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Modesto, CA 95354
United States
558167 17-DEC-21 CoM Misc MODESTO 1010, 10th Street 1,161.66 05-JAN-22 Modesto, CA 95354
United States
558597 30-DEC-21 COM HDL MODESTO 1010 10TH STREET 130.79 04-JAN-22 MODESTO, CA 95354
United States
558598 30-DEC-21 COM HDL MODESTO 1010 10TH STREET 100.00 04-JAN-22 MODESTO, CA 95354
United States
CoM PRIMARY Report Date: 03-FEB-2022 15:40
Void Payment Register Page: 2
Include Zero Amount Payments: No Period From: 01-JAN-22 To: 31-JAN-22 Display Payee Address: Yes Date: Void Date
Bank: Bank of the West Branch: Main Branch Account: BoTW Main Acount AP Checks Bank Account Currency: USD Payment Currency: USD ( US Dollar ) Payment Number Date Payee Name Site Address Payment Amount Void Date --------------- --------- --------------------------- --------------- --------------------------------- ----------------- --------- Payment Document: CoM AP BoTW Check
558599 30-DEC-21 COM HDL MODESTO 1010 10TH STREET 100.00 04-JAN-22 MODESTO, CA 95354
United States
558601 30-DEC-21 COM HDL MODESTO 1010 10TH STREET 100.00 04-JAN-22 MODESTO, CA 95354
United States
558606 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 450.00 04-JAN-22 Modesto, CA 95354
United States
558607 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 145.00 04-JAN-22 Modesto, CA 95354
United States
558608 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 168.00 04-JAN-22 Modesto, CA 95354
United States
558609 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 146.00 04-JAN-22 Modesto, CA 95354
United States
558610 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 80.00 04-JAN-22 Modesto, CA 95354
United States
558611 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 183.00 04-JAN-22 Modesto, CA 95354
United States
558612 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 55.00 04-JAN-22 Modesto, CA 95354
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United States
558613 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 39.00 04-JAN-22 Modesto, CA 95354
United States
558614 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 27.00 04-JAN-22 Modesto, CA 95354
United States
558615 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 20.00 04-JAN-22 Modesto, CA 95354
United States
558616 30-DEC-21 CoM Misc MODESTO 1010, 10th Street 588.00 04-JAN-22 Modesto, CA 95354
United States
558625 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 113.30 04-JAN-22 Modesto, CA 95354
United States
558626 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 117.23 04-JAN-22 Modesto, CA 95354
United States
558628 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 102.95 04-JAN-22 Modesto, CA 95354
CoM PRIMARY Report Date: 03-FEB-2022 15:40
Void Payment Register Page: 3
Include Zero Amount Payments: No Period From: 01-JAN-22 To: 31-JAN-22 Display Payee Address: Yes Date: Void Date
Bank: Bank of the West Branch: Main Branch Account: BoTW Main Acount AP Checks Bank Account Currency: USD Payment Currency: USD ( US Dollar ) Payment Number Date Payee Name Site Address Payment Amount Void Date --------------- --------- --------------------------- --------------- --------------------------------- ----------------- --------- Payment Document: CoM AP BoTW Check
558628 1010, 10th Street
Modesto, CA 95354
United States
558636 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 86.12 04-JAN-22 Modesto, CA 95354
United States
558637 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 88.56 04-JAN-22 Modesto, CA 95354
United States
558638 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 102.72 04-JAN-22 Modesto, CA 95354
United States
558640 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 59.60 04-JAN-22 Modesto, CA 95354
United States
558641 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 51.86 04-JAN-22
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Modesto, CA 95354
United States
558642 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 241.61 04-JAN-22 Modesto, CA 95354
United States
558643 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 58.50 04-JAN-22 Modesto, CA 95354
United States
558644 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 72.57 04-JAN-22 Modesto, CA 95354
United States
558645 30-DEC-21 CoM Utilities MODESTO 1010, 10th Street 262.24 04-JAN-22 Modesto, CA 95354
United States
558677 30-DEC-21 EVERGREEN IRRIGATION INC. MAIN 10817 SILVER FALLS HWY SE 252,643.25 20-JAN-22 AUMSVILLE, OR 97325
United States
558937 07-JAN-22 SCOTT REDENBAUGH CONSTRUCTI MAIN PO BOX 1503 4,517.61 27-JAN-22 MODESTO, CA 95353
United States
559101 14-JAN-22 BERTOLOTTI MODESTO DISPOSAL MAIN P O BOX 157 3,152.57 20-JAN-22 CERES, CA 95307
United States
-----------------
Payment Document Subtotal 267,835.79
-----------------
Bank Account Subtotal 267,835.79
CoM PRIMARY Report Date: 03-FEB-2022 15:40
Void Payment Register Page: 4
Include Zero Amount Payments: No Period From: 01-JAN-22 To: 31-JAN-22 Display Payee Address: Yes Date: Void Date
Bank: Bank of the West Branch: Main Branch Account: BoTW E-Payables (Main) AP Bank Account Currency: USD Payment Currency: USD ( US Dollar ) Payment Number Date Payee Name Site Address Payment Amount Void Date --------------- --------- --------------------------- --------------- --------------------------------- ----------------- --------- Payment Document: Epayable
811091 10-FEB-21 AVAIL TECHNOLOGIES INC E-PAY 3800 E-PAY 3800 129.07 27-JAN-22 STATE COLLEGE, PA 16803
United States
811256 10-MAR-21 FAR-GO DISTRIBUTING E-PAY 2733 E-PAY 2733 113.26 27-JAN-22 MODESTO, CA 95358
United States
-----------------
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Payment Document Subtotal 242.33
-----------------
Bank Account Subtotal 242.33
-----------------
Report Count: 47 Report Total 268,078.12
*** End of Report ***
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 2, 2022
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – December 2021
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], (209) 577-5219
DESCRIPTION:
Consider accepting the Monthly Investment Report for December 2021. (Funding Source:
Various Funds)
STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
The City’s Finance Department submits a monthly investment report to Council and the City Manager. Attached are the December investment reports (see attachment list below) generated by Public Financial Management, the City’s investment advisor. Investments in the portfolio (attachment 4) are for the City of Modesto, Modesto Public Financing Authority, Community Facilities Districts, Tuolumne River Regional Park, Successor Agency to the Redevelopment Agency, and the Modesto-Ceres Fire Protection Agency Joint Powers Authority.
DISCUSSION:
It is the function of the Finance Department to deposit and invest funds in accordance with sound treasury management and to safeguard the principal and maintain the liquidity needs of the City. The purpose of the Monthly Investment Report is to keep the City Council and City Manager informed of the City’s investment portfolio. As shown in Attachment 2, on December 31, 2021 the City had a closing market value of $399,117,331 in its investment portfolio. #8..
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City Council, March 1, 2022
Monthly Investment Report – December 2021
FISCAL IMPACT:
In December, the approximate yield of the City’s combined investments was 0.91% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 1.29%. For comparative purposes, the yields (as of December 31, 2021) of other investments commonly used by public agencies are listed below:
Local Agency Investment Fund: 0.21%
1-Year U.S. Treasury Note: 0.37%
2-Year U.S. Treasury Note: 0.70%
The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six months.
COMMITTEE RECOMMENDATION:
This item has not gone before a committee.
CEQA/NEPA REQUIREMENTS:
N/A
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion accepting the Monthly Investment Report for December 2021.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:
1. Monthly Investment Report
2. Account Statement
3. Combined Yields
4. Portfolio Holdings and Earnings Projections
5. Cash with Fiscal Agent
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PORTFOLIO HOLDINGS
Attachment 1
Percentages may not total to 100% due to rounding.
Investment Type No. of Investments Amount Invested
CAMP 1 123,754,559
Federal Agency 33 79,722,233
Federal Home Loan Bank 2 4,453,260
Federal Home Loan Mortgage Co. 10 25,743,425
Federal Nat’l Mortgage Assc. 20 47,198,572
Federal Farm Credit Bank 1 2,326,976
Federal Agency CMO 5 3,334,151
U.S. Treasury 37 121,248,584
Negotiable CD 5 12,535,248
Corporate Note 15 34,255,641
Asset-Backed 19 10,842,323
Municipal 10 7,608,520
Supranational 2 5,816,072
Total Invested 127 399,117,331
Sector Allocation
December 31, 2021 versus November 30, 2021
Sector December 31, 2021 November 30, 2021 Change in Allocation Permitted by Policy
U.S. Treasury 30.4% 30.1% 0.27% 100%
Federal Agency 20.0% 20.0% -0.02% 100%
Federal Agency CMO 0.8% 1.0% -0.16% 100%
Negotiable CD 3.1% 3.1% 0.00% 30%
Corporate Note 8.6% 8.6% 0.00% 30%
Asset-Backed 2.7% 2.9% -0.17% 20%
Municipal 1.9% 1.9% 0.00% 100%
Supranational 1.5% 1.5% 0.00% 30%
CAMP 31.0% 30.9% 0.08% 100%
* Total invested includes only the bolded numbers
* * Amount invested are market values excluding accrued interest Additional, detailed information regarding security types and investment activity may be found in Attachment 2 accompanying this memo. Moreover, the addendum data will confirm continued compliance with the investment policy as well as with California Government Code.
RECENT ACTIVITY & CORPORATE EXPOSURE
The yield curve continued to steepen over the month as yields on maturities under 5 years moved slightly higher. The steepening in the 1 to 5 year space continues as markets price in three rate hikes throughout 2022. Very short-term rates are anchored near zero percent by the Fed's near zero interest rate policy and are expected to see movement when the Feds taper program nears its close. Spreads in most sectors have tightened over the month. In December, we purchased a slightly longer-duration Treasury note, using proceeds from the sale of a short-duration Treasury notes. #8..
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PERFORMANCE
The City’s portfolio has consistently outperformed its benchmark since the inception of performance reporting.
1. Performance is calculated on trade-date basis, gross (i.e., before fees) in accordance the CFA Institute's Global Investment Performance Standards (GIPS).
2. Performance numbers for periods greater than 1 year are presented on an annualized basis unless otherwise noted.
3. The performance calculation excludes any funds not invested in the 1-5 year strategy.
4. Performance benchmark through December 31, 2018 was the ICE BofAML 1-3 Year U.S. Treasury Index, and is now the ICE BofAML 1-5 Year U.S. Treasury Index, sourced from Bloomberg.
5. Inception date is 3/31/04.
Percentages may not add due to rounding.
Total Return
December 31, 2021
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception5
City of Modesto Investment Portfolio1,2,3-0.21% -0.96% 2.70% 2.21% 2.26% Modesto Performance Benchmark4-0.28% -1.10% 2.42% 1.85% 1.99% Average Portfolio Yields
December 31, 2021
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 1.29% 1.29% 1.45% 2.06% 1.94% $124.6
$11.8
$94.3
$51.0
$82.2
$35.2
$-
$30.0
$60.0
$90.0
$120.0
$150.0
$180.0
Under 6
Months
6-12
Months
1-2 Years 2-3 Years 3-4 Years 4-5 Years
millions
Maturity Distribution
December 31, 2021
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INVESTMENT POLICY
The City’s investment policy embraces the following standards: the prudent investor rule, requiring the safety of principal, through prudent and safe investments; sufficient liquidity to meet expected and unforeseen cash flows; generation of an above-market, risk-adjusted rate of return (meaning, returnsexpectations taking safety and liquidity into account). No investments longer than five years are permitted.
Some investments have maturity limits of 270 days or less. The table below details the City’s permitted investments.
Investment Type
Maximum
Maturity
Maximum Specified
% of Portfolio
Maximum
% per
Issuer
Minimum Quality
Requirements
Local Agency Bonds 5 Years None None None
Treasury Obligations 5 Years None None None
State Obligations 5 Years None None A rating
CA Local Agency Obligations 5 Years None None A rating
Federal Agencies 5 Years None None None
Supranationals 5 Years 30 percent 5 percent AA
Banker’s Acceptances 180 days 40 percent 5 percent Federal Reserve eligible Commercial Paper 270 days 25 percent 5 percent A1/P1 rating Negotiable Certificates of Deposit 5 Years 30 percent 5 percent A rating Certificates of Deposit 1 Year 20 percent 5 percent FDIC insured or collateralized Repurchase Agreements 90 days None 5 percent None
Reverse Repurchase Agreements 92 days 20 percent of
combined base value 5 percent None
Medium Term Notes 5 Years 30 percent 5 percent A rating Money Market Mutual Funds N/A 20 percent 10 percent Multiple Mortgage and Asset-backed Securities 5 Years 20 percent 5 percent AA Rating CAMP N/A None None N/A
LAIF N/A N/A None N/A
The City is not required to include a list of investments held by our bond trustees; however, staff believes the City Council should be kept informed of these investments. These investments are identified on Attachment A.
INCOME RETURN
Monthly Income Return
0.11%
Fiscal Year-to-Date Income Return
0.57%
Prior 12 Months Income Return
1.50%
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Source: Bloomberg, as of December 2021.
Economic Summary
Consumers Driving GDP, but Growth is Expected to Subside
4.5%
6.3%
6.7%
2.2%
4.9%
4.4%
4.0%
3.2%
2.6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
U.S. Real GDP
Annualized Rate
Range Median of Forecasts
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$0
$20
$40
$60
$80
$100
$120
$140
Oct-21
Nov-21Dec-21
Jan-22
Feb-22Mar-22
Apr-22
May-22
Jun-22
Billions
Timetable for Tapering Asset Purchases
Prior Estimate Mostly Likely Scenario
(Double Tapering Pace)
Source: Bloomberg, Federal Reserve Open Market Committee as of 12/10/2021.
Economic Summary
Taper Timeline and Rate Hike Acceleration
May-22
1 Hike
Sep-22
2 Hikes
Dec-22
3 Hikes
Mar-23
4 Hikes
Jun-23
5 Hikes
0.00%
0.50%
1.00%
1.50%
2.00%
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Implied Fed Funds Rate
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Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFM as of 11/30/2021. Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
Economic Summary
Sector Yield Spreads Tiden Slightly Over The Month
-0.10%
-0.05%
0.00%
0.05%
0.10%
0.15%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
Federal Agency Yield Spreads
0.00%
0.15%
0.30%
0.45%
0.60%
0.75%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
Corporate Notes A-AAA Yield Spreads
0.00%
0.12%
0.24%
0.36%
0.48%
0.60%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
Asset-Backed Securities (ABS)
Yield Spreads
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Shorter-Term Yields Stay Steep, With Longer Dated
Treasury Yields Flattening
Source: Bloomberg as of 12/31/2021.
Economic Summary
0.03%
0.38%
1.26%
1.51%
1.90%
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
2.75%
3.00%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
U.S. Treasury Yield Curve
December 31, 2021
November 30, 2021
September 30, 2021
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This material is based on information obtained from sources generally believed to be reliable and available to the public, however, PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities.
Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
Disclosures
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For the Month Ending December 31, 2021
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 10,842,322.78 2.72
Federal Agency Bond / Note 79,722,232.80 19.97
Corporate Note 34,255,640.96 8.58
Certificate of Deposit 12,535,248.14 3.14
Federal Agency Commercial Mortgage-Backed Security 3,334,150.86 0.84 Municipal Bond / Note 7,608,520.15 1.91
Supra-National Agency Bond / Note 5,816,072.06 1.46
U.S. Treasury Bond / Note 121,248,584.09 30.38
CAMP Pool 123,754,558.86 31.00
Total $399,117,330.70 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFM Managed Account 180,881.72 275,362,771.84
CAMP Pool 0.00 123,754,558.86
Total $180,881.72 $399,117,330.70
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
123,799,715.18
0.00 0.00
791,615.66
11,774,029.52
94,609,107.53
50,715,294.86
82,206,375.64
35,221,192.31
0.00 31.02
0.00 0.00
0.20 2.95
23.70 12.71
20.60 8.82
0.00 Under 30 days
31 to 60 days
61 to 90 days
91 to 180 days
181 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total $399,117,330.70
667
100.00%
Weighted Average Days to Maturity
Sector Allocation
2.72%
ABS
19.97%
Fed Agy Bond /
Note
8.58%
Corporate Note
3.14%
Cert of Deposit
0.84%
Federal Agency
Commercial
Mortgage-Backed
Security
1.91%
Muni Bond / Note
1.46%
Supra-National
Agency Bond / Note
30.38%
US TSY Bond / Note
31.00%
CAMP Pool
Summary Page 1
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Managed Account Summary Statement For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$276,331,285.64
(1,337,492.85)
(4,586,858.01)
5,838,281.25
0.00 (882,444.19)
$275,362,771.84
279,351.91
(8,121.55)
(90,348.64)
$180,881.72
Total
274,968,424.92
816,151.71
4,599,351.90
1,337,492.85
266,858.02
(5,846,402.80)
(275,079,950.15)
(785,584.21)
Total Accrual Basis Earnings $276,342.24
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Transaction Summary - Managed Account
_________________
_________________
_______________________________________________ _______________________________________________ Reconciling Transactions Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary - Managed Account
0.00 4,599,351.90
266,858.02
1,337,492.85
(5,846,402.80)
12,638.11
0.00 Cash Balance
Closing Cash Balance $1,635,241.31
CITY OF MODESTO - COMBINED PORTFOLIO Page 1
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Portfolio Summary and Statistics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 121,426,000.00 121,248,584.09 44.04 Supra-National Agency Bond / Note 5,885,000.00 5,816,072.06 2.11 Municipal Bond / Note 7,590,000.00 7,608,520.15 2.76
Federal Agency Commercial
Mortgage-Backed Security
3,272,054.79 3,334,150.86 1.21
Federal Agency Bond / Note 79,810,000.00 79,722,232.80 28.95 Corporate Note 33,615,000.00 34,255,640.96 12.44
Certificate of Deposit 12,440,000.00 12,535,248.14 4.55 Asset-Backed Security 10,841,717.43 10,842,322.78 3.94
Managed Account Sub-Total 274,879,772.22 275,362,771.84 100.00% Accrued Interest 816,151.71
Total Portfolio 274,879,772.22 276,178,923.55
Unsettled Trades 0.00 0.00
Sector Allocation
3.94%
ABS
4.55%
Cert of Deposit
12.44%
Corporate Note
28.95%
Fed Agy Bond /
Note
1.21%
Federal Agency
Commercial
Mortgage-Backed
Security
2.76%
Muni Bond / Note
2.11%
Supra-National
Agency Bond / Note
44.04%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
0.30%
4.28%
34.36%
18.42%
29.85%
12.79%
0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 966
1.29%
0.95%
CITY OF MODESTO - COMBINED PORTFOLIO Page 2
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Managed Account Issuer Summary For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)
1.22%
A
6.20%
A+
2.08%
A1.98%
A-1
1.90%
A-1+
3.87%
AA
74.52%
AA+
1.92%
AA5.11%
AAA
1.20%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
ALLY AUTO RECEIVABLES TRUST 172,672.67 0.06
AMAZON.COM INC 3,949,481.80 1.43
BANK OF AMERICA CO 2,067,218.67 0.75
BRISTOL-MYERS SQUIBB CO 2,170,989.74 0.79
CALIFORNIA DEPARTMENT OF WATER RESOURCES 98,139.00 0.04 CALIFORNIA STATE UNIVERSITY 592,548.00 0.22
CAPITAL ONE FINANCIAL CORP 213,995.35 0.08
CARMAX AUTO OWNER TRUST 2,264,464.42 0.82
CREDIT SUISSE GROUP RK 1,849,589.30 0.67
DISCOVER FINANCIAL SERVICES 763,088.79 0.28
DNB ASA 1,769,812.16 0.64
FANNIE MAE 48,392,166.64 17.58
FEDERAL FARM CREDIT BANKS 2,326,976.33 0.85
FEDERAL HOME LOAN BANKS 4,453,259.72 1.62
FLORIDA STATE BOARD OF ADMIN FIN CORP 1,792,656.00 0.65 FREDDIE MAC 27,883,980.97 10.13
HONDA AUTO RECEIVABLES 2,321,443.10 0.84
HYUNDAI AUTO RECEIVABLES 1,187,057.18 0.43
INTER-AMERICAN DEVELOPMENT BANK 4,042,633.14 1.47
INTL BANK OF RECONSTRUCTION AND DEV 1,773,438.92 0.64
JP MORGAN CHASE & CO 3,647,391.43 1.32
LOS ANGELES COMMUNITY COLLEGE DISTRICT 908,914.25 0.33
MASTERCARD INC 1,801,997.12 0.65
NEW JERSEY TURNPIKE AUTHORITY 497,596.70 0.18
NISSAN AUTO RECEIVABLES 944,174.27 0.34
NORDEA BANK ABP 3,473,006.80 1.26
NOVARTIS AG 2,319,160.86 0.84
PACCAR FINANCIAL CORP 1,837,235.07 0.67
PFIZER INC 3,588,525.59 1.30
SKANDINAVISKA ENSKILDA BANKEN AB 3,594,386.04 1.31
STATE OF CALIFORNIA 2,380,824.60 0.86
STATE OF MARYLAND 615,331.40 0.22
CITY OF MODESTO - COMBINED PORTFOLIO Page 3
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Managed Account Issuer Summary For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
SUMITOMO MITSUI FINANCIAL GROUP INC 1,848,453.84 0.67
THE BANK OF NEW YORK MELLON CORPORATION 3,369,085.34 1.22 TOYOTA MOTOR CORP 5,303,025.18 1.93
UNITED STATES TREASURY 121,248,584.09 44.04
UNIVERSITY OF CALIFORNIA 722,510.20 0.26
US BANCORP 2,997,869.16 1.09
WAL-MART STORES INC 4,179,088.00 1.52
Total $275,362,771.84 100.00%
CITY OF MODESTO - COMBINED PORTFOLIO Page 4
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY NOTES
DTD 05/15/2013 1.750% 05/15/2023
912828VB3 4,300,000.00 AA+ Aaa 12/28/18 12/31/18 4,160,417.97 2.54 9,770.03 4,256,358.75 4,369,875.00
US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
912828S35 5,100,000.00 AA+ Aaa 01/30/19 01/31/19 4,848,386.72 2.56 193.72 5,014,879.43 5,159,765.88
US TREASURY NOTES
DTD 08/01/2016 1.250% 07/31/2023
912828S92 3,155,000.00 AA+ Aaa 02/08/19 02/12/19 2,997,126.76 2.44 16,503.74 3,099,211.66 3,186,550.00
US TREASURY NOTES
DTD 08/01/2016 1.250% 07/31/2023
912828S92 5,625,000.00 AA+ Aaa 04/02/19 04/04/19 5,386,816.41 2.28 29,424.25 5,538,113.52 5,681,250.00
US TREASURY NOTES
DTD 08/31/2016 1.375% 08/31/2023
9128282D1 1,750,000.00 AA+ Aaa 07/01/19 07/03/19 1,723,886.72 1.75 8,175.93 1,739,571.87 1,770,507.90
US TREASURY NOTES
DTD 10/01/2018 2.875% 09/30/2023
9128285D8 2,700,000.00 AA+ Aaa 05/01/19 05/02/19 2,769,820.31 2.26 19,832.76 2,727,590.28 2,802,937.50
US TREASURY NOTES
DTD 11/15/2020 0.250% 11/15/2023
91282CAW1 3,910,000.00 AA+ Aaa 04/29/21 04/30/21 3,909,389.06 0.26 1,269.13 3,909,550.84 3,877,620.51
US TREASURY NOTES
DTD 11/15/2013 2.750% 11/15/2023
912828WE6 8,790,000.00 AA+ Aaa 03/06/19 03/08/19 8,878,930.08 2.52 31,384.19 8,825,457.82 9,120,998.00
US TREASURY NOTES
DTD 11/30/2016 2.125% 11/30/2023
912828U57 3,275,000.00 AA+ Aaa 01/07/19 01/09/19 3,216,408.21 2.52 6,118.13 3,252,101.30 3,362,504.07
US TREASURY NOTES
DTD 12/31/2018 2.625% 12/31/2023
9128285U0 270,000.00 AA+ Aaa 01/30/19 01/31/19 270,801.56 2.56 19.58 270,325.54 280,040.63
US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 457,000.00 AA+ Aaa 08/11/21 08/12/21 480,671.17 0.33 3,687.88 477,060.74 472,566.56
US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 1,564,000.00 AA+ Aaa 08/11/21 08/12/21 1,644,582.66 0.35 12,621.09 1,632,291.86 1,617,273.75
US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2 4,890,000.00 AA+ Aaa 04/29/21 04/30/21 4,893,629.30 0.35 3,929.46 4,892,803.39 4,840,336.18
US TREASURY NOTES
DTD 07/31/2017 2.125% 07/31/2024
9128282N9 2,450,000.00 AA+ Aaa 08/01/19 08/06/19 2,489,142.58 1.79 21,787.02 2,470,248.39 2,527,711.06 CITY OF MODESTO - COMBINED PORTFOLIO Page 5
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 1,630,000.00 AA+ Aaa 09/04/19 09/05/19 1,672,214.45 1.34 10,384.50 1,652,543.72 1,671,004.61
US TREASURY NOTES
DTD 10/02/2017 2.125% 09/30/2024
9128282Y5 1,850,000.00 AA+ Aaa 10/01/19 10/03/19 1,905,283.20 1.50 10,044.13 1,880,399.70 1,910,125.00
US TREASURY NOTES
DTD 10/31/2017 2.250% 10/31/2024
9128283D0 460,000.00 AA+ Aaa 11/01/19 11/05/19 475,039.84 1.57 1,772.65 468,535.23 476,675.00
US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 1,215,000.00 AA+ Aaa 12/02/19 12/04/19 1,239,964.45 1.69 2,269.78 1,229,570.58 1,255,246.88
US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 3,450,000.00 AA+ Aaa 01/03/20 01/07/20 3,529,916.02 1.63 6,445.06 3,497,529.71 3,564,281.25
US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 4,585,000.00 AA+ Aaa 04/29/21 04/30/21 4,848,816.60 0.50 8,565.38 4,799,275.47 4,736,878.12
US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 4,945,000.00 AA+ Aaa 04/29/21 04/30/21 4,894,777.34 0.63 3,176.00 4,903,233.72 4,834,509.91
US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 4,340,000.00 AA+ Aaa 08/02/21 08/06/21 4,291,514.06 0.53 3,686.60 4,296,343.08 4,203,697.09
US TREASURY NOTES
DTD 09/30/2020 0.250% 09/30/2025
91282CAM3 1,100,000.00 AA+ Aaa 09/27/21 09/28/21 1,076,023.44 0.80 702.61 1,077,580.36 1,064,937.50
US TREASURY NOTES
DTD 09/30/2020 0.250% 09/30/2025
91282CAM3 4,550,000.00 AA+ Aaa 09/07/21 09/09/21 4,473,574.22 0.67 2,906.25 4,479,453.13 4,404,968.75
US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 5,010,000.00 AA+ Aaa 04/29/21 04/30/21 4,894,339.45 0.77 2,145.17 4,911,635.80 4,841,695.06
