1. CALL MEETING TO ORDER
Note: All City Council memberships are reflected in their City Council titles.
2. ROLL CALL
MAYOR LOA, MAYOR PRO TEM BETTENCOURT, COUNCILMEMBERS BISHOP,
OHLSEN, ALARC
Ó
N
COMMISSIONERS FRAGA-SAENZ, BETTS
3. PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE
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
HOUSING AUTHORITY
INDUSTRIAL DEVELOPMENT AUTHORITY
PALMDALE AIRPORT AUTHORITY
PALMDALE CIVIC AUTHORITY
PALMDALE FINANCING AUTHORITY
CITY COUNCIL CHAMBER
38300 SIERRA HIGHWAY
SUITE B
PALMDALE, CA 93550
TUESDAY, FEBRUARY 18, 2025
5:00 PM
www.cityofpalmdaleca.gov
WELCOME
City Council
Tuesday, February 18, 2025
(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.
4. 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.
5. 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 Consent Calendar and will be considered separately following this portion of the Agenda.
5.1 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).
5.2 Receive and file the monthly and quarterly investment activity report for December 2024.
SR Monthly Investment Reports December 2024.docx
Rpt. Monthly Investment Reports December 2024.pdf
5.3 Approve Agreement with Proslide Technologies Inc., to refurbish DryTown Water Park's Dusty's Mindshaft Racer Slide for the not to exceed amount of $626,000 for a term of 90 days from the Notice to Proceed.
SR Agrmt No. A-9214 with Proslide Technology, Inc.docx
Agrmt No. A-9214 with Proslide Technology, Inc.pdf
City Council
Tuesday, February 18, 2025
5.4 Adopt Resolution No. CC 2025-018, a Resolution of the City Council of the City of Palmdale declaring a Housing Crisis in response to recent fires.
SR Reso. No. CC 2025-018.docx
Reso. No. CC 2025-018.docx
5.5 Approve the Third Amendment to the Legal Services Agreement with Civica Law Group, APC, to increase the agreement amount by $280,000, for Fiscal Year (FY) 2024-25 for a contract term through March 6, 2028.
SR Agrmt No. A-8272 Third Amendment with Civica Law Group APC.docx
Agrmt No. A-8272 Third Amendment with Civica Law Group APC.pdf
Agrmt No. A-8272 Second Amendment with Civica Law Group APC.pdf
Agrmt No. A-8272 First Amendment with Civica Law Group APC.pdf
Agrmt No. A-8272 with Civica Law Group APC.pdf
5.6 Approve Second Amendment to Agreement with SiFi Networks Palmdale, LLC for adjustments to construction methods for the installation of fiber optic in the public right-of-way and for increase to service costs.
SR Agrmt No. A-7258 Second Amendment with SiFi Networks Palmdale LLC.docx
Agrmt No. A-7258 Second Amendment with SiFi Networks Palmdale LLC.pdf
Agrmt No. A-7258 First Amendment with SiFi Networks Palmdale LLC.pdf
Agrmt No. A-7258 with SiFi Networks Palmdale
LLC.pdf
5.7 Adopt Resolution No. CC 2025-009, 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 Boulevard and north of East Avenue P-8.
SR Reso. No. CC 2025-009.docx
Reso. No. CC 2025-009.docx
Exh A and B Reso. No. CC 2025-009.pdf
5.8 Receive and file the Sanitary Sewer Management Plan (SSMP) Audit.
SR Palmdale SSMP Audit.docx
Rpt. City of Palmdale SSMP Audit Checklist Report 2024.pdf
5.9 Award and Approve agreement with Golden West Fence for Landscape Maintenance District (LMD) wrought iron fence replacement services in an amount not to exceed $138,820 for a term of 180 working days from the date of the Notice to Proceed.
SR Agrmt No. A-9204 with Golden West Fence.docx
Agrmt No. A-9204 with Golden West Fence.pdf
5.10 Notice of Completion (NOC) - Accept public street, sewer, and, drainage improvements for Tract 54058-04 located at 20th Street West and Avenue P-8.
SR NOC 05-156.docx
NOC 05-156.pdf
City Council
Tuesday, February 18, 2025
Exh A List of Completed Public Improvements 05-156.pdf
Exh B Site Map Location 05-156.pdf
Site Photo.pdf
5.11 Notice of Completion (NOC) - Accept public sewer and drainage improvements for Tract 60732 located at 20th Street West and Quick Street.
SR NOC 21-14.docx
NOC 21-14.pdf
Exh A List of Completed Public Improvements.pdf
Exh B Site Map Location.pdf
Site Map.pdf
5.12 Approve Requisition No. 250823 with Plumber's Depot, Inc. for the purchase of one WM350 Compact Steerable Pipe Transporter and one MZ350 OZ3 CCTV Camera for a total not to exceed amount of $236,202.
SR Req. No. 250823 with Plumbers Depot Inc.docx
Req. No. 250823 with Plumbers Depot Inc.pdf
HGACBuy Contract No. SC06-24.pdf
5.13 Approve the minutes from the previous meeting.
Mins 01 22 2025.pdf
6. JOINT CONSENT CALENDAR CC/SA/HA/IDA/PAA/PCA/PFA
6.1 Review and Approve the Fiscal Year 2024-25 Mid-Year Budget Adjustments, and Adopt Resolution No. CC 2025-021, a Resolution of the City Council of the City of Palmdale amending the City's Classification and Pay Plan for general positions.
SR Mid-Year Budget FY 2024-25.docx
Atch Mid-Year Budget FY 2024-25.pdf
Reso. No. CC 2025-021.docx
Exh 1 General Classification and Pay Plan.docx
6.2 Approve the minutes from the previous Housing Authority meeting.
Mins 01 08 2025 HA.pdf
Mins 12 18 2024 HA.pdf
7. PUBLIC HEARING
7.1 Public Hearing to review the Substantial Amendment to the 2024-2025 Annual Action Plan, the proposed Section 108 Application and the Expenditure of Community Development Block Grant (CDBG) Funds; Receive public comment in compliance with the requirements of the U.S. Department of Housing and Urban Development (HUD) and the City's Citizen Participation Plan; Approve the Substantial Amendment to the 2024-2025 Action Plan; and Adopt Resolution No.
CC 2025-007, a Resolution of the City Council of the City of Palmdale Authorizing City Council
Tuesday, February 18, 2025
the City Manager or her designee to submit the Section 108 Loan Guarantee Application to HUD for a $7,134,000 Loan for South Antelope Valley Emergency Services (SAVES) Facility Improvements
SR CC Section 108 App.docx
Reso. No. CC 2025-007.docx
Atch 1 Section 108 Application.pdf
7.2 Introduction and Adoption of Ordinance No. 1652, an Ordinance of the City Council of the City of Palmdale approving General Plan Amendment 23-0003, Zone Change 23-0003, Tentative Parcel Map 84001, Conditional Use Permit 22- 006 and Site Plan Review 22-007 to modify the General Plan Land Use designation and zone from Mixed Use 2 to Neighborhood Commercial; subdivide
5.69 acres into two lots to facilitate the construction of a ten-island fueling station, a 7,258-square-foot grocery store, and a 2,127-square-foot drive-through carwash located on the northwest corner of East Avenue R and 25th Street East.
SR Ord. No. 1652 and Reso. No. CC 2025-011.docx
Ord. No. 1652.docx
Reso. No. CC 2025-011.docx
Exh F
Reso. No. CC 2025-011 MND.pdf
Exh F Reso. No. CC 2025-011 MMRP.pdf
7.3 Introduction and Adoption of Ordinance No. 1653, an Ordinance of the City Council of the City of Palmdale approving Comprehensive Development 23-0002, and Adopt Resolution No. CC 2025-012 approving Conditional Use Permit 23- 0018, and Vesting Tentative Tract Maps 23-0003 (VTTM 51508-3) and 23-0004 (VTTM 63145) to facilitate the development of approximately 75 acres for the purpose of constructing 627 single-family residences within Phase 1B of the Ritter Ranch Specific Plan generally located to the east and west of Westland Drive /Ranch Center Drive and south of City Ranch Road.
SR CDEV 23-0002.docx
Ord. No. 1653.docx
Exh E Ord. No. 1653 CDEV23-0002.pdf
Reso. No. CC 2025-012.docx
Exh H Reso. No. CC 2025-012 (VTTM 51508-03 COA's).docx
Exh I Reso. No. CC 2025-012 (VTTM 63145 COA's).docx
Exh J Reso. No. CC 2025-012 Addendum.pdf
8. APPOINTMENT
8.1 Appoint a member of the Council to serve as the delegate on the Southern California Association of Governments (SCAG) Regional Council District 43 for a two-year term.
SR SCAG.docx
9. NEW BUSINESS
City Council
Tuesday, February 18, 2025
9.1 Review the Fair Political Practices Commission ("FPPC") biannual Election Local Contribution Limitation; City Council consideration of removal of campaign contribution limitations for City of Palmdale Elections.
SR FPPC City Council Report.docx
FPPC Guidelines.pdf
Reso. No. CC 2025-022.docx
10. CITY MANAGER’S REPORT
11. SHERIFF'S REPORT
12. 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.
13. COUNCIL REPORTS, ANNOUNCEMENTS AND REQUESTS FOR FUTURE AGENDA ITEMS
14. PRESENTATION BY CITY ATTORNEY
14.1 CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Los Angeles County Superior Court Case No. 22STCV01269
This closed session is being held pursuant to the authority of California Government Code Section 54956.9(d)(1).
14.2 CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION The existing facts and circumstances that constitute a significant exposure to litigation are detailed in the following claim received by the City, which is available for public inspection pursuant to Government Code Section 54957.5:
Stoneham v. City of Palmdale et al, Claim Nos. L22-075, 076 and 0155
15. ANNOUNCEMENT BY CITY ATTORNEY
16. ADJOURN
meeting to March 4, 2025, 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
Tuesday, February 18, 2025
City Council
Tuesday, February 18, 2025
City Council Staff Report
DATE: FEBRUARY 18, 2025
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 DECEMBER 2024
RECOMMENDATION
Staff recommends that the City Council:
Receive and file the monthly and quarterly investment activity report s for the City and Successor Agency for December 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, Ta x 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 pooled City and Successor Agency investments are based on closing prices for the related investment as of the date of this report. This information was obtained from the Wall Street Journal, Bloomberg Financial Markets, Capital Market Finances, or other reliable sources of market prices.
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
February 18, 2025
DISCUSSION
Compliance with Investment Policy
For December, the City’s invested portfolio totaled $323,444,696, an increase of $712,844 from the previous month and an increase of $17,039,556 compared to the prior year. The monthly increase resulted from the difference in maturities, new purchases, and interest earned during this period.
The par value of Successor Agency’s portfolio as of December was $4,530,812. The balance decreased by $951,201 from the prior month due to debt service payments.
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 City invests in two pooled funds, Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). These are intended for daily operational activities and can be used during economic uncertainties for ongoing operating and 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 December was $111,810,289, an increase of $11,450,000 due to the transfer of funds between the City’s General fund and LAIF for the current month.
The Successor Agency’s LAIF balance at the end of December was $3,813,014, there were no changes from the prior month.
The City’s CAMP balance at the end of December was $51,788,998 compared to $53,580,131 in November. The decrease is due to a withdrawal made during the month to cover operating expenses.
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
February 18, 2025
The interest rates presented are the most current rates available as of the date of this report. As of December 31, 2024, the interest rates for LAIF and CAMP investments were at 4.434 percent and 4.73 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of November were 4.48 percent and 4.87 percent. This time last year, LAIF and CAMP rates were at 3.929 percent and 5.55, respectively.
The chart above shows the LAIF and CAMP average monthly yields from March 2024 through December 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 reports include all investments held by both entities and current book values as of December 31, 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.
4.23% 4.27% 4.33% 4.48% 4.52% 4.58% 4.58% 4.52% 4.48% 4.43%
5.48% 5.44% 5.43% 5.43% 5.43% 5.41% 5.29% 5.03% 4.87% 4.73%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Q3 Mar Apr May Q4 Jun July Aug Q1 Sep Oct Nov Q2 Dec
Pooled Investments Monthly Yields
LAIF CAMP
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
February 18, 2025
Attached are summaries of the investments in the City and Successor Agency’s books as of December 31, 2024.
FISCAL IMPACT
$0; 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: Janelle Samson, Director of Operations
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 December 2024
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 2,902,140.00 05-11-21 02-28-26 CITY 9128286F2 U.S. Treasury Note 0.66 3,000,000.00 3,261,331.50 2,888,310.00 07-12-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 5,000,000.00 5,451,958.35 4,836,900.00 03-08-23 03-31-26 CITY 9128286L9 U.S. Treasury Note 2.25 3,200,000.00 3,029,330.80 3,064,000.00 01-03-24 12-31-26 CITY 912828YX2 U.S. Treasury Note 0.04 5,000,000.00 4,696,880.23 4,666,600.00 01-03-24 06-30-27 CITY 91282CEW7 U.S. Treasury Note 0.04 5,000,000.00 4,897,630.28 4,825,200.00 01-03-24 09-30-27 CITY 91282CFM8 U.S. Treasury Note 0.04 2,500,000.00 2,523,771.66 2,472,450.00 01-08-24 02-15-26 CITY 91282CGL9 U.S. Treasury Note 0.04 5,000,000.00 4,987,205.23 4,932,250.00 01-08-24 06-15-26 CITY 91282CHH7 U.S. Treasury Note 0.04 5,000,000.00 5,001,760.94 4,942,800.00 12-18-24 09-30-29 CITY 91282CFL0 U.S. Treasury Note 0.39 5,000,000.00 4,977,094.45 4,977,094.45 12-18-24 10-31-29 CITY 91282CFT3 U.S. Treasury Note 0.40 5,000,000.00 4,988,321.47 4,988,321.47 12-18-24 11-30-29 CITY 91282CFY2 U.S. Treasury Note 0.39 5,000,000.00 4,942,086.29 4,942,086.29 TOTAL U.S. TREASURY SECURITIES 51,700,000.00$ 52,018,005.56$ 50,438,152.21$
GOVERNMENT AGENCY PAPER
06-10-20 06-16-25 CITY 3133ELK37 Federal Farm Credit 0.78 5,000,000.00 5,000,000.00 4,781,500.00 04-01-21 04-01-25 CITY 3133EMUP5 Federal Farm Credit 0.71 5,000,000.00 5,000,000.00 4,826,404.05 05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 0.59 1,000,000.00 1,103,275.25 976,880.00 05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 0.57 2,000,000.00 2,208,460.00 1,953,760.00 06-04-21 11-07-25 CITY 3135G06G3 Fannie Mae 0.55 3,000,000.00 2,993,675.25 2,826,750.00 06-30-21 12-30-25 CITY 3130AMRQ7 Federal Home Loan Note0.88 3,000,000.00 3,000,000.00 2,821,947.30 07-29-21 04-29-26 CITY 3130AN5C0 Federal Home Loan Note1.05 4,000,000.00 4,010,455.13 3,734,320.00 12-17-21 11-12-25 CITY 3134GXBM5 Federal Home Loan Note1.15 1,150,000.00 1,125,785.50 1,082,265.00 12-17-21 06-23-25 CITY 3133ENHW3 Federal Farm Credit 1.17 10,000,000.00 10,000,000.00 9,595,310.20 12-20-21 07-30-25 CITY 3136G4ZP1 Fannie Mae 0.65 3,500,000.00 3,444,175.00 3,339,331.94 12-20-21 09-24-25 CITY 3134GWUG9 Freddie Mac 0.57 10,000,000.00 9,806,600.00 9,459,892.40 12-21-21 12-22-26 CITY 3133ENJC5 Federal Farm Credit 1.29 5,000,000.00 5,000,000.00 4,589,481.35 01-14-22 01-14-25 CITY 3130AQEA7 Federal Home Loan Note1.05 7,000,000.00 7,000,000.00 6,839,056.49 06-29-22 08-12-25 CITY 3133EL3P7 Federal Farm Credit 3.34 1,810,000.00 1,660,349.20 1,722,111.58 06-29-22 03-28-25 CITY 3130A5DH9 Federal Home Loan Note3.34 1,950,000.00 1,937,715.00 1,920,301.71 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Note3.33 5,000,000.00 4,479,000.00 4,533,218.00 08-17-22 10-27-26 CITY 3134GW4C7 Freddie Mac 0.80 5,000,000.00 4,539,500.00 4,562,202.10 01-06-23 02-25-27 CITY 3130AQRH8 Federal Home Loan Note4.38 5,000,000.00 4,590,638.89 4,670,265.65 01-06-23 04-19-27 CITY 3130ARHJ3 Federal Home Loan Note4.38 5,000,000.00 4,801,354.86 4,801,570.80 05-18-23 05-18-27 CITY 3133EPKC8 Federal Farm Credit 5.39 5,000,000.00 5,000,000.00 4,991,602.80 06-05-23 05-30-28 CITY 3133EPLE3 Federal Farm Credit 4.67 2,815,000.00 2,822,746.50 2,790,565.80 05-03-24 05-01-28 CITY 3133ERCX7 Federal Farm Credit 5.17 5,000,000.00 5,000,000.00 5,000,777.50 12-03-24 12-04-29 CITY 3130B3XP3 Federal Home Loan 4.50 1,000,000.00 1,000,000.00 1,000,000.00 12-04-24 12-02-27 CITY 3133ERE23 Federal Farm Credit 4.32 1,000,000.00 1,000,000.00 1,000,000.00 TOTAL GOVERNMENT AGENCY PAPER 98,225,000.00$ 96,523,730.58$ 93,819,514.67$
CITY OF PALMDALE INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 4.03 240,000.00 243,434.40 238,848.00 01-04-24 11-30-27 CITY 46656MVH1 JPMorgan Chase Bank 4.76 240,000.00 242,022.91 240,415.20 01-04-24 12-28-28 CITY 09582YAV4 Blue Ridge Bank NA 4.09 240,000.00 240,948.00 234,677.60 06-11-24 06-12-28 CITY 59541KCV7 Mid-Missouri Bank 5.15 245,000.00 245,034.57 243,510.50 06-11-24 06-11-26 CITY 38150VUZ0 Goldman Sachs Bank 5.05 245,000.00 245,033.90 245,615.57 06-13-24 06-13-29 CITY 89235MPP0 Toyota Financial SGS 4.65 245,000.00 245,000.00 246,281.17 06-14-24 06-15-26 CITY 34520LBC6 Forbright Bank 5.05 245,000.00 245,000.00 245,699.42 06-14-24 06-14-28 CITY 307811KA6 Farmers & Merchs Bank 5.00 245,000.00 245,000.00 242,169.22 06-14-24 06-14-29 CITY 69503PAB7 Pacific Valley Bank 5.20 245,000.00 245,000.00 243,313.18 06-17-24 06-17-26 CITY 8562855V9 State Bank of India 5.10 245,000.00 245,000.00 245,875.30 06-18-24 06-18-29 CITY 229083AA8 Evangeline Bank & Trust 5.30 245,000.00 245,000.00 245,000.16 06-20-24 06-22-26 CITY 06051XER9 Bank of America NA 5.05 245,000.00 245,000.00 245,737.44 06-21-24 06-22-26 CITY 35634MAE1 Freedom Bank/Maywood NJ 5.05 245,000.00 245,000.00 245,737.72 06-25-24 06-25-29 CITY 09776DAG9 BOM Bank 5.35 245,000.00 245,000.00 245,000.11 TOTAL CERTIFICATES OF DEPOSIT 3,415,000.00$ 3,421,473.78$ 3,407,880.59$ 05-17-23 03-01-26 CITY 30231GAT9 Exxon Mobile Corporation3.04 1,000,000.00 982,084.11 967,125.82 05-17-23 03-02-26 CITY 194162AQ6 Colgate-Palmolive CO Global4.80 1,000,000.00 1,035,553.33 997,703.43 05-17-23 01-26-26 CITY 742718FY0 Procter & Gamble CO Global4.10 1,000,000.00 1,018,471.67 987,387.46 01-04-24 07-27-26 CITY 61761J3R8 Morgan Stanley 4.70 500,000.00 481,185.25 478,020.00 01-04-24 06-15-26 CITY 46625HRS1 JPMorgan Chase & CO 4.52 500,000.00 484,840.25 481,325.00 01-04-24 03-02-28 CITY 718172CE7 Philip Morris Intl Inc 4.49 500,000.00 474,395.25 466,815.00 01-04-24 04-01-27 CITY 808513BW4 Charles Schaw Corp 4.68 500,000.00 479,390.25 477,190.00 01-09-24 06-02-26 CITY 11271LAA0 Brookfield Fin Inc 5.13 500,000.00 490,115.25 489,610.00 01-09-24 11-28-28 CITY 05565QDH8 BP Capital Markets PLC4.48 500,000.00 483,460.25 475,490.00 01-09-24 01-28-26 CITY 06406RAQ0 Bank OF NY Mellon Corp4.52 500,000.00 463,355.25 466,490.00 01-09-24 07-09-27 CITY 22550L2K6 Crdit Suisse New York 4.92 500,000.00 500,910.25 495,950.00 01-09-24 08-15-28 CITY 797440CE2 San Diego G & E 4.49 500,000.00 509,340.25 497,940.00 01-09-24 07-01-27 CITY 75973QAA5 Reneissance Financial 5.01 500,000.00 475,470.25 473,980.00 01-09-24 01-27-26 CITY 780082AD5 Royal Bank of Canada 4.97 500,000.00 496,930.25 492,915.00 08-27-24 02-01-29 CITY 06406RBN6 Bank of NY Mellon Corp4.20 656,000.00 663,116.29$ 663,116.29$ TOTAL CORPORATE BONDS $9,156,000 $9,038,618 8,911,058.00$
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a CITY 98-19-620 0.78 60,741,881.10 60,741,881.10 60,741,881.10 6-23-2008 n/a PCA 40-19-060 0.78 0.00 0.00 0.00
9-19-2024 n/a PFA 40-19-078 36,500,000.00 36,500,000.00 26,545,708.74 9-28-2021 n/a ARPA 19-19-004 0.78 14,568,407.79 14,568,407.79 14,568,407.79 TOTAL LAIF ACCOUNTS 111,810,288.89$ 111,810,288.89$ 101,855,997.63$
CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY 6080-01 0.30 51,788,998.05 51,788,998.05 51,788,998.05 TOTAL CAMP ACCOUNTS 51,788,998.05$ 51,788,998.05$ 51,788,998.05$
UBS FINANCIAL SERVICES
n/a n/a CITY 0.00 3,268,803.81 3,268,803.81 3,268,803.81 TOTAL UBS FINANCIAL SERVICES ACCOUNTS 3,268,803.81$ 3,268,803.81$ 3,268,803.81$ TOTAL CITY INVESTMENTS 329,364,090.75$ 327,869,918.82$ 313,490,404.96$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 13,469.86
TOTAL LIBRARY INVESTMENTS 13,469.86$
SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 05-10-95 n/a BOND 95421220 0.35 118.24
05-10-95 n/a IMPROVEMENT 95421222 0.10 171,844.02
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 171,962.26$
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 13.63
04-06-95 n/a IMPV-ACQUI 95420884 0.01 2,860,351.15
04-06-95 n/a BOND 95420887 0.15 0.15
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,860,364.93$
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 0.00 101,451.92
08-01-19 n/a RESERVE 242969003 0.00 1,447,066.24
08-01-19 n/a SP TAX - REFNDING BOND 242969004 0.01 15,151.25 TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 1,563,669.41$
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 0.01 462,140.49
n/a RESERVE FUND 251009001 0.01 648,638.13
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 20211,110,778.62$
LIBRARY INVESTMENTS
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 0.01 115,442.59
11-08-06 n/a ADM EXP 106844002 0.01 1,768.30
11-08-06 n/a RESERVE FUND 106844003 0.01 92,406.18
TOTAL 2006-1 Godde Hill Estate Sewer Improvements LOIB 209,617.07$ 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 2,979,534.29
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 40,526.81 TOTAL 2015 HA DEBT SERVICE RESERVE 40,526.81$
PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 10,276,186.99 TOTAL PARS PENSION TRUST FUND 10,276,186.99$
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 0.00 103,971.17
09-03-15 n/a INTEREST ACCT 277067001 0.01 5.87
09-03-15 n/a BOND RESERVE 277067003 0.00 281,016.15
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,325,881.02 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,710,874.21$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 0.98
04-05-17 n/a REVENUE REFUNDING BOND 271128001 n/a 0.03
$42,830 n/a REVENUE REFUNDING BOND 271128002 0.10
TOTAL 2017 PFA $17.4M LEASE REVENUE BONDS 1.11$
BOND PROCEEDS
2023 A&B SERIES ACQUISITION & CONSTRUCTION REVENUE BOND Fiscal Agent: U.S. Bank National Association (fka First Trust) 248041000 7.49
11-30-23 n/a INTEREST 248041001 560,547.25
11-30-23 n/a REVENUE FUND 248041004 13.54
11-30-23 n/a INTEREST 248041007 0.32
11-30-23 n/a REVENUE FUND 248041008 4,800,181.03
TOTAL 2023 A&B SERIES B ACQUISITION & CONSTRUCTION REV BOND 5,360,749.63$ GRAND TOTAL - FISCAL AGENT CASH 26,284,243.69$
Cash on Hand 11,291,041$
Pooled Cash Investments
City: 306,804,267$
Insur Fund: $6,686,138 313,490,405$
Library Investments $13,470
Subtotal 324,794,916$
City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 26,284,244$
Grand total 351,079,160$
The interest rate quoted on LAIF, AIM, and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF & AIM interest rates are as of December 31, 2024.
SUMMARY OF CASH AND INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 2024
CITY OF PALMDALE
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES December 31, 2024
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - CITY ACCOUNT 98-19-620
Beginning Balance 49,241,881.10$
12-04-24 (2,500,000.00)$
12-30-24 14,000,000.00$
Subtotal -$ (2,500,000.00)$ 14,000,000.00$ 60,741,881.10$ LAIF - PFA ACCOUNT 40-19-078
Beginning Balance 26,545,708.74$
Subtotal -$ -$ -$ 26,545,708.74$ LAIF - LIBRARY ACCOUNT 16-19-012
Beginning Balance 13,469.86$
Subtotal -$ -$ -$ 13,469.86$ LAIF - ARPA ACCOUNT 19-19-004
Beginning Balance 14,568,407.79$
Subtotal -$ -$ -$ 14,568,407.79$ CAMP
Beginning Balance 53,580,131.00$
12-10-24 (2,000,000.00) $
12-31-24 208,867.05$
Subtotal -$ (2,000,000.00)$ 208,867.05$ 51,788,998.05$ UBS Financial Services
Beginning Balance 49.91$
12-31-24 464,745.90 $
12-31-24 18,000,000.00$
12-31-24 (366,640.31)$
12/31/24 (14,829,351.69)$
Subtotal 18,000,000.00$ (15,195,992.00)$ 464,745.90$ 3,268,803.81$ Total 18,000,000.00$ (19,971,317.60)$ 14,948,938.55$ 156,927,269.35$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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)
-$ -
91282CDN8 U.S. Treasury Note 12-17-21 12-15-24TN= US Treasury 10,000,000.00 50,000.00$ 10,050,000.00$ 9,807,400.00 192,600.00 91282CDN8 U.S. Treasury Note 12-22-21 12-15-24TN= US Treasury 5,000,000.00$ 25,000.00$ 5,025,000.00$ 4,903,700.00 96,300.00 9128283P3 U.S. Treasury Note 05-11-21 12-31-24TN= US Treasury 3,000,000.00$ 33,750.00$ 3,033,750.00$ 2,954,940.00 45,060.00 3130AQDY6 Federal Home Loan Note 12-17-21 12-30-24FP= Federal Paper 6,750,000.00$ 33,750.00$ 6,783,750.00$ 6,603,527.70 146,472.30 91282CDN8 U.S. Treasury Note 12-20-21 12-15-24TN= US Treasury 5,000,000.00$ 25,000.00$ 5,025,000.00$ 4,903,710.95 96,289.05 29,750,000.00$ 167,500.00$ 29,917,500.00$ 29,173,278.65$ 576,721.35 Total Number of Transactions: 5
CITY OF PALMDALE
POOLED CASH - INVESTMENTS MATURED OR CALLED
December 31, 2024
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
DECEMBER 31, 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 91282CFL0 U.S. Treasury Note 12-18-24 TN 09-30-29 5,000,000.00$ (22,905.55) 4,977,094.45$ 42,050.14$ 5,019,144.59$ 0.39% 91282CFT3 U.S. Treasury Note 12-18-24 TN 10-31-29 5,000,000.00$ (11,678.53) 4,988,321.47$ 26,519.34$ 5,014,840.81$ 0.40% 91282CFY2 U.S. Treasury Note 12-18-24 TN 11-30-29 5,000,000.00$ (57,913.71) 4,942,086.29$ 9,581.04$ 4,951,667.33$ 0.39% 3130B3XP3 Federal Home Loan Bank 12-03-24 FP 12-04-29 1,000,000.00$ - 1,000,000.00$ -$ 1,000,000.00$ 4.50% 3133ERE23 Federal Farm Credit Bank 12-04-24 FP 12-02-27 1,000,000.00$ - 1,000,000.00$ 120.00$ 1,000,120.00$ 4.32% -
17,000,000.00$ (34,584.08)$ 16,907,502.21$ 78,270.52$ 16,985,772.73$ Total Number of Transactions: 5
POOLED CASH - INVESTMENTS PURCHASED
December 31, 2024
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
December 31, 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 3,813,014.43
3,813,014.43$
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 2.54 529,631.70
08-20-02 n/a Interest Acct 94460701 0.04 40,952.19
08-20-02 n/a Principal Acct 94460702 0.04 333.62
TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 570,917.51$
BOND PROCEEDS
2016 SA $31.5M Tax Allocation Refunding Bonds Series A
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-26-16 n/a Debt Service 245113000 0.00 5.96
04-26-16 n/a Interest Acc 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 5.96$ GRAND TOTAL - FISCAL AGENT CASH $570,923
SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 146,875$ 146,875.10$
$0
Pooled Cash Investments 3,813,014$ $0
146,875.10$
Successor Agency Fiscal Agent Cash 570,923$ *
Grand total 4,530,812$
* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF interest rates are as of December 31, 2024.
