347561015 347561016 347561017 347561018 347570015 347570016 347570017 347570018 347570019 347570020 347570021 347570022 347571001 347571002 347571003 347571004 347571005 347571006 347571007 347571008 347571009 347571010 347571011 347571012 347571013 347571014 347571015 347571016 347571017 347571018 347571019 347571020 347571021 347571022 347571023 347571024 347571025 347571026 347571027 347571028 347571029 347562001 347562002 347562003 347562004 347562005 347562006 347562007 347562008 347562009 347562010 347562011 347562012 347562013 347562014 347562015 347562016 347562017
EXHIBIT B (cont.)
ANNEXATION NO. 10

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
373071040 373074054 373074040 373074047 373074033 373074026 373074017 373074002 373074007 373074049 373074035 373074042 373074028 373074022 373074013 373074018 373074003 373074008 373074050 373074036 373074043 373074029 373074023 373074014 373074019 373074004 373074009 373074051 373074037 373074044 373074030 373074024 373074015 373074020 373074005 373074010 373074052 373074038 373074045 373074031 373074025 373074016 373074001 373074006 373074011 373074053 373074039 373074046 373074032
ANNEXATION NO. 20

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
389090032 389090033 389090034 389090035 389790000 389790001 389790002 389790003 389790004 389790005 389790006 389790007 389790008 389790009 389790010 389790011 389790012 389790013 389790014 389790015 389790016 389790017 389790018 389790019 389790020 389790021 389790022 389790023 389790024 389790025 389790026 389790027 389790028 389790029 389790030 389790031 389790032 389790033 389790034 389790035 389790036 389790037 389790038 389790039 389790040 389790041 389790042 389790044 389790045 389790046 389790047 389790048 389800001 389800002 389800003 389800004 389800005 389800006 389800007 389800008 389800009 389800010 389800011 389800012 389800013 389800014 389800015 389800016 389800017 389800018 389800019 389800020 389800021 389800022 389800023 389800024 389801001 389801002 389801003 389801004 389801005 389801006 389801007 389801008 389801009 389801010 389801011 389801012 389801013 389801014 389801015 389801016 389801017 389801018 389801019 389801020 389801021 389801022 389801023 389801024 389801025 389801026 389801027 389801028 389801029 389801030 389801031 389802001 389802002 389802003 389802004 389802005 389802006 389802007 389802008 389802009 389802010 389802011 389802012 389802013 389802014 389802015 389802016 389802017 389802018 389802019 389802020 389810001 389810002 389810003 389810004 389810005 389810006 389810007 389810008 389810009 389810010 389810011 389810012 389810013 389810014 389810015 389810016 389810017 389810018 389810019 389810020 389810021 389810022 389810023 389810024 389810025 389810026 389810027 389810028 389810029 389810030 389810031 389810032 389810033 389810034 389810035 389811001 389811002 389811003 389811004 389811005 389811006 389811007 389811008 389811009 389811010 389811011 389812001 389812002 389812003 389812004 389812005 389812006 389812007 389812008 389812009 389812010 389812011 389812012 389812013 389812014 389812015 389812016 389812017 389820001 389820002 389820003 389820004 389820005 389820006 389820007 389821001 389821002 389821003 389821004 389821005 389821006 389822001 389822002 389822003 389822004 389822005 389822006 389822007 389822008 389822009 389822010 389822011 389822012 389822013 389822014 389822015 389822016 389822017 389822018 389822019 389822020 389822021 389822022 389822023 389822024 389822025 389822026 389822027 389822028 389822029 389822030 389822031 Assessor's Parcel Numbers
389822032 389822033 389822034 389822035 389822036 389822037 389823001 389823002 389823003 389823004 389823005 389823006 389823007 389823008 389830001 389830002 389830003 389830004 389830005 389830006 389830007 389830008 389830009 389830010 389830011 389830012 389830013 389830014 389830015 389830016 389830017 389830018 389830019 389830020 389830021 389830022 389831001 389831002 389831003 389831004 389831005 389831006 389831007 389831008 389831009 389831010 389831011 389831012 389831013 389831014 389831015 389831016 389831017 389831018 389831019 389831020 389832001 389832002 389832003 389832004 389832005 389832006 389832007 389832008 389832009 389832010 389832011 389840001 389840002 389840003 389840004 389840005 389840006 389840007 389840008 389840009 389840010 389840011 389840012 389840013 389840014 389840015 389840016 389840017 389840018 389840019 389840020 389840021 389840022 389840023 389840024 389841001 389841002 389841003 389841004 389841005 389841006 389841007 389841008 389841009 389841010 389841011 389841012 389841013 389841014 389841015 389841016 389841017 389841018 389841019 389841020 389841021 389841022 389841023 389841024 389841025 389841026 389841027 389841028 389841029 389841030 389841031 389841032 389841033 389841034 389841035 389841036 389841037 389841038 389841039 389841040 389841041 389841042 389841043 389841044 389841045 389841046 389841047 389841048 389841049 389841050 389841051 389841052 389841053 389841054
ANNEXATION NO. 25

