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
4. PRESENTATIONS
4.1 Parks and Recreation Summer Highlights.
Parks and Recreation Summer Updates.pdf
4.2 Update on Fight Fentanyl Antelope Valley Campaign and Recognition of Palmdale High School Fentanyl Awareness PSA.
5. PUBLIC COMMENTS
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, MAY
6, 2025
5:00 PM
www.cityofpalmdaleca.gov
WELCOME
City Council
Tuesday, May
6, 2025
The public is allotted to speak a total of three (3) minutes on each section of the agenda i.e. Consent Calendar, Joint Consent Caledar, Appointment-New Business, and Closed Session. As specified in the Brown Act, a speaker utilizing a translator will receive twice the amount of time specified. Any person who would like to address the Legislative Body on any agendized item may complete a speaker card for the City Clerk and identify the agenda item you would like to discuss.
6. CONSENT CALENDAR
All matters listed under the Consent Calendar will be enacted by one motion unless an item(s) is pulled by Council, in which case the item(s) will be removed from the Consent Calendar and will be considered separately following this portion of the Agenda.
6.1 Waive full reading of the Resolution(s) and/or Ordinance(s) to be considered and voted on at this meeting. (This allows for reading the title only in lieu of reciting the entire text).
6.2 Receive and File the Monthly and Quarterly Investment Reports for March 2025.
SR Monthly Investment Reports Mar 2025.docx
Rpt. Monthly & Quarterly Investment Reports Mar 2025.pdf
6.3 Adopt Resolution No. CC 2025-036, a Resolution of the City Council of the City of Palmdale approving the Palmdale Film Incentive Program; and Approve Memorandum of Understanding (MOU) with Visit Palmdale.
SR Palmdale Film Incentive Program.docx
Reso. No. CC 2025-036.docx
Palmdale Film Incentive Program Guidelines and Application.pdf
Agrmt A-9301 Palmdale Film Incentive Program MOU with Visit Palmdale.docx
6.4 Adopt Resolution No. CC 2025-038, a Resolution of the City Council of the City of Palmdale to Restate the Authorized Signatory and Receive the State of California Department of Housing and Community Development Permanent Local Housing Allocation (PLHA) Program Funds.
SR Reso. No. 2025-038.docx
Reso. No. CC 2025-038.docx
6.5 Adopt Resolution No. CC 2025-039, a Resolution of the City Council of the City of Palmdale to accept the Los Angeles County Measure A Local Solutions Funds.
SR Reso. No. 2025-039.docx
Reso No. CC 2025-039.docx
6.6 Approve agreement with Henisey Electric to provide temporary electrical and general services for Special Events for a total not to exceed amount of $535,000 for a term of three years with the option to extend two one-year terms.
SR Agrmt No. A-9313 with Henisey Electric.docx
City Council
Tuesday, May
6, 2025
Agrmt No. A-9313 with Henisey Electric.pdf
6.7 Approve the Second Amendment to Agreement with Applied Research Associates, Inc., for professional services for PN 711, pavement management program, increasing the ongoing Agreement by $150,000 for a total not to exceed and not guaranteed amount of $650,000.
SR Agrmt No. A-7687 Second Amendment to Agreement with ARA, Inc.docx
Agrmt No. A-7687 Second Amendment to Agreement with ARA, Inc.pdf
Agrmt No. A-7687 First Amendment with ARA, Inc.pdf
Agrmt No. A-7687 Original Ongoing Agreement with ARA Inc.pdf
6.8 Award agreement with All American Building Services for construction services for PN 862, Marie Kerr Park Swim Deck Expansion Project for a total not to exceed amount of $467,195 for a term of 50 working days from the date of the Notice to Proceed.
SR Agrmt No. A-8679 with All American Building Services.docx
Agrmt No. A-8679 with All American Building Services.pdf
6.9 Approve agreement with RHA Landscape Architects-Planners, Inc., for design services for PN 871, Oasis Park basin upgrades project for preliminary engineering/design for a total not to exceed amount of $306,597 for a term of 12 months from the date of the Notice to Proceed.
SR Agrmt No. A-9293 with RHA Landscape Architects-Planners Inc.docx
Agrmt No. A-9293 with RHA Landscape Architects-Planners, Inc.pdf
6.10 Award agreement with JT Construction Group, Inc., for construction services for PN 887, Marie Kerr Park Best of the West Concession Stand Project for a total not to exceed amount of $321,193 for a term of 45 working days from the date of the Notice to Proceed.
SR Agrmt No. A-9273 with JT Construction Group.docx
Agrmt No. A-9273 with JT Construction Group, Inc.pdf
6.11 Award agreement with Manhole Adjusting, Inc., for construction services for PN 911, FY 2025-26 local street resurfacing project for a total not to exceed amount of $5,677,916 for a term of 90 working days from the date of the Notice to Proceed.
SR Agrmt No. A-9261 with Manhole Adjusting, Inc.docx
Agrmt No. A-9261 with Manhole Adjusting Inc.pdf
Exh A Project Map.pdf
6.12 Adopt Resolution No. CC 2025-037, a Resolution of the City Council of the City of Palmdale adopting a list of projects for FY 2025-26 funded by Senate Bill 1: the Road Repair and Accountability Act of 2017.
SR Reso. No. CC 2025-037.docx
Reso. No. CC 2025-037.docx
City Council
Tuesday, May
6, 2025
6.13 Award and approve agreement with Landscape Connection Group Inc., for turf removal and replacement projects at Marie Kerr and Desert Sands Parks for a total not to exceed amount of $167,000 for a term of six months from the date of Notice to Proceed.
SR Agrmt No. A-9305 with Landscape Connection Group Inc.docx
Agrmt No A-9305 with Landscape Connection Group Inc.docx
6.14 Accept Notice of Completion (NOC) for PN 869 - Arterial Road Resurfacing Project on Palmdale Boulevard between 70th Street East and 90th Street East.
SR NOC.docx
NOC Sully-Miller.docx
Project Photo.pdf
6.15 Approve the minutes from the previous meeting.
Mins 04 12 2025.pdf
Mins 04 15 2025.pdf
Mins 04 15 2025 SM.pdf
Mins 04 29 2025.pdf
7. JOINT CONSENT CALENDAR CC/SA/HA/IDA/PAA/PCA/PFA
7.1 Receive and file the Annual Comprehensive Financial Reports for the year ended June 30, 2024, for the City of Palmdale, the Housing Authority of the City of Palmdale, the Palmdale Financing Authority, and the Palmdale Community Foundation.
SR Annual Comprehensive Financial Report FY 2024.docx
Rpt. City of PalmdaleAnnual Comprehensive Financial Report (ACFR) for the Year Ended June 30, 2024.pdf
8. APPOINTMENTS
8.1 Appoint seven (7) members and two (2) alternates to the Measure AV Oversight Committee.
SR MAV Apps.docx
MAV Apps.pdf
9. PUBLIC HEARING
9.1 Public Hearing to receive Public Comments on the Draft 2025-29 Consolidated Plan and 2025-26 Action Plan; Review and Adopt Resolution No. 2025-035 A Resolution of the City Council of The City of Palmdale Approving the 2025-2029 Consolidated Plan and the 2025-2026 Action Plan; Accepting CDBG and Home Grant Funds for Fiscal Year 2025-26; and Authorizing the City Manager to submit City Council
Tuesday, May
6, 2025
and execute the application for Federal Assistance, required certifications, all related documents, and agreements with sub-recipients.
SR Public Hearing Con Plan 2025-2030.docx
Reso. No. CC 2025-035.docx
Atch 1 Consolidated Plan 2025-2029.pdf
10. CITY MANAGER’S REPORT
11. NON-AGENDA PUBLIC COMMENTS
:
Now is the time for public participation on items not listed on the agenda. Individual speakers are limited to three (3) minutes each.
12. COUNCIL REPORTS, ANNOUNCEMENTS AND REQUESTS FOR FUTURE AGENDA ITEMS
13. PRESENTATION BY CITY ATTORNEY
13.1 CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION Significant exposure to litigation pursuant to paragraph (2) or (3) of subdivision (d) of Section 54956.9: (1 potential case – facts and circumstances unknown to potential plaintiffs)
14. ANNOUNCEMENT BY CITY ATTORNEY
15. ADJOURN
meeting to May 21, 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, May
6, 2025
DEPARTMENT OF PARKS AND RECREATIONSummer Program HighlightsCITY COUNCIL MEETING MAY 6, 2025 Independence Day and
Summer Concert Series
July 4:h Live Music and Fireworks Celebration, kids free! Summer concert tickets launch Thursday, start at just $12! July 19: Country music star
July 26: Funk music legends
August 9: R&B superstars
August 16: Pop-rock innovators
Palmdale Amphitheater, gates open at 6pm
Family Movies Under the StarsPalmdale AmphitheaterGates open at 6pm and kids are free!• June 27: Moana 2• July 11: Inside Out 2• July 27: Kung Fu Panda 4• August 8: Despicable Me 4
DryTown Water Park 20th Anniversary
2 million in off-season improvements!
Opening May 24
Season extended, two additional weekends
20th Anniversary, $20 Ticket Tuesday
Anniversary giveaways, branded merchandise,
and concession specials
Live radio broadcasts
Aquatic Programming
Opening June 7Courson, Marie Kerr, Palmdale Oasis, and McAdam PoolsSwim LessonsWater Resistance ExerciseNovice Swim TeamRecreation SwimJunior LifeguardSenior and Adult Lap Swim Farmers MarketPalmdale Oasis ParkMay 16 – October 31Live Music Opening Day and Every First Friday of the MonthProduce and Fresh Made GoodsKids Activities and More! Free Summer ProgrammingJune 14: Family Health and Fitness Day, Domenic Massari and Marie Kerr ParksJuly: Parks Make Life Better Month, Popsicle Park Pop-UpsJuly 9 – August 2: Summer Play Program, Marie Kerr and Oasis Recreation Centers Join Us!
City Council Staff Report
DATE: MAY 6, 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 MARCH 2025
RECOMMENDATION
Staff recommend that the City Council:
Receive and file the March 2025 monthly and quarterly investment activity reports for the City of Palmdale and Successor Agency.
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 and quarterly investment report s 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
May 6, 2025
DISCUSSION
Compliance with Investment Policy
For March, the City’s invested portfolio totaled $319,326,390, a decrease of $1,575,370 from the previous month and a decrease of $3,626,433 compared to the prior year. The monthly decrease was the result of a Government Agency Paper maturity that occurred during the month.
The par value of Successor Agency’s portfolio as of March was $9,693,075. The balance decreased by $479,602 from the prior month due to debt service payments paid during the month.
All investments meet criteria appropriate to Section 8 of the Investment Policy. The portfolios are based on a combination of various investments, including CDs, Corporate Notes, US Treasury Securities, and Government Agency Paper, each adhering to portfolio percentage limitations.
The Finance Division is the custodian for the City and Successor Agency’s investment portfolio and follows the three main principles of both entities’ investment policies: 1) Investment in financial instruments that mitigate the risk of monetary losses stemming from market fluctuations; 2) Establish and maintain a portfolio that has sufficient liquidity to allow the City and Successor Agency to meet all anticipated cash requirements; and, 3) Seek out investment instruments that provide a competitive market rate of return.
Liquidity
One core approach the Finance Division focuses on is providing liquidity to meet the City and Successor Agency’s operational requirements. Thus, the 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 March was $110,008,322, no changes reported from the prior month.
The Successor Agency’s LAIF balance at the end of March was $3,857,312, no changes reported from the prior month.
The City’s CAMP balance at the end of March was $52,367,136 compared to $52,169,146 in February. The increase is due to interest earned during the month.
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
May 6, 2025
The interest rates presented are the most current rates available as of the date of this report. As of March 31, 2025, the interest rates for LAIF and CAMP investments were at 4.313 percent and 4.47 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of February were 4.333 percent and 4.51 percent. This time last year, LAIF and CAMP rates were at 4.232 percent and 5.48, respectively.
The chart above shows the LAIF and CAMP average monthly yields from June 2024 through March 2025. The difference between the two funds’ performance is primarily due to their varying pool characteristics. CAMP’s portfolio composition is more prone to market volatility, resulting in performance variations.
Diversity
The Finance Division aims to diversify the investment portfolios to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
The City and Successor Agency’s investment portfolios remain strongly diversified. The monthly and quarterly reports include all investments held by both entities and current book values as of March 31, 2025.
The City and Successor Agency are expected to have sufficient funds to meet their expenditure requirements for the next six months. The Finance Division will continue to monitor current economic conditions and the impact on interest rates.
Attached are summaries of the investments in the City and Successor Agency’s books as of March 31, 2025.
4.48% 4.52% 4.58% 4.58% 4.52% 4.48% 4.43% 4.37% 4.33% 4.31%
5.43% 5.43% 5.41% 5.29% 5.03% 4.87% 4.73% 4.55% 4.51% 4.47%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Q4 Jun July Aug Q1 Sep Oct Nov Q2 Dec Jan Feb Q3 Mar
Pooled Investments Monthly Yields
LAIF CAMP
Report to Mayor and City Council
Re: Monthly and Quarterly Investment Reports
May 6, 2025
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: Salvador Mendez, City Manager ProTem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Rpt. Monthly and Quarterly Investment Reports Mar 2025
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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 01-02-25 12-31-29 CITY 91282CGB1 U.S. Treasury Note 0.39 3,000,000.00 2,949,835.02 2,949,192.75 TOTAL U.S. TREASURY SECURITIES 54,700,000.00$ 54,967,840.58$ 53,387,344.96$
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 Note 0.88 3,000,000.00 3,000,000.00 2,821,947.30 07-29-21 04-29-26 CITY 3130AN5C0 Federal Home Loan Note 1.05 4,000,000.00 4,010,455.13 3,734,320.00 12-17-21 11-12-25 CITY 3134GXBM5 Federal Home Loan Note 1.15 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 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 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Note 3.33 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 Note 4.38 5,000,000.00 4,590,638.89 4,670,265.65 01-06-23 04-19-27 CITY 3130ARHJ3 Federal Home Loan Note 4.38 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 01-27-25 07-27-27 CITY 3130B4RC7 Federal Home Loan Bank 4.50 3,000,000.00 3,000,000.00 3,000,000.00 01-28-25 07-21-27 CITY 3130B4QA27 Federal Home Loan Bank 4.55 3,000,000.00 3,000,000.00 3,000,000.00 TOTAL GOVERNMENT AGENCY PAPER 95,275,000.00$ 93,586,015.58$ 91,060,156.47$
CITY OF PALMDALE INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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 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 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 Corporation 3.04 1,000,000.00 982,084.11 967,125.82 05-17-23 03-02-26 CITY 194162AQ6 Colgate-Palmolive 4.80 1,000,000.00 1,035,553.33 997,703.43 05-17-23 01-26-26 CITY 742718FY0 Procter & Gamble 4.10 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 PLC 4.48 500,000.00 483,460.25 475,490.00 01-09-24 01-28-26 CITY 06406RAQ0 Bank OF NY Mellon Corp 4.52 500,000.00 463,355.25 466,490.00 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 Corp 4.20 656,000.00 663,116.29 663,116.29 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 56,352,264.25 56,352,264.25 56,352,264.25 9-19-2024 n/a PFA 40-19-078 36,500,000.00 36,500,000.00 38,918,234.07 9-28-2021 n/a ARPA 19-19-004 0.78 14,737,823.36 14,737,823.36 14,737,823.36 TOTAL LAIF ACCOUNTS 107,590,087.61$ 107,590,087.61$ 110,008,321.68$
CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY 6080-01 0.30 52,367,136.45 52,367,136.45 52,367,136.45 TOTAL CAMP ACCOUNTS 52,367,136.45$ 52,367,136.45$ 52,367,136.45$
UBS FINANCIAL SERVICES
n/a n/a CITY 0.00 184,492.15 184,492.15 184,492.15
TOTAL UBS FINANCIAL SERVICES ACCOUNTS 184,492.15$ 184,492.15$ 184,492.15$ TOTAL CITY INVESTMENTS 322,687,716.21$ 321,155,664.30$ 319,326,390.30$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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 13,626.52
TOTAL LIBRARY INVESTMENTS 13,626.52$
SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 05-10-95 n/a BOND 95421220 0.35 119.42
05-10-95 n/a IMPROVEMENT 95421222 0.10 173,558.80
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 173,678.22$
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 13.77
04-06-95 n/a IMPV-ACQUI 95420884 0.01 2,888,893.77
04-06-95 n/a BOND 95420887 0.15 0.15
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,888,907.69$
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 74.33
08-01-19 n/a RESERVE 242969003 0.00 722,950.68
08-01-19 n/a SP TAX - REFNDING BOND 242969004 0.01 15,151.43 TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 738,176.44$
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 0.01 341,461.86
n/a RESERVE FUND 251009001 0.01 640,974.80
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021982,436.66$
LIBRARY INVESTMENTS
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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 0.01 102,139.91
11-08-06 n/a ADM EXP 106844002 0.01 1,785.94
11-08-06 n/a RESERVE FUND 106844003 0.01 86,282.91
TOTAL 2006-1 GODDE HILL ESTATE SEWER IMPROVEMENTS LOIB 190,208.76$ 2015 HA DEBT SERVICE RESERVE
Fiscal Agent: Bank of America
11-19-15 n/a DEBT SVC RESERVE 1257964992 0.08 40,673.37 TOTAL 2015 HA DEBT SERVICE RESERVE 40,673.37$
PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 10,316,668.28 TOTAL PARS PENSION TRUST FUND 10,316,668.28$
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 0.00 195,146.40
09-03-15 n/a INTEREST ACCT 277067001 0.01 5.87
09-03-15 n/a BOND RESERVE 277067003 0.00 281,019.61
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,325,897.37 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,802,069.25$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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 560,554.17
11-30-23 n/a REVENUE FUND 248041004 13.54
11-30-23 n/a INTEREST 248041007 0.38
11-30-23 n/a REVENUE FUND 248041008 4,800,240.22
TOTAL 2023 A&B SERIES B ACQUISITION & CONSTRUCTION REV BOND 5,360,815.80$ GRAND TOTAL - FISCAL AGENT CASH 22,493,635.58$
Cash on Hand 3,241,181$
Pooled Cash Investments
City: 311,872,590$
Insur Fund: 7,453,801$ 319,326,391$ Library Investments 13,627$
Subtotal 322,581,199$
City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 22,493,636$
Grand total 345,074,835$
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 March 31, 2025
SUMMARY OF CASH AND INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
CITY OF PALMDALE
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - CITY ACCOUNT 98-19-620
Beginning Balance 56,352,264.25$
Subtotal -$ -$ -$ 56,352,264.25$ LAIF - PFA ACCOUNT 40-19-078
Beginning Balance 38,918,234.07$
Subtotal -$ -$ -$ 38,918,234.07$ LAIF - LIBRARY ACCOUNT 16-19-012
Beginning Balance 13,626.52$
Subtotal -$ -$ -$ 13,626.52$ LAIF - ARPA ACCOUNT 19-19-004
Beginning Balance 14,737,823.36$
Subtotal -$ -$ -$ 14,737,823.36$ CAMP
Beginning Balance 52,169,146.01$
03-31-25 197,990.44 $
Subtotal -$ -$ 197,990.44$ 52,367,136.45$ UBS Financial Services
Beginning Balance 37,550.40$
03-31-25 237,554.25 $
03-31-25 (90,612.50)$
Subtotal -$ (90,612.50)$ 237,554.25$ 184,492.15$ Total -$ (365,938.10)$ 710,870.29$ 162,573,576.80$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
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)
-
3130A5DH9 Federal Home Loan Note 06-29-22 03-28-25 FP 1,950,000.00 15,112.50 1,965,112.50 1,920,301.71 29,698.29 1,950,000.00$ 15,112.50$ 1,965,112.50$ 1,920,301.71$ 29,698.29$ Total Number of Transactions:
CITY OF PALMDALE
POOLED CASH - INVESTMENTS MATURED OR CALLED
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
MARCH 31, 2025
TN = US Treasury
FP = Federal Paper
CD = Certificate of Deposit
CN = Corporate Notes ACCRUED
PURCHASE MATURITY FACE PREMIUM / PURCHASE INTEREST NET Yield
ISSUER DATE DATE VALUE (DISCOUNT) PRICE PURCHASED PURCHASE -
-
-
-$ -$ -$ -$ -$ Total Number of Transactions:
POOLED CASH - INVESTMENTS PURCHASED
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
March 31, 2025
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 3,857,311.77
3,857,311.77$
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 2.54 534,917.23
08-20-02 n/a Interest Acct 94460701 0.04 41,439.14
08-20-02 n/a Principal Acct 94460702 0.04 370.47
TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 576,726.84$
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 6.18
04-26-16 n/a Interest Acc 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 6.18$ GRAND TOTAL - FISCAL AGENT CASH 576,733.02$
SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 5,259,030$ 5,256,592.07$
$0
Pooled Cash Investments 3,857,312$ $2,438
5,259,029.57$
Successor Agency Fiscal Agent Cash 576,733$ *
Grand total 9,693,075$
* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF interestrates are as of March 31, 2025.
