Cities Index.
Agenda packet, first session

Palmdale City Council
November 1, 2023

Document
Agenda packet, first session
Meeting
November 1, 2023
Body
Palmdale City Council
Pages
42
Original file
11.8 MB
Text extracted from the city's file for reading and search. Open the original on d3n9y02raazwpg.cloudfront.net. That file is the official record.

1. CALL MEETING TO ORDER

*Note: All City Council memberships are reflected in their City Council titles.

2. ROLL CALL

MAYOR BETTENCOURT, MAYOR PRO TEM ALARC
Ó

N, COUNCILMEMBERS

BISHOP, LOA, OHLSEN

3. PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE

4. PRESENTATIONS

4.1 #FightFentanylAV
2023 Youth Challenge Awardees.

4.2 MISAC Award of Achievement to the City of Palmdale Information Technology Division for their practices that have met or surpassed local government standards.

4.3 Palmdale Parks and Recreation Master Plan Findings.

Palmdale CA Findings Summary PPT 10.26.23.pdf

CITY COUNCIL MEETING

SUCCESSOR AGENCY

PALMDALE FINANCING AUTHORITY

CITY COUNCIL CHAMBERS
38300 SIERRA HIGHWAY

SUITE B
PALMDALE, CA 93550

WEDNESDAY, NOVEMBER
1, 2023
5:00 PM
www.cityofpalmdale.org

WELCOME
City Council
Wednesday, November
1, 2023
PUBLIC COMMENT RULES:
“(California Government Code Section 54954.3).
(a) Every agenda for regular meetings shall provide an opportunity for members of the public to directly address the legislative body on any item of interest to the public, before or during the legislative body’s consideration of the item, that is within the subject matter jurisdiction of the legislative body, provided that no action shall be taken on any item not appearing on the agenda unless the action is otherwise authorized by subdivision (b) of Section 54954.2 [section omitted].

(b) (1) The legislative body of a local agency may adopt reasonable regulations to ensure that the intent of the subdivision (a) is carried out, including, but not limited to, regulations limiting the total amount of time allocated for public testimony on particular issues and for each individual speaker.
(2) Notwithstanding paragraph (1), when the legislative body of a local agency limits time for public comment, the legislative body of a local agency shall provide at least twice the allotted time to a member of the public who utilizes a translator to ensure that non- English speakers receive the same opportunity to directly address the legislative body of a local agency.”

In furtherance of Section 54954.3 of the Brown Act, the public is allotted to speak a total of three (3) minutes on the entirety of the Consent Calendar, with two (2) minutes on Public Hearing, and, if desired, an additional two (2) minutes on items not on the agenda that are within the subject matter jurisdiction of the City Council. As specified in the Brown Act, a speaker utilizing a translator will receive twice the amount of time specified.

5. PUBLIC COMMENTS:

CONSENT CALENDAR:

Now is the time for public participation on items listed on the Consent Calendar. Each speaker is allotted three (3) minutes total on the entirety of the section.

6. 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.

6.1 Waive full reading of the Resolution(s) and/or Ordinance(s) to be considered and voted on at this meeting. (This permits reading the title only in lieu of reciting the entire text.)

City Council
Wednesday, November
1, 2023

6.2 Receive and file the monthly and quarterly investment activity reports for September 2023.

1. Staff_Report_-_Investment_Report_SEP_2023.docx

SEPT 2023 _Q1_ City & Successor Investment Report.pdf

6.3 Adopt Resolution No. CC 2023-073, a Resolution of the City Council of the City of Palmdale to transfer unclaimed checks from their respective funds to the general fund pursuant to California Government Code Section 50050-50057.

1. Staff_Report_-_Unclaimed_Checks.docx

2. Resolution No CC 2023-073 Unclaimed Checks.docx

3. Publication FY 2023 Unclaimed checks.docx

6.4 Approve agreement with TruePoint Solutions, LLC to provide long-term support services for Accela, a land use, plan review, permitting, and inspection tracking system for a not-to-exceed amount of $396,000 for a term of three (3) years with the option to extend by two additional terms of one (1) year each.

True Point Staff Report.docx

TruePoint Solutions, LLC A-8569.pdf

6.5 Approve cooperative agreement with the County of Los Angeles, for PN 847A, Arterial Road Rehabilitation Project, for $1,300,000.

PN 847A Road Rehab Staff Report final.docx

Palmdale Blvd_40th St E Co Op Agmt A-8342.pdf

6.6 Approve cooperative agreement with County of Los Angeles for PN 869, Arterial Road Rehabilitation Project, for $850,000.

PN 869 Road Rehab Staff Report final.docx

10th Street West
Co Op Agmt No 8349.pdf

6.7 Approve first amendment with U.S. National Corp dba Jimenez Painting Company to increase contract price by $840,000 in an amount not to exceed $1,240,000 for the remainder of the contract term through June 2027.

SR Approve A-7972 US National Corp - Amendment 1.docx

Agreement No. A-7972 US National Corp - Amendment 1_DRAFT.pdf

6.8 Approve Final Parcel Map No. 83940 (located at Rancho Vista Blvd & Town Center Drive).

PM 83940 Approval - Staff Report.docx

PM 83940 Final.pdf

6.9 Approve contract for legal services with Harper & Burns, LLP, including William P.

Curley III, appointed as City Attorney.

Staff_Report_Harper_Burns_Agreement_No_A_8599.docx

Agreement for City Attorney Services A-8599 FINAL.pdf

City Council
Wednesday, November
1, 2023

6.10 Approve the minutes from the previous meetings.

CC - October 18, 2023

10 18 2023 Minutes CC.pdf

7. JOINT PUBLIC HEARING - CITY COUNCIL/PALMDALE FINANCING AUTHORITY

7.1 Adopt Resolution No. CC 2023-064, a Resolution of the City Council of the City of Palmdale approving proceedings by the Palmdale Financing Authority for the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related actions; and Adopt Resolution No. PFA 2023-002, a Resolution of the Board of Directors of the Palmdale Financing Authority authorizing the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related official actions.

PUBLIC COMMENTS: Now is the time for public participation on this item.

Each speaker is allotted two (2) minutes.

1. Staff Report Lease Revenue Bonds_Final.docx

2. CityRes 2023-064.docx

3. AuthorityRes 2023-002.docx

4. POS.pdf

5. SFLease.pdf

6. LeaseAgt.pdf

7. EscrowAgt.pdf

8. TermAgt.pdf

9. SubordinationofLease.pdf

10. BPA.pdf

11. Indenture.pdf

12. FeeAgtBCDC.pdf

13. MAAgreement.pdf

Lease Revenue Bond Presentation.pdf

8. NON-AGENDA PUBLIC COMMENTS
:

Now is the time for public participation on
items not listed on the agenda. Each speaker is allotted two (2) minutes total on items not listed on the agenda.

City Council
Wednesday, November
1, 2023

9. INFORMATIONAL REPORT FROM MAYOR AND / OR COUNCILMEMBERS ON

THEIR VARIOUS COMMITTEE MEMBERSHIPS AND MEETINGS ATTENDED AT

PUBLIC EXPENSE

9.1 Council Reports on Committee Memberships and Meetings Attended at Public Expense.

Bettencourt Informational Report Oct
2023.docx

Bishop Informational Report Oct 2023.docx

LOA Informational Report Oct 2023.docx

Ohlsen Informational Report Oct 2023.docx

10. CITY COUNCIL ANNOUNCEMENTS AND REQUESTS

11. CITY MANAGER’S REPORT

12. ADJOURN meeting to November 15, 2023, at 5:00 p.m. in the City Hall Council Chamber located at 38300 Sierra Highway, Suite B, Palmdale, California.

Americans with Disabilities Act (ADA) Accommodations
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.

If you require oral Spanish translation, please contact the City Clerk’s Office at (661) 267- 5151 at least 72 hours prior to the meeting.

City Council
Wednesday, November
1, 2023
Findings Presentation
November 2023
City of Palmdale, California
Parks and Recreation Master Plan

2 2
Meet The Team Project Purpose
Tom Diehl, MS, CPRP
Today’s Presenters
Project Manager
BerryDunn
Pat O’Toole, MS
Project Manager
BerryDunn
Randall Kopff, PLA
Landscape Architect
Kimley-Horn
City of Palmdale’s first Park and Recreation Master Plan Commitment to diversity and inclusion
Focus on creating a safe and welcoming community
Improved access to public parks and recreation opportunities Utilize community feedback to help develop a long-range vision for the department
Create a blueprint for developing goals, policies, and
guidelines
Create a roadmap for the future of the Parks and Recreation Department
Encourage public participation
3 3
Strategic Master Planning Process

4 4
In Person Meetings and Interviews
Responses Years of residency in the City of Palmdale
4% <5 Years
6% 5 – 9 Years
52% 10 – 19 Years
30% 20+ Years
8% Not a resident but use services
190 people across nine focus groups, including an English as a second language group, a staff focus group, multiple youth groups, school districts, local business, user groups and several stakeholder meetings 5 5
• Staff is responsive, communicates well
• Well maintained, clean, beautiful, safe
parks
• Variety of programs
• Sports leagues
• Events
• Youth programs
• Use of volunteers
• Sports facilities
• Senior programs
• Dry Town Water Park
• Desire to build community/bring
neighborhoods into the parks
• Facility rich, many parks, specialty
facilities
• Participation levels
• Playhouse
Strengths
6 6
How satisfied are you with the overall quality of the existing facilities and services in the following categories?
Would you say they are 5 – Excellent, 4 – Very Good, 3 – Good, 2 – Fair, or 1 – Poor (for each category) Category Rating
Parks 3
Athletic Fields (diamond/rectangular) 2
Trails & Walking Paths 2
Indoor Recreation Facilities 3
Special Events 4
Programs & Services provided by the Department 3
Aquatic Facilities & Dry Town Water Park 3
Palmdale Amphitheater & Palmdale Playhouse 4
Park Maintenance & Landscape 3
Park & Facility Safety 3
7 7
Priorities
• Improve security/safety
• Trails/connectivity
• Rest/rotate athletic fields
• Maintain what we have
• More indoor facilities – walking
track, pickleball, courts,
multipurpose rooms, etc.
(Recreation Center)
• Economic impact
• Preserve open space
• Shade
• Acquire additional park land
• Develop/plan undeveloped parks
• Restrooms upgrades and add new
• Equitable access to nature
• Increase and upgrade lighting
• Additional parks – neighborhood
• Increase and maintain partnerships
• ADA accessibility
8 Statistically Valid (Invitation Survey)
Paper surveys were mailed to a systematic random sample of residential addresses in the City Palmdale, with the option to complete online through password protected website (1 response per household). The survey was also available online in Spanish. After initial invites were delivered, additional reminder postcards were sent, and phone calls were made to survey recipients to help encourage responses. In total, 227 invitation surveys were completed, yielding a +/-6.5% Margin of Error (MOE) at a 95% confidence level, indicating a successful statistically valid survey effort. Acceptable margin of error used by most survey researchers usually falls between 4% and 8% at the 95% confidence level.

Open Link Survey
In addition to the Invitation Survey, the online survey was later made available to all
Palmdale stakeholders in English and Spanish to further strengthen the scope and outreach of the survey effort. This Open Link Survey was promoted through multiple social media posts, email distribution lists, and QR codes were posted at all parks and recreation facilities. Targeted outreach was also done to reach youth in the area.

Open and Invitation Survey
227
1,074
Invitation surveys completed
+/- 6.5% Margin of Error
Open Link surveys completed
TOTAL

SURVEYS COMPLETED
1,301
4,500 SURVEYS
& 4,500 POSTCARDS MAILED
9 Ethnicity, Race, and Location
The Invite sample was weighted by ethnicity to better represent the community.

Invite Open Overall
Hispanic or Latino
White
Two or more races
Black or African American
American Indian and Alaska Native
Asian
Middle Eastern or North African
Filipino - American
Native Hawaiian and Pacific Islander
n=
51%
31%
11%
10%
4%
3%
1%
1%
1%
204
42%
47%
11%
13%
3%
4%
1%
3%
2%
607
44%
43%
11%
12%
3%
4%
1%
2%
2%
811
What race do you consider yourself to be? (CHECK ALL THAT APPLY) Source: RRC

10 Percent Responding:
1 & 2 3 4 & 5
Provide a high level of safety and security at facilities Invite Avg. 4.7 n=205
Open Avg. 4.7 n=610
Ensure parks & recreation opportunities are accessible to all residents (including safe walkable routes , trail
connections, and transportation options )
Invite Avg. 4.5 n=203
Open Avg. 4.5 n=615
Ensure facilities and programs are affordable to all
residents of Palmdale
Invite Avg. 4.5 n=206
Open Avg. 4.5 n=614
Encourage active lifestyles and promote health , wellness, and fitness
Invite Avg. 4.5 n=208
Open Avg. 4.4 n=618
Ensure environmental sustainability in park design and
maintenance practices
Invite Avg. 4.3 n=205
Open Avg. 4.2 n=610
Protect environmental resources and preserve land in its natural state
Invite Avg. 4.2 n=205
Open Avg. 4.1 n=602
Offer cultural events, festivals, and activities to reflect diversity & inclusivity
Invite Avg. 4.0 n=200
Open Avg. 4.0 n=606
Offer activities for residents to meet, socialize, and
interact
Invite Avg. 4.0 n=203
Open Avg. 4.1 n=606
Focus on historic preservation
Invite Avg. 3.8 n=202
Open Avg. 3.7 n=604
Other (specify):

Invite Avg. 4.4 n=24
Open Avg. 4.1 n=76
14%
81%
83%
70%
72%
65%
71%
67%
67%
53%30%
57%
54%
54%
49%
52%
46%
49%
36%
38%
74%
67%
4%
3%
4%
3%
3%
3%
5%
5%
7%
7%
6%
10%
14%
16%
11%
8%
12%
18%
14%
14%
6%
4%
9%
11%
8%
9%
10%
12%
10%
16%
16%
17%
13%
16%
16%
21%
29%
23%
7%
13%
91%
93%
87%
86%
89%
88%
86%
83%
83%
77%
79%
73%
73%
68%
73%
71%
60%
60%
79%
72%
Parks, recreation, trails, and open space opportunities are offered in Palmdale for a variety of purposes and to serve the needs of a diverse population. Please mark the box for how important each of the following purposes in Palmdale is to you and your household.

Source: RRC
Community Values & Vision
Both samples agree that providing
a high level of safety and security
at facilities is the most important
purpose for the City of Palmdale.

Ensuring parks and recreation
opportunities are accessible and
affordable to all residents were
also rated as highly important.

Very ImportantImportant
Not at all
Important
11 Respondents are most satisfied
with the Palmdale Amphitheater
with an average rating of 4.1 for
both samples.

Respondents are also generally
satisfied with both recreation
centers and special events.

Trails and walking paths, and
park and facility safety rated lower
in terms of satisfaction by both
the Invite and Open link samples.

Satisfaction with Palmdale Parks, Facilities, Programs & Sports Leagues Percent Responding:
1 & 2 3 4 & 5
Palmdale Amphitheater
Invite Avg. 4.1 n=110
Open Avg. 4.1 n=617
Marie Kerr Recreation Center
Invite Avg. 3.8 n=101
Open Avg. 3.8 n=528
Special Events (e.g., Springfest & Egg Hunt, Summer
Concerts, Family Movie Nights)
Invite Avg. 3.8 n=125
Open Avg. 3.9 n=652
Palmdale Oasis Recreation Center
Invite Avg. 3.9 n=86
Open Avg. 3.8 n=400
Aquatic Facilities (Courson, McAdam, Palmdale Oasis
and Marie Kerr Pools) & DryT own Water Park
Invite Avg. 3.8 n=132
Open Avg. 3.7 n=677
Desert Sands & Marie Kerr Community Buildings
Invite Avg. 3.7 n=90
Open Avg. 3.5 n=449
Parks
Invite Avg. 3.7 n=178
Open Avg. 3.6 n=814
Palmdale Playhouse
Invite Avg. 3.9 n=77
Open Avg. 3.7 n=384
Park Maintenance & Landscape
Invite Avg. 3.6 n=167
Open Avg. 3.6 n=741
Legacy Commons, for Active Seniors
Invite Avg. 3.5 n=64
Open Avg. 3.6 n=307
Chris O'Leary & Marie Kerr Skateparks
Invite Avg. 3.7 n=83
Open Avg. 3.5 n=386
Athletic Fields (diamond/rectangular)
Invite Avg. 3.5 n=99
Open Avg. 3.4 n=491
Programs & Sports Leagues at City Facilities
Invite Avg. 3.5 n=101
Open Avg. 3.5 n=544
Trails & Walking Paths
Invite Avg. 3.6 n=161
Open Avg. 3.4 n=673
Park & Facility Safety
Invite Avg. 3.3 n=139
Open Avg. 3.3 n=654
7%
24%
17%
23%
26%
24%
20%
33%
25%
28%
25%
32%
32%
33%
24%
33%
23%
27%
26%
35%
28%
18%
30%
33%
32%
26%
30%
22%
25%
30%
27%
41%31%
45%30%
29%35%
33%29%
34%28%
37%31%
32%29%
33%29%
30%33%
31%29%
24%37%
24%28%
23%35%
26%33%
33%30%
33%27%
24%31%
28%29%
30%
32%22%
32%34%
25%26%
20%31%
21%26%
24%28%
26%23%
26%34%
25%26%
28%
27%
4%
8%
13%
11%
14%
12%
7%
13%
9%
15%
7%
16%
9%
18%
4%
18%
17%
16%
20%
17%
16%
20%
16%
21%
22%
21%
17%
23%
23%
26%
24%
17%
23%
26%
24%
20%
33%
25%
28%
25%
32%
32%
33%
24%
33%
23%
27%
26%
35%
28%
18%
30%
33%
32%
26%
30%
22%
25%
30%
27%
72%
75%
64%
63%
62%
68%
61%
62%
63%
59%
61%
52%
58%
58%
63%
60%
56%
58%
45%
54%
66%
51%
51%
48%
52%
49%
61%
51%
47%
47%
How satisfied has your household been with the overall quality of Palmdale parks, facilities, programs, and sports leagues you’ve used in the past 12 months?
Source: RRC
Very SatisfiedSatisfied
Not at all
Satisfied
Legacy Commons for Active Seniors
12 Facilities and Sports Leagues - Importance/Needs Met Matrix - By Invite Sample The graph below maps the facilities and sports leagues on the average importance/needs met matrix. None of the categories fell into the high importance/low needs met quadrant, and four categories fell into the high importance/high needs met category, indicating overall satisfaction.

High importance/
High needs met
Importance
Need Low High
High
Overall satisfaction
13 Five categories fell into the high importance/high needs met quadrant for the Open link:
 City parks and open spaces, pathways and trails, special events, recreation centers, and youth recreation and sports leagues
Facilities and Sports Leagues - Importance/Needs Met Matrix - By Open Link Sample High importance/
High needs met
Low
High
High
Importance
Need
14 Future Facilities and Parks
Improving safety and security at
parks is the top priority for both
samples.

The categories highlighted on the
graph all show higher levels of
importance.

Pickleball courts fell towards the
bottom and were rated lowest in
terms of priority.
14 Percent Responding:
1 & 2 3 4 & 5
Safety/security at parks
Invite Avg. 4.6 n=203
Open Avg. 4.7 n=676
Park amenities (e.g., restrooms, pavilions, lighting,
shade)
Invite Avg. 4.3 n=202
Open Avg. 4.6 n=671
Community/neighborhood parks
Invite Avg. 4.4 n=200
Open Avg. 4.5 n=663
Open space/natural areas/trails
Invite Avg. 4.2 n=202
Open Avg. 4.4 n=667
Outdoor event space for festivals/special events
Invite Avg. 4.0 n=199
Open Avg. 4.2 n=660
Aquatic facilities/pools
Invite Avg. 3.8 n=197
Open Avg. 4.1 n=668
Playgrounds
Invite Avg. 3.8 n=197
Open Avg. 4.1 n=672
Palmdale Amphitheater
Invite Avg. 3.7 n=199
Open Avg. 4.0 n=666
Splash pad water features/aquatic facilities
Invite Avg. 3.5 n=196
Open Avg. 3.9 n=668
Palmdale Playhouse
Invite Avg. 3.5 n=193
Open Avg. 3.7 n=655
Outdoor athletic fields for regional tournaments
(Sports Complex)
Invite Avg. 3.4 n=192
Open Avg. 3.4 n=653
Rectangular athletic fields (e.g., soccer, football)
Invite Avg. 3.3 n=192
Open Avg. 3.5 n=646
Dog parks
Invite Avg. 3.0 n=192
Open Avg. 3.2 n=650
Hockey/ice skating rink
Invite Avg. 2.7 n=185
Open Avg. 3.1 n=638
Joe Davies Airpark
Invite Avg. 3.2 n=191
Open Avg. 3.2 n=638
Diamond athletic fields (e.g., baseball, softball)
Invite Avg. 3.0 n=186
Open Avg. 3.1 n=636
Skate parks
Invite Avg. 2.8 n=189
Open Avg. 2.9 n=649
Pickleball courts
Invite Avg. 2.6 n=185
Open Avg. 2.8 n=646
Other Facility (specify):

Invite Avg. 3.8 n=48
Open Avg. 3.7 n=171
25%
19%
34%
24%
18%
18%
19%
25%
27%
28%
28%
19%
77%
83%
59%21%
72%18%
65%19%
68%19%
56%25%
62%22%
45%23%
54%21%
37%29%
56%
42%21%
55%19%
35%25%
50%20%
31%26%
51%
31%21%
36%22%
28%23%
33%
22%25%
33%18%
25%
28%18%
20%
30%
21%
24%19%
20%
22%20%
19%
20%
18%
49%
50%
6%
2%
7%
4%
6%
4%
8%
5%
12%
7%
14%
12%
16%
13%
16%
11%
22%
17%
21%
18%
22%
27%
25%
26%
39%
31%
47%
37%
26%
30%
32%
31%
36%
40%
44%
42%
19%
24%
6%
5%
14%
6%
10%
10%
12%
12%
19%
17%
20%
14%
21%
12%
24%
19%
21%
15%
28%
24%
27%
24%
28%
22%
20%
22%
20%
18%
36%
27%
33%
27%
31%
25%
33%
27%
19%
15%
88%
93%
80%
90%
84%
86%
81%
83%
69%
76%
66%
74%
63%
74%
60%
70%
57%
68%
51%
58%
51%
49%
47%
52%
42%
46%
33%
45%
38%
43%
35%
42%
33%
36%
23%
31%
62%
61%
Please identify your household's priorities for recreation facilities and parks to be added, expanded or improved upon in Palmdale in the next 5-10 years.

Source: RRC
Very High PriorityMedium PriorityVery Low Priority
15 Future Programs and Special Events
Special events and outdoor
recreation programs are the
top future programs and
events priorities according
to both samples.

Overall, priorities were rated
similarly for both the Invite
and Open link.

E-games and E-sports were
rated the lowest in terms of
future priorities.
15 Percent Responding:
1 & 2 3 4 & 5
Special events (e.g., festivals, parades, concerts)
Invite Avg. 4.0 n=196
Open Avg. 4.3 n=639
Outdoor recreation programs (e.g., hiking groups,
archery)
Invite Avg. 4.0 n=191
Open Avg. 4.2 n=643
Youth programs (non-sports)
Invite Avg. 3.9 n=184
Open Avg. 4.0 n=635
Swim lessons/aquatic programs
Invite Avg. 3.8 n=193
Open Avg. 4.1 n=649
Youth sports leagues
Invite Avg. 3.8 n=187
Open Avg. 4.0 n=631
Cultural and arts programs (e.g., drawing, painting)
Invite Avg. 3.9 n=190
Open Avg. 4.0 n=638
Youth after-school/summer camps
Invite Avg. 3.8 n=189
Open Avg. 3.9 n=642
Senior programs
Invite Avg. 4.1 n=189
Open Avg. 3.9 n=636
Fitness and wellness programs
Invite Avg. 4.0 n=196
Open Avg. 4.0 n=647
T een activities
Invite Avg. 3.8 n=189
Open Avg. 3.9 n=636
Environmental education/nature programs
Invite Avg. 3.8 n=189
Open Avg. 3.9 n=640
Dance and performing arts (e.g., ballet, theater)
Invite Avg. 3.6 n=188
Open Avg. 3.9 n=639
Alternative sports (e.g., BMX, skateboard)
Invite Avg. 3.2 n=184
Open Avg. 3.4 n=632
Adult sports leagues
Invite Avg. 3.2 n=188
Open Avg. 3.2 n=616
E-games and E-sports
Invite Avg. 2.7 n=183
Open Avg. 2.8 n=623
Other Program (specify):

Invite Avg. 4.1 n=21
Open Avg. 3.3 n=115
19%
17%
20%
16%
11%
6%
10%
9%
17%
14%
16%
12%
17%
16%
13%
11%
21%
16%
9%
17%
11%
10%
20%
16%
12%
13%
19%
15%
30%
28%
28%
31%
46%
44%
6%
37%
17%
13%
16%
15%
14%
14%
17%
17%
18%
12%
20%
18%
14%
14%
19%
14%
17%
21%
15%
14%
24%
19%
23%
20%
25%
24%
30%
24%
24%
23%
26%
10%
72%
81%
74%
77%
69%
72%
67%
71%
65%
72%
67%
71%
66%
70%
72%
69%
72%
69%
65%
71%
63%
68%
58%
64%
44%
48%
43%
44%
30%
33%
68%
53%
Please identify your household's priorities for recreation programs and special events to be added, expanded or improved upon in Palmdale in the next 5-10 years.

Source: RRC
Very High PriorityMedium PriorityVery Low Priority
16 Youth Intercept Survey
YOUTH

SURVEYS COMPLETED
172

17 17
Youth Favorite Facilities and Activities

18 In general, the overall impression of the Department’s assets are as follows:
22 Developed Parks =
368 acres
Average Age of Parks =
23 years
Additional Neighborhood
Parkland = 7 acres
Undeveloped Parkland =
481 acres
Parks are generally well distributed in currently developed areas.

Signage and amenities lack consistency and standardization.

Amenities lack meaningful structural or natural shade.

Maintenance is good and has prolonged the life of amenities.

Amenities appear to have been replaced individually, on an as-needed basis.

Lighting is aging and lacks sufficient photometric coverage.

Newer parks have a uniqueness and individuality.

Turf and fields are in need of grading and irrigation upgrades.

Turf in newer parks is limited to usable spaces and more sensitive to water-usage.

Inventory and Assessment
Level of Service
Findings
Compared to the National
Recreation and Park Association
(NRPA) 2023:

NRPA: 2,287 NRPA: 10.8 NRPA: 3,759
20 20
• Key Issues Matrix has been developed and will be reviewed with staff during a visioning workshop Visioning Workshop with Staff

21 21
Visioning Workshop with Staff
• Recommendations and Goals will be developed
Sample Goals
22 22
Sample
Action and Implementation Plan

23 23
Here’s our contact information:

Any questions?
Tom Diehl CPRP
Manager, BerryDunn
[email protected]
Pat O’Toole
Manager, BerryDunn
[email protected]
Randall Kopff, PLA
Landscape Architect Kimley-Horn
[email protected]

City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: FINANCE DEPARTMENT
DISTRICT: ALL
SUBJECT: RECEIVE AND FILE THE MONTHLY AND QUARTERLY
INVESTMENT ACTIVITY REPORTS FOR SEPTEMBER 2023
ISSUE
Receive and file the monthly and quarterly investment activity reports for September 2023.

RECOMMENDATION
Staff recommends that the City Council receive and file the monthly and quarterly investment activity reports for the City of Palmdale and Successor Agency for September 2023.

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 all 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 sources of market prices.

Report to Mayor and City Council
Re: Monthly and Quarterly Reports on Investments
November 1, 2023

Page 2 ends

DISCUSSION
Compliance with Investment Policy
For September, the invested portfolio amount for the City of Palmdale totaled $305,065,778, a decrease of $34,305 from the previous month, and an increase of $17,170,826 in comparison to last year. The monthly decrease is the result of operational expenditures paid during the month.

The par value of Successor Agency’s portfolio as of September was $7,915,579. The balance increased by $10,834 from last month due to earned interest 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 entities’ investment policies 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 Division is currently investing in two pooled funds, Local Agency Investment Fund (LAIF) and California Asset Management Program (CAMP). These are intended for daily operational activities and 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.

The total LAIF balance for the City of Palmdale at the end of September is $132,457,024, with no changes compared to the prior month.

Successor Agency LAIF balance at the end of September was $7,024,790. No changes compared to the prior month.

CAMP’s balance for City of Palmdale at the end of September was $262,895 compared to August balance of $261,701. The slight increase is due to interest earned during the month.

Report to Mayor and City Council
Re: Monthly and Quarterly Reports on Investments
November 1, 2023

Page 3 ends

The interest rates presented are the most current rates available as of the date of this report. As of September 30, 2023, the interest rates for LAIF and CAMP investments were at 3.534 percent and 5.55 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of August were at 3.434 percent and 5.52 percent. Both rates have slightly increased within this month. This time last year, LAIF and CAMP rates were at 1.513 percent and 2.61, respectively.

The chart above shows both the Local Agency Investment Fund and California Asset Management Program’s average monthly yields beginning December 2022 through September 2023.

We anticipate that rates will remain consistent, increasing only in small percentages in the upcoming months, considering the history in the past year and the current state of the economy. 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.

The 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 September 30, 2023.

It is anticipated that both the City of Palmdale and Successor Agency will have sufficient sums of money to meet its expenditure requirements for the next six months. The

2.17% 2.43% 2.62%

2.83% 2.87% 2.99% 3.17% 3.30% 3.43% 3.53%

4.30% 4.53% 4.73% 4.80% 4.97% 5.16% 5.24% 5.31% 5.52% 5.55%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Q2 Dec Jan Feb Q3 Mar Apr May Q4 Jun Jul Aug Q1 Sep
Pooled Investments Monthly Yields

LAIF CAMP
Report to Mayor and City Council
Re: Monthly and Quarterly Reports on Investments
November 1, 2023

Page 4 ends

Finance Division will continue to monitor current economic conditions and the impact on interest rates.

Attached are summaries of the investments in the City of Palmdale and Successor Agency’s books as of September 30, 2023.

