Agenda packet — Lake Elsinore City Council, March 24, 2026 (part 3 of 4)

3 CITY OF LAKE ELSINORE
HSIP CYCLE 12 RAILROAD CANYON ROAD SAFETY IMPROVEMENTS CITY PROJECT NO. Z10066 | FEDERAL PROJECT NO. HSIPL-5074

COST PROPOSAL
Item Description
Dilesh R. Sheth, Principal II Nicholas R. Lowe, Principal II Myung G. Choo, Principal II Jaimee Bourgeois, Principal II Eduardo Lopez, Senior III Cole Benner, Assistant V Son H. Le, Senior I Deborah A. Saulina, Assistant V Cameron Houser, Assistant II Stephanie N. Standerfer, Principal II Eliza Laws, Senior III Autumn DeWoody, Senior I Monica Tobias, Associate III Noemi Avila, Assistant III Julia Archibeque, Assistant III Jason Ardery, Principal II Michael E. Johnson, Principal II Jon Ros, Senior II Andres Lopez, Senior II Riley Skvarca, Assistant V Asia Lazo, Project Coordinator Carlos Silva, Senior II 2-Man Survey Party Total Hours Subtotal - LaborAE - CulturalGeocon WestRGISWVA - BioCounts UnlimitedStewart Title CompanySurveyExpensesTotal/task1 Billout Rate $ 293 $ 293 $ 293 $ 293 $ 252 $ 173 $ 232 $ 173 $ 135 $ 293 $ 252 $ 232 $ 208 $ 144 $ 144 $ 293 $ 293 $ 240 $ 240 $ 173 $115 $ 240 $ 302 Phase I: Project Approval and Environmental Document (PA&ED) Task 1 - Project Management / Administration 7 31 9 5 9 33 6 12 6 118 $ 28,327 $ - $ - $ - $ - $ - $ - $ - $ - $ 28,327

1.1 Project Kick-off Meeting with City Staff 1 1 1 1 1 1 6 $ 1,477 $ - $ - $ - $ - $ - $ - $ - $ 1,477

1.2 Prepare Monthly Progress Reports, Agendas,
Minutes, and Schedule Updates 2 12 2 8 16 6 12 6 64 $ 14,870 $ - $ - $ - $ - $ - $ - $ - $ 14,870

1.3 Project Schedule 2 4 6 $ 1,278 $ - $ - $ - $ - $ - $ - $ - $ 1,278

1.4 Agency and Stakeholder Coordination 2 8 4 4 4 22 $ 5,802 $ - $ - $ - $ - $ - $ - $ - $ 5,802

1.5 Caltrans Local Assistance Support 2 8 2 8 20 $ 4,900 $ - $ - $ - $ - $ - $ - $ - $ 4,900 Task 2 - Field Review & Survey 2 11 23 3 19 61 21 19 3 13 26 5 3 2 26 12 249 $ 57,668 $ - $ - $ - $ - $ 690 $ 2,300 $ 7,418 $ 114 $ 65,890

2.1 Traffic Signal 3 3 3 9 $ 2,331 $ - $ - $ - $ - $ - $ - $ - $ 2,331

2.2 Roadway 3 3 6 $ 1,398 $ - $ - $ - $ - $ - $ - $ - $ 1,398

2.3 Railroad Canyon Near Church Road $ - $ - $ - $ - $ - $ - $ - $ -

2.3.1 Field Survey and Base Mapping 1 1 1 3 3 3 1 4 17 $ 4,041 $ - $ - $ - $ - $ - $ - $ 7,418 $ 57 $ 11,516

2.3.2 Alignment/Right-of-Way Mapping 2 1 1 5 23 2 1 8 43 $ 10,808 $ - $ - $ - $ - $ - $ 2,300 $ - $ 57 $ 10,865

2.3.3 Legal and Plats 1 1 1 8 26 37 $ 9,343 $ - $ - $ - $ - $ - $ - $ - $ 9,343

2.3.4 Feasibility Analysis 2 4 16 1 40 2 65 $ 14,123 $ - $ - $ - $ - $ - $ - $ - $ 14,123

2.3.5 Utility Research and Mapping 2 2 16 16 36 $ 6,708 $ - $ - $ - $ - $ - $ - $ - $ 6,708

2.4 Railroad Canyon Road at Summerhill/Grape Street
(Optional Sub-Task) 2 2 16 16 36 $ 8,916 $ - $ - $ - $ - $ 690 $ - $ - $ 9,606 Task 3 - Public Outreach 5 5 5 2 17 $ 4,231 $ - $ - $ - $ - $ - $ - $ - $ - $ 4,231

3.1 Public Outreach 5 5 5 2 17 $ 4,231 $ - $ - $ - $ - $ - $ - $ - $ 4,231 Task 4 - Environmental Clearance 2 8 14 40 4 40 24 8 140 $ 29,704 $ 25,671 $ - $ - $ 21,741 $ - $ - $ - $ - $ 77,116

4.1 NEPA Compliance 6 20 40 9 4 79 $ 16,990 $ - $ - $ - $ - $ - $ - $ - $ 16,990

4.2 NEPA Technical Studies 8 2 4 4 4 4 26 $ 4,754 $ - $ - $ - $ 21,741 $ - $ - $ - $ 26,495

4.3 CEQA Documentation 1 2 4 3 10 $ 2,319 $ 25,671 $ - $ - $ - $ - $ - $ - $ 27,990

4.4 Environmental Project Management & Caltrans
Coordination 1 4 12 8 25 $ 5,641 $ - $ - $ - $ - $ - $ - $ - $ 5,641 Task 5 - 65%, 95%, 100% - PS&E 5 31 88 5 25 186 70 25 435 $ 96,840 $ - $ 11,500 $ 19,217 $ - $ - $ - $ - $ - $ 127,557

5.1 Geotechnical Evaluation 2 2 1 5 $ 1,345 $ - $ 11,500 $ - $ - $ - $ - $ - $ 12,845

5.2 Design Development & Utility Coordination (65%,
95%, 100%)
$ - $ - $ - $ - $ - $ - $ - $ -

5.2.1 Roadway, Grading, and Guardrail Plans 2 16 60 160 2 240 $ 50,880 $ - $ - $ - $ - $ - $ - $ - $ 50,880

5.2.2 Signing & Striping Plans 2 4 16 1 23 $ 5,479 $ - $ - $ - $ - $ - $ - $ - $ 5,479

5.2.3 Traffic Signal Modification Plans 2 12 48 1 63 $ 14,919 $ - $ - $ - $ - $ - $ - $ - $ 14,919

5.2.4 Utility Coordination 2 8 8 8 8 34 $ 8,042 $ - $ - $ 19,217 $ - $ - $ - $ - $ 27,259

5.2.5 Technical Specifications and Special Provisions 2 8 4 12 2 8 36 $ 7,862 $ - $ - $ - $ - $ - $ - $ - $ 7,862

5.2.6 Engineer's Estimate 1 4 1 4 2 2 14 $ 3,219 $ - $ - $ - $ - $ - $ - $ - $ 3,219

5.2.7 QA/QC and Bid-Ready Package 1 2 6 1 4 2 2 2 20 $ 5,094 $ - $ - $ - $ - $ - $ - $ - $ 5,094 Task 6 - Traffic Signal Timing Sheets 2 2 20 24 48 $ 11,780 $ - $ - $ - $ - $ - $ - $ - $ - $ 11,780

6.1 Traffic Signal Timing Sheets 2 2 20 24 48 $ 11,780 $ - $ - $ - $ - $ - $ - $ - $ 11,780 Task 7 - Pre-Construction Support 1 2 2 2 1 1 2 11 $ 2,720 $ - $ - $ - $ - $ - $ - $ - $ - $ 2,720

7.1 Pre-Construction and Bid Support 1 2 2 2 1 1 2 11 $ 2,720 $ - $ - $ - $ - $ - $ - $ - $ 2,720 Task 8 - Design Construction Support 1 17 4 1 14 10 6 6 59 $ 14,427 $ - $ - $ 2,806 $ - $ - $ - $ - $ - $ 17,233

8.1 Pre-Construction Meeting 3 3 6 $ 1,635 $ - $ - $ - $ - $ - $ - $ - $ 1,635

8.2 Respond to RFIs 2 2 2 2 2 2 12 $ 2,832 $ 2,832

8.3 Site Meetings (up to 3) 9 9 18 $ 4,905 $ - $ - $ - $ - $ - $ - $ - $ 4,905

8.4 Utility Coordination During Construction 1 2 2 4 2 11 $ 2,503 $ - $ - $ 2,806 $ - $ - $ - $ - $ 5,309

8.5 Prepare As-Built Plans 1 1 4 4 2 12 $ 2,552 $ - $ - $ - $ - $ - $ - $ - $ 2,552 Total 16 96 117 25 90 267 127 87 8 20 52 4 46 24 8 3 13 26 5 3 2 26 12 1077 $ 245,697 $ 25,671 $ 11,500 $ 22,023 $ 21,741 $ 690 $ 2,300 $ 7,418 $ 114 $ 334,854 Railroad Canyon Road Safety Improvements (HSIP Cycle 12) City of Lake Elsinore
Exhibit 1-3A
Vicinity Map
´ 0 1
Miles
Unincorporated Riverside County
Riverside County
Lake Elsinore
Railroad Canyon Road

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REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Rick De Santiago, Public Works Manager
Date: March 24, 2026
Subject: Amendment No. 1 to Agreement with Hemet Fence in Support of City of Lake Elsinore Public Works Operations
Recommendation
Approve and authorize the City Manager to execute Amendment No.1 with Hemet Fence for additional fencing improvements and increase compensation by an additional $146,700 for a total amount not to exceed $346,700 in such final form as approved by the City Attorney.

Background
On September 9, 2025, the City Council approved an On-Call Services Agreement with Hemet Fence to support Public Works Operations. Staff has identified urgent fencing and facility security needs at multiple city locations. As operational demands have increased, especially regarding facility access control and public-facing amenities, additional improvements are now necessary.

Amendment No. 1 with Hemet Fence

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Discussion
Staff has identified three (3) urgent fencing upgrades needed to support daily operations, enhance security, and improve public-facing facilities. Amendment No. 1 allocates funding for the following:

City Yard – New Parking Lot $98,700
• Installation of 8-foot chain link fencing covering a total of 225 square feet • Installation of a 225-square foot green windscreen
• Installation of wireless remote connection to gate post These upgrades will secure the new parking lot and improve controlled access for staff and fleet vehicles.

The Bobber – Rear Perimeter Fencing $21,000
• Installation of an 8-foot green chain link fence covering 110 square feet. • Installation of a matching windscreen
This fencing will enhance security and screening at the back of the Bobber, supporting facility operations and public-facing aesthetics.

Launch Pointe – Vinyl Divider Installation at Campsites $27,000 • Installation of 17 vinyl dividers, each 6 feet tall, covering a total of 306 square feet.

Installing 17 new vinyl dividers is necessary because the old wood panels had rotted over time and were recently knocked down during a windstorm. These dividers are needed to enhance guest privacy and reinforce campsite boundaries.

Fiscal Impact
Funds are available in the City’s FY25-26 Capital Improvement Program budget.

Attachments
Attachment 1 – Amendment No. 1
Exhibit A – City Yard Parking Lot Quote
Exhibit B – The Bobber Quote
Exhibit C – Launch Pointe Campsites Quote
Attachment 2 – Original Agreement
AMENDMENT NO. 1

TO AGREEMENT FOR CONTRACTOR SERVICES
Hemet Fence, Inc.

ON-CALL SERVICES
This Amendment No. 1 to Agreement for Contractor Services is made and entered into as of 3/24/2026, by and between the City of Lake Elsinore, a municipal corporation (“City), and Hemet Fence, Inc., a Corporation (“Contractor”).

RECITALS
A. The City and Contractor have entered into that certain Agreement for Contractor Services dated as of 9/9/2025, (the “Original Agreement”). Except as otherwise defined herein, all capitalized terms used herein shall have the meanings set forth for such terms in the Original Agreement.

B. The Original Agreement provided for annual compensation to Contractor in an amount not to exceed Two Hundred Thousand dollars ($200,000).

C. The Original Agreement had a term of commencing July 1, 2025, and ending June 30, 2028, and allows the City to extend the term on a 12-month basis, not to exceed two (2) additional 12-month renewals.

D. The parties now desire to amend the scope of services and increase the payment for such services as set forth in this Amendment No 1.

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

1. Section 1, Scope of Services, of the Original Agreement is hereby amended to add the following:

Contractor shall also perform the services described in Contractor’s Proposal (attached to this Amendment No. 1 as Exhibit A-1). Contractor shall provide such services at the time, place, and in the manner specified in Exhibit A-1, subject to the direction of the City through its staff that it may provide from time to time.

2. Section 2, Compensation, of the Original Agreement is hereby amended to add the following:

Notwithstanding the foregoing, for purposes of Amendment No. 1 and the term thereof, compensation to be paid to Contractor shall be in accordance with the Schedule of Charges set forth in Contractor’s Proposal (referenced collectively as Exhibit A-1 Amendment No. 1). In no event shall Contractor’s annual compensation related to Exhibit A-1 to Amendment No. 1 exceed Three Hundred Forty-Six Thousand Seven Hundred dollars ($346,700) without additional written authorization from the City Council.

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

IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be executed on the respective dates set forth below.
“CITY”
CITY OF LAKE ELSINORE, a municipal
corporation
“CONTRACTOR”
Hemet Fence, Inc., a Corporation
City Manager
Date:

Cindy Martin, Owner
Date: __
ATTEST:

City Clerk
APPROVED AS TO FORM:

City Attorney

Assistant City Manager
Attachments: Exhibit A-1 – Contractor ’s Proposal
EXHIBIT A-1
CONTRACTOR ’S PROPOSAL
[ATTACHED]

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AGREEMENT FOR CONTRACTOR SERVICES
Hemet Fence, Inc.

ON-CALL SERVICES
This Agreement for Contractor Services (On-Call) (the “Agreement”) is made and entered into as of September 9, 2025 by and between the City of Lake Elsinore, a municipal corporation (the “City”) and Hemet Fence, Inc., a Corporation (the “Contractor”). RECITALS A. The City has determined that it requires the following services:

On-call minor construction and repair services.

B. The City has prepared a request for a proposals and Contractor has submitted to City a proposal, dated July 1, 2025, 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.

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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 July 1, 2025 and ending June 30, 2028. 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 Two Hundred Thousand ($200,000) without additional written authorization from the City. Notwithstanding any provision of Contractor's Proposal to the contrary, out of pocket expenses set forth in Exhibit A shall be reimbursed at cost without an inflator or administrative charge. Payment by City under this Agreement shall not be deemed a waiver of defects, even if such defects were known to the City at the time of payment.

4. Method of Payment. Contractor shall promptly submit billings to the City describing the services and related work performed during the preceding month to the extent that such services and related work were performed. Contractor's bills shall be segregated by project task, if applicable, such that the City receives a separate accounting for work done on each individual task for which Contractor provides services. Contractor's bills shall include a brief description of 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

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

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

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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.

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.

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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.

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

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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: Hemet Fence, Inc.

Attn: Cindy Martin
25959 Juniper Flats Road
Homeland, CA 92548

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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,

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

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

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

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

28. Counterparts. This Agreement may be executed in several counterparts, each of which shall constitute one and the same instrument and shall become binding upon the parties when at least one copy hereof shall have been signed by both parties hereto. In approving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 29. Entire Agreement; Incorporation; Conflict. This Agreement contains the entire understanding between the parties relating to the obligations described herein. 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”
Hemet Fence, Inc., a Corporation

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City Manager
ATTEST:

City Clerk
APPROVED AS TO FORM:

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

EXHIBIT A

CONTRACTOR'S PROPOSAL
[ATTACHED]

CITY OF LAKE ELSINORE

TO BE POSTED IN A CONSPICUOUS PLACE
Business Name:

Business Location:

Owner Name(s):

BUSINESS LICENSE NO.

Issue Date: Expiration Date:

BUSINESS LICENSE
THIS IS YOUR LICENSE NOT TRANSFERABLE
25959 JUNIPER FLATS RD Business Type:

HOMELAND, CA 92548
HEMET FENCE CORP.
25959 JUNIPER FLATS RD
HOMELAND, CA 92548
This business license is issued for revenue purposes only and does not grant authorization to operate a business. This business license is issued without verification that the holder is subject to or exempted from licensing by the state, county, federal government, or any other governmental agency.

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

WESLEY MARTIN

FENCING CONTRACTOR
016298
3/1/2025 2/28/2026
Starting January 1, 2021, Assembly Bill 1607 requires the prevention of gender-based discrimination of business establishments. A full notice is available in English or other languages by going to: https://www.dca.ca.gov/publications/

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REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Rick De Santiago, Public Works Manager
Date: March 24, 2026
Subject: Annual On-Call Services Agreement with Sasser Restoration in Support of Lake Elsinore Public Works Operations
Recommendation
Approve and authorize the City Manager to execute an On-Call Contractor Services Agreement with Sasser Restoration in an amount not to exceed $200,000 for on-call services to support City of Lake Elsinore public works operations in such final form as approved by the City Attorney.

Background
The City often faces facility maintenance and operational issues that require quick response from specialized restoration contractors. The on-call agreement allows Sasser Restoration to provide immediate restoration, remediation, and facility recovery services. This agreement ensures the City has access to qualified restoration professionals for water intrusion, mold removal, structural drying, hazardous material cleanup, and other emergency or unexpected facility restoration needs.

Agreement with Sasser Restoration

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Discussion
Under the proposed agreement, Sasser Restoration will provide labor, materials, equipment, and technical services as needed. Work will be assigned through work orders that specify the scope and cost for each project. Typical services include:
• Water extraction, structural drying, and dehumidification • Mold assessment and remediation
• Fire, smoke, and odor mitigation
• Biohazard and hazardous material cleanup
• Emergency response for facility impacts
• Restoration of interior finishes and building components Fiscal Impact
Funds are available in the City’s FY25-26 Annual Operating Budget & Capital Improvement Budgets.

Attachments
Attachment 1 – Agreement
Exhibit A – Service Rates

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AGREEMENT FOR CONTRACTOR SERVICES
Sasser Companies, LLC

ON-CALL SERVICES
This Agreement for Contractor Services (the “Agreement”) is made and entered into as of March 24, 2026, by and between the City of Lake Elsinore, a municipal corporation (‘‘City") and Sasser Companies, LLC , a limited liability corporation ("Contractor").

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

On-Call Services.

B. Contractor has submitted to City a proposal, dated March 12, 2026, attached hereto as Exhibit A (“Contractor’s Proposal”) and incorporated herein, to provide contractor services to City pursuant to the terms of this Agreement.

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

D. City desires to retain Contractor to perform the services as provided herein and Contractor desires to provide such contractor services as set forth in this Agreement.

AGREEMENT

1. Scope of Services. Contractor shall perform the services described in Contractor’s Proposal (Exhibit A). Contractor shall provide such services at the time, place, and in the manner specified in Contractor’s Proposal, subject to the direction of the City through its staff that it may provide from time to time.

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 contractor services to be performed by Contractor is an essential condition of this Agreement. Contractor shall prosecute regularly and diligently the contractor services contemplated pursuant to this Agreement according to the agreed upon performance schedule in Contractor’s Proposal (Exhibit A). b. Performance Schedule. Contractor shall commence the services pursuant to this Agreement upon receipt of a written notice to proceed and shall perform all services 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

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and effect for a period commencing on March 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.

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.

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.

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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, Studies, 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 thirdparty 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 sole risk. c. Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents & Data either created by or provided to Contractor in connection with the performance of this Agreement shall be held confidential by Contractor. Such materials shall not, without the prior written consent of City, be used by Contractor 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.

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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 and except for the fees paid to Contractor as provided in the Agreement, 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.

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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 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 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.

12. Professional Ability of Contractor. City has relied upon the professional 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 professional and technical 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 professionals 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.

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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 and Employer’s Liability Insurance for his/her employees in accordance with the laws of the State of California. In addition, Contractor shall require each subcontractor to similarly maintain Workers’ Compensation Insurance and Employer’s Liability Insurance in accordance with the laws of the State of California for all of the subcontractor’s employees. Any notice of cancellation or non-renewal of all Workers’ Compensation policies must be received by the City at least thirty (30) days prior to such change. The insurer shall agree to waive all rights of subrogation against City, its officers, agents, employees and volunteers for losses arising from work performed by Contractor for City. In the event that Contractor is exempt from Worker’s Compensation Insurance and Employer’s Liability Insurance for his/her employees in accordance with the laws of the State of California, Contractor shall submit to the City a Certificate of Exemption from Workers Compensation Insurance in a form approved by the City Attorney.
ii. General Liability Coverage. Contractor shall maintain commercial general liability insurance in an amount not less than one million dollars ($1,000,000) per occurrence for bodily injury, personal injury and property damage. If a commercial general liability insurance form or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to the work to be performed under this Agreement or the general aggregate limit shall be at least twice the required occurrence limit. Required commercial general liability coverage shall be at least as broad as Insurance Services Office Commercial General Liability occurrence form CG 0001 (ed. 11/88) or Insurance Services Office form number GL 0002 (ed. 1/73) covering comprehensive General Liability and Insurance Services Office form number GL 0404

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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.
iv. 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 Contractors. 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 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.

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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.

Anaheim, CA 92806

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 Contractor and the subcontractors listed in Exhibit B. 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 except as provided in Exhibit B 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.

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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.

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 non-payment 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.

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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) nonmonetary changes in the scope of services; and/or (d) suspend or terminate the Agreement.

