1. CALL MEETING TO ORDER
Note: All City Council memberships are reflected in their City Council titles.
2. ROLL CALL
MAYOR BISHOP, MAYOR PRO TEM LOA, COUNCILMEMBERS OHLSEN,
BETTENCOURT, ALARC
Ó
N
3. PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE
4. PRESENTATION
4.1 Presentation by Kids Feeding Kids thru Agriculture and Recognition of 2024 Palmdale High School Students who participated in the 2024 Antelope Valley Livestock Auction.
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].
CITY COUNCIL
SUCCESSOR AGENCY
CITY COUNCIL CHAMBERS
38300 SIERRA HIGHWAY
SUITE B
PALMDALE, CA 93550
WEDNESDAY, AUGUST
7, 2024
5:00 PM
www.cityofpalmdaleca.gov
WELCOME
City Council
Wednesday, August
7, 2024
(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 two (2) minutes on the entirety of the Consent Calendar, Appointment(s), New Business and Closed Session, with two (2) minutes on each 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, APPOINTMENT(S), NEW BUSINESS, AND CLOSED SESSION: Now is the time for public participation on items listed on the Consent Calendar, Appointment(s), New Business, and Closed Session. Each speaker is allotted two (2) minutes in total for the entirety of the above sections.
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 allows for reading the title only in lieu of reciting the entire text).
6.2 Receive and file the Monthly and Quarterly Investment Reports for June 2024.
SR Investment Report JUN 2024.docx
Rpt. City & Successor Monthly & Quarterly Investment Report June 2024.pdf
6.3 Approve Agreement with Willdan Engineering to provide Innovative Solutions and
Smart City Program consulting services in an amount not to exceed $750,000 for a term of three (3) years with an option to extend two one-year terms in an amount not to exceed $250,000 each additional year.
City Council
Wednesday, August
7, 2024
SR Agrmt No. A-8926 with Willdan Engineering.docx
Agrmt No. A-8926 with Willdan Engineering.pdf
6.4 Approve Agreement with JAD Hoyos, Inc., dba Feathers Custom Signs to provide anti-graffiti vinyl wrap services for 160 City-owned utility cabinets along roadways in the amount of $150,000 for a term of one year with the option to extend two one-year terms.
SR Agrmt No. A-8927 with JAD Hoyos Inc. dba Feathers Custom Signs.docx
Agrmt No. A-8927 with JAD Hoyos Inc. dba Feathers Custom Signs.pdf
Exh A Payment Schedule A-8927.pdf
Exh B Utility Box Community Imagery Survey Results.pdf
6.5 Approve Fourth Amendment to Agreement with Library Systems and Services, LLC, for Literacy and English as a Second Language (ESL) services at the Palmdale City Library, increasing the agreement by $349,472 for a total not to exceed the amount of $13,109,618 for the remainder of the term through June 2028.
SR Agrmt No. A-6081 Fourth Amendment with Library Systems and Services LLC.docx
Agrmt No. A-6081 Fourth Amendment with Library Systems and Services LLC.pdf
Agrmt No. A-6081 Third Amendment with Library Systems and Services LLC.pdf
Agrmt No. A-6081 Second Amendment with Library Systems and Servics LLC.pdf
Agrmt No. A-6081 First Amendment with Library Systems and Services LLC.pdf
Agrmt No. A-6081 with Library System and Services LLC.pdf
6.6 Approve Third Amendment with OPSEC Specialized Protection for Security Services for Parks and Recreation to increase the amount of the agreement by $15,000 for a total not to exceed $114,926 to reconcile invoices for Fiscal Year 2023-24.
SR Agrmt No. A-7890 with OPSEC Specialized Protection.docx
Agrmt No. A-7890 Third Amendment with OPSEC Specialized Protection.pdf
Agrmt No. A-7890 Second Amendment with OPSEC Specialized Protection.pdf
Agrmt No. A-7890 First Amendment with OPSEC Specialized Protection.pdf
Agrmt No. A-7890 with OPSEC Specialized Protection.pdf
6.7 Award Construction Agreement with Manhole Adjusting, Inc., for PN 904, Fiscal Year 2024-25 Local Street Asphalt Rubber Aggregate Membrane (ARAM) Cape Seal Project, for a not to exceed amount of $1,563,898 for a term of 50 working days from the date of Notice to Proceed.
SR Agrmt No. A-8874 with Manhole Adjusting, Inc.docx
Agrmt No. A-8874 with Manhole Adjusting, Inc.pdf
Atch 1 Site Map ARAM Cape Seal Area 1.pdf
Atch 2 Site Map ARAM Cape Seal Area 2.pdf
6.8 Adopt Resolution No. CC 2024-071, a Resolution of the City Council of the City of City Council
Wednesday, August
7, 2024
Palmdale adopting a Joint Resolution of the Board of Supervisors of the County of Los Angeles acting on behalf of the Los Angeles County General Fund, Los Angeles County Consolidated Fire Protection District, Los Angeles, County Waterworks #40 - Antelope Valley, Los Angeles County Waterworks #40 ACO Fund, the Board of Directors of the County Sanitation District No. 14 of Los Angeles County, and the governing bodies of the Antelope Valley Cemetery District, Antelope Valley Mosquito & Vector Control District, Antelope Valley Resource Conservation District, City of Palmdale, and the Antelope Valley- East Kern Water Agency approving and accepting negotiated exchange of property tax revenues resulting from annexation to County Sanitation District No. 14.
SR Reso. No. CC 2024-071.docx
Reso. No. CC 2024-071.docx
Atch 1 LA County Sanitation Districts Transmittal Letter, Annex. No. 14-454.pdf
LA County Joint Reso. for Annex. No. 14-454.pdf
Tax Sharing Worksheet.pdf
Annexation No. 454 Map.pdf
6.9 Award Consultant Agreement with Psomas for PN 796, 45th Street East Trunk Sewer and Storm Drain Improvements Project, for a not to exceed amount of $338,514 for a term of 42 weeks from the date of Notice to Proceed.
SR Agrmt No. A-8881 with Psomas.docx
Agrmt No. A-8881 with Psomas.pdf
Exh A Agrmt No. A-6797 with Psomas.pdf
Atch 1 Vicinity Map.pdf
6.10 Award Invitation for Bid with SiteOne Landscape Supply and Wilbur-Ellis Company for fertilizer supplies each for an amount not to exceed $101,750, for a combined total of $203,500 for Fiscal Year 2024-25.
SR Req. No. 250083 SiteOne Req. No. 250084 Wilbur-Ellis Fertilizer.docx
Req. No. 250083 with SiteOne Landscape Supply.pdf
Req. No. 250084 with Wilbur-Ellis Company.pdf
Atch 1 Bid Tabulation.pdf
6.11 Award Invitation for Bid with SiteOne Landscape Supply for Irrigation and Water Conservation Supplies in an amount not to exceed $284,000 for Fiscal Year 2024-25.
SR Req. No. 250082 with SiteOne Landscape Supply.docx
Req. No. 250082 with SiteOne Landscape Supply.pdf
Atch 1 Bid Tabulation.pdf
6.12 Adopt Resolution No. CC 2024-073, a Resolution of the City Council of the City of Palmdale declaring its intention to conduct a public hearing to consider the vacation of portions of 8th Street East south of Rancho Vista Drive and north of Avenue P-8.
SR Reso. No. CC 2024-073.docx
City Council
Wednesday, August
7, 2024
Reso. No. CC 2024-073.docx
6.13 Approve the minutes from the previous meeting.
Minutes 07 10 2024.pdf
7. APPOINTMENT
7.1 City Council nomination and appointment of one (1) member and one (1) alternate to the Library Board of Trustees.
SR Appt Library Board.docx
Apps Redacted.pdf
8. CITY MANAGER’S REPORT
9. SHERIFF'S REPORT
10. COUNCIL REPORTS, ANNOUNCEMENTS AND REQUESTS FOR FUTURE AGENDA ITEMS
10.1 Council reports, announcements, and requests for future agenda items.
Monthly Informational Report 080724 Bishop.docx
Monthly Informational Report 080724 Loa.docx
Monthly Informational Report 080724 Bettencourt.docx
Monthly Informational Report 080724 Ohlsen.docx
11. 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.
12. PRESENTATION BY CITY ATTORNEY
12.1 CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION William Robert Herrera, et al vs. City of Palmdale, et al.
Central District of California Federal District Court
Case No. 2:16-cv-09453-MWF-MAR
This closed session is being held pursuant to the authority of California Government Code Section 54956.9.
12.2 CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION Priscilla Huerta, et al vs. City of Palmdale, et al.
Central District of California Federal District Court
Case No. 2:18-10354-MWF-FFM
This closed session is being held pursuant to the authority of California City Council
Wednesday, August
7, 2024
Government Code Section 54956.9.
13. ANNOUNCEMENT BY CITY ATTORNEY
14. ADJOURN
meeting to August 21, 2024, 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 48 hours prior to the meeting.
If you require oral translation, please contact the City Clerk’s Office at (661) 267-5151 at least 48 hours prior to the meeting.
City Council
Wednesday, August
7, 2024
City Council Staff Report
DATE: AUGUST 7, 2024
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: OPERATIONS DEPARTMENT
FINANCE DIVISION
DISTRICT: ALL
SUBJECT: RECEIVE AND FILE THE MONTHLY AND QUARTERLY
INVESTMENT ACTIVITY REPORTS FOR JUNE 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the monthly and quarterly investment activity report s for the City of Palmdale and Successor Agency for June 2024.
BACKGROUND
Pursuant to Section 16 of the City 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, issuer’s name, purchase date, maturity date, amount of deposit, and interest rate. This information shall be provided for all City and Successor Agency pooled investments and for Certificates of Participation, Revenue Bonds, Tax Allocation Bonds, Assessment Districts, and Community Facilities District accounts managed by outside Fiscal Agents.
The monthly investment reports provide a synopsis of the City and Successor Agency's investment activity. They 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 poole d 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 Investment Reports
August 7, 2024
DISCUSSION
Compliance with Investment Policy
For June, the City’s invested portfolio totaled $345,612,779, an increase of $6,455,905 from the previous month and an increase of $22,311,569 compared to last year. The monthly increase resulted from a new investment purchase made during the month and from transfer of funds to California Asset Management Program (CAMP).
The par value of Successor Agency’s portfolio as of June was $12,604,544. The balance increased by $3,412,021 from last month due to funds received from Los Angeles County for property taxes 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, US 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: 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 meet the City and Successor Agency’s operational requirements. Thus, the Finance Division invests in two pooled funds, LAIF and CAMP. These are intended for daily operational activities and can be used during economic uncertainties for ongoing maintenance needs. The pooled funds provide a higher liquidity ratio to ensure the City and Successor Agency meet cash flow requirements.
The City's LAIF balance at the end of June was $122,620,640, with no changes from the prior month.
The Successor Agency’s LAIF balance at the end of June was $8,150,476, with no changes from the prior month.
The City’s CAMP balance at the end of June was $47,472,526, compared to $40,788,078 in May. The increase is due to deposits into the fund, and interest earned during the month.
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
August 7, 2024
The interest rates presented are the most current rates available as of the date of this report. As of June 30, 2024, the interest rates for LAIF and CAMP investments were at
4.480 percent and 5.43 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of May were 4.332 percent and 5.43 percent. This time last year, LAIF and CAMP rates were at 3.167 percent and 5.24, respectively.
The chart above shows the LAIF and CAMP average monthly yields from September 2023 through June 2024. The difference between the two funds’ performance is primarily due to their varying pool characteristics. CAMP’s portfolio composition is more prone to market volatility, resulting in performance variations.
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 and Successor Agency’s investment portfolios remain strongly diversified. The monthly and quarterly reports includes all investments held by both entities and current book values as of June 30, 2024.
The City and Successor Agency are expected to have sufficient funds to meet its expenditure requirements for the next six months. The Finance Division will continue to monitor current economic conditions and the impact on interest rates.
Attached are summaries of the investments in the City and Successor Agency’s books as of June 30, 2024.
3.53% 3.67% 3.84% 3.93% 4.01% 4.12% 4.23% 4.27% 4.33% 4.48%
5.55% 5.56% 5.58% 5.55% 5.54% 5.50% 5.48% 5.44% 5.43% 5.43%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Q1 Sep Oct Nov Q2 Dec Jan Feb Q3 Mar Apr May Q4 Jun
Pooled Investments Monthly Yields
LAIF CAMP
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
August 7, 2024
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 Operations Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, City Attorney
ATTACHMENTS
Rpt. Monthly and Quarterly Investment Reports June 2024
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
U.S. TREASURY SECURITIES Yield
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 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 12-17-21 12-15-24 CITY 91282CDN8 U.S. Treasury Note 0.85 10,000,000.00 10,045,505.25 9,410,200.00 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 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 2.25 3,200,000.00 3,029,330.80 3,010,496.00 01-03-24 12-31-26 CITY 912828YX2 U.S. Treasury Note 0.04 5,000,000.00 4,696,880.23 4,696,880.23 01-03-24 06-30-27 CITY 91282CEW7 U.S. Treasury Note 0.04 5,000,000.00 4,897,630.28 4,897,630.28 01-03-24 09-30-27 CITY 91282CFM8 U.S. Treasury Note 0.04 2,500,000.00 2,523,771.66 2,523,771.66 01-08-24 02-15-26 CITY 91282CGL9 U.S. Treasury Note 0.04 5,000,000.00 4,987,205.23 4,987,205.23 01-08-24 06-15-26 CITY 91282CHH7 U.S. Treasury Note 0.04 5,000,000.00 5,001,760.94 5,001,760.94 TOTAL U.S. TREASURY SECURITIES 59,700,000.00$ 60,391,445.04$ 57,270,762.44$
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 08-27-20 11-27-24 CITY 3134GWNG7 Freddie Mac 0.50 2,000,000.00 2,000,000.00 1,867,580.54 04-01-21 04-01-25 CITY 3133EMUP5 Federal Farm Credit 0.71 5,000,000.00 5,000,000.00 4,629,334.75 05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 0.59 1,000,000.00 1,103,275.25 963,220.00 05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 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 Federal Home Loan Note0.41 4,000,000.00 4,000,000.00 3,784,890.08 06-30-21 12-30-25 CITY 3130AMRQ7 Federal Home Loan Note0.88 3,000,000.00 3,000,000.00 2,724,400.26 07-29-21 04-29-26 CITY 3130AN5C0 Federal Home Loan Note1.05 4,000,000.00 4,010,455.13 3,606,160.00 12-17-21 11-12-25 CITY 3134GXBM5 Federal Home Loan Note1.15 1,150,000.00 1,125,785.50 1,036,575.50 12-17-21 12-30-24 CITY 3130AQDY6 Federal Home Loan Note1.00 6,750,000.00 6,750,000.00 6,327,843.39 12-17-21 06-23-25 CITY 3133ENHW3 Federal Farm Credit 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 Federal Farm Credit 1.29 5,000,000.00 5,000,000.00 4,487,676.35 01-14-22 01-14-25 CITY 3130AQEA7 Federal Home Loan Note1.05 7,000,000.00 7,000,000.00 6,561,152.22 06-29-22 08-12-25 CITY 3133EL3P7 Federal Farm Credit 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 Note3.34 1,950,000.00 1,937,715.00 1,873,133.09 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Note3.33 5,000,000.00 4,479,000.00 4,355,784.25 08-17-22 10-27-26 CITY 3134GW4C7 Freddie Mac 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 Note4.38 5,000,000.00 4,590,638.89 4,571,978.55 01-06-23 04-19-27 CITY 3130ARHJ3 Federal Home Loan Note4.38 5,000,000.00 4,801,354.86 4,742,725.40 05-18-23 05-18-27 CITY 3133EPKC8 Federal Farm Credit 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 4.67 2,815,000.00 2,822,746.50 2,753,942.65 09-21-23 09-21-26 CITY 3130AXAP3 Federal Home Loan Note5.75 4,750,000.00 4,746,437.50 4,747,196.18 05-03-24 05-01-28 CITY 3133ERCX7 Federal Farm Credit 5.17 5,000,000.00 5,000,000.00 5,000,000.00 TOTAL GOVERNMENT AGENCY PAPER 113,725,000.00$ 112,020,168.08$ 105,879,800.82$
CITY OF PALMDALE INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
CERTIFICATES OF DEPOSIT
01-04-24 06-15-26 CITY 05580A4Y7 BMW Bank of NA NA 4.03 240,000.00 243,434.40 243,434.40 01-04-24 11-30-27 CITY 46656MVH1 JPMorgan Chase Bank DE US RT4.76 240,000.00 242,022.91 242,022.91 01-04-24 12-28-28 CITY 09582YAV4 Blue Ridge Bank NA VA US RT4.09 240,000.00 240,948.00 240,948.00 06-11-24 06-12-28 59541KCV7 Mid-Missouri Bank 5.15 245,000.00 245,034.57 245,000.00 06-11-24 06-11-26 38150VUZ0 Goldman Sachs Bank 5.05 245,000.00 245,033.90 245,000.00 06-13-24 06-13-29 89235MPP0 Toyota Financial SGS 4.65 245,000.00 245,000.00 245,000.00 06-14-24 06-15-26 34520LBC6 Forbright Bank 5.05 245,000.00 245,000.00 245,000.00 06-14-24 06-14-28 307811KA6 Farmers & Merchs Bank 5.00 245,000.00 245,000.00 245,000.00 06-14-24 06-14-29 69503PAB7 Pacific Valley Bank 5.20 245,000.00 245,000.00 245,000.00 06-17-24 06-17-26 8562855V9 State Bank of India 5.10 245,000.00 245,000.00 245,000.00 06-18-24 06-18-29 229083AA8 Evangeline Bank & Trust 5.30 245,000.00 245,000.00 245,000.00 06-20-24 06-22-26 06051XER9 Bank of America NA 5.05 245,000.00 245,000.00 245,000.00 06-21-24 06-22-26 35634MAE1 Freedom Bank/Maywood NJ 5.05 245,000.00 245,000.00 245,000.00 06-25-24 06-25-29 09776DAG9 BOM Bank 5.35 245,000.00 245,000.00 245,000.00 TOTAL CERTIFICATES OF DEPOSIT 1,210,000.00$ 3,421,473.78$ 3,421,405.31$
CORPORATE NOTES
05-17-23 03-01-26 CITY 30231GAT9 Exxon Mobile Corporation3.04 1,000,000.00 982,084.11 955,987.20 05-17-23 03-02-26 CITY 194162AQ6 Colgate-Palmolive CO GlobalL4.80 1,000,000.00 1,035,553.33 1,003,302.97 05-17-23 01-26-26 CITY 742718FY0 Procter & Gamble CO/The Global4.10 1,000,000.00 1,018,471.67 987,613.50 01-04-24 07-27-26 CITY 61761J3R8 Morgan Stanley 4.70 500,000.00 481,185.25 481,185.25 01-04-24 06-15-26 CITY 46625HRS1 JPMorgan Chase & CO4.52 500,000.00 484,840.25 484,840.25 01-04-24 03-02-28 CITY 718172CE7 Philip Morris Intl Inc 4.49 500,000.00 474,395.25 474,395.25 01-04-24 04-01-27 CITY 808513BW4 Charles Schaw Corp 4.68 500,000.00 479,390.25 479,390.25 01-09-24 06-02-26 CITY 11271LAA0 Brookfield Fin Inc 5.13 500,000.00 490,115.25 490,115.25 01-09-24 11-28-28 CITY 05565QDH8 BP Capital Markets PLC4.48 500,000.00 483,460.25 483,460.25 01-09-24 01-28-26 CITY 06406RAQ0 Bank OF NY Mellon Corp4.52 500,000.00 463,355.25 463,355.25 01-09-24 07-09-27 CITY 22550L2K6 Crdit Suisse New York 4.92 500,000.00 500,910.25 500,910.25 01-09-24 08-15-28 CITY 797440CE2 San Diego G & E 4.49 500,000.00 509,340.25 509,340.25 01-09-24 07-01-27 CITY 75973QAA5 Reneissance Financial5.01 500,000.00 475,470.25 475,470.25 01-09-24 01-27-26 CITY 780082AD5 Royal Bank of Canada 4.97 500,000.00 496,930.25 496,930.25 TOTAL CORPORATE BONDS $8,500,000 $8,375,502 8,286,296.42$
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a CITY 98-19-620 0.78 64,822,736.10 64,822,736.10 64,822,736.10 06/23/08 n/a PCA 40-19-060 0.78 40,813,243.36 40,813,243.36 40,813,243.36 n/a ARPA 19-19-004 0.78 16,984,661.37 16,984,661.37 16,984,661.37 TOTAL LAIF ACCOUNTS 122,620,640.83$ 122,620,640.83$ 122,620,640.83$
CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY 6080-01 0.30 47,472,526.24 47,472,526.24 47,472,526.24 TOTAL CAMP ACCOUNTS 47,472,526.24$ 47,472,526.24$ 47,472,526.24$
UBS FINANCIAL SERVICES
n/a n/a CITY 0.00 661,346.77 661,346.77 661,346.77
TOTAL UBS FINANCIAL SERVICES ACCOUNTS 661,346.77$ 661,346.77$ 661,346.77$ TOTAL CITY INVESTMENTS 353,889,513.84$ 354,963,102.60$ 345,612,778.83$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
11-20-84 n/a LIBRARY 16-19-012 0.78 13,163.47
TOTAL LIBRARY INVESTMENTS 13,163.47$
SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 05-10-95 n/a BOND 95421220 0.35 115.50
05-10-95 n/a IMPROVEMENT 95421222 0.10 167,868.58
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 167,984.08$
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 13.31
04-06-95 n/a IMPV-ACQUI 95420884 0.01 2,794,179.85
04-06-95 n/a BOND 95420887 0.15 0.15
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,794,193.31$
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 1,225,813.03 08-01-19 n/a RESERVE 242969003 0.00 1,447,048.12
08-01-19 n/a SP TAX - REFNDING BOND 242969004 0.01 15,150.89 TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 2,688,012.04$
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 1,131,931.02
n/a RESERVE FUND 251009001 0.01 649,253.46
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 20211,781,184.48$
LIBRARY INVESTMENTS
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
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 0.01 182,882.31
11-08-06 n/a ADM EXP 106844002 0.01 1,727.38
11-08-06 n/a RESERVE FUND 106844003 0.01 92,497.44
TOTAL 2006-1 Godde Hill Estate Sewer Improvements LOIB 277,107.13$ 2013 HA PALMDALE TRANSIT VILLAGE HOMES LLC ESCROW
Fiscal Agent: U.S. Bank National Association (fka First Trust) 10-11-13 n/a ESCROW FUND 206455000 0.00 2,979,524.90
TOTAL 2013 HA TRANSIT VILLAGE HOMES ESCROW 2,979,512.65$ 2015 HA DEBT SERVICE RESERVE
Fiscal Agent: Bank of America
11-19-15 n/a DEBT SVC RESERVE 1257964992 0.08 40,213.10 TOTAL 2015 HA DEBT SERVICE RESERVE 40,213.10$
PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 9,654,743.67 TOTAL PARS PENSION TRUST FUND 9,654,743.67$
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 29,289.09
09-03-15 n/a INTEREST ACCT 277067001 0.01 8.19
09-03-15 n/a BOND RESERVE 277067003 0.00 281,015.00
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,304,023.02 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,614,335.30$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
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 0.31
TOTAL 2017 PFA $17.4M LEASE REVENUE BONDS 0.31$
BOND PROCEEDS
2023 A&B SERIES B ACQUISITION & CONSTRUCTION REVENUE BOND Fiscal Agent: U.S. Bank National Association (fka First Trust) 248041000 6.33
11-30-23 n/a INTEREST 248041001 2,054,524.00
11-30-23 n/a REVENUE FUND 248041004 19,345,360.81
11-30-23 n/a INTEREST 248041007 0.06
11-30-23 n/a REVENUE FUND 248041008 13,690,345.35
TOTAL 2023 A&B SERIES B ACQUISITION & CONSTRUCTION REV BOND 35,090,236.55$ GRAND TOTAL - FISCAL AGENT CASH 55,306,338.14$
Cash on Hand 6,894,413$
Pooled Cash Investments
City: 343,710,734$
Insur Fund: $1,902,044 345,612,778$
Library Investments $13,163
Subtotal 352,520,354$
City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 55,306,338$
Grand total 407,826,692$
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 June 30, 2024.
SUMMARY OF CASH AND INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
CITY OF PALMDALE
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES June 30, 2024
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - CITY ACCOUNT 98-19-620
Beginning Balance 64,822,736.10$
Subtotal -$ -$ -$ 64,822,736.10$ LAIF - PCA ACCOUNT 40-19-060
Beginning Balance 40,813,243.36$
Subtotal -$ -$ -$ 40,813,243.36$ LAIF - LIBRARY ACCOUNT 16-19-012
Beginning Balance 13,163.47$
Subtotal -$ -$ -$ 13,163.47$ LAIF - ARPA ACCOUNT 19-19-004
Beginning Balance 16,984,661.37$
Subtotal -$ -$ -$ 16,984,661.37$ CAMP
Beginning Balance 40,788,078.83$
06-28-24 6,500,000.00$
06-28-24 184,447.41$
Subtotal 6,500,000.00$ -$ 184,447.41$ 47,472,526.24$ UBS Financial Services
Beginning Balance 727,019.18$
06-30-24 207,456.94$
06-30-24 (273,129.35)$
Subtotal -$ (273,129.35)$ 207,456.94$ 661,346.77$ Total 6,500,000.00$ (273,129.35)$ 391,904.35$ 170,767,677.31$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
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)
3130AMQR6 Federal Home Loan Note 06-07-21 06-07-24 Gov Agency Paper 3,000,000.00$ M 5,250.00$ 3,005,250.00$ 2,857,869.93 142,130.07 3,000,000.00$ 5,250.00$ 3,005,250.00$ 2,857,869.93$ $142,130.07 Total Number of Transactions: 1
CITY OF PALMDALE
POOLED CASH - INVESTMENTS MATURED OR CALLED
June 30, 2024
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2024
TN = US Treasury
FP = Federal Paper
CD = Certificate of Deposit
CN = Corporate Notes ACCRUED
PURCHASE MATURITY FACE PREMIUM / PURCHASE INTEREST NET Yield
ISSUER DATE DATE VALUE (DISCOUNT) PRICE PURCHASED PURCHASE 59541KCV7 Mid-Missouri Bank 06-11-24 CD 06-12-28 245,000.00$ - 245,000.00$ 34.57$ 245,034.57$ 5.15% 38150VUZ0 Goldman Sachs Bank 06-11-24 CD 06-11-26 245,000.00$ - 245,000.00$ 33.90$ 245,033.90$ 5.05% 89235MPP0 Toyota Financial SGS 06-13-24 CD 06-13-29 245,000.00$ - 245,000.00$ -$ 245,000.00$ 4.65% 34520LBC6 Forbright Bank 06-14-24 CD 06-15-26 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.05% 307811KA6 Farmers & Merchs Bank 06-14-24 CD 06-14-28 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.00% 69503PAB7 Pacific Valley Bank 06-14-24 CD 06-14-29 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.20% 8562855V9 State Bank of India 06-17-24 CD 06-17-26 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.10% 229083AA8 Evangeline Bank & Trust 06-18-24 CD 06-18-29 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.30% 06051XER9 Bank of America NA 06-20-24 CD 06-22-26 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.05% 35634MAE1 Freedom Bank/Maywood NJ06-21-24 CD 06-22-26 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.05% 09776DAG9 BOM Bank 06-25-24 CD 06-25-29 245,000.00$ - 245,000.00$ -$ 245,000.00$ 5.35% - -$
2,695,000.00$ -$ 2,695,000.00$ 68.47$ 2,695,068.47$ Total Number of Transactions: 11
POOLED CASH - INVESTMENTS PURCHASED
June 30, 2024
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
June 30, 2024
POOLED CASH - STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF)
PURCHASE MATURITY ACCOUNT/ INTEREST INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT TOTAL
LAIF - SA ACCOUNT 65-19-035
09-01-84 n/a SA Account 65-19-035 0.78 8,150,476.51
8,150,476.51$
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 2.54 529,967.96
08-20-02 n/a Interest Acct 94460701 0.04 26,951.53
08-20-02 n/a Principal Acct 94460702 0.04 130.71
TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 557,050.20$
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 1.41
04-26-16 n/a Interest Acc 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 1.41$ GRAND TOTAL - FISCAL AGENT CASH $557,052
SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 3,897,015$ 3,900,315.24$
($3,300)
Pooled Cash Investments 8,150,477$ $0
3,897,015.24$
Successor Agency Fiscal Agent Cash 557,052$ *
Grand total 12,604,544$
* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF interest rates are as of June 30, 2024.
