Modesto City Council
March 10, 2026

Construction Inc. of Oakdale, CA, was the lowest responsible bidder at 10.40% below the engineers estimate.

On August 22, 2023, by Resolution 2023-388, Council awarded a contract to Mozingo Construction Inc., in the amount of $5,282,147. The Contractor received the Notice to Proceed with a start date of November 13, 2023. All contract work was completed on August 28, 2025.

By accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed. The City Clerk is authorized to complete all the necessary steps to file Notice of Completion with the County Recorder, release securities, and authorize payments totaling $6,065,080. The work is covered by a one-year warranty for any issues that may arise.

Due to delays in final quantity and As-built approval, change order processing, and monument preservation, the administrative closure of this project was delayed. As such, the Construction Administration and the City Manager’s Office authorized the reduction of the retention release on July 25, 2025, to 2.5%, and the full release of retention on September 18, 2025, per the attached memorandums.

Staff recommends the project for acceptance as the contractor has complied with all contract requirements for the project.

FISCAL IMPACT:

The total project costs were $6,852,522, which included design, construction, and construction administration costs. The total project amount originally budgeted was $6,842,684 which included $6,074,469 for the construction contract and contingency with Mozingo Construction Inc.

The City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, 2019, established a contract change order authority of 8% for construction contract of this dollar amount. However, given the nature of this project dealing with aged infrastructure and facilities, additional work was expected to address conditions that require changes to the scope of work that would exceed the Director’s Approval of 8% of the contract amount. Because of this consideration, Staff requested and was granted an increase to 15% ($792,322) of the contract amount.

There were twenty-two (22) change orders resulting in an overall increase of $782,932.03 for change order work as listed on the attached change order log. A summary of the expenditures for the overall project is listed below.
100916 – La Loma Sewer
PROJECT EXPENDITURES: % of Contract
Construction Contract $5,282,147
Construction Contingency (Change Orders) 14.82% $782,933 Construction Administration – City Staff Support 7.02% $370,754 Engineering Design/Admin. – City Staff Support/Misc. 7.89% $416,688 TOTAL CONSTRUCTION EXPENDITURES: $6,852,522
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City Council, March 10, 2026
Accept the Rebid La Loma Sewer Replacement Phase1 Project

COMMITTEE RECOMMENDATION:

On March 6, 2023, the Economic Development Committee recommended that staff present the award of the La Loma Sewer Replacement Phase 1 Project to Council upon successful bidding.

CEQA/NEPA REQUIREMENTS:

Environmental review has been provided through a Categorical Exemption under CEQA Section 15301 (Ex. Facilities) Class1, (b).

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting Rebid La Loma Sewer Replacement Phase 1 Project as complete, releasing securities, releasing payments totaling $6,065,080 to Mozingo Construction Inc., of Oakdale, CA, and authorizing the City Clerk to file a Notice of Completion.

Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Contract Change Order Log

3. Project (100916) Suspension Form

4. Notice of Completion

5. Memorandum – Reduced Retention

6. Memorandum – Release Retention
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3/10/2026/ESD/PKambel 1 2026-

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION ACCEPTING REBID LA LOMA SEWER REPLACEMENT
PHASE 1 PROJECT AS COMPLETE, RELEASING SECURITIES, RELEASING PAYMENTS TOTALING $6,065,080 TO MOZINGO CONSTRUCTION INC., OF

OAKDALE, CA, AND AUTHORIZING THE CITY CLERK TO FILE A NOTICE

OF COMPLETION
WHEREAS, the Rebid La Loma Sewer Replacement Phase 1 Project upsized approximately 7,400 linear feet of sewer lines and corrected existing slope issues which brought the area into compliance with current City Standards. In addition, new laterals were installed in various locations throughout the La Loma Neighborhood, along with a 6-inch sewer force main to reroute and replace the old line; and WHEREAS, the project was advertised for bids on June 6, 2023; and WHEREAS, bids were publicly opened on July 11, 2023, and Mozingo Construction Inc. of Oakdale, CA, was the lowest responsible bidder at 10.40% below the engineers estimate; and
WHEREAS, on August 22, 2023, by Resolution 2023-388, Council awarded a contract to Mozingo Construction Inc., in the amount of $5,282,147; and WHEREAS, the Contractor received the Notice to Proceed with a start date of November 13, 2023; and
WHEREAS, the total project costs were $6,852,522, which included design, construction, and construction administration costs. The total project amount originally budgeted was $6,842,684 which included $6,074,469 for the construction contract and contingency with Mozingo Construction Inc.; and
WHEREAS, the City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, updated by Resolution No. 2019-326 on July 9, #8..
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3/10/2026/ESD/PKambel 2 2026-
2019, established a contract change order authority of 8% for construction contract of this dollar amount. However, given the nature of this project dealing with aged infrastructure and facilities, additional work was expected to address conditions that require changes to the scope of work that would exceed the Director’s Approval of 8% of the contract amount. Because of this consideration, Staff requested and was granted an increase to 15% ($792,322) of the contract amount; and
WHEREAS, there were twenty-two (22) change orders resulting in an overall increase of $782,932.03 for change order work as listed on the attached change order log; and
WHEREAS, by accepting this project as complete, the City officially accepts the improvements made and authorizes the Notice of Completion to be filed.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Modesto that the Rebid La Loma Sewer Replacement Phase 1 Project is complete, releasing securities, releasing payments totaling $6,065,080 to Mozingo Construction Inc., of Oakdale, CA.

BE IT FURTHER RESOLVED that the City Clerk is hereby authorized to file a notice of Completion.
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3/10/2026/ESD/PKambel 3 2026-
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of March, 2026, 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: ____________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE

UNFORSEEN

CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE

CONTRACT CHANGE ORDER LOG
Date: October 01, 2025
TIME
EXT. Approved
2023/16 - La Loma Sewer Phase 1 (100916) Rebid - BSK
PROJECT NUMBER AND NAME:
01 Potholing Extra Work and 7 Additional Days. 09/23/24 $51,396.28 7 W.D. No Yes No Yes 02 Mismarked 10 Inch Water Main Break Delays 12/18/24 $5,091.94 1 W.D. No Yes No Yes 03 2 Inch Water Main Delay at N. Morton Blvd./Loma Vista 12/18/24 $3,363.44 1 W.D. No Yes No Yes 04 Force Account to Move Water Main 12/18/24 $17,283.01 2 W.D. No Yes No Yes 05 Force Account to Hand Dig Around Manholes on Burney
Street.
12/18/24 $5,984.08 0 W.D. No Yes No Yes
06 Force Account Tie In Storm Lateral Burney St. and Kelley St.
02/25/25 $3,380.42 0 W.D. No Yes No Yes
07 Force Account for Unmarked Water Service and One
Additonal Working Day
03/24/25 $22,282.80 1 W.D. No Yes No Yes
08 Bid Line #19 Adjustments 03/24/25 $37,148.00 0 W.D. No No Yes Yes 09 force Account 12-2-24 Abandoned Water Main Burney
Lane and One Additional Working Day
03/24/25 $2,798.63 1 W.D. No Yes No Yes
10 Force Account 1-8-25 and 1-9-25 2 Inch Water Break on Lane Street and One Additional Working Day
03/24/25 $7,335.91 1 W.D. No Yes No Yes
11 Force Account for Water Main Relocation for 60 Inch
SSMH at Walden St & St. James St.
03/24/25 $5,372.20 0 W.D. No No Yes Yes
12 Force Account 1.28.25 TRC on Site. 05/22/25 $5,849.92 0 W.D. No Yes No Yes 13 Northgate Lift Station Hatch Only 06/26/25 $116,754.83 0 W.D. No No Yes Yes 14 AC Tonnages for Paving and Raising and Lowering Iron and 7 Additional Working Days.
09/22/25 $232,311.77 7 W.D. No Yes No Yes
15 Digouts and Slurry on Burney Street and 7 Additional Days
09/22/25 $23,497.45 7 W.D. No Yes No Yes
16 Northgate Pump Station Hatch Rehab Force Account and 12 Additional Working Days
09/22/25 $99,069.40 12 W.D. No Yes No Yes
17 Brook Way New AC Limit and 1 Additional Working Days 09/22/25 $17,500.00 1 W.D. No Yes No Yes #8..
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE

UNFORSEEN

CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE

CONTRACT CHANGE ORDER LOG
Date: October 01, 2025
TIME
EXT. Approved
18 James Street Center Medians and 4 Additional Working Days
09/22/25 $30,928.68 4 W.D. No No Yes Yes
19 Bundle CCO For COR # 021, 022, 025 & 029 and 3
Additional Days
09/22/25 $12,098.03 3 W.D. No Yes No Yes
20 TCP Flagger Cost Increase 09/22/25 $3,748.50 0 W.D. No No Yes Yes 21 GRI EX Mud Under C&G & Place AB on Brook Way 09/22/25 $10,606.74 0 W.D. No Yes No Yes 22 Quantity Overages 09/22/25 $69,130.00 0 W.D. No Yes No Yes Total Change Orders Processed To Date: $782,932.03
Original Contract Amount: $5,282,147.00
IDA To:

Total Working Days Time Extension: 48
Original Director's CCO Authority: $792,322.00
IDA Date:

Total Executed Change Orders To Date: $782,932.03
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CHANGE
ORDER
NO. DESCRIPTION EXECUTED AMOUNT
CAUSE

UNFORSEEN

CONDITIONS
DESIGN
ISSUE
ADDED
SCOPE

CONTRACT CHANGE ORDER LOG
Date: October 01, 2025
TIME
EXT. Approved
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MODESTO
Capital Project In Beneficial Use/Substantial Completion Notice ThisnoticemustbesubmittedtotheFinanceDepartmentwhen a capitalprojecthasreachedsubstantialcompletion,is in beneficial use or has entered the warranty period to meet financial reporting guidelines of depreciation.

Project #: 100916 Fund: 4210 Cost Center: 49999
Contact: Pete Kambel Ext: 75444
When the Project was Created was it Non-Capital or Capital: Non-Capital X Capital Project in Oracle: La Loma Sewer
Project Description:
(What new infrastructure
was built/created)
Project In Use/Completion Date or Council Acceptance Date: Accepted March 10, 2026 Warranty Period X Yes No
Project expenses include (Check one):

If yes, Project Warranty End Date: March 10, 2027
Non-Capital X Capital Capital and Non-Capital*
If expenses are mixed - Amount of total expenses to be recorded as Capital, either dollar amount or percentage:
* IQproject expenses include Capital and Non-Capital, an Itemized list o/New Assets and Costs which make up the amount/percentage listed above must be provided with this form Authorization Signatures to Begin Depreciation of Project Expense Project Manager:

Financial Analyst(Budget): Directorof Finance: Financial Analyst (Assets):

Latest Revision
Date:

Date:

Date:
01-FEB-2025
Installation of 7,400 linear feet of sewer lines and
6-inch sewer force main.
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Requested by
City of Modesto/City Clerk’s Office
Return to City of Modesto/City Clerk’s Office:

PO Box 642
Modesto CA 95353

NOTICE OF COMPLETION
NOTICE IS HEREBY GIVEN that on August 22, 2023, the City of Modesto, PO Box 642, Modesto, California 95353, a Municipal Corporation in the County of Stanislaus, State of California, awarded the contract Mozingo Construction Inc., of Oakdale, CA for the project titled “Rebid La Loma Sewer Replacement Phase 1” located in the La Loma Neighborhood bounded by Downey Avenue to the North, North Morton Boulevard to the East, Jennie Street to the South, and Burney Street to the West. On August 28, 2025, said contract, as a whole, was completed by Mozingo Construction Inc., and accepted by the Council of the City of Modesto at a regular meeting of the Council held on March 10, 2026.

CITY OF MODESTO
By
Diane Nayares-Perez, City Clerk
I certify under penalty of perjury that the foregoing is true and correct.

Date: By
Modesto, CA Diane Nayares-Perez, City Clerk
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Engineering Services Department
Construction Administration
P.O. Box 642
Modesto, California 95354
209.577.5200
Modestogov.com MEMO
To: Joseph P. Lopez, City Manager
From: Peter Kambel, Senior Civil Engineer
Date: July 25, 2025
Re: 2023-16 La Loma Sewer Phase 1 (100916) Subject: Construction Contract Retention Recommended Action
Authorize reducing the amount of construction contract retention from five percent (5%) to two and a half percent (2.5%).

Background
Mozingo Construction, Inc. began the project in November 2023, the original scope of work was completed in May 2025. The final project closure and presentation to the City Council for acceptance have been delayed due to staffrequested change orders submitted near the end of the project, as well as additional force account work caused by unforeseen conditions. The Construction Administration Office will prepare the necessary documents for City Council acceptance once all outstanding issues have been resolved.

Reasons for Recommendation
When the City Council awards a construction contract on a capital improvement project, the specifications require the City to make monthly progress payments at no more than ninety-five percent (95%) of the amount due and payable until thirty-five (35) days after recording the Notice of Completion. This results in the City retaining five percent (5%) of the contract amount until thirty-five (35) days after the Council accepts the project as complete.

Staff believes releasing the retention on this construction project is warranted. Public Contract Code section 7107 requires the City to release the retention within 60 days of certain events occurring. One of those events is work on the project ceasing for more than 100 days for reasons outside the contractor’s control.

Reviewed By: ________________________________________
Peter Kambel, Senior Civil Engineer
Reviewed By: ________________________________________
Toby Wells, Director of Engineering Services/City Engineer Reviewed By: ________________________________________
Joseph Lopez, City Manager
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

March 10, 2026
Date: February 18, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services Department / City Engineer SUBJECT: Cost Sharing Agreement for Construction of the 7th Street Bridge Replacement Project
CONTACT: Toby Wells, Director of Engineering Services / City Engineer [email protected], 209-571-5542
DESCRIPTION:

Consider approving a Cost Sharing Agreement with the County of Stanislaus for 7th Street Bridge Project. (Funding Source: Streets Capital Facility Fees, Measure L and Water Fund) STRATEGIC PLAN ELEMENT:

The recommended action supports the City’s 2025-26 Strategic Plan Initiatives, Goal D: Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.

BACKGROUND:

The Stanislaus County Department of Public Works (County), in cooperation with the City of Modesto (City), the California Department of Transportation (Caltrans), and the Federal Highway Administration (FHWA) have undertaken a project to replace the historic 7th Street Bridge over the Tuolumne River. The bridge replacement project will correct structural and hydraulic deficiencies, increase the capacity of the 7th Street corridor, and improve safety for vehicles, bicycles, and pedestrians.

The historic 7th Street Bridge over the Tuolumne River was built in 1916 by Stanislaus County and consists of a series of “canticrete” type trusses supported on reinforced concrete piers and abutments all founded on concrete or timber piling. The entire bridge span is approximately 1,170 feet in length and the Average Daily Traffic (ADT) volume is approximately 15,700 vehicles per day.

The bridge is the lowest rated bridge within the eight counties in Caltrans District 10 and has a Sufficiency Rating of 5.1, on a scale of 1 to 100. Although the bridge is currently considered structurally sound, there is significant spalling, advanced signs of alkali silica reaction, exposed and deteriorating steel reinforcing and considerable deflection at the cantilevered sections. The #9..
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City Council, March 10, 2026
Cost Sharing Agreement for Construction of the 7th Street Bridge Replacement Project

bridge is listed as Structurally Deficient and has been weight restricted to four tons gross load since 1979 and restricted from legal truck load weights since 1937.

The Project is partially funded with Federal Highway Bridge Program (HBP) funds and will include replacement of the existing bridge, safety improvements for motorists, pedestrians, and bicyclists, curb ramps, raised center median/refuge, street lighting, and incidental roadway resurfacing. The Project will also include modifications at the intersections of 7th and B Streets at Tuolumne Boulevard and Crows Landing Road at 7th Street.

A Memorandum of Agreement (MOA) for Preliminary Engineering was approved by the City Council on April 5, 2011, by Resolution No. 2011-113, and by the County on March 15, 2011, by Resolution 2011-167. The MOA was amended five (5) times with the last Amended and Restated MOA approved by the City Council on August 26, 2025, by Resolution No. 2025-306 and by the County on September 9, 2025, Resolution No. 2025-470.

DISCUSSION:

The project completed final design documents and achieved right-of-way certification in June 2025. The project received authorization for the Construction (CON) phase in August 2025. The Project pre-construction activities began in the fall of 2025. On November 18, 2025, the Stanislaus County Board of Supervisors awarded Dewberry Engineers Inc. for the professional construction management services in the amount of $7,245,122.

An invitation to bid was electronically posted on PlanetBids by Stanislaus County on September 15, 2025. On November 5, 2025, five (5) bids were received and publicly read. The engineer’s estimate for the project was $92,609,943. The lowest responsive bid was received by MCM Construction, Inc. in the amount of $85,223,894. The low bid was approximately 7.98% below the engineers estimate. On December 16, 2025, the Board of Supervisors for the County of Stanislaus awarded a contract to MCM Construction, Inc.

As a shared project, it is necessary to delineate the funding for the project to reimburse the County for the City’s share of the construction of the project. The attached Cost Sharing Agreement has been negotiated between the City and County and recommended to be forwarded to City Council for approval.

FISCAL IMPACT:

The majority of the project is funded by the HBP. Some of the project costs are not eligible for funding by the HBP and there is a required match by the local agency to receive the HBP funds.

The roadway improvements on the north side of the bridge at the intersection of 7th Street and B Street, including the railroad crossing improvements are the responsibility of the City of Modesto.

The roadway improvements south of the bridge are Stanislaus County’s responsibility.

The City of Modesto also included a 12” waterline in the project to provide service through the bridge to connect to the area south of the 7th Street bridge. The waterline costs are shown in the Non-Participating portion of the project.

The breakdown of the eligible costs and the split between the City and County are in the agreement summarized in the following chart:
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City Council, March 10, 2026
Cost Sharing Agreement for Construction of the 7th Street Bridge Replacement Project

In addition to the City’s share of costs to reimburse the County as the lead agency for construction and construction management, City staff will also be involved in project management oversight during construction. Therefore, the total construction costs are $16,300,000.

The proposed funding for the project is:

Capital Facilities Fees (CFF): $7,000,000
Measure L: $5,500,000
Water Utilities: $3,800,000
The project was presented to the Measure L Citizen’s Oversight Committee on March 5, 2025.

The construction portion of the project is Capital Improvement Project CIP 101722 - 7th St Bridge CON Only. The attached budget amendment and resolution provide the allocation of funding for the project.
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City Council, March 10, 2026
Cost Sharing Agreement for Construction of the 7th Street Bridge Replacement Project

COMMITTEE RECOMMENDATION:

On February 2, 2026, the Economic Development Committee considered the item and recommended forwarding to Council for approval.

CEQA/NEPA REQUIREMENTS:

An Environmental Assessment (EA) and Section 4(f) Evaluation with Finding of No Significant Impact (FONSI) was approved by Caltrans in August 2019, in compliance with the requirements of the National Environmental Policy Act (NEPA). An Environmental Impact Report (EIR) was certified by the County in May 2017, and approved by Caltrans in August of 2019, in compliance with the California Environmental Quality Act (CEQA).

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution approving a Cost Sharing Agreement with the County of Stanislaus for 7th Street Bridge Project and authorizing the City Manager or his designee to execute the Agreement.

Resolution amending the Fiscal Year 2025-26 Capital Improvement fund budgets in the amount of $16,300,000 to fund the 7th Street Bridge Construction Project and authorizing the City Manager, to take the necessary steps to implement the provisions of the resolution.

Approved by:
_________________________________________
Toby Wells, Director of Engineering Services/
City Engineer
_________________________________________
Joseph P. Lopez, City Manager
Attachments:

1. Resolutions (2)

2. Cost Sharing Agreement
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3/10/2026/ESD/TWells 1 2026-

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX

RESOLUTION APPROVING A COST SHARING AGREEMENT WITH THE
COUNTY OF STANISLAUS FOR 7TH STREET BRIDGE PROJECT AND

AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO EXECUTE

THE AGREEMENT
WHEREAS, the Stanislaus County Department of Public Works (County), in cooperation with the City of Modesto (City), the California Department of Transportation (Caltrans), and the Federal Highway Administration (FHWA) have undertaken a project to replace the historic 7th Street Bridge over the Tuolumne River; and WHEREAS, the bridge replacement project will correct structural and hydraulic deficiencies, increase the capacity of the 7th Street corridor, and improve safety for vehicles, bicycles, and pedestrians; and
WHEREAS, although the bridge is currently considered structurally sound, there is significant spalling, advanced signs of alkali silica reaction, exposed and deteriorating steel reinforcing and considerable deflection at the cantilevered sections; and WHEREAS, the bridge is listed as Structurally Deficient and has been weight restricted to four tons gross load since 1979 and restricted from legal truck load weights since 1937; and
WHEREAS, the Project is partially funded with Federal Highway Bridge Program (HBP) funds and will include replacement of the existing bridge, safety improvements for motorists, pedestrians, and bicyclists, curb ramps, raised center median/refuge, street lighting, and incidental roadway resurfacing; and
WHEREAS, will also include modifications at the intersections of 7th and B Streets at Tuolumne Boulevard and Crows Landing Road at 7th Street; and #9..
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3/10/2026/ESD/TWells 2 2026-
WHEREAS, a Memorandum of Agreement (MOA) for Preliminary Engineering was approved by the City Council on April 5, 2011, by Resolution No. 2011-113, and by the County on March 15, 2011, by Resolution 2011-167; and WHEREAS, the MOA was amended five (5) times with the last Amended and Restated MOA was approved by the City Council on August 26, 2025 by Resolution No. 2025-306 and by the County on September 9, 2025 Resolution No. 2025-470; and WHEREAS, on November 18, 2025, the Stanislaus County Board of Supervisors awarded Dewberry Engineers Inc. for the professional construction management services in the amount of $7,245,122; and
WHEREAS, an invitation to bid was electronically posted on PlanetBids by Stanislaus County on September 15, 2025; and
WHEREAS, the lowest responsive bid was received by MCM Construction, Inc. in the amount of $85,223,894; and
WHEREAS, on December 16, 2025, the Board of Supervisors for the County of Stanislaus awarded a contract to MCM Construction, Inc; and WHEREAS, as a shared project, it is necessary to delineate the funding for the project to reimburse the County for the City’s share of the construction of the project. The attached Cost Sharing Agreement has been negotiated between the City and County and recommended to be forwarded to City Council for approval; and WHEREAS, the maximum amount of the City’s share of the construction of the project is not to exceed $23,389,380.
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3/10/2026/ESD/TWells 3 2026-
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Modesto that it hereby approves a Cost Sharing Agreement with the County of Stanislaus for the 7th Street Bridge Project.

BE IT FURTHER RESOLVED, that the City Manager or his designee is authorized to execute the agreement, in a form approved by the City Attorney.

The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of March, 2026, 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: ____________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ______________________________________
JOSE M. SANCHEZ, City Attorney
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03/10/2026/OPMB/TWells/Item X 1 2026-XX

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-
RESOLUTION AMENDING THE FISCAL YEAR 2025-26 CAPITAL
IMPROVEMENT FUND BUDGETS IN THE AMOUNT OF $16,300,000
TO FUND THE 7TH STREET BRIDGE CONSTRUCTION PROJECT

AND AUTHORIZING THE CITY MANAGER, TO TAKE THE

NECESSARY STEPS TO IMPLEMENT THE PROVISIONS OF THIS

RESOLUTION
WHEREAS, the Stanislaus County Department of Public Works (County), in cooperation with the City of Modesto (City), the California Department of Transportation (Caltrans), and the Federal Highway Administration (FHWA) have undertaken a project to replace the historic 7th Street Bridge over the Tuolumne River; and WHEREAS, the bridge replacement project will correct structural and hydraulic deficiencies, increase the capacity of the 7th Street corridor, and improve safety for vehicles, bicycles, and pedestrians; and
WHEREAS, the Project is partially funded with Federal Highway Bridge Program (HBP) funds and will include replacement of the existing bridge, safety improvements for motorists, pedestrians, and bicyclists, curb ramps, raised center median/refuge, street lighting, and incidental roadway resurfacing; and WHEREAS, the construction of the project will require funding from the City’s Streets Capital Facilities Fees (CFF), Local Measure L Funds, and Water Utilities Fund; and
WHEREAS, to fully fund the construction of the project a budget adjustment is needed increase the project expenditures, establish transfer in and outs, and recognize revenue to Project 100933 – 7th Street Bridge Water Main and Project 101722 - 7th St Bridge CON Only; and
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03/10/2026/OPMB/TWells/Item X 2 2026-XX
WHEREAS, a financial analysis has been completed, and it has been determined that a budget adjustment is required in the amount of $16,300,000 to the Capital Improvement Budgets of the City of Modesto for Fiscal Year 2025-26.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Fiscal Year 2025-26 Capital Improvement budgets in the amount of $16,300,000 to fund the 7th Street Bridge Construction Project.

BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution. #9..
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03/10/2026/OPMB/TWells/Item X 3 2026-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of March 2026, 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 votes:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST:
________________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

COST SHARING AGREEMENT BETWEEN THE COUNTY OF STANISLAUS AND

CITY OF MODESTO

FOR THE CONSTRUCTION OF THE

SEVENTH STREET BRIDGE REPLACEMENT OVER TUOLUMNE RIVER PROJECT This Cost Sharing Agreement for Construction Services (“Agreement”) is made and entered into on __________, 2026 (the “Effective Date”) by and between the County of Stanislaus, a political subdivision of the State of California (“COUNTY”), and the City of Modesto, a California municipal corporation (“CITY”). MODESTO and COUNTY may be individually referred to herein as a “Party” or collectively as the “Parties.” RECITALS:

A. The COUNTY entered into a competitively bid contract for the Seventh Street Bridge Replacement Over Tuolumne River Project (Project). The Project includes, but is not limited to, demolition and reconstruction of the Seventh Street Bridge, roadway, sidewalk, and bike lane improvements to the north and south of the bridge, signalization of the intersection of Seventh Street/Crows Landing Road, signal and UPRR crossing upgrades to the Seventh Street/Tuolumne Boulevard/B-Street Intersection, a pedestrian plaza located on the north end of the bridge, and a CITY waterline. The Project will begin construction in Winter 2025/26. The scope of work for the Projects includes areas that lie within both the CITY and COUNTY.

B. The COUNTY agrees to include in its contract for the above described Project contract items to occur on CITY streets and/or facilities as set forth in Exhibit A, and as shown in Project Location Maps Exhibit B and Project Plans and Specifications (collectively, the “Scope of Work” or “Services”) attached hereto and incorporated by this reference.

C. The CITY agrees to reimburse COUNTY for the construction contract costs incurred by COUNTY for the shared work and portion of work on CITY streets and/or facilities as identified in the Scope of Work.

D. The COUNTY has hired a professional construction management firm, Dewberry Engineers, Inc. to provide construction management and inspection for the Project. CITY agrees to reimburse COUNTY for the costs incurred by COUNTY for the shared construction management and inspection and portion of inspection on CITY streets and/or facilities as delineated herein.

E. The Parties have outlined the rates and method of payment to COUNTY for its performance of the Services under this Agreement, as further set forth in Exhibit C (the “Compensation Schedule”).
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

NOW, THEREFORE, it is agreed as follows:

1. Scope of Work. The Parties agree that the COUNTY will make a reasonable effort to assure the construction of the Project improvements conform to the plans and specifications approved by the COUNTY and reviewed by the CITY. COUNTY will be the official Construction Manager and the lead agency for the Project.

2. Services. The COUNTY has awarded the services described in the Scope of Work as part of the Seventh Street Bridge Replacement Over Tuolumne River Project to MCM Construction, Inc., and the CITY shall compensate the COUNTY for the services performed pursuant to the Compensation Schedules in Exhibit C. 3. Term. The term of this Agreement will commence as of the date first written above and shall remain in effect until completion of construction of the improvements in Exhibit A.

4. Administration. The COUNTY, as the party managing the construction contract, agrees to receive and maintain the funding from the CITY and to manage the construction contract on behalf of the CITY with no additional charges to the CITY other than those costs identified in Exhibit C or as directed by the COUNTY and agreed upon by the CITY in writing.

5. Compensation. The parties have outlined the rates and method of payment to COUNTY for its performance of the Services under this Agreement in Exhibit C. Compensation from CITY to COUNTY will be based on actual construction costs plus associated project costs.

6. Modification of Services. In the event that it appears to either Party that there will be cost overruns in excess of the 10% contingency, resulting from construction change orders associated with the Scope of Work provided in Exhibit A, or either Party determines that it would be prudent to expand the Scope of Work, then, in that event, the Parties agree to meet in good faith and determine whether or not they should fund such additional costs or expand the Scope of Work. In meeting and conferring, the Parties shall consider whether the basis of the additional change order originates from work regarding the CITY streets and/or facilities, in which case the #9..
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

CITY shall be responsible for the change order, provided however that such change order must be approved by the CITY in writing.

7. Indemnification. Neither Party, nor any of its officers or employees, shall be responsible for any damage or liability occurring by reason of anything done or omitted to be done by the other Party under or in connection with any work delegated to that Party under this Agreement. The Parties further agree, pursuant to Government Code section 895.4, that each Party shall fully indemnify and hold harmless the other Party and its agents, officers, employees and contractors from and against all claims, damages, losses, judgments, liabilities, expenses and other costs, including litigation costs and attorney fees, arising out of, resulting from, or in connection with any work delegated to or action taken or omitted to be taken by such party under this Agreement.

8. Insurance. Each Party, at its sole cost and expense, shall carry insurance or selfinsure its activities in connection with this Agreement, and obtain, keep in force and maintain, insurance or equivalent programs of self-insurance, for general liability, workers compensation, and business automobile liability adequate to cover its potential liabilities hereunder. Each Party shall provide certificates of insurance and/or self-insurance to the other Party during the term of this agreement. Each Party agrees to provide the other thirty (30) days advance notice of any cancellation, termination or lapse of any of the insurance or self-insurance coverages.

9. Amendments. This Agreement may be amended, or provisions contained herein may be altered, changed, or amended for the Project only by mutual written agreement signed and approved by the respective approving authorities of CITY and COUNTY.

No oral understanding or agreement, not incorporated herein, shall be binding on any of the parties hereto.

10. Good Faith. To the extent reasonably required, each Party to this Agreement shall, in good faith, cooperate and assist the other Party in meeting its obligations under this Agreement.

11. Notice. Any notice which may be required under this Agreement shall be in writing and shall be given by personal service, first-class mail, certified or registered mail return receipt requested, or overnight delivery to the addresses set forth below:
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

To City: Toby Wells
Director
Engineering Services Department
City of Modesto
1010 10th Street
Modesto, CA 95353
To County: David A. Leamon
Director
Department of Public Works
1716 Morgan Road
Modesto, CA 95358
All notices and other communications shall be deemed communicated as of actual receipt or after the second business day after the notice has been dispatched. The Parties may change their respective address by giving notice of such change to the other party in the manner provided in this Section.

12. Termination. Except as provided elsewhere in this Agreement, the Parties may not terminate this Agreement during the Term, and prior to the completion and payment for the Services described in Exhibit A, unless upon mutual written agreement signed and approved by the respective approving authorities of CITY and COUNTY. This Agreement will automatically terminate upon completion of the Scope of Work and upon the full payment to the COUNTY. If either party breaches any requirement of this Agreement, the non-breaching Party may terminate this agreement after providing written notice and a reasonable opportunity to cure to the other Party.

13. Necessary Documents. As may become necessary for the construction and delivery of the Project, through CITY and COUNTY cooperation, the Stanislaus County Director of Public Works and CITY’S Authorized Representative are authorized to administer and execute, by mutual written consent, all documents necessary to complete the Project, provided that such actions do not exceed the authority of this Agreement.

14. Attorney’s Fees and Costs. In any action which a Party brings to enforce its rights hereunder, the unsuccessful Party shall pay all costs incurred by the prevailing Party, including reasonable attorneys’ fees.
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

15. Entire Agreement. This Agreement contains the entire understanding between the Parties. All previous proposals, offers, and other communications relative to this Agreement, whether oral or written, are hereby superseded except to the extent that they have been incorporated into this Agreement. This Agreement may be amended only by written instrument executed by CITY and COUNTY.

16. Waiver. No waiver of or exception to any of the terms, conditions, and provisions of this Agreement shall be considered valid unless specifically agreed to in writing by both Parties, and any waiver of the breach of any covenant, term, or condition shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other covenant, term, or condition.

17. Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect and shall be construed to give effect to the intent of this Agreement.

18. Time is of the Essence. Time is and shall be of the essence in this Agreement.

19. Compliance. Both Parties agree to comply at all times, in its performance of this Agreement, with all applicable local, state and local labor and contracting laws, including but not limited to, prevailing wage laws and the Public Contract Code.

20. Counterparts. This Agreement may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. (SIGNATURE PAGE FOLLOWS)
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COST SHARING AGREEMENT
Seventh Street Bridge Replacement Over Tuolumne River Project

IN WITNESS WHEREOF, the City of Modesto, a California municipal corporation, has authorized the execution of this Agreement in duplicate by its City Manager and attestation by its City Clerk under authority of Resolution No. ______________, adopted by the Council of the City of Modesto on the _____ day of _________, 2026, and County has authorized the execution of this Agreement in duplicate by the Director of the Department of Public Works under authority of Resolution No. _____________, adopted by the Board of Supervisors of Stanislaus County on the _____ day of __________, 2026.

COUNTY OF STANISLAUS
a political subdivision of the State of
California
By:

Jody L. Hayes
Chief Executive Officer
ATTEST:

Mary E. Hartsfield
Clerk of the Board of Supervisors of the
County of Stanislaus, State of California
By:

Deputy Clerk of the Board
APPROVED AS TO CONTENT:

By:

David A. Leamon
Director of Public Works
APPROVED AS TO FORM:

By:

Mobin Bhatti
County Counsel

CITY OF MODESTO
a California municipal corporation
By:

Joseph P. Lopez, City Manager
ATTEST:

BY: _____________________________
Diane Nayares-Perez, City Clerk
APPROVED AS TO FORM:

By:

Jose M. Sanchez
City Attorney
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EXHIBIT A

SEVENTH STREET BRIDGE REPLACEMENT OVER TUOLUMNE RIVER PROJECT Scope of Work: The COUNTY, in cooperation with the CITY, California Department of Transportation (Caltrans), and the Federal Highway Administration (FHWA) has awarded a construction contract to MCM Construction, Inc. to replace the Seventh Street Bridge (No. 38C0023) over Tuolumne River and construct necessary roadway approach improvements to accommodate the bridge replacement.

The historic Seventh Street Bridge over Tuolumne River was built in 1916 by Stanislaus County and consists of a series of “canticrete” type trusses supported on reinforced concrete piers and abutments all founded on concrete or timber piling. The entire bridge span is approximately 1,170 feet in length and the Average Daily Traffic (ADT) volume is approximately 15,700 vehicles per-day.

The Seventh Street Bridge is listed on the Caltrans Local Agency Bridge List with an extremely low sufficiency rating (5.1 on a scale of 0 to 100) because of structural and functional deficiencies. Although the bridge is currently considered structurally sound, there is significant spalling, advanced signs of alkali silica reaction, exposed and deteriorating steel reinforcing and considerable deflection at the cantilevered sections.

This bridge has been weight restricted to four tons gross load since 1979 and restricted from legal truck load weights since 1937.

The Seventh Street Bridge Replacement Project (Project) has been identified as a necessary improvement to correct hydraulic deficiencies, remove load restrictions, improve mobility along the Seventh Street corridor, and improve safety for motorists, pedestrians, and bicyclists.

The completed Project will have two standard-width travel lanes in each direction, a Class I multi-use path on the west side of the bridge, a standard sidewalk on the east side of the bridge, and five-foot-wide shoulders on each side of the bridge that will serve as Class II bicycle lanes. The Project includes modifications at the Seventh Street/B Street/Tuolumne Boulevard intersection and at Crows Landing Road at the Seventh Street intersection. Additionally, the Project includes the development of a new pedestrian plaza that would connect the new bridge with the proposed Tuolumne River Regional Park’s Gateway Parcel and to the Tuolumne River itself.

The Project costs will be shared by the COUNTY and CITY. Federal Higway Bridge Program (HBP) funding eligibility requirements and limitations will dictate the cost share across the following construction areas:

Within HBP limits: Eligible bridge demolition, bridge construction, approach roadway construction, and associated elements. Cost will be split 88.53% federal #9..
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HBP funds and 11.47% local fund match, split 50%-50% between the COUNTY and CITY.

Within HBP limits: Ineligible bridge demolition, bridge construction, approach roadway construction, and associated elements. Cost is 100% local funds, split 50%-50% between the COUNTY and CITY.

Outside of HBP limits: South of bridge, including portions of Seventh Street, Crows Landing Road, and the intersection of Seventh Street and Crows Landing Road.

Cost 100% local funds, entirely the responsibility of the COUNTY.

Outside of HBP limits: North of bridge, including portions of Seventh Street, Tuolumne Blvd., B Street, the UPRR B Street Crossing, and the intersection of Seventh Street and Tuolumne Blvd and B Street. Cost is 100% local funds, entirely the responsibility of the CITY.

Construction of a historical plaza within the Tuolumne River Regional Park (TRRP) at the northwest end of the bridge. Cost is 100% local funds, split 50%-50% between the COUNTY and CITY.

Construction of a new CITY waterline from B Street to the north, installed within the new bridge crossing the Tuolumne River, crossing UPRR, to Janopaul Avenue to the south. Cost is 100% local funds, entirely the responsibility of the CITY.

Construction of a new maintenance entrance to the CITY treatment facility from Tuolumne Blvd. within TRRP at the northwest end of the bridge. Cost 100% local funds, entirely the responsibility of the CITY.

The work for these items consists of all elements included in the Conform Project Plans and Specifications dated December 3, 2025. Work includes, but is not limited to bridge removal and construction, roadway excavation, construction, and paving, street lighting, traffic signals, curb & gutter, sidewalk, landscaping, storm drain, sewer, waterline, and underground construction, traffic control, and environmental compliance.

