Oxnard City Council
July 7, 2026

345
Ordinance No. 3077 (Planning and Zoning Permit No. 24-570-02) City Council Date: July 7, 2026 Page 3 of 5 WHEREAS, the proposed Zone Change is consistent with the policies and directives in the

2030

General

Plan

if

the

associated

General

Plan

Amendment

(PZ

No.

24-620-03)

is

approved

and

the

Zoning

Ordinance

to

allow

orderly

development

to

those

areas

that

can

be

served

by

existing

or

planned

utilities,

transportation,

and

service

systems.

The

proposed

Zone

Change

does

not

represent

a

significant

change

in

the

2030

General

Plan

and

Zoning

Ordinance

nor

does

it

result

in

significant

new

environmental

impacts

that

have

not

been

previously

evaluated.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF OXNARD DOES ORDAIN AS

FOLLOWS:

SECTION 1. The Recitals above are true and correct and incorporated herein by this reference.

SECTION 2. The City Council finds that the Zone Change is internally consistent with all

other

provisions

of

the

City

of

Oxnard

2030

General

Plan.

SECTION 3. The City Council finds that the Zone Change will not be detrimental to the public

interest,

health,

safety,

convenience,

or

welfare

of

the

City.

SECTION 4. The City Council finds that the project site associated with the Zone Change

is

physically

suitable

in

terms

of

design,

location,

operating

characteristics,

shape,

size,

topography,

and

the

provision

of

public

and

emergency

vehicle

access,

and

public

services

and

utilities

and

is

served

by

highways

and

streets

adequate

in

width

and

improvement

to

carry

the

kind

and

quantity

of

traffic

the

proposed

use

would

likely

generate,

to

ensure

that

the

proposed

use(s)

and/or

development

will

not

endanger,

jeopardize,

or

otherwise

constitute

a

hazard

to

the

property

or

improvements

in

the

vicinity

in

which

the

property

is

located.

SECTION 5. The City Council determines that the proposed Zone Change from Residential

Multiple

Family

(R-2)

zone

to

Community

Reserve

(CR)

Zone

is

the

best

use

for

the

subject

project

site.

SECTION 6. The City Council determines that the Zone Change is in the best interests and

welfare

of

the

City

and

its

residents.

SECTION 7. In approving this ordinance for the Zone Change, the Planning Commission,

in

accordance

with

the

California

Environmental

Quality

Act

(CEQA),

determines

that

the

Project

will

not

have

a

significant

impact

on

the

environment

as

identified

and

discussed

in

MND

No.

25-03.

Pursuant

to

the

California

Environmental

Quality

Act

(CEQA)

Section

15060,

the

City

of

Oxnard

as

the

Lead

Agency,

has

prepared

an

IS/MND

(State

Clearinghouse

No.

2025101167)

in

accordance

with

the

requirements

of

the

California

Environmental

Quality

Act

(CEQA,

Public

resources

Code

§

21000,

et

seq.),

the

regulations

promulgated

thereunder

(14

California

Code

of

Regulations,

§15000,

et

seq.,

CEQA

Guidelines),

and

the

City’s

Environmental

Review

Guidelines.

The

IS/MND

identifies

and

discusses

potential

impacts,

mitigation

measures,

and

monitoring

requirements.

346
Ordinance No. 3077 (Planning and Zoning Permit No. 24-570-02) City Council Date: July 7, 2026 Page 4 of 5 SECTION 8. The City Council Approve Planning and Zoning Permit No. 24-570-02 (Prezoning)

is

approved,

as

shown

on

the

map

attached

hereto

as

Exhibit

1 and

incorporated

herein

by

reference.

SECTION 9. Except as expressly amended herein, the City’s Zoning Ordinance Map shall

remain

in

full

force

and

effect

and

shall

apply

to

the

property

affected

by

this

Ordinance.

SECTION 10. Pursuant to Government Code Section 36933(c)(1), the City Attorney was designated

to

prepare,

and

the

City

Clerk

published,

a

summary

of

this

Ordinance,

and

a

certified

copy

the

Ordinance

was

posted

in

the

Office

of

the

City

Clerk

a

minimum

of

five

days

before

the

City

Council’s

adoption

of

the

Ordinance.

SECTION 11. The City Clerk shall certify as to the adoption of this ordinance and shall cause

the

summary

thereof

to

be

published

within

fifteen

(15)

days

of

the

adoption

and

shall

post

a

certified

copy

of

this

ordinance,

including

the

vote

for

and

against

the

same,

in

the

office

of

the

City

Clerk,

in

accordance

with

Government

Code

Section

36933.

Ordinance

No.

3077

was

first

read

on

June

30,

2026,

and

finally

adopted

on

July

7,

2026

to

become

effective

thirty

days

thereafter.

PASSED and ADOPTED this 7th day of July 2026, by the following vote: AYES: NOES: ABSENT: ABSTAIN:

_____________________________
Luis A. Mc Arthur, Mayor ATTEST: APPROVED AS TO FORM: _______________________________ ___________________________ Lourdes A. López, City Clerk Stephen M. Fischer, City Attorney Exhibit: Exhibit 1: Proposed Zoning Map Page 4 of 5 347
Ordinance No. 3077 (Planning and Zoning Permit No. 24-570-02) City Council Date: July 7, 2026 Page 5 of 5 EXHIBIT 1

348

ORDINANCE NO. 3079 AN ORDINANCE OF THE CITY COUNCIL APPROVING PLANNING AND ZONING

PERMIT

NO.

24-580-03

(ZONE

TEXT

AMENDMENT)

TO

APPROVE

AMENDMENTS

TO

THE

OXNARD

CITY

CODE

(OCC)

CHAPTER

16 §SEC.

16-264.

LOT

COVERAGE

TO

MODIFY

LOT

COVERAGE

ALLOWED

IN

THE

COMMUNITY

RESERVE

(C-R)

ZONE

TO

ALLOW

FOR

THE

CONSTRUCTION

OF

A

NEW

TWO-STORY

FIRE

STATION

AND

RELATED

IMPROVEMENTS

LOCATED

ON

THE

EXISTING

0.66-ACRE

PROPERTY

AT

150

HILL

STREET

(APN:

203-0-120-130).

FILED

BY

CITY

OF

OXNARD

PUBLIC

WORKS

DEPARTMENT

ON

BEHALF

OF

THE

CITY

OF

OXNARD,

214

S.

C

STREET,

OXNARD,

CALIFORNIA

93030
WHEREAS, on October 7, 2024, City of Oxnard Public Works Department (the “Applicant”

and/or

“Permittee”)

submitted

a

request

to

approve

Planning

and

Zoning

Permit

No.

24-580-03

(Zone

Text

Amendment),

to

amend

chapter

16 of

the

Oxnard

city

code

pertaining

to

lot

coverage

allowance

in

the

community

reserve

zone

to

allow

for

the

demolition

an

existing

one-story

fire

station

(Oxnard

Fire

Station

No.

3)

and

the

construction

of

a

new

two-story

fire

station

building

(Fire

Station

No.

3),

reduced

front

yard/setbacks,

reduced

side

yards/setbacks,

increased

lot

coverage,

and

increased

building

height,

use

of

tandem

parking,

exterior

building

signage,

locating

a

trash

enclosure

near

the

property

line,

and

related

improvements

located

on

the

existing

0.66-acre

property

at

150

Hill

Street

(“the

Project”);

and

WHEREAS, on October 7, 2024, the “applicant” also filed the following entitlement applications

with

the

City

of

Oxnard,

Special

Use

Permit

(PZ

24-500-07),

Zone

Change

(PZ

24-570-02),

General

Plan

Amendment

(PZ

24-620-03),

and

Initial

Study/Mitigated

Negative

Declaration

(IS/MND)

NO.

25-03;

and
WHEREAS, the City of Oxnard as the Lead Agency, has prepared Final IS/MND No. 25-03

in

accordance

with

the

requirements

of

the

California

Environmental

Quality

Act

(CEQA,

Public

resources

Code

§

21000,

et

seq.),

the

regulations

promulgated

thereunder

(14

California

Code

of

Regulations,

§15000,

et

seq.,

CEQA

Guidelines),

and

the

City’s

Environmental

Review

Guidelines;

and
WHEREAS, pursuant to provisions of the California Environmental Quality Act and CEQA

Guidelines,

Section

15063,

and

following

an

Initial

Study

and

environmental

assessment

of

possible

adverse

impacts,

the

project

will

not

have

a

significant

effect

on

the

environment

because

of

the

inclusion

of

certain

mitigation

measures

for

which

lessened

potential

adverse

impacts

to

a

level

of

less

than

significant.

Therefore,

the

Planning

Division

has

prepared

a

Mitigated

Negative

Declaration

with

mitigation

measures

and

monitoring

program

in

accordance

with

the

provisions

of

CEQA,

including,

without

limitation

CEQA

Guidelines

Sections

15070,

15071,

15072,

and

15073,

which

have

been

incorporated

as

conditions;

and
WHEREAS, a Notice of Intent to Adopt an Initial Study and Draft Mitigated Negative Declaration

(IS/MND)

(MND

No.

25-03)

for

the

Project

was

published

and

posted

on

October

349
Ordinance No. 3079 (Planning and Zoning Permit No. 24-580-03) City Council Date: July 7, 2026 Page 2 of 5 28, 2025, at the State Office of Land Use and Climate Innovation (LCI) website and at the Ventura

County

Recorder’s

Office

pursuant

to

CEQA

Guidelines

Sections

15072

and

15073;

and
WHEREAS, the public comment period on the Draft IS/MND ran for thirty (30) days commencing

on

October

27,

2025

and

ending

on

November

26,

2025;

and
WHEREAS, after the close of the comment period on the IS/MND, the IS/MND was modified

as

set

forth

in

Chapter

4 of

the

Response

to

Comment

document;

and
WHEREAS, in accordance with the California Environmental Quality Act (CEQA) and the

State

CEQA

Guidelines,

the

City

has

prepared

Final

IS/MND

No.

25-03

containing

all

comments

received

on

the

Draft

IS/MND

No.

25-03

written

responses

to

all

substantive

comments,

and

necessary

changes

to

the

text

of

the

Draft

IS/MND

25-03;

and
WHEREAS, the Commission considered Final IS/MND No. 25-03 prior to taking action on

the

Project;

and
WHEREAS, on April 2, 2026, the Planning Commission conducted a duly noticed public hearing

to

consider

the

Applicant’s

request

to

approve

Planning

and

Zoning

Permit

No.

24-580-03

(Zone

Text

Amendment)

to

amend

chapter

16 of

the

Oxnard

city

code

pertaining

to

lot

coverage

allowance

in

the

community

reserve

zone

to

allow

the

construction

of

a

new

two-story,

and

related

improvements,

in

accordance

with

Sections

16-575

through

16-590

(Zone

Change)

of

the

Oxnard

City

Code;

and

WHEREAS, on June 30, 2026, the City Council conducted a duly noticed public hearing to

consider

the

Applicant’s

request

to

approve

Planning

and

Zoning

Permit

No.

24-580-03

(Zone

Text

Amendment)

to

amend

chapter

16 of

the

Oxnard

city

code

pertaining

to

lot

coverage

allowance

in

the

community

reserve

zone

to

allow

the

construction

of

a

new

two-story,

and

related

improvements,

in

accordance

with

Sections

16-575

through

16-590

(Zone

Change)

of

the

Oxnard

City

Code;

and

WHEREAS, the City Council finds that the proposed zone text amendment would be a reasonable

exercise

of

the

City’s

police

powers

to

ensure

the

continued

health,

safety,

and

welfare

by

allowing

lot

coverage

to

exceed

25%

of

the

total

lot

area

for

projects

in

the

Community

Reserve

(CR)

zone

with

the

approval

of

a

Special

Use

Permit

(SUP);

and
WHEREAS, the City Council finds that the proposed zone text amendment conforms to the

following

City

of

Oxnard

2030

General

Plan

Goals

and

Policies;

and
WHEREAS, the City Council finds that the proposed ZTA is in the public interest and reflects

the

input

from

residents

and

stakeholders

in

the

community,

and

decision-makers.

There

are

no

changes

recommended

under

the

proposed

ZTA

that

would

reduce

or

compromise

existing

standards

that

protect

the

health,

safety

or

general

welfare

of

the

City;

and

350
Ordinance No. 3079 (Planning and Zoning Permit No. 24-580-03) City Council Date: July 7, 2026 Page 3 of 5 WHEREAS, the City Council finds after due study and deliberation that the applicant agrees

with

the

necessity

of

and

accepts

all

elements,

requirements,

and

conditions

of

this

Resolution

as

being

a

reasonable

manner

of

preserving,

protecting,

providing

for,

and

fostering

the

health,

safety,

and

welfare

of

the

citizenry

in

general

and

the

persons

who

work,

visit

or

live

in

this

development

in

particular.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF OXNARD DOES ORDAIN

AS

FOLLOWS:

SECTION 1. The foregoing recitals are true and correct and are hereby incorporated herein

by

reference.

SECTION 2. The City Council finds that the Zone Text Amendment is internally consistent

with

all

other

provisions

of

the

City

of

Oxnard

2030

General

Plan.

SECTION 3. The City Council finds that the Zone Text Amendment will not be detrimental

to

the

public

interest,

health,

safety,

convenience,

or

welfare

of

the

City.

SECTION 4. The City Council determines that the Zone Text Amendment is in the best interests

and

welfare

of

the

City

and

its

residents.

SECTION 5. In approving this Ordinance for the Zone Text Amendment, the City Council,

in

accordance

with

the

California

Environmental

Quality

Act

(CEQA),

determines

that

the

Project

will

not

have

a

significant

impact

on

the

environment

as

identified

and

discussed

in

MND

No.

25-03.

Pursuant

to

the

California

Environmental

Quality

Act

(CEQA)

Section

15060,

the

City

of

Oxnard

as

the

Lead

Agency,

has

prepared

an

IS/MND

(State

Clearinghouse

No.

2025101167)

in

accordance

with

the

requirements

of

the

California

Environmental

Quality

Act

(CEQA,

Public

resources

Code

§

21000,

et

seq.),

the

regulations

promulgated

thereunder

(14

California

Code

of

Regulations,

§15000,

et

seq.,

CEQA

Guidelines),

and

the

City’s

Environmental

Review

Guidelines.

The

IS/MND

identifies

and

discusses

potential

impacts,

mitigation

measures,

and

monitoring

requirements.

SECTION 6. The City Council hereby approves Planning and Zoning Permit No. 24-580-03

(Zone

Text

Amendment),

attached

hereto

as

Exhibit

1 and

incorporated

herein

by

reference

as

recommended

by

the

Planning

Commission.

SECTION 7. Except as expressly amended herein, the Oxnard City Code shall remain in full

force

and

effect.

SECTION 8. Pursuant to Government Code Section 36933(c)(1), the City Attorney was designated

to

prepare,

and

the

City

Clerk

published,

a

summary

of

this

Ordinance,

and

a

certified

copy

the

Ordinance

was

posted

in

the

Office

of

the

City

Clerk

a

minimum

of

five

days

before

the

City

Council’s

adoption

of

the

Ordinance.

SECTION 9. The City Clerk shall certify as to the adoption of this ordinance and shall cause

the

summary

thereof

to

be

published

within

fifteen

(15)

days

of

the

adoption

and

shall

post

351
Ordinance No. 3079 (Planning and Zoning Permit No. 24-580-03) City Council Date: July 7, 2026 Page 4 of 5 a certified copy of this ordinance, including the vote for and against the same, in the office of the City

Clerk,

in

accordance

with

Government

Code

Section

36933.

Ordinance

No.

3079

was

first

read

on

June

30,

2026,

and

finally

adopted

on

July

7,

2026

to

become

effective

thirty

days

thereafter.

PASSED and ADOPTED this 7th day of July 2026, by the following vote: AYES: NOES: ABSENT: ABSTAIN:

_____________________________
Luis A. Mc Arthur, Mayor ATTEST: APPROVED AS TO FORM: _______________________________ ___________________________ Lourdes A. López, City Clerk Stephen M. Fischer, City Attorney Exhibits: Exhibit 1: Proposed Zone Text Amendment

352
Ordinance No. 3079 (Planning and Zoning Permit No. 24-580-03) City Council Date: July 7, 2026 Page 5 of 5 EXHIBIT 1 Zone Text Amendment To Allow Lot Coverage To Exceed 25% Subject To Approval

Of

A

Special

Use

Permit
Section 16-264. Lot Coverage: Section 16-264 of Chapter 16 of the Oxnard City Code is hereby amended

to

allow

a

lot

coverage

of

buildings

or

structures

to

exceed

25%

of

the

lot

area

subject

to

a

Special

Use

Permit

to

read

as

follows

(new

text

underlined

and

highlighted

in

yellow):

SEC. 16-264. LOT COVERAGE.

The total area of the parcel which may be covered by buildings or structures shall not exceed

25%

of

the

total

lot

area.

Additional

lot

coverage

may

permitted

on

approval

of

a
special use permit as provided in sections 16-530 to 16-553.

353

CITY COUNCIL AGENDA REPORT

INFORMATION/CONSENT AGENDA
AGENDA ITEM NO. L.6

DATE: July 7, 2026

TO: City Council

FROM: Michael Wolfe, Public Works Director, (805) 385-8055, [email protected]

SUBJECT: Public Project Agreement 32700024 with The Willis Corporation dba Ventura County Overhead Door for Environmental Resources: Roll Up Doors Replacement Project, Specification No. PW 26-51.

RECOMMENDATION

That the City Council approve and authorize:

1. A total of $429,000.00 in Project funds for the Environmental Resources: Roll Up Doors Replacement project, Specification No. PW 26-51;

2. The Mayor to Execute an Agreement with The Willis Corporation dba Ventura County Overhead Door in the amount of $330,000.00 for the Project and approve a Project contingency amount of $66,000.00 (20%) with The Willis Corporation dba Ventura County Overhead Door for a total not to exceed value of $396,000.00 for the Project; and

3. A Project allocation amount of $33,000.00 (10%) for engineering, inspection, survey and project management for the Project.
(This item did not originate in Committee as this is a capital improvement project specifically listed in the City's Capital Improvement Program budget, which was previously approved by the City Council at the May 19, 2026, City Council meeting.)

BACKGROUND

The Del Norte Regional Recycling and Transfer Station, operated by the Environmental Resources Division, is a high-use solid waste material recycling facility (MRF) that relies on multiple industrial roll-up doors for daily operational activities, vehicle circulation, material processing, equipment access, ventilation, and facility security. Several of the existing roll-up doors and associated operating equipment have exceeded their useful service life and are experiencing operational deficiencies, including unreliable operation, deteriorated components, excessive wear, and increased maintenance needs.

Functional roll-up doors are required by the Local Enforcement Agency (LEA)/CalRecycle to maintain the facility’s licensing. These industrial roll-up doors serve as the primary engineering control for fulfilling State Minimum Standards regarding odor control, vector (pest) management, and windblown litter.