S:\Cash and Investment\Investment\Investment Reports\23-24\12 Jun 2024\[12 JUN 2024 Successor Investment Report.xls]JUN 2024 Monthly
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
POOLED CASH - STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF) June 30, 2024
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - SA ACCOUNT 65-19-035
Beginning Balance 8,150,476.51$
Subtotal -$ -$ -$ 8,150,476.51$
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale
Palmdale, CA
As of Date: 06/30/2024
Pricing as of: 06/28/2024
Date of Analysis: 07/10/2024
Account Executive: Bill Blackwill
Book Value
353,483
# Securities
70 Average Size (Book)
5,050
Yield at Book
1.40 Market Yield
2.92 $ Gain/Loss
-6,469
% Gain/Loss
-1.8%
Average Life
0.90 Average Life +300bps
0.90 % Price Change +100bps
-0.75
% Price Change +300bps
-2.29
Effective Duration
0.74 Effective Convexity
-0.02
AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$500 / $500
Portfolio Overview
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Historical Portfolio Overview
06/30/2024
03/31/2024
12/31/2023
09/30/2023
Book Value
353,483
331,180
285,946
313,945
Yield at Book
1.40 1.39
1.26 1.18
Yield at Book (+100)
1.40 1.39
1.26 1.18
Yield at Book (+300)
1.40 1.39
1.26 1.18
Yield at Book (-100)
1.40 1.39
1.26 1.18
WAL
0.90 0.98
0.99 1.03
WAL (+100)
0.90 1.00
0.99 1.03
WAL (+300)
0.90 1.00
0.99 1.03
WAL (-100)
0.79 0.92
0.94 1.03
% Price Change (+100)
-0.8%
-0.9%
-0.8%
-0.9%
% Price Change (+300)
-2.3%
-2.6%
-2.5%
-2.7%
% Price Change (-100)
0.7%
0.8%
0.8%
0.9%
Effective Duration
0.74 0.85
0.81 0.90
Effective Convexity
-0.02
-0.02
-0.02
0.00 $ Gain/Loss
-6,469
-7,376
-6,903
-10,108
% Gain/Loss
-1.8%
-2.2%
-2.4%
-3.2%
$ Gain/Loss (+300)
-14,399
-15,728
-13,826
-18,209
Principal Cash Flow 2 yrs out
83%
83%
83%
81%
Principal Cash Flow 2 yrs out (+100)
83%
82%
83%
81%
Principal Cash Flow 2 yrs out (+300)
83%
82%
83%
81%
Principal Cash Flow 2 yrs out (-100)
88%
85%
84%
81%
City of Palmdale - Palmdale, CA
As of 6/30/2024
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 (13)
16.9%
59,700
2.32 1.5 yrs
59,700
2.32 58,098
4.97 1.4
-1.4
-4.0
-1,602
-2.7%
1.45 1.37
0.04 100 %
Agency Bullet (4)
2.8%
10,000
1.22 0.8 yrs
10,000
1.22 9,737
5.22 0.8
-0.7
-2.2
-263
-2.6%
0.79 0.75
0.02 100 %
Callable Agency (21)
28.8%
101,775
1.82 1.7 yrs
101,775
1.81 97,440
5.16 1.3
-1.4
-4.3
-4,335
-4.3%
1.75 1.34
-0.11
100 %
Treasury/Agency (38)
48.5%
171,475
1.96 1.6 yrs
171,475
1.96 165,274
5.10 1.3
-1.3
-4.1
-6,201
-3.6%
1.59 1.32
-0.05
100 %
Finance (9)
1.3%
4,500
3.49 2.5 yrs
4,500
3.49 4,328
5.31 2.3
-2.2
-6.5
-172
-3.8%
2.48 2.25
0.05 100 %
Industrial (4)
1.0%
3,500
3.86 1.9 yrs
3,500
3.86 3,417
5.05 1.8
-1.8
-5.2
-83
-2.4%
1.93 1.76
0.04 100 %
Utility (1)
0.1%
500
4.95 4.1 yrs
500
4.95 497
5.11 3.7
-3.6
-10.2
-3
-0.6%
4.13 3.58
0.16 100 %
Corporate (14)
2.4%
8,500
3.73 2.3 yrs
8,500
3.73 8,242
5.19 2.2
-2.1
-6.2
-258
-3.0%
2.35 2.13
0.05 100 %
NCD (14)
1.0%
3,415
4.99 3.3 yrs
3,415
5.01 3,405
5.10 1.9
-2.1
-7.0
-10
-0.3%
3.32 1.98
-0.27
100 %
CD (14)
1.0%
3,415
4.99 3.3 yrs
3,415
5.01 3,405
5.10 1.9
-2.1
-7.0
-10
-0.3%
3.32 1.98
-0.27
100 %
Cash & Other (4)
48.1%
170,093
0.65 0.1 yrs
170,093
0.65 170,093
0.65 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Other (4)
48.1%
170,093
0.65 0.1 yrs
170,093
0.65 170,093
0.65 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Total (70)
100.0%
353,483
1.40 0.9 yrs
353,483
1.40 347,014
2.92 0.7
-0.8
-2.3
-6,469
-1.8%
0.90 0.74
-0.02
100 %
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
353,483
353,483
353,483
353,483
353,483
353,483
353,483
Book Value
353,483
353,483
353,483
353,483
353,483
353,483
353,483
Market Value
354,453
352,036
349,549
347,014
344,400
341,741
339,084
Gain/(Loss)
970
-1,447
-3,934
-6,469
-9,083
-11,742
-14,399
Gain/(Loss) %
0.3%
-0.4%
-1.1%
-1.8%
-2.6%
-3.3%
-4.1%
Gain/(Loss) % - Chg from Base
2.1%
1.5%
0.7%
0.0%
-0.8%
-1.5%
-2.3%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Yield at Book
1.40 1.40
1.40 1.40
1.40 1.40
1.40 Market Price
100.27
99.59 98.89
98.17 97.43
96.68 95.93
Market Yield
-0.20
0.83 1.87
2.92 3.90
4.89 5.88
WAL
0.72 0.76
0.79 0.90
0.90 0.90
0.90 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
1.3%
165,274
-1.3%
-2.7%
-4.1%
1.3%
Corporate
2.2%
8,242
-2.1%
-4.2%
-6.2%
2.1%
CD
1.9%
3,405
-2.1%
-4.5%
-7.0%
2.0%
Other
0.1%
170,093
-0.1%
-0.2%
-0.3%
0.1%
Total
0.7%
347,014
-0.8%
-1.5%
-2.3%
0.7%
Scenario Market Val
349,549
347,014
344,400
341,741
339,084
Scenario Gain/Loss
-3,934
-6,469
-9,083
-11,742
-14,399
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
1.4%
-100 bps
0.7%
Level Market Val
347,014
+100 bps
-0.8%
+200 bps
-1.5%
+300 bps
-2.3%
+400 bps
-3.0%
Effective Duration
0.74 Effective Convexity
-0.02
City of Palmdale - Palmdale, CA
As of 6/30/2024
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 05/24
249,260
-2.4
3.59 2.7
2.7 2.7
2.4 -2.4
-6.9
2.4 0.1
55%
0%
0%
0%
0%
0%
0%
0%
23%
10%
13%
100%
100%
2 03/24
475,123
-3.5
2.64 2.4
2.2 2.4
2.1 -2.1
-6.2
2.1 0.0
55%
0%
0%
0%
0%
0%
0%
0%
14%
19%
12%
100%
100%
3 04/24
225,871
-3.7
3.81 1.8
1.7 1.9
1.7 -1.7
-4.9
1.6 0.0
61%
0%
0%
0%
0%
0%
0%
0%
13%
19%
7%
100%
100%
4 03/24
184,952
-3.7
2.54 2.1
1.5 2.3
1.4 -1.6
-5.2
1.5 -0.2
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
5 05/24
157,774
-2.6
4.44 3.2
2.9 3.8
2.3 -2.4
-7.5
2.3 -0.1
3%
10%
11%
10%
4%
9%
4%
0%
25%
25%
0%
82%
100%
6 06/24
147,693
-2.1
4.15 2.4
2.2 2.5
2.1 -2.1
-6.2
2.1 0.0
72%
0%
0%
0%
0%
0%
0%
0%
0%
1%
27%
100%
100%
7 04/24
562,801
-4.2
2.02 2.2
2.1 2.2
2.0 -1.9
-5.7
2.0 0.0
76%
0%
0%
0%
0%
0%
0%
0%
19%
4%
0%
100%
100%
8 04/24
143,083
0.0 2.16
1.2 0.9
1.6 0.9
-1.1
-3.7
1.0 -0.3
57%
0%
0%
0%
0%
1%
0%
0%
0%
0%
43%
100%
100%
9 03/24
141,859
-2.0
3.76 1.3
1.0 1.5
1.0 -1.0
-3.3
1.0 -0.1
31%
0%
0%
0%
0%
0%
0%
0%
32%
1%
36%
100%
100%
10 03/24
121,943
-0.2
5.25 1.5
0.2 1.9
0.4 -0.9
-3.5
0.7 -0.3
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
11 06/24
109,136
-3.0
3.82 2.6
2.4 2.7
2.2 -2.2
-6.5
2.2 -0.1
68%
0%
0%
1%
0%
3%
0%
2%
0%
14%
11%
99%
100%
12 06/24
611,710
-2.9
2.89 2.4
2.1 2.5
2.0 -2.0
-6.2
2.0 0.0
59%
0%
0%
0%
0%
0%
0%
0%
41%
0%
0%
100%
100%
13 04/24
92,599
-3.8
2.50 1.9
1.7 2.0
1.7 -1.7
-5.0
1.7 0.0
71%
0%
0%
0%
0%
2%
0%
0%
2%
0%
26%
100%
100%
14 05/24
84,345
-2.0
3.50 0.6
0.6 0.6
0.5 -0.5
-1.5
0.5 0.0
25%
0%
0%
0%
0%
0%
0%
0%
0%
0%
75%
100%
100%
15 06/24
63,538
-0.8
4.91 2.4
1.2 2.8
1.2 -1.5
-5.4
1.3 -0.4
60%
0%
0%
0%
0%
8%
0%
0%
0%
0%
32%
100%
100%
16 06/24
55,011
-4.1
2.71 1.9
1.8 1.9
1.6 -1.7
-4.9
1.6 -0.1
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
17 06/24
53,095
0.5 6.17
2.7 2.7
2.7 2.4
-2.4
-6.8
2.4 0.1
28%
0%
0%
0%
0%
56%
0%
0%
1%
0%
15%
100%
100%
18 06/24
41,162
-1.8
4.48 1.7
1.4 1.9
1.3 -1.4
-4.3
1.3 -0.1
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
69%
100%
100%
19 03/24
40,543
0.9 6.94
1.1 0.9
1.4 0.9
-1.0
-3.3
0.9 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
20 03/24
39,018
-2.0
2.85 1.9
1.3 2.1
1.2 -1.4
-4.5
1.3 -0.2
47%
0%
0%
0%
0%
5%
0%
0%
1%
1%
46%
100%
100%
21 03/24
38,893
-2.9
2.57 2.4
2.1 3.2
1.8 -2.0
-6.4
1.8 -0.2
67%
0%
0%
0%
0%
0%
0%
0%
0%
0%
33%
100%
67%
22 06/24
38,102
-1.2
3.77 1.3
1.3 1.3
1.2 -1.2
-3.6
1.2 0.0
15%
0%
0%
0%
0%
0%
0%
0%
48%
2%
35%
100%
100%
23 06/24
33,328
-6.6
1.03 2.0
2.0 2.0
1.9 -1.8
-5.4
1.9 0.0
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
24 03/24
25,498
-3.4
3.10 2.4
2.2 2.7
2.1 -2.1
-6.3
2.1 0.0
33%
0%
0%
0%
0%
8%
0%
0%
14%
6%
39%
100%
100%
25 03/24
10,903
-3.7
1.31 2.1
2.1 2.1
2.0 -1.9
-5.7
2.0 0.1
5%
0%
0%
0%
0%
0%
0%
0%
28%
36%
31%
100%
100%
Avg
149,890
-2.5
3.48 2.0
1.7 2.2
1.6 -1.7
-5.2
1.6 -0.1
57%
0%
0%
0%
0%
4%
0%
0%
10%
6%
22%
99%
99%
Port
353,483
-1.8
1.40 0.9
0.8 0.9
0.7 -0.8
-2.3
0.7 0.0
49%
0%
0%
0%
0%
0%
0%
0%
0%
2%
49%
100%
100%
Diff
203,594
0.6 -2.08
-1.1
-0.9
-1.3
-0.9
0.9 2.9
-0.9
0.0 -8%
0%
0%
0%
0%
-4%
0%
0%
-10%
-3%
27%
1%
1%
* 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 6/30/2024
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 6/30/2024
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jul 2024
1.40 170,093
0.65 2.09
Aug 2024
2.09 4,000
0.41 2.13
Sep 2024
2.13 0
2.13 Oct 2024
2.13 0
2.13 Nov 2024
2.13 2,000
0.50 2.15
Dec 2024
2.15 29,750
1.13 2.36
Jan 2025
2.36 7,000
1.05 2.42
Feb 2025
2.42 0
2.42 Mar 2025
2.42 0
2.42 Apr 2025
2.42 5,000
0.71 2.48
May 2025
2.48 0
2.48 Jun 2025
2.48 15,000
1.04 2.66
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Jul 2024
185,213
180,173
180,173
170,306
170,306
170,306
170,306
Aug 2024
4,239
4,239
4,239
4,239
4,239
4,239
4,239
Sep 2024
213
213
213
349
349
349
349
Oct 2024
71 151
151
151
151
151
151
Nov 2024
2,468
2,468
2,468
2,363
2,363
2,363
2,363
Dec 2024
30,941
30,941
30,941
30,451
30,451
30,451
30,451
Jan 2025
7,114
7,114
7,114
7,115
7,115
7,115
7,115
Feb 2025
231
231
231
232
232
232
232
Mar 2025
211
211
211
349
349
349
349
Apr 2025
5,070
5,150
5,150
5,151
5,151
5,151
5,151
May 2025
218
218
218
360
360
360
360
Jun 2025
18,840
18,840
16,015
15,532
15,532
15,532
15,532
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2024
1.40 205,843
0.71 2.36
2025
2.36 60,460
1.16 3.18
2026
3.18 46,915
2.84 3.59
2027
3.59 29,480
3.12 4.86
2028
4.86 9,805
4.83 5.17
2029
5.17 980
5.17 2030
2031
2032
2033
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2024
223,145
218,185
218,185
207,859
207,859
207,859
207,859
2025
67,312
66,463
63,704
63,807
63,807
63,807
63,807
2026
47,705
48,888
48,781
49,266
49,266
49,266
49,266
2027
19,622
24,707
24,850
30,547
30,547
30,547
30,547
2028
1,556
1,561
4,689
10,114
10,114
10,114
10,114
2029
251
251
251
1,005
1,005
1,005
1,005
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 12 Months
Jul 24
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Bk Yld Chg
Treasury/Agency
Cash Flow
48 4,222
298
138
2,343
30,375
7,048
215
298
5,138
341
15,456
End BY
1.96 1.99
1.99 1.99
2.01 2.20
2.27 2.27
2.27 2.33
2.33 2.51
0.55 Corporate
Cash Flow
63 12
47 8
9 19
63 12
47 8
9 19
End BY
3.73 3.73
3.73 3.73
3.73 3.73
3.73 3.73
3.73 3.73
3.73 3.73
0.00 CD
Cash Flow
4 4
4 4
10 58
4 4
4 4
10 58
End BY
5.01 5.01
5.01 5.01
5.01 5.01
5.01 5.01
5.01 5.01
5.01 5.01
0.00 Other
Cash Flow
170,191
End BY
Total
Cash Flow
170,306
4,239
349
151
2,363
30,451
7,115
232
349
5,151
360
15,532
End BY
2.09 2.13
2.13 2.13
2.15 2.36
2.42 2.42
2.42 2.48
2.48 2.66
0.57 City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 3 Years
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
Bk Yld Chg
Treasury/Agency
Cash Flow
4,568
32,856
7,561
20,934
18,834
15,991
11,635
9,710
5,011
15,587
10,124
15,490
End BY
1.99 2.20
2.27 2.51
2.82 3.04
3.03 3.08
2.82 3.48
4.28 4.78
2.79 Corporate
Cash Flow
122
36 122
36 122
36 4,122
1,036
549
18 41
518
End BY
3.73 3.73
3.73 3.73
3.73 3.73
3.79 3.81
3.92 3.92
3.92 4.05
0.32 CD
Cash Flow
13 73
13 72
13 73
13 1,538
13 36
13 36
End BY
5.01 5.01
5.01 5.01
5.01 5.01
5.01 5.02
5.02 5.02
5.02 5.02
0.01 Other
Cash Flow
170,191
End BY
Total
Cash Flow
174,894
32,965
7,696
21,043
18,969
16,099
15,770
12,283
5,573
15,640
10,178
16,043
End BY
2.13 2.36
2.42 2.66
2.97 3.18
3.17 3.18
2.96 3.59
4.29 4.69
2.55 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
0.25 582
-1,145
1.07 0.50
1,164
-563
1.24 0.75
1,746
19 1.40
1.00 2,328
601
1.57 1.25
2,911
1,183
1.73 1.50
3,493
1,765
1.90 1.75
4,075
2,347
2.06 2.00
4,657
2,929
2.23 2.25
5,239
3,512
2.39 2.50
5,821
4,094
2.56 2.75
6,403
4,676
2.72 3.00
6,985
5,258
2.89 3.25
7,567
5,840
3.05 3.50
8,150
6,422
3.21 3.75
8,732
7,004
3.38 4.00
9,314
7,586
3.54 4.25
9,896
8,168
3.71 4.50
10,478
8,751
3.87 4.75
11,060
9,333
4.04 5.00
11,642
9,915
4.20 5.25
12,224
10,497
4.37 5.50
12,806
11,079
4.53 5.75
13,388
11,661
4.70 6.00
13,971
12,243
4.86 6.25
14,553
12,825
5.03 6.50
15,135
13,407
5.19 6.75
15,717
13,989
5.36 7.00
16,299
14,572
5.52 7.25
16,881
15,154
5.69 7.50
17,463
15,736
5.85 7.75
18,045
16,318
6.01 8.00
18,627
16,900
6.18 Principal Maturing(12 Mo.Horizon): $232,843
Current Yield at Book of Principal Maturing: 0.74%
Est. Annual Income at Current Yield at Book: $1,727
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Palmdale, CA
As of 6/30/2024
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 %
1.5 yrs
100.00
97.32 -1,602
-2.7%
1.45 1.4
1.37 0.04
Treasury (13)
34.8%
59,700
2.32 59,700
2.32 58,098
4.97 -3,904
-6.5%
1.45 -4.0
100.0%
0.8 yrs
100.00
97.37 -263
-2.6%
0.79 0.8
0.75 0.02
Agency Bullet (4)
5.8%
10,000
1.22 10,000
1.22 9,737
5.22 -477
-4.8%
0.79 -2.2
100.0%
1.7 yrs
100.00
95.74 -4,335
-4.3%
1.75 1.3
1.34 -0.11
Callable Agency (21)
59.4%
101,775
1.82 0.2 yrs
101,775
1.81 97,440
5.16 -8,566
-8.4%
1.75 -4.3
100.0%
1.6 yrs
100.00
96.38 -6,201
-3.6%
1.59 1.3
1.32 -0.05
Total (38)
100.0%
171,475
1.96 0.2 yrs
171,475
1.96 165,274
5.10 -12,947
-7.6%
1.59 -4.1
100.0%
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Agency - Sector Cash Flow and Yield Rolloff - Next 3 Years 3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
Bk Yld Chg
Cash Flow
4,568
32,856
7,561
20,934
18,834
15,991
11,635
9,710
5,011
15,587
10,124
15,490
End BY
1.99 2.20
2.27 2.51
2.82 3.04
3.03 3.08
2.82 3.48
4.28 4.78
2.79 Cash Flow
4,568
32,856
7,561
20,934
18,834
15,991
11,635
9,710
5,011
15,587
10,124
15,490
End BY
1.99 2.20
2.27 2.51
2.82 3.04
3.03 3.08
2.82 3.48
4.28 4.78
2.79 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
Jun 24
-
-
-
-
-
-
-
-
-
Jul 24
9,750
9,750
4,750
-
-
-
-
-
-
Aug 24
-
-
-
-
-
-
-
-
-
Sep 24
-
-
-
-
-
-
-
-
-
Oct 24
-
-
-
-
-
-
-
-
-
Nov 24
-
-
-
-
-
-
-
-
-
Dec 24
-
-
-
-
-
-
-
-
-
Jan 25
-
-
-
-
-
-
-
-
-
Feb 25
-
-
-
-
-
-
-
-
-
Mar 25
-
-
-
-
-
-
-
-
-
Apr 25
-
-
-
-
-
-
-
-
-
May 25
-
-
-
-
-
-
-
-
-
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Quarterly
-100
-75
-50
-25
0 25
50 75
100
2Q24
-
-
-
-
-
-
-
-
-
3Q24
9,750
9,750
4,750
-
-
-
-
-
-
4Q24
-
-
-
-
-
-
-
-
-
1Q25
-
-
-
-
-
-
-
-
-
2Q25
-
-
-
-
-
-
-
-
-
3Q25
-
-
-
-
-
-
-
-
-
4Q25
-
-
-
-
-
-
-
-
-
1Q26
-
-
-
-
-
-
-
-
-
2Q26
5,000
5,000
5,000
5,000
-
-
-
-
-
3Q26
-
-
-
-
-
-
-
-
-
4Q26
-
-
-
-
-
-
-
-
-
1Q27
-
-
-
-
-
-
-
-
-
2Q27
-
-
-
-
-
-
-
-
-
3Q27
-
-
-
-
-
-
-
-
-
4Q27
-
-
-
-
-
-
-
-
-
1Q28
-
-
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
15 3133EPKC8
FFCB
5.39 Fixed
05/18/27
5,000
07/17/24
Anytime
99.632
-18
07/24
07/24
07/24
05/27
05/27
05/27
05/27
13 3130AXAP3
FHLB
5.75 Fixed
09/21/26
4,750
07/17/24
Anytime
99.861
-7
07/24
07/24
07/24
09/26
09/26
09/26
09/26
6 3134GWNG7
FHLMC
0.50 Fixed
11/27/24
2,000
08/27/24
Quarterly
98.063
-39
11/24
11/24
11/24
11/24
11/24
11/24
11/24
10 3130AQDY6
FHLB
1.00 Fixed
12/30/24
6,750
07/17/24
Anytime
97.882
-143
12/24
12/24
12/24
12/24
12/24
12/24
12/24
12 3130AQEA7
FHLB
1.05 Fixed
01/14/25
7,000
10/14/24
Quarterly
97.689
-162
01/25
01/25
01/25
01/25
01/25
01/25
01/25
14 3133EMUP5
FFCB
0.71 Fixed
04/01/25
5,000
07/17/24
Anytime
96.629
-169
04/25
04/25
04/25
04/25
04/25
04/25
04/25
16 3133ELK37
FFCB
0.78 Fixed
06/16/25
5,000
07/17/24
Anytime
95.835
-208
06/25
06/25
06/25
06/25
06/25
06/25
06/25
17 3133ENHW3
FFCB
1.17 Fixed
06/23/25
10,000
07/17/24
Anytime
96.127
-387
06/25
06/25
06/25
06/25
06/25
06/25
06/25
18 3136G4ZP1
FNMA
0.65 Fixed
07/30/25
3,500
07/30/24
Quarterly
95.258
-166
07/25
07/25
07/25
07/25
07/25
07/25
07/25
19 3133EL3P7
FFCB
0.53 Fixed
08/12/25
1,810
07/17/24
Anytime
94.992
-91
08/25
08/25
08/25
08/25
08/25
08/25
08/25
23 3134GWUG9
FHLMC
0.57 Fixed
09/24/25
10,000
09/24/24
Quarterly
94.566
-543
09/25
09/25
09/25
09/25
09/25
09/25
09/25
26 3134GXBM5
FHLMC
0.60 Fixed
11/12/25
1,150
08/12/24
Quarterly
94.093
-68
11/25
11/25
11/25
11/25
11/25
11/25
11/25
30 3130AMRQ7
FHLB
0.88 Fixed
12/30/25
3,000
09/30/24
Quarterly
94.019
-179
12/25
12/25
12/25
12/25
12/25
12/25
12/25
42 3130AN5C0
FHLB
1.05 Fixed
04/29/26
4,000
07/29/24
Quarterly
93.360
-266
04/26
04/26
04/26
04/26
04/26
04/26
04/26
53 3133ERCX7
FFCB
5.17 Fixed
05/01/28
5,000
05/01/26
Anytime
99.989
-1
05/26
05/26
05/26
05/28
05/28
05/28
05/28
54 3134GW4C7
FHLMC
0.80 Fixed
10/27/26
5,000
07/27/24
Quarterly
91.354
-432
10/26
10/26
10/26
10/26
10/26
10/26
10/26
57 3133ENJC5
FFCB
1.29 Fixed
12/22/26
5,000
07/17/24
Anytime
91.996
-400
12/26
12/26
12/26
12/26
12/26
12/26
12/26
59 3130AQRH8
FHLB
2.00 Fixed
02/25/27
5,000
08/25/24
Quarterly
93.288
-336
02/27
02/27
02/27
02/27
02/27
02/27
02/27
61 3130AL5A8
FHLB
0.90 Fixed
02/26/27
5,000
08/26/24
Quarterly
90.591
-470
02/27
02/27
02/27
02/27
02/27
02/27
02/27
55 3130ARHJ3
FHLB
3.18 Fixed
04/19/27
5,000
07/19/24
Monthly
95.895
-205
07/24
04/27
04/27
04/27
04/27
04/27
04/27
52 3133EPLE3
FFCB
4.67 Fixed
05/30/28
2,815
05/30/25
Anytime
98.383
-46
06/25
06/25
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
Jun 24
-
-
-
-
-
-
-
Jul 24
14,750
9,750
9,750
-
-
-
-
Aug 24
-
-
-
-
-
-
-
Sep 24
-
-
-
-
-
-
-
Oct 24
-
-
-
-
-
-
-
Nov 24
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Dec 24
6,750
6,750
6,750
6,750
6,750
6,750
6,750
Jan 25
7,000
7,000
7,000
7,000
7,000
7,000
7,000
Feb 25
-
-
-
-
-
-
-
Mar 25
-
-
-
-
-
-
-
Apr 25
5,000
5,000
5,000
5,000
5,000
5,000
5,000
May 25
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
1.82 101,775
95.740
-4,335
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
3130AXAP3
FHLB 5 3/4 09/21/26
Callable Agency
4,743
5.81%
0.54 -4.0
3133EPKC8
FFCB 5.39 05/18/27
Callable Agency
4,982
5.53%
0.82 -5.2
3130AQEA7
FHLB 1.05 01/14/25
Callable Agency
6,838
5.46%
0.53 -1.6
3130AMHH8
FHLB 0.41 08/01/24
Agency Bullet
3,983
5.44%
0.09 -0.3
3134GWNG
7 FHLMC 0 1/2 11/27/24
Callable Agency
1,961
5.36%
0.41 -1.2
Bottom 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
91282CFM8
T 4 1/8 09/30/27
Treasury
2,472
4.50%
2.96 -8.5
91282CEW7
T 3 1/4 06/30/27
Treasury
4,825
4.51%
2.80 -7.9
912828YX2
T 1 3/4 12/31/26
Treasury
4,667
4.60%
2.39 -6.8
3130AL5A8
FHLB 0.9 02/26/27
Callable Agency
4,530
4.71%
2.54 -7.3
3130AQRH8
FHLB 2 02/25/27
Callable Agency
4,664
4.72%
2.44 -7.2
Top 5 Price Volatility (% price change +300)
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
91282CFM8
T 4 1/8 09/30/27
Treasury
2,472
4.50%
2.96 -8.5
3133EPLE3
FFCB 4.67 05/30/28
Callable Agency
2,769
5.13%
1.95 -8.0
91282CEW7
T 3 1/4 06/30/27
Treasury
4,825
4.51%
2.80 -7.9
3133ERCX7
FFCB 5.17 05/01/28
Callable Agency
4,999
5.17%
2.14 -7.7
3130AL5A8
FHLB 0.9 02/26/27
Callable Agency
4,530
4.71%
2.54 -7.3
Next 5 Projected Redemptions
Security
Mkt
Mkt
Eff.
