Agenda packet — Lake Forest City Council, October 21, 2025 (part 1 of 3)

AGENDA

LAKE FOREST CITY COUNCIL
Regular Meeting of the City Council
Tuesday, October 21, 2025
Public Session 6:30 p.m.

City Council Chambers, 100 Civic Center Drive, Lake Forest, California NOTICE: Pursuant to Lake Forest Municipal Code Section 2.04.010, Regular Meetings of the City Council are held the First and Third Tuesday of each month at the hour of 5:30 p.m. for Closed Session matters, if required.

The Public Session of the meeting shall commence at 6:30 p.m. or as soon thereafter as possible. Special Meeting times may be held at a different time and date as listed on the Agenda.

AGENDA DOCUMENT REVIEW: The Agenda and staff reports are available on the Internet at https://www.lakeforestca.gov/en/government/meeting-agendas-and-minutes/meeting-agendas and at the City Clerk’s Office, 100 Civic Center Drive, Lake Forest, California, on the Friday before the meeting on Tuesday.

AGENDA DESCRIPTION: The Agenda descriptions are intended to give notice to members of the public of a general summary of items of business to be transacted or discussed. The listed Recommended Action represents staff’s recommendation. The City Council may take any action which it deems to be appropriate on the agenda item and is not limited in any way by the recommended action.

AGENDA ON SOCIAL MEDIA: This meeting will be streamed through Facebook Live. Comments will not be taken via Facebook Live. The City provides the Facebook Live stream as an additional service to the public.

However, the City cannot guarantee that its network and/or the site will be uninterrupted. The City is not responsible for any interrupted service.

SPECIAL NOTICE REGARDING PUBLIC ACCESS TO THE MEETING AND PUBLIC COMMENT:

PUBLIC PARTICIPATION: In addition to attending in person, members of the public may access the meeting live on our website at https://www.lakeforestca.gov/en/government/meeting-agendas-and-minutes/meeting-agendas.

PUBLIC COMMENT PRIOR TO THE MEETING: Members of the public may submit email comments to [email protected]. Email comments will be uploaded to the agenda packet and made part of the official public record of the meeting and will not be read at the meeting. To ensure staff reviews all comments prior to the City Council meeting, please submit email comments no later than 5:00 p.m. the day of the meeting.

PUBLIC COMMENT: Members of the public may provide comments in-person at the meeting. Public comments will no longer be accepted remotely. Those wishing to provide comments in-person at the meeting will be asked to submit a request to speak to the City Clerk. To ensure prompt distribution to the City Council, members of the public wishing to provide written materials to the City Council should do so prior to the start of the meeting or as close thereto as possible, as time will not be taken during the public comment period to distribute written materials to the City Council.

TRANSLATION SERVICE: Interpreters are available by request to members of the public that prefer to make their public comments in Spanish or Chinese. Requests for a translator need to be received by 8:00 a.m. the Monday before the scheduled City Council meeting. Such requests must be received via email at [email protected]
October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 1 Los intérpretes están disponibles previa solicitud para el público que prefiera hacer sus comentarios públicos en español o chino. Las solicitudes de traductor deben recibirse antes de las 8:00 a. m. del lunes anterior a la reunión programada del Concejo Municipal. Dichas solicitudes deben recibirse por correo electrónico a [email protected]
如果大眾願意用西班牙語或中文發表公開評論，我們可應要求提供口譯服務。需要在預定市議會會議之前的周一上
午 8:00 之前收到翻譯請求。此類請求必須透過電子郵件收到：[email protected] Rúguǒ dàzhòng yuànyì yòng xībānyá yǔ huò zhōngwén fābiǎo gōngkāi pínglùn, wǒmen kě yīng yā oqiú tígōng kǒuyì fúwù. Xūyào zài yùdìng shì yìhuì huìyì zhīqián de zhōuyī shàngwǔ 8:00 Zh īqián shōu dào fānyì qǐngqiú. Cǐ lèi qǐngqiú bìxū tòuguò diànzǐ yóujiàn shōu dào: translat [email protected]
CALL TO ORDER: 6:30 p.m.

Council Members: Doug Cirbo
Mark Tettemer
Benjamin Yu
Mayor Pro Tem: Robert Pequeño
Mayor: Scott Voigts
City Manager: Debra Rose
City Attorney: Matthew E. Richardson
City Clerk: Thy Merritt
PUBLIC SESSION: 6:30 p.m.

PUBLIC SESSION: At this time, the City Council will convene to consider public matters. Those wishing to address the City Council may submit a completed “Request to Speak” form to the City Clerk prior to City Council action.

INVOCATION: The Invocation will be provided by Walmer Landaverde, Saddleback Church.

PLEDGE OF ALLEGIANCE: The Pledge of Allegiance to the Flag of our Country to be led by Cadette Troop #8621.

PRESENTATIONS (Item Nos. 1 – 2)

1. NEW EMPLOYEE INTRODUCTIONS
October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 2 RECOMMENDED ACTION: Receive and file.

2. PROCLAMATION DECLARING THE MONTH OF OCTOBER AS

NATIONAL COMMUNITY PLANNING MONTH
RECOMMENDED ACTION: Present a proclamation designating October 2025 as “National Community Planning Month.”

PUBLIC COMMENTS
Members of the public can submit an e-comment to [email protected] . E-comments will not be read at the meeting.

Members of the public may also provide comments in-person at the meeting. Those wishing to provide comments in-person at the meeting will be asked to submit a request to speak to the City Clerk.

CONSENT CALENDAR (Item Nos. 3 – 11)
All matters listed under the Consent Calendar are considered routine and will be enacted by one vote. There will be no separate discussion of these items unless Members of the City Council, the public, or staff request specific items be removed from the Consent Calendar for separate action.

3. MOTION TO WAIVE READING OF RESOLUTIONS AND ORDINANCES RECOMMENDED ACTION: Said Ordinances and Resolutions which appear on the public agenda shall be determined to have been read by title and further reading waived.

4. MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL HELD ON OCTOBER 7, 2025
RECOMMENDED ACTION: Approve as submitted.

5. CERTIFICATION OF WARRANT REGISTER
RECOMMENDED ACTION: Approve the warrant register in the amount of $4,748,113.38.

October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 3

REVIEW THE COMPREHENSIVE ANNUAL INVESTMENT REPORT AND

APPROVE THE PROPOSED STATEMENT OF INVESTMENT POLICY
RECOMMENDED ACTION: 1. Receive and file the 2024-25
Comprehensive Annual Investment Report. 2. Approve the Proposed Statement of Investment Policy.

7. SEVENTH AMENDMENT TO THE AGREEMENT WITH CARLSON
STRATEGIC LAND SOLUTIONS, INC. FOR ENVIRONMENTAL PERMIT

IMPLEMENTATION SERVICES
RECOMMENDED ACTION: 1. Approve the Seventh Amendment to the Professional Consultant Services Agreement with Carlson Strategic Land Solutions, Inc. 2. Authorize the Mayor to sign, and the City Clerk to attest, the Seventh Amendment substantially in the form attached.

8. AWARD OF CONTRACT TO TRANE U.S., INC. FOR LAKE FOREST SPORTS PARK HVAC RETROFIT PROJECT (26F04)
RECOMMENDED ACTION: 1. Award a contract in the amount of $657,241 to Trane U.S., Inc. for the Lake Forest Sports Park HVAC Retrofit Project (26F04). 2. Adopt a Resolution entitled, “A RESOLUTION OF THE CITY

COUNCIL OF THE CITY OF LAKE FOREST, CALIFORNIA, AMENDING THE 2025-2032 CAPITAL IMPROVEMENT PLAN; AMENDING
APPROPRIATIONS FOR FISCAL YEAR 2025-26." 3. Authorize the Mayor to sign, and the City Clerk to attest the agreement with Trane U.S., Inc.

9. 2026 CITY MEETING CALENDAR
RECOMMENDED ACTION: Adopt the 2026 City Meeting Calendar.

10. BRANDING IMPLEMENTATION FUNDING
RECOMMENDED ACTION: Adopt a Resolution entitled: A RESOLUTION

OF THE CITY COUNCIL OF THE CITY OF LAKE FOREST, CALIFORNIA, AMENDING THE 2025-2027 OPERATING BUDGET; AMENDING
October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 4

6. APPRORIATIONS FOR FISCAL YEAR 2025-26

11. SECOND AMENDMENT TO THE AGREEMENT WITH OPENGOV, INC.

FOR EPROCUREMENT SOFTWARE SERVICES, SUPPORT, AND

PROFESSIONAL SERVICES
RECOMMENDED ACTION: 1. Approve the Second Amendment to the Agreement with OpenGov, Inc. (“OpenGov”) for eProcurement Software Services, Support, and Professional Services. 2. Authorize the Mayor to sign, and the City Clerk attest, the Second Amendment to the Agreement with OpenGov, Inc., substantially in the form attached.

DISCUSSION/ACTION ITEMS (Item No. 12)
The following matters are for City Council consideration/discussion/action. Members of the public may have the opportunity to address these items if they wish to do so. Please complete the Request to Speak form and give to the City Clerk.

12. CAPITAL IMPROVEMENT PLAN UPDATE
RECOMMENDED ACTION: Receive and file.

CITY MANAGER'S REPORT
At this time, the City Manager may comment on agenda and non-agenda items; and report on items of interest to the City Council and community.

October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 5 Mayor Voigts:

October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 6

CITY COUNCIL COMMENTS
At this time, City Council Members may comment on agenda or non-agenda matters. No discussion may take place on any item not appearing on the posted agenda. Council Members may ask a question for clarification, respond to statements made or questions posed by the public, make a brief announcement, or make a brief report on his or her own activities. In addition, the City Council may refer to staff or other resources for factual information, request staff to report back at a subsequent meeting or direct staff to place a matter of business on a future agenda. No action may be taken on non-agenda matters unless authorized by law (Government Code Section 54954.2).

Council Member Cirbo:

Council Member Tettemer:

Council Member Yu:

Mayor Pro
Tem Pequeño:

ADJOURNMENT
In compliance with the Americans With Disabilities Act, if you need special assistance to participate in this Meeting, including auxiliary aids or services, you should contact the Office of the City Clerk at (949) 461-3400.

Notification 48 hours prior to the Meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting. The City Council agenda and agenda back-up materials can be obtained from the Office of the City Clerk on the Friday prior to the City Council meeting. Copies of all Agendas, Staff Reports and Supporting Materials can also be found on the City’s website – https://www.lakeforestca.gov/129/Agendas.

Agenda and agenda packets, if requested, will be made available in an appropriate alternative format to persons with a disability as required by the Americans With Disabilities Act. Copies of the agenda are provided at no cost and agenda back-up materials are available at the per page copy cost.

The City of Lake Forest mailing address is City Council Chambers, 100 Civic Center Drive, Lake Forest, California.

Phone: (949) 461-3400. FAX (949) 461-3511
CERTIFICATION: I, Thy Merritt, City Clerk of the City of Lake Forest, California, hereby certify that the foregoing agenda was posted for public review at City Hall on October 16, 2025.

Thy Merritt
City Clerk
October 21, 2025 LAKE FOREST CITY COUNCIL AGENDA Page 7

CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: City Manager
SUBJECT:

NEW EMPLOYEE INTRODUCTIONS
RECOMMENDED ACTION(S):

Receive and file.

EXECUTIVE SUMMARY:

Noah Dugan – Accounting Technician, Finance
Noah joins the City of Lake Forest as the new full-time Accounting Technician in the Finance Department. He first began working with the City as a Finance Intern, where he supported a wide range of projects, including assisting with the year-end audit process and contributing to the Popular Annual Financial Report.

Noah recently earned his bachelor’s degree in business administration with a concentration in Finance from the University of California, Riverside. In his free time, he enjoys spending time with friends and family. Noah looks forward to expanding his knowledge in municipal finance and supporting the City’s efforts to maintain strong financial stewardship.

New Department Head Introductions
Doug Erdman – Director of Public Works/ City Engineer
Doug has worked for the City since 2017, initially as Principal Civil Engineer and later as Assistant Public Works Director/Assistant City Engineer. He holds a bachelor’s degree in civil engineering from UCI and is a registered Civil Engineer in the State of California. Doug has 29 years of professional experience including positions with the cities of Huntington Beach and Dana Point, as well as private sector experience working for civil engineering firms. Doug is currently a Director at the South Coast Water District and President of the Civil Engineers Association of Orange County. He is also a member of the American Society of Civil Engineers and American Public Works Association.

Item: 1
8 Thy Merritt – City Clerk
Thy joined the City in 2023 initially as the Assistant City Clerk. She is a Certified Municipal Clerk, holds a master’s degree in public administration and is currently in a PhD program for political science with focus areas in public policy and American politics. She is also an adjunct instructor for the College of Law and Public Service at University of La Verne. Thy has several years of experience in the public sector, ranging from special districts in neighboring counties to local municipalities here in Orange County.

FISCAL IMPACT:

There is no fiscal impact associated with the recommended action.

ATTACHMENTS:

None.

Initiated By: Nidia Ruelas, Assistant to the City Manager Submitted By: Debra Rose, City Manager
Approved By: Debra Rose, City Manager
Item: 1
9 CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: Community Development
SUBJECT:

PROCLAMATION DECLARING THE MONTH OF OCTOBER AS NATIONAL

COMMUNITY PLANNING MONTH
RECOMMENDED ACTION(S):

Present a proclamation designating October 2025 as “National Community Planning Month.”
EXECUTIVE SUMMARY:

October is National Community Planning Month, a time to recognize the vital role that planning plays in shaping vibrant and resilient communities. In Lake Forest, planning serves as a strategic framework for preserving community character, enhancing quality of life, and guiding development that aligns with both present needs and long-term goals.

Staff recommends that the City Council formally recognize October as National Community Planning Month through a proclamation, in alignment with the American Planning Association’s nationwide observance.

In recognition of National Community Planning Month, the Planning Division has prepared an interactive map that highlights significant long-range planning initiatives which have played a pivotal role in shaping the City's development over the past several decades. These projects exemplify the collaborative efforts of City staff, elected officials, and community members in fostering a built environment that reflects Lake Forest’s shared values, strategic priorities, and long-term vision.

The map is available on the City’s website and offers an engaging way to explore the legacy and impact of planning in Lake Forest. The public may visit the City’s website and view the interactive planning map at:
https://www.lakeforestca.gov/departments/community_development/index.php FISCAL IMPACT:

There is no fiscal impact associated with the recommended action.

Item: 2
10 3
7 8
2 ATTACHMENTS:

Community Planning Month Proclamation
Initiated By: Xiomara Solis, Assistant Planner
Submitted By: Gayle Ackerman, Director of Community Development Approved By: Debra Rose, City Manager
Item: 2
11 5
5 7
7 4
ATTACHMENT 1

CITY OF LAKE FOREST PROCLAMATION
Community Planning Month – October 2025
Item: 2
12 5
5 7
7 4
WHEREAS, change is constant and affects all cities, towns, suburbs, counties, boroughs, townships, rural areas, and other places. The Planning Division has been an integral part of Lake Forest since its establishment and has made significant contributions to the development of our communities; and WHEREAS, planners play a vital role in community development by helping to navigate change with data-driven insights and expertise that provide better choices for how people work and live; and WHEREAS, community planning provides an opportunity for all residents to be meaningfully involved in making choices that determine the future of their community; and WHEREAS, the full benefits of planning require public elected and appointed officials who understand, support, and demand excellence in planning and plan implementation; and WHEREAS, the month of October is designated as National Community Planning Month throughout the United States of America and its territories, and
WHEREAS, the American Planning Association endorses National Community Planning Month as an opportunity to highlight how planning is essential to every community, and how planners are uniquely positioned to identify solutions to communities’ most difficult housing, transportation, and land use questions, and
WHEREAS, the celebration of National Community Planning Month gives us the opportunity to publicly recognize the participation and dedication of appointed planning commission members who have contributed their time and expertise to the improvement of the City of Lake Forest; and NOW, THERFORE, the City Council of the City of Lake Forest, California, do hereby proclaim October 2025 as COMMUNITY PLANNING MONTH in appreciation for all the significant contributions the Planning Division makes to our communities.

SCOTT VOIGTS
Mayor
ROBERT PEQUEÑO
Mayor Pro Tem

MARK TETTEMER
Council Member

DOUG CIRBO
Council Member

BENJAMIN YU
Council Member
Item: 2
13 CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: City Clerk
SUBJECT:

MOTION TO WAIVE READING OF RESOLUTIONS AND ORDINANCES
RECOMMENDED ACTION(S):

Said Ordinances and Resolutions which appear on the public agenda shall be determined to have been read by title and further reading waived.

EXECUTIVE SUMMARY:

California Government Code 36934 allows titles of ordinances and resolutions to be waived.

FISCAL IMPACT:

There is minimal fiscal impact associated with the recommended action.

ATTACHMENTS:

None.

Submitted By: Thy Merritt, City Clerk
Approved By: Debra Rose, City Manager
14 Item: 3
14 MINUTES OF A REGULAR MEETING

OF THE CITY COUNCIL OF THE CITY OF LAKE FOREST
The regular meeting of the City Council of the City of Lake Forest held Tuesday, October 7, 2025, at the Lake Forest City Council Chambers, 100 Civic Center Drive, Lake Forest, California, was called to order at 5:30 p.m. with all members present.

ROLL CALL:

Council Members:

Doug Cirbo
Mark Tettemer
Benjamin Yu
Mayor Pro Tem: Robert Pequeño
Mayor: Scott Voigts

City Manager: Debra Rose
City Attorney: Matthew E. Richardson
City Clerk: Thy Merritt

CLOSED SESSION

1. CONFERENCE WITH LEGAL COUNSEL- EXISTING LITIGATION
Pursuant to Government Code section 54956.9(d)(1)
Number of cases: 1
Case Name: Brian McMillan v. City of Lake Forest, et al.

Case No.: 8:25-cv-00425-SRM (JDEx), USDC Central District, Southern Div.

ACTION: Closed session was conducted.

2. CONFERENCE WITH REAL PROPERTY NEGOTIATORS
Pursuant to Government Code Section 54956.8
Property: Intersection of Los Alisos and Muirlands in Lake Forest, CA APN #s:
619-231-02, 617-065-04, 617-065-21 and 617-065-03
Agency negotiators: Mayor, City Manager, Director of Public Works/City Engineer and Traffic Engineering Manager
Negotiating parties: City of Lake Forest, Orange County Flood Control District, County of Orange, Saddleback Valley Unified School District, El Toro Mobile Estates and their authorized agents or representatives
Under Negotiation: Price and Terms of Payment

ACTION: Closed session was conducted.

3. CONFERENCE WITH REAL PROPERTY NEGOTIATORS
Pursuant to Government Code Section 54956.8
Property: Intersection of Bake Parkway and Toledo Way in Lake Forest, CA APN #s: 614-192-67, 614-291-49
Item: 4
15 October 7, 2025 LAKE FOREST CITY COUNCIL MEETING MINUTES Page 2 of 5 Agency Negotiators: Mayor, City Manager, Director of Public Works/City Engineer and Traffic Engineering Manager
Negotiating Parties: City of Lake Forest, Orange County Flood Control District, Lake Forest Community Homeowners Association and their authorized agents or representatives
Under Negotiation: Price and Terms of Payment
ACTION: Closed session was conducted.

4. CONFERENCE WITH REAL PROPERTY NEGOTIATORS
Pursuant to Government Code Section 54956.8
Property: Approximately 3 miles of underground electrical conduit along Lake Forest Drive, Portola Parkway, Glenn Ranch Road
Agency negotiators: Mayor, City Manager, Director of Public Works/City Engineer and Traffic Engineering Manager
Negotiating parties: City of Lake Forest, Cityside Fiber and their authorized agents or representatives
Under Negotiation: Price and Terms of Payment for Lease ACTION: Closed session was conducted.

INVOCATION: The Invocation was provided by Vanessa Howard, South County Outreach.

PLEDGE OF ALLEGIANCE: The Pledge of Allegiance to the Flag of our Country was led by Boy Scout Troop #628.

CLOSED SESSION REPORT: City Attorney Richardson had no action to report.

REPORT FROM STUDENT LIAISON: Ethan Barro, Student Liaison from El Toro High School, provided a report.

PRESENTATIONS: (Item Nos. 5 – 8)
MOTION: It was moved by Mayor Pro Tem Pequeño, seconded by Council Member Yu, to approve Presentation Item Nos. 5 – 8. The motion was carried by a vote of 5-0.

5. RECOGNITION OF COMMUNITY HERO TAYVA VEAL
City Manager Rose introduced this item and invited Senior Communications and Item: 4
16 October 7, 2025 LAKE FOREST CITY COUNCIL MEETING MINUTES Page 3 of 5 Marketing Analyst Rodriguez to provide a presentation. No public comment was offered.

ACTION: A Certificate of Recognition was presented.

6. TASTE OF LAKE FOREST RECAP PRESENTATION
City Manager Rose introduced this item and invited Economic Development/Housing Manager Grijalva to provide a presentation. No public comment was offered.

ACTION: Certificates of Recognition were presented to 2025 Taste of Lake Forest Participants, Sponsors and Volunteers.

7. CALIFORNIA DEPARTMENT OF INSURANCE UPDATE ON FIRE

MITIGATION EFFORTS
City Manager Rose introduced this item and invited California Department of Insurance Outreach Analyst Brenda Caloca to provide a presentation. No public comment was offered.

ACTION: The presentation was received and filed.

8. SOUTHERN CALIFORNIA EDISON UPDATE ON FIRE MITIGATION

EFFORTS
City Manager Rose introduced this item and invited Southern California Edison Government Relations Manager Kelley Lee to provide a presentation. No public comment was offered.

ACTION: The presentation was received and filed.

PUBLIC COMMENTS:

Eileen McGervey expressed concerns with fire mitigation efforts at Serrano Creek Community Park.

Sean Fletcher expressed concerns with smoke and vape shops located near schools and other areas at which children may congregate.

John Karpierz provided information on the Kiwanis Club.

Jay Cost expressed concerns with opposition to Proposition 50.

Richelle Richter expressed concerns with the permitting process for installing solar panels in residential areas.

Item: 4
17 October 7, 2025 LAKE FOREST CITY COUNCIL MEETING MINUTES Page 4 of 5 Noel Alonzo expressed concerns with the permitting process for installing solar panels in residential areas.

Hope Guerra provided information on the Lights Out Program and requested the City adopt the program.

Reed Buck expressed concerns with the Charlie Kirk memoriam adjournment of the last Council meeting and urged Orange County Sheriff’s Department not to cooperate with U.S. Immigration and Customs Enforcement activities.

Jessica Llort expressed concerns with fire mitigation efforts in Lake Forest.

Brian McMillan expressed concerns with the moratorium on new massage establishments.

CONSENT CALENDAR: (Item Nos. 9 – 11)
MOTION: It was moved by Council Member Yu, seconded by Mayor Pro Tem Pequeño, to approve Consent Calendar Item Nos. 9 – 11. The motion was carried by a vote of 5-0.

9. MOTION TO WAIVE READING OF RESOLUTIONS AND ORDINANCES ACTION: Said Ordinances and Resolutions which appeared on the public agenda were determined to have been read by title and further reading was waived.

10. MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL HELD ON SEPTEMBER 16, 2025
ACTION: The minutes were approved as submitted.

11. AWARD OF CONTRACT FOR PROFESSIONAL CONSULTING SERVICES –

ANALYSIS OF INDUSTRIAL AND BUSINESS PARK INVENTORY AND
TRENDS
ACTION: 1. A contract in the amount of $85,910 was awarded to Kosmont Companies for Professional Consulting Services – Analysis of Industrial and Business Park Inventory and Trends. 2. The Mayor was authorized to sign and the City Clerk to attest to the agreement with Kosmont Companies substantially in the form attached.

DISCUSSION/ACTION ITEMS: (Item No. 12)

12. STRATEGIC PLAN QUARTERLY UPDATE
City Manager Rose introduced this item and invited Assistant to the City Manager Ruelas Castellino to provide a presentation. No public comment was offered. Council questions were asked and answered.

Item: 4
18 October 7, 2025 LAKE FOREST CITY COUNCIL MEETING MINUTES Page 5 of 5 ACTION: The presentation was received and filed.

CITY MANAGER'S REPORT: City Manager Rose had nothing further to report.

CITY COUNCIL COMMENTS:

Council Member Cirbo: Council Member Cirbo had nothing further to report.

Council Member Tettemer: Council Member Tettemer reported on his attendance at the Chamber of Commerce Oktoberfest, the grand
opening of Aesthetic Rock Climbing Gym, a Clean
Lake Forest event, and the Mayor’s Volunteer
Appreciation Luncheon.

Council Member Yu: Council Member Yu had nothing further to report.

Mayor Pro Tem Pequeño: Mayor Pro Tem Pequeño reported on his attendance at the Chamber of Commerce Oktoberfest, the grand
opening of Aesthetic Rock Climbing Gym, a Clean
Lake Forest event, and the Labor of Love event
hosted by Trellis.

Mayor Voigts: Mayor Voigts reported on his attendance at the grand opening event of Closet and Garage Remedy and
Aesthetic Rock Climbing gym. He thanked staff for
their efforts in putting on the Mayor’s Volunteer
Appreciation Luncheon.

ADJOURNMENT: The Regular Meeting of the City Council was adjourned at 8:13 p.m.

Respectfully submitted:

APPROVED:

THY MERRITT SCOTT VOIGTS

CITY CLERK MAYOR
Item: 4
19 CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: Finance
SUBJECT:

CERTIFICATION OF WARRANT REGISTER
RECOMMENDED ACTION(S):

Approve the warrant register in the amount of $4,748,113.38.

EXECUTIVE SUMMARY:

In accordance with Government Code Section 37202 and Lake Forest Municipal Code Chapter 3.16, the official below certifies that 1) the invoices of the warrant register have been properly reviewed and 2) funds are available for payment of the warrants.
______________________________________________________________ FISCAL IMPACT:

The amount of the warrant register is $4,748,113.38.

ATTACHMENTS:

Warrant Register

Submitted By: Kevin Shirah, Director of Finance/City Treasurer Approved By: Debra Rose, City Manager
Item: 5
20 Attachment