The scope for PW 26-51, Environmental Resources: Roll Up Doors Replacement project, is intended to improve facility reliability, operational safety, and functionality through the replacement of aging industrial doors and associated systems.

The project includes furnishing all labor, materials, equipment, and incidentals necessary to remove and dispose of thirteen existing industrial steel roll-up doors and related equipment and to furnish and install thirteen new industrial steel roll-up doors, door operators, controls, and associated appurtenances in accordance with manufacturer operational standards.

The existing doors are a critical facility infrastructure that supports continuous operations at the Del Norte facility. Failure 354
of these systems may result in operational disruptions, violations from the LEA, reduced facility efficiency, safety concerns, and increased maintenance costs. Replacing the existing doors will improve operational reliability, reduce long- term maintenance demands, improve worker safety, and help maintain continuity of Environmental Resources operations.

The work is tentatively scheduled to begin in late July and continue into September (60 working days), absent any delays for supply chain issues, unforeseen site conditions or weather. Staff will work closely with the Environmental Resources team to keep them informed of the schedule and to coordinate construction activities in a manner that will minimize any impact to their operations.

Capital Improvement Plan (CIP) Reference:

Project No. C2618 – ER Rollup Doors Replacement - CIP 2025-2029- Adopted February 17, 2026 Midyear – Page N/A.

DISCUSSION

The Notice Inviting Formal Bids (NIFB) for the Project was originally published on April 23, 2026, in the local newspaper. Additionally, the NIFB was posted on Planet Bids and multiple other online platforms, including the City’s website, and distributed directly to 12 contractors who have registered with the City to be notified of Public Project bids within their license category. A total of 64 contractors were notified for this project. All bids were opened on May 27, 2026, and the City received the following bids:

The Willis Corporation dba Ventura County Overhead Door: $330,000.00 J T Lewis Inc dba National Garage Door Company: $441,936.00 eRoom: $553,470.00

The lowest bidder is The Willis Corporation dba Ventura County Overhead Door (Ventura County Overhead Door) and its bid is responsive to the City’s NIFB. Following this determination, procurement staff reviewed all documentation received from Ventura County Overhead Door and its subcontractors. Procurement staff verified possession of required, currently valid licenses, reviewed the federal Occupational Safety and Health Administration (OSHA) website for safety violations, and verified registration with the California Department of Industrial Relations (DIR). Based upon the available information and research performed to date, staff believes that the contractor is capable of satisfactorily completing the project. Thus, staff recommends that the City Council award the contract for this Project to The Willis Corporation dba Ventura County Overhead Door.

In addition to the project award amount of $330,000.00, Staff recommends authorizing $99,000.00 for the project, which includes $66,000.00 for project contingency (20% of the contract costs) and $33,000.00 for the cost for engineering services and City staff (10% of the contract cost). Engineering services include the following activities during construction: engineering, inspection, survey and project management. A 20% construction contingency is being requested due to the heightened potential of unforeseen site conditions at the Del Norte Regional Recycling and Transfer Station. The existing roll-up doors and associated operating systems have been in service for many years within a harsh solid waste processing environment characterized by continuous operational use, dust, vibration, moisture, corrosive materials, and exposure to the elements. While the project scope includes replacement of the doors, operators, controls, and associated appurtenances, concealed deterioration, undocumented modifications, damaged structural supports, electrical deficiencies, and other unforeseen conditions may be encountered during demolition and installation activities that are not fully observable during pre-construction investigations. Given the critical nature of these facility systems and the need to maintain ongoing operations and regulatory compliance, a higher contingency will provide the flexibility necessary to address unforeseen conditions efficiently while minimizing delays, change orders, operational disruptions, and impacts to facility licensing requirements. These recommendations bring the total estimated cost of the project to $429,000.00.

STRATEGIC PRIORITIES

This agenda item supports the Infrastructure and Natural Resources strategy. The purpose of the Infrastructure and Natural Resources strategy is to preserve and improve our roads, utilities, parks, trees, water supply and natural resources through effective planning, prioritization, and an equitable and efficient use of available funding. 355

FINANCIAL IMPACT

The total cost for this Project shall not exceed $429,000.00, which includes the construction agreement, contingency and project allocation. The Environmental Resources: Roll Up Doors Replacement project (C2618) has a budget of $1,320,000 from the Solid Waste Operating Fund (631) programmed in the FY 2026-27 CIP budget.

The ongoing maintenance cost for the Roll Up Doors Replacement, Specification No. PW 26-51 will have no new initial impacts on the Environmental Resources Division Operating budget, in comparison to the annual operating cost for the previous Roll Up Doors.

COMMITTEE OUTCOME

This item did not originate in Committee as this is a capital improvement project specifically listed in the City's Capital Improvement Program budget, which was previously approved by the City Council at the May 19, 2026, City Council meeting.

Prepared by: Morgan Kessler, City Engineer

ATTACHMENTS

1. Agreement 32700024

356
Agreement No. 32700024

1 CONSTRUCTION CONTRACT FOR
ENVIRONMENTAL RESOURCES: ROLL UP DOORS REPLACEMENT PROJECT SPECIFICATION NO. PW 26-51

BY AND BETWEEN

THE CITY OF OXNARD
AND

THE WILLIS CORPORATION DBA VENTURA COUNTY OVERHEAD DOOR

THIS CONSTRUCTION CONTRACT (the “Contract”) is made and entered this ______ day of _____________, 2026 (“Effective Date”), by and between the CITY OF OXNARD, a California municipal corporation (“City”) and THE WILLIS CORPORATION DBA VENTURA COUNTY OVERHEAD DOOR (“Contractor”). Contractor’s license number is 734650. The City and Contractor are sometimes hereinafter referred to as a “Party” and collectively referred to as the “Parties.”
WHEREAS, the City requires construction of the ENVIRONMENTAL RESOURCES: ROLL UP DOORS REPLACEMENT PROJECT as more fully described in the bid package issued by the City for SPECIFICATION NO. PW 26-51 (the “Project”); and

WHEREAS, on April 23, 2026, the City issued a Notice Inviting Bids and Contract Documents to prospective bidders for the Project. In response, Contractor submitted a Bid which the City determined to be the lowest responsive and responsible bid; and WHEREAS, Contractor is a duly organized corporation in good standing in the State of California, and represents that it has the background, knowledge, experience, expertise and resources to perform the Work and other obligations encompassed by this Contract; and WHEREAS, at its meeting held on ________________________, the Oxnard City Council duly accepted Contractor’s Bid Proposal for the Project and directed that a written agreement for the Project be entered into with Contractor; and
WHEREAS, in light of the facts set forth above and the certifications made by Contractor as part of its Bid, the City desires to retain Contractor to perform the construction Work for the Project as set forth in this Contract and in the Contract Documents, as hereinafter described.

NOW, THEREFORE, IN CONSIDERATION OF THE COVENANTS, CONDITIONS, AND

PROMISES CONTAINED HEREIN AND FOR SUCH OTHER GOOD AND VALUABLE CONSIDERATION, THE PARTIES HERETO AGREE AS FOLLOWS:

1. RECITALS

The Recitals set forth above are true and correct and are hereby incorporated into this Contract by this reference, as though set forth herein.

357
Agreement No. 32700024

2 2. CONTRACT DOCUMENTS; ORDER OF PRECEDENCE

A. Contract Documents. The Contract Documents consist of the following documents, all of which are either attached hereto as exhibits or are incorporated herein by this reference.

Said Contact Documents are complementary; what is called for in one is binding as if called for in all, and together constitutes Contractor’s performance obligations:

1. Contract and its attached Exhibits, subject to the limitations in Sections 10 (“Prevailing Wage”) and 24 (“Ambiguities”) with respect to Exhibit “A” (Contractor’s submitted Bid Proposal as accepted by the City);

2. Change Orders issued and approved by the City;

3. Regulatory Permits from other agencies or as may otherwise be required by law;

4. Bid Addenda issued by the City;

5. Notice Inviting Bids and Instructions to Bidders;

6. Special Provisions;

7. General Provisions;

8. Plans;

9. Bid Forms and attachment thereto;

10. Performance Bond;

11. Payment Bond.

3. CONTRACTOR’S OBLIGATIONS

A. Contractor will perform all of the Work required for the Project, as specified in the Contract Documents. Contractor must provide, furnish, and supply all things necessary and incidental for the timely performance and completion of the Work, including all necessary labor, materials, supplies, tools, equipment, transportation, onsite facilities, and utilities, unless otherwise specified in the Contract Documents. Contractor must use its best efforts to diligently prosecute and complete the Work in a professional and expeditious manner and to meet or exceed the performance standards required by the Contract Documents, and to the satisfaction of the Public Works Director or his/her designee (hereinafter the “Project Manager”).

B. Until the acceptance of the Work, the Contractor shall have the responsible charge and care of the Work and of the materials to be used therein, (including materials for which partial payment has been received or materials which have been furnished by the Owner), and shall bear the risk of injury, loss or damage to any part thereof by the action of the elements or from any other cause, whether arising from the execution or from the nonexecution of the Work.

C. The Contractor shall rebuild, repair, restore, and make good all injuries, losses, damages to any portion of the Work or the materials occasioned by any cause before its completion and acceptance, and shall bear the expense thereof. Where necessary to protect the Work or materials from damage, the Contractor shall, at the Contractor’s expense, provide suitable drainage and erect such temporary structures as are necessary to protect the Work or materials from damage.

D. The suspension of the Work from any cause whatever shall not relieve the Contractor of his responsibility for the Work and materials as herein specified. If ordered by the Owner’s Representative, the Contractor shall, at the Contractor’s sole cost and expense, properly store materials which have been partially paid for by the Owner or which have been furnished by the Owner. Such storage by the Contractor shall be on behalf of the Owner, 358
Agreement No. 32700024

3 and the Owner shall, at all times, be entitled to the possession of such materials, and the Contractor shall promptly return the same to the site for the work when requested. The Contractor shall not dispose of any of the materials so stored, except with written authorization from the Owner.

E. In an emergency affecting the safety of life or property, including adjoining property, the Contractor, without special instructions or authorizations, is authorized to act at the Contractor’s discretion to prevent such threatened loss or injury, and shall so act as though instructed to do so by the Owner.

F. Notwithstanding the foregoing provisions of this article, the Contractor shall not be responsible for the cost of repairing or restoring damage to the work, which damage is determined to have been proximately caused by an Act of God, in excess of five (5) percent of the contracted amount, provided the work is built in accordance with accepted and applicable building standards and the approved Plans and Specifications.

1. “Acts of God” shall include earthquakes in excess of a magnitude of 3.5 on the Richter Scale, wildfires and tidal waves.

4. LICENSES REQUIRED

A. The Contractor shall possess a valid Class C-61/D-28 (Doors, Gates, and Activating Devices) Contractor’s license issued by California State Contractors License Board.

B. If traffic control in a construction zone is required, it must be performed by a State of California Construction Zone Traffic Control Contractor, Specialty License Classification C-31.

C. In accordance with Section 7028.15 of the Business and Professions Code, all Contractors shall be licensed in accordance with the laws of the State of California and any Contractor or Subcontractor not so licensed is subject to the penalties imposed by such laws.

D. The Contractor will also be required to possess a City of Oxnard business license at the time of Contract award.

5. CONTRACT PRICE; PAYMENT AND RETENTION

A. As full and complete compensation for Contractor’s timely performance and completion of the Work in strict accordance with the terms and conditions of the Contract Documents, City will pay Contractor THREE HUNDRED THIRTY THOUSAND DOLLARS ONLY, ($330,000.00) (the “Contract Price”) for all of Contractor’s direct and indirect costs to perform the Work, including all labor, materials, supplies, equipment, taxes, insurance, bonds and all overhead costs, in accordance with Contractor’s Bid Proposal (attached hereto as Exhibit “A”) subject to the provisions of this Contract and the Contract Documents.

B. Procedures relating to payment and retention are set forth in the Special Provisions.

359
Agreement No. 32700024

4 6. CONTRACT TIME; NOTICE TO PROCEED; TERM

A. Contract Time. The Work under this Agreement shall be diligently prosecuted to completion before expiration of sixty (60) Working Days, after the issuance of the Notice to Proceed. The City will not issue a Notice to Proceed to the Contractor until this Contract, including payment and performance bonds, insurance documents, business tax certificate have been executed and/or approved by the City.

B. Notice to Proceed. No work, service, material, or equipment shall be performed or furnished under this Contract unless and until a Notice to Proceed has been given to the Contractor by the City. Contractor shall commence Work pursuant to the Contract Documents and as directed by the City in the Notice to Proceed, and diligently execute the same to completion within the Contract Time. Any Work that is done by the Contractor in advance of such time shall be considered as being done at the Contractor’s own risk and responsibility, and as a consequence will be subject to rejection.

C. Term. The Contract is effective as of the Effective Date listed, and shall remain in full force and effect until the Contractor has completed all Work pursuant to the Contract Documents, the City has accepted all Work, and the Contract Term has ended, unless the Contract has been otherwise terminated by the City.

7. DISPUTE RESOLUTION AND CLAIMS PROCEDURES

A. Public Contract Code Section 9204. For purposes of any Public Works Claims filed by a Contractor or Subcontractor (as those terms are defined in Public Contract Code Section 9204) under this Contract, the claims procedures in Public Contract Code Section 9204 (“Section 9204”) and the provisions of this Section shall apply.

1. In the event of a Section 9204 Public Works Claim, Contractor may not stop working pending resolution of the dispute, but must continue to comply with its duty to diligently prosecute the performance and timely completion of the Work during the Section 9204 process.

2. Any Public Works Claims not resolved by the Section 9204 procedures (and/or any tort claims) shall be subject to the provisions of the Government Claims Act (Government Code section 810 et seq.).

B. Public Contract Code Section 20104 et al. For purposes of any Public Works Claims of three hundred and seventy-five thousand dollars ($375,000) or less filed by a Contractor or Subcontractor (as those terms are defined in Public Contract Code Section 9204), the claims procedures in Public Contract Code Section 20104.2 and the provisions of this Section shall apply.

1. In the event of a Section 20104 Public Works Claim, Contractor may not stop working pending resolution of the dispute, but must continue to comply with its duty to diligently prosecute the performance and timely completion of the Work during the Section 20104.2 process.

360
Agreement No. 32700024

5 2. Any Public Works Claims not resolved by the Section 20104.2 procedures (and/or any tort claims) shall be subject to the provisions of Section 20104.4 and the Government Claims Act (Government Code section 810 et seq.).

C. For disputes or claims that do not constitute Public Works Claims, City and Contractor agree to comply with the following process:

1. Each Party shall designate a senior management or executive level representative to negotiate any dispute.

2. The representatives shall attempt, through good faith negotiations, to resolve the dispute by any means within their authority.

3. If the issue remains unresolved after ten (10) days of good faith negotiations, the Parties shall attempt to resolve the disagreement by negotiation between the legal counsel for each Party. If the above process fails, the Parties may mutually agree to engage in non-binding mediation or arbitration in which the Parties equally share the costs of any mediator or arbitrator, or may proceed with suit or other remedies, subject to the provisions of subparagraph (5) of this Subsection and other applicable provisions and laws.

4. The alternative dispute resolution process set forth herein is a material condition to Contract and must be exhausted as an administrative remedy prior to either Party initiating legal action.

5. The provisions of the Government Claims Act (Government Code section 810 et seq.) are also required prior to initiating suit against the City.

8. TERMINATION OF AGREEMENT FOR CONVENIENCE

A. The City may, by providing thirty (30) days' advance written notice to Contractor, terminate this Agreement in whole or in part, whenever the City shall determine that such termination is in the best interests of the City, or when it becomes impracticable or impossible to proceed, or because of conditions or events beyond the control of the City. Any such termination shall be effected by delivery to Contractor of a Notice of Termination for Convenience, specifying the extent to which performance of Work under this Agreement is terminated, and the date upon which such termination becomes effective. Upon such termination, the obligations of the Contractor for portions of the Work already performed shall continue.

B. Upon receipt of a Notice of Termination for Convenience, the Contractor shall, unless the notice directs otherwise, do the following:

1. Immediately discontinue the Work to the extent specified in the notice.

2. Place no further orders or subcontracts for materials, equipment, services, or facilities, except as may be necessary to complete such portion(s) of the Work that are not to be discontinued.

3. Promptly cancel, on the most favorable terms reasonably possible, all subcontracts to the extent that they relate to the performance of the discontinued portion of the Work.

4. Thereafter do only such Work as may be necessary to preserve and protect the Work already in progress and to protect materials, plants, and equipment on the Project site or in transit thereto.
361
Agreement No. 32700024

6 C. Upon such termination, the Contractor will be paid without duplication for:

1. Work completed in accordance with the Contract Documents prior to the effective date of the Notice of Termination for Convenience;

2. Reasonable costs incurred in settlement of terminated contracts with Subcontractors, suppliers and others; and

3. Reasonable expenses directly attributable to termination.

The Contractor shall submit a final termination settlement proposal to the City no later than ninety (90) days from the effective date of termination, unless extended in writing by the City, upon written request by the Contractor. If the Contractor fails to submit a proposal, the City may determine the amount, if any, due the Contractor as a result of the termination. The City will pay the Contractor the amount it determines is reasonable. If the Contractor disagrees with the amount determined by the City as being reasonable, the Contractor shall provide notice to the City within thirty (30) Days of receipt of payment. Any amount due shall be subject to the dispute resolution provisions set forth in the Contract Documents.

D. Contractor shall include provisions in all of its subcontracts, purchase orders, and other contracts permitting termination for convenience by Contractor on terms that are consistent with this Contract and that afford no greater rights of recovery against Contractor than are afforded to Contractor under this Section 7.

9. TERMINATION FOR CONTRACTOR’S DEFAULT

A. Default. The City may terminate this Contract for Contractor’s default as set forth in this Section. The City will consider the Contractor in default of this Contract if, prior to the City’s acceptance of the Work, the Contractor:

1. becomes insolvent, assigns its assets for the benefit of its creditors, is unable to pay its debts as they become due, or is otherwise financially unable to complete the Work;

2. abandons the Work by failing to report to the Work site and diligently prosecute the Work to completion;

3. disregards written instructions from the City or materially violates provisions of the Contract Documents;

4. fails to prosecute the Work according to the schedule approved by the Engineer,

5. disregards laws or regulations of any public body having jurisdiction, or

6. commits continuous or repeated violations of regulatory or statutory safety requirements.

Notices, and other written communications regarding default between the Contractor, the City, and the Surety shall be transmitted in accordance with Section 25 (“NOTICES”) of this Contract.