US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 6,930,000.00 AA+ Aaa 10/04/21 10/06/21 6,783,278.91 0.78 2,967.26 6,791,868.91 6,697,194.97
US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 4,250,000.00 AA+ Aaa 11/01/21 11/02/21 4,133,291.02 1.07 1,401.10 4,137,993.87 4,121,171.88
US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 500,000.00 AA+ Aaa 02/02/21 02/04/21 498,613.28 0.43 5.18 498,869.56 484,531.25 CITY OF MODESTO - COMBINED PORTFOLIO Page 6
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
U.S. Treasury Bond / Note
US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 1,040,000.00 AA+ Aaa 01/07/21 01/08/21 1,035,978.13 0.45 10.77 1,036,770.12 1,007,825.00
US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 3,735,000.00 AA+ Aaa 04/05/21 04/07/21 3,646,439.65 0.89 38.69 3,660,217.98 3,619,448.44
US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 2,400,000.00 AA+ Aaa 07/02/21 07/07/21 2,353,875.00 0.80 3,766.30 2,358,794.26 2,322,000.00
US TREASURY NOTES
DTD 02/28/2019 2.500% 02/28/2026
9128286F2 3,210,000.00 AA+ Aaa 03/01/21 03/01/21 3,492,881.25 0.70 27,267.27 3,445,450.20 3,379,026.40
US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 6,000,000.00 AA+ Aaa 12/03/21 12/07/21 5,838,281.25 1.15 10,193.37 5,840,899.75 5,828,437.20
US TREASURY N/B NOTES
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 2,480,000.00 AA+ Aaa 09/07/21 09/09/21 2,479,031.25 0.76 4,752.20 2,479,097.62 2,432,725.00
US TREASURY N/B NOTES
DTD 03/31/2021 0.750% 03/31/2026
91282CBT7 4,925,000.00 AA+ Aaa 04/29/21 04/30/21 4,896,719.73 0.87 9,437.33 4,900,593.31 4,831,117.19
US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 2,260,000.00 AA+ Aaa 06/23/21 06/25/21 2,247,110.94 0.87 1,490.11 2,248,470.70 2,213,740.51
US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 2,325,000.00 AA+ Aaa 06/07/21 06/07/21 2,319,732.42 0.80 1,532.97 2,320,334.76 2,277,410.04 Security Type Sub-Total 121,426,000.00 120,696,705.41 1.30 279,677.59 121,021,026.93 121,248,584.09 Supra-National Agency Bond / Note
INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
459058JM6 1,790,000.00 AAA Aaa 11/17/20 11/24/20 1,786,151.50 0.32 459.93 1,787,567.89 1,773,438.92
INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 4,095,000.00 AAA Aaa 09/15/21 09/23/21 4,091,969.70 0.52 5,573.75 4,092,246.19 4,042,633.14 Security Type Sub-Total 5,885,000.00 5,878,121.20 0.46 6,033.68 5,879,814.08 5,816,072.06 Municipal Bond / Note
CITY OF MODESTO - COMBINED PORTFOLIO Page 7
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Municipal Bond / Note
CA ST TXBL GO BONDS
DTD 10/24/2019 2.400% 10/01/2023
13063DRJ9 2,310,000.00 AA- Aa2 10/16/19 10/24/19 2,356,223.10 1.87 13,860.00 2,330,507.88 2,380,824.60
MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 620,000.00 AAA Aaa 07/23/20 08/05/20 619,826.40 0.52 1,317.50 619,887.64 615,331.40
CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DMK5 600,000.00 AA- Aa2 08/27/20 09/17/20 600,000.00 0.69 685.00 600,000.00 592,548.00
CA ST DEPT WTR RES WTR SYS TXBL REV
BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 100,000.00 AAA Aa1 07/30/20 08/06/20 100,000.00 0.56 46.67 100,000.00 98,139.00
UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 220,000.00 AA Aa2 07/14/20 07/16/20 220,796.40 0.81 248.22 220,551.14 217,742.80
UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 510,000.00 AA Aa2 07/10/20 07/16/20 510,000.00 0.88 575.42 510,000.00 504,767.40
FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 505,000.00 AA Aa3 09/03/20 09/16/20 508,570.35 1.11 3,176.45 507,606.83 502,939.60
FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,295,000.00 AA Aa3 09/03/20 09/16/20 1,295,000.00 1.26 8,145.55 1,295,000.00 1,289,716.40
LOS ANGELES CCD, CA TXBL GO BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 925,000.00 AA+ Aaa 10/30/20 11/10/20 925,000.00 0.77 2,979.27 925,000.00 908,914.25
NJ TURNPIKE AUTHORITY TXBL REV BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 505,000.00 A+ A2 01/22/21 02/04/21 505,000.00 1.05 2,643.68 505,000.00 497,596.70 Security Type Sub-Total 7,590,000.00 7,640,416.25 1.22 33,677.76 7,613,553.49 7,608,520.15 Federal Agency Commercial Mortgage-Backed Security
FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2015 2.791% 01/01/2022
3137BHXY8 45,156.32 AA+ Aaa 05/16/19 05/21/19 45,438.55 2.54 105.03 45,156.32 45,156.32
FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2015 2.716% 06/01/2022
3137BLUR7 788,452.77 AA+ Aaa 04/02/19 04/05/19 790,423.91 2.63 1,784.53 788,710.92 791,615.66 CITY OF MODESTO - COMBINED PORTFOLIO Page 8
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Commercial Mortgage-Backed Security
FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
3137AWQH1 1,080,000.00 AA+ Aaa 09/04/19 09/09/19 1,095,946.88 1.78 2,076.30 1,083,198.43 1,088,370.68
FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 1,145,583.51 AA+ Aaa 12/13/19 12/18/19 1,201,251.70 2.14 3,194.27 1,174,233.59 1,193,594.70 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 212,862.19 AA+ Aaa 11/20/19 11/26/19 212,857.10 2.09 371.09 212,859.43 215,413.50 Security Type Sub-Total 3,272,054.79 3,345,918.14 2.14 7,531.22 3,304,158.69 3,334,150.86 Federal Agency Bond / Note
FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6 4,000,000.00 AA+ Aaa 08/03/20 08/04/20 4,019,600.00 0.20 2,333.33 4,009,546.22 3,990,984.00
FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 3,660,000.00 AA+ Aaa 05/20/20 05/22/20 3,648,983.40 0.35 991.25 3,654,909.22 3,644,649.96
FREDDIE MAC NOTES
DTD 06/11/2018 2.750% 06/19/2023
3137EAEN5 3,615,000.00 AA+ Aaa 01/07/19 01/09/19 3,640,377.30 2.58 3,313.75 3,623,354.80 3,729,277.38
FREDDIE MAC NOTES
DTD 06/11/2018 2.750% 06/19/2023
3137EAEN5 4,170,000.00 AA+ Aaa 11/01/18 11/05/18 4,114,455.60 3.06 3,822.50 4,152,418.07 4,301,822.04
FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 3,315,000.00 AA+ Aaa 06/24/20 06/26/20 3,305,320.20 0.35 115.10 3,310,217.56 3,298,693.52
FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4 3,395,000.00 AA+ Aaa 07/08/20 07/10/20 3,387,700.75 0.32 4,031.56 3,391,300.38 3,376,330.90
FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 2,200,000.00 AA+ Aaa 08/19/20 08/21/20 2,197,756.00 0.28 1,940.28 2,198,773.77 2,185,860.60
FANNIE MAE NOTES
DTD 09/14/2018 2.875% 09/12/2023
3135G0U43 3,745,000.00 AA+ Aaa 11/07/18 11/09/18 3,699,610.60 3.15 32,599.70 3,729,108.58 3,882,741.10
FANNIE MAE NOTES
DTD 09/14/2018 2.875% 09/12/2023
3135G0U43 5,665,000.00 AA+ Aaa 12/03/18 12/06/18 5,653,556.70 2.92 49,313.04 5,660,931.42 5,873,358.70
FEDERAL FARM CREDIT BANK (CALLABLE)
DTD 09/21/2020 0.250% 09/21/2023
3133EMAM4 2,345,000.00 AA+ Aaa 10/07/20 10/09/20 2,341,013.50 0.31 1,628.47 2,342,675.47 2,326,976.33 CITY OF MODESTO - COMBINED PORTFOLIO Page 9
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Bond / Note
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1 900,000.00 AA+ Aaa 01/25/21 01/26/21 901,368.00 0.20 212.50 900,918.61 891,624.60
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 2,015,000.00 AA+ Aaa 12/02/20 12/04/20 2,013,005.15 0.28 377.81 2,013,721.11 1,995,676.15
FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 2,025,000.00 AA+ Aaa 01/30/19 01/31/19 2,084,684.63 2.72 4,366.41 2,048,779.54 2,126,519.33
FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
3135G0X24 3,500,000.00 AA+ Aaa 03/04/20 03/05/20 3,628,135.00 0.85 27,489.58 3,579,821.80 3,562,881.00
FREDDIE MAC NOTES
DTD 02/14/2020 1.500% 02/12/2025
3137EAEP0 640,000.00 AA+ Aaa 02/27/20 02/28/20 649,676.80 1.18 3,706.67 646,080.73 649,223.04
FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 2,370,000.00 AA+ Aaa 04/15/20 04/16/20 2,358,244.80 0.60 2,534.58 2,362,272.76 2,326,740.39
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 475,000.00 AA+ Aaa 04/29/20 04/30/20 475,731.50 0.59 569.01 475,485.65 468,193.73
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 1,910,000.00 AA+ Aaa 06/03/20 06/05/20 1,919,779.20 0.52 2,288.02 1,916,623.73 1,882,631.61
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 3,195,000.00 AA+ Aaa 04/22/20 04/24/20 3,188,418.30 0.67 3,827.35 3,190,644.68 3,149,218.85
FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 3,345,000.00 AA+ Aaa 05/01/20 05/04/20 3,347,475.30 0.61 4,007.03 3,346,647.02 3,297,069.49
FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 200,000.00 AA+ Aaa 09/17/20 09/18/20 200,712.00 0.42 38.89 200,518.90 195,957.80
FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,075,000.00 AA+ Aaa 10/01/20 10/05/20 1,080,041.75 0.40 209.03 1,078,710.80 1,053,273.17
FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,190,000.00 AA+ Aaa 01/04/21 01/05/21 1,197,223.30 0.36 231.39 1,195,617.63 1,165,948.91
FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 3,675,000.00 AA+ Aaa 06/17/20 06/19/20 3,667,392.75 0.54 714.58 3,669,732.48 3,600,724.58 CITY OF MODESTO - COMBINED PORTFOLIO Page 10
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Federal Agency Bond / Note
FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 3,820,000.00 AA+ Aaa 10/02/20 10/05/20 3,836,311.40 0.41 742.78 3,832,005.42 3,742,793.98
FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 2,220,000.00 AA+ Aaa 07/21/20 07/23/20 2,208,944.40 0.48 3,700.00 2,212,138.64 2,161,631.76
FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 450,000.00 AA+ Aaa 10/22/20 10/23/20 447,480.00 0.49 590.62 448,100.37 437,702.40
FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 550,000.00 AA+ Aaa 10/15/20 10/16/20 548,289.50 0.44 721.87 548,715.68 534,969.60
FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 2,360,000.00 AA+ Aaa 08/25/20 08/27/20 2,348,955.20 0.47 3,097.50 2,351,934.39 2,295,505.92
FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 130,000.00 AA+ Aaa 09/29/20 09/30/20 129,829.70 0.40 132.71 129,872.58 126,326.72
FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,400,000.00 AA+ Aaa 09/23/20 09/25/20 3,389,766.00 0.44 3,470.83 3,392,363.78 3,303,929.60
FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 2,040,000.00 AA+ Aaa 11/19/20 11/24/20 2,039,224.80 0.51 1,530.00 2,039,397.50 1,986,301.08
FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 2,215,000.00 AA+ Aaa 11/09/20 11/12/20 2,207,070.30 0.57 1,661.25 2,208,877.45 2,156,694.56 Security Type Sub-Total 79,810,000.00 79,876,133.83 1.07 166,309.39 79,862,216.74 79,722,232.80 Corporate Note
AMAZON.COM INC BONDS
DTD 06/06/2018 2.400% 02/22/2023
023135AW6 2,335,000.00 AA A1 04/11/19 04/15/19 2,312,513.95 2.66 20,081.00 2,328,345.15 2,376,035.29
TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 09/20/2018 3.450% 09/20/2023
89236TFN0 2,230,000.00 A+ A1 11/13/18 11/15/18 2,210,175.30 3.65 21,584.54 2,222,977.35 2,327,598.18
US BANK NA CINCINNATI CORP NOTES
(CALLAB
DTD 02/04/2019 3.375% 02/05/2024
91159HHV5 2,860,000.00 A+ A2 07/19/19 07/23/19 2,995,535.40 2.27 39,146.25 2,921,145.04 2,997,869.16 CITY OF MODESTO - COMBINED PORTFOLIO Page 11
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Corporate Note
BANK OF AMERICA CORP NOTE
DTD 03/05/2018 3.550% 03/05/2024
06051GHF9 2,010,000.00 A- A2 09/28/20 09/30/20 2,142,318.30 1.57 22,992.17 2,093,914.32 2,067,218.67
PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
717081ES8 3,445,000.00 A+ A2 04/02/19 04/04/19 3,486,374.45 2.69 29,923.65 3,463,034.42 3,588,525.59 AMAZON.COM INC CORPORATE NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 1,590,000.00 AA A1 05/10/21 05/12/21 1,587,678.60 0.50 973.88 1,588,174.23 1,573,446.51
JP MORGAN CHASE BANK CORP NOTE
DTD 05/13/2014 3.625% 05/13/2024
46625HJX9 1,320,000.00 A- A2 09/22/20 09/24/20 1,461,028.80 0.65 6,380.00 1,411,716.54 1,394,940.36
WALMART INC CORPORATE NOTES
DTD 04/23/2019 2.850% 07/08/2024
931142EL3 4,000,000.00 AA Aa2 07/10/19 07/12/19 4,124,840.00 2.19 54,783.33 4,042,643.82 4,179,088.00
JPMORGAN CHASE & CO CORPORATE
NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
46647PBS4 1,405,000.00 A- A2 09/09/20 09/16/20 1,405,000.00 0.65 2,675.94 1,405,000.00 1,397,778.30
PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66 1,810,000.00 A+ A1 05/11/20 05/13/20 1,839,014.30 1.45 13,122.50 1,828,985.08 1,837,235.07
NOVARTIS CAPITAL CORP
DTD 02/14/2020 1.750% 02/14/2025
66989HAP3 2,290,000.00 AA- A1 05/07/20 05/11/20 2,378,050.50 0.92 15,250.76 2,347,137.51 2,319,160.86
MASTERCARD INC CORPORATE NOTES
DTD 12/03/2019 2.000% 03/03/2025
57636QAN4 1,760,000.00 A+ A1 05/04/20 05/06/20 1,836,225.60 1.08 11,537.78 1,810,052.79 1,801,997.12
JPMORGAN CHASE & CO CORPORATE
NOTES
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7 865,000.00 A- A2 05/24/21 06/01/21 865,000.00 0.82 593.97 865,000.00 854,672.77
BRISTOL-MYERS SQUIBB CO CORPORATE
NOTES
DTD 11/13/2020 0.750% 11/13/2025
110122DN5 2,230,000.00 A+ A2 06/23/21 06/25/21 2,210,888.90 0.95 2,230.00 2,213,155.51 2,170,989.74
BANK OF NY MELLON CORP (CALLABLE)
CORPOR
DTD 01/28/2021 0.750% 01/28/2026
06406RAQ0 3,465,000.00 A A1 02/02/21 02/04/21 3,465,831.60 0.75 11,044.69 3,465,677.65 3,369,085.34 CITY OF MODESTO - COMBINED PORTFOLIO Page 12
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Security Type Sub-Total 33,615,000.00 34,320,475.70 1.70 252,320.46 34,006,959.41 34,255,640.96 Certificate of Deposit
SUMITOMO MITSUI BANK NY CERT DEPOS
DTD 07/14/2020 0.700% 07/08/2022
86565CKU2 1,845,000.00 A-1 P-1 07/10/20 07/14/20 1,845,000.00 0.70 6,349.88 1,845,000.00 1,848,453.84
NORDEA BANK ABP NEW YORK CERT DEPOS
DTD 08/29/2019 1.850% 08/26/2022
65558TLL7 3,440,000.00 A-1+ P-1 08/27/19 08/29/19 3,440,000.00 1.84 22,627.56 3,440,000.00 3,473,006.80
SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
83050PDR7 3,560,000.00 A-1 P-1 08/29/19 09/03/19 3,560,000.00 1.85 23,543.47 3,560,000.00 3,594,386.04
DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1 1,745,000.00 A-1+ P-1 12/05/19 12/06/19 1,745,000.00 2.03 2,966.50 1,745,000.00 1,769,812.16
CREDIT SUISSE NEW YORK CERT DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2 1,850,000.00 A+ A1 03/19/21 03/23/21 1,850,000.00 0.59 8,610.72 1,850,000.00 1,849,589.30 Security Type Sub-Total 12,440,000.00 12,440,000.00 1.52 64,098.13 12,440,000.00 12,535,248.14 Asset-Backed Security
HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
43814WAC9 142,789.11 AAA NR 02/19/19 02/27/19 142,785.29 2.83 145.92 142,787.97 143,635.86
HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
44932NAD2 219,183.55 AAA NR 04/03/19 04/10/19 219,154.70 2.66 259.12 219,173.54 220,140.99 HAROT 2019-2 A3
DTD 05/29/2019 2.520% 06/21/2023
43815MAC0 432,827.28 NR Aaa 05/21/19 05/29/19 432,811.14 2.52 302.98 432,821.45 435,921.52 TAOT 2019-A A3
DTD 02/13/2019 2.910% 07/15/2023
89239AAD5 530,139.54 AAA Aaa 02/05/19 02/13/19 530,042.95 2.91 685.65 530,106.01 534,516.48 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
02004WAC5 171,807.02 NR Aaa 02/05/19 02/13/19 171,786.27 2.91 222.20 171,799.31 172,672.67 NAROT 2019-A A3
DTD 02/13/2019 2.900% 10/15/2023
65479KAD2 419,183.94 NR Aaa 02/05/19 02/13/19 419,120.44 2.90 540.28 419,159.66 421,835.87 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 212,644.42 AAA Aaa 05/21/19 05/30/19 212,601.34 2.51 237.22 212,626.37 213,995.35 CITY OF MODESTO - COMBINED PORTFOLIO Page 13
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
NAROT 2019-B A3
DTD 05/28/2019 2.500% 11/15/2023
65479HAC1 518,740.52 NR Aaa 05/21/19 05/28/19 518,623.23 2.51 576.38 518,691.43 522,338.40 CARMX 2019-2 A3
DTD 04/17/2019 2.680% 03/15/2024
14316LAC7 359,112.93 AAA NR 04/09/19 04/17/19 359,076.24 2.68 427.74 359,096.49 362,458.21 HAROT 2020-1 A3
DTD 02/26/2020 1.610% 04/22/2024
43813RAC1 1,089,526.60 NR Aaa 02/19/20 02/26/20 1,089,313.05 1.61 487.26 1,089,408.07 1,096,252.68 TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
89232HAC9 1,460,862.99 AAA Aaa 02/04/20 02/12/20 1,460,757.51 1.66 1,077.79 1,460,804.28 1,471,117.81 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 749,899.53 AAA NR 01/14/20 01/22/20 749,752.40 1.89 629.92 749,810.76 756,841.42 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 650,000.00 NR Aaa 02/17/21 02/24/21 649,988.11 0.27 48.75 649,990.55 645,633.04 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 510,000.00 AAA NR 04/20/21 04/28/21 509,946.35 0.38 86.13 509,954.66 504,999.14 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 385,000.00 AAA NR 01/20/21 01/27/21 384,923.92 0.34 58.18 384,938.39 381,714.10 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 980,000.00 AAA Aaa 09/21/21 09/27/21 979,921.89 0.43 187.29 979,926.66 969,792.71 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 770,000.00 AAA NR 04/13/21 04/21/21 769,834.07 0.52 177.96 769,858.07 763,450.69 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 465,000.00 AAA NR 11/09/21 11/17/21 464,896.21 0.75 152.93 464,899.06 461,917.05 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 775,000.00 AAA Aaa 09/20/21 09/27/21 774,834.07 0.58 199.78 774,842.85 763,088.79 Security Type Sub-Total 10,841,717.43 10,840,169.18 1.47 6,503.48 10,840,695.58 10,842,322.78 Managed Account Sub-Total 274,879,772.22 275,037,939.71 1.29 816,151.71 274,968,424.92 275,362,771.84 CITY OF MODESTO - COMBINED PORTFOLIO Page 14
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Managed Account Detail of Securities Held For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
$274,879,772.22 $275,037,939.71 1.29% $816,151.71 $274,968,424.92 $275,362,771.84 $276,178,923.55
$816,151.71
Total Investments
Accrued Interest
Securities Sub-Total
CITY OF MODESTO - COMBINED PORTFOLIO Page 15
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY NOTES 912828VB3 4,300,000.00 BNP_PARI 101.63 4,369,875.00 209,457.03 113,516.25 DTD 05/15/2013 1.750% 05/15/2023
1.36 0.56
US TREASURY NOTES 912828S35 5,100,000.00 MERRILL 101.17 5,159,765.88 311,379.16 144,886.45 DTD 06/30/2016 1.375% 06/30/2023
1.49 0.59
US TREASURY NOTES 912828S92 3,155,000.00 RBC 101.00 3,186,550.00 189,423.24 87,338.34 DTD 08/01/2016 1.250% 07/31/2023
1.57 0.61
US TREASURY NOTES 912828S92 5,625,000.00 NOMURA 101.00 5,681,250.00 294,433.59 143,136.48 DTD 08/01/2016 1.250% 07/31/2023
1.57 0.61
US TREASURY NOTES 9128282D1 1,750,000.00 RBS 101.17 1,770,507.90 46,621.18 30,936.03 DTD 08/31/2016 1.375% 08/31/2023
1.64 0.67
US TREASURY NOTES 9128285D8 2,700,000.00 TD 103.81 2,802,937.50 33,117.19 75,347.22 DTD 10/01/2018 2.875% 09/30/2023
1.71 0.68
US TREASURY NOTES 91282CAW1 3,910,000.00 MERRILL 99.17 3,877,620.51 (31,768.55) (31,930.33) DTD 11/15/2020 0.250% 11/15/2023
1.87 0.70
US TREASURY NOTES 912828WE6 8,790,000.00 TD 103.77 9,120,998.00 242,067.92 295,540.18 DTD 11/15/2013 2.750% 11/15/2023
1.83 0.72
US TREASURY NOTES 912828U57 3,275,000.00 BNP_PARI 102.67 3,362,504.07 146,095.86 110,402.77 DTD 11/30/2016 2.125% 11/30/2023
1.88 0.72
US TREASURY NOTES 9128285U0 270,000.00 MERRILL 103.72 280,040.63 9,239.07 9,715.09 DTD 12/31/2018 2.625% 12/31/2023
1.96 0.75
US TREASURY NOTES 9128286G0 457,000.00 WELLS_F 103.41 472,566.56 (8,104.61) (4,494.18) DTD 02/28/2019 2.375% 02/29/2024
2.11 0.78
US TREASURY NOTES 9128286G0 1,564,000.00 WELLS_F 103.41 1,617,273.75 (27,308.91) (15,018.11) DTD 02/28/2019 2.375% 02/29/2024
2.11 0.78
US TREASURY N/B NOTES 91282CBV2 4,890,000.00 BARCLAY 98.98 4,840,336.18 (53,293.12) (52,467.21) DTD 04/15/2021 0.375% 04/15/2024
2.28 0.82
US TREASURY NOTES 9128282N9 2,450,000.00 TD 103.17 2,527,711.06 38,568.48 57,462.67 DTD 07/31/2017 2.125% 07/31/2024
2.51 0.88
US TREASURY NOTES 9128282U3 1,630,000.00 MERRILL 102.52 1,671,004.61 (1,209.84) 18,460.89 DTD 08/31/2017 1.875% 08/31/2024
2.59 0.92
US TREASURY NOTES 9128282Y5 1,850,000.00 HSBC 103.25 1,910,125.00 4,841.80 29,725.30 DTD 10/02/2017 2.125% 09/30/2024
2.67 0.92
US TREASURY NOTES 9128283D0 460,000.00 MORGAN_S 103.63 476,675.00 1,635.16 8,139.77 DTD 10/31/2017 2.250% 10/31/2024
2.75 0.95
CITY OF MODESTO - COMBINED PORTFOLIO Page 16
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY NOTES 9128283J7 1,215,000.00 NOMURA 103.31 1,255,246.88 15,282.43 25,676.30 DTD 11/30/2017 2.125% 11/30/2024
2.84 0.97
US TREASURY NOTES 9128283J7 3,450,000.00 RBS 103.31 3,564,281.25 34,365.23 66,751.54 DTD 11/30/2017 2.125% 11/30/2024
2.84 0.97
US TREASURY NOTES 9128283J7 4,585,000.00 HSBC 103.31 4,736,878.12 (111,938.48) (62,397.35) DTD 11/30/2017 2.125% 11/30/2024
2.84 0.97
US TREASURY NOTES 912828ZL7 4,945,000.00 JPM_CHA 97.77 4,834,509.91 (60,267.43) (68,723.81) DTD 04/30/2020 0.375% 04/30/2025
3.31 1.06
US TREASURY NOTES 91282CAJ0 4,340,000.00 WELLS_F 96.86 4,203,697.09 (87,816.97) (92,645.99) DTD 08/31/2020 0.250% 08/31/2025
3.65 1.13
US TREASURY NOTES 91282CAM3 1,100,000.00 BNP_PAR 96.81 1,064,937.50 (11,085.94) (12,642.86) DTD 09/30/2020 0.250% 09/30/2025
3.73 1.12
US TREASURY NOTES 91282CAM3 4,550,000.00 HSBC 96.81 4,404,968.75 (68,605.47) (74,484.38) DTD 09/30/2020 0.250% 09/30/2025
3.73 1.12
US TREASURY NOTES 91282CAT8 5,010,000.00 HSBC 96.64 4,841,695.06 (52,644.39) (69,940.74) DTD 10/31/2020 0.250% 10/31/2025
3.81 1.15
US TREASURY NOTES 91282CAT8 6,930,000.00 TD 96.64 6,697,194.97 (86,083.94) (94,673.94) DTD 10/31/2020 0.250% 10/31/2025
3.81 1.15
US TREASURY NOTES 91282CAZ4 4,250,000.00 WELLS_F 96.97 4,121,171.88 (12,119.14) (16,821.99) DTD 11/30/2020 0.375% 11/30/2025
3.89 1.17
US TREASURY NOTES 91282CBC4 500,000.00 HSBC 96.91 484,531.25 (14,082.03) (14,338.31) DTD 12/31/2020 0.375% 12/31/2025
3.97 1.17
US TREASURY NOTES 91282CBC4 1,040,000.00 CITIGRP 96.91 1,007,825.00 (28,153.13) (28,945.12) DTD 12/31/2020 0.375% 12/31/2025
3.97 1.17
US TREASURY NOTES 91282CBC4 3,735,000.00 JPM_CHA 96.91 3,619,448.44 (26,991.21) (40,769.54) DTD 12/31/2020 0.375% 12/31/2025
3.97 1.17
US TREASURY NOTES 91282CBH3 2,400,000.00 BNP_PAR 96.75 2,322,000.00 (31,875.00) (36,794.26) DTD 01/31/2021 0.375% 01/31/2026
4.05 1.19
US TREASURY NOTES 9128286F2 3,210,000.00 GOLDMAN 105.27 3,379,026.40 (113,854.85) (66,423.80) DTD 02/28/2019 2.500% 02/28/2026
3.95 1.20
US TREASURY NOTES 91282CBQ3 6,000,000.00 WELLS_F 97.14 5,828,437.20 (9,844.05) (12,462.55) DTD 02/28/2021 0.500% 02/28/2026
4.12 1.21
US TREASURY N/B NOTES 91282CBT7 2,480,000.00 WELLS_F 98.09 2,432,725.00 (46,306.25) (46,372.62) DTD 03/31/2021 0.750% 03/31/2026
4.18 1.21
CITY OF MODESTO - COMBINED PORTFOLIO Page 17
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B NOTES 91282CBT7 4,925,000.00 MORGAN_ 98.09 4,831,117.19 (65,602.54) (69,476.12) DTD 03/31/2021 0.750% 03/31/2026
4.18 1.21
US TREASURY N/B NOTES 91282CCF6 2,260,000.00 MERRILL 97.95 2,213,740.51 (33,370.43) (34,730.19) DTD 05/31/2021 0.750% 05/31/2026
4.35 1.23
US TREASURY N/B NOTES 91282CCF6 2,325,000.00 RBC 97.95 2,277,410.04 (42,322.38) (42,924.72) DTD 05/31/2021 0.750% 05/31/2026
4.35 1.23
Security Type Sub-Total 121,426,000.00 121,248,584.09 551,878.68 227,557.16 2.92 0.95 Supra-National Agency Bond / Note
INTL BK RECON & DEVELOP NOTES 459058JM6 1,790,000.00 TD 99.07 1,773,438.92 (12,712.58) (14,128.97) DTD 11/24/2020 0.250% 11/24/2023
1.90 0.74
INTER-AMERICAN DEVEL BK NOTES 4581X0DZ8 4,095,000.00 JPM_CHA 98.72 4,042,633.14 (49,336.56) (49,613.05) DTD 09/23/2021 0.500% 09/23/2024
2.71 0.98
Security Type Sub-Total 5,885,000.00 5,816,072.06 (62,049.14) (63,742.02) 2.46 0.91 Municipal Bond / Note
CA ST TXBL GO BONDS 13063DRJ9 2,310,000.00 MORGAN_S 103.07 2,380,824.60 24,601.50 50,316.72 DTD 10/24/2019 2.400% 10/01/2023
1.72 0.64
MD ST TXBL GO BONDS 574193TQ1 620,000.00 JPM_CHA 99.25 615,331.40 (4,495.00) (4,556.24) DTD 08/05/2020 0.510% 08/01/2024
2.57 0.80
CA ST UNIV TXBL REV BONDS 13077DMK5 600,000.00 GOLDMAN 98.76 592,548.00 (7,452.00) (7,452.00) DTD 09/17/2020 0.685% 11/01/2024
2.81 1.13
CA ST DEPT WTR RES WTR SYS TXBL REV 13067WRB0 100,000.00 MORGAN_ 98.14 98,139.00 (1,861.00) (1,861.00) BNDS
DTD 08/06/2020 0.560% 12/01/2024
2.90 1.21
UNIV OF CAL TXBL REV BONDS 91412HGE7 220,000.00 JPM_CHA 04/15/25 98.97 217,742.80 (3,053.60) (2,808.34) DTD 07/16/2020 0.883% 05/15/2025
3.25 1.19
UNIV OF CAL TXBL REV BONDS 91412HGE7 510,000.00 JPM_CHA 04/15/25 98.97 504,767.40 (5,232.60) (5,232.60) DTD 07/16/2020 0.883% 05/15/2025
3.25 1.19
FL ST BOARD OF ADMIN TXBL REV BONDS 341271AD6 505,000.00 MERRILL 99.59 502,939.60 (5,630.75) (4,667.23) DTD 09/16/2020 1.258% 07/01/2025
3.42 1.38
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Municipal Bond / Note
FL ST BOARD OF ADMIN TXBL REV BONDS 341271AD6 1,295,000.00 MERRILL 99.59 1,289,716.40 (5,283.60) (5,283.60) DTD 09/16/2020 1.258% 07/01/2025
3.42 1.38
LOS ANGELES CCD, CA TXBL GO BONDS 54438CYK2 925,000.00 MERRILL 98.26 908,914.25 (16,085.75) (16,085.75) DTD 11/10/2020 0.773% 08/01/2025
3.53 1.27
NJ TURNPIKE AUTHORITY TXBL REV 646140DP5 505,000.00 CITIGRP 98.53 497,596.70 (7,403.30) (7,403.30) BONDS
DTD 02/04/2021 1.047% 01/01/2026
3.91 1.43
Security Type Sub-Total 7,590,000.00 7,608,520.15 (31,896.10) (5,033.34) 2.79 1.05 Federal Agency Commercial Mortgage-Backed Security
FHLMC MULTIFAMILY STRUCTURED P 3137BHXY8 45,156.32 JPM_CHAS 100.00 45,156.32 (282.23) 0.00 DTD 05/01/2015 2.791% 01/01/2022
0.07 2.78
FHLMC MULTIFAMILY STRUCTURED P 3137BLUR7 788,452.77 JPM_CHAS 100.40 791,615.66 1,191.75 2,904.74 DTD 11/01/2015 2.716% 06/01/2022
0.28 1.76
FHLMC MULTIFAMILY STRUCTURED P 3137AWQH1 1,080,000.00 CANT_FIT 100.78 1,088,370.68 (7,576.20) 5,172.25 DTD 12/01/2012 2.307% 08/01/2022
0.57 0.98
FANNIEMAE-ACES 3136AJB54 1,145,583.51 JPM_CHAS 104.19 1,193,594.70 (7,657.00) 19,361.11 DTD 04/01/2014 3.346% 03/01/2024
2.02 1.38
FHMS KJ27 A1 3137FQ3V3 212,862.19 JPM_CHAS 101.20 215,413.50 2,556.40 2,554.07 DTD 11/01/2019 2.092% 07/01/2024