S:\Cash and Investment\Investment\Investment Reports\24-25\09 Mar 2025\[Mar 2025 Successor Investment Report.xls]MAR 2025 Monthly
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
March 31, 2025
POOLED CASH - STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF)
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - SA ACCOUNT 65-19-035
Beginning Balance 3,857,311.77
Subtotal -$ -$ -$ 3,857,311.77$
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale
Palmdale, CA
As of Date: 03/31/2025
Pricing as of: 03/21/2025
Date of Analysis: 04/15/2025
Account Executive: Bill Blackwill
Book Value
312,258
# Securities
67 Average Size (Book)
4,661
Yield at Book
1.57 Market Yield
2.39 $ Gain/Loss
-2,275
% Gain/Loss
-0.7%
Average Life
0.85 Average Life +300bps
0.95 % Price Change +100bps
-0.79
% Price Change +300bps
-2.37
Effective Duration
0.78 Effective Convexity
-0.01
AFS / HTM%
100% / 0%
Fixed / Floating
100% / 0%
ESG/Green Par (000's)
$500 / $500
Portfolio Overview
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Historical Portfolio Overview
03/31/2025
12/31/2024
09/30/2024
06/30/2024
Book Value
312,258
319,145
334,816
353,483
Yield at Book
1.57 1.46
1.30 1.40
Yield at Book (+100)
1.57 1.46
1.30 1.40
Yield at Book (+300)
1.57 1.46
1.30 1.40
Yield at Book (-100)
1.57 1.46
1.30 1.40
WAL
0.85 0.85
0.71 0.90
WAL (+100)
0.93 0.91
0.73 0.90
WAL (+300)
0.95 0.91
0.73 0.90
WAL (-100)
0.82 0.83
0.66 0.79
% Price Change (+100)
-0.8%
-0.8%
-0.6%
-0.8%
% Price Change (+300)
-2.4%
-2.3%
-1.9%
-2.3%
% Price Change (-100)
0.8%
0.8%
0.6%
0.7%
Effective Duration
0.78 0.78
0.62 0.74
Effective Convexity
-0.01
0.00 -0.01
-0.02
$ Gain/Loss
-2,275
-3,465
-3,212
-6,469
% Gain/Loss
-0.7%
-1.1%
-1.0%
-1.8%
$ Gain/Loss (+300)
-9,608
-10,857
-9,473
-14,399
Principal Cash Flow 2 yrs out
89%
86%
87%
83%
Principal Cash Flow 2 yrs out (+100)
87%
83%
86%
83%
Principal Cash Flow 2 yrs out (+300)
85%
83%
86%
83%
Principal Cash Flow 2 yrs out (-100)
89%
87%
89%
88%
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Portfolio Sector Summary
Portfolio
Par
Book
Yield
Market
% Price Change
Gain/(Loss)
Effective
AFS
Sector
%
Value
Cpn
Maturity
Value
@Bk
Value
Yield
-100
+100
+300
$
%
WAL
Dur
Cvx
%
Treasury (13)
17.5%
54,700
3.33 2.4 yrs
54,700
3.33 54,177
4.06 2.3
-2.2
-6.3
-523
-1.0%
2.43 2.23
0.08 100 %
Agency Bullet (3)
1.9%
6,000
1.76 0.5 yrs
6,000
1.76 5,915
4.36 0.5
-0.5
-1.5
-85
-1.4%
0.54 0.51
0.01 100 %
Callable Agency (19)
25.4%
79,275
1.86 1.5 yrs
79,275
1.86 77,670
4.39 1.0
-1.2
-3.6
-1,605
-2.0%
1.09 1.10
-0.11
100 %
Treasury/Agency (35)
44.8%
139,975
2.43 1.8 yrs
139,975
2.43 137,762
4.26 1.5
-1.5
-4.6
-2,213
-1.6%
1.59 1.52
-0.03
100 %
Finance (10)
1.7%
5,156
3.63 2.0 yrs
5,156
3.63 5,091
4.54 1.7
-1.7
-5.1
-65
-1.3%
1.88 1.73
0.02 100 %
Industrial (4)
1.1%
3,500
3.86 1.2 yrs
3,500
3.86 3,472
4.35 1.1
-1.1
-3.3
-28
-0.8%
1.21 1.11
0.00 100 %
Utility (1)
0.2%
500
4.95 3.4 yrs
500
4.95 504
4.66 3.1
-3.0
-8.7
4 0.9%
3.32 3.04
0.10 100 %
Corporate (15)
2.9%
9,156
3.79 1.8 yrs
9,156
3.79 9,067
4.47 1.6
-1.6
-4.6
-89
-1.0%
1.70 1.56
0.02 100 %
NCD (13)
1.0%
3,170
4.97 2.4 yrs
3,170
5.00 3,196
4.47 1.2
-1.4
-5.0
26 0.8%
2.47 1.33
-0.21
100 %
CD (13)
1.0%
3,170
4.97 2.4 yrs
3,170
5.00 3,196
4.47 1.2
-1.4
-5.0
26 0.8%
2.47 1.33
-0.21
100 %
Cash & Other (4)
51.2%
159,957
0.62 0.1 yrs
159,957
0.62 159,957
0.62 0.1
-0.1
-0.3
0 0.0%
0.11 0.09
0.00 100 %
Other (4)
51.2%
159,957
0.62 0.1 yrs
159,957
0.62 159,957
0.62 0.1
-0.1
-0.3
0 0.0%
0.11 0.09
0.00 100 %
Total (67)
100.0%
312,258
1.57 0.9 yrs
312,258
1.57 309,983
2.39 0.8
-0.8
-2.4
-2,275
-0.7%
0.85 0.78
-0.01
100 %
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
312,258
312,258
312,258
312,258
312,258
312,258
312,258
Book Value
312,258
312,258
312,258
312,258
312,258
312,258
312,258
Market Value
317,046
314,736
312,379
309,983
307,545
305,089
302,650
Gain/(Loss)
4,788
2,478
121
-2,275
-4,713
-7,169
-9,608
Gain/(Loss) %
1.5%
0.8%
0.0%
-0.7%
-1.5%
-2.3%
-3.1%
Gain/(Loss) % - Chg from Base
2.3%
1.5%
0.8%
0.0%
-0.8%
-1.6%
-2.4%
Book Price
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Yield at Book
1.57 1.57
1.57 1.57
1.57 1.57
1.57 Market Price
101.53
100.79
100.04
99.27 98.49
97.70 96.92
Market Yield
-0.61
0.38 1.38
2.39 3.39
4.39 5.39
WAL
0.75 0.79
0.82 0.85
0.93 0.95
0.95 Effective Duration
0.70 0.74
0.76 0.78
0.80 0.80
0.80 Effective Convexity
-0.05
-0.01
-0.01
-0.01
-0.01
0.01 0.01
City of Palmdale - Palmdale, CA
As of 3/31/2025
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%
137,762
-1.5%
-3.1%
-4.6%
1.5%
Corporate
1.6%
9,067
-1.6%
-3.1%
-4.6%
1.6%
CD
1.2%
3,196
-1.4%
-3.2%
-5.0%
1.3%
Other
0.1%
159,957
-0.1%
-0.2%
-0.3%
0.1%
Total
0.8%
309,983
-0.8%
-1.6%
-2.4%
0.8%
Scenario Market Val
312,379
309,983
307,545
305,089
302,650
Scenario Gain/Loss
121
-2,275
-4,713
-7,169
-9,608
Total Portfolio (AFS + HTM):
% Change in Market Val from Level
-200 bps
1.5%
-100 bps
0.8%
Level Market Val
309,983
+100 bps
-0.8%
+200 bps
-1.6%
+300 bps
-2.4%
+400 bps
-3.1%
Effective Duration
0.78 Effective Convexity
-0.01
City of Palmdale - Palmdale, CA
As of 3/31/2025
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 02/25
263,134
-1.2
3.63 2.4
2.3 2.4
2.2 -2.1
-6.2
2.1 0.0
47%
0%
0%
0%
0%
0%
0%
0%
22%
19%
12%
100%
100%
2 03/25
241,442
-1.1
2.87 2.3
2.3 2.3
2.2 -2.1
-6.2
2.2 0.1
69%
0%
0%
0%
0%
0%
0%
0%
11%
9%
11%
100%
100%
3 03/25
220,795
-1.3
2.94 1.4
1.4 1.9
1.3 -1.4
-4.5
1.4 -0.1
60%
0%
0%
0%
0%
0%
0%
0%
12%
21%
7%
100%
100%
4 03/25
188,434
-1.2
3.34 1.0
0.9 2.6
1.0 -1.4
-5.1
1.2 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
5 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%
6 03/25
156,653
-0.4
3.64 1.0
1.0 1.3
0.9 -1.0
-3.1
0.9 -0.1
21%
0%
0%
0%
0%
2%
0%
0%
37%
1%
40%
100%
100%
7 03/25
155,321
-0.4
4.65 3.7
3.3 4.5
2.2 -2.3
-7.6
2.3 -0.1
3%
10%
13%
11%
9%
12%
5%
0%
16%
23%
0%
76%
100%
8 02/25
133,020
-0.7
4.01 1.9
1.8 2.2
1.8 -1.8
-5.5
1.8 0.0
80%
0%
0%
0%
0%
0%
0%
0%
5%
9%
7%
100%
100%
9 02/25
126,417
-1.0
2.89 1.2
1.1 1.4
1.1 -1.1
-3.4
1.1 -0.1
54%
0%
0%
0%
0%
2%
0%
0%
0%
0%
44%
100%
100%
10 03/25
105,519
-1.1
3.80 2.4
2.4 2.7
2.2 -2.2
-6.6
2.2 0.0
59%
0%
0%
1%
0%
8%
0%
6%
0%
15%
11%
99%
100%
11 02/25
98,797
-1.3
3.09 2.3
2.3 2.3
2.1 -2.0
-5.9
2.1 0.1
49%
0%
0%
0%
0%
26%
0%
0%
5%
1%
19%
100%
100%
12 01/25
88,082
-2.7
2.87 2.3
2.0 2.5
2.0 -2.1
-6.2
2.0 -0.1
59%
0%
0%
0%
0%
0%
0%
0%
9%
15%
17%
100%
100%
13 03/25
82,000
-0.2
3.99 0.4
0.4 2.5
0.4 -0.9
-4.0
0.7 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
14 01/25
63,761
-0.5
4.22 1.9
1.8 2.3
1.7 -1.8
-5.3
1.7 -0.1
35%
2%
0%
4%
0%
0%
0%
0%
0%
17%
42%
91%
100%
15 01/25
61,219
0.7 5.94
1.0 0.9
1.1 0.9
-0.9
-2.8
0.9 -0.1
20%
0%
0%
0%
0%
0%
0%
0%
33%
0%
47%
99%
100%
16 03/25
54,422
-1.9
2.82 2.3
2.2 2.3
2.1 -2.1
-6.0
2.1 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
17 02/25
53,686
-1.2
3.46 2.0
2.0 2.2
1.9 -1.9
-5.5
1.9 0.0
48%
0%
0%
0%
0%
0%
0%
0%
3%
13%
36%
99%
100%
18 03/25
53,178
0.0 4.37
1.5 1.5
2.6 1.5
-1.7
-5.7
1.6 -0.2
54%
0%
0%
0%
0%
9%
0%
0%
0%
0%
36%
100%
100%
19 02/25
51,066
-4.0
2.27 2.4
1.9 2.8
2.0 -2.2
-6.8
2.1 -0.2
81%
0%
0%
0%
0%
0%
0%
0%
2%
0%
17%
100%
100%
20 03/25
47,663
-2.0
2.36 1.9
1.9 1.9
1.8 -1.8
-5.2
1.8 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
21 03/25
38,181
1.5 5.58
1.4 1.4
1.4 1.4
-1.3
-3.9
1.3 0.0
2%
0%
0%
0%
0%
0%
0%
0%
74%
2%
22%
100%
100%
22 03/25
36,997
2.3 5.40
2.9 2.9
2.9 2.7
-2.6
-7.6
2.6 0.1
0%
0%
0%
0%
0%
80%
0%
0%
2%
0%
18%
100%
100%
23 01/25
31,093
-1.8
3.63 2.1
1.8 2.7
1.7 -2.0
-6.2
1.8 -0.3
26%
0%
0%
0%
0%
21%
0%
0%
1%
3%
50%
100%
100%
24 12/24
26,647
-0.9
4.53 4.3
4.1 4.3
3.8 -3.6
-10.4
3.7 0.1
59%
15%
0%
0%
0%
26%
0%
0%
0%
0%
0%
100%
100%
25 12/24
25,297
-2.1
3.10 2.1
2.0 2.2
1.9 -1.9
-5.6
1.9 -0.1
30%
0%
0%
0%
0%
10%
0%
0%
16%
6%
39%
100%
100%
Avg
103,274
-1.1
3.70 2.1
2.0 2.5
1.9 -1.9
-5.9
1.9 -0.1
52%
1%
1%
1%
0%
9%
0%
0%
11%
7%
19%
99%
100%
Port
312,258
-0.7
1.57 0.8
0.8 1.0
0.8 -0.8
-2.4
0.8 0.0
45%
0%
0%
0%
0%
0%
0%
0%
0%
3%
52%
100%
100%
Diff
208,984
0.4 -2.13
-1.3
-1.2
-1.5
-1.1
1.2 3.5
-1.1
0.1 -7%
-1%
-1%
-1%
0%
-9%
0%
0%
-11%
-4%
33%
1%
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 3/31/2025
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 3/31/2025
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Apr 2025
1.57 159,957
0.62 2.57
May 2025
2.57 0
2.57 Jun 2025
2.57 15,000
1.04 2.73
Jul 2025
2.73 3,500
0.65 2.79
Aug 2025
2.79 1,810
0.53 2.82
Sep 2025
2.82 13,000
1.13 3.00
Oct 2025
3.00 2,815
4.69 2.96
Nov 2025
2.96 4,150
0.53 3.05
Dec 2025
3.05 11,000
2.15 3.15
Jan 2026
3.15 2,000
3.40 3.15
Feb 2026
3.15 8,000
3.45 3.12
Mar 2026
3.12 5,200
2.89 3.13
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Apr 2025
165,688
165,688
160,688
160,688
160,688
160,688
160,688
May 2025
8,162
3,137
3,137
322
322
322
322
Jun 2025
15,629
15,629
15,629
15,629
15,629
15,629
15,629
Jul 2025
3,712
3,712
3,712
3,712
3,712
3,712
3,712
Aug 2025
2,006
2,056
2,056
2,056
2,056
2,056
2,056
Sep 2025
13,310
13,310
13,310
13,310
13,310
13,310
13,310
Oct 2025
153
153
233
3,097
233
233
233
Nov 2025
4,407
4,407
4,407
4,407
4,407
4,407
4,407
Dec 2025
17,559
12,559
12,561
11,551
11,551
11,551
11,551
Jan 2026
6,214
2,203
7,243
2,203
2,203
2,203
2,203
Feb 2026
8,192
8,242
8,242
8,242
8,242
8,242
8,242
Mar 2026
5,429
5,429
5,429
5,435
5,435
5,435
5,435
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2025
1.57 211,232
0.81 3.15
2026
3.15 52,165
2.96 3.36
2027
3.36 27,480
2.86 4.00
2028
4.00 2,646
4.31 3.96
2029
3.96 18,735
3.96 2030
2031
2032
2033
2034
Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
2025
230,626
220,651
215,732
214,772
211,973
211,973
211,973
2026
53,425
58,585
58,649
54,790
50,054
45,054
45,054
2027
14,222
19,245
23,795
28,879
27,235
27,494
27,494
2028
2,952
2,952
3,459
3,464
9,663
14,793
14,793
2029
19,458
19,458
19,458
19,458
23,638
23,638
23,638
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 12 Months
Apr 25
May 25
Jun 25
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Jan 26
Feb 26
Mar 26
Bk Yld Chg
Treasury/Agency
Cash Flow
220
303
15,559
3,644
2,025
13,258
3,085
4,387
11,481
136
8,210
3,384
End BY
2.43 2.43
2.60 2.66
2.69 2.88
2.83 2.92
3.02 3.02
2.98 3.01
0.58 Corporate
Cash Flow
8 9
19 63
27 47
8 9
19 2,063
27 2,047
End BY
3.79 3.79
3.79 3.79
3.79 3.79
3.79 3.79
3.79 3.89
3.89 3.89
0.10 CD
Cash Flow
4 10
52 4
4 4
4 10
52 4
4 4
End BY
5.00 5.00
5.00 5.00
5.00 5.00
5.00 5.00
5.00 5.00
5.00 5.00
0.00 Other
Cash Flow
160,455
End BY
Total
Cash Flow
160,688
322
15,629
3,712
2,056
13,310
3,097
4,407
11,551
2,203
8,242
5,435
End BY
2.57 2.57
2.73 2.79
2.82 3.00
2.96 3.05
3.15 3.15
3.12 3.13
0.57 City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Sector Cash Flow - Next 3 Years
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
1Q28
Bk Yld Chg
Treasury/Agency
Cash Flow
16,082
18,928
18,952
11,730
14,809
3,357
17,556
10,288
10,416
5,716
255
97 End BY
2.60 2.88
3.02 3.01
2.87 2.79
3.24 3.77
4.01 3.91
3.91 3.91
1.31 Corporate
Cash Flow
36 137
36 4,137
1,034
564
18 56
518
1,056
9 1,191
End BY
3.79 3.79
3.79 3.89
3.92 4.03
4.03 4.03
4.15 4.12
4.12 4.34
0.55 CD
Cash Flow
66 13
66 13
1,531
13 30
13 30
13 510
13 End BY
5.00 5.00
5.00 5.00
5.00 5.00
5.00 5.00
5.00 5.00
5.15 5.15
0.16 Other
Cash Flow
160,455
End BY
Total
Cash Flow
176,640
19,078
19,055
15,880
17,374
3,934
17,603
10,357
10,963
6,785
774
1,301
End BY
2.73 3.00
3.15 3.13
2.99 2.92
3.36 3.85
4.08 4.01
4.00 4.01
1.27 City of Palmdale - Palmdale, CA
As of 3/31/2025
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
0.25 566
-1,649
1.04 0.50
1,132
-1,083
1.22 0.75
1,698
-517
1.41 1.00
2,264
49 1.59
1.25 2,830
615
1.77 1.50
3,396
1,181
1.95 1.75
3,963
1,747
2.13 2.00
4,529
2,313
2.31 2.25
5,095
2,879
2.49 2.50
5,661
3,446
2.67 2.75
6,227
4,012
2.86 3.00
6,793
4,578
3.04 3.25
7,359
5,144
3.22 3.50
7,925
5,710
3.40 3.75
8,491
6,276
3.58 4.00
9,057
6,842
3.76 4.25
9,623
7,408
3.94 4.50
10,189
7,974
4.12 4.75
10,756
8,540
4.31 5.00
11,322
9,106
4.49 5.25
11,888
9,672
4.67 5.50
12,454
10,239
4.85 5.75
13,020
10,805
5.03 6.00
13,586
11,371
5.21 6.25
14,152
11,937
5.39 6.50
14,718
12,503
5.57 6.75
15,284
13,069
5.76 7.00
15,850
13,635
5.94 7.25
16,416
14,201
6.12 7.50
16,982
14,767
6.30 7.75
17,548
15,333
6.48 8.00
18,115
15,899
6.66 Principal Maturing(12 Mo.Horizon): $226,432
Current Yield at Book of Principal Maturing: 0.98%
Est. Annual Income at Current Yield at Book: $2,215
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Palmdale, CA
As of 3/31/2025
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 %
2.4 yrs
100.00
99.04 -523
-1.0%
2.43 2.3
2.23 0.08
Treasury (13)
39.1%
54,700
3.33 54,700
3.33 54,177
4.06 -3,957
-7.2%
2.43 -6.3
2.13 0.08
100.0%
0.5 yrs
100.00
98.59 -85
-1.4%
0.54 0.5
0.51 0.01
Agency Bullet (3)
4.3%
6,000
1.76 6,000
1.76 5,915
4.36 -174
-2.9%
0.54 -1.5
0.50 0.01
100.0%
1.5 yrs
100.00
97.98 -1,605
-2.0%
1.09 1.0
1.10 -0.11
Callable Agency (19)
56.6%
79,275
1.86 0.4 yrs
79,275
1.86 77,670
4.39 -4,429
-5.6%
1.51 -3.6
1.31 0.00
100.0%
1.8 yrs
100.00
98.42 -2,213
-1.6%
1.59 1.5
1.52 -0.03
Total (35)
100.0%
139,975
2.43 0.4 yrs
139,975
2.43 137,762
4.26 -8,560
-6.1%
1.83 -4.6
1.59 0.03
100.0%
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Agency - Sector Cash Flow and Yield Rolloff - Next 3 Years 2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
1Q28
Bk Yld Chg
Cash Flow
16,082
18,928
18,952
11,730
14,809
3,357
17,556
10,288
10,416
5,716
255
97 End BY
2.60 2.88
3.02 3.01
2.87 2.79
3.24 3.77
4.01 3.91
3.91 3.91
1.31 Cash Flow
16,082
18,928
18,952
11,730
14,809
3,357
17,556
10,288
10,416
5,716
255
97 End BY
2.60 2.88
3.02 3.01
2.87 2.79
3.24 3.77
4.01 3.91
3.91 3.91
1.31 City of Palmdale - Palmdale, CA
As of 3/31/2025
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
Mar 25
-
-
-
-
-
-
-
-
-
Apr 25
-
-
-
-
-
-
-
-
-
May 25
-
-
-
-
-
-
-
-
-
Jun 25
-
-
-
-
-
-
-
-
-
Jul 25
-
-
-
-
-
-
-
-
-
Aug 25
-
-
-
-
-
-
-
-
-
Sep 25
-
-
-
-
-
-
-
-
-
Oct 25
-
-
-
-
-
-
-
-
-
Nov 25
-
-
-
-
-
-
-
-
-
Dec 25
-
-
-
-
-
-
-
-
-
Jan 26
-
-
-
-
-
-
-
-
-
Feb 26
-
-
-
-
-
-
-
-
-
Callable Agency Rate Shock Analysis
–
Projected Par Value Redeemed at NEXT Call Date
–
Quarterly
-100
-75
-50
-25
0 25
50 75
100
1Q25
-
-
-
-
-
-
-
-
-
2Q25
-
-
-
-
-
-
-
-
-
3Q25
-
-
-
-
-
-
-
-
-
4Q25
-
-
-
-
-
-
-
-
-
1Q26
-
-
-
-
-
-
-
-
-
2Q26
-
-
-
-
-
-
-
-
-
3Q26
-
-
-
-
-
-
-
-
-
4Q26
-
-
-
-
-
-
-
-
-
1Q27
-
-
-
-
-
-
-
-
-
2Q27
-
-
-
-
-
-
-
-
-
3Q27
-
-
-
-
-
-
-
-
-
4Q27
-
-
-
-
-
-
-
-
-
1Q28
-
-
-
-
-
-
-
-
-
2Q28
-
-
-
-
-
-
-
-
-
3Q28
-
-
-
-
-
-
-
-
-
4Q28
-
-
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
28 3133EPLE3
FFCB
4.67 Fixed
05/30/28
2,815
05/30/25
Anytime
99.773
-6
05/25
05/25
05/25
10/25
05/28
05/28
05/28
5 3133ELK37
FFCB
0.78 Fixed
06/16/25
5,000
04/22/25
Anytime
99.182
-41
06/25
06/25
06/25
06/25
06/25
06/25
06/25
6 3133ENHW3
FFCB
1.17 Fixed
06/23/25
10,000
04/22/25
Anytime
99.210
-79
06/25
06/25
06/25
06/25
06/25
06/25
06/25
7 3136G4ZP1
FNMA
0.65 Fixed
07/30/25
3,500
04/30/25
Quarterly
98.728
-45
07/25
07/25
07/25
07/25
07/25
07/25
07/25
8 3133EL3P7
FFCB
0.53 Fixed
08/12/25
1,810
04/22/25
Anytime
98.560
-26
08/25
08/25
08/25
08/25
08/25
08/25
08/25
11 3134GWUG9
FHLMC
0.57 Fixed
09/24/25
10,000
06/24/25
Quarterly
98.159
-184
09/25
09/25
09/25
09/25
09/25
09/25
09/25
17 3134GXBM5
FHLMC
0.60 Fixed
11/12/25
1,150
05/12/25
Quarterly
97.732
-26
11/25
11/25
11/25
11/25
11/25
11/25
11/25
20 3130AMRQ7
FHLB
0.88 Fixed
12/30/25
3,000
06/30/25
Quarterly
97.506
-75
12/25
12/25
12/25
12/25
12/25
12/25
12/25
43 3130ARHJ3
FHLB
3.18 Fixed
04/19/27
5,000
05/19/25
Monthly
98.222
-89
04/25
04/25
01/26
04/27
04/27
04/27
04/27
31 3130AN5C0
FHLB
1.05 Fixed
04/29/26
4,000
04/29/25
Quarterly
96.655
-134
01/26
04/26
04/26
04/26
04/26
04/26
04/26
41 3133ERCX7
FFCB
5.17 Fixed
05/01/28
5,000
05/01/26
Anytime
101.035
52 05/26
05/26
05/26
05/26
11/26
05/28
05/28
50 3130B4QA2
FHLB
4.55 Fixed
07/21/28
3,000
07/21/26
Annually
100.067
2 07/26
07/26
07/26
07/26
07/28
07/28
07/28
42 3134GW4C7
FHLMC
0.80 Fixed
10/27/26
5,000
04/27/25
Quarterly
94.990
-250
07/26
10/26
10/26
10/26
10/26
10/26
10/26
51 3133ERE23
FFCB
4.32 Fixed
12/02/27
1,000
12/02/26
Anytime
100.158
2 12/26
12/26
12/26
12/26
12/27
12/27
12/27
56 3130B3XP3
FHLB
4.50 Fixed
12/04/29
1,000
12/04/26
One time
99.943
-1
12/26
12/26
12/26
12/26
12/29
12/29
12/29
45 3133ENJC5
FFCB
1.29 Fixed
12/22/26
5,000
04/22/25
Anytime
95.349
-233
12/25
12/26
12/26
12/26
12/26
12/26
12/26
47 3130AQRH8
FHLB
2.00 Fixed
02/25/27
5,000
05/25/25
Quarterly
96.210
-190
05/25
05/26
02/27
02/27
02/27
02/27
02/27
49 3130AL5A8
FHLB
0.90 Fixed
02/26/27
5,000
05/26/25
Quarterly
94.176
-291
08/26
02/27
02/27
02/27
02/27
02/27
02/27
60 3130B4RC7
FHLB
4.50 Fixed
07/27/29
3,000
07/27/27
One time
100.286
9 07/27
07/27
07/27
07/27
07/29
07/29
07/29
1.86 79,275
97.976
-1,605
Shocked Agency Projected Call Schedule - Next 12 Months -300
-200
-100
Base
+100
+200
+300
Mar 25
-
-
-
-
-
-
-
Apr 25
5,000
5,000
-
-
-
-
-
May 25
7,815
2,815
2,815
-
-
-
-
Jun 25
15,000
15,000
15,000
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
-
-
-
2,815
-
-
-
Nov 25
1,150
1,150
1,150
1,150
1,150
1,150
1,150
Dec 25
8,000
3,000
3,000
3,000
3,000
3,000
3,000
Jan 26
4,000
-
5,000
-
-
-
-
Feb 26
-
-
-
-
-
-
-
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
3133EPLE3
FFCB 4.67 05/30/28
Callable Agency
2,809
5.12%
0.92 -5.9
3133ELK37
FFCB 0.78 06/16/25
Callable Agency
4,959
4.77%
0.21 -0.6
3133ENHW3
FFCB 1.17 06/23/25
Callable Agency
9,921
4.69%
0.23 -0.7
3133EL3P7
FFCB 0.53 08/12/25
Callable Agency
1,784
4.56%
0.37 -1.1
3136G4ZP1
FNMA 0.65 07/30/25
Callable Agency
3,455
4.53%
0.34 -1.0
Bottom 5 Market Yields
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
91282CFM8
T 4 1/8 09/30/27
Treasury
2,512
3.93%
2.35 -6.8
91282CEW7
T 3 1/4 06/30/27
Treasury
4,927
3.94%
2.14 -6.2
912828YX2
T 1 3/4 12/31/26
Treasury
4,812
4.00%
1.69 -4.9
91282CFL0
T 3 7/8 09/30/29
Treasury
4,973
4.01%
4.09 -11.4
91282CFT3
T 4 10/31/29
Treasury
4,998
4.01%
4.15 -11.6
Top 5 Price Volatility (% price change +300)
Security
Mkt
Mkt
Eff.
% Px
Δ
CUSIP
Description
Subsector
Value
Yld
Dur
Up 300
91282CGB1
T 3 7/8 12/31/29
Treasury
2,981
4.02%
4.30 -12.0
91282CFY2
T 3 7/8 11/30/29
Treasury
4,970
4.02%
4.23 -11.8
91282CFT3
T 4 10/31/29
Treasury
4,998
4.01%
4.15 -11.6
91282CFL0
T 3 7/8 09/30/29
Treasury
4,973
4.01%
4.09 -11.4
3130B4RC7
FHLB 4 1/2 07/27/29
Callable Agency
3,009
4.37%
2.89 -9.6
Next 5 Projected Redemptions
Security
Mkt
Mkt
Eff.
