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CITY COUNCIL MEETING
SUCCESSOR AGENCY/HOUSING AUTHORITY
CITY COUNCIL CHAMBERS
38300 SIERRA HIGHWAY
SUITE B
PALMDALE, CA 93550
WEDNESDAY, FEBRUARY
1, 2023
5:00 PM
7:00 PM
www.cityofpalmdale.org
WELCOME
City Council
Wednesday, February
1, 2023
residence in order to speak. Each person addressing the Council is generally given up to three minutes to speak (with double the time allotted to non-English speakers using a translator). The amount of time authorized may be adjusted by the chair. If you wish to provide information to the Council, please present the City Clerk with 7 copies. Otherwise, your materials will simply be added to the administrative record. If you are attending the meeting by phone, please press *9 to "raise your hand." If attending by personal computer, please click the "raise your hand" button. Press *6 to un-mute yourself, state your name and begin speaking. Please note use of City Council Chamber technology equipment to present electronic material during meetings is not allowed.
In accordance with the Americans with Disabilities Act of 1990, if you require a disability- related modification or accommodation to participate in this meeting, please contact the City Clerk’s Office at (661) 267-5151 at least 72 hours prior to the meeting.
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5:00 P.M.
1. CALL MEETINGS TO ORDER
*Note: All City Council memberships are reflected in their City Council titles.
2. ROLL CALL
MAYOR BETTENCOURT, MAYOR PRO TEM ALARCÓN, COUNCILMEMBERS
BISHOP, LOA, OHLSEN AND HOUSING AUTHORITY COMMISSIONERS FRAGA-
SAENZ, DENNY
3. PUBLIC COMMENTS ON CLOSED SESSION ITEMS
This portion of the Agenda allows an individual the opportunity to address the Council/Authority on Closed Session items ONLY.
PLEASE NOTE: In general, a three-
minute time limit
will be imposed on each speaker.
City Council
Wednesday, February
1, 2023
4. PRESENTATION BY CITY ATTORNEY
4.1 CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Shanae Smith, Patricia Nevarez and Michael "Mike" Behen vs. City of Palmdale, et al.
Los Angeles County Superior Court
Case No. 22STCV18219
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
4.2 CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Authorized by Government Code 54956.9(d)(1)
Name of Case: Epata Zi Suka Trust v. City of Palmdale 22AVCV00873
4.3 CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Authorized by Government Code 54956.9(d)(1)
Name of case: Land Developers & Associates Corporation v. Successor Agency to the Community Redevelopment Agency of the City of Palmdale (Case Number:
22AVCV01093)
4.4 CONFERENCE WITH REAL PROPERTY NEGOTIATORS
Property Address: Vacant land located at 4th Street East near East Avenue P-14 (APN 3006-006-040)
Negotiators for Housing Authority: Mike Miller, Interim Assistant City Manager and Sophia Reyes, Housing Manager
Negotiator for Property Owner: Eugene and Betty Bliley Trust Under Negotiation: Price and terms of payment
4.5 PUBLIC EMPLOYEE APPOINTMENT
Title: Interim City Attorney
4.6 CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Community Development Associates, et al. vs. City of Palmdale, et al.
Los Angeles Superior Court
Case No. 18STCV06968
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1)
5. ANNOUNCEMENT BY CITY ATTORNEY
City Council
Wednesday, February
1, 2023
6. ADJOURN CLOSED SESSION MEETING
7:00 P.M.
7. PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE
8. PRESENTATION(S)
8.1 AV Edge Partnership Update (Presenter: Drew Mercy, Executive Director)
9. WAIVER OF FULL READING OF RESOLUTION(S) and ORDINANCE(S) Staff Recommendation: Move to waive full reading of the Resolution (s) and/or Ordinance(s) to be considered and voted on at this meeting. (Voice Vote - Requires a majority to waive.)
10. PUBLIC COMMENTS ON CONSENT CALENDAR ITEMS ONLY
This portion of the Agenda allows an individual the opportunity to address the Council on Consent Calendar items ONLY. If you wish to comment on any item(s) listed on the Consent Calendar, please come forward to the podium when called or acknowledged by the Chair and state the item number(s) and your comments.
PLEASE NOTE: In
general, a three-minute time limit
will be imposed on each speaker.
11. CONSENT CALENDAR
All matters listed under the Consent Calendar will be enacted by one motion unless an item(s) is pulled by Council, in which case the item(s) will be removed from the Calendar and will be considered separately following this portion of the Agenda.
11.1 Receive and file the monthly and quarterly investment activity reports for December 2022. (Staff Reference: Director of Finance Samson)
1. Staff_Report_-_Investment_Report_Dec_2022.docx
2. December 2022 CityofPalmdale & Successor Investment Report.pdf
11.2 Adopt Resolution No. CC 2023-005, a Resolution of the City Council of the City of Palmdale approving and authorizing the execution and delivery of a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement related to Community Facilities District No. 93-1 (Ritter Ranch), and authorizing actions related thereto. (Staff Reference: Director of Finance Samson)
1. Staff Report Ritter Supp No. 6.docx
2. Reso 2023-005 Apprv Supplemental No. 6.doc
3. Consent BondownerK J18723.pdf
4. FiscalAgtK SuppNo6 J18724.pdf
5. Officers Certificate SuppNo6 J18726.pdf
6. Petition Deferral Pymt J18722.pdf
City Council
Wednesday, February
1, 2023
11.3 Adopt Resolution No.CC 2023-004, a Resolution of the City Council of the City of Palmdale Declaring its Opposition to the Mass Importation of the Unhoused from any Jurisdiction into the City of Palmdale (Staff Reference: Interim City Manager Perez)
SR_-_Homeless_-_for_Feb_1_2023 (1).docx
RESO_-_Homeless_-_For_Feb_1_2023 (1).docx
11.4 Approve the minutes from the previous meetings. (Staff Reference: Acting City Clerk Scott)
CC - December 21, 2022 (4:30 pm)
CC - December 21, 2022 (5:00 pm)
CC - December 29, 2022 (5:00 pm)
CC/SA - January 11, 2023 (5:00 pm & 7:00 pm)
CC Minutes 12 21 2022 430pm.pdf
CC Minutes 12 29 2022 5pm.pdf
CC Minutes 12 21 2022 5pm.pdf
CC SA Minutes 01 11 2023 5 & 7pm.pdf
12. APPOINTMENTS
12.1 Discussion and possible action regarding City Council Appointment(s) to the Southern California Association of Governments General Assembly. (Staff Reference: Acting City Clerk Scott)
Call for Public Comments
CC SCAG Appointment SR.docx
13. NEW BUSINESS
13.1 Approve agreement with Berry Dunn McNeil & Parker, LLC, for consulting services for the development of a parks and recreation master plan. (Staff Reference: Parks and Recreation Director Smith, Presented by consultant firm)
Call for Public Comments
Staff_Report-Parks_Master_Plan_01252023.docx
AGREEMENT A-8182 Berry Dunn McNeil & Parker LLC SIGNED.pdf
13.2 Approve Employment Agreement No. A-8218 between the City of Palmdale and Ronda Perez to serve as City Manager.
Call for Public Comments
SR_Agreement_A-8218_CM.docx
City Council
Wednesday, February
1, 2023
CM Perez Agreement FINAL 1-18-23 CLEAN.docx
13.3 Consideration of a contract for legal services with Harper & Burns LLP, including appointment of William P. Curley III, as Interim City Attorney.
Call for Public Comments
Staff_Report_Consideration_of_Special_Legal_Services__2_ (2).docx
Final_City_Attorney_Agreement_01252023.docx
14. PUBLIC COMMENTS ON NON-AGENDA ITEMS
This portion of the Agenda allows an individual the opportunity to address the Council on any subject regarding City business not on the Agenda. Under state legislation, no action can be taken on items not specifically referenced on the Agenda and the Chair may refer you to the City Manager or staff to address your request.
PLEASE NOTE: In general, a
three-minute time limit
will be imposed on each speaker and your topic must remain relevant to items within the City's authority or purview.
15. INFORMATIONAL REPORT FROM MAYOR AND / OR COUNCILMEMBERS ON
THEIR VARIOUS COMMITTEE MEMBERSHIPS AND MEETINGS ATTENDED AT
PUBLIC EXPENSE
15.1 COMMITTEE MEMBERSHIPS.
• ANTELOPE VALLEY AIR QUALITY MANAGEMENT DISTRICT
• ANTELOPE VALLEY TRANSIT AUTHORITY
• CALIFORNIA CONTRACT CITIES ASSOCIATION
• CITY OF PALMDALE AUDIT COMMITTEE
• CITY OF PALMDALE INVESTMENT OVERSIGHT COMMITTEE
• HIGH DESERT CORRIDOR JOINT POWERS AUTHORITY
• LEAGUE OF CALIFORNIA CITIES
• LOS ANGELES COUNTY SANITATION DISTRICT
• NORTH LOS ANGELES COUNTY TRANSPORTATION COALITION
• PALMDALE RECYCLED WATER AUTHORITY
• UNITED STATES/MEXICO SISTER CITIES ASSOCIATION
• CALIFORNIA STATE PRISON – LOS ANGELES COUNTY, CITIZENS
ADVISORY COMMITTEE
15.2 MEETINGS ATTENDED AT PUBLIC EXPENSE
Alarcon Informational Report 011123.docx
Bettencourt Informational Report 011123.docx
Ohlsen Informational Report 011123.docx
16. CITY COUNCIL REQUESTS FOR NEW AGENDA ITEMS
City Council
Wednesday, February
1, 2023
17. CITY MANAGER’S REPORT
18. Adjourn
meeting to February 15, 2023 at 7:00 p.m. in the City Hall Council Chamber located at 38300 Sierra Highway, Suite B, Palmdale, California.
City Council
Wednesday, February
1, 2023
City Council Staff Report
DATE: FEBRUARY 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER’S OFFICE – FINANCE DIVISION
DISTRICT: ALL
SUBJECT: RECEIVE AND FILE THE MONTHLY AND QUARTERLY INVESTMENT ACTIVITY REPORTS FOR DECEMBER 2022
ISSUE
Receive and file the monthly and quarterly investment activity reports for December 2022.
RECOMMENDATION
Staff recommends that the City Council accept the monthly and quarterly investment activity reports for City of Palmdale and Successor Agency for December 2022.
BACKGROUND
Pursuant to Section 16 of the City of Palmdale and Successor Agency Investment Policy, the City Treasurer shall prepare and present monthly and quarterly reports on investments to the City Manager/Executive Director and the City Council/Directors.
The reports shall detail the type of investment, name of the issuer, purchase date, date of maturity, amount of deposit, and rate of interest. This information shall be provided for a ll City and Successor Agency pooled investments, as well as for Certificates of Participation, Revenue Bonds, Tax Allocation Bonds, Assessment Districts and Community Facilities District accounts which are managed by outside Fiscal Agents.
The monthly and quarterly reports provide a synopsis of the investment activity for the City of Palmdale and Successor Agency. The report s provide information on assets, allocations, average maturities, yields, and book valuations.
The interest rates presented are the most current rates available as of the date of this report.
The market values presented for pooled City and Successor Agency investments are based on closing prices for the related investment as of the date of this report. This information was obtained from the Wall Street Journal, Bloomberg Financial Markets, Capital Market Finances, or other reliable source of market prices.
Report to Mayor and City Council
Re: Monthly Report on Investments
February 1, 2023
DISCUSSION
Compliance with Investment Policy
For December, the invested portfolio amount for the City of Palmdale totaled $272,105,998 a decrease of $13,534,260 from the previous month, and an increase of $39,785,215 in comparison to last year. The monthly decrease is monthly due to quarterly debt service payments made during the month.
The par value of Successor Agency’s portfolio as of December was $7,253,780. The balance increased by $1,128,742 from the last month due to a sale of a Successor Agency property that occurred during the month.
All investments meet criteria appropriate to Section 8 of the Investment Policy. The portfolios are based on a combination of various investments, including CDs, Corporate Notes, U.S. Treasury Securities and Government Agency Paper, each adhering to portfolio percentage limitations.
The Finance Division is the custodian for the City and Successor Agency’s investment portfolio and follows the three main principles of both entity’s investment policy to 1) Investment in financial instruments that mitigate the risk of monetary losses stemming from market fluctuations; 2) Establish and maintain a portfolio that has sufficient liquidity to allow the City and Successor Agency to meet all anticipated cash requirements; and 3) Seek out investment instruments that provide a competitive market rate of return.
Liquidity
One core approach the Finance Division focuses on, is providing liquidity to measure up to the City and Successor Agency’s operational requirements. Thus, the Finance Department is currently investing in two pooled funds, LAIF and CAMP. These are intended for the daily operational activities, used for economic uncertainties and maintenance needs. The pooled funds provide a higher liquidity ratio to ensure the City and Successor Agency meet cash flow requirements.
Total LAIF balance for the City of Palmdale at the end of December is $102,258,780, a decrease of $8,000,000 due to withdrawals to cover operational expenditures.
Successor Agency LAIF balance at the end of December was $4,432,717, no changes compared to the prior month.
Report to Mayor and City Council
Re: Monthly Report on Investments
February 1, 2023
CAMP’s balance for City of Palmdale at the end of December is $253,089 compared to November balance of $252,167 a slight increase due to interest earned. The interest rates presented are the most current rates available as of the date of this report. As of December 31, 2022, the interest rates for LAIF and CAMP investments were at 2.173 percent and 4.30 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of November were at 2.007 percent and 3.90 percent.
Both rates have slightly increased within this month. This time last year, LAIF and CAMP rates were at 0.212 percent and 0.05, respectively.
The chart above shows both the Local Agency Investment Fund and California Asset Management Program’s average monthly yields beginning March 2022 through December 2022.
We anticipate that rates will begin to level off in the upcoming months, considering the current state of the economy. In recent months, CAMP shows better performance than LAIF in interest rates. The difference between the performance of the two funds is partly due to the varying pool characteristics. CAMP’s portfolio composition is much more subject to market volatility, resulting in performance variation.
Diversity
The Finance Division aims to diversify the investment portfolios to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
City of Palmdale and Successor Agency’s investment portfolios remain strongly diversified. The monthly and quarterly reports include all investments held by both entities and current book values as of December 31, 2022.
0.37% 0.52% 0.68%
0.86%
1.09%
1.28% 1.51%
1.77%
2.01% 2.17%
0.25% 0.50% 0.82% 1.14% 1.64%
2.30%
2.61%
3.14%
3.90%
4.30%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
Q3 Mar Apr May Q4 Jun Jul Aug Q1 Sep Oct Nov Q2 Dec
Pooled Investments Monthly Yields
LAIF CAMP
Report to Mayor and City Council
Re: Monthly Report on Investments
February 1, 2023
It is anticipated that both the City of Palmdale and Successor Agency will have sufficient moneys to meet its expenditure requirements for the next 6 months as we continue to monitor any financial impact due to the Coronavirus pandemic and the current economic conditions and the impact on interest rates.
Attached are summaries of the investments on the City of Palmdale and Successor Agency’s books as of December 31, 2022.
FISCAL IMPACT
There is no fiscal impact associated with the recommended actions for this report.
STRATEGIC PLAN
Goal II: Ensure long-term fiscal health of the City and maintain funding for services.
B. Manage resources, costs, and liabilities to ensure the City’s long-term fiscal health.
C. Involve and expand engagement to enhance public oversight and transparency.
Prepared by: Gohar Avetisyan, Financial Analyst
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III, Special Counsel
ATTACHMENTS
1. Monthly Report on City of Palmdale Investments
2. Monthly Report on Successor Agency Investments
3. Quarterly Report on City of Palmdale Investments
4. Quarterly Report on Successor Agency Investments
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
PURCHASE MATURITY ACCOUNT/ FDIC INTEREST PAR PURCHASE INVESTED DATE DATE FUND INSTITUTION Number RATE AMOUNT AMOUNT AMOUNT U.S. TREASURY SECURITIES Yield
05-31-19 04-30-24 CITY 9128286R6 U.S. Treasury Note 2.03 5,000,000.00 5,051,650.00 4,938,670.00 01-19-21 05-31-23 CITY 9128284S6 U.S. Treasury Note 2.75 2,815,000.00 2,985,994.41 2,811,030.85 03-19-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 3,000,000.00 3,260,634.36 2,961,090.00 05-11-21 02-28-26 CITY 9128286F2 U.S. Treasury Note 0.66 3,000,000.00 3,261,331.50 2,945,970.00 05-11-21 12-31-24 CITY 9128283P3 U.S. Treasury Note 0.40 3,000,000.00 3,200,040.56 2,946,930.00 06-04-21 12-31-23 CITY 912828V23 U.S. Treasury Note 0.20 4,000,000.00 4,210,026.50 3,959,360.00 07-12-21 12-31-23 CITY 9128285U0 U.S. Treasury Note 2.63 5,000,000.00 5,289,959.94 4,977,950.00 07-12-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 5,000,000.00 5,451,958.35 4,935,150.00 07-12-21 12-31-23 CITY 912828V23 U.S. Treasury Note1/3/2023 2.25 5,000,000.00## 5,244,161.50 4,949,200.00 12-17-21 12-15-23 CITY 91282CBA8 U.S. Treasury Note 0.56 10,000,000.00 9,913,130.25 9,602,000.00 12-17-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note (UBS) 0.85 10,000,000.00 10,045,505.25 9,531,600.00 12-22-21 12-15-23 CITY 91282CBA8 U.S. Treasury Note 0.56 5,000,000.00 4,957,270.88 4,801,000.00 12-22-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note 0.88 5,000,000.00 5,018,208.38 4,765,800.00 12-20-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note (Stifel) 1.00 5,000,000.00 5,017,187.50 4,765,820.00 TOTAL U.S. TREASURY SECURITIES 70,815,000.00$ 72,907,059.38$ 68,891,570.85$
GOVERNMENT AGENCY PAPER
06-05-19 06-05-23 CITY 3133EKPT7 Fed Farm Credit Bk 2.13 5,000,000.00 5,008,600.00 4,971,627.90 06-10-20 06-16-25 CITY 3133ELK37 Federal Farm Credit 0.78 5,000,000.00 5,000,000.00 4,672,635.10 08-07-20 05-06-24 CITY 3133EL2X1 Federal Farm Credit 0.42 2,000,000.00 2,000,000.00 1,905,188.04 08-27-20 11-27-24 CITY 3134GWNG7 Freddie Mac Domestic 0.50 2,000,000.00 2,000,000.00 1,885,345.78 04-01-21 04-01-25 CITY 3133EMUP5 Fed Farm Credit 0.71 5,000,000.00 5,000,000.00 4,682,977.35 05-11-21 09-04-25 CITY 3133EJYM5 FFCB Bond 0.59 1,000,000.00 1,103,275.25 999,450.00 05-11-21 09-04-25 CITY 3133EJYM5 FFCB Bond 0.57 0.57 2,000,000.00 2,208,460.00 1,998,900.00 06-04-21 11-07-25 CITY 3135G06G3 Fannie Mae 0.55 3,000,000.00 2,993,675.25 2,757,300.00 06-04-21 08-01-24 CITY 3130AMHH8 FHLB NOTE 0.41 4,000,000.00 4,000,000.00 3,809,357.72 06-07-21 06-07-24 CITY 3130AMQR6 FHLB NOTE 0.35 3,000,000.00 3,000,000.00 2,864,376.87 06-30-21 12-30-25 CITY 3130AMRQ7 FHLB NOTE 0.88 3,000,000.00 3,000,000.00 2,792,028.33 07-29-21 04-29-26 CITY 3130AN5C0 FHLB NOTE 1.05 4,000,000.00 4,010,455.13 3,730,680.00 12-17-21 11-12-25 CITY 3134GXBM5 FHLMC Note 1.15 1,150,000.00 1,125,785.50 1,055,366.50 12-17-21 12-30-24 CITY 3130AQDY6 FHLB 1.00 6,750,000.00 6,750,000.00 6,454,656.18 12-17-21 06-23-25 CITY 3133ENHW3 FFCB 1.17 10,000,000.00 10,000,000.00 9,422,494.90 12-20-21 07-30-25 CITY 3136G4ZP1 FANNIE MAE 0.65 3,500,000.00 3,444,175.00 3,255,845.57 12-20-21 09-24-25 CITY 3134GWUG9 FREDDIE MAC 0.57 10,000,000.00 9,806,600.00 9,209,435.10 12-21-21 12-22-26 CITY 3133ENJC5 FFCB 1.29 5,000,000.00 5,000,000.00 4,611,433.30 01-14-22 01-14-25 CITY 3130AQEA7 FHLB 1.05 7,000,000.00 7,000,000.00 6,656,914.81 06-29-22 08-12-25 CITY 3133EL3P7 Federal Farm Credit Bank 3.34 1,810,000.00 1,660,349.20 1,675,477.99 06-29-22 03-28-25 CITY 3130A5DH9 Federal Home Loan Bank 3.34 1,950,000.00 1,937,715.00 1,944,638.69 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Bank 3.33 5,000,000.00 4,479,000.00 4,493,981.15 08-17-22 10-27-26 CITY 3134GW4C7 Freddie Mac Global Unsecured0.80 5,000,000.00 4,539,500.00 4,539,500.00 c = callable
TOTAL GOVERNMENT AGENCY PAPER 96,160,000.00$ 95,067,590.33$ 90,389,611.28$
CERTIFICATES OF DEPOSIT
05-10-18 05-10-23 CITY 61747MX30 Morgan Stanley Bank Na 32992 3.15 245,000.00 245,000.00 546,098.34 05-11-18 05-11-23 CITY 87164WWF1 Synchrony Bank 27314 3.15 245,000.00 245,000.00 246,091.97 05-11-18 05-11-23 CITY 17312QL23 Citibank Na 7213 3.15 245,000.00 245,000.00 246,091.97 05-15-18 05-15-23 CITY 20033AYE0 Comenity Capital Bank 57570 3.10 245,000.00 245,000.00 245,960.65 TOTAL CERTIFICATES OF DEPOSIT 980,000.00$ 980,000.00$ 1,284,242.93$
CITY OF PALMDALE INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
CORPORATE NOTES
03-10-20 03-01-23 CITY 30231GAR3 Exxon Mobil 2.73 1,000,000.00 1,045,330.00 999,932.43 03-10-20 01-13-23 CITY 037833DE7 Apple Inc 2.40 1,000,000.00 1,041,800.00 999,766.91 06-10-20 04-15-23 CITY 30231GBL5 Exxon Mobil Corp 1.75 5,000,000.00 5,000,000.00 4,950,765.95 06-10-20 05-11-23 CITY 166764BV1 Chevron Corp 1.14 2,075,000.00 2,075,000.00 2,039,686.86 TOTAL CORPORATE BONDS 9,075,000.00$ 9,162,130.00$ 8,990,152.15$
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a CITY ACCOUNT 98-19-620 0.78 37,321,639.35 37,321,639.35 37,321,639.35 06/23/08 n/a PCA ACCOUNT 40-19-060 0.78 32,425,685.17 32,425,685.17 32,425,685.17 n/a ARPA ACCOUNT 19-19-004 0.78 32,511,455.72 32,511,455.72 32,511,455.72 TOTAL LAIF ACCOUNTS 102,258,780.24$ 102,258,780.24$ 102,258,780.24$
CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY ACCOUNT 6080-01 0.30 253,089.00 253,089.00 253,089.00 TOTAL CAMP ACCOUNTS 253,089.00$ 253,089.00$ 253,089.00$
UBS FINANCIAL SERVICES
n/a n/a CITY ACCOUNT 0.00 38,551.92 38,551.92 38,551.92 TOTAL UBS FINANCIAL SERVICES ACCOUNTS 38,551.92$ 38,551.92$ 38,551.92$ TOTAL CITY INVESTMENTS 279,580,421.16$ 280,667,200.87$ 272,105,998.37$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
PURCHASE MATURITY ACCOUNT INTEREST INVESTED
DATE DATE FUND NUMBER RATE AMOUNT
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
11-20-84 n/a LIBRARY 16-19-012 0.78 12,529.63
TOTAL LIBRARY INVESTMENTS 12,529.63$
PURCHASE MATURITY ACCOUNT INTEREST INVESTED
DATE DATE FUND NUMBER RATE AMOUNT
BOND PROCEEDS
SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 05-10-95 n/a BOND 95421220 0.34 107.70
05-10-95 n/a IMPROVEMENT 95421222 0.10 156,518.27
City Held Cash(Fund 736-114000) ($255,912.67)
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 156,625.97$
BOND PROCEEDS
RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-06-95 n/a RESERVE-SEN 95420880 n/a 0.00
04-06-95 n/a IMPV-ACQUI 95420884 0.01 2,611,730.29
04-06-95 n/a BOND 95420887 0.15 0.15
City Held Cash(Fund 738-114000) ($1,000,675.82)
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,611,730.44$
BOND PROCEEDS
ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 08-01-19 n/a SP TAX - B BOND 242969000 0.00 99,145.98
08-01-19 n/a RESERVE 242969003 0.00 722,959.99
08-01-19 n/a SP TAX - REFUNDING BOND 242969004 0.01 15,149.81 08-01-19 n/a SP TAX - REFUNDING BOND COI242969005 0.01 300.42 City Held Cash(Fund 734-114000) $237,084.89
TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 837,556.20$
LIBRARY INVESTMENTS
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
BOND PROCEEDS
2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) Fiscal Agent: U.S. Bank National Association (fka First Trust) 08-02-05 n/a SPEC TRB SER A/B 790330000 0.01 0.00
08-02-05 n/a RESERVE FUND 790330002 0.01 0.00
City Held Cash(Fund 735-114000) $420,217.84
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) -$
BOND PROCEEDS
2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021 Fiscal Agent: U.S. Bank National Association (fka First Trust) n/a SPEC TRB SER A/B 251009000 0.01 228,329.59
n/a RESERVE FUND 251009001 0.01 644,036.08
City Held Cash
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021872,365.67$
BOND PROCEEDS
2006-1 Godde Hill Estate Sewer Improvements LOIB
Fiscal Agent: U.S. Bank National Association (fka First Trust) 11-08-06 n/a REDEMPTION FUND 106844000 0.01 77,761.78
11-08-06 n/a ADM EXP 106844002 0.01 1,610.60
11-08-06 n/a RESERVE FUND 106844003 0.01 100,585.13
City Held Cash(Fund 739-114000) $8,372.84
TOTAL 2006-1 Godde Hill Estate Sewer Improvements LOIB 179,957.51$
BOND PROCEEDS
2007 $19.9M COP Power Plant Land Acquisition
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-12-07 n/a LEASE PAYMENT 112055000 0.01 0.00
04-12-07 n/a RESERVE FUND 112055001 0.00 0.00
TOTAL 2007 $19.9M COP Power Plant Land Acquisition -$
BOND PROCEEDS
2007 $6.5M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) Fiscal Agent: U.S. Bank National Association (fka First Trust) 08-23-07 n/a BOND FUND 117856000 0.01 0.00
08-23-07 n/a RESERVE FUND 117856002 0.01 0.00
TOTAL 2007 $6.5M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) -$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
PURCHASE MATURITY ACCOUNT INTEREST INVESTED
DATE DATE FUND NUMBER RATE AMOUNT
BOND PROCEEDS
2012 PFA $8.7M LEASE REVENUE BONDS
Fiscal Agent: U.S. Bank National Association (fka First Trust) 12-19-12 n/a REVENUE FD 201546000 0.00 503.48
12-19-12 n/a INTEREST ACCOUNT 201546001 n/a 0.00
12-19-12 n/a PRINCIPAL ACCOUNT 201546002 n/a 0.00
TOTAL 2012 PFA $8.7M LEASE REVENUE BONDS 503.48$
2013 HA PALMDALE TRANSIT VILLAGE HOMES LLC ESCROW
Fiscal Agent: U.S. Bank National Association (fka First Trust) 10-11-13 n/a ESCROW FUND 206455000 0.00 2,979,524.90
TOTAL 2013 HA TRANSIT VILLAGE HOMES ESCROW 2,979,524.90$ 2015 HA DEBT SERVICE RESERVE
Fiscal Agent: Bank of America
11-19-15 n/a DEBT SVC RESERVE 1257964992 0.08 39,232.32 TOTAL 2015 HA DEBT SERVICE RESERVE 39,232.32$
PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 6,341,118.42 TOTAL PARS PENSION TRUST FUND 6,341,118.42$
BOND PROCEEDS
2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS
Fiscal Agent: U.S. Bank National Association (fka First Trust) 09-03-15 n/a BOND FUND 277067000 0.00 77,962.31
09-03-15 n/a INTEREST ACCT 277067001 0.01 14.01
09-03-15 n/a BOND RESERVE 277067003 0.00 281,016.15
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,172,980.55 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,531,973.02$
BOND PROCEEDS
2017 PFA $17.4M LEASE REVENUE BONDS
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-05-17 n/a REVENUE FUND 271128000 0.00 2.39
04-05-17 n/a PRINCIPAL ACCT 271128002 n/a 0.00
TOTAL 2017 PFA $17.4M LEASE REVENUE BONDS 2.39$
Total City Held Cash (XXX-114000) ($590,912.92)
GRAND TOTAL - FISCAL AGENT CASH 14,678,224.65$
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
Cash on Hand 21,161,832$
Pooled Cash Investments
City: 274,103,684$
Insur Fund: ($1,997,685) 272,105,999$
Library Investments $12,530
Subtotal 293,280,361$
City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 14,678,225$ *
Grand total 307,958,586$
The interest rate quoted on LAIF, AIM, and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF & AIM interest rates are as of December 31, 2022.