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. [Signatures on next page]

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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

City Manager
ATTEST:

City Clerk
APPROVED AS TO FORM:

City Attorney

Assistant City Manager
“CONTRACTOR”
Sasser Companies, LLC, a Corporation

By: Michael Todd
Its: Project Manager
Attachments: Exhibit A – Contractor’s Proposal
Exhibit B – List of Subcontractors

EXHIBIT B

EXHIBIT A
CONTRACTOR’S PROPOSAL
[ATTACHED]

CALIFORNIA PREVAILING RATE & MATERIALS SCHEDULE

FOR INVOICING
Rate Period: 07/01/2025 – 07/01/2026

CODE CLASSIFICATION RATE/HR
AA Administrative Assistant $94.50
PA Project Auditor (Documentation Clerk) $99.50
MS Mobilization Support $109.50
TD Truck Driver $104.50
GL General Labor $120.50
HSO Health & Safety Officer $124.50
RCO Resource Coordinator $124.50
DMT Demolition Technician $128.50
LF Labor Foreman $129.50
EO Equipment Operator $134.50
RT Restoration Technician $131.50
RS Restoration Supervisor $131.50
DT Dehumidification Technician $131.50
MT Mold Technician $131.50
RT Painter $124.50
DP Drywall Installer/Finisher $134.50
CR Carpenter (Framer/Finish) $134.50
TF Trade Foreman $134.50
TN Technician $124.50
TS Technician Specialist $131.50
TL Team Leader $131.50
TMR Machinery Rebuild Technician $131.50
HT Hazmat / Asbestos Technician $124.50
HLT Hazmat Lead Technician $131.50
HS Hazmat Supervisor $131.50
HPM Hazmat Project Manager $144.50
HEO Hazmat Equipment Operator $133.50
APM Assistant Project Manager $124.50
PE Project Estimator $126.50
PM Project Manager $136.50
SPM Senior Project Manager $142.50
PC Project Coordinator $171.50
Labor Calculation Policy: First eight hours Monday–Friday billed at the regular rate. Hours beyond eight billed at 1.5×. Saturday and Sunday billed at

1.5×. Holidays billed at 2×. After-hours emergency services may apply at 1.5×. Reference sheet only – verify DIR prevailing wage rates before bidding public works.

Page 1 of 2 ends

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Johnathan O. Skinner, Recreation Director
Date: March 24, 2026
Subject: Spring and Summer Downtown Event Road Closures Recommendation
Approve temporary road closures for various Spring and Summer Events in Historic Downtown and neighboring roads for April 4, April 25, May 30, June 27, and July 25, 2026 events, as identified in the attached traffic plans, and allow for changes as necessary and approved by the City Engineer.

Background
The Recreation Department is excited to bring back various events this Spring and Summer starting with the highly successful Bunny Trunk Hop, April 4, 2026, followed by the Lake Elsinore Historic Society’s History Days celebration, April 25, 2026, and a monthly Car Cruise series taking place the last Saturday of May, June, and July hosted by the DMA in partnership with the City of Lake Elsinore.

Discussion
Each event has various starting and ending times and thus the road closures will vary slightly.

It is recommended that these street closures are approved as follows:
 Bunny Trunk Hop- April 4, 2026 - 7:00 a.m. to 3:30 p.m.  History Days- April 25, 2026- 7:00 a.m. to 6:00 p.m.

Spring and Summer Downtown Event Road Closures

Page 2 of 2 ends

 Car Cruise- May 30, June 27, July 25, 2026- 2:00 p.m. to 10:00 p.m.

The Riverside County Sheriff's Department—Lake Elsinore Station, in collaboration with the Public Works Department, the Engineering Department, and the Recreation Department, will coordinate resources to execute the event in alignment with the attached road closure plan. For the highest level of safety, staff recommends enforcing the street closures identified in Attachment 1, supported by City staff and law enforcement.

Recognizing the need for flexibility in adapting to unforeseen circumstances, the road closure plan may be amended with approval from the City Engineer.

Fiscal Impact
Costs for City personnel staffing will be accommodated via the Recreation and Public Works fiscal budget.

Attachments
Attachment 1 – Road Closure Maps

CITY OF LAKE ELSINORE APPROVAL CITY OF LAKE ELSINORE

PORTABLE CHANGEABLE MESSAGE

BOARD TO BE PLACED DURING EVENT

PORTABLE CHANGEABLE MESSAGE BOARD TO BE
PLACED AT LEAST 1 WEEK PRIOR TO EVENT

SIGN SPACING
25 MPH - 100'
30-40 MPH - 250'
>40 MPH - 350'
Bunny Trunk Hop
April 4, 2026

CITY OF LAKE ELSINORE APPROVAL CITY OF LAKE ELSINORE

PORTABLE CHANGEABLE MESSAGE

BOARD TO BE PLACED DURING EVENT

PORTABLE CHANGEABLE MESSAGE BOARD TO BE
PLACED AT LEAST 1 WEEK PRIOR TO EVENT

SIGN SPACING
25 MPH - 100'
30-40 MPH - 250'
>40 MPH - 350'
Lake Elsinore Summer Night Cruise Series
May 30, 2026
June 27, 2026
July 25, 2026
Lake Elsinore History Days
April 25, 2026

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Candice Alvarez, MMC, City Clerk
Date: March 24, 2026
Subject: Minutes of the Regular Successor Agency Meeting of March 10, 2026 Recommendation
Approve the Minutes.

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

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

Closed Session: 5:00 P.M.

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

2. ROLL CALL

Present: 4 - Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee

Absent: 1 - Council Member Tisdale

3. PUBLIC COMMENTS ON CLOSED SESSION ITEMS
There were no speakers.

4. CLOSED SESSION – 5:00 P.M.

4.1 CONFERENCE WITH LABOR NEGOTIATOR (Gov’t Code Section 54957.6) City negotiators: City Manager Jason Simpson; Assistant City Manager Shannon Buckley, Special Counsel Nate Kowalski
Employee organization: Lake Elsinore Chapter of Laborer’s International Union of North America, Local 777

5. RECESS
The City Council recessed into Closed Session at 5:01 p.m.

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

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

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

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

8. ROLL CALL

Present: 4 - Council/Agency Members Manos and Carroll; Mayor Pro Tem/Vice Chair Sheridan; and Mayor/Chair Magee

Absent: 1 - Council/Agency Members Tisdale

9. CLOSED SESSION REPORT
City Attorney Leibold reported that one item was discussed; however, no reportable action was taken.

10. PRESENTATIONS/CEREMONIALS

10.1 CalFire 2025 Fourth Quarter Statistical Update
Chief Reed presented the update.

11. PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE
Douglas Norfolk was called to speak.

Kimberly Davidson was called to speak.

Renee Leach was called to speak.

Jason Devor was called to speak.

12. CITY COUNCIL CONSENT CALENDAR
Moved by Mayor Pro Tem Sheridan, Seconded by Council Member Manos to approve the City Council Consent Calendar with Agenda Item Nos. 12.13 and 12.17 being removed for discussion. The motion carried by the following vote:

Yes (4: Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)

12.1 Minutes of the Regular City Council Meeting of February 24, 2026 Approve the Minutes.

This item was approved on the City Council Consent Calendar.

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

12.2 CC Warrant Report Dated February 09, 2026, to February 15, 2026 Receive and file.

This item was approved on the City Council Consent Calendar.

12.3 CC Warrant Report Dated February 16, 2026, to February 22, 2026 Receive and file.

This item was approved on the City Council Consent Calendar.

12.4 Second Reading of an Ordinance 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
Adopt by title only and waive further reading of AN ORDINANCE OF THE CITY

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, 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.

This item was approved on the City Council Consent Calendar.

12.5 Second Reading of Ordinances to Amend Development Agreements for Three Existing Cannabis Businesses to Revise Community Benefit Fees for Hyperwolf, The Nugg Hubb, and Roots 2 Harvest

1. Adopt by title only and waive further reading of AN ORDINANCE OF THE CITY

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING DEVELOPMENT AGREEMENT AMENDMENT (DA-2025-07) FOR
HYPERWOLF LOCATED AT 571 CRANE STREET, UNITS D, E, AND F (APN:
377-410-034, 377-410-031, AND 377-410-020);

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING DEVELOPMENT AGREEMENT AMENDMENT (DA-2025-10) FOR ROOTS 2 HARVEST LOCATED AT 29370 HUNCO WAY (APN: 377-120-032); and

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

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING DEVELOPMENT AGREEMENT AMENDMENT (DA-2025-11) FOR THE
NUGG HUBB LOCATED AT 570 CENTRAL AVENUE SUITE D-1 (APN: 377- 410-037.

This item was approved on the City Council Consent Calendar.

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

12.6 Second Reading of an Ordinance Amending Chapter 16.83 of the Lake Elsinore Municipal Code to Establish Construction Cost Index Adjustments to the Western Riverside County TUMF Program
Adopt 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.

This item was approved on the City Council Consent Calendar.

12.7 Resolution of Consideration of Change Proceedings for Community Facilities District No. 2025-1 of the City of Lake Elsinore (Canyon Hills Heights)
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

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

ELSINORE (CANYON HILLS HEIGHTS), DECLARING ITS INTENTION TO

CONSIDER AN AMENDMENT TO THE RATE AND METHOD OF
APPORTIONMENT OF SPECIAL TAX.

This item was approved on the City Council Consent Calendar.

12.8 Annexation No. 29 Into Community Facilities District No. 2015-2 (Maintenance Services) for Tentative Tract Map (TTM) 34249 (Canyon Hills Heights)
Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE

ELSINORE CALIFORNIA, 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. 29) AND
AUTHORIZING THE LEVY OF SPECIAL TAXES THEREIN.

This item was approved on the City Council Consent Calendar.

12.9 Amendment No. 1 to the Agreement with Semper Patrol, Inc. for Security Services at the New City Hall Project (CIP Project No. Z20006) Approve and authorize the City Manager to execute Amendment No. 1 to the Contractor Services Agreement with Semper Patrol, Inc. for the New City Hall Project (CIP Project No. Z20006) for an additional amount of $100,000, not to exceed a total amount of
$219,808.00, for site security services in such final form as approved by the City Attorney.

This item was approved on the City Council Consent Calendar.

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

12.10 Professional Services Agreement with Engineering Resources of Southern California, Inc. (ERSC) for the Storm Water Pollution Prevention Plan and Monitoring for the Library Project (CIP Project No. Z20003) Approve and authorize the City Manager to execute a Professional Services Agreement with Engineering Resources of Southern California, Inc. (ERSC) for the Storm Water Pollution Prevention Plan and Monitoring for the Library Project (CIP Project No. Z20003) in an amount not to exceed $38,865.00 in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not to exceed a 10% contingency of $3,886.00 for uncertainties and adjustments.

This item was approved on the City Council Consent Calendar.

12.11 Change Order No. 1 to the Public Works Construction Agreement with Endresen Development, Inc. for the Library Site Retaining Wall for the New City Library Project (CIP Project No. Z20003)
Approve and authorize the City Manager to execute Change Order No.1 to the Public Works Construction Agreement with Endresen Development, Inc. in an amount not to exceed $199,000.00 for the Library Site Retaining Wall for the New City Library Project (CIP Project No. Z20003).

This item was approved on the City Council Consent Calendar.

12.12 Change Order No. 2 to the Public Works Construction Agreement with Double Play Glass Company for Bid Set “D”, Exterior Window/Storefront & Glazing for the New City Hall Project (CIP Project No. Z20006) Approve and authorize the City Manager to execute Change Order No. 2 to the Public Works Construction Agreement with Double Play Glass Company for Bid Set “D”, Exterior Window/Storefront & Glazing, on the New City Hall Project (CIP Project No. Z20006) in an amount not to exceed $580,000.00.

This item was approved on the City Council Consent Calendar.

12.13 Amended and Restated Agreement with the Lake Elsinore Valley Chamber of Commerce to Refocus to Business Retention & Expansion Services Approve and authorize the City Manager to execute an Amended and Restated Agreement with the Lake Elsinore Valley Chamber of Commerce for an amount not to exceed $162,000 annually, refocusing contracted services from general economic development activities to a structured Business Retention & Expansion (BRE) program with performance-based deliverables and measurable outcomes, subject to any minor modifications as approved by the City Attorney.

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

City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 6

12.14 Memorandum of Understanding (MOU) with the Lake Elsinore Downtown Merchant Association
Approve and authorize the City Manager to execute a Memorandum of Understanding
(MOU) with the Lake Elsinore Downtown Merchant Association (DMA) to formalize a collaborative partnership supporting Downtown Main Street initiatives, programming, and economic vitality.

This item was approved on the City Council Consent Calendar.

12.15 First Amendment to Right of Entry Agreement and License (City Properties Adjacent to Jack’s Bar-B-Q)
Approve and authorize the City Manager to execute the First Amendment to the Right of Entry Agreement and License with Jack’s Bar-B-Q, LLC updating the terms for the use of City-owned property adjacent to Jack’s Bar-B-Q.

This item was approved on the City Council Consent Calendar.

12.16 Agreement with Cotter Construction, Inc. for the Installation of New Trash Enclosures
Approve and authorize the City Manager to execute a Contractor Services Agreement with Cotter Construction, Inc. for the installation of the new trash enclosures at the Neighborhood Center and Lakepoint Park in an amount not to exceed $85,000 in such final form as approved by the City Attorney and authorize the City Manager to execute change orders not to exceed a 10% contingency of $8,500 for uncertainties and adjustments, and authorize the City Clerk to record the Notice of Completion once the work is complete and the improvements are accepted.

This item was approved on the City Council Consent Calendar.

12.17 Recreation Master Plan Update and Adoption
Adopt the City of Lake Elsinore Recreation Department Master Plan, incorporating the requested revisions.

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

City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 7

ITEMS REMOVED FROM THE CITY COUNCIL CONSENT CALENDAR FOR DISCUSSION

Jason Devor was called to speak.

Moved by Mayor Pro Tem Sheridan, Seconded by Council Member Manos to approve staff’s recommendation. The motion carried by the following vote:

Yes (4): Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)

12.17 Recreation Master Plan Update and Adoption
Adopt the City of Lake Elsinore Recreation Department Master Plan, incorporating the requested revisions.

Moved by Mayor Pro Tem Sheridan, Seconded by Council Member Manos to approve staff’s recommendation. The motion carried by the following vote:

Yes (4): Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)
City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 8

13. SUCCESSOR AGENCY CONSENT CALENDAR
Moved by Agency Member Manos, Seconded by Agency Member Carroll to approve the Successor Agency Consent Calendar. The motion carried by the following vote:

Yes (4): Agency Members Manos and Carroll; Vice Chair Sheridan; and Chair Magee
Absent (1): Agency Member Tisdale
Carried (4 to 0)

13.1 Minutes of the Regular Successor Agency Meeting of February 24, 2026 Approve the Minutes.

This item was approved on the Successor Agency Consent Calendar.

13.2 SA Warrant Report Dated February 09, 2026, to February 15, 2026 Receive and file.

This item was approved on the Successor Agency Consent Calendar.

13.3 SA Warrant Report Dated February 16, 2026, to February 22, 2026 Receive and file.

This item was approved on the Successor Agency Consent Calendar.

14. PUBLIC HEARINGS

14.1 Request to Amend Central Tree Collective, Inc.’s Development Agreement to Revise the Community Benefit Fee

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

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

CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA,
APPROVING THE DEVELOPMENT AGREEMENT AMENDMENT (DA-2025- 13) FOR CENTRAL TREE COLLECTIVE INC., LOCATED AT 18532
PASADENA STREET (APN: 377-430-023).

The Public Hearing was opened at 7:21 p.m.

Principal Planner Hyunh presented the staff report.

There were no speakers.

The Public Hearing was closed at 7:23 p.m.

City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 9
Moved by Council Member Carroll, Seconded by Mayor Pro Tem Sheridan to approve staff’s recommendations. The motion carried by the following vote:

Yes (4): Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)

14.2 Planning Application No. 2024-08 Walmart Gas Station Appeal No action is required by the City Council as the applicant/appellant withdrew the appeal request on March 5, 2026.

There were no speakers.

No action was taken on this item.

15. BUSINESS ITEMS

15.1 Ordinance Amending Chapter 8.44 of the Lake Elsinore Municipal Code Regarding Bowfishing on Lake Elsinore
Introduce by title only and waive further reading of AN ORDINANCE OF THE CITY

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING AND RESTATING CHAPTER 8.44 OF THE LAKE ELSINORE MUNICIPAL CODE REGARDING BOWFISHING ON LAKE ELSINORE.

Recreation Director Skinner presented the staff report.

Douglas Norfolk was called to speak.

Moved by Council Member Manos, Seconded by Council Member Carroll to introduce the Ordinance. The motion carried by the following vote:

Yes (4): Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)

15.2 Compensation for Members of the City Council
Introduce by title only and waive further reading AN ORDINANCE OF THE CITY

COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AMENDING LAKE ELSINORE MUNICIPAL CODE (LEMC) SECTION 2.08.020 FOR THE PURPOSE OF INCREASING CITY COUNCIL COMPENSATION TO $1,680 PER MONTH.

City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 10
City Attorney Leibold requested that this item be continued off-calendar.

There were no speakers.

Moved by Council Member Manos, Seconded by Mayor Pro Tem Sheridan to continue this item off-calendar. The motion carried by the following vote:

Yes (4): Council Members Manos and Carroll; Mayor Pro Tem Sheridan; and Mayor Magee
Absent (1): Council Member Tisdale
Carried (4 to 0)

16. PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES
Tina Breese was called to speak.

17. CITY MANAGER COMMENTS
City Manager Simpson had no comments.

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

19. CITY COUNCIL COMMENTS/REPORTS ON MEETINGS ATTENDED
Council Member Carroll shared photos from Lake Elsinore Little League's Opening Day; shared Temescal Canyon High School's Engineering Academy; and invited the community to attend and participate in the Bunny Trunk Hop from 10:00 a.m. to 1:00 p.m. on April 4, 2026 in Downtown and the Color Run on the morning of April 11, 2026 at the Lake Elsinore Levee.

Council Member Manos announced that March is Arts & Culture Month in Riverside County.

Mayor Pro Tem Sheridan reported on his attendance at the Riverside Transit Agency Board of Directors meeting on February 26, 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 his attendance at the Islamic Society of Corona Norco Interfaith Iftar on February 22, 2026, Menifee Union School District Annual State of the District on February 24, 2026, ONT Field, new home of the MiLB's Ontario Tower Buzzers, on February 27, 2026, and Riverside County State of Education Address on March 4, 2026; reported on the Downtown Merchants Association meeting on March 5, 2026; and invited the community to participate in the COPS for Kids Golf Classic on May 1, 2026 at the Glen Ivy Golf Club and Hit Fore Homes Golf Classic on June 15, 2026 at Bear Creek Golf Club.

City Council Minutes - Draft March 10, 2026
City of Lake Elsinore Page 11
Mayor Magee invited the community to participate in the Larry Minor Memorial West Coast Shootout March 27-29, 2026; announced the grand reopening of The Wreck; and wished all residents a Happy St. Patrick's Day.

20. ADJOURNMENT
The Lake Elsinore City Council adjourned at 8:07 p.m. to the next Regular meeting of Tuesday, March 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

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: March 24, 2026
Subject: SA Warrant Report Dated February 23, 2026, to Mar 01, 2026 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the above-mentioned period.

Attachments
Attachment 1 – SA Warrant Summary
Attachment 2 – SA Warrant Listing
FEBRUARY 23, 2026
TO MARCH 01, 2026

CITY OF LAKE ELSINORE SA WARRANT SUMMARY
FUND NO. FUND DESCRIPTION TOTAL
540 SARDA DIAMOND STADIUM 13,699.75 $
GRAND TOTAL 13,699.75 $
Attachment 1 1 OF 1
FEBRUARY 23, 2026
TO MARCH 01, 2026

CITY OF LAKE ELSINORE SA WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
11082 AK SECURITY ALARM LLC 6,250.00 $
DFT260588 CALIFORNIA, DEPT OF TAX AND FEE ADMINISTRATION 7,449.75 GRAND TOTAL 13,699.75 $
Attachment 2 1 OF 1

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY
To: Honorable Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: March 24, 2026
Subject: SA Warrant Report Dated March 02, 2026 to Mar 08, 2026 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the above-mentioned period.

Attachments
Attachment 1 – SA Warrant Summary
Attachment 2 – SA Warrant Listing
MARCH 02, 2026
TO MARCH 08, 2026

CITY OF LAKE ELSINORE SA WARRANT SUMMARY
FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III 3,678.28 $
540 SARDA DIAMOND STADIUM 10,151.14
GRAND TOTAL 13,829.42 $
Attachment 1 1 OF 1
MARCH 02, 2026
TO MARCH 08, 2026

CITY OF LAKE ELSINORE SA WARRANT LIST
WARRANT NO. VENDOR NAME AMOUNT
APA26001633 SOUTHERN CALIFORNIA EDISON CO. 34.14 $
11100 AK SECURITY ALARM LLC 10,117.00
11127 KPA SERVICES, LLC 605.00
11129 LEIBOLD, MCCLENDON & MANN, PC 1,073.28
11147 WILMINGTON TRUST, NATIONAL ASSOCIATION 2,000.00
GRAND TOTAL 13,829.42 $
Attachment 2 1 OF 1

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY
To: Honorable Agency Chair and Members of the Successor Agency From: Jason Simpson, Executive Director
Prepared by: Shannon Buckley, Assistant Executive Director Date: March 24, 2026
Subject: SA Investment Report for February 2026
Recommendation
Receive and file the Investment Report for February 2026.

Discussion
The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report.

Fiscal Impact
No fiscal impact.