CUSIP
Description
Subsector
Value
Yld
Dur
Mat/Call
3133ELK37
FFCB 0.78 06/16/25
Callable Agency
4,959
4.77%
0.21 06/01/25
3133ENHW3
FFCB 1.17 06/23/25
Callable Agency
9,921
4.69%
0.23 06/01/25
3136G4ZP1
FNMA 0.65 07/30/25
Callable Agency
3,455
4.53%
0.34 07/01/25
3133EL3P7
FFCB 0.53 08/12/25
Callable Agency
1,784
4.56%
0.37 08/01/25
3134GWUG
9 FHLMC 0.57 09/24/25
Callable Agency
9,816
4.48%
0.48 09/01/25
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
98.73 -65
-1.3%
1.88 1.7
1.73 0.02
Finance (10)
56.3%
5,156
3.63 2.0 yrs
A
5,156
3.63 5,091
4.54 -323
-6.3%
1.90 -5.1
1.71 0.04
100.0%
Aa2
100.00
99.21 -28
-0.8%
1.21 1.1
1.11 0.00
Industrial (4)
38.2%
3,500
3.86 1.2 yrs
AA-
3,500
3.86 3,472
4.35 -141
-4.0%
1.21 -3.3
1.10 0.02
100.0%
A1
100.00
100.89
4 0.9%
3.32 3.1
3.04 0.10
Utility (1)
5.5%
500
4.95 3.4 yrs
A
500
4.95 504
4.66 -39
-7.9%
3.40 -8.7
3.01 0.11
100.0%
Aa3
100.00
99.03 -89
-1.0%
1.70 1.6
1.56 0.02
Total (15)
100.0%
9,156
3.79 1.8 yrs
A+
9,156
3.79 9,067
4.47 -503
-5.5%
1.71 -4.6
1.54 0.04
100.0%
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
43.7%
4,000
3.66 AA-
AA
21.8%
2,000
3.57 0.83
1.00 Yr - 2.99 Yr
38.2%
3,500
3.63 A+
A
78.2%
7,156
3.85 1.77
3.00 Yr - 4.99 Yr
18.1%
1,656
4.42 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 3/31/2025
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 %
2.4 yrs
100.00
100.83
26 0.8%
2.47 1.2
1.33 -0.21
NCD (13)
100.0%
3,170
4.97 0.4 yrs
3,170
5.00 3,196
4.47 -134
-4.2%
2.47 -5.0
1.98 -0.05
100.0%
2.4 yrs
100.00
100.83
26 0.8%
2.47 1.2
1.33 -0.21
Total (13)
100.0%
3,170
4.97 0.4 yrs
3,170
5.00 3,196
4.47 -134
-4.2%
2.47 -5.0
1.98 -0.05
100.0%
City of Palmdale - Palmdale, CA
As of 3/31/2025
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%
0.11 0.1
0.09 0.00
Cash & Other (4)
100.0%
159,957
0.62 159,957
0.62 159,957
0.62 -412
-0.3%
0.11 -0.3
0.09 0.00
100.0%
0.1 yrs
100.00
100.00
0 0.0%
0.11 0.1
0.09 0.00
Total (4)
100.0%
159,957
0.62 159,957
0.62 159,957
0.62 -412
-0.3%
0.11 -0.3
0.09 0.00
100.0%
City of Palmdale - Palmdale, CA
As of 3/31/2025
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%
19 0.74
0.3 yrs
226,917
100.00
99.19 -1,845
0.74 0.4
0.33 Treasury
1 1.75
1.8 yrs
5,000
100.00
96.23 -188
1.75 1.8
1.69 Agency Bullet
1 0.50
0.6 yrs
3,000
100.00
97.73 -68
0.50 0.6
0.60 Callable Agency
12 0.98
0.9 yrs
58,460
100.00
97.31 -1,573
0.97 0.9
0.87 Finance
1 0.75
0.8 yrs
500
100.00
96.96 -15
0.75 0.9
0.81 Cash & Other
4 0.62
0.1 yrs
159,957
100.00
100.00
0 0.62
0.1 0.09
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
91282CGB1
Treasury
T 3 7/8 12/31/29
3.88 12/31/29
3,000
100.00
99.38 -19
3.875
4.78 -11.96
-357
-375
4.30 AFS
91282CFY2
Treasury
T 3 7/8 11/30/29
3.88 11/30/29
5,000
100.00
99.41 -30
3.875
4.70 -11.79
-586
-616
4.23 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
99.95 -2
3.999
4.61 -11.58
-579
-581
4.15 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
99.45 -27
3.875
4.53 -11.42
-568
-595
4.09 AFS
89235MPP0
NCD
TOYFBN 4.65 06/13/29
4.65 06/13/29
245
100.00
102.36
6 4.655
4.23 -10.64
-27
-21
3.79 AFS
3130B4RC7
Callable Agency
FHLB 4 1/2 07/27/29
4.50 07/27/29
3,000
100.00
100.29
9 4.497
2.35 -9.60
-289
-280
2.89 AFS
3130B3XP3
Callable Agency
FHLB 4 1/2 12/04/29
4.50 12/04/29
1,000
100.00
99.94 -1
4.496
1.71 -9.55
-95
-96
2.55 AFS
05565QDH8
Finance
BPLN 3.723 11/28/28
3.72 11/28/28
500
100.00
97.34 -13
3.722
3.69 -9.46
-46
-59
3.31 AFS
797440CE2
Utility
SRE 4.95 08/15/28
4.95 08/15/28
500
100.00
100.89
4 4.949
3.32 -8.69
-44
-39
3.04 AFS
718172CE7
Industrial
PM 3 1/8 03/02/28
3.13 03/02/28
500
100.00
96.22 -19
3.124
2.95 -7.82
-38
-56
2.71 AFS
4.02 23,745
100.00
99.61 -92
4.018
4.14 -11.11
-2,628
-2,720
3.87 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
99.41 -30
3.875
4.70 -11.79
-586
-616
4.23 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
99.95 -2
3.999
4.61 -11.58
-579
-581
4.15 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
99.45 -27
3.875
4.53 -11.42
-568
-595
4.09 AFS
91282CGB1
Treasury
T 3 7/8 12/31/29
3.88 12/31/29
3,000
100.00
99.38 -19
3.875
4.78 -11.96
-357
-375
4.30 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
98.53 -73
3.251
2.28 -6.18
-304
-378
2.14 AFS
3130B4RC7
Callable Agency
FHLB 4 1/2 07/27/29
4.50 07/27/29
3,000
100.00
100.29
9 4.497
2.35 -9.60
-289
-280
2.89 AFS
3133ERCX7
Callable Agency
FFCB 5.17 05/01/28
5.17 05/01/28
5,000
100.00
101.03
52 5.166
1.11 -5.67
-286
-234
1.40 AFS
3130ARHJ3
Callable Agency
FHLB 3.175 04/19/27
3.18 04/19/27
5,000
100.00
98.22 -89
3.174
2.08 -5.36
-263
-352
1.55 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
96.21 -190
2.000
1.93 -5.29
-254
-444
1.78 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
94.18 -291
0.900
1.94 -5.36
-253
-544
1.85 AFS
3.40 46,000
100.00
98.56 -661
3.398
2.98 -8.25
-3,739
-4,400
2.78 City of Palmdale - Palmdale, CA
As of 3/31/2025
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
99.41 -30
3.875
4.70 -11.79
-586
-616
4.23 AFS
91282CFL0
Treasury
T 3 7/8 09/30/29
3.88 09/30/29
5,000
100.00
99.45 -27
3.875
4.53 -11.42
-568
-595
4.09 AFS
91282CFT3
Treasury
T 4 10/31/29
4.00 10/31/29
5,000
100.00
99.95 -2
3.999
4.61 -11.58
-579
-581
4.15 AFS
3130AL5A8
Callable Agency
FHLB 0.9 02/26/27
0.90 02/26/27
5,000
100.00
94.18 -291
0.900
1.94 -5.36
-253
-544
1.85 AFS
3133ENJC5
Callable Agency
FFCB 1.29 12/22/26
1.29 12/22/26
5,000
100.00
95.35 -233
1.290
1.76 -4.87
-232
-465
1.67 AFS
3134GW4C7
Callable Agency
FHLMC 0.8 10/27/26
0.80 10/27/26
5,000
100.00
94.99 -250
0.800
1.60 -4.47
-212
-463
1.53 AFS
3130AQRH8
Callable Agency
FHLB 2 02/25/27
2.00 02/25/27
5,000
100.00
96.21 -190
2.000
1.93 -5.29
-254
-444
1.78 AFS
912828YX2
Treasury
T 1 3/4 12/31/26
1.75 12/31/26
5,000
100.00
96.23 -188
1.751
1.78 -4.92
-237
-425
1.69 AFS
91282CEW7
Treasury
T 3 1/4 06/30/27
3.25 06/30/27
5,000
100.00
98.53 -73
3.251
2.28 -6.18
-304
-378
2.14 AFS
91282CGB1
Treasury
T 3 7/8 12/31/29
3.88 12/31/29
3,000
100.00
99.38 -19
3.875
4.78 -11.96
-357
-375
4.30 AFS
2.51 48,000
100.00
97.28 -1,304
2.507
2.92 -7.67
-3,582
-4,885
2.70 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
3130B3XP3
Callable Agency
FHLB 4 1/2 12/04/29
4.50 12/04/29
1,000
100.00
99.94 -1
4.496
-9.55
2.55 1.71
4.71 3.00
AFS
3133EPLE3
Callable Agency
FFCB 4.67 05/30/28
4.67 05/30/28
2,815
100.00
99.77 -6
4.693
-5.93
0.92 0.57
3.19 2.62
AFS
3130B4QA2
Callable Agency
FHLB 4.55 07/21/28
4.55 07/21/28
3,000
100.00
100.07
2 4.546
-7.04
1.86 1.33
3.33 2.00
AFS
3133ERCX7
Callable Agency
FFCB 5.17 05/01/28
5.17 05/01/28
5,000
100.00
101.03
52 5.166
-5.67
1.40 1.11
3.11 2.00
AFS
3130B4RC7
Callable Agency
FHLB 4 1/2 07/27/29
4.50 07/27/29
3,000
100.00
100.29
9 4.497
-9.60
2.89 2.35
4.35 2.00
AFS
3133ERE23
Callable Agency
FFCB 4.32 12/02/27
4.32 12/02/27
1,000
100.00
100.16
2 4.317
-6.39
1.96 1.70
2.70 1.00
AFS
11271LAA0
Finance
BNCN 4 1/4 06/02/26
4.25 06/02/26
500
100.00
99.55 -2
4.249
-3.23
1.01 1.07
1.20 0.13
AFS
797440CE2
Utility
SRE 4.95 08/15/28
4.95 08/15/28
500
100.00
100.89
4 4.949
-8.69
3.04 3.32
3.40 0.08
AFS
PLMDLLAIF
Cash & Other
LAIF
0.78 04/30/25
14,738
100.00
100.00
0 0.779
-0.26
0.09 0.11
0.11 0.00
AFS
808513BW4
Finance
SCHW 3.3 04/01/27
3.30 04/01/27
500
100.00
97.83 -11
3.300
-5.45
1.84 2.03
2.03 0.00
AFS
2.89 32,053
100.00
100.15
48 2.892
-3.85
1.02 0.82
1.87 1.05
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
9128285T3
Fixed
12/25
100.00
98.84 -1.2%
0.7 0.73
T 2 5/8 12/31/25
T
5,000
2.625
12/31/25
5,000
2.63 4,942
4.21 -58
-2.2
0.01 AFS
9128285T3
Fixed
12/25
100.00
98.84 -1.2%
0.7 0.73
T 2 5/8 12/31/25
T
3,000
2.625
12/31/25
3,000
2.63 2,965
4.21 -35
-2.2
0.01 AFS
91282CGL9
Fixed
02/26
100.00
99.88 -0.1%
0.9 0.85
T 4 02/15/26
T
5,000
4.000
02/15/26
5,000
4.02 4,994
4.17 -6
-2.5
0.01 AFS
9128286F2
Fixed
02/26
100.00
98.52 -1.5%
0.9 0.89
T 2 1/2 02/28/26
T
3,000
2.500
02/28/26
3,000
2.50 2,955
4.16 -45
-2.6
0.01 AFS
91282CHH7
Fixed
06/26
100.00
100.11
0.1%
1.2 1.17
T 4 1/8 06/15/26
T
5,000
4.125
06/15/26
5,000
4.13 5,005
4.04 5
-3.4
0.02 AFS
912828YX2
Fixed
12/26
100.00
96.23 -3.8%
1.7 1.69
T 1 3/4 12/31/26
T
5,000
1.750
12/31/26
5,000
1.75 4,812
4.00 -188
-4.9
0.04 AFS
91282CEW7
Fixed
06/27
100.00
98.53 -1.5%
2.2 2.14
T 3 1/4 06/30/27
T
5,000
3.250
06/30/27
5,000
3.25 4,927
3.94 -73
-6.2
0.06 AFS
91282CFM8
Fixed
09/27
100.00
100.47
0.5%
2.4 2.35
T 4 1/8 09/30/27
T
2,500
4.125
09/30/27
2,500
4.13 2,512
3.93 12
-6.8
0.07 AFS
91282CFL0
Fixed
09/29
100.00
99.45 -0.5%
4.2 4.09
T 3 7/8 09/30/29
T
5,000
3.875
09/30/29
5,000
3.88 4,973
4.01 -27
-11.4
0.20 AFS
91282CFT3
Fixed
10/29
100.00
99.95 0.0%
4.2 4.15
T 4 10/31/29
T
5,000
4.000
10/31/29
5,000
4.00 4,998
4.01 -2
-11.6
0.20 AFS
91282CFY2
Fixed
11/29
100.00
99.41 -0.6%
4.3 4.23
T 3 7/8 11/30/29
T
5,000
3.875
11/30/29
5,000
3.87 4,970
4.02 -30
-11.8
0.21 AFS
91282CGB1
Fixed
12/29
100.00
99.38 -0.6%
4.4 4.30
T 3 7/8 12/31/29
T
3,000
3.875
12/31/29
3,000
3.88 2,981
4.02 -19
-12.0
0.21 AFS
9128286L9
Fixed
03/26
100.00
98.20 -1.8%
1.0 0.97
T 2 1/4 03/31/26
T
3,200
2.250
03/31/26
3,200
2.25 3,143
4.10 -58
-2.9
0.01 AFS
Treasury
100.00
99.04 -1.0%
2.3 2.23
54,700
3.327
54,700
3.33 54,177
4.06 -523
-6.3
0.08 3133EJYM5
Fixed
09/25
100.00
99.45 -0.6%
0.4 0.43
FFCB 3.02 09/04/25
FFCB
1,000
3.020
09/04/25
1,000
3.02 994
4.34 -6
-1.3
0.00 AFS
3133EJYM5
Fixed
09/25
100.00
99.45 -0.6%
0.4 0.43
FFCB 3.02 09/04/25
FFCB
2,000
3.020
09/04/25
2,000
3.02 1,989
4.34 -11
-1.3
0.00 AFS
3135G06G3
Fixed
11/25
100.00
97.73 -2.3%
0.6 0.60
FNMA 0 1/2 11/07/25
FNMA
3,000
0.500
11/07/25
3,000
0.50 2,932
4.38 -68
-1.8
0.01 AFS
Agency Bullet
100.00
98.59 -1.4%
0.5 0.51
6,000
1.760
6,000
1.76 5,915
4.36 -85
-1.5
0.01 3130AN5C0
Fixed
04/29/25
04/26
100.00
96.66 -3.3%
1.1 1.05
FHLB 1.05 04/29/26
FHLB
4,000
1.050
Quarterly
04/29/26
4,000
1.05 3,866
4.26 -134
-3.1
0.02 AFS
3130B3XP3
Fixed
12/04/26
12/26
100.00
99.94 -0.1%
2.3 2.55
FHLB 4 1/2 12/04/29
FHLB
1,000
4.500
One time
12/04/29
1,000
4.50 999
4.53 -1
-9.5
-0.55
AFS
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
3130B4RC7
Fixed
07/27/27
07/27
100.00
100.29
0.3%
2.7 2.89
FHLB 4 1/2 07/27/29
FHLB
3,000
4.500
One time
07/27/29
3,000
4.50 3,009
4.37 9
-9.6
-0.29
AFS
3130AQRH8
Fixed
05/25/25
02/27
100.00
96.21 -3.8%
1.8 1.78
FHLB 2 02/25/27
FHLB
5,000
2.000
Quarterly
02/25/27
5,000
2.00 4,811
4.09 -190
-5.3
-0.02
AFS
3130AL5A8
Fixed
05/26/25
02/27
100.00
94.18 -5.8%
1.9 1.85
FHLB 0.9 02/26/27
FHLB
5,000
0.900
Quarterly
02/26/27
5,000
0.90 4,709
4.11 -291
-5.4
0.04 AFS
3130B4QA2
Fixed
07/21/26
07/26
100.00
100.07
0.1%
1.7 1.86
FHLB 4.55 07/21/28
FHLB
3,000
4.550
Annually
07/21/28
3,000
4.55 3,002
4.49 2
-7.0
-0.39
AFS
3133ERE23
Fixed
12/02/26
12/26
100.00
100.16
0.2%
1.9 1.96
FFCB 4.32 12/02/27
FFCB
1,000
4.320
Anytime
12/02/27
1,000
4.32 1,002
4.22 2
-6.4
-0.15
AFS
3134GXBM5
Fixed
05/12/25
11/25
100.00
97.73 -2.3%
0.6 0.61
FHLMC 0.6 11/12/25
FHLMC
1,150
0.600
Quarterly
11/12/25
1,150
0.60 1,124
4.38 -26
-1.8
0.01 AFS
3134GWUG9
Fixed
06/24/25
09/25
100.00
98.16 -1.8%
0.5 0.48
FHLMC 0.57 09/24/25
FHLMC
10,000
0.570
Quarterly
09/24/25
10,000
0.57 9,816
4.48 -184
-1.4
0.00 AFS
3133ELK37
Fixed
04/22/25
06/25
100.00
99.18 -0.8%
0.2 0.21
FFCB 0.78 06/16/25
FFCB
5,000
0.780
Anytime
06/16/25
5,000
0.78 4,959
4.77 -41
-0.6
0.00 AFS
3133ENHW3
Fixed
04/22/25
06/25
100.00
99.21 -0.8%
0.2 0.23
FFCB 1.17 06/23/25
FFCB
10,000
1.170
Anytime
06/23/25
10,000
1.17 9,921
4.69 -79
-0.7
0.00 AFS
3136G4ZP1
Fixed
04/30/25
07/25
100.00
98.73 -1.3%
0.3 0.34
FNMA 0.65 07/30/25
FNMA
3,500
0.650
Quarterly
07/30/25
3,500
0.65 3,455
4.53 -45
-1.0
0.00 AFS
3133EL3P7
Fixed
04/22/25
08/25
100.00
98.56 -1.4%
0.4 0.37
FFCB 0.53 08/12/25
FFCB
1,810
0.530
Anytime
08/12/25
1,810
0.53 1,784
4.56 -26
-1.1
0.00 AFS
3133ERCX7
Fixed
05/01/26
05/26
100.00
101.03
1.0%
1.2 1.40
FFCB 5.17 05/01/28
FFCB
5,000
5.170
Anytime
05/01/28
5,000
5.17 5,052
4.18 52
-5.7
-0.31
AFS
3134GW4C7
Fixed
04/27/25
10/26
100.00
94.99 -5.0%
1.5 1.53
FHLMC 0.8 10/27/26
FHLMC
5,000
0.800
Quarterly
10/27/26
5,000
0.80 4,750
4.12 -250
-4.5
0.03 AFS
3130ARHJ3
Fixed
05/19/25
04/27
100.00
98.22 -1.8%
1.4 1.55
FHLB 3.175 04/19/27
FHLB
5,000
3.175
Monthly
04/19/27
5,000
3.17 4,911
4.09 -89
-5.4
-0.35
AFS
3133ENJC5
Fixed
04/22/25
12/26
100.00
95.35 -4.7%
1.7 1.67
FFCB 1.29 12/22/26
FFCB
5,000
1.290
Anytime
12/22/26
5,000
1.29 4,767
4.11 -233
-4.9
0.02 AFS
3133EPLE3
Fixed
05/30/25
10/25
100.00
99.77 -0.2%
0.4 0.92
FFCB 4.67 05/30/28
FFCB
2,815
4.670
Anytime
05/30/28
2,815
4.69 2,809
5.12 -6
-5.9
-0.99
AFS
3130AMRQ7
Fixed
06/30/25
12/25
100.00
97.51 -2.5%
0.7 0.73
FHLB 0 7/8 12/30/25
FHLB
3,000
0.875
Quarterly
12/30/25
3,000
0.87 2,925
4.29 -75
-2.2
0.01 AFS
Callable Agency
100.00
97.98 -2.0%
1.0 1.10
79,275
1.865
79,275
1.86 77,670
4.39 -1,605
-3.6
-0.11
Total
100.00
98.42 -1.6%
1.5 1.52
139,975
2.432
139,975
2.43 137,762
4.26 -2,213
-4.6
-0.03
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
99.55 -0.4%
1.0 1.01
BNCN 4 1/4 06/02/26
Other Financial
500
4.250
06/02/26
A3
500
4.25 498
4.69 -2
-3.2
-0.08
AFS
46625HRS1
Finance
A
100.00
98.64 -1.4%
1.1 1.12
JPM 3.2 06/15/26
Banks
500
3.200
06/15/26
A1
500
3.20 493
4.37 -7
-3.4
-0.04
AFS
61761J3R8
Finance
A-
100.00
98.13 -1.9%
1.3 1.28
MS 3 1/8 07/27/26
Banks
500
3.125
07/27/26
A1
500
3.12 491
4.60 -9
-3.7
0.02 AFS
808513BW4
Finance
A-
100.00
97.83 -2.2%
1.8 1.84
SCHW 3.3 04/01/27
Other Financial
500
3.300
04/01/27
A2
500
3.30 489
4.45 -11
-5.5
0.00 AFS
75973QAA5
Finance
A-
100.00
97.27 -2.7%
2.1 2.08
RNR 3.45 07/01/27
Other Financial
500
3.450
07/01/27
A3
500
3.45 486
4.74 -14
-6.1
0.02 AFS
22550L2K6
Finance
A+
100.00
101.07
1.1%
2.2 2.13
UBS 5 07/09/27
Banks
500
5.000
07/09/27
Aa2
500
5.00 505
4.49 5
-6.1
0.06 AFS
06406RBN6
Finance
SOFR
A
100.00
99.98 0.0%
2.7 2.63
BK 4.543 02/01/29
Other Financial
656
4.543
02/01/29
Aa3
656
4.54 656
4.55 0
-7.5
0.08 AFS
780082AD5
Finance
A-
100.00
100.16
0.2%
0.8 0.80
RY 4.65 01/27/26
Banks
500
4.650
01/27/26
A3
500
4.64 501
4.44 1
-2.4
0.01 AFS
06406RAQ0
Finance
A
100.00
96.96 -3.0%
0.8 0.81
BK 0 3/4 01/28/26
Other Financial
500
0.750
01/28/26
Aa3
500
0.75 485
4.54 -15
-2.4
0.01 AFS
05565QDH8
Finance
A-
100.00
97.34 -2.7%
3.4 3.31
BPLN 3.723 11/28/28
Other Financial
500
3.723
11/28/28
A1
500
3.72 487
4.52 -13
-9.5
0.10 AFS
Finance
A
100.00
98.73 -1.3%
1.7 1.73
5,156
3.628
A1
5,156
3.63 5,091
4.54 -65
-5.1
0.02 30231GAT9
Industrial
AA-
100.00
98.88 -1.1%
0.8 0.86
XOM 3.043 03/01/26
Energy Company
1,000
3.043
03/01/26
Aa2
1,000
3.04 989
4.31 -11
-2.6
-0.05
AFS
194162AQ6
Industrial
A+
100.00
100.47
0.5%
0.9 0.89
CL 4.8 03/02/26
Consumer
Goods
1,000
4.800
03/02/26
Aa3
1,000
4.80 1,005
4.27 5
-2.6
0.01 AFS
718172CE7
Industrial
A-
100.00
96.22 -3.8%
2.7 2.71
PM 3 1/8 03/02/28
Consumer
Goods
500
3.125
03/02/28
A2
500
3.12 481
4.52 -19
-7.8
0.05 AFS
742718FY0
Industrial
AA-
100.00
99.77 -0.2%
0.8 0.80
PG 4.1 01/26/26
Consumer
Goods
1,000
4.100
01/26/26
Aa3
1,000
4.09 998
4.38 -2
-2.4
0.01 AFS
Industrial
AA-
100.00
99.21 -0.8%
1.1 1.11
3,500
3.859
Aa2
3,500
3.86 3,472
4.35 -28
-3.3
0.00 797440CE2
Utility
A
100.00
100.89
0.9%
3.1 3.04
Y/Y
SRE 4.95 08/15/28
Electric Power
500
4.950
08/15/28
A1
500
4.95 504
4.66 4
-8.7
0.10 AFS
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
100.89
0.9%
3.1 3.04
500
4.950
A1
500
4.95 504
4.66 4
-8.7
0.10 Total
A+
100.00
99.03 -1.0%
1.6 1.56
9,156
3.788
Aa3
9,156
3.79 9,067
4.47 -89
-4.6
0.02 City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
CD - CUSIP Detail
Coupon
Step
Maturity
Gain/(Loss)
% Px
Δ
Effective
CUSIP
Par
Type
Date
Proj.
Bk Price
Yield
Mkt Price
Mkt
%
-100
Dur
ESG/G
r
Security Description
Ticker
Value
Rate
Rate
Final
Bk Value
@Bk
Mkt Value
Yield
$
+300
Cvx
Intent
229083AA8
Fixed
06/29
100.00
100.14
0.1%
0.1 0.53
EVANBT 5.35 06/18/29
EVANBT
245
5.350
06/18/29
245
5.42 245
5.38 0
-5.5
-0.76
AFS
46656MVH1
Fixed
11/27
100.00
100.07
0.1%
0.2 0.54
JPM 5 11/30/27
JPM
240
5.000
11/30/27
240
5.00 240
4.97 0
-4.5
-0.64
AFS
59541KCV7
Fixed
06/28
100.00
100.14
0.1%
0.2 0.55
MIDMIB 5.15 06/12/28
MIDMIB
245
5.150
06/12/28
245
5.21 245
5.17 0
-4.8
-0.66
AFS
09776DAG9
Fixed
06/29
100.00
100.23
0.2%
0.3 0.60
BOMBNK 5.35 06/25/29
BOMBN
K
245
5.350
06/25/29
245
5.42 246
5.35 1
-5.5
-0.67
AFS
38150VUZ0
Fixed
06/26
100.00
101.14
1.1%
1.2 1.15
GS 5.05 06/11/26
GS
245
5.050
06/11/26
245
5.06 248
4.07 3
-3.4
0.02 AFS
34520LBC6
Fixed
06/26
100.00
101.16
1.2%
1.2 1.16
FORBBK 5.05 06/15/26
FORBBK
245
5.050
06/15/26
245
5.06 248
4.06 3
-3.4
0.02 AFS
05580A4Y7
Fixed
06/26
100.00
100.54
0.5%
1.2 1.16
BMW 4.65 06/15/26
BMW
240
4.650
06/15/26
240
4.66 241
4.19 1
-3.4
0.02 AFS
8562855V9
Fixed
06/26
100.00
101.22
1.2%
1.2 1.17
SBIIN 5.1 06/17/26
SBIIN
245
5.100
06/17/26
245
5.10 248
4.06 3
-3.4
0.02 AFS
35634MAE1
Fixed
06/26
100.00
101.18
1.2%
1.2 1.18
FREBNJ 5.05 06/22/26
FREBNJ
245
5.050
06/22/26
245
5.05 248
4.06 3
-3.5
0.02 AFS
06051XER9
Fixed
06/26
100.00
101.18
1.2%
1.2 1.18
BAC 5.05 06/22/26
BAC
245
5.050
06/22/26
245
5.05 248
4.06 3
-3.5
0.02 AFS
307811KA6
Fixed
06/28
100.00
100.82
0.8%
1.4 1.60
FMBKWI 5 06/14/28
FMBKWI
245
5.000
06/14/28
245
5.06 247
4.78 2
-6.2
-0.33
AFS
09582YAV4
Fixed
12/27
100.00
100.62
0.6%
2.6 2.57
RICBVA 4.2 12/28/27
RICBVA
240
4.200
12/28/27
240
4.20 241
3.96 1
-7.4
0.08 AFS
89235MPP0
Fixed
06/29
100.00
102.36
2.4%
3.9 3.79
TOYFBN 4.65 06/13/29
TOYFBN
245
4.650
06/13/29
245
4.65 251
4.04 6
-10.6
0.17 AFS
NCD
100.00
100.83
0.8%
1.2 1.33
3,170
4.975
3,170
5.00 3,196
4.47 26
-5.0
-0.21
Total
100.00
100.83
0.8%
1.2 1.33
3,170
4.975
3,170
5.00 3,196
4.47 26
-5.0
-0.21
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
04/25
100.00
100.00
0.0%
0.1 0.09
PLMDLCAMP
52,367
0.300
04/30/25
52,367
0.30 52,367
0.30 0
-0.3
0.00 AFS
Fixed
04/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
56,352
0.780
04/30/25
56,352
0.78 56,352
0.78 0
-0.3
0.00 AFS
Fixed
04/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
36,500
0.780
04/30/25
36,500
0.78 36,500
0.78 0
-0.3
0.00 AFS
Fixed
04/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
14,738
0.780
04/30/25
14,738
0.78 14,738
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
159,957
0.623
159,957
0.62 159,957
0.62 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
159,957
0.623
159,957
0.62 159,957
0.62 0
-0.3
0.00 City of Palmdale - Palmdale, CA
As of 3/31/2025
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
20 1.12%
13 0.74%
7 0.37%
0 0.00%
-7
-0.37%
-13
-0.73%
-19
-1.09%
3133EL3P7
0.53 99.66
1.46 99.29
2.50 98.92
3.53 98.56
4.56 98.20
5.60 97.84
6.63 97.48
7.67 FFCB 0.53 08/12/25
08/12/2025
0.35 0.39
0.37 0.39
0.37 0.39
0.37 0.39
0.37 0.39
0.37 0.39
0.36 0.39
5,000
32 0.65%
21 0.43%
11 0.21%
0 0.00%
-11
-0.21%
-21
-0.43%
-32
-0.64%
3133ELK37
0.78 99.82
1.63 99.61
2.67 99.40
3.72 99.18
4.77 98.97
5.82 98.76
6.87 98.55
7.93 FFCB 0.78 06/16/25
06/16/2025
0.20 0.24
0.22 0.24
0.21 0.24
0.21 0.24
0.21 0.24
0.21 0.24
0.21 0.24
10,000
70 0.71%
47 0.47%
23 0.23%
0 0.00%
-23
-0.23%
-46
-0.47%
-69
-0.70%
3133ENHW3
1.17 99.91
1.56 99.68
2.60 99.44
3.64 99.21
4.69 98.98
5.74 98.75
6.79 98.52
7.85 FFCB 1.17 06/23/25
06/23/2025
0.17 0.26
0.23 0.26
0.23 0.26
0.23 0.26
0.23 0.26
0.23 0.26
0.23 0.26
5,000
220
4.62%
158
3.32%
80 1.68%
0 0.00%
-79
-1.66%
-156
-3.28%
-232
-4.87%
3133ENJC5
1.29 99.76
1.63 98.52
2.17 96.95
3.12 95.35
4.11 93.77
5.11 92.22
6.11 90.71
7.11 FFCB 1.29 12/22/26
12/22/2026
0.75 0.76
1.42 1.76
1.63 1.76
1.67 1.76
1.67 1.76
1.66 1.76
1.65 1.76
1,000
13 1.31%
9 0.87%
4 0.43%
0 0.00%
-4
-0.43%
-8
-0.85%
-13
-1.27%
3133EJYM5
3.02 100.75
1.25 100.31
2.28 99.88
3.31 99.45
4.34 99.02