Item: 5
21 9/29/2025 3:46:24 PM Page 1 of 17
Check Report
City of Lake Forest By Check Number
Date Range: 09/01/2025 - 09/30/2025
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount Bank Code: OP-Operating
Payment Type: Manual
THB000000 EMPLOYEE PAYROLL CHECK 09/23/2025 112261,073.76Manual 0.00 11226 Invoice 09/23/2025 LIVE ADP CHECK 11226 2025 BONUS 1,073.760.00 THB000000 EMPLOYEE PAYROLL CHECK 09/23/2025 112271,077.65Manual 0.00 11227 Invoice 09/23/2025 LIVE ADP CHECK 11227 2025 BONUS 1,077.650.00 2,151.41Total Manual: 0.00
Item: 5
22 Check Report Date Range: 09/01/2025 - 09/30/2025
9/29/2025 3:46:24 PM Page 2 of 17
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount Payment Type: EFT
10001 ABTECH TECHNOLOGIES INC 09/04/2025 10002533,800.15EFT 0.00 2508040-IN Invoice 09/04/2025 NETWORK EQUIPMENT EXTREME SWITCH … 17,323.040.00 2508041-IN Invoice 09/04/2025 ADOBE ACROBAT RENEWAL 16,477.110.00 10104 DG INVESTMENT INTERMEDIATE HOLDINGS 2 INC09/04/2025 1000263,322.00EFT 0.00 IN00372434 Invoice 09/04/2025 CCTV MONTHLY MAINTENANCE AUG 2025 3,322.000.00 10001 ABTECH TECHNOLOGIES INC 09/11/2025 10002733,732.50EFT 0.00 W206289-IN Invoice 09/11/2025 IT SUPPORT MANAGEMENT SERVICE SEP … 33,732.500.00 10539 STANTEC CONSULTING SERVICES INC 09/11/2025 100028522.50EFT 0.00 2446630 Invoice 09/11/2025 2023-063 LFTM TRAFFIC MODELING JUL 2… 522.500.00 10404 VONAGE BUSINESS 09/11/2025 1000299,824.40EFT 0.00 2364502 Invoice 09/11/2025 UTILITIES SERVICES - VOIP PHONE AUG CIV… 9,077.030.00 2364503 Invoice 09/11/2025 UTILITIES SERVICES - VOIP PHONE AUG SP… 498.710.00 2364504 Invoice 09/11/2025 UTILITIES SERVICES - VOIP PHONE AUG SK… 248.660.00 10932 WEX HEALTH INC 09/11/2025 100030268.30EFT 0.00
0002210410-IN Invoice 09/11/2025 WEX ADMIN FEES COBRA + FSA JUL 2025 268.300.00 10042 ASSURED TELEMATICS INC 09/18/2025 100031509.25EFT 0.00 155567 Invoice 09/18/2025 FLEET GPS UNITS AUG 2025 509.250.00 11706 EVERLAW INC 09/18/2025 100032510.00EFT 0.00
163684 Invoice 09/18/2025 RECORDS REDACTION SUBSCRIPTION JULY… 255.000.00 167296 Invoice 09/18/2025 RECORDS REDACTION SUBSCRIPTION AUG… 255.000.00 10001 ABTECH TECHNOLOGIES INC 09/25/2025 10003313,550.00EFT 0.00 SS20044-IN Invoice 09/25/2025 ONE TIME INSTALLATION FEES - STORETR… 5,000.000.00 W206298-IN Invoice 09/25/2025 ONE TIME VEEAM LICENSE - STORETRUST 8,550.000.00 10042 ASSURED TELEMATICS INC 09/25/2025 100034509.25EFT 0.00 157522 Invoice 09/25/2025 FLEET GPS UNITS SEPT 2025 509.250.00 11713 MCCI LLC 09/25/2025 10003536,470.00EFT 0.00
RN24550 Invoice 09/25/2025 LASERFICHE CLOUD RENEWAL 10/25-10/26 36,470.000.00 133,018.35Total EFT: 0.00
Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount Payment Type: Regular
10340 A SPECTRUM OF PROMOTIONAL IDEAS INC 09/04/2025 8072181,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10430 A&H COMMUNICATIONS INC 09/04/2025 8072193,175.00Regular 0.00 980002524 Invoice 09/04/2025 RELOCATE STARS ROOM TV - POLICE SERV… 3,175.000.00 10852 ACCESS ELECTRICAL SERVICES INC 09/04/2025 807220699.35Regular 0.00 18943 Invoice 09/04/2025 2024-048 NEW OUTLET RECORDS ROOM C… 359.350.00 18944 Invoice 09/04/2025 2024-048 PATHWAY LIGHTS CHECK BORR… 255.000.00 18946 Invoice 09/04/2025 2024-048 CHECK POWER BOX FOR CONCE… 85.000.00 11689 ACE AROMA INC 09/04/2025 8072211,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11682 ACE EDUCATION LLC 09/04/2025 8072221,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11683 AD LEHL & COMPANY INC 09/04/2025 8072231,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10008 AGA ENGINEERS INC 09/04/2025 80722415,425.00Regular 0.00 25278-IN Invoice 09/04/2025 TRAFFIC OPERATIONAL IMPROVEMENT S… 15,425.000.00 10009 AGE WELL SENIOR SERVICES 09/04/2025 8072255,869.50Regular 0.00 0725 Invoice 09/04/2025 AWSS OCTA SMP SENIOR TRANSPORTATI… 5,869.500.00 10028 AMERINAT 09/04/2025 807226395.00Regular 0.00
FS-6003 Invoice 09/04/2025 PAINT GRANT FEES - TOKARSKI 395.000.00 10028 AMERINAT 09/04/2025 807227445.00Regular 0.00
FS-6004 Invoice 09/04/2025 PAINT GRANT FEES - HUYNH 445.000.00 10028 AMERINAT 09/04/2025 8072281,011.21Regular 0.00
LPM-25-001505 Invoice 09/04/2025 REHAB LOAN MONTHLY - JULY 2025 1,011.210.00 10028 AMERINAT 09/04/2025 807229295.00Regular 0.00
FS-6002 Invoice 09/04/2025 REHAB LOAN FEES - GLAZER 295.000.00 10037 AQUABIO ENVIRONMENTAL 09/04/2025 807230650.00Regular 0.00 102485 Invoice 09/04/2025 2023-082 LAKE AERATION REPAIR VETERA… 650.000.00 10038 ARCADIAN BANK 09/04/2025 8072313,300.00Regular 0.00 08/20/2025 TOK… Invoice 09/04/2025 PAINT GRANT - TOKARSKI 3,300.000.00 10038 ARCADIAN BANK 09/04/2025 8072322,000.00Regular 0.00 08/20/2025 HARR…Invoice 09/04/2025 REHAB LOAN - HARRIS 2,000.000.00 10038 ARCADIAN BANK 09/04/2025 80723310,000.00Regular 0.00 08/20/2025 GLA… Invoice 09/04/2025 REHAB LOAN - GLAZER 10,000.000.00 10038 ARCADIAN BANK 09/04/2025 8072345,275.00Regular 0.00 08/20/2025 HUY… Invoice 09/04/2025 PAINT GRANT - HUYNH 5,275.000.00 10038 ARCADIAN BANK 09/04/2025 807235200.00Regular 0.00 480 Invoice 09/04/2025 REHAB LOAN FEES - HOLLAND 200.000.00 10052 BEAR ELECTRICAL SOLUTIONS LLC 09/04/2025 80723623,253.50Regular 0.00 27507 Invoice 09/04/2025 2023-031 TRAFFIC SIGNAL MAINT - RESPO… 12,015.000.00 27508 Invoice 09/04/2025 2023-031 TRAFFIC SIGNAL MAINT DIG ALE… 3,525.000.00 27509 Invoice 09/04/2025 2023-031 TRAFFIC SIGNAL MAINT - ROUTI… 7,713.500.00 11691 BEAVER LANDING LLC 09/04/2025 8072371,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10055 BEST BEST & KRIEGER LLP 09/04/2025 807238105,513.20Regular 0.00 Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 25-07 Invoice 09/04/2025 LEGAL SERVICES JULY 2025 105,513.200.00 11679 BINDU MISHRA 09/04/2025 8072391,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10444 BRANDON FRANCO BALLOONIGAMI 09/04/2025 807240420.00Regular 0.00 B8QFRWPA-0004 Invoice 09/04/2025 BALLOON TWISTING FOR SUMMER CONC… 420.000.00 11173 BRIZIO PIZZA LLC 09/04/2025 8072411,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11647 COMMERCIAL REAL ESTATE EXCHANGE INC 09/04/2025 8072421,000.00Regular 0.00 INV-823207 Invoice 09/04/2025 REAL ESTATE SOFTWARE 8/22-9/21 2025 1,000.000.00 11408 CURATIVE IT LLC 09/04/2025 807243230.55Regular 0.00 394959 Invoice 09/04/2025 DUPLICATION OF PLANS 230.550.00 10122 DEPARTMENT OF JUSTICE 09/04/2025 807244245.00Regular 0.00 835912 Invoice 09/04/2025 LIVESCAN PRE-EMPLOYMENT FINGERPRIN… 245.000.00 11674 ELITE GUARD SECURITY SERVICES 09/04/2025 807245960.00Regular 0.00 966 Invoice 09/04/2025 TASTE OF LF 2025 SECURITY GUARDS 960.000.00 11182 ELIZABETH ZWICKER 09/04/2025 8072461,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10170 GMU GEOTECHNICAL INC 09/04/2025 8072471,247.50Regular 0.00 68648 Invoice 09/04/2025 2022-122 3RD PARTY REVIEW PORTOLA NE… 1,247.500.00 11416 HAGGARTY PRINTING INC 09/04/2025 80724870.04Regular 0.00 165441 Invoice 09/04/2025 BUSINESS CARDS 70.040.00
11681 HAWKINS & HAWKINS INC 09/04/2025 8072491,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10457 HERC RENTALS INC 09/04/2025 8072501,304.60Regular 0.00 35776970-001 Invoice 09/04/2025 TASTE OF LF 2025 LIGHTING RENTALS 1,304.600.00 10184 HINDERLITER DE LLAMAS & ASSOC 09/04/2025 8072519,164.23Regular 0.00 SIN053716 Invoice 09/04/2025 1ST QTR 25/26 CONTRACT & AUDIT SVCS -… 9,164.230.00 11429 ICEPROS LLC 09/04/2025 807252598.68Regular 0.00
1855 Invoice 09/04/2025 DESCALE ICE MACHINE COMMUNITY CEN… 598.680.00 10472 JUMP N BOUNCE LLC 09/04/2025 8072531,067.00Regular 0.00 42230 Invoice 09/04/2025 INFLATABLE SLIDES FOR SUMMER CONCE… 1,067.000.00 10220 KIDDER MATHEWS OF CALIFORNIA 09/04/2025 80725453,782.52Regular 0.00 KMC-119399 Invoice 09/04/2025 2024-038 CIVIC CENTER MONTHLY MAINT… 53,782.520.00 11687 KMN SC LLC 09/04/2025 8072551,000.00Regular 0.00
08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11690 KW FITNESS LLC 09/04/2025 8072561,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10226 L & M AUTOMOTIVE 09/04/2025 8072571,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10226 L & M AUTOMOTIVE 09/04/2025 807258198.20Regular 0.00 58716 Invoice 09/04/2025 VEHICLE MAINTENANCE 2019 TOYOTA HI… 98.310.00 58751 Invoice 09/04/2025 VEHICLE MAINTENANCE 2014 FORD F-150… 99.890.00 10236 LSA ASSOCIATES INC 09/04/2025 80725918,061.75Regular 0.00 200700 Invoice 09/04/2025 IPT EIR THRU JULY 2025 18,061.750.00 10241 MASTER WASH INC 09/04/2025 807260150.00Regular 0.00 Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 82331 Invoice 09/04/2025 CITY VEHICLE MONTHLY WASH AUG 2025 150.000.00 10267 NOAH HOLLAND TORGESON 09/04/2025 807261400.00Regular 0.00 20251004 Invoice 09/04/2025 DJ FOR MONSTER MASH 10/04 400.000.00 10273 OCCUPATIONAL HEALTH CENTERS 09/04/2025 80726258.00Regular 0.00 87780391 Invoice 09/04/2025 PRE-EMPLOYMENT PHYSICAL AUG 2025 58.000.00 11609 OCY MANAGEMENT, LLC 09/04/2025 80726317,052.50Regular 0.00 7508025 Invoice 09/04/2025 SENIOR TRANSPORTATION JULY 2025 17,052.500.00 11684 ORBLYNX LLC 09/04/2025 8072641,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11692 OSCAR MARTINEZ 09/04/2025 807265450.00Regular 0.00 2003901.021 Invoice 09/04/2025 REFUND PERMIT 8746 450.000.00 10955 PATRICK J WILLIAMS 09/04/2025 8072661,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11676 PIXELS AND MAGIC 09/04/2025 807267395.00Regular 0.00 0000024 Invoice 09/04/2025 PHOTOGRAPHY SERVICES, MAYOR'S VOL… 395.000.00 11686 PRISTINE PLUMBING 09/04/2025 8072681,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11680 REMARKABLE HOMECARE LLC 09/04/2025 8072691,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11677 SAHA PIZZA INC 09/04/2025 8072701,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11693 SILVIA VARGAS 09/04/2025 807271139.00Regular 0.00 2003887.021 Invoice 09/04/2025 REFUND SMART WOMENS GUIDE TO SELF… 139.000.00 10335 SOUTHERN CALIFORNIA EDISON 09/04/2025 80727212,545.92Regular 0.00 3725 08/19/25 Invoice 09/04/2025 PARK UTILITIES AUG 2025 3,734.440.00 5025 8/15/25 Invoice 09/04/2025 TRAFFIC SIGNAL UTILITIES JUL 2025 8,743.630.00 5993 08/19/25 Invoice 09/04/2025 BUS SHELTERS UTILITIES JUL 2025 67.850.00 11216 SPARTA FENCE INC 09/04/2025 80727356,857.50Regular 0.00 1634 Invoice 09/04/2025 2025-042 NORMANDALE PERIMETER FEN… 56,857.500.00 11688 SSARCHDESIGN LLC 09/04/2025 8072741,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11640 SUNNY DUMPLING HOUSE 003 09/04/2025 8072751,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 11694 TOM RIEHL 09/04/2025 807276500.00Regular 0.00
2003889.021 Invoice 09/04/2025 REFUND PERMIT 10277 500.000.00 11678 TRAN BEAUTY LLC 09/04/2025 8072771,000.00Regular 0.00 08/26/2025 Invoice 09/04/2025 GRANT FOR SBDC MAIN ST DIGITAL PROG… 1,000.000.00 10383 U S POSTAL SERVICE 09/04/2025 8072785,000.00Regular 0.00 08/27/2025 Invoice 09/04/2025 POSTAGE METER FUNDS 5,000.000.00 10390 US BANK CORPORATE PAYMENT 09/04/2025 807279103.68Regular 0.00 6249 08/25/2025 Invoice 09/04/2025 CAL CARD PURCHASES AUG 2025 103.680.00 10390 US BANK CORPORATE PAYMENT 09/04/2025 80728051,242.28Regular 0.00 4348 08/25/2025 Invoice 09/04/2025 CAL CARD PURCHASES AUG 2025 51,242.280.00 10390 US BANK CORPORATE PAYMENT 09/04/2025 807281622.01Regular 0.00 6256 08-25-2025 Invoice 09/04/2025 CAL CARD PURCHASES AUG 2025 622.010.00 Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount THB001181 VICTORIA A BLETHEN 09/04/2025 807282380.00Regular 0.00 Blethen, Vicky-O… Invoice 09/04/2025 TRAVEL PER DIEM ADVANCE NRPA 2025 B… 380.000.00 10491 WILLDAN FINANCIAL SERVICES 09/04/2025 8072834,391.75Regular 0.00 00714628 Invoice 09/04/2025 CDBG CONSULTING JULY 2025 4,391.750.00 10026 AMERICAN FIDELITY ASSURANCE CO 09/11/2025 8072841,010.36Regular 0.00 D869788 Invoice 09/11/2025 FTE OPTIONAL INSURANCE JUL 2025 505.180.00 D880145 Invoice 09/11/2025 FTE OPTIONAL INSURANCE AUG 2025 505.180.00 10028 AMERINAT 09/11/2025 807285476.00Regular 0.00
FS-6009 Invoice 09/11/2025 REHAB LOAN - CRONKITE 476.000.00 10028 AMERINAT 09/11/2025 807286457.00Regular 0.00
FS-6007 Invoice 09/11/2025 REHAB LOAN - CLARKE 457.000.00 10490 AMY HARPER 09/11/2025 8072871,209.60Regular 0.00
13553 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 1,209.600.00 11696 ANGEL RODRIGUEZ 09/11/2025 8072881,200.00Regular 0.00 2003904.021 Invoice 09/11/2025 REFUND PERMIT 8941 1,200.000.00 10033 ANGELA VELEZ 09/11/2025 8072891,501.50Regular 0.00 13157 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 294.000.00 13158 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 175.000.00 13160 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 280.000.00 13548 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 157.500.00 13549 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 385.000.00 13551 Invoice 09/11/2025 SPRING/SUMMER 2025 FINAL INSTRUCTO… 210.000.00 10873 ARAKELIAN ENTERPRISES INC 09/11/2025 80729059,064.85Regular 0.00 20057512 Invoice 09/11/2025 2023-040 STREET SWEEPING SERVICES AU… 59,064.850.00 10038 ARCADIAN BANK 09/11/2025 8072916,000.00Regular 0.00 09/03/2025 AH… Invoice 09/11/2025 PAINT GRANT - AHMADI 6,000.000.00 10038 ARCADIAN BANK 09/11/2025 80729247,300.00Regular 0.00 08/28/2025 CLA… Invoice 09/11/2025 REHAB LOAN & PAINT GRANT - CLARKE 47,300.000.00 10038 ARCADIAN BANK 09/11/2025 80729325,000.00Regular 0.00 08/28/2025 CRO… Invoice 09/11/2025 REHAB LOAN - CRONKITE 25,000.000.00 10039 ARDURRA GROUP INC 09/11/2025 80729485,662.38Regular 0.00 170332 Invoice 09/11/2025 2021-030 PROFESSIONAL SERVICES JUL 20… 85,662.380.00 11701 ASCENT BUILDERS INC 09/11/2025 8072954,500.00Regular 0.00 COMB-03-25-666…Invoice 09/11/2025 REFUND C&D DEPOSIT 4,500.000.00 10043 AT&T 09/11/2025 8072961,301.05Regular 0.00
9478845014 Invoice 09/11/2025 PRIMARY INTERNET SERVICE AUG 2025 1,301.050.00 10044 AT&T CALNET3 09/11/2025 807297510.02Regular 0.00
000023883129 Invoice 09/11/2025 PARK UTILITIES JUL 2025 92.900.00 00002394716 Invoice 09/11/2025 CIVIC CENTER EMERGENCY CIRCUITS AUG … 417.120.00 10930 BREAKTHROUGH SPORTS LLC 09/11/2025 807298189.00Regular 0.00 13596 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 126.000.00 13597 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 63.000.00 11308 CA TKD CENTER INC 09/11/2025 807299457.80Regular 0.00 13608 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 228.900.00 13609 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 152.600.00 13611 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 76.300.00 10074 CALIFORNIA STATE DISBURSEMENT 09/11/2025 807300147.70Regular 0.00 Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 08/29/2025 Invoice 09/11/2025 REMIT ID 200000002413681 SDU/TRIBAL … 147.700.00 10074 CALIFORNIA STATE DISBURSEMENT 09/11/2025 807301145.38Regular 0.00 8/29/2025 Invoice 09/11/2025 REMIT ID 200000002605383 SDU/TRIBAL … 145.380.00 10079 CALPERS LONG TERM CARE PROGRAM 09/11/2025 807302262.73Regular 0.00 15787422 Invoice 09/11/2025 EE CONT PPE 09/12/2025 262.730.00 10494 CASSANDRA SAINDON 09/11/2025 807303240.00Regular 0.00 JULY/AUGUST 20… Invoice 09/11/2025 EMPLOYEE WELLNESS JULY/AUG 2025 240.000.00 10095 CITY OF LAKE FOREST SUNSHINE CLUB 09/11/2025 807304159.00Regular 0.00 08-29-2025 Invoice 09/11/2025 EE CONT FOR PPE 08/29/2025 159.000.00 10459 CLICKSTART DOG TRAINING ACADEMY LLC 09/11/2025 807305829.50Regular 0.00 13544 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 829.500.00 10109 COUNTY OF ORANGE TREASURER TAX 09/11/2025 8073061,890,170.31Regular 0.00 SH 72203 Invoice 09/11/2025 LAW ENFORCEMENT SEP 2025 1,890,170.310.00 10110 COX COMMUNICATIONS 09/11/2025 8073072,114.10Regular 0.00 3601 09/01/2025 Invoice 09/11/2025 TELECOM SERVICES - ALL FACILITIES SEP 2… 2,046.030.00 6701 08/27/2025 Invoice 09/11/2025 CABLE TV - CITY CLERK 8/27-9/26 68.070.00 11699 CSA CONSTRUCTORS 09/11/2025 80730810,000.00Regular 0.00 COMB-09-23-616…Invoice 09/11/2025 REFUND C&D DEPOSIT 10,000.000.00 10514 DJE SOUND & LIGHTING INC 09/11/2025 807309897.56Regular 0.00 INV-01103 Invoice 09/11/2025 STAGE RAMP (ADA) FOR CONCERT 8/23/25 897.560.00 10137 EL TORO WATER DISTRICT 09/11/2025 80731049,987.32Regular 0.00 25-08 Invoice 09/11/2025 WATER SERVICES PARKS, SLOPES, LFSP AU… 49,987.320.00 11702 FRANZ & MELISSA HERTLE 09/11/2025 8073119,000.00Regular 0.00 RESB-08-24-64726 Invoice 09/11/2025 REFUND C&D DEPOSIT 9,000.000.00 10522 GRANICUS LLC 09/11/2025 80731223,782.32Regular 0.00 213540 Invoice 09/11/2025 PRIME GOV AGENDA SUITE 9/25-8/26 23,782.320.00 11416 HAGGARTY PRINTING INC 09/11/2025 8073131,277.36Regular 0.00 165397 Invoice 09/11/2025 BUILDING DOOR HANGERS 510.420.00 165443 Invoice 09/11/2025 BUILDING CORRECTION NOTICES 766.940.00 10183 HILLYARD LOS ANGELES 09/11/2025 807314507.50Regular 0.00 605926814 Invoice 09/11/2025 GYM FLOOR CLEANING SUPPLIES 507.500.00 10194 INTERWEST CONSULTING 09/11/2025 807315135,478.34Regular 0.00 2347210 Invoice 09/11/2025 BLDG SERVICES OT JUL 25 674.370.00 2443743 Invoice 09/11/2025 BLDG SERVICES JUL 25 134,803.970.00 10195 IP VIDEO SPECIALISTS 09/11/2025 807316199.00Regular 0.00 8646 Invoice 09/11/2025 SPORTS PARK WEBCAM SEP 2025 199.000.00 10931 JOHN PATRICK CONDON 09/11/2025 807317892.50Regular 0.00 LF-2025-04 Invoice 09/11/2025 CPTED JUL-AUG 2025 892.500.00 11697 KRISTINE WOO 09/11/2025 807318900.00Regular 0.00
2003905.021 Invoice 09/11/2025 REFUND PERMIT 10220 900.000.00 10125 LIGHTBOX PARENT, L.P. 09/11/2025 8073193,319.52Regular 0.00 INVLBP250742 Invoice 09/11/2025 ANNUAL DATA SUBSCRIPTION - PROPERTY… 3,319.520.00 11698 MANOJ PAGARIA 09/11/2025 8073202,295.00Regular 0.00 RESB-10-24-65390 Invoice 09/11/2025 REFUND C&D DEPOSIT 2,295.000.00 10240 MARYAM STEVENSON 09/11/2025 807321604.80Regular 0.00 Item: 5
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 13547 Invoice 09/11/2025 SUMMER 25 PAYMENT 604.800.00
10468 MISSIONSQUARE 09/11/2025 80732210,062.48Regular 0.00 08/29/2025 Invoice 09/11/2025 DEFERRED COMP ACCT 303669 PPE 08/29… 10,062.480.00 10257 MUNICIPAL MANAGEMENT ASSOCIATION OF SOUTHERN CALIFORNIA09/11/2025 807323125.00Regular 0.00 08/26/2025 Invoice 09/11/2025 MEMBERSHIP RENEWAL - J MEZA 125.000.00 10265 NIEVES LANDSCAPE, LLC 09/11/2025 807324104,049.46Regular 0.00 82232 Invoice 09/11/2025 2023-025 SLOPES/MP MONTHLY MAINTE… 87,261.670.00 82379 Invoice 09/11/2025 2023-025 SLOPE REPAIRS LF/JERONIMO J… 475.000.00 82380 Invoice 09/11/2025 2023-025 IRRIGATION REPAIRS JERONIMO… 511.000.00 82381 Invoice 09/11/2025 2023-025 PVC FOR IRRIGATION SANTA M… 1,545.000.00 82382 Invoice 09/11/2025 2023-025 IRRIGATION REPAIRS FRONTAGE… 655.000.00 82383 Invoice 09/11/2025 2023-025 PLANT MATERIAL RIDGE ROUTE/… 8,550.000.00 82384 Invoice 09/11/2025 2023-025 INSTALL BACKFLOW ROCKFIELD… 4,087.550.00 82426 Invoice 09/11/2025 2023-025 IRRIGATION REPAIRS LF/JERON… 97.200.00 82427 Invoice 09/11/2025 2023-025 IRRIGATION REPAIRS ALTON/CA… 417.040.00 82428 Invoice 09/11/2025 2023-025 IRRIGATION REPAIRS SERRANO/… 450.000.00 10280 ORANGE COUNTY SHERIFF S OFFICE 09/11/2025 807325440.02Regular 0.00 08/29/25 Invoice 09/11/2025 LOF NO. 30-2023-01343745-CL-CL-CJC PPE… 440.020.00 10280 ORANGE COUNTY SHERIFF S OFFICE 09/11/2025 807326393.95Regular 0.00 08/29/2025 Invoice 09/11/2025 CASE NO. 30-2020-01165746-CL-CL-CJC PP… 393.950.00 10280 ORANGE COUNTY SHERIFF S OFFICE 09/11/2025 807327158.02Regular 0.00 8/29/2025 Invoice 09/11/2025 LOF NO. 30-2019-01097622-CL-CL-CJC PPE… 158.020.00 10281 OUT-FIT 09/11/2025 807328165.00Regular 0.00
56541 Invoice 09/11/2025 QUARTERLY MAINTENANCE - 2ND QTR 165.000.00 10486 PKSA KARATE OC 09/11/2025 8073291,089.90Regular 0.00 13678 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 90.300.00 13679 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 361.200.00 13680 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 305.200.00 13681 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 333.200.00 10305 RANCHO VIEJO II HOA 09/11/2025 8073301,272.00Regular 0.00 22702 09/03/2025 Invoice 09/11/2025 22702 MADRID HOA PAYMENT OCT PTM-… 636.000.00 22706 09/03/2025 Invoice 09/11/2025 22706 MADRID HOA PAYMENT OCT PTM-… 636.000.00 11695 RICHA SHARMA 09/11/2025 807331500.00Regular 0.00
2003780.021 Invoice 09/11/2025 REFUND PERMIT 10013 500.000.00 10315 RON GORMAN 09/11/2025 807332854.00Regular 0.00
13530 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 511.000.00 13532 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 343.000.00 11248 SARA STEWART 09/11/2025 8073331,064.00Regular 0.00 13369 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 1,064.000.00 THB004894 SEAN MCGOVERN 09/11/2025 807334215.00Regular 0.00 09/02/2025 Invoice 09/11/2025 PER DIEM TRAVEL ADVANCE CALCITIES C… 215.000.00 10925 SELF INSURED SERVICES COMPANY 09/11/2025 8073358,440.00Regular 0.00 B0JXD8 DENTAL Invoice 09/11/2025 FTE DENTAL PREMIUMS AUG 2025 6,710.400.00 B0JXD8 VISION Invoice 09/11/2025 FTE VISION PREMIUMS AUG 2025 1,729.600.00 11380 SHAWN SMITH 09/11/2025 807336770.00Regular 0.00
13538 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 507.500.00 13541 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 91.000.00 13543 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 171.500.00 10641 THE LOFTCRAFTERS INC 09/11/2025 8073371,080.00Regular 0.00 Item: 5
29 Check Report Date Range: 09/01/2025 - 09/30/2025
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount RESB-06-25-67465 Invoice 09/11/2025 REFUND C&D DEPOSIT 1,080.000.00 10992 TOLL BROTHERS 09/11/2025 807338474.92Regular 0.00 PA 03-25-5788 Invoice 09/11/2025 REFUND PLANNING DEPOSIT 474.920.00 11194 UNITED SITE SERVICES OF CALIFORNIA INC 09/11/2025 807339659.64Regular 0.00 114-14113414 Invoice 09/11/2025 TASTE OF LAKE FOREST PORTA POTTIES 659.640.00 10391 US BANK PARS 09/11/2025 807340288.76Regular 0.00
08/29/2025 Invoice 09/11/2025 PARS CONT PPE 08/29/2025 288.760.00 10392 US DEPT OF TREASURY 09/11/2025 807341961.75Regular 0.00 08/29/2025 Invoice 09/11/2025 AGENCY TRACKING WG2122418 PPE 08/2… 961.750.00 10393 US TOO GYMNASTICS 09/11/2025 8073421,435.00Regular 0.00 13431 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 315.000.00 13432 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 318.500.00 13433 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 322.000.00 13440 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 119.000.00 13441 Invoice 09/11/2025 SUMMER 2025 INSTRUCTOR PAYMENT 360.500.00 10398 VERIZON WIRELESS 09/11/2025 8073431,687.05Regular 0.00 6120885905 Invoice 09/11/2025 CELLULAR PHONES AND DATA SERVICE 7/… 1,687.050.00 11700 WONDER HOMELAND INC 09/11/2025 807344660.00Regular 0.00 RESB-02-25-66442 Invoice 09/11/2025 REFUND C&D DEPOSIT 660.000.00 10942 YUKA GARRETT 09/11/2025 8073452,347.00Regular 0.00 13554 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 759.500.00 13556 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 766.500.00 13557 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 420.000.00 13559 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 91.000.00 13561 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 140.000.00 13949 Invoice 09/11/2025 SUMMER 2025 FINAL INSTRUCTOR PAYM… 70.000.00 2003907.021 Invoice 09/11/2025 REFUND PERMIT 10643 100.000.00 11260 425 VENTURES LLC 09/18/2025 8073463,804.50Regular 0.00 13447 Invoice 09/18/2025 SUMMER PAYMENT 189.000.00
13448 Invoice 09/18/2025 SUMMER PAYMENT 290.500.00
13453 Invoice 09/18/2025 SUMMER PAYMENT 381.500.00
13454 Invoice 09/18/2025 SUMMER PAYMENT 189.000.00
13455 Invoice 09/18/2025 SUMMER PAYMENT 574.000.00
13458 Invoice 09/18/2025 SUMMER PAYMENT 945.000.00
13459 Invoice 09/18/2025 SUMMER PAYMENT 283.500.00
13462 Invoice 09/18/2025 SUMMER PAYMENT 283.500.00
13466 Invoice 09/18/2025 SUMMER PAYMENT 570.500.00
13469 Invoice 09/18/2025 SUMMER PAYMENT 98.000.00
11628 AG COAST CORPORATION 09/18/2025 8073472,116.37Regular 0.00 87351 Invoice 09/18/2025 SECURITY FOR SPORTS PARK 2,116.370.00 10752 ALFREDO NEGRETE 09/18/2025 807348360.00Regular 0.00 6511 Invoice 09/18/2025 OVERNIGHT SECURITY FOR 8/23 CONCERT 360.000.00 10017 ALL CITY MANAGEMENT 09/18/2025 80734929,632.27Regular 0.00 102615 Invoice 09/18/2025 CROSSING GUARD SERVICES 8/3 - 8/16/25 6,900.990.00 102616 Invoice 09/18/2025 CROSSING GUARD SERVICES 08/13/2025 36.880.00 102874 Invoice 09/18/2025 CROSSING GUARD SERVICES 8/17 - 8/30/… 22,694.400.00 10023 AMAZING TENTS & EVENTS 09/18/2025 8073501,789.55Regular 0.00 8821 Invoice 09/18/2025 TENTS, TABLES, ETC (VIP/VENDORS) FOR … 1,789.550.00 10028 AMERINAT 09/18/2025 807351395.00Regular 0.00
FS-6012 Invoice 09/18/2025 PAINT GRANT - AHMADI 395.000.00 Item: 5
30 Check Report Date Range: 09/01/2025 - 09/30/2025
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 10034 ANNEALTA GROUP 09/18/2025 80735229,239.12Regular 0.00 497-3647 Invoice 09/18/2025 2021-031.2 HEROES PARK BASEBALL FIELD… 29,239.120.00 THB004903 ARIANNA FORD 09/18/2025 80735382.50Regular 0.00 Young, Arianna-M…Invoice 09/18/2025 EXP REIMB LUNCH BLDG & SFTY RFP INTE… 82.500.00 10044 AT&T CALNET3 09/18/2025 80735462.32Regular 0.00
000023979527 Invoice 09/18/2025 PARK UTILITIES AUG 2025 62.320.00 11412 CALIFORNIA SENSOR CORP 09/18/2025 807355830.00Regular 0.00 INV6461 Invoice 09/18/2025 CALSENSE METER 5-YEAR PREPAID DATA … 830.000.00 10091 CHARLES ABBOTT ASSOCIATES INC 09/18/2025 80735677,119.47Regular 0.00 69343 Invoice 09/18/2025 2022-107 STREET/SIDEWALK MAINT & RE… 77,119.470.00 10107 COSTAR REALTY INFORMATION INC 09/18/2025 807357432.25Regular 0.00 122667768 Invoice 09/18/2025 COMMERCIAL PROPERTIES NOW (BACK-E… 432.250.00 10109 COUNTY OF ORANGE TREASURER TAX 09/18/2025 80735812,725.94Regular 0.00 STCS003569 Invoice 09/18/2025 800 MHZ QUARTERLY COST ALLOCATION 7… 12,725.940.00 10113 CROWN FACILITY SOLUTIONS 09/18/2025 80735911,643.98Regular 0.00 3983 Invoice 09/18/2025 BANQUET ROOMS STAIN REMOVAL 10/23… 300.000.00 3984 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 10220 COM… 1,050.120.00 3985 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 10434 PAC 8… 427.660.00 3992 Invoice 09/18/2025 JANITORIAL SERVICE LF ACADEMY PAC 8/27 427.660.00 4019 Invoice 09/18/2025 JANITORIAL MONTHLY SERVICE SEPTEMB… 5,485.000.00 4153 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 8941 COMM… 1,050.120.00 4155 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 10204 COM… 797.100.00 4156 Invoice 09/18/2025 EXTRA CLEANING FOR BASEBALL TOURN… 280.000.00 4176 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 10661 COM… 515.440.00 4177 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 9972 COMM… 515.440.00 4178 Invoice 09/18/2025 JANITORIAL SERVICE PERMIT 10186 COM… 515.440.00 4179 Invoice 09/18/2025 EXTRA CLEANING FOR BASEBALL TOURN… 280.000.00 11704 DANIEL HUYNH 09/18/2025 807360250.00Regular 0.00
2003911.021 Invoice 09/18/2025 REFUND PERMIT 9972 250.000.00 10514 DJE SOUND & LIGHTING INC 09/18/2025 8073619,270.00Regular 0.00 INV-01104 Invoice 09/18/2025 STAGE, SOUND & LIGHTING FOR CONCERT… 9,270.000.00 10143 ERIC WINTER 09/18/2025 8073621,680.96Regular 0.00 6070 Invoice 09/18/2025 AV SERVICES FOR CITY COUNCIL JUL 2025 840.480.00 6071 Invoice 09/18/2025 AV SERVICES FOR CITY COUNCIL AUG 2025 840.480.00 11217 FCG CONSULTANTS INC 09/18/2025 80736315,248.96Regular 0.00 1133-1011 Invoice 09/18/2025 2024-023 LFTM BAKE/TRABUCO WIDENIN… 15,248.960.00 10197 IRVINE RANCH WATER DISTRICT 09/18/2025 80736464,458.38Regular 0.00 25-08 Invoice 09/18/2025 WATER SERVICES AUG CC, LFSP, MP, SLOP… 64,458.380.00 10200 JAMES L BLACKBURN 09/18/2025 807365115.52Regular 0.00 34573 Invoice 09/18/2025 BUSINESS CARDS 57.760.00
34587 Invoice 09/18/2025 BUSINESS CARDS 57.760.00
11382 JPW COMMUNICATIONS INC 09/18/2025 80736612,856.25Regular 0.00 3740 Invoice 09/18/2025 BRANDING PROJECT SERVICES AUG 12,856.250.00 THB004860 JUSTIN KIRK 09/18/2025 8073671,316.71Regular 0.00 Kirk, Justin-Overn…Invoice 09/18/2025 EXP REIMB APWA PWX AUG 2025 CHICAGO 1,316.710.00 10448 KARI HALL 09/18/2025 807368915.00Regular 0.00
00001452 Invoice 09/18/2025 FACE PAINTERS FOR SUMMER CONCERT 8… 915.000.00 THB001653 MICHAEL MCCONAHA 09/18/2025 807369387.00Regular 0.00 Item: 5
31 Check Report Date Range: 09/01/2025 - 09/30/2025
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount McConaha, Mich… Invoice 09/18/2025 TRAVEL PER DIEM ADVANCE MMASC 11/1… 387.000.00 10263 NETFILE 09/18/2025 8073702,500.00Regular 0.00
10407 Invoice 09/18/2025 4TH Q SUB & FORM 700 SEI SYS CHGS 10/… 2,500.000.00 11254 NICHOLAS GALINAITIS 09/18/2025 807371250.00Regular 0.00 02 Invoice 09/18/2025 CLUBHOUSE POP-UP EVENT 10/28/25 250.000.00 10265 NIEVES LANDSCAPE, LLC 09/18/2025 80737295,877.27Regular 0.00 82231 Invoice 09/18/2025 2023-026 PASSIVE PARKS MONTHLY MAIN… 73,736.270.00 82385 Invoice 09/18/2025 2023-026 IRRIGATION REPAIRS AUG MON… 1,040.000.00 82386 Invoice 09/18/2025 2023-026 IRRIGATION REPAIRS AUG SUN… 1,075.000.00 82387 Invoice 09/18/2025 2023-026 STAKE & INSTALL TREES AUG C… 392.000.00 82388 Invoice 09/18/2025 2023-026 IRRIGATION REPAIRS AUG VETE… 1,530.000.00 82429 Invoice 09/18/2025 2023-025 PLANT NEW MATERIAL AUG RID… 11,168.000.00 82430 Invoice 09/18/2025 2023-026 IRRIGATION REPAIRS AUG BORR… 615.000.00 82431 Invoice 09/18/2025 INSTALL TREE BRACES AUG VINTAGE/CHE… 148.000.00 82432 Invoice 09/18/2025 2023-026 INSTALL SAGE PLANTS AUG DAR… 420.000.00 82433 Invoice 09/18/2025 2023-026 INSTALL MULCH AUG DARRIN/P… 4,770.000.00 82434 Invoice 09/18/2025 2023-026 IRRIGATION REPAIRS AUG SKAT… 983.000.00 10536 ODP BUSINESS SOLUTIONS LLC 09/18/2025 8073731,508.10Regular 0.00 37233135 Invoice 09/18/2025 OPERATING SUPPLIES AUG 2025 1,508.100.00 10306 REACH 09/18/2025 807374869.40Regular 0.00
110638 Invoice 09/18/2025 SUBSCRIPTION LICENSE RENEWAL - REACH… 869.400.00 THB004894 SEAN MCGOVERN 09/18/2025 807375440.00Regular 0.00 McGovern, Sean… Invoice 09/18/2025 TRAVEL PER DIEM ADVANCE ICMA 10/24 -… 440.000.00 10327 SKYHAWKS SPORTS ACADEMY 09/18/2025 80737623,628.50Regular 0.00 13245 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 1,050.000.00 13246 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 1,133.300.00 13247 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 1,150.800.00 13248 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 1,050.000.00 13249 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 737.100.00 13250 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 834.400.00 13251 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 952.700.00 13252 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 525.000.00 13253 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 629.300.00 13254 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 919.100.00 13255 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 846.300.00 13256 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 973.000.00 13257 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 966.000.00 13258 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 461.300.00 13259 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 541.100.00 13260 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 385.000.00 13261 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 537.600.00 13263 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 388.500.00 13265 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 627.900.00 13266 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 305.200.00 13267 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 381.500.00 13268 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 385.000.00 13269 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 537.600.00 13270 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 228.900.00 13271 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 232.400.00 13272 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 381.500.00 13274 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 770.000.00 13275 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 232.400.00 13276 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 773.500.00 13277 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 464.800.00 13278 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 544.600.00 Item: 5
32 Check Report Date Range: 09/01/2025 - 09/30/2025
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Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 13279 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 156.100.00 13280 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 541.100.00 13281 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 305.200.00 13282 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 381.500.00 13283 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 368.900.00 13288 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 7.000.00 13499 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 333.200.00 13500 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 583.100.00 13505 Invoice 09/18/2025 SPRING FINAL PAYMENT / SUMMER PITTS… 1,006.600.00 10329 SO CAL INDUSTRIES 09/18/2025 807378592.63Regular 0.00 761605 Invoice 09/18/2025 PORTABLE RESTROOMS FOR CONCERT 8/… 592.630.00 10335 SOUTHERN CALIFORNIA EDISON 09/18/2025 80737985,323.31Regular 0.00 1549 09/04/2025 Invoice 09/18/2025 PARK UTILITIES (PORTOLA) AUG 2025 145.510.00 3106 09/03/2025 Invoice 09/18/2025 STREET LIGHT UTILITIES AUG 2025 83,263.070.00 5146 09/04/2025 Invoice 09/18/2025 STREET LIGHT UTILITIES CC AUG 2025 63.020.00 6551 08/26/2025 Invoice 09/18/2025 PARK UTILITIES AUG 2025 1,851.710.00 10338 SOUTHERN CALIFORNIA SHREDDING 09/18/2025 807380670.00Regular 0.00 289787 Invoice 09/18/2025 ID THEFT PREVENTION PAPER SHREDDING… 670.000.00 10345 SUPER BIRTHDAY INC 09/18/2025 8073811,950.00Regular 0.00 32584 Invoice 09/18/2025 MINI TRAINS FOR 2025 TREE LIGHTING 1,950.000.00 10359 THE GAS COMPANY 09/18/2025 807382690.95Regular 0.00 9109 9/9/25 Invoice 09/18/2025 CIVIC CENTER UTILITIES AUG 2025 690.950.00 10641 THE LOFTCRAFTERS INC 09/18/2025 8073831,230.00Regular 0.00 RESB-07-25-67973 Invoice 09/18/2025 REFUND C&D DEPOSIT 1,230.000.00 10362 THE PET ADOPTION CENTER OF ORANGE COUNTY09/18/2025 8073841,583.34Regular 0.00 1030 Invoice 09/18/2025 PET ADOPTION CENTER SERVICES AUG 20… 1,583.340.00 10365 THERESA DOBBS 09/18/2025 8073856,150.00Regular 0.00 09/05/2025 Invoice 09/18/2025 CONSULTING SERVICES AUG 2025 6,150.000.00 10640 THY MERRITT 09/18/2025 807386301.00Regular 0.00
Merritt, Thy-Ove… Invoice 09/18/2025 TRAVEL PER DIEM ADVANCE LEAGUE CAL … 301.000.00 THB004881 TRAN TRAN 09/18/2025 8073871,588.95Regular 0.00 Tran, Tran-Overn… Invoice 09/18/2025 EXP REIMB APWA PWX AUG 2025 CHICAGO 1,588.950.00 10376 TRIPEPI SMITH AND ASSOCIATES 09/18/2025 8073881,837.50Regular 0.00 15434 Invoice 09/18/2025 AV SUPPORT FOR PAC EVENT PERMIT 104… 1,837.500.00 10405 US BANK NA 09/18/2025 8073892,507.77Regular 0.00
8690611272535 Invoice 09/18/2025 CITY VEHICLE FUEL AUG 2025 2,507.770.00 11705 ZARRIN AZADI 09/18/2025 807390300.00Regular 0.00
2003913.021 Invoice 09/18/2025 REFUND PERMIT 10186 300.000.00 10340 A SPECTRUM OF PROMOTIONAL IDEAS INC 09/25/2025 8073912,404.17Regular 0.00 38417 Invoice 09/25/2025 CAR SHOW SHIRTS 2,404.170.00
10038 ARCADIAN BANK 09/25/2025 8073926,410.00Regular 0.00 09/16/2025 CLA… Invoice 09/25/2025 PAINT GRANT - CLARKE & HUYNH 6,410.000.00 10038 ARCADIAN BANK 09/25/2025 807393200.00Regular 0.00 484 Invoice 09/25/2025 PAINT GRANT - LEBLANC 200.000.00 10074 CALIFORNIA STATE DISBURSEMENT 09/25/2025 807394147.70Regular 0.00 09/12/2025 Invoice 09/25/2025 REMIT ID 200000002413681 SDU/TRIBAL … 147.700.00 10074 CALIFORNIA STATE DISBURSEMENT 09/25/2025 807395145.38Regular 0.00 Item: 5
33 Check Report Date Range: 09/01/2025 - 09/30/2025
9/29/2025 3:46:24 PM Page 13 of 17
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 9/12/2025 Invoice 09/25/2025 REMIT ID 200000002605383 SDU/TRIBAL … 145.380.00 10079 CALPERS LONG TERM CARE PROGRAM 09/25/2025 807396262.73Regular 0.00 15791885 Invoice 09/25/2025 EE CONT PPE 09/26/2025 262.730.00 10095 CITY OF LAKE FOREST SUNSHINE CLUB 09/25/2025 807397159.00Regular 0.00 09/12/2025 Invoice 09/25/2025 EE CONT PPE 09/12/2025 159.000.00 10109 COUNTY OF ORANGE TREASURER TAX 09/25/2025 8073982,604.00Regular 0.00 SH 72235 Invoice 09/25/2025 AFIS FINGERPRINTING AUG 2025 2,604.000.00 10113 CROWN FACILITY SOLUTIONS 09/25/2025 8073991,757.78Regular 0.00 4185 Invoice 09/25/2025 JANITORIAL SVC PERMIT 9785 CC LEADING… 1,050.120.00 4186 Invoice 09/25/2025 JANITORIAL SVC PERMIT #10453 PAC LF A… 427.660.00 4200 Invoice 09/25/2025 EXTRA CLEANING FOR BASEBALL TOURN… 280.000.00 11500 DRAW TAP GIS LLC 09/25/2025 8074003,025.00Regular 0.00 2025CLF-0006 Invoice 09/25/2025 GIS SUPPORT MONTHLY MAINTENANCE A… 3,025.000.00 10134 ECONOMICS INC 09/25/2025 80740111,353.61Regular 0.00 2022.41 Invoice 09/25/2025 2022-002 PROFESSIONAL SERVICES SOLID… 11,353.610.00 10155 FASTSIGNS OF LAKE FOREST 09/25/2025 807402746.71Regular 0.00 2016-21714 Invoice 09/25/2025 EVENT BANNER FOR STREET CORNERS 746.710.00 10165 FRANCHISE TAX BOARD 09/25/2025 807403895.95Regular 0.00 09/12/2025 Invoice 09/25/2025 ACCT 121-16212-56 ANDREANI PPE 09/12… 895.950.00 11710 JANET CHOI 09/25/2025 80740498.80Regular 0.00
RESB-08-25-68127 Invoice 09/25/2025 REFUND PERMIT CANCELLATION 98.800.00 10228 LAKE FOREST CHAMBER OF COMMERCE 09/25/2025 8074055,537.50Regular 0.00 TASTE2025B Invoice 09/25/2025 TASTE OF LF CHAMBER AGREEMENT PYMT… 5,537.500.00 10468 MISSIONSQUARE 09/25/2025 80740612,880.31Regular 0.00 09/12/2025 Invoice 09/25/2025 DEFERRED COMP ACCT 303669 PPE 09/12… 12,880.310.00 11409 MRC SMART TECHNOLOGY SOLUTIONS 09/25/2025 807407165.94Regular 0.00 IN5001426 Invoice 09/25/2025 PRINTER & COPIER MAINTENANCE 9/14-1… 165.940.00 10280 ORANGE COUNTY SHERIFF S OFFICE 09/25/2025 807408440.02Regular 0.00 09/12/2025 Invoice 09/25/2025 LOF NO. 30-2023-01343745-CL-CL-CJC PPE… 440.020.00 10280 ORANGE COUNTY SHERIFF S OFFICE 09/25/2025 807409393.95Regular 0.00 9/12/2025 Invoice 09/25/2025 CASE NO. 30-2020-01165746-CL-CL-CJC PP… 393.950.00 11712 PRINT PROJECT MANAGERS 09/25/2025 807410268.04Regular 0.00 049558 Invoice 09/25/2025 POSTCARDS FOR CAVANAUGH PARK OUT… 268.040.00 11711 RAMON RAMIREZ 09/25/2025 807411193.20Regular 0.00 RESB-03-25-66607 Invoice 09/25/2025 REFUND PERMIT CANCELLATION 193.200.00 11413 REVIZE LLC 09/25/2025 80741214,600.00Regular 0.00 21581 Invoice 09/25/2025 WEB HOSTING, MAINTENANCE 14,600.000.00 10335 SOUTHERN CALIFORNIA EDISON 09/25/2025 80741337,454.45Regular 0.00 5972 09/09/2025 Invoice 09/25/2025 CIVIC CENTER UTILITIES AUG 2025 11,355.840.00 8114 09/09/2025 Invoice 09/25/2025 CIVIC CENTER UTILITIES AUG 2025 26,098.610.00 10347 SUPERIOR PROPERTY SERVICES INC 09/25/2025 8074149,443.33Regular 0.00 18513 Invoice 09/25/2025 2023-022 GRAFFITI RMVL/STEAM CLEAN/… 8,643.330.00 18529 Invoice 09/25/2025 2023-022 PAINT WALL RKFLD/LNDSVW + L… 800.000.00 10359 THE GAS COMPANY 09/25/2025 80741542.25Regular 0.00 2943 09/10/2025 Invoice 09/25/2025 LFSP UTILITIES AUG 2025 42.250.00 11592 TRELLIS INTERNATIONAL 09/25/2025 8074167,741.76Regular 0.00 Item: 5
34 Check Report Date Range: 09/01/2025 - 09/30/2025
9/29/2025 3:46:24 PM Page 14 of 17
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount 11919 Invoice 09/25/2025 COMMUNITY PRESERVATION PROGRAM (… 7,741.760.00 10385 UNDERGROUND SERVICE ALERT OF 09/25/2025 807417306.00Regular 0.00 820250395 Invoice 09/25/2025 UNDERGROUND SERVICE ALERT AUG 2025 306.000.00 11707 UNIVERSAL BUILDING MAINTENANCE LLC 09/25/2025 8074181,164.00Regular 0.00 17535348 Invoice 09/25/2025 JANITORIAL SERVICES - TASTE OF LF 1,164.000.00 10391 US BANK PARS 09/25/2025 8074192,835.16Regular 0.00 09/12/2025 Invoice 09/25/2025 PARS CONT PPE 09/12/2025 2,835.160.00 10392 US DEPT OF TREASURY 09/25/2025 807420961.75Regular 0.00 09/12/2025 Invoice 09/25/2025 AGENCY TRACKING WG2122418 PPE 09/1… 961.750.00 10506 WEST COAST ARBORISTS INC 09/25/2025 80742144,094.04Regular 0.00 231667 Invoice 09/25/2025 TREE MANAGEMENT SERVICES 7/1-7/15 2,734.950.00 232319 Invoice 09/25/2025 TREE MANAGEMENT SERVICES 7/16-7/31 620.400.00 233025 Invoice 09/25/2025 TREE MANAGEMENT SERVICES 8/1-8/15 22,505.010.00 233634 Invoice 09/25/2025 TREE MANAGEMENT SERVICES 8/16-8/31 18,233.680.00 3,619,650.22Total Regular: 0.00
Item: 5
35 Check Report Date Range: 09/01/2025 - 09/30/2025
9/29/2025 3:46:24 PM Page 15 of 17
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount Payment Type: Bank Draft
10080 CALPERS HEALTH BENEFITS BRANCH 09/05/2025 DFT0000385110,981.45Bank Draft 0.00 100000018026573 Invoice 09/05/2025 HEALTH INSURANCE FOR SEPT 2025 110,981.450.00 10004 ADP 09/12/2025 DFT00003871,847.92Bank Draft 0.00
700009470 Invoice 09/12/2025 ADP TIME AND ATTENDANCE 1,847.920.00 10004 ADP 09/12/2025 DFT00003881,744.30Bank Draft 0.00
700009097 Invoice 09/12/2025 WORKFORCE NOW HCM PE 08/11/2025 1,744.300.00 10004 ADP 09/12/2025 DFT00003893,246.40Bank Draft 0.00
700010461 Invoice 09/12/2025 PROCESSING CHGS FOR PE 8/1, 8/14, 8/15,… 3,246.400.00 10076 CALPERS EMPLOYER SVCS 09/24/2025 DFT000039059,356.11Bank Draft 0.00 09/12/2025 Invoice 09/24/2025 RETIREMENT CONTRIBUTIONS PPE 09/12/… 59,356.110.00 10076 CALPERS EMPLOYER SVCS 09/18/2025 DFT000039365,529.05Bank Draft 0.00 08/29/2025 Invoice 09/18/2025 RETIREMENT CONTRIBUTIONS PPE 08/29/… 65,529.050.00 10077 CALPERS FINANCIAL REPORTING 09/24/2025 DFT0000396500.00Bank Draft 0.00 100000018039145 Invoice 09/24/2025 ARREARS ADMIN FEE - JESSICA MADRID 500.000.00 10077 CALPERS FINANCIAL REPORTING 09/24/2025 DFT0000397350.00Bank Draft 0.00 100000018034663 Invoice 09/24/2025 FEES FOR GASB 68 REPORTS & SCHEDULES 350.000.00 243,555.23Total Bank Draft: 0.00
Regular Checks
Manual Checks
Voided Checks
Discount
Payment
CountPayment Type
Bank Code OP Summary
Bank Drafts
EFT's
203
2 0
8 11