Attachments
Attachment 1 – Investment Report February 2026

CITY OF LAKE ELSINORE

INVESTMENT REPORT

BANK DEPOSITS OUTSTANDING BOOK

CASH ACCOUNTS BALANCE IN TRANSIT PAYMENTS BALANCE
Bank Accounts:

General Checking Account $ 1,560,056 $ 44,573 $ (29,362) $ 1,575,266 Cash On Hand:

Cashier Drawers #1 & #2 - - - 300
City of Lake Elsinore Petty Cash Fund - - - 2,000
Total Cash Accounts 1,560,056 44,573 (29,362) 1,577,566

INVESTMENTS
Local Agency Investment Funds 64,399,513 - - 64,399,513 CAMP Investments:

CAMP Pool Account 466,400 - - 466,400.34
U.S. Treasury Bond / Note 26,811,796 - - 26,811,795.92
Municipal Bond / Note 200,000 - - 200,000.00
Federal Agency Commercial Mortgage-Backed Security 7,791,483 - - 7,791,483.17 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 6,638,032 - - 6,638,031.93
Sub-total Investments 120,729,709 - - 120,729,709
Market Value Adjustment:

Unrealized Gain/(Loss) at 02/28/2026 1,266,728 - - 1,266,728 Total Investments 121,996,437 - - 121,996,437
Total Pooled Cash and Investments $ 123,556,493 $ 44,573 $ (29,362) $ 123,574,003 TOTAL POOLED CASH AND INVESTMENTS $ 123,574,003
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 March 9, 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 FEBRUARY 28, 2026

FUND NO FUND NAME AMOUNT
100 General $ 11,434,625
101 Supplemental Law Enforcement 8,333
102 Measure Z 15,494,503
106 Affordable Housing In Lieu 1,576,516
109 Road Maintenance and Rehabilitation (SB1) 1,621,161 110 State Gas Tax 1,086,054
112 Measure A 1,357,028
114 SB1186 CASP Education Program 92,126
115 Traffic Safety 4,943
116 City Hall-Public Works DIF 522,447
117 Community Center DIF 635,992
118 Lake Side Facility DIF 1,014,801
119 Animal Shelter DIF 24,461
121 T.R.I.P.-2014A 4,637
135 Lighting & Landscape Maintenance - Dist. No. 1 2,427,818 140 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 619,060
211 Storm Drain C.I.P. 2,077,057
221 Quimby Park C.I.P. 35,191
231 Library C.I.P. 969,542
232 City Fire Protection 1,489,248
300 Insurance Service 1,418,305
305 Information Systems Service 3,453,967
310 Support Service 66,724
315 Fleet Service 996,034
320 Facilities Service 3,154,657
331 CFD 2006-1CC Summerly Improvement Area CC 66,251
332 CFD 2006-1 Improvement Area B, Summerly 35,360
333 CFD 2015-4 Terracina 679,953
334 CFD 2015-5 Trieste - Far West Industries 45,114
335 CFD 2003-2E Canyon Hills Improvement Area E 55,499
336 CFD 2006-1FF Summerly Improvement Area FF 43,137
337 CFD 2016-2 Canyon Hills 329,830
338 CFD 2006-1 IA-JJ Summerly Improvement Area 94,916
339 CFD 2006-1 IA-KK Summerly Improvement Area 60,709
340 CFD 2006-1 IA-EE Summerly Improvement Area 59,745
345 CFD 2003-2 Improvement Area D, Canyon Hills 692,524

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 FEBRUARY 28, 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 FEBRUARY 28, 2026
346 CFD 2014-1 Southshore 65,652
347 CFD 2006-1 Improvement Area A, Summerly 74,064
350 CFD 98-1 Summerhill 501,214
351 CFD 2006-1 IA-II Summerly Improvement 106,441
354 CFD 90-2 Tuscany Hills 13,735
355 RAD 2021-1 Canyon Hills Improvement 473,001
357 CFD 2003-2 Canyon Hills Improvement Area 249,666
359 CFD 2021-1 IA-2 Tuscany Valley & Crest Improvement 6,295 361 CFD 2022-2 Lakeshore Improvement 5,224
364 CFD 2023-2 Coastal Mission Trail Improvement 5,846
366 CFD 2005-6 City Center Townhomes 123,547
368 CFD 2006-2 Viscaya 136,140
369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 433,314 370 CFD 2006-1 IA-HH Summerly Improvement 80,485
371 CFD 2005-1 Serenity 146,687
372 CFD 2005-2 Alberhill Ranch Improvement Area 343,934 374 CFD 2005-4 Lakeview Villas 1,880
375 CFD 2006-4 Clurman 60,448
377 CFD 2006-6 Tessara 46,951
378 CFD 2006-8 Running Deer Estates 47,318
379 CFD 2022-1 Alberhill 171,937
384 CFD 2003-2 Area B Canyon Hills Improvement Area 519,961 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 352,798 386 CFD 2007-4 Mekenna Court 47,083
387 CFD 2007-5 Red Kite 37,998
388 CFD 2007-6 Holiday Inn Express 2,365
390 CFD 2003-2 Area C Canyon Hills Improvement Area 154,098 392 CFD 95-1 City Center 1,426
394 CFD 2005-5 (2012A) Wasson Canyon 117,093
396 CFD 2018-2 Nichols Ranch Improvement Area 100,254
397 CFD 2018-3 Village at Lakeshore 100,897
500 Capital Improvement Plan 5,360,620
540 Successor To RDA Diamond Stadium 608,407
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 292,813
608 Trust Deposit & Pre Paid Expense 1,850,636
617 Successor Agency Housing 42,567,934
620 Cost Recovery System 6,925,530

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 FEBRUARY 28, 2026
631 Lake Destratification Equipment Replacement 368,977 650 CFD 2003-1 Law & Fire Service 42,128
651 CFD 2006-5 Park & Open Space Service 205
653 CFD 2009-1 Parks & Lighting Service 3,559
655 CFD 2015-1s Law, Fire, Paramedic Services 14,961
Total Pooled Cash & Investments $ 123,574,003

MAXIMUM DIVERSIFICATION CURRENT

TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE
CAMP - Pooled Sweep Account Unlimited 0.39% $ 466,400
U.S. Treasury Bond / Note Unlimited 22.21% $ 26,811,796 Supra-National Agency Bond / Note 30% 0.00% $ -
Municipal Bond / Note Unlimited 0.17% $ 200,000
Federal Agency Collaterized Mortgage Obligation 40% 6.45% $ 7,791,483 Federal Agency Bond / Note Unlimited 0.00% (1) $ -
Banker's Acceptance 40.00% 0.00% $ -
Corporate Note (Includes Bank Note) 30% 11.95% $ 14,422,484 Commercial Paper 25% 0.00% $ -
Negotiable Certificates of Deposit 30% 0.00% $ -
Asset-Backed Security / Collaterized Mortgage 20% 5.50% $ 6,638,032 Repurchase Agreements Unlimited 0 $ -
Reverse Repurchase Agreements 10.00% 0.00% $ -
LAIF (Local Agency Investment Funds) $150 Million 53.34% (2) $ 64,399,513 Placement Service Deposits (PDS) 30% 0.00% $ -
TOTAL 100.00% $ 120,729,709
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 FEBRUARY 28, 2026
Local Agency Investment Fund
February 3.871
January 3.931
December 4.025
November 4.096
October 4.150
September 4.212
LAIF Apportionment Rate(2): 4.20
LAIF Earnings Ratio(2): 0.00011512010685708
LAIF Administrative Cost(1)*: 0.27
PMIA Average Life(1): 244
LAIF Fair Value Factor(1): 1.002181483
PMIA Daily(1): 3.97
PMIA Quarter to Date(1): 4.09
Treasuries

57.45%
Agencies

23.67%
Certificates of
Deposit/Bank Notes

9.52%
Time
Deposits

3.15%
Commercial
Paper

5.50%
Corporate
Bonds

0.56%
Loans

0.15%
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
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 03/04/26
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 12/31/25
Chart does not include $882,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.

Pooled Money Investment Account
Monthly Portfolio Composition (1)
1/31/26
$170.9 billion
Yield Purchase Date Maturity Rate

3.871% Daily 24-Hour
Investment Beginning Balance Net Increase/(Decrease) Ending Balance Total Investments Held with
Local Agency Investment Fund: $ 53,649,513 $ 10,750,000 $ 64,399,513 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 FEBRUARY 28, 2026
CAMP
Investment Portfolio

CITY OF LAKE ELSINORE

ACCOUNT STATEMENT
For the Month Ending
February 28, 2026
Customer Service
PO Box 11813
Harrisburg, PA 17108-1813
Contents
Cover/Disclosures
Summary Statement
Individual Accounts

CITY OF LAKE ELSINORE
Accounts included in Statement

LAKE ELSINORE - CITY FUNDS
Online Access www.camponline.com Customer Service 1-800-729-7665 Important Messages
CAMP will be closed on 04/03/2026 for Good Friday.

For the Month Ending February 28, 2026
Account Statement
Important Disclosures
Important Disclosures
365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed.

Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis.

YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis.

Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.

Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below.

PFM Asset Management
Attn: Service Operations
213 Market Street
Harrisburg, PA 17101
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management ("PFMAM") is a division of U.S. Bancorp Asset Management, Inc. ("USBAM"), a SEC-registered investment adviser. USBAM is direct subsidiary of U.S. Bank National Association ("U.S. Bank") and an indirect subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below.

Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients.

However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below.

Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved.

Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference.

Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions.

Market Value 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.

Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation.

Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented.

Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values.

Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some local government investment programs and TERM funds are distributed by representatives of USBAM's affiliate, U.S. Bancorp Investments, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address
https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request.

Key Terms and Definitions
Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date.

Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by
Account Statement - Transaction Summary For the Month Ending February 28, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
133,287.76
2,676,667.88
(2,343,555.30)

0.00 $466,400.34
CAMP Pool
Unsettled Trades 0.00
Cash Dividends and Income 1,096.00
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
57,043,610.50
1,788,286.07
(1,979,925.34)
262,253.12
$57,114,224.35
CAMP Managed Account
Unsettled Trades 0.00
Cash Dividends and Income 200,054.94
February 28, 2026 January 31, 2026
Asset Summary
CAMP Pool 466,400.34 133,287.76
CAMP Managed Account 57,114,224.35 57,043,610.50
Total $57,580,624.69 $57,176,898.26
Asset Allocation

0.81%
CAMP Pool

99.19%
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 February 28, 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
$133,287.76
2,676,667.88
(2,343,555.30)
$466,400.34
1,096.00
$57,043,610.50
(104,900.24)
(1,875,025.10)
1,788,286.07

0.00 262,253.12
$57,114,224.35
$57,176,898.26
$57,580,624.69
99,487.29
(851.17)
101,418.82
$200,054.94

0.00 1,877,408.55
97,103.84
104,900.24
(1,789,137.24)
(290,275.39)

0.00 Managed Account Total
56,327,448.58 56,793,848.92
337,867.39
1,877,408.55
104,900.24
97,103.84
(1,789,137.24)
(56,458,537.63)
(267,226.75)

0.00 337,867.39
4,220,963.85
104,900.24
97,103.84
(4,465,805.12)
(56,591,825.39)
(267,226.75)
1,096.00
Total Accrual Basis Earnings $229,826.98 $230,922.98
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 February 28, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 27,625,000.00 27,453,440.31 47.68 Municipal Bond / Note 200,000.00 202,461.60 0.35
Federal Agency Commercial
Mortgage-Backed Security
7,914,789.61 8,026,595.55 13.94
Corporate Note 14,056,000.00 14,208,497.61 24.68
Bank Note 525,000.00 531,724.20 0.92
Asset-Backed Security 6,635,175.05 6,691,505.08 11.62
Managed Account Sub-Total 56,955,964.66 57,114,224.35 99.19% Accrued Interest 337,867.39
Total Portfolio 56,955,964.66 57,452,091.74
CAMP Pool 466,400.34 466,400.34 0.81
Total Investments 57,422,365.00 57,918,492.08 100.00%
Unsettled Trades 0.00 0.00
Sector Allocation

11.62%
ABS

0.92%
Bank Note

24.17%
Corporate Note

13.94%
Federal Agency
Commercial
Mortgage-Backed
Security

0.81%
Joint Powers
Authority

0.35%
Muni Bond / Note

0.51%
Priv Placement
Bond

47.68%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

2.44% 3.32%

8.63%

39.26%

35.51%

10.84%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1051

4.21%

3.61%
PFM Asset Management, a division of Page 3
U.S. Bancorp Asset Management, Inc.

Managed Account Issuer Summary For the Month Ending February 28, 2026

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

4.44%
A

7.89%
A+

4.21%
A1.82%
AA

62.95%
AA+

4.25%
AA9.61%
AAA

0.81%
AAAm

0.71%
BBB+

3.31%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 385,010.63 0.67
Air Products and Chemicals Inc 347,788.04 0.60
Amazon.com Inc 579,225.10 1.01
American Express Co 1,403,950.40 2.44
Analog Devices Inc 409,063.60 0.71
Apple Inc 767,400.35 1.33
BA Credit Card Trust 605,642.99 1.05
Bank of America Corp 689,082.28 1.20
Bank of New York Mellon Corp 467,969.53 0.81
Bayerische Motoren Werke AG 172,909.63 0.30
Berkshire Hathaway Inc 468,474.93 0.81
BlackRock Inc 795,458.45 1.38
Bristol-Myers Squibb Co 212,015.33 0.37
CAMP Pool 466,400.34 0.81
Capital One Financial Corp 490,582.12 0.85
CarMax Inc 2,375.41 0.00
Caterpillar Inc 221,100.75 0.38
Charles Schwab Corp 298,320.30 0.52
Cisco Systems Inc 432,526.92 0.75
Citigroup Inc 1,343,538.35 2.33
Deere & Co 385,584.75 0.67
Discover Card Execution Note Trust 671,218.19 1.17
Federal Home Loan Mortgage Corp 7,517,681.93 13.06
Federal National Mortgage Association 508,913.62 0.88
Fifth Third Auto Trust 176,311.05 0.31
Ford Credit Auto Owner Trust 38,690.09 0.07
GM Financial Consumer Automobile Receiv 108,494.63 0.19 Harley-Davidson Inc 36,983.68 0.06
Home Depot Inc 386,185.12 0.67
Honda Auto Receivables Owner Trust 450,130.93 0.78
Honda Motor Co Ltd 405,636.40 0.70
Hyundai Auto Receivables Trust 165,425.04 0.29
PFM Asset Management, a division of Page 4
U.S. Bancorp Asset Management, Inc.

Managed Account Issuer Summary For the Month Ending February 28, 2026

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Issuer of Holdings Percent
Market Value
JPMorgan Chase & Co 407,973.11 0.71
Lockheed Martin Corp 60,811.32 0.11
Mars Inc 118,219.42 0.21
Mercedes-Benz Auto Receivables Trust 557,446.45 0.97
Microsoft Corp 747,567.75 1.30
Morgan Stanley 531,724.20 0.92
National Australia Bank Ltd 501,474.50 0.87
National Rural Utilities Cooperative Fi 347,673.20 0.60 Nissan Auto Receivables Owner Trust 18,659.80 0.03
Northern Trust Corp 579,940.98 1.01
Novartis AG 513,361.92 0.89
PACCAR Inc 409,702.80 0.71
Porsche Innovative Lease Owner 101,131.50 0.18
Shell PLC 579,578.73 1.01
State of California 202,461.60 0.35
State Street Corp 206,026.00 0.36
Target Corp 39,395.48 0.07
Texas Instruments Inc 86,395.70 0.15
TotalEnergies SE 580,152.00 1.01
Toyota Auto Receivables Owner Trust 204,018.34 0.35
Toyota Motor Corp 381,337.88 0.66
United States Treasury 27,453,440.31 47.68
UnitedHealth Group Inc 223,741.35 0.39
Verizon Master Trust 418,251.53 0.73
Wells Fargo & Co 407,806.40 0.71
WF Card Issuance Trust 492,241.54 0.85
Total $57,580,624.69 100.00%
PFM Asset Management, a division of Page 5
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 3.72 439.23 74,155.45 74,158.80

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 4.49 466.16 209,030.74 214,338.83

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 700,000.00 AA+ Aa1 06/06/24 06/11/24 619,199.22 4.39 1,450.28 651,746.03 666,831.90

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 2,641.57 1,208,684.05 1,214,586.68

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 2,693.37 1,222,323.13 1,238,402.10

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 4,972.38 2,279,208.80 2,286,280.80

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 7,458.56 1,187,454.84 1,211,577.60

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 8,546.27 1,352,876.09 1,388,266.00

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 9,167.82 1,452,473.68 1,489,230.80

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 16,160.22 2,575,569.94 2,625,084.80

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 3,232.04 590,751.97 596,859.60

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 4,848.07 882,739.78 895,289.40

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 4,848.07 879,699.20 895,289.40

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 4,982.73 905,341.36 920,158.55 PFM Asset Management, a division of Page 6
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 8,080.11 1,481,097.34 1,492,149.00

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 14,274.86 2,583,218.56 2,636,129.90

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 21,008.29 3,848,613.72 3,879,587.40

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 1,021.41 306,355.38 308,625.00

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 3,064.23 919,610.61 925,875.00

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 3,319.58 995,337.01 1,003,031.25

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 1,450,000.00 AA+ Aa1 02/02/26 02/05/26 1,478,320.31 3.72 4,936.81 1,477,882.96 1,491,687.50 Security Type Sub-Total 27,625,000.00 26,811,795.92 3.89 127,612.06 27,084,170.64 27,453,440.31 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 4,846.00 200,000.00 202,461.60 Security Type Sub-Total 200,000.00 200,000.00 4.85 4,846.00 200,000.00 202,461.60 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 1,215.96 546,677.77 546,306.20 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 360,513.13 AA+ Aa1 05/19/23 05/24/23 349,416.09 4.29 1,005.53 358,189.88 358,817.63 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 1,477.67 540,764.07 546,707.70 PFM Asset Management, a division of Page 7
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 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 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 1,486.38 543,169.36 546,572.40 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 376,048.29 AA+ Aa1 12/06/23 12/14/23 376,045.28 4.86 1,522.37 376,047.49 383,138.30 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 429,091.78 AA+ Aa1 07/19/23 07/27/23 429,081.08 4.78 1,708.14 429,086.73 432,524.94 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 2,208.71 552,581.12 561,695.75 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 504,136.42 AA+ Aa1 07/18/23 07/31/23 495,589.73 4.58 1,756.67 500,020.29 508,913.62 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 1,975.00 494,018.09 510,857.50 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 3,100.00 793,675.56 816,425.60 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 1,515.63 368,209.99 384,810.00 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 2,000.00 496,679.89 511,623.00 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 5.14 760.35 179,703.18 185,809.68 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 1,113.75 274,546.63 282,563.88 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 1,104.90 291,752.74 295,842.92 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 1,730.67 441,906.03 452,474.00 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 1,873.99 498,294.14 507,254.72 PFM Asset Management, a division of Page 8
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 1.19 761.88 224,983.87 223,741.35

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 1.26 115.45 174,995.29 172,909.63

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 1.81 563.13 224,805.67 221,100.75

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 99.67 39,988.08 39,395.48

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 2.10 946.70 474,809.39 467,969.53

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 1,718.75 743,281.44 747,567.75

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 3,761.25 294,431.15 296,635.80

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 5,037.64 473,146.43 468,474.93

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 4,125.00 296,024.85 298,320.30

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 4,447.36 496,617.87 501,474.50

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 10,550.76 763,796.03 767,400.35

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 2,360.68 375,485.64 381,337.88 PFM Asset Management, a division of Page 9
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 4.76 793.33 341,885.46 347,673.20

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 4.04 173.78 85,821.26 86,395.70

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 4.93 251.44 207,242.77 212,015.33

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 4.49 786.17 59,952.09 60,811.32

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 2,423.44 376,366.04 385,584.75

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 18,376.17 747,943.42 785,490.75

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 4.63 999.22 339,722.10 347,788.04

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 4.86 282.92 419,908.80 432,526.92

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 1,090.14 49,942.67 51,319.90

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 15,807.01 725,227.29 744,138.55

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 3,332.00 169,855.19 174,538.15

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 4,018.00 204,802.68 210,472.48

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 1,943.82 110,064.35 112,146.76

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 5,124.62 290,000.00 295,659.64 PFM Asset Management, a division of Page 10
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 8,629.60 600,000.00 608,515.80

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 1,088.54 124,443.94 128,728.37

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 2,177.08 249,053.95 257,456.75

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 8,604.44 399,652.36 405,636.40

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 2,760.00 114,897.78 118,219.42

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 3,410.66 200,000.00 206,026.00

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 5,712.78 399,472.37 409,702.80

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 3,800.00 399,694.42 409,063.60

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 6,737.67 508,561.59 513,361.92

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 1,647.14 124,548.25 125,995.38

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 5,929.69 449,186.93 453,583.35

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 1,352.21 114,946.83 115,988.20

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 5,408.83 459,473.37 463,952.78 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 6,614.10 574,416.22 579,225.10 PFM Asset Management, a division of Page 11
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 2026

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 1,359.36 240,000.00 242,150.40

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 1,897.44 335,598.13 338,001.60 Security Type Sub-Total 14,056,000.00 13,896,959.07 4.29 157,019.87 14,005,045.97 14,208,497.61 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 3,405.15 525,250.57 531,724.20 Security Type Sub-Total 525,000.00 525,525.00 4.94 3,405.15 525,250.57 531,724.20 Asset-Backed Security
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 2,375.10 AAA NR 07/12/22 07/20/22 2,375.04 3.97 4.19 2,375.09 2,375.41 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 18,645.22 AAA Aaa 09/20/22 09/28/22 18,641.36 4.46 36.96 18,644.21 18,659.80 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 17,782.06 AAA NR 10/04/22 10/12/22 17,779.14 4.82 35.71 17,781.18 17,797.58 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 63,227.49 AAA NR 01/24/23 01/30/23 63,227.46 4.63 130.11 63,227.48 63,352.36 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 36,895.28 NR Aaa 02/13/23 02/23/23 36,891.56 5.05 82.81 36,893.89 36,983.68 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 38,601.27 AAA NR 03/28/23 03/31/23 38,597.24 4.65 79.78 38,599.65 38,690.09 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 136,482.04 AAA NR 08/15/23 08/22/23 136,453.90 5.42 266.63 136,469.73 137,384.59 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 4.31 612.98 319,992.32 320,061.44 PFM Asset Management, a division of Page 12
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 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 4.79 361.91 169,982.72 170,343.23 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 4.87 411.24 189,992.45 190,398.43 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 4.42 962.58 489,950.19 490,582.12 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 4.93 766.89 349,978.20 351,156.75 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 51,211.62 NR Aaa 11/01/23 11/08/23 51,202.60 5.67 80.66 51,206.88 51,756.16 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 174,954.97 AAA Aaa 08/15/23 08/23/23 174,944.13 5.53 430.00 174,949.62 176,311.05 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 5.17 928.80 404,939.41 407,973.11 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 5.23 953.02 409,990.27 413,227.93 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 99,991.82 101,131.50 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 4.98 398.40 179,986.36 181,535.76 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 1,150.60 494,898.53 503,688.24 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 4.15 212.11 114,989.57 115,693.22 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 79,995.61 80,566.48 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 1,168.44 553,034.39 557,446.45 PFM Asset Management, a division of Page 13
U.S. Bancorp Asset Management, Inc.