5.37 98.60
6.41 98.18
7.44 FFCB 3.02 09/04/25
09/04/2025
0.44 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.42 0.46
2,000
26 1.31%
17 0.87%
9 0.43%
0 0.00%
-9
-0.43%
-17
-0.85%
-25
-1.27%
3133EJYM5
3.02 100.75
1.25 100.31
2.28 99.88
3.31 99.45
4.34 99.02
5.37 98.60
6.41 98.18
7.44 FFCB 3.02 09/04/25
09/04/2025
0.44 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.43 0.46
0.42 0.46
1,000
54 5.36%
37 3.65%
19 1.89%
0 0.00%
-20
-2.04%
-42
-4.17%
-64
-6.39%
3133ERE23
4.32 105.53
0.97 103.81
1.99 102.05
3.05 100.16
4.22 98.12
5.08 95.98
5.97 93.76
6.92 FFCB 4.32 12/02/27
12/02/2027
1.63 1.70
1.68 1.70
1.79 1.70
1.96 1.70
2.13 2.70
2.27 2.70
2.36 2.70
2,815
22 0.78%
17 0.60%
12 0.43%
0 0.00%
-40
-1.42%
-99
-3.52%
-166
-5.93%
3133EPLE3
4.67 100.55
1.36 100.37
2.39 100.20
3.43 99.77
5.12 98.36
5.24 96.26
5.98 93.86
6.86 FFCB 4.67 05/30/28
05/30/2028
0.17 0.19
0.17 0.19
0.30 0.19
0.92 0.57
1.79 3.19
2.34 3.19
2.60 3.19
5,000
174
3.44%
119
2.35%
63 1.24%
0 0.00%
-79
-1.56%
-176
-3.48%
-286
-5.67%
3133ERCX7
5.17 104.52
0.97 103.41
1.97 102.29
3.00 101.03
4.18 99.46
5.53 97.52
6.06 95.31
6.88 FFCB 5.17 05/01/28
05/01/2028
1.07 1.11
1.08 1.11
1.16 1.11
1.40 1.11
1.77 1.62
2.13 3.11
2.40 3.11
3,000
65 2.23%
43 1.48%
22 0.74%
0 0.00%
-21
-0.73%
-42
-1.45%
-63
-2.16%
3130AMRQ7
0.88 99.68
1.31 98.95
2.29 98.22
3.29 97.51
4.29 96.80
5.29 96.09
6.29 95.40
7.28 FHLB 0 7/8 12/30/25
12/30/2025
0.58 0.78
0.73 0.78
0.74 0.78
0.73 0.78
0.73 0.78
0.73 0.78
0.72 0.78
5,000
256
5.44%
176
3.74%
88 1.87%
0 0.00%
-86
-1.83%
-170
-3.62%
-253
-5.36%
3130AL5A8
0.90 99.30
1.41 97.70
2.14 95.93
3.12 94.18
4.11 92.45
5.11 90.77
6.11 89.12
7.11 FHLB 0.9 02/26/27
02/26/2027
1.18 1.43
1.72 1.94
1.84 1.94
1.85 1.94
1.84 1.94
1.83 1.94
1.82 1.94
4,000
121
3.13%
83 2.14%
41 1.06%
0 0.00%
-40
-1.05%
-80
-2.08%
-119
-3.09%
3130AN5C0
1.05 99.68
1.44 98.72
2.26 97.68
3.26 96.66
4.26 95.64
5.26 94.65
6.26 93.67
7.26 FHLB 1.05 04/29/26
04/29/2026
0.66 0.86
1.01 1.11
1.06 1.11
1.05 1.11
1.05 1.11
1.04 1.11
1.04 1.11
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
5,000
192
4.00%
159
3.31%
85 1.77%
0 0.00%
-86
-1.79%
-171
-3.56%
-254
-5.29%
3130AQRH8
2.00 100.06
1.63 99.39
2.54 97.91
3.14 96.21
4.09 94.49
5.08 92.79
6.08 91.12
7.08 FHLB 2 02/25/27
02/25/2027
0.41 0.18
1.08 1.18
1.63 1.93
1.78 1.93
1.81 1.93
1.81 1.93
1.81 1.93
5,000
93 1.90%
90 1.84%
67 1.37%
0 0.00%
-84
-1.72%
-174
-3.54%
-263
-5.36%
3130ARHJ3
3.18 100.09
1.35 100.03
2.55 99.57
3.73 98.22
4.09 96.53
4.97 94.75
5.93 92.96
6.92 FHLB 3.175 04/19/27
04/19/2027
0.06 0.08
0.26 0.08
0.91 0.83
1.55 2.08
1.80 2.08
1.89 2.08
1.91 2.08
3,000
230
7.63%
158
5.24%
83 2.74%
0 0.00%
-91
-3.04%
-189
-6.28%
-289
-9.60%
3130B4RC7
4.50 107.94
1.03 105.54
2.05 103.04
3.13 100.29
4.37 97.24
5.22 93.99
6.10 90.66
7.04 FHLB 4 1/2 07/27/29
07/27/2029
2.24 2.35
2.32 2.35
2.55 2.35
2.89 2.35
3.24 4.35
3.50 4.35
3.65 4.35
1,000
59 5.87%
41 4.14%
23 2.27%
0 0.00%
-28
-2.82%
-61
-6.08%
-95
-9.55%
3130B3XP3
4.50 105.81
0.99 104.08
2.01 102.22
3.13 99.94
4.53 97.12
5.20 93.87
6.02 90.40
6.94 FHLB 4 1/2 12/04/29
12/04/2029
1.64 1.71
1.73 1.71
2.02 1.71
2.55 1.71
3.13 4.71
3.58 4.71
3.85 4.71
3,000
132
4.40%
92 3.07%
50 1.66%
0 0.00%
-62
-2.05%
-134
-4.45%
-211
-7.04%
3130B4QA2
4.55 104.47
1.09 103.13
2.10 101.73
3.18 100.07
4.49 98.01
5.21 95.61
6.03 93.02
6.95 FHLB 4.55 07/21/28
07/21/2028
1.28 1.33
1.33 1.33
1.51 1.33
1.86 1.33
2.27 3.33
2.61 3.33
2.81 3.33
10,000
144
1.47%
96 0.98%
48 0.49%
0 0.00%
-47
-0.48%
-94
-0.96%
-140
-1.43%
3134GWUG9
0.57 99.60
1.40 99.12
2.43 98.64
3.46 98.16
4.48 97.69
5.51 97.22
6.54 96.76
7.57 FHLMC 0.57 09/24/25
09/24/2025
0.45 0.51
0.49 0.51
0.49 0.51
0.48 0.51
0.48 0.51
0.48 0.51
0.48 0.51
1,150
21 1.86%
14 1.23%
7 0.61%
0 0.00%
-7
-0.61%
-14
-1.20%
-20
-1.80%
3134GXBM5
0.60 99.55
1.34 98.94
2.36 98.33
3.37 97.73
4.38 97.14
5.40 96.56
6.41 95.98
7.42 FHLMC 0.6 11/12/25
11/12/2025
0.54 0.65
0.61 0.65
0.61 0.65
0.61 0.65
0.61 0.65
0.60 0.65
0.60 0.65
5,000
218
4.58%
148
3.11%
74 1.55%
0 0.00%
-72
-1.52%
-143
-3.01%
-212
-4.47%
3134GW4C7
0.80 99.34
1.30 97.95
2.13 96.46
3.12 94.99
4.12 93.55
5.12 92.13
6.12 90.75
7.12 FHLMC 0.8 10/27/26
10/27/2026
1.04 1.35
1.47 1.60
1.53 1.60
1.53 1.60
1.53 1.60
1.52 1.60
1.51 1.60
3,000
53 1.82%
35 1.20%
18 0.60%
0 0.00%
-17
-0.59%
-35
-1.18%
-52
-1.76%
3135G06G3
0.50 99.50
1.33 98.91
2.35 98.31
3.36 97.73
4.38 97.15
5.39 96.58
6.40 96.01
7.42 FNMA 0 1/2 11/07/25
11/07/2025
0.60 0.63
0.60 0.63
0.60 0.63
0.60 0.63
0.59 0.63
0.59 0.63
0.59 0.63
3,500
35 1.02%
23 0.68%
12 0.34%
0 0.00%
-12
-0.33%
-23
-0.67%
-34
-1.00%
3136G4ZP1
0.65 99.73
1.46 99.40
2.48 99.06
3.51 98.73
4.53 98.40
5.56 98.07
6.59 97.75
7.62 FNMA 0.65 07/30/25
07/30/2025
0.31 0.36
0.34 0.36
0.34 0.36
0.34 0.36
0.33 0.36
0.33 0.36
0.33 0.36
5,000
253
5.26%
167
3.46%
82 1.71%
0 0.00%
-81
-1.68%
-160
-3.32%
-237
-4.92%
912828YX2
1.75 101.29
1.00 99.57
2.00 97.88
3.00 96.23
4.00 94.62
5.00 93.04
6.00 91.50
6.99 T 1 3/4 12/31/26
12/31/2026
1.72 1.78
1.71 1.78
1.70 1.78
1.69 1.78
1.69 1.78
1.68 1.78
1.67 1.78
3,000
80 2.72%
53 1.80%
26 0.89%
0 0.00%
-26
-0.88%
-52
-1.75%
-77
-2.61%
9128286F2
2.50 101.19
1.18 100.29
2.18 99.40
3.17 98.52
4.16 97.65
5.16 96.79
6.15 95.95
7.14 T 2 1/2 02/28/26
02/28/2026
0.90 0.94
0.90 0.94
0.89 0.94
0.89 0.94
0.88 0.94
0.88 0.94
0.87 0.94
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
94 2.99%
62 1.98%
31 0.98%
0 0.00%
-30
-0.97%
-60
-1.92%
-90
-2.86%
9128286L9
2.25 101.14
1.10 100.14
2.10 99.17
3.10 98.20
4.10 97.25
5.10 96.32
6.10 95.40
7.10 T 2 1/4 03/31/26
03/31/2026
0.99 1.03
0.98 1.03
0.98 1.03
0.97 1.03
0.97 1.03
0.96 1.03
0.96 1.03
5,000
111
2.24%
73 1.48%
36 0.74%
0 0.00%
-36
-0.73%
-71
-1.45%
-107
-2.16%
9128285T3
2.63 101.06
1.21 100.31
2.21 99.57
3.21 98.84
4.21 98.12
5.21 97.41
6.21 96.71
7.20 T 2 5/8 12/31/25
12/31/2025
0.74 0.78
0.74 0.78
0.74 0.78
0.73 0.78
0.73 0.78
0.72 0.78
0.72 0.78
3,000
66 2.24%
44 1.48%
22 0.74%
0 0.00%
-22
-0.73%
-43
-1.45%
-64
-2.16%
9128285T3
2.63 101.06
1.21 100.31
2.21 99.57
3.21 98.84
4.21 98.12
5.21 97.41
6.21 96.71
7.20 T 2 5/8 12/31/25
12/31/2025
0.74 0.78
0.74 0.78
0.74 0.78
0.73 0.78
0.73 0.78
0.72 0.78
0.72 0.78
5,000
330
6.69%
217
4.40%
107
2.17%
0 0.00%
-104
-2.11%
-206
-4.17%
-304
-6.18%
91282CEW7
3.25 105.13
0.94 102.87
1.94 100.67
2.94 98.53
3.94 96.45
4.94 94.42
5.93 92.45
6.93 T 3 1/4 06/30/27
06/30/2027
2.18 2.28
2.17 2.28
2.15 2.28
2.14 2.28
2.13 2.28
2.12 2.28
2.11 2.28
5,000
656
13.18%
426
8.58%
208
4.18%
0 0.00%
-198
-3.99%
-388
-7.79%
-568
-11.42%
91282CFL0
3.88 112.56
1.01 107.98
2.01 103.61
3.01 99.45
4.01 95.49
5.01 91.70
6.01 88.09
7.01 T 3 7/8 09/30/29
09/30/2029
4.15 4.53
4.14 4.53
4.12 4.53
4.09 4.53
4.06 4.53
4.03 4.53
4.00 4.53
5,000
679
13.66%
441
8.88%
215
4.33%
0 0.00%
-205
-4.12%
-400
-8.05%
-586
-11.79%
91282CFY2
3.88 112.99
1.02 108.23
2.02 103.71
3.02 99.41
4.02 95.31
5.01 91.41
6.01 87.69
7.01 T 3 7/8 11/30/29
11/30/2029
4.29 4.70
4.29 4.70
4.26 4.70
4.23 4.70
4.20 4.70
4.17 4.70
4.14 4.70
3,000
414
13.90%
269
9.03%
131
4.40%
0 0.00%
-125
-4.19%
-244
-8.17%
-357
-11.96%
91282CGB1
3.88 113.19
1.02 108.35
2.02 103.75
3.02 99.38
4.02 95.21
5.02 91.25
6.02 87.49
7.02 T 3 7/8 12/31/29
12/31/2029
4.36 4.78
4.36 4.78
4.33 4.78
4.30 4.78
4.26 4.78
4.23 4.78
4.20 4.78
5,000
130
2.61%
86 1.73%
43 0.86%
0 0.00%
-42
-0.85%
-84
-1.68%
-125
-2.50%
91282CGL9
4.00 102.48
1.16 101.60
2.17 100.73
3.17 99.88
4.17 99.03
5.17 98.20
6.18 97.38
7.18 T 4 02/15/26
02/15/2026
0.86 0.91
0.86 0.91
0.86 0.91
0.85 0.91
0.85 0.91
0.84 0.91
0.84 0.91
5,000
180
3.59%
119
2.37%
59 1.18%
0 0.00%
-58
-1.16%
-115
-2.30%
-171
-3.42%
91282CHH7
4.13 103.71
1.03 102.49
2.04 101.29
3.04 100.11
4.04 98.95
5.04 97.81
6.04 96.69
7.04 T 4 1/8 06/15/26
06/15/2026
1.19 1.23
1.18 1.23
1.17 1.23
1.17 1.23
1.16 1.23
1.16 1.23
1.15 1.23
2,500
185
7.37%
122
4.84%
60 2.39%
0 0.00%
-58
-2.32%
-115
-4.57%
-170
-6.76%
91282CFM8
4.13 107.88
0.93 105.33
1.93 102.87
2.93 100.47
3.93 98.14
4.92 95.88
5.92 93.68
6.92 T 4 1/8 09/30/27
09/30/2027
2.39 2.53
2.38 2.53
2.36 2.53
2.35 2.53
2.34 2.53
2.33 2.53
2.31 2.53
5,000
669
13.40%
435
8.71%
212
4.25%
0 0.00%
-202
-4.05%
-395
-7.91%
-579
-11.58%
91282CFT3
4.00 113.34
1.01 108.66
2.01 104.20
3.01 99.95
4.01 95.91
5.01 92.05
6.01 88.38
7.01 T 4 10/31/29
10/31/2029
4.21 4.61
4.21 4.61
4.18 4.61
4.15 4.61
4.12 4.61
4.09 4.61
4.06 4.61
Treasury/Agency
139,975
6,098
4.43%
4,112
2.98%
2,076
1.51%
0 0.00%
-2,113
-1.53%
-4,239
-3.08%
-6,347
-4.61%
2.43 102.78
1.25 101.36
2.23 99.90
3.24 98.42
4.26 96.91
5.25 95.39
6.23 93.88
7.23 1.32
1.38 1.42
1.49 1.47
1.54 1.52
1.59 1.56
1.78 1.59
1.83 1.59
1.83 City of Palmdale - Palmdale, CA
As of 3/31/2025
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
12 2.48%
8 1.64%
4 0.82%
0 0.00%
-4
-0.81%
-8
-1.60%
-12
-2.38%
06406RAQ0
0.75 99.36
1.53 98.55
2.53 97.75
3.54 96.96
4.54 96.18
5.55 95.41
6.56 94.65
7.56 BK 0 3/4 01/28/26
01/28/2026
0.80 0.86
0.82 0.86
0.81 0.86
0.81 0.86
0.81 0.86
0.80 0.86
0.80 0.86
656
54 8.28%
36 5.43%
18 2.67%
0 0.00%
-17
-2.59%
-33
-5.10%
-49
-7.53%
06406RBN6
4.54 108.26
1.55 105.41
2.55 102.65
3.55 99.98
4.55 97.39
5.55 94.89
6.55 92.46
7.55 BK 4.543 02/01/29
02/01/2029
2.67 2.87
2.66 2.87
2.65 2.87
2.63 2.87
2.62 2.87
2.60 2.87
2.59 2.87
500
14 2.82%
9 1.90%
5 0.97%
0 0.00%
-5
-1.05%
-11
-2.14%
-16
-3.23%
11271LAA0
4.25 102.36
1.65 101.44
2.65 100.52
3.67 99.55
4.69 98.50
5.58 97.42
6.57 96.34
7.57 BNCN 4 1/4 06/02/26
06/02/2026
0.91 0.95
0.91 0.95
0.94 0.95
1.01 1.07
1.08 1.20
1.11 1.20
1.11 1.20
500
50 10.32%
33 6.80%
16 3.36%
0 0.00%
-16
-3.26%
-31
-6.42%
-46
-9.46%
05565QDH8
3.72 107.38
1.49 103.96
2.50 100.61
3.53 97.34
4.52 94.17
5.50 91.10
6.49 88.13
7.49 BPLN 3.723 11/28/28
11/28/2028
3.21 3.44
3.26 3.44
3.29 3.44
3.31 3.69
3.32 3.69
3.31 3.69
3.30 3.69
1,000
28 2.74%
18 1.81%
9 0.90%
0 0.00%
-9
-0.89%
-18
-1.76%
-26
-2.63%
194162AQ6
4.80 103.22
1.26 102.29
2.26 101.38
3.27 100.47
4.27 99.58
5.27 98.70
6.27 97.83
7.27 CL 4.8 03/02/26
03/02/2026
0.91 0.95
0.90 0.95
0.90 0.95
0.89 0.95
0.89 0.95
0.89 0.95
0.88 0.95
500
15 3.08%
10 2.11%
5 1.10%
0 0.00%
-6
-1.14%
-11
-2.28%
-17
-3.40%
46625HRS1
3.20 101.68
1.42 100.72
2.43 99.73
3.49 98.64
4.37 97.52
5.35 96.39
6.35 95.29
7.35 JPM 3.2 06/15/26
06/15/2026
0.95 0.98
0.97 0.98
1.04 0.98
1.12 1.23
1.15 1.23
1.16 1.23
1.15 1.23
500
19 3.94%
13 2.60%
6 1.29%
0 0.00%
-6
-1.27%
-12
-2.51%
-18
-3.73%
61761J3R8
3.13 101.99
1.59 100.68
2.59 99.39
3.60 98.13
4.60 96.89
5.60 95.66
6.60 94.46
7.60 MS 3 1/8 07/27/26
07/27/2026
1.30 1.35
1.29 1.35
1.28 1.35
1.28 1.35
1.27 1.35
1.27 1.35
1.26 1.35
1,000
24 2.45%
16 1.62%
8 0.81%
0 0.00%
-8
-0.79%
-16
-1.58%
-23
-2.35%
742718FY0
4.10 102.21
1.38 101.39
2.38 100.57
3.38 99.77
4.38 98.98
5.39 98.19
6.39 97.42
7.39 PG 4.1 01/26/26
01/26/2026
0.81 0.85
0.81 0.85
0.80 0.85
0.80 0.85
0.80 0.85
0.79 0.85
0.79 0.85
500
40 8.27%
26 5.49%
13 2.73%
0 0.00%
-13
-2.68%
-25
-5.29%
-38
-7.82%
718172CE7
3.13 104.18
1.52 101.51
2.54 98.85
3.54 96.22
4.52 93.65
5.51 91.14
6.51 88.70
7.50 PM 3 1/8 03/02/28
03/02/2028
2.58 2.70
2.62 2.70
2.67 2.95
2.71 2.95
2.72 2.95
2.71 2.95
2.70 2.95
500
30 6.24%
20 4.17%
10 2.09%
0 0.00%
-10
-2.07%
-20
-4.11%
-30
-6.10%
75973QAA5
3.45 103.35
1.74 101.33
2.76 99.31
3.77 97.27
4.74 95.26
5.72 93.28
6.72 91.34
7.71 RNR 3.45 07/01/27
07/01/2027
1.96 2.03
1.99 2.03
2.04 2.28
2.08 2.28
2.10 2.28
2.10 2.28
2.10 2.28
500
12 2.45%
8 1.63%
4 0.81%
0 0.00%
-4
-0.80%
-8
-1.58%
-12
-2.36%
780082AD5
4.65 102.62
1.43 101.79
2.44 100.97
3.44 100.16
4.44 99.36
5.44 98.58
6.45 97.80
7.45 RY 4.65 01/27/26
01/27/2026
0.81 0.85
0.81 0.85
0.81 0.85
0.80 0.85
0.80 0.85
0.79 0.85
0.79 0.85
500
27 5.49%
18 3.68%
9 1.85%
0 0.00%
-9
-1.84%
-18
-3.66%
-27
-5.45%
808513BW4
3.30 103.20
1.44 101.42
2.46 99.63
3.52 97.83
4.45 96.03
5.42 94.24
6.41 92.49
7.41 SCHW 3.3 04/01/27
04/01/2027
1.73 1.78
1.76 1.78
1.81 1.78
1.84 2.03
1.87 2.03
1.87 2.03
1.87 2.03
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
48 9.59%
32 6.29%
16 3.09%
0 0.00%
-15
-2.99%
-30
-5.89%
-44
-8.69%
797440CE2
4.95 110.56
1.64 107.23
2.64 104.01
3.64 100.89
4.66 97.87
5.65 94.95
6.65 92.12
7.64 SRE 4.95 08/15/28
08/15/2028
3.04 3.32
3.06 3.32
3.05 3.32
3.04 3.32
3.04 3.40
3.03 3.40
3.01 3.40
500
34 6.65%
22 4.38%
11 2.16%
0 0.00%
-11
-2.10%
-21
-4.15%
-31
-6.14%
22550L2K6
5.00 107.80
1.50 105.50
2.50 103.25
3.50 101.07
4.49 98.95
5.49 96.88
6.49 94.87
7.49 UBS 5 07/09/27
07/09/2027
2.17 2.30
2.15 2.30
2.14 2.30
2.13 2.30
2.12 2.30
2.11 2.30
2.10 2.30
1,000
22 2.24%
15 1.56%
8 0.83%
0 0.00%
-9
-0.88%
-17
-1.76%
-26
-2.63%
30231GAT9
3.04 101.09
1.40 100.42
2.41 99.70
3.46 98.88
4.31 98.00
5.30 97.14
6.30 96.28
7.31 XOM 3.043 03/01/26
03/01/2026
0.67 0.70
0.69 0.70
0.77 0.76
0.86 0.94
0.89 0.94
0.89 0.94
0.88 0.94
Corporate
9,156
431
4.75%
286
3.15%
143
1.57%
0 0.00%
-141
-1.56%
-279
-3.08%
-415
-4.57%
3.79 103.73
1.48 102.15
2.48 100.59
3.50 99.03
4.47 97.49
5.46 95.98
6.46 94.50
7.46 1.54
1.60 1.54
1.60 1.55
1.63 1.56
1.70 1.57
1.71 1.56
1.71 1.54
1.71 245
9 3.64%
6 2.41%
3 1.19%
0 0.00%
-3
-1.17%
-6
-2.32%
-9
-3.46%
06051XER9
5.05 104.86
1.06 103.61
2.06 102.38
3.06 101.18
4.06 99.99
5.06 98.82
6.06 97.68
7.06 BAC 5.05 06/22/26
06/22/2026
1.20 1.25
1.19 1.25
1.19 1.25
1.18 1.25
1.18 1.25
1.17 1.25
1.16 1.25
240
9 3.58%
6 2.37%
3 1.17%
0 0.00%
-3
-1.16%
-6
-2.29%
-8
-3.41%
05580A4Y7
4.65 104.15
1.19 102.92
2.19 101.72
3.19 100.54
4.19 99.38
5.19 98.24
6.19 97.12
7.19 BMW 4.65 06/15/26
06/15/2026
1.18 1.23
1.18 1.23
1.17 1.23
1.16 1.23
1.16 1.23
1.15 1.23
1.15 1.23
245
2 0.75%
1 0.51%
1 0.27%
0 0.00%
-2
-0.94%
-7
-2.95%
-14
-5.54%
09776DAG9
5.35 100.98
5.15 100.74
5.22 100.50
5.28 100.23
5.35 99.29
5.61 97.27
6.17 94.68
6.91 BOMBNK 5.35 06/25/29
06/25/2029
0.24 4.26
0.24 4.26
0.25 4.26
0.60 4.26
1.49 4.26
2.37 4.26
2.89 4.26
245
1 0.42%
1 0.28%
0 0.15%
0 0.00%
-2
-0.91%
-7
-2.94%
-14
-5.55%
229083AA8
5.35 100.56
5.27 100.42
5.30 100.28
5.34 100.14
5.38 99.23
5.63 97.19
6.19 94.58
6.94 EVANBT 5.35 06/18/29
06/18/2029
0.14 4.24
0.14 4.24
0.14 4.24
0.53 4.24
1.49 4.24
2.39 4.24
2.90 4.24
245
10 3.89%
7 2.68%
4 1.43%
0 0.00%
-4
-1.76%
-9
-3.84%
-15
-6.15%
307811KA6
5.00 104.74
3.47 103.52
3.87 102.27
4.29 100.82
4.78 99.05
5.39 96.95
6.14 94.62
6.98 FMBKWI 5 06/14/28
06/14/2028
1.17 3.23
1.20 3.23
1.32 3.23
1.60 3.23
1.96 3.23
2.28 3.23
2.52 3.23
245
9 3.58%
6 2.37%
3 1.17%
0 0.00%
-3
-1.15%
-6
-2.29%
-8
-3.41%
34520LBC6
5.05 104.78
1.06 103.55
2.06 102.34
3.06 101.16
4.06 99.99
5.07 98.84
6.07 97.71
7.07 FORBBK 5.05 06/15/26
06/15/2026
1.18 1.23
1.18 1.23
1.17 1.23
1.16 1.23
1.16 1.23
1.15 1.23
1.15 1.23
245
9 3.64%
6 2.41%
3 1.19%
0 0.00%
-3
-1.17%
-6
-2.32%
-9
-3.46%
35634MAE1
5.05 104.86
1.06 103.61
2.06 102.38
3.06 101.18
4.06 99.99
5.06 98.82
6.06 97.68
7.06 FREBNJ 5.05 06/22/26
06/22/2026
1.20 1.25
1.19 1.25
1.19 1.25
1.18 1.25
1.18 1.25
1.17 1.25
1.16 1.25
245
9 3.55%
6 2.35%
3 1.16%
0 0.00%
-3
-1.14%
-6
-2.27%
-8
-3.38%
38150VUZ0
5.05 104.73
1.06 103.52
2.06 102.32
3.06 101.14
4.07 99.99
5.07 98.85
6.07 97.73
7.07 GS 5.05 06/11/26
06/11/2026
1.17 1.22
1.17 1.22
1.16 1.22
1.15 1.22
1.15 1.22
1.14 1.22
1.14 1.22
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
240
1 0.57%
1 0.39%
1 0.21%
0 0.00%
-2
-0.86%
-6
-2.50%
-11
-4.48%
46656MVH1
5.00 100.64
4.74 100.46
4.81 100.29
4.89 100.07
4.97 99.21
5.32 97.57
6.00 95.59
6.84 JPM 5 11/30/27
11/30/2027
0.18 2.69
0.18 2.69
0.20 2.69
0.54 2.69
1.26 2.69
1.86 2.69
2.15 2.69
245
2 0.62%
1 0.42%
1 0.22%
0 0.00%
-2
-0.88%
-6
-2.62%
-12
-4.78%
59541KCV7
5.15 100.76
4.95 100.56
5.02 100.36
5.09 100.14
5.17 99.26
5.47 97.52
6.09 95.35
6.88 MIDMIB 5.15 06/12/28
06/12/2028
0.20 3.23
0.20 3.23
0.21 3.23
0.55 3.23
1.32 3.23
2.00 3.23
2.37 3.23
240
20 8.08%
13 5.30%
6 2.61%
0 0.00%
-6
-2.53%
-12
-4.98%
-18
-7.35%
09582YAV4
4.20 108.75
0.96 105.95
1.96 103.24
2.96 100.62
3.96 98.08
4.96 95.61
5.96 93.22
6.96 RICBVA 4.2 12/28/27
12/28/2027
2.61 2.77
2.60 2.77
2.58 2.77
2.57 2.77
2.55 2.77
2.54 2.77
2.52 2.77
245
9 3.60%
6 2.38%
3 1.18%
0 0.00%
-3
-1.16%
-6
-2.30%
-8
-3.42%
8562855V9
5.10 104.86
1.06 103.63
2.06 102.41
3.06 101.22
4.06 100.05
5.06 98.89
6.06 97.76
7.07 SBIIN 5.1 06/17/26
06/17/2026
1.19 1.24
1.18 1.24
1.18 1.24
1.17 1.24
1.16 1.24
1.16 1.24
1.15 1.24
245
31 12.18%
20 7.93%
10 3.88%
0 0.00%
-9
-3.71%
-18
-7.25%
-27
-10.65%
89235MPP0
4.65 114.83
1.04 110.48
2.04 106.33
3.04 102.36
4.04 98.57
5.04 94.94
6.04 91.47
7.04 TOYFBN 4.65 06/13/29
06/13/2029
3.84 4.23
3.84 4.23
3.82 4.23
3.79 4.23
3.77 4.23
3.74 4.23
3.71 4.23
CD
3,170
119
3.71%
78 2.45%
39 1.22%
0 0.00%
-46
-1.43%
-101
-3.15%
-160
-5.01%
4.97 104.58
2.42 103.31
3.11 102.07
3.79 100.83
4.47 99.39
5.23 97.66
6.09 95.79
7.01 1.23
2.47 1.22
2.47 1.21
2.47 1.33
2.47 1.60
2.47 1.85
2.47 1.98
2.47 52,367
136
0.26%
91 0.17%
45 0.09%
0 0.00%
-45
-0.09%
-90
-0.17%
-135
-0.26%
PLMDLCAMP
0.30 100.26
-2.79
100.17
-1.77
100.09
-0.73
100.00
0.30 99.91
1.34 99.83
2.38 99.74
3.42 CAMP
04/30/2025
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
56,352
147
0.26%
98 0.17%
49 0.09%
0 0.00%
-48
-0.09%
-97
-0.17%
-145
-0.26%
PLMDLLAIF
0.78 100.26
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 LAIF
04/30/2025
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
36,500
95 0.26%
63 0.17%
32 0.09%
0 0.00%
-31
-0.09%
-63
-0.17%
-94
-0.26%
PLMDLLAIF
0.78 100.26
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 LAIF
04/30/2025
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
14,738
38 0.26%
26 0.17%
13 0.09%
0 0.00%
-13
-0.09%
-25
-0.17%
-38
-0.26%
PLMDLLAIF
0.78 100.26
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 LAIF
04/30/2025
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
Other
159,957
416
0.26%
277
0.17%
138
0.09%
0 0.00%
-138
-0.09%
-275
-0.17%
-412
-0.26%
0.62 100.26
-2.47
100.17
-1.44
100.09
-0.41
100.00
0.62 99.91
1.66 99.83
2.70 99.74
3.74 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 Total
312,258
7,063
2.28%
4,753
1.53%
2,396
0.77%
0 0.00%
-2,438
-0.79%
-4,894
-1.58%
-7,333
-2.37%
1.57 101.53
-0.61
100.79
0.38 100.04
1.38 99.27
2.39 98.49
3.39 97.70
4.39 96.92
5.39 1
0.70 0.75
0.74 0.79
0.76 0.82
0.78 0.85
0.80 0.93
0.80 0.95
0.80 0.95
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
Portfolio Changes
New Securities 12/2024-3/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
3130B4QA2
Treasury/Agency
FHLB 4.55 07/21/28
07/21/2028
4.55 3,000,000
100.00
AFS
3130B4RC7
Treasury/Agency
FHLB 4 1/2 07/27/29
07/27/2029
4.50 3,000,000
100.00
AFS
91282CGB1
Treasury/Agency
T 3 7/8 12/31/29
12/31/2029
3.88 3,000,000
100.00
AFS
Partial Buy12/2024-3/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLCAMP
Other
CAMP
04/30/2025
0.30 52,367,136
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 12/2024-3/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
3130A5DH9
AGY
FHLB 2.000 05/18/20 CALd
05/18/2020
2.00 1,950,000
100.00
AFS
Called
3130AQEA7
Treasury/Agency
FHLB 1.05 01/14/25
01/14/2025
1.05 7,000,000
100.00
AFS
Expired/Matured
PLMDLLAIF
Other
LAIF
04/30/2025
0.78 107,590,087
100.00
AFS
Partial Sale
City of Palmdale - Palmdale, CA
As of 3/31/2025
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
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
City of Palmdale - Palmdale, CA
As of 3/31/2025
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 3/31/2025
Portfolio ID: 6748 - 58411
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Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE, One South Street, Baltimore, MD 21202
. All rights reserved.