S:\Cash and Investment\Investment\Investment Reports\24-25\06 Dec 2024\[Dec 2024 Successor Investment Report.xls]DEC 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) December 31, 2024
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - SA ACCOUNT 65-19-035
Beginning Balance 3,813,014.43$
Subtotal -$ -$ -$ 3,813,014.43$
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale
Palmdale, CA
As of Date: 12/31/2024
Pricing as of: 12/31/2024
Date of Analysis: 01/10/2025
Account Executive: Bill Blackwill
Book Value
319,145
# Securities
67 Average Size (Book)
4,763
Yield at Book
1.46 Market Yield
2.42 $ Gain/Loss
-3,465
% Gain/Loss
-1.1%
Average Life
0.85 Average Life +300bps
0.91 % Price Change +100bps
-0.79
% Price Change +300bps
-2.34
Effective Duration
0.78 Effective Convexity
0.00 AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$500 / $500
Portfolio Overview
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Historical Portfolio Overview
12/31/2024
09/30/2024
06/30/2024
03/31/2024
Book Value
319,145
334,816
353,483
331,180
Yield at Book
1.46 1.30
1.40 1.39
Yield at Book (+100)
1.46 1.30
1.40 1.39
Yield at Book (+300)
1.46 1.30
1.40 1.39
Yield at Book (-100)
1.46 1.30
1.40 1.39
WAL
0.85 0.71
0.90 0.98
WAL (+100)
0.91 0.73
0.90 1.00
WAL (+300)
0.91 0.73
0.90 1.00
WAL (-100)
0.83 0.66
0.79 0.92
% Price Change (+100)
-0.8%
-0.6%
-0.8%
-0.9%
% Price Change (+300)
-2.3%
-1.9%
-2.3%
-2.6%
% Price Change (-100)
0.8%
0.6%
0.7%
0.8%
Effective Duration
0.78 0.62
0.74 0.85
Effective Convexity
0.00 -0.01
-0.02
-0.02
$ Gain/Loss
-3,465
-3,212
-6,469
-7,376
% Gain/Loss
-1.1%
-1.0%
-1.8%
-2.2%
$ Gain/Loss (+300)
-10,857
-9,473
-14,399
-15,728
Principal Cash Flow 2 yrs out
86%
87%
83%
83%
Principal Cash Flow 2 yrs out (+100)
83%
86%
83%
82%
Principal Cash Flow 2 yrs out (+300)
83%
86%
83%
82%
Principal Cash Flow 2 yrs out (-100)
87%
89%
88%
85%
City of Palmdale - Palmdale, CA
As of 12/31/2024
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 (12)
16.2%
51,700
3.30 2.5 yrs
51,700
3.29 50,754
4.28 2.4
-2.3
-6.5
-946
-1.8%
2.52 2.31
0.10 100 %
Agency Bullet (4)
4.1%
13,000
1.38 0.4 yrs
13,000
1.38 12,873
4.08 0.4
-0.4
-1.1
-127
-1.0%
0.37 0.36
0.01 100 %
Callable Agency (18)
24.5%
78,275
1.59 1.5 yrs
78,275
1.59 75,989
4.40 1.2
-1.2
-3.8
-2,286
-2.9%
1.30 1.19
-0.07
100 %
Treasury/Agency (34)
44.8%
142,975
2.19 1.7 yrs
142,975
2.18 139,616
4.33 1.5
-1.5
-4.5
-3,359
-2.3%
1.65 1.52
0.00 100 %
Finance (10)
1.6%
5,156
3.63 2.2 yrs
5,156
3.63 5,054
4.78 2.1
-2.0
-5.9
-102
-2.0%
2.12 2.04
0.04 100 %
Industrial (4)
1.1%
3,500
3.86 1.4 yrs
3,500
3.86 3,460
4.48 1.3
-1.3
-3.9
-40
-1.1%
1.43 1.32
0.03 100 %
Utility (1)
0.2%
500
4.95 3.6 yrs
500
4.95 502
4.84 3.3
-3.2
-9.2
2 0.4%
3.63 3.18
0.11 100 %
Corporate (15)
2.9%
9,156
3.79 2.0 yrs
9,156
3.79 9,016
4.67 1.9
-1.8
-5.3
-140
-1.5%
1.94 1.82
0.04 100 %
NCD (14)
1.1%
3,415
4.99 2.8 yrs
3,415
4.99 3,449
4.09 1.3
-1.4
-5.1
34 1.0%
1.36 1.34
-0.10
100 %
CD (14)
1.1%
3,415
4.99 2.8 yrs
3,415
4.99 3,449
4.09 1.3
-1.4
-5.1
34 1.0%
1.36 1.34
-0.10
100 %
Cash & Other (4)
51.3%
163,599
0.63 0.1 yrs
163,599
0.63 163,599
0.63 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Other (4)
51.3%
163,599
0.63 0.1 yrs
163,599
0.63 163,599
0.63 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Total (67)
100.0%
319,145
1.46 0.9 yrs
319,145
1.46 315,680
2.42 0.8
-0.8
-2.3
-3,465
-1.1%
0.85 0.78
0.00 100 %
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
319,145
319,145
319,145
319,145
319,145
319,145
319,145
Book Value
319,145
319,145
319,145
319,145
319,145
319,145
319,145
Market Value
323,064
320,637
318,165
315,680
313,193
310,719
308,288
Gain/(Loss)
3,919
1,492
-981
-3,465
-5,953
-8,426
-10,857
Gain/(Loss) %
1.2%
0.5%
-0.3%
-1.1%
-1.9%
-2.6%
-3.4%
Gain/(Loss) % - Chg from Base
2.3%
1.6%
0.8%
0.0%
-0.8%
-1.6%
-2.3%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Yield at Book
1.46 1.46
1.46 1.46
1.46 1.46
1.46 Market Price
101.23
100.47
99.69 98.91
98.13 97.36
96.60 Market Yield
-0.57
0.42 1.41
2.42 3.42
4.41 5.42
WAL
0.76 0.79
0.83 0.85
0.91 0.91
0.91 Effective Duration
0.00 0.00
0.00 0.78
0.00 0.00
0.00 Effective Convexity
0.00 0.00
0.00 0.00
0.00 0.00
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
1.5%
139,616
-1.5%
-3.0%
-4.5%
1.5%
Corporate
1.9%
9,016
-1.8%
-3.6%
-5.3%
1.8%
CD
1.3%
3,449
-1.5%
-3.2%
-5.1%
1.3%
Other
0.1%
163,599
-0.1%
-0.2%
-0.3%
0.1%
Total
0.8%
315,680
-0.8%
-1.6%
-2.3%
0.8%
Scenario Market Val
318,165
315,680
313,193
310,719
308,288
Scenario Gain/Loss
-981
-3,465
-5,953
-8,426
-10,857
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
1.6%
-100 bps
0.8%
Level Market Val
315,680
+100 bps
-0.8%
+200 bps
-1.6%
+300 bps
-2.3%
+400 bps
-3.1%
Effective Duration
0.78 Effective Convexity
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2024
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 10/24
258,610
-0.9
3.56 2.4
2.4 2.5
2.2 -2.2
-6.4
2.2 0.0
51%
0%
0%
0%
0%
0%
0%
0%
22%
15%
12%
100%
100%
2 11/24
191,434
-2.0
2.97 1.8
1.1 2.5
1.2 -1.5
-5.3
1.3 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
3 10/24
181,850
0.7 5.54
5.8 3.6
9.4 2.5
-3.5
-12.8
3.0 -1.1
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
4 12/24
179,040
-6.1
3.11 5.1
5.0 5.1
4.5 -4.2
-12.0
4.3 0.2
34%
1%
0%
0%
0%
29%
0%
0%
23%
12%
0%
100%
100%
5 12/24
165,775
-1.1
4.59 2.9
2.5 3.6
1.9 -2.0
-6.4
1.5 0.0
3%
9%
11%
8%
6%
8%
4%
0%
20%
31%
0%
81%
100%
6 09/24
475,994
-1.2
3.76 1.8
1.7 2.1
1.0 -1.1
-3.4
1.0 0.0
49%
7%
3%
0%
0%
1%
13%
0%
6%
21%
0%
77%
100%
7 10/24
155,226
-0.6
3.51 2.5
2.5 2.7
2.4 -2.3
-6.8
2.3 0.0
72%
0%
0%
0%
0%
0%
0%
0%
0%
1%
27%
100%
100%
8 11/24
146,967
-0.9
3.66 1.2
1.1 1.4
1.0 -1.1
-3.4
1.1 -0.1
21%
0%
0%
0%
0%
2%
0%
0%
38%
2%
37%
100%
100%
9 10/24
130,089
-0.6
3.69 1.8
1.8 2.1
1.7 -1.7
-5.2
1.7 0.0
78%
0%
0%
0%
0%
0%
0%
0%
6%
9%
7%
100%
100%
10 12/24
126,240
0.0 2.30
1.0 0.9
1.3 0.9
-1.0
-3.3
0.9 -0.3
56%
0%
0%
0%
0%
1%
0%
0%
0%
0%
44%
100%
100%
11 09/24
102,469
-0.8
3.54 2.4
2.3 2.6
2.2 -2.2
-6.5
2.2 0.0
63%
0%
0%
1%
0%
4%
0%
3%
0%
17%
12%
99%
100%
12 10/24
96,729
-1.5
2.72 2.2
2.1 2.2
1.9 -1.9
-5.6
1.9 0.0
56%
0%
0%
0%
0%
15%
0%
0%
6%
1%
23%
100%
100%
13 11/24
566,094
-1.4
2.95 2.0
2.0 2.0
1.9 -1.9
-5.4
1.9 0.1
53%
0%
0%
0%
0%
0%
0%
0%
43%
0%
4%
100%
100%
14 11/24
71,232
-0.8
3.30 2.3
2.2 2.3
2.0 -2.0
-6.0
2.0 0.0
77%
0%
0%
0%
0%
0%
0%
0%
20%
0%
3%
100%
100%
15 10/24
573,867
-4.1
2.39 3.2
3.1 3.4
2.8 -2.8
-8.1
2.8 0.0
45%
0%
0%
0%
0%
0%
0%
0%
41%
6%
7%
100%
100%
16 11/24
58,125
0.6 5.43
1.0 1.0
1.1 0.9
-0.9
-2.9
0.9 0.0
22%
0%
0%
0%
0%
0%
0%
0%
30%
0%
49%
99%
100%
17 12/24
54,177
-0.3
4.42 2.0
1.5 2.7
1.6 -1.9
-6.1
1.7 -0.1
55%
0%
0%
0%
0%
9%
0%
0%
0%
0%
36%
100%
100%
18 12/24
49,246
-2.9
2.07 1.4
1.4 1.4
1.3 -1.3
-3.9
1.3 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
19 12/24
42,501
1.6 6.04
2.8 2.8
2.8 2.5
-2.5
-7.2
2.5 0.1
12%
0%
0%
0%
0%
70%
0%
0%
1%
0%
17%
100%
100%
20 12/24
39,813
-3.7
1.77 1.8
1.8 1.8
1.7 -1.7
-5.0
1.7 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
21 09/24
34,699
-0.8
3.53 1.4
1.4 2.5
1.3 -1.5
-5.0
1.4 -0.2
36%
0%
0%
0%
0%
8%
0%
0%
1%
3%
52%
100%
100%
22 10/24
27,633
-2.7
1.96 1.5
1.5 1.7
1.4 -1.5
-4.4
1.5 0.0
58%
0%
0%
0%
0%
3%
0%
0%
1%
0%
39%
100%
100%
23 09/24
26,787
-1.4
3.13 2.1
2.0 2.4
1.9 -1.9
-5.8
1.9 0.0
31%
0%
0%
0%
0%
9%
0%
0%
18%
6%
37%
100%
100%
24 11/24
24,759
0.0 4.33
4.8 4.6
4.8 4.2
-4.1
-11.6
4.1 0.1
53%
19%
0%
0%
0%
28%
0%
0%
0%
0%
0%
100%
100%
25 11/24
16,006
0.0 5.65
1.1 1.1
1.1 1.0
-1.0
-3.1
1.0 0.0
6%
0%
0%
0%
0%
0%
0%
0%
19%
0%
75%
100%
100%
Avg
151,815
-1.2
3.60 2.3
2.1 2.7
1.9 -2.0
-6.1
1.9 -0.1
49%
5%
1%
0%
0%
8%
1%
0%
12%
5%
19%
98%
100%
Port
319,145
-1.1
1.46 0.9
0.8 0.9
0.8 -0.8
-2.3
0.8 0.0
45%
0%
0%
0%
0%
0%
0%
0%
0%
3%
52%
100%
100%
Diff
167,331
0.2 -2.13
-1.5
-1.3
-1.8
-1.1
1.2 3.7
-1.1
0.1 -4%
-5%
-1%
0%
0%
-8%
-1%
0%
-12%
-2%
33%
2%
0%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale - Palmdale, CA
As of 12/31/2024
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 12/31/2024
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jan 2025
1.46 170,599
0.65 2.40
Feb 2025
2.40 730
5.20 2.39
Mar 2025
2.39 0
2.39 Apr 2025
2.39 5,000
0.71 2.45
May 2025
2.45 0
2.45 Jun 2025
2.45 15,490
1.17 2.60
Jul 2025
2.60 3,500
0.65 2.66
Aug 2025
2.66 1,810
0.53 2.69
Sep 2025
2.69 13,000
1.13 2.87
Oct 2025
2.87 0
2.87 Nov 2025
2.87 4,150
0.53 2.97
Dec 2025
2.97 11,000
2.15 3.06
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Jan 2025
175,840
170,800
170,800
170,800
170,800
170,800
170,800
Feb 2025
982
6,035
982
982
494
494
494
Mar 2025
307
307
307
307
307
307
307
Apr 2025
5,169
5,169
5,249
5,249
5,249
5,249
5,249
May 2025
5,340
315
315
315
315
315
315
Jun 2025
18,884
18,884
18,884
16,059
15,569
15,569
15,569
Jul 2025
3,575
3,575
3,575
3,575
3,575
3,575
3,575
Aug 2025
2,002
2,052
2,052
2,052
2,052
2,052
2,052
Sep 2025
13,307
13,307
13,307
13,307
13,307
13,307
13,307
Oct 2025
151
151
230
230
230
230
230
Nov 2025
4,398
4,398
4,398
4,463
4,463
4,463
4,463
Dec 2025
12,498
12,498
11,491
11,491
11,491
11,491
11,491
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2025
1.46 225,279
0.80 3.06
2026
3.06 48,410
2.84 3.30
2027
3.30 25,240
2.70 4.05
2028
4.05 4,971
4.43 3.93
2029
3.93 15,245
3.93 2030
2031
2032
2033
2034
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2025
242,454
237,493
231,591
228,831
227,889
227,889
227,889
2026
50,310
50,410
51,594
50,725
44,666
44,666
44,666
2027
15,690
20,236
25,324
26,499
27,105
27,105
27,105
2028
2,307
2,813
2,819
5,702
11,645
11,405
11,405
2029
15,838
15,838
15,838
15,838
17,132
17,386
17,386
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 12 Months
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Bk Yld Chg
Treasury/Agency
Cash Flow
7,048
215
257
5,237
302
15,500
3,511
2,024
13,259
221
4,453
11,424
End BY
2.24 2.24
2.24 2.30
2.30 2.46
2.52 2.55
2.74 2.74
2.84 2.93
0.69 Corporate
Cash Flow
63 27
47 8
9 19
63 27
47 8
9 19
End BY
3.79 3.79
3.79 3.79
3.79 3.79
3.79 3.79
3.79 3.79
3.79 3.79
0.00 CD
Cash Flow
4 739
3 3
3 540
1 1
1 1
1 48
End BY
4.99 4.94
4.94 4.94
4.94 4.86
4.86 4.86
4.86 4.86
4.86 4.86
-0.13
Other
Cash Flow
163,685
End BY
Total
Cash Flow
170,800
982
307
5,249
315
16,059
3,575
2,052
13,307
230
4,463
11,491
End BY
2.40 2.39
2.39 2.45
2.45 2.60
2.66 2.69
2.87 2.87
2.97 3.06
0.66 City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 3 Years
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
Bk Yld Chg
Treasury/Agency
Cash Flow
7,521
21,039
18,794
16,098
11,595
14,815
221
16,565
10,221
10,443
2,649
1,285
End BY
2.24 2.46
2.74 2.93
2.91 2.74
2.74 3.22
3.79 4.06
4.05 4.03
1.79 Corporate
Cash Flow
137
36 137
36 4,137
1,036
564
18 56
518
1,056
9 End BY
3.79 3.79
3.79 3.79
3.89 3.93
4.03 4.03
4.03 4.15
4.12 4.12
0.33 CD
Cash Flow
747
547
3 50
3 1,760
0 11
0 11
0 251
End BY
4.94 4.86
4.86 4.86
4.86 4.42
4.42 4.42
4.42 4.42
4.42 4.65
-0.29
Other
Cash Flow
163,685
End BY
Total
Cash Flow
172,090
21,622
18,934
16,184
15,735
17,611
785
16,593
10,277
10,971
3,705
1,545
End BY
2.39 2.60
2.87 3.06
3.03 2.83
2.83 3.30
3.82 4.08
4.06 4.05
1.66 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
0.25 563
-1,232
1.08 0.50
1,126
-669
1.25 0.75
1,690
-106
1.43 1.00
2,253
457
1.61 1.25
2,816
1,021
1.78 1.50
3,379
1,584
1.96 1.75
3,942
2,147
2.14 2.00
4,506
2,710
2.31 2.25
5,069
3,273
2.49 2.50
5,632
3,837
2.67 2.75
6,195
4,400
2.84 3.00
6,758
4,963
3.02 3.25
7,322
5,526
3.19 3.50
7,885
6,089
3.37 3.75
8,448
6,652
3.55 4.00
9,011
7,216
3.72 4.25
9,574
7,779
3.90 4.50
10,138
8,342
4.08 4.75
10,701
8,905
4.25 5.00
11,264
9,468
4.43 5.25
11,827
10,032
4.61 5.50
12,390
10,595
4.78 5.75
12,954
11,158
4.96 6.00
13,517
11,721
5.14 6.25
14,080
12,284
5.31 6.50
14,643
12,848
5.49 6.75
15,206
13,411
5.67 7.00
15,770
13,974
5.84 7.25
16,333
14,537
6.02 7.50
16,896
15,100
6.19 7.75
17,459
15,664
6.37 8.00
18,022
16,227
6.55 Principal Maturing(12 Mo.Horizon): $225,279
Current Yield at Book of Principal Maturing: 0.80%
Est. Annual Income at Current Yield at Book: $1,795
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
+ 300
+ 300
AFS %
2.5 yrs
100.00
98.17 -946
-1.8%
2.52 2.4
2.31 0.10
Treasury (12)
36.2%
51,700
3.30 51,700
3.29 50,754
4.28 -4,266
-8.3%
2.52 -6.5
0.00 0.00
100.0%
0.4 yrs
100.00
99.02 -127
-1.0%
0.37 0.4
0.36 0.01
Agency Bullet (4)
9.1%
13,000
1.38 13,000
1.38 12,873
4.08 -265
-2.0%
0.37 -1.1
0.00 0.00
100.0%
1.5 yrs
100.00
97.08 -2,286
-2.9%
1.30 1.2
1.19 -0.07
Callable Agency (18)
54.7%
78,275
1.59 0.2 yrs
78,275
1.59 75,989
4.40 -5,144
-6.6%
1.46 -3.8
0.00 0.00
100.0%
1.7 yrs
100.00
97.65 -3,359
-2.3%
1.65 1.5
1.52 0.00
Total (34)
100.0%
142,975
2.19 0.2 yrs
142,975
2.18 139,616
4.33 -9,675
-6.8%
1.75 -4.5
0.00 0.00
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Agency - Sector Cash Flow and Yield Rolloff - Next 3 Years 1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
Bk Yld Chg
Cash Flow
7,521
21,039
18,794
16,098
11,595
14,815
221
16,565
10,221
10,443
2,649
1,285
End BY
2.24 2.46
2.74 2.93
2.91 2.74
2.74 3.22
3.79 4.06
4.05 4.03
1.79 Cash Flow
7,521
21,039
18,794
16,098
11,595
14,815
221
16,565
10,221
10,443
2,649
1,285
End BY
2.24 2.46
2.74 2.93
2.91 2.74
2.74 3.22
3.79 4.06
4.05 4.03
1.79 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dec 24
-
-
-
-
-
-
-
-
-
Jan 25
-
-
-
-
-
-
-
-
-
Feb 25
-
-
-
-
-
-
-
-
-
Mar 25
-
-
-
-
-
-
-
-
-
Apr 25
-
-
-
-
-
-
-
-
-
May 25
2,815
2,815
2,815
-
-
-
-
-
-
Jun 25
-
-
-
-
-
-
-
-
-
Jul 25
-
-
-
-
-
-
-
-
-
Aug 25
-
-
-
-
-
-
-
-
-
Sep 25
-
-
-
-
-
-
-
-
-
Oct 25
-
-
-
-
-
-
-
-
-
Nov 25
-
-
-
-
-
-
-
-
-
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Quarterly
-100
-75
-50
-25
0 25
50 75
100
4Q24
-
-
-
-
-
-
-
-
-
1Q25
-
-
-
-
-
-
-
-
-
2Q25
2,815
2,815
2,815
-
-
-
-
-
-
3Q25
-
-
-
-
-
-
-
-
-
4Q25
-
-
-
-
-
-
-
-
-
1Q26
-
-
-
-
-
-
-
-
-
2Q26
5,000
5,000
5,000
5,000
5,000
5,000
-
-
-
3Q26
-
-
-
-
-
-
-
-
-
4Q26
2,000
2,000
2,000
1,000
-
-
-
-
-
1Q27
-
-
-
-
-
-
-
-
-
2Q27
-
-
-
-
-
-
-
-
-
3Q27
-
-
-
-
-
-
-
-
-
4Q27
-
-
-
-
-
-
-
-
-
1Q28
-
-
-
-
-
-
-
-
-
2Q28
-
-
-
-
-
-
-
-
-
3Q28
-
-
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
8 3133EMUP5
FFCB
0.71 Fixed
04/01/25
5,000
01/17/25
Anytime
99.080
-46
04/25
04/25
04/25
04/25
04/25
04/25
04/25
10 3133ELK37
FFCB
0.78 Fixed
06/16/25
5,000
01/17/25
Anytime
98.380
-81
06/25
06/25
06/25
06/25
06/25
06/25
06/25
11 3133ENHW3
FFCB
1.17 Fixed
06/23/25
10,000
01/17/25
Anytime
98.500
-150
06/25
06/25
06/25
06/25
06/25
06/25
06/25
43 3133EPLE3
FFCB
4.67 Fixed
05/30/28
2,815
05/30/25
Anytime
99.390
-17
06/25
06/25
06/25
05/28
05/28
05/28
05/28
12 3136G4ZP1
FNMA
0.65 Fixed
07/30/25
3,500
01/30/25
Quarterly
97.900
-74
07/25
07/25
07/25
07/25
07/25
07/25
07/25
14 3133EL3P7
FFCB
0.53 Fixed
08/12/25
1,810
01/17/25
Anytime
97.700
-42
08/25
08/25
08/25
08/25
08/25
08/25
08/25
18 3134GWUG9
FHLMC
0.57 Fixed
09/24/25
10,000
03/24/25
Quarterly
97.310
-269
09/25
09/25
09/25
09/25
09/25
09/25
09/25
20 3134GXBM5
FHLMC
0.60 Fixed
11/12/25
1,150
02/12/25
Quarterly
96.870
-36
11/25
11/25
11/25
11/25
11/25
11/25
11/25
23 3130AMRQ7
FHLB
0.88 Fixed
12/30/25
3,000
03/30/25
Quarterly
96.700
-99
12/25
12/25
12/25
12/25
12/25
12/25
12/25
32 3130AN5C0
FHLB
1.05 Fixed
04/29/26
4,000
01/29/25
Quarterly
95.830
-167
04/26
04/26
04/26
04/26
04/26
04/26
04/26
44 3133ERCX7
FFCB
5.17 Fixed
05/01/28
5,000
05/01/26
Anytime
100.830
42 05/26
05/26
05/26
05/26
05/28
05/28
05/28
46 3134GW4C7
FHLMC
0.80 Fixed
10/27/26
5,000
01/27/25
Quarterly
93.810
-310
10/26
10/26
10/26
10/26
10/26
10/26
10/26
47 3133ENJC5
FFCB
1.29 Fixed
12/22/26
5,000
01/17/25
Anytime
94.240
-288
12/26
12/26
12/26
12/26
12/26
12/26
12/26
53 3133ERE23
FFCB
4.32 Fixed
12/02/27
1,000
12/02/26
Anytime
99.450
-6
12/26
12/26
12/26
12/27
12/27
12/27
12/27
60 3130B3XP3
FHLB
4.50 Fixed
12/04/29
1,000
12/04/26
One time
99.210
-8
12/26
12/26
12/26
12/26
12/29
12/29
12/29
50 3130AQRH8
FHLB
2.00 Fixed
02/25/27
5,000
02/25/25
Quarterly
95.130
-244
05/25
02/27
02/27
02/27
02/27
02/27
02/27
52 3130AL5A8
FHLB
0.90 Fixed
02/26/27
5,000
02/26/25
Quarterly
92.810
-360
02/27
02/27
02/27
02/27
02/27
02/27
02/27
49 3130ARHJ3
FHLB
3.18 Fixed
04/19/27
5,000
01/19/25
Monthly
97.330
-134
01/25
02/25
04/27
04/27
04/27
04/27
04/27
1.59 78,275
97.080
-2,286
Shocked Agency Projected Call Schedule - Next 12 Months -300
-200
-100
Base
+100
+200
+300
Dec 24
-
-
-
-
-
-
-
Jan 25
5,000
-
-
-
-
-
-
Feb 25
-
5,000
-
-
-
-
-
Mar 25
-
-
-
-
-
-
-
Apr 25
5,000
5,000
5,000
5,000
5,000
5,000
5,000
May 25
5,000
-
-
-
-
-
-
Jun 25
17,815
17,815
17,815
15,000
15,000
15,000
15,000
Jul 25
3,500
3,500
3,500
3,500
3,500
3,500
3,500
Aug 25
1,810
1,810
1,810
1,810
1,810
1,810
1,810
Sep 25
10,000
10,000
10,000
10,000
10,000
10,000
10,000
Oct 25
-
-
-
-
-
-
-
Nov 25
1,150
1,150
1,150
1,150
1,150
1,150
1,150
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
3130B3XP3
FHLB 4 1/2 12/04/29
Callable Agency
992
4.93%
2.92 -10.6
3133EPLE3
FFCB 4.67 05/30/28
Callable Agency
2,798
4.86%
1.49 -7.2
3133ERE23
FFCB 4.32 12/02/27
Callable Agency
995
4.52%
2.25 -7.2
3133ERCX7
FFCB 5.17 05/01/28
Callable Agency
5,042
4.52%
1.69 -6.8
3130AL5A8
FHLB 0.9 02/26/27
Callable Agency
4,641
4.43%
2.08 -6.0
Bottom 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
3130AQEA7
FHLB 1.05 01/14/25
Agency Bullet
6,992
3.90%
0.04 -0.1
9128285T3
T 2 5/8 12/31/25
Treasury
2,954
4.20%
0.97 -2.8
9128285T3
T 2 5/8 12/31/25
Treasury
4,924
4.20%
0.97 -2.8
91282CHH7
T 4 1/8 06/15/26
Treasury
4,992
4.23%
1.39 -4.0
912828YX2
T 1 3/4 12/31/26
Treasury
4,764
4.24%
1.92 -5.5
Top 5 Price Volatility (% price change +300)
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
91282CFY2
T 3 7/8 11/30/29
Treasury
4,889
4.38%
4.39 -12.2
91282CFT3
T 4 10/31/29
Treasury
4,917
4.38%
4.30 -12.0
91282CFL0
T 3 7/8 09/30/29
Treasury
4,892
4.38%
4.23 -11.8
3130B3XP3
FHLB 4 1/2 12/04/29
Callable Agency
992
4.93%
2.92 -10.6
91282CFM8
T 4 1/8 09/30/27
Treasury
2,491
4.26%
2.53 -7.3
Next 5 Projected Redemptions
Security
Mkt
Mkt
Eff.