B. Notice and Opportunity to Cure. The City will issue a written notice to cure the default to the Contractor and its Surety. The Contractor shall commence satisfactory corrective actions within five (5) Working Days after receipt. If the Contractor fails to commence satisfactory corrective action within five (5) Working Days after receipt of the notice to cure, or to diligently continue satisfactory and timely correction of the default thereafter, the City will consider the Contractor in default of the Contract and:

362
Agreement No. 32700024

7 1. will terminate the Contractor’s right to perform under the Contract by issuing a written notice of termination for default to the Contractor and its Surety;

2. may use any materials, equipment, tools or other facilities furnished by the Contractor to secure and maintain the Work site, and

3. may furnish labor, equipment, and materials the City deems necessary to secure and maintain the Job Site;

C. Remedies Cumulative. The provisions of this Section shall be in addition to all other legal rights and remedies available to the City. Termination of this Contract will not relieve the Surety of its obligation for any just claims arising out of the Work performed.

10. PREVAILING WAGE

A. Compliance with State Prevailing Wage Requirements. Pursuant to Labor Code Section 1773, the City has obtained the prevailing rate of per diem wages and the prevailing wage rate for holiday and overtime work applicable in Ventura County, California from the Director of the Department of Industrial Relations (DIR) for each craft, classification, or type of worker needed to perform the Work required under this Contract. A copy of these prevailing wage rates are on file at the City’s Finance Department/Purchasing Division and shall be made available for review to any interested party on request. In addition, a copy of the prevailing rate of per diem wages may be obtained via the internet at:
http://www.dir.ca.gov/DLSR/PWD. Contractor and all Subcontractors shall pay not less than said specified State of California rates to all workers employed by them in the execution of the Work contemplated by this Contract, including workers performing Work covered by under Labor Code Sections 1720 and 1720.9. Contractor shall be responsible for using the correct and current prevailing wage rates. Contractor shall be solely responsible for using the correct wage decision or determination and performing accordingly. An error on the part of any awarding body does not relieve the Contractor from the responsibility for payment of the correct prevailing wage.

B. Conflict. It is further expressly agreed by and between the Parties hereto that should there be any conflict between the terms of this Section 10 and the provisions of Exhibit “A”, the terms of this Section 10 shall control and nothing herein shall be considered as an acceptance of the terms of Contractor’s Submitted Bid Proposal conflicting with the requirements of this Section 10.

C. Payroll Records. Contractor must comply with the provisions of Labor Code sections 1776 and 1812 and all implementing regulations, including without limitation, those set forth in Title 8 of the California Code of Regulations, Section 16000 et seq. (hereinafter the “Regulations”), which are fully incorporated by this reference, including requirements for electronic submission of payroll records to the DIR.

1. Contractor and Subcontractor Obligations. Contractor and each Subcontractor must keep accurate payroll records, showing the name, address, social security number, work classification, straight time and overtime hours worked each day and week, and the actual per diem wages paid to each journeyman, apprentice, worker, or other employee employed in connection with the Work. Each payroll record must contain or be verified by a written declaration that it is made under penalty of perjury, stating both of the following:
363
Agreement No. 32700024

8 a. The information contained in the payroll record is true and correct; and b. Contractor or the Subcontractor has complied with the requirements of Labor Code §§ 1771, 1811, and 1815 for any Work performed by its employees on the Project.

2. Certified Record. A certified copy of an employee’s payroll record must be made available for inspection or furnished to the employee or his or her authorized representative on request, to City, to the Division of Labor Standards Enforcement, to the Division of Apprenticeship Standards of the DIR, and as further required by the Labor Code.

3. Enforcement. Upon notice of noncompliance with Labor Code § 1776, Contractor or Subcontractor has ten days in which to comply with the requirements of this section.

If Contractor or Subcontractor fails to do so within the ten-day period, Contractor or Subcontractor will forfeit a penalty of $100.00 per day, or portion a day, for each worker for whom compliance is required, until strict compliance is achieved. Upon request by the Division of Apprenticeship Standards, or the Division of Labor Standards Enforcement, these penalties will be withheld from payments then due to Contractor.

D. Apprentices. Contractor is responsible for compliance with the requirements governing employment and payment of apprentices, as set forth in Labor Code section 1777.5, which is fully incorporated by reference.

E. Notices. Pursuant to Labor Code section 1771.4, Contractor is required to post all Job Site notices, including prevailing wage rates and other notices as required by regulation.

F. Other Labor Requirements. Contractor has the responsibility for and shall comply with all other requirements of California Labor Code Section 1720 et seq., the Regulations, and all other applicable State labor laws. Contractor further acknowledges and agrees that it will be independently responsible for reviewing the applicable laws and regulations and effectuating compliance with those laws. Contractor will require the same of all its Subcontractors.

G. Statutory Penalties. The statutory penalties for failure to pay prevailing wage or to comply with State wage and hour laws will be enforced as follows:

1. Pursuant to Labor Code section 1775, the Contractor and any Subcontractor under it shall forfeit as a penalty to the City not more than two hundred dollars ($200.00), for each calendar day, or portion thereof, for each worker paid less than the prevailing wage rate as determined by the Director of the DIR for such work or craft in which such worker is employed for any public work done under this Contract by it or by any Subcontractor under it. The difference between such prevailing wage rate and the amount paid to each worker for each calendar day or portion thereof, for which each worker was paid less than the prevailing wage rate, shall be paid to each worker by the Contractor.

2. The Contractor or Subcontractor shall, as a penalty to the City, forfeit twenty-five dollars ($25) for each worker employed in the execution of this Contract by the respective contractor or Subcontractor for each calendar day during which the worker is required or permitted to work more than eight (8) hours in any one calendar day and forty (40) 364
Agreement No. 32700024

9 hours in any one calendar week in violation of the provisions of this Subsection. In awarding any contract for public work, Contractor must forfeit to City twenty-five dollars ($25.00) per day for each worker who works in excess of the minimum working hours when Contractor does not pay overtime. In accordance with the provisions of Labor Code Sections 1810 et seq., eight (8) hours is the legal working day.

H. DIR Monitoring. Pursuant to Labor Code § 1771.4, the Contract for this Project is subject to compliance monitoring and enforcement by the DIR.

I. DIR Registration. Pursuant to Labor Code sections 1725.5 and 1771.1, the Contractor and its Subcontractors must be registered with the DIR prior to the execution of a contract to perform public works. By entering into this Contract, Contractor represents that it is aware of the registration requirement and is currently registered with the DIR. Contractor shall maintain a current registration for the duration of the Project. Contractor shall further include the requirements of Labor Code sections 1725.5 and 1771.1 in any subcontract and ensure that all Subcontractors are registered at the time this Contract is entered into and maintain registration for the duration of the Project.

11. LIQUIDATED DAMAGES

If Contractor fails to complete the Work within the Contract Time, City will assess liquidated damages in the amount of TWO HUNDRED FIFTY DOLLARS ($250) per day for each Calendar Day of unexcused delay in completion, and such liquidated damages may be deducted from City’s payments due or to become due to Contractor under this Contract.

12. COMPLIANCE WITH LAWS

Contractor shall comply with all Laws applicable to the performance of the Work required by the Contract Documents, including any rule, regulation, or bylaw governing the conduct or performance of Contractor, its employees, officers, board members, agents, independent contractors, and Subcontractors. Unless otherwise specified in the Contract Documents, all required permits and licenses, including a City business license, shall be held or obtained by the Contractor at its sole expense and prior to commencing any Work hereunder.

13. WORKERS’ COMPENSATION CERTIFICATION

Pursuant to Labor Code § 1861, by signing this Contract, Contractor certifies as follows: “I am aware of the provisions of Labor Code § 3700 which require every employer to be insured against liability for workers’ compensation or to undertake self-insurance in accordance with the provisions of that code, and I will comply with such provisions before commencing the performance of the Work on this Contract.”

14. INSURANCE

Contractor shall procure and maintain at its own expense at all times during the period covered by this Contract (and through the one-year guarantee period following the date of City’s acceptance of the Project) the following policies of insurance as approved by the City’s Risk Manager as set forth in INS-D attached as Exhibit B to this Contract.

15. RESERVED
365
Agreement No. 32700024

10 16. TIME OF THE ESSENCE

Time is of the essence in the performance of this Contract.

17. INDEMNIFICATION

A. Notwithstanding the limits of any insurance and to the fullest extent permitted by law, Contractor shall indemnify the City, its elected or appointed officials, officers, agents, volunteers and employees against, and will hold and save them and each of them harmless from, any and all actions, suits, claims, damages to persons or property, losses, costs, penalties, obligations, errors, omissions or liabilities, (hereinafter "Claims or Liabilities") that may be asserted or claimed by any person, firm or entity arising or alleged to arise out of or in connection with the performance of the Work, operations, or activities of Contractor, its agents, employees, Subcontractors, or invitees on the Project, or arising or alleged to arise from the acts or omissions of Contractor hereunder, or arising or alleged to arise from Contractor's performance of or failure to perform any term, provision, covenant or condition of this Contract, but excluding such Claims or Liabilities or portion of such Claims or Liabilities arising or alleged to arise from the active negligence, sole negligence, or willful misconduct of the City, its elected or appointed officials, officers, agents, volunteers, or employees, and in connection therewith:

1. Contractor will defend any action or actions filed in connection with any of said Claims or Liabilities and will pay all costs and expenses, including legal costs and attorneys' fees incurred in connection therewith;

2. Contractor will promptly pay any judgment rendered against the City, its elected or appointed officials, officers, agents, volunteers, or employees for any such claims or liabilities arising or alleged to arise out of or in connection with Contractor's (or its agents', employees', Subcontractors' or invitees') performance of or failure to perform such Work, operations or activities hereunder; and Contractor agrees to save and hold the City, its elected or appointed officials, officers, agents, volunteers and employees harmless therefrom;

3. In the event the City, its elected or appointed officials, officers, agents, volunteers, or employees is made a party to any action or proceeding filed or prosecuted against Contractor for such damages or other claims arising or alleged to arise out of or in connection with the performance of or failure to perform the Work, operation, or activities of Contractor hereunder, Contractor shall pay to the City, its elected or appointed officials, officers, agents ,volunteers, or employees, any and all costs and expenses incurred by the City, its elected or appointed officers, officials, agents, volunteers, or employees in such action or proceeding, including but not limited to, legal costs and attorneys' fees for counsel acceptable to City;

4. Contractor's duty to defend, indemnify, and hold harmless as set out in this Section shall include any claims, liabilities, obligations, losses, demands, actions, penalties, suits, costs, expenses or damages or injury to persons or property arising or alleged to arise from, in connection with, as a consequence of, or pursuant to any state or federal law or regulation regarding hazardous substances, including but not limited to, the Federal Insecticide, Fungicide and Rodenticide Act ("FIFRA"), Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), Resource Conservation and Recovery Act of 1976 ("RCRA"), the Hazardous and Solid Waste Amendments of 1984, the Hazardous Material Transportation Act, the Toxic 366
Agreement No. 32700024

11 Substances Control Act, the Clean Air Act, the Clean Water Act, the California Hazardous Substance Account Act, the California Hazardous Waste Control Law or the PorterCologne Water Quality Control Act, as any of those statutes may be amended from time to time.

B. City will timely notify Contractor upon receipt of any third-party claim relating to the Contract, as required by Public Contract Code § 9201. The Contractor's indemnification and defense obligations pursuant to this Section shall survive the termination of this Contract. Contractor shall require the same indemnification from all Subcontractors.

18. THIRD PARTY CLAIMS

The City shall have full authority to compromise or otherwise settle any claim relating to the Project at any time. The City shall timely notify the Contractor of the receipt of any third-party claim relating to the Project. The City shall be entitled to recover its reasonable costs incurred in providing this notice.

The Contractor shall not have any authority to compromise or otherwise settle any claim relating to the Project; any effort by the Contractor to do so shall be deemed a breach of the Contract, and the City will not participate in any such compromise or settlement. Within five (5) Calendar Days of the date that the Contractor receives any third-party claim relating to this Project, the Contractor shall provide written notice thereof and a copy of the claim to the City Attorney.

19. CONFLICTS OF INTEREST

The Contractor shall not accept any employment or representation during the Contract Term or within twelve (12) months thereafter that is or may likely make the Contractor “financially interested,” as provided in Government Code Sections 1090 and 87100, in any decisions made by the City on any matter in connection with which the Contractor has been retained pursuant to the Contract Documents.”

20. REPORTS; BOOKS AND RECORDS; AUDIT

A. Upon request by the Project Manager, Contractor shall prepare and submit reports concerning Contractor's performance of the Work required by this Contract.

B. Contractor shall keep such books and records as shall be necessary to perform the work required by this Contract and enable the Project Manager to evaluate the cost and the performance of such Work.

C. Books and records pertaining to costs shall be kept and prepared in accordance with generally accepted accounting principles, and Contractor and its subcontractors shall establish and maintain a financial management system and records that properly accumulate and segregate reasonable, allowable, and allocable incurred Project costs and matching funds by line item for the Project. The Project Manager and shall have full and free access to such books and records at all reasonable times, including the right to inspect, copy, audit, and make records and transcripts from such records.

D. Records and supporting documents pertaining to the use of funds paid to Contractor hereunder shall be retained by Contractor and made available to the Project Manager for purposes of performing an audit for a period of five (5) years from the termination of this Contract.
367
Agreement No. 32700024

12 21. NONDISCRIMINATORY EMPLOYMENT

A. The Contractor shall not unlawfully discriminate against any individual based on race, religion or religious creed, color, national origin, ancestry, ethnic group identification, primary language, physical disability, mental disability, medical condition, genetic information, marital status, sex, gender, gender identity, gender expression, age, sexual orientation, immigration status, citizenship or military and veteran status. The Contractor shall comply with the nondiscrimination mandates of all statutes, ordinances and regulations.

B. For every Subcontractor who will perform Work on the Project, the Contractor shall be responsible for such Subcontractor’s compliance with this Section. The Contractor shall include in the written contract between itself and each Subcontractor a copy of the provisions in this Section and a requirement that each Subcontractor shall comply with those provisions. The Contractor shall be required to take all actions necessary to enforce such contractual provisions and ensure Subcontractor’s compliance. The Contractor shall diligently take corrective action to halt or rectify any failure to comply.

22. MODIFICATIONS AND AMENDMENTS

This Contract may be modified or amended only by written Change Orders as specified in the Contract Documents or a written instrument signed by both Parties.

23. ENTIRE AGREEMENT

A. This Contract supersedes any and all prior or contemporaneous agreements, either oral or written, between the City and Contractor with respect to the subject matter of this Contract.

B. The Contract Documents contain all of the covenants and agreements between the Parties with respect to the subject matter herein, and each Party acknowledges that no representations, inducements, promises, or agreements have been made by or on behalf of any Party, except those covenants and agreements in this Contract and the Contract Documents incorporated herein.

C. No agreement, statement, or promise with respect to the subject matter of the Contract Documents, which is not contained in the Contract Documents, or in a valid modification or amendment to the Contract Documents, shall be valid or binding on either Party.

24. AMBIGUITIES

This Contract is in all respects intended by each Party hereto to be deemed and construed to have been jointly prepared by the Parties and the Parties hereby expressly agree that any uncertainty or ambiguity existing herein shall not be interpreted against either of them. Except as expressly limited by this paragraph, all of the applicable rules of interpretation of contract shall govern the interpretation of any uncertainty or ambiguity of this Contract. Notwithstanding the foregoing, the Parties agree that Exhibit “A” is attached hereto for reference purposes, and to the extent there are any ambiguities, inconsistencies, or conflicts between the terms of this Contract and Exhibit “A”, the terms of this Contract shall control and nothing set forth in Exhibit “A” shall be deemed to supersede any of the provisions of this Contract.

368
Agreement No. 32700024

13 25. NOTICES

A. Any notice to be provided pursuant to this Contract shall be in writing, and all such notices shall be delivered by personal service or by deposit in the United States mail, certified or registered, return receipt requested, with postage prepaid, and addressed to the Parties as follows:

TO CITY: City of Oxnard
305 W. Third Street, East Wing, Third Floor
Oxnard, CA 93030

TO CONTRACTOR: The Willis Corporation dba Ventura County Overhead Door
1151 Callens Road
Ventura, CA 93003

Notices, payments, and other documents shall be deemed delivered upon receipt by personal service or as of the second (2nd) day after deposit in the United States mail.

B. Either Party, or the surety, may change its address by giving notice in writing to all other parties listed above, and thereafter notices shall be addressed and transmitted to such new address.

26. NON-LIABILITY OF CITY OFFICERS AND EMPLOYEES

No officer or employee of the City shall be personally liable to Contractor, or any successor in interest, in the event of any default or breach by the City or for any amount, which may become due to Contractor or to its successor(s), or for any breach of any obligation of the terms of this Contract.

27. REVIEW BY ATTORNEYS

Each Party hereto has had its attorneys review this Contract and all related documents. Each Party hereto has consulted with its attorneys and has negotiated the terms of this Contract based on such consultation.

28. BONDS

Concurrently with the execution of this Contract by the Contractor, and before the commencement of any Work, Contractor shall furnish to the City a Performance Bond, and a Payment Bond (Labor and Materials Bond) each in an amount equal to one hundred percent (100%) of the Contract Price written on the forms included in the Contract Documents. These bonds must remain in force until the later of (a) the expiration of the one-year guarantee period; or (b) one year from the date of completion of the corrective Work. Such bonds must be issued by a responsible corporate Surety, licensed and authorized to issue such bonds in the State of California.

369
Agreement No. 32700024

14 29. CARE OF WORK

Contractor must adopt reasonable methods during the life of the Contract to furnish continuous protection to the Work, and the equipment, materials, papers, documents, plans, studies, and other components to prevent losses or damages, and will be responsible for all damages, to persons or property, until acceptance of the Work by the City, except those losses or damages as may be caused by the City’s own negligence. The performance of the Work by Contractor or the payment of money by the City shall not relieve Contractor from any obligation to correct any incomplete, inaccurate, or defective Work (including the obligation to remedy any defective Work or materials during the one-year guarantee period after the City’s acceptance thereof) at no further cost to the City.

30. CAPTIONS AND HEADINGS

The captions and headings contained in this Contract are provided for identification purposes only and shall not be interpreted to limit or define the content of the provisions described under the respective caption or heading.

31. OWNERSHIP OF DOCUMENTS

No portion of the Contract Documents may be used for any purpose other than construction of the Project, without prior written consent from City. Contractor is deemed to have conveyed the copyright in any designs, drawings, specifications, Shop Drawings, or other documents (in paper or electronic form) developed by Contractor for the Project, and City will retain all rights to such works, including the right to possession.

32. SUCCESSORS, HEIRS, AND ASSIGNS

Except as otherwise expressly provided herein, this Contract shall be binding upon the successors, endorsees, assigns, heirs, and personal representatives of each of the Parties and, likewise, shall inure to the benefit of the successors, endorsees, assigns, heirs, and personal representatives of each of the Parties. This Contract may not be assigned or transferred by Contractor without the concurrence of the surety and express written consent of the City.

33. GENDER; PLURAL

In this Contract, unless the context clearly requires otherwise, the masculine, feminine and neuter genders and the singular and the plural shall include one another.

34. SEVERABILITY

If any one or more of the sentences, clauses, paragraphs, or sections contained herein is declared invalid, void, or unenforceable by a court of competent jurisdiction, the same shall be deemed severable from the remainder of this Contract and shall not affect, impair, or invalidate any of the remaining sentences, clauses, paragraphs, or sections contained herein.

