Agenda packet — Palo Alto City Council, May 2, 2022 (part 3 of 3)

Palo Alto uses this fund for short-term investment, liquidity, and yield.

7. Repurchase Agreements: A Repurchase Agreement (REPOS ) is not a security, but a contractual arrangement between a financial in stitution or dealer and an investor. The agreement normally can run for one or more da ys. The investor puts up funds for a certain number of days at a stated yield. In return, the investor takes title to a given block of securities as collateral. At maturity, the securities are re purchased and the funds repaid, plus interest.

Usually, amounts are $500,000 or more, but some REPOS can be smaller.

8. Money Market Deposit Accounts: Money Market Deposit Accounts are market-sensitive bank accounts, which are available to depositors at any time, without penalty. The interest rate is generally comparable to rates on money market mutual funds, though any individual bank's rate may be higher or lower. These accounts are insured by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund.

12.f
Packet Pg. 463
13 9. Mutual Funds: Mutual funds are shares of benefi cial interest issu ed by diversified management companies, as defined by Section 23701 M of the Revenue and Taxation Code.

To be eligible for investment, these funds must:

a) Attain the highest ranking in the highest letter and numerical rating provided by not less than two of the three largest nationally recognized rating services; or

b) Have an investment advi sor registered with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations, as authorized by subdivisi ons (a) to (n), inclusive, of Section 53601 of the California Government Code, and with assets under management in excess of five hundred million dollars; and

c) Invest solely in those securities and obligations authorized by Sections 53601 and 53635 of the California Government Code. Where the Investment Policy of the City of Palo Alto may be more rest rictive than the State Code, the Policy authorizes investments in mutual funds that shall have minimal investment in securities otherwise restri cted by the City's Policy. Minimal investment is defined as less than 5 percent of the mutual fund portfolio; and

d) The purchase price of shares of benefici al interest purchased shall not include any commission that these companies may charge.

e) Have a net asset value of $1.00.

10. Callable Securities and Multi-Step-ups: Callable securities are defined as fixed interest rate government agency securities that give the issuing agency the option of returning the invested funds at a specific point in time to the purchaser. Multi-step-ups are government agency securities in which the interest rate increases ("steps-up") at preset intervals, and which also have a callable option that allows the issuing agen cy to return the invested funds at a preset interval. Callable and multi-step-ups are permitted, provided that:

 the potential call dates are known at the time of purchase;

 the interest rates at which they “step-up” are known at the time of purchase; and

 the entire face value of the security is redeemed at the call date.

12.f
Packet Pg. 464
14 11. Negotiable Certificates of Deposit (NCD): NCDs are large-dolla r-amount, short-term certificate of deposit. Such certificates ar e issued by large banks and bought mainly by corporations and institutional investors. They are payable either to the bearer or to the order of the depositor, and, being negotiable, they enjoy an active secondary market, where they trade in round lots of $5 million. Although they can be issued in any denomination from $100,000 up, the typical amount is $1 million also called a Jumbo Certificate of Deposit.

State law prohibits the investment of local agency funds in negotiable certificates of deposit issued by a state or federal credit union if a member of the legislative body of the local agency, or any person with investment decision maki ng authority in the administrative, manager’s, budget, auditor-controller’s, or treasurer’s offices of the local agency also serves on the board of directors, other credit committee or the supervisory committee of the state or federal credit union issuing the negotiable certificate of deposit.

12. Medium-Term Corporate Notes: All corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within th e United States. According to California Government Code Section 53601, “Notes eligible for investment under this subdivision shall be rated in a rating category of “A” or its equivalent or better by a nationally recognized rating service. Purchase of medium-term notes shall include other instruments authorized by this section and shall not exceed 30 percent of the agency’s moneys that may be invested pursuant to this section.”

13. Supranational Securities: California Government Code Section53601 defines allowable supranational securities as United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the International Finance Corporation, and Inter-American Development Bank. Supranationals are well capitalized and in most cases have strong credit support from contingent capital calls from their member countries. Section 53601 was amended effective January 1, 2015 to allow local agencies to invest in the senior debt obligations of these three supranational issuers which are eligible for purchase and resale within the United States. These entities were established with the purpose of ending poverty and raising the standard of living around the world through sustainable economic growth.

a) The supranationals are international organization owned by member countries.

These are:
 International Bank for Reconstruction and Development (IBRD or World Bank), a member of the World Bank Group, provides direct loans and guarantees to sovereigns and government-backed projects  International Finance Corporation (IFC), a member of the World Bank Group, supports the creation and growth of private companies through direct lending and equity investment, attracting third party capital, and providing advisory services
 Inter-American Development Bank (IADB), a member of the

12.f
Packet Pg. 465
15 Inter-American Development Bank Gr oup, provides loans, grants, and guarantees to sovereigns in Latin America and the Caribbean

b) Additional characteristics shared by the IBRD, IFC, and IADB include:
 Headquartered in Washington, D.C. with the United States as the largest shareholder of each organization
 Rated AAA/Aaa by S&P and Moody’s

12.f
Packet Pg. 466
16 APPENDIX B

EXPLANATION OF PROHIBITED INVESTMENTS

1. Reverse Repurchase Agreements: A Reverse Repurchase Agreement (Reverse REPO) is a contractual agreement by the investor (e.g. lo cal agency) to post a security it owns as collateral, and a bank or dealer temporarily exchanges cash for this collateral, for a specific period of time, at an agreed-upon interest rate. During the period of the agreement, the local agency may use this cash for any purpose. At maturity, the securities are repurchased from the bank or dealer, plus interest.

California law contains a number of restric tions on the use of Reverse REPOS by local agencies.

2. Derivatives: A derivative is a financial instrument created from, or whose value depends on (is derived from), the value of one or more underlying assets or indices. The term "derivative" refers to instruments or features, such as collateralized mortgage obligations, forwards, futures, currency and interest rate swaps, options, caps and floors. Except for those callable and multi- step-up securities as described under Permitted Investments, derivatives are prohibited.

Certain derivative products have characterist ics which could include high price volatility, liquid markets, products that are not market-tested, products that are highly leveraged, products requiring a high degree of sophistication to manage, and products that are difficult to value.

According to California law, a local agency shall not invest any funds in inverse floaters, range notes, or interest-only strips that are derived from a pool of mortgages.

12.f
Packet Pg. 467
17 APPENDIX C

GLOSSARY OF INVESTMENT TERMS

AGENCIES: Federal agency and instrumentality securities.

ASKED: The price at which securities are offered.

BID: The price offered by a buyer of securities (when one sells securities, one asks for a bid).

See “Offer”.

BROKER: A person or institution that conducts investment transactions on behalf of the buyer and seller of the investment and earns a commission on the transaction.

COLLATERAL: Securities, evidence of deposit, or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies.

ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR): The official annual report for the City of Palo Alto. It includes combined financial statements for each individual fund and account group prepared in conformity with Generally Accepted Accounting Principles and pronouncements set forth by the Governmental Accounting Standards Board (GASB). The ACFR also includes supporting schedules that are necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material, and a detailed statistical section.

COUPON: The annual rate of interest that a bond’s issuer promises to pay the bondholder on the bond’s face value or the certificate attached to a bond evidencing interest due on a payment date.

DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account.

DEBENTURE: A bond secured only by the general credit of the issuer.

DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: (1) delivery versus payment (DVP); and (2) delivery versus receipt (DVR). DVP is delivery of securities with an exchange of money for the securities. DVR is delivery of securities with an exchange of a signed receipt for the securities.

DISCOUNT: The difference between the acquisition cost of a security and its value at maturity when quoted at lower than face value. A security that sells below original offering price shortly after sale, is also is considered to be at a discount.

DISCOUNT SECURITIES: Non-interest-bearing money market instruments that are issued a discount and that are redeemed at maturity for full face value (e.g., U.S. Treasury Bills).

12.f
Packet Pg. 468
18 DIVERSIFICATION: Dividing investment funds among a variety of securities that offer independent returns.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION (“FAMC” or “FMAC”): A federal agency established in 1988 to provide a secondary market for fa rm mortgage loans.

Informally called Farmer Mac.

FEDERAL CREDIT AGENCIES: Agencies of the Federal Government that were established to supply credit to various classes of institutions and individuals (e.g., S&Ls, small business firms, students, farmers, farm cooperatives, and exporters).

FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”): A federal agency that insures all types of deposits received at an insured bank, including de posits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA) or time deposit such as a certificate of deposit (CD). FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.

The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank. The FDIC does not insure U.S. Treasury bills, bonds or notes, but these investments are backed by the full faith and credit of the United States government.

The standard maximum deposit insurance amount is described as the “SMDIA” in FDIC regulations.

The SMDIA is $250,000 per depositor, per insured bank.

FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is currently pegged by the Federal Reserve through open-market operations.

FEDERAL HOME LOAN BANKS (“FHLB”): Government-sponsored wholesale banks (currently 12 regional banks) which lend funds a nd provide correspondent banking services to member commercial banks, thrift institutions, credit unions, and insurance companies. The mission of the FHLBs is to liquefy the housing-related assets of its members, who must purchase stock in their District Bank.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (“FNMA”): FNMA, like GNMA, was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working under the ausp ices of the Department of Housing and Urban Development (HUD). It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is calle d, is a private stockholder-owne d corporation. The corporation’s purchases include a variety of ad justable mortgages and second loan s, in addition to fixed-rate mortgages. FNMA’s securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest.

FEDERAL OPEN MARKET COMMITTEE (“FOMC”): T h e F O M C c o n s i s t s o f s e v e n

12.f
Packet Pg. 469
19 members of the Federal Reserve Board and five of the 12 Federal Reserve Bank Presidents. The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis. The Committee periodi cally meets to set Federal Reserve guidelines regarding purchases and sales of government securities in the open market, as a means of influencing the volume of bank credit and money.

FEDERAL RESERVE SYSTEM: The central bank of the United States created by Congress and consisting of a seven-member Board of Gove rnors in Washington, D.C., 12 regional banks, and about 5,700 commercial banks that are members of the system.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (“GNMA” or “Ginnie Mae”):

Securities that influence the volume of bank cred it that is guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings a nd loan associations, and other institutions. A security holder is protected by the full faith and credit of th e U.S. Government. Ginnie Mae securities are backed by the FHA, VA, or FMHM mortgages. The term “pass-throughs” is often used to describe Ginnie Maes.

LIQUIDITY: A liquid asset is one that can be convert ed easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow, and reasonable amount can be done at those quotes.

LOCAL GOVERNMENT AGENCY: A local government agency is any city, county, city and county, district, or other local governmental body or corporati on, including the California State Universities (CSU) and University of Califor nia (UC) systems, K-12 schools and community colleges empowered to expend public funds.

LOCAL GOVERNMENT INVESTMENT FUND (“LAIF”): Monies from local governmental units may be remitted to the California State Treasurer for deposit in this special fund for the purpose of investment.

MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold.

MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase-reverse repurchase agreements that establish each party’s rights in the transactions. A master agreement will often specify, among other things, the right of the buyer (lender) to liquidate the underlying securities in the event of default by the seller (borrower).

MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.

MONEY MARKET: The market in which short-term debt instruments (e.g., bills, commercial paper, and bankers’ acceptances) are issued and traded.

OFFER: The price asked by a seller of securities (when one buys securities, one asks for an offer).

See “Asked” and “Bid”.

12.f
Packet Pg. 470
20 OPEN MARKET OPERATIONS: Purchases and sales of government and certain other securities in the open market by the New York Federal Rese rve Bank, as directed by the FOMC in order to influence the volume of money and credit in the economy. Purchases inject reserves into the bank system and stimulate growth of money and cred it; sales have the opposite effect. Open market operations are the Federal Reserve’s most important and most flexible monetary policy tool.

PORTFOLIO: A collection of securities that an investor holds.

PRIMARY DEALER: A group of government securities deal ers that submit daily reports of market activity and positions, and monthly financial statements to the Federal Reserve Bank of New York, and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) -- registered securities broker-dealers, banks, and a few unregulated firms.

PRUDENT INVESTOR RULE: An investment standard cited in the California Government Code Section 53600 et seq. Under this standard, all governing bodies of local agencies or persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, rei nvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trus tee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency.

QUALIFIED PUBLIC DEPOSITORIES: A financial institution that: (1) does not claim exemption from the payment of any sales, compensating use, or ad valorem taxes under the laws of this state; (2) has segregated for the benefit of the commission eligible collateral having a value of not less than its maximum liab ility; and (3) has been approved by the Public Deposit Protection Commission to hold public deposits.

RATE OF RETURN: The yield obtainable on a security based on its purchase price or its current market price.

SAFEKEEPING: A service to customers rendered by ba nks for a fee whereby securities and valuables of all types and descriptions are held in the bank’s vaults for protection.

SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution.

SECURITIES AND EXCHANGE COMMISSION: An agency created by Congress to administer securities legislation for the purpose of protecting investors in securities transactions.

STRUCTURED NOTES: Notes issued by instrumentalities (e.g., FHLB, FNMA, SLMA) and by corporations, that have imbedded options (e.g., call features, step-up coupons, floating rate coupons, derivative-based returns) in their debt structure. The market perf ormance of structured notes is affected by fluctuating interest rates; the volatility of imbedded options; and shifts in the yield curve.

12.f
Packet Pg. 471
21 SUPRANATIONALS: International institutions that prov ide development financing, advisory services and/or financial services to their member countries to achieve the overall goal of improving living standards through sustainable economic growth. The California Government Code Section 53601 allows local agencies to pu rchase the United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the Interna tional Bank for Reconstruction and Development (IBRD), Interna tional Finance Corporation (IFC), or Inter- American Development Bank (IADB).

TIME CERTIFICATE OF DEPOSIT: A non-negotiable certificate of deposit, which cannot be sold prior to maturity.

TREASURY BILLS: A non-interest-bearing discount security that is issued by the U.S. Treasury to finance the national debt. Most T-bills are issued to mature in three months, six months, or one year.

TREASURY BONDS: Long-term, coupon-bearing U.S. Treasury securities that are issued as direct obligations of the U.S. Government, and having initial maturities of more than 10 years.

TREASURY NOTES: Medium-term, coupon-bearing U.S. Treasury securities that are issued as direct obligations of the U.S. Government, and having initial maturities of two to 10 years.

YIELD: The rate of annual income return on an investment, expressed as a percentage.

YIELD-TO-CALL (YTC): The rate of return an investor earns from a bond assuming the bond is redeemed (called) prior to its nominal maturity date.

YIELD-TO-MATURITY: The current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity.

ZERO-COUPON SECURITIES: Security that is issued at a discount and makes no periodic interest payments. The rate of return consists of a gradual accretion of the principal of the security and is payable at par upon maturity.

12.f
Packet Pg. 472

THIS PAGE INTENTIONALLY LEFT BLANK

12.f
Packet Pg. 473

Appendix E Page 1
APPENDIX E FORM OF OPINION OF BOND COUNSEL [Letterhead of Jones Hall, A Professional Law Corporation] [Closing Date] City Council City of Palo Alto 250 Hamilton Avenue Palo Alto, CA 94301 OPINION: $_____ City of Palo Alto Refunding General Obligation Bonds (Election of 2008), Series 2022A (Tax-Exempt) $_____ City of Palo Alto Refunding General Obligation Bonds (Election of 2008), Series 2022B (Federally Taxable) Members of the City Council: We have acted as bond counsel to the City of Palo Alto (the “City”) in connection with the issuance by the City of the general obligation bonds captioned above, dated the date hereof (the “Bonds”). In such capacity, we have examined such law and such certified proceedings, certifications, opinions and other documents as we deem necessary to render this opinion. The Bond are issued pursuant to a resolution (the “Resolution”) of the City Council of the City adopted on April 18, 2022. Regarding questions of fact material to our opinion, we have relied on representations of City contained in the Resolution, and on the certified proceedings and other certifications of public officials and others furnished to us, without undertaking to verify the same by independent investigation. Regarding certain questions of law material to our opinion, we have assumed the correctness of certain legal conclusions contained in the written opinions of the City Attorney, and others, without undertaking to verify the same by independent investigation. Based on the foregoing, we are of the opinion that, under existing law: 1. The City is a duly created and validly existing municipal corporation and charter city with the power to adopt the Resolution, perform the agreements on its part contained therein, and issue the Bonds. 2. The Resolution constitutes a valid and binding obligation City, enforceable against the City. 3. The Bonds have been duly authorized and executed by City, and are valid and binding general obligations of the City. 4. The City is obligated and authorized under the laws of the State of California to levy ad valorem taxes, without limit as to rate or amount (except with respect to certain personal property which is taxable at limited rates), upon the taxable property in the City for the payment when due of the principal of and interest on the Bonds.

12.f
Packet Pg. 474

Appendix E Page 2

5. The interest on the Refunding General Obligation Bonds (Election of 2008), Series 2022A (Tax-Exempt) (“Tax-Exempt Bonds”) is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax. The opinions set forth in the preceding sentence are subject to the condition that the City comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the issuance of the Tax-Exempt Bonds in order that the interest thereon be, and continue to be, excludable from gross income for federal income tax purposes. The City has made certain representations and covenants in order to comply with each such requirement. Inaccuracy of those representations, or failure to comply with certain of those covenants, may cause the inclusion of such interest in gross income for federal income tax purposes, which may be retroactive to the date of issuance of the Tax-Exempt Bonds. 6. The City does not intend for the interest on the Refunding General Obligation Bonds (Election of 2008), Series 2022B (Federally Taxable) to be excluded from gross income for federal income tax purposes. 7. The interest on the Bonds is exempt from personal income taxation imposed by the State of California. We express no opinion regarding any other tax consequences arising with respect to the ownership, sale or disposition of, or the amount, accrual or receipt of interest on, the Bonds. The rights of the owners of the Bonds and the enforceability of the Bonds are limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights generally, and by equitable principles, whether considered at law or in equity. This opinion is given as of the date hereof, and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention, or any changes in law that may hereafter occur. Moreover, our opinions are not a guarantee of a particular result, and are not binding on the Internal Revenue Service or any court; rather, our opinions represent our legal judgment based upon our review of existing law that we deem relevant to such opinions and in reliance upon the representations, opinions, and covenants referenced above. Our engagement with respect to this matter has terminated as of the date hereof. Respectfully submitted, A Professional Law Corporation

12.f
Packet Pg. 475

Appendix F Page 1
APPENDIX F FORM OF CONTINUING DISCLOSURE CERTIFICATE This CONTINUING DISCLOSURE CERTIFICATE (the “Disclosure Certificate”) is executed and delivered by the CITY OF PALO ALTO (the “City”) in connection with the issuance of $_______* City of Palo Alto Refunding General Obligation Bonds (Election of 2008), Series 2022A (the “2022A Bonds”) and the $_________* City of Palo Alto Refunding General Obligation Refunding Bonds, Series 2022B (Federally Taxable) (the “2022B Bonds” and, with the 2022A Bonds, the “2022 Bonds”). The 2022 Bonds are being issued pursuant to a resolution adopted by the City Council of the City on May 2, 2022 (the “Resolution”). Pursuant to Section 10.11 of the Resolution, the City covenants and agree as follows: Section 1. Definitions. In addition to the definitions set forth above and in the Resolution, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section 1, the following capitalized terms shall have the following meanings: “Annual Report” means any Annual Report provided by the City pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. “Annual Report Date” means the March 31 after the end of the City’s Fiscal Year. “Dissemination Agent” shall mean, initially, the City, or any successor Dissemination Agent designed in writing by the City and which has been filed with the then current Dissemination Agent a written acceptance of such designation. “Fiscal Year” means any twelve–month period beginning on July 1 in any year and extending to the next succeeding June 30, both dates inclusive, or any other twelve–month period selected and designated by the City as its official fiscal year period under a Certificate of the City filed with the Trustee. “MSRB” means the Municipal Securities Rulemaking Board, which has been designated by the Securities and Exchange Commission as the sole repository of disclosure information for purposes of the Rule, or any other repository of disclosure information that may be designated by the Securities and Exchange Commission as such for purposes of the Rule in the future. “Official Statement” means the final official statement executed by the City in connection with the issuance of the 2022 Bonds. “Participating Underwriter” means the original underwriters of the 2022 Bonds. “Rule” means Rule 15c2–12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as it may be amended from time to time. “Significant Events” means any of the events listed in Section 5(a) of this Disclosure Certificate. Section 2. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the City for the benefit of the holders and beneficial owners of the 2022 Bonds and in order to assist the Participating Underwriter in complying with S.E.C. Rule 15c2– 12(b)(5). * Preliminary, subject to change.

12.f
Packet Pg. 476

Appendix F Page 2
Section 3. Provision of Annual Reports. (a) The City shall, or shall cause the Dissemination Agent to, not later than the Annual Report Date, commencing March 31, 2022, with the report for fiscal year 2020-21 provide to the MSRB, in an electronic format as prescribed by the MSRB, an Annual Report that is consistent with the requirements of Section 4 of this Disclosure Certificate; provided, however, that the first Annual Report shall consist solely of the Official Statement. Not later than 15 Business Days prior to the Annual Report Date, the City shall provide the Annual Report to the Dissemination Agent (if other than the City). If by 15 Business Days prior to the Annual Report Date the Dissemination Agent (if other than the City) has not received a copy of the Annual Report, the Dissemination Agent shall contact the City to determine if the City is in compliance with the previous sentence. The Annual Report may be submitted as a single document or as separate documents comprising a package and may include by reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the City may be submitted separately from the balance of the Annual Report, and later than the Annual Report Date, if not available by that date. If the City’s fiscal year changes, it shall give notice of such change in the same manner as for a Significant Event under Section 5(c). The City shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by the City hereunder. (b) If the City does not provide (or cause the Dissemination Agent to provide) an Annual Report by the Annual Report Date, the City in a timely manner shall provide (or cause the Dissemination Agent to provide) to the MSRB, in an electronic format as prescribed by the MSRB, a notice in substantially the form attached as Exhibit A. (c) With respect to each Annual Report, the Dissemination Agent shall: (i) determine each year prior to the Annual Report Date the then–applicable rules and electronic format prescribed by the MSRB for the filing of annual continuing disclosure reports; and (ii) if the Dissemination Agent is other than the City, file a report with the City certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, and stating the date it was provided. Section 4. Content of Annual Reports. The City’s Annual Report shall contain or incorporate by reference the following: (a) The City’s audited financial statements prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. If the City’s audited financial statements are not available by the Annual Report Date, the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. (b) Unless otherwise provided in the audited financial statements filed on or prior to the annual filing deadline for Annual Reports provided for in Section 3 above, financial information and operating data with respect to the City for preceding fiscal year, substantially similar to that provided in the following tables in the Official Statement: (i) Assessed Valuations of Taxable Property; (ii) Assessed Valuation and Parcels by Land Use; (iii) Per Parcel Assessed valuation of Single Family Homes; (iv) Summary of Ad Valorem Tax Rates; (v) Tax Levies and Collections; and (vi) Largest Local Secured Taxpayers.