\\cityofpalmdale.org\Finance\general\Cash and Investment\Investment\Investment Reports\22-23\06 Dec 2022\[06 December 2022 Investment Report City.xls]Monthly Maturities
SUMMARY OF CASH AND INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
CITY OF PALMDALE
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES December 31, 2022
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
CITY ACCOUNT 98-19-620
Beginning Balance 40,321,639.35$
12/13/22 (3,000,000.00)$
1/3/2023
Subtotal -$ (3,000,000.00)$ -$ 37,321,639.35$ PCA ACCOUNT 40-19-060
Beginning Balance 37,425,685.17$
12/20/22 (5,000,000.00)$
Subtotal -$ (5,000,000.00)$ -$ 32,425,685.17$ LIBRARY ACCOUNT 16-19-012
Beginning Balance 12,529.63$
-$
Subtotal -$ -$ -$ 12,529.63$ ARPA ACCOUNT 19-19-004
Beginning Balance 32,511,455.72$
Subtotal -$ -$ -$ 32,511,455.72$
CAMP - CALIFORNIA ASSET MANAGEMENT PROGRAM
Beginning Balance 252,167.20$
12/30/22 - $ 921.80$ Subtotal -$ -$ 921.80$ 253,089.00$ UBS Financial Services
Beginning Balance 77,430.27$
12/30/22 84,377.90 $
12/30/22 (123,081.25)$
12/30/22 (175.00)$
Subtotal -$ (123,256.25)$ 84,377.90$ 38,551.92$ Total -$ (8,123,256.25)$ 85,299.70$ 102,562,950.79$ 102,309,861.79$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
TN= US Treasury C= Call
FP= Federal Paper M= Maturity
CD= Certificate of Deposit CB= Corporate Bond
FACE
PURCHASEMATURITY REDEMPTION VALUE INTEREST NET INVESTED GAIN/
ISSUER DATE DATE DATE REDEEMED RECEIVED FUNDS AMOUNT (LOSS) 92826CAC6 VISA Inc 03-10-20 12-14-22 12-14-22 1,500,000.00 21,000.00$ 1,521,000.00$ 1,501,316.52 ($1,316.52) 912828N30 U.S. Treasury Note06-04-21 12-31-22 01-03-23 3,000,000.00 31,875.00$ 3,031,875.00$ 2,994,150.00 $5,850.00 594918BH6 Microsoft Corp 03-10-20 11-03-22 09-03-22 1,000,000.00 8,833.33$ 1,008,833.33$ 1,000,837.38 ($837.38) 5,500,000.00$ 61,708.33$ 5,561,708.33$ 5,496,303.90$ $3,696.10 Total Number of Transactions: 3
CITY OF PALMDALE
POOLED CASH - INVESTMENTS MATURED OR CALLED
December 31, 2022
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
TN = US Treasury
FP = Federal Paper
CD = Certificate of Deposit
CN = Corporate Notes ACCRUED
PURCHASE MATURITY FACE PREMIUM / PURCHASE INTEREST NET Yield
ISSUER DATE DATE VALUE (DISCOUNT) PRICE PURCHASED PURCHASE ### -$ # -$
-$ -$
-$ -$
-$ -$
-$
-$ -$ -$ -$ -$ Total Number of Transactions: 0
CITY OF PALMDALE
POOLED CASH - INVESTMENTS PURCHASED
December 31, 2022
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 2022
PURCHASE MATURITY ACCOUNT/ INTEREST INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT TOTAL
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a SA ACCOUNT 65-19-035 0.78 4,432,717.27
TOTAL LAIF ACCOUNTS 4,432,717.27$
FISCAL AGENT CASH
BOND PROCEEDS
CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) Fiscal Agent: U.S. Bank National Association
08-20-02 n/a RESERVE FUND 94460700 2.54 531,625.76
08-20-02 n/a INTEREST ACCT 94460701 0.04 4,387.32
08-20-02 n/a PRINCIPAL ACCT 94460702 0.04 246.92
TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 536,260.00$
BOND PROCEEDS
2016 SA $31.5M Tax Allocation Refunding Bonds Series A
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-26-16 n/a DEBT SERVICE 245113000 0.00 5.38
04-26-16 n/a INTEREST ACCT 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 5.38$ GRAND TOTAL - FISCAL AGENT CASH $536,265
SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 2,284,798$ $2,289,153
($16,681)
Pooled Cash Investments 4,432,717$ $12,326
$2,284,798
Successor Agency Fiscal Agent Cash 536,265$ *
Grand total 7,253,780$
* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF interest rates are as of December 31, 2022.
\\cityofpalmdale.org\Finance\general\Cash and Investment\Investment\Investment Reports\22-23\06 Dec 2022\[06 December 2022 Successor Investment Report.xls]December 2022 Monthly
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF)
December 31, 2022
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
SA ACCOUNT 65-19-035
Beginning Balance 4,432,717.27$
Subtotal -$ -$ -$ 4,432,717.27$
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale
Palmdale, CA
As of Date: 12/31/2022
Pricing as of: 12/30/2022
Date of Analysis: 01/06/2023
Book Value
277,592
# Securities
48 Average Size (Book)
5,783
Book Yield
1.07 Market Yield
3.11 $ Gain/Loss
-11,062
% Gain/Loss
-4.0%
Average Life
1.29 Average Life +300bps
1.29 % Price Change +100bps
-1.15
% Price Change +300bps
-3.39
Effective Duration
1.16 Effective Convexity
0.01 AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$0 / $0
Portfolio Overview
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Historical Portfolio Overview
12/31/2022
09/30/2022
06/30/2022
05/31/2022
Book Value
277,592
292,384
275,907
254,096
Book Yield
1.07 1.09
1.11 1.14
Book Yield (+100)
1.07 1.09
1.11 1.14
Book Yield (+300)
1.07 1.09
1.11 1.14
Book Yield (-100)
1.07 1.09
1.11 1.14
WAL
1.29 1.40
1.57 1.64
WAL (+100)
1.29 1.40
1.57 1.64
WAL (+300)
1.29 1.40
1.57 1.64
WAL (-100)
1.29 1.40
1.55 1.54
% Price Change (+100)
-1.2%
-1.3%
-1.4%
-1.5%
% Price Change (+300)
-3.4%
-3.7%
-4.2%
-4.5%
% Price Change (-100)
1.2%
1.3%
1.4%
1.5%
Effective Duration
1.16 1.28
1.45 1.53
Effective Convexity
0.01 0.02
0.00 0.01
$ Gain/Loss
-11,062
-11,635
-7,369
-5,659
% Gain/Loss
-4.0%
-4.0%
-2.7%
-2.2%
Principal Cash Flow 2 yrs out
73%
61%
59%
58%
Principal Cash Flow 2 yrs out (+100)
73%
61%
59%
58%
Principal Cash Flow 2 yrs out (+300)
73%
61%
59%
58%
Principal Cash Flow 2 yrs out (-100)
73%
61%
59%
62%
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Portfolio Sector Summary
Portfolio
Par
Book
Market
% Price Change
Gain/(Loss)
Effective
AFS
Sector
%
Value
Cpn
Maturity
Value
Yield
Value
Yield
-100
+100
+300
$
%
WAL
Dur
Cvx
%
Treasury (14)
25.5%
70,815
1.55 1.6 yrs
70,815
1.54 67,781
4.55 1.6
-1.5
-4.5
-3,034
-4.3%
1.62 1.54
0.04 100 %
Agency Bullet (4)
4.0%
11,000
1.93 1.7 yrs
11,000
1.92 10,544
4.53 1.6
-1.6
-4.6
-456
-4.1%
1.70 1.59
0.05 100 %
Callable Agency (18)
30.0%
83,210
0.83 2.6 yrs
83,210
0.83 75,722
4.56 2.4
-2.4
-7.2
-7,488
-9.0%
2.64 2.44
-0.01
100 %
Treasury/Agency (36)
59.4%
165,025
1.21 2.1 yrs
165,025
1.21 154,048
4.55 2.0
-2.0
-5.8
-10,978
-6.7%
2.14 1.99
0.02 100 %
Industrial (4)
3.3%
9,075
1.69 0.3 yrs
9,075
1.69 8,998
4.66 0.3
-0.3
-0.8
-77
-0.9%
0.27 0.26
0.00 100 %
Corporate (4)
3.3%
9,075
1.69 0.3 yrs
9,075
1.69 8,998
4.66 0.3
-0.3
-0.8
-77
-0.9%
0.27 0.26
0.00 100 %
NCD (4)
0.4%
980
3.14 0.4 yrs
980
3.09 972
5.27 0.4
-0.4
-1.1
-8
-0.8%
0.37 0.36
0.00 100 %
CD (4)
0.4%
980
3.14 0.4 yrs
980
3.09 972
5.27 0.4
-0.4
-1.1
-8
-0.8%
0.37 0.36
0.00 100 %
Cash & Other (4)
36.9%
102,512
0.78 -0.9 yrs
102,512
0.78 102,512
0.78 0.0
0.0 0.0
0 0.0%
0.01 0.01
0.00 100 %
Other (4)
36.9%
102,512
0.78 -0.9 yrs
102,512
0.78 102,512
0.78 0.0
0.0 0.0
0 0.0%
0.01 0.01
0.00 100 %
Total (48)
100.0%
277,592
1.07 0.9 yrs
277,592
1.07 266,530
3.11 1.2
-1.2
-3.4
-11,062
-4.0%
1.29 1.16
0.01 100 %
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
277,592
277,592
277,592
277,592
277,592
277,592
277,592
Book Value
277,592
277,592
277,592
277,592
277,592
277,592
277,592
Market Value
272,687
269,630
266,530
263,454
260,441
257,506
254,652
Gain/(Loss)
-4,905
-7,962
-11,062
-14,138
-17,151
-20,086
-22,940
Gain/(Loss) %
-1.8%
-2.9%
-4.0%
-5.1%
-6.2%
-7.2%
-8.3%
Gain/(Loss) % - Chg from Base
2.3%
1.2%
0.0%
-1.2%
-2.3%
-3.4%
-4.5%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Book Yield
1.07 1.07
1.07 1.07
1.07 1.07
1.07 Market Price
98.23 97.13
96.01 94.91
93.82 92.76
91.74 Market Yield
1.20 2.14
3.11 4.09
5.07 6.05
7.04 WAL
1.28 1.29
1.29 1.29
1.29 1.29
1.29 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Price Risk & Market Value Change by Sector
AFS
HTM
% Change in Market Value from Level
Eff
% Change in Market Value from Level
Eff
Sector
-100
Mkt Value
+100
+200
+300
Dur
-100
Mkt Value
+100
+200
+300
Dur
Treasury/Agency
2.0%
154,048
-2.0%
-3.9%
-5.8%
2.0%
Corporate
0.3%
8,998
-0.3%
-0.5%
-0.8%
0.3%
CD
0.4%
972
-0.4%
-0.7%
-1.1%
0.4%
Other
0.0%
102,512
0.0%
0.0%
0.0%
0.0%
Total
1.2%
266,530
-1.2%
-2.3%
-3.4%
1.2%
Scenario Market Val
269,630
266,530
263,454
260,441
257,506
Scenario Gain/Loss
-7,962
-11,062
-14,138
-17,151
-20,086
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
2.3%
-100 bps
1.2%
Level Market Val
266,530
+100 bps
-1.2%
+200 bps
-2.3%
+300 bps
-3.4%
+400 bps
-4.5%
Effective Duration
1.16 Effective Convexity
0.01 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Peer Group Comparison
As of
Book
G/L
Book
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
CD &
%
%
Peer
Date
Value
%
Yield
Base
-100
+300
-100
+100
+300
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.
Label
Muni
Corp
Oth
Fixed
AFS
1 09/22
294,615
-3.6
2.03 1.8
1.6 1.8
1.5 -1.5
-4.6
1.5 0.0
45%
0%
0%
0%
0%
0%
0%
0%
50%
5%
0%
100%
100%
2 12/22
296,453
-4.5
1.39 1.6
1.6 1.7
1.6 -1.5
-4.5
1.5 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
3 10/22
318,564
-4.7
-0.20
1.3 1.3
1.3 1.2
-1.2
-3.5
1.2 0.0
83%
0%
0%
0%
0%
0%
0%
0%
17%
0%
0%
100%
100%
4 09/22
215,653
-2.9
1.18 1.0
1.0 1.0
1.0 -1.0
-2.9
1.0 0.0
87%
0%
0%
0%
0%
0%
0%
0%
13%
0%
0%
100%
100%
5 12/22
202,508
-2.2
3.04 1.8
1.7 2.0
1.5 -1.5
-4.5
1.5 0.0
6%
1%
1%
8%
1%
12%
0%
2%
23%
44%
0%
78%
100%
6 11/22
201,469
-4.3
2.10 2.4
2.3 2.4
2.1 -2.1
-6.2
2.1 0.0
66%
0%
0%
0%
0%
0%
0%
0%
24%
0%
10%
100%
100%
7 10/22
164,960
-7.8
1.60 2.8
2.7 2.9
2.4 -2.4
-7.3
2.4 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
8 11/22
141,774
-5.2
1.30 2.0
2.0 2.0
1.8 -1.8
-5.3
1.8 0.0
76%
0%
0%
0%
0%
0%
0%
0%
0%
1%
23%
100%
100%
9 11/22
130,992
-4.5
2.14 1.6
1.7 1.7
1.4 -1.4
-4.3
1.4 0.0
42%
0%
0%
0%
0%
0%
0%
0%
37%
6%
15%
100%
13%
10 09/22
462,448
-3.2
2.99 2.6
2.3 2.7
2.0 -2.1
-6.4
2.0 -0.1
90%
0%
0%
0%
0%
0%
0%
0%
10%
0%
0%
98%
100%
11 09/22
66,022
-6.1
1.84 3.2
3.0 3.5
2.6 -2.8
-8.4
2.7 -0.2
82%
1%
0%
1%
0%
0%
0%
0%
0%
11%
7%
97%
100%
12 11/22
55,990
-12.5
1.95 5.6
5.2 7.3
4.6 -4.5
-13.6
4.6 0.0
2%
18%
1%
41%
0%
4%
0%
0%
27%
0%
5%
98%
100%
13 12/22
41,763
-3.5
2.17 1.2
1.2 1.2
1.1 -1.1
-3.3
1.1 0.0
23%
0%
0%
0%
0%
0%
0%
0%
39%
0%
37%
100%
96%
14 09/22
517,614
-8.3
1.65 4.2
4.2 4.2
3.6 -3.6
-10.3
3.6 0.1
51%
0%
0%
0%
0%
0%
0%
0%
39%
5%
5%
100%
100%
15 12/22
36,570
-10.1
1.12 3.3
3.3 3.3
3.0 -3.0
-8.7
3.0 0.0
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
16 12/22
35,714
-9.0
1.84 3.8
3.8 3.8
3.1 -3.2
-9.7
3.2 -0.2
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
17 10/22
27,465
-9.7
1.47 3.2
3.2 3.2
3.0 -2.9
-8.6
3.0 0.0
57%
0%
0%
0%
0%
3%
0%
0%
2%
1%
38%
100%
100%
18 09/22
22,544
-4.0
2.21 2.6
2.6 2.6
2.4 -2.3
-6.7
2.4 0.1
67%
0%
0%
0%
0%
0%
0%
0%
0%
0%
33%
100%
100%
19 09/22
21,921
-8.4
0.89 2.7
2.6 2.7
2.4 -2.4
-7.2
2.4 0.0
79%
0%
0%
0%
0%
0%
0%
0%
10%
0%
11%
100%
100%
20 12/22
16,381
-7.2
1.79 2.8
2.8 2.8
2.6 -2.6
-7.4
2.6 0.1
0%
0%
0%
0%
0%
0%
0%
0%
44%
29%
26%
100%
100%
21 09/22
11,856
-5.0
1.25 2.2
2.2 2.3
2.0 -2.0
-6.0
2.0 0.0
38%
0%
0%
0%
0%
0%
0%
0%
12%
17%
33%
100%
100%
22 09/22
11,706
-6.6
1.84 2.3
2.3 2.3
2.2 -2.1
-6.1
2.1 0.1
0%
0%
0%
0%
0%
0%
0%
0%
20%
42%
38%
100%
100%
23 09/22
10,037
-3.1
1.61 2.5
2.5 2.5
2.3 -2.2
-6.5
2.2 0.0
32%
0%
0%
0%
0%
0%
0%
0%
23%
15%
30%
100%
100%
24 10/22
9,174
-14.3
2.66 8.5
8.5 8.5
5.4 -5.2
-14.9
5.2 0.1
0%
0%
0%
0%
0%
0%
0%
0%
86%
3%
11%
100%
100%
25 10/22
9,080
-3.3
2.51 1.7
1.5 1.7
1.4 -1.5
-4.5
1.4 0.0
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
69%
100%
100%
Avg
132,931
-6.2
1.77 2.7
2.7 2.9
2.3 -2.3
-6.8
2.3 0.0
54%
1%
0%
2%
0%
1%
0%
0%
19%
7%
16%
99%
96%
Port
277,592
-4.0
1.07 1.3
1.3 1.3
1.2 -1.2
-3.4
1.2 0.0
59%
0%
0%
0%
0%
0%
0%
0%
0%
3%
37%
100%
100%
Diff
144,661
2.2 -0.70
-1.5
-1.4
-1.6
-1.2
1.2 3.5
-1.2
0.0 5%
-1%
0%
-2%
0%
-1%
0%
0%
-19%
-4%
21%
1%
4%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Summary Peer Comparison
Yield and Average Life Peer Comparison
Price Risk Peer Comparison
Each box contains the range of your peer group, the top and bottom of the boxes being the max and min. The gray box is the avg. of your peers within the range and the blue dot represents your position.
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jan 2023
1.07 103,512
0.80 1.24
Feb 2023
1.24 0
1.24 Mar 2023
1.24 1,000
2.71 1.23
Apr 2023
1.23 5,000
1.57 1.22
May 2023
1.22 5,870
2.23 1.18
Jun 2023
1.18 5,000
2.12 1.15
Jul 2023
1.15 0
1.15 Aug 2023
1.15 0
1.15 Sep 2023
1.15 0
1.15 Oct 2023
1.15 0
1.15 Nov 2023
1.15 0
1.15 Dec 2023
1.15 29,000
1.22 1.14
Shocked Principal and Interest Cash Flow Analysis
Year
-200
-100
Base
+100
+200
+300
+400
Jan 2023
104,587
103,577
103,577
103,577
103,577
103,577
103,577
Feb 2023
70 70
70 70
70 70
70 Mar 2023
74 1,088
1,088
1,088
1,088
1,088
1,088
Apr 2023
5,154
5,154
5,154
5,154
5,154
5,154
5,154
May 2023
5,948
5,948
5,948
5,948
5,948
5,948
5,948
Jun 2023
5,637
5,637
5,637
5,637
5,637
5,637
5,637
Jul 2023
48 48
48 48
48 48
48 Aug 2023
70 70
70 70
70 70
70 Sep 2023
74 74
74 74
74 74
74 Oct 2023
115
115
115
115
115
115
115
Nov 2023
15 15
15 15
15 15
15 Dec 2023
29,587
29,587
29,587
29,587
29,587
29,587
29,587
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2023
1.07 149,382
1.02 1.14
2024
1.14 45,750
1.08 1.18
2025
1.18 60,460
1.16 1.21
2026
1.21 17,000
1.30 0.90
2027
0.90 5,000
0.90 2028
2029
2030
2031
2032
Shocked Principal and Interest Cash Flow Analysis
Year
-200
-100
Base
+100
+200
+300
+400
2023
151,380
151,384
151,384
151,384
151,384
151,384
151,384
2024
47,143
47,143
47,143
47,143
47,143
47,143
47,143
2025
61,297
61,297
61,297
61,297
61,297
61,297
61,297
2026
17,208
17,208
17,208
17,208
17,208
17,208
17,208
2027
5,023
5,023
5,023
5,023
5,023
5,023
5,023
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 12 Months
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
Bk Yld Chg
Treasury/Agency
Cash Flow
48 70
74 115
2,869
5,637
48 70
74 115
15 29,587
End BY
1.21 1.21
1.21 1.21
1.18 1.15
1.15 1.15
1.15 1.15
1.15 1.14
-0.07
Corporate
Cash Flow
1,012
0 1,014
5,039
2,087
End BY
1.60 1.60
1.44 1.14
CD
Cash Flow
1 1
1 1
992
End BY
3.09 3.09
3.09 3.09
Other
Cash Flow
102,516
End BY
Total
Cash Flow
103,577
70 1,088
5,154
5,948
5,637
48 70
74 115
15 29,587
End BY
1.24 1.24
1.23 1.22
1.18 1.15
1.15 1.15
1.15 1.15
1.15 1.14
-0.10
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 3 Years
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
Bk Yld Chg
Treasury/Agency
Cash Flow
192
8,620
192
29,718
192
10,539
4,194
32,218
7,187
20,298
18,460
15,352
End BY
1.21 1.15
1.15 1.14
1.14 1.13
1.15 1.18
1.19 1.27
1.41 1.21
0.00 Corporate
Cash Flow
2,026
7,126
End BY
1.44 CD
Cash Flow
2 993
End BY
3.09 Other
Cash Flow
102,516
End BY
Total
Cash Flow
104,736
16,739
192
29,718
192
10,539
4,194
32,218
7,187
20,298
18,460
15,352
End BY
1.23 1.15
1.15 1.14
1.14 1.13
1.15 1.18
1.19 1.27
1.41 1.21
-0.02
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Book
Yield
Income
Current Book
Yield
0.25 373
-1,145
0.66 0.50
747
-772
0.80 0.75
1,120
-398
0.93 1.00
1,494
-25
1.06 1.25
1,867
349
1.20 1.50
2,241
722
1.33 1.75
2,614
1,095
1.47 2.00
2,988
1,469
1.60 2.25
3,361
1,842
1.74 2.50
3,735
2,216
1.87 2.75
4,108
2,589
2.01 3.00
4,481
2,963
2.14 3.25
4,855
3,336
2.28 3.50
5,228
3,710
2.41 3.75
5,602
4,083
2.54 4.00
5,975
4,457
2.68 4.25
6,349
4,830
2.81 4.50
6,722
5,203
2.95 4.75
7,096
5,577
3.08 5.00
7,469
5,950
3.22 5.25
7,843
6,324
3.35 5.50
8,216
6,697
3.49 5.75
8,589
7,071
3.62 6.00
8,963
7,444
3.76 6.25
9,336
7,818
3.89 6.50
9,710
8,191
4.02 6.75
10,083
8,565
4.16 7.00
10,457
8,938
4.29 7.25
10,830
9,311
4.43 7.50
11,204
9,685
4.56 7.75
11,577
10,058
4.70 8.00
11,951
10,432
4.83 Principal Maturing(12 Mo.Horizon): $149,382
Current Book Yield of Principal Maturing: 1.02%
Est. Annual Income at Current Book Yield: $1,519
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency - Summary
Book
Market
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Maturity
Price
Price
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Value
Yield
Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
1.6 yrs
100.00
95.72 -3,034
-4.3%
1.62 1.6
1.54 0.04
Treasury (14)
42.9%
70,815
1.55 70,815
1.54 67,781
4.55 -6,055
-8.6%
1.62 -4.5
100.0%
1.7 yrs
100.00
95.86 -456
-4.1%
1.70 1.6
1.59 0.05
Agency Bullet (4)
6.7%
11,000
1.93 11,000
1.92 10,544
4.53 -941
-8.6%
1.70 -4.6
100.0%
2.6 yrs
100.00
91.00 -7,488
-9.0%
2.64 2.4
2.44 -0.01
Callable Agency (18)
50.4%
83,210
0.83 0.2 yrs
83,210
0.83 75,722
4.56 -12,907
-15.5%
2.64 -7.2
100.0%
2.1 yrs
100.00
93.35 -10,978
-6.7%
2.14 2.0
1.99 0.02
Total (36)
100.0%
165,025
1.21 0.2 yrs
165,025
1.21 154,048
4.55 -19,903
-12.1%
2.14 -5.8
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency - Sector Cash Flow and Yield Rolloff - Next 3 Years 1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
Bk Yld Chg
Cash Flow
192
8,620
192
29,718
192
10,539
4,194
32,218
7,187
20,298
18,460
15,352
End BY
1.21 1.15
1.15 1.14
1.14 1.13
1.15 1.18
1.19 1.27
1.41 1.21
0.00 Cash Flow
192
8,620
192
29,718
192
10,539
4,194
32,218
7,187
20,298
18,460
15,352
End BY
1.21 1.15
1.15 1.14
1.14 1.13
1.15 1.18
1.19 1.27
1.41 1.21
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked Agency Projected Call Schedule
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Monthly
-100
-75
-50
-25
0 25
50 75
100
Dec 22
-
-
-
-
-
-
-
-
-
Jan 23
-
-
-
-
-
-
-
-
-
Feb 23
-
-
-
-
-
-
-
-
-
Mar 23
-
-
-
-
-
-
-
-
-
Apr 23
-
-
-
-
-
-
-
-
-
May 23
-
-
-
-
-
-
-
-
-
Jun 23
-
-
-
-
-
-
-
-
-
Jul 23
-
-
-
-
-
-
-
-
-
Aug 23
-
-
-
-
-
-
-
-
-
Sep 23
-
-
-
-
-
-
-
-
-
Oct 23
-
-
-
-
-
-
-
-
-
Nov 23
-
-
-
-
-
-
-
-
-
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Quarterly
-100
-75
-50
-25
0 25
50 75
100
4Q22
-
-
-
-
-
-
-
-
-
1Q23
-
-
-
-
-
-
-
-
-
2Q23
-
-
-
-
-
-
-
-
-
3Q23
-
-
-
-
-
-
-
-
-
4Q23
-
-
-
-
-
-
-
-
-
1Q24
-
-
-
-
-
-
-
-
-
2Q24
-
-
-
-
-
-
-
-
-
3Q24
-
-
-
-
-
-
-
-
-
4Q24
-
-
-
-
-
-
-
-
-
1Q25
-
-
-
-
-
-
-
-
-
2Q25
-
-
-
-
-
-
-
-
-
3Q25
-
-
-
-
-
-
-
-
-
4Q25
-
-
-
-
-
-
-
-
-
1Q26
-
-
-
-
-
-
-
-
-
2Q26
-
-
-
-
-
-
-
-
-
3Q26
-
-
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency Projected Call Report - CUSIP Level
Sec
Cpn
Par
Next
Call
Mkt
Gain/
Projected Shocked Call Dates
No.
CUSIP
Issuer
Cpn
Type
Maturity
Value
Call
Type
Price
Loss
-200
-100
Base
+100
+200
+300
+400
21 3133EL2X1
FFCB
0.42 Fixed
05/06/24
2,000
01/13/23
Anytime
94.233
-115
05/24
05/24
05/24
05/24
05/24
05/24
05/24
22 3130AMQR6
FHLB
0.35 Fixed
06/07/24
3,000
03/07/23
Quarterly
93.784
-186
06/24
06/24
06/24
06/24
06/24
06/24
06/24
23 3130AMHH8
FHLB
0.41 Fixed
08/01/24
4,000
03/01/23
Quarterly
93.308
-268
08/24
08/24
08/24
08/24
08/24
08/24
08/24
24 3134GWNG7
FHLMC
0.50 Fixed
11/27/24
2,000
02/27/23
Quarterly
92.453
-151
11/24
11/24
11/24
11/24
11/24
11/24
11/24
25 3130AQDY6
FHLB
1.00 Fixed
12/30/24
6,750
01/13/23
Anytime
93.158
-462
12/24
12/24
12/24
12/24
12/24
12/24
12/24
29 3130AQEA7
FHLB
1.05 Fixed
01/14/25
7,000
01/14/23
Quarterly
93.048
-487
01/25
01/25
01/25
01/25
01/25
01/25
01/25
31 3133EMUP5
FFCB
0.71 Fixed
04/01/25
5,000
01/13/23
Anytime
91.808
-410
04/25
04/25
04/25
04/25
04/25
04/25
04/25
32 3133ENHW3
FFCB
1.17 Fixed
06/23/25
10,000
01/13/23
Anytime
92.181
-782
06/25
06/25
06/25
06/25
06/25
06/25
06/25
33 3133ELK37
FFCB
0.78 Fixed
06/16/25
5,000
01/13/23
Anytime
91.316
-434
06/25
06/25
06/25
06/25
06/25
06/25
06/25
34 3136G4ZP1
FNMA
0.65 Fixed
07/30/25
3,500
01/30/23
Quarterly
90.663
-327
07/25
07/25
07/25
07/25
07/25
07/25
07/25
35 3133EL3P7
FFCB
0.53 Fixed
08/12/25
1,810
01/13/23
Anytime
90.266
-176
08/25
08/25
08/25
08/25
08/25
08/25
08/25
38 3134GWUG9
FHLMC
0.57 Fixed
09/24/25
10,000
03/24/23
Quarterly
90.035
-997
09/25
09/25
09/25
09/25
09/25
09/25
09/25
39 3134GXBM5
FHLMC
0.60 Fixed
11/12/25
1,150
02/12/23
Quarterly
89.715
-118
11/25
11/25
11/25
11/25
11/25
11/25
11/25
41 3130AMRQ7
FHLB
0.88 Fixed
12/30/25
3,000
03/30/23
Quarterly
90.091
-297
12/25
12/25
12/25
12/25
12/25
12/25
12/25
45 3130AN5C0
FHLB
1.05 Fixed
04/29/26
4,000
01/29/23
Quarterly
89.536
-419
04/26
04/26
04/26
04/26
04/26
04/26
04/26
46 3134GW4C7
FHLMC
0.80 Fixed
10/27/26
5,000
01/27/23
Quarterly
87.228
-639
10/26
10/26
10/26
10/26
10/26
10/26
10/26
47 3133ENJC5
FFCB
1.29 Fixed
12/22/26
5,000
12/22/23
Anytime
88.801
-560
12/26
12/26
12/26
12/26
12/26
12/26
12/26
48 3130AL5A8
FHLB
0.90 Fixed
02/26/27
5,000
02/26/23
Quarterly
86.776
-661
02/27
02/27
02/27
02/27
02/27
02/27
02/27
0.83 83,210
91.001
-7,488
Shocked Agency Projected Call Schedule - Next 12 Months -200
-100
Base
+100
+200
+300
+400
Dec 22
-
-
-
-
-
-
-
Jan 23
-
-
-
-
-
-
-
Feb 23
-
-
-
-
-
-
-
Mar 23
-
-
-
-
-
-
-
Apr 23
-
-
-
-
-
-
-
May 23
-
-
-
-
-
-
-
Jun 23
-
-
-
-
-
-
-
Jul 23
-
-
-
-
-
-
-
Aug 23
-
-
-
-
-
-
-
Sep 23
-
-
-
-
-
-
-
Oct 23
-
-
-
-
-
-
-
Nov 23
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency - Risk/Reward Analysis
Top 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
3133EL2X1
FFCB 0.42 05/06/24
Callable Agency
1,885
4.89%
1.29 -3.8
3130AMQR6
FHLB 0.35 06/07/24
Callable Agency
2,814
4.88%
1.38 -4.0
3130AMHH8
FHLB 0.41 08/01/24
Callable Agency
3,732
4.84%
1.52 -4.4
3133EKPT7
FFCB 2 1/8 06/05/23
Agency Bullet
4,944
4.79%
0.42 -1.3
912828V23
T 2 1/4 12/31/23
Treasury
3,903
4.77%
0.96 -2.8
Bottom 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
9128285T3
T 2 5/8 12/31/25
Treasury
2,871
4.17%
2.82 -8.1
9128285T3
T 2 5/8 12/31/25
Treasury
4,784
4.17%
2.82 -8.1
9128286F2
T 2 1/2 02/28/26
Treasury
2,851
4.19%
2.95 -8.5
3135G06G3
FNMA 0 1/2 11/07/25
Agency Bullet
2,698
4.28%
2.76 -7.9
3133EJYM5
FFCB 3.02 09/04/25
Agency Bullet
967
4.32%
2.50 -7.2
Top 5 Price Volatility (% price change +300)
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
3130AL5A8
FHLB 0.9 02/26/27
Callable Agency
4,339
4.42%
3.81 -11.0
3133ENJC5
FFCB 1.29 12/22/26
Callable Agency
4,440
4.39%
3.55 -10.4
3134GW4C7
FHLMC 0.8 10/27/26
Callable Agency
4,361
4.47%
3.54 -10.2
3130AN5C0
FHLB 1.05 04/29/26
Callable Agency
3,581
4.47%
3.05 -8.9
9128286F2
T 2 1/2 02/28/26
Treasury
2,851
4.19%
2.95 -8.5
Next 5 Projected Redemptions
Security
Mkt
Mkt
Eff.