Managed Account Detail of Securities Held For the Month Ending February 28, 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 4.51 571.89 414,986.19 418,251.53 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 89,988.79 90,697.05 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 4.31 478.89 250,000.00 253,764.00 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 4.34 935.51 484,994.42 492,241.54 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 4,598.61 549,869.46 558,047.60 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 3.86 240.18 139,988.35 140,665.98 HAROT 2026-1 A3
DTD 02/18/2026 3.780% 09/23/2030
43815CAD0 145,000.00 NR Aaa 02/10/26 02/18/26 144,976.90 3.78 197.93 144,977.56 145,296.96 HART 2026-A A3
DTD 02/18/2026 3.790% 02/18/2031
448981AD2 165,000.00 AAA NR 02/10/26 02/18/26 164,988.86 3.79 225.82 164,989.56 165,425.04 Security Type Sub-Total 6,635,175.05 6,638,031.93 4.66 16,730.34 6,637,663.90 6,691,505.08 Managed Account Sub-Total 56,955,964.66 55,863,795.09 4.21 337,867.39 56,327,448.58 57,114,224.35 Joint Powers Authority
CAMP Pool 466,400.34 AAAm NR 466,400.34 0.00 466,400.34 466,400.34 Liquid Sub-Total 466,400.34 466,400.34 0.00 466,400.34 466,400.34 $57,422,365.00 $56,330,195.43 4.21% $337,867.39 $56,793,848.92 $57,580,624.69 $57,918,492.08
$337,867.39
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 February 28, 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 98.88 74,158.80 3,717.39 3.35 DTD 11/15/2016 2.000% 11/15/2026

0.70 3.62
US TREASURY N/B 91282CCH2 225,000.00 BMO 95.26 214,338.83 15,697.23 5,308.09 DTD 06/30/2021 1.250% 06/30/2028

2.26 3.38
US TREASURY N/B 91282CCH2 700,000.00 BMO 95.26 666,831.90 47,632.68 15,085.87 DTD 06/30/2021 1.250% 06/30/2028

2.26 3.38
US TREASURY N/B 91282CCH2 1,275,000.00 MorganSt 95.26 1,214,586.68 45,222.42 5,902.63 DTD 06/30/2021 1.250% 06/30/2028

2.26 3.38
US TREASURY N/B 91282CCH2 1,300,000.00 BMO 95.26 1,238,402.10 64,441.16 16,078.97 DTD 06/30/2021 1.250% 06/30/2028

2.26 3.38
US TREASURY N/B 91282CCH2 2,400,000.00 BMO 95.26 2,286,280.80 74,812.05 7,072.00 DTD 06/30/2021 1.250% 06/30/2028

2.26 3.38
US TREASURY N/B 91282CJR3 1,200,000.00 Citigrou 100.96 1,211,577.60 29,483.85 24,122.76 DTD 01/02/2024 3.750% 12/31/2028

2.66 3.39
US TREASURY N/B 91282CJR3 1,375,000.00 MorganSt 100.96 1,388,266.00 43,612.68 35,389.91 DTD 01/02/2024 3.750% 12/31/2028

2.66 3.39
US TREASURY N/B 91282CJR3 1,475,000.00 JPMorgan 100.96 1,489,230.80 44,537.44 36,757.12 DTD 01/02/2024 3.750% 12/31/2028

2.66 3.39
US TREASURY N/B 91282CJR3 2,600,000.00 MorganSt 100.96 2,625,084.80 59,311.36 49,514.86 DTD 01/02/2024 3.750% 12/31/2028

2.66 3.39
US TREASURY N/B 91282CEV9 600,000.00 Citigrou 99.48 596,859.60 7,804.91 6,107.63 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 900,000.00 BMO 99.48 895,289.40 16,875.34 12,549.62 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 900,000.00 BMO 99.48 895,289.40 19,722.99 15,590.20 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 925,000.00 Citigrou 99.48 920,158.55 17,922.22 14,817.19 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 1,500,000.00 Citigrou 99.48 1,492,149.00 15,352.12 11,051.66 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 2,650,000.00 MorganSt 99.48 2,636,129.90 71,012.71 52,911.34 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
US TREASURY N/B 91282CEV9 3,900,000.00 RBC Capi 99.48 3,879,587.40 37,935.06 30,973.68 DTD 06/30/2022 3.250% 06/30/2029

3.12 3.42
PFM Asset Management, a division of Page 15
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 102.88 308,625.00 1,804.69 2,269.62 DTD 01/31/2025 4.250% 01/31/2030

3.59 3.46
US TREASURY N/B 91282CMG3 900,000.00 Citigrou 102.88 925,875.00 5,589.84 6,264.39 DTD 01/31/2025 4.250% 01/31/2030

3.59 3.46
US TREASURY N/B 91282CMG3 975,000.00 HSBC 102.88 1,003,031.25 5,789.06 7,694.24 DTD 01/31/2025 4.250% 01/31/2030

3.59 3.46
US TREASURY N/B 91282CMG3 1,450,000.00 Citigrou 102.88 1,491,687.50 13,367.19 13,804.54 DTD 01/31/2025 4.250% 01/31/2030

3.59 3.46
Security Type Sub-Total 27,625,000.00 27,453,440.31 641,644.39 369,269.67 2.89 3.41 Municipal Bond / Note
CA ST 13063D3N6 200,000.00 WellsFar 101.23 202,461.60 2,461.60 2,461.60 DTD 03/15/2023 4.846% 03/01/2027

0.97 3.58
Security Type Sub-Total 200,000.00 202,461.60 2,461.60 2,461.60 0.97 3.58 Federal Agency Commercial Mortgage-Backed Security
FHMS K058 A2 3137BSP72 550,000.00 BREAN 99.33 546,306.20 19,466.36 (371.57) DTD 11/01/2016 2.653% 08/01/2026

0.44 3.81
FHMS K061 A2 3137BTUM1 360,513.13 Citigrou 99.53 358,817.63 9,401.54 627.75 DTD 01/01/2017 3.347% 11/01/2026

0.65 3.76
FHMS K064 A2 3137BXQY1 550,000.00 MorganSt 99.40 546,707.70 27,903.01 5,943.63 DTD 05/01/2017 3.224% 03/01/2027

0.88 3.69
FHMS K065 A2 3137F1G44 550,000.00 Citigrou 99.38 546,572.40 19,539.20 3,403.04 DTD 07/01/2017 3.243% 04/01/2027

1.03 3.66
FHMS KJ48 A1 3137HBC69 376,048.29 JPMorgan 101.89 383,138.30 7,093.02 7,090.81 DTD 12/01/2023 4.858% 05/01/2028

1.85 3.71
FHMS KJ46 A1 3137HAD45 429,091.78 JPMorgan 100.80 432,524.94 3,443.86 3,438.21 DTD 07/01/2023 4.777% 06/01/2028

1.27 3.94
FHMS K505 A2 3137HACX2 550,000.00 JPMorgan 102.13 561,695.75 6,202.35 9,114.63 DTD 07/01/2023 4.819% 06/01/2028

2.06 3.68
FNA 2023-M6 A2 3136BQDE6 504,136.42 JPMorgan 100.95 508,913.62 13,323.89 8,893.33 DTD 07/01/2023 4.181% 07/01/2028

2.20 3.66
PFM Asset Management, a division of Page 16
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 K508 A2 3137HAQ74 500,000.00 BMO 102.17 510,857.50 21,825.50 16,839.41 DTD 10/01/2023 4.740% 08/01/2028

2.24 3.68
FHMS K506 A2 3137HAMH6 800,000.00 WellsFar 102.05 816,425.60 28,260.00 22,750.04 DTD 09/01/2023 4.650% 08/01/2028

2.22 3.63
FHMS K509 A2 3137HAST4 375,000.00 MorganSt 102.62 384,810.00 21,766.12 16,600.01 DTD 10/01/2023 4.850% 09/01/2028

2.33 3.64
FHMS K507 A2 3137HAMS2 500,000.00 BOFAML 102.32 511,623.00 17,599.50 14,943.11 DTD 09/01/2023 4.800% 09/01/2028

2.28 3.69
FHMS K510 A2 3137HB3D4 180,000.00 JPMorgan 103.23 185,809.68 6,330.06 6,106.50 DTD 11/01/2023 5.069% 10/01/2028

2.36 3.62
FHMS K511 A2 3137HB3G7 275,000.00 BOFAML 102.75 282,563.88 8,353.95 8,017.25 DTD 12/01/2023 4.860% 10/01/2028

2.39 3.63
FHMS K514 A2 3137HBLV4 290,000.00 JPMorgan 102.01 295,842.92 2,943.21 4,090.18 DTD 02/01/2024 4.572% 12/01/2028

2.48 3.68
FHMS K524 A2 3137HDV56 440,000.00 PIER 102.84 452,474.00 9,771.96 10,567.97 DTD 07/01/2024 4.720% 05/01/2029

2.92 3.70
FHMS K526 A2 3137HDXL9 495,000.00 BMO 102.48 507,254.72 7,624.49 8,960.58 DTD 08/01/2024 4.543% 07/01/2029

3.08 3.69
FHMS K539 A2 3137HKXJ8 190,000.00 JPMorgan 102.24 194,257.71 4,264.36 4,263.17 DTD 04/01/2025 4.410% 01/01/2030

3.51 3.73
Security Type Sub-Total 7,914,789.61 8,026,595.55 235,112.38 151,278.05 1.93 3.70 Corporate Note
UNITEDHEALTH GROUP INC (CALLABLE) 91324PEC2 225,000.00 Citigrou 04/15/26 99.44 223,741.35 (867.15) (1,242.52) DTD 05/19/2021 1.150% 05/15/2026

0.20 3.90
BMW US CAPITAL LLC (CALLABLE) 05565EBW4 175,000.00 SUMITR 07/12/26 98.81 172,909.63 (2,037.87) (2,085.66) DTD 08/12/2021 1.250% 08/12/2026

0.45 3.97
CATERPILLAR FINL SERVICE 14913R2U0 225,000.00 JPMorgan 98.27 221,100.75 (2,763.00) (3,704.92) DTD 01/10/2022 1.700% 01/08/2027

0.84 3.78
TARGET CORP (CALLABLE) 87612EBM7 40,000.00 Citigrou 12/15/26 98.49 39,395.48 (536.52) (592.60) DTD 01/24/2022 1.950% 01/15/2027

0.86 3.73
BANK OF NY MELLON CORP (CALLABLE) 06406RBA4 475,000.00 Deutsche 12/24/26 98.52 467,969.53 (5,975.97) (6,839.86) DTD 01/26/2022 2.050% 01/26/2027

0.88 3.73
PFM Asset Management, a division of Page 17
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 99.68 747,567.75 25,625.25 4,286.31 DTD 02/06/2017 3.300% 02/06/2027

0.82 3.66
AMERICAN EXPRESS CO (CALLABLE) 025816CS6 300,000.00 RBS 02/01/27 98.88 296,635.80 19,432.80 2,204.65 DTD 03/04/2022 2.550% 03/04/2027

0.96 3.69
BERKSHIRE HATHAWAY FIN (CALLABLE) 084664CZ2 475,000.00 SEEL 02/15/27 98.63 468,474.93 2,385.93 (4,671.50) DTD 03/15/2022 2.300% 03/15/2027

1.00 3.66
CHARLES SCHWAB CORP (CALLABLE) 808513BW4 300,000.00 Barclays 01/01/27 99.44 298,320.30 13,395.30 2,295.45 DTD 09/24/2021 3.300% 04/01/2027

0.96 3.83
NATIONAL AUSTRALIA BK/NY 63254ABE7 500,000.00 CAS 100.29 501,474.50 13,149.50 4,856.63 DTD 06/09/2022 3.905% 06/09/2027

1.23 3.66
APPLE INC (CALLABLE) 037833DB3 775,000.00 TD Secur 06/12/27 99.02 767,400.35 26,337.60 3,604.32 DTD 09/12/2017 2.900% 09/12/2027

1.39 3.56
TOYOTA MOTOR CREDIT CORP 89236TKQ7 375,000.00 WellsFar 101.69 381,337.88 5,055.38 5,852.24 DTD 01/12/2023 4.625% 01/12/2028

1.77 3.68
NATIONAL RURAL UTIL COOP (CALLABLE) 637432NP6 350,000.00 MorganSt 11/07/27 99.34 347,673.20 18,484.20 5,787.74 DTD 02/07/2018 3.400% 02/07/2028

1.76 3.76
TEXAS INSTRUMENTS INC (CALLABLE) 882508BV5 85,000.00 JPMorgan 01/15/28 101.64 86,395.70 (647.70) 574.44 DTD 11/18/2022 4.600% 02/15/2028

1.80 3.72
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DE5 211,000.00 MAXE 11/20/27 100.48 212,015.33 10,432.26 4,772.56 DTD 07/15/2020 3.900% 02/20/2028

1.73 3.64
LOCKHEED MARTIN CORP (CALLABLE) 539830BZ1 60,000.00 Barclays 04/15/28 101.35 60,811.32 919.32 859.23 DTD 05/25/2023 4.450% 05/15/2028

2.01 3.80
JOHN DEERE CAPITAL CORP 24422EXB0 375,000.00 Citigrou 102.82 385,584.75 7,719.75 9,218.71 DTD 07/14/2023 4.950% 07/14/2028

2.21 3.69
CITIBANK NA (CALLABLE) 17325FBB3 750,000.00 Barclays 08/29/28 104.73 785,490.75 39,210.75 37,547.33 DTD 09/29/2023 5.803% 09/29/2028

2.28 3.86
AIR PRODUCTS & CHEMICALS (CALLABLE) 009158BH8 340,000.00 Barclays 01/08/29 102.29 347,788.04 8,240.24 8,065.94 DTD 02/08/2024 4.600% 02/08/2029

2.68 3.77
CISCO SYSTEMS INC (CALLABLE) 17275RBR2 420,000.00 Citigrou 01/26/29 102.98 432,526.92 12,673.92 12,618.12 DTD 02/26/2024 4.850% 02/26/2029

2.72 3.78
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 50,000.00 Citigrou 02/14/29 102.64 51,319.90 1,410.40 1,377.23 DTD 03/14/2024 4.700% 03/14/2029

2.71 3.77
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 725,000.00 BOFAML 02/14/29 102.64 744,138.55 18,783.30 18,911.26 DTD 03/14/2024 4.700% 03/14/2029

2.71 3.77
PFM Asset Management, a division of Page 18
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 03/04/29 102.67 174,538.15 4,762.55 4,682.96 DTD 04/04/2024 4.800% 04/04/2029

2.76 3.87
ADOBE INC (CALLABLE) 00724PAF6 205,000.00 BOFAML 03/04/29 102.67 210,472.48 5,777.93 5,669.80 DTD 04/04/2024 4.800% 04/04/2029

2.76 3.87
WELLS FARGO & COMPANY (CALLABLE) 95000U3T8 110,000.00 SEEL 04/23/28 101.95 112,146.76 2,058.76 2,082.41 DTD 04/23/2025 4.970% 04/23/2029

1.99 4.33
WELLS FARGO & COMPANY (CALLABLE) 95000U3T8 290,000.00 WellsFar 04/23/28 101.95 295,659.64 5,659.64 5,659.64 DTD 04/23/2025 4.970% 04/23/2029

1.99 4.33
BANK OF AMERICA CORP (CALLABLE) 06051GMT3 600,000.00 BOFAML 05/09/28 101.42 608,515.80 8,515.80 8,515.80 DTD 05/09/2025 4.623% 05/09/2029

2.04 4.20
HOME DEPOT INC (CALLABLE) 437076DC3 125,000.00 MorganSt 05/25/29 102.98 128,728.37 4,534.62 4,284.43 DTD 06/25/2024 4.750% 06/25/2029

2.98 3.78
HOME DEPOT INC (CALLABLE) 437076DC3 250,000.00 PNCBank 05/25/29 102.98 257,456.75 8,829.25 8,402.80 DTD 06/25/2024 4.750% 06/25/2029

2.98 3.78
AMERICAN HONDA FINANCE 02665WFQ9 400,000.00 Deutsche 101.41 405,636.40 6,116.40 5,984.04 DTD 09/05/2024 4.400% 09/05/2029

3.17 3.97
MARS INC (CALLABLE) 571676AY1 115,000.00 BOFAML 02/01/30 102.80 118,219.42 3,343.62 3,321.64 DTD 03/12/2025 4.800% 03/01/2030

3.58 4.04
STATE STREET CORP (CALLABLE) 857477DB6 200,000.00 MorganSt 03/24/30 103.01 206,026.00 6,026.00 6,026.00 DTD 04/24/2025 4.834% 04/24/2030

3.64 4.04
PACCAR FINANCIAL CORP 69371RT71 400,000.00 TD Secur 102.43 409,702.80 10,322.80 10,230.43 DTD 05/08/2025 4.550% 05/08/2030

3.74 3.91
ANALOG DEVICES INC (CALLABLE) 032654BE4 400,000.00 BOFAML 05/15/30 102.27 409,063.60 9,415.60 9,369.18 DTD 06/16/2025 4.500% 06/15/2030

3.81 3.92
NOVARTIS CAPITAL CORP (CALLABLE) 66989HAY4 510,000.00 JPMorgan 10/05/30 100.66 513,361.92 4,891.92 4,800.33 DTD 11/05/2025 4.100% 11/05/2030

4.15 3.94
SHELL FINANCE US INC (CALLABLE) 822905AN5 125,000.00 MorganSt 10/06/30 100.80 125,995.38 1,475.38 1,447.13 DTD 11/06/2025 4.125% 11/06/2030

4.15 3.94
SHELL FINANCE US INC (CALLABLE) 822905AN5 450,000.00 RBC Capi 10/06/30 100.80 453,583.35 4,447.35 4,396.42 DTD 11/06/2025 4.125% 11/06/2030

4.15 3.94
NORTHERN TRUST CORP 665859AY0 115,000.00 BOFAML 100.86 115,988.20 1,044.55 1,041.37 DTD 11/19/2025 4.150% 11/19/2030

4.21 3.95
NORTHERN TRUST CORP 665859AY0 460,000.00 CIDLY 100.86 463,952.78 4,509.38 4,479.41 DTD 11/19/2025 4.150% 11/19/2030

4.21 3.95
PFM Asset Management, a division of Page 19
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 10/20/30 100.73 579,225.10 4,840.35 4,808.88 DTD 11/20/2025 4.100% 11/20/2030

4.19 3.93
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 240,000.00 Citigrou 12/13/30 100.90 242,150.40 2,150.40 2,150.40 DTD 01/13/2026 4.248% 01/13/2031

4.32 4.04
TOTALENERGI CAP USA LLC (CALLABLE) 89158TAA7 335,000.00 TD Secur 12/13/30 100.90 338,001.60 2,388.55 2,403.47 DTD 01/13/2026 4.248% 01/13/2031

4.32 4.04
Security Type Sub-Total 14,056,000.00 14,208,497.61 311,538.54 203,451.64 2.44 3.84 Bank Note
MORGAN STANLEY BANK NA (CALLABLE) 61690U8E3 525,000.00 Citigrou 07/14/27 101.28 531,724.20 6,199.20 6,473.63 DTD 07/19/2024 4.968% 07/14/2028

1.31 4.25
Security Type Sub-Total 525,000.00 531,724.20 6,199.20 6,473.63 1.31 4.25 Asset-Backed Security
CARMX 2022-3 A3 14318MAD1 2,375.10 RBC Capi 100.01 2,375.41 0.37 0.32 DTD 07/20/2022 3.970% 04/15/2027

0.04 3.66
NAROT 2022-B A3 65480JAC4 18,645.22 WellsFar 100.08 18,659.80 18.44 15.59 DTD 09/28/2022 4.460% 05/17/2027

0.17 4.03
GMCAR 2022-4 A3 36265QAD8 17,782.06 RBC Capi 100.09 17,797.58 18.44 16.40 DTD 10/12/2022 4.820% 08/16/2027

0.08 3.73
TAOT 2023-A A3 891940AC2 63,227.49 BOFAML 100.20 63,352.36 124.90 124.88 DTD 01/30/2023 4.630% 09/15/2027

0.29 3.97
HDMOT 2023-A A3 41285JAD0 36,895.28 JPMorgan 100.24 36,983.68 92.12 89.79 DTD 02/23/2023 5.050% 12/15/2027

0.25 4.13
FORDO 2023-A A3 344928AD8 38,601.27 BNPPSA 100.23 38,690.09 92.85 90.44 DTD 03/31/2023 4.650% 02/15/2028

0.33 3.99
HAROT 2023-3 A3 43815QAC1 136,482.04 BOFAML 100.66 137,384.59 930.69 914.86 DTD 08/22/2023 5.410% 02/18/2028

0.46 4.02
DCENT 2023-A1 A 254683CY9 320,000.00 RBC Capi 100.02 320,061.44 80.00 69.12 DTD 04/11/2023 4.310% 03/15/2028

0.04 3.84
BACCT 2023-A1 A1 05522RDG0 170,000.00 BOFAML 100.20 170,343.23 381.72 360.51 DTD 06/16/2023 4.790% 05/15/2028

0.20 3.83
PFM Asset Management, a division of Page 20
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 100.21 190,398.43 415.28 405.98 DTD 06/14/2023 4.870% 05/15/2028

0.20 3.87
COMET 2023-A1 A 14041NGD7 490,000.00 RBC Capi 100.12 490,582.12 694.48 631.93 DTD 05/24/2023 4.420% 05/15/2028

0.20 3.87
DCENT 2023-A2 A 254683CZ6 350,000.00 BOFAML 100.33 351,156.75 1,204.03 1,178.55 DTD 06/28/2023 4.930% 06/15/2028

0.29 3.81
HAROT 2023-4 A3 438123AC5 51,211.62 JPMorgan 101.06 51,756.16 553.56 549.28 DTD 11/08/2023 5.670% 06/21/2028

0.62 4.02
FITAT 2023-1 A3 31680EAD3 174,954.97 JPMorgan 100.78 176,311.05 1,366.92 1,361.43 DTD 08/23/2023 5.530% 08/15/2028

0.54 4.13
CHAIT 2023-A1 A 161571HT4 405,000.00 JPMorgan 100.73 407,973.11 3,085.38 3,033.70 DTD 09/15/2023 5.160% 09/15/2028

0.53 3.81
AMXCA 2023-3 A 02582JKD1 410,000.00 Citigrou 100.79 413,227.93 3,246.26 3,237.66 DTD 09/19/2023 5.230% 09/15/2028

0.53 3.78
PILOT 2025-1A A3 73329KAD8 100,000.00 Barclays 101.13 101,131.50 1,142.21 1,139.68 DTD 05/21/2025 4.610% 10/20/2028

1.46 3.88
BACCT 2023-A2 A2 05522RDH8 180,000.00 BOFAML 100.85 181,535.76 1,559.93 1,549.40 DTD 12/14/2023 4.980% 11/15/2028

0.69 3.78
AMXCA 2024-1 A 02582JKH2 495,000.00 Barclays 101.76 503,688.24 8,789.71 8,789.71 DTD 04/23/2024 5.230% 04/16/2029

1.07 3.66
HAROT 2025-2 A3 437921AD1 115,000.00 JPMorgan 100.60 115,693.22 706.07 703.65 DTD 05/08/2025 4.150% 10/15/2029

1.52 3.79
BAAT 2025-1A A3 05594BAD8 80,000.00 BOFAML 100.71 80,566.48 572.00 570.87 DTD 05/12/2025 4.350% 11/20/2029

1.22 3.81
MBART 2025-1 A3 58773DAD6 550,000.00 WellsFar 101.35 557,446.45 3,772.62 4,412.06 DTD 01/23/2025 4.780% 12/17/2029

1.14 3.64
VZMT 2025-3 A1A 92348KDY6 415,000.00 BOFAML 100.78 418,251.53 3,269.37 3,265.34 DTD 03/31/2025 4.510% 03/20/2030

1.55 4.10
GMCAR 2025-2 A3 362549AD9 90,000.00 TD Secur 100.77 90,697.05 710.30 708.26 DTD 05/14/2025 4.280% 04/16/2030

1.31 3.72
BACCT 2025-A1 A 05522RDK1 250,000.00 BOFAML 101.51 253,764.00 3,764.95 3,764.00 DTD 06/12/2025 4.310% 05/15/2030

2.07 3.63
WFCIT 2025-A1 A 92970QAJ4 485,000.00 WellsFar 101.49 492,241.54 7,249.59 7,247.12 DTD 06/10/2025 4.340% 05/15/2030

2.07 3.66
PFM Asset Management, a division of Page 21
U.S. Bancorp Asset Management, Inc.