0.00 0.00

0.00 224 0.00
Payment
3,619,650.22
2,151.41

0.00 243,555.23
133,018.35
3,998,375.21
Payable
Count
333
2 0
8 16
359
Item: 5
36 Check Report Date Range: 09/01/2025 - 09/30/2025
9/29/2025 3:46:24 PM Page 16 of 17
Vendor Number Vendor Name Payment Amount NumberPayment TypePayment Date Discount Amount Payable # Post Date Payable Description Payable AmountPayable Type Discount Amount Bank Code: PR-Payroll
Payment Type: Bank Draft
10004 ADP 09/05/2025 DFT0000384279,516.26Bank Draft 0.00 08/29/2025 Invoice 09/05/2025 DIRECT DEPOSIT ACH PPE 08/29/2025 279,516.260.00 10005 ADP TAX FINANCIAL SVC 09/05/2025 DFT000038665,871.62Bank Draft 0.00 08/29/2025 Invoice 09/05/2025 PAYROLL TAXES FOR PPE 08/29/2025 65,871.620.00 10004 ADP 09/19/2025 DFT0000391271,371.91Bank Draft 0.00 09/12/2025 Invoice 09/19/2025 DIRECT DEPOSIT ACH PPE 09/12/2025 271,371.910.00 10005 ADP TAX FINANCIAL SVC 09/19/2025 DFT000039265,299.73Bank Draft 0.00 09/12/2025 Invoice 09/19/2025 PAYROLL TAXES FOR PPE 09/12/2025 65,299.730.00 10005 ADP TAX FINANCIAL SVC 09/23/2025 DFT00003949,669.16Bank Draft 0.00 2025 BONUS Invoice 09/23/2025 PAYROLL TAXES FOR 2025 BONUS 9,669.160.00 10004 ADP 09/23/2025 DFT000039558,009.49Bank Draft 0.00 2025 BONUS Invoice 09/23/2025 DIRECT DEPOSIT ACH 2025 BONUS 58,009.490.00 749,738.17Total Bank Draft: 0.00
Regular Checks
Manual Checks
Voided Checks
Discount
Payment
CountPayment Type
Bank Code PR Summary
Bank Drafts
EFT's
0 0
0 6
0 0.00

0.00 0.00

0.00 0.00
6 0.00
Payment

0.00 0.00

0.00 749,738.17

0.00 749,738.17
Payable
Count
0 0
0 6
0 6
Item: 5
37 Check Report Date Range: 09/01/2025 - 09/30/2025

Page 17 of 179 ends

All Bank Codes Check Summary
Payment Type Discount
Payment
Count Payment
Payable
Count
Regular Checks
Manual Checks
Voided Checks
Bank Drafts
EFT's
203
2 0
14 11

0.00 0.00

0.00 230 0.00
3,619,650.22
2,151.41

0.00 993,293.40
133,018.35
4,748,113.38
333
2 0
14 16
365
Fund Name AmountPeriod
Fund Summary
999 Pooled Cash 4,748,113.389/2025
4,748,113.38
Item: 5
38 CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: Finance
SUBJECT:

REVIEW THE COMPREHENSIVE ANNUAL INVESTMENT REPORT AND

APPROVE THE PROPOSED STATEMENT OF INVESTMENT POLICY
RECOMMENDED ACTION(S):

1. Receive and file the 2024-25 Comprehensive Annual Investment Report.

2. Approve the Proposed Statement of Investment Policy.

3. Adopt a Resolution Entitled: A RESOLUTION OF THE CITY COUNCIL OF

THE CITY OF LAKE FOREST, CALIFORNIA, DELEGATING

INVESTMENT AUTHORITY TO THE CITY TREASURER
EXECUTIVE SUMMARY:

The California Government Code and the City’s Statement of Investment Policy (“Investment Policy”) guide the investment of the City’s funds. The current Investment Policy was reviewed and adopted by the City Council on October 15, 2024, and requires a comprehensive annual investment report (“Annual Investment Report”) be presented to the City Council each year. The Annual Investment Report includes comparisons of the City’s portfolio performance to market benchmarks, recommendations for potential enhancements to the investment program, and an investment plan for the upcoming year.

The City contracts with Chandler Asset Management (“Chandler”) to provide investment advisory and management services. The attached Annual Investment Report (Attachment 1) presents a comprehensive overview of the City’s investment portfolio for the fiscal year ending June 30, 2025.

In conjunction with the Annual Investment Report, staff prepared an updated Investment Policy (Attachment 2) to reflect recent legislative changes and best practices. The proposed revisions have been reviewed by both Chandler and the City Attorney’s Office (Attachment 3) to ensure compliance with applicable laws and consistency with the City’s investment philosophy and objectives.

Item: 6
39 BACKGROUND:

The California Government Code and the City’s Investment Policy govern the investment of City funds. The City Council most recently adopted its Investment Policy on October 15, 2024, establishing a comprehensive framework for investing public funds consistent with the City’s core objectives of safety, liquidity, and return on investment.

The Investment Policy serves to organize and formalize the City’s investment activities by:
Delegating authority to the City Treasurer to manage the City’s investment portfolio;
Engaging Chandler Asset Management as the City’s investment advisor to assist in managing the portfolio and implementing investment strategies; Identifying authorized investments and restrictions to ensure compliance with State law;
Requiring monthly, quarterly, and annual reporting to the City Council; and Mandating an annual Investment Policy review and update within 120 days following fiscal year-end.

The City’s investment portfolio is managed by the Director of Finance, who serves as the City Treasurer. On December 20, 2022, the City Council awarded a professional services agreement to Chandler Asset Management to provide investment management services consistent with the City’s Investment Policy.

As of June 30, 2025, the City’s portfolio balance totaled approximately $226.7 million, including deposits with Chandler, the Local Agency Investment Fund (LAIF), the California Asset Management Program (CAMP), and the City’s operating account with U.S. Bank. The Investment Policy ensures that these funds are invested prudently and in accordance with State law.

DISCUSSION:

Comprehensive Annual Investment Report
Consistent with State law and the City’s Investment Policy, an Annual Investment Report is presented to the City Council (Attachment 1). The Annual Investment Report includes a year-over-year comparison of the City’s investment portfolio as shown in Table 1 below, and the City’s total rate of return in comparison to the market benchmark as summarized in Table 2 below.

Item: 6
40 Table 1 City’s Investment Portfolio FY2024 and FY2025 Comparison

Type FY2024
(in millions)
FY2025
(in millions)
Difference
(%)
Chandler Asset Management Portfolio $146.5 $155.8 +6%
Local Agency Investment Pools 62.0 67.8 +9%
Operating Bank Balance – US Bank 3.3 3.1 -6%
Total 211.8 226.7
The portfolio reflects strong diversification and compliance with the City’s investment objectives. The increase in balances within both Chandler and pooled investments is attributable to higher market yields and ongoing reinvestment of City funds.

Table 2 City’s Total Rate of Return and Market Benchmark Comparison

Total Rate of Return City* Benchmark**
City of Lake Forest Operating Reserve 5.69% 5.18%
* Since Inception 08/01/2023
**Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

As shown, the City’s total rate of return outperformed the benchmark since Chandler’s inception date, demonstrating that the City’s risk-aware and actively managed approach continues to perform well in the current interest rate environment.

Statement of Investment Policy
The City’s Investment Policy is required to be reviewed and approved annually within 120 days of fiscal year-end. The Investment Policy establishes the City’s framework for prudent investing and incorporates the authority granted to the City Treasurer under Government Code Section 53607.

Staff worked closely with Chandler Asset Management and the City Attorney’s Office to review the Investment Policy and incorporate necessary revisions. The proposed updates align the Investment Policy with current law and best practices while maintaining its overall structure and investment philosophy.

Substantive revisions include:

Item: 6
41 Placement Service Deposits: Assembly Bill 2618 extends the 50% provision to 2031 from 2026 (Pages 9-10, Attachment 2). Commercial Paper: Eliminate the “No more than 10% of the outstanding commercial paper of any single issuer” language as statute now imposes a 10% maximum limitation by code (Page 8, Attachment 2).

The City Attorney’s Office reviewed the proposed Investment Policy and determined that it complies with Government Code Sections 53600–53609 and is consistent with public investment best practices. If approved, the updated Investment Policy will replace the version adopted October 15, 2024, and will become effective immediately upon Council adoption.

Additionally, staff suggests that the City Council authorize staff to make any necessary non-substantive changes, such as typographical, grammatical, and formatting adjustments, before the official adoption. If the Proposed Investment Policy is approved, staff will proceed with finalizing the changes and provide the updated Investment Policy to the City Clerk to incorporate with other existing City policies.

Delegation of Investment Authority
In accordance with Government Code Section 53607 and Section V of the City’s Investment Policy, staff recommend that the City Council adopt Resolution No. 2025-___ (Attachment 4), delegating investment authority to the City Treasurer for a one-year period.

This delegation authorizes the City Treasurer to invest and reinvest City funds, and to sell or exchange securities consistent with the adopted Investment Policy.

The delegation remains effective for one year and may be renewed annually by resolution.

FISCAL IMPACT:

The recommended action has no fiscal impact.

ATTACHMENTS:

1. Annual Investment Report

2. Proposed Statement of Investment Policy

3. City Attorney Proposed Statement of Investment Policy Review Approval Letter

4. Resolution Delegating Investment Authority
Item: 6
42 Initiated By: Ivonne Rosales, Management Assistant
Submitted By: Kevin Shirah, Director of Finance/City Treasurer Approved By: Debra Rose, City Manager
Item: 6
43 ATTACHMENT 1

Item: 6
44 INVESTMENT REPORT
Lake Forest | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

Item: 6
45 TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1 Item: 6
46 ECONOMIC UPDATE
2 Item: 6
47 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.

The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.

US Treasury yield curve steepened in August, as the 2-year Treasury yield declined 34 basis points to 3.62%, the 5-year Treasury -28 basis points to 3.70%, and the 10-year Treasury yield -15 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +61 basis points at August month-end versus +42 basis points at July month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -1.5 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in August versus +4 basis points in July.

ECONOMIC UPDATE
3 Item: 6
48 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, remaining below the pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumpedto 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 Item: 6
49 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) fell to 7.2 million new job openings in July from 7.4 million in June. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 Item: 6
50 0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 Item: 6
51 0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6%in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 97.4 in August from a revised 98.7 in July. Measures of current conditions and future expectations declined, reflecting weaker sentiment on employment and income prospects. Views on business conditions ticked higher, helping offset the dip. While consumers have shown resilience, rising debt, increased delinquencies, persistent inflation concerns and signs of labor market softening may threaten future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 Item: 6
52 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 Item: 6
53 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. Meanwhile, the Freddie Mac 30- year fixed mortgage rate declined to 6.6% in August. According to the S&P CoreLogic Case-Shiller 20-City Home Price Index, home prices slipped 0.25% month-over-monthin June marking the fourth straight month home prices have fallen. The decline pulled the annual gain down to 2.1%, the weakest pace since the market turned higher in mid-2023, adding to signs of cooling in the housing market. Elevated asking prices and mortgage rates have presented affordability challenges which weighed on housing demand.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 Item: 6
54 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index registered 48.7 in August, up from 48.0 in July but remaining below the expansion threshold, signaling the sixth consecutive month of contraction in the manufacturing sector. New orders rebounded, but production and employment fell, and firms continued to face high costs and tariff uncertainty. The ISM Services index rose to 52.0 in August from 50.1 in July, driven primarilyby an uptick in new orders and business activity. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 Item: 6
55 Components of GDP 9/24 12/24 3/25 6/25

2.7% 2.6% 0.4% 1.7%

0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%

0.5% 0.3% -0.4% -0.4%

0.4% 0.3% 0.2% 0.3%

3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increasedat an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
11 Item: 6
56 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 Item: 6
57 Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Aug-25
May-25
Aug-24
Yield (%)
At the end of August, the 2-year Treasury yield was 30 basis points lower and the 10-Year Treasury yield was 33 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +61 basis points at August month- end versus +42 basis points at July month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +8 basis points in August versus +4 basis points in July.