1.07 1.60
Security Type Sub-Total 3,272,054.79 3,334,150.86 (11,767.28) 29,992.17 1.05 1.37 Federal Agency Bond / Note
FREDDIE MAC NOTES 3137EAER6 4,000,000.00 DEUTSCH 99.77 3,990,984.00 (28,616.00) (18,562.22) DTD 05/07/2020 0.375% 05/05/2023
1.34 0.54
FANNIE MAE NOTES 3135G04Q3 3,660,000.00 CITIGRP 99.58 3,644,649.96 (4,333.44) (10,259.26) DTD 05/22/2020 0.250% 05/22/2023
1.39 0.55
FREDDIE MAC NOTES 3137EAEN5 3,615,000.00 MORGAN_S 103.16 3,729,277.38 88,900.08 105,922.58 DTD 06/11/2018 2.750% 06/19/2023
1.45 0.59
FREDDIE MAC NOTES 3137EAEN5 4,170,000.00 CITIGRP 103.16 4,301,822.04 187,366.44 149,403.97 DTD 06/11/2018 2.750% 06/19/2023
1.45 0.59
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Bond / Note
FREDDIE MAC NOTES 3137EAES4 3,315,000.00 TD 99.51 3,298,693.52 (6,626.68) (11,524.04) DTD 06/26/2020 0.250% 06/26/2023
1.49 0.58
FANNIE MAE NOTES 3135G05G4 3,395,000.00 CITIGRP 99.45 3,376,330.90 (11,369.85) (14,969.48) DTD 07/10/2020 0.250% 07/10/2023
1.52 0.61
FREDDIE MAC NOTES 3137EAEV7 2,200,000.00 CITIGRP 99.36 2,185,860.60 (11,895.40) (12,913.17) DTD 08/21/2020 0.250% 08/24/2023
1.65 0.64
FANNIE MAE NOTES 3135G0U43 3,745,000.00 JPM_CHAS 103.68 3,882,741.10 183,130.50 153,632.52 DTD 09/14/2018 2.875% 09/12/2023
1.66 0.69
FANNIE MAE NOTES 3135G0U43 5,665,000.00 TD 103.68 5,873,358.70 219,802.00 212,427.28 DTD 09/14/2018 2.875% 09/12/2023
1.66 0.69
FEDERAL FARM CREDIT BANK (CALLABLE) 3133EMAM4 2,345,000.00 TD 09/21/22 99.23 2,326,976.33 (14,037.17) (15,699.14) DTD 09/21/2020 0.250% 09/21/2023
0.72 0.70
FANNIE MAE NOTES 3135G06H1 900,000.00 MORGAN_ 99.07 891,624.60 (9,743.40) (9,294.01) DTD 11/25/2020 0.250% 11/27/2023
1.91 0.74
FREDDIE MAC NOTES 3137EAFA2 2,015,000.00 CITIGRP 99.04 1,995,676.15 (17,329.00) (18,044.96) DTD 12/04/2020 0.250% 12/04/2023
1.92 0.75
FEDERAL HOME LOAN BANKS NOTES 3130A0F70 2,025,000.00 BARCLAYS 105.01 2,126,519.33 41,834.70 77,739.79 DTD 12/09/2013 3.375% 12/08/2023
1.89 0.76
FANNIE MAE NOTES 3135G0X24 3,500,000.00 CITIGRP 101.80 3,562,881.00 (65,254.00) (16,940.80) DTD 01/10/2020 1.625% 01/07/2025
2.94 1.02
FREDDIE MAC NOTES 3137EAEP0 640,000.00 WELLS_FA 101.44 649,223.04 (453.76) 3,142.31 DTD 02/14/2020 1.500% 02/12/2025
3.04 1.03
FEDERAL HOME LOAN BANK NOTES 3130AJHU6 2,370,000.00 CITIGRP 98.17 2,326,740.39 (31,504.41) (35,532.37) DTD 04/16/2020 0.500% 04/14/2025
3.26 1.07
FANNIE MAE NOTES 3135G03U5 475,000.00 WELLS_F 98.57 468,193.73 (7,537.77) (7,291.92) DTD 04/24/2020 0.625% 04/22/2025
3.28 1.07
FANNIE MAE NOTES 3135G03U5 1,910,000.00 HSBC 98.57 1,882,631.61 (37,147.59) (33,992.12) DTD 04/24/2020 0.625% 04/22/2025
3.28 1.07
FANNIE MAE NOTES 3135G03U5 3,195,000.00 CITIGRP 98.57 3,149,218.85 (39,199.45) (41,425.83) DTD 04/24/2020 0.625% 04/22/2025
3.28 1.07
FANNIE MAE NOTES 3135G03U5 3,345,000.00 WELLS_F 98.57 3,297,069.49 (50,405.81) (49,577.53) DTD 04/24/2020 0.625% 04/22/2025
3.28 1.07
FANNIE MAE NOTES 3135G04Z3 200,000.00 WELLS_F 97.98 195,957.80 (4,754.20) (4,561.10) DTD 06/19/2020 0.500% 06/17/2025
3.44 1.10
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Bond / Note
FANNIE MAE NOTES 3135G04Z3 1,075,000.00 NOMURA 97.98 1,053,273.17 (26,768.58) (25,437.63) DTD 06/19/2020 0.500% 06/17/2025
3.44 1.10
FANNIE MAE NOTES 3135G04Z3 1,190,000.00 RBS 97.98 1,165,948.91 (31,274.39) (29,668.72) DTD 06/19/2020 0.500% 06/17/2025
3.44 1.10
FANNIE MAE NOTES 3135G04Z3 3,675,000.00 NOMURA 97.98 3,600,724.58 (66,668.17) (69,007.90) DTD 06/19/2020 0.500% 06/17/2025
3.44 1.10
FANNIE MAE NOTES 3135G04Z3 3,820,000.00 RBS 97.98 3,742,793.98 (93,517.42) (89,211.44) DTD 06/19/2020 0.500% 06/17/2025
3.44 1.10
FREDDIE MAC NOTES 3137EAEU9 2,220,000.00 WELLS_F 97.37 2,161,631.76 (47,312.64) (50,506.88) DTD 07/23/2020 0.375% 07/21/2025
3.53 1.13
FANNIE MAE NOTES 3135G05X7 450,000.00 NOMURA 97.27 437,702.40 (9,777.60) (10,397.97) DTD 08/27/2020 0.375% 08/25/2025
3.63 1.14
FANNIE MAE NOTES 3135G05X7 550,000.00 CITIGRP 97.27 534,969.60 (13,319.90) (13,746.08) DTD 08/27/2020 0.375% 08/25/2025
3.63 1.14
FANNIE MAE NOTES 3135G05X7 2,360,000.00 BARCLAY 97.27 2,295,505.92 (53,449.28) (56,428.47) DTD 08/27/2020 0.375% 08/25/2025
3.63 1.14
FREDDIE MAC NOTES 3137EAEX3 130,000.00 WELLS_F 97.17 126,326.72 (3,502.98) (3,545.86) DTD 09/25/2020 0.375% 09/23/2025
3.70 1.15
FREDDIE MAC NOTES 3137EAEX3 3,400,000.00 CITIGRP 97.17 3,303,929.60 (85,836.40) (88,434.18) DTD 09/25/2020 0.375% 09/23/2025
3.70 1.15
FANNIE MAE NOTES 3135G06G3 2,040,000.00 NOMURA 97.37 1,986,301.08 (52,923.72) (53,096.42) DTD 11/12/2020 0.500% 11/07/2025
3.82 1.20
FANNIE MAE NOTES 3135G06G3 2,215,000.00 BARCLAY 97.37 2,156,694.56 (50,375.74) (52,182.89) DTD 11/12/2020 0.500% 11/07/2025
3.82 1.20
Security Type Sub-Total 79,810,000.00 79,722,232.80 (153,901.03) (139,983.94) 2.43 0.86 Corporate Note
AMAZON.COM INC BONDS 023135AW6 2,335,000.00 DAIWA 101.76 2,376,035.29 63,521.34 47,690.14 DTD 06/06/2018 2.400% 02/22/2023
1.13 0.85
TOYOTA MOTOR CREDIT CORP CORP 89236TFN0 2,230,000.00 JPM_CHAS 104.38 2,327,598.18 117,422.88 104,620.83 NOTES
DTD 09/20/2018 3.450% 09/20/2023
1.67 0.88
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
US BANK NA CINCINNATI CORP NOTES 91159HHV5 2,860,000.00 GOLDMAN 01/05/24 104.82 2,997,869.16 2,333.76 76,724.12 (CALLAB
DTD 02/04/2019 3.375% 02/05/2024
1.94 1.04
BANK OF AMERICA CORP NOTE 06051GHF9 2,010,000.00 MERRILL 102.85 2,067,218.67 (75,099.63) (26,695.65) DTD 03/05/2018 3.550% 03/05/2024
2.10 2.20
PFIZER INC CORP NOTES 717081ES8 3,445,000.00 BONY 02/15/24 104.17 3,588,525.59 102,151.14 125,491.17 DTD 03/11/2019 2.950% 03/15/2024
2.06 1.04
AMAZON.COM INC CORPORATE NOTES 023135BW5 1,590,000.00 JPM_CHA 98.96 1,573,446.51 (14,232.09) (14,727.72) DTD 05/12/2021 0.450% 05/12/2024
2.36 0.90
JP MORGAN CHASE BANK CORP NOTE 46625HJX9 1,320,000.00 JPM_CHA 105.68 1,394,940.36 (66,088.44) (16,776.18) DTD 05/13/2014 3.625% 05/13/2024
2.28 1.19
WALMART INC CORPORATE NOTES 931142EL3 4,000,000.00 CITIGRP 04/15/23 104.48 4,179,088.00 54,248.00 136,444.18 DTD 04/23/2019 2.850% 07/08/2024
1.26 1.05
JPMORGAN CHASE & CO CORPORATE 46647PBS4 1,405,000.00 JPM_CHA 09/16/23 99.49 1,397,778.30 (7,221.70) (7,221.70)
NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
1.70 0.85
PACCAR FINANCIAL CORP CORPORATE 69371RQ66 1,810,000.00 MITSU 101.50 1,837,235.07 (1,779.23) 8,249.99 NOTES
DTD 02/06/2020 1.800% 02/06/2025
3.01 1.30
NOVARTIS CAPITAL CORP 66989HAP3 2,290,000.00 CITIGRP 01/14/25 101.27 2,319,160.86 (58,889.64) (27,976.65) DTD 02/14/2020 1.750% 02/14/2025
2.95 1.33
MASTERCARD INC CORPORATE NOTES 57636QAN4 1,760,000.00 JSEB 102.39 1,801,997.12 (34,228.48) (8,055.67) DTD 12/03/2019 2.000% 03/03/2025
3.07 1.23
JPMORGAN CHASE & CO CORPORATE 46647PCH7 865,000.00 JPM_CHA 98.81 854,672.77 (10,327.23) (10,327.23) NOTES
DTD 06/01/2021 0.824% 06/01/2025
3.38 1.18
BRISTOL-MYERS SQUIBB CO CORPORATE 110122DN5 2,230,000.00 MERRILL 10/13/25 97.35 2,170,989.74 (39,899.16) (42,165.77) NOTES
DTD 11/13/2020 0.750% 11/13/2025
3.74 1.46
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 12/28/25 97.23 3,369,085.34 (96,746.26) (96,592.31) CORPOR
DTD 01/28/2021 0.750% 01/28/2026
3.93 1.45
Security Type Sub-Total 33,615,000.00 34,255,640.96 (64,834.74) 248,681.55 2.36 1.19 CITY OF MODESTO - COMBINED PORTFOLIO Page 22
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Certificate of Deposit
SUMITOMO MITSUI BANK NY CERT DEPOS 86565CKU2 1,845,000.00 SMBC 100.19 1,848,453.84 3,453.84 3,453.84 DTD 07/14/2020 0.700% 07/08/2022
0.52 0.33
NORDEA BANK ABP NEW YORK CERT 65558TLL7 3,440,000.00 MERRILL 100.96 3,473,006.80 33,006.80 33,006.80 DEPOS
DTD 08/29/2019 1.850% 08/26/2022
0.65 0.36
SKANDINAV ENSKILDA BANK LT CD 83050PDR7 3,560,000.00 BARCLAYS 100.97 3,594,386.04 34,386.04 34,386.04 DTD 09/03/2019 1.860% 08/26/2022
0.65 0.36
DNB BANK ASA/NY LT CD 23341VZT1 1,745,000.00 GOLDMAN 101.42 1,769,812.16 24,812.16 24,812.16 DTD 12/06/2019 2.040% 12/02/2022
0.92 0.49
CREDIT SUISSE NEW YORK CERT DEPOS 22552G3C2 1,850,000.00 CSFB 99.98 1,849,589.30 (410.70) (410.70) DTD 03/23/2021 0.590% 03/17/2023
1.20 0.60
Security Type Sub-Total 12,440,000.00 12,535,248.14 95,248.14 95,248.14 0.75 0.41 Asset-Backed Security
HAROT 2019-1 A3 43814WAC9 142,789.11 MERRILL 100.59 143,635.86 850.57 847.89 DTD 02/27/2019 2.830% 03/20/2023
0.24 2.34
HYUNDAI AUTO RECEIVABLES TRUST 44932NAD2 219,183.55 SOCGEN 100.44 220,140.99 986.29 967.45 DTD 04/10/2019 2.660% 06/15/2023
0.20 2.35
HAROT 2019-2 A3 43815MAC0 432,827.28 JPM_CHAS 100.71 435,921.52 3,110.38 3,100.07 DTD 05/29/2019 2.520% 06/21/2023
0.33 2.03
TAOT 2019-A A3 89239AAD5 530,139.54 MITSU 100.83 534,516.48 4,473.53 4,410.47 DTD 02/13/2019 2.910% 07/15/2023
0.32 2.36
ALLYA 2019-1 A3 02004WAC5 171,807.02 JPM_CHAS 100.50 172,672.67 886.40 873.36 DTD 02/13/2019 2.910% 09/15/2023
0.25 2.61
NAROT 2019-A A3 65479KAD2 419,183.94 MITSU 100.63 421,835.87 2,715.43 2,676.21 DTD 02/13/2019 2.900% 10/15/2023
0.28 2.54
COPAR 2019-1 A3 14042WAC4 212,644.42 JPM_CHAS 100.64 213,995.35 1,394.01 1,368.98 DTD 05/30/2019 2.510% 11/15/2023
0.32 2.16
NAROT 2019-B A3 65479HAC1 518,740.52 WELLS_FA 100.69 522,338.40 3,715.17 3,646.97 DTD 05/28/2019 2.500% 11/15/2023
0.37 2.12
CARMX 2019-2 A3 14316LAC7 359,112.93 RBC 100.93 362,458.21 3,381.97 3,361.72 DTD 04/17/2019 2.680% 03/15/2024
0.40 2.25
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
HAROT 2020-1 A3 43813RAC1 1,089,526.60 JPM_CHAS 100.62 1,096,252.68 6,939.63 6,844.61 DTD 02/26/2020 1.610% 04/22/2024
0.62 1.34
TAOT 2020-A A3 89232HAC9 1,460,862.99 MITSU 100.70 1,471,117.81 10,360.30 10,313.53 DTD 02/12/2020 1.660% 05/15/2024
0.54 1.36
CARMX 2020-1 A3 14315XAC2 749,899.53 MERRILL 100.93 756,841.42 7,089.02 7,030.66 DTD 01/22/2020 1.890% 12/16/2024
0.68 1.57
HAROT 2021-1 A3 43813GAC5 650,000.00 JPM_CHA 99.33 645,633.04 (4,355.07) (4,357.51) DTD 02/24/2021 0.270% 04/21/2025
1.16 0.47
HART 2021-A A3 44933LAC7 510,000.00 BARCLAY 99.02 504,999.14 (4,947.21) (4,955.52) DTD 04/28/2021 0.380% 09/15/2025
1.53 0.65
CARMX 2021-1 A3 14316NAC3 385,000.00 MITSU 99.15 381,714.10 (3,209.82) (3,224.29) DTD 01/27/2021 0.340% 12/15/2025
1.20 0.56
TAOT 2021-C A3 89239BAC5 980,000.00 BARCLAY 98.96 969,792.71 (10,129.18) (10,133.95) DTD 09/27/2021 0.430% 01/15/2026
1.98 0.69
CARMX 2021-2 A3 14314QAC8 770,000.00 MERRILL 99.15 763,450.69 (6,383.38) (6,407.38) DTD 04/21/2021 0.520% 02/17/2026
1.29 0.73
HART 2021-C A3 44935FAD6 465,000.00 SMBC 99.34 461,917.05 (2,979.16) (2,982.01) DTD 11/17/2021 0.740% 05/15/2026
2.19 0.89
DCENT 2021-A1 A1 254683CP8 775,000.00 CITIGRP 98.46 763,088.79 (11,745.28) (11,754.06) DTD 09/27/2021 0.580% 09/15/2026
2.68 0.91
Security Type Sub-Total 10,841,717.43 10,842,322.78 2,153.60 1,627.20 1.01 1.36 Managed Account Sub-Total 274,879,772.22 275,362,771.84 324,832.13 394,346.92 2.50 0.95 Total Investments $276,178,923.55
$816,151.71
$275,362,771.84
Accrued Interest
Securities Sub-Total $274,879,772.22 $324,832.13 $394,346.92 2.50 0.95% CITY OF MODESTO - COMBINED PORTFOLIO Page 24
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
12/07/21 US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
12/03/21 91282CBQ3 6,000,000.00 (5,838,281.25) (8,121.55) (5,846,402.80) Transaction Type Sub-Total 6,000,000.00 (5,838,281.25) (8,121.55) (5,846,402.80)
INTEREST
12/01/21 CA ST DEPT WTR RES WTR SYS TXBL
REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
12/01/21 13067WRB0 100,000.00 0.00 280.00 280.00
12/01/21 12/01/21 MONEY MARKET FUND MONEY0002 0.00 0.00 8.27 8.27 12/01/21 JPMORGAN CHASE & CO CORPORATE
NOTES
DTD 06/01/2021 0.824% 06/01/2025
12/01/21 46647PCH7 865,000.00 0.00 3,563.80 3,563.80
12/25/21 FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
12/01/21 3137AWQH1 1,080,000.00 0.00 2,076.30 2,076.30
12/25/21 FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2015 2.791% 01/01/2022
12/01/21 3137BHXY8 542,850.82 0.00 1,262.58 1,262.58
12/25/21 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
12/01/21 3137FQ3V3 213,623.83 0.00 372.42 372.42
12/25/21 FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
12/01/21 3136AJB54 1,152,273.42 0.00 3,284.73 3,284.73
12/25/21 FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2015 2.716% 06/01/2022
12/01/21 3137BLUR7 934,437.28 0.00 2,114.94 2,114.94
12/02/21 DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
12/02/21 23341VZT1 1,745,000.00 0.00 18,095.65 18,095.65 12/04/21 FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
12/04/21 3137EAFA2 2,015,000.00 0.00 2,518.75 2,518.75
12/08/21 FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
12/08/21 3130A0F70 2,025,000.00 0.00 34,171.88 34,171.88 12/15/21 CARMX 2019-2 A3
DTD 04/17/2019 2.680% 03/15/2024
12/15/21 14316LAC7 398,752.02 0.00 890.55 890.55
12/15/21 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
12/15/21 89239BAC5 980,000.00 0.00 351.17 351.17
12/15/21 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
12/15/21 44933LAC7 510,000.00 0.00 161.50 161.50
CITY OF MODESTO - COMBINED PORTFOLIO Page 25
#8..
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
12/15/21 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
12/15/21 14315XAC2 799,245.80 0.00 1,258.81 1,258.81
12/15/21 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
12/15/21 44935FAD6 465,000.00 0.00 267.63 267.63
12/15/21 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
12/15/21 254683CP8 775,000.00 0.00 374.58 374.58
12/15/21 TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
12/15/21 89232HAC9 1,581,804.13 0.00 2,188.16 2,188.16
12/15/21 HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
12/15/21 44932NAD2 264,272.25 0.00 585.80 585.80
12/15/21 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
12/15/21 14042WAC4 242,452.17 0.00 507.13 507.13
12/15/21 TAOT 2019-A A3
DTD 02/13/2019 2.910% 07/15/2023
12/15/21 89239AAD5 606,265.83 0.00 1,470.19 1,470.19
12/15/21 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
12/15/21 14316NAC3 385,000.00 0.00 109.08 109.08
12/15/21 NAROT 2019-A A3
DTD 02/13/2019 2.900% 10/15/2023
12/15/21 65479KAD2 482,979.99 0.00 1,167.20 1,167.20
12/15/21 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
12/15/21 14314QAC8 770,000.00 0.00 333.67 333.67
12/15/21 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
12/15/21 02004WAC5 202,569.31 0.00 491.23 491.23
12/15/21 NAROT 2019-B A3
DTD 05/28/2019 2.500% 11/15/2023
12/15/21 65479HAC1 579,856.72 0.00 1,208.03 1,208.03
12/17/21 FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
12/17/21 3135G04Z3 9,960,000.00 0.00 24,900.00 24,900.00 12/18/21 HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
12/18/21 43814WAC9 169,574.81 0.00 399.91 399.91
12/19/21 FREDDIE MAC NOTES
DTD 06/11/2018 2.750% 06/19/2023
12/19/21 3137EAEN5 7,785,000.00 0.00 107,043.75 107,043.75 12/21/21 HAROT 2020-1 A3
DTD 02/26/2020 1.610% 04/22/2024
12/21/21 43813RAC1 1,172,706.46 0.00 1,573.38 1,573.38
12/21/21 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
12/21/21 43813GAC5 650,000.00 0.00 146.25 146.25
CITY OF MODESTO - COMBINED PORTFOLIO Page 26
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
INTEREST
12/21/21 HAROT 2019-2 A3
DTD 05/29/2019 2.520% 06/21/2023
12/21/21 43815MAC0 492,600.23 0.00 1,034.46 1,034.46
12/26/21 FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
12/26/21 3137EAES4 3,315,000.00 0.00 4,143.75 4,143.75
12/29/21 12/29/21 MONEY MARKET FUND MONEY0002 0.00 0.00 5.59 5.59 12/31/21 US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
12/31/21 91282CBC4 5,275,000.00 0.00 9,890.63 9,890.63
12/31/21 US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
12/31/21 912828S35 5,100,000.00 0.00 35,062.50 35,062.50 12/31/21 US TREASURY NOTES
DTD 12/31/2018 2.625% 12/31/2023
12/31/21 9128285U0 270,000.00 0.00 3,543.75 3,543.75
Transaction Type Sub-Total 53,906,265.07 0.00 266,858.02 266,858.02
PAYDOWNS
12/25/21 FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
12/01/21 3136AJB54 6,689.91 6,689.91 0.00 6,689.91 (325.09) 0.00 12/25/21 FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2015 2.716% 06/01/2022
12/01/21 3137BLUR7 145,984.51 145,984.51 0.00 145,984.51 (364.96) 0.00 12/25/21 FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2015 2.791% 01/01/2022
12/01/21 3137BHXY8 497,694.50 497,694.50 0.00 497,694.50 (3,110.59) 0.00 12/25/21 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
12/01/21 3137FQ3V3 761.64 761.64 0.00 761.64 0.02 0.00
12/15/21 TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
12/15/21 89232HAC9 120,941.14 120,941.14 0.00 120,941.14 8.73 0.00 12/15/21 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
12/15/21 02004WAC5 30,762.29 30,762.29 0.00 30,762.29 3.72 0.00 12/15/21 NAROT 2019-A A3
DTD 02/13/2019 2.900% 10/15/2023
12/15/21 65479KAD2 63,796.05 63,796.05 0.00 63,796.05 9.66 0.00 12/15/21 HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
12/15/21 44932NAD2 45,088.70 45,088.70 0.00 45,088.70 5.93 0.00 12/15/21 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
12/15/21 14042WAC4 29,807.75 29,807.75 0.00 29,807.75 6.04 0.00 12/15/21 TAOT 2019-A A3
DTD 02/13/2019 2.910% 07/15/2023
12/15/21 89239AAD5 76,126.29 76,126.29 0.00 76,126.29 13.87 0.00 CITY OF MODESTO - COMBINED PORTFOLIO Page 27
#8..
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2021 CITY OF MODESTO - Combined Portfolio
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
PAYDOWNS
12/15/21 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
12/15/21 14315XAC2 49,346.27 49,346.27 0.00 49,346.27 9.68 0.00 12/15/21 NAROT 2019-B A3
DTD 05/28/2019 2.500% 11/15/2023
12/15/21 65479HAC1 61,116.20 61,116.20 0.00 61,116.20 13.82 0.00 12/15/21 CARMX 2019-2 A3
DTD 04/17/2019 2.680% 03/15/2024
12/15/21 14316LAC7 39,639.09 39,639.09 0.00 39,639.09 4.05 0.00 12/18/21 HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
12/18/21 43814WAC9 26,785.70 26,785.70 0.00 26,785.70 0.72 0.00 12/21/21 HAROT 2020-1 A3
DTD 02/26/2020 1.610% 04/22/2024
12/21/21 43813RAC1 83,179.86 83,179.86 0.00 83,179.86 16.30 0.00 12/21/21 HAROT 2019-2 A3
DTD 05/29/2019 2.520% 06/21/2023
12/21/21 43815MAC0 59,772.95 59,772.95 0.00 59,772.95 2.23 0.00 Transaction Type Sub-Total 1,337,492.85 1,337,492.85 0.00 1,337,492.85 (3,705.87) 0.00 SELL
12/07/21 US TREASURY NOTES
DTD 04/30/2018 2.750% 04/30/2023
12/03/21 9128284L1 4,445,000.00 4,586,858.01 12,493.89 4,599,351.90 (86,642.77) (17,466.51) FIFO Transaction Type Sub-Total 4,445,000.00 4,586,858.01 12,493.89 4,599,351.90 (86,642.77) (17,466.51) Managed Account Sub-Total 86,069.61 271,230.36 357,299.97 (90,348.64) (17,466.51) Total Security Transactions $86,069.61 $271,230.36 $357,299.97 ($90,348.64) ($17,466.51) CITY OF MODESTO - COMBINED PORTFOLIO Page 28
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Attachment 3
City of Modesto Combined Yields
Month
Ending
Combined
Yield
CAMP
Balance
CAMP Monthly
Distribution Yields
Amortized Cost
Balance
Investment
Portfolio Yield
12/31/2019 2.35% 66,461,014.55 1.80% 232,100,852.87 2.51% 1/31/2020 2.32% 74,570,281.11 1.78% 232,412,119.69 2.49% 2/29/2020 2.24% 96,240,070.75 1.75% 233,159,902.98 2.44% 3/31/2020 2.16% 79,857,017.19 1.50% 233,703,772.60 2.38% 4/30/2020 2.04% 69,919,614.53 0.98% 234,292,746.21 2.35% 5/31/2020 1.84% 84,960,159.59 0.67% 234,544,432.04 2.26% 6/30/2020 1.74% 84,995,885.29 0.51% 235,131,341.49 2.18% 7/31/2020 1.70% 70,022,491.13 0.37% 236,269,407.98 2.10% 8/31/2020 1.58% 70,040,261.05 0.30% 236,780,335.74 1.96% 9/30/2020 1.53% 70,055,998.31 0.27% 236,959,922.49 1.90% 10/31/2020 1.46% 70,067,223.80 0.19% 238,332,735.73 1.83% 11/30/2020 1.41% 70,075,022.52 0.14% 237,871,749.29 1.79% 12/31/2020 1.33% 85,083,671.36 0.12% 237,485,609.39 1.77% 1/31/2021 1.31% 85,092,301.61 0.12% 238,149,298.87 1.74% 2/28/2021 1.14% 120,099,726.01 0.10% 232,079,913.81 1.68% 3/31/2021 1.08% 137,608,358.86 0.08% 234,986,337.21 1.67% 4/30/2021 1.09% 99,414,400.76 0.06% 273,342,506.45 1.47% 5/31/2021 1.00% 134,419,293.96 0.05% 273,479,692.78 1.46% 6/30/2021 0.97% 134,424,844.05 0.05% 273,831,695.68 1.42% 7/31/2021 1.02% 108,729,978.62 0.05% 273,119,224.63 1.40% 8/31/2021 1.01% 108,734,764.86 0.05% 272,424,046.82 1.39% 9/30/2021 0.97% 108,739,293.68 0.05% 275,543,849.60 1.33% 10/31/2021 0.91% 123,744,124.02 0.05% 274,089,339.67 1.30% 11/30/2021 0.90% 123,749,269.51 0.05% 275,079,950.15 1.28% 12/31/2021 0.91% 123,754,558.86 0.05% 274,968,424.92 1.29% Notes:
1. Investment Portfolio AC Balance is the amortized cost value of the separately managed portfolio.
2. Investment Portfolio Yield is the separately managed portfolio yield at cost. #8..
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected Earnings
Rate to June 30, 2022
Expected Earnings to
June 30, 2022
Main Portfolio
Federal Agency
FHLMC 4,000,000 5/5/2023 0.540% 1 10,548 0.20% 3,896
FNMA 3,660,000 5/22/2023 0.550% 1 17,842 0.35% 6,370
FHLMC 3,615,000 6/19/2023 0.590% 1 136,791 2.58% 46,279 FHLMC 4,170,000 6/19/2023 0.590% 1 187,078 3.06% 63,292 FHLMC 3,315,000 6/26/2023 0.580% 1 17,127 0.35% 5,719
FNMA 3,395,000 7/10/2023 0.610% 2 16,656 0.32% 5,422
FHLMC 2,200,000 8/24/2023 0.640% 2 10,291 0.28% 3,099
FNMA 3,745,000 9/12/2023 0.690% 2 200,150 3.15% 58,431
FNMA 5,665,000 9/12/2023 0.690% 2 280,998 2.92% 82,033
FFCB 2,345,000 9/21/2023 0.700% 2 12,444 0.31% 3,581
FNMA 900,000 11/27/2023 0.740% 2 3,368 0.20% 876
FHLMC 2,015,000 12/4/2023 0.750% 2 10,989 0.28% 2,829
FHLB 2,025,000 12/8/2023 0.760% 2 106,781 2.72% 27,337
FNMA 3,500,000 1/7/2025 1.010% 3 90,014 0.85% 14,771
FHLMC 640,000 2/12/2025 1.020% 3 23,664 1.18% 3,761
FHLB 2,370,000 4/14/2025 1.060% 3 46,825 0.60% 7,063
FNMA 3,195,000 4/22/2025 1.060% 3 70,530 0.67% 10,568
FNMA 475,000 4/22/2025 1.060% 3 9,331 0.59% 1,398
FNMA 3,345,000 4/22/2025 1.060% 3 67,514 0.61% 10,116
FNMA 1,910,000 4/22/2025 1.060% 3 32,783 0.52% 4,912
FNMA 3,675,000 6/17/2025 1.090% 3 68,987 0.54% 9,879
FNMA 200,000 6/17/2025 1.090% 3 2,938 0.42% 421
FNMA 1,075,000 6/17/2025 1.090% 3 14,860 0.40% 2,128
FNMA 3,820,000 6/17/2025 1.090% 3 53,996 0.41% 7,732
FNMA 1,190,000 6/17/2025 1.090% 3 14,933 0.36% 2,138
FHLMC 2,220,000 7/21/2025 1.130% 4 37,580 0.48% 5,240
FNMA 2,360,000 8/25/2025 1.140% 4 40,502 0.47% 5,499
FNMA 550,000 8/25/2025 1.140% 4 8,833 0.44% 1,199
FNMA 450,000 8/25/2025 1.140% 4 8,090 0.49% 1,098
FHLMC 3,400,000 9/23/2025 1.150% 4 55,315 0.44% 7,351
FHLMC 130,000 9/23/2025 1.150% 4 1,948 0.40% 259
FNMA 2,215,000 11/7/2025 1.200% 4 48,919 0.57% 6,293
FNMA 2,040,000 11/7/2025 1.200% 4 39,930 0.51% 5,137
Federal Agency CMO
FHLMC 45,156 1/1/2022 2.780% 0 3 0.89% 200
FHLMC 788,453 6/1/2022 1.740% 0 8,646 2.37% 9,276
FHLMC 1,080,000 8/1/2022 0.980% 1 11,239 1.78% 9,550
FNMA 1,145,584 3/1/2024 1.390% 2 53,030 2.14% 12,135
FHLMC 212,862 7/1/2024 1.600% 3 11,142 2.09% 2,209
U.S. Treasury
U.S. Treasury 4,300,000 5/15/2023 0.550% 1 149,541 2.54% 54,134 U.S. Treasury 5,100,000 6/30/2023 0.580% 1 195,613 2.56% 64,846 U.S. Treasury 3,155,000 7/31/2023 0.620% 2 121,651 2.44% 38,161 U.S. Treasury 5,625,000 7/31/2023 0.620% 2 203,038 2.28% 63,691 U.S. Treasury 1,750,000 8/31/2023 0.660% 2 50,963 1.75% 15,172 U.S. Treasury 2,700,000 9/30/2023 0.670% 2 106,458 2.26% 30,202 U.S. Treasury 8,790,000 11/15/2023 0.720% 2 414,997 2.52% 109,816 U.S. Treasury 3,910,000 11/15/2023 0.700% 2 18,770 0.26% 4,967 U.S. Treasury 3,275,000 11/30/2023 0.720% 2 157,791 2.52% 40,859 U.S. Treasury 270,000 12/31/2023 0.750% 2 13,824 2.56% 3,428 U.S. Treasury 1,564,000 2/29/2024 0.790% 2 11,681 0.35% 2,676 U.S. Treasury 457,000 2/29/2024 0.790% 2 3,310 0.33% 758 U.S. Treasury 4,890,000 4/15/2024 0.820% 2 39,174 0.35% 8,481 U.S. Treasury 2,450,000 7/31/2024 0.880% 3 113,205 1.79% 21,729 U.S. Treasury 1,630,000 8/31/2024 0.910% 3 58,127 1.34% 10,802 U.S. Treasury 1,850,000 9/30/2024 0.920% 3 76,402 1.50% 13,774 U.S. Treasury 460,000 10/31/2024 0.940% 3 20,424 1.57% 3,572 U.S. Treasury 1,215,000 11/30/2024 0.970% 3 60,046 1.69% 10,205 U.S. Treasury 3,450,000 11/30/2024 0.970% 3 164,151 1.63% 27,898 U.S. Treasury 4,585,000 11/30/2024 0.970% 3 67,356 0.50% 11,447 U.S. Treasury 4,945,000 4/30/2025 1.050% 3 104,205 0.63% 15,511 U.S. Treasury 4,340,000 8/31/2025 1.120% 4 84,056 0.53% 11,362 U.S. Treasury 4,550,000 9/30/2025 1.110% 4 114,395 0.67% 15,125 U.S. Treasury 1,100,000 9/30/2025 1.110% 4 33,174 0.80% 4,386 U.S. Treasury 5,010,000 10/31/2025 1.140% 4 148,540 0.77% 19,204 U.S. Treasury 6,930,000 10/31/2025 1.140% 4 207,267 0.78% 26,797 U.S. Treasury 4,250,000 11/30/2025 1.160% 4 177,354 1.07% 22,448 U.S. Treasury 1,040,000 12/31/2025 1.160% 4 18,885 0.45% 2,340 U.S. Treasury 500,000 12/31/2025 1.160% 4 8,650 0.43% 1,072 U.S. Treasury 3,735,000 12/31/2025 1.160% 4 132,722 0.89% 16,443 U.S. Treasury 2,400,000 1/31/2026 1.190% 4 78,924 0.80% 9,575 U.S. Treasury 3,210,000 2/28/2026 1.200% 4 93,884 0.70% 11,180 U.S. Treasury 6,000,000 2/28/2026 1.200% 4 288,537 1.15% 34,359 U.S. Treasury 4,925,000 3/31/2026 1.210% 4 181,968 0.87% 21,236 U.S. Treasury 2,480,000 3/31/2026 1.210% 4 79,956 0.76% 9,331 U.S. Treasury 2,325,000 5/31/2026 1.220% 4 81,784 0.80% 9,183 U.S. Treasury 2,260,000 5/31/2026 1.220% 4 86,673 0.87% 9,732 Negotiable CD
Sumitomo Mitsui Financial Group Inc 1,845,000 7/8/2022 0.330% 1 6,651 0.70% 6,369 Nordea Bank Ab 3,440,000 8/26/2022 0.360% 1 41,343 1.84% 31,442 Skandinaviska Enskilda Banken Ab 3,560,000 8/26/2022 0.360% 1 43,057 1.85% 32,745 DNB Bank ASA 1,745,000 12/2/2022 0.490% 1 32,678 2.03% 17,603 Credit Suisse Group 1,850,000 3/17/2023 0.600% 1 13,097 0.59% 5,375 December 31, 2021
Earnings to
Maturity
#8..