CUSIP
Description
Subsector
Value
Yld
Dur
Mat/Call
3130AMHH8
FHLB 0.41 08/01/24
Agency Bullet
3,983
5.44%
0.09 08/01/24
3134GWNG
7 FHLMC 0 1/2 11/27/24
Callable Agency
1,961
5.36%
0.41 11/01/24
9128283P3
T 2 1/4 12/31/24
Treasury
2,955
5.34%
0.50 12/01/24
3130AQDY6
FHLB 1 12/30/24
Callable Agency
6,607
5.35%
0.50 12/01/24
91282CDN8
T 1 12/15/24
Treasury
9,808
5.30%
0.46 12/01/24
City of Palmdale - Palmdale, CA
As of 6/30/2024
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 %
A1
100.00
96.18 -172
-3.8%
2.48 2.3
2.25 0.05
Finance (9)
52.9%
4,500
3.49 2.5 yrs
A
4,500
3.49 4,328
5.31 -455
-10.1%
2.48 -6.5
100.0%
Aa2
100.00
97.62 -83
-2.4%
1.93 1.8
1.76 0.04
Industrial (4)
41.2%
3,500
3.86 1.9 yrs
AA-
3,500
3.86 3,417
5.05 -260
-7.4%
1.93 -5.2
100.0%
A1
100.00
99.42 -3
-0.6%
4.13 3.7
3.58 0.16
Utility (1)
5.9%
500
4.95 4.1 yrs
A
500
4.95 497
5.11 -54
-10.8%
4.13 -10.2
100.0%
Aa3
100.00
96.96 -258
-3.0%
2.35 2.2
2.13 0.05
Total (14)
100.0%
8,500
3.73 2.3 yrs
A+
8,500
3.73 8,242
5.19 -768
-9.0%
2.35 -6.2
100.0%
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
23.5%
2,000
3.57 1.50
1.00 Yr - 2.99 Yr
70.6%
6,000
3.59 AA-
A
76.5%
6,500
3.78 2.32
3.00 Yr - 4.99 Yr
29.4%
2,500
4.05 A+
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 6/30/2024
Portfolio ID: 6748 - 58411
CD - 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 %
3.3 yrs
100.00
99.70 -10
-0.3%
3.32 1.9
1.98 -0.27
NCD (14)
100.0%
3,415
4.99 0.9 yrs
3,415
5.01 3,405
5.10 -248
-7.3%
3.32 -7.0
100.0%
3.3 yrs
100.00
99.70 -10
-0.3%
3.32 1.9
1.98 -0.27
Total (14)
100.0%
3,415
4.99 0.9 yrs
3,415
5.01 3,405
5.10 -248
-7.3%
3.32 -7.0
100.0%
City of Palmdale - Palmdale, CA
As of 6/30/2024
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%
170,093
0.65 170,093
0.65 170,093
0.65 -436
-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%
170,093
0.65 170,093
0.65 170,093
0.65 -436
-0.3%
0.08 -0.3
100.0%
City of Palmdale - Palmdale, CA
As of 6/30/2024
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%
27 0.77
0.5 yrs
281,803
100.00
98.23 -5,000
0.77 0.5
0.49 Treasury
4 1.15
0.9 yrs
25,000
100.00
97.13 -717
1.15 0.9
0.83 Agency Bullet
2 0.45
0.6 yrs
7,000
100.00
97.28 -190
0.45 0.6
0.59 Callable Agency
16 0.96
1.4 yrs
79,210
100.00
94.88 -4,059
0.95 1.4
1.29 Finance
1 0.75
1.6 yrs
500
100.00
93.31 -33
0.75 1.6
1.52 Cash & Other
4 0.65
0.1 yrs
170,093
100.00
100.00
0 0.65
0.1 0.09
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
89235MPP0
NCD
TOYFBN 4.65 06/13/29
4.65 06/13/29
245
100.00
100.55
1 4.653
4.95 -12.08
-30
-28
4.36 AFS
05565QDH8
Finance
BPLN 3.723 11/28/28
3.72 11/28/28
500
100.00
95.05 -25
3.722
4.41 -11.04
-52
-77
3.91 AFS
797440CE2
Utility
SRE 4.95 08/15/28
4.95 08/15/28
500
100.00
99.42 -3
4.948
4.13 -10.25
-51
-54
3.58 AFS
718172CE7
Industrial
PM 3 1/8 03/02/28
3.13 03/02/28
500
100.00
93.10 -35
3.124
3.67 -9.50
-44
-79
3.32 AFS
09582YAV4
NCD
RICBVA 4.2 12/28/27
4.20 12/28/27
240
100.00
98.45 -4
4.202
3.49 -9.00
-21
-25
3.20 AFS
91282CFM8
Treasury
T 4 1/8 09/30/27
4.13 09/30/27
2,500
100.00
98.88 -28
4.124
3.25 -8.45
-209
-237
2.96 AFS
307811KA6
NCD
FMBKWI 5 06/14/28
5.00 06/14/28
245
100.00
99.59 -1
5.057
3.96 -8.10
-20
-21
2.30 AFS
69503PAB7
NCD
PACVYB 5.2 06/14/29
5.20 06/14/29
245
100.00
99.26 -2
5.203
4.96 -8.08
-20
-21
1.41 AFS
3133EPLE3
Callable Agency
FFCB 4.67 05/30/28
4.67 05/30/28
2,815
100.00
98.38 -46
4.669
3.92 -8.03
-223
-268
1.95 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
96.50 -175
3.249
3.00 -7.93
-383
-558
2.80 AFS
3.93 12,790
100.00
97.53 -316
3.929
3.48 -8.44
-1,052
-1,368
2.74 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
3133ERCX7
Callable Agency
FFCB 5.17 05/01/28
5.17 05/01/28
5,000
100.00
99.99 -1
5.168
3.84 -7.74
-387
-387
2.14 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
96.50 -175
3.249
3.00 -7.93
-383
-558
2.80 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27
3.18 04/19/27
5,000
100.00
95.90 -205
3.174
2.80 -7.20
-345
-551
2.28 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
93.29 -336
2.000
2.65 -7.15
-334
-669
2.44 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
90.59 -470
0.900
2.66 -7.27
-329
-800
2.54 AFS
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25
0.57 09/24/25
10,000
100.00
94.57 -543
0.570
1.23 -3.46
-327
-871
1.19 AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
93.34 -333
1.750
2.50 -6.81
-318
-651
2.39 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
92.00 -400
1.290
2.48 -6.77
-311
-712
2.36 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
91.35 -432
0.800
2.33 -6.40
-293
-725
2.23 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
96.13 -387
1.170
0.98 -2.75
-265
-652
0.94 AFS
1.82 60,000
100.00
94.53 -3,283
1.817
2.22 -5.80
-3,292
-6,575
1.95 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
94.57 -543
0.570
1.23 -3.46
-327
-871
1.19 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
90.59 -470
0.900
2.66 -7.27
-329
-800
2.54 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
91.35 -432
0.800
2.33 -6.40
-293
-725
2.23 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
92.00 -400
1.290
2.48 -6.77
-311
-712
2.36 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
93.29 -336
2.000
2.65 -7.15
-334
-669
2.44 AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
96.13 -387
1.170
0.98 -2.75
-265
-652
0.94 AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
93.34 -333
1.750
2.50 -6.81
-318
-651
2.39 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
96.50 -175
3.249
3.00 -7.93
-383
-558
2.80 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27
3.18 04/19/27
5,000
100.00
95.90 -205
3.174
2.80 -7.20
-345
-551
2.28 AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
93.36 -266
1.050
1.83 -5.07
-189
-455
1.75 AFS
1.48 59,000
100.00
93.99 -3,548
1.481
2.06 -5.58
-3,095
-6,642
1.92 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
94.57 -543
0.570
-3.46
1.19 1.23
1.23 0.00
AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
90.59 -470
0.900
-7.27
2.54 2.66
2.66 0.00
AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
91.35 -432
0.800
-6.40
2.23 2.33
2.33 0.00
AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
92.00 -400
1.290
-6.77
2.36 2.48
2.48 0.00
AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
93.29 -336
2.000
-7.15
2.44 2.65
2.65 0.00
AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
96.13 -387
1.170
-2.75
0.94 0.98
0.98 0.00
AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
93.34 -333
1.750
-6.81
2.39 2.50
2.50 0.00
AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
96.50 -175
3.249
-7.93
2.80 3.00
3.00 0.00
AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27
3.18 04/19/27
5,000
100.00
95.90 -205
3.174
-7.20
2.28 2.80
2.80 0.00
AFS
3130AN5C0
Callable Agency
FHLB 1.05 04/29/26
1.05 04/29/26
4,000
100.00
93.36 -266
1.050
-5.07
1.75 1.83
1.83 0.00
AFS
1.48 59,000
100.00
93.99 -3,548
1.481
-5.58
1.92 2.06
2.06 0.00
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
9128283P3
Fixed
12/24
100.00
98.50 -1.5%
0.5 0.50
T 2 1/4 12/31/24
T
3,000
2.250
12/31/24
3,000
2.26 2,955
5.34 -45
-1.5
0.00 AFS
91282CDN8
Fixed
12/24
100.00
98.08 -1.9%
0.5 0.46
T 1 12/15/24
T
10,000
1.000
12/15/24
10,000
1.00 9,808
5.30 -192
-1.3
0.00 AFS
91282CDN8
Fixed
12/24
100.00
98.08 -1.9%
0.5 0.46
T 1 12/15/24
T
5,000
1.000
12/15/24
5,000
1.00 4,904
5.30 -96
-1.3
0.00 AFS
91282CDN8
Fixed
12/24
100.00
98.08 -1.9%
0.5 0.46
T 1 12/15/24
T
5,000
1.000
12/15/24
5,000
1.00 4,904
5.30 -96
-1.3
0.00 AFS
9128285T3
Fixed
12/25
100.00
96.72 -3.3%
1.5 1.44
T 2 5/8 12/31/25
T
3,000
2.625
12/31/25
3,000
2.62 2,902
4.92 -98
-4.2
0.03 AFS
9128285T3
Fixed
12/25
100.00
96.72 -3.3%
1.5 1.44
T 2 5/8 12/31/25
T
5,000
2.625
12/31/25
5,000
2.62 4,836
4.92 -164
-4.2
0.03 AFS
91282CGL9
Fixed
02/26
100.00
98.64 -1.4%
1.6 1.52
T 4 02/15/26
T
5,000
4.000
02/15/26
5,000
4.01 4,932
4.89 -68
-4.5
0.04 AFS
9128286F2
Fixed
02/26
100.00
96.25 -3.8%
1.6 1.58
T 2 1/2 02/28/26
T
3,000
2.500
02/28/26
3,000
2.50 2,888
4.87 -113
-4.6
0.04 AFS
9128286L9
Fixed
03/26
100.00
95.75 -4.3%
1.7 1.66
T 2 1/4 03/31/26
T
3,200
2.250
03/31/26
3,200
2.25 3,064
4.81 -136
-4.8
0.04 AFS
91282CHH7
Fixed
06/26
100.00
98.84 -1.2%
1.9 1.84
T 4 1/8 06/15/26
T
5,000
4.125
06/15/26
5,000
4.12 4,942
4.75 -58
-5.3
0.05 AFS
912828YX2
Fixed
12/26
100.00
93.34 -6.7%
2.4 2.39
T 1 3/4 12/31/26
T
5,000
1.750
12/31/26
5,000
1.75 4,667
4.60 -333
-6.8
0.08 AFS
91282CEW7
Fixed
06/27
100.00
96.50 -3.5%
2.9 2.80
T 3 1/4 06/30/27
T
5,000
3.250
06/30/27
5,000
3.25 4,825
4.51 -175
-7.9
0.11 AFS
91282CFM8
Fixed
09/27
100.00
98.88 -1.1%
3.1 2.96
T 4 1/8 09/30/27
T
2,500
4.125
09/30/27
2,500
4.12 2,472
4.50 -28
-8.5
0.12 AFS
Treasury
100.00
97.32 -2.7%
1.4 1.37
59,700
2.318
59,700
2.32 58,098
4.97 -1,602
-4.0
0.04 3135G06G3
Fixed
11/25
100.00
94.22 -5.8%
1.3 1.31
FNMA 0 1/2 11/07/25
FNMA
3,000
0.500
11/07/25
3,000
0.50 2,827
4.97 -173
-3.8
0.03 AFS
3130AMHH8
Fixed
08/24
100.00
99.57 -0.4%
0.1 0.09
FHLB 0.41 08/01/24
FHLB
4,000
0.410
Quarterly
08/01/24
4,000
0.41 3,983
5.44 -17
-0.3
0.00 AFS
3133EJYM5
Fixed
09/25
100.00
97.57 -2.4%
1.1 1.12
FFCB 3.02 09/04/25
FFCB
1,000
3.020
09/04/25
1,000
3.02 976
5.17 -24
-3.3
0.02 AFS
3133EJYM5
Fixed
09/25
100.00
97.57 -2.4%
1.1 1.12
FFCB 3.02 09/04/25
FFCB
2,000
3.020
09/04/25
2,000
3.02 1,951
5.17 -49
-3.3
0.02 AFS
Agency Bullet
100.00
97.37 -2.6%
0.8 0.75
10,000
1.220
10,000
1.22 9,737
5.22 -263
-2.2
0.02 3134GWUG9
Fixed
09/24/24
09/25
100.00
94.57 -539
-5.4%
1.2 1.19
FHLMC 0.57 09/24/25
FHLMC
10,000
0.570
Quarterly
09/24/25
10,000
0.57 9,457
5.17 -543
-3.5
0.03 AFS
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
08/27/24
11/24
100.00
98.06 -507
-1.9%
0.4 0.41
FHLMC 0 1/2 11/27/24
FHLMC
2,000
0.500
Quarterly
11/27/24
2,000
0.50 1,961
5.36 -39
-1.2
0.00 AFS
3130AQDY6
Fixed
07/17/24
12/24
100.00
97.88 -468
-2.1%
0.5 0.50
FHLB 1 12/30/24
FHLB
6,750
1.000
Anytime
12/30/24
6,750
1.00 6,607
5.35 -143
-1.5
0.00 AFS
3130AQEA7
Fixed
10/14/24
01/25
100.00
97.69 -460
-2.3%
0.5 0.53
FHLB 1.05 01/14/25
FHLB
7,000
1.050
Quarterly
01/14/25
7,000
1.05 6,838
5.46 -162
-1.6
0.01 AFS
3130AXAP3
Fixed
07/17/24
09/26
100.00
99.86 -34
-0.1%
0.2 0.54
FHLB 5 3/4 09/21/26
FHLB
4,750
5.750
Anytime
09/21/26
4,750
5.75 4,743
5.81 -7
-4.0
-0.75
AFS
3133EMUP5
Fixed
07/17/24
04/25
100.00
96.63 -528
-3.4%
0.7 0.73
FFCB 0.71 04/01/25
FFCB
5,000
0.710
Anytime
04/01/25
5,000
0.71 4,831
5.34 -169
-2.2
0.01 AFS
3133EPKC8
Fixed
07/17/24
05/27
100.00
99.63 -63
-0.4%
0.4 0.82
FFCB 5.39 05/18/27
FFCB
5,000
5.390
Anytime
05/18/27
5,000
5.39 4,982
5.53 -18
-5.2
-0.78
AFS
3133ELK37
Fixed
07/17/24
06/25
100.00
95.84 -515
-4.2%
0.9 0.93
FFCB 0.78 06/16/25
FFCB
5,000
0.780
Anytime
06/16/25
5,000
0.78 4,792
5.28 -208
-2.7
0.02 AFS
3133ENHW3
Fixed
07/17/24
06/25
100.00
96.13 -473
-3.9%
1.0 0.94
FFCB 1.17 06/23/25
FFCB
10,000
1.170
Anytime
06/23/25
10,000
1.17 9,613
5.27 -387
-2.8
0.02 AFS
3136G4ZP1
Fixed
07/30/24
07/25
100.00
95.26 -536
-4.7%
1.1 1.04
FNMA 0.65 07/30/25
FNMA
3,500
0.650
Quarterly
07/30/25
3,500
0.65 3,334
5.21 -166
-3.0
0.02 AFS
3133EL3P7
Fixed
07/17/24
08/25
100.00
94.99 -552
-5.0%
1.1 1.08
FFCB 0.53 08/12/25
FFCB
1,810
0.530
Anytime
08/12/25
1,810
0.53 1,719
5.20 -91
-3.1
0.02 AFS
3134GXBM5
Fixed
08/12/24
11/25
100.00
94.09 -545
-5.9%
1.3 1.32
FHLMC 0.6 11/12/25
FHLMC
1,150
0.600
Quarterly
11/12/25
1,150
0.60 1,082
5.13 -68
-3.8
0.03 AFS
3130AMRQ7
Fixed
09/30/24
12/25
100.00
94.02 -509
-6.0%
1.5 1.45
FHLB 0 7/8 12/30/25
FHLB
3,000
0.875
Quarterly
12/30/25
3,000
0.88 2,821
5.07 -179
-4.2
0.03 AFS
3130AN5C0
Fixed
07/29/24
04/26
100.00
93.36 -482
-6.6%
1.8 1.75
FHLB 1.05 04/29/26
FHLB
4,000
1.050
Quarterly
04/29/26
4,000
1.05 3,734
4.89 -266
-5.1
0.04 AFS
3130AQRH8
Fixed
08/25/24
02/27
100.00
93.29 -408
-6.7%
2.4 2.44
FHLB 2 02/25/27
FHLB
5,000
2.000
Quarterly
02/25/27
5,000
2.00 4,664
4.72 -336
-7.2
-0.01
AFS
3130AL5A8
Fixed
08/26/24
02/27
100.00
90.59 -518
-9.4%
2.6 2.54
FHLB 0.9 02/26/27
FHLB
5,000
0.900
Quarterly
02/26/27
5,000
0.90 4,530
4.71 -470
-7.3
0.07 AFS
3133EPLE3
Fixed
05/30/25
05/28
100.00
98.38 -102
-1.6%
1.6 1.95
FFCB 4.67 05/30/28
FFCB
2,815
4.670
Anytime
05/30/28
2,815
4.67 2,769
5.13 -46
-8.0
-0.81
AFS
3133ERCX7
Fixed
05/01/26
05/28
100.00
99.99 -1
0.0%
2.0 2.14
FFCB 5.17 05/01/28
FFCB
5,000
5.170
Anytime
05/01/28
5,000
5.17 4,999
5.17 -1
-7.7
-0.27
AFS
3134GW4C7
Fixed
07/27/24
10/26
100.00
91.35 -514
-8.6%
2.3 2.23
FHLMC 0.8 10/27/26
FHLMC
5,000
0.800
Quarterly
10/27/26
5,000
0.80 4,568
4.77 -432
-6.4
0.06 AFS
3130ARHJ3
Fixed
07/19/24
04/27
100.00
95.90 -293
-4.1%
2.1 2.28
FHLB 3.175 04/19/27
FHLB
5,000
3.175
Monthly
04/19/27
5,000
3.17 4,795
4.75 -205
-7.2
-0.23
AFS
3133ENJC5
Fixed
07/17/24
12/26
100.00
92.00 -479
-8.0%
2.4 2.36
FFCB 1.29 12/22/26
FFCB
5,000
1.290
Anytime
12/22/26
5,000
1.29 4,600
4.75 -400
-6.8
0.05 AFS
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
Callable Agency
100.00
95.74 -4.3%
1.3 1.34
101,775
1.816
101,775
1.81 97,440
5.16 -4,335
-4.3
-0.11
Total
100.00
96.38 -3.6%
1.3 1.32
171,475
1.956
171,475
1.96 165,274
5.10 -6,201
-4.1
-0.05
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
11271LAA0
Finance
A-
100.00
97.61 -2.4%
1.7 1.74
BNCN 4 1/4 06/02/26
Other Financial
500
4.250
06/02/26
A3
500
4.25 488
5.57 -12
-5.2
0.02 AFS
46625HRS1
Finance
A-
100.00
96.28 -3.7%
1.8 1.82
JPM 3.2 06/15/26
Banks
500
3.200
06/15/26
A1
500
3.20 481
5.22 -19
-5.3
-0.01
AFS
61761J3R8
Finance
A-
100.00
95.82 -4.2%
2.0 1.93
MS 3 1/8 07/27/26
Banks
500
3.125
07/27/26
A1
500
3.12 479
5.28 -21
-5.6
0.06 AFS
808513BW4
Finance
A-
100.00
95.46 -4.5%
2.5 2.50
SCHW 3.3 04/01/27
Other Financial
500
3.300
04/01/27
A2
500
3.30 477
5.09 -23
-7.3
0.05 AFS
75973QAA5
Finance
A-
100.00
94.59 -5.4%
2.8 2.70
RNR 3.45 07/01/27
Other Financial
500
3.450
07/01/27
A3
500
3.45 473
5.43 -27
-7.9
0.05 AFS
22550L2K6
Finance
A+
100.00
98.87 -1.1%
2.8 2.70
UBS 5 07/09/27
Banks
500
5.000
07/09/27
Aa2
500
5.00 494
5.41 -6
-7.8
0.10 AFS
780082AD5
Finance
A-
100.00
98.59 -1.4%
1.5 1.46
RY 4.65 01/27/26
Banks
500
4.650
01/27/26
A3
500
4.65 493
5.60 -7
-4.3
0.04 AFS
06406RAQ0
Finance
A
100.00
93.31 -6.7%
1.5 1.52
BK 0 3/4 01/28/26
Other Financial
500
0.750
01/28/26
A1
500
0.75 467
5.22 -33
-4.4
0.04 AFS
05565QDH8
Finance
A-
100.00
95.05 -5.0%
4.0 3.91
BPLN 3.723 11/28/28
Other Financial
500
3.723
11/28/28
A1
500
3.72 475
4.99 -25
-11.0
0.14 AFS
Finance
A
100.00
96.18 -3.8%
2.3 2.25
4,500
3.494
A1
4,500
3.49 4,328
5.31 -172
-6.5
0.05 30231GAT9
Industrial
AA-
100.00
96.86 -3.1%
1.5 1.54
XOM 3.043 03/01/26
Energy Company
1,000
3.043
03/01/26
Aa2
1,000
3.04 969
5.02 -31
-4.6
-0.01
AFS
194162AQ6
Industrial
A+
100.00
99.61 -0.4%
1.6 1.55
CL 4.8 03/02/26
Consumer
Goods
1,000
4.800
03/02/26
Aa3
1,000
4.80 996
5.04 -4
-4.6
0.04 AFS
742718FY0
Industrial
AA-
100.00
98.63 -1.4%
1.5 1.47
PG 4.1 01/26/26
Consumer
Goods
1,000
4.100
01/26/26
Aa3
1,000
4.10 986
5.02 -14
-4.3
0.04 AFS
718172CE7
Industrial
A-
100.00
93.10 -6.9%
3.4 3.32
PM 3 1/8 03/02/28
Consumer
Goods
500
3.125
03/02/28
A2
500
3.12 465
5.21 -35
-9.5
0.13 AFS
Industrial
AA-
100.00
97.62 -2.4%
1.8 1.76
3,500
3.859
Aa2
3,500
3.86 3,417
5.05 -83
-5.2
0.04 797440CE2
Utility
A
100.00
99.42 -0.6%
3.7 3.58
Y/Y
SRE 4.95 08/15/28
Electric Power
500
4.950
08/15/28
A1
500
4.95 497
5.11 -3
-10.2
0.16 AFS
Utility
A
100.00
99.42 -0.6%
3.7 3.58
500
4.950
A1
500
4.95 497
5.11 -3
-10.2
0.16 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
Total
A+
100.00
96.96 -3.0%
2.2 2.13
8,500
3.730
Aa3
8,500
3.73 8,242
5.19 -258
-6.2
0.05 City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
CD - CUSIP Detail
Coupon
Step
Maturity
Gain/(Loss)
% Px
Δ
Effective
CUSIP
Par
Type
Date
Proj.