In addition, the CITY will compensate the COUNTY for the programmed Construction Management/Engineering services budget of $9,262,297 at an amount divided proportionally between the various construction areas and shown in Exhibit C. The COUNTY is acting as lead agency and will process and manage all segments of the project. COUNTY will direct and have the final project decisions and provide inspection services through COUNTY staff and the hired Construction Management firm of Dewberry Engineers, Inc. CITY will provide primary point of contact for construction related issues and may provide inspection and construction related reviews at the CITY’s cost. For any project component that is 100% funded by the CITY, COUNTY shall coordinate with CITY for concurrence prior to execution of any Contract Change Orders or decisions regarding whether the construction of such component is acceptable. Such concurrence shall not be unreasonably withheld. If there are unforeseen CITY costs, such as staff time and additional CITY inspections associated with HBP eligible costs, the Parties agree to negotiate within the project contingency to settle any differences. #9..
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The Project work will be substantially consistent with the scope of work identified in this Exhibit A and as shown in the Exhibit B Project Location Map, the Project Plans and Specifications, and the Exhibit C Compensation Schedule prepared by Stanislaus County.

All questions, comments, and concerns regarding the CITY’s segment of the Project will be directed through the COUNTY’s construction project management team.

Additional Costs and Funding: The COUNTY and CITY will share the additional Project costs and funding as follows:

The COUNTY and CITY will be individually responsible for compensation due to Union Pacific Railroad (UPRR) per previously executed agreements with UPRR with each.

The COUNTY applied for and was awarded a Local Partnership Program – Competitive (LPP-C) grant from the California Transportation Commission (CTC) in the amount of $15,000,000 to be applied to the local match. The amount shall be split 50%-50% between COUNTY and CITY items. Amount will be applied at the COUNTY discretion and subtracted from progress payment invoices to the CITY.

Compensation Schedule: the COUNTY will invoice the CITY, and the CITY will pay their respective fair share costs, based on the cost sharing defined in Exhibit C, for Construction services including Construction, Construction Management/Engineering and Contingency costs. The COUNTY will provide progress payment invoices for review.

Upon request, the COUNTY shall provide the CITY with all documentation to support the costs identified in the invoice. The CITY will review and process progress payment invoices from the COUNTY and pay in full if approved by the CITY. In a timely manner, the CITY will pay and reimburse the COUNTY for their respective portion of the project.

Project Cost: Currently the Project construction cost is contracted to be $85,223,893.50. The total Project cost, inclusive of all items listed above, is $107,250,925 of which, the CITY portion shall not exceed $15,889,380. This amount was based on the contracted quantities and unit prices, programmed CE amounts, and UPRR agreement amounts and shall not be used for determining actual compensation due to the COUNTY.

The actual compensation due to the COUNTY shall be based on the actual construction and associated project support costs.
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EXHIBIT B

SEVENTH STREET BRIDGE REPLACEMENT OVER TUOLUMNE RIVER PROJECT

PROJECT LOCATION MAP
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EXHIBIT C

SEVENTH STREET BRIDGE REPLACEMENT OVER TUOLUMNE RIVER PROJECT

COMPENSATION SCHEDULE
Total Federal (HBP) County City
HBP (Participating) $ 75,145,492 $ 66,526,304 $ 4,309,594 $ 4,309,594 CON 60,196,475 $ $ 53,291,939 $ 3,452,268 $ 3,452,268
CE (10% of funded) 6,542,269 $ $ 5,791,871 $ 375,199 $ 375,199 Contingency (10%) 6,019,648 $ $ 5,329,194 $ 345,227 $ 345,227 Below the Line 1,797,100 $ $ 1,590,973 $ 103,064 $ 103,064 RR Flagging 590,000 $ $ 522,327 $ 33,837 $ 33,837
Non-Participating (County) $ 12,770,647 $ 12,770,647
CON 10,565,763 $ $ 10,565,763
CE (10% of funded) 1,148,308 $ $ 1,148,308
Contingency (10%) 1,056,576 $ $ 1,056,576
RR Flagging $ - $ - Non-Participating (City) $ 17,589,541 $ 17,589,541 CON 14,461,655 $ $ 14,461,655
CE (10% of funded) 1,571,721 $ $ 1,571,721
Contingency (10%) 1,446,166 $ $ 1,446,166
RR Flagging 110,000 $ $ 110,000
Other Costs $ 1,745,245 $ 255,000 $ 1,490,245
UPRR Engineering 294,045 $ $ 255,000 $ 39,045
UPRR Construction 1,451,200 $ $ 1,451,200
Total Construction Costs $ 107,250,925 $ 66,526,304 $ 17,335,241 $ 23,389,380 Total County City
Total Construction Costs (from above) $ 40,724,621 $ 17,335,241 $ 23,389,380 Additional Funding:

Local Parnership Program- Competitive 15,000,000 $ $ 7,500,000 $ 7,500,000 Total Local Cost (cost less add'l funding) $ 25,724,621 $ 9,835,241 $ 15,889,380 Construction Costs
Local Costs and HBP Local Match Summary
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

March 10, 2026
Date: February 18, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: State Audit of the State Route 132 West Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project
CONTACT: Toby Wells, Director of Engineering Services/City Engineer, [email protected], 209-571-5542
DESCRIPTION:

Consider accepting the “Final Report – City of Modesto, Project Compliance Audit” for State Route 132 West Freeway/Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project from the Independent Office of Audits and Investigations (IOAI). (Funding Source: Not Applicable)
STRATEGIC PLAN ELEMENT:

The recommended action supports the City’s 2025-2026 Strategic Plan’s focus of Governance and Service Delivery under Goal D: Provide safe, efficient, and reliable infrastructure through proactive community investment, maintenance, and sustainability efforts.

BACKGROUND:

State Route (SR) 132 is an east-west highway that extends from I-580 in the Central Valley, south of the City of Tracy, to SR49 in the foothills of the Sierra Mountains, terminating in the town of Coulterville. SR132 is a vital link through the Central Valley, serving local traffic from these communities and providing for regional traffic between the Bay Area and the mountains for the movement of traffic and goods and services and provides access to the recreational areas east of Modesto via SR49.

The purpose of the State Route 132 West Freeway/Expressway - Phase 1 Project (Project) is to improve regional and interregional circulation, relieve traffic congestion along existing State Route 132, and to enhance safety and operations for the existing and proposed transportation network. Total project costs are approximately $140 million and was funded by sixteen (16) state, federal and local sources.

The Phase 1 Project includes construction of an access-controlled, 2-lane expressway (one eastbound lane and one westbound lane) along a new alignment just south of Kansas Avenue starting from the east side of SR-99 at the base of the Needham Street Bridge, west to Dakota #10..
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City Council, March 10, 2026
State Audit of the State Route 132 West Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project

Ave. and then along Dakota Ave. to the existing SR-132/Maze Blvd. Grade separations have been constructed at Rosemore Ave, Carpenter Ave, Emerald Ave and SR-99. The project includes improvement to the 5th and 6th Street connections to the new SR-132 expressway and the addition of an auxiliary lane at the northbound SR-99 on-ramp at L Street.

The Crows Landing Road Pavement Rehabilitation project rehabilitated deteriorated pavement with an asphalt rubber chip seal and asphalt overlay on Crows Landing Road from Pecos Avenue to Hatch Road. The project also included the construction of new concrete center median, American with Disability Act (ADA) improvements, sidewalk installation, and Class II bicycle lanes. The total construction costs were $2.8 million in federal transportation funds.

In December 2024, the City was contacted by the Independent Office of Audits and Investigations (IOAI) that an audit would be conducted on the SR 132 West Freeway/Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project. The stated audit objectives were:

1. To determine if project costs claimed by the City and reimbursed by Caltrans were allowable and adequately supported in accordance with Caltrans’ agreement provisions, federal regulations, and state requirements.

2. To determine if project deliverables were consistent with the project scope and schedule.

3. To determine if project benefits were achieved and reported in accordance with applicable requirements.

DISCUSSION:

On December 16, 2024, the City received an engagement letter from IOAI notifying the City of the initiation of the audit of the two projects. The Entrance Conference Meeting with IOAI staff was held on January 23, 2025, to formally start the audit process.

Over the course of the year, staff met with the auditors dozens of times to answer questions, provide documents, and provide clarifications to plans, specifications and related project documents. These meetings also included site visits with City staff and the City’s contract project inspector WSP, Inc. for the SR 132 project.

On December 18, 2025, the IOAI provided the “Final Report – City of Modesto, Project Compliance Audit”. The report stated “we obtained reasonable assurance that the costs the City incurred were allowable and adequately supported in accordance with Caltrans’ agreement provisions, federal regulations, and state requirements. We also determine that the projects’ deliverables were consistent with each projects’ scope as described in the executed agreements.” Therefore, the audit was completed with no findings.

For a project of this magnitude to not having any findings is a significant achievement for the City of Modesto and the project team. As stated by the audit team, most of the audits they conduct are returned with multiple findings.

FISCAL IMPACT:

There are no fiscal impacts related to accepting the Final report. #10..
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City Council, March 10, 2026
State Audit of the State Route 132 West Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project

CEQA/NEPA REQUIREMENTS:

Caltrans has completed California Environmental Quality Act (CEQA) and National Environmental Policy Act (NEPA) review of the Project with approval of the document as part of the PA&ED Phase on March 9, 2018 for the SR 132 project. For the Crows Landing project, the environmental review was provided through a Categorical Exemption under CEQA Section 15301, EA/CEDD 2019-34.

COMMITTEE RECOMMENDATION:

This item was reviewed by the Audit Committee on January 21, 2026, and was forwarded to City Council for approval.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution accepting the results of the “Final Report – City of Modesto, Project Compliance Audit” for State Route 132 West Freeway/Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project from the Independent Office of Audits and Investigations (IOAI).

Approved by:

Toby Wells, Director of Engineering Services /
City Engineer
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. Final Audit Report
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3/10/2026/ESD//TWells/Item? 1 2026-??

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-XX
RESOLUTION ACCEPTING THE RESULTS OF THE “FINAL REPORT – CITY OF MODESTO, PROJECT COMPLIANCE AUDIT” FOR STATE
ROUTE 132 WEST FREEWAY/EXPRESSWAY – PHASE 1 PROJECT AND

CROWS LANDING ROAD PAVEMENT REHABILITATION PROJECT

FROM THE INDEPENDENT OFFICE OF AUDITS AND

INVESTIGATIONS (IOAI)
WHEREAS, the State Route (SR) 132 is an east-west highway that extends from I-580 in the Central Valley, south of the City of Tracy, to SR49 in the foothills of the Sierra Mountains, terminating in the town of Coulterville; and WHEREAS, the purpose of the State Route 132 West Freeway/Expressway - Phase 1 Project (Project) is to improve regional and interregional circulation, relieve traffic congestion along existing State Route 132, and to enhance safety and operations for the existing and proposed transportation network; and WHEREAS, the total project costs are approximately $140 million and was funded by sixteen (16) state, federal and local sources; and WHEREAS, the Crows Landing Road Pavement Rehabilitation project rehabilitated deteriorated pavement with an asphalt rubber chip seal and asphalt overlay on Crows Landing Road from Pecos Avenue to Hatch Road; and WHEREAS, the project also included the construction of new concrete center median, American with Disability Act (ADA) improvements, sidewalk installation, and Class II bicycle lanes. The total construction costs were $2.8 million in federal transportation funds; and
WHEREAS, on December 2024, the City was contacted by the Independent Office of Audits and Investigations (IOAI) that an audit would be conducted on the SR #10..
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3/10/2026/ESD//TWells/Item? 2 2026-??
132 West Freeway/Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project. The stated audit objectives were:

1. To determine if project costs claimed by the City and reimbursed by Caltrans were allowable and adequately supported in accordance with Caltrans’ agreement provisions, federal regulations, and state requirements.

2. To determine if project deliverables were consistent with the project scope and schedule.

3. To determine if project benefits were achieved and reported in accordance with applicable requirements; and
WHEREAS, on December 18, 2025, the IOAI provided the “Final Report – City of Modesto, Project Compliance Audit”. The report stated “we obtained reasonable assurance that the costs the City incurred were allowable and adequately supported in accordance with Caltrans’ agreement provisions, federal regulations, and state requirements. We also determine that the projects’ deliverables were consistent with each projects’ scope as described in the executed agreements.” Therefore, the audit was completed with no findings.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby accepts the results of the “Final Report – City of Modesto, Project Compliance Audit” for State Route 132 West Freeway/Expressway – Phase 1 Project and Crows Landing Road Pavement Rehabilitation Project from the Independent Office of Audits and Investigations (IOAI).
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3/10/2026/ESD//TWells/Item? 3 2026-??
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th of March, 2026, 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: _____________________________
DIANE NAYARES-PEREZ, CMC, City
Clerk
(SEAL)
APPROVED AS TO FORM:

BY: ________________________________
JOSE M. SANCHEZ, City Attorney
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The Independent O񏿿ce of Audits and Investigations (IOAI) completed its project compliance audit of the City of Modesto (City). We audited the costs that the City incurred and the California Department of Transportation (Caltrans) reimbursed related to the City’s State Route 132 West Freeway/Expressway – Phase 1 Project and its Crows Landing Road Pavement Rehabilitation Project, totaling $91,472,748. We also audited the project deliverables and bene¿ts. %$&.*5281'
Caltrans’ Local Assistance Program oversees more than $1 billion annually available to over 600 cities, counties, and regional agencies for the purpose of improving their transportation infrastructure or providing transportation services. This funding comes from various state and federal programs speci¿cally designed to assist the transportation needs of local agencies.

Included among these programs are the Regional Surface Transportation Block Grant Program and Highway Infrastructure Program, the Congestion Mitigation and Air Quality Improvement Program, and Earmark Projects.

Caltrans’ Division of Project Management helps facilitate the delivery of Caltrans’ capital projects, including Local Capital Outlay projects, on the State Highway System.Local Capital Outlay is funding for local agencies’ right of way capital and construction capital costs for the rehabilitation, operational improvement, and construction of new facilities within the state right of way limits. Caltrans’ district project management o񏿿ces manage the delivery of the Local Capital Outlay projects through cooperative agreements per California Streets and Highways Code sections 114 and 130. The funding for these projects comes from various state and MaƩEspenshade, Chief Deputy
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federal programs. Included among these programs are the State Transportation Improvement 3URJUDPWKH 6WDWH+LJKZD\2SHUDWLRQDQG3URWHFWLRQ3URJUDPDQGWKH 7UDGH&RUULGRU (QKDQFHPHQW3URJUDP For our audit, we selected two projects for which the City received funding from Caltrans under

WKHVH SURJUDPV
• 6WDWH5RXWH:HVW)UHHZD\([SUHVVZD\3KDVH3URMHFW Construction of
a 2-lane expressway, improvement of SR 132/99 interchange, and encapsulation of three stockpiles of barium-contaminated soil existing within the 2-lane expressway project limits. • &URZV/DQGLQJ5RDG 3DYHPHQW5HKDELOLWDWLRQ3URMHFW 3DYHPHQWUHKDELOLWDWLRQ
and installation of class II bicycle lanes on Crows Landing Road, from Pecos Avenue to Hatch Road.

Caltrans reimbursed the City a total of $91,472,748 for these projects as of November 26, 2024.

See Appendix A for further details on the City projects we audited. $8',75(68/76
For this audit, we obtained reasonable assurance that the costs the City incurred were allowable and adequately supported in accordance with Caltrans’ agreement provisions, federal regulations, and state requirements. We also determined that the projects’ deliverables were consistent with each project’s scope as described in the executed agreements. Appendix B includes a summary of the methods we used to address the audit objectives.

We appreciate the assistance and cooperation of the City. If you have any questions regarding this report, please contact our o񏿿ce at (916) 323-7111. 6LQFHUHO\ Bryan Beyer, CIG
Inspector General
Independent O񏿿ce of Audits and Investigations
Enclosures:
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cc: Dave Moore, Acting Chief Deputy Director, Caltrans
Grace Magsayo, District Director, District 10, Caltrans Anton Kismetian, Central Region Services, Design O񏿿ce Chief, District 6, Caltrans Corey Casey, Acting Program Project Manager O񏿿ce Chief, District 10, Caltrans Ben Shelton, Audit Chief, Internal Audits O񏿿ce, Caltrans Joseph Lopez, City Manager, City of Modesto
Toby Wells, Director, Engineering Services Department, City of Modesto Antonio Johnson, Director, Planning, Environment, Air Quality, and Right of Way, Federal  +LJKZD\$GPLQLVWUDWLRQ
Grace Regidor, Transportation Finance Specialist, Financial Services, Federal Highway  $GPLQLVWUDWLRQ
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EĂŵĞ WƌŽũĞĐƚEƵŵďĞƌ WƌŽũĞĐƚŽĚĞ WƌŽũĞĐƚ^ƚĂƚƵƐ &ƵŶĚŝŶŐWƌŽŐƌĂŵ &ƵŶĚŝŶŐ
^ŽƵƌĐĞ
ůůŽĐĂƚĞĚ
ŵŽƵŶƚ
ZĞŝŵďƵƌƐĞĚ
ŵŽƵŶƚ
^dͲyϬϵϵ;ϲϰϱͿ ϭϬϬϬϬϬϬϰϮϰ
State TransportaƟon
/ŵƉƌŽǀĞŵĞŶƚ
Program
dƌĂĚĞŽƌƌŝĚŽƌ
Enhancement
Program
&ĞĚĞƌĂů
ĂŶĚ^ƚĂƚĞ Ψϲϱ͕ϰϲϮ͕ϭϬϬ Ψϲϱ͕ϯϳϳ͕ϰϳϯ
^ZϭϯϮ
Expressway
WƌŽũĞĐƚ
d',W>h>ͲϱϬϱϵ;ϮϯϬͿ ϭϬϭϴϬϬϬϮϮϮ ŽŵƉůĞƚĞϭ
Earmarks Projects
Regional Surface
TransportaƟon Block
Grant Program
and Highway
Infrastructure
Program
&ĞĚĞƌĂů ΨϮϮ͕ϭϬϭ͕ϵϳϭ ΨϮϬ͕ϵϱϵ͕ϭϱϭ
E,ͲyϬϵϵ;ϲϰϲͿ ϭϬϭϱϬϬϬϭϭϱ
State Highway
OperaƟon and
ProtecƟon Program
&ĞĚĞƌĂů
ĂŶĚ^ƚĂƚĞ Ψϯ͕Ϯϵϵ͕ϰϬϬ ΨϮ͕ϯϯϵ͕ϲϴϯ
ƌŽǁƐ
Landing
WƌŽũĞĐƚ
^dWD>ͲϱϬϱϵ;ϮϬϴͿ ϭϬϭϱϬϬϬϬϵϱ ŽŵƉůĞƚĞϮ Regional Surface
TransportaƟon Block
Grant Program
and Highway
Infrastructure
Program
CongesƟon
MiƟgaƟon and
Air Quality
/ŵƉƌŽǀĞŵĞŶƚ
Program
&ĞĚĞƌĂů Ψϯ͕Ϭϱϯ͕ϳϬϴ ΨϮ͕ϳϵϲ͕ϰϰϭ
dŽƚĂů Ψϵϯ͕ϵϭϳ͕ϭϳϵ Ψϵϭ͕ϰϳϮ͕ϳϰϴ
Source: IOAI analysis of Caltrans’ accounting records.
¹The Council of the City of Modesto accepted the project as complete on June 24, 2025. The City recorded the project with the Stanislaus County recorder on July 2, 2025.
²The Council of the City of Modesto accepted the project as complete on January 24, 2023. The City recorded the project with the Stanislaus County recorder on January 25, 2023.
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We conducted this audit to determine if the project costs that the City claimed and Caltrans reimbursed were allowable and adequately supported in compliance with Caltrans’ agreement provisions, federal regulations, and state requirements. Additionally, we conducted this audit to determine if project deliverables were consistent with the project scope and schedule and if project bene¿ts were achieved and reported in accordance with applicable requirements. $XGLW 3HULRG
Our audit period was from December 31, 2014, through June 24, 2025. &ULWHULD
We gained an understanding of the projects and relevant criteria by reviewing applicable federal regulations, state requirements, Caltrans’ guidelines, executed project agreements, project records, City’s policies and procedures, prior audit reports, and by interviewing key personnel IURPWKH&LW\DQG&DOWUDQV
5LVN$VVHVVPHQW DQG ,QWHUQDO&RQWUROV
We performed a risk assessment, including by identifying and evaluating whether the City properly designed and implemented internal controls signi¿cant to our audit objectives. Our evaluation of internal controls focused on the City’s construction management procedures as well as review and approval processes for construction costs, consultant costs, and procurement. We also assessed the City’s processes for submitting required project reports to Caltrans and the City’s process for completing and achieving project deliverables and bene¿ts. $VVHVVPHQW RI'DWD5HOLDELOLW\
Generally accepted government auditing standards require that we assess the su񏿿ciency and appropriateness of computer-processed information if it will be used to materially support our ¿ndings, conclusions, and recommendations. We assessed the reliability of data from the City’s expenditure reports, which are generated from Oracle, its enterprise resource planning system.

This data was used to support the project costs. Our assessment included reviewing data sources, testing transactions for completeness and accuracy, and verifying whether selected costs were supported by source documentation. We determined that the data were su񏿿ciently reliable to meet our audit objectives.
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We conducted this performance audit in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain su񏿿cient, appropriate evidence to provide a reasonable basis for our¿ndings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our¿ndings and conclusions based on our audit objectives. 0HWKRGRORJ\
Based on our planning, we developed speci¿c methods for gathering evidence to obtain reasonable assurance to address the audit objectives, as detailed in Table 1 on the IROORZLQJ SDJH
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Audit ObjecƟve DĞƚŚŽĚƐ
ObjecƟve 1
dŽĚĞƚĞƌŵŝŶĞŝĨƉƌŽũĞĐƚ
costs claimed by the
City and reimbursed
ďLJĂůƚƌĂŶƐǁĞƌĞ
allowable and adequately
supported in accordance
with Caltrans’ agreement
ƉƌŽǀŝƐŝŽŶƐ͕ĨĞĚĞƌĂů
regulaƟons, and state
requirements.

Selected signi󟿿cant and high-risk areas to verify compliance with the project agreements, federal regulaƟons, and state requirements. Those selected areas were:
ͻ ConstrucƟon Costs
ͻ Right of Way Costs
ͻ Consultant Costs
ͻ Procurement
ͻ Contract Change Orders
ConstrucƟon Costs
For the SR 132 Expressway Project, selected and tested 35 out of 428 bid items by reviewing project󟿿les, progress pay esƟmates, daily reports, and quanƟty sheets, comparing them to relevant criteria to determine if selected items were allowable, supported, authorized, project-related, and incurred within the allowable Ɵme frame. AddiƟonally, the City idenƟ󟿿ed 112 bid items subject to Buy America requirements. Selected and tested 30 bid items by reviewing cerƟ󟿿cates of compliance and cerƟ󟿿ed mill test reports to determine whether the items complied with Buy America requirements.

For the Crows Landing Project, selected two progress pay esƟmates and tested all 15 out of 31 bid items by reviewing project󟿿les, progress pay esƟmates, daily reports, and quanƟty sheets, comparing them to relevant criteria to determine if selected items were allowable, supported, authorized, project-related, and incurred within the allowableƟme frame. AddiƟonally, Caltrans’ Division of Local Assistance headquarters idenƟ󟿿ed two bid items subject to Buy America requirements.

Selected and tested both bid items by reviewing cerƟ󟿿cates of compliance to determine whether the items complied with Buy America requirements.

ZŝŐŚƚŽĨtĂLJŽƐƚƐ
For the SR 132 Expressway Project, reviewed the City’s expenditure report, invoices, and agreements to determine the eligibility of right of way costs included in the City’s invoice. Traced and agreed invoices to the City’s expenditure report and the reimbursable costs of the Federal Highway AdministraƟon report. ŽŶƐƵůƚĂŶƚŽƐƚƐ
For the SR 132 Expressway Project, selected and tested 5 out of 11 invoices from the consultant to determine whether selected consultant costs were project related, eligible based on contract scope, properly authorized, incurred within the audit period, supported, and not billed twice.

WƌŽĐƵƌĞŵĞŶƚ
For the SR 132 Expressway Project, reviewed the City’s construcƟon management contract procurement to assess compliance with state regulaƟons, including the Mini-Brooks Act and the LAPM, by reviewing the request for proposal, executed contracts, adverƟsement documents, quali󟿿caƟons assessment documents, and indirect cost rate approvals.
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Audit ObjecƟve DĞƚŚŽĚƐ
For the SR 132 Expressway Project and the Crows Landing Project, reviewed the City’s construcƟon contract procurements to assess compliance with federal regulaƟons and the LAPM by reviewing the invitaƟon for bids, bid records, City bid assessments, adverƟsement documentaƟon, and executed contracts. ŽŶƚƌĂĐƚŚĂŶŐĞKƌĚĞƌƐ
For the SR 132 Expressway Project, selected and tested 10 out of 215 contract change orders to determine whether the selected change orders were within the scope of work, not contract duplicaƟons, completed, and supported by reviewing the agreement, daily reports, and daily extra work reports.

For the Crows Landing Project, selected and tested two out of󟿿ve change orders to determine whether the selected change orders were within the scope of work, not contract duplicaƟons, completed, and supported by reviewing the agreement, daily reports, and daily extra work reports.

ObjecƟve 2
dŽĚĞƚĞƌŵŝŶĞŝĨƉƌŽũĞĐƚ
ĚĞůŝǀĞƌĂďůĞƐǁĞƌĞ
consistent with the
ƉƌŽũĞĐƚƐĐŽƉĞĂŶĚ
schedule.

Determined if the Project deliverables were consistent with the project scope and schedule by reviewing the project applicaƟon, construcƟon allocaƟon memorandum, before and aŌer photographs, noƟce of compleƟon, project reports, and as-built plans, and by conducƟng an in-person site visit and corresponding with City personnel.

ObjecƟve 3
dŽĚĞƚĞƌŵŝŶĞŝĨ
project bene󟿿ts were
achieved and reported
in accordance with
applicable requirements.

For the SR 132 Expressway, we did not evaluate the project bene󟿿ts because according to the project bene󟿿ts form, the bene󟿿ts will not be achieved unƟl 2040.

According to Caltrans, the project applicant, it will measure and report the achieved project bene󟿿ts.

For the Crows Landing Project, we did not evaluate project bene󟿿ts because the funding program guidelines do not require reporƟng of project bene󟿿ts. #10..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

March 10, 2026
Date: February 10, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: MOU with Yosemite Rivers Alliance for Habitat Restoration at the Carpenter Road Parcel of Tuolumne River Regional Park.

CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:

Consider approving the Memorandum of Understanding with Yosemite Rivers Alliance, formerly known as Tuolumne River Trust, for habitat restoration at the Carpenter Road Parcel of Tuolumne River Regional Park. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:

This item is consistent with the following 2025-2026 Strategic Plan Area of Focus: Quality of Life.

BACKGROUND:

The Tuolumne River Regional Park (TRRP) consists of 500-acres of riparian land within the City of Modesto and Stanislaus County. With this amount of area to enhance, the City regularly collaborates with community groups to add amenities in TRRP.

The Yosemite Rivers Alliance (YRA) is a nonprofit organization with a mission of restoring the Tuolumne River and its surrounding landscapes. The City frequently collaborates with YRA to improve habitat for fish and wildlife, improve the aesthetic of the area, and improve the recreation value of the Tuolumne River.

In 2020, YRA was awarded a grant through the California Department of Water Resources, San Joaquin River Fish Population Enhancement Program (SJFPEP) in the amount of $2,137,837 to plan, design, and construct floodplain terraces to enhance riverine habitat, add refuge for aquatic fauna, and plant native riparian vegetation within the TRRP Carpenter Road Parcel to improve rearing habitat for juvenile fall-run Chinook Salmon and Central Valley steelhead. YRA desires to collaborate with the City to utilize the grant funds for the benefit of the TRRP.

DISCUSSION:

The YRA has extensive experience in fundraising, public relations, and river restoration projects. The YRA obtained funding for environmental and construction documentation for #11..
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City Council, March 10, 2026
MOU with Yosemite Rivers Alliance for Habitat Restoration at the Carpenter Road Parcel of Tuolumne River Regional Park.

habitat restoration; and are currently working with consultants to complete both documents by the end of winter 2026.

The YRA and the City wish to improve the natural riparian habitat, the aesthetics of the area and the recreational value of the river. The attached Memorandum of Understanding (MOU) outlines the responsibilities and roles of each party.

The grant funding for the project requires a deed restriction be placed on the parcel which is common for most state grants and is compatible with the uses anticipated in this portion of TRRP.

FISCAL IMPACT:

There is minimal fiscal impact by approving this item. YRA will be the financial agent that houses the grant funding for design, construction and environmental analysis. The MOU specifically states that YRA will be responsible to provide grant funding to cover all costs related to the installation of habitat restoration and so TRRP will not need to fund any of the design, construction or environmental review.

Some minimal staff time will be expended for administrative actions related to design, construction and environmental review. This minimal staff time will be covered by the TRRP operating budget as part of City staff’s regular administrative duties related to TRRP.

In addition, staff (along with the assistance of volunteers) will continue regular maintenance operations in the area such as trash pickup, flail mowing of weeds, etc. The project is not expected to significantly increase the need for regular maintenance of this area.

COMMITTEE RECOMMENDATION:

The Tuolumne River Regional Park Commission considered the MOU on February 18, 2026, and approved the item to be forwarded to Modesto City Council for approval.

CEQA/NEPA REQUIREMENTS:

An Initial Study, Environmental Assessment No. EA/ENG No. 2026-04 found that the Carpenter Road Floodplain Restoration Project is within the scope of the project covered by the Department of Water Resources Control Board’s Statewide Restoration General Order (SRGO) Program Environmental Impact Report (EIR) (SCH No. 2019100230) pursuant to State CEQA Guidelines Sections 15152 and 15168, and no new environmental document or Public Resources Code Section 21081 findings are required.

All applicable policies, regulations, and/or mitigation measures identified in the SRGO Program EIR have been applied to this subsequent project or otherwise made conditions of the approval of the subsequent project and no new or additional mitigation measures or alternatives are required.

RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Resolution approving the Memorandum of Understanding with Yosemite Rivers Alliance, formerly known as Tuolumne River Trust, for habitat restoration at the Carpenter Road Parcel of #11..
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City Council, March 10, 2026
MOU with Yosemite Rivers Alliance for Habitat Restoration at the Carpenter Road Parcel of Tuolumne River Regional Park.

Tuolumne River Regional Park and authorizing the City Manager, or his designee, to execute the Agreement.

Approved by:

Toby Wells, Director of Engineering Services/City
Engineer
Joseph P. Lopez, City Manager
Attachments:

1. Resolution

2. MOU with Exhibits

3. EA/ENG No. 2026-04 - Initial Study/Finding of Conformance for CEQA #11..
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03/10/2026/ESD/NHoux/Item XX 1 2026-XX

MODESTO CITY COUNCIL
RESOLUTION NO. 2026-

RESOLUTION APPROVING THE MEMORANDUM OF UNDERSTANDING

WITH YOSEMITE RIVERS ALLIANCE, FORMERLY KNOWN AS TUOLUMNE

RIVER TRUST, FOR HABITAT RESTORATION AT THE CARPENTER ROAD

PARCEL OF TUOLUMNE RIVER REGIONAL PARK AND AUTHORIZING

THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE THE AGREEMENT WHEREAS, The Tuolumne River Regional Park (TRRP) consists of 500-acres of riparian land within the City of Modesto and Stanislaus County; and WHEREAS, with this amount of area to enhance, the City regularly collaborates with community groups to add amenities in TRRP; and
WHEREAS, the Yosemite Rivers Alliance (YRA) is a nonprofit organization with a mission of restoring the Tuolumne River and its surrounding landscapes and the City frequently collaborates with them to improve habitat for fish and wildlife, improve the aesthetic of the area, and improve the recreation value of the Tuolumne River; and WHEREAS, in 2020, YRA was awarded a grant through the California Department of Water Resources, San Joaquin River Fish Population Enhancement Program (SJFPEP) in the amount of $2,137,837 to plan, design, and construct floodplain terraces to enhance riverine habitat, add refuge for aquatic fauna, and plant native riparian vegetation within the TRRP Carpenter Road Parcel to improve rearing habitat for juvenile fall-run Chinook Salmon and Central Valley steelhead; and WHEREAS, YRA desires to collaborate with the City to utilize the grant funds for the benefit of the TRRP; and
WHEREAS, the YRA obtained funding for environmental and construction documentation for habitat restoration; and are currently working with consultants to complete both documents by the end of winter 2026; and
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03/10/2026/ESD/NHoux/Item XX 2 2026-XX
WHEREAS, the YRA and the City wish to improve the natural riparian habitat, the aesthetics of the area and the recreational value of the river.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the Memorandum of Understanding with Yosemite Rivers Alliance, formerly known as Tuolumne River Trust, for habitat restoration at the Carpenter Road Parcel of Tuolumne River Regional Park.

BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to execute the agreement, in a form approved by the City Attorney. #11..
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03/10/2026/ESD/NHoux/Item XX 3 2026-XX
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 10th day of March 2026, 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 votes:

AYES: Councilmembers:

NOES: Councilmembers:

ABSENT: Councilmembers:

ATTEST: ________________________________

DIANE NAYARES-PEREZ, CMC,
City Clerk
(SEAL)
APPROVED AS TO FORM:

BY: _____________________________________
JOSE M. SANCHEZ, City Attorney
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1 MEMORANDUM OF UNDERSTANDING BETWEEN THE YOSEMITE RIVERS

ALLIANCE AND THE CITY OF MODESTO REGARDING HABITAT RESTORATION AT

THE TUOLUMNE RIVER REGIONAL PARK

CARPENTER ROAD PARCEL
This Memorandum of Understanding (“MOU”) is entered into this day of , 2026, by and between the Yosemite Rivers Alliance (also known as Tuolumne River Preservation Trust), a California nonprofit organization (YRA), and the CITY OF MODESTO, a municipal corporation (CITY) (collectively, the “parties,” or individually, a “party”)

RECITALS
WHEREAS, the CITY owns and maintains a parcel located west of the Primary Treatment Plan (APN #037-037-001) in Modesto, California (“Property”); and WHEREAS, Property is located within the Tuolumne River Regional Park (TRRP); and WHEREAS, The CITY and Stanislaus County (COUNTY) are both parties to the Tuolumne River Regional Park Joint Powers Agreement (JPA); and
WHEREAS, JPA Commission serves as an advisory body on the acquisition, development, maintenance and operation of TRRP; and
WHEREAS, CITY serves a member of the JPA; and
WHEREAS, YRA is a nonprofit organization with a mission of restoring the Tuolumne River and its surrounding landscapes; and
WHEREAS, YRA and the CITY wish to improve habitat for fish and wildlife, improve the aesthetics of the area, and improve the recreational value of the Tuolumne River; and WHEREAS, this portion of the Tuolumne River has poor migratory habitat for salmonids and poor riparian habitat; and
WHEREAS, the TRRP Master Plan includes floodplain terraces that provide surfaces that inundate more frequently, restore hydrologic connectivity, and create different hydrologic niches that meet many riparian plant species’ initiation and establishment requirements; and #11..
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2 WHEREAS, both Parties consider improved salmonoid and riparian habitat to be a significant public benefit; and
WHEREAS, YRA has been awarded a grant through the California Department of Water Resources, San Joaquin River Fish Population Enhancement Program (SJFPEP) to plan, design, and construct floodplain terraces and plant native riparian vegetation at the TRRP Carpenter Road Parcel to improve rearing habitat for juvenile fall-run Chinook Salmon and Central Valley steelhead (“Project”); and
WHEREAS, CITY and YRA wish to collaborate to utilize the grant funds for the benefit of the TRRP and enter into a memorandum outlining each Party’s responsibilities; and WHEREAS, the CITY, acting as Lead Agency for the purposes of the California Environmental Quality Act (CEQA), approved a Master Environmental Impact Report for the TRRP Master Plan in September 2001; and
WHEREAS, the CITY has proposed to be the CEQA Lead Agency for the Project with YRA as the Planning/Design Manager, Construction Manager, and Grant Manager/Administrator; and WHEREAS, the Parties agree that the objectives of this MOU are to jointly plan and implement the Project as soon as feasibly possible; and
WHEREAS, the CITY agrees to accept the completed Project as a donation.

NOW, THEREFORE, in consideration of the mutual promises made by the Parties contained herein, the Parties agree as follows:

TERMS AND CONDITIONS

1. Recitals. The provisions and recitals set forth above are hereby referred to and incorporated herein and made part of this MOU by reference.

2. Terms of Lease. The CITY shall maintain ownership of the Property at all times and agrees to grant to YRA a non-exclusive license to utilize the Property for the purpose of installing the Project as outlined in Exhibit A, incorporated herein, and within the Property identified in Exhibit A. Prior to commencement of any portion of the Project, YRA shall obtain written permission from CITY to commence activities on the Property for the duration of that portion of the Project.

3. Use of Property. Prior to bidding of the Project, YRA shall ensure that all construction documents and specifications prepared by a design professional must meet the minimum #11..
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3 standards as set forth by the Parks, Planning & Development Division of the City of Modesto. The CITY’s Parks Planning & Development Division will review said construction documents and specifications and shall require modifications, in its sole discretion.

YRA shall cause the Project to be installed through the use of a State-licensed general contractor at YRA’s expense or by volunteer effort when approved by the CITY. Upon installation and completion of the Project YRA shall donate the Project to the CITY. The CITY will take ownership of the completed Project after making a determination that all provisions of the MOU were followed. YRA shall comply, and shall ensure its contractors and subcontractors comply, with all federal, state, and local laws, rules and regulations applicable to the construction of the Project.