Disclaimer
City of Palmdale - Palmdale, CA
As of 3/31/2025
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 6731938
Expired/Matured
3133EMUP5
Treasury/Agency
Agency Bullet
AGY
FFCB 0.71 04/01/25
5,000
100.000
100.000
2 7785771
Called
3133EPKC8
Treasury/Agency
Agency Bullet
AGY
FFCB 5.39 05/18/27
5,000
100.000
100.000
Security Called In Full
3 8123443
Called
69503PAB7
CD
NCD
CORP
PACVYB 5.2 06/14/29
245
100.000
100.965
Security Called In Full
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
322,503
10,245
312,258
3.18 %
70 3
67 4.29 %
City of Palmdale - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6748 - 58411
PORTFOLIO REVIEW AND ANALYSIS
City of Palmdale - Successor Agency
Palmdale, CA
As of Date: 03/31/2025
Pricing as of: 03/21/2025
Date of Analysis: 04/15/2025
Account Executive: Bill Blackwill
Book Value
3,857
# Securities
1 Average Size (Book)
3,857
Yield at Book
0.78 Market Yield
0.78 $ Gain/Loss
0 % Gain/Loss
0.0%
Average Life
0.11 Average Life +300bps
0.11 % 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 3/31/2025
Portfolio ID: 6753 - 58411
Historical Portfolio Overview
03/31/2025
12/31/2024
09/30/2024
06/30/2024
Book Value
3,857
3,813
3,741
8,150
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
0.11 0.08
0.08 0.08
WAL (+100)
0.11 0.08
0.08 0.08
WAL (+300)
0.11 0.08
0.08 0.08
WAL (-100)
0.11 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%
-0.3%
% Price Change (-100)
0.1%
0.1%
0.1%
0.1%
Effective Duration
0.09 0.09
0.09 0.09
Effective Convexity
0.00 0.00
0.00 0.00
$ Gain/Loss
0 0
0 0
% Gain/Loss
0.0%
0.0%
0.0%
0.0%
$ Gain/Loss (+300)
-10
-10
-10
-21
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 3/31/2025
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%
3,857
0.78 0.1 yrs
3,857
0.78 3,857
0.78 0.1
-0.1
-0.3
0 0.0%
0.11 0.09
0.00 100 %
Other (1)
100.0%
3,857
0.78 0.1 yrs
3,857
0.78 3,857
0.78 0.1
-0.1
-0.3
0 0.0%
0.11 0.09
0.00 100 %
Total (1)
100.0%
3,857
0.78 0.1 yrs
3,857
0.78 3,857
0.78 0.1
-0.1
-0.3
0 0.0%
0.11 0.09
0.00 100 %
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Shocked Analysis
-300
-200
-100
Base
+100
+200
+300
Par Value
3,857
3,857
3,857
3,857
3,857
3,857
3,857
Book Value
3,857
3,857
3,857
3,857
3,857
3,857
3,857
Market Value
3,867
3,864
3,861
3,857
3,854
3,851
3,847
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
-2.32
-1.29
-0.26
0.78 1.82
2.85 3.90
WAL
0.11 0.11
0.11 0.11
0.11 0.11
0.11 Effective Duration
0.09 0.09
0.09 0.09
0.09 0.09
0.09 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 3/31/2025
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%
3,857
-0.1%
-0.2%
-0.3%
0.1%
Total
0.1%
3,857
-0.1%
-0.2%
-0.3%
0.1%
Scenario Market Val
3,861
3,857
3,854
3,851
3,847
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
3,857
+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 3/31/2025
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 03/25
3,692
-3.4
1.13 1.1
1.1 1.1
1.1 -1.1
-3.2
1.1 0.0
93%
0%
0%
0%
0%
0%
0%
0%
0%
0%
7%
100%
100%
2 03/25
7,000
-4.3
0.94 1.4
1.4 1.4
1.4 -1.4
-4.0
1.4 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
3 03/25
7,789
-3.5
3.43 3.5
3.3 4.2
2.7 -2.8
-8.8
2.8 -0.2
0%
11%
0%
25%
0%
0%
0%
0%
0%
0%
64%
100%
100%
4 12/24
8,283
-0.1
5.44 2.0
2.0 2.0
1.8 -1.8
-5.3
1.8 0.0
54%
0%
0%
0%
0%
0%
0%
0%
46%
0%
0%
100%
100%
5 12/24
8,762
-4.0
1.73 1.9
1.9 1.9
1.9 -1.8
-5.3
1.8 0.0
26%
0%
0%
0%
0%
5%
0%
0%
0%
0%
69%
100%
100%
6 01/25
10,358
-10.1
3.44 7.4
6.4 8.5
4.1 -4.4
-13.6
4.3 -0.3
0%
0%
0%
5%
17%
0%
0%
0%
68%
3%
7%
83%
100%
7 12/24
13,503
-5.5
0.71 1.5
1.5 1.5
1.4 -1.4
-4.1
1.4 0.0
31%
0%
0%
0%
0%
0%
0%
0%
27%
37%
6%
100%
100%
8 12/24
14,251
-2.3
1.18 1.6
1.6 1.6
1.5 -1.5
-4.4
1.5 0.0
0%
0%
0%
0%
0%
0%
0%
0%
42%
32%
26%
100%
100%
9 02/25
16,628
0.0 4.39
1.4 1.2
1.8 1.3
-1.4
-4.5
1.3 -0.2
44%
0%
0%
0%
0%
0%
0%
0%
0%
0%
56%
100%
100%
10 02/25
17,044
-1.0
3.43 2.4
2.4 2.4
2.1 -2.0
-6.0
2.1 0.0
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
11 12/24
19,392
-2.3
2.36 1.8
1.6 2.0
1.3 -1.5
-4.6
1.4 -0.1
72%
0%
0%
0%
0%
0%
0%
0%
0%
0%
28%
100%
100%
12 01/25
21,401
1.0 5.78
2.4 2.2
2.5 1.9
-2.0
-6.2
2.0 -0.1
49%
0%
0%
0%
0%
0%
0%
0%
51%
0%
0%
100%
100%
13 02/25
23,600
-2.2
0.26 0.6
0.6 0.6
0.6 -0.5
-1.6
0.6 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
14 12/24
25,297
-2.1
3.10 2.1
2.0 2.2
1.9 -1.9
-5.6
1.9 -0.1
30%
0%
0%
0%
0%
10%
0%
0%
16%
6%
39%
100%
100%
15 12/24
26,647
-0.9
4.53 4.3
4.1 4.3
3.8 -3.6
-10.4
3.7 0.1
59%
15%
0%
0%
0%
26%
0%
0%
0%
0%
0%
100%
100%
16 01/25
31,093
-1.8
3.63 2.1
1.8 2.7
1.7 -2.0
-6.2
1.8 -0.3
26%
0%
0%
0%
0%
21%
0%
0%
1%
3%
50%
100%
100%
17 03/25
36,997
2.3 5.40
2.9 2.9
2.9 2.7
-2.6
-7.6
2.6 0.1
0%
0%
0%
0%
0%
80%
0%
0%
2%
0%
18%
100%
100%
18 03/25
38,181
1.5 5.58
1.4 1.4
1.4 1.4
-1.3
-3.9
1.3 0.0
2%
0%
0%
0%
0%
0%
0%
0%
74%
2%
22%
100%
100%
19 03/25
47,663
-2.0
2.36 1.9
1.9 1.9
1.8 -1.8
-5.2
1.8 0.0
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
100%
100%
20 02/25
51,066
-4.0
2.27 2.4
1.9 2.8
2.0 -2.2
-6.8
2.1 -0.2
81%
0%
0%
0%
0%
0%
0%
0%
2%
0%
17%
100%
100%
21 03/25
53,178
0.0 4.37
1.5 1.5
2.6 1.5
-1.7
-5.7
1.6 -0.2
54%
0%
0%
0%
0%
9%
0%
0%
0%
0%
36%
100%
100%
22 02/25
53,686
-1.2
3.46 2.0
2.0 2.2
1.9 -1.9
-5.5
1.9 0.0
48%
0%
0%
0%
0%
0%
0%
0%
3%
13%
36%
99%
100%
23 03/25
54,422
-1.9
2.82 2.3
2.2 2.3
2.1 -2.1
-6.0
2.1 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
24 01/25
61,219
0.7 5.94
1.0 0.9
1.1 0.9
-0.9
-2.8
0.9 -0.1
20%
0%
0%
0%
0%
0%
0%
0%
33%
0%
47%
99%
100%
25 01/25
63,761
-0.5
4.22 1.9
1.8 2.3
1.7 -1.8
-5.3
1.7 -0.1
35%
2%
0%
4%
0%
0%
0%
0%
0%
17%
42%
91%
100%
Avg
28,597
-1.9
3.28 2.2
2.1 2.4
1.8 -1.9
-5.7
1.9 -0.1
45%
1%
0%
1%
1%
6%
0%
0%
15%
4%
27%
99%
100%
Port
3,857
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
-24,739
1.9 -2.50
-2.1
-2.0
-2.3
-1.8
1.8 5.4
-1.8
0.1 -45%
-1%
0%
-1%
-1%
-6%
0%
0%
-15%
-4%
73%
1%
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 3/31/2025
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 3/31/2025
Portfolio ID: 6753 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Apr 2025
0.78 3,857
0.78 Shocked Principal and Interest Cash Flow Analysis
Year
-300
-200
-100
Base
+100
+200
+300
Apr 2025
3,872
3,872
3,872
3,872
3,872
3,872
3,872
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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 3,857
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
3,872
3,872
3,872
3,872
3,872
3,872
3,872
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 12 Months
Apr 25
May 25
Jun 25
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Jan 26
Feb 26
Mar 26
Bk Yld Chg
Other
Cash Flow
3,872
End BY
Total
Cash Flow
3,872
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Sector Cash Flow - Next 3 Years
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
1Q28
Bk Yld Chg
Other
Cash Flow
3,872
End BY
Total
Cash Flow
3,872
End BY
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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
39 9
1.00 1.25
48 18
1.25 1.50
58 28
1.50 1.75
68 37
1.75 2.00
77 47
2.00 2.25
87 57
2.25 2.50
96 66
2.50 2.75
106
76 2.75
3.00 116
86 3.00
3.25 125
95 3.25
3.50 135
105
3.50 3.75
145
115
3.75 4.00
154
124
4.00 4.25
164
134
4.25 4.50
174
144
4.50 4.75
183
153
4.75 5.00
193
163
5.00 5.25
203
172
5.25 5.50
212
182
5.50 5.75
222
192
5.75 6.00
231
201
6.00 6.25
241
211
6.25 6.50
251
221
6.50 6.75
260
230
6.75 7.00
270
240
7.00 7.25
280
250
7.25 7.50
289
259
7.50 7.75
299
269
7.75 8.00
309
279
8.00 Principal Maturing(12 Mo.Horizon): $3,857
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 3/31/2025
Portfolio ID: 6753 - 58411
Shocked Cash Flows By Sector - Next 10 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Cash Flows By Sector - Next 30 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Cash Flow Projection By Month - Next 5 Years
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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%
0.11 0.1
0.09 0.00
Cash & Other (1)
100.0%
3,857
0.78 3,857
0.78 3,857
0.78 -10
-0.3%
0.11 -0.3
0.09 0.00
100.0%
0.1 yrs
100.00
100.00
0 0.0%
0.11 0.1
0.09 0.00
Total (1)
100.0%
3,857
0.78 3,857
0.78 3,857
0.78 -10
-0.3%
0.11 -0.3
0.09 0.00
100.0%
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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
3,857
100.00
100.00
0 0.78
0.1 0.09
Cash & Other
1 0.78
0.1 yrs
3,857
100.00
100.00
0 0.78
0.1 0.09
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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 04/30/25
3,857
100.00
100.00
0 0.779
0.11 -0.26
-10
-10
0.09 AFS
0.78 3,857
100.00
100.00
0 0.779
0.11 -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 04/30/25
3,857
100.00
100.00
0 0.779
0.11 -0.26
-10
-10
0.09 AFS
0.78 3,857
100.00
100.00
0 0.779
0.11 -0.26
-10
-10
0.09 City of Palmdale - Successor Agency - Palmdale, CA As of 3/31/2025
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 04/30/25
3,857
100.00
100.00
0 0.779
0.11 -0.26
-10
-10
0.09 AFS
0.78 3,857
100.00
100.00
0 0.779
0.11 -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 04/30/25
3,857
100.00
100.00
0 0.779
-0.26
0.09 0.11
0.11 0.00
AFS
0.78 3,857
100.00
100.00
0 0.779
-0.26
0.09 0.11
0.11 0.00
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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
04/25
100.00
100.00
0.0%
0.1 0.09
PLMDLLAIF
3,857
0.780
04/30/25
3,857
0.78 3,857
0.78 0
-0.3
0.00 AFS
100.00
100.00
0.0%
0.1 0.09
Cash & Other
3,857
0.780
3,857
0.78 3,857
0.78 0
-0.3
0.00 100.00
100.00
0.0%
0.1 0.09
Total
3,857
0.780
3,857
0.78 3,857
0.78 0
-0.3
0.00 City of Palmdale - Successor Agency - Palmdale, CA As of 3/31/2025
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
3,857
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
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 LAIF
04/30/2025
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
Other
3,857
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
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 0.09
0.11 Total
3,857
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
-2.32
100.17
-1.29
100.09
-0.26
100.00
0.78 99.91
1.82 99.83
2.85 99.74
3.90 0
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
0.09 0.11
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
Portfolio Changes
Partial Buy12/2024-3/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLLAIF
Other
LAIF
04/30/2025
0.78 3,857,312
100.00
AFS
Same CUSIP buys
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
2025-03-31
City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
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 3/31/2025
Portfolio ID: 6753 - 58411
The information contained herein has been prepared from sources believed reliable but is not guaranteed by Stifel and is not a complete summary or statement of all available data, nor is it to be construed as an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of investors. Employees of Stifel or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. No investments or services mentioned are available to "private customers" in the European Economic Area or to anyone in Canada other than a "Designated Institution." Stifel and/or its employees involved in the preparation or the issuance of this communication may have positions in the securities or options of the issuer/s discussed or recommended herein.
Securities identified herein are subject to availability and changes in price.
Stifel is a multi-disciplined financial services firm that regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent in private transactions.
Moreover, Stifel and its affiliates and their respective shareholders, directors, officers, and/or employees, may from time to time have long or short positions in such securities or in options or other derivative instruments based thereon.
Readers of this report should assume that Stifel or one of its affiliates is seeking or will seek investment banking and/or other business relationships with the issuer or issuers, or borrower or borrowers, mentioned in this report. Stifel ’
s Fixed Income Capital Markets research and strategy analysts ("FICM Analysts") are not compensated directly or indirectly based on specific investment banking services transactions with the borrower or borrowers mentioned in this report or on FICM Analyst specific recommendations or views (whether or not contained in this or any other Stifel report), nor are FICM Analysts supervised by Stifel investment banking personnel; FICM Analysts receive compensation, however, based on the profitability of both Stifel (which includes investment banking) and Stifel
’
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City of Palmdale - Successor Agency - Palmdale, CA
As of 3/31/2025
Portfolio ID: 6753 - 58411
City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT
ECONOMIC DEVELOPMENT DIVISION
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 2025-036, A RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF PALMDALE APPROVING THE
PALMDALE FILM INCENTIVE PROGRAM ; AND APPROVE
MEMORANDUM OF UNDERSTANDING (MOU) WITH VISIT
PALMDALE
RECOMMENDATION
Staff recommends that the City Council:
1. Adopt Resolution No. CC 2025-036, a Resolution of the City Council of the City of Palmdale approving the Palmdale Film Incentive Program (PFIP);
2. Approve Agreement No. A-9301, an MOU by and between the City of Palmdale and Visit Palmdale defining the responsibilities of each organization in the Palmdale Film Incentive Program; and,
3. Authorize the City Manager Pro Tem or his designee to execute Agreement No.
A-9301, an MOU by and between the City and Visit Palmdale , and take actions necessary to implement and administer the program, including minimal and/or non-substantial changes.
BACKGROUND
The film industry has a profound impact on the state and local economy. In recognition, the City established a Film Palmdale Strategic Plan on December 6, 2023. The strategic plan comprises short-term and long -term goals , geared toward continually seeking innovative solutions to attract filmmakers eager to expand their presence within the Palmdale market. The P FIP directly targets the short -term goal of identifying and developing a funding source for a sustainable City rebate or grant program to offset film costs. Film incentives are becoming industry standard and remain pivotal in film recruitment.
Report to Mayor and City Council
Re: Adopt Resolution No. CC 2025-036 and Approve MOU, Agrmt. No. A-9301 May 6, 2025
Since its inception in 2009, California’s Film and Television Tax Credit Program has generated over $26 billion in economic activity and supported 197,000 skilled cast and crew jobs, vital to the state’s economic growth. A recent analysis found that each dollar in tax credits generates $24.40 in economic output, $16.14 in GDP, $8.60 in wages, and $1.07 in state and local tax revenue.
However, the program has been consistently oversubscribed, with more productions applying than can be funded under the current $330 million annual cap. Between 2020 and 2024, California lost an estimated $1.6 billion in production spending, with 71% of denied applicants choosing to film in other states, negatively impacting local economies.
To address this, Governor Newsom proposed in October 2024 to expand the program’s annual budget to $750 million, aiming to strengthen California’s competitiveness and keep film and television production within the state.
DISCUSSION
The PFIP aims to accelerate the attraction of new filming opportunities and foster the growth of the local film ecosystem. This strategic initiative is supported by extensive research and feedback from the California Film Commission, FilmLA, the local 399 Teamsters, and countless other industry professionals from various expos and conferences. To qualify for the PFIP, productions must film in Palmdale or establish a base camp within City limits and stay at one or more local hotels, and can select one incentive option per production, per permit. The PFIP is comprised of two options. The first, sponsored by Visit Palmdale and approved at their April 15, 2025, board meeting, provides hotel rooms to film productions with a valid FilmLA permit for two or more days in the following manner:
Filming in the City limits Friday-Sunday, Not-To-Exceed (NTE) $2,000 per day, $6,000 per production.
Filming in the City limits Monday-Thursday, NTE $1,000 per day, $4,000 per production.
Filming outside the City limits but staying in Palmdale hotels, NTE $500 per day, $3,500 per production.
Incentive option two is proposed to be covered by the City and reimburses standard film permit fees with proof of a valid FilmLA Permit and proof of payment, NTE $2,000 per production, per permit. Collectively, both incentive options cater to varying film productions, both short—and long-term.
The PFIP represents a significant step toward the City's objectives of fostering quality job creation, economic attraction, and local expansion of key workforce sectors. Palmdale has a rich filming history that, with the approval of this program, can result in a sustainable stream of job creation and investment dollars into the local economy.
Report to Mayor and City Council
Re: Adopt Resolution No. CC 2025-036 and Approve MOU, Agrmt. No. A-9301 May 6, 2025
FISCAL IMPACT
$100,000; funds for the PFIP are allocated within the Measure AV budget for FY 2024-
25. STRATEGIC PLAN
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: Megan Taggart, Director of Economic and
Community Development
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Reso. No. CC 2025-036
Palmdale Film Incentive Program Application & Guidelines Agrmt. No. A-9301, MOU between the City of Palmdale and Visit Palmdale
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025-036
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
APPROVING THE PALMDALE FILM INCENTIVE PROGRAM
WHEREAS, the City Council adopted Resolution No. CC 2023-077, approving the Film Palmdale Strategic Plan on December 6, 2023; and WHEREAS, the Film Palmdale Strategic Plan is comprised of short-term and long-term goals aimed at making filming attractive and easy; and WHEREAS, the Palmdale Film Incentive Program (PFIP) is a strategic initiative designed to attract new filming opportunities to Palmdale and foster the growth of the local film ecosystem; and
WHEREAS, the PFIP is strategically designed to encourage production spending at local businesses and hospitality sectors; and WHEREAS, the PFIP is in alignment with the goals of the Film Palmdale Strategic Plan, to foster economic vitality and innovation; and WHEREAS, the PFIP will encourage film production companies to invest in the local economy by providing incrementally larger incentives for projects that occur within the City limits and over a longer period of time; and WHEREAS, the City of Palmdale and Visit Palmdale intend to memorialize this program by executing a Memorandum of Understanding (MOU) A-9301.
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 of the facts set forth in the Recitals of this Resolution are true and correct.
SECTION 2. The PFIP eligibility criteria require that film productions shoot in the City of Palmdale and/or establish a base camp within the City limits. Qualifying productions shall have the option to select the most beneficial incentive option to suit their needs with either hotel rooms or permit fee reimbursement.
SECTION 3. The City Council authorizes the City Manager or his/her designee to perform and carry out the implementation of the PFIP. Whenever the City requires an administrative action to implement the terms of the program, the City Manager or Resolution No. CC 2025-036
authorized designee shall have the authority to act on behalf of the City, except with respect to matters reserved under California law wholly for determination by the City's governing body.
SECTION 4. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 6th day of May, 2025. _________________________________
Richard J. Loa, Mayor
APPROVED AS TO FORM: ATTEST:
___________________________ _________________________________ Alexandra Halfman Rochelle Scott, City Clerk
Acting 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 6 th day of May, 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, City Clerk
City of Palmdale
Palmdale Film Incentive Program (PFIP)
Option 1: Hotel Room(s)
Visit Palmdale will support the City of Palmdale’s filming efforts by booking hotel rooms in the following manner and will serve as the booking agent to support all hotels in the TID equally. -Visit Palmdale will pay 100% of hotel room and tax for weekends, Friday-Sunday, for dates indicated on a valid FilmLA permit for filming productions located within the City of Palmdale city limits, in an amount Not-to-Exceed (NTE) $2,000 per day and $6,000 per production. -Visit Palmdale will pay 50% of hotel room and tax for weekdays, Monday-Thursday, for dates indicated on a valid FilmLA permit for filming productions located within the City of Palmdale city limits, in an amount Not-to-Exceed (NTE) $1,000 per day and $4,000 per production. -Visit Palmdale will pay 25% of hotel room and tax for dates indicated on a valid FilmLA permit for filming productions located OUTSIDE City of Palmdale city limits, in an amount Not-to-Exceed (NTE) $500 per day and $3,500 per production.
Option 2: Reimbursement of Film Permit Fees
The City of Palmdale will reimburse, in full, the cost of the Basic Film Permit Application Fee, Palmdale Application Fee, Palmdale Per Location Fee, Palmdale Encroachment Fee, Palmdale Traffic Plan Check Fee and LA County Fire Review Fee, Not-to-Exceed (NTE) $2,000 per production, per permit.
Option 1: Hotels located in the City of Palmdale include Doubletree (300 W. Palmdale Blvd., Palmdale, CA 93551), Embassy Suites (39375 5th Street W., Palmdale, CA 93551), Element Hotel (39235 Trade Center Drive, Palmdale, CA 93551), Courtyard by Marriott (530 W.
Rancho Vista Blvd., Palmdale, CA 93551), Residence Inn (200 W. Palmdale Blvd., Palmdale, CA 93551), Staybridge Suites Palmdale (420 W. Park Drive, Palmdale, CA 93551), Fairfield Inn & Suites (1052 W. Avenue O-8, Palmdale, CA 93551), Hampton Inn & Suites (9428 Trade Center Drive, Palmdale, CA 93551), Hilton Garden Inn (1309 W. Rancho Vista Blvd., Palmdale, CA 93551), Holiday Inn (38630 5th Street W., Palmdale, CA 93551), Home2 Suites (38750 5th Street W., Palmdale, CA 93551), Best Western (600 W. Palmdale Blvd., Palmdale, CA 93551), Motel 6 (407 W. Palmdale Blvd., Palmdale, CA 93551), OYO Hotel (217 E. Palmdale Blvd., Palmdale, CA 93550), Palms Inn & Suites (430 W. Palmdale Blvd., Palmdale, CA 93551), Red Roof Inn (200 W. Palmdale Blvd., Palmdale, CA 93551), Sherwood Motel (1331 E. Palmdale Blvd., Palmdale, CA 93550. ** List as of December 2024.
Subject to hotel availability. The recipient must coordinate a minimum of five (5) calendar days before the desired check-in date. The hotel room incentive option covers only a percentage of the hotel room and tax costs. Recipients of this incentive must adhere to normal hotel guidelines for incidentals and additional charges. FilmLA permit must be valid for two (2) or more days to qualify. Check-in can occur up to one (1) calendar day before the valid FilmLA permit date, and check-out can occur the following calendar day after the valid FilmLA permit date. Each qualifying production is eligible to receive seven (7) calendar days of incentives per production or until FilmLA permit expires, whichever is first. Program incentives are available while funding lasts. Incentive Option 1 subsidies are to be capped at $50,000 per year (November 1-October 31) and will be allocated on a first-come, first-served basis.
Option 2; A minimum of one (1) Shoot Day must occur within the City of Palmdale city limits to qualify for reimbursement and must have a valid FilmLA permit. Submission of a request for reimbursement must occur within thirty (30) days from the last date listed on the applicable permit. More information regarding fees applicable for reimbursement can be found at https://filmla.com/for- filmmakers/requirements/#palmdale. Option 2 subsidies are to be capped at $100,000 per fiscal year (July 1-June 30) and will be allocated on a first-come, first-served basis.
The Palmdale Film Incentive Program (PFIP) allows recipients to receive one film incentive option per production, per permit.
Palmdale Film Incentive Program Application Form
Applicant Information:
Name of Applicant/Company: ________________________________________________________ Type of Production: __________________________________________________________________ Contact Person Name (If different): ___________________________________________________ Email Address: ______________________________________________________________________ Phone Number: _________________________________
Mailing Address: ___________________________________________ ___________________________________________
___________________________________________
Please select your desired incentive option and fill in the applicable fields below:
☐ Option 1: Hotel Room Booking
☐ Option 2: FilmLA Permit Fee Reimbursement
Option 1: Hotel Room Booking
Is your permit for filming located within the City of Palmdale? ____________________________ What are the valid dates associated with your film permit? ______________________________ To be eligible for this incentive option, the FilmLA permit must be valid for two (2) days or more.