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, Senior Financial Analyst
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, Interim City Attorney

ATTACHMENTS

1. Monthly and Quarterly Reports on City of Palmdale Investments

2. Monthly and Quarterly Report on Successor Agency Investments

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023

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 4,870,312.50 03-19-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 3,000,000.00 3,260,634.36 2,856,570.00 05-11-21 02-28-26 CITY 9128286F2 U.S. Treasury Note 0.66 3,000,000.00 3,261,331.50 2,843,100.00 05-11-21 12-31-24 CITY 9128283P3 U.S. Treasury Note 0.40 3,000,000.00 3,200,040.56 2,872,020.00 06-04-21 12-31-23 CITY 912828V23 U.S. Treasury Note 0.20 4,000,000.00 4,210,026.50 3,940,320.00 07-12-21 12-31-23 CITY 9128285U0 U.S. Treasury Note 2.63 5,000,000.00 5,289,959.94 4,934,950.00 07-12-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 5,000,000.00 5,451,958.35 4,760,950.00 07-12-21 12-31-23 CITY 912828V23 U.S. Treasury Note 2.25 5,000,000.00 5,244,161.50 4,925,400.00 12-17-21 12-15-23 CITY 91282CBA8 U.S. Treasury Note 0.56 10,000,000.00 9,913,130.25 9,772,300.00 12-17-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note (UBS) 0.85 10,000,000.00 10,045,505.25 9,410,200.00 12-22-21 12-15-23 CITY 91282CBA8 U.S. Treasury Note 0.56 5,000,000.00 4,957,270.88 4,886,150.00 12-22-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note 0.88 5,000,000.00 5,018,208.38 4,705,100.00 12-20-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note (Stifel) 1.00 5,000,000.00 5,017,187.50 4,705,078.10 03-08-23 03-31-26 CITY 9128286L9 U.S. Treasury Note (UBS) 2.25 3,200,000.00 3,029,330.80 3,010,496.00 TOTAL U.S. TREASURY SECURITIES 71,200,000.00$ 72,950,395.77$ 68,492,946.60$

GOVERNMENT AGENCY PAPER
06-10-20 06-16-25 CITY 3133ELK37 Federal Farm Credit 0.78 5,000,000.00 5,000,000.00 4,604,401.25 08-07-20 05-06-24 CITY 3133EL2X1 Federal Farm Credit 0.42 2,000,000.00 2,000,000.00 1,914,808.08 08-27-20 11-27-24 CITY 3134GWNG7 Freddie Mac Domestic 0.50 2,000,000.00 2,000,000.00 1,867,580.54 04-01-21 04-01-25 CITY 3133EMUP5 Fed Farm Credit 0.71 5,000,000.00 5,000,000.00 4,629,334.75 05-11-21 09-04-25 CITY 3133EJYM5 FFCB Bond 0.59 1,000,000.00 1,103,275.25 963,220.00 05-11-21 09-04-25 CITY 3133EJYM5 FFCB Bond 0.57 0.57 2,000,000.00 2,208,460.00 1,926,440.00 06-04-21 11-07-25 CITY 3135G06G3 Fannie Mae 0.55 3,000,000.00 2,993,675.25 2,718,300.00 06-04-21 08-01-24 CITY 3130AMHH8 FHLB NOTE 0.41 4,000,000.00 4,000,000.00 3,784,890.08 06-07-21 06-07-24 CITY 3130AMQR6 FHLB NOTE 0.35 3,000,000.00 3,000,000.00 2,857,869.93 06-30-21 12-30-25 CITY 3130AMRQ7 FHLB NOTE 0.88 3,000,000.00 3,000,000.00 2,724,400.26 07-29-21 04-29-26 CITY 3130AN5C0 FHLB NOTE 1.05 4,000,000.00 4,010,455.13 3,606,160.00 12-17-21 11-12-25 CITY 3134GXBM5 FHLMC Note 1.15 1,150,000.00 1,125,785.50 1,036,575.50 12-17-21 12-30-24 CITY 3130AQDY6 FHLB 1.00 6,750,000.00 6,750,000.00 6,327,843.39 12-17-21 06-23-25 CITY 3133ENHW3 FFCB 1.17 10,000,000.00 10,000,000.00 9,275,883.70 12-20-21 07-30-25 CITY 3136G4ZP1 FANNIE MAE 0.65 3,500,000.00 3,444,175.00 3,203,308.12 12-20-21 09-24-25 CITY 3134GWUG9 FREDDIE MAC 0.57 10,000,000.00 9,806,600.00 9,088,861.70 12-21-21 12-22-26 CITY 3133ENJC5 FFCB 1.29 5,000,000.00 5,000,000.00 4,487,676.35 01-14-22 01-14-25 CITY 3130AQEA7 FHLB 1.05 7,000,000.00 7,000,000.00 6,561,152.22 06-29-22 08-12-25 CITY 3133EL3P7 Federal Farm Credit Bank 3.34 1,810,000.00 1,660,349.20 1,650,002.84 06-29-22 03-28-25 CITY 3130A5DH9 Federal Home Loan Bank 3.34 1,950,000.00 1,937,715.00 1,873,133.09 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Bank 3.33 5,000,000.00 4,479,000.00 4,355,784.25 08-17-22 10-27-26 CITY 3134GW4C7 Freddie Mac Global Unsecured 0.80 5,000,000.00 4,539,500.00 4,429,309.65 01-06-23 02-25-27 CITY 3130AQRH8 Federal Home Loan Bank 4.38 5,000,000.00 4,590,638.89 4,571,978.55 01-06-23 04-19-27 CITY 3130ARHJ3 Federal Home Loan Bank 4.38 5,000,000.00 4,801,354.86 4,742,725.40 05-18-23 05-18-27 CITY 3133EPKC8 Federal Farm Credit Bank Unsec 5.39 5,000,000.00 5,000,000.00 4,949,700.35 06-05-23 05-30-28 CITY 3133EPLE3 Federal Farm Credit Bond 4.67 2,815,000.00 2,822,746.50 2,753,942.65 TOTAL GOVERNMENT AGENCY PAPER 108,975,000.00$ 107,273,730.58$ 100,905,282.65$

CORPORATE NOTES
5/17/2023 3/1/2026 CITY 30231GAT9 EXXON MOBIL CORPORATION 3.04 $1,000,000 $982,084 955,987.20 5/17/2023 3/2/2026 CITY 194162AQ6 COLGATE-PALMOLIVE CO GLOBAL4.80 $1,000,000 $1,035,553 1,003,302.97 5/17/2023 1/26/2026 CITY 742718FY0 PROCTER & GAMBLE CO/THE GLOGAL4.10 $1,000,000 $1,018,472 987,613.50 TOTAL CORPORATE BONDS $3,000,000 $3,036,109 2,946,903.67$

CITY OF PALMDALE INVESTMENTS

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023

STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a CITY ACCOUNT 98-19-620 0.78 53,219,293.97 53,219,293.97 53,219,293.97 06/23/08 n/a PCA ACCOUNT 40-19-060 0.78 56,228,187.21 56,228,187.21 56,228,187.21 n/a ARPA ACCOUNT 19-19-004 0.78 23,009,543.23 23,009,543.23 23,009,543.23 TOTAL LAIF ACCOUNTS 132,457,024.41$ 132,457,024.41$ 132,457,024.41$

CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY ACCOUNT 6080-01 0.30 262,895.14 262,895.14 262,895.14 TOTAL CAMP ACCOUNTS 262,895.14$ 262,895.14$ 262,895.14$

UBS FINANCIAL SERVICES
n/a n/a CITY ACCOUNT 0.00 725.87 725.87 725.87
TOTAL UBS FINANCIAL SERVICES ACCOUNTS 725.87$ 725.87$ 725.87$ TOTAL CITY INVESTMENTS 315,895,645.42$ 315,980,880.88$ 305,065,778.34$

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023

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 12,779.53
TOTAL LIBRARY INVESTMENTS 12,779.53$

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 0.35 111.32
05-10-95 n/a IMPROVEMENT 95421222 0.10 161,774.83
City Held Cash(Fund 736-114000) ($255,912.67)
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 161,886.15$

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 2,699,443.42
04-06-95 n/a BOND 95420887 0.15 0.15
City Held Cash(Fund 738-114000) ($1,000,675.82)
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,699,443.57$

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 10.36
08-01-19 n/a RESERVE 242969003 0.00 722,968.90
08-01-19 n/a SP TAX - REFUNDING BOND 242969004 0.01 15,150.35 City Held Cash(Fund 734-114000) $1,773,665.72
TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 738,129.61$ City Held Cash(Fund 735-114000) $1,330,451.36
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 18,509.22
n/a RESERVE FUND 251009001 0.01 641,710.29
City Held Cash
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021660,219.51$

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 63,608.59
11-08-06 n/a ADM EXP 106844002 0.01 1,664.69
11-08-06 n/a RESERVE FUND 106844003 0.01 91,411.48
City Held Cash(Fund 739-114000) $145,437.61
TOTAL 2006-1 Godde Hill Estate Sewer Improvements LOIB 156,684.76$

LIBRARY INVESTMENTS

FISCAL AGENT CASH

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023

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 1,564.79
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 $8.7M LEASE REVENUE BONDS 1,564.79$
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 2,979,525.30
TOTAL 2013 HA TRANSIT VILLAGE HOMES ESCROW 2,979,525.30$ 2015 HA DEBT SERVICE RESERVE
Fiscal Agent: Bank of America
11-19-15 n/a DEBT SVC RESERVE 1257964992 0.08 39,744.58 TOTAL 2015 HA DEBT SERVICE RESERVE 39,744.58$

PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 7,930,334.46 TOTAL PARS PENSION TRUST FUND 7,930,334.46$

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 96,550.58
09-03-15 n/a INTEREST ACCT 277067001 0.01 6.95
09-03-15 n/a BOND RESERVE 277067003 0.00 281,019.72
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,238,500.56 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,616,077.81$

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 0.19
04-05-17 n/a PRINCIPAL ACCT 271128002 n/a 0.00
TOTAL 2017 PFA $17.4M LEASE REVENUE BONDS 0.19$
Total City Held Cash (XXX-114000) $1,992,966.20
GRAND TOTAL - FISCAL AGENT CASH 16,323,391.22$

FISCAL AGENT CASH

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023
Cash on Hand 8,558,391$
Pooled Cash Investments

City: 297,448,246$
Insur Fund: $7,617,532 305,065,778$
Library Investments $12,780

Subtotal 313,636,949$

City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 16,323,391$

Grand total 329,960,340$

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 September 30, 2023.

S:\Cash and Investment\Investment\Investment Reports\23-24\03 Sep 2023\[03 Sept 2023 Investment Report City.xls]SEP Monthly

SUMMARY OF CASH AND INVESTMENTS

Page 1 of 1 ends

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023

CITY OF PALMDALE

POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES September 30, 2023

TRANSACTION INTEREST

DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
CITY ACCOUNT 98-19-620
Beginning Balance 53,219,293.97$

Subtotal -$ -$ -$ 53,219,293.97$ PCA ACCOUNT 40-19-060
Beginning Balance 56,228,187.21$
Subtotal -$ -$ -$ 56,228,187.21$ LIBRARY ACCOUNT 16-19-012
Beginning Balance 12,779.53$
Subtotal -$ -$ -$ 12,779.53$ ARPA ACCOUNT 19-19-004
Beginning Balance 23,009,543.23$
Subtotal -$ -$ -$ 23,009,543.23$

CAMP - CALIFORNIA ASSET MANAGEMENT PROGRAM
Beginning Balance 261,701.77$
09/30/23 1,193.37 $
Subtotal -$ -$ 1,193.37$ 262,895.14$ UBS Financial Services
Beginning Balance 38,224.84$
09/30/23 (82,800.00)$ 45,301.03$
Subtotal -$ (82,800.00)$ 45,301.03$ 725.87$ Total -$ (82,800.00)$ 46,494.40$ 132,733,424.95$ 132,470,529.81$

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023
TN= US Treasury C= Call
FP= Federal Paper M= Maturity
CD= Certificate of Deposit CB= Corporate Bond
FACE

PURCHASE MATURITY VALUE INTEREST NET INVESTED GAIN/

ISSUER DATE DATE REDEEMED RECEIVED FUNDS AMOUNT (LOSS)
M -$ $0.00
M -$ -
M -$ -
M -$ -
M -$ -
M -$ -
-$ -$ -$ -$ $0.00 Total Number of Transactions: 0

CITY OF PALMDALE

POOLED CASH - INVESTMENTS MATURED OR CALLED
September 30, 2023

CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
SEPTEMBER 30, 2023
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
September 30, 2023

SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE

TREASURER'S REPORT OF INVESTMENTS
September 30, 2023

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 7,024,789.94
7,024,789.94$

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 2.54 536,313.65
08-20-02 n/a INTEREST ACCT 94460701 0.04 15,205.99
08-20-02 n/a PRINCIPAL ACCT 94460702 0.04 255.18

TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 551,774.82$

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 5.84
04-26-16 n/a INTEREST ACCT 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 5.84$ GRAND TOTAL - FISCAL AGENT CASH $551,781

SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 339,008$ 330,480.99$
$0
Pooled Cash Investments 7,024,790$ $8,528
339,008.49$
Successor Agency Fiscal Agent Cash 551,781$ *

Grand total 7,915,579$

* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.

LAIF interest rates are as of September 30, 2023.

S:\Cash and Investment\Investment\Investment Reports\23-24\03 Sep 2023\[03 Sept 2023 Successor Investment Report.xls]SEP 2023 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)
September 30, 2023

TRANSACTION INTEREST

DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
SA ACCOUNT 65-19-035
Beginning Balance 7,024,789.94$
Subtotal -$ -$ -$ 7,024,789.94$

PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale
Palmdale, CA
As of Date: 09/30/2023
Pricing as of: 09/29/2023
Date of Analysis: 10/05/2023
Account Executive: Bill Blackwill

Book Value
313,945
# Securities
46 Average Size (Book)
6,825
Yield at Book

1.18 Market Yield

3.33 $ Gain/Loss
-10,108
% Gain/Loss
-3.2%
Average Life

1.03 Average Life +300bps

1.03 % Price Change +100bps
-0.90
% Price Change +300bps
-2.67
Effective Duration

0.90 Effective Convexity

0.00 AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$0 / $0
Portfolio Overview
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 2 of 42 ends

Portfolio ID: 6748 - 58411

Historical Portfolio Overview
09/30/2023
06/30/2023
03/31/2023
12/31/2022
Book Value
313,945
331,875
305,771
277,592
Yield at Book

1.18 1.16

1.11 1.07
Yield at Book (+100)

1.18 1.16

1.11 1.07
Yield at Book (+300)

1.18 1.16

1.11 1.07
Yield at Book (-100)

1.18 1.16

1.11 1.07
WAL

1.03 1.11

1.22 1.29
WAL (+100)

1.03 1.12

1.22 1.29
WAL (+300)

1.03 1.12

1.22 1.29
WAL (-100)

1.03 1.05

1.22 1.29
% Price Change (+100)
-0.9%
-1.0%
-1.1%
-1.2%
% Price Change (+300)
-2.7%
-3.0%
-3.2%
-3.4%
% Price Change (-100)

0.9%

1.0%

1.1%

1.2%
Effective Duration

0.90 1.02

1.08 1.16
Effective Convexity

0.00 -0.01

0.00 0.01
$ Gain/Loss
-10,108
-11,011
-9,844
-11,062
% Gain/Loss
-3.2%
-3.3%
-3.2%
-4.0%
$ Gain/Loss (+300)
-18,209
-20,696
-19,338
-20,086
Principal Cash Flow 2 yrs out
81%
77%
73%
73%
Principal Cash Flow 2 yrs out (+100)
81%
77%
73%
73%
Principal Cash Flow 2 yrs out (+300)
81%
77%
73%
73%
Principal Cash Flow 2 yrs out (-100)
81%
79%
73%
73%
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 3 of 42 ends

Portfolio ID: 6748 - 58411

Portfolio Sector Summary
Portfolio
Par
Book
Yield
Market
% Price Change
Gain/(Loss)
Effective
AFS
Sector
%
Value
Cpn
Maturity
Value
@Bk
Value
Yield
-100
+100
+300
$
%
WAL
Dur
Cvx
%
Treasury (14)

22.7%
71,200

1.53 1.0 yrs
71,200

1.53 68,960

5.30 0.9
-0.9
-2.7
-2,240
-3.1%

0.99 0.93

0.02 100 %
Agency Bullet (3)

1.9%
6,000

1.76 2.0 yrs
6,000

1.76 5,613

5.12 2.0
-1.9
-5.5
-387
-6.4%

2.02 1.92

0.06 100 %
Callable Agency (22)

32.2%
101,025

1.34 2.2 yrs
101,025

1.34 93,619

5.33 1.9
-1.9
-5.8
-7,406
-7.3%

2.21 1.92
-0.02
100 %
Treasury/Agency (39)

56.8%
178,225

1.43 1.7 yrs
178,225

1.43 168,193

5.31 1.5
-1.5
-4.5
-10,032
-5.6%

1.72 1.52

0.00 100 %
Industrial (3)

1.0%
3,000

3.98 2.4 yrs
3,000

3.98 2,925

5.11 2.2
-2.2
-6.4
-76
-2.5%

2.39 2.20

0.07 100 %
Corporate (3)

1.0%
3,000

3.98 2.4 yrs
3,000

3.98 2,925

5.11 2.2
-2.2
-6.4
-76
-2.5%

2.39 2.20

0.07 100 %
Cash & Other (4)

42.3%
132,720

0.78 0.1 yrs
132,720

0.78 132,720

0.78 0.1
-0.1
-0.3
0 0.0%

0.08 0.09

0.00 100 %
Other (4)

42.3%
132,720

0.78 0.1 yrs
132,720

0.78 132,720

0.78 0.1
-0.1
-0.3
0 0.0%

0.08 0.09

0.00 100 %
Total (46)
100.0%
313,945

1.18 1.0 yrs
313,945

1.18 303,837

3.33 0.9
-0.9
-2.7
-10,108
-3.2%

1.03 0.90

0.00 100 %
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 4 of 42 ends

Portfolio ID: 6748 - 58411

Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
313,945
313,945
313,945
313,945
313,945
313,945
313,945
Book Value
313,945
313,945
313,945
313,945
313,945
313,945
313,945
Market Value
311,820
309,246
306,570
303,837
301,100
298,392
295,736
Gain/(Loss)
-2,125
-4,698
-7,375
-10,108
-12,845
-15,553
-18,209
Gain/(Loss) %
-0.7%
-1.5%
-2.4%
-3.2%
-4.1%
-5.0%
-5.8%
Gain/(Loss) % - Chg from Base

2.6%

1.8%

0.9%

0.0%
-0.9%
-1.8%
-2.7%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Yield at Book

1.18 1.18

1.18 1.18

1.18 1.18

1.18 Market Price

99.32 98.50

97.65 96.78

95.91 95.05

94.20 Market Yield

0.33 1.32

2.35 3.33

4.32 5.31

6.31 WAL

0.95 0.97

1.03 1.03

1.03 1.03

1.03 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 5 of 42 ends

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

1.5%
168,193
-1.5%
-3.0%
-4.5%

1.5%
Corporate

2.2%
2,925
-2.2%
-4.3%
-6.4%

2.2%
Other

0.1%
132,720
-0.1%
-0.2%
-0.3%

0.1%
Total

0.9%
303,837
-0.9%
-1.8%
-2.7%

0.9%
Scenario Market Val
306,570
303,837
301,100
298,392
295,736
Scenario Gain/Loss
-7,375
-10,108
-12,845
-15,553
-18,209
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps

1.8%
-100 bps

0.9%
Level Market Val
303,837
+100 bps
-0.9%
+200 bps
-1.8%
+300 bps
-2.7%
+400 bps
-3.5%
Effective Duration

0.90 Effective Convexity

0.00 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 6 of 42 ends

Portfolio ID: 6748 - 58411

Peer Group Comparison
As of
Book
G/L
Yield
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
CD &
%
%
Peer
Date
Value
%
@Bk
Base
-100
+300
-100
+100
+300
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.

Label
Muni
Corp
Oth
Fixed
AFS
1 07/23
364,347
-4.9

3.21 2.7

2.7 2.7

2.5 -2.4
-7.1

2.5 0.1
76%
0%
0%
0%
0%
0%
0%
0%
0%
24%
0%
100%
100%
2 06/23
249,414
-3.3

0.76 0.8

0.8 0.8

0.7 -0.7
-2.1

0.7 0.0
88%
0%
0%
0%
0%
0%
0%
0%
12%
0%
0%
100%
100%
3 06/23
400,408
-4.0

2.17 1.6

1.3 1.6

1.3 -1.3
-4.0

1.3 -0.1
81%
0%
0%
0%
0%
0%
0%
0%
11%
0%
7%
100%
100%
4 08/23
221,851
-4.4

2.94 2.7

2.7 2.7

2.5 -2.4
-7.1

2.5 0.0
64%
0%
0%
0%
0%
0%
0%
0%
25%
0%
12%
100%
100%
5 09/23
208,015
-6.3

2.72 2.1

2.0 2.1

1.9 -1.9
-5.5

1.9 0.0
61%
0%
0%
0%
0%
0%
0%
0%
12%
20%
7%
100%
100%
6 07/23
186,337
-9.0

2.33 4.5

4.5 4.5

4.0 -3.8
-10.9

3.9 0.2
56%
2%
0%
0%
0%
2%
0%
0%
28%
13%
0%
100%
100%
7 06/23
183,951
-5.7

2.04 2.2

2.0 2.4

1.7 -1.8
-5.7

1.8 -0.1
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
8 08/23
153,618
-3.4

4.22 2.8

2.6 3.2

2.2 -2.2
-6.6

2.2 0.0
2%
5%
11%
12%
1%
8%
0%
0%
26%
36%
0%
74%
100%
9 08/23
128,157
-3.5

3.19 1.5

1.3 1.5

1.1 -1.2
-3.6

1.1 0.0
40%
0%
0%
0%
0%
0%
0%
0%
32%
4%
24%
100%
18%
10 08/23
114,741
-4.7

2.03 2.3

2.1 2.4

2.0 -2.0
-6.0

2.0 0.0
71%
0%
0%
0%
0%
1%
0%
0%
0%
0%
29%
100%
100%
11 07/23
528,290
-2.8

3.54 2.2

2.0 2.3

1.6 -1.8
-5.4

1.7 -0.1
85%
0%
0%
0%
0%
0%
0%
0%
15%
0%
0%
98%
100%
12 06/23
88,499
-5.5

2.81 3.0

2.7 3.1

2.6 -2.7
-7.9

2.6 -0.1
80%
0%
0%
0%
0%
0%
0%
0%
0%
11%
8%
98%
100%
13 08/23
88,390
-5.8

2.06 2.2

2.1 2.2

1.8 -1.8
-5.6

1.8 -0.1
73%
0%
0%
0%
0%
0%
0%
0%
2%
0%
25%
100%
100%
14 09/23
58,320
-5.8

2.23 2.4

2.3 2.4

2.2 -2.1
-6.2

2.1 0.1
74%
0%
0%
0%
0%
0%
0%
0%
24%
0%
2%
100%
100%
15 08/23
55,896
-2.2

4.37 2.5

2.0 2.7

1.5 -1.7
-5.7

1.6 -0.3
61%
0%
0%
0%
0%
0%
0%
0%
0%
0%
39%
100%
100%
16 07/23
54,722
-1.4

3.36 2.0

1.9 2.0

1.7 -1.7
-5.2

1.7 0.0
73%
0%
0%
0%
0%
0%
0%
0%
4%
2%
21%
100%
100%
17 09/23
53,019
-6.5

2.72 2.6

2.6 2.6

2.2 -2.3
-6.7

2.3 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
18 06/23
52,037
-1.5

2.76 0.7

0.5 0.7

0.6 -0.6
-1.8

0.6 0.0
62%
0%
0%
0%
0%
0%
0%
0%
18%
0%
20%
100%
100%
19 08/23
51,609
-7.3

2.22 2.9

2.8 3.0

2.3 -2.4
-7.3

2.3 -0.1
75%
0%
0%
0%
0%
0%
0%
0%
2%
0%
24%
100%
100%
20 09/23
581,576
-5.6

1.97 2.5

2.4 2.5

2.2 -2.2
-6.4

2.2 0.0
63%
0%
0%
0%
0%
0%
0%
0%
37%
0%
0%
100%
100%
21 08/23
46,166
-2.8

4.21 2.0

1.6 2.0

1.4 -1.5
-4.6

1.5 -0.1
46%
0%
0%
0%
0%
1%
0%
0%
1%
8%
44%
100%
100%
22 09/23
38,036
-5.2

2.22 1.7

1.6 1.7

1.5 -1.5
-4.5

1.5 0.0
37%
0%
0%
0%
0%
0%
0%
0%
34%
0%
28%
100%
100%
23 09/23
37,429
-2.3

3.09 1.2

1.2 1.2

1.1 -1.1
-3.2

1.1 0.0
24%
0%
0%
0%
0%
0%
0%
0%
31%
2%
43%
100%
100%
24 09/23
36,570
-9.3

1.15 2.6

2.6 2.6

2.4 -2.3
-6.8

2.4 0.1
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
25 06/23
32,547
-5.8

2.60 2.5

2.3 2.5

2.0 -2.1
-6.2

2.0 -0.1
23%
0%
0%
0%
0%
0%
0%
0%
0%
0%
77%
100%
100%
Avg
160,558
-4.8

2.68 2.2

2.1 2.3

1.9 -1.9
-5.7

1.9 0.0
65%
0%
0%
0%
0%
0%
0%
0%
13%
5%
17%
99%
97%
Port
313,945
-3.2

1.18 1.0

1.0 1.0

0.9 -0.9
-2.7

0.9 0.0
57%
0%
0%
0%
0%
0%
0%
0%
0%
1%
42%
100%
100%
Diff
153,387

1.5 -1.50
-1.2
-1.1
-1.3
-1.0

1.0 3.0
-1.0

0.0 -8%
0%
0%
0%
0%
0%
0%
0%
-13%
-4%
26%
1%
3%
* 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 9/30/2023

Page 7 of 42 ends

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 9/30/2023

Page 8 of 42 ends

Portfolio ID: 6748 - 58411

Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Oct 2023

1.18 132,720

0.78 1.47
Nov 2023

1.47 0

1.47 Dec 2023

1.47 29,000

1.22 1.52
Jan 2024

1.52 0

1.52 Feb 2024

1.52 0

1.52 Mar 2024

1.52 0

1.52 Apr 2024

1.52 5,000

2.25 1.49
May 2024

1.49 2,000

0.42 1.51
Jun 2024

1.51 3,000

0.35 1.53
Jul 2024

1.53 0

1.53 Aug 2024

1.53 4,000

0.41 1.57
Sep 2024

1.57 0

1.57 Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Oct 2023
138,108
138,108
133,004
133,004
133,004
133,004
133,004
Nov 2023
81 81
216
216
216
216
216
Dec 2023
29,587
29,587
29,587
29,587
29,587
29,587
29,587
Jan 2024
69 69
69 69
69 69
69 Feb 2024
120
120
120
120
120
120
120
Mar 2024
149
149
149
149
149
149
149
Apr 2024
5,194
5,194
5,194
5,194
5,194
5,194
5,194
May 2024
2,081
2,081
2,216
2,216
2,216
2,216
2,216
Jun 2024
3,409
3,409
3,409
3,409
3,409
3,409
3,409
Jul 2024
69 69
69 69
69 69
69 Aug 2024
4,123
4,123
4,123
4,123
4,123
4,123
4,123
Sep 2024
149
149
149
149
149
149
149
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 9 of 42 ends

Portfolio ID: 6748 - 58411

Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2023

1.18 161,720

0.86 1.52
2024

1.52 45,750

1.08 1.71
2025

1.71 60,460

1.16 2.43
2026

2.43 23,200

1.78 3.09
2027

3.09 20,000

2.87 4.67
2028

4.67 2,815

4.67 2029
2030
2031
2032
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2023
167,776
167,776
162,807
162,807
162,807
162,807
162,807
2024
47,725
47,725
47,995
47,995
47,995
47,995
47,995
2025
65,646
61,879
62,148
62,148
62,148
62,148
62,148
2026
22,747
23,894
24,163
24,163
24,163
24,163
24,163
2027
15,112
18,087
20,328
20,418
20,418
20,418
20,418
2028
0 0
2,881
2,881
2,881
2,881
2,881
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 10 of 42 ends

Portfolio ID: 6748 - 58411

Sector Cash Flow - Next 12 Months
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
Apr 24
May 24
Jun 24
Jul 24
Aug 24
Sep 24
Bk Yld Chg
Treasury/Agency
Cash Flow
195
216
29,587
48 120
110
5,194
2,216
3,409
48 4,123
110
End BY

1.43 1.43

1.47 1.47

1.47 1.47

1.44 1.46

1.48 1.48

1.51 1.51

0.08 Corporate
Cash Flow
0 0
0 21
0 39
0 0
0 21
0 39
End BY

3.98 3.98

3.98 3.98

3.98 3.98

3.98 3.98

3.98 3.98

3.98 3.98

0.00 Other
Cash Flow
132,809
End BY
Total
Cash Flow
133,004
216
29,587
69 120
149
5,194
2,216
3,409
69 4,123
149
End BY

1.47 1.47

1.52 1.52

1.52 1.52

1.49 1.51

1.53 1.53

1.57 1.57

0.09 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 11 of 42 ends

Portfolio ID: 6748 - 58411

Sector Cash Flow - Next 3 Years
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Bk Yld Chg
Treasury/Agency
Cash Flow
29,998
278
10,819
4,280
32,498
7,273
20,578
18,546
15,632
6,346
4,353
73 End BY

1.47 1.47

1.48 1.51

1.64 1.69

1.88 2.16

2.32 2.31

2.47 2.47

1.00 Corporate
Cash Flow
0 60
0 60
0 60
0 60
0 3,060
End BY

3.98 3.98

3.98 3.98

3.98 3.98

3.98 3.98

3.98 Other
Cash Flow
132,809
End BY
Total
Cash Flow
162,807
337
10,819
4,340
32,498
7,332
20,578
18,606
15,632
9,406
4,353
73 End BY

1.52 1.52

1.53 1.57

1.71 1.76

1.96 2.25

2.43 2.31

2.47 2.47

0.95 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 12 of 42 ends

Portfolio ID: 6748 - 58411

Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Yield
Yield
Income
Current Book
at Book

0.25 439
-1,098

0.83 0.50
879
-659

0.97 0.75
1,318
-220

1.11 1.00
1,757
220

1.25 1.25
2,196
659

1.39 1.50
2,636
1,098

1.53 1.75
3,075
1,538

1.67 2.00
3,514
1,977

1.81 2.25
3,954
2,416

1.95 2.50
4,393
2,856

2.09 2.75
4,832
3,295

2.23 3.00
5,272
3,734

2.37 3.25
5,711
4,173

2.51 3.50
6,150
4,613

2.65 3.75
6,589
5,052

2.79 4.00
7,029
5,491

2.93 4.25
7,468
5,931

3.07 4.50
7,907
6,370

3.21 4.75
8,347
6,809

3.35 5.00
8,786
7,249

3.49 5.25
9,225
7,688

3.63 5.50
9,665
8,127

3.77 5.75
10,104
8,566

3.91 6.00
10,543
9,006

4.05 6.25
10,982
9,445

4.19 6.50
11,422
9,884

4.33 6.75
11,861
10,324

4.47 7.00
12,300
10,763

4.61 7.25
12,740
11,202

4.75 7.50
13,179
11,642

4.89 7.75
13,618
12,081

5.03 8.00
14,058
12,520

5.17 Principal Maturing(12 Mo.Horizon): $175,720
Current Yield at Book of Principal Maturing: 0.87%
Est. Annual Income at Current Yield at Book: $1,537
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 13 of 42 ends

Portfolio ID: 6748 - 58411

Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 14 of 42 ends

Portfolio ID: 6748 - 58411

Cash Flows By Sector - Next 30 Years
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 15 of 42 ends

Portfolio ID: 6748 - 58411

Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 16 of 42 ends

Portfolio ID: 6748 - 58411

Agency - Summary
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Maturity
Bk Price
Yield
Mkt Price
Mkt
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Bk Value
@Bk
Mkt Value
Yield
+ 300
+ 300
+ 300
+300
AFS %

1.0 yrs
100.00

96.85 -2,240
-3.1%

0.99 0.9

0.93 0.02
Treasury (14)

39.9%
71,200

1.53 71,200

1.53 68,960

5.30 -4,113
-5.8%

0.99 -2.7
100.0%

2.0 yrs
100.00

93.56 -387
-6.4%

2.02 2.0

1.92 0.06
Agency Bullet (3)

3.4%
6,000

1.76 6,000

1.76 5,613

5.12 -697
-11.6%

2.02 -5.5
100.0%

2.2 yrs
100.00

92.67 -7,406
-7.3%

2.21 1.9

1.92 -0.02
Callable Agency (22)