4. Obligations and Responsibilities. YRA and CITY agree that each Party shall have the following responsibilities and obligations:

a. YRA shall be responsible for the following:
• Completion of Basis of Design Report, CEQA documentation, technical studies for CEQA preparation as necessary, construction documentation including technical plans and specifications
• Procurement of grant funding for all aspects of the Project including but not limited to design, permitting and construction
• Procurement of permits for the Project, including, USACE, NMFS, CVFPB, State Lands, USFWS, CDFG, SHPO, SJVAPCD, SWRCB and RWQCB and payment of permitting fees, as required
• Permitting close out of Project
• Conducting public relations and community outreach during Project • Post-project monitoring as required by the SJFPEP grant agreement for up to 25 years, as needed.
• Preparation of bid package and competitive bidding process per State requirements
• Preparation of invitation to bid and addenda during the bid period • Hosting of pre-bid site meeting for contractors if necessary • Responding to RFI’s and questions during bid period
• Ensuring public bid opening
• Preparation and completion of contract administration with lowest responsible and responsive bidder, including execution of agreement • Hosting of weekly construction progress meetings
• Ensuring daily construction inspection, processing of change orders, RFI’s and submittals
• Ensuring Federal and/or State labor compliance reporting and interviews #11..
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4 • Providing contractor payments
• Ensuring record retention after construction for possible future audit by granting agencies
• Provide support on the maintenance of plantings for 1 year for all revegetation & 5 years total for mitigated riparian vegetation (4 years following the contractor's responsibility for revegetation concludes after 1-year post-construction) b. CITY shall be responsible for the following:
• Act as lead agency for CEQA
• Attend project planning meetings and provide technical advice on the design • The CITY will ensure timely review of construction documents and specifications • Providing technical assistance with RFI’s, questions and addenda during the bid period
• Attendance and technical advice during weekly construction progress meetings • Providing technical advice and design inspections during construction • Preparing, Signing and Filing a Deed Restriction on the portion of the parcel that the Project will be constructed on.
• Provide Signatures for CEQA, Grants, Deed Restrictions, and all other related documents.
• Provide typical maintenance, such as cleaning up camps & trash after construction concludes, as part of the TRRP operating budget. • Provide minimal maintenance of plantings for general revegetation after contractor’s 1 year maintenance responsibility and after 5 years postconstruction on mitigated riparian vegetation.

5. Design Consultant. YRA shall retain the engineering firm FlowWest, Inc. to develop the engineering designs, regulatory permit applications, and CEQA compliance documentation.

6. Future Grants. The Parties agree that this MOU shall govern the responsibilities and duties of the Parties for any other grants that may be awarded to either Party related to this Project.

7. Communications. Any notice, demand, request, consent, or approval that any party hereto may be, or is, required to give any other party pursuant to this Agreement shall be in writing and shall be either personally delivered or sent by mail, addressed as follows:

City of Modesto:

Nathan Houx, Parks Planning and Development Manager
P.O. Box 642
Modesto, CA 95353
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5 Phone: (209) 571-5526
Yosemite Rivers Alliance:

Patrick Koepele, Executive Director
P.O. Box 3727
Sonora, CA 95370
Phone: (209) 588-8636
Both Parties agree to communicate on new issues through their respective managers as identified above. Either Party may delegate further communications to staff as appropriate.

Both parties agree to communicate and respond to information requests and other communications in a prompt manner.

Both parties agree to meet at least monthly to review progress, costs, identify priorities, and plan future work for the Project.

8. Acknowledgement and Credit. This Project will be undertaken as an equal collaboration.

Each Party will acknowledge the other in any public statements, documents, or other communications relating to this Project.

9. Disputes. Both organizations will seek to avoid disputes by frequent communications, joint decision-making and other good business practices.

In the event of any dispute arising out of or relating to this MOU, the Parties shall attempt, in good faith, to promptly resolve the dispute mutually between them. In the event that either Party claims a breach of this MOU, that Party will give the other Party at least seven (7) days written notice, the opportunity to meet in an attempt to resolve the issue, and at least seven (7) days after receiving the written notice to cure the claimed breach, prior to filing suit; provided however that this notice and opportunity to cure shall not be required once actual construction activities begin. If the dispute cannot be resolved by mutual agreement, nothing herein shall preclude any party’s rights to pursue remedy or relief by civil litigation, pursuant to the laws of the State of California. Venue for any legal action shall be Stanislaus County Superior Court.

10. Mutual Indemnification. YRA shall defend, indemnify, and hold harmless the CITY, its officers, directors, agents, employees and volunteers from and against all demands, claims, actions, liabilities, losses, damages, and costs, including reasonable attorneys’ fees, to the fullest extent permitted by law, arising out of or resulting from the performance of the MOU, caused in whole or in part by the negligent or intentional acts or omissions of YRA’s respective officers, directors, agents, employees, or volunteers. #11..
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6 The CITY shall defend, indemnify, and hold harmless YRA, its respective officers, directors, agents, employees and volunteers from and against all demands, claims, actions, liabilities, losses, damages, and costs, including reasonable attorneys’ fees, arising out of or resulting from the performance of the MOU, caused in whole or in part by the negligent or intentional acts or omissions of the City’s Council, officers, directors, agents, employees, or volunteers.

In the event that any claim, loss, or liability arises from the concurrent or comparative negligence of both Parties, each party’s obligations under this Section shall be limited to its respective proportionate share of fault, as determined by a court of competent jurisdiction or by agreement of the Parties.

11. Termination of this Memorandum. This MOU will remain in effect for 25 years after Project completion in order to grant YRA access to the site for monitoring and adaptive management work as needed. Either Party may terminate this MOU by providing ninety (90) days written notice to the other Party.

12. No Partnership. The Parties do not, by this memorandum, intend to form a partnership in the legal sense. Rather, this memorandum is intended to set forth a plan of operation whereby each Party will work with the other to achieve their separate but shared goals.

Each Party agrees that it will be responsible for its own acts and the results thereof and shall not be responsible for the acts of the other Party or the results thereof.

13. Self-Insurance. Each Party, at its sole cost and expense, shall carry insurance, or self-insure, that covers its activities in connection with this MOU, and obtain, keep in force, and maintain insurance or equivalent programs of self-insurance, for general liability, workers compensation, and business automobile liability adequate to cover its potential liabilities hereunder. Each Party agrees to provide the other parties with thirty (30) calendar days’ advance written notice of any cancellation, termination, or lapse of any of the insurance or self-insurance coverage. Proof of insurance shall be provided to either party upon request.

14. Design and Construction Insurance: YRA shall also ensure that any and all design professionals, contractors and sub-contractors working on the Project provide at their own expense and maintain at all times the insurance described in Exhibit B and shall provide evidence of such insurance to CITY as may be required by the City Manager of CITY.

15. Volunteer Waivers. YRA agrees to ensure that all volunteers performing design, construction or maintenance on the Project sign a waiver of liability as required by the CITY.

Signed waivers shall be provided to the CITY shortly after the execution of the waiver and #11..
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7 will limit the liability for the CITY and Stanislaus County in respect to the construction and maintenance of the project.

16. Cooperation. Each Party shall cooperate with the other and execute such instruments or documents and take such other action as may reasonably be requested from time to time in order to carry out, evidence or confirm their rights or obligations or as may be reasonably necessary or helpful to give effect to this MOU.

17. No Prior Agreements. This MOU constitutes the entire agreement between the Parties regarding the subject matter of this agreement. Any prior agreements, whether oral or written, between the Parties regarding the subject matter of this MOU are hereby terminated effective immediately upon full execution of this MOU.

18. Time. Time is of the essence in this MOU.

19. Interpretation. This MOU shall be deemed to have been prepared equally by all the Parties, and the MOU and its individual provisions shall not be construed or interpreted more favorably for one party on the basis that another party prepared it.

20. Compliance with the Laws. Each Party represents that it shall observe and comply with all applicable Federal, State, and local laws, regulations, and ordinances related to the performance of the Parties’ obligations and responsibilities under this MOU. #11..
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8 IN WITNESS WHEREOF, the Parties have caused this MOU to be duly executed on the date set out above.

YOSEMITE RIVERS ALLIANCE
Patrick Koepele (date)
Executive Director

CITY OF MODESTO
Joe Lopez (date)
City Manager
ATTEST:

Diane Nayares-Perez, CMC, (date)
City Clerk
Approved as to Form:

Jose M. Sanchez (date)
City Attorney
Approved as to Risk Management Form:

Matthew Braley, ARM-PE, (date)
Risk Manager
2663670.1
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A-1
EXHIBIT ‘A’

HABITAT RESTORATION AT THE TUOLUMNE RIVER REGIONAL PARK

CARPENTER ROAD PARCEL

PROJECT DESCRIPTION

1. Project Design:
a. Project Location: Tuolumne River Regional Park-Carpenter Road Area (a portion of APN#037-037-001) is depicted in Attachment A.
b. YRA shall provide design and construction documentation to City. The design shall include, but not be limited to, the following:
i. Demolition Plan
ii. Grading Plan
iii. Layout Plan
iv. Planting and Irrigation Plan
v. Construction Details
c. Design shall meet the minimum standards as set forth by the Parks Planning and Development Division and comply with the City of Modesto Municipal Code and City Standards.
d. CEQA documentation for the project shall be completed prior to any construction beginning.
e. All necessary permitting for the project shall be completed prior to any construction beginning.

2. Project Scope of Work:

Construct floodplain terraces and plant native riparian vegetation at the TRRP Carpenter Road Parcel to improve rearing habitat for juvenile fall-run Chinook Salmon and Central Valley steelhead. Project will include demolition, site preparation/cleanup of the existing area, excavation and grading of the site, placement of grade protection rock & hardened surfacing for access path and planting and irrigation of native plant materials.

Both parties agree to not damage any plant materials or landscape features outside the scope of work and/or project boundary. In the event of damage, whichever party damages something outside the scope of work agrees to make repairs at no cost to the other party. All repairs to be completed per City of Modesto Standards.

3. Waivers/Insurance:
a. Signed Waivers: Any project volunteers for any portion of the project shall sign and provide to City of Modesto a waiver of liability as outlined in the MOU. b. Insurance Requirements: YRA shall provide the City with Certificates of Insurance as outlined in the MOU for all professional organizations working on the project.
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A-2
Attachment A
Project Location: A portion of #037-037-001.
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EXHIBIT B

HABITAT RESTORATION AT THE TUOLUMNE RIVER REGIONAL PARK

CARPENTER ROAD PARCEL

INSURANCE REQUIREMENTS FOR

PROJECT CONTRACTOR(S) AND DESIGN PROFESSIONAL(S)
PROJECT contractor and design professional shall procure and maintain for the duration of the contract, and for 5 years thereafter, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the work hereunder and the results of that work by the PROJECT contractor and design professional’s, their agents, representatives, employees, or subcontractors.

MINIMUM SCOPE AND LIMIT OF INSURANCE
PROJECT contractor and design professional’s Coverage shall be at least as broad as:

1. Commercial General Liability (CGL): Insurance Services Office Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $5,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location (ISO CG 25 03 or 25 04) or the general aggregate limit shall be twice the required occurrence limit.

2. Automobile Liability: Insurance Services Office Form CA 0001 covering Code 1 (any auto), with limits no less than $1,000,000 per accident for bodily injury and property damage.

3. Workers’ Compensation: as required by the State of California, with Statutory Limits, and Employer’s Liability Insurance with limit of no less than $1,000,000 per accident for bodily injury or disease.

4. Professional Liability (if Design/Build), with limits no less than $2,000,000 per occurrence or claim, and $2,000,000 policy aggregate.

5. Contractors’ Pollution Legal Liability and/or Asbestos Legal Liability and/or Errors and Omissions (if project involves environmental hazards) with limits no less than $2,000,000 per occurrence or claim, and $2,000,000 policy aggregate.

If the PROJECT contractor and design professional maintains broader coverage and/or higher limits than the minimums shown above, the City of Modesto, City of Ceres, and County of Stanislaus require and shall be entitled to the broader coverage and/or the higher limits maintained by the PROJECT contractor and design professional. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City of Modesto, City of Ceres, and County of Stanislaus. #11..
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Umbrella or Excess Coverage
The PROJECT contractor and design professional may use Umbrella or Excess Policies to provide the liability limits as required in this agreement. This form of insurance will be acceptable provided that all of the Primary and Umbrella or Excess Policies shall provide all of the insurance coverages herein required, including, but not limited to, primary and noncontributory, additional insured, Self-Insured Retentions (SIRs), indemnity, and defense requirements. The Umbrella or Excess policies shall be provided on a true “following form” or broader coverage basis, with coverage at least as broad as provided on the underlying Commercial General Liability insurance. No insurance policies maintained by the Additional Insureds, whether primary or excess, and which also apply to a loss covered hereunder, shall be called upon to contribute to a loss until the PROJECT contractor and design professional’s primary and excess liability policies are exhausted.

The insurance policies are to contain, or be endorsed to contain, the following provisions:

Additional Insured Status
The City of Modesto, City of Ceres, and County of Stanislaus, its officers, officials, employees, agents and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the PROJECT contractor and design professional including materials, parts, or equipment furnished in connection with such work or operations. General liability coverage can be provided in the form of an endorsement to the PROJECT contractor and design professional’s insurance with coverage equal to ISO form CG 2010. For completed operations, a separate endorsement equal to ISO form CG 2037 is required.

Primary Coverage
The Additional Insured coverage under the PROJECT contractor and design professional’s policy shall be “primary and non-contributory” and will not seek contribution from the City’s insurance or self-insurance and shall be at least as broad as CG 20 01 04 13. The City does not accept endorsements limiting the PROJECT contractor and design professional’s insurance coverage to the sole negligence of the Named Insured.

Claims Made Policies –
If any coverage required is written on a claims-made coverage form:

1. The retroactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work.

2. Insurance must be maintained, and evidence of insurance must be provided for at least five (5) years after completion of contract work.

3. If coverage is cancelled or non-renewed, and not replaced with another claims-made policy form with a retroactive date prior to the contract effective, or start of work date, the PROJECT #11..
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contractor and design professional must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.

4. A copy of the claims reporting requirements must be submitted to the Entity for review.

5. If the services involve lead-based paint or asbestos identification/remediation, the PROJECT contractor’s Pollution Liability policy shall not contain lead-based paint or asbestos exclusions.

If the services involve mold identification/remediation, the PROJECT contractors' Pollution Liability policy shall not contain a mold exclusion, and the definition of Pollution shall include microbial matter, including mold.

Notice of Cancellation
Each insurance policy required above shall provide that coverage shall not be canceled, except with notice to the City.

Waiver of Subrogation
PROJECT contractor and design professional hereby grants to the City of Modesto, City of Ceres, and County of Stanislaus, a waiver of any right to subrogation which any insurer of said PROJECT contractor and design professional may acquire against the City of Modesto, City of Ceres, and County of Stanislaus by virtue of the payment of any loss under such insurance.

PROJECT contractor and design professional agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation, but this provision applies regardless of whether or not the City has received a waiver of subrogation endorsement from the insurer.

Self-Insured Retentions
All Self-insured retentions must be disclosed to Risk Management for approval and shall not reduce the limits of liability. The City may require the PROJECT contractor and design professional to purchase coverage with a lower retention or provide proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention. Any and all deductibles and SIRs shall be the sole responsibility of PROJECT contractor and design professional or subcontractor who procured such insurance and shall not apply to the Indemnified Additional Insured Parties.

Subcontractors
PROJECT contractor and design professional shall require and verify that all subcontractors maintain insurance meeting all requirements stated herein, and PROJECT contractor and design professional shall ensure that Entity is an additional insured on insurance required from subcontractors. For CGL coverage, subcontractors shall provide coverage with a form at least as broad as CG 20 38 04 13.
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Acceptability of Insurers
Insurance is to be placed with insurers with a current A.M. Best’s rating of no less than A:VII, unless otherwise acceptable to the City.

Verification of Coverage
YRA shall require and verify that all contractors and design professionals maintain insurance meeting all the requirements stated herein, and YRA shall ensure that CITY OF MODESTO, CITY OF CERES AND STANISLAUS COUNTY are additional insured on insurance required from subcontractors.

PROJECT contractor and design professional shall furnish the City with original certificates and amendatory endorsements or copies of the applicable policy language effecting coverage required by this clause and a copy of the Declarations and Endorsements Pages of the CGL and any Excess policies listing all policy endorsements. All certificates and endorsements are to be received and approved by the City of Modesto Risk Management Division before work commences. However, failure to obtain the required documents prior to the work beginning shall not waive the PROJECT contractor and design professional’s obligation to provide them. The City reserves the right to require complete, certified copies of all required insurance policies, including endorsements required by these specifications, at any time. City reserves the right to obtain a full certified copy of any insurance policy and endorsements. Failure to exercise this right shall not constitute a waiver of right to exercise later.

Duration of Coverage
CGL & Excess liability policies for any construction related work, including, but not limited to, maintenance, service, or repair work, shall continue coverage for a minimum of 5 years for Completed Operations liability coverage. Such Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.

Special Risks or Circumstances
City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.

Certificate Holder Address
Proper address for mailing certificates, endorsements and notices shall be:

City of Modesto
Attn: Risk Management
1010 10th Street
Modesto, CA 95354
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I N I T I A L S T U D Y
1 CARPENTER ROAD FLOODPLAIN RESTORATION PROJECT INITIAL STUDY AND

CONSISTENCY ANALYSIS WITH THE SRGO PROGRAMMATIC EIR
(EA/ENG NO. 2026-04)
PREPARED FOR: City of Modesto
PREPARED BY: FlowWest
DATE: February 18, 2026

PURPOSE AND CEQA APPROACH
This Initial Study has been prepared to evaluate the Carpenter Road Floodplain Restoration Project for consistency with the State Water Resources Control Board’s Statewide Restoration General Order (SRGO) Program Environmental Impact Report (PEIR). The document tiers from the PEIR pursuant to State CEQA Guidelines Sections 15152 and 15168.

The purpose of this study is to:
• Evaluate the project across the 19 environmental issue areas identified in the SRGO PEIR (Chapter 3.1) and determine whether the project’s potential effects fall within the scope of impacts analyzed in the PEIR.
• Identify which mitigation measures from the PEIR apply to the project and document their incorporation.
• Confirm that no new significant impacts or substantially more severe impacts would occur beyond those previously evaluated in the PEIR.

Because the Carpenter Road project qualifies under the SRGO and incorporates all required avoidance, minimization, and mitigation measures identified in the PEIR, no additional CEQA document beyond this Initial Study and the Notice of Determination is required.

PROJECT DESCRIPTION
The Carpenter Road Floodplain Restoration Project will reconnect the Tuolumne River with its historic floodplain on lands that have been previously disturbed by landfill operations and wastewater treatment infrastructure. The project site is now zoned as open space. The project includes excavation and grading to create a floodplain habitat and an inlet channel, and planting of native riparian vegetation. The primary objectives are to restore geomorphic function and improve habitat for Chinook salmon and steelhead by providing off-channel rearing habitat, floodplain inundation, and improved riparian cover. Construction will occur during approved in-water work windows under required permits.

The footprint is limited and restoration activities are consistent with the SRGO project types.

SUMMARY OF FINDINGS
This Initial Study concludes that the Carpenter Road Floodplain Restoration Project is within the scope of activities evaluated in the SRGO PEIR. The project’s impacts fall within those analyzed in the PEIR, and all #11..
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2 applicable mitigation measures are incorporated into the project. The mitigation measures include those identified in the SRGO PEIR, the project’s biological resources report, United States Fish and Wildlife Service (USFWS) Programmatic Biological Opinion (PBO), and the National Marine Fisheries Service (NMFS) Programmatic Biological Opinion. Based on this analysis, no new or more severe significant impacts would occur. Accordingly, adoption of the project and filing of a Notice of Determination are appropriate.

FINDINGS/DETERMINATION
The Project is within the scope of the Statewide Restoration General Order (SRGO) Program Environmental Impact Report (EIR) and no new environmental documentation or Public Resource Code Section 21081 findings are required. All of the following statements are found to be true:

A. The Program EIR adequately describes the activity for the purposes of CEQA; B. The subsequent project is within the scope of the program covered by the SRGO Program EIR; C. The subsequent project will have no additional significant effect on the environment, as defined in subdivision (c) of Section 15168 of the Public Resources Code, that was not identified in the SRGO Program EIR;
D. All applicable policies, regulations, and/or mitigation measures identified in the SRGO PEIR have been applied to the subsequent project or otherwise made conditions of the approval of the subsequent project and no new or additional mitigation measures or alternatives are required.

ENVIRONMENTAL ANALYSIS – CONSISTENCY WITH SRGO PEIR
AESTHETICS (3.2)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Aesthetics would occur beyond those identified in the PEIR. There would be no degradation of visual qualities resulting from project activities; while the PEIR found that restoration activities could result in temporary visual impacts, effects on scenic resources, and project lighting, none of those impacts are applicable to this project. Applicable General Protection Measures (GPM) have been incorporated into the project’s Mitigation Monitoring and Reporting Plan (MMRP). No SRGO PEIR or additional project-specific mitigation measures are necessary.

Applicable general protection and mitigation measures
While no mitigation measures identified in the SRGO PEIR are applicable to aesthetic impacts, the SRGO PEIR identified GPMs that are applicable to all projects and are incorporated into the project. Relevant GPMs include:
• Mitigation Measure BIO-1: SRGO General Protection Measures (GPM-1 through GPM-15), with general protection measures relevant to aesthetic impacts including:
o GPM-3: Construction Hours
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3 o GPM-12: Fugitive Dust Reduction
o GPM-13: Trash Removed Daily
o GPM-14: Project Cleanup
AGRICULTURE AND FORESTRY RESOURCES (3.3)
Review of the proposed Carpenter Road project determined that the project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR; therefore, no new or more severe impacts to Agriculture and Forestry Resources would occur beyond those identified in the PEIR.

Additionally, because the project does not occur on farmland or forested land, the project will not convert any agricultural land or forested land to non-agricultural or non-forested uses. No SRGO PEIR or additional project-specific mitigation measures are necessary.

Applicable general protection and mitigation measures
No agricultural mitigation measures apply.

AIR QUALITY AND GREENHOUSE GAS EMISSIONS (3.4)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Air Quality and Greenhouse Gas Emissions would occur beyond those identified in the PEIR. Construction equipment will generate temporary emissions of criteria pollutants and greenhouse gases. The PEIR concluded that short‑term emissions would result in a less than significant impact with implementation of air quality best management practices such as minimizing idling, using low‑emission equipment, and controlling fugitive dust. Applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s Mitigation Monitoring and Reporting Plan (MMRP).

Applicable general protection and mitigation measures
Applicable general protection measures include:
• GPM-12 (Fugitive Dust Reduction).

Applicable mitigation measures include:
• AIR-1: Minimize Conflicts with Applicable Air Quality Plans • AIR-2: Minimize GHG Emissions)
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4 BIOLOGICAL RESOURCES – TERRESTRIAL (3.5)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Biological Resources – Terrestrial would occur beyond those identified in the PEIR. Grading and vegetation disturbance could affect riparian and upland species. The PEIR identifies measures to protect nesting birds, special‑status wildlife, and riparian communities. The project will implement preconstruction surveys, nest buffers, avoidance of sensitive habitat, and restoration planting.

While the project incorporates site-specific measures from the Biological Resources Assessment (BRA), USFWS PBO, and NMFS PBO (e.g., for bats, bumblebees, and raptors), these measures are consistent with and provide project-level specificity for the impacts already analyzed in the SRGO PEIR (specifically SPMs for birds, mammals, and invertebrates, and GPMs for riparian habitat). As such, these do not represent a response to new or increased environmental impacts; they are refinements to ensure the project remains within the scope of the programmatic analysis and complies with existing regulatory standards already contemplated in the PEIR. These measures provide more specificity for compliance with existing federal regulations already contemplated in the PEIR's impact analysis. These PEIR mitigation measures and ones outlined in the BRA, USFWS PBO and NMFS PBO, are included in the MMRP to better streamline use of the MMRP for compliance and do not imply additional impacts beyond the SRGO PEIR.

Applicable general protection and mitigation measures
Mitigation measures addressing terrestrial biological resource impacts from the SRGO PEIR and Programmatic Biological Opinion (PBO) are incorporated into the project’s MMRP. Specific applicable GPMs are incorporated as mitigation measures within the MMRP to codify their incorporation in the project. Please refer to Attachment 3, Mitigation Monitoring and Reporting Plan, which includes the following General Protection Measures, organized within mitigation measures:

Mitigation Measure BIO-1: SRGO General Protection Measures (GPM-1 through GPM-15), which includes:
• GPM-1: Receipt and Copies of All Permits and Authorizations • GPM-2: Construction Work Windows
• GPM-3: Construction Hours
• GPM-4: Environmental Awareness Training
• GPM-5: Environmental Monitoring
• GPM-6: Work Area and Speed Limits
• GPM-7: Environmentally Sensitive Areas
• GPM-8: Prevent Spread of Invasive Species
• GPM-9: Practices to Prevent Pathogen Contamination
• GPM-10: Equipment Maintenance and Materials Storage
• GPM-11: Material Disposal
• GPM-12: Fugitive Dust Reduction
• GPM-14: Project Cleanup After Completion
• GPM-15: Revegetate Disturbed Areas
Mitigation Measure BIO-2: SRGO Species General Protection Measures • SPM-2: Species Protection Construction Work Windows
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5 Mitigation Measure BIO-4: SRGO Water Quality and Hazardous Materials General Protection Measures
Includes:
• WQHM-1: Staging Areas and Stockpiling
• WQHM-2: Storm Water Pollution Prevention Plan
• WQHM-3: Erosion and Sediment Control Measures
• WQHM-4: Hazardous Materials Management and Spill Response Plan • WQHM-6: Accidental Discharge of Hazardous Materials
Mitigation Measure BIO-5: SRGO Vegetation/Habitat Disturbance and Revegetation, and Herbicide Use General Protection Measures
Includes:
• VHDR-1: Avoidance of Vegetation Disturbance
• VHDR-2: Native and Invasive Vegetation Removal Materials and Methods • VHDR-3: Revegetation Materials and Methods
These General Protection Measures apply to terrestrial biological resources and will be implemented during project activities.

In addition to the General Protection Measures listed above, the following mitigation measures apply to terrestrial biological resources:
• BIO-6: Bat Protection Measures
• BIO-7: Bird and Raptor Protection Measures
• BIO-8: Valley Elderberry Longhorn Beetle and Elderberry Shrubs Protection Measures • BIO-9: USFWS Mitigation Measures for Reptiles
• BIO-11: Protective Measures for Riparian Habitat and Sensitive Natural Habitat Communities • BIO-13: NMFS PBO Measures to Minimize Loss or Disturbance of Riparian Vegetation • BIO-15: Mitigation Measures for Crotch’s Bumble Bee
BIOLOGICAL RESOURCES – AQUATIC (3.6)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Biological Resources – Aquatic would occur beyond those identified in the PEIR. Channel excavation, grading, and floodplain reconnection could disturb aquatic habitat and special‑status species. The SRGO PEIR prescribes general protection measures for in‑water work, timing restrictions, and avoidance buffers. The project has been designed to be fully consistent with the SRGO and the associated Programmatic Biological Opinion (PBO) from the National Marine Fisheries Services (NMFS). To ensure compliance with these existing regulatory frameworks, the project incorporates the applicable General Protection Measures (GPMs) from the SRGO PEIR and NMFS PBO as fundamental design features and tracks their specific requirements within the MMRP. The project will follow the approved in‑water work window and incorporate applicable mitigation from the PEIR and the NMFS Programmatic Biological Opinion.

Applicable general protection and mitigation measures
Mitigation measures addressing aquatic biological resource impacts from the SRGO PEIR and NMFS Programmatic Biological Opinion (PBO) are incorporated into the project’s MMRP. Specific applicable GPMs are incorporated as mitigation measures within the MMRP to codify their incorporation in the project. This includes:
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6 • BIO-1: SRGO General Protection Measures (General Protection Measures: GPM-1 through GPM-15)
• BIO-2: SRGO Species General Protection Measures
o SPM-3: Species Protection Construction work Windows
• BIO-3: SRGO Fish – Guild Protection Measures
o FISH-1: Habitat Disturbance Avoidance and Minimization o FISH-2: Habitat Assessment and Surveys
• BIO-4: SRGO Water Quality and Hazardous Materials General Protection Measures, Water Quality & Hazardous Materials Measures
• WQHM-1: Staging Areas and Stockpiling of Materials and Equipment • WQHM-2: Storm Water Pollution Prevention Plan
• WQHM-3: Erosion and Sediment Control Measures
• WQHM-4: Hazardous Materials Management and Spill Response Plan • WQHM-6: Accidental Discharge of Hazardous Materials
Specific applicable mitigation measures not included in the PEIR, but outlined in the USFWS PBO and NMFS PBO, are included in the MMRP to better streamline use of the MMRP for compliance and not to imply additional impacts beyond the SRGO PEIR. These include:
• BIO-10: USFWS Mitigation Measures for Western Pond Turtles • BIO-12: NMFS PBO General Protection Measures
• BIO-13: NMFS PBO Measures to Minimize Loss or Disturbance of Riparian Vegetation • BIO-14: NMFS PBO Measures to Minimize Degradation of Water Quality.

CULTURAL AND PALEONTOLOGICAL RESOURCES (3.7)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Cultural and Paleontological Resources would occur beyond those identified in the PEIR. A cultural resources report was prepared for this Project. No archaeological site indicators were observed within the APE and no buried site indicators were observed in auger holes or through inspection of the riverbanks or landfill remediation pits. No buildings or items in the project site are eligible for listing in the National Register or the California Register. However, ground‑disturbing activities may encounter previously unknown cultural or paleontological resources. The PEIR requires worker training, monitoring in sensitive areas, and procedures for discovery.

Applicable general protection and mitigation measures
Applicable mitigation measures include:
o CUL-1: Conduct Inventory and Significance Evaluation of Architectural Resources o CUL-2: Conduct Inventory and Significance Evaluation of Archaeological Resources o CUL-3: Implement Measures to Protect Archaeological Resources during Project Construction or Operation
o CUL-4: Implement Measures to Protect Human Remains during Project Construction or o Operation
o CUL-5: Accidental Discovery
o GEO-1: Conduct a General Project-Level Analysis
o TCR-1: Conduct Inventory and Significance Evaluation of Tribal Cultural Resources with o Tribes that are Culturally and Geographically Affiliated with the Project Vicinity #11..
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7 o TCR-2: Implement Measures to Protect Tribal Cultural Resources during Project Construction or Operation
All applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP to ensure that any discoveries are treated in accordance with state law.

ENERGY RESOURCES (3.8)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Energy Resources would occur beyond those identified in the PEIR. Construction activities will consume fuel and electricity during construction, but construction is temporary and will not result in wasteful or inefficient energy use.

Applicable general protection and mitigation measures
Mitigation Measure AIR-2: Minimize GHG Emissions is an applicable mitigation measure.

GEOLOGY, SOILS, AND SEISMICITY (3.9)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Geology, Soils, and Seismicity would occur beyond those identified in the PEIR. The PEIR requires implementation of erosion and sediment control practices and geotechnical design standards for projects that include structures, are located on a fault zone, or involve levee construction or fill embankment. The project is not located on a fault zone, and does not include any structures that would be susceptible to the consequences of erosion or slope instability. The project will account for the possibility of encountering paleontological resources, and will conduct worker training prior to construction.

Applicable general protection and mitigation measures
Applicable general protection measures include:
o GPM-6: Work Area and Speed Limits
o GPM-10: Equipment Maintenance and Materials Storage
o GPM-11: Material Disposal
o GPM-12: Fugitive Dust Reduction
Applicable mitigation measures include:
o GEO-1: Conduct a General Project-Level Analysis
o GEO-2: Conduct Worker Training
HAZARDS AND HAZARDOUS MATERIALS (3.10)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts related to Hazards and Hazardous Materials would occur beyond those identified in the PEIR. A clean closure report has been prepared and approved for the project site, which determined that the site has been cleaned up to regulatory standards and no longer poses a threat to human health or the environment. Construction will implement best management practices for storing fuels and materials, spill prevention, and emergency response. Applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP.

Applicable general protection and mitigation measures
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8 Applicable general protection measures include:
o GPM-10: Equipment Maintenance and Materials Storage
o GPM-11: Material Disposal
o BIO-4: SRGO Water Quality and Hazardous Materials General Protection Measures Applicable mitigation measures include:
o HAZ-1: Prepare and Implement a Health and Safety Plan and Provide Qualified Oversight of Fill Removal Related to Earthmoving Activities
o HAZ-2: Notify Appropriate Federal, State, and Local Agencies If Contaminated Soils Are o Identified, and Complete Recommended Remediation Activities

These applicable general protection and mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP.

HYDROLOGY AND WATER QUALITY (3.11)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Hydrology and Water Quality would occur beyond those identified in the PEIR. Activities could cause temporary increases in turbidity or alter flood flows. Applicable mitigation measures from the SRGO PEIR, including general protection measures and adaptive management actions such as installing silt fences, scheduling work during low flows, and designing floodplain reconnection to improve hydrologic function have been incorporated into the project’s MMRP.

Applicable general protection and mitigation measures
Applicable general protection measures include:
o GPM-2: Construction Work Windows
o GPM-10: Equipment Maintenance and Materials Storage
o GPM-11: Material Disposal
o GPM-12: Fugitive Dust Reduction
o BIO-4: Water Quality & Hazardous Materials Measures
Applicable mitigation measures include:
o HYDRO-1: NMFS PBO Measures to Minimize Degradation of Water Quality LAND USE AND PLANNING (3.12)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Land Use and Planning would occur beyond those identified in the PEIR. The project is consistent with local land use plans. It does not divide communities or conflict with land use policies.

Applicable general protection and mitigation measures
No SRGO PEIR or additional project-specific mitigation measures are necessary.

MINERAL RESOURCES (3.13)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Mineral Resources would occur beyond those identified in the PEIR. There are no known mineral resources on the site. The project will not affect a designated mineral resource zone.
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9 Applicable general protection and mitigation measures No SRGO PEIR or additional project-specific mitigation measures are necessary.

NOISE (3.14)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Noise would occur beyond those identified in the PEIR. Construction equipment will generate a temporary increase in ambient noise levels. Construction activities could generate groundborne vibration. Truck traffic along access routes and at the project site could generate groundborne vibration. However, the distance from most of the project activities from sensitive receptors limits how impactful this would be; the river and its riparian vegetation provides a physical barrier that would limit or dampen construction vibration. The exposure of sensitive receptors to groundborne vibration would be limited to truck traffic to the site, which would be temporary and limited.

The PEIR concluded that noise impacts from restoration projects are less than significant with implementation of standard construction noise control measures such as limiting work hours and maintaining mufflers.

Applicable general protection and mitigation measures
Applicable general protection measures include:
o GPM-3: Construction Hours
o GPM-12: Fugitive Dust Reduction
Applicable mitigation measures include:
o NOISE-1: Minimize Noise Conflicts
o NOISE-2: Minimize Operations and Maintenance Noise Conflicts Applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP.

POPULATION AND HOUSING (3.15)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Population and Housing would occur beyond those identified in the PEIR. The project does not involve residential development or induce population growth. It will not displace housing or people.

Applicable general protection and mitigation measures
No SRGO PEIR or additional project-specific mitigation measures are necessary.

RECREATION (3.16)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Recreation would occur beyond those identified in the PEIR. The project is will not increase demands on recreational facilities.

Applicable general protection and mitigation measures
No SRGO PEIR or additional project-specific mitigation measures are necessary.

TRANSPORTATION (3.17)
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10 Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Transportation would occur beyond those identified in the PEIR. Construction traffic could temporarily affect local roadways. The project will implement a traffic management plan and coordinate with local agencies. Mitigation measures for transportation are included in the MMRP. Applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP.

Applicable general protection and mitigation measures
Applicable mitigation measures include:
o TRA-1: Prepare Construction Traffic Management Plan
o TRA-8: Repair Damaged Roadways and Trails
TRIBAL CULTURAL RESOURCES (3.18)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Tribal Cultural Resources would occur beyond those identified in the PEIR. No tribal cultural resources have been identified on the site.

However, ground‑disturbing activities may encounter previously unknown tribal cultural resources. The project includes inadvertent discovery procedures consistent with the PEIR, including tribal notification if resources are encountered. Applicable mitigation measures from the SRGO PEIR have been incorporated into the project’s MMRP.

Applicable general protection and mitigation measures
Applicable mitigation measures include:
o TCR-1: Tribal Cultural Resources Inventory
o TCR-2: Protect Tribal Cultural Resources
UTILITIES AND SERVICE SYSTEMS AND PUBLIC SERVICES (3.19) Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Utilities and Service Systems and Public Services would occur beyond those identified in the PEIR. The project will not require additional water, wastewater, or energy infrastructure. It will not increase demand for fire, police, or schools.

Applicable general protection and mitigation measures
Applicable general protection measures include:
o GPM-1: Receipt and Copies of All Permits and Authorizations o GPM-10: Equipment Maintenance and Materials Storage
o GPM-11: Material Disposal
o GPM-14: Project Cleanup
o WQHM-4: Hazardous Materials Management and Spill Response Plan No SRGO PEIR or additional project-specific mitigation measures are necessary.

WILDFIRE (3.20)
Because the proposed Carpenter Road project falls within the scope of restoration projects evaluated in the SRGO Programmatic EIR, no new or more severe impacts to Wildfire would occur beyond those #11..
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11 identified in the PEIR. The site is not located in a high fire hazard severity zone. The project will not exacerbate wildfire risk.

Applicable general protection and mitigation measures
Applicable general protection measures include:
o GPM-3: Construction Hours
o GPM-12: Fugitive Dust Reduction
o GPM-14: Project Cleanup
o WQHM-4: Hazardous Materials Management & Spill Response Plan Applicable mitigation measures include:
o FIRE-1: Develop and Implement a Fire Prevention Plan.

Attached to this Initial Study/Finding of Conformance is a Mitigation Monitoring & Reporting Plan that identifies the applicable Mitigation Measures and General Protection Measures that will be incorporated into the project.

ATTACHMENTS
o Mitigation Monitoring and Reporting Plan
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MITIGATION MONITORING AND REPORTING PLAN
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Air Quality
AIR-1 Mitigation Measure AIR-1: Minimize Conflicts with Applicable Air Quality Plans Proponents of restoration projects permitted under the Order and their construction contractors shall implement the following measures to minimize conflicts between project construction and applicable air quality plans:
• Use equipment and vehicles that comply with CARB requirements and emission standards for on-road and offroad fleets and engines. New engines and retrofit control systems should reduce NOX and PM emissions from diesel-fueled on-road and off-road vehicles and equipment. • Minimize idling times, either by shutting equipment off when not in use or by reducing the maximum idling time to 5 minutes (as required by the California airborne toxics control measure, Title 13, Section 2485 of the California Code of Regulations). Clear signage should be posted for construction workers at all entrances to the site.
• Maintain all equipment in proper working condition according to the manufacturer's specifications. • Use electric equipment when possible. Use lower emitting alternative fuels to power vehicles and equipment where feasible.

Use low–volatile organic compound (VOC) coatings and chemicals; minimize chemical use.

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AIR-2 Mitigation Measure AIR-2: Minimize GHG Emissions
Restoration projects permitted under the Order shall implement the GHG mitigation measures listed in the most recent air district guidance documents (e.g., CAPCOA 2010; BAAQMD 2011), as appropriate for the project site and conditions.