CUSIP
Description
Subsector
Value
Yld
Dur
Mat/Call
3130AQEA7
FHLB 1.05 01/14/25
Agency Bullet
6,992
3.90%
0.04 01/01/25
3133EMUP5
FFCB 0.71 04/01/25
Callable Agency
4,954
4.41%
0.25 04/01/25
3133ELK37
FFCB 0.78 06/16/25
Callable Agency
4,919
4.37%
0.45 06/01/25
3133ENHW3
FFCB 1.17 06/23/25
Callable Agency
9,850
4.36%
0.47 06/01/25
3136G4ZP1
FNMA 0.65 07/30/25
Callable Agency
3,427
4.33%
0.57 07/01/25
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
+ 300
+ 300
AFS %
A1
100.00
98.02 -102
-2.0%
2.12 2.1
2.04 0.04
Finance (10)
56.3%
5,156
3.63 2.2 yrs
A
5,156
3.63 5,054
4.78 -402
-7.8%
2.12 -5.9
0.00 0.00
100.0%
Aa2
100.00
98.87 -40
-1.1%
1.43 1.3
1.32 0.03
Industrial (4)
38.2%
3,500
3.86 1.4 yrs
AA-
3,500
3.86 3,460
4.48 -174
-5.0%
1.43 -3.9
0.00 0.00
100.0%
A1
100.00
100.37
2 0.4%
3.63 3.3
3.18 0.11
Utility (1)
5.5%
500
4.95 3.6 yrs
A
500
4.95 502
4.84 -44
-8.8%
3.63 -9.2
0.00 0.00
100.0%
Aa3
100.00
98.47 -140
-1.5%
1.94 1.9
1.82 0.04
Total (15)
100.0%
9,156
3.79 2.0 yrs
A+
9,156
3.79 9,016
4.67 -620
-6.8%
1.94 -5.3
0.00 0.00
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
21.8%
2,000
3.57 1.05
1.00 Yr - 2.99 Yr
76.5%
7,000
3.68 A+
A
78.2%
7,156
3.85 2.04
3.00 Yr - 4.99 Yr
23.5%
2,156
4.12 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 12/31/2024
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
+ 300
+ 300
AFS %
2.8 yrs
100.00
100.99
34 1.0%
1.36 1.3
1.34 -0.10
NCD (14)
100.0%
3,415
4.99 0.5 yrs
3,415
4.99 3,449
4.09 -143
-4.2%
2.51 -5.1
0.00 0.00
100.0%
2.8 yrs
100.00
100.99
34 1.0%
1.36 1.3
1.34 -0.10
Total (14)
100.0%
3,415
4.99 0.5 yrs
3,415
4.99 3,449
4.09 -143
-4.2%
2.51 -5.1
0.00 0.00
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
+ 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%
163,599
0.63 163,599
0.63 163,599
0.63 -420
-0.3%
0.08 -0.3
0.00 0.00
100.0%
0.1 yrs
100.00
100.00
0 0.0%
0.08 0.1
0.09 0.00
Total (4)
100.0%
163,599
0.63 163,599
0.63 163,599
0.63 -420
-0.3%
0.08 -0.3
0.00 0.00
100.0%
City of Palmdale - Palmdale, CA
As of 12/31/2024
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%
21 0.75
0.4 yrs
242,559
100.00
98.96 -2,521
0.75 0.4
0.37 Treasury
1 1.75
2.0 yrs
5,000
100.00
95.28 -236
1.75 2.0
1.92 Agency Bullet
2 0.89
0.3 yrs
10,000
100.00
98.98 -102
0.88 0.3
0.27 Callable Agency
13 0.95
1.1 yrs
63,460
100.00
96.59 -2,163
0.95 1.1
1.03 Finance
1 0.75
1.1 yrs
500
100.00
96.07 -20
0.75 1.1
1.04 Cash & Other
4 0.63
0.1 yrs
163,599
100.00
100.00
0 0.63
0.1 0.09
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
91282CFY2
Treasury
T 3 7/8 11/30/29
3.88 11/30/29
5,000
100.00
97.78 -111
3.873
4.92 -12.17
-595
-706
4.39 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
98.34 -83
3.998
4.83 -11.97
-589
-672
4.30 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
97.84 -108
3.872
4.75 -11.82
-578
-686
4.23 AFS
89235MPP0
NCD
TOYFBN 4.65 06/13/29
4.65 06/13/29
245
100.00
102.82
7 4.648
4.45 -11.05
-28
-21
3.97 AFS
3130B3XP3
Callable Agency
FHLB 4 1/2 12/04/29
4.50 12/04/29
1,000
100.00
99.21 -8
4.498
1.93 -10.55
-105
-113
2.92 AFS
06406RBN6
Finance
BK 4.543 02/01/29
4.54 02/01/29
656
100.00
98.98 -7
4.542
3.09 -10.26
-67
-73
3.57 AFS
05565QDH8
Finance
BPLN 3.723 11/28/28
3.72 11/28/28
500
100.00
96.16 -19
3.722
3.91 -9.96
-48
-67
3.51 AFS
797440CE2
Utility
SRE 4.95 08/15/28
4.95 08/15/28
500
100.00
100.37
2 4.948
3.63 -9.17
-46
-44
3.18 AFS
718172CE7
Industrial
PM 3 1/8 03/02/28
3.13 03/02/28
500
100.00
95.09 -25
3.124
3.17 -8.34
-40
-64
2.89 AFS
09582YAV4
NCD
RICBVA 4.2 12/28/27
4.20 12/28/27
240
100.00
100.76
2 4.196
2.99 -7.85
-19
-17
2.77 AFS
3.98 18,641
100.00
98.12 -350
3.982
4.49 -11.56
-2,114
-2,464
4.09 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
91282CFY2
Treasury
T 3 7/8 11/30/29
3.88 11/30/29
5,000
100.00
97.78 -111
3.873
4.92 -12.17
-595
-706
4.39 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
98.34 -83
3.998
4.83 -11.97
-589
-672
4.30 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
97.84 -108
3.872
4.75 -11.82
-578
-686
4.23 AFS
3133ERCX7
Callable Agency
FFCB 5.17 05/01/28
5.17 05/01/28
5,000
100.00
100.83
42 5.164
1.34 -6.76
-341
-299
1.69 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
97.67 -117
3.245
2.50 -6.72
-328
-445
2.35 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27
3.18 04/19/27
5,000
100.00
97.33 -134
3.174
2.30 -6.10
-297
-430
1.95 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
95.13 -244
1.999
2.15 -5.91
-281
-524
2.03 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
92.81 -360
0.900
2.16 -5.97
-277
-637
2.08 AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
95.28 -236
1.750
2.00 -5.52
-263
-499
1.92 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
94.24 -288
1.290
1.98 -5.47
-258
-546
1.90 AFS
2.93 50,000
100.00
96.73 -1,638
2.927
2.89 -7.87
-3,807
-5,445
2.69 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
91282CFY2
Treasury
T 3 7/8 11/30/29
3.88 11/30/29
5,000
100.00
97.78 -111
3.873
4.92 -12.17
-595
-706
4.39 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
97.84 -108
3.872
4.75 -11.82
-578
-686
4.23 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
98.34 -83
3.998
4.83 -11.97
-589
-672
4.30 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
92.81 -360
0.900
2.16 -5.97
-277
-637
2.08 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
93.81 -310
0.800
1.83 -5.08
-238
-548
1.76 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
94.24 -288
1.290
1.98 -5.47
-258
-546
1.90 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
95.13 -244
1.999
2.15 -5.91
-281
-524
2.03 AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
95.28 -236
1.750
2.00 -5.52
-263
-499
1.92 AFS
3134GWUG9
Callable Agency
FHLMC 0.57 09/24/25
0.57 09/24/25
10,000
100.00
97.31 -269
0.570
0.73 -2.11
-205
-474
0.72 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
97.67 -117
3.245
2.50 -6.72
-328
-445
2.35 AFS
2.08 55,000
100.00
96.14 -2,124
2.079
2.60 -6.83
-3,613
-5,737
2.41 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
229083AA8
NCD
EVANBT 5.35 06/18/29
5.35 06/18/29
245
100.00
100.15
0 5.445
-5.72
0.22 0.13
4.47 4.33
AFS
09776DAG9
NCD
BOMBNK 5.35 06/25/29
5.35 06/25/29
245
100.00
100.63
2 5.365
-5.79
0.62 0.49
4.49 4.00
AFS
59541KCV7
NCD
MIDMIB 5.15 06/12/28
5.15 06/12/28
245
100.00
100.47
1 5.165
-5.15
0.59 0.45
3.45 3.00
AFS
3130B3XP3
Callable Agency
FHLB 4 1/2 12/04/29
4.50 12/04/29
1,000
100.00
99.21 -8
4.498
-10.55
2.92 1.93
4.93 3.00
AFS
46656MVH1
NCD
JPM 5 11/30/27
5.00 11/30/27
240
100.00
100.13
0 4.868
-4.63
0.29 0.17
2.92 2.75
AFS
307811KA6
NCD
FMBKWI 5 06/14/28
5.00 06/14/28
245
100.00
101.28
3 5.040
-6.74
1.72 1.46
3.46 2.00
AFS
3133ERCX7
Callable Agency
FFCB 5.17 05/01/28
5.17 05/01/28
5,000
100.00
100.83
42 5.164
-6.76
1.69 1.34
3.34 2.00
AFS
3133ENHW3
Callable Agency
FFCB 1.17 06/23/25
1.17 06/23/25
10,000
100.00
98.50 -150
1.170
-1.40
0.47 0.48
0.48 0.00
AFS
3133EPLE3
Callable Agency
FFCB 4.67 05/30/28
4.67 05/30/28
2,815
100.00
99.39 -17
4.669
-7.20
1.49 3.42
3.42 0.00
AFS
9128285T3
Treasury
T 2 5/8 12/31/25
2.63 12/31/25
5,000
100.00
98.47 -77
2.625
-2.82
0.97 1.00
1.00 0.00
AFS
2.98 25,035
100.00
99.19 -204
2.980
-4.00
1.04 1.15
1.82 0.68
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
91282CGL9
Fixed
02/26
100.00
99.73 -0.3%
1.1 1.07
T 4 02/15/26
T
5,000
4.000
02/15/26
5,000
4.00 4,987
4.25 -14
-3.2
0.02 AFS
9128286F2
Fixed
02/26
100.00
98.02 -2.0%
1.1 1.11
T 2 1/2 02/28/26
T
3,000
2.500
02/28/26
3,000
2.50 2,941
4.26 -59
-3.3
0.02 AFS
9128286L9
Fixed
03/26
100.00
97.56 -2.4%
1.2 1.20
T 2 1/4 03/31/26
T
3,200
2.250
03/31/26
3,200
2.24 3,122
4.27 -78
-3.5
0.03 AFS
91282CHH7
Fixed
06/26
100.00
99.83 -0.2%
1.4 1.39
T 4 1/8 06/15/26
T
5,000
4.125
06/15/26
5,000
4.11 4,992
4.23 -9
-4.0
0.03 AFS
912828YX2
Fixed
12/26
100.00
95.28 -4.7%
1.9 1.92
T 1 3/4 12/31/26
T
5,000
1.750
12/31/26
5,000
1.75 4,764
4.24 -236
-5.5
0.06 AFS
9128285T3
Fixed
12/25
100.00
98.47 -1.5%
1.0 0.97
T 2 5/8 12/31/25
T
5,000
2.625
12/31/25
5,000
2.62 4,924
4.20 -77
-2.8
0.02 AFS
9128285T3
Fixed
12/25
100.00
98.47 -1.5%
1.0 0.97
T 2 5/8 12/31/25
T
3,000
2.625
12/31/25
3,000
2.62 2,954
4.20 -46
-2.8
0.02 AFS
91282CEW7
Fixed
06/27
100.00
97.67 -2.3%
2.4 2.35
T 3 1/4 06/30/27
T
5,000
3.250
06/30/27
5,000
3.24 4,884
4.24 -117
-6.7
0.08 AFS
91282CFM8
Fixed
09/27
100.00
99.63 -0.4%
2.6 2.53
T 4 1/8 09/30/27
T
2,500
4.125
09/30/27
2,500
4.12 2,491
4.26 -9
-7.3
0.09 AFS
91282CFL0
Fixed
09/29
100.00
97.84 -2.2%
4.4 4.23
T 3 7/8 09/30/29
T
5,000
3.875
09/30/29
5,000
3.87 4,892
4.38 -108
-11.8
0.23 AFS
91282CFT3
Fixed
10/29
100.00
98.34 -1.7%
4.5 4.30
T 4 10/31/29
T
5,000
4.000
10/31/29
5,000
4.00 4,917
4.38 -83
-12.0
0.24 AFS
91282CFY2
Fixed
11/29
100.00
97.78 -2.2%
4.5 4.39
T 3 7/8 11/30/29
T
5,000
3.875
11/30/29
5,000
3.87 4,889
4.38 -111
-12.2
0.25 AFS
Treasury
100.00
98.17 -1.8%
2.4 2.31
51,700
3.296
51,700
3.29 50,754
4.28 -946
-6.5
0.10 3130AQEA7
Fixed
01/25
100.00
99.89 -0.1%
0.0 0.04
FHLB 1.05 01/14/25
FHLB
7,000
1.050
Quarterly
01/14/25
7,000
1.05 6,992
3.90 -8
-0.1
0.00 AFS
3133EJYM5
Fixed
09/25
100.00
99.14 -0.9%
0.7 0.66
FFCB 3.02 09/04/25
FFCB
1,000
3.020
09/04/25
1,000
3.02 991
4.32 -9
-2.0
0.01 AFS
3133EJYM5
Fixed
09/25
100.00
99.14 -0.9%
0.7 0.66
FFCB 3.02 09/04/25
FFCB
2,000
3.020
09/04/25
2,000
3.02 1,983
4.32 -17
-2.0
0.01 AFS
3135G06G3
Fixed
11/25
100.00
96.87 -3.1%
0.8 0.83
FNMA 0 1/2 11/07/25
FNMA
3,000
0.500
11/07/25
3,000
0.50 2,906
4.28 -94
-2.4
0.01 AFS
Agency Bullet
100.00
99.02 -1.0%
0.4 0.36
13,000
1.378
13,000
1.38 12,873
4.08 -127
-1.1
0.01 3130B3XP3
Fixed
12/04/26
12/26
100.00
99.21 -27
-0.8%
2.6 2.92
FHLB 4 1/2 12/04/29
FHLB
1,000
4.500
One time
12/04/29
1,000
4.50 992
4.93 -8
-10.6
-0.06
AFS
3130AMRQ7
Fixed
03/30/25
12/25
100.00
96.70 -379
-3.3%
1.0 0.97
FHLB 0 7/8 12/30/25
FHLB
3,000
0.875
Quarterly
12/30/25
3,000
0.88 2,901
4.28 -99
-2.8
0.02 AFS
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
3130ARHJ3
Fixed
01/19/25
04/27
100.00
97.33 -197
-2.7%
1.8 1.95
FHLB 3.175 04/19/27
FHLB
5,000
3.175
Monthly
04/19/27
5,000
3.17 4,867
4.41 -134
-6.1
-0.29
AFS
3130AQRH8
Fixed
02/25/25
02/27
100.00
95.13 -312
-4.9%
2.0 2.03
FHLB 2 02/25/27
FHLB
5,000
2.000
Quarterly
02/25/27
5,000
2.00 4,757
4.39 -244
-5.9
0.02 AFS
3130AL5A8
Fixed
02/26/25
02/27
100.00
92.81 -426
-7.2%
2.1 2.08
FHLB 0.9 02/26/27
FHLB
5,000
0.900
Quarterly
02/26/27
5,000
0.90 4,641
4.43 -360
-6.0
0.06 AFS
3133ERE23
Fixed
12/02/26
12/27
100.00
99.45 -25
-0.6%
2.2 2.25
FFCB 4.32 12/02/27
FFCB
1,000
4.320
Anytime
12/02/27
1,000
4.32 995
4.52 -6
-7.2
-0.08
AFS
3134GXBM5
Fixed
02/12/25
11/25
100.00
96.87 -419
-3.1%
0.9 0.85
FHLMC 0.6 11/12/25
FHLMC
1,150
0.600
Quarterly
11/12/25
1,150
0.60 1,114
4.32 -36
-2.5
0.01 AFS
3134GWUG9
Fixed
03/24/25
09/25
100.00
97.31 -404
-2.7%
0.7 0.72
FHLMC 0.57 09/24/25
FHLMC
10,000
0.570
Quarterly
09/24/25
10,000
0.57 9,731
4.34 -269
-2.1
0.01 AFS
3133EMUP5
Fixed
01/17/25
04/25
100.00
99.08 -398
-0.9%
0.3 0.25
FFCB 0.71 04/01/25
FFCB
5,000
0.710
Anytime
04/01/25
5,000
0.71 4,954
4.41 -46
-0.7
0.00 AFS
3133ELK37
Fixed
01/17/25
06/25
100.00
98.38 -386
-1.6%
0.5 0.45
FFCB 0.78 06/16/25
FFCB
5,000
0.780
Anytime
06/16/25
5,000
0.78 4,919
4.37 -81
-1.3
0.00 AFS
3133ENHW3
Fixed
01/17/25
06/25
100.00
98.50 -344
-1.5%
0.5 0.47
FFCB 1.17 06/23/25
FFCB
10,000
1.170
Anytime
06/23/25
10,000
1.17 9,850
4.36 -150
-1.4
0.00 AFS
3136G4ZP1
Fixed
01/30/25
07/25
100.00
97.90 -408
-2.1%
0.6 0.57
FNMA 0.65 07/30/25
FNMA
3,500
0.650
Quarterly
07/30/25
3,500
0.65 3,427
4.33 -74
-1.7
0.01 AFS
3133EL3P7
Fixed
01/17/25
08/25
100.00
97.70 -424
-2.3%
0.6 0.60
FFCB 0.53 08/12/25
FFCB
1,810
0.530
Anytime
08/12/25
1,810
0.53 1,768
4.35 -42
-1.8
0.01 AFS
3133EPLE3
Fixed
05/30/25
05/28
100.00
99.39 -49
-0.6%
1.0 1.49
FFCB 4.67 05/30/28
FFCB
2,815
4.670
Anytime
05/30/28
2,815
4.67 2,798
4.86 -17
-7.2
-1.12
AFS
3133ERCX7
Fixed
05/01/26
05/26
100.00
100.83
46 0.8%
1.5 1.69
FFCB 5.17 05/01/28
FFCB
5,000
5.170
Anytime
05/01/28
5,000
5.16 5,042
4.52 42
-6.8
-0.31
AFS
3134GW4C7
Fixed
01/27/25
10/26
100.00
93.81 -414
-6.2%
1.8 1.76
FHLMC 0.8 10/27/26
FHLMC
5,000
0.800
Quarterly
10/27/26
5,000
0.80 4,691
4.36 -310
-5.1
0.05 AFS
3133ENJC5
Fixed
01/17/25
12/26
100.00
94.24 -377
-5.8%
1.9 1.90
FFCB 1.29 12/22/26
FFCB
5,000
1.290
Anytime
12/22/26
5,000
1.29 4,712
4.36 -288
-5.5
0.05 AFS
3130AN5C0
Fixed
01/29/25
04/26
100.00
95.83 -371
-4.2%
1.3 1.28
FHLB 1.05 04/29/26
FHLB
4,000
1.050
Quarterly
04/29/26
4,000
1.05 3,833
4.31 -167
-3.7
0.03 AFS
Callable Agency
100.00
97.08 -2.9%
1.2 1.19
78,275
1.587
78,275
1.59 75,989
4.40 -2,286
-3.8
-0.07
Total
100.00
97.65 -2.3%
1.5 1.52
142,975
2.186
142,975
2.18 139,616
4.33 -3,359
-4.5
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
98.67 -1.3%
1.3 1.30
BNCN 4 1/4 06/02/26
Other Financial
500
4.250
06/02/26
A3
500
4.25 493
5.23 -7
-3.9
-0.06
AFS
46625HRS1
Finance
A
100.00
98.10 -1.9%
1.4 1.36
JPM 3.2 06/15/26
Banks
500
3.200
06/15/26
A1
500
3.20 491
4.56 -10
-4.0
0.00 AFS
61761J3R8
Finance
A-
100.00
97.75 -2.3%
1.5 1.48
MS 3 1/8 07/27/26
Banks
500
3.125
07/27/26
A1
500
3.12 489
4.62 -11
-4.3
0.04 AFS
808513BW4
Finance
A-
100.00
97.17 -2.8%
2.1 2.07
SCHW 3.3 04/01/27
Other Financial
500
3.300
04/01/27
A2
500
3.30 486
4.64 -14
-6.1
0.02 AFS
75973QAA5
Finance
A-
100.00
96.61 -3.4%
2.3 2.27
RNR 3.45 07/01/27
Other Financial
500
3.450
07/01/27
A3
500
3.45 483
4.91 -17
-6.7
0.02 AFS
22550L2K6
Finance
A+
100.00
100.50
0.5%
2.4 2.28
UBS 5 07/09/27
Banks
500
5.000
07/09/27
Aa2
500
5.00 503
4.79 3
-6.7
0.08 AFS
780082AD5
Finance
A-
100.00
99.88 -0.1%
1.0 1.01
RY 4.65 01/27/26
Banks
500
4.650
01/27/26
A3
500
4.65 499
4.76 -1
-3.0
0.02 AFS
06406RAQ0
Finance
A
100.00
96.07 -3.9%
1.1 1.04
BK 0 3/4 01/28/26
Other Financial
500
0.750
01/28/26
Aa3
500
0.75 480
4.53 -20
-3.0
0.02 AFS
05565QDH8
Finance
A-
100.00
96.16 -3.8%
3.6 3.51
BPLN 3.723 11/28/28
Other Financial
500
3.723
11/28/28
A1
500
3.72 481
4.81 -19
-10.0
0.14 AFS
06406RBN6
Finance
SOFR
A
100.00
98.98 -1.0%
3.7 3.57
BK 4.543 02/01/29
Other Financial
656
4.543
02/01/29
Aa3
656
4.54 649
4.90 -7
-10.3
0.11 AFS
Finance
A
100.00
98.02 -2.0%
2.1 2.04
5,156
3.628
A1
5,156
3.63 5,054
4.78 -102
-5.9
0.04 30231GAT9
Industrial
AA-
100.00
98.50 -1.5%
1.1 1.08
XOM 3.043 03/01/26
Energy Company
1,000
3.043
03/01/26
Aa2
1,000
3.04 985
4.37 -15
-3.3
0.00 AFS
194162AQ6
Industrial
A+
100.00
100.33
0.3%
1.1 1.10
CL 4.8 03/02/26
Consumer
Goods
1,000
4.800
03/02/26
Aa3
1,000
4.79 1,003
4.50 3
-3.3
0.02 AFS
742718FY0
Industrial
AA-
100.00
99.66 -0.3%
1.0 1.01
PG 4.1 01/26/26
Consumer
Goods
1,000
4.100
01/26/26
Aa3
1,000
4.10 997
4.43 -3
-3.0
0.02 AFS
718172CE7
Industrial
A-
100.00
95.09 -4.9%
3.0 2.89
PM 3 1/8 03/02/28
Consumer
Goods
500
3.125
03/02/28
A2
500
3.12 475
4.81 -25
-8.3
0.10 AFS
Industrial
AA-
100.00
98.87 -1.1%
1.3 1.32
3,500
3.859
Aa2
3,500
3.86 3,460
4.48 -40
-3.9
0.03 797440CE2
Utility
A
100.00
100.37
0.4%
3.3 3.18
Y/Y
SRE 4.95 08/15/28
Electric Power
500
4.950
08/15/28
A1
500
4.95 502
4.84 2
-9.2
0.11 AFS
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Utility
A
100.00
100.37
0.4%
3.3 3.18
500
4.950
A1
500
4.95 502
4.84 2
-9.2
0.11 Total
A+
100.00
98.47 -1.5%
1.9 1.82
9,156
3.788
Aa3
9,156
3.79 9,016
4.67 -140
-5.3
0.04 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
69503PAB7
Fixed
02/25
100.00
100.13
0.1%
0.1 0.12
PACVYB 5.2 06/14/29
PACVYB
245
5.200
06/14/29
245
5.28 245
4.20 0
-0.4
0.00 AFS
229083AA8
Fixed
02/25
100.00
100.15
0.2%
0.1 0.22
EVANBT 5.35 06/18/29
EVANBT
245
5.350
06/18/29
245
5.45 245
4.29 0
-5.7
-0.42
AFS
46656MVH1
Fixed
02/25
100.00
100.13
0.1%
0.2 0.29
JPM 5 11/30/27
JPM
240
5.000
11/30/27
240
4.87 240
4.07 0
-4.6
-0.60
AFS
59541KCV7
Fixed
06/25
100.00
100.47
0.5%
0.5 0.59
MIDMIB 5.15 06/12/28
MIDMIB
245
5.150
06/12/28
245
5.16 246
4.08 1
-5.2
-0.21
AFS
09776DAG9
Fixed
06/25
100.00
100.63
0.6%
0.5 0.62
BOMBNK 5.35 06/25/29
BOMBN
K
245
5.350
06/25/29
245
5.37 247
4.03 2
-5.8
-0.19
AFS
38150VUZ0
Fixed
06/26
100.00
101.33
1.3%
1.4 1.37
GS 5.05 06/11/26
GS
245
5.050
06/11/26
245
5.04 248
4.08 3
-4.0
0.03 AFS
34520LBC6
Fixed
06/26
100.00
101.34
1.3%
1.4 1.38
FORBBK 5.05 06/15/26
FORBBK
245
5.050
06/15/26
245
5.04 248
4.08 3
-4.0
0.03 AFS
05580A4Y7
Fixed
06/26
100.00
100.64
0.6%
1.4 1.38
BMW 4.65 06/15/26
BMW
240
4.650
06/15/26
240
4.64 242
4.18 2
-4.0
0.03 AFS
8562855V9
Fixed
06/26
100.00
101.41
1.4%
1.4 1.39
SBIIN 5.1 06/17/26
SBIIN
245
5.100
06/17/26
245
5.09 248
4.08 3
-4.0
0.03 AFS
06051XER9
Fixed
06/26
100.00
101.36
1.4%
1.4 1.40
BAC 5.05 06/22/26
BAC
245
5.050
06/22/26
245
5.04 248
4.08 3
-4.1
0.03 AFS
35634MAE1
Fixed
06/26
100.00
101.36
1.4%
1.4 1.40
FREBNJ 5.05 06/22/26
FREBNJ
245
5.050
06/22/26
245
5.04 248
4.08 3
-4.1
0.03 AFS
307811KA6
Fixed
06/26
100.00
101.28
1.3%
1.6 1.72
FMBKWI 5 06/14/28
FMBKWI
245
5.000
06/14/28
245
5.04 248
4.12 3
-6.7
-0.49
AFS
09582YAV4
Fixed
12/27
100.00
100.76
0.8%
2.8 2.77
RICBVA 4.2 12/28/27
RICBVA
240
4.200
12/28/27
240
4.20 242
3.92 2
-7.9
0.11 AFS
89235MPP0
Fixed
06/29
100.00
102.82
2.8%
4.1 3.97
TOYFBN 4.65 06/13/29
TOYFBN
245
4.650
06/13/29
245
4.65 252
3.95 7
-11.1
0.20 AFS
NCD
100.00
100.99
1.0%
1.3 1.34
3,415
4.991
3,415
4.99 3,449
4.09 34
-5.1
-0.10
Total
100.00
100.99
1.0%
1.3 1.34
3,415
4.991
3,415
4.99 3,449
4.09 34
-5.1
-0.10
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
01/25
100.00
100.00
0.0%
0.1 0.09
PLMDLCAMP
51,789
0.300
01/31/25
51,789
0.30 51,789
0.30 0
-0.3
0.00 AFS
Fixed
01/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
14,568
0.780
01/31/25
14,568
0.78 14,568
0.78 0
-0.3
0.00 AFS
Fixed
01/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
60,742
0.780
01/31/25
60,742
0.78 60,742
0.78 0
-0.3
0.00 AFS
Fixed
01/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
36,500
0.780
01/31/25
36,500
0.78 36,500
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
163,599
0.628
163,599
0.63 163,599
0.63 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
163,599
0.628
163,599
0.63 163,599
0.63 0
-0.3
0.00 City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
1,810
33 1.84%
22 1.23%
11 0.61%
0 0.00%
-11
-0.60%
-21
-1.20%
-32
-1.79%
3133EL3P7
0.53 99.50
1.35 98.90
2.34 98.30
3.34 97.70
4.35 97.11
5.35 96.53
6.36 95.96
7.36 FFCB 0.53 08/12/25
08/12/2025
0.00 0.62
0.00 0.62
0.00 0.62
0.60 0.62
0.00 0.62
0.00 0.62
0.00 0.62
5,000
37 0.76%
25 0.50%
12 0.25%
0 0.00%
-12
-0.25%
-25
-0.50%
-37
-0.75%
3133EMUP5
0.71 99.83
1.39 99.58
2.39 99.33
3.40 99.08
4.41 98.83
5.42 98.59
6.43 98.34
7.45 FFCB 0.71 04/01/25
04/01/2025
0.00 0.25
0.00 0.25
0.00 0.25
0.25 0.25
0.00 0.25
0.00 0.25
0.00 0.25
5,000
68 1.38%
45 0.92%
22 0.46%
0 0.00%
-22
-0.45%
-44
-0.90%
-66
-1.35%
3133ELK37
0.78 99.73
1.36 99.28
2.35 98.83
3.36 98.38
4.37 97.93
5.37 97.49
6.38 97.06
7.39 FFCB 0.78 06/16/25
06/16/2025
0.00 0.46
0.00 0.46
0.00 0.46
0.45 0.46
0.00 0.46
0.00 0.46
0.00 0.46
10,000
138
1.40%
94 0.96%
47 0.48%
0 0.00%
-46
-0.47%
-92
-0.94%
-138
-1.40%
3133ENHW3
1.17 99.88
1.43 99.44
2.35 98.97
3.35 98.50
4.36 98.04
5.36 97.58
6.37 97.12
7.38 FFCB 1.17 06/23/25
06/23/2025
0.00 0.48
0.00 0.48
0.00 0.48
0.47 0.48
0.00 0.48
0.00 0.48
0.00 0.48
5,000
260
5.51%
181
3.83%
90 1.92%
0 0.00%
-88
-1.88%
-174
-3.70%
-258
-5.47%
3133ENJC5
1.29 99.43
1.58 97.85
2.41 96.05
3.37 94.24
4.36 92.47
5.35 90.75
6.34 89.08
7.32 FFCB 1.29 12/22/26
12/22/2026
0.00 1.98
0.00 1.98
0.00 1.98
1.90 1.98
0.00 1.98
0.00 1.98
0.00 1.98
1,000
20 2.04%
13 1.35%
7 0.67%
0 0.00%
-7
-0.66%
-13
-1.31%