12.f
Packet Pg. 477

Appendix F Page 3
(c) In addition to any of the information expressly required to be provided under this Disclosure Certificate, the City shall provide such further material information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading. (d) Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the City or related public entities, which are available to the public on the MSRB’s Internet web site or filed with the Securities and Exchange Commission. The City shall clearly identify each such other document so included by reference. Section 5. Reporting of Significant Events. (a) The City shall give, or cause to be given, notice of the occurrence of any of the following Significant Events with respect to the 2022 Bonds: (i) Principal and interest payment delinquencies; (ii) Non–payment related defaults, if material; (iii) Unscheduled draws on debt service reserves reflecting financial difficulties; (iv) Unscheduled draws on credit enhancements reflecting financial difficulties; (v) Substitution of credit or liquidity providers, or their failure to perform; (vi) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701–TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security; (vii) Modifications to rights of security holders, if material; (viii) Bond calls, if material, and tender offers; (ix) Defeasances; (x) Release, substitution, or sale of property securing repayment of the securities, if material; (xi) Rating changes; (xii) Bankruptcy, insolvency, receivership or similar event of the City or other obligated person; (xiii) The consummation of a merger, consolidation, or acquisition involving the City or an obligated person, or the sale of all or substantially all of the assets of the City or an obligated person (other than in the ordinary course of business), the entry into a definitive agreement to undertake such an action, or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (xiv) Appointment of a successor or additional trustee or the change of name of a trustee, if material; (xv) The incurrence of a financial obligation of the City or other obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the City or other obligated person, any of which affect security holders, if material; or

12.f
Packet Pg. 478

Appendix F Page 4
(xvi) A default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the City or other obligated person, any of which reflect financial difficulties. (b) Whenever the City obtains knowledge of the occurrence of a Significant Event, the City shall, or shall cause the Dissemination Agent (if not the City) to, file a notice of such occurrence with the MSRB, in an electronic format as prescribed by the MSRB, in a timely manner not in excess of 10 business days after the occurrence of the Significant Event. Notwithstanding the foregoing, notice of Significant Events described in subsection (a)(viii) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected 2022 Bonds under the Resolution. (c) The City acknowledges that the events described in subparagraphs (a)(ii), (a)(vii), (a)(viii) (if the event is a bond call), (a)(x), (a)(xiii), (a)(xiv) and (a)(xv) of this Section 5 contain the qualifier “if material.” The City shall cause a notice to be filed as set forth in paragraph (b) above with respect to any such event only to the extent that the City determines the event’s occurrence is material for purposes of U.S. federal securities law. The City intends that the words used in paragraphs (xv) and (xvi) and the definition of “financial obligation” to have the meanings ascribed thereto in SEC Release No. 34-83885 (August 20, 2018). (d) For purposes of this Disclosure Certificate, any event described in paragraph (a)(xii) above is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the City in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the City, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the City. Section 6. Identifying Information for Filings with the MSRB. All documents provided to the MSRB under this Disclosure Certificate shall be accompanied by identifying information as prescribed by the MSRB. Section 7. Termination of Reporting Obligation. The City’s obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the 2022 Bonds. If such termination occurs prior to the final maturity of the 2022 Bonds, the City shall give notice of such termination in the same manner as for a Significant Event under Section 5(b). Section 8. Dissemination Agent. The City may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any Dissemination Agent, with or without appointing a successor Dissemination Agent. Any Dissemination Agent may resign by providing 30 days’ written notice to the City. Section 9. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the City may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) if the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the 2022 Bonds, or type of business conducted; (b) the undertakings herein, as proposed to be amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the primary offering of the 2022 Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

12.f
Packet Pg. 479

Appendix F Page 5
(c) the proposed amendment or waiver either (i) is approved by holders of the 2022 Bonds in the manner provided in the Resolution for amendments to the Resolution with the consent of holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or beneficial owners of the 2022 Bonds. If the annual financial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information, in order to provide information to investors to enable them to evaluate the ability of the City to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. The Dissemination Agent shall not be obligated to enter into any amendment increasing or affecting its duties or obligations hereunder. A notice of any amendment made pursuant to this Section 9 shall be filed in the same manner as for a Significant Event under Section 5(b). Section 10. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the City from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Significant Event, in addition to that which is required by this Disclosure Certificate. If the City chooses to include any information in any Annual Report or notice of occurrence of a Significant Event in addition to that which is specifically required by this Disclosure Certificate, the City shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Significant Event. Section 11. Default. If the City fails to comply with any provision of this Disclosure Certificate, the Participating Underwriter or any holder or beneficial owner of the 2022 Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of the City to comply with this Disclosure Certificate shall be an action to compel performance. Section 12. Duties, Immunities and Liabilities of Dissemination Agent. (a) Article VIII of the Resolution is hereby made applicable to this Disclosure Certificate as if this Disclosure Certificate were (solely for this purpose) contained in the Resolution. The Dissemination Agent shall be entitled to the protections and limitations from liability afforded to the Paying Agent thereunder. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the City agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which they may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys’ fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent’s negligence or willful misconduct. The Dissemination Agent shall have no duty or obligation to review any information provided to it by the City hereunder and shall not be deemed to be acting in any fiduciary capacity for the City, the Certificate holders or any other party. The obligations of the City under this Section shall survive resignation or removal of the Dissemination Agent and payment of the 2022 Bonds.

12.f
Packet Pg. 480

Appendix F Page 6
(b) The Dissemination Agent shall be paid compensation by the City for its services provided hereunder in accordance with its schedule of fees as amended from time to time, and shall be reimbursed for all expenses, legal fees and advances made or incurred by the Dissemination Agent in the performance of its duties hereunder. Section 13. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the Dissemination Agent, the Participating Underwriter and the holders and beneficial owners from time to time of the 2022 Bonds and shall create no rights in any other person or entity. Section 14. Counterparts. This Disclosure Certificate may be executed in several counterparts, each of which shall be regarded as an original, and all of which shall constitute one and the same instrument. Date: [Closing Date] CITY OF PALO ALTO By Authorized Officer

12.f
Packet Pg. 481

Appendix F Page 7
EXHIBIT A NOTICE TO MSRB OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: City of Palo Alto, California Name of Issues: $______ City of Palo Alto Refunding General Obligation Bonds (Election of 2008), Series 2022A, and $_________ City of Palo Alto Refunding General Obligation Refunding Bonds, Series 2022B (Federally Taxable) Date of Issuance: [Closing Date] NOTICE IS HEREBY GIVEN that the City has not provided an Annual Report with respect to the above-named Issues as required by the Continuing Disclosure Certificate, dated [Closing Date], furnished by the City in connection with the Issue. The City anticipates that the Annual Report will be filed by _________________. Date: ________________ CITY OF PALO ALTO, as Dissemination Agent By Authorized Officer

12.f
Packet Pg. 482

THIS PAGE INTENTIONALLY LEFT BLANK

12.f
Packet Pg. 483

Appendix G
APPENDIX G BOOK-ENTRY SYSTEM The following description of the procedures and record keeping with respect to beneficial ownership interests in the 2022 Bonds, payment of principal of and interest on the 2022 Bonds to Direct Participants, Indirect Participants or Beneficial Owners (as such terms are defined below) of the 2022 Bonds, confirmation and transfer of beneficial ownership interests in the 2022 Bonds and other Bond related transactions by and between DTC, Direct Participants, Indirect Participants and Beneficial Owners of the 2022 Bonds is based solely on information furnished by DTC to the City which the City believes to be reliable, but the City and the Underwriter do not and cannot make any independent representations concerning these matters and do not take responsibility for the accuracy or completeness thereof. Neither the DTC, Direct Participants, Indirect Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters but should instead confirm the same with DTC or the DTC Participants, as the case may be. The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the 2022 Bonds. The 2022 Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond will be issued for each maturity of the 2022 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org. Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the 2022 Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the 2022 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the 2022 Bonds, except in the event that use of the book-entry system for the 2022 Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede &Co. or such other name as requested by an authorized representative of DTC. The deposit of the 2022 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC

12.f
Packet Pg. 484

Appendix G
nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the 2022 Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct or Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the 2022 Bonds, such as tenders, defaults, and proposed amendments to the 2022 Bonds documents. For example, Beneficial Owners of the 2022 Bonds may wish to ascertain that the nominee holding the 2022 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the Paying Agent and request that copies of notices be provided directly to them. Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the 2022 Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the 2022 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Payments of principal of and interest on the 2022 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or the Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Paying Agent or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its service as depository with respect to the 2022 Bonds at any time by giving reasonable notice to the City or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered. The City may decide to discontinue use of the system of book-Entry Only transfers through DTC (or a successor securities depository). In that event, the Bond certificates will be printed and delivered to DTC. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof. In the event that (a) DTC determines not to continue to act as securities depository for the 2022 Bonds, or (b) the City determines that DTC shall no longer act and delivers a written certificate to the Paying Agent to that effect, then the City will discontinue the Book-Entry System with DTC for the 2022 Bonds. If the City determines to replace DTC with another qualified securities depository, the City will prepare or direct the preparation of a new single separate, fully registered Bond for each maturity of the 2022 Bonds registered in the name of such successor or substitute securities depository as are not inconsistent with the terms of the Resolution. If the City fails to identify another qualified securities depository to replace the incumbent securities depository for the 2022 Bonds, then the 2022 Bonds shall no longer be restricted to being registered in the Bond registration books in the name of the incumbent securities depository or its nominee but shall be registered in whatever name or names the incumbent securities depository or its nominee transferring or exchanging the 2022 Bonds shall designate.

12.f
Packet Pg. 485

Appendix G
In the event that the Book-Entry System is discontinued, the following provisions would also apply: (i) the 2022 Bonds will be made available in physical form, (ii) payment of principal of and interest on the 2022 Bonds will be payable upon surrender thereof at the trust office of the Paying Agent identified in the Resolution, and (iii) the 2022 Bonds will be transferable and exchangeable as provided in the Resolution. The City and the Paying Agent do not have any responsibility or obligation to DTC Participants, to the persons for whom they act as nominees, to Beneficial Owners, or to any other person who is not shown on the registration books as being an owner of the 2022 Bonds, with respect to (i) the accuracy of any records maintained by DTC or any DTC Participants; (ii) the payment by DTC or any DTC Participant of any amount in respect of the principal of and interest on the 2022 Bonds; (iii) the delivery of any notice which is permitted or required to be given to registered owners under the Resolution; (iv) any consent given or other action taken by DTC as registered owner; or (v) any other matter arising with respect to the 2022 Bonds or the Resolution. The City and the Paying Agent cannot and do not give any assurances that DTC, DTC Participants or others will distribute payments of principal of and interest on the 2022 Bonds paid to DTC or its nominee, as the registered owner, or any notices to the Beneficial Owners or that they will do so on a timely basis or will serve and act in a manner described in this Official Statement. The City and the Paying Agent are not responsible or liable for the failure of DTC or any DTC Participant to make any payment or give any notice to a Beneficial Owner in respect to the 2022 Bonds or any error or delay relating thereto.

12.f
Packet Pg. 486

THIS PAGE INTENTIONALLY LEFT BLANK

12.f
Packet Pg. 487

12.f
Packet Pg. 488

12.f
Packet Pg. 489
1 IRREVOCABLE REFUNDING INSTRUCTIONS
(2010 Bonds)
$55,305,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2010A
These I RREVOCABLE REFUNDING INSTRUCTIONS (2010 BONDS) (these “Instructions”), are dated ____, 2022, and are given by the C ITY OF PALO ALTO, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California (the “City”), to U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, acting as paying agent for the 2010 Bonds described below (the “2010 Paying Agent”).

BACKGROUND:

1. More than two-thirds of the electors voting at a special municipal election held on November 4, 2008, voted for a proposition, designated Measure N, authorizing the issuance by the City of general obligation bonds in the aggregate principal amount of $76,000,000 for the purpose of financing the costs of constructing a new energy efficient, environmentally friendly Mitchell Park Library and Community Center, renovating and expanding the Main Library, and renovating the Downtown Library, including enhancements at all three facilities for seismic safety and disabled access, expanded space for library collections, meeting and study areas, and new air conditioning, ventilation and lighting systems.

2. The City issued the captioned bonds (the “2010 Bonds”) pu rsuant to such authorizatio
n, Resolution No. 9057 adopted by the City Council on May 10, 2010 (the “2010 Bond Resolution”) and that certain Paying Agent Agreement, dated as of June 1, 2010 (the “2010 Paying Agent Agreement”), by and between the City and the 2010 Paying Agent.

3. Under the 2010 Paying Agent Agreement, the City is authorized to re deem the 2010 Bonds, in whole or in part on any date on or after August 1, 2020, at a

redemption price equal the outstanding principal amount of the 2010 Bonds to be redeemed, plus interest accrued to the redemption date, without premium.

4. In order to realize debt service savings for the benefit of the taxpayer s of the City, the City Council has authorized the issuance and sale of its “ City of Palo Alto
Refunding General Obligation Bonds (Election of 2008), Series 2022A (Tax-Exempt)” (the “2022 Bonds”) for the purpose of refinancing the 2010 Bonds pursuant to a resolution adopted on May 9, 2022 (the “2022 Resolution”).

5. The City wishes to give these Instructions to th e 2010 Paying Agent for the purpose of establish
ing an irrevocable escrow fund to be funded, invested, held and Exhibit 4

12.g
Packet Pg. 490
2 administered for the purpose of providing for the payment and redemption of the 2010 Bonds on _____, 2022.

6. As a result of the deposit and investment of funds in accordance with these Instructions, the 2010 Bonds shall be discharged and defeased in accordance with the provisions of Section 9.03 of the 2010 Paying Agent Agreement.

INSTRUCTIONS:

In order to provide for the payment and redemption of the 2010 Bonds in accordance with the 2010 Paying Agent Agreement, the City hereby irrevocably directs the 2010 Paying Agent as follows:

S
ECTION 1. Establishment of Escrow Fund. The 2010 Paying Agent is directed to establish an escrow fund (the “Escrow Fund”) to be held by the 2010 Paying Agent in trust as an irrevocable escrow securing t he payment of the 2010 Bonds as hereinafter set forth. All cash and securities in t he Escrow Fund are hereby irrevocably pledged as a special fund for the payment of the principal of and interest on the 2010 Bonds in accordance with the 2010 Paying Agent Agreement.

If at any time the 2010 Paying Agent receives actual knowledge that the cash and securities in the Escrow Fund will not be sufficient to make any payment required by Section 4 in respect of the 2010 Bonds, the 2010 Paying Agent shall notify the City of such fact and the City shall immediately cure such deficiency from any source of legally available funds. The 2010 Paying Agent has no liability for any such insufficiency.

S
ECTION 2. Deposit and Investment of Amounts in Escrow Fund. On ______, 2022 (the “Closing Date”), the City shall cause to be transferred to the 2010 Paying Agent for deposit into the Escrow Fund the amount of $_______ in immediately available funds, to be derived from the proceeds of the Refunding Bonds received by the 2010 Paying Agent on the Closing Date.

Also on the date hereof, the 2010 Paying Agent shall transfer the following amounts from the funds and accounts established and held by the 2010 Paying Agent under the 2010 Paying Agent Agreement for deposit in the Escrow Fund: [identify other sources of funds]

The 2010 Paying Agent shall hold all amounts in the Escrow Fund uninvested.

S
ECTION 3. Application of Amounts in Escrow Fund. Amounts held by the 2010 Paying Agent in the Escrow Fund shall be withdrawn to pay the redemption price of the 2010 Bonds on _____, 2022 (the “Redemption Date”).

Following payment and redemption in full of all of the 2010 Bonds on the Redemption Date, the 2010 Paying Agent shall withdraw any amounts remaining on deposit in the Escrow Fund and transfer such amounts to the City, to be deposited in the Debt Service Fund established for the Refunding Bonds and applied to pay debt service coming due on the Refunding Bonds.

S
ECTION 4. Irrevocable Election to Redeem 2010 Bonds; Redemption Notice .

The City hereby irrevocably elects to redeem all of the outstanding 2010 Bonds on the

12.g
Packet Pg. 491
3 Redemption Date, in accordance with the provisions of Section 2.03(a) of the 2010 Paying Agent Agreement.

The City previously directed the 2010 Paying Agent to give notice of the redemption of the 2012 Bonds in accordance with Section 2.03(c) of the 2010 Paying Agent Agreement in substantially the form of Exhibit A.

The City hereby directs the 2010 Paying Agent to file a notice of defeasance of the 2010 Bonds in substantially the form of Exhibit B on the Electronic Municipal Market Access system (“EMMA”) on the date hereof. The sole remedy for failure to post such notice on EMMA shall be an action by th e holders of the 2010 Bonds in mandamus for specific performance or similar remedy to compel performance.

S
ECTION 5. Application of Certain Terms of 2010 Paying Agent Agreement. All of the terms of the 2010 Paying Agent Agreement relating to the payment and redemption of the 2010 Bonds, and the protections, immunities and limitations from liability afforded the 2010 Paying Agent as paying agent for the 2010 Bonds, are incorporated in these Instructions as if set forth in full herein.

S
ECTION 6. Compensation to Paying Agent. The City shall pay the 2010 Paying Agent full compensation for its services under these Instructions, including out-of-pocket costs such as publication costs, redemption expenses, legal fees and other costs and expenses relating hereto and, in addition, all fees, costs and expenses relating to the purchase, substitution or withdrawal of any securities after the date hereof. Under no circumstances shall amounts deposited in or credited to the Escrow Fund be deemed to be available for said purposes. The 2010 Paying Agent has no lien upon or right of set off against the cash and securities at any time on deposit in the Escrow Fund.

CITY OF PALO ALTO

By:

City Manager

ACCEPTED:

U.S. BANK TRUST NATIONAL

ASSOCIATION,
as Paying Agent

By
Authorized Officer

12.g
Packet Pg. 492

A-1

EXHIBIT A

FORM OF CONDITIONAL NOTICE OF REDEMPTION

$55,305,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2010A

NOTICE IS HEREBY GIVEN, by the City of Palo Alto (the “City”) that the captioned bonds (the “2010 Bonds”) have been called for redemption on ______, 2022 (the “Redemption Date”) at a redemption price equal to the par amount thereof together with accrued interest thereon to the redemption date, without premium (the “Redemption Price”). Interest on the 2010 Bonds will not accrue after the redemption date.

The 2010 Bonds consist of the following:

Maturity Date
(August 1)

Principal
Amount
Interest
Rate
CUSIP
(Base 697362)

2022 $1,450,000 4.500 TG6
2023 1,515,000 4.500 TH4
2024 1,585,000 4.500 TJ0
2025 1,655,000 4.500 TK7
2026 1,730,000 5.000 TL5
2027 1,820,000 5.000 TM3
2028 1,910,000 5.000 TN1
2029 2,005,000 5.000 TP6
2032
(T) 6,595,000 4.375 TQ4
2034 (T) 4,890,000 4.375 TR2
2040 (T) 17,725,000 5.000 TS0

(T) Term Bond

Redemption of the 2010 Bonds as described in this notice shall be conditioned upon the receipt by the 2010 Paying Agent from the City of the funds necessary for the proposed redemption on or before the Redemption Date.

Payment of the Redemption Price of the 2010 Bonds will become due and payable on the Redemption Date upon presentation and surrender thereof in the following manner:

[to come from US Bank]

IMPORTANT NOTICE
Under the Tax Cuts and Jobs Act of 2017 (the “Act”), 24% will be withheld if tax identification number is not properly certified.

The City and the Paying Agent shall not be responsible for the selection or use of the CUSIP numbers listed above, nor is any representation made as to the accuracy of the CUSIP numbers listed above or as printed on any 2010 Bond; the CUSIP numbers are included solely for the convenience of the owners of the 2010 Bonds.

12.g
Packet Pg. 493

A-2

Dated: ____________, 2022 U.S. BANK TRUST COMPANY NATIONAL

ASSOCIATION,
as Paying Agent

12.g
Packet Pg. 494
B-1

EXHIBIT B

FORM OF NOTICE OF DEFEASANCE

$55,305,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2010A

NOTICE IS HEREBY GIVEN, by the City of Palo Alto (the “City”) that the captioned bonds (the “2010 Bonds”) has been defeased and discharged under and within the meaning of the Paying Agent Agreement, dated as of June 1, 2010 (“Paying Agent Agreement”), by and between the City and U.S. Bank Trust Company National Association, as paying agent (“Paying Agent”), related to the 2010 Bonds. Funds for the payment of the 2010 Bonds have been deposited with the Paying Agent, and the sufficiency of the funds and investments for the purpose of paying the principal of and interest on the 2010 Bonds has been verified by____________, certified public accountants. As a consequence of the foregoing actions and in accordance with the Paying Agent Agreement, the 2010 Bonds are no longer secured by a pledge of revenues under the Paying Agent Agreement, and the 2010 Bonds are now payable solely from the moneys set aside in escrow as described above and, if necessary, from other legally available funds of the City.

The City has irrevocably elected to redeem all of the outstanding 2010 Bonds on _____, 2022, at a redemption price equal to the par amount thereof together with accrued interest thereon to the redemption date, without premium.

The 2010 Bonds that have been defeased and discharged consist of the following:

Maturity Date
(August 1)

Principal
Amount
Interest
Rate
CUSIP
(Base 697362)

(T) Term Bond

12.g
Packet Pg. 495

B-2
Dated: _____, 2022 U.S. BANK TRUST COMPANY NATIONAL

ASSOCIATION,
as 2010 Paying Agent

12.g
Packet Pg. 496

ESCROW DEPOSIT AND TRUST AGREEMENT
(2013 Bonds)
Relating to
$20,695,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2013A
This ESCROW DEPOSIT AND TRUST AGREEMENT (2013 BONDS) (this “Agreement”), dated ______, 2022, is between the C ITY OF PALO ALTO, a charter city and municipal corporation organized and existing under the Constitution of the State of California (the “City”), and U.S. BANK TRUST COMPANY NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, in its capacity as paying agent (the “2013 Paying Agent”) under that certain Paying Agent Agreement, dated as of June 1, 2013 (the “2013 Paying Agent Agreement”), by and between the City and the 2013 Paying Agent.

BACKGROUND:

2. Pursuant to such authorization, Resolution No. 9334, adopted by the City Council on
May 6, 2013 (the “2013 Bond Resolution”), and the 2013 Paying Agent Agreement, the City previously issued the captioned bonds (the “2013 Bonds”).

3. Under the 2013 Paying Agent Agreement, the City is authorized to re deem the 2013 Bo
nds maturing on or after August 1, 2024, in whole or in part on any date on or after August 1, 2023, at a redemption price equal the outstanding principal amount of the 2013 Bonds to be redeemed, plus interest accrued to the redemption date, without premium.

4. In order to realize debt service savings for the benefit of the taxpayers of the City, the City Council has authorized the issuance and sale of its “City of Palo Alto Refunding General Obligation Bonds (Election of 2008), Series 2022B (Federally Taxable)” (the “2022 Bonds”) for the purpose of refinancing the 2013 Bonds pursuant to a resolution adopted on May 9, 2022 (the “2022 Resolution”).

Exhibit 5

12.h
Packet Pg. 497
2 5. The City Council is authorized to provide for the issuance and sale of the 2022 Bonds under the provisions of Articles 9 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53550 of said Code (the “Bond Law”).

6. The City wishes to establish an irrevocable escrow fund to be funded, invested, held and administered for the purpose of providing for the payment in full of the principal, interest and redemption premium on the outstanding 2013 Bonds.

7. As a result of the deposit and investment of funds in accordance with this Agreement, the 2013 Bonds will be discharged and defeased in accordance with the provisions of Section 9.03 of the 2013 Paying Agent Agreement.

AGREEMENT:

In consideration of the premises and the material covenants contained herein, the City and the 2013 Paying Agent hereby agree as follows:

S
ECTION 1. Establishment of Escrow Fund. The 2013 Paying Agent is hereby directed to establish an escrow fund (the “Escrow Fund”) to be held by the 2013 Paying Agent in trust as an irrevocable escrow securing the payment of the 2013 Bonds as hereinafter set forth. All cash and securities in the Escrow Fund are hereby irrevocably pledged as a special fund for the payment of the principal of and interest and premium on the 2013 Bonds in accordance with the 2013 Paying Agent Agreement.

If at any time the 2013 Paying Agent receives actual knowledge that the cash and securities in the Escrow Fund will not be sufficient to make any payment required by Section 4 in respect of the 2013 Bonds, the 2013 Paying Agent shall notify the City of such fact and the City shall immediately cure su ch deficiency from any source of legally available funds. The 2013 Paying Agent has no liability for any such insufficiency.

S
ECTION 2. Deposit and Investment of Amounts in Escrow Fund. On the date hereof (the “Closing Date”), the City shall cause to be transferred to the 2013 Paying Agent for deposit into the Escrow Fund the amount of $________ in immediately available funds, to be derived from the proceeds of the 2022 Bonds.

Also on the date hereof, the 2013 Paying Agent shall transfer the following amounts from the funds and accounts established and held by the 2013 Paying Agent under the 2013 Paying Agent Agreement for deposit in the Escrow Fund: [identify other sources of funds]

On the Closing Date, the 2013 Paying Agent shall invest $______ of the amounts deposited in the Escrow Fund in the federal securities listed on Exhibit A. The 2013 Paying Agent shall hold the remaining $_____ in cash, uninvested.

If the 2013 Paying Agent learns that the Department of the Treasury or the Bureau of Public Debt will not, for any reason, accept a subscription of state and local government series securities (“SLGS”) that is to be submitted pursuant to this Agreement, the 2013 Paying Agent shall promptly request alternative written investment instructions from the City with respect to funds which were to be invested in SLGS. The 2013 Paying Agent

12.h
Packet Pg. 498
3 shall follow such instructions and, upon the maturity of any such alternative investment, the 2013 Paying Agent shall hold such funds uninvested and without liability for interest until receipt of further written instructions from the City. In the absence of investment instructions from the City, the 2013 Paying Agent shall hold such funds uninvested. The 2013 Paying Agent may conclusively rely upon the City’s selection of an alternative investment as a determination of the alternative investment’s legality and suitability and shall not be liable for any losses related to the alternative investments or for compliance with any yield restriction applicable thereto.

S
ECTION 3. Application of Amounts in Escrow Fund. The 2013 Paying Agent is hereby instructed to withdraw from the Escrow Fund the amounts required to pay the principal of and interest and redemption premium on the 2013 Bonds, in accordance with the schedule attached as Exhibit B hereto.

Following the payment and redemption of the 2013 Bonds in full, the 2013 Paying Agent shall transfer any amounts remaining on deposit in the Escrow Fund to U.S. Bank Trust Company National Association, in its capacity as paying agent for the 2022 Bonds, for deposit into the Debt Service Fund established under the 2022 Resolution, to be applied to pay interest next coming due and payable on the 2022 Bonds.

S
ECTION 4. Irrevocable Election to Redeem 2013 Bonds; Defeasance Notice; Redemption Notice . The City has irrevocably elected to pay and redeem all of the outstanding 2013 Bonds on the dates set forth in Exhibit B, in accordance with the provisions of the 2013 Bond Resolution.

The 2013 Paying Agent is hereby directed to provide notice of redemption in the form attached as Exhibit C to the owners of the 2013 Bonds, in accordance with 2013 Paying Agent Agreement, not less than 30 or more than 60 days prior to the redemption date.

The City further hereby directs the 2013 Paying Agent to file on the Closing Date the notice attached as Exhibit D on the Municipal Securities Rulemaking Board’s EMMA system.

S
ECTION 5. Compensation to 2013 Paying Agent. The City shall pay the 2013 Paying Agent full compensation for its services under this Agreement, including out-of- pocket costs such as publication costs, redemption expenses, legal fees and other costs and expenses relating hereto and, in addition, all fees, costs and expenses relating to the purchase, substitution or withdrawal of any securities after the date hereof. Under no circumstances shall amounts deposited in or credited to the Escrow Fund be deemed to be available for said purposes. The 2013 Paying Agent has no lien upon or right of set off against the cash and securities at any time on deposit in the Escrow Fund.