Current versions of such guidance documents list the following for construction of projects:
• Use alternative fuels for construction equipment.
• Use electric and hybrid construction equipment.
• Limit construction equipment idling beyond regulatory requirements. • Institute a heavy-duty off-road vehicle plan. ¨ Implement a construction vehicle inventory tracking system. • Use local building materials for at least 10 percent of total materials. • Recycle or reuse at least 50 percent of construction waste or demolition materials.

In addition, the California Attorney General’s Office has developed a list of measures and strategies to reduce GHG emissions at the individual project level. As appropriate, the measures can be included as design features of a restoration project, required as changes to the project, or imposed as mitigation (whether undertaken directly by the project proponent or funded by mitigation fees). The measures are examples; the list is not intended to be exhaustive. The following are best management practices to consider and implement (as applicable) during design, construction, and O&M of project facilities.

Transportation and Motor Vehicles
• Limit idling time for commercial vehicles, including delivery and construction vehicles. • Use low- or zero-emission vehicles, including construction vehicles. • Institute a heavy-duty off-road vehicle plan and a construction vehicle inventory tracking system for construction projects.
• Promote ridesharing.
• Provide the necessary facilities and infrastructure to encourage the use of low- or zero-emission vehicles (e.g., electric vehicle charging facilities and conveniently located alternative fueling stations). • Provide a shuttle service to public transit/work sites. • Provide information on all options for individuals and businesses to reduce transportation-related emissions.

SmartWay Truck Efficiency
This strategy involves requiring existing trucks/trailers to be retrofitted with the best available “SmartWay Transport” and/or CARB-approved technology. Technologies that reduce GHG emissions from trucks include devices that reduce aerodynamic drag and rolling resistance. Aerodynamic drag may be reduced using devices such as cab roof fairings, cab side gap fairings, cab side skirts, and on the trailer side, skirts, gap fairings, and trailer tail. Rolling resistance can be reduced using single wide tires or low-rolling resistance tires and automatic tire inflation systems on both the tractor and the trailer.

Tire Inflation Program
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The strategy involves actions to ensure that vehicle tire pressure is maintained to manufacturer specifications.

Blended Cements
The strategy to reduce CO2 emissions involves the addition of blending materials such as limestone, fly ash, natural pozzolan, and/or slag to replace some of the clinker in the production of Portland cement.

Anti-Idling Enforcement
The strategy guarantees emissions reductions as claimed by increasing compliance with anti-idling rules, thereby reducing the amount of fuel burned through unnecessary idling. Measures include enhanced field enforcement of anti-idling regulations, increased penalties for violations of anti-idling regulations, and restriction on registrations of heavy-duty diesel vehicles with uncorrected idling violations.
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Biological Resources
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BIO-1 Mitigation Measure BIO-1: SRGO General Protection Measures GPM-1: Receipt and Copies of All Permits and Authorizations.

Work will not begin until all necessary permits and authorizations have been received (e.g., USACE, USFWS, NMFS, State and Regional Boards, CDFW). The project proponent will ensure that a readily available copy of the applicable agency permits and authorizations (e.g., USFWS Biological Opinion, NMFS Biological Opinion, Section 404 permit, etc.) is maintained by the construction foreman/manager on the project site for the duration of project activities.

GPM-2: Construction Work Windows.

Construction work windows may be required in order to avoid impacts to aquatic resources and associated beneficial uses during the wet season. Project proponents must also follow the applicable Regional Board’s construction work windows, unless otherwise approved.

GPM-3: Construction Hours.

Construction activities will generally be limited to daylight hours, to the extent feasible. If nighttime construction is necessary, including in tidally influenced waters where tides may limit daylight access and work schedules, all project lighting (e.g., staging areas, equipment storage sites, roadway, and construction footprint) will be selectively placed and directed onto the roadway or construction site and away from aquatic habitats. Light glare shields will be used to reduce the extent of illumination into aquatic habitats. If the work area is near surface waters, the lighting will be shielded so that it does not shine directly into the water.

GPM-4: Environmental Awareness Training.

For projects occurring in aquatics resources (e.g., wetlands, riparian areas, etc.), prior to engaging existing or new personnel in construction activities, new construction personnel will participate in environmental awareness training conducted by an agency-approved biologist or resource specialist. Construction personnel will be informed regarding the identification, potential presence, legal protections, avoidance and minimization measures, and applicable general protection measures for all aquatic resources with the potential to occur within or immediately adjacent to the project site.

Construction personnel will be informed of the procedures to follow should aquatic resources be disturbed during construction activities. For projects where the agency-approved biologist or resource specialist is not regularly on the project site, training may be provided via online/web-based meeting with an interactive portion (e.g., web-based or inperson discussion) to be included during remote training sessions. For projects that may continue over an extended duration and require excessive training events, a training video developed under the supervision of the FWS-approved biologist or resource specialist may be used to train new personnel, as long as an FWS-approved biologist or resource specialist is available via phone to answer questions about the training or that may arise during construction.

GPM-5: Environmental Monitoring.

As required in the NOA, a resource specialist will ensure that all applicable protective measures are implemented during project construction. The resource specialist will have authority to stop any work if they determine that any permit requirement is not fully implemented. The resource specialist will prepare and maintain a monitoring log of construction site conditions and observations, which will be kept on file.

GPM-6: Work Area and Speed Limits.

Construction work and materials staging will be restricted to designated work areas, routes, staging areas, temporary interior roads, or the limits of existing roadways. Prior to initiating construction or grading activities, brightly colored fencing or flagging or other practical means will be erected to demarcate the limits of the project activities, including the boundaries of designated staging areas; ingress and egress corridors; stockpile areas for spoils disposal, soil, and materials; and equipment exclusion zones. Flagging or fencing will be maintained in good repair for the duration of project activities. Vehicles will obey posted speed limits on public roadways and will limit speeds to 20 miles per hour (mph) within Before and
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the project area on unpaved surfaces and unpaved roads (to reduce dust and soil erosion) or in areas where special status species have the potential to occur. Speeds greater than 20 mph may be permitted in the project area where special-status species are not expected to occur (e.g., within areas from which special-status species have been excluded) and where there is no risk of generating excessive dust (e.g., surfaces are paved, saturated, or have been treated with other measures to prevent dust).

GPM-7: Environmentally Sensitive Areas.

Monitoring, flagging, or fencing will be used, where appropriate, to minimize disturbance to environmentally sensitive areas (e.g., waters and wetlands). If fencing is used:
• Fencing used must be approved by CDFW and/or USFWS for compatibility with species under their jurisdiction, as applicable, that may occur on site.
• The agency-approved biologist or resource specialist will determine the location of fencing prior to the start of construction (e.g., between active work area(s) and sensitive resources). • Fencing will remain in place throughout the duration of the construction activities and will be inspected and maintained regularly by the agency approved biologist or resource specialist until completion of the project. • Repairs to the fencing will be made within 24 hours of discovering any failure.

Fencing will be removed when all construction equipment is removed from the site, the area is cleared of debris and trash, and the area is returned to natural conditions.

GPM-8: Prevent Spread of Invasive Species
The spread or introduction of invasive exotic plant species by arriving vehicles, equipment, imported gravel, and other materials, will be avoided to the maximum extent possible. When practicable, invasive exotic plants in the project areas will be removed and properly disposed of in a manner that will not promote their spread. Equipment will be cleaned of any sediment or vegetation at designated wash stations before entering or leaving the project area to avoid spreading pathogens or exotic/invasive species. Isolated infestations of noxious weeds identified in the project area will be treated with approved eradication methods at an appropriate time to prevent further formation of seed and destroy viable plant parts and seed. Wash sites must be in confined areas that limit run-off to any surrounding habitat and on a flat grade.

Upland areas will use rice straw or invasive species-free local slash/mulch for erosion control, while the remainder of the project area will use certified, weed-free erosion control materials. Mulch must be certified weed free. The project proponent will follow the guidelines in the CDFW’s California Aquatic Invasive Species Management Plan (CDFW 2008) and Aquatic Invasive Species Disinfection/Decontamination Protocols (CDFW 2016), where relevant. Construction supervisors and managers will be educated on weed identification and the importance of controlling and preventing the spread of noxious weeds. The project proponent will follow any applicable local guidance to prevent the spread of invasive animal species. Construction supervisors and managers will be responsible for implementation of appropriate protocols (e.g., disinfection of equipment and footwear) to prevent the spread of invasive animals.

GPM-9: Practices to Prevent Pathogen Contamination
The project proponent will review and implement restoration design considerations and best management practices as published by the Working Group for Phytophthoras in Native Habitats (www.calphytos.org), when there is a risk of introduction and spread of plant pathogens in site plantings. (http://www.suddenoakdeath.org/ welcome-to-calphytos-orgphytophthoras-in-native-habitats/resources/#restoration.) GPM-10: Equipment Maintenance and Materials Storage
Vehicle traffic will be confined to existing roads and the proposed access route(s). All machinery must be in good working condition, showing no signs of fuel or oil leaks. Oil, grease, or other fluids will be washed off at designated wash stations prior to equipment entering the construction site. Inspection and evaluation for the potential for fluid leakage will be #11..
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performed daily during construction. Where possible, and where it would not result in greater impact to aquatic resources, no equipment refueling, or fuel storage will take place within 100 feet of a body of water. All fuel and chemical storage, servicing, and refueling will be done in an upland staging area or other suitable location (e.g., barges) with secondary containment to prevent spills from traveling to surface water or drains. Project proponents will establish staging areas for equipment storage and maintenance, construction materials, fuels, lubricants, solvents, and other possible contaminants in coordination with resource agencies. Staging areas will have a stabilized entrance and exit and will be located in upland areas to the extent possible and at least 100 feet from bodies of water unless site-specific circumstances do not provide such a setback or would result in further damage to sensitive resources, in which case the maximum setback possible will be used. Fluids will be stored in appropriate containers with covers and properly recycled or disposed of offsite. Machinery stored on site will have pans or absorbent mats placed underneath potential leak areas as a precautionary measure to further reduce the potential for impact from an unintended or previously undetectable leak.

GPM-11: Material Disposal
All refuse, debris, unused materials, and supplies that cannot reasonably be secured will be removed daily from the project work area and deposited at an appropriate disposal or storage site. All construction debris will be removed from the project work area immediately upon project completion. The Water Quality and Hazardous Materials measures (below), will be implemented as applicable to ensure proper handling and disposal of hazardous materials.

GPM-12: Fugitive Dust Reduction
To reduce dust, construction vehicles will be speed restricted as described in GPM-6, Work Area and Speed Limits when traveling on non-paved surfaces. Stockpiled materials susceptible to wind-blown dispersal will be covered with plastic sheeting or other suitable material to prevent movement of the material. During construction, water (e.g., trucks and portable pumps with hoses) or other approved methods will be used to control fugitive dust, as necessary. Dust suppression activities must not result in a discharge to waters of the state unless such discharges are approved by the State or Regional Board.

GPM-13: Trash Removed Daily
During project activities all trash will be properly contained within sealed containers and removed from the work site and disposed of as necessary to maintain a trash-free work area (e.g., trash containers will not be used beyond capacity and fully close/seal).

GPM-14: Project Cleanup after Completion
Work pads, temporary falsework, and other construction items will be removed from the 100-year floodplain by the end of the construction window. Removal of materials must not result in discharge to waterbodies.

GPM-15: Revegetate Disturbed Areas
All temporarily disturbed areas will be de-compacted and seeded/planted with an assemblage of native riparian, wetland, and/or upland plant species suitable for the area. The project proponent will develop a revegetation plan, including (as applicable) a schedule; plans for grading of disturbed areas to pre-project contours; planting palette with plant species native to the project area; invasive species management; performance standards; success criteria; and maintenance requirements (e.g., watering, weeding, and replanting). Plants for revegetation will come primarily from active seeding and planting; natural recruitment may also be proposed if site conditions allow for natural recruitment to reestablish vegetation and avoid potential negative risks associated with erosion and impacts to water quality. Plants imported to the restoration areas will come from local stock, and to the extent possible, local nurseries. Only native plants (genera) will be used for restoration efforts. Certified weed-free native mixes and mulch will be used for restoration planting or seeding.

Revegetation activities within and adjacent to waters of the state will commence as soon as is practicable after construction activities at a site are complete.

BIO-2 Mitigation Measure BIO-2: SRGO Species General Protection Measures SRGO #11..
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SPM-3: Species Protection Construction Work Windows
Construction work windows may be required, depending on whether or not the project involves in-water construction and/or whether special-status species have potential to occur onsite.

BIO-3 Mitigation Measure BIO-3: SRGO Fish—Guild Protection Measures The general fish protection measures described in this section apply to all special-status fish, as applicable and appropriate for a project site (i.e., the project site is within the range and has suitable habitat for special-status fish or they have been observed).

FISH-1: Habitat Disturbance Avoidance and Minimization
Disturbance to aquatic habitat for special-status fish species will be avoided and/or minimized to the maximum extent practicable unless the purpose of the project is to provide overall benefits to the species and the benefits are greater than any temporary impacts to habitat.

FISH-2: Habitat Assessment and Surveys
For projects that may result in impacts to aquatic habitat within the range of special-status fish species, no less than 30 days prior to construction of the project, the project proponent will evaluate the potential for special-status fish species to be present in the project area. The evaluation may be based on existing information if sufficiently available, or the project proponent may conduct a habitat assessment or focused survey for those species, if appropriate. The habitat assessment and/or survey will be conducted in potentially suitable aquatic habitat within 300 feet of the project area. The agencyapproved biologist will conduct the habitat assessment and/or fish survey and will adhere to the standards provided in the CDFW California Salmonid Stream Habitat Restoration Manual 4th Edition Volume I: Section IV (CDFW 2010) or most current regulatory agency guidance document. If special-status fish species are observed during the survey or the habitat is otherwise potentially occupied, based on the results of the habitat assessment or existing information, the project proponent will implement FISH-3, Fish Capture and Relocation, as described below.

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BIO-4 Mitigation Measure BIO-4: SRGO Water Quality and Hazardous Materials General Protection Measures WQHM-1: Staging Areas and Stockpiling of Materials and Equipment Staging, storage, and stockpile areas must be outside of waters of the state. To the extent feasible, staging will occur on access roads or other previously disturbed upland areas, such as developed areas, paved areas, parking lots, areas with bare ground or gravel, and areas clear of vegetation, to avoid aquatic habitats and limit disturbance to surrounding habitats. Similarly, all maintenance equipment and materials (e.g., road rock and project spoil) will be restricted to the existing service roads, paved roads, or other determined designated staging areas. See GPM-10 for more details regarding protection measures for materials storage. Staging areas will be established for equipment storage and maintenance, construction materials, fuels, lubricants, solvents, and other possible contaminants in coordination with resource agencies. Staging areas will have a stabilized entrance and exit and will be located at least 100 feet from bodies of water unless site-specific circumstances do not provide such a setback, in such cases the maximum setback possible will be used. If an off-road site is chosen and if special-status species are potentially present, the Biological Monitor will survey the selected site to verify that no aquatic resources would be disturbed by staging activities. Stockpiling of materials, portable equipment, vehicles and supplies (e.g., chemicals), will be restricted to the designated construction staging areas. If rain is predicted in the forecast during the dry season, and stockpiled soils will remain exposed and unworked for more than 7 days, then erosion and sediment control measures must be used. If there is a high-wind scenario (to be defined by the approving Water Board as appropriate for an individual project site), then soils will be covered at all times. During the wet season, no stockpiled soils will remain exposed, unless properly installed and maintained erosion and sediment controls are in place on and around the stockpile. Temporary stockpiling of material onsite will be minimized. Stockpiled material will be placed in upland areas far enough away from aquatic habitats that these materials cannot discharge to a water of the state.

WQHM-2: Storm Water Pollution Prevention Plan
All projects covered by the NPDES General Permit for Storm Water Discharges Associated with Construction and Land Disturbance Activities (Construction General Permit) will prepare and implement the required, site-specific, storm water pollution prevention plan (SWPPP).

WQHM-3: Erosion and Sediment Control Measures
For projects that do not require coverage under a NPDES permit per GPM WQHM-2, the project proponent will develop and implement erosion and sediment control measures (or plan), which will include appropriate BMPs to reduce the potential release of water quality pollutants to receiving waters. BMPs may include the following measures:
• Employ tackifiers, soil binders, or mulch as appropriate for erosion control. • Install sediment control measures, such as straw bales, silt fences, fiber rolls, or equally effective measures, at repair areas adjacent to stream channels, drainage canals, and wetlands, as needed. Sediment control measures will be monitored during and after each storm event for effectiveness. Modifications, repairs, and improvements to sediment control measures will be made as needed to protect water quality. • No sediment control products will be used that include synthetic or plastic monofilament or cross-joints in the netting that are bound/stitched (such as straw wattles, fiber rolls, or erosion control blankets), and which could trap snakes, amphibians, and other wildlife.

WQHM-4: Hazardous Materials Management and Spill Response Plan As part of the SWPPP or Erosion Control Plan (WQHM-2 and WQHM-3), project proponent will prepare and implement a hazardous materials management and spill response plan. Project proponent will ensure that any hazardous materials are stored at the staging area(s) with an impermeable membrane between the ground and hazardous material and that the staging area is designed to prevent the discharge of pollutants to groundwater and runoff water. Project proponent will stop work, follow the spill response plan, and arrange for repair and clean up by qualified individuals of any fuel or Before and
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hazardous waste leaks or spills. (See WQHM-6. Accidental Discharge of Hazardous Materials for accidental discharges of a reportable quantity of a hazardous material, sewage, or an unknown material.) Project proponent will notify regulatory agencies within 24 hours of any leaks or spills. Project proponent will properly contain and dispose of any unused or leftover hazardous products off-site. Project proponent will use and store hazardous materials, such as vehicle fuels and lubricants, in designated staging areas located away from stream channels and wetlands, according to local, state, and federal regulations, as applicable. Also see GPM-10: Equipment Maintenance and Materials Storage for more detail on spill prevention.

WQHM-6. Accidental Discharge of Hazardous Materials
Following an accidental discharge of a reportable quantity of a hazardous material, sewage, or an unknown material, the following applies (Wat. Code, § 13271): As soon as (A) discharger has knowledge of the discharge or noncompliance, (B) notification is possible, and (C) notification can be provided without substantially impeding cleanup or other emergency measures then:
• first call – 911 (to notify local response agency)
• then call – Office of Emergency Services (OES) State Warning Center at: (800) 852-7550 or (916) 845-8911 • Lastly, follow the required OES procedures as set forth in:
http://www.caloes.ca.gov/FireRescueSite/Documents/CalOESSpill_Booklet_ Feb2014_FINAL_BW_Acc.pdf Following notification to OES, the discharger will notify the State or Regional Board (and other agencies requiring notification in their respective permits), as soon as practicable (ideally within 24 hours). Notification may be via telephone, e-mail, delivered written notice, or other verifiable means. #11..
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BIO-5 Mitigation Measure BIO-5: SRGO Vegetation/Habitat Disturbance and Revegetation, and Herbicide Use General Protection Measures
VHDR-1: Avoidance of Vegetation Disturbance
The project proponent will minimize, to the greatest extent feasible, the amount of soil, terrestrial vegetation, emergent native vegetation, and submerged vegetation (e.g., eelgrass and kelp in marine areas, or submerged aquatic vegetation in brackish and freshwater areas) disturbed during project construction and completion and using methods creating the least disturbance to vegetation. Disturbance to existing grades and native vegetation, the number of access routes, the size of staging areas, and the total area disturbed by the project will be limited to the extent of all temporary and permanent impacts as defined by the final project design. All roads, staging areas, and other facilities will be placed to avoid and limit disturbance to waters of the state and other aquatic habitats (e.g., streambank or stream channel, riparian habitat) as much as possible. When possible, existing ingress or egress points will be used and/or work will be performed from the top of the creek banks or from barges on the waterside of the stream or levee bank, or dry gravel beds. Existing native vegetation will be retained as practicable, emphasizing the retention of shade-producing and bank stabilizing trees and brush with greater than 6-inch diameter branches or trunks. Where possible, vegetation disturbance and soil compaction will be minimized by using low ground-pressure (typically less than 13 to 20 pounds psi) equipment that exerts less pressure per square inch on the ground than other equipment. To minimize impacts to vegetation, select equipment with a greater reach.

VHDR-2: Native and Invasive Vegetation Removal Materials and Methods If riparian vegetation is to be removed with chainsaws or other power equipment, machines that operate with vegetablebased bar oil will be used, as practicable. All invasive plant species (e.g., those rated as invasive by the California Invasive Plant Council or local problem species) will, if feasible, be removed from the project site, using locally and routinely accepted agriculture practices. Invasive plant material will be destroyed using approved protocols and disposed of at an appropriate upland disposal or compost area. Invasive plant materials stockpiled at sites known to experience flash flooding outside the flood season will be removed within 15 days of the initial creation of the stockpile in order to contain the potential spread of invasive plant material. Stockpiling of invasive plant materials is prohibited during the flood season.

VHDR-3: Revegetation Materials and Methods
Upon completion of work, site contours will be returned to preconstruction conditions or to contours specified in a Water Board-approved project design that provides enhanced biological and hydrological functions. Where disturbed, topsoil will be conserved (and watered at an appropriate frequency) for reuse during restoration to the extent practicable. Native plant species comprising a diverse community structure (plantings of both woody and herbaceous species, if both are present) that follow an agency-approved plant palette will be used for revegetation of disturbed and compacted areas, as appropriate. See also GPM-15: Revegetate Disturbed Areas, which also allows for revegetation through natural recruitment (e.g., in tidal and managed wetlands and working landscapes where disturbed areas typically revegetate more quickly through natural recruitment than through seeding). Any area barren of vegetation as a result of project implementation will be restored to a natural state by mulching, seeding, planting, or other means with native trees, shrubs, willow stakes, erosion control native seed mixes, or herbaceous plant species following completion of project construction.

Irrigation may also be required in order to ensure survival of containerized shrubs or trees or other vegetation, depending on rainfall. Soils that have been compacted by heavy equipment will be decompacted, as necessary, to allow for revegetation at project completion as heavy equipment exits the construction area.

VHDR-5: Revegetation Monitoring and Reporting
All revegetated areas will be maintained and monitored for a minimum of 2 years after replanting is complete and until success criteria are met, to ensure the revegetation effort is successful. The standard for success is at least 60% absolute cover compared to pre-project conditions at the project site or at least 60% cover compared to an intact, local reference site (or an available reference site accepted by the approving Water Board). If an appropriate reference site or pre-project conditions cannot be identified, success criteria will be developed for review and approval by the approving Water Board During and
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on a project-by-project basis based on the specific habitat impacted and known recovery times for that habitat and geography. The project proponent will prepare a summary report of the monitoring results and recommendations at the conclusion of each monitoring year.
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BIO-6 Mitigation Measure BIO-6: Bat Protection Measures BAT-1: Implement Protective Measures During Removal of Trees That Provide Suitable Bat Roosting Habitat.

All removal of trees that provide suitable bat roosting (such as trees with deep bark crevices, snags, or holes) shall be conducted between August 31 and October 30, or earlier than October 30 if evening temperatures fall below 45 degrees Fahrenheit (F) or more than a half inch of rainfall occurs within 24 hours. These dates correspond to the time period when bats would not be caring for non-volant young and have not yet entered torpor. Removal of bat trees should be avoided wherever possible.

If no alternative to tree removal is available (such as working around the tree or trees), a qualified biologist shall monitor removal or trimming of trees that provide suitable bat roosting habitat. Tree removal and trimming shall occur over two consecutive days. On the first day in the afternoon, limbs and branches shall be removed using chainsaws only. Limbs with cavities, crevices, or deep bark fissures shall be avoided, and only branches or limbs without those features shall be removed. On the second day, the entire tree shall be removed. Prior to tree removal and trimming, each tree shall be shaken gently and several minutes shall pass before felling trees or limbs to allow bats time to arouse and leave the tree.

The biologist shall search downed vegetation for dead or injured bat species and report any dead or injured special-status bat species to CDFW.

BAT-2: Implement Bat Protection Measures during Construction Activities Construction activities underneath or within 100 feet of any known bat roosting habitat shall not occur from April 15 through August 31 to avoid impacts to roosting bats during the bat maternity season (non-volant period for young) or after October 30 (or earlier than October 30 if evening temperatures fall below 45 degrees Fahrenheit or more than a half inch of rainfall occurs within 24 hours) to avoid impacts to hibernating bats.

BAT-3: Roosting Bats and Maternity Colonies Protection Measures To avoid impacts on roosting bats and maternity colonies, the following avoidance and minimization measures shall be implemented:

1. If ground disturbing activities commence on the project site during the breeding season of native bat species (April 1 to August 31), then a field survey shall be conducted by a qualified bat biologist to determine whether active roosts are present on site or within 50 feet of the project boundaries. Field surveys shall be conducted early in the breeding season before any project activities begin, when bats are establishing maternity roosts but before pregnant females give birth (April through early May). If no roosting bats are found, then no further mitigation is required.

2. If roosting bats are found, then disturbance of the maternity roosts shall be avoided by halting project activities until the end of the breeding season or a qualified bat biologist removes and relocates the roosting bats in consultation with CDFW.

3. If construction activities must be conducted within 100 feet of known bat roosting habitat during the maternity season, a qualified biologist shall conduct pre-construction surveys for active maternity roosts within 48 hours prior to the start of proposed construction activities. If there is a lapse in construction activities of two weeks or greater, the area shall be resurveyed within 48 hours prior to recommencement of work.

If a bat maternity roost is located, appropriate buffers around the roost sites shall be determined in consultation with CDFW and implemented to avoid abandonment of the roost. The size of the buffer shall depend on the species, roost location, and specific construction activities to be performed in the vicinity. No project activity shall commence within the buffer areas until the end of the pupping season (which typically ends August 31) or until a qualified biologist confirms the maternity roost is no longer active.

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BIO-7 Mitigation Measure BIO-7: Bird and Raptor Protection Measures BIRD-1: Bird and Raptor Protection Measures
To avoid impacts on nesting birds and raptors, the following avoidance and minimization measures shall be implemented:

1. To the extent feasible, construction activities associated with the project will be conducted outside the breeding season (which generally occurs between March 1 and August 15) for migratory birds and raptors.

2. If construction activities are to take place during the breeding season for these species, a qualified wildlife biologist will be hired to conduct focused pre-construction nest surveys for active special and non-special status migratory bird and raptor nests. Pre-treatment surveys for tree-nesting raptors and migratory songbirds shall be conducted within 15 days prior to any project activities that will occur between March 1 and August 15 of any given year. All suitable nesting habitat for tree nesting raptors and migratory songbirds shall be surveyed within 250 feet of the proposed construction areas. For Swainson’s hawk surveys, guidelines provided in the Recommended Timing and Methodology for Swanson’s Hawk Nesting Survey in the Central Valley (Swainson’s Hawk Technical Advisory Committee 2000) shall be followed where possible.

3. Surveys for burrowing owls shall be conducted between March and May.

4. Should active nests be identified by these surveys, the nest sites shall be protected from all construction activities within 250 feet of the nest site until the young have fledged. Construction activities that must occur within 250 feet of an active nest shall not take place without prior consultation with CDFW.

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BIO-8 Mitigation Measure BIO-8: USFWS Mitigation Measures for Valley Elderberry Longhorn Beetle VELB-1, Protocol Implementation.

For the valley elderberry longhorn beetle, the Project Proponent will be required to follow the Protection Measures presented in the May 2017 USFWS Framework for Assessing Impacts to the Valley Elderberry Longhorn Beetle, or the most updated version of this guideline document (USFWS 2017b). The Project Proponent must implement the valley elderberry longhorn beetle Framework on projects that may affect valley elderberry longhorn beetle. If elderberry shrubs occur on or within 50 meters (165 feet) of the project area, adverse effects to valley elderberry longhorn beetle may occur as a result of project implementation. If the project may affect valley elderberry longhorn beetle or its habitat, the applicable Species Protection Measures identified in the Framework will be followed as a requirement for ESA compliance.

Because not all measures may be appropriate for every project, Project Proponents will identify the measures that are applicable to their specific project through technical assistance with the appropriate USFWS Field Office prior to submitting an ESA Section 7(a)(2) Review Form for coverage under the PBO.

Not to exceed the self-imposed take limit of no more than 50 shrubs lost annually.

VELB-2, Elderberry Plantings.

When the project includes riparian plantings and is in the range of the VELB, include elderberry seedlings in the planting mix.

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BIO-9 Mitigation Measure BIO-9: USFWS Mitigation Measures for Reptiles REP-1, Preconstruction Survey.

A Qualified Biologist will conduct preconstruction surveys for the target reptile species within 72 hours prior to any initial ground disturbance in all suitable habitat in or adjacent to the project site and accessible to the Project Proponent, to identify locations where covered reptiles may be present, evaluate current activity status in the project area, and protect the species and its habitat from avoidable construction-related disturbance. The intent of the survey is to assess current species habitat and use locations in the project area immediately prior to construction. The preconstruction survey is not intended to be a presence/ absence or protocol-level survey; the potential for species presence would have already been evaluated prior to project approval. Preconstruction surveys may be phased across a construction site if construction in different area will occur at different times; only areas where disturbance is imminent need be surveyed. The project area will be reinspected by a Qualified Biologist whenever a lapse in construction activity of 5 days or greater has occurred.

REP-2 Environmentally Sensitive Areas and Wildlife Exclusion.

If WEF is used (see GPM-7, Environmentally Sensitive Areas and Wildlife Exclusion for further details), the following applies:
• For the San Francisco garter snake, WEF will be established in the uplands immediately adjacent to aquatic snake habitat (e.g., waterbodies, including ponds, wetlands, and riparian areas) and extending up to 200 feet from construction activities.
• For the giant garter snake, WEF will be installed prior to the start of ground-disturbing activities and after aquatic habitat (e.g., waterbodies, including ponds, wetlands, and riparian areas) has been dewatered (if applicable). • For the northwestern pond turtle and southwestern pond turtle, WEF will be installed around all suitable nesting, overwintering, and/or aestivation habitat that would be disturbed within the project area. The fencing will be inspected by a Qualified Biologist before the start of each workday and maintained by the Project Proponent until completion of the project. The fencing will be removed after all construction equipment is removed from the project site. To prevent reptiles from becoming entangled, trapped, or injured, fencing materials that include plastic or synthetic monofilament netting will not be used. Acceptable materials include natural fibers such as jute, coconut, twine, or other similar fibers.

REP-3, Clearing and Grubbing Vegetation.

A Qualified Biologist will be present during all vegetation clearing and grubbing activities in areas where the Covered reptiles (as identified in Table 6) are confirmed to occur, or where measures are being implemented based on presence of suitable habitat. Before vegetation removal, the Qualified Biologist will thoroughly survey the area for these species.

Vegetation in sensitive areas will be cleared by handheld motorized tools (e.g., weed eaters or chainsaws) or by hand pulling, unless alternate methods are proposed by the Project Proponent and approved by USFWS. Tree stumps and roots will be left in place to avoid any ground disturbance and preserve refugia habitat, with the exception of nonnative invasive plants that could propagate from remaining vegetative material. Native branches, leaf litter, mulch, woody debris, and other vegetative trimmings may be retained and spread on site to enhance habitat as appropriate.

REP-4, Prohibited Use of Rodenticides.

No rodenticides will be used at the project site during construction in areas that support suitable habitat for the Covered reptiles.

REP-5, Species Observations and Encounters.

Each Proposed Restoration Project with the potential to encounter a Covered Species of reptile will submit a rescue and relocation plan to the local USFWS Field Office concurrently with the ESA Section 7(a)(2) Review Form or at least 60 days Before and
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before construction. Early submission facilitates timely USFWS review and approval and helps avoid project delays.

General guidance to be considered during plan development is as follows: 1) leave the uninjured animal if it is not in danger; or 2) move the animal to a nearby location if it is in danger as described in REP-6, Species Handling and Relocation. These options are further described as follows:
• When a protected reptile is encountered in the project area, the priority is to stop all activities in the surrounding area that have the potential to result in the harm, injury, or death of the individual. The USFWS-Approved Biologist then needs to assess the situation to select the course of action that will minimize adverse effects to the individual.
• Avoid contact with the animal and allow it to move out of the project footprint and hazardous situation on its own, to a safe location. This guidance only applies to situations where an animal is encountered while moving through habitat and under conditions that will allow it to escape. This does not apply to animals that are uncovered or otherwise exposed or in areas where there is not enough adjacent habitat to support the life history of the protected reptiles if they move outside the construction footprint. • Avoidance is the preferred option if the animal is not moving or is in some sort of burrow or other refugia. In this case, the area will be well marked for avoidance by construction equipment, and a USFWS-Approved Biologist will be assigned to the area when work is taking place nearby. If avoidance is not practicable or safe for the Covered reptile species, the Project Proponent will implement REP6.

REP-6, Species Handling and Relocation.

A protected reptile will only be captured and relocated when that is the only option to prevent its death or injury, and after all attempts to avoid interaction of the species have been exhausted, as described in REP-5, Species Observation and Encounters. Project-specific rescue and relocation plans will be submitted by the Project Proponent to the local USFWS Field Office concurrently with the ESA Section 7(a)(2) Review Form or at least 60 days before construction. Early submission facilitates timely USFWS review and approval and helps avoid project delays. General guidance for handling and relocation is as follows:
• If appropriate habitat is immediately adjacent to the capture location, then the preferred option is short-distance relocation to that habitat. A snake will not be moved outside of the area where it could have traveled on its own.

Captured snakes will be released in appropriate cover as close to their capture location as possible for their continued safety. Under no circumstances will an animal be relocated to another property without the property owner’s written permission. It is the Project Proponent’s responsibility to arrange for that permission. • The release locations must be pre-identified in the Project-specific rescue and relocation plan approved by USFWS; they will depend on where the individual was found and the opportunities for nearby release. In most situations, the release location is likely to be into the mouth of a small burrow, other suitable refugia, or suitable habitat.
• Only a USFWS-Approved Biologist for the project can capture protected reptiles. #11..
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BIO-10 Mitigation Measure BIO-10: USFWS Mitigation Measures for Western Pond Turtles WPT-1, Habitat Avoidance.

A Qualified Biologist will survey and flag the work area for suitable overwintering habitat (e.g. leaf litter layer under trees and shrubs) or nesting habitat to avoid. Any flagging used must be removed after work is completed. Project personnel will be advised to avoid disturbance in these areas unless site-specific conservation measures allow work to be conducted in these areas to minimize or avoid disturbance.

To the extent feasible, logs or rocks will not be moved or otherwise disturbed to avoid impacts to turtles utilizing these objects as cover. If such features must be moved, the biologist will visually inspect these features prior to and during moving to ensure turtles are not present. The biologist will also ensure any work materials do not create dispersal barriers to pond turtle. If a pond turtle is found in the work area during construction, work will stop until the individual(s) leave the area on their own volition. Workers should be vigilant to avoid turtles on roadways and be made aware of the potential for hatchling dispersal. Workers must also visually check for turtles (particularly hatchlings) under vehicles and equipment prior to moving them and allow the turtles to leave the area on their own volition before moving vehicles or equipment.

Vehicles should stay on designated roads where feasible and if overland travel is needed in suitable habitat where there is a possibility of dispersing hatchlings, a monitor may be required.

WPT-2, Visual Encounter Surveys.

Before construction activities occur, a Qualified Biologist will search all suitable aquatic habitat in the project area a minimum of three times during appropriate weather conditions (e.g. sunny periods between 8am to 12pm, and from 3pm until an hour before dusk; air temperatures 55.0-90.0 degrees Fahrenheit; wind speeds less than 12.0 mph). Surveys will occur when western pond turtles are most likely to be detected in aquatic habitat:
• For the southwestern pond turtle, the highest probability of detection is from March 1 to October 31 (May 1 to August 31 at elevations above 3,500 feet). If work will occur outside of this window, a Qualified Biologist will also search upland habitat between September 1 and April 30 (September 1 to April 30 at elevations above 3,500 feet).
• For the northwestern pond turtle, the highest probability of detection is from April 1 to September 30 (May 1 to August 31 at elevations above 3,500 feet). If work will occur outside of this window, a Qualified Biologist will also search upland habitat between October 1 and March 31 (September 1 to April 30 at elevations above 3,500 feet).

In areas where western pond turtles are known to occur or could be present, follow current guidance for visual encounter surveys in the Visual Encounter Survey Protocol for Western Pond Turtles developed by the Oregon Native Turtle Working Group (ODFW 2020). If surveys are not conducted or do not follow USFWS-approved methods, assume western pond turtles are present in suitable aquatic and upland habitat. Inquire with local USFWS Field Office on western pond turtle data records and if surveys have been completed in the project area.

WPT- 3, Work Windows.

For project areas where the northwestern pond turtle or southwestern pond turtle are known or assumed to occur, avoid work during the following windows:
• For project activities that involve in-water/dewatering work, work will be avoided from October 1 to March 31. • For project activities within 500 meters (1604.4 feet) of suitable nesting habitat (i.e. sunny, open grasslands and ruderal habitat or bare soil), avoid disturbing nesting adult females from May 15 to July 31 for the northwestern pond turtle (except May 1 to July 31 in the San Joaquin Valley) and May 1 to July 31 for the southwestern pond turtle unless wildlife exclusion fencing has been installed around all suitable nesting habitat within the proposed Before and
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project footprint prior to the start of the nesting season (i.e., prior to May 15 for the northwestern pond turtle (except prior to May 1 in the San Joaquin Valley) and prior to May 1 for the southwestern pond turtle). • For project activities in overwintering habitat (e.g. muddy pond bottoms), work will be avoided from October 1 to March 31 (September 1 to April 30 above 3,500 feet elevation) unless wildlife exclusion fencing has been installed around all suitable overwintering habitat within the proposed project footprint prior to the start of the overwintering season (i.e., prior to October 1 at elevations < 3,500 feet and prior to September 1 at elevations >3,500 feet). Alternatively, if installation of wildlife exclusion fencing around all overwintering habitat is not feasible, then all suitable overwintering cover (e.g. leaf litter layer, woody debris) will be removed from the project footprint before overwintering begins (i.e., prior to October 1 at elevations < 3,500 feet and prior to September 1 at elevations >3,500 feet), and will be maintained daily free of suitable overwintering cover. A qualified biologist will also search all mammal burrows for overwintering western pond turtles and move them out of harm’s way. The qualified biologist then may collapse the burrows to prevent their usage by overwintering western pond turtles.
• For project activities in aestivation habitat (e.g., upland habitat (e.g. leaf litter) within 500 meters (1,640.4 feet) of suitable aquatic habitat), work will be avoided when nearby seasonal aquatic habitat is dry unless wildlife exclusion fencing has been installed around all suitable aestivation habitat within the proposed project footprint before nearby seasonal aquatic habitats dry up.