CUSIP
Description
Subsector
Value
Yld
Dur
Mat/Call
9128284S6
T 2 3/4 05/31/23
Treasury
2,793
4.60%
0.41 05/01/23
3133EKPT7
FFCB 2 1/8 06/05/23
Agency Bullet
4,944
4.79%
0.42 06/01/23
9128285U0
T 2 5/8 12/31/23
Treasury
4,898
4.74%
0.95 12/01/23
912828V23
T 2 1/4 12/31/23
Treasury
3,903
4.77%
0.96 12/01/23
912828V23
T 2 1/4 12/31/23
Treasury
4,878
4.77%
0.96 12/01/23
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Corporate - Summary
Rating
Book
Market
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Moody's
Price
Price
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Maturity
S&P
Value
Yield
Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
Aa1
100.00
99.15 -77
-0.9%
0.27 0.3
0.26 0.00
Industrial (4)
100.0%
9,075
1.69 0.3 yrs
AA
9,075
1.69 8,998
4.66 -147
-1.6%
0.27 -0.8
100.0%
Aa1
100.00
99.15 -77
-0.9%
0.27 0.3
0.26 0.00
Total (4)
100.0%
9,075
1.69 0.3 yrs
AA
9,075
1.69 8,998
4.66 -147
-1.6%
0.27 -0.8
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Corporate - Rating Summary
Combined Rating Summary
Maturity Summary
Combined Rating
% Balance
Par Value
Book Yield
Eff. Duration
Maturity Range
% Balance
Par Value
Book Yield
Combined
Rating
AAA
-
-
-
-
< 1 Yr
100.0%
9,075
1.69 AA+
AA
100.0%
9,075
1.69 0.26
1.00 Yr - 2.99 Yr
-
-
-
-
A
-
-
-
-
3.00 Yr - 4.99 Yr
-
-
-
-
BBB
-
-
-
-
5.00 Yr - 6.99 Yr
-
-
-
-
BB
-
-
-
-
7.00 Yr - 9.99 Yr
-
-
-
-
B or Below
-
-
-
-
10 Yr +
-
-
-
-
NR
-
-
-
-
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
CD - Summary
Book
Market
G/L $
G/L %
WAL
Px Chg
Dur
Cvx
Sector
Par
Maturity
Price
Price
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Value
Yield
Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
0.4 yrs
100.00
99.22 -8
-0.8%
0.37 0.4
0.36 0.00
NCD (4)
100.0%
980
3.14 980
3.09 972
5.27 -18
-1.8%
0.37 -1.1
100.0%
0.4 yrs
100.00
99.22 -8
-0.8%
0.37 0.4
0.36 0.00
Total (4)
100.0%
980
3.14 980
3.09 972
5.27 -18
-1.8%
0.37 -1.1
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Other - Summary
Book
Market
G/L $
G/L %
WAL
Px Chg
Dur
Cvx
Sector
Par
Maturity
Price
Price
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Value
Yield
Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
-0.9 yrs
100.00
100.00
0 0.0%
0.01 0.0
0.01 0.00
Cash & Other (4)
100.0%
102,512
0.78 102,512
0.78 102,512
0.78 -17
0.0%
0.01 0.0
100.0%
-0.9 yrs
100.00
100.00
0 0.0%
0.01 0.0
0.01 0.00
Total (4)
100.0%
102,512
0.78 102,512
0.78 102,512
0.78 -17
0.0%
0.01 0.0
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Portfolio Considerations
Par
Book
Market
Gain/
Book
Eff.
Historical CPR
Proj. CPR
Loan
Sector
Cnt
Cpn
Maturity
Value
Price
Price
(Loss)
Yield
WAL
Dur
1 Mo.
3 Mo.
Life
Life
Count
Book Yield < 2%
30 0.79
0.8 yrs
230,797
100.00
95.76 -9,777
0.79 1.2
1.10 Treasury
5 0.63
1.5 yrs
35,000
100.00
94.53 -1,913
0.62 1.5
1.47 Agency Bullet
1 0.50
2.9 yrs
3,000
100.00
89.94 -302
0.50 2.9
2.76 Callable Agency
18 0.83
2.6 yrs
83,210
100.00
91.00 -7,488
0.83 2.6
2.44 Industrial
2 1.44
0.3 yrs
7,075
100.00
98.96 -73
1.44 0.3
0.31 Cash & Other
4 0.78
-0.9 yrs
102,512
100.00
100.00
0 0.78
0.0 0.01
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Key Portfolio Sorts
Top 10 Up 300 Market Value Changes (%)
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
86.78 -661
0.900
4.16 -11.03
-479
-1,140
3.81 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
88.80 -560
1.290
3.98 -10.44
-464
-1,023
3.55 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
87.23 -639
0.800
3.83 -10.25
-447
-1,085
3.54 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
89.54 -419
1.050
3.33 -8.95
-321
-739
3.05 AFS
9128286F2
Treasury
T 2 1/2 02/28/26
2.50 02/28/26
3,000
100.00
95.03 -149
2.499
3.17 -8.47
-242
-391
2.95 AFS
3130AMRQ7
Callable Agency
FHLB 0 7/8 12/30/25
0.88 12/30/25
3,000
100.00
90.09 -297
0.875
3.00 -8.14
-220
-517
2.78 AFS
9128285T3
Treasury
T 2 5/8 12/31/25
2.63 12/31/25
3,000
100.00
95.69 -129
2.625
3.00 -8.06
-231
-361
2.82 AFS
9128285T3
Treasury
T 2 5/8 12/31/25
2.63 12/31/25
5,000
100.00
95.69 -216
2.625
3.00 -8.06
-386
-601
2.82 AFS
3135G06G3
Agency Bullet
FNMA 0 1/2 11/07/25
0.50 11/07/25
3,000
100.00
89.94 -302
0.500
2.85 -7.89
-213
-515
2.76 AFS
3134GXBM5
Callable Agency
FHLMC 0.6 11/12/25
0.60 11/12/25
1,150
100.00
89.72 -118
0.600
2.87 -7.87
-81
-199
2.70 AFS
1.41 37,150
100.00
90.61 -3,490
1.412
3.43 -9.16
-3,082
-6,572
3.16 Top 10 Up 300 Market Value Changes ($)
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25
0.57 09/24/25
10,000
100.00
90.03 -997
0.570
2.73 -7.53
-678
-1,675
2.58 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
92.18 -782
1.170
2.48 -6.79
-626
-1,407
2.27 AFS
91282CDN8
Treasury
T 1 12/15/24
1.00 12/15/24
10,000
100.00
93.61 -639
0.999
1.96 -5.47
-512
-1,151
1.89 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
86.78 -661
0.900
4.16 -11.03
-479
-1,140
3.81 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
88.80 -560
1.290
3.98 -10.44
-464
-1,023
3.55 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
87.23 -639
0.800
3.83 -10.25
-447
-1,085
3.54 AFS
9128285T3
Treasury
T 2 5/8 12/31/25
2.63 12/31/25
5,000
100.00
95.69 -216
2.625
3.00 -8.06
-386
-601
2.82 AFS
3130AQEA7
Callable Agency
FHLB 1.05 01/14/25
1.05 01/14/25
7,000
100.00
93.05 -487
1.050
2.04 -5.64
-368
-854
1.90 AFS
3130AQDY6
Callable Agency
FHLB 1 12/30/24
1.00 12/30/24
6,750
100.00
93.16 -462
1.000
2.00 -5.53
-348
-809
1.87 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
89.54 -419
1.050
3.33 -8.95
-321
-739
3.05 AFS
1.09 67,750
100.00
91.35 -5,860
1.089
2.77 -7.47
-4,626
-10,486
2.55 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Key Portfolio Sorts
Top 10 Marked to Market Up 300 Loss Positions
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25
0.57 09/24/25
10,000
100.00
90.03 -997
0.570
2.73 -7.53
-678
-1,675
2.58 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
92.18 -782
1.170
2.48 -6.79
-626
-1,407
2.27 AFS
91282CDN8
Treasury
T 1 12/15/24
1.00 12/15/24
10,000
100.00
93.61 -639
0.999
1.96 -5.47
-512
-1,151
1.89 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
86.78 -661
0.900
4.16 -11.03
-479
-1,140
3.81 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
87.23 -639
0.800
3.83 -10.25
-447
-1,085
3.54 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
88.80 -560
1.290
3.98 -10.44
-464
-1,023
3.55 AFS
3130AQEA7
Callable Agency
FHLB 1.05 01/14/25
1.05 01/14/25
7,000
100.00
93.05 -487
1.050
2.04 -5.64
-368
-854
1.90 AFS
3130AQDY6
Callable Agency
FHLB 1 12/30/24
1.00 12/30/24
6,750
100.00
93.16 -462
1.000
2.00 -5.53
-348
-809
1.87 AFS
3133ELK37
Callable Agency
FFCB 0.78 06/16/25
0.78 06/16/25
5,000
100.00
91.32 -434
0.780
2.46 -6.79
-310
-744
2.31 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
89.54 -419
1.050
3.33 -8.95
-321
-739
3.05 AFS
0.95 67,750
100.00
91.03 -6,078
0.953
2.73 -7.38
-4,551
-10,629
2.52 Top 10 Average Life Extension Up 300bps
Par
Book
Market
Book
% Px
Δ
Eff.
WAL
Chg in
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
+300
Dur
WAL
+300
WAL
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25
0.57 09/24/25
10,000
100.00
90.03 -997
0.570
-7.53
2.58 2.73
2.73 0.00
AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
92.18 -782
1.170
-6.79
2.27 2.48
2.48 0.00
AFS
91282CDN8
Treasury
T 1 12/15/24
1.00 12/15/24
10,000
100.00
93.61 -639
0.999
-5.47
1.89 1.96
1.96 0.00
AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
86.78 -661
0.900
-11.03
3.81 4.16
4.16 0.00
AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
87.23 -639
0.800
-10.25
3.54 3.83
3.83 0.00
AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
88.80 -560
1.290
-10.44
3.55 3.98
3.98 0.00
AFS
3130AQEA7
Callable Agency
FHLB 1.05 01/14/25
1.05 01/14/25
7,000
100.00
93.05 -487
1.050
-5.64
1.90 2.04
2.04 0.00
AFS
3130AQDY6
Callable Agency
FHLB 1 12/30/24
1.00 12/30/24
6,750
100.00
93.16 -462
1.000
-5.53
1.87 2.00
2.00 0.00
AFS
3133ELK37
Callable Agency
FFCB 0.78 06/16/25
0.78 06/16/25
5,000
100.00
91.32 -434
0.780
-6.79
2.31 2.46
2.46 0.00
AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
89.54 -419
1.050
-8.95
3.05 3.33
3.33 0.00
AFS
0.95 67,750
100.00
91.03 -6,078
0.953
-7.38
2.52 2.73
2.73 0.00
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency - CUSIP Detail
Maturity
Book
Market
Gain/(Loss)
% Px
Δ
Eff.
CUSIP
Cpn Type
Next Call Dt
Step Date
Proj.
Price
Price
bp
→
call
%
-100
Dur
ESG/Gr
Security Description
Ticker
Par
Coupon
Call Type
Step Cpn
Final
Value
Yield
Value
Yield
$
+300
Cvx
Intent
91282CBA8
Fixed
12/23
100.00
95.77 -4.2%
0.9 0.92
T 0 1/8 12/15/23
T
10,000
0.125
12/15/23
10,000
0.12 9,577
4.71 -423
-2.7
0.02 AFS
91282CBA8
Fixed
12/23
100.00
95.77 -4.2%
0.9 0.92
T 0 1/8 12/15/23
T
5,000
0.125
12/15/23
5,000
0.12 4,788
4.71 -212
-2.7
0.02 AFS
9128285U0
Fixed
12/23
100.00
97.95 -2.0%
1.0 0.95
T 2 5/8 12/31/23
T
5,000
2.625
12/31/23
5,000
2.62 4,898
4.74 -102
-2.8
0.02 AFS
912828V23
Fixed
12/23
100.00
97.56 -2.4%
1.0 0.96
T 2 1/4 12/31/23
T
4,000
2.250
12/31/23
4,000
2.25 3,903
4.77 -98
-2.8
0.02 AFS
912828V23
Fixed
12/23
100.00
97.56 -2.4%
1.0 0.96
T 2 1/4 12/31/23
T
5,000
2.250
12/31/23
5,000
2.25 4,878
4.77 -122
-2.8
0.02 AFS
9128286R6
Fixed
04/24
100.00
96.83 -3.2%
1.3 1.27
T 2 1/4 04/30/24
T
5,000
2.250
04/30/24
5,000
2.24 4,841
4.73 -159
-3.7
0.03 AFS
91282CDN8
Fixed
12/24
100.00
93.61 -6.4%
1.9 1.89
T 1 12/15/24
T
10,000
1.000
12/15/24
10,000
1.00 9,361
4.44 -639
-5.5
0.05 AFS
91282CDN8
Fixed
12/24
100.00
93.61 -6.4%
1.9 1.89
T 1 12/15/24
T
5,000
1.000
12/15/24
5,000
1.00 4,680
4.44 -320
-5.5
0.05 AFS
91282CDN8
Fixed
12/24
100.00
93.61 -6.4%
1.9 1.89
T 1 12/15/24
T
5,000
1.000
12/15/24
5,000
1.00 4,680
4.44 -320
-5.5
0.05 AFS
9128283P3
Fixed
12/24
100.00
95.84 -4.2%
1.9 1.91
T 2 1/4 12/31/24
T
3,000
2.250
12/31/24
3,000
2.25 2,875
4.44 -125
-5.5
0.05 AFS
9128284S6
Fixed
05/23
100.00
99.23 -0.8%
0.4 0.41
T 2 3/4 05/31/23
T
2,815
2.750
05/31/23
2,815
2.73 2,793
4.60 -22
-1.2
0.00 AFS
9128285T3
Fixed
12/25
100.00
95.69 -4.3%
2.9 2.82
T 2 5/8 12/31/25
T
5,000
2.625
12/31/25
5,000
2.63 4,784
4.17 -216
-8.1
0.09 AFS
9128285T3
Fixed
12/25
100.00
95.69 -4.3%
2.9 2.82
T 2 5/8 12/31/25
T
3,000
2.625
12/31/25
3,000
2.63 2,871
4.17 -129
-8.1
0.09 AFS
9128286F2
Fixed
02/26
100.00
95.03 -5.0%
3.0 2.95
T 2 1/2 02/28/26
T
3,000
2.500
02/28/26
3,000
2.50 2,851
4.19 -149
-8.5
0.10 AFS
Treasury
100.00
95.72 -4.3%
1.6 1.54
70,815
1.546
70,815
1.54 67,781
4.55 -3,034
-4.5
0.04 3133EKPT7
Fixed
06/23
100.00
98.88 -1.1%
0.4 0.42
FFCB 2 1/8 06/05/23
FFCB
5,000
2.125
06/05/23
5,000
2.12 4,944
4.79 -56
-1.3
0.00 AFS
3135G06G3
Fixed
11/25
100.00
89.94 -10.1%
2.8 2.76
FNMA 0 1/2 11/07/25
FNMA
3,000
0.500
11/07/25
3,000
0.50 2,698
4.28 -302
-7.9
0.09 AFS
3133EJYM5
Fixed
09/25
100.00
96.74 -3.3%
2.6 2.50
FFCB 3.02 09/04/25
FFCB
1,000
3.020
09/04/25
1,000
3.02 967
4.32 -33
-7.2
0.08 AFS
3133EJYM5
Fixed
09/25
100.00
96.74 -3.3%
2.6 2.50
FFCB 3.02 09/04/25
FFCB
2,000
3.020
09/04/25
2,000
3.02 1,935
4.32 -65
-7.2
0.08 AFS
Agency Bullet
100.00
95.86 -4.1%
1.6 1.59
11,000
1.926
11,000
1.92 10,544
4.53 -456
-4.6
0.05 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Agency - CUSIP Detail
Maturity
Book
Market
Gain/(Loss)
% Px
Δ
Eff.
CUSIP
Cpn Type
Next Call Dt
Step Date
Proj.
Price
Price
bp
→
call
%
-100
Dur
ESG/Gr
Security Description
Ticker
Par
Coupon
Call Type
Step Cpn
Final
Value
Yield
Value
Yield
$
+300
Cvx
Intent
3134GWUG9
Fixed
03/24/23
09/25
100.00
90.03 -544
-10.0%
2.6 2.58
FHLMC 0.57 09/24/25
FHLMC
10,000
0.570
Quarterly
09/24/25
10,000
0.57 9,003
4.48 -997
-7.5
-0.02
AFS
3134GXBM5
Fixed
02/12/23
11/25
100.00
89.72 -547
-10.3%
2.7 2.70
FHLMC 0.6 11/12/25
FHLMC
1,150
0.600
Quarterly
11/12/25
1,150
0.60 1,032
4.46 -118
-7.9
-0.07
AFS
3130AMRQ7
Fixed
03/30/23
12/25
100.00
90.09 -519
-9.9%
2.8 2.78
FHLB 0 7/8 12/30/25
FHLB
3,000
0.875
Quarterly
12/30/25
3,000
0.87 2,703
4.44 -297
-8.1
0.06 AFS
3130AN5C0
Fixed
01/29/23
04/26
100.00
89.54 -506
-10.5%
3.0 3.05
FHLB 1.05 04/29/26
FHLB
4,000
1.050
Quarterly
04/29/26
4,000
1.05 3,581
4.47 -419
-8.9
-0.01
AFS
3134GW4C7
Fixed
01/27/23
10/26
100.00
87.23 -545
-12.8%
3.6 3.54
FHLMC 0.8 10/27/26
FHLMC
5,000
0.800
Quarterly
10/27/26
5,000
0.80 4,361
4.47 -639
-10.2
0.09 AFS
3133ENJC5
Fixed
12/22/23
12/26
100.00
88.80 -466
-11.2%
3.5 3.55
FFCB 1.29 12/22/26
FFCB
5,000
1.290
Anytime
12/22/26
5,000
1.29 4,440
4.39 -560
-10.4
-0.21
AFS
3130AL5A8
Fixed
02/26/23
02/27
100.00
86.78 -539
-13.2%
3.8 3.81
FHLB 0.9 02/26/27
FHLB
5,000
0.900
Quarterly
02/26/27
5,000
0.90 4,339
4.42 -661
-11.0
0.10 AFS
3133EMUP5
Fixed
01/13/23
04/25
100.00
91.81 -536
-8.2%
2.1 2.12
FFCB 0.71 04/01/25
FFCB
5,000
0.710
Anytime
04/01/25
5,000
0.71 4,590
4.58 -410
-6.2
-0.03
AFS
3133ENHW3
Fixed
01/13/23
06/25
100.00
92.18 -484
-7.8%
2.2 2.27
FFCB 1.17 06/23/25
FFCB
10,000
1.170
Anytime
06/23/25
10,000
1.17 9,218
4.54 -782
-6.8
-0.06
AFS
3133ELK37
Fixed
01/13/23
06/25
100.00
91.32 -528
-8.7%
2.3 2.31
FFCB 0.78 06/16/25
FFCB
5,000
0.780
Anytime
06/16/25
5,000
0.78 4,566
4.55 -434
-6.8
0.05 AFS
3136G4ZP1
Fixed
01/30/23
07/25
100.00
90.66 -541
-9.3%
2.4 2.43
FNMA 0.65 07/30/25
FNMA
3,500
0.650
Quarterly
07/30/25
3,500
0.65 3,173
4.52 -327
-7.1
0.06 AFS
3133EL3P7
Fixed
01/13/23
08/25
100.00
90.27 -559
-9.7%
2.5 2.47
FFCB 0.53 08/12/25
FFCB
1,810
0.530
Anytime
08/12/25
1,810
0.53 1,634
4.52 -176
-7.2
-0.06
AFS
3130AQEA7
Fixed
01/14/23
01/25
100.00
93.05 -479
-7.0%
1.9 1.90
FHLB 1.05 01/14/25
FHLB
7,000
1.050
Quarterly
01/14/25
7,000
1.05 6,513
4.66 -487
-5.6
-0.01
AFS
3133EL2X1
Fixed
01/13/23
05/24
100.00
94.23 -519
-5.8%
1.3 1.29
FFCB 0.42 05/06/24
FFCB
2,000
0.420
Anytime
05/06/24
2,000
0.42 1,885
4.89 -115
-3.8
0.02 AFS
3130AMQR6
Fixed
03/07/23
06/24
100.00
93.78 -521
-6.2%
1.4 1.38
FHLB 0.35 06/07/24
FHLB
3,000
0.350
Quarterly
06/07/24
3,000
0.35 2,814
4.88 -186
-4.0
0.02 AFS
3130AMHH8
Fixed
03/01/23
08/24
100.00
93.31 -528
-6.7%
1.5 1.52
FHLB 0.41 08/01/24
FHLB
4,000
0.410
Quarterly
08/01/24
4,000
0.41 3,732
4.84 -268
-4.4
0.03 AFS
3134GWNG7
Fixed
02/27/23
11/24
100.00
92.45 -527
-7.5%
1.8 1.82
FHLMC 0 1/2 11/27/24
FHLMC
2,000
0.500
Quarterly
11/27/24
2,000
0.50 1,849
4.68 -151
-5.3
0.04 AFS
3130AQDY6
Fixed
01/13/23
12/24
100.00
93.16 -489
-6.8%
1.8 1.87
FHLB 1 12/30/24
FHLB
6,750
1.000
Anytime
12/30/24
6,750
1.00 6,288
4.62 -462
-5.5
-0.01
AFS
Callable Agency
100.00
91.00 -9.0%
2.4 2.44
83,210
0.831
83,210
0.83 75,722
4.56 -7,488
-7.2
-0.01
Total
100.00
93.35 -6.7%
2.0 1.99
165,025
1.211
165,025
1.21 154,048
4.55 -10,978
-5.8
0.02 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Corporate - CUSIP Detail
Rating
Book
Market
Gain/(Loss)
% Px
Δ
Eff.
CUSIP
Sector
Par
Index
S&P
Price
Price
%
-100
Dur
ESG/Gr
Security Description
Subsector
Value
Cpn
Maturity
Margin
Moody's
Value
Yield
Value
Yield
$
+300
Cvx
Intent
037833DE7
Industrial
AA+
100.00
99.95 0.0%
0.0 0.04
AAPL 2.4 01/13/23
Manufacturing
1,000
2.400
01/13/23
Aaa
1,000
2.39 1,000
3.77 0
-0.1
0.00 AFS
30231GAR3
Industrial
AA-
100.00
99.68 -0.3%
0.2 0.17
XOM 2.726 03/01/23
Energy Company
1,000
2.726
03/01/23
Aa2
1,000
2.71 997
4.61 -3
-0.5
0.00 AFS
30231GBL5
Industrial
AA-
100.00
99.08 -0.9%
0.3 0.29
XOM 1.571 04/15/23
Energy Company
5,000
1.571
04/15/23
Aa2
5,000
1.57 4,954
4.77 -46
-0.9
0.00 AFS
166764BV1
Industrial
AA-
100.00
98.67 -1.3%
0.4 0.36
CVX 1.141 05/11/23
Energy Company
2,075
1.141
05/11/23
Aa2
2,075
1.14 2,047
4.86 -28
-1.1
0.00 AFS
Industrial
AA
100.00
99.15 -0.9%
0.3 0.26
9,075
1.691
Aa1
9,075
1.69 8,998
4.66 -77
-0.8
0.00 Total
AA
100.00
99.15 -0.9%
0.3 0.26
9,075
1.691
Aa1
9,075
1.69 8,998
4.66 -77
-0.8
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
CD - CUSIP Detail
Coupon
Step
Maturity
Book
Market
Gain/(Loss)
% Px
Δ
Effective
CUSIP
Par
Type
Date
Proj.
Price
Price
%
-100
Dur
ESG/G
r
Security Description
Ticker
Value
Rate
Rate
Final
Value
Yield
Value
Yield
$
+300
Cvx
Intent
61747MX30
Fixed
05/23
100.00
99.24 -0.8%
0.4 0.35
MS 3.15 05/10/23
MS
245
3.150
05/10/23
245
3.10 243
5.25 -2
-1.1
0.00 AFS
87164WWF1
Fixed
05/23
100.00
99.23 -0.8%
0.4 0.36
SYF 3.15 05/11/23
SYF
245
3.150
05/11/23
245
3.10 243
5.25 -2
-1.1
0.00 AFS
17312QL23
Fixed
05/23
100.00
99.23 -0.8%
0.4 0.36
C 3.15 05/11/23
C
245
3.150
05/11/23
245
3.10 243
5.25 -2
-1.1
0.00 AFS
20033AYE0
Fixed
05/23
100.00
99.18 -0.8%
0.4 0.37
ADS 3.1 05/15/23
ADS
245
3.100
05/15/23
245
3.08 243
5.32 -2
-1.1
0.00 AFS
NCD
100.00
99.22 -0.8%
0.4 0.36
980
3.138
980
3.09 972
5.27 -8
-1.1
0.00 Total
100.00
99.22 -0.8%
0.4 0.36
980
3.138
980
3.09 972
5.27 -8
-1.1
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Other - CUSIP Detail
Coupon
Step
Maturity
Book
Market
Gain/(Loss)
% Px
Δ
Effective
Par
Type
Date
Proj.