35. GOVERNING LAW

The validity of this Contract and any of its terms or provisions, as well as the rights and duties of the Parties under this Contract, shall be construed pursuant to and in accordance with California law.
370
Agreement No. 32700024

15 36. CUMULATIVE REMEDIES

Except with respect to rights and remedies expressly declared to be exclusive in this Contract, the rights and remedies of the Parties are cumulative and the exercise by either Party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default of any other default by the other Party.

37. VENUE

All proceedings involving disputes over the terms, provisions, covenants, or conditions contained in this Contract and all proceedings involving any enforcement action related to this Contract shall be initiated and conducted in the applicable court or forum in Ventura County, California.

38. EFFECTIVENESS OF CONTRACT

This Contract shall not be binding upon the City until signed by the authorized representative(s) of Contractor, approved by the City’s Risk Manager and as to form by the City Attorney, and executed by the authorized City personnel or the Mayor.

39. REPRESENTATIONS OF PARTIES AND PERSONS EXECUTING CONTRACT

Each of the Parties to this Contract hereby represents that all necessary and appropriate actions of their governing bodies have been taken to make this Contract a binding obligation of each of the Parties hereto. The persons executing this Contract warrant that they are duly authorized to execute this Contract on behalf of and bind the Parties each purports to represent.

40. WAIVER

No delay or omission in the exercise of any right or remedy by a non-defaulting Party on any default under this Contract shall impair such right or remedy or be construed as a waiver. A Party's consent to or approval of any act by the other Party requiring the Party's consent or approval shall not be deemed to waive or render unnecessary the other Party's consent to or approval of any subsequent act. Any waiver by either Party of any default must be in writing and shall not be a waiver of any other default concerning the same or any other provision of this Contract.

41. INDEPENDENT CONTRACTOR STATUS

Contractor is an independent contractor. All persons working for or under the direction of the Contractor are the Contractor's employees, agents, or subcontractors, and they shall not be deemed agents, servants, or employees of the City.

42. COUNTERPARTS

This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, but they shall not be effective nor enforceable unless and until it is executed with the handwritten signature or electronic signature of an authorized representative of each of the relevant Parties. Each counterpart shall be deemed to be a part of this Contract.

371
Agreement No. 32700024

16 43. PROVISIONS REQUIRED BY LAW DEEMED INSERTED

Each and every provision of law and clause required by Law to be inserted in this Contract shall be deemed to be inserted herein and the Contract shall be read and enforced as though it were included herein, and if through mistake or otherwise any such provision is not inserted, or is not currently inserted, then upon application of either Party the Contract shall forthwith be physically amended to make such insertion or correction.

44. ATTORNEY'S FEES

If either Party commences an action against the other Party, whether legal, administrative, or otherwise, arising out of or in connection with this Contract, the prevailing party in such litigation shall be entitled to have and recover from the losing party reasonable attorney's fees and all other costs of such action.

[END OF THIS PAGE – SIGNATURE PAGE FOLLOWS]

372
Agreement No. 32700024

17 IN WITNESS WHEREOF, the Parties have entered into this Contract effective on the date as stated herein and upon signature of all Parties.

CITY OF OXNARD CONTRACTOR

 Luis A. Mc Arthur, Mayor1 Date Daniel LoGuercio, CEO 2 Date ☐ Purchasing Agent

Gregory Bailey, CFO and Date
Secretary

ATTEST:

Lourdes A. López, Date
City Clerk (only if Mayor signs)

APPROVED AS TO FORM:

________________________ __________
Stephen M. Fischer, Date
City Attorney (always required)

1 The City Council must authorize and the Mayor must execute any agreement over $220,000. The Purchasing Agent may execute any authorized agreement up to $220,000.
2 The City requires the following for any contract:
● For a corporation, the signatures of the Board President, CEO or Vice President and of the Board Secretary, Assistant Secretary, CFO or Assistant Treasurer;
● For an LLC, the signatures of at least two managers of the LLC (company directors, not lower-level managers); or ● For a partnership, the signature of a partner. If the partnership is a limited partnership, the signer must be a general partner.

If the company has a different structure, or if the above-listed persons are not the appropriate signers, please submit to the City Attorney legally- binding documentation stating who can sign and bind your company.

373
Agreement No. 32700024

18 EXHIBITS

Exhibit A: Contractors Bid Proposal.

Exhibit B: Form INS-D: Insurance Requirements.

Exhibit C: [RESERVED]
Exhibit D: [RESERVED]
Exhibit E: [RESERVED]
Exhibit F: [RESERVED]
Exhibit G: Grant of Non-Exclusive Right of Entry Agreement Bonds

The corresponding exhibits and forms contained within follow.

374

EXHIBIT A

CONTRACTORS BID PROPOSAL
375
376

EXHIBIT B
FORM INS-D: INSURANCE REQUIREMENTS

INSURANCE REQUIREMENTS FOR SMALL/MEDIUM CONSTRUCTION AND SERVICES CONTRACTS (WITHOUT BUILDER’S RISK REQUIREMENT)

Contractor shall obtain and maintain during the performance of any services under this Contract the following insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of services hereunder by Contractor, its agents, representatives, employees or subcontractors.

Commercial General Liability Insurance, including Contractual Liability, in an amount not less than $1,000,000 combined single limit for bodily injury and property damage for each claimant for general liability with coverage equivalent to Insurance Services Office Commercial General Liability Coverage (Occurrence Form CG 0001). If a general aggregate limit is used, that limit shall apply separately to the project location or shall be twice the occurrence amount;

Business Automobile Liability Insurance in an amount not less than $1,000,000 combined single limit for bodily injury and property damage for each claimant for automobile liability with coverage equivalent to Insurance Services Office Automobile Liability Coverage (Occurrence Form CA0001) covering Code No. 1, “any auto;”

If architectural, engineering, or electrical work will be performed under the Contract, Professional Liability/Errors and Omissions Insurance appropriate to the work being done in an amount not less than $1,000,000, with neither Contractor nor listed subcontractors having less than $500,000 individually. The Professional Liability/Errors and Omissions Insurance must be project specific with at least a one-year extended reporting period, or longer upon request.

Workers’ Compensation Insurance in compliance with the laws of the State of California, and Employer’s Liability Insurance in an amount not less than $1,000,000 per claimant. Additionally, the workers’ compensation policy shall include a waiver of all rights of subrogation which the insurer may have against the City.

1. Contractor shall, prior to performance of any services, file with the Risk Manager certificates of insurance with original endorsements effecting coverage required by this Exhibit INS-D. The certificates and endorsements for each insurance policy are to be signed by a person authorized by that insurer to bind coverage on its behalf. The certificates and endorsements are to be on the attached forms or on other forms approved by the Risk Manager. All certificates and endorsements are to be received and approved by the Risk Manager before work commences. City reserves the right to require complete certified copies of all required insurance policies at any time. The certificates of insurance and endorsements shall be sent via email. If you have not received your request or are having difficulty with electronic upload, contact [email protected] Contractor agrees that all insurance coverages shall be provided by a California admitted insurance carrier with an A.M. Best rating of A:VII or better and shall be endorsed to state that coverage may not be suspended, voided, canceled by either party, or reduced in coverage or limits without 30 days’ prior written notice to the Risk Manager. The Risk Manager shall not approve or accept any endorsement if the endorsement contains “best effort” modifiers or if the insurer is relieved from the responsibility to give such notice.

Contractor agrees that the Commercial General Liability and Business Automobile Liability Insurance policies shall be endorsed to name City, its City Council, officers, employees and volunteers as additional insureds as respects: liability arising out of activities performed by or on behalf of Contractor; products and completed operations of Contractor; premises owned, occupied or used by Contractor; or automobiles owned, leased, hired or borrowed by Contractor. The coverage shall contain no special limitations on the scope of protection afforded to City, its City Council, officers, employees and volunteers. The General Liability Special Endorsement Form and Automobile Liability Special Endorsement Form attached to this Exhibit INS-D or substitute forms containing the same information and acceptable to the Risk Manager shall be used to provide the endorsements (ISO form CG 2010 11/85 or if not available, CG 2010 with an edition date prior to 01/04 and CG 2037).

The coverages provided to City shall be primary and not contributing to or in excess of any existing City insurance or self-insurance coverages (this must be endorsed). Additionally, the workers’ compensation policy shall include a waiver of all rights of subrogation which the insurer may have against the City. Any failure to comply with reporting provisions of the policies shall not affect coverage provided to City, its City Council, officers, employees and volunteers. The insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer’s liability.

Any deductibles or self-insured retentions must be declared to and approved by the Risk Manager. At the option of the Risk Manager, either the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects City, its City Council, officers, employees and volunteers, or the Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.

All insurance standards applicable to Contractor shall also be applicable to Contractor’s subcontractors. Contractor agrees to maintain appropriate agreements with subcontractors and to provide proper evidence of coverage upon receipt of a written request from the Risk Manager.

6/26

377

INSTRUCTION FOR SUBMITTING INSURANCE CERTIFICATES AND ENDORSEMENT FORMS

Certificates of Insurance

The sample accord form on the following page is provided to facilitate your preparation and submission of certificates of insurance.

You may use this or any industry form that shows coverage as broad as that shown on the attached sample. Please note the certificate holder address must be as shown on the attached sample accord form with the contract number and insurance exhibit identification information completed. Improperly addressed certificates may delay the contract start-up date because the City’s practice is to return unidentifiable insurance certificates to the insured for clarification as to the contract number.

Cancellation provisions must be endorsed to the policy. Modifying the certificate does not change coverage or obligate the carrier to provide notice of cancellation.

Endorsement Forms

Original endorsements are required for general liability and automobile liability insurance policies and must be attached to the applicable certificate of insurance. City preference is that you use the endorsement forms which are attached. Substitute forms will be accepted, however, as long as they include provisions comparable to the attached.

INS-D.doc

378

SAMPLE

ACORD CERTIFICATE OF INSURANCE ISSUE DATE (MM/DD/YY)

PRODUCER

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.

CODE SUB-CODE COMPANIES AFFORDING INSURANCE COVERAGE INSURED COMPANY

LETTER A SPECIFY COMPANY NAMES IN THIS SPACE COMPANY

LETTER B COVERAGES
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. CO LTR

TYPE OF INSURANCE POLICY NUMBER POLICY EFFECTIVE DATE (MM/DD/YY)

POLICY EXPIRATION DATE (MM/DD/YY)
LIMITS

A

GENERAL LIABILITY [x] COMMERCIAL GENERAL LIABILITY [x] CLAIMS MADE [x] OCCUR. [x] OWNER'S & CONTRACTOR'S PROT.

GENERAL AGGREGATE $1,000,000
PRODUCTS COMP/OP AGG. $1,000,000
PERSONAL & ADV. INJURY $1,000,000
EACH OCCURRENCE $1,000,000
FIRE DAMAGE (Any one fire) $
MED. EXPENSE (Any one person) $

A

AUTOMOBILE LIABILITY [x] ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NON-OWNED AUTOS GARAGE LIABILITY

COMBINED SINGLE $1,000,000
LIMIT
BODILY INJURY $
(Per person)
BODILY INJURY $
(Per accident)
PROPERTY DAMAGE $

A

EXCESS LIABILITY UMBRELLA FORM OTHER THAN UMBRELLA FORM

EACH OCCURRENCE $
AGGREGATE $

A

WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY

STATUTORY LIMITS
EACH ACCIDENT $1,000,000
DISEASE-POLICY LIMIT $1,000,000
DISEASE-EACH EMPLOYEE $1,000,000

A

OTHER
Errors and omissions insurance or malpractice insurance available for the insured's profession; if architectural, engineering or electrical work will be performed under the Agreement

Minimum coverage $1,000,000
Each consultant/ $500,000
& listed sub-consultant

DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES/RESTRICTIONS/SPECIAL ITEMS

CERTIFICATE HOLDER
CITY OF OXNARD ℅ Evident ID, Inc.
8520 Allison Pointe Blvd. Ste 223
PMB 5210
Indianapolis, Indiana 462500-4299 US

CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE COMPANY, ITS AGENTS OR REPRESENTATIVES. AUTHORIZED REPRESENTATIVE

379

GENERAL LIABILITY SPECIAL ENDORSEMENT FOR THE CITY OF OXNARD (the “City”) SUBMIT IN DUPLICATE ENDORSEMENT NO.

ISSUE DATE (MM/DD/YY)

PRODUCER POLICY INFORMATION:

Insurance Company: Policy No.: Policy Period: (from) (to) LOSS ADJUSTMENT EXPENSE  Included in Limits  In Addition to Limits Telephone:  Deductible  Self-Insured Retention (check which) of $ with an Aggregate of $ applies to coverage.  Per Occurrence  Per Claim (which)

NAMED INSURED APPLICABILITY This insurance pertains to the operations, products and/or tenancy of the named insured under all written agreements and permits in force with the City unless checked here  in which case only the following specific agreements and permits with the City are covered:

CITY AGREEMENTS/PERMITS

TYPE OF INSURANCE GENERAL LIABILITY
 COMMERCIAL GENERAL LIABILITY
 COMPREHENSIVE GENERAL LIABILITY
 OWNERS & CONTRACTORS PROTECTIVE

 Claims Made
Retroactive Date
 Occurrence

OTHER PROVISIONS

COVERAGES
LIABILITY LIMITS IN THOUSANDS $ EACH OCCURRENCE AGGREGATE  GENERAL
 PRODUCTS/COMPLETED OPERATIONS
 PERSONAL & ADVERTISING INJURY
 FIRE DAMAGE



Underwriter=s representative for claims pursuant to this insurance.

CLAIMS:

Name:

Address:

Telephone: ( )
In consideration of the premium charged and notwithstanding any inconsistent statement in the policy to which this endorsement is attached or any endorsement now or hereafter attached thereto, insurance company agrees as follows:

INSURED. The City, its officers, agents, employees and volunteers are included as insureds with regard to liability and defense of suits arising from the operations, products and activities performed by or on behalf of the named insured.

CONTRIBUTION NOT REQUIRED. As respects: (a) work performed by the named insured for or on behalf of the City; or (b) products sold by the named insured to the City; or (c) premises leased by the named insured from the City, the insurance afforded by this policy shall be primary insurance as respects the City, its officers, agents, employees or volunteers; or stand in an unbroken chain of coverage excess of the named insured’s scheduled underlying primary coverage. In either event, any other insurance maintained by the City, its officers, agents, employees or volunteers shall be in excess of this insurance and shall not contribute with it.

SEVERABILITY OF INTEREST. This insurance applies separately to each insured against whom claim is made or suit is brought except with respect to the company’s limits of liability. The inclusion of any person or organization as an insured shall not affect any right which such person or organization would have as a claimant if not so included.

CANCELLATION NOTICE. With respect to the interests of the City, this insurance shall not be canceled, or materially reduced in coverage or limits except after thirty (30) days prior written notice by receipted delivery has been given to the City.

PROVISIONS REGARDING THE INSURED’S DUTIES. Any failure to comply with reporting provisions of the policy or breaches or violations of warranties shall not affect coverage provided to the City, its officers, agents, employees or volunteers.

SCOPE OF COVERAGE. This policy, if primary, affords coverage at least as broad as:

Insurance Services Office Commercial General Liability Coverage, “occurrence” form CG0001; or If excess, affords coverage which is at least as broad as the primary insurance form CG0001.

Except as stated above nothing herein shall be held to waive, alter or extend any of the limits, conditions, agreements or exclusions of the policy to which this endorsement is attached.

ENDORSEMENT HOLDER

CITY OF OXNARD ℅ Evident ID, Inc.
8520 Allison Pointe Blvd. Ste 223
PMB 5210
Indianapolis, Indiana 462500-4299 US

AUTHORIZED REPRESENTATIVE
 Broker/Agent  Underwriter  I (print/type name), warrant that I have authority to bind the above-mentioned insurance company and by my signature hereon do so bind this company to this endorsement. Signature (original signature required) Telephone: ( ) Date Signed Rev. 6/26 INS-D.doc

380

AUTOMOBILE LIABILITY SPECIAL ENDORSEMENT FOR THE CITY OF OXNARD (the “City”) SUBMIT IN DUPLICATE ENDORSEMENT NO.

ISSUE DATE (MM/DD/YY)

PRODUCER POLICY INFORMATION: Insurance Company: Policy No.: Policy Period: (from) (to) LOSS ADJUSTMENT EXPENSE  Included in Limits  In Addition to Limits Telephone:  Deductible  Self-Insured Retention (check which) of $ with an Aggregate of $ applies to coverage.  Per Occurrence  Per Claim (which)

NAMED INSURED
APPLICABILITY. This insurance pertains to the operations, products and/or tenancy of the named insured under all written agreements and permits in force with the City unless checked here  in which case only the following specific agreements and permits with the City are covered:

CITY AGREEMENTS/PERMITS

TYPE OF INSURANCE
OTHER PROVISIONS  COMMERCIAL AUTO POLICY
 BUSINESS AUTO POLICY
 OTHER LIMIT OF LIABILITY
CLAIMS: Underwriter’s representative for claims pursuant to this insurance.

Name:

Address:

Telephone: ( )

$ per accident, for bodily injury and property damage.

In consideration of the premium charged and notwithstanding any inconsistent statement in the policy to which this endorsement is attached or any endorsement now or hereafter attached thereto, insurance company agrees as follows:

1. INSURED. The City, its officers, agents, volunteers and employees are included as insureds with regard to liability and defense of suits arising from the operations, products and activities performed by or on behalf of the named insured.

CONTRIBUTION NOT REQUIRED. As respects: (a) work performed by the named insured for or on behalf of the City; or (b) products sold by the named insured to the City; or (c) premises leased by the named insured from the City, the insurance afforded by this policy shall be primary insurance as respects the City, its officers, agents, employees or volunteers; or stand in an unbroken chain of coverage excess of the named insured’s scheduled underlying primary coverage. In either event, any other insurance maintained by the City, its officers, agents, employees or volunteers shall be in excess of this insurance and shall not contribute with it.

SEVERABILITY OF INTEREST. This insurance applies separately to each insured against whom claim is made or suit is brought except with respect to the company’s limits of liability. The inclusion of any person or organization as an insured shall not affect any right which such person or organization would have as a claimant if not so included.

CANCELLATION NOTICE. With respect to the interests of the City, this insurance shall not be canceled, or materially reduced in coverage or limits except after thirty (30) days prior written notice by receipted delivery has been given to the City.

PROVISIONS REGARDING THE INSURED’S DUTIES. Any failure to comply with reporting provisions of the policy or breaches or violations of warranties shall not affect coverage provided to the City, its officers, agents, employees or volunteers.

SCOPE OF COVERAGE. This policy, if primary, affords coverage at least as broad as:

Insurance Services Office Automobile Liability Coverage, “occurrence” form CA0001, code ("any auto"); or If excess, affords coverage which is at least as broad as the primary insurance form referenced in the preceding section (1).