ASSESSOR'S PARCEL NUMBERS
349240006 349240044 349240054 349240075
349240034 349240045 349240055 349380024
349240038 349240046 349240056 349380025
349240043 349240047 349240072
8)
Second Reading and Adoption of an Ordinance for Annexation No. 24 into Community Facilities District No. 2015-2 (Maintenance Services) for Evergreen Adopt 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.

Page 1 of 2 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:August 26, 2025
Subject:Second Reading and Adoption of an Ordinance for Annexation No. 24 into Community Facilities District No. 2015-2 (Maintenance Services) for Evergreen
Recommendation
Adopt 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.

Background
At the August 12, 2025, Council meeting, this ordinance was introduced for first reading.

Discussion
This is the required second reading and adoption. The Ordinance will become effective 30 days from the date of adoption.

Fiscal Impact
There is no fiscal impact associated with the recommended action of this item.

Page 2 of 2 ends

Attachments
Attachment 1 - Location Map
Attachment 2 - Ordinance
Administrative Services
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COMMUNITY FACILITIES DISTRICT NO. 2015-2
ANNEXATION NO. 24

PROJECT MAP

ORDINANCE NO. 2025-___
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
Whereas, pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”), on July 28, 2015, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) adopted Resolution No. 15-078 establishing Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, County of Riverside, State of California (the "CFD No. 2015-2") for the purpose of levying special taxes on parcels of taxable property therein for the purpose of providing certain services (the “Services”), which are necessary to meet increased demands placed upon the City and are described in Exhibit A attached hereto; and Whereas, on May 10, 2016, the City Council adopted Ordinance No. 2016-1359 entitled, “An Ordinance of the City of 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 tax” (“Ordinance No. 2015-1359”), pursuant to which the City Council levied special taxes with the CFD No. 2015-2; and Whereas, on June 24, 2025, the City Council adopted Resolution No. 2025-32 entitled “A Resolution of the City Council of the City of Lake Elsinore Declaring its Intention to Annex Territory into Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, Adopting a Map of the Area to be Proposed (Annexation No. 24) and Authorizing the Levy of a Special Taxes Therein” (the “Resolution of Intention”) declaring its intention to annex certain territory to the CFD No. 2015-2 and to levy special taxes within that territory to provide the Services as described in the Resolution of Intention and setting a special public hearing on the proposed annexation for August 12, 2025; and
Whereas, notice was published as required by the Act relative to the intention of the City Council to annex certain territory to the CFD No. 2015-2, to levy special taxes therein to provide the Services, and to set the time and place of said public hearing; and Whereas, on August 12, 2025, at the time and place specified in said published notice, the City Council opened and held a public hearing as required by the Act relative to the annexation of territory in to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services by the CFD No. 2015-2; and
Whereas, at said public hearing all persons desiring to be heard on all matters pertaining to the annexation of territory to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services therein were heard, and a full and fair hearing was held; and Whereas, subsequent to said public hearing, the City Council adopted Resolution No. 2025-___ entitled “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)” (the “Resolution Calling the Election”) on August 12, 2025 wherein the City Ord. No. 2025-____