-19
-1.96%
3133EJYM5
3.02 101.16
1.29 100.48
2.30 99.80
3.31 99.14
4.32 98.48
5.32 97.84
6.32 97.20
7.32 FFCB 3.02 09/04/25
09/04/2025
0.00 0.68
0.00 0.68
0.00 0.68
0.66 0.68
0.00 0.68
0.00 0.68
0.00 0.68
2,000
40 2.04%
27 1.35%
13 0.67%
0 0.00%
-13
-0.66%
-26
-1.31%
-39
-1.96%
3133EJYM5
3.02 101.16
1.29 100.48
2.30 99.80
3.31 99.14
4.32 98.48
5.32 97.84
6.32 97.20
7.32 FFCB 3.02 09/04/25
09/04/2025
0.00 0.68
0.00 0.68
0.00 0.68
0.66 0.68
0.00 0.68
0.00 0.68
0.00 0.68
1,000
62 6.22%
42 4.22%
22 2.18%
0 0.00%
-23
-2.33%
-47
-4.75%
-71
-7.17%
3133ERE23
4.32 105.64
1.34 103.65
2.37 101.62
3.44 99.45
4.52 97.13
5.39 94.73
6.32 92.32
7.28 FFCB 4.32 12/02/27
12/02/2027
0.00 1.92
0.00 1.92
0.00 1.92
2.25 2.92
0.00 2.92
0.00 2.92
0.00 2.92
2,815
54 1.93%
42 1.51%
29 1.02%
0 0.00%
-55
-1.96%
-126
-4.49%
-202
-7.20%
3133EPLE3
4.67 101.31
2.01 100.89
2.86 100.40
3.84 99.39
4.86 97.44
5.50 94.92
6.34 92.23
7.28 FFCB 4.67 05/30/28
05/30/2028
0.00 0.50
0.00 0.50
0.00 0.50
1.49 3.42
0.00 3.42
0.00 3.42
0.00 3.42
5,000
215
4.27%
147
2.92%
78 1.54%
0 0.00%
-96
-1.91%
-212
-4.21%
-341
-6.76%
3133ERCX7
5.17 105.14
1.28 103.77
2.28 102.39
3.33 100.83
4.52 98.91
5.53 96.58
6.32 94.01
7.22 FFCB 5.17 05/01/28
05/01/2028
0.00 1.34
0.00 1.34
0.00 1.34
1.69 1.34
0.00 3.34
0.00 3.34
0.00 3.34
3,000
85 2.92%
57 1.97%
28 0.98%
0 0.00%
-28
-0.96%
-55
-1.90%
-82
-2.82%
3130AMRQ7
0.88 99.52
1.36 98.60
2.29 97.65
3.29 96.70
4.28 95.77
5.27 94.86
6.25 93.97
7.23 FHLB 0 7/8 12/30/25
12/30/2025
0.00 1.00
0.00 1.00
0.00 1.00
0.97 1.00
0.00 1.00
0.00 1.00
0.00 1.00
5,000
296
6.37%
198
4.27%
98 2.11%
0 0.00%
-95
-2.05%
-188
-4.04%
-277
-5.97%
3130AL5A8
0.90 98.73
1.50 96.77
2.45 94.77
3.44 92.81
4.43 90.91
5.43 89.06
6.42 87.26
7.40 FHLB 0.9 02/26/27
02/26/2027
0.00 2.16
0.00 2.16
0.00 2.16
2.08 2.16
0.00 2.16
0.00 2.16
0.00 2.16
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
7,000
8 0.12%
5 0.08%
3 0.04%
0 0.00%
-3
-0.04%
-5
-0.08%
-8
-0.12%
3130AQEA7
1.05 100.01
0.87 99.97
1.87 99.93
2.88 99.89
3.90 99.85
4.92 99.81
5.94 99.77
6.97 FHLB 1.05 01/14/25
01/14/2025
0.00 0.04
0.00 0.04
0.00 0.04
0.04 0.04
0.00 0.04
0.00 0.04
0.00 0.04
4,000
147
3.83%
100
2.61%
50 1.30%
0 0.00%
-49
-1.27%
-96
-2.51%
-143
-3.73%
3130AN5C0
1.05 99.50
1.43 98.33
2.33 97.07
3.31 95.83
4.31 94.61
5.30 93.42
6.28 92.26
7.26 FHLB 1.05 04/29/26
04/29/2026
0.00 1.33
0.00 1.33
0.00 1.33
1.28 1.33
0.00 1.33
0.00 1.33
0.00 1.33
5,000
243
5.11%
186
3.91%
97 2.04%
0 0.00%
-96
-2.02%
-190
-3.99%
-281
-5.91%
3130AQRH8
2.00 100.00
2.01 98.85
2.55 97.07
3.42 95.13
4.39 93.21
5.38 91.33
6.37 89.51
7.35 FHLB 2 02/25/27
02/25/2027
0.00 0.40
0.00 2.15
0.00 2.15
2.03 2.15
0.00 2.15
0.00 2.15
0.00 2.15
5,000
138
2.83%
135
2.77%
86 1.78%
0 0.00%
-99
-2.03%
-199
-4.09%
-297
-6.10%
3130ARHJ3
3.18 100.08
1.61 100.02
3.00 99.06
3.60 97.33
4.41 95.35
5.35 93.35
6.32 91.39
7.30 FHLB 3.175 04/19/27
04/19/2027
0.00 0.05
0.00 0.14
0.00 2.30
1.95 2.30
0.00 2.30
0.00 2.30
0.00 2.30
1,000
68 6.86%
48 4.84%
26 2.64%
0 0.00%
-32
-3.21%
-68
-6.83%
-105
-10.55%
3130B3XP3
4.50 106.02
1.33 104.01
2.36 101.83
3.51 99.21
4.93 96.02
5.43 92.44
6.31 88.74
7.26 FHLB 4 1/2 12/04/29
12/04/2029
0.00 1.93
0.00 1.93
0.00 1.93
2.92 1.93
0.00 4.93
0.00 4.93
0.00 4.93
10,000
213
2.19%
142
1.46%
70 0.72%
0 0.00%
-69
-0.71%
-138
-1.42%
-205
-2.11%
3134GWUG9
0.57 99.44
1.33 98.73
2.33 98.01
3.33 97.31
4.34 96.62
5.34 95.93
6.33 95.26
7.33 FHLMC 0.57 09/24/25
09/24/2025
0.00 0.73
0.00 0.73
0.00 0.73
0.72 0.73
0.00 0.73
0.00 0.73
0.00 0.73
1,150
29 2.58%
19 1.72%
10 0.85%
0 0.00%
-9
-0.84%
-19
-1.66%
-28
-2.47%
3134GXBM5
0.60 99.37
1.33 98.54
2.32 97.70
3.32 96.87
4.32 96.06
5.31 95.26
6.31 94.47
7.30 FHLMC 0.6 11/12/25
11/12/2025
0.00 0.87
0.00 0.87
0.00 0.87
0.85 0.87
0.00 0.87
0.00 0.87
0.00 0.87
5,000
253
5.40%
169
3.61%
84 1.79%
0 0.00%
-82
-1.74%
-161
-3.43%
-238
-5.08%
3134GW4C7
0.80 98.88
1.43 97.20
2.38 95.49
3.37 93.81
4.36 92.18
5.36 90.59
6.34 89.04
7.32 FHLMC 0.8 10/27/26
10/27/2026
0.00 1.83
0.00 1.83
0.00 1.83
1.76 1.83
0.00 1.83
0.00 1.83
0.00 1.83
3,000
75 2.56%
49 1.69%
24 0.84%
0 0.00%
-24
-0.83%
-48
-1.64%
-71
-2.44%
3135G06G3
0.50 99.35
1.26 98.51
2.27 97.68
3.28 96.87
4.28 96.07
5.27 95.28
6.27 94.51
7.26 FNMA 0 1/2 11/07/25
11/07/2025
0.00 0.85
0.00 0.85
0.00 0.85
0.83 0.85
0.00 0.85
0.00 0.85
0.00 0.85
3,500
60 1.74%
40 1.16%
20 0.58%
0 0.00%
-19
-0.57%
-39
-1.13%
-58
-1.69%
3136G4ZP1
0.65 99.60
1.34 99.03
2.33 98.46
3.33 97.90
4.33 97.34
5.34 96.79
6.34 96.25
7.34 FNMA 0.65 07/30/25
07/30/2025
0.00 0.58
0.00 0.58
0.00 0.58
0.57 0.58
0.00 0.58
0.00 0.58
0.00 0.58
5,000
287
6.03%
189
3.96%
93 1.95%
0 0.00%
-90
-1.89%
-178
-3.73%
-263
-5.52%
912828YX2
1.75 101.02
1.23 99.05
2.24 97.14
3.24 95.28
4.24 93.48
5.23 91.72
6.22 90.02
7.20 T 1 3/4 12/31/26
12/31/2026
0.00 2.00
0.00 2.00
0.00 2.00
1.92 2.00
0.00 2.00
0.00 2.00
0.00 2.00
3,000
102
3.48%
67 2.29%
33 1.13%
0 0.00%
-33
-1.11%
-65
-2.20%
-96
-3.26%
9128286F2
2.50 101.43
1.26 100.27
2.26 99.13
3.27 98.02
4.26 96.93
5.25 95.87
6.24 94.82
7.22 T 2 1/2 02/28/26
02/28/2026
0.00 1.17
0.00 1.17
0.00 1.17
1.11 1.17
0.00 1.17
0.00 1.17
0.00 1.17
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
3,200
117
3.73%
77 2.46%
38 1.22%
0 0.00%
-37
-1.19%
-74
-2.36%
-109
-3.50%
9128286L9
2.25 101.20
1.27 99.96
2.27 98.75
3.27 97.56
4.27 96.40
5.26 95.26
6.24 94.15
7.22 T 2 1/4 03/31/26
03/31/2026
0.00 1.25
0.00 1.25
0.00 1.25
1.20 1.25
0.00 1.25
0.00 1.25
0.00 1.25
3,000
88 2.99%
58 1.97%
29 0.98%
0 0.00%
-28
-0.96%
-56
-1.90%
-83
-2.82%
9128285T3
2.63 101.41
1.20 100.41
2.21 99.43
3.21 98.47
4.20 97.53
5.19 96.60
6.18 95.70
7.16 T 2 5/8 12/31/25
12/31/2025
0.00 1.00
0.00 1.00
0.00 1.00
0.97 1.00
0.00 1.00
0.00 1.00
0.00 1.00
5,000
147
2.99%
97 1.97%
48 0.98%
0 0.00%
-47
-0.96%
-93
-1.90%
-139
-2.82%
9128285T3
2.63 101.41
1.20 100.41
2.21 99.43
3.21 98.47
4.20 97.53
5.19 96.60
6.18 95.70
7.16 T 2 5/8 12/31/25
12/31/2025
0.00 1.00
0.00 1.00
0.00 1.00
0.97 1.00
0.00 1.00
0.00 1.00
0.00 1.00
5,000
363
7.43%
238
4.87%
117
2.39%
0 0.00%
-113
-2.31%
-222
-4.55%
-328
-6.72%
91282CEW7
3.25 104.93
1.24 102.43
2.24 100.01
3.24 97.67
4.24 95.41
5.23 93.22
6.21 91.11
7.19 T 3 1/4 06/30/27
06/30/2027
0.00 2.50
0.00 2.50
0.00 2.50
2.35 2.50
0.00 2.50
0.00 2.50
0.00 2.50
5,000
681
13.93%
441
9.02%
215
4.39%
0 0.00%
-203
-4.15%
-396
-8.09%
-578
-11.82%
91282CFL0
3.88 111.47
1.37 106.67
2.38 102.13
3.38 97.84
4.38 93.77
5.37 89.92
6.36 86.27
7.35 T 3 7/8 09/30/29
09/30/2029
0.00 4.75
0.00 4.75
0.00 4.75
4.23 4.75
0.00 4.75
0.00 4.75
0.00 4.75
5,000
704
14.40%
456
9.33%
222
4.53%
0 0.00%
-209
-4.28%
-408
-8.34%
-595
-12.17%
91282CFY2
3.88 111.86
1.37 106.90
2.38 102.21
3.38 97.78
4.38 93.59
5.37 89.63
6.36 85.88
7.35 T 3 7/8 11/30/29
11/30/2029
0.00 4.92
0.00 4.92
0.00 4.92
4.39 4.92
0.00 4.92
0.00 4.92
0.00 4.92
5,000
167
3.35%
110
2.21%
55 1.09%
0 0.00%
-53
-1.07%
-106
-2.12%
-157
-3.15%
91282CGL9
4.00 103.08
1.24 101.94
2.25 100.82
3.25 99.73
4.25 98.66
5.24 97.61
6.23 96.58
7.21 T 4 02/15/26
02/15/2026
0.00 1.13
0.00 1.13
0.00 1.13
1.07 1.13
0.00 1.13
0.00 1.13
0.00 1.13
5,000
216
4.32%
142
2.85%
70 1.41%
0 0.00%
-69
-1.37%
-136
-2.72%
-201
-4.03%
91282CHH7
4.13 104.15
1.24 102.67
2.24 101.23
3.24 99.83
4.23 98.46
5.22 97.12
6.21 95.81
7.19 T 4 1/8 06/15/26
06/15/2026
0.00 1.46
0.00 1.46
0.00 1.46
1.39 1.46
0.00 1.46
0.00 1.46
0.00 1.46
2,500
202
8.11%
132
5.31%
65 2.61%
0 0.00%
-63
-2.51%
-123
-4.94%
-181
-7.28%
91282CFM8
4.13 107.71
1.26 104.92
2.27 102.23
3.27 99.63
4.26 97.13
5.26 94.71
6.24 92.38
7.22 T 4 1/8 09/30/27
09/30/2027
0.00 2.75
0.00 2.75
0.00 2.75
2.53 2.75
0.00 2.75
0.00 2.75
0.00 2.75
5,000
695
14.14%
450
9.16%
219
4.45%
0 0.00%
-207
-4.21%
-403
-8.20%
-589
-11.97%
91282CFT3
4.00 112.24
1.37 107.34
2.38 102.72
3.38 98.34
4.38 94.20
5.38 90.28
6.37 86.57
7.35 T 4 10/31/29
10/31/2029
0.00 4.83
0.00 4.83
0.00 4.83
4.30 4.83
0.00 4.83
0.00 4.83
0.00 4.83
Treasury/Agency
142,975
6,311
4.52%
4,245
3.04%
2,130
1.53%
0 0.00%
-2,133
-1.53%
-4,246
-3.04%
-6,316
-4.52%
2.19 102.06
1.36 100.62
2.34 99.14
3.32 97.65
4.33 96.16
5.31 94.68
6.29 93.23
7.28 0.00
1.45 0.00
1.51 0.00
1.59 1.52
1.65 0.00
1.75 0.00
1.75 0.00
1.75 500
16 3.23%
10 2.13%
5 1.06%
0 0.00%
-5
-1.04%
-10
-2.05%
-15
-3.04%
06406RAQ0
0.75 99.17
1.53 98.12
2.53 97.08
3.53 96.07
4.53 95.08
5.52 94.10
6.51 93.15
7.49 BK 0 3/4 01/28/26
01/28/2026
0.00 1.08
0.00 1.08
0.00 1.08
1.04 1.08
0.00 1.08
0.00 1.08
0.00 1.08
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
656
73 11.28%
49 7.48%
24 3.70%
0 0.00%
-23
-3.57%
-45
-6.99%
-67
-10.26%
06406RBN6
4.54 110.15
1.18 106.39
2.38 102.64
3.63 98.98
4.90 95.45
6.18 92.06
7.47 88.82
8.75 BK 4.543 02/01/29
02/01/2029
0.00 3.09
0.00 3.09
0.00 3.09
3.57 3.09
0.00 3.09
0.00 3.09
0.00 3.09
500
18 3.71%
12 2.51%
6 1.28%
0 0.00%
-6
-1.32%
-13
-2.62%
-19
-3.90%
11271LAA0
4.25 102.33
2.23 101.15
3.25 99.94
4.29 98.67
5.23 97.37
6.21 96.08
7.19 94.82
8.18 BNCN 4 1/4 06/02/26
06/02/2026
0.00 1.17
0.00 1.17
0.00 1.42
1.30 1.42
0.00 1.42
0.00 1.42
0.00 1.42
500
53 11.11%
35 7.29%
17 3.58%
0 0.00%
-17
-3.45%
-33
-6.77%
-48
-9.96%
05565QDH8
3.72 106.85
1.78 103.17
2.81 99.60
3.83 96.16
4.81 92.84
5.79 89.65
6.78 86.59
7.76 BPLN 3.723 11/28/28
11/28/2028
0.00 3.66
0.00 3.66
0.00 3.91
3.51 3.91
0.00 3.91
0.00 3.91
0.00 3.91
1,000
35 3.47%
23 2.29%
11 1.13%
0 0.00%
-11
-1.11%
-22
-2.19%
-33
-3.26%
194162AQ6
4.80 103.81
1.51 102.62
2.51 101.47
3.51 100.33
4.50 99.22
5.49 98.13
6.48 97.06
7.45 CL 4.8 03/02/26
03/02/2026
0.00 1.17
0.00 1.17
0.00 1.17
1.10 1.17
0.00 1.17
0.00 1.17
0.00 1.17
500
19 3.91%
13 2.65%
7 1.35%
0 0.00%
-7
-1.37%
-13
-2.71%
-20
-4.03%
46625HRS1
3.20 101.93
1.58 100.70
2.61 99.43
3.61 98.10
4.56 96.76
5.54 95.44
6.53 94.15
7.51 JPM 3.2 06/15/26
06/15/2026
0.00 1.21
0.00 1.21
0.00 1.46
1.36 1.46
0.00 1.46
0.00 1.46
0.00 1.46
500
23 4.69%
15 3.08%
7 1.52%
0 0.00%
-7
-1.49%
-14
-2.93%
-21
-4.35%
61761J3R8
3.13 102.33
1.62 100.76
2.63 99.24
3.63 97.75
4.62 96.30
5.61 94.88
6.60 93.50
7.58 MS 3 1/8 07/27/26
07/27/2026
0.00 1.58
0.00 1.58
0.00 1.58
1.48 1.58
0.00 1.58
0.00 1.58
0.00 1.58
1,000
32 3.19%
21 2.10%
10 1.04%
0 0.00%
-10
-1.02%
-20
-2.02%
-30
-3.00%
742718FY0
4.10 102.84
1.42 101.76
2.43 100.70
3.43 99.66
4.43 98.64
5.42 97.65
6.40 96.67
7.39 PG 4.1 01/26/26
01/26/2026
0.00 1.07
0.00 1.07
0.00 1.07
1.01 1.07
0.00 1.07
0.00 1.07
0.00 1.07
500
43 9.11%
29 6.00%
14 2.97%
0 0.00%
-14
-2.88%
-27
-5.66%
-40
-8.34%
718172CE7
3.13 103.75
1.80 100.80
2.85 97.91
3.83 95.09
4.81 92.35
5.80 89.71
6.78 87.16
7.77 PM 3 1/8 03/02/28
03/02/2028
0.00 2.92
0.00 3.09
0.00 3.17
2.89 3.17
0.00 3.17
0.00 3.17
0.00 3.17
500
34 7.05%
23 4.68%
11 2.33%
0 0.00%
-11
-2.29%
-22
-4.52%
-32
-6.68%
75973QAA5
3.45 103.42
1.89 101.13
2.93 98.86
3.93 96.61
4.91 94.40
5.89 92.25
6.87 90.16
7.86 RNR 3.45 07/01/27
07/01/2027
0.00 2.25
0.00 2.25
0.00 2.50
2.27 2.50
0.00 2.50
0.00 2.50
0.00 2.50
500
16 3.19%
11 2.11%
5 1.04%
0 0.00%
-5
-1.02%
-10
-2.02%
-15
-3.01%
780082AD5
4.65 103.07
1.75 101.98
2.76 100.92
3.76 99.88
4.76 98.86
5.76 97.86
6.74 96.88
7.73 RY 4.65 01/27/26
01/27/2026
0.00 1.08
0.00 1.08
0.00 1.08
1.01 1.08
0.00 1.08
0.00 1.08
0.00 1.08
500
31 6.29%
20 4.19%
10 2.09%
0 0.00%
-10
-2.07%
-20
-4.09%
-29
-6.06%
808513BW4
3.30 103.28
1.63 101.24
2.66 99.20
3.67 97.17
4.64 95.16
5.61 93.19
6.60 91.28
7.58 SCHW 3.3 04/01/27
04/01/2027
0.00 2.00
0.00 2.00
0.00 2.25
2.07 2.25
0.00 2.25
0.00 2.25
0.00 2.25
500
52 10.33%
34 6.75%
17 3.31%
0 0.00%
-16
-3.18%
-31
-6.24%
-46
-9.17%
797440CE2
4.95 110.74
1.81 107.14
2.82 103.69
3.83 100.37
4.84 97.18
5.82 94.11
6.81 91.16
7.79 SRE 4.95 08/15/28
08/15/2028
0.00 3.54
0.00 3.54
0.00 3.54
3.18 3.63
0.00 3.63
0.00 3.63
0.00 3.63
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
500
37 7.38%
24 4.84%
12 2.38%
0 0.00%
-12
-2.30%
-23
-4.52%
-34
-6.67%
22550L2K6
5.00 107.92
1.78 105.36
2.79 102.89
3.79 100.50
4.79 98.19
5.78 95.96
6.77 93.79
7.75 UBS 5 07/09/27
07/09/2027
0.00 2.53
0.00 2.53
0.00 2.53
2.28 2.53
0.00 2.53
0.00 2.53
0.00 2.53
1,000
30 3.03%
20 2.08%
11 1.07%
0 0.00%
-11
-1.10%
-22
-2.18%
-32
-3.25%
30231GAT9
3.04 101.49
1.41 100.55
2.44 99.56
3.43 98.50
4.37 97.42
5.34 96.35
6.33 95.30
7.30 XOM 3.043 03/01/26
03/01/2026
0.00 0.92
0.00 0.92
0.00 1.17
1.08 1.17
0.00 1.17
0.00 1.17
0.00 1.17
Corporate
9,156
512
5.68%
339
3.76%
168
1.87%
0 0.00%
-165
-1.83%
-325
-3.60%
-480
-5.32%
3.79 104.06
1.62 102.17
2.65 100.31
3.67 98.47
4.67 96.67
5.67 94.92
6.68 93.23
7.68 0.00
1.82 0.00
1.83 0.00
1.93 1.82
1.94 0.00
1.94 0.00
1.94 0.00
1.94 245
11 4.36%
7 2.87%
4 1.42%
0 0.00%
-3
-1.39%
-7
-2.74%
-10
-4.06%
06051XER9
5.05 105.78
1.08 104.27
2.09 102.80
3.08 101.36
4.08 99.96
5.07 98.58
6.05 97.24
7.03 BAC 5.05 06/22/26
06/22/2026
0.00 1.48
0.00 1.48
0.00 1.48
1.40 1.48
0.00 1.48
0.00 1.48
0.00 1.48
240
10 4.31%
7 2.84%
3 1.40%
0 0.00%
-3
-1.37%
-7
-2.71%
-10
-4.02%
05580A4Y7
4.65 104.98
1.18 103.50
2.19 102.05
3.19 100.64
4.18 99.26
5.17 97.91
6.15 96.60
7.13 BMW 4.65 06/15/26
06/15/2026
0.00 1.46
0.00 1.46
0.00 1.46
1.38 1.46
0.00 1.46
0.00 1.46
0.00 1.46
245
4 1.49%
2 1.00%
1 0.52%
0 0.00%
-2
-0.97%
-7
-2.97%
-14
-5.79%
09776DAG9
5.35 102.13
0.92 101.64
1.92 101.16
2.93 100.63
4.03 99.66
5.51 97.64
6.02 94.80
6.79 BOMBNK 5.35 06/25/29
06/25/2029
0.00 0.49
0.00 0.49
0.00 0.49
0.62 0.49
0.00 3.82
0.00 4.49
0.00 4.49
245
1 0.42%
1 0.28%
0 0.14%
0 0.00%
-2
-0.72%
-7
-2.83%
-14
-5.72%
229083AA8
5.35 100.57
1.14 100.43
2.16 100.29
3.19 100.15
4.29 99.42
5.56 97.31
6.11 94.42
6.90 EVANBT 5.35 06/18/29
06/18/2029
0.00 0.13
0.00 0.13
0.00 0.13
0.22 0.13
0.00 4.30
0.00 4.47
0.00 4.47
245
11 4.51%
8 3.05%
4 1.59%
0 0.00%
-5
-1.90%
-10
-4.19%
-17
-6.74%
307811KA6
5.00 105.85
0.94 104.37
1.95 102.89
2.98 101.28
4.12 99.35
5.26 97.03
6.02 94.45
6.90 FMBKWI 5 06/14/28
06/14/2028
0.00 1.46
0.00 1.46
0.00 1.46
1.72 1.46
0.00 3.46
0.00 3.46
0.00 3.46
245
11 4.31%
7 2.84%
3 1.40%
0 0.00%
-3
-1.37%
-7
-2.70%
-10
-4.01%
34520LBC6
5.05 105.70
1.08 104.21
2.09 102.76
3.09 101.34
4.08 99.95
5.07 98.60
6.05 97.28
7.03 FORBBK 5.05 06/15/26
06/15/2026
0.00 1.46
0.00 1.46
0.00 1.46
1.38 1.46
0.00 1.46
0.00 1.46
0.00 1.46
245
11 4.36%
7 2.87%
4 1.42%
0 0.00%
-3
-1.39%
-7
-2.74%
-10
-4.06%
35634MAE1
5.05 105.78
1.08 104.27
2.09 102.80
3.08 101.36
4.08 99.96
5.07 98.58
6.05 97.24
7.03 FREBNJ 5.05 06/22/26
06/22/2026
0.00 1.48
0.00 1.48
0.00 1.48
1.40 1.48
0.00 1.48
0.00 1.48
0.00 1.48
245
11 4.27%
7 2.82%
3 1.39%
0 0.00%
-3
-1.36%
-7
-2.69%
-10
-3.98%
38150VUZ0
5.05 105.66
1.08 104.18
2.09 102.74
3.09 101.33
4.08 99.95
5.07 98.61
6.05 97.29
7.03 GS 5.05 06/11/26
06/11/2026
0.00 1.45
0.00 1.45
0.00 1.45
1.37 1.45
0.00 1.45
0.00 1.45
0.00 1.45
240
1 0.51%
1 0.35%
0 0.18%
0 0.00%
-2
-0.71%
-6
-2.42%
-11
-4.63%
46656MVH1
5.00 100.64
0.98 100.48
1.97 100.31
2.96 100.13
4.07 99.42
5.21 97.70
5.86 95.49
6.72 JPM 5 11/30/27
11/30/2027
0.00 0.17
0.00 0.17
0.00 0.17
0.29 0.17
0.00 2.92
0.00 2.92
0.00 2.92
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
245
3 1.39%
2 0.94%
1 0.49%
0 0.00%
-2
-0.92%
-7
-2.73%
-13
-5.15%
59541KCV7
5.15 101.86
0.94 101.41
1.95 100.96
2.96 100.47
4.08 99.55
5.36 97.73
5.95 95.29
6.77 MIDMIB 5.15 06/12/28
06/12/2028
0.00 0.45
0.00 0.45
0.00 0.45
0.59 0.45
0.00 3.20
0.00 3.45
0.00 3.45
245
1 0.38%
1 0.25%
0 0.12%
0 0.00%
0 -0.12%
-1
-0.25%
-1
-0.37%
69503PAB7
5.20 100.51
1.10 100.38
2.13 100.25
3.16 100.13
4.20 100.01
5.24 99.88
6.28 99.76
7.33 PACVYB 5.2 06/14/29
06/14/2029
0.00 0.12
0.00 0.12
0.00 0.12
0.12 0.12
0.00 0.12
0.00 0.12
0.00 0.12
240
21 8.81%
14 5.76%
7 2.82%
0 0.00%
-7
-2.72%
-13
-5.33%
-19
-7.85%
09582YAV4
4.20 109.64
0.93 106.56
1.93 103.61
2.93 100.76
3.92 98.02
4.91 95.39
5.90 92.85
6.88 RICBVA 4.2 12/28/27
12/28/2027
0.00 2.99
0.00 2.99
0.00 2.99
2.77 2.99
0.00 2.99
0.00 2.99
0.00 2.99
245
11 4.32%
7 2.85%
3 1.41%
0 0.00%
-3
-1.37%
-7
-2.71%
-10
-4.02%
8562855V9
5.10 105.79
1.09 104.30
2.09 102.84
3.09 101.41
4.08 100.02
5.07 98.66
6.06 97.33
7.04 SBIIN 5.1 06/17/26
06/17/2026
0.00 1.46
0.00 1.46
0.00 1.46
1.39 1.46
0.00 1.46
0.00 1.46
0.00 1.46
245
33 12.91%
21 8.38%
10 4.08%
0 0.00%
-10
-3.87%
-19
-7.56%
-28
-11.05%
89235MPP0
4.65 116.09
0.95 111.43
1.96 107.01
2.96 102.82
3.95 98.84
4.94 95.05
5.93 91.45
6.91 TOYFBN 4.65 06/13/29
06/13/2029
0.00 4.45
0.00 4.45
0.00 4.45
3.97 4.45
0.00 4.45
0.00 4.45
0.00 4.45
CD
3,415
139
4.04%
92 2.66%
45 1.32%
0 0.00%
-50
-1.45%
-110
-3.19%
-176
-5.11%
4.99 105.07
1.03 103.67
2.04 102.32
3.05 100.99
4.09 99.53
5.18 97.77
6.04 95.83
6.97 0.00
1.36 0.00
1.36 0.00
1.36 1.34
1.36 0.00
2.43 0.00
2.51 0.00
2.51 14,568
38 0.26%
25 0.17%
13 0.09%
0 0.00%
-12
-0.09%
-25
-0.17%
-37
-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
01/31/2025
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
60,742
157
0.26%
104
0.17%
52 0.09%
0 0.00%
-52
-0.09%
-104
-0.17%
-156
-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
01/31/2025
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
36,500
94 0.26%
63 0.17%
31 0.09%
0 0.00%
-31
-0.09%
-63
-0.17%
-94
-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
01/31/2025
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
51,789
134
0.26%
89 0.17%
44 0.09%
0 0.00%
-44
-0.09%
-89
-0.17%
-133
-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 LAIF CAMP
01/31/2025
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
Other
163,599
422
0.26%
281
0.17%
140
0.09%
0 0.00%
-140
-0.09%
-280
-0.17%
-420
-0.26%
0.63 100.26
-2.45
100.17
-1.43
100.09
-0.40
100.00
0.63 99.91
1.66 99.83
2.70 99.74
3.75 0.00
0.08 0.00
0.08 0.00
0.08 0.09
0.08 0.00
0.08 0.00
0.08 0.00
0.08 Total
319,145
7,384
2.34%
4,957
1.57%
2,484
0.79%
0 0.00%
-2,487
-0.79%
-4,961
-1.57%
-7,392
-2.34%
1.46 101.23
-0.57
100.47
0.42 99.69
1.41 98.91
2.42 98.13
3.42 97.36
4.41 96.60
5.42 1
0.00 0.76
0.00 0.79
0.00 0.83
0.78 0.85
0.00 0.91
0.00 0.91
0.00 0.91
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Portfolio Changes
New Securities 9/2024-12/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
3130B3XP3
Treasury/Agency
FHLB 4 1/2 12/04/29
12/04/2029
4.50 1,000,000
100.00
AFS
3133ERE23
Treasury/Agency
FFCB 4.32 12/02/27
12/02/2027
4.32 1,000,000
100.00
AFS
91282CFL0
Treasury/Agency
T 3 7/8 09/30/29
09/30/2029
3.88 5,000,000
100.00
AFS
91282CFT3
Treasury/Agency
T 4 10/31/29
10/31/2029
4.00 5,000,000
100.00
AFS
91282CFY2
Treasury/Agency
T 3 7/8 11/30/29
11/30/2029
3.88 5,000,000
100.00
AFS
Partial Buy9/2024-12/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLLAIF
Other
LAIF
01/31/2025
0.78 111,810,289
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 9/2024-12/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
3130AQDY6
Treasury/Agency
FHLB 1 12/30/24
12/30/2024
1.00 6,750,000
100.00
AFS
Expired/Matured
3134GWNG7
Treasury/Agency
FHLMC 0 1/2 11/27/24
11/27/2024
0.50 2,000,000
100.00
AFS
Expired/Matured
91282CDN8
Treasury/Agency
T 1 12/15/24
12/15/2024
1.00 20,000,000
100.00
AFS
Expired/Matured
9128283P3
Treasury/Agency
T 2 1/4 12/31/24
12/31/2024
2.25 3,000,000
100.00
AFS
Expired/Matured
PLMDLCAMP
Other
LAIF CAMP
01/31/2025
0.30 51,788,998
100.00
AFS
Partial Sale
City of Palmdale - Palmdale, CA
As of 12/31/2024
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
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
City of Palmdale - Palmdale, CA
As of 12/31/2024
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 12/31/2024
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.