Please provide the following information:
☐ Completed W-9 Form (Must match the name of the Applicant/Company and Mailing Address)
☐ Valid Film LA Permit
☐ Proof of Payment
Room Booking:
(Please complete the following for each room booking, indicating room type, i.e., Double or Single)
INTERNAL USE ONLY:
Reviewed by: Eligible or Ineligible Incentive Awarded:
Name of Guest Check-in Date Check-out Date Room Type
_______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________ _______________________________ ______________ _______________ ___________
Option 2: Reimbursement of Film Permit Fees
Please provide the following information:
☐ Completed W-9 Form (Must match the name of the Applicant/Company and Mailing Address)
☐ Valid Film LA Permit
☐ Proof of Payment
Submissions for reimbursement must occur within thirty (30) days from the last date listed on the applicable permit.
Declaration and Signature:
By submitting this application form, I declare that the information provided is true and accurate. I understand that providing false information may result in disqualification from the incentive program. I have read and agree to the terms and conditions indicated in the Palmdale Film Incentive Program.
Signature: _________________________________
Date: _____________________________________
All submissions and supporting documentation shall be emailed to:
A-9301
393871.1
PALMDALE FILM INCENTIVE PROGRAM
MEMORANDUM OF UNDERSTANDING
This Palmdale Film Incentive Program Memorandum of Understanding (“MOU”) is entered into by and between the City of Palmdale, a California municipal corporation (“City”), and Visit Palmdale, a California mutual benefit non-profit corporation (“Visit Palmdale”).
RECITALS
A. The City, through the non-profit FilmLA, issues permits for commercial filming operations within its jurisdiction.
B. Visit Palmdale promotes tourism and travel to Palmdale, including by encouraging destination development through commercial filming operations within the City.
C. The City and Visit Palmdale desire to enter into this MOU to incentivize commercial filming in Palmdale.
AGREEMENT
I. Term. This MOU will take effect upon the date of the last signature below (“Effective Date”). The MOU will automatically expire in three years unless terminated earlier by either party upon 30 days’ written notice.
II. Visit Palmdale’s Obligation.
a. Visit Palmdale will develop the City as a tourism destination by encouraging filming within the City and its environs by serving as the booking agent for commercial film productions with a valid FilmLA permit.
b. Visit Palmdale will pay 100% of hotel room booking charges, taxes, and fees for weekends, Friday through Sunday, for commercial filming productions within the City, in an amount not to exceed $2,000 per day and $6,000 per production.
c. Visit Palmdale will pay 50% of hotel room booking charges, taxes, and fees for weekdays, Monday through Thursday, for commercial filming productions within the City, in an amount not to exceed $1,000 per day and $4,000 per production.
A-9301
393871.1
d. Visit Palmdale will pay 25% of hotel room booking charges, taxes, and fees for any dates for commercial filming productions outside of the City when the production base camp is set within the City, in an amount not to exceed $500 per day and $3,500 per production.
e. Visit Palmdale’s obligations only extend to room bookings for member hotels.
f. Visit Palmdale’s total contribution under this MOU shall not exceed $50,000 per fiscal year.
III. City’s Obligations.
a. The City will reimburse 100% of any of the following permit fees for filming within the City of Palmdale jurisdiction:
1. FilmLA Basic Film Permit Application Fee;
2. Palmdale Application Fee;
3. Palmdale Per Location Fee;
4. Palmdale Encroachment Permit Fee;
5. Palmdale Traffic Plan Check Fee; or
6. Los Angeles County Fire Review Fee.
b. The City’s total contribution under this MOU shall not exceed $100,000 per fiscal year, at a rate of $2,000 per permit, per production, whichever is greater.
IV. Mutual Release. To the fullest extent permitted by law, each party shall release the other from and hold harmless against any and all claims, losses, costs or expenses for any injury or damage arising out of or in connection with this MOU alleged by third parties.
V. Non-Assignment. Neither party may delegate, transfer, subcontract, or assign its obligations or rights hereunder, either in whole or in part, without the other party’s prior written consent, and any attempt to do so shall be void.
VI. Waiver. No provision, covenant, or condition of this MOU shall be deemed to have been waived by either party unless in writing. The waiver of any breach of any provision, covenant, or condition shall not be deemed a waiver of any subsequent breach of the same or any other provision, covenant, or condition.
VII. Counterparts, Electronic Signatures. This MOU may be signed in one or more counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same instrument. The parties acknowledge and agree that this MOU may be executed by electronic signature, which shall be considered as an original signature for all purposes. “Electronic signature” shall A-9301
393871.1
include emailed versions of an original signature, electronically scanned and transmitted version of an original signature, or a digital signature.
A-9301
393871.1
TO EFFECTUATE THIS AGREEMENT, the parties have caused their duly authorized representatives to execute this MOU on the dates set forth below. “CITY”
City of Palmdale
Authorized Signatories:
Signature:
Printed: Sal Mendez
Title: City Manager Pro Tem
Date:
“VISIT PALMDALE”
Visit Palmdale
Signature:
Printed: Megan Taggart
Title: Executive Director
Date:
Attestation:
Signature:
Printed: Roxanne Faber
Title: City Clerk
Date:
Signature:
Printed: Christian Barrow
Title: Secretary
Date:
Approval as to Form:
Signature:
Printed: Alexandra Halfman
Title: Acting City Attorney
Date:
Signature:
Printed: Aleks Giragosian
Title: Senior Counsel
Date:
City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: HOUSING DEPARTMENT
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 2025-038, A RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF PALMDALE TO RESTATE THE
AUTHORIZED SIGNATORY AND RECEIVE THE STATE OF
CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY
DEVELOPMENT PERMANENT LOCAL HOUSING ALLOCATION
(PLHA) PROGRAM FUNDS
RECOMMENDATION
Staff recommend that the City Council:
1. Adopt Resolution No. CC 2025-038, a resolution of the City Council of the City of Palmdale to restate the authorized signatory and receive the State of California Department of Housing and Community Development PLHA funds; and,
2. Authorize the City Manager or their designee to execute any documents related to the application, acceptance, and implementation of approved grant programs and projects of PLHA.
BACKGROUND
In 2017, the Building Homes and Jobs Act, SB2, established a $75 recording fee on real estate documents to increase the supply of affordable housing in California. The PLHA Program was established for these funds. Seventy percent (70%) of the funds collected are allocated to local governments and administered locally for affordable housing. Of these funds, ninety percent (90%) are allocated to the local governments based on the HUD CDBG federal fiscal year 2017 allocation process. The City allocation of PLHA funds is $4,674,384 over the five-year plan period.
Resolution No. CC 2020-081, as requested by HCD staff, designated the City Manager by name. When the City submitted its request for PLHA allocations for Plan Years three and four, HCD requested a new resolution providing authorization by position, naming Report to Mayor and City Council
Re: Resolution No. CC 2025-038
May 6, 2025
the City Manager without naming a specific individual. Resolution No. CC 2025-038 is necessary to facilitate receipt of the PLHA funds.
FISCAL IMPACT
$2,000,450; Revenues from PLHA funds total $2,000,450 for years three and four.
STRATEGIC PLAN
Goal II: Ensure long-term fiscal health of the City and maintain funding for services.
C. Pursue alternative financing opportunities for continued infrastructure improvements and quality community programs.
Prepared by: Sophia Reyes, Director of Housing
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Reso. No. CC 2025-038
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025 - 038
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
TO RESTATE SIGNATORY AND RECEIVE THE STATE OF CALIFORNIA
DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
PERMANENT LOCAL HOUSING ALLOCATION PROGRAM FUNDS
WHEREAS, the State of California, Department of Housing and Community Development (“Department”) is authorized to provide up to $195 million under the SB 2 Permanent Local Housing Allocation Program Formula Component from the Building Homes and Jobs Trust Fund for assistance to Cities and Counties (as described in Health and Safety Code section 50470 et seq. (Chapter 364, Statutes of 2017 (SB 2)); and
WHEREAS, the Department issued a Notice of Funding Availability (“NOFA”) dated 02/26/2020 under the Permanent Local Housing Allocation (PLHA) Program; and WHEREAS, the City of Palmdale (“Applicant”) is an eligible Local government applying for the program to administer one or more eligible activities, or a Local or Regional Housing Trust Fund to whom an eligible Local government delegated its PLHA formula allocation; and
WHEREAS, the Department may approve funding allocations for PLHA Program, subject to the terms and conditions of the Guidelines, NOFA, Program requirements, the Standard Agreement and other contracts between the Department and PLHA grant recipients.
NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF
PALMDALE DOES HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
SECTION 1. If Applicant receives a grant of PLHA funds from the Department pursuant to the above referenced PLHA NOFA, it represents and certifies that it will use all such funds in a manner consistent and in compliance with all applicable state and federal statutes, rules, regulations, and laws, including without limitation all rules and laws regarding the PLHA Program, as well as any and all contracts Applicant may have with the Department.
SECTION 2. Applicant is hereby authorized and directed to receive a PLHA grant, in an amount not to exceed the five-year estimate of the PLHA formula allocations, as stated in Appendix C of the NOFA $4,674,384 in accordance with all applicable rules and laws.
Resolution No. CC 2025 – 038
SECTION 3. Applicant hereby agrees to use the PLHA funds for eligible activities as approved by the Department and in accordance with all Program requirements, Guidelines, other rules and laws, as well as in a manner consistent and in compliance with the Standard Agreement and other contracts between the Applicant and the Department.
SECTION 4. Applicant hereby agrees to use the PLHA funds for eligible activities.
Applicant certifies that it has or will subgrant some or all of its PLHA funds to another entity or entities. Pursuant to Guidelines Section 302(c)(3), “entity” means a housing developer or program operator, but does not mean an administering Local government to whom a Local government may delegate its PLHA allocation.
SECTION 5. Applicant certifies that its selection process of these subgrantees was or will be accessible to the public and avoided or shall avoid any conflicts of interest.
SECTION 6. Pursuant to the Applicant’s certification in this resolution, the PLHA funds will be expended only for eligible Activities and consistent with all program requirements.
SECTION 7 . Applicant certifies that, if funds are used for the acquisition, construction or rehabilitation of for-sale housing projects or units within for-sale housing projects, the grantee shall record a deed restriction against the property that will ensure compliance with one of the requirements stated in Guidelines Section 302(c)(6)(A),(B) and (C).
SECTION 8. Applicant certifies that, if funds are used for the development of an Affordable Rental Housing Development, the Local government shall make PLHA assistance in the form of a low-interest, deferred loan to the Sponsor of the Project, and such loan shall be evidenced through a Promissory Note secured by a Deed of Trust and a Regulatory Agreement shall restrict occupancy and rents in accordance with a Local government-approved underwriting of the Project for a term of at least 55 years.
SECTION 9 Applicant shall be subject to the terms and conditions as specified in the Standard Agreement, the PLHA Program Guidelines and any other applicable SB 2 Guidelines published by the Department.
SECTION 10 . City Manager, or their designee is/are hereby authorized to execute the PLHA Program Application for the five year period, the PLHA Standard Agreement and any subsequent amendments or modifications thereto, as well as any other documents which are related to the Program or the PLHA grant awarded to Applicant, as the Department may deem appropriate.
Resolution No. CC 2025 – 038
SECTION 11. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 6th day of May, 2025. _________________________________
Richard J. Loa, Mayor
APPROVED AS TO FORM: ATTEST:
___________________________ _________________________________ Alexandra Halfman Rochelle Scott, City Clerk
Acting 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 6th day of May, 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, City Clerk
City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: HOUSING DEPARTMENT
DISTRICT: ALL
SUBJECT: ADOPT RESOLUTION NO. CC 2025-039, A RESOLUTION OF THE
CITY COUNCIL OF THE CITY OF PALMDALE TO ACCEPT THE LOS
ANGELES COUNTY MEASURE A LOCAL SOLUTIONS FUND
RECOMMENDATION
Staff recommend that the City Council:
1. Adopt Resolution No. CC 2025-039, a resolution of the City Council of the City of Palmdale to accept the Los Angeles County Measure A Local Solution Fund; and,
2. Authorize the City Manager or their designee to execute any documents related to the application, acceptance, and implementation of approved grant programs and projects of the Los Angeles County Measure A Local Solution Fund.
BACKGROUND
Measure A is a half-cent sales tax countywide to resolve homelessness through housing with services and making housing more affordable throughout LA County. Approved by LA County voters in November 2024, Measure A allows support for homeless housing and services to help people currently experiencing homelessness find permanent solutions, while doing even more to address the dri vers of homelessness in LA County through affordable housing construction, homelessness prevention, and support for vulnerable renters. The half -cent sales tax was repealed and replaced with the quarter-cent sales tax for County homeless services that was set to expire in 2027 (Measure H). Measure A took effect on April 1, 2025.
DISCUSSION
On March 25, 2025, the Board of Supervisors adopted both a Regional Plan as well as baseline and target metrics as recommended by the Executive Committee for Regional Homeless Alignment ( ECRHA) with input and recommendations from the Leadership Table for Regional Homelessness Alignment (LTRHA). Programs funded by Measure A Report to Mayor and City Council
Re: Resolution No. CC 2025-039
May 6, 2025
should contribute to achieving the goals in the Responsive Regional Plan by demonstrating progress from the baseline metrics toward target metrics. The Responsive Regional Plan seeks to coordinate countywide efforts to combat homelessness by providing an opportunity for alignment across countywide programmatic efforts, including but not limited to those funded by Measure A. As a living plan, it will continuously evolve, incorporating course corrections as the region adapts and continuously improves its efforts.
Measure A in Los Angeles County requires that at least 15% of the funds dedicated to homelessness services be allocated to the Local Solutions Fund (LSF). This fund is specifically intended to support cities, Councils of Governments (COGs), and unincorporated areas of the County. The LSF empowers local jurisdictions to design and implement strategies tailored to their communities, with a focus on:
Reducing the number of people living in encampments
Expanding access to interim and permanent housing
Preventing homelessness through targeted interventions The LSF fund is designed to empower local jurisdictions to implement evidence-based strategies tailored to their specific needs. The distribution of LSF resources is guided by a formula based on the annual Point-in-Time Count of individuals experiencing homelessness and other metrics as determined by the Board of Supervisors in consultation with local cities. The data-driven approach ensures that funds are directed to areas with the greatest need. The City of Palmdale has been allocated $1,658,099 for fiscal year 2025-2026. Eligible uses include Homeless Prevention, Permanent Housing for People Experiencing Homelessness (PEH), Interim Housing for PEH, Expedited placements for PEH, Employment Services for PEH, Enhanced Emergency and Interim Housing, Mental Health Services, Substance Abuse Services, and Case Management & Outreach Services.
FISCAL IMPACT
$1,658,099; Revenues from the Los Angeles County Measure A 2025-2026 Local Solution Fund allocation are $1,658,099. Funding will be allocated in subsequent years.
STRATEGIC PLAN
Goal II: Ensure long-term fiscal health of the City and maintain funding for services.
C. Pursue alternative financing opportunities for continued infrastructure improvements and quality community programs.
Report to Mayor and City Council
Re: Resolution No. CC 2025-039
May 6, 2025
Prepared by: Sophia Reyes, Director of Housing
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Reso. No. CC 2025-039
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
TO ACCEPT THE LOS ANGELES COUNTY MEASURE A LOCAL
SOLUTIONS FUND
WHEREAS, Measure A is half-cent sales tax countywide to resolve homelessness through housing with services and making housing more affordable throughout LA County; and
WHEREAS, Approved by LA County voters in November 2024, Measure A allows support for homeless housing and services to support people currently experiencing homelessness in finding permanent solutions while doing even more to address the drivers of homelessness in LA County through affordable housing construction, homelessness prevention, and support for vulnerable renters. The half- cent sales tax was repealed and replaced with the quarter-cent sales tax for County homeless services that was set to expire in 2027 (Measure H). Measure A took effect on April 1, 2025; and
WHEREAS, The City of Palmdale will directly receive an annual allocation of the Measure A Local Solutions Fund. For the fiscal year 2025-2026, Palmdale's allocation is $1,658,099.
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 of Palmdale authorizes the acceptance of the Los Angeles County Local Solutions Fund of $1,658,099 for fiscal year 2025-2026 and funding allocated in subsequent years.
SECTION 2 . The City Manager, or their designee, is hereby authorized and empowered to execute in the name of the City of Palmdale all documents, including but not limited to agreements, amendments, requests for payment, and reports, necessary to secure Los Angeles County Local Solutions Fund and implement the approved grant programs and projects.
SECTION 3. These authorizations are effective for five (5) years from the date of adoption of this resolution
SECTION 4. The City Clerk shall certify to the adoption of this resolution.
Resolution No. CC 2025-039
PASSED, APPROVED and ADOPTED this 6th day of May, 2025. _________________________________
Approved as to form: Richard J. Loa, Mayor
ATTEST:
___________________________ _________________________________ Alexandra Halfman Rochelle Scott, City Clerk
Acting 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 6th day of May, 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________ ABSTAIN:______________________ABSENT:___________________________ Date:
Rochelle Scott, City Clerk
City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PARKS AND RECREATION DEPARTMENT
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH HENISEY ELECTRIC TO PROVIDE
TEMPORARY ELECTRICAL AND GENERAL SERVICES FOR
SPECIAL EVENTS FOR A TOTAL NOT TO EXCEED AMOUNT OF
$535,000 FOR A TERM OF THREE YEARS WITH THE OPTION TO
EXTEND TWO ONE-YEAR TERMS
RECOMMENDATION
Staff recommend that the City Council:
1. Approve Agreement No. A-9313 with Henisey Electric for temporary electrical and general services for special events for a total not to exceed amount of $ 535,000 for a term of three years with the option to extend two one-year terms;
2. Authorize the City Manager or designee to execute Agreement No. A-9313 with Henisey Electric, including minimal and/or non-substantial changes; and,
3. Authorize the City Manager or designee to exercise the option to extend two additional one-year terms and execute each agreement, including minimal and/or non-substantial changes.
BACKGROUND
Outdoor special events require power generation and distribution equipment, along with providing a licensed electrician to operate the equipment. Given the substantial power requirements of such events, having reliable, well -managed power is essential to their success. Renting equipment with a licensed professional, with experience in this line of work, is a common and effective approach in the event industry, ensuring both safety and seamless operation.
DISCUSSION
In February 2025, the City released Request for Proposals (RFP) No. 25 -003-4100 for Electrical Services for Special Events. The solicitation sought an experienced, qualified, Report to Mayor and City Council
Re: Approve Agreement No. A-9313 with Henisey Electric
May 6, 2025
and licensed provider to furnish all necessary equipment and on-site support services to manage temporary event power infrastructure.
After formal evaluation, Henisey Electric was selected as the highest-ranked proposer.
A local, licensed contractor with over 40 years of experience, Henisey Electric has supported regional events and previously delivered reliable service for the City’s large- scale functions. Typical services include developing site-specific electrical distribution plans, powering tour buses, managing house power, preventing overloads, and troubleshooting electrical issues during events.
The proposed agreement with Henisey Electric will establish a three-year service contract with pricing valid through June 30, 2028, in alignment with the terms submitted in response to RFP No. 25-003-4100. Henisey Electric will provide temporary generated power distribution and equipment required to supplement existing power to meet the contractual obligations of performers, vendors, and renters for large-scale events, as well as licensed labor for installation, support, and teardown.
Pricing submitted by Henisey Electric is consistent with current prevailing wage rates and industry standards. Henisey Electric has a longstanding track record of reliable service to the City and continues to operate as a locally owned and trusted vendor. Their experience with similar public sector projects and event electrical logistics ensures high-level preparedness and responsiveness for Palmdale’s dynamic calendar of special events.
FISCAL IMPACT
$535,000.00; Sufficient funds for these services are budgeted and available in Parks and Recreation accounts for FY 2024-25, and future year funding will be proposed through the annual budget process.
STRATEGIC PLAN
Goal IV: Maintain a desirable community where everyone wants to live, work and play.
D. Develop and maintain diverse programs and events that inspire growth, pride, and lifelong learning.
Prepared by: Keri Smith, Director of Parks and Recreation Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Agrmt. No. A-9313 with Henisey Electric
AGREEMENT NO. A-9313
CONTRACT FOR SERVICES
BETWEEN THE CITY OF PALMDALE AND HENISEY ELECTRIC
This CONTRACT for services (“Contract” herein) is made and entered into by and between the City of Palmdale, a public body corporate and politic, (hereinafter called “CITY”), and HENISEY ELECTRIC, a corporation in the state of California , (hereinafter called “CONTRACTOR”). This Contract shall become effective on the date of the last signatory.
RECITALS
WHEREAS, CONTRACTOR represents that CONTRACTOR has the expertise and is qualified to perform the services described in this Contract.
NOW THEREFORE, CITY and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows:
1 CITY PROJECT MANAGER
To provide the services required by this Contract, CONTRACTOR shall act under the authority and approval of Keri Smith Director/designee, who shall oversee this Contract, the work performed by CONTRACTOR, assist CONTRACTOR with any necessary information, audit billings, and approve payments. The CONTRACTOR shall channel all contacts and requests through the City project manager. 2 DESCRIPTION OF WORK
2.1 CONTRACTOR shall provide the following services in a manner satisfactory to CITY:
The Contractor shall furnish all labor, tools, equipment, and all other incidental items required to complete Electrical Services for Special Events assigned in accordance with City requirements & specifications. The Contractor fees shall include any & all taxes,licenses, insurance, labor, equipment fees, fuel, transportation, delivery, set-up and tear-down, and on-site operations. Examples of Electrical Services for Special Events may include but not limited to concerts, festivals, outdoor movies, and rentals.
The electrical services to provide temporary power for special events will require the Contractor to submit a No Charge detailed quote or estimate to the City for each and every Event. Location, Dates, time of events, and required services/equipment are to be determined at a later date. The Contractor shall remove all debris, trash, and unused materials from worksite and leave worksite in a "broom-clean" condition. All work shall be completed in a "workmanlike manner" and in compliance with all building codes, applicable laws and regulations.
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General Services Include:
- Contractor is required to make electrical connections to permanent electrical panels.
Generated power may be required for any or all events.
- Contractor must be on-site for the duration of the event from load-in to load-out and have the ability to troubleshoot and respond to all electrical issues. - Contractor must have the knowledge and on-site equipment to respond to and assist City staff with unanticipated event power related issues and emergencies. o The Contractor on an As-Needed basis may be required to:
- lnstall permanent electrical equipment or upgrades onsite to improve or enhance event power needs or Patron safety. City approved plans and permits apply. - Contractor may be required to operate stage-rigging motors and oversee load in and load out of lighting and audio equipment and City owned back line curtain truss as directed by Rigging Contractor.
- Contractor may be required to meet with prospective renters for an on-site preevent consultation.
CONTRACTOR shall possess a valid and current C-10 Electrical Contractor’s License.
CONTRACTOR's CSLB license number is #961482. CONTRACTOR's DIR registration number is #2000009240. CONTRACTOR's Business License number is #11613247. CONTRACTOR hereby certifies that it holds the required license(s).
RFP No. 25-003-4100
2.2 CONTRACTOR shall have no claim for compensation for any services or work, which has not been authorized by CITY’s Authorization to Proceed.
2.3 CONTRACTOR shall not accept any change of scope, or change in contract provisions, to this Contract unless issued in writing, as a contract change order or amendment and signed by CITY. Any extensions of time must be mutually agreed upon in writing and executed by both parties.
2.4 CONTRACTOR shall maintain in current status all Federal, State, and local licenses and permits required for the operation of the business conducted by the CONTRACTOR as applicable to this contract.
2.5 All work supplied under this Contract shall be fully guaranteed by CONTRACTOR for a minimum period of 60 days from the date of acceptance by CITY. Any defects of design, workmanship, or materials that would result in non- compliance with the Contract specifications shall be fully corrected by CONTRACTOR (including parts and labor) without cost to CITY. The written warranty shall be included with the delivered products to the using Department. 2-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
2.6 CITY shall provide to CONTRACTOR, without charge, all data, program information, including reports, records, maps, and other information, now in CITY’s possession, which may facilitate the timely performance of the work. 3 CONTRACTOR’S KEY PERSONNEL
3.1 Key Staff. CITY reserves the right to review and approve CONTRACTOR’S staff including all subcontractors to be assigned to any project by CONTRACTOR during the term of this Contract.
This Contract has been awarded to CONTRACTOR based partially on the key personnel proposed to perform the services required herein. CONTRACTOR shall not change nor substitute any of these key staff for work on this Contract without prior written approval by CITY.
CONTRACTOR’s Team and Key Personnel are as follows:
Kyle Henisey
Owner
This Services Contract has been awarded to CONTRACTOR based on its representation that those personnel and subcontractors submitted as part of its bid and listed above will perform the portions of the work listed above.
CONTRACTOR shall not deviate nor substitute any of these team members without prior written approval by CITY.
3.2 Subcontractors. During the performance of the Agreement, CONTRACTOR may engage such additional SUBCONTRACTORS as may be required for the timely completion of this Agreement. In the event of subcontracting, the sole responsibility for fulfillment of all terms and conditions of this Agreement rests with CONTRACTOR.
CONTRACTOR shall not enter into any Subcontract under this Contract for the performance of this Contract without the advance written approval of CITY. The subcontract shall incorporate by reference the terms and conditions of this Contract.
3.3 Direct Responsibility. All services required under this Contract shall be performed by CONTRACTOR, or under CONTRACTOR’s direct supervision, and all personnel shall possess the qualifications, permits and licenses required by State and local law to perform such services.
3.3.1 CONTRACTOR shall be solely responsible for the satisfactory work performance of all personnel engaged in performing services required by this Contract, and compliance with all reasonable performance standards established by CITY.
3.3.2 CONTRACTOR shall be responsible for payment of all CONTRACTOR’s employees’ and subcontractor’s wages and benefits and shall comply with all 3-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
requirements pertaining to the employer’s liability, workers’ compensation, unemployment insurance, and Social Security.
3.3.3 CONTRACTOR shall indemnify and hold harmless CITY, and its respective officers, agents and employees from and against all claims, demands, damages or costs arising from CONTRACTOR’s acts or omissions with respect to any liability, damages, claims, costs and expenses of any nature arising from alleged violations of personnel practices.
4 CONTRACT TERM
The term of this Contract is Three (3) Years, commencing on the effective date, with CITY reserving the option to extend the agreement for 2 additional terms of one year each.
5 ACCEPTANCE AND DOCUMENTATION
Each task shall be reviewed and approved by the Contract Project Manager to determine acceptable completion.
5.1 Records. The CONTRACTOR shall retain and shall contractually require each SUBCONTRACTOR to retain all data and other “records” relating to the acquisition and performance of the Contract for a period of five years after the completion of the Contract.
5.2 Property of CITY. All materials, including reports, computer programs and other deliverables, supplied or created under this Contract are the sole property of CITY. CONTRACTOR is not entitled to a patent or copyright on those materials and may not transfer the patent or copyright to anyone else. CONTRACTOR shall not use or release these materials without the prior written consent of CITY.
5.3 Products. All equipment, materials, parts, and other components incorporated in the work or services performed pursuant to this Contract shall be new, or the latest model and of the most suitable grade for the purpose intended. All work shall be performed in a skilled and workmanlike manner. 6 PRICE
CITY shall pay to CONTRACTOR an amount not to exceed Five Hundred Thirty-Five Thousand dollars ($535000.00) for the completion of all the work and services described in Section 2, which sum shall include all costs or expenses incurred by CONTRACTOR, payable as follows:
See Exhibit B
6.1 An application for payment form must be submitted to CITY which shall include the following: a clear, detailed invoice reflecting work being billed for, a summary sheet showing percentage of work completed to date, amount/percent billed 4-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
to date and current status of all tasks within a project; any/all backup documentation supporting the above items. Work schedule updates must also be included with the payment requests.
6.2 CONTRACTOR shall maintain adequate records and shall permit inspection and audit by CITY of CONTRACTOR’s charges under this Contract. CONTRACTOR shall make such records available to CITY during normal business hours upon reasonable notice. Nothing herein shall convert such records into public records, and they will be available only to CITY and any specified public agencies. Such records shall be maintained by CONTRACTOR for one (1) year following completion of the work under this Contract unless a longer period of time is required by state or federal law, in which event CONTRACTOR shall retain its records for the time required by such laws.