BOND YIELDS
13 Item: 6
58 ACCOUNT PROFILE
14 Item: 6
59 OBJECTIVES
Investment Objectives
The investment objectives for the City of Lake Forest, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and earn a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15 Item: 6
60 STATEMENT OF COMPLIANCE
Lake Forest Cons | Account #11085 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 100.0 8.2 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 7.4 Compliant Max Maturity (Years) 5.0 3.9 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 6.2 Compliant
Max % Issuer (MV) 5.0 0.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

COLLATERALIZED BANK DEPOSITS
Max % (MV) 100.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 18.4 Compliant
Max % Issuer (MV) 5.0 1.1 Compliant
Max Maturity (Years) 5 4 Compliant
16 Item: 6
61 STATEMENT OF COMPLIANCE
Lake Forest Cons | Account #11085 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 7.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 7.4 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 2 Compliant

JOINT POWERS AUTHORITY (JPA)
Max % (MV) 100.0 20.0 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 23.1 Compliant

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 20.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.2 Compliant
Max % Issuer (MV) 20.0 1.2 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.7 Compliant
Max % Issuer (MV) 5.0 0.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
17 Item: 6
62 STATEMENT OF COMPLIANCE
Lake Forest Cons | Account #11085 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

PLACEMENT SERVICE DEPOSITS
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.5 Compliant
Max % Issuer (MV) 10.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 24.9 Compliant
Max Maturity (Years) 5 4 Compliant
18 Item: 6
63 PORTFOLIO CHARACTERISTICS
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Benchmark* 6/30/2025
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 2.65 3.01 3.10
Average Modified Duration 2.48 2.58 2.61
Average Purchase Yield 4.52% 4.70%
Average Market Yield 3.78% 4.03% 4.91%
Average Quality** AA+ AA+ AA+
Total Market Value 155,816,914 146,454,452
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 Item: 6
64 SECTOR DISTRIBUTION
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 06/30/2024
US Treasury 35.83% 32.66%
Corporate 26.53% 26.20%
Agency CMBS 11.77% 10.87%
Agency 10.62% 15.41%
ABS 8.91% 11.74%
Supras 3.63% 2.79%
Money Mkt Fd 1.68% 0.15%
Muni Bonds 1.02% --
Cash 0.00% 0.18%
20 Item: 6
65 ISSUERS
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 35.83%
FHLMC Agency CMBS 11.77%
Farm Credit System Agency 10.62%
American Express Credit Master Trust ABS 1.95%
Inter-American Development Bank Supras 1.82%
Federated Hermes, Inc. Money Mkt Fd 1.68%
Caterpillar Inc. Corporate 1.59%
Deere & Company Corporate 1.50%
New York Life Insurance Company Corporate 1.45%
Chase Issuance Trust ABS 1.41%
Guardian Life Global Funding Corporate 1.36%
Massachusetts Mutual Life Insurance Corporate 1.36%
Honda Auto Receivables Owner Trust ABS 1.35%
Royal Bank of Canada Corporate 1.32%
Toyota Motor Corporation Corporate 1.32%
UnitedHealth Group Incorporated Corporate 1.30%
GM Financial Securitized Term ABS 1.10%
BMW Vehicle Owner Trust ABS 1.05%
State of California Muni Bonds 1.02%
The Home Depot, Inc. Corporate 1.01%
Amazon.com, Inc. Corporate 0.98%
International Bank for Recon and Dev Supras 0.97%
Walmart Inc. Corporate 0.97%
PepsiCo, Inc. Corporate 0.88%
International Finance Corporation Supras 0.85%
Honda Motor Co., Ltd. Corporate 0.83%
Pricoa Global Funding I Corporate 0.82%
Metropolitan Life Global Funding I Corporate 0.79%
The Toronto-Dominion Bank Corporate 0.67%
Wells Fargo & Company Corporate 0.66%
21 Item: 6
66 ISSUERS
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Issuer Investment Type % Portfolio
National Rural Utilities Cooperative Corporate 0.66%
Morgan Stanley Corporate 0.66%
Prologis, Inc. Corporate 0.66%
Northwestern Mutual Global Funding Corporate 0.66%
Bank of America Corporation Corporate 0.65%
JPMorgan Chase & Co. Corporate 0.65%
Florida Power & Light Corporate 0.65%
Public Service Enterprise Group Inco Corporate 0.64%
Toyota Auto Receivables Owner Trust ABS 0.59%
Meta Platforms, Inc. Corporate 0.55%
Chubb Limited Corporate 0.52%
Cisco Systems, Inc. Corporate 0.52%
John Deere Owner Trust ABS 0.49%
Duke Energy Corporation Corporate 0.48%
Met Tower Global Funding Corporate 0.43%
Hyundai Auto Lease Securitization Tr ABS 0.37%
GM Financial Automobile Leasing Trus ABS 0.34%
Mercedes-Benz Auto Lease Trust ABS 0.25%
Cash Cash 0.00%
TOTAL 100.00%
22 Item: 6
67 QUALITY DISTRIBUTION
Rating 06/30/2025 06/30/2024
AAA 14.24% 12.98%
AA 66.64% 64.78%
A 15.44% 17.90%
BBB 0.67% --
NA 3.00% 4.33%
Rating 06/30/2025 06/30/2024
Aaa 8.72% 70.37%
Aa 68.67% 5.32%
A 17.15% 18.29%
NA 5.46% 6.01%
Rating 06/30/2025 06/30/2024
AAA 20.90% 21.74%
AA 59.17% 61.18%
A 9.29% 7.89%
NA 10.64% 9.19%
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
23 Item: 6
68 DURATION DISTRIBUTION
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 4.2% 3.0% 11.1% 8.3% 27.8% 38.1% 7.5% 0.0% 0.0% 06/30/2024 0.4% 0.0% 14.2% 27.3% 12.5% 31.1% 14.7% 0.0% 0.0% 24 Item: 6
69 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
Lake Forest Operating Reserve 1.56% 6.46% 5.69%
Benchmark 1.36% 6.06% 5.18%
*Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

INVESTMENT PERFORMANCE
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Total Rate of Return : Inception | 08/01/2023
25 Item: 6
70 PORTFOLIO CHARACTERISTICS
Lake Forest Reporting | Account #11084 | As of June 30, 2025 6/30/2025
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.38% 4.56%
Average Market Yield 4.36% 4.51%
Average Quality** AAA AAA
Total Market Value 67,785,104 62,045,207
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 26 Item: 6
71 SECTOR DISTRIBUTION
Lake Forest Reporting | Account #11084 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 06/30/2024
LGIP 65.59% 76.18%
LAIF 34.10% 23.57%
Cash 0.31% 0.25%
27 Item: 6
72 CONSOLIDATED INFORMATION
28 Item: 6
73 PORTFOLIO CHARACTERISTICS
Lake Forest Cons | Account #11085 | As of June 30, 2025 6/30/2025
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 2.09 2.17
Average Modified Duration 1.80 1.83
Average Purchase Yield 4.48% 4.68%
Average Market Yield 4.13% 4.87%
Average Quality** AA+ AA+
Total Market Value 223,602,018 208,499,659
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 Item: 6
74 SECTOR DISTRIBUTION
Lake Forest Cons | Account #11085 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 06/30/2024
US Treasury 24.91% 22.90%
LGIP 19.98% 22.76%
Corporate 18.45% 18.37%
LAIF 10.39% 7.04%
Agency CMBS 8.19% 7.62%
Agency 7.39% 10.80%
ABS 6.19% 8.23%
Supras 2.53% 1.96%
Money Mkt Fd 1.17% 0.10%
Muni Bonds 0.71% --
Cash 0.10% 0.20%
30 Item: 6
75 PORTFOLIO HOLDINGS
31 Item: 6
76 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 345,275.19 06/13/2023

5.36%
336,616.33
341,453.50

99.68 4.66%
344,157.50
573.92

0.22%
2,704.00
Aaa/NA
AAA

1.63 0.36
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 835,003.81 --

5.21%
833,133.75
834,116.28
100.24

4.53%
837,021.34
1,169.01

0.54%
2,905.06
Aaa/NA
AAA

1.81 0.43
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 570,000.00 05/14/2024

5.41%
569,984.15
569,990.04
100.79

4.55%
574,526.60
1,370.53

0.37%
4,536.56
NA/AAA
AAA

1.88 0.86
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 525,000.00 05/07/2024

5.85%
524,969.50
524,980.31
100.80

4.38%
529,188.45
864.65

0.34%
4,208.14
NA/AAA
AAA

2.05 0.74
89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 906,569.11 06/12/2023

5.09%
911,526.91
908,480.83
100.49

4.41%
911,003.68
2,135.47

0.59%
2,522.85
Aaa/NA
AAA

2.21 0.52
161571HS6 CHAIT 2022-1 A 3.97 09/15/2025 1,500,000.00 06/05/2023

4.85%
1,473,046.88
1,495,734.49

99.89 4.53%
1,498,404.30
2,646.67

0.97%
2,669.81
NA/AAA
AAA

0.21 0.20
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 385,000.00 05/17/2024

5.73%
384,954.95
384,968.58
101.22

4.38%
389,702.08
910.31

0.25%
4,733.50
Aaa/NA
AAA

2.55 1.22
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 710,344.25 07/12/2023

5.11%
700,632.51
704,788.07

99.98 4.56%
710,172.56
1,323.02

0.46%
5,384.49
Aaa/AAA
NA

2.63 0.53
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 959,332.13 --

5.26%
963,645.37
961,300.23
100.59

4.49%
965,033.15
874.59

0.62%
3,732.92
NA/AAA
AAA

2.66 0.57
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 409,378.57 06/21/2023

5.51%
409,310.28
409,339.41
100.53

4.46%
411,565.47
942.48

0.27%
2,226.06
Aaa/NA
AAA

2.71 0.68
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 570,000.00 06/07/2023

4.92%
569,949.44
569,980.65
100.52

4.30%
572,941.71
1,233.73

0.37%
2,961.06
NA/AAA
AAA

0.87 0.84
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025

4.84%
704,988.30
704,988.65
100.64

4.23%
709,502.34
986.61

0.46%
4,513.69
NA/AAA
AAA

2.90 1.62
36267KAD9 GMCAR 2023-3 A3 5.45
06/16/2028 282,785.35 07/11/2023

5.51%
282,774.44
282,778.77
100.63

4.45%
284,570.01
642.16

0.18%
1,791.24
Aaa/AAA
NA

2.96 0.59
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 680,000.00 09/07/2023

5.23%
679,811.50
679,879.08
101.16

4.21%
687,858.69
1,559.47

0.44%
7,979.61
NA/AAA
AAA

3.21 1.14
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 500,000.00 05/14/2024

5.27%
499,939.25
499,954.25
101.20

4.30%
505,976.30
951.53

0.33%
6,022.05
NA/AAA
AAA

3.39 1.16
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 655,000.00 06/04/2024

5.18%
654,900.51
654,922.77
101.26

4.11%
663,258.24
565.48

0.43%
8,335.47
Aaa/AAA
NA

3.66 1.12
32 Item: 6
77 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 735,000.00 08/09/2024

4.66%
734,884.53
734,906.20
100.54

4.21%
739,000.38
933.04

0.48%
4,094.18
Aaa/NA
AAA

3.72 1.35
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 1,155,000.00 04/16/2024

5.30%
1,154,763.23
1,154,819.72
102.00

4.11%
1,178,062.46
2,684.73

0.76%
23,242.74
NA/AAA
AAA

3.79 1.67
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,260,000.00 05/06/2025

4.28%
1,259,977.19
1,259,977.81
100.61

4.08%
1,267,707.04
2,396.80

0.82%
7,729.23
NA/AAA
AAA

4.79 2.58
13,649,809.03 100.67 13,779,652.31 8.91% 2.62
Total ABS 13,688,688.39 5.09% 13,677,359.65 4.35% 24,764.20 102,292.67 1.01 AGENCY
3133EPRS6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.875 07/28/2025 2,400,000.00 07/25/2023

5.00%
2,394,528.00
2,399,797.89
100.04

4.31%
2,400,861.19
49,725.00

1.55%
1,063.30
Aa1/AA+
AA+

0.08 0.07
3133EPMB8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 12/08/2025 3,500,000.00 06/08/2023

4.39%
3,478,545.00
3,496,240.09

99.89 4.36%
3,496,267.04
9,223.96

2.26%

26.95 Aa1/AA+
AA+

0.44 0.43
3133EPPR0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 04/10/2026 3,500,000.00 07/25/2023

4.74%
3,490,375.00
3,497,245.83
100.39

4.10%
3,513,788.88
36,421.88

2.27%
16,543.05
Aa1/AA+
AA+

0.78 0.75
3133EPNG6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 06/23/2026 3,500,000.00 06/20/2023

4.39%
3,498,145.00
3,499,395.77
100.34

4.02%
3,511,886.14
3,402.78

2.27%
12,490.37
Aa1/AA+
AA+

0.98 0.95
3133EPNH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 06/21/2028 3,500,000.00 06/21/2023

4.06%
3,470,831.00
3,482,642.44
100.20

3.80%
3,507,037.77
3,767.36

2.27%
24,395.32
Aa1/AA+
AA+

2.98 2.78
16,332,424.00 100.18 16,429,841.02 10.62% 1.12
Total Agency 16,400,000.00 4.48% 16,375,322.02 4.10% 102,540.97 54,519.00 1.06

AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 2,500,000.00 06/06/2023

4.45%
2,415,429.69
2,464,329.08

98.81 4.16%
2,470,289.00
7,145.83

1.60%
5,959.92
Aa1/AA+
AAA

1.57 1.36
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 2,301,303.13 06/30/2023

4.62%
2,177,068.72
2,236,485.18

98.15 4.01%
2,258,708.54
6,111.88

1.46%
22,223.36
Aa1/AAA
AA+

2.24 2.06
3137FCLD4 FHMS K-071 A2 3.286 11/25/2027 1,300,000.00 06/07/2023

4.42%
1,240,281.25
1,268,294.35

98.24 4.01%
1,277,117.14
3,559.83

0.83%
8,822.79
Aa1/AA+
AAA

2.41 2.23
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,500,000.00 06/06/2023

4.35%
2,403,027.34
2,446,820.74

98.31 4.01%
2,457,730.25
6,979.17

1.59%
10,909.51
Aa1/AA+
AAA

2.57 2.31
33 Item: 6
78 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,500,000.00 07/25/2023

5.78%
2,386,035.15
2,435,621.83

98.87 4.01%
2,471,654.00
7,500.00

1.60%
36,032.17
Aa1/AA+
AAA

2.57 2.34
3137FGR31 FHMS K-078 A2 3.854 06/25/2028 2,500,000.00 06/22/2023

4.42%
2,443,261.72
2,466,416.01

99.44 4.00%
2,486,084.25
8,029.17

1.61%
19,668.24
Aa1/AA+
AAA

2.99 2.65
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 1,500,000.00 04/11/2024

4.94%
1,332,714.84
1,375,581.05

94.13 4.06%
1,411,927.05
2,825.00

0.91%
36,346.00
Aa1/AA+
AAA

3.57 3.28
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,500,000.00 03/18/2024

4.70%
1,416,093.75
1,438,132.12

97.84 4.04%
1,467,575.40
4,277.50

0.95%
29,443.28
Aa1/AAA
AA+

3.66 3.32
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,985,462.82 09/19/2024

3.82%
1,915,506.28
1,927,165.70

96.30 4.05%
1,912,066.61
4,933.88

1.24%
(15,099.09)
Aa1/AA+
AAA

3.90 3.40
17,729,418.74 98.01 18,213,152.24 11.77% 2.74
Total Agency CMBS 18,586,765.95 4.62% 18,058,846.05 4.04% 51,362.25 154,306.19 2.47 CASH
CCYUSD Receivable 4,096.24 -- 4,096.24
4,096.24

1.00 0.00%
4,096.24

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
4,096.24 1.00 4,096.24 0.00% 0.00
Total Cash 4,096.24 4,096.24 0.00% 0.00 0.00 0.00

CORPORATE
89236TKJ3 TOYOTA MOTOR CREDIT CORP

4.55 09/20/2027 1,000,000.00 06/05/2023

4.63%
996,860.00
998,373.86
100.84

4.15%
1,008,388.15
12,765.28

0.65%
10,014.29
A1/A+
A+

2.22 2.07
40139LBG7 GUARDIAN LIFE GLOBAL FUNDING

5.55 10/28/2027 1,000,000.00 06/13/2023

5.09%
1,017,710.00
1,009,420.92
102.98

4.19%
1,029,762.18
9,712.50

0.67%
20,341.26
Aa1/AA+
NA

2.33 2.15
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,500,000.00 06/29/2023

4.71%
1,490,595.00
1,494,848.25
101.33

3.97%
1,519,963.23
5,687.50

0.98%
25,114.98
A1/AA
AA-

2.42 2.19
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,270,000.00 01/06/2025

4.66%
1,269,619.00
1,269,679.30
101.51

4.01%
1,289,178.68
28,215.17

0.83%
19,499.37
A1/A
A+

2.52 2.31
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 07/25/2023

5.26%
985,680.00
991,873.62
101.82

4.13%
1,018,232.04
23,002.78

0.66%
26,358.42
A1/A
AA-

2.54 2.31
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,000,000.00 07/06/2023

5.02%
1,009,290.00
1,005,224.92
102.64

4.17%
1,026,425.08
19,833.33

0.66%
21,200.16
A2/A+
A

2.63 2.32
34 Item: 6
79 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
931142FB4 WALMART INC 3.9 04/15/2028 1,500,000.00 06/13/2023

4.39%
1,468,365.00
1,481,746.28
100.11

3.86%
1,501,676.99
12,350.00

0.97%
19,930.70
Aa2/AA
AA

2.79 2.52
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 1,000,000.00 06/05/2023

4.63%
959,700.00
976,698.05

99.12 4.03%
991,211.83
6,166.67

0.64%
14,513.78
A1/A
NA

2.84 2.65
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 1,000,000.00 06/05/2023

4.62%
990,280.00
994,347.96
100.75

4.12%
1,007,469.00
5,622.22

0.65%
13,121.04
Aa2/A+
AA-

2.88 2.51
66815L2M0 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.9 06/12/2028 1,000,000.00 06/05/2023

4.85%
1,002,150.00
1,001,267.41
101.96

4.18%
1,019,644.18
2,586.11

0.66%
18,376.78
Aa1/AA+
AAA

2.95 2.72
64952WFD0 NEW YORK LIFE GLOBAL FUNDING

4.9 06/13/2028 1,000,000.00 06/06/2023

4.87%
1,001,450.00
1,000,855.55
102.05

4.15%
1,020,547.76
2,450.00

0.66%
19,692.21
Aa1/AA+
AAA

2.96 2.72
74340XCG4 PROLOGIS LP 4.875 06/15/2028 1,000,000.00 07/25/2023

5.06%
992,020.00
995,171.76
102.01

4.14%
1,020,123.82
2,166.67

0.66%
24,952.06
A2/A
NA

2.96 2.66
24422EXB0 JOHN DEERE CAPITAL CORP 4.95
07/14/2028 1,000,000.00 07/11/2023

4.96%
999,758.30
999,853.29
102.45

4.08%
1,024,544.13
22,962.50

0.66%
24,690.84
A1/A
A+

3.04 2.74
89115A2U5 TORONTO-DOMINION BANK 5.523
07/17/2028 1,000,000.00 07/10/2023

5.51%
1,000,690.00
1,000,419.97
103.44

4.31%
1,034,376.72
25,160.33

0.67%
33,956.75
A2/A-
AA-

3.05 2.72
06051GKW8 BANK OF AMERICA CORP 4.948
07/22/2028 1,000,000.00 07/19/2023

5.82%
982,540.00
991,012.71
101.15

5.01%
1,011,522.35
21,853.67

0.65%
20,509.64
A1/A-
AA-

3.06 1.90
46647PDG8 JPMORGAN CHASE & CO 4.851
07/25/2028 1,000,000.00 07/20/2023

5.71%
983,510.00
991,489.76
101.04

4.96%
1,010,424.90
21,021.00

0.65%
18,935.14
A1/A
AA-

3.07 1.91
26442CAX2 DUKE ENERGY CAROLINAS LLC

3.95 11/15/2028 750,000.00 11/27/2023

5.12%
711,870.00
724,068.24

99.76 4.03%
748,175.02
3,785.42

0.48%
24,106.78
Aa3/A
NA

3.38 3.11
91324PDP4 UNITEDHEALTH GROUP INC 3.875
12/15/2028 1,000,000.00 12/12/2023

4.77%
960,560.00
972,735.24

98.71 4.28%
987,073.00
1,722.22

0.64%
14,337.76
A2/A+
A

3.46 3.19
57629W5B2 MASSMUTUAL GLOBAL FUNDING
II 4.85 01/17/2029 900,000.00 01/09/2024

4.85%
899,883.00
899,917.00
101.60

4.36%
914,434.52
19,885.00

0.59%
14,517.52
Aa3/AA+
AA+

3.55 3.16
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 1,000,000.00 06/20/2024

4.98%
998,800.00
999,066.90
102.29

4.25%
1,022,905.70
20,625.00

0.66%
23,838.80
A1/A
AA-

3.59 3.20
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 780,000.00 02/21/2024

4.86%
779,727.00
779,800.37
102.48

4.11%
799,324.16
13,135.42

0.52%
19,523.79
A1/AA-
NA

3.66 3.21
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 1,000,000.00 03/18/2024

4.84%
1,000,490.00
1,000,362.95
102.30

4.16%
1,023,047.94
16,705.56

0.66%
22,684.99
A2/A
A+

3.66 3.28
58989V2H6 MET TOWER GLOBAL FUNDING

5.25 04/12/2029 650,000.00 04/08/2024

5.30%
648,674.00
648,997.15
102.93

4.40%
669,043.25
7,488.54

0.43%
20,046.10
Aa3/AA-
AA-

3.78 3.37
35 Item: 6
80 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 1,000,000.00 05/21/2024

5.00%
1,002,080.00
1,001,618.03
102.65

4.30%
1,026,532.30
6,312.50

0.66%
24,914.27
A1/A+
A+

3.88 3.48
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,525,000.00 06/17/2024

4.88%
1,516,310.00
1,518,075.60
102.07

4.18%
1,556,617.25
1,207.29

1.01%
38,541.64
A2/A
A

3.99 3.53
713448FX1 PEPSICO INC 4.5 07/17/2029 1,335,000.00 07/15/2024

4.53%
1,332,930.75
1,333,326.24
101.59

4.07%
1,356,281.98
27,367.50

0.88%
22,955.74
A1/A+
NA

4.05 3.53
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 836,000.00 08/12/2024

4.33%
834,702.24
834,929.67
100.91

4.06%
843,621.85
13,580.36

0.55%
8,692.19
Aa3/AA-
NA

4.13 3.62
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 793,000.00 08/12/2024

4.52%
797,480.60
796,681.83
101.70

4.19%
806,515.55
13,930.37

0.52%
9,833.72
A2/A
A

4.13 3.59
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING

4.179 09/26/2029 1,075,000.00 09/23/2024

4.18%
1,075,000.00
1,075,000.00

99.55 4.29%
1,070,187.15
11,855.01

0.69%
(4,812.85)
Aa1/AA+
NA

4.24 3.80
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 1,215,000.00 12/02/2024

4.61%
1,214,307.45
1,214,386.34
101.11

4.32%
1,228,546.14
4,036.50

0.79%
14,159.81
Aa1/AA+
AAA

4.43 3.96
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 1,400,000.00 01/06/2025

4.84%
1,397,298.00
1,397,555.47
102.40

4.21%
1,433,626.87
32,293.33

0.93%
36,071.39
A2/A
A+

4.53 3.95
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,195,000.00 01/02/2025

4.95%
1,192,538.30
1,192,771.53
102.02

4.40%
1,219,090.38
27,976.28

0.79%
26,318.85
Aa3/AA-
AA-

4.53 3.94
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,160,000.00 01/03/2025

4.96%
1,159,443.20
1,159,495.65
102.11

4.43%
1,184,466.08
27,274.50

0.77%
24,970.43
Aa3/AA+
AA+

4.53 3.94
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 1,000,000.00 02/12/2025

5.18%
999,540.00
999,584.30
102.09

4.80%
1,020,948.86
23,709.58

0.66%
21,364.56
A1/A-
A+

4.55 3.14
95000U3J0 WELLS FARGO & CO 5.198
01/23/2030 1,000,000.00 02/12/2025

5.15%
1,001,630.00
1,001,473.79
102.43

4.74%
1,024,302.01
22,813.44

0.66%
22,828.22
A1/BBB+
A+

4.57 3.16
63743HFX5

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025

4.88%
1,002,873.61
1,002,643.08
102.28

4.40%
1,022,838.47
19,800.00

0.66%
20,195.39
A2/NA
A

4.61 3.94
02665WFY2 AMERICAN HONDA FINANCE
CORP 4.8 03/05/2030 1,270,000.00 03/03/2025

4.82%
1,268,882.40
1,268,954.62
100.79

4.61%
1,280,069.89
19,642.67

0.83%
11,115.27
A3/A-
NA

4.68 4.09
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 1,250,000.00 05/21/2025

4.74%
1,247,962.50
1,248,000.44
101.11

4.44%
1,263,903.51
5,385.42

0.82%
15,903.07
Aa3/AA-
AA-

4.91 4.33
Total Corporate 40,404,000.00 4.88%
40,193,200.35
40,271,728.05
101.57

4.27%
41,035,042.91
562,087.62

26.53%
763,314.86

3.57 3.09
36 Item: 6
81 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

MONEY MARKET
FUND
60934N807 FEDERATED HRMS GV O SVC 2,605,383.14 --

4.00%
2,605,383.14
2,605,383.14

1.00 4.00%
2,605,383.14

0.00 1.68%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 2,605,383.14 4.00%
2,605,383.14
2,605,383.14

1.00 4.00%
2,605,383.14

0.00 1.68%

0.00 0.00

0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,545,000.00 10/30/2024

4.38%
1,553,142.15
1,552,022.02
101.77

4.02%
1,572,416.03
28,968.75

1.02%
20,394.01
Aa2/AA-
AA

4.09 3.64
Total Municipal
Bonds 1,545,000.00 4.38%
1,553,142.15
1,552,022.02
101.77

4.02%
1,572,416.03
28,968.75

1.02%
20,394.01

4.09 3.64

SUPRANATIONAL
4581X0EK0 INTER-AMERICAN DEVELOPMENT
BANK 4.5 05/15/2026 2,800,000.00 06/27/2023

4.53%
2,797,844.00
2,799,343.29
100.36

4.07%
2,809,987.40
16,100.00

1.82%
10,644.12
Aaa/AAA
NA

0.87 0.84
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 1,280,000.00 07/06/2023

4.53%
1,278,579.20
1,279,138.34
102.12

3.75%
1,307,112.13
26,880.00

0.85%
27,973.78
Aaa/AAA
NA

3.04 2.76
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,500,000.00 12/12/2024

4.25%
1,475,580.00
1,478,342.44
100.24

3.81%
1,503,525.87
12,109.38

0.97%
25,183.43
Aaa/AAA
NA

4.30 3.89
Total Supranational 5,580,000.00 4.45%
5,552,003.20
5,556,824.07
100.73

3.93%
5,620,625.40
55,089.38

3.63%
63,801.33

2.29 2.10

US TREASURY
91282CHB0 UNITED STATES TREASURY 3.625
05/15/2026 2,400,000.00 06/05/2023

4.10%
2,368,875.00
2,390,784.22

99.63 4.06%
2,391,093.74
11,111.41

1.55%
309.52
Aa1/AA+
AA+

0.87 0.85
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,500,000.00 06/06/2023

3.99%
3,404,160.16
3,452,919.65

99.11 3.72%
3,468,691.42
309.10

2.24%
15,771.77
Aa1/AA+
AA+

2.00 1.91
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 3,500,000.00 06/29/2023

4.23%
3,485,234.38
3,492,057.89
100.91

3.71%
3,531,992.17
24,324.05

2.28%
39,934.28
Aa1/AA+
AA+

2.34 2.19
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 3,500,000.00 06/05/2023

3.81%
3,470,878.91
3,482,968.72

99.79 3.70%
3,492,617.17
10,746.24

2.26%
9,648.45
Aa1/AA+
AA+

2.92 2.73
37 Item: 6
82 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 3,500,000.00 06/28/2023

4.00%
3,500,273.44
3,500,163.79
100.86

3.69%
3,530,078.13
380.43

2.28%
29,914.33
Aa1/AA+
AA+

3.00 2.80
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 3,500,000.00 10/27/2023

4.79%
3,513,261.72
3,508,841.15
103.59

3.72%
3,625,783.00
28,746.60

2.34%
116,941.85
Aa1/AA+
AA+

3.34 3.04
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 3,750,000.00 12/08/2023

4.26%
3,769,775.39
3,763,590.14
102.08

3.72%
3,828,076.16
13,896.00

2.47%
64,486.03
Aa1/AA+
AA+

3.42 3.14
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 3,000,000.00 01/04/2024

3.97%
2,970,820.31
2,979,516.56
100.09

3.72%
3,002,695.32
305.71

1.94%
23,178.76
Aa1/AA+
AA+

3.50 3.25
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,500,000.00 02/16/2024

4.31%
1,479,375.00
1,485,039.45
100.90

3.73%
1,513,535.16
25,027.62

0.98%
28,495.71
Aa1/AA+
AA+

3.59 3.26
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 3,000,000.00 04/10/2024

4.57%
2,940,820.31
2,955,362.54
101.35

3.73%
3,040,546.86
31,106.56

1.97%
85,184.32
Aa1/AA+
AA+

3.75 3.42
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,500,000.00 05/03/2024

4.48%
2,515,966.80
2,512,273.38
103.13

3.74%
2,578,125.00
19,480.30

1.67%
65,851.62
Aa1/AA+
AA+

3.83 3.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,800,000.00 --

4.27%
2,828,750.00
2,822,802.51
102.73

3.74%
2,876,343.74
10,672.13

1.86%
53,541.22
Aa1/AA+
AA+

3.92 3.56
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,500,000.00 07/18/2024

4.09%
1,510,605.47
1,508,568.89
101.86

3.74%
1,527,890.63
173.23

0.99%
19,321.73
Aa1/AA+
AA+

4.00 3.65
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,000,000.00 09/11/2024

3.45%
3,023,554.69
3,019,773.99

99.50 3.75%
2,985,117.18
36,348.51

1.93%
(34,656.81)
Aa1/AA+
AA+

4.17 3.79
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,500,000.00 --

4.03%
3,417,890.63
3,429,023.03

98.99 3.76%
3,464,726.58
30,792.35

2.24%
35,703.55
Aa1/AA+
AA+

4.25 3.88
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,500,000.00 12/16/2024

4.25%
1,491,386.72
1,492,319.94
101.47

3.76%
1,522,032.00
5,240.78

0.98%
29,712.06
Aa1/AA+
AA+

4.42 4.00
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 1,500,000.00 04/10/2025

4.00%
1,500,000.00
1,500,000.00
100.97

3.77%
1,514,589.84
20,054.35

0.98%
14,589.84
Aa1/AA+
AA+

4.67 4.17
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,000,000.00 04/04/2025

3.62%
2,000,078.13
2,000,074.48

99.29 3.79%
1,985,703.12
18,224.04

1.28%
(14,371.36)
Aa1/AA+
AA+

4.75 4.28
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,500,000.00 --

4.06%
2,479,990.23
2,480,376.01
100.39

3.78%
2,509,765.63
16,321.33

1.62%
29,389.61
Aa1/AA+
AA+

4.83 4.34
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00 --

4.02%
2,996,992.19
2,997,028.93
100.97

3.78%
3,029,064.00
10,163.93

1.96%
32,035.07
Aa1/AA+
AA+

4.92 4.42
Total US Treasury 54,950,000.00 4.12%
54,668,689.48
54,773,485.27
100.87

3.75%
55,418,466.83
313,424.69

35.83%
644,981.57

3.52 3.22
38 Item: 6
83 HOLDINGS REPORT
Lake Forest Operating Reserve | Account #11083 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 153,763,933.72 4.52%
152,288,166.32
152,875,066.51

98.95 4.03%
154,678,676.12
1,138,237.87
100.00%
1,803,609.62

3.01 2.58
Total Market Value +
Accrued 155,816,913.99
39 Item: 6
84 HOLDINGS REPORT
Lake Forest Reporting | Account #11084 | As of June 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 212,209.84 -- 212,209.84
212,209.84

1.00 0.00%
212,209.84

0.00 0.31%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 212,209.84
212,209.84
212,209.84

1.00 0.00%
212,209.84

0.00 0.31%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 23,114,656.94 --

4.27%
23,114,656.94
23,114,656.94

1.00 4.27%
23,114,656.94

0.00 34.10%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 23,114,656.94 4.27%
23,114,656.94
23,114,656.94

1.00 4.27%
23,114,656.94

0.00 34.10%

0.00 0.00

0.00 LOCAL GOV

INVESTMENT POOL
90CAMP$00 CAMP 44,458,237.45 --

4.43%
44,458,237.45
44,458,237.45

1.00 4.43%
44,458,237.45

0.00 65.59%

0.00 NA/AAAm
NA

0.00 0.00
Total Local Gov
Investment Pool 44,458,237.45 4.43%
44,458,237.45
44,458,237.45

1.00 4.43%
44,458,237.45

0.00 65.59%

0.00 0.00

0.00 Total Portfolio 67,785,104.23 4.38%
67,785,104.23
67,785,104.23

1.00 4.36%
67,785,104.23

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 67,785,104.23
40 Item: 6
85 TRANSACTIONS
41 Item: 6
86 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/17/2024 713448FX1 1,335,000.00 PEPSICO INC 4.5 07/17/2029 99.845 4.53% (1,332,930.75) 0.00 (1,332,930.75) 0.00 Purchase 07/19/2024 91282CKX8 1,500,000.00

UNITED STATES
TREASURY 4.25
06/30/2029
100.707 4.09% (1,510,605.47) (3,291.44) (1,513,896.91) 0.00 Purchase 08/15/2024 171239AL0 73,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 100.562 4.52% (73,410.26) (141.44) (73,551.70) 0.00 Purchase 08/15/2024 171239AL0 166,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 100.503 4.53% (166,834.98) (321.63) (167,156.61) 0.00 Purchase 08/15/2024 171239AL0 554,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 100.584 4.52% (557,235.36) (1,073.38) (558,308.74) 0.00 Purchase 08/15/2024 30303M8S4 612,000.00 META PLATFORMS INC

4.3 08/15/2029 99.852 4.33% (611,094.24) (438.60) (611,532.84) 0.00 Purchase 08/15/2024 30303M8S4 224,000.00 META PLATFORMS INC

4.3 08/15/2029 99.825 4.34% (223,608.00) (160.53) (223,768.53) 0.00 Purchase 08/21/2024 43813YAC6 735,000.00 HAROT 2024-3 A3 4.57 03/21/2029 99.984 4.66% (734,884.53) 0.00 (734,884.53) 0.00 Purchase 09/13/2024 91282CLK5 3,000,000.00

UNITED STATES
TREASURY 3.625
08/31/2029
100.785 3.45% (3,023,554.69) (3,905.39) (3,027,460.08) 0.00 Purchase 09/24/2024 3137FMCR1 2,000,000.00 FHMS K-093 A2 2.982 05/25/2029 96.477 3.82% (1,929,531.25) (3,810.33) (1,933,341.58) 0.00 Purchase 09/26/2024 40139LBJ1 1,075,000.00

GUARDIAN LIFE

GLOBAL FUNDING

4.179 09/26/2029
100.000 4.18% (1,075,000.00) 0.00 (1,075,000.00) 0.00
Purchase 10/07/2024 91282CLN9 1,500,000.00

UNITED STATES
TREASURY 3.5
09/30/2029

98.813 3.76% (1,482,187.50) (1,009.62) (1,483,197.12) 0.00 Purchase 11/05/2024 13063EGT7 1,545,000.00 CALIFORNIA STATE 4.5 08/01/2029 100.527 4.38% (1,553,142.15) 0.00 (1,553,142.15) 0.00 Purchase 11/06/2024 91282CLN9 2,000,000.00

UNITED STATES
TREASURY 3.5
09/30/2029

96.785 4.23% (1,935,703.13) (7,115.38) (1,942,818.51) 0.00 42 Item: 6
87 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 12/05/2024 64952WFK4 1,215,000.00

NEW YORK LIFE
GLOBAL FUNDING 4.6
12/05/2029

99.943 4.61% (1,214,307.45) 0.00 (1,214,307.45) 0.00
Purchase 12/13/2024 459058LN1 1,500,000.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 3.875
10/16/2029

98.372 4.25% (1,475,580.00) (9,203.12) (1,484,783.12) 0.00 Purchase 12/17/2024 91282CMA6 1,500,000.00

UNITED STATES
TREASURY 4.125
11/30/2029

99.426 4.25% (1,491,386.72) (2,889.77) (1,494,276.49) 0.00 Purchase 01/08/2025 14913UAX8 1,400,000.00

CATERPILLAR

FINANCIAL SERVICES
CORP 4.8 01/08/2030

99.807 4.84% (1,397,298.00) 0.00 (1,397,298.00) 0.00
Purchase 01/09/2025 59217GFT1 1,195,000.00