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Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE, One South Street, Baltimore, MD 21202
. All rights reserved.
Disclaimer
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
Portfolio Exceptions
Hld
Exception
Sub
Indic
Par
Book
Market
ID
Description
CUSIP
Sector
Sector
Table
Security Description
Value
Price
Price
1 7785771
Called
3133EPKC8
Treasury/Agency
Agency Bullet
AGY
FFCB 5.39 05/18/27
5,000
100.000
100.000
2 8197055
Called
3130A5DH9
AGY
FHLB 2.000 05/18/20 CALd
1,950
100.000
100.000
Portfolio Exceptions Summary
Total Par
Total Par
Total Par
% Par
Holding Count
Holding Count
Holding Count
% Count
From Customer
Excluded
In Analysis
Excluded
From Customer
Excluded
In Analysis
Excluded
326,095
6,950
319,145
2.13 %
69 2
67 2.90 %
City of Palmdale - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6748 - 58411
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale - Successor Agency
Palmdale, CA
As of Date: 12/31/2024
Pricing as of: 12/31/2024
Date of Analysis: 01/10/2025
Account Executive: Bill Blackwill
Book Value
3,813
# Securities
1 Average Size (Book)
3,813
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 12/31/2024
Portfolio ID: 6753 - 58411
Historical Portfolio Overview
12/31/2024
09/30/2024
06/30/2024
03/31/2024
Book Value
3,813
3,741
8,150
6,283
Yield at Book
0.78 0.78
0.78 0.78
Yield at Book (+100)
0.78 0.78
0.78 0.78
Yield at Book (+300)
0.78 0.78
0.78 0.78
Yield at Book (-100)
0.78 0.78
0.78 0.78
WAL
0.08 0.08
0.08 0.08
WAL (+100)
0.08 0.08
0.08 0.08
WAL (+300)
0.08 0.08
0.08 0.08
WAL (-100)
0.08 0.08
0.08 0.08
% Price Change (+100)
-0.1%
-0.1%
-0.1%
-0.1%
% Price Change (+300)
-0.3%
-0.3%
-0.3%
-0.2%
% Price Change (-100)
0.1%
0.1%
0.1%
0.1%
Effective Duration
0.09 0.09
0.09 0.08
Effective Convexity
0.00 0.00
0.00 0.00
$ Gain/Loss
0 0
0 0
% Gain/Loss
0.0%
0.0%
0.0%
0.0%
$ Gain/Loss (+300)
-10
-10
-21
-16
Principal Cash Flow 2 yrs out
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (+100)
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (+300)
100%
100%
100%
100%
Principal Cash Flow 2 yrs out (-100)
100%
100%
100%
100%
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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%
3,813
0.78 0.1 yrs
3,813
0.78 3,813
0.78 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Other (1)
100.0%
3,813
0.78 0.1 yrs
3,813
0.78 3,813
0.78 0.1
-0.1
-0.3
0 0.0%
0.08 0.09
0.00 100 %
Total (1)
100.0%
3,813
0.78 0.1 yrs
3,813
0.78 3,813
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 12/31/2024
Portfolio ID: 6753 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
3,813
3,813
3,813
3,813
3,813
3,813
3,813
Book Value
3,813
3,813
3,813
3,813
3,813
3,813
3,813
Market Value
3,823
3,820
3,816
3,813
3,810
3,806
3,803
Gain/(Loss)
10 7
3 0
-3
-7
-10
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 Effective Duration
0.00 0.00
0.00 0.09
0.00 0.00
0.00 Effective Convexity
0.00 0.00
0.00 0.00
0.00 0.00
0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2024
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%
3,813
-0.1%
-0.2%
-0.3%
0.1%
Total
0.1%
3,813
-0.1%
-0.2%
-0.3%
0.1%
Scenario Market Val
3,816
3,813
3,810
3,806
3,803
Scenario Gain/Loss
3 0
-3
-7
-10
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
0.2%
-100 bps
0.1%
Level Market Val
3,813
+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 12/31/2024
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 12/24
3,692
-4.3
1.02 1.4
1.4 1.4
1.3 -1.3
-3.8
1.3 0.0
93%
0%
0%
0%
0%
0%
0%
0%
0%
0%
7%
100%
100%
2 12/24
7,000
-5.3
0.94 1.7
1.7 1.7
1.6 -1.6
-4.7
1.6 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
3 12/24
7,641
-4.2
3.74 2.8
2.8 3.3
2.3 -2.4
-7.1
2.4 0.0
0%
12%
0%
12%
0%
0%
0%
0%
0%
0%
76%
100%
100%
4 10/24
10,019
-9.4
3.50 7.1
5.3 8.7
3.4 -4.0
-12.2
3.7 -0.4
0%
0%
0%
5%
21%
0%
0%
0%
68%
3%
2%
79%
100%
5 12/24
13,111
0.5 4.55
1.4 1.2
1.7 1.3
-1.4
-4.3
1.3 -0.1
36%
0%
0%
0%
0%
0%
0%
0%
0%
0%
64%
100%
100%
6 11/24
16,006
0.0 5.65
1.1 1.1
1.1 1.0
-1.0
-3.1
1.0 0.0
6%
0%
0%
0%
0%
0%
0%
0%
19%
0%
75%
100%
100%
7 11/24
24,759
0.0 4.33
4.8 4.6
4.8 4.2
-4.1
-11.6
4.1 0.1
53%
19%
0%
0%
0%
28%
0%
0%
0%
0%
0%
100%
100%
8 09/24
26,787
-1.4
3.13 2.1
2.0 2.4
1.9 -1.9
-5.8
1.9 0.0
31%
0%
0%
0%
0%
9%
0%
0%
18%
6%
37%
100%
100%
9 10/24
27,633
-2.7
1.96 1.5
1.5 1.7
1.4 -1.5
-4.4
1.5 0.0
58%
0%
0%
0%
0%
3%
0%
0%
1%
0%
39%
100%
100%
10 09/24
34,699
-0.8
3.53 1.4
1.4 2.5
1.3 -1.5
-5.0
1.4 -0.2
36%
0%
0%
0%
0%
8%
0%
0%
1%
3%
52%
100%
100%
11 12/24
39,813
-3.7
1.77 1.8
1.8 1.8
1.7 -1.7
-5.0
1.7 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
12 12/24
42,501
1.6 6.04
2.8 2.8
2.8 2.5
-2.5
-7.2
2.5 0.1
12%
0%
0%
0%
0%
70%
0%
0%
1%
0%
17%
100%
100%
13 12/24
49,246
-2.9
2.07 1.4
1.4 1.4
1.3 -1.3
-3.9
1.3 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
14 12/24
54,177
-0.3
4.42 2.0
1.5 2.7
1.6 -1.9
-6.1
1.7 -0.1
55%
0%
0%
0%
0%
9%
0%
0%
0%
0%
36%
100%
100%
15 11/24
58,125
0.6 5.43
1.0 1.0
1.1 0.9
-0.9
-2.9
0.9 0.0
22%
0%
0%
0%
0%
0%
0%
0%
30%
0%
49%
99%
100%
16 11/24
71,232
-0.8
3.30 2.3
2.2 2.3
2.0 -2.0
-6.0
2.0 0.0
77%
0%
0%
0%
0%
0%
0%
0%
20%
0%
3%
100%
100%
17 10/24
96,729
-1.5
2.72 2.2
2.1 2.2
1.9 -1.9
-5.6
1.9 0.0
56%
0%
0%
0%
0%
15%
0%
0%
6%
1%
23%
100%
100%
18 09/24
102,469
-0.8
3.54 2.4
2.3 2.6
2.2 -2.2
-6.5
2.2 0.0
63%
0%
0%
1%
0%
4%
0%
3%
0%
17%
12%
99%
100%
19 12/24
126,240
0.0 2.30
1.0 0.9
1.3 0.9
-1.0
-3.3
0.9 -0.3
56%
0%
0%
0%
0%
1%
0%
0%
0%
0%
44%
100%
100%
20 10/24
130,089
-0.6
3.69 1.8
1.8 2.1
1.7 -1.7
-5.2
1.7 0.0
78%
0%
0%
0%
0%
0%
0%
0%
6%
9%
7%
100%
100%
21 11/24
146,967
-0.9
3.66 1.2
1.1 1.4
1.0 -1.1
-3.4
1.1 -0.1
21%
0%
0%
0%
0%
2%
0%
0%
38%
2%
37%
100%
100%
22 10/24
155,226
-0.6
3.51 2.5
2.5 2.7
2.4 -2.3
-6.8
2.3 0.0
72%
0%
0%
0%
0%
0%
0%
0%
0%
1%
27%
100%
100%
23 12/24
165,775
-1.1
4.59 2.9
2.5 3.6
1.9 -2.0
-6.4
1.5 0.0
3%
9%
11%
8%
6%
8%
4%
0%
20%
31%
0%
81%
100%
24 12/24
179,040
-6.1
3.11 5.1
5.0 5.1
4.5 -4.2
-12.0
4.3 0.2
34%
1%
0%
0%
0%
29%
0%
0%
23%
12%
0%
100%
100%
25 10/24
181,850
0.7 5.54
5.8 3.6
9.4 2.5
-3.5
-12.8
3.0 -1.1
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
Avg
70,833
-1.8
3.52 2.5
2.2 2.9
2.0 -2.0
-6.2
2.0 -0.1
46%
6%
0%
1%
1%
7%
0%
0%
10%
3%
24%
98%
100%
Port
3,813
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
-67,020
1.8 -2.74
-2.4
-2.1
-2.8
-1.9
2.0 5.9
-1.9
0.1 -46%
-6%
0%
-1%
-1%
-7%
0%
0%
-10%
-3%
76%
2%
0%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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 12/31/2024
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jan 2025
0.78 3,813
0.78 Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Jan 2025
3,815
3,815
3,815
3,815
3,815
3,815
3,815
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2025
0.78 3,813
0.78 2026
2027
2028
2029
2030
2031
2032
2033
2034
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2025
3,815
3,815
3,815
3,815
3,815
3,815
3,815
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 12 Months
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Bk Yld Chg
Other
Cash Flow
3,815
End BY
Total
Cash Flow
3,815
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 3 Years
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
Bk Yld Chg
Other
Cash Flow
3,815
End BY
Total
Cash Flow
3,815
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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 10
-20
0.25 0.50
19 -11
0.50 0.75
29 -1
0.75 1.00
38 8
1.00 1.25
48 18
1.25 1.50
57 27
1.50 1.75
67 37
1.75 2.00
76 46
2.00 2.25
86 56
2.25 2.50
95 66
2.50 2.75
105
75 2.75
3.00 114
85 3.00
3.25 124
94 3.25
3.50 133
104
3.50 3.75
143
113
3.75 4.00
153
123
4.00 4.25
162
132
4.25 4.50
172
142
4.50 4.75
181
151
4.75 5.00
191
161
5.00 5.25
200
170
5.25 5.50
210
180
5.50 5.75
219
189
5.75 6.00
229
199
6.00 6.25
238
209
6.25 6.50
248
218
6.50 6.75
257
228
6.75 7.00
267
237
7.00 7.25
276
247
7.25 7.50
286
256
7.50 7.75
296
266
7.75 8.00
305
275
8.00 Principal Maturing(12 Mo.Horizon): $3,813
Current Yield at Book of Principal Maturing: 0.78%
Est. Annual Income at Current Yield at Book: $30
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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
+ 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%
3,813
0.78 3,813
0.78 3,813
0.78 -10
-0.3%
0.08 -0.3
0.00 0.00
100.0%
0.1 yrs
100.00
100.00
0 0.0%
0.08 0.1
0.09 0.00
Total (1)
100.0%
3,813
0.78 3,813
0.78 3,813
0.78 -10
-0.3%
0.08 -0.3
0.00 0.00
100.0%
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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
3,813
100.00
100.00
0 0.78
0.1 0.09
Cash & Other
1 0.78
0.1 yrs
3,813
100.00
100.00
0 0.78
0.1 0.09
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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 01/31/25
3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
0.09 AFS
0.78 3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
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 01/31/25
3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
0.09 AFS
0.78 3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
0.09 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2024
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 01/31/25
3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
0.09 AFS
0.78 3,813
100.00
100.00
0 0.781
0.08 -0.26
-10
-10
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 01/31/25
3,813
100.00
100.00
0 0.781
-0.26
0.09 0.08
0.08 0.00
AFS
0.78 3,813
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 12/31/2024
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
01/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
3,813
0.780
01/31/25
3,813
0.78 3,813
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
3,813
0.780
3,813
0.78 3,813
0.78 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
3,813
0.780
3,813
0.78 3,813
0.78 0
-0.3
0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 12/31/2024
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
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
Dur
WAL
3,813
10 0.26%
7 0.17%
3 0.09%
0 0.00%
-3
-0.09%
-7
-0.17%
-10
-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
01/31/2025
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
Other
3,813
10 0.26%
7 0.17%
3 0.09%
0 0.00%
-3
-0.09%
-7
-0.17%
-10
-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 0.00
0.08 0.00
0.08 0.00
0.08 0.09
0.08 0.00
0.08 0.00
0.08 0.00
0.08 Total
3,813
10 0.26%
7 0.17%
3 0.09%
0 0.00%
-3
-0.09%
-7
-0.17%
-10
-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
0.00 0.08
0.00 0.08
0.00 0.08
0.09 0.08
0.00 0.08
0.00 0.08
0.00 0.08
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
Portfolio Changes
New Securities 9/2024-12/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
PLMDLLAIF
Other
LAIF
01/31/2025
0.78 3,813,014
100.00
AFS
Securities Sold/Redeemed 9/2024-12/2024
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLDMLLAIF
Other
LAIF
10/31/2024
0.78 3,740,658
100.00
AFS
Expired/Matured
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
2024-12-31
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
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 12/31/2024
Portfolio ID: 6753 - 58411
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Disclaimer
City of Palmdale - Successor Agency - Palmdale, CA
As of 12/31/2024
Portfolio ID: 6753 - 58411
City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION DEPARTMENT
DISTRICT: ALL
SUBJECT: AWARD AND APPROVE AGREEMENT WITH PROSLIDE
TECHNOLOGIES, INC. TO REFURBISH A WATERSLIDE AT
DRYTOWN WATER FOR A TOTAL NOT TO EXCEED AMOUNT OF
$626,000 FOR A TERM OF 90 DAYS FROM THE DATE OF THE
NOTICE TO PROCEED
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A -9214 with ProSlide Technologies Inc. to refurbish a waterslide at DryTown Water Park for a total not to exceed amount of $626,000 for a term of 90 days from the date of notice to proceed; and,
2. Authorize the City Manager or her designee to execute Agreement No. A-9214 with Proslide Technologies Inc., including minimal and/or non-substantial changes.
BACKGROUND
In 2012, Proslide Technologies Inc. designed, manufactured , and installed a waterslide at DryTown Waterpark . The ride features four lanes, allowing riders to race toward the finish line. Known for its popularity, the attraction can accommodate a high volume of riders throughout the day, providing a unique guest experience.
Water park attractions are classified as permanent amusement park rides and are regulated by the California Department of Industrial Relations. Consequently, they are subject to mandatory annual safety inspections and periodic, comprehensive inspections by the manufacturer. During a recent inspection performed by Proslide Technologies Inc., several slide components are due for replacement.
DISCUSSION
The inspection report recommends restoring the riding surface to maintain optimal performance, safety, and rider experience. Additional necessary repairs include Report to Mayor and City Council
Re: Approve Agreement No. A-9214 with ProSlide Technologies Inc.
February 18, 2025
replacing the drain grates and a fiberglass section, installing new hardware and support straps, and repairing all seals to address and prevent leaks. These repairs will further enhance the ride’s long-term durability while maintaining its core structural integrity.
As part of their services, ProSlide Technologies Inc. will conduct the necessary testing and certification before the attraction's reopening, ensuring full compliance with the standards set by the California Department of Industrial Relations. Approval of this agreement will enable ProSlide Technologies Inc. to complete the required work in time for the scheduled opening of DryTown Water Park in May 2025.
FISCAL IMPACT
$626,000; Funds are budgeted and available in FY 2024-25 in Account No. P0185300- 724525, Capital Project Professional Services.
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-9214 with Proslide Technologies Inc.
AGREEMENT NO. A- 9214
CONSTRUCTION CONTRACT
BETWEEN THE CITY OF PALMDALE AND PROSLIDE TECHNOLOGY, INC.
THIS CONTRACT (“Contract”) is made and entered into by and between City of Palmdale, a public entity ("City"), and PROSLIDE TECHNOLOGY, INC., a CORPORATION ("Contractor"). Contractor and City are collectively referred to herein as the “parties.” This Contract shall become effective on the date of the last signatory. 1 Scope of Work
Contractor shall complete the Project in accordance with this Contract. Contractor shall furnish all materials and perform all work required for the completion of the following Project:
DryTown Water Park Slide refurbishment.
ITEM No. 1 Grating, Fiberglass, Hanging Strap install:
a) Four technicians for 12 days;
b) Replace PREBC (White 5W-1) runout center piece;
c) Repair splashguards PRSTHC (White 5W-1 and Black 5B-2); d) Install four missing strap supports;
e) replace incorrect bold - refer to Report Photo 123;
f) Caulk all joints on slide complex - including runout; and, g) Rust Treatment in specified areas - does not include deck pan.
ITEM No. 2 Calcium Buildup & Flange Dirt Build-up Cleaning:
a) Four technicians for eight days;
b) Hardware replacement;
c) Approx. (3,000) 3/8 x 2 all-thread slide and yoke bolts SS T316; and, d) 60 ft manlifts.
ITEM No. 3 Slide Resurfacing
a) Interior and Riding Surface of RACER section;
b) Exterior of PT 32 sections;
c) To be completed in original colors.
CONTRACTOR's Parts & Service Quote attached as Exhibit "A". 2 Standard Specifications
1-12Concord - Document ID: generated after first signature Standard Specifications for City projects are those contained in the 2021 Greenbook edition of the "Standard Specifications for Public Works Construction" (the "Greenbook"). Except as otherwise expressly provided herein, the Standard Specifications shall control the general provisions, construction materials, and construction methods for this Contract (except as amended by the Plans for the Project), the General Specifications for the Project, the Special Provisions for the Project, any technical specifications for the Project, and any other contract documents.
3 Compensation
City shall pay Contractor the total, all-inclusive, NOT-TO-EXCEED amount of Six Hundred Twenty-Six Thousand Dollars ($626000.00) upon completion and acceptance of the Project. This amount shall cover all expenses for labor, materials, and any and all other costs incurred by Contractor to satisfactorily construct the Project.
4 Completion Date
The construction of the Project shall commence upon Contractor being given a written notice to proceed, and shall be completed within ninety (90) working days of said notice.
5 Payment and Performance Bonds; Guaranty
Unless otherwise expressly provided in the bid documents, prior to commencing work, Contractor shall provide a payment bond and performance bond, each in an amount equal to 100% of the projected annual recurring services price for each year of the term of the contract. Contractor shall submit all bonds electronically through Surety 2000. Pursuant to the bid documents for this Project, the Contractor is required to provide a written guaranty of Contractor’s work. In furtherance thereof, Contractor shall execute the written form of Guaranty attached hereto and incorporated by reference herein.
6 Licenses
At all times during the term of this Contract, Selected Subcontractor shall possess a valid and current Class B Contractor's License or Specialty Contractor License consisting of Class C-43 or C-51 licensee to perform the required work (“Work”). Contractor’s DIR registration number is . Contractor hereby certifies that it holds the required license(s).
7 Subcontracting
2-12Concord - Document ID: generated after first signature Subject to any self-performance requirements herein, Contractor may subcontract any portion of the work required by this Contract to other persons or firms, and Contractor submitted with its bid a list of those subcontractors who will perform work in an amount in excess of one-half of one percent (1%) of the Contractor’s total bid, in compliance with the Subletting and Subcontracting Fair Practices Act, California Public Contract Code § 4100, et seq. Only such listed subcontractors may perform on this Project.
8 Non-Assignability
Neither this Contract nor any rights, title, interest, duties or obligations under this Contract may be assigned, transferred, conveyed or otherwise disposed of by Contractor without the prior written consent of City.
9 Administration
This Contract will be administered by the Public Works Department of the City Department of the City. The Director of Public Works or his or her designee shall be considered the Project Administrator and shall have the authority to act for the City under this Contract.
10 Indemnification
To the maximum extent permitted by law, Contractor shall indemnify, protect, defend and hold harmless the City, its Board of Director, the City's officers, employees, agents, volunteers, and representatives (“Indemnitees”) with respect to any and all third-party claims, suits, actions, stop notices, liabilities and/or damages, including related expenses, attorney's fees and costs, based on, arising out of, the work undertaken by Contractor pursuant to this Contract, and in connection with the Project.
City is responsible and shall be liable for the negligence, acts or omissions of any and all third parties, including subcontractors, agents, servants, or employees of the City.
With the exception of damages arising from (i) a breach by a party of its confidentiality obligations under this Agreement; or (ii) fraud or fraudulent misrepresentations, to the fullest extent permitted by law, whether arising in contract (including indemnification obligations), tort (including negligence), statute, strict liability, or otherwise, IN NO EVENT WILL:
a) EITHER PARTY BE LIABLE TO THE OTHER OR TO ANY THIRD-
PARTY FOR SPECIAL, INCIDENTAL, INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES; AND
3-12Concord - Document ID: generated after first signature b) CONTRACTOR’S LIABILITY FOR DAMAGES SHALL NOT EXCEED
THE AMOUNTS PAID BY CITY TO CONTRACTOR UNDER THIS
AGREEMENT.
11 Liability Insurance
11.1 Without limiting Contractor's indemnification of City, as described in paragraph 10, and unless modified by City, Contractor shall obtain, provide and maintain, at its own expense, during the term of this Contract, a policy or policies of insurance, satisfactory to the City, from insurance carriers admitted to do business in the State of California and rated in A.M. Best’s Insurance Guide with a rating of A:VII or better, which contain the coverage described below.
11.1.1 Commercial General Liability
$2,000,000.00 limit on a per occurrence basis
$2,000,000.00 general aggregate limit
11.1.2 Commercial Automobile Liability
$1,000,000.00 combined single limit including non-owned and hired automobile coverage
11.1.3 Workers’ Compensation and Employer’s Liability
Workers’ Compensation -- coverage as required by the State of California.
As an Ontario-based employer, ProSlide's Workers' Compensation coverage is administered by WSIB Ontario and extends to cover California. -- Any subcontractors of ProSlide executing the Services must maintain:
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
11.2 Commercial General Liability Policies providing for bodily injury and property damage coverage shall contain the following:
A. An endorsement extending coverage to the City as an additional insured, as respects liability arising out of the performance of any work under the Contract.
Such insurance shall be primary insurance, as respects the interest of the City, and any other insurance maintained by the City shall be considered excess coverage and not contributing insurance with the insurance required hereunder.
The certificates shall state: “The City of Palmdale, Successor Agency to the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Housing Authority, Industrial Development Authority, Airport Authority, their officers, agents, employees and volunteers are named as additional insured”.
B. “Severability of Interest” Clause.
4-12Concord - Document ID: generated after first signature
11.3 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.
11.4 Said Certificates of Insurance shall provide that thirty (30) days’ prior written notice of cancellation shall be given to the City in the event of cancellation and/or reduction in coverage of any nature.
11.5 The required policies of insurance shall be endorsed to waive all rights of subrogation. Contractors waives all rights of subrogation.
11.6 Acceptable Proof of Insurance:
A. 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.
B. 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.
11.7 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.
11.8 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.
11.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONTRACTOR 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 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.
5-12Concord - Document ID: generated after first signature Any deviation in this requirement will be CONTRACTOR's sole risk. CONTRACTOR's insurance requirements in Section 11 will not be impacted and/or limited by such deviation.
12 State Labor Code
12.1 This Contract calls for work to be performed constituting public works.
Contractor and all subcontractors shall pay the general prevailing rate of per diem wages as determined and as published by the State Director of the Department of Industrial Relations pursuant to Article 2 of Chapter 1 of Part 7, of Division 2 of the State Labor Code, including, but not limited to, Sections 1770, 1771, 1773, 1773.2 and 1774.
12.2 This is a public work and requires the payment of prevailing wages for the work or craft in which the worker is employed for any public work done under the contract by Contractor or by any subcontractor pursuant to Section 1771 of the Labor Code. Pursuant to the provisions of Section 1773 of the Labor Code of the State of California, the City has obtained the general prevailing rate of per diem wages and the general rate for holiday and overtime work in this locality for each craft, classification, or type of workman needed to execute this contract from the Director of the Department of Industrial Relations. These rates are on file with the City or may be obtained at http://www.dir.ca.gov/OPRL/DPreWageDetermination.htm.
Contractor shall post a copy of such wage rates at the job site and shall pay the adopted prevailing wage rates as a minimum. Contractor shall comply with the provisions of Sections 1775, 1776, 1777.5, 1777.6, and 1813 of the Labor Code. Pursuant to the provisions of 1775 of the Labor Code, Contractor shall forfeit to the City, as a penalty, not more than $200.00 for each calendar day, or portion thereof, for each laborer, worker, or mechanic employed, paid less than the stipulated prevailing rates for any work done under this Contract, by him or by any subcontractor under him, in violation of the provisions of this Agreement.
12.3 Contractors and subcontractors who are ineligible to bid for work on, or be awarded, a public works project pursuant to Labor Code Sections 1777.1 and 1777.7 are prohibited from bidding on, being awarded, or performing work as a subcontractor, on this Project pursuant to Public Contract Code Section 6109.