6.3 Payment. A separate invoice shall be issued for each shipment of material or service performed, and no payment will be issued prior to receipt of material and/or completion of specified services and receipt of a correct invoice. 7 TAXES
7.1 CONTRACTOR shall pay all sales, consumer, use, and other similar taxes required to be paid by CONTRACTOR in accordance with state and local laws.
7.2 CONTRACTOR is an independent contractor and shall have no power or authority to incur any debt, obligation, or liability on behalf of CITY. No person employed by CONTRACTOR or acting on its behalf, in connection with this Contract shall be considered the Agent or employee of CITY.
7.3 CONTRACTOR shall be required to obtain a current City of Palmdale business license, as required by the Palmdale Municipal Code, before an Authorization to Proceed is issued.
7.4 When equipment, materials or supplies generally taxable to CONTRACTOR are eligible for a tax exemption due to the nature of the work, CONTRACTOR shall assist the City in applying for and obtaining such tax credits and exemptions, which shall be paid or credited to the City.
8 PATENT FEES AND ROYALTIES
CONTRACTOR shall pay all license fees and royalties and assume all costs incident to the use, in the performance of the work or the incorporation in the work of any invention, design, process, program, product or device which is the subject of patent rights or copyrights held by others. If a particular invention, design, process, program, product or device is specified in the contract documents for use in the performance of the work and if, to the actual knowledge of CITY, its use is subject to patent rights or copyrights calling for the payment of any license fee or royalty to others, the existence of such rights shall be disclosed by CITY in the contract documents. 5-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
CONTRACTOR shall indemnify and hold harmless CITY and anyone directly or indirectly employed by CITY from and against all claims, damages, losses and expenses (including attorneys' fees) arising out of any infringement of patent rights or copyrights incident to the use in the performance of the work, or resulting from the incorporation in the work of any invention, design, process, program, product or device not specified in the contract documents, and shall defend all such claims in connection with any alleged infringement of such rights. 9 INDEMNIFICATION
To the fullest extent permitted by law, CONTRACTOR and any subcontractors working on its behalf agree to indemnify CITY, its officers, employees, agents and elected and appointed boards (hereinafter “Indemnified Parties”) for any loss, claim, demand, cause of action, cost, expense, damage, obligation or liability which arises out of or is in any way connected with the performance of any work under this agreement, including any acts or omissions, willful misconduct or negligent conduct, whether active or passive, on the part of CONTRACTOR, or its subcontractors, and regardless of any acts, omissions or negligence (whether active or passive) of any person or entity indemnified hereunder. At their own expense, CONTRACTOR and, as applicable, any subcontractors working on its behalf, shall defend any suit, claim or action against the Indemnified Parties founded upon such loss, claim, demand, cause of action, cost, expense, damage, obligation or liability. CONTRACTOR shall ensure that the contract of any subcontractor working under this agreement contain an indemnity agreement, requiring the subcontractor to indemnify and defend the Indemnified Parties pursuant the terms set forth above. CONTRACTOR shall indemnify the Indemnified Parties, and save it harmless from any and all loss, damage, costs, expenses and attorney's fees suffered or incurred on account of any breach of the aforesaid obligations and covenants, and any other provision or covenant of this agreement.
10 INSURANCE
10.1 CONTRACTOR, at its expense, shall maintain in effect at all times during the performance of work under this Contract not less than the following coverage and limits of insurance, which shall be maintained with insurers listed “A” or better in the Best’s Insurance Guide and authorized to do business in the State of California.
Proof of Insurance, as identified in Section 10.8, must be reviewed and accepted by the City Attorney.
10.1.1 Workers’ Compensation and Employer’s Liability
Workers’ Compensation -- coverage as required by the State of California Employer’s Liability
$1,000,000 each accident
$1,000,000.00 policy limit bodily injury
$1,000,000.00 each employee bodily injury by disease
10.1.2 Commercial General Liability
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$2,000,000.00 limit on a per occurrence basis
$4,000,000.00 general aggregate limit
10.1.3 Commercial Automobile Liability
$2,000,000.00 combined single limit including owned, non-owned and hired automobile coverage
10.2 All of CONTRACTOR’s policies shall contain an endorsement providing that written notice shall be given to CITY at least thirty (30) calendar days prior to termination, cancellation, or reduction of coverage in the policy.
10.3 Policies providing for bodily injury and property damage coverage shall contain the following:
A. An endorsement extending coverage to the City as an additional insured, as respects liability arising out of the performance of any work under the Contract.
Such insurance shall be primary insurance, as respects the interest of the City, and any other insurance maintained by the City shall be considered excess coverage and not contributing insurance with the insurance required hereunder. The certificates shall state: “The City of Palmdale, Successor Agency to the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Housing Authority, Industrial Development Authority, Airport Authority, their officers, agents, employees and volunteers are named as additional insured”.
B. “Severability of Interest” Clause.
10.4 Promptly upon execution of this Contract, and prior to commencement of any work, CONTRACTOR shall deliver to CITY certificates of insurance and endorsements to all required policies demonstrating that CONTRACTOR has the required coverage and showing the required named insured. Within five (5) days of written request from CITY, CONTRACTOR shall deliver to CITY full and complete copies of all insurance policies required by this Contract.
10.5 The requirements as to the types and limits of insurance to be maintained by CONTRACTOR are not intended to and shall not in any manner limit or qualify CONTRACTOR’s liabilities and obligations under this Contract.
10.6 Any policy or policies of insurance that CONTRACTOR elects to carry as insurance against loss or damage to its equipment and tools or other personal property used in the performance of this Contract shall include a provision waiving the insurer’s right of subrogation against CITY.
10.7 All insurance coverage must be maintained throughout the duration of this Contract.
10.8 Acceptable Proof of Insurance:
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10.8.1 ACORD Certificate of Insurance listing all coverage, limits, deductibles and insured; and endorsements for all applicable coverage if agent has authority to issue it; or additional insured Form CG20100704 and CG20370704 or equivalent must be provided for general liability coverage. Additional insured form CA0001 must be provided for automobile liability coverage.
10.8.2 Binders of insurance for all coverage. Agents must confirm that policy endorsements have been ordered from the respective insurance companies. Upon issuance, policy endorsements and a corresponding Certificate of Insurance listing all insurers and coverage must be submitted to the City Attorney.
10.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONTRACTOR fails to maintain the required insurance for any period of time or fails to comply with any of the insurance requirements listed above.
10.10 CONTRACTOR shall require any and all subcontractors working on its behalf to provide insurance coverages and limits that are based on the scope of work and nature of risk being performed by the subcontractor. Any and all subcontractors working on behalf of CONTRACTOR shall be subject to all other insurance requirements that are stated herein.
Any deviation in this requirement will be CONTRACTOR's sole risk. CONTRACTOR's insurance requirements in Section 10 will not be impacted and/or limited by such deviation.
11 TERMINATION WITHOUT CAUSE
City reserves the right to terminate this Contract or any part thereof for its sole convenience with fifteen (15) days written notice. In the event of such termination, CONTRACTOR shall immediately stop all work hereunder, and shall immediately cause any of its suppliers and subcontractors to cease such work. CONTRACTOR shall also surrender to CITY all finished or unfinished documents, processes, programs and other supplies and materials, which shall be City’s property. As compensation in full for services performed to the date of such termination, the CONTRACTOR shall receive an amount equal to the value of the work completed as of the termination date in accordance with the fee schedule or as negotiated between the parties. In no event shall the amount payable upon termination exceed the total maximum compensation provided for in this Contract.
12 TERMINATION FOR CAUSE
If CITY determines that CONTRACTOR has failed to supply an adequate working force, or to provide services of proper quality, or has failed in any other respect to satisfactorily perform the services specified in this Contract, CITY shall give written notice to CONTRACTOR specifying all defaults to be remedied within thirty (30) days.
Such notice shall set forth the basis for CITY’s dissatisfaction and suggest corrective 8-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
measures. If, after thirty days, CONTRACTOR has failed to implement appropriate corrective measures, CITY may elect to terminate this Contract in whole or in part.
12.1 In the event CITY terminates this Contract, in whole or in part, for cause, CITY may procure, upon such terms and in such manner, as it may deem appropriate, services similar to those terminated.
12.2 CONTRACTOR shall provide all finished or unfinished documents, data, studies, software, drawings, programs, processes, maps, photographs, reports, etc., prepared by CONTRACTOR within fifteen (15) working days after notice of termination. Upon such termination, CONTRACTOR shall be paid an amount equal to the value of the services provided and work performed as of the date of termination, taking into consideration the costs associated with hiring another CONTRACTOR to complete the services. In ascertaining the value of the work performed up to the date of termination, consideration shall be given to both completed work and work in progress, to complete and incomplete documents when such are delivered to CITY, and to authorized reimbursement expenses. The above is in addition to any other remedies available by law or equity to CITY.
12.3 If, after notice of termination of the Contract under the provisions of this Section 12, it is determined, for any reason, that CONTRACTOR was not in default, or that the default was excusable, then the rights and obligations of the parties shall be the same as if the notice of termination had been issued pursuant to Section 11. 13 DISPUTE RESOLUTION
All claims, disputes, and other matters in question between CITY and CONTRACTOR arising out of or relating to this Contract or the breach thereof shall, to the extent reasonably feasible, be resolved through good faith negotiations between the parties. 14 OWNERSHIP OF PRODUCT
All product, data, documents, programs and software including, but not limited to, research, field notes, investigations, analysis, studies, processes, software, instructions for use and other manuals, whether complete or incomplete, which are prepared or produced in the performance of this Contract are to be, and remain the property of CITY and shall be delivered to or left with CITY upon the completion or termination of this Agreement. CONTRACTOR shall furnish CITY, upon its request, originals and reproducible and electronic copies of product, data reports, studies and of all other documents listed above. Electronic copies shall be provided in an unprotected format which allows CITY to copy, reproduce and makes changes as CITY deems necessary.
15 DELEGATION AND ASSIGNMENT
15.1 CONTRACTOR shall not delegate or assign its duties or rights hereunder, either in whole or in part, without the prior written consent of CITY; provided, 9-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
however, that claims for money due or to become due to CONTRACTOR from CITY under this Contract may be assigned to a bank, trust company or other financial institution without such approval.
15.2 Any assignment, delegation or subcontract shall be made in the name of CONTRACTOR and shall not bind or purport to bind CITY and shall not release CONTRACTOR from any obligations under this Contract including, but not limited to, the duty to properly supervise and coordinate the work of employees, assignees, delegates and subcontractors. No such assignment, delegation or subcontract shall result in any increase in the amount of total compensation payable to CONTRACTOR under this Contract.
16 NON-DISCRIMINATION AND EQUAL EMPLOYMENT OPPORTUNITY
16.1 In performance of this Contract, CONTRACTOR shall not discriminate against any employee, subcontractor, or applicant for employment because of sex, color, race, religion, ancestry, national origin, disability, medical condition including the medical condition of Acquired Immune Deficiency Syndrome (AIDS) or any condition related thereto, marital status, sexual orientation, age, gender, gender identity, gender expression, genetic information, or military and veteran status.
CONTRACTOR will take affirmative action to ensure that applicants are employed, and that employees are treated during employment, without regard to their sex, color, race, religion, ancestry, national origin, disability, medical condition including the medical condition of Acquired Immune Deficiency Syndrome (AIDS) or any condition related thereto, marital status, sexual orientation, age, gender, gender identity, gender expression, genetic information, or military and veteran status . Affirmative action relating to employment shall include, but not be limited to the following:
employment, upgrading, demotion or transfer; recruitment; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship.
16.2 The provisions of subsection 16.1 above shall be included in all solicitations or advertisements placed by or on behalf of CONTRACTOR for personnel to perform any services under this Contract. CITY shall have access to all documents, data and records of CONTRACTOR and its subcontractors for purposes of determining compliance with the equal employment opportunity and non-discrimination provisions of this Section, and all applicable provisions of Executive Order No. 11246 which is incorporated herein by this reference. A copy of Executive Order No. 11246 is available for inspection at, and on file with, the Palmdale City Clerk’s Office. 17 FINANCIAL INTEREST CERTIFICATION
17.1 CONTRACTOR warrants that no person has been employed or retained to solicit or secure this Contract upon an agreement or understanding for a commission, percentage, brokerage or contingent fee; and that no officer or employee of the CITY has any interest, financially or otherwise, in CONTRACTOR’s firm. 10-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
17.2 For breach or violation of this warranty, CITY shall have the right to annul this Contract without liability or at its discretion to deduct from the Contract Price or consideration, the full amount of such commission, percentage, brokerage or contingent fee.
18 CONFLICT OF INTEREST
18.1 CONTRACTOR stipulates that its officers and employees do not now have a conflict of interest and it further agrees for itself, its officers and its employees that it will not contract for or accept employment for the performance of any work or services with any individual business, corporation or government unit that would create a conflict of interest in the performance of its obligations pursuant to this Contract or which would cause CONTRACTOR to be “financial interested” (as provided in California Government Code Section 1090 et seq. or 87100 et seq.) in any contract or decision made by CITY on any matter.
18.2 CONTRACTOR shall not employ any City official or employee to perform any work required pursuant to this Contract.
18.3 To the extent required by the City Manager or his designee, CONTRACTOR shall complete and file with the City Clerk a Form 700 Statement of Economic Interests disclosing any reportable property interests, income, gifts, investments, or business positions.
19 COMPLIANCE WITH LAW
19.1 CONTRACTOR shall comply with all state and federal laws, including but not limited to, the requirement to hire only those persons authorized by federal law to work in the United States. If CONTRACTOR uses any subcontractors to complete this Contract, this same requirement shall be included in all subcontracts and strictly enforced by CONTRACTOR.
19.2 The law of the state of California shall govern this Contract. The venue of any legal action, either formal or informal, shall be the County of Los Angeles.
19.3 If applicable, CONTRACTOR acknowledges and understands it must comply with the prevailing wage requirements as set forth in Exhibit “A” attached hereto and incorporated herein by reference, as well as the execution of a Worker’s Compensation Certificate attached hereto as Exhibit “B” and incorporated herein by reference.
20 NOTICES
Any notice required under this Contract shall be in writing, addressed to the appropriate party at its address on the signature page and given personally or by registered or certified mail postage prepaid, or by a commercial courier service. All notices shall be effective upon the date of receipt.
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21 ENTIRE AGREEMENT AND AMENDMENTS
21.1 This Contract is the complete Agreement between the parties and supersedes all prior proposals, agreements, and understandings between the parties and may not be modified or terminated orally.
21.2 No attempted waiver of any of the provisions hereof, nor any modification in the nature, extent or duration of the work to be performed by CONTRACTOR hereunder, shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.
21.3 The failure of any party to enforce against another party any provision of this Contract shall not constitute a waiver of that party’s right to enforce such a provision at a later time, and shall not serve to vary the terms of this Contract. 12-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
22 ATTORNEY’S FEES
If any action at law or in equity is brought to enforce or interpret any provisions of this Contract, the prevailing party in such action shall be entitled to reasonable attorney’s fees, costs and necessary disbursements, in addition to such other relief as may be sought and awarded.
In Witness Whereof, the parties hereto have caused this Contract to be executed and attested by their respective officers thereunto duly authorized.
CITY OF PALMDALE: HENISEY ELECTRIC:
Salvador Mendez
City Manager Pro Tem
Kyle Henisey
Owner
ADDRESS FOR NOTICE:
CITY OF PALMDALE
827 East Avenue Q-9
Palmdale, CA 93550
ADDRESS FOR NOTICE:
HENISEY ELECTRIC
18333 West Avenue B8 Lancaster,
Ca 93536
(805) 368-7863
APPROVE AS TO FORM:
Alexandra Halfman
Acting City Attorney
ATTEST:
Roxanne Faber
City Clerk
---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Attached Agreement Checklist and met all requirements
13-13Concord - Document ID: 02ziAGeulOkGOeappIXzqD
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City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: ALL
SUBJECT: APPROVE THE SECOND AMENDMENT TO AGREEMENT WITH APPLIED RESEARCH ASSOCIATES, INC ., FOR PROFESSIONAL
SERVICES FOR PN 711, PAVEMENT MANAGEMENT PROGRAM ,
INCREASING THE ONGOING AGREEMENT BY $ 150,000 FOR A
TOTAL NOT TO EXCEED AND NOT GUARANTEED AMOUNT OF
$650,000
RECOMMENDATION
Staff recommend that the City Council:
1. Approve the Second Amendment to Agreement No. A -7687 with Applied Research Associates, Inc. (ARA) for professional services for PN 711, Pavement Management Program, increasing the ongoing Agreement by $150,000 for a total not to exceed and not guaranteed amount of $650,000; and,
2. Authorize the City Manager Pro Tem or h is designee to execute the Second Amendment to Agreement No. A-7687 with ARA, including minimal and/or non- substantial changes.
BACKGROUND
The City administers professional services (“ongoing”) agreements with qualified consultants who specialize in various professional disciplines , including pavement management. These consultants perform specialized services on an as -needed basis for most City capital projects and special studies.
On December 1, 2021, the City Council approved a professional services agreement (Agreement No. A-7687) with ARA for up to $500,000 to support the City’s Pavement Management Program. Under this ongoing agreement, ARA compl eted five project authorizations, including a full survey of City streets with pavement condition ratings, analysis of street segments for rehabilitation, a citywide assessment of sidewalks and Report to Mayor and City Council
Re: Second Amendment to Agreement No. A-7687
May 6, 2025
related infrastructure, creation of pavement maintenance zones, assistance with the City’s transition to the Lucity asset management system, and staff training on pavement rehabilitation methods. The agreement has since been amended to extend its term through December 1, 2026.
DISCUSSION
ARA has provided essential services to the City under Agreement No. A-7687, including the most recent pavement condition survey completed on June 30, 2022. This survey assessed the condition of all City streets using Pavement Condition Indices (PCI), which rate streets on a scale from 0 (failed) to 100 (new) and help prioritize resurfacing projects and plan future improvements.
A new PCI survey is required in Fiscal Year 2025 to ensure up-to-date and consistent data. Staff recommend that ARA conduct the next survey to ensure accuracy and comparability with previous results. ARA has submitted a proposal for $149,580 to update the City’s Pavement Management System, including a new PCI survey, budget analysis, and development of a 5-year and 10-year street improvement plan.
This update is also necessary for the City to maintain Metro certification, which is required to remain eligible for Proposition C Local Return funding.
FISCAL IMPACT
$150,000; This project is funded using Proposition C funds and has sufficient funds budgeted for FY 2024-25.
STRATEGIC PLAN
Goal II: Ensure long-term fiscal health of the City and maintain funding for services A. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.
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.
Report to Mayor and City Council
Re: Second Amendment to Agreement No. A-7687
May 6, 2025
Prepared by: Leonardo Torres, P.E.
Director of Public Works
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Agrmt No. A-7687 Second Amendment with ARA, Inc.
Agrmt No. A-7687 First Amendment with ARA, Inc.
Agrmt No. A-7687 Original Agreement with ARA, Inc.
SECOND AMENDMENT TO AGREEMENT A- 7687
BETWEEN THE CITY OF PALMDALE AND APPLIED RESEARCH ASSOCIATES, INC
This 2ND Amendment to Agreement No. A-7687 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and APPLIED RESEARCH ASSOCIATES, INC (hereinafter called "CONSULTANT"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on December 1, 2021 ("Original Agreement") the CITY and CONSULTANT entered into an agreement to provide:
Professional services including pavement management services for any work or project determined by CITY to be appropriate for this Ongoing Contract.
WHEREAS, on January 1, 2025 ("First Amendment") the CITY and CONSULTANT amended the Original Agreement to:
Extend the contract term and delivery an additional two (2) years, establishing a new contract expiration date of December 1, 2026.
WHEREAS, the parties desire to amend the Original Agreement to:
Increase the maximum amount of the Ongoing Contract by $150,000 to a not to exceed and not guaranteed amount of $650,000, to allow for additional authorization agreements for professional services by CONSULTANT related to pavement management.
NOW THEREFORE, the parties agree as follows:
1. The first paragraph of Article 1 Description of Work, Section 1.1, shall be amended to read as follows:
This is an indefinite quantity and indefinite delivery Ongoing Contract to provide professional services including pavement management services, including but not limited to updating the City's pavement management program (PMP), collection and analyssis of pavement condition data with strict quality control, locating and rating of pavement distresses, generation of maintenance scenarious and recommendations, updating the City's 'Lucity' asset management database and pavement management module, preparation of 5-year and 10-year maintenance and repair plans for all roadway networks, and other related pavement and asset management services, to the City of Palmdale. For any work or project determined by CITY to be appropriate for this on going contract, CITY will issue a request for a proposal to CONSULTANT, and upon agreement, the parties will execute an Authorization Agreement specifying the scope of work, cost, staffing, subcontractors, deliverables, type of pricing (fixed price of time & materials) and completion schedule for that project. Although CITY anticipates that CONSULTANT will be issued a substantial amount of work, the total cost of work issued to the CONSULTANT by CITY will not exceed six hundred fifty thousand dollars ($650,000) for the entire term of the Contract. CONSULTANT is not guaranteed any minimum amount of work or any jobs at all. CITY reserves the right 1-3Concord - Document ID: generated after first signature and will issue Authorization Agreements based on ability of the CONSULTANT to meet CITY's work schedule and the availability of expertise in relation to each project.
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
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:
APPLIED RESEARCH ASSOCIATES,
INC:
Salvador Mendez
City Manager Pro Tem
Rachel Cavallaro
Contracts Manager
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38300 Sierra Hwy
Palmdale, CA 93550
ADDRESS FOR NOTICE:
APPLIED RESEARCH ASSOCIATES,
INC
165 South Chestnut St
Ventura, CA 93036
APPROVE AS TO FORM:
Alexandra Halfman
Acting City Attorney
ATTEST:
Roxanne Faber
City Clerk
2-3Concord - Document ID: generated after first signature ---------------------------------------- INTERNAL USE ONLY ----------------------------------------
■Certificate(s) and Endorsement(s) attached
■Confirmed business name on contract with certificate(s) ■Original contract and previous amendment(s) (if any) are attached ■Attached Agreement Checklist and met all requirements
3-3Concord - Document ID: generated after first signature FIRST AMENDMENT TO AGREEMENT A- 7687
BETWEEN THE CITY OF PALMDALE AND APPLIED RESEARCH ASSOCIATES, INC. (ARA)
This FIRST Amendment to Agreement No. A-7687 (“Agreement”) is made and entered into by and between the City of Palmdale (hereinafter called “CITY”) and APPLIED RESEARCH ASSOCIATES, INC. (ARA) (hereinafter called " CONSULTANT"). This Contract shall become effective on the date of the last signatory.
WHEREAS, on December 1, 2021 ("Original Agreement") the CITY and CONSULTANT entered into an agreement to provide:
Professional services including pavement management services for any work or project determined by CITY to be appropriate for this Ongoing Contract.
WHEREAS, the parties desire to amend the Original Agreement to:
Section 5 - Contract Term and Delivery
The CITY is exercising its Final option to extend on-call Agreement No. A-7687 for an additional two (2) years term.
NOW THEREFORE, the parties agree as follows:
Agreement No. A-7687 will expire on December 1, 2026.
All other terms and conditions of the Original Agreement not amended herein, remain in full force and effect.
1-2Concord - Document ID: 02yu16hpxMmvu4dAZsKDWi
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:
APPLIED RESEARCH ASSOCIATES,
INC. (ARA):
Ronda Perez
City Manager
Rachel Cavallaro
Contracts Manager
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38250 Sierra Highway
Palmdale, CA 93550
ADDRESS FOR NOTICE:
APPLIED RESEARCH ASSOCIATES,
INC. (ARA)
4300 San Mateo Blvd. NE Suite A-220
Albuquerque, NM 87110
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: 02yu16hpxMmvu4dAZsKDWi
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City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: 2
SUBJECT: AWARD AGREEMENT WITH ALL AMERICAN BUILDING SERVICES FOR CONSTRUCTION SERVICES FOR PN 862, MARIE KERR PARK
SWIM DECK EXPANSION PROJECT FOR A TOTAL NOT TO
EXCEED AMOUNT OF $467,195 FOR A TERM OF 50 WORKING
DAYS FROM THE DATE OF THE NOTICE TO PROCEED
RECOMMENDATION
Staff recommend that the City Council:
1. Approve Construction Agreement No. A-8679 with All American Building Services for PN 862, Marie Kerr Park Swim Deck Expansion Project for a total not to exceed amount of $467,195, which includes a contract amount of $392,450, plus a 10% contingency amount of $39,250, and additional project costs of $35,495; and,
2. Authorize the City Manager Pro Tem or his designee to execute Agreement No.
A-8679 with All America n Building Services , including minimal and/or non - substantial changes.
BACKGROUND
Project No. 862 will expand the Marie Kerr Park Pool facility deck to increase capacity and expand operations. The project will move existing fencing and install new fencing , including a new extended patio deck to improve ingress/egress routes. The added deck space will allow for expanded swim team operations, additional space for family members to watch, and a handicapped -accessible walk path and entry connecting to the adjacent recreation center. The project will also include modification of the drainage infrastructure, new landscaping , and irrigation. The City was awarded a grant for the construction of the pool deck by the Los Angeles County Regional Park and Open Space District (RPOSD) in June 2023.
Report to Mayor and City Council
Re: Award of PN 862, Agrmt No. A-8679 with All American Building Services May 6, 2025
DISCUSSION
On August 21, 2024, the project was publicly advertised for construction bids via the Planet Bids electronic platform, with five (5) vendors registered as prime contractors. On September 25, 2024, two (2) bids for this project were received and are listed below:
Bidder Location Amount
1. Mendoza Engineering Company, Inc. Fontana, CA $177,364
2. All American Building Services Santa Clarita, CA $392,450 Mendoza Engineering Company, Inc. was initially identified as the lowest bidder and was awarded the project by the City Council on March 18, 2025. However, the company was unable to secure the required bonds to proceed. Upon notification of this issue, the City moved forward with awarding the contract to the second-lowest responsible bidder, All American Building Services.
All American Building Services provided a construction cost of $392,450. The contract will allow a 10% contingency of $39,250, and project costs of $35,495, which include construction labor compliance, administrative expenses, and applicable fees, for a total not to exceed amount of $467,195.
FISCAL IMPACT
$467,195; This project is funded using Los Angeles County Regional Park and Open Space District (RPOSD) Measure A grant funds. Funds are budgeted and available in FY 2024-25.
STRATEGIC PLAN
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.
Report to Mayor and City Council
Re: Award of PN 862, Agrmt No. A-8679 with All American Building Services May 6, 2025
Prepared by: Leonardo Torres, P.E.
Director of Public Works
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Agrmt No. A-8679 with All American Building Services
AGREEMENT NO. A- 8679
CONSTRUCTION CONTRACT
BETWEEN THE CITY OF PALMDALE AND ALL AMERICAN BUILDING
SERVICES
THIS CONTRACT (“Contract”) is made and entered into by and between City of Palmdale, a public entity ("City"), and ALL AMERICAN BUILDING SERVICES, 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:
Expansion of the concrete pool deck, including modification to the drainage infrastructure, the addition of landscaping features, pool deck resurfacing, a new ADA path of travel for access, and the modification and expansion of the permitter fencing and entry gates.
2 Standard Specifications
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 three hundred ninety two thousdan four hundred fifty Dollars ($392450) 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 50 working days of said 1-13Concord - Document ID: generated after first signature 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. The bond forms required to be executed are attached hereto and incorporated by reference herein. 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 C53 Contractor's License to perform the required work (“Work”). Contractor’s DIR registration number is 1000790148. Contractor hereby certifies that it holds the required license(s).
7 Subcontracting
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
2-13Concord - Document ID: generated after first signature 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
$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
11.1.4 Pollution/Environmental Liability*
$2,000,000.00 limit on a per occurrence basis
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”.
3-13Concord - Document ID: generated after first signature
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.
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.
4-13Concord - Document ID: generated after first signature
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.