METROPOLITAN LIFE
GLOBAL FUNDING I 4.9
01/09/2030

99.794 4.95% (1,192,538.30) 0.00 (1,192,538.30) 0.00
Purchase 01/09/2025 24422EXZ7 1,270,000.00 JOHN DEERE CAPITAL CORP 4.65 01/07/2028 99.970 4.66% (1,269,619.00) 0.00 (1,269,619.00) 0.00 Purchase 01/10/2025 57629TBV8 1,160,000.00

MASSMUTUAL GLOBAL
FUNDING II 4.95
01/10/2030

99.952 4.96% (1,159,443.20) 0.00 (1,159,443.20) 0.00
Purchase 02/07/2025 63743HFX5 333,000.00

NATIONAL

RURAL UTILITIES

COOPERATIVE
FINANCE CORP 4.95
02/07/2030
100.232 4.90% (333,772.56) 0.00 (333,772.56) 0.00
Purchase 02/07/2025 63743HFX5 667,000.00

NATIONAL

RURAL UTILITIES

COOPERATIVE
FINANCE CORP 4.95
02/07/2030
100.315 4.88% (669,101.05) 0.00 (669,101.05) 0.00
Purchase 02/13/2025 95000U3J0 1,000,000.00 WELLS FARGO & CO

5.198 01/23/2030 100.163 5.15% (1,001,630.00) (2,887.78) (1,004,517.78) 0.00 Purchase 02/13/2025 61747YFK6 1,000,000.00 MORGAN STANLEY

5.173 01/16/2030 99.954 5.18% (999,540.00) (3,879.75) (1,003,419.75) 0.00 Purchase 03/05/2025 02665WFY2 1,270,000.00

AMERICAN HONDA
FINANCE CORP 4.8
03/05/2030

99.912 4.82% (1,268,882.40) 0.00 (1,268,882.40) 0.00
43 Item: 6
88 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 04/07/2025 91282CGS4 2,000,000.00

UNITED STATES
TREASURY 3.625
03/31/2030
100.004 3.62% (2,000,078.13) (1,386.61) (2,001,464.74) 0.00 Purchase 04/11/2025 91282CGQ8 1,500,000.00

UNITED STATES
TREASURY 4.0
02/28/2030
100.000 4.00% (1,500,000.00) (6,847.83) (1,506,847.83) 0.00 Purchase 05/13/2025 02582JKP4 1,260,000.00 AMXCA 2025-2 A 4.28 04/15/2030 99.998 4.28% (1,259,977.19) 0.00 (1,259,977.19) 0.00 Purchase 05/21/2025 91282CMZ1 1,750,000.00

UNITED STATES
TREASURY 3.875
04/30/2030

99.168 4.06% (1,735,439.45) (3,869.74) (1,739,309.19) 0.00 Purchase 05/28/2025 74153WCW7 1,250,000.00

PRICOA GLOBAL
FUNDING I 4.7
05/28/2030

99.837 4.74% (1,247,962.50) 0.00 (1,247,962.50) 0.00
Purchase 05/29/2025 362962AD4 705,000.00 GMALT 2025-2 A3 4.58 05/20/2028 99.998 4.84% (704,988.30) 0.00 (704,988.30) 0.00 Purchase 06/04/2025 91282CNG2 2,000,000.00

UNITED STATES
TREASURY 4.0
05/31/2030

99.930 4.02% (1,998,593.75) (874.32) (1,999,468.07) 0.00 Purchase 06/13/2025 91282CMZ1 750,000.00

UNITED STATES
TREASURY 3.875
04/30/2030

99.273 4.04% (744,550.78) (3,474.86) (748,025.64) 0.00
Purchase 06/13/2025 91282CNG2 1,000,000.00

UNITED STATES
TREASURY 4.0
05/31/2030

99.840 4.04% (998,398.44) (1,420.77) (999,819.21) 0.00
Total Purchase 42,044,000.00 (41,872,809.53) (58,002.29) (41,930,811.82) 0.00 TOTAL
ACQUISITIONS 42,044,000.00 (41,872,809.53) (58,002.29) (41,930,811.82) 0.00

DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (930,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 5.09% 0.00 0.00 0.00 0.00
Maturity 06/13/2025 3130AWLY4 (1,500,000.00)

FEDERAL HOME
LOAN BANKS 5.125
06/13/2025
100.000 4.82% 1,500,000.00 0.00 1,500,000.00 0.00
44 Item: 6
89 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 06/16/2025 05522RDE5 (1,500,000.00) BACCT 2022-1 A 3.53 06/16/2025 100.000 5.03% 0.00 0.00 0.00 0.00
Total Maturity (3,930,000.00) 1,500,000.00 0.00 1,500,000.00 0.00 Sale 07/17/2024 91282CHL8 (800,000.00)

UNITED STATES
TREASURY 4.625
06/30/2025

99.746 5.05% 797,968.75 1,709.24 799,677.99 1,017.96
Sale 07/19/2024 91282CHL8 (1,350,000.00)

UNITED STATES
TREASURY 4.625
06/30/2025

99.758 5.05% 1,346,730.47 3,223.68 1,349,954.15 1,846.43 Sale 08/13/2024 3130AWER7 (1,200,000.00)

FEDERAL HOME
LOAN BANKS 4.625
06/06/2025

99.944 4.67% 1,199,328.00 10,329.17 1,209,657.17 (263.98) Sale 08/13/2024 46647PCZ7 (1,000,000.00) JPMORGAN CHASE & CO 4.08 04/26/2026 99.159 5.27% 991,590.00 12,126.67 1,003,716.67 (506.11) Sale 08/21/2024 61747YET8 (1,000,000.00) MORGAN STANLEY

4.679 07/17/2026 99.479 5.20% 994,790.00 4,419.06 999,209.06 (803.50) Sale 09/12/2024 3130AWLY4 (1,700,000.00)

FEDERAL HOME
LOAN BANKS 5.125
06/13/2025
100.544 4.82% 1,709,248.00 21,539.24 1,730,787.24 5,588.62 Sale 09/20/2024 91282CHD6 (2,000,000.00)

UNITED STATES
TREASURY 4.25
05/31/2025
100.016 4.45% 2,000,312.50 26,010.93 2,026,323.43 2,984.27 Sale 09/24/2024 06051GLA5 (1,000,000.00)

BANK OF AMERICA
CORP 4.827
07/22/2026
100.086 5.32% 1,000,860.00 8,313.17 1,009,173.17 4,676.59 Sale 10/07/2024 3130AWER7 (1,100,000.00)

FEDERAL HOME
LOAN BANKS 4.625
06/06/2025
100.155 4.67% 1,101,705.00 17,099.65 1,118,804.65 2,009.75 Sale 11/05/2024 91282CHD6 (1,000,000.00)

UNITED STATES
TREASURY 4.25
05/31/2025

99.918 4.45% 999,179.69 18,346.99 1,017,526.68 272.69
Sale 11/06/2024 91282CHD6 (500,000.00)

UNITED STATES
TREASURY 4.25
05/31/2025

99.906 4.45% 499,531.25 9,231.56 508,762.81 75.11
Sale 11/06/2024 91282CHL8 (1,350,000.00)

UNITED STATES
TREASURY 4.625
06/30/2025
100.148 5.05% 1,352,003.91 21,887.06 1,373,890.97 5,493.41 45 Item: 6
90 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 12/04/2024 64952WFB4 (1,000,000.00)

NEW YORK LIFE
GLOBAL FUNDING 4.7
04/02/2026
100.311 4.89% 1,003,110.00 8,094.45 1,011,204.45 5,511.20 Sale 12/13/2024 91282CGA3 (850,000.00)

UNITED STATES
TREASURY 4.0
12/15/2025

99.762 4.51% 847,974.61 16,814.21 864,788.82 2,090.08
Sale 12/17/2024 91282CGA3 (1,300,000.00)

UNITED STATES
TREASURY 4.0
12/15/2025

99.750 4.51% 1,296,750.00 285.71 1,297,035.71 2,975.65
Sale 01/03/2025 58989V2F0 (1,000,000.00)

MET TOWER GLOBAL
FUNDING 5.4
06/20/2026
101.118 5.38% 1,011,180.00 1,950.00 1,013,130.00 10,966.02 Sale 01/06/2025 57629W6F2 (1,000,000.00)

MASSMUTUAL GLOBAL
FUNDING II 4.5
04/10/2026

99.848 5.12% 998,480.00 10,750.00 1,009,230.00 5,703.75 Sale 01/08/2025 06406RBQ9 (500,000.00)

BANK OF NEW YORK
MELLON CORP 4.947
04/26/2027
100.341 5.17% 501,705.00 4,947.00 506,652.00 3,075.49
Sale 01/08/2025 24422EWX3 (1,000,000.00) JOHN DEERE CAPITAL CORP 4.75 06/08/2026 100.347 4.71% 1,003,470.00 3,958.33 1,007,428.33 3,027.45 Sale 01/08/2025 63743HFH0 (1,000,000.00)

NATIONAL

RURAL UTILITIES

COOPERATIVE
FINANCE CORP 4.45
03/13/2026

99.783 4.73% 997,830.00 14,215.28 1,012,045.28 941.85
Sale 02/13/2025 06406RBQ9 (500,000.00)

BANK OF NEW YORK
MELLON CORP 4.947
04/26/2027
100.302 5.17% 501,510.00 7,351.79 508,861.79 2,776.18
Sale 02/13/2025 756109BF0 (500,000.00) REALTY INCOME CORP

4.875 06/01/2026 100.080 5.20% 500,400.00 4,875.00 505,275.00 2,328.08 Sale 02/13/2025 66815L2L2 (1,000,000.00)

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 4.7
04/06/2026

99.980 5.50% 999,800.00 16,580.56 1,016,380.56 8,189.99 Sale 03/05/2025 26444HAC5 (1,000,000.00) DUKE ENERGY FLORIDA LLC 3.2 01/15/2027 98.042 4.65% 980,420.00 4,444.44 984,864.44 5,034.77 46 Item: 6
91 TRANSACTION LEDGER
Lake Forest Operating Reserve | Account #11083|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 04/07/2025 91282CGA3 (1,350,000.00)

UNITED STATES
TREASURY 4.0
12/15/2025
100.020 4.51% 1,350,263.67 16,763.74 1,367,027.41 4,751.84 Sale 04/11/2025 91282CHB0 (1,100,000.00)

UNITED STATES
TREASURY 3.625
05/15/2026

99.664 4.10% 1,096,304.69 16,192.33 1,112,497.02 1,604.49 Sale 05/22/2025 3130AWER7 (200,000.00)

FEDERAL HOME
LOAN BANKS 4.625
06/06/2025
100.005 4.67% 200,009.40 4,265.28 204,274.68 12.83
Sale 05/22/2025 756109BF0 (500,000.00) REALTY INCOME CORP

4.875 06/01/2026 100.108 5.20% 500,540.00 11,578.13 512,118.13 2,068.61 Sale 05/22/2025 61747YER2 (1,000,000.00) MORGAN STANLEY

4.21 04/20/2028 99.188 5.30% 991,880.00 3,742.22 995,622.22 10,561.31 Sale 06/04/2025 3130AWER7 (200,000.00)

FEDERAL HOME
LOAN BANKS 4.625
06/06/2025
100.001 4.67% 200,002.00 4,573.61 204,575.61 2.46
Sale 06/04/2025 3130AWLY4 (300,000.00)

FEDERAL HOME
LOAN BANKS 5.125
06/13/2025
100.008 4.82% 300,024.30 7,303.13 307,327.43 3.09
Sale 06/04/2025 74340XBN0 (1,000,000.00) PROLOGIS LP 2.125 04/15/2027 96.111 4.78% 961,110.00 2,892.36 964,002.36 5,856.52 Total Sale (30,300,000.00) 30,236,011.24 315,813.99 30,551,825.23 99,872.89 TOTAL
DISPOSITIONS (34,230,000.00) 31,736,011.24 315,813.99 32,051,825.23 99,872.89 47 Item: 6
92 TRANSACTION LEDGER
Lake Forest Reporting | Account #11084|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/15/2024 90LAIF$00 161,675.63
Local Agency
Investment Fund State
Pool

1.000 4.53% (161,675.63) 0.00 (161,675.63) 0.00
Purchase 07/31/2024 90CAMP$00 217,522.53 CAMP 1.000 (217,522.53) 0.00 (217,522.53) 0.00 Purchase 08/29/2024 90LAIF$00 500,000.00
Local Agency
Investment Fund State
Pool

1.000 4.60% (500,000.00) 0.00 (500,000.00) 0.00
Purchase 08/30/2024 90CAMP$00 217,761.60 CAMP 1.000 5.42% (217,761.60) 0.00 (217,761.60) 0.00 Purchase 09/25/2024 90LAIF$00 2,500,000.00
Local Agency
Investment Fund State
Pool

1.000 4.57% (2,500,000.00) 0.00 (2,500,000.00) 0.00
Purchase 09/30/2024 90CAMP$00 206,758.60 CAMP 1.000 5.08% (206,758.60) 0.00 (206,758.60) 0.00 Purchase 10/15/2024 90LAIF$00 122,742.91
Local Agency
Investment Fund State
Pool

1.000 4.48% (122,742.91) 0.00 (122,742.91) 0.00
Purchase 10/25/2024 90LAIF$00 2,000,000.00
Local Agency
Investment Fund State
Pool

1.000 4.48% (2,000,000.00) 0.00 (2,000,000.00) 0.00
Purchase 10/31/2024 90CAMP$00 204,193.24 CAMP 1.000 5.01% (204,193.24) 0.00 (204,193.24) 0.00 Purchase 11/30/2024 90CAMP$00 192,065.33 CAMP 1.000 4.81% (192,065.33) 0.00 (192,065.33) 0.00 Purchase 12/06/2024 90LAIF$00 2,250,000.00
Local Agency
Investment Fund State
Pool

1.000 4.43% (2,250,000.00) 0.00 (2,250,000.00) 0.00
Purchase 12/31/2024 90CAMP$00 183,830.88 CAMP 1.000 4.65% (183,830.88) 0.00 (183,830.88) 0.00 Purchase 01/10/2025 90LAIF$00 13,900,000.00
Local Agency
Investment Fund State
Pool

1.000 4.37% (13,900,000.00) 0.00 (13,900,000.00) 0.00
Purchase 01/15/2025 90LAIF$00 45,791.57
Local Agency
Investment Fund State
Pool

1.000 4.36% (45,791.57) 0.00 (45,791.57) 0.00
Purchase 01/29/2025 90LAIF$00 1,400,000.00
Local Agency
Investment Fund State
Pool

1.000 4.35% (1,400,000.00) 0.00 (1,400,000.00) 0.00
Purchase 01/31/2025 90CAMP$00 168,091.66 CAMP 1.000 0.00% (168,091.66) 0.00 (168,091.66) 0.00 48 Item: 6
93 TRANSACTION LEDGER
Lake Forest Reporting | Account #11084|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 02/27/2025 90LAIF$00 4,000,000.00
Local Agency
Investment Fund State
Pool

1.000 4.32% (4,000,000.00) 0.00 (4,000,000.00) 0.00
Purchase 02/28/2025 90CAMP$00 151,107.30 CAMP 1.000 (151,107.30) 0.00 (151,107.30) 0.00 Purchase 03/14/2025 90LAIF$00 1,100,000.00
Local Agency
Investment Fund State
Pool

1.000 4.30% (1,100,000.00) 0.00 (1,100,000.00) 0.00
Purchase 03/21/2025 90LAIF$00 1,900,000.00
Local Agency
Investment Fund State
Pool

1.000 4.31% (1,900,000.00) 0.00 (1,900,000.00) 0.00
Purchase 03/31/2025 90CAMP$00 166,247.25 CAMP 1.000 (166,247.25) 0.00 (166,247.25) 0.00 Purchase 04/15/2025 90LAIF$00 143,631.29
Local Agency
Investment Fund State
Pool

1.000 4.28% (143,631.29) 0.00 (143,631.29) 0.00
Purchase 04/17/2025 90LAIF$00 3,650,000.00
Local Agency
Investment Fund State
Pool

1.000 4.28% (3,650,000.00) 0.00 (3,650,000.00) 0.00
Purchase 04/30/2025 90CAMP$00 160,800.77 CAMP 1.000 (160,800.77) 0.00 (160,800.77) 0.00 Purchase 05/15/2025 90LAIF$00 4,100,000.00
Local Agency
Investment Fund State
Pool

1.000 4.28% (4,100,000.00) 0.00 (4,100,000.00) 0.00
Purchase 05/23/2025 90LAIF$00 1,500,000.00
Local Agency
Investment Fund State
Pool

1.000 4.28% (1,500,000.00) 0.00 (1,500,000.00) 0.00
Purchase 05/30/2025 90LAIF$00 1,000,000.00
Local Agency
Investment Fund State
Pool

1.000 4.28% (1,000,000.00) 0.00 (1,000,000.00) 0.00
Purchase 05/31/2025 90CAMP$00 165,778.88 CAMP 1.000 (165,778.88) 0.00 (165,778.88) 0.00 Purchase 06/30/2025 90CAMP$00 160,381.69 CAMP 1.000 (160,381.69) 0.00 (160,381.69) 0.00 Total Purchase 42,468,381.13 (42,468,381.13) 0.00 (42,468,381.13) 0.00 TOTAL
ACQUISITIONS 42,468,381.13 (42,468,381.13) 0.00 (42,468,381.13) 0.00

DISPOSITIONS
49 Item: 6
94 TRANSACTION LEDGER
Lake Forest Reporting | Account #11084|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 07/18/2024 90LAIF$00 (1,600,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.53% 1,600,000.00 0.00 1,600,000.00 0.00
Sale 07/24/2024 90LAIF$00 (1,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.52% 1,000,000.00 0.00 1,000,000.00 0.00
Sale 08/08/2024 90LAIF$00 (2,350,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.60% 2,350,000.00 0.00 2,350,000.00 0.00
Sale 08/08/2024 90LAIF$00 (420,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.60% 420,000.00 0.00 420,000.00 0.00
Sale 08/14/2024 90LAIF$00 (500,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.60% 500,000.00 0.00 500,000.00 0.00
Sale 09/04/2024 90LAIF$00 (2,500,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.57% 2,500,000.00 0.00 2,500,000.00 0.00
Sale 09/19/2024 90LAIF$00 (750,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.57% 750,000.00 0.00 750,000.00 0.00
Sale 10/03/2024 90LAIF$00 (750,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.48% 750,000.00 0.00 750,000.00 0.00
Sale 10/09/2024 90LAIF$00 (3,100,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.48% 3,100,000.00 0.00 3,100,000.00 0.00
Sale 10/30/2024 90LAIF$00 (750,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.48% 750,000.00 0.00 750,000.00 0.00
Sale 11/07/2024 90LAIF$00 (3,650,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.48% 3,650,000.00 0.00 3,650,000.00 0.00
Sale 11/14/2024 90LAIF$00 (500,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.48% 500,000.00 0.00 500,000.00 0.00
50 Item: 6
95 TRANSACTION LEDGER
Lake Forest Reporting | Account #11084|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 12/11/2024 90LAIF$00 (2,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.43% 2,000,000.00 0.00 2,000,000.00 0.00
Sale 12/17/2024 90CAMP$00 (5,000,000.00) CAMP 1.000 4.65% 5,000,000.00 0.00 5,000,000.00 0.00 Sale 01/16/2025 90LAIF$00 (2,350,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.36% 2,350,000.00 0.00 2,350,000.00 0.00
Sale 02/06/2025 90LAIF$00 (2,100,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.34% 2,100,000.00 0.00 2,100,000.00 0.00
Sale 02/13/2025 90LAIF$00 (815,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.33% 815,000.00 0.00 815,000.00 0.00
Sale 02/18/2025 90LAIF$00 (750,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.32% 750,000.00 0.00 750,000.00 0.00
Sale 03/06/2025 90LAIF$00 (1,700,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.32% 1,700,000.00 0.00 1,700,000.00 0.00
Sale 03/20/2025 90LAIF$00 (1,700,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.32% 1,700,000.00 0.00 1,700,000.00 0.00
Sale 04/10/2025 90LAIF$00 (1,500,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.29% 1,500,000.00 0.00 1,500,000.00 0.00
Sale 06/11/2025 90LAIF$00 (750,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.27% 750,000.00 0.00 750,000.00 0.00
Sale 06/18/2025 90LAIF$00 (250,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.27% 250,000.00 0.00 250,000.00 0.00
Total Sale (36,785,000.00) 36,785,000.00 0.00 36,785,000.00 0.00 TOTAL
DISPOSITIONS (36,785,000.00) 36,785,000.00 0.00 36,785,000.00 0.00 51 Item: 6
96 IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 52 Item: 6
97 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 53 Item: 6
98 ATTACHMENT 2

Item: 6
99 5
5 7
9 1

THE CITY OF LAKE FOREST

STATEMENT OF INVESTMENT POLICY
REVISED OCTOBER 15, 2024
Item: 6
100

5 5
7 9
1 CONTENTS
I. INTRODUCTION...........................................................................................1 II. SCOPE.......................................................................................................1 III. PRUDENCE.................................................................................................1 IV. OBJECTIVES...............................................................................................2 V. DELEGATION OF AUTHORITY.......................................................................3 VI. ETHICS AND CONFLICTS OF INTEREST.........................................................3 VII. INTERNAL CONTROLS.................................................................................4 VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS......................................................................................4 IX. AUTHORIZED INVESTMENTS........................................................................6 X. PROHIBITED INVESTMENT VEHICLES AND PRACTICES.................................13 XI. INVESTMENT POOLS/MUTUAL FUNDS........................................................14 XII. COLLATERALIZATION................................................................................14 XIII. DELIVERY, SAFEKEEPING AND CUSTODY...................................................15 XIV. MAXIMUM MATURITY................................................................................15 XV. RISK MANAGEMENT AND DIVERSIFICATION................................................16 XVI. REVIEW OF INVESTMENT PORTFOLIO.........................................................17 XVII. PERFORMANCE EVALUATION.....................................................................17 XVIII. REPORTING..............................................................................................17 XIX. REVIEW OF INVESTMENT POLICY...............................................................18 GLOSSARY OF INVESTMENT TERMS.......................................................................20 Item: 6
101

Statement of Investment Policy Page 1 of 25
I. INTRODUCTION
The purpose of this statement of investment policy (“investment policy” or “policy”) is to identify various policies and procedures that will foster a prudent and systematic investment program designed to seek the City of Lake Forest objectives of safety, liquidity and return on investment through a diversified investment portfolio. This policy also serves to organize and formalize the City’s investment-related activities, while complying with all applicable statutes governing the investment of public funds. This policy is written to incorporate industry best practices and recommendations from sources such as the Government Finance Officers Association (GFOA), California Municipal Treasurers Association (CMTA), California Debt and Investment Advisory Commission (CDIAC) and the Association of Public Treasurers (APT).

II. SCOPE
This policy covers all funds and investment activities under the direct authority of the City, as set forth in the California Government Code, Section 53600 et seq., with the following exceptions:
•Proceeds of debt issuance shall be invested in accordance with the City’s general investment philosophy as set forth in this policy; however, such proceeds are to be invested pursuant to the permitted investment provisions of their specific bond indentures.
•Any funds defined under California Government Code, Section 53609, including public pension or retirement funds (“deferred compensation funds,” i.e., CalPERS).
•Any other funds specifically exempted by the Governing Body.

POOLING OF FUNDS
Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies regarding investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

III. PRUDENCE
•Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are Item: 6
102

Statement of Investment Policy Page 2 of 25
trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the City, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the City. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.” The City Treasurer (“City Treasurer” or “Treasurer”) and other authorized persons responsible for managing City funds acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes provided that the Treasurer or other authorized persons acted in good faith. Deviations from expectations of a security’s credit or market risk should be reported to the governing body in a timely fashion and appropriate action should be taken to control adverse developments.

IV. OBJECTIVES
The City’s overall investment program shall be designed and managed with a degree of professionalism worthy of the public trust. The overriding objectives of the program are to preserve principal, provide sufficient liquidity, and manage investment risks, while seeking a market-rate of return.
•SAFETY. Safety of principal is the foremost objective of the investment program. Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, the City will diversify its investments by investing funds among a variety of securities with independent returns.
•LIQUIDITY. The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.

Item: 6
103

Statement of Investment Policy Page 3 of 25
•RETURN ON INVESTMENTS. The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.

V. DELEGATION OF AUTHORITY
Authority to manage the City’s investment program is derived from California Government Code, Sections 41006 and 53600 et seq.

The Governing Body is responsible for the management of the City’s funds, including the administration of this investment policy. Management of the City’s investment program, including the authority to invest and reinvest moneys of the City, to sell or exchange securities, and to deposit them and provide for their safekeeping in accordance with California Government Code, Section 53600 et seq., is hereby delegated to the City Treasurer.

The Treasurer will be responsible for all transactions undertaken and will establish a system of procedures and controls to regulate the activities of subordinate officials and employees. Such procedures will include explicit delegation of authority to persons responsible for investment transactions.

No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Treasurer.

The City may engage the services of one or more independent investment advisers, who are registered under the Investment Advisers Act of 1940, to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. External investment advisers may be granted discretion to purchase and sell investment securities in accordance with this investment policy.

The City's overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that in a diversified portfolio, occasional measured losses may be inevitable and must be considered within the context of the overall portfolio’s return and the cash flow requirements of the City.

VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust. Investment officials shall recognize that the investment portfolio is subject to public review and evaluation. Thus, employees and officials Item: 6
104

Statement of Investment Policy Page 4 of 25
involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

Employees and investment officials shall disclose to the Chief Executive Officer any material interests in financial institutions with which they conduct business, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the City.

VII. INTERNAL CONTROLS
The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits requires estimates and judgments by management.

Periodically, as deemed appropriate by the City and/or the Governing Body, an independent analysis by an external auditor shall be conducted to review internal controls, account activity and compliance with policies and procedures.

VIII. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS To the extent practicable, the Treasurer shall endeavor to complete investment transactions using a competitive bid process whenever possible.

The Treasurer will determine which financial institutions are authorized to provide investment services to the City. It shall be the City’s policy to purchase securities only from authorized institutions and firms.

The Treasurer shall maintain procedures for establishing a list of authorized broker/dealers and financial institutions which are approved for investment purposes that are selected through a process of due diligence as determined by the City. Due inquiry shall determine whether such authorized broker/dealers, and the individuals covering the City are reputable and trustworthy, knowledgeable and experienced in Public Agency investing and Item: 6
105

Statement of Investment Policy Page 5 of 25
able to meet all of their financial obligations. These institutions may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (uniform net capital rule).

In accordance with California Government Code, Section 53601.5, institutions eligible to transact investment business with the City include:
•Institutions licensed by the state as a broker-dealer. •Institutions that are members of a federally regulated securities exchange.
•Primary government dealers as designated by the Federal Reserve Bank and non-primary government dealers.
•Nationally or state-chartered banks.
•Savings association or federal association (as defined under California Financial Code, Section 5102).
•The Federal Reserve Bank.
•Direct issuers of securities eligible for purchase.

Selection of financial institutions and broker/dealers authorized to engage in transactions will be at the sole discretion of the City, except where the City utilizes an external investment adviser in which case the City may rely on the adviser for selection.

All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Treasurer with audited financials and a statement certifying that the institution has reviewed the California Government Code, Section 53600 et seq., and the City’s investment policy. The Treasurer will conduct an annual review of the financial condition and registrations of such qualified bidders.

Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law.

Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily Item: 6
106

Statement of Investment Policy Page 6 of 25
available competitive offering, best efforts will be made to document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.

IX. AUTHORIZED INVESTMENTS
The City’s investments are governed by California Government Code, Sections 53600 et seq. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit requirements listed in this section apply at the time the security is purchased.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity and shall be exempt from the current policy. At the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and issuer to avoid incurring unreasonable and avoidable risks regarding specific security types or individual issuers.

1. MUNICIPAL SECURITIES include obligations of the City, the State of California and any local agency within the State of California, provided that:
•The securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).
•No more than 5% of the total portfolio may be invested in any single issuer.
•No more than 30% of the total portfolio may be in Municipal Securities.
•The maximum maturity does not exceed five (5) years.

2. MUNICIPAL SECURITIES (REGISTERED TREASURY NOTES OR BONDS) of any of the other 49 states in addition to California, including bonds Item: 6
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payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
•The securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).
•No more than 5% of the total portfolio may be invested in any single issuer.
•No more than 30% of the total portfolio may be in Municipal Securities.
•The maximum maturity does not exceed five (5) years.

3. U.S. TREASURIES and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries, provided that:
•The maximum maturity is five (5) years.

4. FEDERAL AGENCIES or United States Government-Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises.

There are no limits on the dollar amount or percentage that the City may invest in Federal Agency or Government- Sponsored Enterprises (GSEs), provided that:
•No more than 30% of the total portfolio may be invested in any single Agency/GSE issuer.
•The maximum maturity does not exceed five (5) years.
•The maximum percent of callable agency securities in the total portfolio will be 20%.

5. BANKER’S ACCEPTANCES, provided that:
•They are issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one NRSRO; or long-term debt obligations which are rated in a rating category of “A” or its equivalent or better by at least one NRSRO. •No more than 40% of the total portfolio may be invested in Banker’s Acceptances.

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•No more than 5% of the total portfolio may be invested in any single issuer.
•The maximum maturity does not exceed 180 days.

6. COMMERCIAL PAPER, provided that the securities are issued by an entity that meets all of the following conditions in either paragraph (a) or (b) and other requirements specified below:
a.SECURITIES issued by corporations:
(i) A corporation organized and operating in the United States with assets more than $500 million.
(ii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
(iii) If the issuer has other debt obligations, they must be rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
b.SECURITIES issued by other entities:
(i) The issuer is organized within the United States as a special purpose corporation, trust, or limited liability company. (ii) The securities must have program-wide credit
enhancements including, but not limited to,
overcollateralization, letters of credit, or a surety bond. (iii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
•No more than 10% of the outstanding commercial paper of any single issuer.
•No more than 25% of the City’s investment assets under management may be invested in Commercial Paper. Under a provision sunsetting on January 1, 2026, no more than 40% of the total portfolio may be invested in Commercial Paper if the City’s investment assets under management are greater than
$100,000,000.
•No more than 5% of the total portfolio may be invested in any single issuer.
•The maximum maturity does not exceed 270 days.

7. NEGOTIABLE CERTIFICATES OF DEPOSIT (NCDS), issued by a nationally or state-chartered bank, a savings association or a federal Item: 6
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association, a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign bank, provided that:
•The amount of the NCD insured up to the FDIC limit does not require any credit ratings.
•Any amount above the FDIC insured limit must be issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one NRSRO; or long-term obligations rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
•No more than 30% of the total portfolio may be invested in NCDs (combined with CDARS).
•No more than 5% of the total portfolio may be invested in any single issuer.
•The maximum maturity does not exceed five (5) years.

8. FEDERALLY INSURED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
•The amount per institution is limited to the maximum covered under federal insurance.
•No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits. •The maximum maturity does not exceed five (5) years.

9. COLLATERALIZED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law, provided that:
•No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits. •The maximum maturity does not exceed five (5) years.

10. PLACEMENT SERVICE DEPOSITS, provided that:
•No more than 30% of the total portfolio may be invested in qualifying placement service deposits.
•The full amount of each deposit along with accrued interest must at all times be insured by the Federal Deposit Insurance Item: 6
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Corporation (FDIC) or the National Credit Union Administration (NCUA).
•Under a provision sunsetting on January 1, 20262031, no more than 50% of the portfolio may be invested in deposits through a placement service, including Certificates of Deposit, if the Agency is a city, district or local agency that does not pool money with other local agencies.
•The maximum maturity does not exceed five (5) years.

11. COLLATERALIZED BANK DEPOSITS. City’s deposits with financial institutions will be collateralized with pledged securities per California Government Code, Section 53651. There are no limits on the dollar amount or percentage that the City may invest in collateralized bank deposits.

12. REPURCHASE AGREEMENTS collateralized with securities authorized under California Government Code, Section 53601, maintained at a level of at least 102% of the market value of the Repurchase Agreement. There are no limits on the dollar amount or percentage that the City may invest, provided that:
•Securities used as collateral for Repurchase Agreements will be delivered to an acceptable third-party custodian.
•Repurchase Agreements are subject to a Master Repurchase Agreement between the City and the provider of the repurchase agreement. The Master Repurchase Agreement will be
substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
•The maximum maturity does not exceed one (1) year.

13. STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF), provided that:
•The City may invest up to the maximum amount permitted by LAIF. •LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude the investment in LAIF itself from the City’s list of allowable investments, provided LAIF’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.

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14. LOCAL GOVERNMENT INVESTMENT POOLS
•Other LGIPs permitted by client.
•There is no issuer limitation for Local Government Investment Pools.

15. CORPORATE MEDIUM TERM NOTES (MTNS), provided that:
•The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. •The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
•No more than 30% of the total portfolio may be invested in MTNs. •No more than 5% of the total portfolio may be invested in any single issuer.
•The maximum maturity does not exceed five (5) years.

16. JOINT POWERS AUTHORITY (JPA) POOLS, provided that:
•The JPA is organized pursuant to California Government Code, Section 6509.7, and invests in the securities and obligations authorized in subdivisions (a) to (r), inclusive.
•Each share shall represent an equal proportional interest in the underlying pool of securities owned by the JPA.
•The JPA has retained an investment advisor who is registered with the SEC (or exempt from registration), has assets under management in excess of $500 million, and has at least five years’ experience investing in instruments authorized by Section 53601, subdivisions (a) to (q).

17. ASSET-BACKED, MORTGAGE-BACKED, MORTGAGE PASS-THROUGH

SECURITIES, AND COLLATERALIZED MORTGAGE OBLIGATIONS FROM ISSUERS NOT DEFINED IN SECTIONS 3 AND 4 OF THE AUTHORIZED INVESTMENTS SECTION OF THIS POLICY, provided that:
•The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
•No more than 20% of the total portfolio may be invested in these securities.
•No more than 5% of the total portfolio may be invested in any single Asset- Backed or Commercial Mortgage security issuer.

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•The maximum legal final maturity does not exceed five (5) years.

18. MUTUAL FUNDS AND MONEY MARKET MUTUAL FUNDS that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
a.MUTUAL FUNDS that invest in the securities and obligations as authorized under California Government Code, Section 53601 (a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:
(i) Attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
(ii) Have retained an investment adviser registered or exempt from registration with the Securities and Exchange
Commission with not less than five years’ experience
investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million.

No more than 10% of the total portfolio may be invested in shares of any one mutual fund.
b.MONEY MARKET MUTUAL FUNDS registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
(i) Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
(ii) Have retained an investment adviser registered or exempt from registration with the Securities and Exchange
Commission with not less than five years’ experience
managing money market mutual funds with assets under
management in excess of $500 million.

No more than 20% of the total portfolio may be invested in the shares of any one Money Market Mutual Fund.
c. No more than 20% of the total portfolio may be invested in these securities.

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19. SUPRANATIONALS, provided that:
•Issues are US dollar denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank.
•The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
•No more than 30% of the total portfolio may be invested in these securities.
•No more than 10% of the total portfolio may be invested in any single issuer.
•The maximum maturity does not exceed five (5) years.

X. PROHIBITED INVESTMENT VEHICLES AND PRACTICES
•State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options. •In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited.
•Investment in any security that could result in a zero interest accrual if held to maturity is prohibited. Under a provision sunsetting on January 1, 2026, securities backed by the U.S. Government that could result in a zero- or negative-interest accrual if held to maturity are permitted. •Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
•Purchasing or selling securities on margin is prohibited. •The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited.
•The purchase of foreign currency denominated securities is prohibited. •Agencies that are not Qualified Institutional Buyers (QIB) as defined by the Securities and Exchange Commission are prohibited from purchasing Private Placement Securities. The SEC defines a QIB as having at least $100,000,000 in securities owned and invested.
•The purchase of a security with a forward settlement date exceeding 45 days from the time of the investment is prohibited.

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XI. INVESTMENT POOLS/MUTUAL FUNDS
The City shall conduct a thorough investigation of any pool or mutual fund prior to making an investment and on an annual basis thereafter, or as may be necessary, to adequately evaluate the fund’s performance and risk. The investigation may require a written report from the fund or pool, evidencing certain information, including:
•A description of eligible investment securities, and a written statement of investment policy and objectives.
•A description of interest calculations and how it is distributed, and how gains and losses are treated.
•A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited.
•A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.
•A schedule for receiving statements and portfolio listings. •A description of how the reserves, retained earnings, etc. are utilized by the pool/fund.
•A fee schedule, and when and how is it assessed.
•A description of how the pool/fund is eligible for bond proceeds and/or the ability to accept such proceeds.

XII. COLLATERALIZATION
CERTIFICATES OF DEPOSIT (CDS). The City shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non-Negotiable Certificate of Deposit. The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

COLLATERALIZATION OF BANK DEPOSITS. This is the process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing repayment of deposited funds. The City shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

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REPURCHASE AGREEMENTS. The City requires that Repurchase Agreements be collateralized only by securities authorized in accordance with California Government Code:
•The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin. The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities.
•Financial institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.
•The City shall receive monthly statements of collateral.

XIII. DELIVERY, SAFEKEEPING AND CUSTODY
DELIVERY-VERSUS-PAYMENT (DVP). All investment transactions shall be conducted on a delivery-versus-payment basis.

SAFEKEEPING AND CUSTODY. To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in the City’s portfolio shall be held in safekeeping in the City’s name by a third-party custodian, acting as agent for the City under the terms of a custody agreement executed by the bank and the City. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by the City from the custodian listing all securities held in safekeeping with current market data and other information.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and, (iii) mutual funds and money market mutual funds, since these securities are not deliverable.

XIV. MAXIMUM MATURITY
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities.

The City will not invest in securities maturing more than five (5) years from the date of trade settlement, unless the Governing Body has by resolution granted authority to make such an investment.

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XV. RISK MANAGEMENT AND DIVERSIFICATION
MITIGATING CREDIT RISK IN THE PORTFOLIO. Credit risk is the risk that a security or a portfolio will lose some or all its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
•The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio. •No more than 5% of the total portfolio may be deposited with or invested in securities issued by any single issuer unless otherwise specified in this policy.
•The City may elect to sell a security prior to its maturity and record a capital gain or loss to manage the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences. •If a security owned by the City is downgraded to a level below the requirements of this policy, making the security ineligible for additional purchases, the following steps will be taken:
oAny actions taken related to the downgrade by the investment manager will be communicated to the Treasurer in a timely manner. oIf a decision is made to retain the security, the credit situation will be monitored and reported to the Governing Body.

MITIGATING MARKET RISK IN THE PORTFOLIO. Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer- term investments only with funds that are not needed for current cash flow purposes.

The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:

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•The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements.
•The maximum stated final maturity of individual securities in the portfolio will be five (5) years, except as otherwise stated in this policy. •The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints and risk tolerances.

XVI. REVIEW OF INVESTMENT PORTFOLIO
The Treasurer shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the Governing Body.

XVII. PERFORMANCE EVALUATION
The investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s risk constraints, the cash flow characteristics of the portfolio, and state and local laws, ordinances or resolutions that restrict investments.

The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s quarterly report. The Treasurer shall select an appropriate, readily available index to use as a market benchmark.

XVIII. REPORTING

MONTHLY REPORTS
Monthly transaction reports will be submitted by the Treasurer to the Governing Body in accordance with California Government Code, Section 53607.

QUARTERLY REPORTS
A quarterly investment report will be submitted by the Treasurer to the Governing Body which provides full disclosure of the City’s investment activities in accordance with California Government Code, Section 53646.

These reports will disclose, at a minimum, the following information about Item: 6
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the City’s portfolio:

1. An asset listing showing par value, cost and independent third-party fair market value of each security as of the date of the report, the source of the valuation, type of investment, issuer, maturity date and interest rate.

2. Transactions for the period.

3. A description of the funds, investments and programs (including lending programs) managed by contracted parties (i.e. LAIF; investment pools, outside money managers and securities lending agents)

4. A one-page summary report that shows:
•Average maturity of the portfolio and modified duration of the portfolio;
•Maturity distribution of the portfolio;
•Percentage of the portfolio represented by each investment category;
•Average portfolio credit quality; and
•Time-weighted total rate of return for the portfolio for the prior one month, three months, twelve months and since inception compared to the City’s market benchmark returns for the same periods.

5. A statement of compliance with investment policy, including a schedule of any transactions or holdings which do not comply with this policy or with the California Government Code, including a justification for their presence in the portfolio and a timetable for resolution.

6. A statement that the City has adequate funds to meet its cash flow requirements for the next six months.

ANNUAL REPORTS
A comprehensive annual investment report for the prior fiscal year will be submitted by the Treasurer to the Governing Board in conjunction with the investment policy review set forth in Section XIX below. The comprehensive annual report will include comparisons of the City’s return to the market benchmark return and provides full disclosure of the City’s investment activities.

XIX. REVIEW OF INVESTMENT POLICY
A statement of investment policy shall be reviewed by the Governing Board at least annually within 120 days of the end of the fiscal year, to ensure its consistency with the City’s overall investment philosophy and objectives, Item: 6
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which include preservation of principal, providing sufficient liquidity, managing investment risks while seeking a market-rate of return, and its relevance to current law and financial and economic trends.

Any recommended modifications or amendments to the policy shall be presented by Staff to the Governing Body for their consideration and adoption.

Policy History

1. Adopted April 18, 2023

2. Revised October 15, 2024
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GLOSSARY OF INVESTMENT TERMS
AGENCIES. Shorthand market terminology for any obligation issued by a government- sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:

FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.

FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.

FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and mortgage pass-through securities.

FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds and mortgage pass- through securities.

GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.

PEFCO. The Private Export Funding Corporation assists exporters.

Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.

TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.

ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.

BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.

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BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from their own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate.

COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED BANK DEPOSIT. A bank deposit that is collateralized at least 100% (principal plus interest to maturity). The deposit is collateralized using assets set aside by the issuer such as Treasury securities or other qualified collateral to secure the deposit in excess of the limit covered by the Federal Deposit Insurance Corporation.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COLLATERALIZED TIME DEPOSIT. Time deposits that are collateralized at least 100% (principal plus interest to maturity). These instruments are collateralized using assets set aside by the issuer such as Treasury securities or other qualified collateral to secure the deposit in excess of the limit covered by the Federal Deposit Insurance Corporation.

COMMERCIAL PAPER. The short-term unsecured debt of corporations.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for their own position.

DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

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DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T- bills and banker’s acceptances, are known as discount securities. They sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a security to changes interest rates.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC). The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices.

FEDERALLY INSURED TIME DEPOSIT. A time deposit is an interest-bearing bank deposit account that has a specified date of maturity, such as a certificate of deposit (CD). These deposits are limited to funds insured in accordance with FDIC insurance deposit limits.

FIDUCIARY. A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests.

LEVERAGE. Borrowing funds to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUIDITY. The speed and ease with which an asset can be converted to cash.

LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.

LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.

MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid Item: 6
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because of the call. With this type of call, an investor is compensated, or "made whole."
MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MATURITY. The final date upon which the principal of a security becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity.

MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MONEY MARKET MUTUAL FUND. A mutual fund that invests exclusively in short- term securities. Examples of investments in money market funds are certificates of deposit and U.S. Treasury securities. Money market funds attempt to keep their net asset values at $1 per share.

MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

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NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO). A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

NEGOTIABLE CERTIFICATE OF DEPOSIT (CD). A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market.

PAYDOWN. A reduction in the principal amount owed on a bond, loan, or other debt.

PLACEMENT SERVICE DEPOSITS. A private service that allows local agencies to invest in FDIC-insured deposits with one or more banks, savings and loans, and credit unions located in the United States. IntraFi (formerly known as CDARS) is an example of an entity that provides this service.

PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.

PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.”
REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

SECURITIES AND EXCHANGE COMMISSION (SEC). The U.S. Securities and Exchange Commission (SEC) is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.

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Statement of Investment Policy Page 25 of 25
SECURITIES AND EXCHANGE COMMISSION SEC) RULE 15C3-1. An SEC rule setting capital requirements for brokers and dealers. Under Rule 15c3-1, a broker or dealer must have sufficient liquidity to cover the most pressing obligations. This is defined as having a certain amount of liquidity as a percentage of the broker/dealer's total obligations. If the percentage falls below a certain point, the broker or dealer may not be allowed to take on new clients and may have restrictions placed on dealings with current client.

STRUCTURED NOTE. Notes issued by Government Sponsored Enterprises (FHLB, FNMA, etc.) and Corporations, which have imbedded options (e.g., call features, step-up coupons, floating rate coupons, derivative-based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the shape of the yield curve.

SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues three- and six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.

TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.

YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.

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ATTACHMENT 3

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55136.00600\42755261.2
Memorandum
To:Director of FinanceFile No.:55136.00600
From:City Attorney
Date:October 7, 2025
Re:City of Lake Forest - Investment Policy Review
I. BACKGROUND
The City of Lake Forest (“City”) reviews its investment policy each year, in accordance with Government Code § 53646(a)(2). This ensures that the policy addresses the current needs and conditions that may affect the City’s investment portfolio.

II. ANALYSIS
A model policy confers certain benefits, as it incorporates the latest in industry best practices, including California Municipal Treasurers Association guidelines. The model policy aims to adopt an actively managed strategy for City investments across a broader range of investments. In particular, the model policy would reflect:

1. The elimination of the provision in Section 6.B – Commercial Paper stating “no more than 10% of the outstanding commercial paper of any single issuer,” as statute now imposes a 10% maximum limitation by code; and

2. The extension of the 50% limit provision in Section 10 – Placement Service Deposits through 2031, consistent with AB 2618 (previously set to sunset in 2026).

These items reflect Chandler Asset Management’s focus on active investment management, a significant change from the City’s prior policy, which adopted a “[p]assive investment strategy” as its investment philosophy. By adopting a model policy, all local idiosyncrasies and unusual terms will be eliminated, and the City will be more in-line with the investment policies of other California cities.

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55136.00600\42755261.2
III. CONCLUSION
The proposed model investment policy would better align with Chandler’s active investment approach. The presentation of this investment policy is made in accordance with Government Code section 53646(a)(2).

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Attachment 4
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RESOLUTION NO. 2025-

A RESOLUTION OF THE CITY COUNCIL OF THE

CITY OF LAKE FOREST, CALIFORNIA,

DELEGATING INVESTMENT AUTHORITY TO THE

CITY TREASURER

WHEREAS, Government Code section 53607 authorizes the City Council of the City of Lake Forest (“City”) to delegate its authority to invest or reinvest funds, or to sell or exchange securities so purchased, to the City Treasurer, for a one- year period, who shall hereafter assume the full responsible for those transactions until the delegation is revoked or expires, and shall make a monthly report of those transactions to the City Council; and

WHEREAS, subject to the review, the City Council may renew the delegation of authority pursuant to section 53607 of the Government Code each year; and

WHEREAS, the City Council annually approves a Statement of Investment Policy for the City and section V of the Statement of Investment Policy delegates to the City Treasurer the authority to invest City funds; and

WHEREAS, it remains the intention of the City Council to delegate such authority to the City Treasurer.

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

FOREST DOES HEREBY RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS:

Section 1. The City Council’s adoption of this Resolution is not a project within the meaning of the California Environmental Quality Act. Specifically, the City’s adoption of the Resolution is an administrative and fiscal function of the City that does not commit the City to any specific project or course of action. (State CEQA Guidelines, sections 15378(b)(4) & (b)(5).) Thus, no environmental review of the Resolution is required. The City Council hereby directs staff to prepare, execute and file with the Orange County Clerk a Notice of Exemption within five working days of the adoption of this Resolution.

Section 2. The City Council hereby delegates to the City Treasurer the authority to invest and reinvest City funds, and to sell or exchange securities so purchased; to reaffirm such delegation of authority contained in the Statement of Investment Policy.

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PASSED, APPROVED AND ADOPTED this 21st day of October 2025, by the following vote, to wit:

____________________________

SCOTT VOIGTS
MAYOR

ATTEST:

____________________________

THY MERRITT

CITY CLERK

APPROVED AS TO FORM:

____________________________

MATTHEW RICHARDSON

CITY ATTORNEY

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STATE OF CALIFORNIA )

COUNTY OF ORANGE ) SS

CITY OF LAKE FOREST )

I, Thy Merritt, City Clerk of the City of Lake Forest, California, do hereby certify that the foregoing Resolution No. 2025- was duly passed and adopted at a regular meeting of the Lake Forest City Council on the 21st day of October 2025, by the following vote, to wit:

AYES: COUNCIL MEMBERS:

NOES: COUNCIL MEMBERS:

ABSTAIN: COUNCIL MEMBERS:

ABSENT: COUNCIL MEMBERS:

_____________________________

THY MERRITT

CITY CLERK

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CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: Public Works
SUBJECT:

SEVENTH AMENDMENT TO THE AGREEMENT WITH CARLSON STRATEGIC LAND SOLUTIONS, INC. FOR ENVIRONMENTAL PERMIT IMPLEMENTATION

SERVICES
RECOMMENDED ACTION(S):

1. Approve the Seventh Amendment to the Professional Consultant Services Agreement with Carlson Strategic Land Solutions, Inc.

2. Authorize the Mayor to sign, and the City Clerk to attest, the Seventh Amendment substantially in the form attached.

EXECUTIVE SUMMARY:

The City retained Carlson Strategic Land Solutions, Inc., (“Carlson”) after a competitive Request for Proposal process in 2016 to obtain and manage the environmental permits required to build the Civic Center site. Mitigation from one final permit under the regulatory oversight of the US Army Corps of Engineers (“ACOE”) remains to be completed. Given its experience on this project, environmental expertise, and the complexity of the permits and mitigation requirements, continuing to retain Carlson is critical to receiving the final approval from the ACOE. Staff anticipate receiving final approval in 2026, at which time the contract would be complete.

The contract scope includes monitoring and reporting for the mitigation area of the Civic Center campus, which is currently under the regulatory oversight of the ACOE until the project receives final approval. The Professional Consultant Services Agreement with Carlson (“Agreement”) includes overseeing contracts for landscape management and biological monitoring (Attachment 1).

The Agreement with Carlson has been subject to six amendments (Attachments 2, 3, 4, 5, 6, and 7). An extension to the Agreement term is necessary to ensure that Carlson can provide technical assistance that may be needed to receive final ACOE approval. Staff recommend the City Council approve the proposed Seventh Amendment to the Agreement with Carlson, which would extend the term of the Agreement by one year to December 5, 2026 (Attachment 8). The Item: 7
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proposed Seventh Amendment does not include changes to the compensation amount or unit prices in the Agreement with Carlson.

BACKGROUND:

Carlson managed the preparation of the original ACOE permit document that allowed the Civic Center to be built. After the permits were obtained, Carlson managed all the environmental mitigation services for the Civic Center during the construction and post construction periods. This work includes managing contracts for landscape management and biological monitoring as required by various environmental permits to construct the Civic Center. The City Council approved the Agreement with Carlson on July 5, 2016, with a compensation amount of $39,750. The Agreement has been amended six times (Attachments 2, 3, 4, 5, 6 and 7). These amendments are summarized in Table 1 below:

Table 1: Summary of Amendments to Agreement with Carlson Amendment Amendment Description
First Amendment City Council approved amendment to
extend term to December 5, 2021, and
increase compensation to $91,834.

Second Amendment City Council approved amendment to
add scope of work and increase
compensation to $120,977.50.

Third Amendment City Manager approved amendment to
extend term to December 5, 2022.

Fourth Amendment City Council approved amendment to
extend term to December 5, 2023
Fifth Amendment City Council approved amendment to
extend term to December 5, 2024
Sixth Amendment City Council approved amendment to
extend term to December 5, 2025
DISCUSSION:

The Civic Center is located in an aquatic resource integrity area within a Special Area Management Plan (“SAMP”) that is regulated by the ACOE, which means that a portion of the site includes a habitat that requires environmental mitigation work and oversight. As such, the Civic Center site contains numerous technical requirements the City must meet to remain in compliance. All pre-construction Item: 7
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and construction requirements are met, and the City is in the post-construction phase of biological monitoring.

Carlson oversees the Civic Center mitigation efforts and assists the City by overseeing contracts for landscape management and biological monitoring. The oversight services provided by Carlson for permit implementation and final approval are still necessary, as the City is still under monitoring. At present, the site is still pending a Restrictive Covenant managed by the ACOE that was submitted on October 12, 2016.

Staff recommend the City Council approve the Seventh Amendment to the Agreement (Attachment 8) to ensure that the Agreement does not expire prior to ACOE approval, in case additional services are needed to address any issues. If the proposed Seventh Amendment is approved, the term of the Agreement would be extended to December 5, 2026. The Seventh Amendment does not include any changes to the scope of work or the compensation amount in the Agreement.

Over the term of the Agreement, Carlson addressed all regulatory compliance requirements and worked with staff to address issues as needed. Staff believes that Carlson’s performance has met or exceeded the Agreement’s scope of work relative to the responsibilities associated with environmental permit services. The chart below provides an overall summary of the contractor’s performance since the most recent amendment. Consistent with the City’s Purchasing and Contracting Guidelines and following the vendor assessment in Table 2, staff recommend the City Council approve the Seventh Amendment to the Agreement to ensure that the City retains the ability to respond to any issues relating to the mitigation site.

Table 2: Vendor Assessment
Carlson Strategic Land Solutions, Inc. Performance Assessment November 26, 2024, through October 21, 2025
Performance of Scope of
Services ☐ Unsatisfied ☐ Satisfied ☒ Very Satisfied ☐ N/A Timeliness ☐ Unsatisfied ☐ Satisfied ☒ Very Satisfied ☐ N/A Budget Performance ☐ Unsatisfied ☐ Satisfied ☒ Very Satisfied ☐ N/A Customer Service ☐ Unsatisfied ☐ Satisfied ☒ Very Satisfied ☐ N/A The Public Works Department prepared the proposed Seventh Amendment, and the City Attorney reviewed and approved it as to form.

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FISCAL IMPACT:

The proposed Seventh Amendment would extend the term of the Agreement with Carlson by one year to December 5, 2026. The proposed Seventh Amendment does not include adjustments to the compensation amount in the Agreement or unit prices. If approved, sufficient funding to cover the costs of the Seventh Amendment exists in the 2025-2027 Operating Budget.

ATTACHMENTS:

1. Agreement for Professional Consultant Services - Carlson, Inc.

2. First Amendment to Agreement for Professional Consultant Services – Carlson, Inc.

3. Second Amendment to Agreement for Professional Consultant Services - Carlson, Inc.

4. Third Amendment to Agreement for Professional Consultant Services – Carlson, Inc.

5. Fourth Amendment to Agreement for Professional Consultant Services – Carlson, Inc.

6. Proposed Fifth Amendment to Agreement for Professional Consultant Services-Carlson, Inc.

7. Sixth Amendment to Agreement for Professional Consultant Services – Carlson, Inc.

8. Proposed Seventh Amendment to Agreement for Professional Consultant Services – Carlson, Inc.

Initiated By: Michael McConaha, Deputy Director of Facilities and Maintenance
Submitted By: Douglas Erdman, P.E., Director of Public Works/City Engineer Approved By: Debra Rose, City Manager
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Attachment 1
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Attachment 2
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Attachment 3
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Attachment 4
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Attachment 5
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55136.00200\31919338.1 - 1 -

CITY OF LAKE FOREST

FOURTH AMENDMENT TO

AGREEMENT FOR PROFESSIONAL CONSULTANT SERVICES
PARTIES AND DATE.

This Fourth Amendment to the Agreement for Professional Consultant Services (“Third Amendment”) is entered into on the ____ day of ________, 20___, by and between the City of Lake Forest, a municipal corporation, organized under the laws of the State of California, with its principal place of business at 100 Civic Center Drive, Lake Forest, CA 92630 (“City”) and Carlson Strategic Land Solutions, Inc., a California corporation, with its principal place of business at 27134A Paseo Espada, Suite 323, San Juan Capistrano, California 92675 ("Consultant”) . City and "Consultant” are someti mes individually referred to herein as "Party" and collectively as "Parties."
RECITALS.

2.1 Agreement. The Parties entered into that certain Agreement for Professional Consultant Services dated July 5, 2016 (“Agreement”).

2.2 First Amendment. The Parties entered into that certain First Amendment to the Agreement in order to extend the term of the Agreement, expand the scope of services, and increase the total amount of compensation under the agreement dated December 6, 2016 (“First Amendment”).

2.3 Second Amendment. The Parties entered into that certain Second Amendment to amend the Agreement in order to increase the total amount of compensation under the Agreement on November 21, 2017 (“Second Amendment”).

2.4 Third Amendment. The Parties entered into that certain Third Amendment to extend the term of the Agreement and update the Delivery of Notices on October 14, 2021 (“Third Amendment”).

2.5 Fourth Amendment. The Parties now desire to amend the Agreement in order to extend the term of the Agreement.

TERMS.

3.1 Term. Section 3.1.2 of the Agreement is hereby amended in its entirety to read as follows:

The term of this Agreement shall be from July 5, 2016 to December 5, 2023, unless earlier terminated as provided herein. Consultant shall complete the Services within the term of this Agreement, and shall meet any other established schedules and deadlines.

DocuSign Envelope ID: 65FB61FA-0BFD-4599-956B-B0C7E8921028 November1 22
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55136.00200\31919338.1 - 2 -

3.2 Remaining Provisions of Agreement. Except as otherwise specifically set forth in this Fourth Amendment, the remaining provisions of the Agreement shall remain in full force and effect.

CITY OF LAKE FOREST CARLSON STRATEGIC LAND SOLUTIONS
By:

Robert Pequeño
Mayor

By:

Peter Carlson
President

[If Corporation, TWO SIGNATURES,
President OR Vice President AND Secretary
OR Treasurer REQUIRED]
ATTEST:

By:

Lisa Berglund
City Clerk
By:

Peter Carlson
Secretary

APPROVED AS TO FORM:

By:

Best Best & Krieger LLP
City Attorney

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Attachment 6
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Attachment 7
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RESOURCE AGENCY PERMIT IMPLEMENTATION SERVICES FOR
CIVIC CENTER (2016-069.6)

City of Lake Forest
100 Civic Center Dr.

Lake Forest, CA 92630

Docusign Envelope ID: 5672F61F-EF45-40E0-A763-02CC18EDACA0 Item: 7
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City of Lake Forest
Sixth Amendment to Professional Consultant Services Agreement Resource Agency Permit Implementation Services for Civic Center I. PARTIES AND DATE. ................................ ................................ ..............

II. RECITALS. ................................ ................................ ..............................

III. TERMS................................. ................................ ................................ ..

IV. SIGNATURES. ................................ ................................ ........................

Docusign Envelope ID: 5672F61F-EF45-40E0-A763-02CC18EDACA0 Item: 7
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Title: Resource Agency Permit Implementation Services for Civic Center 3 1. PARTIES AND DATE.

This Sixth Amendment to the Agreement for Professional Consultant Services ("Sixth Amendment") is entered into on the [***INSERT DAY***] day of [***INSERT MONTH***], [***INSERT YEAR***], by and between the City of Lake Forest, a municipal corporation, organized under the laws of the State of California, with its principal place of business at 100 Civic Center Drive, Lake Forest, California 92630 (“City”) and Carlson Strategic Land Solutions, Inc., a California Corporation (Inc.) , with its principal place of business at 27134A Paseo Espada, Suite 323, San Juan Capistrano, California 92675 (“Consultant”). City and Consultant are sometimes individually referred to herein as “Party” and collectively as “Parties.” Docusign Envelope ID: 5672F61F-EF45-40E0-A763-02CC18EDACA0 November 202426
Item: 7
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Title: Resource Agency Permit Implementation Services for Civic Center 4 2. RECITALS.

2.1. Agreement
The Parties entered into that certain Agreement for Professional Consultant Services dated July 5, 2016 (“Agreement”).

2.2. First Amendment
The Parties entered into that certain First Amendment to the Agreement in order to extend the term of the Agreement, expand the scope of services, and increase the total amount of compensation under the agreement dated December 6, 2016 (“First Amendment”).

2.3. Second Amendment
The Parties entered into that certain Second Amendment to amend the Agreement in order to increase the total amount of compensation under the Agreement on November 21, 2017 (“Second Amendment”).

2.4. Third Amendment
The Parties entered into that certain Third Amendment to extend the term of the Agreement and update the Delivery of Notices on October 14, 2021 (“Third Amendment”).

2.5. Fourth Amendment
The Parties entered into that certain Fourth Amendment to extend the term of the Agreement on November 1, 2022 (“Fourth Amendment”).

2.6. Fifth Amendment
The Parties entered into that certain Fifth Amendment to extend the term of the Agreement on November 9, 2023 ("Fifth Amendment").

2.7. Sixth Amendment
The Parties now desire to amend the Agreement in order to extend the term of the Agreement.

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Title: Resource Agency Permit Implementation Services for Civic Center 5 3. TERMS.

3.1. Term.

Section 3.1.2 of the Agreement is hereby amended in its entirety to read as follows:

The term of this Agreement shall be from July 5, 2016 to December 5, 2025 , unless earlier terminated as provided herein. Consultant shall complete the Services within the term of this Agreement, and shall meet any other established schedules and deadlines.

3.2. Remaining Provisions of Agreement.

Except as otherwise specifically set forth in this Sixth Amendment, the remaining provisions of the Agreement shall remain in full force and effect.

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Title: Resource Agency Permit Implementation Services for Civic Center 6 4. SIGNATURES.

4.1. SIGNATURES.

CITY OF LAKE FOREST Carlson Strategic Land Solutions, Inc.

By: [AUTHORIZED CITY SIGNATURE]

Mark Tettemer
Mayor
By: [VENDOR SIGNATURE 1]

Peter Carlson
President
[If Corporation, TWO SIGNATURES,
President OR Vice President AND Secretary
OR Treasurer REQUIRED]
ATTEST:

By: [CITY CLERK SIGNATURE]

Lisa Berglund
City Clerk
By: [VENDOR SIGNATURE 2]

Peter Carlson
Secretary (Corporation or LLC)
APPROVED AS TO FORM:

By: [CITY ATTORNEY SIGNATURE]

Best Best & Krieger LLP
City Attorney

[CONTRACT ADMINISTRATOR APPROVAL]
[PROJECT MANAGER APPROVAL]
[CITY CLERK - INSURANCE APPROVAL]

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Attachment 8
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RESOURCE AGENCY PERMIT IMPLEMENTATION SERVICES FOR

CIVIC CENTER
(2016-069.7)

City of Lake Forest
100 Civic Center Dr.

Lake Forest, CA 92630

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City of Lake Forest
Seventh Amendment to Professional Consultant Services Agreement Resource Agency Permit Implementation Services for Civic Center I. PARTIES AND DATE. ................................ ................................ ..............

II. RECITALS. ................................ ................................ ..............................

III. TERMS................................. ................................ ................................ ..

IV. SIGNATURES. ................................ ................................ ........................

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Title: Resource Agency Permit Implementation Services for Civic Center 3 1. PARTIES AND DATE.

This Agreement is made and entered into this [***INSERT DAY***] day of [***INSERT MONTH***], [***INSERT YEAR***], by and between the City of Lake Forest, a municipal corporation, organized under the laws of the State of California, with its principal place of business at 100 Civic Center Drive, Lake Forest, California 92630 (“City”) and Carlson Strategic Land Solutions, Inc., a California Corporation (Inc.) , with its principal place of business at 27134A Paseo Espada, Suite 323, San Juan Capistrano, CA 92675 (“Consultant”). City and Consultant are sometimes individually referred to herein as “Party” and collectively as “Parties.”
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Title: Resource Agency Permit Implementation Services for Civic Center 4 2. RECITALS.

2.1. Agreement
The Parties entered into that certain Agreement for Professional Consultant Services dated July 5, 2016 (“Agreement”).

2.3. Second Amendment
The Parties entered into that certain Second Amendment to amend the Agreement in order to increase the total amount of compensation under the Agreement dated November 21, 2017 (“Second Amendment”)

2.4. Third Amendment
The Parties entered into that certain Third Amendment to extend the term of the Agreement and update the Delivery of Notices dated October 14, 2021 (“Third Amendment”).

2.5. Fourth Amendment
The Parties entered into that certain Fourth Amendment to extend the term of the Agreement dated November 1, 2022 (“Fourth Amendment”).

2.6. Fifth Amendment
The Parties entered into that certain Fifth Amendment to extend the term of the Agreement dated November 9, 2023 ("Fifth Amendment")

2.7. Sixth Amendment
The Parties entered into that certain Sixth Amendment to extend the term of the Agreement dated November 26, 2024 ("Sixth Amendment")

2.8. Seventh Amendment
The Parties now desire to amend the Agreement in order to extend the term of the Agreement.

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Title: Resource Agency Permit Implementation Services for Civic Center 5 3. TERMS.

