Lake Elsinore City Council
February 24, 2026

City of Lake Elsinore Meeting Date:

City Council Meeting February 24, 2026
Agenda
Cultural Center Meeting Time:
183 N. Main Street Closed Session: 6:00 PM
Lake Elsinore, CA 92530 Open Session: 7:00 PM
Mayor Magee
Mayor Pro Tem Sheridan
Council Member Tisdale
Council Member Manos
Council Member Carroll
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 2nd 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/citycouncil/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 [email protected]. 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 4, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility.

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 that 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 the health of the City and community.
• Downtown: Enhancing and creating the highest-quality downtown experience will serve to establish 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.LakeElsinore.org/DreamExtreme2040.

City Council Agenda February 24, 2026
City of Lake Elsinore Page 2

CALL TO ORDER

ROLL CALL

PUBLIC COMMENTS ON CLOSED SESSION ITEMS
CLOSED SESSION - 6:00 P.M.

CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION Page 10 Recommendation:

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

Dispute regarding Agreement for Public Works Construction (Camino Del Norte Sewer Extension Improvements Project). The contractor, Aneen Construction Inc., asserts it is entitled to additional compensation for additional bedrock encountered, additional excavation and additional shoring costs. City staff has disputed the claim for additional compensation.

CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION Page 11 Recommendation:

Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Gov’t Code Section 54956.9: Two potential cases.

Initiation of litigation pursuant to the Eminent Domain Law (Code of Civ. Proc.

Section 1230.010 et. al) for the acquisition of property located in the City of Lake Elsinore (APN 374-173-004; Owner of Record: Berthanna Taylor).

1. Initiation of litigation pursuant to the Eminent Domain Law (Code of Civ. Proc.

Section 1230.010 et. al) for the acquisition of property located in the City of Lake Elsinore (APN 373-151-014; Owner of Record: Leticia Cervantes).

2. RECESS
The City Council will recess to Closed Session.

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

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

PLEDGE OF ALLEGIANCE

ROLL CALL

CLOSED SESSION REPORT

1. 2.

3. 4.

4.1 4.2

5. 6.

7. 8.

9. City Council Agenda February 24, 2026
City of Lake Elsinore Page 3
PRESENTATIONS/CEREMONIALS Page 12
Business in Action Monthly Spotlight – La Unica Barrio Cocina y Tequila

Recommendation:

Recognize La Unica Barrio Cocina y Tequila as the City of Lake Elsinore’s Business in Action Monthly Spotlight for February 2026.

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
Recommendation:

Approve the City Council Consent Calendar.

Minutes of the Regular City Council Meeting of February 10, 2026 Page 16 Recommendation:

Approve the Minutes.

CC Warrant Report Dated January 26, 2026 to February 01, 2026 Page 24 Recommendation:

Re
CC Warrant Report Dated February 02, 2026 to February 08, 2026 Page 30 Recommendation:

Receive and file.

Investment Report for January 2026.docx Page 34
Recommendation:

Receive and file the Investment Report for January 2026.

Amended and Restated Legal Services Agreement with Leibold McClendon & Mann, PC

Recommendation:

Approve and authorize the City Manager to execute the Amended and Restated Legal Services Agreement with Leibold McClendon & Mann, PC for ongoing legal services to the City.

10. 10.1

11. 12.

12.1 12.2

12.3 12.4

12.5 City Council Agenda February 24, 2026
City of Lake Elsinore Page 4
On-Call Contractor Services Agreement with Hoffman‘s Painting in Support of the New City Hall Project.

Recommendation:

Approve and authorize the City Manager to execute an On-Call Contractor Services Agreement with Hoffman’s Painting for metal staircase and miscellaneous metal specialty painting in an amount not to exceed $102,172.56 for a term ending June 30, 2027 in such final form as approved by the City Attorney.

Public Works Construction Agreement with US National Corp for the Interior Wall and Ceiling Painting on the New City Hall Project (CIP Project No. Z20006

Recommendation:

Approve and authorize the City Manager to execute a public works agreement with US National Corp in an amount not to exceed $130,380.00 for the interior wall and ceiling painting at the new City Hall 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 $13,380.00 for construction uncertainties and adjustments, and authorize the City Clerk to file the notice of completion once the entire scope of work is complete and return withheld retention to the contractor.

Grant of Easements to Southern California Edison at Canyon Hills Estates

Recommendation:

Approve and authorize City Manager to process the easement documents in such final form as approved by the City Attorney and instruct staff to forward the documents to Southern California Edison for recordation.

Cooperative Agreement with the Riverside County Flood Control and Water Conservation District and KB Homes for the Lake Elsinore Scenic Crest Drive Storm Drain Stage 1 Improvement

Recommendation:

Approve and authorize the City Manager to execute a Cooperative Agreement with the Riverside County Flood Control and Water Conservation District and KB HOMES Cal Management Services, LLC for the Lake Elsinore Scenic Crest Drive Storm Drain, Stage 1 Improvement in such final form as approved by the City Attorney.

Renewal of a Software License Agreement with Environmental Systems Research Institute (ESRI) for Geographic Information System (GIS) Software

Recommendation:

Approve and authorize the City Manager to execute an Enterprise Software License Agreement with Environmental Systems Research Institute (ESRI) for Geographic Information System (GIS) on an unlimited basis, including maintenance for the firm, for a term of three years in an amount not to exceed $60,300 annually, totaling $180,900.00 over the three-year term.

12.6 12.7

12.8 12.9

12.10 City Council Agenda February 24, 2026
City of Lake Elsinore Page 5

SUCCESSOR AGENCY CONSENT CALENDAR
Recommendation:

Approve the Successor Agency Consent Calendar.

Minutes of the Regular Successor Agency Meeting of February 10, 2026

Recommendation:

Approve the Minutes.

SA Warrant Report Dated January 26, 2026 to February 01, 2026 Page 231 Recommendation:

Receive and file.

SA Warrant Report Dated February 02, 2026 to February 08, 2026 Page 234 Recommendation:

Receive and file.

First Amendment to Legal Services Agreement with Leibold McClendon & Mann, PC

Recommendation:

Approve and authorize the Executive Director to execute the First Amendment to Legal Services Agreement with Leibold McClendon & Mann, PC for ongoing legal services to the Successor Agency.

SA Investment Report for January 2026 Page 247
Recommendation:

Receive and file the Investment Report for January 2026

PUBLIC HEARINGS
Comprehensive User Fee Study Page 337
Recommendation:

Open the Public Hearing and continue the item to the March 24, 2026 regular City Council meeting.

Planning Application No. 2021-22 (Collier Commercial Properties) – A Proposal to Develop a 3,000 Square-Foot Office Building and an 8,975 Square-Foot Warehouse located on a 2.64-acre Vacant Site bound by Collier Avenue to the North and Minthorn Street to the South

Recommendation:

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

ELSINORE, CALIFORNIA, ADOPTING A MITIGATED NEGATIVE DECLARATION (ER-2023-03; SCH NO. 2025100377) FOR PLANNING APPLICATION NO. 2021- 22 (GENERAL PLAN AMENDMENT NO. 2021-02, ZONE CHANGE NO. 2021-02,

1. 13.

13.1 13.2

13.3 13.4

13.5 14.

14.1 14.2
City Council Agenda February 24, 2026
City of Lake Elsinore Page 6
CONDITIONAL USE PERMIT NO. 2022-25, AND INDUSTRIAL DESIGN REVIEW NO. 2021-03);
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING
APPLICATION NO. 2021-22 (GENERAL PLAN AMENDMENT NO. 2021-02, ZONE CHANGE NO. 2021-02, CONDITIONAL USE PERMIT NO. 2022-25, AND INDUSTRIAL DESIGN REVIEW NO. 2021-03) IS CONSISTENT WITH THE

WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT
CONSERVATION PLAN (MSHCP);

2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING GENERAL PLAN AMENDMENT NO. 2021-02 AMENDING THE LAND USE DESIGNATION FROM GENERAL

COMMERCIAL (GC) TO LIMITED INDUSTRIAL (LI) FOR THE COLLIER COMMERCIAL PROPERTIES LOCATED AT APNS 377-190-002, 377-190-003, AND 377-190-004;

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING ZONE CHANGE NO. 2021-02 CHANGING THE ZONING DESIGNATION FROM GENERAL COMMERCIAL (C-2) TO LIMITED MANUFACTURING (M-1) FOR THE COLLIER COMMERCIAL PROPERTIES LOCATED AT APNS 377-190-002, 377- 190-003, AND 377-190-004;

4. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2022- 25 TO ESTABLISH AND OPERATE AN 8,975 SQUARE-FOOT WAREHOUSE WITH A 3,000 SQUARE-FOOT OFFICE BUILDING AND AN OUTDOOR

STORAGE AREA FOR THE COLLIER COMMERCIAL PROPERTIES LOCATED AT APNS 377-190- 002, 377-190-003, AND 377-190-004; and

5. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING INDUSTRIAL DESIGN REVIEW NO. 2021-03 PROVIDING BUILDING DESIGN AND RELATED SITE IMPROVEMENTS FOR A 3,000 SQUARE-FOOT OFFICE BUILDING AND AN 8,975 SQUARE-FOOT

WAREHOUSE FOR THE COLLIER COMMERCIAL PROPERTIES LOCATED AT APNS 377-190-002, 377-190-003, AND 377-190-004.

6. Planning Application No. 2024-15 (Dexter Village) – A Senate Bill (SB) 330 Application for a 451-Unit Residential Development with 137 Single-Family Units, 230 Apartment Units, and 84 Townhomes on a

23.05-Acre Property Located Along Dexter Avenue Between Second Street and Third Street

Recommendation:

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

ELSINORE, CALIFORNIA, ADOPTING A MITIGATED NEGATIVE DECLARATION (ER-2023-02; SCH NO. 2025110457) FOR PLANNING APPLICATION NO. 2024- 15 (TENTATIVE TRACT MAP 38512, CONDITIONAL USE PERMIT NO. 2024-08, AND RESIDENTIAL DESIGN REVIEW NO. 2024-07);

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

14.3 City Council Agenda February 24, 2026
City of Lake Elsinore Page 7

ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING
APPLICATION NO. 2024-15 (TENTATIVE TRACT MAP 38512, CONDITIONAL USE PERMIT NO. 2024-08, AND RESIDENTIAL DESIGN REVIEW NO. 2024-07)

IS CONSISTENT WITH THE WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT CONSERVATION PLAN (MSHCP);
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING TENTATIVE TRACT MAP NO. 38512 TO SUBDIVIDE 23.05 ACRES INTO A 6.6-ACRE PARCEL FOR AN APARTMENT DEVELOPMENT, TWO LOTS FOR CONDOMINIUM PURPOSES TOTALING 3.8 ACRES, AND 137 SINGLE-FAMILY RESIDENTIAL LOTS FOR THE DEXTER

VILLAGE PROJECT LOCATED ON DEXTER AVENUE BETWEEN SECOND STREET AND THIRD STREET (APN: 377-090-013, 377-090-037, 377-090-039, AND 377-090-040);

3. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2024- 08 TO ALLOW THE DEVELOPMENT OF CONDOMINUMS (84 TOWNHOMES) IN

THE COMMERCIAL MIXED USE (CMU) ZONE FOR THE DEXTER VILLAGE

PROJECT LOCATED ON DEXTER AVENUE BETWEEN SECOND STREET AND THIRD STREET (APN: 377-090-013, 377-090-037, 377-090-039, AND 377-090- 040); and

4. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING RESIDENTIAL DESIGN REVIEW NO. 2024-07 AND DENSITY BONUS AGREEMENTS, PROVIDING BUILDING DESIGNS AND RELATED IMPROVEMENTS FOR 230 APARTMENT UNITS, 137 SINGLE-FAMILY DWELLING UNITS, 84 TOWNHOMES, AND THREE AMENITY

BUILDINGS FOR THE DEXTER VILLAGE PROJECT LOCATED ON DEXTER AVENUE BETWEEN 2ND AND 3RD STREETS (APN: 377-090-013, 377-090-037, 377-090-039, AND 377-090-040).

5. Request to Amend Development Agreements for Three Existing Cannabis Businesses to Revise the Community Benefit Fee

Recommendation:

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

1. 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-2025-07) FOR THE HIGHEST CRAFT, LLC LOCATED AT 571 CRANE STREET (APNs: 377-410-034, 377-410- 031, AND 377-410-020;

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-2025-11) FOR THE NUGG HUBB LOCATED AT 570 CENTRAL AVENUE SUITE D-1 (APN: 377-410-037); and

3. 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-2025-10) FOR R2H

4. 14.4
City Council Agenda February 24, 2026
City of Lake Elsinore Page 8
HOLDINGS, LLC LOCATED AT 29370 HUNCO WAY (APN: 377-120-032).

Participation in the Transportation Uniform Mitigation Fee (TUMF) Program; and Adopting a TUMF Schedule

Recommendation:

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING CHAPTER 16.83 OF THE LAKE ELSINORE MUNICIPAL CODE TO ESTABLISH

CONSTRUCTION COST INDEX ADJUSTMENTS TO THE WESTERN RIVERSIDE COUNTY TRANSPORTATION UNIFORM MITIGATION FEE (TUMF) PROGRAM; and

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

ELSINORE, CALIFORNIA, AMENDING THE APPLICABLE TRANSPORTATION

UNIFORM MITIGATION FEE (TUMF) APPLICABLE TO ALL DEVELOPMENTS IN CITY OF LAKE ELSINORE.

2. BUSINESS ITEMS
PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES
(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 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 on Tuesday, March 10, 2026 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 6:30 p.m. on Thursday, February 19, 2026. ______________________________
Candice Alvarez, MMC, City Clerk

14.5 15.

16. 17.

18. 19.

20. 21.

City Council Agenda February 24, 2026
City of Lake Elsinore Page 9

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Barbara Leibold, City Attorney
Date: February 24, 2026
Subject: CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Gov’t Code Section 54956.9: One potential case.

Dispute regarding Agreement for Public Works Construction (Camino Del Norte Sewer Extension Improvements Project). The contractor, Aneen Construction Inc., asserts it is entitled to additional compensation for additional bedrock encountered, additional excavation and additional shoring costs. City staff has disputed the claim for additional compensation.

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Barbara Leibold, City Attorney
Date: February 24, 2026
Subject: CONFERENCE WITH LEGAL COUNSEL--ANTICIPATED LITIGATION Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Gov’t Code Section 54956.9: Two potential cases.

1. Initiation of litigation pursuant to the Eminent Domain Law (Code of Civ. Proc.

Section 1230.010 et. al) for the acquisition of property located in the City of Lake Elsinore (APN 374-173-004; Owner of Record: Berthanna Taylor).

2. Initiation of litigation pursuant to the Eminent Domain Law (Code of Civ. Proc.

Section 1230.010 et. al) for the acquisition of property located in the City of Lake Elsinore (APN 373-151-014; Owner of Record: Letticia Cervantes).

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: February 24, 2026
Subject: Business in Action Monthly Spotlight – La Unica Barrio Cocina y Tequila Recommendation
Recognize La Unica Barrio Cocina y Tequila as the City of Lake Elsinore’s Business in Action Monthly Spotlight for February 2026.

Background
The City of Lake Elsinore’s Business in Action Monthly Spotlight highlights outstanding local businesses that contribute to the community’s economic vitality, deliver exceptional customer experiences, and demonstrate meaningful community involvement.

For this month, the City is proud to recognize La Unica Barrio Cocina y Tequila, a vibrant and beloved Main Street destination that has quickly become a cornerstone of Downtown Lake Elsinore.

La Unica is more than a restaurant it is an experience. Blending authentic flavors, modern flair, and a welcoming atmosphere, La Unica has created a dynamic gathering space that celebrates culture, cuisine, and community. Their presence has energized Downtown Main Street, attracting residents and visitors alike and contributing to the continued revitalization of the downtown corridor.

Discussion
La Unica Barrio Cocina y Tequila has established itself as a staple of Lake Elsinore’s Downtown Main Street by offering a unique culinary concept rooted in authentic Mexican cuisine with a Business in Action Spotlight-February

contemporary twist. Their thoughtfully curated menu, craft cocktails, and vibrant ambiance provide a one-of-a-kind dining experience that enhances the character and identity of Downtown Lake Elsinore, expanding over the years from a bakery to the resounding placemaking unique experience it is today, restaurant, bar, and speak-easy.

Beyond its exceptional food and atmosphere, La Unica exemplifies what it means to be a community-driven business.

They actively give back by:
• Supporting local schools and youth programs
• Partnering with community organizations for fundraising events • Providing a welcoming space for community gatherings and celebrations, nightlife and entertainment
La Unica has helped transform Downtown Main Street into a lively destination where families gather, friends connect, and visitors discover the charm of Lake Elsinore, offering an elevated experience. Their dining presence, evening vibrancy, and entertainment offerings contribute to a safe, energized, and walkable downtown environment.

As a locally rooted business, La Unica represents the entrepreneurial spirit that defines Lake Elsinore. Their investment in quality, hospitality, and community partnership reinforces the City’s vision of a thriving downtown district rich in culture and economic opportunity.

By recognizing La Unica Barrio Cocina y Tequila as the Business in Action Monthly Spotlight, the City celebrates a business that not only drives economic activity but also strengthens community bonds, enhances the downtown experience and expectation from businesses, and reflects the diverse cultural fabric of Lake Elsinore.

La Unica is truly a signature destination — bold, welcoming, and uniquely Lake Elsinore.

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

Attachments
None.

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: February 24, 2026
Subject: Business in Action Monthly Spotlight – La Unica Barrio Cocina y Tequila Recommendation
Recognize La Unica Barrio Cocina y Tequila as the City of Lake Elsinore’s Business in Action Monthly Spotlight for February 2026.

Background
The City of Lake Elsinore’s Business in Action Monthly Spotlight highlights outstanding local businesses that contribute to the community’s economic vitality, deliver exceptional customer experiences, and demonstrate meaningful community involvement.

For this month, the City is proud to recognize La Unica Barrio Cocina y Tequila, a vibrant and beloved Main Street destination that has quickly become a cornerstone of Downtown Lake Elsinore.

La Unica is more than a restaurant it is an experience. Blending authentic flavors, modern flair, and a welcoming atmosphere, La Unica has created a dynamic gathering space that celebrates culture, cuisine, and community. Their presence has energized Downtown Main Street, attracting residents and visitors alike and contributing to the continued revitalization of the downtown corridor.

Discussion
La Unica Barrio Cocina y Tequila has established itself as a staple of Lake Elsinore’s Downtown Main Street by offering a unique culinary concept rooted in authentic Mexican cuisine with a Business in Action Spotlight-February

contemporary twist. Their thoughtfully curated menu, craft cocktails, and vibrant ambiance provide a one-of-a-kind dining experience that enhances the character and identity of Downtown Lake Elsinore, expanding over the years from a bakery to the resounding placemaking unique experience it is today, restaurant, bar, and speak-easy.

Beyond its exceptional food and atmosphere, La Unica exemplifies what it means to be a community-driven business.

They actively give back by:
• Supporting local schools and youth programs
• Partnering with community organizations for fundraising events • Providing a welcoming space for community gatherings and celebrations, nightlife and entertainment
La Unica has helped transform Downtown Main Street into a lively destination where families gather, friends connect, and visitors discover the charm of Lake Elsinore, offering an elevated experience. Their dining presence, evening vibrancy, and entertainment offerings contribute to a safe, energized, and walkable downtown environment.

As a locally rooted business, La Unica represents the entrepreneurial spirit that defines Lake Elsinore. Their investment in quality, hospitality, and community partnership reinforces the City’s vision of a thriving downtown district rich in culture and economic opportunity.

By recognizing La Unica Barrio Cocina y Tequila as the Business in Action Monthly Spotlight, the City celebrates a business that not only drives economic activity but also strengthens community bonds, enhances the downtown experience and expectation from businesses, and reflects the diverse cultural fabric of Lake Elsinore.

La Unica is truly a signature destination — bold, welcoming, and uniquely Lake Elsinore.

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

Attachments
None.

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: February 24, 2026
Subject: Minutes of the Regular City Council Meeting of February 10, 2026 Recommendation
Approve the Minutes.

Attachments
Attachment 1 – Draft Minutes
City of Lake Elsinore Meeting Date:

City Council Meeting February 10, 2026
Minutes - Draft
Meeting Time:

Closed Session: NONE
Mayor Magee Open Session: 7:00 P.M.

Mayor Pro Tem Sheridan
Council Member Tisdale Cultural Center
Council Member Manos 183 N. Main Street
Council Member Carroll Lake Elsinore, CA 92530

1. CALL TO ORDER – 7:00 OP.M.

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

2. PLEDGE OF ALLEGIANCE
Mayor Magee led the Pledge of Allegiance.

3. ROLL CALL

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

Absent: 0 - None

4. PRESENTATIONS/CEREMONIALS

4.1 Riverside County Sheriff's Office 2025 Fourth Quarter Statistical Update Lieutenant Clark presented the update.

5. PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE
John Leonard was called to speak.

Kimberly Davidson was called to speak.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 2

6. CITY COUNCIL CONSENT CALENDAR
Moved by Council Member Tisdale, Seconded by Council Member Carroll to approve the City Council Consent Calendar.

Yes (5): Council Members Tisdale, Manos, and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Carried (5 to 0)

6.1 Minutes of the Regular City Council Meeting of January 27, 2026 Approve the Minutes.

This item was approved on the City Council Consent Calendar.

6.2 CC Warrant Report Dated January 12, 2026 to January 18, 2026 Receive and file.

This item was approved on the City Council Consent Calendar.

6.3 CC Warrant Report Dated January 19, 2026 to January 25, 2026 Receive and file.

This item was approved on the City Council Consent Calendar.

6.4 County Service Area 152 Setting the Benefit Assessment Unit Rate for Fiscal Year 2026-27 for the City of Lake Elsinore to Fund the City’s National Pollutant Discharge Elimination System (NPDES) Permit Compliance Activities
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, MAINTAINING COUNTY SERVICE AREA 152 AND

AUTHORIZING THE BENEFIT ASSESSMENT UNIT RATE FOR FISCAL YEAR 2026-27 FOR THE CITY OF LAKE ELSINORE TO FUND THE CITY’S NATIONAL

POLLUTION DISCHARGE ELIMINATION SYSTEM (NPDES) PERMIT
PROGRAM.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 3

6.5 Lake Elsinore Community Facilities District No. 2015-1 (Safety Services) Declaring Its Intention to Consider Annexing Territory APN Nos. 381-320-020 and 381-320-026 Annexation No. 16
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-1 OF THE CITY OF LAKE

ELSINORE (SAFETY SERVICES), DECLARING ITS INTENTION TO CONSIDER ANNEXING TERRITORY TO COMMUNITY FACILITIES DISTRICT NO. 2015-1 OF THE CITY OF LAKE ELSINORE (SAFETY SERVICES).

This item was approved on the City Council Consent Calendar.

6.6 Annexation No. 28 Into Community Facilities District No. 2015-2 (Maintenance Services) for APN Nos. 381-320-020 and 381-320-026 (Bamiyan Marketplace)
Adopt 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. 28) AND AUTHORIZING THE LEVY OF SPECIAL TAXES THEREIN.

This item was approved on the City Council Consent Calendar.

6.7 Fiscal Year 2025-2026 Mid-year Operating Budget Status Report

1. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING THE FISCAL YEAR 2025-26 ANNUAL OPERATING BUDGET FOR MID-YEAR ADJUSTMENTS; and

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

ELSINORE, CALIFORNIA, REVISING THE SCHEDULE OF AUTHORIZED POSITIONS.

This item was approved on the City Council Consent Calendar.

6.8 Public Works Agreement with Hester Roofing for the Hard Deck Concrete Roofing System on the New City Hall Project (CIP Project No. Z20006) Approve and authorize the City Manager to execute a Public Works Agreement with Hester Roofing for the hard deck concrete roofing system on the New City Hall Project (CIP Project No. Z20006) in an amount not to exceed $470,820 in such final form as approved by the City Attorney, authorize the City Manager to execute change orders not to exceed a 10% contingency of $47,082 for construction uncertainties and adjustments, and authorize the City Clerk to record the Notice of Completion upon satisfactory completion of the entire scope of work and, thereafter, return the withheld retention to the contractor.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 4

6.9 Second Amendment to the On-call Minor Construction and Repair Services Agreements in Support of the City of Lake Elsinore Construction and Maintenance Operations
Approve and authorize the City Manager to execute Amendment No. 2 to the Contractor Services Agreements with Endresen Development, Inc., Cotter Construction, Inc. and B&B Nurseries, Inc. (dba The Landscape Center) to extend the original agreements for an additional 1-year term at the same annual not to exceed amount of $600,000 with Endresen Development, Inc., $500,000 with Cotter Construction, Inc., and $325,000 with B&B Nurseries, Inc. (dba The Landscape Center) in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

6.10 Amendment No. 1 to the On-Call Services Agreement with J&M Leyva Enterprises in Support of City of Lake Elsinore Minor Construction, Maintenance, and Operations
Approve and authorize the City Manager to execute Amendment No. 1 to the OnCall Services Agreement with J&M Leyva Enterprises for minor construction and repair Services to increase compensation by an additional $100,000.00 for a total amount not to exceed $200,000.00 in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

6.11 Amendment No. 3 to Agreement with Advanced Heating & Air Conditioning for A/C Replacement at Fire Station No. 85
Approve and authorize the City Manager to execute Amendment No. 3 to the OnCall Contractor Services Agreement with Advanced Heating & Air Conditioning for A/C replacement at Fire Station No. 85, increasing the compensation by an additional $14,500.00 for a total amount not to exceed $59,500.00 in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 5

7. SUCCESSOR AGENCY CONSENT CALENDAR
Moved by Agency Member Carroll, Seconded by Vice Chair Sheridan to approve the Successor Agency Consent Calendar.

Yes (5): Agency Members Tisdale, Manos, and Carroll; Vice Chair Sheridan; and Chair Magee
Carried (5 to 0)

7.1 Minutes of the Regular Successor Agency Meeting of January 27, 2026 Approve the Minutes.

This item was approved on the Successor Agency Consent Calendar.

7.2 SA Warrant Report Dated January 12, 2026 to January 18, 2026 Receive and file.

This item was approved on the Successor Agency Consent Calendar.

7.3 SA Warrant Report Dated January 19, 2026 to January 25, 2026 Receive and file.

This item was approved on the Successor Agency Consent Calendar.

8. PUBLIC HEARING

8.1 Resolutions of Necessity to Acquire Property - APN 374-173-004 (Berthanna Taylor) and APN 373-151-014 (Leticia Cervantes)

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

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

ELSINORE, CALIFORNIA, DECLARING THAT THE PUBLIC INTEREST AND

NECESSITY REQUIRE THE ACQUISITION BY EMINENT DOMAIN OF
ASSESSOR PARCEL NO. 373-151-014 FOR THE CITY OF LAKE ELSINORE CITY CENTER PARKING PROJECT; and

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

ELSINORE, CALIFORNIA, DECLARING THAT THE PUBLIC INTEREST AND

NECESSITY REQUIRE THE ACQUISITION BY EMINENT DOMAIN OF
ASSESSOR PARCEL NO. 374-173-004 FOR THE CITY OF LAKE ELSINORE CITY CENTER PARKING PROJECT.

The Public Hearing was opened at 7:14 p.m.

City Attorney Leibold presented the staff report.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 6
Leticia Cervantes was called to speak.

The Public Hearing was closed at 7:26 p.m.

Moved by Council Member Tisdale, Seconded by Mayor Pro Tem Sheridan to adopt the Resolution in Recommendation No. 2.

Yes (4): Council Members Tisdale and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
No (1): Council Member Manos
Carried (4 to 1
Moved by Council Member Manos, Seconded by Mayor Pro Tem Sheridan to adopt the Resolution in Recommendation No. 3.

Yes (5): Council Members Tisdale, Manos, and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Carried (5 to 0)

9. BUSINESS ITEMS - NONE

10. PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES
Lauren Venerable was called to speak.

11. CITY MANAGER COMMENTS
Assistant City Manager Buckley had no comments.

12. CITY ATTORNEY COMMENTS
City Attorney Leibold had no comments.

13. CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED
Council Member Carroll shared his participation in Opening Day for the Lake Elsinore Girls Softball with Planning Commissioner Martin; and shared his attendance at the Triple Crown Sports West Coast Challenge from February 6-8, 2026 at Rosetta Canyon Sports Park.

Council Member Tisdale thanked Supervisor Speigel for hosting the District 2 Homeless Symposium on February 11, 2026 at Norco College; noted that he will be out working with the City's Homeless Task Force on Thursday night; and reminded residents to dump water after the rain storms to prevent mosquito issues and to contact the Northwest Mosquito and Vector Control District services for mosquito and vector control services.

Council Member Manos reported on his attendance at the Southern California Association of Governments Regional Council meeting on February 5, 2026.

City Council Minutes - Draft February 10, 2026
City of Lake Elsinore Page 7
Mayor Pro Tem Sheridan reported on his attendance at the Riverside Transit Agency TNow meeting on January 28, 2026 at Launch Pointe and Budget & Finance meeting on February 4, 2026; invited the community to attend the Lake Elsinore Historical Society's fourth Ruth Atkins Speaker Series event at 7:00 p.m. on March 25, 2026 in the Cultural Center; shared that he was a guest speaker at the Boys & Girls Club of Southwest County Clubhouse in Lake Elsinore on January 26, 2026; shared his attendance at the Elsinore Valley Champions Special Needs Baseball Opening Day at Christensen Park in Canyon Hills; invited the community to participate in the COPS for Kids Golf Classic on May 1, 2026 at the Glen Ivy Golf Club in Corona; and shared "The Riverside County Chronicles," a journal of the History of Riverside County, California.

Mayor Magee reported on his attendance at the Riverside County Transportation Commission and Executive Committee meetings on January 29, 2026 and the Western Riverside County Regional Conservation Authority meeting on February 2, 2026.

14. ADJOURNMENT
The Lake Elsinore City Council adjourned at 7:50 p.m. to the next Regular meeting of Tuesday, February 24, 2026 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.

Candice Alvarez, MMC
City Clerk

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: February 24, 2026
Subject: CC Warrant Report Dated January 26, 2026 to February 01, 2026 Recommendation
Receive and file.