56.7%
101,025

1.34 0.1 yrs
101,025

1.34 93,619

5.33 -12,798
-12.7%

2.21 -5.8
100.0%

1.7 yrs
100.00

94.37 -10,032
-5.6%

1.72 1.5

1.52 0.00
Total (39)
100.0%
178,225

1.43 0.1 yrs
178,225

1.43 168,193

5.31 -17,608
-9.9%

1.72 -4.5
100.0%
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 17 of 42 ends

Portfolio ID: 6748 - 58411

Agency - Sector Cash Flow and Yield Rolloff - Next 3 Years 4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Bk Yld Chg
Cash Flow
29,998
278
10,819
4,280
32,498
7,273
20,578
18,546
15,632
6,346
4,353
73 End BY

1.47 1.47

1.48 1.51

1.64 1.69

1.88 2.16

2.32 2.31

2.47 2.47

1.00 Cash Flow
29,998
278
10,819
4,280
32,498
7,273
20,578
18,546
15,632
6,346
4,353
73 End BY

1.47 1.47

1.48 1.51

1.64 1.69

1.88 2.16

2.32 2.31

2.47 2.47

1.00 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 18 of 42 ends

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
Sep 23
-
-
-
-
-
-
-
-
-
Oct 23
-
-
-
-
-
-
-
-
-
Nov 23
-
-
-
-
-
-
-
-
-
Dec 23
-
-
-
-
-
-
-
-
-
Jan 24
-
-
-
-
-
-
-
-
-
Feb 24
-
-
-
-
-
-
-
-
-
Mar 24
-
-
-
-
-
-
-
-
-
Apr 24
-
-
-
-
-
-
-
-
-
May 24
-
-
-
-
-
-
-
-
-
Jun 24
-
-
-
-
-
-
-
-
-
Jul 24
-
-
-
-
-
-
-
-
-
Aug 24
-
-
-
-
-
-
-
-
-
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Quarterly
-100
-75
-50
-25
0 25
50 75
100
3Q23
-
-
-
-
-
-
-
-
-
4Q23
-
-
-
-
-
-
-
-
-
1Q24
-
-
-
-
-
-
-
-
-
2Q24
-
-
-
-
-
-
-
-
-
3Q24
-
-
-
-
-
-
-
-
-
4Q24
-
-
-
-
-
-
-
-
-
1Q25
-
-
-
-
-
-
-
-
-
2Q25
-
-
-
-
-
-
-
-
-
3Q25
-
-
-
-
-
-
-
-
-
4Q25
-
-
-
-
-
-
-
-
-
1Q26
-
-
-
-
-
-
-
-
-
2Q26
-
-
-
-
-
-
-
-
-
3Q26
-
-
-
-
-
-
-
-
-
4Q26
-
-
-
-
-
-
-
-
-
1Q27
-
-
-
-
-
-
-
-
-
2Q27
-
-
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 19 of 42 ends

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
-300
-200
-100
Base
+100
+200
+300
11 3133EL2X1
FFCB

0.42 Fixed
05/06/24
2,000
10/13/23
Anytime

97.020
-60
05/24
05/24
05/24
05/24
05/24
05/24
05/24
12 3130AMQR6
FHLB

0.35 Fixed
06/07/24
3,000
12/07/23
Quarterly

96.540
-104
06/24
06/24
06/24
06/24
06/24
06/24
06/24
13 3130AMHH8
FHLB

0.41 Fixed
08/01/24
4,000
12/01/23
Quarterly

95.850
-166
08/24
08/24
08/24
08/24
08/24
08/24
08/24
14 3134GWNG7
FHLMC

0.50 Fixed
11/27/24
2,000
11/27/23
Quarterly

94.460
-111
11/24
11/24
11/24
11/24
11/24
11/24
11/24
19 3130AQDY6
FHLB

1.00 Fixed
12/30/24
6,750
10/13/23
Anytime

94.660
-360
12/24
12/24
12/24
12/24
12/24
12/24
12/24
20 3130AQEA7
FHLB

1.05 Fixed
01/14/25
7,000
10/14/23
Quarterly

94.490
-386
01/25
01/25
01/25
01/25
01/25
01/25
01/25
21 3133EMUP5
FFCB

0.71 Fixed
04/01/25
5,000
10/13/23
Anytime

93.270
-337
04/25
04/25
04/25
04/25
04/25
04/25
04/25
23 3133ELK37
FFCB

0.78 Fixed
06/16/25
5,000
10/13/23
Anytime

92.650
-368
06/25
06/25
06/25
06/25
06/25
06/25
06/25
24 3133ENHW3
FFCB

1.17 Fixed
06/23/25
10,000
10/13/23
Anytime

93.220
-678
06/25
06/25
06/25
06/25
06/25
06/25
06/25
25 3136G4ZP1
FNMA

0.65 Fixed
07/30/25
3,500
10/30/23
Quarterly

92.040
-279
07/25
07/25
07/25
07/25
07/25
07/25
07/25
26 3133EL3P7
FFCB

0.53 Fixed
08/12/25
1,810
10/13/23
Anytime

91.700
-150
08/25
08/25
08/25
08/25
08/25
08/25
08/25
29 3134GWUG9
FHLMC

0.57 Fixed
09/24/25
10,000
12/24/23
Quarterly

91.390
-861
09/25
09/25
09/25
09/25
09/25
09/25
09/25
31 3134GXBM5
FHLMC

0.60 Fixed
11/12/25
1,150
11/12/23
Quarterly

90.760
-106
11/25
11/25
11/25
11/25
11/25
11/25
11/25
34 3130AMRQ7
FHLB

0.88 Fixed
12/30/25
3,000
12/30/23
Quarterly

90.970
-271
12/25
12/25
12/25
12/25
12/25
12/25
12/25
40 3130AN5C0
FHLB

1.05 Fixed
04/29/26
4,000
10/29/23
Quarterly

90.260
-390
04/26
04/26
04/26
04/26
04/26
04/26
04/26
42 3134GW4C7
FHLMC

0.80 Fixed
10/27/26
5,000
10/27/23
Quarterly

88.060
-597
10/26
10/26
10/26
10/26
10/26
10/26
10/26
44 3133ENJC5
FFCB

1.29 Fixed
12/22/26
5,000
12/22/23
Anytime

89.000
-550
12/26
12/26
12/26
12/26
12/26
12/26
12/26
22 3133EPKC8
FFCB

5.39 Fixed
05/18/27
5,000
10/13/23
Anytime

98.570
-72
10/23
10/23
01/27
05/27
05/27
05/27
05/27
45 3130AQRH8
FHLB

2.00 Fixed
02/25/27
5,000
11/25/23
Quarterly

90.310
-485
02/27
02/27
02/27
02/27
02/27
02/27
02/27
46 3130AL5A8
FHLB

0.90 Fixed
02/26/27
5,000
11/26/23
Quarterly

87.010
-650
02/27
02/27
02/27
02/27
02/27
02/27
02/27
41 3130ARHJ3
FHLB

3.18 Fixed
04/19/27
5,000
10/19/23
Monthly

93.590
-321
01/27
04/27
04/27
04/27
04/27
04/27
04/27
43 3133EPLE3
FFCB

4.67 Fixed
05/30/28
2,815
05/30/25
Anytime

96.160
-108
06/25
10/27
05/28
05/28
05/28
05/28
05/28
Shocked Agency Projected Call Schedule - Next 12 Months -300
-200
-100
Base
+100
+200
+300
Sep 23
-
-
-
-
-
-
-
Oct 23
5,000
5,000
-
-
-
-
-
Nov 23
-
-
-
-
-
-
-
Dec 23
-
-
-
-
-
-
-
Jan 24
-
-
-
-
-
-
-
Feb 24
-
-
-
-
-
-
-
Mar 24
-
-
-
-
-
-
-
Apr 24
-
-
-
-
-
-
-
May 24
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Jun 24
3,000
3,000
3,000
3,000
3,000
3,000
3,000
Jul 24
-
-
-
-
-
-
-
Aug 24
4,000
4,000
4,000
4,000
4,000
4,000
4,000
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 20 of 42 ends

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
-300
-200
-100
Base
+100
+200
+300

1.34 101,025

92.669
-7,406
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 21 of 42 ends

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
3133EPKC8
FFCB 5.39 05/18/27
Callable Agency
4,929

5.83%

1.56 -7.0
3133EPLE3
FFCB 4.67 05/30/28
Callable Agency
2,707

5.62%

2.92 -10.1
3130AMQR6
FHLB 0.35 06/07/24
Callable Agency
2,896

5.56%

0.67 -2.0
3130AMHH8
FHLB 0.41 08/01/24
Callable Agency
3,834

5.56%

0.81 -2.4
3133EL2X1
FFCB 0.42 05/06/24
Callable Agency
1,940

5.54%

0.59 -1.7
Bottom 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
9128286L9
T 2 1/4 03/31/26
Treasury
3,003

4.90%

2.36 -6.7
9128286F2
T 2 1/2 02/28/26
Treasury
2,836

4.93%

2.28 -6.5
9128285T3
T 2 5/8 12/31/25
Treasury
2,851

4.99%

2.11 -6.1
9128285T3
T 2 5/8 12/31/25
Treasury
4,752

4.99%

2.11 -6.1
3133ENJC5
FFCB 1.29 12/22/26
Callable Agency
4,450

5.02%

3.02 -8.7
Top 5 Price Volatility (% price change +300)
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
3133EPLE3
FFCB 4.67 05/30/28
Callable Agency
2,707

5.62%

2.92 -10.1
3130AL5A8
FHLB 0.9 02/26/27
Callable Agency
4,351

5.10%

3.23 -9.2
3130AQRH8
FHLB 2 02/25/27
Callable Agency
4,516

5.14%

3.10 -9.0
3130ARHJ3
FHLB 3.175 04/19/27
Callable Agency
4,680

5.17%

2.85 -8.9
3133ENJC5
FFCB 1.29 12/22/26
Callable Agency
4,450

5.02%

3.02 -8.7
Next 5 Projected Redemptions
Security
Mkt
Mkt
Eff.

CUSIP
Description
Subsector
Value
Yld
Dur
Mat/Call
912828V23
T 2 1/4 12/31/23
Treasury
3,969

5.44%

0.25 12/01/23
9128285U0
T 2 5/8 12/31/23
Treasury
4,966

5.44%

0.25 12/01/23
912828V23
T 2 1/4 12/31/23
Treasury
4,961

5.44%

0.25 12/01/23
91282CBA8
T 0 1/8 12/15/23
Treasury
9,894

5.28%

0.21 12/01/23
91282CBA8
T 0 1/8 12/15/23
Treasury
4,947

5.28%

0.21 12/01/23
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 22 of 42 ends

Portfolio ID: 6748 - 58411

Corporate - Summary
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Moody's
Bk Price
Yield
Mkt Price
Mkt
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Maturity
S&P
Bk Value
@Bk
Mkt Value
Yield
+ 300
+ 300
+ 300
+300
AFS %
Aa2
100.00

97.48 -76
-2.5%

2.39 2.2

2.20 0.07
Industrial (3)
100.0%
3,000

3.98 2.4 yrs
AA-
3,000

3.98 2,925

5.11 -261
-8.7%

2.39 -6.4
100.0%
Aa2
100.00

97.48 -76
-2.5%

2.39 2.2

2.20 0.07
Total (3)
100.0%
3,000

3.98 2.4 yrs
AA-
3,000

3.98 2,925

5.11 -261
-8.7%

2.39 -6.4
100.0%
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 23 of 42 ends

Portfolio ID: 6748 - 58411

Corporate - Rating Summary
Combined Rating Summary
Maturity Summary
Combined Rating
% Balance
Par Value
Yield at Book
Eff. Duration
Maturity Range
% Balance
Par Value
Yield at Book
Combined
Rating
AAA
-
-
-
-
< 1 Yr
-
-
-
-
AA
100.0%
3,000

3.98 2.20

1.00 Yr - 2.99 Yr
100.0%
3,000

3.98 AA
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 9/30/2023

Page 24 of 42 ends

Portfolio ID: 6748 - 58411

Other - Summary
G/L $
G/L %
WAL
Px Chg
Dur
Cvx
Sector
Par
Maturity
Bk Price
Yield
Mkt Price
Mkt
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Bk Value
@Bk
Mkt Value
Yield
+ 300
+ 300
+ 300
+300
AFS %

0.1 yrs
100.00
100.00
0 0.0%

0.08 0.1

0.09 0.00
Cash & Other (4)
100.0%
132,720

0.78 132,720

0.78 132,720

0.78 -340
-0.3%

0.08 -0.3
100.0%

0.1 yrs
100.00
100.00
0 0.0%

0.08 0.1

0.09 0.00
Total (4)
100.0%
132,720

0.78 132,720

0.78 132,720

0.78 -340
-0.3%

0.08 -0.3
100.0%
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 25 of 42 ends

Portfolio ID: 6748 - 58411

Portfolio Considerations
Par
Book
Market
Gain/
Yield
Eff.

Historical CPR
Proj. CPR
Loan
Sector
Cnt
Cpn
Maturity
Value
Price
Price
(Loss)
@ Book
WAL
Dur
1 Mo.
3 Mo.

Life
Life
Count
Yield at Book < 2%
29 0.80

0.8 yrs
258,930
100.00

96.78 -8,348

0.80 0.8

0.77 Treasury
5 0.63

0.8 yrs
35,000
100.00

96.65 -1,171

0.62 0.8

0.74 Agency Bullet
1 0.50

2.1 yrs
3,000
100.00

90.96 -271

0.50 2.1

2.02 Callable Agency
19 0.90

2.0 yrs
88,210
100.00

92.17 -6,906

0.90 2.0

1.86 Cash & Other
4 0.78

0.1 yrs
132,720
100.00
100.00
0 0.78

0.1 0.09
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 26 of 42 ends

Portfolio ID: 6748 - 58411

Key Portfolio Sorts
Top 10 Up 300 Market Value Changes (%)
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT
3133EPLE3
Callable Agency
FFCB 4.67 05/30/28

4.67 05/30/28
2,815
100.00

96.16 -108

4.669

4.67 -10.12
-274
-382

2.92 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27

0.90 02/26/27
5,000
100.00

87.01 -650

0.900

3.41 -9.17
-399
-1,049

3.23 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27

2.00 02/25/27
5,000
100.00

90.31 -485

2.000

3.40 -8.97
-405
-889

3.10 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27

3.18 04/19/27
5,000
100.00

93.59 -321

3.175

3.55 -8.90
-417
-737

2.85 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26

1.29 12/22/26
5,000
100.00

89.00 -550

1.290

3.23 -8.65
-385
-935

3.02 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26

0.80 10/27/26
5,000
100.00

88.06 -597

0.800

3.08 -8.33
-367
-964

2.92 AFS
3133EPKC8
Callable Agency
FFCB 5.39 05/18/27

5.39 05/18/27
5,000
100.00

98.57 -72

5.388

3.63 -7.04
-347
-418

1.56 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26

1.05 04/29/26
4,000
100.00

90.26 -390

1.050

2.58 -7.03
-254
-643

2.44 AFS
9128286L9
Treasury
T 2 1/4 03/31/26

2.25 03/31/26
3,200
100.00

93.83 -197

2.249

2.50 -6.75
-203
-400

2.36 AFS
9128286F2
Treasury
T 2 1/2 02/28/26

2.50 02/28/26
3,000
100.00

94.53 -164

2.500

2.42 -6.52
-185
-349

2.28 AFS

2.32 43,015
100.00

91.79 -3,532

2.320

3.26 -8.19
-3,234
-6,767

2.68 Top 10 Up 300 Market Value Changes ($)
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25

0.57 09/24/25
10,000
100.00

91.39 -861

0.570

1.98 -5.49
-501
-1,362

1.91 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25

1.17 06/23/25
10,000
100.00

93.22 -678

1.170

1.73 -4.78
-446
-1,124

1.65 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27

3.18 04/19/27
5,000
100.00

93.59 -321

3.175

3.55 -8.90
-417
-737

2.85 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27

2.00 02/25/27
5,000
100.00

90.31 -485

2.000

3.40 -8.97
-405
-889

3.10 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27

0.90 02/26/27
5,000
100.00

87.01 -650

0.900

3.41 -9.17
-399
-1,049

3.23 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26

1.29 12/22/26
5,000
100.00

89.00 -550

1.290

3.23 -8.65
-385
-935

3.02 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26

0.80 10/27/26
5,000
100.00

88.06 -597

0.800

3.08 -8.33
-367
-964

2.92 AFS
3133EPKC8
Callable Agency
FFCB 5.39 05/18/27

5.39 05/18/27
5,000
100.00

98.57 -72

5.388

3.63 -7.04
-347
-418

1.56 AFS
91282CDN8
Treasury
T 1 12/15/24

1.00 12/15/24
10,000
100.00

94.94 -506

1.000

1.21 -3.38
-321
-827

1.16 AFS
9128285T3
Treasury
T 2 5/8 12/31/25

2.63 12/31/25
5,000
100.00

95.03 -249

2.624

2.25 -6.10
-290
-538

2.11 AFS

1.67 65,000
100.00

92.36 -4,967

1.666

2.49 -6.46
-3,877
-8,843

2.15 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 27 of 42 ends

Portfolio ID: 6748 - 58411

Key Portfolio Sorts
Top 10 Marked to Market Up 300 Loss Positions
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25

0.57 09/24/25
10,000
100.00

91.39 -861

0.570

1.98 -5.49
-501
-1,362

1.91 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25

1.17 06/23/25
10,000
100.00

93.22 -678

1.170

1.73 -4.78
-446
-1,124

1.65 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27

0.90 02/26/27
5,000
100.00

87.01 -650

0.900

3.41 -9.17
-399
-1,049

3.23 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26

0.80 10/27/26
5,000
100.00

88.06 -597

0.800

3.08 -8.33
-367
-964

2.92 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26

1.29 12/22/26
5,000
100.00

89.00 -550

1.290

3.23 -8.65
-385
-935

3.02 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27

2.00 02/25/27
5,000
100.00

90.31 -485

2.000

3.40 -8.97
-405
-889

3.10 AFS
91282CDN8
Treasury
T 1 12/15/24

1.00 12/15/24
10,000
100.00

94.94 -506

1.000

1.21 -3.38
-321
-827

1.16 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27

3.18 04/19/27
5,000
100.00

93.59 -321

3.175

3.55 -8.90
-417
-737

2.85 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26

1.05 04/29/26
4,000
100.00

90.26 -390

1.050

2.58 -7.03
-254
-643

2.44 AFS
3130AQEA7
Callable Agency
FHLB 1.05 01/14/25

1.05 01/14/25
7,000
100.00

94.49 -386

1.050

1.29 -3.60
-238
-624

1.24 AFS

1.21 66,000
100.00

91.79 -5,422

1.209

2.30 -6.16
-3,732
-9,154

2.12 Top 10 Average Life Extension Up 300bps
Par
Book
Market
Yield
% Px
Δ
Eff.

WAL
Chg in
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
+300
Dur
WAL
+300
WAL
INT
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25

0.57 09/24/25
10,000
100.00

91.39 -861

0.570
-5.49

1.91 1.98

1.98 0.00
AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25

1.17 06/23/25
10,000
100.00

93.22 -678

1.170
-4.78

1.65 1.73

1.73 0.00
AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27

0.90 02/26/27
5,000
100.00

87.01 -650

0.900
-9.17

3.23 3.41

3.41 0.00
AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26

0.80 10/27/26
5,000
100.00

88.06 -597

0.800
-8.33

2.92 3.08

3.08 0.00
AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26

1.29 12/22/26
5,000
100.00

89.00 -550

1.290
-8.65

3.02 3.23

3.23 0.00
AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27

2.00 02/25/27
5,000
100.00

90.31 -485

2.000
-8.97

3.10 3.40

3.40 0.00
AFS
91282CDN8
Treasury
T 1 12/15/24

1.00 12/15/24
10,000
100.00

94.94 -506

1.000
-3.38

1.16 1.21

1.21 0.00
AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27

3.18 04/19/27
5,000
100.00

93.59 -321

3.175
-8.90

2.85 3.55

3.55 0.00
AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26

1.05 04/29/26
4,000
100.00

90.26 -390

1.050
-7.03

2.44 2.58

2.58 0.00
AFS
3130AQEA7
Callable Agency
FHLB 1.05 01/14/25

1.05 01/14/25
7,000
100.00

94.49 -386

1.050
-3.60

1.24 1.29

1.29 0.00
AFS

1.21 66,000
100.00

91.79 -5,422

1.209
-6.16

2.12 2.30

2.30 0.00
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 28 of 42 ends

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

98.94 -1.1%

0.2 0.21
T 0 1/8 12/15/23
T
10,000

0.125
12/15/23
10,000

0.12 9,894

5.28 -106
-0.6

0.00 AFS
91282CBA8
Fixed
12/23
100.00

98.94 -1.1%

0.2 0.21
T 0 1/8 12/15/23
T
5,000

0.125
12/15/23
5,000

0.12 4,947

5.28 -53
-0.6

0.00 AFS
9128285U0
Fixed
12/23
100.00

99.31 -0.7%

0.3 0.25
T 2 5/8 12/31/23
T
5,000

2.625
12/31/23
5,000

2.64 4,966

5.44 -35
-0.8

0.00 AFS
912828V23
Fixed
12/23
100.00

99.22 -0.8%

0.3 0.25
T 2 1/4 12/31/23
T
5,000

2.250
12/31/23
5,000

2.26 4,961

5.44 -39
-0.8

0.00 AFS
912828V23
Fixed
12/23
100.00

99.22 -0.8%

0.3 0.25
T 2 1/4 12/31/23
T
4,000

2.250
12/31/23
4,000

2.26 3,969

5.44 -31
-0.8

0.00 AFS
9128286R6
Fixed
04/24
100.00

98.14 -1.9%

0.6 0.57
T 2 1/4 04/30/24
T
5,000

2.250
04/30/24
5,000

2.25 4,907

5.53 -93
-1.7

0.01 AFS
91282CDN8
Fixed
12/24
100.00

94.94 -5.1%

1.2 1.16
T 1 12/15/24
T
5,000

1.000
12/15/24
5,000

1.00 4,747

5.38 -253
-3.4

0.02 AFS
91282CDN8
Fixed
12/24
100.00

94.94 -5.1%

1.2 1.16
T 1 12/15/24
T
5,000

1.000
12/15/24
5,000

1.00 4,747

5.38 -253
-3.4

0.02 AFS
91282CDN8
Fixed
12/24
100.00

94.94 -5.1%

1.2 1.16
T 1 12/15/24
T
10,000

1.000
12/15/24
10,000

1.00 9,494

5.38 -506
-3.4

0.02 AFS
9128283P3
Fixed
12/24
100.00

96.27 -3.7%

1.2 1.19
T 2 1/4 12/31/24
T
3,000

2.250
12/31/24
3,000

2.25 2,888

5.38 -112
-3.5

0.03 AFS
9128286F2
Fixed
02/26
100.00

94.53 -5.5%

2.3 2.28
T 2 1/2 02/28/26
T
3,000

2.500
02/28/26
3,000

2.50 2,836

4.93 -164
-6.5

0.07 AFS
9128286L9
Fixed
03/26
100.00

93.83 -6.2%

2.4 2.36
T 2 1/4 03/31/26
T
3,200

2.250
03/31/26
3,200

2.25 3,003

4.90 -197
-6.7

0.08 AFS
9128285T3
Fixed
12/25
100.00

95.03 -5.0%

2.2 2.11
T 2 5/8 12/31/25
T
5,000

2.625
12/31/25
5,000

2.62 4,752

4.99 -249
-6.1

0.07 AFS
9128285T3
Fixed
12/25
100.00

95.03 -5.0%

2.2 2.11
T 2 5/8 12/31/25
T
3,000

2.625
12/31/25
3,000

2.62 2,851

4.99 -149
-6.1

0.07 AFS
Treasury
100.00

96.85 -3.1%

0.9 0.93
71,200

1.530
71,200

1.53 68,960

5.30 -2,240
-2.7

0.02 3133EJYM5
Fixed
09/25
100.00

96.15 -3.9%

1.9 1.82
FFCB 3.02 09/04/25
FFCB
1,000

3.020
09/04/25
1,000

3.02 962

5.14 -39
-5.3

0.05 AFS
3133EJYM5
Fixed
09/25
100.00

96.15 -3.9%

1.9 1.82
FFCB 3.02 09/04/25
FFCB
2,000

3.020
09/04/25
2,000

3.02 1,923

5.14 -77
-5.3

0.05 AFS
3135G06G3
Fixed
11/25
100.00

90.96 -9.0%

2.1 2.02
FNMA 0 1/2 11/07/25
FNMA
3,000

0.500
11/07/25
3,000

0.50 2,729

5.09 -271
-5.8

0.06 AFS
Agency Bullet
100.00

93.56 -6.4%

2.0 1.92
6,000

1.760
6,000

1.76 5,613

5.12 -387
-5.5

0.06 3130AMRQ7
Fixed
12/30/23
12/25
100.00

90.97 -554
-9.0%

2.2 2.15
FHLB 0 7/8 12/30/25
FHLB
3,000

0.875
Quarterly
12/30/25
3,000

0.87 2,729

5.18 -271
-6.2

0.06 AFS
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 29 of 42 ends

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
3134GXBM5
Fixed
11/12/23
11/25
100.00

90.76 -590
-9.2%

2.1 2.03
FHLMC 0.6 11/12/25
FHLMC
1,150

0.600
Quarterly
11/12/25
1,150

0.60 1,044

5.27 -106
-5.8

0.05 AFS
3134GWUG9
Fixed
12/24/23
09/25
100.00

91.39 -564
-8.6%

1.9 1.91
FHLMC 0.57 09/24/25
FHLMC
10,000

0.570
Quarterly
09/24/25
10,000

0.57 9,139

5.19 -861
-5.5

0.05 AFS
3130AN5C0
Fixed
10/29/23
04/26
100.00

90.26 -533
-9.7%

2.5 2.44
FHLB 1.05 04/29/26
FHLB
4,000

1.050
Quarterly
04/29/26
4,000

1.05 3,610

5.13 -390
-7.0

0.06 AFS
3130ARHJ3
Fixed
10/19/23
04/27
100.00

93.59 -354
-6.4%

2.7 2.85
FHLB 3.175 04/19/27
FHLB
5,000

3.175
Monthly
04/19/27
5,000

3.17 4,680

5.17 -321
-8.9
-0.24
AFS
3134GW4C7
Fixed
10/27/23
10/26
100.00

88.06 -565
-11.9%

3.0 2.92
FHLMC 0.8 10/27/26
FHLMC
5,000

0.800
Quarterly
10/27/26
5,000

0.80 4,403

5.04 -597
-8.3

0.09 AFS
3133EPLE3
Fixed
05/30/25
05/28
100.00

96.16 -155
-3.8%

2.7 2.92
FFCB 4.67 05/30/28
FFCB
2,815

4.670
Anytime
05/30/28
2,815

4.67 2,707

5.62 -108
-10.1
-0.46
AFS
3133ENJC5
Fixed
12/22/23
12/26
100.00

89.00 -528
-11.0%

3.0 3.02
FFCB 1.29 12/22/26
FFCB
5,000

1.290
Anytime
12/22/26
5,000

1.29 4,450

5.02 -550
-8.7

0.07 AFS
3130AQRH8
Fixed
11/25/23
02/27
100.00

90.31 -466
-9.7%

3.1 3.10
FHLB 2 02/25/27
FHLB
5,000

2.000
Quarterly
02/25/27
5,000

2.00 4,516

5.14 -485
-9.0
-0.01
AFS
3130AL5A8
Fixed
11/26/23
02/27
100.00

87.01 -575
-13.0%

3.3 3.23
FHLB 0.9 02/26/27
FHLB
5,000

0.900
Quarterly
02/26/27
5,000

0.90 4,351

5.10 -650
-9.2

0.09 AFS
3130AQDY6
Fixed
10/13/23
12/24
100.00

94.66 -532
-5.3%

1.2 1.20
FHLB 1 12/30/24
FHLB
6,750

1.000
Anytime
12/30/24
6,750

1.00 6,390

5.48 -360
-3.5

0.02 AFS
3130AQEA7
Fixed
10/14/23
01/25
100.00

94.49 -518
-5.5%

1.3 1.24
FHLB 1.05 01/14/25
FHLB
7,000

1.050
Quarterly
01/14/25
7,000

1.05 6,614

5.54 -386
-3.6

0.03 AFS
3133EMUP5
Fixed
10/13/23
04/25
100.00

93.27 -570
-6.7%

1.5 1.44
FFCB 0.71 04/01/25
FFCB
5,000

0.710
Anytime
04/01/25
5,000

0.71 4,664

5.43 -337
-4.2

0.03 AFS
3133EPKC8
Fixed
10/13/23
05/27
100.00

98.57 -136
-1.4%

1.2 1.56
FFCB 5.39 05/18/27
FFCB
5,000

5.390
Anytime
05/18/27
5,000

5.39 4,929

5.83 -72
-7.0
-0.58
AFS
3133ELK37
Fixed
10/13/23
06/25
100.00

92.65 -559
-7.4%

1.7 1.64
FFCB 0.78 06/16/25
FFCB
5,000

0.780
Anytime
06/16/25
5,000

0.78 4,633

5.33 -368
-4.7

0.04 AFS
3133ENHW3
Fixed
10/13/23
06/25
100.00

93.22 -516
-6.8%

1.7 1.65
FFCB 1.17 06/23/25
FFCB
10,000

1.170
Anytime
06/23/25
10,000

1.17 9,322

5.32 -678
-4.8

0.04 AFS
3136G4ZP1
Fixed
10/30/23
07/25
100.00

92.04 -573
-8.0%

1.8 1.76
FNMA 0.65 07/30/25
FNMA
3,500

0.650
Quarterly
07/30/25
3,500

0.65 3,221

5.26 -279
-5.1

0.05 AFS
3133EL3P7
Fixed
10/13/23
08/25
100.00

91.70 -586
-8.3%

1.8 1.79
FFCB 0.53 08/12/25
FFCB
1,810

0.530
Anytime
08/12/25
1,810

0.53 1,660

5.26 -150
-5.2

0.05 AFS
3133EL2X1
Fixed
10/13/23
05/24
100.00

97.02 -552
-3.0%

0.6 0.59
FFCB 0.42 05/06/24
FFCB
2,000

0.420
Anytime
05/06/24
2,000

0.42 1,940

5.54 -60
-1.7

0.01 AFS
3130AMQR6
Fixed
12/07/23
06/24
100.00

96.54 -556
-3.5%

0.7 0.67
FHLB 0.35 06/07/24
FHLB
3,000

0.350
Quarterly
06/07/24
3,000

0.35 2,896

5.56 -104
-2.0

0.01 AFS
3130AMHH8
Fixed
12/01/23
08/24
100.00

95.85 -563
-4.2%

0.8 0.81
FHLB 0.41 08/01/24
FHLB
4,000

0.410
Quarterly
08/01/24
4,000

0.41 3,834

5.56 -166
-2.4

0.01 AFS
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 30 of 42 ends

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
3134GWNG7
Fixed
11/27/23
11/24
100.00

94.46 -559
-5.5%

1.1 1.11
FHLMC 0 1/2 11/27/24
FHLMC
2,000

0.500
Quarterly
11/27/24
2,000

0.50 1,889

5.50 -111
-3.2

0.02 AFS
Callable Agency
100.00

92.67 -7.3%

1.9 1.92
101,025

1.338
101,025

1.34 93,619

5.33 -7,406
-5.8
-0.02
Total
100.00

94.37 -5.6%

1.5 1.52
178,225

1.429
178,225

1.43 168,193

5.31 -10,032
-4.5

0.00 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 31 of 42 ends

Portfolio ID: 6748 - 58411

Corporate - CUSIP Detail
Gain/(Loss)
% Px
Δ
Eff.