3.1. Term.

Section 3.1.2 of the Agreement is hereby amended in its entirety to read as follows:

The term of this Agreement shall be from July 5, 2016 to December 5, 2026, unless earlier terminated as provided herein. Consultant shall complete the Services within the term of this Agreement, and shall meet any other established schedules and deadlines.

3.2. Remaining Provisions of Agreement.

Except as otherwise specifically set forth in this Seventh Amendment, the remaining provisions of the Agreement shall remain in full force and effect.

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Title: Resource Agency Permit Implementation Services for Civic Center 6 4. SIGNATURES.

4.1. SIGNATURES.

CITY OF LAKE FOREST Carlson Strategic Land Solutions, Inc.

By: [AUTHORIZED CITY SIGNATURE]

Scott Voigts
Mayor
By: [VENDOR SIGNATURE 1]

Peter Carlson
President
[If Corporation, TWO SIGNATURES,
President OR Vice President AND Secretary
OR Treasurer REQUIRED]
ATTEST:

By: [CITY CLERK SIGNATURE]

Thy Merritt
City Clerk
By: [VENDOR SIGNATURE 2]

Peter Carlson
Secretary (Corporation or LLC)
APPROVED AS TO FORM:

By: [CITY ATTORNEY SIGNATURE]

Best Best & Krieger LLP
City Attorney

[CONTRACT ADMINISTRATOR APPROVAL]
[PROJECT MANAGER APPROVAL]
[CITY CLERK - INSURANCE APPROVAL]

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CITY COUNCIL AGENDA REPORT
MEETING DATE: 10/21/2025
DEPARTMENT: Public Works
SUBJECT:

AWARD OF CONTRACT TO TRANE U.S., INC. FOR LAKE FOREST SPORTS PARK HVAC RETROFIT PROJECT (26F04)
RECOMMENDED ACTION(S):

1. Award a contract in the amount of $657,241 to Trane U.S., Inc. for the Lake Forest Sports Park HVAC Retrofit Project (26F04)

2. Adopt a Resolution entitled, “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE FOREST, CALIFORNIA, AMENDING THE 2025- 2032 CAPITAL IMPROVEMENT PLAN; AMENDING APPROPRIATIONS
FOR FISCAL YEAR 2025-26”

3. Authorize the Mayor to sign, and the City Clerk to attest the agreement with Trane U.S., Inc.

EXECUTIVE SUMMARY:

The HVAC system at the Lake Forest Sports Park, originally installed in 2014, has experienced a decline in performance and fails to maintain consistent temperatures. Addressing these issues requires replacing the rooftop HVAC units. The 2023–2030 Capital Improvement Program budget includes a project to retrofit the units.

Staff recommends awarding a contract (Attachment 1) valued at $657,241 to Trane U.S., Inc. to replace all ten of the HVAC units serving the recreation building and approving a budget resolution to add an additional $123,000 to the budget allocation (Attachment 2). To ensure cost-effectiveness, staff proposes to utilize a California Multiple Award Schedule (“CMAS”) agreement with Trane U.S., Inc. (“Trane”). This would allow the City to access discounted, pre- negotiated pricing available to municipal agencies statewide and award directly to Trane.

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BACKGROUND:

The Lake Forest Sports Park, commissioned in 2014, has reached the point at which significant maintenance needs are beginning to surface. During regular HVAC service, staff observed ongoing issues with system performance, including equipment aging, recurring outages, increased service calls, and a general decline in cooling efficiency. These problems have affected user comfort and placed added strain on maintenance resources, prompting the need for full equipment replacement. Staff proposed, and the City Council approved, a replacement project as part of the 2023-2030 Capital Improvement Program (“CIP”) Budget.

DISCUSSION:

The existing HVAC equipment, having been in service since the opening of the facility in 2014, is at the end of its service life. With deteriorating performance, increased maintenance needs, and insufficient cooling capacity during peak demand at the facility, replacement of the units is the most cost-effective option for the City.

The project scope consists of the replacement of nine rooftop HVAC units and one split system serving the Lake Forest Sports Park recreation building, including equipment removal, crane lifts, rigging, placement of new units, and reconnection of electrical and low-voltage control wiring. The work includes startup and commissioning of the new units, provision of temporary cooling during the transition, and an updated mechanical design for permitting.

To procure the HVAC units and installation services, staff is proposing to utilize Trane’s State of California Multiple Awards Schedule Agreement in lieu of soliciting bids from contractors. The CMAS is part of a cooperative purchasing program administered by the State of California General Services Department to allow all municipal agencies to benefit from competitively bid, volume priced, large volume contracts with contractors and suppliers. It was established under the California Public Contract Code Sections 10290 et seq. and extended to local governments under Sections 10298 and 10299. The City’s Contracting and Purchasing Guidelines allow the City to purchase goods and services through cooperative purchasing agreements and multiple award schedules, including CMAS. Awarding directly to Trane under the CMAS program ensures competitive pricing and proper installation without additional contractor markup.

Trane U.S., Inc. (“Trane”) supplied the City with a proposal valued at $657,241 to furnish and install the units. Staff evaluated the proposal for completeness and determined that Trane provided the City with a balanced and competitive price consistent with CMAS requirements. Trane is both the manufacturer and installer Item: 8
201

of the existing and proposed replacement rooftop units. Therefore, Trane is well- positioned to provide the City with the equipment and services needed to facilitate the replacement. The lead time for the units is approximately three months and the installation would be completed after manufacture and delivery.

The Agreement (Attachment 1) includes Trane’s proposal, and the accompanying CMAS contracts from the State of California. Two CMAS contracts are included, one for energy related consulting services (mechanical engineering design) and one for the purchase and installation of the HVAC units.

The City Attorney approved the agreement as to form. Staff has also included a Budget Resolution (Attachment 2), to add an additional $123,000 to the project budget allocation to provide sufficient funding for the project cost and contingency. Staff recommend the City Council award a contract to Trane to ensure timely replacement of the rooftop HVAC units.

FISCAL IMPACT:

Approval of the recommended actions would award a contract valued at $657,241 to Trane. The proposed Budget Resolution (Attachment 2) would appropriate funds from the City’s General Fund CIP Projects to provide the additional funding needed for the HVAC Replacement Project. If adopted, the proposed budget resolution would increase funding for the 2025-32 Capital Improvement plan by $123,000, bringing the total project funding to $723,000, which includes $657,241.00 for the contract and a $65,759.00 allowance for contingency.

ATTACHMENTS:

1. Agreement with Trane U.S., Inc.

2. Budget Resolution No. 2025-___
Initiated By: Jonathan Poole, Senior Management Analyst Submitted By: Douglas Erdman, P.E., Director of Public Works /City Engineer Approved By: Debra Rose, City Manager
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Attachment 1
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LAKE FOREST SPORTS PARK HVAC RETROFIT PROJECT (26F04)
(2025-072)

City of Lake Forest
100 Civic Center Dr.

Lake Forest, CA 92630

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City of Lake Forest

COOPERATIVE AGREEMENT
Lake Forest Sports Park HVAC Retrofit Project (26F04)
I. PARTIES AND DATE. ..............................................................................

II. RECITALS. ..............................................................................................

III. TERMS...................................................................................................

IV. SIGNATURES. ........................................................................................

V. EXHIBIT "A" SCOPE OF SERVICES ...........................................................

VI. EXHIBIT "B" - SCHEDULE OF SERVICES ..................................................

VII. CIP Budget Resolution ...........................................................................

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 3 1. PARTIES AND DATE.

This Agreement is made and entered into this [***INSERT DAY***] day of [***INSERT MONTH***], [***INSERT YEAR***], by and between the City of Lake Forest, a public agency, organized under the laws of the State of California, with its principal place of business at 100 Civic Center Drive, Lake Forest, California 92630 (“City”) and Trane Technologies, a Delaware Corporation (Inc.) , with its principal place of business at 333 S. Beaudry Ave 28th Floor (28-118-03), Los Angeles, CA 90017, (hereinafter referred to as “Contractor”). City and Consultant are sometimes individually referred to herein as “Party” and collectively as “Parties" in this Agreement

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 4 2. RECITALS.

2.1. RECITALS
A. The Lake Forest Municipal Code provides in pertinent part:

§ 3.12.135 Cooperative purchases.

The City may, subject to any limits and policies set forth in this chapter, make purchases for any goods or services by contracts established by other public agencies, including, but not limited to, cooperative purchase agreements, piggyback contracting, and multiple award schedules, provided the contract was awarded or established following a competitive selection process.

B. The City wishes to enter into a contract described in the preceding recital with Contractor for the goods or services identified in the invoice attached hereto as Exhibit A (“Invoice”).

C. Contractor has been awarded the cooperative purchase agreement(s), piggyback contract(s), and multiple award schedule(s) attached hereto as Exhibit B (“Cooperative Agreement”).

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 5 3. TERMS.

3.1. AGREEMENT

1. Services.

Contractor shall furnish the goods or services set forth in the Invoice on the terms set forth in the Invoice and the Cooperative Agreement, Contractor representing and warranting that the terms set forth in the Invoice are consistent with the Cooperative Agreement.

2. Compliance with Applicable Law. As compliance with applicable law is a term of every contract, the following terms are hereby added:

California Labor Code Requirements.
a. Contractor is aware of the requirements of California Labor Code Sections 1720 et seq. and 1770 et seq., which require the payment of prevailing wage rates and the performance of other requirements on certain “public works” and “maintenance” projects (“Prevailing Wage Laws”). Since the services are being performed as part of an applicable “public works” or “maintenance” project, as defined by the Prevailing Wage Laws, and since the total compensation is $1,000 or more, Contractor agrees to fully comply with such Prevailing Wage Laws. Contractor shall defend, indemnify and hold the City, its officials, officers, employees and agents free and harmless from any claims, liabilities, costs, penalties or interest arising out of any failure or alleged failure to comply with the Prevailing Wage Laws. It shall be mandatory upon the Contractor and all subcontractors to comply with all California Labor Code provisions, which include but are not limited to prevailing wages (Labor Code Sections 1771, 1774 and 1775), employment of apprentices (Labor Code Section 1777.5), certified payroll records (Labor Code Sections 1771.4 and 1776), hours of labor (Labor Code Sections 1813 and 1815) and debarment of contractors and subcontractors (Labor Code Section 1777.1). The requirement to submit certified payroll records directly to the Labor Commissioner under Labor Code section 1771.4 shall not apply to work performed on a public works project that is exempt pursuant to the small project exemption specified in Labor Code Section 1771.4.
b. Since the services are being performed as part of an applicable “public works” or “maintenance” project, then pursuant to Labor Code Sections 1725.5 and 1771.1, the Contractor and all subcontractors performing such services must be registered with the Department of Industrial Relations. Contractor shall maintain registration for the duration of the Project and require the same of any subcontractors, as applicable. Notwithstanding the foregoing, the contractor registration requirements mandated by Labor Code Sections 1725.5 and 1771.1 shall not apply to work performed on a public works project that is exempt pursuant to the small project exemption specified in Labor Code Sections 1725.5 and 1771.1.
c. This Agreement is also be subject to compliance monitoring and enforcement by the Department of Industrial Relations. It shall be Contractor’s sole responsibility to comply with all applicable registration and labor compliance requirements. Any stop orders issued by the Department of Industrial Relations against Contractor or any subcontractor that affect Contractor’s performance of services, including any delay, shall be Contractor’s sole responsibility. Any delay arising out of or resulting from such stop orders shall be considered Contractor caused delay and shall not be

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 6 compensable by the City. Contractor shall defend, indemnify and hold the City, its officials, officers, employees and agents free and harmless from any claim or liability arising out of stop orders issued by the Department of Industrial Relations against Contractor or any subcontractor.

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 7 4. SIGNATURES.

4.1. SIGNATURES.

CITY OF LAKE FOREST Trane Technologies
By: [AUTHORIZED CITY SIGNATURE]

Scott Voigts
Mayor
By: [VENDOR SIGNATURE 1]

Reid Mckinnon
Area General Manager
[If Corporation, TWO SIGNATURES,
President OR Vice President AND Secretary
OR Treasurer REQUIRED]
ATTEST:

By: [CITY CLERK SIGNATURE]

Thy Merritt
Acting City Clerk
By: [VENDOR SIGNATURE 2]

Reid Mckinnon
Area General Manager
APPROVED AS TO FORM:

By: [CITY ATTORNEY SIGNATURE]

Best Best & Krieger LLP
City Attorney

[CONTRACT ADMINISTRATOR APPROVAL]
[PROJECT MANAGER APPROVAL]
[CITY CLERK - INSURANCE APPROVAL]

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Title: Lake Forest Sports Park HVAC Retrofit Project (26F04) 8 5. EXHIBIT "A" SCOPE OF SERVICES

5.1. EXHIBIT "A" INVOICE

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© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 1 of 13Sensitivity: Highly Confidential City of Lake Forest
Recreation Center Rooftop HVAC Replacements
Proposal For:

K Yoshino
Facilities
City of Lake Forest
100 Civic Center Dr.

Lake Forest, CA 92630 U.S.A.

Local Trane Office:

Trane U.S. Inc.
3253 E Imperial Highway
Brea, CA 92821
Local Trane Representative:

Tyler Sasse
Account Executive
Cell Phone: (520) 954-4391
Proposal ID: 1729459
Date: July 14
th, 2025
CMAS Contract 47QSWA20D002A
CMAS Number: 4-21-06-1092
CMAS Number: 4-21-06-1093

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 2 of 13Sensitivity: Highly Confidential Executive Summary
The City of Lake Forest Sports Park Building is served by rooftop packaged units that provide conditioned air to the spaces below. The units are coming up to the end of their useful life, have component failures and are no longer able to provide reliable cooling to the spaces in the building.

The units should be replaced as soon as possible. New rooftop units will mitigate the risk of failure, reduce operating expenses due to increased equipment efficiency, and improve the comfort of the guests and employees in the spaces below. Partnering with Trane to furnish and install the equipment will result in a lower capital cost, faster project delivery, and lowest likelihood of change orders.

As the OEM of the existing system, and a manufacturer, installer, and service provider of virtually all comfort system components, Trane is uniquely qualified to provide the most comprehensive approach to this project. Partnering with Trane for a turnkey installation will ensure the equipment is installed per the design, for the lowest possible price, with the fewest change-orders, in the fastest time, and with the most comprehensive support.

The City of Lake Forest will also be able to trust that:
x Purchasing the equipment direct from the OEM av oids equipment markups applied by contractors and ensures the correct unit is installed.
x Trane project management provides the company a single point of contact for this project regardless of scale; thereby reducing the resources the City needs to allocate. x Trane’s experience in turnkey solutions wi ll result in a faster project turnaround. x Trane’s comprehensive coverage greatl y reduces the risk of change-orders. o Trane equipment selection ensures that the correct equipment is manufactured. o Trane engineering certifies that design and install scopes match. o Trane installation guarantees equipment is installed per engineering and OEM specs. o Trane start-up to certify that the equipment is properly commissioned. x Trane’s local service team can provide access to 24/7/365 support for the life of the equipment.

I appreciate your consideration and hope we can help your company meet its goals associated with this project.

Thank you,
Tyler Sasse
Account Executive
(520) 954-4391

Item: 8
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K Yoshino
Job Name:

City of Lake Forest Sports Park HVAC
Delivery Terms: Payment Terms:

Freight Allowed and Prepaid – F.O.B Factory Net 30
State Contractor License Number: Proposal Expiration Date:
10066318 30 Days
Scope of Work
“Scope of Work” and notations within are based on the following negotiated scope of work with facility staff based on the site surveys performed in 2025.

Turnkey Installation of HVAC Equipment
Original Trane Rooftop Units

AC-1 Trane YHC092F4RLA1SM8 134210980L
AC-2 Trane YHC092F4RLA1SM8 134210986L
AC-3 Trane YHH060F4RMA1SM8 134210810D
AC-4 Trane YHC072F4RLA1SM8 134210765L
AC-5 Trane YHH300F4RLA1SM7 134210820D
AC-6 Trane YHC072F4RLA1SM8 134210781L
AC-7 Trane YHH060F4RMA1SM8 134210805L
AC-8 Trane YHH060F4RLA1SM9 134210789L
AC-9 Trane YHC036E4RLA1A02B100 131612789L
Scope of Work – Packaged Rooftop Unit Replacements
Installation
x Provide all new equipment for project for a turnkey installation. The new equipment installed shall consist of the following:
x (9) Trane Precedent and Voyager Rooftop AC Units
x (1) Trane Server Room Split System
x Note: Submittals to be provided for owner approval before ordering. x Furnish labor, drawings and expertise as needed to secure mechanical permit from the City of Lake Forest for Rooftop AC Unit replacements.
x We will provide general notes, roof plans, calculations, details, schedules, controls/SOO, energy compliance forms, and specifications as required for permitting. Additional structural engineering for permitting is unanticipated and excluded. x Permit fees are excluded and will be forwarded on for reimbursement as a change order after permit has been obtained. Estimated cost of Permit Fees: $5,000.

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 4 of 13Sensitivity: Highly Confidential x Prepare the new equipment for installation and provide trucking delivery to the building on the replacement date.
x Disconnect the following (10) pieces of existing equipment for removal and disposal:
x Penthouse Roof Units:
x (9) Rooftop Packaged Units
x (1) Split System Air Conditioning Units
x Furnish crane and rigging to remove old RTUs and Split System off the roof and to set new equipment on the roof.
x Provide trucking and labor to haul off and properly dispose of existing Units. x Salvage rights reserved.
x Remove existing isolation springs in steel frames
x Provide and install 2” deflection isolation sp rings in steel frames on (2) 25 ton units. x Anchor the new units to existing unit curbs. Trane to provide adaptor curbs where needed on new units. x Install new power exhaust and economizers, reusing existing power and pressure tubing. x Furnish and install new condensate drain piping from new to nearest approved drain receptacle (including new P-Traps).
x We are assuming the existing condensate piping is free and clear. x Furnish and install new ductwork to connect new units to existing ductwork. x Replacing or installing new duct smoke detectors is not included. x All Fire Life Safety work is excluded (to be provided by the current Fire Life Safety Contractor, furnished by City of Lake Forest).
x Reconnect natural gas piping to each unit
x Reconnect low voltage control wiring to each unit
x Furnish materials and labor to connect new units to existing electrical power. x Furnish and install a new electrical disconnect and fuses for each new unit. x Install new Programable Zone Sensors to replace the RTU thermostats x Replacing thermostat wiring is not included.
x Upgrading, repairing, or replacing existing electrical distribution is not included. x Verification of adequate electrical capacity of existing distribution is not included. x Upgrade, repair, replacement of existing controls and control panel are not included. x Provide air balance at unit on rooftop to all (9) units x Provide air balance for 4 ton unit serving offices at each register x Meet City inspector to secure final sign off on permit at completion of project. x All work to be performed during normal working hours. x This proposal is valid for 30 days.

General Project Inclusions
x Project management included for a turnkey installation by Trane. x Startup and commissioning of all new equipment (no third-party commissioning included). x 1 st year parts and labor warranty included on entire project. x Project equipment installation to be performed over regular time x Project assuming one mobilization for construction
Project Assumptions / Exclusions
x Permits & Associated Fees is excluded
x Pricing is based on over-the-counter permits being is sued. In the event an over-the-counter permit is not issued and additional engineering is required a change order will be issued. x In the event the scope of work deviates from that described, either due to engineering or preference by either party, a change order will be provided with a detailed scope of work and accurate pricing prior to the associated work being performed;
x Building Code Rectification is excluded.
x Owner will be provided equipment submittals for approval prior to ordering. x The existing air distribution system below the roof for the package units will remain as is and no alterations to the air distribution system is included; x The existing building controls for the VAV system will remain as is and no alternations the control system is included;

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 5 of 13Sensitivity: Highly Confidential x Existing equipment will be removed and new equipment placed by a crane which will operate adjacent to the building and may impact business operations for the duration of the lift; x Temporary cooling or heating equipment not included.
x Integration into existing building management system outside of reconnection of controls wiring is excluded. Troubleshooting of existing controls is excluded. x Inspections & Testing is excluded
x Hazardous Material Testing & Abatement
x All engineering, design, DSA fees, DSA inspector costs, DSA submissions, etc. are excluded. x Structural steel and seismic pads are existing and will remain and be reused. x Any structural upgrades are excluded.
x Electrical service upgrades are excluded.
x All work dealing with fire life safety systems, fire sprinkler systems, and smoke evacuation systems is excluded.
x Construction fencing, temporary offices, security is excluded. x Third Party review, testing, special inspection fees , deputy inspector fees, or third-party commissioning of new systems is not included.
x Title 24 Acceptance Testing is excluded.
x Breaker coordination studies are excluded.
x Asbestos or Hazardous Material Abatement excluded.
x Replacement of upgrade of any existing non-code compliant systems is excluded. x ADA requirements excluded.
x Any Roofing work is excluded
x Customer to coordinate all shutdowns and lifts with Trane’s schedule. x Building permit fees & Plan check fees are excluded.
x Builders Risk (including flood and seismic insurance and Deductible) is excluded. x Any items not specifically listed as scope of work is not included. x We assume there will be no other work going on that will affect the timing or sequence of our installation.
x Liquidated or Consequential Damages not included.
x Demurrage or Storage Charges not included. Storage charges can be incurred if over 30 days. x Trane to retain salvage rights of all removed equipment and materials, if applicable. x Temporary power or Trane provided utilities are excluded. We assume use of customer electrical, gas, and water for construction.
x Equipment view screens are excluded.
x Architectural drawings and line of sight drawings are excluded. x Trane shall have the right, at its discretion, to pass along any related increases should (1) its costs related to the manufacture, supply, and shipping for any product or service materially increase. This includes, but is not limited to, cost increases in raw materials, supplier components, labor, utilities, freight, logistics, wages and benefits, regulatory compliance, or any other event beyond Company’s control and/or (2) any tariffs, taxes, levies or fees affecting, placed on or related to any product or service materially increases.

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 6 of 13Sensitivity: Highly Confidential Pricing and Acceptance
Pricing
Total Net Price (Including appropriate Sales and/or Use Tax, if required by law) HVAC Replacements……………………………………………… $ 657,241.00
Equipment……………………………………………… $ 339, 139.00
Design, Labor, and Materials……..………………… $ 285,883.80
Taxes…………………………………………….……… $ 32,218.20
Proposal Notes and Clarifications
x Applicable taxes are included in the above prices
x Pricing valid for 30 Days after 8/16/2025
x Pricing assuming 2025 installation.
x If customer delays Trane’s construction schedule, pricing increases may apply x Any service not listed is not included.
x Work will be performed during normal Trane business hours unless explicitly stated. x Billing to be monthly progress payments.
x Payment and Performance Bond Included
x Proposal per CMAS Contract #: 47QSWA20D0 02A CMAS Number: 4-21-06-1092 CMAS Number: 4- 21-06-1093
Financial items not included
x Bid Bond
x Demurrage or Storage Charges
x Liquidated or Consequential Damages
x Community Workforce Agreement Labor

ACCEPTANCE
This proposal is subject to Customer’s acceptance of the attached Trane Terms and Conditions (Installation).

We value the confidence you have placed in Trane and look forward to working with you.

Retention withheld 5% on installation, 0% on Equipment; rate reduced per the contract documents and released no later than the date of Trane substantial completion.

Submitted By: Tyler Thomas Sasse Cell: (520) 954-4391 Office: (714) 983-0505
__________________________________________ Proposal Date: July 16th, 2025

CUSTOMER ACCEPTANCE
City of Lake Forest TRANE ACCEPTANCE
Trane U.S. Inc.

Authorized Representative
Authorized Representative
Printed Name
Printed Name
Title Title
Purchase Order Signature Date
Acceptance Date: License Number: 10066318

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 7 of 13Sensitivity: Highly Confidential TERMS AND CONDITIONS – COMMERCIAL INSTALLATION
“Company” shall mean Trane U.S. Inc. for Work performed in the United States or Trane Canada ULC for Work performed in Canada.

1. Acceptance; Agreement. These terms and conditions are an integral part of Company’s offer and form the basis of any agreement (the “Agreement”) resulting from Company’s proposal (the “Proposal”) for the commercial goods and/or services described (the “Work”) . COMPANY’S TERMS AND CONDITIONS AND EQUIPMENT PRICES ARE SUBJECT TO PERIODIC CHANGE OR AMENDMENT. The Proposal is subject to acceptance in writing by the party to whom this offer is made or an authorized agent (“Customer”) delivered to Company within 30 days from the date of the P roposal. Prices in the Proposal are subject to change at any time upon notice to Customer. If Customer accepts the Proposal by placing an order, without the ad dition of any other terms and conditions of sale or any other modification, Customer’s order shall be deemed acceptance of the Proposal subject to Company’s terms and conditions. If Customer’s order is expressly conditioned upon Company’s acceptance or assent to terms and/or conditions other than those expre ssed herein, return of such order by Company with Company’s terms and conditions attached or referenced serves as Company’s notice of objection to Customer’s terms and as Company’s counteroffer to provide Work in accordance with the Proposal and the Company terms and conditions. If Customer does not reject or object in writing to Company within 10 days, Company’s counteroffer will be deemed accepted. Notwithstanding anything to the contrary herein, Customer’s ac ceptance of the Work by Company will in any event constitute an acceptance by Customer of Company’s terms and conditions. This Agreement is subject to credit approval by Company.

Upon disapproval of credit, Company may delay or suspend performance or, at its option, renegotiate prices and/or terms and con ditions with Customer. If Company and Customer are unable to agree on such revisions, this Agreement shall be cancelled without any liability, other than Customer’s obligation to pay for Work rendered by Company to the date of cancellation.

2. Connected Services. In addition to these terms and conditions, the Connected Serv ices Terms of Service (“Connected Services Terms”), available at https://www.trane.com/TraneConnectedServicesTerms, as updated from time to time, are incorporated herein by reference and shall apply to the extent that Company provides Customer with Connected Services, as defined in the Connected Services Terms.

3. Title and Risk of Loss. All Equipment sales with destinations to Canada or the U.S. shall be made as follows: FOB Company’s U.S. manufacturing facility or warehouse (full freight allowed). Title and risk of loss or damage to Equipment will pass to Customer upon tender of delivery of such to carrier at Company’s U.S. manufacturing facility or warehouse.

4. Pricing and Taxes. Unless otherwise noted, the price in the Proposal includes sta ndard ground transportation and, if required by law, all sales, consumer, use and similar taxes legally enacted as of the date hereof for equipment and material installed by Company. Tax exemption is contingent upon Customer furnishing appropriate certificates evidencing Customer’s tax-exempt status. Company shall charge Customer additional costs for bonds agreed to be provided.

Equipment sold on an uninstalled basis and any taxable labor/labour do not include sales tax and taxes will be added. Within thirty (30) days following Customer acceptance of the Proposal without addition of any other term s and conditions of sale or any modification, Customer shall pro vide notification of release for immediate production at Company’s factory. Prices for Work are subj ect to change at any time prior to shipment to reflect any co st increases related to the manufacture, supply, and shipping of goods. This includes, but is not limited to, cost increases in raw materials, supplier co mponents, labor, utilities, freight, logistics, wages and benefits, regulatory compliance, or any othe r event beyond Company’s control. If such release is not received within 6 months after date of order receipt, Company reserves the right to cancel any order. If shipment is delayed due to Customer's actions, Company may a lso charge Customer storage fees. Company shall be entitled to equitable adjustments in the contract price to reflect any cost increases as set forth above and will provide notice to Customer prior to the date for which the increased price is to be in effect for the applicable customer contract. In no event will pric es be decreased.

5. Exclusions from Work. Company’s obligation is limited to the Work as defined and does not include any modifications to the Work site under the Amer icans With Disabilities Act or any other law or building code(s). In no event shall Company be required to perform work Company reas onably believes is outside of the defined Work without a written change order signed by Customer and Company.

6. Performance. Company shall perform the Work in accordance with industry st andards generally applicable in the area under similar circumsta nces as of the time Company performs the Work. Company may refuse to perform any Work where working conditions could endanger property or put at risk the safety of persons. Unless otherwise agreed to by Customer and Company, at Customer’s expense and before the Work begins, Customer will p rovide any necessary access platforms, catwalks to safely perform the Work in compliance with OSHA or state industrial safety regulations.

7. Payment. Customer shall pay Company’s invoices within net 30 days of invoice date. Company may invoice Customer for all equipment or material furnished, whether delivered to the installation site or to an off-site st orage facility and for all Work performed on-site or off-site. No retention shall be withheld from any payments except as expressly agreed in writing by Company, in which case retention shall be reduced per the contract documents and released no later than the date of substantial completion. Under no circumstances shall an y retention be withheld for the equipment portion of the order. If payment is not received as required, Company may suspend performance and the time for completion shall be extended for a reasonable period of time not less than the period of suspension.

Customer shall be liable to Company for all reasonable shutdown, standby and start-up costs as a result of the suspension. Com pany reserves the right to add to any account outstanding for more than 30 days a service charge equal to 1.5% of the principal amount due at the end of each month. Customer shall pay all costs (including attorneys’ fees) incurred by Company in attempting to collect amounts due and otherwise enforcing these terms and conditions. If requested, Company will provide appropriate lien waivers upon receipt of paym ent. Customer agrees that, unless Customer makes payment i n advance, Company will have a purchase money security interest in all equipment from Company to secure payment in full of all amounts due Company and its order for the equipment, together with these terms and conditions, form a security agreement. Customer shall keep the equipment free of all taxes and e ncumbrances, shall not remove the equipment from its original installation point and shall not assign or transfer any interest in the equipment until all pay ments due Company have been made.

8. Time for Completion. Except to the extent otherwise expressly agreed in writing signed by an authorized representative of Company, all dates provide d by Company or its representatives for commencement, progress or co mpletion are estimates only. While Company shall use commercial ly reasonable efforts to meet such estimated dates, Company shall not be responsible for any damages for its failure to do so. Delivery dates are approx imate and not guaranteed.

Company will use commercially reasonable efforts to deliver the Equipment on or before the estimated delivery date, will notify Customer if the estimated delivery dates cannot be honored, and will deliver the Equipment and serv ices as soon as practicable thereafter. In no event will Compan y be liable for any damages or expenses caused by delays in delivery.

9. Access. Company and its subcontractors shall be provided access to the Work site during regular business hours, or such other hours as may be requested by Company and acceptable to the Work site’ owner or tenant for the performance of the Work, including sufficient areas for sta ging, mobilization, and storage.

Company’s access to correct any emergency condition shall not be re stricted. Customer grants to Company the right to remotely c onnect (via phone modem, internet or other agreed upon means) to Customer’s building automation system (BAS) and or HVAC equipment to view, extract, or otherwise collect and retain data from the BAS, HVAC equipment, or other building systems, an d to diagnose and remotely make repairs at Customer’s request.

10. Completion. Notwithstanding any other term or condition herein, when Company informs Customer that the Work has been completed, Customer sh all inspect the Work in the presence of Company's representative, and Customer shall either (a) accept the Work in its entirety in writing, or (b) accept the Work in part and specifically identify, in writing, any exception items. Customer agrees to re-inspect any and all excepted items as s oon as Company informs Customer that all such excepted items have been completed. The initial acceptance inspection shall take place within ten (10) days from the date when Company informs Customer that the Work has been completed. Any subsequent re-inspection of excepted items shall take place within five (5) days from the date when Company informs Customer that the excepted items have been completed. Cu stomer’s failure to cooperate and complete any of said inspections within the required time limits shall constitute complete acceptance of the Work as of ten (10) days from date when Company informs Customer that the Wo rk, or the excepted items, if applicable, has/have been completed.

11. Permits and Governmental Fees. Company shall secure (with Customer’s assistance) and pa y for building and other permits and governmental fees, licenses, and inspections necessary for proper performance and completion of the Work which are legally required when bids from Company’s subcontractors are received, negotiations thereon concluded, or the effective date of a relevant Change Order, whichever is later. Customer is responsible for necessary approvals, easements, assessments and charges for construction, use or occupancy of permanent structures or for permanent changes to exist ing facilities. If the cost of such permits, fees, licenses and inspections are not included in the Proposal, Company will invoice Customer for such costs.

12. Utilities During Construction. Customer shall provide without charge to Company all water, heat, and utilities required for performance of the Work.