Page 2 of 25 ends

3 9
3 6
6 Council submitted the question of levying a special tax in territory proposed to be annexed to the CFD No. 2015-2 at the rate and according to the method of apportionment described therein; and Whereas, at said special election on August 12, 2025, the qualified electors of the territory proposed to be annexed to the CFD No. 2015-2 approved said propositions as described in the Resolution Calling the Special Election by more than the two-thirds vote required by the Act; and Whereas, subsequent to said special election, the City Council adopted Resolution No. 2025-___ entitled “A Resolution of the City Council of the City of Lake Elsinore, California, Declaring the Election Results for Community Facilities District No. 2015-2 (Maintenance Services) (Annexation No. 24)” wherein the City Council determined that the territory proposed to be annexed was added to the CFD No. 2015-2 (such territory being referred to herein as “Annexation No. 24”).

Section 1.Recitals. The foregoing recitals are true and correct.

Section 2.Amendment to Exhibit B of Ordinance No. 2016-1359. Ordinance No. 2016-1359 is hereby amended by including Exhibit B to Ordinance No. 2016-1359 attached hereto.

Section 3.Amendment to Section 2 of Ordinance No. 2016-1359. Section 2 of Ordinance No. 2016-1359 is hereby amended by deleting it in its entirety and replacing it with the following:

Section 2.By the passage of this Ordinance, the City Council authorizes and levies special taxes within the District which are subject to taxation which are identified in Exhibit B attached hereto, pursuant to Sections 53328 and 53340 of the Act at the rates and in accordance with the rate and method of
apportionment set forth in Exhibit A attached hereto, which is incorporated by reference herein (the “Rate and Method”). The special taxes are hereby levied commencing the fiscal year specified in the Rate and Method and in each fiscal year thereafter so long as the services authorized to be finance by the District, are provided through such financing within the District.

Page 3 of 25 ends

3 9
3 6
6 area, Revised Exhibit B of Ordinance No. 2016-1359 shall be further amended to include any additional territory annexed to the CFD No. 2015-2. The City Council hereby authorizes and directs the officers, employees, and agents of the City to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Section 4 of this Ordinance to further include Exhibit B to Ordinance No. 2016-1359.

Section 8.Certification. The City Clerk shall certify to the passage of this Ordinance and shall cause a synopsis of the same to be published according to law.

PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, on this 26th day of August 2025.

Brian Tisdale
Mayor
Attest:

Candice Alvarez, MMC
City Clerk
Ord. No. 2025-____

Page 4 of 25 ends

3 9
3 6
6 STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Ordinance No. 2025-____ was introduced by the City Council of Lake Elsinore, California, at the Regular meeting of August 12, 2025, and adopted at the Regular meeting of August 26, 2025 and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk

EXHIBIT A

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

All of the real property in CFD No. 2015-2, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

TABLE 1

MAXIMUM SPECIAL TAX A RATES

TABLE 2

MAXIMUM SPECIAL TAX A RATES

TABLE 3

MAXIMUM SPECIAL TAX A RATES

TABLE 4

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 5 below:

TABLE 5

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 6 below:

TABLE 6

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

D. METHOD OF APPORTIONMENT OF ANNUAL SPECIAL TAX

F. TERM OF SPECIAL TAX
For each Fiscal Year, the Special Taxes shall be levied as long as the Services are being provided.

APPENDIX A

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

TAX ZONE 27
PM 38195 & 38281
Item Description Estimated Cost
1 Landscape $1,583
2 Lighting $1,090
3 Streets $5,909
4 Drainage $335
5 Reserves $892
6 Admin $1,488
Total $11,297
Special Tax B Contingent Services – There are no anticipated costs for Special Tax B for Tax Zone 27.