S
ECTION 6. Immunities and Liability of 2013 Paying Agent. All of the terms of the 2013 Paying Agent Agreement relating to the payment and redemption of the 2013 Bonds, and the protections, immunities and limitations from liability afforded the 2013 Paying Agent as paying agent for the 2013 Bonds, are incorporated herein as if set forth in full herein.

S
ECTION 7. Termination of Agreement . Upon payment in full of the principal of and interest and redemption premium on the 2013 Bonds and all fees, expense and

12.h
Packet Pg. 499
4 charges of the 2013 Paying Agent as described above, this Agreement shall terminate and the 2013 Paying Agent shall be discharged from any further obligation or responsibility hereunder.

S
ECTION 8. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

12.h
Packet Pg. 500
5 SECTION 9. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California.

CITY OF PALO ALTO

By:

City Manager

U.S. BANK TRUST COMPANY

NATIONAL ASSOCIATION,
as 2013
Paying Agent

By:

Authorized Officer

12.h
Packet Pg. 501

A-1

EXHIBIT A

ESCROW SECURITIES

Type of
Security

CUSIP

Purchase
Date

Maturity
Date

Par
Amount

Rate

Price

Interest
Class

12.h
Packet Pg. 502

B-1

EXHIBIT B

ESCROW REQUIREMENTS

Payment Date
Interest
Payment
Maturing
Principal
Redeemed
Principal
Redemption
Premium
Total
Payment

8/1/22
2/1/23
8/1/23 $0.00

12.h
Packet Pg. 503

D-1

EXHIBIT C

FORM OF NOTICE OF REDEMPTION

$20,695,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2013A

NOTICE IS HEREBY GIVEN, by the City of Palo Alto (the “City”) that the captioned bonds (the “2013 Bonds”) have been called for redemption on August 1, 2023 (the “Redemption Date”) at a redemption price equal to the par amount thereof together with accrued interest thereon to the redemption date, without premium (the “Redemption Price”). Interest on the 2013 Bonds will not accrue after the redemption date.

The 2013 Bonds consist of the following:

Maturity Date
(August 1)

Principal
Amount
Interest
Rate
CUSIP
(Base 697362)

2022 $485,000 4.0% UF6
2023 505,000 4.0 UG4
2024 525,000 5.0 UH2
2025 555,000 5.0 UJ8
2026 585,000 5.0 UK5
2027 610,000 5.0 UL3
2028 645,000 5.0 UM1
2029 670,000 3.5 UN9
2030 695,000 4.0 UP4
2031 725,000 4.0 UQ2
2033
(T) 1,540,000 4.0 UR0
2035 (T) 1,670,000 4.0 US8
2038 (T) 2,765,000 4.0 UT6
2043 (T) 5,415,000 4.0 UU3

(T) Term Bond

Funds for the payment of the 2013 Bonds have been deposited with U.S. Bank Trust Company National Association, as paying agent, and the sufficiency of the funds and investments for the purpose of paying the principal of and interest on the 2013 Bonds has been verified by ________, certified public accountants.

Payment of the Redemption Price of the 2013 Bonds will become due and payable on the Redemption Date upon presentation and surrender thereof in the following manner:

[to come from US Bank]

IMPORTANT NOTICE
Under the Tax Cuts and Jobs Act of 2017 (the “Act”), 24% will be withheld if tax identification number is not properly certified.

12.h
Packet Pg. 504

D-2
The City and the Paying Agent shall not be responsible for the selection or use of the CUSIP numbers listed above, nor is any representation made as to the accuracy of the CUSIP numbers listed above or as printed on any 2013 Bond; the CUSIP numbers are included solely for the convenience of the owners of the 2013 Bonds.

Dated: ____________, 2023 U.S. BANK TRUST COMPANY NATIONAL

ASSOCIATION,
as Paying Agent

12.h
Packet Pg. 505

D-1

EXHIBIT D

FORM OF NOTICE OF DEFEASANCE

$20,695,000
City of Palo Alto
General Obligation Bonds
Election of 2008, Series 2013A

NOTICE IS HEREBY GIVEN, by the City of Palo Alto (the “City”) that the captioned bonds (the “2013 Bonds”) has been defeased and discharged under and within the meaning of the Paying Agent Agreement, dated as of June 1, 2013 (“Paying Agent Agreement”), by and between the City and U.S. Bank Trust Company National Association, as paying agent (“Paying Agent”), related to the 2013 Bonds. Funds for the payment of the 2013 Bonds have been deposited with the Paying Agent, and the sufficiency of the funds and investments for the purpose of paying the principal of and interest on the 2013 Bonds has been verified by____________, certified public accountants. As a consequence of the foregoing actions and in accordance with the Paying Agent Agreement, the 2013 Bonds are no longer secured by a pledge of revenues under the Paying Agent Agreement, and the 2013 Bonds are now payable solely from the moneys set aside in escrow as described above and, if necessary, from other legally available funds of the City.

The City has irrevocably elected to redeem all of the outstanding 2013 Bonds maturing on or after August 1, 2024, on August 1, 2023, at a redemption price equal to the par amount thereof together with accrued interest thereon to the redemption date, without premium.

The 2013 Bonds that have been defeased and discharged consist of the following:

Maturity Date
(August 1)

Principal
Amount
Interest
Rate
CUSIP
(Base 697362)

(T) Term Bond

The City and the Paying Agent shall not be responsible for the selection or use of the CUSIP numbers listed above, nor is any representation made as to the accuracy of

12.h
Packet Pg. 506

D-2
the CUSIP numbers listed above or as printed on any 2013 Bond; the CUSIP numbers are included solely for the convenience of the owners of the 2013 Bonds.

Dated: _____, 2022 U.S. BANK TRUST COMPANY NATIONAL

ASSOCIATION,
as 2013 Paying Agent

12.h
Packet Pg. 507

City of Palo Alto (ID # 14330)
City Council Staff Report

Meeting Date: 5/2/2022 Report Type: Action Items

City of Palo Alto Page 1

Title: Policy and Services Committee Recommends that the City Council Direct Staff to Reduce the Length of the Community Survey and Work with the Chair of the Policy & Services Committee as an Ad Hoc From: City Manager
Lead Department: City Manager

Recommendation
The Policy and Services Committee Recommends that the City Council Direct Staff to Reduce the Length of the Community Survey and Work with the Chair of the Policy & Services Committee as an Ad Hoc.

Background
At the April 12, 2022 Policy and Se rvices Committee, the Committee voted 2 -1 with the following motion:

To recommend the City Council: Direct staff to reduce the length of the [community] survey and work with the Chair of the Policy & Services Committee as an ad hoc.

This motion came aft er discussion of the staff report with an overview of the existing survey questions (CMR #14242). The Committee reflected on the work done by the Policy and Services Committee in 2020 in preparation of the last survey ( CMR #11500 ; Minutes) where the 2020 Policy and Services Committee reviewed the questions and assigned an ad hoc committee to finalize the questions.

Discussion
The Policy and Services Committee at the April 12 discussion expressed inter est in reviewing the survey questions with the Policy and Services Chair as an ad hoc to find ways to shorten the survey if possible while ensuring that year -over-year survey comparison data was not lost. Staff informed the Committee that the review should happen this spring to ensure that the survey could go out on time this fall to receive the survey data before the City Council retreat early next year.

Timeline, Resource Impact, Policy Implications
As mentioned in the Policy and Services Committee report, the survey is in the FY 2023 City Council budget. The Fiscal Year 2022 Adopted Budget moved the survey to an every other year 13 Packet Pg. 508

City of Palo Alto Page 2

cycle as a cost saving measure as approved by the City Council. Fiscal Year 2023 is a survey year and the survey would occur in fall 2022. The ad hoc committee work proposed here would require staff time but can be done with existing resources. 13 Packet Pg. 509

City of Palo Alto (ID # 14331)
City Council Staff Report

Meeting Date: 5/2/2022 Report Type: Action Items

City of Palo Alto Page 1

Title: Clarification of In -Person Attendance Protocols for Council Committees and Boards and Commissions (Continued from April 4, 2022 Meeting) From: City Manager
Lead Department: City Manager

Recommendation
Staff recommends that Council confirm the expectation that Councilmembers will attend committees and clarify expectations regarding board and commission remote participation.

Background
At its September 27, 2021 meeting, the City Council approved the following actions related to virtual, in-person, and hybrid council and board and commission meetings:

A. Begin hybrid City Council meetings on November 1, 2021, and not requiring Standing Committees, Ad -Hoc Committees, Boards and Commissions to physically convene until January 2022;
B. Require the public, S taff and City Council Members to provide proof of vaccination or a negative COVID-19 test within 48 hours prior to the meeting; C. Provide an option for City Council to attend in -person or virtually as long as the Santa Clara County maintains mandatory indoor masking for public meetings; D. Upon the end of mandatory indoor masking, modify the City Council protocols to increase City Council’s teleconference participation to 5 meetings per year; E. Request Staff to allow virtual attendees to participate by video, barr ing technical barriers in doing so; and
F. Upon relevant changes in Santa Clara County’s or the CDC’s guidelines, for City Council to revisit the guidelines, consider a default standard for in -person meetings if provided by the Santa Clara County, and discuss other in -person meeting requirements.

The City Council subsequently postponed the resumption of in -person and hybrid committee and board/commission meetings until March 1, 2022 , and deleted the requirement for proof of vaccination or negative COVID-19 test in-person attendance.

14 Packet Pg. 510

City of Palo Alto Page 2

The Brown Act allows legislative bodies to use remote participation, but it is up to each body whether to do so or not. There is no requirement in state law regarding how this decision is made. It may be made by explicit rule, by motion, or simply by practice, but individual members of a legislative body do not have a right to participate remotely where their legislative body elects not to allow remote participation.

For legislative bodies that allow remote participation, the Bro wn Act (Gov Code section 54953) has two alternative sets of procedural rules that must be followed. The default baseline set of rules requires each remote location to be listed on the face of the agenda, and mandates that each remote location be open to th e public to attend the meeting alongside the remotely -participating member. Under the recently -adopted AB 361, where there is a State of Emergency and the body makes a finding every 30 days that state or local officials are mandating or encouraging social distancing measures, the remote participation procedures are streamlined: remote locations do not need to be disclosed and need not be open to the public. Legislation is currently being considered in Sacramento that may modify the baseline requirements in the future.

The Council’s Procedures and Protocols Handbook explicitly authorizes remote participation for meetings of the full Council, and limits that practice to three times per year. Subpart D of the Council’s September 27, 2021 action modifies this r ule by allowing remote participation for up to five meetings per year. (The Procedures and Protocols Handbook will be amended to reflect this new direction.)

To date, the City Council and the boards and commissions hav e, every 30 days, adopted a resoluti on authorizing the use of teleconferencing under Government Code Section 54953(e) , allowing for use of the streamlined AB 361 procedures. The most recent Council approval is scheduled for the City Council’s April 4, 2022 meeting.

Discussion
Several questions have arisen as to the City Council’s expectations of councilmembers’ in-person versus remote attendance at committee meetings , as well as expectations of board and commission members.

Council Committees. Neither the Council’s motion nor the Council’s Procedures and Protocols Handbook addresses remote attendance at committee s. Council should clarify – by motion, which will subsequently be incorporated in the Procedures and Protocols – whether Councilmembers may participate in Council committee meetings remotely, and if so, is the ability to do so unlimited or limited in number or in some other way.

Recognizing the practical challenges with routine remote attendance, staff recommends that the City Council affirm the expectation that councilmembers atten d committee in person.

AB 361 Streamlined Procedures. At this time, because the State of Emergency remains 14 Packet Pg. 511

City of Palo Alto Page 3

in place and the Santa Clara County health official continues to strongly encourage the wearing of masks in indoor spaces, it is possible for Council to continue to make the AB 361 findings and use streamlined procedures for remote participation. This is discretionary, however. Council could pull the AB 361 resolution from the April 4 agenda or a majority could register a no vote. Council could adopt the AB 361 resolution for April but clarify for staff whether it wishes the AB 361 resolution to be placed on the first May agenda (assuming that a State of Emergency remains in place and the Council health official’s direction social distancing provides a basis for making the finding).

Boards and Commissions. Council has the option to make a Citywide rule on the above issues, which would apply to all the boards and commissions, or, Council can leave these decisions up to each subsidiary body. If a Citywi de rule is desired, staff recommends adopting it by motion tonight for late r incorporation into the Board and Commission Handbook. If Council decides that each board and commission can decide for itself how to proceed, boards and commissions will have the option to adopt a procedural rule or simply proceed by practice.

Presumably, Councilmembers serving as liaisons to boards and commissions will follow whatever procedure applies to that board or commission, but Council can provide direction on this if a separate rule for Councilmember liaisons is desired.

To summarize, Council should provide direction on the following issues:

1. May Councilmembers participate remotely in Council committee meetings?

a. If yes, is remote participation unlimited, or is there a numerical or other limit on remote participation?

2. For April and/or thereafter , does Council wish to continue making the AB 361 findings, allowing for streamlined noticing?

3. Does Council wish to weigh in on these issues for the boards and commissions (including Councilmember liaisons) , or should each board or commission decide for itself? Specifically:

a. Is remote participation allowed, and if so, are there limits?

b. Should the AB 361 findings continue to be made, allowing for streamlined noticing?
14 Packet Pg. 512

City of Palo Alto (ID # 14169)
City Council Staff Report

Meeting Date: 5/2/2022 Report Type: Information Reports

City of Palo Alto Page 1

Title: Informational Report on Two Developments on International Shipments of Palo Alto's Recyclable Materials
From: City Manager
Lead Department: Public Works

Recommendation
This is an informational report and no Council action is required.

Background
Palo Alto’s recyclable materials are processed at the GreenWaste Materials Recovery Facility in San Jose where they are combined with recyclables from other communities, separated by type, baled, and marketed. The City requires GreenWaste of Palo Alto (GWPA), the City’s refuse hauler, to report on the disposition of recyclable materials as well as to gather information on the environmental and social implications associated with the further offsite processing of Palo Alto’s recyclable materials. For Fiscal Year 2021, GWPA reported (Staff Report #13535 ) that approximately 14,000 tons of recyclable materials were recovered from Palo Alto’s refuse, with about 40% staying in the US and 60% being exported to India, Indonesia, Korea, Malaysia, Mexico, Taiwan, Thailand, Vietnam , and other countries. However, the GW PA report is generalized and does not explain exactly which shipments go t o which cities or facilities within those countries. Despite its significant efforts, and three years of trying, GW PA was not able to get this information from the initial brokers which then ship materials to international markets primarily because the brokers consider this market informati on to be confidential. Therefore, it has not been possible to determine with certainty whether the materials are being recycled, or whether they are causing environmental, human health , or social problems, once they are shipped to international markets. On May 24, 2021 (Staff Report #11632), during discussions on these concerns as part of the new solid waste processing contract, Council directed staff to:
1) Pursue, with other cities, to have GreenWaste provide greater accounting of secondary markets that they utilize;
2) Return to Council with an amendment to the GW PA Contract to authorize a quick response to opportunities to utilize domestic mixed paper recycling; 3) Provide GreenWaste reports to the public and City Council on a regular basis; 4) Work with other cities on legislation to spur domestic or in-state recycling; and 5) If GreenWaste is unable to provide additional seco ndary market accounting, return to Council for consideration of further actions.
16 Packet Pg. 514

City of Palo Alto Page 2

Staff provided an update to Council on each of these directives on January 24, 2022 (Staff Report #13535).

Discussion
Staff has two new updates to report: a) initiation of a pilot project to take advantage of an opportunity to use domestic markets for processing instead of international markets (mostly related to directive #2 above), and b) hosting virtual forums on the international shipment of recyclables with other local cities (related to directives #1 and #4 above).

a) GWPA has located domestic processing facilities to take Palo Alto’s recyclable materials where they will become new product s, rather than sending them to international markets where their disposition and impacts are uncertain. It has been very difficult for G WPA to find domestic markets for several recyclables, including cardboard, mixed paper, and plastic. Capacity at US processing facilities for these recyclables is very competitive and this opportunity will be short lived, so staff has moved rapidly to impl ement a pilot program for the remainder of Fiscal Year 2022, under the current contract. The processing facility for plastics i s in California and the processing facility for mixed paper is in Louisiana. Staff plans to take the Council options and recommendations for approval of a permanent program for future years as soon as possible . These actions by staff respond to Council’s direction to amend the GWPA Contract to provide for quick response in this area.

b) Palo Alto and San Jose are co -hosting several vi rtual forums on the i nternational shipments of recyclables. T he first forum was held on March 16 , 2022 and was attended by approximately 40 local government staff mostly from cities and counties in Santa Clara County and Alameda County . The successful disc ussion included the sharing of information and ideas on actions that can be taken to increase transparency on the processing of recyclable materials, the options for creating standardized accepted materials for recycling, and the potential to improve and expand domestic markets for recyclable materials. These forums respond to the direction from Council to coordinate with other cities on this topic. Future forums will include haulers and processors of recyclable materials , members of the public , the business community, and other jurisdictions.

Resource Impact
The pilot program for domestic processing of rigid plastics and mixed paper is estimated to cost $280,000 for April through June of Fiscal Year 2022, based on the estimated ton s to be processed. The pilot costs will be incorporated into the existing expenditures provided through the Fiscal Year 2022 Refuse Fund operating budget . Options being explored for a permanent program for future years will require additional funding within the Refuse Fund for incr eased associated future expenses and are subject to Council’s approval.

16 Packet Pg. 515

City of Palo Alto Page 3

Stakeholder Engagement
The current stakeholder engagement includes conducting several virtual forums with other cities and jurisdictions focusing on increasing the knowledge of the environmental and social issues that international shipping of recyclables may be causing, sharing information as well as exploring solutions. Future forums will include haulers and processors of recyclable materials, members of the public, and the business community.

Environmental Review
This item is presented only for Council’s information and therefore it is not a project subject to environmental review by the California Environmental Quality Act (CEQA). 16 Packet Pg. 516

City of Palo Alto (ID # 14262)
City Council Staff Report

Meeting Date: 5/2/2022 Report Type: Information Reports

City of Palo Alto Page 1

Title: Sales Tax Digest Summary Calendar 2021 Q4
From: City Manager
Lead Department: Administrative Services

DISCUSSION

This report transmits information regarding the City of Palo Alto’s sales tax receipts for the fourth quarter (October to December) of 2021.

There are two attachments to this report that provide further level of information:
• City of Palo Alto Sales Tax Digest Summary (Attachment A) • California Policy Update – March 2022 (Attachment B)

The City’s sales tax cash receipts of $9 million for the fourth quarter (October to December 2021) is $1.6 million (18.4 percent) higher than the same quarter of the prior year (see Attachment A, Table 5). In contrast, the fourth quarter of 2021 compared to the same quarter of 2019 declined by $847 ,000(9.4 percent). An important reminder is that the state offered small business a second round of 90 -day extensions to pay their fourth quarter of 2020 taxes, and some companies made little or no payments in Q4 of 2020 due to this program. While Palo Alto experienced a 18.4% cash increase for the Q4 2021 from Q4 2020 this comparison includes late payment decreases in the prior year related to the state 90 -day extension program, so actual Q4 2021 economic activity did not increase to this extent . After adjustments made for the non-period related payments, the overall economic quarter -over-quarter sales tax activity from Q4 2020 to Q4 2021 increased by 16.7 percent.

For the year ending in the fourth quarter of 2021, cash receipts (including county pools) for the City increased by 18.4 percent from the prior year. In comparison, statewide increased by 26.7 percent, Northern California increased by 23.7 percent, and Southern California by 29 .0 percent.

After adjustments for non -period related payments, the overall economic sales tax activity (local business excluding pools) in Palo Alto for 2021 increased by 17 .0 percent, while it increased 15.6 percent for the state, increased 11.6 percent in Northern California and increased 18.3 percent in Southern California.
17 Packet Pg. 517

City of Palo Alto Page 2

The fourth quarter includes $1.8 million of sales tax receipts from the county pool. The City’s share of the county pool for this quarter is 5.9 percent, a slight increase from 5.6 percent in the fourth quarter of 2020. County pools are primarily from onli ne purchases from out of state companies, remote sellers who ship merchandise to California/County destinations, and private vehicle sales that are not directly allocated to a jurisdiction. County pools are allocated to local jurisdictions based on each jurisdiction’s’ share of total sales taxes.

Attachments:
• Attachment17.a: Attachment A Palo Alto 2021Q4 Digest Summary • Attachment17.b: Attachment B California Policy Update 17 Packet Pg. 518
City of Palo Alto
Sales Tax Digest Summary
Collections through February 2022
Sales October through December 2021 (2021Q4)

www.avenuinsights.com (800) 800-8181 Page 1
California Overview
For the year ending in fourth quarter of 2021, cash receipts increased 26.7% statewide, 23.7% in Northern California and 29.0% in Southern California. However, when adjusted for non-period related payments, the overall economic sales tax activity for the year ending in fourth quarter of 2021 increased by 15.6% statewide, 18.3% in Southern California, and up 11.6% in Northern California.

City of Palo Alto
For the year ending in the fourth quarter of 2021, sales tax cash receipts for the city increased by 18.4% from the prior year. However, when adjusted for non-period related payments, the overall economic sales tax activity in Palo Alto for the year ending in fourth quarter of 2021 increased by 17.0%.

On a quarterly basis, sales tax cash receipts increased by 22.5% from Quarter 4 of 2020 to Quarter 4 of 2021. However, this increase includes late payment anomalies related to a state sales tax extension program (see note below). The period’s cash receipts include tax from business activity during the period, payments for prior periods and other cash adjustments. When adjusted for non-period related payments, the overall economic quarter over quarter sales tax activity (Q4 2020 to Q4 2021) in Palo Alto increased by 16.7%.

Note: It is important to recognize that the state offered small businesses a second round of 90-day extensions to pay their fourth quarter of 2020 taxes (the first 90 day extension program was offered in Q1 2020), and some businesses had partial or no payment s for the first and fourth quarters of 2020. As a result of these extension programs, some payments for Q4 2020 economic activity were paid in the first quarter of 2021. While Palo Alto experienced a 18.4% cash increase for the Q4 2021 (from Q4 2020), this comparison includes late payment decreases in the prior year related to the state 90 -day extension program, so actual Q4 2021 economic activity did not increase to this extent.

Regional Overview
The first chart on page two shows adjusted economic benchmark year amounts, which means that it shows a full calendar year from the fourth quarter of 2020 through fourth quarter of 2021 compared to fourth quarter of 2019 through fourth quarter of 2020 (benchmark years are rolling annual comparisons through the current quarter). The decrease is different between the state and Palo Alto because the sales tax from businesses in Palo Alto were more impacted than those statewide.

Attachment A

17.a
Packet Pg. 519
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 2 % of Total / % Change Palo Alto California
Statewide S.F. Bay Area Sacramento
Valley Central Valley South Coast Inland Empire North Coast General Retail 29.7 / 36.9 28.6 / 26.9 24.3 / 8.8 29.2 / 46.0 38.2 / 44.9 27.1 / 29.1 33.5 / 18.2 29.8 / 4.3 Food Products 14.8 / 29.5 19.6 / 17.6 19.9 / 4.3 15.3 / 18.5 14.0 / 21.5 21.6 / 28.4 17.9 / -6.6 16.5 / -20.8 Transportation 23.1 / 32.8 24.1 / 18.1 21.4 / 0.6 27.6 / 22.7 22.4 / 25.8 24.8 / 30.1 24.7 / -9.2 28.7 / 7.7 Business to Business 29.1 / -9.5 16.3 / 3.0 22.1 / -3.4 13.7 / 8.2 14.1 / 12.8 16.2 / 12.0 10.3 / -37.1 9.5 / 0.5 Misc/Other 25.7 / 37.0 25.1 / 17.2 22.6 / 0.1 28.7 / 22.7 23.1 / 25.4 25.9 / 29.7 25.3 / -12.7 29.5 / 8.1 Total 100.0 / 17.0 100 / 15.6 100.0 / 1.2 100.0 / 24.5 100.0 / 27.9 100.0 / 23.9 100.0 / -7.0 100.0 / -1.9 Palo Alto California
Statewide S.F. Bay Area Sacramento
Valley Central Valley South Coast Inland Empire North Coast Largest Segment Leasing Restaurants Restaurants Auto Sales - New
Miscellaneous
Retail Restaurants Miscellaneous
Retail
Auto Sales -
New
% of Total / % Change 19.3 / 22.8 13.3 / 25.5 13.3 / 12.9 11.9 / 19.5 14.0 / 187.2 15.1 / 36.6 15.3 / 95.2 12.2 / 9.9 2nd Largest Segment Auto Sales -
New
Auto Sales -
New
Auto Sales -
New
Miscellaneous
Retail
Department
Stores
Auto Sales -
New
Auto Sales -
New
Department
Stores
% of Total / % Change 19.2 / 31.5 11.8 / 18.6 11.1 / -3.3 10.8 / 144.8 11.0 / 11.9 12.8 / 32.5 11.5 / -1.3 11.6 / 0.1 3rd Largest Segment Restaurants Miscellaneous
Retail
Department
Stores Restaurants Restaurants Department
Stores Restaurants Restaurants
% of Total / % Change 12.9 / 34.7 8.9 / 57.8 7.5 / 6.6 10.1 / 27.3 9.2 / 28.5 8.4 / 20.4 10.7 / -5.6 10.2 / -28.8 BENCHMARK YEAR 2021Q4 COMPARED TO BENCHMARK YEAR 2020Q4

CITY OF PALO ALTO
ECONOMIC CATEGORY ANALYSIS FOR YEAR ENDED 4th Quarter 2021 ECONOMIC SEGMENT ANALYSIS FOR YEAR ENDED 4th Quarter 2021 $-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Quarterly Benchmark Year
Regional Overview Chart (Economic)

Gross Historical Sales Tax Cash Receipts by Benchmark Year and Quarter (Before Adjustments)

Attachment A
Chart 1
Chart 2

17.a
Packet Pg. 520
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 3 Leasing

19.3%
Auto Sales - New

19.2%
Restaurants

12.9%
Department Stores

6.3%Office Equipment

5.2%
Furniture/Appliance

4.9%
All Other

32.0%
Net Pools & Adjustments

23.3%
Anderson Honda Lucile Packard Children's Hospital Shreve & Co.