Bk Price
Yield
Mkt Price
Mkt
%
-100
Dur
ESG/G
r
Security Description
Ticker
Value
Rate
Rate
Final
Bk Value
@Bk
Mkt Value
Yield
$
+300
Cvx
Intent
229083AA8
Fixed
06/29
100.00
99.68 -0.3%
0.8 1.09
EVANBT 5.35 06/18/29
EVANBT
245
5.350
06/18/29
245
5.41 244
5.49 -1
-7.2
-0.84
AFS
46656MVH1
Fixed
11/27
100.00
99.15 -0.9%
0.9 1.31
JPM 5 11/30/27
JPM
240
5.000
11/30/27
240
5.00 238
5.28 -2
-6.6
-1.05
AFS
69503PAB7
Fixed
06/29
100.00
99.26 -0.7%
1.0 1.41
PACVYB 5.2 06/14/29
PACVYB
245
5.200
06/14/29
245
5.20 243
5.38 -2
-8.1
-1.16
AFS
59541KCV7
Fixed
06/28
100.00
99.47 -0.5%
1.3 1.50
MIDMIB 5.15 06/12/28
MIDMIB
245
5.150
06/12/28
245
5.21 244
5.36 -1
-7.1
-0.62
AFS
09776DAG9
Fixed
06/29
100.00
99.69 -0.3%
1.3 1.56
BOMBNK 5.35 06/25/29
BOMBN
K
245
5.350
06/25/29
245
5.41 244
5.49 -1
-7.9
-0.63
AFS
38150VUZ0
Fixed
06/26
100.00
100.12
0.1%
1.8 1.82
GS 5.05 06/11/26
GS
245
5.050
06/11/26
245
5.05 245
4.99 0
-5.2
0.05 AFS
34520LBC6
Fixed
06/26
100.00
100.12
0.1%
1.9 1.83
FORBBK 5.05 06/15/26
FORBBK
245
5.050
06/15/26
245
5.05 245
4.98 0
-5.3
0.05 AFS
8562855V9
Fixed
06/26
100.00
100.22
0.2%
1.9 1.83
SBIIN 5.1 06/17/26
SBIIN
245
5.100
06/17/26
245
5.10 246
4.98 1
-5.3
0.05 AFS
05580A4Y7
Fixed
06/26
100.00
99.22 -0.8%
1.9 1.83
BMW 4.65 06/15/26
BMW
240
4.650
06/15/26
240
4.65 238
5.07 -2
-5.3
0.05 AFS
06051XER9
Fixed
06/26
100.00
100.14
0.1%
1.9 1.85
BAC 5.05 06/22/26
BAC
245
5.050
06/22/26
245
5.05 245
4.98 0
-5.3
0.05 AFS
35634MAE1
Fixed
06/26
100.00
100.14
0.1%
1.9 1.85
FREBNJ 5.05 06/22/26
FREBNJ
245
5.050
06/22/26
245
5.05 245
4.98 0
-5.3
0.05 AFS
307811KA6
Fixed
06/28
100.00
99.59 -0.4%
2.2 2.30
FMBKWI 5 06/14/28
FMBKWI
245
5.000
06/14/28
245
5.06 244
5.17 -1
-8.1
-0.16
AFS
09582YAV4
Fixed
12/27
100.00
98.45 -1.5%
3.3 3.20
RICBVA 4.2 12/28/27
RICBVA
240
4.200
12/28/27
240
4.20 236
4.69 -4
-9.0
0.14 AFS
89235MPP0
Fixed
06/29
100.00
100.55
0.5%
4.5 4.36
TOYFBN 4.65 06/13/29
TOYFBN
245
4.650
06/13/29
245
4.65 246
4.53 1
-12.1
0.25 AFS
NCD
100.00
99.70 -0.3%
1.9 1.98
3,415
4.991
3,415
5.01 3,405
5.10 -10
-7.0
-0.27
Total
100.00
99.70 -0.3%
1.9 1.98
3,415
4.991
3,415
5.01 3,405
5.10 -10
-7.0
-0.27
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
07/24
100.00
100.00
0.0%
0.1 0.09
PLMDLCAMP
47,473
0.300
07/31/24
47,473
0.30 47,473
0.30 0
-0.3
0.00 AFS
Fixed
07/24
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
16,985
0.780
07/31/24
16,985
0.78 16,985
0.78 0
-0.3
0.00 AFS
Fixed
07/24
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
64,823
0.780
07/31/24
64,823
0.78 64,823
0.78 0
-0.3
0.00 AFS
Fixed
07/24
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
40,813
0.780
07/31/24
40,813
0.78 40,813
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
170,093
0.646
170,093
0.65 170,093
0.65 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
170,093
0.646
170,093
0.65 170,093
0.65 0
-0.3
0.00 City of Palmdale - Palmdale, CA
As of 6/30/2024
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
1,810
57 3.31%
38 2.20%
19 1.09%
0 0.00%
-18
-1.07%
-36
-2.11%
-54
-3.14%
3133EL3P7
0.53 98.14
2.22 97.08
3.21 96.03
4.21 94.99
5.20 93.98
6.19 92.99
7.18 92.01
8.16 FFCB 0.53 08/12/25
08/12/2025
1.12 1.12
1.12 1.08
1.12 1.12
1.12 1.12
5,000
109
2.25%
72 1.49%
36 0.74%
0 0.00%
-35
-0.73%
-70
-1.45%
-104
-2.16%
3133EMUP5
0.71 98.80
2.32 98.07
3.33 97.34
4.33 96.63
5.34 95.92
6.34 95.23
7.34 94.55
8.33 FFCB 0.71 04/01/25
04/01/2025
0.75 0.75
0.75 0.73
0.75 0.75
0.75 0.75
5,000
136
2.85%
91 1.89%
45 0.94%
0 0.00%
-44
-0.92%
-87
-1.82%
-130
-2.71%
3133ELK37
0.78 98.56
2.30 97.65
3.29 96.73
4.29 95.84
5.28 94.95
6.27 94.09
7.26 93.24
8.24 FFCB 0.78 06/16/25
06/16/2025
0.96 0.96
0.96 0.93
0.96 0.96
0.96 0.96
10,000
277
2.88%
185
1.92%
92 0.95%
0 0.00%
-90
-0.94%
-178
-1.85%
-265
-2.75%
3133ENHW3
1.17 98.90
2.32 97.97
3.29 97.04
4.28 96.13
5.27 95.23
6.26 94.35
7.25 93.48
8.23 FFCB 1.17 06/23/25
06/23/2025
0.98 0.98
0.98 0.94
0.98 0.98
0.98 0.98
5,000
311
6.76%
216
4.70%
109
2.37%
0 0.00%
-107
-2.33%
-211
-4.58%
-311
-6.77%
3133ENJC5
1.29 98.21
2.03 96.32
2.84 94.18
3.77 92.00
4.75 89.86
5.74 87.78
6.73 85.77
7.71 FFCB 1.29 12/22/26
12/22/2026
2.48 2.48
2.48 2.36
2.48 2.48
2.48 2.48
1,000
34 3.50%
23 2.31%
11 1.14%
0 0.00%
-11
-1.12%
-22
-2.21%
-32
-3.29%
3133EJYM5
3.02 100.99
2.17 99.82
3.17 98.69
4.17 97.57
5.17 96.48
6.16 95.41
7.15 94.37
8.13 FFCB 3.02 09/04/25
09/04/2025
1.18 1.18
1.18 1.12
1.18 1.18
1.18 1.18
2,000
68 3.50%
45 2.31%
22 1.14%
0 0.00%
-22
-1.12%
-43
-2.21%
-64
-3.29%
3133EJYM5
3.02 100.99
2.17 99.82
3.17 98.69
4.17 97.57
5.17 96.48
6.16 95.41
7.15 94.37
8.13 FFCB 3.02 09/04/25
09/04/2025
1.18 1.18
1.18 1.12
1.18 1.18
1.18 1.18
2,815
103
3.71%
76 2.75%
45 1.62%
0 0.00%
-63
-2.28%
-140
-5.06%
-223
-8.03%
3133EPLE3
4.67 102.03
2.60 101.09
3.55 99.98
4.68 98.38
5.13 96.14
5.79 93.41
6.61 90.48
7.52 FFCB 4.67 05/30/28
05/30/2028
1.00 1.00
3.92 1.95
3.92 3.92
3.92 3.92
5,000
289
5.79%
196
3.92%
102
2.03%
0 0.00%
-115
-2.31%
-246
-4.92%
-387
-7.74%
3133ERCX7
5.17 105.78
1.95 103.91
2.96 102.02
4.01 99.99
5.17 97.68
5.85 95.07
6.65 92.25
7.53 FFCB 5.17 05/01/28
05/01/2028
1.84 1.84
1.84 2.14
3.84 3.84
3.84 3.84
5,000
26 0.51%
23 0.46%
20 0.41%
0 0.00%
-60
-1.21%
-152
-3.05%
-260
-5.22%
3133EPKC8
5.39 100.14
-1.92
100.09
0.64 100.04
3.23 99.63
5.53 98.43
5.99 96.60
6.70 94.43
7.57 FFCB 5.39 05/18/27
05/18/2027
0.02 0.02
0.02 0.82
2.88 2.88
2.88 2.88
3,000
124
4.39%
83 2.95%
41 1.46%
0 0.00%
-40
-1.43%
-80
-2.82%
-118
-4.18%
3130AMRQ7
0.88 98.15
2.14 96.79
3.08 95.39
4.07 94.02
5.07 92.68
6.06 91.37
7.04 90.08
8.02 FHLB 0 7/8 12/30/25
12/30/2025
1.50 1.50
1.50 1.45
1.50 1.50
1.50 1.50
4,000
11 0.27%
7 0.18%
4 0.09%
0 0.00%
-4
-0.09%
-7
-0.18%
-11
-0.26%
3130AMHH8
0.41 99.84
2.29 99.75
3.34 99.66
4.39 99.57
5.44 99.49
6.50 99.40
7.56 99.31
8.63 FHLB 0.41 08/01/24
08/01/2024
0.09 0.09
0.09 0.09
0.09 0.09
0.09 0.09
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
342
7.54%
233
5.15%
117
2.57%
0 0.00%
-114
-2.51%
-223
-4.93%
-329
-7.27%
3130AL5A8
0.90 97.42
1.90 95.26
2.76 92.92
3.72 90.59
4.71 88.32
5.70 86.12
6.69 84.00
7.67 FHLB 0.9 02/26/27
02/26/2027
2.66 2.66
2.66 2.54
2.66 2.66
2.66 2.66
6,750
99 1.51%
66 1.00%
33 0.50%
0 0.00%
-33
-0.49%
-65
-0.98%
-97
-1.46%
3130AQDY6
1.00 99.36
2.30 98.86
3.32 98.37
4.33 97.88
5.35 97.40
6.37 96.92
7.38 96.45
8.40 FHLB 1 12/30/24
12/30/2024
0.50 0.50
0.50 0.50
0.50 0.50
0.50 0.50
7,000
111
1.63%
74 1.08%
37 0.54%
0 0.00%
-36
-0.53%
-72
-1.06%
-108
-1.58%
3130AQEA7
1.05 99.28
2.40 98.75
3.42 98.21
4.44 97.69
5.46 97.17
6.48 96.66
7.50 96.15
8.51 FHLB 1.05 01/14/25
01/14/2025
0.54 0.54
0.54 0.53
0.54 0.54
0.54 0.54
4,000
196
5.25%
133
3.57%
66 1.78%
0 0.00%
-65
-1.74%
-128
-3.43%
-189
-5.07%
3130AN5C0
1.05 98.26
2.02 96.69
2.92 95.02
3.89 93.36
4.89 91.74
5.87 90.16
6.86 88.63
7.84 FHLB 1.05 04/29/26
04/29/2026
1.83 1.83
1.83 1.75
1.83 1.83
1.83 1.83
5,000
297
6.37%
218
4.67%
114
2.43%
0 0.00%
-114
-2.45%
-226
-4.84%
-334
-7.15%
3130AQRH8
2.00 99.23
2.30 97.64
2.93 95.56
3.77 93.29
4.72 91.00
5.70 88.78
6.69 86.62
7.67 FHLB 2 02/25/27
02/25/2027
2.65 2.65
2.65 2.44
2.65 2.65
2.65 2.65
5,000
207
4.31%
174
3.64%
101
2.11%
0 0.00%
-114
-2.38%
-231
-4.81%
-345
-7.20%
3130ARHJ3
3.18 100.03
2.61 99.38
3.41 97.92
3.97 95.90
4.75 93.61
5.67 91.28
6.63 88.99
7.61 FHLB 3.175 04/19/27
04/19/2027
0.05 2.80
2.80 2.28
2.80 2.80
2.80 2.80
4,750
15 0.32%
12 0.26%
10 0.20%
0 0.00%
-41
-0.87%
-108
-2.28%
-190
-4.01%
3130AXAP3
5.75 100.18
-3.48
100.12
-0.52
100.06
2.49 99.86
5.81 99.00
6.24 97.58
6.94 95.85
7.81 FHLB 5 3/4 09/21/26
09/21/2026
0.02 0.02
0.02 0.54
2.23 2.23
2.23 2.23
2,000
24 1.24%
16 0.82%
8 0.41%
0 0.00%
-8
-0.41%
-16
-0.81%
-24
-1.21%
3134GWNG7
0.50 99.28
2.29 98.87
3.31 98.46
4.34 98.06
5.36 97.66
6.39 97.27
7.41 96.88
8.44 FHLMC 0 1/2 11/27/24
11/27/2024
0.41 0.41
0.41 0.41
0.41 0.41
0.41 0.41
10,000
347
3.67%
230
2.43%
114
1.20%
0 0.00%
-111
-1.18%
-221
-2.33%
-327
-3.46%
3134GWUG9
0.57 98.03
2.20 96.87
3.18 95.70
4.18 94.57
5.17 93.45
6.16 92.36
7.15 91.29
8.13 FHLMC 0.57 09/24/25
09/24/2025
1.23 1.23
1.23 1.19
1.23 1.23
1.23 1.23
1,150
44 4.06%
29 2.70%
14 1.34%
0 0.00%
-14
-1.31%
-28
-2.58%
-41
-3.83%
3134GXBM5
0.60 97.91
2.16 96.63
3.14 95.35
4.13 94.09
5.13 92.86
6.12 91.66
7.11 90.49
8.09 FHLMC 0.6 11/12/25
11/12/2025
1.37 1.37
1.37 1.32
1.37 1.37
1.37 1.37
5,000
306
6.70%
208
4.54%
103
2.26%
0 0.00%
-101
-2.20%
-198
-4.34%
-293
-6.40%
3134GW4C7
0.80 97.48
1.91 95.50
2.81 93.42
3.78 91.35
4.77 89.34
5.76 87.39
6.75 85.50
7.73 FHLMC 0.8 10/27/26
10/27/2026
2.33 2.33
2.33 2.23
2.33 2.33
2.33 2.33
3,000
115
4.06%
76 2.68%
37 1.32%
0 0.00%
-37
-1.29%
-72
-2.56%
-107
-3.79%
3135G06G3
0.50 98.05
1.97 96.75
2.97 95.47
3.97 94.22
4.97 93.01
5.96 91.81
6.94 90.65
7.92 FNMA 0 1/2 11/07/25
11/07/2025
1.35 1.35
1.35 1.31
1.35 1.35
1.35 1.35
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
107
3.21%
71 2.13%
35 1.05%
0 0.00%
-34
-1.03%
-68
-2.04%
-101
-3.04%
3136G4ZP1
0.65 98.31
2.24 97.28
3.22 96.26
4.22 95.26
5.21 94.27
6.20 93.31
7.18 92.37
8.16 FNMA 0.65 07/30/25
07/30/2025
1.08 1.08
1.08 1.04
1.08 1.08
1.08 1.08
10,000
136
1.39%
90 0.92%
45 0.46%
0 0.00%
-44
-0.45%
-89
-0.90%
-132
-1.35%
91282CDN8
1.00 99.44
2.24 98.98
3.26 98.53
4.28 98.08
5.30 97.63
6.32 97.19
7.34 96.76
8.36 T 1 12/15/24
12/15/2024
0.46 0.46
0.46 0.46
0.46 0.46
0.46 0.46
5,000
68 1.39%
45 0.92%
22 0.46%
0 0.00%
-22
-0.45%
-44
-0.90%
-66
-1.35%
91282CDN8
1.00 99.44
2.24 98.98
3.26 98.53
4.28 98.08
5.30 97.63
6.32 97.19
7.34 96.76
8.36 T 1 12/15/24
12/15/2024
0.46 0.46
0.46 0.46
0.46 0.46
0.46 0.46
5,000
68 1.39%
45 0.92%
22 0.46%
0 0.00%
-22
-0.45%
-44
-0.90%
-66
-1.35%
91282CDN8
1.00 99.44
2.24 98.98
3.26 98.53
4.28 98.08
5.30 97.63
6.32 97.19
7.34 96.76
8.36 T 1 12/15/24
12/15/2024
0.46 0.46
0.46 0.46
0.46 0.46
0.46 0.46
5,000
352
7.54%
231
4.94%
113
2.43%
0 0.00%
-110
-2.35%
-215
-4.62%
-318
-6.81%
912828YX2
1.75 100.38
1.59 97.95
2.60 95.61
3.60 93.34
4.60 91.15
5.59 89.03
6.58 86.99
7.56 T 1 3/4 12/31/26
12/31/2026
2.50 2.50
2.50 2.39
2.50 2.50
2.50 2.50
3,000
143
4.96%
94 3.26%
46 1.61%
0 0.00%
-45
-1.57%
-89
-3.10%
-133
-4.59%
9128286F2
2.50 101.02
1.87 99.39
2.88 97.80
3.87 96.25
4.87 94.74
5.85 93.27
6.84 91.83
7.81 T 2 1/2 02/28/26
02/28/2026
1.67 1.67
1.67 1.58
1.67 1.67
1.67 1.67
3,200
160
5.22%
105
3.43%
52 1.69%
0 0.00%
-51
-1.65%
-100
-3.26%
-148
-4.82%
9128286L9
2.25 100.75
1.81 99.04
2.81 97.37
3.81 95.75
4.81 94.17
5.80 92.63
6.78 91.13
7.76 T 2 1/4 03/31/26
03/31/2026
1.75 1.75
1.75 1.66
1.75 1.75
1.75 1.75
3,000
45 1.52%
30 1.01%
15 0.50%
0 0.00%
-15
-0.50%
-29
-0.99%
-43
-1.47%
9128283P3
2.25 99.99
2.28 99.49
3.30 98.99
4.32 98.50
5.34 98.01
6.36 97.53
7.39 97.05
8.41 T 2 1/4 12/31/24
12/31/2024
0.50 0.50
0.50 0.50
0.50 0.50
0.50 0.50
3,000
130
4.47%
85 2.94%
42 1.45%
0 0.00%
-41
-1.42%
-81
-2.80%
-121
-4.16%
9128285T3
2.63 101.04
1.92 99.56
2.92 98.12
3.92 96.72
4.92 95.35
5.91 94.01
6.90 92.70
7.88 T 2 5/8 12/31/25
12/31/2025
1.50 1.50
1.50 1.44
1.50 1.50
1.50 1.50
5,000
216
4.47%
142
2.94%
70 1.45%
0 0.00%
-69
-1.42%
-136
-2.80%
-201
-4.16%
9128285T3
2.63 101.04
1.92 99.56
2.92 98.12
3.92 96.72
4.92 95.35
5.91 94.01
6.90 92.70
7.88 T 2 5/8 12/31/25
12/31/2025
1.50 1.50
1.50 1.44
1.50 1.50
1.50 1.50
5,000
430
8.90%
281
5.82%
138
2.85%
0 0.00%
-132
-2.75%
-260
-5.39%
-383
-7.93%
91282CEW7
3.25 105.09
1.51 102.11
2.51 99.25
3.51 96.50
4.51 93.85
5.50 91.30
6.49 88.84
7.47 T 3 1/4 06/30/27
06/30/2027
3.00 3.00
3.00 2.80
3.00 3.00
3.00 3.00
5,000
237
4.81%
156
3.17%
77 1.56%
0 0.00%
-75
-1.52%
-149
-3.01%
-220
-4.46%
91282CGL9
4.00 103.39
1.88 101.77
2.89 100.18
3.89 98.64
4.89 97.14
5.88 95.67
6.87 94.24
7.85 T 4 02/15/26
02/15/2026
1.63 1.63
1.63 1.52
1.63 1.63
1.63 1.63
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
285
5.77%
187
3.79%
92 1.87%
0 0.00%
-90
-1.82%
-177
-3.58%
-262
-5.30%
91282CHH7
4.13 104.55
1.75 102.59
2.75 100.69
3.75 98.84
4.75 97.05
5.74 95.30
6.72 93.60
7.70 T 4 1/8 06/15/26
06/15/2026
1.96 1.96
1.96 1.84
1.96 1.96
1.96 1.96
2,500
236
9.55%
154
6.23%
75 3.05%
0 0.00%
-72
-2.93%
-142
-5.75%
-209
-8.45%
91282CFM8
4.13 108.32
1.49 105.04
2.50 101.89
3.50 98.88
4.50 95.98
5.49 93.19
6.48 90.52
7.46 T 4 1/8 09/30/27
09/30/2027
3.25 3.25
3.25 2.96
3.25 3.25
3.25 3.25
Treasury/Agency
171,475
6,260
3.79%
4,241
2.57%
2,146
1.30%
0 0.00%
-2,220
-1.34%
-4,483
-2.71%
-6,746
-4.08%
1.96 100.03
1.84 98.86
2.91 97.64
4.00 96.38
5.10 95.09
6.05 93.77
7.02 92.45
8.01 1.26
1.34 1.39
1.32 1.59
1.59 1.59
1.59 500
22 4.73%
15 3.12%
7 1.54%
0 0.00%
-7
-1.50%
-14
-2.97%
-21
-4.40%
06406RAQ0
0.75 97.72
2.23 96.22
3.23 94.75
4.23 93.31
5.22 91.91
6.21 90.54
7.20 89.20
8.19 BK 0 3/4 01/28/26
01/28/2026
1.58 1.58
1.58 1.52
1.58 1.58
1.58 1.58
500
25 5.16%
17 3.45%
8 1.74%
0 0.00%
-9
-1.74%
-17
-3.47%
-25
-5.15%
11271LAA0
4.25 102.65
2.62 100.98
3.71 99.31
4.63 97.61
5.57 95.91
6.55 94.23
7.53 92.58
8.51 BNCN 4 1/4 06/02/26
06/02/2026
1.67 1.92
1.92 1.74
1.92 1.92
1.92 1.92
500
59 12.52%
39 8.17%
19 4.01%
0 0.00%
-18
-3.85%
-36
-7.53%
-52
-11.04%
05565QDH8
3.72 106.94
1.98 102.81
3.04 98.85
4.01 95.05
4.99 91.39
5.97 87.89
6.96 84.55
7.94 BPLN 3.723 11/28/28
11/28/2028
4.16 4.41
4.41 3.91
4.41 4.41
4.41 4.41
1,000
49 4.91%
32 3.23%
16 1.60%
0 0.00%
-15
-1.56%
-31
-3.07%
-45
-4.55%
194162AQ6
4.80 104.51
2.04 102.83
3.05 101.20
4.05 99.61
5.04 98.06
6.03 96.55
7.01 95.08
7.99 CL 4.8 03/02/26
03/02/2026
1.67 1.67
1.67 1.55
1.67 1.67
1.67 1.67
500
26 5.43%
18 3.64%
9 1.83%
0 0.00%
-9
-1.81%
-17
-3.59%
-26
-5.31%
46625HRS1
3.20 101.51
2.29 99.78
3.31 98.04
4.25 96.28
5.22 94.54
6.20 92.83
7.19 91.17
8.17 JPM 3.2 06/15/26
06/15/2026
1.71 1.96
1.96 1.82
1.96 1.96
1.96 1.96
500
29 6.16%
19 4.04%
10 1.99%
0 0.00%
-9
-1.93%
-18
-3.81%
-27
-5.63%
61761J3R8
3.13 101.72
2.27 99.69
3.28 97.73
4.28 95.82
5.28 93.97
6.27 92.17
7.26 90.42
8.24 MS 3 1/8 07/27/26
07/27/2026
2.08 2.08
2.08 1.93
2.08 2.08
2.08 2.08
1,000
46 4.65%
30 3.06%
15 1.51%
0 0.00%
-15
-1.47%
-29
-2.91%
-43
-4.32%
742718FY0
4.10 103.21
2.01 101.65
3.02 100.12
4.02 98.63
5.02 97.17
6.01 95.76
6.99 94.37
7.98 PG 4.1 01/26/26
01/26/2026
1.57 1.57
1.57 1.47
1.57 1.57
1.57 1.57
500
49 10.55%
32 6.93%
16 3.41%
0 0.00%
-15
-3.29%
-30
-6.46%
-44
-9.50%
718172CE7
3.13 102.92
2.29 99.54
3.26 96.27
4.23 93.10
5.21 90.03
6.20 87.08
7.19 84.25
8.17 PM 3 1/8 03/02/28
03/02/2028
3.67 3.67
3.67 3.32
3.67 3.67
3.67 3.67
500
40 8.50%
27 5.61%
13 2.78%
0 0.00%
-13
-2.71%
-25
-5.34%
-37
-7.88%
75973QAA5
3.45 102.63
2.51 99.90
3.48 97.22
4.45 94.59
5.43 92.03
6.41 89.54
7.40 87.14
8.38 RNR 3.45 07/01/27
07/01/2027
2.92 3.00
3.00 2.70
3.00 3.00
3.00 3.00
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
500
23 4.64%
15 3.06%
7 1.51%
0 0.00%
-7
-1.47%
-14
-2.91%
-21
-4.31%
780082AD5
4.65 103.17
2.58 101.60
3.59 100.08
4.60 98.59
5.60 97.14
6.59 95.72
7.58 94.34
8.56 RY 4.65 01/27/26
01/27/2026
1.58 1.58
1.58 1.46
1.58 1.58
1.58 1.58
500
37 7.74%
24 5.12%
12 2.54%
0 0.00%
-12
-2.49%
-24
-4.92%
-35
-7.28%
808513BW4
3.30 102.85
2.12 100.35
3.16 97.89
4.12 95.46
5.09 93.08
6.06 90.76
7.05 88.51
8.03 SCHW 3.3 04/01/27
04/01/2027
2.50 2.75
2.75 2.50
2.75 2.75
2.75 2.75
500
58 11.72%
38 7.63%
19 3.73%
0 0.00%
-18
-3.57%
-35
-6.98%
-51
-10.25%
797440CE2
4.95 111.07
2.08 107.01
3.09 103.13
4.12 99.42
5.11 95.87
6.09 92.48
7.08 89.23
8.07 SRE 4.95 08/15/28
08/15/2028
4.04 4.04
4.13 3.58
4.13 4.13
4.13 4.13
500
43 8.79%
28 5.75%
14 2.82%
0 0.00%
-13
-2.71%
-26
-5.32%
-39
-7.84%
22550L2K6
5.00 107.56
2.39 104.55
3.40 101.65
4.41 98.87
5.41 96.19
6.41 93.61
7.40 91.12
8.38 UBS 5 07/09/27
07/09/2027
3.03 3.03
3.03 2.70
3.03 3.03
3.03 3.03
1,000
44 4.55%
30 3.07%
15 1.55%
0 0.00%
-15
-1.55%
-30
-3.07%
-44
-4.56%
30231GAT9
3.04 101.28
2.13 99.83
3.14 98.36
4.06 96.86
5.02 95.36
6.00 93.89
6.98 92.45
7.96 XOM 3.043 03/01/26
03/01/2026
1.42 1.67
1.67 1.54
1.67 1.67
1.67 1.67
Corporate
8,500
552
6.70%
364
4.41%
180
2.18%
0 0.00%
-175
-2.13%
-345
-4.19%
-510
-6.19%
3.73 103.46
2.22 101.24
3.23 99.08
4.21 96.96
5.19 94.90
6.18 92.90
7.16 90.96
8.15 2.25
2.34 2.35
2.13 2.35
2.35 2.35
2.35 245
14 5.79%
9 3.80%
5 1.88%
0 0.00%
-4
-1.82%
-9
-3.59%
-13
-5.32%
06051XER9
5.05 105.94
1.98 103.95
2.98 102.01
3.98 100.14
4.98 98.31
5.97 96.54
6.95 94.81
7.94 BAC 5.05 06/22/26
06/22/2026
1.98 1.98
1.98 1.85
1.98 1.98
1.98 1.98
240
14 5.75%
9 3.78%
4 1.86%
0 0.00%
-4
-1.81%
-9
-3.57%
-13
-5.28%
05580A4Y7
4.65 104.93
2.07 102.97
3.08 101.07
4.08 99.22
5.07 97.42
6.07 95.68
7.05 93.98
8.04 BMW 4.65 06/15/26
06/15/2026
1.96 1.96
1.96 1.83
1.96 1.96
1.96 1.96
245
8 3.30%
6 2.31%
3 1.29%
0 0.00%
-5
-1.94%
-11
-4.64%
-19
-7.87%
09776DAG9
5.35 102.98
2.31 102.00
3.31 100.98
4.37 99.69
5.49 97.76
5.95 95.06
6.61 91.85
7.42 BOMBNK 5.35 06/25/29
06/25/2029
0.99 0.99
0.99 1.56
4.99 4.99
4.99 4.99
245
4 1.73%
3 1.26%
2 0.76%
0 0.00%
-4
-1.56%
-10
-4.07%
-18
-7.19%
229083AA8
5.35 101.40
2.36 100.93
3.38 100.44
4.46 99.68
5.49 98.12
5.86 95.63
6.47 92.51
7.26 EVANBT 5.35 06/18/29
06/18/2029
0.47 0.47
0.47 1.09
4.97 4.97
4.97 4.97
245
15 6.17%
10 4.19%
5 2.18%
0 0.00%
-6
-2.46%
-13
-5.20%
-20
-8.10%
307811KA6
5.00 105.74
2.01 103.77
3.03 101.76
4.51 99.59
5.17 97.14
5.88 94.42
6.70 91.52
7.60 FMBKWI 5 06/14/28
06/14/2028
1.96 1.96
3.54 2.30
3.96 3.96
3.96 3.96
245
14 5.74%
9 3.77%
5 1.86%
0 0.00%
-4
-1.81%
-9
-3.56%
-13
-5.27%
34520LBC6
5.05 105.87
1.98 103.90
2.99 101.98
3.99 100.12
4.98 98.31
5.98 96.56
6.96 94.85
7.94 FORBBK 5.05 06/15/26
06/15/2026
1.96 1.96
1.96 1.83
1.96 1.96
1.96 1.96
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
245
14 5.79%
9 3.80%
5 1.88%
0 0.00%
-4
-1.82%
-9
-3.59%
-13
-5.32%
35634MAE1
5.05 105.94
1.98 103.95
2.98 102.01
3.98 100.14
4.98 98.31
5.97 96.54
6.95 94.81
7.94 FREBNJ 5.05 06/22/26
06/22/2026
1.98 1.98
1.98 1.85
1.98 1.98
1.98 1.98
245
14 5.71%
9 3.75%
5 1.85%
0 0.00%
-4
-1.80%
-9
-3.54%
-13
-5.24%
38150VUZ0
5.05 105.83
1.99 103.87
2.99 101.97
3.99 100.12
4.99 98.32
5.98 96.57
6.97 94.87
7.95 GS 5.05 06/11/26
06/11/2026
1.95 1.95
1.95 1.82
1.95 1.95
1.95 1.95
240
4 1.89%
3 1.46%
2 0.95%
0 0.00%
-4
-1.72%
-10
-4.03%
-16
-6.62%
46656MVH1
5.00 101.02
2.55 100.59
3.58 100.08
4.81 99.15
5.28 97.44
5.84 95.15
6.61 92.58
7.50 JPM 5 11/30/27
11/30/2027
0.42 0.42
0.42 1.31
3.42 3.42
3.42 3.42
245
8 3.20%
5 2.25%