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

Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
JANUARY 26, 2026
TO FEBRUARY 01, 2026

CITY OF LAKE ELSINORE CITY WARRANT SUMMARY
FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 2,195,329.96 $
103 THE ANCHOR 5,560.66
106 AFFORDABLE HOUSING 2,000.00
110 GAS TAX 2,152.78
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 53,547.81 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 10,194.40 155 NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM 876.81 180 LAUNCH POINTE 55,508.82
300 INSURANCE SERVICE (11,161.53)
305 INFORMATION SYSTEMS SERVICE 79,611.64
310 SUPPORT SERVICE 2,128.80
315 FLEET SERVICE 165,251.61
320 FACILITIES SERVICE 15,443.59
330 CFD 2015-2S MAINTENANCE SERVICES 326.21
500 CAPITAL IMPROVEMENT PLAN 585,210.63
620 COST RECOVERY TRUST DEPOSITS 35,036.51
GRAND TOTAL 3,197,018.70 $
Attachment 1 1 of 1
JANUARY 26, 2026
TO FEBRUARY 01, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
APA26001369 ACTION GAS & WELDING SUPPLY 71.88 $
APA26001370 AMERICAN LADY VETS, INC 14,260.80
APA26001371 ASCENT ENVIRONMENTAL, INC 56,758.00
APA26001372 CALIFORNIA JPIA 25.00
APA26001373 CALIFORNIA JPIA 10.00
APA26001374 CARDLOCK FUELS SYSTEM LLC 3,378.02
APA26001375 CDW GOVERNMENT, INC. 296.69
APA26001376 CED LAGUNA 67,924.96
APA26001377 CHANDLER AGGREGATES, INC. 54.72
APA26001378 CONCENTRA 3,393.00
APA26001379 CORODATA RECORDS MANAGEMENT, INC. 174.42
APA26001380 DELL MARKETING, LP 7,684.97
APA26001381 DISCOUNT HAULING & CLEANUP SERVICE 24,855.00 APA26001382 EGP CONSULTING, INC. 3,746.92
APA26001383 EXCEL LANDSCAPE, INC. 42,555.28
APA26001384 FEHR & PEERS 425.00
APA26001385 FIRST AMERICAN TITLE COMPANY 2,000.00
APA26001386 FIX AUTO LAKE ELSINORE 1,189.18
APA26001387 FRONTIER CALIFORNIA - INTERNET 969.76
APA26001388 FRONTIER CALIFORNIA, INC. 1,162.39
APA26001390 GOLDSTAR ASPHALT PRODUCTS 257.19
APA26001391 GREAT AMERICA FINANCIAL SERVICES 2,128.80
APA26001392 HAZZARD BACKFLOW, INC. 875.00
APA26001393 HELIX ENVIRONMENTAL PLANNING INC. 8,127.50
APA26001394 HOWARD INDUSTRIES, INC. 1,247.66
APA26001395 KUSTOM SIGNALS, INC 828.08
APA26001397 LIFTOFF, LLC 1,011.60
APA26001398 LIUNA LOCAL 777 744.00
APA26001399 LONG BEACH BMW MOTORCYCLES 144,811.92
APA26001400 LSA ASSOCIATES, INC. 22,893.35
APA26001401 METROCELL CONSTRUCTION, INC. 168,456.37
APA26001402 O'REILLY AUTO STORES INC/FIRST CALL 2,913.41 APA26001403 PLUMBERS DEPOT, INC. 693.25
APA26001404 PRESS-ENTERPRISE, THE 3,263.61
APA26001405 PUBLIC SAFETY ENTERPRISE COMMUNICATION 1,217.60 APA26001406 RP LANDSCAPE & IRRIGATION 5,500.00
APA26001407 SOUTHERN CALIFORNIA EDISON CO. 16,799.08
APA26001408 STALKER RADAR 424.54
APA26001409 TRANSTECH ENGINEERS, INC. 44,565.00
APA26001410 TRI-STAR ELECTRIC 10,585.00
APA26001411 UNIFIRST CORP 1,112.82
Attachment 2 1 OF 4
JANUARY 26, 2026
TO FEBRUARY 01, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
APA26001412 VAN ENGINEERING, INC. 55,060.77
APA26001413 VULCAN MATERIALS COMPANY 706.41
10850 BARROZO, ANTHONY 503.50
10851 BASUBAS, EDGARDO 1,913.79
10852 BLOCK, DIANE 1,169.00
10853 BOBO, LAWRENCE 1,169.00
10854 BOONE, ROBERT 1,169.00
10855 BRADY, ROBERT A. 1,163.88
10856 CASTANEDA, FRANCISCO 319.29
10857 CHADD, DANIEL 2,658.58
10858 CHIPMAN, ROBIN 1,913.79
10859 DAVIS, CLAUDIA 1,169.00
10860 DAVIS, RITA 800.58
10861 DOUGLAS, JOSE A. 1,776.10
10862 EAKINS, CATHERINE 755.91
10863 ELKINS, MARIAN C. 503.50
10864 ESPINOZA, GUILLERMO PEREZ 551.66
10865 FAZZIO, JON 194.83
10866 FERGUSON, DAVID 1,935.31
10867 FOSTER, MAUREEN 551.66
10868 GIRON, DIANA 807.05
10869 GOMEZ, GUADALUPE 2,357.53
10870 GONZALES, RAMON 800.58
10871 GORDON, CAROL 188.16
10872 GULBRANSEN, ARLINE 319.29
10873 HANSEN, VI M. 319.29
10874 HOFFARTH, GARY 551.66
10875 HOUTZ, WILLIAM M 1,163.88
10876 JECTER, MICHELE 1,169.00
10877 KILROY, PAT 1,169.00
10878 LEON, CHARLES KIM 503.50
10879 LEPPER, LUCIUS 503.50
10880 MACHOTT, RICHARD J. 1,169.00
10881 MAGEE, KIMBERLY 503.50
10882 MILLER, CORDIE 800.58
10883 MOLENDYK, RONALD 1,169.00
10884 NORTH, EDWARD L. 551.66
10885 NORVANI, CARLOS 435.57
10886 ODONNELL, RAYMOND 503.50
10887 PAYNE, WILLIAM 981.40
10888 PEREZ, SHAR-MARIE 1,776.10
10889 PORCHE, DANA 551.66
Attachment 2 2 OF 4
JANUARY 26, 2026
TO FEBRUARY 01, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
10890 PREISENDANZ, ROLFE 1,169.00
10891 RAMIREZ, FRANCES 800.58
10892 REID, SUSAN 1,169.00
10893 RUSSELL, LAWRENCE 1,169.00
10894 SANTA CRUZ, MARY 1,169.00
10895 SAPP, DAVID 1,033.14
10896 SOLORZANO, LEONEL 1,776.10
10897 STORAASLI, PEGGY 503.50
10898 TAYLOR, GRANT 800.58
10899 TEYLER, KENNETH 194.83
10900 THOMPSON, RITA 1,913.79
10901 TURK, JILL 503.50
10902 UNSWORTH, NOLA 1,248.29
10903 WAITE, DENNIS 1,169.00
10904 WATENPAUGH, RICHARD 503.50
10905 WILKIE, RAE 194.83
10906 YATES, GRANT 2,701.62
10907 AK SECURITY ALARM LLC 6,477.43
10908 AMAZON BUSINESS 3,662.18
10909 AUTOMATED GATE SERVICES, INC 1,395.00
10910 COTTER CONSTRUCTION, INC. 5,500.00
10911 COTTER CONSTRUCTION, INC. 10,300.00
10912 DENNIS JANDA, INC. 3,315.00
10913 ENDRESEN DEVELOPMENT, INC. 22,009.95
10914 ENDRESEN DEVELOPMENT, INC. 32,543.38
10915 ENDRESEN DEVELOPMENT, INC. 10,000.00
10916 ENDRESEN DEVELOPMENT, INC. 15,000.00
10917 ENGINEERING RESOURCES OF SO CA 31,738.97
10918 ESI ACQUISITIONS, INC 33,842.71
10919 FERGUSON 230.89
10920 GABRIELLE V. DENNY 180.00
10921 HDR ENGINEERING, INC. 69,504.85
10922 KPA SERVICES, LLC 1,065.40
10923 PURSUIT ELECTRIC, INC. 23,200.00
10924 READYREFRESH 1,039.64
10925 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 1,480,460.73 10926 RIVERSIDE COUNTY SHERIFF'S, ACCOUNTING & FINANCE 9,689.83 10927 SOBOBA BAND OF LUISENO INDIANS 5,175.00
10928 STAPLES ADVANTAGE 12.83
10929 STAPLES ADVANTAGE 57.09
10930 WEST COAST ARBORISTS, INC. 8,507.00
10931 WKE, INC. 4,692.65
Attachment 2 3 OF 4
JANUARY 26, 2026
TO FEBRUARY 01, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
144002 MCDANIELS, DELORES 503.50
144003 EVMWD 35,139.22
144008 KERR, CHRISTIAN 150.00
144009 RODRIGUEZ, JESSE 3,250.00
144010 SELVAGGIO, JOSEPH 150.00
DFT260503 FRONTIER CALIFORNIA - INTERNET 505.11
DFT260504 FRONTIER CALIFORNIA - INTERNET 822.20
DFT260518 FRONTIER CALIFORNIA - INTERNET 490.98
DFT260527 STATE DISBURSEMENT UNIT 245.53
DFT260528 STATE DISBURSEMENT UNIT 134.30
DFT260529 INTERNAL REVENUE SERVICE 198.50
DFT260530 RIVERSIDE COUNTY SHERIFF'S OFFICE 926.50
DFT260531 TASC 12,086.66
DFT260532 NATIONWIDE TRUST COMPANY, FSB 2,345.95
DFT260533 MISSION SQUARE RETIREMENT 450.77
DFT260534 MISSION SQUARE RETIREMENT 10,097.95
DFT260536 PAYCHEX OF NEW YORK, LLC 2,257.96
DFT260537 CALPERS 77,228.72
DFT260538 FRANCHISE TAX BOARD 25,889.35
DFT260539 INTERNAL REVENUE SERVICE 123,913.79
DFT260540 CALPERS 251.36
DFT260541 COLONIAL LIFE 1,737.02
DFT260544 CALIFORNIA DEPARTMENT OF FISH AND WILDLIFE 177.48 DFT260545 CHARTER COMMUNICATIONS 1,035.00
DFT260546 CHARTER COMMUNICATIONS 40.00
DFT260547 CHARTER COMMUNICATIONS 475.00
DFT260548 CHARTER COMMUNICATIONS 885.00
DFT260549 CHARTER COMMUNICATIONS 475.00
DFT260550 CHARTER COMMUNICATIONS 189.98
DFT260551 CHARTER COMMUNICATIONS 231.61
DFT260552 CHARTER COMMUNICATIONS 550.00
PR01292026 NET PAYROLL 332,892.73
GRAND TOTAL 3,197,018.70 $
Attachment 2 4 OF 4

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: February 24, 2026
Subject: CC Warrant Report Dated February 02, 2026 to February 08, 2026 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued since the prior Warrant Report Attachments
Attachment 1 – City Warrant Summary
Attachment 2 – City Warrant List
FEBRUARY 02, 2026
TO FEBRUARY 08, 2026

CITY OF LAKE ELSINORE CITY WARRANT SUMMARY
FUND NO. FUND DESCRIPTION TOTAL
100 GENERAL 1,101,952.17 $
103 THE ANCHOR 52,713.27
110 GAS TAX 6,829.41
130 LIGHTING, LANDSCAPE, MAINTENANCE DIST - CITYWIDE 201,806.53 135 LIGHTING, LANDSCAPE, MAINTENANCE DIST - NO. 1 51.73 180 LAUNCH POINTE 40,431.32
305 INFORMATION SYSTEMS SERVICE 22,094.75
310 SUPPORT SERVICE 4,020.92
315 FLEET SERVICE 9,053.37
320 FACILITIES SERVICE 7,666.99
500 CAPITAL IMPROVEMENT PLAN 713,979.69
620 COST RECOVERY TRUST DEPOSITS 8,833.67
631 DESTRATIFICATION EQUIPMENT REPLACEMENT 2,510.88
GRAND TOTAL 2,171,944.70 $
Attachment 1 1 of 1
FEBRUARY 02, 2026
TO FEBRUARY 08, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
APA26001414 AARON CHEVROLET 284.04 $
APA26001415 ALLEGRA MARKETING PRINT MAIL 424.13
APA26001416 AZTECA CLEANING SERVICES LLC 1,890.00
APA26001417 CARDLOCK FUELS SYSTEM LLC 6,508.11
APA26001418 CED LAGUNA 8,216.57
APA26001419 CHARTER COMMUNICATIONS 57.64
APA26001420 CITY NET 50,666.91
APA26001421 COSTAR REALTY INFORMATION INC. 902.14
APA26001422 CREATIVE INDUSTRIES MEDIA GROUP 2,497.50
APA26001423 DELL MARKETING, LP 16,762.68
APA26001424 DISCOUNT HAULING & CLEANUP SERVICE 7,415.00 APA26001425 FEHR & PEERS 14,632.70
APA26001426 FRONTIER CALIFORNIA - INTERNET 156.36
APA26001427 FRONTIER CALIFORNIA, INC. 6,286.32
APA26001428 GEI CONSULTANTS INC 1,755.00
APA26001429 GOLDSTAR ASPHALT PRODUCTS 239.25
APA26001430 GREAT AMERICA FINANCIAL SERVICES 941.99
APA26001432 HELIX ENVIRONMENTAL PLANNING INC. 44,231.45 APA26001433 MIG 82,089.05
APA26001434 MORTON PEST CONTROL INC 210.00
APA26001435 NPG, INC. 14,387.00
APA26001436 O'REILLY AUTO STORES INC/FIRST CALL 2,307.97 APA26001437 RIVERSIDE COUNTY TRANSPORTATION & LAND MANAGEMENT 3,512.94 APA26001438 SAS CONSTRUCTION 489,250.00
APA26001439 SHRED-IT USA, LLC 171.20
APA26001440 SOUTHERN CALIFORNIA EDISON CO. 37,328.65
APA26001441 STAUFFER LAWN EQUIPMENT 2,705.14
APA26001442 THE URBAN LAND INSTITUTE 25,000.00
APA26001443 UNIFIRST CORP 601.69
APA26001444 VISTA PAINT CORPORATION 670.74
APA26001445 VULCAN MATERIALS COMPANY 463.41
APA26001446 WAXIE SANITARY SUPPLY 1,848.97
APA26001447 WERNER CORPORATION 208.17
10932 AK SECURITY ALARM LLC 14,953.31
10933 ALVAREZ ENTERPRISE SERVICES 11,180.51
10934 AMAZON BUSINESS 5,511.99
10935 AREA 63 PRODUCTIONS 5,500.00
10936 ARELLANO ASSOCIATES 261.30
10937 BRINKS INCORPORATED 1,109.80
10938 CHEN RYAN ASSOCIATES, INC. 11,883.88
10940 DENNIS JANDA, INC. 4,745.00
Attachment 2 1 OF 2
FEBRUARY 02, 2026
TO FEBRUARY 08, 2026

CITY OF LAKE ELSINORE CITY WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
10941 ENDRESEN DEVELOPMENT, INC. 6,038.06
10942 ENDRESEN DEVELOPMENT, INC. 50,000.00
10943 ENDRESEN DEVELOPMENT, INC. 65,488.00
10944 INNOVATIVE DOCUMENT SOLUTIONS 3,078.93
10945 KPA SERVICES, LLC 1,931.08
10946 LAKE ELSINORE VALLEY CHAMBER OF COMMERCE 13,500.00 10947 PURSUIT ELECTRIC, INC. 21,800.00
10948 REGIONAL CONSERVATION AUTHORITY 4,486.00
10949 SECURITAS SECURITY SERVICES USA, INC. 3,134.73
10950 SMER RESEARCH 1, LLC 10,656.10
10951 SOUTHERN CALIFORNIA GAS CO. 273.42
10952 SOUTHWEST ICE MACHINES 566.38
10953 SOUTHWEST ICE MACHINES 452.75
10954 STAPLES ADVANTAGE 126.10
10955 THOMSON REUTERS - WEST PUBLISHING CORP. 565.61
10956 TUSCANY HILLS LANDSCAPE & REC. CO. 189,141.47
144011 CALIFORNIA DEPARTMENT OF FISH AND WILDLIFE 83.95 144012 CALIFORNIA DEPARTMENT OF FISH AND WILDLIFE 83.95 144013 CALIFORNIA DEPARTMENT OF FISH AND WILDLIFE 83.95 144014 CR&R, INC. 837,476.23
144015 CR&R, INC. 34,992.76
144016 EMPLOYMENT DEVELOPMENT DEPARTMENT, STATE OF CALIFORNIA 8,053.00 144017 ESTES, RYAN 150.00
144018 EVMWD 39,905.26
144019 ROBLEDO, CHRISTOPHER 108.46
GRAND TOTAL 2,171,944.70 $
Attachment 2 2 OF 2

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: February 24, 2026
Subject: CC Investment Report for January 2026
Recommendation
Receive and file the Investment Report for January 2026.

Background and Discussion
The Investment Report lists all funds invested for the City as of the date shown on the report. The Review of Investment Performance for the quarter ended December 31, 2025, is included.

Fiscal Impact
No fiscal impact.

Attachments
Attachment 1 – Investment Report for January 2026

CITY OF LAKE ELSINORE

INVESTMENT REPORT

BANK DEPOSITS OUTSTANDING BOOK

CASH ACCOUNTS BALANCE IN TRANSIT PAYMENTS BALANCE
Bank Accounts:

General Checking Account $ 20,568,910 $ 66,224 $ (37,704) $ 20,597,430 Cash On Hand:

Cashier Drawers #1 & #2 - - - 300
City of Lake Elsinore Petty Cash Fund - - - 2,000
Total Cash Accounts 20,568,910 66,224 (37,704) 20,599,730

INVESTMENTS
Local Agency Investment Funds 53,649,513 - - 53,649,513 CAMP Investments:

CAMP Pool Account 133,288 - - 133,287.76
U.S. Treasury Bond / Note 26,571,874 - - 26,571,874.05
Municipal Bond / Note 200,000 - - 200,000.00
Federal Agency Commercial Mortgage-Backed Security 8,349,986 - - 8,349,985.98 Federal Agency Bond / Note - - - -
Corporate Note 13,896,959 - - 13,896,959.07
Certificate of Deposit - - - -
Bank Note 525,525 - - 525,525.00
Asset-Backed Security 6,409,671 - - 6,409,671.45
Sub-total Investments 109,736,817 - - 109,736,817
Market Value Adjustment:

Unrealized Gain/(Loss) at 12/31/2025 1,266,728 - - 1,266,728 Total Investments 111,003,545 - - 111,003,545
Total Pooled Cash and Investments $ 131,572,455 $ 66,224 $ (37,704) $ 131,603,275 TOTAL POOLED CASH AND INVESTMENTS $ 131,603,275
I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 24, 2025. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures.

Jason P. Simpson February 13, 2026
City Manager Date

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

INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS
AS OF JANUARY 31, 2026

FUND NO FUND NAME AMOUNT
100 General $ 12,671,633
102 Measure Z 13,702,210
106 Affordable Housing In Lieu 1,573,460
109 Road Maintenance and Rehabilitation (SB1) 1,445,567 110 State Gas Tax 1,027,864
112 Measure A 1,120,456
114 SB1186 CASP Education Program 91,054
116 City Hall-Public Works DIF 521,234
117 Community Center DIF 635,175
118 Lake Side Facility DIF 1,013,633
119 Animal Shelter DIF 23,939
121 T.R.I.P.-2014A 2,637
135 Lighting & Landscape Maintenance - Dist. No. 1 2,428,202 140 Geothermal 13,267
160 PEG Grant 1,763
202 La Strada RBBD 27,059
203 E.L.S.P. - S.T.I.F. 3,815,765
205 Traffic Impact Fee 616,732
211 Storm Drain C.I.P. 2,077,057
221 Quimby Park C.I.P. 32,091
231 Library C.I.P. 969,392
232 City Fire Protection 1,487,885
300 Insurance Service 1,396,277
305 Information Systems Service 3,583,973
310 Support Service 74,861
315 Fleet Service 1,044,588
320 Facilities Service 3,214,588
331 CFD 2006-1CC Summerly Improvement Area CC 87,790
332 CFD 2006-1 Improvement Area B, Summerly 84,219
333 CFD 2015-4 Terracina 678,942
334 CFD 2015-5 Trieste - Far West Industries 77,118
335 CFD 2003-2E Canyon Hills Improvement Area E 85,663
336 CFD 2006-1FF Summerly Improvement Area FF 109,136
337 CFD 2016-2 Canyon Hills 669,706
338 CFD 2006-1 IA-JJ Summerly Improvement Area 173,468
339 CFD 2006-1 IA-KK Summerly Improvement Area 134,347
340 CFD 2006-1 IA-EE Summerly Improvement Area 145,033
345 CFD 2003-2 Improvement Area D, Canyon Hills 992,600 346 CFD 2014-1 Southshore 65,652
347 CFD 2006-1 Improvement Area A, Summerly 115,681

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

POOLED CASH AND INVESTMENTS BY FUND
AS OF JANUARY 31, 2026

FUND NO FUND NAME AMOUNT

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

POOLED CASH AND INVESTMENTS BY FUND
AS OF JANUARY 31, 2026
350 CFD 98-1 Summerhill 571,468
351 CFD 2006-1 IA-II Summerly Improvement 213,964
354 CFD 90-2 Tuscany Hills 543
355 RAD 2021-1 Canyon Hills Improvement 475,527
357 CFD 2003-2 Canyon Hills Improvement Area 459,929
359 CFD 2021-1 IA-2 Tuscany Valley & Crest Improvement 7,010 361 CFD 2022-2 Lakeshore Improvement 5,918
364 CFD 2023-2 Coastal Mission Trail Improvement 6,553
366 CFD 2005-6 City Center Townhomes 178,331
368 CFD 2006-2 Viscaya 236,914
369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 829,330 370 CFD 2006-1 IA-HH Summerly Improvement 160,702
371 CFD 2005-1 Serenity 294,302
372 CFD 2005-2 Alberhill Ranch Improvement Area 842,996 374 CFD 2005-4 Lakeview Villas 2,178
375 CFD 2006-4 Clurman 156,265
377 CFD 2006-6 Tessara 106,034
378 CFD 2006-8 Running Deer Estates 116,124
379 CFD 2022-1 Alberhill 268,411
384 CFD 2003-2 Area B Canyon Hills Improvement Area 913,697 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 996,946 386 CFD 2007-4 Mekenna Court 86,591
387 CFD 2007-5 Red Kite 56,450
388 CFD 2007-6 Holiday Inn Express 2,365
390 CFD 2003-2 Area C Canyon Hills Improvement Area 387,585 392 CFD 95-1 City Center 1,426
394 CFD 2005-5 (2012A) Wasson Canyon 146,851
395 CFD 2018-1 Wasson Canyon II Improvement Area 367
396 CFD 2018-2 Nichols Ranch Improvement Area 269,176
397 CFD 2018-3 Village at Lakeshore 188,785
500 Capital Improvement Plan 9,377,236
540 Successor To RDA Diamond Stadium 777,276
603 Endowment Trust - Carl Graves 72,382
604 Endowment Trust - Korn Memorial 38,124
605 Public Improvement Trust 3,293,852
606 Mobile Source Air Polution Reduction 269,840
608 Trust Deposit & Pre Paid Expense 1,847,656
617 Successor Agency Housing 42,574,349
620 Cost Recovery System 6,957,895
631 Lake Destratification Equipment Replacement 371,488

FUND NO FUND NAME AMOUNT

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

POOLED CASH AND INVESTMENTS BY FUND
AS OF JANUARY 31, 2026
655 CFD 2015-1s Law, Fire, Paramedic Services 10,500
Total Pooled Cash & Investments $ 131,603,275

MAXIMUM DIVERSIFICATION CURRENT

TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE
CAMP - Pooled Sweep Account Unlimited 0.12% $ 133,288
U.S. Treasury Bond / Note Unlimited 24.21% $ 26,571,874 Supra-National Agency Bond / Note 30% 0.00% $ -
Municipal Bond / Note Unlimited 0.18% $ 200,000
Federal Agency Collaterized Mortgage Obligation 40% 7.61% $ 8,349,986 Federal Agency Bond / Note Unlimited 0.00% (1) $ -
Banker's Acceptance 40.00% 0.00% $ -
Corporate Note (Includes Bank Note) 30% 13.14% $ 14,422,484 Commercial Paper 25% 0.00% $ -
Negotiable Certificates of Deposit 30% 0.00% $ -
Asset-Backed Security / Collaterized Mortgage 20% 5.84% $ 6,409,671 Repurchase Agreements Unlimited 0 $ -
Reverse Repurchase Agreements 10.00% 0.00% $ -
LAIF (Local Agency Investment Funds) $150 Million 48.89% (2) $ 53,649,513 Placement Service Deposits (PDS) 30% 0.00% $ -
TOTAL 100.00% $ 109,736,817
Note:
(1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency.

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

SUMMARY OF POLICY LIMITATIONS
FOR THE MONTH ENDING JANUARY 31, 2026
Local Agency Investment Fund
PMIA/LAIF Performance Report
as of 02/05/26
Quarterly Performance
Quarter Ended 12/31/25
PMIA Average Monthly
Effective Yields(1)
LAIF Apportionment Rate(2): 4.20 January 3.931
LAIF Earnings Ratio(2): 0.00011512010685708 December 4.025 LAIF Administrative Cost(1)*: 0.27 November 4.096
LAIF Fair Value Factor(1): 1.002181483 October 4.150
PMIA Daily(1): 3.97 September 4.212
PMIA Quarter to Date(1): 4.09 August 4.251
PMIA Average Life(1): 244
Pooled Money Investment Account
Monthly Portfolio Composition (1)
12/31/25
$162.6 billion
Time
Deposits

3.25%
Commercial
Paper

5.38%
Corporate
Bonds

0.58%
Loans

0.16%
Certificates of
Deposit/Bank Notes

9.22%
Treasuries

56.48%
Agencies

24.93%
Chart does not include $910,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.

Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) .
*The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.

Source:
(1) State of California, Office of the Treasurer
(2) State of California, Office of the Controller
Yield Purchase Date Maturity Rate

4.150% Daily 24-Hour
Investment Beginning Balance Net Increase/(Decrease) Ending Balance Total Investments Held with
Local Agency Investment Fund: $ 60,435,255 $ (5,549,676) $ 54,885,578 Note:

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

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

LOCAL AGENCY INVESTMENT FUND

TRANSACTION SUMMARY
FOR THE MONTH ENDING OCTOBER 31, 2025
CAMP
Investment Portfolio
Account Statement - Transaction Summary For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
954,567.99
836,861.82
(1,658,142.05)

0.00 $133,287.76
CAMP Pool
Unsettled Trades 0.00
Cash Dividends and Income 806.73
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
56,182,421.48
1,635,886.28
(742,689.27)
(32,007.99)
$57,043,610.50
CAMP Managed Account
Unsettled Trades 0.00
Cash Dividends and Income 163,156.39
January 31, 2026 December 31, 2025
Asset Summary
CAMP Pool 133,287.76 954,567.99
CAMP Managed Account 57,043,610.50 56,182,421.48
Total $57,176,898.26 $57,136,989.47
Asset Allocation

0.23%
CAMP Pool

99.77%
CAMP Managed
Account
PFM Asset Management, a division of Page 1
U.S. Bancorp Asset Management, Inc.

Managed Account Summary Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dividend
Closing Market Value
Redemptions
Purchases
Opening Market Value
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Closing Market Value
Opening Market Value
Account Total
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Dividends
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
Reconciling Transactions
Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary- Managed Account
$954,567.99
836,861.82
(1,658,142.05)
$133,287.76
806.73
$56,182,421.48
(174,189.27)
(568,500.00)
1,635,886.28

0.00 (32,007.99)
$57,043,610.50
$57,136,989.47
$57,176,898.26
138,468.66
(16,630.43)
41,318.16
$163,156.39

0.00 568,769.34
138,199.32
174,189.27
(1,652,516.71)
771,358.78

0.00 Managed Account Total
56,458,537.63 56,591,825.39
267,226.76
568,769.34
174,189.27
138,199.32
(1,652,516.71)
(55,525,582.84)
(216,153.83)

0.00 267,226.76
2,226,911.39
174,189.27
138,199.32
(2,489,378.53)
(56,480,150.83)
(216,153.83)
806.73
Total Accrual Basis Earnings $212,668.94 $213,475.67
Transaction Summary - Money Market Transaction Summary - Managed Account _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance
Closing Cash Balance $0.00
PFM Asset Management, a division of Page 2
U.S. Bancorp Asset Management, Inc.

Portfolio Summary and Statistics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 27,575,000.00 27,109,011.78 47.42 Municipal Bond / Note 200,000.00 202,622.60 0.35
Federal Agency Commercial
Mortgage-Backed Security
8,473,670.54 8,577,977.22 15.00
Corporate Note 14,056,000.00 14,162,737.26 24.77
Bank Note 525,000.00 531,847.05 0.93
Asset-Backed Security 6,406,789.46 6,459,414.59 11.30
Managed Account Sub-Total 57,236,460.00 57,043,610.50 99.77% Accrued Interest 267,226.76
Total Portfolio 57,236,460.00 57,310,837.26
CAMP Pool 133,287.76 133,287.76 0.23
Total Investments 57,369,747.76 57,444,125.02 100.00%
Unsettled Trades 0.00 0.00
Sector Allocation

11.30%
ABS

0.93%
Bank Note

24.26%
Corporate Note

15.00%
Federal Agency
Commercial
Mortgage-Backed
Security

0.23%
Joint Powers
Authority

0.35%
Muni Bond / Note

0.51%
Priv Placement
Bond

47.42%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

0.61%

3.29%

8.63%

41.90%

31.38%

14.19%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1060

4.24%

3.76%
PFM Asset Management, a division of Page 3
U.S. Bancorp Asset Management, Inc.

Managed Account Issuer Summary For the Month Ending January 31, 2026

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

4.46%
A

7.91%
A+

4.23%
A1.82%
AA

63.77%
AA+

4.26%
AA9.51%
AAA

0.23%
AAAm

0.71%
BBB+

3.10%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 384,977.25 0.67
Air Products and Chemicals Inc 346,408.66 0.61
Amazon.com Inc 575,052.33 1.01
American Express Co 1,404,142.36 2.46
Analog Devices Inc 405,456.00 0.71
Apple Inc 766,594.35 1.34
BA Credit Card Trust 605,025.19 1.06
Bank of America Corp 688,576.16 1.20
Bank of New York Mellon Corp 467,465.08 0.82
Bayerische Motoren Werke AG 172,563.30 0.30
Berkshire Hathaway Inc 467,876.90 0.82
BlackRock Inc 793,078.43 1.39
Bristol-Myers Squibb Co 211,550.29 0.37
CAMP Pool 133,287.76 0.23
Capital One Financial Corp 490,869.26 0.86
CarMax Inc 10,048.36 0.02
Caterpillar Inc 221,049.90 0.39
Charles Schwab Corp 298,160.70 0.52
Cisco Systems Inc 430,741.50 0.75
Citigroup Inc 1,341,391.80 2.35
Deere & Co 385,245.38 0.67
Discover Card Execution Note Trust 671,641.84 1.17
Federal Home Loan Mortgage Corp 8,050,462.19 14.07
Federal National Mortgage Association 527,515.03 0.92
Fifth Third Auto Trust 192,994.55 0.34
Ford Credit Auto Owner Trust 44,006.22 0.08
GM Financial Consumer Automobile Receiv 118,911.58 0.21 Harley-Davidson Inc 43,917.02 0.08
Home Depot Inc 384,507.75 0.67
Honda Auto Receivables Owner Trust 324,731.05 0.57
Honda Motor Co Ltd 403,688.00 0.71
JPMorgan Chase & Co 408,363.53 0.71
PFM Asset Management, a division of Page 4
U.S. Bancorp Asset Management, Inc.