CUSIP
Sector
Par
Index
Moody's
Bk Price
Yield
Mkt Price
Mkt
%
-100
Dur
ESG/Gr
Security Description
Subsector
Value
Cpn
Maturity
Margin
S&P
Bk Value
@Bk
Mkt Value
Yield
$
+300
Cvx
Intent
742718FY0
Industrial
AA-
100.00

97.81 -2.2%

2.2 2.15
PG 4.1 01/26/26
Consumer
Goods
1,000

4.100
01/26/26
Aa3
1,000

4.10 978

5.11 -22
-6.2

0.07 AFS
30231GAT9
Industrial
AA-
100.00

95.12 -4.9%

2.2 2.21
XOM 3.043 03/01/26
Energy Company
1,000

3.043
03/01/26
Aa2
1,000

3.04 951

5.21 -49
-6.4

0.05 AFS
194162AQ6
Industrial
AA-
100.00

99.52 -0.5%

2.3 2.23
CL 4.8 03/02/26
Consumer
Goods
1,000

4.800
03/02/26
Aa3
1,000

4.80 995

5.01 -5
-6.4

0.07 AFS
Industrial
AA-
100.00

97.48 -2.5%

2.2 2.20
3,000

3.981
Aa2
3,000

3.98 2,925

5.11 -76
-6.4

0.07 Total
AA-
100.00

97.48 -2.5%

2.2 2.20
3,000

3.981
Aa2
3,000

3.98 2,925

5.11 -76
-6.4

0.07 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 32 of 42 ends

Portfolio ID: 6748 - 58411

Other - CUSIP Detail
Coupon
Step
Gain/(Loss)
% Px
Δ
Effective
Par
Type
Date
Proj.Mat.

Bk Price
Yield
Mkt Price
%
-100
Dur
ESG/G
r
CUSIP
Ticker
Value
Rate
Rate
Final Mat.

Bk Value
@ Bk
Mkt Value
Mkt Yield
$
+300
Cvx
Intent
Fixed
10/23
100.00
100.00

0.0%

0.1 0.09

PLMDLCAMP
263

0.300
10/31/23
263

0.30 263

0.30 0
-0.3

0.00 AFS
Fixed
10/23
100.00
100.00

0.0%

0.1 0.09

PLMDLLAIF
23,010

0.780
10/31/23
23,010

0.78 23,010

0.78 0
-0.3

0.00 AFS
Fixed
10/23
100.00
100.00

0.0%

0.1 0.09

PLMDLLAIF
53,219

0.780
10/31/23
53,219

0.78 53,219

0.78 0
-0.3

0.00 AFS
Fixed
10/23
100.00
100.00

0.0%

0.1 0.09

PLMDLLAIF
56,228

0.780
10/31/23
56,228

0.78 56,228

0.78 0
-0.3

0.00 AFS
100.00
100.00

0.0%

0.1 0.09
Cash & Other
132,720

0.779
132,720

0.78 132,720

0.78 0
-0.3

0.00 100.00
100.00

0.0%

0.1 0.09
Total
132,720

0.779
132,720

0.78 132,720

0.78 0
-0.3

0.00 City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 33 of 42 ends

Portfolio ID: 6748 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
2,000
35 1.80%
23 1.19%
11 0.59%
0 0.00%
-11
-0.59%
-23
-1.16%
-34
-1.74%
3133EL2X1

0.42 98.76

2.51 98.18

3.52 97.59

4.53 97.02

5.54 96.45

6.55 95.89

7.55 95.34

8.56 FFCB 0.42 05/06/24
05/06/2024

0.60 0.60

0.60 0.59

0.60 0.60

0.60 0.60
1,810
91 5.49%
61 3.66%
30 1.82%
0 0.00%
-29
-1.77%
-58
-3.49%
-86
-5.17%
3133EL3P7

0.53 96.73

2.33 95.06

3.28 93.37

4.27 91.70

5.26 90.08

6.24 88.50

7.23 86.96

8.21 FFCB 0.53 08/12/25
08/12/2025

1.87 1.87

1.87 1.79

1.87 1.87

1.87 1.87
5,000
206

4.41%
137

2.94%
68 1.46%
0 0.00%
-66
-1.43%
-131
-2.82%
-195
-4.18%
3133EMUP5

0.71 97.39

2.49 96.01

3.45 94.63

4.44 93.27

5.43 91.94

6.42 90.64

7.41 89.37

8.38 FFCB 0.71 04/01/25
04/01/2025

1.50 1.50

1.50 1.44

1.50 1.50

1.50 1.50
5,000
231

4.99%
155

3.34%
77 1.66%
0 0.00%
-75
-1.62%
-148
-3.20%
-220
-4.74%
3133ELK37

0.78 97.28

2.41 95.75

3.36 94.19

4.34 92.65

5.33 91.15

6.32 89.68

7.30 88.26

8.28 FFCB 0.78 06/16/25
06/16/2025

1.71 1.71

1.71 1.64

1.71 1.71

1.71 1.71
10,000
461

4.95%
312

3.34%
156

1.67%
0 0.00%
-152
-1.63%
-301
-3.23%
-446
-4.78%
3133ENHW3

1.17 97.83

2.46 96.34

3.37 94.78

4.34 93.22

5.32 91.70

6.31 90.21

7.29 88.76

8.27 FFCB 1.17 06/23/25
06/23/2025

1.73 1.73

1.73 1.65

1.73 1.73

1.73 1.73
5,000
390

8.77%
269

6.04%
136

3.05%
0 0.00%
-133
-2.99%
-261
-5.87%
-385
-8.65%
3133ENJC5

1.29 96.80

2.32 94.38

3.13 91.71

4.05 89.00

5.02 86.34

6.01 83.77

6.99 81.30

7.97 FFCB 1.29 12/22/26
12/22/2026

3.23 3.23

3.23 3.02

3.23 3.23

3.23 3.23
1,000
55 5.71%
36 3.75%
18 1.85%
0 0.00%
-17
-1.80%
-34
-3.55%
-50
-5.25%
3133EJYM5

3.02 101.64

2.14 99.76

3.15 97.93

4.15 96.15

5.14 94.42

6.13 92.74

7.12 91.10

8.10 FFCB 3.02 09/04/25
09/04/2025

1.93 1.93

1.93 1.82

1.93 1.93

1.93 1.93
2,000
110

5.71%
72 3.75%
36 1.85%
0 0.00%
-35
-1.80%
-68
-3.55%
-101
-5.25%
3133EJYM5

3.02 101.64

2.14 99.76

3.15 97.93

4.15 96.15

5.14 94.42

6.13 92.74

7.12 91.10

8.10 FFCB 3.02 09/04/25
09/04/2025

1.93 1.93

1.93 1.82

1.93 1.93

1.93 1.93
2,815
187

6.89%
135

4.97%
74 2.73%
0 0.00%
-86
-3.18%
-179
-6.62%
-274
-10.12%
3133EPLE3

4.67 102.79

3.02 100.94

4.42 98.78

4.96 96.16

5.62 93.11

6.40 89.80

7.29 86.43

8.23 FFCB 4.67 05/30/28
05/30/2028

1.75 4.08

4.67 2.92

4.67 4.67

4.67 4.67
5,000
78 1.58%
75 1.53%
60 1.21%
0 0.00%
-95
-1.92%
-214
-4.35%
-347
-7.04%
3133EPKC8

5.39 100.13
-1.07
100.08

1.50 99.76

5.47 98.57

5.83 96.68

6.43 94.28

7.20 91.63

8.09 FFCB 5.39 05/18/27
05/18/2027

0.02 0.02

3.30 1.56

3.63 3.63

3.63 3.63
3,000
176

6.46%
119

4.36%
59 2.18%
0 0.00%
-58
-2.12%
-114
-4.18%
-169
-6.18%
3130AMRQ7

0.88 96.85

2.32 94.94

3.22 92.95

4.19 90.97

5.18 89.04

6.17 87.17

7.15 85.35

8.13 FHLB 0 7/8 12/30/25
12/30/2025

2.25 2.25

2.25 2.15

2.25 2.25

2.25 2.25
3,000
60 2.06%
39 1.36%
20 0.68%
0 0.00%
-19
-0.67%
-38
-1.33%
-57
-1.97%
3130AMQR6

0.35 98.52

2.53 97.85

3.54 97.19

4.55 96.54

5.56 95.90

6.56 95.26

7.57 94.63

8.57 FHLB 0.35 06/07/24
06/07/2024

0.69 0.69

0.69 0.67

0.69 0.69

0.69 0.69
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 34 of 42 ends

Portfolio ID: 6748 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
4,000
96 2.49%
63 1.65%
31 0.82%
0 0.00%
-31
-0.81%
-61
-1.60%
-91
-2.38%
3130AMHH8

0.41 98.24

2.55 97.43

3.55 96.63

4.56 95.85

5.56 95.08

6.56 94.32

7.55 93.57

8.54 FHLB 0.41 08/01/24
08/01/2024

0.84 0.84

0.84 0.81

0.84 0.84

0.84 0.84
5,000
423

9.73%
286

6.58%
143

3.28%
0 0.00%
-138
-3.18%
-271
-6.24%
-399
-9.17%
3130AL5A8

0.90 95.47

2.29 92.74

3.17 89.86

4.12 87.01

5.10 84.24

6.09 81.58

7.08 79.03

8.06 FHLB 0.9 02/26/27
02/26/2027

3.41 3.41

3.41 3.23

3.41 3.41

3.41 3.41
6,750
233

3.65%
156

2.44%
77 1.21%
0 0.00%
-76
-1.19%
-150
-2.35%
-223
-3.49%
3130AQDY6

1.00 98.11

2.54 96.97

3.50 95.81

4.49 94.66

5.48 93.54

6.46 92.44

7.45 91.36

8.43 FHLB 1 12/30/24
12/30/2024

1.25 1.25

1.25 1.20

1.25 1.25

1.25 1.25
7,000
250

3.78%
167

2.52%
83 1.25%
0 0.00%
-81
-1.23%
-160
-2.43%
-238
-3.60%
3130AQEA7

1.05 98.06

2.59 96.87

3.55 95.67

4.54 94.49

5.54 93.33

6.53 92.20

7.51 91.09

8.49 FHLB 1.05 01/14/25
01/14/2025

1.29 1.29

1.29 1.24

1.29 1.29

1.29 1.29
4,000
263

7.29%
179

4.95%
89 2.48%
0 0.00%
-87
-2.42%
-172
-4.76%
-254
-7.03%
3130AN5C0

1.05 96.84

2.32 94.73

3.19 92.50

4.15 90.26

5.13 88.08

6.11 85.96

7.10 83.92

8.08 FHLB 1.05 04/29/26
04/29/2026

2.58 2.58

2.58 2.44

2.58 2.58

2.58 2.58
5,000
383

8.47%
271

6.01%
140

3.09%
0 0.00%
-139
-3.08%
-275
-6.08%
-405
-8.97%
3130AQRH8

2.00 97.96

2.63 95.74

3.33 93.10

4.20 90.31

5.14 87.52

6.12 84.82

7.10 82.21

8.08 FHLB 2 02/25/27
02/25/2027

3.40 3.40

3.40 3.10

3.40 3.40

3.40 3.40
5,000
302

6.45%
233

4.98%
128

2.74%
0 0.00%
-139
-2.97%
-279
-5.97%
-417
-8.90%
3130ARHJ3

3.18 99.63

3.29 98.25

3.70 96.15

4.35 93.59

5.17 90.81

6.09 88.00

7.05 85.26

8.02 FHLB 3.175 04/19/27
04/19/2027

3.30 3.55

3.55 2.85

3.55 3.55

3.55 3.55
2,000
65 3.44%
43 2.28%
21 1.13%
0 0.00%
-21
-1.10%
-41
-2.19%
-61
-3.24%
3134GWNG7

0.50 97.71

2.52 96.61

3.51 95.52

4.51 94.46

5.50 93.42

6.49 92.40

7.48 91.40

8.45 FHLMC 0 1/2 11/27/24
11/27/2024

1.16 1.16

1.16 1.11

1.16 1.16

1.16 1.16
10,000
532

5.82%
356

3.89%
176

1.93%
0 0.00%
-172
-1.88%
-339
-3.71%
-501
-5.49%
3134GWUG9

0.57 96.71

2.27 94.95

3.22 93.15

4.20 91.39

5.19 89.67

6.18 88.00

7.17 86.38

8.15 FHLMC 0.57 09/24/25
09/24/2025

1.98 1.98

1.98 1.91

1.98 1.98

1.98 1.98
1,150
65 6.22%
43 4.16%
22 2.06%
0 0.00%
-21
-2.01%
-41
-3.95%
-61
-5.85%
3134GXBM5

0.60 96.40

2.35 94.53

3.29 92.63

4.28 90.76

5.27 88.94

6.26 87.17

7.25 85.45

8.23 FHLMC 0.6 11/12/25
11/12/2025

2.12 2.12

2.12 2.03

2.12 2.12

2.12 2.12
5,000
388

8.81%
262

5.96%
131

2.97%
0 0.00%
-127
-2.88%
-249
-5.66%
-367
-8.33%
3134GW4C7

0.80 95.81

2.22 93.31

3.10 90.67

4.06 88.06

5.04 85.52

6.03 83.08

7.01 80.72

8.00 FHLMC 0.8 10/27/26
10/27/2026

3.08 3.08

3.08 2.92

3.08 3.08

3.08 3.08
3,000
174

6.36%
114

4.18%
56 2.06%
0 0.00%
-54
-2.00%
-107
-3.93%
-159
-5.82%
3135G06G3

0.50 96.75

2.09 94.76

3.09 92.83

4.09 90.96

5.09 89.14

6.08 87.38

7.06 85.67

8.04 FNMA 0 1/2 11/07/25
11/07/2025

2.10 2.10

2.10 2.02

2.10 2.10

2.10 2.10
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 35 of 42 ends

Portfolio ID: 6748 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
3,500
173

5.36%
116

3.59%
57 1.78%
0 0.00%
-56
-1.74%
-110
-3.43%
-163
-5.07%
3136G4ZP1

0.65 96.98

2.34 95.34

3.29 93.68

4.27 92.04

5.26 90.44

6.25 88.89

7.23 87.37

8.21 FNMA 0.65 07/30/25
07/30/2025

1.83 1.83

1.83 1.76

1.83 1.83

1.83 1.83
5,000
31 0.63%
21 0.42%
10 0.21%
0 0.00%
-10
-0.21%
-21
-0.42%
-31
-0.62%
91282CBA8

0.13 99.56

2.24 99.35

3.25 99.15

4.27 98.94

5.28 98.73

6.30 98.53

7.32 98.32

8.33 T 0 1/8 12/15/23
12/15/2023

0.21 0.21

0.21 0.21

0.21 0.21

0.21 0.21
10,000
62 0.63%
41 0.42%
21 0.21%
0 0.00%
-21
-0.21%
-41
-0.42%
-62
-0.62%
91282CBA8

0.13 99.56

2.24 99.35

3.25 99.15

4.27 98.94

5.28 98.73

6.30 98.53

7.32 98.32

8.33 T 0 1/8 12/15/23
12/15/2023

0.21 0.21

0.21 0.21

0.21 0.21

0.21 0.21
10,000
342

3.60%
225

2.37%
111

1.17%
0 0.00%
-109
-1.15%
-216
-2.27%
-321
-3.38%
91282CDN8

1.00 98.36

2.39 97.19

3.39 96.05

4.39 94.94

5.38 93.85

6.37 92.78

7.35 91.73

8.33 T 1 12/15/24
12/15/2024

1.21 1.21

1.21 1.16

1.21 1.21

1.21 1.21
5,000
171

3.60%
113

2.37%
56 1.17%
0 0.00%
-55
-1.15%
-108
-2.27%
-160
-3.38%
91282CDN8

1.00 98.36

2.39 97.19

3.39 96.05

4.39 94.94

5.38 93.85

6.37 92.78

7.35 91.73

8.33 T 1 12/15/24
12/15/2024

1.21 1.21

1.21 1.16

1.21 1.21

1.21 1.21
5,000
171

3.60%
113

2.37%
56 1.17%
0 0.00%
-55
-1.15%
-108
-2.27%
-160
-3.38%
91282CDN8

1.00 98.36

2.39 97.19

3.39 96.05

4.39 94.94

5.38 93.85

6.37 92.78

7.35 91.73

8.33 T 1 12/15/24
12/15/2024

1.21 1.21

1.21 1.16

1.21 1.21

1.21 1.21
3,000
204

7.19%
134

4.71%
66 2.32%
0 0.00%
-64
-2.24%
-125
-4.42%
-185
-6.52%
9128286F2

2.50 101.33

1.93 98.99

2.94 96.72

3.93 94.53

4.93 92.41

5.91 90.36

6.90 88.37

7.88 T 2 1/2 02/28/26
02/28/2026

2.42 2.42

2.42 2.28

2.42 2.42

2.42 2.42
3,200
224

7.47%
147

4.89%
72 2.40%
0 0.00%
-70
-2.32%
-137
-4.57%
-203
-6.75%
9128286L9

2.25 100.84

1.91 98.42

2.91 96.09

3.91 93.83

4.90 91.65

5.89 89.54

6.87 87.50

7.85 T 2 1/4 03/31/26
03/31/2026

2.50 2.50

2.50 2.36

2.50 2.50

2.50 2.50
5,000
86 1.75%
57 1.16%
28 0.58%
0 0.00%
-28
-0.57%
-56
-1.13%
-83
-1.69%
9128286R6

2.25 99.86

2.49 99.28

3.51 98.71

4.52 98.14

5.53 97.58

6.54 97.03

7.55 96.48

8.55 T 2 1/4 04/30/24
04/30/2024

0.58 0.58

0.58 0.57

0.58 0.58

0.58 0.58
4,000
30 0.77%
20 0.51%
10 0.25%
0 0.00%
-10
-0.25%
-20
-0.50%
-30
-0.75%
912828V23

2.25 99.98

2.34 99.73

3.37 99.47

4.40 99.22

5.44 98.97

6.47 98.72

7.51 98.47

8.56 T 2 1/4 12/31/23
12/31/2023

0.25 0.25

0.25 0.25

0.25 0.25

0.25 0.25
5,000
38 0.77%
25 0.51%
13 0.25%
0 0.00%
-13
-0.25%
-25
-0.50%
-37
-0.75%
912828V23

2.25 99.98

2.34 99.73

3.37 99.47

4.40 99.22

5.44 98.97

6.47 98.72

7.51 98.47

8.56 T 2 1/4 12/31/23
12/31/2023

0.25 0.25

0.25 0.25

0.25 0.25

0.25 0.25
3,000
107

3.71%
71 2.45%
35 1.21%
0 0.00%
-34
-1.19%
-68
-2.35%
-101
-3.48%
9128283P3

2.25 99.85

2.38 98.63

3.38 97.44

4.38 96.27

5.38 95.13

6.37 94.01

7.35 92.92

8.33 T 2 1/4 12/31/24
12/31/2024

1.25 1.25

1.25 1.19

1.25 1.25

1.25 1.25
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 36 of 42 ends

Portfolio ID: 6748 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
5,000
38 0.77%
25 0.51%
13 0.25%
0 0.00%
-13
-0.25%
-25
-0.50%
-38
-0.76%
9128285U0

2.63 100.07

2.35 99.82

3.38 99.56

4.41 99.31

5.44 99.06

6.48 98.81

7.52 98.56

8.56 T 2 5/8 12/31/23
12/31/2023

0.25 0.25

0.25 0.25

0.25 0.25

0.25 0.25
5,000
318

6.70%
209

4.40%
103

2.16%
0 0.00%
-100
-2.10%
-196
-4.13%
-290
-6.10%
9128285T3

2.63 101.40

1.99 99.21

2.99 97.09

3.99 95.03

4.99 93.04

5.98 91.11

6.96 89.23

7.94 T 2 5/8 12/31/25
12/31/2025

2.25 2.25

2.25 2.11

2.25 2.25

2.25 2.25
3,000
191

6.70%
125

4.40%
62 2.16%
0 0.00%
-60
-2.10%
-118
-4.13%
-174
-6.10%
9128285T3

2.63 101.40

1.99 99.21

2.99 97.09

3.99 95.03

4.99 93.04

5.98 91.11

6.96 89.23

7.94 T 2 5/8 12/31/25
12/31/2025

2.25 2.25

2.25 2.11

2.25 2.25

2.25 2.25
Treasury/Agency
178,225
7,439

4.42%
5,049

3.00%
2,553

1.52%
0 0.00%
-2,559
-1.52%
-5,092
-3.03%
-7,575
-4.50%

1.43 98.54

2.28 97.20

3.28 95.80

4.34 94.37

5.31 92.93

6.29 91.51

7.28 90.12

8.27 1.56

1.61 1.71

1.52 1.72

1.72 1.72

1.72 1,000
70 7.06%
46 4.63%
23 2.28%
0 0.00%
-22
-2.20%
-43
-4.34%
-64
-6.40%
194162AQ6

4.80 106.55

2.02 104.13

3.02 101.79

4.02 99.52

5.01 97.33

6.00 95.20

6.98 93.15

7.96 CL 4.8 03/02/26
03/02/2026

2.42 2.42

2.42 2.23

2.42 2.42

2.42 2.42
1,000
67 6.83%
44 4.48%
22 2.20%
0 0.00%
-21
-2.13%
-41
-4.20%
-61
-6.21%
742718FY0

4.10 104.49

2.11 102.19

3.11 99.96

4.11 97.81

5.11 95.72

6.10 93.70

7.09 91.74

8.07 PG 4.1 01/26/26
01/26/2026

2.32 2.32

2.32 2.15

2.32 2.32

2.32 2.32
1,000
64 6.77%
43 4.49%
21 2.24%
0 0.00%
-21
-2.20%
-41
-4.35%
-61
-6.44%
30231GAT9

3.04 101.56

2.30 99.39

3.31 97.25

4.25 95.12

5.21 93.03

6.19 90.98

7.17 88.99

8.15 XOM 3.043 03/01/26
03/01/2026

2.17 2.42

2.42 2.21

2.42 2.42

2.42 2.42
Corporate
3,000
201

6.89%
133

4.53%
65 2.24%
0 0.00%
-64
-2.18%
-126
-4.30%
-186
-6.35%

3.98 104.20

2.14 101.90

3.14 99.67

4.13 97.48

5.11 95.36

6.10 93.29

7.08 91.29

8.06 2.30

2.39 2.39

2.20 2.39

2.39 2.39

2.39 263
1 0.26%
0 0.17%
0 0.09%
0 0.00%
0 -0.09%
0 -0.17%
-1
-0.26%

PLMDLCAMP

0.30 100.26
-2.77
100.17
-1.75
100.09
-0.73
100.00

0.30 99.91

1.33 99.83

2.37 99.74

3.41 CAMP
10/31/2023

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
53,219
137

0.26%
91 0.17%
46 0.09%
0 0.00%
-46
-0.09%
-91
-0.17%
-137
-0.26%

PLMDLLAIF

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 LAIF
10/31/2023

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
56,228
145

0.26%
97 0.17%
48 0.09%
0 0.00%
-48
-0.09%
-96
-0.17%
-144
-0.26%

PLMDLLAIF

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 LAIF
10/31/2023

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
23,010
59 0.26%
40 0.17%
20 0.09%
0 0.00%
-20
-0.09%
-39
-0.17%
-59
-0.26%

PLMDLLAIF

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 LAIF
10/31/2023

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 37 of 42 ends

Portfolio ID: 6748 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
Other
132,720
342

0.26%
228

0.17%
114

0.09%
0 0.00%
-114
-0.09%
-227
-0.17%
-340
-0.26%

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.85 99.74

3.90 0.08

0.08 0.08

0.09 0.08

0.08 0.08

0.08 Total
313,945
7,983

2.63%
5,410

1.78%
2,733

0.90%
0 0.00%
-2,737
-0.90%
-5,445
-1.79%
-8,101
-2.67%

1.18 99.32

0.33 98.50

1.32 97.65

2.35 96.78

3.33 95.91

4.32 95.05

5.31 94.20

6.31 1

0.95 0.97

1.03 0.90

1.03 1.03

1.03 1.03
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 38 of 42 ends

Portfolio ID: 6748 - 58411

Portfolio Changes
Partial Buy6/2023-9/2023
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type

PLMDLCAMP
Other
CAMP
10/31/2023

0.30 262,895
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 6/2023-9/2023
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
3130A5DH9
AGY
FHLB 2.000 05/18/20 CALd
05/18/2020

2.00 1,950,000
100.00
AFS
Called

PLMDLLAIF
Other
LAIF
10/31/2023

0.78 132,457,024
100.00
AFS
Partial Sale
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 39 of 42 ends

Portfolio ID: 6748 - 58411

Shocked Assumptions
Scenarios
Down 300
Down 200
Down 100
Base
Up 100
Up 200
Up 300
Shift Amount
-300
-200
-100
0 100
200
300
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
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 40 of 42 ends

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 Yield at Book 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 9/30/2023

Page 41 of 42 ends

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.

Securities identified herein are subject to availability and changes in price.

Stifel is a multi-disciplined financial services firm that regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent in private transactions.

Moreover, Stifel and its affiliates and their respective shareholders, directors, officers, and/or employees, may from time to time have long or short positions in such securities or in options or other derivative instruments based thereon.

Readers of this report should assume that Stifel or one of its affiliates is seeking or will seek investment banking and/or other business relationships with the issuer or issuers, or borrower or borrowers, mentioned in this report. Stifel ’
s Fixed Income Capital Markets research and strategy analysts ("FICM Analysts") are not compensated directly or indirectly based on specific investment banking services transactions with the borrower or borrowers mentioned in this report or on FICM Analyst specific recommendations or views (whether or not contained in this or any other Stifel report), nor are FICM Analysts supervised by Stifel investment banking personnel; FICM Analysts receive compensation, however, based on the profitability of both Stifel (which includes investment banking) and Stifel
’
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. All rights reserved.

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City of Palmdale - Palmdale, CA
As of 9/30/2023

Page 42 of 42 ends

Portfolio ID: 6748 - 58411

PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale - Successor Agency
Palmdale, CA
As of Date: 09/30/2023
Pricing as of: 09/29/2023
Date of Analysis: 10/05/2023
Account Executive: Bill Blackwill

Book Value
7,025
# Securities
1 Average Size (Book)
7,025
Yield at Book

0.78 Market Yield

0.78 $ Gain/Loss
0 % Gain/Loss

0.0%
Average Life

0.08 Average Life +300bps

0.08 % Price Change +100bps
-0.09
% Price Change +300bps
-0.26
Effective Duration

0.09 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 9/30/2023

Page 2 of 26 ends

Portfolio ID: 6753 - 58411

Historical Portfolio Overview
09/30/2023
06/30/2023
03/31/2023
12/31/2022
Book Value
7,025
12,989
4,459
4,433
Yield at Book

0.78 0.78

0.78 0.78
Yield at Book (+100)

0.78 0.78

0.78 0.78
Yield at Book (+300)

0.78 0.78

0.78 0.78
Yield at Book (-100)

0.78 0.78

0.78 0.78
WAL

0.08 0.08

0.08 0.01
WAL (+100)

0.08 0.08

0.08 0.01
WAL (+300)

0.08 0.08

0.08 0.01
WAL (-100)

0.08 0.08

0.08 0.01
% Price Change (+100)
-0.1%
-0.1%
-0.1%

0.0%
% Price Change (+300)
-0.3%
-0.3%
-0.2%

0.0%
% Price Change (-100)

0.1%

0.1%

0.1%

0.0%
Effective Duration

0.09 0.09

0.08 0.01
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%
$ Gain/Loss (+300)
-18
-33
-11
-1
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 9/30/2023

Page 3 of 26 ends

Portfolio ID: 6753 - 58411

Portfolio Sector Summary
Portfolio
Par
Book
Yield
Market
% Price Change
Gain/(Loss)
Effective
AFS
Sector
%
Value
Cpn
Maturity
Value
@Bk
Value
Yield
-100
+100
+300
$
%
WAL
Dur
Cvx
%
Cash & Other (1)
100.0%
7,025

0.78 0.1 yrs
7,025

0.78 7,025

0.78 0.1
-0.1
-0.3
0 0.0%

0.08 0.09

0.00 100 %
Other (1)
100.0%
7,025

0.78 0.1 yrs
7,025

0.78 7,025

0.78 0.1
-0.1
-0.3
0 0.0%

0.08 0.09

0.00 100 %
Total (1)
100.0%
7,025

0.78 0.1 yrs
7,025

0.78 7,025

0.78 0.1
-0.1
-0.3
0 0.0%

0.08 0.09

0.00 100 %
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 4 of 26 ends

Portfolio ID: 6753 - 58411

Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
7,025
7,025
7,025
7,025
7,025
7,025
7,025
Book Value
7,025
7,025
7,025
7,025
7,025
7,025
7,025
Market Value
7,043
7,037
7,031
7,025
7,019
7,013
7,007
Gain/(Loss)
18 12
6 0
-6
-12
-18
Gain/(Loss) %

0.3%

0.2%

0.1%

0.0%
-0.1%
-0.2%
-0.3%
Gain/(Loss) % - Chg from Base

0.3%

0.2%

0.1%

0.0%
-0.1%
-0.2%
-0.3%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Yield at Book

0.78 0.78

0.78 0.78

0.78 0.78

0.78 Market Price
100.26
100.17
100.09
100.00

99.91 99.83

99.74 Market Yield
-2.30
-1.28
-0.25

0.78 1.82

2.86 3.90
WAL

0.08 0.08

0.08 0.08

0.08 0.08

0.08 City of Palmdale - Successor Agency - Palmdale, CA As of 9/30/2023

Page 5 of 26 ends

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

0.1%
7,025
-0.1%
-0.2%
-0.3%

0.1%
Total

0.1%
7,025
-0.1%
-0.2%
-0.3%

0.1%
Scenario Market Val
7,031
7,025
7,019
7,013
7,007
Scenario Gain/Loss
6 0
-6
-12
-18
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps

0.2%
-100 bps

0.1%
Level Market Val
7,025
+100 bps
-0.1%
+200 bps
-0.2%
+300 bps
-0.3%
+400 bps
-0.3%
Effective Duration

0.09 Effective Convexity

0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 9/30/2023

Page 6 of 26 ends

Portfolio ID: 6753 - 58411

Peer Group Comparison
As of
Book
G/L
Yield
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
CD &
%
%
Peer
Date
Value
%
@Bk
Base
-100
+300
-100
+100
+300
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.