3 1.26%
0 0.00%
-4
-1.83%
-10
-4.27%
-17
-7.08%
59541KCV7
5.15 102.66
2.32 101.71
3.34 100.73
4.41 99.47
5.36 97.65
5.89 95.22
6.62 92.43
7.48 MIDMIB 5.15 06/12/28
06/12/2028
0.95 0.95
0.95 1.50
3.95 3.95
3.95 3.95
245
5 1.99%
4 1.52%
2 0.99%
0 0.00%
-5
-1.94%
-12
-4.76%
-20
-8.08%
69503PAB7
5.20 101.23
2.49 100.76
3.51 100.24
4.68 99.26
5.38 97.33
5.83 94.53
6.51 91.24
7.34 PACVYB 5.2 06/14/29
06/14/2029
0.46 0.46
0.46 1.41
4.96 4.96
4.96 4.96
240
24 10.24%
16 6.68%
8 3.27%
0 0.00%
-7
-3.13%
-14
-6.13%
-21
-9.00%
09582YAV4
4.20 108.53
1.68 105.03
2.69 101.67
3.69 98.45
4.69 95.37
5.68 92.42
6.67 89.59
7.65 RICBVA 4.2 12/28/27
12/28/2027
3.49 3.49
3.49 3.20
3.49 3.49
3.49 3.49
245
14 5.75%
9 3.78%
5 1.86%
0 0.00%
-4
-1.81%
-9
-3.57%
-13
-5.28%
8562855V9
5.10 105.98
1.98 104.01
2.99 102.09
3.99 100.22
4.98 98.41
5.97 96.64
6.96 94.93
7.94 SBIIN 5.1 06/17/26
06/17/2026
1.96 1.96
1.96 1.83
1.96 1.96
1.96 1.96
245
35 14.30%
23 9.26%
11 4.50%
0 0.00%
-10
-4.25%
-20
-8.27%
-30
-12.08%
89235MPP0
4.65 114.92
1.51 109.85
2.52 105.07
3.53 100.55
4.53 96.27
5.52 92.23
6.51 88.40
7.50 TOYFBN 4.65 06/13/29
06/13/2029
4.95 4.95
4.95 4.36
4.95 4.95
4.95 4.95
CD
3,415
188
5.53%
126
3.69%
64 1.88%
0 0.00%
-72
-2.12%
-153
-4.49%
-238
-6.98%
4.99 105.21
2.08 103.38
3.09 101.58
4.17 99.70
5.10 97.59
5.89 95.23
6.76 92.74
7.68 1.82
1.82 1.93
1.98 3.32
3.32 3.32
3.32 47,473
122
0.26%
82 0.17%
41 0.09%
0 0.00%
-41
-0.09%
-81
-0.17%
-122
-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
07/31/2024
0.08 0.08
0.08 0.09
0.08 0.08
0.08 0.08
64,823
167
0.26%
111
0.17%
56 0.09%
0 0.00%
-56
-0.09%
-111
-0.17%
-166
-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
07/31/2024
0.08 0.08
0.08 0.09
0.08 0.08
0.08 0.08
40,813
105
0.26%
70 0.17%
35 0.09%
0 0.00%
-35
-0.09%
-70
-0.17%
-105
-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
07/31/2024
0.08 0.08
0.08 0.09
0.08 0.08
0.08 0.08
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
16,985
44 0.26%
29 0.17%
15 0.09%
0 0.00%
-15
-0.09%
-29
-0.17%
-44
-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
07/31/2024
0.08 0.08
0.08 0.09
0.08 0.08
0.08 0.08
Other
170,093
439
0.26%
292
0.17%
146
0.09%
0 0.00%
-146
-0.09%
-291
-0.17%
-436
-0.26%
0.65 100.26
-2.43
100.17
-1.41
100.09
-0.38
100.00
0.65 99.91
1.68 99.83
2.72 99.74
3.76 0.08
0.08 0.08
0.09 0.08
0.08 0.08
0.08 Total
353,483
7,439
2.14%
5,022
1.45%
2,536
0.73%
0 0.00%
-2,614
-0.75%
-5,273
-1.52%
-7,930
-2.29%
1.40 100.27
-0.20
99.59 0.83
98.89 1.87
98.17 2.92
97.43 3.90
96.68 4.89
95.93 5.88
1 0.72
0.76 0.79
0.74 0.90
0.90 0.90
0.90 City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
Portfolio Changes
New Securities 3/2024-6/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
06051XER9
CD
BAC 5.05 06/22/26
06/22/2026
5.05 245,000
100.00
AFS
09776DAG9
CD
BOMBNK 5.35 06/25/29
06/25/2029
5.35 245,000
100.00
AFS
229083AA8
CD
EVANBT 5.35 06/18/29
06/18/2029
5.35 245,000
100.00
AFS
307811KA6
CD
FMBKWI 5 06/14/28
06/14/2028
5.00 245,000
100.00
AFS
3133ERCX7
Treasury/Agency
FFCB 5.17 05/01/28
05/01/2028
5.17 5,000,000
100.00
AFS
34520LBC6
CD
FORBBK 5.05 06/15/26
06/15/2026
5.05 245,000
100.00
AFS
35634MAE1
CD
FREBNJ 5.05 06/22/26
06/22/2026
5.05 245,000
100.00
AFS
38150VUZ0
CD
GS 5.05 06/11/26
06/11/2026
5.05 245,000
100.00
AFS
59541KCV7
CD
MIDMIB 5.15 06/12/28
06/12/2028
5.15 245,000
100.00
AFS
69503PAB7
CD
PACVYB 5.2 06/14/29
06/14/2029
5.20 245,000
100.00
AFS
8562855V9
CD
SBIIN 5.1 06/17/26
06/17/2026
5.10 245,000
100.00
AFS
89235MPP0
CD
TOYFBN 4.65 06/13/29
06/13/2029
4.65 245,000
100.00
AFS
Partial Buy3/2024-6/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLCAMP
Other
CAMP
07/31/2024
0.30 47,472,526
100.00
AFS
Same CUSIP buys
PLMDLLAIF
Other
LAIF
07/31/2024
0.78 122,620,640
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 3/2024-6/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
3130AMQR6
Treasury/Agency
FHLB 0.35 06/07/24
06/07/2024
0.35 3,000,000
100.00
AFS
Expired/Matured
3133EL2X1
Treasury/Agency
FFCB 0.42 05/06/24
05/06/2024
0.42 2,000,000
100.00
AFS
Expired/Matured
9128286R6
Treasury/Agency
T 2 1/4 04/30/24
04/30/2024
2.25 5,000,000
100.00
AFS
Expired/Matured
City of Palmdale - Palmdale, CA
As of 6/30/2024
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
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
City of Palmdale - Palmdale, CA
As of 6/30/2024
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 6/30/2024
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.
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2024
Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE, One South Street, Baltimore, MD 21202
. All rights reserved.
Disclaimer
City of Palmdale - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6748 - 58411
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale - Successor Agency
Palmdale, CA
As of Date: 06/30/2024
Pricing as of: 06/28/2024
Date of Analysis: 07/10/2024
Account Executive: Bill Blackwill
Book Value
8,150
# Securities
1 Average Size (Book)
8,150
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 6/30/2024
Portfolio ID: 6753 - 58411
Historical Portfolio Overview
06/30/2024
03/31/2024
12/31/2023
09/30/2023
Book Value
8,150
6,283
6,216
7,025
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
0.01 0.08
WAL (+100)
0.08 0.08
0.01 0.08
WAL (+300)
0.08 0.08
0.01 0.08
WAL (-100)
0.08 0.08
0.01 0.08
% Price Change (+100)
-0.1%
-0.1%
0.0%
-0.1%
% Price Change (+300)
-0.3%
-0.2%
0.0%
-0.3%
% Price Change (-100)
0.1%
0.1%
0.0%
0.1%
Effective Duration
0.09 0.08
0.01 0.09
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)
-21
-16
-1
-18
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 6/30/2024
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%
8,150
0.78 0.1 yrs
8,150
0.78 8,150
0.78 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Other (1)
100.0%
8,150
0.78 0.1 yrs
8,150
0.78 8,150
0.78 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Total (1)
100.0%
8,150
0.78 0.1 yrs
8,150
0.78 8,150
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 6/30/2024
Portfolio ID: 6753 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
8,150
8,150
8,150
8,150
8,150
8,150
8,150
Book Value
8,150
8,150
8,150
8,150
8,150
8,150
8,150
Market Value
8,171
8,164
8,157
8,150
8,144
8,137
8,130
Gain/(Loss)
21 14
7 0
-7
-14
-21
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 6/30/2024
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%
8,150
-0.1%
-0.2%
-0.3%
0.1%
Total
0.1%
8,150
-0.1%
-0.2%
-0.3%
0.1%
Scenario Market Val
8,157
8,150
8,144
8,137
8,130
Scenario Gain/Loss
7 0
-7
-14
-21
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
0.2%
-100 bps
0.1%
Level Market Val
8,150
+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 6/30/2024
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 06/24
8,000
-6.7
1.25 1.9
1.9 1.9
1.8 -1.8
-5.1
1.8 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
2 06/24
8,728
-6.1
1.86 2.3
2.2 2.3
2.1 -2.1
-6.3
2.1 0.0
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
69%
100%
100%
3 06/24
6,949
-6.2
2.90 3.1
3.1 3.2
2.5 -2.4
-7.0
2.5 0.1
0%
14%
0%
14%
0%
0%
0%
0%
0%
0%
71%
100%
100%
4 03/24
10,903
-3.7
1.31 2.1
2.1 2.1
2.0 -1.9
-5.7
2.0 0.1
5%
0%
0%
0%
0%
0%
0%
0%
28%
36%
31%
100%
100%
5 06/24
4,514
-1.4
2.08 0.4
0.4 0.4
0.4 -0.4
-1.1
0.4 0.0
89%
0%
0%
0%
0%
0%
0%
0%
0%
0%
11%
100%
100%
6 06/24
4,042
-6.5
0.93 1.7
1.7 1.7
1.7 -1.6
-4.8
1.7 0.0
94%
0%
0%
0%
0%
0%
0%
0%
0%
0%
6%
100%
100%
7 03/24
25,498
-3.4
3.10 2.4
2.2 2.7
2.1 -2.1
-6.3
2.1 0.0
33%
0%
0%
0%
0%
8%
0%
0%
14%
6%
39%
100%
100%
8 06/24
33,328
-6.6
1.03 2.0
2.0 2.0
1.9 -1.8
-5.4
1.9 0.0
98%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2%
100%
100%
9 06/24
38,102
-1.2
3.77 1.3
1.3 1.3
1.2 -1.2
-3.6
1.2 0.0
15%
0%
0%
0%
0%
0%
0%
0%
48%
2%
35%
100%
100%
10 03/24
38,893
-2.9
2.57 2.4
2.1 3.2
1.8 -2.0
-6.4
1.8 -0.2
67%
0%
0%
0%
0%
0%
0%
0%
0%
0%
33%
100%
67%
11 03/24
39,018
-2.0
2.85 1.9
1.3 2.1
1.2 -1.4
-4.5
1.3 -0.2
47%
0%
0%
0%
0%
5%
0%
0%
1%
1%
46%
100%
100%
12 03/24
40,543
0.9 6.94
1.1 0.9
1.4 0.9
-1.0
-3.3
0.9 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
13 06/24
41,162
-1.8
4.48 1.7
1.4 1.9
1.3 -1.4
-4.3
1.3 -0.1
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
69%
100%
100%
14 06/24
53,095
0.5 6.17
2.7 2.7
2.7 2.4
-2.4
-6.8
2.4 0.1
28%
0%
0%
0%
0%
56%
0%
0%
1%
0%
15%
100%
100%
15 06/24
55,011
-4.1
2.71 1.9
1.8 1.9
1.6 -1.7
-4.9
1.6 -0.1
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
16 06/24
63,538
-0.8
4.91 2.4
1.2 2.8
1.2 -1.5
-5.4
1.3 -0.4
60%
0%
0%
0%
0%
8%
0%
0%
0%
0%
32%
100%
100%
17 05/24
84,345
-2.0
3.50 0.6
0.6 0.6
0.5 -0.5
-1.5
0.5 0.0
25%
0%
0%
0%
0%
0%
0%
0%
0%
0%
75%
100%
100%
18 04/24
92,599
-3.8
2.50 1.9
1.7 2.0
1.7 -1.7
-5.0
1.7 0.0
71%
0%
0%
0%
0%
2%
0%
0%
2%
0%
26%
100%
100%
19 06/24
109,136
-3.0
3.82 2.6
2.4 2.7
2.2 -2.2
-6.5
2.2 -0.1
68%
0%
0%
1%
0%
3%
0%
2%
0%
14%
11%
99%
100%
20 03/24
121,943
-0.2
5.25 1.5
0.2 1.9
0.4 -0.9
-3.5
0.7 -0.3
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
21 03/24
141,859
-2.0
3.76 1.3
1.0 1.5
1.0 -1.0
-3.3
1.0 -0.1
31%
0%
0%
0%
0%
0%
0%
0%
32%
1%
36%
100%
100%
22 04/24
143,083
0.0 2.16
1.2 0.9
1.6 0.9
-1.1
-3.7
1.0 -0.3
57%
0%
0%
0%
0%
1%
0%
0%
0%
0%
43%
100%
100%
23 06/24
147,693
-2.1
4.15 2.4
2.2 2.5
2.1 -2.1
-6.2
2.1 0.0
72%
0%
0%
0%
0%
0%
0%
0%
0%
1%
27%
100%
100%
24 05/24
157,774
-2.6
4.44 3.2
2.9 3.8
2.3 -2.4
-7.5
2.3 -0.1
3%
10%
11%
10%
4%
9%
4%
0%
25%
25%
0%
82%
100%
25 03/24
184,952
-3.7
2.54 2.1
1.5 2.3
1.4 -1.6
-5.2
1.5 -0.2
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
Avg
66,188
-2.9
3.24 1.9
1.7 2.1
1.5 -1.6
-4.9
1.6 -0.1
57%
1%
0%
1%
0%
4%
0%
0%
6%
3%
27%
99%
99%
Port
8,150
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
-58,038
2.9 -2.46
-1.8
-1.6
-2.0
-1.5
1.5 4.7
-1.5
0.1 -57%
-1%
0%
-1%
0%
-4%
0%
0%
-6%
-3%
73%
1%
1%
* 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 6/30/2024
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 6/30/2024
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jul 2024
0.78 8,150
0.78 Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Jul 2024
8,156
8,156
8,156
8,156
8,156
8,156
8,156
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2024
0.78 8,150
0.78 2025
2026
2027
2028
2029
2030
2031
2032
2033
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2024
8,156
8,156
8,156
8,156
8,156
8,156
8,156
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 12 Months
Jul 24
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Bk Yld Chg
Other
Cash Flow
8,156
End BY
Total
Cash Flow
8,156
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 3 Years
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
Bk Yld Chg
Other
Cash Flow
8,156
End BY
Total
Cash Flow
8,156
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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 20
-43
0.25 0.50
41 -23
0.50 0.75
61 -3
0.75 1.00
82 18
1.00 1.25
102
38 1.25
1.50 122
59 1.50
1.75 143
79 1.75
2.00 163
99 2.00
2.25 183
120
2.25 2.50
204
140
2.50 2.75
224
160
2.75 3.00
245
181
3.00 3.25
265
201
3.25 3.50
285
222
3.50 3.75
306
242
3.75 4.00
326
262
4.00 4.25
346
283
4.25 4.50
367
303
4.50 4.75
387
323
4.75 5.00
408
344
5.00 5.25
428
364
5.25 5.50
448
385
5.50 5.75
469
405
5.75 6.00
489
425
6.00 6.25
509
446
6.25 6.50
530
466
6.50 6.75
550
486
6.75 7.00
571
507
7.00 7.25
591
527
7.25 7.50
611
548
7.50 7.75
632
568
7.75 8.00
652
588
8.00 Principal Maturing(12 Mo.Horizon): $8,150
Current Yield at Book of Principal Maturing: 0.78%
Est. Annual Income at Current Yield at Book: $64
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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%
8,150
0.78 8,150
0.78 8,150
0.78 -21
-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%
8,150
0.78 8,150
0.78 8,150
0.78 -21
-0.3%
0.08 -0.3
100.0%
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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
8,150
100.00
100.00
0 0.78
0.1 0.09
Cash & Other
1 0.78
0.1 yrs
8,150
100.00
100.00
0 0.78
0.1 0.09
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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 07/31/24
8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
0.09 AFS
0.78 8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
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 07/31/24
8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
0.09 AFS
0.78 8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
0.09 City of Palmdale - Successor Agency - Palmdale, CA As of 6/30/2024
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 07/31/24
8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
0.09 AFS
0.78 8,150
100.00
100.00
0 0.781
0.08 -0.26
-21
-21
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 07/31/24
8,150
100.00
100.00
0 0.781
-0.26
0.09 0.08
0.08 0.00
AFS
0.78 8,150
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 6/30/2024
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
07/24
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
8,150
0.780
07/31/24
8,150
0.78 8,150
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
8,150
0.780
8,150
0.78 8,150
0.78 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
8,150
0.780
8,150
0.78 8,150
0.78 0
-0.3
0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 6/30/2024
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
8,150
21 0.26%
14 0.17%
7 0.09%
0 0.00%
-7
-0.09%
-14
-0.17%
-21
-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
07/31/2024
0.08 0.08
0.08 0.09
0.08 0.08
0.08 0.08
Other
8,150
21 0.26%
14 0.17%
7 0.09%
0 0.00%
-7
-0.09%
-14
-0.17%
-21
-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
8,150
21 0.26%
14 0.17%
7 0.09%
0 0.00%
-7
-0.09%
-14
-0.17%
-21
-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 6/30/2024
Portfolio ID: 6753 - 58411
Portfolio Changes
Partial Buy3/2024-6/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLLAIF
Other
LAIF
07/31/2024
0.78 8,150,477
100.00
AFS
Same CUSIP buys
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
2024-06-30
City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
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 6/30/2024
Portfolio ID: 6753 - 58411
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City of Palmdale - Successor Agency - Palmdale, CA
As of 6/30/2024
Portfolio ID: 6753 - 58411
City Council Staff Report
DATE: AUGUST 7, 2024
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: CITY MANAGER DEPARTMENT
CITY MANAGER’S OFFICE
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH WILLDAN ENGINEERING TO
PROVIDE INNOVATIVE SOLUTIONS AND SMART CITY PROGRAM
CONSULTING SERVICES IN AN AMOUNT NOT TO EXCEED
$750,000 FOR A TERM OF THREE (3) YEARS WITH AN OPTION TO
EXTEND TWO ONE -YEAR TERMS IN AN AMOUNT NOT TO
EXCEED $250,000 EACH ADDITIONAL YEAR
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. 8926 with Willdan Engineering (Willdan) to provide Innovative Solutions and Smart City Program consulting services in an amount not to exceed $750,000 for a term of three (3) years with an option to extend two one- year terms in an amount not to exceed $250,000 each additional year;
2. Authorize the City Manager or her designee to execute Agreement No. A-8929 with Willdan, including minimal and/or non-substantial changes; and,
3. Authorize the City Manager or her designee to exercise the option to extend two additional one-year terms and execute the agreements, including minimal and/or non-substantial changes.
BACKGROUND
On April 15, 2024, the City initiated a competitive bidding process to procure a creative and impartial third-party consultant to bolster the City’s Innovative Solutions and Smart City Program. This program is designed to serve as a testing ground for pioneering concepts, validating their practical benefits within our community.
Report to Mayor and City Council
Re: Approve Agreement No. A-8926 with Willdan Engineering August 7, 2024
The selected consultant will play a pivotal role in identifying and implementing Smart City technologies and innovative solutions, guiding the City toward a seamless transition into the future.
DISCUSSION
Following a thorough evaluation of multiple proposals, Willdan emerged as the preferred consultant to support the City's Innovative Solutions and Smart City Program. Willdan will oversee and manage the Program, which aims to establish a platform for testing and validating new ideas in real-world scenarios. Their strategic approach will focus on integrating Smart City technologies and innovative solutions to advance the City's progress.
Key responsibilities entrusted to Willdan will include proactive engagement in marketing and outreach efforts, facilitation of City procedures, provision of technical guidance, meticulous oversight of project implementations, effective project management, and rigorous evaluation of both programs and projects.
FISCAL IMPACT
$750,000; Program funds are allocated under Professional Services Account No. 10118001-721960. The cost of the consulting agreement is not to exceed $250,000 per year. Subsequent years will be allocated through the budget process.
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
A. Seek innovative, cost effective, customer focused methods of service delivery.
B. Implement and administer environmentally sustainable programs.
Prepared by: Salvador Mendez, Assistant City Manager
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, City Attorney
ATTACHMENTS
Agrmt No. A-8926 with Willdan Engineering
AGREEMENT NO. A-8926
CONTRACT FOR CONSULTANT SERVICES
BETWEEN THE CITY OF PALMDALE AND WILLDAN ENGINEERING
THIS CONTRACT FOR CONSULTANT 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 WILLDAN ENGINEERING (hereinafter called “CONSULTANT”). This Contract shall become effective on the date of the last signatory.
RECITALS
WHEREAS, City desires to engage CONSULTANT to provide certain consultant services; and
WHEREAS, CONSULTANT represents that CONSULTANT has the expertise and is qualified to perform the services described in this Contract. And, if required, is duly registered under the laws of the State of California; and WHEREAS, CONSULTANT desires to accept such engagement.