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Attachment 4
City of Modesto - Portfolio Holdings and Earnings Projections Issuer Par Maturity Date Current Yield
Years to
Maturity
Expected Earnings
Rate to June 30, 2022
Expected Earnings to
June 30, 2022
December 31, 2021
Earnings to
Maturity
Corporate Note
Amazon.Com Inc 2,335,000 2/22/2023 0.840% 1 71,242 2.66% 30,849 Toyota Motor Corp 2,230,000 9/20/2023 0.880% 2 140,083 3.65% 40,374 US Bancorp 2,860,000 2/5/2024 1.060% 2 136,181 2.27% 32,179 Bank Of America Co 2,010,000 3/5/2024 2.130% 2 68,783 1.57% 15,660 Pfizer Inc 3,445,000 3/15/2024 1.110% 2 204,293 2.69% 45,934 Amazon.Com Inc 1,590,000 5/12/2024 0.890% 2 18,763 0.50% 3,935 JPMorgan Chase & Co 1,320,000 5/13/2024 1.170% 2 20,219 0.65% 4,236 Wal-Mart Stores Inc 4,000,000 7/8/2024 1.060% 3 220,420 2.19% 43,365 JPMorgan Chase & Co 1,405,000 9/16/2024 0.840% 3 24,885 0.65% 4,550 Paccar Financial Corp 1,810,000 2/6/2025 1.290% 3 81,355 1.45% 12,997 Novartis Capital Corp 2,290,000 2/14/2025 1.320% 3 66,011 0.92% 10,471 Mastercard Inc 1,760,000 3/3/2025 1.220% 3 60,100 1.08% 9,394 JPMorgan Chase & Co 865,000 6/1/2025 1.220% 3 24,371 0.82% 3,535 Bristol-Myers Squibb Co 2,230,000 11/13/2025 1.450% 4 82,015 0.95% 10,506 The Bank Of New York Mellon Corporation 3,465,000 1/28/2026 1.440% 4 105,319 0.75% 12,802 Asset-Backed Securities
Honda Auto Receivables 142,789 3/20/2023 2.330% 1 4,917 2.83% 2,004 Hyundai Auto Receivables 219,184 6/15/2023 2.350% 1 8,492 2.66% 2,895 Honda Auto Receivables 432,827 6/21/2023 2.030% 1 16,053 2.52% 5,411 Toyota Motor Corp 530,140 7/15/2023 2.360% 2 23,747 2.91% 7,662 Ally Auto Receivables Trust 171,807 9/15/2023 2.610% 2 8,542 2.91% 2,482 Nissan Auto Receivables 419,184 10/15/2023 2.540% 2 21,774 2.90% 6,035 Capital One Prime Auto Receivables 212,644 11/15/2023 2.160% 2 10,021 2.51% 2,652 Nissan Auto Receivables 518,741 11/15/2023 2.120% 2 24,355 2.51% 6,445 Carmax Auto Owner Trust 359,113 3/15/2024 2.250% 2 21,244 2.68% 4,777 Honda Auto Receivables 1,089,527 4/22/2024 1.340% 2 40,634 1.61% 8,724 Toyota Motor Corp 1,460,863 5/15/2024 1.360% 2 57,597 1.66% 12,038 Carmax Auto Owner Trust 749,900 12/16/2024 1.570% 3 42,068 1.89% 7,044 Honda Auto Receivables 650,000 4/21/2025 0.480% 3 5,813 0.27% 872 Hyundai Auto Receivables 510,000 9/15/2025 0.660% 4 7,235 0.38% 967 Carmax Auto Owner Trust 385,000 12/15/2025 0.570% 4 5,244 0.34% 657 Toyota Motor Corp 980,000 1/15/2026 0.700% 4 17,115 0.43% 2,099 Carmax Auto Owner Trust 770,000 2/17/2026 0.740% 4 16,695 0.52% 2,003 Hyundai Auto Receivables 465,000 5/15/2026 0.900% 4 15,149 0.75% 1,718 Discover Card Execution Note Trust 775,000 9/15/2026 0.920% 5 21,329 0.58% 2,246 Municipal Securities
California St 2,310,000 10/1/2023 0.630% 2 75,644 1.87% 21,426 Maryland St 620,000 8/1/2024 0.810% 3 8,292 0.52% 1,590 California State University 600,000 11/1/2024 1.140% 3 11,665 0.68% 2,038 State Of California 100,000 12/1/2024 1.220% 3 1,636 0.56% 278 University Of California 510,000 5/15/2025 1.200% 3 15,189 0.88% 2,233 University Of California 220,000 5/15/2025 1.200% 3 5,984 0.81% 880 Florida State Board of Administration Finance 1,295,000 7/1/2025 1.390% 4 57,046 1.26% 8,079 Florida State Board of Administration Finance 505,000 7/1/2025 1.390% 4 19,560 1.11% 2,770 Los Angeles Community College District 925,000 8/1/2025 1.280% 4 25,644 0.77% 3,546 New Jersey Turnpike Authority 505,000 1/1/2026 1.440% 4 21,179 1.05% 2,622 Supranational Securities
Intl Bank Of Reconstruction And Dev 1,790,000 11/24/2023 0.740% 2 10,946 0.32% 2,859 Inter-American Development Bank 4,095,000 9/23/2024 0.950% 3 58,712 0.52% 10,659 Overnight Investments 123,754,559 Varies Varies 0.16% 95,732 Totals (Main Portfolio) 398,634,331 7,940,498 0.93% 1,833,158 Notes:
1. Earnings projections are based on stated par value, future market expectations and current investment positions.
2. Earnings on overnight investments are based on the investment balances and the Fed Funds Futures rates.
3. Callable securities priced above par are considered to be called on their next call date. #8..
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Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
1993 Community Center Refinancing U.S. Bank First American Treasury Obligation Fund $1,977,094.78 1993 Golf Course Refinancing U.S. Bank First American Treasury Obligation Fund $603,163.64 Instl Res Tre and Agny Cash Adv6541 $127,144.59
Financial Guaranty Insurance Pol $1.00
CAMP $1,930,756.76
Total $2,057,902.35
Instl Res Tre and Agny Cash Adv6541 $134,255.82
CAMP $4,794,532.48
Total $4,928,788.30
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $1.92 Fairview Village Refunding US Bank First American Government $195,194.63 Blackrock Federal Fund Instl 30 $513.43
CAMP $2,738,661.12
Total $2,739,174.55
PCE Litigation Bank of America Business Interest Maximizer $491,932.14 Modesto Irrigation District JP Morgan Collateral towards bonds $8,758,884.07 Water ARRA Grants Bank of the West Business Money Market $36,289.42 Innovative Claim Solutions (Third Party
Administrator - Worker's Compensation) Wells Fargo Bank Business Money Market $100,392.09 George Hills Company - General Liability
Claims Administration Services California Bank & Trust $24,262.20 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $39,053.14 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $828,084.86 California Bank of
Commerce $2,730,266.19
Farmers & Merchant $465,719.95
Banner Bank $19,282.55
Village One #2 Refunding Bank of New York
Third-Party Construction Contract
Retention
Cash with Fiscal Agent Investments
As of December 31, 2021
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 9, 2022
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Municipal Disclosure Training for Employees and Officials CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], (209) 577-5219
DESCRIPTION:
Consider approving requirements for annual training of certain City of Modesto employees and officials regarding municipal disclosure responsibilities. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
As an issuer of municipal securities, the City’s employees and officials must regularly review their responsibilities and internal processes to ensure continuing compliance with the Securities Act. This is becoming even more critical as the U.S. Securities and Exchange Commission (SEC) implements new reporting requirements and increased scrutiny of municipal issuers.
The City’s Debt Management Policy includes language requiring annual training for certain City employees and officials. Section XV. “Post-Issuance Compliance”, paragraph J. “Training for Employees and Issuer Officials” of said Policy states in part:
“For City officials, compliance with federal securities law should be considered as important as compliance with local public meetings and records laws… The members of the DWG [Disclosure Working Group] and such invited officials and employees are expected to attend training sessions, at least annually, called by the Compliance Officer.”
DISCUSSION:
The City contracts with Norton Rose Fulbright to provide legal counsel for bonds and related issues. They provide specialized knowledge of municipal reporting and disclosure law. Norton Rose Fulbright provided a brief training for the City employees and officials that are required to #9..
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City Council, March 1, 2022
Municipal Disclosure Training for Employees and Officials
be trained according to the City’s Debt Management Policy. The training is designed to meet the requirements of applicable securities laws and the City’s Debt Management Policy.
The annual training took place in December 2021.
FISCAL IMPACT:
There is no direct fiscal impact associated with this action.
COMMITTEE RECOMMENDATION:
This item has not gone before a committee.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving requirements for annual training of certain City of Modesto employees and officials regarding municipal disclosure responsibilities.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Training Presentation
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1 MODESTO CITY COUNCIL
RESOLUTION NO. 2022-
RESOLUTION APPROVING REQUIREMENTS FOR ANNUAL TRAINING OF
CERTAIN CITY OF MODESTO EMPLOYEES AND OFFICIALS REGARDING THE
MUNICPAL DISCLOSURE RESPONSIBLITIES
WHEREAS, as an issuer of municipal securities, the City’s employees and officials must regularly review their responsibilities and internal processes to ensure continuing compliance with the Securities Act, and
WHEREAS, the City’s Debt Management Policy includes language requiring annual training for certain City employees and officials, and
WHEREAS, the City contracts with Norton Rose Fulbright to provide legal counsel for bonds and related issues, and
WHEREAS, the training presented under the Attachment – Training Presentation will be designed to meet the requirements of applicable securities laws and the City’s Debt Management Policy.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the training presentation provided by Norton Rose Fulbright as satisfying the annual training requirement of the City’s Debt Management Policy for certain City of Modesto employees and officials regarding municipal disclosure responsibilities.
The foregoing resolution was introduced at regular meeting of the Council of the City of Modesto held on the 1st day of, March 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
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2 AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: ____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _______________________________
JOSE M. SANCHEZ, City Attorney
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CITY OF MODESTO:
DISCLOSURE RESPONSIBILITIES
UNDER THE FEDERAL
SECURITIES LAWS
December 13, 2021
Presented by:
Dave Angelo Sanchez, Senior Counsel
Norton Rose Fulbright US LLP
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Why this Training?
● SEC repeatedly emphasizes that disclosure is primarily the issuer’s responsibility because issuer officials and staff are in the best position to know material facts. Recent actions brought against California school districts have reinforced that point. ● Issuer should raise material facts for outside counsel to analyze for securities law purposes
● Training on disclosure roles and responsibilities as well as disclosure policies can demonstrate the “reasonableness” of an issuer’s actions with respect to disclosure decisions.
.
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Federal Securities Laws
● 1933 Act and 1934 Act
● 1933 Act has two substantive rules:
– Registration requirement
– Antifraud rule
● Municipal securities are exempt from the registration requirement, but are subject to antifraud rule
● What does fraud mean in this context? Can’t “obtain money” by means of any untrue statement of a material fact or by a misleading omission.
● ‘34 Act and Rule 10b-5 have similar language (10b-5 certificate) #9..
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SEC Initiatives
● SEC Enforcement Division has a specialized Unit focused on Public Finance Abuse – 30+ attorneys around the country. ● Dodd-Frank Act has given SEC new power to obtain fines in administrative actions. This means the SEC
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When do Disclosure Rules Apply?
● Primary Disclosure/new offerings (POS and Official Statement):
Issuer has primary responsibility because issuer and issuer officials and staff are in best position to know material facts. ● Annual report under Rule 15c2-12 (continuing disclosure) ● Any other circumstance where an Issuer is “speaking to the market” such as voluntary disclosure. Generally no requirement to update or correct statements previously made – even Rule 15c2- 12 does not require a notice filing for “other material events.” #9..
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Levels of Potential Guilt Under Anti-fraud Rules
● Negligence (Rule 17(a)(2))
● Recklessness (Rule 17(a)(2) or Rule 10b-5)
● Intent to defraud (“scienter”) (Rule 17(a)(2) or Rule 10b-5) ● If anti-fraud rules can be boiled down to the admonition “don’t lie,” the fact that certain charges can be brought by the SEC based on negligence means that the test really is “don’t accidentally lie.” This includes neglecting to mention material information as well as including inaccurate information.
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Possible Sanctions for Anti-fraud Violations
● In SEC’s view, prior use of “cease and desist” orders did not send strong enough message to issuers and issuer officials and staff. ● SEC increasingly imposing sanctions on individual municipal officials.
These generally involve civil penalties and bars from the industry.
May involve separate legal representation and cost to the individual. ● Investors may also bring an action against an issuer if they can demonstrate reliance on and damages from false or misleading disclosure made intentionally or recklessly (but not negligently). ● Primary risk is an SEC action because it is easier to show negligence and there is no requirement to show monetary harm.
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Possible Sanctions for Anti-fraud Violations
● In extreme cases, the SEC may refer a case to the DOJ and criminal actions may be brought, with penalties that may include imprisonment. ● Other consequences of SEC actions include
– (i) fees for lawyers and expert witnesses,
– (ii) adverse publicity and political upheaval,
– (iii) loss of market access or increased borrowing costs (rating downgrades, loss of investor confidence, higher credit provider fees), and
– (iv) costly ongoing requirements to impose procedures and oversight of bond issues
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The “Materiality” Standard
● “[w]hether or not there is a substantial likelihood that a reasonable investor or prospective investor would consider the information important in deciding whether or not to invest.”
● Materiality is determined in context of all the facts and circumstances, but usually on a retroactive basis in court cases or SEC enforcement actions.
● When information pertains to a possible future event, “materiality will depend at any given time upon a balancing of both the indicated probability that the event will occur and the anticipated magnitude of the event.”
● Cannot reduce materiality to a set percentage of revenues (5%). This can be a helpful point to start discussion but other factors will apply. #9..
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SEC Guidance on Materiality – Accounting Issues
● Staff Accounting Bulletin No. 99
https://www.sec.gov/interps/account/sab99.htm
● Cannot reduce materiality to a set percentage of revenues (5%). This can be a helpful point to start discussion but other factors will apply. – Among the factors identified by the SEC that could make a quantitatively small misstatement material are –
– whether the misstatement arises from an item capable of precise measurement or whether it arises from an estimate and, if so, the degree of imprecision inherent in the estimate
– whether the misstatement masks a change in earnings or other trends – whether the misstatement hides a failure to meet expectations for the enterprise
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SEC Guidance on Materiality – Accounting Issues
– whether the misstatement changes a loss into income or vice versa – whether the misstatement affects the issuer’s compliance with regulatory requirements
– whether the misstatement affects the issuer’s compliance with loan covenants or other contractual requirements (Westlands) – whether the misstatement has the effect of increasing management’s compensation – for example, by satisfying requirements for the award of bonuses or other forms of incentive compensation
– whether the misstatement involves concealment of an
unlawful transaction
– This is not an exhaustive list of the circumstances that may affect the materiality of a quantitatively small misstatement
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“Bespeaks Caution” Doctrine
● Optimistic forecasts or projections in an offering document are not fraudulent when accompanied by specific disclaimers or warnings of the risks associated with the investment.
● SEC Staff recently underscored the importance of this doctrine in encouraging issuers to provide more voluntary disclosure about COVID-19 impacts
● Bottom line – it is OK if your projections don’t come to pass a long as they were reasonable (and not manipulated) at the time they were made.
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Disclosure Regarding Complex, Uncertain and
Evolving Risks (COVID-19/Cybersecurity/Climate)
● In early 2019 SEC Staff provided guidance (non-binding) on how to provide disclosure about complex and evolving risks. ● Guidance would be applicable to COVID-19 issues.
● Merely stating that a risk exists and that it is an uncertain risk that could materially and adversely affect the issuer was considered to be “insufficient” to guide investors in a meaningful manner. ● Rather, disclosure on each of these topics should focus on what the issuer (City of Modesto) is actually knows about how the risk impacts them.
● Should also disclose what the City is doing with respect to each type or disclose that it has not yet taken any action.
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Roles of Professionals with Respect to Disclosure
Why doesn’t paying all of these professionals for their services absolve the City and City officials and staff of responsibility for disclosure misstatements and omissions?
● Disclosure Counsel
● Bond Counsel
● Issuer’s Counsel
● Underwriters and Underwriter’s Counsel
● Municipal Advisor
● Accountants
● Feasibility Consultants
Most do not have an obligation to verify information provided by the City. (Allen Park)
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Proper Reliance on Professionals by Issuers
● City of Miami. Required elements:
– (i) Did you make complete disclosure to the professional regarding the issue,
– (ii) Did you explicitly seek professional advice as to the appropriateness of the conduct (mere participation in the transaction is not enough), – (iii) Did you receive advice that the conduct was appropriate and – (iv) Did you rely on that advice in good faith.
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● Orange County, California – Governing Board Responsibility – What happened? Orange County filed for bankruptcy after a substantial drop in the value of its County investment pools.
Amongst other things, County did not disclose its economic reliance on the investment results in the County investment pools and the risks of its investment strategy.
– What did the SEC do? Order against the issuer officials (treasurer and assistant treasurer) stated that the treasurer and assistant treasurer acted with intent since they were involved in the daily management of the Orange County Investment Pools and directed the investments, giving them actual knowledge of material facts misstated or omitted from the Official Statements.
SEC Enforcement Actions – Lessons for Issuers
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● Orange County, California – Governing Board Responsibility ● SEC issued a Report of Investigation concerning the conduct of individual members of the Board of Supervisors. SEC found that:
– the Board of Supervisors should have investigated and ensured adequate disclosure of the County’s finances;
– Important fact was that Treasurer was supposed to provide periodic reports to Board on investments and had missed required reports – the Board of Supervisors cannot rely on its professional advisors for information within its knowledge, for example, budget information; and – officials cannot authorize disclosure known to be false or that omit information.
– Board approval of disclosure documents (or review and comment by the Board) is considered as part of the reasonableness of the overall disclosure process (see discussion on control person liability).
SEC Enforcement Actions – Lessons for Issuers
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● Allen Park, Michigan – Control Person Liability for Municipal Officials
● SEC focused on the Mayors’ status as a person of control within the structure of the City of Allen Park. The SEC is not required to prove that control persons have knowledge of fraudulent activity.
Participation in the fraud is unnecessary just that the official had oversight responsibility. Issuer must supply the defense that they “acted in good faith.” Section 20(a) of the 1934 Act. (OC Example) ● Control person liability poses new risks for municipal officials.
The implementation of disclosure policies and procedures as well as training programs may help establish the “good faith” defense for issuer officials and staff in supervisory positions.
SEC Enforcement Actions – Lessons for Issuers
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● Sweetwater and Montebello, California – Issuer and Issuer Official Responsibility
● What happened? Montebello's independent auditor repeatedly raised concerns about allegations of fraud at the District. The SEC alleged that a District official concealed the audit firm's concerns by providing deceptive updates about the status of its pending audit to various gatekeepers, including disclosure counsel.
● In Sweetwater the District failed to account for salary increases when it adopted a budget and then withheld from transaction team internal reports that showed that expenses were coming in over budget.
SEC Enforcement Actions – Lessons for Issuers
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● What did the SEC do? In Montebello the SEC charged the interim superintendent (had been in job six weeks) and the chief business officer including with control person liability. Although interim superintendent was not the main one involved in the fraud, SEC found that he did not review offering documents before certifying its content and did not conduct any diligence before signing the certificates. $10,000 fine.
● In Sweetwater both the District and the former CFO were charged.
Sweetwater CFO banned from future municipal bond offerings and $28,000 fine.
SEC Enforcement Actions – Lessons for Issuers
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● SEC Rule 15c2-12 governs underwriter conduct and generally requires underwriters in primary offerings to –
– obtain, review and distribute to potential investors copies of the Issuer’s “deemed final” Official Statement (which Official Statement includes a description of any instances in the previous five years in which the obligated person or persons failed to comply, in all material respects, with any previous commitment to provide continuing disclosure); and – obtain a written undertaking of the Issuer or obligated person that it will (a) provide “annual financial information” as required by Rule 15c2-12 and (b) file timely notices of certain enumerated events.
Continuing Disclosure
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● Annual Reports must include updated financial information and operating data. “Annual financial information” is financial information or operating data of the type included in the final Official Statement. ● Pay attention to what the City has promised to do (included in disclosure policy)
● Notification of specified “enumerated events,” for which written notification must be filed within 10 business days of the occurrence of the event.
Key Provisions of Continuing Disclosure Agreement
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● Audited Financial Reports
● Information (i.e. tables) identified in Continuing Disclosure Undertakings (in disclosure policy)
● Additional voluntary information
● Consider Rule 10b-5 implications – is there more you should be saying? ● Has anything happened since the date of the audited financial reports that has materially impacted your financial condition? COVID-19 has made this particular point very important because last year’s audited financials could not have anticipated the impact of COVID-19. Presenting them now requires additional context.
Content of Annual Reports
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● Again, when preparing the annual report you have to consider Rule 10b-5 implications – is there more you should be saying? ● Because of that the annual report and the responsibility for identifying “enumerated events” has an internal process identified to make sure that material information does not slip through the cracks. ● Any questions about the continuing disclosure process? Continuing Disclosure Process
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● Input from involved staff and officials with the best knowledge about issues that materially affect disclosure (e.g. counsel with respect to significant (material) litigation).
● Empower staff at all levels to critically examine information to be provided to investors
● Politically sensitive information still must be disclosed (greed can be the downfall of corporate issuers – sometimes politics is the downfall of municipal issuers). Reluctance to raise tax or utility rates can also cause issues for municipal entities.
Primary Offering Process (Drafting POS/OS)
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● Provide main points but do not overwhelm readers with detail – remember the big picture of explaining what revenue sources (security) is being used to repay the bonds and disclosing things that can affect the availability of that revenue source (materiality). ● Highlight important developments or events that could affect the pledged revenue source appropriately
● Focus on developments specific to the City and not general market forces
● Bringing all these factors together into final product is ongoing process of give and take.
Disclosure Principles (All Disclosure Documents)
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● Disclosure team should be aware of the progression of an offering – POS/sale/final OS/closing
● Supplements are possible
– Can be disruptive after sale
● Be mindful of public actions or releases likely to occur – Interim financials, budgets, litigation developments, other interim reports Timing Considerations for Bond Sale
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● Complete and transparent disclosure with respect to the specific security being sold is essential
● Remember antifraud violations can arise from negligence and not an intent to deceive.
● Officials participating in the disclosure process must be in a position to know material information with respect to that security (i.e., “the right people must be in the room”)
● Your hired professionals can only help if they know this material information with respect to the City – generally outside counsel and advisors do not have a duty to do an independent investigation of facts about the City – they assist you based on the facts that you communicate to them.
● SEC increasingly bringing charges against individual municipal officials
Summary
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: January 24, 2022
TO: Mayor & City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: William Wong, Director of Utilities
SUBJECT: Approve an Increase of Purchase with Allsteel, Inc. for Modular Systems Furniture for the Sutter Plant Offices CONTACT: William Wong, Director of Utilities, [email protected], 209-571-5801 DESCRIPTION:
Consider approving an increase of purchase with Allsteel Inc., Muscatine, IA, for the procurement of modular systems furniture for the Sutter Plant Offices by $34,691 from $45,157, plus $3,469 in contingency (if needed) for a revised total amount not to exceed $83,317. (Funding Source: Wastewater Fund)
STRATEGIC PLAN ELEMENT:
The recommended action supports the 2020-2025 City’s Strategic Plan Initiatives, Goal D:
Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance and sustainability efforts.
BACKGROUND:
The City’s Primary Treatment Plant (Sutter Plant) serves as the main office for the Wastewater Division, which includes Wastewater Operations and Maintenance as well as Environmental Compliance Services. Recent staffing and organizational adjustments, along with aged office furniture that does not meet current ergonomic requirements have led to modifications and modernization of the modular systems furniture within the offices.
DISCUSSION:
On October 24, 2016 the State of California’s Department of General Services Procurement Division entered into Contract No.1-16-71-52 with Allsteel Inc. to provide Modular Systems Furniture to the State of California. Under the terms of the contract local government agencies are extended the same rights and privileges as the State.
Allsteel was initially contracted to supply the modular systems furniture for the Environmental Compliance Services Offices. Considerations for additional modular systems furniture for the SCADA and Administrative Offices were then also recommended. #10..
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City Council, March 1, 2022
Approve an Increase of Purchase with Allsteel, Inc.
for Modular Systems Furniture for the Sutter Plant Offices
Environmental Compliance Services:
The existing cubicle configuration in the Environmental Compliance Services Office required adjustments to accommodate additional work stations. Staff coordinated with Purchasing to utilize Allsteel to provide the proposed modular system furniture layouts and configurations.
The reconfigured space allowed the expansion of the groups administrative area including a new office space for the division supervisor. Cubical walls were also raised to allow for increased privacy, noise reduction, and to address health and safety concerns.
SCADA Office:
The Supervisory Control and Data Acquisition (SCADA) Control Room provides Operations staff a 24-hour, 7 day a week location to view, control and monitor all of the City of Modesto’s collection lift stations, water system pressure zones, and treatment plants.
The existing furniture is more than 25 years old and is showing the associated signs of wear and tear. Over the years, Maintenance staff has performed repairs and periodic cleanings in an effort to extend the useful life of the items. After considering the available options, staff is proposing that the existing furniture be replaced, along with increasing the number of workstations, leading to a more ergonomic, productive, and efficient use of the space.
Administration Office:
Over the last two years, staff has been working toward a goal of greater efficiencies through cross-training and more effective leadership of the Wastewater Administration staff. A Utility Dispatch Supervisor and a Senior Administrative Office Assistant position have been hired to lead the Administrative staff. This action will help reduce silos and efficiencies will be gained through shared resources.
To facilitate the Division’s shared resource goals, Wastewater Administrative staff from Building Two at the Sutter Plant have been relocated to the administration/reception area near the entrance of Building One. There is room in that area for two additional workstations to accommodate the relocation of these staff members. The workstations selected will include partitions with built-in windows, which will provide privacy for performing confidential work while still allowing for good customer service to both internal and external customers and will meet the ergonomic needs of staff.
Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services to be formally bid. However, exceptions to the formal bidding process are granted in MMC 8-3.204(d) “Where the Purchasing Manager, in his or her discretion, determines that a process other than the formal bid procedure set for in Section 8-3.203 will result in procurement for the City at the lowest possible cost commensurate with the desired quality.” In addition, MMC 8-3.202(d) encourages the Purchasing Manager to join with the State of California and other units of government in cooperative purchasing plans when the best cost savings interest of the City would be served.
FISCAL IMPACT:
Funds to cover the expenses associated with the modernization of the workstations at the Sutter Plant are available in the FY 2021/22 Operating Budget:
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City Council, March 1, 2022
Approve an Increase of Purchase with Allsteel, Inc.
for Modular Systems Furniture for the Sutter Plant Offices
COMMITTEE RECOMMENDATION:
This item was considered by the Finance Committee at the January 24, 2022 meeting where it was recommended that it be forwarded to Council.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving an increase of purchase with Allsteel Inc., Muscatine, IA, for the procurement of modular systems furniture for the Sutter Plant Offices by $34,691 from $45,157, plus $3,469 in contingency (if needed) for a revised total amount not to exceed $83,317, and authorizing the Purchasing Manager, or her designee to execute the Purchase Order.
Approved by:
William Wong, Director of Utilities
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. Vendor Quotes
#10..
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1 2022-
MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION APPROVING AN INCREASE OF PURCHASE WITH
ALLSTEEL INC., MUSCATINE, IA, FOR THE PROCUREMENT OF
MODULAR SYSTEMS FURNITURE FOR THE SUTTER PLANT OFFICES BY $34,691 FROM $45,157, PLUS $3,469 IN CONTINGENCY (IF NEEDED) FOR A REVISED TOTAL AMOUNT NOT TO EXCEED $83,317, AND AUTHORIZING
THE PURCHASING MANAGER, OR HER DESIGNEE TO EXECUTE THE
PURCHASE ORDER
WHEREAS, the City’s Primary Treatment Plant (Sutter Plant) serves as the main office for the Wastewater Division, which includes Wastewater Operations and Maintenance as well as Environmental Compliance Services, and WHEREAS, recent staffing and organizational adjustments, along with aged office furniture that does not meet current ergonomic requirements have led to modifications and modernization of the modular systems furniture within the offices, and WHEREAS, on October 24, 2016 the State of California’s Department of General Services Procurement Division entered into Contract No.1-16-71-52 with Allsteel Inc. to provide Modular Systems Furniture to the State of California, and WHEREAS, under the terms of the contract local government agencies are extended the same rights and privileges as the State, and WHEREAS, Allsteel, Inc. was initially contracted to supply the modular systems furniture for the Environmental Compliance Services Offices; Considerations for additional modular systems furniture for the SCADA and Administrative Offices were then also recommended, and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves an increase in purchase with Allsteel, Inc., Muscatine, IA, for the #10..
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2 2022-
procurement of modular systems furniture for the Sutter Plant Offices by $34,691 from $45,157, plus $3,469 in contingency (if needed) for a revised total amount not to exceed $83,317.
BE IT FURTHER RESOLVED that the Purchasing Manager, or her designee, is hereby authorized to execute the purchase order.
#10..
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3 2022-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 1st day of March 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
By: _______________________________________
JOSE M. SANCHEZ, City Attorney
#10..
- 293 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
PLEASE REVIEW THIS QUOTE CAREFULLY BEFORE SIGNING
MAKE PURCHASE ORDER OUT TO:
ALLSTEEL, INC.
C/O CAMPBELL KELLER
2210 SECOND AVENUE
MUSCATINE, IA 52761-5257
MSF CONTRACT # 1-16-71-52
MAIL PURCHASE ORDER TO:
CAMPBELL KELLER
ATTN:
3041 65TH ST, STE
3 SACRAMENTO, CA 95820
OR FAX TO 916-737-3305
PLEASE REMIT PAYMENT TO:
ALLSTEEL
4 2 TK06524W
R
STRUCTURAL RACEWAY PNL FR-NO 83.76 167.52
TOP TRIM 65HX24W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2465M
List Price: 349.00
Discount Off List: 76.00 %
5 2 TKG46524
T
TER TACKABLE ACOUSTIC TILE 65H 54.00 108.00
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2465M
List Price: 225.00
CONTINUED...
PAGE 1
#10..
- 294 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
Discount Off List: 76.00 %
6 2 TKG46524
T
TER TACKABLE ACOUSTIC TILE 65H 54.00 108.00
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2465M
List Price: 225.00
Discount Off List: 76.00 %
7 2 TK324PT RADIUS TOP TRIM 24W 10.32 20.64
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2465M
List Price: 43.00
Discount Off List: 76.00 %
8 2 TK06530W
R
STRUCTURAL RACEWAY PNL FR-NO 86.40 172.80
TOP TRIM 65HX30W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3065MG
List Price: 360.00
Discount Off List: 76.00 %
9 4 TKSK30 TER 30W SEGMENT KIT 5.76 23.04
Tag(s): 3065MG
List Price: 24.00
Discount Off List: 76.00 %
10 2 TK42230G
K
TER GLAZED TILE KIT 22.5H X 168.48 336.96
30W
$(P1) P1 Paint Opts
CONTINUED...
PAGE 2
#10..
- 295 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
.P28 Fossil
.C Clear Glass
Tag(s): 3065MG
List Price: 702.00
Discount Off List: 76.00 %
11 2 TKG44230
T
TER TACKABLE ACOUSTIC TILE 42H 42.48 84.96
X 30W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3065MG
List Price: 177.00
Discount Off List: 76.00 %
12 2 TKG44230
T
TER TACKABLE ACOUSTIC TILE 42H 42.48 84.96
X 30W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3065MG
List Price: 177.00
Discount Off List: 76.00 %
13 2 TK330PT RADIUS TOP TRIM 30W 12.24 24.48
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3065MG
List Price: 51.00
Discount Off List: 76.00 %
14 6 TK06536W
R
STRUCTURAL RACEWAY PNL FR-NO 89.76 538.56
TOP TRIM 65HX36W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665M
CONTINUED...
PAGE 3
#10..
- 296 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
List Price: 374.00
Discount Off List: 76.00 %
15 6 TKG46536
T
TER TACKABLE ACOUSTIC TILE 65H 69.60 417.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665M
List Price: 290.00
Discount Off List: 76.00 %
16 6 TKG46536
T
TER TACKABLE ACOUSTIC TILE 65H 69.60 417.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665M
List Price: 290.00
Discount Off List: 76.00 %
17 6 TK336PT RADIUS TOP TRIM 36W 14.64 87.84
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665M
List Price: 61.00
Discount Off List: 76.00 %
18 2 TK06536W
R
STRUCTURAL RACEWAY PNL FR-NO 89.76 179.52
TOP TRIM 65HX36W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665MG
List Price: 374.00
Discount Off List: 76.00 %
PAGE 4
#10..