Label
Muni
Corp
Oth
Fixed
AFS
1 06/23
7,185
-8.1

2.55 3.9

3.9 3.9

3.2 -3.1
-8.8

3.2 0.1
0%
16%
0%
15%
0%
0%
0%
0%
0%
0%
69%
100%
100%
2 07/23
7,206
-7.1

2.61 3.1

3.0 3.3

2.9 -2.8
-8.3

2.8 0.1
24%
0%
0%
0%
0%
7%
0%
0%
0%
0%
69%
100%
100%
3 09/23
8,000
-9.9

1.25 2.6

2.6 2.6

2.5 -2.4
-7.1

2.5 0.1
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
4 07/23
5,999
-1.0

3.18 0.5

0.5 0.5

0.5 -0.5
-1.5

0.5 0.0
92%
0%
0%
0%
0%
0%
0%
0%
0%
0%
8%
100%
100%
5 07/23
8,216
-7.1

2.52 3.3

3.3 3.3

3.0 -3.0
-8.6

3.0 0.1
50%
0%
0%
0%
0%
0%
0%
0%
0%
0%
50%
100%
100%
6 07/23
8,759
-9.5

1.68 3.2

3.2 3.2

3.0 -2.9
-8.4

2.9 0.1
34%
0%
0%
0%
0%
0%
0%
0%
0%
0%
66%
100%
100%
7 08/23
8,760

0.2 5.80

2.3 2.3

2.3 2.1
-2.1
-6.1

2.1 0.1
35%
0%
0%
0%
0%
0%
0%
0%
65%
0%
0%
100%
100%
8 09/23
4,542
-9.2

0.83 2.3

2.3 2.3

2.2 -2.1
-6.2

2.2 0.1
94%
0%
0%
0%
0%
0%
0%
0%
0%
0%
6%
100%
100%
9 08/23
9,738
-13.8

3.74 7.4

7.3 7.5

4.6 -4.5
-13.2

4.5 0.0
7%
0%
0%
0%
0%
0%
0%
0%
75%
3%
15%
100%
100%
10 08/23
10,665
-3.6

3.86 2.6

2.6 2.6

2.4 -2.3
-6.6

2.3 0.1
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
11 06/23
2,000
-1.0

4.66 1.4

1.3 1.4

1.3 -1.3
-3.7

1.3 0.0
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
12 08/23
12,702
-1.3

3.82 1.4

1.0 1.4

0.9 -1.0
-3.3

1.0 -0.1
49%
0%
0%
0%
0%
0%
0%
0%
0%
0%
51%
100%
100%
13 08/23
16,782
-7.5

1.56 2.4

2.4 2.4

2.2 -2.2
-6.3

2.2 0.1
0%
0%
0%
0%
0%
0%
0%
0%
44%
29%
27%
100%
100%
14 07/23
17,639
-1.6

4.02 2.3

2.3 2.3

2.2 -2.1
-6.1

2.1 0.0
63%
0%
0%
0%
0%
0%
0%
0%
37%
0%
0%
100%
100%
15 07/23
20,284
-0.7

4.65 0.9

0.9 1.0

0.9 -0.9
-2.7

0.9 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
16 06/23
32,547
-5.8

2.60 2.5

2.3 2.5

2.0 -2.1
-6.2

2.0 -0.1
23%
0%
0%
0%
0%
0%
0%
0%
0%
0%
77%
100%
100%
17 09/23
36,570
-9.3

1.15 2.6

2.6 2.6

2.4 -2.3
-6.8

2.4 0.1
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
18 09/23
37,429
-2.3

3.09 1.2

1.2 1.2

1.1 -1.1
-3.2

1.1 0.0
24%
0%
0%
0%
0%
0%
0%
0%
31%
2%
43%
100%
100%
19 09/23
38,036
-5.2

2.22 1.7

1.6 1.7

1.5 -1.5
-4.5

1.5 0.0
37%
0%
0%
0%
0%
0%
0%
0%
34%
0%
28%
100%
100%
20 08/23
46,166
-2.8

4.21 2.0

1.6 2.0

1.4 -1.5
-4.6

1.5 -0.1
46%
0%
0%
0%
0%
1%
0%
0%
1%
8%
44%
100%
100%
21 08/23
51,609
-7.3

2.22 2.9

2.8 3.0

2.3 -2.4
-7.3

2.3 -0.1
75%
0%
0%
0%
0%
0%
0%
0%
2%
0%
24%
100%
100%
22 06/23
52,037
-1.5

2.76 0.7

0.5 0.7

0.6 -0.6
-1.8

0.6 0.0
62%
0%
0%
0%
0%
0%
0%
0%
18%
0%
20%
100%
100%
23 09/23
53,019
-6.5

2.72 2.6

2.6 2.6

2.2 -2.3
-6.7

2.3 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
24 07/23
54,722
-1.4

3.36 2.0

1.9 2.0

1.7 -1.7
-5.2

1.7 0.0
73%
0%
0%
0%
0%
0%
0%
0%
4%
2%
21%
100%
100%
25 08/23
55,896
-2.2

4.37 2.5

2.0 2.7

1.5 -1.7
-5.7

1.6 -0.3
61%
0%
0%
0%
0%
0%
0%
0%
0%
0%
39%
100%
100%
Avg
24,260
-5.0

3.02 2.4

2.3 2.4

2.0 -2.0
-6.0

2.0 0.0
50%
1%
0%
1%
0%
0%
0%
0%
12%
2%
34%
100%
100%
Port
7,025

0.0 0.78

0.1 0.1

0.1 0.1
-0.1
-0.3

0.1 0.0
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
Diff
-17,236

5.0 -2.24
-2.3
-2.2
-2.4
-1.9

1.9 5.7
-1.9

0.0 -50%
-1%
0%
-1%
0%
0%
0%
0%
-12%
-2%
66%
0%
0%
* 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 9/30/2023

Page 7 of 26 ends

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 9/30/2023

Page 8 of 26 ends

Portfolio ID: 6753 - 58411

Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Oct 2023

0.78 7,025

0.78 Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Oct 2023
7,030
7,030
7,030
7,030
7,030
7,030
7,030
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 9 of 26 ends

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 7,025

0.78 2024
2025
2026
2027
2028
2029
2030
2031
2032
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2023
7,030
7,030
7,030
7,030
7,030
7,030
7,030
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 10 of 26 ends

Portfolio ID: 6753 - 58411

Sector Cash Flow - Next 12 Months
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
Apr 24
May 24
Jun 24
Jul 24
Aug 24
Sep 24
Bk Yld Chg
Other
Cash Flow
7,030
End BY
Total
Cash Flow
7,030
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 11 of 26 ends

Portfolio ID: 6753 - 58411

Sector Cash Flow - Next 3 Years
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Bk Yld Chg
Other
Cash Flow
7,030
End BY
Total
Cash Flow
7,030
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 12 of 26 ends

Portfolio ID: 6753 - 58411

Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Yield
Yield
Income
Current Book
at Book

0.25 18
-37

0.25 0.50
35 -20

0.50 0.75
53 -2

0.75 1.00
70 15

1.00 1.25
88 33

1.25 1.50
105
50 1.50

1.75 123
68 1.75

2.00 140
86 2.00

2.25 158
103

2.25 2.50
176
121

2.50 2.75
193
138

2.75 3.00
211
156

3.00 3.25
228
173

3.25 3.50
246
191

3.50 3.75
263
209

3.75 4.00
281
226

4.00 4.25
299
244

4.25 4.50
316
261

4.50 4.75
334
279

4.75 5.00
351
296

5.00 5.25
369
314

5.25 5.50
386
331

5.50 5.75
404
349

5.75 6.00
421
367

6.00 6.25
439
384

6.25 6.50
457
402

6.50 6.75
474
419

6.75 7.00
492
437

7.00 7.25
509
454

7.25 7.50
527
472

7.50 7.75
544
490

7.75 8.00
562
507

8.00 Principal Maturing(12 Mo.Horizon): $7,025
Current Yield at Book of Principal Maturing: 0.78%
Est. Annual Income at Current Yield at Book: $55
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 13 of 26 ends

Portfolio ID: 6753 - 58411

Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 14 of 26 ends

Portfolio ID: 6753 - 58411

Cash Flows By Sector - Next 30 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 15 of 26 ends

Portfolio ID: 6753 - 58411

Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 16 of 26 ends

Portfolio ID: 6753 - 58411

Other - Summary
G/L $
G/L %
WAL
Px Chg
Dur
Cvx
Sector
Par
Maturity
Bk Price
Yield
Mkt Price
Mkt
Base
Base
Base
-100
Base
Base
Subsector
%
Value
Cpn
Next Call
Bk Value
@Bk
Mkt Value
Yield
+ 300
+ 300
+ 300
+300
AFS %

0.1 yrs
100.00
100.00
0 0.0%

0.08 0.1

0.09 0.00
Cash & Other (1)
100.0%
7,025

0.78 7,025

0.78 7,025

0.78 -18
-0.3%

0.08 -0.3
100.0%

0.1 yrs
100.00
100.00
0 0.0%

0.08 0.1

0.09 0.00
Total (1)
100.0%
7,025

0.78 7,025

0.78 7,025

0.78 -18
-0.3%

0.08 -0.3
100.0%
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 17 of 26 ends

Portfolio ID: 6753 - 58411

Portfolio Considerations
Par
Book
Market
Gain/
Yield
Eff.

Historical CPR
Proj. CPR
Loan
Sector
Cnt
Cpn
Maturity
Value
Price
Price
(Loss)
@ Book
WAL
Dur
1 Mo.
3 Mo.

Life
Life
Count
Yield at Book < 2%
1 0.78

0.1 yrs
7,025
100.00
100.00
0 0.78

0.1 0.09
Cash & Other
1 0.78

0.1 yrs
7,025
100.00
100.00
0 0.78

0.1 0.09
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 18 of 26 ends

Portfolio ID: 6753 - 58411

Key Portfolio Sorts
Top 10 Up 300 Market Value Changes (%)
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT

PLMDLLAIF
Cash & Other
LAIF

0.78 10/31/23
7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 AFS

0.78 7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 Top 10 Up 300 Market Value Changes ($)
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT

PLMDLLAIF
Cash & Other
LAIF

0.78 10/31/23
7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 AFS

0.78 7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 City of Palmdale - Successor Agency - Palmdale, CA As of 9/30/2023

Page 19 of 26 ends

Portfolio ID: 6753 - 58411

Key Portfolio Sorts
Top 10 Marked to Market Up 300 Loss Positions
Par
Book
Market
Yield
% Px
Δ
$ Amt
Δ
G/L
Eff.

CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
WAL
+300
+300
+300
Dur
INT

PLMDLLAIF
Cash & Other
LAIF

0.78 10/31/23
7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 AFS

0.78 7,025
100.00
100.00
0 0.781

0.08 -0.26
-18
-18

0.09 Top 10 Average Life Extension Up 300bps
Par
Book
Market
Yield
% Px
Δ
Eff.

WAL
Chg in
CUSIP
Sector
Description
Cpn
Maturity
Value
Price
Price
G/L
@ Book
+300
Dur
WAL
+300
WAL
INT

PLMDLLAIF
Cash & Other
LAIF

0.78 10/31/23
7,025
100.00
100.00
0 0.781
-0.26

0.09 0.08

0.08 0.00
AFS

0.78 7,025
100.00
100.00
0 0.781
-0.26

0.09 0.08

0.08 0.00
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 20 of 26 ends

Portfolio ID: 6753 - 58411

Other - CUSIP Detail
Coupon
Step
Gain/(Loss)
% Px
Δ
Effective
Par
Type
Date
Proj.Mat.

Bk Price
Yield
Mkt Price
%
-100
Dur
ESG/G
r
CUSIP
Ticker
Value
Rate
Rate
Final Mat.

Bk Value
@ Bk
Mkt Value
Mkt Yield
$
+300
Cvx
Intent
Fixed
10/23
100.00
100.00

0.0%

0.1 0.09

PLMDLLAIF
7,025

0.780
10/31/23
7,025

0.78 7,025

0.78 0
-0.3

0.00 AFS
100.00
100.00

0.0%

0.1 0.09
Cash & Other
7,025

0.780
7,025

0.78 7,025

0.78 0
-0.3

0.00 100.00
100.00

0.0%

0.1 0.09
Total
7,025

0.780
7,025

0.78 7,025

0.78 0
-0.3

0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 9/30/2023

Page 21 of 26 ends

Portfolio ID: 6753 - 58411

Shocked CUSIP Analysis
-300
-200
-100
Base
+100
+200
+300
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
WAL
Dur
WAL
WAL
WAL
WAL
7,025
18 0.26%
12 0.17%
6 0.09%
0 0.00%
-6
-0.09%
-12
-0.17%
-18
-0.26%

PLMDLLAIF

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 LAIF
10/31/2023

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
Other
7,025
18 0.26%
12 0.17%
6 0.09%
0 0.00%
-6
-0.09%
-12
-0.17%
-18
-0.26%

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 0.08

0.08 0.08

0.09 0.08

0.08 0.08

0.08 Total
7,025
18 0.26%
12 0.17%
6 0.09%
0 0.00%
-6
-0.09%
-12
-0.17%
-18
-0.26%

0.78 100.26
-2.30
100.17
-1.28
100.09
-0.25
100.00

0.78 99.91

1.82 99.83

2.86 99.74

3.90 0

0.08 0.08

0.08 0.09

0.08 0.08

0.08 0.08
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 22 of 26 ends

Portfolio ID: 6753 - 58411

Portfolio Changes
Securities Sold/Redeemed 6/2023-9/2023
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type

PLMDLLAIF
Other
LAIF
10/31/2023

0.78 7,024,790
100.00
AFS
Partial Sale
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 23 of 26 ends

Portfolio ID: 6753 - 58411

Shocked Assumptions
Scenarios
Down 300
Down 200
Down 100
Base
Up 100
Up 200
Up 300
Shift Amount
-300
-200
-100
0 100
200
300
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
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
2023-09-30
City of Palmdale - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 24 of 26 ends

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 Yield at Book 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 9/30/2023

Page 25 of 26 ends

Portfolio ID: 6753 - 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 - Successor Agency - Palmdale, CA
As of 9/30/2023

Page 26 of 26 ends

Portfolio ID: 6753 - 58411

City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: FINANCE DEPARTMENT
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 202 3-073, A RESOLUTION OF THE

CITY COUNCIL OF THE CITY OF PALMDALE TO TRANSFER

UNCLAIMED CHECKS FROM THEIR RESPECTIVE FUNDS TO THE

GENERAL FUND PURSUANT TO CALIFORNIA GOVERNMENT
CODE SECTION 50050-50057
ISSUE
Adopt Resolution No. CC 202 3-073, a Resolution of the City Council of the City of Palmdale to transfer unclaimed checks from their respective funds to the general fund pursuant to California Government Code Section 50050-50057.

RECOMMENDATION
Staff recommends that the City Council adopt Resolution No. CC 202 3-073, a Resolution of the City Council of the City of Palmdale to transfer unclaimed checks from their respective funds to the general fund pursuant to California Government Code Section 50050-50057.

BACKGROUND
Section 50050 -50057 of the California Government Code states that “Except as otherwise provided by law, money, excluding restitution to victims, that is not the property of a local agency that remains unclaimed in its treasury or in the official custody of its officers for three years is the property of the local agency after notice if not claimed or if no verified complaint is filed and served. At any time after the expiration of the three- year period, the treasurer of the local agency may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation published in the local agency. At the expiration of the three -year period, money representing restitution collected on behalf of victims shall be deposited into the Restitution Fund or used by the local agency for purposes of victim services.

DISCUSSION
The City Treasurer desires to follow the guidelines set by California Government Code Section 50053 and the policy set forth by this department in relation to this section.

Report to Mayor and City Council
Re: Adopt Resolution No. CC 2023-073
November 1, 2023

Page 2 ends

Section 50053 states “When any such money becomes the property of a local agency and is in a special fund, the legislative body may transfer it to the general fund.” The total combined number of unclaimed checks for the three-year period ending June 30, 2023, is $9,375.91.

FISCAL IMPACT
The total combined number of unclaimed checks for the three-year period ending June 30, 2023, is $9,375.91. This is the maximum amount that can be transferred to the General Fund.

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, Senior Financial Analyst
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, Interim City Attorney

ATTACHMENTS

1. Resolution No. CC 2023-073

2. Public Notice - List of Unclaimed Checks

CITY COUNCIL

CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2023-073

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE

TO TRANSFER UNCLAIMED CHECKS FROM THEIR RESPECTIVE

FUNDS TO THE GENERAL FUND PURSUANT TO CALIFORNIA
GOVERNMENT CODE SECTION 50050-50057.

WHEREAS, the attached list of checks has been outstanding and unclaimed in Special Funds for more than three years.

NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF

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

SECTION 1. In accordance with California Government Code Section 50050- 50057, the unclaimed checks on the attached list in the total amount of $9,375.91, shall be transferred from the respective funds to the General Fund’s cash account.

SECTION 2. The City Clerk shall certify to the adoption of this resolution.

Resolution No. CC 2023-075

Page 2 of 2 ends

PASSED, APPROVED and ADOPTED this 1st day of November 2023. _________________________________
APPROVED AS TO FORM: Laura Bettencourt, Mayor
ATTEST:
___________________________ _________________________________ William P. Curley Rochelle Scott, Acting City Clerk
Interim City Attorney
I, Rochelle Scott, 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 November 2023 by the following roll call vote:

AYES: ___________________________________________________________ NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date: ___________________________ _____________________________ Rochelle Scott, Acting City Clerk

CITY OF PALMDALE
38300 N. Sierra Highway
Palmdale, CA 93550
Notice is hereby given that the City of Palmdale is holding funds for the following persons. If said funds are not claimed by October 31, 2023, forty-five (45) days hence, these funds will become the property of the City of Palmdale in accordance with California Government Code Section 50050-52.

The said funds may be released to the depositor, their heir, beneficiary, or duly appointed representative provided a claim form has been completed with the necessary information. The information needed is as follows:
 Name, address, telephone number, and social security number (or FEIN).
 Amount of claim.
 Proof of identity such as copy of driver’s license, social security card or birth certificate.
 Grounds on which claim is founded.

The Unclaimed Money Claim Form is available at the City of Palmdale Finance Department, located at 38300 North Sierra Highway, Suite D, Palmdale, California.

Persons with funds on deposit for over three (3) years are:

NAME AMOUNT FUND
ANNE AMBROSE $ 277.59 GENERAL
ENTERPRISE ELEMENTARY $ 960.00 GENERAL
DAVID ULRICH $ 115.00 GENERAL
ROXANA MARTINEZ $ 149.62 GENERAL
PLATINUM REPAIR, INC $ 23.44 GENERAL
ATS COMMUNICATIONS $ 631.25 GENERAL
PROCARE HOSPICE $ 401.00 GENERAL
TERRIE ZAYAS $ 50.00 GENERAL
DAVID WU $ 167.02 GENERAL
IGLESIA DEL DIOS VIVIO COLUMNA Y APOYO $ 325.00 GENERAL SAPPHIRE ZAMIN, LLC $ 15.35 GENERAL
WANG PROFESSIONAL CORPORATION $ 30.00 GENERAL MATTHEW ROUSE $ 125.00 GENERAL
MADD $ 401.00 GENERAL
FREEDOM FOREVER $ 150.33 GENERAL
MARIA CHAU $ 40.00 GENERAL
RMCA $ 2,015.00 GENERAL
AHTARI BONNER $ 20.00 GENERAL
EMMY ESCOBAR $ 66.00 GENERAL
DAISY ESPITIA $ 12.75 GENERAL
FABIOLA FARNETTI $ 66.00 GENERAL
VERONICA GARCIA $ 107.00 GENERAL
DAVID GRACIANO $ 21.25 GENERAL
MARIA GUERRA $ 12.75 GENERAL
LOLA JOYNER $ 20.00 GENERAL
MONIQUE MORENO $ 66.00 GENERAL
MARIA ESTRADA $ 40.00 GENERAL
MARIA CHAU $ 40.00 GENERAL
MATTHEW ALCURAN $ 286.62 GENERAL
GUSTAVO CORTES $ 40.00 GENERAL
ANNECHIA HEASTIE $ 20.00 GENERAL
YENY GARCIA $ 10.00 GENERAL
YENY GARCIA $ 10.00 GENERAL
GOLDEN STATE LABOR COMPLIANCE, LLC $ 1,657.00 GENERAL JOHNSON, RAVEN $ 35.17 PAYROLL
BURNS, ALEXANDRA R $ 22.82 PAYROLL
CAMPIANI, STEPHANY $ 45.18 PAYROLL
CEKALOVICH, CHEYENNE $ 66.01 PAYROLL
IRVING, ROBERT M $ 16.79 PAYROLL
KELLY, SALLY $ 37.57 PAYROLL
CLARK, MATTHEW $ 31.53 PAYROLL
COORAY NAWALAGE, OSHINI $ 74.52 PAYROLL
JIMENEZ, DALLEN $ 5.82 PAYROLL
SCHUMACHER, CRYSTAL $ 25.34 PAYROLL
CLARK, KEVIN $ 181.61 PAYROLL
MORALES, ALEXANDER $ 54.73 PAYROLL
SALAZAR, JEZEL $ 171.97 PAYROLL
BURGESS, JEREMY $ 2.37 PAYROLL
MC CALL, JERRICO $ 65.71 PAYROLL
LAWSON, TYICEE $ 857.06 PAYROLL
JURADO, ROGELIO $ 266.32 PAYROLL
JURADO, ROGELIO $ 142.04 PAYROLL
WELTON, ALYSSA $ 42.61 PAYROLL
City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: FINANCE DEPARTMENT

INFORMATION TECHNOLOGY DIVISION
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH TRUE POINT SOLUTIONS, LLC TO

PROVIDE LONG-TERM SUPPORT SERVICES FOR ACCELA LAND

USE, PLAN REVIEW, PERMITTING , AND INSPECTION TRACKING
SYSTEM FOR A NOT-TO-EXCEED AMOUNT OF $ 396,000 FOR A
TERM OF THREE (3) YEARS WITH THE OPTION TO EXTEND BY
TWO ADDITIONAL TERMS OF ONE (1) YEAR EACH
ISSUE
Approve Agreement with TruePoint Solutions, LLC to provide long -term support services for Accela land use, plan review, permitting, and inspection tracking system for a not -to-exceed amount of $ 396,000 for a term of three (3) years with the option to extend by two additional terms of one (1) year each.

RECOMMENDATION
Staff recommends that the City Council:

1. Approve Agreement A-8569 with TruePoint Solutions, LLC, to provide long-term support services for Accela land use, plan r eview, permitting, and inspection tracking system for a not -to-exceed amount of $ 396,000 for a term of three (3) years with the option to extend by two additional terms of one (1) year each; and

2. Authorize the City Manager or her designee to execute Agreem ent A-8569 with TruePoint Solutions, LLC., including any non-substantive changes.

BACKGROUND
In an effort to streamline and improve the City’s ability to process, review, and track online permit applications and payments, the City partnered with TruePoint, LLC, in December 2021 to implement Accela, a Land Use, Plan Review, Permitting, and Inspection Tracking System. The software was successfully launched in July 2023, and staff have worked with TruePoint Solutions to provide support and training t o both internal and external users. The existing agreement included implementation services and support services and is set to expire in December 2023.

Report to Mayor and City Council
Re: Approve Agreement with TruePoint Solutions, LLC
November 1, 2023

Page 2 ends

DISCUSSION
The Accela Land Use, Permitting, and Tracking system was launched in July 2023, and is no longer in the implementation phase; however, ongoing support is needed to ensure the system’s long-term stability and success. This will help guarantee the best experience for our staff, contractors, and members of the public who rely on this application daily.

TruePoint will not only provide technical support but also conduct periodic training and refresher courses for both new and existing staff members. This will help them stay updated with all the latest changes and features in Accela. The requested funds will cover 2,400 hours of various support from now until November 1, 2026. The City will only be charged for the hours it utilizes, and there are no penalties if the total budget allocation of $396,000 is not used.

SCOPE OF WORK
* Misc. configuration changes as requested. * Version upgrade support testing. * Scripting for business process automation. * ACA support and enhancements. * Remote and on-site trainings as needed. * Electronic plan review support. * Fee configuration and enhancements. * Custom integration support. * Phone support and issue resolution. * On-site support as needed. * Report development and support. * Accela mobile support.

HOURS COST
Year 1 / Average of 150 hours per month
Total Cost – Year 2023-2024 (8 months) 1200 $198,000
Year 1-2 / Average of 60 hours per month
Total Cost – FY 2024-2025 720 $118,800
Year 2-3 / Average of 30 hours per month
Total Cost – FY 2025-2026 360 $59,400
Year 3 - Average of 30 hours per month
Total Cost – FY 2026-2027 (4 months) 120 $19,800
TOTAL COST 2400 $ 396,000
Report to Mayor and City Council
Re: Approve Agreement with TruePoint Solutions, LLC
November 1, 2023

Page 3 ends

FISCAL IMPACT
$198,000; Funds are budgeted and available in the I.T. Internal Service Fund Software budget for FY 2023-24. Subsequent years will be allocated through the annual budget process.

STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community viability.

A. Seek innovative, cost-effective, customer-focused methods of service delivery.

B. Implement and administer environmentally sustainable programs.

Prepared by: Rene Montano, IT Analyst
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, Interim City Attorney

ATTACHMENTS
Agreement: Agreement A-8569
AGREEMENT NO. A-8569

CONTRACT FOR SERVICES

BETWEEN THE CITY OF PALMDALE AND TRUEPOINT SOLUTIONS, LLC

This CONTRACT for services (“Contract” herein) is made and entered into by and between the City of Palmdale, a public body corporate and politic, (hereinafter called “CITY”), and TRUEPOINT SOLUTIONS, LLC, a California Limited Liability Corporation, (hereinafter called “CONTRACTOR”). This Contract shall become effective on the date of the last signatory.

RECITALS
WHEREAS, CONTRACTOR represents that CONTRACTOR has the expertise and is qualified to perform the services described in this Contract.

NOW THEREFORE, CITY and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows:
1 CITY PROJECT MANAGER
To provide the services required by this Contract, CONTRACTOR shall act under the authority and approval of Stuart Thompson Director/designee, who shall oversee this Contract, the work performed by CONTRACTOR, assist CONTRACTOR with any necessary information, audit billings, and approve payments. The CONTRACTOR shall channel all contacts and requests through the City project manager. 2 DESCRIPTION OF WORK

2.1 CONTRACTOR shall provide the following services in a manner satisfactory to CITY:

This service will provide day-to-day as needed or on-call support for the Accela products. 2,400 hours of support.
* Scripting for business process automation.
* Misc. configuration changes as requested.
* Remote and on-site trainings as needed.
* Fee configuration and enhancements.
* Phone Support and issue resolution.
* Report development and support.
* Version upgrade support testing.
* ACA support and enhancements.
* Electronic plan review support.
* Custom integration support.
* On-site support as needed.
* Accela mobile support.
* Accela GIS support.
1-12Concord - Document ID: MWI0MjNlMWItZj

2.2 CONTRACTOR shall have no claim for compensation for any services or work, which has not been authorized by CITY’s Authorization to Proceed.

2.3 CONTRACTOR shall not accept any change of scope, or change in contract provisions, to this Contract unless issued in writing, as a contract change order or amendment and signed by CITY. Any extensions of time must be mutually agreed upon in writing and executed by both parties.

2.4 CONTRACTOR shall maintain in current status all Federal, State, and local licenses and permits required for the operation of the business conducted by the CONTRACTOR as applicable to this contract.

2.5 All work supplied under this Contract shall be fully guaranteed by CONTRACTOR for a minimum period of n/a days from the date of acceptance by CITY. Any defects of design, workmanship, or materials that would result in non- compliance with the Contract specifications shall be fully corrected by CONTRACTOR (including parts and labor) without cost to CITY. The written warranty shall be included with the delivered products to the using Department.

2.6 CITY shall provide to CONTRACTOR, without charge, all data, program information, including reports, records, maps, and other information, now in CITY’s possession, which may facilitate the timely performance of the work. 3 CONTRACTOR’S KEY PERSONNEL

3.1 Key Staff. CITY reserves the right to review and approve CONTRACTOR’S staff including all subcontractors to be assigned to any project by CONTRACTOR during the term of this Contract.

This Contract has been awarded to CONTRACTOR based partially on the key personnel proposed to perform the services required herein. CONTRACTOR shall not change nor substitute any of these key staff for work on this Contract without prior written approval by CITY.

CONTRACTOR’s Team and Key Personnel are as follows:

Keith Hobday - Project Director
Christine Cannon - Consultant
This Services Contract has been awarded to CONTRACTOR based on its representation that those personnel and subcontractors submitted as part of its bid and listed above will perform the portions of the work listed above.

CONTRACTOR shall not deviate nor substitute any of these team members without prior written approval by CITY.

3.2 Subcontractors. During the performance of the Agreement, CONTRACTOR may engage such additional SUBCONTRACTORS as may be required for the timely 2-12Concord - Document ID: MWI0MjNlMWItZj
completion of this Agreement. In the event of subcontracting, the sole responsibility for fulfillment of all terms and conditions of this Agreement rests with CONTRACTOR.

CONTRACTOR shall not enter into any Subcontract under this Contract for the performance of this Contract without the advance written approval of CITY. The subcontract shall incorporate by reference the terms and conditions of this Contract.

3.3 Direct Responsibility. All services required under this Contract shall be performed by CONTRACTOR, or under CONTRACTOR’s direct supervision, and all personnel shall possess the qualifications, permits and licenses required by State and local law to perform such services.

3.3.1 CONTRACTOR shall be solely responsible for the satisfactory work performance of all personnel engaged in performing services required by this Contract, and compliance with all reasonable performance standards established by CITY.

3.3.2 CONTRACTOR shall be responsible for payment of all CONTRACTOR’s employees’ and subcontractor’s wages and benefits and shall comply with all requirements pertaining to the employer’s liability, workers’ compensation, unemployment insurance, and Social Security.

3.3.3 CONTRACTOR shall indemnify and hold harmless CITY, and its respective officers, agents and employees from and against all claims, demands, damages or costs arising from CONTRACTOR’s acts or omissions with respect to any liability, damages, claims, costs and expenses of any nature arising from alleged violations of personnel practices.
4 CONTRACT TERM

The term of this Contract is THREE (3) YEAR, commencing on the effective date, with CITY reserving the option to extend the agreement for TWO additional terms of one year each.

5 ACCEPTANCE AND DOCUMENTATION
Each task shall be reviewed and approved by the Contract Project Manager to determine acceptable completion.

5.1 Records. The CONTRACTOR shall retain and shall contractually require each SUBCONTRACTOR to retain all data and other “records” relating to the acquisition and performance of the Contract for a period of five years after the completion of the Contract.

5.2 Property of CITY. All materials, including reports, computer programs and other deliverables, supplied or created under this Contract are the sole property of CITY. CONTRACTOR is not entitled to a patent or copyright on those materials and 3-12Concord - Document ID: MWI0MjNlMWItZj
may not transfer the patent or copyright to anyone else. CONTRACTOR shall not use or release these materials without the prior written consent of CITY.

5.3 Products. All equipment, materials, parts, and other components incorporated in the work or services performed pursuant to this Contract shall be new, or the latest model and of the most suitable grade for the purpose intended. All work shall be performed in a skilled and workmanlike manner. 6 PRICE
CITY shall pay to CONTRACTOR an amount not to exceed Three hundred, ninety six thousand dollars ($396000.00) for the completion of all the work and services described in Section 2, which sum shall include all costs or expenses incurred by CONTRACTOR, payable as follows:

Billed as support is used. Net 45.

6.1 An application for payment form must be submitted to CITY which shall include the following: a clear, detailed invoice reflecting work being billed for, a summary sheet showing percentage of work completed to date, amount/percent billed to date and current status of all tasks within a project; any/all backup documentation supporting the above items. Work schedule updates must also be included with the payment requests.

6.2 CONTRACTOR shall maintain adequate records and shall permit inspection and audit by CITY of CONTRACTOR’s charges under this Contract. CONTRACTOR shall make such records available to CITY during normal business hours upon reasonable notice. Nothing herein shall convert such records into public records, and they will be available only to CITY and any specified public agencies. Such records shall be maintained by CONTRACTOR for one (1) year following completion of the work under this Contract unless a longer period of time is required by state or federal law, in which event CONTRACTOR shall retain its records for the time required by such laws.