Apple Stores Macy's Department Store Stanford Health Care At
ila Biosystems Magnussen's Toyota Tesla
Audi Palo Alto Neiman Marcus Tesla Lease Trust
Bloomingdale's Nordstrom Department Store Tiffany & Company Hengehold Trucks Richemont Varian Medical Systems
Hermes Rivian Automotive Volvo Cars Palo Alto
HP Enterprise Services Shell Service Stations Wilkes Bashford Louis Vuitton
Net Cash Receipts for Benchmark Year fourth Quarter 2021: $30,029,813

*Benchmark year (BMY) is the sum of the current and 3 previous quarters (2021Q4 BMY is sum of 2021 Q4, 2021 Q3, 2021 Q2, 2021 Q1)

TOP 25 SALES/USE TAX CONTRIBUTORS

The following list identifies Palo Alto’s Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents the year ended fourth quarter of 2021. The Top 25 Sales/Use Tax contributors generate

61.5% of Palo Alto’s total sales and use tax revenue.

Attachment A
Chart 3

17.a
Packet Pg. 521
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 4
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
Benchmark Year 2021Q4 Benchmark Year 2020Q4
Sales Tax from Largest Non-Confidential Sales Tax Segments (Economic)

Attachment A
Chart 4

17.a
Packet Pg. 522
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 5

Economic Category % 2021Q4 2021Q3 2021Q2 2021Q1 2020Q4 2020Q3 2020Q2 2020Q1 2019Q4 2019Q3 2019Q2 Business To Business 21.9% 1, 969,438 1,762,093 1,652,745 1,765,043 2,060,217 2,022,479 1,851,601 2,000,210 2,375,333 1,942,593 1,958,591 M
isc ellaneous/Other 18.7% 1,682,102 1,702,838 1,620,383 1,467,407 1,679,573 1,322,172 997,005 1,227,541 1,693,416 1,516,049 1,784,443 Gener al Retail 25.3% 2,273,543 1,798,257 1,803,297 1,262,756 1,746,602 1,300,645 660,300 1,450,820 2,579,412 2,416,101 1,993,425 Food Products 12.0% 1,075,263 970,873 897,222 619,501 668,640 650,152 439,540 990,266 1,256,287 1,205,242 1,268,595 Subtotal Ec onomic (Loc al Business) 77.8% 7,000,346 6,234,061 5,973,646 5,114,708 6,155,031 5,295,448 3,948,447 5,668,837 7,904,447 7,079,986 7,005,054 Net Pools & Adjus tments 22.2% 1,995,234 539,929 1,496,795 1,675,094 1,186,152 1,227,876 1,877,921 -2,287 1,937,461 1,477,413 1,741,608 Total C ash Rec eipts 100.0% 8,995,580 6,773,990 7,470,441 6,789,802 7,341,183 6,523,324 5,826,368 5,666,550 9,841,908 8,557,399 8,746,661 Economi c Segment % 2021Q4 2021Q3 2021Q2 2021Q1 2020Q4 2020Q3 2020Q2 2020Q1 2019Q4 2019Q3 2019Q2 M isc ellaneous/Other 44.0% 3,962,070 3,837,648 3,654,707 3,499,781 4,170,752 3,682,918 3,181,367 3,551,274 4,677,431 4,315,212 4,044,495 Res taurants 10.5% 941,683 857,066 785,086 527,203 552,176 545,728 342,533 867,027 1,105,719 1,073,522 1,123,322 M isc ellaneous Retail 7.5% 676,701 407,467 456,685 327,729 479,041 326,777 108,953 280,493 499,697 384,397 392,196 Appa rel Stores 6.0% 537,479 400,589 395,779 264,322 358,744 263,940 72,307 305,737 552,735 469,447 486,790 Department Stores 5.8% 525,295 388,703 384,763 237,473 315,453 186,316 29,842 245,948 552,822 431,717 453,675 Ser v ic e Stations 2.1% 190,601 181,448 152,565 116,258 111,241 108,840 70,063 146,291 181,082 175,309 185,969 Food Markets 1.2% 106,315 87,521 89,669 71,321 89,396 81,580 77,803 102,026 118,952 104,192 113,363 Business Serv ices 0.7% 60,203 73,620 54,393 70,621 78,228 99,348 65,579 170,042 216,011 126,190 205,245 Subtotal Ec onomic (Loc al Business) 77.8% 7,000,346 6,234,061 5,973,646 5,114,708 6,155,031 5,295,448 3,948,447 5,668,837 7,904,447 7,079,986 7,005,054 Net Pools & Adjus tments 22.2% 1,995,234 539,929 1,496,795 1,675,094 1,186,152 1,227,876 1,877,921 -2,287 1,937,461 1,477,413 1,741,608 Total C ash Rec eipts 100.0% 8,995,580 6,773,990 7,470,441 6,789,802 7,341,183 6,523,324 5,826,368 5,666,550 9,841,908 8,557,399 8,746,661

Historical Analysis by Calendar Quarter

The chart above shows the categories and segments in quarterly economic basis amounts. The total amount is the net cash recei pts, and it was obtained by adding up the categories/segments with the “Net Pools & Adjustments” amount.

Attachment A
Chart 5

17.a
Packet Pg. 523
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 6

Economic Category % 2021Q4 2020Q4 2019Q4 2018Q4 2017Q4 2016Q4 2015Q4 2014Q4 2013Q4 2012Q4 Business To Business 23.7% 7,106,104 7,856,159 8,526,006 6,923,106 5,765,696 5,070,128 4,815,757 3,722,965 3,860,324 4,094,594 M isc ellaneous/Other 21.4% 6,431,929 4,914,744 6,140,733 7,467,434 6,334,580 6,173,525 5,725,186 5,268,303 8,630,087 5,034,947 Gener al Retail 24.0% 7,210,111 5,169,979 8,876,515 8,468,481 8,279,644 8,572,836 8,150,481 8,447,737 8,266,524 8,188,718 Food Products 12.0% 3,606,771 2,785,355 4,916,628 4,825,435 4,677,914 4,623,126 4,476,455 4,262,090 3,903,424 3,542,289 Subtotal Ec onomic (Loc al Business) 81.1% 24,354,915 20,726,236 28,459,882 27,684,456 25,057,834 24,439,616 23,167,878 21,701,095 24,660,359 20,860,548 Net Pools & Adjus tments 18.9% 5,674,899 4,631,189 6,401,242 5,764,525 4,920,201 4,009,186 3,911,397 3,894,943 3,839,994 2,821,870 Total 100.0% 30,029,813 25,357,425 34,861,123 33,448,981 29,978,035 28,448,802 27,079,275 25,596,038 28,500,353 23,682,418

Economi c Segment % 2021Q4 2020Q4 2019Q4 2018Q4 2017Q4 2016Q4 2015Q4 2014Q4 2013Q4 2012Q4 M isc ellaneous/Other 49.6% 14,881,551 14,191,982 16,821,950 15,811,518 13,632,374 12,398,850 11,601,816 9,694,930 13,123,466 9,641,105 Res taurants 10.5% 3,149,808 2,337,988 4,352,825 4,232,792 4,068,940 4,022,203 3,890,586 3,788,514 3,438,420 3,085,263 M isc ellaneous Retail 6.4% 1,936,333 1,203,367 1,610,503 1,671,521 1,682,467 2,314,331 1,630,021 2,084,833 1,950,685 1,851,707 Appa rel Stores 5.3% 1,603,818 1,000,674 1,917,444 1,987,726 1,740,612 1,659,450 1,657,179 1,761,563 1,746,495 1,736,395 Department Stores 5.1% 1,536,282 777,559 1,795,157 1,980,748 2,066,909 2,143,430 2,366,679 2,364,487 2,449,809 2,461,177 Ser v ic e Stations 2.1% 640,872 436,435 701,520 697,083 613,070 551,153 644,027 768,489 760,188 758,848 Food Markets 1.2% 360,162 357,092 443,454 468,909 504,604 506,996 504,759 417,894 414,074 410,246 Business Serv ices 0.8% 246,088 421,139 817,028 834,159 748,857 843,203 872,811 820,385 777,222 915,807 Subtotal Ec onomic (Loc al Business) 81.1% 24,354,915 20,726,236 28,459,882 27,684,456 25,057,834 24,439,616 23,167,878 21,701,095 24,660,359 20,860,548 Net Pools & Adjus tments 18.9% 5,674,899 4,631,189 6,401,242 5,764,525 4,920,201 4,009,186 3,911,397 3,894,943 3,839,994 2,821,870 Total 100.0% 30,029,813 25,357,425 34,861,123 33,448,981 29,978,035 28,448,802 27,079,275 25,596,038 28,500,353 23,682,418

Historical Analysis by Calendar BMY from 2012Q4 to 2021Q4

The chart above shows the categories and segments in benchmark year economic basis amounts. The total amount is the net cash receipts, and it was obtained by adding up the categories/segments with the “Net Pools & Adjustments” amount. Benchmark year (BMY) is the sum of the current and 3 previous quarters (2021Q4 BMY is sum of 2021 Q4, 2021 Q3, 2021 Q2, 2021 Q1).

Attachment A
Chart 6

17.a
Packet Pg. 524
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 7

General Retail
Food Products
Transportation
Business to Business
Misc/Other
2021/4 Total
2020/4 Total
% Chg
Largest Gain
Second Largest
Gain
Largest Decline
Second Largest
Decline
Campbell 17.4% 41.1% 34.1% -42.6% 0.0% 2,475,208 2,258,331 9.6% Restaurants Service Stations Office Equipment I.T. Infrastructure Cupertino 20.4% 50.7% 67.9% 9.3% -15.5% 16,786,565 15,122,688 11.0% Office Equipment Restaurants Recreation Products Bldg.Matls-Retail Gilroy 15.6% 20.6% 57.5% 41.6% -2.4% 4,585,528 3,690,137 24.3% Auto Sales - New Service Stations Miscellaneous Other Bldg.Matls-Retail Los Altos 20.0% 30.4% 55.8% -21.1% -2.4% 652,575 513,339 27.1% Restaurants Service Stations Business Services Green Energy Los Gatos 20.5% 26.6% 2.1% 23.3% -23.7% 1,426,837 1,268,664 12.5% Restaurants Miscellaneous Retail Auto Sales - New Miscellaneous Other Milpitas 43.8% 57.2% 13.0% 3.1% 19.3% 5,714,904 4,718,661 21.1% Restaurants Miscellaneous Retail Office Equipment Business Services Morgan Hill 8.9% 54.5% 51.6% 33.3% 16.6% 2,714,872 2,004,489 35.4% Auto Sales - New Food Markets Auto Parts/Repair Food Processing Eqp Mountain View 22.0% 32.4% 40.3% 75.6% 38.1% 5,280,198 3,878,053 36.2% Business Services Restaurants Office Equipment Biotechnology Palo Alto 29.7% 59.8% 5.0% 3.9% -17.5% 7,094,430 6,081,447 16.7% Restaurants Department Stores Drug Stores Bldg.Matls-Whsle San Jose 26.2% 30.7% 20.2% 10.7% 5.5% 44,283,573 37,145,196 19.2% Restaurants Service Stations Auto Sales - Used Biotechnology Santa Clara 34.3% 59.7% 23.3% 4.2% 33.4% 12,940,458 10,780,628 20.0% Restaurants I.T. Infrastructure Electronic Equipment Business Services County of Santa Clara 55.3% 36.6% -26.6% -18.0% 5.2% 1,168,818 1,045,519 11.8% Restaurants Miscellaneous Retail Misc. Vehicle Sales Heavy Industry Saratoga 16.3% 43.0% 56.6% 116.8% -28.4% 277,988 200,270 38.8% Restaurants Service Stations Miscellaneous Other Electronic Equipment Sunnyvale 35.1% 29.2% 22.6% 25.4% 15.0% 6,788,170 5,378,752 26.2% Restaurants Office Equipment Leasing Biotechnology Quarterly Analysis by Sales Tax Category: Change from 2020Q4 to 2021Q4 (Economic)

Unlike the chart on page one which showed a ‘benchmark year’ thr ough fourth quarter of 2021, the chart above shows a comparison of one quarter only – fourth quarter of 2021 to fourth quarter of 2020. This chart is for local ‘brick and mortar’ businesses and it excludes county pools and adjustments.

Attachment A
Chart 7

17.a
Packet Pg. 525
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 8

California Avenue % CHANGE QoQ 2021Q4 Q E 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL FOOD PRODUCTS 87.4% 51,217 27,335 45.4% 34.8%
GENERAL RETAIL -12.8% 24,189 27,740 21.4% 35.3%
ALL OTHER 59.3% 37,498 23,533 33.2% 29.9%
TOTAL 43.6% 112,904 78,609 100.0% 100.0%
El Camino Real and Midtown % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL FOOD PRODUCTS 61.6% 146,683 90,789 42.7% 29.3%
GENERAL RETAIL 20.9% 38,322 31,707 11.2% 10.2%
ALL OTHER -15.4% 158,265 187,075 46.1% 60.4%
TOTAL 10.9% 343,271 309,572 100.0% 100.0%
Greater Downtown % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL FOOD PRODUCTS 77.9% 407,900 229,271 54.1% 46.2%
GENERAL RETAIL 37.8% 275,072 199,613 36.5% 40.2%
BUSINESS TO BUSINESS 3.0% 46,121 44,767 6.1% 9.0%
CONSTRUCTION -1.8% 13,261 13,500 1.8% 2.7%
MISCELLANEOUS 25.5% 8,381 6,678 1.1% 1.3%
TRANSPORTATION 7.4% 3,023 2,816 0.4% 0.6%
TOTAL 51.8% 753,760 496,646 100.0% 100.0%
Stanford Shopping Center % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL GENERAL RETAIL 44.7% 1,435,981 992,726 75.6% 73.8%
FOOD PRODUCTS 48.1% 149,572 100,969 7.9% 7.5%
ALL OTHER 25.2% 314,530 251,128 16.6% 18.7%
TOTAL 41.3% 1,900,084 1,344,823 100.0% 100.0%
City of Palo Alto Geo Areas & Citywide Chart Data: Change from 2020Q4 to 2021Q4 (Economic)

Attachment A
Chart 8

17.a
Packet Pg. 526
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 9 Town And Country Shopping Center % CHANGE QoQ 2021Q4 Q E 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL GENERAL RETAIL 33.8% 70,291 52,524 42.3% 43.0%
ALL OTHER 37.5% 95,801 69,668 57.7% 57.0%
TOTAL 35.9% 166,092 122,192 100.0% 100.0%
All Other Geos combined with Balance of Jurisdiction % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL GENERAL RETAIL 24.5% 1,908,315 1,533,120 31.8% 29.1%
BUSINESS TO BUSINESS 6.9% 1,894,775 1,772,504 31.6% 33.6% TRANSPORTATION 4.2% 1,201,475 1,153,061 20.0% 21.9%
FOOD PRODUCTS 61.7% 892,135 551,836 14.9% 10.5%
MISCELLANEOUS -49.8% 61,760 123,140 1.0% 2.3%
CONSTRUCTION -71.1% 40,926 141,676 0.7% 2.7%
TOTAL 13.7% 5,999,386 5,275,335 100.0% 100.0%
All Geo Area Totals Comparison 21Q4 & 20Q4 % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL Balance of Jurisdiction -6.8% 2,723,276 2,923,494 45.4% 55.4% Stanford Shopping Center 41.3% 1,900,084 1,344,823 31.7% 25.5% Greater Downtown 51.8% 753,760 496,646 12.6% 9.4%
El Camino Real and Midtown 10.9% 343,271 309,572 5.7% 5.9% Town And Country Shopping Center 35.9% 166,092 122,192 2.8% 2.3% California Avenue 43.6% 112,904 78,609 1.9% 1.5%
TOTAL 13.7% 5,999,386 5,275,335 100.0% 100.0%
Palo Alto citywide QE 21Q4 & 20Q4 % CHANGE QoQ 2021Q4 QE 2020Q4 QE 21Q4 % OF TOTAL 20Q4 % OF TOTAL GENERAL RETAIL 29.7% 2,273,543 1,752,309 32.0% 28.8%
BUSINESS TO BUSINESS 3.9% 2,051,897 1,975,171 28.9% 32.5% TRANSPORTATION 5.0% 1,431,846 1,363,578 20.2% 22.4%
FOOD PRODUCTS 59.8% 1,075,263 672,939 15.2% 11.1%
MISCELLANEOUS 27.0% 216,384 170,361 3.1% 2.8%
CONSTRUCTION -69.1% 45,498 147,089 0.6% 2.4%
TOTAL 16.7% 7,094,430 6,081,447 100.0% 100.0%
City of Palo Alto Geo Areas & Citywide Chart Data: Change from 2020Q4 to 2021Q4 (Economic) Cont.

Attachment A
Chart 9

17.a
Packet Pg. 527
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 10

FOOD PRODUCTS,

87.4% CHANGE, $51,217 ,

45.4% TOTAL
GENERAL RETAIL, -12.8% CHANGE,
$24,189 , 21.4% TOTAL

ALL OTHER,

59.3% CHANGE, $37,498 ,

33.2% TOTAL
California Avenue 2021Q4 SALES TAX AMOUNTS
FOOD PRODUCTS, $27,335 ,

34.8% TOTAL

GENERAL RETAIL,
$27,740 , 35.3%TOTAL
ALL OTHER, $23,533 ,

29.9% TOTAL
California Avenue 2020Q4 SALES TAX AMOUNTS

FOOD PRODUCTS,

61.6% CHANGE, $146,683 ,

42.7% TOTAL

GENERAL RETAIL,

20.9% CHANGE, $38,322 ,

11.2% TOTAL

ALL OTHER,
-15.4% CHANGE,
$158,265 ,

46.1% TOTAL
El Camino Real and Midtown 2021Q4 SALES TAX AMOUNTS
FOOD PRODUCTS, $90,789 ,

29.3% TOTAL

GENERAL RETAIL,
$31,707, 10.2% TOTAL
ALL OTHER, $187,075,

60.4% TOTAL
El Camino Real and Midtown 2020Q4 SALES TAX AMOUNTS
City of Palo Alto Geo Area Pie Charts

Attachment A
Chart 10

17.a
Packet Pg. 528
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 11

FOOD PRODUCTS,

77.9% CHANGE, $407,900 ,

54.1% TOTAL

GENERAL RETAIL,

37.8% CHANGE,
$275,072 ,

36.5% TOTAL

BUSINESS TO BUSINESS,

3.0% CHANGE, $46,121 ,

6.1% TOTAL

CONSTRUCTION,
-1.8% CHANGE, $13,261 ,

1.8% TOTAL
MISCELLANEOUS, 25.5% CHANGE,
$8,381 , 1.1% TOTAL TRANSPORTATION,

7.4% CHANGE, $3,023 ,

0.4% TOTAL
Greater Downtown 2021Q4 SALES TAX AMOUNTS

FOOD PRODUCTS,
$229,271 , 46.2% TOTAL

GENERAL RETAIL,
$199,613 , 40.2% TOTAL

BUSINESS TO BUSINESS,
$44,767 , 9.0% TOTAL
CONSTRUCTION, $13,500 ,

2.7% TOTAL

MISCELLANEOUS,
$6,678 , 1.3% TOTAL
TRANSPORTATION, $2,816 ,

0.6% TOTAL
Greater Downtown 2020Q4 SALES TAX AMOUNTS

GENERAL RETAIL
$992,726 , 73.8% TOTAL
FOOD PRODUCTS, $100,969 ,

7.5% TOTAL
ALL OTHER, $251,128 ,

18.7% TOTAL
Stanford Shopping Center 2020Q4 SALES TAX AMOUNTS
GENERAL RETAIL, 44.7% CHANGE,
$1,435,981 , 75.6% TOTAL

FOOD PRODUCTS,

48.1% CHANGE,
$149,572 , 7.9% TOTAL
ALL OTHER, 25.2% CHANGE,
$314,530 , 16.6% TOTAL
Stanford Shopping Center 2021Q4 SALES TAX AMOUNTS
City of Palo Alto Geo Areas Pie Charts

Attachment A
Chart 11

17.a
Packet Pg. 529
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 12

GENERAL RETAIL,

33.8% CHANGE, $70,291 ,

42.3% TOTAL

ALL OTHER,

37.5% CHANGE,
$95,801 , 57.7%TOTAL
T own And Country Shopping Center 2021Q4 SALES TAX AMOUNTS GENERAL RETAIL, $52,524 ,

43.0% TOTAL
ALL OTHER, $69,668 ,

57.0% TOTAL
T own And Country Shopping Center2020Q4 SALES TAX AMOUNTS

GENERAL RETAIL,

24.5% CHANGE,
$1,908,315 ,

31.8% TOTAL

BUSINESS TO BUSINESS,

6.9% CHANGE, $1,894,775,

31.6% TOTAL

TRANSPORTATION,

4.2% CHANGE,
$1,201,475,

20.0% TOTAL

FOOD PRODUCTS,

61.7% CHANGE, $892,135 ,

14.9% TOTAL

MISCELLANEOUS,
-49.8% CHANGE, $61,760 ,

1.0% TOTAL
CONSTRUCTION, -71.1% CHANGE,
$40,926 , 0.7% TOTAL
All Other Geos combined with Balance of Jurisdiction 2021Q4

SALES TAX AMOUNTS

GENERAL RETAIL,
$1,533,120 ,

29.1% TOTAL

BUSINESS TO BUSINESS,
$1,772,504, 33.6% TOTAL

TRANSPORTATION,
$1,153,061,

21.9% TOTAL

FOOD PRODUCTS,
$551,836 , 10.5% TOTAL

MISCELLANEOUS,
$123,140 , 2.3% TOTAL

CONSTRUCTION,
$141,676 , 2.7% TOTAL
All Other Geos combined with Balance of Jurisdiction 2020Q4

SALES TAX AMOUNTS
City of Palo Alto Geo Area Pie Charts

Attachment A
Chart 12

17.a
Packet Pg. 530
City of Palo Alto

www.avenuinsights.com (800) 800-8181 Page 13 Balance of Jurisdiction,
-6.8% CHANGE,
$2,723,276 ,

45.4% TOTAL
Stanford Shopping Center,

41.3% CHANGE, $1,900,084 ,

31.7% TOTAL
Greater Downtown,

51.8% CHANGE, $753,760 ,

12.6% TOTAL
El Camino Real and Midtown,

10.9% CHANGE, $343,271 ,

5.7% TOTAL
Town And Country Shopping Center,

35.9% CHANGE, $166,092 , 2.8% TOTAL California Avenue, 43.6% CHANGE, $112,904 , 1.9% TOTAL
All Geo Area Totals 2021Q4 SALES TAX AMOUNTS
Balance of Jurisdiction,
$2,923,494 , 55.4% TOTAL
Stanford Shopping Center,
$1,344,823 , 25.5% TOTAL
Greater Downtown,
$496,646 , 9.4% TOTAL
El Camino Real and Midtown,
$309,572 , 5.9% TOTAL
Town And Country Shopping Center,
$122,192 , 2.3% TOTAL
California Avenue,
$78,609 , 1.5% TOTAL
All Geo Area Totals 2020Q4 SALES TAX AMOUNTS

GENERAL RETAIL,

29.7% CHANGE, $2,273,543 ,

32.0% TOTAL

BUSINESS TO BUSINESS,

3.9% CHANGE, $2,051,897 ,

28.9% TOTAL

TRANSPORTATION,

5.0% CHANGE,
$1,431,846 ,

20.2% TOTAL

FOOD PRODUCTS,

59.8% CHANGE, $1,075,263 ,

15.2% TOTAL
MISCELLANEOUS, 27.0% CHANGE,
$216,384 , 3.1% TOTAL

CONSTRUCTION,
-69.1% CHANGE,
$45,498 , 0.6% TOTAL
Palo Alto citywide 2021Q4 SALES TAX AMOUNTS
GENERAL RETAIL, $1,752,309 ,

28.8% TOTAL

BUSINESS TO BUSINESS,
$1,975,171 ,32.5% TOTAL

TRANSPORTATION,
$1,363,578 ,

22.4% TOTAL

FOOD PRODUCTS,
$672,939 , 11.1% TOTAL

MISCELLANEOUS,
$170,361 , 2.8% TOTAL
CONSTRUCTION, $147,089 ,

2.4% TOTAL
Palo Alto citywide 2020Q4 SALES TAX AMOUNTS
City of Palo Alto Geo Area & Citywide Pie Charts

Attachment A
Chart 13

17.a
Packet Pg. 531
1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com March 2021
We are pleased to provide our March 2022 California Policy Update. This issue includes updates on , the Taxpayer Protection and Government Accountability Act (currently being circulated for signatures for potential inclusion on the November 2022 Statewide ballot), and legislation by topic area that is currently going through the legislative process.