- 297 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
19 4 TKSK36 TER 36W SEGMENT KIT 6.00 24.00
Tag(s): 3665MG
List Price: 25.00
Discount Off List: 76.00 %
20 2 TK42236G
K
TER GLAZED TILE KIT 22.5H X 177.60 355.20
36W
$(P1) P1 Paint Opts
.P28 Fossil
.C Clear Glass
Tag(s): 3665MG
List Price: 740.00
Discount Off List: 76.00 %
21 2 TKG44236
T
TER TACKABLE ACOUSTIC TILE 42H 46.80 93.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665MG
List Price: 195.00
Discount Off List: 76.00 %
22 2 TKG44236
T
TER TACKABLE ACOUSTIC TILE 42H 46.80 93.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665MG
List Price: 195.00
Discount Off List: 76.00 %
23 2 TK336PT RADIUS TOP TRIM 36W 14.64 29.28
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665MG
CONTINUED...
PAGE 5
#10..
- 298 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
List Price: 61.00
Discount Off List: 76.00 %
24 2 A6REC3S3
LCF
A6 3 STAGE 3 LEG RECTANGLE C 730.32 1,460.64
FOOT
$(P1) P1 Paint Opts
.P8L Nickel
.X Standard Glide
.PDL Paddle
List Price: 3043.00
Discount Off List: 76.00 %
25 2 ALED31U6
0 31" DAISY CHAIN STARTER W/ 298.80 597.60
POWER SUPPLY
List Price: 1245.00
Discount Off List: 76.00 %
26 2 ALED31UJ
MP30
31" DAISY CHAIN LIGHT 170.16 340.32
List Price: 709.00
Discount Off List: 76.00 %
27 3 ELF842NB ESS LAT 42W 28H 2-12" DRWS BEV 359.52 1,078.56 PULL
$(P1) P1 Paint Opts
.P28 Fossil
.OMT omt Core to Ord key Alike
List Price: 1498.00
Discount Off List: 76.00 %
28 6 L919492 DOUBLE RAIL HANGING FILE 12.48 74.88
RACKS(PACK OF 2)
List Price: 52.00
CONTINUED...
PAGE 6
#10..
- 299 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
Discount Off List: 76.00 %
29 4 OH1536FD 15H X36W FLIPPER DOOR 197.28 789.12
OVERHEAD-NO PULL
.YZ Sys:Stride-DNA-Optimize
$(P1) P1 Paint Opts
.P28 Fossil
.OMT omt Core to Ord key Alike
List Price: 822.00
Discount Off List: 76.00 %
30 4 PM187-23
3B
ESSENTIALS MOBILE PED 242.40 969.60
28HX22-7/8DX15W BEVEL PULL
$(P1) P1 Paint Opts
.P28 Fossil
.OMT omt Core to Ord key Alike
List Price: 1010.00
Discount Off List: 76.00 %
31 2 T52472S PRIMARY 24DX72W FLAT EG LAM 160.56 321.12
W/GROMMETS
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
.P Plastic Grommet
List Price: 669.00
Discount Off List: 76.00 %
32 2 T6BK WORKSURFACE BRACKET KIT 14.16 28.32
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 59.00
Discount Off List: 76.00 %
PAGE 7
#10..
- 300 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
33 1 T6CB24L CANTILEVER BRACKET 24D LH 16.56 16.56
TERRACE
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 69.00
Discount Off List: 76.00 %
34 1 T6CB24R CANTILEVER BRACKET 24D RH 16.56 16.56
TERRACE
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 69.00
Discount Off List: 76.00 %
35 4 TK365E E END TRIM RADIUS CONNKIT 65H 28.08 112.32
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 117.00
Discount Off List: 76.00 %
36 4 TK365L L 90-DEGREE RADIUS CONNKIT 65H 46.32 185.28
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 193.00
Discount Off List: 76.00 %
37 2 TKSL2429
P
TER DNA SUPPORT LEG 53.04 106.08
24DX29-1/2H
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 221.00
Discount Off List: 76.00 %
PAGE 8
#10..
- 301 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
38 3 ALKF23C CORE REMOVE LOCK KIT 5.52 16.56
.X103E Key Number 103E
List Price: 23.00
Discount Off List: 76.00 %
39 4 ALKF23C CORE REMOVE LOCK KIT 5.52 22.08
.X102E Key Number 102E
List Price: 23.00
Discount Off List: 76.00 %
40 4 ALKF23C CORE REMOVE LOCK KIT 5.52 22.08
.X101E Key Number 101E
List Price: 23.00
Discount Off List: 76.00 %
41 1 APTK TOUCH UP PAINT BRUSH QTY 1 18.24 18.24
$(P1) P1 Paint Opts
.P28 CLR: Fossil
List Price: 76.00
Discount Off List: 76.00 %
42 1 SPLA-ALT
-3672MIX
LEG
CUST ALT LAM W/S W/GROM 66"W X 200.40 200.40
36"D - 24"L X 24"R EXTENDED
LEFT
.M490293 XMN-75555
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A White TigrisFSCDeEmp6/30/21
.EH Edg: Fossil
.GB Grommet LH-RH
P Plastic Grommet
EH CLR: Fossil
List Price: 835.00
Discount Off List: 76.00 %
43 1 SPLA-ALT
-3672MIX
LEG
CUST ALT LAM W/S W/GROM 66"W X 200.40 200.40
36"D - 24"L X 24"R EXTENDED
RIGHT
CONTINUED...
PAGE 9
#10..
- 302 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
.M490348 XMN-75565
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A White TigrisFSCDeEmp6/30/21
.EH Edg: Fossil
.GB Grommet LH-RH
P Plastic Grommet
EH CLR: Fossil
List Price: 835.00
Discount Off List: 76.00 %
44 1 DESIGN DESIGN SERVICES 800.00 800.00
10 HRS X $80 PER HR:
$800.00
45 1 ASSEMBLY ASSEMBLY AND RELATED 3,200.00 3,200.00
SERVICES FOR:
TECH ROOM
PREVAILING WAGE, REGULAR HOURS
AREA MUST BE FREE AND CLEAR
PRIOR TO SCHEDULED
INSTALLATION DATE
PAGE 10
#10..
- 303 -
PROPOSAL 114246
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
***This proposal is valid for 30 days unless otherwise noted.*** ***By signing this proposal, you are acknowledging that you have reviewed the quantities, color and finish selections and are familiar with the products being ordered. All items are custom made to order and can not be returned.*** ***Delivery, Assembly and related services quoted for normal business hours with clear first floor access or access to a freight elevator (No stair carry) unless otherwise noted and quoted.***
**If wall track is included on proposal, client assumes responsibility for costs due to electrical and/or plumbing within walls.*** ***The total below is for cash/check/EFT purchases. When a credit card is used, a 3% service fee is applied to the total balance noted below. Please acknowledge by initialling if your organization will be paying by credit card _______*** PRODUCT TOTAL..: 9,944.88
ASSEMBLY.......: 3,200.00
DESIGN.........: 800.00
ACCEPTED BY____________________________ SALES TAX......: 1,098.16 ===========
DATE ACCEPTED____________ TOTAL..........: 15,043.04
PAGE 11 OF 11
#10..
- 304 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
PLEASE REVIEW THIS QUOTE CAREFULLY BEFORE SIGNING
MAKE PURCHASE ORDER OUT TO:
ALLSTEEL, INC.
C/O CAMPBELL KELLER
2210 SECOND AVENUE
MUSCATINE, IA 52761-5257
MSF CONTRACT # 1-16-71-52
MAIL PURCHASE ORDER TO:
CAMPBELL KELLER
ATTN:
3041 65TH ST, STE
3 SACRAMENTO, CA 95820
OR FAX TO 916-737-3305
PLEASE REMIT PAYMENT TO:
ALLSTEEL
4 2 TK04224W
R
STRUCTURAL RACEWAY PNL FR-NO 72.00 144.00
TOP TRIM 42 1/2HX24W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2442M
List Price: 300.00
Discount Off List: 76.00 %
5 2 TKG44224
T
TER TACKABLE ACOUSTIC TILE 42H 37.20 74.40
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2442M
List Price: 155.00
CONTINUED...
PAGE 1
#10..
- 305 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
Discount Off List: 76.00 %
6 2 TKG44224
T
TER TACKABLE ACOUSTIC TILE 42H 37.20 74.40
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2442M
List Price: 155.00
Discount Off List: 76.00 %
7 2 TK324PT RADIUS TOP TRIM 24W 10.32 20.64
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2442M
List Price: 43.00
Discount Off List: 76.00 %
8 1 TK06524W
R
STRUCTURAL RACEWAY PNL FR-NO 83.76 83.76
TOP TRIM 65HX24W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2465M
List Price: 349.00
Discount Off List: 76.00 %
9 1 TKG46524
T
TER TACKABLE ACOUSTIC TILE 65H 54.00 54.00
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2465M
List Price: 225.00
Discount Off List: 76.00 %
PAGE 2
#10..
- 306 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
10 1 TKG46524
T
TER TACKABLE ACOUSTIC TILE 65H 54.00 54.00
X 24W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 2465M
List Price: 225.00
Discount Off List: 76.00 %
11 1 TK324PT RADIUS TOP TRIM 24W 10.32 10.32
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 2465M
List Price: 43.00
Discount Off List: 76.00 %
12 10 TK04230W
R
STRUCTURAL RACEWAY PNL FR-NO 76.32 763.20
TOP TRIM 42 1/2HX30W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3042M
List Price: 318.00
Discount Off List: 76.00 %
13 10 TKG44230
T
TER TACKABLE ACOUSTIC TILE 42H 42.48 424.80
X 30W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3042M
List Price: 177.00
Discount Off List: 76.00 %
14 10 TKG44230
T
TER TACKABLE ACOUSTIC TILE 42H 42.48 424.80
X 30W
$(A) GRD A FAB
.LC FAB: Lucy
CONTINUED...
PAGE 3
#10..
- 307 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
928 Snowdrop
Tag(s): 3042M
List Price: 177.00
Discount Off List: 76.00 %
15 10 TK330PT RADIUS TOP TRIM 30W 12.24 122.40
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3042M
List Price: 51.00
Discount Off List: 76.00 %
16 2 TK04236W
R
STRUCTURAL RACEWAY PNL FR-NO 79.44 158.88
TOP TRIM 42 1/2HX36W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3642M
List Price: 331.00
Discount Off List: 76.00 %
17 2 TKG44236
T
TER TACKABLE ACOUSTIC TILE 42H 46.80 93.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3642M
List Price: 195.00
Discount Off List: 76.00 %
18 2 TKG44236
T
TER TACKABLE ACOUSTIC TILE 42H 46.80 93.60
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3642M
List Price: 195.00
CONTINUED...
PAGE 4
#10..
- 308 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
Discount Off List: 76.00 %
19 2 TK336PT RADIUS TOP TRIM 36W 14.64 29.28
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3642M
List Price: 61.00
Discount Off List: 76.00 %
20 2 TK06536W
R
STRUCTURAL RACEWAY PNL FR-NO 89.76 179.52
TOP TRIM 65HX36W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665M
List Price: 374.00
Discount Off List: 76.00 %
21 2 TKG46536
T
TER TACKABLE ACOUSTIC TILE 65H 69.60 139.20
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665M
List Price: 290.00
Discount Off List: 76.00 %
22 2 TKG46536
T
TER TACKABLE ACOUSTIC TILE 65H 69.60 139.20
X 36W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 3665M
List Price: 290.00
Discount Off List: 76.00 %
PAGE 5
#10..
- 309 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
23 2 TK336PT RADIUS TOP TRIM 36W 14.64 29.28
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 3665M
List Price: 61.00
Discount Off List: 76.00 %
24 2 TK04242W
R
STRUCTURAL RACEWAY PNL FR-NO 82.56 165.12
TOP TRIM 42 1/2HX42W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 4242M
List Price: 344.00
Discount Off List: 76.00 %
25 2 TKG44242
T
TER TACKABLE ACOUSTIC TILE 42H 52.08 104.16
X 42W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 4242M
List Price: 217.00
Discount Off List: 76.00 %
26 2 TKG44242
T
TER TACKABLE ACOUSTIC TILE 42H 52.08 104.16
X 42W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 4242M
List Price: 217.00
Discount Off List: 76.00 %
27 2 TK342PT RADIUS TOP TRIM 42W 17.52 35.04
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 4242M
CONTINUED...
PAGE 6
#10..
- 310 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
List Price: 73.00
Discount Off List: 76.00 %
28 2 TK06542W
R
STRUCTURAL RACEWAY PNL FR-NO 92.40 184.80
TOP TRIM 65HX42W
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 4265M
List Price: 385.00
Discount Off List: 76.00 %
29 2 TKG46542
T
TER TACKABLE ACOUSTIC TILE 65H 77.04 154.08
X 42W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 4265M
List Price: 321.00
Discount Off List: 76.00 %
30 2 TKG46542
T
TER TACKABLE ACOUSTIC TILE 65H 77.04 154.08
X 42W
$(A) GRD A FAB
.LC FAB: Lucy
928 Snowdrop
Tag(s): 4265M
List Price: 321.00
Discount Off List: 76.00 %
31 2 TK342PT RADIUS TOP TRIM 42W 17.52 35.04
$(P1) P1 Paint Opts
.P28 Fossil
Tag(s): 4265M
List Price: 73.00
Discount Off List: 76.00 %
PAGE 7
#10..
- 311 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
32 2 ALED31U 31" UNDERCABINET LED LIGHT W/ 283.44 566.88
POWER SUPPLY
List Price: 1181.00
Discount Off List: 76.00 %
33 2 ALKF23C CORE REMOVE LOCK KIT 5.52 11.04
.X102E Key Number 102E
List Price: 23.00
Discount Off List: 76.00 %
34 2 ALKF23C CORE REMOVE LOCK KIT 5.52 11.04
.X101E Key Number 101E
List Price: 23.00
Discount Off List: 76.00 %
35 1 ALKF23C CORE REMOVE LOCK KIT 5.52 5.52
.X104E Key Number 104E
List Price: 23.00
Discount Off List: 76.00 %
36 1 ALKF23C CORE REMOVE LOCK KIT 5.52 5.52
.X103E Key Number 103E
List Price: 23.00
Discount Off List: 76.00 %
37 1 ALKF23C CORE REMOVE LOCK KIT 5.52 5.52
.X105E Key Number 105E
List Price: 23.00
Discount Off List: 76.00 %
38 1 ALKF23C CORE REMOVE LOCK KIT 5.52 5.52
.X106E Key Number 106E
List Price: 23.00
Discount Off List: 76.00 %
PAGE 8
#10..
- 312 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
39 1 APTK TOUCH UP PAINT BRUSH QTY 1 18.24 18.24
$(P1) P1 Paint Opts
.P28 CLR: Fossil
List Price: 76.00
Discount Off List: 76.00 %
40 2 OH1542FD 15H X42W FLIPPER DOOR 206.40 412.80
OVERHEAD-NO PULL
.YZ Sys:Stride-DNA-Optimize
$(P1) P1 Paint Opts
.P28 Fossil
.OMT omt Core to Ord key Alike
List Price: 860.00
Discount Off List: 76.00 %
41 6 PM187-23
3B
ESSENTIALS MOBILE PED 242.40 1,454.40
28HX22-7/8DX15W BEVEL PULL
$(P1) P1 Paint Opts
.P28 Fossil
.OMT omt Core to Ord key Alike
List Price: 1010.00
Discount Off List: 76.00 %
42 2 T52430S PRIMARY 24DX30W FLAT EG LAM 84.48 168.96
W/GROMMET
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
.P Plastic Grommet
List Price: 352.00
Discount Off List: 76.00 %
43 2 T52442S PRIMARY 24DX42W FLAT EG LAM 106.56 213.12
W/GROMMETS
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
CONTINUED...
PAGE 9
#10..
- 313 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
.P Plastic Grommet
List Price: 444.00
Discount Off List: 76.00 %
44 1 T53042S PRIMARY 30DX42W FLAT EG LAM 117.84 117.84
W/GROMMETS
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
.P Plastic Grommet
List Price: 491.00
Discount Off List: 76.00 %
45 2 T53060S PRIMARY 30DX60W FLAT EG LAM 155.04 310.08
W/GROMMETS
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
.P Plastic Grommet
List Price: 646.00
Discount Off List: 76.00 %
46 1 T53072S PRIMARY 30DX72W FLAT EG LAM 181.68 181.68
W/GROMMETS
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
.P Plastic Grommet
List Price: 757.00
Discount Off List: 76.00 %
47 2 T53624CR CORNER 24DX36W W/RADIAL 160.32 320.64
LEADING EG FLAT W/GRO
$(L1FSCPT) L1 FSC Pattern Lam Opts
.FSCLT2A CLR: White Tigris -FSC Certifd
.EH Edg: Fossil
CONTINUED...
PAGE 10
#10..
- 314 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
.P Plastic Grommet
List Price: 668.00
Discount Off List: 76.00 %
48 7 T6BK WORKSURFACE BRACKET KIT 14.16 99.12
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 59.00
Discount Off List: 76.00 %
49 9 T6CB24L CANTILEVER BRACKET 24D LH 16.56 149.04
TERRACE
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 69.00
Discount Off List: 76.00 %
50 6 T6CB24R CANTILEVER BRACKET 24D RH 16.56 99.36
TERRACE
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 69.00
Discount Off List: 76.00 %
51 1 TKEP3029
PR
DNA PNL MNT RH 30DX29-1/2H END 65.76 65.76
PNL SUPT
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 274.00
Discount Off List: 76.00 %
52 2 TK322H HIGH/LOW RADIUS CONNECTOR KIT 21.12 42.24
22H
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 88.00
CONTINUED...
PAGE 11
#10..
- 315 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
Discount Off List: 76.00 %
53 4 TK342E E END TRIM RADIUS CONNKIT 42H 22.80 91.20
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 95.00
Discount Off List: 76.00 %
54 7 TK342L L 90-DEGREE RADIUS CONNKIT 42H 42.72 299.04
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 178.00
Discount Off List: 76.00 %
55 1 TK365E E END TRIM RADIUS CONNKIT 65H 28.08 28.08
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 117.00
Discount Off List: 76.00 %
56 1 TK365T T 3-WAY RADIUS CONNKIT 65H 46.32 46.32
BASE PNL
$(P1) P1 Paint Opts
.P28 Fossil
List Price: 193.00
Discount Off List: 76.00 %
57 1 DESIGN DESIGN SERVICES 15HRSX$65PER 975.00 975.00
HR:
$975.00
PAGE 12
#10..
- 316 -
PROPOSAL 114000
DATE 10/01/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
58 1 ASSEMBLY ASSEMBLY AND RELATED 4,267.00 4,267.00
SERVICES FOR:
PREVAILING WAGE, REGULAR HOURS
AREA MUST BE FREE AND CLEAR
PRIOR TO SCHEDULED
INSTALLATION DATE
***This proposal is valid for 30 days unless otherwise noted.*** ***By signing this proposal, you are acknowledging that you have reviewed the quantities, color and finish selections and are familiar with the products being ordered. All items are custom made to order and can not be returned.*** ***Delivery, Assembly and related services quoted for normal business hours with clear first floor access or access to a freight elevator (No stair carry) unless otherwise noted and quoted.***
**If wall track is included on proposal, client assumes responsibility for costs due to electrical and/or plumbing within walls.*** ***The total below is for cash/check/EFT purchases. When a credit card is used, a 3% service fee is applied to the total balance noted below. Please acknowledge by initialling if your organization will be paying by credit card _______*** PRODUCT TOTAL..: 8,778.72
ASSEMBLY.......: 4,267.00
DESIGN.........: 975.00
ACCEPTED BY____________________________ SALES TAX......: 1,104.13 ===========
DATE ACCEPTED____________ TOTAL..........: 15,124.85
PAGE 13 OF 13
#10..
- 317 -
PROPOSAL 114000A
DATE 10/04/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
PLEASE REVIEW THIS QUOTE CAREFULLY BEFORE SIGNING
MAKE PURCHASE ORDER OUT TO:
ALLSTEEL, INC.
C/O CAMPBELL KELLER
2210 SECOND AVENUE
MUSCATINE, IA 52761-5257
MSF CONTRACT # 1-16-71-52
MAIL PURCHASE ORDER TO:
CAMPBELL KELLER
ATTN:
3041 65TH ST, STE
3 SACRAMENTO, CA 95820
OR FAX TO 916-737-3305
PLEASE REMIT PAYMENT TO:
ALLSTEEL
MSF STATE ANCILLARY CONTRACT
#A456
4 6 DWW-MHWN
O
EVO TASK MESH HIGH BACK CHAIR 698.78 4,192.68
4D ADJ ARMS NO FC
.BLK Black
.D Dusk
.L Yes
.2 Standard
.BLK Black
.H Black Hard Tread
$(3) Grd 3 Uph
.SX Moxie
23 Basalt
.TC00 Coordinating
CONTINUED...
PAGE 1
#10..
- 318 -
PROPOSAL 114000A
DATE 10/04/21
PROJECT #640-3
ADENA PETERSON
PROPOSAL FOR: INSTALL AT:
CITY OF MODESTO CITY OF MODESTO
APVENDORS@MODESTOGOV COM 1221 SUTTER ST
PO BOX 642 WATER QUALITY AGENCY
MODESTO CA 95353-0642 MODEST0 CA 95351
# QTY PRODUCT DESCRIPTION SELL EXTENDED
List Price: 1331.00
Discount Off List: 47.50 %
***This proposal is valid for 30 days unless otherwise noted.*** ***By signing this proposal, you are acknowledging that you have reviewed the quantities, color and finish selections and are familiar with the products being ordered. All items are custom made to order and can not be returned.*** ***Delivery, Assembly and related services quoted for normal business hours with clear first floor access or access to a freight elevator (No stair carry) unless otherwise noted and quoted.***
**If wall track is included on proposal, client assumes responsibility for costs due to electrical and/or plumbing within walls.*** ***The total below is for cash/check/EFT purchases. When a credit card is used, a 3% service fee is applied to the total balance noted below. Please acknowledge by initialling if your organization will be paying by credit card _______*** PRODUCT TOTAL..: 4,192.68
ACCEPTED BY____________________________ SALES TAX......: 330.17 ===========
DATE ACCEPTED____________ TOTAL..........: 4,522.85
PAGE 2 OF 2
#10..
- 319 -
#10..
- 320 -
CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 8, 2022
TO: Mayor & City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jose M. Sanchez, City Attorney
SUBJECT: Presentation of Recommended Council District Map from the Citizens’ Districting Commission
CONTACT: Jose M. Sanchez, City Attorney, 209-577-5284, [email protected] DESCRIPTION:
Presentation of Recommended Council District Map from the Citizens’ Districting Commission and Public Hearing to receive public input. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:
This item is related to the 2020-2025 Strategic Plan goal of promoting trust and engagement.
BACKGROUND:
Like many cities throughout California, Modesto utilizes a district-based system of electing Council Members. After each decennial U.S. census, cities with district-based systems must “redistrict” to adjust the boundaries of the council members’ districts using the new census data.
What this means is that every ten years, Council Member Districts must be examined and potentially redrawn so that each district is substantially equal in population. Redistricting determines which neighborhoods and communities are grouped together into a district for purposes of electing a Council Member. As required by law, the Council Member Districts must be “substantially equal in population” based upon the results of the 2020 Census. The Council Member Districts are also required to comply with all applicable laws including the United States Constitution, the California Constitution, the FAIR MAPS Act, and the federal Voting Rights Act of 1965.
Under Section 501(b)(2) of the City Charter (“Charter”), the City Council was required to appoint a Citizens’ Districting Commission (“Commission”) tasked with the function of recommending to the Council the districts from which Council Members shall be elected. Charter Section 501(b)(3) required the City Council to appoint a Commission consisting of nine qualified electors residing within the City, reflecting the demographic and geographic diversity of the City. On September 28, 2021, by Resolution No. 2021-389 the Council appointed the following nine members to the Commission:
#11..
- 321 -
City Council, March 1, 2022
Presentation of Recommended Council District Map from the Citizens’ Districting Commission
1) Maria Basulto District 1
2) Emmanuel Becerra District 2
3) Aaron Anguiano District 3
4) Seth Simas District 3
5) Maria DeAnda District 4
6) Diane Kroeze District 4
7) Marsha Waggoner District 5
8) Marshall Riddle District 5
9) Nancy Hinton District 6
The Charter also required that “one or more, as necessary, independent consultants experienced and competent in the skills necessary for the districting work shall be utilized to assist the Commission in developing any of the Districting Plans.” On September 7, 2021, by Resolution No. 2021-336, Council approved a professional services agreement with Redistricting Partners for Demographic and Census Mapping Consultant services for the City’s Redistricting process, for an agreement total not to exceed $80,000. A First Amendment to this agreement was approved on December 14, 2021, by Resolution No. 2021- 490 to increase the not to exceed amount to $113,000. Redistricting Partners provided training, community engagement support, translation services, DistrictR drawing tool, and assistance in creation of draft boundary maps for Council consideration, while ensuring compliance with all applicable laws.
Pursuant to Charter Section 501(b)(5), the Commission was required to abide by the following procedures:
- “the Commission shall hold at least one (1) public hearing prior to adopting its Draft Districting Plan;”
- “the Draft Districting Plan shall be made available for at least seven (7) days prior to the commencement of public hearings to take public testimony and comment on the Draft Districting Plan;”
- “the Commission shall hold at least one (1) public hearing between the release of its Draft Districting Plan and the adoption of a Recommended Districting Plan by the Commission;”
- “[t]he Commission shall adopt a Recommended Districting Plan and submit it to the Council.”
Pursuant to Charter Section 501(6)(a), after the submission of the Recommended Redistricting Plan:
- “[t]he Council shall hold at least one (1) public hearing on the Recommended Districting Plan of the Commission before any adoption of a Final Districting Plan.” “[t]he Recommended Districting Plan approved by the Commission shall be available to the public for at least twenty (20) days prior to any vote by the Council to approve or disapprove the Plan.”
#11..
- 322 -
City Council, March 1, 2022
Presentation of Recommended Council District Map from the Citizens’ Districting Commission
Under the Charter, the Council may not alter the Recommended Council District Map but may only approve or disapprove the recommended Council District Map in its entirety. If the Council approves the Recommended Council District Map, it will become final. If the Council disapproves it, the reasons shall be set forth in writing and presented to the Commission for consideration.
DISCUSSION:
The Commission complied with the Charter, the FAIR MAPS Act and all legal requirements for public hearings and community outreach, including taking the steps necessary to encourage residents, including those in underrepresented communities and non-English speaking communities, to participate in the redistricting public review process.
The Commission held three Community Outreach Workshops, one Pre-Draft Map Public Hearing and four Draft Map Public Hearings during the timeframe of December 2, 2021, through February 3, 2022. The Commission offered live Spanish translation services at all public hearings and workshops. The City’s Citizens’ Districting Commission webpage explained, in both English and Spanish, the redistricting process including how to testify during a public hearing or to submit written testimony. All Commission meetings, hearings and workshops were published and advertised on the City’s Citizens’ Districting Commission webpage, shared on the City’s social media pages and with stakeholder organizations in the community. Public Hearing Notices were appropriately published in the Modesto Bee. As part of our community outreach, staff and consultant created the City’s DistrictR page and a Community of Interest Survey and community feedback was presented at meetings.
On January 8, 2022, the Commission authorized the release of three Draft Maps for community review and input. These maps were prepared by the demographer consultant taking into consideration population and census data, and the input received through the public hearing process. Each draft map has an overview, data table, individual district pages and a URL link.
The data used for redistricting included the official data from the decennial census (P.L. 94-171 redistricting data) and the American Community Survey (ACS) data (a sample survey by the Census Bureau). The decennial census data was used as the official population counts for purposes of drawing districts that are substantially equal population. Since ACS is a survey, it cannot be used for population counts. However, ACS data was used in the redistricting process by providing more detailed demographic information about Modesto’s residents and communities of interest. ACS data was also used to make sure the districts comply with the Voting Rights Act, specifically through its special tabulation on citizen voting-age population (“CVAP”). CVAP acts as the “eligible voter” population measure when determining Voting Rights Act compliance.
On January 19, 22, and 26, 2022, the Commission discussed Draft Maps, including an additional citizen drawn map. After consideration of the Draft Maps, the Commission provided direction to staff making changes to “Draft Map B”; those changes would be reflected in a new Draft Map that would be referred to as “Draft Map B2.” On January 22, 2022, the Commission discussed Draft Maps, including Draft Map B2 and provided staff with additional changes. The changes would be reflected in the new “Draft Map B3.”
On January 26, 2022, the Commission discussed Draft Maps and decided to only move forward #11..
- 323 -
City Council, March 1, 2022
Presentation of Recommended Council District Map from the Citizens’ Districting Commission
with Draft Map B3 to the next meeting. On February 2, 2022, the Commission held a Public Hearing to adopt a Recommended Council District Map and voted unanimously to recommend Draft Map B3 to Council as the Recommended Council District Map.
The Commission reviewed and provided feedback and direction on the Draft Maps consistent with all applicable redistricting law and criteria, including the Charter’s criteria for districting.
Charter Section 501(b)(4) states as follows:
“(4) Criteria for Districting. To ensure fair and effective representation for all citizens of the City, the Commission, in recommending a districting or redistricting plan, and the Council, in approving or rejecting a districting or redistricting plan, shall consider the following criteria for the districts to the extent practicable:
(A) district boundaries should be geographically compact and contiguous;
(B) district boundaries should follow visible natural and man-made features;
(C) district boundaries should respect communities of interest. A community of interest is defined as a geographic area comprised of residents who share similar interests including, but not limited to, social, cultural, ethic, geographic or economic interests, or formal government or quasi-governmental relationships, but not including relationships with political parties, incumbents, or candidates;
(D) district boundaries should be drawn without regard for advantage or disadvantage to incumbents or challengers;
(E) district boundaries should be drawn without regard for advantage or disadvantage to any political party.”
In the creation of Draft Map B3, the Commission focused on using major streets and neighborhoods to divide district boundaries. Changes to the current district boundaries include Rose Avenue as the major border running north-south through the eastside of town and becomes the border between Districts 3, 4, 5, and 6, creating a four corners alignment. La Loma Avenue and Scenic Drive are used for the borders between Districts 2, 3, and 4, which keeps the La Loma neighborhood together, and the neighborhoods north of Scenic Drive unified.
Briggsmore Avenue extends from Lakewood Avenue to Claus Road, creating a border between Districts 4 and 6. Lastly, the Airport Neighborhood in District 4 will move to District 2 and is connected by a small portion of Yosemite Avenue, Empire Avenue and Tenaya Drive. The Commission recommended that the Airport Neighborhood be included in District 2 because they believed that the communities of interest were more closely aligned with those of District 2. With the inclusion of the Airport Neighborhood in Draft Map B3, District 2’s Hispanic CVAP increases from 56.4% to 58.2%.”
Council Review
This March 1, 2022 public hearing complies with Charter Section 501(b)(6)(a), which requires the Council to hold at least one (1) public hearing on the “Recommended Districting Plan of the Commission” before any adoption of a “Final Districting Plan.” The Council will receive a report from staff and the City’s demographer consultant on the redistricting process and have the #11..
- 324 -
City Council, March 1, 2022
Presentation of Recommended Council District Map from the Citizens’ Districting Commission
opportunity to provide comments regarding the Recommended Council District Map adjusting district boundaries. The City Council will consider adoption of a Final Council District Map at the March 8, 2022 Council meeting.
Pursuant to Charter Section 501(b)(6)(C), “[t]he Council may not alter the Recommended Districting Plan submitted to it by the Commission. Rather, the Council shall either approve or disapprove such a Recommended Districting Plan in its entirety. If the Council approves the Recommended Districting Plan, it shall become the Final Districting Plan and shall be implemented. If the Council disapproves the Recommended Districting Plan, the Council shall submit in writing to the Commission the reasons for such disapproval, including any deviation by the Commission from the criteria for districting detailed in this Section. The Commission shall consider any reasons for such disapproval submitted to it by the Council and may consider alterations to the Recommended Districting Plan in response to such reasons. After such consideration, the Commission shall submit its Final Districting Plan to the Council for implementation.”
FISCAL IMPACT:
There is no cost associated with this item.
COMMITTEE RECOMMENDATION:
This item was not presented to a Council Committee, however, Citizens’ Districting Commission reviewed and approved to forward Map B3 to the City Council on February 2, 2022.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Hold a public hearing on the Recommended Council District Map submitted by the Citizens’ Districting Commission prior to considering adoption of Final Council District Map at the March 8, 2022 City Council meeting.