Price
Price
%
-100
Dur
ESG/G
r
CUSIP
Ticker
Value
Rate
Rate
Final
Value
Yield
Value
Yield
$
+300
Cvx
Intent
Fixed
01/23
100.00
100.00
0.0%
0.0 0.01
PLMDLCAMP
253
0.300
01/31/22
253
0.30 253
0.30 0
0.0 0.00
AFS
Fixed
01/23
100.00
100.00
0.0%
0.0 0.01
PLMDLLAIF
32,511
0.780
01/31/22
32,511
0.78 32,511
0.78 0
0.0 0.00
AFS
Fixed
01/23
100.00
100.00
0.0%
0.0 0.01
PLMDLLAIF
37,322
0.780
01/31/22
37,322
0.78 37,322
0.78 0
0.0 0.00
AFS
Fixed
01/23
100.00
100.00
0.0%
0.0 0.01
PLMDLLAIF
32,426
0.780
01/31/22
32,426
0.78 32,426
0.78 0
0.0 0.00
AFS
100.00
100.00
0.0%
0.0 0.01
Cash & Other
102,512
0.779
102,512
0.78 102,512
0.78 0
0.0 0.00
100.00
100.00
0.0%
0.0 0.01
Total
102,512
0.779
102,512
0.78 102,512
0.78 0
0.0 0.00
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
2,000
49 2.62%
25 1.30%
0 0.00%
-24
-1.28%
-48
-2.54%
-71
-3.77%
-94
-4.97%
3133EL2X1
0.42 96.70
2.93 95.46
3.90 94.23
4.89 93.02
5.87 91.84
6.85 90.68
7.83 89.55
8.80 FFCB 0.42 05/06/24
05/06/2024
1.35 1.35
1.29 1.35
1.35 1.35
1.35 1.35
1,810
79 4.87%
40 2.47%
0 0.00%
-40
-2.47%
-80
-4.88%
-118
-7.23%
-156
-9.52%
3133EL3P7
0.53 94.66
2.66 92.49
3.56 90.27
4.52 88.04
5.50 85.86
6.49 83.74
7.49 81.67
8.49 FFCB 0.53 08/12/25
08/12/2025
2.62 2.62
2.47 2.62
2.62 2.62
2.62 2.62
5,000
190
4.14%
97 2.11%
0 0.00%
-97
-2.12%
-193
-4.20%
-287
-6.24%
-378
-8.23%
3133EMUP5
0.71 95.61
2.73 93.74
3.63 91.81
4.58 89.86
5.56 87.95
6.55 86.08
7.55 84.25
8.54 FFCB 0.71 04/01/25
04/01/2025
2.25 2.25
2.12 2.25
2.25 2.25
2.25 2.25
5,000
205
4.49%
105
2.30%
0 0.00%
-105
-2.30%
-209
-4.58%
-310
-6.79%
-409
-8.95%
3133ELK37
0.78 95.42
2.72 93.41
3.60 91.32
4.55 89.21
5.53 87.14
6.52 85.11
7.52 83.14
8.52 FFCB 0.78 06/16/25
06/16/2025
2.46 2.46
2.31 2.46
2.46 2.46
2.46 2.46
10,000
402
4.36%
207
2.24%
0 0.00%
-211
-2.29%
-421
-4.56%
-626
-6.79%
-825
-8.95%
3133ENHW3
1.17 96.20
2.77 94.25
3.61 92.18
4.54 90.07
5.51 87.98
6.50 85.93
7.49 83.93
8.49 FFCB 1.17 06/23/25
06/23/2025
2.48 2.48
2.27 2.48
2.48 2.48
2.48 2.48
5,000
299
6.74%
155
3.49%
0 0.00%
-158
-3.56%
-313
-7.06%
-464
-10.44%
-608
-13.69%
3133ENJC5
1.29 94.78
2.68 91.90
3.49 88.80
4.39 85.64
5.35 82.54
6.32 79.53
7.31 76.64
8.31 FFCB 1.29 12/22/26
12/22/2026
3.98 3.98
3.55 3.98
3.98 3.98
3.98 3.98
5,000
42 0.86%
21 0.43%
0 0.00%
-21
-0.42%
-42
-0.84%
-62
-1.26%
-82
-1.67%
3133EKPT7
2.13 99.72
2.78 99.30
3.78 98.88
4.79 98.46
5.80 98.05
6.80 97.64
7.81 97.23
8.82 FFCB 2 1/8 06/05/23
06/05/2023
0.43 0.43
0.42 0.43
0.43 0.43
0.43 0.43
1,000
50 5.21%
25 2.56%
0 0.00%
-24
-2.49%
-47
-4.90%
-70
-7.25%
-92
-9.52%
3133EJYM5
3.02 101.78
2.33 99.23
3.32 96.74
4.32 94.34
5.31 92.00
6.31 89.73
7.31 87.53
8.31 FFCB 3.02 09/04/25
09/04/2025
2.68 2.68
2.50 2.68
2.68 2.68
2.68 2.68
2,000
101
5.21%
50 2.56%
0 0.00%
-48
-2.49%
-95
-4.90%
-140
-7.25%
-184
-9.52%
3133EJYM5
3.02 101.78
2.33 99.23
3.32 96.74
4.32 94.34
5.31 92.00
6.31 89.73
7.31 87.53
8.31 FFCB 3.02 09/04/25
09/04/2025
2.68 2.68
2.50 2.68
2.68 2.68
2.68 2.68
3,000
146
5.38%
75 2.76%
0 0.00%
-75
-2.77%
-149
-5.50%
-220
-8.14%
-289
-10.71%
3130AMRQ7
0.88 94.94
2.64 92.58
3.50 90.09
4.44 87.59
5.41 85.14
6.40 82.75
7.39 80.44
8.38 FHLB 0 7/8 12/30/25
12/30/2025
3.00 3.00
2.78 3.00
3.00 3.00
3.00 3.00
3,000
79 2.80%
39 1.39%
0 0.00%
-38
-1.37%
-76
-2.70%
-113
-4.01%
-149
-5.30%
3130AMQR6
0.35 96.41
2.92 95.09
3.90 93.78
4.88 92.50
5.87 91.25
6.85 90.02
7.83 88.82
8.81 FHLB 0.35 06/07/24
06/07/2024
1.44 1.44
1.38 1.44
1.44 1.44
1.44 1.44
4,000
114
3.07%
57 1.53%
0 0.00%
-56
-1.51%
-111
-2.99%
-165
-4.43%
-218
-5.85%
3130AMHH8
0.41 96.17
2.90 94.74
3.86 93.31
4.84 91.90
5.83 90.52
6.82 89.17
7.80 87.85
8.78 FHLB 0.41 08/01/24
08/01/2024
1.59 1.59
1.52 1.59
1.59 1.59
1.59 1.59
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
5,000
324
7.46%
166
3.82%
0 0.00%
-165
-3.80%
-325
-7.49%
-479
-11.03%
-626
-14.43%
3130AL5A8
0.90 93.25
2.63 90.09
3.48 86.78
4.42 83.48
5.39 80.28
6.38 77.20
7.37 74.25
8.36 FHLB 0.9 02/26/27
02/26/2027
4.16 4.16
3.81 4.16
4.16 4.16
4.16 4.16
6,750
227
3.61%
116
1.85%
0 0.00%
-117
-1.87%
-234
-3.71%
-348
-5.53%
-459
-7.30%
3130AQDY6
1.00 96.52
2.80 94.88
3.68 93.16
4.62 91.42
5.59 89.70
6.58 88.01
7.57 86.35
8.57 FHLB 1 12/30/24
12/30/2024
2.00 2.00
1.87 2.00
2.00 2.00
2.00 2.00
7,000
241
3.69%
123
1.89%
0 0.00%
-124
-1.91%
-247
-3.79%
-368
-5.64%
-486
-7.45%
3130AQEA7
1.05 96.49
2.84 94.81
3.72 93.05
4.66 91.27
5.64 89.52
6.63 87.80
7.63 86.11
8.62 FHLB 1.05 01/14/25
01/14/2025
2.04 2.04
1.90 2.04
2.04 2.04
2.04 2.04
4,000
211
5.90%
109
3.03%
0 0.00%
-109
-3.05%
-217
-6.05%
-321
-8.95%
-421
-11.75%
3130AN5C0
1.05 94.82
2.69 92.25
3.54 89.54
4.47 86.80
5.43 84.12
6.42 81.52
7.41 79.01
8.40 FHLB 1.05 04/29/26
04/29/2026
3.33 3.33
3.05 3.33
3.33 3.33
3.33 3.33
2,000
67 3.61%
34 1.82%
0 0.00%
-33
-1.81%
-66
-3.59%
-99
-5.33%
-130
-7.03%
3134GWNG7
0.50 95.79
2.78 94.14
3.71 92.45
4.68 90.78
5.67 89.13
6.66 87.52
7.65 85.95
8.64 FHLMC 0 1/2 11/27/24
11/27/2024
1.91 1.91
1.82 1.91
1.91 1.91
1.91 1.91
10,000
458
5.08%
232
2.57%
0 0.00%
-231
-2.57%
-458
-5.09%
-678
-7.53%
-892
-9.91%
3134GWUG9
0.57 94.61
2.63 92.35
3.53 90.03
4.48 87.72
5.47 85.46
6.46 83.25
7.46 81.11
8.45 FHLMC 0.57 09/24/25
09/24/2025
2.73 2.73
2.58 2.73
2.73 2.73
2.73 2.73
1,150
55 5.30%
28 2.69%
0 0.00%
-28
-2.69%
-55
-5.32%
-81
-7.87%
-107
-10.35%
3134GXBM5
0.60 94.47
2.61 92.13
3.51 89.72
4.46 87.30
5.44 84.95
6.43 82.65
7.43 80.43
8.42 FHLMC 0.6 11/12/25
11/12/2025
2.87 2.87
2.70 2.87
2.87 2.87
2.87 2.87
5,000
304
6.96%
155
3.55%
0 0.00%
-154
-3.52%
-303
-6.95%
-447
-10.25%
-585
-13.42%
3134GW4C7
0.80 93.30
2.65 90.33
3.53 87.23
4.47 84.16
5.44 81.17
6.43 78.29
7.42 75.52
8.42 FHLMC 0.8 10/27/26
10/27/2026
3.83 3.83
3.54 3.83
3.83 3.83
3.83 3.83
3,000
154
5.70%
76 2.80%
0 0.00%
-73
-2.72%
-144
-5.35%
-213
-7.89%
-280
-10.36%
3135G06G3
0.50 95.07
2.30 92.46
3.29 89.94
4.28 87.50
5.28 85.13
6.27 82.84
7.27 80.62
8.26 FNMA 0 1/2 11/07/25
11/07/2025
2.85 2.85
2.76 2.85
2.85 2.85
2.85 2.85
3,500
151
4.76%
77 2.43%
0 0.00%
-77
-2.42%
-152
-4.81%
-226
-7.13%
-298
-9.38%
3136G4ZP1
0.65 94.98
2.67 92.86
3.57 90.66
4.52 88.47
5.50 86.31
6.49 84.20
7.49 82.16
8.49 FNMA 0.65 07/30/25
07/30/2025
2.58 2.58
2.43 2.58
2.58 2.58
2.58 2.58
10,000
179
1.87%
89 0.93%
0 0.00%
-87
-0.91%
-173
-1.81%
-257
-2.68%
-340
-3.55%
91282CBA8
0.13 97.56
2.73 96.65
3.72 95.77
4.71 94.89
5.69 94.04
6.67 93.20
7.64 92.37
8.61 T 0 1/8 12/15/23
12/15/2023
0.96 0.96
0.92 0.96
0.96 0.96
0.96 0.96
5,000
90 1.87%
44 0.93%
0 0.00%
-44
-0.91%
-86
-1.81%
-128
-2.68%
-170
-3.55%
91282CBA8
0.13 97.56
2.73 96.65
3.72 95.77
4.71 94.89
5.69 94.04
6.67 93.20
7.64 92.37
8.61 T 0 1/8 12/15/23
12/15/2023
0.96 0.96
0.92 0.96
0.96 0.96
0.96 0.96
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
5,000
181
3.87%
89 1.91%
0 0.00%
-87
-1.87%
-173
-3.69%
-256
-5.47%
-337
-7.21%
91282CDN8
1.00 97.23
2.46 95.40
3.45 93.61
4.44 91.86
5.44 90.16
6.43 88.49
7.42 86.86
8.42 T 1 12/15/24
12/15/2024
1.96 1.96
1.89 1.96
1.96 1.96
1.96 1.96
5,000
181
3.87%
89 1.91%
0 0.00%
-87
-1.87%
-173
-3.69%
-256
-5.47%
-337
-7.21%
91282CDN8
1.00 97.23
2.46 95.40
3.45 93.61
4.44 91.86
5.44 90.16
6.43 88.49
7.42 86.86
8.42 T 1 12/15/24
12/15/2024
1.96 1.96
1.89 1.96
1.96 1.96
1.96 1.96
10,000
362
3.87%
179
1.91%
0 0.00%
-175
-1.87%
-345
-3.69%
-512
-5.47%
-675
-7.21%
91282CDN8
1.00 97.23
2.46 95.40
3.45 93.61
4.44 91.86
5.44 90.16
6.43 88.49
7.42 86.86
8.42 T 1 12/15/24
12/15/2024
1.96 1.96
1.89 1.96
1.96 1.96
1.96 1.96
3,000
176
6.17%
86 3.03%
0 0.00%
-83
-2.92%
-164
-5.75%
-242
-8.47%
-317
-11.10%
9128286F2
2.50 100.89
2.21 97.91
3.20 95.03
4.19 92.25
5.19 89.57
6.18 86.98
7.17 84.48
8.16 T 2 1/2 02/28/26
02/28/2026
3.17 3.17
2.95 3.17
3.17 3.17
3.17 3.17
5,000
126
2.60%
62 1.29%
0 0.00%
-61
-1.26%
-121
-2.49%
-179
-3.70%
-236
-4.88%
9128286R6
2.25 99.34
2.75 98.07
3.74 96.83
4.73 95.61
5.71 94.42
6.69 93.25
7.67 92.10
8.64 T 2 1/4 04/30/24
04/30/2024
1.33 1.33
1.27 1.33
1.33 1.33
1.33 1.33
4,000
76 1.95%
38 0.96%
0 0.00%
-37
-0.95%
-73
-1.87%
-109
-2.79%
-144
-3.68%
912828V23
2.25 99.46
2.80 98.50
3.79 97.56
4.77 96.64
5.76 95.73
6.73 94.84
7.71 93.97
8.67 T 2 1/4 12/31/23
12/31/2023
1.00 1.00
0.96 1.00
1.00 1.00
1.00 1.00
5,000
95 1.95%
47 0.96%
0 0.00%
-46
-0.95%
-91
-1.87%
-136
-2.79%
-180
-3.68%
912828V23
2.25 99.46
2.80 98.50
3.79 97.56
4.77 96.64
5.76 95.73
6.73 94.84
7.71 93.97
8.67 T 2 1/4 12/31/23
12/31/2023
1.00 1.00
0.96 1.00
1.00 1.00
1.00 1.00
3,000
113
3.92%
56 1.94%
0 0.00%
-54
-1.89%
-107
-3.74%
-159
-5.54%
-210
-7.30%
9128283P3
2.25 99.60
2.46 97.70
3.45 95.84
4.44 94.03
5.44 92.26
6.43 90.53
7.43 88.85
8.43 T 2 1/4 12/31/24
12/31/2024
2.00 2.00
1.91 2.00
2.00 2.00
2.00 2.00
2,815
23 0.83%
12 0.41%
0 0.00%
-11
-0.41%
-23
-0.81%
-34
-1.22%
-45
-1.62%
9128284S6
2.75 100.06
2.59 99.64
3.59 99.23
4.60 98.83
5.61 98.43
6.62 98.03
7.62 97.63
8.63 T 2 3/4 05/31/23
05/31/2023
0.42 0.42
0.41 0.42
0.42 0.42
0.42 0.42
5,000
95 1.95%
47 0.96%
0 0.00%
-46
-0.95%
-92
-1.87%
-136
-2.78%
-180
-3.68%
9128285U0
2.63 99.86
2.77 98.90
3.76 97.95
4.74 97.03
5.73 96.12
6.70 95.23
7.67 94.35
8.64 T 2 5/8 12/31/23
12/31/2023
1.00 1.00
0.95 1.00
1.00 1.00
1.00 1.00
5,000
279
5.84%
137
2.87%
0 0.00%
-133
-2.78%
-261
-5.46%
-386
-8.06%
-506
-10.57%
9128285T3
2.63 101.28
2.18 98.43
3.18 95.69
4.17 93.03
5.16 90.46
6.16 87.98
7.15 85.57
8.14 T 2 5/8 12/31/25
12/31/2025
3.00 3.00
2.82 3.00
3.00 3.00
3.00 3.00
3,000
168
5.84%
82 2.87%
0 0.00%
-80
-2.78%
-157
-5.46%
-231
-8.06%
-303
-10.57%
9128285T3
2.63 101.28
2.18 98.43
3.18 95.69
4.17 93.03
5.16 90.46
6.16 87.98
7.15 85.57
8.14 T 2 5/8 12/31/25
12/31/2025
3.00 3.00
2.82 3.00
3.00 3.00
3.00 3.00
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
Treasury/Agency
165,025
6,092
3.95%
3,068
1.99%
0 0.00%
-3,043
-1.98%
-6,023
-3.91%
-8,926
-5.79%
-11,748
-7.63%
1.21 97.04
2.64 95.21
3.58 93.35
4.55 91.50
5.54 89.70
6.53 87.94
7.52 86.23
8.51 2.14
2.14 1.99
2.14 2.14
2.14 2.14
2.14 1,000
1 0.07%
0 0.04%
0 0.00%
0 -0.04%
-1
-0.07%
-1
-0.11%
-1
-0.15%
037833DE7
2.40 100.02
1.75 99.99
2.76 99.95
3.77 99.91
4.79 99.88
5.82 99.84
6.84 99.80
7.88 AAPL 2.4 01/13/23
01/13/2023
0.04 0.04
0.04 0.04
0.04 0.04
0.04 0.04
2,075
15 0.72%
7 0.36%
0 0.00%
-7
-0.36%
-15
-0.71%
-22
-1.06%
-29
-1.41%
166764BV1
1.14 99.38
2.86 99.03
3.86 98.67
4.86 98.32
5.87 97.97
6.87 97.63
7.88 97.28
8.88 CVX 1.141 05/11/23
05/11/2023
0.36 0.36
0.36 0.36
0.36 0.36
0.36 0.36
5,000
29 0.58%
14 0.29%
0 0.00%
-14
-0.29%
-28
-0.57%
-42
-0.86%
-56
-1.14%
30231GBL5
1.57 99.66
2.76 99.37
3.77 99.08
4.77 98.80
5.78 98.51
6.79 98.23
7.80 97.95
8.82 XOM 1.571 04/15/23
04/15/2023
0.29 0.29
0.29 0.29
0.29 0.29
0.29 0.29
1,000
3 0.32%
2 0.17%
0 0.00%
-2
-0.17%
-3
-0.33%
-5
-0.50%
-7
-0.66%
30231GAR3
2.73 100.00
2.69 99.85
3.62 99.68
4.61 99.52
5.61 99.35
6.62 99.18
7.62 99.02
8.63 XOM 2.726 03/01/23
03/01/2023
0.03 0.17
0.17 0.17
0.17 0.17
0.17 0.17
Corporate
9,075
47 0.53%
24 0.26%
0 0.00%
-24
-0.26%
-47
-0.52%
-70
-0.78%
-93
-1.04%
1.69 99.67
2.66 99.41
3.66 99.15
4.66 98.89
5.67 98.63
6.68 98.38
7.69 98.12
8.71 0.25
0.27 0.26
0.27 0.27
0.27 0.27
0.27 245
2 0.74%
1 0.37%
0 0.00%
-1
-0.36%
-2
-0.73%
-3
-1.08%
-4
-1.44%
20033AYE0
3.10 99.92
3.31 99.55
4.31 99.18
5.32 98.82
6.32 98.47
7.33 98.11
8.34 97.76
9.34 ADS 3.1 05/15/23
05/15/2023
0.38 0.38
0.37 0.38
0.38 0.38
0.38 0.38
245
2 0.72%
1 0.36%
0 0.00%
-1
-0.36%
-2
-0.71%
-3
-1.06%
-3
-1.41%
17312QL23
3.15 99.95
3.24 99.59
4.24 99.23
5.25 98.88
6.26 98.53
7.26 98.18
8.27 97.83
9.28 C 3.15 05/11/23
05/11/2023
0.36 0.36
0.36 0.36
0.36 0.36
0.36 0.36
245
2 0.72%
1 0.36%
0 0.00%
-1
-0.35%
-2
-0.71%
-3
-1.05%
-3
-1.40%
61747MX30
3.15 99.95
3.24 99.59
4.24 99.24
5.25 98.89
6.26 98.54
7.26 98.19
8.27 97.85
9.28 MS 3.15 05/10/23
05/10/2023
0.36 0.36
0.35 0.36
0.36 0.36
0.36 0.36
245
2 0.72%
1 0.36%
0 0.00%
-1
-0.36%
-2
-0.71%
-3
-1.06%
-3
-1.41%
87164WWF1
3.15 99.95
3.24 99.59
4.24 99.23
5.25 98.88
6.26 98.53
7.26 98.18
8.27 97.83
9.28 SYF 3.15 05/11/23
05/11/2023
0.36 0.36
0.36 0.36
0.36 0.36
0.36 0.36
CD
980
7 0.72%
4 0.36%
0 0.00%
-3
-0.36%
-7
-0.71%
-10
-1.07%
-14
-1.42%
3.14 99.94
3.26 99.58
4.26 99.22
5.27 98.87
6.27 98.51
7.28 98.17
8.29 97.82
9.30 0.37
0.37 0.36
0.37 0.37
0.37 0.37
0.37 253
0 0.01%
0 0.01%
0 0.00%
0 -0.01%
0 -0.01%
0 -0.02%
0 -0.02%
PLMDLCAMP
0.30 100.01
-1.69
100.01
-0.70
100.00
0.30 99.99
1.30 99.99
2.31 99.98
3.32 99.98
4.34 CAMP
01/31/2022
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
37,322
4 0.01%
2 0.01%
0 0.00%
-2
-0.01%
-4
-0.01%
-6
-0.02%
-8
-0.02%
PLMDLLAIF
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 LAIF
01/31/2022
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
32,426
4 0.01%
2 0.01%
0 0.00%
-2
-0.01%
-4
-0.01%
-5
-0.02%
-7
-0.02%
PLMDLLAIF
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 LAIF
01/31/2022
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
32,511
4 0.01%
2 0.01%
0 0.00%
-2
-0.01%
-4
-0.01%
-5
-0.02%
-7
-0.02%
PLMDLLAIF
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 LAIF
01/31/2022
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
Other
102,512
11 0.01%
6 0.01%
0 0.00%
-6
-0.01%
-11
-0.01%
-17
-0.02%
-23
-0.02%
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 0.01
0.01 0.01
0.01 0.01
0.01 0.01
0.01 Total
277,592
6,158
2.31%
3,101
1.16%
0 0.00%
-3,076
-1.15%
-6,088
-2.28%
-9,023
-3.39%
-11,878
-4.46%
1.07 98.23
1.20 97.13
2.14 96.01
3.11 94.91
4.09 93.82
5.07 92.76
6.05 91.74
7.04 1
1.28 1.29
1.16 1.29
1.29 1.29
1.29 1.29
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Portfolio Changes
Partial Buy9/2022-12/2022
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLCAMP
Other
CAMP
01/31/2022
0.30 253,089
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 9/2022-12/2022
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
594918BH6
Corporate
MSFT 2.65 11/03/22
11/03/2022
2.65 1,000,000
100.00
AFS
Called
912828N30
Treasury/Agency
T 2 1/8 12/31/22
12/31/2022
2.13 3,000,000
100.00
AFS
Expired/Matured
92826CAC6
Corporate
V 2.8 12/14/22
12/14/2022
2.80 1,500,000
100.00
AFS
Expired/Matured
PLMDLLAIF
Other
LAIF
01/31/2022
0.78 102,258,780
100.00
AFS
Partial Sale
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Shocked Assumptions
Scenarios
Down 200
Down 100
Base
Up 100
Up 200
Up 300
Up 400
Shift Amount
-200
-100
0 100
200
300
400
Curve Slope Change
0 0
0 0
0 0
0 Shock Horizon
Immediate
Immediate
Immediate
Immediate
Immediate
Immediate
Immediate
Curve Type
Static
Static
Static
Static
Static
Static
Static
Valuation Date
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Report Assumptions
Assumptions
·
Calculation Engine
The Yield Book © and ZM Financial
·
Cash Flow Model
The Yield Book ©
·
Curve Date
Same as Portfolio As Of Date
·
Curve Type Used
Swap Curve
·
Curve Shape
Immediate Sustained Parallel Shocks
·
Price Shock Methodology
Constant OAS for fixed rate securities; immediate market shift for floating rate securities ·
Horizon Period
Immediate Time Horizon
·
Reinvestment Rate
3 Month T-Bill
·
Cost of Funds
1.00%
·
Tax Rate
21.0%
Additional Information
Rolloff Yield
- Rolloff Yield is the weighted average yield of the cashflows (maturities, calls and paydowns) that roll off during the noted time period. Ending Book Yield is the weighted average yield of the remaining securities at the noted time period.
Shocked Scenarios
- All shocked scenarios are instant and parallel and assume a sustained rate cycle from that point on. LIBOR OAS is held constant in order to generate shocked market scenarios and The Yieldbook was used to generate the projected cash flows. In shocked scenarios, 0.01% is considered the floor.
Bonds Likely to be Called
- The page identifies all callable agencies which will either be called or mature in the next 12 months in any of the shocked scenarios. The methodology used to determine the call assumes a small internal margin to account for the "cost to call." Municipals
- For taxable institutions, the above tax rate detailed - along with TEFRA adjustments for BQs - is used to calculate TEY unless otherwise input. Ratings are a blend of Moody's and Standard & Poors.
Duration
- Duration in the shocked detail section is generated by Yield Book.
Original Face
- If original face was not supplied, original face was estimated by dividing current face by current factor.
Yields
-
All yields are Yield to Projected Scenario. (Assumes 100% of The Yield Book prepayment model).
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
The information contained herein has been prepared from sources believed reliable but is not guaranteed by Stifel and is not a complete summary or statement of all available data, nor is it to be construed as an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of investors. Employees of Stifel or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. No investments or services mentioned are available to "private customers" in the European Economic Area or to anyone in Canada other than a "Designated Institution." Stifel and/or its employees involved in the preparation or the issuance of this communication may have positions in the securities or options of the issuer/s discussed or recommended herein.
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Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE, One South Street, Baltimore, MD 21202
. All rights reserved.
Disclaimer
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
Portfolio Exceptions
Hld
Exception
Sub
Indic
Par
Book
Market
ID
Description
CUSIP
Sector
Sector
Table
Security Description
Value
Price
Price
1 7357742
Called
3130A5DH9
AGY
FHLB 2.000 05/18/20 CALd
1,950
100.000
100.000
Portfolio Exceptions Summary
Total Par
Total Par
Total Par
% Par
Holding Count
Holding Count
Holding Count
% Count
From Customer
Excluded
In Analysis
Excluded
From Customer
Excluded
In Analysis
Excluded
279,542
1,950
277,592
0.70 %
49 1
48 2.04 %
City of Palmdale - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6748 - 58411
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale - Successor Agency
Palmdale, CA
As of Date: 12/31/2022
Pricing as of: 12/30/2022
Date of Analysis: 01/06/2023
Book Value
4,433
# Securities
1 Average Size (Book)
4,433
Book Yield
0.78 Market Yield
0.78 $ Gain/Loss
0 % Gain/Loss
0.0%
Average Life
0.01 Average Life +300bps
0.01 % Price Change +100bps
-0.01
% Price Change +300bps
-0.02
Effective Duration
0.01 Effective Convexity
0.00 AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$0 / $0
Portfolio Overview
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Historical Portfolio Overview
12/31/2022
09/30/2022
06/30/2022
05/31/2022
Book Value
4,433
5,408
8,701
3,701
Book Yield
0.78 0.79
0.78 0.78
Book Yield (+100)
0.78 0.79
0.78 0.78
Book Yield (+300)
0.78 0.79
0.78 0.78
Book Yield (-100)
0.78 0.79
0.78 0.78
WAL
0.01 0.08
0.08 0.08
WAL (+100)
0.01 0.08
0.08 0.08
WAL (+300)
0.01 0.08
0.08 0.08
WAL (-100)
0.01 0.08
0.08 0.08
% Price Change (+100)
0.0%
-0.1%
-0.1%
-0.1%
% Price Change (+300)
0.0%
-0.3%
-0.3%
-0.2%
% Price Change (-100)
0.0%
0.1%
0.1%
0.1%
Effective Duration
0.01 0.09
0.09 0.08
Effective Convexity
0.00 0.00
0.00 0.00
$ Gain/Loss
0 0
0 0
% Gain/Loss
0.0%
0.0%
0.0%
0.0%
Principal Cash Flow 2 yrs out
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (+100)
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (+300)
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (-100)
100%
100%
100%
100%
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Portfolio Sector Summary
Portfolio
Par
Book
Market
% Price Change
Gain/(Loss)
Effective
AFS
Sector
%
Value
Cpn
Maturity
Value
Yield
Value
Yield
-100
+100
+300
$
%
WAL
Dur
Cvx
%
Cash & Other (1)
100.0%
4,433
0.78 -0.9 yrs
4,433
0.78 4,433
0.78 0.0
0.0 0.0
0 0.0%
0.01 0.01
0.00 100 %
Other (1)
100.0%
4,433
0.78 -0.9 yrs
4,433
0.78 4,433
0.78 0.0
0.0 0.0
0 0.0%
0.01 0.01
0.00 100 %
Total (1)
100.0%
4,433
0.78 -0.9 yrs
4,433
0.78 4,433
0.78 0.0
0.0 0.0
0 0.0%
0.01 0.01
0.00 100 %
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Shocked Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
4,433
4,433
4,433
4,433
4,433
4,433
4,433
Book Value
4,433
4,433
4,433
4,433
4,433
4,433
4,433
Market Value
4,433
4,433
4,433
4,432
4,432
4,432
4,432
Gain/(Loss)
0 0
0 0
0 -1
-1
Gain/(Loss) %
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Gain/(Loss) % - Chg from Base
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Book Yield
0.78 0.78
0.78 0.78
0.78 0.78
0.78 Market Price
100.01
100.01
100.00
99.99 99.99
99.98 99.98
Market Yield
-1.22
-0.22
0.78 1.79
2.80 3.81
4.83 WAL
0.01 0.01
0.01 0.01
0.01 0.01
0.01 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2022
Portfolio ID: 6753 - 58411
Price Risk & Market Value Change by Sector
AFS
HTM
% Change in Market Value from Level
Eff
% Change in Market Value from Level
Eff
Sector
-100
Mkt Value
+100
+200
+300
Dur
-100
Mkt Value
+100
+200
+300
Dur
Other
0.0%
4,433
0.0%
0.0%
0.0%
0.0%
Total
0.0%
4,433
0.0%
0.0%
0.0%
0.0%
Scenario Market Val
4,433
4,433
4,432
4,432
4,432
Scenario Gain/Loss
0 0
0 0
-1
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
0.0%
-100 bps
0.0%
Level Market Val
4,433
+100 bps
0.0%
+200 bps
0.0%
+300 bps
0.0%
+400 bps
0.0%
Effective Duration
0.01 Effective Convexity
0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2022
Portfolio ID: 6753 - 58411
Peer Group Comparison
As of
Book
G/L
Book
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
CD &
%
%
Peer
Date
Value
%
Yield
Base
-100
+300
-100
+100
+300
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.
Label
Muni
Corp
Oth
Fixed
AFS
1 12/22
4,542
-10.3
0.80 3.0
3.0 3.0
2.8 -2.8
-8.2
2.8 0.0
94%
0%
0%
0%
0%
0%
0%
0%
0%
0%
6%
100%
100%
2 09/22
7,106
-7.7
2.14 3.9
3.9 4.0
3.2 -3.1
-8.9
3.2 0.1
0%
18%
0%
17%
0%
0%
0%
0%
0%
0%
66%
100%
100%
3 12/22
8,000
-10.4
1.25 3.4
3.4 3.4
3.1 -3.1
-9.0
3.1 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
4 10/22
8,166
-8.3
2.35 3.7
3.7 3.8
3.4 -3.3
-9.7
3.4 0.1
51%
0%
0%
0%
0%
0%
0%
0%
0%
0%
49%
100%
100%
5 10/22
9,080
-3.3
2.51 1.7
1.5 1.7
1.4 -1.5
-4.5
1.4 0.0
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
69%
100%
100%
6 10/22
9,174
-14.3
2.66 8.5
8.5 8.5
5.4 -5.2
-14.9
5.2 0.1
0%
0%
0%
0%
0%
0%
0%
0%
86%
3%
11%
100%
100%
7 09/22
10,037
-3.1
1.61 2.5
2.5 2.5
2.3 -2.2
-6.5
2.2 0.0
32%
0%
0%
0%
0%
0%
0%
0%
23%
15%
30%
100%
100%
8 09/22
11,706
-6.6
1.84 2.3
2.3 2.3
2.2 -2.1
-6.1
2.1 0.1
0%
0%
0%
0%
0%
0%
0%
0%
20%
42%
38%
100%
100%
9 09/22
11,856
-5.0
1.25 2.2
2.2 2.3
2.0 -2.0
-6.0
2.0 0.0
38%
0%
0%
0%
0%
0%
0%
0%
12%
17%
33%
100%
100%
10 12/22
16,381
-7.2
1.79 2.8
2.8 2.8
2.6 -2.6
-7.4
2.6 0.1
0%
0%
0%
0%
0%
0%
0%
0%
44%
29%
26%
100%
100%
11 09/22
21,921
-8.4
0.89 2.7
2.6 2.7
2.4 -2.4
-7.2
2.4 0.0
79%
0%
0%
0%
0%
0%
0%
0%
10%
0%
11%
100%
100%
12 09/22
22,544
-4.0
2.21 2.6
2.6 2.6
2.4 -2.3
-6.7
2.4 0.1
67%
0%
0%
0%
0%
0%
0%
0%
0%
0%
33%
100%
100%
13 10/22
27,465
-9.7
1.47 3.2
3.2 3.2
3.0 -2.9
-8.6
3.0 0.0
57%
0%
0%
0%
0%
3%
0%
0%
2%
1%
38%
100%
100%
14 12/22
35,714
-9.0
1.84 3.8
3.8 3.8
3.1 -3.2
-9.7
3.2 -0.2
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
15 12/22
36,570
-10.1
1.12 3.3
3.3 3.3
3.0 -3.0
-8.7
3.0 0.0
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
16 12/22
41,763
-3.5
2.17 1.2
1.2 1.2
1.1 -1.1
-3.3
1.1 0.0
23%
0%
0%
0%
0%
0%
0%
0%
39%
0%
37%
100%
96%
17 11/22
55,990
-12.5
1.95 5.6
5.2 7.3
4.6 -4.5
-13.6
4.6 0.0
2%
18%
1%
41%
0%
4%
0%
0%
27%
0%
5%
98%
100%
18 09/22
66,022
-6.1
1.84 3.2
3.0 3.5
2.6 -2.8
-8.4
2.7 -0.2
82%
1%
0%
1%
0%
0%
0%
0%
0%
11%
7%
97%
100%
19 11/22
130,992
-4.5
2.14 1.6
1.7 1.7
1.4 -1.4
-4.3
1.4 0.0
42%
0%
0%
0%
0%
0%
0%
0%
37%
6%
15%
100%
13%
20 11/22
141,774
-5.2
1.30 2.0
2.0 2.0
1.8 -1.8
-5.3
1.8 0.0
76%
0%
0%
0%
0%
0%
0%
0%
0%
1%
23%
100%
100%
21 10/22
164,960
-7.8
1.60 2.8
2.7 2.9
2.4 -2.4
-7.3
2.4 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
22 11/22
201,469
-4.3
2.10 2.4
2.3 2.4
2.1 -2.1
-6.2
2.1 0.0
66%
0%
0%
0%
0%
0%
0%
0%
24%
0%
10%
100%
100%
23 12/22
202,508
-2.2
3.04 1.8
1.7 2.0
1.5 -1.5
-4.5
1.5 0.0
6%
1%
1%
8%
1%
12%
0%
2%
23%
44%
0%
78%
100%
24 09/22
215,653
-2.9
1.18 1.0
1.0 1.0
1.0 -1.0
-2.9
1.0 0.0
87%
0%
0%
0%
0%
0%
0%
0%
13%
0%
0%
100%
100%
25 09/22
294,615
-3.6
2.03 1.8
1.6 1.8
1.5 -1.5
-4.6
1.5 0.0
45%
0%
0%
0%
0%
0%
0%
0%
50%
5%
0%
100%
100%
Avg
70,240
-6.8
1.80 2.9
2.9 3.0
2.5 -2.5
-7.3
2.5 0.0
51%
2%
0%
3%
0%
1%
0%
0%
16%
7%
20%
99%
96%
Port
4,433
0.0 0.78
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
Diff
-65,808
6.8 -1.02
-2.9
-2.9
-3.0
-2.5
2.5 7.3
-2.5
0.0 -51%
-2%
0%
-3%
0%
-1%
0%
0%
-16%
-7%
80%
1%
4%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Summary Peer Comparison
Yield and Average Life Peer Comparison
Price Risk Peer Comparison
Each box contains the range of your peer group, the top and bottom of the boxes being the max and min. The gray box is the avg. of your peers within the range and the blue dot represents your position.