Managed Account Issuer Summary For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Issuer of Holdings Percent
Market Value
Lockheed Martin Corp 60,767.70 0.11
Mars Inc 117,493.32 0.21
Mercedes-Benz Auto Receivables Trust 557,271.55 0.97
Microsoft Corp 747,563.25 1.31
Morgan Stanley 531,847.05 0.93
National Australia Bank Ltd 501,115.00 0.88
National Rural Utilities Cooperative Fi 347,140.15 0.61 Nissan Auto Receivables Owner Trust 23,664.23 0.04
Northern Trust Corp 575,017.25 1.01
Novartis AG 510,025.50 0.89
PACCAR Inc 407,248.00 0.71
Porsche Innovative Lease Owner 101,075.00 0.18
Shell PLC 574,092.65 1.00
State of California 202,622.60 0.35
State Street Corp 205,471.60 0.36
Target Corp 39,371.72 0.07
Texas Instruments Inc 86,323.79 0.15
TotalEnergies SE 575,009.78 1.01
Toyota Auto Receivables Owner Trust 213,686.31 0.37
Toyota Motor Corp 380,884.88 0.67
United States Treasury 27,109,011.78 47.40
UnitedHealth Group Inc 223,315.65 0.39
Verizon Master Trust 418,271.03 0.73
Wells Fargo & Co 407,610.00 0.71
WF Card Issuance Trust 490,698.75 0.86
Total $57,176,898.26 100.00%
PFM Asset Management, a division of Page 5
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 75,000.00 AA+ Aa1 01/13/23 01/17/23 70,441.41 3.72 323.20 74,064.15 74,075.40

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 225,000.00 AA+ Aa1 07/01/24 07/03/24 198,641.60 4.49 248.62 208,526.38 213,073.20

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,275,000.00 AA+ Aa1 09/04/24 09/06/24 1,169,364.26 3.59 1,408.84 1,206,569.46 1,207,414.80

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,300,000.00 AA+ Aa1 08/01/24 08/05/24 1,173,960.94 3.96 1,436.46 1,219,855.85 1,231,089.60

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,100,000.00 AA+ Aa1 06/06/24 06/11/24 1,857,597.66 4.39 2,320.44 1,950,661.26 1,988,683.20

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,400,000.00 AA+ Aa1 10/01/24 10/07/24 2,211,468.75 3.51 2,651.93 2,275,353.97 2,272,780.80

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,200,000.00 AA+ Aa1 10/31/24 11/05/24 1,182,093.75 4.14 3,977.90 1,187,130.75 1,204,780.80

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,375,000.00 AA+ Aa1 01/02/25 01/07/25 1,344,653.32 4.36 4,558.01 1,352,306.16 1,380,478.00

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,475,000.00 AA+ Aa1 02/03/25 02/06/25 1,444,693.36 4.33 4,889.50 1,451,893.15 1,480,876.40

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 2,600,000.00 AA+ Aa1 12/03/24 12/06/24 2,565,773.44 4.10 8,618.78 2,574,938.48 2,610,358.40

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 600,000.00 AA+ Aa1 07/01/25 07/03/25 589,054.69 3.75 1,723.76 590,549.74 592,242.00

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 04/01/25 04/04/25 878,414.06 3.87 2,585.64 882,363.08 888,363.00

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 06/02/25 06/05/25 875,566.41 3.98 2,585.64 879,256.92 888,363.00

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 925,000.00 AA+ Aa1 08/01/25 08/05/25 902,236.33 3.94 2,657.46 904,912.78 913,039.75 PFM Asset Management, a division of Page 6
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 1,500,000.00 AA+ Aa1 05/01/25 05/06/25 1,476,796.88 3.65 4,309.39 1,480,683.39 1,480,605.00

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 2,650,000.00 AA+ Aa1 03/03/25 03/06/25 2,565,117.19 4.06 7,613.26 2,581,765.60 2,615,735.50

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 3,900,000.00 AA+ Aa1 09/02/25 09/05/25 3,841,652.34 3.67 11,204.42 3,847,488.76 3,849,573.00

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 300,000.00 AA+ Aa1 11/04/25 11/07/25 306,820.31 3.66 35.22 306,472.81 305,859.30

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 900,000.00 AA+ Aa1 01/02/26 01/07/26 920,285.16 3.65 105.66 919,973.08 917,577.90

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 975,000.00 AA+ Aa1 10/01/25 10/06/25 997,242.19 3.67 114.47 995,712.73 994,042.73 Security Type Sub-Total 27,575,000.00 26,571,874.05 3.92 63,368.60 26,890,478.50 27,109,011.78 Municipal Bond / Note
CA ST
DTD 03/15/2023 4.846% 03/01/2027
13063D3N6 200,000.00 AA- Aa2 03/09/23 03/15/23 200,000.00 4.85 4,038.33 200,000.00 202,622.60 Security Type Sub-Total 200,000.00 200,000.00 4.85 4,038.33 200,000.00 202,622.60 Federal Agency Commercial Mortgage-Backed Security
FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 550,000.00 AA+ Aa1 04/06/23 04/12/23 526,839.84 3.98 1,215.96 546,104.97 545,826.60 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 361,280.92 AA+ Aa1 05/19/23 05/24/23 350,160.25 4.29 1,007.67 358,688.15 359,537.37 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 550,000.00 AA+ Aa1 08/16/23 08/18/23 518,804.69 4.94 1,477.67 540,042.51 546,676.35 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 550,000.00 AA+ Aa1 06/08/23 06/13/23 527,033.20 4.42 1,486.38 542,674.38 546,420.05 PFM Asset Management, a division of Page 7
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 377,191.87 AA+ Aa1 12/06/23 12/14/23 377,188.85 4.86 1,527.00 377,191.04 383,529.07 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 429,592.77 AA+ Aa1 07/19/23 07/27/23 429,582.06 4.78 1,710.14 429,587.53 432,999.01 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 550,000.00 AA+ Aa1 07/13/23 07/20/23 555,493.40 4.59 2,208.71 552,673.97 560,745.35 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 524,950.13 AA+ Aa1 07/18/23 07/31/23 516,050.58 4.58 1,829.21 520,515.24 527,515.03 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 500,000.00 AA+ Aa1 10/11/23 10/19/23 489,032.00 5.25 1,975.00 493,831.88 509,684.50 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 800,000.00 AA+ Aa1 09/07/23 09/14/23 788,165.60 4.99 3,100.00 793,477.99 813,857.60 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 375,000.00 AA+ Aa1 10/25/23 10/31/23 363,043.88 5.60 1,515.63 368,006.87 383,403.00 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 500,000.00 AA+ Aa1 09/20/23 09/28/23 494,023.50 5.07 2,000.00 496,579.85 510,527.50 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 180,000.00 AA+ Aa1 11/14/23 11/21/23 179,479.62 5.14 760.35 179,694.54 185,225.04 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 275,000.00 AA+ Aa1 11/28/23 12/07/23 274,209.93 4.93 1,113.75 274,533.39 281,461.95 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 290,000.00 AA+ Aa1 02/01/24 02/08/24 292,899.71 4.34 1,104.90 291,801.10 294,902.16 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 440,000.00 AA+ Aa1 07/16/24 07/25/24 442,702.04 4.58 1,730.67 441,951.28 450,078.64 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 535,654.86 AA+ Aa1 06/05/24 06/13/24 535,653.25 4.80 2,143.96 535,654.86 548,852.86 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 495,000.00 AA+ Aa1 08/07/24 08/15/24 499,630.23 4.33 1,873.99 498,368.56 503,943.66 PFM Asset Management, a division of Page 8
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
3137HKXJ8 190,000.00 AA+ Aa1 04/15/25 04/24/25 189,993.35 4.41 698.25 189,994.44 192,791.48 Security Type Sub-Total 8,473,670.54 8,349,985.98 4.73 30,479.24 8,431,372.55 8,577,977.22 Corporate Note

UNITEDHEALTH GROUP INC (CALLABLE)
DTD 05/19/2021 1.150% 05/15/2026
91324PEC2 225,000.00 A+ A2 05/17/21 05/19/21 224,608.50 1.19 546.25 224,977.33 223,315.65

BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
05565EBW4 175,000.00 A A2 08/12/21 08/16/21 174,947.50 1.26 1,026.91 174,994.42 172,563.30

CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
14913R2U0 225,000.00 A A2 01/11/22 01/13/22 223,863.75 1.81 244.38 224,786.68 221,049.90

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 40,000.00 A A2 01/19/22 01/24/22 39,932.00 1.99 34.67 39,986.94 39,371.72

BANK OF NY MELLON CORP (CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
06406RBA4 475,000.00 A Aa3 01/26/22 01/28/22 473,945.50 2.10 135.24 474,791.80 467,465.08

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 750,000.00 AAA Aaa 03/14/23 03/17/23 721,942.50 4.36 12,031.25 742,679.78 747,563.25

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
025816CS6 300,000.00 A- A2 01/13/23 01/18/23 277,203.00 4.59 3,123.75 293,970.91 296,108.40

BERKSHIRE HATHAWAY FIN (CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
084664CZ2 475,000.00 AA Aa2 03/15/22 03/17/22 466,089.00 2.70 4,127.22 472,997.75 467,876.90

CHARLES SCHWAB CORP (CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
808513BW4 300,000.00 A- A2 02/17/23 02/22/23 284,925.00 4.66 3,300.00 295,719.07 298,160.70

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.905% 06/09/2027
63254ABE7 500,000.00 AA- Aa2 01/13/23 01/18/23 488,325.00 4.50 2,820.28 496,396.33 501,115.00

APPLE INC (CALLABLE)
DTD 09/12/2017 2.900% 09/12/2027
037833DB3 775,000.00 AA+ Aaa 01/19/23 01/23/23 741,062.75 3.94 8,677.85 763,186.01 766,594.35

TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
89236TKQ7 375,000.00 A+ A1 02/08/23 02/10/23 376,282.50 4.55 915.36 375,507.35 380,884.88 PFM Asset Management, a division of Page 9
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

NATIONAL RURAL UTIL COOP (CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
637432NP6 350,000.00 A- A1 02/17/23 02/22/23 329,189.00 4.76 5,751.67 341,535.69 347,140.15

TEXAS INSTRUMENTS INC (CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
882508BV5 85,000.00 A+ Aa3 05/11/23 05/18/23 87,043.40 4.04 1,802.94 85,857.81 86,323.79

BRISTOL-MYERS SQUIBB CO (CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
110122DE5 211,000.00 A A2 03/09/23 03/13/23 201,583.07 4.93 3,680.19 207,083.79 211,550.29

LOCKHEED MARTIN CORP (CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028
539830BZ1 60,000.00 A- A2 05/23/23 05/25/23 59,892.00 4.49 563.67 59,950.28 60,767.70

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 375,000.00 A A1 07/21/23 07/25/23 377,865.00 4.78 876.56 376,414.08 385,245.38

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 750,000.00 A+ Aa3 10/02/23 10/04/23 746,280.00 5.92 14,749.29 747,882.40 785,718.00

AIR PRODUCTS & CHEMICALS (CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
009158BH8 340,000.00 A A2 02/06/24 02/08/24 339,547.80 4.63 7,515.89 339,714.70 346,408.66

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 420,000.00 AA- A1 02/21/24 02/26/24 419,853.00 4.86 8,770.42 419,906.45 430,741.50

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 50,000.00 AA- Aa3 03/05/24 03/14/24 49,909.50 4.74 894.31 49,941.22 51,166.35

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 725,000.00 AA- Aa3 03/06/24 03/14/24 725,355.25 4.69 12,967.43 725,233.04 741,912.08

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 170,000.00 A+ A1 04/02/24 04/04/24 169,775.60 4.83 2,652.00 169,851.59 174,523.02

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 205,000.00 A+ A1 04/01/24 04/04/24 204,694.55 4.83 3,198.00 204,797.78 210,454.23

WELLS FARGO & COMPANY (CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 110,000.00 BBB+ A1 04/16/25 04/23/25 110,088.00 4.95 1,488.24 110,066.71 112,092.75

WELLS FARGO & COMPANY (CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 290,000.00 BBB+ A1 04/15/25 04/23/25 290,000.00 4.97 3,923.54 290,000.00 295,517.25 PFM Asset Management, a division of Page 10
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

BANK OF AMERICA CORP (CALLABLE)
DTD 05/09/2025 4.623% 05/09/2029
06051GMT3 600,000.00 A- A1 05/06/25 05/09/25 600,000.00 4.62 6,318.10 600,000.00 608,044.80

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 125,000.00 A A2 06/17/24 06/25/24 124,193.75 4.90 593.75 124,431.02 128,169.25

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 250,000.00 A A2 06/18/24 06/25/24 248,627.50 4.88 1,187.50 249,031.95 256,338.50

AMERICAN HONDA FINANCE
DTD 09/05/2024 4.400% 09/05/2029
02665WFQ9 400,000.00 A- A3 09/03/24 09/05/24 399,520.00 4.43 7,137.78 399,644.80 403,688.00

MARS INC (CALLABLE)
DTD 03/12/2025 4.800% 03/01/2030
571676AY1 115,000.00 A A2 03/05/25 03/12/25 114,875.80 4.83 2,300.00 114,895.87 117,493.32

STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.834% 04/24/2030
857477DB6 200,000.00 A Aa3 04/22/25 04/24/25 200,000.00 4.83 2,604.99 200,000.00 205,471.60

PACCAR FINANCIAL CORP
DTD 05/08/2025 4.550% 05/08/2030
69371RT71 400,000.00 A+ A1 05/05/25 05/08/25 399,380.00 4.59 4,196.11 399,462.86 407,248.00

ANALOG DEVICES INC (CALLABLE)
DTD 06/16/2025 4.500% 06/15/2030
032654BE4 400,000.00 A- A2 06/12/25 06/16/25 399,648.00 4.52 2,300.00 399,689.02 405,456.00

NOVARTIS CAPITAL CORP (CALLABLE)
DTD 11/05/2025 4.100% 11/05/2030
66989HAY4 510,000.00 AA- Aa3 11/03/25 11/05/25 508,470.00 4.17 4,995.17 508,538.43 510,025.50

SHELL FINANCE US INC (CALLABLE)
DTD 11/06/2025 4.125% 11/06/2030
822905AN5 125,000.00 A+ Aa2 11/03/25 11/06/25 124,520.00 4.21 1,217.45 124,540.98 124,802.75

SHELL FINANCE US INC (CALLABLE)
DTD 11/06/2025 4.125% 11/06/2030
822905AN5 450,000.00 A+ Aa2 11/04/25 11/06/25 449,136.00 4.17 4,382.81 449,173.84 449,289.90

NORTHERN TRUST CORP
DTD 11/19/2025 4.150% 11/19/2030
665859AY0 115,000.00 A+ A2 11/12/25 11/19/25 114,943.65 4.16 954.50 114,945.98 115,003.45

NORTHERN TRUST CORP
DTD 11/19/2025 4.150% 11/19/2030
665859AY0 460,000.00 A+ A2 11/13/25 11/19/25 459,443.40 4.18 3,818.00 459,464.96 460,013.80 AMAZON.COM INC (CALLABLE)
DTD 11/20/2025 4.100% 11/20/2030
023135CT1 575,000.00 AA A1 11/17/25 11/20/25 574,384.75 4.12 4,649.51 574,406.88 575,052.33 PFM Asset Management, a division of Page 11
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note

TOTALENERGI CAP USA LLC (CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 240,000.00 A+ Aa3 01/06/26 01/13/26 240,000.00 4.25 509.76 240,000.00 240,004.08

TOTALENERGI CAP USA LLC (CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 335,000.00 A+ Aa3 01/07/26 01/13/26 335,613.05 4.21 711.54 335,607.59 335,005.70 Security Type Sub-Total 14,056,000.00 13,896,959.07 4.29 153,694.28 14,002,064.09 14,162,737.26 Bank Note

MORGAN STANLEY BANK NA (CALLABLE)
DTD 07/19/2024 4.968% 07/14/2028
61690U8E3 525,000.00 A+ Aa3 07/18/24 07/19/24 525,525.00 4.94 1,231.65 525,265.41 531,847.05 Security Type Sub-Total 525,000.00 525,525.00 4.94 1,231.65 525,265.41 531,847.05 Asset-Backed Security
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 10,047.00 AAA NR 07/12/22 07/20/22 10,046.76 3.97 17.73 10,046.93 10,048.36 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 23,642.36 AAA Aaa 09/20/22 09/28/22 23,637.47 4.46 46.86 23,641.00 23,664.23 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 28,244.55 AAA NR 10/04/22 10/12/22 28,239.92 4.82 56.72 28,243.08 28,277.35 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 73,363.33 AAA NR 01/24/23 01/30/23 73,363.29 4.63 150.97 73,363.32 73,522.23 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 43,798.63 NR Aaa 02/13/23 02/23/23 43,794.22 5.05 98.30 43,796.91 43,917.02 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 43,888.24 AAA NR 03/28/23 03/31/23 43,883.67 4.65 90.70 43,886.33 44,006.22 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 151,847.33 AAA NR 08/15/23 08/22/23 151,816.02 5.42 296.65 151,833.05 152,913.60 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 320,000.00 NR Aaa 04/04/23 04/11/23 319,981.44 4.31 612.98 319,992.01 320,205.44 PFM Asset Management, a division of Page 12
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 170,000.00 AAA NR 06/08/23 06/16/23 169,961.51 4.79 361.91 169,982.07 170,475.66 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 190,000.00 AAA NR 06/07/23 06/14/23 189,983.15 4.87 411.24 189,992.16 190,590.14 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 490,000.00 AAA NR 05/17/23 05/24/23 489,887.64 4.42 962.58 489,948.31 490,869.26 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 350,000.00 AAA Aaa 06/21/23 06/28/23 349,952.72 4.93 766.89 349,977.40 351,436.40 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 55,598.63 NR Aaa 11/01/23 11/08/23 55,588.84 5.67 87.57 55,593.31 56,190.70 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 191,359.39 AAA Aaa 08/15/23 08/23/23 191,347.52 5.53 470.32 191,353.33 192,994.55 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 405,000.00 AAA NR 09/07/23 09/15/23 404,887.73 5.17 928.80 404,937.55 408,363.53 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 410,000.00 AAA NR 09/12/23 09/19/23 409,981.67 5.23 953.02 409,989.97 413,610.05 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 100,000.00 AAA NR 05/14/25 05/21/25 99,989.29 4.61 140.86 99,991.58 101,075.00 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 180,000.00 NR Aaa 12/07/23 12/14/23 179,975.83 4.98 398.40 179,985.97 181,749.78 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 495,000.00 AAA NR 04/16/24 04/23/24 494,898.53 5.23 1,150.60 494,898.53 503,833.77 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 115,000.00 NR Aaa 04/29/25 05/08/25 114,987.15 4.15 212.11 114,989.35 115,626.75 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 80,000.00 NR Aaa 05/06/25 05/12/25 79,994.48 4.35 106.33 79,995.52 80,531.36 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 550,000.00 NR Aaa 04/08/25 04/09/25 553,673.83 4.62 1,168.44 553,095.26 557,271.55 PFM Asset Management, a division of Page 13
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 415,000.00 NR Aaa 03/25/25 03/31/25 414,982.16 4.51 571.89 414,985.93 418,271.03 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 90,000.00 AAA Aaa 05/06/25 05/14/25 89,986.75 4.28 160.50 89,988.58 90,634.23 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 250,000.00 AAA NR 06/05/25 06/12/25 249,999.05 4.31 478.89 250,000.00 252,799.75 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
92970QAJ4 485,000.00 AAA NR 06/03/25 06/10/25 484,991.95 4.34 935.51 484,994.32 490,698.75 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 550,000.00 AAA Aaa 06/18/25 06/26/25 549,850.79 4.31 2,627.78 549,867.15 555,673.80 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
89240KAD0 140,000.00 AAA Aaa 01/13/26 01/21/26 139,988.07 3.86 150.11 139,988.16 140,164.08 Security Type Sub-Total 6,406,789.46 6,409,671.45 4.71 14,414.66 6,409,357.08 6,459,414.59 Managed Account Sub-Total 57,236,460.00 55,954,015.55 4.24 267,226.76 56,458,537.63 57,043,610.50 Joint Powers Authority
CAMP Pool 133,287.76 AAAm NR 133,287.76 0.00 133,287.76 133,287.76 Liquid Sub-Total 133,287.76 133,287.76 0.00 133,287.76 133,287.76 $57,369,747.76 $56,087,303.31 4.24% $267,226.76 $56,591,825.39 $57,176,898.26 $57,444,125.02
$267,226.76
Total Investments
Accrued Interest
Securities Sub-Total
PFM Asset Management, a division of Page 14
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 912828U24 75,000.00 JPMorgan 98.77 74,075.40 3,633.99 11.25 DTD 11/15/2016 2.000% 11/15/2026

0.77 3.68
US TREASURY N/B 91282CCH2 225,000.00 BMO 94.70 213,073.20 14,431.60 4,546.82 DTD 06/30/2021 1.250% 06/30/2028

2.34 3.56
US TREASURY N/B 91282CCH2 1,275,000.00 MorganSt 94.70 1,207,414.80 38,050.54 845.34 DTD 06/30/2021 1.250% 06/30/2028

2.34 3.56
US TREASURY N/B 91282CCH2 1,300,000.00 BMO 94.70 1,231,089.60 57,128.66 11,233.75 DTD 06/30/2021 1.250% 06/30/2028

2.34 3.56
US TREASURY N/B 91282CCH2 2,100,000.00 BMO 94.70 1,988,683.20 131,085.54 38,021.94 DTD 06/30/2021 1.250% 06/30/2028

2.34 3.56
US TREASURY N/B 91282CCH2 2,400,000.00 BMO 94.70 2,272,780.80 61,312.05 (2,573.17) DTD 06/30/2021 1.250% 06/30/2028

2.34 3.56
US TREASURY N/B 91282CJR3 1,200,000.00 Citigrou 100.40 1,204,780.80 22,687.05 17,650.05 DTD 01/02/2024 3.750% 12/31/2028

2.73 3.60
US TREASURY N/B 91282CJR3 1,375,000.00 MorganSt 100.40 1,380,478.00 35,824.68 28,171.84 DTD 01/02/2024 3.750% 12/31/2028

2.73 3.60
US TREASURY N/B 91282CJR3 1,475,000.00 JPMorgan 100.40 1,480,876.40 36,183.04 28,983.25 DTD 01/02/2024 3.750% 12/31/2028

2.73 3.60
US TREASURY N/B 91282CJR3 2,600,000.00 MorganSt 100.40 2,610,358.40 44,584.96 35,419.92 DTD 01/02/2024 3.750% 12/31/2028

2.73 3.60
US TREASURY N/B 91282CEV9 600,000.00 Citigrou 98.71 592,242.00 3,187.31 1,692.26 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 900,000.00 BMO 98.71 888,363.00 9,948.94 5,999.92 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 900,000.00 BMO 98.71 888,363.00 12,796.59 9,106.08 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 925,000.00 Citigrou 98.71 913,039.75 10,803.42 8,126.97 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 1,500,000.00 Citigrou 98.71 1,480,605.00 3,808.12 (78.39) DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 2,650,000.00 MorganSt 98.71 2,615,735.50 50,618.31 33,969.90 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
US TREASURY N/B 91282CEV9 3,900,000.00 RBC Capi 98.71 3,849,573.00 7,920.66 2,084.24 DTD 06/30/2022 3.250% 06/30/2029

3.19 3.66
PFM Asset Management, a division of Page 15
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B 91282CMG3 300,000.00 Citigrou 101.95 305,859.30 (961.01) (613.51) DTD 01/31/2025 4.250% 01/31/2030

3.66 3.72
US TREASURY N/B 91282CMG3 900,000.00 Citigrou 101.95 917,577.90 (2,707.26) (2,395.18) DTD 01/31/2025 4.250% 01/31/2030

3.66 3.72
US TREASURY N/B 91282CMG3 975,000.00 HSBC 101.95 994,042.73 (3,199.46) (1,670.00) DTD 01/31/2025 4.250% 01/31/2030

3.66 3.72
Security Type Sub-Total 27,575,000.00 27,109,011.78 537,137.73 218,533.28 2.89 3.62 Municipal Bond / Note
CA ST 13063D3N6 200,000.00 WellsFar 101.31 202,622.60 2,622.60 2,622.60 DTD 03/15/2023 4.846% 03/01/2027

1.02 3.60
Security Type Sub-Total 200,000.00 202,622.60 2,622.60 2,622.60 1.02 3.60 Federal Agency Commercial Mortgage-Backed Security
FHMS K058 A2 3137BSP72 550,000.00 BREAN 99.24 545,826.60 18,986.76 (278.37) DTD 11/01/2016 2.653% 08/01/2026

0.51 3.80
FHMS K061 A2 3137BTUM1 361,280.92 Citigrou 99.52 359,537.37 9,377.12 849.22 DTD 01/01/2017 3.347% 11/01/2026

0.73 3.73
FHMS K064 A2 3137BXQY1 550,000.00 MorganSt 99.40 546,676.35 27,871.66 6,633.84 DTD 05/01/2017 3.224% 03/01/2027

0.95 3.66
FHMS K065 A2 3137F1G44 550,000.00 Citigrou 99.35 546,420.05 19,386.85 3,745.67 DTD 07/01/2017 3.243% 04/01/2027

1.10 3.66
FHMS KJ48 A1 3137HBC69 377,191.87 JPMorgan 101.68 383,529.07 6,340.22 6,338.03 DTD 12/01/2023 4.858% 05/01/2028

1.90 3.86
FHMS KJ46 A1 3137HAD45 429,592.77 JPMorgan 100.79 432,999.01 3,416.95 3,411.48 DTD 07/01/2023 4.777% 06/01/2028

1.34 3.99
FHMS K505 A2 3137HACX2 550,000.00 JPMorgan 101.95 560,745.35 5,251.95 8,071.38 DTD 07/01/2023 4.819% 06/01/2028

2.12 3.80
FNA 2023-M6 A2 3136BQDE6 524,950.13 JPMorgan 100.49 527,515.03 11,464.45 6,999.79 DTD 07/01/2023 4.181% 07/01/2028

2.27 3.88
FHMS K508 A2 3137HAQ74 500,000.00 BMO 101.94 509,684.50 20,652.50 15,852.62 DTD 10/01/2023 4.740% 08/01/2028

2.31 3.82
PFM Asset Management, a division of Page 16
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHMS K506 A2 3137HAMH6 800,000.00 WellsFar 101.73 813,857.60 25,692.00 20,379.61 DTD 09/01/2023 4.650% 08/01/2028

2.28 3.81
FHMS K509 A2 3137HAST4 375,000.00 MorganSt 102.24 383,403.00 20,359.12 15,396.13 DTD 10/01/2023 4.850% 09/01/2028

2.39 3.83
FHMS K507 A2 3137HAMS2 500,000.00 BOFAML 102.11 510,527.50 16,504.00 13,947.65 DTD 09/01/2023 4.800% 09/01/2028

2.34 3.82
FHMS K510 A2 3137HB3D4 180,000.00 JPMorgan 102.90 185,225.04 5,745.42 5,530.50 DTD 11/01/2023 5.069% 10/01/2028

2.42 3.80
FHMS K511 A2 3137HB3G7 275,000.00 BOFAML 102.35 281,461.95 7,252.02 6,928.56 DTD 12/01/2023 4.860% 10/01/2028

2.46 3.83
FHMS K514 A2 3137HBLV4 290,000.00 JPMorgan 101.69 294,902.16 2,002.45 3,101.06 DTD 02/01/2024 4.572% 12/01/2028

2.55 3.84
FHMS K524 A2 3137HDV56 440,000.00 PIER 102.29 450,078.64 7,376.60 8,127.36 DTD 07/01/2024 4.720% 05/01/2029

2.98 3.90
FHMS K522 A2 3137HDJJ0 535,654.86 MorganSt 102.46 548,852.86 13,199.61 13,198.00 DTD 06/01/2024 4.803% 05/01/2029

2.86 3.89
FHMS K526 A2 3137HDXL9 495,000.00 BMO 101.81 503,943.66 4,313.43 5,575.10 DTD 08/01/2024 4.543% 07/01/2029

3.14 3.92
FHMS K539 A2 3137HKXJ8 190,000.00 JPMorgan 101.47 192,791.48 2,798.13 2,797.04 DTD 04/01/2025 4.410% 01/01/2030

3.57 3.96
Security Type Sub-Total 8,473,670.54 8,577,977.22 227,991.24 146,604.67 2.05 3.83 Corporate Note
UNITEDHEALTH GROUP INC (CALLABLE) 91324PEC2 225,000.00 Citigrou 04/15/26 99.25 223,315.65 (1,292.85) (1,661.68) DTD 05/19/2021 1.150% 05/15/2026

0.28 3.78
BMW US CAPITAL LLC (CALLABLE) 05565EBW4 175,000.00 SUMITR 07/12/26 98.61 172,563.30 (2,384.20) (2,431.12) DTD 08/12/2021 1.250% 08/12/2026

0.52 3.93
CATERPILLAR FINL SERVICE 14913R2U0 225,000.00 JPMorgan 98.24 221,049.90 (2,813.85) (3,736.78) DTD 01/10/2022 1.700% 01/08/2027

0.92 3.62
TARGET CORP (CALLABLE) 87612EBM7 40,000.00 Citigrou 12/15/26 98.43 39,371.72 (560.28) (615.22) DTD 01/24/2022 1.950% 01/15/2027

0.93 3.64
BANK OF NY MELLON CORP (CALLABLE) 06406RBA4 475,000.00 Deutsche 12/24/26 98.41 467,465.08 (6,480.42) (7,326.72) DTD 01/26/2022 2.050% 01/26/2027

0.96 3.70
PFM Asset Management, a division of Page 17
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
MICROSOFT CORP (CALLABLE) 594918BY9 750,000.00 GoldmanS 11/06/26 99.68 747,563.25 25,620.75 4,883.47 DTD 02/06/2017 3.300% 02/06/2027

0.89 3.63
AMERICAN EXPRESS CO (CALLABLE) 025816CS6 300,000.00 RBS 02/01/27 98.70 296,108.40 18,905.40 2,137.49 DTD 03/04/2022 2.550% 03/04/2027

1.04 3.77
BERKSHIRE HATHAWAY FIN (CALLABLE) 084664CZ2 475,000.00 SEEL 02/15/27 98.50 467,876.90 1,787.90 (5,120.85) DTD 03/15/2022 2.300% 03/15/2027

1.07 3.67
CHARLES SCHWAB CORP (CALLABLE) 808513BW4 300,000.00 Barclays 01/01/27 99.39 298,160.70 13,235.70 2,441.63 DTD 09/24/2021 3.300% 04/01/2027

1.06 3.84
NATIONAL AUSTRALIA BK/NY 63254ABE7 500,000.00 CAS 100.22 501,115.00 12,790.00 4,718.67 DTD 06/09/2022 3.905% 06/09/2027

1.30 3.73
APPLE INC (CALLABLE) 037833DB3 775,000.00 TD Secur 06/12/27 98.92 766,594.35 25,531.60 3,408.34 DTD 09/12/2017 2.900% 09/12/2027

1.49 3.60
TOYOTA MOTOR CREDIT CORP 89236TKQ7 375,000.00 WellsFar 101.57 380,884.88 4,602.38 5,377.53 DTD 01/12/2023 4.625% 01/12/2028

1.85 3.78
NATIONAL RURAL UTIL COOP (CALLABLE) 637432NP6 350,000.00 MorganSt 11/07/27 99.18 347,140.15 17,951.15 5,604.46 DTD 02/07/2018 3.400% 02/07/2028

1.83 3.82
TEXAS INSTRUMENTS INC (CALLABLE) 882508BV5 85,000.00 JPMorgan 01/15/28 101.56 86,323.79 (719.61) 465.98 DTD 11/18/2022 4.600% 02/15/2028