Approved by:
Jose M. Sanchez, City Attorney
Joseph P. Lopez, City Manager
Attachments:
1. Draft Map B3 Current Lines
2. Draft Map B3 with Data
5068645.1
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Woodland Ave
S Emerald Ave
Tenaya Dr
S Washington St
Veneman Ave
Chicago Ave
Coldwell Ave
Kiernan Ave
Sierra Dr
N Conejo Ave
Caswell Ave
Maze
Blv
Broadway Ave
N Riverside Dr
Snyder Ave
Grecian Ave
Eastridge Dr
B
e
yer P
ark
Dr
Hillglen Ave
C
al re
m
o
nt A
ve
Wylie Dr
Daly Ave
Keller St
Dallas St
Merle Ave
Central Ave
Houser Ln
S Riverside Dr
Millbrook Ave
Laramie Dr
Bridgewood Wy
13th St
E Orangeburg Ave
Dragoo Park Dr
Beverly Dr
Temescal Dr
Panama Dr
Norwegian Ave
Mechalys Wy N Mc Clure Rd
Poust Rd
Esta Ave
El Pasado Dr
Orchard Park
Wy
Colonial Dr
Manor Oak Dr
Palmwood Dr
Cheyenne Wy
E Morris Ave
Litt Rd
Belharbour Dr
Sylvan Meadows Dr
Sonoma Ave Moffett Rd
Veneman Ave N
Rose Ave
Nightingale Dr
Blaker Rd Tioga Dr
Empire Ave
California Ave
Terminal Ave
Clevenger Dr
Edgebrook Dr
Cre
e
k
wood
Dr
Boothe Rd
Mars
ala
Wy
W Morris Ave
E Rumble Rd
Lillian Dr
Claus Rd
Hashem Dr
Celeste Dr
W Union Ave
Lincoln Oak Dr
Surrey Ave
S
h
erwo
o
d
A
ve
Wood Sorrel Dr
Colum
bin
e
Dr
Carver Rd
Mount Vernon Dr
E Union Ave
Rouse Ave
Aria Wy
Dry Creek Dr
Peppermint Dr
Poppypatch Dr
Mc
Reynolds
A
ve
7th St
Encina Ave
Rosemore Ave
Middleboro Pl
9th St
Mable Ave
2nd St
4th St6th St
Nadine Ave
Vintage Dr
Ha
h
n
Dr
Fine Ave
Montana Dr
Fowler Rd
Tucson Ave
Blue Bird Dr
Virginia Ave
Edward Ave
Penny Ln
E Fairmont Ave
Miller Ave
Sunrise Ave
Bodem St
S Santa Fe Ave
Richland Ave
W Roseburg Ave E Roseburg Ave Neece Dr
La Force Dr
Evans Rd
Kodiak Dr
Conant Ave
Woodrow
Ave
Glenn Ave
S Madison St
Robertson Rd
Finney Rd
Wade
Ave
Vine St
Sharon Ave
Carver Rd
Church St
11th St
10th St
12th St
S Santa Cruz Ave
Herndon Rd
17th St
Murphy Rd
Sisk Rd
Napier Dr
Bowen Ave
Lifescapes
Dr
Maid Mariane Ln
Roselle Ave
H
eld
Dr
E Whitmore Ave
Coffee Rd
Bangs Ave
Roselawn Ave
Claribel Rd
El Roya
A
ve
Nathan Ave
Dale Rd
River Rd
Faith Home Rd
BrightonAve
BuenaVista
Bacon Rd
E Hatch Rd
Tully Rd
Railroad Ave
Norseman Dr
N Emerald Ave
S Carpenter
Rd
Hoover Ave
Claratina Ave
S C on
ejo
A
ve
Oakdale Rd
Chapman Rd
Milnes Rd
Wieland Ave
Dakota Ave
Codoni Ave
Salida Blv
S Mc Clure Rd
Spenker Ave
E Glenn Ave
Beckwith Rd
Plaza Parkway
Woodland Ave
Doherty Ave
Kiernan Ct
Paradise Rd
Garner Rd
Leckron Rd
E Whitmore Ave
Hillglen
Ave
Sutter Ave
Pelandale Ave
Dale Rd
Standiford Ave
R
ci h
al n
d
A
ve
Prescott Rd
Finch Rd
Lakewood Ave
La Loma Ave
Tuolumne Blv
E Hatch Rd
S 7th St
Tully Rd
Floyd Ave
Scenic Dr
5th St
W Rumble Rd
Kansas Ave
E Orangeburg Ave
Cro
ws
L
a
n
din
g
R
d
S Martin Luther King Dr
College Ave
Coffee Rd
E Rumble Rd
W Whitmore Ave
El
Camino
W Orangeburg Ave
19thSt
Broadway Ave
Paradise Rd
I St
1st St
J St
Lincoln Ave
Blue Gum Ave
Kiernan Ave
G St
N 9th St
B St
9th St
6th St
14th St
Morgan Rd
E Briggsmore Ave
Roselle Ave
Sylvan Ave
Yosemite Blv
Central Ave
Herndon
A
ve
Sisk Rd
Herndon Rd
Mc Henry
Ave
Beck with Rd
S
Santa
Fe
A
ve
Morse Rd
Mariposa Rd
Garner Rd
Needham Opas
MC HENRY AVE
PARADISE AVE
NEEDHAMST
OAKDALE RD
H ST
G ST
EL VISTA AVE
E WHITMORE AVE
MIT
CHE
L
L
RD
YOSEMITE BLV
N
CA
RPE
N
TE
R
RD
S 9TH ST
PARADISE RD
L ST
MAZE BLV
E BRIGGSMORE AVE
E HATCH RD
S
CA
RPE
N
TE
R
RD
D ST
W HATCH RD
K ST
W BRIGGSMORE AVE
1ST ST
9TH ST
PELANDALE AVE
CLAUS RD
SCENIC DR
1 2
3 4
5 6
City of Modesto
Recommended Council District Map
0 0.5 1 2
Miles
Date: 2/9/2022
2 Jennings Rd
West Main St
Sycamore Ave
E Las Palmas Ave
For questions or more information
please contact Jessica Nunes in
the City Attorney's Office at
209-577-5291
Legend
Council District - Population
1 - 36,216
2 - 37,472
3 - 35,853
4 - 37,182
5 - 37,025
6 - 35,503
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 16, 2022
TO: Mayor & City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jose M. Sanchez, City Attorney
SUBJECT: Expansion of Role of the Cannabis Permit Review Committee and Renaming it to be known as the “Cannabis Program and Permit Review Committee” CONTACT: Jose M. Sanchez, City Attorney, 209-577-5284, [email protected] DESCRIPTION:
Public hearing to consider expanding the role of the Cannabis Permit Review Committee and renaming it to be known as the “Cannabis Program and Permit Review Committee,” an Ordinance amending Section 10-3.704, “Application and Permit Procedures,” of the Modesto Municipal Code, an Ordinance amending Section 2-1.18, “Standing Committees,” of the Modesto Municipal Code to include the “Cannabis Program and Permit Review Committee” as a Standing Committee of the City, and associated Resolution making these changes and rescinding Resolution No. 2021-132. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:
This item supports the City’s 2020-2025 Strategic Plan Goals to build a high-performance organization.
BACKGROUND:
On November 8, 2016, California voters approved Proposition 64, also known as the Adult Use of Marijuana Act (“AUMA”), legalizing recreational use of cannabis for adults 21 years of age and older. The California Legislature passed Senate Bill 94 in June 2017, which was signed by the Governor and went into effect immediately, and which repealed the Medical Cannabis Regulation and Safety Act (“MCRSA”), and merged certain portions of that law with AUMA to create a more comprehensive regulatory structure for both medical and recreational cannabis.
The comprehensive regulatory system created by Senate Bill 94, intended to regulate all commercial cannabis uses, is called the Medicinal and Adult Use Cannabis Regulation and Safety Act (“MAUCRSA”). The California Bureau of Cannabis Control has promulgated and adopted regulations (“BCC Regulations”) regarding commercial cannabis uses within the state.
The City of Modesto (“City”) has adopted ordinances regulating all commercial cannabis activities within the City. The City Commercial Cannabis Ordinance is codified in the Municipal #12..
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City Council, March 1, 2022
Expanded Role and Name change regarding the Cannabis Permit Review
Code/Zoning as Article 7, of Chapter 3, of Title 10. It regulates the establishing, permitting, and operating of cannabis commercial businesses. Pursuant to Ordinance No. 3684-C.S, Section 10-3.704(f) of the Modesto Municipal Code/Zoning Code, the City Council is authorized to establish a Cannabis Permit Review Committee.
DISCUSSION:
On April 13, 2021, Council adopted Resolution No. 2021-132, establishing a Cannabis Permit Review Committee to review and approve non-storefront and nondelivery commercial cannabis permits. The Cannabis Permit Review Committee does not currently consider issues beyond the approval of those permits. The City finds that an increased role for the Cannabis Permit Committee will assist the City deal with changes in the law and issues related to the cannabis program more effectively.
The City desires to expand the role of the Cannabis Permit Review Committee to make recommendations to the City Council for cannabis-related laws and regulations, in addition to reviewing and approving non-storefront and nondelivery commercial cannabis permits. In order to better reflect the expanded role of the Cannabis Permit Review Committee, the City desires to rename the standing committee to be known as the “Cannabis Program and Permit Review Committee.”
The Cannabis Program and Permit Review Committee will still be a three member standing committee of the City of Modesto subject to state open meeting laws (“Brown Act”). The committee will still be comprised solely of members of the City Council. However, instead of just reviewing and approving non-storefront and nondelivery commercial cannabis permits, the committee will also monitor and review the State’s effort to promulgate cannabis-related laws and regulations and make recommendations to the City Council for the adoption of City laws and regulations pertaining to cannabis-related activity in the City. The Committee will also make recommendations regarding other cannabis program related matters.
The attached Resolution will rescind Resolution No. 2021-132 to reflect the Cannabis Program and Permit Review Committee’s new name and role. The attached Ordinances will change the name of the committee in the Cannabis Ordinance and also include the Cannabis Program and Permit Review Committee as one of the City’s Standing Committees.
FISCAL IMPACT:
There is no fiscal impact related to this item.
COMMITTEE RECOMMENDATION:
On December 6, 2021, this item was presented to the Economic Development Committee and recommended to forward to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion introducing and waiving the first reading of an Ordinance amending Section 10-3.704, “Application and Permit Procedures,” of Article 7 of Chapter 3 of Title 10, “Commercial Cannabis Uses,” of the Modesto Municipal Code to Rename the “Cannabis Permit Committee,” to be known as the “Cannabis Program and Permit Review Committee,” in order to capture the Standing Committee’s new expanded role.
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City Council, March 1, 2022
Expanded Role and Name change regarding the Cannabis Permit Review
Motion introducing and waiving the first reading of an Ordinance amending Section 2-1.18, “Standing Committees,” of the Modesto Municipal Code to include the “Cannabis Program and Permit Review Committee” as a Standing Committee of the City.
Resolution approving expanding the role of the Cannabis Permit Review Committee and renaming it to be known as the “Cannabis Program and Permit Review Committee” and rescinding Resolution No. 2021-132.
Approved by:
Jose M. Sanchez, City Attorney
Joseph P. Lopez, City Manager
Attachments:
1. Ordinance Amending Section 10-3.704, “Application and Permit Procedures,” of Article 7 of Chapter 3 of Title 10, “Commercial Cannabis Uses,” of the Modesto Municipal Code to Rename the “Cannabis Permit Committee” to be known as the “Cannabis Program and Permit Review Committee” in order to capture the Standing Committee’s new expanded role.
2. Ordinance Amending Section 2-1.18, “Standing Committees,” of the Modesto Municipal Code to Include the “Cannabis Program and Permit Review Committee” as a Standing Committee of the City.
3. Resolution expanding the role of the Cannabis Permit Review Committee and renaming it to be known as the “Cannabis Program and Permit Review Committee” and rescinding Resolution No. 2021-132.
4. Red line Tracked Changes Amending MMC Section 10-3.704
5. Red line Tracked Changes Amending MMC Section 2-1.18 #12..
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1 ORDINANCE NO. _______
ORDINANCE AMENDING SECTION 10-3.704, “APPLICATION
AND PERMIT PROCEDURES,” OF ARTICLE 7 OF CHAPTER 3
OF TITLE 10, “COMMERCIAL CANNABIS USES,” OF THE
MODESTO MUNICIPAL CODE TO RENAME THE “CANNABIS
PERMIT COMMITTEE” TO BE KNOWN AS THE “CANNABIS
PROGRAM AND PERMIT REVIEW COMMITTEE” IN ORDER
TO CAPTURE THE STANDING COMMITTEE’S NEW
EXPANDED ROLE
WHEREAS, on November 8, 2016, California voters approved Proposition 64, also known as the Adult Use of Marijuana Act (“AUMA”), legalizing recreational use of cannabis for adults 21 years of age and older; and
WHEREAS, the California Legislature passed Senate Bill 94 in June 2017, which was signed by the Governor and went into effect immediately, and which repealed the Medical Cannabis Regulation and Safety Act (“MCRSA”), and merged certain portions of that law with AUMA to create a more comprehensive regulatory structure for both medical and recreational cannabis; and WHEREAS, the comprehensive regulatory system created by Senate Bill 94, intended to regulate all commercial cannabis uses, is called the Medicinal and Adult Use Cannabis Regulation and Safety Act (“MAUCRSA”); and
WHEREAS, the California Bureau of Cannabis Control has promulgated and adopted regulations (“BCC Regulations”) regarding commercial cannabis uses within the state; and WHEREAS, the City of Modesto (“City”) adopted ordinances regulating all commercial cannabis activities within the City; and
WHEREAS, pursuant to Ordinance No. 3684-C.S, Section 10-3.704(f) of the Modesto Municipal Code/Zoning Code, the City Council is authorized to establish a Cannabis Permit Review Committee; and
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2 WHEREAS, pursuant to Section 10-3.704(f), the Council adopted Resolution No. 2021-132, establishing a three (3) member standing committee, the Cannabis Permit Review Committee, to review and approve non-storefront and nondelivery commercial cannabis permits; and WHEREAS, in order to expand the role of the standing committee, the Council adopted Resolution No. 2021-XXX, rescinding City Resolution No. 2021-132 and establishing a Cannabis Program and Permit Review Committee to not only review and approve non-storefront and nondelivery commercial cannabis permits but also to make recommendations to the City Council regarding cannabisrelated programs, laws, and, regulations; and WHEREAS, the City Council desires to amend the Modesto Municipal Code to reflect the Standing Committee’s new name in order to capture its expanded role.
NOW, THEREFORE, the City Council of the City of Modesto does ordain as follows:
SECTION 1. AMENDMENT TO CHAPTER 3 OF TITLE 10. Article 7, entitled “Commercial Cannabis Uses,” of the Modesto Municipal Code is hereby amended to read as follows:
10-3.704 - Application and Permit Procedures.
…
(f) Commercial Cannabis Permits.
(1) Commercial Cannabis Permits shall require City Council approval or the approval of a Cannabis Program and Permit Review Committee made up of three City Council members appointed by a majority of the entire Council, except with respect to Commercial Cannabis Delivery Permits, which shall be governed by Section 10-3.713. Permit applicants must meet all operator and application requirements to be considered for permit issuance by the City Council or Cannabis Program and Permit Review Committee.
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3 (2) City staff shall provide notice in accordance with Section 10-9.201 at least ten (10) days prior to the City Council’s or Cannabis Program and Permit Review Committee’s consideration of the permit. …
(4) Appeals.
(i) If a Cannabis Program and Permit Review Committee is appointed, applicants may appeal its decisions on Cannabis Permits to the full City Council in writing in accordance with Section 10-9.302.
The City Council’s decision on such appeals shall be final. (ii) If no Cannabis Program and Permit Review Committee is appointed, City Council decisions on Cannabis Permits shall be final.
…
(g) Cannabis Permit Application Procedure.
(1) The City Manager, or his or her designee, may design application forms and procedures specific to each permitted license type, including online permitting, and require inspections of proposed facilities before issuing a permit under this article. Such procedures may include a request for proposal (“RFP”) process for certain license types where deemed necessary. (2) Applications shall be reviewed by City staff or qualified consultants, as designated by the City Manager. Such review may include a scoring or ranking system. Applications failing to meet minimum qualifications or scoring requirements may not be submitted to the City Council or Cannabis Program and Permit Review Committee for consideration.
…
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4 SECTION 2. SEVERABILITY.
If any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, the remainder of the Ordinance, including the application of such part or provision to other persons or circumstances, shall not be affected thereby and shall continue in full force and effect. To this end, provisions of this Ordinance are severable. The City Council of the City of Modesto hereby declares that it would have passed each section, subsection, subdivision, paragraph, sentence, clause, or phrase hereof irrespective of the fact that any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses, or phrases be held unconstitutional, invalid, or unenforceable.
SECTION 3. CALIFORNIA ENVIRONMENTAL QUALITY ACT (“CEQA”).
The proposed Ordinance is exempt from CEQA under the general rule in CEQA Guidelines section 15061(b)(3), that CEQA only applies to projects that have the potential for causing a significant effect on the environment.
SECTION 4. EFFECTIVE DATE.
This Ordinance shall go into effect and be in full force and operation from and after thirty (30) days following its final passage and adoption.
SECTION 5. PUBLICATION.
At least two (2) days prior to its final adoption, copies of this Ordinance shall be posted in at least three (3) prominent and distinct locations in the City; and a notice shall be published once in The Modesto Bee, the official newspaper of the City of Modesto, setting forth the title of this Ordinance, the date of its introduction and the places where this ordinance is posted.
The foregoing Ordinance was introduced at a regular meeting of the Council of the City of Modesto held on the 1st day of March, 2022, by Council Member ____________, who moved its introduction and #12..
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5 passage to print, which motion being duly seconded by Council Member ____________, was upon roll call carried and ordered printed and published by the following vote:
AYES: Council Members:
NAYS: Council Members:
ABSENT: Council Members:
APPROVED:_________________________
SUE ZWAHLEN, Mayor
ATTEST:
BY: __________________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: __________________________________
JOSE M. SANCHEZ, City Attorney
5023498.4
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6 FINAL ADOPTION CLAUSE
The foregoing ordinance, having been published as required by the Charter of the City of Modesto, and coming on for final consideration at the regular meeting of the Council of the City of Modesto held on the 1st day of March, 2022, Council Member ______________moved its final adoption, which motion being duly seconded by Council Member ________________, was upon roll call carried and the ordinance adopted by the following vote:
AYES: Council Members:
NOES: Council Members:
ABSENT: Council Members:
APPROVED: ________________________
SUE ZWAHLEN, MAYOR
ATTEST: ____________________________
DANA SANCHEZ, Interim City Clerk
Effective Date: _________________, 2022
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1 ORDINANCE NO. _______
ORDINANCE AMENDING SECTION 2-1.18, “STANDING
COMMITTEES,” OF THE MODESTO MUNICIPAL CODE
TO INCLUDE THE “CANNABIS PROGRAM AND PERMIT
REVIEW COMMITTEE” AS A STANDING COMMITTEE
OF THE CITY
WHEREAS, on November 8, 2016, California voters approved Proposition 64, also known as the Adult Use of Marijuana Act (“AUMA”), legalizing recreational use of cannabis for adults 21 years of age and older; and
WHEREAS, the California Legislature passed Senate Bill 94 in June 2017, which was signed by the Governor and went into effect immediately, and which repealed the Medical Cannabis Regulation and Safety Act (“MCRSA”), and merged certain portions of that law with AUMA to create a more comprehensive regulatory structure for both medical and recreational cannabis; and WHEREAS, the comprehensive regulatory system created by Senate Bill 94, intended to regulate all commercial cannabis uses, is called the Medicinal and Adult Use Cannabis Regulation and Safety Act (“MAUCRSA”); and
WHEREAS, the California Bureau of Cannabis Control has promulgated and adopted regulations (“BCC Regulations”) regarding commercial cannabis uses within the state; and WHEREAS, the City of Modesto (“City”) adopted ordinances regulating all commercial cannabis activities within the City; and
WHEREAS, pursuant to Ordinance No. 3684-C.S, Section 10-3.704(f) of the Modesto Municipal Code/Zoning Code, the City Council is authorized to establish a Cannabis Permit Review Committee; and
#12..
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2 WHEREAS, pursuant to Section 10-3.704(f), the Council adopted Resolution No. 2021-132, establishing a three-member standing committee, the Cannabis Permit Review Committee, to review and approve of non-storefront and nondelivery commercial cannabis permits; and WHEREAS, in order to expand the role of the standing committee, the Council adopted Resolution No. 2021-XXX, rescinding Resolution No. 2021-132 and establishing a Cannabis Program and Permit Review Committee to not only review and approve non-storefront and nondelivery commercial cannabis permits but also to make recommendations to the City Council regarding cannabisrelated programs, laws, and regulations; and WHEREAS, the City Council desires to amend the Modesto Municipal Code to include the “Cannabis Program and Permit Review Committee” as a standing committee of the City under the Municipal Code.
NOW, THEREFORE, the City Council of the City of Modesto does ordain as follows:
SECTION 1. AMENDMENT TO CHAPTER 1 OF TITLE 2. Section 2-1.18, entitled “Standing Committees,” of the Modesto Municipal Code is hereby amended to read as follows:
2-1.18 - Standing Committees.
The standing committees of the Council shall be the Safety and Communities Committee, the Economic Development Committee, the Finance Committee, the Appointments Committee, the Audit Committee, and the Cannabis Program and Permit Review Committee, each of which committees shall consist of three (3) members of the Council appointed by the Mayor. The responsibilities of the Appointments and Audit Committee shall be to review and make recommendations for appointments to City Boards, Commissions, and Committees, and such other responsibilities established from time to time by resolution of the City Council.
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3 SECTION 2. SEVERABILITY.
If any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, the remainder of the Ordinance, including the application of such part or provision to other persons or circumstances, shall not be affected thereby and shall continue in full force and effect. To this end, provisions of this Ordinance are severable. The City Council of the City of Modesto hereby declares that it would have passed each section, subsection, subdivision, paragraph, sentence, clause, or phrase hereof irrespective of the fact that any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses, or phrases be held unconstitutional, invalid, or unenforceable.
SECTION 3. CALIFORNIA ENVIRONMENTAL QUALITY ACT (“CEQA”).
The proposed Ordinance is exempt from CEQA under the general rule in CEQA Guidelines section 15061(b)(3), that CEQA only applies to projects that have the potential for causing a significant effect on the environment.
SECTION 4. EFFECTIVE DATE.
This Ordinance shall go into effect and be in full force and operation from and after thirty (30) days following its final passage and adoption.
SECTION 5. PUBLICATION.
At least two (2) days prior to its final adoption, copies of this Ordinance shall be posted in at least three (3) prominent and distinct locations in the City; and a notice shall be published once in The Modesto Bee, the official newspaper of the City of Modesto, setting forth the title of this Ordinance, the date of its introduction and the places where this ordinance is posted. #12..
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4 The foregoing Ordinance was introduced at a regular meeting of the Council of the City of Modesto held on the __ day of ____________, 202_, by Council Member ____________, who moved its introduction and passage to print, which motion being duly seconded by Council Member ____________, was upon roll call carried and ordered printed and published by the following vote:
AYES: Council Members:
NAYS: Council Members:
ABSENT: Council Members:
APPROVED:_________________________
SUE ZWAHLEN, Mayor
ATTEST:
BY: __________________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: __________________________________
JOSE M. SANCHEZ, City Attorney
5023519.3
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5 FINAL ADOPTION CLAUSE
The foregoing ordinance, having been published as required by the Charter of the City of Modesto, and coming on for final consideration at the regular meeting of the Council of the City of Modesto held on the 1st day of March, 2022, Councilmember ______________moved its final adoption, which motion being duly seconded by Councilmember ________________, was upon roll call carried and the ordinance adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
APPROVED: ________________________
SUE ZWAHLEN, MAYOR
ATTEST: ____________________________
DANA SANCHEZ, Interim City Clerk
Effective Date: _________________, 2022
#12..
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION EXPANDING THE ROLE OF THE CANNABIS PERMIT
REVIEW COMMITTEE AND RENAMING IT TO BE KNOWN AS THE
“CANNABIS PROGRAM AND PERMIT REVIEW COMMITTEE” AND
RESCINDING RESOLUTION NO. 2021-132
WHEREAS, on November 8, 2016, California voters approved Proposition 64, also known as the Adult Use of Marijuana Act (“AUMA”), legalizing recreational use of cannabis for adults 21 years of age and older; and
WHEREAS, the California Legislature passed Senate Bill 94 in June 2017, which was signed by the Governor and went into effect immediately, and which repealed the Medical Cannabis Regulation and Safety Act (“MCRSA”), and merged certain portions of that law with AUMA to create a more comprehensive regulatory structure for both medical and recreational cannabis; and
WHEREAS, the comprehensive regulatory system created by Senate Bill 94, intended to regulate all commercial cannabis uses, is called the Medicinal and Adult Use Cannabis Regulation and Safety Act (“MAUCRSA”); and
WHEREAS, the California Bureau of Cannabis Control has promulgated and adopted regulations (“BCC Regulations”) regarding commercial cannabis uses within the state; and
WHEREAS, the City of Modesto (“City”) adopted ordinances regulating all commercial cannabis activities within the City; and
WHEREAS, pursuant to Ordinance No. 3684-C.S, Section 10-3.704(f) of the Modesto Municipal Code/Zoning Code, the City Council is authorized to establish a Cannabis Permit Review Committee; and
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WHEREAS, pursuant to Section 10-3.704(f), the Council adopted Resolution No. 2021-132, establishing a Cannabis Permit Review Committee to review and approve nonstorefront and nondelivery commercial cannabis permits; and WHEREAS, the Cannabis Permit Review Committee does not currently consider issues beyond the approval of certain commercial cannabis permits; and WHEREAS, the City finds that an increased role for the Cannabis Permit Committee will allow the City to comply with State law more effectively and lead to increased efficiency in passing cannabis-related laws, and regulations; and WHEREAS, the City desires to expand the role of the Cannabis Permit Review Committee to make recommendations to the City Council for cannabis-related laws and regulations, in addition to reviewing and approving non-storefront and nondelivery commercial cannabis permits; and
WHEREAS, in order to better reflect the expanded role of the Cannabis Permit Review Committee, the City desires to rename the standing committee to be known as the “Cannabis Program and Permit Review Committee.”
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby renames the “Cannabis Permit Review Committee,” to be known as the “Cannabis Program and Permit Review Committee.”
BE IT FURTHER RESOLVED that the Cannabis Program and Permit Review Committee shall be:
1. A three (3) member standing committee of the City of Modesto;
2. Subject to state open meeting laws (“Brown Act”);
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3. Comprised solely of members of the City Council, and Committee Members shall be appointed by the majority of the City Council;
4. The Committee shall monitor and review the State’s effort to promulgate cannabis-related laws and regulations and make recommendations to the City Council for the adoption of City laws and regulations pertaining to cannabis-related activity in the City as well as make recommendations regarding any other cannabis program related matters; and
5. Perform the duties established under the City’s Commercial Cannabis Ordinance, codified as Article 7, of Chapter 3, of Title 10 of the City’s Municipal Code.
BE IT FURTHER RESOLVED that Members of the Cannabis Program and Permit Review Committee will be appointed by the Mayor and approved by the City Council.
BE IT FURTHER RESOLVED that City Resolution No. 2021-132 is hereby rescinded.
The foregoing Resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 1st day of March 2022, by Council Member ________, who moved its adoption, which motion being duly seconded by Council Member ______, was upon roll call carried and the resolution adopted by the following vote:
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AYES: Council Members:
NOES: Council Members:
ABSENT: Council Members:
ATTEST: _____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _________________________________
JOSE M. SANCHEZ, City Attorney
5023529.5
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Created: 2021-11-10 19:02:13 [EST]
(Supp. No. 59)
10-3.704 Application and Permit Procedures.
(a) All commercial cannabis uses, except with respect to Commercial Cannabis Delivery Permits, which shall be governed by Section 10-3.713, must obtain a City business license, a City Commercial Cannabis Permit, and a state license prior to commencing commercial operations. Additional permits or entitlements may be required depending on construction or improvements necessary to a building or site. (b) The total number of Commercial Cannabis Permits granted for each state license type may be established by City Council Resolution or within this chapter.
(c) The City may refuse to issue any discretionary or ministerial permit, license, variance or other entitlement, which is sought pursuant to this article, including zoning clearance for a building permit, where the property upon which the use or structure is proposed is in violation of the Modesto Municipal Code, or any other local, state or federal law.
(d) No property interest, vested right, or entitlement to receive a future permit to operate a commercial cannabis use shall ever inure to the benefit of such permit holder as such permits are revocable. Permits issued pursuant to this article are not transferable to another individual or as to another physical location without City approval.
(e) Operator/Permit/Employee Holder Qualifications. All Cannabis permit holders and cannabis business operators must meet the following minimum qualifications. The City reserves the right to require additional qualifications through the Cannabis Permit application procedure. (1) Commercial Cannabis Permit holders, business operators, and employees must be twenty-one (21) years of age or older.
(2) Commercial Cannabis Permit holders, business operators, and employees shall be subject to background checks by the California Department of Justice, Federal Bureau of Investigations, and local law enforcement.
(3) Permits for commercial cannabis uses shall not be permitted for operators with felony convictions, as specified in subdivision (c) of Section 667.5 of the Penal Code, and subdivision (c) of Section 1192.7 of the Penal Code. Permits for commercial cannabis uses shall not be permitted for operators with criminal convictions that substantially relate to the qualifications, functions, or duties of the business or profession, including a felony conviction involving fraud, deceit, or embezzlement or a criminal conviction for the sale or provision of illegal controlled substances to a minor. (4) Commercial Cannabis Permit holders must meet the minimum qualifications established by the state for the applicable state license type.
(f) Commercial Cannabis Permits.
(1) Commercial Cannabis Permits shall require City Council approval or the approval of a Cannabis Program and Permit Review Committee made up of three City Council members appointed by a majority of the entire Council, except with respect to Commercial Cannabis Delivery Permits, which shall be governed by Section 10-3.713. Permit applicants must meet all operator and application requirements to be considered for permit issuance by the City Council or Cannabis Program and Permit Review Committee.
(2) City staff shall provide notice in accordance with Section 10-9.201 at least ten (10) days prior to the City Council's or Cannabis Program and Permit Review Committee's consideration of the permit. (3) Findings for denial of permit. A commercial cannabis permit may be denied if any of the following findings are made:
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(i) The application does not meet all requirements of this article. (ii) Approval would very likely result in harm to public safety, health, or welfare. (iii) Potential negative impacts of the use cannot be mitigated with conditions or through this article's requirements.
(4) Appeals.
(i) If a Cannabis Program and Permit Review Committee is appointed, applicants may appeal its decisions on Cannabis Permits to the full City Council in writing in accordance with Section 10-
9.302. The City Council's decision on such appeals shall be final. (ii) If no Cannabis Program and Permit Review Committee is appointed, City Council decisions on Cannabis Permits shall be final.
(5) Commercial Cannabis Permits shall be valid for two (2) years, although the City may require an annual permit fee.
(6) No Commercial Cannabis Permit holder may commence commercial operations until the necessary state license(s) is obtained. "Commercial operations" does not include tenant improvements or other necessary pre-operational activities. "Commercial Operations" means participating in commercial cannabis activities which require a state license. Commercial Cannabis Permits may contain additional conditions.
(7) Commercial Cannabis Permit fees shall be set by Resolution of the City Council. (8) Conditions of approval may be placed on commercial cannabis permits, including a requirement to comply with design guidelines related to cannabis uses. (g) Cannabis Permit Application Procedure.
(1) The City Manager, or his or her designee, may design application forms and procedures specific to each permitted license type, including online permitting, and require inspections of proposed facilities before issuing a permit under this article. Such procedures may include a request for proposal (RFP) process for certain license types where deemed necessary. (2) Applications shall be reviewed by City staff or qualified consultants, as designated by the City Manager.
Such review may include a scoring or ranking system. Applications failing to meet minimum qualifications or scoring requirements may not be submitted to the City Council or Cannabis Program and Permit Review Committee for consideration.
(3) Applicants providing false or misleading information in the permitting process will result in rejection of the application and/or nullification or revocation of any issued permit. (4) Applications shall require, at a minimum, the following:
(i) All necessary information related to the business its operators, including names, birth dates, addresses, social security or tax identification numbers, relevant criminal history, relevant work history, names of businesses owned or operated by the applicant within the last ten (10) years, investor and/or partner information, and APN number of the parcel upon which the business will be located. Such private information will be exempt from disclosure to the public, pursuant to applicable law, to protect an individual's privacy interests and public health and safety. (ii) Written (and notarized) permission from the property owner and/or landlord to operate a commercial cannabis use on the site.