Except as stated above nothing herein shall be held to waive, alter or extend any of the limits, conditions, agreements or exclusions of the policy to which this endorsement is attached.

ENDORSEMENT HOLDER

CITY OF OXNARD ℅ Evident ID, Inc.
8520 Allison Pointe Blvd. Ste 223
PMB 5210
Indianapolis, Indiana 462500-4299 US

AUTHORIZED REPRESENTATIVE
 Broker/Agent  Underwriter 

I (print/type name), warrant that I have authority to bind the above-mentioned insurance company and by my signature hereon do so bind this company to this endorsement.

Signature
(original signature required)

Telephone: ( ) Date Signed

Rev. 6/26 INS-D.doc
381

EXHIBIT C
[RESERVED]

382

EXHIBIT D
[RESERVED]
383

EXHIBIT E
[RESERVED]
384

EXHIBIT F
[RESERVED]
385

EXHIBIT G

GRANT OF NON-EXCLUSIVE RIGHT OF ENTRY AND INDEMNIFICATION AGREEMENT BY AND BETWEEN THE CITY OF OXNARD AND _______________
THIS RIGHT OF ENTRY AND INDEMNIFICATION AGREEMENT (the “Agreement”), is made and entered into by and between the City of Oxnard, a municipal corporation located in the County of Ventura, State of California, hereinafter referred to as the “Grantor”, and _____________, a California corporation, hereinafter referred to as the “Grantee.” Grantor and Grantee are sometimes hereinafter referred to individually as “Party” and collectively referred to as the “Parties.”
RECITALS:

WHEREAS, the Grantor is the owner of certain properties located in the City of Oxnard, Assessor’s Parcel Numbers _________________, as more particularly described in Attachment A attached hereto and incorporated herein by this reference (the “Subject Properties”); and WHEREAS, _____________ is planning to secure a temporary non-exclusive right of entry on City of Oxnard property; and
WHEREAS,__________ will procure an agreement with a contractor who will utilize the Subject Properties for staging of construction equipment, materials, office trailer, vehicle parking and portable restrooms with overnight security; and
WHEREAS, In light of the benefits of the__________ and in cooperation with _______________, the Grantee is requesting the Grantor to permit the Grantee, its contractor and its representatives, servants, employees, subcontractors and other agents to enter upon the Subject Properties in order to use the Subject Properties, as well as any restoration thereto, in accordance with this Agreement; and
WHEREAS, the Grantor desires to permit the Grantee to enter upon and use the Subject Properties in accordance with the terms of this Agreement.

NOW THEREFORE, IN CONSIDERATION OF THE COVENANTS, CONDITIONS, AND PROMISES CONTAINED HEREIN, THE PARTIES AGREE AS FOLLOWS:

Section 1. GRANT OF RIGHT OF ENTRY
The Grantor hereby grants the Grantee a temporary non-exclusive right of entry upon the Subject Properties for the purpose of use for working, lay down and staging areas, including the right to locate construction trailers and construction equipment, storing equipment and materials; on the areas shaded in pink and blue on Attachment “A” attached hereto and made a part hereof, hereinafter referred to as “staging area.”

386

Section 2. GRANTEE’S RESPONSIBILITY
The Grantee shall, at its sole expense, perform, or cause to be performed, all of the services associated with installing, maintaining, operating, repairing, and removing any improvements necessary to make the Subject Properties suitable for safe use of Subject Properties, in a manner causing the least amount of interference with the Subject Properties, including, without limitation, taking reasonable precautions to assure the safety of persons and property on the Subject Properties.

The Grantee shall erect and maintain temporary fencing and gates with a locking device to enclose the areas of use, and shall remove such fencing and gates at the end of the term of this agreement.

The Grantee shall comply with all applicable laws, ordinances, and regulations pertaining to its use. Grantee is required under State and local law to re-stabilize any disturbed locations within the area of use in order to control soil erosion and sediment runoff at the conclusion of the use of the Subject Properties by Grantee.

The Grantee shall restore, replace, or repair, as applicable, any of the Grantor’s property damaged or destroyed as a result of the Grantee’s right of entry on the Subject Properties during the Term of this Agreement.

Section 3. INDEMNIFICATION
The Grantee shall indemnify, defend, and hold harmless the Grantor, and its respective officers, officials, employees, agents, representatives, and assigns from and against any and all actions, suits, proceedings, claims, demands, losses, costs, expenses, and judgments for any injury or damage of any type claimed that may involve the Grantee, its contractor and its representatives, servants, employees, subcontractors and other agents resulting from or arising out of this Agreement, except in the case of Grantor’s gross negligence or willful misconduct Section 4. COMPENSATION [Optional]
Monthly Base Rent. During the Initial Term, Grantee shall pay to Grantor as rent for the Subject Properties, the amount of ______ ($____.00) per month (the “Monthly Base Rent”), for a total amount of ____________ ($____.00) as compensation for the Right of Entry use of Subject Properties. If Grantee extends the term of the Agreement, Grantee will pay Grantor Five hundred dollars ($___.00) per month and shall continue thereafter per month or for any portion thereof.

Section 5. TERM
The Term of this Agreement shall commence on _____ __, ____ (the “Effective Date”) and shall terminate on _____ __, ____ (the “Expiration Date”).

However, if the work is not completed by the Expiration Date the right of entry shall be extended for thirty (30) calendar days after the Expiration Date of this Agreement, then Grantee’s right to enter the Subject Properties for the purpose of performing the work shall expire on that date (the “Extended Expiration Date”). A request to postpone the Expiration Date any further than the 387

Extended Expiration Date shall be accompanied by revised proposed scope of services and shall require the prior written approval of the Grantor.

Section 6. TERMINATION OR SUSPENSION
If Grantee is in violation of the terms and conditions set forth herein, this Agreement may be terminated or suspended provided Grantor provides Grantee with written notice of such violation.

Grantee shall have thirty (30) calendar days from the date of receiving said written notice of violation, to cure such violation. In the event Grantee fails to cure the violation within the time prescribed herein, Grantor has the right but not the obligation to terminate this agreement at which point Grantee shall remove all of Grantee’s or its contractors equipment materials and fencing, etc. and shall restore the Subject Properties to its original conditions.

Section 7. MODIFICATIONS AND AMENDMENTS
This Agreement may be modified or amended only by a written instrument signed by both parties.

Section 8. NOTICES
a. Any notice to be provided pursuant to this Agreement shall be in writing, and all such notices shall be delivered by personal service or by deposit in the United States mail, certified or registered, return receipt requested, with postage prepaid, and addressed to the parties as follows:

To the Grantor: The City of Oxnard [ATTN] Address
To the Grantee: Contractor [ATTN] Address b. Notices and other documents shall be deemed delivered upon receipt by personal service or as of the second (2nd) day after deposit in the United States mail. c. The parties to this Agreement may change their notification addresses from time to time upon written notice to one another.

Section 9. INSURANCE

14. INSURANCE
Grantee shall procure and maintain at its own expense at all times during the period covered by this Agreement the following policies of insurance as approved by the City’s Risk Manager as set forth in INS-X attached.

Section 10. INTERPRETATION
Any rule of construction which states that ambiguities are to be resolved against the drafting party shall not apply in interpreting this Agreement.

388

Section 11. WAIVER
a. No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this Agreement shall be effective, unless executed in writing and signed by the party making the waiver.
b. No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any such waiver constitute a continuing or subsequent waiver of the same provision.
c. Failure of either party to enforce any provision of this Agreement shall not constitute a waiver of the right to compel enforcement of the remaining provisions of this Agreement.

Section 12. CAPTIONS AND HEADINGS
The captions and headings contained in this Agreement are provided for identification purposes only and shall not be interpreted to limit or define the content of the provisions described under the respective caption or heading.

Section 13. SEVERABILITY
If any one or more of the sentences, clauses, paragraphs or sections contained herein is declared invalid, void or unenforceable by a court of competent jurisdiction, the same shall be deemed severable from the remainder of this Agreement and shall not affect, impair or invalidate any of the remaining sentences, clauses, paragraphs or sections contained herein.

Section 14. GOVERNING LAW
The validity of this Agreement and any of its terms or provisions, as well as the rights and duties of the parties under this Agreement, shall be construed pursuant to and in accordance with California law.

Section 15. RIGHTS AND REMEDIES
Except with respect to rights and remedies expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are cumulative and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party.

Section 16. MUTUAL COOPERATION
The parties hereto agree that they will each cooperate with the other, and shall provide such information and documentation as is reasonably necessary to fulfill the intent of this Agreement, and shall make diligent response to inquiries and requests for information from the other party.

389

Section 17. VENUE
All proceedings involving disputes over the terms, provisions, covenants or conditions contained in this Agreement and all proceedings involving any enforcement action related to this Agreement shall be initiated and conducted in the applicable Court of competent jurisdiction in the County of Ventura, California.

Section 18. ATTORNEY'S FEES
In the event any action, suit or proceeding is brought for the enforcement of, or the declaration of any right or obligation pursuant to this Agreement or as a result of any alleged breach of any provision of this Agreement, the prevailing party in such suit or proceeding shall be entitled to recover its costs and expenses, including reasonable attorney’s fees, and any judgment or decree rendered in such a proceeding shall include an award thereof.

Section 19. AUTHORITY
The persons executing this Agreement on behalf of the parties hereto warrant that they are duly authorized to execute this Agreement on behalf of said parties.

Section 20. COUNTERPARTS
This Agreement may be executed by the parties in counterparts, and when executed by each of the parties, each counterpart shall be deemed to be a part of this Agreement IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of _________________________, 2026.

GRANTOR GRANTEE
The City of Oxnard ______________________________

By: ______________________ By: ___________________________

Public Works Director ______________________________

Approved as to Form

By: ______________________
Stephen M. Fischer
City Attorney

390

ATTACHMENT A

(SUBJECT PROPERTIES) Parcel Numbers:

391

Bond No. __________

PAYMENT BOND
(LABOR AND MATERIALS)

KNOW ALL PERSONS BY THESE PRESENTS that:

WHEREAS the City of Oxnard (“Agency”), State of California, has awarded to The Willis Corporation dba Ventura Overhead Door, 1151 Callens Road, Ventura, CA 93003 (“Principal”) (Name and address of Contractor)
a contract (the “Contract”) for the Work described as ENVIRONMENTAL RESOURCES: ROLL UP DOORS REPLACEMENT PROJECT SPECIFICATION NO. PW 26-51.

WHEREAS, under the terms of the Contract, the Principal is required before entering upon the performance of any Work, to file a good and sufficient Payment Bond with the Agency to secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code.

NOW, THEREFORE, we, the undersigned Principal, and

(Name and address of Surety)
a corporation organized and existing under the laws of the State of __________________ (“Surety”) a duly admitted surety insurer under the laws of the State of California, as Surety, and our heirs, assignees, successors, executors and administrators are held and firmly bound, jointly and severally, unto the Agency and all Contractors, Subcontractors, laborers, material suppliers, and other persons employed in the performance of the Contract and referred to in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code in the penal sum of THREE HUNDRED THIRTY THOUSAND DOLLARS ($330,000.00), this amount being not less than one hundred percent (100%) of the total Contract Price in lawful money of the United States of America, for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this Work or labor, that the Surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this Bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorneys’ fees, incurred by Agency in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered.

It is hereby expressly stipulated and agreed that this Bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file claims under Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this Bond.

Upon expiration of the time within which the California Labor Commissioner may serve a civil wage and penalty assessment against the principal, any of its Subcontractors, or both the principal and its Subcontractors pursuant to Labor Code Section 1741, and upon expiration of the time within which a joint labor management committee may commence an action against the principal, any of its Subcontractors, or both the principal and its Subcontractors pursuant to Labor Code Section 1771.2, if the condition of this Bond be fully performed, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. 392

The Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the Contract, including all incorporated documents, shall in any manner affect its obligations on this Bond. The Surety hereby waives notice of any such change, extension, alteration, or addition. Additionally, the Surety hereby waives California Civil Code 2845 and 2849 as well as any statutes of limitation, statutes of repose and laches as they may apply to an action on this Bond.

IN WITNESS WHEREOF, this instrument has been duly executed by Principal and Surety, on the date set forth below, the name of each party being hereto affixed and these presents duly signed by its undersigned representative(s) pursuant to authority of its governing body.

Dated:

“Principal”

By:

Its:

(Seal)

“Surety”

By:

Its:

By:

Its

(Seal)

Notes: This Bond must be executed and dated, all Surety signatures must be notarized, and evidence of the authority of any person signing as attorney-in-fact must be attached. Date of Bond must not be before the Effective Date of the Contract. Surety companies executing Bonds must appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the State of California.
393

Bond No. __________

PERFORMANCE BOND
KNOW ALL PERSONS BY THESE PRESENTS that:

WHEREAS the City of Oxnard (“Agency”), has awarded to The Willis Corporation dba Ventura County Overhead Door, 1151 Callens Road, Ventura, CA 93003 (“Principal”) (Name and address of Contractor)
a contract (the “Contract”) for the Work described as ENVIRONMENTAL RESOURCES: ROLL UP DOORS REPLACEMENTPROJECT SPECIFICATION NO. PW 26-51.

WHEREAS, Principal is required under the terms of the Contract to furnish a Bond for the faithful performance of the Contract.

NOW, THEREFORE, we, the undersigned Principal, and

,
(Name and address of Surety)
a corporation organized and existing under the laws of the State of __________________ (“Surety”) a duly admitted surety insurer under the laws of the State of California, as Surety, are held and firmly bound unto the Agency in the penal sum of THREE HUNDRED THIRTY THOUSAND DOLLARS ($330,000.00), this amount being not less than one hundred percent (100%) of the total Contract Price in lawful money of the United States of America, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, assignees, successors, executors and administrators, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if the hereby bounded Principal, his, her or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the Contract and any alteration thereof made as therein provided, on the Principal’s part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the Agency, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void one (1) year from the date of recordation of the Notice of Completion for the Project; otherwise, it shall be and remain in full force and effect.

As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorneys’ fees, incurred by Agency in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. Surety hereby waives any statutes of limitation, statutes of repose and laches as they may apply to an action on this Bond.

The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract, including all incorporated documents, or of the Work to be performed thereunder or the Specifications accompanying the same shall in any way affect the Surety’s obligations under this Bond. The Surety hereby waives notice of any such change, extension of time, alteration or addition to the terms of the Contract or to the Work or to the Specifications.

Surety hereby waives California Civil Code 2845 and 2849. The City is the principal beneficiary of this Bond and has all rights of a party hereto.
394

IN WITNESS WHEREOF, this instrument has been duly executed by Principal and Surety, on the date set forth below, the name of each party being hereto affixed and these presents duly signed by its undersigned representative(s) pursuant to authority of its governing body.

Dated:

“Principal”

By:

Its:

(Seal)

“Surety”

By:

Its:

By:

Its

(Seal)

Notes: This Bond must be executed and dated, all Surety signatures must be notarized, and evidence of the authority of any person signing as attorney-in-fact must be attached. Date of Bond must not be before the Effective Date of the Contract. Surety companies executing Bonds must appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the State of California.
395

CITY COUNCIL AGENDA REPORT

REPORTS
AGENDA ITEM NO. N.1

DATE: July 7, 2026

TO: City Council

FROM: Eric Sonstegard, Assistant City Manager, (805) 385-7478, [email protected]

SUBJECT: City Investment Policy & Delegation of Investment Authority.

RECOMMENDATION

That the City Council:

1. Adopt a resolution approving the FY 2026-27 Investment Policy for the City of Oxnard;

2. Consider one of the following investment options:

1. Adopting a resolution delegating investment authority to the Elected City Treasurer,

2. Adopting a resolution delegating investment authority to the Elected City Treasurer and contracting a specially trained firm to assist the Treasurer with the investment of city funds,

3. Directing staff to contract with a specially trained firm to invest city funds in strict accordance with the FY 2026-2027 Investment Policy.

Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/aOdbAqjV3xg

BACKGROUND

California Government Code (CGC) Section 53646 establishes that a treasurer or chief fiscal officer may annually render an investment policy to be considered at a public meeting. The City of Oxnard’s Fiscal Year 2025-26 Investment Policy sections 21.0 and 23.0 provide that the investment policy shall be reviewed regularly and adopted by City Council by resolution.

CGC Section 53607 establishes that the City Council may delegate its authority to invest or to reinvest City funds, for a one-year period to the City Treasurer.

CGC Section 53060 allows the legislative body of any public or municipal corporation or district to contract with and employ any persons for the furnishing to the corporation or district special services and advice on financial, economic, accounting, engineering, legal or administrative matters if such persons are specially trained and experienced and competent to perform the special services required.

CGC Section 37103 allows the legislative body of the City to contract with any specially trained and experienced person, firm, or corporation for special services and advice in financial, economic, accounting, engineering, legal, or administrative matters.

For comparison, neighboring cities such as Simi Valley, Thousand Oaks, Camarillo, Ventura, Port Hueneme, and Santa Barbara delegate their investment duties to senior Finance Department staff. These cities do not have an elected Treasurer.

Historically, the City Council delegated their investment authority to the City Treasurer. For FY 2024-2025, the City 396
Council adopted a resolution delegating investment authority to the Chief Financial Officer (CFO). For FY 2025-2026, the City Council chose not to delegate their investment authority and instead authorized an additional Local Government Investment Pool, the California Asset Management Program (“CAMP”), as another option for the investment of excess funds.

DISCUSSION

The proposed City of Oxnard FY 2026-27 Investment Policy includes minor typographical changes compared to the policy adopted in FY 2025-26. Staff has checked publications from the California Debt and Investment Advisory Commission (CDIAC) to identify legislative changes that should be reflected in the investment policy. A revision was made to Section 8.0 pursuant to California Senate Bill 858 that amended CGC 53601(h) to increase the maximum maturity for prime quality commercial paper from 270 days to up to 397 days. The Investment Policy has been reviewed by Chief Financial Officer Javier Chagoyen-Lazaro.

The Investment Policy outlines procedures and guidelines for managing surplus funds in a fiscally responsible manner.

The Investment Policy encompasses those funds over which the City exercises fiscal control, stipulates allowable and unallowable investment alternatives, establishes parameters for selecting broker/dealers and financial institutions with which the City may do business, and prioritizes the City’s public funds management objectives of safety, liquidity, and yield. Specifically, the Investment Policy states:

• Safety
o Safety of principal is the foremost objective of the investment program. Investments made by the City shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required to prevent any potential loss on any individual security or depository from exceeding the income generated from the remainder of the portfolio. • Liquidity
o The investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated.
• Return on Investments
o The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, considering the investment risk constraints and the cash flow characteristics of the portfolio. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments is limited to relatively low-risk securities in anticipation of earning a fair return relative to the risk being assumed.

The Investment Policy also mandates review and approval by the City Council at least annually or whenever significant changes occur.