Please feel free to contact me with any questions.

Fran Mancia, Vice President of Government Relations [email protected] On March 8, Governor Gavin Newsom delivered his annual State of the State Address, going through a Although distinct from his 2022-23 budget presentation, there was not much new information shared, and the speech felt akin to a pep talk or comparative analysis of California versus the nation with California coming out on top.

Highlights from the Governor s State of the State Address by topic:

Climate: He began with
in electric vehicle sales and manufacturing, and tapping into lithium reserves in the Imperial Valley.

Employment:
$12 billion tax rebate last year, raising
the minimum wage, increasing paid sick leave, expanding paid family leave, investing in childcare, and providing healthcare to all regardless of immigration status.

COVID-19: Although lockdowns and mask mandates were difficult, California had lower death rates than any other large state. He noted that his SMARTER Plan will assist the state through future variants and seasonal surges.

Homelessness: Governor
billions of dollars to combat homelessness and created a comprehensive strategy moving forward. This encampment resolution grants and CARE Court will continue the efforts to move individuals from homelessness to housing.

Crime: The 2022-23 budget proposal includes $179 million to reduce crime through local law theft rings,
reducing the number of illegal firearms in circulation, and investing in crime reduction programs.

Education: Amongst the accomplishments Governor Newsom listed were universal transitional kindergarten, before and after school programs, expanded summer school, universal school meals, child savings accounts, and free community college.

California Policy Update March 2022
Attachment B

17.b
Packet Pg. 532

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com Taxpayer Protection and Government Accountability Act
Taxpayer Protection and Government Accountability Act, a constitutional initiative that would limit the ability for state and local governments to impose taxes, fees, and other charges will qualify for the November 2022 ballot. Currently, the campaign finance website is reflecting a donation from the Howard Jarvis Taxpayers Association of $75,000.

The measure received an official title and summary fiscal analysis
To qualify for the ballot, 997,139 valid signatures are due by June 6, 2022.

Proposed California legislation by topic:

Administration
AB 1944 (Lee) Local government: open and public meetings Status: Referred to Assembly Committee on Local Government Summary: Current law, the Ralph M. Brown Act, requires, with specified exceptions, that all meetings of a legislative body of a local agency, as those terms are defined, be open and public and that all persons be permitted to attend and participate. Current law, until January 1, 2024, authorizes a local agency to use teleconferencing without complying with those specified teleconferencing requirements in specified circumstances when a declared state of emergency is in effect, or in other situations related to public health. This bill would specify that if a member of a legislative body elects to teleconference from a location that is not public, the address does not need to be identified in the notice and agenda or be accessible to the public when the legislative body has elected to allow members to participate via teleconferencing.

SB 379 (Wiener) Residential solar energy systems: permitting Status: Read third time. Passed. (Ayes 31. Noes 1.) Ordered to the Assembly.

Summary: Current law requires a city or county to approve administratively applications to install solar energy systems through the issuance of a building permit or similar nondiscretionary permit. Current law requires every city, county, or city and county to develop a streamlined permitting process for the installation of small residential rooftop solar energy systems, as that term is defined. Current law prescribes and limits permit fees that a city or county may charge for a residential and commercial solar energy system. Current law creates the State Energy Resources Conservation and Development Commission (Energy Commission) in the Natural Resources Agency and prescribes its duties, which include administering programs for the installation of solar energy systems. This bill would require every city, county, or city and county to implement an online, automated permitting platform that verifies code compliance and issues permits in real time for a solar energy system, as defined, that is no larger than 38.4 kilowatts alternating current nameplate rating and an energy storage system, as defined, paired with a solar energy system that is no larger than 38.4 kilowatts alternating current nameplate rating.

Broadband
AB 1934 (Rodriguez) Fairgrounds: broadband
Status: Awaiting referral to committee
Summary: Would state the intent of the Legislature to later enact legislation relating to broadband internet access at fairgrounds used, or designated for use, in emergency response operations.

Attachment B

17.b
Packet Pg. 533

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com Cannabis
AB 2792 (Rubio, Blanca) Cannabis: excise tax: cultivation tax Status: Awaiting referral to committee
Summary: MAUCRSA, for purposes of the California Cannabis Equity Act, requires the Department of Cannabis Control to develop and implement a program to provide waivers and deferrals for application fees, licensing fees, and renewal fees required by MAUCRSA, as specified. This bill, from July 1, 2022, to July 1, 2025, inclusive, would prohibit the department from including any mark-up amount in the reduce the rate of the cannabis excise tax imposed on purchasers in a non- The bill, from July 1, 2022, to July 1, 2025, inclusive, would suspend the imposition of the excise tax upon purchasers of cannabis or cannabis products sold in this state by licensees eligible for a fee waiver or deferral pursuant to the program established by the Department of Cannabis Control under the California Cannabis Equity Act.

SB 1074 (McGuire) Cannabis: excise tax: cultivation tax Status: Awaiting referral to committee
Summary: Current law requires the California Department of Tax and Fee Administration to administer and collect the taxes. Existing law requires revenues from those taxes to be deposited into the California Cannabis Tax Fund, and continuously appropriates that tax fund for specified purposes. This bill would discontinue, beginning on July 1, 2022, the imposition of the cultivation tax. The bill would increase, from July 1, 2025, until July 1, 2026, the excise tax by an additional percentage that the Department of Finance estimates will generate half the amount of revenue that would have been collected pursuant to the cultivation tax, and would, beginning July 1, 2026, instead increase the excise tax by an additional percentage estimated by the department to generate the full amount of revenue that would have been collected pursuant to the cultivation tax. This bill contains other related provisions and other existing laws.

SB 1281 (Bradford) Cannabis taxes
Status: Awaiting referral to committee
Summary: Current law, the Control, Regulate and Tax Adult Use of Marijuana Act (AUMA), an initiative measure, as additionally amended by statute, imposes a weight-based cultivation tax on harvested cannabis that enters the commercial market and a separate excise tax on purchasers of cannabis or cannabis products sold in this state at the rate of 15% of the average market price of any retail sale by a cannabis retailer, as specif
mean the average retail price determined by the wholesale cost of the cannabis or cannabis products sold or transferred to a cannabis retailer, plus a mark-up, as determined by the California Department of Tax and Fee Administration on a biannual basis in 6-month intervals. Current law requires the distributor to collect the excise tax from the cannabis retailer and to remit the tax to the department. Current law requires revenues from the cultivation and excise taxes to be deposited into the California Cannabis Tax Fund, and continuously appropriates that tax fund for specified purposes. This bill would discontinue the imposition of the cultivation tax, would reduce the excise tax to 5%, and would remove the mark-up from requirement that the distributor collect the excise tax from the cannabis retailer and would instead require the cannabis retailer to remit the excise tax to the department. The bill would make these provisions effective beginning January 1, 2023. This bill contains other related provisions and other existing laws.

Attachment B

17.b
Packet Pg. 534

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com SB 1293 (Bradford) Cannabis: taxation
Status: Awaiting referral to committee
Summary: The Control, Regulate and Tax Adult Use of Marijuana Act (AUMA), an initiative measure approved as Proposition 64 at the November 8, 2016, statewide general election, authorizes a person who obtains a state license under AUMA to engage in commercial adult-use cannabis activity pursuant to that license and applicable local ordinances. This bill would state the intent of the Legislature to help equity licensees obtain a personal income or corporate tax credit that would be equal, or in some proportion, to the normal business expenses that they would otherwise have been able to write off on their federal taxes, but for federal law. The bill would make related legislative findings and declarations. This bill contains other existing laws.

Economic Development
AB 151 (Committee on Budget) Economic development
Status: Referred to the Senate Budget and Fiscal Review Committee Summary: Would revise and recast the California Innovation Hub Program by, among other things, renaming the program as the "California Inclusive Innovation Hub Program," renaming an Innovation Hub as an "Inclusive Innovation Hub," "iHub Squared," or "iHub2," renaming the Innovation Accelerator Account as the "Inclusive Innovation Accelerator Account," and replacing GO-Biz as the government entity directly supervising the program with the Office of the Small Business Advocate (office) within GO-Biz. The bill would also provide that the office limit the iHub2s within the state to stimulating partnerships, economic development, and job creation for underserved geographic areas, industry sectors, and business owners.

AB 1864 (Gipson) Small business
Status: Awaiting referral to committee
Summary: Current law creates w
Office of Small Business Advocate, which is led by the Small Business Advocate, who serves as the principal advocate in the state on behalf of small businesses. This bill would state the to enact legislation that would further support small businesses and local governments by incentivizing local hire, which would also retain critical revenue to assist our communities through the pandemic and onward. The bill would state related findings and declarations of the Legislature.

AB 2035 (Villapudua) Taxation: credits: California New Employment Credit Status: Referred to the Assembly Committee on Revenue and Taxation Summary: The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including, for taxable years beginning on or after January 1, 2014, and before January 1, 2026, a credit to a qualified taxpayer that hires a qualified full-time employee within a designated census tract or economic development area and that receives a tentative credit reservation for that qualified full-time employee. For the purposes of that credit, a qualified full-time employee is defined as an individual who meets certain requirements and satisfies at least one of two specified conditions relating to the number of hours the employee works and is paid. For purposes of that credit, certain employers that are primarily engaged in certain services, including food services, are excluded from claiming the credit. This bill would expand the definition of qualified taxpayer by permitting a taxpayer that is primarily engaged in certain services, including food services, to claim the credit. For purposes of meeting the definition of qualified full-time employee, the bill would permit, for these qualified taxpayers, an employee to be paid qualified wages by the qualified taxpayer for services not less than an average of 25 hours per week. The bill would also, among other things, define "high unemployment" for purposes of designated pilot areas.

Attachment B

17.b
Packet Pg. 535

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com AB 2200 (Arambula) Online Jobs and Economic Support Resource Grant Program Status: Referred to the Assembly Committee on Jobs, Economic Development, and the Economy Summary: The Economic Revitalization Act requires GO-
economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. This bill would establish the Online Jobs and Economic Support Resource Grant Program within GO-Biz to support inclusive, cross-jurisdictional, and innovative online platforms that support job and earning opportunities and economic recovery with a strong focus on underserved and economically challenged communities.

Finance
SB 852 (Dodd) Climate resilience districts: formation: funding mechanisms Status: Referred to the Senate Committee on Governance & Finance Summary: Current law authorizes certain local agencies to form a community revitalization authority (authority) within a community revitalization and investment area, as defined, to carry out provisions of the Community Redevelopment Law in that area for purposes related to, among other things, infrastructure, affordable housing, and economic revitalization. Current law provides for the financing of these activities by, among other things, the issuance of bonds serviced by property tax increment revenues, and requires the authority to adopt a community revitalization and investment plan for the community revitalization and investment area that includes elements describing and governing revitalization activities. This bill would authorize a city, county, city and county, special district, or a combination of any of those entities to form a climate resilience district for the purposes of raising and allocating funding for eligible projects and the operating expenses of eligible projects. The bill would of wildfire, drought, and the risk of flooding, as specified.

Franchises
AB 676 (Holden) Franchises
Status: Awaiting referral to committee in the Senate
Summary: The California Franchise Relations Act sets forth certain requirements related to the termination, nonrenewal, and transfer of franchises between a franchisor, subfranchisor, and franchisee, as those terms are defined. Current law provides that the act applies to any franchise when either the franchisee is domiciled in this state or the franchised business is or has been operated in this state. This bill would additionally require that any provision of a franchise agreement requiring the franchisee to waive the provisions of this chapter shall be deemed contrary to public policy and shall be void and unenforceable.

Housing
AB 1748 (Seyarto) Exempt surplus land: regional housing need Status: Referred to the Committees on Assembly Local Government and Housing and Community Development
Summary: Current law prescribes requirements for the disposal of surplus land by a local agency. Current law defines "surplus land" for these purposed to mean land owned in fee simple by any local agency for requirements for disposal of surplus land for "exempt surplus land," except as provided. Current law categorizes as "exempt surplus land," surplus land that a local agency is transferring to another local, l would add to the definition of "exempt surplus
Attachment B

17.b
Packet Pg. 536

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com land," surplus land that is zoned for a density of up to 30 residential units and is owned by a city or county that demonstrates adequate progress in meeting its share of regional housing need in its annual report, as specified, has constructed an adequate number of housing units to meet its share of regional housing need in the immediately preceding or current housing element cycle, as specified, or is designated as prohousing by the department.

AB 2179 (Grayson) Development fees and charges: deferral Status: Referred to the Committees on Assembly Local Government and Housing and Community Development
Summary: Current law prohibits a local agency that imposes fees or charges on a residential development for the construction of public improvements or facilities from requiring the payment of those fees or charges until the date of the final inspection or the date the certificate of occupancy is issued, whichever occurs first, except that the payment may be required sooner under specified circumstances. This bill would similarly prohibit a noncompliant local agency, as defined, that imposes any fees or charges on a qualified development, as defined, from requiring the payment of those fees or charges until 20 years from the date of the final inspection, or the date the certificate of occupancy is issued, whichever occurs first.

AB 2357 (Ting) Surplus land
Status: Referred to the Committees on Assembly Local Government and Housing and Community Development
Summary: Current law requires the Department of Housing and Community Development to maintain on its internet website, an up-to-date listing of all notices of availability throughout the state. This bill would also require the department to maintain on its internet website a listing of all entities, including housing sponsors, that have notified the department of their interest in surplus land for the purpose of developing low- and moderate-income housing.

AB 2428 (Ramos) Mitigation Fee Act: fees for improvements: timeline for expenditure Status: Referred to the Committees on Assembly Local Government and Housing and Community Development
Summary: The Mitigation Fee Act, requires a local agency that establishes, increases, or imposes a fee as a condition of approval of a development project to, among other things, determine a reasonable Mitigation Fee Act also imposes additional requirements for fees imposed to provide for an improvement to be constructed to serve a development project, or which is a fee for public improvements, as specified, including that the fees be deposited in a separate capital facilities account or fund. This bill would require a local agency that requires a qualified applicant, as described, to deposit fees for improvements, as described, into an escrow account as a condition for receiving a conditional use permit or equivalent development permit to expend the fees within 5 years of the deposit.

SB 1373 (Kamlager) Surplus land disposal
Status: Referred to the Senate Committee on Governance & Finance Summary: Current law prescribes requirements for the disposal of surplus land by a local agency, as defined. Current law provides that certain dispositions of real property by local agencies are subject to surplus land disposal procedures as they existed on December 31, 2019, without regard to specified amendments that took effect on January 1, 2020, if those dispositions comply with specified requirements and the disposition is completed not later than December 31, 2022. Current law extends the date that the disposition must be completed by to December 31, 2024, for specified properties, including properties related to the Metro North Hollywood Joint Development Project. Current law further extends the dates Attachment B

17.b
Packet Pg. 537

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com by which the disposition of property must be completed, as specified. This bill extends the date by which the disposition of property must be completed to December 31, 2024, if the property is located in a local agency with a population of over 2,000,000 persons and the local agency has either an option agreement redevelopment agency, or an exclusive negotiation agreement with a private entity to develop the subject property for economic development or housing purposes.

Privacy & Security
AB 1711 (Seyarto) Privacy: breach
Status: Referred to the Assembly Committee on Privacy and Consumer Protection Summary: Current law requires an agency or a person or business that conducts business in California that owns or licenses computerized data that includes personal information to disclose a breach of security of the system following discovery or notification of the breach in the security data to certain residents of website when a person or business operating a system on behalf of the agency is required to issue a security breach notification for that system pursuant to the above-described provisions, as specified.

Property Tax
AB 1206 (Bennett) Property taxation: affordable housing: welfare exemption Status: Awaiting referral to committee in the Senate
Summary: Current property tax law, in accordance with the California Constitution, provides for a "welfare exemption" for property used exclusively for religious, hospital, scientific, or charitable purposes and that is owned or operated by certain types of nonprofit entities, if certain qualifying criteria are met.

For the 2018 19 fiscal year through the 2027 28 fiscal year, in the case of an owner of property receiving a low-income housing tax credit under specified federal law, current property tax law requires that a unit continue to be treated as occupied by a lower income household for these purposes if the occupants were lower income households on the lien date in the fiscal year in which their occupancy of the unit commenced and the unit continues to be rent restricted, notwithstanding an increase in the income of the occupants of the unit to 140% of area median income, adjusted for family size. This bill, for the 2022 23 fiscal year through the 2027 28 fiscal year, would require that a unit continue to be treated as occupied by a lower income household, as described above, if the owner is a community land trust whose land is leased to low-income households, subject to a contract that complies with specified requirements.

AB 1707 (Boerner Horvath) Property tax postponement: Senior Citizens and Disabled Citizens Property Tax Postponement Fund
Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current law authorizes the Controller, upon approval of a claim for the postponement of ad valorem property taxes, to directly pay a county tax collector for the property taxes owed by the claimant, as provided. Existing law establishes the Senior Citizens and Disabled Citizens Property Tax Postponement Fund and continuously appropriates moneys in the fund to the Controller for specified purposes, including disbursements relating to the postponement of property taxes pursuant to the Property Tax Postponement Law. Current law requires the Controller to, on June 30, 2018, and on June 30 each year thereafter, transfer any moneys in the fund in excess of $15,000,000 to the General Fund. The bill would require money to be transferred, on June 30, 2023, and on June 30 each year thereafter, from the General Fund to the Senior Citizens and Disabled Citizens Property Tax Postponement Fund when the balance in the latter fund is less than $15,000,000. The bill would require the amount of money transferred each year to be equal to the sum needed to bring the balance of the Senior Citizens and Disabled Citizens Property Tax Postponement Fund to $15,000,000.

Attachment B

17.b
Packet Pg. 538

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com AB 1839 (Choi) Property tax: tax-defaulted property sales Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current law governs the sale to certain entities of a property that has been tax defaulted for 5 years or more, or 3 years or more, as applicable, in an applicable county, including by authorizing the state, county, any revenue district the taxes of which on the property are collected by county officers, or a redevelopment agency created pursuant to the California Community Redevelopment Law, to purchase the property or any part thereof, as prescribed. Current law also authorizes a nonprofit organization to purchase, with the approval of the board of supervisors of the county in which it is located, a residential or vacant property that has been tax-defaulted for 5 years or more, or 3 years or more if the property is subject to a nuisance abatement lien, as prescribed. Current law requires the sales price of a property sold pursuant to the provisions described or referenced above to include certain amounts, including all defaulted taxes and assessments and all associated penalties and costs. This bill would require the sales price of a property sold pursuant to those provisions to additionally include, only if the property is exempt from property taxation, an amount sufficient to fairly compensate, for the equity lost, any person with title of record to all or any portion of the property before the recordation of the tax deed to the purchaser.

AB 1933 (Friedman) Property taxation: welfare exemption: nonprofit corporation: low- and moderate-income families
Status: Referred to the Assembly Committees on Revenue & Taxation and Housing and Community Development
Summary: Current property tax law, in accordance with the California Constitution, provides for a "welfare exemption" for property used exclusively for religious, hospital, scientific, or charitable purposes and that is owned or operated by certain types of nonprofit entities, if certain qualifying criteria are met.

Current property tax law states that property is within that welfare exemption if the property is owned and operated by a nonprofit corporation, otherwise qualifying for the welfare exemption, that is organized and operated for the specific and primary purpose of building and rehabilitating single or multifamily residences for sale at cost to low-income families, with financing in the form of a zero interest rate loan and without regard to religion, race, national origin, or the sex of the head of household. This bill would also provide that property is fully exempt from property taxation and is also within that welfare exemption if that property is owned and operated by a nonprofit corporation, as described, that is organized and operated for the specific and primary purpose of building and rehabilitating single or multifamily residential units and the units meet specified requirements.

AB 2258 (Wood) Property Assessed Clean Energy program: wildfire safety improvements Status: Referred to the Assembly Committees on Local Government and Banking & Finance Summary: Would authorize a public agency that has established a PACE program, as specified, to enter into voluntary contractual assessments with property owners to finance the installation of wildfire safety improvements, as defined, that are permanently fixed to real property and would provide that wildfire resiliency and safety improvements that contribute to the defensible space Zones 1 and 2 of a property, as specified, are wildfire safety improvements for purposes of those provisions.

AB 2651 (Petrie-Norris) Property taxes: welfare exemption: community land trust Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current law provides that property is within the welfare exemption if that property is owned by a community land trust, as defined, otherwise qualifying for the welfare exemption, and specified conditions are met, including that the property is being or will be developed or rehabilitated as housing, as specified. Current law requires the exemption to apply for 5 lien dates, as provided. Current law requires the community land trust to be liable for property tax for the years for which the property was exempt if Attachment B

17.b
Packet Pg. 539

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com the property was not developed or rehabilitated, or if the development or rehabilitation is not in the course of construction, within a specified timeframe, depending on when the community land trust acquired the property. Current law requires the community land trust to notify the assessor if property owned by the community land trust is not in the course of construction by these dates. Existing law repeals these provisions on January 1, 2025. This bill would extend the operation of these provisions until January 1, 2030.

Sales and Use Taxes
AB 1623 (Ramos) Personal income taxes: exclusion: uniformed services retirement pay: survivor benefit plan payments
Status: Referred to the Assembly Committee on Revenue & Taxation Summary: The Personal Income year, but excludes certain items of income from the computation of tax, including an exclusion for combat-related special compensation. This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2033, would exclude from gross income retirement pay received by a taxpayer from the federal government for service performed in the uniformed services, as defined, during the taxable year. The bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2023, would also exclude from gross income annuity payments received by a qualified taxpayer, as defined, pursuant to a United States Department of Defense Survivor Benefit Plan during the taxable year. The bill would make related findings and declarations. This bill contains other related provisions and other existing laws.

AB 1702 (Levine) Sales and Use Tax Law: exemptions: COVID-19 prevention and response goods Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current sales and use tax laws impose taxes on retailers measured by the gross receipts from the sale of tangible personal property sold at retail in this state, or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state, and provides various exemptions from the taxes imposed by those laws. This bill would exempt from those taxes, until January 1, 2025, the gross receipts from the sale of, and the storage, use, or other consumption of, COVID-19 prevention and response goods, as defined.

AB 1951 (Grayson) Sales and use tax: exemptions: manufacturing Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current sales and use tax laws impose taxes on retailers measured by the gross receipts from the sale of tangible personal property sold at retail in this state, or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state. The Sales and Use Tax Law provides various exemptions from those taxes, including a partial exemption from those taxes, on and after July 1, 2014, and before July 1, 2030, for the gross receipts from the sale of, and the storage, use, or other consumption of, qualified tangible personal property purchased by a qualified person for purchases not exceeding $200,000,000, for use primarily in manufacturing, processing, refining, fabricating, or recycling of tangible personal property, as specified; qualified tangible personal property purchased for use by a qualified person to be used primarily in research and development, as provided; qualified tangible personal property purchased for use by a qualified person to be used primarily to maintain, repair, measure, or test any qualified tangible personal property, as provided; and qualified tangible personal property purchased by a contractor purchasing that property for use in the performance of a construction contract for the qualified person, that will use that property as an integral part of specified processes. Current law, on and after January 1, 2018, and before July 1, 2030, additionally exempts from those taxes the sale of, and the storage, use, or other consumption of, qualified tangible personal property purchased for use by a qualified person to be used primarily in the generation or Attachment B

17.b
Packet Pg. 540

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com production, as defined, or storage and distribution, as defined, of electric power. Current law does not apply this exemption to an apportioning trade or business, as specified. Existing law provides that qualified tangible personal property does not include consumables with a useful life of less than one year.

This bill would recast and restate these provisions to clarify the application of the exemption provided and update certain definitions to correspond to current federal guidelines.

AB 2622 (Mullin) Sales and use taxes: exemptions: California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project: transit buses.

Status: Referred to the Assembly Committee on Revenue & Taxation Summary: Current state sales and use tax laws impose a tax on retailers measured by the gross receipts from the sale of tangible personal property sold at retail in this state or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state. The Sales and Use Tax Law provides various exemptions from those taxes, including, until January 1, 2024, an exemption from those taxes with respect to the sale in this state of, and the storage, use, or other consumption in this state of, specified zero-emission technology transit buses sold to specified public agencies that are eligible for specified incentives from the State Air Resources Board. This bill would extend the exemption for specified zero-emission technology transit buses until January 1, 2034.

AB 2835 (Fong) Sales and use taxes: exemptions: nonprofit blood centers Status: Awaiting referral to committee
Summary: The Sales and Use Tax Law provides various exemptions from that tax. This bill would exempt, on and after January 1, 2023, from sales and use tax the sale of tangible personal property to, or the use of tangible personal property by, a nonprofit organization that recruits blood donors, and is a member of an organization promoting blood banking services, as specified.

ACA 5 (Voepel) Motor vehicles: fuel taxes, sales and use taxes, and fees: expenditure restrictions Status: Referred to the Assembly Committee on Transportation Summary: The California Constitution restricts the expenditure of revenues from taxes imposed by the state on fuels used in motor vehicles upon public streets and highways to street and highway and certain mass transit purposes. These restrictions do not apply to revenues from taxes or fees imposed under the Sales and Use Tax Law or the Vehicle License Fee Law. This measure would explicitly restrict the expenditure of all interest earned and other increment derived from the investment of those tax revenues and any proceeds from the lease or sale of real property acquired using those tax revenues only for the purposes described above.