6.3 Payment. A separate invoice shall be issued for each shipment of material or service performed, and no payment will be issued prior to receipt of material and/or completion of specified services and receipt of a correct invoice. 7 TAXES

7.1 CONTRACTOR shall pay all sales, consumer, use, and other similar taxes required to be paid by CONTRACTOR in accordance with state and local laws.

7.2 CONTRACTOR is an independent contractor and shall have no power or authority to incur any debt, obligation, or liability on behalf of CITY. No person employed by CONTRACTOR or acting on its behalf, in connection with this Contract shall be considered the Agent or employee of CITY.
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7.3 CONTRACTOR shall be required to obtain a current City of Palmdale business license, as required by the Palmdale Municipal Code, before an Authorization to Proceed is issued.

7.4 When equipment, materials or supplies generally taxable to CONTRACTOR are eligible for a tax exemption due to the nature of the work, CONTRACTOR shall assist the City in applying for and obtaining such tax credits and exemptions, which shall be paid or credited to the City.
8 PATENT FEES AND ROYALTIES
CONTRACTOR shall pay all license fees and royalties and assume all costs incident to the use, in the performance of the work or the incorporation in the work of any invention, design, process, program, product or device which is the subject of patent rights or copyrights held by others. If a particular invention, design, process, program, product or device is specified in the contract documents for use in the performance of the work and if, to the actual knowledge of CITY, its use is subject to patent rights or copyrights calling for the payment of any license fee or royalty to others, the existence of such rights shall be disclosed by CITY in the contract documents.

CONTRACTOR shall indemnify and hold harmless CITY and anyone directly or indirectly employed by CITY from and against all claims, damages, losses and expenses (including attorneys' fees) arising out of any infringement of patent rights or copyrights incident to the use in the performance of the work, or resulting from the incorporation in the work of any invention, design, process, program, product or device not specified in the contract documents, and shall defend all such claims in connection with any alleged infringement of such rights. 9 INDEMNIFICATION
To the fullest extent permitted by law, CONTRACTOR and any subcontractors working on its behalf agree to indemnify CITY, its officers, employees, agents and elected and appointed boards (hereinafter “Indemnified Parties”) for any loss, claim, demand, cause of action, cost, expense, damage, obligation or liability which arises out of or is in any way connected with the performance of any work under this agreement, including any acts or omissions, willful misconduct or negligent conduct, whether active or passive, on the part of CONTRACTOR, or its subcontractors, and regardless of any acts, omissions or negligence (whether active or passive) of any person or entity indemnified hereunder. At their own expense, CONTRACTOR and, as applicable, any subcontractors working on its behalf, shall defend any suit, claim or action against the Indemnified Parties founded upon such loss, claim, demand, cause of action, cost, expense, damage, obligation or liability. CONTRACTOR shall ensure that the contract of any subcontractor working under this agreement contain an indemnity agreement, requiring the subcontractor to indemnify and defend the Indemnified Parties pursuant the terms set forth above. CONTRACTOR shall indemnify the Indemnified Parties, and save it harmless from any and all loss, damage, costs, expenses and attorney's fees suffered or incurred on account of any 5-12Concord - Document ID: MWI0MjNlMWItZj
breach of the aforesaid obligations and covenants, and any other provision or covenant of this agreement.
10 INSURANCE

10.1 CONTRACTOR, at its expense, shall maintain in effect at all times during the performance of work under this Contract not less than the following coverage and limits of insurance, which shall be maintained with insurers listed “A” or better in the Best’s Insurance Guide and authorized to do business in the State of California.

Proof of Insurance, as identified in Section 10.8, must be reviewed and accepted by the City Attorney.

10.1.1 Workers’ Compensation and Employer’s Liability
 Workers’ Compensation -- coverage as required by the State of California  Employer’s Liability -- $1,000,000.00 each accident $1,000,000.00 policy limit bodily injury
$1,000,000.00 each employee bodily injury by disease

10.1.2 Commercial General Liability
 $2,000,000.00 limit on a per occurrence basis
 $5,000,000.00 general aggregate limit

10.1.3 Commercial Automobile Liability
 $2,000,000.00 combined single limit including owned, non-owned and hired automobile coverage

10.1.4 Cyber Liability*
 $2,000,000 limit on a per occurrence basis

10.1.5 Professional Liability (including Tech Errors & Omissions)*  $5,000,000 limit on a per occurrence basis

10.2 All of CONTRACTOR’s policies shall contain an endorsement providing that written notice shall be given to CITY at least thirty (30) calendar days prior to termination, cancellation, or reduction of coverage in the policy.

10.3 Policies providing for bodily injury and property damage coverage shall contain the following:

A. An endorsement extending coverage to the City as an additional insured, as respects liability arising out of the performance of any work under the Contract.

Such insurance shall be primary insurance, as respects the interest of the City, and any other insurance maintained by the City shall be considered excess coverage and not contributing insurance with the insurance required hereunder. The certificates shall state: “The City of Palmdale, Successor Agency to the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Housing Authority, Industrial Development Authority, 6-12Concord - Document ID: MWI0MjNlMWItZj
Airport Authority, their officers, agents, employees and volunteers are named as additional insured”.

B. “Severability of Interest” Clause.

10.4 Promptly upon execution of this Contract, and prior to commencement of any work, CONTRACTOR shall deliver to CITY certificates of insurance and endorsements to all required policies demonstrating that CONTRACTOR has the required coverage and showing the required named insured. Within five (5) days of written request from CITY, CONTRACTOR shall deliver to CITY full and complete copies of all insurance policies required by this Contract.

10.5 The requirements as to the types and limits of insurance to be maintained by CONTRACTOR are not intended to and shall not in any manner limit or qualify CONTRACTOR’s liabilities and obligations under this Contract.

10.6 Any policy or policies of insurance that CONTRACTOR elects to carry as insurance against loss or damage to its equipment and tools or other personal property used in the performance of this Contract shall include a provision waiving the insurer’s right of subrogation against CITY.

10.7 All insurance coverage must be maintained throughout the duration of this Contract.

10.8 Acceptable Proof of Insurance:

10.8.1 ACORD Certificate of Insurance listing all coverage, limits, deductibles and insured; and endorsements for all applicable coverage if agent has authority to issue it; or additional insured Form CG20100704 and CG20370704 or equivalent must be provided for general liability coverage. Additional insured form CA0001 must be provided for automobile liability coverage.

10.8.2 Binders of insurance for all coverage. Agents must confirm that policy endorsements have been ordered from the respective insurance companies. Upon issuance, policy endorsements and a corresponding Certificate of Insurance listing all insurers and coverage must be submitted to the City Attorney.

10.8.3 *When professional (E&O) liability and/or cyber liability coverage is provided on a “claims made basis”, CONTRACTOR will continue to renew the insurance for a period of five (5) years after this Agreement expires or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect during the term of this Agreement, and will cover CONTRACTOR, or its officers, employees or agents during the time this Agreement was in effect.

10.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONTRACTOR fails to maintain the required 7-12Concord - Document ID: MWI0MjNlMWItZj
insurance for any period of time or fails to comply with any of the insurance requirements listed above.

10.10 CONTRACTOR shall require any and all subcontractors working on its behalf to provide insurance coverages and limits that are based on the scope of work and nature of risk being performed by the subcontractor. Any and all subcontractors working on behalf of CONTRACTOR shall be subject to all other insurance requirements that are stated herein.

Any deviation in this requirement will be CONTRACTOR's sole risk. CONTRACTOR's insurance requirements in Section 10 will not be impacted and/or limited by such deviation.

11 TERMINATION WITHOUT CAUSE
City reserves the right to terminate this Contract or any part thereof for its sole convenience with fifteen (15) days written notice. In the event of such termination, CONTRACTOR shall immediately stop all work hereunder, and shall immediately cause any of its suppliers and subcontractors to cease such work. CONTRACTOR shall also surrender to CITY all finished or unfinished documents, processes, programs and other supplies and materials, which shall be City’s property. As compensation in full for services performed to the date of such termination, the CONTRACTOR shall receive an amount equal to the value of the work completed as of the termination date in accordance with the fee schedule or as negotiated between the parties. In no event shall the amount payable upon termination exceed the total maximum compensation provided for in this Contract.
12 TERMINATION FOR CAUSE
If CITY determines that CONTRACTOR has failed to supply an adequate working force, or to provide services of proper quality, or has failed in any other respect to satisfactorily perform the services specified in this Contract, CITY shall give written notice to CONTRACTOR specifying all defaults to be remedied within thirty (30) days.

Such notice shall set forth the basis for CITY’s dissatisfaction and suggest corrective measures. If, after thirty days, CONTRACTOR has failed to implement appropriate corrective measures, CITY may elect to terminate this Contract in whole or in part.

12.1 In the event CITY terminates this Contract, in whole or in part, for cause, CITY may procure, upon such terms and in such manner, as it may deem appropriate, services similar to those terminated.

12.2 CONTRACTOR shall provide all finished or unfinished documents, data, studies, software, drawings, programs, processes, maps, photographs, reports, etc., prepared by CONTRACTOR within fifteen (15) working days after notice of termination. Upon such termination, CONTRACTOR shall be paid an amount equal to the value of the services provided and work performed as of the date of termination, taking into consideration the costs associated with hiring another CONTRACTOR to 8-12Concord - Document ID: MWI0MjNlMWItZj
complete the services. In ascertaining the value of the work performed up to the date of termination, consideration shall be given to both completed work and work in progress, to complete and incomplete documents when such are delivered to CITY, and to authorized reimbursement expenses. The above is in addition to any other remedies available by law or equity to CITY.

12.3 If, after notice of termination of the Contract under the provisions of this Section 12, it is determined, for any reason, that CONTRACTOR was not in default, or that the default was excusable, then the rights and obligations of the parties shall be the same as if the notice of termination had been issued pursuant to Section 11. 13 DISPUTE RESOLUTION
All claims, disputes, and other matters in question between CITY and CONTRACTOR arising out of or relating to this Contract or the breach thereof shall, to the extent reasonably feasible, be resolved through good faith negotiations between the parties. 14 OWNERSHIP OF PRODUCT
All product, data, documents, programs and software including, but not limited to, research, field notes, investigations, analysis, studies, processes, software, instructions for use and other manuals, whether complete or incomplete, which are prepared or produced in the performance of this Contract are to be, and remain the property of CITY and shall be delivered to or left with CITY upon the completion or termination of this Agreement. CONTRACTOR shall furnish CITY, upon its request, originals and reproducible and electronic copies of product, data reports, studies and of all other documents listed above. Electronic copies shall be provided in an unprotected format which allows CITY to copy, reproduce and makes changes as CITY deems necessary.
15 DELEGATION AND ASSIGNMENT

15.1 CONTRACTOR shall not delegate or assign its duties or rights hereunder, either in whole or in part, without the prior written consent of CITY; provided, however, that claims for money due or to become due to CONTRACTOR from CITY under this Contract may be assigned to a bank, trust company or other financial institution without such approval.

15.2 Any assignment, delegation or subcontract shall be made in the name of CONTRACTOR and shall not bind or purport to bind CITY and shall not release CONTRACTOR from any obligations under this Contract including, but not limited to, the duty to properly supervise and coordinate the work of employees, assignees, delegates and subcontractors. No such assignment, delegation or subcontract shall result in any increase in the amount of total compensation payable to CONTRACTOR under this Contract.
16 NON-DISCRIMINATION AND EQUAL EMPLOYMENT OPPORTUNITY 9-12Concord - Document ID: MWI0MjNlMWItZj

16.1 In performance of this Contract, CONTRACTOR shall not discriminate against any employee, subcontractor, or applicant for employment because of sex, color, race, religion, ancestry, national origin, disability, medical condition including the medical condition of Acquired Immune Deficiency Syndrome (AIDS) or any condition related thereto, marital status, sexual orientation, age, gender, gender identity, gender expression, genetic information, or military and veteran status.

CONTRACTOR will take affirmative action to ensure that applicants are employed, and that employees are treated during employment, without regard to their sex, color, race, religion, ancestry, national origin, disability, medical condition including the medical condition of Acquired Immune Deficiency Syndrome (AIDS) or any condition related thereto, marital status, sexual orientation, age, gender, gender identity, gender expression, genetic information, or military and veteran status . Affirmative action relating to employment shall include, but not be limited to the following:
employment, upgrading, demotion or transfer; recruitment; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship.

16.2 The provisions of subsection 16.1 above shall be included in all solicitations or advertisements placed by or on behalf of CONTRACTOR for personnel to perform any services under this Contract. CITY shall have access to all documents, data and records of CONTRACTOR and its subcontractors for purposes of determining compliance with the equal employment opportunity and non-discrimination provisions of this Section, and all applicable provisions of Executive Order No. 11246 which is incorporated herein by this reference. A copy of Executive Order No. 11246 is available for inspection at, and on file with, the Palmdale City Clerk’s Office. 17 FINANCIAL INTEREST CERTIFICATION

17.1 CONTRACTOR warrants that no person has been employed or retained to solicit or secure this Contract upon an agreement or understanding for a commission, percentage, brokerage or contingent fee; and that no officer or employee of the CITY has any interest, financially or otherwise, in CONTRACTOR’s firm.

17.2 For breach or violation of this warranty, CITY shall have the right to annul this Contract without liability or at its discretion to deduct from the Contract Price or consideration, the full amount of such commission, percentage, brokerage or contingent fee.
18 CONFLICT OF INTEREST

18.1 CONTRACTOR stipulates that its officers and employees do not now have a conflict of interest and it further agrees for itself, its officers and its employees that it will not contract for or accept employment for the performance of any work or services with any individual business, corporation or government unit that would create a conflict of interest in the performance of its obligations pursuant to this Contract or which would cause CONTRACTOR to be “financial interested” (as 10-12Concord - Document ID: MWI0MjNlMWItZj
provided in California Government Code Section 1090 et seq. or 87100 et seq.) in any contract or decision made by CITY on any matter.

18.2 CONTRACTOR shall not employ any City official or employee to perform any work required pursuant to this Contract.

18.3 To the extent required by the City Manager or his designee, CONTRACTOR shall complete and file with the City Clerk a Form 700 Statement of Economic Interests disclosing any reportable property interests, income, gifts, investments, or business positions.
19 COMPLIANCE WITH LAW

19.1 CONTRACTOR shall comply with all state and federal laws, including but not limited to, the requirement to hire only those persons authorized by federal law to work in the United States. If CONTRACTOR uses any subcontractors to complete this Contract, this same requirement shall be included in all subcontracts and strictly enforced by CONTRACTOR.

19.2 The law of the state of California shall govern this Contract. The venue of any legal action, either formal or informal, shall be the County of Los Angeles. 20 NOTICES
Any notice required under this Contract shall be in writing, addressed to the appropriate party at its address on the signature page and given personally or by registered or certified mail postage prepaid, or by a commercial courier service. All notices shall be effective upon the date of receipt.
21 ENTIRE AGREEMENT AND AMENDMENTS

21.1 This Contract is the complete Agreement between the parties and supersedes all prior proposals, agreements, and understandings between the parties and may not be modified or terminated orally.

21.2 No attempted waiver of any of the provisions hereof, nor any modification in the nature, extent or duration of the work to be performed by CONTRACTOR hereunder, shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.

21.3 The failure of any party to enforce against another party any provision of this Contract shall not constitute a waiver of that party’s right to enforce such a provision at a later time, and shall not serve to vary the terms of this Contract. 11-12Concord - Document ID: MWI0MjNlMWItZj
22 ATTORNEY’S FEES

If any action at law or in equity is brought to enforce or interpret any provisions of this Contract, the prevailing party in such action shall be entitled to reasonable attorney’s fees, costs and necessary disbursements, in addition to such other relief as may be sought and awarded.

In Witness Whereof, the parties hereto have caused this Contract to be executed and attested by their respective officers thereunto duly authorized.

CITY OF PALMDALE: TRUEPOINT SOLUTIONS, LLC:

Ronda Perez
City Manager

Kent Johnson
Chief Executive Officer

ADDRESS FOR NOTICE:

CITY OF PALMDALE
38300 Sierra Hwy., Suite D
Palmdale, CA 93550

ADDRESS FOR NOTICE:

TRUEPOINT SOLUTIONS, LLC
3262 Penryn Rd., Suite 100-B
Loomis, CA 95650
APPROVE AS TO FORM:

William P. Curley, III
Interim City Attorney

ATTEST:

Roxanne Faber
Acting City Clerk

---------------------------------------- INTERNAL USE ONLY ----------------------------------------

■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Attached Agreement Checklist and met all requirements
12-12Concord - Document ID: MWI0MjNlMWItZj
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City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT

CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: 1 AND 4
SUBJECT: APPROVE COOPERATIVE AGREEMENT WITH COUNTY OF LOS ANGELES FOR PN 847A, ARTERIAL ROAD REHABILITATION
PROJECT, FOR $1,300,000
ISSUE
Approve cooperative agreement with the County of Los Angeles for PN 847A, Arterial Road Rehabilitation Project, for $1,300,000.

RECOMMENDATION
Staff recommends that the City Council:

A. Approve cooperative agreement with the County of Los Angeles for PN 8 47A, Arterial Road Rehabilitation Project, for $1,300,000; and, B. Authorize the City Manager or her designee to execute Cooperative Agreement No. A-8342 with the County of Los Angeles, including non-substantive changes.

BACKGROUND
The City and Los Angeles County have shared jurisdiction along Palmdale Bl vd. from 50th St. East to 75th St. East and 40th St. East from Ave. N to Ave. N-8. Project No. 847A, Arterial Road Rehabilitation Project estimated cost is Seven Million Eight Hundred Thousand Dollars ($7,800,000) . The City’s share is to be Six Million Five Hundred Thousand Dollars ($6,500,000), and the County’s share is to be One Million Three Hundred Thousand Dollars ($1,300,000). It is anticipated this project will go out to bid in Dec. 2023, and construction will start in late Spring 2024 . It will take approximately 45 working days from the date the City issues the Notice to Proceed and is projected to be completed by the end of Summer 2024.

DISCUSSION
To achieve the most effective results, the City and County propose to design and construct improvements on Palmdale Blvd. from 50th St. East to 75th St. East, which consists of full -depth recla mation with cement stabilization . This method consists of pulverizing the existing hot mix asphalt layer and the underlying material, adding cement, compacting it to create a six or nine -inch layer, and overlaying it with a new hot mix Report to Mayor and City Council
Re: Approval of Cooperative Agreement No. A-8342
November 01, 2023

Page 2 ends

asphalt. For 40th St. East from Ave. N to Ave. N-8, the improvements will be to remove the existing roadway surface and base and reconstruct a new roadway to the existing pavement edges.

FISCAL IMPACT
The project is funded in Account S0025, Street Resurfacing Program for this project. The County will reimburse their portion at the end of the project.

STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.

B. Seek innovative, cost-effective, customer-focused methods of service delivery.

C.Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.

Prepared by: Lynn Glidden, P.E., Director of Public Works Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William Curley III, Interim City Attorney

ATTACHMENTS
Cooperative Agreement No. A-8342

City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT

CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: 1
SUBJECT: APPROVE COOPERATIVE AGREEMENT WITH COUNTY OF LOS ANGELES FOR PN 869, ARTERIAL ROAD REHABILITATION
PROJECT FOR $850,000
ISSUE
Approve cooperative agreement with the County of Los Angeles for PN 869, Arterial Road Rehabilitation Project, for $850,000.

RECOMMENDATION
Staff recommends that the City Council:

A. Approve cooperative agreement with the County of Los Angeles for PN 8 69, Arterial Road Rehabilitation Project for $850,000; and, B. Authorize the City Manager or her designee to execute Cooperative Agreement No. A-8349 with the County of Los Angeles, including non-substantive changes.

BACKGROUND
The City and Los Angeles County have shared jurisdiction along Elizabeth Lake Road from 10th St. West to Yucca Tree Street. Project No. 869, Arterial Road Rehabilitation Project estimated cost is One Million Seven Hundred Thousand ($1,700,000). The City’s share is to be Eight Hundred Fifty Thousand Dollars ($850,000), and the County’s share is to be Eight Hundred Fifty Thousand Dollars ($850,000). It is anticipated this project will go out to bid in Dec . 2023, and construction will start in late Spring 2024 . It will take approximately 45 working days from the date the City issues the Notice to Proceed and is projected to be completed by the end of Summer 2024.

DISCUSSION
To achieve the most effective results, the City and County propose to design and construct improvements on 10th St. West from Elizabeth Lake Road to Yucca Tree St., consisting of removing the existing roadway surface and base , reconstructing the roadway to existing edges of pavement , building a composite pavement section of 7.5 inches of crushed aggregate base (CAB); 4.5 inches of PG70-10 hot mix asphalt concrete Report to Mayor and City Council
Re: Approval of Cooperative Agreement No. A-8349
November 01, 2023

Page 2 ends

(HMA) with an overlay of 1.5 inches of Polymer Modified Asphalt Concrete (PMAC); signing and striping; and traffic loop restoration.

FISCAL IMPACT
The project is funded in Account S0025, Street Resurfacing Program. There are sufficient funds in this account for this project. The County will reimburse their portion at the end of the project.

STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.

B. Seek innovative, cost-effective, customer-focused methods of service delivery.

C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.

Prepared by: Lynn Glidden, P.E., Director of Public Works Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William Curley III, Interim City Attorney

ATTACHMENTS
Cooperative Agreement No. A-8349

City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT

MAINTENANCE DIVISION
DISTRICT: ALL
SUBJECT: APPROVE FIRST AMENDMENT WITH U.S. NATIONAL CORP DBA

JIMENEZ PAINTING COMPANY TO INCREASE CONTRACT PRICE
BY $840,000 IN AN AMOUNT NOT TO EXCEED $1,240,000, FOR

THE REMAINDER OF THE CONTRACT TERM THROUGH JUNE
2027
ISSUE
Approve first amendment with U.S. National Corp dba Jimenez Painting Company to increase contract price by $840,000 in an amount not to exceed $1,240,000 for the remainder of the contract term through June 2027.

RECOMMENDATION
Staff recommends that the City Council:

1. Approve first amendment for Agreement No. A-7972 with U.S. National Corp dba Jimenez Painting Company to increase contract price by $840,000 in an amount not to exceed $ 1,240,000, for the remainder of the contract term through June 2027; and,

2. Authorize the City Manager, or her designee, to execute the First Amendment to Agreement No. A-7972 with U.S. National Corp dba Jimenez Painting Company including non-substantive changes.

BACKGROUND
The City released Invitation for Bid No. 22-004-3400 for As Needed Professional Painting Services in April 2022 and awarded the contract to U.S. National Corp dba Jimenez Painting Company in August 2022, in the total amount of $400,000 for a three-year term with the option to extend for two additional terms of one year each (through FY 26/27). It was estimated at that time that the services would cost approximately $80,000 per year.

However, to address citywide painting needs and deferred maintenance, the City requested the contractor perform extra painting work during the first year of the contract.

This included the painting of fencing in twelve Landscape Assessment Districts , the Report to Mayor and City Council
Re: Approve First Amendment to Agreement No. A-7972 with U.S. National Corp November 1, 2023

Page 2 ends

Antelope Valley Country Club planter sign, handrails, gates, posts, fencing, and/or pavilion ceilings and facia at five City parks (Domenic Massari, Foothill, Marie Kerr, South Pelona Vista, and Best of the West Softball Complex), ticket booths and two train shelters at Palmdale Transportation Center; interior trim of the Administration building, metal staircase at Chimbole Cultural Center; safety markings in the Oasis/DryTown Water Park parking lot, Civic Center, Poncitlan Square’s gazebo, brick features, trash receptable, and light standards, and the preparation, priming, and graffiti coating for Public Art locations.

These additional services resulted in more than double the original annual cost projections being spent in one year ($183,940).

In addition to the work noted above a large-scale project funded by Measure AV was completed at Desert Sands Park to repaint the pavilion, grounds surfaces, and concession and shop building exteriors totaling $196,105.

As a result of this work, the original contract amount was exhausted during the first year of the agreement. Therefore, additional funds are required to continue contracting painting services with U.S. National Corp.

DISCUSSION
The first amendment will increase the contract price with U.S. National Corp $840,000 for a revised total of $1,240,000 through the remaining two-year term plus the two options to extend through Fiscal Year 26/27. The new contract total reflects the continued need for painting services citywide through the full contract term. Based on the increase, the average cost per year will be $210,000, with $25,000 of that being allocated for Measure AV funded projects.

This increase allows for, but is not limited to, the painting and/or primer work on exterior and interior surfaces, wooden and/or metal doors, building fascia and/or rafter tails, window casing and security screening, City standard light poles, park infrastructure and surfaces, wrought iron fencing (about 2,100 linear feet each year), backflow or irrigation controller enclosures, and Public Art pieces and surfaces. These specialized services contribute to the beautification of the City’s infrastructure, preserving and extending the life of our assets.

FISCAL IMPACT
Sufficient funds for as needed professional painting services are budgeted in the following accounts during the contract term: Facility Maintenance (10133005), Landscape Assessment Districts (25133003), General Benefit Landscape Areas (10133003), Park Maintenance (10133002), Palmdale Transportation Center and Park-N-Rides (20333005), Public Art (15642001), and CIP Measure AV (P0109157) Contract Service accounts.

Report to Mayor and City Council
Re: Approve First Amendment to Agreement No. A-7972 with U.S. National Corp November 1, 2023

Page 3 ends

STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.

B. Seek innovative, cost effective, customer focused methods of service delivery.

C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public space with exciting programming that promotes active fun for everyone.

Prepared by: Lynn Glidden, P.E., Director of Public Works Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley III, Interim City Attorney

ATTACHMENTS

1. Agreement No. A-7972, Amendment 1 U.S. National Corp FIRST AMENDMENT TO AGREEMENT A-7972

BETWEEN THE CITY OF PALMDALE AND US NATIONAL CORP DBA JIMENEZ

PAINTING COMPANY

This First Amendment to Agreement No. A-7972 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and US NATIONAL CORP DBA JIMENEZ PAINTING COMPANY (hereinafter called " CONTRACTOR"). This Contract shall become effective on the date of the last signatory.

WHEREAS, on August 3, 2022 ("Original Agreement") the CITY and CONTRACTOR entered into an agreement to provide:

Professional painting services on an as needed basis. These services include, but are not limited to, the painting or primer work of exterior and interior surfaces, City standard light poles, wooden or metal doors, fascia, rafter tails, window security bars and screens, roofing, wrought iron fences, backflow and irrigation controller enclosures, and Public Art pieces and surfaces.

WHEREAS, the parties desire to amend the Original Agreement to:

Increase Agreement price for continued professional painting services for the remainder of the contract term through Fiscal Year 2026-27.

NOW THEREFORE, the parties agree as follows:

1. The compensation identified in Section 5 is amended to increase the total price of the Agreement by Eight Hundred Forty Thousand dollars ($840,000), not to exceed the amount of One Million Two Hundred Forty Thousand dollars ($1,240,000).

All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.

1-2Concord - Document ID: generated after first signature

In Witness Whereof, the parties hereto have caused this Contract to be executed and attested by their respective officers thereunto duly authorized.

CITY OF PALMDALE:

US NATIONAL CORP DBA JIMENEZ
PAINTING COMPANY:

Ronda Perez
City Manager

Fred Jimenez
President
ADDRESS FOR NOTICE:

CITY OF PALMDALE
39110 3rd Street East, Suite C
Palmdale, CA 93550

ADDRESS FOR NOTICE:

US NATIONAL CORP DBA JIMENEZ

PAINTING COMPANY
10205 San Fernando Road
Pacoima, CA 91331
APPROVE AS TO FORM:

William P. Curley, III
Interim City Attorney

ATTEST:

Roxanne Faber
Acting City Clerk

---------------------------------------- INTERNAL USE ONLY ----------------------------------------

■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
2-2Concord - Document ID: generated after first signature City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT

ENGINEERING DIVISION
DISTRICT: 2
SUBJECT: APPROVE FINAL PARCEL MAP NO. 83940 (LOCATED AT RANCHO

VISTA BLVD & TOWN CENTER DRIVE)
ISSUE
Approve Final Parcel Map No. 83940 (located at Rancho Vista Blvd & TownCenter Drive).

RECOMMENDATION
Staff recommends that the City Council:

A. Approve Final Parcel Map No. 83940 (located at Rancho Vista Blvd. and Town Center Drive); and,
B. Authorize the City Clerk to execute City Clerk’s Statement and Special Assessments Statement; and,
C. Authorize the Acting City Surveyor to execute the City Surveyor’s Statement and file the map with the County Recorder.

BACKGROUND
Final Parcel Map No. 83940 is a 5-acre subdivision, legally creating three commercial lots. All proposed lot sizes and dimensions comply with the City’s Zoning Ordinance.The subject property is located at Rancho Vista Blvd and Town Center Drive. The applicant for this final parcel map is Protea Senior Living Palmdale , LLC, a California Limited Liability Company. This tentative parcel map was approved by the Planning Commission on March 9, 2023 by Resolution No. PC-2023-006.

This final parcel map is consistent with the tentative parcel map and all final map conditions of approval have been met. The Acting City Land Surveyor has reviewed the final map for technical accuracy and verified it is compliant with the Subdivision Map Act.

Report to Mayor and City Council
Re: Approval of Final Parcel Map No. 83940
November 1, 2023

Page 2 ends

FISCAL IMPACT
There is no fiscal impact associated with this action.

STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.

A. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.