At the May 26, 2026 Finance & Governance Committee meeting, staff presented the Investment Policy and also recommended that the City Council choose to retain its investment authority. Staff also presented two additional options of:

• City Council adopting a resolution that delegates its authority to invest or to reinvest City funds, for a one-year period to the City Treasurer.
• City Council adopting a resolution authorizing the investment of surplus funds in CalTRUST as an additional pool investment option.
o CalTRUST is a Joint Powers Authority created by public agencies in 2003 to provide a convenient method for public agencies to pool their assets for investment purposes. CalTRUST is governed by a Board of Trustees made up of experienced local agency treasurers and investment officers. The Board sets overall policies for the program and selects and supervises the activities of the investment manager and other agents. Additional information about CalTRUST can be found at: CalTRUST Information. 397

Committee member Starr suggested that the City Council consider hiring financial professionals to assist the Elected City Treasurer and “limit his investing horizon to those recommended by those professionals.”

Staff is presenting to City Council three (3) options for FY 2026-2027:

• The City Council may adopt a resolution that delegates its authority to invest or to reinvest City funds, for a one- year period to the City Treasurer and take no further action. Staff does not recommend this option based on past issues with non-compliance identified by both the external auditors and staff as well misleading information being distributed by the City Treasurer to City Council and the public (Examples can be found in Attachment A). • The City Council may adopt a resolution delegating investment authority to the City Treasurer and contract a specially trained firm to assist the Treasurer with the investment of city funds. o The City can engage the services of one or more external asset managers per Investment Policy Section

5.0 to assist in the management of the City’s investment portfolio in a manner consistent with the Investment Policy. Such asset managers must be registered under the Investment Advisers Act of 1940 and may be granted discretion to purchase and sell investment securities in accordance with this investment policy. Asset managers would be required to provide regular performance and compliance reports to the City Council via the City Treasurer.
• The City Council may choose to retain its investment authority and direct the CFO or designee to contract with a specially trained firm to invest city funds in strict accordance with the FY 2026-2027 Investment Policy. As stated above, external asset managers would need to be compliant with Investment Policy Section 5.0 and required to provide monthly performance compliance reports to the City Council via the CFO. o As a reference, the City of Camarillo’s portfolio combines investment in LAIF and investments managed by an external asset manager.

Staff recommends that the City Council choose to retain its investment authority and direct the CFO or designee to contract with a specially trained firm to invest city funds. Purchasing staff would coordinate a Request for Proposals (RFP) and provide a recommendation to City Council at the conclusion of that process.

STRATEGIC PRIORITIES

This agenda item supports the Organizational Effectiveness strategy. The purpose of the Organizational Effectiveness strategy is to reinforce, stabilize, improve, and strengthen the organizational foundation of the City in order to build a modern, high-functioning City government that effectively and efficiently supports the operating departments in providing high-quality services and programs for our residents and businesses.

FINANCIAL IMPACT

The annual cost of retaining an independent investment advisor is estimated between $150,000 and $300,000, depending on the scope of services and procurement results. Based on the City’s average investment portfolio of approximately $300 million, the advisory cost represents approximately 0.05% to 0.10% of assets under management. The enhanced investment oversight, compliance with Investment Policy and California Government Code, market expertise, and portfolio optimization provided by the investment advisor are expected to offset the advisory costs through increased investment earnings and strengthened risk management practices.

COMMITTEE OUTCOME

The Finance Committee received this item on May 26, 2026, and provided feedback to staff for presentation to City Council.

Please click here to view the Measure M pre-recorded presentation video.

Please click here to view the May 26, 2026 Finance and Governance Meeting recording.

398
Prepared by: Eric Sonstegard, Assistant City Manager

ATTACHMENTS

1. 260707-ATTACHMENT A-Examples of City Treasurer Actions

2. FY 2026-2027 City of Oxnard Investment Policy (Exhibit A to Policy Adoption Resolution)

3. Resolution - FY 2026-2027 Annual Investment Policy

4. Resolution - FY 2026-2027 Delegation of Investment Authority

5. 260526 Presentation-Investment Policy & Authority (1) (1)

399
ATTACHMENT A-Examples of City Treasurer Actions California Government Code §53600.3 : “… all governing bodies of local agencies or persons

authorized

to

make

investment

decisions

on

behalf

of

those

local

agencies

investing

public

funds

pursuant

to

this

chapter

are

trustees

and

therefore

fiduciaries

subject

to

the

prudent

investor

standard.

When

investing,

reinvesting,

purchasing,

acquiring,

exchanging,

selling,

or

managing

public

funds,

a

trustee

shall

act

with

care,

skill,

prudence,

and

diligence

under

the

circumstances

then

prevailing,

including,

but

not

limited

to,

the

general

economic

conditions

and

the

anticipated

needs

of

the

agency,

that

a

prudent

person

acting

in

a

like

capacity

and

familiarity

with

those

matters

would

use

in

the

conduct

of

funds

of

a

like

character

and

with

like

aims,

to

safeguard

the

principal

and

maintain

the

liquidity

needs

of

the

agency
.”

1. Errors in Processing Investment Trades a. The January 31, 2022 Management Letter to the City Manager from Eadie &

Payne,

LLC

indicated

the

following:
i. The same trade was processed for settlement twice resulting in $1 million

being

tied

up

until

a

refund

was

issued.

(Assistant

City

Treasurer

said

this

occurred

multiple

times,

but

in

other

instances,

the

error

was

caught

before

the

trade

was

settled)
ii. The City incurred $750 in penalty fees from US Bank for delaying a trade

settlement

by

4-5

days

in

October

2021.

(Assistant

City

Treasurer

did

not

receive

the

required

supporting

documentation

&

validation

of

the

trade

from

the

City

Treasurer

in

a

timely

manner).

2. Noncompliance with the City’s Investment Policy a. The January 31, 2022 Management Letter to the City Manager from Eadie &

Payne,

LLC

indicated

the

following:
i. The City Treasurer may invest up to 30% of surplus funds in negotiable

CD’s

limited

to

institutions

rated

AA

or

better

by

Moody’s

or

AA-

or

better

by

S&P.

1. In 2021, the City’s investment portfolio included deposit notes

rated

below

AA-

by

S&P.
b. A February 9, 2025 Management Letter to the City Manager from Eadie & Payne,

LLC

indicated

the

following:
i. According to the City’s investment policy approved by the City Council

on

June

16,

2022,

the

City

may

invest

in

medium

term

notes

issued

by

corporations

organized

and

operated

within

the

United

States.

Securities

eligible

for

investment

must

be

rated

in

a

400
rating category of “A” or its equivalent or better by a nationally recognized

rating

service

(i.e.

Moody’s

or

Standard

&

Poor’s).
ii. During our audit, we noted that the City does not have formal procedures

in

place

to

review

and

confirm

that

medium-term

notes

are

rated

"A"

or

higher,

or

its

equivalent,

by

a

nationally

recognized

rating

agency.

As

of

year-end,

we

observed

that

$2.8

million

of

medium-term

notes

were

rated

BBB+,

which

does

not

align

with

the

City’s

investment

policy.
c. California Government Code 53607 requires that a monthly report of all transactions

be

made

to

the

legislative

body.

The

City’s

investment

policy,

in

conjunction

with

California

Government

Code

(§53646),

requires

a

monthly

investment

report

that

includes

the

following:
i. Type of investment ii. Name of institution iii. Date of maturity iv. Amount of deposit or cost of the security and the par value v. Current market value of all securities vi. Rate of interest/earnings (yield) vii. A monthly list of transactions 1. Treasurer Molina’s quarterly investment reports included most

of

the

required

information

until

his

May

3,

2022

report

when

he

no

longer

provided

investment

details

and

stated

in

all

future

staff

reports

“
Detail

of

investments

available

upon

request
.”

2. None of his investment reports up to and including the last one

he

submitted

on

April

30,

2024

ever

contained

the

required

monthly

transactions

information

(CGC

53607).
d. Conducting Investment Trades Using Personal Email i. The January 31, 2022 Management Letter to the City Manager from Eadie

&

Payne,

LLC

referenced

investment

trades

using

personal

emails

and

listed

some

of

the

issues

that

can

arise

when

this

occurs:

1. Data & sensitive information can be exfiltrated from the City network,

bypassing

network

controls

in

place

to

prevent

this.

2. Email communications are not available in the event of a public

records

request.

3. Conversation history, information related to specific subjects, and

contacts

are

not

retained

within

City

control

and

therefore

may

be

lost

when

the

City

Treasurer

is

no

longer

with

the

organization.

401
ii. This continued into 2013 with the following examples: 1. On August 22, 2023, Treasurer Molina conducted an investment

trade

with

Alamo

Capital

Investment

Services

under

the

pseudonym

“Phillip

Sauton”

using

the

email
address [email protected]. 2. On September 28, 2023, Treasurer Molina conducted an investment

trade

with

Alamo

Capital

Investment

Services

under

the

pseudonym

“Happy

People”

using

the

email
address [email protected]. 3. On December 27, 2023 Treasurer Molina conducted nearly $30

million

in

investment

trades

using

the

email

address
[email protected]. 3. Distributing Misleading Information to the Public a. On July 2, 2024, Treasurer Molina distributed an email titled Fwd: Council transferred

investing

to

the

CFO

to

“Good

Oxnard

People”

in

which

he

stated

the

following:

“
I

have

invested

California

cities’

funds

for

over

25 years

and

I

never

lost

$1.00.

I

did

earn

each

city

tens

of

millions

of

dollars

in

interest

income.

The

same

is

true

with

my

investments

I

purchased

for

Oxnard

during

the

last

8 years

as

your

elected

Oxnard

City

Treasurer
.”
i. Over an 11-month period (commencing on 12/30/2020), Treasurer Molina

executed

a

series

of

seventy-five

(75)

purchases

of

investments

into

5-year

instruments,

the

maximum

length

permitted

by

our

Investment

Policy.

This

period

marked

one

of

the

lowest

interest-rate

environments

in

modern

U.S.

history,

driven

by

the

Federal

Reserve’s

aggressive

response

to

the

COVID-19

recession.

He

purchased

over

$133

million

worth

of

5-year

investment

instruments

at

interest

rates

between

0.47%

and

1.25%.

ii. When interest rates began to increase sharply in late 2022, our lack of

maturing

investments

that

could

have

been

reinvested

at

higher

rates

caused

the

City

to

lose

a

considerable

amount

of

interest

income.
iii. (Please see image below)
402

403

404
b. On June 27, 2025, Treasurer Molina distributed an email titled Fwd: Daily Cash

Position

Report

to

“Good

Oxnard

People”

questioning

the

“
regular

high

amount

of

credit

card

payments.
”

He

further

asked

“
Does

the

city

have

a

policy

for

using

credit

cards?

How

many

city

credit

cards

are

active?

Who

has

a

city

credit

card?

Are

there

limits

to

how

much

the

card

holder

can

use?...City

staff

will

not

answer

my

questions,

will

they

answer

yours?
”
i. The credit card payments he was referring to in the Daily Cash position

report

were

payments

received

from

utility

billing

customers.

They

had

nothing

to

do

with

city

credit

cards.

Staff

was

unable

to

respond

to

the

original

recipients

as

they

were

emailed

via

Bcc:.
c. On July 11, 2025, Treasurer Molina distributed an email (unknown recipient

list)

titled

fwd:

purchases

from

foreign

brokers

in

which

he

stated

“
Violations

of

the

City’s

investment

policy

occurred

this

fiscal

year
”

(in

bold

type)

and

alleged

that

city

staff

had

purchased

$26,636,320

of

items

using

“
foreign
”

brokers

not

on

the

list

of

approved

brokers.
i. This was not true. There was a conflation between executing brokers

and

their

respective

clearing

agents

or

custodial

institutions.

Clearing

agents,

while

distinct

entities,

are

not

the

parties

with

whom

the

City

contracts

with

or

transacts

directly.

The

transactions

in

question

were

properly

conducted

with

approved

brokers,

and

the

involvement

of

separate

clearing

entities

is

both

standard

and

necessary

for

settlement

purposes

in

the

financial

markets.

In

fact,

Treasurer

Molina

had

made

transactions

with

those

same

entities

in

the

past

when

he

had

the

delegation

of

investment

authority.

Staff

provided

this

information

to

City

Council

via

blind

email

on

July

22,

2025.
d. On September 3, 2025, Treasurer Molina distributed an email (unknown recipient

list)

titled

Oxnard

City

Debt

YOU

recently

issued!

to

“Good

Oxnard

People”

in

which

he

stated

the

following:

“
BUT

who

pays

for

the

over

$302,000,000

of

debt

(over

a

quarter

of

a

billion

dollars

of

debt)

your

Oxnard

city

manager

issued

in

the

last

7 years?????
”
i. The City Manager does not issue debt. e. On September 18, 2025, Treasurer Molina distributed an email titled bond refinancing

issues

to

“Good

Oxnard

People”

in

which

he

insinuated

that

CFO

Chagoyen-Lazaro

“
sold

the

council
”

on

bond

refinancing

and

that

the

refinancing

extended

the

maturity

date

of

the

wastewater

bonds.

405
i. This was not true. The new debt had the same maturity date as the old

debt.

Staff

was

unable

to

respond

to

the

original

recipients

as

they

were

emailed

via

Bcc:.
f. On January 14, 2026, Treasurer Molina distributed an email (unknown recipient

list)

titled

why

such

a

huge

increase

in

employee

benefits?

in

which

he

stated

“
Please

explain

why

did

the

employee

benefits

of

the

city

manager’s

non

departmental

balloon

to

over

$20,000,000

last

fiscal

year?
”
i. Employee benefits did not “balloon” to over $20,000,000. The employee

benefits

line

item

for

FY

2025

included

$20

million

in

contributions

toward

long

term

pension

debt

to

address

unfunded

liabilities.

This

was

explained

multiple

times

in

City

Council

meetings.
ii. Treasurer Molina responded to that information via email with the following

questions:

1. “ What city positions were/are included in the extra pension benefits
,”

2. “ By how much was the individual pensions increased ,” 3. “ How does that increase compare to the general retirement for

the

Oxnard

tax

paying

citizen

and

why

does

Oxnard

specific

employees

need

the

added

retirement

beyond

the

already

fair

retirement

benefits

paid

by

the

Oxnard

taxpayers

for

payment

to

CalPERS,
”

4. “ And finally what city employees were not included in the extra

pension

benefits

and

why?
”
a. Staff responded (including Bcc: City Council) and advised

“
I

believe

you

have

a

misunderstanding

of

this

item.

This

was

a

payment,

approved

by

City

Council,

to

PERS

to

address

unfunded

liabilities

related

to

long

term

pension

debt.

It

doesn’t

involve

‘individual

pension

increases’,

‘added

retirement’,

or

‘extra

pension

benefits.’

It

has

nothing

to

do

with

individual

or

specific

city

employees
.”
g. On February 24, 2026, Treasurer Molina distributed an email to “Good Oxnard

People”

in

which

he

referenced

a

$66,237.41

check

to

Charles

Schwab

Trust

Bank

which

was

our

bi-weekly

for

the

City

of

Oxnard

Supplemental

Retirement

Plan.

He

stated

“
FYI.

Every

two

weeks

this

payment

is

made

for

the

'additional

retirement

pay'

your

tax

dollars

are

paying

in

addition

to

the

debt

to

CalPERS

for

the

augmented

retirement

benefits.

(52/2

x

66237.41

=

$1,722,172.66

each

year)
.”

406
i. This was not true. Of the $66,237, the City’s share is $9,624. The remaining

$56,613

was

collected

from

participating

employees

and

remitted

by

the

City.

On

an

annual

basis,

the

City’s

estimated

total

contribution

is

$250,224

—

not

the

$1.7

million

referenced

in

his

email.

407

CITY OF
OXNARD

FISCAL YEAR
2026-27

INVESTMENT
POLICY
408
City of Oxnard

INVESTMENT POLICY

TABLE OF CONTENTS
Section Page No.

1.0 Policy 1

2.0 Scope 1

3.0 Prudence 1

4.0 Objectives 2

5.0 Delegation of Authority 2

6.0 Ethics & Conflicts of Interest 3

7.0 Authorized Financial Institutions & Dealers 3

8.0 Authorized & Suitable Investments 3

9.0 Collateralization 6

10.0 Investment Pools 7

11.0 Authorized Investment for Bond Funds 7

12.0 Safekeeping & Custody 7

13.0 Diversification 7

14.0 Trading of Securities 8

15.0 Maximum Maturities 8

16.0 Portfolio Maturity Limitation 8

17.0 Monitoring Credit Ratings 8

18.0 Reporting 9

19.0 Internal Controls 9

20.0 Performance Standards 9

21.0 Policy Review 9

22.0 State Law 10

23.0 Investment Policy Adoption 10
Appendix Glossary of Cash Management & Investment
Terms
11 Exhibit A List of Investment Advisor 14
Exhibit B List of Authorized Brokers 15
409
City of Oxnard FY 2026-2027 Investment Policy
City of Oxnard

INVESTMENT POLICY

1.0 POLICY
The Legislature of the State of California has declared that the deposit and investment of public funds by local o fficials and local agencies is an issue of statewide concern (California Government Code (CGC) § 53600.6 and 53630.1).

The City Council may invest surplus monies, not required for the immediate necessities of the local agency, in accordance with the provisions of CGC §5922 and CGC §53601 et seq.

The Chief Financial O fficer of the City of Oxnard shall annually, or whenever there are recommended changes, whichever occurs first, prepare and submit a statement of investment policy and such policy, and any changes thereto, shall be considered by the legislative body at a public meeting (CGC §53646(a)).

The policy of the City of Oxnard is to invest funds in a manner which will provide: (i) the maximum security; (ii) the funds necessary to meet the daily cash flow demands of the City; and (iii) the highest investment return while conforming to all statutes governing the investment of the City funds within the constraints of this Investment Policy.

This policy is intended to provide guidelines for the prudent investment of the City’s funds and to enhance the economic status of the City while protecting its pooled cash. Funds will be invested in accordance with this policy and with applicable sections of the California Government Code.

2.0 SCOPE
This investment policy applies to the City’s pooled investment fund, which includes the General Fund, special revenue funds, capital project funds, enterprise funds, trust and agency funds, and internal service funds
This policy does not include retirement, retiree health care savings/trust/plan(s), nor deferred compensation plans, nor proceeds of bonds, nor Successor Agency funds.

Pooling of funds
Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investments earnings and to increase e fficiencies with regards to investment
pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

3.0 PRUDENCE
The standard of prudence to be used by designated investment signatories shall be the "prudent investor" standard (CGC §53600.3) and shall be applied in the context of managing an overall portfolio. Investments shall be made with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the City, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the City.

Designated investment signatories, acting in accordance with written procedures, this Investment Policy, 1 410
City of Oxnard FY 2026-2027 Investment Policy
and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.

4.0 OBJECTIVES
As specified in CGC §53600.5, when investing, reinvesting, purchasing, acquiring, exchanging, selling, and managing public funds; the primary objectives, in priority order, of the investment activities shall be:

A. Safety: Safety of principal is the foremost objective of the investment program.

Investments made by the City shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required to prevent any potential loss on any individual security or depository from exceeding the income generated from the remainder of the portfolio.