SB 542 (Limón) Sales and use taxes: exemption: medium- or heavy-duty zero-emission trucks Status: Awaiting referral to committee in the Assembly
Summary: Current sales and use tax laws impose taxes on retailers measured by gross receipts from the sale of tangible personal property sold at retail in this state, or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state, measured by sales price. The Sales and Use Tax Law provides various exemptions from those taxes. This bill would provide an exemption from those taxes with respect to the sale in this state of, and the storage, use, or other consumption in this state of, a qualified motor vehicle. The bill would define "qualified motor vehicle" as a specified zero-emission truck. The bill would disallow the exemption for sales or uses made on or after January 1, 2025, if the purchaser also received other specified benefits.

Attachment B

17.b
Packet Pg. 541

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com SB 771 (Becker) Sales and Use Tax Law: zero emissions vehicle exemption Status: Awaiting referral to committee in the Assembly
Summary: Current state sales and use tax laws impose a tax on retailers measured by the gross receipts from the sale of tangible personal property sold at retail in this state or on the storage, use, or other consumption in this state of tangible personal property purchased from a retailer for storage, use, or other consumption in this state. The Sales and Use Tax Law provides various exemptions from those taxes.

This bill, on or after January 1, 2022, would provide an exemption from those taxes with respect to the sale in this state of, and the storage, use, or other consumption in this state of, a qualified motor vehicle, as defined, sold to a qualified buyer, as defined. The bill would provide that this exemption does not apply to specified state sales and use taxes from which the proceeds are deposited into the Local Revenue Fund, the Local Revenue Fund 2011, or the Local Public Safety Fund.

SB 1041 (Atkins) Sales and use taxes: general exemptions Status: Awaiting referral to committee in the Senate
Summary: The Sales and Use Tax Law provides various exemptions from those taxes, including an exemption for the sale of, or the storage, use, or consumption of, tangible personal property sold by a thrift store located on a military installation and operated by a designated entity, as defined, that, in partnership with the United States Department of Defense, provides financial, educational, and other assistance to members of the Armed Forces of the United States, eligible family members, and survivors that are in need. Existing law provides that this exemption will remain in effect only until January 1,

SB 1312 (Ochoa Bogh) Marketplace facilitators: passenger vehicle rental companies: tax and fee liability relief
Status: Referred to the Senate Governance & Finance Committee Summary: Current law, the Fee Collection Procedures Law, provides for the administration and collection of various fee programs and was originally administered by the State Board of Equalization. In 2017, the California Department of Tax and Fee Administration was established, and current law transferred many of the tax and fee administration duties, powers, and responsibilities of the board to the department. This bill would also relieve a marketplace facilitator of liability for the taxes or fees on a retail sale if the marketplace facilitator demonstrates to the satisfaction of the department that the marketplace seller is an unrelated passenger vehicle rental company and is registered to remit sales and use tax to the department.

Short-Term Rentals
AB 2328 (Flora) Local ordinances: home experience sharing Status: Referred to the Assembly Committees on Local Government and Judiciary Summary: Current law defines "hosting platform" as a marketplace that is created for the primary purpose of facilitating the rental of a residential unit, as specified. This bill would prohibit a city or county from prohibiting or effectively prohibiting the use of property as a home experience sharing unit. The bill would define "home experience sharing unit" as a privately owned, noncommercial property or residential dwelling unit that is rented partially for a fee for a period of fewer than 18 continuous hours and that does not provide sleeping accommodations to transients. The bill would authorize a city or county to reasonably regulate home experience sharing units to protect the pub

Attachment B

17.b
Packet Pg. 542

1264 Hawks Flight Court #270, El Dorado Hills CA 95762 | 559-288-7296 | www.avenuinsights.com Taxation
AB 1626 (Nguyen) Motor Vehicle Fuel Tax Law: limitation on adjustment Status: Awaiting referral to committee
Summary: Existing law, the Motor Vehicle Fuel Tax Law, administered by the California Department of Tax and Fee Administration, imposes a tax upon each gallon of motor vehicle fuel removed from a refinery or terminal rack in this state, entered into this state, or sold in this state, at a specified rate per gallon. Existing law requires the department to annually adjust the tax imposed by increasing the rates based on the California Consumer Price Index, as specified. This bill would limit the above-described annual adjustment to a maximum of 2% for rate adjustments made on or after July 1, 2023.

AB 1638 (Kiley) Motor Vehicle Fuel Tax Law: suspension of tax Status: Awaiting referral to committee
Summary: Would suspend the imposition of the tax on motor vehicle fuels for 6 months. The bill would direct the Controller to transfer a specified amount from the General Fund to the Motor Vehicle Fuel Account in the Transportation Tax Fund. By transferring General Fund moneys to a continuously appropriated account, this bill would make an appropriation.

AB 1708 (Kiley) Law enforcement: sharing data
Status: Referred to the Assembly Revenue & Taxation Committee Summary: Current law prohibits a law enforcement official from cooperating with immigration authorities where individuals were arrested, detained, or convicted of misdemeanors that were previously felonies or were previously crimes punishable as either misdemeanors or felonies, as specified. Current law prohibits immigration status in regard to access to educational or rehabilitative programming or credit-earning restrictions on state and local law enforcement agencies.

AB 1729 (Voepel) Personal income taxes: gross income: exclusion: student loan assistance Status: Referred to the Assembly Revenue & Taxation Committee Summary: The Personal Income Tax Law excludes from the gross income of an employee amounts paid or incurred by an employer for educational assistance to the employee, as specified, up to $5,250 during a calendar year. This bill would exclude from the gross income of an employee amounts, not exceeding an aggregate amount of $5,250 per year, that are paid or incurred by an employer on or after January 1, 2021, and before January 1, 2026, for the payment of principal or interest on a qualified education loan, as defined, incurred by the employee.

SB 49 (Umberg) Income taxes: credits: California Fair Fees Tax Credit Status: Awaiting referral to committee
Summary: The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2021, and before January 1, 2026, to a taxpayer that meets certain criteria, including that the taxpayer temporarily ceased business operations for at least 30 consecutive days during the taxable year in response to an emergency order, as defined. The amount of credit would vary based on the number of consecutive days the qualified taxpayer has ceased business operations during the taxable year, with a maximum amount of $6,000 if the qualified taxpayer has temporarily ceased business operations for at least 180 consecutive days, as provided.

Attachment B

17.b
Packet Pg. 543

City of Palo Alto (ID # 13624)
City Council Staff Report

Meeting Date: 5/2/2022 Report Type: Information Reports

City of Palo Alto Page 1

Title: Investment Activity Report for the Third Quarter, Fiscal Year 2022 From: City Manager
Lead Department: Administrative Services

Background
The City’s Investment Policy requires that staff report to Council quarterly on the City’s portfolio composition and performance compared to the Council -adopted policy; discuss overall compliance with the City’s Investment Policy; and provide r ecommendations, if any, for policy changes. In addition, staff provides a detailed list of all securities and report on the City’s ability to meet expenditure requirements over the next six months. This report is to inform Council of the City’s investment portfolio performance as of the third quarter ending March 31, 2022 and to disclose staff’s cash flow projections for the next six months.

Discussion
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by Fund Report (Attachment B). The Investments by Fund Report groups the portfolio’s securities by investment type and includes details of the investment issuer, date of maturity, current market value, the book and face (par) value, and the weighted average maturity of each type of investment and of the entire portfolio.

18 Packet Pg. 544

City of Palo Alto Page 2

The par value of the City’s portfolio is $575.9 million; in comparison, last quarter it was $553.8 million. The $22.1 million portfolio growth since the last quarter results from expected and typical timing of cash flows. Contributing factors to these cashflow trends reflect variables including the impact of an extra pay period in the second quarter reflecting lower payroll costs in the third quarter and the receipt of annual property tax proceeds.

The portfolio consists of $28.9 million in liquid accounts and $547.0 million in various investment types as detailed in the following Table 1. The investment policy requires that at least $50 million be maintained in securities maturing in less than two years. The portfolio includes $111.6 million in investments maturing in less than two years, comprising 19.4 percent of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the portfolio to be invested in securit ies with maturities beyond five years. The actual at the end of the second quarter is 29.4 percent of the portfolio.

18 Packet Pg. 545

City of Palo Alto Page 3

The current market value of the portfolio is 95.8 percent of the book value. The market value of securities fluctuates, depending on h ow interest rates perform. When interest rates decrease, the market value of the securities in the City’s portfolio will likely increase; likewise, when interest rates increase, the market value of the securities will likely decrease.

Understanding and showing market values is not only a reporting requirement, but essential to knowing the principal risks in actively buying and selling securities. It is important to note, however, that the City’s practice is to buy and hold investments until they mature so changes in market price do not affect the City’s investment principal. As a result, there’s no risk of principal loss due to the declining market value. The market valuation is provided by U.S. Bank, which is the City’s safekeeping agent. The average life to maturity of the investment portfolio is

4.12 years compared to 4.28 years last quarter.

18 Packet Pg. 546

City of Palo Alto Page 4

Investments Made During the Third Quarter
During the third quarter, $17.7 million of securities with an average yield of 2.0 percent matured. During the same period, per the following Table 2, securities totaling $27.6 million with an average yield of 2.0 percent were purchased. As expected, as interest rates slowly rose on new investments, the City’s portfolio’s average yield plateaued in this and the prior f ew quarters and the portfolio’s average yield is expected to eventually rise. In the prior two fiscal years or during the height of the COVID -19 economic closures, the portfolio’s interest rate had steadily declined. The City’s short -term money market and pool account increased by $12.2 million compared to the second quarter of Fiscal Year 2022. Staff continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.

Availability of Funds for the Next Six Months
Typically, the flow of revenues from the City’s utility billings and General Fund sources is enough to provide funds for ongoing expenditures in those respective funds. Projections indicate that for the City’s cashflow, an overall decline in the portfolio of $30.2 million is expected over the coming six months due to routine business needs. This reflects expected receipts of $304.4 million and expenditures of $334.6 million over the next six months.

The expected decline in the portfolio is attributable to pre -paying a portion of the Fiscal Year 2023 Public Employers’ Retirement System’s (PERS) employer contribution of $43.1 million, representing the City’s unfunded accrued liability (UAL) lump -sum prepayment for FY 2023. By prepaying PERS instead of making paym ents with each payroll period, the City is expected to save $1.4 million in pension expense; the savings will be offset by the loss of approximately $0.4 million in interest income in the City’s investment portfolio. This results in net citywide savings of $1.0 million because PERS has the ability to earn interest earlier and at a higher rate than the City could realize.
18 Packet Pg. 547

City of Palo Alto Page 5

As of March 31, 2022, the City had $28.9 million deposited in the Local Agency Investment Fund (LAIF) and a money market account that co uld be withdrawn on a daily basis. In addition, investments totaling $31.9 million will mature between April 1, 2022 and September 31, 2022.

Based on the above and staff’s revenue and expenditure forecast for the next six months, staff expect that the City will have sufficient funds to meet expenditure requirements for the next six months.

Compliance with City Investment Policy
During the third quarter, staff complied with all aspects of the investment policy. Attachment C lists the major restrictions in t he City’s investment policy compared with the portfolio’s actual performance.

Investment Yields
Interest income on an accrual basis for the third quarter was $2.3 million; same as the prior quarter. As of March 31, 2022, the yield to maturity of the City ’s portfolio was 1.61 percent; in the prior quarter it was similar or at 1.62 percent. In the third quarter, LAIF’s average yield was

0.29 percent while the average yield on the two -year and five -year Treasury bonds was approximately 1.43 percent and 1.81 percent, respectively. In comparison, in the prior quarter LAIF had 0.22 percent yield and the two -year and five -year Treasury bonds yields were significantly lower at 0.53 percent and 1.18 percent.

Historically, the City’s portfolio yield has outperfor med the two -year and five -year Treasury bond rates and did so again starting over two years ago; this is an expected occurrence during economic downturns. However, during economic recovery periods, interest rates rise and the City’s portfolio yield is expe cted to be lower , as is the current financial environment . As the City’s laddered portfolio investments mature in the next year or two, funds will continue to be reinvested and trends will follow the economic patterns . Graph 2 shows the City’s yields and interest earnings for the past 20+ years.

18 Packet Pg. 548

City of Palo Alto Page 6

5.88%

5.00%

4.17%

4.54%
City of Palo Alto

2.71%

1.80% 1.93%

1.61%

1.41%

0.81% 0.25%
2 Yr. Treasury

1.43%

4.39%

4.98%

1.10%
5-Yr. Treasury

2.88%

2.47%

0.27%

1.81%

1.44%

5.25%

0.23%
LAIF

0.29%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%
Int. Earnings
(Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
City’s portfolio duration is 4.12 years.

Yield Trends
In its M arch 16 , 2022 meeting , t he Federal Open Market Committee (FOMC), after 17 consecutive meeting s, since March 2020, raised the federal funds rate by 0. 25 percent (0.25 percent to 0.50 percent) after being near zero. In order to mitigate the elevated inflation rate, the expectation is there will continue to be multiple federal funds rate interest rate increases in 2022 and 2023. FOMC’s inflation concern are “reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.” They stated, “The invasion of Ukraine by Russia is causing tremendous human and economic hardship.” This has also created further unce rtainty for the U.S. economy and has put additional upward pressure on inflation which may require more aggressive actions by the FOMC. The FOMC Gross Domestic Product (GDP) outlook for this year is around 2.8 percent which is lower than their previous expectation of around 4 percent. For unemployment, they expect the bottom for this year will be around 3.5 percent, currently it’s 3.6 percent, and for this to stay there for the next few years with longer -term outlook to be around 4 percent (Graph 3 below s hows unemployment rate trends).

18 Packet Pg. 549

City of Palo Alto Page 7

Graph 3: U.S. Unemployment Rate

Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held directly in the investment portfolio. These include cash in the City’s regular bank account with US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City Council Staff Report I D # 7858 and ID # 11402 . The bond proceeds, reserves, and debt service payments being held by the C ity’s fiscal agents are subject to the requirements of the underlying debt indenture. The trustees for the bond funds are U.S. Bank and California Asset Management Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market m utual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal agency securities, and repurchase agreements. The most recent data on funds h eld by the fiscal agent is as of March 31, 2022.

In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post - Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This fund is not governed by the City’s Investment Policy; however, it is discussed in this report to present the full picture of the City’s investments . It is the City’s intent to prefund pension costs and began to address the Net Pension Liabilities (NPL) as calculated by Governmen tal Accounting Standards Board Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios from which to choose in making investments of City funds. The City has selected the “Moderately Conservative” portfolio which is the second most conservative.

Additional information on this trust can be found in City Council Staff Report ID # 7553 .

Through March 31, 2022, principal investment contributions of $34.8 million made over time 18 Packet Pg. 550

City of Palo Alto Page 8

since May 2017, have grown to $38.2 million and the net return for one and three years has been -0.17 percent and 5.34 percent respectively.

Fiscal Impact
This is an information report discussing the previous three months and the information presented does not result in a financial impact.

Environmental Review
This information report is not a project under the California Environmental Quality Act; therefore, an environmental review is not required.

Attachments:
• Attachment18.a: Attachment A Consolidated Report of Cash Management • Attachment18.b: Attachment B Investment Portfolio
• Attachment18.c: Attachment C Investment Policy Compliance 18 Packet Pg. 551
Book Value Market Value
City Investment Portfolio (see Attachment B) 582,263,760$ 558,001,622 $ Other Funds Held by the City
Cash with Wells Fargo Bank 434,462 434,462 (includes general and imprest accounts)
Cash with US Bank 1,256,341 1,256,341 (includes general and imprest accounts)
Petty/Working Cash 11,927 11,927 Total - Other Funds Held By City 1,702,730 1,702,730 Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,551,138 2,551,138 2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,927,702 2,927,702 2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 789,022 789,022 2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,677,540 1,677,540 2018 Capital Improvement (Golf Course & 2002B COP Refinance) (Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 17,996 17,996 2019 California Avenue Parking Garage Certificates of Participation (Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 5 5 2021 Public Safety Building Certificates of Participation Construction Debt Svc, Capitalized Interest, and Cost of Issuan 62,332,352 62,332,352 California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,706,849 2,706,849
2013 General Obligation (Library) Bond
Reserve Fund 599,078 599,078
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 38,213,070 38,213,070 Total Under Trustee Management 111,814,753 111,814,753 GRAND TOTAL 695,781,242 $ 671,519,105 $
* These funds are subject to the requirements of the underlying debt indenture. ** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities. *** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit, commercial paper, federal agency securities, and repurchase agreements. **** PARS investments are in moderately conservative index plus funds Attachment A
Third Quarter, Fiscal Year 2021-22
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments

18.a
Packet Pg. 552
City of Palo Alto
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2022
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 4,162,327.04SYS158 10.20007/01/2020 4,162,327.04 0.197 0.2004,162,327.04 Local Agency Investment Fund159 24,755,204.56SYS159 10.42007/01/2020 24,691,809.45 0.414 0.42024,755,204.56 Subtotal and Average 28,917,531.60 28,917,531.60 28,854,136.49 0.383 0.388 1 Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 5773.45010/30/2018 251,377.35 3.404 3.451245,000.00 American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1822.45009/30/2015 246,940.40 2.418 2.451245,000.00 Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1812.05009/29/2017 246,443.05 2.022 2.051245,000.00 Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 5022.40002/16/2016 245,646.80 2.367 2.400245,000.00 American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 522.10009/27/2019 249,605.07 1.869 1.895249,070.69 Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,0841.10003/20/2020 238,766.10 1.085 1.100249,000.00 American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 7902.30005/30/2017 245,546.35 2.270 2.301245,000.00 American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 6123.55012/04/2018 251,813.45 3.501 3.550245,000.00 Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,3370.45011/27/2020 230,459.46 0.493 0.500248,544.45 Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,2141.05011/23/2020 236,970.81 0.542 0.549253,087.14 Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,7902.05003/02/2022 242,207.28 2.053 2.081248,632.66 Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,1691.00006/02/2020 237,013.14 0.986 1.000249,000.00 Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1682.25009/16/2015 246,624.35 2.220 2.251245,000.00 Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1821.70009/30/2016 246,021.65 1.676 1.700245,000.00 Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 8821.70008/30/2019 241,538.15 1.678 1.701245,000.00 BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,3920.55001/22/2021 230,621.31 0.592 0.600248,525.45 BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,4011.00001/27/2021 223,716.54 1.019 1.034248,471.86 BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,3290.50011/20/2020 231,104.37 0.493 0.500249,000.00 BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 122.00004/13/2017 245,137.20 1.973 2.001245,000.00 Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,7902.05003/02/2022 242,207.28 2.053 2.081248,632.66 Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 2433.25011/30/2018 248,785.25 3.207 3.252245,000.00 Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 3863.00004/24/2018 249,253.20245,000.00 Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,8761.15005/21/2020 231,017.22 1.134 1.150249,000.00 Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 202.05004/21/2017 245,227.85 2.023 2.051245,000.00 First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,2370.45008/20/2020 230,957.44 0.444 0.450248,000.00 Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 8821.85008/30/2019 242,403.00 1.826 1.852245,000.00 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B18.b
Packet Pg. 553
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,0911.00003/27/2020 237,926.97 1.189 1.206247,512.27 Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 2722.35012/29/2017 247,533.30 2.317 2.350245,000.00 Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,7980.65003/04/2021 226,059.63 0.691 0.701248,386.99 Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,0631.65002/27/2020 239,085.70 1.668 1.691244,714.90 Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 3221.75002/19/2016 251,327.50 1.727 1.751250,000.00 Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 2002.10010/18/2017 246,634.15 2.071 2.100245,000.00 Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,0341.80001/29/2020 240,465.05 1.779 1.803245,000.00 City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 452.00005/15/2017 245,485.10 1.972 2.000245,000.00 Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,7271.25012/23/2021 233,661.60 1.273 1.291248,529.00 Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 8881.90009/05/2019 242,638.20 1.873 1.900245,000.00 Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,6911.10011/17/2021 232,473.87 1.084 1.100249,000.00 Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 522.00005/22/2017 245,558.60 1.972 2.000245,000.00 Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1642.25009/11/2015 246,604.75 2.224 2.255245,000.00 Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,0841.10003/20/2020 237,807.20 1.085 1.100248,000.00 Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,8601.10001/29/2021 220,980.03 1.154 1.170247,700.08 Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,7912.00003/09/2022 241,632.09 1.975 2.003249,000.00 Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 5713.35010/24/2018 250,960.85 3.304 3.350245,000.00 Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,5580.85007/07/2021 231,358.35 0.919 0.932248,150.18 Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 3922.65004/30/2019 248,371.20 2.615 2.651245,000.00 Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,5091.00002/12/2021 222,558.69 1.037 1.052248,144.78 Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 9130.40009/30/2020 237,311.94 0.394 0.400249,000.00 FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 62.10004/07/2017 245,078.40 2.072 2.101245,000.00 Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,0821.10003/18/2020 238,800.96 1.085 1.100249,000.00 First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 4471.80006/22/2016 246,229.90 1.776 1.800245,000.00 1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,2360.45008/19/2020 230,972.32 0.444 0.450248,000.00 First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 8871.75009/04/2019 241,778.25 1.727 1.751245,000.00 First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1042.05007/14/2017 246,082.90 2.023 2.051245,000.00 Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,3970.50001/27/2021 230,056.08 0.543 0.550248,523.75 First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,7040.65011/30/2020 227,337.00 0.691 0.701248,419.04 Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,8531.60001/14/2022 229,846.92 1.630 1.653248,030.17 First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,7350.60012/31/2020 226,378.35 0.625 0.633248,605.65 FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 5602.25010/13/2017 246,881.60 2.220 2.251245,000.00 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 554
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 2012.10004/19/2017 246,643.95 2.072 2.101245,000.00 First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 282.00006/30/2017 245,306.25 1.973 2.000245,000.00 First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 5643.40010/17/2018 251,159.30 3.355 3.401245,000.00 First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,7920.85007/28/2021 228,442.56 0.892 0.905248,343.49 Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 8751.95008/23/2019 243,040.00 1.925 1.952245,000.00 First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1882.10010/06/2017 246,553.30 2.072 2.101245,000.00 First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 62.00004/07/2017 245,073.50 1.973 2.001245,000.00 Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 2,0690.80011/30/2020 224,538.24 0.825 0.836248,496.11 Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1152.00010/25/2017 246,119.65 1.972 2.000245,000.00 Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 7682.55005/08/2019 246,918.35 2.513 2.548245,000.00 Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 4033.15005/09/2018 249,728.50 3.106 3.150245,000.00 Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,2980.35011/16/2020 191,427.39 0.527 0.535205,655.82 Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,3540.50012/14/2020 230,735.85 0.543 0.550248,538.66 Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1752.20003/24/2017 246,604.75 2.172 2.202245,000.00 Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 112.15004/12/2017 245,139.65 2.121 2.151245,000.00 Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,5800.90007/29/2021 231,520.20 0.888 0.900249,000.00 Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 2,0650.75011/27/2020 223,933.17 0.790 0.801248,295.64 Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 7912.50005/31/2017 246,577.80 2.465 2.500245,000.00 Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 5783.35010/24/2019 254,071.04 2.210 2.241252,159.71 Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 5351.80009/16/2016 245,438.55 1.775 1.800245,000.00 Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,4560.85012/30/2020 220,798.26 0.889 0.901248,160.26 Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 2,0261.10010/18/2021 228,898.23 1.135 1.151248,309.26 Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 3641.45003/31/2020 249,373.50249,000.00 Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,1860.40008/31/2020 232,227.36 0.394 0.400249,000.00 Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 882.05006/28/2017 245,957.95 2.023 2.051245,000.00 Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 412.10005/12/2017 245,470.40 2.071 2.100245,000.00 Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,4390.55003/07/2022 233,171.07 1.904 1.930235,967.17 Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 552.05005/26/2017 245,610.05 2.023 2.051245,000.00 Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 6423.30001/10/2019 250,806.50 3.254 3.299245,000.00 Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 872.35009/27/2019 250,142.91 1.868 1.894249,263.24 Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 8821.80008/30/2019 242,118.80 1.775 1.800245,000.00 Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,5091.10011/19/2021 234,304.02 1.152 1.168248,313.51 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 555
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 702.05006/12/2017 245,771.75 2.023 2.051245,000.00 Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,4951.00001/28/2021 222,673.23 1.024 1.039248,362.38 Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 9521.90011/08/2019 242,015.90 1.875 1.902245,000.00 Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 7562.60004/26/2019 247,207.45 2.567 2.602245,000.00 Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 2212.30001/08/2020 251,101.56 1.928 1.955249,505.10 Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 2852.65001/11/2018 248,126.20 2.613 2.650245,000.00 Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 6143.55012/06/2018 251,815.90 3.501 3.550245,000.00 Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 7622.35005/22/2017 245,938.35 2.317 2.349245,000.00 Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1472.25008/26/2015 246,972.25 2.220 2.251245,000.00 Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 6063.55011/28/2018 251,820.80 3.503 3.551245,000.00 South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1812.05009/29/2017 246,443.05 2.022 2.051245,000.00 Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 2932.40001/19/2018 247,665.60 2.368 2.401245,000.00 Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,2780.45009/30/2020 231,358.35 0.443 0.450249,000.00 Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,2920.50010/13/2020 231,530.16 0.533 0.540248,647.83 People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,8310.90012/30/2020 217,760.46 0.967 0.981247,499.26 Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 552.10005/26/2017 245,629.65 2.072 2.101245,000.00 Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,6140.85009/01/2021 230,616.33 0.889 0.901248,449.77 Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 8682.00008/16/2019 243,383.00 1.972 2.000245,000.00 Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 3482.10007/19/2017 246,991.85 2.072 2.101245,000.00 Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,8871.00002/24/2021 219,110.04 1.055 1.070247,688.21 Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,0041.85012/30/2019 241,151.05 1.824 1.850245,000.00 Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 9011.90009/18/2019 242,518.15 1.873 1.900245,000.00 State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,2520.50009/04/2020 232,140.21 0.493 0.500249,000.00 Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 4092.95005/15/2018 249,231.15 2.911 2.951245,000.00 San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,0911.10003/27/2020 238,644.09 1.085 1.100249,000.00 Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 2,1480.80002/17/2021 223,616.94 0.861 0.873247,953.73 Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 4371.80006/10/2016 246,266.65 1.776 1.800245,000.00 Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 2022.10010/20/2017 246,651.30 2.072 2.101245,000.00 Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 182.00004/19/2017 245,200.90 1.973 2.001245,000.00 Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 7271.15003/31/2020 244,296.39 1.134 1.150249,000.00 Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,6020.90008/20/2021 231,335.94 0.887 0.900249,000.00 Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,3620.45012/23/2020 229,871.82 0.483 0.490248,628.55 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 556
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 9691.95011/25/2019 242,165.35 1.923 1.950245,000.00 Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 4342.15006/09/2017 247,001.65 2.121 2.151245,000.00 Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,5660.95007/15/2021 232,264.71 0.936 0.950249,000.00 Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 882.00006/28/2017 245,935.90 1.972 2.000245,000.00 Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 6341.70006/24/2016 245,164.15 1.676 1.700245,000.00 Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,5720.95007/21/2021 232,122.78 0.937 0.950249,000.00 USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,0951.15003/31/2020 239,293.98 1.155 1.171248,850.68 USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,3921.75007/15/2021 228,345.45 1.801 1.826247,381.09 Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 6193.65010/18/2019 252,254.45 2.170 2.200250,755.88 Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 8752.05008/23/2019 243,610.85 2.024 2.052245,000.00 Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,3221.05005/13/2020 234,957.68 1.035 1.050248,000.00 Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,3370.50011/27/2020 230,902.68 0.515 0.522248,726.67 Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1192.35008/12/2015 246,670.90 2.317 2.349245,000.00 Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 402.05008/11/2017 245,445.90 2.021 2.050245,000.00 Subtotal and Average 33,499,633.74 33,522,000.00 32,632,125.47 1.653 1.676 931 Corporate Medium Term Bonds
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 3972.40008/29/2019 552,970.00 1.726 1.750553,751.83 Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 1,0182.75008/28/2020 1,502,415.00 0.620 0.6281,587,217.90 Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,4090.70002/08/2021 651,910.00 0.684 0.694700,155.12 Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,7753.35002/23/2022 765,885.00 2.115 2.145789,443.99 Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1,2320.45003/01/2021 186,592.00 0.668 0.678198,487.74 Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,5971.99803/14/2022 974,630.00 2.197 2.228990,463.00 Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,2490.55012/23/2020 1,865,220.00 0.479 0.4862,004,308.86 Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,4302.45003/01/2021 1,989,260.00 0.812 0.8232,118,464.91 Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,4302.45003/01/2021 994,630.00 0.812 0.8241,059,217.27 Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 6762.87501/22/2020 1,822,986.00 1.727 1.7511,834,494.02 Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,3123.12511/18/2020 2,970,691.20 0.572 0.5803,169,480.35 Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,3123.12503/01/2021 183,124.80 0.753 0.763194,170.32 Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 6716.87505/14/2019 2,147,960.00 2.367 2.4002,112,162.17 Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 6716.87512/12/2019 1,073,980.00 1.934 1.9601,086,114.71 Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,8871.28901/07/2022 1,378,740.00 1.479 1.5001,484,343.01 Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,8871.28902/01/2022 459,580.00 1.849 1.875485,654.57 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 557
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Corporate Medium Term Bonds
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1,1100.87307/01/2020 1,898,040.00 0.616 0.6252,014,544.36 Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1,1100.87303/01/2021 2,847,060.00 0.638 0.6463,019,904.31 Subtotal and Average 25,402,378.44 24,600,000.00 24,265,674.00 1.119 1.135 1,188 Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 7712.85008/06/2019 1,512,360.00 1.998 2.0251,523,930.03 Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 952.20012/13/2012 1,505,130.00 1.930 1.9571,500,863.90 Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 2342.00012/19/2012 753,493.50 2.081 2.110749,526.25 Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2702.18001/04/2013 1,509,195.00 2.165 2.1961,499,841.09 Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2702.18001/08/2013 1,509,195.00 2.195 2.2251,499,548.64 Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2702.18001/23/2013 1,509,195.00 2.111 2.1411,500,386.27 Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2702.18001/28/2013 2,610,907.35 2.199 2.2292,594,143.21 Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 952.20004/23/2014 1,254,275.00 2.889 2.9301,247,894.82 Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 7263.33001/09/2015 412,423.40 2.540 2.575409,361.58 Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 4372.61001/22/2015 1,616,382.88 2.269 2.3011,609,365.31 Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 4372.61002/09/2015 1,461,194.00 2.377 2.4101,453,123.71 Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 2982.13004/06/2016 1,004,740.00 1.839 1.8641,002,015.45 Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,2214.35004/08/2016 501,648.42 2.296 2.328502,635.14 Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 7613.30004/21/2016 1,529,580.00 2.084 2.1121,533,952.42 Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 7613.30004/26/2016 1,529,580.00 2.159 2.1891,531,655.98 Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 2702.18005/26/2016 503,065.00 1.844 1.870501,070.28 Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1052.38007/25/2016 2,008,620.00 1.499 1.5202,004,731.76 Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,4044.81010/18/2016 1,624,320.00 2.131 2.1601,637,518.30 Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 52.07504/06/2017 1,500,270.00 2.046 2.0751,500,000.00 Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 952.20006/14/2017 1,003,420.00 1.908 1.9341,000,656.61 Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 891.88006/29/2017 1,503,645.00 1.903 1.9301,499,825.47 Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 891.88006/29/2017 1,002,430.00 1.923 1.949999,837.74 Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 8752.25010/06/2017 996,720.00 2.332 2.365997,466.55 Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 2552.26012/12/2017 1,508,280.00 2.229 2.2601,500,000.00 Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 8532.62501/09/2018 1,005,550.00 2.546 2.5811,000,921.08 Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 8532.62501/11/2018 1,508,325.00 2.623 2.6601,498,878.07 Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 3042.50001/30/2018 2,015,420.00 2.472 2.5071,999,887.04 Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 3042.50001/30/2018 1,511,565.00 2.481 2.5151,499,815.12 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 558
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 3042.50001/31/2018 2,015,420.00 2.556 2.5921,998,573.44 Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 2982.13002/08/2018 1,105,214.00 2.578 2.6141,095,957.72 Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 3272.60002/22/2018 1,512,690.00 2.564 2.6001,500,000.00 Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 3262.77002/23/2018 1,514,940.00 2.732 2.7701,500,000.00 Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 6693.46012/14/2018 561,286.62 3.018 3.060552,689.45 Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 7392.35004/09/2019 1,001,700.00 2.365 2.398999,081.91 Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 9645.25004/08/2019 726,280.38 2.420 2.454724,404.66 Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,2214.35009/09/2019 582,081.50 1.659 1.683596,470.87 Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,0582.85003/11/2020 1,585,741.23 1.050 1.0641,720,103.83 Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,9641.50005/13/2020 1,834,680.00 1.479 1.5002,000,000.00 Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 3,0061.40006/24/2020 1,593,305.00 1.380 1.4001,750,000.00 Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 3,0061.40006/24/2020 1,820,920.00 1.380 1.4002,000,000.00 Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 3,0201.40007/08/2020 1,365,075.00 1.380 1.4001,500,000.00 Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 3,1011.30010/08/2020 1,802,420.00 1.286 1.3042,000,000.00 Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 3,1251.28010/21/2020 1,799,000.00 1.262 1.2802,000,000.00 Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 3,1331.34010/29/2020 1,805,600.00 1.321 1.3402,000,000.00 Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 3,1551.15011/20/2020 1,311,105.00 1.134 1.1501,500,000.00 Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 3,1761.30012/11/2020 1,350,240.00 1.282 1.3001,500,000.00 Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 3,1811.45012/16/2020 1,819,600.00 1.430 1.4502,000,000.00 Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 3,1551.15012/09/2020 874,070.00 1.144 1.160999,131.81 Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,3850.48001/15/2021 1,390,035.00 0.493 0.5001,498,863.33 Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 3,2111.29001/15/2021 1,345,695.00 1.319 1.3381,494,067.50 Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 3,2241.32001/28/2021 898,560.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 3,2521.53002/25/2021 1,364,955.00 1.509 1.5301,500,000.00 Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 3,2591.47003/04/2021 894,290.00 1.581 1.602989,075.80 Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,4560.83003/29/2021 1,403,850.00 0.828 0.8401,499,401.00 Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,4560.83003/31/2021 1,403,850.00 0.913 0.9261,494,363.14 Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,2932.07004/07/2021 1,408,725.00 2.074 2.1031,496,167.50 Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 2,2041.37504/15/2021 1,856,860.00 1.311 1.3302,005,158.28 Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,3151.66004/29/2021 1,360,575.00 1.627 1.6501,501,225.50 Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,4560.83005/20/2021 1,403,850.00 0.864 0.8761,497,308.42 Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,4560.83006/08/2021 238,654.50 0.820 0.831254,982.63 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 559
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,6481.05010/05/2021 937,000.00 1.035 1.0501,000,000.00 Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,6911.15011/17/2021 938,950.00 1.272 1.290993,724.73 Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,7051.32012/01/2021 945,630.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,7391.32001/04/2022 1,416,060.00 1.301 1.3201,500,000.00 Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,5592.15012/29/2021 1,407,555.00 2.120 2.1501,500,000.00 Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 4312.45001/09/2014 503,905.00 3.383 3.430495,089.98 Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 4812.12501/27/2016 626,118.75 2.024 2.052625,554.37 Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 421.87504/21/2016 1,001,250.00 1.578 1.6001,000,304.51 Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 9872.12505/13/2016 992,000.00 1.930 1.9561,004,158.52 Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 7242.30005/04/2017 901,953.00 2.274 2.306899,893.81 Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 9202.91006/21/2017 506,555.00 2.143 2.172508,530.41 Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 2202.93009/14/2017 450,175.35 1.870 1.896447,615.42 Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 3212.57002/16/2018 1,515,180.00 2.605 2.6421,499,120.18 Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 5242.15001/15/2019 500,895.00 2.656 2.693496,357.91 Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 5872.13001/15/2019 650,559.00 2.662 2.699644,457.88 Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,5852.63003/13/2020 1,003,700.00 1.089 1.1041,063,729.60 Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 3,0131.33007/01/2020 1,327,200.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 3,0131.33007/01/2020 1,327,200.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,2290.57008/12/2020 1,403,565.00 0.587 0.5951,498,738.54 Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,2420.61009/03/2020 1,397,865.00 0.611 0.6201,499,487.72 Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,2420.61009/10/2020 1,397,865.00 0.611 0.6201,499,485.71 Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,2640.55009/22/2020 1,400,985.00 0.542 0.5491,500,000.00 Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,2770.53009/29/2020 1,394,220.00 0.522 0.5301,500,000.00 Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,2770.53009/29/2020 1,394,190.00 0.537 0.5451,499,213.75 Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 3,0061.25010/01/2020 1,775,580.00 1.246 1.2631,997,885.38 Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 3,1391.37011/04/2020 1,315,830.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 3,1391.37011/04/2020 1,315,830.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 3,2101.38001/14/2021 1,355,385.00 1.361 1.3801,500,000.00 Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 3,2451.42004/01/2021 1,344,810.00 1.834 1.8591,446,679.22 Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,2791.98005/27/2021 935,410.00 1.887 1.9131,005,383.76 Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 3112.13010/05/2016 502,410.00 1.578 1.600502,126.04 Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 6162.25001/03/2018 999,770.00 2.359 2.392997,771.02 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 560
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 5252.37501/09/2018 1,003,550.00 2.376 2.409999,541.70 Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 2912.38001/18/2018 503,630.00 2.385 2.418499,856.92 Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,4331.32005/28/2020 1,394,115.00 1.301 1.3201,500,000.00 Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,6281.40006/11/2020 924,930.00 1.380 1.4001,000,000.00 Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,6281.40006/11/2020 924,930.00 1.427 1.447996,802.47 Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,6461.25006/29/2020 822,357.00 1.232 1.250900,000.00 Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 3,0061.36006/24/2020 1,369,125.00 1.341 1.3601,500,000.00 Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.382 1.4011,498,635.08 Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,2440.60008/27/2020 1,402,575.00 0.611 0.6201,498,978.33 Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,2440.60008/27/2020 1,402,575.00 0.611 0.6201,498,978.33 Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,2770.57009/29/2020 1,410,075.00 0.582 0.5901,498,951.67 Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,2440.60009/16/2020 1,103,359.00 0.591 0.5991,180,000.00 Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,2770.52009/29/2020 1,407,705.00 0.512 0.5201,500,000.00 Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 3,0071.35011/04/2020 1,094,364.00 1.334 1.3531,199,672.09 Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 3,2051.40001/28/2021 1,355,625.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 3,2241.40001/28/2021 1,354,710.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 3,2371.35002/10/2021 1,319,745.00 1.331 1.3501,500,000.00 Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 3,2451.40002/18/2021 1,804,900.00 1.380 1.4002,000,000.00 Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 3,2531.50002/26/2021 1,362,255.00 1.479 1.5001,500,000.00 Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 3,2521.62502/25/2021 1,377,510.00 1.602 1.6251,500,000.00 Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,4450.75003/25/2021 1,802,435.25 0.853 0.8651,916,422.95 Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,5042.00011/04/2021 940,420.00 1.972 2.0001,000,000.00 Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,7141.50012/10/2021 959,380.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,7071.50012/03/2021 960,000.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,7211.55012/17/2021 961,260.00 1.528 1.5501,000,000.00 Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,7111.35012/07/2021 955,060.00 1.331 1.3501,000,000.00 Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,7211.60012/17/2021 957,220.00 1.578 1.6001,000,000.00 Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,7982.25003/04/2022 980,340.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,7902.25002/28/2022 979,200.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,7912.50002/28/2022 1,479,885.00 2.470 2.5041,500,000.00 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 561
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,7912.62502/25/2022 987,150.00 2.589 2.6251,000,000.00 Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,2391.20005/18/2020 421,916.95 1.183 1.200455,000.00 Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 3,0101.40006/30/2020 1,373,535.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,6461.25006/29/2020 1,351,155.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,4641.20007/01/2020 1,376,625.00 1.183 1.1991,500,000.00 Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,4741.20007/08/2020 1,364,175.00 1.183 1.2001,500,000.00 Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 3,0271.37507/15/2020 1,370,190.00 1.356 1.3751,500,000.00 Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 3,0411.35007/29/2020 1,354,350.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 3,0411.35007/29/2020 1,354,350.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,2360.62508/20/2020 936,280.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,2630.65009/15/2020 1,402,125.00 0.641 0.6501,500,000.00 Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,2570.65009/09/2020 1,352,901.59 0.641 0.6501,447,000.00 Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,2500.68009/04/2020 1,413,420.00 0.670 0.6791,500,000.00 Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,2710.62509/23/2020 1,400,160.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1,2710.62509/23/2020 933,440.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,2930.50010/15/2020 1,392,765.00 0.493 0.5001,500,000.00 Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,2780.55009/30/2020 1,861,160.00 0.542 0.5502,000,000.00 Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,2780.55009/30/2020 1,395,870.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,2780.55009/30/2020 1,395,870.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,2930.55010/15/2020 1,394,745.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,2860.57010/08/2020 1,396,200.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,3060.53010/28/2020 1,392,750.00 0.522 0.5301,500,000.00 Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 3,1261.25010/22/2020 1,354,845.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,3070.57010/29/2020 1,394,310.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 3,1321.40010/28/2020 1,826,540.00 1.380 1.4002,000,000.00 Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,3070.61010/29/2020 1,396,830.00 0.601 0.6101,500,000.00 Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 3,1321.30010/28/2020 1,811,000.00 1.282 1.3002,000,000.00 Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,3060.60010/28/2020 701,940.00 0.591 0.600750,000.00 Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,3050.62510/27/2020 1,405,260.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 3,1401.40011/05/2020 1,369,620.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 3,1401.40011/05/2020 1,369,620.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,4907.12511/10/2016 588,605.00 2.367 2.400585,770.68 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 562
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1472.00012/29/2017 502,125.00 2.238 2.270499,486.23 Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1872.00001/09/2018 1,004,240.00 2.288 2.320998,457.68 Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1872.00001/19/2018 1,004,240.00 2.409 2.443997,871.87 Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 2932.37502/08/2018 1,509,780.00 2.574 2.6101,497,369.49 Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,2450.62508/28/2020 933,620.00 0.616 0.6251,000,000.00 Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,2440.65008/27/2020 935,730.00 0.641 0.6501,000,000.00 Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,2440.65008/27/2020 1,408,515.00 0.641 0.6501,500,000.00 Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,2440.62508/27/2020 1,407,150.00 0.616 0.6251,500,000.00 Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,2700.51509/22/2020 1,400,160.00 0.507 0.5151,500,000.00 Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,2780.55009/30/2020 1,401,630.00 0.542 0.5501,500,000.00 Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,2730.60009/25/2020 1,404,735.00 0.591 0.6001,500,000.00 Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 3,0480.87512/07/2020 1,746,360.00 1.139 1.1551,955,898.72 Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,1881.40012/23/2020 1,356,450.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,3690.64012/30/2020 930,480.00 0.597 0.6051,001,266.56 San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 2,3452.23711/07/2019 1,325,496.80 2.447 2.4801,340,995.99 Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1361.87512/14/2012 1,012,484.60 1.893 1.9201,009,845.84 Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,3106.75011/20/2015 1,146,680.00 2.807 2.8461,121,064.03 Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 8982.87501/15/2016 755,332.50 2.564 2.600754,502.87 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,3106.75004/18/2016 888,677.00 2.337 2.370883,295.09 Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1361.87510/07/2016 1,493,665.40 1.538 1.5601,491,662.25 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,3106.75011/10/2016 1,433,350.00 2.317 2.3501,426,751.16 Subtotal and Average 233,495,265.07 232,590,000.00 220,914,423.97 1.467 1.487 1,754 Treasury Securities (Notes)
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1821.75010/06/2017 1,505,160.00 1.914 1.9411,498,645.05 U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 3051.75001/11/2018 1,502,580.00 2.308 2.3401,493,065.63 U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 2742.12501/22/2018 1,507,620.00 2.387 2.4201,498,976.88 U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 3051.75002/05/2018 1,502,580.00 2.560 2.5961,490,118.65 U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 3051.75002/08/2018 1,001,720.00 2.487 2.521993,977.43 U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 3331.50002/09/2018 998,670.00 2.534 2.570990,903.23 U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 3331.50002/15/2018 998,670.00 2.601 2.638990,341.19 U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,3700.37502/26/2021 1,385,100.00 0.731 0.7421,479,756.68 U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,4290.50003/09/2021 1,386,795.00 0.819 0.8311,480,995.17 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 563
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Treasury Securities (Notes)
U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,5820.62509/24/2021 1,384,095.00 0.888 0.9011,482,484.55 Subtotal and Average 13,399,264.46 13,500,000.00 13,172,990.00 1.857 1.883 675 Municipal Bonds
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 1222.90003/25/2020 488,157.35 1.677 1.700486,891.84 County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,5834.00012/05/2019 306,489.40 2.139 2.168311,317.18 Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,1573.36512/24/2018 514,544.50 3.175 3.220507,074.71 Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,5223.39508/13/2021 112,470.60 0.925 0.938120,977.33 Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1222.60805/09/2017 221,216.60 2.266 2.298220,211.40 Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 8533.02608/16/2019 504,280.00 1.876 1.902512,451.76 State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 612.87501/26/2018 321,097.60 2.486 2.520320,178.47 Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,4611.07907/26/2021 1,625,995.00 0.739 0.7501,772,582.79 Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,5221.14711/15/2021 326,672.50 1.183 1.200349,249.08 Burlingame School District1548 MUN 470,000.00121457EQ4 08/01/2025 1,2186.23802/24/2016 499,854.40 3.557 3.606504,693.14 Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,5831.36708/30/2021 940,410.00 0.947 0.9601,017,176.74 Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,9482.38510/08/2019 1,936,260.00 2.342 2.3752,000,000.00 Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,5835.23409/27/2017 331,516.70 2.850 2.890332,158.26 CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,6441.03502/16/2022 195,444.90 2.224 2.254199,109.51 CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 1,3400.79012/13/2021 168,309.00 1.301 1.320176,602.39 CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,7050.92012/23/2021 276,195.00 1.430 1.450292,862.36 Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,5831.08008/16/2021 263,935.65 0.897 0.910287,047.40 Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 1,2180.88009/29/2021 117,286.25 0.897 0.910124,876.27 City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,5220.84001/10/2022 910,690.00 1.676 1.700965,607.21 Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,6481.86507/01/2021 517,583.00 1.425 1.445565,760.59 Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,5521.09712/27/2021 562,968.00 1.233 1.250596,212.68 City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,9522.24210/14/2021 455,385.00 2.052 2.081505,929.70 Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1222.97111/30/2017 55,374.00 2.416 2.45055,089.64 Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,3142.21309/12/2019 382,188.00 2.071 2.100402,594.31 Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,6792.26309/20/2019 936,282.60 2.505 2.539972,320.85 Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,6792.26302/07/2020 1,418,610.00 2.100 2.1301,513,176.80 Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,2181.91803/09/2020 310,918.40 1.128 1.143327,986.49 Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,5831.30008/02/2021 937,700.00 0.764 0.7751,022,268.37 State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 913.50005/03/2018 1,510,200.00 2.927 2.9671,501,861.88 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 564
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,9481.16911/12/2021 184,554.00 1.479 1.500196,626.25 Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,5831.98212/16/2021 851,180.00 1.390 1.410901,033.11 Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,7912.05002/25/2022 974,760.00 2.021 2.0501,000,000.00 Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 1,4026.08006/28/2016 571,226.25 2.994 3.035578,503.48 Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,4092.02010/01/2021 215,476.20 1.825 1.851238,365.84 Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,5833.16002/14/2018 1,010,253.35 3.028 3.070998,387.64 Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,2183.04002/14/2018 755,002.50 2.959 3.000750,884.26 Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,5833.16008/29/2019 370,595.45 1.913 1.940382,973.12 State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1833.57005/17/2016 505,900.00 1.878 1.904503,913.86 State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 3063.25006/27/2016 369,905.60 1.898 1.925368,767.00 State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,0372.37507/29/2016 1,808,867.00 1.972 1.9991,842,745.65 State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1833.57009/26/2016 389,543.00 1.630 1.653388,504.69 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,2794.00004/10/2017 260,272.50 2.739 2.777259,475.81 State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,6444.31001/26/2018 1,162,747.65 2.979 3.0201,150,550.03 State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,6444.31003/19/2018 212,374.00 3.204 3.248208,270.62 State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 5483.74010/25/2018 398,814.00 3.093 3.136393,247.94 State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,7672.72010/31/2018 348,117.00 3.412 3.460339,183.59 State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,0405.01411/30/2018 1,331,376.00 3.649 3.7001,274,380.64 State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 5483.72008/29/2019 1,533,465.00 1.749 1.7741,542,046.26 State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,6444.31001/31/2020 451,294.75 1.837 1.863468,815.81 State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 9143.82003/23/2020 1,027,670.00 1.889 1.9151,045,401.42 City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,2532.26509/16/2019 1,297,037.30 2.318 2.3501,338,637.70 City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,2532.26510/02/2019 385,736.00 2.194 2.225400,888.28 City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,5222.10809/29/2021 1,328,240.55 1.075 1.0901,421,287.99 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,6443.15010/19/2016 1,056,620.40 2.431 2.4651,073,389.87 State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1831.92103/20/2018 1,003,050.00 2.584 2.620996,723.36 State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1831.92103/29/2018 1,504,575.00 2.663 2.7001,494,531.75 State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,0375.23010/25/2018 267,075.00 3.363 3.410261,512.30 State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,1325.48011/30/2018 567,725.00 3.687 3.739542,636.17 State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,4025.33012/06/2018 871,072.00 3.304 3.350853,575.08 State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 1831.92101/17/2019 752,287.50 2.613 2.650747,410.31 City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,5361.34408/12/2021 932,260.00 0.909 0.9211,017,311.54 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 565
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,5361.34408/13/2021 932,260.00 0.927 0.9391,016,565.35 City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,4092.67302/07/2022 465,805.00 2.638 2.675499,901.58 Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 9141.00003/24/2022 480,880.00 2.522 2.557481,230.98 City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 5182.64002/14/2017 1,005,050.00 2.784 2.8231,000,385.15 City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1532.44012/11/2017 1,095,384.60 2.355 2.3881,090,220.24 City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,6143.30011/02/2018 300,495.85 3.530 3.579291,836.95 City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,6143.50001/07/2019 1,026,860.00 3.077 3.1191,014,808.82 City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,9793.40001/06/2020 863,578.80 2.360 2.393881,618.87 City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,7103.05001/22/2020 1,001,528.30 2.413 2.4461,024,057.68 City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,6143.15003/05/2020 1,012,450.00 1.519 1.5411,067,377.61 Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 3,0441.80601/28/2021 904,710.00 1.432 1.4521,027,467.89 Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,5831.17409/30/2021 233,832.50 1.064 1.078251,001.32 Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,5831.17411/15/2021 1,402,995.00 1.233 1.2501,495,198.58 Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,5831.17412/21/2021 257,215.75 1.282 1.300273,545.02 Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 1,1575.13012/21/2021 1,071,010.00 1.085 1.1001,124,933.93 Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,9175.51603/29/2018 1,677,960.00 3.254 3.3001,649,271.43 Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,9175.51610/29/2018 475,422.00 3.600 3.650460,400.12 Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 915.18111/07/2018 303,261.00 3.166 3.210301,383.49 State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,5874.91001/30/2020 277,622.50 2.331 2.363290,292.07 State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,5874.91007/01/2021 1,110,490.00 1.484 1.5051,227,067.55 State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 3344.40003/20/2018 1,312,089.60 2.633 2.6701,298,892.97 State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 8534.20010/19/2018 1,755,115.70 3.413 3.4611,716,197.96 State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,2184.35012/16/2019 527,230.00 2.089 2.118534,874.07 State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 1,2184.35009/23/2021 258,342.70 0.690 0.700274,355.52 State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 4404.45010/15/2019 1,029,330.00 1.893 1.9201,029,308.15 State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,5053.85012/21/2018 826,518.00 3.452 3.500835,390.92 City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,5622.34101/05/2022 614,243.50 2.129 2.159659,326.49 Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,9172.21410/08/2019 961,700.00 2.183 2.2141,000,000.00 Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,9483.27209/28/2017 511,405.00 2.791 2.830510,217.78 Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,5833.17211/05/2018 121,897.20 3.452 3.500118,514.36 Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,9483.33008/29/2019 256,415.00 1.874 1.900267,621.32 Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,2185.00003/06/2020 332,233.20 1.193 1.210347,796.73 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 566
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 3,0441.45102/25/2021 902,470.00 1.431 1.4511,000,000.00 Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 3,0441.45102/25/2021 640,753.70 1.470 1.490707,804.77 Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,5830.89309/14/2021 923,560.00 0.880 0.8931,000,000.00 Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,5830.67909/29/2021 260,746.50 1.025 1.040280,661.19 Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 4874.10310/26/2015 1,372,593.60 2.490 2.5251,360,354.59 Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,6792.56902/04/2020 227,757.50 2.533 2.569230,000.00 Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 3,0442.64902/07/2022 775,038.35 2.173 2.203811,464.83 State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,6753.75111/07/2018 1,569,390.00 3.377 3.4241,519,453.81 State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,6753.75111/07/2018 523,130.00 3.401 3.449505,982.25 State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 9752.98708/30/2019 757,455.00 1.745 1.770773,138.23 State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 9752.98709/04/2019 504,970.00 1.783 1.807514,931.64 State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,3104.68109/09/2019 160,449.00 1.888 1.914164,002.51 State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 9454.51112/19/2019 261,902.50 2.079 2.108264,673.24 State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 5793.40803/20/2020 1,018,290.00 1.626 1.6491,026,916.27 State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,4702.11712/09/2021 930,350.00 1.992 2.0201,008,307.93 State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 1,3103.64612/06/2021 258,640.00 1.080 1.095272,308.74 City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 8532.20008/08/2019 587,229.30 1.968 1.996597,681.58 New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 8362.12001/04/2019 445,414.50 2.860 2.900442,624.97 New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,4443.07009/09/2019 701,897.00 2.071 2.100724,975.24 New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,8091.49603/28/2022 927,130.00 2.777 2.816939,332.02 New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 752.43802/15/2018 2,007,180.00 2.624 2.6611,999,136.62 New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 3344.69001/22/2019 1,025,660.00 2.752 2.7911,016,332.66 New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 3344.69002/08/2019 1,025,660.00 2.751 2.7901,016,353.38 New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,0512.12010/31/2019 1,476,825.00 2.063 2.0911,501,196.83 New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,7812.36001/30/2020 567,211.00 1.933 1.960590,506.29 New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,4162.26009/13/2021 1,471,095.00 0.794 0.8051,582,851.93 New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,7812.36003/16/2022 977,950.00 2.325 2.3581,000,079.32 New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,7812.36003/21/2022 977,950.00 2.367 2.400998,150.54 City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,8462.11003/09/2020 1,422,825.00 1.436 1.4561,570,835.40 City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,8462.11003/13/2020 1,422,825.00 1.638 1.6611,548,199.19 City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,8462.11003/16/2020 1,024,434.00 2.247 2.2791,067,241.52 City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,4812.07003/16/2020 1,431,240.00 2.151 2.1811,489,621.26 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 567
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 1,3544.67612/06/2021 476,392.50 1.562 1.584499,748.26 Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,9482.23711/22/2019 586,962.00 2.271 2.303598,061.28 Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,9482.23712/06/2019 273,915.60 2.327 2.360278,325.73 Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,6792.33712/11/2019 943,800.30 2.382 2.415965,055.52 Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,3142.28705/08/2020 1,156,654.80 1.849 1.8751,213,495.19 State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 3952.11009/13/2016 801,696.00 1.764 1.788802,613.07 State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 3952.11001/31/2017 2,004,240.00 2.485 2.5201,991,822.13 State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 7314.97106/30/2017 940,977.00 2.416 2.450941,577.56 State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,6145.26203/13/2020 551,205.00 1.710 1.734573,380.41 Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 1,2322.09509/16/2021 308,035.35 0.690 0.700329,590.75 Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,9483.12501/25/2018 202,508.00 3.208 3.253198,859.79 State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 302.50008/29/2016 570,809.40 1.528 1.550570,430.26 State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,8875.89211/06/2018 554,800.00 3.516 3.565543,967.07 State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,2182.87712/21/2018 303,465.00 3.156 3.200297,106.39 State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,8875.89201/16/2019 493,772.00 3.537 3.587490,412.32 State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 7613.22701/30/2020 578,544.30 1.641 1.664587,837.17 State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,8875.89201/31/2020 549,252.00 2.583 2.619570,678.75 State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,8875.89202/24/2020 1,109,600.00 2.482 2.5171,158,402.06 State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,8563.08003/13/2020 355,225.50 1.302 1.320379,764.40 State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,9831.67207/02/2020 321,885.60 1.433 1.452360,895.49 State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 3,0445.33207/01/2021 1,002,022.50 1.943 1.9701,092,099.83 State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 2,3141.48407/08/2021 1,130,074.75 1.134 1.1501,249,810.80 State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 1,2180.80309/24/2021 249,375.60 0.690 0.700265,894.16 State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,5830.98411/19/2021 232,492.50 1.292 1.310246,584.04 State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,5012.03711/26/2021 829,656.00 2.020 2.048899,061.99 City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,1572.56310/23/2019 1,004,565.80 2.469 2.5031,016,748.84 City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,5222.66310/23/2019 574,234.80 2.611 2.647580,329.27 Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 6093.43812/06/2018 676,783.80 3.205 3.250666,907.20 Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,4911.98409/09/2021 116,020.80 0.903 0.915125,115.81 Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,7053.50012/01/2021 568,727.50 1.380 1.400601,877.47 Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,5831.03110/13/2021 931,870.00 1.016 1.0311,000,000.00 Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,5831.19903/15/2022 314,983.75 2.288 2.320319,607.18 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 568
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 3,0441.66008/06/2020 672,262.50 1.439 1.459761,666.20 State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,0202.00012/20/2019 254,891.00 2.231 2.262259,689.61 State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,1923.25001/27/2020 1,536,840.00 2.077 2.1061,594,052.45 State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,1923.25002/06/2020 563,508.00 1.990 2.018587,291.46 Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,5831.12410/04/2021 1,273,954.50 1.006 1.0201,370,982.42 Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 8840.63403/29/2021 429,264.00 0.625 0.633450,000.00 Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,9482.28410/16/2019 977,660.00 2.252 2.2841,000,000.00 Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,5832.15902/13/2020 1,067,416.95 1.727 1.7511,113,219.33 City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,5831.17610/18/2021 161,194.25 1.223 1.240174,529.42 Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,6791.65307/21/2020 446,987.80 1.483 1.504494,971.40 San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,3142.59012/12/2019 1,480,065.00 2.554 2.5901,500,000.00 San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,6791.84807/07/2020 1,854,940.00 1.822 1.8482,000,000.00 County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 4872.50001/11/2018 1,348,723.40 2.436 2.4701,340,495.26 County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 8532.68001/12/2018 1,467,752.60 2.643 2.6801,460,000.00 Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,5831.14608/02/2021 1,165,312.50 0.742 0.7521,271,006.67 Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,2532.43412/12/2019 1,528,067.40 2.416 2.4501,553,607.39 Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 7922.50001/25/2018 463,163.25 2.968 3.010460,351.22 Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,1572.75001/25/2018 462,684.30 3.008 3.050461,063.32 Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,5223.00001/25/2018 470,756.70 3.107 3.150467,735.93 Santa Cruz County Capital Fin.1909 MUN 275,000.0080181PCW5 06/01/2027 1,8873.00001/25/2018 275,772.75 3.205 3.250272,248.04 Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,9482.47003/03/2022 977,100.00 2.030 2.0581,020,658.73 San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,3781.98410/21/2021 910,640.00 1.824 1.8501,011,287.65 San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,3781.98410/23/2021 819,576.00 2.024 2.053894,844.61 San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 2,2831.59911/17/2021 250,352.10 1.712 1.736267,821.26 San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,9482.40707/09/2021 249,979.05 1.007 1.021273,230.98 San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,5831.44512/28/2021 1,873,674.00 1.193 1.2101,999,545.58 San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,4092.11301/10/2022 464,530.00 2.120 2.150498,442.55 San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,4611.03612/08/2021 186,584.00 1.292 1.310197,873.90 San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,4910.97109/17/2021 813,076.25 0.887 0.900877,473.56 San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 1,1260.74310/08/2021 197,397.90 0.838 0.850209,318.69 San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,4910.97110/20/2021 232,307.50 1.134 1.150248,222.21 San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,4910.97111/19/2021 696,922.50 1.282 1.300740,234.41 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 569
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,5831.07406/09/2021 400,953.50 1.059 1.074430,000.00 San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,9481.37206/09/2021 403,288.50 1.353 1.372435,000.00 San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,5831.86003/11/2022 419,466.15 2.070 2.099430,713.65 Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,1871.73503/18/2020 386,556.00 1.381 1.400404,180.77 Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,6482.10304/30/2021 238,035.00 1.658 1.681257,099.63 City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 754.95002/09/2015 362,944.80 2.416 2.450361,683.27 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,1715.45011/27/2015 1,078,040.00 3.067 3.1101,064,460.20 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,1712.29011/01/2016 2,073,214.50 2.219 2.2492,107,426.04 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,5362.39011/01/2016 240,085.30 2.376 2.410244,814.75 City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,1712.29007/14/2017 226,527.00 2.682 2.720227,163.33 City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,5365.60001/16/2019 1,571,826.40 3.304 3.3501,538,078.27 City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,6322.10010/31/2019 1,072,769.60 2.337 2.3691,100,600.71 San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,9793.25003/02/2018 671,472.80 3.451 3.499672,243.69 San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,7103.64810/11/2019 351,438.50 2.398 2.431377,903.70 San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,9793.46803/13/2020 129,755.60 1.577 1.599142,351.41 San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 8843.10808/30/2021 299,355.00 0.741 0.752316,878.12 San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,4402.59111/03/2021 525,699.50 2.305 2.337587,218.52 San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,6142.23611/29/2021 1,231,350.75 1.425 1.4451,338,523.32 SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 4562.62102/25/2019 201,510.00 2.672 2.710199,790.23 SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 8221.97109/08/2021 492,735.00 0.419 0.425517,276.41 SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,3782.76812/16/2021 473,217.60 1.846 1.872516,268.32 SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 4562.62112/20/2021 604,530.00 0.572 0.580615,215.06 Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,6791.44503/09/2021 536,626.35 1.425 1.445585,000.00 Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,6791.44505/27/2021 458,655.00 1.461 1.481498,744.57 City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,6142.50001/28/2022 346,143.00 1.686 1.710361,692.22 San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,5221.31111/18/2021 324,210.30 1.459 1.480342,658.10 San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,9793.72810/29/2018 326,428.20 3.676 3.727315,000.00 San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,3142.35010/01/2019 476,365.00 2.317 2.350500,000.00 San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 4872.50001/29/2015 582,789.80 2.663 2.700578,626.18 San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1,2180.55803/15/2021 929,960.00 0.739 0.750993,710.66 Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 1222.90802/19/2019 216,382.45 2.714 2.752215,106.98 Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,3143.47209/05/2019 324,037.35 1.972 2.000341,774.57 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 570
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 3,0441.69601/22/2021 513,205.20 1.499 1.520577,757.47 Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,3141.49601/22/2021 549,318.00 1.085 1.100614,409.45 Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,5520.98908/12/2021 606,086.00 0.877 0.890652,668.58 Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,5830.84912/20/2021 199,016.90 1.193 1.210211,736.87 San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 8840.50004/14/2021 1,906,140.00 0.444 0.4502,002,387.67 San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 8840.50004/14/2021 1,429,605.00 0.444 0.4501,501,790.76 San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 1,2492.69901/16/2018 1,002,620.00 2.786 2.825996,141.97 San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 1,2492.69903/09/2018 1,002,620.00 2.959 3.000990,843.54 San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 2,3452.54212/11/2019 1,553,231.20 2.311 2.3431,582,880.03 San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,6140.92509/21/2021 465,190.00 0.912 0.925500,000.00 San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,5831.79909/27/2021 169,153.25 0.897 0.910181,579.24 San Mateo Foster City SCH Dist2591 MUN 1,320,000.00799055ME5 08/01/2026 1,5836.00009/29/2021 1,452,396.00 2.297 2.3291,517,408.96 Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,3142.71712/09/2019 1,136,545.00 2.462 2.4961,164,348.54 Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,5831.02510/06/2021 695,520.00 1.011 1.025750,000.00 Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,5831.02510/06/2021 185,472.00 0.887 0.900201,055.59 Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,4091.86110/06/2021 351,709.80 1.948 1.975386,218.93 Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 3,0441.76110/06/2021 680,377.50 1.834 1.860744,309.45 Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,4091.86110/06/2021 744,001.50 1.879 1.905821,901.01 Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 2,3141.47901/07/2022 321,048.00 1.775 1.800343,312.87 Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,5832.44709/15/2021 153,651.50 0.843 0.855165,450.00 South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,9483.00002/15/2018 181,432.80 3.057 3.100179,171.62 South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,6795.00012/12/2019 419,457.90 2.598 2.634426,360.99 South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,3145.00012/12/2019 280,275.00 2.549 2.584284,082.66 South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,9485.00012/12/2019 160,391.75 2.500 2.534162,236.70 South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,5835.00012/12/2019 424,858.20 2.378 2.411430,201.77 San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 8531.96511/13/2019 1,730,658.15 1.938 1.9651,755,000.00 San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 3,0441.91411/03/2021 1,374,405.00 1.805 1.8301,509,634.69 Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,3452.19009/19/2019 130,659.75 2.157 2.187135,000.00 Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,9792.09009/19/2019 131,172.75 2.061 2.090135,000.00 Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,6791.64402/08/2021 459,030.00 1.437 1.457506,416.25 Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,3141.50306/16/2021 231,865.00 1.482 1.503250,000.00 Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,5831.05108/27/2021 329,585.55 0.887 0.900357,266.40 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 571
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,5832.11608/25/2016 973,470.00 1.923 1.9501,006,504.36 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,2182.06608/25/2016 1,613,436.00 1.893 1.9201,657,341.59 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,2182.06608/25/2016 684,488.00 1.893 1.920703,114.62 State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 8533.72812/20/2018 209,977.40 2.860 2.900208,628.04 State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 03.67310/19/2016 110,000.00 1.825 1.850110,000.00 State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,2183.83209/22/2017 251,470.00 2.747 2.785257,778.37 State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,2793.05112/23/2019 1,523,070.00 1.975 2.0031,551,679.40 State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,7403.52101/30/2020 979,555.20 2.191 2.2211,022,023.84 State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,7403.52102/14/2020 1,318,231.20 2.192 2.2221,375,336.31 State of Texas2311 MUN 250,000.008827237N3 10/01/2024 9142.89903/16/2020 252,185.00 1.231 1.248259,999.08 State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,2792.92206/30/2021 247,719.50 0.641 0.650264,183.36 State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 3,1052.42607/02/2021 969,410.00 1.480 1.5011,073,140.34 State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1,2792.83112/07/2021 504,040.00 1.030 1.045530,555.46 University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,1403.05008/26/2019 1,506,000.00 1.930 1.9571,548,156.22 University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,1403.05009/09/2019 1,004,000.00 1.797 1.8211,036,258.06 State of Utah1731 MUN 450,000.00917542QR6 07/01/2024 8224.55401/04/2017 461,268.00 2.904 2.944464,524.59 State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,1873.53903/13/2020 1,521,765.00 1.948 1.9751,572,012.03 State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1222.74008/08/2016 251,605.00 1.504 1.524250,966.25 State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1224.63612/05/2016 521,365.40 2.465 2.500518,398.70 State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 8534.66905/23/2017 507,334.25 2.416 2.450507,890.28 State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 8534.66912/24/2019 523,025.00 1.978 2.005529,536.87 State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 3,3172.45107/02/2021 1,913,320.00 1.553 1.5752,146,877.42 State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,4912.08909/09/2021 1,460,790.00 0.739 0.7501,580,445.57 State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,4912.08909/13/2021 973,860.00 0.769 0.7801,052,384.17 Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,9482.08202/17/2022 966,750.00 2.053 2.0821,000,000.00 Subtotal and Average 208,659,864.23 203,795,000.00 201,315,567.55 2.006 2.034 1,648 Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 1661.75011/09/2018 1,500,210.00 3.106 3.1501,491,108.32 Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,4800.87504/20/2021 1,865,600.00 0.910 0.9231,996,190.39 Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,5380.80009/27/2021 1,876,260.00 0.914 0.9271,989,540.08 Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,7481.50001/13/2022 955,560.00 1.504 1.525998,832.87 Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,7481.50001/14/2022 955,560.00 1.518 1.540998,162.18 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 572
March 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 2937.62511/08/2018 1,569,930.00 3.111 3.1551,549,852.81 Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 5443.00011/27/2018 1,011,540.00 3.018 3.060999,167.64 Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50001/08/2021 1,391,745.00 0.480 0.4871,500,667.31 Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65002/10/2021 1,400,355.00 0.641 0.6501,500,000.00 Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,4190.60002/18/2021 1,395,360.00 0.591 0.6001,500,000.00 Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50002/18/2021 1,391,745.00 0.591 0.6001,494,719.11 Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50003/01/2021 1,391,745.00 0.787 0.7981,484,332.67 Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65005/26/2021 1,400,355.00 0.833 0.8451,488,956.47 Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65007/15/2021 1,400,355.00 0.839 0.8511,488,600.91 Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65008/12/2021 1,400,355.00 0.871 0.8831,486,797.20 Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,4250.65001/07/2022 930,040.00 1.368 1.387972,166.44 Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 1,0812.05003/17/2022 987,530.00 2.107 2.136997,532.41 International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,2930.25010/30/2020 927,600.00 0.497 0.5041,000,000.00 International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,3240.25011/30/2020 1,395,720.00 0.683 0.6921,500,000.00 International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,3850.58001/25/2021 1,394,055.00 0.501 0.5081,504,000.56 International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,3850.58002/11/2021 1,394,055.00 0.522 0.5301,502,791.05 International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,4270.50002/26/2021 1,392,690.00 0.616 0.6251,492,806.51 International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,4440.50003/15/2021 1,875,280.00 0.808 0.8192,000,000.00 International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,4520.75003/23/2021 1,408,980.00 0.746 0.7571,499,570.40 International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,4520.75003/23/2021 1,878,640.00 0.887 0.9001,988,337.16 International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,5050.50005/28/2021 1,430,010.00 1.006 1.0201,500,000.00 International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,6510.75001/12/2022 925,430.00 1.518 1.540965,689.62 Subtotal and Average 38,889,822.11 39,000,000.00 36,846,705.00 1.091 1.106 1,311 Total Investments and Average 582,263,759.65 575,924,531.60 558,001,622.48 1.586 1.608 1,503 Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