NOW, THEREFORE, the parties agree as follows:
1 DESCRIPTION OF WORK
1.1 The City hereby engages CONSULTANT, and CONSULTANT accepts such engagement, to provide the following services:
CONSULTANT’s responsibilities shall include, but are not limited to:
• Inform CITY Staff on potential innovative and smart city solutions and upgrades to the current system; Evaluate, Develop, and make recommendations in the form of comprehensive written reports of findings; The CONSULTANT may be required to be on-site to present findings and/or reports to both CITY Staff and City Council. o Areas of potential new Innovative solutions and smart city programs include but are not limited to:
▪ Energy Technologies – To be determined
▪ Public Safety Smart Technology
▪ Connectivity
• Unify digital resources & communications to improve civic engagement o Bridge Digital Divide o Utilize of the City's fiber infrastructure o Artificial Intelligence (AI) • Utilize smart technology with Streetlight Poles
▪ Health & Safety • Illegal Dumping Reduction Smart Technology • Graffiti Reduction Smart Technology
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▪ Mobility • Improve transportation systems to provide safe, affordable, clean, and accessible multi-modal options for all.
o High-Speed Rail and Public & Private Rail
o Traffic Optimization
o Complete Streets Program
o Airport
▪ Alternate Energy • Provide resilient, reliable, affordable, and sustainable energy service to all • EPIC Program • Energy generation and storage options, including battery storage • Microgrid • Hydrogen Energy • Zero Emissions Type Programs • Utilization of other Natural Resources o Solar, Wind, and Hydrogen o Usage of local resources such as California Aqueduct and Littlerock Dam o Kinetic energy ▪Complex Development • Non-traditional revenue generation o Cannabis o Affordable housing o Unique economic development opportunities
▪ Water • Reduce water consumption, improve water quality, and protect residents from severe weather events o On-Site Rainwater and Greywater Harvesting o Net Zero Water Building • Acquisition and negotiation for future development and/or use Additional responsibilities shall include, but are not limited to:
• Liaise with the City Manager’s office o Provide comprehensive oversight for unique economic development opportunities, both solicited and unsolicited. ▪ Review and vet projects from start to completion. o Provide monthly in-person and/or written reports to the City Manager’s Office.
• New programs recommended for implementation must be accompanied by a short and long-term maintenance plan, including funding details o Research, evaluate, recommend, and apply for any/all potential Grant, financing, or incentive opportunities that could support the program. ▪ Ensure programs meet state or federal mandates. ▪ Create, provide, and submit reports on the program’s progress and compliance. o Provide a Comprehensive Financial analysis of any current Program or any suggested new program. ▪ Analysis should reflect estimated costs to implement the recommended improvements, anticipated energy cost savings, return on investment of recommended improvements, anticipated operations and maintenance savings, and anticipated cost benefits of moving to different rate programs (if applicable) ▪ Independent assessment of utility data reports and information, including monthly data dashboards, quarterly data, and year-end performance results.
Recommendations for improvements should be made based on this assessment. o Monitor and evaluate the effectiveness of programs and provide technical support and recommendations to City Staff to continually enhance program design and implementation.
• Document and/or conduct research and analysis and create recommendations so decisions can be made based on sound data, policy summaries, analysis and whitepapers to inform, guide and empower CITY.
• Evaluate, Develop, and make recommendations, including, but not limited to, policies, plans, and programs.
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• Assume overall responsibility for managing and coordinating the work of any additional consultants hired by the CITY to support its objectives. • Develop a realistic roadmap and implementation plan for how the CITY can achieve the defined vision. The roadmap should prioritize equitable use of technology and data and include priority area projects, timelines, and resources. • Evaluate the impacts of past and potential legislation and/or CITY directives on energy efficiency. Educate CITY Staff on such legislation and associated impacts. • Advocate for program design and delivery improvements, including, but not limited to, providing recommendations for increasing the benefits of efficiency to underserved sectors.
CONSULTANT shall perform and complete all such work and services in a manner satisfactory to CITY.
1.2 Project deliverables shall be reviewed and approved by CITY to determine acceptable completion. CITY shall have the right to review and inspect the work during the course of its performance at such times as may be specified by CITY.
1.3 CONSULTANT shall not accept any change of scope, or change in contract provisions, 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.
1.4 CITY shall provide to CONSULTANT, 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. 2 CITY PROJECT MANAGER
To provide the services required by this Contract, CONSULTANT shall act under the authority and approval of a Project Manager appointed by CITY. The City Project Manager will oversee the work under this Contract, assist CONSULTANT with any necessary information, audit billings, and approve payments. CONSULTANT shall channel reports, deliverables, and special requests through the City Project Manager. 3 CONSULTANT’S KEY PERSONNEL
CONSULTANT’s Team and Key Personnel are as follows:
Vanessa Munoz; President
This Consultant Services Contract has been awarded to CONSULTANT based on its representation that those personnel and subcontractors listed above will perform the portions of the work listed herein. CONSULTANT shall not deviate nor substitute any of these team members without prior written approval by CITY. 3-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
4 CONTRACT TERM
The term of this contract is three (3) years, commencing on the effective date, with CITY reserving the option to extend the agreement for two (2) additional terms of one (1) year each.
5 TAXES
5.1 CONSULTANT shall pay all sales, consumer, use, and other similar taxes required to be paid by CONSULTANT in accordance with state and local laws.
5.2 CONSULTANT 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 CONSULTANT or acting on its behalf, in connection with this Contract shall be considered the Agent or employee of CITY.
5.3 CONSULTANT 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.
6 PATENT FEES AND ROYALTIES
CONSULTANT 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, product or device which is the subject of patent rights or copyrights held by others. If a particular invention, design, process, product or device is specified by CITY 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. CONSULTANT 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, product or device not specified by CITY, and shall defend all such claims in connection with any alleged infringement of such rights. 7 STANDARDS OF PERFORMANCE
CONSULTANT shall be responsible for the completeness and accuracy of its services and work and documents resulting there from, and CITY shall not be responsible for discovering deficiencies therein. CONSULTANT shall correct any such deficiencies or errors without additional compensation and without cost to CITY, except to the extent any such deficiency is directly attributable to deficiencies in CITY -furnished information.
8 CONSULTANT’S PERSONNEL
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8.1 All services required under this Contract shall be performed by CONSULTANT, or under CONSULTANT’S direct supervision, and all personnel shall possess the qualifications, permits and licenses required by State and local law to perform such services.
8.2 CONSULTANT 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.
8.3 CONSULTANT shall be responsible for payment of all CONSULTANT’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.
8.4 CONSULTANT shall indemnify and hold harmless CITY, and its respective officers, agents and employees from and against all claims, demands, damages or costs arising from CONSULTANT’s acts or omissions with respect to any liability, damages, claims, costs and expenses of any nature arising from alleged violations of personnel practices.
9 COMPENSATION
9.1 For all of work and services including the various phases of tasks as described in Section 1, CITY shall pay to CONSULTANT an amount not to exceed the sum of SEVEN HUNDRED FIFTY THOUSAND dollars ($750000), payable as follows:
The CONSULTANT will provide invoices to the CITY as necessary, contingent upon the deliverables delineated in the description of work, adhering to a contract total Not to Exceed (NTE) limit of $750,000 for a term of three (3) years, with an annual NTE amount of $250,000. The contract may be extended for up to two additional one-year terms, with each extension having an NTE value of $250,000.
The Contract Price is CONSULTANT’S estimate of its charges for all of the services, including all labor, equipment, material, subcontractor and reimbursable costs, to be provided under this Agreement. Progress payments shall be made on a time and material basis. Final payment shall be made upon completion of all services and City acceptance of all deliverables, not-to-exceed the Contract Price.
9.2 CONSULTANT shall perform no work in excess of the total contract price without prior written approval of CITY. Total contract price includes expenses related to travel to and from CITY to meet with City and to appear, if so required, before City Council or any other board or commission of CITY.
9.3 CONSULTANT shall maintain adequate records and shall permit inspection and audit by CITY of CONSULTANT’s charges under this Contract. CONSULTANT 5-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
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 CONSULTANT 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 CONSULTANT shall retain its records for the time required by such laws.
9.4 No payment made hereunder by CITY to CONSULTANT, shall be construed as an acceptance by CITY of any work or materials, nor as evidence of satisfactory performance by CONSULTANT of its obligations under this Contract. 10 INDEMNIFICATION
To the fullest extent permitted by law, CONSULTANT and any contractors or 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 CONSULTANT, its contractors or subcontractors, and regardless of any acts, omissions or negligence (whether active or passive) of any person or entity indemnified hereunder. At their own expense, CONSULTANT and, as applicable, any contractors or 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. CONSULTANT shall ensure that the contract of any contractor or subcontractor working under this agreement contain an indemnity agreement, requiring the contractor or subcontractor to indemnify and defend the Indemnified Parties pursuant the terms set forth above. CONSULTANT 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 breach of the aforesaid obligations and covenants, and any other provision or covenant of this agreement.
11 INSURANCE
11.1 CONSULTANT, 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 11.8, must be reviewed and accepted by the City Attorney.
11.1.1 Workers’ Compensation and Employer’s Liability
Workers’ Compensation—coverage as required by the State of California 6-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
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
11.1.2 Professional Liability (Errors & Omissions) Insurance* $1,000,000 limit on a per occurrence basis
11.1.3 Commercial General Liability
$1,000,000.00 limit on a per occurrence basis
$2,000,000.00 general aggregate limit
11.1.4 Commercial Automobile Liability
$1,000,000.00 combined single limit including owned, non-owned and hired automobile coverage
11.2 All of CONSULTANT’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.
11.3 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, in the same manner as the named 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 certificate and endorsements shall state: “The City of Palmdale, the Successor Agency of the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Industrial Development Authority of the City of Palmdale, Palmdale Airport Authority, their officers, agents, employees and volunteers are named as additional insured’s.”
B. “Severability of Interest” clause.
11.4 Promptly on execution of this Contract, and prior to commencement of any work, CONSULTANT shall deliver to CITY certificates of insurance and endorsements to all required policies demonstrating that CONSULTANT has the required coverage and showing the required named insureds. Within five (5) days of written request from CITY, CONSULTANT shall deliver to CITY full and complete copies of all insurance policies required by this Contract.
11.5 The requirements as to the types and limits of insurance to be maintained by CONSULTANT are not intended to and shall not in any manner limit or qualify CONSULTANT’s liabilities and obligations under this Contract. 7-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
11.6 Any policy or policies of insurance that CONSULTANT 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.
11.7 All insurance coverage must be maintained throughout the duration of this Contract.
11.8 Acceptable Proof of Insurance:
11.8.1 ACORD Certificate of Insurance listing all coverages, limits, deductibles and insureds; and endorsements for all applicable coverages if agent has authority to issue it; Additional insured Form CG20101185 or CG20100707 and CG20370704 or equivalent must be provided for general liability coverage.
Additional insured form CA0001 must be provided for automobile liability coverage.
11.8.2 Agents must confirm that policy endorsements have been ordered from the respective insurance companies. Upon issuance, policy endorsements listing all insurers must be submitted to the City Attorney.
11.8.3 *When professional (E&O) liability coverage is provided on a “claims made basis”, CONSULTANT 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 CONSULTANT, or its officers, employees, or agents during the time this Agreement was in effect.
11.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONSULTANT fails to maintain the required insurance for any period of time or fails to comply with any of the insurance requirements listed above.
11.10 CONSULTANT shall require any and all subcontractor's 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 CONSULTANT shall be subject to all other insurance requirements that are stated herein.
Any deviation in this requirement will be CONSULTANT's sole risk. CONSULTANT's insurance requirements in Section 11 will not be impacted and/or limited by such deviation.
12 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, 8-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
CONSULTANT shall immediately stop all work hereunder, and shall immediately cause any of its suppliers and sub-consultants to cease such work. CONSULTANT shall also surrender to CITY all finished or unfinished documents or programs and other materials, which shall be City’s property. As compensation in full for services performed to the date of such termination, the CONSULTANT 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.
13 TERMINATION FOR CAUSE
13.1 If the City determines that the CONSULTANT 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, the City shall give written notice to the CONSULTANT specifying all defaults to be remedied within thirty (30) days. Such notice shall set forth the basis for the City’s dissatisfaction and suggest corrective measures. If, after thirty days, the CONSULTANT has failed to implement the corrective measures, the City may elect to terminate this Contract, in whole or in part.
13.2 In the event the City terminates this Contract in whole or in part as provided herein above, the City may procure, upon such terms and in such manner, as it may deem appropriate, services similar to those terminated.
13.3 If this Contract is terminated as provided above, the City may require the CONSULTANT to provide all finished or unfinished documents, data, studies, software, drawings, maps, photographs, reports, etc., prepared by the CONSULTANT. Upon such termination, the CONSULTANT shall be paid an amount equal to the value of the services provided and work performed as of the date of termination. Such payment by the City may take into consideration the costs associated with hiring another CONSULTANT to complete the services. In the event no new CONSULTANT is employed, the CONSULTANT shall be paid an amount equal to the value of the work performed. 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 the City.
13.4 If, after notice of termination of the Contract under the provisions of this Section 13, it is determined, for any reason, that CONSULTANT 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 12. 14 DISPUTE RESOLUTION
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All claims, disputes, and other matters in question between CITY and CONSULTANT 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. 15 OWNERSHIP OF DOCUMENTS
All documents, including, but not limited to, research, field notes, investigations, analysis, and studies which are prepared in the performance of this Contract are to be, and remain the property of CITY. CONSULTANT shall furnish CITY, upon its request, originals or reproducible or electronic copies of reports, studies and of all other documents listed above.
16 SUBCONTRACTING, DELEGATION AND ASSIGNMENT
16.1 CONSULTANT shall not delegate, subcontract 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 CONSULTANT from CITY under this Contract may be assigned to a bank, trust company or other financial institution without such approval. Any proposed delegation, assignment or subcontract shall provide a description of the services covered, identification of the proposed assignee, delegates or subcontractor, and an explanation of why and how the same was selected, including the degree of competition involved. Any proposed agreement with an assignee, delegates or subcontractor shall include the following:
A. The amount involved, together with CONSULTANT’s analysis of such cost or price; and
B. A provision requiring that any subsequent modification or amendment shall be subject to the prior written consent of CITY.
C. The requirement to hire only those persons authorized by federal law to work in the United States.
16.2 Any assignment, delegation or subcontract shall be made in the name of CONSULTANT and shall not bind or purport to bind CITY and shall not release CONSULTANT 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 CONSULTANT under this Contract.
17 NON-DISCRIMINATION AND EQUAL EMPLOYMENT OPPORTUNITY
17.1 In performance of this Contract, CONSULTANT shall not discriminate against any employee, subcontractor, or applicant for employment because of sex, color, race, religion, ancestry, national origin, disability, medical condition, marital status, sexual orientation, or age. CONSULTANT will take affirmative action to ensure that applicants are employed, and that employees are treated during employment, without 10-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
regard to their sex, color, race, religion, ancestry, national origin, disability, medical condition, marital status, sexual orientation or age. 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.
17.2 The provisions of subsection 17.1 above shall be included in all solicitations or advertisements placed by or on behalf of CONSULTANT for personnel to perform any services under this Contract. CITY shall have access to all documents, data and records of CONSULTANT 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. 18 FINANCIAL INTEREST CERTIFICATION
18.1 CONSULTANT 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 CONSULTANT’s firm.
18.2 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.
19 CONFLICT OF INTEREST
19.1 CONSULTANT 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 CONSULTANT to be “financial interested” (as provided in California Government Code Section 1090 et seq. or 87100 et seq.) in any contract or decision made by CITY on any matter.
19.2 CONSULTANT shall not employ any City official or employee to perform any work required pursuant to this Contract.
19.3 If CONSULTANT is a registered professional engineer or licensed land surveyor and the scope of work requires CONSULTANT’S recommendation of the actual formula to spread the costs of an assessment district’s improvements, then CONSULTANT shall not participate in making that recommendation if the additional elements set forth in Government Code section 87100.1(c) apply. Those additional elements are: (1) CONSULTANT has received income of $250 or more for 11-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
professional services in connection with any parcel included in the benefit assessment district within 12 months prior to the creation of the district; and (2) the district includes other parcels in addition to those parcels for which CONSULTANT received the income. In the event a conflict of interest does arise in that context, City shall select a different CONSULTANT to recommend the actual formula to spread the costs of the assessment district’s improvements and the costs of such services shall be deducted from the compensation to be paid to CONSULTANT.
19.4 To the extent required by the City Manager/designee, CONSULTANT 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.
20 COMPLIANCE WITH LAW
20.1 CONSULTANT 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 CONSULTANT uses any subcontractors to complete this Contract, this same requirement shall be included in all subcontracts and strictly enforced by CONSULTANT.
20.2 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. 21 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.
22 ENTIRE CONTRACT AND AMENDMENTS
22.1 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.
22.2 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 CONSULTANT hereunder, shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.
22.3 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. 12-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
23 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: WILLDAN ENGINEERING:
Ronda Perez
City Manager
Vanessa Munoz
President
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Highway
Palmdale, CA 93550
ADDRESS FOR NOTICE:
WILLDAN ENGINEERING
13191 Crossroads Parkway North, Suite
405
City of Industry, CA 91746
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
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
13-13Concord - Document ID: 02xHatUJYCdvTzhJgEiRo3
Record of Signing
Signed with www.concordnow.com
For
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Signed on 2024-08-01 16:14:24 GMT
Secured by Concord™
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SigningID: 02xHatUJM7DSnT3o7IkP6S
Signing date: 8/1/2024
IP Address: 206.171.111.149
Email: [email protected]
For
Name
Title
Signed on 2024-08-01 17:26:14 GMT
Secured by Concord™
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Signing date: 8/1/2024
IP Address: 47.176.24.26
Email: [email protected]
City Council Staff Report
DATE: AUGUST 7, 2024
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH JAD HOYOS, INC., DBA FEATHERS
CUSTOM SIGNS TO PROVIDE ANTI -GRAFFITI VINYL WRAP
SERVICES FOR 160 CITY-OWNED UTILITY CABINETS ALONG
ROADWAYS IN THE AMOUNT OF $150,000 FOR A TERM OF ONE
YEAR WITH THE OPTION TO EXTEND TWO ONE-YEAR TERMS
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A-8927 with JAD Hoyos, Inc., dba Feathers Custom Signs to provide anti-graffiti vinyl wrap services for 160 City-owned utility cabinets along roadways in the amount of $150,000 for a term of one year with the option to extend two one-year terms;
2. Authorize the City Manager or her designee to execute Agreement No. A-8927 with JAD Hoyos, Inc., dba Feathers Custom Signs, including minimal and/or non- substantial changes; and,
3. Authorize the City Manager or her designee to exercise the option to extend two additional one-year terms and execute each agreement, including minimal and/or non-substantial changes.
BACKGROUND
The City’s graffiti abatement team responds to over 1,000 graffiti reports per year . On March 15, 2023, the City Council approved Agreement No . A-8266 with Feathers Custom Signs to wrap 103 traffic control utility cabinets with a graffiti-resistant laminate that facilitates the removal of graffiti paint and markers, reducing response time if tagged. These vinyl wraps have been well received by the community, as they enhance public spaces with artwork that represents our region.
The City is now proposing to wrap 160 roadway utility cabinets to continue graffiti abatement and community beautification efforts. Imagery reflecting Palmdale’s natural Report to Mayor and City Council
Re: Approve Agreement No. A-8927 with Feathers Custom Signs August 7, 2024
landscape and habitat, featuring wildflowers, birds, and reptiles, was selected. Fifteen images were presented to the community via a survey, resulting in the top three choices:
Joshua trees, poppy flowers, and cacti. The survey was widely promoted through an e- newsletter, a press release, and social media boosts, resulting in nearly 300 responses from the public.
DISCUSSION
The City released an Invitation for Bids (IFB) No. 24-001-4400 for vinyl wrap services on April 23, 2024. Notifications were released through PlanetBids and sent to 12 service vendors. The City received two complete bids. Upon reviewing the bid responses and reference checks, Feathers Custom Signs was found to be the lowest responsible and responsive bidder. Staff recommends awarding Feathers Custom Signs Agreement No.
A-8927 in the amount of $150,000.
Vinyl wrap services include the cleaning, degreasing, and pressure washing of the surface of each item to ensure the longevity of material installation. The material used will include anti-graffiti laminate that will be UV-protected. Feathers Custom Signs will provide all needed materials, develop appropriate measurements per item, print all graphics, and manage future repairs and maintenance. The wraps have an average lifespan of five to seven years, depending on weather and outdoor conditions. The wrapping of these remaining 160 utility cabinets supports the City’s efforts to combat graffiti.
FISCAL IMPACT
$150,000; Funds are budgeted and available in FY 2024-25 in Measure AV account No. 15733002-737100.
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.
Prepared by: Keri Smith, Director of Parks and Recreation Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, City Attorney
ATTACHMENTS
Agrmt No. A-8927 with JAD Hoyos Inc. dba Feathers Custom Signs Exh A Payment Schedule Agrmt No. A-8927
Exh B Utility Box Community Imagery Survey Results
AGREEMENT NO. A-8927
CONTRACT FOR SERVICES
BETWEEN THE CITY OF PALMDALE AND JAD HOYOS INC. DBA FEATHERS
CUSTOM SIGNS
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 JAD HOYOS INC. DBA FEATHERS CUSTOM SIGNS, a 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 Parks and Recreation 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:
CONTRACTOR shall furnish all materials, labor, and equipment to prepare surfaces and apply decorative vinyl wrap on approximately 160 utility cabinets throughout the City Limits. The vinyl wrap must be laminated with an anti-graffiti and anti-etching (if applicable) gloss finish, UV protected, and have an edge sealer applied. Additional cabinets and items may be requested to wrap at a pre-determined square foot rate.
CONTRACTOR is responsible for the digital file management, which may include formatting the vector files to match the item size and adding City-provided logos as needed.
CONTRACTOR is responsible for the cleaning & preparation of the surfaces of each item for proper adhesion, providing all needed materials, developing appropriate measurements per item, printing of graphics, and installation.
CONTRACTOR must utilize existing parking facilities to stage for work to wrap utility 1-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
cabinets whenever possible. For locations where no parking facilities are present the Contractor may park on the shoulder of the roadway. A letter on the contractor’s letterhead must be submitted to the City Engineer that lists the locations where the roadway shoulder will be utilized. This letter needs to contain the project number, encroachment permit number, dates, and times of work, and refer to the California Manual on Uniform Traffic Control Devices (CAMUTCD) standard figures that are proposed to be used. The standard figures (Typical Applications) from the CAMUTCD and their associated notes must be attached to the letter as well.
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 1,095 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:
David Hoyos
Alexandro Hoyos
Edwin Cisneros
2-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
Natalie Aliaga
Luis Damian
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 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 One (1) year, commencing on the effective date, with CITY reserving the option to extend the agreement for 2 additional terms of one year each.
5 ACCEPTANCE AND DOCUMENTATION
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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 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 One Hundred Fifty Thousand dollars ($150000.00) 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:
See Exhibit A
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.
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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.
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 5-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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 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 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
$1,000,000.00 limit on a per occurrence basis
$2,000,000.00 general aggregate limit
10.1.3 Commercial Automobile Liability
$1,000,000.00 combined single limit including owned, non-owned and hired automobile coverage
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:
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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, 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.
10.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONTRACTOR fails to maintain the required 7-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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 8-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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 9-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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 10-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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.
19.3 If applicable, CONTRACTOR acknowledges and understands it must comply with the prevailing wage requirements as set forth in Exhibit “A” attached hereto and incorporated herein by reference, as well as the execution of a Worker’s Compensation Certificate attached hereto as Exhibit “B” and incorporated herein by reference.
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.
11-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
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. 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: JAD HOYOS INC. DBA FEATHERS
CUSTOM SIGNS:
Ronda Perez
City Manager
David Hoyos
President
ADDRESS FOR NOTICE:
CITY OF PALMDALE
827 East Avenue Q-9
Palmdale, CA 93550
ADDRESS FOR NOTICE:
JAD HOYOS INC. DBA FEATHERS
CUSTOM SIGNS
26017 Huntington Lane, Unit F
Valencia, CA 91355
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
City Clerk
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
12-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Attached Agreement Checklist and met all requirements
13-13Concord - Document ID: 02xFsShdO7UgxlWWy9NYWL
Record of Signing
Signed with www.concordnow.com
For
Name
Title
Signed on 2024-07-29 15:57:29 GMT
Secured by Concord™
DocumentID: 02xFsShdO7UgxlWWy9NYWL
SigningID: 02xFsShdI4mQUpUyPeTboa
Signing date: 7/29/2024
IP Address: 206.171.111.149
Email: [email protected]
For
Name
Title
Signed on 2024-07-29 17:44:18 GMT
Secured by Concord™
DocumentID: 02xFsShdO7UgxlWWy9NYWL
SigningID: 02xFv5FEoJKiLjairEMCXB
Signing date: 7/29/2024
IP Address: 76.214.71.251
Email: [email protected]
EXHIBIT A
PAYMENT SCHEDULE
% COMPLETION
PHASE OF WORK DESCRIPTION OF PHASE BY PHASE OVERALL CONTRACTOR FEE
EXECUTION Execution of Contract 15 15 $22,500.00
Phase 1 Wrapping of first 40 Utility Cabinets
Completed
19 34 $28,500.00
Phase 2 Wrapping of second 40 Utility Cabinets
Completed
19 53 $28,500.00
Phase 3 Wrapping third 40 Utility Cabinets
Completed
19 72 $28,500.00
Phase 4 Wrapping of remaining 40 Utility
Cabinets Completed
16 88 $24,355.00
Phase 5 Additional maintenance projects and as
needed per square foot, as scheduled
and billed
12 100 $17,645.00
TOTAL CONTRACTOR
FEE
$150,000.00
EXHIBIT B
Utility Box Community Imagery Survey Results
City Council Staff Report
DATE: AUGUST 7, 2024
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE FOURTH AMEND MENT TO AGREEMENT WI TH
LIBRARY SYSTEMS AND SERVICES, LLC , FOR LITERACY AND
ENGLISH AS A SECOND LANGUAGE (ESL) SERVI CES AT THE
PALMDALE CITY LIBRAR Y, INCREASING THE AG REEMENT BY
$349,472, FOR A TOTAL NOT TO EXCEED AMOUNT OF
$13,109,618 FOR THE REMAINDER OF THETERM THROUGH JUNE
2028
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Fourth Amendment to Agreement No. A-6081 with Library Systems and Services, LLC, for Literacy and English as a Second Language (ESL) services at the Palmdale City Library, increasing the agreement by $349,472 for a total not to exceed amount of $13,109,618 for the remainder of the term through June 2028 ; and,
2. Authorize the City Manager or her designee to approve changes, amendments, services, equipment, and supplies up to 10% of the contract total.
BACKGROUND
Library Systems and Services, LLC has provided Library operations and programs at the Palmdale City Library since 2012. The current agreement, which began in 2018, is for a 10-year term.
In 2021, the Palmdale City Library conducted a needs assessment, resulting in a five - year strategic plan. The plan identified several key focus areas, including:
1) Serving the Spanish speakers through programs and collections. 2) Serve low-literacy adults through partnerships, programs, and collection.