Work windows may be modified via completion of the ESA Section 7(a)(2) Review Form and local Field Office approval.

WPT-4, Environmentally Sensitive Areas and Wildlife Exclusion.

Fencing and/or monitoring will be used to protect western pond turtles and will be implemented in coordination with a Qualified Biologist. If the project site is suitable for fencing, the USFWS requires an Exclusion Fencing Plan, and a Qualified Biologist will determine where ESAF will be installed to protect western pond turtle habitat adjacent to the proposed project footprint.

If complete exclusion of the project disturbance footprint with WEF is not feasible in the project area, projects may consider directional fencing (fencing that is meant to guide the movement of western pond turtles safely around a work area) to discourage western pond turtles from entering the project area from suitable habitat, or fencing off only portions of the larger project area as they are being actively worked on. The local USFWS Field Office may be contacted for technical assistance on excluding western pond turtles from a project area where complete exclusion fencing is not feasible.

WEF must be opaque, non-climbable material, at least 2.0 feet (0.6 meters) high, have one-way exit funnels away from the work area, and contoured such that western pond turtles are unable to climb over the fence. WEF will include coverboards spaced every 50 to 100 feet on either side to provide cover to western pond turtles that encounter the fence. If WEF is found to be compromised, a Qualified Biologist will conduct a survey immediately preceding construction activity that occurs in western pond turtle habitat, or in advance of any activity that may affect other species. The Qualified Biologist will search along WEF and in pipes, culverts, and beneath equipment (e.g., vehicles or heavy equipment) before they are moved (see ASP-4, Entrapment). Monitoring can be conducted in lieu of WEF at sites where installation is not practicable (see GPM-5, Environmental Monitoring; and GPM-7, Environmentally Sensitive Areas and/or Wildlife Exclusion).

WPT-5, Capture and Relocation.

Western pond turtles will only be captured and relocated when it is the only option to prevent injury or mortality, and after all attempts to avoid interaction with the species have been used. If necessary to avoid injury or mortality, relocation of western pond turtles will be conducted by a Qualified Biologist in accordance with the requirements of REP-6, Species Handling and Relocation. Western pond turtle relocation will be conducted as described in a USFWS-approved reptile relocation plan submitted by the Project Proponent to the local USFWS Field Office concurrently with the ESA Section 7(a)(2) Review Form or at least 60 days before construction. Early submission facilitates timely USFWS review and approval and helps avoid project delays.
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• Avoid and minimize transfer of diseases (e.g. turtle-shell disease, respiratory disease). The Qualified Biologist will wear disposable nonlatex or rubber gloves when handling individual turtles to inhibit transmission of disease.

Any suspected observations of disease such as respiratory or turtle-shell disease in western pond turtles or any other species of turtle at the project site will be reported to the USFWS within 24 hours and before relocating any western pond turtle. If any western pond turtle or other turtle species in the project site test positive or are suspected of turtle-shell disease, then all turtles at the project site will be considered to be potentially infected.

All equipment and clothing will be decontaminated and dried completely prior to and after use at an aquatic project site to prevent disease transmission between water bodies. • Western pond turtles will be released within a few hours of capture. Individuals will be kept in containers with high sides, such as 5-gallon (18.9 liter) plastic buckets or 10- gallon (37.9 liter) storage tubs. Place a lid or piece of cloth over the top to darken the container. Keep captured western pond turtles out of direct sunlight because overheating is possible in a short time.
• The Qualified Biologist will capture and relocate the western pond turtle the shortest distance possible to a location that contains similar suitable habitat and that will not be affected by activities associated with the project. No western pond turtles will be relocated more than 500 meters or to a different watershed to prevent disorientation and the spread of diseases.
• If a western pond turtle found in upland habitat is suspected of traveling to an overwintering/aestivation or nesting site and voids its bladder upon handling, then the western pond turtle will be returned to aquatic habitat. • Nesting or gravid female western pond turtles will be avoided to the greatest extent practicable. If an adult female western pond turtle is gravid or post-nesting, the Qualified Biologist will determine if she will be relocated to suitable undisturbed nesting habitat or suitable aquatic habitat outside of the work area. All possible precautions will be taken to allow her to continue to nest and to avoid nest failure.

Refer to the 2024 Northwestern Pond Turtle Avoidance and Minimization Measures (USFWS 2024a) and Southwestern Pond Turtle Avoidance and Minimization Measure Recommendations (USFWS 2024b) for more details on relocation of western pond turtles.

WPT-6, No Net Loss of Basking Habitat.

Maintain existing basking structures (e.g. logs, rocks, shorelines, emergent vegetation, algal mats, and substrate adjacent to aquatic habitat whenever possible. Avoid planting trees and shrubs that would shade suitable basking habitat and maintain an open riparian canopy to allow sufficient solar exposure for basking. Install basking structures as necessary for any basking habitat that is removed.

WPT-7, Avoid Excessively Shading Nesting Habitat.

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BIO-11 Mitigation Measure BIO-11: Protective Measures for Riparian Habitat and Sensitive Natural Habitat Communities VEG-1: Protective Measures for Riparian Habitat and Sensitive Natural Habitat Communities To avoid or minimize impacts on riparian habitat and sensitive natural communities, the following measures shall be implemented:

1. Prior to the start of project activities, a Worker Environmental Awareness Program shall be developed and presented to the contractor in order to address planned work procedures around trees, the locations where specialized treatments are required, and review the acceptable equipment that the contractor may use for project activities. This program will also address valley elderberry longhorn beetle and other sensitive biological resources on the project site.

2. Tree removal and trimming guidelines shall be developed to minimize disturbance to the Valley oak woodland and valley foothill riparian woodland communities. All tree removal activities will be performed using hand tools to minimize damage to riparian vegetation. All slash materials (limbs, branches and other woody debris) resulting from tree removal activities shall be removed from the project site and properly disposed of at an offsite location. Furthermore, the City shall protect riparian habitats by installing protective fencing along the edge of riparian areas, where project activities will occur within 200 feet of the edge of protected habitat (as determined by a qualified biologist). The location of fencing shall be marked in the field with stakes and flagging.

3. Unless mitigation plantings are found to be infeasible, mitigation for the removal of riparian habitat shall occur through a combination of a) and/or b) below:
a. The removal of any trees would be mitigated at a four-to-one ratio. Mitigation would be carried out within the Tuolumne River Corridor, where appropriate. A Replacement Riparian Tree Planting Plan shall be prepared and shall include the following minimum elements:
i. The Plan will specify the size, source and specifications of the replacement tree seedlings. At a minimum, all plantings would be direct-seeded with locally collected large acorns. Alternatively, young seedlings less than one year old may be used when produced from locally obtained acorns.

4. The Plan shall include measures for mitigation tree monitoring, weed management, and irrigation. These measures will be implemented as needed to ensure successful survival of young seedlings. The condition of mitigation plantings shall be monitored and shall include data on seedling height, mortality, and surrounding soil moisture.

Replacement for the total number of inches (measured in DBH) lost may be purchased from an oak and riparian tree mitigation bank prior to implementation of tree management actions.

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BIO-12 Mitigation Measure BIO-12: NMFS PBO General Protection Measures • Work shall not begin until (a) the Corps and/or NOAA RC has notified the applicant to the Program that the requirements of the Endangered Species Act (ESA) have been satisfied and that the activity is authorized and (b) all other necessary permits and authorizations are finalized.

The general construction season shall be from June 15 to October 31. Restoration, construction, fish relocation, and dewatering within any wetted or flowing stream channel shall only occur within this period. Revegetation outside of the active channel may continue beyond October 31, if necessary. • Prior to construction, any contractor shall be provided with the specific protective measures to be followed during implementation of the project. In addition, a qualified biologist shall provide the construction crew with information on the listed species and State Fully Protected Species in the project area, the protection afforded the species by the ESA, and guidance on those specific protection measures that must be implemented as part of the project.
• All activities that are likely to result in negative aquatic effects, including temporary effects, shall proceed through a sequencing of effect reduction: avoidance, reduction in magnitude of effect, and compensation (mitigation). Mitigation may be proposed to compensate for negative effects to waters of the United States.

Mitigation shall generally be in kind, with no net loss of waters of the United States on a per project basis. • Mitigation work shall proceed in advance or concurrently with project construction. • Poured concrete shall be excluded from the wetted channel for a period of 30 days after it is poured During that time the poured concrete shall be kept moist, and runoff from the concrete shall not be allowed to enter a live stream. Commercial sealants may be applied to the poured concrete surface where difficulty in excluding water flow for a long period may occur. If sealant is used, water shall be excluded from the site until the sealant is dry and fully cured according to the manufacturers specifications. • If the thalweg of the stream has been altered due to construction activities, efforts shall be undertaken to reestablish it to its original configuration.

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BIO-13 Mitigation Measure BIO-13: NMFS PBO Measures to Minimize Loss or Disturbance of Riparian Vegetation Minimizing disturbance:

Retain as many trees and as much understory brush as feasible, emphasizing shade-producing and bank stabilizing trees and brush.
• Prior to construction, determine locations and equipment access points that minimize riparian disturbance. Avoid entering unstable areas. Use project designs and access points that minimize riparian disturbance without affecting less stable areas, which may increase the risk of channel instability. • Minimize soil compaction by using equipment with a greater reach or that exerts less pressure per square inch on the ground than other equipment, resulting in less overall area disturbed or less compaction of disturbed areas.
• If vegetation will be removed with chainsaws, consider using saws that operate with vegetable-based bar oil. • Decompact disturbed soils at project completion as the heavy equipment exits the construction area.

Revegetation and success criteria:
• Any stream bank area left barren of vegetation as a result of the implementation or maintenance of the practices shall be restored to a natural state by seeding, planting, or other means with native trees, shrubs, or grasses prior to November 15 of the project year. • Barren areas shall typically be planted with a combination of willow stakes, native shrubs and trees and/ or erosion control grass mixes.
• Native plant species shall be used for revegetation of disturbed and compacted areas. The species used shall be specific to the project vicinity or the region of the state where the project is located, and comprise a diverse community structure (plantings shall include both woody and herbaceous species). • For projects where re-vegetation is implemented to compensate for riparian vegetation impacted by project construction, a re-vegetation monitoring report will be required after five years to document success. Success is defined as 70 percent survival of plantings or 70 percent ground cover for broadcast planting of seed after a period of three years. If revegetation efforts will be passive (i.e., natural regeneration), success will be defined as total cover of woody and herbaceous material equal to or greater than pre-project conditions. If at the end of five years, the vegetation has not successfully been reestablished, the project applicant to the Program will be responsible for replacement planting, additional watering, weeding, invasive exotic eradication, or any other practice, to achieve the revegetation requirements. If success is not achieved within the first five years, the project applicant will need to prepare a follow-up report in an additional five years. This requirement will proceed in five year increments until success is achieved.
• All plastic exclusion netting placed around plantings will be removed after three years.

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BIO-14 Mitigation Measure BIO-14: NMFS PBO Measures to Minimize Degradation of Water Quality General erosion control during construction:
• When appropriate, isolate the construction area from flowing water until project materials are installed and erosion protection is in place.
• Effective erosion control measures shall be in place at all times during construction. Do not start construction until all temporary control devices (e.g., straw bales with sterile, weed free straw, silt fences) are in place down slope or downstream of project site within the riparian area. The devices shall be properly installed at all locations where the likelihood of sediment input exists. These devices shall be in place during and after construction activities for the purposes of minimizing fine sediment and sediment/water slurry input to flowing water and detaining sediment-laden water on site. If continued erosion is likely to occur after construction is complete, then appropriate erosion prevention measures shall be implemented and maintained until erosion has subsided. Erosion control devices such as coir rolls or erosion control blankets will not contain plastic netting of a mesh size that would entrain reptiles (especially snakes) and amphibians. • Sediment shall be removed from sediment controls once it has reached one-third of the exposed height of the control. Whenever straw bales are used, they shall be sterile and weed free, staked and dug into the ground 12 cm. Catch basins shall be maintained so that no more than 15 cm of sediment depth accumulates within traps or sumps.
• Sediment-laden water created by construction activity shall be filtered before it leaves the settling pond or enters the stream network or an aquatic resource area.
• The contractor/applicant to the Program is required to inspect, maintain or repair all erosion control devices prior to and after any storm event, at 24 hour intervals during extended storm events, and a minimum of every two weeks until all erosion control measures have been completed.

Guidelines for temporary stockpiling:
• Minimize temporary stockpiling of material. Stockpile excavated material in areas where it cannot enter the stream channel. Prior to start of construction, determine if such sites are available at or near the project location.

If nearby sites are unavailable, determine a location where material will be deposited. Establish locations to deposit spoils well away from watercourses with the potential to delivery sediment into streams supporting, or historically supporting populations of listed salmonids. Spoils shall be contoured to disperse runoff and stabilized with mulch and (native) vegetation. Use devices such as plastic sheeting held down with rocks or sandbags over stockpiles, silt fences, or berms of hay bales, to minimize movement of exposed or stockpiled soil. • If feasible, conserve topsoil for reuse at project location or use in other areas. End haul spoils away from watercourses as soon as possible to minimize potential sediment delivery.

Minimizing potential for scour:
• When needed, utilize instream grade control structures to control channel scour, sediment routing, and headwall cutting.
• For relief culverts or structures, if a structure that empties into a stream is installed, an energy dissipater shall be installed to reduce bed and bank scour. This does not apply to culverts in fish bearing streams. • The toe of rock slope protection used for streambank stabilization shall be placed below the bed scour depth to ensure stability.

Post-construction erosion control:

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• Immediately after project completion and before close of seasonal work window, stabilize all exposed soil with erosion control measures such as mulch, seeding, and/or placement of erosion control blankets. Remove all artificial erosion control devices after the project area has fully stabilized. All exposed soil present in and around the project site shall be stabilized after construction. Erosion control devices such as coir rolls or erosion control blankets will not contain plastic netting of a mesh size that would entrain reptiles (especially snakes) and amphibians.
• All bare and/or disturbed slopes (more than 100 square feet of bare mineral soil) will be treated with erosion control measures such as hay bales, netting, fiber rolls, and hydroseed as permanent erosion control measures. • Where straw, mulch, or slash is used as erosion control on bare mineral soil, the minimum coverage shall be 95 percent with a minimum depth of two inches.
• When seeding is used as an erosion control measure, only seeds from native plant species will be used. Sterile (without seeds), weed-free straw, free of exotic weeds, is required when hay or hay bales are used as erosion control measures.

BIO-15 Mitigation Measure BIO-15: Mitigation Measures for Crotch’s Bumble Bee A qualified biologist shall survey the Project site prior to the commencement of Project activities to identify whether overwintering, nesting, or foraging habitats of Crotch’s bumble bee are present on or within 100 feet of the Project site. If suitable habitat is identified, a qualified biologist shall conduct visual surveys of the Project site within 30 days prior to starting Project activities following CDFW’s “Survey Considerations for California Endangered Species Act Candidate Bumble Bee Species” when floral resources are present and during peak bloom in the season (https://nrm.dfg.ca.gov/FileHandler.ashx?DocumentID=213150&inline). Permittee shall submit Crotch’s bumble bee survey results to CDFW at least 10 days prior to the start of Project activities (Reporting Measure 3.2(f)).

If Crotch’s bumble bee is detected, Permittee shall halt work immediately or shalI not commence work, whichever situation applies, and contact CDFW to develop adequate take avoidance measures. If a nest is observed, no Project activities shall occur until a plan to protect Crotch’s bumble bee, including over-wintering queens, has been approved in writing by CDFW. Alternatively, in the absence of surveys, Permittee may assume presence and apply for and acquire an ITP pursuant to Fish and Game Code section 2081 (subdivision (a) or (b)), for Crotch’s bumble bee prior to initiating Project activities.

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Cultural Resources
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CUL-1 Mitigation Measure CUL-1: Conduct Inventory and Significance Evaluation of Architectural Resources Before implementation of any project permitted under the Order, the need for an inventory and significance evaluation of architectural resources in the project area shall be assessed, and, if necessary based upon the type of restoration activity conducted and potential for built features to be present or disturbed. The assessment should consist of a review of maps and aerial photos to see if existing buildings dams, levees, roads, or other built features are in the CEQA project area. If so, and the age of these features is either unknown or is known to be older than 45 years old, then an inventory and evaluation should be completed by, or under the direct supervision of, a qualified architectural historian, defined as one who meets the U.S. Secretary of the Interior’s Professional Qualifications Standards for Historical History or History. This inventory and evaluation shall include the following:
• Map(s) and verbal description of the project CEQA Area of Potential Effects (C‑APE) for cultural resources that delineates both the horizontal and vertical extents of where a project could result in impacts, including both direct and indirect, on cultural resources.
• A records search at the appropriate repository of the California Historical Resources Information System for the C-APE and vicinity (typically areas within 0.25 or 0.5 mile, based on setting) to acquire records on previously recorded cultural resources in the C‑APE and vicinity and previous cultural resources studies conducted for the C-APE and vicinity.
• Background research on the history of the C-APE and vicinity for all projects determined to need additional historical architecture assessment.
• If, after review, features of the built environment are determined to be less than 45 years old, a summary statement of their age and references for this determination will be included in the project area description. No further analysis is necessary.
• If historic-era built resources are determined to likely be present, an architectural field survey of the C-APE, unless previous architectural field surveys no more than two years old have been conducted for the C-APE, in which case a new field survey is not necessary. Any architectural resources identified in the C-APE during the survey shall be recorded on the appropriate California Department of Parks and Recreation 523 forms (i.e., site record forms).
• An evaluation of any architectural resources identified in the C-APE for California Register eligibility (i.e., whether they qualify as historical resources, as defined in State CEQA Guidelines Section 15064.5). • An assessment of potential project impacts on any historical resources identified in the C-APE. This should include an analysis of whether the project’s potential impacts on the historical resource would be consistent with the U.S. Secretary of the Interior’s Standards for the Treatment of Historic Properties and applicable guidelines. • A technical report meeting U.S. Secretary of the Interior’s Standards for architectural history technical reporting This report will document the mitigation measures taken and any study results, and following CEQA lead agency review and approval, completes the requirements of this mitigation measure.

If potentially significant impacts on historical resources are identified, an approach for reducing such impacts shall be developed before project implementation and in coordination with interested parties (e.g., historical societies, local communities). Typical measures for reducing impacts include:
• Modifying the project to avoid impacts on historical resources. • Documentation of historical resources, to the standards of and to be included in the Historic American Building Survey, Historic American Engineering Record, or Historic American Landscapes Survey, as appropriate. As described in the above standards, the documentation shall be conducted by a qualified architectural historian, defined above, and shall include large-format photography, measured drawings, written architectural Before and
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descriptions, and historical narratives. The completed documentation shall be submitted to the U.S. Library of Congress.
• Relocation of historical resources in conformance with the U.S. Secretary of the Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings. • Monitoring construction-related and operational vibrations at historical resources. • For historical resources that are landscapes, preservation of the landscape’s historic form, features, and details that have evolved over time, in conformance with the U.S. Secretary of the Interior’s Guidance for the Treatment of Cultural Landscapes.
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CUL-2 Mitigation Measure CUL-2: Conduct Inventory and Significance Evaluation of Archaeological Resources Before implementation of any project permitted under the Order that includes ground disturbance, an archaeological records search and sensitivity assessment, inventory and significance evaluation of archaeological resources identified in the C-APE shall be conducted. The inventory and evaluation should be done by or under the direct supervision of a qualified archaeologist, defined as one who meets the U.S. Secretary of the Interior’s Professional Qualifications Standards for Archeology, and shall include the following:
• Map(s) and verbal description of the project C-APE for cultural resources that delineates both the horizontal and vertical extents of where a project could result in impacts, including both direct and indirect, on cultural resources.
• A records search at the appropriate repository of the California Historical Resources Information System (CHRIS) for the C-APE and vicinity (typically areas within 0.25 or 0.5 mile, based on setting) to acquire records on previously recorded cultural resources in the C-APE and vicinity and previous cultural resources studies conducted for the C-APE and vicinity. This task can be performed by either the qualified archaeologist or the appropriate local CHRIS center staff. Outreach to the California Native American Heritage Commission, including a request of a search of the Sacred Lands File for the C-APE, to determine if any documented Native American sacred sites could be affected by the project. • Consultation with California Native American Tribes pursuant to PRC Section 21080.3 to determine whether any indigenous archaeological resource or tribal cultural resources could be affected by the project. Project proponents shall submit a Sacred Lands File & Native American Contacts List Request to the Native American Heritage Commission (NAHC) at the initial stages of project development (or as early as practicable) to determine if a project would have an impact on Native American cultural resources. The project proponent shall coordinate with the approving Water Board or other CEQA lead agency, if applicable, as soon as possible whenever tribes that are traditionally and culturally affiliated to a project area are identified. Any tribe identified by the NAHC will require notification of the proposed project by the lead agency as soon as practicable during early design. Tribes will be consulted if a request is received after initial notification. Consultation will include discussion regarding project design, cultural resource survey, protocols for construction monitoring, and any other tribal concern. Construction of the project will not commence until the approving Water Board or other CEQA lead agency achieves compliance with the California Environmental Protection Agency Tribal Consultation Protocol (April 2018).
• If the C-APE is in or adjacent to navigable waterways, outreach to the California State Lands Commission to request a search of their Shipwrecks Database, to determine whether any submerged archaeological resources may be present in the C-APE.
• Background research on the history, including ethnography and indigenous presence, of the C-APE and vicinity. • An archaeological sensitivity analysis of the C-APE based on mapped geologic formations and soils, previously recorded archaeological resources, previous archaeological studies, and Native American consultation. • If an archaeological study is not warranted based on the above review, a summary of the assessment and justification of the determination will be prepared. If the CEQA lead agency agrees with the determination, no further study is needed.

If a study is warranted, as a result of these archival studies and consultations, an archaeological field survey of the C-APE will be conducted. The field survey shall include, at a minimum, a pedestrian survey. If the archaeological sensitivity analysis suggests a high potential for buried archaeological resources in the C-APE, a subsurface survey shall also be conducted. If previous archaeological field surveys no more than two years old have been conducted for the C-APE, a new Before
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field survey is not necessary, unless their field methods do not conform to those required above (e.g., no subsurface survey was conducted but C-APE has high potential for buried archaeological resources). Any archaeological resources identified in the C-APE during the survey shall be recorded on the appropriate California Department of Parks and Recreation 523 forms (i.e., site record forms).
• An evaluation of any archaeological resources identified in the C-APE for California Register eligibility (i.e., as qualifying as historical resources, as defined in State CEQA Guidelines Section 15064.5) as well as whether they qualify as unique archaeological resources, pursuant to PRC Section 21083.2. Such evaluation may require archaeological testing (excavation), potentially including laboratory analysis, and consultation with relevant Native American representatives (for indigenous resources). • An assessment of potential project impacts on any archaeological resources identified in the C-APE that qualify as historical resources (per State CEQA Guidelines Section 15064.5) and/or unique archaeological resources (per PRC Section 21083.2). This shall include an analysis of whether the project’s potential impacts would materially alter a resource’s physical characteristics that convey its historical significance and that justify its inclusion (or eligibility for inclusion) in the California Register or a qualified local register. • A technical report meeting U.S. Secretary of the Interior’s Standards for archaeological technical reporting. This report will document the mitigation measures taken and any study results, and, following CEQA lead agency review and approval, completes the requirements of this mitigation measure.

If potentially significant impacts on archaeological resources that qualify as historical resources (per State CEQA Guidelines Section 15064.5) and/or unique archaeological resources (per PRC Section 21083.2) are identified, develop, before project implementation and in coordination with interested or consulting parties (e.g., Native American representatives [for indigenous resources], historical societies [for historic-era resources], local communities) an approach for reducing such impacts. If any such resources are on or in the tide and submerged lands of California, this process shall also include coordination with the California State Lands Commission. Typical measures for reducing impacts include:
• Modify the project to avoid impacts on resources.
• Plan parks, green space, or other open space to incorporate the resources. • Develop and implement a detailed archaeological resources management plan to recover the scientifically consequential information from archaeological resources before any excavation at the resource’s location.

Treatment for most archaeological resources consists of (but is not necessarily limited to) sample excavation, artifact collection, site documentation, and historical research, with the aim to target the recovery of important scientific data contained in the portion(s) of the resource to be affected by the project.

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CUL-3 Mitigation Measure CUL-3: Implement Measures to Protect Archaeological Resources during Project Construction or Operation
If archaeological resources are encountered during project construction or operation of any project permitted under the Order, all activity within 100 feet of the find shall cease and the find shall be flagged for avoidance. The lead agency and a qualified archaeologist, defined as one meeting the U.S. Secretary of the Interior’s Professional Qualifications Standards for Archeology, shall be immediately informed of the discovery. The qualified archaeologist shall inspect the discovery and notify the lead agency of their initial assessment. If the qualified archaeologist determines that the resource is or is potentially indigenous in origin, the lead agency shall consult with culturally affiliated California Native American Tribes to assess the find and determine whether it is potentially a tribal cultural resource.

If the lead agency determines, based on recommendations from the qualified archaeologist and culturally affiliated California Native American Tribes, that the resource is indigenous, that the resource may qualify as a historical resource (per State CEQA Guidelines Section 15064.5), unique archaeological resource (per PRC Section 21083.2), or tribal cultural resource (per PRC Section 21074), then the resource shall be avoided if feasible. If avoidance of an identified indigenous resource is not feasible, the lead agency shall consult with a qualified archaeologist, culturally affiliated California Native American Tribes, and other appropriate interested parties to determine treatment measures to minimize or mitigate any potential impacts on the resource pursuant to PRC Section 21083.2 and State CEQA Guidelines Section 15126.4. If any such resources are on or in the tide and submerged lands of California, this process shall also include coordination with the California State Lands Commission. Once treatment measures have been determined, the lead agency shall prepare and implement an archaeological (and/or tribal cultural) resources management plan that outlines the treatment measures for the resource. Treatment measures typically consist of the following steps:
• Determine whether the resource qualifies as a historical resource (per State CEQA Guidelines Section 15064.5), unique archaeological resource (per PRC Section 21083.2), or tribal cultural resource (per PRC Section 21074) through analysis that could include additional historical or ethnographic research, evaluative testing (excavation), or laboratory analysis.
• If it qualifies as a historical resource (per State CEQA Guidelines Section 15064.5) and/or unique archaeological resource (per PRC Section 21083.2), implement measures for avoiding or reducing impacts such as the following:
• Modify the project to avoid impacts on resources.
• Plan parks, green space, or other open space to incorporate resources. • Recover the scientifically consequential information from the archaeological resource before any excavation at the resource’s location. This typically consists of (but is not necessarily limited to) sample excavation, artifact collection, site documentation, and historical research, with the aim to target the recovery of important scientific data contained in the portion(s) of the resource to be affected by the project. • Develop and implement interpretive programs or displays. • If it qualifies as a tribal cultural resource (per PRC Section 21074) implement measures for avoiding or reducing impacts such as the following:
• Avoid and preserve the resource in place through measures that include but are not limited to the following:
o Plan and construct the project to avoid the resource and protect the cultural and natural context. o Plan greenspace, parks, or other open space to incorporate the resources with culturally appropriate protection and management criteria.

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• Treat the resource with culturally appropriate dignity, taking into account the tribal cultural values and meaning of the resource, through measures that include but are not limited to the following:
o Protect the cultural character and integrity of the resource. o Protect the traditional use of the resource.
o Protect the confidentiality of the resource.

Implement permanent conservation easements or other interests in real property, with cultural appropriate management criteria for the purposes of preserving or using the resource or place.

CUL-4 Mitigation Measure CUL-4: Implement Measures to Protect Human Remains during Project Construction or Operation
If human remains are encountered during construction or operation and maintenance of any project permitted under the Order, all work shall immediately halt within 100 feet of the find and the lead agency shall contact the appropriate county coroner to evaluate the remains and follow the procedures and protocols set forth in State CEQA Guidelines Section 15064.5(e)(1). If human remains encountered are on or in the tide and submerged lands of California, the lead agency shall also contact the California State Lands Commission. If the coroner determines that the remains are Native American in origin, the appropriate county shall contact the California Native American Heritage Commission, in accordance with California Health and Safety Code Section 7050.5(c) and PRC Section 5097.98. Per PRC Section 5097.98, the project’s lead agency shall ensure that the immediate vicinity, according to generally accepted cultural or archaeological standards or practices, where the Native American human remains are located is not damaged or disturbed by further development activity until the lead agency has discussed and conferred, as prescribed PRC Section 5097.98, with the most likely descendants and the property owner regarding their recommendations, if applicable, taking into account the possibility of multiple human remains.

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CUL-5 Mitigation Measure CUL-5: Accidental Discovery
If buried materials are encountered, all soil disturbing work at the place of the find should be halted immediately. An archaeologist who meets the Secretary of the Interior's Standards for Archaeology must be contacted and the requirements under 36 CFR 800.13 followed. Work should not commence in the vicinity of the inadvertent discovery until a qualified archaeologist completes a significance evaluation of the find(s) pursuant to Section 106 of the National Historic Preservation Act (36 CFR 60.4).

The following actions are promulgated in the CEQA Guidelines Section 15064.5(d) and pertain to the discovery of human remains. If human remains are encountered, excavation or disturbance of the location must be halted in the vicinity of the find, and the county coroner contacted. If the coroner determines the remains are Native American, the coroner will contact the Native American Heritage Commission. The Native American Heritage Commission will identify the person or persons believed to be most likely descended from the deceased Native American. The most likely descendent makes recommendations regarding the treatment of the remains with appropriate dignity.

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Geology and Soils
GEO-1 Mitigation Measure GEO-1: Conduct a General Project-Level Analysis Restoration projects implemented by other public proponents under the Order would be required to do a desktop search on whether the project site would be located in a paleontological sensitive unit. If the project site was determined to be located on a paleontological sensitive unit, then Mitigation Measure GEO-9 (and Mitigation Measure GEO-10, below, as applicable) would be implemented. If restoration projects implemented under the Order fall outside a paleontological sensitive unit, GEO-9 (and Mitigation Measure GEO-10, below) would be not required.

During project development and project-level analysis, a paleontological resource monitoring and recovery plan shall be developed and implemented for all actions determine by the project proponent to be located on a paleontological sensitive unit. The plan shall include protocols for paleontological resources monitoring in areas where construction-related excavation would affect sediment with moderate to high paleontological sensitivity.

The paleontological resource monitoring and recovery plan shall provide guidelines for the establishment of a yearly or biannual monitoring program led by a qualified paleontologist to determine the extent of fossiliferous sediment being exposed and affected by erosion, and determine whether paleontological resources are being lost. If the loss of scientifically significant paleontological resources is documented, then a recovery program should be implemented.

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GEO-2 Mitigation Measure GEO-2: Conduct Worker Training For projects that are determined to have moderate to high paleontological sensitivity, before the start of any grounddisturbing activity (e.g., excavation or clearing), a qualified paleontologist shall prepare paleontological resources sensitivity training materials for use during project worker environmental training or equivalent. This training shall be conducted by a qualified environmental trainer under the supervision of the qualified paleontologist. For restoration projects that involve construction crew phases, additional trainings shall be conducted for new construction personnel. The paleontological resource sensitivity training shall focus on the types of resources that could be encountered within the individual restoration project site and the procedures to follow if they are found. Project proponents and/or project contractors shall retain documentation demonstrating that all construction personnel attended the paleontological resource sensitivity training before the start of work on the site, and shall provide documentation to the project manager upon request.

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Hazards and Hazardous Materials
HAZ-1 Mitigation Measure HAZ-1: Prepare and Implement a Health and Safety Plan and Provide Qualified Oversight of Fill Removal Related to Earthmoving Activities
The following measures shall be implemented before and during construction of any restoration project permitted under the Order:
• A health and safety plan for the project shall be developed and implemented. This plan shall clearly notify all workers of the potential to encounter hazardous materials during ground-disturbing work and other construction activities. The plan shall identify proper handling and disposal procedures for contaminants expected to be onsite and shall provide maps and phone numbers for local hospitals and other emergency contacts. Construction workers shall comply with all protocols outlined in the health and safety plan throughout project implementation. • Any hazardous materials being stored in the project area and not needed for construction activities shall be removed and disposed of at appropriately permitted locations before construction. A qualified professional (e.g., geologist or engineer) shall oversee fill excavation activities and work in potential project areas that contain abandoned underground storage tanks requiring removal, to properly identify any contaminated soils that may be present. Excavation of underground storage tanks must comply with county ordinances and policies. If contaminated soils are found, Mitigation Measure HAZ-2 shall be implemented.

Removal of underground storage tanks associated with the restoration project shall include measures to ensure their safe transport and disposal. Remediation actions, if necessary, shall be defined in consultation with the local Regional Board and implemented during construction.

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SRGO
HAZ-2 Mitigation Measure HAZ-2: Notify Appropriate Federal, State, and Local Agencies If Contaminated Soils Are Identified, and Complete Recommended Remediation Activities The following measures shall be implemented before construction of any restoration project permitted under the Order if contaminated soils are found on the project site:
• The appropriate federal, state, and local agencies shall be notified if evidence of previously undiscovered soil or groundwater contamination (e.g., stained soil, odorous groundwater) is encountered during construction activities. Any contaminated areas shall be cleaned up in accordance with the recommendations of the Regional Board, DTSC, or other appropriate federal, state, or local regulatory agencies. • A site plan shall be prepared for the remediation activities appropriate for the proposed land uses, including excavation and removal of on-site contaminated soils, and needed redistributions of clean fill material on the study area. The plan shall include measures to ensure the safe transport, use, and disposal of contaminated soil and building debris removed from the site. If ground-disturbing activities encounter contaminated groundwater, the construction contractor shall report the contamination to the appropriate agencies, dewater the area, and treat the groundwater to remove the contaminants before discharge into the sanitary sewer system. The construction contractor shall comply with the plan and applicable federal, state, and local laws. The plan shall outline specific procedures for handling and reporting of hazardous materials, and for disposing of hazardous materials removed from the site at an appropriate off-site facility.

Before
construction
Project
proponent
SRGO
#11..
- 389 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
HAZ-3 Mitigation Measure HAZ-3: Notify Appropriate Federal, State, and Local Agencies If Accidental Discharges of Hazardous Materials
Following an accidental discharge of a reportable quantity of a hazardous material or an unknown material, the appropriate federal, state, and local agencies shall be notified. Any contaminated areas shall be cleaned up in accordance with the recommendations of the Regional Board, DTSC, or other appropriate federal, state, or local regulatory agencies.

During
construction
Project
proponent,
construction
contractor
SRGO
HAZ-4 Mitigation Measure HAZ-4: Coordinate with Applicable Federal, State, and Local Agencies and Districts Before construction, project proponents implementing restoration projects permitted under the Order shall coordinate with the appropriate federal, state, and local government agencies, districts, and emergency response agencies regarding the timing of construction projects that would occur near the project sites. Specific measures to mitigate potentially significant impacts shall be determined during the interagency coordination, and shall include measures to achieve the following performance standards:
• Reduce potential traffic impacts so that no more than 30 trucks per hour will be added to any road (e.g., by scheduling construction truck trips and designating alternate haul routes to disperse truck trips). • Reduce potential traffic safety impacts (e.g., by employing flaggers to manage traffic flow at conflict locations). • Provide outreach and community noticing (e.g., via the web, utility bill inserts, and other methods) for locations where multiple projects will create construction traffic simultaneously.

Before
construction
Project
proponent
SRGO
HAZ-5 HAZ-6: Prepare and Implement a Vector Management Plan The following measures shall be implemented by restoration projects permitted under the Order to prevent public health hazards posed by vector habitat as applicable (e.g. restoration projects that result in standing water and are located near populated areas):
• Freshwater habitat management shall include management of water control structures, vegetation management, mosquito predator management, drainage improvements, and other best management practices. The agency implementing the restoration project shall coordinate with the California Department of Fish and Wildlife and local mosquito and vector control agencies regarding these strategies and specific techniques to help minimize mosquito production.
• Permanent ponds shall be maintained to increase the diversity of waterfowl yet decrease the introduction of vectors through constant circulation of water, vegetation control, and periodic draining of ponds. • The project shall avoid ponding in tidal marsh habitat or in areas within the waterside of setback levees.

Restoration projects shall be designed with methods to reduce mosquito breeding.

Before
construction
Project
proponent
SRGO (HAZ-6)
#11..
- 390 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
Hydrology and Water Quality
#11..
- 391 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
HYDRO-1 Mitigation Measure HYDRO-1: NMFS PBO Measures to Minimize Degradation of Water Quality General erosion control during construction:

When appropriate, isolate the construction area from flowing water until project materials are installed and erosion protection is in place.
• Effective erosion control measures shall be in place at all times during construction. Do not start construction until all temporary control devices (e.g., straw bales with sterile, weed free straw, silt fences) are in place down slope or downstream of project site within the riparian area. The devices shall be properly installed at all locations where the likelihood of sediment input exists. These devices shall be in place during and after construction activities for the purposes of minimizing fine sediment and sediment/water slurry input to flowing water and detaining sediment-laden water on site. If continued erosion is likely to occur after construction is complete, then appropriate erosion prevention measures shall be implemented and maintained until erosion has subsided. Erosion control devices such as coir rolls or erosion control blankets will not contain plastic netting of a mesh size that would entrain reptiles (especially snakes) and amphibians.
• Sediment shall be removed from sediment controls once it has reached one-third of the exposed height of the control. Whenever straw bales are used, they shall be sterile and weed free, staked and dug into the ground 12 cm. Catch basins shall be maintained so that no more than 15 cm of sediment depth accumulates within traps or sumps.
• Sediment-laden water created by construction activity shall be filtered before it leaves the settling pond or enters the stream network or an aquatic resource area. • The contractor/applicant to the Program is required to inspect, maintain or repair all erosion control devices prior to and after any storm event, at 24 hour intervals during extended storm events, and a minimum of every two weeks until all erosion control measures have been completed. • Guidelines for temporary stockpiling:

Minimize temporary stockpiling of material. Stockpile excavated material in areas where it cannot enter the stream channel. Prior to start of construction, determine if such sites are available at or near the project location. If nearby sites are unavailable, determine a location where material will be deposited.