18.b
Packet Pg. 573
1 General Investment Guidelines: Full Compliance
a) The max. stated final maturity of individual securities in the portfolio should be 10 years. b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities 29.38% beyond 5 years.
c) The City shall maintain a minimum of one month's cash needs in short term investments. d) At least $50 million shall be maintained in securities maturing in less than 2 years.

Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $75 million $24.8 million - Fidelity Investments $4.2 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 95.83% reasonable time to the City Council and evaluate if there are risk of holding securities to maturity. d) Commitments to purchase securities newly introduced on the market shall be made no more than three (3) working days before pricing.
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market accounts, and mutual funds).
2 U.S. Government Securities:

Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities: Full Compliance
a) There is no limit on purchase of these securities except for:

Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase; - the interest rates at which they "step-up" are known at the time of purchase; and - the entire face value of the security is redeemed at the call date. - No more than 25 percent of the par value of portfolio.

24.67%
b) Securities will not exceed 10 years maturity.
4 California State, California Local Government Agencies, and other United States State Bonds: Full Compliance a) Having at time of investment a minimum Double A (AA/Aa2) rating as provided by a nationally recognized rating service (e.g., Moody’s, Fitch, and/or Standard and Poor’s). b) May not exceed 40 percent of the par value of the portfolio. 35.39% 5 Certificates of Deposit (CD): Full Compliance
a) May not exceed 20 percent of the par value of the portfolio; None Held b) No more than 10 percent of the par value of the portfolio in collateralized CDs in any institution. c) Purchase collateralized deposits only from federally insured large banks that are rated by a nationally recognized rating agency (e.g. Moody's, Fitch, and/or Standard & Poor's). d) For non-rated banks, deposit should be limited to amounts federally insured (FDIC) e) Rollovers are not permitted without specific instruction from authorized City staff. 6 Banker's Acceptance Notes (BA):

Full Compliance
a) No more than 30 percent of the par value of the portfolio. None Held b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
$111.6 million

2.34%
Attachment C
Investment Policy Compliance
As of March 31, 2022
Investment Policy Requirements
Compliance
Check / Actual

18.c
Packet Pg. 574
Attachment C
Investment Policy Compliance
As of March 31, 2022
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper: Full Compliance
a) No more than 15 percent of the par value of the portfolio. None Held b) Having highest letter or numerical rating from a nationally recognized rating service. c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution, whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):

Full Compliance
a) Not to exceed 1 year. None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or greater of the funds borrowed against those securities. 9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00. 10 Mutual Funds: Full Compliance
a) No more than 20 percent of the par value of the portfolio. None Held b) No more than 10 percent of the par value with any one institution. 11 Negotiable Certificates of Deposit (NCD): Full Compliance a) No more than 20 percent of the par value of the portfolio. 5.82% b) No more than $5 million in any one institution. Federally Insured 12 Medium-Term Corporate Notes: Full Compliance
a) No more than 10 percent of the par value of the portfolio. 4.53% b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
d) No more than $5 million of the par value may be invested in securities of any single issuer, other than the U.S. Government, its agencies and instrumentality. e) If securities owned by the City are downgraded by either rating agencies to a level below AA it shall be the City's policy to review the credit situation and make a determination as to whether to sell or retain such securities.
13 Supranational Organizations Securities:

Full Compliance
a) Securities will not exceed 5 years maturity
b) No more than 20 percent of the par value of the portfolio. 6.77% c) No more than 10 percent in any one institution.
d) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
14 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy 15 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the City, with the exception of :
- Certificates of Deposit, Mutual Funds, and Local Agency Investment Fund (LAIF) Full Compliance
None Held
Full Compliance

18.c
Packet Pg. 575
Schedule of Meetings
Published April 21, 2022
This is a courtes y notice only. Meeting dates, times, and locations are subject to change. Almost all Palo Alto Council and some Standing C ommittee meetings are cablecast live on Channel 26. If there ha ppens to be concurrent meetings, one meeting will be broadcast on Channel 29.

Persons with disabilities who require auxiliary aids or services in using City facilities or programs, or who would like information on the City’ s compliance with the America ns with Disabilities Act (ADA) of 1990, may contact: ADA Coordinator, City of Palo Alt o, 650-329-2550 (voice) or 329-1199 (TDD), [email protected]. Listening assistive devices are available in the Counci l Chambers. S ign language interpreters will be provided upon request with 72 hours advance notice. Please advise the City Clerk's Office (650-329-2571) of meetings or changes by 3:00 p.m. on Wednesdays for inclusion in the following week’s schedule. 4/21/2022
Meetings are held in-person and by virtual teleconference.

THURSDAY, April 21
City/School Liaison Committee Meeting, 8:30 a.m.

THURSDAY, April 21
Architectural Review Board Meeting, 8:30 a.m.

THURSDAY, April 21
Public Art Commission Meeting, 7:00 p.m.

MONDAY, April 25
Sp. City Council Meeting, 5:15 p.m.

TUESDAY, April 26
Parks and Recreation Commission Meeting, 7:00 p.m.

WEDNESDAY, April 27
Planning & Transportation Commission Meeting, 6:00 p.m.

THURSDAY, April 28
Historic Resources Board Meeting, 8:30 a.m.

THURSDAY, April 28
Human Relations Commission, 5:00 p.m.

MONDAY, May 2
Sp. City Council Meeting, 5:00 p.m.

TUESDAY, May 3
Sp. Finance Committee Meeting, 5:30 p.m.

WEDNESDAY, May 4
Sp. Utilities Advisory Committee Meeting, 6:00 p.m.

THURSDAY, May 5
Architectural Review Board Meeting, 8:30 a.m.

MONDAY, May 9
Sp. City Council Meeting, 5:00 p.m.

TUESDAY, May 10
Sp. Finance Committee Meeting, 9:00 a.m.
a
Packet Pg. 576

Palo Alto City CouncilMay 2, 2022

Palo Alto City Council
May 2, 2022