TAX ZONE 27
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Non-Residential Property Acre $1,594 $0
TAX ZONE 27
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Non-Residential Property Acre $1,594 $0
TAX ZONE 26
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $1,594 $0

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

APPENDIX C

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

PROPOSED BOUNDARIES AND POTENTIAL ANNEXATION AREA BOUNDARIES

EXHIBIT B
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) SPECIAL TAX FISCAL YEAR 2025-26
(Effective as of August 26, 2025)

ASSESSOR'S PARCEL NUMBERS
Annexation Zone Owner Assessor's Parcel Numbers
Original 1 Tractor Supply 377-120-068
1 2 Pardee Homes See Below
2 3 Pasadena Industrial Park, LLC 377-120-032, -043 thru -047, -069, and -071
3 4 ARI Chaney Street, LLC 377-140-028 thru -030, -032 thru -035, -038 thru -041, -044 thru -046
4 5 LE Cottage Lane, LLC See Next Page
5 6 Lake Elsinore CCR, LLC 365-030-048
6 7 Pardee Home See Next Page
7 8 Central Plaza 377-081-002 thru -009
8 9 Nichols Rd Partners, LLC
389-200-038 (por.),
389-210-008 (por.), 389-210-032,
389-210-034, and 389-210-036 (por.)
8 10 Nichols Rd Partners, LLC 389-200-046, -049, and -053 9 11
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
See Next Page
10 12 JLJ, LP See Next Page
11 13 SRZ Yuma, LLC 377-081-035
12 14 SPT AREP III Tuscany Associates
349-240-006, -043, -044, -045, -046,
-047, -054, -055, -056 and
349-380-024, -025
12 15 SPT AREP III Tuscany Associates 349-240-034, -038, -072, -075 13 16 Wal-Mart Real Estate Business Trust 377-090-052, -053, -054, -055, -056, -057
14 17 Tri Pointe Homes IE-SD, Inc. 363-940-038
15 18 Boos-Up Lake Elsinore 377-243-024
16 19 Pennington Industrial, LLC 377-160-051, -052, -053 17 20 Lake Elsinore Lakeshore, LLC and
Erin Crowder 379-230-001 and 379-230-002
18 21 Tri Pointe Homes IE-SD, Inc. 379-060-005, -022, and -027 19 22 Vista Emerald, LLC 370-050-019, -020, -032
20 23 Pulte Home Co. See Next Page
21 24 Lake Street Properties, LP 390-130-050
22 25 RA & B Development, LLC 377-220-037
23 26 Tri Pointe Homes IE-SD, Inc. 365-230-005, -006, -009, -011, and - 012
24 27
Cambern and Central North, LLC, &
Evergreen-Cambern and Central South
Land, LLC
337-020-030, 377-020-031, 377-020-
032, 377-020-034, 377-020-035
2825 29 KB Home California Management Services See Next Page 26 30 Cambern Avenue Development Holding
Company, LLC 377-100-003, 377-380-003
EXHIBIT B (cont.)
ANNEXATION NO. 1

ANNEXATION NO. 4

ANNEXATION NO. 9

ASSESSOR'S PARCEL NUMBERS
349240006 349240044 349240054 349240075
349240034 349240045 349240055 349380024
349240038 349240046 349240056 349380025
349240043 349240047 349240072
9)
Second Reading and Adoption of an Ordinance for Formation of Community Facilities District No. 2025-2 (Cambern Apartments Services) of the City of Lake Elsinore
Adopt 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.

Page 1 of 2 ends

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.

Background
At the August 12, 2025, Council meeting, this ordinance was introduced for first reading.

Discussion
This is the required second reading and adoption. The Ordinance will become effective 30 days from the date of adoption.

Fiscal Impact
There is no fiscal impact associated with the recommended action of this item.