Prepared by: Lynn Glidden, P.E., Director of Public Works Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley III, Interim City Attorney

ATTACHMENTS

1. Parcel Map No. 83940
PARCEL MAP NO. 83940IN THE CITY OF PALMDALE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIABEING A SUBDIVISION OF PARCEL 1 OF PARCEL MAP NO. 23938, IN THE CITY OF PALMDALE, COUNTY OF LOS ANGELES,STATE OF CALIFORNIA, AS PER MAP FILED IN BOOK 264, PAGES 13 AND 14 OF PARCEL MAPS, IN THE OFFICE OF THECOUNTY RECORDER OF SAID COUNTY.TAIT & ASSOCIATES, INC. FEBRUARY, 2023TENTATIVE MAP EXPIRATION DATE: MARCH 21, 2026TAX CERTIFICATEI HEREBY CERTIFY THAT SECURITY IN THE AMOUNT OF HAS BEEN FILE WITH THE EXECUTIVEOFFICER, BOARD OF SUPERVISORS OF THE COUNTY OF LOS ANGELES AS SECURITY FOR THE PAYMENT OFTAXES AND SPECIAL ASSESSMENTS COLLECTED AS TAXES ON THE LAND SHOWN ON MAP OF PAREL MAP NO.83940 AS REQUIRED BY LAW.EXECUTIVE OFFICER, BOARD OF SUPERVISORS OF THECOUNTY OF LOS ANGELES, STATE OF CALIFORNIABY: ____________________________________________DEPUTYDATE I HEREBY CERTIFY THAT ALL CERTIFICATES HAVE BEEN FILED AND DEPOSITS HAVE BEEN MADE THAT AREREQUIRED UNDER THE PROVISIONS OF SECTIONS 66492 AND 66493 OF THE SUBDIVISION MAP ACT.EXECUTIVE OFFICER, BOARD OF SUPERVISORS OF THECOUNTY OF LOS ANGELES, STATE OF CALIFORNIABY: ____________________________________________DEPUTYDATE SHEET 1 OF 4 SHEETS
OWNER'S STATEMENTWE HEREBY STATE THAT WE ARE THE OWNERS OR ARE INTERESTED IN THE LANDSINCLUDED WITHIN THE SUBDIVISION SHOWN ON THIS MAP WITHIN THE DISTINCTIVEBORDER LINES, AND WE CONSENT TO THE PREPARATION AND FILING OF SAID MAP ANDSUBDIVISION.WE FURTHER STATE THAT, EXCEPT AS SHOWN ON THIS MAP, WE KNOW OF NOEASEMENTS OR STRUCTURES EXISTING WITHIN THE EASEMENTS HEREBY OFFERED FORDEDICATION TO THE PUBLIC, OTHER THAN PUBLICLY OWNED WATER LINES, SEWERS, ORSTORM DRAINS, THAT WE WILL GRANT NO RIGHT OR INTEREST WITHIN THE BOUNDARIESOF SAID EASEMENTS OFFERED TO THE PUBLIC, EXCEPT WHERE SUCH RIGHT ORINTEREST IS EXPRESSLY MADE SUBJECT TO SAID EASEMENTS.AND WE HEREBY IRREVOCABLY OFFER TO DEDICATE REAL PROPERTY TO THE CITY OFPALMDALE:AS EASEMENTS FOR PUBLIC PURPOSES ALL STREETS, HIGHWAYS, AND OTHER PUBLICWAYS SHOWN ON SAID MAP.AND WE HEREBY IRREVOCABLY OFFER TO DEDICATE REAL PROPERTY TO THE CITY OFPALMDALE:AN EASEMENT FOR ACCESS, FIRE LANE AND EMERGENCY ACCESS PURPOSES OVER THEPRIVATE DRIVEWAYS SO DESIGNATED ON SAID MAP.PROTEA SENIOR LIVING PALMDALE, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY_____________________________________ ______________________________________NAME: GREGORY SPIRO NAME: HANS ABEL VAN DER LAANTITLE: MEMBER TITLE: MEMBER SURVEYOR'S STATEMENTTHIS MAP WAS PREPARED BY ME OR UNDER MY DIRECTION AND IS BASED UPON TRUE ANDCOMPLETE FIELD SURVEY IN CONFORMANCE WITH THE REQUIREMENTS OF THE SUBDIVISIONMAP ACT AND LOCAL ORDINANCE AT THE REQUEST OF PALMDALE SENIOR LIVING ON FEBRUARY21, 2022. I HEREBY STATE THAT THIS FINAL MAP SUBSTANTIALLY CONFORMS TO THECONDITIONALLY APPROVED TENTATIVE MAP; THAT ALL MONUMENTS ARE OF THE CHARACTERAND OCCUPY THE POSITIONS INDICATED, OR THAT THEY WILL BE SET IN THOSE POSITIONSWITHIN 24 MONTHS FROM THE FILING DATE OF THIS MAP; THAT SAID MONUMENTS ARESUFFICIENT TO ENABLE THE SURVEY TO BE RETRACED, AND THAT TIE NOTES TO ALLCENTERLINE MONUMENTS SHOWN AS "TO BE SET" WILL BE ON FILE IN THE OFFICE OF THE CITYENGINEER WITHIN 24 MONTHS FROM THE FILING DATE SHOWN HEREON.DATE: , 20.P.L.S. NO. 8899EXP. 12/31/2023 CITY SURVEYOR'S STATEMENTI HEREBY STATE THAT I HAVE EXAMINED THIS MAP; THAT IT CONFORMS SUBSTANTIALLY TOTHE TENTATIVE MAP AND ALL APPROVED ALTERATIONS THEREOF; THAT ALL THEPROVISIONS OF APPLICABLE STATE LAW AND SUBDIVISION ORDINANCES OF THE CITY OFPALMDALE APPLICABLE AT THE TIME OF APPROVAL OF THE TENTATIVE MAP HAVE BEENCOMPLIED WITH, AND THAT I AM SATISFIED THAT THIS MAP IS TECHNICALLY CORRECT.DATED: ____________________BY: ________________________________________FREDRICK R. JONES JR., L.S. 5458ACTING CITY SURVEYORCITY CLERK'S STATEMENT:I, ROCHELLE SCOTT, ACTING CITY CLERK OF THE CITY OF PALMDALE, DO HEREBY STATE THATTHIS MAP WAS PRESENTED FOR APPROVAL TO THE CITY OF PALMDALE CITY COUNCIL AT THEREGULAR MEETING THEREOF, HELD ON THE DAY OF , 2023, ANDTHAT THEREUPON SAID COUNCIL DID, BY AN ORDER DULY PASSED AND ENTERED, APPROVESAID MAP; AND ON BEHALF OF THE PUBLIC, SAID COUNCIL DID:THE CITY OF PALMDALE CONSENTS TO THE RECORDATION OF THE WITHIN IRREVOCABLEOFFER TO DEDICATE FOR STREETS AS SHOWN ON SAID MAP, AND RESERVES THE RIGHT TOACCEPT SAID OFFER TO DEDICATE AT A LATER DATE. THIS CONSENT IS NOT A PRESENTACCEPTANCE OF THE OFFER TO DEDICATE.AND ON BEHALF OF THE PUBLIC, SAID COUNCIL DID:ACCEPT AN OFFER FOR ACCESS, FIRE LANE AND EMERGENCY ACCESS PURPOSES EASEMENTOVER THE PRIVATE DRIVEWAYS SO DESIGNATED ON SAID MAP._____________________________ _______________ROCHELLE SCOTTDATEACTING CITY CLERK, CITY OF PALMDALE BENEFICIARYCOMERICA BANK, HOLDER OF BENEFICIAL INTERESTS UNDER DEED OF TRUST RECORDEDSEPTEMBER 1, 2020 AS INSTRUMENT NO. 20201032399 OF OFFICIAL RECORDS._____________________________________ ______________________________________PRINT NAME: PRINT NAME:TITLE: TITLE:

TB2206
CITY SPECIAL ASSESSMENTS STATEMENT:I, HEREBY STATE THAT ALL SPECIAL ASSESSMENTS LEVIED UNDER THE JURISDICTION OFTHE CITY PALMDALE, TO WHICH THE LAND INCLUDED IN THE WITHIN SUBDIVISION OR ANYPART THEREOF IS SUBJECT, AND WHICH MAP BE PAID IN FULL HAVE BEEN PAID IN FULL._____________________________ _______________ROCHELLE SCOTTDATEACTING CITY CLERK, CITY OF PALMDALE 3 PARCELS4.80 ACRES
SIGNATURE OMISSION STATEMENT:THE SIGNATURE(S) OF THE PARTY(IES) NAMED HEREINAFTER AS OWNER(S) OF THE INTEREST SET FORTH, MAYBE OMITTED UNDER PROVISIONS OF SECTION 66436(a) (3)(A) (i-viii) OF THE SUBDIVISION MAP ACT, AS THEIRINTEREST IS SUCH THAT IT CANNOT RIPEN INTO A FEE AND SAID SIGNATURE(S) IS (ARE) NOT REQUIRED BY THELOCAL AGENCY.SPECTRUM PACIFIC WEST, LLC, HOLDER OF AN EASEMENT ACROSS, UNDER, OVER, WITHIN AND THROUGH THEPREMISES AS NECESSARY FOR THE ROUTING, INSTALLATION, MAINTENANCE, IMPROVEMENT, SERVICE,OPERATION AND REMOVAL OF EQUIPMENT RECORDED DECEMBER 1, 2020 AS INSTRUMENT NO. 20201545402, OFOFFICIAL RECORDS. NOTE: SAID EASEMENT IS BLANKET IN NATURE.CITY OF PALMDALE, HOLDER OF AN EASEMENT FOR SANITARY SEWERS RECORDED DECEMBER 14, 2020 ASINSTRUMENT NO. 20201643152, OF OFFICIAL RECORDS.LOS ANGELES COUNTY WATERWORKS DISTRICT NO. 40, ANTELOPE VALLEY, HOLDER OF AN EASEMENT FORWATER PIPELINES RECORDED JULY 19, 2021 AS INSTRUMENT NO. 20211110162, OF OFFICIAL RECORDS.

SOILS REPORT NOTE:IN ACCORDANCE WITH SECTION 66434.5 OF THE SUBDIVISION MAP ACT, A SOILS REPORTWAS PREPARED ON APRIL 12, 2019 BY GEOMAT TESTING LABORATORIES, INC., AND IS ONFILE IN THE OFFICE OF THE CITY ENGINEER.

PARCEL MAP NO. 83940IN THE CITY OF PALMDALE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIATAIT & ASSOCIATES, INC. FEBRUARY, 2023SHEET 2 OF 4 SHEETS TB2206
NOTARY ACKNOWLEDGMENTA NOTARY PUBLIC OR OTHER OFFICER COMPLETING THIS CERTIFICATE VERIFIES ONLY THEIDENTITY OF THE INDIVIDUAL WHO SIGNED THE DOCUMENT TO WHICH THIS CERTIFICATE ISATTACHED, AND NOT THE TRUTHFULNESS, ACCURACY, OR VALIDITY OF THAT DOCUMENT.STATE OF _________________________ )COUNTY OF _______________________ )ON _________________________ BEFORE ME, ___________________________________________ (INSERT NAME AND TITLE OF THE OFFICER)PERSONALLY APPEARED _____________________________________________________________WHO PROVED TO ME ON THE BASIS OF SATISFACTORY EVIDENCE TO BE THE PERSON(S)WHOSE NAME(S) IS/ARE SUBSCRIBED TO THE WITHIN INSTRUMENT AND ACKNOWLEDGED TOME THAT HE/SHE/THEY EXECUTED THE SAME IN HIS/HER/THEIR AUTHORIZED CAPACITY(IES),AND THAT BY HIS/HER/THEIR SIGNATURE(S) ON THE INSTRUMENT THE PERSON(S), OR THEENTITY UPON BEHALF OF WHICH THE PERSON(S) ACTED, EXECUTED THE INSTRUMENT.I CERTIFY UNDER PENALTY OF PERJURY, UNDER THE LAWS OF THE STATE OF CALIFORNIA,THAT THE FOREGOING PARAGRAPH IS TRUE AND CORRECT.WITNESS MY HAND_______________________________SIGNATURE MY PRINCIPAL PLACE OF BUSINESS: _________________MY COMMISSION NO.: ______________________________MY COMMISSION EXPIRES: _________________________PURSUANT TO GOVERNMENT CODE SECTION 66436(C)SUBDIVISION MAPS DO NOT REQUIRE A NOTARY'SOFFICIAL SEAL. 3 PARCELS4.80 ACRES
NOTARY ACKNOWLEDGMENTA NOTARY PUBLIC OR OTHER OFFICER COMPLETING THIS CERTIFICATE VERIFIES ONLY THEIDENTITY OF THE INDIVIDUAL WHO SIGNED THE DOCUMENT TO WHICH THIS CERTIFICATE ISATTACHED, AND NOT THE TRUTHFULNESS, ACCURACY, OR VALIDITY OF THAT DOCUMENT.STATE OF _________________________ )COUNTY OF _______________________ )ON _________________________ BEFORE ME, ___________________________________________ (INSERT NAME AND TITLE OF THE OFFICER)PERSONALLY APPEARED _____________________________________________________________WHO PROVED TO ME ON THE BASIS OF SATISFACTORY EVIDENCE TO BE THE PERSON(S)WHOSE NAME(S) IS/ARE SUBSCRIBED TO THE WITHIN INSTRUMENT AND ACKNOWLEDGED TOME THAT HE/SHE/THEY EXECUTED THE SAME IN HIS/HER/THEIR AUTHORIZED CAPACITY(IES),AND THAT BY HIS/HER/THEIR SIGNATURE(S) ON THE INSTRUMENT THE PERSON(S), OR THEENTITY UPON BEHALF OF WHICH THE PERSON(S) ACTED, EXECUTED THE INSTRUMENT.I CERTIFY UNDER PENALTY OF PERJURY, UNDER THE LAWS OF THE STATE OF CALIFORNIA,THAT THE FOREGOING PARAGRAPH IS TRUE AND CORRECT.WITNESS MY HAND_______________________________SIGNATURE MY PRINCIPAL PLACE OF BUSINESS: _________________MY COMMISSION NO.: ______________________________MY COMMISSION EXPIRES: _________________________PURSUANT TO GOVERNMENT CODE SECTION 66436(C)SUBDIVISION MAPS DO NOT REQUIRE A NOTARY'SOFFICIAL SEAL.

NOTARY ACKNOWLEDGMENTA NOTARY PUBLIC OR OTHER OFFICER COMPLETING THIS CERTIFICATE VERIFIES ONLY THEIDENTITY OF THE INDIVIDUAL WHO SIGNED THE DOCUMENT TO WHICH THIS CERTIFICATE ISATTACHED, AND NOT THE TRUTHFULNESS, ACCURACY, OR VALIDITY OF THAT DOCUMENT.STATE OF _________________________ )COUNTY OF _______________________ )ON _________________________ BEFORE ME, ___________________________________________ (INSERT NAME AND TITLE OF THE OFFICER)PERSONALLY APPEARED _____________________________________________________________WHO PROVED TO ME ON THE BASIS OF SATISFACTORY EVIDENCE TO BE THE PERSON(S)WHOSE NAME(S) IS/ARE SUBSCRIBED TO THE WITHIN INSTRUMENT AND ACKNOWLEDGED TOME THAT HE/SHE/THEY EXECUTED THE SAME IN HIS/HER/THEIR AUTHORIZED CAPACITY(IES),AND THAT BY HIS/HER/THEIR SIGNATURE(S) ON THE INSTRUMENT THE PERSON(S), OR THEENTITY UPON BEHALF OF WHICH THE PERSON(S) ACTED, EXECUTED THE INSTRUMENT.I CERTIFY UNDER PENALTY OF PERJURY, UNDER THE LAWS OF THE STATE OF CALIFORNIA,THAT THE FOREGOING PARAGRAPH IS TRUE AND CORRECT.WITNESS MY HAND_______________________________SIGNATURE MY PRINCIPAL PLACE OF BUSINESS: _________________MY COMMISSION NO.: ______________________________MY COMMISSION EXPIRES: _________________________PURSUANT TO GOVERNMENT CODE SECTION 66436(C)SUBDIVISION MAPS DO NOT REQUIRE A NOTARY'SOFFICIAL SEAL.

NOTARY ACKNOWLEDGMENTA NOTARY PUBLIC OR OTHER OFFICER COMPLETING THIS CERTIFICATE VERIFIES ONLY THEIDENTITY OF THE INDIVIDUAL WHO SIGNED THE DOCUMENT TO WHICH THIS CERTIFICATE ISATTACHED, AND NOT THE TRUTHFULNESS, ACCURACY, OR VALIDITY OF THAT DOCUMENT.STATE OF _________________________ )COUNTY OF _______________________ )ON _________________________ BEFORE ME, ___________________________________________ (INSERT NAME AND TITLE OF THE OFFICER)PERSONALLY APPEARED _____________________________________________________________WHO PROVED TO ME ON THE BASIS OF SATISFACTORY EVIDENCE TO BE THE PERSON(S)WHOSE NAME(S) IS/ARE SUBSCRIBED TO THE WITHIN INSTRUMENT AND ACKNOWLEDGED TOME THAT HE/SHE/THEY EXECUTED THE SAME IN HIS/HER/THEIR AUTHORIZED CAPACITY(IES),AND THAT BY HIS/HER/THEIR SIGNATURE(S) ON THE INSTRUMENT THE PERSON(S), OR THEENTITY UPON BEHALF OF WHICH THE PERSON(S) ACTED, EXECUTED THE INSTRUMENT.I CERTIFY UNDER PENALTY OF PERJURY, UNDER THE LAWS OF THE STATE OF CALIFORNIA,THAT THE FOREGOING PARAGRAPH IS TRUE AND CORRECT.WITNESS MY HAND_______________________________SIGNATURE MY PRINCIPAL PLACE OF BUSINESS: _________________MY COMMISSION NO.: ______________________________MY COMMISSION EXPIRES: _________________________PURSUANT TO GOVERNMENT CODE SECTION 66436(C)SUBDIVISION MAPS DO NOT REQUIRE A NOTARY'SOFFICIAL SEAL.

PARCEL MAP NO. 83940IN THE CITY OF PALMDALE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIATAIT & ASSOCIATES, INC.FEBRUARY, 2023SHEET 3 OF 4 SHEETS TB2206
3 PARCELS4.80 ACRES
1 inch = ft.( IN FEET )GRAPHIC SCALE0' 200'50'100'5025' N
BASIS OF BEARINGSTHE BEARING NORTH 54°13'48" WEST BEING THE CENTERLINE OF RANCHOVISTA BOULEVARD AS SHOWN ON PARCEL MAP NO. 23938, FILED IN BOOK264, PAGES 13 AND 14 OF PARCEL MAPS IN THE CITY OF PALMDALE,COUNTY OF LOS ANGELES, STATE OF CALIFORNIA WAS USED AS THEBASIS OF BEARINGS FOR THIS SURVEY.

LEGENDINDICATES THE BOUNDARY OF THE LANDBEING SUBDIVIDED BY THIS MAP.CENTER LINEEASEMENT LINETIE LINE MONUMENT LEGEND=FOUND MONUMENT AS NOTED HEREON.=INDICATES "TO BE SET" 1" IRON PIPE TAGGED "PLS 8899" INSOIL, FLUSH, SET SPIKE AND WASHER STAMPED "PLS 8899"IN ASPHALT, DOWN 0.04' OR SET LEAD AND TACK TAGGED"PLS 8899" IN CONCRETE, AS APPROPRIATE, UNLESS OTHERWISE NOTED.=SEARCHED, NOTHING FOUND ESTABLISHMENT NOTESM&INDICATES MEASURED AND RECORD DATA *INDICATES CALCULATED RECORD DATA(R#)INDICATES RECORD DATA PER MAP REFERENCER1 PARCEL MAP NO. 23938, P.M.B. 264/13-14R2PARCEL MAP NO. 71824, P.M.B. 377/58-59R3TRACT NO. 47934, M.B .1261/75-81R4TRACT NO. 47935, M.B. 1262/91-98R5INSTRUMENT NO. 2005-1884530R6INSTRUMENT NO. 2020-1643151 SNF
PARCEL MAP NO. 83940IN THE CITY OF PALMDALE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIATAIT & ASSOCIATES, INC.FEBRUARY, 2023SHEET 4 OF 4 SHEETS3 PARCELS4.80 ACRES EASEMENT NOTES16AN EASEMENT GRANTED TO SPECTRUM PACIFIC WEST, LLC, FOR A NON-EXCLUSIVE EASEMENT ACROSS, UNDER, OVER, WITHIN AND THROUGH THE PREMISES AS NECESSARY FOR THE ROUTING, INSTALLATION, MAINTENANCE, IMPROVEMENT, SERVICE, OPERATIONAND REMOVAL OF EQUIPMENT RECORDED DECEMBER 1, 2020 AS INSTRUMENT NO. 2020-1545402, O.R. (SAID EASEMENT IS BLANKET IN NATURE)18AN EASEMENT GRANTED TO THE CITY OF PALMDALE FOR SANITARYSEWERS AND RIGHTS INCIDENTAL THERETO RECORDED DECEMBER14, 2020 AS INSTRUMENT NO. 20201643152, O.R. (PLOTTED)19AN EASEMENT GRANTED TO THE LOS ANGELES COUNTYWATERWORKS DISTRICT NO. 40, ANTELOPE VALLEY FOR WATERPIPELINES AND APPURTENANCES AND INGRESS/EGRESS PURPOSESAND THE RIGHT TO CONSTRUCT, OPERATE, MAINTAIN, AND USESAME PURPOSES AND RIGHTS INCIDENTAL THERETO RECORDEDJULY 19, 2021 RECORDED AS INSTRUMENT NO. 20211110162, O.R.(PLOTTED) 1 inch = ft.( IN FEET )GRAPHIC SCALE0' 200'50'100'5025' N
LEGENDINDICATES THE BOUNDARY OF THE LANDBEING SUBDIVIDED BY THIS MAP.CENTER LINEEASEMENT LINETIE LINEEASEMENT FOR ACCESS, FIRE LANE ANDEMERGENCY ACCESS PURPOSES,DEDICATED TO THE CITY OF PALMDALEPER THIS MAP

EASEMENT NOTEPRIVATE EASEMENTS FOR WATERLINEPURPOSES TO BE RESERVED IN SEPARATEDOCUMENTS DETAIL "A"NOT TO SCALE
City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT FOR LEGAL SERVICES WITH HARPER & BURNS, LLP, INCLUDING THE APPOINTMENT OF WILLIAM P.

CURLEY, III AS CITY ATTORNEY
ISSUE
Approve agreement for legal services with Harper & Burns, LLP, including appointing William P. Curley, III, as City Attorney.

RECOMMENDATION
Staff recommends that the City Council:

1. Approve Agreement No. A-8599, for Legal Services with Harper & Burns, LLP, including the appointment of William P. Curley, III, as City Attorney.

2. Authorize the City Manager or h er designee to execute Agreement No. A -8599 with Harper & Burns, LLP, including minimal and/or non-substantive changes.

BACKGROUND
At the October 18, 2023, closed session meeting, the City Council approved contracting the firm of Harper & Burns, LLP, for City Attorney services, including appointing William P. Curley, III, as the City Attorney.

DISCUSSION
The City Council conducted an extensive recruitment and interview process for City Attorney services. It was determined that the firm of Harper & Burns, LLP, best suits the City’s legal needs and has directed the preparat ion of an agreement for legal services.

The agreement is attached for your consideration.

The firms’ professionalism, long -standing services to other jurisdictions, depth and breadth of education, and knowledge of municipal government matters, along with their skills, ethics, and qualifications, will enable the firm to effectively meet challenges and contribute positively to the future of Palmdale.

Harper & Burns, LLP provides general municipal legal services as well as a variety of specialized services. Specialized services include , but are not limited to, litigation and third-party litigation management, oversight and direction, financing arrangement advice Report to Mayor and City Council
Re: Approve Legal Services Agreement No. A-8599
November 1, 2023

Page 2 ends

including bonds, community facility districts and tax, real estate acquisition or disposition, developer-related services, and other special projects. Harper & Burns also subcontracts with various firms to provide specialized services, to ensure the highest quality of service to the City.

FISCAL IMPACT
Funds are budgeted and available in City Attorney accounts 10114001-701000 through 705000. It is anticipated that expenditures will not exceed $750,000 for Fiscal Year 2023-24, based on a $40,000 monthly retainer, plus billable hours for special services as outlined in Attachment 1. Actual amounts may vary based on caseload, ongoing litigation, and City needs.

STRATEGIC PLAN
Goal IV: Maintain a desirable community where everyone wants to live, work and play.

Objective: C. Invest in staff and other human resource strategies to attract and retain a highly qualified, diverse, and creative workforce.

Prepared by: Nardy Lopez, Deputy City Manager
Certified as to availability of Funds: Janelle Samson, Director of Finance Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley III, Interim City Manager

ATTACHMENTS
Legal Services Agreement No. A-8599
1 AGREEMENT FOR LEGAL AND

CITY ATTORNEY SERVICES

THIS AGREEMENT is made and entered into by and between the City of Palmdale, California a chartered, a law city (thereinafter the “City”) and the law firm of Harper & Burns, LLP (“hereinafter the “Firm”) and shall be deemed dated and effective as of November ___, 2023.

WITNESSETH:

The parties hereto agree as follows:

SECTION 1. RECITALS. This Agreement is made and entered into with respect to the following facts:

A. City has previously engaged the services of William P. Curley III to act as the Interim City Attorney for the City and to perform all legal services requested in conjunction therewith by agreement; and

B. It is the desire of the parties hereto to rescind and terminate that previous agreement, and by means of this Agreement engage the law firm of Harper & Burns LLP for the continued performance of such legal services; and

C. The Firm has agreed to provide legal services, in the time, manner, and for the compensation, as hereinafter set forth; and

SECTION 2. LEGAL SERVICES. The Firm shall perform the following legal services for the City:

A. The City Attorney is designated as William P. Curley III and the Assistant City Attorney is designated as Alexandra M. Halfman. The City Attorney or the Assistant City Attorney shall attend all meetings of the City Council unless excused by the City Manager; the City Attorney, or designee, shall attend all Planning Commission meetings unless excused by the City Manager or Community Development Director. All other Harper & Burns attorneys are designated as Deputy City Attorneys.

B. Provide legal advice and opinions on all matters affecting the City when requested by the City Council, the City Manager, a department head, other members of City management as designated by the City Manager, except when prevented from doing so by a legal conflict; and

C. Attend other meetings of boards, commissions, committees, and staff members of the City as directed by the City Council or City Manager; and

D. Prepare resolutions and ordinances, review and approve as to legal form all City contracts, agreements, and documents as requested and perform such other duties and responsibilities as set forth in the Palmdale Municipal Code; and

2 E. Undertake prosecution and litigation of violations of City ordinances as directed to do so by the City Council or City Manager; and

F. Represent the City in civil litigation to which the City is a party at the direction of the City Council. At the outset of each matter of litigation (other than code violations), the City Attorney shall cause a written estimated litigation budget, based on then known facts and information from the other party, to be prepared and presented to the City Manager. The City Attorney and City Manager (or City Manager’s designee) shall monitor the expenditures and provide updates to the City Council (or City Manager), including cost revisions, at regular intervals to be determined on a case-by-case basis; and

G. The City Manager is hereby authorized to meet with the City Attorney to discuss service and performance levels at any time during this Agreement, and to bind the attorneys to items including, but not limited to, a schedule of regular office hours and standard response times to service requests specialty projects, obtaining expert advice or services from third parties and any action necessary or desirable for the health, safety and welfare of the City and its legal representation. In addition, the City Attorney shall maintain a list of pending work assignments and shall provide progress reports thereon to the City Manager as directed by the City Manager.

H. The City Council shall retain the right to direct that attorneys other than the Firm perform legal work for the City or any of its related entities but shall require the Firm and City Attorney to oversee, manage and report on the third-party representation to the City Manager.

I. The City Council shall interact respectfully with the City Attorney and the Firm and shall, as professionally necessary or consistent with the civil norms, support the Firm and City Attorney at all times.

SECTION 3. DESIGNATION OF CITY ATTORNEY.

A. William P. Curley III (“Curley”) shall be appointed City Attorney of the City. Such appointee shall serve at the pleasure of the City Council of the City, as subject to this Agreement.

Alexandra M. Halfman shall be the Assistant City Attorney and all other Firm lawyers shall be Deputy City Attorneys.

B. During the term of this Agreement, Firm shall not undertake a City Attorney’s position for other than this City and the one additional city unless he has first given the City Manager and City Council at least 30 days written notice of his intention to do so.

SECTION 4. COMPENSATION. The Firm shall be compensated by City for the performance of such services as follows:

A. The Firm shall be compensated, apart from reimbursable expenses, as set forth on “Attachment 1” hereto.

3 B. Legal Services Provided by Attorneys other than Designated City Attorney. The Firm shall be compensated for the performance of legal services by attorneys in accordance with this Agreement.

C. Compensation Adjustments. On or before May 1st of each year occurring during the term of this Agreement, Firm shall submit to the City Manager for review and approval a Schedule of City of Palmdale’s Billing Rate(s) setting forth the hourly rates or retainer terms, or both, and the rates therefore which will be effective commencing on each said May 1st through and including April 30th of the following calendar year. Additionally, the Billing Rates shall adjust in an amount consistent with any increase in the Los Angeles or Long Beach Consumer Price Index, if the majority of City employees receive an increase in compensation, benefits, or both.

D. Reimbursable Expenses. The Firm shall be entitled to reimbursement for extraordinary resources or reimbursement for all expenses incurred by it in the performance of legal services hereto, provided that the same are first approved by the City Manager. Reimbursable expenses to which Firm shall be entitled shall include, but are not limited to, duplication costs; word processing costs; mileage, in amounts as authorized for other City officers or employees, extraordinary resources or materials required to accomplish a city’s request, extraordinary telephone and telecommunication costs; extraordinary mail costs; messenger services; and other costs customarily made as part of the performance of legal services by Firm. The designated City Attorney shall be entitled to reimbursement for the cost of attending professional conferences and seminars as approved, requested, or directed by the City Manager or City Council.

SECTION 5. PAYMENT FOR SERVICES. The Firm shall submit monthly invoices to the City for all services provided and costs incurred pursuant to the terms of this Agreement. Said statements shall clearly set forth by date the type of work performed, the time spent on a task and the attorney performing the task. Payment to Firm shall be made by the City within thirty (30) days of receipt of the invoice, except for those specific items on the billing which are contested or questioned and returned by the City with written response to any invoice contested or questioned and further, upon a request of City, provide City with any and all documents related to the service or costs. No charge shall be made for time expended in providing this information to the City.

SECTION 6. TERM. The term of this Agreement shall commence in November ___ 2023 and shall continue for an initial four (4) year term and automatic, consecutive terms thereafter unless terminated by either party hereto. Firm may terminate this Agreement on the giving of thirty (30) days written notice to the City of such determination. If such determination notice is given, the same shall be effective on the thirtieth (30th) day after the giving of such notice. Firm will comply with all obligations required of it pursuant to the State Bar Act in connection with such termination and the transition to replacement counsel. The City may terminate this contract at will, subject to its term and upon payment of all compensation due for the term, and all reimbursable expenses, without cause or prior notice, upon the majority vote of the City Council.

Firm shall be compensated for its service rendered through and including the effective date of such termination.

SECTION 7. ANNUAL PERFORMANCE REVIEW. During the month of July of each year during the term of this Agreement, the City Manager shall meet with each City department 4 head and review written comments provided by the department head regarding the performance of the City Attorney’s office. The comments shall address the quality of legal work performed by the firm, the timeliness of the work, the availability of the attorneys, and their attitude and willingness to perform requested services in a timely and effective manner. During the month of August of each year, the City Manager and City Attorney shall meet with the City Council to discuss the performance of the City Attorney’s office based upon the City Manager’s meetings with the department heads, the City Manager’s own observations, and the City Council’s views on the City Attorney’s performance for them.

SECTION 8. NOTICES. Notices required pursuant to this Agreement shall be given by personal service upon the party to be notified, or by delivery of same to the custody of the United States Postal Service, or its lawful successor, postage prepared and addressed as follows:

CITY: City of Palmdale FIRM: Harper & Burns LLP
38300 Sierra Highway 453 South Glassell Street
Palmdale, California 93550 Orange, California 92866
Attn: City Manager Attn: Managing Partner

Service or notice by personal service shall be deemed to have been given as of the date of such personal service. Notices given by deposit with the United States Postal Service shall be deemed to have been given two (2) consecutive calendar days following the deposit of the same in the custody of said Postal Service.

SECTION 9. INDEMNITY. The Firm does hereby agree to hold the City, and its elected and appointed officers and officials, employees, and other agents free and harmless of any claim, demand, or judgment that may arise based upon personal injury or damage to property or to a third party arising out of any primary error or negligent omission by Firm regarding the performance of legal services hereunder.

SECTION 10. INSURANCE REQUIREMENTS AND GOVERMENTAL
EMPLOYEE STATUS. The Firm shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees and professional errors and omissions insurance providing not less than one million dollars ($1,000,000) coverage.

Firm, and each attorney of the Firm, shall be designated by this Agreement, due and allowed to utilize all statutory, common law, and other applicable defenses, immunities, and causes of action due to a city employee under the California Government Code, common/case law and any other applicable law, regulation, or policy. Further, the designated city attorney, assistant city attorney and deputy city attorney are designated as public officials, public officers, or City officials for all purposes.