Managed Account Fair Market Value & Analytics For the Month Ending February 28, 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 101.46 558,047.60 8,196.81 8,178.14 DTD 06/26/2025 4.300% 06/21/2030

2.17 3.63
TAOT 2026-A A3 89240KAD0 140,000.00 BNP Sec 100.48 140,665.98 677.91 677.63 DTD 01/21/2026 3.860% 09/16/2030

2.20 3.68
HAROT 2026-1 A3 43815CAD0 145,000.00 MUFG 100.20 145,296.96 320.06 319.40 DTD 02/18/2026 3.780% 09/23/2030

2.21 3.72
HART 2026-A A3 448981AD2 165,000.00 BOFAML 100.26 165,425.04 436.18 435.48 DTD 02/18/2026 3.790% 02/18/2031

2.28 3.71
Security Type Sub-Total 6,635,175.05 6,691,505.08 53,473.15 53,841.18 1.08 3.79 Managed Account Sub-Total 56,955,964.66 57,114,224.35 1,250,429.26 786,775.77 2.41 3.61 Joint Powers Authority
CAMP Pool 466,400.34 1.00 466,400.34 0.00 0.00 0.00
Liquid Sub-Total 466,400.34 466,400.34 0.00 0.00 0.00
Total Investments $57,918,492.08
$337,867.39
$57,580,624.69
Accrued Interest
Securities Sub-Total $57,422,365.00 $1,250,429.26 $786,775.77 2.41 3.61% PFM Asset Management, a division of Page 22
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending February 28, 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
02/05/26 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
02/02/26 91282CMG3 1,450,000.00 (1,478,320.31) (851.17) (1,479,171.48) 02/18/26 HART 2026-A A3
DTD 02/18/2026 3.790% 02/18/2031
02/10/26 448981AD2 165,000.00 (164,988.86) 0.00 (164,988.86) 02/18/26 HAROT 2026-1 A3
DTD 02/18/2026 3.780% 09/23/2030
02/10/26 43815CAD0 145,000.00 (144,976.90) 0.00 (144,976.90) Transaction Type Sub-Total 1,760,000.00 (1,788,286.07) (851.17) (1,789,137.24)

INTEREST
02/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
02/01/26 3137HAD45 0.00 1,710.14 1,710.14
02/25/26 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
02/01/26 3137BSP72 0.00 1,215.96 1,215.96
02/25/26 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
02/01/26 3137HBLV4 0.00 1,104.90 1,104.90
02/25/26 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
02/01/26 3137HKXJ8 0.00 698.25 698.25
02/25/26 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
02/01/26 3137HB3D4 0.00 760.35 760.35
02/25/26 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
02/01/26 3137HAMS2 0.00 2,000.00 2,000.00
02/25/26 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
02/01/26 3137HAQ74 0.00 1,975.00 1,975.00
02/25/26 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
02/01/26 3137HACX2 0.00 2,208.71 2,208.71
02/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
02/01/26 3137BTUM1 0.00 1,007.67 1,007.67
02/25/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
02/01/26 3137HDJJ0 0.00 2,143.96 2,143.96
02/25/26 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
02/01/26 3137BXQY1 0.00 1,477.67 1,477.67
02/25/26 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
02/01/26 3137HDV56 0.00 1,730.67 1,730.67
PFM Asset Management, a division of Page 23
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending February 28, 2026

INTEREST
02/25/26 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
02/01/26 3137F1G44 0.00 1,486.38 1,486.38
02/25/26 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
02/01/26 3137HAMH6 0.00 3,100.00 3,100.00
02/25/26 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
02/01/26 3137HAST4 0.00 1,515.63 1,515.63
02/25/26 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
02/01/26 3137HB3G7 0.00 1,113.75 1,113.75
02/25/26 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
02/01/26 3137HBC69 0.00 1,527.00 1,527.00
02/25/26 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
02/01/26 3137HDXL9 0.00 1,873.99 1,873.99
02/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
02/01/26 3136BQDE6 0.00 1,829.20 1,829.20
02/06/26 MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
02/06/26 594918BY9 0.00 12,375.00 12,375.00
02/07/26 NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
02/07/26 637432NP6 0.00 5,950.00 5,950.00
02/08/26 AIR PRODUCTS & CHEMICALS
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
02/08/26 009158BH8 0.00 7,820.00 7,820.00
02/12/26 BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
02/12/26 05565EBW4 0.00 1,093.75 1,093.75
02/15/26 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02/15/26 02582JJZ4 0.00 771.08 771.08
02/15/26 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
02/15/26 437921AD1 0.00 397.71 397.71
02/15/26 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
02/15/26 891940AC2 0.00 283.06 283.06
02/15/26 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
02/15/26 41285JAD0 0.00 184.32 184.32
02/15/26 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
02/15/26 254683CZ6 0.00 1,437.92 1,437.92
PFM Asset Management, a division of Page 24
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending February 28, 2026

INTEREST
02/15/26 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02/15/26 02582JKD1 0.00 1,786.92 1,786.92
02/15/26 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
02/15/26 05522RDG0 0.00 678.58 678.58
02/15/26 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
02/15/26 58773DAD6 0.00 2,190.83 2,190.83
02/15/26 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
02/15/26 254683CY9 0.00 1,149.33 1,149.33
02/15/26 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
02/15/26 05522RDH8 0.00 747.00 747.00
02/15/26 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
02/15/26 89240KAD0 0.00 360.27 360.27
02/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
02/15/26 31680EAD3 0.00 881.85 881.85
02/15/26 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
02/15/26 05522RDK1 0.00 897.92 897.92
02/15/26 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
02/15/26 344928AD8 0.00 170.07 170.07
02/15/26 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
02/15/26 14041NGD7 0.00 1,804.83 1,804.83
02/15/26 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
02/15/26 161571HT4 0.00 1,741.50 1,741.50
02/15/26 TEXAS INSTRUMENTS INC (CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
02/15/26 882508BV5 0.00 1,955.00 1,955.00
02/15/26 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
02/15/26 92970QAJ4 0.00 1,754.08 1,754.08
02/15/26 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
02/15/26 14318MAD1 0.00 33.24 33.24
02/15/26 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
02/15/26 65480JAC4 0.00 87.87 87.87
02/15/26 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02/15/26 02582JKH2 0.00 2,157.37 2,157.37
02/16/26 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
02/16/26 362549AD9 0.00 321.00 321.00
PFM Asset Management, a division of Page 25
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending February 28, 2026

INTEREST
02/16/26 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
02/16/26 36265QAD8 0.00 113.45 113.45
02/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
02/18/26 43815QAC1 0.00 684.58 684.58
02/20/26 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
02/20/26 92348KDY6 0.00 1,559.71 1,559.71
02/20/26 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
02/20/26 73329KAD8 0.00 384.17 384.17
02/20/26 BRISTOL-MYERS SQUIBB CO
(CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
02/20/26 110122DE5 0.00 4,114.50 4,114.50
02/20/26 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
02/20/26 05594BAD8 0.00 290.00 290.00
02/21/26 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
02/21/26 438123AC5 0.00 262.70 262.70
02/26/26 CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
02/26/26 17275RBR2 0.00 10,185.00 10,185.00
Transaction Type Sub-Total 0.00 97,103.84 97,103.84

PAYDOWNS
02/25/26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
02/01/26 3137HAD45 500.99 500.99 0.00 500.99 0.01 0.01
02/25/26 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
02/01/26 3136BQDE6 20,813.71 20,813.71 0.00 20,813.71 352.86 175.84 02/25/26 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
02/01/26 3137BTUM1 767.79 767.79 0.00 767.79 23.63 5.51 02/25/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
02/01/26 3137HDJJ0 59.76 59.76 0.00 59.76 0.00 0.00
02/25/26 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
02/01/26 3137HBC69 1,143.58 1,143.58 0.00 1,143.58 0.01 0.00 02/15/26 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
02/15/26 41285JAD0 6,903.35 6,903.35 0.00 6,903.35 0.69 0.26 02/15/26 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
02/15/26 65480JAC4 4,997.14 4,997.14 0.00 4,997.14 1.03 0.28 PFM Asset Management, a division of Page 26
U.S. Bancorp Asset Management, Inc.

Managed Account Security Transactions & Interest For the Month Ending February 28, 2026

PAYDOWNS
02/15/26 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
02/15/26 891940AC2 10,135.84 10,135.84 0.00 10,135.84 0.01 0.00 02/15/26 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
02/15/26 31680EAD3 16,404.41 16,404.41 0.00 16,404.41 1.02 0.51 02/15/26 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
02/15/26 14318MAD1 7,671.89 7,671.89 0.00 7,671.89 0.18 0.04 02/15/26 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
02/15/26 344928AD8 5,286.98 5,286.98 0.00 5,286.98 0.56 0.23 02/16/26 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
02/16/26 36265QAD8 10,462.50 10,462.50 0.00 10,462.50 1.72 0.53 02/18/26 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
02/18/26 43815QAC1 15,365.29 15,365.29 0.00 15,365.29 3.17 1.41 02/21/26 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
02/21/26 438123AC5 4,387.01 4,387.01 0.00 4,387.01 0.77 0.41 Transaction Type Sub-Total 104,900.24 104,900.24 0.00 104,900.24 385.66 185.03 SELL
02/05/26 US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
02/02/26 91282CCH2 1,400,000.00 1,325,789.06 1,740.33 1,327,529.39 87,390.62 24,912.33 FIFO 02/10/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
02/05/26 3137HDJJ0 267,797.55 274,576.18 321.56 274,897.74 6,779.43 6,778.63 FIFO 02/10/26 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
02/05/26 3137HDJJ0 267,797.55 274,659.86 321.56 274,981.42 6,863.11 6,862.31 FIFO Transaction Type Sub-Total 1,935,595.10 1,875,025.10 2,383.45 1,877,408.55 101,033.16 38,553.27 Managed Account Sub-Total 191,639.27 98,636.12 290,275.39 101,418.82 38,738.30 Total Security Transactions $191,639.27 $98,636.12 $290,275.39 $101,418.82 $38,738.30 PFM Asset Management, a division of Page 27
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending February 28, 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 CAMP Pool
Opening Balance 133,287.76
02/02/26 02/02/26 Purchase - Interest 91282CMG3 1.00 46,218.75 179,506.51 02/05/26 02/05/26 Purchase - Interest 91282CCH2 1.00 1,740.33 181,246.84 02/05/26 02/05/26 Purchase - Principal 91282CCH2 1.00 1,325,789.06 1,507,035.90 02/05/26 02/05/26 Redemption - Principal 91282CMG3 1.00 (1,478,320.31) 28,715.59 02/05/26 02/05/26 Redemption - Interest 91282CMG3 1.00 (851.17) 27,864.42 02/06/26 02/06/26 Purchase - Interest 594918BY9 1.00 12,375.00 40,239.42 02/09/26 02/09/26 Purchase - Interest 009158BH8 1.00 7,820.00 48,059.42 02/09/26 02/09/26 Purchase - Interest 637432NP6 1.00 5,950.00 54,009.42 02/10/26 02/10/26 Purchase - Interest 3137HDJJ0 1.00 321.59 54,331.01 02/10/26 02/10/26 Purchase - Interest 3137HDJJ0 1.00 321.59 54,652.60 02/10/26 02/10/26 Purchase - Principal 3137HDJJ0 1.00 274,606.81 329,259.41 02/10/26 02/10/26 Purchase - Principal 3137HDJJ0 1.00 274,690.51 603,949.92 02/12/26 02/12/26 Purchase - Interest 05565EBW4 1.00 1,093.75 605,043.67 02/17/26 02/17/26 Purchase - Interest 882508BV5 1.00 1,955.00 606,998.67 02/17/26 02/17/26 Purchase - Interest 02582JJZ4 1.00 771.08 607,769.75 02/17/26 02/17/26 Purchase - Interest 02582JKD1 1.00 1,786.92 609,556.67 02/17/26 02/17/26 Purchase - Interest 02582JKH2 1.00 2,157.37 611,714.04 02/17/26 02/17/26 Purchase - Interest 05522RDG0 1.00 678.58 612,392.62 02/17/26 02/17/26 Purchase - Interest 05522RDH8 1.00 747.00 613,139.62 02/17/26 02/17/26 Purchase - Interest 05522RDK1 1.00 897.92 614,037.54 02/17/26 02/17/26 Purchase - Interest 14041NGD7 1.00 1,804.83 615,842.37 PFM Asset Management, a division of Page 28
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending February 28, 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 CAMP Pool
02/17/26 02/17/26 Purchase - Interest 14318MAD1 1.00 33.24 615,875.61 02/17/26 02/17/26 Purchase - Interest 161571HT4 1.00 1,741.50 617,617.11 02/17/26 02/17/26 Purchase - Interest 254683CY9 1.00 1,149.33 618,766.44 02/17/26 02/17/26 Purchase - Interest 254683CZ6 1.00 1,437.92 620,204.36 02/17/26 02/17/26 Purchase - Interest 31680EAD3 1.00 881.85 621,086.21 02/17/26 02/17/26 Purchase - Interest 344928AD8 1.00 170.07 621,256.28 02/17/26 02/17/26 Purchase - Interest 362549AD9 1.00 321.00 621,577.28 02/17/26 02/17/26 Purchase - Interest 36265QAD8 1.00 113.45 621,690.73 02/17/26 02/17/26 Purchase - Interest 41285JAD0 1.00 184.32 621,875.05 02/17/26 02/17/26 Purchase - Interest 437921AD1 1.00 397.71 622,272.76 02/17/26 02/17/26 Purchase - Interest 58773DAD6 1.00 2,190.83 624,463.59 02/17/26 02/17/26 Purchase - Interest 65480JAC4 1.00 87.87 624,551.46 02/17/26 02/17/26 Purchase - Interest 891940AC2 1.00 283.06 624,834.52 02/17/26 02/17/26 Purchase - Interest 89240KAD0 1.00 360.27 625,194.79 02/17/26 02/17/26 Purchase - Interest 92970QAJ4 1.00 1,754.08 626,948.87 02/17/26 02/17/26 Purchase - Principal 14318MAD1 1.00 7,671.89 634,620.76 02/17/26 02/17/26 Purchase - Principal 31680EAD3 1.00 16,404.41 651,025.17 02/17/26 02/17/26 Purchase - Principal 41285JAD0 1.00 6,903.35 657,928.52 02/17/26 02/17/26 Purchase - Principal 344928AD8 1.00 5,286.98 663,215.50 02/17/26 02/17/26 Purchase - Principal 65480JAC4 1.00 4,997.14 668,212.64 02/17/26 02/17/26 Purchase - Principal 891940AC2 1.00 10,135.84 678,348.48 02/17/26 02/17/26 Purchase - Principal 36265QAD8 1.00 10,462.50 688,810.98 PFM Asset Management, a division of Page 29
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending February 28, 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 CAMP Pool
02/18/26 02/18/26 Purchase - Interest 43815QAC1 1.00 684.58 689,495.56 02/18/26 02/18/26 Purchase - Principal 43815QAC1 1.00 15,365.29 704,860.85 02/18/26 02/18/26 Redemption - Principal 43815CAD0 1.00 (144,976.90) 559,883.95 02/18/26 02/18/26 Redemption - Principal 448981AD2 1.00 (164,988.86) 394,895.09 02/20/26 02/20/26 Purchase - Interest 110122DE5 1.00 4,114.50 399,009.59 02/20/26 02/20/26 Purchase - Interest 05594BAD8 1.00 290.00 399,299.59 02/20/26 02/20/26 Purchase - Interest 73329KAD8 1.00 384.17 399,683.76 02/20/26 02/20/26 Purchase - Interest 92348KDY6 1.00 1,559.71 401,243.47 02/23/26 02/23/26 Purchase - Interest 438123AC5 1.00 262.70 401,506.17 02/23/26 02/23/26 Purchase - Principal 438123AC5 1.00 4,387.01 405,893.18 02/25/26 02/25/26 Purchase - Interest 3137BXQY1 1.00 1,477.67 407,370.85 02/25/26 02/25/26 Purchase - Interest 3137F1G44 1.00 1,486.38 408,857.23 02/25/26 02/25/26 Purchase - Interest 3137HACX2 1.00 2,208.71 411,065.94 02/25/26 02/25/26 Purchase - Interest 3137HAD45 1.00 1,710.14 412,776.08 02/25/26 02/25/26 Purchase - Interest 3137HAMH6 1.00 3,100.00 415,876.08 02/25/26 02/25/26 Purchase - Interest 3137HAMS2 1.00 2,000.00 417,876.08 02/25/26 02/25/26 Purchase - Interest 3137HAQ74 1.00 1,975.00 419,851.08 02/25/26 02/25/26 Purchase - Interest 3137HAST4 1.00 1,515.63 421,366.71 02/25/26 02/25/26 Purchase - Interest 3137HB3D4 1.00 760.35 422,127.06 02/25/26 02/25/26 Purchase - Interest 3137HB3G7 1.00 1,113.75 423,240.81 02/25/26 02/25/26 Purchase - Interest 3137HBC69 1.00 1,527.00 424,767.81 02/25/26 02/25/26 Purchase - Interest 3136BQDE6 1.00 1,829.20 426,597.01 PFM Asset Management, a division of Page 30
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending February 28, 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 CAMP Pool
02/25/26 02/25/26 Purchase - Interest 3137BSP72 1.00 1,215.96 427,812.97 02/25/26 02/25/26 Purchase - Interest 3137BTUM1 1.00 1,007.67 428,820.64 02/25/26 02/25/26 Purchase - Interest 3137HBLV4 1.00 1,104.90 429,925.54 02/25/26 02/25/26 Purchase - Interest 3137HDJJ0 1.00 2,143.96 432,069.50 02/25/26 02/25/26 Purchase - Interest 3137HDV56 1.00 1,730.67 433,800.17 02/25/26 02/25/26 Purchase - Interest 3137HDXL9 1.00 1,873.99 435,674.16 02/25/26 02/25/26 Purchase - Interest 3137HKXJ8 1.00 698.25 436,372.41 02/25/26 02/25/26 Purchase - Principal 3137HAD45 1.00 500.99 436,873.40 02/25/26 02/25/26 Purchase - Principal 3137BTUM1 1.00 767.79 437,641.19 02/25/26 02/25/26 Purchase - Principal 3137HBC69 1.00 1,143.58 438,784.77 02/25/26 02/25/26 Purchase - Principal 3136BQDE6 1.00 20,813.71 459,598.48 02/26/26 02/26/26 Purchase - Interest 17275RBR2 1.00 10,185.00 469,783.48 02/26/26 02/26/26 Purchase-Principal 3137HDJJ0 1.00 274,659.82 744,443.30 02/26/26 02/26/26 Purchase-Principal 3137HDJJ0 1.00 274,576.22 1,019,019.52 02/26/26 02/26/26 Purchase-Interest 3137HDJJ0 1.00 321.61 1,019,341.13 02/26/26 02/26/26 Purchase-Interest 3137HDJJ0 1.00 321.51 1,019,662.64 02/26/26 02/26/26 Purchase - Principal 3137HDJJ0 1.00 59.76 1,019,722.40 02/26/26 02/26/26 Redemption-Interest 3137HDJJ0 1.00 (321.64) 1,019,400.76 02/26/26 02/26/26 Redemption-Interest 3137HDJJ0 1.00 (321.54) 1,019,079.22 02/26/26 02/26/26 Redemption-Principal 3137HDJJ0 1.00 (274,690.46) 744,388.76 02/26/26 02/26/26 Redemption-Principal 3137HDJJ0 1.00 (274,606.86) 469,781.90 02/27/26 02/27/26 IP Fees January 2026 1.00 (4,267.48) 465,514.42 PFM Asset Management, a division of Page 31
U.S. Bancorp Asset Management, Inc.