Report to Mayor and City Council
Re: Approve Fourth Amendment to Agreement No. A-6081 with LSS August 7, 2024
To achieve these goals, the Library secured a grant from the California State Library to offer Literacy and English as a Second Language (ESL) programs. The grant funds most program costs, including a full-time literacy services coordinator, materials, and volunteer training.
DISCUSSION
The Library’s Literacy and ESL programming, initiated in December 2023, has successfully engaged 48 participants who received 320 hours of individualized services with a total attendance of over 2,500 between classes, sessions, and events. This achievement has been made possible through the dedicated efforts of 18 volunteer tutors. The program receives new applications weekly, reflecting its growing impact and ongoing expansion.
The approval of the Fourth Amendment to Agreement No. A-6081 will increase the contract by an additional $349,472. This amount will fund services to complete the 10- year term through June 30, 2028.
FISCAL IMPACT
$349,472; Sufficient funds for these services are budgeted and available in Parks and Recreation accounts 10124001 – Library General Fund, 15824001 – American Rescue Plan Act (ARPA), and 24224001 – Library Grant, for fiscal year 24/25. Funding for services in fiscal years 2024-25 through 2027-28 will be evaluated and approved as part of the annual budget adoption process.
Goal IV: Maintain a desirable community where everyone wants to live, work and play.
D. Develop and maintain diverse programs and events that inspire growth, pride, and lifelong learning.
Prepared by: Keri Smith, Director of Parks and Recreation Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Ronda Perez, City Manager
Approved as to form: William P. Curley, III, City Attorney
ATTACHMENTS
Agrmt No. A-6081 Fourth Amendment with Library Systems and Services, LLC Agrmt No. A-6018 Third Amendment with Library Systems and Services, LLC Agrmt No. A-6018 Second Amendment with Library Systems and Services, LLC Agrmt No. A-6018 First Amendment with Library Systems and Services, LLC Agrmt No. A-6081 with Library Systems and Services, LLC FOURTH AMENDMENT TO AGREEMENT A-6081
BETWEEN THE CITY OF PALMDALE AND LIBRARY SYSTEMS AND SERVICES, LLC
This FOURTH Amendment to Agreement No. A-6081 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and LIBRARY SYSTEMS AND SERVICES, LLC (hereinafter called "LS&S" or "Consultant"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on July 1, 2018 ("Original Agreement") the CITY and LS&S" or "Consultant entered into an agreement to provide:
Day-to-day operations of the Palmdale Public Library.
WHEREAS, the parties desire to amend the Original Agreement to:
Include payment to provide Adult Literacy and English as a Second Language services.
NOW THEREFORE, the parties agree as follows:
1. The compensation identified in Section 1 (C), CONSIDERATION, shall be amended to increase the total amount of the Agreement by an additional Three Hundred Forty-Nine Thousand Four Hundred Seventy-Two Dollars ($349,472) not to exceed the sum of Thirteen Million One Hundred Nine Thousand Six Hundred Eighteen Dollars ($13,109,618).
2. This project is being funded with ARPA funds and as such, there are specific requirements associated with the use of those funds. By submitting a proposal, the Consultant agrees to comply with all rules, regulations, and requirements of ARPA (31 CFR Part 35). The ARPA requirements are set forth in Exhibit A.
3. Section M, OPERATING BUDGET, CHARGES, and PAYMENTS, shall be updated and amended as follows:
Period(Contract
Year)
Charges
(Operating
Budget)
Period
Charges
(Operating
Budget)
Monthly
Library
Materials
ESL/Literacy
Services
July 1, 2018 –
June 30, 2019 $891,833 $74,319 $224,500
July 1, 2019 –
June 30, 2020 $914,129 $76,177 $224,500
July 1, 2020 –
June 30, 2021
$941,260
$78,438 $224,500
July 1, 2021 –
June 30, 2022
$978,077
$81,506 $224,500
July 1, 2022 –
June 30, 2023 $1,025,721 $85,477 $224,500
1-3Concord - Document ID: generated after first signature July 1, 2023 –
June 30, 2024 $1,051,365 $87,614 $250,000
$87,368
July 1, 2024 –
June 30, 2025 $1,077,649 $89,804 $250,000 $87,368
July 1, 2025 –
June 30, 2026 $1,104,590 $92,049 $250,000 $87,368
July 1, 2026 –
June 30, 2027 $1,132,205 $94,350 $250,000 $87,368
July 1, 2027 –
June 30, 2028
$1,160,510
$96,709 $250,000 $87,368
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
2-3Concord - 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:
LIBRARY SYSTEMS AND SERVICES,
LLC:
Ronda Perez
City Manager
Todd Frager
Cheif Executive Officer
ADDRESS FOR NOTICE:
CITY OF PALMDALE
827 East Avenue Q-9
Palmdale, CA 93550
ADDRESS FOR NOTICE:
LIBRARY SYSTEMS AND SERVICES,
LLC
2600 Tower Oaks Rd, Suite 510
Rockville, MD 20852
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Rochelle Scott
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
3-3Concord - Document ID: generated after first signature
A-6081
PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF PALMDALE AND
LIBRARY SYSTEMS AND SERVICES, LLC
This AGREEMENT is entered into this July 1, 2018, by and between the CITY OF PALMDALE, a charter city ("CITY") and Library Systems and Services LLC, a limited liability company ("LS&S" or "CONSUL TANT").
1. CONSIDERATION
A. As partial consideration, CONSULT ANT agrees to perform the work listed in the SCOPE OF SERVICES, identified below in Section 2 and more specifically in Exhibit "Schedule A" which is hereby incorporated by reference;
B. As additional consideration, CONSULT ANT and CITY agree to abide by the terms and conditions contained in this Agreement; and
C. As additional consideration, CITY agrees to pay CONSUL TANT a sum not to exceed twelve million four hundred and forty-seven thousand five hundred and twenty-eight dollars ($12,447,528) for CONSULTANT's services during the term of this agreement as provided for herein. CITY may modify this amount as set forth below. Unless otherwise specified by written amendment to this Agreement, CITY will pay this sum as specified below in Section 4 and more specifically in Exhibit "A," which is hereby incorporated by reference.
2. SCOPE OF SERVICE
A. CONSULTANT will perform all services listed in the SCOPE OF SERVICES, attached as Exhibit "Schedule A".
B. CONSULTANT will, in a professional manner, furnish all of the labor, technical, administrative, professional and other personnel, all supplies and materials, equipment, printing, vehicles, transportation, office space and facilities, and all tests, testing and analyses, calculation, and all other means whatsoever, except as herein otherwise expressly specified to be furnished by CITY, necessary or proper to perform and complete the work and provide the professional services required of CONSULT ANT by this Agreement.
3. PERFORMANCE STANDARDS
While performing under this Agreement, CONSULT ANT will use the appropriate generally accepted professional standards of practice existing at the time of performance utilized by persons engaged in providing similar services. CITY will continuously monitor CONSUL TANT's services. CITY will notify CONSULT ANT of any deficiencies in meeting the requirements of this Agreement and CONSULT ANT will have thirty (30) days after such notification to cure any shortcomings to CITY's satisfaction. Costs associated with curing the deficiencies will be borne by CONSULT ANT.
4. PAYMENTS
CITY shall pay CONSULTANT each month the amounts set forth in Exhibit "Schedule A".
5. NON-APPROPRIATION OF FUNDS
1 A-6081
Payments due and payable to CONSUL TANT for current services are within the current budget and within an available, unexhausted and unencumbered appropriation of the CITY. In the event the CITY has not appropriated sufficient funds for payment of CONSULT ANT services beyond the current fiscal year, this Agreement will cover only those costs incurred up to the conclusion of the current fiscal year, provided that the CITY shall not re-procure the services described herein from a third party in such event.
6. ADDITIONAL WORK
A. If CONSULT ANT believes work not within the Scope of Services ("Additional Work") is needed to complete the Scope of Services, CONSULT ANT will provide the CITY with written notification that contains a specific description of the proposed Additional Work, reasons for such Additional Work, and a detailed proposal regarding cost. Additional Work shall only commence upon written approval by the City Manager or his/her designee.
B. CITY shall make available to CONSULT ANT, City facilities to conduct mutually agreed upon Library programs for the community at no charge or at cost for an agreed upon number of hours.
7. FAMILIARITY WITH WORK
A. By executing this Agreement, CONSUL TANT agrees that it has:
i. Carefully investigated and considered the scope of services to be performed; ii. Carefully considered how the services should be performed; and iii. Consultant understands the facilities, difficulties, and restrictions attending performance of the services under this Agreement.
B. If services involve work upon any site, CONSULT ANT agrees that CONSULT ANT has or will investigate the site and is or will be fully acquainted with the conditions there existing before commencing the services hereunder. Should CONSUL TANT discover any latent or unknown conditions that may materially affect the performance of the services, CONSULT ANT will immediately inform CITY of such fact and will not proceed except at CONSUL TANT's own risk until written instructions are received from CITY.
8. TERM AND TERMINATION
A. The term of this Agreement will be from July 1, 2018 (the "Effective Date") to June 30, 2028.
B. CITY may terminate this Agreement with cause at any time after CONSULTANT fails to cure such cause upon thirty (30) days prior written notice. At any time after July 1, 2018, either party may terminate this Agreement without cause with at least one hundred eighty (180) days written notice.
C. CONSULT ANT may terminate this Agreement at any time for cause if CITY fails to cure such cause upon thirty (30) days prior written notice.
D. Upon receiving a termination notice, CONSULTANT will immediately cease performance under this Agreement unless otherwise provided in the termination notice. Except as otherwise provided in the termination notice, any additional work performed by CONSUL TANT after receiving a termination notice will be performed at CONSULTANT'S own cost; CITY will not be obligated to compensate CONSULT ANT for such work.
2 A-6081
E. Should termination occur, all finished or unfinished documents, data, studies, surveys, drawings, maps, reports and other materials prepared by CONSULT ANT specifically for the City will, at CITY's option, become CITY's property, and CONSUL TANT will receive just and equitable compensation for any work satisfactorily completed up to the effective date of notice of termination, not to exceed the total costs pursuant to Section l(C).
F. Should the Agreement be terminated pursuant to this Section, CITY may procure on its own terms services similar to those terminated.
9. TIME FOR PERFORMANCE
A. CONSULT ANT will not perform any work under this Agreement until:
i. CONSUL TANT furnishes proof of insurance as required under Section 18 of this Agreement; and
ii. Both parties have executed this Agreement.
B. Should CONSUL TANT begin work on any phase in advance of receiving written authorization to proceed, any such professional services are at CONSULT ANT's own risk.
10. CHANGES
CITY may order changes in the services within the general scope of this Agreement, consisting of additions, deletions, or other revisions, and the contract sum and the contract time will be adjusted accordingly. All such changes must be authorized in writing, executed by CONSULTANT and CITY.
The cost or credit to CITY resulting from changes in the services will be determined in accordance with written agreement between the parties.
11. TAX PAYER IDENTIFICATION NUMBER
CONSULT ANT will provide CITY with a Taxpayer Identification Number.
12. PERMITS AND LICENSES
CONSULTANT, at its sole expense, will obtain and maintain during the term of this Agreement, all necessary permits, licenses, and certificates that may be required in connection with the performance of services under this Agreement.
13. WAIVER
CITY's review or acceptance of, or payment for, work product prepared by CONSULT ANT under this Agreement will not be construed to operate as a waiver of any rights CITY may have under this Agreement or of any cause of action arising from CONSULT ANT's performance. A waiver by CITY of any breach of any term, covenant, or condition contained in this Agreement will not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant, or condition contained in this Agreement, whether of the same or different character.
14. OWNERSHIP OF DOCUMENTS
All documents, data, studies, drawings, maps, models, photographs and reports prepared by CONSULT ANT specifically for CITY under this Agreement are CITY's property. CONSULT ANT may 3 A-6081
retain copies of said documents and materials as desired, but will deliver all original materials to CITY upon CITY's written notice. CITY agrees that use of CONSUL TANT's completed work product, for purposes other than identified in this Agreement, or use of incomplete work product, is at CITY's own risk. Any electronic documents or files provided to the CITY shall use Microsoft Office Suite application software for Windows or a format pre-approved by CITY.
15. PUBLICATION OF DOCUMENTS
Except as necessary for performance of service under this Agreement, no copies, sketches, or graphs of materials, including graphic artwork, prepared pursuant to this Agreement, will be released by CONSULT ANT to any other person or the public without CITY's prior written approval. All press releases, including graphic display information to be published in newspapers or magazines, will be approved and distributed solely by the CITY, unless otherwise provided by written agreement between the parties.
16. INDEMNIFICATION
A. CONSULTANT shall hold harmless, defend (with counsel reasonably acceptable to CITY), and indemnify CITY and all of its officers, employees, servants, agents and consultants, from any claim, demand, damage, liability, loss, cost or expense, for any damage whatsoever, arising out of or in connection with any personal injury or property damage resulting from or in any way connected with the performance of this Agreement by CONSULTANT, or the gross negligence or the intentional or willful acts of CONSUL TANT, except such damage as is caused by the negligence of CITY or others not under the control of the CONSULT ANT. CITY shall give prompt written notice to CONSUL TANT of any matter asserted by CITY to be covered by this provision.
B. CITY does not and shall not waive any rights that it may have against CONSULTANT by reason of this Section 17 because of the acceptance by CITY or the deposit with CITY of any insurance policy or certificate required pursuant to this Agreement. This hold harmless and indemnification provision shall apply regardless of whether or not said insurance policies are determined to be applicable to the claim, demand, damage, liability, loss, cost or expense described in this Section
17. 17. INSURANCE
A. At all times during the term of this Agreement, CONSULTANT and any contractors or subcontractors working on its behalf shall maintain at their sole cost, Workers' Compensation Insurance, Comprehensive General Liability Insurance applicable on an occurrence basis, including contractual liability and completed operations coverage, and Automobile Liability Insurance, including owned, non-owned and hired automobile coverage. The General Liability and Automobile Liability policies (hereinafter "Policies") shall be issued with limits no less than two million ($2,000,000.00) per person/occurrence and in the aggregate. CONSULTANT and any contractors or subcontractors working on its behalf shall name the City of Palmdale, its officers, employees, and elected and appointed boards as additional insureds under the Policies.
An insurer admitted to transact insurance in the State of California shall issue the Policies. Any insurance available to CITY under the Policies shall be primary and non-contributory, and any other insurance available to CITY shall apply on an excess basis. Prior to commencing any work, CONSULT ANT shall provide the City with proof of compliance with this paragraph in the form of a certificate of insurance and additional insured endorsement written on a form identical or functionally similar to the l.S.O. Form B CG 2010 1185 additional insured endorsement. 4 A-6081
Coverage under the Policies shall not be subject to a Self-Insured Retention or Deductible. It is expressly agreed that the scope of the indemnity provided for in Section 17, above, shall not limit the scope of insurance available to CITY pursuant to this paragraph.
B. CITY will keep its buildings and their contents insured against loss, cost, damage or expense resulting from fire, explosion or any other casualty in an amount equal to the full replacement cost thereof ("Casualty Insurance").
19. ASSIGNMENT
This Agreement is for CONSULT ANT's professional services. CONSULT ANT's attempts to assign the benefits or burdens of this Agreement without CITY's written approval are prohibited and will be null and void.
20. INDEPENDENT CONTRACTOR
CITY and CONSULTANT agree that CONSULTANT will act as an independent contractor and will have control of all work and the manner in which is it performed, CONSULT ANT will be free to contract for similar service to be performed for other employers while under contract with CITY. CONSULTANT is not an agent or employee of CITY and is not entitled to participate in any pension plan, insurance, bonus or similar benefits CITY provides for its employees. Any provision in this Agreement that may appear to give CITY the right to direct CONSULT ANT as to the details of doing the work or to exercise a measure of control over the work means that CONSULTANT will follow the direction of the CITY as to end results of the work only.
21. AUDIT OF RECORDS
CONSULT ANT will maintain full and accurate records with respect to all services and matters covered under this Agreement. CITY will have free access at all reasonable times to such records, and the right to examine and audit the same and to make transcript there from, and to inspect all program data, documents, proceedings and activities. CONSULTANT will retain such financial and program service records for at least three (3) years after termination or final payment under this Agreement.
22. SUBCONTRACTORS
CONSULT ANT must obtain CITY's prior written approval to use any subcontractors while performing any portion of this Agreement. Such approval must include the proposed subcontractor and the terms of compensation.
23. PROGRESS MEETINGS
CONSULT ANT will meet with CITY staff, on an as-needed basis, to provide a status report on the services rendered or to resolve any issues related to the services rendered.
24. NOTICES
All communications to either party by the other party will be deemed made when received by such party at its respective name and address as follows:
5 A-6081
ToLS&S:
Library Systems & Services, LLC
2600 Tower Oaks Blvd., Suite 510
Rockville, MD 20852
To CITY:
City Manager
38300 Sierra Highway
Palmdale, CA 93550
City Attorney
38300 Sierra Highway
Palmdale, CA 93550
Any such written communications by mail will be conclusively deemed to have been received by the addressee upon deposit thereof in the United States mail, postage prepaid and properly addressed as noted above. In all other instances, notices will be deemed given at the time of actual delivery. Changes may be made in the names or addresses of persons to whom notices are to be given by giving notice in the manner prescribed in this paragraph.
25. CONFLICT OF INTEREST
CONSULT ANT covenants that neither they nor any officer or principal of their firm have any interests nor shall they acquire any interest, directly or indirectly, which will conflict in any manner or degree with the performance of their services hereunder. CONSULTANT further covenants that in the performance of this Agreement, they shall employ no person having such interest as an officer, employee, agent or subcontractor. CONSULT ANT further covenants that, other than in an employment relationship, CONSULT ANT has not contracted with nor is performing any services directly or indirectly, with the developer(s) and/or property owner(s) and/or finn(s) and of/or partnerships and/or public agency(ies), owning property and/or processing an entitlement application for property in CITY, or any entity with which the City contracts now or within the past one (1) year, and further covenants and agrees that CONSUL TANT and/or its subcontractors shall provide no service or enter into any contract with any developer(s) and/or property owner(s) and/or firm(s) and/or partnership(s) and/or public agency(ies), owning property and/or processing an entitlement application for property in CITY, while under contract with CITY, and for a one (I) year time period following termination of this Agreement. CONSULT ANT will comply with all conflict of interest laws and regulations including, without limitation, CITY's Conflict oflnterest Code (on file in the City Clerk's Office) for consultants (Appendix M). It is incumbent upon the CONSUL TANT to notify the CITY pursuant to Section 24 "NOTICES" of any staff changes relating to this Agreement.
26. CONTRIBUTIONS
CONSULTANT maintains and warrants that it has not employed nor retained any company or person, other than CONSUL TANT's bona fide employees, to solicit or secure this Agreement. Further, CONSUL TANT warrants that it has not paid nor has it agreed to pay any company or person, other than CONSULT ANT's bona fide employees, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. Should CONSULTANT breach or violate this warranty; CITY may rescind this Agreement without liability.
CONSUL TANT, its employees and consultants shall make no political contributions to any political 6 A-6081
campaign or initiative in or affecting the CITY.
27. THIRD PARTY BENEFICIARIES
This Agreement and every provision herein is generally for the exclusive benefit of CONSULT ANT and CITY and not for the benefit of any other party. There will be no incidental or other beneficiaries of any of CONSUL TANT's or CITY's obligations under this Agreement.
28. CHOICE OF LAW
This Agreement was drafted in, and will be construed in accordance with the laws of the State of California, and exclusive venue for any action involving this agreement will be in Los Angeles County.
29. COMPLIANCE WITH ALL LAWS
CONSULT ANT agrees to comply with all federal, state, and local laws applicable to this Agreement.
This obligation includes, but is not limited to, compliance with the requirements of the California Public Records Act and the right to privacy of library patrons with respect to the confidentiality and non disclosure ofregistration, identification data, borrowing history, circulation records, electronic database information, computer usage, computer searches or other records relating to library patrons.
CONSULT ANT shall limit access to such records to those persons acting within the scope of their duties within the administration of the Palmdale library facilities.
30. ENTIRE AGREEMENT
This Agreement, and its Attachments, sets forth the entire understanding of the parties. There are no other understandings, terms or other agreements expressed or implied, oral or written. There are two (2) attachments to this Agreement. This Agreement will bind and inure to the benefit of the parties to this Agreement and any subsequent successors and assigns.
31. RULES OF CONSTRUCTION
Each Party had the opportunity to independently review this Agreement with legal counsel. Accordingly, this Agreement will be construed simply, as a whole, and in accordance with its fair meaning; it will not be interpreted strictly for or against either Party.
32. SEVERABILITY
If any portion of this Agreement is declared by a court of competent jurisdiction to be invalid or unenforceable, then such portion will be deemed modified to the extent necessary in the opinion of the court to render such portion enforceable and, as so modified, such portion and the balance of this Agreement will continue in full force and effect.
33. AUTHORITY AND MODIFICATION
The Parties represent and warrant that all necessary action has been taken by the Parties to authorize the undersigned to execute this Agreement and to engage in the actions described herein. This Agreement may only be modified by written amendment. The City Manager may execute any such amendment on behalf of CITY.
34. CAPTIONS
7 A-6081
The captions of the paragraphs of this Agreement are for convenience of reference only and will not affect the interpretation of this Agreement.
35. TIME OF THE ESSENCE
Time is of the essence for each and every provision of this Agreement.
36. FORCE MAJURE
Should performance of this Agreement be prevented due to fire, flood, explosion, acts of terrorism, war, embargo, government action, civil or military authority, the natural elements, or other similar causes beyond the Parties' reasonable control, then the Agreement will immediately terminate without obligation of either party to the other.
37. STATEMENT OF EXPERIENCE
By executing this Agreement, CONSULT ANT represents that it has demonstrated trustworthiness and possesses the quality, fitness and capacity to perform the Agreement in a manner satisfactory to CITY.
CONSULT ANT represents that its financial resources, surety and insurance experience, service experience, completion ability, personnel, current workload, experience in dealing with private consultants, and experience in dealing with public agencies all suggest that CONSUL TANT is capable of performing the proposed contract and has a demonstrated capacity to deal fairly and effectively with and to satisfy a public CITY.
38. CITY OBLIGATIONS
A. CITY shall make available to CONSULT ANT, without charge, solely for CONSULT ANT'S use in performing the services outlined within this Agreement, all properties, facilities, equipment, collections, supplies, records, files and data used or useful in the operation of the Library that is in CITY's possession, custody or control as of the Effective Date. City reserves all ownership rights in such properties and CONSULTANT shall vacate or return such properties to the CITY, ordinary wear and tear excepted, at the termination or expiration of this Agreement. The Board of Library Trustees shall be responsible for setting all policies that govern the operations of the Library and CONSULT ANT agrees to adhere to set policies.
CITY is responsible for the structure, improvements, equipment, furniture, furnishings, fixtures, public printing and copying expenses, any capital items, including any improvements thereto, maintenance, janitorial services and janitorial supplies, repairs and property insurance at the Library building (except for damage caused by CONSULTANT). This includes the interior and exterior of the structure, all restrooms, electrical, building systems, and the heating and air conditioning system. CONSULTANT shall be responsible for general housekeeping and keep the library facilities free from clutter and safe for library patrons. CONSULT ANT shall work with CITY staff to ensure effective building maintenance by promptly identifying and reporting problems with the facilities.
CITY is responsible for maintaining the entire Library site, including landscaping and grounds maintenance.
B. CITY is responsible for payment of utilities at the Library facilities, including electricity, gas, water, waste disposal and recycling, telephone, and network access. 8 A-6081
C. In the event there is any tax, duty or tariff change after the date hereof which increases the amount thereof payable by CONSULT ANT with respect to this Agreement, other than taxes on the Consultant's net income, the parties shall meet and negotiate in good faith with respect to the responsibility of the parties for the payment thereof.
D. CITY is responsible for maintenance, gas, IT support and insurance of the Techmobile.
39. LIMITATION OF LIABILITY
In no case shall either Party be liable for any damages, losses, costs or expenses under or in connection with this Agreement, whether for breach of contract, tort or otherwise, in excess of an amount equal to the lesser of (a) the actual damages suffered by the aggrieved party, or (b) the charges for the twenty-four (24) month period in which such damages were allegedly incurred. However, the immediately preceding sentence shall not apply to personal injury or property damage caused by the negligence or willful misconduct of LS&S or the defense and indemnity obligation set forth in Section 17. In no case shall either party be liable for any punitive, exemplary, incidental, consequential, indirect or special damages arising out of or in connection with this Agreement. Notwithstanding any other provision in this Agreement, CONSULT ANT shall have no responsibility for any worker's compensation or any other claims or incidental costs, expenses or losses occurring prior to the date hereof.
40. WARRANTY
CONSUL TANT warrants that it will perform hereunder with at least the care, diligence and expertise generally accepted in the library service industry. OTHER THAN AS EXPRESSLY SET FORTH
HEREIN, THERE ARE NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
41. EXCLUDED SERVICES
Notwithstanding any other provision of this Agreement to the contrary, the services hereunder shall not include, CONSULT ANT shall have no responsibility for and CITY shall be fully responsible for the following:
A. Any goods or services, including payroll, that were rendered to CITY prior to the Effective Date.
B. Unfair labor practices, grievances, or any claims or litigation whatsoever arising out of the hiring and/or firing, layoff, subcontracting, assignment, reassignment or discipline of any Library staff not employed by CONSUL TANT at the time of the relevant incident.
C. Any worker's compensation or other claims arising from injuries sustained prior to the Effective Date by any Library staff not employed by CONSULT ANT at the time of such injuries.
D. Any costs of any current or future employee benefits, including retirement benefits, voluntary retirement incentives, pension contributions, employee buyouts or other similar programs adopted by CITY.
9 A-6081
In Witness Whereof, the parties hereto have caused this Agreement to be executed and attested by their respective officers thereunto duly authorized.
CITY:
CITY OF PALMDALE
3826010th Street East,
Palmdale Ca. 93550
APPROVE AS TO FORM
City Attorney
Date
CONSULT ANT:
LIBRARY SYSTEMS & SERVICES, LLC
2600 Tower Oaks Blvd., Suite 510
Rockville, MD 20852
~ Greg.Jf.t Date
CEO
Marcia H. Suzuki
Treasurer
10 A-6081
Schedule A
Library Service Delivery Agreement
A. Statement of Work
LS&S will administer the operations of City's library facilities (collectively, "Library"), including the accounting for, purchase of and payment for payroll services and goods and services from vendors for budgeted supplies, other direct operating expenditures, Library Materials (as defined below) and Capital Items (as defined below) sufficient to operate the Library in accordance with the policies and guidelines approved by City.