1.84 3.80
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DE5 211,000.00 MAXE 11/20/27 100.26 211,550.29 9,967.22 4,466.50 DTD 07/15/2020 3.900% 02/20/2028

1.80 3.77
LOCKHEED MARTIN CORP (CALLABLE) 539830BZ1 60,000.00 Barclays 04/15/28 101.28 60,767.70 875.70 817.42 DTD 05/25/2023 4.450% 05/15/2028

2.09 3.86
JOHN DEERE CAPITAL CORP 24422EXB0 375,000.00 Citigrou 102.73 385,245.38 7,380.38 8,831.30 DTD 07/14/2023 4.950% 07/14/2028

2.29 3.77
CITIBANK NA (CALLABLE) 17325FBB3 750,000.00 Barclays 08/29/28 104.76 785,718.00 39,438.00 37,835.60 DTD 09/29/2023 5.803% 09/29/2028

2.35 3.90
AIR PRODUCTS & CHEMICALS (CALLABLE) 009158BH8 340,000.00 Barclays 01/08/29 101.88 346,408.66 6,860.86 6,693.96 DTD 02/08/2024 4.600% 02/08/2029

2.70 3.93
CISCO SYSTEMS INC (CALLABLE) 17275RBR2 420,000.00 Citigrou 01/26/29 102.56 430,741.50 10,888.50 10,835.05 DTD 02/26/2024 4.850% 02/26/2029

2.74 3.96
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 50,000.00 Citigrou 02/14/29 102.33 51,166.35 1,256.85 1,225.13 DTD 03/14/2024 4.700% 03/14/2029

2.79 3.90
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 725,000.00 BOFAML 02/14/29 102.33 741,912.08 16,556.83 16,679.04 DTD 03/14/2024 4.700% 03/14/2029

2.79 3.90
PFM Asset Management, a division of Page 18
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
ADOBE INC (CALLABLE) 00724PAF6 170,000.00 SEEL 03/04/29 102.66 174,523.02 4,747.42 4,671.43 DTD 04/04/2024 4.800% 04/04/2029

2.84 3.90
ADOBE INC (CALLABLE) 00724PAF6 205,000.00 BOFAML 03/04/29 102.66 210,454.23 5,759.68 5,656.45 DTD 04/04/2024 4.800% 04/04/2029

2.84 3.90
WELLS FARGO & COMPANY (CALLABLE) 95000U3T8 110,000.00 SEEL 04/23/28 101.90 112,092.75 2,004.75 2,026.04 DTD 04/23/2025 4.970% 04/23/2029

2.07 4.35
WELLS FARGO & COMPANY (CALLABLE) 95000U3T8 290,000.00 WellsFar 04/23/28 101.90 295,517.25 5,517.25 5,517.25 DTD 04/23/2025 4.970% 04/23/2029

2.07 4.35
BANK OF AMERICA CORP (CALLABLE) 06051GMT3 600,000.00 BOFAML 05/09/28 101.34 608,044.80 8,044.80 8,044.80 DTD 05/09/2025 4.623% 05/09/2029

2.12 4.22
HOME DEPOT INC (CALLABLE) 437076DC3 125,000.00 MorganSt 05/25/29 102.54 128,169.25 3,975.50 3,738.23 DTD 06/25/2024 4.750% 06/25/2029

3.06 3.94
HOME DEPOT INC (CALLABLE) 437076DC3 250,000.00 PNCBank 05/25/29 102.54 256,338.50 7,711.00 7,306.55 DTD 06/25/2024 4.750% 06/25/2029

3.06 3.94
AMERICAN HONDA FINANCE 02665WFQ9 400,000.00 Deutsche 100.92 403,688.00 4,168.00 4,043.20 DTD 09/05/2024 4.400% 09/05/2029

3.24 4.12
MARS INC (CALLABLE) 571676AY1 115,000.00 BOFAML 02/01/30 102.17 117,493.32 2,617.52 2,597.45 DTD 03/12/2025 4.800% 03/01/2030

3.58 4.22
STATE STREET CORP (CALLABLE) 857477DB6 200,000.00 MorganSt 03/24/30 102.74 205,471.60 5,471.60 5,471.60 DTD 04/24/2025 4.834% 04/24/2030

3.72 4.12
PACCAR FINANCIAL CORP 69371RT71 400,000.00 TD Secur 101.81 407,248.00 7,868.00 7,785.14 DTD 05/08/2025 4.550% 05/08/2030

3.82 4.08
ANALOG DEVICES INC (CALLABLE) 032654BE4 400,000.00 BOFAML 05/15/30 101.36 405,456.00 5,808.00 5,766.98 DTD 06/16/2025 4.500% 06/15/2030

3.89 4.15
NOVARTIS CAPITAL CORP (CALLABLE) 66989HAY4 510,000.00 JPMorgan 10/05/30 100.01 510,025.50 1,555.50 1,487.07 DTD 11/05/2025 4.100% 11/05/2030

4.23 4.10
SHELL FINANCE US INC (CALLABLE) 822905AN5 125,000.00 MorganSt 10/06/30 99.84 124,802.75 282.75 261.77 DTD 11/06/2025 4.125% 11/06/2030

4.23 4.16
SHELL FINANCE US INC (CALLABLE) 822905AN5 450,000.00 RBC Capi 10/06/30 99.84 449,289.90 153.90 116.06 DTD 11/06/2025 4.125% 11/06/2030

4.23 4.16
NORTHERN TRUST CORP 665859AY0 115,000.00 BOFAML 100.00 115,003.45 59.80 57.47 DTD 11/19/2025 4.150% 11/19/2030

4.29 4.15
NORTHERN TRUST CORP 665859AY0 460,000.00 CIDLY 100.00 460,013.80 570.40 548.84 DTD 11/19/2025 4.150% 11/19/2030

4.29 4.15
PFM Asset Management, a division of Page 19
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
AMAZON.COM INC (CALLABLE) 023135CT1 575,000.00 JPMorgan 10/20/30 100.01 575,052.33 667.58 645.45 DTD 11/20/2025 4.100% 11/20/2030

4.27 4.10
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 240,000.00 Citigrou 12/13/30 100.00 240,004.08 4.08 4.08 DTD 01/13/2026 4.248% 01/13/2031

4.40 4.25
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 335,000.00 TD Secur 12/13/30 100.00 335,005.70 (607.35) (601.89) DTD 01/13/2026 4.248% 01/13/2031

4.40 4.25
Security Type Sub-Total 14,056,000.00 14,162,737.26 265,778.19 160,673.17 2.51 3.93 Bank Note
MORGAN STANLEY BANK NA (CALLABLE) 61690U8E3 525,000.00 Citigrou 07/14/27 101.30 531,847.05 6,322.05 6,581.64 DTD 07/19/2024 4.968% 07/14/2028

1.39 4.26
Security Type Sub-Total 525,000.00 531,847.05 6,322.05 6,581.64 1.39 4.26 Asset-Backed Security
CARMX 2022-3 A3 14318MAD1 10,047.00 RBC Capi 100.01 10,048.36 1.60 1.43 DTD 07/20/2022 3.970% 04/15/2027

0.06 3.77
NAROT 2022-B A3 65480JAC4 23,642.36 WellsFar 100.09 23,664.23 26.76 23.23 DTD 09/28/2022 4.460% 05/17/2027

0.18 3.98
GMCAR 2022-4 A3 36265QAD8 28,244.55 RBC Capi 100.12 28,277.35 37.43 34.27 DTD 10/12/2022 4.820% 08/16/2027

0.11 3.83
TAOT 2023-A A3 891940AC2 73,363.33 BOFAML 100.22 73,522.23 158.94 158.91 DTD 01/30/2023 4.630% 09/15/2027

0.30 3.95
HDMOT 2023-A A3 41285JAD0 43,798.63 JPMorgan 100.27 43,917.02 122.80 120.11 DTD 02/23/2023 5.050% 12/15/2027

0.27 4.11
FORDO 2023-A A3 344928AD8 43,888.24 BNPPSA 100.27 44,006.22 122.55 119.89 DTD 03/31/2023 4.650% 02/15/2028

0.36 3.95
HAROT 2023-3 A3 43815QAC1 151,847.33 BOFAML 100.70 152,913.60 1,097.58 1,080.55 DTD 08/22/2023 5.410% 02/18/2028

0.48 4.00
DCENT 2023-A1 A 254683CY9 320,000.00 RBC Capi 100.06 320,205.44 224.00 213.43 DTD 04/11/2023 4.310% 03/15/2028

0.11 3.81
BACCT 2023-A1 A1 05522RDG0 170,000.00 BOFAML 100.28 170,475.66 514.15 493.59 DTD 06/16/2023 4.790% 05/15/2028

0.28 3.84
PFM Asset Management, a division of Page 20
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
AMXCA 2023-1 A 02582JJZ4 190,000.00 RBC Capi 100.31 190,590.14 606.99 597.98 DTD 06/14/2023 4.870% 05/15/2028

0.28 3.82
COMET 2023-A1 A 14041NGD7 490,000.00 RBC Capi 100.18 490,869.26 981.62 920.95 DTD 05/24/2023 4.420% 05/15/2028

0.28 3.83
DCENT 2023-A2 A 254683CZ6 350,000.00 BOFAML 100.41 351,436.40 1,483.68 1,459.00 DTD 06/28/2023 4.930% 06/15/2028

0.36 3.85
HAROT 2023-4 A3 438123AC5 55,598.63 JPMorgan 101.06 56,190.70 601.86 597.39 DTD 11/08/2023 5.670% 06/21/2028

0.65 4.11
FITAT 2023-1 A3 31680EAD3 191,359.39 JPMorgan 100.85 192,994.55 1,647.03 1,641.22 DTD 08/23/2023 5.530% 08/15/2028

0.56 4.08
CHAIT 2023-A1 A 161571HT4 405,000.00 JPMorgan 100.83 408,363.53 3,475.80 3,425.98 DTD 09/15/2023 5.160% 09/15/2028

0.60 3.84
AMXCA 2023-3 A 02582JKD1 410,000.00 Citigrou 100.88 413,610.05 3,628.38 3,620.08 DTD 09/19/2023 5.230% 09/15/2028

0.60 3.83
PILOT 2025-1A A3 73329KAD8 100,000.00 Barclays 101.08 101,075.00 1,085.71 1,083.42 DTD 05/21/2025 4.610% 10/20/2028

1.63 4.00
BACCT 2023-A2 A2 05522RDH8 180,000.00 BOFAML 100.97 181,749.78 1,773.95 1,763.81 DTD 12/14/2023 4.980% 11/15/2028

0.76 3.76
AMXCA 2024-1 A 02582JKH2 495,000.00 Barclays 101.78 503,833.77 8,935.24 8,935.24 DTD 04/23/2024 5.230% 04/16/2029

1.14 3.74
HAROT 2025-2 A3 437921AD1 115,000.00 JPMorgan 100.55 115,626.75 639.60 637.40 DTD 05/08/2025 4.150% 10/15/2029

1.55 3.84
BAAT 2025-1A A3 05594BAD8 80,000.00 BOFAML 100.66 80,531.36 536.88 535.84 DTD 05/12/2025 4.350% 11/20/2029

1.30 3.88
MBART 2025-1 A3 58773DAD6 550,000.00 WellsFar 101.32 557,271.55 3,597.72 4,176.29 DTD 01/23/2025 4.780% 12/17/2029

1.17 3.71
VZMT 2025-3 A1A 92348KDY6 415,000.00 BOFAML 100.79 418,271.03 3,288.87 3,285.10 DTD 03/31/2025 4.510% 03/20/2030

1.62 4.12
GMCAR 2025-2 A3 362549AD9 90,000.00 TD Secur 100.70 90,634.23 647.48 645.65 DTD 05/14/2025 4.280% 04/16/2030

1.32 3.79
BACCT 2025-A1 A 05522RDK1 250,000.00 BOFAML 101.12 252,799.75 2,800.70 2,799.75 DTD 06/12/2025 4.310% 05/15/2030

2.14 3.83
WFCIT 2025-A1 A 92970QAJ4 485,000.00 WellsFar 101.18 490,698.75 5,706.80 5,704.43 DTD 06/10/2025 4.340% 05/15/2030

2.14 3.83
PFM Asset Management, a division of Page 21
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
CCCIT 2025-A1 A 17305EHA6 550,000.00 Citigrou 101.03 555,673.80 5,823.01 5,806.65 DTD 06/26/2025 4.300% 06/21/2030

2.24 3.84
TAOT 2026-A A3 89240KAD0 140,000.00 BNP Sec 100.12 140,164.08 176.01 175.92 DTD 01/21/2026 3.860% 09/16/2030

2.22 3.84
Security Type Sub-Total 6,406,789.46 6,459,414.59 49,743.14 50,057.51 1.07 3.85 Managed Account Sub-Total 57,236,460.00 57,043,610.50 1,089,594.95 585,072.87 2.44 3.76 Joint Powers Authority
CAMP Pool 133,287.76 1.00 133,287.76 0.00 0.00 0.00
Liquid Sub-Total 133,287.76 133,287.76 0.00 0.00 0.00
Total Investments $57,444,125.02
$267,226.76
$57,176,898.26
Accrued Interest
Securities Sub-Total $57,369,747.76 $1,089,594.95 $585,072.87 2.44 3.76% PFM Asset Management, a division of Page 22
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
01/07/26 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
01/02/26 91282CMG3 900,000.00 (920,285.16) (16,630.43) (936,915.59) 01/13/26 TOTALENERGI CAP USA LLC
(CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
01/06/26 89158TAA7 240,000.00 (240,000.00) 0.00 (240,000.00) 01/13/26 TOTALENERGI CAP USA LLC
(CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
01/07/26 89158TAA7 335,000.00 (335,613.05) 0.00 (335,613.05) 01/21/26 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
01/13/26 89240KAD0 140,000.00 (139,988.07) 0.00 (139,988.07) Transaction Type Sub-Total 1,615,000.00 (1,635,886.28) (16,630.43) (1,652,516.71)

INTEREST
01/25/26 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
01/01/26 3137HAMS2 0.00 2,000.00 2,000.00
01/25/26 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
01/01/26 3137HDV56 0.00 1,730.67 1,730.67
01/25/26 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
01/01/26 3137HAQ74 0.00 1,975.00 1,975.00
01/25/26 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
01/01/26 3137HDXL9 0.00 1,873.99 1,873.99
01/25/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
01/01/26 3137HDJJ0 0.00 2,144.20 2,144.20
01/25/26 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
01/01/26 3137F1G44 0.00 1,486.38 1,486.38
01/25/26 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
01/01/26 3137BXQY1 0.00 1,477.67 1,477.67
01/25/26 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
01/01/26 3137HAST4 0.00 1,515.63 1,515.63
01/25/26 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
01/01/26 3137HAMH6 0.00 3,100.00 3,100.00
01/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
01/01/26 3136BQDE6 0.00 1,829.38 1,829.38
PFM Asset Management, a division of Page 23
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
01/25/26 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
01/01/26 3137HBC69 0.00 1,531.52 1,531.52
01/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
01/01/26 3137BTUM1 0.00 1,009.81 1,009.81
01/25/26 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
01/01/26 3137HB3G7 0.00 1,113.75 1,113.75
01/25/26 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
01/01/26 3137HBLV4 0.00 1,104.90 1,104.90
01/25/26 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
01/01/26 3137HB3D4 0.00 760.35 760.35
01/25/26 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
01/01/26 3137BNGT5 0.00 194.80 194.80
01/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
01/01/26 3137HAD45 0.00 1,712.12 1,712.12
01/25/26 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
01/01/26 3137HKXJ8 0.00 698.25 698.25
01/25/26 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
01/01/26 3137HACX2 0.00 2,208.71 2,208.71
01/25/26 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
01/01/26 3137BSP72 0.00 1,215.96 1,215.96
01/08/26 CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
01/08/26 14913R2U0 0.00 1,912.50 1,912.50
01/12/26 TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
01/12/26 89236TKQ7 0.00 8,671.88 8,671.88
01/14/26 JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
01/14/26 24422EXB0 0.00 9,281.25 9,281.25
01/14/26 MORGAN STANLEY BANK NA
(CALLABLE)
DTD 07/19/2024 4.968% 07/14/2028
01/14/26 61690U8E3 0.00 13,041.00 13,041.00
01/15/26 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
01/15/26 02582JKD1 0.00 1,786.92 1,786.92
01/15/26 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
01/15/26 437921AD1 0.00 397.71 397.71
PFM Asset Management, a division of Page 24
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
01/15/26 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
01/15/26 254683CY9 0.00 1,149.33 1,149.33
01/15/26 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
01/15/26 02582JKH2 0.00 2,157.37 2,157.37
01/15/26 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
01/15/26 05522RDG0 0.00 678.58 678.58
01/15/26 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
01/15/26 891940AC2 0.00 323.69 323.69
01/15/26 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
01/15/26 14041NGD7 0.00 1,804.83 1,804.83
01/15/26 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
01/15/26 05522RDH8 0.00 747.00 747.00
01/15/26 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
01/15/26 92970QAJ4 0.00 1,754.08 1,754.08
01/15/26 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
01/15/26 05522RDK1 0.00 897.92 897.92
01/15/26 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
01/15/26 41285JAD0 0.00 212.73 212.73
01/15/26 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
01/15/26 65480JAC4 0.00 108.16 108.16
01/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
01/15/26 31680EAD3 0.00 961.94 961.94
01/15/26 TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
01/15/26 87612EBM7 0.00 390.00 390.00
01/15/26 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
01/15/26 02582JJZ4 0.00 771.08 771.08
01/15/26 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
01/15/26 14318MAD1 0.00 58.46 58.46
01/15/26 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
01/15/26 344928AD8 0.00 194.79 194.79
01/15/26 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
01/15/26 58773DAD6 0.00 2,190.83 2,190.83
01/15/26 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
01/15/26 254683CZ6 0.00 1,437.92 1,437.92
PFM Asset Management, a division of Page 25
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

INTEREST
01/15/26 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
01/15/26 161571HT4 0.00 1,741.50 1,741.50
01/16/26 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
01/16/26 362549AD9 0.00 321.00 321.00
01/16/26 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
01/16/26 36265QAD8 0.00 158.32 158.32
01/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
01/18/26 43815QAC1 0.00 759.43 759.43
01/20/26 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
01/20/26 92348KDY6 0.00 1,559.71 1,559.71
01/20/26 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
01/20/26 73329KAD8 0.00 384.17 384.17
01/20/26 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
01/20/26 05594BAD8 0.00 290.00 290.00
01/21/26 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
01/21/26 438123AC5 0.00 284.63 284.63
01/26/26 BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
01/26/26 06406RBA4 0.00 4,868.75 4,868.75
01/31/26 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
01/31/26 91282CMG3 0.00 46,218.75 46,218.75
Transaction Type Sub-Total 0.00 138,199.32 138,199.32

PAYDOWNS
01/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
01/01/26 3136BQDE6 50.54 50.54 0.00 50.54 0.86 0.45
01/25/26 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
01/01/26 3137HBC69 1,115.90 1,115.90 0.00 1,115.90 0.01 0.00 01/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
01/01/26 3137BTUM1 765.22 765.22 0.00 765.22 23.55 6.05 01/25/26 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
01/01/26 3137BNGT5 85,158.51 85,158.50 0.00 85,158.50 3,526.09 84.54 01/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
01/01/26 3137HAD45 498.28 498.28 0.00 498.28 0.02 0.01
PFM Asset Management, a division of Page 26
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method

PAYDOWNS
01/25/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
01/01/26 3137HDJJ0 59.45 59.45 0.00 59.45 0.00 0.00
01/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
01/15/26 31680EAD3 17,379.86 17,379.86 0.00 17,379.86 1.08 0.56 01/15/26 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
01/15/26 344928AD8 6,380.32 6,380.32 0.00 6,380.32 0.67 0.28 01/15/26 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
01/15/26 891940AC2 10,531.17 10,531.17 0.00 10,531.17 0.01 0.00 01/15/26 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
01/15/26 41285JAD0 6,751.37 6,751.37 0.00 6,751.37 0.68 0.27 01/15/26 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
01/15/26 65480JAC4 5,460.18 5,460.18 0.00 5,460.18 1.13 0.33 01/15/26 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
01/15/26 14318MAD1 7,623.14 7,623.14 0.00 7,623.14 0.18 0.05 01/16/26 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
01/16/26 36265QAD8 11,172.16 11,172.16 0.00 11,172.16 1.83 0.60 01/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
01/18/26 43815QAC1 16,603.00 16,603.00 0.00 16,603.00 3.42 1.59 01/21/26 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
01/21/26 438123AC5 4,640.18 4,640.18 0.00 4,640.18 0.82 0.45 Transaction Type Sub-Total 174,189.28 174,189.27 0.00 174,189.27 3,560.35 95.18 SELL
01/13/26 US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
01/07/26 91282CCH2 600,000.00 568,500.00 269.34 568,769.34 37,757.81 12,055.56 FIFO Transaction Type Sub-Total 600,000.00 568,500.00 269.34 568,769.34 37,757.81 12,055.56 Managed Account Sub-Total (893,197.01) 121,838.23 (771,358.78) 41,318.16 12,150.74 Total Security Transactions ($893,197.01) $121,838.23 ($771,358.78) $41,318.16 $12,150.74 PFM Asset Management, a division of Page 27
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned CAMP Pool
Opening Balance 954,567.99
01/07/26 01/07/26 Redemption - Principal 91282CMG3 1.00 (920,285.16) 34,282.83 01/07/26 01/07/26 Redemption - Interest 91282CMG3 1.00 (16,630.43) 17,652.40 01/08/26 01/08/26 Purchase - Interest 14913R2U0 1.00 1,912.50 19,564.90 01/12/26 01/12/26 Purchase - Interest 89236TKQ7 1.00 8,671.88 28,236.78 01/13/26 01/13/26 Purchase - Interest 91282CCH2 1.00 269.34 28,506.12 01/13/26 01/13/26 Purchase - Principal 91282CCH2 1.00 568,500.00 597,006.12 01/13/26 01/13/26 Redemption - Principal 89158TAA7 1.00 (240,000.00) 357,006.12 01/13/26 01/13/26 Redemption - Principal 89158TAA7 1.00 (335,613.05) 21,393.07 01/14/26 01/14/26 Purchase - Interest 24422EXB0 1.00 9,281.25 30,674.32 01/14/26 01/14/26 Purchase - Interest 61690U8E3 1.00 13,041.00 43,715.32 01/15/26 01/15/26 Purchase - Interest 87612EBM7 1.00 390.00 44,105.32 01/15/26 01/15/26 Purchase - Interest 02582JJZ4 1.00 771.08 44,876.40 01/15/26 01/15/26 Purchase - Interest 02582JKD1 1.00 1,786.92 46,663.32 01/15/26 01/15/26 Purchase - Interest 02582JKH2 1.00 2,157.37 48,820.69 01/15/26 01/15/26 Purchase - Interest 05522RDG0 1.00 678.58 49,499.27 01/15/26 01/15/26 Purchase - Interest 05522RDH8 1.00 747.00 50,246.27 01/15/26 01/15/26 Purchase - Interest 05522RDK1 1.00 897.92 51,144.19 01/15/26 01/15/26 Purchase - Interest 14041NGD7 1.00 1,804.83 52,949.02 01/15/26 01/15/26 Purchase - Interest 14318MAD1 1.00 58.46 53,007.48 01/15/26 01/15/26 Purchase - Interest 161571HT4 1.00 1,741.50 54,748.98 01/15/26 01/15/26 Purchase - Interest 254683CY9 1.00 1,149.33 55,898.31 PFM Asset Management, a division of Page 28
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned CAMP Pool
01/15/26 01/15/26 Purchase - Interest 254683CZ6 1.00 1,437.92 57,336.23 01/15/26 01/15/26 Purchase - Interest 31680EAD3 1.00 961.94 58,298.17 01/15/26 01/15/26 Purchase - Interest 344928AD8 1.00 194.79 58,492.96 01/15/26 01/15/26 Purchase - Interest 41285JAD0 1.00 212.73 58,705.69 01/15/26 01/15/26 Purchase - Interest 437921AD1 1.00 397.71 59,103.40 01/15/26 01/15/26 Purchase - Interest 58773DAD6 1.00 2,190.83 61,294.23 01/15/26 01/15/26 Purchase - Interest 65480JAC4 1.00 108.16 61,402.39 01/15/26 01/15/26 Purchase - Interest 891940AC2 1.00 323.69 61,726.08 01/15/26 01/15/26 Purchase - Interest 92970QAJ4 1.00 1,754.08 63,480.16 01/15/26 01/15/26 Purchase - Principal 14318MAD1 1.00 7,623.14 71,103.30 01/15/26 01/15/26 Purchase - Principal 344928AD8 1.00 6,380.32 77,483.62 01/15/26 01/15/26 Purchase - Principal 31680EAD3 1.00 17,379.86 94,863.48 01/15/26 01/15/26 Purchase - Principal 41285JAD0 1.00 6,751.37 101,614.85 01/15/26 01/15/26 Purchase - Principal 891940AC2 1.00 10,531.17 112,146.02 01/15/26 01/15/26 Purchase - Principal 65480JAC4 1.00 5,460.18 117,606.20 01/16/26 01/16/26 Purchase - Interest 362549AD9 1.00 321.00 117,927.20 01/16/26 01/16/26 Purchase - Interest 36265QAD8 1.00 158.32 118,085.52 01/16/26 01/16/26 Purchase - Principal 36265QAD8 1.00 11,172.16 129,257.68 01/20/26 01/20/26 Purchase - Interest 05594BAD8 1.00 290.00 129,547.68 01/20/26 01/20/26 Purchase - Interest 43815QAC1 1.00 759.43 130,307.11 01/20/26 01/20/26 Purchase - Interest 73329KAD8 1.00 384.17 130,691.28 01/20/26 01/20/26 Purchase - Interest 92348KDY6 1.00 1,559.71 132,250.99 PFM Asset Management, a division of Page 29
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned CAMP Pool
01/20/26 01/20/26 Purchase - Principal 43815QAC1 1.00 16,603.00 148,853.99 01/21/26 01/21/26 Purchase - Interest 438123AC5 1.00 284.63 149,138.62 01/21/26 01/21/26 Purchase - Principal 438123AC5 1.00 4,640.18 153,778.80 01/21/26 01/21/26 Redemption - Principal 89240KAD0 1.00 (139,988.07) 13,790.73 01/26/26 01/26/26 Purchase - Interest 06406RBA4 1.00 4,868.75 18,659.48 01/26/26 01/26/26 Purchase - Interest 3137BXQY1 1.00 1,477.67 20,137.15 01/26/26 01/26/26 Purchase - Interest 3137F1G44 1.00 1,486.38 21,623.53 01/26/26 01/26/26 Purchase - Interest 3137HACX2 1.00 2,208.71 23,832.24 01/26/26 01/26/26 Purchase - Interest 3137HAD45 1.00 1,712.12 25,544.36 01/26/26 01/26/26 Purchase - Interest 3137HAMH6 1.00 3,100.00 28,644.36 01/26/26 01/26/26 Purchase - Interest 3137HAMS2 1.00 2,000.00 30,644.36 01/26/26 01/26/26 Purchase - Interest 3137HAQ74 1.00 1,975.00 32,619.36 01/26/26 01/26/26 Purchase - Interest 3137HAST4 1.00 1,515.63 34,134.99 01/26/26 01/26/26 Purchase - Interest 3137HB3D4 1.00 760.35 34,895.34 01/26/26 01/26/26 Purchase - Interest 3137HB3G7 1.00 1,113.75 36,009.09 01/26/26 01/26/26 Purchase - Interest 3137HBC69 1.00 1,531.52 37,540.61 01/26/26 01/26/26 Purchase - Interest 3137HBLV4 1.00 1,104.90 38,645.51 01/26/26 01/26/26 Purchase - Interest 3137HDJJ0 1.00 2,144.20 40,789.71 01/26/26 01/26/26 Purchase - Interest 3137HDV56 1.00 1,730.67 42,520.38 01/26/26 01/26/26 Purchase - Interest 3137HDXL9 1.00 1,873.99 44,394.37 01/26/26 01/26/26 Purchase - Interest 3137HKXJ8 1.00 698.25 45,092.62 01/26/26 01/26/26 Purchase - Interest 3136BQDE6 1.00 1,829.38 46,922.00 PFM Asset Management, a division of Page 30
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned CAMP Pool
01/26/26 01/26/26 Purchase - Interest 3137BNGT5 1.00 194.80 47,116.80 01/26/26 01/26/26 Purchase - Interest 3137BSP72 1.00 1,215.96 48,332.76 01/26/26 01/26/26 Purchase - Interest 3137BTUM1 1.00 1,009.81 49,342.57 01/26/26 01/26/26 Purchase - Principal 3137BTUM1 1.00 765.22 50,107.79 01/26/26 01/26/26 Purchase - Principal 3137BNGT5 1.00 85,158.50 135,266.29 01/26/26 01/26/26 Purchase - Correction to Principal 3137HBC69 from 01/01/2026 1.00 1,115.90 136,382.19 01/26/26 01/26/26 Purchase - Principal 3137HAD45 1.00 498.28 136,880.47 01/26/26 01/26/26 Purchase - Principal 3137HDJJ0 1.00 59.45 136,939.92 01/26/26 01/26/26 Purchase - Principal 3137HBC69 1.00 1,115.91 138,055.83 01/26/26 01/26/26 Purchase - Principal 3136BQDE6 1.00 50.54 138,106.37 01/26/26 01/26/26 Redemption - Reversal of Principal 3137HBC69 from 01/01/2026 1.00 (1,115.91) 136,990.46 01/30/26 01/30/26 IP Fees December 2025 1.00 (4,240.37) 132,750.09 01/30/26 01/30/26 U.S. Bank Fees November 2025 1.00 (269.06) 132,481.03 01/30/26 02/02/26 Accrual Income Div Reinvestment - Distributions 1.00 806.73 133,287.76 PFM Asset Management, a division of Page 31
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending January 31, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned 133,287.76
133,287.76
133,287.76
244,633.78
806.73

0.00 (1,658,142.05)
836,861.82
954,567.99
806.73
133,287.76

0.00 (1,658,142.05)
836,861.82
954,567.99
Monthly Distribution Yield
Average Monthly Balance
Closing Balance
Month of Fiscal YTD
Cash Dividends and Income
Closing Balance
Check Disbursements
Redemptions (Excl. Checks)
Purchases
Opening Balance
Closing Balance
January January-January

3.85%
PFM Asset Management, a division of Page 32
U.S. Bancorp Asset Management, Inc.