Establish locations to deposit spoils well away from watercourses with the potential to delivery sediment into streams supporting, or historically supporting populations of listed salmonids. Spoils shall be contoured to disperse runoff and stabilized with mulch and (native) vegetation. Use devices such as plastic sheeting held down with rocks or sandbags over stockpiles, silt fences, or berms of hay bales, to minimize movement of exposed or stockpiled soil.
• If feasible, conserve topsoil for reuse at project location or use in other areas. End haul spoils away from watercourses as soon as possible to minimize potential sediment delivery.

Minimizing potential for scour:

When needed, utilize instream grade control structures to control channel scour, sediment routing, and headwall cutting.
• For relief culverts or structures, if a structure that empties into a stream is installed, an energy dissipater shall be installed to reduce bed and bank scour. This does not apply to culverts in fish bearing streams. • The toe of rock slope protection used for streambank stabilization shall be placed below the bed scour depth to ensure stability
Before and
during
construction
Project
proponent,
construction
contractor

NMFS PBO
#11..
- 392 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
Post-construction erosion control:

Immediately after project completion and before close of seasonal work window, stabilize all exposed soil with erosion control measures such as mulch, seeding, and/or placement of erosion control blankets. Remove all artificial erosion control devices after the project area has fully stabilized.

All exposed soil present in and around the project site shall be stabilized after construction. Erosion control devices such as coir rolls or erosion control blankets will not contain plastic netting of a mesh size that would entrain reptiles (especially snakes) and amphibians. • All bare and/or disturbed slopes (more than 100 square feet of bare mineral soil) will be treated with erosion control measures such as hay bales, netting, fiber rolls, and hydroseed as permanent erosion control measures.
• Where straw, mulch, or slash is used as erosion control on bare mineral soil, the minimum coverage shall be 95 percent with a minimum depth of two inches. • When seeding is used as an erosion control measure, only seeds from native plant species will be used. Sterile (without seeds), weed-free straw, free of exotic weeds, is required when hay or hay bales are used as erosion control measures.

Noise
NOISE-1 Mitigation Measure NOISE-1: Minimize Noise Conflicts The following measures shall be implemented during construction of any restoration project permitted under the Order:
• Noise-generating activities shall follow the applicable general plan and/or noise ordinances for the jurisdiction located within the vicinity of the project.
• Construction equipment shall be located away from sensitive receptors, to the extent feasible, to reduce noise levels below applicable local standards.
• Construction equipment shall be maintained to manufacturers’ recommended specifications, and all construction vehicles and equipment shall be equipped with appropriate mufflers and other approved noise-control devices. • Idling of construction equipment shall be limited to the extent feasible to reduce the time that noise is emitted. • The project shall incorporate the use of temporary noise barriers, such as acoustical panel systems, between construction activities and sensitive receptors if it is concluded that they would be effective in reducing noise exposure to sensitive receptors.

During
construction
Construction
contractor
SRGO
NOISE-2 Mitigation Measure NOISE-2: Minimize Operations and Maintenance Noise Conflicts The following measures shall be implemented during O&M activities for any restoration project permitted under the Order:
• Noise-sensitive receptors in the vicinity of project activities shall be identified and projects shall be designed to minimize exposure of sensitive receptors to long-term, operational noise sources (for example, water pumps) to reduce noise levels below applicable local standards.
• The hours of operation at noise generation sources near or adjacent to noise-sensitive areas shall be limited, wherever practicable, to reduce the level of exposure to meet applicable local standards.

During and
after
construction
Construction
contractor
SRGO
#11..
- 393 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
Transportation/Traffic
TRA-1 TRA-1: Prepare Construction Traffic Management Plan Before construction begins, the construction manager shall have a qualified professional prepare a construction traffic management plan. The plan shall provide the appropriate measures to reduce potential traffic obstructions or service level degradation at affected traffic facilities. The scope of the construction traffic management plan will depend on the type, size, and duration of the specific qualifying restoration project under the Order. The plan could include such measures as construction signage, flaggers for lane closures, and construction schedule and/or delivery schedule restrictions. The plan shall be submitted to the local public works department and implemented as appropriate throughout construction.

Before
construction
Construction
contractor
SRGO
TRA-8
TRA-8: Repair Damaged Roadways and Trails Following Construction If damage to roads, sidewalks, trails, and/or medians occur, the construction contractor shall coordinate with the affected project proponents to ensure that any impacts are adequately repaired in accordance with applicable agency standards.

Roads and/or driveways disturbed by construction activities or construction vehicles shall be properly restored to ensure long-term protection of road surfaces. Roadside drainage structures and road drainage features (e.g., rolling dips) shall be protected by regrading and reconstructing roads to drain properly. The construction contractor shall work with the applicable agencies to document preconstruction conditions of road features before the start of construction.

After
construction
Construction
contractor
SRGO
#11..
- 394 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
Tribal Cultural Resources
TCR-1 Mitigation Measure TCR-1: Conduct Inventory and Significance Evaluation of Tribal Cultural Resources with Tribes that are Culturally and Geographically Affiliated with the Project Vicinity Before implementation of any project permitted under the Order, the following shall be conducted: consultation with California Native American Tribes pursuant to PRC Section 21080.3; a cultural resources records search; a California Native American Heritage Commission (NAHC) Sacred Lands File (SLF) search; and an inventory and significance evaluation of tribal cultural resources identified that could be impacted by the project. These tasks shall be conducted as follows.
• Project proponent shall submit an NAHC SLF & Native American Contacts List Request at the initial stages of project development (or as early as practicable) to determine if a project would have an impact on tribal cultural resources.
• Project proponent shall coordinate with the approving Water Board or other CEQA lead agency, if applicable, as soon as possible to identify California Native American Tribes that are traditionally and culturally affiliated to a project area. The CEQA lead agency shall then conduct Tribal consultation, pursuant to PRC Section 21080.3, and as soon as practicable during early design, with such Tribes to determine whether any tribal cultural resources could be affected by the project. Consultation will include discussion regarding project design, cultural resources surveys, identification of tribal cultural resources, protocols for construction monitoring, and any other Tribal concerns. Construction of the project will not commence until the approving Water Board or other CEQA lead agency achieves compliance with the California Environmental Protection Agency Tribal Consultation Protocol (April 2018) and consultation pursuant to PRC Section 21080.3 has been concluded. If potential tribal cultural resources that may be impacted by the project are identified through consultation with California Native American Tribes that are traditionally and culturally affiliated to a project area, the following shall be conducted:
o Documentation of any tribal cultural resources identified in the project area, which may require additional tasks such as ethnographic research and interviews.

If tribal cultural resources are identified in a project area, develop, before project implementation and in coordination California Native American Tribes that are traditionally and culturally affiliated to a project area, an approach for reducing such impacts. If any such tribal cultural resources are on or in the tide and submerged lands of California, this process shall also include coordination with the California State Lands Commission.

Before
construction
Project
proponent
SRGO
#11..
- 395 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
TCR-2 Mitigation Measure TCR-2: Implement Measures to Protect Tribal Cultural Resources during Project Construction or Operation
These measures include, but are not limited to, those outlined in PRC Section 21084.3. If tribal cultural resources or indigenous archaeological resources that may qualify as tribal cultural resources are encountered during project construction or operation of any project permitted under the Order, all activity within 100 feet of the find shall cease and the find shall be flagged for avoidance. The lead agency, a qualified archaeologist, defined as one meeting the U.S.

Secretary of the Interior’s Professional Qualifications Standards for Archeology, and California Native American Tribes that are traditionally and culturally affiliated to a project area shall be immediately informed of the discovery. The qualified archaeologist and representatives from the notified Native American Tribes shall inspect the discovery and notify the lead agency of their initial assessment.

A. If the lead agency determines, based on recommendations from the qualified archaeologist and California Native American Tribes that are traditionally and culturally affiliated to a project area, that the resource may qualify as a tribal cultural resource (per PRC Section 21074), then the resource shall be avoided if feasible. If avoidance of the resource is not feasible, the lead agency shall consult California Native American Tribes that are traditionally and culturally affiliated to a project area to determine treatment measures to minimize or mitigate any potential impacts on the resource pursuant to PRC Section 21083.2 and State CEQA Guidelines Section 15126.4. If any such resources are on or in the tide and submerged lands of California, this process shall also include coordination with the California State Lands Commission. Once treatment measures have been determined, the lead agency shall prepare and implement a tribal cultural resources management plan that outlines the treatment measures for the resource. Treatment measures typically consist of the following steps:
- Determine whether the resource qualifies as a tribal cultural resource (per PRC Section 21074) through analysis that could include additional ethnographic research, archaeological investigations, or laboratory analysis.
- If it qualifies as a tribal cultural resource (per PRC Section 21074) implement measures for avoiding or reducing impacts such as the following:
o Avoid and preserve the resource in place through measures that include but are not limited to the following:
▪ Plan and construct the project to avoid the resource and protect the cultural and natural context.
▪ Plan greenspace, parks, or other open space to incorporate the resources with culturally appropriate protection and management criteria. o Treat the resource with culturally appropriate dignity, taking into account the tribal cultural values and meaning of the resource, through measures that include but are not limited to the following:
▪ Protect the cultural character and integrity of the resource. § Protect the traditional use of the resource.
▪ Protect the confidentiality of the resource.

Implement permanent conservation easements or other interests in real property, with cultural appropriate management criteria for the purposes of preserving or using the resource or place.

During
construction
Project
proponent,
construction
contractor
SRGO
#11..
- 396 -
Mitigation Monitoring and Reporting Plan
Carpenter Road Floodplain Restoration Project FlowWest
Mitigation, Monitoring, and Reporting Plan September 2025 Preliminary − Subject to Revision
Impact Mitigation Measure Timing
Responsible
Entity
Source
Wildfire
FIRE-1
FIRE-1: Develop and Implement a Fire Prevention Plan
The following measures shall be implemented before and during construction of restoration projects permitted under the Order, where applicable:
• For restoration projects in areas designated as Very High or High Fire Hazard Severity Zones, a project-specific fire prevention plan for construction and operation of the project shall be prepared and submitted to the CEQA lead agency for review before the start of construction. • The draft copy of the fire prevention plan shall be provided to each fire agency (e.g., CAL FIRE and county or local municipal fire agencies) before the start of any construction activities in areas designated as Very High or High Fire Hazard Severity Zones.

Before
construction
Construction
contractor
SRGO
#11..
- 397 -

CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

March 10, 2026
Date: February 6, 2026
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: Monthly Investment Report – December 2025
CONTACT: Calogero Maniscalco, Senior Financial Analyst
[email protected], 209-577-5219
DESCRIPTION:

Consider accepting the Monthly Investment Report for December 2025. (Funding Source:

Various Funds)
STRATEGIC PLAN ELEMENT:

This recommended action supports the City’s 2025-2026 Strategic Plan Goal H: Achieve LongTerm 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, 2025, the City had a closing market value of $497,667,284 in its investment portfolio. #12..
- 398 -
City Council, March 10, 2026
Monthly Investment Report – December 2025

FISCAL IMPACT:

In December, the approximate yield of the City’s combined investments was 4.21% (see attachment 3) on a weighted average. For the portfolio of securities alone, the yield to maturity on cost was 4.26%. For comparative purposes, the yields (as of December 31, 2025) of other investments commonly used by public agencies are listed below:

Local Agency Investment Fund: 4.03%
1-Year U.S. Treasury Note: 3.53%
2-Year U.S. Treasury Note: 3.48%

The Portfolio maintains sufficient liquidity to meet the City's projected expenditure requirements for at least the next six (6) months.

COMMITTEE RECOMMENDATION:

This item is being presented as informational to share the monthly Investment Report and activity to Council and the public. Therefore, this item is not required to be reviewed by a committee.

CEQA/NEPA REQUIREMENTS:

Not Applicable
RECOMMENDED COUNCIL ACTION:

Staff Recommendations:

Motion accepting the Monthly Investment Report for December 2025.

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
#12..
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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 $40,897,392.32
Federal Agency CMO 28 $84,008,451.91
U.S. Treasury 40 $211,121,893.18
Negotiable CD 1 $3,531,899.00
Corporate Note 42 $100,156,340.18
Asset -Backed 34 $57,951,307.66
Total Invested 146 $497,667,284.25
Sector Allocation
December 31, 2025 versus November 30, 2025
Sector December 31, 2025 November 30, 2025 Change in Allocation Permitted by Policy
U.S. Treasury 42.4% 41.2% 1.2% 100%
Federal Agency CMO 16.9% 16.6% 0.3% 100%
Negotiable CD 0.7% 0.7% 0.0% 30%
Corporate Note 20.1% 19.8% 0.4% 30%
Asset -Backed 11.6% 11.7% -0.1% 20%
CAMP 8.2% 10.0% -1.8% 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 Federal Open Market Committee (FOMC) lowered the target range for the federal funds rate by 25 basis points(bps) during its last meeting of 2025, setting the new range at 3.50% –3.75% as of December 31, 2025. The vote included three dissents with two members preferring to keep rates unchanged and one favoring a larger 50 bp cut. The median projection from the “dot plot” continues to show one 25 bp rate cut in 2026 and another in 2027, though the wide dispersion in underlying projections underscores the growing difference of opinion within the Federal Reserve (Fed). Assuming a more dovish Chair takes office in mid -2026 as expected, markets view policy risks as skewed towards additional easing. Official economic data released in December were “noisy” due to data collection issues caused by the government shutdown. Directionally, the data continues to show the labor market cooling and inflation remaining sticky with only modest progress towards the Fed’s 2% target.

During the month, in the Long -Term Portfolio, we bought one U.S. Treasury with maturity of 5 -years.

This purchase was made by using the proceeds of selling two U.S. Treasuries. In the Short -Term Portfolio, we bought and sold no securities.
#12..
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Long -Term Portfolio Total Return
December 31, 2025
1 Month Trailing
12 Months
Trailing 36
Months
Trailing 60
Months
Since
Inception 5
City of Modesto Investment Portfolio 1,2,3 0.19% 6.02% 4.87% 1.71% 2.35% Modesto Performance Benchmark 40.19% 5.74% 4.48% 1.34% 2.06% Average Portfolio Yields
December 31, 2025
Past
Month
Past 3
Months
Past
Year
Past 3
Years
Past 5
Years
City of Modesto Investment Portfolio 4.26% 4.24% 4.08% 3.17% 2.57% City of Modesto Short -Term Portfolio 3.97% 3.97% 4.27% 4.79% -

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 BofA 1 -3 Year U.S. Treasury Index, and is now the ICE BofA 1 -5 Year U.S. Treasury Index, sourced from Bloomberg Finance L.P.

5. Inception date is 3/31/04.

PERFORMANCE
Yields on 3-month, 2-year, and 10-year U.S. Treasuries ended the month at 3.62%, 3.46%, and 4.11% representing changes of -17 bps, -3 bps, and +10 bps, respectively. Investment -grade (IG) corporate bond spreads narrowed across most maturity ranges during the month except for longer indices. We will remain selective in the sector due to historically tight valuations and expect income to be the primary driver of total returns over the near term. Yield spreads on asset -backed securities (ABS) were relatively unchanged for the month. ABS continue to offer more spread than equivalent -maturity corporates, presenting some opportunities.

Credit metrics and the consumer remain stable as credit enhancements within structures are robust. We will look to take advantage of new issuance in 2026. We continue to underweight supranationals and federal agencies due to narrow spreads. The ongoing privatization efforts of Fannie Mae and Freddie Mac remain a focus, though no substantial progress has been shared publicly. Since inception, the portfolio continues to produce strong performance and has outperformed the benchmark by 29 basis points each year on average.

Detail may not add to total due to rounding
$55.4 $52.1 $57.6
$95.3
$101.9
$135.3
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
Under 6
Months
6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years
Millions
Maturity Distribution
December 31, 2025
#12..
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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.

LONG TERM PORTFLIO INCOME RETURN
Monthly Income Return

0.33%
Fiscal Year -to-Date Income Return

1.91%
Prior 12 Months Income Return

3.65%
#12..
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Economic Summary
Source: Bloomberg Finance L.P., as of 12/31/2025.

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Treasury Yields
2-Year 10-year
Periods shaded blue reflect an
inverted yield curve

3.2%

3.6%

4.0%
Dec-25 Feb-26 Apr-26 Jun-26
Implied Fed Funds Rate
(as of December 31, 2025)
#12..
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Economic Summary
Consumer Sentiment
Source: Bloomberg Finance L.P., University of Michigan Consumer Sentiment and underlying index components, as of December 2025.
40 50
60 70
80 90
100
2021 2022 2023 2024 2025
Index Value (1996=100)
Consumer Sentiment Index
1%
2%
3%
4%
5%
6%
7%
8%
2021 2022 2023 2024 2025
Median Price Increase
Expected Change in Prices During Next Year
#12..
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Source: ICE BofA 1 -5 year Indices via Bloomberg Finance L.P., MarketAxess and PFMAM as of 12/31/2025.

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
Credit Spreads Widen Modestly

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Asset -Backed Securities AAA Yield Spreads
-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%
Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Federal Agency Yield Spread

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Corporate Notes A -AAA Yield Spreads
#12..
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U.S. Treasury Yields
Source: Bloomberg Finance L.P., as of 12/31/2025.

Economic Summary

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
December 31, 2025
November 30, 2025
December 31, 2024
#12..
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The views expressed within this material constitute the perspective and judgment of U.S.

Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed -income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness.

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S.

Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.

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, 2025
Account Statement
Consolidated Summary Statement
CITY OF MODESTO - Combined Portfolio
Investment Allocation
Investment Type Closing Market Value Percent
Asset-Backed Security 57,951,307.66 11.64
Corporate Note 90,394,714.96 18.16
Bank Note 9,761,625.22 1.96
Certificate of Deposit 3,531,899.00 0.71
Federal Agency Commercial Mortgage-Backed Security 84,008,451.91 16.88 U.S. Treasury Bond / Note 211,121,893.18 42.43
CAMP Pool 40,897,392.32 8.22
Total $497,667,284.25 100.00%
Portfolio Summary
and Income
Closing
Portfolio Holdings Market Value
Cash Dividends
PFMAM Managed Account 1,667,786.45 456,769,891.93
CAMP Pool 0.00 40,897,392.32
Total $1,667,786.45 $497,667,284.25
Maturity Distribution (Fixed Income Holdings)
Portfolio Holdings Closing Market Value Percent
44,354,183.73

0.00 0.00
11,088,004.04
52,085,180.89
61,906,320.69
91,032,876.72
101,909,877.32
135,290,840.86

0.00 8.91

0.00 0.00

2.23 10.47

12.44 18.29

20.48 27.18

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 $497,667,284.25
966
100.00%
Weighted Average Days to Maturity
Sector Allocation

11.64%
ABS

18.16%
Corporate Note

1.96%
Bank Note

0.71%
Cert of Deposit

16.88%
Federal Agency
Commercial
Mortgage-Backed
Security

42.43%
US TSY Bond / Note

8.22%
CAMP Pool
PFM Asset Management Summary Page 1
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Managed Account Summary Statement For the Month Ending December 31, 2025 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)
$456,895,157.55
(1,652,103.55)
(7,396,534.76)
9,495,535.16

0.00 (572,162.47)
$456,769,891.93
1,225,952.11
(4,591.35)
446,425.69
$1,667,786.45
Total
452,166,408.49
3,303,293.53
7,409,836.83
1,652,103.55
1,212,650.04
(9,500,126.51)
(451,693,170.51)
(2,994,949.45)
Total Accrual Basis Earnings $1,556,045.97
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 7,409,836.83
1,212,650.04
1,652,103.55
(9,500,126.51)

0.01 0.00
Cash Balance
Closing Cash Balance $2,943,595.18
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 1 U.S. Bancorp Asset Management, Inc.
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Portfolio Summary and Statistics For the Month Ending December 31, 2025 CITY OF MODESTO - Combined Portfolio
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 210,882,000.00 211,121,893.18 46.22 Federal Agency Commercial
Mortgage-Backed Security
82,418,958.79 84,008,451.91 18.39
Corporate Note 90,119,000.00 90,394,714.96 19.79
Certificate of Deposit 3,500,000.00 3,531,899.00 0.77
Bank Note 9,635,000.00 9,761,625.22 2.14
Asset-Backed Security 57,520,271.72 57,951,307.66 12.69 Managed Account Sub-Total 454,075,230.51 456,769,891.93 100.00% Accrued Interest 3,303,293.53
Total Portfolio 454,075,230.51 460,073,185.46
Unsettled Trades 0.00 0.00
Sector Allocation

12.69%
ABS

2.14%
Bank Note

0.77%
Cert of Deposit

19.79%
Corporate Note

18.39%
Federal Agency
Commercial
Mortgage-Backed
Security

46.22%
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

3.19%

11.40%

13.55%

19.93%

22.31%

29.62%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1052

4.24%

3.76%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 2 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending December 31, 2025 CITY OF MODESTO - Combined Portfolio
Credit Quality (S&P Ratings)

3.46%
A

8.26%
A+

0.46%
A0.77%
A-1

2.62%
AA

67.21%
AA+

2.89%
AA11.96%
AAA

2.37%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
Adobe Inc 2,948,312.50 0.65
Ally Auto Receivables Trust 862,640.20 0.19
Alphabet Inc 507,463.39 0.11
Amazon.com Inc 6,006,540.00 1.32
American Express Co 5,414,860.52 1.19
Apple Inc 11,353,592.68 2.49
BA Credit Card Trust 3,231,170.79 0.71
Bank of America Corp 8,489,139.70 1.86
Bank of New York Mellon Corp 6,201,260.41 1.36
BlackRock Inc 373,111.03 0.08
Capital One Financial Corp 3,531,918.47 0.77
Chase Auto Owner Trust 2,730,599.55 0.60
Cisco Systems Inc 174,490.04 0.04
Citigroup Inc 9,961,334.33 2.18
Cooperatieve Rabobank UA 3,531,899.00 0.77
Deere & Co 2,623,801.04 0.57
Eli Lilly & Co 2,978,591.40 0.65
Federal Home Loan Mortgage Corp 80,646,698.08 17.65
Federal National Mortgage Association 3,361,753.83 0.74 Fifth Third Auto Trust 1,458,255.71 0.32
GM Financial Consumer Automobile Receiv 989,576.62 0.22 Goldman Sachs Group Inc 3,015,723.00 0.66
Home Depot Inc 3,552,958.39 0.78
Honda Auto Receivables Owner Trust 5,299,521.62 1.16
Hyundai Auto Receivables Trust 8,262,624.42 1.81
JPMorgan Chase & Co 15,602,998.43 3.41
Kenvue Inc 2,349,790.40 0.51
Kubota Credit Owner Trust 2,261,032.72 0.50
Mastercard Inc 2,543,011.84 0.56
Microsoft Corp 5,965,758.00 1.31
Morgan Stanley 4,079,804.00 0.89
National Rural Utilities Cooperative Fi 1,558,109.60 0.34 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 3 U.S. Bancorp Asset Management, Inc.
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Managed Account Issuer Summary For the Month Ending December 31, 2025 CITY OF MODESTO - Combined Portfolio
Issuer of Holdings Percent
Market Value
Novartis AG 5,519,110.35 1.21
PACCAR Inc 1,161,947.36 0.25
PepsiCo Inc 2,719,531.59 0.60
State Street Corp 1,924,454.90 0.42
Target Corp 358,436.57 0.08
Toyota Auto Receivables Owner Trust 5,299,513.34 1.16
Toyota Motor Corp 2,898,280.00 0.63
United States Treasury 211,121,893.18 46.21
USAA Auto Owner Trust 2,276,923.37 0.50
Walmart Inc 5,939,638.34 1.30
Wells Fargo & Co 5,681,821.22 1.24
Total $456,769,891.93 100.00%
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 4 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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 N/B
DTD 05/15/2023 3.625% 05/15/2026
91282CHB0 11,085,000.00 AA+ Aa1 05/14/25 05/15/25 11,029,141.99 4.14 52,171.46 11,064,112.18 11,088,004.04

US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 10,995,000.00 AA+ Aa1 07/30/25 07/31/25 11,037,090.23 4.09 228,564.54 11,018,874.22 11,051,404.35

US TREASURY N/B
DTD 09/15/2023 4.625% 09/15/2026
91282CHY0 11,207,000.00 AA+ Aa1 09/12/25 09/15/25 11,308,563.44 3.69 154,638.02 11,278,545.29 11,288,844.72

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 4,545,000.00 AA+ Aa1 06/06/22 06/08/22 4,355,920.90 3.01 11,801.93 4,507,907.37 4,484,946.92

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 9,220,000.00 AA+ Aa1 07/05/22 07/07/22 8,981,576.56 2.85 78,357.47 9,161,951.54 9,092,505.84

US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 6,480,000.00 AA+ Aa1 08/03/22 08/05/22 5,791,500.00 2.92 5,549.17 6,287,267.78 6,230,669.04

US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 5,545,000.00 AA+ Aa1 08/09/22 08/10/22 4,920,754.30 2.99 76.59 5,354,403.97 5,306,088.13

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 1,200,000.00 AA+ Aa1 08/29/22 08/31/22 1,142,625.00 3.30 10,198.37 1,181,265.95 1,176,656.40

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,985,000.00 AA+ Aa1 09/01/22 09/06/22 2,830,036.52 3.40 25,368.44 2,934,233.14 2,926,932.80

US TREASURY N/B
DTD 09/30/2022 4.125% 09/30/2027
91282CFM8 805,000.00 AA+ Aa1 11/01/22 11/03/22 799,748.63 4.27 8,484.01 803,133.30 813,615.92

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 915,000.00 AA+ Aa1 12/06/22 12/08/22 927,724.22 3.81 6,464.40 919,753.79 925,151.01

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 3,160,000.00 AA+ Aa1 12/13/22 12/14/22 3,229,495.31 3.63 22,325.14 3,186,050.99 3,195,057.04

US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 8,775,000.00 AA+ Aa1 01/04/23 01/06/23 7,472,803.71 3.91 7,514.50 8,280,476.34 8,314,654.73

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 4,250,000.00 AA+ Aa1 06/01/23 06/05/23 4,266,933.59 3.78 454.94 4,257,391.97 4,281,709.25 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 5 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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 N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 115,000.00 AA+ Aa1 01/31/23 01/31/23 99,825.39 3.66 360.94 108,684.17 108,733.42

US TREASURY N/B
DTD 01/31/2023 3.500% 01/31/2028
91282CGH8 595,000.00 AA+ Aa1 05/16/23 05/18/23 594,535.16 3.52 8,714.81 594,794.48 595,116.02

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,245,000.00 AA+ Aa1 03/03/23 03/07/23 1,231,188.28 4.25 16,920.99 1,239,012.39 1,257,985.35

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 880,000.00 AA+ Aa1 05/08/23 05/09/23 791,965.63 3.49 2,810.44 839,626.29 837,547.04

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 1,265,000.00 AA+ Aa1 05/03/23 05/04/23 1,270,781.45 3.40 7,583.01 1,267,695.68 1,264,802.66

US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2029
91282CKG5 3,450,000.00 AA+ Aa1 04/09/24 04/11/24 3,411,861.33 4.37 36,360.06 3,424,193.78 3,507,142.35

US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 4,430,000.00 AA+ Aa1 10/16/24 10/17/24 4,571,725.39 3.85 35,091.23 4,536,303.18 4,573,111.15

US TREASURY N/B
DTD 04/30/2024 4.625% 04/30/2029
91282CKP5 5,190,000.00 AA+ Aa1 05/02/24 05/03/24 5,201,961.33 4.57 41,111.40 5,198,275.09 5,357,662.95

US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
91282CKX8 2,920,000.00 AA+ Aa1 07/01/24 07/02/24 2,896,959.38 4.43 342.82 2,903,349.07 2,981,708.36

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 2,105,000.00 AA+ Aa1 08/01/24 08/02/24 2,119,636.33 3.85 35,235.87 2,115,776.17 2,132,217.65

US TREASURY N/B
DTD 09/03/2024 3.625% 08/31/2029
91282CLK5 7,550,000.00 AA+ Aa1 09/04/24 09/05/24 7,565,630.86 3.58 92,993.27 7,561,761.54 7,548,822.20

US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2029
91282CLN9 8,695,000.00 AA+ Aa1 10/02/24 10/03/24 8,670,205.66 3.56 77,753.37 8,676,021.31 8,654,585.64

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 4,850,000.00 AA+ Aa1 11/01/24 11/04/24 4,838,064.45 4.18 34,264.85 4,840,637.64 4,932,978.65

US TREASURY N/B
DTD 12/02/2024 4.125% 11/30/2029
91282CMA6 6,315,000.00 AA+ Aa1 12/05/24 12/06/24 6,326,347.27 4.08 22,900.55 6,324,114.16 6,424,034.79 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 6 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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 N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 12,365,000.00 AA+ Aa1 01/06/25 01/07/25 12,337,468.55 4.43 1,494.39 12,342,441.02 12,695,380.43

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 3,470,000.00 AA+ Aa1 02/04/25 02/05/25 3,457,123.04 4.33 61,715.08 3,459,268.49 3,547,127.69

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 5,215,000.00 AA+ Aa1 06/04/25 06/05/25 5,274,279.88 3.98 92,750.48 5,267,556.79 5,330,913.81

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 8,565,000.00 AA+ Aa1 03/04/25 03/05/25 8,580,724.80 3.96 116,408.29 8,578,345.28 8,674,066.71

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 10,775,000.00 AA+ Aa1 04/01/25 04/02/25 10,828,875.00 3.89 110,118.13 10,821,455.01 10,912,208.85

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 5,400,000.00 AA+ Aa1 06/04/25 06/05/25 5,339,039.06 4.00 17,802.20 5,345,489.23 5,413,289.40

US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,805,000.00 AA+ Aa1 07/01/25 07/01/25 1,810,429.10 3.81 193.21 1,809,933.15 1,818,607.90

US TREASURY N/B
DTD 07/31/2025 3.875% 07/31/2030
91282CNN7 3,780,000.00 AA+ Aa1 08/01/25 08/05/25 3,761,395.31 3.98 61,296.60 3,762,777.64 3,807,907.74

US TREASURY N/B
DTD 09/02/2025 3.625% 08/31/2030
91282CNX5 16,460,000.00 AA+ Aa1 09/02/25 09/03/25 16,372,556.25 3.74 202,737.64 16,377,937.95 16,401,484.70

US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 1,225,000.00 AA+ Aa1 10/01/25 10/02/25 1,221,554.69 3.69 11,345.55 1,221,717.13 1,220,262.93

US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 1,500,000.00 AA+ Aa1 10/30/25 10/31/25 1,493,554.69 3.72 13,892.51 1,493,765.25 1,494,199.50

US TREASURY N/B
DTD 12/01/2025 3.500% 11/30/2030
91282CPN5 9,550,000.00 AA+ Aa1 12/03/25 12/05/25 9,495,535.16 3.63 29,384.62 9,496,307.54 9,453,755.10 Security Type Sub-Total 210,882,000.00 207,657,137.84 3.81 1,743,551.29 209,842,607.26 211,121,893.18 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,358,063.70 AA+ Aa1 05/19/23 05/24/23 2,285,479.56 4.29 6,577.03 2,339,414.01 2,344,915.14 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 7 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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
FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,000,000.00 AA+ Aa1 08/16/23 08/18/23 3,773,125.00 4.94 10,746.67 3,922,334.23 3,972,352.00 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,275,000.00 AA+ Aa1 08/16/23 08/18/23 2,144,987.30 4.93 6,148.19 2,228,559.89 2,258,203.68 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,530,000.00 AA+ Aa1 08/17/23 08/22/23 3,301,101.56 4.97 9,169.18 3,441,618.39 3,497,216.89 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,295,626.95 AA+ Aa1 09/20/23 09/28/23 3,243,908.67 5.19 13,182.51 3,267,359.68 3,350,634.26 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 1,852,015.46 AA+ Aa1 09/07/23 09/14/23 1,824,318.56 5.01 7,176.56 1,837,003.89 1,879,316.02 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 2,751,605.26 AA+ Aa1 07/19/23 07/27/23 2,751,536.47 4.78 10,953.68 2,751,570.47 2,775,747.84 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 3,500,000.00 AA+ Aa1 07/13/23 07/20/23 3,534,958.00 4.59 14,055.42 3,517,607.01 3,570,570.50 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 3,340,913.21 AA+ Aa1 07/18/23 07/31/23 3,284,274.29 4.58 11,640.30 3,311,741.32 3,361,753.83 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,070,734.06 AA+ Aa1 09/19/23 09/28/23 1,070,728.70 5.27 4,704.09 1,070,731.40 1,086,219.01 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 3,800,000.00 AA+ Aa1 09/07/23 09/14/23 3,743,786.60 4.99 14,725.00 3,768,085.93 3,863,669.00 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 3,850,000.00 AA+ Aa1 10/11/23 10/19/23 3,765,546.40 5.25 15,207.50 3,801,077.85 3,930,053.05 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 2,890,000.00 AA+ Aa1 10/25/23 10/31/23 2,797,858.13 5.60 11,680.42 2,834,548.19 2,961,371.44 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 3,800,000.00 AA+ Aa1 09/20/23 09/28/23 3,754,578.60 5.07 15,200.00 3,773,249.82 3,880,005.20 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,465,000.00 AA+ Aa1 11/14/23 11/21/23 1,460,764.69 5.14 6,188.40 1,462,443.92 1,506,305.68 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 8 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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
FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,125,000.00 AA+ Aa1 11/28/23 12/07/23 2,118,894.88 4.93 8,606.25 2,121,292.57 2,175,787.50 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 1,935,000.00 AA+ Aa1 12/11/23 12/21/23 1,953,069.03 4.79 8,062.50 1,946,172.54 1,987,295.31 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,190,000.00 AA+ Aa1 01/10/24 01/18/24 2,211,875.91 4.50 8,621.30 2,203,828.78 2,236,035.99 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,220,000.00 AA+ Aa1 02/01/24 02/08/24 2,242,197.78 4.34 8,458.20 2,234,156.61 2,257,657.86 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 2,715,000.00 AA+ Aa1 03/19/24 03/28/24 2,780,553.68 4.83 12,217.50 2,759,172.22 2,821,389.99 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,355,000.00 AA+ Aa1 03/05/24 03/14/24 3,455,603.03 4.67 14,971.69 3,421,196.66 3,484,741.20 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 3,750,000.00 AA+ Aa1 02/14/24 02/22/24 3,851,025.00 4.79 16,875.00 3,815,806.31 3,895,743.75 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 3,750,000.00 AA+ Aa1 02/29/24 03/07/24 3,862,488.75 4.79 17,115.63 3,823,829.75 3,904,781.25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,125,000.00 AA+ Aa1 04/23/24 04/30/24 2,133,625.38 5.09 9,172.92 2,131,029.35 2,200,990.00 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,245,000.00 AA+ Aa1 07/16/24 07/25/24 3,264,927.54 4.58 12,763.67 3,259,723.12 3,318,473.29 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 3,750,000.16 AA+ Aa1 06/05/24 06/13/24 3,749,988.91 4.80 15,009.38 3,750,000.16 3,841,676.41 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 3,500,000.00 AA+ Aa1 08/07/24 08/15/24 3,532,739.00 4.33 13,250.42 3,524,342.42 3,561,831.00 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
3137HHJL6 3,980,000.00 AA+ Aa1 11/19/24 11/27/24 4,000,723.86 4.67 15,893.47 3,996,700.98 4,083,714.82 Security Type Sub-Total 82,418,958.79 81,894,665.28 4.84 318,372.88 82,314,597.47 84,008,451.91 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 9 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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 NY MELLON CORP (CALLABLE)
DTD 01/28/2021 0.750% 01/28/2026
06406RAQ0 3,465,000.00 A Aa3 02/02/21 02/04/21 3,465,831.60 0.75 11,044.69 3,465,012.52 3,456,791.41

MICROSOFT CORP (CALLABLE)
DTD 08/08/2016 2.400% 08/08/2026
594918BR4 3,000,000.00 AAA Aaa 02/23/22 02/25/22 3,033,150.00 2.14 28,600.00 3,004,487.55 2,977,368.00

BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 3,750,000.00 A+ Aa2 08/15/23 08/18/23 3,749,700.00 5.53 76,558.13 3,749,936.94 3,784,046.25

MASTERCARD INC (CALLABLE)
DTD 11/21/2016 2.950% 11/21/2026
57636QAG9 2,560,000.00 A+ Aa3 12/20/22 12/22/22 2,434,099.20 4.33 8,391.11 2,531,406.49 2,543,011.84

JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 850,000.00 AA- Aa2 06/03/24 06/04/24 849,226.50 5.15 2,775.01 849,701.00 859,168.95

JP MORGAN CHASE BANK NA (CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,500,000.00 AA- Aa2 12/05/23 12/08/23 3,500,000.00 5.11 11,426.53 3,500,000.00 3,537,754.50

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 365,000.00 A A2 01/19/22 01/24/22 364,379.50 1.99 3,281.96 364,870.43 358,436.57

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 3,000,000.00 AAA Aaa 12/14/22 12/16/22 2,914,170.00 4.06 39,875.00 2,977,246.41 2,988,390.00

GOLDMAN SACHS BANK USA (CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 3,000,000.00 A+ A1 05/21/25 05/22/25 3,018,870.00 5.08 18,046.67 3,007,445.77 3,015,723.00

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,610,000.00 A A2 01/26/23 01/30/23 3,405,674.00 4.16 30,043.22 3,534,728.46 3,552,958.39

JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,535,000.00 A A1 09/14/23 09/18/23 1,403,557.95 5.13 15,958.41 1,471,337.90 1,516,279.14

KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,300,000.00 A A2 06/27/25 06/30/25 2,354,303.00 4.12 31,941.25 2,344,421.32 2,349,790.40

WALMART INC (CALLABLE)
DTD 04/18/2023 3.900% 04/15/2028
931142FB4 1,220,000.00 AA Aa2 05/16/23 05/18/23 1,217,279.40 3.95 10,044.67 1,218,731.31 1,226,433.06

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 5,200,000.00 AA+ Aaa 05/16/23 05/18/23 5,216,380.00 3.93 29,466.67 5,207,613.63 5,239,520.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 10 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 495,000.00 A A1 07/13/23 07/14/23 501,732.00 4.64 11,366.44 498,414.62 508,329.36