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jan 2023
0.78 4,433
0.78 Shocked Principal and Interest Cash Flow Analysis
Year
-200
-100
Base
+100
+200
+300
+400
Jan 2023
4,433
4,433
4,433
4,433
4,433
4,433
4,433
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2023
0.78 4,433
0.78 2024
2025
2026
2027
2028
2029
2030
2031
2032
Shocked Principal and Interest Cash Flow Analysis
Year
-200
-100
Base
+100
+200
+300
+400
2023
4,433
4,433
4,433
4,433
4,433
4,433
4,433
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 12 Months
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
Bk Yld Chg
Other
Cash Flow
4,433
End BY
Total
Cash Flow
4,433
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 3 Years
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
Bk Yld Chg
Other
Cash Flow
4,433
End BY
Total
Cash Flow
4,433
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Book
Yield
Income
Current Book
Yield
0.25 11
-24
0.25 0.50
22 -12
0.50 0.75
33 -1
0.75 1.00
44 10
1.00 1.25
55 21
1.25 1.50
66 32
1.50 1.75
78 43
1.75 2.00
89 54
2.00 2.25
100
65 2.25
2.50 111
76 2.50
2.75 122
87 2.75
3.00 133
98 3.00
3.25 144
109
3.25 3.50
155
121
3.50 3.75
166
132
3.75 4.00
177
143
4.00 4.25
188
154
4.25 4.50
199
165
4.50 4.75
211
176
4.75 5.00
222
187
5.00 5.25
233
198
5.25 5.50
244
209
5.50 5.75
255
220
5.75 6.00
266
231
6.00 6.25
277
242
6.25 6.50
288
253
6.50 6.75
299
265
6.75 7.00
310
276
7.00 7.25
321
287
7.25 7.50
332
298
7.50 7.75
344
309
7.75 8.00
355
320
8.00 Principal Maturing(12 Mo.Horizon): $4,433
Current Book Yield of Principal Maturing: 0.78%
Est. Annual Income at Current Book Yield: $35
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Other - Summary
Book
Market
G/L $
G/L %
WAL
Px Chg
Dur
Cvx
Sector
Par
Maturity
Price
Price
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Value
Yield
Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
-0.9 yrs
100.00
100.00
0 0.0%
0.01 0.0
0.01 0.00
Cash & Other (1)
100.0%
4,433
0.78 4,433
0.78 4,433
0.78 -1
0.0%
0.01 0.0
100.0%
-0.9 yrs
100.00
100.00
0 0.0%
0.01 0.0
0.01 0.00
Total (1)
100.0%
4,433
0.78 4,433
0.78 4,433
0.78 -1
0.0%
0.01 0.0
100.0%
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Portfolio Considerations
Par
Book
Market
Gain/
Book
Eff.
Historical CPR
Proj. CPR
Loan
Sector
Cnt
Cpn
Maturity
Value
Price
Price
(Loss)
Yield
WAL
Dur
1 Mo.
3 Mo.
Life
Life
Count
Book Yield < 2%
1 0.78
-0.9 yrs
4,433
100.00
100.00
0 0.78
0.0 0.01
Cash & Other
1 0.78
-0.9 yrs
4,433
100.00
100.00
0 0.78
0.0 0.01
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Key Portfolio Sorts
Top 10 Up 300 Market Value Changes (%)
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
PLMDLLAIF
Cash & Other
LAIF
0.78 01/31/22
4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 AFS
0.78 4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 Top 10 Up 300 Market Value Changes ($)
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
PLMDLLAIF
Cash & Other
LAIF
0.78 01/31/22
4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 AFS
0.78 4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2022
Portfolio ID: 6753 - 58411
Key Portfolio Sorts
Top 10 Marked to Market Up 300 Loss Positions
Par
Book
Market
Book
% Px
Δ
$ Amt
Δ
G/L
Eff.
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
WAL
+300
+300
+300
Dur
INT
PLMDLLAIF
Cash & Other
LAIF
0.78 01/31/22
4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 AFS
0.78 4,433
100.00
100.00
0 0.782
0.01 -0.02
-1
-1
0.01 Top 10 Average Life Extension Up 300bps
Par
Book
Market
Book
% Px
Δ
Eff.
WAL
Chg in
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
Yield
+300
Dur
WAL
+300
WAL
INT
PLMDLLAIF
Cash & Other
LAIF
0.78 01/31/22
4,433
100.00
100.00
0 0.782
-0.02
0.01 0.01
0.01 0.00
AFS
0.78 4,433
100.00
100.00
0 0.782
-0.02
0.01 0.01
0.01 0.00
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Other - CUSIP Detail
Coupon
Step
Maturity
Book
Market
Gain/(Loss)
% Px
Δ
Effective
Par
Type
Date
Proj.
Price
Price
%
-100
Dur
ESG/G
r
CUSIP
Ticker
Value
Rate
Rate
Final
Value
Yield
Value
Yield
$
+300
Cvx
Intent
Fixed
01/23
100.00
100.00
0.0%
0.0 0.01
PLMDLLAIF
4,433
0.780
01/31/22
4,433
0.78 4,433
0.78 0
0.0 0.00
AFS
100.00
100.00
0.0%
0.0 0.01
Cash & Other
4,433
0.780
4,433
0.78 4,433
0.78 0
0.0 0.00
100.00
100.00
0.0%
0.0 0.01
Total
4,433
0.780
4,433
0.78 4,433
0.78 0
0.0 0.00
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Shocked CUSIP Analysis
-200
-100
Base
+100
+200
+300
+400
Par Value
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
$ Amt
Δ
% Px
Δ
CUSIP
Coupon
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Mkt Px
Mkt Yld
Description
Maturity
WAL
WAL
Dur
WAL
WAL
WAL
WAL
WAL
4,433
0 0.01%
0 0.01%
0 0.00%
0 -0.01%
0 -0.01%
-1
-0.02%
-1
-0.02%
PLMDLLAIF
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 LAIF
01/31/2022
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
Other
4,433
0 0.01%
0 0.01%
0 0.00%
0 -0.01%
0 -0.01%
-1
-0.02%
-1
-0.02%
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 0.01
0.01 0.01
0.01 0.01
0.01 0.01
0.01 Total
4,433
0 0.01%
0 0.01%
0 0.00%
0 -0.01%
0 -0.01%
-1
-0.02%
-1
-0.02%
0.78 100.01
-1.22
100.01
-0.22
100.00
0.78 99.99
1.79 99.99
2.80 99.98
3.81 99.98
4.83 -1
0.01 0.01
0.01 0.01
0.01 0.01
0.01 0.01
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Portfolio Changes
Securities Sold/Redeemed 9/2022-12/2022
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLLAIF
Other
LAIF
01/31/2022
0.78 4,432,717
100.00
AFS
Partial Sale
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Shocked Assumptions
Scenarios
Down 200
Down 100
Base
Up 100
Up 200
Up 300
Up 400
Shift Amount
-200
-100
0 100
200
300
400
Curve Slope Change
0 0
0 0
0 0
0 Shock Horizon
Immediate
Immediate
Immediate
Immediate
Immediate
Immediate
Immediate
Curve Type
Static
Static
Static
Static
Static
Static
Static
Valuation Date
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
2022-12-31
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
Report Assumptions
Assumptions
·
Calculation Engine
The Yield Book © and ZM Financial
·
Cash Flow Model
The Yield Book ©
·
Curve Date
Same as Portfolio As Of Date
·
Curve Type Used
Swap Curve
·
Curve Shape
Immediate Sustained Parallel Shocks
·
Price Shock Methodology
Constant OAS for fixed rate securities; immediate market shift for floating rate securities ·
Horizon Period
Immediate Time Horizon
·
Reinvestment Rate
3 Month T-Bill
·
Cost of Funds
1.00%
·
Tax Rate
21.0%
Additional Information
Rolloff Yield
- Rolloff Yield is the weighted average yield of the cashflows (maturities, calls and paydowns) that roll off during the noted time period. Ending Book Yield is the weighted average yield of the remaining securities at the noted time period.
Shocked Scenarios
- All shocked scenarios are instant and parallel and assume a sustained rate cycle from that point on. LIBOR OAS is held constant in order to generate shocked market scenarios and The Yieldbook was used to generate the projected cash flows. In shocked scenarios, 0.01% is considered the floor.
Bonds Likely to be Called
- The page identifies all callable agencies which will either be called or mature in the next 12 months in any of the shocked scenarios. The methodology used to determine the call assumes a small internal margin to account for the "cost to call." Municipals
- For taxable institutions, the above tax rate detailed - along with TEFRA adjustments for BQs - is used to calculate TEY unless otherwise input. Ratings are a blend of Moody's and Standard & Poors.
Duration
- Duration in the shocked detail section is generated by Yield Book.
Original Face
- If original face was not supplied, original face was estimated by dividing current face by current factor.
Yields
-
All yields are Yield to Projected Scenario. (Assumes 100% of The Yield Book prepayment model).
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
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Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE, One South Street, Baltimore, MD 21202
. All rights reserved.
Disclaimer
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2022
Portfolio ID: 6753 - 58411
City Council Staff Report
DATE: FEBRUARY 01, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER’S OFFICE – FINANCE DIVISION
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC -2023-005, A RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF PALMDALE APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A
SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND
RESTATED FISCAL AGENT AGREEMENT RELATED TO
COMMUNITY FACILITI ES DISTRICT NO. 93 -1 (RITTER RANCH),
AND AUTHORIZING ACTIONS RELATED THERETO
ISSUE
Should the City Council adopt Resolution No. CC 2023 -005, a Resolution of the City Council of the City of Palmdale approving and authorizing the execution and delivery of a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement related to Community Facilities District No. 93-1 (Ritter Ranch), and authorizing actions related thereto?
RECOMMENDATION
Staff recommends that the City Council:
1. Adopt Resolution No. CC 2023-005, a Resolution of the City Council of the City of Palmdale approving and authorizing execution and delivery of a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement related to Community Facilities District No. 93 -1 (Ritter Ranch ), and authorizing actions related thereto.
BACKGROUND
In 1994, the City Council formed the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch), and in 1995 the City issued special tax bonds for the Community Facilities District to finance various public infrastructure improvements within and in the vicinity of the proposed Ritter Ranch development. The prior owner of the Ritter Ranch property, Ritter Holdings LLC, failed to make required special tax payments due in February of 2020, and its lender, Preston Hollow Capital, LLC (Preston Hollow), which also is the owner of the special tax bonds, foreclosed on the Ritter Ranch property and became the owner of the Ritter Ranch property and all of the rights and interests of Ritter Holdings, LLC under agreements with the City and others related to Ritter Ranch.
Preston Hollow subsequently transferred the Ritter Ranch property to RdR Development Report to Mayor and City Council
Re: Approve Documents Related to Ritter Ranch
February 1, 2023
Holdings, LLC, a Delaware limited liability company (“RdR”), of which Preston Hollow is the sole member.
On September 1, 2020, the City Council adopted Resolution No. 2020-091, pursuant to which, at the request of Preston Hollow, it approved a supplement to the Amended and Restated Fiscal Agent Agreement pursuant to which the special tax bonds were issued, to defer payments otherwise due on the special tax bonds during the period from March 1, 2020 to and including March 1, 2022 to allow time for Preston Hollow and RdR to determine the actions needed to commence development of the Ritter Ranch property.
That Resolution also approved a Deposit Agreement (A-7107) between the City and Preston Hollow (the “Deposit Agreement”) pursuant to which Preston Hollow advanced funds to pay costs of the City and its consultants related to requests by it and RdR relative to the development of the Ritter Ranch property. To date, Preston Hollow had advanced a total of $806,097 to the City to be used as provided in the Deposit Agreement, including City actions related to the current request to process a supplement to the agreement pursuant to which the special tax bonds were issued.
On February 2, 2022, the City Council adopted Resolution No. CC 2022-016, pursuant to which, at the request of RdR, it approved another supplement to the Amended and Restated Fiscal Agent Agreement to defer interest payments due on the special tax bonds on September 1, 2022 and March 1, 2023 to September 1, 2023 and the principal due on the Bonds on September 1, 2022 to September 1, 2024, all to allow additional time for Preston Hollow and RdR to continue actions needed to move forward with the development of the Ritter Ranch property.
DISCUSSION
Since their obtaining ownership of the Ritter Ranch property, Preston Hollow and RdR have proceeded to take actions necessary to restart the development of Ritter Ranch.
RdR has now requested in a petition submitted to the City Council that the City agree to again amend the documents for the special tax bonds to defer bond payments otherwise due on September 1, 2023 and March 1, 2024 to September 1, 2024 and to change the due date for the special tax payment needed to pay the rescheduled debt service due on the Bonds on September 1, 2024 to August 30, 2024, all in order to allow them additional time to take the actions needed to continue the development of the property.
The City Council is now requested to approve a supplement to the agreement governing the special tax bonds to defer payments on the bonds. The supplement has been prepared by the City’s bond counsel, Quint & Thimmig LLP, and has been reviewed by City Finance Department Staff and the Interim City Attorney.
Report to Mayor and City Council
Re: Approve Documents Related to Ritter Ranch
February 1, 2023
FISCAL IMPACT
There is no impact to the General Fund. The current owner of the outstanding bonds that have been issued by the City for Community Facilities District No. 93-1 has deposited funds with the City as necessary to pay costs of City Staff and consultants related to requests by the bond owner and the current owner of the Ritter Ranch property for City actions in respect of the development of the property in the Ritter Ranch Community Facilities District No. 93-1 and otherwise related to the outstanding bonds.
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.
Prepared by: Janelle Samson, Director of Finance
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III, Special Counsel
ATTACHMENTS
1. Resolution No. CC 2023-005
2. Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261)
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2023-005
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY
OF A SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND
RESTATED FISCAL AGENT AGREEMENT RELATED TO COMMUNITY
FACILITIES DISTRICT 93-1 (RITTER RANCH), AND AUTHORIZING
ACTIONS RELATED THERETO
WHEREAS, the City Council of the City of Palmdale (the “City”) has formed the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”) and has issued its City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds (the “Bonds”) proceeds of which were used to finance various public infrastructure improvements within and in the vicinity of the property in Ritter Ranch (the “Ritter Ranch Property”); and WHEREAS, in connection with the issuance and administration of the Bonds, the City, for and on behalf of the CFD, has entered into an Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014 (the “Original Fiscal Agent Agreement”), between the City, for and on behalf of the CFD, and U.S. Bank National Association, as fiscal agent (the “Original Fiscal Agent”), and five supplements thereto, including a Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement, dated as of November 1, 2016 (A-4261), a Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A- 4261), dated as of August 7, 2018, a Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, a Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A- 4261), dated as of September 1, 2020, and a Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement, dated as of February 2, 2022, each between the City, for and on behalf of the CFD and the Original Fiscal Agent (the Original Fiscal Agent Agreement, as so supplemented, is referred to herein as the “Fiscal Agent Agreement”); and
WHEREAS, Preston Hollow Capital, LLC (“Preston Hollow”), the current owner of all of the outstanding Bonds, has advised the City that RdR Development Holdings, LLC (“RdR”), the sole member of which is Preston Hollow, is the owner of the Ritter Ranch Property, which includes all of the property located in the CFD, and has requested that the City, for itself and on behalf of the CFD, enter into a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261) (the “Sixth Supplement”) with U.S. Bank Trust Company, National Association, acting as successor in interest to the Original Fiscal Agent under the Fiscal Agent Agreement, amending the Fiscal Agent Agreement to defer repayment of the principal and interest on the Bonds and to change the due date for the payment of special taxes needed to Resolution No. CC 2023-005
pay the last installment of debt service on the Bonds, and has indicated that it and RdR desire to continue to move forward with the development of the Ritter Ranch Property; and
WHEREAS, the City is willing to cooperate with Preston Hollow and RdR in response to the request relative to the Sixth Supplement, and otherwise with the efforts of Preston Hollow and RdR in respect of the development of the Ritter Ranch Property, and Preston Hollow has provided funds pursuant to Deposit Agreement (A- 7107) (the “Deposit Agreement”), between the City and Preston Hollow, in order to assure payment of the City’s costs and those of its consultants for work related to the proposed development of the Ritter Ranch Property; and
WHEREAS, the City Council now desires to approve the execution and delivery of the Sixth Supplement, and to authorize actions related thereto, as provided in this Resolution.
NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF
PALMDALE DOES HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
SECTION 1 . The Sixth Supplement, in the form on file with the City Clerk, is hereby approved. The Interim City Manager is hereby authorized and directed to execute and deliver the Sixth Supplement, for and on behalf of the City and the CFD, in said form together with such additions thereto or changes therein as are approved by the Interim City Manager upon consultation with the Interim City Attorney and Bond Counsel to the City, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Sixth Supplement by the Interim City Manager.
SECTION 2. The City Council hereby authorizes the Interim City Manager, the Director of Finance and all other applicable officers of the City to execute all such documents and to take all actions as are necessary or desirable to implement the Sixth Supplement, including but not limited to such certificates and filings with the Internal Revenue Service as directed by Bond Counsel.
SECTION 3. The City Clerk shall certify to the adoption of this resolution.
Resolution No. CC 2023-005
PASSED, APPROVED and ADOPTED this 01 day of February 2023. _________________________________
Approved as to form: Laura Bettencourt, Mayor
ATTEST:
___________________________ _________________________________ William P. Curley, III Rochelle Scott, Acting City Clerk Special Counsel
I, Rochelle Scott, Acting City Clerk of Palmdale, California, do hereby certify that the foregoing resolution was duly passed, approved, and adopted by the City Council of the City of Palmdale at a regular meeting of said Council held on the 1st day of February 2023 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, Acting City Clerk
16007.50:J18723
CONSENT OF BONDOWNER TO MODIFICATION OF AMENDED AND RESTATED FISCAL AGENT AGREEMENT FOR CITY OF PALMDALE COMMUNITY FACILITIES DISTRICT NO. 93-1 (RITTER RANCH) City of Palmdale, California City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) U.S. Bank National Association, as Fiscal Agent Preston Hollow Capital, LLC, a Delaware limited liability company, by its execution below of this Consent of Bondowner to Modification of Amended and Restated Fiscal Agent Agreement for City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (this “Consent”), hereby represents and certifies to the City of Palmdale, California (the “City”), the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”), and U.S. Bank Trust Company, National Association, acting as successor in interest to U.S. Bank National Association, as fiscal agent (the “Fiscal Agent”) under the Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014, between the City, for and on behalf of the CFD, and the Fiscal Agent (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of February 2, 2022, each between the City, for and on behalf of the CFD, and the Fiscal Agent, the “Fiscal Agent Agreement”), as follows: (a) it is the sole owner of all right, title and interest in and to the outstanding City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds with the CUSIP number 696738BJ1 (the “Bonds”), and the person executing this Consent for it is duly authorized to do so on its behalf; (b) it hereby consents to the amendments to the Fiscal Agent Agreement contemplated by Section 1 of the Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261), between the City, for the CFD, and the Fiscal Agent, the form of which Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261) is attached hereto as Exhibit A; and (c) it hereby agrees to indemnify, defend and hold the City, the CFD and the Fiscal Agent harmless from any and all claims, costs, liabilities, damages and expenses, including but not limited to attorneys’ fees and costs, originating from any false statement by it in this Consent. Dated: February 1, 2023 PRESTON HOLLOW CAPITAL, LLC, a Delaware limited liability company By: Name: Title:
A-1
EXHIBIT A SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT (A-4261) by and between the CITY OF PALMDALE, CALIFORNIA and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Fiscal Agent dated as of February 1, 2023 relating to: City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds
A-2
SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT THIS SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT No. A-4261 (this “Supplement No. 6”), dated as of February 1, 2023, is by and between the City of Palmdale, California, a municipal corporation organized and existing under the laws of the State of California (the “City”), for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”), and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States of America, as fiscal agent (the “Fiscal Agent”), and amends and supplements that certain Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014 (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement, dated as of February 2, 2022 (the “Amended FA Agreement”), each between the City, for and on behalf of the CFD, and the Fiscal Agent, acting as successor in interest to U.S. Bank National Association, as fiscal agent under the Amended FA Agreement). Capitalized terms used in this Supplement No. 6 and not otherwise defined herein have the meanings given to such terms in the Amended FA Agreement. RECITALS: A. The City has received a request by RdR Development Holdings, LLC, the current owner of all of the property located in the CFD, to amend the Amended FA Agreement in order to (i) defer the principal and interest otherwise due on the Bonds during the period from September 1, 2023 to and including March 1, 2024, to now be due on September 1, 2024, and (ii) to change the due date for hand bills for the Special Taxes needed to pay the September 1, 2024 debt service on the Bonds and CFD Administrative Expenses to August 30, 2024, all as reflected in this Supplement No. 6, and the sole owner of the Bonds is expected to consent to the provisions of Section 1 of this Supplement No. 6. B. Section 8.01 of the Amended FA Agreement provides that it may be amended with the consent of the Owners of at least sixty percent (60%) in aggregate principal amount of the Outstanding Bonds. C. This Supplement No. 6 is a “Supplemental Agreement,” as defined in the Amended FA Agreement. D. The City has requested that the Fiscal Agent enter into this Supplement No. 6. E. This Supplement No. 6 shall become effective as provided in Section 7 of this Supplement No. 6.
A-3
AGREEMENT: NOW, THEREFORE, the City, for and on behalf of the CFD, and the Fiscal Agent, agree as follows: Section 1. Amendments. (a) The second paragraph of Section 2.02(E) of the Amended FA Agreement and the form of the Bonds in Exhibit A to the Amended FA Agreement are each hereby amended by deleting the second paragraph thereof and by inserting therein, in lieu thereof, the following: “Notwithstanding the foregoing or any other provision of this Agreement to the contrary, the interest otherwise due on the Bonds on the Interest Payment Dates occurring on March 1, 2020 to and including March 1, 2024, shall be due and payable on September 1, 2024.” (b) The second paragraph of Section 2.03(A)(ii) of the Amended FA Agreement and the eighth paragraph of the form of the Bonds in Exhibit A to the FA Agreement are each hereby amended and restated in whole to read as follows: “The Bonds maturing on September 1, 2024 are subject to mandatory sinking payment redemption in part on September 1, 2017, and on September 1, 2024 by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption without premium, from sinking payments as follows: Redemption Date Sinking Payments September 1, 2017 $ 835,000 September 1, 2018 0 September 1, 2019 0 September 1, 2020 0 September 1, 2021 0 September 1, 2022 0 September 1, 2023 0 September 1, 2024 (maturity) 22,665,000” (c) Section 5.08 of the Amended FA Agreement is hereby amended by adding thereto, as a new last paragraph thereof, the following: “The foregoing paragraph shall cease to be effective on the effective date of Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement, dated as of February 1, 2023, between the City, for the CFD, and U.S. Bank Trust Company, National Association, successor in interest to U.S. Bank National Association, as fiscal agent, and on such effective date the following shall apply: The Director of Finance shall, on or about August 15, 2024, provide hand bills to the then owners of property in the CFD for Special Taxes in an aggregate amount needed to pay the principal and interest due on the Bonds on September 1, 2024 and any Administrative Expenses unpaid and projected, and directing such owners to pay the Special Taxes directly to the City, with the Special Taxes so levied to be delinquent if not paid by August 30, 2024. Any such Special Taxes so billed shall have the same priority and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property.” Section 2. Execution in Several Counterparts. This Supplement No. 6 may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. The delivery of an executed counterpart of this Supplement No. 6 by facsimile or PDF or similar attachment to an email shall constitute effective delivery of such counterpart for all purposes with the same force and effect as the delivery of an original, executed counterpart.
A-4
Section 3. Governing Law. This Supplement No. 6 shall be governed by and construed in accordance with the laws of the State of California applicable to contracts made and performed in such State. Section 4. Incorporation By Reference. The City and the Fiscal Agent agree that the amendment contained in this Supplement No. 6 shall be incorporated by this reference thereto into the Amended FA Agreement, which Amended FA Agreement as so amended shall serve as the sole operative Agreement (as such term is defined in the Amended FA Agreement) in connection with the Bonds. Section 5. Ratification and Reaffirmation of Amended FA Agreement. Except as hereby expressly amended, the Amended FA Agreement shall remain in full force and effect; and the Amended FA Agreement, as amended hereby, is ratified and confirmed. Section 6. Interpretation. In the event of any conflict between the provisions of the Amended FA Agreement and the provisions of this Supplement No. 6, the provisions of this Supplement No. 6 shall control. Section 7. Effective Date. This Supplement No. 6 shall become effective upon the last to occur of (a) the execution and delivery of this Supplement No. 6 by the City, for and on behalf of the CFD, and the Fiscal Agent, and (b) a consent hereto by the sole owner of all of the outstanding Bonds is delivered to the City and the Fiscal Agent. The Fiscal Agent shall be entitled to rely on a certificate of an Authorized Officer to the effect that the preceding two conditions have been satisfied, and with respect to the date on which the final one was achieved (thereby being the effective date of this Supplement No. 6). Section 8. Replacement Bonds. From and after the effective date of this Supplement No. 6, upon any delivery of any of the Bonds to the Fiscal Agent for any reason, the Fiscal Agent shall provide replacement Bonds in the form of Exhibit A to the Amended FA Agreement, as amended by Section 1 hereof, in exchange for the Bonds so delivered, subject in any event to any applicable provisions of Sections 2.06 and 2.07 of the Amended FA Agreement. Section 9. Binding Effect. Upon the effectiveness of this Supplement No. 6, as provided in Section 7 above, this Supplement No. 6 shall inure to the benefit of and shall be binding upon the City, the CFD, the Fiscal Agent, the owner of the Bonds and their respective successors and assigns.
A-5
IN WITNESS WHEREOF, the City has caused this Supplement No. 6 to be executed in its name, and the Fiscal Agent has caused this Supplement No. 6 to be executed in its name, all as of the date first set forth above.
CITY OF PALMDALE, CALIFORNIA, for
and on behalf of the CITY OF PALMDALE
COMMUNITY FACILITIES DISTRICT NO.
93-1 (RITTER RANCH)
By:
Ronda Perez,
Interim City Manager
Attest:
By:
Roxanne Faber,
Acting City Clerk
Approved as to form:
By:
William P. Curley, III
Special Counsel
U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION, as Fiscal Agent
By:
Authorized Officer
Quint & Thimmig LLP FINAL
16007.50:J18724
SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT (A-4261) by and between the CITY OF PALMDALE, CALIFORNIA and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Fiscal Agent dated as of February 1, 2023 relating to: City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds Supplemental Agreement No. 6 to A-4261 Amended and Restated Fiscal Agent Agreement U.S. Bank National Association February 1, 2023 -1-
SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT THIS SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT No. A-4261 (this “Supplement No. 6”), dated as of February 1, 2023, is by and between the City of Palmdale, California, a municipal corporation organized and existing under the laws of the State of California (the “City”), for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”), and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States of America, as fiscal agent (the “Fiscal Agent”), and amends and supplements that certain Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014 (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement, dated as of February 2, 2022 (the “Amended FA Agreement”), each between the City, for and on behalf of the CFD, and the Fiscal Agent, acting as successor in interest to U.S. Bank National Association, as fiscal agent under the Amended FA Agreement). Capitalized terms used in this Supplement No. 6 and not otherwise defined herein have the meanings given to such terms in the Amended FA Agreement. RECITALS: A. The City has received a request by RdR Development Holdings, LLC, the current owner of all of the property located in the CFD, to amend the Amended FA Agreement in order to (i) defer the principal and interest otherwise due on the Bonds during the period from September 1, 2023 to and including March 1, 2024, to now be due on September 1, 2024, and (ii) to change the due date for hand bills for the Special Taxes needed to pay the September 1, 2024 debt service on the Bonds and CFD Administrative Expenses to August 30, 2024, all as reflected in this Supplement No. 6, and the sole owner of the Bonds is expected to consent to the provisions of Section 1 of this Supplement No. 6. B. Section 8.01 of the Amended FA Agreement provides that it may be amended with the consent of the Owners of at least sixty percent (60%) in aggregate principal amount of the Outstanding Bonds. C. This Supplement No. 6 is a “Supplemental Agreement,” as defined in the Amended FA Agreement. D. The City has requested that the Fiscal Agent enter into this Supplement No. 6. E. This Supplement No. 6 shall become effective as provided in Section 7 of this Supplement No. 6.
Supplemental Agreement No. 6 to A-4261 Amended and Restated Fiscal Agent Agreement U.S. Bank National Association February 1, 2023 -2-
AGREEMENT: NOW, THEREFORE, the City, for and on behalf of the CFD, and the Fiscal Agent, agree as follows: Section 1. Amendments. (a) The second paragraph of Section 2.02(E) of the Amended FA Agreement and the form of the Bonds in Exhibit A to the Amended FA Agreement are each hereby amended by deleting the second paragraph thereof and by inserting therein, in lieu thereof, the following: “Notwithstanding the foregoing or any other provision of this Agreement to the contrary, the interest otherwise due on the Bonds on the Interest Payment Dates occurring on March 1, 2020 to and including March 1, 2024, shall be due and payable on September 1, 2024.” (b) The second paragraph of Section 2.03(A)(ii) of the Amended FA Agreement and the eighth paragraph of the form of the Bonds in Exhibit A to the FA Agreement are each hereby amended and restated in whole to read as follows: “The Bonds maturing on September 1, 2024 are subject to mandatory sinking payment redemption in part on September 1, 2017, and on September 1, 2024 by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption without premium, from sinking payments as follows: Redemption Date Sinking Payments September 1, 2017 $ 835,000 September 1, 2018 0 September 1, 2019 0 September 1, 2020 0 September 1, 2021 0 September 1, 2022 0 September 1, 2023 0 September 1, 2024 (maturity) 22,665,000” (c) Section 5.08 of the Amended FA Agreement is hereby amended by adding thereto, as a new last paragraph thereof, the following: “The foregoing paragraph shall cease to be effective on the effective date of Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement, dated as of February 1, 2023, between the City, for the CFD, and U.S. Bank Trust Company, National Association, successor in interest to U.S. Bank National Association, as fiscal agent, and on such effective date the following shall apply: The Director of Finance shall, on or about August 15, 2024, provide hand bills to the then owners of property in the CFD for Special Taxes in an aggregate amount needed to pay the principal and interest due on the Bonds on September 1, 2024 and any Administrative Expenses unpaid and projected, and directing such owners to pay the Special Taxes directly to the City, with the Special Taxes so levied to be delinquent if not paid by August 30, 2024. Any such Special Taxes so billed shall have the same priority and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property.” Section 2. Execution in Several Counterparts. This Supplement No. 6 may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. The delivery of an executed counterpart of this Supplemental Agreement No. 6 to A-4261 Amended and Restated Fiscal Agent Agreement U.S. Bank National Association February 1, 2023 -3-
Supplement No. 6 by facsimile or PDF or similar attachment to an email shall constitute effective delivery of such counterpart for all purposes with the same force and effect as the delivery of an original, executed counterpart. Section 3. Governing Law. This Supplement No. 6 shall be governed by and construed in accordance with the laws of the State of California applicable to contracts made and performed in such State. Section 4. Incorporation By Reference. The City and the Fiscal Agent agree that the amendment contained in this Supplement No. 6 shall be incorporated by this reference thereto into the Amended FA Agreement, which Amended FA Agreement as so amended shall serve as the sole operative Agreement (as such term is defined in the Amended FA Agreement) in connection with the Bonds. Section 5. Ratification and Reaffirmation of Amended FA Agreement. Except as hereby expressly amended, the Amended FA Agreement shall remain in full force and effect; and the Amended FA Agreement, as amended hereby, is ratified and confirmed. Section 6. Interpretation. In the event of any conflict between the provisions of the Amended FA Agreement and the provisions of this Supplement No. 6, the provisions of this Supplement No. 6 shall control. Section 7. Effective Date. This Supplement No. 6 shall become effective upon the last to occur of (a) the execution and delivery of this Supplement No. 6 by the City, for and on behalf of the CFD, and the Fiscal Agent, and (b) a consent hereto by the sole owner of all of the outstanding Bonds is delivered to the City and the Fiscal Agent. The Fiscal Agent shall be entitled to rely on a certificate of an Authorized Officer to the effect that the preceding two conditions have been satisfied, and with respect to the date on which the final one was achieved (thereby being the effective date of this Supplement No. 6). Section 8. Replacement Bonds. From and after the effective date of this Supplement No. 6, upon any delivery of any of the Bonds to the Fiscal Agent for any reason, the Fiscal Agent shall provide replacement Bonds in the form of Exhibit A to the Amended FA Agreement, as amended by Section 1 hereof, in exchange for the Bonds so delivered, subject in any event to any applicable provisions of Sections 2.06 and 2.07 of the Amended FA Agreement. Section 9. Binding Effect. Upon the effectiveness of this Supplement No. 6, as provided in Section 7 above, this Supplement No. 6 shall inure to the benefit of and shall be binding upon the City, the CFD, the Fiscal Agent, the owner of the Bonds and their respective successors and assigns.