Investment Performance Review
CAMP Accounts
Investment Performance Review
For the Quarter Ended December 31, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
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
▸ U.S. economy remains resilient but government shutdown obscures data ▹ Inflation print likely biased lower due to data collection gaps and technical adjustments ▹ Unemployment rate trends higher with net new job creation near zero ▹ Strong consumer and business spending, along with steadier trade dynamics, support growth ▸ The Fed lowered the target rate by 50 basis points in the fourth quarter to 3.50-3.75% ▹ Fed Chair Powell acknowledged ongoing challenges in achieving the Fed’s dual mandate of maximum employment and price stability
▹ The Fed’s December “dot plot” indicates 25 bps of cuts in both 2026 and 2027, but the wide dispersion in underlying projections highlights differing views on path forward ▹ Markets view policy is skewed towards additional easing assuming a more dovish Chair takes office in mid-2026
▸ Treasury yield curve continues to steepen but remains inverted inside 2 years ▹ Front end Treasury yields moved lower during the fourth quarter on Fed rate cut expectations ▹ Yields were range bound as volatility waned into year end ▹ Credit spreads widened marginally but remain near historically narrow levels Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of December 31, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
3 2.7%

2.6%

2.0%

2.5%

3.0%

3.5%

4.0%
May-24 Nov-24 May-25 Nov-25
Consumer Price Index
Year-over-year Change
CPI Core CPI
Gaps in data collection
led to a drop in headline
and core inflation
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of November 2025.

Fed Chair Powell: "The data may be distorted ... because [it] was not collected in October and half of November." Energy
Apparel
Food at Home
Transportation
Home
Furnishings
Price Increases For Key Goods
3-Month Annualized Inflation Rates (Sep-25)
2024
3-Month
Average 2024
+4.1% -0.9%
+5.3% +1.2%
+3.1%
+3.2%
+4.6%
-1.2%
+1.8%
-0.5%
Data Distortions Bias Inflation Lower

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
4 -300
-200
0 -100
100
200
300
400
Dec-24 Jun-25 Dec-25
Thousands
Monthly Change In Nonfarm Payrolls Unemployment Rate
Private Ex Health Care & Edu Health Care & Edu Govt
-22K Avg
-173K
Deferred
government
resignations
Private education and health
services remain the primary
driver of payroll gains
56K 50K

4.4%
3%
4%
5%
Dec-22 Dec-23 Dec-24 Dec-25
Fed Chair Powell: “[S]upply of workers has also gone way down, so the unemployment rate hasn’t moved that much. It is a labor market that seems to have significant downside risks…” Labor Market Continues to Cool

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2025. 5 Fed’s Updated Summary of Economic Projections
Fed Chair Powell: "[T]he baseline [expectation] would be solid growth next year" ... "[We] feel like we have made progress this year in nontariff-related inflation."

1.7%

2.0% 1.9% 1.8%
0%
1%
2%
3%
2025 2026 2027
PCE Inflation
Sep Projections
2028 Longer
Run
Change in Real GDP
Sep Projections Dec Projections

2.3%

2.9%

2.4%

2.1% 2.0% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 2028 Longer
Run
Dec Projections

4.5% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2028 Longer
Run
Unemployment Rate
Sep Projections Dec Projections

4.4% 4.2% 4.2%
2026 2027
Federal Funds Rate

3.6% 3.4% 3.1% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 2028 Longer
Run
Sep Projections Dec Projections

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve, latest median economic projections, as of December 2025. 6 0%
1%
2%
3%
4%
Dec-25 FOMC Projections
Sep-25 Median
Dec-25 Median
2025 2027
1 cut
2026
1 cut
2028
0 cuts
The December Fed “Dot Plot”
Fed Chair Powell: “[I]t is very unusual to have persistent tension between the two parts of the mandate… But it is not like the normal situation where everyone agrees on the direction and what to do. It is more spread out.” Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy 5%
Longer Term

3.0%
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2025. 7 3.63%

3.50%

3.47%

3.73%

3.94%

4.17%

4.84%

3.00%

4.00%

4.50%

5.00%

5.50%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
December 31, 2025
September 30, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Treasury Yield Curve Nears Dis-inversion

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
Source: Bloomberg Finance L.P., as of December 31, 2025. 8 3.47%
0%
1%
2% 1.90%
3%
4%
5%
6%
2005 2010 2015 2020 2025
2-Year Treasury
2-Year Treasury Yield
5-Year Avg 10-Year Avg 20-Year Avg

3.21%

2.31%
Treasury Yields Remain Above Historical Averages

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
Source: Bloomberg Finance L.P., as of December 31, 2025. 9 Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. as of December 31, 2025. Spreads on ABS and MBS are option-adjusted spreads based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. 140
120
100
80 60
40 20
0 -20
Federal
Agency
Agency
CMBS
Agency MBS AAA Auto
ABS
AAA Credit
Card ABS
AAA
Corp
AA
Corp
A
Corp
BBB
Corp
Basis Points
Sector Yield Spreads
1-5 Year Yield Spreads
2025 Range Dec-25 Spread

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. 10 1.12% 1.08% 1.14% 1.19% 1.26%
0%
2%
4%
6%
8%
U.S. Treasury
Agency
ABS
Corp
A-AAA
Corp BBB
Fixed-Income Index Total Returns in 4Q 2025
1-5 Year Indices
Fourth Quarter 2025 Returns 1-Year Return

5.74%

5.37% 5.33%

7.05%

6.31%
0%
2%
4%
6%
8%
U.S. Treasury
Agency
ABS
Corp
A-AAA
Corp BBB

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Market Update
Source: ICE BofA Indices. ABS Indices are 0-5 year, based on weighted average life. As of December 31, 2025. 11 Portfolio Review
12 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Snapshot

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

Portfolio Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹
Credit Quality - S&P
10%
43%
28%
5% 4%
35%
28%
21%
11%
10%
0%
20% 15%
50%
40%
30%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 47%
Corporate | 25%
Agency CMBS | 15%
ABS | 11%
Joint Powers Authority | 2%
Municipal | <1%
Sector Allocation
AAA| 9%
AAAm | 2%
AA+ | 63%
AA| 2%
AA- | 4%
A+ | 7%
A | 4%
A- | 4%
BBB+ | 1%
Not Rated | 3%
Portfolio Statistics
Total Market Value
Managed Account Sub-Total
Accrued Interest
Pool
Portfolio Effective Duration
Benchmark Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
$57,353,143.11
$56,182,421.48
$216,153.64
$954,567.99

2.48 years

2.47 years

4.25%

3.70%
AA
13 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Summary

1.7%

11.2%

24.9%

0.4%

15.2%

46.7%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
CAMP - $954,568
ABS - $6,423,452
Corporate - $14,260,254
Municipal - $206,110
Agency CMBS - $8,696,719
U.S. Treasury - $26,812,040
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 14 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 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 December 31, 2025, the account(s) managed by PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 15 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Characteristics
Historical Sector Allocation - CAMP-LAKE ELSINORE CITY FUNDS 45%
1%
16%
21%
12%
2%Sep-25
47%
15%
25%
11%
2%Dec-25
Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 2% 1% <1%
16 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Performance

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

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

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

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

8.0%

6.0%

4.0%

2.0%

0.0%
Return
Portfolio Performance
Portfolio Benchmark
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned² $506,139 $1,948,597 $4,709,876 $5,573,579 $8,798,552 Change in Market Value $164,089 $1,363,270 $2,893,593 $52,833 $1,481,654 Total Dollar Return $670,228 $3,311,867 $7,603,469 $5,626,412 $10,280,206 Total Return³
Portfolio 1.18% 6.12% 4.96% 1.66% 2.17%
Benchmark⁴ 1.12% 5.74% 4.48% 1.34% 1.83%
3 Months 1 Year 3 Years 5 Years 10 Years
Difference 0.07% 0.38% 0.48% 0.32% 0.34%
17 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Performance

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

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

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

Accrual Basis Earnings - CAMP-LAKE ELSINORE CITY FUNDS
Accrual Basis Earnings 3 Months 1 Year 3 Years 5 Year 10 Year¹ Interest Earned² $506,139 $1,948,597 $4,709,876 $5,573,579 $8,798,552 Realized Gains / (Losses)³ $7,981 $95,640 ($749,448) ($988,568) ($429,108) Change in Amortized Cost $84,940 $337,601 $1,166,463 $1,066,305 $1,031,885 Total Earnings $599,060 $2,381,838 $5,126,891 $5,651,315 $9,401,328 18 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Summary
Issuer Diversification
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.

Security Type / Issuer Market Value (%) S&P / Moody's / Fitch U.S. Treasury 47.5%
United States Treasury 47.5% AA / Aa / AA
Agency CMBS 15.4%
Federal Home Loan Mortgage Corp 14.5% AA / Aa / AA
Federal National Mortgage Association 0.9% AA / Aa / AA Municipal 0.4%
State of California 0.4% AA / Aa / AA
Corporate 25.3%
Adobe Inc 0.7% A / A / NR
Air Products and Chemicals Inc 0.6% A / A / NR
Amazon.com Inc 1.0% AA / A / AA
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 1.1% A / A / AA
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 0.4% 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
Security Type / Issuer Market Value (%) S&P / Moody's / Fitch Corporate 25.3%
Lockheed Martin Corp 0.1% A / A / A
Mars Inc 0.2% A / A / NR
Microsoft Corp 1.3% 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
Northern Trust Corp 1.0% A / A / A
Novartis AG 0.9% AA / Aa / NR
PACCAR Inc 0.7% A / A / NR
Shell PLC 1.0% A / Aa / AA
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
ABS 11.4%
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 0.9% AAA / NR / AAA
CarMax Inc 0.0% AAA / NR / AAA
Citigroup Inc 1.0% AAA / Aaa / NR
Discover Card Execution Note Trust 1.2% AAA / Aaa / AAA Fifth Third Auto Trust 0.4% AAA / Aaa / NR
Ford Credit Auto Owner Trust 0.1% AAA / NR / AAA
19 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Summary
Issuer Diversification
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.

Security Type / Issuer Market Value (%) S&P / Moody's / Fitch ABS 11.4%
GM Financial Consumer Automobile Receiv 0.2% AAA / Aaa / AAA Harley-Davidson Inc 0.1% NR / Aaa / AAA
Honda Auto Receivables Owner Trust 0.6% 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 0.1% AAA / NR / AAA Verizon Master Trust 0.7% NR / Aaa / AAA
WF Card Issuance Trust 0.9% AAA / NR / AAA
Total 100.0%
20 Portfolio Transactions
21 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP Security Description Coupon
Maturity
Date
Transact
Amount ($)
Yield
at Market
Realized

G/L (BV)
BUY
10/1/2025 10/6/2025 975,000.00 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 1,004,786.52 3.67% 11/3/2025 11/5/2025 510,000.00 66989HAY4 NOVARTIS CAPITAL CORP (CALLABLE) 4.10% 11/5/2030 508,470.00 4.17% 11/3/2025 11/6/2025 125,000.00 822905AN5 SHELL FINANCE US INC (CALLABLE) 4.12% 11/6/2030 124,520.00 4.21% 11/4/2025 11/6/2025 450,000.00 822905AN5 SHELL FINANCE US INC (CALLABLE) 4.12% 11/6/2030 449,136.00 4.17% 11/4/2025 11/7/2025 300,000.00 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 310,250.34 3.66% 11/12/2025 11/19/2025 115,000.00 665859AY0 NORTHERN TRUST CORP 4.15% 11/19/2030 114,943.65 4.16% 11/13/2025 11/19/2025 460,000.00 665859AY0 NORTHERN TRUST CORP 4.15% 11/19/2030 459,443.40 4.18% 11/17/2025 11/20/2025 575,000.00 023135CT1 AMAZON.COM INC (CALLABLE) 4.10% 11/20/2030 574,384.75 4.12% Total BUY
CALL
3,510,000.00 3,545,934.66 0.00
12/4/2025 12/4/2025 164,000.00 110122DE5 BRISTOL-MYERS SQUIBB CO (CALLABLE) 3.90% 2/20/2028 166,318.47 3.76% 3,749.34 Total CALL

INTEREST
164,000.00 166,318.47 3,749.34
10/1/2025 10/1/2025 808513BW4 CHARLES SCHWAB CORP (CALLABLE) 3.30% 4/1/2027 4,950.00 10/1/2025 10/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 10/1/2025 10/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,718.70 10/1/2025 10/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 22 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
10/1/2025 10/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 10/1/2025 10/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 10/1/2025 10/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,829.99 10/1/2025 10/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 10/1/2025 10/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 10/1/2025 10/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 536.57 10/1/2025 10/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 10/1/2025 10/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,015.29 10/1/2025 10/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 10/1/2025 10/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,545.96 10/1/2025 10/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 10/1/2025 10/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 10/1/2025 10/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 10/1/2025 10/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,144.92 10/1/2025 10/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 10/1/2025 10/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 10/1/2025 10/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 For the Quarter Ended December 31, 2025
23 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
10/4/2025 10/4/2025 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 9,000.00 10/15/2025 10/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 897.92 10/15/2025 10/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 10/15/2025 10/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 10/15/2025 10/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 10/15/2025 10/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 10/15/2025 10/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 10/15/2025 10/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 10/15/2025 10/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 139.52 10/15/2025 10/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 169.44 10/15/2025 10/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 10/15/2025 10/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,209.43 10/15/2025 10/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 10/15/2025 10/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 10/15/2025 10/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 10/15/2025 10/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 451.98 10/15/2025 10/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 For the Quarter Ended December 31, 2025
24 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
10/15/2025 10/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 1,754.08 10/15/2025 10/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 10/15/2025 10/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 263.76 10/15/2025 10/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 308.24 10/16/2025 10/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 10/16/2025 10/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 298.94 10/18/2025 10/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 989.31 10/20/2025 10/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 10/20/2025 10/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 10/20/2025 10/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 10/21/2025 10/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 351.53 10/23/2025 10/23/2025 95000U3T8 WELLS FARGO & COMPANY (CALLABLE) 4.97% 4/23/2029 9,940.00 10/24/2025 10/24/2025 857477DB6 STATE STREET CORP (CALLABLE) 4.83% 4/24/2030 4,834.00 10/27/2025 10/27/2025 89115B6K1 TORONTO DOMINION BANK NY 5.60% 10/27/2025 25,690.00 11/1/2025 11/1/2025 13077DQD7 CALIFORNIA ST UNIV-B 0.86% 11/1/2025 366.35 11/1/2025 11/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 11/1/2025 11/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 For the Quarter Ended December 31, 2025
25 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
11/1/2025 11/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 11/1/2025 11/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 11/1/2025 11/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 11/1/2025 11/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,716.46 11/1/2025 11/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 11/1/2025 11/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 11/1/2025 11/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,144.66 11/1/2025 11/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 11/1/2025 11/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 445.38 11/1/2025 11/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,014.17 11/1/2025 11/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 11/1/2025 11/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,540.82 11/1/2025 11/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 11/1/2025 11/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 11/1/2025 11/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,833.51 11/1/2025 11/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 11/1/2025 11/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 For the Quarter Ended December 31, 2025
26 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
11/1/2025 11/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 11/3/2025 11/3/2025 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 12,442.50 11/7/2025 11/7/2025 3135G06G3 FANNIE MAE 0.50% 11/7/2025 1,625.00 11/8/2025 11/8/2025 69371RT71 PACCAR FINANCIAL CORP 4.55% 5/8/2030 9,100.00 11/9/2025 11/9/2025 06051GMT3 BANK OF AMERICA CORP (CALLABLE) 4.62% 5/9/2029 13,869.00 11/15/2025 11/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 897.92 11/15/2025 11/15/2025 91324PEC2 UNITEDHEALTH GROUP INC (CALLABLE) 1.15% 5/15/2026 1,293.75 11/15/2025 11/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 11/15/2025 11/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 11/15/2025 11/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,119.84 11/15/2025 11/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 11/15/2025 11/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 11/15/2025 11/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 147.15 11/15/2025 11/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 273.97 11/15/2025 11/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 11/15/2025 11/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 11/15/2025 11/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 For the Quarter Ended December 31, 2025
27 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
11/15/2025 11/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 11/15/2025 11/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 11/15/2025 11/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 1,754.08 11/15/2025 11/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 111.34 11/15/2025 11/15/2025 912828U24 US TREASURY N/B 2.00% 11/15/2026 750.00 11/15/2025 11/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 11/15/2025 11/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 238.81 11/15/2025 11/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 406.91 11/15/2025 11/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 11/15/2025 11/15/2025 539830BZ1 LOCKHEED MARTIN CORP (CALLABLE) 4.45% 5/15/2028 1,335.00 11/16/2025 11/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 249.09 11/16/2025 11/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 11/18/2025 11/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 908.88 11/20/2025 11/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 11/20/2025 11/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 11/20/2025 11/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 11/21/2025 11/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 327.99 For the Quarter Ended December 31, 2025
28 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
12/1/2025 12/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 12/1/2025 12/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,144.45 12/1/2025 12/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,829.60 12/1/2025 12/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 12/1/2025 12/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 12/1/2025 12/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 12/1/2025 12/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,536.78 12/1/2025 12/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,714.50 12/1/2025 12/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 12/1/2025 12/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 12/1/2025 12/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 12/1/2025 12/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 12/1/2025 12/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 12/1/2025 12/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 12/1/2025 12/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 12/1/2025 12/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 12/1/2025 12/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 For the Quarter Ended December 31, 2025
29 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
12/1/2025 12/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 12/1/2025 12/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 343.14 12/1/2025 12/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,012.06 12/9/2025 12/9/2025 63254ABE7 NATIONAL AUSTRALIA BK/NY 3.90% 6/9/2027 9,762.50 12/15/2025 12/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 214.83 12/15/2025 12/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 126.40 12/15/2025 12/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 12/15/2025 12/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 240.92 12/15/2025 12/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 1,754.08 12/15/2025 12/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 12/15/2025 12/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 12/15/2025 12/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 12/15/2025 12/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 12/15/2025 12/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 12/15/2025 12/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 12/15/2025 12/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,033.50 12/15/2025 12/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 897.92 For the Quarter Ended December 31, 2025
30 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
12/15/2025 12/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 12/15/2025 12/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 12/15/2025 12/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 12/15/2025 12/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 363.23 12/15/2025 12/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 12/15/2025 12/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 83.64 12/15/2025 12/15/2025 032654BE4 ANALOG DEVICES INC (CALLABLE) 4.50% 6/15/2030 8,950.00 12/16/2025 12/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 12/16/2025 12/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 200.80 12/18/2025 12/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 829.03 12/20/2025 12/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 12/20/2025 12/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 12/20/2025 12/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 12/21/2025 12/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 304.95 12/21/2025 12/21/2025 17305EHA6 CCCIT 2025-A1 A 4.30% 6/21/2030 11,496.53 12/25/2025 12/25/2025 437076DC3 HOME DEPOT INC (CALLABLE) 4.75% 6/25/2029 8,906.25 12/31/2025 12/31/2025 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 124,687.50 For the Quarter Ended December 31, 2025
31 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
12/31/2025 12/31/2025 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 184,843.75 12/31/2025 12/31/2025 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 49,375.00 Total INTEREST 0.00 658,651.78 0.00

MATURITY
10/27/2025 10/27/2025 450,000.00 89115B6K1 TORONTO DOMINION BANK NY 5.60% 10/27/2025 450,000.00 11/1/2025 11/1/2025 85,000.00 13077DQD7 CALIFORNIA ST UNIV-B 0.86% 11/1/2025 85,000.00 11/3/2025 11/3/2025 450,000.00 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 450,000.00 11/7/2025 11/7/2025 650,000.00 3135G06G3 FANNIE MAE 0.50% 11/7/2025 650,000.00 Total MATURITY 1,635,000.00 1,635,000.00 0.00

PAYDOWNS
10/1/2025 10/25/2025 59.76 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 59.76 0.57 10/1/2025 10/25/2025 1,268.54 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,268.54 0.01 10/1/2025 10/25/2025 39,863.63 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 39,863.63 187.99 10/1/2025 10/25/2025 63.65 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 63.65 10/1/2025 10/25/2025 400.07 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 400.08 4.05 10/1/2025 10/25/2025 562.86 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 562.86 10/15/2025 10/15/2025 6,439.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 6,439.00 0.32 For the Quarter Ended December 31, 2025
32 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
10/15/2025 10/15/2025 245,000.00 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 245,000.00 15.53 10/15/2025 10/15/2025 8,144.62 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 8,144.62 0.37 10/15/2025 10/15/2025 11,681.01 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 11,681.01 10/15/2025 10/15/2025 8,520.41 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 8,520.41 0.06 10/15/2025 10/15/2025 5,998.11 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 5,998.11 0.42 10/15/2025 10/15/2025 19,441.89 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 19,441.89 0.69 10/16/2025 10/16/2025 12,411.76 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 12,411.76 0.77 10/18/2025 10/18/2025 17,841.60 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 17,841.60 1.91 10/21/2025 10/21/2025 4,983.59 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 4,983.59 0.53 11/1/2025 11/25/2025 759.96 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 759.96 7.12 11/1/2025 11/25/2025 492.32 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 492.32 0.01 11/1/2025 11/25/2025 997.97 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 997.97 11/1/2025 11/25/2025 50.03 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 50.03 0.47 11/1/2025 11/25/2025 52.68 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 52.68 11/1/2025 11/25/2025 44,692.88 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 44,692.88 155.29 11/15/2025 11/15/2025 6,186.55 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 6,186.55 0.29 11/15/2025 11/15/2025 8,372.08 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 8,372.08 0.06 For the Quarter Ended December 31, 2025
33 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
11/15/2025 11/15/2025 18,733.91 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 18,733.91 0.64 11/15/2025 11/15/2025 7,854.19 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 7,854.19 0.34 11/15/2025 11/15/2025 11,319.36 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 11,319.36 11/15/2025 11/15/2025 5,581.61 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 5,581.61 0.37 11/16/2025 11/16/2025 12,022.62 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 12,022.62 0.71 11/18/2025 11/18/2025 17,711.93 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 17,711.93 1.83 11/21/2025 11/21/2025 4,876.18 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 4,876.18 0.50 12/1/2025 12/25/2025 598.54 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 598.54 0.01 12/1/2025 12/25/2025 805.97 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 805.97 6.96 12/1/2025 12/25/2025 1,300.30 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,300.26 -0.04 12/1/2025 12/25/2025 64.23 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 64.23 12/1/2025 12/25/2025 60.25 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 60.25 0.54 12/1/2025 12/25/2025 64,849.88 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 64,849.88 144.86 12/15/2025 12/15/2025 15,529.33 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 15,529.33 0.52 12/15/2025 12/15/2025 6,697.47 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 6,697.47 0.28 12/15/2025 12/15/2025 10,248.39 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 10,248.39 12/15/2025 12/15/2025 7,611.10 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 7,611.10 0.05 For the Quarter Ended December 31, 2025
34 CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
12/15/2025 12/15/2025 4,906.42 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 4,906.42 0.31 12/15/2025 12/15/2025 5,172.69 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 5,172.69 0.24 12/16/2025 12/16/2025 10,574.82 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 10,574.82 0.60 12/18/2025 12/18/2025 15,437.43 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 15,437.43 1.54 12/21/2025 12/21/2025 4,300.19 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 4,300.19 0.43 Total PAYDOWNS 670,541.78 670,541.75 537.15
SELL
11/17/2025 11/20/2025 200,000.00 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 189,330.85 3,694.65 Total SELL 200,000.00 189,330.85 3,694.65
For the Quarter Ended December 31, 2025
35 Portfolio Holdings
36 CITY OF LAKE ELSINORE Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value 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 3.72 194.75 73,963.07 74,009.03

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 7.77 207,967.98 212,950.12

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 44.89 1,217,124.22 1,230,378.50

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 44.03 1,204,228.32 1,206,717.37

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,700,000.00 AA+ Aa1 6/6/2024 6/11/2024 2,388,339.85 4.39 93.23 2,501,478.07 2,555,401.50

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 82.87 2,271,086.12 2,271,468.00

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 4.36 142.44 1,351,675.18 1,382,788.00

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 4.33 152.80 1,451,250.42 1,483,354.40

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 4.10 269.34 2,574,239.36 2,614,726.40

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 4.14 124.31 1,186,771.93 1,206,796.80

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 3.65 134.67 1,480,225.10 1,482,891.00

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 925,000.00 AA+ Aa1 8/1/2025 8/5/2025 902,236.33 3.94 83.05 904,438.27 914,449.45

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 600,000.00 AA+ Aa1 7/1/2025 7/3/2025 589,054.69 3.75 53.87 590,325.85 593,156.40

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 4.06 237.91 2,580,156.97 2,619,774.10

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 3,900,000.00 AA+ Aa1 9/2/2025 9/5/2025 3,841,652.34 3.67 350.14 3,846,243.27 3,855,516.60 For the Quarter Ended December 31, 2025
37 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Trade
Date
Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
Value
U.S. Treasury

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 4/1/2025 4/4/2025 878,414.06 3.87 80.80 881,946.02 889,734.60

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 80.80 878,767.24 889,734.60

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 975,000.00 AA+ Aa1 10/1/2025 10/6/2025 997,242.19 3.67 17,340.69 996,115.00 996,671.33

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 300,000.00 AA+ Aa1 11/4/2025 11/7/2025 306,820.31 3.66 5,335.60 306,598.55 306,668.10 Security Type Sub-Total 27,275,000.00 26,182,331.08 3.94 24,853.96 26,504,600.94 26,787,186.30 Municipal
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 3,230.67 200,000.00 202,879.80 Security Type Sub-Total 200,000.00 200,000.00 4.85 3,230.67 200,000.00 202,879.80 Joint Powers Authority
CAMP Pool 954,567.99 AAAm NR 954,567.99 0.00 954,567.99 954,567.99 Security Type Sub-Total 954,567.99 954,567.99 0.00 954,567.99 954,567.99 Corporate

UNITEDHEALTH GROUP INC
(CALLABLE)
91324PEC2 225,000.00 A+ A2 5/17/2021 5/19/2021 224,608.50 1.19 330.63 224,970.79 222,788.48 DTD 05/19/2021 1.150% 05/15/2026

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 1.26 844.62 174,993.54 172,213.83

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 1,838.13 224,767.69 220,529.25

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 39,985.80 39,280.72 38 CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate

BANK OF NY MELLON CORP
(CALLABLE)
06406RBA4 475,000.00 A Aa3 1/26/2022 1/28/2022 473,945.50 2.10 4,192.53 474,774.20 466,200.62 DTD 01/26/2022 2.050% 01/26/2027

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 9,968.75 742,078.12 747,097.50

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 2,486.25 293,510.68 295,655.70

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 3,216.81 472,849.07 467,517.80

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 2,475.00 295,413.29 298,010.10

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 1,193.19 496,174.79 501,125.50

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 6,804.93 762,576.00 765,493.08

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 8,141.93 375,529.07 380,836.12

NATIONAL RURAL UTIL COOP
(CALLABLE)
637432NP6 350,000.00 A- A1 2/17/2023 2/22/2023 329,189.00 4.76 4,760.00 341,185.93 346,556.70 DTD 02/07/2018 3.400% 02/07/2028

TEXAS INSTRUMENTS INC
(CALLABLE)
882508BV5 85,000.00 A+ Aa3 5/11/2023 5/18/2023 87,043.40 4.04 1,477.11 85,894.37 86,330.34 DTD 11/18/2022 4.600% 02/15/2028

BRISTOL-MYERS SQUIBB CO
(CALLABLE)
110122DE5 211,000.00 A A2 3/9/2023 3/13/2023 201,583.07 4.93 2,994.44 206,924.81 211,415.04 DTD 07/15/2020 3.900% 02/20/2028

LOCKHEED MARTIN CORP
(CALLABLE)
539830BZ1 60,000.00 A- A2 5/23/2023 5/25/2023 59,892.00 4.49 341.17 59,948.47 60,733.92 DTD 05/25/2023 4.450% 05/15/2028

MORGAN STANLEY BANK NA
(CALLABLE)
61690U8E3 525,000.00 A+ Aa3 7/18/2024 7/19/2024 525,525.00 4.94 12,099.15 525,280.10 532,320.60 DTD 07/19/2024 4.968% 07/14/2028
For the Quarter Ended December 31, 2025
39 CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 375,000.00 A A1 7/21/2023 7/25/2023 377,865.00 4.78 8,610.94 376,462.13 385,098.00

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 11,122.42 747,821.39 786,504.75

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 6,212.56 339,707.44 345,968.02

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 7,072.92 419,904.12 431,093.04

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 10,127.85 725,238.80 741,110.95

BLACKROCK FUNDING INC
(CALLABLE)
09290DAA9 50,000.00 AA- Aa3 3/5/2024 3/14/2024 49,909.50 4.74 698.47 49,939.77 51,111.10 DTD 03/14/2024 4.700% 03/14/2029

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 2,378.00 204,792.88 210,227.50

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 1,972.00 169,847.99 174,335.00

WELLS FARGO & COMPANY
(CALLABLE)
95000U3T8 290,000.00 BBB+ A1 4/15/2025 4/23/2025 290,000.00 4.97 2,722.46 290,000.00 295,398.06 DTD 04/23/2025 4.970% 04/23/2029

WELLS FARGO & COMPANY
(CALLABLE)
95000U3T8 110,000.00 BBB+ A1 4/16/2025 4/23/2025 110,088.00 4.95 1,032.66 110,069.07 112,047.54 DTD 04/23/2025 4.970% 04/23/2029

BANK OF AMERICA CORP
(CALLABLE)
06051GMT3 600,000.00 A- A1 5/6/2025 5/9/2025 600,000.00 4.62 4,006.60 600,000.00 607,959.60 DTD 05/09/2025 4.623% 05/09/2029

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 98.96 124,418.09 128,155.50

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 4.88 197.92 249,009.94 256,311.00

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 5,671.11 399,637.25 404,038.80 For the Quarter Ended December 31, 2025
40 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Trade
Date
Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
Value
Corporate

MARS INC (CALLABLE)
DTD 03/12/2025 4.800% 03/01/2030
571676AY1 115,000.00 A A2 3/5/2025 3/12/2025 114,875.80 4.83 1,840.00 114,893.96 117,525.74

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 1,799.32 200,000.00 205,906.20

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 2,679.44 399,453.34 407,387.60

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 4.52 800.00 399,683.63 405,426.80

NOVARTIS CAPITAL CORP
(CALLABLE)
DTD 11/05/2025 4.100% 11/05/2030
66989HAY4 510,000.00 AA- Aa3 11/3/2025 11/5/2025 508,470.00 4.17 3,252.67 508,515.26 509,456.34

SHELL FINANCE US INC (CALLABLE)
DTD 11/06/2025 4.125% 11/06/2030
822905AN5 450,000.00 A+ Aa2 11/4/2025 11/6/2025 449,136.00 4.17 2,835.94 449,160.75 449,941.05

SHELL FINANCE US INC (CALLABLE)
DTD 11/06/2025 4.125% 11/06/2030
822905AN5 125,000.00 A+ Aa2 11/3/2025 11/6/2025 124,520.00 4.21 787.76 124,533.72 124,983.63

NORTHERN TRUST CORP
DTD 11/19/2025 4.150% 11/19/2030
665859AY0 460,000.00 A+ A2 11/13/2025 11/19/2025 459,443.40 4.18 2,227.17 459,456.54 460,498.18