12.4 Contractor's attention is directed to the provisions in Sections 1774, 1775, 1776, 1777.5 and 1777.6 of the Labor Code. Contractor shall comply with the provisions in these Sections. The statutory provisions for penalties for failure to comply with the State's wage and hours laws will be enforced. Pursuant to Section 1775 of the Labor Code, the Contractor and any subcontractors, shall, as a penalty to the City forfeit the prescribed amounts per calendar day, or portion thereof, for each worker paid less than the prevailing wage rates.
6-12Concord - Document ID: generated after first signature
12.5 Pursuant to Labor Code Section 1771.4, the Project is subject to compliance monitoring and enforcement by the California Department of Industrial Relations.
12.6 Each Contractor and subcontractor shall furnish the records specified in Labor Code Section 1776 directly to the State Labor Commissioner at least monthly in the format prescribed by the State Labor Commissioner.
12.7 Sections 1774 and 1775 require the Contractor and all subcontractors to pay not less than the prevailing wage rates to all workmen employed in the execution of the Contract and specify forfeitures and penalties for failure to do so. The minimum wages to be paid are those determined by the State Director of the Department of Industrial Relations. Section 1776 requires the Contractor and all subcontractors to keep accurate payroll records, specifies the contents thereof, their inspection and duplication procedures and certain notices required of the Contractor pertaining to their location.
12.8 Section 1777.5 of the Labor Code requires Contractor or subcontractor employing workers in any apprenticeable occupation to apply to the Joint Apprenticeship Committee nearest the site of the public works project, which administers the apprenticeship program in that trade for a certificate of approval. The certificate will also fix the ratio of apprentices to journeymen to be used in the performance of the Contract. The Contractor is required to make contributions to funds established for the administration of apprenticeship programs if he employs registered apprentices or journeymen in any apprenticeable trade and if other contractors on the public works site are making such contributions. Information relative to apprenticeship standards, contributions, wage schedules and other requirements may be obtained from the State Director of Industrial Relations or from the Division of Apprenticeship Standards. Section 1777.6 of the Labor Code provides that it shall be unlawful to refuse to accept otherwise qualified employees as registered apprentices solely on the grounds of race, religious creed, color, national origin, ancestry, sex, or age.
12.9 Eight hours labor constitutes a legal day's work, as set forth in Labor Code Section 1810. The statutory provisions for penalties for failure to comply with the State's wage and hour laws will be enforced as set forth in Labor Code Section 1813. 13 Antitrust Claims
In entering into this Agreement, Contractor offers and agrees to assign to the City all rights, title, and interest in and to all causes of action it may have under Section 4 of the Clayton Act (15 U.S.C. Sec. 15) or under the Cartwright Act (Chapter 2 (commencing with Section 16700) of Part 2 of Division 7 of the California Business and Professions Code) arising from purchases of goods, services, or materials pursuant to the Agreement. This assignment shall be made and become effective at 7-12Concord - Document ID: generated after first signature the time the City tenders final payment to Contractor without further acknowledgment by the parties. City acknowledges and agrees that Contractor will retain the intellectual property rights to the documents provided by Contractor to the City as part of this Agreement.
14 Location of Existing Elements
Pursuant to Government Code Sections 4216 to 4216.9, the methods used and costs involved to locate existing elements, points of connection and all construction methods are Contractor’s sole responsibility. Accuracy of information furnished, as to existing conditions, is not guaranteed. Contractor, at its sole expense, must make all investigations necessary to determine locations of existing elements, which may include, without limitation, contacting U.S.A. alert and other private underground locating firm(s), and/or utilizing potholes, specialized locating equipment and/or hand trenching.
15 Third Party Claims
Pursuant to Public Contract Code Section 9201, the City has full authority to compromise or otherwise settle any claim relating to this Contract at any time. The City shall timely notify Contractor of the receipt of any third-party claim relating to the Contract. The City shall be entitled to recover its reasonable costs incurred in providing the notification required by Public Contract Code Section 9201(b).
ProSlide’s liability for third-party claims shall be limited to damages directly caused by ProSlide’s negligence, willful misconduct, or breach of this Agreement. 16 Non-Collusion
Contractor hereby certifies that this bid is genuine and not a sham or collusive, or made in the interest or on behalf of any person or business not herein named. Contractor further certifies that Contractor has not directly or indirectly induced or solicited any other bidder to furnish a sham bid, or any other person or business to refrain from bidding, and Contractor has not in any manner sought by collusion to secure itself an advantage over any other bidder. Contractor also affirms that it has signed and submitted with its bid to the City a Non-collusion Declaration as required by Public Contract Code Section 7106.
17 Conflicts of Interest
Contractor agrees not to accept any employment or representation during the term of this Contract which is or may likely make Contractor “financially interested,” as provided in Government Code Section 1090 and 87100, in any decisions made by City on any matter in connection with which Contractor has been retained pursuant to this Contract.
18 Audit
8-12Concord - Document ID: generated after first signature The City or its representative shall have the option of inspecting and/or auditing all records and other written materials used by Contractor in preparing its billings to the City as a condition precedent to any payment to Contractor. Contractor will promptly furnish documents requested by the City. Additionally, pursuant to Government Code Section 8546.7, if this Contract involves the expenditure of public funds in excess of ten thousand dollars ($10,000), Contractor shall be subject to State Auditor examination and audit at the request of the City or as part of any audit of the City, for a period of three (3) years after final payment under this Contract. 19 Claims 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. 20 Non-discrimination and Equal Employment Opportunity
20.1 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.
20.2 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. 21 Integration
9-12Concord - Document ID: generated after first signature This Contract supersedes any and all agreements, either oral or written, between the parties hereto with respect to the construction of the Project by Contractor for City and contains all of the covenants and agreements between the parties with respect to the construction of the Project. Each party to this Contract acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made with regard to the construction of the Project by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise regarding work not contained in this Contract shall be valid or binding. Any modification or amendment of this Contract will be effective only if it is in writing and signed by the parties to this Contract. Any changes to the work required by this Contract will be by change order signed by the parties. 22 Governing Law
This Contract will be governed by and construed in accordance with the laws of the State of California without reference to change of venue laws. Any legal action in which enforcement of the terms and conditions of this Contract is requested, or in which it is alleged that a breach of this Contract has taken place, shall be filed and prosecuted in the County of Los Angeles, California.
23 Successors and Assigns
The terms and conditions of this Contract shall be binding on the successors and assigns of the parties to this Contract.
24 Exhibits
The exhibits and attachments referenced in this Contract are attached hereto and incorporated herein by this reference as though set forth in full in the Contract. 25 Authority to Sign
The person or persons executing this Contract on behalf of the Contractor warrant and represent that they have the authority to execute this Contract on behalf of the Contractor and have the authority to bind Contractor to the construction of the Project.
10-12Concord - Document ID: generated after first signature 26 Time is of the Essence
Time is of the essence in every provision of this Agreement in which time to perform is a factor.
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 PROSLIDE TECHNOLOGY, INC.
Ronda Perez Date
City Manager
Mike Fergusson Date
SVP, Global Operations
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Highway
Palmdale, CA 93550
ADDRESS FOR NOTICE:
PROSLIDE TECHNOLOGY, INC.
150-2650 Queensview Drive
Ottawa, ON K2B 8H6
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
City Clerk
ATTEST: If Corporation
Secretary
[Signatures of contractor on bond(s) must be notarized. Obtain two corporate signatures if contractor is a corporation.]
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
11-12Concord - Document ID: generated after first signature □Certificate(s) and Endorsement(s) attached
□Confirmed business name on contract with certificate(s) □Attached notarized bond(s), Worker's Compensation Certificate, and Guaranty □Attached Agreement Checklist and met all requirements
12-12Concord - Document ID: generated after first signature City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 2025-018 DECLARING A HOUSING
CRISIS IN RESPONSE TO RECENT FIRES THROUGHOUT LOS
ANGELES COUNTY
RECOMMENDATION
Staff recommends that the City Council:
1. Adopt Resolution No. CC 2025-018 declaring a housing crisisin response to recent fires throughout Los Angeles County; and,
2. Authorize the City Manager or her designee to take all actions convenient and necessary during this period of housing crisis, which includes asking the Governor for relief from legislative barriers to housing productionand expansion of proposed Assembly Bill 239 to include surrounding cities and regions.
BACKGROUND
A series of r ecent wildfires have devastated the Los Angeles area . While several of the fires were contained quickly without signifi cant loss of life or habitat (e.g. the Hurst Fire, Acton Fire, Kenneth Fire, etc.), the three largest fires ravaged the region. The Palisades Fire started on the morning of January 7, 2025, and burned a lmost 24,000 acres in the area northwest of Santa Monica. The Eaton Fire started shortly thereafter, on the evening of January 7, 2025, and burned 14,000 acres within and north of the communities of Altadena and Sierra Madre. The Hughes Fire, which started on January 22, 2025 , consumed over 10,000 acres surrounding Castaic Lake. The fires cumulatively destroyed more than 16,000 structures and displaced tens of thousand s. While data is still being collected, it appears that the Eaton Fire and Palisades Fire will likely be the second and third, respectively, most destructive wildfires in the history of California.
Proposed Assembly Bill (AB) 239 requires the Department of Housing and Community Development (HCD) and the Office of Emergency Services (OES) to create a disaster housing task force for the purpose of coordinating and streamli ning efforts between Report to Mayor and City Council
Re: Adopt Reso. No. CC 2025-018
February 18, 2025
HCD, the Federal Emergency Management Agency, OES, and local governments to rebuild housing in communities impacted by the wildfires. AB 239 would also require the task force to appoint a state disaster housing coordinator to accelerate the delivery of resources to communities impacted by the wildfires.
DISCUSSION
With approximately 54 square miles of vacant land and thousands of residential units in the pipeline, the City is poised to accommodate those displaced from the fires in Los Angeles County. City staff are working with housing developers to streamline processes, expedite approvals, and find flexible and creative ways to accelerate housing construction throughout Palmdale. This includes fostering key partnerships with outside agencies, such as the local water purveyors (e.g. Los Angeles County Waterworks, Palmdale Water District, etc.), Southern California Edison, and the Fire Department to ensure a seamless development process that provides safe and accessible housing for future residents.
FISCAL IMPACT
$0; The Declaration of Housing Crisis has no fiscal impact; however, as the development of housing occurs, long-term fiscal impacts will include revenue from property and sales tax and expenditures associated with providing services to future residents.
STRATEGIC PLAN
Goal I: Maintain effective public safety and protection for life, property and the environment.
B. Be prepared to protect life, property, and the environment in the event of catastrophic disasters and emergencies.
Prepared by: Megan Taggart, Interim Director of Economic and Community Development
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
ATTACHMENT
Reso. No. CC 2025-018
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025-018
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
DECLARING A HOUSING CRISIS IN RESPONSE TO RECENT FIRES
THROUGHOUT LOS ANGELES COUNTY
WHEREAS, In January 2025 a series of fires (Palisades Fire, Eaton Fire, Kenneth Fire, Hurst Fire, Hughes Fire, etc.) consumed more than 48,000 acres throughout Los Angeles County; and
WHEREAS, The fires cumulatively destroyed more than 16,000 structures and displaced tens of thousands of people; and
WHEREAS, Proposed Assembly Bill (AB) 239 requires the creation of a disaster housing task force for the purpose of accelerating, coordinating and streamlining efforts between the Department of Housing and Community Development, the Federal Emergency Management Agency, the Office of Emergency Services, and local governments to rebuild housing in communities impacted by the wildfires.
WHEREAS, With approximately 54 square miles of vacant land and thousands of residential units in the pipeline, the City is poised to accommodate displaced persons from the fires in Los Angeles County; and,
WHEREAS, City staff are working with housing developers to streamline processes, expedite approvals, and find flexible and creative ways to accelerate the construction of housing throughout the City.
NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF
PALMDALE DOES HEREBY FIND, DETERMINE, RESOLVE, AND ORDER AS FOLLOWS:
SECTION 1. The City Council hereby specifically finds that all the facts set forth in the Recitals of the Resolution are true and correct.
SECTION 2 . A significant number of persons are displaced due to the recent fires and may seek permanent housing within the City of Palmdale.
SECTION 3. Due to the recent fires, a housing crisis exists in the Los Angeles County area.
Resolution No. CC 2025-018
SECTION 4. The City Manager or her designee is hereby authorized to take all actions convenient and necessary during this period of housing crisis, which includes asking the Governor for relief from legislative barriers to housing production, seeking funding assistance to expedite and streamline housing production and expansion of proposed Assembly Bill 239 to include surrounding cities and regions.
SECTION 5. The City Clerk shall certify the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 18th day of February, 2025. _________________________________
Approved as to form: Richard J. Loa, Mayor
ATTEST:
___________________________ _________________________________ William P. Curley, III Rochelle Scott, City Clerk
City Attorney
I, Rochelle Scott, City Clerk of the City of Palmdale, California, do hereby certify that the foregoing resolution was duly passed, approved, and adopted by the City Council of the City of Palmdale at a regular meeting of said Council held on the 18 th day of February, 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, City Clerk
City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC SAFETY DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE THE THIRD AMENDMENT TO THE LEGAL SERVICES
AGREEMENT WITH CIVICA LAW GROUP, APC, TO INCREASE THE
AGREEMENT AMOUNT BY $280,000, FOR FISCAL YEAR 2024 -25; FOR A CONTRACT TERM THROUGH MARCH 6, 2028
RECOMMENDATION
Staff recommends that the City Council:
1. Approve the Third Amendment to the Legal Services Agreement A -8272 with Civica Law Group, APC, to increase the agreement amount by $280,000, for Fiscal Year (FY) 2024-25;
2. Approve an increase of 5% annually, not to exceed $590,000, starting in FY 2025- 26 through the Agreement term of March 6, 2028; and,
3. Authorize the City Manager or her designee to execute the Third Amendment to Agreement No. A-8272 with Civic Law Group, APC, including minimal and/or non- substantial changes.
BACKGROUND
In March 2023, the City Council approved a contract with Civica to continue their code enforcement services for the City. Most recently, on March 8, 2024, the City Council approved the second amendment to this contract, which extended services with Civica.
This occurred alongside the Council’s engagement of Harper and Burns, LLC, for City Attorney services.
DISCUSSION
The third amendment suggests an increase of $280,000 for FY 2024 -25. A maximum increase of 5% may be applied to the base contract amount of $590,000 starting in FY 2025-26 and for each subsequent year throughout the agreement.
Report to Mayor and City Council
Re: Third Amendment to Agrmt No. A-8272 with Civic Law Group, APC February 18, 2025
Additionally, it extends the term of the agreement through March 6, 2028. This change will ensure uninterrupted services for Fiscal Year 2024-25 and provide long-term stability for these services.
This amendment aligns with the City’s ongoing partnership with Harper Burns, LLC, for City Attorney services and provides a clear financial framework. By continuing Civica’s involvement, the City ensures continuity of services and prudent fiscal management.
FISCAL IMPACT
$280,000; Fees will only be paid to the extent services are provided. Funds for this agreement are budgeted in the City Attorney’s Office budget accounts for FY 2024-25.
Funds for subsequent years will be appropriated through the annual budget process.
The City has offset costs by recovering an estimated $560,000 from March 2023 to January 2024, with total cost recovery projected at $1M.
STRATEGIC PLAN
Goal I: Maintain effective public safety and protection for life, property, and the environment.
A. Provide comprehensive and innovative safety services to prevent crime and promote a safe community.
Prepared by: Donald Rubio, Director of Public Safety
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-8272 Third Amendment with Civica Law Group, APC Agrmt No. A-8272 Second Amendment with Civica Law Group, APC Agrmt No. A-8272 First Amendment with Civica Law Group, APC Agrmt No. A-8272 with Civica Law Group, APC
3rd AMENDMENT TO AGREEMENT A- 8272
BETWEEN THE CITY OF PALMDALE AND CIVICA LAW GROUP, APC
This 3rd Amendment to Agreement No. A-8272 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and CIVICA LAW GROUP, APC (hereinafter called "FIRM"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on March 8, 2023 ("Original Agreement") the CITY and FIRM entered into an agreement to provide:
Legal services pursuant to California Business and Professions Code Section 6148.
WHEREAS, the parties desire to amend the Original Agreement to:
Increase the contract amount of the agreement, establish a fiscal year not to exceed and extend the term of the agreement to provide a continuation of services
NOW THEREFORE, the parties agree as follows:
1. The compensation identified in Section 4(e) shall be amended to increase the total amount of the Agreement by Two Hundred and Eighty Thousand Dollars ($280,000), then, starting in fiscal year 2025-2026, shall not exceed $590,000 per fiscal year with an increase not more than 5% annually for a contract term through March 6, 2028.
2. The term of the agreement identified in Section 6 shall be amended to THREE (3) YEARS, commencing on the first day after the initial TWO (2) year term.
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
1-2Concord - Document ID: generated after first signature
In Witness Whereof, the parties hereto have caused this Contract to be executed and attested by their respective officers thereunto duly authorized.
CITY OF PALMDALE:
CIVICA LAW GROUP, APC:
Ronda Perez
City Manager
Matt Silver
Partner
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Highway, Suite A
Palmdale, CA 93550
ADDRESS FOR NOTICE:
CIVICA LAW GROUP, APC
4000 Barrance Parkway, Suite 250,
PMB #782
Irvine, CA 92604
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) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
2-2Concord - Document ID: generated after first signature 2nd AMENDMENT TO AGREEMENT A-8272
BETWEEN THE CITY OF PALMDALE AND CIVICA LAW GROUP, APC
This 2nd Amendment to Agreement No. A-8272 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and CIVICA LAW GROUP, APC (hereinafter called "FIRM"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on March 8, 2023 ("Original Agreement") the CITY and FIRM entered into an agreement to provide:
Legal services pursuant to California Business and Professions Code Section 6148.
WHEREAS, the parties desire to amend the Original Agreement to:
increase the contract amount of the Agreement to provide a continuation of services.
NOW THEREFORE, the parties agree as follows:
Section 1(b): The legal services the Firm will provide to City will be billed at the rates set forth in Exhibit “A”, attached.
Section 4(e): The compensation identified in Section 4(e) shall be amended to increase the total amount of attorney’s fees, apart from reimbursable expenses, by an additional Four-Hundred Twenty Thousand Dollars ($420,000) for the term of the Agreement.
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
1-2Concord - Document ID: 02w3t1Iig3DGcEX2mIvXoJ
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:
CIVICA LAW GROUP, APC:
Ronda Perez
City Manager
Matt Silver
Partner
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Highway, Suite A
Palmdale, CA 93550
ADDRESS FOR NOTICE:
CIVICA LAW GROUP, APC
4000 Barrance Parkway, Suite 250,
PMB #782
Irvine, CA 92604
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
Acting City Clerk
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
2-2Concord - Document ID: 02w3t1Iig3DGcEX2mIvXoJ
Record of Signing
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Email: [email protected]
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Email: [email protected]
EXHIBIT “A”
RATE SCHEDULE
A. Identification.
Client: City of Palmdale
Matter: Any matters assigned by City staff, and areas of code enforcement, nuisance abatement, as well as general advisory services related to municipal law.
B. Attorney Fees
a. All other services, including civil litigation and receiverships:
• Attorneys - $255 per hour
• Paralegal/clerks - $155 per hour
These rates shall automatically increase by five percent each new fiscal year in order to offset rising costs.
C. Standard Charges.
Hourly rate will be billed in minimum units of one-tenth hours.
D. Costs and Expenses.
In-office photocopying (Black & White) $0.16/page
In-office photocopying (Color) $0.60/page
Mileage IRS prevailing mileage rates
Computerized Legal Research At vendor cost
Word Processing No charge
Postage At vendor cost
Courier and Air Freight Charges At vendor cost
Messenger Services At vendor cost
Title Report and/or Litigation Guarantee At vendor cost Notary At vendor cost
Court Photocopying At cost
Incoming or out-going Fax Charges No charge
Conference Call Charges AT&T standard rates or equal
Travel Expenses At cost
Other reasonable costs At cost
FIRST AMENDMENT TO AGREEMENT A-8272
BETWEEN THE CITY OF PALMDALE AND CIVICA LAW GROUP, APC
This First Amendment to Agreement No. A-8272 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and Civica Law Group, APC (hereinafter called "FIRM"). This Contract shall become effective on the date of the last signatory.
WHEREAS, CITY and FIRM entered into an Agreement on March 8, 2023 for legal services pursuant to California Business and Professions Code Section 6148; and WHEREAS, CITY and FIRM desire to amend the contract amount of the Agreement to provide for additional services.
NOW THEREFORE, in consideration of the foregoing, the parties agree as follows:
1. The compensation identified in Section 4(e) shall be amended to increase the total amount of the Agreement by Five-Hundred Thousand Dollars ($500,000) not to exceed the sum of Six-Hundred Thousand Dollars ($600,000).
2. All other terms and conditions remain the same.
1-2Concord - Document ID: N2JhMTk3MzgtNG
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
CIVICA LAW GROUP, APC
Ronda Perez
City Manager
Matthew Silver, Esq.
Partner
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Hwy
Palmdale, CA 93550
ADDRESS FOR NOTICE:
CIVICA LAW GROUP, APC
4000 Barranca Parkway, Suite 250,
PMB #782
Irvine, CA 92604
APPROVE AS TO FORM:
William P. Curley, III
Interim City Attorney
ATTEST:
Roxanne Faber
Acting City Clerk
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
2-2Concord - Document ID: N2JhMTk3MzgtNG
Record of Signing
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AGREEMENT FOR LEGAL SERVICES BETWEEN
THE CITY OF PALMDALE AND CIVICA LAW GROUP, APC
AGREEMENT NO. A-8272
This Legal Services Agreement (“Agreement”) is made and entered into by and between the City of Palmdale (“City”), a California municipal corporation, and Civica Law Group, APC, a California Professional Corporation engaged in the practice of law in the State of California (“Firm”), collectively identified as “the parties.” RECITALS:
A. This Agreement is made pursuant to California Business and Professions Code Section 6148, and is intended to fulfill the requirements of that section.
B. The City desires to retain the Firm to provide specialized legal services related to the areas of code enforcement, nuisance abatement, as well as general advisory services related to municipal law.
C. The attorneys of the Firm are duly licensed under the laws of the State of California and are fully qualified to provide the services contemplated by this Agreement.
THE PARTIES AGREE AS FOLLOWS:
1.Scope of Services.
a. The Firm will provide those legal services as may be authorized and assigned by the Palmdale City Attorney, including, without limitation, legal services related to the areas of code enforcement, nuisance abatement, as well as general advisory services related to municipal law. The firm will provide those legal services reasonably required to accomplish City’s stated goals. b. The legal services the Firm will provide to City will be billed at the rates set forth in Exhibit "A", attached.
2.Designation of Responsible Attorneys.
Matthew R. Silver, Esq. is designated as the attorney responsible for providing the legal services under this Agreement to City and for supervising any other attorneys within the Firm assisting him in the performance of those services.
The Firm’s offices are located at 4000 Barranca Parkway, Suite 250, PMB #782, Irvine, CA 92604.
3.Confidentiality.
1-7Concord - Document ID: YmE3OTcyYWEtZT
All reports, information, data, or other documents prepared or assembled by the Firm under this Agreement are confidential and the Firm shall not make the same available to any individual or organization without the prior written approval of the Palmdale City Attorney.
4.Maximum Contract Amount, Billing Procedures, and Monthly Statements.
a. The Firm shall submit to the Palmdale City Attorney, within thirty (30) days after the end of each calendar month, an itemized statement of the professional services provided and the time expended providing those services. This statement will be in the form customarily submitted by the Firm to clients that are billed on an hourly basis. Block billing is not permitted. The parties acknowledge that payment of all monthly statements is expected to be made within thirty (30) days of the billing date.
b. The Firm will bill the City for items such as, but not limited to, long distance telephone calls, filing fees (if applicable), document duplication, computerized legal research, word-processing, and similar out-of-pocket expenditures. These items will be separately designated on the Firm’s monthly statements as “disbursements,” and will be billed in addition to the fees for professional services.
c. If the Firm’s services are billed by the hour, time will be charged by the Firm in increments of 1/10 of an hour (i.e., six-minute units). Among the services which are routinely billed are telephone conversations and travel time. In addition to the fees charged for services, the Firm also bills for costs incurred, which include, but are not limited to, filing fees (if applicable), messenger and air courier expenses, parking expenses, local and out-of-town travel expenses, facsimile and other communication expenses, postage, and printing costs. In addition, the Firm charges for certain internal costs if incurred on City’s behalf, such as photocopying, secretarial overtime, and word processing.
The rate structure in general, or the rates of particular attorneys, may be increased from time to time, after a minimum 30-day written notice to and written consent of the Palmdale City Attorney. To the extent feasible, these adjustments will be made so as to coincide with the beginning of City’s fiscal year, which begins on July 1st. If possible, requests to increase fees should be forwarded to the Palmdale City Attorney in February of any given year. d. The Firm’s fees for legal services are based primarily on hourly rates; other factors considered by the Firm in determining a fair fee are set forth in Rule 4-200 of the Rules of Professional Conduct of the California State Bar Association. If persons who are “Of Counsel” to the Firm work on City matters, the Firm and its Of Counsel may from time to time share the fees paid by City; however, if such is the case, City’s fees will not be increased in any way, and the fees which City is requested to pay will be the same as would have been payable had there been no such sharing of fees.
e. All fees, charges, costs and reimbursable items for
2-7Concord - Document ID: YmE3OTcyYWEtZT
the entire term of this Agreement shall not exceed a maximum of $100,000.00.
5.Resolution of Fee Disputes.
City is entitled to require that any fee dispute be resolved by binding arbitration in Los Angeles in accordance with the arbitration rules of the Los Angeles County Bar Association for legal fee disputes. If City chooses not to use the Los Angeles County Bar Association’s arbitration procedures, City agrees that any disputes regarding the professional services rendered or fees charged by the Firm will be submitted to binding arbitration in Los Angeles to be conducted by the American Arbitration Association in accordance with its commercial arbitration rules.
6.Term of the Agreement.
This Agreement shall become effective on the date of the last signatory and will remain in full force and effect for a period of two (2) years or until terminated in accordance with the provisions of Section 7. Notwithstanding the above, if the Firm is currently working on an assigned project, the term of this Agreement shall be extended until the assigned project is completed or terminated pursuant to Section 7.
7.Termination of the Agreement.
City has the right to terminate the Firm’s representation at any time, without cause, subject to an obligation to give notice in writing to the Firm at least thirty (30) days prior to termination. The Firm has the same right, subject to an obligation to give City written notice at least ninety (90) days prior to termination so that City will be able to arrange alternative representation. In either circumstance, City agrees to secure new counsel as quickly as possible and to cooperate fully in the substitution of the new counsel as counsel of record in any pending litigation matters.
The Firm agrees to cooperate fully in any such transition, including the transfer of files. Upon termination, all finished or unfinished materials shall become the property of City. Notwithstanding the termination of the Firm’s representation, City will remain obligated to pay to the Firm all fees and costs incurred prior to such termination.
8.Modifications to the Agreement.
Unless otherwise provided for in this Agreement, modifications relating to the nature, extent, or duration of the Firm’s professional services to be rendered will require the written approval of the Palmdale City Attorney. Any such written approval will be deemed to be a supplement to this Agreement and will specify any changes in the Scope of Services and the agreed-upon billing rate to be charged by the Firm and paid by the City.
9.Independent Contractor.
No employment relationship is created by this Agreement with the Firm or any employees of the Firm. For all purposes, the Firm and its employees 3-7Concord - Document ID: YmE3OTcyYWEtZT
are independent contractors to City and shall not incur, nor have the authority to incur any debt, obligation, or liability for or against City.
10.Assignment and Delegation.
This Agreement contemplates the performance of professional services by the Firm. Neither this Agreement, nor any portion of it, may be assigned or delegated by the Firm without the prior written consent of the Palmdale City Attorney. Delegation to attorneys outside the Firm will be limited to those situations in which the Firm is disqualified by virtue of a conflict of interest, or where the Firm does not possess the expertise to perform services in a particular practice area. The Firm will supervise delegated work, except where precluded from doing so by virtue of a conflict of interest, and where otherwise agreed to by the parties.
11.Conflict of Interest.
The Firm affirms that it presently has no interest and shall not have any interest, direct or indirect, which would conflict in any manner with the performance of the services contemplated by this Agreement. No person having such interest shall be employed by or associated with the Firm.
12.Insurance.
a. The Firm shall obtain and maintain in full force and effect a professional liability insurance policy that provides coverage in an amount not less than $1,000,000 per occurrence. This insurance policy shall provide coverage to the City for any damages or losses suffered by City as a result of any error, omission, or neglect by the Firm that arises out of the professional services rendered under this Agreement. Such insurance may be subject to a self-insured retention or deductible to be borne entirely by the Firm. If such insurance is on a claims-made basis, firm shall maintain such coverage for no less than three years following the termination of the Agreement. This insurance policy shall provide coverage to the City for any damages or losses suffered by City as a result of any error, omission, or neglect by the Firm that arises out of the professional services rendered under this Agreement.
Such insurance may be subject to a self-insured retention or deductible to be borne entirely by the Firm.
b. The Firm will obtain and maintain workers’ compensation insurance in accordance with Section 3700 of the California Labor Code. c. The Firm will obtain and maintain in full force and effect commercial general liability insurance in an amount not less than $1,000,000 per occurrence with a $2,000,000 aggregate.
d. The Firm will obtain and maintain in full force and effect a commercial automobile liability policy in an amount not less than $1,000,000 including owned (if any), non-owned and hired automobile coverage.