5 SECTION 11 . GENERAL PROVISIONS.

A. The Firm shall not assign this Agreement, or any of the rights, duties, or obligations hereunder. It is understood and acknowledged by the parties that Firm is uniquely qualified to perform the services provided for in this Agreement.

B. In the event an instance of conflict of interest arises with another client, the Firm will protect the best interests of the City and will take all necessary actions to resolve or eliminate the conflict situation. If the circumstance cannot be lawfully avoided or resolved, the Firm will undertake to recommend substitute counsel to protect the interests of the City.

C. The Firm is and shall always remain as to the City a wholly independent contractor serving as a public official. Neither the City nor any of its officers, employees, servants, or agents shall have control over the conduct of the Firm or any of Firm’s officers, employees, or agents. The Firm, not at any time or in any manner, represent that it or any of its officers, employees, or agents are in any manner employees of the City. City acknowledges and agrees that the City Attorney and the Firm lawyers will need to represent to others their capacity and relationship to the City and shall enjoy and apply all rights, powers, and privileges attendant thereto.

D. In the performance of this Agreement, the Firm shall not engage in discrimination in employment of persons because of the age, race, color, sex, national origin or ancestry, or religion of such persons.

E. Nothing contained in this Agreement shall be deemed, construed, or represented by the City or the Firm to any third person to create a relationship of principal or agent, or of a partnership, or of a joint venture, or of any other association of any kind or nature between the City and the Firm.

F. This Agreement constitutes the entire agreement of the parties concerning the subject matter hereof and all prior agreements or understandings, oral or written, are hereby merged herein.

This Agreement shall not be amended in any way except by a writing expressly purporting to be such an amendment, signed, and acknowledged by both of the parties hereto.

G. Should interpretation of this Agreement, or any portion thereof, be necessary, it is deemed that this Agreement was prepared by the parties jointly and equally and shall not be interpreted against either party on the ground that the party prepared the Agreement or caused it to be prepared.

H. No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether similar, nor shall any such waiver constitute a continuing or subsequent waiver of the same provision. No waiver shall be binding, unless executed in writing by the party making the waiver.

SECTION 12. OWNERSHIP OF DOCUMENTS.

A. The Firm shall maintain complete and accurate records with respect to costs, expenses, receipts, and other such information required by the City that relates to the performance of services 6 under this Agreement. The Firm shall maintain adequate records of services provided in sufficient detail to permit an evaluation of services. All such records shall be maintained in accordance with generally accepted accounting principles and shall be clearly identified and readily accessible.

Firm shall provide free access to the representatives of City or its designees at reasonable times to such hooks and records, shall give City the right to examine and audit said books and records, shall permit City to make transcripts therefrom as necessary, and shall allow inspection of all work, data, documents, proceedings and activities related to this Agreement. Such records, together with supporting documents, shall be maintained for a period of three (3) years after receipt of final payment.

B. Upon completion of, or in the event of termination or suspension of this Agreement, all original documents, designs, drawings, maps, models, computer files, surveys, notes, and other documents prepared in the course of providing the services to be performed pursuant to this Agreement shall become the sole property of the City and may be used, reused or otherwise disposed of by the City without the permission of the Firm. With respect to computer files, the Firm shall make available to the City, upon reasonable written request by the City, the necessary computer software and hardware for purposes of accessing, compiling, transferring and printing computer files.

SECTION 13. LICENSES. At all times during the term of this Agreement, the Firm shall have in full force and effect, all licenses required of it by law for the performance of the services described in this Agreement, at its own sole cost and expense.

SECTION 14. GOVERNING LAW. The City and the Firm understand and agree that the laws of the State of California shall govern the rights, obligations, duties and liabilities of the parties to this Agreement and also govern the interpretation of this Agreement.

SECTION 15. LITIGATION. Any litigation concerning this Agreement shall take place in the municipal, superior, or federal district court with geographic jurisdiction over the City of Palmdale. In the event such litigation is filed by one party against the other to enforce its rights under this Agreement, the prevailing party, as determined by the Court’s judgment, shall be entitled to reasonable attorney fees and litigation expenses for the relief granted.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their representatives as follows:

CITY OF PALMDALE, HARPER & BURNS LLP:
a chartered City:

Laura Bettencourt, Mayor Managing Partner

ATTEST:__ ____________
Rochelle Scott, Acting City Clerk

7 ATTACHMENT “1”

I. Compensation to Firm:

A. Retainer:

(i) For up to one hundred and sixty (160) hours per month of general services:

Forty Thousand Dollars ($40,000.00):
(ii) For hours over one hundred and sixty (160) the hourly rate of Three Hundred Dollars per hour will be charged.

B. Hourly Rate:

For the following special services, as set forth hereunder, shall be charged as follows thereafter:
(i) Litigation and third-party Litigation management oversight and direction; and (ii) Finance, including bonds, community facilities districts, tax, and similar advice upon, participation in or review of City or third-party prepared finance materials; and
(iii) Real estate acquisition or disposition; and
(iv) Developer reimbursed legal services as the City may require from project applicants to defray or avoid costs being incurred by the City for legal advice regarding the applicants’ requests, conditions, legal rights, duties, or the like; and,
(v) Special projects, such as the formation of Joint Powers Authorities, municipal bonds, development agreements, specific plans, water or power utility advice, energy advice and similar undertakings, labor negotiations, comprehensive code revisions, and regional organization.

8 ATTACHMENT “1”

Firm Partner Attorney $350.00 /hour
Attorney-Senior Counsel $315.00/ hour
Attorney-Associates $285.00/hour
Paralegal $250.00/hour
Administrative Assistant $200.00/hour
Computer Services Actual cost, plus 5% of total
Third-Party Legal Services/Legal Support/Experts Actual cost, plus 5% of total Legal Interns/Law Clerk $125.00/hour
All other services Actual cost, plus 5% of total

CC Minutes – 10/18/2023 – 5pm
1 MINUTES

CITY COUNCIL

CITY HALL COUNCIL CHAMBER
38300 SIERRA HIGHWAY, SUITE B

PALMDALE, CALIFORNIA
OCTOBER 18, 2023

1) CALL MEETING TO ORDER

Mayor Bettencourt called the meeting to order at 5:03 p.m.

*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

PRESENT: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

ABSENT: None.

3) PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE

Councilmember Ohlsen led the pledge of allegiance.

4) PRESENTATION

4.1) Update on Public Works.

Director of Public Works Glidden provided a detailed PowerPoint on the different divisions of the Public Works Department.

There was Council and staff discussion regarding the maintenance of streetlights on Palmdale Blvd. /Highway 138 ; and cost recovery of engineering fees and replacement of streetlight poles from vehicular incidents . There was additional discussion on City fiber deployment; timeframe for reimbursement of damages due to Tropical Storm Hilary; graffiti tracking; tree planting; pol icy for homeless encampment clean up; and adding the street resurfacing list to the city website for the public.

Mayor Bettencourt requested a future presentation from the Graffiti Detective.

Councilmember Ohlsen discussed the Urban Forest Grant, homeless encampments and the assistance provided by Los Angeles Homeless Services Authority (LAHSA), and illegal dumping.

The Council thanked the Public Works Department.

CC Minutes – 10/18/2023 – 5pm
2 Public Comments: Eugene Hernandez discussed an open ditch on Avenue R from Sierra Highway to 20th Street East and EV charging stations, and Roger Soderstedt commented regarding the importance of Public Works.

Mayor Bettencourt closed Public Comments.

Assemblyman Carrillo reported the following: 1) H is plan to provide a future legislative presentation to the City Council and residents to inform them of what his office has been working on and the forecast for the next legislative year; 2) working on an assembly bill related to taking possession of Palmdale Blvd.; 3) updates on their first legislative year, nine bills were submitted to the Governor for review , and six of them were signed. Also, they were successful in bringing $5.5M that was distributed across the entire district from the Antelope Valley to Victorville; and 4) their success in bein g able to continue to have an allocation of DMV fees for hydrogen infrastructure.

Mayor Pro Tem Alarcón congratulated Assemblyman Carrillo on his accomplishment in the first year. She also announced she is working to bring the first hydrogen fueling station to the east side of Palmdale.

5) PUBLIC COMMENT RULES

6) PUBLIC COMMENTS:

Public Comment: Eugene Hernandez discussed work on Avenue R, items 7.3, 7.5, and

13.1. Mayor Bettencourt closed the Public Comments.

7) CONSENT CALENDAR

7.1) Waive full reading of the Resolution (s) and/or Ordinance(s) to be considered and voted on at this meeting. (This permits reading the title only in lieu of reciting the entire text.)

7.2) Adopt Resolution No. CC 2023 -062, a Resolution of the City Council of the City of Palmdale of intention to annex territory to the City of Palmdale Community Facilities District No. 93 -1 (Ritter Ranch), authorizing the levy of special taxes therein and submitting levy of the special taxes to qualified electors; and Adopt Resolution No. CC 2023 -061, a Resolution of the City Council of the City of Palmdale of consideration to alter the Rate and Method of Special Tax for the City of Palmdale Community Facilities District No. 93-1 (Ritter Ranch).

7.3) Approve Agreement for Legal Services between the City of Palmdale and Kane, Ballmer & Berkman, LLC for a not -to-exceed amount of $350,000 for a term of three (3) years.

7.4) Accept grant provid ed by Antelope Valley Air Quality Management District (AVAQMD) in the amount of $233,506 and approve agreement with Electric Vehicle Charging Stations (EVCS) for purchase and installation of charging stations in the amount of $233,506.

CC Minutes – 10/18/2023 – 5pm
3 7.5) Adopt Resolution No. CC 2023-063, a Resolution of the City Council of the City of Palmdale authorizing the Director of Public Works to apply for and receive grant funds from the Department of Resources Recycling and Recovery (CALRECYCLE).

Mayor Pro Tem Alarcón pulled this item for discussion.

Innovation and Environmental Manager Lucha presented the staff report.

Mayor Pro Tem Alarcón spoke regarding utilizing funds received through grants and the benefits to the residents.

Councilmember Bishop asked about mattress recycling. Innovation and Environmental Manager Lucha discussed the recycling program.

Motion: Adopt Resolution No. CC 2023 -063, a Resolution of t he City Council of the City of Palmdale authorizing the Director of Public Works to apply for and receive grant funds from the Department of Resources Recycling and Recovery (CALRECYCLE).

Moved by Richard J. Loa, seconded by Austin Bishop.

Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

7.6) Approve the Memorandum of Understanding (MOU) agreement between the City of Palmdale and California High-Speed Rail Authority.

7.7) Award construction agreement with Comet Electric, Inc. for PN 849, The Rancho Vista Boulevard at Armfield Avenue Traffic Signal Upgrade Project, in the amount of $733,131 for a term of 60 working days from the date of the Notice to Proceed.

7.8) Approve Requis ition No. 00240393 for Purchase Order with SiteOne Landscape Supply, LLC for landscape aggregate, boulders, and materials in an amount not to exceed $137,000 for FY2023-24.

7.9) Adopt Resolution No. CC 2023 -066, a Resolution of the City Council of the City of Palmdale extending the Director of Emergency Services’ Proclamation of a Local Emergency resulting from Tropical Storm Hilary.

7.10) Approve the minutes from the previous meetings.

CC - July 31, 2023 Joint Palmdale/Lancaster
CC - August 28, 2023
CC/SA - October 4, 2023

Motion: Approve all items listed under the Consent Calendar except 7.5 Moved by Andrea Alarcón, seconded by Richard J. Loa.

Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

CC Minutes – 10/18/2023 – 5pm
4 8) APPOINTMENT

8.1) City Council Nomination and Appointment of one (1) Member to the Board of Library Trustees.

Mayor Bettencourt made a motion to appoint Stephanie Orellano to the Board of Library Trustees, Councilmember Bishop seconded the motion. There was no vote taken at this time.

The Council called on Stephanie Orellano to speak, but there was no response.

The Council called on Ronald Chatters III to speak. Ronald Chatters III spoke regarding his experience and background.

The Council discussed adding an alternate to the Board of Library Trustees and directed staff to explore the option. Interim City Attorney Curley encouraged the Council to follow the standard process for appointing members for this appointment.

Councilmember Bishop requested that this item be tabled for thirty days.

Mayor Pro Tem Alarcón commented on the applicants' experience. She directed the City Attorney and the City Manager to report back on a revised ordinance to incorporate an alternate position on the Librar y Board. Discussion ensued regarding tabling the item.

Stephanie Orellana spoke regarding her experience and background.

Councilmember Loa made a motion to vote on the current selected member for the Library Board and discuss the issue regarding an alternate in the future.

Councilmember Bishop seconded the motion. There was no vote taken at this time. The Council went back to the original motion to appoint Ms. Stephanie Orellano.

Motion: Appoint Stephanie Orellano to the Board of Library Trustees Moved by Laura Bettencourt, seconded by Andrea Alarcón.

Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

9) PUBLIC HEARING

9.1) Approve a service agreement for a lighting fixture retrofit project with Crosstown Electrical & Data, Inc. in the amount of $285,000 for a term of one year.

Innovation and Environmental Manager Lucha presented the staff report.

The Council asked about the new lighting technology and location to be retrofitted.

Public Comment: Eugene Hernandez spoke regarding the broken window theory.

Mayor Bettencourt closed the Public Comments.

CC Minutes – 10/18/2023 – 5pm
5 Motion: Approve a service agreement for a lighting fixture retrofit project with Crosstown Electrical & Data, Inc. in the amount of $285,000 for a term of one year.

Moved by Austin Bishop, seconded by Andrea Alarcón.

Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

9.2) Approve Amendment No. 1 to the design -build agreement with Schneider Electric for added energy project services for $6,172,270.

Innovation and Environmental Manager Lucha presented the staff report.

Mayor Pro Tem Alarcón thanked Schneider Electric and questioned the difference between Phase I and Phase II. Innovation and Environmental Manager Lucha provided clarification.

Mayor Bettencourt asked about the life expectancy. Mark Starkey, Schneider Electric, spoke about life expectancy, energy reduction, and cost savings.

Councilmember Loa and Councilmember Ohlsen expressed concerns regarding the lighting at Domenic Massari Park.

Mayor Bettencourt called for Public Comments.

Public Comments: None.

Mayor Bettencourt closed the Public Comments.

Motion: Approve Amendment No. 1 to the design-build agreement with Schneider Electric for added energy project services for $6,172,270 Moved by Richard J. Loa, seconded by Andrea Alarcón.

Vote: Motion carried (5-0)
Yes: Laura Bettencourt, Andrea Alarcón, Austin Bishop, Eric Ohlsen, Richard J. Loa.

10) NON-AGENDA PUBLIC COMMENTS:

The following individuals provided public comments: Eugene Hernandez commented regarding the Human Rights Advisory Committee meeting; and Jacqueline Fontana, “Erick A. Garcia You Are Enough Foundation ” thanked the Council for supporting the mental health awareness event.

Mayor Pro Tem Alarcón commented in support of the Erick A. Garcia You Are Enough Foundation event.

Mayor Bettencourt closed the Public Comments.

CC Minutes – 10/18/2023 – 5pm
6 11) CITY COUNCIL ANNOUNCEMENTS AND REQUESTS

Mayor Bettencourt announced the Domestic Violenc e event, hosted by Zonta Club of Antelope Valley, “Walk A Mile In Her Shoes,” would be held on October 28, 2023, in Poncitlan Square starting at 8 am.

Councilmember Bishop announced the Trunk or Treat event and encouraged the public to attend.

Councilmember Ohlsen encouraged the public to have a safe experience at the Halloween-related activities. He also announced the nomination process for Hometown Heroes on the City's website and urged the public to submit their applications.

Mayor Pro Tem Alarcón made two requests: 1) she requested that City Manager Perez schedule a date for Dr. O’Hara, U.C. Berkeley, and Pueblo Y Salud to provide a presentation to the Council and report on potential recommendations for addressing specific issues, which include s a possible moratorium on the issuance of additional alcohol licenses near schools and other sensitive uses, while the issue is properly assessed; 2) that City Manager Perez explore the City offering financial or other incentives to newly sworn deputies t o come to the Palmdale Sheriff’s Station and bring back any viable options or incentives to Council for consideration.

Interim City Attorney Curley and Council disc ussed the process for adding future agenda items.

Mayor Bettencourt announced that the Council would go into Closed Session at this time.

12) CITY MANAGER’S REPORT

Deputy City Manager Lopez reported on the following: Kaleidoscope events; Family Movie Nights; Mental Health Walk; Pumpkin Walk Neighborhood event; Breast Cancer Walk; Children's Bu reau Family Resource Center grand opening; Red Ribbon Week kickoff event; Youth Challenge; Palmdale Dream Village ground breaking; Walk A Mile In Her Shoes event; Halloween Bike Parade; Plaque Dedication Ceremony coordinated by the family of Jacob Taylor; Palmdale Sheriff's Booster Trunk or Treat and Car Show; Business Watch Virtual Presentations; and the Parks & Recreation Master Plan Survey Results.

Councilmember Loa thanked Deputy City Manager Lopez for stepping in for City Manager Perez at the City Council meeting.

Mayor Bettencourt stated there would be two adjournments for the meeting.

Mayor Pro Tem Alarcón adjourned the meeting in honor of Chad Swanson, Manhattan Beach Police, and Kimble Goodman.
13) PRESENTATION BY CITY ATTORNEY

13.1) PUBLIC EMPLOYMENT
Title: City Attorney

CC Minutes – 10/18/2023 – 5pm
7 14) ANNOUNCEMENT BY CITY ATTORNEY

13.1 - Deputy City Manager Lopez announced that the City Council has directed the City Manager to negotiate an agreement with Harper Burns, LLP, William "Bill" Curley, to retain their services for permanent City Attorney Services and report to the next City Council meeting.

Interim City Attorney Curley thanked the City Council for being appointed.

15) ADJOURN

Councilmember Ohlsen adjourned the meeting in honor of Kimble Goodman to November 1, 2023 , at 5:00 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 November 2023.

Laura Bettencourt, Mayor

ATTEST:

Rochelle Scott, Acting City Clerk
City Council Staff Report
DATE: NOVEMBER 1, 2023
TO: HONORABLE MAYOR AND CITY COUNCIL

HONORABLE CHAIR AND AUTHORITY BOARD MEMBERS
FROM: FINANCE DEPARTMENT
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 2023-064, A RESOLUTION OF THE

CITY COUNCIL OF THE CITY OF PALMDALE APPROVING

PROCEEDINGS BY THE PALMDALE FINANCING AUTHORITY FOR

THE ISSUANCE AND SALE OF ITS PALMDALE FINANCING

AUTHORITY (LOS ANGELES COUNTY, CALIFORNIA) LEASE

REVENUE BONDS TO FINANCE THE ACQUISITION OF CERTAIN

REAL PROPERTY AND TO REFINANCE CERTAIN OUTSTANDING

OBLIGATIONS, APPROVING THE FORM AND AUTHORIZING

EXECUTION OF RELATED DOCUMENTS AND APPROVING
RELATED OFFICIAL ACTIONS; AND RESOLUTION NO. PFA 2023-
002, A RESOLUTION OF THE BOARD OF DIRECTORS OF THE

PALMDALE FINANCING AUTHORITY AUTHORIZING THE

ISSUANCE AND SALE OF ITS PALMDALE FINANCING AUTHORITY
(LOS ANGELES COUNTY, CALIFORNIA) LEASE REVENUE BONDS

TO FINANCE THE ACQUISITION OF CERTAIN REAL PROPERTY

AND TO REFINANCE CERTAIN OUTSTANDIN G OBLIGATIONS,

APPROVING THE FORM AND AUTHORIZING EXECUTION OF

RELATED DOCUMENTS AND APPROVING RELATED OFFICIAL

ACTIONS
ISSUE
Public Hearing to receive testimony concerning the approval of the lease financing by the City and the Palmdale Financing Authority.

Adopt Resolution No. CC 2023 -064, a Resolution of the City Council of the City of Palmdale approving proceedings by the Palmdale Financing Authority for the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related actions.

Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

Page 2 ends

Adopt Resolution No. PFA 2023-002, a Resolution of the Board of Directors of the Palmdale Financing Authority authorizing the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related actions.

RECOMMENDATION
Staff recommends that the City Council:

1. Open public hearing to hear and consider information concerning the approval of the lease financing by the City and the Palmdale Financing Authority in order to provide financing for property acquisition and other projects.

2. Adopt Resolution No. CC 2023-064, a Resolution of the City Council of the City of Palmdale approving proceedings by the Palmdale Financing Authority for the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related actions.

3. Adopt Resolution No. PFA 2023-002, a Resolution of the Board of Directors of the Palmdale Financing Authority authorizing the issuance and sale of its Palmdale Financing Authority (Los Angeles County, California) Lease Revenue Bonds to finance the acquisition of certain real property and to refinance certain outstanding obligations, approving the form and authorizing execution of related documents and approving related actions.

BACKGROUND
The City has considered purchasing 2 large properties and funding certain economic development programs with the assistance of Measure AV funds. Staff is recommending that these activities be financed with the issuance of Lease Revenue Bonds (“Lease Revenue Bonds”) by the Palmdale Financing Authority. This will allow the property to be paid for over a longer term and preserve Measure AV fund balance for projects already budgeted.

DISCUSSION
The City has the opportunity to purchase 56 acres of land along the 14 Freeway located between Avenue Q and Palmdale Boulevard. The financing needed for this property, including costs of acquisition, is approximately $18 million. Staff estimates that approximately 50% of this property may be sold for development in the near future. Staff is recommending that 50% of the property acquisition costs be funded with taxable Lease Revenue Bonds, instead of tax-exempt Lease Revenue Bonds, to provide the Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

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flexibility to sell half the property for development. The proceeds of such sale would not be required to pay off the Lease Revenue Bonds and could be recycled into funding additional economic development projects or other City expenditures.

The City is also considering the acquisition of approximately 649 acres of property in the Ritter Ranch specific plan. The financing needed for this property is approximately $10.8 million. Staff is recommending that the property acquisition costs be funded with tax-exempt Lease Revenue Bonds.

In addition, there are certain economic development projects in process, and staff expect some up-front funding will be necessary. Staff is recommending that $5 million be financed for this purpose, which will be funded with taxable Lease Revenue Bonds.

If not all of the funding is needed, the balance can be applied to other projects.

Finally, staff is recommending the refinancing of the Palmdale Financing Authority Lease Revenue Bonds, Series 2012 (“2012 Bonds”). This refinancing is needed to free up excess value needed to secure the leases for the Lease Revenue Bonds, since a large portion of the property being acquired, or contributions made will not be used to secure the leases necessary for the financing. There is a minor amount of negative savings associated with the refunding of the 2012 Bonds due to current interest rates, but the refunding is being undertaken for non-economic reasons — to access the excess value associated with the leased property for the current financing. The City’s debt policy allows for refinancing outstanding debt in order to realize the benefits of a debt restructuring, and refinancing with negative savings requires additional approval of the City Council.

Lease Revenue Bonds
Financing the acquisition price of the properties and the economic development projects will be accomplished by the issuance of Lease Revenue Bonds by the Palmdale Financing Authority (Authority). The City will lease property from the Authority, and the City’s lease payments will secure the Authority Lease Revenue Bonds, as described further below. The tax-exempt Lease Revenue Bonds are designated as Series 2023A (“Series A Bonds”), and the taxable Lease Revenue Bonds are designated as Series 2023B (“Series B Bonds”).

This financing structure is similar to the Lease Revenue Bonds and Certificates of Participation financings that the City has used for capital financing in the past. The City formed the Palmdale Financing Authority in 2012 to assist in lease financings.

The financing requires a lease of assets from the Authority to the City. The City’s lease payments to the Authority are used as a revenue stream to secure repayment of the Lease Revenue Bonds. Because the City will not have title to the properties being acquired until after the Lease Revenue Bonds are issued or doesn’t expect to retain title Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

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to some of the leased assets securing the Lease Revenue Bonds, the Lease Revenue Bonds will have to be other facilities and properties owned by the City. The leased assets recommended for securing the City’s lease payments (and thus the Lease Revenue Bonds) are:
 McAdam Park
 Courson Park
 Public Works Yard
 City Hall Offices across from Development Services Building  Development Services Building *
 WorkSource Center *
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* These were the assets securing the outstanding $3.77 million 2012 Bonds, with an estimated value of approximately $14 million.

The combined insured value of the facilities plus the value of the land needs to be at least equal to the principal amount of bonds issued, which was a factor in determining the assets selected for this financing. The total estimated value of the properties above is approximately $42 million.

Method of Sale
Under current market conditions, the City’s Municipal Advisor (Harrell & Company Advisors) advised that it would be more cost-effective to sell the Lease Revenue Bonds using a negotiated sale with one underwriter than a competitive bid. Selling a taxable series of municipal bonds would be challenging under current conditions where the US Treasury market (the benchmark for pricing taxable muni bonds) is so volatile. Because both series need to be sold at the same time, and the possibility that there might not be any bids on the taxable Lease Revenue Bonds, negotiating with one underwriter for the purchase of both series is the best path for this issue.

The Municipal Advisor negotiated an underwriting proposal with Hilltop Securities. The lead banker of this firm has underwritten most of the City’s financings in the last five years and is familiar with the City’s finances.

Public Hearing
Because the Lease Revenue Bonds are being sold through the Authority, the Government Code requires the City Council, as the governing body of the jurisdiction where the facilities being financed are located, to hold a public hearing and make certain findings before the Authority may approve a resolution authorizing the sale of the Lease Revenue Bonds. The finding being made is that significant public benefits will arise from the City’s issuance of the Lease Revenue Bonds to fund the property acquisition and Report to Mayor and City Council
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other costs, including demonstrable savings in effective interest rate, bond preparation, and bond issuance costs achieved by consolidating the assets being leased.

Authorizing Resolution
The resolution of the City Council approves the parameters of the sale and documents required for the issuance of the Lease Revenue Bonds. The resolution authorizes the City Manager and Finance Director to sell the Series A Bonds to the Underwriter, in an amount not to exceed $28,000,000, at an interest rate not to exceed 6% and with an underwriter’s discount not to exceed 0.6% of the par amount of the Series A Bonds. The resolution also authorizes the City Manager and Finance Director to sell the Series B Bonds to the Underwriter, in an amount not to exceed $16,000,000, at an interest rate not to exceed 7.5% and with an underwriter’s discount not to exceed 0.75% of the par amount of the Series B Bonds. This resolution also approves the form of the following documents:
 Preliminary Official Statement;
 Site and Facility Lease between the City and the Authority;  Lease Agreement between the City and the Authority;
 Escrow Agreement between the City, the Authority, and U.S. Bank Trust Company;
 Termination Agreement between the Authority and the City with respect to the 2012 Bonds;
 Subordination Agreement with the tenant of the WorkSource building; and  Bond Purchase Agreement between the City, the Authority, and the Underwriter.

The resolution also appoints Quint & Thimmig to serve as bond counsel and disclosure counsel, and Harrell & Company Advisors to serve as the municipal advisor. Both firms have assisted the City with financing for many years.

The preliminary official statement was prepared by staff and the Municipal Advisor, with input from the City’s bond counsel and disclosure counsel. The City Council’s review of the sections of the preliminary official statement describing the City and the City’s financial information is requested, and any modifications communicated to staff.

The resolution of the Authority Board also approves the same parameters of sale of the Bonds. This resolution also approves the form of the documents listed above to which the Authority is a party, as well as the Indenture of Trust between the Authority and U.S.

Bank Trust Company, as Trustee.

Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

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FISCAL IMPACT
Staff first considered using Measure AV fund balance to pay for the projects rather than financing and determined that the long-term financing would have the least impact on the City’s General Fund and Measure AV fund cash flow. This is critical to continuing to use Measure AV fund balance and annual funding for public safety and other pay-as- you-go projects.

Another factor in this decision was expected future funding needs for projects such as the pool cover at Marie Kerr Park, Chimbole Center and Library improvements, and Dry Town improvements. Given the costs involved, it is likely that these projects will also be funded with lease revenue bonds, preserving Measure AV funding for pay-go projects.

In addition, many of the City’s prior financings will be paid in full in the next 10 years, and the capacity to pay debt service from the General Fund will increase, providing a funding source for some of the costs of these projects.

Staff prepared a long-term debt service projection, taking into account the maturity of the existing City debt, the amount of any existing or new City debt that could be allocated to other funds, and any reduction in the existing 2021 Lease Agreement for partial redemption upon sale of the property securing that agreement (corner of Avenue M and Sierra Highway).

Based on current interest rates, the effective interest rate for the Series A Bonds is

5.14% and the effective interest rate for the Series B Bonds is 6.87%. These rates are approximately 1 percent higher than estimates from just last summer. Rates have been affected by actual economic data, past and expected future Federal Reserve Board actions, as well as a Federal government potential shutdown as the new deadline of November 15 approaches for approval of a Federal budget for 2023-24.

Based on current market conditions, the par amount of the Series A Bonds is estimated to be $26,295,000, issued with an original issue premium of $1,058,000, and will provide total funding of $27,353,000.

The par amount of the Series B Bonds is estimated to be $14,965,000. The proceeds from the Lease Revenue Bonds are estimated to be used as follows:

Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

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ESTIMATED USE OF BOND PROCEEDS
Series A Series B Total
Acquisition and Projects $19,800,000 $14,000,000 $33,800,000 2012 Bonds Redemption 3,800,000 - 3,800,000
Capitalized Interest 2,993,000 490,000 3,483,000
Bond Insurance Premiums 400,000 250,000 650,000
Underwriter Discount 160,000 112,000 272,000
Costs of Issuance* 200,000 113,000 313,000 Total Costs 27,353,000 14,915,000 42,078,000
Original Issue Premium (1,058,000) - (1,058,000) Par Amount of Bonds Issued $26,295,000 $ 14,965,000 $ 41,260,000 *Fixed costs paid from proceeds of the Lease Revenue Bonds for Bond Counsel, Municipal Advisor, Disclosure Counsel, Trustee, Rating Agency, title insurance and printing.

An original issue premium (as shown in the table above) is generated when investors in tax-exempt bonds want to hedge against future higher interest rates and require a high stated interest rate (such as 5.0%), but price the Series A Bonds to yield a lower current market interest rate (such as 3.0%) and therefore pay the Authority more than 100% of the face value of the Series A Bonds, resulting in a lower par amount of Series A Bonds required to be issued. The lower par amount is offset by a higher interest rate, so this pricing method has relatively little impact on the total debt service that the City will pay on the Lease Revenue Bonds compared to if they were priced at 100% of the face value.

Taxable bonds such as the Series B Bonds are generally priced at 100% of the face value but could be priced with premiums or discounts based on investor preference at the time the Lease Revenue Bonds are sold.

As noted, the par amount of the Lease Revenue Bonds will be subject to prevailing market conditions at the time of sale. Therefore, the City is requested to approve a not-to-exceed par amount of $28,000,000 for Series A with an interest rate not to exceed 6% and a not- to-exceed par amount of $16,000,000 for Series B with an interest rate not to exceed

7.5% to provide a reasonable cushion above the expected par amount should interest rates fluctuate or if the Lease Revenue Bonds are priced without an original issue premium based on investor preference at the time of sale. The amount of the Lease Revenue Bonds issued will only be the amount necessary to finance the projects outlined above, and pay the costs as shown above.

The sale date of the Bonds is expected to be November 9, 2023. Staff and the Municipal Advisor have submitted the bond issue to Standard & Poor’s Rating Agency for a credit rating. The City’s current credit rating is A+. The financing will also be submitted to bond insurance companies. Purchasing bond insurance can be cost-effective by paying an Report to Mayor and City Council
Re: Adopt Resolutions CC 2023-064, PFA 2023-002
November 1, 2023

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