NORTHERN TRUST CORP
DTD 11/19/2025 4.150% 11/19/2030
665859AY0 115,000.00 A+ A2 11/12/2025 11/19/2025 114,943.65 4.16 556.79 114,945.13 115,124.55 AMAZON.COM INC (CALLABLE)
DTD 11/20/2025 4.100% 11/20/2030
023135CT1 575,000.00 AA A1 11/17/2025 11/20/2025 574,384.75 4.12 2,684.93 574,397.54 575,626.75 Security Type Sub-Total 14,006,000.00 13,846,871.02 4.32 144,913.20 13,948,745.46 14,115,341.00 Agency CMBS
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 85,158.51 AA+ Aa1 4/11/2023 4/14/2023 81,632.41 4.32 194.80 85,073.96 84,937.61 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 1,215.96 545,532.17 545,289.25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 362,046.14 AA+ Aa1 5/19/2023 5/24/2023 350,901.91 4.29 1,009.81 359,182.75 360,027.37 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 1,477.67 539,320.96 546,198.40 41 CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Agency CMBS
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 1,486.38 542,179.41 545,939.35 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 378,307.77 AA+ Aa1 12/6/2023 12/14/2023 378,304.74 4.86 1,531.52 378,306.91 384,835.09 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 430,091.04 AA+ Aa1 7/19/2023 7/27/2023 430,080.32 4.78 1,712.12 430,085.62 433,864.66 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 2,208.71 552,766.82 561,089.65 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 525,000.66 AA+ Aa1 7/18/2023 7/31/2023 516,100.26 4.58 1,829.19 520,416.51 528,275.62 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 1,975.00 493,646.47 510,396.50 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 3,100.00 793,281.25 813,404.00 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 1,515.63 367,804.70 384,261.00 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 2,000.00 496,480.24 510,527.00 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 1,113.75 274,520.21 281,572.50 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 5.14 760.35 179,685.94 185,075.10 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 1,104.90 291,849.29 294,919.27 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 1,730.67 441,996.36 449,962.48 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 535,714.31 AA+ Aa1 6/5/2024 6/13/2024 535,712.70 4.80 2,144.20 535,714.31 548,810.92 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 1,873.99 498,442.71 503,744.67 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 4.41 698.25 189,994.33 192,905.29 Security Type Sub-Total 8,561,318.43 8,434,083.33 4.73 30,682.90 8,516,280.92 8,666,035.73 For the Quarter Ended December 31, 2025
42 CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value ABS
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 17,670.14 AAA NR 7/12/2022 7/20/2022 17,669.72 3.97 31.18 17,670.02 17,669.57 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 29,102.54 AAA Aaa 9/20/2022 9/28/2022 29,096.52 4.46 57.69 29,100.75 29,133.13 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 39,416.71 AAA NR 10/4/2022 10/12/2022 39,410.25 4.82 79.16 39,414.55 39,472.21 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 83,894.50 AAA NR 1/24/2023 1/30/2023 83,894.46 4.63 172.64 83,894.48 84,087.29 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 50,550.00 NR Aaa 2/13/2023 2/23/2023 50,544.91 5.05 113.46 50,547.93 50,702.20 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 50,268.56 AAA NR 3/28/2023 3/31/2023 50,263.32 4.65 103.89 50,266.28 50,399.56 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 168,450.33 AAA NR 8/15/2023 8/22/2023 168,415.59 5.42 329.09 168,433.84 169,630.32 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 4.31 612.98 319,991.69 320,325.44 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 4.87 411.24 189,991.87 190,695.02 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 4.42 962.58 489,946.42 490,939.33 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 4.79 361.91 169,981.42 170,566.95 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 4.93 766.89 349,976.61 351,768.90 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 60,238.81 NR Aaa 11/1/2023 11/8/2023 60,228.21 5.67 94.88 60,232.85 60,896.20 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 208,739.25 AAA Aaa 8/15/2023 8/23/2023 208,726.30 5.53 513.03 208,732.43 210,469.90 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 5.17 928.80 404,935.70 408,811.46 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 5.23 953.02 409,989.68 414,043.83 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 99,991.34 101,137.00 For the Quarter Ended December 31, 2025
43 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Trade
Date
Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
Value
ABS
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 4.98 398.40 179,985.58 181,868.40 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 1,150.60 494,898.53 504,356.99 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 4.15 212.11 114,989.13 115,703.46 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 79,995.43 80,530.08 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 550,000.00 NR Aaa 4/8/2025 4/9/2025 553,673.83 4.62 1,168.44 553,155.89 557,960.15 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 415,000.00 NR Aaa 3/25/2025 3/31/2025 414,982.16 4.51 571.89 414,985.67 418,298.42 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 90,000.00 AAA Aaa 5/6/2025 5/14/2025 89,986.75 4.28 160.50 89,988.38 90,682.11 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 250,000.00 AAA NR 6/5/2025 6/12/2025 249,999.05 4.31 478.89 250,000.00 253,005.75 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
92970QAJ4 485,000.00 AAA NR 6/3/2025 6/10/2025 484,991.95 4.34 935.51 484,994.21 491,438.38 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 550,000.00 AAA Aaa 6/18/2025 6/26/2025 549,850.79 4.31 656.94 549,864.84 556,386.60 Security Type Sub-Total 6,353,330.84 6,356,214.95 4.73 12,472.91 6,355,955.52 6,410,978.65 Managed Account Sub Total 56,395,649.27 55,019,500.38 4.25 216,153.64 55,525,582.84 56,182,421.48 Securities Sub Total $57,350,217.26 $55,974,068.37 4.25% $216,153.64 $56,480,150.83 $57,136,989.47 Accrued Interest $216,153.64
Total Investments $57,353,143.11
44 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 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. 45 CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 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. 46

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Date: February 24, 2026
Subject: Amended and Restated Legal Services Agreement with Leibold McClendon & Mann, PC
Recommendation
Approve and authorize the City Manager to execute the Amended and Restated Legal Services Agreement with Leibold McClendon & Mann, PC for ongoing legal services to the City.

Background
Leibold McClendon & Mann, PC (LMM) has served as City Attorney to the City of Lake Elsinore since July 1, 1997.

Discussion
LMM serves as legal advisor to the City Council, City Manager, and the various City departments, commissions, committees, and boards. In its capacity as City Attorney, LMM prepares and reviews legal documents, including resolutions, ordinances, contracts, reports, and planning and zoning documents and entitlements. LMM advises City officials on federal, state and local laws and regulations and on municipal matters, including open meeting laws, conflicts of interest, public records, planning and zoning, public contracts, real property, water and environmental laws, intergovernmental relations, mining, and election laws. LMM also represents the City in litigation.

Amended and Restated Legal Services Agreement

On January 27, 2026, the City Council met in Closed Session to review the performance of the City Attorney and authorized and directed the City Attorney to prepare an update to the City’s Legal Services Agreement. The purpose of the proposed Amended and Restated Legal Services Agreement is to document the current terms and conditions into a single updated Legal Services Agreement.

LMM continuously provides excellent services to the City and successfully defends the City’s interests. LMM possesses the expertise and institutional knowledge necessary to serve the best interests of the City.

Fiscal Impact
Funds for City Attorney services are budgeted in the Fiscal Year 2025-26 budget.

Attachments
Attachment 1 – Amended and Restated Legal Services Agreement 1 AMENDED AND RESTATED AGREEMENT FOR LEGAL SERVICES
This Amended and Restated Agreement for Legal Services (“Agreement”) dated for identification purposes as of January 1, 2026 (“Date of Agreement”), by and between the City of Lake Elsinore, a municipal corporation (the “City”), on the one hand, and Leibold McClendon & Mann, a professional corporation (“LMM”), on the other hand.

RECITALS
A. City engaged LMM to perform the duties of the office of the City Attorney by an Agreement for Legal Services dated July 1, 1997, which Agreement has been amended numerous times by City Council action (the "Existing Agreement").

B. LMM possesses the skill, experience, ability, background, certification and knowledge to provide the services of City Attorney required by the City and described in this Agreement on the terms and conditions described herein.

C. City and LMM desire to enter into this Agreement to amend and restate the Existing Agreement into a single updated document.

AGREEMENT

1. Scope of Services. By this Agreement, City retains LMM to perform the duties of City Attorney. LMM shall provide said services at the time, place, and in the manner subject to the direction of the City Council. In connection with the performance of the duties of the City Attorney, the City agrees to be truthful with LMM, to cooperate with LMM’s representation, and to make available, in prompt and businesslike manner, all necessary and available documentation and background data as may be necessary from time to time.

2. Term of Agreement. The terms and conditions under this Agreement shall commence on January 1, 2026, and shall continue thereafter until amended or terminated by written agreement.

3. Compensation. Compensation to be paid to LMM shall be in accordance with the Schedule of Charges set forth in Exhibit A, which is attached hereto and incorporated herein by reference.

4. Method of Payment. LMM shall submit monthly billings to City describing the work performed during the preceding month. LMM’s bills shall include a brief description of the services performed, the date the services were performed, the number of hours spent and by whom, and a description of any reimbursable expenditures. Services will be billed in increments of one-tenth (1/10th) of an hour. City shall pay LMM no later than 30 days after approval of the monthly invoice by the City Manager or designee.

5. Termination. LMM serves at the will of the City Council. This Agreement may be terminated by the City immediately for cause or by either party without cause upon thirty (30) days’ written notice of termination. Upon termination, LMM shall be entitled to compensation for services performed up to the effective date of termination.
2 City Attorney. Legal Services Agreement

6. Ownership of Documents. All writings prepared by LMM in the course of implementing this Agreement, except working notepad, preliminary draft and internal documents, are the property of the City.

7. LMM’s Books and Records.
a. LMM shall maintain any and all ledgers, books of account, invoices, vouchers, canceled checks, and other records or documents evidencing or relating to charges for services, or expenditures and disbursements charged to City for a minimum period of three (3) years, or for any longer period required by law, from the date of payment to LMM under this Agreement. b. LMM shall maintain all documents and records which demonstrate performance under this Agreement for a minimum period of three (3) years, or for any longer period required by law, from the date of termination of this Agreement.
c. Any records or documents required to be maintained pursuant to this Agreement shall be made available for inspection or audit by the City Manager, City Auditor or City Council Member(s), at any time during regular business hours, upon written request by the City Council.

Copies of such documents shall be provided to the City for inspection at City Hall when it is practical to do so. Otherwise, unless an alternative is mutually agreed upon, the records shall be available at LMM’s address indicated for receipt of notices in this Agreement. Nothing herein shall require or permit the release or inspection of any privileged document without the express written waiver of such privilege by the City Council.
d. Where City has reason to believe that such records or documents may be lost or discarded due to dissolution, disbandment or termination of LMM’s business, City may, by written request by any of the above-named officers, require that custody of the records be given to the City and that the records and documents be maintained in City Hall.

8. Independent Contractor. It is understood that LMM, in the performance of the work and services agreed to be performed, shall act as and be an independent contractor and shall not act as an agent or employee of the City. LMM shall obtain no rights to retirement benefits or other benefits which accrue to City’s employees, and LMM hereby expressly waives any claim it may have to any such rights.

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

10. Professional Ability of LMM. City has relied upon the professional training and ability of LMM to perform the services hereunder as a material inducement to enter into this Agreement.

LMM shall therefore provide properly skilled professional and technical personnel to perform all services under this Agreement. All work performed by LMM under this Agreement shall be in accordance with applicable legal requirements and shall meet the standard of quality ordinarily to be expected of competent professionals in LMM’s field of expertise. 3 City Attorney. Legal Services Agreement

11. Compliance with Laws. LMM shall use the standard of care in its profession to comply with all applicable federal, state and local laws, codes, ordinances and regulations.

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

13. Indemnity. LMM agrees to defend, indemnify and hold harmless the City, its officers, officials, agents, employees and volunteers from and against any and all claims, demands, actions, losses, damages, injuries, and liability, direct or indirect (including any and all costs and expenses in connection therein), arising out of the performance of this Agreement or its failure to comply with any of its obligations contained in this Agreement, except for any such claim arising out of the sole negligence or willful misconduct of the City, its officers, agents, employees or volunteers.

14. Professional Liability Coverage. LMM shall maintain professional errors and omissions liability insurance for protection against claims alleging negligent acts, errors or omissions which may arise from LMM’s operations under this Agreement, whether such operations by the LMM or by its employees, subcontractors, or subconsultants. The amount of this insurance shall not be less than one million dollars ($1,000,000) on a claims-made annual aggregate basis, or a combined single limit per occurrence basis.

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

If to City: City of Lake Elsinore
Attn: City Manager
130 South Main Street
Lake Elsinore, CA 92530
If to LMM: Leibold, McClendon & Mann, P.C.

Attn: Barbara Leibold
9841 Irvine Center Drive, Suire 230
Irvine, CA 92618

16. Entire Agreement. This Agreement is an amendment and restatement of the Existing Agreement and constitutes the complete and exclusive statement of Agreement between the City and LMM. All prior written and oral communications, including the Existing Agreement, correspondence, drafts, memoranda, and representations, are superseded in total by this Agreement.

17. Amendments. This Agreement may be modified or amended only by a written document executed by both LMM and City.

18. Assignment and Subcontracting. The parties recognize that a substantial inducement to City for entering into this Agreement is the professional reputation, experience and competence of LMM. 4 City Attorney. Legal Services Agreement
LMM shall be fully responsible to City for all acts or omissions of any subcontractors. Assignments of any or all rights, duties or obligations of the LMM under this Agreement will be permitted only with the express consent of the City. LMM shall not subcontract any portion of the work to be performed under this Agreement without the written authorization of the City. If City consents to such subcontract, LMM shall be fully responsible to City for all acts or omissions of those subcontractors. Nothing in this Agreement shall create any contractual relationship between City and any subcontractor nor shall it create any obligation on the part of the City to pay or to see to the payment of any monies due to any such subcontractor other than as otherwise is required by law.

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

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

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

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

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

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

25. Authority to Enter Agreement. LMM has all requisite power and authority to conduct its business and to execute, deliver, and perform the Agreement. Each party warrants that the individuals who have signed this Agreement have the legal power, right, and authority to make this Agreement and to bind each respective party.

26. Prohibited Interests. LMM maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for LMM, to solicit or secure this Agreement. Further, LMM warrants that it has not paid, nor has it agreed to pay any company or person, other than a bona fide employee working solely for LMM, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of 5 City Attorney. Legal Services Agreement
this Agreement. For breach or violation of this warranty, City shall have the right to rescind this Agreement without liability. For the term of this Agreement, no member, officer or employee of City, during the term of his or her service with City, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom.

27. Equal Opportunity Employment. LMM represents that it is an equal opportunity employer and it shall not discriminate against any subcontractor, employee or applicant for employment because of race, religion, color, national origin, handicap, ancestry, sex or age. Such nondiscrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. LMM shall also comply with all relevant provisions of City’s Minority Business Enterprise program, Affirmative Action Plan or other related programs or guidelines currently in effect or hereinafter enacted.

28. Annual Performance Review. The City Council shall annually review the performance of LMM in the first quarter of each calendar year.

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

CITY OF LAKE ELSINORE, LEIBOLD MCCLENDON & MANN, P.C.
a municipal corporation
By: Jason Simpson, City Manager By: Barbara Leibold, Shareholder ATTEST:

Candice Alvarez, MMC
City Clerk
City Attorney. Legal Services Agreement
EXHIBIT “A”

SCHEDULE OF CHARGES
Legal Services. Commencing as of the Date of Agreement, LMM shall be compensated by City for the performance of Legal Services at a public law rate of $370 per hour for attorneys and $185 per hour for paralegals.

Third Party Reimbursements. All legal services provided to the City for which the City receives reimbursement from a third party, as determined according to the mutual agreement of the parties on a case-by-case basis, shall be billed at $575 for Shareholder/Of Counsel and $475 for associate attorneys. If LMM believes that a matter falls within the reimbursed services category, LMM shall first seek approval from the City Manager.

Issuer’s Counsel for Municipal Bonds. Commencing as of the Date of Agreement all legal services provided in connection with any bond financing shall be compensated at the rate of $595 per hour for attorneys and $185 per hour for paralegals.

Adjustments to Rates. On July 1, 2027, all rates provided in this Exhibit shall be automatically adjusted for changes in the cost of living for the most recently published eighteen (18) month period, as shown by the U.S. Department of Labor in its All Urban Consumer Index set forth for the Riverside area.

Commencing July 1, 2028, and every July 1 thereafter during the Term of the Agreement, all rates provided in this Exhibit shall be automatically adjusted for changes in the cost of living for the most recently published twelve (12) month period, as shown by the U.S. Department of Labor in its All Urban Consumer Index set forth for the Riverside area.

Cost Reimbursement.

The City shall reimburse LMM for all reasonable and necessary out-of-pocket expenses incurred by LMM in providing legal services. Authorized reimbursable expenses shall include, but are not limited to, printing and copying expenses (at $0.15 per page, or at cost if provided by third party copy services), mileage expenses at the rate allowed by the Internal Revenue Service (except as provided below), court fees, computerized research time (e.g., Lexis or Westlaw), extraordinary mail or delivery costs (e.g., courier, overnight and express delivery), actual fees and expenses (no markup) for consultants retained by LMM, and similar costs relating to the services that are generally chargeable to a client. However, no separate charge shall be made by LMM for secretarial or word processing services, and no mileage shall be charged for attendance at any meeting scheduled within the City of Lake Elsinore.

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Director’s Name, Title
Date: February 24, 2026
Subject: On-Call Contractor Services Agreement with Hoffman‘s Painting in Support of the New City Hall Project.

Recommendation
Approve and authorize the City Manager to execute an On-Call Contractor Services Agreement with Hoffman’s Painting for metal staircase and miscellaneous metal specialty painting in an amount not to exceed $102,172.56 for a term ending June 30, 2027 in such final form as approved by the City Attorney.

Background
The new City Hall has several metal surfaces (steel, sheet medal, aluminum, and red iron) that require specialized expertise by the painting contractor. Based on the City’s review of potential qualified specialty contractors, the City reached out to Hoffman’s Painting as a contractor with specialized experience in painting metal and requested a proposal for the metal staircase and miscellaneous metal specialty painting in the new City Hall Project. Because there is a wide range of painting techniques and painting systems for interior metal painting, sample preparation, paints, and finish textures require comparison to ensure the appropriate application, all of which Hoffman is able to provide.

Hoffman’s On-Call Agreement

Discussion
This on-call agreement will provide services for finishing painting in various areas of City Hall separate from the traditional interior wall and ceiling painting. Many of these services require painting preparation utilizing multiple techniques to achieve the desired results.

In addition to cleaning and sanding, metal fillers and special primers in several layers will be required before painting can be performed. In some instances, the application of bondo will be needed to acquire the desired surface finish. Filler to form and smooth visible surfaces will ensure a consistent and professional look throughout the facility. These steps are essential for durability and aesthetic appeal, especially in high-traffic and prominently visible areas.

The final application of painting will include a spray-painting technique to apply the visible finishes to the metal surfaces, found in City Hall. This method enables an even, smooth coat that minimizes brush marks and provides a professional appearance Following the approval of this agenda item, work will begin. Staff have reviewed and verified that the contractor has valid licenses. A review of the contractor’s references and General and Auto Liability Insurances and Workers’ Compensation Insurance will be in place naming the City as additional insured.

Fiscal Impact
Funds are budgeted in the Fiscal Year 2025/26 budget.

Attachments
Attachment 1 – Agreement
Exhibit A – Estimate

AGREEMENT FOR CONTRACTOR SERVICES
Hoffman's Painting

ON-CALL SERVICES
This Agreement for Contractor Services (On-Call) (the “Agreement”) is made and entered into as of February 24, 2026 by and between the City of Lake Elsinore, a municipal corporation (the “City”) and Hoffman's Painting, a Corporation (the “Contractor”).

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

On-call Painitng Services
B. The City has prepared a request for a proposals and Contractor has submitted to City a proposal, dated January 29, 2026, both of which are attached hereto as Exhibit A (collectively, the "Contractor's Proposal") and incorporated herein, to provide services and related work to the City pursuant to the terms of this Agreement.

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

AGREEMENT

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

2. Time of Performance.
a. Time of Essence. Time is of the essence in the performance of this Agreement. The time for completion of the services and related work to be performed by Contractor is an essential condition of this Agreement. Contractor shall prosecute regularly and diligently the services and related work contemplated pursuant to this Agreement consistent with Contractor's Proposal (Exhibit A) and shall provide, furnish and pay all labor, materials, necessary tools, expendable equipment, and all taxes, utility and transportation services required to perform such the services and related work.
b. Performance Schedule. Contractor shall commence the services and related work pursuant to this Agreement upon receipt of a written notice to proceed and shall perform all services and related work within the time period(s) established in the Contractor's Proposal (Exhibit A). When requested by Contractor, extensions to the time period(s) specified may be approved in writing by the City Manager.

c. Term and Compliance with Task/Work Order System. Unless earlier terminated as provided elsewhere in this Agreement, this Agreement shall continue in full force and effect for a period commencing on February 24, 2026 and ending June 30, 2027. The City may, at its sole discretion, extend the term of this Agreement on a 12-month basis not to exceed 2 additional twelve (12) month renewal terms by giving written notice thereof to Contractor not less than thirty (30) days before the end of the contract term, such notice to be exercised by the City Manager.

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

3. Compensation. Compensation to be paid to Contractor shall be in accordance with the fees set forth in Contractor's Proposal (Exhibit A), which is attached hereto and incorporated herein by reference. In no event shall Contractor's annual compensation exceed one hundred two thousand one hundred seventy two dollars and no fifty six cents ($102,172.56) without additional written authorization from the City. Notwithstanding any provision of Contractor's Proposal to the contrary, out of pocket expenses set forth in Exhibit A shall be reimbursed at cost without an inflator or administrative charge. Payment by City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

4. Method of Payment. Contractor shall promptly submit billings to the City describing the services and related work performed during the preceding month to the extent that such services and related work were performed. Contractor's bills shall be segregated by project task, if applicable, such that the City receives a separate accounting for work done on each individual task for which Contractor provides services. Contractor's bills shall include a brief description of the services performed, the date the services were performed, the number of hours spent and by whom, and a description of any reimbursable expenditures. City shall pay Contractor no later than forty-five (45) days after receipt of the monthly invoice by City staff.

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

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

6. Suspension or Termination.
a. The City may at any time, for any reason, with or without cause, suspend or terminate this Agreement, or any portion hereof, by serving upon the Contractor at least ten (10) days prior written notice. Upon receipt of such notice, the Contractor shall immediately cease all work under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement, such suspension or termination shall not make void or invalidate the remainder of this Agreement.
b. In the event this Agreement is terminated pursuant to this Section, the City shall pay to Contractor the actual value of the work performed up to the time of termination, provided that the work performed is of value to the City. Upon termination of the Agreement pursuant to this

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

7. Plans, Reports, Documents
a. Ownership of Documents. All plans, studies, documents and other writings prepared by and for Contractor, its officers, employees and agents and subcontractors in the course of implementing this Agreement, except working notepad internal documents, shall become the property of the City upon payment to Contractor for such work, and the City shall have the sole right to use such materials in its discretion without further compensation to Contractor or to any other party. Contractor shall, at Contractor's expense, provide such reports, plans, studies, documents and other writings to City upon written request. City shall have sole determination of the public’s rights to documents under the Public Records Act, and any third-party requests of Contractor shall be immediately referred to City, without any other actions by Contractor. b. Licensing of Intellectual Property. This Agreement creates a nonexclusive and perpetual license for City to copy, use, modify, reuse, or sublicense any and all copyrights, designs, and other intellectual property embodied in plans, specifications, studies, drawings, estimates, and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Contractor under this Agreement ("Documents & Data"). Contractor shall require that all subcontractors agree in writing that City is granted a nonexclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Contractor represents and warrants that Contractor has the legal right to license any and all Documents & Data. Contractor makes no such representation and warranty in regard to Documents & Data, which were prepared by design professionals other than Contractor or provided, to Contractor by the City. City shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at City's solerisk. c. Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents & Data either created by or provided to Contractor in connection with the performance of this Agreement shall be held confidential by Contractor. Contractor shall not, without the prior written consent of City, use such materials for any purposes other than the performance of the services under this Agreement. Nor shall such materials be disclosed to any person or entity not connected with the performance of the services under this Agreement. Nothing furnished to Contractor, which is otherwise known to Contractor or is generally known, or has become known, to the related industry shall be deemed confidential. Contractor shall not use City's name or insignia, photographs relating to project for which Contractor's services are rendered, or any publicity pertaining to the Contractor's services under this Agreement in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of City.

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

required by law, from the date of termination or completion of this Agreement. c. Any records or documents required to be maintained pursuant to this Agreement shall be made available for inspection or audit, at any time during regular business hours, upon written request by the City Manager, City Attorney, City Auditor or a designated representative of these officers. Copies of such documents shall be provided to the City for inspection at City Hall when it is practical to do so. Otherwise, unless an alternative is mutually agreed upon, the records shall be available at Contractor's address indicated for receipt of notices in this Agreement. d. Where City has reason to believe that such records or documents may be lost or discarded due to dissolution, disbandment or termination of Contractor's business, City may, by written request by any of the above-named officers, require that custody of the records be given to the City and that the records and documents be maintained in City Hall. Access to such records and documents shall be granted to any party authorized by Contractor, Contractor's representatives, or Contractor's successor-in-interest.

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

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

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

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

Contractor is not a designated employee within the meaning of the Political Reform Act because Contractor:
a. will conduct research and arrive at conclusions with respect to his/her rendition of information, advice, recommendation or counsel independent of the control and direction of the City or of any City official, other than normal agreement monitoring; and b. possesses no authority with respect to any City decision beyond rendition of information, advice, recommendation or counsel. (FPPC Reg. 18700(a) (2).)

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

13. Compliance with Laws.
a. Contractor shall comply with all local, state and federal laws and regulations applicable to the services required hereunder, including any rule, regulation or bylaw governing the conduct or performance of Contractor and/or its employees, officers, or board members. b. Contractor represents that it has obtained and will maintain at all times during the term of this Agreement all professional and/or business licenses, certifications and/or permits necessary for performing the services described in this Agreement, including a City business license.

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

Contractor shall maintain a City of Lake Elsinore business license.

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

16. Insurance Requirements .
a. Insurance. Contractor, at Contractor's own cost and expense, shall procure and maintain, for the duration of the contract, unless modified by the City's Risk Manager, the following insurance policies.
i. Workers' Compensation Coverage. Contractor shall maintain Workers' Compensation Insurance andEmployer's Liability Insurance for his/her employees inaccordance with the laws of the State of California. In addition, Contractor shall require each subcontractor to similarly maintain Workers' Compensation Insurance and Employer's Liability Insurance in accordance with the laws of the State of California for all of the subcontractor's employees. Any notice of cancellation or non-renewal of all Workers' Compensation policies must be received by the City at least thirty (30) days prior to such change. The insurer shall agree to waive all rights of subrogation against City, its officers, agents, employees and volunteers for losses arising from work performed by Contractor for City. In the event that Contractor is exempt from Worker's Compensation Insurance and Employer's Liability Insurance for his/her employees in accordance with the laws of the State of California, Contractor shall submit to the City a Certificate of Exemption from Workers Compensation Insurance in a form approved by the City Attorney.
ii. General Liability Coverage. Contractor shall maintain commercial general liability insurance in an amount not less than one million dollars ($1,000,000) per occurrence for bodily injury, personal injury and property damage. If a commercial general liability insurance form or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to the work to be performed under this Agreement or the general aggregate limit shall be at least twice the required occurrence limit. Required commercial general liability coverage shall be at least as broad as Insurance Services Office Commercial General Liability occurrence form CG 0001 (ed. 11/88) or Insurance Services Office form number GL 0002 (ed. 1/73) covering comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability. No endorsement may be attached limiting the coverage.
iii. Automobile Liability Coverage. Contractor shall maintain automobile liability insurance covering bodily injury and property damage for all activities of the Contractor arising out of or in connection with the work to be performed under this Agreement, including coverage for owned, hired and non-owned vehicles, in an amount of not less than one million dollars ($1,000,000) combined single limit for each occurrence. Automobile liability coverage must be at least as broad as Insurance Services Office Automobile Liability form CA 0001 (ed. 12/90) Code 1 ("any auto"). No endorsement may be attached limiting the coverage. b. Endorsements. Each general liability and automobile liability insurance policy shall be with insurers possessing a Best's rating of no less than A:VII and shall be endorsed with the following specific language :
i. Notwithstanding any inconsistent statement in any required insurance policies or any subsequent endorsements attached thereto, the protection offered by all policies, except for Workers’ Compensation, shall bear an endorsement whereby it is provided that, the City and its officers, employees, servants, volunteers and agents and independent contractors, including without limitation, the City Manager and City Attorney, are named as additional insureds. Additional insureds shall be entitled to the full benefit of all insurance policies in the same manner and to the same extent as any other insureds and there shall be no limitation to the benefits conferred upon them other than policy limits to coverages.
ii. This policy shall be considered primary insurance as respects the City,

its elected or appointed officers, officials, employees, agents and volunteers. Any insurance maintained by the City, including any self-insured retention the City may have, shall be considered excess insurance only and shall not contribute with it. iii. This insurance shall act for each insured and additional insured as though a separate policy had been written for each, except with respect to the limits of liability of the insuring company.
iv. The insurer waives all rights of subrogation against the City, its elected or appointed officers, officials, employees or agents.
v. Any failure to comply with reporting provisions of the policies shall not affect coverage provided to the City, its elected or appointed officers, officials, employees, agents or volunteers.
vi. The insurance provided by this Policy shall not be suspended, voided, canceled, or reduced in coverage or in limits except after thirty (30) days written notice has been received by the City.
c. Deductibles and Self-Insured Retentions. Any deductibles or self-insured retentions must be declared to and approved by the City. At the City's option, Contractor shall demonstrate financial capability for payment of such deductibles or self-insured retentions. d. Certificates of Insurance. Contractor shall provide certificates of insurance with original endorsements to City as evidence of the insurance coverage required herein. Certificates of such insurance shall be filed with the City on or before commencement of performance of this Agreement. Current certification of insurance shall be kept on file with the City at all times during the term of this Agreement.

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

If to City: City of Lake Elsinore
Attn: City Manager
130 South Main Street
Lake Elsinore, CA 92530
With a copy to: City of Lake Elsinore
Attn: City Clerk
130 South Main Street
Lake Elsinore, CA 92530
If to Contractor: Hoffman’s Painting
Attn: Eli Brain Hoffman
21265 Little Valley Rd.

Perris, CA 92570

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written above.
“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation
“CONTRACTOR”
Hoffman’s Painting, a Corporation

City Manager
ATTEST:

City Clerk
APPROVED AS TO FORM:

City Attorney
Assistant City Manager
By: Brain Hoffman
Its: Owner
Attachments: Exhibit A – Contractor’s Proposal

EXHIBIT A

EXHIBIT A

CONTRACTOR'S PROPOSAL
[ATTACHED]
RECIPIENT:

City of Lake Elsinore
130 South Main Street
Lake Elsinore, California 92530
Phone: 9517642417
SENDER:

Hoffman's Painting
21265 Little Valley Rd.

Perris, CA 92570
Phone: (951)623-6996
Email: [email protected]
Website: hoffmanspainting.com
Product/Service Description Total
Main Stairwell Provide labor and materials to prepare and paint the main front stairwell.

Work includes masking all adjacent areas to protect from overspray. All metal stair components will be thoroughly cleaned prior to surface preparation. Preparation will include the use of electric sanders, putty knives, and scrapers to remove all unwanted debris, including but not limited to concrete residue, weld slag, and other surface contaminants. An acetone wash will be performed after initial cleaning of the metal.

All surface imperfections in the metal will be repaired using Bondo prior to priming. All metal surfaces and repairs will be sanded to a smooth finish.

One coat of primer will be applied, followed by a detailed inspection to identify any remaining imperfections. Any deficiencies will be repaired with Bondo, re-sanded, and spot-primed as required. A second full primer coat will then be applied. All metal surfaces will be triple-checked to ensure a smooth, uniform finish.