B. Liquidity: The investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated.

C. Return on Investments: The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, considering the investment risk constraints and the cash flow characteristics of the portfolio. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments is limited to relatively low- risk securities in anticipation of earning a fair return relative to the risk being assumed.

5.0 DELEGATION OF AUTHORITY
The authority to invest or reinvest City funds resides with the City Council as derived from CGC §53600, et seq. The City Council is responsible for establishing and approving this Investment Policy Statement.

The City Council retains ultimate responsibility for overseeing the investment program and ensuring compliance with this Investment Policy.

This policy directs the CFO to present a monthly report of all investment decisions, including purchases, sales, and exchanges for review, rati
fication, and approval.

The City Council may engage the services of one or more external investment advisors to assist in the management of the City’s investment portfolio in a manner consistent with this Investment Policy and the City’s investment objectives and any written directions provided by the City Council, as supported by CGC §37103 and CGC §53060. Furthermore, the advisors may not take possession of City’s cash or securities.

Such investment advisors must be registered under the Investment Advisers Act of 1940. 2 411
City of Oxnard FY 2026-2027 Investment Policy 6.0 ETHICS AND CONFLICTS OF INTEREST Officers, employees and financial advisors involved in the placement of investments shall refrain from personal

business

activity

that

could

conflict

with

the

proper

execution

of

the

investment

program,

or

which

could

impair

their

ability

to

make

impartial

investment

decisions.

City staff shall disclose to the City Manager and on the annual Statement of Economic Interest Form any material financial

interests

in

financial

institutions

that

conduct

business

with

the

City,

and

they

shall

disclose

any

material

personal

financial/investment

positions

that

could

be

related

to

the

City’s

investment

performance.

7.0 AUTHORIZED FINANCIAL INSTITUTIONS, BROKERS AND DEALERS The CFO shall maintain a list of approved and authorized financial institutions selected based on creditworthiness,

financial

strength,

experience,

and

capitalization.

To the extent the City Treasurer has entered into contract with depositories pursuant to statutory duty, the City

shall

utilize

those

depositories.

The City shall formally use authorized investment broker-dealers to provide investment services to the City.

Investment

brokers-dealers

may

be

primary

dealers

or

regional

brokers

with

branch

offices

in

the

State

of

California

performing

the

transactions

with

the

City.

Brokers/dealers

must

complete

a

broker-

dealer

statement

of

qualifications

before

being

approved

by

the

CFO,

execute

an

annual

certification

of

acknowledgment

of

the

City’s

Investment

Policy

by

broker-dealer

employees

and

supervisory

personnel,

and

be

in

good

standing

with

the

California

Department

of

Securities

(CDS),

the

Securities

and

Exchange

Commission

(SEC),

the

Financial

Industry

Regulatory

Authority

(FINRA),

or

other

applicable

self-regulatory

organizations.

A

periodic

review

of

authorized

brokers/dealers

is

essential

to

serve

the

City’s

investment

needs.

The City may engage the support services of outside investment advisors in regard to its investment program,

so

long

as

it

can

be

reasonably

demonstrated

that

these

services

produce

a

net

financial

advantage

or

necessary

financial

protection

of

the

City’s

financial

resources.

Investment

advisors

shall

follow

this

policy,

state

law,

and

other

such

written

instructions

as

provided

by

the

City

Council.

Contracted

investment

advisors

may

use

their

own

brokers.

The

CFO

may

conduct

periodic

reviews

of

contracted

investment

advisors,

including

review

of

FINRA

reports,

and

report

to

the

City

Council.

8.0 AUTHORIZED AND SUITABLE INVESTMENTS The City’s investments are governed by the California Government Code. Within the investments permitted

by

the

Government

Code,

the

City

seeks

to

further

restrict

eligible

investments

to

the

investment

types

listed

below.

In

the

event

an

apparent

discrepancy

is

found

between

this

Investment

Policy

and

the

Government

Code,

the

more

restrictive

parameters

will

take

precedence.

Percentage

holding

limits

listed

in

this

section

apply

at

the

date

an

investment

is

purchased.

Credit

ratings,

as

shown,

specify

the

minimum

credit

rating

category

required

at

the

point

of

purchase.

A. United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the full

faith

and

credit

of

the

United

States

are

pledged

for

the

payment

of

principal

and

interest.

B. Federal agency or United States government-sponsored enterprise obligations, participations, or other

instruments,

including

those

issued

by

or

fully

guaranteed

as

to

principal

and

interest

by

federal

agencies

or

United

States

government-sponsored

enterprises.

3 412
City of Oxnard FY 2026-2027 Investment Policy C. State Municipal Securities – Registered treasury notes or bonds issued by any of the 50 United States,

including

bonds

payable

solely

out

of

the

revenues

from

a

revenue-producing

property

owned,

controlled

or

operated

by

a

state

or

by

a

department,

board,

agency,

or

authority

of

any

of

the

50 states.

Securities

eligible

for

investment

under

this

paragraph

shall

be

rated

in

a

rating

category

of

“A”

or

its

equivalent

or

better

by

a

Nationally

Recognized

Statistical

Rating

Organization

(NRSRO).

Short-term

municipal

securities

eligible

for

investment

shall

be

rated

at

or

above

the

following

credit

agencies

investment

grade

ratings;

Sp-1

by

Standard

&

Poor’s,

F-1

by

Fitch,

and

MIG-1

by

Moody’s.

These

ratings

for

short

term

municipal

securities

signify

the

issuer’s

strong

capacity

to

pay

principal

and

interest.

Not

more

than

10 percent

of

the

City’s

funds

shall

be

invested

in

state

and

local

municipal

securities.

D. California Local Agency Municipal Securities – Bonds, notes, warrants or other evidence of indebtedness

of

a

local

agency

or

municipality

located

within

the

State

of

California,

including

debt

securities

issued

by

the

City.

Given

potential

issues

with

arbitrage

regulations,

City’s

legal

counsel

shall

review

any

potential

purchase

of

City’s

own

debt

before

the

purchase.

Securities

eligible

for

investment

under

this

paragraph

shall

be

rated

in

a

rating

category

of

“A”

or

its

equivalent

or

better

by

a

NRSRO.

E. Bank deposits, including demand deposit accounts, savings accounts, and market rate accounts, time

deposits,

and

certificates

of

deposit

in

financial

institutions

located

in

California.

Bank

deposits

are

required

to

be

collateralized

as

specified

under

CGC

§

53630

et.

seq.

Agreements

allowing

for

the

waiver

of

the

collateral

requirement

for

that

amount

of

deposit

covered

by

the

Federal

Deposit

Insurance

Corporation

may

be

implemented

provided

the

remainder

of

the

deposit

is

secured

by

collateral

as

required

by

the

Government

Code.

F. Negotiable Certificates of Deposit. Negotiable certificates of deposit (NCD) issued by a nationally or

state-chartered

bank,

a

savings

association

or

a

federal

association

(as

defined

by

Section

5102

of

the

Financial

Code),

a

state

or

federal

credit

union,

or

by

a

federally

licensed

or

state-licensed

branch

of

a

foreign

bank.

Purchases

are

limited

to

securities

rated

in

a

rating

category

of

“A”

(long-

term)

and/or

“A-1”

(short-term)

or

their

equivalents

or

better

by

a

NRSRO.

NCD

for

which

the

full

amount

of

the

principal

and

the

interest

that

may

be

accrued

during

the

maximum

term

of

each

certificate

is

insured

by

federal

deposit

insurance

are

exempt

from

the

rating

requirements.

A

maximum

of

30 percent

of

the

portfolio

may

be

invested

in

this

category.

The

maximum

investment

maturity

will

be

restricted

to

five

years
.

G. Placement Service Deposits (PSD). Funds may be placed with a private sector entity that assists in

the

placement

of

deposit

with

eligible

financial

institutions

located

in

the

United

States

(CGC
§ 53601.8). The full amount of the principal and the interest that may be accrued during the maximum

term

of

each

PSD

shall

always

be

insured

by

federal

deposit

insurance.

The

maximum

portfolio

exposure

to

Placement

Service

Deposits

is

limited

to

30 percent.

The

maximum

investment

maturity

will

be

restricted

to

five

years.

H. Commercial paper of "prime" quality of the highest ranking or of the highest letter and number rating

as

provided

for

by

a

NRSRO.

The

entity

that

issues

the

commercial

paper

shall

meet

all

the

following

conditions

in

either

paragraph

(1)

or

paragraph

(2):
(1) The entity meets the following criteria: (a) Is organized and operating in the United States as a general corporation; (b) Has total assets more than five hundred million dollars ($500,000,000); (c) Has debt other than commercial paper, if any, that is rated in category

of

"A"

or

its

equivalent

or

better

by

a

NRSRO.

4 413
City of Oxnard FY 2026-2027 Investment Policy (2) The entity meets the following criteria: (a) Is organized within the United States as a special purpose corporation,

trust,

or

limited

liability

company;
(b) Has program wide credit enhancements including, but not limited to,

over

collateralization,

letters

of

credit,

or

surety

bond;
(c) Has commercial paper that is rated in a rating category of "A-1" or better,

or

the

equivalent,

by

a

NRSRO.

Eligible commercial paper shall have a maximum maturity of 397 days or less. A maximum of 25 percent

of

the

portfolio

may

be

invested

in

this

category.

I. Local Agency Investment Fund (LAIF) investment pool is a voluntary program created by statute as

an

investment

alternative

for

California’s

local

governments

and

special

districts

and

is

under

the

administration

of

the

State

Governor

of

California.

All

securities

purchased

by

LAIF

are

under

the

authority

of

CGC

§16429.1

and

§16480.4.

As

part

of

the

Pooled

Money

Investment

Account

(PMIA),

LAIF

has

oversight

by

the

Pooled

Money

Investment

Board

(PMIB),

and

an

in-

house

Investment

Committee.

LAIF

also

has

oversight

by

the

Local

Investment

Advisory

Board

and

is

audited

by

the

Bureau

of

State

Audits

on

an

annual

basis.

Investment

in

California

LAIF

cannot

exceed

the

maximum

deposit

per

agency

limit

as

set

by

the

Local

Agency

Investment

Fund.

J. Local Government Investment Pools (LGIP). Shares of beneficial interest issued by a joint powers authority

organized

pursuant

to

CGC

§

6509.7.

To

be

eligible

for

purchase,

the

pool

must

meet

the

requirements

of

CGC

§

53601(p).

Whenever the City has any funds invested in a LGIP, the CFO shall maintain on file a copy of the pools’

current

information

statement

to

be

reviewed

on

a

periodic

basis.

Investment

in

LGIPs

cannot

exceed

the

maximum

deposit

limit

as

set

by

each

LGIP.

K. Money Market Funds - Investing solely in U.S. Treasury securities and U.S. Government Agency securities,

and

repurchase

agreements

relating

to

the

above

obligations.

To

be

eligible,

these

Money

Market

Funds

must

have

met

either

of

the

following

criteria:

(A)

Attained

the

highest

ranking

or

the

highest

letter

and

numerical

rating

provided

by

not

less

than

two

NRSROs.

(B)

Retained

an

investment

advisor

with

not

less

than

five

years

of

experience

and

registered

or

exempt

from

registration

with

the

SEC,

with

assets

under

management

more

than

five

hundred

million

dollars

($500,000,000).

No

more

than

20 percent

of

the

portfolio

may

be

invested

in

Money

Market

Funds

with

no

more

than

10 percent

invested

in

any

one

money

market

mutual

fund.

L. Repurchase Agreements – The City may invest in repurchase agreements with banks and dealers with

which

the

City

has

entered

into

a

master

repurchase

agreement

which

specifies

terms

and

conditions

of

repurchase

agreements.
1) Transactions shall be limited to the primary dealers and banking institutions rated in a

rating

category

of

“A”

or

its

equivalent

or

better

by

a

NRSRO,

or

with

a

financially

stable

banking

institution

with

which

the

City

has

a

substantial

banking

relationship.

The

maturity

of

repurchase

agreements

shall

not

exceed

90 days.

The

market

value

of

securities

used

as

collateral

for

repurchase

agreements

shall

be

monitored

daily

by

the

CFO

and

will

not

be

allowed

to

fall

below

102

percent

of

the

value

of

the

repurchase

agreement

plus

the

value

of

collateral

more

than

the

value

of

the

repurchase

agreement.

To conform with the Federal Bankruptcy Code which provides for the liquidation of securities

held

as

collateral

for

repurchase

agreements,

the

only

securities

acceptable

as

collateral

shall

be

securities

that

are

direct

obligations

of,

or

that

are

fully

5 414
City of Oxnard FY 2026-2027 Investment Policy guaranteed as to principal and interest by the United States or any agency of the United

States.
2) Not more than 40 percent of the portfolio may be invested in repurchase agreements

and

a

security

interest

satisfactory

to

the

City

shall

always

be

maintained

in

the

securities

subject

to

a

repurchase

agreement.

M. Medium Term Notes (MTN): MTNs defined as all corporate and depository institution debt securities

with

a

maximum

remaining

maturity

of

five

years

or

less,

issued

by

corporations

organized

and

operating

within

the

United

States

or

by

depository

institutions

licensed

by

the

United

States

or

any

state

and

operating

within

the

United

States.

Purchases

in

this

category

shall

not

exceed

30 percent

of

the

portfolio

and

must

be

rated

in

a

rating

category

of

“A”

or

its

equivalent,

or

better

by

a

NRSRO.

N. U.S. Instrumentalities (Supranational). United States dollar denominated senior unsecured unsubordinated

obligations

issued

or

unconditionally

guaranteed

by

the

International

Bank

for

Reconstruction

and

Development,

International

Finance

Corporation,

or

Inter-American

Development

Bank,

with

a

maximum

remaining

maturity

of

five

years

or

less,

and

eligible

for

purchase

and

sale

within

the

United

States.

Purchases

are

limited

to

securities

that

are

rated

in

a

rating

category

of

“AA”

or

its

equivalent

or

better

by

a

NRSRO.

A

maximum

of

20 percent

of

the

portfolio

may

be

invested

in

United

States

Instrumentalities.

Ineligible Investments: Investments not described herein, including but not limited to, reverse repurchase

agreements

and

common

stocks

are

prohibited

from

use

in

this

portfolio.

This

Investment

Policy

further

specifically

disallows

investments

in

inverse

floaters,

range

notes,

or

interest

only

strips

that

are

derived

from

a

pool

of

mortgages,

or

any

security

that

could

result

in

zero-interest

accrual

if

held

to

maturity.

Notwithstanding,

the

City

may

invest

in

securities

issued

by,

or

backed

by,

the

United

States

government

that

could

result

in

zero-

or

negative-interest

accrual

if

held

to

maturity,

in

the

event

of,

and

for

the

duration

of,

a

period

of

negative

market

interest

rates.

The

City

may

hold

these

instruments

until

their

maturity

dates.

City Interfund Loans – Funds may be invested in loans to provide specific funding to City Programs, provided

no

loan

shall

violate

any

limitations

prescribed

by

California

law.

Interfund

loans

shall

be

approved

by

City

Council

through

the

corresponding

promissory

note,

including

at

a

minimum,

the

description

of

the

loan,

the

rate

of

interest

assigned

to

the

loan

and

the

date

on

which

the

loan

will

be

repaid.

9.0 COLLATERALIZATION Collateralization is required on two types of investments: uninsured bank deposits and repurchase agreements.

Uninsured bank deposits may only be invested with financial institutions which participate in the California

Local

Agency

Security

Program

(LASP)

administered

by

the

California

Department

of

Financial

Protection

and

Innovation.

LASP

provides

for

collateral

requirements,

oversight

and

monitoring,

and

reporting

by

financial

institutions.

Collateral is also required for repurchase agreements. The market value of securities that underlie a 6 415
City of Oxnard FY 2026-2027 Investment Policy repurchase agreement shall not be allowed to fall below 102% of the value of the repurchase agreement and

the

value

shall

be

adjusted

no

less

than

quarterly.

Securities

that

can

be

pledged

for

collateral

shall

consist

only

of

securities

permitted

in

this

policy.

Collateral

shall

be

held

by

an

independent

third

party

with

whom

the

City

has

established

a

custodial

agreement.

10.0 INVESTMENT POOLS Investment pools include LAIF, county pooled investment funds, shares of beneficial interest (mutual funds

and

money

market

funds),

and

joint

powers

authority

pools.

A

thorough

investigation

of

any

pool

or

fund

is

required

prior

to

the

City’s

investment

and

on

a

periodic

basis

while

funds

are

invested.

The

investigation

will

include

review

of

the

following

items:
o Eligible investments. o Investment policy and/or investment objectives. o Security safeguarding, settlement process, pricing. o Allowable deposits and withdrawals. o Interest calculation, distribution, and treatment of gains/losses. o Schedule for receiving statements and portfolio listings. o Fees. o Retained earnings. o Eligibility for bond proceeds.

11.0 AUTHORIZED INVESTMENTS FOR BOND PROCEEDS Bond proceeds shall be invested in the securities permitted pursuant to City Council approved bond documents.

If

the

bond

documents

are

silent

as

to

the

permitted

investments,

bond

proceeds

will

be

invested

in

the

securities

permitted

by

this

policy.

Notwithstanding

the

other

provisions

of

this

Investment

Policy,

the

dollar

portfolio,

percentage,

and

term

limitations

listed

elsewhere

in

the

Investment

Policy

do

not

apply

to

bond

proceeds.

In

addition

to

the

securities

listed

in

Section

8.0 above,

bond

proceeds

may

be

invested

in

a

structured

investment

product

if

approved

by

the

City

Council.

12.0 SAFEKEEPING AND CUSTODY As required by CGC §53601 all security transactions entered by the City shall be conducted on Delivery versus

Payment

basis.

Delivery

versus

Payment

or

DVP

basis

means

all

securities

purchased

or

acquired

shall

be

delivered

to

the

City

by

book

entry,

physical

delivery,

or

third-party

custodial

agreement.

Investments

in

the

state

pool,

local

government

investment

pools,

or

money

market

funds

are

undeliverable,

and

therefore,

not

subject

to

the

delivery

or

third-party

safe

keeping

requirements.

13.0 DIVERSIFICATION The City Council recognizes that investment risks can result from issuer defaults, market price changes, or various

technical

complications

leading

to

temporary

illiquidity.

Portfolio

diversification

is

employed

to

minimize

these

risks.

Investment

signatories

are

expected

to

display

prudence

in

the

selection

and/or

approval

of

securities,

to

minimize

the

risks

present

in

the

investment

portfolio.

No

individual

investment

transaction

shall

be

undertaken

which

jeopardizes

the

total

capital

position

of

the

overall

portfolio.

To

promote

diversification,

no

more

than

5 percent

of

the

portfolio

may

be

invested

in

the

securities

of

any

one

issuer,

regardless

of

security

type;

except

for

U.S.