Supplemental Agreement No. 6 to A-4261
Amended and Restated Fiscal Agent Agreement
U.S. Bank National Association
February 1, 2023
-4-
IN WITNESS WHEREOF, the City has caused this Supplement No. 6 to be executed in its name, and the Fiscal Agent has caused this Supplement No. 6 to be executed in its name, all as of the date first set forth above.
CITY OF PALMDALE, CALIFORNIA, for
and on behalf of the CITY OF PALMDALE
COMMUNITY FACILITIES DISTRICT NO.
93-1 (RITTER RANCH)
By:
Ronda Perez,
Interim City Manager
Attest:
By:
Roxanne Faber,
Acting City Clerk
Approved as to form:
By:
William P. Curley, III
Special Counsel
U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION, as Fiscal Agent
By:
Authorized Officer
16007.50:J18724
Quint & Thimmig LLP
16007.50:J18726
CITY OF PALMDALE COMMUNITY FACILITIES DISTRICT NO. 93-1 (RITTER RANCH) OFFICER’S CERTIFICATE REGARDING EFFECTIVE DATE OF SUPPLEMENTAL AGREEMENT NO. 6 The undersigned hereby states and certifies: (i) that she is the duly appointed, qualified and acting Director of Finance of the City of Palmdale, California, a chartered city and municipal corporation duly organized and existing under the laws of the State of California (the “City”), and as such, is familiar with the facts herein certified and is authorized to certify the same on behalf of the City; and (ii) that she is an “Authorized Officer” of the City, as such term is defined in that certain Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014, by and between the City, for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “District”), and U.S. Bank National Association, as fiscal agent (the “Original Fiscal Agent”) (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, by Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, by Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, by Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and by Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of February 2, 2022, each between the City, for and on behalf of the District, and the Original Fiscal Agent, the “Fiscal Agent Agreement”); and (iii) pursuant to Resolution No. CC 2023-005 adopted by the City Council of the City on February 1, 2023, the City Council authorized the execution and delivery of a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261) (the “Sixth Supplement”), to be executed by the City, for and on behalf of the District, and U.S. Bank Trust Company, National Association, acting as successor in interest to the Original Fiscal Agent under the Fiscal Agent Agreement (the “Fiscal Agent”); and (iv) this Officer’s Certificate is being delivered pursuant to Section 7 of the Sixth Supplement, in order to advise the Fiscal Agent of the effective date of the Sixth Supplement; and (v) the City hereby acknowledges that it has received the consent to the Sixth Supplement of the owner of all of the outstanding Bonds, a copy of which is attached hereto as Exhibit A, as mentioned in Section 7 of the Sixth Supplement; and (vi) under separate cover, the City has submitted to the Fiscal Agent the Sixth Supplement executed by the City for the District, and the City hereby requests that the Fiscal Agent execute the Sixth Supplement; and (vii) upon execution of the Sixth Supplement by the Fiscal Agent, the conditions precedent to the effectiveness of the Sixth Supplement will have been achieved, and such date of execution by the Fiscal Agent will be the effective date of the Sixth Supplement; and -2-
(viii) that capitalized terms used and not otherwise defined herein have the meanings given them in the Fiscal Agent Agreement. Dated: February __, 2023 CITY OF PALMDALE, CALIFORNIA, for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) By: Janelle Samson,, Director of Finance Acknowledged: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION By: Authorized Officer
A-1
EXHIBIT A BONDOWNER CONSENT CONSENT OF BONDOWNER TO MODIFICATION OF AMENDED AND RESTATED FISCAL AGENT AGREEMENT FOR CITY OF PALMDALE COMMUNITY FACILITIES DISTRICT NO. 93-1 (RITTER RANCH) City of Palmdale, California City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) U.S. Bank National Association, as Fiscal Agent Preston Hollow Capital, LLC, a Delaware limited liability company, by its execution below of this Consent of Bondowner to Modification of Amended and Restated Fiscal Agent Agreement for City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (this “Consent”), hereby represents and certifies to the City of Palmdale, California (the “City”), the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”), and U.S. Bank Trust Company, National Association, acting as successor in interest to U.S. Bank National Association, as fiscal agent (the “Fiscal Agent”) under the Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014, between the City, for and on behalf of the CFD, and the Fiscal Agent (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of February 2, 2022, each between the City, for and on behalf of the CFD, and the Fiscal Agent, the “Fiscal Agent Agreement”), as follows: (a) it is the sole owner of all right, title and interest in and to the outstanding City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds with the CUSIP number 696738BJ1 (the “Bonds”), and the person executing this Consent for it is duly authorized to do so on its behalf; (b) it hereby consents to the amendments to the Fiscal Agent Agreement contemplated by Section 1 of the Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261), between the City, for the CFD, and the Fiscal Agent, the form of which Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (A-4261) is attached hereto as Exhibit A; and (c) it hereby agrees to indemnify, defend and hold the City, the CFD and the Fiscal Agent harmless from any and all claims, costs, liabilities, damages and expenses, including but not limited to attorneys’ fees and costs, originating from any false statement by it in this Consent. Dated: February 1, 2023 PRESTON HOLLOW CAPITAL, LLC, a Delaware limited liability company By: Name: Title:
A-2
EXHIBIT A SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT (A-4261) by and between the CITY OF PALMDALE, CALIFORNIA and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Fiscal Agent dated as of February 1, 2023 relating to: City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) Special Tax Bonds Series 1995-A Senior Bonds
A-3
SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT THIS SUPPLEMENTAL AGREEMENT NO. 6 TO AMENDED AND RESTATED FISCAL AGENT AGREEMENT No. A-4261 (this “Supplement No. 6”), dated as of February 1, 2023, is by and between the City of Palmdale, California, a municipal corporation organized and existing under the laws of the State of California (the “City”), for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”), and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States of America, as fiscal agent (the “Fiscal Agent”), and amends and supplements that certain Amended and Restated Fiscal Agent Agreement (A-4261), dated as of March 1, 2014 (as amended and supplemented by Supplemental Agreement No. 1 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 1, 2016, Supplemental Agreement No. 2 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of August 7, 2018, Supplemental Agreement No. 3 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of November 13, 2018, Supplemental Agreement No. 4 to Amended and Restated Fiscal Agent Agreement (A-4261), dated as of September 1, 2020, and Supplemental Agreement No. 5 to Amended and Restated Fiscal Agent Agreement, dated as of February 2, 2022 (the “Amended FA Agreement”), each between the City, for and on behalf of the CFD, and the Fiscal Agent, acting as successor in interest to U.S. Bank National Association, as fiscal agent under the Amended FA Agreement). Capitalized terms used in this Supplement No. 6 and not otherwise defined herein have the meanings given to such terms in the Amended FA Agreement. RECITALS: A. The City has received a request by RdR Development Holdings, LLC, the current owner of all of the property located in the CFD, to amend the Amended FA Agreement in order to (i) defer the principal and interest otherwise due on the Bonds during the period from September 1, 2023 to and including March 1, 2024, to now be due on September 1, 2024, and (ii) to change the due date for hand bills for the Special Taxes needed to pay the September 1, 2024 debt service on the Bonds and CFD Administrative Expenses to August 30, 2024, all as reflected in this Supplement No. 6, and the sole owner of the Bonds is expected to consent to the provisions of Section 1 of this Supplement No. 6. B. Section 8.01 of the Amended FA Agreement provides that it may be amended with the consent of the Owners of at least sixty percent (60%) in aggregate principal amount of the Outstanding Bonds. C. This Supplement No. 6 is a “Supplemental Agreement,” as defined in the Amended FA Agreement. D. The City has requested that the Fiscal Agent enter into this Supplement No. 6. E. This Supplement No. 6 shall become effective as provided in Section 7 of this Supplement No. 6.
A-4
AGREEMENT: NOW, THEREFORE, the City, for and on behalf of the CFD, and the Fiscal Agent, agree as follows: Section 1. Amendments. (a) The second paragraph of Section 2.02(E) of the Amended FA Agreement and the form of the Bonds in Exhibit A to the Amended FA Agreement are each hereby amended by deleting the second paragraph thereof and by inserting therein, in lieu thereof, the following: “Notwithstanding the foregoing or any other provision of this Agreement to the contrary, the interest otherwise due on the Bonds on the Interest Payment Dates occurring on March 1, 2020 to and including March 1, 2024, shall be due and payable on September 1, 2024.” (b) The second paragraph of Section 2.03(A)(ii) of the Amended FA Agreement and the eighth paragraph of the form of the Bonds in Exhibit A to the FA Agreement are each hereby amended and restated in whole to read as follows: “The Bonds maturing on September 1, 2024 are subject to mandatory sinking payment redemption in part on September 1, 2017, and on September 1, 2024 by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption without premium, from sinking payments as follows: Redemption Date Sinking Payments September 1, 2017 $ 835,000 September 1, 2018 0 September 1, 2019 0 September 1, 2020 0 September 1, 2021 0 September 1, 2022 0 September 1, 2023 0 September 1, 2024 (maturity) 22,665,000” (c) Section 5.08 of the Amended FA Agreement is hereby amended by adding thereto, as a new last paragraph thereof, the following: “The foregoing paragraph shall cease to be effective on the effective date of Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement, dated as of February 1, 2023, between the City, for the CFD, and U.S. Bank Trust Company, National Association, successor in interest to U.S. Bank National Association, as fiscal agent, and on such effective date the following shall apply: The Director of Finance shall, on or about August 15, 2024, provide hand bills to the then owners of property in the CFD for Special Taxes in an aggregate amount needed to pay the principal and interest due on the Bonds on September 1, 2024 and any Administrative Expenses unpaid and projected, and directing such owners to pay the Special Taxes directly to the City, with the Special Taxes so levied to be delinquent if not paid by August 30, 2024. Any such Special Taxes so billed shall have the same priority and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property.” Section 2. Execution in Several Counterparts. This Supplement No. 6 may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. The delivery of an executed counterpart of this Supplement No. 6 by facsimile or PDF or similar attachment to an email shall constitute effective delivery of such counterpart for all purposes with the same force and effect as the delivery of an original, executed counterpart.
A-5
Section 3. Governing Law. This Supplement No. 6 shall be governed by and construed in accordance with the laws of the State of California applicable to contracts made and performed in such State. Section 4. Incorporation By Reference. The City and the Fiscal Agent agree that the amendment contained in this Supplement No. 6 shall be incorporated by this reference thereto into the Amended FA Agreement, which Amended FA Agreement as so amended shall serve as the sole operative Agreement (as such term is defined in the Amended FA Agreement) in connection with the Bonds. Section 5. Ratification and Reaffirmation of Amended FA Agreement. Except as hereby expressly amended, the Amended FA Agreement shall remain in full force and effect; and the Amended FA Agreement, as amended hereby, is ratified and confirmed. Section 6. Interpretation. In the event of any conflict between the provisions of the Amended FA Agreement and the provisions of this Supplement No. 6, the provisions of this Supplement No. 6 shall control. Section 7. Effective Date. This Supplement No. 6 shall become effective upon the last to occur of (a) the execution and delivery of this Supplement No. 6 by the City, for and on behalf of the CFD, and the Fiscal Agent, and (b) a consent hereto by the sole owner of all of the outstanding Bonds is delivered to the City and the Fiscal Agent. The Fiscal Agent shall be entitled to rely on a certificate of an Authorized Officer to the effect that the preceding two conditions have been satisfied, and with respect to the date on which the final one was achieved (thereby being the effective date of this Supplement No. 6). Section 8. Replacement Bonds. From and after the effective date of this Supplement No. 6, upon any delivery of any of the Bonds to the Fiscal Agent for any reason, the Fiscal Agent shall provide replacement Bonds in the form of Exhibit A to the Amended FA Agreement, as amended by Section 1 hereof, in exchange for the Bonds so delivered, subject in any event to any applicable provisions of Sections 2.06 and 2.07 of the Amended FA Agreement. Section 9. Binding Effect. Upon the effectiveness of this Supplement No. 6, as provided in Section 7 above, this Supplement No. 6 shall inure to the benefit of and shall be binding upon the City, the CFD, the Fiscal Agent, the owner of the Bonds and their respective successors and assigns.
A-6
IN WITNESS WHEREOF, the City has caused this Supplement No. 6 to be executed in its name, and the Fiscal Agent has caused this Supplement No. 6 to be executed in its name, all as of the date first set forth above.
CITY OF PALMDALE, CALIFORNIA, for
and on behalf of the CITY OF PALMDALE
COMMUNITY FACILITIES DISTRICT NO.
93-1 (RITTER RANCH)
By:
Ronda Perez,
Interim City Manager
Attest:
By:
Roxanne Faber,
Acting City Clerk
Approved as to form:
By:
William P. Curley, III
Special Counsel
U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION, as Fiscal Agent
By:
Authorized Officer
16007.50:J18722
PETITION regarding City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) To the City Council City of Palmdale 38300 Sierra Highway Palmdale, California 93550 Members of the City Council: 1. Landowner Submitting Waiver. This petition is submitted by the entity identified below as the current owner of fee title to the parcels of land identified in Exhibit A hereto (the “Landowner”). By submitting this petition, the undersigned warrants to the City that he or she is authorized by the Landowner to execute this petition. 2. Deferral of Mandatory Sinking Fund Payment. The Landowner acknowledges that the City of Palmdale (the “City”) has issued its Special Tax Bonds, Series 1995-A Senior Bonds (the “Bonds”), for and on behalf of the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch) (the “CFD”) to finance various public improvements. The Landowner hereby requests that the City Council of the City amend the Amended and Restated Fiscal Agent Agreement (the “FA Agreement”) pursuant to which the Bonds were issued (a) to defer the interest due on the Bonds on the interest payment dates occurring on September 1, 2023 and March 1, 2024, to September 1, 2024, (b) to defer the principal due on the Bonds on September 1, 2023 to September 1, 2024, and (c) to change the due date for hand bills for the Special Taxes needed to pay the September 1, 2024 debt service on the Bonds and CFD administrative expenses to August 30, 2024. The Landowner understands that the requested modification of the FA Agreement is subject to (a) the approval of a Supplemental Agreement No. 6 to Amended and Restated Fiscal Agent Agreement (the “FA Amendment”), that provides for such amendment to the FA Agreement (a copy of which FA Amendment has been provided to the Landowner) by the City Council, and (b) the execution and delivery of the FA Amendment by the City, for and on behalf of the CFD, and the Fiscal Agent for the Bonds. This Petition is dated January __, 2023 RDR DEVELOPMENT HOLDINGS, LLC, a Delaware limited liability company By: Preston Hollow Capital, LLC, its sole member By: Name: Title:
Exhibit A
EXHIBIT A LOS ANGELES COUNTY ASSESSORS PARCEL NUMBERS OF LAND OWNED WITHIN THE CFD 3205002028 3206025001 3205002051 3206026003 3205002053 3206026004 3206005008 3206026005 3206006016 3206026006 3206006028 3206026007 3206007001 3206026008 3206008012 3206026009 3206009014 3206027002 3206010011 3206027004 3206016008 3206027005 3206017009 3206027006 3206018014 3206027007 3206020010 3206027008 3206020017 3206027009 3206021002 3206027010 3206021005 3206027012 3206022001 City Council Staff Report
DATE: FEBRUARY 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER’S OFFICE
DISTRICT: ALL
SUBJECT: RESOLUTION DECLARING OPPOSITION TO THE MASS
IMPORTATION OF THE UNHOUSED FROM ANY JURISDICTION
INTO THE CITY OF PALMDALE
ISSUE
Discussion and possible action declaring Palmdale’s opposition to the mass importation of the unhoused from any jurisdiction into the City of Palmdale.
RECOMMENDATION
Staff recommends that the City Council adopt the proposed resolution declaring its opposition.
BACKGROUND
Cities throughout Los Angeles County , following the example set by the City of Los Angeles and the County of Los Angeles, have declared a state of emergency related to homelessness.
Emergency declarations allow government entities to demand that departments identify all city-owned properties that can be used for some form of housing. Specifically, within Palmdale’s city limits, the City of Los Ange les owns approximately 17,000 acres of bare land with few if any improvements in and around the Plant 42 installation.
Report to Mayor and City Council
Re: Resolution Opposing Mass Importation of Unhoused to Palmdale February 1, 2023
DISCUSSION
There exists little to no infrastructure or services in place to effectively manage and assist in addressing this crisis. The City of Palmdale is opposed to the idea that any jurisdiction could export homelessness problems on Palmdale’s working class, family-oriented desert community on an emergency basis, without allowing time for community and cross- agency communications. Rather, time should be taken to collaborate on equitable, community-based solutions to address this humanitarian crisis, locally and regionally.
Procedural History
At the December 21, 2022, the City Council majority concurred that Los Angeles should not export their homeless problem to Palmdale, and declined to adopt a resolution to declare a city state of emergency in Palmdale.
At the January 11, 2023 meeting, the City Council directed staff to return with a revised resolution with specified language. The proposed resolution includes all such language.
The resolution also includes the following additional clause, at the request of Mayor Pro Tem Alarcón: “WHEREAS, the City of Palmdale seeks to open the lines of communication between the City of Los Angeles and the City of Palmdale to support one another in our respective efforts in addressing the multi-faceted issues of the unhoused in each of our cities.”
FISCAL IMPACT
None.
STRATEGIC PLAN
Prepared by: Ronda Perez, Interim City Manager
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III, Special Counsel
ATTACHMENTS
Resolution CC 2023-004
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2023-004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALMDALE CALIFORNIA DECLARING ITS
OPPOSITION TO THE MASS IMPORTATION OF THE
UNHOUSED FROM ANY JURISDICTION INTO THE
CITY OF PALMDALE
WHEREAS, the Los Angeles Times has reported that there are currently more than 42,000 people who are homeless in the City of Los Angeles; WHEREAS, other agencies/jurisdictions own approximately 17,000 acres of undeveloped land with few if any improvements in and around Palmdale’s Plant 42 installation;
WHEREAS, it is currently unclear as to exactly what actions any jurisdiction would take to attempt to resolve the homeless crisis, and whether, or to what extent their powers might be used to create a homeless “village” in Palmdale or its vicinity; WHEREAS, the City of Palmdale supports taking well-reasoned and long-term solutions to the ongoing issues relating to housing and homelessness; WHEREAS, the City of Palmdale opposes short-term solutions which, when not properly planned, can cause multiple negative and unplanned secondary impacts which can cause significant legal issues; and
WHEREAS, the City of Palmdale seeks to open the lines of communication between the City of Los Angeles, the County, and other stakeholders to support one another in our respective efforts in addressing the multi-faceted issues of the unhoused in each of our cities.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION 1. Declaration of Opposition. For the above reasons, the City Council declares its opposition to the mass importation of the unhoused from any jurisdiction into the City of Palmdale.
SECTION 2. Certification. The City Clerk shall certify to the passage and adoption of this resolution.
Resolution 2023-004
PASSED, APPROVED and ADOPTED this 1st day of February, 2023.
APPROVED AS TO FORM ____________________________
Laura Bettencourt, Mayor
ATTEST:
William P. Curley, III Rochelle Scott
Special Counsel Acting City Clerk
I, Rochelle Scott, Acting City Clerk of Palmdale, California, do hereby certify that the foregoing resolution was duly passed, approved, and adopted by the City Council of the City of Palmdale at a regular meeting of said Council held on the 1 st day of February, 2023 by the following roll call vote:
AYES:
NOES:
ABSTAIN: ABSENT:
Date:
Rochelle Scott, Acting City Clerk
CC Minutes 12/21/2022 4:30PM
1 MINUTES
CITY COUNCIL
CITY HALL COUNCIL CHAMBER
38300 SIERRA HIGHWAY, SUITE B
PALMDALE, CALIFORNIA
DECEMBER 21, 2022
www.cityofpalmdale.org
4:30 P.M.
1) CALL MEETING TO ORDER
Mayor Pro Tem Loa called the meeting to order at 4:30 p.m.
2) ROLL CALL MAYOR PRO TEM LOA, COUNCILMEMBERS BETTENCOURT, BISHOP
PRESENT: Richard J. Loa, Laura Bettencourt, Austin Bishop.
ABSENT: None.
3) PUBLIC COMMENTS ON CLOSED SESSION ITEMS
None.
4) PRESENTATION BY CITY ATTORNEY
Interim City Attorney confirmed all items would be heard as listed.
4.1) CONFERENCE WITH LEGAL COUNSEL—EXISTING
LITIGATION Government Code Section 54956.9(d)(1)
John J. Murphy v. City of Palmdale
Los Angeles County Superior Court Case Number: 22STCV22544 Related City Claim Number: 2022-007
4.2) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Shanae Smith, Patricia Nevarez and Michael "Mike" Behen vs. City of Palmdale, et al.
Los Angeles County Superior Court
Case No. 22STCV18219
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
5) ANNOUNCEMENT BY CITY ATTORNEY
Interim City Attorney Porter announced there was no reportable action.
CC Minutes 12/21/2022 4:30PM
2 6) ADJOURNMENT
Mayor Pro Tem Loa adjourned the meeting at 5:10 p.m.
PASSED, APPROVED, and ADOPTED this 1st day of February 2023.
Laura Bettencourt, Mayor
ATTEST:
Rochelle Scott, Acting City Clerk
CC Minutes 12/29/2022 5PM
1 MINUTES
CITY COUNCIL CLOSED SESSION SPECIAL MEETING
CITY HALL COUNCIL CHAMBER
38300 SIERRA HIGHWAY, SUITE B
PALMDALE, CALIFORNIA
DECEMBER 29, 2022
www.cityofpalmdale.org
1) CALL MEETING TO ORDER
Mayor Bettencourt called the meeting to order at 5:05 p.m.
2) ROLL CALL
MAYOR BETTENCOURT, MAYOR PRO TEM ALARCÓN, COUNCILMEMBERS
BISHOP, LOA, OHLSEN
PRESENT: Laura Bettencourt, Richard J. Loa, Eric Ohlsen.
ABSENT: Andrea Alarcón, Austin Bishop.
Motion: Excuse the absence of Mayor Pro Tem Alarcón.
Moved by Laura Bettencourt, seconded by Richard J. Loa.
Vote: Motion carried (3-0)
Yes: Laura Bettencourt, Richard J. Loa, Eric Ohlsen.
Absent: Andrea Alarcón, Austin Bishop.
3) PUBLIC COMMENTS ON CLOSED SESSION ITEM(S)
There were no public comments.
4) PRESENTATION BY CITY ATTORNEY
Attorney Smith stated the item would be heard as listed.
4.1) CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Government Code Section 54956.9(d)(1)
John J. Murphy v. City of Palmdale
Los Angeles County Superior Court
Case Number: 22STCV22544
Related City Claim Number: 2022-007
5) ANNOUNCEMENT BY CITY ATTORNEY
Interim City Manager Perez stated that all members that were present were able to participate in the matter and that there was no further reportable action.
CC Minutes 12/29/2022 5PM
2 6) ADJOURNMENT
Mayor Bettencourt adjourned the meeting at 6:13 p.m.
PASSED, APPROVED, and ADOPTED this 1st day of February, 2023.
Laura Bettencourt, Mayor
ATTEST:
Rochelle Scott, Acting City Clerk
CC Minutes 12/21/2022 5PM
1 MINUTES
CITY COUNCIL
CITY HALL COUNCIL CHAMBER
38300 SIERRA HIGHWAY, SUITE B
PALMDALE, CALIFORNIA
DECEMBER 21, 2022
www.cityofpalmdale.org
5:00 P.M.
1) CALL TO ORDER
Mayor Pro Tem Loa called the meeting to order at 5:11 p.m.
2) PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE IN HONOR OF OUR TROOPS
Mr. Rivas led the pledge of allegiance.
3) ROLL CALL MAYOR PRO TEM LOA, COUNCILMEMBERS BETTENCOURT, BISHOP
PRESENT: Richard J. Loa, Laura Bettencourt, Austin Bishop.
ABSENT: None.
4) WAIVER OF FULL READING OF RESOLUTION(S) and ORDINANCE(S)
Motion: Move to waive full reading of the Resolution (s) and/or Ordinance(s) to be considered and voted on at this meeting.
Moved by Laura Bettencourt, seconded by Austin Bishop.
Vote: Motion carried (3-0)
Yes: Richard J. Loa, Austin Bishop, Laura Bettencourt.
5) RESOLUTION RECITING ELECTION RESULTS:
5.1) Adopt Resolution No. CC 2022 -119, a Resolution of the City Council of the City of Palmdale reciting the fact of the General Municipal Election held on November 8, 2022 declaring the result of such other matters as provided by law. (Staff Reference: Acting City Clerk Faber)
Acting City Clerk Faber presented the staff report.
Mayor Pro Tem Loa called for Public Comments.
The following individuals provided public comments:
Marcos Alvarez and Ricardo Ortega congratulated Laura Bettencourt, Andrea Alarcón, and Eric Ohlsen.
Motion: Adopt Resolution No. CC 2022-119
Moved by Austin Bishop, seconded by Laura Bettencourt.
Vote: Motion carried (3-0)
Yes: Richard J. Loa, Austin Bishop, Laura Bettencourt.
CC Minutes 12/21/2022 5PM
2 6) ADMINISTRATION OF OATH OF OFFICE:
Laura Bettencourt, Councilmember District 3
Eric Ohlsen, Councilmember District 4
Andrea Alarcón, Councilmember District 5
Acting City Clerk Faber administered the oath of office.
Councilmember Alarcón thanked her family and supporters and gave a brief overview of what she hopes to accomplish during her term.
Councilmember Ohlsen thanked his family and supporters and pledged to work as a team.
Mayor Pro Tem Loa recessed the meeting at 5:42 p.m.
7) ROLL CALL MAYOR PRO TEM LOA, COUNCILMEMBERS BETTENCOURT, BISHOP, ALARCÓN, OHLSEN
PRESENT: Richard J. Loa, Austin Bishop, Laura Bettencourt, Andrea Alarcón, Eric Ohlsen.
ABSENT: None.
8) PUBLIC COMMENTS ON LISTED AGENDA ITEM(S) (EXCLUDING THE PUBLIC
HEARINGS)
The following individuals provided public input:
Dave Bowman spoke regarding politics in the City of Palmdale.
Carla Abrams, Mario Presents, Rich Gallego, Yule Gevargis, Mark Napolitano, Christine Parkinson, Betsy Haslett, Marsha, and Ruth Sanchez spoke in opposition to the City of Los Angeles moving its unhoused to Palmdale.
9) CONSENT CALENDAR
9.1) Adopt Resolution No. CC 2022-122, a Resolution of the City Council of the City of Palmdale Making Legally Required Findings for Extending Remote Teleconference Participation for Meetings of the City Council and its Related and/or Subordinate Legislative Bodies. (Staff Reference: Interim City Attorney Porter)
Motion: Adopt Resolution No. CC 2022-122.
Moved by Richard J. Loa, seconded by Laura Bettencourt.
Vote: Motion carried (5-0)
Yes: Richard J. Loa, Austin Bishop, Andrea Alarcón, Laura Bettencourt, Eric Ohlsen.
CC Minutes 12/21/2022 5PM
3 10) PUBLIC HEARING
10.1) INTRODUCTION AND ADOPTION OF ORDINANCE NO. U -1604, AN
URGENCY ORDINANCE OF THE CITY COUNCIL OF THE CITY, REVISING MUNICIPAL CODE SE CTION 2.08.010 REGARDING THE SELECTION OF THE MAYOR AND MAYOR PRO TEM. ALSO CONSIDER ALTERNATE
VERSIONS OF SAID ORDINANCE, SUCH AS A NON -URGENCY
ORDINANCE.
Mayor Pro Tem Loa read the title of Ordinance No. U-1604. Interim City Attorney Porter provided a detailed overview of the staff report.
Mayor Pro Tem Loa called for Public Comments.
The following individuals provided public comments:
Marsha Furman commented on the process for rotating mayor.
Kevin Shenkman commented in opposition to the adoption of Ordinance U- 1604.
A motion was made and carried unanimously to close the Public Comments.
Discussion ensued regarding the rotation process, the length of the rotation, fairness and equity, and selection of a mayor by lot, and sequential rotation.
There was no motion made to adopt the ordinance. There was no action taken on Ordinance No. U-1604.
11) NEW BUSINESS
11.1) Selection of Mayor. (Staff Reference: Acting City Clerk Scott) Acting City Clerk Scott announced that names would be drawn by lot in accordance with Ordinance No. 1579 . Acting City Clerk Faber presented the bag and marked ping pong balls to Council and the public. Citizen, Marsha Furman was selected to draw from the bag. Laura Bettencourt, District 3, was selected as Mayor.
11.2) Discussion and Possible Action Regarding Mayor Pro Tem Appointment. (Staff Reference: Acting City Clerk Scott)
Motion: Appoint Councilmember Alarcón as Mayor Pro Tem.
Moved by Laura Bettencourt, seconded by Eric Ohlsen.
Vote: Motion carried (5-0)
Yes: Richard J. Loa, Austin Bishop, Laura Bettencourt, Andrea Alarcón, Eric Ohlsen.
CC Minutes 12/21/2022 5PM
4 11.3) Discussion and Possible Action to Declare a Local Emergency related to the City of Los Angeles’ Proposed Relocation of Homeless to a “Village” in Palmdale. (Staff Reference: Interim City Manager Perez) Interim City Manager Perez provided a detailed overvie w of the staff report.
Discussion ensued regarding the comments of Karen Bass, the benefits of declaring a statement of emergency, and communications with the Bass team.