Caulking will be applied to the underside of the stairwell as needed. Two coats of finish paint will be sprayed to match existing door trim color. Upon completion, all areas will be de-masked and the work area cleaned.

All labor and materials are included in this estimate.

Specified materials include Protech Metal Red Oxide Primer and Protech Alkyd Emulsion Finish.
$41,237.56
Single Large Steel Beam Provide labor and materials to prepare and paint one (1) large steel beam.

All adjacent areas will be properly masked to protect from overspray.

Surface preparation will include heavy-grit sanding using orbital sanders and hand sanding as required to ensure proper adhesion. The beam will then be cleaned with an acetone wash. One coat of primer will be applied, followed by two coats of finish paint. Upon completion, all masking will be removed and the work area cleaned.
$5,385.00
1 of 2 pages
ESTIMATE #3675
SENT ON:

Jan 29, 2026
Product/Service Description Total
Double Beams- Under
Patio Cover (3)
Provide labor and materials to prepare and paint three (3) double steel beams located under the patio cover. Beams are currently pre-primed.

Surface preparation will include sanding all metal surfaces. Any exposed or raw metal will be spot-primed as needed. Two (2) coats of finish paint will then be applied to all beams. Upon completion, the work area will be cleaned.
$5,550.00
Miscellaneous Items $50,000.00
Total $102,172.56
Reviews
Garrett Nelson Matt Uribe Neil Hodgson
This is the second time I have used
Hoffman's Painting. The first time was
my house and now they just
completed my new offices. I wouldn't
use anyone else and neither should
you!
On time professional and great work.

Hoffman's Painting Inc. DBA Hoffman's Painting
Phone: (951)623-6996
License No: 980809
Verify your contractor is licensed at: https://www.cslb.ca.gov/onlineservices/checklicenseII/checklicense.aspx This quote is valid for 30 days, after which pricing is subject to change.

Hoffman's Painting is not responsible for structural damages to patio covers, broken clay roof tiles or stained concrete color coming up from tape.

Signature: _____________________ Date: _____________
2 of 2 pages
ESTIMATE #3675
SENT ON:

Jan 29, 2026

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: February 24, 2026
Subject: Public Works Construction Agreement with US National Corp for the Interior Wall and Ceiling Painting on the New City Hall Project (CIP Project No.

Z20006
Recommendation
Approve and authorize the City Manager to execute a public works agreement with US National Corp in an amount not to exceed $130,380.00 for the interior wall and ceiling painting at the new City Hall 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 $13,380.00 for construction uncertainties and adjustments, and authorize the City Clerk to file the notice of completion once the entire scope of work is complete and return withheld retention to the contractor.

Background
Construction bid documents were prepared and the project was advertised for bid in accordance with the requirements set forth in the California Public Contract Code. On January 20, 2026, the City posted on PlanetBids the notice inviting bids for the City Hall project the interior wall and ceiling painting (CIP Project No. Z20006). On Wednesday, January 28, 2026, a site visit, and job walk was conducted at the project site. All responses to the notice inviting bid questions were posted on PlanetBids.

US National Corp Agreement

Eighteen (18) bids were received on or before the deadline of 2:00 p.m. on Wednesday, February 4, 2026. A non-responsive bid was received from HFI INC for a total amount of $9.09. For obvious reasons this bid is rejected. All bids were reviewed in Planetbids, examined, and declared in City Hall. The bid results were posted in Planetbids shortly after staff’s review. Following the examination of the bids the low bidder, US National Corp, was reviewed and interviewed by staff and determined complete.

Discussion
The following table presents the top five lowest submitted bid responses for the City Hall interior wall and ceiling painting project. The remaining 13 bids range from $176,00 to $573,00 and can be made available on request. Staff have verified the references and work product of the low bidder, US National Corp, and the contractor was briefed on the enter scope of work and performed a thorough site visit to better assess the work requirements.

Company Amount
US National Corp
10205 San Fernando Road
Pacoima, California 91331
$130,380
Cosmic Color Painting
3215 Dorchester Ave
Los Angeles, California 90032
$137,000
Aza Construction
4304 w 149th St
Lawndale, California 90260
United States
$155,000
Signature Painting Inc.

P.O. Box 16562
Irvine, California 92651
$159,650
AJ Fistes Corporation
2214 Atlantic Ave
Long Beach, California 90806
$163,400
The interior wall and ceiling painting work will begin immediately following the execution of the public works construction agreement. In this construction agreement, the key elements will include the following items:
 Mobilization & Demobilization Including Construction Schedules  (Not To Exceed 3% of Total Bid)
 Labor Material and Performance Bonds
 Preparation Tape, Mast, Caulk Gaps and Seams, Remove Dust etc.  Prime all Surfaces
US National Corp Agreement

 Cut in, Roll, and Spray Walls and Ceilings
Following the award and execution of contract work will be scheduled to proceed, and the estimated duration of this scope of work is estimated at 30 working days. Additional construction work will be performed simultaneously during the roofing installation.

Fiscal Impact
Funding costs are included in the Fiscal Year 2025-26 – 2029-30 Capital Improvement Plan (CIP) budget, CIP Project No. Z20006.

Attachments
Attachment 1 – Agreement
Exhibit A – Proposal
1 Agreement No. __________

AGREEMENT FOR PUBLIC WORKS CONSTRUCTION
US National Corp
For the
City Hall
Interior Wall and Ceiling
Painting
CIP PROJECT NO. Z20006
This Agreement for Public Works Construction (“Agreement”) is made and entered into as of February 24, 2026 by and between the City of Lake Elsinore, a municipal corporation (“City”) and US National Corp. (“Contractor”).

The City and Contractor, in consideration of the mutual promises and covenants set forth herein, agree as follows:

1. The Project and Project Documents. Contractor agrees to construct the following public improvements (“work”) identified as:

Interior Wall and Ceiling Painting (the “Project”)
The City-approved plans for the construction of the Project, which are incorporated herein by reference and prepared by Staff, are identified as:

Interior Wall and Ceiling Painting Scope of Work
The Project Documents include this Agreement and all of the following: (1) the Notice Inviting Bids, Instructions to Bidders, Bid Documents including Bidder’s Proposal as submitted by the Contractor, Contract Documents, General Specifications, Special Provisions, and all attachments and appendices; (2) everything referenced in such documents, such as specifications, details, standard plans or drawings and appendices, including all applicable State and Federal requirements; (3) all required bonds, insurance certificates, permits, notices, and affidavits; and (4) any and all addenda or supplemental agreements clarifying, amending or extending the work contemplated as may be required to insure completion in an acceptable manner. All of the provisions of the above-listed documents are made a part of this Agreement as though fully set forth herein.

2. Compensation.
a. For and in consideration of the payments and agreements to be made and performed by City, Contractor agrees to construct the Project, including furnishing all materials and performing all work required for the Project, and to fulfill all other obligations as set forth in the Bidder’s Proposal, such contract price being one hundred thirty thousand three hundred eighty dollars and no cents ($130,380.00).
2 b. City hereby promises and agrees to employ, and does hereby employ, Contractor to provide the materials, do the work, and fulfill the obligations according to the terms and conditions herein contained and referred to, for the prices set forth, and hereby contracts to pay the same at the time, in the manner, and upon the conditions set forth in the Project Documents.
c. Contractor agrees to receive and accept the prices set forth in the Bidder’s Proposal as full compensation for furnishing all materials, performing all work, and fulfilling all obligations hereunder. Such compensation shall cover all expenses, losses, damages, and consequences arising out of the nature of work during its progress or prior to its acceptance including those for well and faithfully completing the work and the whole thereof in the manner and time specified in the Project Documents; and also including those arising from actions of the elements, unforeseen difficulties or obstructions encountered in the prosecution of the work, suspension or discontinuance of the work, and all other unknowns or risks of any description connected with the work.

3. Completion of Work.
a. Contractor shall perform and complete all work within 30 working days from the date of commencement specified in the Notice to Proceed, and shall provide, furnish and pay for all the labor, materials, necessary tools, expendable equipment, and all taxes, utility and transportation services required for construction of the Project. b. All work shall be performed and completed in a good workmanlike manner in strict accordance with the drawings, specifications and all provisions of this Agreement as hereinabove defined and in accordance with applicable laws, codes, regulations, ordinances and any other legal requirements governing the Project.
c. Contractor shall not be excused with respect to the failure to so comply by any act or omission of the City, the City Engineer, a City inspector, or a representative of any of them, unless such act or omission actually prevents the Contractor from fully complying with the requirements of the Project Documents, and unless the Contractor protests at the time of such alleged prevention that the act or omission is preventing the Contractor from fully complying with the Project Documents. Such protest shall not be effective unless reduced to writing and filed with the City within three (3) working days of the date of occurrence of the act or omission preventing the Contractor from fully complying with the Project Documents. d. City and Contractor recognize that time is of the essence in the performance of this Agreement and further agree that if the work called for under the Agreement is not completed within the time hereinabove specified, damages will be sustained by the City and that, it is and will be impracticable or extremely difficult to ascertain and determine the actual amount of damages the City will sustain in the event of, and by reason of, such delay. It is, therefore, agreed that such damages shall be presumed to be in the amount of $1,000 per calendar day, and that the Contractor will pay to the City, or City may retain from amounts otherwise payable to Contractor, such amount for each calendar day by which the Contractor fails to complete the work, including corrective items of work, under this Agreement within the time hereinabove specified and as adjusted by any changes to the work. 3 4. Changes to Work. City and Contractor agree that the City may make changes to the work, or suspend the work, and no matter how many changes, such changes or suspensions are within the contemplation of the Contractor and City and will not be a basis for a compensable delay claim against the City nor be the basis for a liquidated damage claim against the Contractor.

Any change to the work shall be by way of a written instrument (“change order”) signed by the City and the Contractor, stating their agreement to the following:
a. The scope of the change in the work;
b. The amount of the adjustment to the contract price; and c. The extent of the adjustment to the Schedule of Performance.

The City Engineer is authorized to sign any change order provided that sufficient contingency funds are available in the City’s approved budget for the Project. All change in the work authorized by the change order shall be performed under the applicable conditions of the Project Documents. City and Contractor shall negotiate in good faith and as expeditiously as possible the appropriate adjustments for such changes.

5. Bonds. Contractor shall provide, before commencing work, a Faithful Performance Bond and a Labor and Material Bond, each for one-hundred percent (100%) of the contract price in the form that complies with the Project Documents and is satisfactory to the City Attorney.

6. Non-Assignability. Neither this Agreement nor any rights, title, interest, duties or obligations under this Agreement may be assigned, transferred, conveyed or otherwise disposed of by Contractor without the prior written consent of City.

7. Licenses. Contractor represents and warrants to City that it holds the contractor’s license or licenses set forth in the Project Documents, is registered with the Department of Industrial Relations pursuant to Labor Code Section 1725.5, and holds such other licenses, permits, qualifications, insurance and approvals of whatsoever nature which are legally required of Contractor. Contractor represents and warrants to City that Contractor shall, at its sole cost and expense, keep in effect or obtain at all times during the term of this Agreement, any licenses, permits, insurance and approvals which are legally required of Contractor to practice its profession. Contractor shall maintain a City of Lake Elsinore business license.

8. Indemnity. Contractor shall indemnify, defend, and hold harmless the City and its officials, officers, employees, agents, the County and Board Supervisors, and volunteers from and against any and all losses, liability, claims, suits, actions, damages, and causes of action arising out of any personal injury, bodily injury, loss of life, or damage to property, or any violation of any federal, state, or municipal law or ordinance, to the extent caused, in whole or in part, by the willful misconduct or negligent acts or omissions of Contractor or its employees, subcontractors, or agents, by acts for which they could be held strictly liable, or by the quality or character of their work. The foregoing obligation of Contractor shall not apply when (1) the injury, loss of life, damage to property, or violation of law arises from the sole negligence or willful misconduct of the City or its officers, employees, agents, or volunteers and (2) the actions of Contractor or its employees, subcontractor, or agents have contributed in no part to the injury, loss of life, damage to
4 property, or violation of law. It is understood that the duty of Contractor to indemnify and hold harmless includes the duty to defend as set forth in Section 2778 of the California Civil Code.

Acceptance by City of insurance certificates and endorsements required under this Agreement does not relieve Contractor from liability under this indemnification and hold harmless clause.

This indemnification and hold harmless clause shall apply to any damages or claims for damages whether or not such insurance policies shall have been determined to apply. By execution of this Agreement, Contractor acknowledges and agrees to the provisions of this Section and that it is a material element of consideration.

9. Insurance Requirements.
a. Insurance. Contractor, at Contractor’s own cost and expense, shall procure and maintain, for the duration of the Agreement, unless modified by the City’s Risk Manager, the following insurance policies.
i. Workers’ Compensation Coverage. Contractor shall maintain Workers’ Compensation Insurance and Employer’s Liability Insurance for his/her employees in accordance with the laws of the State of California. In addition, Contractor shall require each subcontractor to similarly maintain Workers’ Compensation Insurance and Employer’s Liability Insurance in accordance with the laws of the State of California for all of the subcontractor’s employees. Any notice of cancellation or non-renewal of all Workers’ Compensation policies must be received by the City at least thirty (30) days prior to such change. The insurer shall agree to waive all rights of subrogation against City, its officers, agents, employees and volunteers for losses arising from work performed by Contractor for City. In the event that Contractor is exempt from Worker’s Compensation Insurance and Employer’s Liability Insurance for his/her employees in accordance with the laws of the State of California, Contractor shall submit to the City a Certificate of Exemption from Workers Compensation Insurance in a form approved by the City Attorney.
ii. Commercial General Liability Coverage. Contractor shall maintain commercial general liability insurance in an amount not less than one million dollars ($1,000,000) per occurrence for bodily injury, personal injury and property damage. If a commercial general liability insurance form or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to the work to be performed under this Agreement or the general aggregate limit shall be at least twice the required occurrence limit. Required commercial general liability coverage shall be at least as broad as Insurance Services Office Commercial General Liability occurrence form CG 0001 (ed. 11/88) or Insurance Services Office form number GL 0002 (ed. 1/73) covering comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability. No endorsement may be attached limiting the coverage.
iii. Automobile Liability Coverage. Contractor shall maintain automobile liability insurance covering bodily injury and property damage for all activities of the Contractor arising out of or in connection with the work to be performed under this Agreement, including coverage for owned, hired and non-owned vehicles, in an amount of not less than one million dollars ($1,000,000) combined single limit for each occurrence. Automobile liability coverage must be at least as broad as Insurance Services Office Automobile Liability form CA 0001 (ed. 12/90) Code 1 (“any auto”). No endorsement may be attached limiting the coverage.
5 iv. Builder’s Risk Coverage. Prior to the commencement of any construction of the Project, Design-Builder shall obtain (or cause to be obtained) and keep in force during the term of any construction, builder’s risk insurance insuring for all risks of physical loss of or damage (excluding the perils of earthquake and flood). v. Professional Liability Coverage. Contractor shall maintain professional errors and omissions liability insurance appropriate for Contractor’s profession for protection against claims alleging negligent acts, errors or omissions which may arise from Contractor’s services under this Agreement, whether such services are provided by the Contractor or by its employees, subcontractors, or sub consultants.

The amount of this insurance shall not be less than one million dollars ($1,000,000) on a claims-made annual aggregate basis, or a combined single limit per occurrence basis.
b. Endorsements. Each general commercial liability and automobile liability insurance policy shall be with insurers possessing a Best’s rating of no less than A:VII and shall be endorsed with the following specific language:
i. The City, its elected or appointed officers, officials, employees, agents and volunteers are to be covered as additional insured with respect to liability arising out of work performed by or on behalf of the Contractor, including materials, parts or equipment furnished in connection with such work or operations. ii. This policy shall be considered primary insurance as respects the City, its elected or appointed officers, officials, employees, agents and volunteers. Any insurance maintained by the City, including any self-insured retention the City may have, shall be considered excess insurance only and shall not contribute with it. iii. This insurance shall act for each insured and additional insured as though a separate policy had been written for each, except with respect to the limits of liability of the insuring company.
iv. The insurer waives all rights of subrogation against the City, its elected or appointed officers, officials, employees or agents. v. Any failure to comply with reporting provisions of the policies shall not affect coverage provided to the City, its elected or appointed officers, officials, employees, agents or volunteers.
vi. The insurance provided by this Policy shall not be suspended, voided, canceled, or reduced in coverage or in limits except after thirty (30) days written notice has been received by the City.
c. Deductibles and Self-Insured Retentions. Any deductibles or self-insured retentions must be declared to and approved by the City. At the City’s option, Contractor shall demonstrate financial capability for payment of such deductibles or self-insured retentions. d. Certificates of Insurance. Contractor shall provide certificates of insurance with original endorsements to City as evidence of the insurance coverage required herein.

Certificates of such insurance shall be filed with the City on or before commencement of 6 performance of this Agreement. Current certification of insurance shall be kept on file with the City at all times during the term of this Agreement.

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

If to City: City of Lake Elsinore
Attn: City Manager
130 South Main Street
Lake Elsinore, CA 92530
With a copy to: City of Lake Elsinore
Attn: City Clerk
130 South Main Street
Lake Elsinore, CA 92530
If to Contractor: US National Corp
Attn: Fred Jimenez, President
10205 San Fernando Road
Pacoima, California 91331

11. Entire Agreement. This Agreement constitutes the complete and exclusive statement of agreement between the City and Contractor. All prior written and oral communications, including correspondence, drafts, memoranda, and representations, are superseded in total by this Agreement.

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

13. Assignment and Subcontracting. Contractor shall be fully responsible to City for all acts or omissions of any subcontractors. Assignments of any or all rights, duties for obligations of the Contractor under this Agreement will be permitted only with the express consent of the City. Nothing in this Agreement shall create any contractual relationship between City and any subcontractor nor shall it create any obligation on the part of the City to pay or to see to the payment of any monies due to any such subcontractor other than as otherwise is required by law.

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

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

16. Controlling Law Venue. This Agreement and all matters relating to it shall be governed by the laws of the State of California and any action brought relating to this Agreement shall be held exclusively in a state court in the County of Riverside. 7 17. Litigation Expenses and Attorneys’ Fees. If either party to this Agreement commences any legal action against the other party arising out of this Agreement, the prevailing party shall be entitled to recover its reasonable litigation expenses, including court costs, expert witness fees, discovery expenses, and attorneys’ fees.

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

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

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

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

22. Prevailing Wages.
a. Contractor and all subcontractors shall adhere to the general prevailing rate of per diem wages as determined and as published by the State Director of the Department of Industrial Relations pursuant to Labor Code Sections 1770, 1773, and 1773.2. Copies of these rates and the latest revisions thereto are on file in the office of the City Clerk of the City of Lake Elsinore and are available for review upon request. 8 b. Contractor's attention is directed to the provisions of Labor Code Sections 1774, 1775, 1776, 1777.5 and 1777.6. Contractor shall comply with the provisions of these Sections. The statutory provisions for penalties for failure to comply with the State's wage and the hours laws will be enforced.
c. Labor Code Sections 1774 and 1775 require the Contractor and all subcontractors to pay not less than the prevailing wage rates to all workmen employed in the execution of the contract and specify forfeitures and penalties for failure to do so. The minimum wages to be paid are those determined by the State Director of the Department of Industrial Relations. Labor Code Section 1776 requires the Contractor and all subcontractors to keep accurate payroll records, specifies the contents thereof, their inspection and duplication procedures and certain notices required of the Contractor pertaining to their location. The statutory penalties for failure to pay prevailing wages will be enforced. If the Project has been awarded to Contractor on or after April 1, 2015, Contractor and its subcontractors must furnish electronic certified payroll records to the Labor Commissioner. Beginning January 1, 2016, Contractor and its subcontractors must furnish electronic certified payroll records to the Labor Commissioner without regard to when the Project was awarded to Contractor. d. Labor Code Section 1777.5 requires Contractor or subcontractor employing tradesmen in any apprenticeable occupation to apply to the Joint Apprenticeship Committee nearest the site of the public works project, which administers the apprenticeship program in that trade for a certificate of approval. The certificate will also fix the ratio of apprentices to journeymen to be used in the performance of the Agreement. The Contractor is required to make contributions to funds established for the administration of apprenticeship programs if the Contractor employs registered apprentices or journeymen in any apprenticeable trade and if other contractors on the public works site are making such contributions.

Information relative to apprenticeship standards, contributions, wage schedules and other requirements may be obtained from the State Director of Industrial Relations or from the Division of Apprenticeship Standards. Labor Code Section 1777.6 provides that it shall be unlawful to refuse to accept otherwise qualified employees as registered apprentices solely on the grounds of race, religious creed, color, national origin, ancestry, sex, or age. e. Eight hours labor constitutes a legal day's work, as set forth in Labor Code Section 1810.

23. Execution. This Agreement may be executed in several counterparts, each of which shall constitute one and the same instrument and shall become binding upon the parties when at least one copy hereof shall have been signed by both parties hereto. In approving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. [Signatures on next page]
9 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written above.
“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation
“CONTRACTOR”
US National Corp
City Manager
ATTEST:

By: Fred Jimenez
Its: President
City Clerk
APPROVED AS TO FORM:

By: Click or tap here to enter text.

Its: Click or tap here to enter text.

City Attorney
Assistant City Manager

EXHIBIT A
CONTRACTOR’S PROPOSAL
[ATTACHED]

EXHIBIT B

LIST OF SUBCONTRACTORS
[ATTACHED]

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Yu Tagai, City Engineer
Date: February 24, 2026
Subject: Grant of Easements to Southern California Edison at Canyon Hills Estates Recommendation
Approve and authorize City Manager to process the easement documents in such final form as approved by the City Attorney and instruct staff to forward the documents to Southern California Edison for recordation.

Background
Southern California Edison (SCE) is the utility purveyor responsible for installation and maintenance of electrical facilities in the City of Lake Elsinore. For the Canyon Hills Estates Project (Tract 34249), SCE is requesting from the City for easements related to the undergrounding of distribution poles, power lines, and installation of a transformer adjacent to Cottonwood Canyon Road.

Discussion
Grant of Easement #1 is a 33-foot wide easement adjacent to Cottonwood Canyon Road. This easement allows for the placement of the transformer that will serve as part of the backbone electrical systems. This system will provide power to both the future Canyon Hills Heights development and the City park incorporated within. Grant of Easement #2 is a 6-foot wide strip easement that will allow for the undergrounding of the existing distribution poles and installation of the underground power lines.

Pursuant to Condition of Approval No. 83 for PA 2021-43 Canyon Hills Estates project, all new power line facilities are required to be underground. Southern California Edison (SCE) therefore SCE Grant of Easement

requires an easement over the City-owned park parcel, APN 365-230-009, to accommodate new power alignments and undergrounding.

Fiscal Impact
There are no fiscal impacts to the City. All costs related to this easement shall be the responsibility of SCE.

Attachments
Attachment 1 – Grant of Easement No. 1
Attachment 2 – Grant of Easement No. 2

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Yu Tagai, City Engineer
Date: February 24, 2026
Subject: Cooperative Agreement with the Riverside County Flood Control and Water Conservation District and KB Homes for the Lake Elsinore Scenic Crest Drive Storm Drain Stage 1 Improvement
Recommendation
Approve and authorize the City Manager to execute a Cooperative Agreement with the Riverside County Flood Control and Water Conservation District and KB HOMES Cal Management Services, LLC for the Lake Elsinore Scenic Crest Drive Storm Drain, Stage 1 Improvement in such final form as approved by the City Attorney.

Background
The City of Lake Elsinore (City), Riverside County Flood Control and Water Conservation District (RCFC), and KB HOMES Cal Management Services LLC (KB Homes) desire to enter into a cooperative agreement for the design, construction, and maintenance of the proposed flood control facilities including appurtenances for the residential project, Tuscany Crest – Tract 33725, located at the southwest quadrant of Little Valley Road and Greenwald Avenue intersection.

Tract 33725 Cooperative Agreement

As part of the Conditions of the Approval for Tract 33725, KB Homes must construct certain flood control facilities to provide flood protection and drainage improvements for the residential tract development. The required flood control facilities, including the Lake Elsinore – Scenic Crest Drive Storm Drain Stage 1 Improvement (Project) consists of approximately 1575 lineal feet of reinforced concrete pipe, inlet structures, rip rap, spillways, curb and gutter, and other drainage improvements.

Discussion
The purpose of this agreement is to memorialize the mutual understanding by and between the City, RCFC, and KB Homes with respect to: funding, design, construction, inspection, ownership, operation, and maintenance.

In summary: a.) KB Homes is responsible for preparing improvement plans and specifications, construction of the improvements at its own cost and expense, accept ownership and sole responsibility for the operation and maintenance of flood control facilities until accepted by RCFC and the City.
b.) RCFC is responsible for review and approving the improvement plans, inspect and accept project construction, and accept ownership and sole responsibility for operation and maintenance of RCFC facilities.
c.) City is responsible for reviewing and approving the improvement plans, inspect and accept the project construction, and accept ownership and sole responsibility for the operation and maintenance of City facilities.

Fiscal Impact
There is no direct fiscal impact with entering into the Cooperative Agreement.

Attachments
Attachment 1 – Cooperative Agreement
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COOPERATIVE AGREEMENT
Lake Elsinore - Scenic Crest Drive Storm Drain, Stage 1 Project No. 3-0-00055
Tract Map No. 33725
This Cooperative Agreement ("Agreement"), dated as of ___________________, is entered into by and between, the Riverside County Flood Control and Water Conservation District, a body corporate and politic ("DISTRICT"), the City of Lake Elsinore, a municipal corporation of the State of California ("CITY"), and KB HOME Cal Management Services LLC, a Delaware limited liability company ("DEVELOPER"). DISTRICT, CITY and DEVELOPER individually referred to herein as "Party" and collectively referred to herein as "Parties". The Parties hereto hereby agree as follows:

RECITALS
A. DEVELOPER is the legal owner of record of certain real property located within the city of Lake Elsinore. The legal description of Tract Map No. 33725 is provided in Exhibit "A" attached hereto and made a part hereof; and B. DEVELOPER has submitted for approval Tract Map No. 33725, related to the property, which is located in the incorporated area in the city of Lake Elsinore. As a condition of approval for Tract Map No. 33725, DEVELOPER must construct certain flood control facilities in order to provide flood protection and drainage for DEVELOPER's planned development; and C. The required flood control facilities and drainage improvements related to Tract Map No. 33725, are shown on DISTRICTꞌs Drawing No. 3-0232 and shown in concept on Exhibit "B", attached hereto and made a part hereof, and include the construction of the following:
(i). Lake Elsinore - Scenic Crest Drive Storm Drain, Stage 1 ("SCENIC DRIVE STORM DRAIN"), consists of approximately 967 lineal feet of reinforced concrete pipe ("RCP") ranging in diameter from 54-inch 267148
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to 60-inch, including its associated riprap outlet structure, concrete drop inlet, concrete apron, baffle wall, and maintenance access road, and approximately 141 lineal feet of 36-inch RCP lateral; and (ii). All safety devices requested by DISTRICT staff during the course of project construction and during any final field inspections, including, but not limited to, concrete pads, slope protection barriers, signage and fencing ("SAFETY DEVICES"). SAFETY DEVICES shall be purchased and installed by DEVELOPER's contractor, and subject to DISTRICT's inspection and approval; and
D. Together, SCENIC DRIVE STORM DRAIN and SAFETY DEVICES, are hereinafter called "DISTRICT FACILITIES"; and
E. Associated with the construction of DISTRICT FACILITIES includes the construction of (i) approximately 302 lineal feet of 42-inch RCP, (ii) approximately 136 lineal feet of 48-inch RCP and (iii) certain inlets, connector pipes, curbs and gutters, catch basins, headwall/wingwall, concrete collar, energy dissipator, and various lateral storm drains within CITY right of way that are 36 inches or less in diameter, hereinafter called "CITY FACILITIES".

CITY FACILITIES will subsequently be owned and maintained by the Community Facilities District 2015-2 ("CFD") formed by CITY. CITY intends to enter into a separate agreement with CFD, setting forth the maintenance responsibilities for CITY FACILITIES; and F. Associated with the construction of DISTRICT FACILITIES and CITY FACILITIES includes the construction of (i) approximately 23 lineal feet of 42-inch RCP, (ii) approximately 6 lineal feet of 48-inch RCP and (iii) certain concrete drop inlet, bioretention basin and its associated headwall/wingwall, riprap energy dissipator, concrete spillway, baffle wall, slope and slope protection barriers, and various lateral storm drains that are 36 inches or less in 267148
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diameter located within Tract Map No. 33725 boundary within DEVELOPER's held rights of way or easements, hereinafter called "DEVELOPER FACILITIES". DEVELOPER FACILITIES are to be initially owned and maintained by DEVELOPER and subsequently owned and maintained by the Homeowners' Association ("HOA") for Tract Map No. 33725. In the event (i) DEVELOPER does not transfer ownership, operation and maintenance to HOA, (ii) DEVELOPER dissolves or (iii) HOA never forms or dissolves, the CITY shall be responsible for the operation and maintenance of DEVELOPER FACILITIES identified on DISTRICT Drawing No. 3-0232; and
G. Together, DISTRICT FACILITIES, CITY FACILITIES and
DEVELOPER FACILITIES are hereinafter called "PROJECT"; and H. DEVELOPER and CITY desire DISTRICT to accept ownership and responsibility for the operation and maintenance of DISTRICT FACILITIES; and I. DEVELOPER and DISTRICT desire CITY to accept ownership and responsibility for the operation and maintenance of CITY FACILITIES; and J. On or about December 3, 2025, DISTRICT and DEVELOPER entered into a Right of Entry and Inspection Agreement that authorizes DEVELOPER to construct DISTRICT DRAINAGE FACILITIES. Pursuant to the Right of Entry and Inspection Agreement, DEVELOPER has not commenced construction of the at-risk portions of DISTRICT DRAINAGE FACILITIES; and
K. DISTRICT is willing to accept ownership and responsibility for the operation and maintenance of DISTRICT FACILITIES provided DEVELOPER performs all of the following: (i) complies with this Agreement, (ii) prepares PROJECT plans in accordance with DISTRICT and CITY approved plans and specifications and this Agreement, (iii) constructs PROJECT in accordance with DISTRICT and CITY approved plans and specifications and this 267148
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Agreement, (iv) obtains and conveys to DISTRICT and CITY the necessary rights of way for the inspection, operation and maintenance of DISTRICT FACILITIES and CITY FACILITIES and (v) accepts ownership and responsibility for the operation and maintenance of PROJECT following completion of PROJECT construction until such time as DISTRICT accepts ownership and responsibility for the operation and maintenance of DISTRICT FACILITIES and CITY accepts ownership and responsibility for the operation and maintenance of CITY FACILITIES; and
L. CITY is willing to (i) review and approve, in conjunction with DISTRICT, DEVELOPER's plans and specifications for PROJECT, (ii) accept and hold faithful performance and payment bonds submitted by DEVELOPER on behalf of DISTRICT for DISTRICT FACILITIES and CITY for CITY FACILITIES, (iii) inspect the construction of PROJECT, (iv) grant DISTRICT the right to inspect, operate and maintain DISTRICT FACILITIES within CITY rights of way, (v) convey to DISTRICT the necessary rights of way for the inspection, operation and maintenance of DISTRICT FACILITIES and (vi) accept ownership and responsibility for the operation and maintenance of CITY FACILITIES, provided PROJECT is constructed in accordance with plans and specifications approved by DISTRICT and CITY.