Account Statement For the Month Ending February 28, 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 CAMP Pool
02/27/26 02/27/26 U.S. Bank Fees December 2025 1.00 (210.08) 465,304.34 02/27/26 03/02/26 Accrual Income Div Reinvestment - Distributions 1.00 1,096.00 466,400.34 466,400.34
466,400.34
466,400.34
373,707.73
1,902.73

0.00 (4,001,697.35)
3,513,529.70
954,567.99
1,096.00
466,400.34

0.00 (2,343,555.30)
2,676,667.88
133,287.76
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
February January-February

3.83%
PFM Asset Management, a division of Page 32
U.S. Bancorp Asset Management, Inc.

Page 1 of 3 ends

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Shannon Buckley, Assistant City Manager
Date: March 24, 2026
Subject: Election for Annexation Proceedings for Annexation No. 16 Into Community Facilities District No. 2015-1 (Safety Services)
Recommendation

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

CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES), ANNEXING TERRITORY TO COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES), AND CALLING ELECTIONS THEREIN; and

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

CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) CERTIFYING THE RESULTS OF THE MARCH 24, 2026, ANNEXATION AND SPECIAL TAX ELECTIONS.

Background
Zairey, Inc., a California Corporation (the “Owner”) owns a vacant mixed-use lot to include 60 single-family residential unit condominiums and 14 proposed multi-family residential unit apartments. In order to adequately mitigate public safety services needed to serve the residential property within APNs 381-320-020 and 381-320-026, the Owner has agreed to annex the property to Community Facilities District No. 2015-1 (“CFD No. 2015-1” or “District”) for the purpose of financing police protection services (including but not limited to criminal

CFD 2015-1 Annex 16

Page 2 of 3 ends

justice services), fire protection and suppression services, and paramedic services (“Safety Services”) within the area of CFD No. 2015-1, which is necessary to serve new development within APNs 381-320-020 and 381-320-026. The development within the annexation area will encompass 60 single-family residential unit condominiums and 14 multi-family residential unit apartments.

CFD No. 2015-1 was formed by the City Council on March 8, 2016, pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982 (“Act”). On October 22, 2019, the City Council, acting as the legislative body of CFD No. 2015-1, adopted a resolution declaring its intention to annex the District into CFD No. 2015-1. The proceedings to undertake at this meeting will complete the proposed Annexation of property to CFD 2015-1.

The attached resolution will certify the results of the election on the annexation of the Property to CFD No. 2015-1.

Discussion
Following the public hearing to be held, approval of the first resolution will call for an election to be held with respect to the Annexation. The City has received a certificate of the Registrar of Voters certifying that there are less than 12 Registered Voters residing with the District during the 90 days prior to the time of the public hearing. Accordingly, the election to be held will be a landowner election pursuant to which the landowners are the sole eligible voters within the District. Zairey, Inc., a California Corporation, has also executed a consent and waiver to certain election law requirements and to allow the election to be conducted immediately following the public hearing.

Following the holding of the election, the City Council will be asked to certify the election results and assuming the passage of the propositions, the property within the District will be annexed to CFD No. 2015-1 and the City Clerk will be instructed to record a notice of special tax lien of CFD No. 2015-1 on the property within the District. The property within the District will thereafter be subject to the special tax levy of CFD No. 2015-1.

Fiscal Impact
The Owner has made a deposit to pay for the costs of the Annexation.

CFD No. 2015-1 will annually levy special taxes on all of the taxable property within the District in accordance with the Rate and Method of Apportionment in order to pay for the costs of services and administration of CFD No. 2015-1.

Attachments
Attachment 1 – Project Map
Attachment 2 – Resolution Annexing Calling an Election
Exhibit 2A – Rate and Method of Apportionment
Exhibit 2B – Ballot
Attachment 3 – Resolution Certifying the Election Results CFD 2015-1 Annex 16

Page 3 of 3 ends

Exhibit 3A – Certificate of Election Results
Attachment 4 – Certificate of Registrar of Voters
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COMMUNITY FACILITIES DISTRICT NO. 2015-1
ANNEXATION NO. 16

PROJECT MAP

RESOLUTION NO. 2026-_________

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

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

SERVICES), ANNEXING TERRITORY TO COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES), AND CALLING ELECTIONS THEREIN Whereas, on March 8, 2016, the City Council (the “City Council”) of the City of Lake Elsinore adopted Resolution No. 2016-022, declaring its intention to establish Community Facilities District No. 2015-1 of the City of Lake Elsinore (Safety Services) (“Community Facilities District No. 2015-1” or the “District”) pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the “Act”); and
Whereas, after a duly noticed public hearing, the City Council adopted Resolution No. 2016-035 (the “Resolution of Formation”) establishing Community Facilities District No. 2015-1 and calling a special election therein to authorize (i) the levy of special taxes pursuant to the rate and method of apportionment of the special tax, as set forth in Attachment “A” attached to the Resolution No. 2016-022 (the “Original Rate and Method”), and (ii) the establishment of an appropriations limit for Community Facilities District No. 2015-1; and Whereas, pursuant to a petition signed by Ahmad Zaki (the “Managing Member”), on February 10, 2026, the City Council adopted Resolution No. 2026-9 (the “Resolution of Intention”), stating its intention to annex the territory described in Attachment “A” to the Resolution of Intention (the “Annexation Territory”) to the District; and
Whereas, a notice of a public hearing to be held on March 24, 2026 was published and mailed to all landowners of the land proposed to be included within the Annexation Territory as required by law relative to the intention of the City Council to annex the Annexation Territory to the District and to levy a special tax in accordance with the Rate and Method (as defined below); and
Whereas, on March 24, 2026 this City Council held a noticed public hearing as required by law relative to the proposed annexation of the Annexation Territory, the levy of special taxes therein in accordance with the attached as Attachment “B” to the Resolution of Intention (the “Rate and Method”), which Rate and Method is identical to the Original Rate and Method in all respects except that Appendix A thereto has been updated in accordance with the terms of the Original Rate and Method to reflect the annexation described herein; and Whereas, at the March 24, 2026 public hearing all persons desiring to be heard on all matters pertaining to the proposed annexation of the Annexation Territory to the District and the levy of the special taxes within the Annexation Territory in accordance with the Rate and Method were heard and a full and fair hearing was held; and
Whereas, at the public hearing, evidence was presented to the City Council on the matters before it, and the proposed annexation of the Annexation Territory to the District and the levy of special taxes within the Annexation Territory in accordance with the Rate and Method was not precluded by a majority protest of the type described in Section 53339.6 of the Act, and this City Council at the conclusion of the hearing is fully advised as to all matters relating to the annexation of the Annexation Territory and the levy of the special taxes in accordance with the Rate and Method; and
Whereas, the City Council has determined that there have been fewer than twelve registered voters residing in the Annexation Territory for the period of 90 days prior to February 11, 2026 and that the qualified electors in Annexation Territory are the landowners therein; and Whereas, on the basis of all of the foregoing, the City Council has determined at this time to proceed with the annexation of the Annexation Territory to the District and to call an election within the Annexation Territory to authorize the levy of special taxes pursuant to the Rate and Method;

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

THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:

Section 1. Each of the above recitals is true and correct.

Section 2. The City Council hereby finds and determines that all prior proceedings taken with respect to the establishment of the District and the proposed annexation of the Annexation Territory to the District were valid and in conformity with the requirements of law, including the Act.

Section 3. The map showing the original boundaries of the District designated as “Map of Proposed Boundaries of Community Facilities District No. 2015-1 of the City of Lake Elsinore (Safety Services),” which map is on file in the office of the City Clerk and was recorded pursuant to Sections 3111 and 3113 of the Streets and Highways Code in the City of County Book of Maps of Assessment and Community Facilities Districts in the Assessor-County Clerk-Recorder’s office of the County of Riverside in Book No. 79 Page Nos. 45-46, on March 14, 2016 as Instrument No. 2016-00978338.

The map showing the Annexation Territory proposed to be annexed to the District and be made subject to taxation are as shown which map is on file in the office of the City Clerk and was recorded pursuant to Sections 3111 and 3113 of the Streets and Highways Code in the City of County Book of Maps of Assessment and Community Facilities Districts in the Assessor-County Clerk-Recorder’s office of the County of Riverside in Book No. 99 Page No. 8, on February 25, 2026 as Instrument No. 2026-0057492.

Section 4. The City Council hereby adopts the Rate and Method attached as Attachment “C” to the Resolution of Intention as the applicable rate and method for the Annexation Territory. Except where funds are otherwise available, it is the intention of the City Council, subject to the approval of the eligible voters within the Annexation Territory, to levy the proposed special taxes at the rates within the Annexation Territory set forth in the Rate and Method on all non-exempt property within the Annexation Territory sufficient to pay for (i) the Services (as defined in the Rate and Method), (ii) fund an operating reserve for the costs of Services as determined by the City, and (v) Administrative Expenses (as defined in the Rate and Method).

The District expects to incur, and in certain cases has already incurred, Administrative Expenses in connection with the annexation of the Annexation Territory to the District. The rate and method of apportionment of the special tax applicable to the Annexation Territory is described in detail in Attachment “C” to the Resolution of Intention which is incorporated herein by this reference, and the City Council hereby finds that Attachment “C” to the Resolution of Intention contains sufficient detail to allow each landowner within the Annexation Territory to estimate the maximum amount that may be levied against each parcel. The special tax is apportioned to each parcel on the foregoing bases pursuant to Section 53325.3 of the Act and such special tax is not on or based upon the ownership of real property.

Section 5. The City’s Assistant City Manager will be responsible for preparing annually, or authorizing a designee to prepare, a current roll of special tax levy obligations by assessor’s parcel number and will be responsible for estimating future special tax levies pursuant to Section 53340.2 of the Act. The special tax may be levied for such period as the Services are needed, as further described in Attachment “A” hereto.

Section 6. Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of the Streets and Highways Code, a continuing lien to secure each levy of the special tax shall attach to all non-exempt real property in the Annexation Territory and this lien shall continue in force and effect until the levy of the special tax by the District ceases in accordance with the Rate and Method.

Section 7. Consistent with Section 53325.6 of the Act, the City Council finds and determines that the land within the Annexation Territory, if any, devoted primarily to agricultural, timber or livestock uses and being used for the commercial production of agricultural, timber or livestock products is contiguous to other land within the Annexation Territory and will be benefited by the Services proposed to be provided within Community Facilities District No. 2015-1 and the Annexation Territory.

Section 8. It is hereby further determined that there is no ad valorem property tax currently being levied on property within the Annexation Territory for the exclusive purpose of paying for the same services as are proposed to be provided by Community Facilities District No. 2015-1.

Section 9. Written protests against the annexation of the Annexation Territory to the District and the levy of the special tax therein have not been filed by one-half or more of the registered voters within the boundaries of the Annexation Territory to the District or by the property owners of one-half or more of the area of land within the boundaries of the Annexation Territory.

The City Council hereby finds that the proposed special tax for the Annexation Territory has not been precluded by a majority protest pursuant to Section 53324 of the Act.

Section 10. An election is hereby called for the Annexation Territory on the propositions of annexation to the District and the levying the special tax on the property within such Annexation Territory, pursuant to Section 53339.7 of the Act. The propositions to be placed on the ballot for the Annexation Territory are attached hereto as Attachment “B.” Section 11. The date of the foregoing elections for each Proposed Annexation Territory shall be March 24, 2026, or such later date as is consented to by the City Clerk and the landowners within the Annexation Territory. The City Clerk shall conduct the elections. Except as otherwise provided by the Act, the elections shall be conducted by personally delivered or mailed ballot and, except as otherwise provided by the Act, the elections shall be conducted in accordance with the provisions of law regulating elections of the City insofar as such provisions are determined by the City Clerk to be applicable.

Section 12. It is hereby found that there are not more than twelve registered voters within the territory of the Annexation Territory, and, pursuant to Section 53339.7 of the Act, each landowner who is the owner of record on the date hereof, or the authorized representative thereof, shall have one vote for each acre or portion thereof that he or she owns within the Annexation Territory.

Section 13. This Resolution shall take effect immediately upon its adoption.

Section 14. The City Clerk shall certify to the adoption of this Resolution and enter it into the book of original Resolutions.

Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 24th day of March, 2026.

Robert Magee
Mayor
Attest:

Candice Alvarez, MMC
City Clerk

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2026-____ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of March 24, 2026, and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk
City of Lake Elsinore Page 1
Community Facilities District No. 2015-1 (Safety Services)

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES)

OF THE CITY OF LAKE ELSINORE
A Special Tax (the “Special Tax”) shall be levied on and collected from each Assessor’s Parcel (defined below) in Community Facilities District No. 2015-1 (Safety Services) (the “CFD No. 2015-1” or “CFD”; defined below), in each Fiscal Year, (defined below), commencing in the Fiscal Year beginning July 1, 2016, in an amount determined by the City Council of the City of Lake Elsinore, acting in its capacity as the legislative body of CFD No. 2015-1, by applying the rate and method of apportionment set forth below.

All of the real property in CFD No. 2015-1, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

A. DEFINITIONS
“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation, annexation, and administration of CFD No. 2015-1 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2015-1, or any designee thereof associated with fulfilling the CFD No. 2015-1 reporting requirements; the costs associated with responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2015-1 or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-1 for any other administrative purposes of CFD No. 2015-1, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.
“Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee. “Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.
“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means the identification number assigned to a parcel by the County Assessor of the County of Riverside.
“CFD” or “CFD No. 2015-1” means the City of Lake Elsinore Community Facilities District No. 2015-1 (Safety Services).
“City” means the City of Lake Elsinore.
“County” means the County of Riverside.
“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Developed Multi-Family Property” means all Assessor's Parcels of Developed Property for which a building permit or use permit for the construction of a residential structure with two or more City of Lake Elsinore Page 2
Community Facilities District No. 2015-1 (Safety Services) Residential Units that share a single Assessor's Parcel Number, as determined by the Administrator, has been issued prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied. “Developed Single Family Property” means any residential property other than a Developed MultiFamily Property on an Assessor’s Parcel for which a building permit for new construction has been issued by the City on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section E.
“Fiscal Year” means the period from and including July 1st of any year to and including the following June 30th.
“Maximum Special Tax” means the Maximum Special Tax, as applicable, levied within the CFD for any Fiscal Year.
“Future Annexation Area” means any area included inside the boundaries of the proposed boundary map included in Appendix C.
“Proportionately” means for Taxable Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Assessor’s Parcels. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator. “Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units. “Services” means services permitted under the Mello-Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2015-1 as set forth in Appendix B.
“Special Tax” means the Special Tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.
"Special Tax Requirement" means the amount to be collected in any Fiscal Year to pay for certain costs as required to meet the public safety needs of CFD No. 2015-1 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for (i) police protection services, (ii) fire protection and suppression services, (iii) paramedic services, (iv) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses.

Under no circumstances shall the Special Tax Requirement include funds for bonds. "Taxable Property" means all Assessor’s Parcels within CFD No. 2015-1, which are not Exempt Property.
“Taxable Unit” means a Residential Unit.

City of Lake Elsinore Page 3
Community Facilities District No. 2015-1 (Safety Services) B. RATE AND METHOD OF APPORTIONMENT OF MAXIMUM SPECIAL TAX RATES As of July 1 of each Fiscal Year, commencing July 1, 2016, the Council shall determine the Special Tax Requirement and shall levy the Special Tax upon each of the Assessor’s Parcels within the CFD which constitute a Developed Single Family Property or a Developed Multi-Family Property until the aggregate amount of Special Tax equals the Special Tax Requirement. The Special Tax shall be levied Proportionately on all Assessor’s Parcels of Developed Property up to 100% of the applicable Maximum Special Tax to satisfy the Special Tax Requirement.

The Maximum Special Tax for Fiscal Year 2016-2017 for a Developed Single Family Property and a Developed Multi-Family Property are shown below in Table 1.

TABLE 1

MAXIMUM SPECIAL TAX RATES
FISCAL YEAR 2016-2017
Description
Taxable
Unit
Maximum
Special Tax
Developed Single Family Property RU $685
Developed Multi-Family Property RU $419
Increase in the Maximum Special Tax
On each July 1, commencing on July 1, 2017 the Maximum Special Tax for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by four percent (4.0%), whichever is greater.

No Special Tax shall be levied on property which, at the time of adoption of the Resolution of Formation for CFD No. 2015-1 is an Exempt Property.

C. FUTURE ANNEXATIONS
It is anticipated that additional properties will be annexed to CFD No. 2015-1 from time to time.

Pursuant to California Government Code section 53339 et seq., the rate and method adopted for the annexed property shall reflect the Maximum Special Tax rate at the then current year’s Maximum Special Tax rate as set forth in Appendix A.

D. TERM OF SPECIAL TAX
For each Fiscal Year, the Maximum Special Taxes shall be levied as long as the Services are being provided within the boundaries of CFD No. 2015-1.

E. EXEMPTIONS
The City shall classify as Exempt Property within CFD No. 2015-1, any Assessor’s Parcel in any of the following categories; (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, City of Lake Elsinore Page 4
Community Facilities District No. 2015-1 (Safety Services) encumbered by or restricted in use by any public entity; (ii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement; (iii) Assessor’s Parcels which are privately owned but are encumbered by or restricted solely for public uses; (iv) any Assessor’s Parcel which is in use in the performance of a public function as determined by the Administrator; or (v) any Assessor’s Parcel which is not a Developed Single Family Property or a Developed Multi-Family Property.

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

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

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

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

City of Lake Elsinore Page 5
Community Facilities District No. 2015-1 (Safety Services)

APPENDIX A

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-1
(SAFETY SERVICES)

ANNEXATION SUMMARY
Safety Services - It is estimated that the cost of providing police, fire protection, and paramedic services being funded by the Special Tax for the Community Facilities District No. 2015-1 (Safety Services) will be as follows for the Fiscal Year 2016-2017:
 $685 per residential unit for Developed Single Family Residential Property  $419 per residential unit for Developed Multi-Family Residential Property Annual Escalation - On each July 1, commencing on July 1, 2017 the Maximum Special Tax for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los City of Lake Elsinore Page 6
Community Facilities District No. 2015-1 (Safety Services) Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by four percent (4.0%), whichever is greater.

Annex.
#
Fiscal
Year Tract
Development
Name
No. of
Taxable
Units
Land Use
Category
Maximum
Special
Tax at Annex. Subdivider
Original 2016-17 36557 Terracina 452 Developed Single
Family Property $685.00 Terracina Investors, LLC & C/O Spectrum Communities Original 2016-17 36682 Senterra 74 Developed Single
Family Property $685.00 Pardee Homes
1 2016-17 33486 Makenna Court 81 Developed Single
Family Property $685.00 SAM-McKenna
2 2016-17 28214
-6, -7, -8
Skypointe at
Alberhill Ranch 82 Developed Single Family Property $685.00 KB Homes 3 2018-19 31957 Running Deer 96 Developed Single
Family Property $740.90 SAM-Running Deer
4 2018-19 37381 &
37382 Wasson Canyon II 272 Developed Single Family Property $740.90 Ava Karras 5 2019-20 33267 Westlake 163 Developed Single
Family Property $770.53 Pardee Homes
6 2019-20 37305 Nichols Ranch 168 Developed Single
Family Property $770.53 Nichols RD Partners, LLC
7 2020-21 30698 &
32129 Rosetta Hills 178 Developed SingleFamily Property $801.35 Three Strands Properties & Spectrum Communities 8 2021-22 33370 Tessera 90 Developed Single
Family Property $833.41 JLJ, LP
9 2021-22 33725 &
25475
Tuscany Valley/
Crest 335 Developed SingleFamily Property $833.41 Shopoff Realty Investment 10 2021-22 38008 Ridgeline at
Westridge 60 Developed Single Family Property $833.41 Tri Pointe Homes 11 2021-22 38214-9 Alberhill Ranch 344 Developed Single Family Property $833.41 Alberhill Development, LLC
12 2022-23 37280 Lakeshore 140 Developed Single
Family Property $917.08 Lake Elsinore Lakeshore, LLC & Erin Crowder 13 2022-23 38116 Lakeside 140 Developed Single
Family Property $917.08 Tri Pointe Homes IE-SD, Inc.
14 2023-24 38378 Coastal Mission
Trails 191 Developed Single Family Property $958.90 Vista Emerald, LLC 15 2025-26 34249 Canyon Hills
Estates 133 Developed Single Family Property $1,039.64 Tri Pointe Homes IE-SD, Inc. 16 2025-26 37578 Bamiyan
Marketplace
60 Developed Single
Family Property $1,039.64 Zairey, Inc., a California
Corporation 14 Developed Multi
Family Property $635.93
City of Lake Elsinore Page 7
Community Facilities District No. 2015-1 (Safety Services)

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-1
(SAFETY SERVICES)

DESCRIPTION OF AUTHORIZED SERVICES
The services which may be funded with proceeds of the special tax of CFD No. 2015-1, as provided by Section 53313 of the Act, will include some or all of the costs attributable to public safety.

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

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

The above services shall be limited to those provided within the boundaries of CFD No. 2015-1 and the Future Annexation Area of CFD No. 2015-1 or for the benefit of the properties within the boundaries of CFD No. 2015-1 and the Future Annexation Area of CFD No. 2015-1, as the boundary is expanded from time to time by anticipated annexations, and said services may be financed by proceeds of the special tax of CFD No. 2015-1 only to the extent that they are in addition to those provided in the territory of CFD No. 2015-1 before CFD No. 2015-1 was created.