13. Concealed or Unknown Conditions. In the performance of the Work, if Company encounters conditions at the Work site that are (i) subsurface or otherwise concealed physical conditions that differ materially from those in dicated on drawings expressly incorporated herein or (ii) unk nown physical conditions of an unusual nature that differ materially from those conditions ordinarily found to exist and generally recognized as inherent in c onstruction activities of the type and character as the Work, Company shall notify Customer of such cond itions promptly, prior to significantly disturbing same. If s uch conditions differ materially and cause an increase in Company’s cost of, or time required for, performance of any part of the Work, Company shall be entitled to , and Customer shall consent by Change Order to, an equitable adjustment in the Contract Price, contract time, or both.

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14. Pre-Existing Conditions. Company is not liable for any claims, damages, losses, or expenses, arising from or related to conditions that existed in, on, or upon the Work site before the Commencement Date of this Agreem ent (“Pre-Existing Conditions”), including, without limitation, damages, losses, or expenses involving Pre-Existing Conditions of building envelope issues, mechanical issues, plumbing issues, and/or indoor air quality is sues involving mold/mould and/or fungi. Company also is not liable for any claims, damages, losses , or expenses, arising from or related to work done by or ser vices provided by individuals or entities that are not employed by or hired by Company.

15. Asbestos and Hazardous Materials. Company’s Work and other services in connection with this Agreement expressly excludes any identification, abatement, cleanup, control, disposal, removal or other work connected with asbestos, polychlorinated biphenyl (“PCB”), or other hazardous materials (hereinafter, collectively, “Hazardous Materials”). Customer warrants and represents that, except as set forth in a writing signed by Company, there are no Hazardous Materials on the Work site that will in any way affect Company’s Work and Customer has disclosed to Company the existence and location of any Hazardous Materials in all areas within which Company will be performing the Work. Should Company become aware of or suspect the presence of Hazardous Materials, Company may immediately stop work in the affected area and shall notify Cust omer. Customer will be exclusively responsible for taking any and all action necessary to correct the condition in accordance with all applicable laws and regulations. Customer shall be exclusively responsible for and, to the fullest extent permitted by law, shall indemnify and hold harmless Company (including its employees, agents and subcontractors) from and against any loss, claim, liab ility, fees, penalties, injury (including death) or liability of any nature, and the payment th ereof arising out of or relating to any Hazardous Materials on or about the Work site, not brought onto the Work site by Company. Company shall be required to resume performance of the Work in the affected area only in the abs ence of Hazardous Materials or when the affected area has been rendered harmless. In no event shall Company be obligated to transport or handle Hazardous Materials, provide any notices to any governmental agency, or examine the Work site for the presence of Hazardous Materials.

16. Force Majeure. Company’s duty to perform under this Agreement is contingent upon the non-occurrence of an Event of Force Majeure. If Company shall be unable to carry out any material obligation under this Agreem ent due to an Event of Force Majeure, this Agreement shall at C ompany’s election (i) remain in effect but Company’s obligations shall be suspended until the uncontrollable event terminates or (ii) be terminated upon 10 day s’ notice to Customer, in which event Customer shall pay Company for all parts of the Work furnishe d to the date of termination. An "Event of Force Majeure" s hall mean any cause or event beyond the control of Company. Without limiting the foregoing, “Event of Force Majeure” includes: acts of God; acts of terrorism, war or the public enemy; flood; earthquake; tornado; storm; fire; civil disobedience; pandemic insurrections; riots; labor/labour disputes; labor/labour or mat erial shortages; sabotage; restraint by court order or public authority (whether valid or invalid), and action or non-action by or inability to obtain or keep in force the necessary governmental authorizations, permits, licenses, certificates or approvals if not caused by Company; and the requirem ents of any applicable government in any manner that diverts either the material or the finished product to the direct or indirect benefit of the government.

17. Customer’s Breach. Each of the following events or conditions shall constitute a breach by Customer and shall give Company the right, without an election of remedies, to terminate this Agreement or suspend performance by delivery of written notice: (1) Any failure by Customer to p ay amounts when due; or (2) any general assignment by Customer for the benefit of its creditors, or if Customer becomes bankrupt or insolvent or takes the bene fit of any statute for bankrupt or insolvent debtors, or makes or proposes to make any proposal or arrangement with creditors, or if any steps are taken for the w inding up or other termination of Customer or the liquidation of its assets, or if a trustee, rece iver, or similar person is appointed over any of the assets or interests of Customer; (3) Any representation or warranty furnished by Customer in this Agreement is false or misleading in any material respect when made; or (4) Any failure by Customer to perform or comply with any material provision of this Agreement. Customer shall be liable to Company for all Work furnished to date and all damages sustained by Company (including lost profit and overhead)

18. Indemnity. To the fullest extent permitted by law, Company and Customer shall indemnify, defend and hold harmless each other from any and all claims, actions, costs, expenses, damages and liabilities, including reasonable attorneys' fees, resulting from death or bodily injury or damage to real or tangible personal property, to the extent caused by the negligence or misconduct of their respective employees or other authorized agents in conn ection with their activities within the scope of this Agreement. Neither party shall indemnify the other against claims, damages, expenses or liabilities to the e xtent attributable to the acts or omissions of the other party. If the parties are both at fault, the obligation to indemnify shall be proportional to their rel ative fault. The duty to indemnify will continue in full force and effect, notwithstanding the expiration or early termination hereof, with respect to any claims based on facts or conditions that occurred prior to expiration or termination.

19. Limitation of Liability. NOTWITHSTANDING ANYTHING TO THE CONTRARY, IN NO EVENT SHALL COMPANY BE LIABLE FOR ANY SPECIAL,

INCIDENTAL, INDIRECT CONSEQUENTIAL, OR PUNITIVE OR EXEMPLARY DAMAGES (INCLUDING WITHOUT LIMITATION BUSINESS INTERRUPTION,

LOST DATA, LOST REVENUE, LOST PROFITS, LOST DOLLAR SAVINGS, OR LOST ENERGY USE SAVINGS, INCLUDING CONTAMINANTS LIABILITIES,

EVEN IF A PARTY HAS BEEN ADVISED OF SUCH POSSIBLE DAMAGES OR IF SAME WERE REASONABLY FORESEEABLE AND REGARDLESS OF

WHETHER THE CAUSE OF ACTION IS FRAMED IN CONTRACT, NEGLIGEN CE, ANY OTHER TORT, WARRANTY, STRICT LIABILITY, OR PRODUCT LIABILITY). In no event will Company’s liability in connection with the provision of products or services or otherwise under t his Agreement exceed the entire amount paid to Company by Customer under this Agreement.

20. CONTAMINANTS LIABILITY
The transmission of COVID-19 may occur in a variety of ways and circumstances, many of the aspects of which are currently not known. HVAC systems, products, services and other offerings have not been tested for their effe ctiveness in reducing the spread of COVID-19, including through the air in closed environments.

IN NO EVENT WILL COMPANY BE LIABLE UNDER THIS AGREEMENT OR OTHERWISE FOR ANY INDEMNIFICATION, ACTION OR CLAIM, WHETHER

BASED ON WARRANTY, CONTRACT, TORT OR OTHERWISE, FOR ANY BODILY INJURY (INCLUDING DEATH), DAMAGE TO PROPERTY, OR ANY

OTHER LIABILITIES, DAMAGES OR COSTS RELATED TO CONTAMINANTS (INCLUCING THE SPREAD, TRANSMISSION, MITIGATION, ELIMINATION, OR CONTAMINATION THEREOF) (COLLECTIVELY, “CONTAMINANT LIABILITIES”) AND CUSTOMER HEREBY EXPRESSLY RELEASES COMPANY FROM ANY SUCH CONTAMINANTS LIABILITIES.

21. Patent Indemnity. Company shall protect and indemnify Customer from and against all claims, damages, judgments and loss arising from infringement or alleged infringement of any United States patent by any of the goods manufactured by Company and delivered hereunder, provided that in the event of suit or threat of suit for patent infringement, Company shall promptly be notified and given full opportunity to negotiate a settlement . Company does not warrant against infringement by reason of Customer's design of the articles or the use thereof in combination with other materials or in the op eration of any process. In the event of litigation, Customer agrees to reasonably cooperate with Company. In connection with any proceeding under the provisions of this Section, all parties concerned shall be entitled to be represented by counsel at their own expense.

22. Limited Warranty. Company warrants for a period of 12 months from the date of substantial completion (“Warranty Period”) commercial equipment manufactured and installed by Company against failure due to defects in material and manufacture and that the labor/labour furn ished is warranted to have been properly performed (the "Limited Warranty"). Trane equipment sold on an uninstalled basis is wa rranted in accordance with Comp any’s standard warranty for supplied equipment. Product manufactured by Company that includes required startup and is sold in North America will not be warranted by Company unless Company performs the product start-up . Substantial completion shall be the earlier of the date that the Work is sufficiently complete so that the Work can be utilized for its intended use or the date that Customer receives beneficial use of the Work. If such defect is discovered within the Warranty Period, Company will correct the defect or furnish replacement equipment (or, at its option, parts therefor) and, if said equipment was install ed pursuant hereto, labor/labour associated with the replacement of parts or equipment not conforming to this Limited Warranty. Defects must be reported to Company within the Warranty Period.

Exclusions from this Limited Warranty include damage or failur e arising from: wear and tear; corrosion, erosion, deterioration; Customer's failure to follow the Company-provided maintenance plan; refrigerant not supplied by Company; and modifications made by others to Company's equipment . Company shall not be obligated to pay for the cost of lost refrigerant. Notwiths tanding the foregoing, all warranties provided herein terminate u pon termination or cancellation of this Agreement. No warranty liability whatsoever shall attach to Comp any until the Work has been paid for in full and then said liab ility shall be limited to the lesser of Company’s cost to correct the defective Work and/or the purchase price of the equipment shown to be defective. Equipment, mate rial and/or parts that are not manufactured by Company (“Third-Party Product(s)” are not warranted by Company and have such warranties as may be extended by the respective manufacturer.

CUSTOMER UNDERSTANDS THAT COMPANY IS NOT THE MANUFACTURER OF ANY THIRD-PARTY PRODUCT(S) AND ANY WARRANTIES, CLAIMS,

STATEMENTS, REPRESENTATIONS, OR SPECIFICATIONS ARE THOSE OF THE THIRD-PARTY MANUFACTURER, NOT COMPANY AND CUSTOMER

IS NOT RELYING ON ANY WARRANTIES, CLAIMS, STATEMENTS, RE PRESENTATIONS, OR SPECIFICATIONS REGARDING THE THIRD-PARTY PRODUCT THAT MAY BE PROVIDED BY COMPANY OR ITS AFFILIATES, WHETHER ORAL OR WRITTEN. THE WARRANTY AND LIABILITY SET FORTH

IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER WARRANTIES AND LI ABILITIES, WHETHER IN CONTRACT OR IN NEGLIGENCE, EXPRESS OR

IMPLIED, IN LAW OR IN FACT, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND/OR OTHERS ARISING FROM COURSE OF DEALING OR TRADE. COMPANY MAKES NO REPRESENTATION OR WARR ANTY .OF ANY KIND, INCLUDING WARRANTY OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PU RPOSE. ADDITIONALLY, COMPANY MAKES NO REPRESENTATION OR

WARRANTY OF ANY KIND REGARDING PREVENTING, ELIMINATING, REDUCING OR INHIBITING ANY MOLD, FUNGUS, BACTERIA, VIRUS, MICROBIAL GROWTH, OR ANY OTHER CONTAMINANTS (INCLUDING COVID- 19 OR ANY SIMILAR VIRUS) (COLLECTIVELY, “CONTAMINANTS”), WHETHER INVOLVING OR IN CONNECTION WITH EQUIPMENT, ANY COMPONENT THEREOF, SERVICES OR OTHERWISE. IN NO EVENT SHALL

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COMPANY HAVE ANY LIABILITY FOR THE PREVENTION, ELIMINATION, RE DUCTION OR INHIBITION OF THE GROWTH OR SPREAD OF SUCH

CONTAMINANTS INVOLVING OR IN CONNECTION WITH ANY EQUIPMEN T, THIRD-PARTY PRODUCT, OR AN Y COMPONENT THEREOF, SERVICES OR OTHERWISE AND CUSTOMER HEREBY SPECIFICALLY ACKNOWLDGES AND AGREES THERETO.

23. Insurance. Company agrees to maintain the following insurance while the Work is being performed with limits not less than shown below and will, upon request from Customer, provide a Certificate of evidencing the following coverage:

Commercial General Liability $2,000,000 per occurrence Automobile Liability $2,000,000 CSL Workers Compensation Statutory Limits
If Customer has requested to be named as an additional insured under Company’s insurance policy, Company will do so but only subject to Company’s manuscript additional insured endorsement under its primary Commercial Genera l Liability policies. In no event does Company waive its rig ht of subrogation.

24. Commencement of Statutory Limitation Period. Except as to warranty claims, as may be applicable, any applicable statutes of limitation for acts or failures to act shall commence to run, and any alleged cause of action stemming therefrom shall be deemed to have accrued, in any and al l events not later than the last date that Company or its subcontractors physically performed work on the project site.

25. General. Except as provided below, to the maximum extent provided by la w, this Agreement is made and shall be interpreted and enforced i n accordance with the laws of the state or province in which the Work is perf ormed, without regard to choice of law principles which might o therwise call for the application of a different state’s or province’s law. Any dispute arising under or relating to this Agreement that is not disposed of by agreement shall be decided by litigation in a court of competent jurisdiction located in the state or province in which the Work is performed. Any action or suit arising out of or related to this Agreement must be commenced within one year after the cause of action has accrued. To the extent the Work site is owned and/or operated by an y agency of the Federal Government, determination of any substantive issue of law shall be according to the Federal common law of Government contracts as enunciated and applied by Federal judicial bodies and boards of contract appeals of the Federal Government. This Agreement contains all of the agreements , representations and understandings of the parties and supersedes all previous understandings, commitments or agreements, oral or written, related to the subject matter hereof. This Agreement may not be amended, modified or terminated except by a writing signed by the parties hereto. No documents shall be incorporated herein by reference except to the extent Company is a signatory thereon. If any term or condition of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, all other terms and conditions of this Agreement will nevertheless remain in full force and effect as long as the economic or l egal substance of the transaction contemplated hereby is not affected in a manner adverse to any party hereto. Customer may not assign, transfer, or convey this Agreement, or any part hereof, or its right, title or interest herein, without the written consen t of the Company. Subject to the foregoing, this Agreement s hall be binding upon and inure to the benefit of Customer’s permitted successors and assigns. This Agreement may be executed in several counterparts, each of which when executed shall be deemed to be an original, but all together shall constitute but one and the same Agreement. A fully executed facsimile copy hereof or the several counterparts shall suffice as an original.

26. Equal Employment Opportunity/Affirmative Action Clause. Company is a federal contractor that complies fully with Executive Order 11246, as amended, and the applicable regulations contained in 41 C.F.R. Parts 60-1 through 60-60, 29 U.S.C. Section 793 and the applicable regulations contained in 41 C.F.R. Part 60-741; and 38 U.S.C. Section 4212 and the applicable regulations contained in 41 C.F.R. Part 60-250 Executive Order 13496 and Section 29 CFR 471, appendix A to subpart A, regarding the notice of employee rights in the United States and with Canadian Charter of Rights and Freedoms Schedule B to the Canada Act 1982 (U.K.) 1982, c. 11 and applicable Provincial Human Rights Codes and employment law in Canada.

27. U.S. Government Work.

The following provision applies only to direct sales by Company to the US Government. The Parties acknowledge that all items or services ordered and delivered under this Agreement are Commercial Items as defined under Part 12 of the Federal Acquisition Regulation (FAR). In pa rticular, Company agrees to be bound only by those Federal contracting clauses that apply to “commercial” suppliers and that are contained in FAR 52.212-5(e)( 1). Company complies with

52.219-8 or 52.219-9 in its service and installation contracting business.

The following provision applies only to indirect sales by Company to the US Government. As a Commercial Item Subcontractor, Company accepts only the following mandatory flow down provisions in effect as of the date of this subcont ract: 52.203-19; 52.204-21; 52.204-23; 52. 219-8; 52.222-21; 52.222-26;

52.222-35; 52.222-36; 52.222-50; 52.225-26; 52.247-64. If the Work is in connection with a U.S. Government contract, Customer certifies that it has provided and will provide current, accurate, and complete information, repres entations and certifications to all government officials, inclu ding but not limited to the contracting officer and officials of the Small Business Administration, on all matters related to the prime contract, including but not lim ited to all aspects of its ownership, eligibility, and performance. Anything herein notwithstanding, Company will have no obligations to Customer unless and until C ustomer provides Company with a true, correct and complete executed copy of the prime contract. Upon request, Customer will provide copies to Company of all requested written communications with any government official related to the prime contract prior to or concurrent with the execution thereof, including but not limited to any communications related to Customer’s ownership, eligibility or performance of the prime contract. Customer will obtain written authorization and approval from Company prior to providing any government official any information about Company's performance of the work that is the subject of the Proposal or this Agr eement, other than the Proposal or this Agreement.

28. Limited Waiver of Sovereign Immunity. If Customer is an Indian tribe (in the U.S.) or a First Nation or Band Council (in Canada), Customer, whether acting in its capacity as a government, governmental entity, a duly orga nized corporate entity or otherwise, for itself and for its ag ents, successors, and assigns: (1) hereby provides this limited waiver of its sovereign immunity as to any damages, claims, lawsuit, or cause of action (herein “Action”) brought against Customer by Company and arising or alleged to arise out of the furnishing by Company of any product or service under this Agreement, whethe r such Action is based in contract, tort, strict liability, civil liability or any other legal theory; (2) agrees that jurisdiction and venue for any such Action shall be proper and valid (a) if Customer is in the U.S., in any state or United States court located in the state in which Company is performing this Agreement or (b) if Customer is in Canada, in the superior court of the province or territory in which the work was performe d; (3) expressly consents to such Action, and waives any objec tion to jurisdiction or venue; (4) waives any requirement of exhaustion of tribal court or administ rative remedies for any Action arising out of or related to thi s Agreement; and (5) expressly acknowledges and agrees that Company is not subject to the jurisd iction of Customer’s tribal court or any similar tribal forum, that Customer will not bring any action against Company in tribal court, and that Customer will not avail itself of any ruling or direction of the tribal court permitting or directing it to suspend its payment or other obligations under this Agreement. The individual signing on behalf of Customer warrants and represents that s uch individual is duly authorized to provide this waiver and enter into this Agreement and that this Agreement constitutes the valid and legally binding obligati on of Customer, enforceable in accordance with its terms.

29. Building Automation Systems and Network Security. Customer and Trane acknowledge that Building Automation System (BAS) and connected networks security requires Customer and Trane to maintain certain cybersecurity obligations. Customer acknowledges that upon completion of installation and configuration of the BAS, the Customer maintains ownership of th e BAS and the connected network equipment. Except for any appl icable warranty obligations, Customer is solely responsible for the maintenance and security of the BAS and related networks and systems. In the event ther e is a service agreement between Trane and Customer, Trane will provide the services as set forth in the service agreement.

In order to maintain a minimum level of security for the BAS, a ssociated networks, network equipment and systems, Customer’s cybersecurity responsibilities include without limitation:

1. Ensure that the BAS, networks, and network equipment are phys ically secure and not accessible to unauthorized personnel.

2. Ensure the BAS remains behind a secure firewall and proper ly segmented from all other customer networks and systems, especia lly those with sensitive information.

3. Keep all Inbound ports closed to any IP Addresses in the BAS.

4. Remove all forwarded inbound ports and IP Addresses to the BAS.

5. Maintain user login credentials and unique passwords, includ ing the use of strong passwords and the removal of access for us ers who no longer require access.

6. Where remote access is desired, utilize a secure method su ch as Trane Connect Secure Remote Access or your own VPN.

7. For any Trane services requiring remote data transfer and/or remote user access, configure the BAS and related firewall(s) p er instructions provided by Trane. This typically includes configuring Port 443 and associated firewall(s) for Outbound only.

8. Perform regular system maintenance to ensure that your BAS is properly secured, including regular software updates to your B AS and related network equipment (i.e., firewalls).

Any and all claims, actions, losses, expenses, costs, damages, or liabilities of any nature due to Customer’s failure to maintain BAS security responsibilities and/or industry standards for cybersecurity are the sole responsibility of the Customer. 1-26.251-10(0123)

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 10 of 13Sensitivity: Highly Confidential Supersedes 1-26.251-10(1221)

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SECURITY ADDENDUM
This Addendum shall be applicable to the sale, installation and use of Trane equipment and the sale and provision of Trane services. “Trane” shall mean Trane U.S. Inc. for sales and services in the United States, or Trane Canada ULC for sales and services in Canada.

1. Definitions. All terms used in this Addendum shall have the meaning specified in the Agreement unless otherwise defined herein. For the purposes of this Addendum, the following terms are defined as follows:
“Customer Data” means Customer account information as re lated to the Services only and does not include HVAC Machine Data or personal data. Trane does not require, no r shall Customer provide personal data to Trane under the Agreement. Such data is not required for Trane to provide its Equipment and/or Services to the Customer. “Equipment” shall have the meaning set forth in the Agreement. “HVAC Machine Data” means data generated and collected from the product or furnished service without manual entry.

HVAC Machine Data is data relating to the physical measurements and operating conditions of a HVAC system, such as but not limited to, temperatures, humidity, pressure, HVAC equipment status. HVAC Machine Data does not include Personal Data and, for the purposes of this agreement, th e names of users of Trane’s controls products or hosted applications shall not be Personal Data, if any such user chooses to use his/her name(s) in the created accounts within the controls product (e.g., [email protected]). HVAC Machine Data may be used by Trane: (a) to provide better support services and/or products to users of its products and services; (b) to assess compliance with Trane terms and conditions; (c) for statistical or other analysis of the co llective characteristics and behaviors of product and services users; (d) to backup user and other data or information and/or provide remote support and/or restoration; (e) to provide or undertake: engineering analysis; failure analysis; warranty analysis; energy analysis; predictive analysis; service analysis; product usage analysis; and/or other desirable analysis, includi ng, but not limited to, histories or trends of any of the foregoing; and (f) to otherwise understand and respond to the needs of users of the product or furnished service. “Personal Data” means data and/or information that is owned or controlled by Customer, and that names or identifies, or is about a natural person, such as: (i) data that is explicitly defined as a regulated category of data under any data privacy laws applicable to Customer; (ii) non-public personal information (“NPI”) or personal information (“PI”), such as national identification number, passport number, social se curity number, social insurance number, or driver’s license number; (iii) health or medical information, such as insuranc e information, medical prognosis, diagnosis information, or genetic information; (iv) financial information, such as a policy number, credit card number, and/or bank account number; (v) personally identifying technical information (whether transmit ted or stored in cookies, devices, or otherwise), such as IP address, MAC address, device identifier, International Mobile Equipment Identifier (“IMEI”), or advertising identifier; (vi) biometric information; and/or (vii) sensitive personal data, such as, race, religion, marital status, disability, gender, sexual orientation, geolocation, or mother’s maiden name.
“Security Incident” shall refer to (i) a compromise of any network, system, application or data in which Customer Data has been accessed or acquired by an unauthorized third party; (ii) any situation where Trane reasonably suspects that such compromise may have occurred; or (iii) any actual or reasonably suspected unauthorized or illegal Processing, loss, use, disclosure or acquisition of or access to any Customer Data. “Services” shall have the meaning set forth in the Agreement.

2. HVAC Machine Data; Access to Customer Extranet and Thir d Party Systems. If Customer grants Trane access to HVAC Machine Data via web portals or other non-public websites or extranet services on Customer’s or a third party’s website or system (each, an “Extranet”), Trane will comply with the following:
a. Accounts. Trane will ensure that Trane’s personnel us e only the Extranet account(s) designated by Customer and will require Trane personnel to keep their access credentials confidential. b. Systems. Trane will access the Extranet only through computing or processing systems or applications running operating systems managed by Trane that include: (i) system network firewalls; (ii) centralized patch management; (iii) operating system appropriate anti-malware software; and (iv) for portable devices, full disk encryption.
c. Restrictions. Unless otherwise approved by Customer in writing, Trane will not download, mirror or permanently store any HVAC Machine Data from any Extranet on any medium, including any machines, devices or servers. d. Account Termination. Trane will terminate the account of each of Trane’s personnel in accordance with Trane’s standard practices after any specific Trane personnel wh o has been authorized to access any Extranet (1) no longer needs access to HVAC Machine Data or (2) no lo nger qualifies as Trane personnel (e.g., the individual leaves Trane’s employment).
e. Third Party Systems. Trane will provide Customer prior notice before it uses any third party system that stores or may otherwise have access to HVAC Machine Data, un less (1) the data is encrypted and (2) the third party system will not have access to the decryption key or unencrypted “plain text” versions of the HVAC Machine Data.

3. Customer Data; Confidentiality. Trane shall keep confid ential, and shall not access or use any Customer Data and information that is marked confidential or by its nature is considered confidential (“Customer Confidential Information”)

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 12 of 13Sensitivity: Highly Confidential other than for the purpose of providing the Equipment and Services, and will disclose Customer Confidential Information only: (i) to Trane’s employees and agents who have a need to know to perform the Services, (ii) as expressly permitted or instructed by Customer, or (iii) to the minimum extent required to comply with applicable law, provided that Trane (1) provides Customer with prompt written notice prior to any such disclosure, and (2) reasonably cooperate with Customer to limit or prevent such disclosure.

4. Customer Data; Compliance with Laws. Trane agrees to comply with laws, regulations governmental requirements and industry standards and practices relating to Trane’s proces sing of Customer Confidential Information (collectively, “Laws”).

5. Customer Data; Information Security Management. Trane agrees to establish and maintain an information security and privacy program, consistent with applicable HVAC equipment industry practices that complies with this Addendum and applicable Laws (“Information Security Program”). The Information Security Program shall include appropriate physical, technical and administrative safeguards, including any safeguards and controls agreed by the Parties in writing, sufficient to protect Customer systems, and Customer’s Confidential Information from unauthorized access, destruction, use, modification or disclosure. The Information Security Program shall include appropriate, ongoing training and awareness programs designed to ensure that Trane’s employees and agents, and others acting on Trane’s, behalf are aware of and comply with the Information Security Program’s policies, procedures, and protocols.

6. Monitoring. Trane shall monitor and, at regular intervals consistent with HVAC equipment industry practices, test and evaluate the effectiveness of its Information Security Progra m. Trane shall evaluate and promptly adjust its Information Security Program in light of the results of the testing and mo nitoring, any material changes to its operations or business arrangements, or any other facts or circumstances that Trane knows or reasonably should know may have a material impact on the security of Customer Confidential Information, Customer systems and Customer property.

7. Audits. Customer acknowledges and agrees that the Tran e SOC2 audit report will be used to satisfy any and all audit/inspection requests/requirements by or on behalf of Cu stomer. Trane will make its SOC2 audit report available to Customer upon request and with a signed nondisclosure agreement.

8. Information Security Contact. Trane’s information security contact is Local Sales Office.

9. Security Incident Management. Trane shall notify Customer after the confirmation of a Security Incident that affects Customer Confidential Information, Customer systems and Customer property. The written notice shall summarize the nature and scope of the Security Incident and the corrective action already taken or planned.

10. Threat and Vulnerability Management. Trane regularly performs vulnerability scans and addresses detected vulnerabilities on a risk basis. Periodically, Trane engages third-parties to perform network vulnerability assessments and penetration testing. Vulnerabilities will be reported in accordance with Trane’s cybersecurity vulnerability reported process. Trane periodically provides security updates and software upgrades.

11. Security Training and Awareness. New employees are required to complete security training as part of the new hire process and receive annual and targeted training (as needed and appropriate to their role) thereafter to help maintain compliance with Security Policies, as well as other corporate policies, such as the Trane Code of Conduct. This includes requiring Trane employees to annually re-acknowledge the Code of Conduct and other Trane policies as appropriate.

Trane conducts periodic security awareness campaigns to educate personnel about their responsibilities and provide guidance to create and maintain a secure workplace.

12. Secure Disposal Policies. Policies, processes, and procedures regarding the disposal of tangible and intangible property containing Customer Confidential Information so that wherever possible, Customer Confidential Information cannot be practicably read or reconstructed.

13. Logical Access Controls. Trane employs internal monitoring and logging technology to help detect and prevent unauthorized access attempts to Trane’s corporate networks and production systems. Trane’s monitoring includes a review of changes affecting systems’ handling authentication, authorization, and auditing, and privileged access to Trane production systems. Trane uses the principle of “lea st privilege” (meaning access denied unless specifically granted) for access to customer data.

14. Contingency Planning/Disaster Recovery. Trane will implement policies and procedures required to respond to an emergency or other occurrence (i.e. fire, vandalism, system failure, natural disaster) that could damage Customer Data or any system that contains Customer Data. Procedures include the following (i) data backups; and
(ii) formal disaster recovery plan. Such disaster recovery plan is tested at least annually.

15. Return of Customer Data. If Trane is responsible for storin g or receiving Customer Data, Trane shall, at Customer’s sole discretion, deliver Customer Data to Customer in its prefer red format within a commercially reasonable period of time following the expiration or earlier termination of the Agreem ent or, such earlier time as Customer requests, securely destroy or render unreadable or undecipherable each and every original and copy in every media of all Customer’s Data

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Proposal ID: 1729459
© 2025 Trane Technologies All rights reserved
Confidential and Proprietary Information of Trane U.S. Inc. Page 13 of 13Sensitivity: Highly Confidential in Trane’s possession, custody or control no later than [90 days] after receipt of Customer’s written instructions directing Trane to delete the Customer Data.

16. Background checks Trane shall take reasonable steps to ensure the reliability of its employees or other personnel having access to the Customer Data, including the conducting of appropriate background and/or verification checks in accordance with Trane policies.

17. DISCLAIMER OF WARRANTIES. EXCEPT FOR ANY APPLICABLE WARR ANTIES IN THE AG REEMENT, THE SERVICES ARE PROVIDED "AS IS", WITH ALL FAULTS, AND THE ENTIRE RISK AS TO SATISFACTORY QUALITY, PERFORMANCE, ACCURACY AND EF FORT AS TO SUCH SERVICES SHAL L BE WITH CUSTOMER. TRANE

DISCLAIMS ANY AND ALL OTHER EXPRESS OR IMPL IED REPRESENTATIONS AND WARRANTIES WITH

RESPECT TO THE SERVIC ES AND THE SERVICES PROVIDED HEREUN DER, INCLUDING ANY EXPRESS OR

IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE SERVICES

WILL OPERATE ERROR-FREE OR UN INTERRUPTED OR RETURN/RESPONS E TO INQUIRIES WITHIN ANY SPECIFIC PERIOD OF TIME.

November 2023

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GENERAL SERVICES ADMINISTRATION
Federal Acquisition Service

Authorized Federal Supply Schedule Price List
Online access to contract ordering information, terms and conditions, pricing, and the option to create an electronic delivery order are available through GSA Advantage!®. The website for GSA Advantage!® is:
https://www.GSAAdvantage.gov.

Schedule Title:

Multiple Award Schedule (MAS)

Product & Service Codes:

Large Category Sub-Category SIN PSC NAICS
B Facilities B01 Facilities Maintenance and Repair 561210FAC R799 561210 B Facilities B02 Facilities Services 541690E R404 541690 B Facilities B03 Facilities Solutions 334512 6350 334512 F Information Technology F04 IT Software 511210 7A21 513210 G Miscellaneous G06 Complementary SINs 238910 N099 238910 G Miscellaneous G06 Complementary SINs ANCILLARY N/A N/A G Miscellaneous G06 Complementary SINs ANCRA Z2AA 238990 G Miscellaneous G06 Complementary SINs OLM N/A N/A
J Security and Protection J05 Security Systems 334290 6350 334290

Contract Number:
47QSWA20D002A

Mod Number:

Price List updated through Mod# PS-0038 effective 4/1/2025.

Contract Period:

Base Term: 12/10/2019 to 12/9/2024
Option 1 Term: 12/10/2024 to 12/9/2029
Option 2 Term: 12/10/2029 to 12/9/2034
Option 3 Term: 12/10/2034 to 12/9/2039

Contractor Info:

TRANE U.S. INC.
4833 White Bear Parkway
White Bear Lake, MN 55110-3325
651-407-4216
www.trane.com
[email protected]

Business Size:

Large

For more information on ordering go to the following website:
https://www.gsa.gov/schedules.

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Lake Forest City CouncilOctober 21, 2025

Lake Forest City Council
October 21, 2025