Attachments
Attachment 1 - Location Map

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Attachment 2 – Ordinance
Attachment 3 - Rate and Method of Apportionment
Administrative Services
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COMMUNITY FACILITIES DISTRICT NO. 2025-2
(CAMBERN APARTMENTS SERVICES)

PROJECT MAP

3 9
2 9
4 ORDINANCE NO. 2025 -

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
Whereas, on June 24, 2025, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) adopted Resolution No. 2025-36 declaring its intention to form Community Facilities District No. 2025-2 (Cambern Apartments Services) of the City of Lake Elsinore (the “District”) pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, comprising Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the “Act”); and,
Whereas, on August 12, 2025, after providing all notice required by the Act, the City Council conducted a noticed public hearing required by the Act relative to the proposed formation of the District, the proposed levy of a special tax therein to finance certain public safety services described in Resolution No. 2025-36; and, Whereas, at the August 12, 2025, public hearing, all persons desiring to be heard on all matters pertaining to the formation of the District and the proposed levy of the special tax to finance the safety services described in Resolution No. 2025-36 were heard and a full and fair hearing was held; and,
Whereas, on August 12, 2025, the City Council adopted Resolution No. 2025-063 which formed the District and called a special election within the District on August 12, 2025 on two propositions relating to the levy of a special tax within the District and the establishment of an appropriations limit within the District; and,
Whereas, on August 12, 2025 a special election was held within the District at which the qualified electors approved by more than a two-thirds vote Proposition A authorizing the levy of a special tax within the District for the purposes described in Resolution No. 2025-064 and establishing an appropriations limit for the District.

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

ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2025-2 (CAMBERN APARTMENTS SERVICES) OF THE CITY OF LAKE ELSINORE DOES ORDAIN AS FOLLOWS:

Section 1. The above recitals are all true and correct.

Section 2. By the passage of this Ordinance, the City Council authorizes and levies special taxes within the District pursuant to Sections 53328 and 53340 of the Act at the rates and in accordance with the rate and method of apportionment set forth in Attachment “A” to Resolution No. 2025-36, which is incorporated by reference herein (the “Rate and Method”).

The special taxes are hereby levied commencing in the fiscal year specified in the Rate and Method and in each fiscal year thereafter so long as the services authorized to be financed by the District, are provided through such financing within the District.

Ord. No. 2025 -

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Section 3. Each of the Mayor, the City Manager, the Assistant City Manager, or their written designees (each, an “Authorized Officer”), acting alone, is hereby authorized and directed each fiscal year to determine the specific special tax rates and amounts to be levied in such fiscal year on each parcel of real property within the District, in the manner and as provided in the Rate and Method. The special tax rate levied on a parcel pursuant to the Rate and Method shall not exceed the maximum rate set forth in the Rate and Method for such parcel, but the special tax may be levied at a lower rate. Each Authorized Officer is hereby authorized and directed to provide all necessary information to the Treasurer-Tax Collector of the County of Riverside and to otherwise take all actions necessary in order to effect proper billing and collection of the special tax, so that the special tax shall be levied and collected in sufficient amounts and at times necessary to satisfy the financial obligations of the District in each fiscal year.

Section 4. Properties or entities of the state, federal or other local governments shall be exempt from the special tax, except as otherwise provided in Sections 53317.3 and 53317.5 of the Act and Section E of the Rate and Method. No other properties or entities are exempt from the special tax unless the properties or entities are expressly exempted in Resolution No. 2025-36, or in a resolution of consideration to levy a new special tax or special taxes or to alter the rate or method of apportionment or an existing special tax as provided in Section 53334 of the Act.

Section 5. All of the collections of the special tax shall be used as provided for in the Act, the Rate and Method and Resolution No. 2025-36.

Section 6. The special tax shall be collected in the same manner as ordinary ad valorem property taxes are collected and shall be subject to the same penalties and the same procedure, sale and lien priority in case of delinquency as is provided for ad valorem taxes (which such procedures include the exercise of all rights and remedies permitted by law to make corrections, including, but not limited to, the issuance of amended or supplemental tax bills), as such procedure may be modified by law or by this City Council from time to time.

Section 7. The Mayor of the City shall sign this Ordinance and the City Clerk shall attest to the Mayor’s signature and then cause the same to be published within fifteen (15) days after its passage at least once in The Press Enterprise, a newspaper of general circulation published and circulated in the City of Lake Elsinore.