City of Lake Elsinore Page 8
Community Facilities District No. 2015-1 (Safety Services)

APPENDIX C

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES)

PROPOSED BOUNDARIES AND BOUNDARIES - FUTURE ANNEXATION AREA r ________________________ ___CJL:.bi._�7'1 5\

I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING

THE PROPOSEO BOUNDARIES OF THE POTENTIAL
ANNEXATION AREA OF COMMUNITY FA□LITIES
DISTRICT NO. 2015-1 (SAFETY SERVICE5), □TY OF LAKE

ELSINORE, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,
WAS APPROVED BY THE □TY COUN□L OF THE □TY

OF LAKE ELSINORE, AT A REGULAR MEETING
THEREOF, HELD ON -1I!!2._ DAY OF 1!M.b, 20...!!L....,
BY ITS RESOLUTION NO� .
o�CM,., ca. 9c,?1W:-:'. □TY CLERK
□TY OF LAKE ELSINORE
FILED IN THE omCE OF THE □TY CLERK, □TY OF LAKE
ELSINORE, THIS �DAY OF .D'.J=h., 20.!i!.
8u.wJ'fl.�
□TY CLERK
□TY OF LAKE ELSINORE
RECORDED THIS �DAY OF Harch , 20.lk
AT THE HOUR OF lJ:.fi,, O'CLOCK 11.M IN BOOK 21
PAGE '51. OF MAPS OF A5SESSMENT AND COMMUNITY

FACILITIES DISTRICTS IN THE OFFICE OF THE COUNTY

RECORDER, IN THE COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA.

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THE BOUNDARIES OF THE COMMUNITY FACTLI11ES
DISTRICT. FOR OITAILS CONCERNING THE

UNES ANO DIMENSIONS OF LOTS OR
PARCELS REFER ro THE COUNTY ASSESSORS MAPS FOR FISCAL YEAR 2016-2017.

BOUNDARIES-POTENTIALANNEXATIONAREA
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES)

CITY OF LAKE ELSINORE

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
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w.o. 14-0295

SPECIAL TAX ELECTION

CITY OF LAKE ELSINORE

ANNEXATION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) ANNEXATION NO. 16
(March 24, 2026)
This ballot is for the use of the authorized representative of the following owner of land within Annexation No. 16 of the Community Facilities District No. 2015-1 (Safety Services) (“CFD No. 2015-1”) of the City of Lake Elsinore:

Name of Landowner
Number of Acres
Owned Total Votes
Zairey, Inc., a California Corporation 12.60 13
According to the provisions of the Mello-Roos Community Facilities Act of 1982, and resolutions of the City Council (the “Council”) of the City of Lake Elsinore (the “City”), the above-named landowner is entitled to cast the number of votes shown above under the heading “Total Votes,” representing the total votes for the property owned by said landowner. The City has sent the enclosed ballot to you so that you may vote on whether or not to approve the special tax.

This special tax ballot is for the use of the property owner of the parcels identified below, which parcels are located within the territory proposed to be annexed to the CFD No. 2015-1, City of Lake Elsinore, County of Riverside, State of California. Please advise the City Clerk, at (951) 674- 3124 if the name set forth below is incorrect or if you are no longer one of the owners of these parcels. This special tax ballot may be used to express either support for or opposition to the proposed special tax. To be counted, this special tax ballot must be signed below by the owner or, if the owner is not an individual, by an authorized representative of the owner. The ballot must then be delivered to the City Clerk, either by mail or in person, as follows:

Mail
Delivery: If by mail, place ballot in the return envelope provided, and mail no later than March 10, 2026, two calendar weeks prior to the date set for the election. Mailing later than this deadline creates the risk that the special tax ballot may not be received in time to be counted.

Personal
Delivery: If in person, deliver to the City Clerk at any time up to 7:00 p.m. on March 24, 2026, at the Clerk’s office at 130 N Main St. Lake Elsinore, CA 92530.

However delivered, this ballot must be received by the Clerk prior to the close of the public meeting on March 24, 2026.

Very truly yours,
Candice Alvarez, MMC,
City Clerk
TO CAST THIS BALLOT, PLEASE RETURN THIS ENTIRE PAGE.

OFFICIAL SPECIAL TAX BALLOT
Name & Address of Property Owner: Assessor’s Parcel Number(s):

Zairey, Inc., a California Corporation
Attn: Ahmad Zaki
45 Cinch Road
Bell Canyon, CA 91307
381-320-020, 381-320-026

ANNEXATION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) ANNEXATION NO. 16
AN “X” OR OTHER MARK WILL CAST ALL VOTES ASSIGNED TO THIS BALLOT PROPOSITION A: Shall the territory described in Attachment “A” of Resolution No. 2026-9 of the City Council of the City of Lake Elsinore be annexed to Community Facilities District No. 2015-1 of the City of Lake Elsinore (Safety Services)?
MARK “YES” OR “NO”
WITH AN “X”:

YES _________
NO _________
PROPOSITION B: Shall a special tax with a rate and method of apportionment as provided in Attachment “B” to Resolution No. 2026- 9 of the City Council of the City of Lake Elsinore be levied to pay for the Services and other purposes described in Resolution No. 2016- 035?
MARK “YES” OR “NO”
WITH AN “X”:

YES _________
NO _________
Certification for Special Election Ballot
The undersigned is an authorized representative of the above-named landowner and is the person legally authorized and entitled to cast this ballot on behalf of the above-named landowner.

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 20__.

Ahmad Zaki
President
Signature
Print Name
Title
RESOLUTION NO. 2026-_________

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

CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) CERTIFYING THE RESULTS OF THE MARCH 24, 2026

ANNEXATION AND SPECIAL TAX ELECTIONS
Whereas, the City Council (the “City Council”) of City of Lake Elsinore (the “City”) called and duly held consolidated elections on March 24, 2026 within the boundaries of certain territory (the “Annexation Territory”) described in Attachment “A” to Resolution No. 2026-9 adopted by the City Council on February 10, 2026, which territory is to be annexed to Community Facilities District No. 2015-1 (Safety Services) of the City of Lake Elsinore (“Community Facilities District No. 2015- 1” or the “District”) pursuant to Resolution No. 2026-9 for the purpose of presenting to the qualified electors within the Annexation Territory the propositions attached hereto as Attachment A; and Whereas, there has been presented to this City Council a certificate of the City Clerk canvassing the results of the election, a copy of which is attached hereto as Attachment B;

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

CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) HEREBY RESOLVES, DETERMINES, AND ORDERS AS FOLLOWS:

Section 1. Each of the above recitals is true and correct and is adopted by the legislative body of the District.

Section 2. Propositions A and B presented to the qualified electors of the Annexation Territory on March 24, 2026, were approved by more than two-thirds of the votes cast at the election held for the Annexation Territory and Propositions A and B each has carried. The City Council, acting as the legislative body of the District, is hereby authorized to levy on the land within the Annexation Territory, which is hereby annexed to the District in accordance with Proposition A, the special tax described in Proposition B for the purposes described therein.

Section 3. The City Council, acting as the legislative body of the District, is hereby authorized to take the necessary steps to levy the special tax authorized by Proposition B in accordance with Ordinance No. 2016-1356 approved by the City Council, acting as the legislative body of the District.

Section 4. The City Clerk is hereby directed to record in the Office of the County Recorder within fifteen days of the date hereof a notice of special tax lien for the Annexation Territory which Bond Counsel to the District shall prepare in the form required by Streets and Highways Code Section 3114.5.

Section 5. The City Clerk shall certify to the adoption of this Resolution and enter it into the book of original Resolutions.

Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 24th day of March 2026.

CC Res. No. 2026-_____

Page 2 of 5 ends

Robert Magee
Mayor
Attest:

Candice Alvarez, MMC
City Clerk

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC,
City Clerk

ATTACHMENT “A”

SPECIAL TAX ELECTION

CITY OF LAKE ELSINORE

Personal
Delivery: If in person, deliver to the City Clerk at any time up to 7:00 p.m. on March 24, 2026, at the Clerk’s office at 130 N Main St. Lake Elsinore, CA 92530.

However delivered, this ballot must be received by the Clerk prior to the close of the public meeting on March 24, 2026.

Very truly yours,
Candice Alvarez, MMC,
City Clerk
ATTACHMENT D-4
TO CAST THIS BALLOT, PLEASE RETURN THIS ENTIRE PAGE.

OFFICIAL SPECIAL TAX BALLOT
Name & Address of Property Owner: Assessor’s Parcel Number(s):

Zairey, Inc., a California Corporation
Attn: Ahmad Zaki
45 Cinch Road
Bell Canyon, CA 91307
381-320-020, 381-320-026

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 20__.

Ahmad Zaki
President

Signature
Print Name
Title
ATTACHMENT D-5
ATTACHMENT “B”

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) ANNEXATION NO. 16

CERTIFICATE OF ELECTION RESULTS
I, the undersigned, being the Deputy City Clerk or the Acting City Clerk, as the case may be, hereby certify:

In connection with the special mailed-ballot election called by the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) on this same date in the proceedings of the City Council for the annexation of territory to the above-entitled community facilities district, I personally received (a) a signed and dated waiver and consent form and (b) a signed, dated and marked election ballot(s) on behalf of the owner(s) listed below, the entity named as the sole landowner of the land within the boundary of the above-entitled community facilities district in the Certificate Regarding Registered Voters and Landowners, dated February 11, 2026, and on file in the office of the City Clerk of the City in connection with the City Council actions on that date.

Copies of the completed waiver and consent form and the completed ballot received by me and on file in my office are attached hereto.

Following such receipt, I have personally, and in the presence of all persons present, reviewed the ballot to confirm that it is properly marked and signed, and I hereby certify the result of that count to be that the ballot was cast in favor of the measure.

Based upon the foregoing, all votes that were cast having been cast “Yes”, in favor of the ballot measures, the measures has therefore passed.

PROPOSITION A PROPOSITION B
Landowner
Qualified
Landowner
Votes
Votes
Cast YES NO YES NO
Zairey, Inc., a California
Corporation 12.60 13
Total 12.60 13
I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 2026.

Candice Alvarez, MMC
City Clerk
City of Lake Elsinore
By:

ATTACHMENT “A”

SPECIAL TAX ELECTION

CITY OF LAKE ELSINORE

Personal
Delivery: If in person, deliver to the City Clerk at any time up to 7:00 p.m. on March 24, 2026, at the Clerk’s office at 130 N Main St. Lake Elsinore, CA 92530.

However delivered, this ballot must be received by the Clerk prior to the close of the public meeting on March 24, 2026.

Very truly yours,
Candice Alvarez, MMC,
City Clerk
ATTACHMENT D-5
TO CAST THIS BALLOT, PLEASE RETURN THIS ENTIRE PAGE.

OFFICIAL SPECIAL TAX BALLOT
Name & Address of Property Owner: Assessor’s Parcel Number(s):

Zairey, Inc., a California Corporation
Attn: Ahmad Zaki
45 Cinch Road
Bell Canyon, CA 91307
381-320-020, 381-320-026

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 20__.

Ahmad Zaki
President

Signature
Print Name
Title
ATTACHMENT D-6
ATTACHMENT “B”

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (SAFETY SERVICES) ANNEXATION NO. 16

CERTIFICATE OF ELECTION RESULTS
I, the undersigned, being the Deputy City Clerk or the Acting City Clerk, as the case may be, hereby certify:

Copies of the completed waiver and consent form and the completed ballot received by me and on file in my office are attached hereto.

Based upon the foregoing, all votes that were cast having been cast “Yes”, in favor of the ballot measures, the measures has therefore passed.

Landowner
Qualified
Landowner
Votes
Votes
Cast

PROPOSITION A PROPOSITION B

YES NO YES NO
Zairey, Inc., a California
Corporation 12.60 13
Total 12.60 13
I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 2026.

Candice Alvarez, MMC
City Clerk
City of Lake Elsinore
By:

Page 1 of 3 ends

REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Shannon Buckley, Assistant City Manager
Date: March 24, 2026
Subject: Election for Annexation Proceedings for Annexation No. 28 Into Community Facilities District No. 2015-2 (Maintenance Services) for Assessor’s Parcel Numbers (APNs) 381-320-020 and 381-320-026 (Bamiyan Marketplace) Recommendation

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

CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE QUALIFIED ELECTORS THE

QUESTION OF LEVYING A SPECIAL TAX WITHIN THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 28);

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

CALIFORNIA, DECLARING ELECTION RESULTS FOR COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 28); and

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

ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 OF THE CITY OF LAKE ELSINORE (MAINTENANCE SERVICES) AUTHORIZING THE LEVY OF SPECIAL TAXES.

CFD 2015-2 Annex 28

Page 2 of 3 ends

Background
On February 10, 2026, the City Council adopted Resolution No. 2026-10, declaring its intention to annex territory to Community Facilities District No. 2015-2 (Maintenance Services) and commence the annexation proceedings for the territory to be annexed, also known as Annexation No. 28. A public hearing was set for March 24, 2026. Following such public hearing, if there is no majority protest against the annexation and the levy of the special tax, the City Clerk will conduct an election for the landowners and to declare the results of that election.

As required by the Resolution of Intention, an annexation map was recorded on February 25, 2026, at 12:00 p.m. in Book 99, Page 9, Document No. 2026-0057660 of Maps of Assessment and Community Facilities Districts with the Riverside County Recorder.

Discussion
The City Council adopted the Resolution of Intention in response to a request by Zairey, Inc., a California Corporation (the “Owner”) for the City to assist them in annexing territory into CFD No. 2015-2 (Maintenance Services) to cover the costs associated with the maintenance of public improvements. The improvements proposed to be maintained include items such as lighting, streets, drainage, parks and graffiti. The Applicants have agreed to the annexation into the CFD and submitted a "Consent and Waiver" form on file in the City Clerk's Office, to initiate and conduct proceedings pursuant to the Mello-Roos Act of 1982, requesting the annexation of property to CFD No. 2015-2 (Maintenance Services) and consenting to the shortening of election time requirements, waiving analysis and arguments, and waiving all notice requirements relating to the conduct of the election.

The original area proposed under Annexation No. 28 encompasses a 12.60-acre mixed-use commercial and residential development. This includes a gas station, food service, carwash, office space, and multi-family units that also include apartments and condominiums (Bamiyan Marketplace), which will be incorporated into Tax Zones 32 for 60 residential units and Tax Zone 33 for non-residential property of CFD No. 2015-2. Resolution No. 2026-10, adopted on February 10, 2026, originally proposed a maximum special tax rate for Tax Zone 32 of $477 per unit per year for Special Tax A and $91 per unit per year for Special Tax B. The maximum special tax rate for Tax Zone 33 is $4,974 per acre per year for Special Tax A and $1,529 per acre per year for Special Tax B. The maximum annual tax rates are proposed to escalate each year at the greater of Consumer Price Index (CPI) or 2%.

To annex property to CFD No. 2015-2 under the provisions of California Government Code Section 53311 et seq., the City must adopt a series of three statutorily required Resolutions and an Ordinance which are summarized below.
• Resolution declaring City intent to annex territory to Community Facilities District No. 2015-2 including the boundary of the area to be annexed and the rate and method of apportionment of special taxes within the annexation area (the special tax applies only to properties within the annexation area), adopted February 10, 2026.
• Resolution calling an election to submit to the qualified electors the question of levying a special tax within the area proposed to be annexed to the District.

CFD 2015-2 Annex 28

Page 3 of 3 ends

• Resolution declaring the results of the election and directing the recording of the notice of special tax lien.
• Amend the Ordinance and order the levy and collection of special taxes in the District.

With the adoption of the Resolutions and the first reading of the amended Ordinance, the second reading of the amended Ordinance would be scheduled for April 14, 2026.

Fiscal Impact
On March 1 of each year, every taxable property for which a building permit has been issued will be subject to the special taxes in the ensuing Fiscal Year. If the anticipated costs of maintaining the facilities in any given Fiscal Year, before buildout of the project, exceeds the special tax revenues available from parcels for which building permits have been issued, then the special tax may also be on undeveloped property within the Tax Zone.

Once developed, the Special Tax A for Tax Zone 32 will generate $28,620 and Tax Zone 33 will generate $17,707 annually, plus the annual escalator for maintenance services.

Attachments
Attachment 1 – Project Map
Attachment 2 – Resolution Calling an Election
Exhibit A – Rate and Method Apportionment
Exhibit B – Ballot
Attachment 3 – Resolution Declaring Election Results
Exhibit A – Certificate of Election Results
Attachment 4 – Certificate of Registrar of Voters
Attachment 5 – Ordinance
Zone
32 Zone
33 SHORELINE DR

GRAND AVE

LAKE TERRACE DR
LAGUNA
AVE
·|}þ74
^_

LAKESHORE
DR

MAIN ST

FLINT ST

RIVERSIDE DR

MINTHORN ST

GRAND AVE
·|}þ74
COMMUNITY FACILITIES DISTRICT NO. 2015-2
ANNEXATION NO. 28

PROJECT MAP
RESOLUTION NO. 2026-_________

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

CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE QUALIFIED

ELECTORS THE QUESTION OF LEVYING A SPECIAL TAX WITHIN THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 28)
Whereas, on September 22, 2015 the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) approved Resolution No. 2015-078 declaring the City’s intention to establish Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, County of Riverside, State of California (the "CFD No. 2015-2") for the purpose of levying special taxes on parcels of taxable property therein for the purpose of providing certain services which are necessary to meet increased demands placed upon the City as a result of the development of said real property; and
Whereas, the City Council set a public hearing for September 22, 2015, after which the Council adopted Resolution No. 2015-078 forming the CFD No. 2015-2 and calling a special election at which the questions of levying a special tax and establishing an appropriations limit with respect to the CFD No. 2015-2 were submitted to the qualified electors within the CFD No. 2015-2; and
Whereas, on September 22, 2015, the City Council adopted Resolution No. 2015-079 declaring the results of the special election and finding that more than two-thirds (2/3) of all votes cast at the special election were cast in favor of the proposition presented, and such proposition passed; and
Whereas, the City Council is authorized by Article 3.5 (commencing with Section 53339) of Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code as amended (the "Act"), to annex territory into an existing community facilities district by complying with the procedures set forth in said Article 3.5; and
Whereas, the City Council on February 10, 2026, duly adopted Resolution No. 2026-10 (the “Resolution of Intention”) declaring its intention to annex certain territory to CFD No. 2015-2 (Maintenance Services) and to levy a special tax within that territory to pay for certain services and setting a time and place for the public hearing on the proposed annexation for March 24, 2026; and
Whereas, the territory proposed to be annexed is identified in a map entitled "Annexation Map No. 28 Community Facilities District No. 2015-2 (Maintenance Services)" a copy of which was recorded, on February 25, 2026, in Book 99 of Maps of Assessment and Community Facilities Districts at Page 9, in the office of the Riverside County Recorder; and Whereas, pursuant to the Act and the Resolution of Intention, a noticed public hearing was convened by the City Council on March 24, 2026, not earlier than the hour of 7:00 p.m. at the City Hall located at 183 N Main Street, Lake Elsinore, California 92530, relative to the proposed annexation of said territory to CFD No. 2015-2; and Whereas, written protests have not been filed by fifty percent (50%) or more of the registered voters residing within the CFD No 2015-2, or by fifty percent (50%) or more of the registered voters residing within the territory to be annexed, or by the owners of one-half (1/2) or CC Res. No. 2026-_____

Page 2 of 5 ends

more of the area within the CFD No. 2015-2, or by the owners of one-half (1/2) or more of the territory to be annexed; and
Whereas, the City Council has determined that there are fewer than twelve registered voters residing in the territory proposed to be annexed to the CFD No. 2015-2 and that the qualified electors in such territory are the landowners; and Whereas, on the basis of all of the foregoing, the City Council has determined at this time to call an election to authorize the annexation of territory to the CFD No. 2015-2 and the levying of a special tax as described in Exhibit A hereto; and
Whereas, the City Council has received a written instrument from each landowner in the territory proposed to be annexed to the CFD No. 2015-2 consenting to the shortening of election time requirements, waiving analysis and arguments, and waiving all notice requirements relating to the conduct of the election; and
Whereas, the City Clerk has concurred in the election date set forth herein.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF

LAKE ELSINORE, ACTING EX OFFICIO AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT 2015-2 (MAINTENANCE SERVICES) OF THE CITY OF LAKE ELSINORE, HERE BY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

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

Section 2. Conformation of Finding in Resolution of Intention. The City Council reconfirms all of its findings and determinations as set forth in the Resolution of Intention.

Section 3. Findings Regarding Protests. The City Council finds and determines that written protests to the proposed annexation of territory to the CFD No. 2015-2 and the levy of the special tax within such territory are insufficient in number and in amount under the Act, and the City Council hereby further orders and determines that all such protests are hereby overruled.

Section 4. Findings Regarding Prior Proceedings. The City Council finds and determines that all prior proceedings had and taken by the City Council with respect to the annexation of territory to CFD No. 2015-2 are valid and in conformity with the requirements of the Act.

Section 5. Levy of Special Tax. As stated in the Resolution of Intention, except where funds are otherwise available, subject to the approval of the qualified electors of territory proposed to be annexed to CFD No. 2015-2, a special tax sufficient to pay the costs of the Services (including incidental expenses as described in the Resolution of Intention), secured by recordation of a continuing lien against all nonexempt real property in CFD No. 2015-2, will be levied annually in CFD No. 2015-2. The rate and method of apportionment, and manner of collection of the special tax are specified in Exhibit A hereto.

Section 6. Apportionment of Tax. The special tax as apportioned to each parcel is based on the cost of making the Services available to each parcel, or other reasonable basis, and is not based on or upon the ownership of real property.

CC Res. No. 2026-_____

Page 3 of 5 ends

Section 7. Tax Roll Preparation. The office of the Assistant City Manager, 130 South Main Street, City of Lake Elsinore, is hereby designated as the office that will be responsible for annually preparing a current roll of special tax levy obligations by assessor’s parcel number and that will be responsible for estimating future special tax levies pursuant to Government Code section 53340.2. The Assistant City Manager may cause these functions to be performed by his or her deputies, assistants, or other designated agents.