(iii) Operating Plan.
(iv) Security Plan as required under Section 10-3.706.
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(v) Site Plans.
(vi) Air Quality Information. When deemed necessary by City staff for purposes of compliance with CEQA or state cannabis regulations, the applicant shall provide a calculation of the businesses anticipated emissions of air pollutants. The applicant shall also provide assurance that the business will comply with all Best Management Practices established by the San Joaquin Valley Air Pollution Control District ("SJVAPCD"). No Cannabis Permit shall be issued to any business that would exceed the thresholds of significance established by the SJVAPCD for evaluating air quality impacts under the California Environmental Quality Act for either operation or construction.
Applicants are encouraged to design their project so as to minimize or avoid air pollutant emissions.
(vii) Greenhouse Gas Emissions. When deemed necessary by City staff for purposes of compliance with CEQA, the applicant shall provide calculations of the anticipated greenhouse gas emissions for the operation of the business and, where applicable, the operation of the business. The applicant shall further demonstrate compliance with any applicable state, regional, or local plan for the reduction of greenhouse gas emissions. No cannabis permit shall be granted for any business that would violate any state, regional, or local plan for the reduction of greenhouse gases, nor shall any cannabis permit be issued where the construction and/or operation of the business would exceed any applicable threshold of significance for greenhouse gas emissions under the California Environmental Quality Act.
(viii) Hazardous Materials Information. To the extent that the applicant intends to use any hazardous materials in its operations, the applicant shall provide a hazardous materials management plan that complies with all federal, state, and local requirements for management of such substances. "Hazardous materials" includes any hazardous substance regulated by any federal, state, or local laws or regulations intended to protect human health or the environment from exposure to such substances.
(ix) Water Supply Information. When deemed necessary by the City Engineer, the applicant shall demonstrate to the satisfaction of the City Engineer that sufficient water supply exists for the use.
(x) Wastewater Information. When deemed necessary by the City Engineer, the applicant shall demonstrate to the satisfaction of the City Engineer that sufficient wastewater capacity exists for the proposed use.
(xi) Signed Affidavit. The property owner and applicant, if other than the property owner, shall sign the application and shall include affidavits agreeing to abide by and conform to the conditions of the permit and all provisions of the Modesto Municipal Code pertaining to the establishment and operation of the commercial cannabis use, including, but not limited to, the provisions of this article. The affidavit(s) shall acknowledge that the approval of the Commercial Cannabis Permit shall, in no way, permit any activity contrary to the Modesto Municipal Code, or any activity which is in violation of any applicable laws.
(xii) Signed indemnity provision, as established in Section 10-3.711(e) of this article. (Ord. No. 3684-C.S., § 4, effective 2-15-18; Ord. No. 3720-C.S., §§ 2, 3, 4, effective 10-22-20) #12..
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2-1.18 Standing Committees.
The standing committees of the Council shall be the Safety and Communities Committee, the Economic Development Committee, the Finance Committee, the Appointments Committee, and the Audit Committee, and the Cannabis Program and Permit Review Committee, each of which committees shall consist of three (3) members of the Council appointed by the Mayor. The responsibilities of the appointments and Audit Committee shall be to review and make recommendations for appointments to City Boards, Commissions, and Committees, and such other responsibilities established from time to time by resolution of the City Council. (Ord. 1084-N.S.; amended by Ord. 1130-C.S.; Ord. 2892-C.S.; Ord. 3184-C.S., § 1; Ord. 3258-C.S., § 1; Ord. 3301- C.S., § 1; Ord. 3304-C.S., § 1; Ord. 3341-C.S., § 1, effective 2-25-04; Ord. 3598-C.S., § 1, effective 2-28-14; Ord. 3638-C.S., § 1, effective 2-12-16; Ord. 3676-C.S., § 1, 10-5-17) #12..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 16, 2022
TO: Mayor & City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Jose M. Sanchez, City Attorney
SUBJECT: Local Hire Preference and Skilled and Trained Workforce Ordinance and Responsible Bidding Policy
CONTACT: Jose M. Sanchez, City Attorney, 209-577-5284, [email protected] DESCRIPTION:
Consider an Ordinance adding Article 7, “Local Hiring Preferences in Public Works Contracts,” and Article 8, “Utilizing Skilled and Trained Workforce in Public Works Contracts,” to Title 8, Chapter 3 of the Modesto Municipal Code. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:
This supports the City of Modesto 2020-2025 Strategic Plan’s focus on economic vitality under Goal E: Drive Economic Vitality.
BACKGROUND:
The law requires that public works projects be awarded to the lowest, responsible bidder.
However, the law does not specifically address who the lowest bidder hires to do the work. In the past, Council Members have raised this issue and have expressed a desire for staff to inquire with contractors to determine whether they were using local workers. Various local union groups have also approached City Council Members regarding hiring a greater number of local contractors and workers for performance of public works contracts with the City. These groups requested that the City adopt a policy that establishes criteria for contractors to make a “good faith effort” to utilize a certain percentage of local residents in their workforce when bidding on and performing public works contracts for the City.
Various local union groups have also approached City Council Members regarding adopting a policy to increase the skilled and trained workforce utilization on public works contracts with the City by implementing a requirement for contractors to make a “good faith effort” to utilize and maintain such skilled and trained workforces.
DISCUSSION:
Staff and the City Attorneys’ Office have been researching the requests by local union groups. Staff understands the requests’ intent to find a solution to unemployment issues #13..
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Local Hire Preference, Skilled and Trained Workforce, and Responsible Bidding Policies Ordinance
and lack of local hiring in public works contracts with the City, as well as improving the quality of work performed on City public works contracts. The requests for such actions were made for a variety of reasons, including that the unemployment rate in the City is generally higher than the State of California as a whole. Higher unemployment rates are correlated to a higher number of families living in poverty and a higher crime rate.
Additionally, due to higher wages, many residents commute outside of the City and Stanislaus County, such as to the Bay Area, for employment. This lack of investment in the local community harms residents as well as the City by draining the City of its local workforce. The construction industry provides a path to a stable income for many residents, which can help ameliorate these negative effects.
A local hiring preference criteria may provide local job opportunities to those who would otherwise be unemployed or who commute outside the City for work. Additionally, having contractors performing work on a public works contract utilize a skilled and trained workforce will increase the quality of work performed for the City.
Local Hire Preference
The attached draft Local Hiring and Skilled and Trained Workforce Ordinance provides a framework to help bolster the percentage of local residents employed within the scope of public works contracts with the City. The Ordinance provides that contractors submitting bids on public works contracts must make a good faith effort to comprise their workforce of at least 25% local residents, and in doing so, contractors must apply these same requirements on related subcontractors.
In order to be considered a responsive bidder on a City public works contract, the Ordinance requires that a contractor make a good faith effort to meet the target local hiring percentage. To make a good faith effort, a contractor must: (1) contact local recruitment sources to identify local residents; (2) advertise for hiring in trade papers and local newspapers; (3) identify subcontractor’s whose workforce includes local residents; and (4) certify under penalty of perjury in conjunction with the submitted bid that the contractor complied with the preceding requirements.
These requirements do not apply to contracts when a Federal or State law or regulation or grant condition prohibits a local hiring requirement. Adopting this Ordinance is expected to lead to contractors meeting the 25% local hiring threshold target because of increased recruiting of local residents. If adopted, staff will monitor the results of the Ordinance to confirm that it accomplishes the desired goals.
Skilled and Trained Workforce
Additionally, the attached draft Ordinance provides a framework to possibly increase the utilization of skilled workforces in City public works contracts. The Ordinance provides that each contractor and subcontractor performing work on a public works contract must make a good faith effort to employ a skilled and trained workforce as defined by California Public Contract Code § 2601. The Ordinance lays out specific percentages of skilled and trained workers that must be utilized in certain enumerated professions in order to be considered a skilled and trained workforce. #13..
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In order to be considered a responsive bidder on a City public works contract, the Ordinance requires that a contractor make a good faith effort to employ a skilled and trained workforce. To make a good faith effort, a contractor must: (1) contact recruitment sources to identify skilled workers; (2) advertise for skilled and trained workers in trade papers and local newspapers; (3) identify subcontractor’s whose workforce includes skilled and trained workers; and (4) certify under penalty of perjury in conjunction with the submitted bid that the contractor complied with the preceding requirements.
If contractors fail to make a good faith effort to use a skilled and trained workforce, the City may choose a number of different remedies, including deeming a contractor in breach of contract, monitoring the contractor’s compliance through the adoption of a written plan to come into compliance, or deeming the contractor non-responsible in the evaluation of future public works contract bid opportunities. These requirements do not apply to contracts involving when a Federal or State law or regulation or grant condition prohibits a requirement to utilize a skilled or trained workforce. If adopted, staff will monitor the results of the Ordinance to confirm that it accomplishes the desired goals.
The proposed Ordinance is framed as a goal for contractors to make a good faith effort to meet the targeted percentage of employment of local residents and skilled and trained workers, which is consistent with the policies of other jurisdictions that the local union groups provided.
FISCAL IMPACT:
The proposed action will require additional staff time to administer and monitor results.
However, it is anticipated that money will be spent more locally through the action due to the improvement in City unemployment rates and reduced commuting from the local workforce.
The policy may bolster wages for skilled labor and increase public works labor costs as a result of contractors competing with higher prevailing wage projects in the Bay Area.
COMMITTEE RECOMMENDATION:
On February 7, 2022, this item was presented to the Economic Development Committee and was recommended to forward to Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Motion introducing and waiving the first reading of an Ordinance adding Article 7, “Local Hiring Preference in Public Works Contracts,” and Article 8, “Utilizing skilled and Trained Workforce in Public Works Contracts,” to Title 8, Chapter 3 of the Modesto Municipal Code.
Approved by:
Jose M. Sanchez, City Attorney
Joseph P. Lopez, City Manager
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Attachments:
1. Ordinance adding Article 7, “Local Hiring Preferences in Public Works Contracts,” and Article 8, “Utilizing Skilled and Trained Workforce in Public Works Contracts,” to Title 8, Chapter 3 of the Modesto Municipal Code
2. Data comparing City unemployment rate to California unemployment rate
3. 2020 Stanislaus County Commuter Study
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1 ORDINANCE NO. ________
ORDINANCE ADDING ARTICLE 7, “LOCAL HIRING PREFERENCES IN PUBLIC WORKS CONTRACTS,” AND ARTICLE 8, “UTILIZING SKILLED AND TRAINED WORKFORCE IN PUBLIC WORKS CONTRACTS,” TO TITLE 8, CHAPTER 3 OF
THE MODESTO MUNICIPAL CODE
WHEREAS, the unemployment rate in the City of Modesto (“City”) has generally been higher than in the State of California as a whole. The average unemployment rate in the City between 2018 and 2021 was 7.66%. During the same time period, the average annual unemployment rate for the State of California as a whole was 6.69%; and WHEREAS, the City has determined that expanding the employment base by implementing a local hiring preference in Public Works Contracts within the City and Stanislaus County will benefit the region as a whole; and
WHEREAS, the City has determined that it is in the public interest and welfare to add Article 7 to Chapter 3 of Title 8 of the Modesto Municipal Code; and WHEREAS, the City has determined that Public Works Contracts utilizing a skilled and trained workforce will result in a higher quality work product; and WHEREAS, the City has determined that it is in the public interest and welfare to add Article 8 to Chapter 3 of Title 8 of the Modesto Municipal Code.
NOW, THEREFORE, the City Council of the City of Modesto does ordain as follows:
SECTION 1. FINDINGS
The City Council of the City of Modesto finds that all of the above Recitals and within this Ordinance are true and correct and incorporated herein by reference.
SECTION 2. ADDITIONS
1. The City of Modesto Municipal Code Title 8 Chapter 3 is hereby amended by adding ARTICLE 7 entitled “Local Hiring Preferences in Public Works Contracts” in its entirety to read as follows:
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2 Article 7 – Local Hiring Preferences in Public Works Contracts 8-3.701 – Findings and Purpose
(a) The City Council finds and declares as follows:
(1) The unemployment rate in the City has generally been higher than in the State of California as a whole. The average annual unemployment rate in the City between 2018 and 2021 was 7.66%. During the same time period, the average annual unemployment rate for the State of California as a whole was 6.69%. (2) Statistics indicate that the City’s higher unemployment rate correlates to a higher number of families living in poverty and to a higher crime rate. (3) Expanding the employment base by implementing a local hiring preference in Public Works Contracts within the City and Stanislaus County will benefit the region as a whole.
(4) The City spends significant amounts in contracting for services and in constructing improvements to real property or to existing facilities. The funds used in contracting for those services are derived, in part, from taxes, fees, and other revenues of local businesses in the City. To the extent possible, such funds should be placed back into the local economy.
(5) The construction industry is a potential path to stable employment and is, therefore, a critical opportunity to connect residents with economic opportunities. (6) A local hiring preference in Public Works Contracts will aim to provide job opportunities to City and Stanislaus County residents, expand the region’s employment base, lessen the drain on public assistance resources, and reduce the City workforce’s pattern of commuting outside the region for employment. #13..
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3 (b) The purpose of this Article is to improve the local economy by:
(1) Increasing the local workforce base by decreasing unemployment and thereby enhancing and retaining job skills; and
(2) Increasing local spending power, which will result in a stronger, more self-reliant economy.
8-3.702 – Exclusions and Exceptions
The provisions of this Article shall not apply under any of the following circumstances:
(a) When a state or federal law or regulation applicable to a particular Public Works Contract prohibits a local hiring requirement;
(b) When a particular Public Works Contract utilizes grant funding, where the conditions of the grant prohibit a local hiring requirement;
(c) When the City, in its sole discretion, determines that a contract is necessary to respond to any emergency which endangers the public health, safety, or welfare; (d) When the City, in its sole discretion, determines that a suitable pool of Qualified Individuals who are Local Residents does not exist for a specific Public Works Contract; and/or
(e) When the estimated cost of the construction of the Public Works Contract is less than $500,000.
8-3.703 – Definitions
Except as otherwise expressly set forth herein, the following words and terms as used in this Article shall have the following meanings:
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4 (a) “Construction Work Hours” means the total hours worked on a Public Works Contract by qualified individuals, whether those individuals are employed by a Contractor or Subcontractor.
(b) “Contractor” means any of the following:
(1) Any person or entity who submits a bid as the prime entity to the City for a Public Works Contract.
(2) Any person or entity who provides labor and/or materials for the City pursuant to a Public Works Contract.
(c) “City” means the City of Modesto, California.
(d) “Days” means calendar days unless otherwise specified. (e) “Local Resident” means an individual who is legally domiciled, as defined by Elections Code section 349(b), in Stanislaus County immediately preceding the date of the notice of solicitation or bid advertisement by the City. An individual’s domicile is his or her one and only true, fixed, and permanent home and principal establishment. An individual shall verify his or her domicile upon request of the Contractor or City by producing satisfactory documentation such as a rent/lease agreement, utility bills, a valid stateissued driver’s license or identification card, or any other similar and reliable evidence. (f) “Public Works Contract” has the same meaning as set forth in Section 1307 of the City Charter, as amended or supplanted.
(g) “Qualified Individuals” means any and all skilled and unskilled workers, including but not limited to, work site foremen, journeymen, technical engineers, apprentices, construction trainees, and construction helpers. Qualified Individuals also include any and all other workers appropriate for construction activities regardless of level of skill. #13..
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5 (h) “Subcontractor(s)” means any person or entity that assumes, by secondary contract, some or all of the obligations of a Contractor.
8-3.704 – Requirements for Contractors
(a) Every Contractor submitting a bid to the City for a Public Works Contract shall agree to make a good faith effort to hire Qualified Individuals who are Local Residents in sufficient numbers so that, with respect to such Public Works Contract, no less than 25% of the total construction workforce, including the Subcontractor workforce, measured in Construction Work Hours, is comprised of Local Residents. (b) A “good faith effort” means a Contractor will take all of the following or similar actions to recruit and maintain Local Residents as part of the construction workforce:
(1) Contact local recruitment sources to identify Qualified Individuals who are Local Residents;
(2) Advertise for Qualified Individuals who are Local Residents in trade papers and newspapers of general circulation within the City and the County of Stanislaus, or by equivalent electronic means, unless time limits imposed under the applicable Public Works Contract relative to the commencement and/or completion of work do not permit such advertising; and
(3) With respect to any portion of a Public Works Contract to be performed by a Subcontractor, identify Subcontractors whose workforce includes Qualified Individuals who are Local Residents.
(c) Every Contractor shall complete and sign, under penalty of perjury, a certification of good faith effort to hire Local Residents, on the form provided in the City’s bid package, #13..
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6 and shall submit the same with its sealed bid no later than the date and time of the bid opening.
(d) A Contractor shall include in each and every subcontract relating to a Public Works Contract, a provision whereby the Subcontractor agrees to make a good faith effort to hire Qualified Individuals who are Local Residents. A Contractor shall be responsible for a Subcontractor’s compliance with the provisions of this Article. (e) The City Purchasing Manager, or his or her designee, shall prescribe rules, regulations, and procedures relating to the application, administration, and interpretation of the provisions of this Section. Such rules, regulations, and procedures shall be consistent with the provisions of this Section and may specify details and forms to be used. (f) If in the sole discretion of the City, the City finds that a Contractor has failed to make a good faith effort to use Local Residents in the course of performance of any applicable Public Works Contract pursuant to the requirements of this Article, the City may deem the Contractor in breach of contract. In the alternative of any other available legal remedies, the City may require that Contractor to develop a written plan to recruit Qualified Individuals who are Local Residents as a method of complying with the requirements of this Article. If the Contractor fails to comply with a written plan described by this Section, the City may, at its sole discretion, deem the Contractor nonresponsible in the evaluation of future Public Works Contract bid opportunities. 8-3.705 – Hiring Discretion
This Article does not limit the Contractor’s or the Subcontractor’s ability to assess the qualifications of prospective workers, and to make final hiring and retention decisions. No #13..
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7 provision of this Article shall be interpreted so as to require a Contractor or Subcontractor to employ a worker not qualified for a position in question, or to employ any particular worker. 8-3.706 – Nonresponsive Bids
(a) Nothing in this Article alters the City’s obligation to award a contract to the lowest bidder. The City may declare a bid to be nonresponsive under the provisions of this Article for good cause including, but not limited to, the following circumstances:
(1) If a Contractor fails to complete and sign, under penalty of perjury, the certificate of good faith effort to hire Local Residents and/or fails to submit the same with its sealed bid no later than the date and time of bid opening; or (2) If a Contractor, or a Subcontractor listed by a Contractor, fails to comply with the good faith effort requirements set forth in 8-3.703.
8-3.707 – Required Documentation
During its performance of a Public Works Contract, a Contractor shall keep an accurate record on a standardized form showing the name, place, of residence, trade classification, hours employed, proof of a Qualified Individual status, per diem wages and benefits, or each person employed by the Contractor on the specific public works project, including full-time, part-time, permanent and temporary employees. A Contractor shall require each Subcontractor performing work pursuant to a Public Works Contract awarded by the City to the Contractor to maintain records of the same information for the Subcontractor’s workforce and shall require each Subcontractor to provide a copy of such records to the Contractor upon the Contractor’s request.
A Contractor shall make the records and documents set forth in this Section available to the City, upon request, within five (5) business days.
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8 8-3.708 – Forms Submitted Under Penalty of Perjury
All forms required under this Article shall be attested to as true as to the information set forth therein and shall be submitted under penalty of perjury. 8-3.709 – Monitoring
From time to time, and at its sole discretion, the City may monitor and investigate the compliance of any Contractor and/or Subcontractor with respect to the requirements of this Article. The City shall have the right to engage in random inspections of job sites, subject to the construction schedule and safety concerns. Each Contractor and Subcontractor shall allow representatives of the City, in the performance of their duties, to engage in random inspections of job sites and to have access to the employees of the Contractor and Subcontractor and the records required to document compliance with this Article. The City shall establish a procedure for City monitoring of compliance with this Article and to address allegations of noncompliance. The City shall have sole authority over the administration of this Article.
2. The City of Modesto Municipal Code Title 8 Chapter 3 is hereby amended by adding ARTICLE 8 entitled “Utilizing Skilled and Trained Workforce in Public Works Contracts” in its entirety to read as follows:
Article 8 – Utilizing Skilled and Trained Workforce in Public Works Contracts 8-3.801 – Findings and Purpose
(a) The City Council finds and declares as follows: The purpose of this Article is to improve the quality of public works projects undertaken in the City by:
(1) Increasing the percentage of individuals utilized in Public Works Contracts meeting the definition of a skilled and trained workforce. #13..
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9 (2) Utilizing a greater percentage of skilled and trained workforce will increase the quality of public works projects completed in the City because the workforce is more experienced and qualified to perform such work.
8-3.802 – Exclusions and Exceptions
The provisions of this Article shall not apply under any of the following circumstances:
(a) When a state or federal law or regulation applicable to a particular Public Works Contract prohibits a skilled and trained workforce requirement;
(b) When a particular Public Works Contract utilizes grant funding, where the conditions of the grant prohibit a skilled and trained workforce requirement; (c) When the City determines that a contract is necessary to respond to any emergency which endangers the public health, safety, or welfare;
(d) When the City, in its sole discretion, determines that a suitable pool of Qualified Individuals who meet skilled and trained workforce requirements does not exist for a specific Public Works Contract.
(e) When the estimated cost of the construction of the Public Works Contract is less than $500,000; and/or
(f) When a Public Works Project is governed by a particular State law or regulation prescribing skilled and trained workforce requirements inconsistent with this Article. 8-3.803 – Definitions
Except as otherwise expressly set forth herein, the following words and terms as used in this Article shall have the following meanings:
(a) “Apprenticeable occupation” means an occupation for which the Chief of the Division of Apprenticeship Standards of the Department of Industrial Relations had approved an #13..
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10 apprenticeship program pursuant to Section 3075 of the Labor code before January 1, 2014.
(b) “Construction Work Hours” means the total hours worked on a public works contract by qualified individuals, whether those individuals are employed by a Contractor or Subcontractor.
(c) “Contractor” means any of the following:
(1) Any person or entity who submits a bid as the prime entity to the City for a Public Works Contract.
(2) Any person or entity who provides labor and/or materials for the City pursuant to a Public Works Contract.
(d) “City” means the City of Modesto, California.
(e) “Days” means calendar days unless otherwise specified. (f) “Public Works Contract” has the same meaning as set forth in Section 1307 of the City Charter, as amended or supplanted.
(g) “Qualified Individuals” means any and all skilled and trained workers, including but not limited to, work site foremen, journeymen, technical engineers, apprentices, construction trainees, and construction helpers. Qualified Individuals also include any and all other workers appropriate for construction activities regardless of level of skill. (h) “Skilled and trained workforce” means a workforce that meets all of the following conditions:
(1) All the workers performing work in an apprenticable occupation in the building and construction trades are either skilled journeypersons or apprentices registered #13..
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11 in an apprenticeship program approved by the Chief of the Division of Apprenticeship Standards of the Department of Industrial Relations. (2) At least 60% of the skilled journeypersons employed to perform work on the contract or project by every Contractor and each of its Subcontractors at every tier are graduates of an apprenticeship program for the applicable occupation. This requirement shall not apply to the following occupations: acoustical installer, bricklayer, carpenter, cement mason, drywall installer or lather, marble mason, finisher, or setter, modular furniture or systems installer, operating engineer, pile driver, plasterer, roofer or waterproofer, stone mason, surveyor, teamster, terranzzo worker or finisher, and tile layer, setter, or finisher. (3) For the occupations exempted from the requirements of Paragraph 2 of this Section (definition of “skilled and trained workforce”), at least 30% of the skilled journeypersons employed to perform work on the contract or project by every Contractor and each of its Subcontractors at every tier must be graduates of an apprenticeship program for the applicable occupation.
(i) “Skilled journeyperson” means a worker who either:
(1) Graduated from an apprenticeship program for the applicable occupation that was approved by the Chief of the Division of Apprenticeship Standards of the Department of Industrial Relations or located outside California and approved for federal purposes pursuant to the apprenticeship regulations adopted by the federal Secretary of Labor.
(2) Has at least as many hours of on-the-job experience in the applicable occupation as would be required to graduate from an apprenticeship program for the #13..
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12 applicable occupation that is approved by the Chief of the Division of Apprenticeship Standards of the Department of Industrial Relations. (j) “Subcontractor(s)” means any person or entity that assumes, by secondary contract, some or all of the obligations of a Contractor.
8-3.804 – Requirements for Contractors
(a) Each Contractor and Subcontractor that performs work on a Public Works Contract shall make a good faith effort to employ a skilled and trained workforce, pursuant to California Public Contract Code § 2601, to perform all work on the project that falls within an Apprenticable Occupation in the building and construction trades, as defined by California Public Contract Code § 2601.
(b) Each Contractor and Subcontractor that performs work on a Public Works Contract shall make a good faith effort to use graduates of an apprenticeship program as defined by Public Contract Code § 2601(c), in the percentages required by Section 8-3.803(i) of this Article.
(c) A “good faith effort” means a Contractor will take all of the following or similar actions to recruit and maintain skilled and trained workforce in the performance of any Public Works Contract meeting the requirements of this Article:
(1) Contact recruitment sources to identify Qualified Individuals; (2) Advertise for Qualified Individuals in trade papers and newspapers of general circulation within the City and the County of Stanislaus, or by equivalent electronic means, unless time limits imposed under the applicable Public Works Contract relative to the commencement and/or completion of work do not permit such advertising; and
#13..
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13 (3) With respect to any portion of a Public Works Contract to be performed by a Subcontractor, identify Subcontractors whose workforce includes Qualified Individuals.
(d) Each Contractor shall certify that it made a good faith effort to use a skilled and trained workforce, on the form provided in the City’s bid package, and shall submit the same with its sealed bid no later than the date and time of the bid opening. (e) Each Contractor shall include in each and every subcontract relating to a Public Works Contract, a provision requiring the Subcontractor to certify that it made a good faith effort to use a skilled and trained workforce in that contract. Each Contractor shall be responsible for a Subcontractor’s compliance with the requirements of this Article. (f) Failure of any Contractor or Subcontractor to comply with any requirement of this Article may be deemed, in the sole discretion of the City, a material breach of the Public Works Contract.
8-3.805 – Hiring Discretion
This Article does not limit the Contractor’s or the Subcontractor’s ability to assess the qualifications of prospective workers, and to make final hiring and retention decisions. No provision of this Article shall be interpreted so as to require a Contractor or Subcontractor to employ a worker not qualified for a position in question, or to employ any particular worker. 8-3.806 – Nonresponsive Bids
(a) Nothing in this Article alters the City’s obligation to award a contract to the lowest bidder. The City may declare a bid to be nonresponsive under the provisions of this Article for good cause including, but not limited to, the following circumstances:
#13..
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14 (1) If a Contractor fails to complete and sign, under penalty of perjury, the certification that the Contractor made a good faith effort to use a skilled and trained workforce and/or fails to submit the same with its sealed bid no later than the date and time of bid opening; or
(2) If a Contractor, or a Subcontractor listed by a Contractor, fails to comply with the requirements set forth in 8-3.804.
8-3.807 – Required Documentation
For three (3) years following substantial completion of any Public Works Contract, each Contractor and Subcontractor shall keep accurate payroll records, showing the name, address, and work classification for each worker who worked on the project; the straight time and overtime hours worked each day and week; whether the worker qualifies as a skilled journeyperson under California Public Contract Code § 2601; and whether the worker is a graduate of an apprenticeship program in the applicable occupation. These records shall be made available upon request by officers and agents of the City. Records shall be made available no later than ten (10) days subsequent to the request.
8-3.808 – Forms Submitted Under Penalty of Perjury
All forms required under this Article shall be attested to as true as to the information set forth therein and shall be submitted under penalty of perjury. 8-3.809 – Monitoring
From time to time, and at its sole discretion, the City may monitor and investigate compliance of any Contractor and/or Subcontractor with respect to the requirements of this Article. The City shall have the right to engage in random inspections of job sites, subject to the construction schedule and safety concerns. Each Contractor and Subcontractor shall allow representatives of #13..
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15 the City, in the performance of their duties, to engage in random inspections of job sites and to have access to the employees of the Contractor and Subcontractor and the records required to document compliance with this Article. The City shall establish a procedure for City monitoring of compliance with this Article and to address allegations of noncompliance. Within sixty (60) days of Contractor completing all substantial work associated with a Public Works Contract pursuant to this Article, Contractor shall submit documentation as set forth in Section 8-3.807 in a form acceptable to the City. The City shall have sole authority over the administration of this Article.
8-3.810 – City’s Remedies
If in the sole discretion of the City, the City finds that a Contractor has failed to make a good faith effort to use a skilled and trained workforce in the course of performance of any applicable Public Works Contract pursuant to the requirements of this Article, the City may deem the Contractor in breach of contract. In the alternative of any other available legal remedies, the City may require that Contractor to develop a written plan to recruit qualified individuals as a method of complying with the requirements of this Article. If the Contractor fails to comply with a written plan described by this Section, the City may, at its sole discretion, deem the Contractor non-responsible in the evaluation of future Public Works Contract bid opportunities.
SECTION 3. SEVERABILITY.
If any portion of this Ordinance, or its application to any person or circumstance, is for any reason held to be invalid, unenforceable or unconstitutional, by a court of competent jurisdiction, that portion shall be deemed severable, and such invalidity, unenforceability or unconstitutionality shall not affect the validity or enforceability of the remaining portions of the Ordinance, or its application any other person or circumstance. The City Council or the City of #13..
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16 Modesto hereby declares that it would have adopted each section, sentence, clause, or phrase of this Ordinance, irrespective of the fact that any one or more other sections, sentences, clauses or phrases of this Ordinance be declared invalid, unenforceable or unconstitutional.
SECTION 4. CALIFORNIA ENVIRONMENTAL QUALITY ACT (“CEQA”) The City Council hereby finds that the adoption of this Ordinance is exempt from CEQA pursuant to CEQA Guidelines section 15061(b)(3) of the State CEQA Guidelines. Specifically, this Ordinance will not result in a direct or reasonably foreseeable indirect physical change in the environment because it does not authorize the construction of any new structures or other physical changes to the environment.
SECTION 5. EFFECTIVE DATE.
This Ordinance shall go into effect and be in full force and operation from and after thirty (30) days after its final passage and adoption.
SECTION 6. PUBLICATION.
At least two (2) days prior to its final adoption, copies of this Ordinance shall be posted in at least three (3) prominent and distinct locations in the City; and a notice shall be published once in the Modesto Bee, the official newspaper of the City of Modesto, setting forth the title of this Ordinance, the date of its introduction and the places where this ordinance is posted.
The foregoing ordinance was introduced at a regular meeting of the Council of the City of Modesto held on the 1st day of March, 2022, by Council Member _________, who moved its introduction and passage to print, which motion being duly seconded by Council Member_____, was upon roll call carried and the ordinance adopted by the following vote:
AYES: Councilmembers:
NAYS: Councilmembers:
Absent: Councilmembers:
#13..
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17 APPROVED:_________________________
SUE ZWAHLEN, Mayor
ATTEST:
BY: __________________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: __________________________________
JOSE M. SANCHEZ, City Attorney
5048833.5
#13..
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18 FINAL ADOPTION CLAUSE
The foregoing ordinance, having been published as required by the Charter of the City of Modesto, and coming on for final consideration at the regular meeting of the Council of the City of Modesto held on the 1st day of March , 2022, Councilmember ______________moved its final adoption, which motion being duly seconded by Councilmember ________________, was upon roll call carried and the ordinance adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
APPROVED:
SUE ZWAHLEN, MAYOR
ATTEST: ____________________________
DANA SANCHEZ, Interim City Clerk
Effective Date: _________________, 2022
#13..