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 895,000.00 A A1 07/14/23 07/18/23 903,690.45 4.73 20,551.44 899,417.81 919,100.56

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,165,000.00 A A1 07/11/23 07/14/23 1,163,264.15 4.98 26,751.31 1,164,119.54 1,196,371.12

PACCAR FINANCIAL CORP
DTD 08/10/2023 4.950% 08/10/2028
69371RS64 1,130,000.00 A+ A1 08/17/23 08/21/23 1,122,914.90 5.09 21,907.88 1,126,281.21 1,161,947.36

NATIONAL RURAL UTIL COOP (CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0 1,550,000.00 NR A2 08/19/25 08/25/25 1,548,264.00 4.19 22,513.75 1,548,456.88 1,558,109.60

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 2,800,000.00 A+ A1 09/06/23 09/11/23 2,795,128.00 5.29 44,916.67 2,797,222.95 2,898,280.00

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 5,650,000.00 A+ Aa3 09/26/23 09/29/23 5,650,000.00 5.80 83,788.87 5,650,000.00 5,925,002.45

ALPHABET INC (CALLABLE)
DTD 11/06/2025 3.875% 11/15/2028
02079KAV9 505,000.00 AA+ Aa2 11/03/25 11/06/25 504,565.70 3.91 2,989.67 504,586.86 507,463.39

BANK OF AMERICA CORP (CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 2,060,000.00 A- A1 04/01/25 04/02/25 2,082,824.80 4.66 44,730.78 2,077,040.55 2,098,550.84

STATE STREET CORP (CALLABLE)
DTD 08/20/2024 4.530% 02/20/2029
857477CN1 1,900,000.00 A Aa3 08/14/24 08/20/24 1,900,000.00 4.53 31,319.92 1,900,000.00 1,924,454.90

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 170,000.00 AA- A1 11/12/25 11/13/25 174,462.50 3.99 2,862.85 174,288.26 174,490.04

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 365,000.00 AA- Aa3 03/05/24 03/14/24 364,339.35 4.74 5,098.85 364,560.31 373,111.03

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,295,000.00 A+ A1 04/03/24 04/05/24 1,296,709.40 4.77 15,022.00 1,296,150.83 1,328,022.50

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,580,000.00 A+ A1 04/01/24 04/04/24 1,577,645.80 4.83 18,328.00 1,578,403.70 1,620,290.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 11 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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 NEW YORK MELLON (CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 2,700,000.00 AA- Aa2 05/06/25 05/07/25 2,727,216.00 4.45 25,181.93 2,721,511.52 2,744,469.00

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 1,935,000.00 A+ A1 07/15/24 07/17/24 1,932,000.75 4.53 39,667.50 1,932,811.89 1,972,879.56

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 660,000.00 A+ Aa3 08/12/24 08/14/24 658,554.60 4.25 10,549.00 658,925.82 666,396.72

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,290,000.00 A+ Aa3 08/13/24 08/14/24 2,293,343.40 4.17 36,601.83 2,292,491.28 2,312,194.68

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 730,000.00 A+ A1 02/05/25 02/07/25 728,773.60 4.64 13,432.00 728,975.21 746,652.03

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,140,000.00 AA Aa2 04/23/25 04/28/25 1,138,027.80 4.39 8,678.25 1,138,270.70 1,157,985.78

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 3,500,000.00 AA Aa2 05/01/25 05/02/25 3,531,465.00 4.15 26,643.75 3,527,563.50 3,555,219.50

APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 1,834,000.00 AA+ Aaa 07/01/25 07/02/25 1,631,563.08 4.18 4,202.92 1,650,468.78 1,667,639.69

APPLE INC (CALLABLE)
DTD 05/11/2020 1.650% 05/11/2030
037833DU1 4,890,000.00 AA+ Aaa 07/01/25 07/02/25 4,349,801.70 4.19 11,206.25 4,400,250.42 4,446,432.99

NOVARTIS CAPITAL CORP (CALLABLE)
DTD 11/05/2025 4.100% 11/05/2030
66989HAY4 5,525,000.00 AA- Aa3 11/03/25 11/05/25 5,508,425.00 4.17 35,237.22 5,508,915.28 5,519,110.35 AMAZON.COM INC (CALLABLE)
DTD 11/20/2025 4.100% 11/20/2030
023135CT1 6,000,000.00 AA A1 11/17/25 11/20/25 5,993,580.00 4.12 28,016.67 5,993,713.48 6,006,540.00 Security Type Sub-Total 90,119,000.00 89,004,913.13 4.33 909,019.07 89,359,781.13 90,394,714.96 Certificate of Deposit

COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 3,500,000.00 A-1 P-1 07/17/23 07/20/23 3,500,000.00 5.08 80,997.78 3,500,000.00 3,531,899.00 Security Type Sub-Total 3,500,000.00 3,500,000.00 5.08 80,997.78 3,500,000.00 3,531,899.00 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 12 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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
Bank Note

WELLS FARGO BANK NA (CALLABLE)
DTD 08/09/2023 5.450% 08/07/2026
94988J6D4 5,635,000.00 A+ Aa2 08/15/23 08/17/23 5,621,645.05 5.54 122,843.00 5,632,304.05 5,681,821.22

MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,360,000.00 A+ Aa3 05/28/24 05/30/24 1,360,000.00 5.50 7,277.51 1,360,000.00 1,387,133.36

MORGAN STANLEY BANK NA (CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,640,000.00 A+ Aa3 05/30/24 05/31/24 2,645,570.40 5.45 14,126.93 2,642,536.05 2,692,670.64 Security Type Sub-Total 9,635,000.00 9,627,215.45 5.51 144,247.44 9,634,840.10 9,761,625.22 Asset-Backed Security
KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 682,155.80 NR Aaa 07/18/23 07/26/23 681,983.49 5.29 1,600.79 682,077.02 687,243.32 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 684,887.99 NR Aaa 07/25/23 07/31/23 684,862.04 5.53 1,683.30 684,875.86 689,732.89 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,168,624.15 AAA NR 08/15/23 08/22/23 1,168,383.18 5.42 2,283.04 1,168,509.78 1,176,810.36 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 433,853.06 AAA NR 08/08/23 08/15/23 433,754.92 5.17 994.97 433,804.87 436,425.38 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 1,306,367.83 AAA Aaa 09/07/23 09/15/23 1,306,139.21 5.58 3,239.79 1,306,246.19 1,314,533.93 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 1,898,829.70 NR Aaa 11/15/23 11/21/23 1,898,795.34 5.74 4,844.13 1,898,812.35 1,916,809.72 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 632,033.46 AAA NR 11/07/23 11/14/23 631,965.33 5.54 1,556.21 631,994.98 638,994.68 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 1,446,264.73 AAA Aaa 08/15/23 08/23/23 1,446,175.06 5.53 3,554.60 1,446,217.49 1,458,255.71 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,020,000.00 AAA NR 09/07/23 09/15/23 3,019,162.86 5.17 6,925.87 3,019,520.56 3,048,421.22 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,090,000.00 AAA NR 09/12/23 09/19/23 3,089,861.88 5.23 7,182.53 3,089,922.20 3,120,476.67 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 13 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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
HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 879,678.42 AAA NR 11/03/23 11/13/23 879,562.74 5.54 2,165.96 879,610.31 888,543.82 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,365,000.00 NR Aaa 12/07/23 12/14/23 1,364,816.68 4.98 3,021.20 1,364,890.62 1,379,168.70 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 302,576.58 NR Aaa 01/09/24 01/17/24 302,515.73 4.85 611.46 302,538.23 304,422.90 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
161571HV9 3,390,000.00 AAA NR 01/24/24 01/31/24 3,389,483.70 4.60 6,930.67 3,389,673.72 3,420,371.01 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,550,000.00 NR Aaa 02/11/25 02/19/25 1,549,946.84 4.67 3,217.11 1,549,960.50 1,573,789.40 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,525,000.00 AAA NR 03/04/25 03/12/25 2,524,627.56 4.32 4,848.00 2,524,691.66 2,543,697.63 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 960,000.00 AAA NR 06/03/25 06/11/25 959,913.31 4.36 1,860.27 959,923.30 969,165.12 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
90327HAC3 960,000.00 AAA Aaa 10/02/25 10/09/25 959,915.71 3.95 1,685.33 959,922.68 962,389.44 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
43813QAD1 2,355,000.00 AAA Aaa 08/05/25 08/12/25 2,354,950.78 4.04 2,642.83 2,354,955.19 2,368,447.05 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
02008KAC7 860,000.00 AAA NR 10/07/25 10/16/25 859,877.19 3.96 1,513.60 859,883.58 862,640.20 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,635,000.00 AAA Aaa 07/22/25 07/30/25 1,634,827.67 4.11 2,986.60 1,634,842.39 1,646,335.45 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
44935JAD8 2,040,000.00 AAA NR 09/09/25 09/17/25 2,039,667.07 3.88 3,517.87 2,039,694.20 2,044,265.64 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 680,000.00 AAA Aaa 05/06/25 05/14/25 679,899.90 4.28 1,212.67 679,912.17 685,153.72 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 1,830,000.00 AAA NR 06/05/25 06/12/25 1,829,993.05 4.31 3,505.47 1,830,000.00 1,852,002.09 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 14 U.S. Bancorp Asset Management, Inc.
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Managed Account Detail of Securities Held For the Month Ending December 31, 2025 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
HAROT 2025-4 A3
DTD 11/12/2025 3.980% 06/17/2030
43814XAD5 1,745,000.00 AAA NR 11/05/25 11/12/25 1,744,662.17 3.98 3,086.71 1,744,672.43 1,754,264.21 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
89231GAD0 2,575,000.00 AAA NR 10/15/25 10/23/25 2,574,703.88 3.84 4,394.67 2,574,715.39 2,577,757.83 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 3,990,000.00 AAA Aaa 06/18/25 06/26/25 3,988,917.51 4.31 4,765.83 3,989,019.46 4,036,331.88 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,135,000.00 NR Aaa 07/23/25 07/30/25 1,134,889.11 4.29 811.53 1,134,898.33 1,144,432.99 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
14043YAD7 965,000.00 AAA NR 10/28/25 11/05/25 964,795.61 3.85 1,651.22 964,803.40 965,448.72 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,265,000.00 AAA NR 07/15/25 07/22/25 2,264,673.61 4.30 4,328.67 2,264,701.64 2,294,383.85 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,190,000.00 AAA NR 07/18/25 07/25/25 3,189,935.88 4.16 5,897.96 3,189,947.30 3,221,003.61 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/15/2030
14041NGF2 2,565,000.00 AAA NR 09/09/25 09/16/25 2,564,513.68 3.82 4,354.80 2,564,547.77 2,566,469.75 HART 2025-D A3
DTD 11/12/2025 3.990% 09/16/2030
44891XAD9 1,810,000.00 AAA NR 11/05/25 11/12/25 1,809,846.87 3.99 3,209.73 1,809,852.61 1,816,952.21 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
16144MAD6 1,585,000.00 NR Aaa 10/17/25 10/29/25 1,584,937.23 3.86 1,019.68 1,584,944.35 1,586,166.56 Security Type Sub-Total 57,520,271.72 57,512,956.79 4.51 107,105.07 57,514,582.53 57,951,307.66 Managed Account Sub-Total 454,075,230.51 449,196,888.49 4.24 3,303,293.53 452,166,408.49 456,769,891.93 $454,075,230.51 $449,196,888.49 4.24% $3,303,293.53 $452,166,408.49 $456,769,891.93 $460,073,185.46
$3,303,293.53
Total Investments
Accrued Interest
Securities Sub-Total
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 15 U.S. Bancorp Asset Management, Inc.
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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 91282CHB0 11,085,000.00 MorganSt 100.03 11,088,004.04 58,862.05 23,891.86 DTD 05/15/2023 3.625% 05/15/2026

0.36 3.97
US TREASURY N/B 91282CHM6 10,995,000.00 RBS 100.51 11,051,404.35 14,314.12 32,530.13 DTD 07/17/2023 4.500% 07/15/2026

0.52 4.12
US TREASURY N/B 91282CHY0 11,207,000.00 MorganSt 100.73 11,288,844.72 (19,718.72) 10,299.43 DTD 09/15/2023 4.625% 09/15/2026

0.69 3.71
US TREASURY N/B 912828U24 4,545,000.00 RBC Capi 98.68 4,484,946.92 129,026.02 (22,960.45) DTD 11/15/2016 2.000% 11/15/2026

0.86 3.68
US TREASURY N/B 912828V98 9,220,000.00 JPMorgan 98.62 9,092,505.84 110,929.28 (69,445.70) DTD 02/15/2017 2.250% 02/15/2027

1.09 3.49
US TREASURY N/B 912828ZN3 6,480,000.00 Nomura 96.15 6,230,669.04 439,169.04 (56,598.74) DTD 04/30/2020 0.500% 04/30/2027

1.30 3.48
US TREASURY N/B 912828ZV5 5,545,000.00 WellsFar 95.69 5,306,088.13 385,333.83 (48,315.84) DTD 06/30/2020 0.500% 06/30/2027

1.47 3.46
US TREASURY N/B 9128282R0 1,200,000.00 BNPPSA 98.05 1,176,656.40 34,031.40 (4,609.55) DTD 08/15/2017 2.250% 08/15/2027

1.56 3.48
US TREASURY N/B 9128282R0 2,985,000.00 HSBC 98.05 2,926,932.80 96,896.28 (7,300.34) DTD 08/15/2017 2.250% 08/15/2027

1.56 3.48
US TREASURY N/B 91282CFM8 805,000.00 BOFAML 101.07 813,615.92 13,867.29 10,482.62 DTD 09/30/2022 4.125% 09/30/2027

1.66 3.46
US TREASURY N/B 91282CFU0 915,000.00 Nomura 101.11 925,151.01 (2,573.21) 5,397.22 DTD 10/31/2022 4.125% 10/31/2027

1.74 3.47
US TREASURY N/B 91282CFU0 3,160,000.00 JPMorgan 101.11 3,195,057.04 (34,438.27) 9,006.05 DTD 10/31/2022 4.125% 10/31/2027

1.74 3.47
US TREASURY N/B 91282CAU5 8,775,000.00 WellsFar 94.75 8,314,654.73 841,851.02 34,178.39 DTD 11/02/2020 0.500% 10/31/2027

1.80 3.47
US TREASURY N/B 91282CGC9 4,250,000.00 Nomura 100.75 4,281,709.25 14,775.66 24,317.28 DTD 01/03/2023 3.875% 12/31/2027

1.91 3.46
US TREASURY N/B 91282CBJ9 115,000.00 HSBC 94.55 108,733.42 8,908.03 49.25 DTD 02/01/2021 0.750% 01/31/2028

2.03 3.47
US TREASURY N/B 91282CGH8 595,000.00 BNPPSA 100.02 595,116.02 580.86 321.54 DTD 01/31/2023 3.500% 01/31/2028

1.96 3.46
US TREASURY N/B 91282CGP0 1,245,000.00 TD Secur 101.04 1,257,985.35 26,797.07 18,972.96 DTD 02/28/2023 4.000% 02/29/2028

2.03 3.47
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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 91282CBS9 880,000.00 BNPPSA 95.18 837,547.04 45,581.41 (2,079.25) DTD 03/31/2021 1.250% 03/31/2028

2.18 3.47
US TREASURY N/B 91282CHA2 1,265,000.00 GoldmanS 99.98 1,264,802.66 (5,978.79) (2,893.02) DTD 05/01/2023 3.500% 04/30/2028

2.21 3.47
US TREASURY N/B 91282CKG5 3,450,000.00 BMO 101.66 3,507,142.35 95,281.02 82,948.57 DTD 04/01/2024 4.125% 03/31/2029

2.99 3.54
US TREASURY N/B 91282CKP5 4,430,000.00 JPMorgan 103.23 4,573,111.15 1,385.76 36,807.97 DTD 04/30/2024 4.625% 04/30/2029

3.05 3.54
US TREASURY N/B 91282CKP5 5,190,000.00 GoldmanS 103.23 5,357,662.95 155,701.62 159,387.86 DTD 04/30/2024 4.625% 04/30/2029

3.05 3.54
US TREASURY N/B 91282CKX8 2,920,000.00 Citigrou 102.11 2,981,708.36 84,748.98 78,359.29 DTD 07/01/2024 4.250% 06/30/2029

3.23 3.56
US TREASURY N/B 91282CLC3 2,105,000.00 Citigrou 101.29 2,132,217.65 12,581.32 16,441.48 DTD 07/31/2024 4.000% 07/31/2029

3.26 3.57
US TREASURY N/B 91282CLK5 7,550,000.00 Citigrou 99.98 7,548,822.20 (16,808.66) (12,939.34) DTD 09/03/2024 3.625% 08/31/2029

3.37 3.58
US TREASURY N/B 91282CLN9 8,695,000.00 TD Secur 99.54 8,654,585.64 (15,620.02) (21,435.67) DTD 09/30/2024 3.500% 09/30/2029

3.45 3.59
US TREASURY N/B 91282CLR0 4,850,000.00 HSBC 101.71 4,932,978.65 94,914.20 92,341.01 DTD 10/31/2024 4.125% 10/31/2029

3.50 3.59
US TREASURY N/B 91282CMA6 6,315,000.00 WellsFar 101.73 6,424,034.79 97,687.52 99,920.63 DTD 12/02/2024 4.125% 11/30/2029

3.58 3.60
US TREASURY N/B 91282CMD0 12,365,000.00 BNP Sec 102.67 12,695,380.43 357,911.88 352,939.41 DTD 12/31/2024 4.375% 12/31/2029

3.65 3.60
US TREASURY N/B 91282CMG3 3,470,000.00 BNP Sec 102.22 3,547,127.69 90,004.65 87,859.20 DTD 01/31/2025 4.250% 01/31/2030

3.67 3.61
US TREASURY N/B 91282CMG3 5,215,000.00 HSBC 102.22 5,330,913.81 56,633.93 63,357.02 DTD 01/31/2025 4.250% 01/31/2030

3.67 3.61
US TREASURY N/B 91282CGQ8 8,565,000.00 Nomura 101.27 8,674,066.71 93,341.91 95,721.43 DTD 02/28/2023 4.000% 02/28/2030

3.76 3.62
US TREASURY N/B 91282CMU2 10,775,000.00 BNP Sec 101.27 10,912,208.85 83,333.85 90,753.84 DTD 03/31/2025 4.000% 03/31/2030

3.85 3.62
US TREASURY N/B 91282CHF1 5,400,000.00 RBS 100.25 5,413,289.40 74,250.34 67,800.17 DTD 05/31/2023 3.750% 05/31/2030

4.03 3.64
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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 91282CNK3 1,805,000.00 Citigrou 100.75 1,818,607.90 8,178.80 8,674.75 DTD 06/30/2025 3.875% 06/30/2030

4.10 3.64
US TREASURY N/B 91282CNN7 3,780,000.00 BOFAML 100.74 3,807,907.74 46,512.43 45,130.10 DTD 07/31/2025 3.875% 07/31/2030

4.11 3.65
US TREASURY N/B 91282CNX5 16,460,000.00 Nomura 99.64 16,401,484.70 28,928.45 23,546.75 DTD 09/02/2025 3.625% 08/31/2030

4.21 3.66
US TREASURY N/B 91282CPA3 1,225,000.00 Citigrou 99.61 1,220,262.93 (1,291.76) (1,454.20) DTD 09/30/2025 3.625% 09/30/2030

4.30 3.66
US TREASURY N/B 91282CPA3 1,500,000.00 JPMorgan 99.61 1,494,199.50 644.81 434.25 DTD 09/30/2025 3.625% 09/30/2030

4.30 3.66
US TREASURY N/B 91282CPN5 9,550,000.00 GoldmanS 98.99 9,453,755.10 (41,780.06) (42,552.44) DTD 12/01/2025 3.500% 11/30/2030

4.47 3.67
Security Type Sub-Total 210,882,000.00 211,121,893.18 3,464,755.34 1,279,285.92 2.69 3.63 Federal Agency Commercial Mortgage-Backed Security
FHMS K061 A2 3137BTUM1 2,358,063.70 Citigrou 99.44 2,344,915.14 59,435.58 5,501.13 DTD 01/01/2017 3.347% 11/01/2026

0.81 3.76
FHMS K064 A2 3137BXQY1 4,000,000.00 MorganSt 99.31 3,972,352.00 199,227.00 50,017.77 DTD 05/01/2017 3.224% 03/01/2027

1.03 3.68
FHMS K065 A2 3137F1G44 2,275,000.00 Citigrou 99.26 2,258,203.68 113,216.38 29,643.79 DTD 07/01/2017 3.243% 04/01/2027

1.19 3.68
FHMS K066 A2 3137F2LJ3 3,530,000.00 CantorFi 99.07 3,497,216.89 196,115.33 55,598.50 DTD 08/01/2017 3.117% 06/01/2027

1.27 3.68
FHMS K507 A1 3137HAMR4 3,295,626.95 BOFAML 101.67 3,350,634.26 106,725.59 83,274.58 DTD 09/01/2023 4.800% 04/01/2028

1.91 3.76
FHMS K506 A1 3137HAMG8 1,852,015.46 WellsFar 101.47 1,879,316.02 54,997.46 42,312.13 DTD 09/01/2023 4.650% 05/01/2028

1.97 3.75
FHMS KJ46 A1 3137HAD45 2,751,605.26 JPMorgan 100.88 2,775,747.84 24,211.37 24,177.37 DTD 07/01/2023 4.777% 06/01/2028

1.41 3.94
FHMS K505 A2 3137HACX2 3,500,000.00 JPMorgan 102.02 3,570,570.50 35,612.50 52,963.49 DTD 07/01/2023 4.819% 06/01/2028

2.21 3.77
FNA 2023-M6 A2 3136BQDE6 3,340,913.21 JPMorgan 100.62 3,361,753.83 77,479.54 50,012.51 DTD 07/01/2023 4.181% 07/01/2028

2.34 3.79
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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 Commercial Mortgage-Backed Security
FHMS KJ47 A1 3137HAMN3 1,070,734.06 JPMorgan 101.45 1,086,219.01 15,490.31 15,487.61 DTD 09/01/2023 5.272% 08/01/2028

1.31 3.92
FHMS K506 A2 3137HAMH6 3,800,000.00 WellsFar 101.68 3,863,669.00 119,882.40 95,583.07 DTD 09/01/2023 4.650% 08/01/2028

2.36 3.81
FHMS K508 A2 3137HAQ74 3,850,000.00 BMO 102.08 3,930,053.05 164,506.65 128,975.20 DTD 10/01/2023 4.740% 08/01/2028

2.39 3.79
FHMS K509 A2 3137HAST4 2,890,000.00 MorganSt 102.47 2,961,371.44 163,513.31 126,823.25 DTD 10/01/2023 4.850% 09/01/2028

2.47 3.73
FHMS K507 A2 3137HAMS2 3,800,000.00 BOFAML 102.11 3,880,005.20 125,426.60 106,755.38 DTD 09/01/2023 4.800% 09/01/2028

2.42 3.81
FHMS K510 A2 3137HB3D4 1,465,000.00 JPMorgan 102.82 1,506,305.68 45,540.99 43,861.76 DTD 11/01/2023 5.069% 10/01/2028

2.50 3.82
FHMS K511 A2 3137HB3G7 2,125,000.00 BOFAML 102.39 2,175,787.50 56,892.62 54,494.93 DTD 12/01/2023 4.860% 10/01/2028

2.53 3.80
FHMS K512 A2 3137HBCF9 1,935,000.00 JPMorgan 102.70 1,987,295.31 34,226.28 41,122.77 DTD 12/01/2023 5.000% 11/01/2028

2.55 3.82
FHMS K513 A2 3137HBFY5 2,190,000.00 BMO 102.10 2,236,035.99 24,160.08 32,207.21 DTD 01/01/2024 4.724% 12/01/2028

2.67 3.82
FHMS K514 A2 3137HBLV4 2,220,000.00 JPMorgan 101.70 2,257,657.86 15,460.08 23,501.25 DTD 02/01/2024 4.572% 12/01/2028

2.62 3.81
FHMS K518 A2 3137HC2L5 2,715,000.00 JPMorgan 103.92 2,821,389.99 40,836.31 62,217.77 DTD 03/01/2024 5.400% 01/01/2029

2.76 3.88
FHMS K517 A2 3137HC2C5 3,355,000.00 BOFAML 103.87 3,484,741.20 29,138.17 63,544.54 DTD 03/01/2024 5.355% 01/01/2029

2.78 3.86
FHMS K515 A2 3137HBPD0 3,750,000.00 WellsFar 103.89 3,895,743.75 44,718.75 79,937.44 DTD 02/01/2024 5.400% 01/01/2029

2.68 3.84
FHMS K516 A2 3137HBPM0 3,750,000.00 MorganSt 104.13 3,904,781.25 42,292.50 80,951.50 DTD 03/01/2024 5.477% 01/01/2029

2.71 3.86
FHMS K520 A2 3137HCKV3 2,125,000.00 BOFAML 103.58 2,200,990.00 67,364.62 69,960.65 DTD 04/01/2024 5.180% 03/01/2029

2.89 3.84
FHMS K524 A2 3137HDV56 3,245,000.00 PIER 102.26 3,318,473.29 53,545.75 58,750.17 DTD 07/01/2024 4.720% 05/01/2029

3.06 3.88
FHMS K522 A2 3137HDJJ0 3,750,000.16 MorganSt 102.44 3,841,676.41 91,687.50 91,676.25 DTD 06/01/2024 4.803% 05/01/2029

2.93 3.87
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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 Commercial Mortgage-Backed Security
FHMS K526 A2 3137HDXL9 3,500,000.00 BMO 101.77 3,561,831.00 29,092.00 37,488.58 DTD 08/01/2024 4.543% 07/01/2029

3.21 3.89
FHMS K530 A2 3137HHJL6 3,980,000.00 JPMorgan 102.61 4,083,714.82 82,990.96 87,013.84 DTD 11/01/2024 4.792% 09/01/2029

3.34 3.92
Security Type Sub-Total 82,418,958.79 84,008,451.91 2,113,786.63 1,693,854.44 2.35 3.81 Corporate Note
BANK OF NY MELLON CORP (CALLABLE) 06406RAQ0 3,465,000.00 US_BANC 99.76 3,456,791.41 (9,040.19) (8,221.11) DTD 01/28/2021 0.750% 01/28/2026

0.07 4.32
MICROSOFT CORP (CALLABLE) 594918BR4 3,000,000.00 TD Secur 05/08/26 99.25 2,977,368.00 (55,782.00) (27,119.55) DTD 08/08/2016 2.400% 08/08/2026

0.59 3.71
BANK OF AMERICA NA (CALLABLE) 06428CAA2 3,750,000.00 BOFAML 07/17/26 100.91 3,784,046.25 34,346.25 34,109.31 DTD 08/18/2023 5.526% 08/18/2026

0.53 4.00
MASTERCARD INC (CALLABLE) 57636QAG9 2,560,000.00 CSFirstB 08/21/26 99.34 2,543,011.84 108,912.64 11,605.35 DTD 11/21/2016 2.950% 11/21/2026

0.85 3.75
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 850,000.00 Citigrou 11/08/26 101.08 859,168.95 9,942.45 9,467.95 DTD 12/08/2023 5.110% 12/08/2026

0.84 3.92
JP MORGAN CHASE BANK NA (CALLABLE) 48125LRU8 3,500,000.00 JPMorgan 11/08/26 101.08 3,537,754.50 37,754.50 37,754.50 DTD 12/08/2023 5.110% 12/08/2026

0.84 3.92
TARGET CORP (CALLABLE) 87612EBM7 365,000.00 Citigrou 12/15/26 98.20 358,436.57 (5,942.93) (6,433.86) DTD 01/24/2022 1.950% 01/15/2027

1.00 3.71
MICROSOFT CORP (CALLABLE) 594918BY9 3,000,000.00 GoldmanS 11/06/26 99.61 2,988,390.00 74,220.00 11,143.59 DTD 02/06/2017 3.300% 02/06/2027

0.97 3.64
GOLDMAN SACHS BANK USA (CALLABLE) 38151LAG5 3,000,000.00 GoldmanS 05/21/26 100.52 3,015,723.00 (3,147.00) 8,277.23 DTD 05/21/2024 5.414% 05/21/2027

0.38 4.40
HOME DEPOT INC (CALLABLE) 437076BT8 3,610,000.00 TD Secur 06/14/27 98.42 3,552,958.39 147,284.39 18,229.93 DTD 09/14/2017 2.800% 09/14/2027

1.59 3.75
JPMORGAN CHASE & CO (CALLABLE) 46647PCW4 1,535,000.00 BOFAML 02/24/27 98.78 1,516,279.14 112,721.19 44,941.24 DTD 02/24/2022 2.947% 02/24/2028

1.11 4.46
KENVUE INC (CALLABLE) 49177JAF9 2,300,000.00 JPMorgan 02/22/28 102.16 2,349,790.40 (4,512.60) 5,369.08 DTD 10/17/2023 5.050% 03/22/2028

2.01 3.99
WALMART INC (CALLABLE) 931142FB4 1,220,000.00 Barclays 03/15/28 100.53 1,226,433.06 9,153.66 7,701.75 DTD 04/18/2023 3.900% 04/15/2028

2.12 3.64
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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
APPLE INC (CALLABLE) 037833ET3 5,200,000.00 HSBC 04/10/28 100.76 5,239,520.00 23,140.00 31,906.37 DTD 05/10/2023 4.000% 05/10/2028

2.18 3.62
JOHN DEERE CAPITAL CORP 24422EXB0 495,000.00 SBSC 102.69 508,329.36 6,597.36 9,914.74 DTD 07/14/2023 4.950% 07/14/2028

2.32 3.79
JOHN DEERE CAPITAL CORP 24422EXB0 895,000.00 TD Secur 102.69 919,100.56 15,410.11 19,682.75 DTD 07/14/2023 4.950% 07/14/2028

2.32 3.79
JOHN DEERE CAPITAL CORP 24422EXB0 1,165,000.00 Citigrou 102.69 1,196,371.12 33,106.97 32,251.58 DTD 07/14/2023 4.950% 07/14/2028

2.32 3.79
PACCAR FINANCIAL CORP 69371RS64 1,130,000.00 TD Secur 102.83 1,161,947.36 39,032.46 35,666.15 DTD 08/10/2023 4.950% 08/10/2028

2.39 3.77
NATIONAL RURAL UTIL COOP (CALLABLE) 63743HFZ0 1,550,000.00 MUFG 07/25/28 100.52 1,558,109.60 9,845.60 9,652.72 DTD 08/25/2025 4.150% 08/25/2028

2.41 3.91
TOYOTA MOTOR CREDIT CORP 89236TLB9 2,800,000.00 BOFAML 103.51 2,898,280.00 103,152.00 101,057.05 DTD 09/11/2023 5.250% 09/11/2028

2.47 3.83
CITIBANK NA (CALLABLE) 17325FBB3 5,650,000.00 Citigrou 08/29/28 104.87 5,925,002.45 275,002.45 275,002.45 DTD 09/29/2023 5.803% 09/29/2028

2.44 3.88
ALPHABET INC (CALLABLE) 02079KAV9 505,000.00 HSBC 10/15/28 100.49 507,463.39 2,897.69 2,876.53 DTD 11/06/2025 3.875% 11/15/2028

2.65 3.66
BANK OF AMERICA CORP (CALLABLE) 06051GMK2 2,060,000.00 Citigrou 01/24/28 101.87 2,098,550.84 15,726.04 21,510.29 DTD 01/24/2025 4.979% 01/24/2029

1.91 4.18
STATE STREET CORP (CALLABLE) 857477CN1 1,900,000.00 HSBC 02/20/28 101.29 1,924,454.90 24,454.90 24,454.90 DTD 08/20/2024 4.530% 02/20/2029

1.99 4.15
CISCO SYSTEMS INC (CALLABLE) 17275RBR2 170,000.00 Citigrou 01/26/29 102.64 174,490.04 27.54 201.78 DTD 02/26/2024 4.850% 02/26/2029

2.82 3.91
BLACKROCK FUNDING INC (CALLABLE) 09290DAA9 365,000.00 Citigrou 02/14/29 102.22 373,111.03 8,771.68 8,550.72 DTD 03/14/2024 4.700% 03/14/2029

2.87 3.91
ADOBE INC (CALLABLE) 00724PAF6 1,295,000.00 TD Secur 03/04/29 102.55 1,328,022.50 31,313.10 31,871.67 DTD 04/04/2024 4.800% 04/04/2029

2.92 3.91
ADOBE INC (CALLABLE) 00724PAF6 1,580,000.00 BOFAML 03/04/29 102.55 1,620,290.00 42,644.20 41,886.30 DTD 04/04/2024 4.800% 04/04/2029

2.92 3.91
BANK OF NEW YORK MELLON (CALLABLE) 06405LAH4 2,700,000.00 JPMorgan 04/20/28 101.65 2,744,469.00 17,253.00 22,957.48 DTD 04/22/2025 4.729% 04/20/2029

2.15 4.23
PEPSICO INC (CALLABLE) 713448FX1 1,935,000.00 Citigrou 06/17/29 101.96 1,972,879.56 40,878.81 40,067.67 DTD 07/17/2024 4.500% 07/17/2029

3.15 3.86
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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
ELI LILLY & CO (CALLABLE) 532457CQ9 660,000.00 MorganSt 07/14/29 100.97 666,396.72 7,842.12 7,470.90 DTD 08/14/2024 4.200% 08/14/2029

3.25 3.88
ELI LILLY & CO (CALLABLE) 532457CQ9 2,290,000.00 JPMorgan 07/14/29 100.97 2,312,194.68 18,851.28 19,703.40 DTD 08/14/2024 4.200% 08/14/2029

3.25 3.88
PEPSICO INC (CALLABLE) 713448GB8 730,000.00 MorganSt 01/07/30 102.28 746,652.03 17,878.43 17,676.82 DTD 02/07/2025 4.600% 02/07/2030

3.62 3.95
WALMART INC (CALLABLE) 931142FN8 1,140,000.00 BOFAML 03/28/30 101.58 1,157,985.78 19,957.98 19,715.08 DTD 04/28/2025 4.350% 04/28/2030

3.86 3.90
WALMART INC (CALLABLE) 931142FN8 3,500,000.00 KEYB 03/28/30 101.58 3,555,219.50 23,754.50 27,656.00 DTD 04/28/2025 4.350% 04/28/2030

3.86 3.90
APPLE INC (CALLABLE) 037833DU1 1,834,000.00 JPMorgan 02/11/30 90.93 1,667,639.69 36,076.61 17,170.91 DTD 05/11/2020 1.650% 05/11/2030

4.12 3.89
APPLE INC (CALLABLE) 037833DU1 4,890,000.00 SUSQ 02/11/30 90.93 4,446,432.99 96,631.29 46,182.57 DTD 05/11/2020 1.650% 05/11/2030

4.12 3.89
NOVARTIS CAPITAL CORP (CALLABLE) 66989HAY4 5,525,000.00 JPMorgan 10/05/30 99.89 5,519,110.35 10,685.35 10,195.07 DTD 11/05/2025 4.100% 11/05/2030

4.31 4.07
AMAZON.COM INC (CALLABLE) 023135CT1 6,000,000.00 JPMorgan 10/20/30 100.11 6,006,540.00 12,960.00 12,826.52 DTD 11/20/2025 4.100% 11/20/2030

4.35 4.03
Security Type Sub-Total 90,119,000.00 90,394,714.96 1,389,801.83 1,034,933.83 2.34 3.93 Certificate of Deposit
COOPERAT RABOBANK UA/NY 21684LGS5 3,500,000.00 RABO UA 100.91 3,531,899.00 31,899.00 31,899.00 DTD 07/20/2023 5.080% 07/17/2026

0.52 3.44
Security Type Sub-Total 3,500,000.00 3,531,899.00 31,899.00 31,899.00 0.52 3.44 Bank Note
WELLS FARGO BANK NA (CALLABLE) 94988J6D4 5,635,000.00 WellsFar 07/07/26 100.83 5,681,821.22 60,176.17 49,517.17 DTD 08/09/2023 5.450% 08/07/2026

0.50 4.06
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 1,360,000.00 MorganSt 05/26/27 102.00 1,387,133.36 27,133.36 27,133.36 DTD 05/30/2024 5.504% 05/26/2028

1.33 4.26
MORGAN STANLEY BANK NA (CALLABLE) 61690U8B9 2,640,000.00 MorganSt 05/26/27 102.00 2,692,670.64 47,100.24 50,134.59 DTD 05/30/2024 5.504% 05/26/2028

1.33 4.26
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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
Security Type Sub-Total 9,635,000.00 9,761,625.22 134,409.77 126,785.12 0.85 4.14 Asset-Backed Security
KCOT 2023-2A A3 500945AC4 682,155.80 JPMorgan 100.75 687,243.32 5,259.83 5,166.30 DTD 07/26/2023 5.280% 01/18/2028

0.56 3.94
BAAT 2023-1A A3 06428AAC2 684,887.99 BOFAML 100.71 689,732.89 4,870.85 4,857.03 DTD 07/31/2023 5.530% 02/15/2028

0.49 4.08
HAROT 2023-3 A3 43815QAC1 1,168,624.15 BOFAML 100.70 1,176,810.36 8,427.18 8,300.58 DTD 08/22/2023 5.410% 02/18/2028

0.52 4.06
TAOT 2023-C A3 89231FAD2 433,853.06 BNPPSA 100.59 436,425.38 2,670.46 2,620.51 DTD 08/15/2023 5.160% 04/17/2028

0.53 4.02
USAOT 2023-A A3 90291VAC4 1,306,367.83 JPMorgan 100.63 1,314,533.93 8,394.72 8,287.74 DTD 09/15/2023 5.580% 05/15/2028

0.44 4.14
BAAT 2023-2A A3 06054YAC1 1,898,829.70 BOFAML 100.95 1,916,809.72 18,014.38 17,997.37 DTD 11/21/2023 5.740% 06/15/2028

0.57 4.08
TAOT 2023-D A3 89239FAD4 632,033.46 JPMorgan 101.10 638,994.68 7,029.35 6,999.70 DTD 11/14/2023 5.540% 08/15/2028

0.72 4.03
FITAT 2023-1 A3 31680EAD3 1,446,264.73 JPMorgan 100.83 1,458,255.71 12,080.65 12,038.22 DTD 08/23/2023 5.530% 08/15/2028