4-7Concord - Document ID: YmE3OTcyYWEtZT
e. All insurance coverage specified above will provide for a minimum of thirty (30) days notice of cancellation by the insurance carrier, and will be maintained in full force and effect throughout the term of this Agreement. Such insurance shall name the City as an additional insured, and shall include a waiver of subrogation.
f. The requirements as to the types and limits of insurance to be maintained by Firm are not intended to and shall not in any manner limit or qualify Firm’s liabilities and obligations under this Contract.
13.Legal Files.
a. During the period that the Firm is actively working upon a matter, the files pertaining thereto will be maintained in its offices. After the Firm has concluded working upon a matter, the files may be transferred to an offsite storage facility, from which they can be retrieved upon reasonable notice. All original agreements, modification or deeds, easements or similar original documents should be forwarded to the Palmdale City Clerk either as created or at the expiration of the fourth calendar year following the consummation or conclusion of each matter for which a file is opened. City may request copies of its client matter files at any time, including, without limitation, upon termination of the Firm’s engagement. City agrees that upon delivery of any client matter files that it will pay the Firm for its costs incurred in photocopying such files.
b. If the firm is called upon to give testimony or produce documents in any legal or administrative proceeding which concerns City in any way, whether before or after the representation and rendition of legal services to City under this agreement terminates, City agrees to pay the Firm, at it’s then prevailing hourly rates, for it’s time in investigating, preparing for and in giving testimony and/or in producing documents and for all expense incurred in connection with doing so.
14.Entire Agreement
This Agreement will constitute the full and complete agreement and understanding of the parties and supersedes all prior agreements and all other written or oral statements of either party relating to its subject matter.
15. Nondiscrimination
In performance of this Agreement, the Firm 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, or age, gender, gender identity, gender expression, genetic information, or military and veteran status. The Firm 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, or age, gender, 5-7Concord - Document ID: YmE3OTcyYWEtZT
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.
TO EFFECTUATE THIS AGREEMENT, the authorized representatives of the parties have caused this Agreement to be executed as of the dates indicated below.
CITY OF PALMDALE CIVICA LAW GROUP, APC
Ronda Perez
City Manager
Matthew R. Silver, Esq.
Partner
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Hwy
Palmdale, CA 93550
ADDRESS FOR NOTICE:
Civica Law Group, APC
4000 Barranca Parkway, Suite 250, PMB #782
Irvine, CA 92604
APPROVE AS TO FORM:
William P. Curley, III
Interim City Attorney
ATTEST:
Roxanne Faber
Acting City Clerk
6-7Concord - Document ID: YmE3OTcyYWEtZT
EXHIBIT "A''
RATE SCHEDULE
A. Identification.
Client: City of Palmdale
Matter: Any matters assigned by the Palmdale City Attorney
B. Attorney Fees
Hourly Rate: $235.00 – attorneys; $140 – paralegals/law clerks.
These rates shall automatically increase by three percent each new fiscal year in order to offset rising costs.
C. Standard Charges.
Hourly rate will be billed in minimum units of one-tenth hours.
D. Costs and Expenses.
In-office photocopying (Black & White) $0.16/page
In-office photocopying (Color) $0.60/page
Mileage IRS prevailing mileage rates
Computerized Legal Research At vendor cost
Word Processing No charge
Postage At vendor cost
Courier and Air Freight Charges At vendor cost
Messenger Services At vendor cost
Title Report and/or Litigation Guarantee At vendor cost Notary At vendor cost
Court Photocopying At cost
Incoming or out-going Fax Charges No charge
Conference Call Charges AT&T standard rates or equal
Travel Expenses At cost
Other reasonable costs At cost
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Attached Agreement Checklist and met all requirements
7-7Concord - Document ID: YmE3OTcyYWEtZT
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City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
ENGINEERING DIVISION
DISTRICT: ALL
SUBJECT: APPROVE SECOND AMENDMENT TO AGREEMENT WITH SIFI
NETWORKS PALMDALE, LLC FOR ADJUSTMENTS TO
CONSTRUCTION METHODS FOR THE INSTALLATION OF FIBER
OPTICS IN THE PUBLIC RIGHT -OF-WAY AND INCREASE TO
SERVICE COSTS
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Second Amendment to Agreement No. A -7258 with SiFi Networks Palmdale, LLC (SiFi) for adjustments to construction methods for the installation of fiber optics in the public right-of-way and for increase to service costs; and,
2. Authorize the City Manager or her designee to execute the Second Amendment to Agreement No. A -7258 with SiFi, including minor an d/or non-substantial changes.
BACKGROUND
On December 1, 2020, the City Council authorized negotiations and entered into a License Agreement with SiFi . Agreement No. A -7258 grants SiFi non-exclusive right- of-way access to install fiber optic cables to provide high -speed internet services for Palmdale residents and businesses. The SiFi Networks Fiber Optics Project is privately funded. SiFi is responsible for all design, permitting, construction, and maintenance costs.
On April 5, 2023, the First Amendment to Agreement No. A-7258 was executed providing an extension for the commencement date for fiber optics construction. With this amendment, SiFi was granted an additional six months , extending the original construction commencement deadline to thirty months to complete construction.
Report to Mayor and City Council
Re: Second Amendment to Agrmt No. A-7258
February 18, 2025
DISCUSSION
SiFi has completed 20% of the Citywide Fiber Optics Project (installing 800,000 linear feet of cable). To improve construction methods and reduce impacts on the existing public street network they are proposing adjustments to the construction methodology and standards for fiber network installation. The proposed construction modifications would allow for an E-Design system to significantly reduce the amount of micro-trenching and narrow street cuts, reducing the visual and physical impact on streets. Overall, this would expedite the construction schedule and decrease disruption within residential communities. To provide service to residents, residential streets will be micro-trenched only on one side of the street for mainline conduit installation and three-quarters of an inch wide micro-trenched fiber lateral crossings. The trench depth of fiber optic cable within residential streets will be increased to a minimum depth of twelve inches, as specified in the City’s micro-trench standards, ensuring the fiber network does not interfere with the City’s pavement rehabilitation projects.
The fixed monthly payment has been negotiated to reflect fees per the City Master Schedule. SiFi further agrees to reimburse the City for overtime and after-hour inspection fees retroactive to the start of project construction.
FISCAL IMPACT
$5,522; SiFi’s obligation for fixed monthly payments has increased from $8,333 to $13,855 per month and said fixed monthly amount shall be increased on July 1st of each year by the Los Angeles County’s Consumer Price Index (CPI).
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
A. Seek innovative, cost effective, customer focused methods of service delivery.
Goal IV: Maintain a desirable community where everyone wants to live, work and play.
B. Provide inclusive access to a variety of supportive services that build a resilient and healthy community.
Prepared by: Leonardo Torres, P.E.,
Director of Public Works
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 Report to Mayor and City Council
Re: Second Amendment to Agrmt No. A-7258
February 18, 2025
ATTACHMENTS
Agrmt No. A-7258 Second Amendment with SiFi Networks Palmdale LLC Agrmt No. A-7258 First Amendment with SiFi Networks Palmdale LLC Agrmt No. A-7258 with SiFi Networks Palmdale LLC
2NDAMENDMENT TO LICENSE AGREEMENT A-7258BETWEEN THE CITY OF PALMDALE AND SIFI NETWORKS PALMDALE LLCThis Second Amendment to License Agreement A-7258 (as defined below)(“Amendment No. 2”) is made and entered into on the date of last signature below (“Amendment Effective Date”) by and between the City of Palmdale, California, a municipal corporation (“City”) and SiFi Networks Palmdale LLC, a Delaware limited liability company (“SiFi”)(each of City and SiFi, a “Party” and collectively, the “Parties”). Unless otherwise defined herein, all capitalized terms shall have the same meaning ascribed to them in the Agreement. WHEREAS, the City and SiFi entered into that certain Development Agreement dated December 23, 2020 and as amended by that certain 1st Amendment to Agreement A-7258 Between the City of Palmdale and SiFi Networks Palmdale LLC dated April 5, 2023 (collectively, the “Agreement”); WHEREAS, the Parties have agreed to certain construction methodologies in Exhibit B and SiFi has certain obligations; and WHEREAS, the Parties herein wish to amend the Agreement to append Exhibit B with additional “E-Design” design and construction techniques and to add certain otherobligations for SiFi as specified herein. NOW THEREFORE, as of the Amendment Effective Date, the Parties mutually agree toamend the Agreement as follows: 1. As of the Amendment Effective Date, SiFi and the City hereby amend the Agreement as follows: A. Exhibit “B”. Exhibit “B” of the Agreement is hereby amended to add Exhibit “A” attached hereto and incorporated herein by reference at the end of Exhibit “B” attached to the Agreement.B. Terms. Section 1.1 is hereby amended by adding the following definitions: “Crossing” means a Microtrenching running perpendicular to the street with a maximum width of three-quarters of an inch (0.75”). “E Design Street” means a street with a maximum curb-to-curb width no more than forty (40) feet wide with speed limit at forty (40) MPH or below and classified as “Street, Neighborhood” per City of Palmdale’s Municipal Code, Title 17, Section 17.16.190(S). C. Construction of the System.Section 4.1.1 of the Agreement is hereby supplemented with the addition of the following language:
“(ii.a) Crossing Microtrenching with a minimum cover from the top of the duct to top of the asphalt of twelve (12) inches for streets classified as “Street, Neighborhood” as set forth in the specifications set forth in Exhibit ‘A’ to Amendment No. 2.” D. Notices.1. Section 10.3 is hereby amended by adding the following language at the bottom of the section: “All notices and communications required to be served upon SiFi by the City pursuant to Sections 7.1(vii) and 7.2(v) shall also be served upon SiFi by sending an email to the following email address: [email protected] .” 2. Section 10.3 is hereby amended by deleting references to “Marie Ricci” and “[email protected]” and replacing respectively with “Sal Mendez” and “[email protected]”. E. Invoices and Payments – Fixed Monthly Amounts. Section 2.6 of the Agreement is hereby deleted in its entirety and replaced with the following: “Beginning with the first business day of the month, and commencing on January 1, 2025, City will invoice SiFi monthly and in advance for the fixed monthly amount of thirteen thousand eight hundred fifty-four dollars and eighteen cents ($13,854.18) ("Fixed Monthly Amount[s]"). City acknowledges and agrees that such Fixed Monthly Amounts are and will be all inclusive of and will cover all of City's (i) costs and expenses incurred in providing City services and fulfilling City's obligations to SiFi under this Agreement, and (ii) any traditional City fees including plan check fees, cabinet permit fees, encroachment permit fees, inspection fees, and any other applicable fees. Overtime and after-hours inspection fees shall be charged in addition to the above fee when requested by SiFi. In the event that City anticipates an increase to the City’s costs and expenses due to the increase of City services requested by SiFi in fulfilling City’s obligations to SiFi under this Agreement will result in exceed Fixed Monthly Amounts, City may make an advance written request to SiFi for authorization to proceed with such reasonable costs and expenses. SiFi shall reimburse to the City such authorized additional fees on City’s next monthly invoice which shall include evidence of completion of such authorized services having been rendered. In the event that SiFi does not agree to the additional fees, the City will maintain the current level of service. City will continue to invoice SiFi for, and SiFi shall continue to pay, the Fixed Monthly Amounts until Substantial Completion. Each such invoice shall be payable by SiFi within thirty (30) days of receipt. The City shall not be required to undertake any work, perform any service, or issue any permit if SiFi is not current on any required payment for a Fixed Monthly Amount. The City shall assess a late payment fee of one percent (1%) of any due and payable Fixed Monthly Amounts that are not timely received compounded monthly. The Fixed Monthly Amount shall increase on July 1st of each year by a fixed amount of two-and-one-half-percent (2.5%) or the Los Angeles County’s Consumer Price Index (CPI), whichever is higher.” F. Fees, Expenses and other Charges.Section 2.7 of the Agreement is hereby deleted in its entirety and replaced with the following: “Except as expressly set forth herein, each Party shall bear and be responsible for all of its own costs, fees and expenses incurred in executing and performing this Agreement. For the avoidance of doubt, because of the payment of the Fixed Monthly Amounts, and except for as expressly provided for in Section 2.6, City agrees that SiFi shall not be responsible and liable for any other or additional fees or payments to the City in connection with this Agreement or the permitting process in excess of the Fixed Monthly Amounts including any assessment or fees that otherwise would or might be levied by the City separately for use of the Public Way provided that SiFi shall be responsible for Federal, State and local taxes in connection with the System. SiFi further agrees to reimburse the City for overtime and after hour inspection fees retroactive to the start of SiFi’s construction in the amount of fourteen thousand dollars ($14,000.00). The City agrees that City’s bonding and insurance requirements will be satisfied by bonds and insurance coverage provided as part of the encroachment permit application and supplied by the Construction Contractor (as principal) performing the construction of the System. Such bonds and insurance documentation to be supplied prior to the start of Construction. Notwithstanding anything to the contrary contained in this Agreement, the provisions of this Section 2.6 will survive expiration or termination of this Agreement. SiFi shall, at its own expense, obtain and maintain in full effect throughout the Term a City business license, and shall require that each of its contractors and subcontractors obtain a City business license if required based on the work in the City.” 2. Continuing Effect of Agreement. Except as amended by this Amendment No. 2, all other terms and conditions of the Agreement shall remain unchanged and in full force and effect. From and after the date of this Amendment No. 2, whenever the term “Agreement” appears in the Agreement, it shall mean the Agreement as amended by this Amendment No. 2. 3. Adequate Consideration. The Parties hereto irrevocably stipulate and agree that they have each received adequate and independent consideration for the performance of the obligations they have undertaken pursuant to this Amendment No. 2.
4.Counterparts. This Amendment No. 2 may be executed in duplicate originals, each of which is deemed to be an original, but when taken together shall constitute but one and the same instrument. [SIGNATURES FOLLOW ON NEXT PAGE] IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 2 to be executed and attested by their respective officers thereunto duly authorized as of the date written below. CITY OF PALMDALE:XRonda PerezCity ManagerSIFI NETWORKS PALMDALE LLC: XBen Bawtree-JobsonCEOADDRESS FOR NOTICE:CITY OF PALMDALE38300 Sierra HighwayPalmdale, CA 93550 ADDRESS FOR NOTICE: SIFI NETWORKS PALMDALE LLC103 Foulk Road, Suite 500Wilmington, DE 19803 APPROVE AS TO FORM: X William P. Curley, IIICity Attorney ATTEST: X Roxanne FaberCity Clerk EXHIBIT A E-DESIGN TYPICALS [SEE ATTACHED TWO (2) PAGES BELOW]
1st AMENDMENT TO AGREEMENT A-7258
BETWEEN THE CITY OF PALMDALE AND SiFi Networks Palmdale LLC
This 1st Amendment to Agreement No. A-7258 (“Agreement”) between the City of Palmdale and SiFi Networks Palmdale LLC is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and SiFi Networks Palmdale LLC (hereinafter called "CONTRACTOR"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on December 23,2020 ("Original Agreement") the CITY and CONTRACTOR entered into an agreement to provide:
CONTRACTOR will install, maintain, and operate their System in the Public Right of Way.
WHEREAS, the parties desire to amend the Original Agreement to:
Extend the start date of construction of the System.
NOW THEREFORE, the parties agree as follows:
1. Background
A. SiFi Networks Palmdale LLC and City entered into that certain License Agreement on December 23, 2020 (the “Agreement”).
B. Pursuant to the Agreement, SiFi Networks Palmdale LLC was expected to commence construction of the System by December 23, 2022 (“Construction Commencement Deadline”) following execution of the Agreement.
C. SiFi Networks Palmdale LLC and City now agree to modify the Agreement to extend the Construction Commencement Deadline on the terms and conditions herein.
2. Amendment
A. As of the Amendment No. 1 Effective Date, SiFi Networks Palmdale LLC and the City agree to amend the Agreement by deleting the words “twenty-four (24)” in Section 4.1, Construction of the System, in their entirety and replacing them with the following words “thirty (30).” Further, the following sentence is added at the end of Section 4.1: “SiFi will endeavor to submit/resubmit the first construction permit by April 7, 2023 and to commence Construction of the System by June 30, 2023, provided that, City has approved the above permit. The timelines specified herein are dependent on each Party acting in good faith and fulfilling their respective obligations.”
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
1-2Concord - Document ID: MzUzNDg5NGItMz
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:
SiFi Networks Palmdale LLC:
Ronda Perez
City Manager
Ben Bawtree-Jobson
CEO
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Highway
Palmdale, CA 93550
ADDRESS FOR NOTICE:
SiFi Networks Palmdale LLC
55 Madison Ave,
Morristown, NJ 07960
APPROVE AS TO FORM:
William P. Curley, III
Interim City Attorney
ATTEST:
Roxanne Faber
Acting City Clerk
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
2-2Concord - Document ID: MzUzNDg5NGItMz
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City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
ENGINEERING DIVISION
DISTRICT: 1
SUBJECT: ADOPT RESOLUTION NO. CC 202 5-009, 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 8 TH STREET EAST SOUTH OF
RANCHO VISTA BOULEVARD AND NORTH OF EAST AVENUE P-8
RECOMMENDATION
Staff recommends that the City Council:
1. Adopt Resolution No. CC 2025-009, 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 Boulevard and north of Avenue P-8;
2. Authorize the Mayor to execute Resolution No. CC 202 5-009, declaring the intention to conduct a public hearing to consider the vacation of portions of 8th Street East south of Rancho Vista Boulevard and north of East Avenue P-8; and,
3. Set the time and place for a public hearing on March 18, 2025, to consider the proposed vacation.
BACKGROUND
Covington Development Partners, LLC, applied for street vacation in March 2024as part of their commercial building development . They are requesting to vacate parts of the existing right-of-way along the frontage of their property located on the west side of 8th Street East, south of Rancho Vista Boulevard, and north of East Avenue P-8 (AIN 3022- 001-027). This request is linked to the approval of the Covington project improvement plans and as a condition of approval for Site Plan Review (SPR22 -012). After the Planning Commission’s review (PC-2023-017), it was determined that a ny potentially adverse environmental impacts could be mitigated and would not be significant.
Report to Mayor and City Council
Re: Resolution No. CC 2025-009
February 18, 2025
DISCUSSION
The property for the current commercial building project was originally part of an auto storage development. As such, it was conditioned to dedicate right-of-way to specifically serve their land use. The right-of-way dedication included multiple driveway locations and a right-turn pocket. However, the auto storage development was never completed, and no public improvements were built.
During the entitlement process for the current Covington commercial development (SPR 22-012), off-site improvements were reviewed. It was determined that the previously dedicated right turn lane, one driveway, and several expanded entry curb radii along 8th Street East were no longer necessary. As a result, the right-of-way previously dedicated for these features is now the subject of this proposed street vacation.
According to the Streets and Highway Code, Section 8320, the local agency (City) processing the street vacation under the General Vacation Procedure shall initiate the vacation proceedings by setting the date, hour, and place for a public hearing. This action will be followed by notification to public utility providers, posting notices at the property, and publication of the vacation information and public hearing schedule in the local newspaper.
FISCAL IMPACT
$0; There is no fiscal impact on the City as a result of this action.
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
A. Seek innovative, cost effective, customer focused methods of service delivery
Prepared by: Leonardo Torres, P.E.
Director of Public Works
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
Reso. No. CC 2025-009
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025-009
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 8 TH STREET EAST,
SOUTH OF RANCHO VISTA BOULEVARD, NORTH OF EAST AVENUE
P-8.
WHEREAS, the Engineering Division received an application from the property owner of parcel number 3022-001-027 located on the west side of 8 th Street East, south of Rancho Vista Boulevard, north of East Avenue P-8 requesting the City move forward with proceedings to vacate portions of 8th Street East no longer deemed necessary; and WHEREAS, the proposed vacation has been examined and determined to not negatively impact the general public and has been found to be consistent with the Circulation Element of the City’s General Plan; and
WHEREAS, the improvements within the right of way to be vacated were never constructed and are not necessary for the proposed commercial development; and WHEREAS, the current development was approved through Site Plan Review (SPR) 22-012 and Environmental Impact Report (EIR) 23-002 (SCH No. 2022080663) and was adopted by the Planning Commission (Resolution No. PC-2023-017) on August 10, 2023; and
WHEREAS, the current project was determined not to have any adverse or significant impacts on the environment following the implementation of specific mitigation measures.
NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF
PALMDALE DOES HEREBY FIND, DETERMINE, RESOLVE, AND ORDER AS FOLLOWS:
SECTION 1. The City Council of the City of Palmdale hereby declares its intention to conduct a public hearing to vacate portions of 8 th Street East no longer deemed necessary south of Rancho Vista Boulevard and north of East Avenue P-8, located within the City of Palmdale, as described in Exhibit “A” and shown in Exhibit “B”.
SECTION 2. The City Council, in vacating the portions of said street described in Exhibit “A”, elects to proceed under and in accordance with the provisions of the Public Streets, Highways, and Service Easements Vacation Law Division 9, Part 3, Chapter 3 Resolution No. CC 2025-009
2 of the Streets and Highway Code of the State of California.
SECTION 3. Nothing in this Resolution shall in any way affect or disturb any existing easement for public utility purposes belonging to either the City of Palmdale or any other public entity.
SECTION 4. Notice is hereby given that a public hearing shall be held on the proposed street vacation on Tuesday, March 18, 2025, at the hour of 5:00 pm in the Council Chambers at City Hall, 38300 Sierra Highway, Suite B, Palmdale California at which time any and all interested persons may present evidence for or against the proposed vacation.
SECTION 5. The City shall cause notice of the public hearing on the proposed street vacation to be published in the local newspaper and posted on-site as required by the Public Street, Highway, and Service Easement Vacation Law.
Resolution No. CC 2025-009
3 SECTION 6. The City Clerk shall certify the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 18h day of February 2025. _________________________________
Richard J. Loa, Mayor
Approved as to form:
ATTEST:
___________________________ _________________________________ William P. Curley III Rochelle Scott, City Clerk
City Attorney
I, Rochelle Scott, City Clerk of Palmdale, California, do hereby certify that the foregoing resolution was duly passed, approved, and adopted by the City Council of the City of Palmdale at a regular meeting of said Council held on the 18th day of February 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, City Clerk
City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
MAINTENANCE DIVISION
DISTRICT: ALL
SUBJECT: RECEIVE AND FILE THE SANITARY SEWER MANAGEMENT PLAN (SSMP) AUDIT REPORT
RECOMMENDATION
Staff recommends that the City Council receive and file the SSMP Audit.
BACKGROUND
On July 1, 2009, t he City successfully withdrew from the Los Angeles County Sewer Maintenance District. Subsequently, the City prepared and adopted an SSMP as required by the State Water Resource Control Board (SWRCB). In accordance with the SSMP and SWRCB Order No. WQ 2022 -0103-DWQ, municipalities that own and/or operate a sanitary sewer longer than one mile are required to develop and implement an SSMP.
The City Council first adopted an SSMP in May 2008. In line with Order No. WQ 2022- 0103-DWQ, the SSMP was updated and recertified by the City Council on May 7, 2014, and again on February 15, 2023. Additionally, Order No. WQ 2022 -0103-DWQ mandates internal SSMP audits every three years.
This report summarizes the internal SSMP audit conducted by City staff from November 2021 to November 2024. This audit report complies with and exceeds the minimum requirements outlined in the SSMP and SWRCB Order No. WQ 2022-0103-DWQ.
DISCUSSION
The purpose of an SSMP audit is to assess how well the SSMP is working to prevent spills and ensure compliance with SWRCB Order No. WQ 2022-0103-DWQ, identify any deficiencies related to ongoing spills and discharges, and recommend necessary modifications to improve the SSMP . \ An audit is created for e ach evaluation, documenting, suggesting corrective actions , incorporating input from sewer system Report to Mayor and City Council
Re: Review and Approve the Sanitary Sewer
Management Plan Audit Report
February 18, 2025
operators, and providing a timeline for addressing any issues. The current 2024 SSMP audit report which is attached to this staff report, will be posted to the SWRCB’s California Integrated Water Quality System (CIWQS) website. More details on SSMP audits can be found in Element 10 of the City’s SSMP, available on the City’s website, which will also be updated.
Overall, the City’s SSMP continues to meet the goals set in Element 1 of the SSMP. The audit reviewed all eleven elements of the SSMP and found that each one remains effective. No major deficiencies were identified. All elements of the SSMP were updated to reflect changes over the last three years, as well as anticipating future changes, and comply with the updated requirements of SWRCB Order No. WQ 2022-0103-DWQ.
The next SSMP audit will be conducted in 2027.
FISCAL IMPACT
There are no financial impacts associated with the current 2024 SSMP audit.
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: Leonardo Torres, P.E.
Director of Public Works
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
City of Palmdale SSMP Audit Checklist Report Form 2024
City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
MAINTENANCE DIVISION
DISTRICT: 1, 2, AND 4
SUBJECT: AWARD AND APPROVE AGREEMENT WITH GOLDEN WEST
FENCE FOR LANDSCAPE MAINTENANCE DISTRICT ( LMD)
WROUGHT IRON FENCE RE PLACEMENT SERVICES FOR A
TOTAL NOT TO EXCEED AMOUNT OF $138,820 FOR A TERM OF
180 WORKING DAYS FROM THE DATE OF THE NOTICE TO
PROCEED
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A-9204 with Golden West Fence for LMD wrought iron fence replacement services for a total not to exceed amount of $138,820, which includes a contract amount of 126,200, plus a 10% contingency amount of $12,620; and,
2. Authorize the City Manager or her designee to execute Agreement No. A-9204 with Golden West Fence, including minimal and/or non-substantial changes.
BACKGROUND
The City’s Landscape Maintenance Section maintains 482 acres of LMDs and general benefit landscapes, including 270 drainage basins.
The wrought iron fencing at the LMD drainage basins listed below has been in place for over 30 years and has suffered significant wear and tear from weather, deterioration, age, corrosion, and frequent vandalism. Many sections are damaged, unstable, or rusty, creating safety hazards and detracting from the overall appearance of the sites.
Therefore, these locations require wrought iron replacement services.
Report to Mayor and City Council
Re: Approve Agreement No. A-9204 with Golden West Fence February 18, 2025
Location Wrought Iron Fence Concrete Mow Curb
LMD 86/113 – 52nd St East and Monaco Ln 157 linear feet 110 linear feet LMD 151 – Highland Ct and E Ave R-8 285 linear feet 260 linear feet LMD 163 – 55th St East and Monaco Ln 148 linear feet 134 linear feet LMD 260 – 39360 Summerwind Dr 200 linear feet 0 linear feet
DISCUSSION
On October 24, 2024, the City released Invitation for Bid (IFB) No. 25-002-3610 for LMD Wrought Iron Fence Replacement Services at the identified locations. Notification of the IFB release was sent electronically to registered vendors on PlanetBids, with 32 contractors downloading the IFB. The City also published the solicitation in the Antelope Valley Press. Six responsive proposals were received on December 5, 2024, and are summarized below:
Bidder Location Project Total
Golden West Fence Nuevo, CA $126,190
EverFence Corporation Orange, CA $149,260
Dash Construction Company, Inc. Encino, CA $184,700
Red Hawk Services Inc. Perris, CA $188,015
California Fencing, Inc. Quartz Hill, CA $252,170
Harris Steel Fence Co., Inc. Los Angeles, CA $476,868
Golden West Fence submitted the lowest responsible bid of the qualified proposals, with the total being 18% less than the next bid. Staff also confirmed Golden West Fence’s reliability by checking references, all of which provided positive feedback about their past projects, noting they met or exceeded expectations with quality work.
The proposal from local vendor California Fencing, Inc. was significantly higher than the lowest bid and did not follow the itemization requested in the IFB’s quotation form, making it partially incomplete.
This contract includes removing and disposing of the existing damaged wrought iron fence, installing approximately 790 linear feet of new 6-foot-tall wrought iron fencing (including posts, footings, and double access gates), applying a powder-coated black finish on all wrought iron materials to prevent corrosion and extend the fence’s lifespan, and installing approximately 504 linear feet of concrete mow curbs.
Replacing the wrought iron fencing will allow the City to implement new engineering design standards, improving the functionality, structure, and security of each basin. These upgrades will enhance safety, aesthetics, reduce liabilities, and provide long-term infrastructure service life.
Report to Mayor and City Council
Re: Approve Agreement No. A-9204 with Golden West Fence February 18, 2025
Based on the condition of the current fences, the cost-effectiveness of replacement, and the proposed improvements, it is recommended that the City Council approve the agreement.
FISCAL IMPACT
$138,820; Sufficient funds are budgeted in the Landscape Maintenance Detention Basin Maintenance and Repair account.
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: Leonardo Torres, P.E.,
Director of Public Works
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-9204 with Golden West Fence
AGREEMENT NO. A- 9204
CONSTRUCTION CONTRACT
BETWEEN THE CITY OF PALMDALE AND GOLDEN WEST FENCE
THIS CONTRACT (“Contract”) is made and entered into by and between City of Palmdale, a public entity ("City"), and GOLDEN WEST FENCE, a Corporation ("Contractor"). Contractor and City are collectively referred to herein as the “parties.” This Contract shall become effective on the date of the last signatory. 1 Scope of Work
Contractor shall complete the Project in accordance with this Contract. Contractor shall furnish all materials and perform all work required for the completion of the following Project:
Removal and replacement of approximately 790 linear feet of six-foot-tall wrought iron fencing including posts, footings, four (4) sets of double access gates, and the installation of approximately 504 linear feet of concrete mow curbing at the following locations:
1. LMD 86/113 - 52nd St East and Monaco Ln
--- Wrought iron fencing: 157 linear feet
--- Concrete mow curb: 110 linear feet
2. LMD 151 - Highland Ct and E Ave R-8
--- Wrought iron fencing: 285 linear feet
--- Concrete mow curb: 260 linear feet
3. LMD 163 - 55th St East and Monaco Ln
--- Wrought iron fencing: 148 linear feet
--- Concrete mow curb: 134 linear feet
4. LMD 260 - 39360 Summerwind Dr / Amargosa Creek
--- Wrought iron fencing: 200 linear feet
All wrought iron materials are to be powder coated the color black.