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 5-13Concord - Document ID: generated after first signature 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 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 6-13Concord - Document ID: generated after first signature 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
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 7-13Concord - Document ID: generated after first signature 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
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 8-13Concord - Document ID: generated after first signature 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 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 9-13Concord - Document ID: generated after first signature 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 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:
10-13Concord - Document ID: generated after first signature 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 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
11-13Concord - Document ID: generated after first signature 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.
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 ALL AMERICAN BUILDING SERVICES
Sal Mendez Date
City Manager Pro Tem
Anthony Innabi Date
President
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38250
Palmdale, CA 93550
ADDRESS FOR NOTICE:
ALL AMERICAN BUILDING SERVICES
PO Box 802586
Santa Clarita, CA 91380
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.]
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---------------------------------------- INTERNAL USE ONLY ----------------------------------------
□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
13-13Concord - Document ID: generated after first signature City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: 3
SUBJECT: APPROVE AGREEMENT WITH RHA LANDSCAPE ARCHITECTS - PLANNERS, INC. , FOR DESIGN SERVICES FOR PN 871, OASIS
PARK BASIN UPGRADES PROJECT FOR PRELIMINARY
ENGINEERING/DESIGN FOR A TOTAL NOT TO EXCEED AMOUNT
OF $306,597 FOR A TERM OF 12 MONTHS FROM THE DATE OF
THE NOTICE TO PROCEED
RECOMMENDATION
Staff recommends that the City Council:
1. Approve Agreement No. A-9293 with RHA Landscape Architects -Planners, Inc., for design services for PN 871, Oasis Park Basin Upgrades Project for preliminary engineering/design for a total not to exceed amount of $306,597 which includes a contract amount of $278,725 plus a 10% contingency amount of $27,872 for a term of 12 months from the date of the Notice to Proceed; and,
2. Authorize the City Manager Pro Tem or his designee to execute the Agreement No. A-9293 with RHA Landscape Architects -Planners Inc. , including minimal and/or non-substantial changes.
BACKGROUND
The Oasin Park Basin spans approximately 10,065 acres in the southwestern region of the City of Palmdale. Stormwater runoff flows from the Si erra Pelona Mountains through this area and collects in Anaverde Creek. Due to historical flooding at the creek’s outlet near Highway 14, the area is designated by FEMA as Flood Zone AO.
To address both flood control and recreational needs, the City seeks to partner with a consultant to evaluate the existing park basin and develop a comprehensive improvement plan. The plan will include recommendations based on current site conditions, such as maintenance needs, access for vehicles and pedestrians, erosion c ontrol plantings, turf Report to Mayor and City Council
Re: Award of PN 871, Agreement No. A-9293
May 6, 2025
management, and preparation for future sports field lighting. The project will also include design plans for new site features, including a restroom/storage building with a drinking fountain, a monument sign with uplighting, a safety fence along the walking path (which incorporates fitness elements), pet waste stations, and trail lighting enhancements.
DISCUSSION
On February 13, 2025, a Request for Proposal was advertised electronically through email solicitation, including local and non-local engineering design companies . On March 11, 2025, two bids were received. See below:
Bidder Location Amount
1. RHA Landscape Architects-Planners, Inc. Riverside, CA $278,725
2. RJM Design Group San Juan Capistrano, CA $338,900
Based on favorable reference checks and fee proposal, RHA Landscape Architects- Planners, Inc. was recommended for award by staff.
FISCAL IMPACT
$306,597; This project is funded using Los Angeles County Regional Park and Open Space District (RPOSD) Measure A grant funds.
STRATEGIC PLAN
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: Leonard Torres, P.E.,
Director of Public Works
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, Acting City Attorney
ATTACHMENTS
Agrmt No. A-9293 with RHA Landscape Architects-Planners, Inc.
AGREEMENT NO. A-9293
CONTRACT FOR CONSULTANT SERVICES
BETWEEN THE CITY OF PALMDALE AND RHA LANDSCAPE ARCHITECTS- PLANNERS, INC.
THIS CONTRACT FOR CONSULTANT SERVICES (“Contract” herein) is made and entered into by and between the City of Palmdale a public body corporate and politic, (hereinafter called “CITY”) and RHA LANDSCAPE ARCHITECTS-PLANNERS, INC. (hereinafter called “CONSULTANT”). This Contract shall become effective on the date of the last signatory.
RECITALS
WHEREAS, City desires to engage CONSULTANT to provide certain consultant services; and
WHEREAS, CONSULTANT represents that CONSULTANT has the expertise and is qualified to perform the services described in this Contract. And, if required, is duly registered under the laws of the State of California; and WHEREAS, CONSULTANT desires to accept such engagement.
NOW, THEREFORE, the parties agree as follows:
1 DESCRIPTION OF WORK
1.1 The City hereby engages CONSULTANT, and CONSULTANT accepts such engagement, to provide the following services:
PN 871 - Oasis Park Basin Upgrade Project
TASK 1 – PRELIMINARY RESEARCH & INVESTIGATION
Task 1a - Pre-Design Investigation
Task 1b - Topographic Survey
TASK 2 – PRELIMINARY DESIGN (50% and 80% PS&E)
Task 2a - Develop Park Element Design Concepts
Task 2b - Revise Design Concepts into Final Design
Task 2c - Public Outreach / Presentation Graphics for Park Task 2d - Preliminary Engineer’s Estimate
Task 2e - Meetings with City Staff
TASK 3 – FINAL DESIGN (95% and 100% PS&E)
Task 3a - 95% PS&E
Task 3b - 100% PS&E
TASK 4 – CONSTRUCTION ENGINEERING SUPPORT SERVICES (Contingent 1-13Concord - Document ID: generated after first signature Item)
CONSULTANT'S detailed proposal is attached as Exhibit "A".
CONSULTANT shall perform and complete all such work and services in a manner satisfactory to CITY.
1.2 Project deliverables shall be reviewed and approved by CITY to determine acceptable completion. CITY shall have the right to review and inspect the work during the course of its performance at such times as may be specified by CITY.
1.3 CONSULTANT shall not accept any change of scope, or change in contract provisions, unless issued in writing, as a contract change order or amendment and signed by CITY. Any extensions of time must be mutually agreed upon in writing and executed by both parties.
1.4 CITY shall provide to CONSULTANT, without charge, all data, program information, including reports, records, maps, and other information, now in CITY’s possession, which may facilitate the timely performance of the work. 2 CITY PROJECT MANAGER
To provide the services required by this Contract, CONSULTANT shall act under the authority and approval of a Project Manager appointed by CITY. The City Project Manager will oversee the work under this Contract, assist CONSULTANT with any necessary information, audit billings, and approve payments. CONSULTANT shall channel reports, deliverables, and special requests through the City Project Manager. 3 CONSULTANT’S KEY PERSONNEL
CONSULTANT’s Team and Key Personnel are as follows:
Doug Grove - President/Landscape Architect
This Consultant Services Contract has been awarded to CONSULTANT based on its representation that those personnel and subcontractors listed above will perform the portions of the work listed herein. CONSULTANT shall not deviate nor substitute any of these team members without prior written approval by CITY. 4 CONTRACT TERM
The term of this contract is Twelve (12) Months, commencing on the effective date. 5 TAXES
5.1 CONSULTANT shall pay all sales, consumer, use, and other similar taxes required to be paid by CONSULTANT in accordance with state and local laws. 2-13Concord - Document ID: generated after first signature
5.2 CONSULTANT is an independent contractor and shall have no power or authority to incur any debt, obligation, or liability on behalf of CITY. No person employed by CONSULTANT or acting on its behalf, in connection with this Contract shall be considered the Agent or employee of CITY.
5.3 CONSULTANT shall be required to obtain a current City of Palmdale business license, as required by the Palmdale Municipal Code, before an Authorization to Proceed is issued.
6 PATENT FEES AND ROYALTIES
CONSULTANT shall pay all license fees and royalties and assume all costs incident to the use, in the performance of the work or the incorporation in the work of any invention, design, process, product or device which is the subject of patent rights or copyrights held by others. If a particular invention, design, process, product or device is specified by CITY for use in the performance of the work and if, to the actual knowledge of CITY, its use is subject to patent rights or copyrights calling for the payment of any license fee or royalty to others, the existence of such rights shall be disclosed by CITY in the contract documents. CONSULTANT shall indemnify and hold harmless CITY and anyone directly or indirectly employed by CITY from and against all claims, damages, losses and expenses (including attorneys' fees) arising out of any infringement of patent rights or copyrights incident to the use in the performance of the work, or resulting from the incorporation in the work of any invention, design, process, product or device not specified by CITY, and shall defend all such claims in connection with any alleged infringement of such rights. 7 STANDARDS OF PERFORMANCE
CONSULTANT shall be responsible for the completeness and accuracy of its services and work and documents resulting there from, and CITY shall not be responsible for discovering deficiencies therein. CONSULTANT shall correct any such deficiencies or errors without additional compensation and without cost to CITY, except to the extent any such deficiency is directly attributable to deficiencies in CITY -furnished information.
8 CONSULTANT’S PERSONNEL
8.1 All services required under this Contract shall be performed by CONSULTANT, or under CONSULTANT’S direct supervision, and all personnel shall possess the qualifications, permits and licenses required by State and local law to perform such services.
8.2 CONSULTANT shall be solely responsible for the satisfactory work performance of all personnel engaged in performing services required by this Contract, and compliance with all reasonable performance standards established by CITY.
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8.3 CONSULTANT shall be responsible for payment of all CONSULTANT’s employees’ and subcontractor’s wages and benefits and shall comply with all requirements pertaining to the employer’s liability, workers’ compensation, unemployment insurance, and Social Security.
8.4 CONSULTANT shall indemnify and hold harmless CITY, and its respective officers, agents and employees from and against all claims, demands, damages or costs arising from CONSULTANT’s acts or omissions with respect to any liability, damages, claims, costs and expenses of any nature arising from alleged violations of personnel practices.
9 COMPENSATION
9.1 For all of work and services including the various phases of tasks as described in Section 1, CITY shall pay to CONSULTANT an amount not to exceed the sum of Three Hundred Sixteen Thousand Five Hundred Ninety-Seven dollars ($316597), payable as follows:
Task 1................................................................................................................$58,800 Task 2................................................................................................................$71,825 Task 3..............................................................................................................$129,300 Task 4................................................................................................................$18,800 Task Total........................................................................................................$278,725 10% Contingency...............................................................................................$27,872 Administration Amount.......................................................................................$10,000 Project Total.....................................................................................................$316,597 The Contract Price is CONSULTANT’S estimate of its charges for all of the services, including all labor, equipment, material, subcontractor and reimbursable costs, to be provided under this Agreement. Progress payments shall be made on a time and material basis. Final payment shall be made upon completion of all services and City acceptance of all deliverables, not-to-exceed the Contract Price.
9.2 CONSULTANT shall perform no work in excess of the total contract price without prior written approval of CITY. Total contract price includes expenses related to travel to and from CITY to meet with City and to appear, if so required, before City Council or any other board or commission of CITY.
9.3 CONSULTANT shall maintain adequate records and shall permit inspection and audit by CITY of CONSULTANT’s charges under this Contract. CONSULTANT shall make such records available to CITY during normal business hours upon reasonable notice. Nothing herein shall convert such records into public records, and they will be available only to CITY and any specified public agencies. Such records shall be maintained by CONSULTANT for one (1) year following completion of the work under this Contract unless a longer period of time is required by state or federal 4-13Concord - Document ID: generated after first signature law, in which event CONSULTANT shall retain its records for the time required by such laws.
9.4 No payment made hereunder by CITY to CONSULTANT, shall be construed as an acceptance by CITY of any work or materials, nor as evidence of satisfactory performance by CONSULTANT of its obligations under this Contract. 10 INDEMNIFICATION
To the fullest extent permitted by law, CONSULTANT and any contractors or subcontractors working on its behalf agree to indemnify CITY, its officers, employees, agents and elected and appointed boards (hereinafter “Indemnified Parties”) for any loss, claim, demand, cause of action, cost, expense, damage, obligation or liability which arises out of or is in any way connected with the performance of any work under this agreement, including any acts or omissions, willful misconduct or negligent conduct, whether active or passive, on the part of CONSULTANT, its contractors or subcontractors, and regardless of any acts, omissions or negligence (whether active or passive) of any person or entity indemnified hereunder. At their own expense, CONSULTANT and, as applicable, any contractors or subcontractors working on its behalf, shall defend any suit, claim or action against the Indemnified Parties founded upon such loss, claim, demand, cause of action, cost, expense, damage, obligation or liability. CONSULTANT shall ensure that the contract of any contractor or subcontractor working under this agreement contain an indemnity agreement, requiring the contractor or subcontractor to indemnify and defend the Indemnified Parties pursuant the terms set forth above. CONSULTANT shall indemnify the Indemnified Parties, and save it harmless from any and all loss, damage, costs, expenses and attorney's fees suffered or incurred on account of any breach of the aforesaid obligations and covenants, and any other provision or covenant of this agreement.
11 INSURANCE
11.1 CONSULTANT, at its expense, shall maintain in effect at all times during the performance of work under this Contract not less than the following coverage and limits of insurance, which shall be maintained with insurers listed “A” or better in the Best’s Insurance Guide and authorized to do business in the State of California.
Proof of Insurance, as identified in Section 11.8, must be reviewed and accepted by the City Attorney.
11.1.1 Workers’ Compensation and Employer’s Liability
Workers’ Compensation—coverage as required by the State of California 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
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11.1.2 Professional Liability (Errors & Omissions) Insurance* $1,000,000 limit on a per occurrence basis
11.1.3 Commercial General Liability
$1,000,000.00 limit on a per occurrence basis
$2,000,000.00 general aggregate limit
11.1.4 Commercial Automobile Liability
$1,000,000.00 combined single limit including owned, non-owned and hired automobile coverage
11.2 All of CONSULTANT’s policies shall contain an endorsement providing that written notice shall be given to CITY at least thirty- (30) calendar days prior to termination, cancellation or reduction of coverage in the policy.
11.3 Policies providing for bodily injury and property damage coverage shall contain the following:
A. An endorsement extending coverage to the City as an additional insured, in the same manner as the named insured, as respects liability arising out of the performance of any work under the Contract. Such insurance shall be primary insurance, as respects the interest of the City, and any other insurance maintained by the City shall be considered excess coverage and not contributing insurance with the insurance required hereunder. The certificate and endorsements shall state: “The City of Palmdale, the Successor Agency of the Community Redevelopment Agency of the City of Palmdale, Palmdale Civic Authority, Industrial Development Authority of the City of Palmdale, Palmdale Airport Authority, their officers, agents, employees and volunteers are named as additional insured’s.”
B. “Severability of Interest” clause.
11.4 Promptly on execution of this Contract, and prior to commencement of any work, CONSULTANT shall deliver to CITY certificates of insurance and endorsements to all required policies demonstrating that CONSULTANT has the required coverage and showing the required named insureds. Within five (5) days of written request from CITY, CONSULTANT shall deliver to CITY full and complete copies of all insurance policies required by this Contract.
11.5 The requirements as to the types and limits of insurance to be maintained by CONSULTANT are not intended to and shall not in any manner limit or qualify CONSULTANT’s liabilities and obligations under this Contract.
11.6 Any policy or policies of insurance that CONSULTANT elects to carry as insurance against loss or damage to its equipment and tools or other personal property used in the performance of this Contract shall include a provision waiving the insurer’s right of subrogation against CITY.
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11.7 All insurance coverage must be maintained throughout the duration of this Contract.
11.8 Acceptable Proof of Insurance:
11.8.1 ACORD Certificate of Insurance listing all coverages, limits, deductibles and insureds; and endorsements for all applicable coverages if agent has authority to issue it; Additional insured Form CG20101185 or CG20100707 and CG20370704 or equivalent must be provided for general liability coverage.
Additional insured form CA0001 must be provided for automobile liability coverage.
11.8.2 Agents must confirm that policy endorsements have been ordered from the respective insurance companies. Upon issuance, policy endorsements listing all insurers must be submitted to the City Attorney.
11.8.3 *When professional (E&O) liability coverage is provided on a “claims made basis”, CONSULTANT will continue to renew the insurance for a period of five (5) years after this Agreement expires or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect during the term of this Agreement, and will cover CONSULTANT, or its officers, employees, or agents during the time this Agreement was in effect.
11.9 Notwithstanding any other provision of this Contract, CITY may immediately terminate this Contract if, at any time CONSULTANT fails to maintain the required insurance for any period of time or fails to comply with any of the insurance requirements listed above.
11.10 CONSULTANT shall require any and all subcontractor's working on its behalf to provide insurance coverages and limits that are based on the scope of work and nature of risk being performed by the subcontractor. Any and all subcontractors working on behalf of CONSULTANT shall be subject to all other insurance requirements that are stated herein.
Any deviation in this requirement will be CONSULTANT's sole risk. CONSULTANT's insurance requirements in Section 11 will not be impacted and/or limited by such deviation.
12 TERMINATION WITHOUT CAUSE
CITY reserves the right to terminate this Contract or any part thereof for its sole convenience with fifteen (15) days written notice. In the event of such termination, CONSULTANT shall immediately stop all work hereunder, and shall immediately cause any of its suppliers and sub-consultants to cease such work. CONSULTANT shall also surrender to CITY all finished or unfinished documents or programs and other materials, which shall be City’s property. As compensation in full for services performed to the date of such termination, the CONSULTANT shall receive an 7-13Concord - Document ID: generated after first signature amount equal to the value of the work completed as of the termination date in accordance with the fee schedule or as negotiated between the parties. In no event shall the amount payable upon termination exceed the total maximum compensation provided for in this Contract.
13 TERMINATION FOR CAUSE
13.1 If the City determines that the CONSULTANT has failed to supply an adequate working force, or to provide services of proper quality, or has failed in any other respect to satisfactorily perform the services specified in this Contract, the City shall give written notice to the CONSULTANT specifying all defaults to be remedied within thirty (30) days. Such notice shall set forth the basis for the City’s dissatisfaction and suggest corrective measures. If, after thirty days, the CONSULTANT has failed to implement the corrective measures, the City may elect to terminate this Contract, in whole or in part.
13.2 In the event the City terminates this Contract in whole or in part as provided herein above, the City may procure, upon such terms and in such manner, as it may deem appropriate, services similar to those terminated.
13.3 If this Contract is terminated as provided above, the City may require the CONSULTANT to provide all finished or unfinished documents, data, studies, software, drawings, maps, photographs, reports, etc., prepared by the CONSULTANT. Upon such termination, the CONSULTANT shall be paid an amount equal to the value of the services provided and work performed as of the date of termination. Such payment by the City may take into consideration the costs associated with hiring another CONSULTANT to complete the services. In the event no new CONSULTANT is employed, the CONSULTANT shall be paid an amount equal to the value of the work performed. In ascertaining the value of the work performed up to the date of termination, consideration shall be given to both completed work and work in progress, to complete and incomplete documents when such are delivered to CITY, and to authorized reimbursement expenses.
The above is in addition to any other remedies available by law or equity to the City.
13.4 If, after notice of termination of the Contract under the provisions of this Section 13, it is determined, for any reason, that CONSULTANT was not in default, or that the default was excusable, then the rights and obligations of the parties shall be the same as if the notice of termination had been issued pursuant to Section 12. 14 DISPUTE RESOLUTION
All claims, disputes, and other matters in question between CITY and CONSULTANT arising out of, or relating to this Contract, or the breach thereof shall, to the extent reasonably feasible, be resolved through good faith negotiations between the parties. 15 OWNERSHIP OF DOCUMENTS
8-13Concord - Document ID: generated after first signature All documents, including, but not limited to, research, field notes, investigations, analysis, and studies which are prepared in the performance of this Contract are to be, and remain the property of CITY. CONSULTANT shall furnish CITY, upon its request, originals or reproducible or electronic copies of reports, studies and of all other documents listed above.
16 SUBCONTRACTING, DELEGATION AND ASSIGNMENT
16.1 CONSULTANT shall not delegate, subcontract or assign its duties or rights hereunder, either in whole or in part, without the prior written consent of CITY; provided, however, that claims for money due or to become due to CONSULTANT from CITY under this Contract may be assigned to a bank, trust company or other financial institution without such approval. Any proposed delegation, assignment or subcontract shall provide a description of the services covered, identification of the proposed assignee, delegates or subcontractor, and an explanation of why and how the same was selected, including the degree of competition involved. Any proposed agreement with an assignee, delegates or subcontractor shall include the following:
A. The amount involved, together with CONSULTANT’s analysis of such cost or price; and
B. A provision requiring that any subsequent modification or amendment shall be subject to the prior written consent of CITY.
C. The requirement to hire only those persons authorized by federal law to work in the United States.
16.2 Any assignment, delegation or subcontract shall be made in the name of CONSULTANT and shall not bind or purport to bind CITY and shall not release CONSULTANT from any obligations under this Contract including, but not limited to, the duty to properly supervise and coordinate the work of employees, assignees, delegates and subcontractors. No such assignment, delegation or subcontract shall result in any increase in the amount of total compensation payable to CONSULTANT under this Contract.
17 NON-DISCRIMINATION AND EQUAL EMPLOYMENT OPPORTUNITY
17.1 In performance of this Contract, CONSULTANT shall not discriminate against any employee, subcontractor, or applicant for employment because of sex, color, race, religion, ancestry, national origin, disability, medical condition, marital status, sexual orientation, or age. CONSULTANT will take affirmative action to ensure that applicants are employed, and that employees are treated during employment, without regard to their sex, color, race, religion, ancestry, national origin, disability, medical condition, marital status, sexual orientation or age. Affirmative action relating to employment shall include, but not be limited to the following: employment, upgrading, demotion or transfer; recruitment; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. 9-13Concord - Document ID: generated after first signature
17.2 The provisions of subsection 17.1 above shall be included in all solicitations or advertisements placed by or on behalf of CONSULTANT for personnel to perform any services under this Contract. CITY shall have access to all documents, data and records of CONSULTANT and its subcontractors for purposes of determining compliance with the equal employment opportunity and non-discrimination provisions of this Section, and all applicable provisions of Executive Order No. 11246 which is incorporated herein by this reference. A copy of Executive Order No. 11246 is available for inspection at, and on file with, the Palmdale City Clerk’s Office. 18 FINANCIAL INTEREST CERTIFICATION
18.1 CONSULTANT warrants that no person has been employed or retained to solicit or secure this Contract upon an agreement or understanding for a commission, percentage, brokerage or contingent fee; and that no officer or employee of the CITY has any interest, financially or otherwise, in CONSULTANT’s firm.
18.2 For breach or violation of this warranty, CITY shall have the right to annul this Contract without liability, or at its discretion to deduct from the Contract Price or consideration, the full amount of such commission, percentage, brokerage or contingent fee.
19 CONFLICT OF INTEREST
19.1 CONSULTANT stipulates that its officers and employees do not now have a conflict of interest and it further agrees for itself, its officers and its employees that it will not contract for or accept employment for the performance of any work or services with any individual business, corporation or government unit that would create a conflict of interest in the performance of its obligations pursuant to this Contract or which would cause CONSULTANT to be “financial interested” (as provided in California Government Code Section 1090 et seq. or 87100 et seq.) in any contract or decision made by CITY on any matter.
19.2 CONSULTANT shall not employ any City official or employee to perform any work required pursuant to this Contract.
19.3 If CONSULTANT is a registered professional engineer or licensed land surveyor and the scope of work requires CONSULTANT’S recommendation of the actual formula to spread the costs of an assessment district’s improvements, then CONSULTANT shall not participate in making that recommendation if the additional elements set forth in Government Code section 87100.1(c) apply. Those additional elements are: (1) CONSULTANT has received income of $250 or more for professional services in connection with any parcel included in the benefit assessment district within 12 months prior to the creation of the district; and (2) the district includes other parcels in addition to those parcels for which CONSULTANT received the income. In the event a conflict of interest does arise in that context, City shall select a different CONSULTANT to recommend the actual formula to spread the 10-13Concord - Document ID: generated after first signature costs of the assessment district’s improvements and the costs of such services shall be deducted from the compensation to be paid to CONSULTANT.
19.4 To the extent required by the City Manager/designee, CONSULTANT shall complete and file with the City Clerk a Form 700 Statement of Economic Interests disclosing any reportable property interests, income, gifts, investments, or business positions.
20 COMPLIANCE WITH LAW
20.1 CONSULTANT shall comply with all state and federal laws, including but not limited to, the requirement to hire only those persons authorized by federal law to work in the United States. If CONSULTANT uses any subcontractors to complete this Contract, this same requirement shall be included in all subcontracts and strictly enforced by CONSULTANT.
20.2 The law of the state of California shall govern this Contract. The venue of any legal action, either formal or informal, shall be the County of Los Angeles. 21 NOTICES
Any notice required under this Contract shall be in writing, addressed to the appropriate party at its address on the signature page and given personally or by registered or certified mail postage prepaid, or by a commercial courier service. All notices shall be effective upon the date of receipt.
22 ENTIRE CONTRACT AND AMENDMENTS
22.1 This Contract is the complete agreement between the parties and supersedes all prior proposals, agreements, and understandings between the parties and may not be modified or terminated orally.
22.2 No attempted waiver of any of the provisions hereof, nor any modification in the nature, extent or duration of the work to be performed by CONSULTANT hereunder, shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.
22.3 The failure of any party to enforce against another party any provision of this Contract shall not constitute a waiver of that party’s right to enforce such a provision at a later time, and shall not serve to vary the terms of this Contract. 11-13Concord - Document ID: generated after first signature
23 ATTORNEY’S FEES
If any action at law or in equity is brought to enforce or interpret any provisions of this Contract, the prevailing party in such action shall be entitled to reasonable attorney’s fees, costs and necessary disbursements, in addition to such other relief as may be sought and awarded.
In Witness Whereof, the parties hereto have caused this Contract to be executed and attested by their respective officers thereunto duly authorized.
CITY OF PALMDALE: RHA LANDSCAPE ARCHITECTS-
PLANNERS, INC.:
Salvador Mendez
Assistant City Manager
Doug Grove, RLA, LEED AP
President/Landscape Architect
ADDRESS FOR NOTICE:
CITY OF PALMDALE
38250 Sierra Highway
Palmdale, CA 93550
ADDRESS FOR NOTICE:
RHA LANDSCAPE ARCHITECTS-
PLANNERS, INC.
6840 Indiana Avenue, Suite 100
Riverside, CA 92506
APPROVE AS TO FORM:
William P. Curley, III
City Attorney
ATTEST:
Roxanne Faber
City Clerk
---------------------------------------- INTERNAL USE ONLY ---------------------------------------- 12-13Concord - Document ID: generated after first signature
□Certificate(s) and Endorsement(s) attached
□Confirmed business name on contract with certificate(s) □Attached Agreement Checklist and met all requirements
13-13Concord - Document ID: generated after first signature City Council Staff Report
DATE: MAY 6, 2025
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PUBLIC WORKS DEPARTMENT
CAPITAL IMPROVEMENT PROGRAM DIVISION
DISTRICT: 2
SUBJECT: AWARD CONSTRUCTION AGREEMENT WITH JT CONSTRUCTION GROUP, INC. , FOR PN 8 87, MARIE KERR PARK BEST OF THE
WEST CONCESSION STAND P ROJECT FOR A TOTAL NOT TO
EXCEED AMOUNT OF $321,193 FOR A TERM OF 45 WORKING
DAYS FROM THE DATE OF THE NOTICE TO PROCEED
RECOMMENDATION
Staff recommend that the City Council:
1. Approve Construction Agreement No. A-9273 with JT Construction Group, Inc., for PN 887, Marie Kerr Park Best of the West Concession StandProject for a total not to exceed amount of $321,193 which includes a contract amount of $291,994 plus a 10% contingency amount of $29,199 for a term of 45 working days from the date of the Notice to Proceed; and,
2. Authorize the City Manager Pro Tem or his designee to execute Agreement No.
A-9273 with JT Construction Group, Inc. , including minimal and/or non - substantial changes.
BACKGROUND
Project No. 8 87 will construct a new concession stand to include sales of snacks and beverages. The project will consist of site preparation, ADA improvements, landscaping, and all necessary utility connections. The City has purchased a ROMTEC Concession Stand. The contractor shall be responsible for the construction of the concession stand building using the ROMTEC plans and specifications . The duration of the project to complete all site imp rovements and construction of the concession stand shall be 45 working days.
Report to Mayor and City Council
Re: Award of PN 887, Agrmt No. A-9273
May 6, 2025