Mayor Pro Tem Alarcón recommended that Council adopt a resolution to oppose the shipp ing of any unhoused into our city and to also include some language in the resolution that we intend to work with the City of Los Angeles to maintain an open line of communication.
Discussion ensued regarding accessing County, State, and Federal funds to help with the unhoused, crafting a letter of intent communicating the city's expectations, modifying the resolution language, affordable housing, and the benefits of declaring a state of emergency.
Motion: Direct staff to bring back a completely revised r esolution to the next meeting.
Moved by Andrea Alarcón, seconded by Austin Bishop.
Vote: Motion carried (5-0)
Yes: Richard J. Loa, Austin Bishop, Laura Bettencourt, Andrea Alarcón, Eric Ohlsen.
12) PUBLIC COMMENTS ON NON-AGENDA ITEMS
The following individuals provided public input:
Mr. Rivas asked for Council support of a Homeless Conference that would be held at the AV College and a hospital in Palmdale on the east side at 40th East and Palmdale Boulevard with a wing for veterans.
Betsy Haslett spoke regarding her experience at the Lancaster Performing Arts Center.
Christine Parkinson commented opposition to Item 14.9.
Interim City Attorney called for a recess from 7:23 p.m. - 7:35 p.m.
Mayor Bettencourt asked the public to address the chair and to stay within the purview of the Council.
Mario Presents spoke regarding the representation of the citizens in District 5.
Jasmine Graham, Ruth Sanchez, Morsa Jimenez commented on the SAVES program.
Edward Granadez requested Council help with removing vehicles from his neighborhood. Mayor Bettencourt directed Mr. Granadez to Captain Shaffer.
Thomas McDow spoke regarding the increasing amount of pop-up eateries. Mayor CC Minutes 12/21/2022 5PM
5 Bettencourt directed Mr. McDow to Community Compliance Manager Gallagher.
Marsha Furman commented regarding speaker forms. Mayor Bettencourt stated speaker forms are optional.
Marcos Alvarez shared comments regarding homelessness, illegal dumping, mental illness, and lack of jobs.
Citizens, no name given congratulated Mayor Bettencourt and spoke in support of the new Council.
Citizen, no name given shared comments regarding voting rights and the selection of a Mayor.
Xavier Flores, AV LULAC, spoke regarding the reduction of liquor stores.
Rich Gallego commented regarding the selection process for mayor.
Ron Bellville spoke in support of the new Council.
Josiah congratulated Mayor Bettencourt and spoke on public transi t infrastructure , bike lanes and the installation of walk signals. Mayor Bettencourt reported the City is working on improving and extending the bike lanes.
Ricardo Ortega congratulated Mayor Bettencourt and requested feedback on the homeless issues.
Dave Bowman spoke regarding Measure AV funds and the election.
Sky Jung congratulated Mayor Bettencourt, Mayor Pro Tem Alarcón, and Councilmember Ohlsen.
13) PUBLIC COMMENTS ON CLOSED SESSION ITEMS
Rich Gallego and Carla Abrams shared comments in opposition of Item 14.9.
Kevin Shenkman commented in support of district elections and Item 14.9.
Ruth Sanchez spoke in support of the current Council.
Vicky Ventura congratulated the elected and commented in support of Item 14.9.
Juan Blanco spoke in support of Item 14.9 and encouraged the City to continue the support of veterans.
Carol Ross commented regarding the decisions of the City.
Marcos Alvarez commented on the community moving forward.
Mr. Perez and Xavier Flores commented in support of Item 14.9.
Michael Ross spoke in opposition of Item 14.9.
CC Minutes 12/21/2022 5PM
6 Mayor Bettencourt closed the Public Comments.
14) PRESENTATION BY CITY ATTORNEY
Interim City Attorney Porter announced to avoid a conflict of interest, Mayor Pro Tem Alarcón would be recusing herself from Items 14.2 and 14.3 and after Closed Session items would be reported out if action is taken.
14.1) CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION Ricci v. City of Palmdale, et al.
Los Angeles County Superior Court Case No. 22STCV01269
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.2) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Shanae Smith, Patricia Nevarez and Michael "Mike" Behen vs. City of Palmdale, et al.
Los Angeles County Superior Court Case No. 22STCV18219
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.3) CONFERENCE WITH LEGAL COUNSEL—EXISTING
LITIGATION Government Code Section 54956.9(d)(1)
John J. Murphy v. City of Palmdale
Los Angeles County Superior Court Case Number: 22STCV22544 Related City Claim Number: 2022-007
14.4) CONFERENCE WITH LEGAL COUNSEL-EXISTING LITIGATION Gerald Lynn Dolen and Roberta Dora Dolen v. City of Palmdale et al. Los Angeles County Superior Court Case No. 21AVCV00377
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.5) CONFERENCE WITH LEGAL COUNSEL - EXISTING LIITIGATION Kenya Torres v. City of Palmdale; Los Angeles Superior Court Case # 22STCV37041
Closed session authorized by Gov't Code 54956.9(d)(1)
14.6) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATIONLeona Valley Town Council vs. City of Palmdale, et al.Los Angeles County Superior CourtCase No. 22STCP01932This closed session is being held pursuant to the authority of CaliforniaGovernment Code Section 54956.9(d)(1)
14.7) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Donald Ross D'Angelo v. City of Palmdale, et al. Los Angeles County Superior Court
Case No. 21AVCV00441
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.8) CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION CC Minutes 12/21/2022 5PM
7 CV Communities, LLC et al. v. Antelope Valley East Kern Water Agency et al. Los Angeles County Superior Court Case Nos. BC661107 and 20STCV10953
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.9) PUBLIC EMPLOYEE PERFORMANCE EVALUATION
Title: Interim City Manager
Name: Ronda Perez
This closed session is being held pursuant to the authority of California Government Code Section 54957.
14.10) PUBLIC EMPLOYEE PERFORMANCE EVALUATION
Title: Interim City Attorney
Name: Scott E. Porter
This closed session is being held pursuant to the authority of California Government Code Section 54957.
15) ANNOUNCEMENT BY CITY ATTORNEY
Interim City Attorney Scott reported there was no action taken on nine of the ten items. On Item 14.9 Public Employee Performance Evaluation, there was a 5 -0 Vote to provide Ronda Perez a positive performance evaluation.
16) ADJOURNMENT
Mayor Bettencourt adjourned the meeting at 11:25 p.m.
PASSED, APPROVED, and ADOPTED this 1st day of February 2023.
Laura Bettencourt, Mayor
ATTEST:
Rochelle Scott, Acting City Clerk
CC Minutes 01/11/2023 5PM & 7PM
1 MINUTES
CITY COUNCIL
SUCCESSOR AGENCY
CITY HALL COUNCIL CHAMBER
38300 SIERRA HIGHWAY, SUITE B
PALMDALE, CALIFORNIA
JANUARY 11, 2023
www.cityofpalmdale.org
5:00 P.M.
1) CALL MEETINGS TO ORDER
Mayor Bettencourt called the meeting to order at 5:01 p.m.
2) ROLL CALL MAYOR BETTENCOURT, MAYOR PRO TEM ALARCÓN,
COUNCILMEMBERS BISHOP, LOA, OHLSEN
PRESENT: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
ABSENT: None.
3) PUBLIC COMMENTS ON CLOSED SESSION ITEMS
Jason Zink commented on the general plan amendment.
4) PRESENTATION BY CITY ATTORNEY
Interim City Attorney Porter announced Mayor Pro Tem Alarcón would recuse herself from Closed Session Items 4.1 and 4.2 and stated all items would be heard as listed.
4.1) CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Government Code Section 54956.9(d)(1)
John J. Murphy v. City of Palmdale
Los Angeles County Superior Court Case Number: 22STCV22544 Related City Claim Number: 2022-007
4.2) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Shanae Smith, Patricia Nevarez and Michael "Mike" Behen vs. City of Palmdale, et al.
Los Angeles County Superior Court Case No. 22STCV18219
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
4.3) CONFERENCE WITH LABOR NEGOTIATORS
City designated representatives: Ronda Perez, Interim City Manager Unrepresented employee: City Attorney
4.4) PUBLIC EMPLOYEE PERFORMANCE EVALUATION
Title: Interim City Attorney
Name: Scott E. Porter
CC Minutes 01/11/2023 5PM & 7PM
2 4.5) CONFERENCE WITH LABOR NEGOTIATORS
City representative: Scott Porter, Interim City Attorney Unrepresented employee: Ronda Perez, Interim City Manager This Closed Session is being held pursuant to the authority of California Government Code Section 54957.6
4.6) PUBLIC EMPLOYEE DISCIPLINE/DISMISSAL/RELEASE
This closed session is being held pursuant to the authority of California Government Code Section 54957.
5) ANNOUNCEMENT BY CITY ATTORNEY
Interim City Attorney Porter announced there was no reportable action taken.
6) ADJOURN CLOSED SESSION MEETING
Mayor Bettencourt adjourned the meeting at 7:29 p.m.
7:00 P.M.
Mayor Bettencourt called the meeting to order at 7:30 p.m.
7) PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE
8) PRESENTATION
8.1) Presentation to Mayor and Council of the Distinguished Budget Presentation Award received from the Government Finance Officers Association (GFOA).
Director of Finance Samson presented the Distinguished Budget award to Council, and stated it was the 33rd consecutive year the City of Palmdale has received the award.
9) WAIVER OF FULL READING OF RESOLUTION(S) and ORDINANCE(S) Motion: Move to waive full reading of the Resolution(s) and/or Ordinance(s) to be considered and voted on at this meeting.
Moved by Richard J. Loa, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
10) PUBLIC COMMENTS ON LISTED AGENDA ITEMS (EXCLUDING PUBLIC
HEARINGS)
The following individuals provided public comments:
Jason Zink congratulated the 2022 elected officials, commented on several items (11.7, 11.9, 11.10), and suggested a Park Citizen Committee.
Mario Presents spoke regarding the Brown Act and opposed the roundabout.
Laurel Forrest commented on Items 11.10 and 11.13.
Rich Gallego spoked in favor of Item 11.13.
CC Minutes 01/11/2023 5PM & 7PM
3 11) CONSENT CALENDAR
11.1) Receive and file the Monthly Investment Reports for November 2022. (Staff Reference: Director of Finance Samson)
11.2) Adopt Resolution No. CC 2023 -006, a Resolution of the City Council of the City of Palmdale stating the City’s Investme nt Policy and Repealing Resolution No. CC 2022-008. (Staff Reference: Director of Finance Samson)
11.3) Adopt Resolution No.CC 2023 -007, a Resolution of the City Council of the City of Palmdale stating the Investment Policy for City contributions to the Retiree Health Reimbursement Arrangement (HRA) plan and the Retiree Health Premium Supplement (HPS) plan and repealing Resolution No.CC 2022-009. (Staff Reference: Director of Finance Samson)
11.4) Adopt Resolution No. SA 2023-001, a Resolution of the Successor Agency of the Community Redevelopment Agency of the City of Palmdale approving the Recognized Obligation Payment Schedule (ROPS 23 -24) for the period of July 1, 2023 through June 30,2024. (Staff Reference: Director of Finance Samson)
11.5) Adopt Resolution No. SA 2023-002, a Resolution of the Successor Agency to the Community Redevelopment Agency of the City of Palmdale approving the Administrative Budget for the period of July 1, 2023 through June 30, 2024 (Administrative Budget 23-24). (Staff Reference: Director of Finance Samson)
11.6) Adopt Resolution CC 2023-002, a Resolution of the City Council of the City of Palmdale approving funding with the State of California Department of Veterans Affairs (Cal Vet) for AB -179 funding of $2,700,000 to th e City of Palmdale Neighborhoods Services for the Homes 4 Families Housing Construction in a Veteran Enriched Neighborhood. (Staff Reference: Interim Assistant City Manager Miller - Presented by Housing Manager Reyes)
Councilmember Ohlsen pulled this item for discussion. Housing Manager Reyes presented the staff report. Councilmember Ohlsen thanked Assemblymen Lackey for securing the 2.7 million dollars.
Motion: Adopt Resolution CC 2023-002.
Moved by Eric Ohlsen, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
11.7) Adopt Resolution No. CC 2023 -001, a Resolution of the City Council of the City of Palmdale authorizing the grant application, acceptance, and executio n of the grant funds from the State of California Budget Act of 2021 (SB 129). (Staff Reference: Director of Public Works Glidden)
Councilmember Bishop pulled this item for discussion. Director of Public Works Glidden provided a brief overview of this item and stated grant funds will be used for elevator repair, modernization, HVAC and carpet replacement.
CC Minutes 01/11/2023 5PM & 7PM
4 Motion: Adopt Resolution No. CC 2023-001.
Moved by Austin Bishop, seconded by Richard J. Loa.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
11.8) Approve Final Tract Map No. 82636 -02 (located at the northwest corner of Rancho Vista Blvd and 15th Street West). (Staff Reference: Director of Public Works Glidden)
11.9) Approve consultant agreement with KUTA for professional design services on PN 839, McAdam Park Renovation, in the amount of $473,995. (Staff Reference: Director of Public Works Glidden)
11.10) Award construction agreement with Dash Construction Company, Inc. for PN 831, 47th St. East & Palmdale Blvd. Roundabout Landscaping Project, at the intersection of 47th St. East and Palmdale Blvd., in the amount of $204,604.45 and determine this project to be exempt from CEQA. (Staff Reference: Director of Public Works Glidden)
Councilmember Loa pulled this item for discussion. Director of Public Works Glidden presented the staff report. Discussion ensued regarding funding, safety measures, enlarging the roundabout, design process, cost of the project, beautification, and engaging local contractors.
Motion: Award construction agreement with Dash Construction Company, Inc. for PN 831, 47th St. East & Palmdale Blvd. Roundabout Landscaping Project.
Moved by Austin Bishop, seconded by Eric Ohlsen.
Vote: Motion carried (4-1)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen.
No: Richard J. Loa.
11.11) Approve funding agreement with Caltrans to provide California Public Utilities Commission (CPUC) funds for preliminary engineering on Project STPLR-130L(297), Avenue R & Sierra Highway Railroad Safety Project, in the amount of $550,000. (Staff Reference: Director of Public Works Glidden)
11.12) Adopt Resolution No. CC 2023 -003, a Resolution of the City Council of the City of Palmdale authorizing the bu dget transfer of $250,000 from Emergency Reserves, for fire and water clean up and asbestos testing of the Chimbole Cultural Center and approve Purchase Order No. 20230423 with ServPro, DBA to GLW Enterprises Inc., in the amount not to exceed $220,000. (Staff Reference: Director of Public Works Glidden)
Councilmember Bishop pulled this item, recused himself and stepped away from the dais.
Motion: Adopt Resolution No. CC 2023-003.
Moved by Richard J. Loa, seconded by Andrea Alarcón.
CC Minutes 01/11/2023 5PM & 7PM
5 Vote: Motion carried (4-0)
Yes: Laura Bettencourt, Andrea Alarcón, Richard J. Loa, Eric Ohlsen.
Councilmember Bishop returned to the dais at this time.
11.13) Adopt Resolution No.CC 2023 -004, a Resolution of the City Council of the City of Palmdale Declaring Opposition to the City of Los Angeles Using Emergency Powers to Create a Homeless "Village" in the Palmdale Area. (Staff Reference: Interim City Manager Perez)
Councilmember Bishop pulled this item for discussion. Interim City Manager Perez provided a brief overview of this item. Council discussion ensued regarding the authority of a resolution, the unhoused, and amending language.
Motion: Direct staff to incorporate the suggested changes by Council and bring back to a future meeting.
Moved by Andrea Alarcón, seconded by Eric Ohlsen.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
11.14) Approve the minutes from the previous meetings. (Staff Reference: Acting City Clerk Scott)
CC - November 16, 2022
CC - December 1, 2022
CC/SA - December 7, 2022
CC - December 13, 2022
Motion: Approve all items listed on the Consent Calendar with the exception of items 11.6,
11.7, 11.10, 11.12 and 11.13.
Moved by Richard J. Loa, seconded by Eric Ohlsen.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
12) APPOINTMENT(S)
12.1) Approve Reappointment of Public Member to the Palmdale Recycled Water Authority. (Staff Reference: Acting City Clerk Faber)
Motion: Approve Reappointment of Public Member to the Palmdale Recycled Water Authority.
Moved by Laura Bettencourt, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
CC Minutes 01/11/2023 5PM & 7PM
6 12.2) Discussion And Possible Action Regarding City Council Standing Committee Appointments. (Staff Reference: Acting City Clerk Faber)
Acting City Clerk Scott announced there were corrections on page 6 and 7 of the staff report relating to the North Los Angeles County Transportation Coalition and SCAG Regional Assembly appointments.
ANTELOPE VALLEY AIR QUALITY MANAGEMENT DISTRICT
Delegate: Mayor Pro Tem Alarcón
Delegate: Councilmember Bishop
Alternate: Mayor Bettencourt
ANTELOPE VALLEY MOSQUITO AND VECTOR CONTROL DISTRICT
Public Member Delegate: Vacant
ANTELOPE VALLEY TRANSIT AUTHORITY
Delegate: Councilmember Loa
Delegate: Councilmember Ohlsen
Alternate: Mayor Bettencourt
Alternate: Citizen Kathryn Mac Laren (Appointed by a majority vote of the Council pursuant to PMC §2.08.030 pursuant to PMC §2.08.030)
CALIFORNIA CONTRACT CITIES ASSOCIATION (CCCA)
Delegate: Mayor Pro Tem Alarcón
Alternate: Councilmember Ohlsen
CITY OF PALMDALE AUDIT COMMITTEE
Delegate: Mayor Bettencourt
Delegate: Councilmember Bishop
Alternate: Councilmember Loa
Public Member: Christine Geary (Appointed by a majority vote of the Council pursuant to PMC §2.08.030 - Term expires July 2023)
CITY OF PALMDALE INVESTMENT OVERSIGHT COMMITTEE
Member: Mayor Bettencourt (Must be Mayor pursuant to City’s Investment Policy)
Member: Councilmember Ohlsen (Rotating Councilmember pursuant to City’s Investment Policy)
EIFD PUBLIC FINANCE COMMITTEE
Authority Member: Councilmember Bishop
Authority Member: Councilmember Loa
Authority Public Member: Vacant
HIGH DESERT CORRIDOR JOINT POWERS AUTHORITY
Director: Councilmember Ohlsen
Alternate: Councilmember Loa
LEAGUE OF CALIFORNIA CITIES – Desert Mountain Division Delegate:
Mayor Pro Tem Alarcón
Alternate: Councilmember Bishop
CC Minutes 01/11/2023 5PM & 7PM
7 2nd Alternate: Councilmember Loa
LOS ANGELES COUNTY SANITATION DISTRICT
Delegate for Districts No. 14 and No. 20: Mayor Bettencourt (Must be the Mayor pursuant to H&S Code §4730)
2nd Delegate for District No. 20: Councilmember Loa
Alternate Delegate for District No. 14 & 20 Mayor Pro Tem Alarcón
NORTH LOS ANGELES COUNTY TRANSPORTATION COALITION
Delegate: Councilmember Bishop
Alternate: Councilmember Ohlsen
Business Representative: Mayor Pro Tem Alarcón
Representative at Large: Councilmember Loa
PALMDALE RECYCLED WATER AUTHORITY (PRWA)
Director: Mayor Pro Tem Alarcón
Director: Councilmember Bishop
Alternate: Mayor Bettencourt
Public Member: Zakeya Anson – (Per JPA, appointed by the City and Palmdale Water District jointly and ratified by the PRWA Board
UNITED STATES/MEXICO SISTER CITIES ASSOCIATION
Delegate: Mayor Pro Tem Alarcón
Delegate: Councilmember Loa
Alternate: Mayor Bettencourt
Alternate: Councilmember Bishop
Alternate: Councilmember Ohlsen
CALIFORNIA STATE PRISON LOS ANGELES COUNTY, CITIZENS
ADVISORY COMMITTEE
Delegate: Mayor Bettencourt
Alternate: Councilmember Loa
Motion: Approve City Council Standing Committee Appointments.
Moved by Eric Ohlsen, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
13) PUBLIC HEARING
1 3 . 1 ) Public Hearing to obtain Resident input on community needs for the 2023 - 2024 Action Plan. (Staff Reference: Interim Assistant City Manager Miller - Presented by Housing Manager Reyes.)
Housing Manager Reyes provided a detailed overview of the staff report.
Discussion ensued regarding limitations in funding, projects funded, and amount received for funding.
Mayor Bettencourt called for Public Hearing.
CC Minutes 01/11/2023 5PM & 7PM
8 Jason Zink commented on the needs of the community.
A motion was made and carried unanimously to close the Public Hearing.
Motion: Approve the recommendations as listed in the staff report.
Moved by Richard J. Loa, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
1 3 . 2 ) INTRODUCTION AND ADOPTION OF ORDINANCE NO. 1601, AN
ORDINANCE OF THE CITY COUNCIL OF THE C ITY OF PALMDALE
ADDING CHAPTER 8.06 REGARDING RECYCLING AND DIVERSION OF
CONSTRUCTION AND DEMOLITION (C&D) WASTE, AND SETTING THE INITIAL C&D ORDINANCE PERMIT FEE AMOUNT. (STAFF REFERENCE:
DIRECTOR OF PUBLIC WORKS GLIDDEN)
Mayor Bettencourt read the title of Ordinance No. 1601.
Innovation and Environmental Manager Lucha provided a detailed overview of the staff report. Discussion ensued regarding state requirements and illegal dumping.
Mayor Bettencourt called for Public Hearing.
Jason Zink opposed the State requirements.
A motion was made and carried to close the Public Hearing with Mayor Pro Tem Alarcón absent from the dais.
Mayor Pro Tem Alarcón returned to the dais.
Discussion ens ued regarding demolition waste, non -compliance penalties, impacts for developers, wild cameras, working with the County task force, use of the lighting loader truck, waste management hours, and community clean - ups.
Motion: Introduce and Adopt Ordinance No. 1601.
Moved by Laura Bettencourt, seconded by Andrea Alarcón.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
CC Minutes 01/11/2023 5PM & 7PM
9 1 3 . 3 ) INTRODUCTION AND ADOPTION OF ORDINANCE NO. 1605, AN
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALMDALE
UPDATING, CONSOLIDATING, AND STREAMLINING SELECTED
PROVISIONS OF THE PALMDALE MUNICIPAL CODE TO COMPLY WITH
RECENT STATE AND FEDERAL LAW ENACTMENTS AN D DECISIONS
AND PROVIDE FOR MORE EFFICIENT ENFORCEMENT OF CODE
VIOLATIONS (AMENDING PMC SECTIONS 1.12.040, 1.20.010(A),
1.20.040(B), 1.20.100(B), 1.20.170, 5.04.190(B)(1), 5.04.200(A)(1),
5.04.200(B)(1), 5.04.240(A), 5.04.250(E), 5.04.300(B), 5.04.310(A),
5.04.310(B), 5.04.360(B), 5.04.400(L)(2)(b), 5.04.400(M)(2)(b), 5.04.460,
5.04.660(H)(4)(d), 5.04.660(I)(2), 5.05.080, 5.44.090(C)(2), 8.04.200,
8.04.530, 8.04.820, 8.04.920, 8.20.090(B), 8.24.260(A), 9.30.070(A),
9.30.090, 9.30.100, 9.46.010, 9.46.020, 9.46.030, 12.04.020, 12.04.100(G),
12.08.030, 13.11.140; ADDING PMC SECTIONS 2.08.090, 9.30.110; REPEALING AND DELETING PMC CHAPTERS 8.10, 8.36; ADDING PMC CHAPTERS 8.36, 12.28)
Community Compliance Manager Gallagher read the title of Ordinance No. 1605.
Valerie Escalante Troesh of Silver and Wright provided a detailed overview of this item.
Discussion ensued regarding illegally posted real estate signs and lease signs, graffiti, and property liens.
Mayor Bettencourt opened the Public Hearing.
Jason Zink commented regarding illegal lease signs, panhandling, and spring cleaning.
A motion was made and carried unanimously to close the Public Hearing.
Motion: Introduce and adopt Ordinance No. 1605.
Moved by Andrea Alarcón, seconded by Richard J. Loa.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
1 3 . 4 ) INTRODUCTION AND ADOPTION OF ORDINANCE NO. 1607, AN
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALMDALE
AMENDING PALMDALE MUNICIPAL CODE SECTION 1.06.040,
REMOVING THE REQUIREMENTS FOR A NOTICED PUBLIC HEARING
FOR THE ADOPTION OF ORDINANCES, AND SECTION 2.08.040
CHANGING THE REGULAR MEETING DATES OF THE CITY COUNCIL TO THE FIRST AND THIRD THURSDAYS OF THE MONTH AT 5:00 P.M.
Interim City Manager Perez read the title of Ordinance No. 1607 and provided a detailed overview of this item. Interim City Attorney Porter stated there were two components of the ordinance, the meeting day and time and the noticing requirements of ordinances.
CC Minutes 01/11/2023 5PM & 7PM
10 Mayor Bettencourt opened the Public Hearing.
The following individuals provided public input:
Commissioner Jung, Human Rights Advisory Committee, stated their meetings are held on the first Thursday.
Laurel Forrest commented regarding providing redlined document changes for the public.
Rich Gallego spoke regarding informing the public.
Jason Zink commented regarding meeting times and noticing.
Brandi Meyer opposed the meeting change.
A motion was made and carried unanimously to close Public Hearing.
Discussion ensued regarding public participation, noticing requirements, and meeting day and time.
There was Council consensus to leave the meeting day and time as is.
Motion: Introduce and adopt Ordinance No. 1607 with amendments, revising PMC section 1.06.040 removing the requirements for a noticed public hearing for the adoption of ordinances. Time and day of the regular meetings to remain the same (1st Wednesday at 7pm).
Moved by Andrea Alarcón, seconded by Richard J. Loa.
Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Richard J. Loa, Eric Ohlsen.
Council directed staff to draft language for a new survey. 14) PUBLIC COMMENTS ON NON-AGENDA ITEMS
The following individuals provided public input:
Dr. Derrick Spiva spoke regarding County grants and the use of the Palmdale media building for the entertainment industry.
Mario Presents commented on Brown Act rights and District 5 representation.
Victor Garate spoke regarding electing a mayor to represent the whole City.
A motion was made and carried unanimously to continue the meeting past 10:30 p.m.
Marcos Alvarez commented on illegal dumping solutions.
Jason Zink spoke regarding City monuments, parks, jobs, and projects.
CC Minutes 01/11/2023 5PM & 7PM
11 Rich Gallego spoke regarding oversight of city government and election matters.
A motion was made and carried unanimously to close the Public Comments.
15) INFORMATIONAL REPORT FROM MAYOR AND / OR COUNCILMEMBERS ON
THEIR VARIOUS COMMITTEE MEMBERSHIPS AND MEETINGS ATTENDED AT
PUBLIC EXPENSE
15.1) COMMITTEE MEMBERSHIPS.
ANTELOPE VALLEY TRANSIT AUTHORITY - Councilmember Loa reported passenger pass ups were discussed at the AVTA meeting.
LOS ANGELES COUNTY SANITATION DISTRICT - Councilmember Loa stated he attended the meeting.
15.2) MEETINGS ATTENDED AT PUBLIC EXPENSE
16) CITY COUNCIL REQUESTS FOR NEW AGENDA ITEMS
Mayor Pro Tem Alarcón requested a report on Senate Bill 1100.
Councilmember Bishop requested a future discussion on animal control.
Councilmember Ohlsen requested an in-depth discussion on graffiti.
17) CITY MANAGER’S REPORT
Interim City Manager Perez provided an update to Council on graffiti removal efforts.
• Two (2) graffiti trucks have been purchased
• Additional staff has been added at parks and around the City to help with graffiti abatement efforts
• The “Say It, Don't Spray It Campaign” has been launched • The City will be wrapping utility boxes with public art • The City will launch a community campaign
Councilmember Ohlsen requested reports to Council from the Graffiti Detective and suggested a Criminal Justice Committee.
Mayor Bettencourt announced to the public that graffiti can be reported anonymously through Crime Stoppers, or We Tip.
Mayor Pro Tem Alarcón acknowledged Martin Luther King Jr. Day and announced the Justice Sunday event would be held on January 15 th at 4pm and January 20 th at 6 p.m. at the Palmdale Playhouse.
CC Minutes 01/11/2023 5PM & 7PM
12 18) Adjournment
Mayor Bettencourt adjourned the meeting at 11:00 p.m., in memory of Joe Davies 100th Birthday, Riverside Deputy Isaiah Cordero who was killed in the line of duty, and Catherine Marie Schwenk DeLuna, to January 18, 2023 at 7:00 p.m. in the City Hall Council Chamber located at 38300 Sierra Highway, Suite B, Palmdale, California.
PASSED, APPROVED, and ADOPTED this 1st day of February 2023.
Laura Bettencourt, Mayor
ATTEST:
Rochelle Scott, Acting City Clerk
City Council Staff Report
DATE: FEBRUARY 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: OFFICE OF THE CITY MANAGER
CITY CLERK DIVISION
DISTRICT ALL
SUBJECT: DISCUSSION AND POSSIBLE ACTION REGARDING CITY
COUNCIL APPOINTMENT (S) TO THE SOUTHERN CALIFORNIA
ASSOCIATION OF GOVERNMENTS GENERAL ASSEMBLY
ISSUE
Discussion and possible action regarding City Council Committee Appointment(s) to the Southern California Association of Governments General Assembly.
RECOMMENDATION
Provide direction.
BACKGROUND
Each member city in the SCAG region has the option to appoint one voting delegate and one alternate to the SCAG General Assembly to represent their agency. The SCAG General Assembly approves the bylaws and ratifies election of officers. Staff has confirmed with SCAG that the General Assembly delegate and the alternate appointment(s) is separate from the SCAG Regional Assembly.
DISCUSSION
This item is brought forth to determine if the City Council desires to appoint a delegate and one alternate to the SCAG General Assembly . SCAG’s 58 th Annual Regional Conference and General Assembly Business Meeting will be held Thursday, May 4 – Friday, May 5, 2023 at the JW Marriott Desert Springs Resort & Spa, 74-885 County Club Drive, Palm Desert, CA 92260.
FISCAL IMPACT
There is no fiscal impact associated with this item.
Report to Mayor and City Council
Re: City Council Committee Appointment(s) to SCAG General Assembly February 1, 2023
SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENTS (SCAG) GENERAL
ASSEMBLY
The SCAG General Assembly approves the bylaws and ratifies election of officers. The General Assembly Delegate Representative has the opportunity to propose any policy matter for determination by the General Assembly in the form of a proposed Resolution or revisions to the SCAG Bylaws. All proposed Resolution and/or Bylaw revisions will be reviewed by the Bylaws and Resolutions Committee, and thereafter the Regional Council, before being considered at the 2023 General Assembly Business meeting.
Delegate: Vacant
Alternate: Vacant
STRATEGIC PLAN
Goal I: Maintain effective public safety and protection for life, property, and the environment.
D. Strengthen regional, state, and national partnerships to enhance our legislative presence.
Goal II: Ensure long-term fiscal health of the City and maintain funding for services.
C. Involve and expand engagement to enhance public oversight and transparency.
Prepared by: Rochelle Scott, Acting City Clerk
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III, Special Counsel City Council Staff Report
DATE: FEBRUARY 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH BERRY DUNN MCNEIL & PARKER,
LLC, FOR CONSULTING SERVICES FOR THE DEVELOPMENT OF
A PARKS AND RECREATION MASTER PLAN.