NOW, THEREFORE, in consideration of the preceding recitals and the mutual covenants hereinafter contained, the Parties hereto mutually agree that the above recitals are true and correct and incorporated into the terms of this Agreement and as follows:

SECTION I
DEVELOPER shall:

1. Prepare PROJECT plans and specifications, hereinafter called "IMPROVEMENT PLANS", in accordance with applicable DISTRICT and CITY standards, and submit to DISTRICT and CITY for their respective review and approval. 267148
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2. Continue to pay DISTRICT, within thirty calendar days after receipt of periodic billings from DISTRICT, any and all such amounts as are deemed reasonably necessary by DISTRICT to cover DISTRICT's costs associated with (i) the review of IMPROVEMENT PLANS, (ii) the review and approval of rights of way and conveyance documents, (iii) the processing and administration of this Agreement and (iv) construction inspection costs.

Additionally, DEVELOPER shall pay CITY, within thirty calendar days after receipt of periodic billings from CITY, any and all such amounts deemed reasonably necessary by CITY to cover CITY's costs associated with (i) the review and approval of IMPROVEMENT PLANS, (ii) the review and approval of right of way and conveyance documents, (iii) the processing and administration of this Agreement, and (iv) construction inspection costs.

3. By execution of this Agreement, grant DISTRICT and CITY the right to enter upon DEVELOPER's property where necessary and convenient for the purpose of gaining access to and performing inspection services for the construction of PROJECT as set forth herein.

4. Upon execution of this Agreement or not less than twenty calendar days prior to recordation of the final map for Tract Map No. 33725 or any phase thereof, whichever occurs first, provide CITY with faithful performance and payment bonds in accordance with CITY's municipal code, including any amendments thereto, for the estimated cost for construction of (i) DISTRICT FACILITIES as determined by DISTRICT and (ii) CITY FACILITIES as determined by CITY. The surety, amount and form of the bonds, shall list CITY as an obligee and shall be subject to approval of DISTRICT (Attention: Contract Services Section) and CITY.

The bonds shall remain in full force and effect until DISTRICT FACILITIES are accepted by DISTRICT for operation and maintenance and CITY FACILITIES are accepted by CITY as complete, at which time the bond amount may be reduced to five percent for a period of one year to guarantee against any defective work, labor or materials. Both bonds shall be subscribed by an 267148
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Admitted Surety Insurer, which is authorized to transact surety insurance business in the State of California with a policy holder's rating of A or higher and a Financial Class of VIII or larger.

Should any bond or surety become insufficient, DEVELOPER shall furnish a new bond within ten calendar days after receiving notice from CITY.

5. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, deposit with DISTRICT (Attention: Business Office – Accounts Receivable), and notify Contract Services Section, the estimated cost of providing construction inspection for DISTRICT FACILITIES, in an amount as determined and approved by DISTRICT in accordance with County of Riverside Ordinance Nos. 671 and 749, including any amendments thereto, based upon the bonded value of DISTRICT FACILITIES.

6. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, furnish DISTRICT (Attention: Contract Services Section), with a complete list of all contractors and subcontractors to be performing work on PROJECT, including the corresponding license number and license classification of each. At such time, DEVELOPER shall further identify in writing its designated superintendent for PROJECT construction.

7. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, Furnish DISTRICT (Attention: Contract Services Section), with a construction schedule which shall show the order and dates in which DEVELOPER or DEVELOPER's contractor proposes to carry out the various parts of work, including estimated start and completion dates. As construction of PROJECT progresses, DEVELOPER shall update said construction schedule as requested by DISTRICT.

8. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, furnish DISTRICT (Attention: Contract Services Section), with a confined space entry procedure specific to PROJECT. The procedure shall comply with requirements contained in California 267148
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Code of Regulations, Title 8, Section 5158, Other Confined Space Operations, Section 5157, DISTRICT's Permit Required Confined Space and District Confined Space Procedures, SOM-18.

The procedure shall be reviewed and approved by DISTRICT prior to the issuance of a Notice to Proceed, which shall be given by DISTRICT to DEVELOPER upon DISTRICT's and CITY's approval.

9. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, an original certificate of insurance evidencing the required insurance coverage shall be provided to DISTRICT (Attention: Contract Services Section) and CITY. At minimum, the procured insurance coverages should adhere to DISTRICTꞌs required insurance provided in Exhibit "C", attached hereto and made a part hereof. DEVELOPER shall not commence construction until DISTRICT (Attention: Contract Services Section) and CITY have been furnished with original certificate(s) of insurance and original certified copies of endorsements and if requested, certified original policies of insurance, including all endorsements and any and all other attachments.

Failure to maintain the insurance required by this paragraph shall be deemed a material breach of this Agreement and shall authorize and constitute authority for DISTRICT, at its sole discretion, to provide written notice to DEVELOPER that DISTRICT is unable to perform its obligations hereunder, nor to accept responsibility for ownership, operation and maintenance of DISTRICT FACILITIES due, either in whole or in part, to said breach of this Agreement.

10. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS, or not less than twenty calendar days prior to recordation of the final map for Tract Map No. 33725 or any phase thereof, whichever occurs first, furnish DISTRICT (Attention: Plan Check Section) and CITY with sufficient evidence of DEVELOPER securing the necessary licenses, agreements, permits, approvals, rights of way, rights of entry and temporary construction easements, as may 267148
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be needed for the construction, inspection, operation and maintenance of PROJECT as determined and approved by DISTRICT and CITY.

11. Upon DISTRICT's and CITY's approval of IMPROVEMENT PLANS and prior to the start on any portion of PROJECT construction, obtain and provide DISTRICT (Attention: Developer Rights of Way Services Section), with duly executed Irrevocable Offers(s) of Dedication to the public for flood control and drainage purposes, including ingress and egress, for the rights of way deemed necessary by DISTRICT for the construction, inspection, operation and maintenance of DISTRICT FACILITIES. The Irrevocable Offer(s) of Dedication shall be in a form approved by DISTRICT and shall be executed by all legal and equitable owners of the property described in the offer(s).

12. Upon submitting the Irrevocable Offer(s) of Dedication as set forth in Section I.11., furnish DISTRICT (Attention: Developer Rights of Way Services Section) with Preliminary Reports on Title dated not more than thirty calendar days prior to date of submission of all the property described in the Irrevocable Offer(s) of Dedication.

13. Prior to the start on any portion of PROJECT construction, furnish DISTRICT (Attention: Plan Check Section) and CITY each with a set of final mylar of IMPROVEMENT PLANS, including all necessary georeferenced digital files in formats specified by DISTRICT and CITY. All digital files shall comply with DISTRICT's Computer-Aided Design ("CAD") requirements and coordinate system specifications. DISTRICT and CITY shall have full rights to use, modify, and reproduce the plans for any purpose related to PROJECT.

14. After receiving DISTRICT's plan check and administrative clearance for PROJECT construction as set forth in Sections I.1 through I.13., notify DISTRICT (Attention:

Construction Management Section) and CITY with twenty calendar days written notice of intent to start of construction of PROJECT, and include PROJECT's geotechnical firm, concrete lab/test 267148
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firm, d-load test forms, trench shoring/false work calculations, concrete mix designs for DISTRICT's review and approval. Construction shall not begin on any element of PROJECT, for any reason whatsoever, until DISTRICT and CITY have issued to DEVELOPER a written Notice to Proceed authorizing DEVELOPER to commence construction of PROJECT. DISTRICT reserves the right to withhold issuance of the Notice to Proceed in accordance with Section IV.4.

15. Prior to commencing construction, furnish DISTRICT (Attention: Plan Check Section) and CITY with copies of all permits, approvals or agreements required by any federal, state or local resource and/or regulatory agency for the construction of PROJECT. Such documents include, but are not limited to, those issued by the U.S. Army Corps of Engineers, California Regional Water Quality Control Board, California State Department of Fish and Wildlife, State Water Resources Control Board and Western Riverside County Regional Conservation Authority ("REGULATORY PERMITS").

16. Not permit any change to or modification of DISTRICT and CITY approved IMPROVEMENT PLANS without the prior written permission and consent of DISTRICT and CITY.

17. Comply with all Cal/OSHA safety regulations, including, but not limited to, regulations concerning confined space and maintain a safe working environment for DEVELOPER, DISTRICT and CITY employees on the site.

18. Upon receipt of DISTRICT's written Notice to Proceed, construct or cause to be constructed, PROJECT at DEVELOPER's sole cost and expense, in accordance with DISTRICT and CITY approved IMPROVEMENT PLANS.

19. Within two weeks of completing PROJECT construction, provide DISTRICT (Attention: Construction Management Section) and CITY with written notice that PROJECT construction is substantially complete, and request (i) DISTRICT conduct a final 267148
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inspection of DISTRICT FACILITIES and (ii) CITY conduct a final inspection of CITY FACILITIES.

20. Upon completion of PROJECT construction, and upon acceptance by CITY of CITY FACILITIES, but prior to DISTRICT acceptance of DISTRICT FACILITIES for ownership, operation and maintenance, convey or cause to be conveyed to DISTRICT the flood control easement(s), including ingress and egress, in a form approved by DISTRICT, as shown in concept in cross-hatched on Exhibit "D", attached hereto and made a part hereof. The easement(s) or grant deed(s) shall be in a form approved by DISTRICT and shall be executed by all legal and equitable owners of the property(ies) described in the easement(s) or grant deed(s).

21. At the time of recordation of the conveyance document(s) as set forth in Section I.20., furnish DISTRICT with policies of title insurance, each in the amount of not less than (i) fifty percent of the estimated fee value as determined by DISTRICT for each easement parcel to be conveyed to DISTRICT or (ii) one hundred percent of the estimated value as determined by DISTRICT for each fee parcel to be conveyed to DISTRICT, guaranteeing DISTRICT's interest in said parcel(s) as being free and clear of all liens, encumbrances, assessments, easements, taxes and leases (recorded or unrecorded), and except those which in the sole discretion of DISTRICT are acceptable.

22. Upon completion of PROJECT construction, accept ownership, sole responsibility and all liability whatsoever for the ownership, operation and maintenance of DEVELOPER FACILITIES until such time as HOA accepts ownership and responsibility for the operation and maintenance of DEVELOPER FACILITIES. Additionally, DEVELOPER shall accept ownership, sole responsibility and all liability whatsoever for the operation and maintenance of PROJECT until such time as (i) DISTRICT accepts ownership and responsibility for operation and maintenance of DISTRICT and (ii) CITY accepts ownership and responsibility 267148
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for operation and maintenance of CITY FACILITIES. DISTRICT FACILITIES shall be in a satisfactorily maintained condition as solely determined by DISTRICT. If, subsequent to the inspection and in the sole discretion of DISTRICT, DISTRICT FACILITIES is not in an acceptable condition, corrections shall be made at sole expense of DEVELOPER. DEVELOPER shall continue to be responsible to own, operate and maintain DEVELOPER FACILITIES.

23. Not request DISTRICT to accept any portion of PROJECT for operation and maintenance until PROJECT is complete in accordance with Section II.13.

24. Upon completion of PROJECT construction but prior to DISTRICT acceptance of DISTRICT FACILITIES for ownership, operation and maintenance, provide or cause its civil engineer of record or construction civil engineer of record, duly registered in the State of California, to provide DISTRICT (Attention: Construction Management Section), with (i) soil compaction report(s) – stamped and wet signed by the geotechnical engineer, (ii) concrete testing report(s) – stamped and wet signed by the civil engineer of record and (iii) a redlined "record drawings" copy of IMPROVEMENT PLANS. After DISTRICT approval of the redlined "record drawings", DEVELOPER's engineer shall utilize Bluebeam Studio to transfer the redlined changes onto the electronic version of IMPROVEMENT PLANS. Once the updates have been incorporated, the engineer shall review, stamp and sign the electronic IMPROVEMENT PLANS as "record drawings".

25. Ensure that all work performed pursuant to this Agreement by DEVELOPER, its agents or contractors is done in accordance with all applicable laws and regulations, including, but not limited to, all applicable provisions of the Labor Code, Business and Professions Code and Water Code. DEVELOPER shall be solely responsible for all costs associated with compliance with applicable laws and regulations. 267148
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26. Pay, if any action or proceeding to interpret or enforce- this Agreement or any bond guaranteeing the completion of PROJECT, all costs and reasonable expenses and fees, including reasonable attorneys' fees, and acknowledge that, upon entry of judgment, all such costs, expenses and fees shall be computed as costs and included in any judgment rendered.

SECTION II
DISTRICT shall:

1. Review IMPROVEMENT PLANS and approve when DISTRICT has determined that such plans meet DISTRICT standards and are found acceptable to DISTRICT prior to the start of PROJECT construction.

2. Provide CITY an opportunity to review and approve IMPROVEMENT PLANS prior to DISTRICT's final approval.

3. Upon execution of this Agreement, record or cause to be recorded a copy of this Agreement in the Official Records of the Riverside County Recorder.

4. Record or cause to be recorded the Irrevocable Offer(s) of Dedication provided by DEVELOPER pursuant to Section I.11.

5. Endeavor to issue DEVELOPER a Notice to Proceed within twenty calendar days of receipt of DEVELOPER's complete written notice of intent to start of construction of PROJECT as set forth in Section I.14.; however, DISTRICT's construction inspection staff is limited and, therefore, the issuance of a Notice to Proceed is subject to staff availability.

6. Reserve the right to withhold issuance of the Notice to Proceed pursuant to Section IV.4.

7. Inspect construction of DISTRICT FACILITIES.
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8. Keep an accurate accounting and submit periodic invoices to DEVELOPER of all DISTRICT costs associated with (i) the review and approval of IMPROVEMENT PLANS, (ii) the review and approval of right of way and conveyance documents and (iii) the processing and administration of this Agreement.

9. Keep an accurate accounting of all DISTRICT construction inspection costs and within forty-five calendar days after DISTRICT acceptance of DISTRICT FACILITIES as being complete, submit a final cost statement to DEVELOPER. If the deposit as set forth in Section I.5. exceeds such inspection costs, DISTRICT shall reimburse DEVELOPER the excess amount within sixty calendar days after DISTRICT acceptance of DISTRICT FACILITIES as being complete.

10. Upon (i) DISTRICT acceptance of PROJECT construction as being complete and (ii) DISTRICT receipt of stamped and signed "record drawing" of IMPROVEMENT PLAN as set forth in Section I.24., provide DEVELOPER with a reproducible duplicate copy of "record drawings" of IMPROVEMENT PLANS.

11. Prior to DISTRICT acceptance of ownership and responsibility for the operation and maintenance of DISTRICT FACILITIES, DISTRICT FACILITIES shall be in a satisfactorily maintained condition as solely determined by DISTRICT. If, subsequent to any inspection and, in the sole discretion of DISTRICT, DISTRICT FACILITIES are not in an acceptable condition, corrections shall be made at sole expense of DEVELOPER.

12. INTENTIONALLY DELETED.

13. Accept ownership and sole responsibility for the operation and maintenance of DISTRICT FACILITIES upon (i) DISTRICT inspection of DISTRICT FACILITIES in accordance with Section I.19., (ii) DISTRICT acceptance of PROJECT construction as being complete, (iii) DISTRICT receipt of stamped and signed "record drawings" 267148
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of PROJECT plans as set forth in Section I.24., (iv) recordation of all conveyance documents described in Section I.20., (v) receipt of all required policies of title insurance described in Section I.21., (vi) DISTRICT FACILITIES fully functioning as a flood control drainage system as solely determined by DISTRICT and (vii) DISTRICT's sole determination that DISTRICT FACILITIES are in a satisfactorily maintained condition.

14. Upon both of the following: DISTRICT acceptance of DISTRICT FACILITIES and DISTRICT receipt of stamped and signed "record drawings" of IMPROVEMENT PLANS as set forth in Section I.24., provide CITY with (i) a reproducible duplicate copy of "record drawings" of constructed DISTRICT FACILITIES, (ii) a written notice that PROJECT is complete and (iii) request CITY to release bonds held for DISTRICT FACILITIES and CITY FACILITIES.

SECTION III
CITY shall:

1. Review IMPROVEMENT PLANS and approve when CITY has
determined that such plans meet CITY standards and are found acceptable to CITY prior to the start of PROJECT construction.

2. Accept CITY and DISTRICT approved faithful performance and payment bonds submitted by DEVELOPER, which meet the requirements of CITY municipal code or ordinances, including any amendments thereto, as set forth in Section I.4., for the estimated cost for construction of DISTRICT FACILITIES as determined by DISTRICT and CITY FACILITIES as determined by CITY and hold said bonds as provided in this Agreement. The bonds shall list CITY as obligee and be subject to the approval of DISTRICT (Attention: Contract Services Section) and CITY. The bonds shall remain in full force and effect until DISTRICT FACILITIES are accepted by DISTRICT for operation and maintenance, at which time the bond 267148
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amount may be reduced to five percent for a period of one year to guarantee against any defective work, labor or materials. Both bonds shall be subscribed by an Admitted Surety Insurer, which is authorized to transact surety insurance business in the State of California with a policy holder's rating of A or higher and a Financial Class of VIII or larger. Should any bond or surety become insufficient, DEVELOPER shall furnish a new bond within ten calendar days after receiving notice from CITY. CITY shall not release said bonds until DISTRICT provides CITY with a reproducible duplicate copy of "record drawings" and written notification that PROJECT is complete, as set forth in Section II.14.

3. Request DEVELOPER update the construction schedule as deemed necessary.

4. By execution of this Agreement, grant DISTRICT the right to inspect, operate and maintain DISTRICT FACILITIES within CITY rights of way.

5. INTENTIONALLY DELETED.

6. INTENTIONALLY DELETED.

7. Inspect PROJECT construction.

8. INTENTIONALLY DELETED.

9. Accept ownership and sole responsibility for the operation and maintenance of CITY FACILITIES upon (i) DISTRICT acceptance of DISTRICT FACILITIES for ownership, operation and maintenance, (ii) CITY's final inspection of CITY FACILITIES and (iii) CITY's sole determination that CITY FACILITIES are in a satisfactorily maintained condition.

10. Release occupancy permits in accordance with the approved conditions of approval for Tract Map No. 33725.
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11. Upon DISTRICT and CITY acceptance of PROJECT construction as being complete, accept sole responsibility for the adjustment of all PROJECT manhole rings and covers located within CITY rights of way which must be performed at such time(s) that the finished grade along and above the underground portions of DISTRICT FACILITIES are improved, repaired, replaced or changed. It being further understood and agreed that any such adjustments shall be performed by CITY at no cost to DISTRICT.

SECTION IV
It is further mutually agreed:

1. DISTRICT may withhold acceptance for ownership and sole responsibility for the operation and maintenance of DISTRICT FACILITIES unless and until DEVELOPER performs all obligations under this Agreement.

2. All construction work involved with PROJECT shall be inspected by DEVELOPER, DISTRICT and CITY but shall not be deemed complete until DISTRICT and CITY mutually agree in writing that construction of PROJECT is completed in accordance with DISTRICT and CITY approved IMPROVEMENT PLANS.

3. DISTRICT and CITY personnel may observe and inspect all work being done on DISTRICT FACILITIES but shall provide any comments to DISTRICT personnel who shall be solely responsible for all quality control communications with DEVELOPER's contractor(s) during the construction of PROJECT.

4. If DEVELOPER fails to commence construction of PROJECT within twenty-four (24) consecutive months after execution of this Agreement, then DISTRICT reserves the right to withhold issuance of the Notice to Proceed after this period of time pending a review of the existing site conditions as they exist at the time DEVELOPER provides written notification to DISTRICT of the start of construction as set forth in Section I.14. In the event of a change in 267148
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the existing site conditions that materially affects PROJECT function or DISTRICT's ability to operate and maintain DISTRICT FACILITIES, DISTRICT may require DEVELOPER to modify IMPROVEMENT PLANS as deemed necessary by DISTRICT.

5. DEVELOPER shall complete construction of PROJECT within twelve (12) months after commencement of construction of PROJECT, unless CITY and DISTRICT agree to extend the time to complete construction. Failure of DEVELOPER to perform the work within the agreed upon time shall constitute authority for (i) DISTRICT to terminate the Agreement and (ii) CITY to perform the remaining work on PROJECT and require DEVELOPER's surety to pay to CITY the penal sum of any and all bonds. Should CITY perform the remaining work on PROJECT under this section, DEVELOPER grants to CITY and CITY's officers, deputies, employees, agents, representatives, contractors and other designees the irrevocable permission to enter upon the Tract Map No. 33725 to complete construction and remaining work on PROJECT. This right of entry shall terminate when such construction and remaining work is complete. CITY shall subsequently reimburse DISTRICT from the funds paid by DEVELOPER's surety for any DISTRICT costs incurred.

6. In the event DEVELOPER wishes to expedite issuance of a Notice to Proceed, DEVELOPER may elect to furnish an independent qualified construction inspector at DEVELOPER's sole cost and expense. DEVELOPER shall furnish appropriate documentation of the individual's credentials and experience to DISTRICT for review and, if appropriate, approval. DISTRICT shall review the individual's qualifications and experience, and upon written approval thereof, said individual, hereinafter called "DEPUTY INSPECTOR", shall be authorized to act on DISTRICT's behalf on all DISTRICT FACILITIES construction and quality control matters regarding issuance of Notice to Proceed If DEVELOPER's initial construction inspection deposit furnished pursuant to Section I.5. exceeds Ten Thousand Dollars ($10,000), DISTRICT 267148
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shall refund to DEVELOPER up to eighty percent of DEVELOPER's initial inspection deposit within forty-five calendar days of DISTRICT's approval of DEPUTY INSPECTOR; however, a minimum balance of Ten Thousand Dollars ($10,000) shall be retained on account.

7. PROJECT construction work shall be on a five-day, forty-hour work week with no work on Saturdays, Sundays or DISTRICT or CITY designated legal holidays, unless otherwise approved in writing by DISTRICT and CITY. If DEVELOPER feels it is necessary to work more than the normal forty-hour work week or on DISTRICT or CITY designated legal holidays, DEVELOPER shall make a written request for permission from DISTRICT and CITY to work the additional hours. The request shall be submitted to DISTRICT and CITY at least seventy-two hours prior to the requested additional work hours and state the reasons for the overtime and the specific time frames required. The decision of granting permission for overtime work shall be made by DISTRICT and CITY at their sole discretion and shall be final. If permission is granted by DISTRICT and CITY, DEVELOPER will be charged the cost incurred at the overtime rates for additional inspection time required in connection with the overtime work in accordance with CITY municipal codes or ordinances, including any amendments thereto.

8. DEVELOPER shall indemnify, defend and hold harmless and require DEVELOPER's construction contractor(s) to indemnify, defend and hold harmless DISTRICT, the County of Riverside, and CITY (including each of their respective Agencies, Districts, Special Districts and Departments, their respective directors, officers, Board of Supervisors, elected and appointed officials, employees, agents and representatives) (individually and collectively hereinafter referred to as "Indemnitees")) from any liability, action, claim or damage whatsoever, based or asserted upon any acts, omissions, or services of DEVELOPER and/or DEVELOPER's construction contractor(s), (including their respective officers, employees, subcontractors, agents or representatives) (individually and collectively hereinafter referred to as "Indemnitors")) arising 267148
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out of or in any way relating to this Agreement, including, but not limited to, property damage, bodily injury, or death or any other element of any kind or nature whatsoever. DEVELOPER or DEVELOPER's construction contractor(s) shall defend, at its sole expense, the Indemnitees, including all costs and fees, (including, but not limited, to attorney fees, cost of investigation, defense and settlements or awards), in any claim or action based upon such alleged acts or omissions. All applicable indemnification provisions of this Agreement shall remain in effect following the termination of the Agreement.

9. With respect to any action or claim subject to indemnification herein by DEVELOPER, DEVELOPER shall, at its sole cost, have the right to use counsel of its own choice and may adjust, settle, or compromise any such action or claim only with the prior consent of DISTRICT, the County of Riverside or CITY. Any such adjustment, settlement or compromise shall not in any manner whatsoever limit or circumscribe DEVELOPER's indemnification obligations to Indemnitees as set forth herein.

10. DEVELOPER's and DEVELOPER's construction contractor(s) indemnification obligation hereunder shall be satisfied when DEVELOPER or DEVELOPER's construction contractor(s) has provided to DISTRICT, the County of Riverside and CITY the appropriate form of dismissal relieving DISTRICT, the County of Riverside or CITY from any liability for the action or claim involved.

11. The specified insurance limits required in this Agreement shall in no way limit or circumscribe DEVELOPER or DEVELOPER's construction contractor(s) obligations to indemnify and hold harmless Indemnitees from third party claims.

12. In the event there is conflict between this section and California Civil Code Section 2782, this section shall be interpreted to comply with California Civil Code Section 2782. 267148
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Such interpretation shall not relieve DEVELOPER or DEVELOPER's construction contractor(s) from indemnifying Indemnitees to the fullest extent allowed by law.

13. DEVELOPER for itself, its successors and assigns hereby releases DISTRICT, the County of Riverside and CITY (including each of their respective Agencies, Districts, Special Districts and Departments, their respective directors, officers, Board of Supervisors, elected and appointed officials, employees, agents and representatives) from any and all claims, demands, actions, or suits of any kind arising out of any liability, known or unknown, present or future, including, but not limited to, any claim or liability, based or asserted, pursuant to Article I, Section 19 of the California Constitution, the Fifth Amendment of the United States Constitution, or any other law or ordinance which seeks to impose any other liability or damage, whatsoever, for damage caused by the discharge of drainage within or from PROJECT. Nothing contained herein shall constitute a release of DEVELOPER by DISTRICT, County of Riverside, or CITY, (including each of their respective Agencies, Districts, Special Districts and Departments, their respective directors, officers, Board of Supervisors, elected and appointed officials, employees, agents and representatives) from any and all claims, demands, actions or suits of any kind arising out of any liability, known or unknown, present or future, for the negligent maintenance of PROJECT by DEVELOPER prior to the acceptance of PROJECT by DISTRICT and CITY, as described in this Agreement.

14. Any waiver by any Party hereto of any breach of any one or more of the terms of this Agreement shall not be construed to be a waiver of any subsequent or other breach of the same or of any other term hereof. Failure on the part of any Party hereto to require exact, full and complete compliance with any terms of this Agreement shall not be construed as in any manner changing the terms hereof or estopping such Party from enforcement hereof. 267148
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15. Any and all notices sent or required to be sent to the Parties of this Agreement will be mailed by first class mail, postage prepaid, to the following addresses:

To DISTRICT: RIVERSIDE COUNTY FLOOD CONTROL

AND WATER CONSERVATION DISTRICT
1995 Market Street
Riverside, CA 92501
Attn: Contracts Services Section
To CITY: CITY OF LAKE ELSINORE
130 South Main Street
Lake Elsinore, CA 92530
Attn: Cameron Adams
To DEVELOPER: KB HOME CAL MANAGEMENT SERVICES, LLC
36310 Inland Valley Drive, Suite 300
Wildomar, CA 92595
Attn: Scott Hansen

16. This Agreement is to be construed in accordance with the laws of the State of California. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions will nevertheless continue in full force and effect without being impaired or invalidated in any way.

17. Any action at law or in equity brought by any of the Parties hereto for the purpose of enforcing a right or rights provided for by the Agreement, shall be tried in a court of competent jurisdiction in the County of Riverside, State of California, and the Parties hereto waive all provisions of law providing for a change of venue in such proceedings to any other county.

18. This Agreement is the result of negotiations between the Parties hereto, and the advice and assistance of their respective counsel. The fact that this Agreement was prepared as a matter of convenience by DISTRICT shall have no importance or significance. Any uncertainty or ambiguity in this Agreement shall not be construed against DISTRICT because DISTRICT prepared this Agreement in its final form.
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19. The provisions of this Agreement are solely for the benefit of the Parties, and not for the benefit of any third party. Accordingly, no third party shall have any right or action based on the provisions of this Agreement.

20. The rights and obligations of DEVELOPER shall inure to and be binding upon all heirs, successors and assignees.

21. No Party shall assign this Agreement without the written consent of all other Parties. Any attempt to delegate or assign any interest herein without written consent of all other Parties shall be deemed void and of no effect.

22. In the event DEVELOPER sells Tract Map No. 33725, DEVELOPER shall notify DISTRICT and CITY of any such transfer or assignment in writing no later than thirty (30) calendar days from the date of the sale. DEVELOPER expressly understands and agrees that it shall remain liable with respect to any and all of the obligations and duties in this Agreement until DISTRICT, CITY, DEVELOPER and the new owner(s) of Tract Map No. 33725 fully execute an assignment and assumption agreement that transfers all DEVELOPER's rights, duties or obligations in this Agreement to the new owner(s) of Tract Map No. 33725.

23. The individual(s) executing this Agreement on behalf of DEVELOPER certify that they have the authority within their respective company(ies) to enter into and execute this Agreement and have been authorized to do so by all boards of directors, legal counsel, and/or any other board, committee or other entity within their respective company(ies) which have the authority to authorize or deny entering into this Agreement.

24. This Agreement is intended by the Parties hereto as a final expression of their understanding with respect to the subject matter hereof and as a complete and exclusive statement of the terms and conditions thereof and supersedes any and all prior and 267148
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contemporaneous agreements and understandings, oral or written, in connection therewith. This Agreement may be changed or modified only upon the written consent of the Parties hereto.

25. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
//
//
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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on .
(to be filled in by Clerk of the Board)
RECOMMENDED FOR APPROVAL:

RIVERSIDE COUNTY FLOOD CONTROL

AND WATER CONSERVATION DISTRICT
By
JASON E. UHLEY
General Manager-Chief Engineer
By
KAREN SPIEGEL, Chair
Riverside County Flood Control and Water
Conservation District Board of Supervisors
APPROVED AS TO FORM: ATTEST:

MINH C. TRAN
County Counsel

KIMBERLY RECTOR
Clerk of the Board
By

PAULA SALCIDO
Deputy County Counsel
By
Deputy
(SEAL)
[Signed in Counterpart]
Cooperative Agreement:

Lake Elsinore - Scenic Crest Drive Storm Drain, Stage 1 Project No. 3-0-00055
Tract Map No. 33725
AMR:blj
02/10/26
267148
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RECOMMENDED FOR APPROVAL: CITY OF LAKE ELSINORE
By

JASON SIMPSON
City Manager
APPROVED AS TO FORM: ATTEST:

By

BARBARA LEIBOLD
City Attorney
By

CANDICE ALVAREZ, MMC
City Clerk
(SEAL)
Cooperative Agreement:

Lake Elsinore - Scenic Crest Drive Storm Drain, Stage 1 Project No. 3-0-00055
Tract Map No. 33725
AMR:blj
02/10/26
267148
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KB HOME CAL MANAGEMENT SERVICES
LLC, a Delaware limited liability company
By

SCOTT HANSEN
Vice President, Forward Planning
(ATTACH NOTARY WITH CAPACITY

STATEMENT)
Cooperative Agreement:

Lake Elsinore - Scenic Crest Drive Storm Drain, Stage 1 Project No. 3-0-00055
Tract Map No. 33725
AMR:blj
02/10/26

EXHIBIT A
Legal Description
CLTA Preliminary Report Form (02/03/2023) Printed: 10.02.25 @ 09:58 AM