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Year Month Modesto CA
2011 Jan 18 12.3
2011 Feb 17.9 12.2
2011 Mar 17.8 12.1
2011 Apr 17 12
2011 May 16.4 12
2011 Jun 17 12
2011 Jul 16.7 12
2011 Aug 15.6 11.9
2011 Sep 14.9 11.8
2011 Oct 15 11.6
2011 Nov 15.3 11.5
2011 Dec 15.9 11.3
2012 Jan 16.4 11.2
2012 Feb 16.6 11
2012 Mar 16.3 11
2012 Apr 15.5 10.9
2012 May 14.9 10.8
2012 Jun 15.3 10.7
2012 Jul 15.3 10.5
2012 Aug 13.9 10.3
2012 Sep 12.7 10.2
2012 Oct 13.2 10
2012 Nov 13.5 9.9
2012 Dec 14.2 9.8
2013 Jan 15 9.7
2013 Feb 14.5 9.5
2013 Mar 14.1 9.4
2013 Apr 13.3 9.3
2013 May 12.5 9.2
2013 Jun 13.3 9.1
2013 Jul 12.7
9 2013 Aug 11.8 8.9
2013 Sep 11.2 8.8
2013 Oct 11.7 8.6
2013 Nov 12 8.5
2013 Dec 12 8.4
2014 Jan 12.9 8.2
2014 Feb 12.8 8.1
2014 Mar 13
8 2014 Apr 11.6 7.8
2014 May 11 7.7
2014 Jun 11.2 7.6
2014 Jul 11 7.5
2014 Aug 10.1 7.4
2014 Sep 9.4 7.3
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
02468
10 12
14 16
18 20
#13..
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2014 Oct 9.6 7.2
2014 Nov 10.1 7.1
2014 Dec 10.1 6.9
2015 Jan 10.9 6.8
2015 Feb 10.7 6.7
2015 Mar 10.7 6.6
2015 Apr 9.9 6.5
2015 May 9.4 6.4
2015 Jun 9.7 6.3
2015 Jul 9.3 6.2
2015 Aug 8.3
6 2015 Sep 7.8 5.9
2015 Oct 8.2 5.8
2015 Nov 8.6 5.8
2015 Dec 8.7 5.7
2016 Jan 8.2 5.7
2016 Feb 8.1 5.6
2016 Mar 8.4 5.6
2016 Apr 7.9 5.5
2016 May 7.2 5.5
2016 Jun 8.2 5.5
2016 Jul 8.1 5.5
2016 Aug 7.5 5.5
2016 Sep 7.3 5.5
2016 Oct 7.7 5.5
2016 Nov 7.4 5.4
2016 Dec 7.5 5.4
2017 Jan 7.9 5.3
2017 Feb 7.7 5.2
2017 Mar 7.5 5.1
2017 Apr 6.8
5 2017 May 6.5 4.9
2017 Jun 7.4 4.8
2017 Jul 7.4 4.8
2017 Aug
7 4.7
2017 Sep 6.2 4.7
2017 Oct 5.9 4.6
2017 Nov 5.9 4.5
2017 Dec 5.8 4.5
2018 Jan 6.3 4.4
2018 Feb 6.2 4.4
2018 Mar 6.3 4.3
2018 Apr 5.7 4.3
2018 May 5.3 4.2
2018 Jun 6.5 4.2
2018 Jul 6.5 4.2
2018 Aug
6 4.2
#13..
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2018 Sep 5.3 4.2
2018 Oct 5.5 4.3
2018 Nov 5.6 4.3
2018 Dec 5.8 4.3
2019 Jan 6.4 4.3
2019 Feb 5.8 4.3
2019 Mar
6 4.2
2019 Apr 5.3 4.1
2019 May 5.2 4.1
2019 Jun
6 4.1
2019 Jul 6.2 4.1
2019 Aug 5.6 4.1
2019 Sep 4.8 4.1
2019 Oct 5.1 4.1
2019 Nov 5.2 4.1
2019 Dec 5.2 4.2
2020 Jan 5.7 4.2
2020 Feb 5.4 4.3
2020 Mar 6.3 4.5
2020 Apr 17.7 16
2020 May 16.4 15.6
2020 Jun 14.3 14.1
2020 Jul 13.7 13.2
2020 Aug 12.1 12.3
2020 Sep 11.1 10.6
2020 Oct 9.8 9.8
2020 Nov 8.2 8.7
2020 Dec 9.4 9.3
2021 Jan 8.9
9 2021 Feb 8.3 8.5
2021 Mar 7.9 8.3
2021 Apr
88 2021 May 7.8 7.7
2021 Jun 8.7 7.6
2021 Jul 8.4 7.6
2021 Aug
8 7.5
2021 Sep 6.9 7.5
2021 Oct 6.9 7.3
2021 Nov 6.2
7 2021 Dec 6.1 6.5
#13..
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Unemployment Rates 2011 - 2021
Bureau of Labor Statistics, Modesto (City) vs. California Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Modesto CA
#13..
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#13..
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#13..
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California
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
#13..
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2020 STANISLAUS COUNTY
COMMUTER STUDY
DATE
John Cervetto, MSW Project Director
Amalia Freedman Project Sponsor
Report to the Stanislaus County Workforce Development Board #13..
- 379 -
2 Presentation Overview
Project Objectives
COVID-19 Impacts
Study Methodology
Commuter Assessment Key Findings
Workforce and Economic Opportunities Key
Findings
Commuter Assessment Research
Questions
• Who are the people commuting out of Stanislaus
County in to the Bay Area for work?
• What are the commuting patterns of the people
commuting out of Stanislaus County in to the Bay
Area for work?
• What are the barriers and facilitators to
relocation?
Workforce and Economic Opportunities
Research Questions
• What are current workforce and economic trends
in Stanislaus County?
• What are the gaps and opportunities for
increasing local employment?
Project Research Questions
#13..
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3 COVID-19 Impacts
• Unemployment has risen to15%; Over 42,000
jobs lost in Stanislaus County
• Service, Retail, and Hospitality Industries have
experienced the greatest impact
• Remote workforce has grown by 40%
• Job losses and remote work has decreased
commuter volume
COVID shut down and recession has changed the
economic landscape in Stanislaus County:
The Commuter Survey uses commuter data from
the second half of 2019
• Reflects Stanislaus County workforce and
economic trend right before the Pandemic hit
• Describes the pre-COVID commuter
characteristics and economic trends
• Provides a benchmark for future planning and
recovery efforts
How this report can be used for current and future
economic development planning:
• Understand how industries, occupations, and
employment changed temporarily and
permanently
• Inform adjustments to long-term economic plans
and strategies to address COVID impacts
• Identify skills, occupations, and industries should
be developed as economy recovers
• Identify parts of the workforce that needs
retraining or employment services
• Provide labor force data and insights to attract
businesses looking for Post-COVID relocation site
Deeper and more targeted research is needed to fully understand the local and regional impacts to the economy and workforce #13..
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4 Study Methodology
Interviews
• 23 Telephone Interviews with
Commuters
• 3 Telephone Interviews with
Employers
Labor Market Data
(JobsEQ from Chmura)
• Worker replacement needs
• Difficult to fill positions
• Occupation & skill gaps
• Incumbent worker training
needs
Survey
• 115,000 paper-based surveys were mailed to residents
• Additional surveys were distributed online through the project website and using email-intercept surveys
• 3,061 Eligible Responses
• Online: 27%
• Paper: 40%
• Phone Survey: 33%
RDA maximizes the validity of
findings by employing a
mixed-methods approach.
This approach to integrates
both qualitative and
quantitative data to best
understand the status of
commuters and the
relationship between
commuting and workforce
or economic changes in
Stanislaus County.
#13..
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COMMUTER ASSESSMENT
#13..
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6 COMMUTER ASSESSMENT
Research Objectives
Demographic Profile
Describe the profile of
commuters [e.g. age, race,
gender, household size, income,
occupation]
Commute Patterns
Describe commute patterns
[e.g. travel times, mode of
transit, costs], the experience of
commuting, and how
commuting impacts quality of
life
Willingness to Relocate
Jobs
Describe how willing
commuters are to change to a
job closer to home
#13..
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7 COMMUTER SURVEY RESULTS
Breakdown of Survey Respondents by Commute Destination
3,061 [100%]
Total Respondents
1,177 [38%]
Local Commuters
1,464 [48%]
Out-of-County Commuters
774 [53%]
Bay Area Commuters
690 [47%]
Non-Bay Area Commuters
420 [14%]
Unknown Destination
BAY AREA COMMUTERS
Slide headings include
specific commuter population
being described.
#13..
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8 BAY AREA COMMUTERS
Demographic Profile
Commuters travelling to the Bay Area
were more likely to have the following
characteristics:
69% male
31% 45-54 years old
47% 4 or more in household
69% have children under the age of 17
68% possess some college or less
Made almost $35,700 more on
average in annual earnings than local
commuters.
$90,304.75
$73,263.26
$54,607.79
Commuter to Bay Area
Average Salary
Commuter to non-Bay
Area County Average
Salary
Local Commuter Average
Salary
“I don't dislike it. It's part of life. To get a better paying job you have to commute to the Bay. I could
find the same job in Modesto making 10-15 an
hour less. It's the tradeoff.”
– Resident of Stanislaus County
#13..
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9 BAY AREA COMMUTERS
Demographic Profile
Most commuters travelling to the Bay Area
work in the following industries:
18% Construction
14% Manufacturing
12% Health Care and Social Assistance
9% Logistics/Transportation
Popular occupations among commuters
travelling to the Bay Area include:
17% Management
13% Construction and Extract
9% Office and Administrative Support
15%
3%
3%
5%
7%
7%
8%
9%
12%
14%
18%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
All Other Industries
Retail Trade
Accommodation and Food Service
Educational Services
Professional, Scientific, and Technical Services
Public Administration
Unspecified
Logistics/Warehousing
Health Care and Social Assistance
Manufacturing
Construction
Bay Area [n=672]
#13..
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10 All OUT-OF-COUNTY COMMUTERS
Commute Patterns
San Joaquin County is the most
common commute destination
(30%) for out-of-county
commuters.
53% of out-of-county
commuters travel to one of the
counties in the Bay Area
region.
49% of out-of-county
commutes originate in Modesto.
#13..
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11 All OUT-OF-COUNTY COMMUTERS
Commute Patterns
92% of out-of-county
commuters travel by driving
alone because it is the most
efficient form of transit for
their commutes.
Distance
• 63 miles
Time
• 1 hour
40 min
Cost
• $106
“Driving gets riskier every year as more and more cars fill the roads, with an unfortunately high number of people who are stressed out, use their phones while driving, are impatient, drive too fast, or otherwise practice poor driving habits.” – Stanislaus County resident
#13..
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12 NEGATIVE IMPACT ON QUALITY OF LIFE
Commute Patterns
Residents who travel long distances for work experienced more negative impacts on quality of life and perceived sense of safety than those commuting shorter distances.
The longer the commute, the more negative the reported impacts. “These commutes just to survive
are ridiculous. I can work in
higher paid areas but can't
afford to live there. Something
needs to change so everyone is
not killing ourselves just to
survive.”
– Stanislaus County resident
#13..
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13 NEGATIVE IMPACT ON QUALITY OF LIFE
Commute Patterns
The majority of out-of-county commuters
reported that their commute has negative
impacts on:
time spent with family
time to pursue their own interests
health
sleep
5%
41% 42% 44%
54% 56%
73%
6%
32%
23%
18%
22% 21%
34%
Other
impacts
[n=124]
Finances
[n=838]
Mental
Health
[n=792]
Physical
Health
[n=787]
Time to
pursue my
own
interests
[n=984]
Sleep
[n=980]
Time to
spend with
family
[n=1,319]
Out-Of-County Commuters Local Commuters
#13..
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14 WILLINGESS TO WORK CLOSER TO HOME
Commute Patterns
83% of out-ofcounty commuters
are willing to
change to a similar
job closer to home.
77% would
change jobs for
the same salary or
slightly less than
what they are
currently earning.
Commuters are MORE
willing to change to a job
closer to home if:
• Employer provides comparable
benefits
• Employers could ensure a similar
level of professional
development
• Workplace cultivates and
embraces diversity and equality
Commuters are LESS willing to
change to a job closer to home if:
• Their job depends on a network of
clients developed over time
• They are in a specialized or niche
field
• They are older and closer to being
vested in their employer-sponsored
retirement plan
• The employer landscape is perceived
to be less competitive or more
susceptible to recession
#13..
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15 REVIEW OF KEY FINDINGS
Commuter Assessment
53% of out-of-county commuters travel from Stanislaus County to the Bay Area region, mainly to Alameda or Santa Clara counties, for work. The demand for more workers in the Bay Area Construction industry is the driving force behind the shifting characteristics of the average commuter profile over the last 20 years.
Commuters traveling to the Bay Area for work are earning on average $35,700 more per year compared to people commuting locally within Stanislaus County. 77% of out-of-county commuters are willing to change to a job closer to home for the same or slightly less than what they are currently earning. #13..
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WORKFORCE AND ECONOMIC
OPPORTUNITIES
#13..
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17 WORKFORCE AND ECONOMIC OPPORTUNITIES
Research Objectives
The second component to the 2020
Commuter Study is the
identification of opportunities
where the commuter population
can be leveraged to strengthen
the local workforce and economy
in Stanislaus County by looking at:
1. Ways commuters do and do
not meet existing workforce
needs of local industries and
employers
2. Strategies to attract businesses
and workers to strengthen local
economy and workforce
Industry Assessment
• Assess performance indicators of top out-of-county commuter industries
• Evaluates the proportion of out-of-county transferable skills by industry
Recommended Industries for Potential Investment
• Identify industries who meet assessment criteria for potential investment
Recommended Next Steps
• Identify strategies to attract businesses and workers #13..
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18 INDUSTRY ASSESSMENT
Job Demand & Growth
Industries most popular among out-ofcounty commuters were assessed for the following:
“Another piece is housing costs in the area. For
example, a line staff is thinking of moving to work in
our Sacramento office due to housing costs in the Bay
Area. It is also helpful to the company to locate in a
place with low leasing cost and office space. The
drawback is the skillset and talent pool, particularly
on the technology side.”
– Employer interview
Industry
Assessment
5-year forecasted
job demand
10-year historic
employment growth
5-year forecasted
employment growth
Proportion of out- of-county
commuters in that
industry
Proportion of
commuter
transferable skills
by occupation
types for each
industry
#13..
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19 INDUSTRY ASSESSMENT
Job Demand & Growth
Employment Growth:
31,151 jobs were added in Stanislaus
County over the past 10 years mostly in
Health Care and Social Assistance,
Accommodation and Food Services,
Construction, Logistics/ Warehousing, and
Retail Trade industries.
11,739 jobs were added in the last 10
years by the Health Care and Social
Assistance industry alone, more than any
other industry sector.
-0,393, [-1.1%]
-0,388, [-2.2%]
-0,282, [-0.5%]
0,129, [0.9%]
0,297, [0.1%]
0,750, [1.2%]
2,400, [1.3%]
3,190, [1.4%]
3,335, [4.1%]
3,338, [3.2%]
3,833, [2.5%]
11,739,
[4.1%]
Finance and Insurance
Management of Companies and
Enterprises
Public Administration
Utilities
Manufacturing
Professional, Scientific, and Technical
Services
Educational Services
Retail Trade
Logistics/ Warehousing
Construction
Accommodation and Food Services
Health Care and Social Assistance
#13..
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20 INDUSTRY ASSESSMENT
Job Demand & Growth
Employment Growth:
The Health Care and Social Assistance
industry is expected to add 3,635 more
jobs in Stanislaus County over the next five
years – demonstrating potential to hire
commuters to work locally. 3,635
1,636
946
609
419 262 201 84 38
-10 -10 -115 -500
0 500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Health Care and
Social Assistance
Finance and
Insurance
Accommodation
and Food
Construction Logistics/
Warehousing
Professional,
Scientific, and
Technical
Educational Public
Administration
Management of
Companies and
Enterprises
Utilities Retail Trade Manufacturing
# of Jobs in 5-Years
#13..
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21 INDUSTRY
ASSESSMENT
Transferable Skills 85% of commuters can be
hired by key Stanislaus County
industries to work locally.
99% 99%
97% 97%
96%
93%
90% 90%
84%
86%
88%
90%
92%
94%
96%
98%
100%
Construction Transportation and
Warehousing
Retail Trade Management of
Companies and
Enterprises
Manufacturing Educational Services Utilities Professional, Scientific, and
Technical Services
% Transferable Skills
Of 12 industries examined, eight
of them had a 90% or higher
transferable skill rate.
#13..
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22 INDUSTRY ASSESSMENT
Results
Industries that MEET the
criteria for potential
development:
• Health Care and Social
Assistance
• Construction
• Logistics/Warehousing
• Educational Services
• Professional, Scientific,
and Technical Services
Industries that DO NOT
meet the criteria for
potential development:
• Accommodation and Food
Service
• Manufacturing
• Retail Trade
• Public Administration
• Retail Trade
• Utilities
• Finance and Insurance
Representing over 5,000
new jobs over the next five
years, promising industries for
development include:
Health Care and Social
Assistance
Construction
Logistics/Warehousing
Educational Services
Professional, Scientific,
and Technical Services
#13..
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23 REVIEW OF KEY FINDINGS
Workforce and Economic Opportunities
Health Care and Social Assistance is anticipated to have the greatest job demand compared to any other industry and add 3,635 new jobs in Stanislaus County by 2025. 85% of commuters can be hired to work for the following industries with the strongest outlook: Health Care and Social Assistance; Construction; Logistics/Warehousing; Educational Services; and Professional, Scientific, and Technical Services. Representing over 5,000 new jobs over the next five years, promising industries for investment include: Health Care and Social Assistance; Construction; Logistics/Warehousing; Educational Services; Professional, Scientific, and Technical Services. #13..
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Recommendations for Next Steps
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25 RECOMMENDATIONS FOR NEXT STEPS
Promote both the strategic geographic positioning of the County and opportunity to leverage CalSavers retirement program to potential employees.
Continue to develop and promote Opportunity Zones as an incentive for business development.
Partner with local community colleges to develop earn-and-learn pathways tailored to identified industries.
Support potential employers to develop strategies that attract more local talent.
Leverage workforce training and assisted employment programs to provide workers with opportunities in strategic occupations and industries. #13..
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Appendix of findings attached.
This report was developed by Resource Development Associates under contract with Stanislaus County Workforce Development.
About Resource Development Associates
Resource Development Associates (RDA) is a consulting firm based in Oakland, California, that serves government and nonprofit organizations throughout California as well as other states.
Our mission is to strengthen public and non-profit efforts to promote social and economic justice for vulnerable populations. RDA supports its clients through an integrated approach to planning, grant-writing, organizational development, and evaluation. 2020 Stanislaus County Commuter Study
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Appendix: Supplemental Slides
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28 STUDY METHODOLOGY
Survey data was culled and reviewed to ensure consistency and completeness Denominators associated with each analysis may be less than the total number of eligible survey responses as some respondents did not answer every survey question; some responses were determined to be outliers
Results comparing trends over the past 19 years include only Bay Area commuters to ensure alignment with populations studied in the 2000 and 2005 surveys #13..
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29 ROBUST SAMPLE SIZES OBTAINED
2020 Commuter Survey…
Exceeds the sample of Stanislaus County residents in previous two commuter studies
Exceeds the minimum required to make statistical inferences with less than 4% margin of error
Ensures representation across all residents of Stanislaus County through post-stratification weighting based on zip code
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30 Population Population
Size
Ideal Sample Size Final Sample Size
3% MOE 5% MOE Actual Sample MOE
Confidence
Interval
Adults who are
working 218,492 1,062 383 3,061 2% +/-2%
Adults who are
working and commute
for work
204,139 1,062 384 2,827 2% +/-2%
Adults who are
working and commute
out of Stanislaus
County for work
51,924 1,046 381 1,220 2% +/-2%
Adult who are
working and commute
to the Bay Area for
Work (Including San
Joaquin County)
43,924 1,046 382 1,012 3% +/-3%
Adults who are
working and commute
to Bay Area for work
(excluding San
Joaquin County)
16,102 1,001 376 625 3.5% +/-3.5%
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31 WORKFORCE AND ECONOMIC TRENDS
Economic Trends
Trends demonstrate increasing concentration
of employment within fewer industries based
on population aging and challenges to
increasing education attainment.
-7%
-5%
-3%
-1%
1%
3%
5%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Stanislaus County, California [1.3%] California [1.8%] USA [1.6%] Recession Period 17,457
20,501
21,804
23,986
35,409
0 10,000 20,000 30,000 40,000
Accommodation and Food Services
Educational Services
Manufacturing
Retail Trade
Health Care and Social Assistance
Employment Size by Industry, 2019
Stanislaus County’s rate of employment was
especially susceptible to the highs and lows
of the recession when compared to the U.S.
and California.
Stanislaus County’s employment grew at a
slightly slower pace compared to the U.S. and
California.
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32 WORKFORCE AND ECONOMIC TRENDS
Workforce Trends
Modesto is home to the
second greatest share of
super-commuters in the U.S.
Differences in wages and
cost of living are the primary
factors influencing commute
trends of Stanislaus County
residents.
“It would sure be nice if Stanislaus County was competitive with job wages as the Bay Area is, then I would not have to sacrifice my health, mental state and family time in order to commute 90 miles a day in order to live here.” – Stanislaus County resident
Who is a ‘super- commuter’?
Any individual who
travels more than 50
miles or for longer
than 90 minutes to get
to work.
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33 WORKFORCE AND ECONOMIC TRENDS
Workforce Trends
Stanislaus County has a higher share of
employment in the public sector
compared to the Bay Area.
The increasing aging in the population has
created a demand for more health care
and social assistance type positions.
Educational attainment levels in
Stanislaus County lag the National, State,
and Bay Area rates for bachelor’s and
post-graduate degrees but is higher for
high school diplomas and associate
degrees.
“Sometimes we need to look outside the immediate
area because the candidate pool is small. If we
can’t find someone locally, we do sourcing outside
of the area. If we find someone, we pay relocation
for them to come here. We ideally have local teams,
but when we can’t find the talent, were open to
letting people work remotely.”
– Employer Interviewee
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34 Distribution of occupations are similar
for those working locally and those
commuting to the Bay Area EXCEPT for:
Business and Financial Operations
Computer and Mathematical
Farming, Fishing, and Forestry
Suggests workforces are similar and
there is a potentially available
workforce in Stanislaus County that
companies can tap into.
1%
1%
3%
2%
7%
2%
2%
2%
3%
7%
3%
4%
0%
5%
5%
7%
5%
5%
6%
8%
9%
13%
0%
1%
1%
1%
1%
1%
2%
2%
3%
4%
4%
4%
5%
6%
6%
6%
7%
7%
8%
9%
10%
12%
Legal
Life, Physical, and Social Science
Architecture and Engineering
Arts, Design, Entertainment, Sports, and Media
Computer and Mathematical
Protective Service
Community and Social Service
Healthcare Support
Building and Grounds Cleaning and Maintenance
Business and Financial Operations
Installation, Maintenance, and Repair
Construction and Extraction
Farming, Fishing, and Forestry
Personal Care and Service
Healthcare Practitioners and Technical
Management
Production
Education, Training, and Library
Transportation and Material Moving
Food Preparation and Serving Related
Sales and Related
Office and Administrative Support
Stanislaus County Bay Area
WORKFORCE AND ECONOMIC
TRENDS
Workforce Trends
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35 Top Industries in Stanislaus
County
Job Growth
[10-year
history]
Job Growth
[5-year
forecast]
Job Demand
[5-year
forecast]
Commutes
Out-of-County
Commuter
Transferable
Skills
Industries that meet the criteria for potential investment:
Health Care and Social Assistance 11,739 3,635 21,079 14% 61% Construction 3,338 609 6,750 14% 99%
Logistics/Warehousing 3,335 419 5,933 10% 99%
Educational Services 2,400 201 9,711 11% 93%
Professional, Scientific, and
Technical Services 750 262 3,106 5% 90%
Industries that do not meet the criteria for potential investment:
Accommodation and Food Service 3,833 946 15,403 4% 56%
Retail Trade 3,190 -219 15,713 4% 97%
Manufacturing 297 -115 11,204 12% 96%
Utilities 129 -10 633 2% 90%
Public Administration -282 84 2,558 11% 80%
Management of Companies and
Enterprises -388 38 748 2% 96%
Finance and Insurance -393 61 1,636 2% 77%
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
March 1, 2022
Date: February 18, 2022
TO: Mayor & City Council
THROUGH: Jose M. Sanchez, City Attorney
FROM: Christina Alger, Director of Human Resources
Jose M. Sanchez, City Attorney
SUBJECT: Employment Agreement Amendment for City Manager CONTACT: Christina Alger, Director of Human Resources
[email protected], 209-571-5126
DESCRIPTION:
Consider amending the City Manager Employment Agreement with Joseph P. (“Joe”) Lopez adjusting the compensation as a result of the delivery of a very positive performance evaluation rating of “highly competent.” (Funding Source: General Fund) STRATEGIC PLAN ELEMENT:
This item supports the 2020-2025 Strategic Plan’s Service and Delivery Goals & Strategies - Building a High-Performing Organization by Attracting and Retaining High Performance Employees.
BACKGROUND:
On April 1, 2017, Council appointed Mr. Lopez in an acting role as City Manager. On July 5, 2017, by Resolution No. 2017-265, Council appointed Mr. Lopez as Interim City Manager following the departure of the former City Manager on March 31, 2017. On July 10, 2018, by Resolution No. 2018-297, Council appointed Mr. Lopez to the role of City Manager. Mr. Lopez’s current base salary as City Manager is $238,035 with a 2.5% additional education incentive to bring the total compensation to $243,986.
DISCUSSION:
Mr. Lopez has been serving as the permanent City Manager for approximately three years and seven months. During his tenure, he has received two performance evaluations; the most recent being delivered on February 8, 2022.
The salary range for the City Manager classification has increased based on cost of living increases and range adjustments to better align with the market from the time of Mr. Lopez’s appointment, which has resulted in his current base salary of $238,035 with an additional 2.5% #14..
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City Council, March 1, 2022
Amendment to the Employment Contract for City Manager
education incentive to bring total compensation to $243,986. This cost of living and market adjustments were provided by the Council as part of an adjustment that covered several employee groups including the salary range for the other Charter Officers. However, Mr.
Lopez’s placement within the salary range has not increased at all during his tenure as City Manager, meaning that unlike the common practice for other employees of the organization, Mr.
Lopez has not received an annual merit increase.
While Mr. Lopez’s salary has remained just above the mid-point of the salary range during his tenure as City Manager, all other City Employees that were not at the top step of their salary range have advanced numerous steps within their salary range, in addition to receiving increases to their compensation based on cost of living and as negotiated between the City and their exclusive representatives. In fact, other City employees that were at the middle step of the salary range for their classification when Mr. Lopez was first appointed have advanced to the top of their salary range – which is a 10 percent increase – and have also received compensation increases based on cost of living increases and market adjustments on top of these step increases.
Annual performance evaluations are an important way for the City Council and the City Manager to ensure effective communications about expectations and performance. Pursuant to the City Manager’s agreement, consideration shall be given on an annual basis to increase compensation following an annual performance evaluation. On December 3, 2021, the Human Resources Department under the authorization of the City Council, initiated a Request for Proposals from eleven consulting firms known for public sector executive performance evaluation facilitation. Three responsive proposals were received and Municipal Resource Group, LLC was chosen to assist Council in the performance evaluation process at a cost of $9,850. The evaluation process began in January of 2022.
Council met in closed session on February 8, 2022 to finalize the evaluation and deliver the results to the City Manager. It was a very positive evaluation where the Council unanimously rated the City Manager as “highly competent.”
Given the positive evaluation, the Council provided direction to bring forward an amendment to the City Manager’s compensation for consideration at the March 1st Council meeting. The attached Amendment to the City Manager Employment Agreement provides for a merit adjustment for the first time in his tenure based on the results. This is the first merit increase in Mr. Lopez’s placement within the City Manager salary range during his tenure as City Manager.
This will result in a 7.6% increase in Mr. Lopez’s base salary, from $238,035 to $256,221. The additional 2.5% educational incentive brings the new total compensation to $262,627.
There are no other changes to the employment agreement.
FISCAL IMPACT:
The fiscal impact for the increase in compensation is $24,592 and $9,850 for facilitation services for a total impact of $34,442 and will be funded by existing budget for FY 21-22 within cost center 100-02010 – General Fund.
COMMITTEE RECOMMENDATION:
This item did not go to a committee.
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City Council, March 1, 2022
Amendment to the Employment Contract for City Manager
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving a first amendment to the employment agreement with Joe Lopez, City Manager, dated July 10, 2018 to increase base salary to $256,221.
Approved by:
Christina Alger, Director of Human Resources
Joseph P. Lopez, City Manager
Attachments:
1. First Amendment to Employment Agreement
2. Resolution
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-1-
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
WITH JOSEPH P. LOPEZ
This First Amendment to Employment Agreement (“First Amendment”) is made and entered into this 1st day of March, 2022, by and between the CITY OF MODESTO (“Employer”) and JOSEPH P. LOPEZ (“Employee” or “Lopez”).
RECITALS
WHEREAS, on April 1, 2017, Council appointed Lopez in an acting role as City Manager. On July 5, 2017, by Resolution No. 2017-265, Council appointed Lopez as Interim City Manager following the departure of the former City Manager on March 31, 2017; and WHEREAS, on July 10, 2018, by Resolution No. 2018-297, Council appointed Lopez to the role of City Manager and entered into an Employment Agreement with Lopez (“Employment Agreement”); and
WHEREAS, Lopez has been serving as the permanent City Manager for approximately three (3) years and seven (7) months. During his tenure, he has received two (2) positive performance evaluations; the most recent being delivered on February 8, 2022; and WHEREAS, as a result of the positive evaluation, and pursuant to Section 3(B) of the Employment Agreement, the City Council wishes to amend the Employment Agreement in order to adjust Lopez’s compensation.
AGREEMENT
1. Section 3(a) of the Employment Agreement, “Compensation,” is amended to read as follows to adjust Employee’s “Base Salary:”
“SECTION 3: COMPENSATION
A. Base Salary: Effective March 1, 2022, Employer agrees to pay Employee an annual base salary of Two Hundred Fifty-Six Thousand Two Hundred and #14..
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-2-
Twenty-One Dollars ($256,221), plus an education incentive as compensation for his Master’s Degree in the amount of an additional Two and One-Half percent (2.5%) for a total annual base salary of Two Hundred Sixty-Two Thousand Six Hundred and Twenty-Seven Dollars ($262,627) payable in installments at the same time that the other employees of Employer are paid.”
2. Except as amended by this First Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the City of Modesto, a municipal corporation, has authorized the execution of this First Amendment to the Employment Agreement in duplicate by its Mayor and attestation by its City Clerk under authority of Resolution No. 2022- , adopted by the Council of the City of Modesto on the 1st day of March, 2022, and Employee has caused this First Amendment to the Employment Agreement to be duly executed.
CITY OF MODESTO,
a municipal corporation
EMPLOYEE
By: Sue Zwahlen, Mayor By: Joseph P. Lopez
ATTEST:
By: Dana Sanchez, Interim City Clerk
(SEAL)
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-3-
APPROVED AS TO FORM:
By: Jose M. Sanchez, City Attorney
5069421.2
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-?
RESOLUTION APPROVING A FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT WITH JOSEPH P. (“JOE”) LOPEZ, CITY MANAGER, DATED JULY 10, 2018 TO INCREASE BASE SALARY TO $256,221.
WHEREAS, on April 1, 2017, Council appointed Mr. Lopez as Acting City Manager and
WHEREAS, on July 5, 2017, by Resolution No. 2017-265, Council appointed Mr.
Lopez as Interim City Manager and
WHEREAS, on July 10, 2018, by Resolution No. 2018-297, Council appointed Mr. Lopez to the role of City Manager, and
WHEREAS, Mr. Lopez has served as City Manager for three years and seven months, and
WHEREAS, pursuant to the City Manager’s agreement, consideration shall be given on an annual basis to increase compensation following an annual performance evaluation, and
WHEREAS, on December 3, 2021, the Human Resources Department under the authorization of the City Council, initiated a Request for Proposals from eleven consulting firms known for public sector executive performance evaluation facilitation, and
WHEREAS, three responsive proposals were received and Municipal Resource Group, LLC was chosen to assist Council in the performance evaluation process, and WHEREAS, the evaluation process began in January of 2022, and #14..
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WHEREAS, Council met in closed session on February 8, 2022 to finalize the evaluation and deliver the results to the City Manager, and WHEREAS, results of the evaluation were very positive and rated Mr. Lopez as “highly competent,” and
WHEREAS, Council voted to give the City Manager a salary increase based on the results, and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves a First Amendment to the Employment Agreement for Joseph P. (“Joe”) Lopez to increase base compensation to $256,221 with an additional 2.5% education incentive to bring the total compensation to $262,627 effective March 1, 2022.
The foregoing resolution was adopted at a regular meeting of the Council of the City of Modesto held on the 1st day of March 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST:
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
By: ___________________________________
JOSE M. SANCHEZ, City Attorney
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