ISSUE
Approve Agreement with Berry Dunn McNeil & Parker, LLC , for consulting services for the development of a Parks and Recreation Master Plan.
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A-8182, with Berry Dunn McNeil & Parker, LLC , for the development of a Parks and Recreation Master Plan; and
2. Authorize the City Manager or her designee to execute the Agreement with Berry Dunn McNeil & Parker, LLC, including minimal and/or non-substantive changes.
BACKGROUND
The City of Palmdale currently does not have a Parks and Recreation Master Plan, which is needed to further assess and implement a plan to guide decision -making for the development and management of parks, recreation facilities and services. Park Master Plans are common planning toolsin many municipalities, and as part of the City’s General Plan update, the Parks, Recreation and Open Space element lists development of a parks and recreation plan asa top priority. The General Plan states that a Parks and Recreation Master Plan is needed to address park conditions and needs, recreation programming, facilities, and funding opportunities. Additionally, the Plan will evaluate adopted park standards, including designations for type of parks and guidelines for the facilities to be developed in future parks.
On May 25, 2022, the Measure AV Oversight Committee was presented the budget for the development of a Parks and Recreation Master Plan and was unanimously approved and adopted by the City Council on June 29, 2022, for Fiscal Year 2022/2023.
Report to Mayor and City Council
Re: Approve Parks Master Plan Agreement A-8182
February 1, 2023
DISCUSSION
The RFP for the Parks and Recreation Master Plan was released on June 28, 2022, with a closing date of August 10, 2022. The RFP was viewed by 67 vendors, and based off commodity codes, was sent to 1,004 vendors. The scope of work for this Parks and Recreation Master Plan includes the professional services necessary to develop a standard and strategized plan for the Parks and Recreation Master Plan. Scope of work is as outlined below:
Community Engagement:
To identify, describe, and implement a comprehensive strategy and methodology for community involvement.
To engage community members through a minimum of eight facilitated workshops, the execution of a statistically valid survey, and partner and City Council presentations.
To provide written records and summaries of results for public retention.
Resource and Data Collection
Conduct statistically valid survey to provide random samples from community. Conduct analysis and assessment of parks, green spaces, programs, recreation centers, and services.
Conduct analysis and assessment of department current level of programs, events, services, and maintenance to relate to current and future goals and objectives.
Compile inventory and assessment of existing spaces.
Project Timeline
Proposed project schedule with milestones and objectives; to include engagement meeting timeframes.
Deliverables and Strategy
Plan to include written goals, objectives, policy statements, a financial and action plan to articulate a roadmap and made for department’s future. Develop an action plan to include strategies, priorities and an analyst of budget support and funding mechanisms for all terms, in all spaces. Develop a strategy to implement goals and policies from the City’s General Plan. Prioritize recommendations for needs.
Identify areas of service shortfalls and projected impact of future trends. Prepare maintenance management plan and identify performance measurements.
Review and discuss existing funding mechanisms and cost recovery practices. Prepare Park development standards and incorporate City of Palmdale preferred design specifications.
Report to Mayor and City Council
Re: Approve Parks Master Plan Agreement A-8182
February 1, 2023
The City received two (2) statements of qualifications and proposal packages and reviewed each through an evaluation committee. Selection of qualified Consultants was based upon the following scoring methodology.
EVALUATION COMMITTEE SCORING METHODOLOGY
CATEGORY MAXIMUM VALUE
Past Performance/Experience 25
Ability to Perform the Services 25
Cost Proposal 25
Technical Approach 25
TOTAL EARNED VALUE 0-100
Consultants were required to demonstrate experience in providing similar services to public agencies and validate their approach and management of the project. The following firms submitted statements of qualifications and proposal packages.
BID SUBMITTAL SUMMARY
NAME OF PROPOSING FIRM LOCATION
1. Berry Dunn McNeil & Parker, LLC, LLC Portland, ME
2. KTU&A San Diego, CA
Based on the submitted timeline, cost estimate, and overall score, the evaluation committee determined that Berry Dunn McNeil & Parker, LLC, was the most qualified consultant to perform the requested services based on their overall score.
FISCAL IMPACT
The Parks and Recreation Master Plan will be funded through Measure AV Funds, which have already been allocated to Account No. P0110157-724525 in the amount of $254,990. The fiscal impact and remaining account balance can be seen in the following table:
PARKS AND RECREATION MASTER PLAN PROJECT FUNDING
SCOPE OF WORK COST
Phase 1: Initial Project Planning $41,480
Phase 2: Community Engagement $65,440
Phase 3: Analysis $60,970
Phase 4: Visioning $20,540
Phase 5: Draft & Final Plan $34,540
Phase 6: Implementation $17,030
Total Cost $240,000
Account Number Starting Balance Remaining Balance
P0110157-724525 $254,990 $14,990
Report to Mayor and City Council
Re: Approve Parks Master Plan Agreement A-8182
February 1, 2023
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.
Prepared by: Keri Smith, Director of Parks and Recreation Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III
ATTACHMENTS
Agreement No. A-8182
EXHIBIT A
SCOPE OF SERVICES
The following steps may not occur in the order in which they appear. Some steps may be concurrent, and all are interrelated. Additional steps may be negotiated prior to finalizing the contract agreement.
PHASE 1: INITIAL PROJECT PLANNING (1 MONTH)
DELIVERABLES: PROJECT WORK PLAN AND SCHEDULE; MARKET PROFILE Initial Planning Call
o Initial project planning and discover session to identify stakeholder groups, project team members, expectations, and roles and responsibilities.
o To discuss proposed project schedule, project work plan, and project milestones. Work Plan and Schedule Development
o Project Work Plan to incorporate agreed-upon procedures between BerryDunn and the City related to project control.
Thorough Data Review
o Consultant to submit an information request to key stakeholders. o Integration with existing City Plans, such as the General Plan, and integrate information from other recent and current planning work.
Kickoff Meeting
o Consultant to conduct an on-site project kickoff presentation with project team. o To discuss goals, presentation of project approach and methodology, review the final schedule of key project dates, and answer questions.
o On-site tour of areas of the system and relevant parks, recreation, trails, and open space sites and/or resources.
Population Projections
o Consultant to conduct a market profile of the City of Palmdale and surrounding area.
PHASE 2: COMMUNITY & STAKEHOLDER ENGAGEMENT WITH SURVEY (4 MONTHS) DELIVERABLES: COMPREHENSIVE ENGAGEMENT STRATEGY & SCHEDULE; PROJECT WEBSITE; STATISTICALLY VALID SURVEY & RESULTS; ENGAGEMENT FINDINGS Project Brand Development
o Consultant to work with City to develop message and brand that is recognizable for community members and resonates with different groups and demographics. Detailed Engagement Strategy
o Consultant to provide hybrid approach for engagement strategy that will include an interactive, virtual project site, in-person events, and utilize multiple channels of engagement.
o Consultant will discuss both virtual and in-person options, identify and describe methods of community involvements, identify key stakeholders, create a schedule for public input events and surveys, develop a schedule for the promotion and coordination of stakeholder input events, and identify specific stakeholder interview and focus group questions.
Internal Leader and Staff Activities
o Consultant to implement internal engagement with the city that include interviews and focus groups with leadership, management, and staff to conduct fact-finding activities, focusing on recreation programs, services, and facility operations.
EXHIBIT A
o Plan at least two meetings with Parks and Recreation Department Leadership, Administrative Team Members, Department Full Time and Key Part Time Staff, and other City staff as needed.
Stakeholder Meetings
o Hold four key stakeholder meetings with identified community leaders. Develop Project Website and Engagement
o Work with City staff to create a project Social Pinpoint site to keep the community informed and always community input.
o Utilize Social Pinpoint’s survey, mapping, forums, and ideas wall. o Consultant to maintain the project website throughout the planning process and any required promotion.
Public Input Sessions
o Consultant to facilitate one virtual and two in-person public focus groups to collect input from key community stakeholders.
o Consultant to reach out to representatives of identified under-represented population groups and engage in the assessment and recommendations development process. o Consultant to facilitate four focus groups of identified groups and stakeholders. Event/Informational Booths
o Consultant to host two pop-up events for community members to visit and interact. o Assess and collaborate the successful activities and elements that are best suited for the residents of Palmdale.
o Consultant to work with the city to organize events that are kid-friendly, physically accessible for those with hearing, vision, or mobility challenges, and scheduled at a variety of times to widen attendance.
o Provide Spanish language option on project site, using tools and resources. Statistically Valid Survey
o Create four pages in length, geographically diverse statistically valid survey, using RRC Associates (RRC) that will be mailed and can either be completed online or completing the mailed survey hardcopy.
o Statically valid survey to be drafted based on public involvement, staff, community leaders, and steering committee input.
o Consultant to collaborate with city staff on assisting in marketing efforts and the creation of public awareness through multiple platforms.
PHASE 3: ANALYSIS
DELIVERABLES: FACILITY ANALYSIS; DIGITAL INVENTORY & ANALYSIS; BENCHMARK & COMPARISION FINDINGS; RECREATION PROGRAMS & SERVICES ASSESSMENT RESULTS; OPERATIONS & MAINTENANCE ASSESSMENT FINDINGS; FINANCIAL & FUNDING ANALYSIS RESULTS; COST RECOVERY & RESOURCE ALLOCATION FINDINGS; ALTERNATIVE FUNDING & PARTNERSHIP FINDINGS Facility Inventory and Resource Mapping
o GIS/CAD materials will be utilized to compile an updated assessment of each of the City’s Parks and Recreation spaces.
o City to provide inventory and assessment completed by city staff and Los Angeles County Regional Park and Open Space District.
EXHIBIT A
o Consultant to complete an inventory of existing parks, recreation facilities, open spaces, and trails including research, mapping, and personal condition assessment of each park, facility, and open space owned and managed by the City. o Sites to be evaluated regarding functional use, current conditions, capacity, and quality. o Analysis to be used to create relevant community-specific standards that align with Comprehensive General Plan Goals.
o All analysis of facilities and parks to be incorporated into a dynamic digital database that becomes property of the City upon completion of the project. Program Inventory and Analysis
o Consultant to provide a working MS Excel template for analysis of recreation services and programs.
o Consultant to provide a summary analysis of program supply within the city. Similar Provider Review
o Consultant to compile relevant benchmarking and comparison data of commonly accepted key metric items of important to the city to compare the Palmdale. communities’ facilities and tracked allocated resources with communities of similar size and demographics to other agencies.
o Consultant to review relevant cultural, social, economic, demographic, and environmental trends using available data and statistical information. o Consultant to use NRPA Park Metrics and other benchmarking data sets for findings and comparisons.
Recreation Programs and Services Assessment
o Program Inventory and Analysis development of existing programs and compare inventory to survey results.
o Analysis process to include interactive workshop with Palmdale Parks and Recreation staff to review issues, challenges, strengths and weaknesses of programs and services. o Emerging Trends Analysis to consider demographic shifts and impacts on future parks, recreation, open space, and trails provisions and to identify interest and participation.
Process to include strategic analysis of local, state, and national best practices, and latest parks and recreation industry trends.
Operations and Maintenance Assessment
o Program Inventory and Analysis to provide assessment of operations staffing and workflow focuses.
o Consultant to assess the city’s parks and recreation maintenance capacity, synergies, efficiencies, growth areas, and other characteristics that can be enhanced or improved. o The plan will identify routine and preventative maintenance schedules, asset lifecycle management and performance measurements.
o Consultant to assess current equipment and projected future equipment needs and plan. Maintenance system to also be reviewed and results plan will help guide future service levels and inform future fiscal needs.
Park Development Standards
o The Consultant shall prepare Park development standards using current park and facility design standards and incorporating City of Palmdale preferred design specifications. o Park development standards shall apply to parks and recreation facilities designed by the City and development agreements resulting in parks and facilities constructed privately and ultimately maintained by the City.
EXHIBIT A
Financial and Funding Analysis
o Present and Projected Fiscal Resources
Consultant to conduct an overview analysis of existing funding. Consultant to review impact fee plan and make recommendations. o Cost Recovery and Resource Allocation
Consultant to utilize the cost recovery methodology to evaluate the financial sustainability of the City’s parks, recreation, open space, and trails system from both operational and capital funding aspects.
o Alternative Funding and Partnerships
Consultant to identify key partners in the area through the planning process and provide management recommendations to enhance potential funding areas.
PHASE 4: VISIONING (4 MONTHS)
DELIVERABLES: KEY ISSUES ANALYSIS MATRIX; ACTION PLAN DEVELOPMENT AND PRIORITIZAION;
CAPITAL IMPROVEMENT PLAN
Finding Compilation, Validation, and Visioning
o Consultant to meet with staff to review the findings and preliminary recommendations. o Consultant to compile initial findings from inventory, demographics, and needs assessment.
o Consultant will provide summary findings presentation for staff, decision makers, stakeholders, and the public for validation.
Visioning Strategies Development Workshop
o Consultant to facilitate visioning strategies workshop. o Workshop will provide an articulated guiding vision for future acquisition, development, and maintenance of parks, trails, and open space, with goals, desired outcomes, and standards identified to direct policy and acquisition for existing and proposed facilities. Action Plan Development and Prioritization
o Consultant to develop an action plan that contains action steps, mission and vision, strategic themes and objectives, key performance indicators, and mid- and long-term initiatives.
o Plan to present prioritized strategic initiatives based on input. o The action plan shall define park types and include a recommendation for inconclusi on within the City’s parkland-to-population goal of 5.0 acres per 1,000 residents. o The Consultant shall develop a strategy to implement the goals and polices stated in the newly revised Parks, Recreation and Open Space element of the General Plan, to include ensuring parks are equitably located throughout the City, ensure parks are accessible and within 20 -minute walking distance, prioritize underserved, expand park amenities, expand school, and park synergy and incentivize creation of publicly accessible parkland. o The action plan shall evaluate the viability of transforming existing City owned drainage retention basins to pocket parks.
EXHIBIT A
Consultant to prepare a Capital Improvement Plan to outline priorities for the next 5, 10, and 15 years.
To include anticipated costs and provide framework for decision-making processes for future improvements.
PHASE 5: DRAFT & FINAL PLAN (4 MONTHS)
DELIVERABLES: DRAFT PARKS MASTER PLAN; PLAN PRESENTATION; (5) BOUND, PRINTED & DIGITIZED FINAL PARKS AND RECREATION MASTER PLAN.
Draft Plan
o Consultant to summarize and synthesize all research and stakeholder input for draft. o The plan shall include charts, graphs, maps, and other data as needed to support the plan and its presentation to the appropriate audiences. o Consultant to work with project team to prioritize recommendations, balancing needs, and cost/benefits analyses, capacity of the City, and potential budgetary realities. Review Session with the City
o Consultant to facilitate review session with City that includes feedback and recommendations.
o Consultant to review detailed sequence steps for plan deployment. Securing funding sources
Capital project review
Identification of a plan champion or team of champions Visual management techniques
Ongoing employee engagement
Reporting mechanisms and communication
Internal marketing
Institutionalizing the process by documenting the steps in the process and continuous improvement of the process
Ongoing plan adjustments
Connection to the community, city management, elected official, and employees.
• Final Presentation to City Council
• Plan Finalization
o Develop final Parks and Recreation Master Plan after implementing edits and submitting. to the city for review, post City Council Presentation. o Final plan will be publicly accessible on City’s website. o Additional public announcement methodology and recommendations.
PHASE 6: IMPLEMENTATION (3 MONTHS)
Lead Implementation Workshop
o Virtual meeting to discuss techniques relating to the leadership system and cultural elements required to effectively deploy plan.
EXHIBIT A
Internal communication plans
Identification of a plan champion or team of champions. Methods of monitoring progress
Ways to operationalize the mission, vision, and values. Employee and City Council engagement
Institutionalizing the process by documenting the steps in the process and continuous improvement of the process
Ongoing plan adjustments
Connection to the community
City Council Staff Report
DATE: FEBRUARY 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE EMPLOYMENT AGREEMENT NO. A-8218 BETWEEN
THE CITY OF PALMDALE AND RONDA PEREZ TO SERVE AS CITY
MANAGER
ISSUE
Consider City Council approval of the proposed Employment Agreement No. A-8218 between the City of Palmdale and Ronda Perez to serve as City Manager.
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A-8218 between the City of Palmdale and Ronda Perez, City Manager.
BACKGROUND
Mrs. Perez has been serving in the role of Interim City Manager since March 202 2 and prior to was named Acting City Manager in December 2021. The City Coun cil met in closed session on January 11, 2023 and provided a 5-0 positive performance evaluation of Ronda Perez. Subsequently, on January 18, 2023 the y again met in closed session to discuss filling the City Manager position permanently. They agreed that Ronda Perez should be appointed City Manager, thus removing the Interim title.
The Employment Agreement before the Council this evening is entered into with Mrs.
Perez effective January 18, 2023 in an effort to provide stability and consistency in the executive leadership of the organization.
DISCUSSION
In general, the Employment Agreement with Mrs. Perez provides for the following:
1. The Term of this initial Agreement will be for a period of three (3) years ending January 18, 2026. The Agreement provides for two (2) optional two -year incremental extensions (Section 2).
2. Employee is at -will and serves at the pleasure of a majority of the City Council and shall be entitled to 12 months severance pay provided termination occurs without cause as outlined in the Agreement (Section 4).
Report to Mayor and City Council
Re: Agreement No. A-8218
February 1, 2023
3. The City will provide for disability, health, life insurance and retirement in alignment with standard City of Palmdale employee offerings as well as other standard employee benefits unless otherwise described throughout the agreement (Section 5, 11, 12, and 19).
4. Compensation shall be paid at an annual rate of $299,750 and allows for an annual cost of living increase if such raise is provided to full-time employees.
Employee shall receive an annual performance evaluation and meet established goals (Section 6, 7 and 19).
5. Employee shall receive a $500 monthly automobile allowance for engaging in conducting City business both during and outside normal business hours (Section 9).
6. Vacation, Sick, Administrative and Floating Holiday leave bank accruals and benefits shall accrue at various rates as listed in the Agreement and without limitation (Section 10).
7. The City will pay for professional dues and subscriptions, including conference participation, necessary and desirable for Mrs. Perez to continue professional participation, growth and advancement for the good of the City. The City will also pay for or reimburse Mrs. Perez for reasonable and necessary general expenses incurred in the execution of her duties and annual tuition reimbursement up to $10,000 plus one executive level professional development course annually in benefit to the City (Sections 13, 14, 15, 19).
8. Employer agrees not to terminate Employee during any one hundred eighty (180) calendar period after a City Council election to allow the newly elected Council the opportunity to observe and work with the Employee (Section 16).
FISCAL IMPACT
Sufficient funding is budgeted in the FY 2022-23 Annual Operating Budget for the totality of this Agreement.
STRATEGIC PLAN
Goal IV: Maintain a desirable community where everyone wants to live, work and play.
C. Invest in staff and other human resource strategies to attract and retain a highly qualified, diverse and creative workforce.
Prepared by: Ronda Perez, Interim City Manager
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, Interim City Manager
Approved as to form: William P. Curley, III, Special Counsel
ATTACHMENTS
1. Agreement No. A-8218.
EMPLOYMENT AGREEMENT BETWEEN
THE CITY OF PALMDALE
AND
RONDA PEREZ TO SERVE AS CITY MANAGER
THIS AGREEMENT is effective this 18th day of January, 2023 by and between the City of Palmdale, a charter city, (hereinafter called "Employer"), and Ronda Perez, (hereinafter called "Employee"), both of whom understand as follows:
WHEREAS, Employer desires to engage the services of Employee as the City Manager of the City of Palmdale, as provided by Title 2, Chapter 2.04 of the Palmdale Municipal Code; and WHEREAS, it is the desire of the governing board, (hereinafter called “Council”), on behalf of the City to provide certain benefits, establish certain conditions of employment, and to set working conditions of said Employee; and
WHEREAS, the Employer desires to:
1. Secure the services of Employee and to provide inducements for her to enter into such employment;
2. To make possible full work productivity by assuring Employee's security;
3. To provide a reasonable procedure for terminating Employee's services at such time as she may be unable to fully discharge her duties or when Employer may otherwise desire to terminate her employ; and
WHEREAS, Employee desires to obtain employment as the City Manager of said City; and
WHEREAS, this contract supersedes and terminates all prior employment contracts.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:
SECTION 1. Duties.
A. City Manager. Employer hereby engages the services of Employee as City Manager to perform the functions and duties specified in Title 2, Chapter 2.04 of the Palmdale Municipal Code and to perform such other legally permissible and proper duties and functions consistent with the office of the City Manager, as the Council shall from time- to-time assign. City Manager shall be required to participate in all Closed Sessions of the City Council, with the exception for matters where a conflict exists.
B. Start Date. Employee shall commence her employment and be under the pay and accrual provisions of this Agreement beginning on January 19, 2023.
SECTION 2. Term.
A. Council May Terminate. Except as expressly stated in this Agreement, nothing in this Agreement shall prevent, limit, or otherwise interfere with the right of the Council to terminate the services of Employee at any time.
City Manager Contract
B. Right to Resign. Nothing in this Agreement shall prevent, limit or otherwise interfere with the right of the Employee to resign at any time from her position with the Employer.
The Employee shall give forty-five (45) days written notice to the Employer prior to the effective date of resignation, or such lessor period as may be agreed upon by Employer and Employee.
C. Initial 3 Year Term. City hereby employs Employee to perform the duties and fulfill the obligations of City Manager as described in this Agreement, commencing pursuant to this agreement, and ending upon the earlier of (i) 11:59 p.m. on January 18, 2026 (“Expiration Date”), as, and to the extent extended under Section 4, subsection (D) below; or (ii) the date upon which this Agreement and Employee’s employment with the City is terminated in accordance with Section 4 herein. Employee shall not accept other employment nor become employed by any other employer until said termination date, unless termination is effected as hereinafter provided.
D. First Optional 2 Year Term. If not otherwise previously terminated, this Agreement and Employee's employment with the City will be automatically extended to 11:59 p.m. on January 18, 2028, (without action by either Party), unless City gives Employee, or Employee gives City, written notice on or before October 18, 2025 that this Agreement and Employee's employment with the City is not to be extended. (Collectively hereinafter “First Option”.)
E. Second Optional 2 Year Term. If not otherwise previously terminated, this Agreement and Employee's employment with the City will be automatically extended to 11:59 p.m. on January 18, 2030 (without action by either Party), unless City gives Employee, or Employee gives City, written notice on or before October 18, 2027 that this Agreement and Employee's employment with the City is not to be extended. (Collectively hereinafter “Second Option”.)
SECTION 3. Effect of Suspension.
Employer may suspend the Employee with full pay and benefits at any time during the term of this Agreement. If Employee is suspended pending an investigation by Employer or any law enforcement agency, and following such investigation Employee is convicted of (or pleads guilty to or enters into a "no-contest" plea) any illegal act or other act involving moral turpitude, abuse of office or position or personal gain to her, upon such conviction (or plea) Employee shall immediately fully reimburse Employer all salary and benefits paid to Employee during said suspension.
SECTION 4. Termination and Severance Pay.
A. At-Will Employment. Employee is an unclassified employee who serves at the pleasure of the City Council and is employed on an at-will basis. The parties acknowledge that the City’s Human Resources Rules and Regulations expressly exclude the City Manager from its provisions regarding termination and discipline of City employees. The Council may terminate Employee’s employment with the City and this Agreement at any time, with or without cause, upon thirty (30) days written notice to Employee.
City Manager Contract
B. 12 Months of Severance Pay. Except as hereinafter provided, if the Council terminates this Agreement, Employer will pay Employee severance pay in an amount equal to twelve (12) months' salary. Employee may elect to be paid severance pay in a lump sum payment, or in equal biweekly payments on the normal City payroll dates. All other Employee benefits, except health, dental, and vision insurance benefits will end at the Employee's termination date. Health, dental, and vision insurance benefits will terminate on the earlier to occur of 12 months from the date of termination or the first date that Employee receives health, dental, or vision insurance benefits from another source. (Collectively hereinafter “Severance Sum”.)
C. Termination for Illegal Acts. If Employee is terminated because of her conviction (or pleads guilty to or enters a plea of "no-contest") for any illegal act or other act involving moral turpitude, abuse of office or position or personal gain to her, during her term of employment with the City, or if Employee abandons her job or duties for a period longer than fifteen (15) days, then Employer shall have no obligation to pay the Severance Sum. Notwithstanding any term in this Agreement, if Employer pays the Severance Sum and/or any other benefits under this Agreement and Employee is later convicted of (or pleads guilty to or enters a “no-contest” plea) any illegal act or other act involving moral turpitude, abuse of office or position or personal gain to her for acts done during the course of her employment with Employer, then Employee shall immediately fully reimburse Employer for all such severance and benefits received.
D. Constructive Termination. If Employer at any time during the term of this Agreement reduces the salary or other financial benefits of Employee, or if Employer refuses, following written notice, to comply with any other provision benefiting Employee herein, then Employee may, at her option, be deemed to be "terminated" as of the date of such occurrence, and shall be entitled to the severance pay as provided for herein. Employee understands that reductions in overall employee programs and benefits shall not trigger any severance under this Section despite their negative impact on Employee if those reductions are generally applicable to all employees.
SECTION 5. Disability.
If Employee is deemed by her physician to be permanently disabled or is otherwise unable to perform her duties because of sickness, accident, injury, mental incapacity, or health for a period of four (4) months beyond any accrued sick leave and/or protected leave under state or federal law, Employer shall have the option to terminate this Agreement subject to the Severance Sum pay requirements of Section 4, Paragraph B. Employee shall be compensated for any accrued Vacation, floating holiday, Sick and Administrative Leave or other accrued benefits due to her.
SECTION 6. Compensation.
A. Base Salary of $299,750. In consideration for the performance of the duties of City Manager as outlined above, Employee will receive as base salary of Two Hundred and Ninety-Nine Thousand Seven Hundred and Fifty Dollars ($299,750.00) annually, payable in equal installments every two weeks on the same schedule as payments are made to other regular full-time employees. (Hereinafter “Base Salary”.) B. Possible 2%+ Salary Increase at end of Year 2. Should the City Council, upon completion of an annual review of the Employee’s performance as provided for in City Manager Contract
Section 7, determine that the Employee has met performance expectations, the City Council shall increase the Employee’s Base Salary not less than two percent (2%) in January of 2025. Additional merit increases may be provided to the Employee at the City Council's discretion.
C. 2%+ Salary Increase at Exercise of First Option and Second Option. Should the City Council exercise its First Option under Section 7 Paragraph D under this Agreement, the City Council shall increase the Employee’s Base Salary not less than two percent (2%) in January of 2026. Should the City Council exercise its Second Option under Section 7 Paragraph E under this Agreement, the City Council shall increase the Employee’s Base Salary not less than two percent (2%) in January of 2028.
SECTION 7. Performance Evaluation.
A. Annual Goals. Annually, the City Council and the Employee shall define such goals and performance objectives which they determine necessary for the proper operation of the City in the attainment of the City Council’s policy objectives, and the City Council and the Employee shall further establish a relative priority among those various goals and objectives to be reduced to writing. The Employee’s performance objectives shall be obtainable generally within the time limits as specified in the annual operating and capital budgets and appropriations provided.
B. Annual Review. The City Council shall annually review and evaluate the performance of the Employee. The annual review and evaluation shall be in accordance with specific criteria developed jointly by the City Council and the Employee. Such criteria may be added to or deleted as the City Council may from time to time determine in consultation with the Employee. The method of evaluation shall be at the discretion of the Council.
C. Performance Pay. City Council may set objectives for the Employee to meet throughout the course of her employment with the City. During the course of her annual evaluation the City Council may elect to award a sum of money, a percentage increase in salary, additional banked vacation or sick leave or some other additional benefit to Employee, if the City Council determines that the Employee has exceeded the previously set Council objectives (such payment known as "Performance Pay"). Such sum, percentage increase or added benefit is solely at the discretion of the City Council and must be in the best interests of the City at the time it is made. Such Performance Pay may be discussed in executive session, but must be actually awarded via a resolution or contract amendment at a regularly scheduled City Council meeting.
SECTION 8. Hours of Work.
Employee will generally be expected to keep office hours at City Hall, during normal business hours. It is recognized, however, that Employee must devote a great deal of time outside normal office hours to the business of the Employer, and to that end Employee will be allowed to take reasonable occasional compensatory time off, as she shall deem appropriate during said normal office hours. In no event shall, when averaged over a four-week period, Employee work less than 40 hours of work per week (with use of accrued vacation, sick, and administrative leave or holiday time counting towards hours worked). Time used in this occasional manner will not draw down any compensated time banks accrued pursuant to Section 10 below. However, use of accrued Vacation Leave or Administrative Leave should be submitted for approval by the Employee to the City Manager Contract
Mayor or the Mayor's designee. In this regard, Employee should follow the procedures and policies in effect at the time of the request for other full-time employees.
SECTION 9. $500 Automobile Allowance.
Employee’s duties require that she will engage in conducting City business both during and outside of normal business hours. The Employer, in consideration of and compensation for the Employee’s travel for City business, both during and outside of normal business hours, shall pay Employee Five Hundred Dollars ($500.00) per month.
SECTION 10. Vacation, Sick Leave and Administrative Leave.
A. Vacation Accrual Rate. Employee shall accrue “Vacation Leave” at the rate of approximately 6.15 hours per pay period not subject to an accrual cap.
B. Sick Leave Accrual Rate. Employee shall accrue ninety-six (96) hours of paid "Sick Leave" at the rate of approximately 3.7040 hours per pay period, not subject to an accrual cap.
C. Administrative Leave. Employee shall accrue, and have credited to her personal account, ninety-six (96) hours of "Administrative Leave" each fiscal year at the rate of approximately 3.7040 hours per pay period not subject to an accrual cap.
D. Floating Holiday. Employee shall accrue “Floating Holiday” as all other employees, not subject to an accrual cap.
E. Severance/Benefits. If Employee is terminated or resigns pursuant to Section 4 of this Agreement or completes the full term of this Agreement, Employee shall be paid her accrued floating holidays, Vacation, Sick, and Administrative Leave in one lump sum payment. Payment of the Severance Sum, if any, will be paid out pursuant to the Employee's election under Section 4, Paragraph B.
F. Standard Employee Leave Benefits. Employee shall also receive any other leave benefits not set forth herein that regular full-time City employees receive. Any changes in leave benefits that are made available to the other regular full-time City employees during a fiscal year shall also be made available to Employee.
SECTION 11. Disability, Health and Life Insurance.
A. Disability Insurance. Employer agrees to provide a long-term disability policy for Employee as currently provided to other full-time employees. If Employee is deemed by her physician to be permanently disabled or is otherwise unable to perform her duties because of sickness, accident, injury, mental incapacity, or health for a period of four (4) months beyond any accrued Sick Leave, Employer shall have the option to terminate this Agreement subject to the severance pay requirements of Section
4. Employee shall be compensated for any accrued floating holiday, Vacation, Sick, or Administrative Leave or other accrued benefits due to her.
B. Medical, Dental and Vision Insurance. Employer agrees to put into force and to make all required premium payments for the cost of medical, dental and vision City Manager Contract