Section 8. The specific authorization for adoption of this Ordinance is pursuant to the provisions of Section 53340 of the Act.

Section 9. The City Clerk is hereby authorized to transmit a certified copy of this ordinance to the Treasurer-Tax Collector of the County of Riverside, and to perform all other acts which are required by the Act, this Ordinance or by law in order to accomplish the purpose of this Ordinance.

Section 10. A full reading of this Ordinance is dispensed with prior to its final passage, a written or printed copy having been available to the City Council and the public a day prior to its final passage.

Section 11. This Ordinance shall take effect thirty days after its final passage. 3 9
2 9
4 Section 12. Certification. The City Clerk shall certify to the passage of this Ordinance and shall cause a synopsis of the same to be published according to law.

Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 12th day of August, 2025.

Brian Tisdale
Mayor
Attest:

Candice Alvarez, MMC
City Clerk

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk
City of Lake Elsinore Page 1
Community Facilities District No. 2025-2 (Cambern Apartments Services)

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2025-2 (CAMBERN APARTMENTS SERVICES)

OF THE CITY OF LAKE ELSINORE

A Special Tax (the “Special Tax”) shall be levied on and collected from each Assessor’s Parcel (defined below) in Community Facilities District No. 2025-2 (Cambern Apartments Services) (the “CFD No. 2025-2” or “CFD”; defined below), in each Fiscal Year, (defined below), commencing in the Fiscal Year beginning July 1, 2025, in an amount determined by the City Council of the City of Lake Elsinore, acting in its capacity as the legislative body of CFD No. 2025-2, by applying the rate and method of apportionment set forth below. All of the real property in CFD No. 2025-2, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

A. DEFINITIONS

“Accessory Dwelling Unit” means a residential unit of limited size including smaller secondary unit(s) that shares an Assessor’s Parcel with Single Family Property that has a stand-alone Residential Unit.

“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation and administration of CFD No. 2025-2 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2025-2, or any designee thereof associated with fulfilling the CFD No. 2025-2 reporting requirements; the costs associated with responding to public inquiries regarding the Special T axes; the costs of the City, CFD No. 2025-2 or any designee thereof related to an appeal of the Special Tax; and the City ’s annual administration fees, collection expenses, and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2025-2 for any other administrative purposes of CFD No. 2025-2, including attorney ’s fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.

“Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee.

“Affordable Housing” means housing as defined in State Density Bonus Law, as amended, being Chapter 4.3 (commencing with Section 65915) of Division 1 of Title 7 of the Government Code of the State of California.

“Affordable Housing Property” means any Affordable Housing residential property on an Assessor’s Parcel for which a building permit for new construction has been issued by the City on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

“Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.

“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.

“Assessor’s Parcel Number” means th e identification number assigned to a parcel by the County Assessor of the County of Riverside.

City of Lake Elsinore Page 2
Community Facilities District No. 2025-2 (Cambern Apartments Services) “CFD” or “CFD No. 2025-2” means the City of Lake Elsinore Community Facilities District No. 2025-2 (Cambern Apartments Services).

“City” means the City of Lake Elsinore.

“County” means the County of Riverside.

“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section D.

“Fiscal Year” means the period from and including July 1 st of any year to and including the following
June 30th.

“Maximum Special Tax” means the M aximum Special Tax, as applicable, levied within the CFD for any Fiscal Year.

“Multi-Family Property” means all Assessor's Parcels of Developed Property other than an Affordable Housing Property for which a building permit or use permit for the construction of a residential structure with two or more Residential Units that sh are a single Assessor's Parcel N umber, as determined by the Administrator, has been issued prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

“Proportionately” means for Taxable Property , that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Assessor’s Parcels.

“Rate and Method of Apportionment” or “RMA" means this Rate and Method of Apportionment of Special Taxes.

“Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units.

“Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator.