Project requirements and specifications as specifically set forth in Exhibit A Scope of Work and Exhibit B Site Images & Engineering Specifications attached hereto and made part herein by reference.
Contract shall include Project amount of $126,200, plus a 10% contingency amount of $12,620.
2 Standard Specifications
1-14Concord - Document ID: generated after first signature Standard Specifications for City projects are those contained in the 2021 Greenbook edition of the "Standard Specifications for Public Works Construction" (the "Greenbook"). Except as otherwise expressly provided herein, the Standard Specifications shall control the general provisions, construction materials, and construction methods for this Contract (except as amended by the Plans for the Project), the General Specifications for the Project, the Special Provisions for the Project, any technical specifications for the Project, and any other contract documents.
3 Compensation
City shall pay Contractor the total, all-inclusive, NOT-TO-EXCEED amount of One Hundred Thirty-Eight Thousand Eight Hundred Twenty Dollars ($138820) for the construction of the Project. This amount shall cover all expenses for labor, materials, and any and all other costs incurred by Contractor to satisfactorily construct the Project. Unless otherwise provided in the bid documents or agreed upon by the parties, Contractor shall submit detailed, monthly invoices for work actually performed.
4 Completion Date
The construction of the Project shall commence upon Contractor being given a written notice to proceed, and shall be completed within 180 working days of said notice.
5 Payment and Performance Bonds; Guaranty
Unless otherwise expressly provided in the bid documents, prior to commencing work, Contractor shall provide a payment bond and performance bond, each in an amount equal to 100% of the Contract price for each year of the term of the contract. Contractor shall submit all bonds electronically through Surety 2000.
Pursuant to the bid documents for this Project, the Contractor is required to provide a written guaranty of Contractor’s work. In furtherance thereof, Contractor shall execute the written form of Guaranty attached hereto and incorporated by reference herein.
6 Licenses
At all times during the term of this Contract, Contractor shall possess a valid and current Class B Contractor's License or Specialty Contractor License consisting of Class C-13 Fencing licensee to perform the required work (“Work”). Contractor’s DIR registration number is 1001135322. Contractor hereby certifies that it holds the required license(s).
7 Subcontracting
2-14Concord - Document ID: generated after first signature Subject to any self-performance requirements herein, Contractor may subcontract any portion of the work required by this Contract to other persons or firms, and Contractor submitted with its bid a list of those subcontractors who will perform work in an amount in excess of one-half of one percent (1%) of the Contractor’s total bid, in compliance with the Subletting and Subcontracting Fair Practices Act, California Public Contract Code § 4100, et seq. Only such listed subcontractors may perform on this Project.
8 Non-Assignability
Neither this Contract nor any rights, title, interest, duties or obligations under this Contract may be assigned, transferred, conveyed or otherwise disposed of by Contractor without the prior written consent of City.
9 Administration
This Contract will be administered by the Public Works Department of the City. The Director of Public Works or his or her designee shall be considered the Project Administrator and shall have the authority to act for the City under this Contract.
10 Indemnification
To the maximum extent permitted by law, Contractor shall indemnify, protect, defend and hold harmless the City, its Board of Director, the City's officers, employees, agents, volunteers, and representatives (“Indemnitees”) with respect to any and all claims, suits, actions, stop notices, liabilities and/or damages, including related expenses, attorney's fees and costs, based on, arising out of, or in any way related to the work undertaken by Contractor pursuant to this Contract, and in connection with the Project.
11 Liability Insurance
11.1 Without limiting Contractor's indemnification of City, as described in paragraph 10, and unless modified by City, Contractor shall obtain, provide and maintain, at its own expense, during the term of this Contract, a policy or policies of insurance, satisfactory to the City, from insurance carriers admitted to do business in the State of California and rated in A.M. Best’s Insurance Guide with a rating of A:VII or better, which contain the coverage described below.
11.1.1 Commercial General Liability
$2,000,000.00 limit on a per occurrence basis
$5,000,000.00 general aggregate limit
11.1.2 Commercial Automobile Liability
3-14Concord - Document ID: generated after first signature $2,000,000.00 combined single limit including owned, non-owned and hired automobile coverage
11.1.3 Workers’ Compensation and Employer’s Liability
Workers’ Compensation -- coverage as required by the State of California Employer’s Liability -- $1,000,000.00 each accident
$1,000,000.00 policy limit bodily injury
$1,000,000.00 each employee bodily injury by disease
11.2 Policies providing for bodily injury and property damage coverage shall contain the following:
A. An endorsement extending coverage to the City as an additional insured, as respects liability arising out of the performance of any work under the Contract.
Such insurance shall be primary insurance, as respects the interest of the City, and any other insurance maintained by the City shall be considered excess coverage and not contributing insurance with the insurance required hereunder.
The certificates shall state: “The City of Palmdale, Successor Agency to the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Housing Authority, Industrial Development Authority, Airport Authority, their officers, agents, employees and volunteers are named as additional insured”.
B. “Severability of Interest” Clause.
11.3 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.
11.4 Said Certificates of Insurance shall provide that thirty (30) days’ prior written notice of cancellation shall be given to the City in the event of cancellation and/or reduction in coverage of any nature.
11.5 The required policies of insurance shall be endorsed to waive all rights of subrogation. Contractors waives all rights of subrogation.
11.6 Acceptable Proof of Insurance:
A. 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. 4-14Concord - Document ID: generated after first signature B. 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.
C. *When pollution/environmental liability coverage is provided on a “claims made basis”, CONTRACTOR will continue to renew the insurance for a period of five (5) years after this Agreement expires or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect during the term of this Agreement, and will cover CONTRACTOR, or its officers, employees, or agents during the time this Agreement was in effect.
11.7 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.
11.8 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.
11.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONTRACTOR 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 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 11 will not be impacted and/or limited by such deviation.
12 State Labor Code
12.1 This Contract calls for work to be performed constituting public works.
Contractor and all subcontractors shall pay the general prevailing rate of per diem wages as determined and as published by the State Director of the Department of Industrial Relations pursuant to Article 2 of Chapter 1 of Part 7, of Division 2 of the State Labor Code, including, but not limited to, Sections 1770, 1771, 1773, 1773.2 and 1774.
5-14Concord - Document ID: generated after first signature
12.2 This is a public work and requires the payment of prevailing wages for the work or craft in which the worker is employed for any public work done under the contract by Contractor or by any subcontractor pursuant to Section 1771 of the Labor Code. Pursuant to the provisions of Section 1773 of the Labor Code of the State of California, the City has obtained the general prevailing rate of per diem wages and the general rate for holiday and overtime work in this locality for each craft, classification, or type of workman needed to execute this contract from the Director of the Department of Industrial Relations. These rates are on file with the City or may be obtained at http://www.dir.ca.gov/OPRL/DPreWageDetermination.htm.
Contractor shall post a copy of such wage rates at the job site and shall pay the adopted prevailing wage rates as a minimum. Contractor shall comply with the provisions of Sections 1775, 1776, 1777.5, 1777.6, and 1813 of the Labor Code. Pursuant to the provisions of 1775 of the Labor Code, Contractor shall forfeit to the City, as a penalty, not more than $200.00 for each calendar day, or portion thereof, for each laborer, worker, or mechanic employed, paid less than the stipulated prevailing rates for any work done under this Contract, by him or by any subcontractor under him, in violation of the provisions of this Agreement.
12.3 Contractors and subcontractors who are ineligible to bid for work on, or be awarded, a public works project pursuant to Labor Code Sections 1777.1 and 1777.7 are prohibited from bidding on, being awarded, or performing work as a subcontractor, on this Project pursuant to Public Contract Code Section 6109.
12.4 Contractor's attention is directed to the provisions in Sections 1774, 1775, 1776, 1777.5 and 1777.6 of the Labor Code. Contractor shall comply with the provisions in these Sections. The statutory provisions for penalties for failure to comply with the State's wage and hours laws will be enforced. Pursuant to Section 1775 of the Labor Code, the Contractor and any subcontractors, shall, as a penalty to the City forfeit the prescribed amounts per calendar day, or portion thereof, for each worker paid less than the prevailing wage rates.
12.5 Pursuant to Labor Code Section 1771.4, the Project is subject to compliance monitoring and enforcement by the California Department of Industrial Relations.
12.6 Each Contractor and subcontractor shall furnish the records specified in Labor Code Section 1776 directly to the State Labor Commissioner at least monthly in the format prescribed by the State Labor Commissioner.
12.7 Sections 1774 and 1775 require the Contractor and all subcontractors to pay not less than the prevailing wage rates to all workmen employed in the execution of the Contract and specify forfeitures and penalties for failure to do so. The minimum wages to be paid are those determined by the State Director of the Department of Industrial Relations. Section 1776 requires the Contractor and all subcontractors to keep accurate payroll records, specifies the contents thereof, their inspection and 6-14Concord - Document ID: generated after first signature duplication procedures and certain notices required of the Contractor pertaining to their location.
12.8 Section 1777.5 of the Labor Code requires Contractor or subcontractor employing workers in any apprenticeable occupation to apply to the Joint Apprenticeship Committee nearest the site of the public works project, which administers the apprenticeship program in that trade for a certificate of approval. The certificate will also fix the ratio of apprentices to journeymen to be used in the performance of the Contract. The Contractor is required to make contributions to funds established for the administration of apprenticeship programs if he employs registered apprentices or journeymen in any apprenticeable trade and if other contractors on the public works site are making such contributions. Information relative to apprenticeship standards, contributions, wage schedules and other requirements may be obtained from the State Director of Industrial Relations or from the Division of Apprenticeship Standards. Section 1777.6 of the Labor Code provides that it shall be unlawful to refuse to accept otherwise qualified employees as registered apprentices solely on the grounds of race, religious creed, color, national origin, ancestry, sex, or age.
12.9 Eight hours labor constitutes a legal day's work, as set forth in Labor Code Section 1810. The statutory provisions for penalties for failure to comply with the State's wage and hour laws will be enforced as set forth in Labor Code Section 1813. 13 Antitrust Claims
In entering into this Agreement, Contractor offers and agrees to assign to the City all rights, title, and interest in and to all causes of action it may have under Section 4 of the Clayton Act (15 U.S.C. Sec. 15) or under the Cartwright Act (Chapter 2 (commencing with Section 16700) of Part 2 of Division 7 of the California Business and Professions Code) arising from purchases of goods, services, or materials pursuant to the Agreement. This assignment shall be made and become effective at the time the City tenders final payment to Contractor without further acknowledgment by the parties.
14 Trenching and Excavations
Pursuant to Public Contract Code Section 7104, if the Project involves trenching more than four (4) feet deep, Contractor shall promptly and before the following conditions are disturbed notify the City in writing of any:
14.1 Material that Contractor believes may be material that is hazardous waste, as defined in California Health and Safety Code Section 25117, that is required to be removed to a Class I, Class II, or Class III disposal site in accordance with provisions of existing law; and/or
7-14Concord - Document ID: generated after first signature
14.2 Subsurface or latent physical conditions at the site differing from those indicated; and/or
14.3 Unknown physical conditions at the site of any unusual nature, different materially from those ordinarily encountered and generally recognized as inherent in work of the character provided for in the Contract.
14.4 As required by Labor Code Section 6705 and in addition thereto, whenever work under the Contract that involves an estimated expenditure in excess of twenty- five thousand dollars ($25,000) for the excavation of any trench or trenches five (5) feet or more in depth, Contractor shall submit for acceptance by City in advance of excavation, a detailed plan showing the design of shoring, bracing, sloping, or other provisions to be made for worker protection from the hazard of caving ground during the excavation, of such trench or trenches. If such plan varies from the shoring system standards established by the Construction Safety Orders of the Division of Industrial Safety, the plan shall be prepared by a registered civil or structural engineer employed by Contractor, and all costs therefor shall be included in the price of the Contract. Nothing in this provision shall be deemed to allow the use of a shoring, sloping, or other protective system less effective than that required by the Construction Safety Orders. Nothing in this provision shall be construed to impose tort liability on the City or on any City officer, agent, consultant, representative, or employee. All plans, processing and shoring costs are Contractor’s responsibility and must be included in Contractor’s bid.
15 Location of Existing Elements
Pursuant to Government Code Sections 4216 to 4216.9, the methods used and costs involved to locate existing elements, points of connection and all construction methods are Contractor’s sole responsibility. Accuracy of information furnished, as to existing conditions, is not guaranteed. Contractor, at its sole expense, must make all investigations necessary to determine locations of existing elements, which may include, without limitation, contacting U.S.A. alert and other private underground locating firm(s), and/or utilizing potholes, specialized locating equipment and/or hand trenching.
16 Third Party Claims
Pursuant to Public Contract Code Section 9201, the City has full authority to compromise or otherwise settle any claim relating to this Contract at any time. The City shall timely notify Contractor of the receipt of any third-party claim relating to the Contract. The City shall be entitled to recover its reasonable costs incurred in providing the notification required by Public Contract Code Section 9201(b). 17 Non-Collusion
8-14Concord - Document ID: generated after first signature Contractor hereby certifies that this bid is genuine and not a sham or collusive, or made in the interest or on behalf of any person or business not herein named. Contractor further certifies that Contractor has not directly or indirectly induced or solicited any other bidder to furnish a sham bid, or any other person or business to refrain from bidding, and Contractor has not in any manner sought by collusion to secure itself an advantage over any other bidder. Contractor also affirms that it has signed and submitted with its bid to the City a Non-collusion Declaration as required by Public Contract Code Section 7106.
18 Conflicts of Interest
Contractor agrees not to accept any employment or representation during the term of this Contract or within twelve (12) months after completion of the work under this Contract which is or may likely make Contractor “financially interested,” as provided in Government Code Section 1090 and 87100, in any decisions made by City on any matter in connection with which Contractor has been retained pursuant to this Contract.
19 Audit
The City or its representative shall have the option of inspecting and/or auditing all records and other written materials used by Contractor in preparing its billings to the City as a condition precedent to any payment to Contractor. Contractor will promptly furnish documents requested by the City. Additionally, pursuant to Government Code Section 8546.7, if this Contract involves the expenditure of public funds in excess of ten thousand dollars ($10,000), Contractor shall be subject to State Auditor examination and audit at the request of the City or as part of any audit of the City, for a period of three (3) years after final payment under this Contract. 20 Substitute Security
Pursuant to Public Contract Code Section 22300, the substitution of securities for any moneys withheld by the City to ensure performance under a contract is permitted, except where financing will be provided by the Farmers Home Administration of the United States Department of Agriculture pursuant to the Consolidated Farm and Rural Development Act (7 U.S.C. Sec. 1921 et seq.) or where federal regulations or policies, or both, do not allow the substitution of securities. At the request and expense of Contractor, securities equivalent to the amount withheld shall be deposited with the City, or with a state or federally chartered bank in the State of California as the escrow agent, that shall then pay those moneys to Contractor. Upon satisfactory completion of the Contract, the securities shall be returned to Contractor.
Alternatively, Contractor may request and the City shall make payment of retentions earned directly to the escrow agent at the expense of Contractor. At the expense of Contractor, Contractor may direct the investment of the payments into securities, and Contractor shall receive the interest earned on the investments upon the same terms 9-14Concord - Document ID: generated after first signature provided for securities deposited by Contractor. Upon satisfactory completion of the Contract, Contractor shall receive from the escrow agent all securities, interest, and payments received by the escrow agent from the City, pursuant to the terms of this section.
Securities eligible for investment shall include those listed in California Government Code Section 16430, bank or savings and loan certificates of deposit, interest-bearing demand deposit accounts, standby letters of credit, or any other security to which Contractor and the City agree in writing. Contractor shall be the beneficial owner of any securities substituted for moneys withheld and shall receive any interest thereon.
If Contractor elects to receive interest on moneys withheld in retention by the City, it shall, at the request of any subcontractor performing more than five percent (5%) of Contractor’s total bid, make that option available to the subcontractor regarding any moneys withheld in retention by Contractor from the subcontractor. If Contractor elects to receive interest on any moneys withheld in retention by the City, then the subcontractor shall receive the identical rate of interest received by Contractor on any retention moneys withheld from the subcontractor by Contractor, less any actual pro rata costs associated with administering and calculating that interest. In the event that the interest rate is a fluctuating rate, the rate for the subcontractor shall be determined by calculating the interest rate paid during the time that retentions were withheld from the subcontractor. If Contractor elects to substitute securities in lieu of retention, then, by mutual consent of Contractor and its subcontractor, the subcontractor may substitute securities in exchange for the release of moneys held in retention by Contractor. No Contractor shall require any subcontractor to waive any provision of this paragraph.
The escrow agreement for security deposits in lieu of retention shall be substantially similar to the form provided in Public Contract Code Section 22300(f). 21 Claims Dispute Resolution
In the event of any dispute or controversy with the City over any matter whatsoever, the Contractor shall not cause any delay or cessation in or of Work, but shall proceed with the performance of the Work in dispute. The Contractor shall retain any and all rights provided that pertain to the resolution of disputes and protests between the parties. The Disputed Work will be categorized as an “unresolved dispute” and payment, if any, shall be as later determined by mutual agreement or a court of law. The Contractor shall keep accurate, detailed records of all Disputed Work, claims and other disputed matters.
All claims arising out of or related to the Contract documents or this Project, and the consideration and payment of such claims, are subject to the Government Claims Act (Government Code Section 810 et seq.) with regard to filing claims. All such claims are also subject to Public Contract Code Section 9204 and Public Contract Code 10-14Concord - Document ID: generated after first signature Section 20104 et seq. (Article 1.5), where applicable. This Contract hereby incorporates those provisions as though fully set forth herein. Thus, the Contractor or any Subcontractor must file a claim in accordance with the Government Claims Act as a prerequisite to filing a construction claim in compliance with Section 9204 and Article 1.5 (if applicable), and must then adhere to Section 9204 and Article 1.5 (as applicable), pursuant to the definition of “claim” as individually defined therein. 22 Non-discrimination and Equal Employment Opportunity
22.1 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.
22.2 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. 23 Integration
This Contract supersedes any and all agreements, either oral or written, between the parties hereto with respect to the construction of the Project by Contractor for City and contains all of the covenants and agreements between the parties with respect to the construction of the Project. Each party to this Contract acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made with regard to the construction of the Project by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise regarding work not contained in this Contract shall be valid or binding. Any modification or amendment of this Contract will be effective 11-14Concord - Document ID: generated after first signature only if it is in writing and signed by the parties to this Contract. Any changes to the work required by this Contract will be by change order signed by the parties. 24 Governing Law
This Contract will be governed by and construed in accordance with the laws of the State of California without reference to change of venue laws. Any legal action in which enforcement of the terms and conditions of this Contract is requested, or in which it is alleged that a breach of this Contract has taken place, shall be filed and prosecuted in the County of Los Angeles, California.
25 Successors and Assigns
The terms and conditions of this Contract shall be binding on the successors and assigns of the parties to this Contract.
26 Exhibits
The exhibits and attachments referenced in this Contract are attached hereto and incorporated herein by this reference as though set forth in full in the Contract. 27 Authority to Sign
The person or persons executing this Contract on behalf of the Contractor warrant and represent that they have the authority to execute this Contract on behalf of the Contractor and have the authority to bind Contractor to the construction of the Project.
12-14Concord - Document ID: generated after first signature 28 Time is of the Essence
Time is of the essence in every provision of this Agreement in which time to perform is a factor.
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 GOLDEN WEST FENCE
Ronda Perez Date
City Manager
Daniel Martinez Date
CEO/President
ADDRESS FOR NOTICE:
CITY OF PALMDALE
39110 3rd Street East
Palmdale, CA 93550
ADDRESS FOR NOTICE:
GOLDEN WEST FENCE
20741 Hansen Ave
Nuevo, CA 92567
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
City Clerk
ATTEST: If Corporation
Secretary
[Signatures of contractor on bond(s) must be notarized. Obtain two corporate signatures if contractor is a corporation.]
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
13-14Concord - Document ID: generated after first signature □Certificate(s) and Endorsement(s) attached
□Confirmed business name on contract with certificate(s) □Attached notarized bond(s), Worker's Compensation Certificate, and Guaranty □Attached Agreement Checklist and met all requirements
14-14Concord - Document ID: generated after first signature
EXHIBIT A
SCOPE OF WORK
SCOPE OF WORK
The removal and replacement of approximately 790 linear feet of six-foot-tall wrought iron fencing including posts, footings, four (4) sets of double access gates, and the installation of approximately 504 linear feet of concrete mow curbing at the following locations:
Location(s) Wrought Iron Fencing Concrete Mow Curb
1. LMD 86/113
Located at 52nd St East and Monaco Ln.
157 linear feet 110 linear feet
2. LMD 151
Located at Highland Ct. and E Ave. R-8
285 linear feet 260 linear feet
3. LMD 163
Located at 55th St East and Monaco Ln.
148 linear feet 134 linear feet
4. LMD 260
Located at 39360 Summerwind Dr.
200 linear feet
TOTAL 790 linear feet 504 linear feet
All wrought iron materials are to be powder coated the color black.
Project requirements and specifications are as follows:
• CONTRACTOR shall coordinate a pre job meeting at the project site with the Landscape Superintendent or appointed designee at least five working days prior to commencing any work under the terms of this agreement.
• CONTRACTOR shall contact DIG ALERT, secure a DIG ALERT ticket, and verify all underground utility markings prior to beginning any excavation. • CONTRACTOR shall secure a “No Fee” encroachment permit from the City of Palmdale Engineering Department.
• CONTRACTOR shall cover and make safe all excavations prior to leaving the project site.
NO EXCAVATIONS MAY BE LEFT OPEN OVERNIGHT!
• CONTRACTOR shall be responsible for securing project site with temporary fencing and/or caution tape and barricades.
• CONTRACTOR will be responsible for any/all damages to any/all private and/or City infrastructure, underground or overhead utilities, and/or any structure, fixture, improvement, and/or appurtenance caused by Contractor and/or resulting from Contractor’s performance of work.
• CONTRACTOR shall be responsible for design and implementation of all traffic control and safety delineation required at the project site as per the California Manual on Uniform Traffic Control Devices latest revision. Note: Traffic Control Plans, prepared, signed, and stamped by registered Traffic Engineer or Civil Engineer, on 24” X 36” sheets, shall be submitted to the City Traffic Engineer for approval when any of the following conditions apply.
o Moving traffic over the striped center line.
o Reducing the number of travel lanes in a direction by more than one lane. o Any road closure (one or two way) or flagger/pilot car operation. o Any work performed within 250 feet of a traffic signal. • CONTRACTOR shall perform and complete all work in full compliance with all applicable Local, State, and Federal safety regulations and requirements, including but not limited to, State of California Division of Occupational Safety and Health (CalOSHA) General Industry Safety Orders and Construction Industry Safety Orders. Payment for performing all work 2 necessary to provide safety measures shall be included in the prices bid for other items of work except where separate bid items for excavation safety are provided or required by law.
• CONTRACTOR shall provide all materials and shall properly dispose of all debris resulting from the execution of this project at no additional expense to the City. • CONTRACTOR shall remove and dispose of approximately 790 linear feet of 6 -foot-tall wrought iron fencing including the posts and footings at three locations. Refer to Site Images No. 1 – 17 in Exhibit B of this Agreement. Images are broken down by location. o Location 1: Images 01 – 05 (1.A – 1.E = 5 images)
o Location 2: Images 06 – 08 (2.A – 2.C = 3 images)
o Location 3: Images 09 – 11 (3.A – 3.C = 3 images)
o Location 4: Images 12 – 17 (4.A – 4.F = 6 images)
• CONTRACTOR shall locate new fencing and (3) sets of double wide gates in the same location as the original fencing and gates.
• CONTRACTOR shall excavate new footings for posts and concrete mow curbing in accordance with the Engineering Specifications No. 1, No. 2, and No. 3 in Exhibit B of this Agreement.
• CONTRACTOR shall contact the Landscape Superintendent or appointed designee for footing inspection prior to setting new fence posts.
• CONTRACTOR shall excavate, form, and pour concrete mow curbing after new fence posts are set and prior to the installation of wrought iron fence panels. • CONTRACTOR shall set new posts and construct approximately 790 linear feet of 6-foot- tall wrought iron fencing including (2) sets of double access gates at each LMD basin. All fencing, posts, gates, and 504 linear feet of concrete mow curbing shall be constructed in accordance with the Engineering Specifications No. 1, No. 2, No. 3, No. 4, and No. 5 in Exhibit B of this Agreement except where gates will require wider openings. • CONTRACTOR shall powder coat all wrought iron materials including fence posts, panels, and gates the color black.
• At the completion of the project, CONTRACTOR shall be responsible for removing all trash and debris, backfill all holes and grade area to original elevation. • Upon final completion of any work performed under this agreement, CONTRACTOR shall schedule a final inspection with the Landscape Superintendent or appointed designee.
Other Requirements
If the products or materials or the delivery fail in any respect to conform to the specifications stated in the purchase order contract the CITY may (a) reject the whole (b) accept the whole or (c) accept any commercial unit or units and reject the rest.
Warranty. All equipment, materials and/or products must be new. All materials and labor provided or installed by the Contractor shall be warranted for a minimum period of one year from the completion date of installation.
Failure to Meet Guarantees. Should the test of any material, apparatus, or equipment show that it does not meet the guarantees and requirements of the Specifications, the Contractor shall at once proceed to furnish such new parts as may be necessary to meet requirements. All expen ses of furnishing and installing new parts, or alteration to existing parts, and of test made necessary by such failure to meet the guarantees and other requirements of the Specifications, shall be borne by the Contractor.
EXHIBIT B
SITE IMAGES AND ENGINEERING SPECIFICATIONS
SITE IMAGES
Location #1: LMD 86/113 – Detention Basin at 52nd St East and Monaco Ln.
Removal and replacement of 157 linear feet of six -foot-tall wrought iron fencing including posts, footings, and (2) 7 -foot-wide double access gates including the installation of 110 linear ft of concrete mow curbing.
IMAGE NO. 1 (1.A)
2 IMAGE NO. 2 (1.B)
IMAGE NO. 3 (1.C)
3 IMAGE NO. 4 (1.D)
IMAGE NO. 5 (1.E)
4 Location #2: LMD 151 – Detention Basin at Highland Ct. and E. Avenue R-8 Removal and replacement of 285 linear feet of six -foot-tall wrought iron fencing including posts, footings, and (2) 7 -foot-wide double access gates including the installation of 260 linear ft of concrete mow curbing.
IMAGE NO. 6 (2.A)
5 IMAGE NO. 7 (2.B)
IMAGE NO. 8 (2.C)
6 Location #3: LMD 163 – Detention Basin at 55th St East and Monaco Ln.
Removal and replacement of 148 linear feet of six -foot-tall wrought iron fencing including posts, footings, and (2) 7 -foot-wide double access gates including the installation of 134 linear ft of concrete mow curbing.
IMAGE NO. 9 (3.A)
7 IMAGE NO. 10 (3.B)
IMAGE NO. 11 (3.C)
8 Location #4: LMD 260 – 39360 Summerwind Dr.
Removal and replacement of 200 linear feet of six -foot-tall wrought iron fencing including posts, footings, and (2) 10-foot-wide double access gates.
IMAGE NO. 12 (4.A)
IMAGE NO. 13 (4.B)
9 IMAGE NO. 14 (4.C)
IMAGE NO. 15 (4.D)
10 IMAGE NO. 16 (4.E)
IMAGE NO. 17 (4.F)
11 ENGINEERING SPECIFICATIONS
SPECIFICATION NO. 1
12 SPECIFICATION NO. 2
13 SPECIFICATION NO. 3
14 SPECIFICATION NO. 4
15 SPECIFICATION NO. 5
City Council Staff Report
DATE: FEBRUARY 18, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
ENGINEERING DIVISION
DISTRICT: 2
SUBJECT: NOTICE OF COMPLETION (NOC) – ACCEPT PUBLI C STREETS, SEWER, AND DRAINAGE IMPROVEMENTS FOR TRACT 54058-04
LOCATED AT 20TH STREET WEST AND AVENUE P-8
RECOMMENDATION
Staff recommends that the City Council:
1. Accept the NOC for completed public streets, sewer, and drainage improvements for Tract 54058-04 located at 20th Street West & Avenue P-8; and,
2. Authorize the City Manager or her designee to file an NOC and release the security for the completed public streets, sewer, and drainage improvements.
BACKGROUND
This project, located on 20th Street West & Avenue P-8, constructed public streets, sewer, and drainage improvements within Tract 54058-04 and the existing City’s right -of-way.
Improvements included 40 streetlights, 9,430 linear feet of public streets, two catch basins, and 3,795 linear feet of sewer system . The public improvements have been installed according to the approved construction plan and have been inspected and approved by City Public Works inspection staff.
The public improvements have been installed according tothe approved construction plan and have been inspected and approved by City Public Works inspection staff.
DISCUSSION
The NOC is being presented in accordance with Section 16.110.060 of the Palmdale Municipal Code. This action will officially accept the public streets, sewer, and drainage improvements as complete and initiate the process of releasing the applicable securities posted for this project, as outlined in the City’s subdivision regulations.
Report to Mayor and City Council
Re: NOC Completed Public Improvements – Tract 05-156
February 18, 2025