Treasuries,

federal

agencies,

supranational,

and

pooled

investments

such

as

LAIF,

money

market

funds,

and

local

government

investment

pools.

7 416
City of Oxnard FY 2026-2027 Investment Policy The City Council acknowledges that from time-to-time certain situations may arise during which strict adherence

to

an

inflexible

investment

policy

may

be

overly

restrictive.

On

a

case-by-case

basis,

the

City

Council

may

consider

any

pertinent

information

of

such

situations

and

may,

by

minute

action,

modify

or

waive,

within

the

constraints

of

CGC

§53601

et

seq.,

any

of

the

provisions

and/or

restrictions

of

this

Investment

Policy.

14.0 TRADING OF SECURITIES A trade is the movement from one security to another and may be done for a variety of reasons, such as to increase

yield,

lengthen

or

shorten

maturities,

to

take

a

profit,

or

to

increase

investment

quality.

The

purchase

and

sale

transaction

and

the

sale

transaction

must

each

be

recorded

separately

and

any

losses

or

gains

on

the

sale

must

be

recorded.

The City Council may obtain competitive bids from at least two brokers or financial institutions on all purchases

based

on

investment

analysis

recommended

by

staff

about

the

investment

policy

guidelines.

Competitive

bids

can

be

also

obtained

by

other

communication

channels

when

necessary.

If the City has contracted with an investment advisor to provide investment service, the trading of the funds

managed

by

the

investment

advisor

will

be

performed

by

the

investment

advisor

based

on

their

established

policies

and

procedure

to

evaluate

and

monitor

the

firms’

credit

worthiness,

as

well

as

their

ability

to

perform

the

duties

necessary

for

efficient

trade

execution.

All

trading

activity

conducted

by

the

investment

advisor

shall

be

made

in

accordance

with

this

Investment

Policy

and

any

written

directions

provided

by

the

City

Council.

15.0 MAXIMUM MATURITIES
Where no maturity limit is stated for an investment under Section 8.0, no investment shall be made in any security

that

at

the

time

of

the

investment,

has

a

remaining

term

to

maturity

of

more

than

five

years

unless

the

City

Council

has

granted

express

authority

to

make

that

investment

either

specifically

or

as

part

of

a

previous

investment

program,

no

less

than

three

(3)

months

prior

to

the

investment.

Any

investment

currently

held

at

the

time

the

investment

policy

is

adopted

which

does

not

meet

the

new

policy

guidelines

may

be

held

until

maturity

and

shall

be

exempt

from

the

current

policy.

At

the

time

of

the

investment’s

maturity

or

liquidation

such

funds

shall

be

reinvested

only

as

provided

in

the

most

current

policy.

16.0 PORTFOLIO MATURITY LIMITATION
The weighted average maturity of the entire portfolio shall not exceed three (3) years.

17.0 MONITORING CREDIT RATINGS The CFO or the investment advisor shall monitor the ratings of all investments in their portfolios on a continuous

basis.

If

an

existing

investment’s

rating

drops

below

the

minimum

credit

rating

required

for

new

investments

made

pursuant

to

this

Investment

Policy,

the

CFO

will

advise

the

City

Council

as

to

whether

this

security

should

be

held

or

sold

prior

to

maturity.

8 417
City of Oxnard FY 2026-2027 Investment Policy 18.0 REPORTING Within 45 days of the end of each month, the CFO shall submit to the City Council a monthly investment report.

This

report

will

include

the

elements

of

the

quarterly

report

as

recommended

by

CGC

§53646,

to

include:
a. Type of investment b. Name of institution c. Date of maturity d. Amount of deposit or cost of the security and the par value e. Current market value of all securities f. Rate of interest/earnings (yield) g. A monthly list of transactions CGC §53646(b)(2), (3) recommends that the investment report must include a statement that (i) all investment

actions

executed

since

the

last

investment

report

have

been

made

in

full

compliance

with

the

Investment

Policy

or

a

City

Council's

minute

action

(waiver)

and,

that

(ii)

the

City

will

meet

its

expenditure

obligations

for

the

next

six

months.

The

CFO

shall

maintain

a

complete

and

timely

record

of

all

investment

transactions

in

support

of

the

above

statement.

19.0 INTERNAL CONTROLS The CFO is responsible for establishing and maintaining a control structure designed to ensure that the assets

of

the

City

are

protected

from

loss,

theft,

or

misuse.

The

internal

control

structure

shall

be

designed

to

provide

reasonable

assurance

that

these

objectives

are

met.

The

concept

of

reasonable

assurance

recognizes

that

(1)

the

cost

of

a

control

should

not

exceed

the

benefits

likely

to

be

derived

and

(2)

the

valuation

and

benefits

require

estimates

and

judgments

by

management.

An annual independent review, or as needed to address recommended changes, by an external auditor to assure compliance with policies and procedures will be performed as part of the City’s annual audit.

20.0 PERFORMANCE STANDARDS The investment portfolio shall be designed with the objective of obtaining a market rate of return throughout

budgetary

and

economic

cycles,

commensurate

with

the

investment

risk

constraints

and

the

cash

flow

needs.

To

determine

whether

market

rate

of

return

is

being

achieved,

the

CFO

shall

identify

comparable

benchmark(s)

to

the

portfolio

investment

duration,

(e.g.,

90-day

US

Treasury

Bill,

6-month

US

Treasury

Bill,

average

LAIF

yield

rate).

If the City has contracted with an investment advisor to provide investment service, the investment performance

of

the

managed

funds

shall

be

evaluated

and

compared

to

an

appropriate

benchmark

to

assess

the

success

of

the

investment

program

relative

to

the

City’s

safety,

liquidity,

and

return

objectives.

This

comparative

analysis

is

included

in

the

investment

report

presented

to

the

City

Council

quarterly.

21.0 POLICY REVIEW This Investment Policy shall be reviewed regularly to ensure its consistency with the overall objectives of preservation

of

principal,

liquidity,

and

return

and

its

relevance

to

current

law

and

financial

and

economic

trends.

The

City

Council

shall

be

responsible

for

maintaining

guidance

over

this

Investment

Policy

to

ensure

that

the

City

can

adapt

readily

to

changing

market

conditions

and

approve

any

modification

to

the

Investment

Policy

prior

to

implementation.

9 418
City of Oxnard FY 2026-2027 Investment Policy 22.0 STATE LAW It is the policy of the City to comply with the State laws governing its investments.

23.0 INVESTMENT POLICY ADOPTION The Investment Policy shall be adopted by resolution of the City Council of the City of Oxnard. Moreover, the

Policy

shall

be

reviewed

whenever

there

are

recommended

changes

or

annually,

whichever

occurs

first,

and

modifications

must

be

approved

by

the

City

Council.

10 419
City of Oxnard FY 2026-2027 Investment Policy APPENDIX: GLOSSARY OF CASH MANAGEMENT & INVESTMENT TERMS BOND PROCEEDS: The money paid to the issuer by the purchaser or underwriter of a new issue of municipal securities. These monies are used to finance the project or purpose for which the securities were issued and to pay certain costs of issuance as may be provided in the bond contract. BROKER: A broker acts as an intermediary between a buyer and seller for a commission and does not trade for his/her own risk and account or inventory. CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate. CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS): A private CD placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained. COLLATERAL: Securities, evidence of deposit or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies.

COMMERCIAL PAPER: A short-term, unsecured, promissory note with a fixed maturity of no more than 397 days. By statute, these issues are exempt from registration with the U.S. Securities and Exchange Commission.

CREDIT RISK: The risk to an investor that an issuer will default in the payment of interest and/or principal on a security and a loss will result.

CUSTODIAN: A bank or other financial institution that keeps custody of stock certificates and other assets. DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own risk and account or inventory.

DELIVERY OF SECURITIES: There are two methods of delivery of securities ; Delivery versus Payment and Delivery versus Receip t. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of signed receipt for the securities. DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns. DURATION: A measure of the timing of the cash flows to be received from a given-fixed income security. This calculation is based on three variables: term to maturity, coupon rate, and yield to maturity. The duration of a security is a useful indicator of its price volatility for given changes in interest rates. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that insures bank deposits. FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA): The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. All told, FINRA oversees over 4,200 brokerage firms, about 162,000 branch offices and approximately 634,000 registered securities representatives.

INTEREST ONLY STRIPS: The interest portion of a Treasury note or bond that has been stripped of its principal component through the commercial book-entry system. INTEREST RATE RISK: The risk of gain or loss in market values of securities due to changes in interest-rate levels. For example, rising interest rates will cause the market value of portfolio securities to decline.

INVERSE FLOATER: Fixed income instruments whose coupon or interest rate is periodically reset according to a short-term rate index such as LIBOR, or prime rate. Unlike the traditional floating rate instrument, however, the inverse floater’s rate is set equal to a fixed rate minus the short-term rate index. INVESTMENT POLICY: A clear and concise statement of the objectives and parameters formulated by an investor or investment manager for a portfolio of investment securities. 11 420
City of Oxnard FY 2026-2027 Investment Policy
INVESTMENT PORTFOLIO: A collection of securities held by a bank, individual, institution, or government agency for investment purposes. LIQUIDITY: The measure of an asset’s ability to be converted easily and rapidly into cash with minimum risk on principal. LOCAL AGENCY INVESTMENT FUND (LAIF): An investment pool managed by the California State Treasurer. Local government units, with consent of the governing body of that agency, may voluntarily deposit surplus funds for investment. Interest earned is distributed by the State Controller to the participating governmental agencies on a quarterly basis. MARKET VALUE : The price at which a security is currently being sold in the market.

MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase agreements and reverse repurchase agreements that establish each party’s rights in the transactions. A master agreement will often specify, among other things, the right of the buyer -lender to liquidate the underlying securities in the event of default by the seller- borrower. MATURITY: The date that the principal or stated value of a debt instrument becomes due and payable. MEDIUM-TERM NOTES (MTNs): Corporate notes, having any or of the features of corporate bonds and ranging in maturity from nine months out to thirty years. The difference between corporate bonds and MTNs is that corporate bonds are underwritten. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO): A rating organization designated by the SEC as being nationally recognized, such as Moody's Investor Service, Inc.(Moody’s), Standard & Poor’s (S&P), and Fitch Ratings (Fitch). NEGOTIABLE CERTIFICATES OF DEPOSIT: Time deposits issued by Federal Deposit Insurance Corporation (FDIC) insured banks and are underwritten by the Financial Industry Regulatory Authority (FINRA) registered Broker/Dealers. Also known as “DTC Eligible CDs” or “Brokered Deposits”, this type of deposit is offered to investors by issuing institutions looking to raise liquidity and funding through the wholesale and institutional markets.

PAR VALUE: The amount of principal that must be paid at maturity. Also referred to as the face amount of a bond, normally quoted in increments of $1,000 per bond. PRIMARY DEALER: A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC)- registered securities broker/dealers, banks and a few unregulated firms. PRINCIPAL: The face or par value of a debt instrument or the amount of capital invested in a security. PRUDENT INVESTMENT STANDARD: The way a prudent person of discretion and intelligence would be expected to manage the investment program in seeking a reasonable income and preservation of capital. RANGE NOTES: Securities that accrue interest during an interest period at a fixed or variable rate if a specified index is within a specified range during a designated period or at a point in time. A Range Note may not bear interest if the specified index is outside the specified range. RATE OF RETURN: 1) The yield which can be attained on a security based on its purchase price or its current market price. 2) Income earned on an investment, expressed as a percentage of the cost of the investment.

REPURCHASE AGREEMENT (RP OR REPO): A holder of securities (e.g. investment dealer) sells these securities to an investor (e.g. the City) with an agreement to repurchase them at a fixed date. The security “buyer” (e.g. the City) in effect lends the “seller” money for the period of the agreement, and the terms of the agreement are structured to compensate the “buyer” for this. Dealers use RP extensively to finance their positions. Exception: When the Fed is said to be doing RP, it is lending money that is increasing bank reserves. REVERSE REPURCHASE AGREEMENT (REVERSE REPO): A counter party (e.g. investment dealer) buys the securities from the holder of securities (e.g. the City) with an agreement to sell them back at a fixed date. The counter party in effect lends the seller (e.g. the City) money for the period of the agreement with terms of the agreement structured to compensate the buyer. 12 421
City of Oxnard FY 2026-2027 Investment Policy
SAFEKEEPING: A service banks offer to clients for a fee, where physical securities are held in the bank’s vault for protection and book- entry securities are on record with the Federal Reserve Bank or Depository Trust Company in the bank’s name for the benefit of the client. As agent for the client, the safekeeping bank settles securities transactions, collects coupon payments, and redeems securities at maturity or, if called, on the call date. SECURITIES: Investment instruments such as notes, bonds, stocks, money market instruments and other instruments of indebtedness of equity. SECURITIES AND EXCHANGE COMMISSION (SEC): Agency created by Congress to protect investors in securities transactions by administering securities legislation. SECONDARY MARKET: A market for the repurchase and resale of outstanding issues following the initial distribution.

SUPRANATIONALS: International organizations whereby member states transcend national boundaries or interests to share in the decision-making process and vote on issues pertaining to the wider grouping. TOTAL RETURN: Total return, when measuring performance, is the actual rate of return of an investment or a pool of investments over a given evaluation period. Total return includes interest, capital gains, dividends and distributions realized over a given period.

TREASURY SECURITIES: Securities issued as direct obligations of the U.S. Government and backed by the full faith and credit of the federal government. WEIGHTED AVERAGE MATURITY (WAM): The average maturity of all the securities that comprise a portfolio, typically expressed in days of years. YIELD: The annual rate of return on an investment expressed as a percentage of the investment. Income yield is obtained by dividing the current dollar income by the current market price for the security. 13 422
City of Oxnard FY 2026-2027 Investment Policy
Exhibit A City of Oxnard INVESTMENT ADVISOR
● NONE
14 423
City of Oxnard FY 2026-2027 Investment Policy
Exhibit B City of Oxnard Authorized Brokers/Dealers The following Broker/Dealers are authorized in accordance with the City’s Investment Policy: 1. Alamo Capital 2. Multi-Bank Securities, Inc. 3. Piper Sandler & Co. 4. Robert W. Baird & Co. Inc. 5. Stifel Financial Corp. 6. U.S. Bancorp Advisors 7. Wells Fargo Securities 8. Falcon Square Capital 9. Mischler Financial Group, Inc. 10. Zions Bank Capital Markets 11. Great Pacific Securities 12. Oppenheimer & Co. Inc. 15 424
City of Oxnard FY 2026-2027 Investment Policy

16 425

CITY COUNCIL OF THE CITY OF OXNARD
RESOLUTION NO. ________

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
OXNARD APPROVING THE FY 2026-27 INVESTMENT POLICY

WHEREAS, a "statement of investment policy" is rendered to the City Council on an annual basis or whenever there are recommended changes; and
WHEREAS, Government Code Section 53646(a)(2) provides that the treasurer or chief fiscal officer may annually render to the City Council a statement of investment policy, which the City Council shall consider at a public meeting; and
WHEREAS, the existing policy has been reviewed and revised in order to provide for operational flexibility without sacrificing internal controls or increasing financial risk to the City.

NOW, THEREFORE, the City Council of the City of Oxnard resolves to approve the FY 2026- 27 Investment Policy attached hereto as Exhibit A.

PASS AND ADOPTED 7th day of July, 2026 by the following vote

AYES:

NOES:

ABSTAIN:

ABSENT:
______________________________
Luis A. Mc Arthur, Mayor
ATTEST

_____________________________
Lourdes A. Lopez, City Clerk

APPROVED AS TO FORM

_____________________________
Stephen M. Fischer, City Attorney
426

CITY COUNCIL OF THE CITY OF OXNARD

RESOLUTION NO. ________

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OXNARD

DELEGATING INVESTMENT AUTHORITY TO THE CITY TREASURER

WHEREAS, Government Code section 53607 provides the authority of the City Council to invest or to reinvest City funds, or to sell or exchange securities so purchased, may be delegated for a one-year period by the Council to the City Treasurer, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires; and

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

NOW, THEREFORE, the City Council of the City of Oxnard resolves to delegate to the City Treasurer the authority to invest and to reinvest City funds, and to sell and exchange securities so purchased for a one-year period or until such delegation is revoked.

PASSED AND ADOPTED THIS 7th day of July, 2026, by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Luis A. Mc Arthur, Mayor
ATTEST:

Lourdes A. López, City Clerk

APPROVED AS TO FORM:

Stephen M. Fischer, City Attorney

427
City of Oxnard
Annual Investment Policy
May 26, 2026
Presented by:

Eric S. Sonstegard, Assistant City Manager Javier
Chagoyen-Lazaro, Chief Financial Officer
428
Recommendation 2
That the Finance & Governance Committee:

1. Recommend that the City Council adopt a
resolution approving the FY 2026-27
Investment Policy for the City of Oxnard

2. Provide direction regarding delegation of
investment authority
429
• California Government Code Section 53646 and the
City’s adopted Investment Policy call for annual review and adoption of investment policy by the City Council.
• California Government Code Section 53607
establishes that the City Council may delegate its
authority to invest City funds for a one-year period to the City Treasurer.
• California Government Code Section 37103 allows the
legislative body of the City to contract with any
specially trained and experienced person, firm, or
corporation for special services and advice in financial, economic, accounting, engineering, legal, or
administrative matters.

Background 3
430
• Neighboring cities such as Simi Valley, Thousand Oaks, Camarillo, Ventura, Port Hueneme, and Santa Barbara
delegate their investment duties to senior Finance
Department staff. These cities do not have an elected
Treasurer.
• Historically, the City Council delegated their investment authority to the City Treasurer. For FY 2024-2025, the City Council adopted a resolution delegating investment
authority to the Chief Financial Officer (CFO). For FY 2025- 2026, the City Council chose not to delegate their
investment authority and instead authorized an additional Local Government Investment Pool, the California Asset
Management Program (“CAMP”), as another option for the
investment of excess funds.

Background 4
431
• City’s Investment Policy provides the guidelines
for the prudent investment of the City’s funds
and prioritizes the City’s public funds
management objectives of safety, liquidity, and
yield.
• Changes in the proposed Investment Policy:
• Minor typographical changes
• Increase to the maximum maturity for prime
quality commercial paper from 270 days up
to 397 days (pursuant to California Senate
Bill 858)
Discussion 5
432
• Delegation of Investment Authority
• Staff recommends that the City Council choose
to retain their investment authority.
• Staff recommends expanding pool investment
options to include CalTRUST, a Joint Powers
Authority that allows public agencies to pool
their assets for investment purposes.
• City Council may also choose to adopt a
resolution delegating authority to invest for a
one-year period to the City Treasurer.

Discussion 6
433
Recommendation 7
That the Finance & Governance Committee:

1. Recommend that the City Council adopt a
resolution approving the FY 2026-27 Investment
Policy for the City of Oxnard
Based on Committee feedback on investment authority
and expanding pool investment options, staff can bring
resolutions for review and approval at a future City
Council meeting.
434
8 Questions / Discussion
435