LS&S shall provide, by and through its own employees or independent contractors ("LS&S Staff') any labor LS&S deems necessary for the operation of the Library. The cost of the LS&S Staff shall be paid by LS&S and is included in the Operating Budget (as defined below). LS&S shall have the sole and absolute right to hire, manage, evaluate and terminate the employment of the LS&S Staff from time to time to perform work under this Agreement. However, the City Manager will have the right to approve the selection of the Library Director. LS&S will provide the appropriate staffing levels to keep the Library open to the public for fifty-eight (58) hours per week. The Library will be closed on some Holidays and other days mutually agreed upon in writing by the City and LS&S.
Hours of operation of the Library:
Monday - Thursday: 10 a.m. to 8 p.m.
Friday - Saturday: 10 a.m. to 5 p.m.
Sunday: I p.m. to 5 p.m.
A. Scope of Work
a. General - Under the general direction of the City Manager or his designee, administer all aspects of the day-to-day operations of the Library, in accordance with generally accepted practices and principles of the public library profession. Annually review collections, program development ensuring that programming, services and collections are in line with community needs and strategic plan. Comply with all California laws and regulations pertaining to public library services, including, but not limited to, the California Library Services Act. Represent the City at relevant library meetings as time and budget allows.
b. Develop and maintain an effective working relationship with the Board, which sets policy and oversees the budgetary expenditures on behalf of the Library including attending the monthly Board meeting, preparing staff reports and develop and engage Board members. c. Develop and maintain an effective working relationship with City staff, elected officials and appointed officials and community groups such as the Friends of the Palmdale City Library. Be present at all City Council meetings as requested. 11 A-6081
d. In collaboration with the City's Communications Division, develop and implement a marketing plan to promote Library services to residents of the City, effectively disseminate information, and promote use of the Library's resources and services. e. Maintain the Techmobile program which includes staffing, scheduling and promoting the service. Staff must meet the City driving requirements set forth in Schedule C.
B. Fiscal Responsibility
a. Be responsible for the proper administration of the Library budget of which the contracted services are a part.
b. Collect and account for fines and fees, and remit them to the City at least twice a week.
All revenues resulting from Library operations and programs will belong to the City. c. All Library Staff responsible for handling cash receipts will be trained in and adhere to the City's cash handling procedures and will be appropriately bonded. d. Serve as the City's principal liaison with the California State Library with respect to statistical reporting and funding matters,
e. Develop and maintain effective and efficient financial procedures consistent with those used by the City's Finance Department.
f. Review all aspects of Library operation and service for efficiency and cost-effectiveness and make changes as appropriate.
g. All licenses pertaining to City's library operations shall be retained in the City's name. h. All documents pertaining to City's library operations shall be retained in accordance with the City's Records Retention Policy.
i. Provide the City with annual audited financial statements ofLS&S to demonstrate fiscal soundness.
j. Explore supplemental Library funding opportunities and apply for those that meet the Library's objectives.
C. Management and Reporting
a. Prepare and provide reports describing Library activities. b. Prepare and provide monthly statistical and financial reports in a form mutually acceptable to LS&S and the City.
c. At least annually, gather information from residents (not just Library users) on customer satisfaction and ideas for improved service to be used in Library planning. 12 A-6081
D. Staff Development and Coaching
a. Provide orientation, training and professional development of all Library staff. b. Provide leadership and guidance to maximize Library Staff effectiveness in Library operations.
E. Public Services
a. Provide prompt, friendly and accurate assistance in the use of the Library. b. Provide prompt, friendly and accurate circulation and reference services. c. Provide staff at all service points (Reference Desk, Circulation Desk, etc.) during all hours of operation to the public.
d. Adhering to the Library's Collection Development Policy, provide requested material from the Library's collection promptly.
e. Emulate the City of Palmdale's public service philosophy and policies.
F. Interlibrary Loan Program - Participate and maintain a quality and appropriate interlibrary loan program through the Inland Library Network and the courier service.
G. Circulating and Reference Materials - Annually provide the City with a comprehensive analysis of the print collection including age, use by the public and imbalances in various areas of the collection. This analysis should include the relationship of print, non-print and electronic resources and include recommendations for adjustments in material collection.
H. Programming - provide high-quality, educational, recreational and cultural programs that support and encourage use of Library resources. Benchmarks defining a program's success shall be established and programs not achieving these benchmarks shall be restructured or discontinued.
I. Information Technology - It is the City's responsibility to provide, maintain and service computers and networks for both the Library staff and the Library public. With the City's Information Services Department, develop short and long-term recommendations for modifications to technology infrastructure, including hardware, software, network, web design, etc. to support the Library's mission. Advise the City of automation that would enhance service and/or decrease overall operating costs. Assist the Information Services Department staff in implementing those recommendations approved by the City.
J. Facilities and Equipment
a. Maintain the Library on a daily basis in a safe and orderly fashion. 13 A-6081
b. Work with City's Maintenance Division to ensure effective building maintenance by promptly identifying and submitting a work request.
c. The City will be responsible for major facility projects and upgrades concerning Library building, grounds building systems, utilities, landscaping, HVAC, elevator, lighting and will be responsible for any capital improvements at Library facilities. d. The City will be responsible for providing routine maintenance including janitorial services, landscaping, garbage removal, pest control, fire extinguishers, alarms, elevator, and sewer services in the Library.
e. The City will be responsible for insuring the library property, facilities, fixtures, furnishing and collections.
f. While the City will be responsible for providing janitorial services, LS&S, is needed to review janitorial scope of work to ensure services meet Public Library cleaning protocols including common areas and disinfecting employee workstations.
K. Planning and Performance Monitoring
a. Review and provide updates to the library strategic plan in years: 2018, 2021and2025.
Present recommended changes to the City and final updates to the Board. Follow the library strategic plan to ensure long-term goals are met. b. Provide core Public Library performance measurements and compile quarterly and annual reports, California State Library Public Library Statistics will be the minimum reported benchmark measurements.
c. LS&S and the City Manager shall meet to review and evaluate LS&S's performance during the term of this agreement on an annual basis.
L. Library Materials and Materials Handling Fee
a. On behalf of and for the benefit of the City, LS&S will negotiate favorable discounts and prices from Library suppliers for the purchase of all Library materials currently available at the Library. These materials may include books, periodicals, newspapers, e-books, electronic database subscriptions, audio and video materials and cases, cataloging and processing costs (collectively "Library Materials").
b. The responsibility for adopting Library collection development policies will remain with the Board and all Library materials selections will meet the criteria specified in these policies and will be the responsibility ofLS&S. LS&S will place orders with the suppliers and perform the accounting functions related to those orders, including prompt payment of the invoices. In accounting for the cost of the Library Materials, LS&S will include a fee of five (5%) of the cost of the Library Materials ordered ("Materials Handling Fee"). 14 A-6081
c. For all web-based services, databases , collections-payment services contracts, LS&S must ensure the contracts are between the City and the vendor as well as follow City contract guidelines and signature requirements.
M. Operating Budget, Charges and Payments
a. Operating Budget and Charges
Period ('1Contrad Vear") Charges(",Operating Budget") Library Materials* Period Monthly
July 1, 2018- June 30, 2019 $891,833 $74,319 $224,500
July 1, 2019- June 30, 2020 $914,129 $76,177 $224,500
July 1, 2020- June 30, 2021 $941,260 $78,438 $224,500
July 1, 2021- June 30, 2022 $978,077 $81,506 $224,500
July 1, 2022 - June 30, 2023 $1,025,721 $85,477 $224,500 July 1, 2023 - June 30, 2024 $1,051,365 $87,614 $224,500 July 1, 2024-June 30, 2025 $1,077,649 $89,804 $224,500
July 1, 2025 - June 30, 2026 $1,104,590 $92,049 $224,500 July 1, 2026 - June 30, 2027 $1,132,205 $94,350 $224,500 July 1, 2027 - June 30, 2028 $1,160,510 $96,709 $224,500 *Library Materials is included in the Total Operating Budget amounts indicated above and shall include sales tax, shipping, processing fees, and the Materials Handling Fee.
Payment by the City for Library Materials ordered and purchased by LS&S for the Library shall be made only on a reimbursement basis following submission of an invoice and documentation of expenditures.
Library Materials budget will be assessed and approved annually by the Board and the City Council. All budgeted funds shall be expended within each fiscal year.
The Total Operating Budget is contingent on other existing contractual terms, obligations, and responsibilities remaining the same, except as expressly noted herein.
Any increases in the minimum wage mandated by federal, state or local governments following the Effective Date are not included in the above compensation schedule and the City will be responsible for reimbursing LS&S for such increases. The Parties acknowledge and agree that the minimum wage rates specified in Schedule B shall apply as of the Effective Date. The schedule reflects the minimum wage laws from the Effective Date to the year 2023 and an amount of $15 an hour. b. Payments
LS&S shall invoice the City monthly in advance on or before the 1st of each month for a pro-rata share of the "Staffing, Training, Operations, Administration". Payment shall be made by wire transfer by the 15th of the month. LS&S shall invoice the City monthly for "Library Materials" and any other reimbursables on or before the 1st of each month. All grant and donation funded expenses shall be invoiced separately from the library materials. Payment shall be made by the last day of each month. 15 A-6081
N. Staffing
a. LS&S will employ qualified Library staff sufficient to provide services and programs during all hours of Library operations. LS&S will further provide the necessary orientation and ongoing training and professional development of the Library staff. At a minimum, LS&S will employ eleven (11) full-time equivalent positions (FTEs). Of these FTEs, at least two and one half (2.5), including the Library Director, will be professional librarians with MLS degrees from colleges and universities accredited by the American Library Association. The Library Director position will be full time. One professional librarian should have a specialty in children's services.
The desirable experience and education for the Library Director shall be:
Master's degree in Library Science or Library and Information Science from an American Library Association accredited college or university.
b. LS&S agrees to conduct background checks, to include a check for criminal and sex offender history for all employees and volunteers working within the Library or for the Library in any capacity.
c. All personnel employed to perform the services necessary to operate the Library and to perform the other functions ofLS&S will be employees ofLS&S who will pay all costs related to their employment. From time to time, actual staffing levels' may fluctuate due to normal turnover and attrition. LS&S agrees it will make a good faith effort to recruit and select qualified employees to fill vacancies within a reasonable period of time in order to maintain appropriate and necessary staffing levels. In order to more effectively meet the evolving service needs of the community, LS&S may create or abolish positions, combine, positions, reclassify positions or modify the organizational structure of the Library staff provided the City is given prior written notice of any, in writing. d. LS&S will prepare a proposed closure/holiday schedule for the Board consideration and adoption at the Board's October meeting each year for the subsequent calendar year. This will include holidays observed by the City and any other closures that make operational sense.
16 A-6081
Schedule B
Minimum Wage Rates
Although there are some exceptions, almost all employees In California must be paid the minimum wage as required by state law. Effective January 1, 2017, the minimum wage for all industries will be Increased yearly. From January 1, 2017, to January 1, 2022, the minimum wage wlll Increase for employers employing,26 or more employees. This Increase will be delayed one year for employers employing 25 or fewer employees, from January
1. 2018, to January 1. 2023. The scheduled increases may be temporarily suspended by the Governor, based on certain delem1inatlons: (Please see the chart below for the complete schedule of rate increases).
For more information and guidance on how to count employees for the purpose of determining whether an employer qualifies as an employer with 25 employees or less please see New Minimum Wage Phase- In Requirements 2017- 2023, SB 3 Frequently Asked Questions page.
There are some employees who are exempt from the minimum wage law, such as outside salespersons, individuals who are the parenl, spouse, or child of the employer, and apprentices regularly Indentured under the State Division of Apprenticeship Standards.
Minimum Wage Order (MW-2-017}
There is an exception for learners, regardless of 11ge, who may be paid not less than 85 percent of the minimum wage rounded to the nearest nickel during their first 160 hours of employment in occupations in which they hive no previous similar or related experience.
There are also exceptions for employees who are mentally or physfcally disabled, or both, and for nonprofit organizations such as sheltered workshops or rehabilitation facilities that employ disabl.ed workers. Such individuals and organizations may be issued a special license by the Division of Labor Standards Enforcement authorizing employment at a wage less thin the leg11I minimum w11ge. Labor Code Sections 11 91 and 1191.5 Schedule for Callfom• Minimum Waga rate 2017-2023.
Date Minimum Wage for Employers with 25 Minimum Wage for Employers with 26 ErnployHs or Less Employees or More
January 1, 2017 S10.00fhour $10.50/hour
January 1, 2016 510.50/hour 511.00/hour
January t 2019 $11.00/hour $12.00/hour
January 1, 2020 $12.00/hour $13.00/hour
January 1, 2021 $13.00/hour $14.00/hour
January t 2022 514.00/hour $15.00/hour
January 1, 2023 $15.00/hour
17 ..
Schedule C
CITY OF PALMDALE
OFFICE OF THE CITY MANAGER
August 9, 2011
ADMINISTRATIVE INSTRUCTION NO. 57
TO: Afl Oepartments
SUBJECT: Driving Records (Revised)
Background
A-6081
Protecting employees, their passengers, and the general public is of the highest priority to the City. It is a privilege and responsibility, not a right, to drive a motor vehicle while conducting City Business.
. .
Because it is difficult to directly supervise drivers, it is important to hire employees who ~re_ good drivers· and ensure thE;!Y are maintaining good driving habits.
Driving records are a valuable management tqol that will help verify that anyone who drives · while conducting City Business possesses a valid drivers license and a satisfactory driving record. Reviewing driving records will improve the overall driver quality and reduce the likelihood of accidents involving those who drive on City Business. Additionally, the City's insurance company recommends this practice to minimize potential liability .
Scope
This Administrative Instruct.ion serves as a ·guic:!eline for reviewing the driving records of any person who may drive while conducting City Business. It is applicable to all City employees, job applicants, contract "'{Orkers and volunteers, Policy
In order to manage the City's driver pool, these policies and procedures are established in an effort to select only drivers with at least a satisfactory driving record.
Any person who drives while conducting City Business is responsible for operating motor vehicles ac.cording to state c;tnd federal laws as well as City policy. Violation of these laws and policies may result in the lo~s of driving privileges and/or disciplinary action.
The City shall pre-screen the driving records of all applicants applying for City positions that require a valid California driver license as a condition of employment. In addition, Revised August 9, 2011 Administrative Instruction 57-1
18 A-6081
the driving records of contract workers and volunteers may be reviewed as well by the Human Resources Department and/or the City Attorney's Office.
All privately owned, leased or rented vehicles used by any person for City Business must have the proper California vehicle registration. In addition, each person shall obtain and maintain at least the State of California's mandated minimum level of liability insurance for any personal vehicle they operate on City business.
A person shall not be allowed to drive a motor vehicle while conducting City Business, if:
1. The person does not have a valid drivers license issued by the State of California; or if
2. The person does not have at least the legally required minimum insur~nce; or if
3. The person's driver license is suspended or revoked for any reason; pr if
4. Any person's driving record is deemed to be unsatisfactory by the City Attorney.
Current and prospective employees who work in positions that entail operating commercial motor vehicles must comply with the United States Department of Transportation regulations regarding medical examinations and medical certificates., and drug and alcohol testing. In addition, the City may require drug and/or alcohol testing beyond that required by state or federal law.
Refusal or the inability to take a drug and/or alcohol test may result in the employee's immediate removal from the worksite . The employee may also be subject to disciplinary action, up to and including termination.
If any employee is unable to report to work or perform their normal and usual driving duties due to the status of their driver license or because they may have violated the law, it shall be deemed an unexcused absence without pay and rnay subject the employee to disciplinary action, up to and including termination.
Definitions
A. City Business
For the purpose of this Administrative Instruction, City Business shall be defined as any time that a person is performing duties as an employee, contract worker or volunteer. It also includes travel to, from and during the time an employee is attending meetings, training sessions, professional meetings or conferences on behalf of, or for the benefit of, the City.
Revised August 9, 2011 Administrative Instruction 57-2
19 .·
A-6081
B. City Vehicle
A motor vehicle owned by or leased to the City, including a temporary replacement vehicle. It shall also include any vehicle rented by ari employee while on City Business.
C. Driver
Any person who operates a "Motor Vehicle" or is issued/assigned a "City Vehicle." · D. Driving Record
A do~ument providing information on motor vehicle violations or the 1.icense status of a specific driver. This may inclupe, but ·is not limited to, the H·6 OMV record and any information provided by the employee, obtained from the Employer Pull Notice Program· or the City's insurance company or broker.
E. Motor Vetiic!e
It is a "City Ve,hicle" or ar:iy other motor vehicle being operated on City Business (e.g. golf cart). This does not include motorcycles, which may not be operated on City Business.
F. Non-City Vehicle
Any motor vehicle used on City Business not provided by the City, including privately owned, leased, or rented vehicles. This doe~ not include motorcycles.
G. Moving Violations
Ahy violation of the law committed by the driver of a vehicle while it is in mC?tion. The term 'mo.tion" di~tingu ishes it from other violations such as parking violations, equipment violations or paperwork violations.
H. Double Violations
A moving violation that counts as two "occurrences". They are a violation of State law as well as City policy (Administrative Instruction No. 56).
I. Serious Violations
A moving violation that will deem a driving record unsatisfactory and, therefore, categorize a driver as "unfavorable" or "uninsurable".
Revised August 9, 2011 Administrative Instruction 57-3
20 A-6081
Procedure
A. Pre-Employment
If a position requires that an employee be able to drive as a condition of their employment, the job applicant must submit an H-6 OMV print out with the City employment application. The job flyer shall indicate if the H-6 OMV print out is required.
The Human Resources Department shall review the H-6 OMV print outs at the time the applications are screened. The review should be completed prior to the scheduling of int~rviews . If there is a question as to whether or not the driving record is sati~factory, the Human Resources Department shall consult the City Attorney's Office. · B. Post-Employment
Within 72 hours after an employee's hire date, the employee must provide the Human Resources Department with their driver license and proof of insurance. The Human Resowces Department will make a copy of the employee's driver license and proof of insurance and forward the copies to the City Attorney's Office. If an employee is unable to produce the required documents within 72 hours, they may be placed on unpaid status and unable to report to work.
If a current employee applies for a position that requires the ability to drive as a conditiQn of employment, the employee must submit an H-6 DMV print out with their employment application. If an employee is being reclassified, an H-6 OMV print out must be submitted with the Position Inventory Questionnaire.
Contract workers and volunteers who drive while conducting City Business must submit their driver license and proof of insurance to the City Attorney's Office. They shall not drive on City Business until the City Attorney's'' Office has given approval. It is the responsibility of the Department to ensure this information is provided to the City Attorney's Office.
Any driver involved in any accident, regardless of how minor, while conducting City Bµsiness must notify their supervisor immediately. In addition, any driver involveq in a traffic accident, while conducting City Business, that involves an injury, death or . property damage i'n excess of $750, must complete a Report of Traffic Accident (SR1) · and deliver the Report to. the City Attorney's Office within five days of the traffic accident. The City Attorney's Office will file the Report with the DMV within the required ten days.
The following guidelines may be used in determining whether a person is able to drive while conducting City Business.
Revised August 9, 2011 Administrative Instruction 57-4
21 A-6081
Unfavorable Drivers
• One (1) "Serious Violation" committed during the past five years • One (1) DWUl/DWI (Drugs or Alcohol) committed during the past ten years • Three (3) or more "Serious Violations" committed prior to the past five years; but not more than ten years ago
• At least three (3) occurrences of any combination of accidents (regardless of fault) or moving violations during. the past five years • A driver with an international or foreign driver license • A driver who is not licensed in the State of California Within the required time frame of their move from another State.
• Drivers 21 years of age or younger if they have any of the following:
1. Two (2) accidents (regardless of fault) in the last five years
2. Two (2) moving violations (any type) Within the last five ye~us
3. One (1) "serious violation" in the past five years
4. One (1) DWUl/DW.I (Drugs or Alcohol) c'ommitted during the past ten years
5. An international or foreign driver license
6. Not licensed in the State of California within the required time frame of their move from another State
Serious Violations
·• Negligent homicide using a motor vehicle
• 'Driving while license is suspended or revoked
• . Operation of a motor vehicle for the commission of a felony • Aggravated assault with a motor vehicle ..
• Operating a motor vehicle without the owner's authority (grand theft) • Permitting an unlicensed person to drive
• Reckless driving
• Speed contest (racing)
• Hit and run (bodily injury or property damage)
• Failure to report an accident
• Illegal passing of a school bus
• Operation dfany vehicle transporting flammable, explosive or toxic cargo without proper licensure or permit
• Refusal to submit to blood alcohol or breathalyzer testing during a traffic stop • Other violations similar to those listed above that are also considered serious by state law
Revised August 9, 2011 Administrative Instruction 57-5
22 A-6081
Double Violations
• ''Texting" or using a cell phone or other electronic device, including a hands-free device, while driving on City business or at any time while driving a City vehicle. • Failure to use a seatbelt while driving on City business or at any time while driving a City vehicle. Likewise, while driving on City business or a City vehicle; the driver is responsible to ensure that all passengers are wearing seatbelts.
Any moving violation not listed under "Serious Violations" or "Double Violations" will count as one "occurrence".
C. Driver Categories
Every employee, designated contract worker and designated volunteer shall be placed in one of four categories based on the frequency in which they drive during the course and scope of their employment with the City. The employee's Department Head or his/her designee shall determine the category in which they are placed. Driver categories are to be assigned on an individual basis, not by job classifications.
If there is any question as to the category an employee should be assigned, they shall be placed in the next higher category, except category IV (Non-Driver). The Office of - the City Attorney reserves the right to change a person's driver category.
Category I. Regular Driver
. A Regular driver is a driver that is issued/assigned a City vehiele, receives an automobile allowance or anyone who drives any vehicle an average of two or more days per week in the course and scope of their employment and has at least three years of driving experience, regardless of age. If an employee is required to possess a valid California driver ·license as a condition of their employment, they shall be placed into Category I.
Any employee who is required to submit an H-6 DMV print out when applying for a position shall be deemed a Regular driver. In addition, all "field" employees who receive an auto allowance and are required to drive their private vehicles during the normal course of their daily duties shall be designated a Regular driver.
Contract workers a.nd volunteers who drive a motor vehicle an average of two or more days per week while conducting City Business shall be designated a Regular driver.
All Regular drivers shall notify t~eir supervisor within one week of receipt of any moving violation or may be subject to disciplinary action. The supervisor will then notify the Human Resources Department in writing.
Revised August 9, 2011 Administrative Instruction 57-6
23 A-6081
A Regular driver may be subject to disciplinary action, up to and including termination, if his/her license is temporarily suspended, revoked or if the City Attorney determines that the driver has accumulated an excessive amount of points within a period of time.
Category II. Frequent Driver
Any person clriving any vehicle while pn City Business an average of two or more days per month. A Frequent driver may drive a City vehicle (i.e. - the Library van).
However, a Frequent driver who has been licensed less than three years, regardless of age, may not drive a City vehicle. A Frequent driver must also not transport others in any vehicle unless prior authorizcition is received by the City Attorney's Office.
All Frequent drivers shall notify their supervisor within one week of receipt of any moving violation or may be subject to disciplinary action. The supervisor will then notify the Human Resources Department in writing.
A Frequent driver may be subject to disciplinary acti9n, up to and including termination, if his/h~r license is temporarily suspended, revoked or if the City Attorney determines that the driver has accumulated an excessive amount of p·oints within a period of time.
Category Ill. Infrequent Driver
A person who generally does not drive on City Business but may infrequently be required to do so.
All Infrequent drivers shall notify their supervisor within one week of receipt of any moving violation or may l:>e subject to disciplinary action. The supervisor will then notify the .Human Resources Department in writing,
Category IV. Non-Driver
A person who does not have a valid California driver license and/or does not have legally required insurance. Those who fall in this category are required to sign an exemption from c;Jriving form and may riot drive any vehicle on City property or on City Business. Any person who does not have a license or legally required insurance is prohibited from drivi~g during work hours, including any lunch or break periods.
Any person who may have a valid California driver license and/or insurance, but is considered to be "uninsurable" under the City's coverage, shall be designated a Non Driver. ·
Revised August 9, 2011 Administrative Instruction 57-7
24 A-6081
D. Current Driver Screening
1. Employer Pull Notice Program
The Human Re!)ources Department shall enroll any employee in the Employer Pull Notice (gPN) Program who is mandated to be in the program per the California Department of Motor Vehicles regulations.
In addition, the Human Resources Department shall also enroll in the· Employer Pull Notice Prc;>grc;tm any person in the following Driver categories:
• Regular Driver (Category I)
• Frequent Driver (Category II)'
Regular (Category I) and Frequent (Category II) drivers shall complete and sign the appropriate OMV form(s) and return them fo the Human Resources Department within 72 hours of their hire date. ·
Failure to complete the form(s) may result in the loss of driving privileges. In addition, the employee may be subject to disciplinary action, up to and including termination.
2. Non-Drivers Who Become Eligible to Drive
If a person who is designated a Non-Driver obtains a driver license and/or insurance or there is a change in their driving record that may consider the person to be "insural:>le" under the City's coverage, he or she must notify and receive authorization from the Human Resources Department and City Attorney's Office prior to becoming eligible to drive while on City Business.
3. Review of Driving Records
The City Attorney's Office will obtain a driving record on an annual basis for all existing employees and any other person who drives for the City. Employees in the OMV Pull Program will have their license status monitored per the rules and regulations of participants· in that program. In addition, the City maintains the right to conduct periodic and random review of driving records at its discretion.
Revised August 9, 2011
tephen H. Williams
City Manager
Administrative Instruction 57:-8
25 "
'•
City Council Staff Report
DATE: AUGUST 7, 2024
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE THIRD AMENDMENT WITH OPSEC SPECIALIZED
PROTECTION FOR SECURITY SERVICES FOR PARKS AND
RECREATION TO INCREASE THE AMOUNT OF THE AGREEMENT
BY $15,000 FOR A TOTAL AMOUNT NOT TO EXCEED $114,926 TO RECONCILE INVOICES FOR FY 2023-24
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Third Amendment to Agreement No. A -7890 with OPSEC Specialized Protection for security services for Parks and Recreation to increase the amount of the agreement by $ 15,000 for a total not to exceed amount of $114,9 26 to reconcile invoices for FY 2023-24; and,
2. Authorize the City Manager or her designee to execute Third Amendment Agreement No. A-7890 with OPSEC Specialized Protection, including minimal and/or non-substantial changes.
BACKGROUND
Since 2008, Parks and Recreation has regularly sought bids from security companies to provide services for special events and at DryTown Water Park. In 2022, OPSEC Specialized Protection was selected to fulfill these duties for the fiscal year 2022 -23.
With the addition of SAVES to Parks and Recreation, the department’s need for security services increased more than anticipated. Parks and Recreation is proposing to amend the contract with OPSEC Specialized Protection to ensure that all remaining invoices from FY 2023-24 are paid in full.
DISCUSSION
In July 2024, to continue to enhance the City’s overall security strategy, security services were transitioned to Absolute International Security. However, to ensure a seamless Report to Mayor and City Council
Re: Third Amendment to Agreement No. A7890 with OPSEC Specialized Protection August 7, 2024