0.60 4.17
CHAIT 2023-A1 A 161571HT4 3,020,000.00 JPMorgan 100.94 3,048,421.22 29,258.36 28,900.66 DTD 09/15/2023 5.160% 09/15/2028

0.69 3.79
AMXCA 2023-3 A 02582JKD1 3,090,000.00 Citigrou 100.99 3,120,476.67 30,614.79 30,554.47 DTD 09/19/2023 5.230% 09/15/2028

0.69 3.80
HART 2023-C A3 44918CAD4 879,678.42 BNPPSA 101.01 888,543.82 8,981.08 8,933.51 DTD 11/13/2023 5.540% 10/16/2028

0.68 4.07
BACCT 2023-A2 A2 05522RDH8 1,365,000.00 BOFAML 101.04 1,379,168.70 14,352.02 14,278.08 DTD 12/14/2023 4.980% 11/15/2028

0.84 3.76
GMCAR 2024-1 A3 36268GAD7 302,576.58 Barclays 100.61 304,422.90 1,907.17 1,884.67 DTD 01/17/2024 4.850% 12/18/2028

0.69 4.01
CHAIT 2024-A1 A 161571HV9 3,390,000.00 JPMorgan 100.90 3,420,371.01 30,887.31 30,697.29 DTD 01/31/2024 4.600% 01/15/2029

1.00 3.72
KCOT 2025-1A A3 50117FAC5 1,550,000.00 JPMorgan 101.53 1,573,789.40 23,842.56 23,828.90 DTD 02/19/2025 4.670% 06/15/2029

1.79 3.82
HART 2025-A A3 44935CAD3 2,525,000.00 Barclays 100.74 2,543,697.63 19,070.07 19,005.97 DTD 03/12/2025 4.320% 10/15/2029

1.51 3.84
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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
HART 2025-B A3 44935XAD7 960,000.00 JPMorgan 100.95 969,165.12 9,251.81 9,241.82 DTD 06/11/2025 4.360% 12/17/2029

1.72 3.81
USAOT 2025-A A3 90327HAC3 960,000.00 JPMorgan 100.25 962,389.44 2,473.73 2,466.76 DTD 10/09/2025 3.950% 12/17/2029

1.46 3.77
HAROT 2025-3 A3 43813QAD1 2,355,000.00 Barclays 100.57 2,368,447.05 13,496.27 13,491.86 DTD 08/12/2025 4.040% 02/21/2030

1.95 3.75
ALLYA 2025-1 A3 02008KAC7 860,000.00 Barclays 100.31 862,640.20 2,763.01 2,756.62 DTD 10/16/2025 3.960% 03/15/2030

1.79 3.79
TAOT 2025-C A3 89238VAD0 1,635,000.00 RBC Capi 100.69 1,646,335.45 11,507.78 11,493.06 DTD 07/30/2025 4.110% 03/15/2030

1.87 3.74
HART 2025-C A3 44935JAD8 2,040,000.00 Citigrou 100.21 2,044,265.64 4,598.57 4,571.44 DTD 09/17/2025 3.880% 04/15/2030

1.98 3.77
GMCAR 2025-2 A3 362549AD9 680,000.00 TD Secur 100.76 685,153.72 5,253.82 5,241.55 DTD 05/14/2025 4.280% 04/16/2030

1.44 3.76
BACCT 2025-A1 A 05522RDK1 1,830,000.00 BOFAML 101.20 1,852,002.09 22,009.04 22,002.09 DTD 06/12/2025 4.310% 05/15/2030

2.21 3.77
HAROT 2025-4 A3 43814XAD5 1,745,000.00 BOFAML 100.53 1,754,264.21 9,602.04 9,591.78 DTD 11/12/2025 3.980% 06/17/2030

2.10 3.77
TAOT 2025-D A3 89231GAD0 2,575,000.00 JPMorgan 100.11 2,577,757.83 3,053.95 3,042.44 DTD 10/23/2025 3.840% 06/17/2030

2.12 3.78
CCCIT 2025-A1 A 17305EHA6 3,990,000.00 Citigrou 101.16 4,036,331.88 47,414.37 47,312.42 DTD 06/26/2025 4.300% 06/21/2030

2.33 3.76
CHAOT 2025-1A A3 16145NAC5 1,135,000.00 JPMorgan 100.83 1,144,432.99 9,543.88 9,534.66 DTD 07/30/2025 4.290% 06/25/2030

2.01 3.88
COPAR 2025-1 A3 14043YAD7 965,000.00 JPMorgan 100.05 965,448.72 653.11 645.32 DTD 11/05/2025 3.850% 07/15/2030

2.21 3.82
AMXCA 2025-4 A 02582JKV1 2,265,000.00 Barclays 101.30 2,294,383.85 29,710.24 29,682.21 DTD 07/22/2025 4.300% 07/15/2030

2.36 3.75
CHAIT 2025-A1 A 161571HZ0 3,190,000.00 JPMorgan 100.97 3,221,003.61 31,067.73 31,056.31 DTD 07/25/2025 4.160% 07/15/2030

2.37 3.74
COMET 2025-A1 A 14041NGF2 2,565,000.00 WellsFar 100.06 2,566,469.75 1,956.07 1,921.98 DTD 09/16/2025 3.820% 09/15/2030

2.53 3.78
HART 2025-D A3 44891XAD9 1,810,000.00 BNP Sec 100.38 1,816,952.21 7,105.34 7,099.60 DTD 11/12/2025 3.990% 09/16/2030

2.23 3.81
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Managed Account Fair Market Value & Analytics For the Month Ending December 31, 2025 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
CHAOT 2025-2A A3 16144MAD6 1,585,000.00 JPMorgan 100.07 1,586,166.56 1,229.33 1,222.21 DTD 10/29/2025 3.860% 10/25/2030

2.31 3.82
Security Type Sub-Total 57,520,271.72 57,951,307.66 438,350.87 436,725.13 1.60 3.83 Managed Account Sub-Total 454,075,230.51 456,769,891.93 7,573,003.44 4,603,483.44 2.36 3.76 Total Investments $460,073,185.46
$3,303,293.53
$456,769,891.93
Accrued Interest
Securities Sub-Total $454,075,230.51 $7,573,003.44 $4,603,483.44 2.36 3.76% PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 25 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/05/25 US TREASURY N/B
DTD 12/01/2025 3.500% 11/30/2030
12/03/25 91282CPN5 9,550,000.00 (9,495,535.16) (4,591.35) (9,500,126.51) Transaction Type Sub-Total 9,550,000.00 (9,495,535.16) (4,591.35) (9,500,126.51)

INTEREST
12/01/25 MONEY MARKET FUND
DTD 01/01/2010 0.000% --
12/01/25 MONEY0002 0.00 6,449.70 6,449.70
12/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
12/01/25 3137F2LJ3 0.00 9,169.18 9,169.18
12/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
12/01/25 3137HDV56 0.00 12,763.67 12,763.67
12/25/25 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
12/01/25 3137HBPD0 0.00 16,875.00 16,875.00
12/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
12/01/25 3137HACX2 0.00 14,055.42 14,055.42
12/25/25 FHMS K530 A2
DTD 11/01/2024 4.792% 09/01/2029
12/01/25 3137HHJL6 0.00 15,893.47 15,893.47
12/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
12/01/25 3137HB3G7 0.00 8,606.25 8,606.25
12/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
12/01/25 3137HAMG8 0.00 7,186.01 7,186.01
12/25/25 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
12/01/25 3137HCKV3 0.00 9,172.92 9,172.92
12/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
12/01/25 3137HBLV4 0.00 8,458.20 8,458.20
12/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
12/01/25 3137HAMR4 0.00 13,283.08 13,283.08
12/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
12/01/25 3137BXQY1 0.00 10,746.67 10,746.67
12/25/25 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
12/01/25 3137HBPM0 0.00 17,115.63 17,115.63
12/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
12/01/25 3137HAMS2 0.00 15,200.00 15,200.00
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/25/25 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
12/01/25 3137HBFY5 0.00 8,621.30 8,621.30
12/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
12/01/25 3137HAST4 0.00 11,680.42 11,680.42
12/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
12/01/25 3136BQDE6 0.00 11,642.89 11,642.89
12/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
12/01/25 3137HDXL9 0.00 13,250.42 13,250.42
12/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
12/01/25 3137HAMN3 0.00 4,727.78 4,727.78
12/25/25 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
12/01/25 3137HC2L5 0.00 12,217.50 12,217.50
12/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
12/01/25 3137HAMH6 0.00 14,725.00 14,725.00
12/25/25 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
12/01/25 3137HC2C5 0.00 14,971.69 14,971.69
12/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
12/01/25 3137HB3D4 0.00 6,188.40 6,188.40
12/25/25 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
12/01/25 3137HBCF9 0.00 8,062.50 8,062.50
12/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
12/01/25 3137HDJJ0 0.00 15,011.18 15,011.18
12/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
12/01/25 3137HAQ74 0.00 15,207.50 15,207.50
12/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
12/01/25 3137BTUM1 0.00 6,591.67 6,591.67
12/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
12/01/25 3137HAD45 0.00 10,968.93 10,968.93
12/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
12/01/25 3137F1G44 0.00 6,148.19 6,148.19
12/08/25 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
12/08/25 17305EGW9 0.00 21,835.25 21,835.25
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/08/25 JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
12/08/25 48125LRU8 0.00 111,142.50 111,142.50
12/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
12/15/25 89239FAD4 0.00 3,097.43 3,097.43
12/15/25 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
12/15/25 50117FAC5 0.00 6,032.08 6,032.08
12/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
12/15/25 06054YAC1 0.00 9,799.78 9,799.78
12/15/25 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
12/15/25 14043YAD7 0.00 4,128.06 4,128.06
12/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
12/15/25 02582JKD1 0.00 13,467.25 13,467.25
12/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
12/15/25 05522RDH8 0.00 5,664.75 5,664.75
12/15/25 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
12/15/25 90327HAC3 0.00 3,160.00 3,160.00
12/15/25 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
12/15/25 02582JKV1 0.00 8,116.25 8,116.25
12/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
12/15/25 90291VAC4 0.00 6,716.27 6,716.27
12/15/25 HAROT 2025-4 A3
DTD 11/12/2025 3.980% 06/17/2030
12/15/25 43814XAD5 0.00 6,366.34 6,366.34
12/15/25 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
12/15/25 89231GAD0 0.00 8,240.00 8,240.00
12/15/25 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
12/15/25 05522RDK1 0.00 6,572.75 6,572.75
12/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
12/15/25 06428AAC2 0.00 3,441.26 3,441.26
12/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
12/15/25 31680EAD3 0.00 7,160.71 7,160.71
12/15/25 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
12/15/25 02008KAC7 0.00 2,838.00 2,838.00
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 28 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/15/25 HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
12/15/25 44935XAD7 0.00 3,488.00 3,488.00
12/15/25 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/15/2030
12/15/25 14041NGF2 0.00 8,165.25 8,165.25
12/15/25 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
12/15/25 161571HV9 0.00 12,995.00 12,995.00
12/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
12/15/25 500945AC4 0.00 3,227.52 3,227.52
12/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
12/15/25 89231FAD2 0.00 2,017.19 2,017.19
12/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
12/15/25 44918CAD4 0.00 4,356.36 4,356.36
12/15/25 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
12/15/25 161571HZ0 0.00 11,058.67 11,058.67
12/15/25 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
12/15/25 44935JAD8 0.00 6,596.00 6,596.00
12/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
12/15/25 161571HT4 0.00 12,986.00 12,986.00
12/15/25 HART 2025-D A3
DTD 11/12/2025 3.990% 09/16/2030
12/15/25 44891XAD9 0.00 6,620.08 6,620.08
12/15/25 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
12/15/25 89238VAD0 0.00 5,599.88 5,599.88
12/15/25 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
12/15/25 44935CAD3 0.00 9,090.00 9,090.00
12/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
12/16/25 36268GAD7 0.00 1,304.99 1,304.99
12/16/25 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
12/16/25 362549AD9 0.00 2,425.33 2,425.33
12/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
12/18/25 43815QAC1 0.00 5,751.38 5,751.38
12/21/25 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
12/21/25 17305EHA6 0.00 83,402.08 83,402.08
12/21/25 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
12/21/25 43813QAD1 0.00 7,928.50 7,928.50
PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 29 U.S. Bancorp Asset Management, Inc.
#12..
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/25/25 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
12/25/25 16144MAD6 0.00 5,098.42 5,098.42
12/25/25 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
12/25/25 16145NAC5 0.00 4,057.63 4,057.63
12/31/25 US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
12/31/25 91282CMD0 0.00 270,484.38 270,484.38
12/31/25 US TREASURY N/B
DTD 07/01/2024 4.250% 06/30/2029
12/31/25 91282CKX8 0.00 62,050.00 62,050.00
12/31/25 US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
12/31/25 91282CGC9 0.00 82,343.75 82,343.75
12/31/25 US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
12/31/25 91282CNK3 0.00 34,971.88 34,971.88
12/31/25 US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
12/31/25 912828ZV5 0.00 13,862.50 13,862.50
Transaction Type Sub-Total 0.00 1,212,650.04 1,212,650.04

PAYDOWNS
12/25/25 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
12/01/25 3137HAMR4 25,142.67 25,142.66 0.00 25,142.66 394.55 222.87 12/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
12/01/25 3137HDJJ0 449.61 449.60 0.00 449.60 (0.01) (0.01) 12/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
12/01/25 3137BTUM1 5,249.41 5,249.43 0.00 5,249.43 161.60 45.38 12/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
12/01/25 3137HAD45 3,829.31 3,829.30 0.00 3,829.30 0.09 0.04 12/25/25 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
12/01/25 3137HAMN3 5,392.54 5,392.52 0.00 5,392.52 0.01 (0.01) 12/25/25 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
12/01/25 3137HAMG8 2,439.96 2,439.96 0.00 2,439.96 36.49 20.42 12/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
12/01/25 3136BQDE6 383.43 383.43 0.00 383.43 6.50 3.46
12/08/25 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
12/08/25 17305EGW9 835,000.00 835,000.00 0.00 835,000.00 104.71 54.82 PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 30 U.S. Bancorp Asset Management, Inc.
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Managed Account Security Transactions & Interest For the Month Ending December 31, 2025 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
12/15/25 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
12/15/25 44918CAD4 63,937.24 63,937.24 0.00 63,937.24 8.41 5.02 12/15/25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
12/15/25 06428AAC2 61,860.18 61,860.18 0.00 61,860.18 2.34 1.12 12/15/25 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
12/15/25 89231FAD2 35,261.43 35,261.43 0.00 35,261.43 7.98 3.99 12/15/25 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
12/15/25 500945AC4 51,371.13 51,371.13 0.00 51,371.13 12.98 6.06 12/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
12/15/25 06054YAC1 149,904.00 149,904.00 0.00 149,904.00 2.71 1.39 12/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
12/15/25 31680EAD3 107,596.09 107,596.09 0.00 107,596.09 6.67 3.57 12/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
12/15/25 89239FAD4 38,890.84 38,890.84 0.00 38,890.84 4.19 2.41 12/15/25 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
12/15/25 90291VAC4 137,990.70 137,990.70 0.00 137,990.70 24.15 13.07 12/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
12/16/25 36268GAD7 20,307.89 20,307.89 0.00 20,307.89 4.08 2.61 12/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
12/18/25 43815QAC1 107,097.15 107,097.15 0.00 107,097.15 22.08 10.66 Transaction Type Sub-Total 1,652,103.58 1,652,103.55 0.00 1,652,103.55 799.53 396.87 SELL
12/05/25 US TREASURY N/B
DTD 08/31/2021 0.750% 08/31/2026
12/03/25 91282CCW9 3,250,000.00 3,181,826.17 6,464.09 3,188,290.26 199,316.40 (23,397.93) FIFO 12/05/25 US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
12/03/25 91282CCZ2 4,310,000.00 4,214,708.59 6,837.98 4,221,546.57 246,309.76 (32,897.55) FIFO Transaction Type Sub-Total 7,560,000.00 7,396,534.76 13,302.07 7,409,836.83 445,626.16 (56,295.48) Managed Account Sub-Total (446,896.85) 1,221,360.76 774,463.91 446,425.69 (55,898.61) Total Security Transactions ($446,896.85) $1,221,360.76 $774,463.91 $446,425.69 ($55,898.61) PFM Asset Management, a division of CITY OF MODESTO - COMBINED PORTFOLIO Page 31 U.S. Bancorp Asset Management, Inc.
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Attachment 3
City of Modesto Combined Yields
Month
Ending
Combined
Yield
CAMP
Balance
CAMP Monthly
Distribution Yields
Long Term Amortized
Cost Balance
Long Term Portfolio
Yield
Short Term
Amortized Cost
Balance
Short Term
Portfolio Yield
12/31/2023 3.51% 49,318,080.86 5.55% 393,872,751.60 3.03% 42,137,084.04 5.60% 1/31/2024 3.54% 49,549,288.20 5.54% 395,563,681.33 3.07% 42,286,932.15 5.60% 2/29/2024 3.57% 49,765,331.51 5.50% 400,022,027.47 3.13% 42,269,831.92 5.45% 3/31/2024 3.59% 49,996,308.29 5.48% 397,576,602.33 3.16% 42,372,823.25 5.35% 4/30/2024 3.61% 50,219,345.80 5.44% 398,650,446.11 3.19% 42,473,217.00 5.35% 5/31/2024 3.68% 50,450,429.25 5.43% 399,100,250.21 3.29% 42,706,970.79 5.27% 6/30/2024 3.76% 50,674,988.39 5.43% 399,326,031.56 3.39% 42,808,365.69 5.27% 7/31/2024 3.79% 50,908,210.76 5.43% 400,074,642.53 3.44% 43,066,591.51 5.14% 8/31/2024 3.65% 36,112,852.04 5.41% 400,899,946.42 3.34% 43,149,544.75 5.10% 9/30/2024 3.73% 21,244,197.28 5.29% 401,135,133.05 3.54% 43,205,826.11 4.78% 10/31/2024 3.80% 35,394,422.01 5.03% 403,285,397.15 3.62% 32,709,563.98 4.65% 11/30/2024 3.83% 36,072,860.08 4.87% 404,702,479.08 3.67% 32,740,820.12 4.65% 12/31/2024 3.84% 28,695,113.02 4.73% 405,389,405.62 3.71% 32,773,649.87 4.65% 1/31/2025 3.92% 28,806,032.00 4.55% 405,929,868.49 3.82% 32,806,480.28 4.65% 2/28/2025 3.96% 28,905,743.58 4.51% 407,804,449.58 3.87% 32,836,151.16 4.65% 3/31/2025 4.09% 44,039,271.43 4.47% 408,339,752.77 4.00% 32,869,009.39 4.65% 4/30/2025 4.09% 44,200,320.85 4.45% 409,488,391.09 4.01% 32,900,814.33 4.65% 5/31/2025 4.11% 79,438,306.43 4.42% 410,441,768.77 4.04% 32,935,133.33 4.31% 6/30/2025 4.14% 79,725,922.37 4.40% 412,622,161.85 4.08% 32,944,543.05 4.31% 7/31/2025 4.14% 59,964,300.41 4.41% 413,979,818.20 4.10% 33,186,228.57 4.08% 8/31/2025 4.15% 60,188,576.00 4.40% 415,507,339.76 4.12% 33,191,772.31 4.08% 9/30/2025 4.20% 50,385,416.20 4.36% 415,105,801.40 4.20% 33,383,909.00 3.97% 10/31/2025 4.20% 50,567,728.74 4.26% 418,980,906.24 4.21% 33,376,279.26 3.97% 11/30/2025 4.22% 50,738,014.85 4.10% 418,324,184.39 4.25% 33,368,986.12 3.97% 12/31/2025 4.21% 40,897,392.32 3.95% 418,804,876.80 4.26% 33,361,531.69 3.97% Notes:

1. Long and Short Term Portfolio AC Balance is the amortized cost value of the separately managed portfolios.

2. Long and Short Term Portfolio Yields are the separately managed portfolios yield at costs. #12..

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, 2026
Expected
Earnings to
June 30, 2026
Main Portfolio
Federal Agency CMBS
FHLMC 2,358,064 11/1/2026 3.760% 1 84,548 4.29% 50,174
FHLMC 4,000,000 3/1/2027 3.680% 1 230,008 4.94% 97,956
FHLMC 2,275,000 4/1/2027 3.680% 1 140,256 4.93% 55,672
FHLMC 3,530,000 6/1/2027 3.680% 1 248,361 4.97% 86,950
FHLMC 3,295,627 4/1/2028 3.760% 2 385,280 5.19% 84,837
FHLMC 1,852,015 5/1/2028 3.750% 2 216,443 5.01% 45,981
FHLMC 3,500,000 6/1/2028 3.770% 2 388,878 4.59% 79,713
FHLMC 2,751,605 6/1/2028 3.940% 2 318,020 4.78% 65,189
FNMA 3,340,913 7/1/2028 3.790% 3 382,385 4.58% 75,807
FHLMC 3,800,000 8/1/2028 3.810% 3 490,110 4.99% 93,972
FHLMC 1,070,734 8/1/2028 3.920% 3 145,994 5.27% 27,993
FHLMC 3,850,000 8/1/2028 3.790% 3 522,925 5.25% 100,264 FHLMC 3,800,000 9/1/2028 3.810% 3 515,117 5.07% 95,627
FHLMC 2,890,000 9/1/2028 3.730% 3 432,660 5.60% 80,319
FHLMC 1,465,000 10/1/2028 3.820% 3 207,142 5.14% 37,306 FHLMC 2,125,000 10/1/2028 3.800% 3 288,222 4.93% 51,909 FHLMC 1,935,000 11/1/2028 3.820% 3 262,935 4.79% 45,937 FHLMC 2,190,000 12/1/2028 3.820% 3 287,724 4.50% 48,854 FHLMC 2,220,000 12/1/2028 3.810% 3 281,707 4.34% 47,832 FHLMC 3,750,000 1/1/2029 3.840% 3 539,476 4.79% 89,011
FHLMC 3,750,000 1/1/2029 3.860% 3 539,735 4.79% 89,054
FHLMC 3,355,000 1/1/2029 3.860% 3 470,561 4.67% 77,640
FHLMC 2,715,000 1/1/2029 3.880% 3 394,195 4.83% 65,040
FHLMC 2,125,000 3/1/2029 3.840% 3 342,234 5.09% 53,585
FHLMC 3,750,000 5/1/2029 3.870% 3 600,540 4.80% 89,316
FHLMC 3,245,000 5/1/2029 3.880% 3 495,139 4.58% 73,640
FHLMC 3,500,000 7/1/2029 3.890% 4 531,000 4.33% 75,204
FHLMC 3,980,000 9/1/2029 3.920% 4 682,314 4.67% 92,163
U.S. Treasury
U.S. Treasury 11,085,000 5/15/2026 3.969% 0 169,926 3.99% 219,537 U.S. Treasury 10,995,000 7/15/2026 4.116% 1 241,238 4.09% 222,776 U.S. Treasury 11,207,000 9/15/2026 3.715% 1 292,587 3.69% 205,264 U.S. Treasury 4,545,000 11/15/2026 3.676% 1 119,516 3.01% 67,813 U.S. Treasury 9,220,000 2/15/2027 3.490% 1 296,146 2.85% 130,419 U.S. Treasury 6,480,000 4/30/2027 3.480% 1 251,252 2.92% 93,766 U.S. Treasury 5,545,000 6/30/2027 3.460% 1 248,219 2.99% 82,285 U.S. Treasury 1,200,000 8/15/2027 3.480% 2 64,296 3.30% 19,658 U.S. Treasury 2,985,000 8/15/2027 3.480% 2 164,618 3.40% 50,331 U.S. Treasury 805,000 9/30/2027 3.460% 2 60,125 4.27% 17,057 U.S. Treasury 8,775,000 10/31/2027 3.470% 2 629,042 3.91% 170,189 U.S. Treasury 915,000 10/31/2027 3.470% 2 63,899 3.81% 17,288 U.S. Treasury 3,160,000 10/31/2027 3.470% 2 210,141 3.63% 56,854 U.S. Treasury 4,250,000 12/31/2027 3.460% 2 321,190 3.78% 79,637 U.S. Treasury 115,000 1/31/2028 3.470% 2 8,780 3.66% 2,088 U.S. Treasury 595,000 1/31/2028 3.460% 2 43,633 3.52% 10,378 U.S. Treasury 1,245,000 2/29/2028 3.470% 2 114,504 4.25% 26,234 U.S. Treasury 880,000 3/31/2028 3.470% 2 69,111 3.49% 15,236 U.S. Treasury 1,265,000 4/30/2028 3.470% 2 100,263 3.40% 21,325 U.S. Treasury 3,450,000 3/31/2029 3.540% 3 490,399 4.37% 74,842 U.S. Treasury 5,190,000 4/30/2029 3.540% 3 790,644 4.57% 117,686 U.S. Treasury 4,430,000 4/30/2029 3.540% 3 568,131 3.85% 84,566 U.S. Treasury 2,920,000 6/30/2029 3.560% 3 452,334 4.43% 64,113 U.S. Treasury 2,105,000 7/31/2029 3.570% 4 290,089 3.85% 40,142 U.S. Treasury 7,550,000 8/31/2029 3.580% 4 991,308 3.58% 134,001 U.S. Treasury 8,695,000 9/30/2029 3.590% 4 1,161,908 3.56% 153,620 U.S. Treasury 4,850,000 10/31/2029 3.590% 4 777,595 4.18% 100,532 U.S. Treasury 6,315,000 11/30/2029 3.600% 4 1,010,569 4.08% 127,911 U.S. Treasury 12,365,000 12/31/2029 3.600% 4 2,190,154 4.43% 271,333 U.S. Treasury 3,470,000 1/31/2030 3.610% 4 614,659 4.33% 74,567 U.S. Treasury 5,215,000 1/31/2030 3.610% 4 848,212 3.98% 102,900 U.S. Treasury 8,565,000 2/28/2030 3.620% 4 1,412,058 3.96% 168,146 U.S. Treasury 10,775,000 3/31/2030 3.620% 4 1,780,540 3.89% 207,787 U.S. Treasury 5,400,000 5/31/2030 3.640% 4 954,380 4.00% 107,161 U.S. Treasury 1,805,000 6/30/2030 3.640% 4 309,235 3.81% 34,087 U.S. Treasury 3,780,000 7/31/2030 3.650% 5 690,384 3.98% 74,692 U.S. Treasury 16,460,000 8/31/2030 3.660% 5 2,875,941 3.74% 305,484 U.S. Treasury 1,225,000 9/30/2030 3.660% 5 214,574 3.69% 22,398 U.S. Treasury 1,500,000 9/30/2030 3.660% 5 265,152 3.72% 27,677 U.S. Treasury 9,550,000 11/30/2030 3.670% 5 1,702,906 3.63% 171,714 Earnings to
Maturity
December 31, 2025
#12..

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, 2026
Expected
Earnings to
June 30, 2026
Earnings to
Maturity
December 31, 2025
Negotiable CD
Rabobank Nederland 3,500,000 7/17/2026 3.440% 1 96,450 5.08% 88,169 Corporate Note
The Bank Of New York Mellon Corporation 3,465,000 1/28/2026 4.323% 0 1,980 3.15% 54,207 Wells Fargo & Company 5,635,000 8/7/2026 4.060% 1 187,209 5.54% 154,726 Microsoft Corp 3,000,000 8/8/2026 3.710% 1 38,665 2.14% 31,811 Bank Of America Co 3,750,000 8/18/2026 4.000% 1 130,649 5.53% 102,815 Mastercard Inc 2,560,000 11/21/2026 3.750% 1 98,673 4.33% 54,953 JPMorgan Chase & Co 3,500,000 12/8/2026 3.920% 1 167,580 5.11% 88,690 JPMorgan Chase & Co 850,000 12/8/2026 3.920% 1 41,006 5.15% 21,702 Target Corp 365,000 1/15/2027 3.710% 1 7,547 1.99% 3,595 Microsoft Corp 3,000,000 2/6/2027 3.640% 1 134,044 4.06% 60,353 Goldman Sachs Group Inc 3,000,000 5/21/2027 4.400% 1 211,218 5.08% 75,554 Home Depot Inc 3,610,000 9/14/2027 3.750% 2 255,787 4.16% 74,433 JPMorgan Chase & Co 1,535,000 2/24/2028 4.460% 2 169,373 5.13% 39,053 Kenvue Inc. 2,300,000 3/22/2028 3.990% 2 210,983 4.12% 47,029 Wal-Mart Stores Inc 1,220,000 4/15/2028 3.640% 2 110,369 3.95% 23,896 Apple Inc 5,200,000 5/10/2028 3.620% 2 482,004 3.93% 101,327 Morgan Stanley 1,360,000 5/26/2028 4.260% 2 179,856 5.50% 37,120 Morgan Stanley 2,640,000 5/26/2028 4.260% 2 345,630 5.45% 71,333 Deere & Company 1,165,000 7/14/2028 3.790% 3 147,307 4.98% 28,793 Deere & Company 495,000 7/14/2028 3.790% 3 58,295 4.64% 11,395 Deere & Company 895,000 7/14/2028 3.790% 3 107,377 4.73% 20,988 Paccar Financial Corp 1,130,000 8/10/2028 3.770% 3 150,290 5.09% 28,544 National Rural Utilities Co Finance Corp 1,550,000 8/25/2028 3.910% 3 172,242 4.19% 32,206 Toyota Motor Corp 2,800,000 9/11/2028 3.830% 3 399,721 5.29% 73,451 Citigroup Inc 5,650,000 9/29/2028 3.880% 3 900,967 5.80% 162,587 Alphabet Inc 505,000 11/15/2028 3.660% 3 56,729 3.91% 9,779 Bank Of America Co 2,060,000 1/24/2029 4.180% 3 294,336 4.66% 47,567 State Street Corporation 1,900,000 2/20/2029 4.150% 3 270,472 4.53% 42,681 Cisco Systems Inc 170,000 2/26/2029 3.910% 3 21,415 3.99% 3,362 Blackrock Inc. 365,000 3/14/2029 3.910% 3 55,422 4.74% 8,581 Adobe 1,580,000 4/4/2029 3.910% 3 249,005 4.83% 37,874
Adobe 1,295,000 4/4/2029 3.910% 3 201,388 4.77% 30,631
The Bank Of New York Mellon Corporation 2,700,000 4/20/2029 4.230% 3 396,775 4.45% 59,549 Pepsico Inc 1,935,000 7/17/2029 3.860% 4 311,093 4.53% 43,515 Eli Lilly & Co 660,000 8/14/2029 3.880% 4 101,571 4.25% 13,906 Eli Lilly & Co 2,290,000 8/14/2029 3.880% 4 345,644 4.17% 47,323 Pepsico Inc 730,000 2/7/2030 3.950% 4 139,047 4.64% 16,790 Wal-Mart Stores Inc 1,140,000 4/28/2030 3.900% 4 216,446 4.39% 24,811 Wal-Mart Stores Inc 3,500,000 4/28/2030 3.900% 4 628,128 4.15% 72,002 Apple Inc 1,834,000 5/11/2030 3.890% 4 334,681 4.18% 38,051 Apple Inc 4,890,000 5/11/2030 3.890% 4 892,830 4.19% 101,509 Novartis Capital Corp 5,525,000 11/5/2030 4.070% 5 1,116,442 4.17% 114,167 Amazon.Com Inc 6,000,000 11/20/2030 4.030% 5 1,210,054 4.12% 122,700 Asset-Backed Securities
Kubota Credit Owners Trust 682,156 1/18/2028 3.940% 2 73,900 5.29% 17,882 Bank of America Auto Trust 684,888 2/15/2028 4.080% 2 80,536 5.53% 18,785 Honda Auto Receivables 1,168,624 2/18/2028 4.060% 2 135,062 5.42% 31,382 Toyota Motor Corp 433,853 4/17/2028 4.020% 2 51,451 5.17% 11,113 USAA Owners Trust 1,306,368 5/15/2028 4.140% 2 173,082 5.58% 36,175 Bank of America Auto Trust 1,898,830 6/15/2028 4.080% 2 267,872 5.74% 54,052 Fifth Third Auto Trust 1,446,265 8/15/2028 4.170% 3 209,969 5.53% 39,671 Toyota Motor Corp 632,033 8/15/2028 4.030% 3 91,943 5.54% 17,371 American Express Co 3,090,000 9/15/2028 3.800% 3 437,972 5.23% 80,155 Chase Issurance 3,020,000 9/15/2028 3.790% 3 422,756 5.17% 77,370 Hyundai Auto Receivables 879,678 10/16/2028 4.070% 3 136,262 5.54% 24,180 Bank Of America Co 1,365,000 11/15/2028 3.760% 3 195,668 4.98% 33,729 Gm Financial Securitized Term 302,577 12/18/2028 4.010% 3 43,583 4.85% 7,284 Chase Issurance 3,390,000 1/15/2029 3.720% 3 475,007 4.60% 77,386 Kubota Credit Owners Trust 1,550,000 6/15/2029 3.820% 3 250,322 4.67% 35,902 Hyundai Auto Receivables 2,525,000 10/15/2029 3.840% 4 413,943 4.32% 54,136 Hyundai Auto Receivables 960,000 12/17/2029 3.810% 4 166,013 4.36% 20,766 USAA Owners Trust 960,000 12/17/2029 3.770% 4 150,413 3.95% 18,815 Honda Auto Receivables 2,355,000 2/21/2030 3.750% 4 394,422 4.04% 47,185 Ally Auto Receivables Trust 860,000 3/15/2030 3.790% 4 143,348 3.96% 16,903 Toyota Motor Corp 1,635,000 3/15/2030 3.740% 4 282,774 4.11% 33,343 Hyundai Auto Receivables 2,040,000 4/15/2030 3.770% 4 339,936 3.88% 39,290 Gm Financial Securitized Term 680,000 4/16/2030 3.760% 4 125,044 4.28% 14,444 Bank Of America Co 1,830,000 5/15/2030 3.770% 4 344,880 4.31% 39,112 Honda Auto Receivables 1,745,000 6/17/2030 3.770% 4 310,311 3.98% 34,479 Toyota Motor Corp 2,575,000 6/17/2030 3.780% 4 441,613 3.84% 49,068 Citigroup Inc 3,990,000 6/21/2030 3.760% 4 768,706 4.31% 85,203 Chase Auto Owner Trust 1,135,000 6/25/2030 3.880% 4 218,490 4.29% 24,158 American Express Co 2,265,000 7/15/2030 3.750% 5 442,476 4.30% 48,333 Capital One Prime Auto Receivables 965,000 7/15/2030 3.820% 5 168,872 3.85% 18,447 Chase Issurance 3,190,000 7/15/2030 3.740% 5 602,498 4.16% 65,813 Capital One Financial Corp 2,565,000 9/15/2030 3.780% 5 461,931 3.82% 48,638 Hyundai Auto Receivables 1,810,000 9/16/2030 3.810% 5 340,482 3.99% 35,830 Chase Auto Owner Trust 1,585,000 10/25/2030 3.820% 5 294,903 3.86% 30,345 Overnight Investments 40,897,392 Varies Varies 3.49% 707,679 Totals (Main Portfolio) 494,972,623 55,386,707 4.18% 10,268,397 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. #12..

Attachment 5
Issue Name / Type Trustee Bank Investment Total Amount
Instl Res Tre and Agny Cash Adv6541 $210,948.65
Financial Guaranty Insurance Pol $1.00
CAMP $2,271,231.09
Total $2,482,180.74
Instl Res Tre and Agny Cash Adv6541 $285,109.78
Letter of Credit $1.00
CAMP $5,618,738.07
Total $5,903,848.85
2018 Wastewater Refunding Bank of New York Fidelity Inv MM Trsy Only $4,502.87 2020 Wastewater Refunding Bank of New York Cash $30,913.73 2025 Wastewater Bank of New York Instl Res Tre and Agny Cash Adv6541 $60,077,843.88 Fairview Village Refunding US Bank First American Treasury Obligation Fund $201,641.82 Blackrock Federal Fund Instl 30 $3,529.80
CAMP $3,216,900.33
Total $3,220,430.13
Other Post Employment Benefits Section 115
Trust PARS HighMark Plus Moderate $2,085,556.74
Pension Section 115 Trust PARS HighMark Plus Moderately Conservative $3,315,613.08 Athens Administrators (Third Party Administrator
- Worker's Compensation) Wells Fargo Bank $422,564.35
George Hills Company - General Liability Claims
Administration Services California Bank & Trust $113,640.32 Kemper Sports Management Inc. BMO Harris Bank Business Money Market $35,444.59 Stanislaus Community Foundation Modesto Commerce Bank Charles Schwab $961,178.97 Village One #2 Refunding Bank of New York
Cash with Fiscal Agent Investments
As of December 31, 2025
2008 Water Refunding COP Bank of New York
2008 Lease Revenue Bonds Bank of New York
#12..
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CITY OF MODESTO

COUNCIL AGENDA REPORT
DATE OF MEETING:

March 10, 2026
Date: February 18, 2026
TO: Mayor and City Council

THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
SUBJECT: January 2026 Accounts Payable Register and Void Report CONTACT: Maria Garnica, Accounting Manager
[email protected], 209-577-5249
DESCRIPTION:

Consider accepting an Informational Report for the January 2026 Accounts Payable Payment Register and Void Report. (Funding Source: Not Applicable) STRATEGIC PLAN ELEMENT:

This recommended action supports the City’s 2025-2026 Strategic Plan Goal H: Achieve LongTerm Financial Sustainability.

BACKGROUND:

The Finance Department manages the payment processing for all City disbursements. The City has three main types of payments which includes the following:

1. Vendors – These payments are associated with goods received and contractual services provided to the City and payroll benefits paid by the City on behalf of City employees.

2. Refunds – These payments are associated with refunds issued for deposits collected and have been authorized to be released for utility services, business licenses, building permits, rental agreements, etc. Additionally, any overpayments made by customers on their utility bills would be refunded through this type of payment.

3. Employees – These payments are associated with City-related travel advances and reimbursements related to training events or City business reimbursements.

Additionally, a monthly Void report is also provided to identify any payments that were voided through our financial accounting system and through the City’s bank. This could have triggered a re-issuance of payment or the payment could have been processed in error. #13..
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City Council, March 10, 2026
January 2026 Accounts Payable Register and Void Report