An Accessory Dwelling Unit that shares
an Assessor’s Parcel with a Single Family Property shall not be considered a Residential Unit for purposes of this Rate and Method of Apportionment.

“Services” means services permitted under the Mello -Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2025-2 as set forth in Appendix B.

“Single Family Property ” means any residential property other than a Multi -Family Property or an Affordable Housing Property on an Assessor’s Parcel for which a building permit for new construction has been issued by the City on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

City of Lake Elsinore Page 3
Community Facilities District No. 2025-2 (Cambern Apartments Services)

“Special Tax” means the Special Tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.

"Special Tax Requirement" means the amount to be collected in any Fiscal Year to pay for certain costs as required to meet the public safety needs of CFD No. 2025-2 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for (i) police protection services, (ii) fire protection services and suppression services , (iii) paramedic services, (i v) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses. Under no circumstances shall the Special Tax Requirement include funds for bonds. "Taxable Property" means all Assessor’s Parcels within CFD No. 2025-2, which are not Exempt Property.

“Taxable Unit” means a Residential Unit.

“Undeveloped Property” means, for each Fiscal Year, all Taxable Property not classified as Developed Property.

B. RATE AND METHOD OF APPORTIONMENT OF MAXIMUM SPECIAL TAX RATES

As of July 1 of each Fiscal Year, commencing July 1, 2025, the Council shall determine the Special Tax Requirement and shall levy the Special Tax upon each of the Assessor’s Parcels within the CFD which constitute a Developed Property of Residential Proper ty, including Single Family Property, Multi- Family Property, or an Affordable Housing Property, until the aggregate amount of Special Tax equals the Special Tax Requirement. The Special Tax shall be levied Proportionately on all Assessor’s Parcels of Developed Property up to 100% of the applicable Maximum Special Tax to satisfy the Special Tax Requirement.

No Special Tax shall be levied upon Undeveloped Property for which a Building Permit has not been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

The Maximum Special Tax for Fiscal Year 2025- 2026 for a Single Family Property, Multi -Family Property, and Affordable Housing Property are shown below in Table 1.

TABLE 1

MAXIMUM SPECIAL TAX RATES
FISCAL YEAR 2025-2026

Description
Taxable
Unit
Maximum
Special Tax
Single Family Property RU $1,039.64
Multi-Family Property RU $635.93
Affordable Housing Property RU $150.00

Increase in the Maximum Special Tax

C. On each July 1, commencing on July 1, 2026 the Maximum Special Tax for Developed Property shall increase by i) the year-over-year percentage increase for the month of March in the Consumer Price City of Lake Elsinore Page 4
Community Facilities District No. 2025-2 (Cambern Apartments Services) Index (All Items) for all Urban Consumers for the Riverside -San Bernardino -Ontario California Standard Metropolitan Statistical Area, or a comparable replacement index for the area if this index is no longer published, since the beginning of the preceding Fiscal Year, or ii) by four percent (4.0%), whichever is greater.

D. TERM OF SPECIAL TAX

For each Fiscal Year, the Maximum Special Taxes shall be levied as long as the Services are being provided within the boundaries of CFD No. 2025-2.

E. EXEMPTIONS

The City shall classify as Exempt Property within CFD No. 2025-2, any Assessor’s Parcel in any of the following categories; (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by any public entity; (ii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement; (iii) Assessor’s Parcels which are privately owned but are encumbered by or restricted solely for public uses; (iv) any Assessor’s Parcel which is in use in the performance of a public function as determined by the Administrator; or (v) any Assessor’s Parcel which is not a Single Family Property, Multi-Family Property, or an Affordable Housing Property ; (vi) any Assessor’s Parcel that qualifies for a welfare exemption under applicable state or local law; or (vii) any Assessor’s Parcel that is owned by a property owner association and used for common area purposes.

F. APPEALS

Any property owner claiming that the amount or application of the Special Taxes are not correct may file a written notice of appeal with the City not later than twelve months after having paid the first installment of the Special Tax that is disputed. The Administrator shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the Administrator’s decision requires that the Special Tax for an Assessor’s Parcel be modified or changed in favor of the property owner, a cash refund shall not be made, but an adjustment shall be made to the Special Tax on that Assessor’s Parcel in the subsequent Fiscal Year(s).