Section 8. Accountability Measures. Pursuant to Section 50075.1 of the California Government Code, the City shall create a separate account into which tax proceeds will be deposited; and the Assistant City Manager annually shall file a report with the City Council that will state (a) the amount of funds collected and expended and (b) the status of the Services financed in CFD No. 2015-2.

Section 9. Special Election; Voting Procedures. The City Council hereby submits the questions of levying the special tax within the territory proposed to be annexed to the qualified electors, in accordance with and subject to the Act. The special election shall be held on March 24, 2026, and shall be conducted as follows:
(a) Qualified Electors. The City Council hereby determines that the Services are necessary to meet increased demands placed upon the City as a result of development occurring within the boundaries of CFD No. 2015-2. Because fewer than twelve registered voters resided within the territory proposed to be annexed to CFD No. 2015-2 on February 11, 2026 (a date within the 90 days preceding the close of the public hearing on the territory proposed to be annexed to CFD No. 2015-2), the qualified electors shall be the landowners within territory proposed to be annexed, and each landowner who was the owner of record at the close of the hearing shall have one vote for each acre or portion of an acre of land that such landowner owns within the territory proposed to be annexed to CFD No. 2015-2. (b) Consolidation of Elections; Combination of Propositions on Ballot. The election on the question of levying the special tax and establishing an appropriations limit for CFD No. 2015-2 shall be consolidated, and the two proportions shall be combined into a single ballot proposition for submission to the voters, as authorized by Government Code Section 53353.5. (c) Mail Ballot Election. Pursuant to Government Code section 53327.5, the election shall be conducted as a mail ballot election. The City Council hereby ratifies the City Clerk’s delivery of a ballot to each landowner within the territory proposed to be annexed to CFD No. 2015-2. The City Council hereby ratifies the form of the ballot, which is attached hereto as Exhibit B.
(d) Return of Ballots. The City Clerk shall accept the ballots of the landowners up to 7:00 p.m. on March 24, 2026. The City Clerk shall have available ballots that may be marked at the City Clerk’s office on the election day by voters. Once all qualified electors have voted, the City Clerk may close the election.
(e) Canvass of Election. The City Clerk shall commence the canvass of the returns of the special election as soon as the election is closed (on March 24, 2026, or when all qualified electors have voted) at the City Clerk’s office. At the conclusion of the canvass, the City Clerk shall declare the results of the election.
(f) Declaration of Results. The City Council shall declare the results of the special election following the completion of the canvass of the returns and shall cause to be inserted into CC Res. No. 2026-_____

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its minutes a statement of the results of the special election as ascertained by the canvass of the returns.

Section 10. Filing of Resolution and Map with City Clerk. The City Council hereby directs the City Clerk to file a copy of this resolution and the annexation map of the boundaries of CFD No. 2015-2 in her office.

Section 11. The City Clerk shall certify to the adoption of the Resolution and enter into the book of original Resolutions.

PASSED and ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 24th day of March 2026.

Robert Magee
Mayor

Attest:

Candice Alvarez, MMC
City Clerk

CC Res. No. 2026-_____

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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2026-____ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of March 24th, 2026, and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk
City of Lake Elsinore 1
Community Facilities District No. 2015-2 (Maintenance Services)

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

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

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

A. DEFINITIONS
“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on any Assessor’s Parcel Map, or if the land area is not shown on the Assessor’s Parcel Map, the land area as shown on the applicable Final Map, or if the area is not shown on the applicable Final Map, the land area shall be calculated by the Administrator.
“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation, annexation, and administration of CFD No. 2015-2 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2015-2, or any designee thereof associated with fulfilling the CFD No. 2015-2 disclosure requirements; the costs associated with responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2015-2 or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees including payment of a proportional share of salaries and benefits of any City employees and City overhead whose duties are related to the administration and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-2 for any other administrative purposes of CFD No. 2015-2, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes. “Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee. “Approved Property” means all Assessor’s Parcels of Taxable Property that are included in a Final Map that was recorded prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied, and that have not been issued a building permit on or prior to the March 1 preceding the Fiscal year in which the special tax is being levied.
“Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.
“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means that identification number assigned to a parcel by the County Assessor of the County.

City of Lake Elsinore 2
Community Facilities District No. 2015-2 (Maintenance Services) “Building Square Footage” or “BSF” means the floor area square footage reflected on the original construction building permit issued for construction of a building of Non-Residential Property and any Building Square Footage subsequently added to a building of such Taxable Property after issuance of a building permit for expansion or renovation of such building. “Calendar Year” means the period commencing January 1 of any year and ending the following December 31.
“CFD” or “CFD No. 2015-2” means the City of Lake Elsinore Community Facilities District No. 2015-2 (Maintenance Services).
“City” has the meaning set forth in the preamble.
“Contingent Special Tax B Requirement” means that amount required in any Fiscal Year, if the POA is unable to maintain the Service(s) to: (i) pay the costs of Services incurred or otherwise payable in the Calendar Year commencing in such Fiscal Year; (ii) fund an operating reserve for the costs of Services as determined by the Administrator; less a credit for funds available to reduce the annual Special Tax B (Contingent) levy as determined by the Administrator. “County” means the County of Riverside.
“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section G.
“Final Map” means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which building permits may be issued without further subdivision. “Fiscal Year” means the period from and including July 1st of any year to and including the following June 30th.
“Land Use Category” or “LUC” means any of the categories contained in Section B hereof to which an Assessor’s Parcel is assigned consistent with the land use approvals that have been received or proposed for the Assessor’s Parcel as of March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Maximum Special Tax” means either Maximum Special Tax A and/or Maximum Special Tax B (Contingent), as applicable.
“Maximum Special Tax A” means the Maximum Special Tax A, as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.

City of Lake Elsinore 3
Community Facilities District No. 2015-2 (Maintenance Services) “Maximum Special Tax B (Contingent)” means the Maximum Special Tax B (Contingent), as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.
“Multi-Family Residential Property” means any Assessor’s Parcel of residential property that consists of a building or buildings comprised of attached Residential Units sharing at least one common wall with another unit.
“Non-Residential Property” or “NR” means all Assessor's Parcels of Taxable Property for which a building permit(s) was issued for a non-residential use. The Administrator shall make the determination if an Assessor’s Parcel is Non-Residential Property. “Property Owner’s Association” or “POA” means the property owner’s association or homeowner’s association established to maintain certain landscaping within a Tax Zone. “Proportionately” means for Taxable Property that is: (i) Developed Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Developed Property with the same Tax Zone, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Approved Property with the same Tax Zone, and (iii) Undeveloped Property that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre is the same for all Parcels of Undeveloped Property with the same Tax Zone. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator. “Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units. “Service(s)” means services permitted under the Mello-Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2015-2 as set forth in the documents adopted by the City Council at the time the CFD was formed. “Single Family Residential Property” means any residential property other than Multi-Family Residential Property on an Assessor’s Parcel.
“Special Tax(es)” means the Special Tax A and/or Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.
“Special Tax A” means the annual special tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Special Tax A Requirement. "Special Tax A Requirement" means for each Tax Zone, that amount to be collected in any Fiscal Year to pay for certain costs as required to meet the needs for such Tax Zone of CFD No. 2015-2 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for maintenance services including but not limited to (i) maintenance and lighting of parks, parkways, streets, roads and open space, (ii) maintenance and operation of water quality improvements, (iii) public street sweeping, (iv) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses. Under no circumstances shall the Special Tax A Requirement include funds for Bonds.

City of Lake Elsinore 4
Community Facilities District No. 2015-2 (Maintenance Services) “Special Tax B (Contingent)” means the Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Contingent Special Tax B Requirement, if required.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2015-2, which are not Exempt Property.
“Taxable Unit” means a Residential Unit, Building Square Footage, or an Acre. "Tax Zone" means a mutually exclusive geographic area, within which particular Special Tax rates may be levied pursuant to this Rate and Method of Apportionment of Special Tax. Appendix C identifies the Tax Zone in CFD No. 2015-2 at formation; additional Tax Zones may be created when property is annexed into the CFD.
"Tax Zone 1" means the specific geographic area identified on the CFD Boundary Map as Tax Zone 1. "Tract(s)" means an area of land within a subdivision identified by a particular tract number on a Final Map approved for the subdivision.
“Undeveloped Property” means, for each Fiscal Year, all Taxable Property not classified as Developed Property or Approved Property.

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

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

For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Non-Residential Property, all such Assessor’s City of Lake Elsinore 5
Community Facilities District No. 2015-2 (Maintenance Services) Parcels shall be assigned the number of Building Square Footage or Acres as shown on the Final Map as determined by the Administrator. Once the Administrator determines the actual number of Building Square Footage or Acres for the Assessor’s Parcels, the Special Tax A levied against the Assessor’s Parcel in the next Fiscal Year shall be calculated by multiplying the number of Building Square Footage or Acres by the Maximum Special Tax per Taxable Unit identified for the Tax Zone below or as included in Appendix A as each Annexation occurs.

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

TABLE 1

MAXIMUM SPECIAL TAX A RATES

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

City of Lake Elsinore 6
Community Facilities District No. 2015-2 (Maintenance Services) TABLE 2

MAXIMUM SPECIAL TAX A RATES

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

TABLE 3

MAXIMUM SPECIAL TAX A RATES

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

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

TABLE 4

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

DEVELOPED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0
City of Lake Elsinore 7
Community Facilities District No. 2015-2 (Maintenance Services) (ii) Increase in the Maximum Special Tax B (Contingent) On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. (iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax B (Contingent) that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax B (Contingent) that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acreage designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final. b. Approved Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 5 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

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

TABLE 5

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

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

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

City of Lake Elsinore 8
Community Facilities District No. 2015-2 (Maintenance Services) TABLE 6

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

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

D. METHOD OF APPORTIONMENT OF ANNUAL SPECIAL TAX

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

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

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

First: The Special Tax shall be levied Proportionately on all Assessor’s Parcels of Developed Property for a Tax Zone up to 100% of the applicable Maximum Special Tax B (Contingent) to satisfy the Contingent Special Tax B Requirement;
Second: If additional moneys are needed to satisfy the Contingent Special Tax B Requirement after the first step has been completed, the Special Tax B (Contingent) shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Approved Property;
City of Lake Elsinore 9
Community Facilities District No. 2015-2 (Maintenance Services) Third: If additional monies are needed to satisfy the Contingent Special Tax B Requirement after the first two steps has been completed, the Special Tax B (Contingent) shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Undeveloped Property.

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

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

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

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

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

City of Lake Elsinore 10
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX A

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

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

TAX ZONE 32
APNs 381-320-020 & 381-320-026
TAX ZONE 33
APNs 381-320-020 & 381-320-026
Special Tax B Contingent Services – The estimate in the table below breaks down the costs of providing one year’s contingent services for Fiscal Year 2025-26. If necessary, these services will be funded by the levy of Special Tax B (Contingent) for Community Facilities District No. 2015-2 Tax Zone 32 & 33.

TAX ZONE 32 (CONTINGENT SERVICES)
APNs 381-320-020 & 381-320-026
Item Description Estimated Cost
1 Landscaping $805
2 Lighting $4,721
3 Streets $4,895
4 Drainage $540
5 Parks $10,611
6 Graffiti $282
7 Reserves $3,308
8 Admin $3,458
Total $28,620
Item Description Estimated Cost
1 Landscaping $805
1 Lighting $4,721
2 Streets $4,895
3 Drainage $540
4 Parks $2,476
5 Graffiti $66
6 Reserves $2,027
7 Admin $2,177
Total $17,707
Item Description Estimated Cost
1 Drainage $4,187
2 Reserves $628
3 Admin $628
Total $5,443
City of Lake Elsinore 11
Community Facilities District No. 2015-2 (Maintenance Services) TAX ZONE 33 (CONTINGENT SERVICES)
APNs 381-320-020 & 381-320-026
TAX ZONE 32
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Multi-Family Residential Property RU $477 $91
Non-Residential Property Acre $6,750 $1,284
TAX ZONE 33
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Non-Residential Property Acre $4,974 $1,529
TAX ZONE 32
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $6,750 $1,284
TAX ZONE 33
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $4,974 $1,529
Item Description Estimated Cost
1 Drainage $4,187
2 Reserves $628
3 Admin $628
Total $5,443
City of Lake Elsinore 12
Community Facilities District No. 2015-2 (Maintenance Services)

TAX ZONE SUMMARY
Annexation
Tax
Zone
Tract
APN
Fiscal
Year
Maximum
Special Tax A
Maximum
Special Tax B Subdivider
Original 1 LLA-2014-2743 2015-16 $121 / Acre $0 / Acre Tractor Supply 1 2 36682 2016-17 $354 / RU $102 / RU Pardee Homes
2 3 PM 29996 2017-18 $951 / Acre $165 / Acre Pasadena Industrial Park, LLC 3 4 PM 36551 2017-18 $2,671 / Acre $201 / Acre ARI Chaney Street, LLC 4 5 TR 32996 2017-18 $378 / RU $321 / RU LE Cottage Lane, LLC 5 6 365-030-001 2018-19 $1,004/ Acre $0 / Acre Lake Elsinore CCR, LLC 6 7 TR 33267 2019-20 $350 / RU $56 / RU Pardee Homes
7 8 PM 37284 2019-20 $1,953 / Acre $0 / Acre Central Plaza 8 9 TR 37305 2019-20 $951 / RU $384 / RU Nichols Rd Partners, LLC 8 10 TR 37305; Lot 169 2019-20 $2,600 / Acre $0 / Acre Nichols Rd Partners, LLC 9 11 TR 32129 & 30698 2020-21 $541 / RU $69 / RU
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
10 12 TR 33370 2021-22 $294 / RU $30 / RU JLJ. LLC
11 13 PM 37534 2021-22 $1,113 / Acre $0 / Acre SRZ Yuma, LLC 12 14 Canceled KB Home California
15 Canceled Management Services
13 16 LLA 2019-007 2021-22 $407 / Acre $0 / Acre Wal-Mart Real Estate Business Trust
14 17 TR 38008 2021-22 $366 / RU $123 / RU Tri Pointe Homes IE-SD, Inc. 15 18 TPM 37751 2021-22 $2,188 / Acre $2,540 / Acre Boos-Up Lake Elsinore 16 19 PM 37710 2021-22 $1,034 / Acre $0 / Acre Pennington Industrial, LLC 17 20 TR 37280 2022-23 $323 / RU $5 / RU Lake Elsinore Lakeshore, LLC and Erin Crowder
18 21 TR 38116 2022-23 $387 / RU $82 / RU Tri Pointe Homes IE-SD, Inc. 19 22 TR 38378 2023-24 $358 / RU $7 / RU Vista Emerald, LLC 20 23 TR 28214-9 2023-24 $647 / RU $19 / RU Pulte Home Co. 21 24 BLD-2023-0026B 2023-24 $739 / Acre $288 / Acre Lake Street Properties, LP 22 25 TPM 37710 2024-25 $5,569 / Acre $755 / Acre RA & B Development, LLC 23 26 TR 34249 2025-26 $729 / RU $216 / RU Tri-Pointe Homes 24 27 PM 38195 & PM
38281 2025-26 $1,594 / Acre $0 / Acre
Cambern and Central North, LLC,
& Evergreen-Cambern and
Central South Land, LLC
25 28 TTM 33725 2025-26 $821 / RU $221 / RU KB Home California 29 TTM 25475 2025-26 $604 / RU $157 / RU Management Services 26 30 377-100-003, 377-
380-003 2025-26 $5,449 / Acre $2,227 / Acre Cambern Avenue Development Holding Company, LLC 27 31 377-200-045 2025-26 $2,178 / Acre $0 / Acre Parvis Oshideri 28 32 381-320-020 (por.),
381-320-026 2025-26 $477 / RU $91 / RU Zairey, Inc., a California Corporation 33 381-320-020 (por.) 2025-26 $4,974 / Acre $1,529 / Acre City of Lake Elsinore 13
Community Facilities District No. 2015-2 (Maintenance Services)

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

City of Lake Elsinore 14
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX B

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

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

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

City of Lake Elsinore 15
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX C

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

PROPOSED BOUNDARIES AND POTENTIAL ANNEXATION AREA BOUNDARIES

SPECIAL TAX ELECTION

CITY OF LAKE ELSINORE

ANNEXATION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) ANNEXATION NO. 28
(March 24, 2026)
This ballot is for the use of the authorized representative of the following owner of land within Annexation No. 28 of the Community Facilities District No. 2015-2 (Maintenance Services) (“CFD No. 2015-2”) of the City of Lake Elsinore:

This special tax ballot is for the use of the property owner of the parcels identified below, which parcels are located within the territory proposed to be annexed to the CFD No. 2015-2, City of Lake Elsinore, County of Riverside, State of California. Please advise the City Clerk, at (951) 848-4115 if the name set forth below is incorrect or if you are no longer one of the owners of these parcels. This special tax ballot may be used to express either support for or opposition to the proposed special tax. To be counted, this special tax ballot must be signed below by the owner or, if the owner is not an individual, by an authorized representative of the owner. The ballot must then be delivered to the City Clerk, either by mail or in person, as follows:

Personal
Delivery: If in person, deliver to the City Clerk at any time up to 7:00 p.m. on March 24, 2026, at the Clerk’s office at 130 N Main St. Lake Elsinore, CA 92530.

However delivered, this ballot must be received by the Clerk prior to the close of the public meeting on March 24, 2026.

Very truly yours,
Candice Alvarez, MMC,
City Clerk
TO CAST THIS BALLOT, PLEASE RETURN THIS ENTIRE PAGE.

OFFICIAL SPECIAL TAX BALLOT
Name & Address of Property Owner: Assessor’s Parcel Number(s):

Zairey, Inc., a California Corporation
Attn: Ahmad Zaki
45 Cinch Road
Bell Canyon, CA 91307
381-320-020, 381-320-026

ANNEXATION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) ANNEXATION NO. 28
AN “X” OR OTHER MARK WILL CAST ALL VOTES ASSIGNED TO THIS BALLOT SPECIAL TAX BALLOT MEASURE MARK “YES” OR
“NO” WITH AN “X”:

Shall the City Council of the City of Lake Elsinore be authorized to levy a special tax on an annual basis at the rates set forth in the following table:

Land Use Category Tax Zone Maximum Special Tax A Maximum Special Tax B (Contingent)
Single Family Residential 32 $477 $91
Non-Residential 33 $4,974 $1,529
plus an annual increase on each July 1, commencing on July 1, 2026 the Maximum Special Tax A and Maximum Special Tax B (Contingent) for Developed Property, Approved Property and Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index for the Riverside-San Bernardino-Ontario California Standard Metropolitan Statistical Area since the beginning of the preceding Fiscal Year or ii) by two percent (2.0%), whichever is greater, to finance certain services within the territory identified on the map entitled “Annexation Map No. 28 of Community Facilities District No. 2015-2 (Maintenance Services) City of Lake Elsinore” including landscaping, lighting, street maintenance, drainage, parks, and graffiti abatement for Special Tax A and drainage for Special Tax B (Contingent) as provided in the Rate and Method of Apportionment which is attached as Exhibit C to Resolution No. 2026-10 adopted by the City Council of the City of Lake Elsinore on February 10, 2026 (including incidental expenses) and shall an appropriation limit be established for Community Facilities District No. 2015-2 (Maintenance Services) in the amount of special taxes collected?
YES _________

NO _________
Certification for Special Election Ballot
The undersigned is an authorized representative of the above-named landowner and is the person legally authorized and entitled to cast this ballot on behalf of the above-named landowner.

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 20__.

Ahmad Zaki
President
Signature
Print Name
Title
RESOLUTION NO. 2026-_________

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

CALIFORNIA, DECLARING ELECTION RESULTS FOR COMMUNITY
FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)
(ANNEXATION NO. 28)
Whereas, the City Council (the "City Council") of the City of Lake Elsinore (the "City") has heretofore conducted proceedings for the area proposed to be annexed to Community Facilities District No. 2015-2 (Maintenance Services) (the "CFD No. 2015-2") of the City of Lake Elsinore, including conducting a public hearing pursuant to Section 53339.5 of the Government Code; and Whereas, at the conclusion of said public hearing, the City Council adopted a resolution calling a special election for March 24, 2026, and submitting to the qualified electors of the territory to be annexed to the CFD No. 2015-2 the question of levying special taxes on parcels of taxable property therein for the purpose of providing certain services which are necessary to meet increased demands placed upon the City as a result of the development of said real property as provided in the form of special election ballot; and
Whereas, a Certificate of Election Results, attached thereto as Exhibit A, dated March 24, 2026, executed by the City Clerk (or, in the absence of the City Clerk, the Acting City Clerk – in either case, the “Clerk”), has been filed with this Council, certifying that a completed ballot has been returned to the Clerk for each landowner-voter(s) eligible to cast a ballot in said special election, with all votes cast as “Yes” votes in favor of the ballot measure, and further certifying on said basis that the special mailed-ballot election was closed; and Whereas, this Council has received, reviewed and hereby accepts the Clerk’s Certificate of Election Results and wishes by this resolution to declare the results of the special mailed-ballot election;

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

Section 1. Recitals. This Council finds and determines that the foregoing recitals are true and correct.

Section 2. Ballot Measure. This Council hereby finds, determines and declares that the ballot measure submitted to the qualified electors of the territory to be annexed to CFD No. 2015-2 has been passed and approved by those qualified electors in accordance with Sections 53328 and 53329 of the Government Code.

Section 3. Annexation. This Council hereby finds, determines and declares that pursuant to Section 53339.8 of the Government Code, the City Council is authorized to determine that the territory to be annexed has been added to and become a part of the CFD No. 2015-2 with full legal effect, and the City Council is also authorized, pursuant to said Section 53339.8, to annually levy special taxes within the territory to be annexed to pay the costs of the services to be provided by the CFD No. 2015-2 as specified in Resolution No. 2026-10 adopted by the City Council on February 10, 2026. The boundaries of the territory annexed are shown on the map entitled, "Annexation Map No. 28 Community Facilities District No. 2015-2 (Maintenance Services)" a copy of which was recorded, on February 25, 2026, in Book 99 of Maps of CC Res. No. 2026-____

Page 2 of 3 ends

Lake Elsinore City CouncilMarch 24, 2026

Lake Elsinore City Council
March 24, 2026