G. MANNER OF COLLECTION

The Maximum Special Tax es levied in each Fiscal Year shall be collected in the same manner as ordinary ad valorem property taxes are collected and shall be subject to the same penalties and the same procedure, sale, and lien priority in case of delinquency as is provided for ad valorem taxes.

However, the District may collect the Special Tax at a different time or in a different manner if necessary to meet its financial obligations.

The Maximum Special Taxes when levied shall be secured by the lien imposed pursuant to Section 3115.5 of the Streets and Highways Code. This lien shall be a continuing lien and shall secure each levy of Maximum Special Taxes. The lien of Maximum Special Taxes shall continue in force and effect until the Special Tax ceases to be levied in the manner provided by Section 53330.5 of the Government Code.

City of Lake Elsinore Page 5
Community Facilities District No. 2025-2 (Cambern Apartments Services) H. INTERPRETATION
Interpretations may be made by the Council by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this Rate and Method of Apportionment.

City of Lake Elsinore Page 6
Community Facilities District No. 2025-2 (Cambern Apartments Services)

APPENDIX A

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

SUMMARY

Services - It is estimated that the cost of providing police , fire protection and suppression services, and paramedic services being funded by the Special Tax for the Community Facilities District No. 2025-2 (Cambern Apartments Services) will be as follows for the Fiscal Year 2025-2026:
 $1,039.64 per residential unit for Single Family Property  $635.93 per residential unit for Multi-Family Property  $150.00 per residential unit for Affordable Housing Property

Annual Escalation - On each July 1, commencing on July 1, 2026 the Maximum Special Tax for Developed Property shall increase by i) the year- over-year percentage increase for the month of March in the Consumer Price Index (All Items) for all Urban Consumers for the Riverside -San Bernardino -Ontario California Standard Metropolitan Statistical Area, or a comparable replacement index for the area if this index is no longer published, since the beginning of the preceding Fiscal Year, or ii) by four percent (4.0%), whichever is greater.

Fiscal
Year APN
Development
Name
No. of
Taxable
Units
Land Use
Category
Maximum
Special Tax Subdivider
2025-26 377-380-003,
377-100-003
Cambern
Apartments 76 Affordable
Housing Property $150 Cambern Avenue Development
Holding Company

City of Lake Elsinore Page 7
Community Facilities District No. 2025-2 (Cambern Apartments Services)

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2025-2
(SAFETY SERVICES)

DESCRIPTION OF AUTHORIZED SERVICES

The services which may be funded with proceeds of the special tax of CFD No. 2025-2, as provided by Section 53313 of the Act, will include some or all of the costs attributable to public safety.

These services includ e police protection services (including but not limited to criminal justice services ), fire protection and suppression services, and paramedic services.

In addition to payment of the cost and expense of the forgoing services, proceeds of the special tax may be expended to pay “Administrative Expenses” as said term is defined in the Rate and Method of Apportionment and to establish an operating reserve for the costs of services as determined by the Administrator.

The above services shall be limited to those provided within the boundaries of CFD No. 2025-2 for the benefit of the properties within the boundaries of CFD No. 2025-2 and said services may be financed by proceeds of the special tax of CFD No. 2025-2 only to the extent that they are in addition to those provided in the territory of CFD No. 2025-2 before CFD No. 2025-2 was created.

10)
Client Services Agreement with Michael Baker Inc. for wage compliance in connection with ARPA Loan for Mary McDonald Riley Street Project Approve and authorize the City Manager to execute a Client Services Agreement with Michael Baker, Inc. in the amount of $88,690 for wage compliance in connection with the ARPA Loan for the Mary McDonald Riley Street Project in such final form as approved by the City Attorney.

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Lake Elsinore City CouncilAugust 26, 2025

Lake Elsinore City Council
August 26, 2025